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Dinolfo Releases Comprehensive Annual Financial Report: County's Better Budgets Continue To Produce Savings For Taxpayers

Monroe County Executive Cheryl Dinolfo released the 2017 Comprehensive Annual Financial Report (CAFR) for Monroe County’s 2017 fiscal year. The report, which is produced annually by the Department of Finance and vetted by independent auditors, demonstrates that the 2017 Budget put forth by Dinolfo, and adopted by the County Legislature, was balanced, fiscally-sound, and protected local property taxpayers.

Dinolfo’s 2017 fiscal plan affirmed her commitment to growing more jobs, building better budgets and supporting stronger families by keeping the County property tax rate flat, holding spending below inflation, and fully-funding the County’s job growth programs, economic development initiatives, and quality of life services.

“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.”

Highlights from the Comprehensive Annual Financial Report of 2017 include:

·Independent auditor Bonadio & Co., LLP issued an unqualified/clean audit opinion; the best opinion an auditor can assign.
·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, creating long-term cost savings for taxpayers.
·Overall spending was kept below the rate of inflation.

This audit is yet another affirmation of Monroe County’s improved fiscal status. Already as a result of better, flat-tax budgets, 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.

Monroe County produces the Comprehensive Annual Financial Report each year in accordance with the County Charter. A full copy of the Comprehensive Annual Financial Report is available at on the Finance Department page.