DUTCHESS COUNTY COMPTROLLER ROBIN LOIS ANNOUNCES RELEASE OF INDEPENDENT AUDIT OF BASIC FINANCIAL STATEMENTS FOR 2022
Poughkeepsie, N.Y. – Dutchess County Comptroller Robin Lois has announced the release of the Dutchess County Audited Basic Financial Statements. These statements include the Independent Auditors’ Reports from Drescher & Malecki LLP for the year ended December 31, 2022. Their audit reported no material weaknesses, significant deficiencies, or noncompliance. Dutchess County was rated as a “low-risk auditee.”
The audited financial statements show that the unassigned fund balance for the general fund has decreased to $77,447,963 in 2022, from $119,508,207 at the end of 2021. This decrease of $42 million was due partly to the use of the general fund for some capital expenses that would otherwise have been bonded, the funding of the Housing Trust, and the paydown of callable debt.
The net position of the County governmental activities increased by $7.17 million over the prior year. This increase is primarily due to increases in operating grants and contributions.
Sales tax revenue remains the highest source of revenue at $260,214,733 in 2022, up from $255,550,540 in 2021. The County’s most significant expense category for governmental activities was “Economic Assistance and Opportunity,” in the amount of $155,531,376, followed by “General Government Support,” in the amount of $134,153,613.
The County continued to subsidize the operations of the Dutchess Regional Airport and the Public Transportation enterprise funds in 2022. The Airport’s 2023 subsidy was $655,121, up from $599,203 in 2022. Transportation’s subsidy almost tripled from $1,465,608 in 2021 to $4,220,150 in 2022. This large increase is due to increased operating expenses and decreased state and federal aid. As they have in years past, the independent auditors recommended that we monitor these funds and consider if they should be made as a special revenue governmental fund or as a department of the general fund more appropriately.
Bonds payable in governmental activities increased to $321,869,402 in 2022 up by $45,961,215 from $275,908,187 in 2021. The County issued $70,200,000 in general improvement serial bonds in 2022 for various capital improvements and equipment purchases.
“As construction costs and interest rates continue to rise, it is imperative that the County prudently plan for future projects and the steeply growing future financial obligations,” stated Comptroller Lois, concluding, “I am appreciative of the time and effort devoted to gathering this information by staff across the County, especially the Department of Finance.”
- The full audited financial statements can be found here.
- The Comptroller’s Summary of the Financial Statements can be found here.
