By Rick Miller, includes “… Keller said he couldn’t remember a fund balance for a year being that high since he was a member of the County Legislature.” (Note: Claims to “surpluses” like this – in the general fund “balance,” should always be evaluated against trends in the unrestricted net position in a local government’s Statement of Net Position, given how easily trends in cash-accounting-based funds “balances” can be managed in the short-run even amidst real financial deterioration. This county has not yet posted its 2020 annual financial report, but in 2019, the County had a negative unrestricted net position of $264 million, driven by more than $350 million in long-term debt. That negative net position deteriorated by about $5 million in 2019).
Read the full article on: Olean Times Herald (New York)