County of Jefferson Financial Statements 12.31.23

COUNTY OF JEFFERSON,
NEW YORK
Basic Financial Statements, Required Supplementary
Information, Supplementary Information and Federal
Awards Information for the Year Ended
December 31, 2023 and Independent Auditors’ Reports
COUNTY OF JEFFERSON, NEW YORK
Table of Contents
Year Ended December 31, 2023
Page
Independent Auditors’ Report....................................................................................................................... 1
Management’s Discussion and Analysis ...................................................................................................... 4
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position .............................................................................................................. 15
Statement of Activities ................................................................................................................... 16
Fund Financial Statements:
Balance Sheet—Governmental Funds ........................................................................................... 17
Reconciliation of the Balance Sheet—Governmental Funds

to the Government-wide Statement of Net Position ................................................................ 18
Statement of Revenues, Expenditures, and Changes in Fund

Balances—Governmental Funds ............................................................................................. 19
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances—

Governmental Funds to the Government-wide Statement of Activities.................................. 20
Statement of Net Position—Proprietary Fund ............................................................................... 21
Statement of Revenues, Expenses, and Changes in Net Position—

Proprietary Fund ...................................................................................................................... 22
Statement of Cash Flows—Proprietary Fund ................................................................................ 23
Statement of Fiduciary Net Position—Custodial Fund.................................................................. 24
Statement of Changes in Fiduciary Net Position—Custodial Fund ............................................... 25
Notes to the Financial Statements ........................................................................................................ 26
(continued)
Table of Contents
(concluded)
Page
Required Supplementary Information:
Schedule of the Local Government’s Proportionate Share of the Net Pension

Liability (Asset)—Teachers’ Retirement System .......................................................................... 70
Schedule of the Local Government’s Contributions—Teachers’ Retirement System ......................... 71
Schedule of Local Government’s Proportionate Share of the Net Pension

Liability (Asset)—Employees’ Retirement System ....................................................................... 72
Schedule of the Local Government’s Contributions—Employees’ Retirement System ...................... 73
Schedule of Changes in the County’s Total OPEB Liability and Related Ratios ................................ 74
Schedule of Changes in the College’s Total OPEB Liability and Related Ratios................................ 75
Schedule of Revenues, Expenditures, and Changes in Fund Balances—

Budget and Actual—General Fund................................................................................................ 76
Notes to the Required Supplementary Information .............................................................................. 77
Supplementary Information:
Combining Balance Sheet—Nonmajor Governmental Funds.............................................................. 78
Combining Statement of Revenues, Expenditures, and Changes in Fund

Balances—Nonmajor Governmental Funds .................................................................................. 79
Federal Awards Information:
Schedule of Expenditures of Federal Awards ...................................................................................... 80
Notes to the Schedule of Expenditures of Federal Awards .................................................................. 84
Independent Auditors’ Report on Internal Control over Financial Reporting

and on Compliance and Other Matters Based on an Audit of the Financial
Statements Performed in Accordance with Government Auditing Standards ............................... 85
Independent Auditors’ Report on Compliance for Each Major Federal Program and Report
on Internal Control over Compliance in Accordance with the Uniform Guidance ....................... 87
Schedule of Findings and Questioned Costs ........................................................................................ 90
Summary Schedule of Prior Audit Findings and Corrective Action Plan ............................................ 92
DRESCHER & MALECKI LLP
2 7 2 1 Tr a n s i t Ro a d , S u i t e 1 1 1
E l m a , N e w Yo r k 1 4 0 5 9
Te l e p h o n e : 7 1 6 . 5 6 5 . 2 2 9 9
Fa x : 7 1 6 . 3 8 9 . 5 1 7 8
INDEPENDENT AUDITORS’ REPORT
Honorable County Board of Legislators and County Administrator

County of Jefferson, New York
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activity, the
discretely presented component units, each major fund, and the aggregate remaining fund information of
the County of Jefferson, New York (the “County”), as of and for the year ended December 31, 2023 (with
the Jefferson Community College for the fiscal year ended August 31, 2023), and the related notes to the
financial statements, which collectively comprise the County’s basic financial statements as listed in the
table of contents.
In our opinion, based on our audit and the reports of other auditors, the accompanying financial
statements present fairly, in all material respects, the respective financial position of the governmental
activities, the business-type activity, the discretely presented component units, each major fund, and the
aggregate remaining fund information of the County, as of December 31, 2023, and the respective
changes in financial position and, where applicable, cash flows thereof for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
We did not audit the financial statements of Jefferson Community College (the “College”) or Jefferson
County Industrial Development Agency (the “Agency”), which are shown as discretely presented
component units. Those financial statements were audited by other auditors whose reports thereon have
been furnished to us, and our opinion, insofar as it relates to the amounts included for the College and the
Agency, is based solely on the reports of the other auditors.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (“GAAS”) and the standards applicable to financial audits contained in Government Auditing
Standards (“GAS”), issued by the Comptroller General of the United States. Our responsibilities under
those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the County, and to meet our other
ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America; and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
-1-
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the County’s ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS and GAS will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment
made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and GAS, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the County’s internal control. Accordingly, no such opinion is
expressed.
 Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the County’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control–related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s
Discussion and Analysis and other Required Supplementary Information, as listed in the table of contents,
be presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
-2-
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the County’s basic financial statements. The Supplementary Information, as listed in the table
of contents, and the Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of
Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (“Uniform Guidance”), are presented for purposes of additional
analysis and are not a required part of the basic financial statements.
The Supplementary Information, as listed in the table of contents, and the Schedule of Expenditures of
Federal Awards are the responsibility of management and were derived from and relate directly to the
underlying accounting and other records used to prepare the basic financial statements. The information
has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the Supplementary Information, as
listed in the table of contents, and the Schedule of Expenditures of Federal Awards are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated July 30, 2024,
on our consideration of the County’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of internal control over financial reporting or on compliance. That report is an integral part
of an audit performed in accordance with Government Auditing Standards in considering the County’s
internal control over financial reporting and compliance.
July 30, 2024
-3-
Management’s Discussion and Analysis
As management of the County of Jefferson, New York (the “County”), we offer readers of the County’s
financial statements this narrative overview and analysis of the County’s financial activities for the fiscal
year ended December 31, 2023. We encourage readers to consider the information presented here in
conjunction with additional information that we have furnished in the County’s financial statements
which follow this narrative.
Financial Highlights
• The liabilities and deferred inflows of resources of the County’s primary government exceeded its
assets and deferred outflows of resources at December 31, 2023 by $161,088,259 (net position).
This consists of $166,797,486 net investment in capital assets, $5,060,590 restricted for specific
purposes, and an unrestricted net position of $(332,946,335).
• The County’s total primary government net position increased by $33,956,853 during the year
ended December 31, 2023. Governmental activities increased the County’s net position by
$33,568,832, while the net position of the County’s business-type activity increased $388,021.
• As of December 31, 2023, the County’s governmental funds reported combined fund balances of
$135,503,338 an increase of $22,076,802 in comparison with the prior year.
• General Fund fund balance increased $15,950,768 during the year ended December 31, 2023,
reporting total fund balance of $102,784,068. Unassigned fund balance for the General Fund was
$69,770,525, or 28.1 percent of the total General Fund expenditures and transfers out. This total
amount is available for spending at the County’s discretion and constitutes approximately 67.9
percent of the General Fund’s total fund balance of $102,784,068 at December 31, 2023.
• The County’s governmental activities’ total serial bonds outstanding decreased by $1,200,000
during the current year as a result of scheduled principal payments.
Overview of the Financial Statements
The discussion and analysis provided here are intended to serve as an introduction to the County’s basic
financial statements. The County’s basic financial statements comprise of three components: 1)
government-wide financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also includes supplementary information intended to furnish additional detail to
support the basic financial statements themselves.
Government-wide financial statements. The government-wide financial statements are designed to
provide readers with a broad overview of the County’s finances, in a manner similar to a private-sector
business.
-4-
The statement of net position presents information on all of the County’s assets, liabilities, and deferred
outflows/inflows of resources, with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the County is
improving or deteriorating.
The statement of activities presents information showing how the County’s net position changed during
the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving
rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are
reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g.,
uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the County that principally are
supported by taxes and intergovernmental revenues (governmental activities) from other functions that are
intended to recover all, or a significant portion, of their costs through user fees and charges (business-type
activities). The governmental activities of the County include general government support, education,
public safety, public health, transportation, economic assistance and opportunity, culture and recreation,
home and community services, and interest and fiscal charges. The business-type activity of the County is
the Solid Waste Management Fund.
The government-wide financial statements include not only the County itself (known as the primary
government), but also a legally separate community college and an industrial development agency for
which the County is financially accountable. Financial information presented for these component units is
reported separately from the financial information presented for the primary government itself.
The government-wide financial statements can be found on pages 15-16 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The County, like other state and
local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the County can be divided into three categories: governmental funds, a
proprietary fund, and the fiduciary fund.
Governmental funds—Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources, as well as on balances of spendable resources available at
the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By
doing so, readers may better understand the long-term impact of the government’s near-term financing
decisions. Both the governmental funds’ balance sheet and the governmental funds’ statement of
revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
The County maintains six individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures,
and changes in fund balances for the General Fund and the Capital Projects Fund, which are considered
to be major funds. Data from the other four governmental funds are combined into a single, aggregated
-5-
presentation. Individual fund data for each of these nonmajor governmental funds is provided in the
form of combining statements in the Supplementary Information section of this report.
The County adopts an annual appropriated budget for its General Fund, County Road Fund, Road
Machinery Fund and Debt Service Fund. A budgetary comparison statement has been provided for the
General Fund, a major fund, within the Required Supplementary Information section of this report to
demonstrate compliance with this budget.
The governmental fund financial statements can be found on pages 17-20 of this report.
Proprietary funds—The County maintains one proprietary fund. Enterprise funds are used to report the
same functions presented as a business-type activity in the government-wide financial statements. The
County uses an enterprise fund to account for its Solid Waste Management Facility.
Proprietary funds provide the same type of information as the government-wide financial statements,
only in more detail.
The proprietary fund financial statements can be found on pages 21-23 of this report.
Fiduciary funds—Fiduciary funds are used to account for resources held for the benefit of parties
outside the County. Fiduciary funds are not reflected in the government-wide financial statements
because the resources of the funds are not available to support the County’s own programs. The County
maintains one fiduciary fund, the Custodial Fund.
The Custodial Fund reports resources held by the County in a custodial capacity for individuals, private
organizations and other governments.
The fiduciary fund financial statements can be found on pages 24-25 of this report.
Notes to the financial statements. The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The notes to
the financial statements can be found on pages 26-69 of this report.
Other information. In addition to the basic financial statements and accompanying notes, this report also
presents certain Required Supplementary Information concerning the County’s net pension
liability/(asset), the changes in the County’s total other postemployment benefits (“OPEB”) obligation,
and budgetary comparison schedule for the General Fund. Required Supplementary Information and the
related notes can be found on pages 70-77 of this report.
The combining statements referred to earlier in connection with nonmajor governmental funds are
presented as other supplementary information immediately following the Required Supplementary
Information in the Supplementary Information section of this report on pages 78-79.
The Federal Awards Information presents the County’s Schedule of Expenditures of Federal Awards.
This section can be found on pages 80-92 of this report.
Government-wide Overall Financial Analysis
As noted earlier, net position over time, may serve as a useful indicator of a government’s financial
position. In the case of the County, liabilities and deferred inflows of resources of the County’s primary
government exceeded its assets and deferred outflows of resources at December 31, 2023 by
-6-
$161,088,259 at the close of the most recent fiscal year, as compared to $195,045,112 at the close of the
fiscal year ended December 31, 2022.
Table 1, as presented below, shows the net position as of December 31, 2023 and December 31, 2022 of
the County’s governmental activities and business-type activity.
Table 1—Condensed Statements of Net Position—Primary Government
Governmental Activities Business-type Activity Total Primary Government

December 31, December 31, December 31,
2023 2022 2023 2022 2023 2022
Current and other assets $ 187,705,568 $ 170,258,929 $ 1,690,051 $ 1,591,093 $ 189,395,619 $ 171,850,022
Noncurrent assets 172,565,476 180,042,017 3,583,080 3,429,753 176,148,556 183,471,770
Total assets 360,271,044 350,300,946 5,273,131 5,020,846 365,544,175 355,321,792
Deferred outflows of
resources 90,571,639 99,494,347 1,478,314 1,529,627 92,049,953 101,023,974
Current liabilities 41,564,091 46,330,881 479,230 463,964 42,043,321 46,794,845

Noncurrent liabilities 411,470,061 362,605,172 7,257,846 6,426,326 418,727,907 369,031,498
Total liabilities 453,034,152 408,936,053 7,737,076 6,890,290 460,771,228 415,826,343
Deferred inflows of
resources 155,376,094 231,995,635 2,535,065 3,568,900 157,911,159 235,564,535
Net position:
Net investment
in capital assets 163,214,406 156,358,625 3,583,080 2,935,159 166,797,486 159,293,784
Restricted 4,969,647 4,865,725 90,943 86,429 5,060,590 4,952,154
Unrestricted (325,751,616) (352,360,745) (7,194,719) (6,930,305) (332,946,335) (359,291,050)
Total net position $ (157,567,563) $ (191,136,395) $ (3,520,696) $ (3,908,717) $ (161,088,259) $ (195,045,112)
The County’s combined net position during fiscal year ended December 31, 2023 increased from
December 31, 2022, by $33,956,853. The largest portion of the County’s net position at December 31,
2023, $166,797,486, reflects its investment in capital and SBITA assets (e.g. land, buildings, machinery
and equipment and infrastructure) net of any related debt used to acquire those assets that is still
outstanding. The County uses these capital assets to provide services to citizens; consequently, these
assets are not available for future spending. Although the County’s investment in its capital assets is
reported net of related debt, it should be noted that the resources needed to repay this debt must be
provided by other sources, as the capital assets themselves cannot be used to liquidate these liabilities.
An additional portion of the County’s net position, $5,060,590, represents resources subject to external
restrictions on how they may be used and are reported as restricted net position. The remaining category
of total net position, $(332,946,335), is considered to be unrestricted. This deficit does not mean the
County does not have resources available to meet its obligations in the ensuing year. Rather, it is the
result of having long-term commitments that are greater than currently available resources. Payments for
these liabilities are to be budgeted in the year that actual payment will be made.
-7-
Table 2, presented below, shows the changes in net position for the years ended December 31, 2023 and
December 31, 2022.
Table 2—Condensed Statements of Changes in Net Position—Primary Government
Governmental Activities Business-type Activity Total Primary Government

Year Ended December 31, Year Ended December 31, Year Ended December 31,
2023 2022 2023 2022 2023 2022
Revenues:
Program revenues $ 105,713,171 $ 87,258,001 $ 4,521,786 $ 4,255,473 $ 110,234,957 $ 91,513,474
General revenues 181,867,078 173,090,096 15,427 68,798 181,882,505 173,158,894
Total revenues 287,580,249 260,348,097 4,537,213 4,324,271 292,117,462 264,672,368
Program expenses 253,985,654 227,900,450 4,174,955 3,571,645 258,160,609 231,472,095
Transfers (25,763) - 25,763 - - -
Change in net position 33,568,832 32,447,647 388,021 752,626 33,956,853 33,200,273
Net position―beginning (191,136,395) (223,584,042) (3,908,717) (4,661,343) (195,045,112) (228,245,385)

Net position—ending $ (157,567,563) $ (191,136,395) $ (3,520,696) $ (3,908,717) $ (161,088,259) $ (195,045,112)
Governmental Activities—Governmental activities increased the County’s net position by $33,568,832.

A summary of sources of revenues for the years ended December 31, 2023 and December 31, 2022 is
presented below in Table 3.
Table 3—Summary of Sources of Revenues—Governmental Activities
Year Ended December 31, Increase/(Decrease)

2023 2022 Dollars Percent (%)
Charges for services $ 17,560,974 $ 15,768,929 $ 1,792,045 11.4
Operating grants and contributions 69,470,030 51,523,139 17,946,891 34.8
Capital grants and contributions 18,682,167 19,965,933 (1,283,766) (6.4)
Property taxes and tax items 65,714,677 65,510,924 203,753 0.3
Sales taxes 103,709,287 100,661,022 3,048,265 3.0
Other general revenues 12,443,114 6,918,150 5,524,964 79.9
Total revenues $ 287,580,249 $ 260,348,097 $ 27,232,152 10.5
The most significant source of revenues is sales taxes, which accounts for $103,709,287, or 36.1 percent,
of total governmental activities revenues, for the year ended December 31, 2023, and $100,661,022, or
38.7 percent, of total governmental activities revenues, for the year ended December 31, 2022. The next
largest source of revenue is operating grants and contributions, which comprises 24.2 percent and 19.8
percent of total governmental activities revenues for the years ended December 31, 2023 and 2022,
respectively.
-8-
During the year ended December 31, 2023 revenues increased by 10.5 percent from the year ended
December 31, 2022. Changes in revenues were largely due to the following:
• Operating grants and contributions increased $17,946,891 due to the increased funding and use of
County social services programs and well as the increased use of American Rescue plan Act
funds.
• Other general revenues increased $5,524,964 due to a significant increase in interest earnings.
• Sales taxes increased $3,048,265 due to an underlying increase in sales subject to sales tax.
A summary of program expenses of governmental activities for the years ended December 31, 2023 and
December 31, 2022 is presented below in Table 4.
Table 4—Summary of Program Expenses—Governmental Activities
Year Ended December 31, Increase/(decrease)

2023 2022 Dollars Percent
General government support $ 83,262,944 $ 76,574,309 $ 6,688,635 8.7
Education 12,209,943 12,016,610 193,333 1.6
Public safety 32,522,177 27,055,152 5,467,025 20.2
Health 20,653,631 15,849,844 4,803,787 30.3
Transportation 27,326,788 26,546,860 779,928 2.9
Economic assistance and opportunity 74,274,225 66,952,796 7,321,429 10.9
Culture and recreation 322,283 384,492 (62,209) (16.2)
Home and community services 3,120,774 2,083,177 1,037,597 49.8
Interest and fiscal charges 292,889 437,210 (144,321) (33.0)
Total program expenses $ 253,985,654 $ 227,900,450 $ 26,085,204 11.4
The County’s most significant expense items for governmental activities were general governmental
support of $83,262,944, or 32.8, of total expenses, economic assistance and opportunity of $74,274,225
or 29.2 percent, of total expenses, public safety of $32,522,177 or 12.8 percent, of total expenses,
transportation of $27,326,788, or 10.8 percent, of total expenses, and health of $20,653,631, or 8.1
percent of total expenses for the year ended December 31, 2023. For the year ended December 31, 2022
the most significant expense items for governmental activities were general governmental support of
$76,574,309, or 33.6, of total expenses, economic assistance and opportunity of $66,952,796 or 29.4
percent, of total expenses, public safety of $27,055,152 or 11.9 percent, of total expenses, transportation
of $26,546,860, or 11.6 percent, of total expenses, and health of $15,849,844, or 7.0 percent of total
expenses.
During the year ended December 31, 2023 expenditures increased 11.4 percent from the year ended
December 31, 2022. The increase in expenditures were primarily due to the additional funding of health
services and economic assistance and opportunity post-pandemic, as well as the use of COVID-19 relief
funding to address the negative economic impacts of the pandemic.
Business-type Activity. Business-type activity increased the County’s net position by $388,021, due
primarily to decreased employee benefits related to changes in the OPEB liability and related deferred
inflows and outflows of resources.
-9-
A summary of sources of revenues and expenses for the County’s business-type activity for the years
ended December 31, 2023 and December 31, 2022 is presented below in Table 6.
Table 6—Summary of Sources of Revenues and Expenses—Business-type Activity
Year Ended December 31, Increase/(Decrease)

2023 2022 Dollars Percent (%)
Charges for services $ 4,521,786 $ 4,255,473 $ 266,313 6.3
General revenues 15,427 68,648 (53,221) (77.5)
Total revenues $ 4,537,213 $ 4,324,121 $ 213,092 4.9
Solid waste management expenses $ 4,174,955 $ 3,571,645 $ 603,310 16.9
Interfund transfers $ 25,763 $ - $ 25,763 100.0
Revenues relating to the County’s business-type activity increased 4.9 percent due to increased collection
rates during the year ended December 31, 2023, while expenses increased 16.9 percent due primarily to
an increase in employee benefits related to the net pension liability.
Financial Analysis of the Governmental Funds

As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance
related legal requirements.
Governmental funds. The focus of the County’s governmental funds is to provide information on near-
term inflows, outflows and balances of spendable resources. Such information is useful in assessing the
County’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of
a government’s net resources available for discretionary use as they represent the portion of fund balance
which has not yet been limited to use for a particular purpose by either an external party, the County
itself, or a group or individual that has been delegated authority to assign resources for particular purposes
by the Board of Legislators.
As of the end of the current fiscal year, the County’s governmental funds reported combined ending fund
balances of $135,503,338, an increase of $22,076,802 in comparison with the prior year. Total unassigned
fund balance is $69,770,525 which is 23.7 percent of total governmental funds’ expenditures.
Additionally, the County’s total assigned fund balances total $48,299,802 or 18.2 percent of total
governmental funds’ expenditures. Together, unassigned and assigned fund balance represents
$118,070,327 or 44.4 percent of total governmental expenditures. Committed fund balance of $6,283,255
represents amounts that are subject to a purpose constraint imposed by a formal action of the County’s
highest level of decision-making authority, or by their designated body or official. Restricted fund
balance of $9,498,098 represent resources for which spending is restricted for a special purpose.
Nonspendable amounts represent net current financial resources that cannot be spent because they are
either not in spendable form or legally or contractually required to be maintained intact. Nonspendable
fund balance consists of $1,563,990 of prepaid items and $87,668 of inventory at December 31, 2023.
The General Fund is the chief operating fund of the County. At the end of the current fiscal year,
unassigned fund balance of the General Fund was $69,770,525, while total fund balance was
$102,784,068. The General Fund fund balance increased $15,950,768 from the prior year, as compared to
the planned use of fund balance of $14,932,246 from appropriation of fund balance during the budget
process and carryover of prior year encumbrances. The increase in fund balance is due primarily to the
County receiving greater than anticipated non-property tax revenue related to sales tax, the collection of
- 10 -
additional interest earnings and state and federal aid, along with spending less than anticipated on public
safety and economic assistance and opportunity. As a measure of the General Fund’s liquidity, it may be
useful to compare both unassigned fund balance and total fund balance to total expenditures and transfers
out. Unassigned fund balance represents 28.1 percent of General Fund expenditures and transfers out,
while total fund balance represents 41.4 percent of that same amount.
The fund balance in the Capital Projects Fund increased $4,723,607 from the prior year. This increase is
due to the County making continued progress on ongoing capital projects and transfers in from other
funds.
Proprietary fund. The County’s proprietary fund provides the same type of information found in the
governmental-wide financial statements, but in more detail.
The net position of Solid Waste Management Fund (the County’s only enterprise fund) at December 31,
2023, amounted to $(3,520,696) and unrestricted net position was $(7,194,719), due to the allocation of
employee benefits related to OPEB. The operating activities of the Solid Waste Management Fund during
2023 resulted in an operating income of $438,772 and the nonoperating revenues and expenses netted to
total loss of $50,751.
General Fund Budgetary Highlights

The County adopts an annual appropriated budget for all governmental funds, except the Capital Projects
Fund and the Special Grant Fund. A budgetary comparison schedule for the General Fund has been
provided in the Required Supplementary Information section of this report to demonstrate compliance
with the budget.
A summary of the General Fund results of operations for the year ended December 31, 2023 is presented
in Table 7 below:
Table 7—Summary of General Fund Results of Operations
Budgeted Amounts Actual Variance with

Original Final Amounts Final Budget
Revenues and other financing sources $ 222,581,705 $ 250,110,793 $ 263,964,269 $ 13,853,476
Expenditures and other financing uses 237,513,951 265,396,838 248,013,501 17,383,337
Excess (deficiency) of revenues over
expenditures and other financing uses $ (14,932,246) $ (15,286,045) $ 15,950,768 $ 31,236,813
Original budget compared to final budget. During the year, the budget is modified, primarily to reflect
the acceptance of new state and federal grants and related expenditures and non-property tax items. These
grants and sales tax items explain the majority of increases in appropriations and revenue from the
original adopted budget final budget. Significant grants for which the budget was modified were for state
and federal aid.
Final budget compared to actual results. The General Fund had a favorable variance from final
budgetary appropriations of $17,383,337. The primary positive variances were realized in public safety,
economic assistance and opportunity, employee benefits, general government support and health related
to less than anticipated expenditures.
- 11 -
Capital Assets and Debt Administration
Capital assets. The County’s investment in capital assets for its governmental and business-type
activities as of December 31, 2023 amounts to $176,148,556 (net of accumulated
depreciation/amortization). This investment in capital assets includes land, construction in progress,
buildings and building improvements, improvements other than buildings, machinery and equipment,
infrastructure, and right-to-use subscription-based information technology agreement (“SBITA”) assets.
All depreciable/amortizable capital assets were depreciated/amortized from acquisition date to the end of
the current year as outlined in the County’s capital asset policy.
Capital assets net of depreciation/amortization for the governmental activities and business-type activities
at the years ended December 31, 2023 and December 31, 2022 are presented in Table 8 below:
Table 8—Summary of Capital Assets (Net of Depreciation)

Governmental Activities Business-type Activities Total Primary Government
2023 2022 2023 2022 2023 2022
Land $ 2,979,105 $ 2,979,105 $ 12,415 $ 12,415 $ 2,991,520 $ 2,991,520
Construction in
progress 34,366,596 26,251,811 352,747 277,035 34,719,343 26,528,846
Buildings and building
improvements 48,887,499 50,876,140 2,113,403 2,165,354 51,000,902 53,041,494
Improvements other
than buildings 121,890 127,156 - - 121,890 127,156
Machinery and
equipment 12,871,687 12,957,743 1,104,515 780,355 13,976,202 13,738,098
Infrastructure 73,012,027 74,242,439 - - 73,012,027 74,242,439
Right-to-use SBITA 326,672 - - - 326,672 -
Total $ 172,565,476 $ 167,434,394 $ 3,583,080 $ 3,235,159 $ 176,148,556 $ 170,669,553
The County’s infrastructure assets are recorded at historical cost or estimated historical cost in the
government-wide financial statements. The County has elected to depreciate its infrastructure assets.
Additional information on County’s capital assets can be found in Note 4 of this report.
Long-term liabilities. In 2023, the County’s long-term liabilities, as reported on the County-wide
statement of net position, continue to reflect a dramatic change, since Governmental Accounting
Standards Board (“GASB”) requires that the County recognize, according to a prescribed calculation, its
obligation for OPEB. In the case of the County, this obligation consists of health benefits promised to its
current and future retirees. Based on a study of the County’s numerous benefit packages and the affected
population, actuaries have determined the value of these benefits earned in prior years, as well as the
value earned during 2023.
This obligation is a commitment the County has made to its employees pursuant to contract negotiations.
County management has attempted to minimize the impact of dramatic health cost increases as new
contracts have been negotiated. Newer contracts require greater employee contributions and increased
length of employment to qualify for retiree health benefits.
Governmental activities outstanding net bonds payable decreased $1,310,660.
- 12 -
A summary of the County’s long-term liabilities at December 31, 2023 and December 31, 2022 is
presented below in Table 9:
Table 9—Summary of Long-Term Liabilities
Governmental Activities Business-type Activities Total Primary Government

2023 2022 2023 2022 2023 2022
Net bonds payable $ 14,600,536 $ 15,911,196 $ - $ - $ 14,600,536 $ 15,911,196
Compensated absences 2,354,707 2,334,923 46,854 44,939 2,401,561 2,379,862
Installment purchase contract 2,274,018 2,893,229 - - 2,274,018 2,893,229
SBITA liability 326,672 - - - 326,672 -
Claims and judgments 2,659,288 2,877,871 - - 2,659,288 2,877,871
Other postemployment benefits 355,955,852 338,587,953 6,666,106 6,381,387 362,621,958 344,969,340
Net pension liability 33,298,988 - 544,886 - 33,843,874.00 -
Total $ 411,470,061 $ 362,605,172 $ 7,257,846 $ 6,426,326 $ 418,727,907 $ 369,031,498
The County carries an Aa3 rating from Moody’s. Additional information on the County’s long-term
liabilities can be found in Note 12 to the financial statements.
Economic Factors and Next Year’s Budgets and Rates
• The County experiences fluctuations in population generally due to the movements of troops
stationed at Fort Drum. Brigade components of the US Army’s 10th Mountain Division continue
to be periodically deployed and remain in rotation to the Middle East. These cycles continue to
impact the local housing market, especially the rental market, with variations in demand and
vacancy rates noted. The current rental vacancy rate in the greater Watertown area is estimated to
be roughly ten percent. The true economic impact of Fort Drum in 2023 is $1.6 billion based on
an economic impact model. The model also estimates an additional 3,900 jobs supported by Fort
Drum related activity.
• The City of Watertown received $22.2 million in American Recovery funding for use in assisting
the City to recover from the effects of the COVID-19 pandemic.
• A significant local transportation development is the continued upgrade of the facilities and
airfield infrastructure at Watertown International Airport. Due in part to these upgrades and the
growth in the County, American Airlines continues twice daily non-stop commercial flights at the
local airport. 45,601 and 41,621 passengers utilized commercial flights at the Watertown Airport
in 2023 and 2022, respectively. This is a result of the jet service that has returned to the airport.
General Aviation activity continues to grow since the opening of the new Fixed Base Operator
(FBO) facility in 2015. There has been over $2,500,000 collected in 2023 from airport and FBO
operations. A new Air Ambulance Hangar was constructed/finished in 2023.
• The unemployment rate, not seasonally adjusted, for the County during December 2023 was 5.4
percent, as compared to New York State’s unemployment rate of 4.6 percent. These factors are
considered in preparing the County’s budget.
• The County considered current year operational expenses and estimated increases based on
economic factors when establishing the 2024 budget. Additional information on the County’s
budgeted appropriations of fund balance can be found in Note 13 to the financial statements.
- 13 -
 The 2020 U.S. Census Bureau population for Jefferson County was 108,095, which is a 7.0%
decrease from the 2010 Census.
 The County’s 2024 budget set the full value property tax rate at $6.14 per thousand which is a
decrease of 11.9% from the 2023 rate of $6.87 average full value tax rate.
Contacting the County’s Financial Management
This financial report is designed to provide a general overview of the County’s finances for all those with
an interest in the County’s finances and to show accountability for the money it receives. Questions
concerning any of the information provided in this report or requests for additional financial information
should be addressed to the Jefferson County Treasurer’s Office, 175 Arsenal Street, Watertown, New
York 13601.
- 14 -
** THIS PAGE INTENTIONALLY LEFT BLANK **
BASIC FINANCIAL STATEMENTS
Statement of Net Position
December 31, 2023
Primary Government Component Units

Jefferson
Community Industrial
Governmental Business-type College Development
Activities Activity Total (August 31, 2023) Agency
ASSETS
Cash and cash equivalents $ 48,932,242 $ 1,118,000 $ 50,050,242 $ 6,661,434 $ 6,521,406
Restricted cash and cash equivalents 28,195,423 90,943 28,286,366 1,705,772 2,540,968
Investments 60,115,693 - 60,115,693 15,027,956 -
Receivables, net of allowances:
Property taxes receivable 9,355,733 - 9,355,733 - -
Accounts receivable 4,538,836 461,003 4,999,839 3,045,250 74,791
Intergovernmental receivables 34,185,804 - 34,185,804 2,275,341 392,651
Leases receivable 730,179 - 730,179 163,790 -
Prepaid items 1,563,990 20,105 1,584,095 408,355 22,478
Inventories 87,668 - 87,668 - -
Loans and notes receivable - - - 373,228 1,567,129
Capital assets not being depreciated 37,345,701 365,162 37,710,863 145,000 1,917,011
Capital assets, net of accumulated depreciation 135,219,775 3,217,918 138,437,693 51,363,737 2,965,516
Total assets 360,271,044 5,273,131 365,544,175 81,169,863 16,001,950
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows—relating to pensions 24,940,152 408,107 25,348,259 4,031,657 -
Deferred outflows—relating to OPEB 65,282,732 1,070,207 66,352,939 8,795,868 -
Excess consideration provided for acquisition 348,755 - 348,755 - -
Total deferred outflows of resources 90,571,639 1,478,314 92,049,953 12,827,525 -
LIABILITIES
Accounts payable 16,895,353 449,447 17,344,800 1,306,699 82,572
Retainages payable 396,197 - 396,197 - -
Accrued liabilities 1,273,093 29,783 1,302,876 - 622
Intergovernmental payables 9,915,667 - 9,915,667 2,954,841 -
Unearned revenue 13,016,507 - 13,016,507 1,449,664 3,204,119
Other liabilities 67,274 - 67,274 - 52,913
Noncurrent liabilities:
Due within one year 2,089,757 2,343 2,092,100 1,636,554 10,398
Due in more than one year 409,380,304 7,255,503 416,635,807 78,653,109 371,840
Total liabilities 453,034,152 7,737,076 460,771,228 86,000,867 3,722,464
DEFERRED INFLOWS OF RESOURCES
Deferred inflows—relating to leases 730,179 - 730,179 163,790 -
Deferred inflows—relating to pensions 3,644,143 59,631 3,703,774 507,280 -
Deferred inflows—relating to OPEB 151,001,772 2,475,434 153,477,206 28,373,643 -
Unavailable revenues—grants - - - 437,800 -
Total deferred inflows of resources 155,376,094 2,535,065 157,911,159 29,482,513 -
NET POSITION
Net investment in capital assets 163,214,406 3,583,080 166,797,486 30,676,610 4,500,289
Restricted for:
General Fund restrictions 4,122,536 - 4,122,536 - -
Capital projects - 90,943 90,943 - -
Road Machinery, Special Grant and Debt
Service restrictions 847,111 - 847,111 - -
Community College—expendable - - - 2,044,454 -
Community College—nonexpendable - - - 4,968,577 -
Community development - - - - 4,587,669
Unrestricted (325,751,616) (7,194,719) (332,946,335) (59,175,633) 3,191,528
Total net position $ (157,567,563) $ (3,520,696) $ (161,088,259) $ (21,485,992) $ 12,279,486
The notes to the financial statements are an integral part of this statement.
- 15 -
Statement of Activities
Net (Expense) Revenue and Changes in Net Position

Program Revenues Primary Government Component Units
Jefferson
Operating Capital Community Industrial
Charges for Grants and Grants and Governmental Business-type College Development
Functions/Programs Expenses Services Contributions Contributions Activities Activity Total (August 31, 2023) Agency
Primary government:
Governmental activities:
General government support $ 83,262,944 $ 7,530,863 $ 10,148,638 $ - $ (65,583,443) $ - $ (65,583,443) $ - $ -
Education 12,209,943 248,622 - 787,078 (11,174,243) - (11,174,243) - -
Public safety 32,522,177 1,491,757 874,281 653,528 (29,502,611) - (29,502,611) - -
Health 20,653,631 2,634,772 14,968,103 - (3,050,756) - (3,050,756) - -
Transportation 27,326,788 2,783,920 308,635 17,241,561 (6,992,672) - (6,992,672) - -
Economic assistance and opportunity 74,274,225 2,841,460 40,963,298 - (30,469,467) - (30,469,467) - -
Culture and recreation 322,283 - 124,018 - (198,265) - (198,265) - -
Home and community services 3,120,774 29,580 2,083,057 - (1,008,137) - (1,008,137) - -
Interest and fiscal charges 292,889 - - - (292,889) - (292,889) - -
Total governmental activities 253,985,654 17,560,974 69,470,030 18,682,167 (148,272,483) - (148,272,483) - -
Business-type activity:
Solid waste management 4,174,955 4,521,786 - - - 346,831 346,831 - -
Total primary government $ 258,160,609 $ 22,082,760 $ 69,470,030 $ 18,682,167 (148,272,483) 346,831 (147,925,652) - -
Component units:
Jefferson Community College $ 48,454,049 $ 9,538,034 $ 7,186,490 $ 4,147,475 (27,582,050) -
Industrial Development Agency 6,235,355 931,970 4,647,654 - - (655,731)
Total component units $ 54,689,404 $ 10,470,004 $ 11,834,144 $ 4,147,475 (27,582,050) (655,731)
General revenues:
Property taxes, levied for general purpose 62,569,399 - 62,569,399 - -
Property tax items 3,145,278 - 3,145,278 - -
Sales taxes 103,709,287 - 103,709,287 - -
Other taxes 693,800 - 693,800 - -
Use of money and property 6,475,825 8,103 6,483,928 2,084,616 4,380
Miscellaneous 3,947,546 91,881 4,039,427 - 4,415
State and federal appropriations - - - 15,156,545 -
Sale of property and compensation for loss 1,320,485 - 1,320,485 - -
Proceeds (loss) from sale of capital assets 5,458 (84,557) (79,099) - -
Transfers (25,763) 25,763 - - -
Total general revenues and transfers 181,841,315 41,190 181,882,505 17,241,161 8,795
Change in net position 33,568,832 388,021 33,956,853 (10,340,889) (646,936)
Net position—beginning (191,136,395) (3,908,717) (195,045,112) (11,145,103) 12,926,422
Net position—ending $ (157,567,563) $ (3,520,696) $ (161,088,259) $ (21,485,992) $ 12,279,486
- 16 -
Balance Sheet—Governmental Funds
December 31, 2023
Total Total
Capital Nonmajor Governmental
General Projects Funds Funds
ASSETS
Cash and cash equivalents $ 23,940,411 $ 12,168,606 $ 12,823,225 $ 48,932,242
Restricted cash and cash equivalents 23,350,484 3,978,451 866,488 28,195,423
Investments 60,115,693 - - 60,115,693
Receivables, net of allowances:
Property taxes receivable 9,355,733 - - 9,355,733
Accounts receivable 3,321,512 - 3,255 3,324,767
Due from other funds 86,262 - - 86,262
Intergovernmental receivables 25,837,524 4,918,603 3,429,677 34,185,804
Leases receivable 730,179 - - 730,179
Inventory 87,668 - - 87,668
Prepaid items 1,429,746 - 134,244 1,563,990
Total assets $ 148,255,212 $ 21,065,660 $ 17,256,889 $ 186,577,761
LIABILITIES
Accounts payable $ 11,544,277 $ 2,978,590 $ 2,372,486 $ 16,895,353
Accrued liabilities 1,129,186 - 94,129 1,223,315
Intergovernmental payables 9,915,667 - - 9,915,667
Due to other funds - - 86,262 86,262
Unearned revenue 12,944,695 - 71,812 13,016,507
Other liabilities 67,274 - - 67,274
Total liabilities 35,601,099 2,978,590 2,624,689 41,204,378
Deferred inflows—relating to leases 730,179 - - 730,179
Unavailable revenues—grants 1,459,944 - - 1,459,944
Unavailable revenues—property taxes 7,679,922 - - 7,679,922
Total deferred inflows of resources 9,870,045 - - 9,870,045
FUND BALANCES
Nonspendable 1,517,414 - 134,244 1,651,658
Restricted 4,122,536 4,528,451 847,111 9,498,098
Committed 6,283,255 - - 6,283,255
Assigned 21,090,338 13,558,619 13,650,845 48,299,802
Unassigned 69,770,525 - - 69,770,525
Total fund balances 102,784,068 18,087,070 14,632,200 135,503,338
Total liabilities, deferred inflows of

resources and fund balances $ 148,255,212 $ 21,065,660 $ 17,256,889 $ 186,577,761
- 17 -
Reconciliation of the Balance Sheet—Governmental Funds
to the Government-wide Statement of Net Position
December 31, 2023
Amounts reported for governmental activities in the statement of net position (page 15) are different because:
Total fund balances—governmental funds (page 17) $ 135,503,338
Capital and SBITA assets used in governmental activities are not financial resources and, therefore,
are not reported in the fund statements. The cost of the assets is $322,553,106 and the accumulated
depreciation is $149,987,630. 172,565,476
Deferred outflows and inflows of resources related to pensions are applicable to future periods and,
therefore, are not reported in the fund statements:
Deferred outflows related to employer contributions $ 4,172,661
Deferred outflows related to experience and investment earnings 20,767,491
Deferred inflows of resources related to pensions (3,644,143) 21,296,009
Deferred outflows and inflows of resources related to differences between expected and actual
experience and changes of assumptions in other postemployment benefits ("OPEB") are applicable to
future periods and, therefore, are not reported in the fund statements.
Deferred outflows of resources related to OPEB $ 65,282,732
Deferred inflows of resources related to OPEB (151,001,772) (85,719,040)
Other long-term assets are not available to pay for current period expenditures and, therefore, are
either recorded as unearned revenue or deferred inflows of resources in the funds but are considered
government-wide revenues:
Deferred inflows of resources - grants $ 1,459,944
Deferred inflows of resources - property taxes 7,679,922 9,139,866
Certain accrued revenues reported in the statement of net position are received after the availability
period for recognition of revenue in the governmental funds. 1,214,069
The excess consideration for acquired assets that have a useful life extending beyond a single reporting
period is recorded as an expenditure within the fund statements, but recorded as a deferred outflow of
resources on the government-wide financial statements. 348,755
Retained percentages are not a current liability and, therefore, are not reported in the fund statements. (396,197)
Net accrued interest expense for serial bonds and leases are not reported in the fund statements. (49,778)
Long-term liabilities, including bonds payable, compensated absences, installment purchase contracts,
SBITA, claims and judgments payable, other postemployment benefits ("OPEB") and the net pension
liability are not due and payable in the current period and, therefore, are not reported in the funds. The
effects of these items are:
Serial bonds $ (14,515,000)
Unamortized premiums (85,536)
Compensated absences (2,354,707)
Installment purchase contract (2,274,018)
SBITA liability (326,672)
Claims and judgments (2,659,288)
Other postemployment benefits (355,955,852)
Net pension liability (33,298,988) (411,470,061)
Net position of governmental activities $ (157,567,563)
- 18 -
Statement of Revenues, Expenditures, and Changes in Fund Balances—Governmental Funds
Total Total
Capital Nonmajor Governmental
General Projects Funds Funds
REVENUES
Real property taxes $ 62,569,399 $ - $ - $ 62,569,399
Real property tax items 3,146,561 - - 3,146,561
Non-property tax items 104,850,431 - - 104,850,431
Departmental income 11,788,876 - 595,924 12,384,800
Intergovernmental charges 3,294,336 - 51,599 3,345,935
Use of money and property 5,181,785 202,717 464,004 5,848,506
Licenses and permits 30,073 - 2,125 32,198
Fines and forfeitures 226,509 - - 226,509
Sale of property and compensation for loss 1,525,033 - 27,247 1,552,280
Miscellaneous 4,495,103 226,551 186,751 4,908,405
Interfund revenues - - 255,912 255,912
State aid 35,651,324 4,141,402 8,570,729 48,363,455
Federal aid 30,381,568 5,611,519 3,853,230 39,846,317
Total revenues 263,140,998 10,182,189 14,007,521 287,330,708
EXPENDITURES
Current:
General government support 80,475,454 - - 80,475,454
Education 11,935,617 - - 11,935,617
Public safety 27,603,568 - - 27,603,568
Health 19,601,369 - - 19,601,369
Transportation 3,314,943 1,873,809 18,749,572 23,938,324
Economic assistance and opportunity 68,100,010 - 2,541,211 70,641,221
Culture and recreation 313,776 - - 313,776
Home and community services 1,022,541 - 2,000,311 3,022,852
Employee benefits 11,687,350 - - 11,687,350
Debt service:
Principal 103,599 - 1,819,211 1,922,810
Interest and fiscal charges 10,401 - 412,313 422,714
Capital outlay - 14,093,359 - 14,093,359
Total expenditures 224,168,628 15,967,168 25,522,618 265,658,414
Excess (deficiency) of revenues
over expenditures 38,972,370 (5,784,979) (11,515,097) 21,672,294
OTHER FINANCING SOURCES (USES)
Transfers in 393,000 10,901,586 16,838,274 28,132,860
Transfers out (23,844,873) (393,000) (3,920,750) (28,158,623)
SBITA issued 430,271 - - 430,271
Total other financing sources (uses) (23,021,602) 10,508,586 12,917,524 404,508
Net change in fund balances 15,950,768 4,723,607 1,402,427 22,076,802

Fund balances—beginning 86,833,300 13,363,463 13,229,773 113,426,536
Fund balances—ending $ 102,784,068 $ 18,087,070 $ 14,632,200 $ 135,503,338
- 19 -
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances—Governmental Funds to the Government-wide Statement of Activities
\
Amounts reported for governmental activities in the statement of activities (page 16) are different because:
Net change in fund balances—total governmental funds (page 19) $ 22,076,802
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those
assets is allocated over their estimated useful lives and reported as depreciation/amortization expense. This is the
amount by which capital outlays exceeded depreciation/amortization expense and loss on disposal of capital assets
in the current period.
Capital asset additions $ 15,054,559
Depreciation/amortization expense (9,799,441)
Loss on disposal of capital assets (124,036) 5,131,082
Net differences between pension contributions recognized on the fund financial statements and the government-
wide financial statements are as follows:
County pension contributions $ 5,265,434
Cost of benefits earned net of employee contributions (10,916,922) (5,651,488)
Deferred outflows and inflows of resources relating to OPEB result from actuarial changes in the census, changes
in medical premiums that are different than expected healthcare cost trend rates, and changes in assumptions and
other inputs. These amounts are shown net of current year amortization.
Changes relating to expected and actual experience $ 2,652,036
Changes in assumptions 24,793,215 27,445,251
Certain tax and other revenue in the governmental funds is deferred or not recognized because it is not available
soon enough after year end to pay for the current period's expenditures. On the accrual basis, however, this is
recognized regardless of when it is collected.
Change in deferred inflows of resources - property taxes $ (1,002,683)
Change in deferred inflows of resources - grants 1,459,944
Change in other receivable (207,720) 249,541
Governmental funds report excess consideration paid for assets as expenditures in the year of acquisition.
However, in the County's statement of activities the cost of consideration is allocated over the estimated useful life. (41,851)
Governmental funds report retained percentages expenditures on construction contracts when such a retained
percentage is paid. However, in the statement of activities retained percentages on construction contracts is
reported as an expense as it accrues. (93,769)
In the statement of activities, interest expense is recognized as it accrues, regardless of when it is paid. 19,165
The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of
the principal of long-term debt consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums,
discounts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the
statement of activities. Additionally, in the statement of activities, certain operating expenses are measured by the
amounts earned during the year. In the governmental funds, however, expenditures for these items are measured by
the amount of financial resources used (essentially, the amounts actually paid). The net effect of these differences
in the treatment of long-term debt and the related items is as follows:
Repayment of serial bonds $ 1,200,000
Amortization of premiums on serial bonds 110,660
Change in compensated absences (19,784)
Principal payments on installment purchase contract 619,211
SBITA issued (430,271)
Principal payments on SBITA 103,599
Change in claims and judgments 218,583
Change in other postemployment benefits (17,367,899) (15,565,901)
Change in net position of governmental activities $ 33,568,832
- 20 -
Statement of Net Position—Proprietary Fund
December 31, 2023
Business-type
Activity—
Enterprise Fund
Solid
Waste
Management
ASSETS
Current assets:
Cash and cash equivalents $ 1,118,000
Restricted cash and cash equivalents 90,943
Accounts receivable 461,003
Prepaid items 20,105
Total current assets 1,690,051
Noncurrent assets:
Capital assets not being depreciated 365,162
Capital assets, net of accumulated depreciation 3,217,918
Total noncurrent assets 3,583,080
Total assets 5,273,131
DEFERRED OUTFLOWS OF RESOURCES

Deferred outflows—relating to pensions 408,107
Deferred outflows—relating to OPEB 1,070,207
Total deferred outflows of resources 1,478,314
LIABILITIES
Current liabilities:
Accounts payable 449,447
Accrued liabilities 29,783
Total current liabilities 479,230
Noncurrent liabilities:
Compensated absences—due within one year 2,343
Compensated absences—due in more than one year 44,511
Other postemployment benefits obligation 6,666,106
Net pension liability 544,886
Total noncurrent liabilities 7,257,846
Total liabilities 7,737,076
Deferred inflows—relating to pensions 59,631
Deferred inflows—relating to OPEB 2,475,434
Total deferred inflows of resources 2,535,065
NET POSITION
Net investment in capital assets 3,583,080
Restricted for capital projects 90,943
Unrestricted (7,194,719)
Total net position $ (3,520,696)
- 21 -
Statement of Revenues, Expenses, and Changes in Fund Net Position—Proprietary Fund
Business-type
Activity—
Enterprise Fund
Solid
Waste
Management
Operating revenues:
Charges for services $ 3,868,261
Recycling income 653,525
Miscellaneous 91,881
Total operating revenues 4,613,667
Operating expenses:
Salaries, wages and employee benefits 1,151,488
Tipping fees 2,826,635
Depreciation 196,772
Total operating expenses 4,174,895
Operating income 438,772
Nonoperating revenues (expenses):

Interfund transfer in 25,763
Interest earnings 8,103
Loss on disposal of capital assets (84,557)
Interest expense (60)
Total nonoperating revenues (expenses) (50,751)
Change in net position 388,021

Total net position—beginning (3,908,717)
Total net position—ending $ (3,520,696)
- 22 -
Statement of Cash Flows—Proprietary Fund
Business-type
Activity—
Enterprise Fund
Solid
Waste
Management
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from services provided $ 4,423,816
Receipts from other operating revenue 91,881
Payments to employees (1,095,066)
Payments to suppliers (2,827,237)
Net cash provided by operating activities 593,394
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund transfers 25,763
Net cash provided by noncapital
financing activities 25,763
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital purchases (629,250)
Payment on noncurrent interfund loan (300,000)
Net cash used for capital and related
financing activities (929,250)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 8,043
Net cash provided by investing activities 8,043
Net decrease in cash and cash equivalents (302,050)
Cash and cash equivalents—beginning 1,510,993
Cash and cash equivalents—ending $ 1,208,943
Reconciliation of operating income to net
cash provided by operating activities:
Operating income $ 438,772
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation expense 196,772
(Increase) in accounts receivable (97,970)
(Increase) in prepaid items (3,038)
Decrease in deferred outflows of resources 51,313
Increase in accounts payable 2,436
Increase in accrued liabilities 12,830
Increase in other postemployment benefits 284,719
Increase in compensated absences 1,915
Change in net pension liability (asset) 739,480
(Decrease) in deferred inflows of resources (1,033,835)
Total adjustments 154,622
Net cash provided by operating activities $ 593,394
- 23 -
Statement of Fiduciary Net Position—Custodial Fund
December 31, 2023
Custodial
Fund
ASSETS
Restricted cash and cash equivalents $ 6,516,415
Accounts receivable 6,560
Total assets 6,522,975
LIABILITIES
Accounts payable and other liabilities 6,282,840
Total liabilities 6,282,840
NET POSITION
Restricted for bail and other abandoned property 240,135
Total net position $ 240,135
The notes to the financial statements are an integral part of this statement .
- 24 -
Statement of Changes in Fiduciary Net Position—Custodial Fund
December 31, 2023
Custodial
Fund
ADDITIONS
Funds collected on behalf of individuals $ 685,804
Total additions 685,804
DEDUCTIONS
Funds distributed on behalf of individuals 1,559,911
Total deductions 1,559,911
Change in fiduciary net position (874,107)
Net position—beginning 1,114,242

Net position—ending $ 240,135
The notes to the financial statements are an integral part of this statement .
- 25 -
Notes to the Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the County of Jefferson, New York (the “County”) have been prepared in
conformity with accounting principles generally accepted in the United States of America (“GAAP”) as
applied to governmental units. The Governmental Accounting Standards Board (“GASB”) is the accepted
standard setting body for establishing governmental accounting and financial reporting principles. The more
significant of the County’s accounting policies are described below.
Description of Government-wide Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities)
report information on all of the nonfiduciary activities of the primary government and its component units.
All fiduciary activities are reported only in the fund financial statements. Governmental activities, which
normally are supported by taxes, intergovernmental revenues, and other nonexchange transactions, are
reported separately from business-type activities, which rely to a significant extent on fees and charges to
external customers for support. Likewise, the primary government is reported separately from certain
legally separate component units for which the primary government is financially accountable.
Financial Reporting Entity
The County, which was established in 1805, is governed by County local law and other general laws of the
State of New York and various local laws. The Board of Legislators is the legislative body responsible for
overall operations, the Chairman of the Board serves as chief executive officer and the County Treasurer
serves as chief fiscal officer. Independent elected officials of the County include 15 legislators, the District
Attorney, the County Clerk, the County Treasurer, and the County Sheriff.
The County provides mandated social service programs such as Medicaid and Temporary Assistance for
Needy Families. The County also provides the following basic services: maintenance of County roads,
health and social services (including Office for the Aging), public safety (including law enforcement, jail,
probation, District Attorney and Public Defender), general administrative services, culture and recreation,
solid waste management (including recycling) and among others, operation of a Community College and
an airport.
The accompanying financial statements present the government and its component units, entities for which
the government is considered to be financially accountable. Each discretely presented component unit is
reported in a separate column in the government-wide financial statements to emphasize that it is legally
separate from the government.
Discretely Presented Component Units—The component unit columns in the basic financial statements
include the financial data of the County’s two discretely presented component units. These units are
reported in a separate column to emphasize that they are legally separate from the County.
Jefferson Community College—The Jefferson Community College (the “College”) was established in
1961 with the County as the local sponsor under provisions of Article 126 of the Education Law. The
College is administered by a Board of Trustees consisting of ten members, five appointed by the County
governing body, four by the Governor and one student trustee. Also, the College budget is subject to
the approval of the County Board of Legislators and the County provides one half of capital costs for
the College. Real property of the College vests with the County and bonds and notes for the College
capital costs are issued by the County and represent County debt. Mandated by New York State Law,
- 26 -
the fiscal year end for the College is August 31. The College includes four discretely presented
component units, the Jefferson Community College Foundation, Inc., Faculty Student Association of
Jefferson Community College, Inc., Student Association of Jefferson Community College, and New
Student Services of Jefferson Community College.
The County budget for 2023 included an appropriation of $5,367,423 in support of the College budget
for the College fiscal year ended August 31, 2023. In addition to the funds contributed for the support
of the College budget for 2022-2023, the General Fund budget supports the debt service on other college
capital improvement bonds as outlined in the following paragraphs.
In 2015, the County issued $7,000,000 in public improvement serial bonds for the Jefferson Community
College Collaborative Learning Project. In 2023, the County paid $474,875 in debt service on the 2015
debt issue. The principal payment was $325,000, and interest was paid in the amount of $149,875.
Outstanding debt on this issue at December 31, 2023, was $4,670,000.
In 2017, the County issued $6,206,500 in public improvement serial bonds of which $1,500,000 was
on behalf of the College. Of this amount, $1,448,400 was for the campus building reconstruction at
Jefferson Community College and $51,600 was for purchasing a loader. In 2023, the County paid
$98,306 in debt service on the 2017 debt issue. The principal payment was $65,000, and interest was
paid in the amount of $33,306. Outstanding debt on this issue at December 31, 2023 was $1,148,000.
In 2020, the County converted a $9,000,000 bond anticipation notes (“BAN”) of which $1,885,000 was
for the purpose of additional work on the Jefferson Community College Learning Center to permanent
financing. In 2023, the County paid $182,569 in debt service on the 2020 debt issue. The principal
payment was $165,000, and interest was paid in the amount of $17,569. Outstanding debt on this issue
at December 31, 2023 was $1,391,000.
Jefferson County paid $524,915 to other New York State Community Colleges for its residents
attending community colleges outside the County.
The College adopted GASB Statement No. 96, Subscription-Based Information Technology
Arrangements (“SBITA”), during the year ended August 31, 2023. The changes were incorporated into
the College’s financial statements and had no significant affect on the beginning balance of net position.
Separate financial statements can be obtained by writing the College’s administration office, 1220
Coffeen Street, Watertown, New York 13601.
Jefferson County Industrial Development Agency—The Jefferson County Industrial Development
Agency (the “Agency”) is a public benefit corporation created by Article 18A of New York State
General Municipal Law to promote the economic welfare, recreation opportunities and prosperity of
County inhabitants. Members of the Agency are appointed by the County Board of Legislators which
exercises no oversight responsibility for fiscal matters. The Agency members have complete
responsibility for management of the Agency and accountability for fiscal matters. The County is not
liable for agency bonds or notes.
In addition, the Agency administers a $1,250,248 revolving loan fund, a $97,075 micro-enterprise loan
program which provides loans to small businesses and a $202,287 Watertown Economic Growth Fund
which provides support to enterprises in the City of Watertown. These funds are used to provide loans
to eligible businesses that save and create employment opportunities for residents of Jefferson County.
The Agency works closely with Jefferson County Job Development Corporation (“JCJDC”) through
funding of certain programs for economic development activities. The Agency has no staff; staff is
supplied by the JCJDC under contract. The Agency includes two blended component units, the
Jefferson County Local Development Corporation and the Jefferson County Civic Facilities
Development Corporation.
- 27 -
Separate financial statements can be obtained by writing the Agency’s administration office, 800
Starbuck Avenue, Suite 800, Watertown, New York 13601.
Excluded from the Financial Reporting Entity—Although the following are related to the County, they
are not included in the County reporting entity:
Jefferson County Soil and Water Conservation District—The Board of Legislators has declared the
County to be a Soil and Water Conservation District in accordance with the provisions of the Soil and
Water Conservation District Law. Members of the Board of Directors have been appointed by the
County governing body and administrative costs of the District are provided primarily through County
appropriations. The Board of Legislators retains general oversight responsibilities including monitoring
district activities through detailed reporting to the Board of Legislators by the District Directors of its
work and transactions in such periods as the Board of Legislators may direct. However, the County
cannot impose will upon the District nor is there a financial benefit/burden relationship with the County
to require it to be presented as a component unit of the County.
The annual financial report can be obtained from the District’s administration office at Jefferson County
Soil and Water Conservation District, 21168 State Route 232, PO Box 838, Watertown, NY 13601.
Thousand Islands Bridge Authority—The Thousand Islands Bridge Authority is a public benefit
corporation created by State Legislation to promote the economic welfare, recreation, and prosperity of
the County inhabitants. Members of the agency are appointed by the municipal governing body which
exercises no oversight responsibility. The Authority members have complete responsibility for
management of the Authority and accountability for fiscal matters. The County is not liable for
Authority bonds or notes.
Basis of Presentation—Government-wide Financial Statements

While separate government-wide and fund financial statements are presented, they are interrelated. The
governmental activities column incorporates data from governmental funds, while business-type activities
incorporate data from the government’s enterprise funds. Separate financial statements are provided for
governmental funds, its proprietary fund, and its fiduciary fund, even though the fiduciary fund is excluded
from the government-wide financial statements.
As discussed earlier, the government has two discretely presented component units. Jefferson Community
College and the Jefferson County Industrial Development Agency are shown in separate columns in the
government-wide financial statements.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are payments in lieu of taxes where the amounts are reasonably
equivalent in value to the interfund services provided and various other functions of the government.
Elimination of these changes would distort the direct costs and program revenues reported for the various
functions concerned.
Basis of Presentation—Fund Financial Statements
The fund financial statements provide information about the County’s funds, including its fiduciary fund.
Separate statements for each fund category – governmental, proprietary, and fiduciary – are presented. The
emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a
separate column. All remaining governmental funds are aggregated and reported as nonmajor funds. Major
individual governmental funds are reported as separate columns in the fund financial statements.
- 28 -
The County reports the following major governmental funds:
 General Fund—This fund is the principal operating fund of the County and is used to account for all
financial resources except those required to be accounted for in other funds.
 Capital Projects Fund—The Capital Projects Fund is used to account for and report financial resources
to be used for the acquisition, construction or renovation of major capital facilities or equipment other
than those financed by the enterprise fund. The County utilizes separate funds to account for capital
projects benefiting the following programs: general government, public safety, transportation,
sanitation, and recreation.
Additionally, the County reports the following nonmajor governmental funds:
Special Revenue Funds—used to account for the proceeds of specific revenue sources that are legally
restricted to expenditures for specified purposes. The following Special Revenue Funds are utilized:
 County Road Fund—The County Road Fund is used to account for expenditures for highway purposes
authorized by Section 114 of the Highway Law.
 Road Machinery Fund—The Road Machinery Fund is used to account for the purchase, repair,
maintenance and storage of highway machinery, tools and equipment pursuant to Section 133 of the
Highway Law.
 Special Grant Fund—The Special Grant Fund is used to account for funds received under the Job
Training Partnership Act/Workforce Investment Act and for Community Block Grant funds received
from the Department of Housing and Urban Development.
Debt Service Fund—used to account for current payments of principal and interest on general obligation
long-term debt and for financial resources accumulated in a reserve for payment of future principal and
interest on long-term indebtedness.
The County reports the following major enterprise fund:
 Solid Waste Management Fund—The Solid Waste Management Fund accounts for the handling of
solid waste, including a recycling facility and transfer station, where the governing officials have
determined that the costs of operations are to be financed through charges for services to users.
Additionally, the County reports the following fund type:
 Fiduciary Fund—The Custodial Fund is used to account for assets held by the County as an agent for
other governments or individuals.
During the course of operations the County has activity between funds for various purposes. Any residual
balances outstanding at year end are reported as due from/due to other funds and advances to/from other
funds. While these balances are reported in fund financial statements, certain eliminations are made in the
preparation of the government-wide financial statements. Balances between the funds included in
governmental activities are eliminated so that only the net amount is included as internal balances in the
governmental activities column. Similarly, balances between the funds included in business-type activities
(i.e., the enterprise funds) are eliminated so that only the net amount is included as internal balances in the
business-type activity column.
Further, certain activity occurs during the year involving transfers of resources between funds. In the fund
financial statements these amounts are recorded at gross amounts as transfers in/out. While reported in fund
financial statements, certain eliminations are made in the preparation of government-wide financial
statements. Transfers between the funds included in governmental activities are eliminated so that only the
net amount is included as transfers in the governmental activities column.
- 29 -
Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement focus and
basis of accounting. Measurement focus indicates the type of resources being measured such as current
financial resources or economic resources. The basis of accounting indicates the timing of transactions or
events for recognition in the financial statements.
The government-wide financial statements are reported using the economic resources measurement focus
and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when
a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon
as all eligibility requirements imposed by the provider have been met.
The governmental fund financial statements are reported using the current financial resources measurement
focus and modified accrual basis of accounting. Revenues are recognized as soon as they are both
measurable and available. Revenues are considered to be available when they are collectible within the
current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the County
considers property tax collected within 60 days after the end of the current fiscal period to be available and
recognizes them as revenues of the current year, all other revenues are deemed to be available if they are
collected within one year of the end of the current fiscal period. Expenditures generally are recorded when
a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as
expenditures related to compensated absences, and claims and judgments, are recorded only when payment
is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of
long-term debt and acquisitions under capital leases are reported as other financing sources.
Property taxes, sales taxes, licenses, and interest associated with the current fiscal period are all considered
to be susceptible to accrual and so have been recognized as revenues of the current fiscal period.
Entitlements are recorded as revenues when all eligibility requirements are met, including any time
requirements, and the amount is received during the period or within the availability period for this revenue
source (within one year of the end of the current fiscal period). Expenditure-driven grants are recognized
as revenue when the qualifying expenditures have been incurred and all other eligibility requirements have
been met, and the amount is received during the period or within the availability period for this revenue
source (within 60 days of the end of the current fiscal period). All other revenue items are considered to be
measurable and available only when cash is received by the government.
The proprietary and fiduciary funds are reported using the economic resources measurement focus and the
accrual basis of accounting.
Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance
Cash, Cash Equivalents and Investments—Cash and cash equivalents are considered to be cash on hand,
certificates of deposits, demand deposits and short-term investments with original maturities of 90 days or
less from the date of acquisition. State statutes and various resolutions of the Legislature govern the
County’s investment policies. Permissible investments include obligations of the U.S. Treasury and U.S.
Government Agencies, repurchase agreements and obligations of New York State or its localities. The
County’s investments are recorded at fair value in accordance with GASB.
Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents represent unspent proceeds
from debt, unearned revenues, amounts received for grants but not yet spent, amounts to support restricted
fund balances, and amounts held on behalf of others.
Receivables—Receivables are stated net of allowances for estimated uncollectible amounts.
Intergovernmental receivables include amounts owed to the County to reimburse it for expenditures
incurred pursuant to state and federally funded programs. All major revenues of the County are considered
“susceptible to accrual” under the modified accrual basis. These include property tax, sales tax, state tax,
State and Federal aid, and various grant program revenues.
- 30 -
Lease Receivable—The County is a lessor for a noncancellable lease of office space and a cell phone tower.
The County recognizes a lease receivable and a deferred inflow of resources in the statement of net position
and governmental fund financial statements. At the commencement of a lease, the County initially measures
the lease receivable at the present value of payments expected to be received during the lease term.
Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The
deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for
lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of
resources is recognized as revenue over the life of the lease term.
Inventory—Inventory associated with the governmental activities is valued at the lower of cost or market
using the average cost method.
Prepaid Items—Certain payments to vendors or other governments reflect costs applicable to future
accounting periods and are recorded as prepaid items in both the government-wide and fund financial
statements. The cost of prepaid items is recorded as expense/expenditures when consumed rather than when
purchased.
Capital and Subscription-Based Information Technology Arrangements (“SBITA”) Assets—Capital
assets, which include property, plant, equipment, infrastructure assets (e.g., roads and bridges) and SBITA
assets, are reported in the applicable governmental or business-type activities columns in the government-
wide financial statements. Capital assets, except for infrastructure assets, are defined by the County as assets
with an initial, individual cost of more than $5,000, or $10,000 for heavy equipment, and an estimated
useful life in excess of two years. For infrastructure (including buildings) assets, the same estimated
minimum useful life is used (in excess of two years), but only those infrastructure projects that cost more
than $25,000 are reported as capital assets. Such assets are recorded at historical cost or estimated historical
cost. The reported value excludes normal maintenance and repairs, which are essentially amounts spent in
relation to capital assets that do not increase the capacity or efficiency of the item or increase its estimated
useful life. Donated capital assets are recorded at acquisition value.
Land, right of way and easements, and construction in progress are not depreciated. The other capital assets
of the primary government are depreciated/amortized using the straight-line method over the estimated
useful lives as shown below:
Capitalization Threshold and Useful Lives
Class of Asset Threshold Useful Life
Land $ 5,000 n/a
Works of art and historical treasures 5,000 n/a
Construction in progress 5,000 n/a
Land improvements 5,000 20
Buildings 25,000 50
Building improvements 5,000 20
Machinery and equipment:
Office equipment 5,000 10
Furniture 5,000 10
Computer and computer equipment 5,000 5
Vehicles 5,000 7
Heavy equipment 10,000 7
Infrastructure
Roads, network 25,000 25
Bridges (includes culverts) 25,000 40
Improvements other than land or buildings 5,000 7
SBITA assets 25,000 3-5
- 31 -
The capital outlays character classification is employed only for expenditures reported in the Capital
Projects Fund. Routine capital expenditures in the General Fund and other governmental funds are included
in the appropriate functional category (for example, the purchase of a new highway vehicle included as part
of expenditures—transportation). The amount reported as capital outlays in the Capital Projects Fund will
also include non-capitalized, project-related costs (for example, furnishings).
Unearned Revenue—Certain amounts received have not been spent or otherwise used to meet the revenue
recognition criteria for government-wide or fund financial statement purposes. At December 31, 2023, the
County reported unearned revenues of $12,944,695 and $71,812 within the General Fund and nonmajor
funds, respectively. The County received cash in advance related to grants, donations and forfeited funds,
but has not yet performed the services, and therefore recognizes a liability. Of this amount, $9,711,657 is
related to the American Rescue Plan Act.
Deferred Outflows/Inflows of Resources—In addition to assets, the statement of financial position and the
balance sheet will sometimes report a separate section for deferred outflows of resources. This separate
financial statement element, deferred outflows of resources, represents a consumption of net assets that
applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure)
until then. The primary government has three types of items that qualify for reporting in this category. The
first item is related to pensions reported in the government-wide financial statements. This represents the
effect of the net change in the County’s proportion of the collective net pension asset or liability, and the
difference during the measurement period between the County’s contributions and its proportionate share
of the total contribution to the pension systems not included in the pension expense and any contributions
to the pension systems made subsequent to the measurement date. The second item is related to OPEB
reported in the government-wide financial statements and represents the effects of the change in the
County’s proportion of the collective OPEB liability and difference during the measurement period between
certain employer’s contributions and its proportionate share of the total of certain contributions from
employers included in the collective OPEB liability. The last item is the excess consideration provided for
the acquisition of the fixed based operation at the airport and is reported in the government-wide statement
of net position. The excess results from the difference in the carrying value of the items purchased and the
acquisition price. This amount is considered deferred and is being impaired over the life of the assets that
were acquired.
In addition to liabilities, the statement of financial position and the balance sheet will sometimes report a
separate section for deferred inflows of resources. This separate financial statement element, deferred
inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not
be recognized as an inflow of resources (revenue) until that time. The primary government has four types
of items, which qualify for reporting in this category. The first item is related to leases receivable reported
on both the Statement of Net Position and governmental funds balance sheet, which is reported equal to the
lease receivable at the present value of the remaining lease payments expected to be received during the
lease term and amortized over the life of the lease. The second item represents the effect of the net change
in the County’s proportion of the collective net pension liability and the difference during the measurement
periods between the County’s contributions and its proportionate share of total contributions to the pension
systems not included in pension expense and is reported on the government-wide statements. The third item
represents the effects of the change in the County’s proportion of the collective OPEB liability and
difference during the measurement period between certain employer’s contributions and its proportionate
share of the total of certain contributions from employers included in the collective OPEB liability and is
reported in the government-wide statements. Additionally, under the modified accrual basis of accounting,
the governmental funds report unavailable revenues from two sources: property taxes and some
nonexchange State aid that will more than likely not be realized within one year. These amounts are deferred
and recognized in the period that the amounts become available. Accordingly, the items, unavailable
revenue, are reported as deferred inflows of resources only in the governmental funds balance sheet.
- 32 -
Leases and Subscription-Based Information Technology Agreements (“SBITA”)—The County
recognizes significant lease and SBITA liabilities. At the commencement of a lease/SBITA, the County
initially measures the liability at the present value of any remaining payments expected to be made during
the lease/SBITA term. Subsequently, the liability is reduced by the principal portion of the payments made,
as applicable. As of December 31, 2023, the County reported $326,672 of SBITA liabilities.
The County is a lessor for a noncancellable leases of office space and real property. The County recognizes
a lease receivable and a deferred inflow of resources in the government-wide and governmental fund
financial statements. At the commencement of a lease, the County initially measures the lease receivable at
the present value of payments expected to be received during the lease term. Subsequently, the lease
receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources
is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at
or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as
revenue over the life of the lease term. Leases receivable are discussed within Note 3.
Net Position Flow Assumption—Sometimes the County will fund outlays for a particular purpose from
both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the
amounts to report as restricted—net position and unrestricted—net position in the government-wide and
proprietary fund financial statements, a flow assumption must be made about the order in which the
resources are considered to be applied. It is the County’s position to consider restricted—net position to
have been depleted before unrestricted—net position is applied.
Fund Balance Flow Assumptions—Sometimes the County will fund outlays for a particular purpose from
both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance).
In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance
in the governmental fund financial statements a flow assumption must be made about the order in which
the resources are considered to be applied. It is the County’s policy to consider restricted fund balance to
have been depleted before using any of the components of unrestricted fund balance. Further, when
components of unrestricted fund balance can be used for the same purpose, committed fund balance is
depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
Fund Balance Policies—Fund balance of governmental funds is reported in various categories based on
the nature of any limitations requiring the use of resources for specific purposes. The County itself can
establish limitations on the use of resources through either a commitment (committed fund balance) or an
assignment (assigned fund balance).
The committed fund balance classification includes amounts that can be used only for specific purposes
determined by a formal action of the County’s highest level of decision-making authority. The Legislature
is the highest level of decision-making authority for the government that can, by adoption of a resolution
prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the
resolution remains in place until a similar action is taken (the adoption of another resolution) to remove or
revise the limitation.
Amounts in the assigned fund balance classification are intended to be used by the government for specific
purposes but do not meet the criteria to be classified as committed. The Legislature has by resolution
authorized the County Administrator to recommend assignments to a committee which can then approve,
reject or adjust the assignments of fund balance. The Board of Legislators may also assign fund balance as
it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in
the subsequent year’s appropriated budget. Unlike commitments, assignments generally only exist
temporarily. In other words, an additional action does not normally have to be taken for the removal of an
assignment. Conversely, as discussed above, an additional action is essential to either remove or revise a
commitment.
- 33 -
Revenues and Expenses/Expenditures
Program Revenues—The amounts reported as program revenues include 1) charges to customers or

applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given
function or segment and 2) grants and contributions (including special assessments) that are restricted to
meeting the operation or capital requirements of a particular function or segment. All taxes, including those
dedicated for specific purposes, and other internally dedicated resources are reported as general revenues
rather than program revenues.
Real Property Taxes—Real property taxes are levied annually no later than December 31, and become a
lien on January 1. Town and County taxes are collected by the towns during the period January 1 to late
March, as specified in their warrants. Towns return unpaid taxes to the County by appointment in March.
Delinquent taxes accrue interest at 1% per month beginning on February 1. A 5% penalty is added to any
taxes due upon settlement between the Towns and the County. Upon settlement, the County assumes
collection of delinquent taxes until they are enforced, no earlier than 24 months after lien date. Towns and
special districts receive the full amount of their levies annually from the first amounts collected on the
combined bills.
The County-wide property tax is levied by the Legislature effective January 1 of the year the taxes are
recognizable as revenue. Taxes become a lien on the related property on that date of the year for which they
are levied. Accordingly, property tax is only recognized as revenue in the year for which the levy is made,
and to the extent that such taxes are received within the reporting period or 60 days thereafter in the
governmental fund financial statements.
The County’s tax sale procedures have resulted in cumulative net gain. The County does not consider its
delinquent property taxes for prior years to be uncollectible. However, delinquent property taxes not
collected at year end (excluding collections in the 60 day subsequent period) are recorded as deferred
inflows of resources in the Governmental Fund financial statements. Any taxes not collectible pursuant to
a court order are recorded as a reduction to prior year revenue when the Court determines them to be
uncollectible.
For years prior to 1995, unpaid taxes were/are enforced in accordance with the provision of Chapter 157 of
the Law of 1883, as amended; the end result being that the individual towns made the taxes whole to the
County. The County Treasurer acts as central collection for all delinquent taxes outside the City of
Watertown.
Since 1995, pursuant to Article 11 of New York State Real Property Tax Law, the County assumes
enforcement responsibility for all taxes levied outside the city, with the County Attorney acting as the Tax
Enforcement Officer.
In 2023, the County Attorney, as Tax Enforcement Officer, conducted the County’s annual sale of
properties acquired through tax foreclosure. Of 71 properties acquired through foreclosure, 66 were sold at
auction, generating gross receipts of $1,004,225.
In 1996, a local law was approved to allow real property owners in the County owing delinquent taxes to
enter into an installment contract. As long as the taxpayer continues payments within the terms of the
contract, real property is protected from tax enforcement proceedings.
In 1997, the County enacted a local law to allow payment of current real property taxes in installments
commencing in 1998. Each Town has the option to adopt the installment method. Twenty-one of the
County’s twenty-two towns participate in installment collections.
- 34 -
Beginning in 1999, non-city school districts were permitted to adopt the installment option of payment for
their taxpayers. The program allows for the school district to collect the first installment within the first 30
days of the tax lien. The County is then charged with collecting the second and third installments, after
compensating the school districts for these amounts.
County taxes collected on properties within the City of Watertown are enforced, and will continue to be
enforced, by the City. The County receives the full amount of such taxes in the year due.
Unpaid village taxes and non-city school district taxes are turned over to the County for enforcement. Any
such taxes remaining unpaid at year end are re-levied as County taxes in the subsequent year.
School taxes remaining unpaid in the enlarged city school district (outside the City) are turned over to the
County Treasurer in December each year and eventually are subject to enforcement by the County within
the same time frame as re-levied village and school taxes.
At December 31, 2023, the total real property tax receivables relating to the County of $9,051,977 are offset
by an allowance for uncollectible taxes of $3,566,717. Additionally, included in real property tax
receivables are current year returned village and school taxes of $4,432,334. The remaining portion of tax
receivables is partially offset by deferred inflows of resources – property taxes of $7,679,922 in the General
Fund and represents an estimate of tax liens which will not be collected within the first sixty (60) days of
the subsequent year.
A 4.0% sales tax is levied in and for the County under the general authority of Article 29 of the Tax Law
and specific authority of local law. This tax is administered and collected by the State Sales Tax
Commission in the same manner as the State imposed 4.0% sales and compensating use tax. Net collections,
meaning monies collected after deducting them from expenses of administration and collection and amounts
refunded or to be refunded, but inclusive of any applicable penalties and interest, are paid by the State to
the County on a monthly basis. Of the total $103,709,287 sales tax collected or accrued for the year ended
December 31, 2023, $54,965,923 was distributed to the towns, villages and the City of Watertown, of
which, $9,516,783 is recorded as liabilities to be distributed.
Constitutional Tax Limit—The amount that may be raised by the County-wide tax levy on real estate in
any fiscal year (for purposes other than debt service on County indebtedness) is limited to one and one-half
per centum (subject to increase up to two per centum by resolution of the Board of Legislators) of the five-
year average full valuation of taxable real estate of the County, per New York State statutes.
The County constitutional tax limit (per New York State statutes) for the fiscal year ended December 31,
2023 is computed below:
Five-year average full valuation of taxable

real estate $ 8,405,909,585
Tax limit @ 1.5% $ 126,088,644

Tax levy subject to tax limit 61,409,361
Tax margin $ 64,679,283
Compensated Absences—Most employees are granted vacation, personal, and sick leave and earn
compensatory time in varying amounts. In the event of termination, an employee is entitled to payment for
accumulated vacation and compensatory time. Upon retirement, an employee is entitled to vacation and
unused compensatory absences at various rates subject to certain maximum limitations.
- 35 -
Full time employees are entitled to earn 15 days of sick time annually which is accrued proportionately
with each bi-weekly pay period, and may accumulate credit up to a maximum of 200 days. The County has
no liability for sick leave upon retirement; any unused sick leave is applied toward service time for
retirement benefits as outlined in Section 41J of New York State Retirement and Social Security Law.
Compensated absences for vacation and compensatory time for governmental fund type employees are
reported as a liability and an expense in the government-wide financial statements. For business-type
activities employees, the accumulation is recorded as an accrued liability and/or other long-term obligation
of the business-type activities.
The compensated absences liability for the primary government at year end totaled $2,401,561 and is
reported within governmental activities at $2,354,707 and business-type activities at $46,854. The College
reports $442,415 as its liability for compensated absences.
Payment of vacation and compensatory time is recorded in the governmental funds is dependent upon many
factors. Therefore, timing of future payments is not readily determinable. However, management believes
that sufficient resources will be made available for the payments of vacation and compensatory time when
such payment becomes due.
Pension Plans—The County and the College are mandated by New York State law to participate in the
New York State Teachers’ Retirement System (“TRS”) and the New York State Local Employees’
Retirement System (“ERS”). For purposes of measuring the net pension (asset)/liability, deferred outflows
of resources related to pensions, and pension expense, information about the fiduciary net position of the
defined benefit pension plans, and changes thereof, have been determined on the same basis as they are
reported by the respective defined benefit pension plans. For this purpose, benefit payments (including
refunds of employee contributions) are recognized when due and payable in accordance with the benefit
terms. Investments are reported at fair value. More information regarding pensions is included at Note 6.
Other Postemployment Benefits—In addition to providing pension benefits, the County provides retired
employees with group health insurance benefits. The obligation of the County to contribute to the cost of
providing this benefit has been established pursuant to legislative resolution and various collective
bargaining agreements. Substantially all employees become eligible for such benefit if they have been
continuously employed by the County for the equivalent of at least ten years at the time of retirement.
Regarding the County’s postemployment benefits, retirees’ and their survivor’s health care benefits are
provided through an insurance company whose premiums are based on historic experience. Additionally
the County finances the plan on a pay-as-you-go basis, and the cost of retiree group health insurance benefits
is recognized as an expenditure/expense based on premiums paid during the year. During 2023,
$12,044,844 was paid by the County on behalf of eligible retirees, including their dependents and survivors.
More information on other postemployment benefits is included in Note 7.
Proprietary Funds Operating and Nonoperating Revenues and Expenses—Operating revenues of

enterprise funds consist mainly of user fees. Operating expenses of enterprise funds consist of salaries,
wages and benefits, contractual services and depreciation and amortization. Transactions related to capital
and financing activities, non-capital financing activities, investing activities and interfund transfers from
other funds and State appropriations are components of non-operating income. Subsidies and grants to
proprietary funds which finance either capital or current operations are reported as nonoperating revenue.
Other
Estimates—The preparation of the financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of revenues, expenditures, assets, deferred outflows/inflows of resources, and
- 36 -
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and during
the reported period. Actual results could differ from those estimates.
Adoption of New Accounting Pronouncements—During the year ended December 31, 2023, the County
implemented GASB Statements No. 94, Public-Private and Public-Public Partnerships and Availability
Payment Arrangements; No. 96, Subscription-Based Information Technology Arrangements; and a portion
of No. 99, Omnibus 2022. GASB Statement No. 94 improves financial reporting by addressing issues
related to public-private and public-public partnerships arrangements (“PPPs”). GASB Statement No. 96
improves financial reporting by establishing a definition for Subscription-Based Information Technology
Arrangements (“SBITAs”) and providing uniform guidance for accounting and financial reporting for
transactions that meet that definition. GASB Statement No. 99 enhances comparability in the application
of accounting and financial reporting requirements and improves the consistency of authoritative literature
related to GASB Statements No. 94 and 96. The implementation of GASB Statements No. 94, 96, and a
portion of 99 did not have a material impact on the County’s financial position or results from operations
Future Impacts of Accounting Pronouncements—The County has not completed the process of evaluating
the impact that will result from adopting the remainder of GASB Statement No. 99, Omnibus 2022; No.
100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. 62; and No. 101,
Compensated Absences, effective for the year ending December 31, 2024, and No. 102, Certain Risk
Disclosures; and No. 103, Financial Reporting Model Improvements, effective for the year ending
December 31, 2025. The County is, therefore, unable to disclose the impact that adopting GASB Statements
No. 99, 100, 101, 102 and 103 will have on its financial position and results of operations when such
statements are adopted.
Stewardship, Compliance and Accountability
Legal Compliance—Budgets—The County follows these procedures in establishing the budgetary data
reflected in the financial statements:
The County’s annual procedures in establishing the budgetary data reflected in the basic financial
statements are included below:
 No later than November 15, the budget officer submits a tentative budget to the Board of Legislators
for the fiscal year commencing the following January 1. The tentative budget includes proposed
expenditures and the proposed means of financing for the General Fund, County Road Fund, Road
Machinery Fund and Debt Service Fund.
 After public hearings are conducted to obtain taxpayer comments, no later than December 20, the
governing board adopts the budget.
 All amendments of the budget must be approved by the governing board. However, the County
Administrator is authorized to transfer certain budgeted amounts within departments, upon request of
the department head.
 Budgets are prepared for proprietary funds to establish the estimated contributions required from other
funds and to control expenditures.
2. CASH, CASH EQUIVALENTS AND INVESTMENTS
Available cash of the County is deposited and invested in accordance with the provisions of applicable State
statutes. The County also has its own written investment guidelines which have been established by the
Legislature.
- 37 -
The County deposits cash into a number of bank accounts. Monies must be deposited in demand or time
accounts at, or certificates of deposit issued by, FDIC-insured commercial banks or trust companies located
within the State. Some of the County’s accounts are required by various statutes and borrowing restrictions
for specific funds, while the remainder are used for County operating cash and for investment purposes.
The County’s bank accounts are maintained in separate demand accounts with the respective offset being
to various fund equities in pooled cash, investments, and restricted cash. Interest income from the pooled
accounts is allocated based on the funds’ respective share of the pool.
Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100%
of all deposits not covered by Federal deposit insurance. The County has entered into custodial agreements
with the various banks which hold their deposits. These agreements authorize the obligation that may be
pledged as collateral. Obligations that may be pledged as collateral are outlined in Chapter 623 of the laws
of the State of New York.
Cash and cash equivalents (including restricted amounts) at year-end consisted of:
Governmental Business-Type Fiduciary Total

Activities Activity Fund Balance
Petty cash (uncollateralized) $ 14,220 $ 800 $ - $ 15,020
Deposits 77,113,445 1,208,143 6,516,415 84,838,003
Total $ 77,127,665 $ 1,208,943 $ 6,516,415 $ 84,853,023
Deposits and Cash with Fiscal Agent—All deposits and cash with fiscal agent are carried at fair value.
Bank Carrying
Balance Amount
FDIC insured $ 2,131,579 $ 2,124,322
Uninsured:
Collateral held by bank's
agent in the County's name 84,382,798 82,713,681
Total $ 86,514,377 $ 84,838,003
Custodial Credit Risk—Deposits—Custodial credit risk is the risk that in the event of a bank failure, the
County’s deposits may not be returned to it. For investments, this is the risk that, in the event of the failure
of the counterparty, the County will not be able to recover the value of its investments that are in the
possession of an outside party. By State statute all deposits in excess of FDIC insurance coverage must be
collateralized. As of December 31, 2023, the County’s deposits were FDIC insured or collateralized. The
County pools its cash from all funds, except for cash required by law to be segregated, into a concentration
account for investment purposes.
Interest Rate Risk—Interest rate risk is the risk that changes in interest rates will adversely affect the fair
value of deposits and investments. The County minimizes the risk by structuring the investment portfolio
so that the deposits and investments mature to meet cash requirements for ongoing operations, thereby
avoiding the need to sell deposits and investments on the open market prior to maturity.
- 38 -
Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents include the following:
Purpose Amount
General Fund Workers' compensation $ 658,339
General Fund Unemployment insurance 75,997
General Fund Insurance 1,969,569
General Fund Advanced fundings 3,233,037
General Fund ARPA fundings 9,711,657
General Fund Law enforcement and prosecution 515,003
General Fund Wireless 911 Surcharge 771,076
General Fund Opioid settlements 132,551
General Fund Committed funds 6,283,255
Capital Projects Fund Unspent bond proceeds 3,978,451
Nonmajor Funds:
Road Machinery Fund Highway equipment reserve 523,678
Special Grants Fund Unspent grant proceeds 94,095
Debt Service Fund Debt service 248,715
Total governmental activities 28,195,423
Business-type activities:
Solid Waste Management Fund Capital projects 90,943
Total primary government $ 28,286,366
Fiduciary Fund:
Custodial Fund Custodial liabilities $ 6,516,415
Total fiduciary fund $ 6,516,415
Amounts restricted for General Fund reserves are subject to externally enforceable legal purpose
restrictions, which are authorized by General Municipal Law, and for cash advances related to grant
funding. Amounts restricted with the Capital Projects Fund are for unspent debt proceeds. Amounts
restricted for debt service represent unexpended fund balances of completed capital projects and/or interest
earned from the investment of debt proceeds which will be used to reduce future debt service per New York
State Local Finance Law. Amounts restricted for capital projects within the Solid Waste Management
Enterprise Fund are reserved to finance future costs of equipment replacement and capital improvements,
including facility reconstruction. The fund is managed in accordance with section 6-c of the Municipal
Law. Amounts restricted with the Custodial Fund are for property taxes collected by the County on behalf
of Villages and School Districts, along with social services trust accounts.
Investments—All investments are reported using a three-level hierarchy that prioritizes the inputs used to
measure fair value. This hierarchy, established by GAAP, requires that entities maximize the use of
observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels
of inputs used to measure fair value are as follows:
 Level 1. Quoted prices for identical assets or liabilities in active markets to which the County has
access at the measurement date.
- 39 -
• Level 2. Inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly or indirectly. Level 2 inputs include:
• Quoted prices for similar assets or liabilities in active markets;
• Quoted prices for identical or similar assets in markets that are not active;
• Observable inputs other than quoted prices for the asset or liability (for example, interest rates
and yield curves); and
• Inputs derived principally from, or corroborated by, observable market data correlation or by
other means.
• Level 3. Unobservable inputs for the asset or liability. Unobservable inputs should be used to
measure fair value to the extent that observable inputs are not available.
The County has the following fair value measurements as of December 31, 2023:
• U.S. backed securities of $35,868,743 are valued using quoted market prices for identical assets in
active markets (level 1 input).
Custodial Credit Risk—Investments—Credit risk is defined as the risk that an issuer or other counterparts
to an investment in debt securities will not fulfill its obligation. The County minimizes credit risk by limiting
investments to the safest types of securities, pre-qualifying the financial institutions, broker/dealers,
intermediaries, and advisors with which the County does business, and diversifying the investment portfolio
so that potential losses on individual securities are minimized. The U.S Government Securities are not
considered to have credit risk and do not require disclosure of credit quality.
Discretely Presented Component Units
Jefferson Community College—The College and its component units had unrestricted deposits of
$4,395,219 and $2,266,215, respectively. The College’s carrying value of cash and short-term investments
subject to collateral requirements was $4,393,819 at August 31, 2023, which included cash in checking
accounts and interest-bearing savings accounts. Bank balances totaling $4,450,480 were insured by the
FDIC at August 31, 2023.
The Jefferson Community College Foundation, Inc. and the Jefferson FSA Auxiliary, LLC, component
units of the College, have restricted cash totaling $1,705,772, consisting of various reserve funds.
The primary institution of the College reports investments in the amount of $5,483,400 as of August 31,
2023. Its component units had investments as of August 31, 2023 with a market value of $8,248,273 and
interest rate swap agreement of $1,296,283. All investments held by the component unit are deemed to be
observable in active markets and are therefore considered to be Level 1.
Jefferson County Industrial Development Agency—The Agency had unrestricted deposits of $6,521,406
and restricted deposits of $2,540,968 which were insured or collateralized by securities held by the pledging
financial institution’s trust department or agent, but not in the Agency’s name.
- 40 -
3. RECEIVABLES
Taxes Receivable—Represents amounts due from County taxpayers that remain unpaid. At December 31,
2023, the County recorded $9,355,733 related to taxes receivable. These amounts are reported net of an
allowance for uncollectible taxes provision of $3,566,717.
Accounts Receivable—Represents amounts due from various sources. The County’s accounts receivable
as of December 31, 2023, are as follows:
Governmental Funds:
General Fund:
Various fees and charges $ 3,360,853
Less allowance for doubtful accounts (39,341)
Nonmajor funds 3,255
Total governmental funds $ 3,324,767
Enterprise fund:
Various fees and charges $ 461,003
Total enterprise fund $ 461,003
Fiduciary fund:
Various fees and charges $ 6,560
Total fiduciary fund $ 6,560
Intergovernmental receivables as of December 31, 2023, are as follows:
Governmental Funds:
General Fund:
Due from State and Federal $ 24,319,489
Due from other governments 1,518,035 $ 25,837,524
Capital Projects Fund:
Due from State and Federal 4,918,603
Nonmajor funds:
Due from State and Federal $ 3,408,507
Due from other governments 21,170 3,429,677
Total governmental funds $ 34,185,804
Leases Receivable—During the year ended December 31, 2023, the County began recognizing the leases
of office space and real property to third parties. The leases have original maturities ranging from nine to
twenty years and the County receives variable annual payments. The County recognized $35,431 in lease
revenue and $22,570 in interest revenue during the current fiscal year related to this lease. As of December
31, 2023, the County’s receivable for lease payments was $730,179. Also, the Town has a deferred inflow
of resources associated with this lease that will be recognized as revenue over the lease term. As of
December 31, 2023, the balance of the deferred inflow of resources was $730,179.
- 41 -
Jefferson Community College—Significant receivables include amounts due from students for fees and
tuitions. These receivables are reported net of an allowance for uncollectible accounts and revenues net of
uncollectibles. The allowance amount is estimated and recorded based on the College’s historical bad debt
experience, and based on management’s judgment. At August 31, 2023, the College reported total accounts
receivable of $3,045,250, intergovernmental receivables of $2,275,341 and notes receivable of $373,228.
In addition, the College is a lessor for various noncancellable leases. The College reported a lease receivable
of $163,790 as of August 31, 2023 and a corresponding deferred inflow of resources of $163,790.
Jefferson County Industrial Development Agency—Significant receivables of the Agency include loans
and notes receivable and intergovernmental receivables. The Agency had loans and notes receivable of
$1,567,129 and intergovernmental receivables of $392,651 at December 31, 2023.
4. CAPITAL ASSETS
Governmental activities—Capital asset activity for the primary government’s governmental activities, for
the year ended December 31, 2023 was as follows:
Balance Balance
1/1/2023 Additions Deletions 12/31/2023
Capital assets, not being depreciated/amortized:
Land $ 2,979,105 $ - $ - $ 2,979,105
Construction in progress 26,251,811 10,315,075 2,200,290 34,366,596
Total capital assets, not being depreciated/amortized 29,230,916 10,315,075 2,200,290 37,345,701
Capital assets, being depreciated/amortized:

Buildings and building improvements 100,330,364 653,529 - 100,983,893
Improvements other than buildings 1,407,921 - - 1,407,921
Machinery and equipment 38,955,355 2,439,243 818,997 40,575,601
Infrastructure 138,392,988 3,416,731 - 141,809,719
Right-to-use SBITA assets - 430,271 - 430,271
Total capital assets, being depreciated/amortized 279,086,628 6,939,774 818,997 285,207,405
Less accumulated depreciation/amortization for:

Buildings and building improvements 49,454,224 2,642,170 - 52,096,394
Improvements other than buildings 1,280,765 5,266 - 1,286,031
Machinery and equipment 25,997,612 2,374,255 667,953 27,703,914
Infrastructure 64,150,549 4,674,151 27,008 68,797,692
Right-to-use SBITA assets - 103,599 - 103,599
Total accumulated depreciation/amortization 140,883,150 9,799,441 694,961 149,987,630
Total capital assets, being depreciated/amortized, net 138,203,478 (2,859,667) 124,036 135,219,775
Governmental activities capital assets, net $ 167,434,394 $ 7,455,408 $ 2,324,326 $ 172,565,476
- 42 -
Depreciation/amortization expense was charged to functions and programs of governmental activities as
follows:
General government support $ 894,203
Public safety 2,506,882
Health 35,579
Transportation 6,099,929
Economic assistance and opportunity 262,848
Total $ 9,799,441
Business-type activity—Capital asset activity for the primary government’s business-type activity
(Enterprise Fund), for the year ended December 31, 2023, is presented below:
Balance Balance
1/1/2023 Additions Deletions 12/31/2023
Capital assets, not being depreciated:
Land $ 12,415 $ - $ - $ 12,415
Construction in progress 277,035 75,712 - 352,747
Total capital assets, not being depreciated 289,450 75,712 - 365,162
Capital assets, being depreciated:

Buildings 3,173,672 - - 3,173,672
Machinery and equipment 3,185,614 553,538 449,808 3,289,344
Total capital assets, being depreciated 6,359,286 553,538 449,808 6,463,016
Less accumulated depreciation for:

Buildings 1,008,318 51,951 - 1,060,269
Machinery and equipment 2,405,259 144,821 365,251 2,184,829
Total accumulated depreciation 3,413,577 196,772 365,251 3,245,098
Total capital assets, being depreciated, net 2,945,709 356,766 84,557 3,217,918
Business-type activity capital assets, net $ 3,235,159 $ 432,478 $ 84,557 $ 3,583,080
- 43 -
Jefferson Community College—Capital asset activity for Jefferson Community College for the year ended
August 31, 2023 was as follows:
Beginning
Balance Deletions/ Ending
(as adjusted) Additions Reclassifications Balance
Land $ 145,000 $ - $ - $ 145,000
Construction in progress 207,292 - 207,292 -
Total capital assets, not being depreciated/amortized 352,292 - 207,292 145,000
Land improvements and infrastructure 9,820,798 4,314,933 207,292 14,343,023
Buildings 45,495,463 80,469 - 45,575,932
Furniture and equipment 3,441,030 188,591 25,152 3,604,469
Lease assets 1,426,210 114,038 - 1,540,248
SBITA 2,529,788 65,644 64,992 2,530,440
Library books 5,105,843 16,143 - 5,121,986
Total capital assets, being depreciated/amortized 67,819,132 4,779,818 297,436 72,716,098
Less accumulated depreciation/amortization for:
Land improvements and infrastructure 4,395,772 509,467 - 4,905,239
Buildings 20,801,498 1,521,381 - 22,322,879
Furniture and equipment 2,789,137 161,322 25,152 2,925,307
Lease assets 379,518 412,405 - 791,923
SBITA - 447,840 64,992 382,848
Library books 5,052,186 23,096 - 5,075,282
Total accumulated depreciation/amortization 33,418,111 3,075,511 90,144 36,403,478
Total capital assets, being depreciated/amortized, net 34,401,021 1,704,307 387,580 36,312,620
Capital assets, net $ 34,753,313 $ 1,704,307 $ - $ 36,457,620
In addition to the capital assets reported above, the College reports net capital assets of its discretely
presented component units in the amount of $15,051,117.
- 44 -
Jefferson County Industrial Development Agency—Capital asset activity for the Jefferson County
Industrial Development Agency for the year ended December 31, 2023 was as follows:
Beginning Ending
Balance Additions Deletions Balance
Land and land improvements $ 1,274,094 $ - $ - $ 1,274,094
Construction in progress 587,992 54,925 - 642,917
Total capital assets, not being depreciated/amortized 1,862,086 54,925 - 1,917,011
Equipment 96,314 - - 96,314
Buildings 4,101,021 - - 4,101,021
Right-to-use leased asset 175,454 - 23,743 151,711
Total capital assets, being depreciated/amortized: 4,372,789 - 23,743 4,349,046
Total accumulated depreciation/amortization 1,233,103 150,427 - 1,383,530
Total capital assets, being depreciated/amortized, net 3,139,686 (95,502) 23,743 2,965,516
Capital assets, net $ 5,001,772 $ 150,427 $ 23,743 $ 4,882,527
5. ACCRUED LIABILITIES
Accrued liabilities reported by the County’s funds at December 31, 2023 were as follows:
Enterprise
Governmental Funds Fund
Total Solid
Nonmajor Governmental Waste
General Funds Funds Management
Salaries and employee benefits $ 1,129,186 $ 94,129 $ 1,223,315 $ 29,783
6. PENSION PLANS
Plan Description and Benefits Provided
Employees’ Retirement System—The County and the College participate in the New York State and Local
Employees’ Retirement System (“ERS”), a cost-sharing multiple-employer retirement system (the
“System”). The System provides retirement benefits as well as death and disability benefits. The net
position of the System is held in the New York State Common Retirement Fund (the “Fund”), which was
established to hold all assets and record changes in fiduciary net position allocated to the System. The
Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the
System. System benefits are established under the provisions of the New York State Retirement and Social
Security Law (“NYSRSSL”). Once a public employer elects to participate in the System, the election is
irrevocable. The New York State Constitution provides that pension membership is a contractual
relationship and plan benefits cannot be diminished or impaired. Benefits can be changed for future
members only by enactment of a State statute. The System is included in the State’s financial report as a
pension trust fund. That report, including information with regards to benefits provided, may be found at
www.osc.state.ny.us /retire/publications/index.php or obtained by writing to the New York State and Local
Retirement System, 110 State Street, Albany, NY 12244.
- 45 -
The System is noncontributory, except for employees who joined the ERS after July 27, 1976 who
contribute three percent (3%) of their salary for the first ten years of membership, and employees who
joined on or after January 10, 2010, who generally contribute three percent (3%) to three and one half
percent (3.5%) of their salary for their entire length of service. In addition, employee contribution rates
under ERS Tier VI vary based on a sliding salary scale. The Comptroller annually certifies the actuarially
determined rates expressly used in computing the employers’ contributions based on salaries paid during
the System’s fiscal year ending March 31.
Pension Liability, Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions—At December 31, 2023, the County reported the liability shown below for their
proportionate share of the net pension liability for ERS. The net pension liability was measured as of March
31, 2023. The total pension liability used to calculate the net pension liability was determined by actuarial
valuations as of April 1, 2022, with update procedures used to roll forward the total net pension liability to
the measurement date. The County’s proportion of the net pension liability was based on projections of the
County’s long-term share of contributions to the System relative to the projected contributions of all
participating members, actuarially determined. This information was provided by the System in reports
provided to the County.
ERS
Governmental Business-type
Activities Activity
Measurement date March 31, 2023
Net pension liability $ 33,298,988 $ 544,886
County's portion of the Plan's total
net pension liability 0.01578242% 0.0000169%
For the year ended December 31, 2023, the County recognized pension expense of $11,200,327 and
$1,196,431 for the governmental and business-type activities, respectively. At December 31, 2023, the
County reported deferred outflows of resources and deferred inflows of resources related to pensions from
the sources shown in the chart below:
ERS
Deferred Outflows Deferred Inflows
of Resources of Resources
Governmental Business-type Governmental Business-type
Activities Activity Activities Activity
Differences between expected and
actual experiences $ 3,546,602 $ 58,035 $ 935,162 $ 15,302
Changes of assumptions 16,172,136 264,632 178,732 2,925
Net difference between projected and
actual earnings on pension plan investments - - 195,631 3,201
Changes in proportion and differences
between the County's contributions and
proportionate share of contributions 1,048,753 17,161 2,334,618 38,203
County contributions subsequent
to the measurement date 4,172,661 68,279 - -
Total $ 24,940,152 $ 408,107 $ 3,644,143 $ 59,631
- 46 -
The County’s contributions subsequent to the measurement date will be recognized as a reduction of the
net pension liability in the year ending December 31, 2024. Other amounts reported as deferred outflows
of resources and deferred inflows of resources related to pensions will be recognized in pension expense as
shown below:
Year Ending December 31, Activities Activity
2024 $ 3,791,957 $ 62,050
2025 (2,174,015) (35,574)
2026 6,507,222 106,481
2027 8,998,184 147,240
Actuarial Assumptions—The total pension liabilities as of the measurement date were determined by using
an actuarial valuation as noted in the table below, with update procedures used to roll forward the total
pension liabilities to the measurement date. The actuarial valuation used the following actuarial
assumptions:
ERS
Actuarial valuation date April 1, 2022
Interest rate 5.9%
Salary scale 4.4%
Decrement tables April 1, 2015-
March 31, 2020
Inflation rate 2.9%
Cost-of-living adjustments 1.4%
Annuitant mortality rates are based on April 1, 2015 – March 31, 2020 System’s experience with
adjustments for mortality improvements based on Society of Actuaries’ Scale MP-2021. The actuarial
assumptions used in the April 1, 2022 valuation are based on the results of an actuarial experience study
for the period April 1, 2015 – March 31, 2020.
The long-term rate of return on pension plan investments was determined using a building block method in
which best estimate ranges of expected future real rates of return (expected returns net of investment
expense and inflation) are developed for each major asset class. These ranges are combined to produce the
long-term expected rate of return by weighting the expected future real rates of return by each the target
asset allocation percentage and by adding expected inflation. Best estimates of the arithmetic real rates of
return for each major asset class included in the target asset allocation are summarized on the following
page.
- 47 -
ERS
Long-Term Expected
Target Allocation Real Rate of Return
Asset class:
Domestic equity 32.0 % 4.3 %
International equity 15.0 6.9
Private equity 10.0 7.5
Real estate 9.0 4.6
Opportunistic /absolute return strategy 3.0 5.4
Credit 4.0 5.4
Real assets 3.0 5.8
Fixed income 23.0 1.5
Cash 1.0 0.0
Total 100.0 %
Discount Rate—The discount rate used to calculate the total pension liabilities was 5.9%. The projection
of cash flows used to determine the discount rate assumes that contributions from plan members will be
made at the current contribution rates and that contributions from employers will be made at statutorily
required rates, actuarially. Based upon the assumptions, the System’s fiduciary net position was projected
to be available to make all projected future benefit payments of current plan members. Therefore, the long-
term expected rate of return on pension plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
Sensitivity of the Proportionate Share of the Net Pension Liability to the Discount Rate Assumption—
The chart below presents the County’s proportionate share of the net pension liability calculated using the
discount rate of 5.9%, as well as what the County’s proportionate share of the net pension liabilities would
be if they were calculated using a discount rate that is one percentage-point lower (4.9%) or one percentage-
point higher (6.9%) than the current assumption.
1% Current 1%
Decrease Assumption Increase
(4.9%) (5.9%) (6.9%)
Governmental Activities:
Employer's proportionate share
of the net pension liability/(asset) $ 80,466,457 $ 33,298,988 $ (6,117,133)
Business-type Activity:
of the net pension liability/(asset) $ 1,316,709 $ 544,886 $ (100,097)
Pension Plan Fiduciary Net Position—The components of the current-year net pension liabilities of the
employers as of the valuation dates are summarized on the following page.
- 48 -
(Dollars in
Thousands)
Valuation date April 1, 2022
Employers' total pension liability $ 232,627,259
Plan fiduciary net position 211,183,223
Employers' net pension liability $ 21,444,036
System fiduciary net position as a percentage

of total pension liability 90.8%
Jefferson Community College—The College participates in the ERS and the Teachers’ Retirement System
(“TRS”).
Plan Description and Benefits Provided
Employees’ Retirement System—The College participates in the ERS. The plan description is the same as
disclosed previously within this footnote.
Teachers’ Retirement System—The College participates in the New York State Teachers’ Retirement
System (“TRS”). This is a cost-sharing multiple-employer retirement system. TRS provides retirement
benefits as well as death and disability benefits to plan members and beneficiaries as authorized by the
Education Law and Retirement and the New York State Retirement and Social Security Law
(“NYSRSSL”). TRS is governed by a 10 member Board of Trustees. TRS benefits are established under
New York State Law. Membership is mandatory and automatic for all full-time teachers, teaching
assistants, guidance counselors and administrators employed in New York State Public Schools and
BOCES who elect to participate in TRS. Once a public employer elects to participate in TRS, the election
is irrevocable. The New York State Constitution provides that pension membership is a contractual
relationship and plan benefits cannot be diminished or impaired. Benefits can be changed for future
members only by enactment of a State statute. Additional information regarding TRS may be obtained by
writing to the New York State Teachers’ Retirement System, 10 Corporate Woods Drive, Albany, NY
12211-2395 or by referring to the NYS TRS Comprehensive Annual Financial Report which can be found
on TRS’ website at www.nystrs.org.
Plan members who joined the TRS before July 27, 1976, are not required to make contributions. Those
joining after July 27, 1976 are required to contribute three percent (3.0%) to three and one half percent
(3.5%) of their annual salary. Employees in the System more than ten years are no longer required to
contribute. Pursuant to Article 11 of the Education Law, rates are established annually by the New York
State Teachers’ Retirement Board.
Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions—At August 31, 2023, the College reported the following liabilities for its
proportionate share of the net pension liability for each of the Systems. The net pension liability was
measured as of March 31, 2023 for ERS and June 30, 2023 for TRS. The total pension liabilities used to
calculate the net pension liabilities were determined by an actuarial valuation as of April 1, 2022 for ERS
and June 30, 2022 for TRS. The College’s proportion of the net pension liabilities was based on a projection
of the College’s long-term share of contributions to the Systems relative to the projected contributions of
all participating members, actuarially determined. This information was provided by ERS and TRS in
reports provided to the College, as shown on the following page.
- 49 -
TRS ERS
Measurement date June 30, 2023 March 31, 2023
Net pension liability $ 216,592 $ 3,621,698
The College's portion of the Plan's
total net pension liability 0.018940% 0.01689%
For the year ended August 31, 2023, the College recognized pension expense of $617,082 for TRS and
pension (income) of ($16,301) for ERS. At August 31, 2023, the College reported deferred outflows of
resources and deferred inflows of resources related to pensions from the sources shown below:

TRS ERS TRS ERS
actual experiences of economic and
demographic assumptions $ 525,177 $ 385,739 $ 1,298 $ 101,711
Changes in assumptions 466,315 1,758,929 101,631 19,440
Net difference between projected and
actual earnings on pension plan investments 110,717 - - 21,277
Changes in proportion and differences
between the College's contributions
and proportionate share of contributions 356,845 114,065 8,003 253,920
College contributions subsequent
to the measurement date 55,764 258,106 - -
Total $ 1,514,818 $ 2,516,839 $ 110,932 $ 396,348
The College’s contributions subsequent to the measurement date will be recognized as a reduction of the
net pension liabilities in the year ending August 31, 2024. Other amounts reported as deferred inflows of
resources and deferred outflows of resources related to ERS and TRS will be recognized as pension expense
below:
Year Ending August 31, TRS ERS

2024 $ 175,601 $ 412,424
2025 (20,787) (236,452)
2026 937,808 707,744
2027 115,835 978,669
2028 86,597 -
Thereafter 53,070 -
Actuarial Assumptions—The pension liability as of the measurement dates were determined by using
actuarial valuation dates as noted below with update procedures used to roll forward the total pension
liabilities to the measurement dates. The actuarial valuations used the following actuarial assumptions, as
shown on the following page.
- 50 -
TRS ERS
Measurement date June 30, 2023 March 31, 2023
Actuarial valuation date June 30, 2022 April 1, 2022
Interest rate 6.95% 5.90%
Salary scale 1.95%-5.18% 4.40%
Decrement tables July 1, 2015 - April 1, 2015 -
June 30, 2020 March 31, 2015
Inflation rates 2.4% 2.9%
Cost-of-living adjustments 1.3% 1.3%
For TRS, annuitant morality rates are based on plan member experience, with adjustments for mortality
improvements based on Society of Actuaries Scale MP-2020, applied on a generational basis. Active
member mortality rates are based on plan member experience. The actuarial assumptions were based on the
results of an actuarial experience study for the period of July 1, 2015 through June 30, 2020. Best estimates
of arithmetic real rates of return for each major asset class included in TRS’ target asset allocation is
summarized below:
Long-Term Expected
Target Allocation Real Rate of Return
TRS
Measurement date June 30, 2023
Asset class:
Domestic equities 33.0 % 6.8 %
International equities 15.0 7.6
Global equities 4.0 7.2
Private equity 9.0 10.1
Real estate 11.0 6.3
Domestic fixed income securities 16.0 1.6
Global fixed income securities 1.0 0.8
High-yield fixed income securities 2.0 0.0
Private debt 2.0 6.0
Real estate debt 6.0 3.2
Cash 1.0 0.3
Total 100.0 %
Discount Rate—The discount rate used to calculate the total pension liability was 6.95% for TRS and
5.90% for ERS for the year ending August 31, 2023. The projection of cash flows used to determine the
discount rate assumes that contributions from plan members will be made at the current contribution rates
and that contributions from employers will be made at statutorily required rates, actuarially. Based upon
the assumptions, the System’s fiduciary net position was projected to be available to make all projected
future benefit payments of current plan members. Therefore, the long-term expected rate of return on
pension plan investments was applied to all periods of projected benefit payments to determine the total
pension liability.
- 51 -
Sensitivity of the Proportionate Share of the Net Pension Liabilities to the Discount Rate Assumption—
The chart below presents the College’s proportionate share of the net pension liabilities calculated using
the discount rate of 6.95% for TRS and 5.90% for ERS at August 31, 2023, as well as what the College’s
proportionate share of the net pension liabilities would be if they were calculated using a discount rate that
is one percentage-point lower (5.95% for TRS and 4.9% for ERS) or one percentage-point higher (7.95%
for TRS and 6.9% for ERS) than the current rate.
1% Current 1%
TRS (5.95%) (6.95%) (7.95%)
of the net pension liability/(asset) $ 3,298,801 $ 216,592 $ (2,375,680)
1% Current 1%
ERS (4.9%) (5.9%) (6.9%)
of the net pension liability/(asset) $ 8,752,084 $ 3,621,695 $ (665,341)
Pension Plan Fiduciary Net Position—The components of the current-year net pension liabilities of the
employers as of the valuation dates, were as follows:
(Dollars in Thousands)
TRS ERS Total
Valuation date June 30, 2023 April 1, 2022
Employers' total pension liability $ 138,365,122 $ 232,627,259 $ 370,992,381
Plan fiduciary net position 137,221,537 211,183,223 348,404,760
Employers' net pension liability $ 1,143,585 $ 21,444,036 $ 22,587,621
System fiduciary net position as a percentage

of total pension liability 99.2% 90.8% 93.9%
7. OTHER POSTEMPLOYMENT BENEFITS (“OPEB”) OBLIGATION
Plan Description and Benefits Provided—The County may pay for a portion of eligible retirees’ health
insurance dependent upon such factors as age, years of service and associated group or union. While
benefits change over time as union contracts are renegotiated, current benefits are as shown below.
(1) CSEA—An employee must be eligible to retire under NYSERS and have at least 10 years of service
with the County. For retirees hired prior to January 1, 1999, the County pays for 100% of the
medical premiums for single and family coverage. For employees hired between January 1, 1999
and December 31, 2007, the County pays 50% of medical premiums for employees with between
10 and less than 15 years of service, 75% of premiums with 15 years but less than 20 years of
service and 100% for employees with 20 or more years of service. For employees hired on or after
January 1, 2008, the County pays medical premiums for 25% of the cost for those with 10 years of
service but less than 15 years, 50% for those with 15 years of service but less than 20 years and
75% for those with 20 or more years of service.
- 52 -
(2) Management—An employee must be eligible to retire under NYSERS and have at least 10 years
of service with the County. For retirees hired prior to January 1, 1998, the County pays 100% of
(3) Deputy Sheriff—An employee must be eligible to retire under NYSERS and have at least 10 years
of service with the County. For retirees hired prior to January 1, 1998, the County pays 100% of
(4) Corrections/Dispatch—An employee must be eligible to retire under NYSERS and have at least
10 years of service with the County. For retirees hired prior to January 1, 2001, the County pays
100% of medical premiums for single and family coverage. For employees hired between January
1, 2001 and December 31, 2007, the County pays 50% of medical premiums for employees with
between 10 and less than 15 years of service, 75% of premiums with 15 years but less than 20 years
of service and 90% for employees with 20 or more years of service. For employees hired on or
after January 1, 2008, the County pays medical premiums for 25% of the cost for those with 10
years of service but less than 15 years, 50% for those with 15 years of service but less than 20 years
and 75% for those with 20 or more years of service.
Employees Covered by Benefit Terms—At December 31, 2023, the following employees were covered by
the benefit terms:
Inactive employees or beneficiaries currently receiving benefit payments 604

Active employees 721
Total 1,325
Under GASB Statement No. 75, the total OPEB liability represents the sum of expected future benefit
payments which may be attributed to past service (or “earned”), discounted to the end of the fiscal year
using the current discount rate. The total OPEB liability is analogous to the Unfunded Actuarial Accrued
Liability (“AAL”) under GASB Statement No. 45.
Total OPEB Liability
The County’s total OPEB liability for governmental activities and business-type activity of $355,955,852
and $6,666,106, respectively, was measured as of December 31, 2023, and was determined by an actuarial
valuation as of January 1, 2023.
Actuarial Methods and Assumptions—Calculations are based on the types of benefits provided under the
terms of the substantive plan (the plan as understood by the employer and the plan members) at the time of
the valuation and on the pattern of cost sharing between the employee and plan members. Calculations
reflect a long-term perspective, so methods and assumptions used include techniques that are designed to
reduce short-term volatility.
- 53 -
In the January 1, 2023 actuarial valuation, the Entry Age Normal over a level percent of salary was used.
The single discount rate changed from 4.31% to 4.00% effective December 31, 2023. The salary scale used
is based on the New York State Employees Retirement System and Police and Fire Retirement System
which vary by age. Mortality rates are based on the SOA Pub-2010 General Headcount Mortality Table
fully generational using scale MP-2021 or Disabled Retiree Mortality Table fully generational using MP-
2021. The 2020 New York State Employees Retirement System and Police and Fire Retirement System
rates were used for turnover and retirement rates. In order to estimate the change in the cost of healthcare,
the actuaries initial healthcare cost trend rate used is 8.0%, while the ultimate healthcare cost trend rate is
4.5%.
Changes in the Total OPEB Liability—The following table presents the changes to the total OPEB liability
during the fiscal year, by source:

Activities Activity
Balances at December 31, 2022 $ 338,587,953 $ 6,381,387
Changes for the year:
Service cost 7,346,186 120,429
Interest 14,692,304 240,857
Changes of assumptions 20,335,808 333,373
Change of benefit terms (1,429,400) (23,433)
Differences between expected and actual experience (11,726,426) (192,236)
Contributions-employer (11,850,573) (194,271)
Net changes 17,367,899 284,719
Balances at December 31, 2023 $ 355,955,852 $ 6,666,106
Sensitivity of the Total OPEB Liability to the Change in the Discount Rate and Healthcare Cost Trend
Rate—The discount rate assumption can have an impact on the OPEB liability. The following table presents
the effect of a 1% change in the discount rate assumption would have on the OPEB liability:
1% Current 1%
Decrease Discount Rate Increase
(3.00%) (4.00%) (5.00%)
OPEB liability $ 415,272,516 $ 355,955,852 $ 309,791,372
Business-type activity
OPEB liability $ 6,807,732 $ 6,666,106 $ 5,078,537
Additionally, healthcare costs can be subject to considerable volatility over time. The table on the following
page presents the effect on the OPEB liability of a 1% change in the initial (8.0%)/ ultimate (4.5%)
healthcare cost trend rates.
- 54 -
Healthcare
1% Cost Trend 1%
Decrease Rates Increase
(7.0% / 3.5%) (8.0% / 4.5%) (9.0% / 5.5%)
OPEB liability $ 306,964,856 $ 355,955,852 $ 419,759,791
Business-type activity:
OPEB liability $ 5,032,201 $ 6,666,106 $ 6,881,294
Funding Policy—Authorization for the County to pay a portion of retiree health insurance premiums was
enacted through various union contracts as specified above, which were ratified by the County’s Board of
Legislators. The County recognizes the cost of providing these benefits by expensing the annual insurance
premiums when invoiced by the health insurance provider. County governmental activities and business-
type activity contributed $11,850,573 and $194,271, respectively, for the fiscal year ended December 31,
2023.
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB—The County reports deferred outflows of resources and deferred inflows of resources due to
differences during the measurement period between certain of the employer’s contributions and its
proportionate share of the total of certain contributions from employers included in the collective OPEB
liability are required to be determined. The table below presents the County’s deferred outflows and inflows
of resources at December 31, 2023.

Governmental Business-type Governmental Business-type
Activities Activity Activities Activity
actual experiences $ 17,411,784 $ 285,438 $ 60,052,006 $ 984,457
Changes of assumptions 47,870,948 784,769 90,949,766 1,490,977
Total $ 65,282,732 $ 1,070,207 $ 151,001,772 $ 2,475,434
The amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB
will be recognized in OPEB expense as follows:
Year Ending Governmental Business-type

December 31, Activities Activity
2024 $ (20,878,359) $ (342,267)
2025 (13,827,405) (226,678)
2026 (23,042,006) (377,737)
2027 (29,406,168) (482,067)
2028 1,434,896 23,522
Total $ (85,719,042) $ (1,405,227)
- 55 -
Jefferson Community College
Plan Description—The College’s defined benefit OPEB plan, provides OPEB for all permanent full-time
employees of the College. The plan is a single-employer defined benefit OPEB plan administered by the
College. Article 11 of the State Compiled Statutes grants the authority to establish and amend the benefit
terms and financing requirements to the College Board. No assets are accumulated in a trust that meets the
criteria in paragraph 4 of Statement 75.
Employees Covered by Benefit Terms—At August 31, 2023, the following employees were covered by the
benefit terms:
Inactive employees or beneficiairies currently receiving benefit payments 139
Active employees 157
Total covered employees 296
Total OPEB Liability—The College’s total OPEB liability of $51,471,503 was measured as of August 31,
2023, and was determined by an actuarial valuation as of that date.
Actuarial Methods and Assumption—The total OPEB liability in the August 31, 2023 actuarial valuation
was determined using the following actuarial assumptions and other inputs, applied to all periods included
in the measurement, unless otherwise specified:
Inflation rate 2.50%
Discount rate 4.13%
Healthcare cost trend rate 7.75% for pre-65 age and 4.50% for post-65 for 2023,
decreasing to 4.037% in 2075.
Cost method Entry Age Normal
The discount rate is based on an analysis of returns on the Fidelity General Obligation 20-Year AA
Municipal Bond Index.
As of August 31, 2023, mortality rates are based on the sex-distinct and job category headcount-weighted
Pub-210 base mortality tables for employees and healthy annuitants, adjusted for mortality improvements
with Scale MP-2021 mortality scale on a fully generational basis.
Changes in the Total OPEB Liability—The following table presents the changes to the total OPEB liability
during the fiscal year, by source:
Total OPEB
Liability
Balances at August 31, 2022 $ 42,605,348
Changes for the year:
Service cost 675,550
Interest 1,422,051
Changes in benefit terms 15,016,892
Difference between expected and actual experience (6,118,882)
Changes in assumptions or other inputs (544,600)
Contributions—employer (1,584,856)
Net changes 8,866,155
Balances at August 31, 2023 $ 51,471,503
- 56 -
Sensitivity of the Total OPEB Liability to the Change in the Discount Rate and Healthcare Cost Trend
Rate—The discount rate assumption can have an impact on the OPEB liability. The following table presents
the effect of a 1% change in the discount rate assumption would have on the OPEB liability:
1% Current 1%
Decrease Discount Rate Increase
(3.13%) (4.13%) (5.13%)
OPEB liability $ 59,289,312 $ 51,471,503 $ 45,109,530
Additionally, healthcare costs can be subject to considerable volatility over time. The table on the following
page presents the effect on the OPEB liability of a 1% change in the current rate of 5.75% of healthcare
cost trend rates.
Health Care
1% Cost Trend 1%
Decrease Rates Increase
(4.75%) (5.75%) (6.75%)
OPEB liability $ 44,250,888 $ 51,471,503 $ 60,547,037
Funding Policy—The obligations of the Plan members, employers and other entities are established by
action of the College pursuant to applicable collective bargaining and employment agreements. The
required contribution rates of the employer and the members vary depending on the applicable agreement.
The College currently contributes enough money to the Plan to satisfy current obligations on a pay-as-you-
go basis. For fiscal year 2023, the College contributed $1,584,856 for current premiums. Plan members
receiving benefits may be required to contribute to the Plan depending on date of hire. The costs of
administering the plan are paid by the College.
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB—For the year ended August 31, 2023, the College recognized OPEB expense of $1,044,155. At
August 31, 2023, the College reported deferred outflows and inflows of resources related to OPEB from
the following sources:
Deferred Outflows Deferred inflows

Differences between expected and actual experience $ 1,148,370 $ 19,405,180
Changes in assumptions 7,647,498 8,968,463
Total $ 8,795,868 $ 28,373,643
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will
be recognized in OPEB expense as follows:
Year ending August 31,

2024 $ (4,247,033)
2025 (4,232,448)
2026 (4,766,206)
2027 (4,136,786)
2028 (2,173,175)
Thereafter (22,127)
- 57 -
8. DEFERRED COMPENSATION PLAN
On October 1, 1997, the New York State Deferred Compensation Board (the “Board”) created a Trust and
Custody agreement making JP Morgan Chase Bank the Trustee and Custodian of the Deferred
Compensation Plan (the “Plan”). As the Board is no longer the trustee of the Plan, the Plan no longer meets
the criteria for inclusion in New York State’s financial statements. Therefore, municipalities which
participate in New York State’s Deferred Compensation Plan are no longer required to record the value of
the Plan assets. The County participates in the Plan which is administered for them by Nationwide
Retirement Solutions.
9. RISK MANAGEMENT
The County is exposed to various risks of losses related to torts; theft of, damage to, and destruction of
assets; business interruption; errors or omissions; injuries to employees; and natural disasters. The County
assumes the liability for most risks including, but not limited to, property damage, personal injury liability,
employee health insurance, and workers’ compensation. The County had also elected to purchase minor
policies from commercial insurers to provide for items such as property damage coverage, as well as
protection of valuable papers and records; settled claims have not exceeded commercial coverage in a
material amount in any of the past three fiscal years. Governmental funds estimated current contingent loss
liabilities for property damage, personal injury liability, employee health insurance, and workers’
compensation are reported within governmental activities in the government-wide financial statements.
Claims and judgments are recognized when it is probable that an asset has been impaired or a liability has
been incurred and the amount of the loss can be reasonably estimated. Such recording is consistent with the
requirements of GASB. These liabilities include an estimate of claims that have been incurred but not
reported and the effects of both specific, incremental claims adjustment expenditures/expenses and
estimated recoveries on unsettled claims, if any.
Business-type fund activity claims and judgments applicable to self-insured claims are recorded as expenses
and liabilities in the Enterprise Fund (except workers’ compensation, which is only recognized when
invoiced from the County).
Claims and judgments reportable as part of the County’s governmental activities are recognized as
expenditures and fund liabilities in the General Fund when payment is due. Claims and judgments are
recorded as a governmental activities long-term liability instead of in the General Fund at December 31,
2023 because they did not meet the criteria for recognition as fund liabilities.
The changes since January 1, 2021 in the reported Governmental Activities for risk financing activities
claims and judgments were as follows:
Year Liability Claims Claim Liability
Ended Beginning and Payments and End
December 31, of Year Adjustments Adjustments of Year
2023 $ 2,877,871 $ 948,681 $ 1,167,264 $ 2,659,288
2022 3,002,602 800,903 925,634 2,877,871
2021 3,233,368 653,494 884,260 3,002,602
10. INSTALLMENT PURCHASE CONTRACTS

In 2017, the County entered into an installment purchase contract with Bank of America Public Capital
Corporation for the purpose of acquiring, installing and implementing equipment related to the emergency
communications project. The original agreement amount was $7,974,153. The agreement has a 10 year
term with an interest rate of 2.14 percent with a maturity of April 14, 2027. The County has full ownership
of the assets acquired with the proceeds of the installment purchase contact. As of December 31, 2023, the
remaining balance on the agreement was $2,274,018.
- 58 -
The future minimum payments are shown below:
Year Ending
December 31, Principal Interest
2024 $ 632,527 $ 45,278
2025 646,130 31,675
2026 660,025 17,781
2027 335,336 3,564
Total $ 2,274,018 $ 98,298
The County has purchased assets in the full amount of proceeds of the installment purchase contract.
Accumulated depreciation has been recorded in the amount of $1,116,381.
11. SBITA LIABILITY
The County is a subscriber of a County Clerk information technology agreement. Under GASB Statement
No. 96, Subscription Based Information Technology Agreements, the County recognizes a SBITA liability
and right-to-use SBITA asset in the government-wide financial statements. The County recognizes SBITA
liabilities if they are considered significant, individually or in the aggregate, to the financial statements.
At the commencement of a SBITA, the County initially measures the SBITA liability at the present value
of payments expected to be made during the SBITA term. Subsequently, the SBITA liability is reduced by
the principal portion of SBITA payments made. The SBITA asset is initially measured as the initial amount
of the SBITA liability, adjusted for SBITA payments made at or before the SBITA commencement date,
plus certain initial direct costs. Subsequently, the SBITA asset is amortized on a straight-line basis over its
useful life.
Key estimates and judgments related to SBITAs include how the County determines (1) the discount rate it
uses to discount the expected SBITA payments to present value, (2) SBITA term, and (3) SBITA payments.
• The County uses the interest rates charged by the lessor as the discount rate. When the interest
rate charged by the lessor is not provided, the County generally uses its estimated incremental
borrowing rate as the discount rate for SBITAs.
• The SBITA terms include the noncancellable period of the SBITA. SBITA payments included in
the measurement of the liability are composed of fixed payments and purchase option price that the
County is reasonably certain to exercise.
The County monitors changes in circumstances that would require a remeasurement of its SBITA and will
remeasure the asset and liability if certain changes occur that are expected to significantly affect the amount
of the liability.
SBITA assets are reported with other capital assets and SBITA liabilities are reported with long-term debt
on the statement of net position.
During the year ended December 31, 2023, the County entered into a subscription based information
technology agreement for the use of a County Clerk software. As a result of the implementation of the
GASB Statement No. 96, Subscription Based Information Technology Agreements, the County reports the
present value of the minimum SBITA payments as a SBITA liability. As of December 31, 2023, the value
of the SBITA liability was $326,672 and is reported within governmental activities. The County is required
to make annual principal and interest payments of $114,000. The agreements have an interest rate of 3.0%.
The value of the right-to-use SBITA assets as of the end of the current fiscal year was $430,271 and reported
accumulated amortization of $103,599.
- 59 -
12. LONG-TERM LIABILITIES
In the government-wide financial statements, long-term debt and other long-term obligations are reported
as noncurrent liabilities in the statement of net position.
In the fund financial statements, governmental funds recognize bond premiums and discounts during the
current period. The face amount of debt issued is reported as other financing sources. Premiums on debt
issuances are reported as other financing sources. Further, the unmatured principal of general long-term
debt does not require current appropriations and expenditure of governmental fund financial resources.
The County’s outstanding long-term liabilities include serial bonds, compensated absences, installment
purchase contract, SBITA, claims and judgments, other postemployment benefits and net pension liability.
The following is a summary of changes in the County’s long-term liabilities for the year ended December
31, 2023:
Balance Balance Due Within
1/1/2023 Additions Decreases 12/31/2022 One Year
Governmental activites:
Serial bonds $ 15,715,000 $ - $ 1,200,000 $ 14,515,000 $ 1,225,000
Unamortized premium 196,196 - 110,660 85,536 8,850
Net bonds payable 15,911,196 - 1,310,660 14,600,536 1,233,850
Compensated absences 2,334,923 2,984,751 2,964,967 2,354,707 117,735
Installment purchase contract 2,893,229 - 619,211 2,274,018 632,527
SBITA liability - 430,271 103,599 326,672 105,645
Claims and judgments 2,877,871 948,681 1,167,264 2,659,288 -
Other postemployment benefits 338,587,953 29,218,472 11,850,573 355,955,852 -
Net pension liability* - 33,298,988 - 33,298,988 -
Total governmental activities $ 362,605,172 $ 66,881,163 $ 18,016,274 $ 411,470,061 $ 2,089,757
Business type activity:

Compensated absences $ 44,939 $ 55,130 $ 53,215 $ 46,854 $ 2,343
Other postemployment benefits 6,381,387 478,990 194,271 6,666,106 -
Net pension liability* - 544,886 - 544,886 -
Total business-type activity $ 9,054,549 $ 1,079,006 $ 247,486 $ 7,257,846 $ 2,343
(*Additions to the net pension liability are shown net of reductions.)
A default will have occurred if the payment of principal or interest are not paid when due and payable.
Upon default in payment in full of the principal or interest on the bonds, a holder of such defaulted bond
has a contractual right to sue the County of the amount due thereon. The County does not have any lines of
credit.
Bonds Payable—The County borrows money in order to acquire land or equipment or construct buildings
and improvements. This enables the cost of these capital assets to be borne by the present and future
taxpayers receiving the benefit of the capital assets. These long-term liabilities, which are full faith and
credit debt of the local government, are recorded in the statement of net position. The provision to be made
in future budgets for capital indebtedness represents the amount, exclusive of interest, authorized to be
collected in future years from taxpayers and others for liquidation of the long-term liabilities.
- 60 -
Year of Amount of
Issue/ Original Interest Balance Balance
Description Maturity Issue Rate (%) 1/1/2023 Additions Payments 12/31/2023
2017 Bond 2017/2037 $ 4,706,500 2.25-3.00% $ 3,817,000 $ - $ 207,000 $ 3,610,000
2020 Bond 2020/2031 5,000,000 1.00-1.50% 4,135,000 - 440,000 3,695,000
Issued on behalf of
Jefferson Community College:
2015 Bond 2015/2035 7,000,000 2.00-3.50% 4,995,000 - 325,000 4,670,000
2017 Bond 2017/2037 1,500,000 2.00-3.50% 1,213,000 - 63,000 1,150,000
2020 Bond 2020/2031 1,885,000 1.00-1.50% 1,555,000 - 165,000 1,390,000
Total $ 15,715,000 $ - $ 1,200,000 $ 14,515,000
Premiums on Serial Bonds—The County’s premiums are being amortized on a straight-line basis over the
life of the related bonds. The total unamortized premiums as of December 31, 2023 was $85,536.
Compensated Absences—Represents the value of earned and unused portion of the liability for
compensated absences and is liquidated in various funds.
Installment Purchase Contract—As explained in Note 10, the County obtained an installment purchase
contract for $7,974,153. The installment purchase contract has a 10 year term with an interest rate of 2.14
percent with a maturity of April 14, 2027. The balance at December 31, 2023 was $2,274,018.
Claims and Judgments—As further discussed in Note 9, the County is self-insured. Liabilities are
established for workers’ compensation and general claims in accordance with GASB requirements.
Estimated long-term contingent loss liabilities in the governmental fund types have been reported as long-
term liabilities in the government-wide financial statements. The Proprietary Fund has no loss contingency
liability except workers’ compensation which is recognized when invoiced from the County.
Other Postemployment Benefits (“OPEB”) Obligation—As explained in Note 7, the County provides
health insurance coverage for retirees. The County’s annual postemployment benefit (“OPEB”) cost is
calculated based in the annual required contributions of the employer, an amount actuarially determined in
accordance with the parameters of GASB. The long-term OPEB liability is estimated to be $355,955,852
and $6,666,106 for governmental activities and business type activity, respectively, at December 31, 2023.
Constitutional Debt Limit—Outstanding bond indebtedness aggregated $14,515,000, all of which was
subject to the constitutional debt limit and represented approximately 0.17% of its debt limit.
The following is a maturity schedule of the County’s indebtedness:
Governmental Activities
Installment Other Net
Year Ending Serial Unamortized Compensated Purchase Claims and Postemployment Pension
December 31, Bonds Premium Absences Contract SBITA Judgments Benefits Liability Total
2024 $ 1,225,000 $ 8,850 $ 117,735 $ 632,527 $ 105,645 $ - $ - $ - $ 2,089,757
2025 1,250,000 8,850 - 646,130 108,858 - - - 2,013,838
2026 1,275,000 8,850 - 660,025 112,169 - - 2,056,044
2027 1,300,000 8,850 - 335,336 - - - - 1,644,186
2028 1,330,000 8,850 - - - - - - 1,338,850
2029-2033 5,680,000 34,743 - - - - - - 5,714,743
2034-2038 2,455,000 6,543 - - - - - - 2,461,543
Thereafter - - 2,236,972 - - 2,659,288 355,955,852 33,298,988 394,151,100
$ 14,515,000 $ 85,536 $ 2,354,707 $ 2,274,018 $ 326,672 $ 2,659,288 $ 355,955,852 $ 33,298,988 $ 411,470,061
- 61 -
Interest requirements on serial bonds, installment purchase contract and SBITA are as follows:
Installment
Year Ending Serial Purchase
December 31, Bonds Contract SBITA Total
2024 $ 332,518 $ 45,278 $ 8,355 $ 386,151
2025 309,156 31,675 5,142 345,973
2026 285,206 17,781 1,831 304,818
2027 260,657 3,564 - 264,221
2028 235,507 - - 235,507
2029-2033 740,463 - - 740,463
2034-2037 127,238 - - 127,238
Total $ 2,290,745 $ 98,298 $ 15,328 $ 2,404,371
Jefferson Community College—The College and its component units’ long-term debt balances for the year
ended August 31, 2023 were as follows:
Balance
9/1/2022 Balance Due Within
(as adjusted) Additions Decreases 8/31/2023 One Year
Compensated absences $ 441,578 $ 837 $ - $ 442,415 $ -
Reserve payable 63,964 - 57,618 6,346 -
Bonds payable 19,401,244 - 430,086 18,971,158 480,000
Notes payable 792,568 - 219,156 573,412 235,142
Lease liability 1,205,578 486,564 390,417 1,301,725 447,969
SBITA liability 2,529,788 163,212 578,248 2,114,752 313,443
Pledges payable - 1,570,062 - 1,570,062 160,000
Other postemployment benefits 42,605,348 17,114,493 8,248,338 51,471,503 -
Net pension liability 432,776 3,405,514 - 3,838,290 -
Total $ 67,472,844 $ 22,740,682 $ 9,923,863 $ 80,289,663 $ 1,636,554
Bonds Payable—Bonds payable reported by the College represents amounts issued by its component units.
Notes Payable—Notes payable reported by the College represent various lease/purchase agreements.
Lease Liability—The College leases space, vehicles, and equipment under agreements that have various
inception dates with remaining terms of one to four years, with discount rates ranging from 1.67% to 5.60%.
SBITA Liability—The College has multiple subscriptions which are considered to be SBITAs. The SBITAs
have various inception dates with remaining terms of 12 - 48 months. The SBITAs do not contain renewal
options. The interest rate/discount rate associated with the SBITA is 1.84%.
The future minimum obligations under notes payable, lease liability and SBITA liability at August 31, 2023
are presented on the following page.
- 62 -
Year Ending Bonds Payable Notes Payable Lease Liability SBITA Liability
August 31, Principal* Principal Principal Interest Principal Interest
2024 $ 480,000 $ 235,142 $ 273,286 $ 99,741 $ 313,443 $ 82,497
2025 490,000 113,069 219,183 78,843 320,125 69,943
2026 515,000 33,084 206,496 42,293 258,833 57,489
2027 540,000 34,904 49,360 26,197 275,984 47,185
2028 570,000 36,823 - - 287,347 36,199
Thereafter 16,815,000 120,390 - - 659,020 45,819
Total $ 19,410,000 $ 573,412 $ 748,325 $ 247,074 $ 2,114,752 $ 339,132
*Bonds payable are reported on the financial statements net of unamortized bond issuance costs of
$438,842.
Other Postemployment Benefits—As explained in Note 7, the College provides health insurance coverage
for retirees. The College’s annual postemployment benefit (“OPEB”) cost is calculated based in the annual
required contributions of the employer, an amount actuarially determined in accordance with the parameters
of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than
Pension. The estimated long-term OPEB liability is estimated to be $51,471,503 at August 31, 2023.
Jefferson County Industrial Development Agency— The Agency and its component units’ long-term debt
balances for the fifteen months ended December 31, 2023 were as follows:
Balance Balance Due Within
1/1/2023 Addition Decreases 12/31/2023 One Year
Notes payable $ 180,160 $ - $ - $ 180,160 $ -
Lease liability 203,436 - 1,358 202,078 10,398
Total $ 383,596 - $ 1,358 $ 382,238 $ 10,398
Notes payable—Grant repayment of 40% of the Industrial Access project due to the New York State
Department of Transportation. Payments to start five years from project completion; however, project is
partially completed and extended as of December 31, 2023. Secured notes payable due to the Local
Development Corporation of the City of Watertown, interest is due quarterly at 4.0%.
New York State Department of Transportation $ 180,160
Total notes payable, long-term $ 180,160
Lease Liability—A component unit of the Agency leases space under an agreement with remaining terms
of 6.75 years, with a discount rate of 3.0%.
The future minimum obligations under the lease liability at December 31, 2023 are as follows:
Year Ending
December 31, Principal Interest Total
2024 $ 10,398 $ 5,980 $ 16,378
2025 38,118 5,121 43,239
2026 39,277 3,962 43,239
2027 40,473 2,766 43,239
2028 41,703 1,536 43,239
Thereafter 32,109 321 32,430
Total $ 202,078 $ 19,686 $ 221,764
- 63 -
13. NET POSITION AND FUND BALANCE
The government-wide and proprietary fund financial statements utilize a net position presentation. Net
position is categorized as net investment in capital assets, restricted and unrestricted.
 Net Investment in Capital Assets—This category groups all capital assets, including infrastructure,
into one component of net position. Accumulated depreciation and the outstanding balances of debt
that are attributable to the acquisition, construction or improvement of these assets reduce the
balance in this category.
Governmental Activities
Capital assets, net of accumulated depreciation/amortization $ 172,565,476
Related debt:
Serial bonds issued $ (14,515,000)
Unamortized bond premium (85,536)
Installment purchase contract (2,274,018)
SBITA liability (326,672)
Capital Projects Fund accounts payable (2,978,590)
Retainages payable (396,197)
Less: Serial bonds issued on behalf of
Jefferson Community College 7,210,000
Less: Unamortized bond premium on serial
bonds issued on behalf of Jefferson Community College 36,492
Less: Unspent serial bond proceeds 3,978,451 (9,351,070)
Net investment in capital assets $ 163,214,406
Business-Type Activity
Capital assets, net of accumulated depreciation $ 3,583,080
Net investment in capital assets $ 3,583,080
 Restricted—This category presents external restrictions imposed by creditors, grantors, contributors,

or laws and regulations of other governments and restrictions imposed by law through constitutional
provisions or enabling legislation.
A Capital Reserve Fund/Solid Waste Management net position restriction is reported in the County’s
Proprietary Fund and was established by the County Board of Legislators within the Solid Waste
Management Enterprise Fund to finance future costs of equipment replacement and capital
improvements, including facility reconstruction. By resolution, monies for “the reserve” were taken
from those funds equal to the depreciation which had been accumulated. The fund is managed in
accordance with section 6-c of the Municipal Law.
 Unrestricted—This category represents net assets of the County not restricted for any project or other
purpose.
- 64 -
Fund Balance—GASB defines the different types of fund balances that a governmental entity must use for
financial reporting purposes as the fund balance categories listed below:
 Nonspendable—Amount of assets that cannot be spent in the current period because of their form or
because they must be maintained intact. As of December 31, 2023, the County had $1,563,990 of
prepaid expenses and $87,668 of inventory that were classified as nonspendable funds.
 Restricted—Amounts that are subject to externally enforceable legal purpose restrictions imposed by
creditors, grantors, contributors, or laws and regulations of other governments; or through constitutional
provisions or enabling legislation. As of December 31, 2023, the County had the restricted fund
balances listed below:
Nonmajor Funds
Capital Road Special Debt
General Projects Machinery Grant Service
Fund Fund Fund Fund Fund Total
Restricted for:
Workers' compensation $ 658,339 $ - $ - $ - $ - $ 658,339
Unemployment insurance 75,997 - - - - 75,997
Insurance 1,969,569 - - - - 1,969,569
Law enforcement and
prosecution 515,004 - - - - 515,004
Wireless 911 surcharges 771,076 - - - - 771,076
Opioid funding 132,551 - - - - 132,551
Highway equipment - - 523,678 - - 523,678
Capital projects - 4,528,451 - - - 4,528,451
Grants - - - 74,718 - 74,718
Debt service - - - - 248,715 248,715
Total restricted fund balance $ 4,122,536 $ 4,528,451 $ 523,678 $ 74,718 $ 248,715 $ 9,498,098
 Committed—Amounts that are subject to a purpose constraint imposed by a formal action of the
County’s highest level of decision-making authority, or by their designated body or official. As of
December 31, 2023, the Jefferson County reported $6,283,255 of committed fund balance for
contingencies and tax stabilization.
 Assigned—Amounts that are subject to a purpose constraint that represents an intended use established
by the County Legislature, or by their designated body or official. The purpose of the assignment must
be narrower than the purpose of the General Fund, and in funds other than the General Fund, assigned
fund balance represents the residual amount of fund balance. As of December 31, 2023, the balances
presented on the following page were considered to be assigned.
- 65 -
Capital County Road
General Projects Road Machinery
Fund Fund Fund Fund Total
Assigned for:
Temporary assistance for needy
families reserve $ 643,653 $ - $ - $ - $ 643,653
Workers' compensation 3,000,000 - - - 3,000,000
Compensated absences 2,354,707 - - - 2,354,707
Risk retention 3,000,000 - - - 3,000,000
Encumbrances 1,721,756 5,128,266 500 959,077 7,809,599
Appropriated for subsequent
year's expenditures 10,370,222 - - - 10,370,222
Capital projects - 8,430,353 - - 8,430,353
Specific use - - 8,711,827 3,979,441 12,691,268
Total assigned fund balance $ 21,090,338 $ 13,558,619 $ 8,712,327 $ 4,938,518 $ 48,299,802
Unassigned—Represents the residual classification of the government’s General Fund, and could report a
surplus or deficit. As of December 31, 2023, the unassigned fund balance of the General Fund represented
a surplus totaling $69,770,525.
Order of Fund Balance Spending Policy—The County’s policy is to expend fund balances in the following
order: nonspendable fund balance, restricted fund balance, committed fund balance, assigned fund balance,
and unassigned fund balance at the end of the fiscal year by adjusting journal entries.
Minimum Fund Balance—It is the intention of the Board of Legislators to maintain adequate reserves in
the General Fund assigned and unassigned fund balance equal to two months of General Fund operating
expenditures (approximately 16.67% of operating expenditures), net of local sales tax distribution. If the
General Fund’s unrestricted fund balance should fall 10% above or below (between 6.67% and 26.67% of
operating expenditures) the level set by the policy, the County Administrator shall recommend increasing
or decreasing the use of fund balance appropriated in the following year’s budget, such that in his estimation
over the course of no more than three years, the fund balance will be again within the level set by the fund
balance policy. At December 31, 2023, the County’s assigned and unassigned General Fund balance was
36.9% of General Fund annual operating expenditures, which exceeds the 10% of the level set by the policy.
14. INTERFUND BALANCES AND ACTIVITY

Interfund receivables and payables are short term in nature and exist because of temporary advances or
payments made on behalf of other funds. All interfund balances are expected to be collected/paid within
the subsequent year. Interfund transfers are routine annual events for both the budget and accounting
process and are necessary to present funds in their proper fund classification.
Transfers are used primarily to (1) move revenues from the fund that statute or budget requires to collect
them to the fund that statute of budget required to expend them, (2) move receipts restricted to debt service
from the funds collecting the receipts to the fund making payments when due, and (3) move residual cash
from closed capital projects.
- 66 -
Interfund receivables, payables, and transfers of the County as of, and for the year ended December 31,
2023 are presented below:
Interfund
Receivables Payables Transfers In Transfers Out
Governmental Funds:
General Fund $ 86,262 $ - $ 393,000 $ 23,844,873
Capital Projects Fund - - 10,901,586 393,000
Other nonmajor funds - 86,262 16,838,274 3,920,750
Enterprise Fund:
Solid Waste Management Fund - - 25,763 -
Total $ 86,262 $ 86,262 $ 28,158,623 $ 28,158,623
15. COMMITMENTS
Encumbrances—Encumbrances are commitments related to unperformed (executory) contracts for goods

or services (i.e., purchase orders, contracts, and commitments). Encumbrance accounting is utilized to the
extent necessary to assure effective budgetary control and accountability and to facilitate effective cash
planning and control. While all appropriations and encumbrances lapse at year end, valid outstanding
encumbrances (those for which performance under the executory contract is expended in the next year) are
re-appropriated and become part of the subsequent year’s budget pursuant to state regulations.
The County considers encumbrances significant if they are in excess of $100,000. As of December 31,
2023, the significant encumbrances of the County are shown below:
Amount
Fund Purpose Encumbered
Governmental Funds:
General Fund Automotive Equipment $ 167,427
General Fund Hazard Mitigation Plan 175,432
General Fund Airport Ground Service Equipment 183,332
Road Machinery Fund Pickup Truck Replacement 308,406
Road Machinery Fund Dump Truck Replacement 454,745
Capital Projects Fund Radio Communication System 236,739
Capital Projects Fund Public Safety Facility Improvements 166,947
Capital Projects Fund Road and Bridge Repairs 104,625
Capital Projects Fund Airport Improvement Projects 2,342,851
Capital Projects Fund Airport Terminal 940,603
Capital Projects Fund Snow Removal Equipment 194,000
16. JOINT VENTURE/LONG-TERM RECEIVABLE
The County has entered into an intermunicipal agreement with the City of Watertown, New York (the
“City”) for the operation of a Public Safety Facility. The County receives a minimum lease payment
annually from the City based on the prorated share of square footage utilized by the City. For its prorated
share of costs for operation and maintenance in 2023, the City was billed $159,308 for the lease agreement
as well as $21,537 for joint services. These payments are offset by a percentage of eligible costs incurred
by the City.
- 67 -
17. TAX ABATEMENTS
The County provides tax abatements under several different programs: low income housing, economic
assistance to startup or incubator businesses, residential real estate ventures and other commercial and
manufacturing projects new to Jefferson County. Part of these abatements are done through the offices of
the Jefferson County Industrial Development Agency (the “Agency”). The Agency is authorized and
empowered by the provisions of Chapter 1030 of the 1969 Laws of New York, constituting Title 1 of Article
18-A of the General Municipal Law, Chapter 24 of the Consolidated Laws of New York, as amended (the
Enabling Act) and Chapter 77 of the 1974 Laws of New York, as amended, constituting Section 902 of said
General Municipal Law.
Abatements are generally for the purpose of reducing the real estate tax burden during the construction
period of building residential units as well as a reduction during the early years while occupancy is low.
Abatements are usually fifty percent of the actual tax and progresses on a sliding scale over a period of
fifteen years until 100% is reached. In commercial and manufacturing, the abatements of real estate taxes
range from five to twenty years while the business is being developed. Under agreements made through
JCIDA, the following amounts were abated and collected as payments in lieu of taxes in 2023:
Payments
Taxes in Lieu of
Abated Taxes
Residential housing projects $ 321,385 $ 185,714
Commercial endeavors 614,909 277,570
Manufacturing 261,269 62,481
Totals $ 1,197,563 $ 525,765
18. CONTINGENCIES
Sales Tax Audits—The State of New York periodically audits its distribution of sales tax revenues to
counties throughout the State. Subsequent revisions to the revenues recorded as of December 31, 2023, if
any, would be reflected in the operations statement in the year they are calculated.
Grant and Aid Programs—The County receives significant financial assistance from numerous federal and
state agencies. The receipt of such funds generally requires compliance with terms and conditions specified
in the grant agreements and are subject to audit by the grantor agencies. Any disallowed expenditures
resulting from such audits could become a liability of the County. The amount of disallowance, if any,
cannot be determined at this time, although the County expects any such amounts to be immaterial.
Other—The County is also involved in litigation arising in the ordinary course of its operations. The County
believes that its ultimate liability, if any, in connection with these matters will not have a material effect on
the County’s financial condition or results of operations.
- 68 -
19. SUBSEQUENT EVENTS
Management has evaluated subsequent events through July 30, 2024 which is the date the financial
statements are available for issuance, and have determined there are no subsequent events that require
disclosure under generally accepted accounting principles.
******
- 69 -
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of the Local Government’s Proportionate Share of the
Net Pension Liability (Asset)—Teachers’ Retirement System
Last Nine Fiscal Years*
Year Ended August 31,

2023 2022 2021 2020 2019 2018 2017 2016 2015
Jefferson County Community College ("JCC"):
Measurement date June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2015 June 30, 2014
JCC's proportion of the net pension

liability (asset) 0.018940% 0.022554% 0.023487% 0.025940% 0.027423% 0.030171% 0.029436% 0.031981% 0.030745%
JCC's proportionate share of the net

pension liability (asset) $ 216,592 $ 432,776 $ (4,070,064) $ 716,818 $ (712,461) $ (545,565) $ (223,744) $ 342,530 $ (3,193,443)
JCC's covered payroll $ 3,696,573 $ 4,108,190 $ 4,085,769 $ 4,532,830 $ 4,919,470 $ 5,077,016 $ 4,851,815 $ 4,850,948 $ 4,576,270
JCC's proportionate share of the net

pension liability (asset) as a percentage
of its covered payroll (5.86%) (10.53%) 99.62% (15.81%) 14.48% 10.75% 4.61% (7.06%) (69.78%)
Plan fiduciary net position as a

percentage of the total pension liability 99.2% 98.6% 113.2% 97.8% 102.2% 101.5% 100.7% 99.0% 110.5%
*Information prior to the year ended August 31, 2015 is not available.
- 70 -
Schedule of the Local Government’s Contributions—
Teachers’ Retirement System
Last Nine Fiscal Years*

2023 2022 2021 2020 2019 2018 2017 2016 2015
Jefferson County Community College ("JCC"):
Contractually required contribution $ 359,944 $ 391,553 $ 379,912 $ 390,106 $ 486,121 $ 481,618 $ 546,698 $ 654,380 $ 809,595
Contributions in relation to the

contractually required contribution (359,944) (391,553) (379,912) (390,106) (486,121) (481,618) (546,698) (654,380) (809,595)
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - $ - $ -
JCC's covered payroll $ 3,696,573 $ 4,108,190 $ 4,085,769 $ 4,532,830 $ 4,919,470 $ 5,077,016 $ 4,851,815 $ 4,850,948 $ 4,576,270
Contributions as a percentage of
covered payroll 9.7% 9.5% 9.3% 8.6% 9.9% 9.5% 11.3% 13.5% 17.7%
- 71 -
Schedule of the Local Governments’ Proportionate Share of the
Net Pension Liability (Asset)—Employees’ Retirement System
Last Ten Fiscal Years*
Year Ended December 31,
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Measurement date March 31, 2023 March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015 March 31, 2014
Jefferson County - Business-type Activity:
Proportion of the net pension liability (asset) 0.0000169% 0.0000122% 0.0000274% 0.0025744% 0.0024175% 0.0023423% 0.0023985% 0.0025081% 0.0024650% 0.0024650%
Proportionate share of the net pension liability (asset) $ 544,886 $ (194,594) $ 2,454 $ 606,810 $ 171,291 $ 75,598 $ 224,793 $ 402,557 $ 83,272 $ 111,388
Covered payroll $ 633,683 $ 621,258 $ 609,076 $ 578,640 $ 576,320 $ 577,362 $ 558,729 $ 563,104 $ 575,774 $ 568,155
Proportionate share of the net pension liability (asset)
as a percentage of its covered payroll 86.0% (31.9%) 0.4% 104.9% 29.7% 13.1% 40.2% 87.1% 17.8% 24.5%
Jefferson County - Governmental Activities:
County's proportion of the net pension liability (asset) 0.0157824% 0.0156598% 0.01766743% 0.1756567% 0.1606118% 0.1556141% 0.1593473% 0.1666266% 0.1637608% 0.1637608%
County's proportionate share of the net pension liability (asset) $ 33,298,988 $ (12,607,623) $ 158,196 $ 41,404,429 $ 11,379,829 $ 5,022,358 $ 14,934,244 $ 26,744,025 $ 5,532,242 $ 7,400,122
County's covered payroll $ 42,112,281 $ 41,286,550 $ 39,257,157 $ 39,482,291 $ 38,288,079 $ 38,357,265 $ 37,119,434 $ 37,410,024 $ 38,251,778 $ 37,745,637
County's proportionate share of the net pension liability (asset)
as a percentage of its covered payroll 79.1% (30.5%) 0.4% 104.9% 29.7% 13.1% 40.2% 71.5% 14.5% 19.6%
County's plan fiduciary net position as a

percentage of its covered payroll 90.8% 103.7% 100.0% 86.4% 96.3% 98.2% 94.7% 90.7% 97.9% 97.2%

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Jefferson Community College ("JCC"):

JCC's proportion of the net pension liability (asset) .0168900% .0168800% .0180780% 0.0195818% 0.0197379% 0.0183342% 0.0185125% 0.0198426% 0.0195013% n/a
JCC's proportionate share of the net pension liability (asset) $ 3,621,698 $ (1,380,064) $ 18,001 $ 5,185,380 $ 1,398,566 $ 591,727 $ 1,739,478 $ 3,184,794 $ 658,804 n/a
JCC's covered payroll $ 5,009,050 $ 4,734,943 $ 4,688,644 $ 5,077,843 $ 5,110,419 $ 4,615,902 $ 4,486,774 $ 4,412,165 $ 4,409,421 n/a
JCC's proportionate share of the net pension liability (asset)
as a percentage of its covered payroll 72.30% (29.2%) 99.95% 102.12% 27.37% 12.82% 38.77% 72.18% 14.94% n/a
*Information prior to the year ended August 31, 2015 is not available for the College.
- 72 -
Schedule of the Local Governments’ Contributions—
Employees’ Retirement System
Last Ten Fiscal Years*

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Contractually required contributions $ 5,265,434 $ 7,018,782 $ 5,743,066 $ 5,613,338 $ 5,660,535 $ 5,704,344 $ 5,589,269 $ 6,396,434 $ 6,880,026 $ 7,901,592
contractually required contribution (5,265,434) (7,018,782) (5,743,066) (5,613,338) (5,660,535) (5,704,344) (5,589,269) (6,396,434) (6,880,026) (7,901,592)
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
County's covered payroll $ 45,231,333 $ 43,255,202 $ 39,700,124 $ 39,459,368 $ 38,784,057 $ 38,357,851 $ 38,147,156 $ 37,576,991 $ 37,336,151 $ 38,406,682
covered payroll 11.6% 16.2% 14.5% 14.2% 14.6% 14.9% 14.7% 14.5% 15.7% 18.5%
Jefferson County - Business-type Activity:
Contractually required contributions $ 86,161 $ 108,332 $ 89,104 $ 82,267 $ 85,204 $ 85,863 $ 84,131 $ 96,280 $ 103,560 $ 118,936
contractually required contribution (86,161) (108,332) (89,104) (82,267) (85,204) (85,863) (84,131) (96,280) (103,560) (118,936)
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
County's covered payroll $ 740,141 $ 667,627 $ 615,949 $ 578,304 $ 583,786 $ 577,370 $ 574,199 $ 565,617 $ 561,992 $ 578,105
covered payroll 11.6% 16.2% 14.5% 14.2% 14.6% 14.9% 14.7% 17.0% 18.4% 20.6%

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Jefferson Community College ("JCC"):
Contractually required contributions $ 581,934 $ 693,532 $ 654,064 $ 702,218 $ 695,165 $ 645,916 $ 651,958 $ 768,765 $ 868,711 n/a
contractually required contribution (581,934) (693,532) (654,064) (702,218) (695,165) (645,916) (651,958) (768,765) (868,711) n/a
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - $ - $ - n/a
JCC's covered payroll $ 5,009,050 $ 4,734,943 $ 4,688,644 $ 5,077,843 $ 5,110,419 $ 4,615,902 $ 4,486,774 $ 4,412,165 $ 4,409,421 n/a
covered payroll 11.6% 14.6% 13.9% 13.8% 13.6% 14.0% 14.5% 17.4% 19.7% n/a
* Information prior to the year ended August 31, 2015 is not available for the College.
- 73 -
Schedule of Changes in the County’s Total OPEB Liability and Related Ratios
Last Seven Fiscal Years*
2023 2022 2021 2020 2019 2018 2017
Total OPEB liability
Service cost $ 7,346,186 $ 14,856,305 $ 13,400,321 $ 9,531,274 $ 10,349,198 $ 12,058,234 $ 11,917,964
Interest 14,692,304 11,682,169 9,913,006 12,668,360 15,720,088 14,828,158 14,179,187
Changes of assumptions 20,335,808 (130,493,673) 3,364,332 80,564,966 8,502,861 (28,191,299) 19,555,529
Change of benefit terms (1,429,400) - - - - - 730,329
Differences between expected and actual experience (11,726,426) (54,727,452) 34,853,688 (16,365,780) (18,749,497) (21,058,663) (4,543,321)
Contributions-employer (11,850,573) (11,819,805) (11,017,839) (10,721,804) (10,014,085) (9,929,532) (9,139,399)
Net changes in total OPEB liability 17,367,899 (170,502,456) 50,513,508 75,677,016 5,808,565 (32,293,101) 32,700,288
Total OPEB liability—beginning 338,587,953 509,090,409 458,576,901 382,899,885 377,091,320 409,384,422 376,684,133
Total OPEB liability—ending (a) $ 355,955,852 $ 338,587,953 $ 509,090,409 $ 458,576,901 $ 382,899,885 $ 377,091,320 $ 409,384,422
Plan fiduciary net position
Contributions—employer $ 11,850,573 $ 11,819,805 $ 11,017,839 $ 10,721,804 $ 10,014,085 $ 9,929,532 $ 9,139,399
Benefit payments (11,850,573) (11,819,805) (11,017,839) (10,721,804) (10,014,085) (9,929,532) (9,139,399)
Net change in plan fiduciary net position - - - - - - -
Plan fiduciary net position—beginning - - - - - - -
Plan fiduciary net position—ending (b) $ - $ - $ - $ - $ - $ - $ -
County's net OPEB liability—ending (a) - (b) $ 355,955,852 $ 338,587,953 $ 509,090,409 $ 458,576,901 $ 382,899,885 $ 377,091,320 $ 409,384,422
Plan's fiduciary net position as a percentage of the total OPEB liability 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Covered-employee payroll $ 40,082,697 $ 39,310,406 $ 32,471,582 $ 31,832,186 $ 31,393,231 $ 35,785,396 $ 34,912,582
County's net OPEB liability as a percentage of covered-employee payroll 888.05% 861.32% 1567.80% 1440.61% 1219.69% 1053.76% 1172.60%
Jefferson County - Business-type Activities:

Total OPEB liability
Service cost $ 120,429 $ 229,301 $ 207,906 $ 139,687 $ 192,448 $ 224,229 $ 221,620
Interest 240,857 180,310 153,801 185,664 292,323 275,737 263,669
Changes of assumptions 333,373 (2,014,118) 52,198 1,180,735 158,115 (524,231) 363,644
Change of benefit terms (23,433) - - - - - 13,581
Differences between expected and actual experience (192,236) (844,697) 540,756 (239,852) (348,656) (391,596) (84,485)
Contributions-employer (194,271) (182,434) (170,942) (157,135) (186,217) (184,644) (169,952)
Net changes in total OPEB liability 284,719 (2,631,638) 783,719 1,109,099 108,013 (600,506) 608,078
Total OPEB liability—beginning 6,381,387 9,013,025 8,229,306 7,120,207 7,012,194 7,612,699 7,004,622
Total OPEB liability—ending (a) $ 6,666,106 $ 6,381,387 $ 9,013,025 $ 8,229,306 $ 7,120,207 $ 7,012,194 $ 7,612,699
Contributions—employer $ 194,271 $ 182,434 $ 170,942 $ 157,135 $ 186,217 $ 184,644 $ 169,952
Benefit payments (194,271) (182,434) (170,942) (157,135) (186,217) (184,644) (169,952)
Net change in plan fiduciary net position - - - - - - -
Plan fiduciary net position—beginning - - - - - - -
Plan fiduciary net position—ending (b) $ - $ - $ - $ - $ - $ - $ -
County's net OPEB liability—ending (a) - (b) $ 6,666,106 $ 6,381,387 $ 9,013,025 $ 8,229,306 $ 7,120,207 $ 7,012,194 $ 7,612,699
Plan's fiduciary net position as a percentage of the total OPEB liability 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Covered-employee payroll $ 657,092 $ 606,741 $ 1,493,059 $ 466,523 $ 583,772 $ 665,447 $ 649,216
County's net OPEB liability as a percentage of covered-employee payroll 1014.49% 1051.75% 603.66% 1763.97% 1219.69% 1053.76% 1172.60%
*Information prior to the year ended December 31, 2017 is not available.
The notes to the required supplementary information are an integral part of this schedule.
- 74 -
Schedule of Changes in the College’s Total OPEB Liability and Related Ratios
Last Six Fiscal Years*
2023 2022 2021 2020 2019 2018
Service cost $ 675,550 $ 1,407,899 $ 1,283,727 $ 2,071,776 $ 1,579,263 $ 1,474,246
Interest 1,422,051 1,048,041 1,180,761 1,755,477 2,135,025 1,781,419
Differences between expected and actual experience (6,118,882) - (20,983,936) (6,557,525) 3,571,095 -
Changes of assumptions (544,600) (11,385,138) 2,081,365 10,143,542 5,914,791 (2,319,023)
Change of benefit terms 15,016,892 - - - 517,361 2,531,456
Benefit payments (1,584,856) (1,606,451) (1,595,136) (1,830,916) (1,670,147) (1,075,293)
Net changes in total OPEB liability 8,866,155 (10,535,649) (18,033,219) 5,582,354 12,047,388 2,392,805
Total OPEB liability—beginning 42,605,348 53,140,997 71,174,216 65,591,862 53,544,474 51,151,669
Total OPEB liability—ending (a) $ 51,471,503 $ 42,605,348 $ 53,140,997 $ 71,174,216 $ 65,591,862 $ 53,544,474

Contributions—employer $ 1,584,856 $ 1,606,451 $ 1,595,136 $ 1,830,916 $ 1,670,147 $ 1,075,293
Benefit payments (1,584,856) (1,606,451) (1,595,136) (1,830,916) (1,670,147) (1,075,293)
Net change in plan fiduciary net position - - - - - -
Plan fiduciary net position—beginning - - - - - -
Plan fiduciary net position—ending (b) $ - $ - $ - $ - $ - $ -
JCC's OPEB liability—ending (a) - (b) $ 51,471,503 $ 42,605,348 $ 53,140,997 $ 71,174,216 $ 65,591,862 $ 53,544,474
Plan's fiduciary net position as

a percentage of the total OPEB liability 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Covered-employee payroll $ 10,736,000 $ 11,259,000 $ 10,949,000 $ 12,675,000 $ 12,875,107 $ 13,220,846
JCC's OPEB liability as a percentage

of covered-employee payroll 479.43% 378.41% 485.35% 561.53% 509.45% 405.00%
- 75 -
Schedule of Revenues, Expenditures, and Changes in Fund Balances—
Budget and Actual—General Fund
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Real property taxes $ 62,556,720 $ 62,556,720 $ 62,569,399 $ 12,679
Real property tax items 2,600,000 2,600,000 3,146,561 546,561
Non-property tax items 86,005,683 95,865,223 104,850,431 8,985,208
Departmental income 11,931,617 12,650,029 11,788,876 (861,153)
Intergovernmental charges 3,234,842 3,293,105 3,294,336 1,231
Use of money and property 656,000 1,530,818 5,181,785 3,650,967
Licenses and permits 30,000 30,000 30,073 73
Fines and forfeitures 204,180 204,180 226,509 22,329
Sale of property and compensation for loss 1,356,625 1,414,903 1,525,033 110,130
Miscellaneous 4,739,957 6,083,939 4,495,103 (1,588,836)
State aid 27,952,852 33,790,277 35,651,324 1,861,047
Federal aid 21,313,229 29,268,328 30,381,568 1,113,240
Total revenues 222,581,705 249,287,522 263,140,998 13,853,476
EXPENDITURES
Current:
General government support 68,924,461 82,550,982 80,475,454 2,075,528
Education 11,810,683 11,981,989 11,935,617 46,372
Public safety 28,314,001 33,024,291 27,603,568 5,420,723
Health 17,047,592 21,777,051 19,601,369 2,175,682
Transportation 3,214,592 3,914,975 3,314,943 600,032
Economic assistance and opportunity 71,949,798 72,514,554 68,100,010 4,414,544
Culture and recreation 286,236 316,201 313,776 2,425
Home and community services 1,037,348 1,154,612 1,022,541 132,071
Employee benefits 13,348,966 14,203,310 11,687,350 2,515,960
Debt service:
Principal - 103,599 103,599 -
Interest and fiscal charges - 10,401 10,401 -
Total expenditures 215,933,677 241,551,965 224,168,628 17,383,337
Excess of revenues over expenditures 6,648,028 7,735,557 38,972,370 31,236,813
Transfers in - 393,000 393,000 -
Transfers out (21,580,274) (23,844,873) (23,844,873) -
SBITA issued - 430,271 430,271 -
Total other financing sources (uses) (21,580,274) (23,021,602) (23,021,602) -
Net change in fund balances* (14,932,246) (15,286,045) 15,950,768 31,236,813
Fund balances—beginning 86,833,300 86,833,300 86,833,300 -
Fund balances—ending $ 71,901,054 $ 71,547,255 $ 102,784,068 $ 31,236,813
* The net change in fund balances was included in the budget as an appropriation (i.e., spenddown) of fund
balance and re-appropriation of prior year encumbrances.
- 76 -
Notes to the Required Supplementary Information
1. OPEB LIABILITY
Changes of Assumptions—Changes in assumptions reflect the effects of changes in the long-term

discount rate, and the healthcare trend rate. The discount rate changed from 4.32% at December 31,
2022 to 4.00% at December 31, 2023. The healthcare trend rate used is 8.0% while the ultimate
healthcare trend rate is 4.5%
Jefferson Community College (“JCC”)—The discount rate changed from 3.91% at August 31, 2022
to 4.13% at August 31, 2023. The healthcare trend rate increased from 3.78% for the year ended
August 31, 2022 to 4.50% at August 31, 2023, respectively.
2. BUDGETARY INFORMATION
Budgetary Basis of Accounting—Annual budgets are adopted on a basis consistent with generally
accepted accounting principles for the General Fund, County Road Fund, Road Machinery Fund, and
Debt Service Fund. The Capital Projects Fund is appropriated on a project-length basis. The Special
Grant Fund does not have an appropriated budget since other means control the use of these resources
(e.g., grant awards and endowment requirements) and sometimes span a period of more than one
fiscal year.
The appropriated budget is prepared by fund, function, and department. The government’s department
heads may make transfers of appropriations within a department. However, amendments of the
budget must be approved by the governing board. The legal level of budgetary control (i.e., the level
at which expenditures may not legally exceed appropriations) is the department level.
Appropriations in all budgeted funds lapse at the end of the fiscal year even if they have related
encumbrances. Encumbrances are commitments related to unperformed (executory) contracts for
goods or services (i.e., purchase orders, contracts, and commitments). Encumbrance accounting is
utilized to the extent necessary to assure effective budgetary control and accountability and to
facilitate effective cash planning and control. While all appropriation and encumbrances lapse at year
end, valid outstanding encumbrances (those for which performance under the executor contract is
expected in the next year) are re-appropriated and become part of the subsequent year’s budget
pursuant to state regulations.
- 77 -
SUPPLEMENTARY INFORMATION
Combining Balance Sheet—Nonmajor Governmental Funds
December 31, 2023
Total
County Road Special Debt Nonmajor
Road Machinery Grant Service Funds
ASSETS
Cash and cash equivalents $ 7,991,279 $ 4,831,946 $ - $ - $ 12,823,225
Restricted cash and cash equivalents - 523,678 94,095 248,715 866,488
Accounts receivable, net of allowances 3,255 - - - 3,255
Intergovernmental receivables 2,621,974 261,662 546,041 - 3,429,677
Prepaid items 97,903 14,465 21,876 - 134,244
Total assets $10,714,411 $ 5,631,751 $ 662,012 $ 248,715 $ 17,256,889
LIABILITIES
Accounts payable $ 1,840,823 $ 142,905 $ 388,758 $ - $ 2,372,486
Accrued liabilities 63,358 12,185 18,586 - 94,129
Due to other funds - - 86,262 - 86,262
Unearned revenue - - 71,812 - 71,812
Total liabilities 1,904,181 155,090 565,418 - 2,624,689
FUND BALANCES
Nonspendable 97,903 14,465 21,876 - 134,244
Restricted - 523,678 74,718 248,715 847,111
Assigned 8,712,327 4,938,518 - - 13,650,845
Total fund balances 8,810,230 5,476,661 96,594 248,715 14,632,200
Total liabilities and fund balances $10,714,411 $ 5,631,751 $ 662,012 $ 248,715 $ 17,256,889
- 78 -
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances—
Nonmajor Governmental Funds
Total
County Road Special Debt Nonmajor
Road Machinery Grant Service Funds
REVENUES
Departmental income $ - $ - $ 595,924 $ - $ 595,924
Intergovernmental charges 13,695 37,904 - - 51,599
Use of money and property 197,434 142,199 119,827 4,544 464,004
Licenses and permits 2,125 - - - 2,125
Sale of property and compensation for loss 13,734 13,513 - - 27,247
Miscellaneous - - - 186,751 186,751
Interfund revenues 50,293 205,619 - - 255,912
State aid 7,635,289 257,635 - 677,805 8,570,729
Federal aid - - 3,853,230 - 3,853,230
Total revenues 7,912,570 656,870 4,568,981 869,100 14,007,521
EXPENDITURES
Current:
Transportation 15,915,208 2,834,364 - - 18,749,572
Economic assistance and opportunity - - 2,541,211 - 2,541,211
Home and community services - - 2,000,311 - 2,000,311
Debt service: -
Principal - - - 1,819,211 1,819,211
Interest and fiscal charges - - - 412,313 412,313
Total expenditures 15,915,208 2,834,364 4,541,522 2,231,524 25,522,618
Excess (deficiency) of revenues
over expenditures (8,002,638) (2,177,494) 27,459 (1,362,424) (11,515,097)
Transfers in 12,448,048 3,023,259 - 1,366,967 16,838,274
Transfers out (3,920,750) - - - (3,920,750)
Total other financing sources (uses) 8,527,298 3,023,259 - 1,366,967 12,917,524
Net change in fund balances 524,660 845,765 27,459 4,543 1,402,427
Fund balances—beginning 8,285,570 4,630,896 69,135 244,172 13,229,773
Fund balances—ending $ 8,810,230 $ 5,476,661 $ 96,594 $ 248,715 $ 14,632,200
- 79 -
FEDERAL AWARDS INFORMATION

Schedule of Expenditures of Federal Awards
Federal Passed
Assistance Through to Total
Federal Grantor/Pass Through Listing Entity Identifying Sub- Federal
Grantor/Program Cluster Title (1a) Number (1b) Number (1c) recipients Expenditures (1d)
U.S. Department of Agriculture:
Passed through NYS Office of Temporary and Disability Assistance:
SNAP Cluster:
State Administrative Matching Grants for
the Supplemental Nutrition Assistance Program 10.561 N/A $ - $ 2,236,136
Total SNAP Cluster - 2,236,136
Total U.S. Department of Agriculture - 2,236,136
U.S. Department of Housing and Urban Development:

Direct Programs:
Home Investment Partnerships Program
Home Investment Partnerships Program 14.239 M-19-DC-36-0512 221,857 221,857
Home Investment Partnerships Program - ARP 14.239 M-21-DP-36-0512 21,547 21,547
Total Home Investment Partnership Program 730,247 730,247
Continuum of Care Program
Continuum of Care Program 14.267 NY0712U2C222112 - 79,471
Total Continuum of Care Program - 907,947
Passed through NYS Homes & Community Renewal:
Community Development Block Grants Program:
Community Development Block Grants 14.228 581HR116-20 - 355,980
Community Development Block Grants 14.228 581HR304-21 - 899,246
Total Community Development Block Grants - 1,255,226
COVID-19 Emergency Solutions Grant Program 14.231 C00629GG - 240,193
Total U.S. Department of Housing and Urban Development 730,247 3,133,613
U.S Department of Justice:

Direct Program:
State Criminal Alien Assistance Program 16.606 N/A - 32,876
Total U.S. Department of Justice - 32,876
U.S. Department of Labor:

Passed through NYS Department of Labor:
Trade Adjustment Assistance 17.245 N/A - 142,577
National Emergency Grants 17.277 N/A - 50,000
WIOA Cluster:
WIOA Adult Program 17.258 N/A 121,648 860,726
WIOA Youth Activities 17.259 N/A 39,267 388,638
WIOA Dislocated Worker Formula Grants 17.278 N/A 29,200 80,906
WIOA Dislocated Worker Formula Grants 17.278 N/A - 57,264
Total WIOA Cluster 190,115 1,387,534
Total U.S. Department of Labor 190,115 1,580,111
(continued)
- 80 -
Federal Passed
U.S. Department of Transportation:
Direct Programs:
Airport Improvement Program:
Airport Improvement Program 20.106 3-36-0120-056-2020 - 33,013
Airport Improvement Program 20.106 3-36-0120-070-2022 - 1,222,237
Airport Improvement Program 20.106 3-36-0120-071-2023 - 2,788,610
Total Airport Improvement Program - 5,120,550
Passed through NYS Department of Transportation:
Highway Planning and Construction Cluster:
Highway Planning and Construction 20.205 D040169; PIN 7753.59 - 27,471
Total Highway Planning and Construction Cluster - 538,205
Highway Safety Cluster:
Passed through NYS Governor's Traffic Safety Committee:
National Priority Safety Programs 20.616 CPS-2023-JC SO-00075-(023) - 1,263
Passed through NYS Stop DWI Foundation, Inc.:
National Priority Safety Programs 20.616 HS1-2023-DWI FDN-00203-(088) - 9,146
National Priority Safety Programs 20.616 HS1-2024-DWI FDN-00199-(088) - 5,233
Passed through NYS Division of Criminal Justice Services:
National Priority Safety Programs 20.616 HS1-2023-NYS DCJ-00222-(099) - 10,167
National Priority Safety Programs 20.616 HS1-2024-NYS DCJ-00234-(099) - 4,774
Total Highway Safety Cluster - 30,583
Total U.S. Department of Transportation - 5,689,338
U.S. Department of the Treasury:

Direct Programs:
Equitable Sharing Program 21.016 N/A - 98,334
Coronavirus State and Local Fiscal Recovery Funds 21.027 N/A 4,633,006 6,264,789
Passed through New York State Office of Temporary and Disability Assistance:
Emergency Rental Assistance Program (ERAP) CARES Act 21.023 CC00629GG - 30,120
Total U.S. Department of the Treasury 4,633,006 6,393,243
U.S. Environmental Protection Agency:

Passed through the NYS Department of Health:
State Indoor Radon Grants 66.032 T37367GG - 4,238
Total U.S. Environmental Protection Agency - 4,238
U.S. Department of Education:

Passed through Jefferson Community College:
Career and Technical Education—Basic Grants to States (Perkins V) 84.048 N/A - 14,680
Passed through NYS Department of Health:
Special Education - Grants for Infants and Families 84.181 C36410GG - 78,437
Total U.S. Department of Education - 93,117
(continued)
- 81 -
Federal Passed
U.S. Department of Health and Human Services:
Passed through NYS Office for the Aging:
Aging Cluster:
Special Programs for Aging, Title III, Part B—Grants for Supportive
Services and Senior Centers 93.044 Title III-B - 101,828
Special Programs for Aging, Title III, Part C—Nutrition Services 93.045 Title III-C - 270,144
Nutrition Services Incentive Program 93.053 NSIP - 6,581
Total Aging Cluster - 378,553
Special Programs for Aging Title III , Part D—Disease Prevention
and Health Promotion Services 93.043 Title III-D - 6,215
COVID-19 Special Programs for Aging, Title IV & Title II Discretionary Projects 93.048 N/A - 9,897
Natonal Family Caregiver Support Title III, Part E 93.052 Title III-E - 49,358
Medicare Enrollment Research Program 93.071 MIPPA/ADRC - 15,394
Passed through the Health Research Institute:
Epidemiology and Laboratory Capacity for Infectious Diseases (ELC) 93.323 6852-01 - 1,638,174
Public Health Emergency Response: Cooperative Agreement for Emergency
Response: Public Health Crisis Response 93.354 6952-01 - 381,001
Centers for Disease Control and Prevention Collaboration with Academia
to Strengthen Public Health 93.967 7502-01 - 53,029
Immunization Cooperative Agreements:
Immunization Cooperative Agreements 93.268 C32522GG - 8,903
Immunization Cooperative Agreements 93.268 C36936GG - 67,474
Total Immunization Cooperative Agreements - 76,377
Child Support Enforcement 93.563 N/A - 795,945
Low Income Home Energy Assistance 93.568 N/A - 6,459,178
Passed through the Office of Children and Family Services:
Kinship Guardianship Assistance 93.090 N/A - 66,698
Promoting Safe and Stable Families 93.556 N/A - 15,637
CCDF Cluster:
Child Care and Development Block Grant 93.575 N/A - 3,434,003
Total CCDF Cluster - 3,434,003
Stephanie Tubbs Jones Child Welfare Service Program 93.645 N/A - 54,905
Foster Care Program:
Foster Care—Title IV-E 93.658 N/A - 2,532,308
COVID-19 Foster Care—Title IV-E 93.658 N/A - 97,821
Total Foster Care Program - 2,630,129
Adoption Assistance Program:
Adoption Assistance 93.659 N/A - 2,595,084
COVID-19 Adoption Assistance 93.659 N/A - 67,011
Total Adoption Assistance Program - 2,662,095
Social Services Block Grant 93.667 N/A - 3,597,596
John H. Chafee Foster Care Program for Successful Transition to Adulthood 93.674 N/A - 4,249
Elder Abuse Prevention Interventions Program 93.747 N/A - 31,789
(continued)
- 82 -
(concluded)
Federal Passed
Maternal and Child Health Services Block Grant to the States 93.994 C35721GG - 60,548
Medicaid Cluster:
Medical Assistance Program 93.778 N/A - 1,430,872
Passed through NYS Office of Mental Health:
Medical Assistance Program 93.778 Medicaid Admin - 170,992
Total Medicaid Cluster - 1,601,864
TANF:
Temporary Assistance to Needy Families 93.558 N/A - 8,277,074
Temporary Assistance to Needy Families 93.558 SYEP - 278,087
Total TANF - 8,555,161
Total U.S. Department of Health and Human Services - 32,577,795
U.S. Social Security Administration:

Passed through Research Foundation for Mental Hygiene, Inc:
Social Security-Work Incentives Planning and Assistance Program 96.008 Ticket-to-Work - 2,938
Total U.S. Social Security Administration - 2,938
U.S. Department of Homeland Security:

Passed through NYS Division of Homeland Security and Emergency Services:
Emergency Management Performance Grant 97.042 T185023 - 48,826
Homeland Security Grant Program:
Homeland Security Grant Program 97.067 C173489 - 22,207
Homeland Security Grant Program 97.067 T835919 - 676
Homeland Security Grant Program 97.067 T971102 - 15,032
Total Homeland Security Grant Program - 238,501
Direct Program:
Law Enforcement Officer Reimbursement Agreement Program 97.090 70T02021T6114N010 - 43,800
Total U.S. Department of Homeland Security - 331,127
Total Expenditures of Federal Awards (1e) $ 5,553,368 $ 52,074,532
The notes to the Schedule of Expenditures of Federal Awards are an integral part of this schedule.
- 83 -
Notes to the Schedule of Expenditures of Federal Awards
1. BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of the County of Jefferson, New York (the “County”) under programs of the federal government for
the year ended December 31, 2023. The information in this Schedule is presented in accordance with the
Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule
presents only a select portion of the operations of the County, it is not intended to and does not present the
financial position, changes in net position or cash flows of the County. The following notes were identified
on the schedule of expenditures of federal awards:
(a) Includes all federal award programs of the County of Jefferson, New York. The federal expenditures of
the Jefferson Community College and Jefferson County Industrial Development Agency have not been
included.
(b) Source: Assistance Listing Numbers, previously known as the Catalog of Federal Domestic Assistance.
(c) Pass-through entity identifying numbers are presented where available.
(d) Prepared under accounting principles generally accepted in the United States of America and includes
all federal award programs.
(e) A reconciliation to the financial statements is available.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The County has not elected to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance. Pass-through entity identifying numbers are presented where available.
3. MATCHING COSTS
Matching costs, i.e., the County’s share of certain program costs, are not included in the reported
expenditures.
4. DEPARTMENT OF SOCIAL SERVICES – ADMINISTRATIVE COSTS
Differences between the amounts reflected in the Schedule of Expenditures of Federal Awards and the
Department of Social Services’ federal financial reports (RF-2 claims) are due to allocation of administrative
costs to the individual federal programs.
5. AMOUNTS PROVIDED TO SUBRECIPIENTS
Certain program funds are passed through the County to subrecipient organizations. The County identifies, to
the extent practical, the total amount provided to subrecipients from each federal program, however, the
Schedule does not contain separate schedules disclosing how the subrecipients outside of the County’s control
utilize the funds. The County requires subrecipients receiving funds to submit separate audit reports
disclosing the use of the program funds.
*****
- 84 -
E l m a , N e w Yo r k 1 4 0 5 9
Te l e p h o n e : 7 1 6 . 5 6 5 . 2 2 9 9
Fa x : 7 1 6 . 3 8 9 . 5 1 7 8
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL

OVER FINANCIAL REPORTING AND ON COMPLIANCE AND
OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS

County of Jefferson, New York:
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activity, the discretely presented component units, each major fund, and the
aggregate remaining fund information of the County of Jefferson, New York (the “County”) as of and for
the year ended December 31, 2023 (with the Jefferson Community College for the fiscal year ended
August 31, 2023), and the related notes to the financial statements, which collectively comprise the
County’s basic financial statements, and have issued our report thereon dated July 30, 2024. Our report
includes a reference to other auditors who audited the financial statements of the Jefferson Community
College and Jefferson County Industrial Development Agency, as described in our report on the County’s
financial statements. This report does not include the results of the other auditors’ testing of internal
control over financial reporting or compliance and other matters that are reported on separately by those
auditors.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the County’s internal
control over financial reporting (“internal control”) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the County’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the County’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the County’s financial statements will not be prevented, or detected and corrected on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the County’s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the County’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the County’s internal control and compliance.
Accordingly, this communication is not suitable for any other purpose.
July 30, 2024

E l m a , N e w Yo r k 1 4 0 5 9
Te l e p h o n e : 7 1 6 . 5 6 5 . 2 2 9 9
Fa x : 7 1 6 . 3 8 9 . 5 1 7 8
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE

FOR EACH MAJOR FEDERAL PROGRAM AND REPORT ON
INTERNAL CONTROL OVER COMPLIANCE
IN ACCORDANCE WITH THE UNIFORM GUIDANCE

County of Jefferson, New York:
Report on Compliance for Each Major Federal Program
Opinion on Each Federal Program
We have audited the County of Jefferson, New York’s (the “County”) compliance with the types of
compliance requirements identified as subject to audit in the OMB Compliance Supplement that could
have a direct and material effect on each of the County’s major federal programs for the year ended
December 31, 2023. The County’s major federal programs are identified in the summary of auditors’
results section of the accompanying schedule of findings and questioned costs.
The County’s basic financial statements include the operations of Jefferson Community College (the
“College”) and Jefferson County Industrial Development Agency (the “Agency”), which received
$9,447,476 and $3,341,567 in federal awards, respectively, which are not included in the County’s
schedule of expenditures of federal awards for the year ended December 31, 2023. Our audit, described
below, did not include the operations of the College and the Agency because other auditors were engaged
to perform such audits in accordance with the Uniform Guidance.
In our opinion, the County complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs for the
year ended December 31, 2023.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (“GAAS”); the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States (“Government
Auditing Standards”); and the audit requirements of Title 2 U.S. Code of Federal Regulations (“CFR”)
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (“Uniform Guidance”). Our responsibilities under those standards and the Uniform Guidance are
further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the County and to meet our other ethical responsibilities, in
accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each
major federal program. Our audit does not provide a legal determination of the County’s compliance with
the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the
County’s federal programs.
Auditors’ Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the County’s compliance based on our audit. Reasonable assurance is a high level of assurance
but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with
GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material
noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is
higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Noncompliance with the compliance requirements
referred to above is considered material, if there is a substantial likelihood that, individually or in the
aggregate, it would influence the judgment made by a reasonable user of the report on compliance about
the County’s compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform
Guidance, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and
perform audit procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the County’s compliance with the compliance requirements referred to
above and performing such other procedures as we considered necessary in the circumstances.
 Obtain an understanding of the County’s internal control over compliance relevant to the audit in
order to design audit procedures that are appropriate in the circumstances and to test and report on
internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of
expressing an opinion on the effectiveness of the County’s internal control over compliance.
Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal
program will not be prevented, or detected and corrected on a timely basis. A significant deficiency in
internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over
compliance with a type of compliance requirement of a federal program that is less severe than a material
weakness in internal control over compliance, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control over compliance was for the limited purpose described in the
Auditors’ Responsibilities for the Audit of Compliance section above and was not designed to identify all
deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance. Given these limitations, during our audit we did not
identify any deficiencies in internal control over compliance that we consider to be material weaknesses,
as defined above. However, material weaknesses or significant deficiencies in internal control over
compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of the
Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
July 30, 2024

Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2023
Section I. SUMMARY OF AUDITORS' RESULTS
Financial Statements:
Type of report the auditor issued: Unmodified*

*(which report includes a reference to other auditors)
Internal control over financial reporting:
Material weakness(es) identified? Yes  No
Significant deficiency(ies) identified? Yes  None reported
Noncompliance material to the financial statements noted? Yes  No
Federal Awards:
Internal control over major federal programs:
Material weakness(es) identified? Yes  No
Significant deficiency(ies) identified? Yes  None reported
Type of report the auditor issued on compliance for major federal programs: Unmodified
Any audit findings disclosed that are required to be reported

in accordance with 2 CFR 200.516(a)? Yes  No
Identification of major federal programs:
ALN Name of Federal Program or Cluster

14.228 Community Development Block Grants
21.027 Coronavirus State and Local Fiscal Recovery Funds
93.563 Child Support Enforcement
93.658 Foster Care
93.659 Adoption Assistance
93.667 Social Services Block Grant
93.778 Medicaid Cluster
Dollar threshold used to distinguish between Type A and Type B programs? $ 1,562,236
Auditee qualified as low-risk auditee?  Yes No
- 90 -
Schedule of Findings and Questioned Costs
Section II. FINANCIAL STATEMENT FINDINGS
No findings noted.
Section III. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
No findings noted.
- 91 -
Summary Schedule of Prior Audit Findings and Corrective Action Plan
(Follow-Up on December 31, 2022 Findings)
No findings were reported.
- 92 -

County of Jefferson Financial Statements 12.31.23

Uploaded by

Copyright:

Available Formats

County of Jefferson Financial Statements 12.31.23

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

County of Jefferson Financial Statements 12.31.23

Uploaded by

Copyright:

Available Formats

COUNTY OF JEFFERSON,

Independent Auditors’ Report....................................................................................................................... 1

Management’s Discussion and Analysis ...................................................................................................... 4

Basic Financial Statements:

Government-wide Financial Statements:

Statement of Net Position .............................................................................................................. 15

Statement of Activities ................................................................................................................... 16

Fund Financial Statements:

Balance Sheet—Governmental Funds ........................................................................................... 17

Reconciliation of the Balance Sheet—Governmental Funds

Statement of Revenues, Expenditures, and Changes in Fund

Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances—

Statement of Net Position—Proprietary Fund ............................................................................... 21

Statement of Revenues, Expenses, and Changes in Net Position—

Statement of Cash Flows—Proprietary Fund ................................................................................ 23

Statement of Fiduciary Net Position—Custodial Fund.................................................................. 24

Statement of Changes in Fiduciary Net Position—Custodial Fund ............................................... 25

Notes to the Financial Statements ........................................................................................................ 26

Schedule of the Local Government’s Proportionate Share of the Net Pension

Schedule of the Local Government’s Contributions—Teachers’ Retirement System ......................... 71

Schedule of Local Government’s Proportionate Share of the Net Pension

Schedule of the Local Government’s Contributions—Employees’ Retirement System ...................... 73

Schedule of Revenues, Expenditures, and Changes in Fund Balances—

Notes to the Required Supplementary Information .............................................................................. 77

Combining Balance Sheet—Nonmajor Governmental Funds.............................................................. 78

Combining Statement of Revenues, Expenditures, and Changes in Fund

Federal Awards Information:

Schedule of Expenditures of Federal Awards ...................................................................................... 80

Notes to the Schedule of Expenditures of Federal Awards .................................................................. 84

Independent Auditors’ Report on Internal Control over Financial Reporting

Schedule of Findings and Questioned Costs ........................................................................................ 90

INDEPENDENT AUDITORS’ REPORT

Honorable County Board of Legislators and County Administrator

Report on the Audit of the Financial Statements

Basis for Opinions

Responsibilities of Management for the Financial Statements

Auditors’ Responsibilities for the Audit of the Financial Statements

In performing an audit in accordance with GAAS and GAS, we:

Required Supplementary Information

Other Reporting Required by Government Auditing Standards

July 30, 2024

Overview of the Financial Statements

Government-wide Overall Financial Analysis

Table 1—Condensed Statements of Net Position—Primary Government

Governmental Activities Business-type Activity Total Primary Government

Current liabilities 41,564,091 46,330,881 479,230 463,964 42,043,321 46,794,845

Table 2—Condensed Statements of Changes in Net Position—Primary Government

Governmental Activities Business-type Activity Total Primary Government

Program expenses 253,985,654 227,900,450 4,174,955 3,571,645 258,160,609 231,472,095

Transfers (25,763) - 25,763 - - -

Change in net position 33,568,832 32,447,647 388,021 752,626 33,956,853 33,200,273

Net position―beginning (191,136,395) (223,584,042) (3,908,717) (4,661,343) (195,045,112) (228,245,385)

Governmental Activities—Governmental activities increased the County’s net position by $33,568,832.

Table 3—Summary of Sources of Revenues—Governmental Activities

Year Ended December 31, Increase/(Decrease)

Table 4—Summary of Program Expenses—Governmental Activities

Year Ended December 31, Increase/(decrease)

Table 6—Summary of Sources of Revenues and Expenses—Business-type Activity

Year Ended December 31, Increase/(Decrease)

Financial Analysis of the Governmental Funds