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News Release

CLERK & COMPTROLLER SHARON BOCK MAKES FINANCIAL RECOMMENDATIONS TO BOARD OF COUNTY COMMISSIONERS

Commissioners updated on County’s financial health in “State of the County” address

WEST PALM BEACH, FLA. (May 6, 2014) – Palm Beach County Clerk & Comptroller Sharon Bock cautioned the Board of County Commissioners that the County’s net position – its net worth – could continue to decline if the County’s spending exceeds its revenue in Fiscal Year 2015 and beyond.

In Fiscal Year 2013, Palm Beach County’s net position decreased $41 million, the first time since Fiscal Year 2010 that the County’s net position declined. While the County’s tax revenues were up in FY 2013, the County’s spending increased over revenue collections, creating the decline in net position.

To avoid a similar decrease in the future, Clerk Bock recommended developing a strategic approach to budgeting taxpayer dollars during her annual “State of the County” report to the Board of County Commissioners at their Tuesday meeting.

“As Palm Beach County’s economy improves, now is the time to ensure the County’s budget aligns with the Board of County Commissioner’s priorities,” Clerk Bock said.

Clerk Bock’s other recommendations to County Commissioners include:

  • Adopting comprehensive Reserve and Fund Balance policies
  • Enhancing and strengthening financial plans for debt issuance
  • Implement an electronic time and attendance system for employees

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.

Also on Tuesday, the Clerk & Comptroller distributed the latest edition of Checks & Balances: Your Guide to County Finances, also known as a Popular Annual Financial Report (PAFR). County Commissioners and everyone in attendance at the commission meeting received a copy.

Both Checks & Balances and the financial report to the Board of County Commissioners are based on the Comprehensive Annual Financial Report, produced each year by the Clerk & Comptroller’s financial division. These award-winning financial publications, which include the Annual Investment Guide and Annual Debt Guide, can be found online at www.mypalmbeachclerk.com/countyfinances.

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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