Subject to finalization of the annual audit, city officials estimate a 2021 general fund surplus in the amount of $1.25 million. The surplus results from stronger-than-projected sales and mortgage tax receipts, and from continuing cost controls across multiple departments. The surplus further reduces the city’s general fund deficit to approximately $6.8 million. The city’s deficit stood at $13.2 million in 2016 and has declined each year since then, except for 2020.
Mayor Rob Rolison said, “Our 2021 financial results continue the strong progress the city was making prior to the start of the pandemic in the first quarter of 2020. The steady march toward the elimination of the city’s deficit and the rebuilding of our fund balance is fundamental to good government, and that fiscal responsibility is ultimately what empowers us to achieve our shared goals for our community.”
City officials noted that the remaining deficit is expected to decline by a further $3 million based upon the new sales tax agreement between the City and Dutchess County, which calls for an initial payment of $3 million later this year. The City adopted a Debt Management Plan in 2017 which sets stricter borrowing limits than the city’s constitutional debt limit.
“City employees at all levels contribute to efficiencies and are mindful of our duty to be good fiscal stewards of public funds. I want to thank the entire city team, not only for the strong results we’re turning in for 2021, but for their outstanding pandemic response and service to our City,” said the Mayor.