CLERK, TAX COLLECTOR TEAM UP TO SAVE TAXPAYER MONEY
Clerk’s office will manage Tax Collector’s investment portfolio to help improve earnings
WEST PALM BEACH, FLA. (October 11, 2011) – Palm Beach County Clerk & Comptroller Sharon Bock and Constitutional Tax Collector Anne Gannon today announced a new partnership designed to save taxpayers’ money.
Starting this month, the Clerk’s office will begin managing the Tax Collector’s investment portfolio, with the goal of maximizing earnings. The Tax Collector’s short-term funds had previously been invested in a bank money market fund. The fund custodian notified Gannon that they planned to charge the Tax Collector fees to manage the account because of low interest rates. Gannon’s office currently has more than $100 million in these money market accounts, and is looking to the Clerk’s in-house investment professionals to help them earn a higher return to benefit taxpayers.
“Clerk Bock and her investment professionals have done an impressive job of managing the County’s portfolio and making money for Palm Beach County, at a time when it’s difficult for anyone to make money on investments,” Tax Collector Gannon said. “It made perfect sense to transfer our funds from a bank that was going to charge us fees to Clerk Bock and her team to manage our portfolio, earn a better return, and help save even more taxpayer money.”
Last year, Clerk Bock was able to return $74 million in interest income to Palm Beach County, all of which went to help the County pay for operating expenses. Investment income from the Clerk’s investment portfolio saved each Palm Beach County taxpayer $121 in 2010.
The Clerk’s office also manages investment portfolios for the Palm Beach County Sheriff’s Office and the Palm Beach County Housing Finance Authority.
The Palm Beach County investment portfolio, managed by the Clerk’s office, has consistently earned among the highest credit ratings from Standard & Poor’s, indicating strong protection against credit losses. In addition, the portfolio’s yield is among the highest for a local government in Florida.
“We look forward to helping the Tax Collector increase earnings through our active management of their portfolio,” Clerk Bock said. “Partnerships such as these are another example of how cooperation between government agencies can benefit taxpayers.”
As the independently elected Chief Financial Officer of the County, the Clerk & Comptroller provides a check and balance as the accountant, treasurer and auditor, handling finances, investments and County financial reporting.
To learn more about Palm Beach County finances or to view the Clerk & Comptroller's financial publications, please visit the Public Funds section of www.mypalmbeachclerk.com or call (561) 355-2996.
As Palm Beach County’s independently elected Tax Collector, Anne Gannon is responsible for the annual collection and redistribution of more $3 billion in tax money in Palm Beach County. Gannon is elected by and accountable to voters in Palm Beach County. To learn more about the Constitutional Tax Collector’s office and its role, visit http://www.taxcollectorpbc.com.
The Florida Constitution established the independent office of the Clerk & Comptroller as a public trustee, responsible for safeguarding public records and public funds. Clerk Sharon Bock is directly elected by and accountable to Palm Beach County residents. In addition to the roles of Clerk of the Circuit Court, County Recorder and Clerk of the Board of County Commissioners, the Clerk & Comptroller is the Chief Financial Officer, Treasurer and Auditor for Palm Beach County.
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