PBC economy showing improvement, adds $53 million in interest income

Sharon Bock Clerk
Clerk & Comptroller Sharon Bock

During her annual “State of the County” address on Palm Beach County’s finances, Clerk & Comptroller Sharon Bock told commissioners that now is the time to enact comprehensive policies that will save money for the future.

Bock said that despite a difficult economy, the investment team was able to earn $53 million in interest income on the county’s investment portfolio. She said Palm Beach County is beginning to see improvement in the economy, demonstrated by an increase in median home prices, and an increase in collection of sales, gasoline and tourist development taxes.

“With the economy continuing to improve, it is both wise and prudent to plan now for the future,” Bock said. “Adopting policies on debt and reserves will give present and future county commissioners the guidance they need to make wise decisions with taxpayer dollars.”

Bock made the following recommendations to county commissioners:

  • Use a strategic approach to developing and aligning the budget with Board-directed priorities.
  • Increase use of technology such as pay cards and an automated time and attendance system.
  • Implement a long-term financial plan prior to issuance of additional debt.

At Tuesday’s presentation, the seventh consecutive year for Bock, the latest edition of Checks & Balances: Your Guide to County Finances was distributed to commissioners and the public. The report is also available online.

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