City Of Poughkeepsie Ends 2021 With $1.25 Million Surplus

POUGHKEEPSIE, NY — Poughkeepsie city officials estimate that the municipality will come out of 2021 with a general fund surplus of $1.25 million.

The final figure is subject to the finalization of the annual audit.

Officials said the surplus results from stronger-than-projected sales and mortgage tax receipts and from continuing cost controls across multiple departments.

Poughkeepsie's general fund deficit has been reduced to about $6.8 million, down from $13.2 million in 2016. The deficit has decreased every year since 2016, with the exception of 2020.

Mayor Rob Rolison said the 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," he said, "and that fiscal responsibility is ultimately what empowers us to achieve our shared goals for our community."

City officials said that the remaining deficit is expected to decline by a further $3 million based on the new sales tax agreement between the city and Dutchess County. That calls for an initial payment of $3 million later this year.

In 2017, the city adopted a debt management plan which set stricter borrowing limits than the city's constitutional debt limit.

Rolison said that city employees at all levels contributed to the fiscal progress.