Molinaro touts Dutchess economy in annual report
POUGHKEEPSIE, N.Y. >> In his annual report to the Dutchess County Legislature, County Executive Marc Molinaro said the state of county finances is strong in 2018 and that county departments provided a “broad array of services” to county residents.
The report, required under the county charter, is intended to give lawmakers an overview of the county’s finances and highlight the work and activities of the executive branch during the prior year.
“The county’s finances are stable, the economy is growing,” Molinaro said in the report.
Molinaro is expected to discuss the county’s accomplishments in 2018 as well as outline his priorities for 2019 when he delivers his State of the County address on at 5:30 p.m. on Feb. 27 at the Culinary Institute of America’s Marriott Pavillion Ecolab Auditorium.
Molinaro said the amount to be raised by property taxes has decreased for the past five years and the property tax rate is gone down every year for the past four years, due in large part to economic development in the county that has resulted in a 2.8 percent unemployment rate and an increase in the tax base.
As a result in what Molinaro said is “increased consumer confidence,” the county expects to see a 7
percent increase in sales tax revenues over both what the county received in 2017 and what it budgeted for sales tax revenues in 2018.
The 2018 county budget included $190.2 million in sales tax revenue. Molinaro said in his report that the county expects to exceed that projection by $7.1 million.
But he warned that unanticipated expenses during the year could put pressure on the county’s fund balance, which is the
county’s reserve.
The state Comptroller’s Office recommends municipalities maintain a fund balance equivalent to between 5 and 10 percent of the overall budget. Molinaro said it is the county’s policy to maintain a fund balance of between one and two months of general fund operating expenses (between $36 million and $73 million).
“Dutchess is projected to remain in this range for 2018,” he stated in the report.
A copy of Molinaro’s annual report can be found on the Dutchess County Government website.