Audit finds fund balance doubled
The Dutchess County comptroller said on Tuesday (Sept. 20) that a review of the county’s audited financial statements showed that its unassigned fund balance doubled in 2021, from $60 million to $120 million.
Robin Lois noted that the county policy says it should only keep enough money in reserve to cover one to two months of general operating costs, and anything in excess should be used to pay off debts or refunded to taxpayers. The $120 million is the equivalent of about three months of spending, she said.
Lois noted that the increase in savings was primarily due to a jump of nearly $50 million in sales tax revenue. She cautioned that the excess funds could encourage “apathy toward cautious spending.”