Wednesday, April 30, 2008 

(315)  798-5800

Oneida County Closes Out Strong 2007

Picente, Timpano Highlight Reduced Costs, Increased Revenue

Oneida County Executive Anthony J. Picente, Jr. and Oneida County Comptroller Joseph J. Timpano today announced that Oneida County closed out its fiscal year with a strong showing highlighted by reduced operating costs.

“We have closed out the books for 2007 and ended our fiscal year with a slight surplus,” Timpano said. “What I am the most pleased to announce is that we were able to end the year without dipping into the fund balance as projected. This will enable us to be in a stronger fiscal position as we enter whet everyone says is a challenging economic and fiscal environment in these coming months.”

“My fiscal goal as County Executive for 2007 was to take the budget we had in place and limit spending every possible way so that we could improve our financial position and approach our future from a position of strength,” Picente said. “Because we spent less than what was budgeted, we did not have to dip into the fund balance, which means we still have that money to protect us in case hard times cause any emergencies, and to help us build on the successful increase in our credit rating that we recently received.”

Picente and Timpano said the budget for 2007 provided the County $7.2 million out of the fund balance to cover the expected budget.  After closing the books for 2007, not only did the County not have to use any of the $7.2 million out of the fund balance, but the County came out with an operating surplus of around $70,000. 

A number of variables contributed to this exceptional outcome in the 2007 budget.  For 2007, countywide payroll was $1 million below budget; spending in the Department of Social Services was $1.4 million under budget; Health Insurance was $1.5 million below budget due to pro-active county steps to reduce costs; and the county’s public health unit – which received grant support to launch a new initiative against lead poisoning – finished the year $1 million below budget. They also noted that the county’s overall savings reflects a day-in day –out effort at controlling operating costs to offset rising energy costs.

Timpano and Picente noted that revenue for 2007 was about $2 million above projections, and that the county finished 2007 about $600,000 higher in sales tax revenue than was projected.

“Good management rises to the challenges, and we have risen to the challenge that we faced in 2007 by successfully staying within our means,” Picente said. “In this coming year, we will continue to hold down spending in every possible way and continue to provide the many essential services that are county government’s mission.

Timpano said that the county’s strong fiscal position is already helping to save county taxpayers money. He noted that the county will be refinancing bonds taken out in 1998 and 1999 that mature in 2014. The action will save County Government over $370,000 over the life of those bonds.  However, the resolution going to the board gives Timpano the option to defer refinancing until a later date if it appears market conditions will improve, thus saving the County even more money.

“Strong fiscal controls and strong fiscal management have put us in a position where we can refinance and save money,” Timpano said. “Every dollar we save through sound fiscal practices is a dollar that we don’t have to ask the taxpayers to contribute. Oneida County had a strong 2007, and we are building to an even stronger fiscal future in 2008.”