Rensselaer County earns praise from independent financial audit
TROY, N.Y. » Rensselaer County has earned a positive independent audit for the fiscal year 2019, with the audit recognizing strong fiscal management by the county and several positive steps by the county to improve the county’s financial condition, according to Rensselaer County Executive Steve McLaughlin.
Officials noted how the county also earned a strong review by Drescher & Malecki LLP for 2018, McLaughlin’s first year as county executive. The strong performance in 2019 helped the county manage the challenges created by the COVID-19 outbreak and shutdown, McLaughlin noted.
“We are proud this audit shows we are carefully and effectively managing Rensselaer County finances. Every day, we are working to create a climate that encourages investment, job creation, and better quality of life,” McLaughlin said in a news release.
“The challenges posed by COVID-19 were unexpected and created great disruption economically and in terms of the services provided by the county,” McLaughlin said. “The 2019 audit shows we took the steps necessary to achieve savings and efficiency where we could and that has helped us navigate these difficult times.
“We still face significant challenges due to COVID-19, but important steps were taken in 2019 and 2018 to help prepare for situations like this one.”
McLaughlin noted the county has been able to generate significant savings in personnel and purchasing during 2019 and 2018, helping positively position the county. The county has generated more than $1 million in savings during both 2019 and 2018. The county has also saved $600,000 in purchasing during the two fiscal years.
The audit from Drescher & Malecki notes the pressures that will be created during the COVID-19 recovery. Huge unfunded state and federal mandates have also created budgetary challenges, along with criminal justice mandates and general cost of living increases.
“Despite these factors, the county was able to develop a General Fund budget for 2020 which did not increase the property tax levy. The county has formulated a budget that stayed within the New York State Tax Cap every year since its inception. The county has generated General Fund surpluses over each of the last twelve fiscal years, continuing to strengthen its fund balance,” the audit notes.
The audit noted the county generated an operating surplus of $12.9 million in the general fund in 2019. Long term bonded debt decreased during 2019 from $141.8 million to $133.6 million, including a debt paydown of $12 million. The county’s Moody’s bond rating remained at “Aa3”, just under elite status, with a Standard & Poor’s rating of “AA Stable”.
The county has also not met any thresholds signifying fiscal stress by the New York State Comptroller.
“Rensselaer County has led the way in job creation with
projects like Amazon, Regeneron, R&L Carriers, the Capital Regional Market and others. Maintaining a strong fiscal base helps us attract other job- creating projects for our residents,” McLaughlin added.
Members of the Rensselaer County Legislature welcomed news of the latest positive independent audit.
“Our commitment to the public is to be fiscally responsible, and this audit shows that our efforts are working. I commend Count Executive Steve McLaughlin and his staff for their hard work in managing county finances,” Rensselaer County Legislature Majority Leader Chairman Michael Stammel said in the news release.
“The Legislature works closely with the office of the county executive to adopt realistic budgets and manage county finances throughout the year. This audit is welcome news as we continue to navigate through the fiscal challenges of 2020,” Legislator and Chair of Finance, Robert Loveridge, added.