Overall spending was kept below the rate of inflation.
Monroe County Executive Cheryl Dinolfo released Thursday the 2017 Comprehensive Annual Financial Report for Monroe County’s 2017 fiscal year.
In a response to the report, Monroe County’s credit rating has been upgraded to “A” status by all three major bond rating agencies for the first time in nearly a decade.
Highlights from the 2017 report include:
• Independent auditor Bonadio & Co., LLP issued an unqualified/clean audit opinion.
• Dinolfo’s commitment to dissolve LDCs and merge their operation back into County government added a total of $35.3M in fund balance.
• General Fund operations were structurally balanced, meaning on-going expenditures were supported by on-going revenues.
• The County's General Fund Equity improved by approximately $555K in addition to the $11.4M LDC merger adjustment.
• Monroe County was able to make a one-time payment of $18M to reduce its pension liability associated with prior year pension amortization.
• Overall spending was kept below the rate of inflation.
“I am so proud to release the results of our 2017 financial audit, which reflects Monroe County’s strong fiscal position and our commitment to better budgets that achieve savings for taxpayers,” said Dinolfo. “Our 2017 budget was balanced, fiscally-responsible, and kept my promise to protect local taxpayers by holding the property tax rate flat. My flat tax promise means more seniors can afford to stay in their homes, more young couples can attain the dream of homeownership, and more employers can be sure that our community will remain a great place to grow jobs and invest in for years to come.”