Clerk & Comptroller of Palm Beach County Sharon R. Bock presented her annual “State of the County” address on Tuesday, May 1.
The report summarized the financial position and operating results of Palm Beach County in fiscal year 2017.
Key financial highlights include:
• Property tax revenues set a new record high, close to $1.1 billion.
• Sales tax collections of $88.2 million set another revenue record.
• The new one-cent sales tax provided $80 million to the county for infrastructure projects during calendar year 2017.
• The county collected a record-breaking $48.5 million in tourist development taxes.
“This year again, Palm Beach County experienced record high revenues in all areas,” Bock said. “However, sound fiscal management demands that the county proactively plan for the next cyclical economic downturn.”
Bock’s recommendations to the Palm Beach County Commission include:
• Develop a strategic plan for future budget shortfalls, including a board review of high level fiscal policies — debt, fund balance and reserves — and formal board adoption of these policies.
• Develop clear and concise guidelines and expectations for county departments’ annual budget trimming exercise.
“The presentation is based on our independently audited Comprehensive Annual Financial Report (CAFR) produced each year by the Clerk & Comptroller,” said Shannon R. Chessman, chief operating officer of finance at Bock’s office.
As the independently elected comptroller, Bock serves as Palm Beach County’s chief financial officer, treasurer and auditor. A separation of powers between the elected policymakers on the Board of County Commissioners and the Clerk & Comptroller’s fiscal authority ensures that the public’s tax dollars are managed and spent according to public policy.
View the entire presentation and other reports at www.mypalmbeachclerk.com/countyfinances.