May 20, 2014
Strong Management and Sound Fiscal Discipline lead to 1.5Million 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 2013 show that the county has achieved an unaudited operating surplus of $1.5Million
“We have ended the year once again with an operating surplus by practicing good government and proving our commitment to fiscal responsibility. You see this commitment in today’s announcement and in the recent raising of the County’s credit rating. ” Said County Executive Picente
Oneida County’s credit rating was recently increased from A+ to AA- by Standard and Poors, one of three major credit rating institutions in the United States. One of the major reasons cited for the increase was strong fiscal management which is reflected in this operating surplus.
In 2013, the County had anticipated an operating deficit of $1.9 Million, but ended the year with a $1.5Million surplus. Contributing factors for the surplus are a culmination of reduced payroll, retirement amortization and revenue being higher than anticipated. The single largest factor is Oneida County government operating leaner and more efficient than it has been in the past.
County Executive Picente added “Again this year the surplus is expense driven. We have kept government expenses down while focusing on projects that will result in long term net savings like consolidation efforts and flood mitigation projects. Another year goes by where the national debate is centered on government overspending; not here in Oneida County. Oneida County continues to operate in the black while supporting the very economic development initiatives that will create a brighter future for our 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 guardian of the taxpayers monies.”