Just as you may borrow money to buy a home, Palm Beach County borrows money to pay for the construction of major facilities or the purchase of equipment. A majority of the County’s debt is in the form of bonds, allowing the County to spread repayment over time. As the County’s Chief Financial Officer, the Clerk & Comptroller monitors the County’s debt while ensuring the timely payment of debt service obligations, the accurate accounting for all debt transactions and other important functions. The County’s low level of debt contributed to it receiving an ‘AAA’ bond rating from all three of the major rating agencies.
AAA Bond Rating
Like credit scores for individuals, bond ratings are given to local governments to rate their overall credit-worthiness. Palm Beach County’s AAA bond rating, the highest possible, means lower interest rates and costs when the County borrows money. The County is one of only 36 counties nationwide and one of three in Florida to earn the AAA rating from all three of the major rating agencies.
Supplemental information and reports intended to help the public further understand County debt.