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Clerk's Office Receives CEFEX Re-certification

Clerk & Comptroller’s Office Recognized for Fiduciary Excellence

Post Date:11/30/2018 3:53 PM

Clerk’s investment of public tax dollars receives prestigious certification for adhering to a global standard of excellence.

WEST PALM BEACH, FLA. (November 30, 2018) – For the tenth consecutive year, the Clerk & Comptroller’s office has distinguished itself as a global leader in fiduciary excellence for its management of Palm Beach County’s $2 billion investment portfolio.

The Clerk’s office this month was again certified by the Centre for Fiduciary Excellence (CEFEX), a designation that reaffirms that the Clerk’s office is operating using the best practices in the investment industry.

“My office adheres to a global standard of excellence in managing the investment of the public’s tax dollars,” said Sharon R. Bock, Esq., the Clerk & Comptroller for Palm Beach County. “Earning this prestigious designation for the past decade is a testament to my team’s sound management of the County’s investment portfolio and our commitment to transparency and accountability.”

As the independently-elected Clerk & Comptroller, Clerk Bock serves as the County’s Chief Financial Officer, Auditor and Treasurer. Among her many duties, Clerk Bock and her team are responsible for investing County funds until they are needed to pay County expenses.

Over the past five years, the Clerk’s management of the County’s investment portfolio has generated nearly $123 million in investment income for use by the County.

During Fiscal Year 2018, the County’s portfolio generated $34 million in investment income, a 21 percent increase over the previous budget year. That amounts to a return of roughly $53 for every Palm Beach County taxpayer.

The County Investment Policy limits the portfolio to high quality fixed-income securities and bank deposits. The stock market is not an option.

Investment objectives are safety, liquidity, and return in that order.

“When comparing our rate of return with our peers from the largest counties across the country, we continually come out on top,” said Shannon R. Chessman, the Clerk’s Acting Chief Operating Officer. “This is a significant achievement considering our top priority is always protecting taxpayer dollars against risky investments.”

The Clerk’s office was the first government agency to be certified by CEFEX, an independent firm that conducts assessments to improve the fiduciary practices of investment stewards.

The CEFEX certification process serves as an independent verification that an organization has embraced transparency and is adhering to global standards of fiduciary excellence.

After first earning the CEFEX designation in 2009, the Clerk’s office has undergone an annual re-certification process that involves a detailed review of investment holdings, policies and procedures, followed by on-site interviews with key personnel.

For more information on the Clerk’s management of County investments, visit

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