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 5, 2015) – Sharon R. Bock, Clerk & Comptroller, Palm Beach County presented her "State of the County" address on Tuesday, May 5. The report offered a retrospective view of how the County managed taxpayer dollars in Fiscal Year 2014.
Clerk 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 2016 and beyond.
In Fiscal Year 2014, Palm Beach County's net position decreased $99 million. While the County's tax revenues were up in FY 2014, the County's spending increased over revenue collections, creating the decline in net position.
"I respect what the Board of County Commissioners do for our citizens; they understand the needs of our community," said Clerk Bock. "However, as your Clerk & Comptroller, it is my job to report how the County managed its budget."
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.
Clerk Bock's other recommendations to County Commissioners include:
- Timely approach to aligning budget with Board-directed priorities
- Adopt comprehensive debt, reserve and fund balance policies
- Focus on technology to build efficiencies
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 audited 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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