Broome County Fund Balance Grows to $6.5 Million

(BINGHAMTON, NY) Broome County Executive Jason Garnar and Director of Management and Budget Jerome Knebel announced today that Broome County’s unassigned fund balance has increased to $6.5 million.

Since taking office in 2017 Broome County Executive Jason Garnar has worked tirelessly to restore the County’s finances after coming into office to a nearly depleted fund balance.

In the 2017 fiscal year the fund balance increased from $255,000 to $4.1 million. The audited unassigned fund balance is $6.5 million at the end of 2018, another one-year increase of more than $2 million.

“We continue to increase our fund balance, and it is now 25 times bigger than it was when I took office,” said County Executive Garnar. “This is thanks to cost-cutting measures and working together with our departments. As we look to 2020 Broome County is continuing to head in the right direction as we work to restore and maintain our finances.”

The County Executive’s 2019 Budget was unanimously passed by the Legislature, maintaining critical services and programs, investing in public safety, and introducing new workforce development initiatives. That budget included a tax cut, the first one in over a decade. The last time an Executive presented a proposed tax cut was in 2004 (dating back to the 2005 proposed budget).

In 2018 S&P Global Ratings also affirmed its A+ long-term bond rating on Broome County, with a stable outlook. In its analysis included with the A+ rating affirmation, the agency cited the county’s significant increase in fund balance from 2016 to 2017 and in part, the County Executive’s actions to improve county finances.

County Executive Garnar is thankful to the Broome County Legislature for working with the Executive’s Office on two great budgets for 2018 and 2019, and now looks forward to another one for 2020. 

“This is the power of partnerships, rolling up our sleeves and working together to build a better Broome County,” Garnar said. “I thank the members of the County Legislature and my colleagues in county and local government for their shared commitment to Broome County, and I look forward to working with our departments and legislators in the coming months as we work toward creating and adopting this budget for 2020.”

The process of crafting the 2020 budget for Broome County is currently underway. Departments are presenting their budgets to the Executive and Office of Management and Budget. In September, the County Executive will deliver his 2020 budget to the Legislature for consideration.

07/11/2019 - 2:55pm