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News Release

CLERK & COMPTROLLER SHARON BOCK TO PRESENT
“STATE OF THE COUNTY” FINANCIAL REVIEW

Award-winning annual guide to county finances also will be distributed Tuesday

WEST PALM BEACH, FLA. (May 5, 2014) – Palm Beach County Clerk & Comptroller Sharon Bock will present her annual “State of the County” address of the County’s financial health at the Board of County Commissioners at 10:30 a.m. Tuesday, during the board’s regular meeting.

As Comptroller, Clerk Bock serves as Palm Beach County’s Chief Financial Officer, Treasurer and Auditor, creating a separation of powers between the policymakers on the Board of County Commissioners and the fiscal authority for the County. This constitutional check and balance ensures that the public’s tax dollars are managed and spent with the taxpayers’ needs in mind.

Clerk Bock will present her annual report and make recommendations to help the County save money and better manage taxpayer dollars in future budgets. The Board of County Commissioners’ first budget workshop for Fiscal Year 2015 is scheduled for June 10.

Also on Tuesday, the Clerk & Comptroller will distribute the latest edition of Checks & Balances: Your Guide to County Finances, also known as a Popular Annual Financial Report (PAFR). Checks & Balances is the easy-to-read financial report designed to inform Palm Beach County residents on how their tax dollars are spent. Checks & Balances is based on the Comprehensive Annual Financial Report (CAFR), also produced each year by the Clerk & Comptroller’s office.

All financial reports, including the Annual Investment Guide and the Annual Debt Guide, are available online at www.mypalmbeachclerk.com/countyfinances.

“Part of my job as Palm Beach County’s Comptroller is to inform citizens on how their tax dollars are managed and spent,” Clerk Bock said. “Both the State of the County address and Checks & Balances are important and informative guides to the County’s overall financial picture, as the Board of County Commissioners begins their budget review for the upcoming fiscal year.”
 
The findings in this year’s Checks & Balances report include:

  • The cost of running Palm Beach County government and services increased for the first time in three years. County expenditures increased by approximately $24.7 million, or 1.5 percent, in FY 2013.
  • Property tax revenue – the County’s main source of income – increased slightly, for the first time since Fiscal Year 2010. The County’s property tax revenue was $828 million in FY 2013, compared with $824 million in FY 2012.
  • There were more signs of an economic turnaround in Palm Beach County in FY 2013, such as a 19 percent increase in residential building permits issued, an 18 percent increase in mortgages and deeds recorded, and a 6 percent increase in collection of Tourist Development Taxes, also known as bed taxes.

For more information about County finances and the financial reports available from the Clerk & Comptroller’s office, visit the County Finances page on www.mypalmbeachclerk.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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