May 14, 2013

Picente and Timpano: Oneida County Finishes 2012 With Surplus

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Picente and Timpano: Oneida County Finishes 2012 With Surplus
Strong Management and Sound Fiscal Discipline lead to 8.4Million dollar Surplus

Oneida County Executive Anthony J. Picente Jr. and Oneida County Comptroller Joseph J. Timpano today announced that final reporting of Oneida County’s fiscal position at the end of 2012 show that the county has achieved an unaudited operating surplus of $8.4 Million.

“We have ended the year with a budget surplus for the sixth straight year by practicing good government and commitment to fiscal responsibility. Despite increasing state and federal mandates on our county and a decrease in state and federal dollars we have put Oneida County in a solid financial position.”

In 2012, the County had anticipated an operating deficit of $1.8 Million, but ended the year with an $8.4 million surplus. Contributing factors for the surplus are a culmination of reduced payroll, retirement amortization and sales tax revenue being higher than anticipated. However, the major factor is Oneida County government operating leaner and more efficient than it has been in the past. The surplus will be used to increase funding for economic development projects, retirement costs, future health care costs and uncertainties from the Affordable Health Care Act and the restricted accounts for Fiscal Stability.

County Executive Picente added “This is expense driven. We have kept expenses down while improving our local economy which has resulted in increased sales tax revenue and a surplus. We hear politicians in Washington and Albany talk about crippling debt that is being passed on to our children and grandchildren; not here in Oneida County. Oneida County is in the black and building a better future for those children and grandchildren.

Comptroller Timpano said “We are encouraged by this trend in the sales tax receipts we must remain diligent in monitoring spending and continue to be a steward of the taxpayers monies.”

Oneida County Partners