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 46 counties nationwide and one of four 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.
- FY2017 Debt Guide
- FY2017 Palm Beach County Bond Debt Service Payment Schedules
- Palm Beach County Debt Issuance Process Review, April 2009
- Other Financial Reports
Digital Assurance Certification (DAC Bond)
The Digital Assurance Certification, LLC (DAC Bond) system is used to meet ongoing disclosure requirements under the Continuing Disclosure Rules promulgated by the Securities Exchange Commission (SEC Rule 15c2-12, as amended). All information filings, including Palm Beach County's official statements, disclosure information, and annual financial statements can be found on the DAC Bond website.