Chenango County remains debt free with 2 percent tax increase
CHENANGO COUNTY – Chenango County executives recently passed next year's budget with a 2.05 percent tax increase and over $17 million dollars as a general fund surplus.
The vote occurred on November 27 in the Chenango County Office Building's Board Room with representatives from the county's finance committee along with the county's board of supervisors who ultimately cast their votes to approve next year's budget.
According to documents presented at the meeting, financial administrators had several goals when determining different aspects of this year's budget.
Their goals included that they wanted the budget to be balanced, to adhere to the tax cap, to maintain at least $15 million in the general fund surplus, and for the county to remain debt free.
Budget records show administrators met many of their goals with a balanced budget, a tax increase of 2.05 percent or approximately $28 per $100,000 property, and as of November 1, a surplus of $19,476,805.
According to Chenango County Deputy County Treasurer Ardean Young, "There was a four percent increase in the total overall revenue, and most of that was generated as a result of an increase in the budgeted sales tax and interest earnings."
Young said the county received a better margin on its investments and treasuries this year and therefore it was able to generate an increase on its investment earnings.
"The sales tax has been doing very well this year, so we increased it to some extent even though it can be quite volatile," he said. "We felt we could move a little bit on the increase."
The budget shows last year's costs of $90,277,525.16 have increased to $93,042,838.29 – a 3.06 percent increase.
It also shows a revenue increase from $60,867,890.38 to $63,320,828.55 – a 4.03 percent increase.
Young said the county has also maintained a New York Comptroller's rating of, "not in fiscal stress."
The budget may be viewed in full at co.chenango.ny.us under the 2019 Tentative Chenango County Budget tab.
The vote occurred on November 27 in the Chenango County Office Building's Board Room with representatives from the county's finance committee along with the county's board of supervisors who ultimately cast their votes to approve next year's budget.
According to documents presented at the meeting, financial administrators had several goals when determining different aspects of this year's budget.
Their goals included that they wanted the budget to be balanced, to adhere to the tax cap, to maintain at least $15 million in the general fund surplus, and for the county to remain debt free.
Budget records show administrators met many of their goals with a balanced budget, a tax increase of 2.05 percent or approximately $28 per $100,000 property, and as of November 1, a surplus of $19,476,805.
According to Chenango County Deputy County Treasurer Ardean Young, "There was a four percent increase in the total overall revenue, and most of that was generated as a result of an increase in the budgeted sales tax and interest earnings."
Young said the county received a better margin on its investments and treasuries this year and therefore it was able to generate an increase on its investment earnings.
"The sales tax has been doing very well this year, so we increased it to some extent even though it can be quite volatile," he said. "We felt we could move a little bit on the increase."
The budget shows last year's costs of $90,277,525.16 have increased to $93,042,838.29 – a 3.06 percent increase.
It also shows a revenue increase from $60,867,890.38 to $63,320,828.55 – a 4.03 percent increase.
Young said the county has also maintained a New York Comptroller's rating of, "not in fiscal stress."
The budget may be viewed in full at co.chenango.ny.us under the 2019 Tentative Chenango County Budget tab.
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