Palm Beach County’s investment portfolio $2.3 billion at end of 2006
By Felicia Landerman

Allocation as of December 31, 2006

Total Portfolio $2,314,940,891

As of December 31, 2006, Palm Beach County’s consolidated investment portfolio, managed by the Clerk & Comptroller, was $2.3 billion and the overall book yield was 5 percent. This exceeded the Investment Policy Committee’s benchmark, which is the 48 month moving average of the two-year Constant Maturity Treasury Index yield of 3.18 percent.

During the first quarter, the portfolio grew by $472 million, mainly due to an inflow of $712 million in property tax receipts. The portfolio yield rose to 5 percent, and investment income earned totaled $23.3 million. During the period, the Clerk & Comptroller continued to pursue strategies to further spread out investment risk and prepared for a potential peak in interest rates.

As in the past, the goal is to position the portfolio well so that risks are minimized regardless of where interest rates ultimately move during the fiscal year.

Felicia Landerman, who holds a Master’s Degree in Business Administration and a Series 7 Securities License, is a Certified Treasury Professional and the Investment Manager for the Clerk & Comptroller.

Access to criminal records now more convenient, and free
By Anne P. Williamson

Internet search engines like Google and Yahoo have trained consumers to expect fast, easy access to information. That expectation extends to government services as technology offers more and more opportunities to modernize records retrieval.

A new Criminal Justice Information System (CJIS), available on the Clerk & Comptroller’s Web site, is the result of years of planning and partnership between all the key players in the justice system (Clerk, Sheriff, State Attorney, Public Defender, the Courts, law enforcement agencies and the county’s Information Systems Services department) and software vendor ACS.

Despite easy access to criminal and traffic records at the Clerk’s offices, parking problems, traffic and long lines made trips to the courthouse impractical for the public and the media. Now, anyone with Internet access can search criminal court and traffic records.

Visit www.pbcountyclerk.com and click on “ClerkConnect.” Unlike many public records Web sites across the country, there is no charge to access these records in Palm Beach County.

Simply enter a name or a case number and the records will appear. If you do not know the spelling of a name, the system offers a phonetic search option.

Just click on the criminal record you need and scroll through the case’s history.

Privacy and security were primary considerations in the development of the new system. CJIS conceals personal information like social security numbers and bank account numbers from public view.

Other online records searches provided by on Clerk & Comptroller’s Web site are civil court records, Official Records such as mortgages, deeds and liens and County Commission meeting records.

Anne P. Williamson is the Manager of the County Criminal Court and has been with the Clerk & Comptroller’s office for almost 18 years.

Help yourself! Online Self Service Center saves money and trip to courthouse
By Jean Williams, Esq.

For some, the thought of representing themselves in a court case is too intimidating even to consider. Unfamiliar legal forms and complicated jargon discourage them from handling court matters without the guidance of an attorney.

The Clerk & Comptroller’s Self Service Center gives people the choice to handle their own civil court matters such as divorce, small claims and landlord/tenant actions by providing access to more than fifty legal forms at its five Palm Beach County locations. Last year, the Center served almost 70,000 people.

The Center also offers attorney consultations for as little as $15. Click here for a complete list of forms available.

Despite the low cost of the legal documents, some forms, like the 90-page divorce packet, were too confusing to complete for a layperson. Soon, the Center provided on-site computers that made filling out the forms faster and easier.

Today, using the Self Service Center doesn’t even require leaving your home. The Clerk & Comptroller’s Web site provides online access to legal forms for small claims, eviction and divorce cases. A user-friendly, interactive program, designed by the Clerk’s Information Technology department and Self Service Center staff, was launched in July 2006. Since then, 800 people have used the online program.

The online Self Service Center does not require advanced computer skills. Users simply select the desired legal form and answer a series of guided questions relating to their case. The information contained in the answers is inserted automatically into a legal form which may be printed from the user’s home computer.

The neatly typed forms are not only faster and easier to complete (a divorce form that would take two or more hours to complete takes less than 30 minutes using the new program), but also easier for clerks and judges to read, compared to the handwritten forms of the past.

The program also provides users with definitions of legal terms found in the forms. Legal jargon like “shared parental responsibility” or “irretrievably broken” are explained when the user clicks on a highlighted word.

Online users often comment on the ease and convenience of using the program from home.

Clerk Sharon Bock also has shared the program with other Clerk’s offices across the state.

Download the Self Service Center brochure.

Jean Williams, Esq. is the Clerk & Comptroller’s Self Service and Legal Support Manager. She was formerly employed by the Legal Aid Society of Palm Beach County, which provides civil legal advice, representation and education to the disadvantaged of Palm Beach County.

By Dr. Stephen Fuller and Arnfield Cudal

National

Reflecting the dramatic decline in new residential construction, a sharp increase in oil prices beginning in April, and the effects of the Federal Reserve Board’s tighter monetary policy, the U.S. economy slowed down significantly last year following a strong first quarter. According to recent estimates, the U.S. will be entering the third consecutive quarter where the economy has grown at a rate insufficient to maintain the unemployment rate at its December 2006 average, about 4.5 percent. Altogether, Gross Domestic Product, which accounts for the total value of all goods and services produced by a nation in a given year, is currently projected to grow in 2007 at the slowest growth rate since 2002. With this forecast, unemployment is expected to rise, ending the year at 5.2 percent or higher.

In response to the sluggish economy and with the inflation threat subsiding, the Federal Reserve is expected to lower its benchmark rate (the rate banks charge each other overnight) in June. With lower interest rates, a recovering housing market, and steady oil prices, the economy should begin to strengthen, setting the stage for a stronger year of growth in 2008.

However, there are several real risks to this forecast. If the slowdown in new residential construction continues into 2008, or if the downturn in residential construction bottoms out by mid- 2007, the economy is still vulnerable to a rapid rise in oil prices. A repeat of 2006 oil price increases in 2007, also would undercut the forecast.

Palm Beach County

Meanwhile, Palm Beach County exhibited slowdowns not only in the residential housing market, but also in bed tax collections, which is a measure of the hospitality industry’s activity. Compared to the third quarter 2005, bed tax collections declined 5.6 percent. Slowdowns were also accounted for in passenger traffic at the Palm Beach International Airport. Compared to last year. Airport third quarter traffic tallies had 137,223 fewer passengers - a drop of 9.5 percent.

In summary, Palm Beach County’s economy - well into the housing market decline which began in the fall of 2005 - is demonstrating resilience. Economic activity will likely continue to be moderate in 2007. Growth expectations in tourism, international commerce and jobs will continue to be key factors in propping up Palm Beach County’s economy.

Dr. Stephen Fuller is developer of the Palm Beach County Economic Index and director of the Center for Regional Analysis in Virginia.

Arnfield Cudal holds a Master’s Degree in Business Administration and is the Investment Analyst for the Clerk & Comptroller.

New online index to provide picture of county economy
By Arnfield Cudal

Beginning in March, citizens and government and business leaders will be able to track the local economy month-to-month on the Clerk & Comptroller’s Web site.

Dr. Stephen Fuller, Director of the Center for Regional Analysis in Fairfax County, Virginia and developer of the Fairfax County Economic Index recently developed the Palm Beach County Economic Index. The Index is comprised of coincident and leading indices, and provides current information through which a county’s economy can be evaluated.

The coincident index provides a picture of the current Palm Beach County economy by considering changes in such areas as jobs, passenger tallies at Palm Beach International Airport, retail sales, bed taxes and consumer confidence ratings. The leading index projects how the economy will perform over the next several months by tracking items such as the number of residential building permits, initial claims for unemployment insurance, consumer expectations, a regional stock index and purchases such as new automobile sales.

Indicative of how the economy is fairing, the Index highlights trends which stakeholders can use to better prepare for downturns and expansions. Because the indices are future oriented, they also will assist in tracking trends which may have a budgetary impact on the county and the public.

The Index will be able to support the fiscal planning process the county employs and enables the Clerk & Comptroller to implement best practices in managing and investing taxpayer dollars.

Clerk Sharon Bock, in mid-December, released her audit report for the Palm Beach County Convention and Visitors Bureau (CVB), a private nonprofit entity under contract with Palm Beach County to provide tourism marketing services. As the county’s elected auditor, Bock initiated the audit in response to the CVB’s former Controller misappropriating over $1.5 million.

The audit revealed that weak internal controls, combined with “gross mismanagement,” made it possible for the Controller to forge 222 separate checks, payable to herself, over a three-year period, without being detected. The 46-page document details 34 findings and 75 recommendations. Findings include reports of public funds being co-mingled with private funds, $750,000 in withholding taxes not being paid to the I.R.S., and varied conflicts of interest. Overall, lax internal controls and the management environment contributed to the weakness in the operational structure.

An ongoing and separate forensic audit was performed by a private firm at the request of the Board of County Commissioners. The CVB’s former Controller has been charged and the bureau’s President/CEO and the Vice President of Finance and Administration have resigned.

This and other instances of public corruption recently have been at the forefront of the news in Palm Beach County. According to the 2005 Annual Report by the U.S. Department of Justice’s Public Integrity Section, the Southern District of Florida leads the nation in prosecutions of public corruption, reporting a total of 576 cases since 1996.

Auditor responsibility dates back 169 years

The Clerk’s role as county auditor goes back to the Florida Constitution of 1838, which provides for the protection of public funds through the creation of an independent, elected chief financial officer in each county who would serve as the county’s accountant, treasurer, and auditor. In Palm Beach County, this official is the Clerk & Comptroller, a “watchdog” of county funds who is directly responsible to the citizens.

This unique, constitutionally-created audit function acts as the final check and balance on county expenditures. The clerk’s audit role is most effectively summarized in the 1984 Palm Beach County case of W & F Limited v. Dunkle. It states that the Clerk’s actions in this regard would

“. . . be an effective antidote to several political maladies found in other communities: the soap syndrome--one hand washes the other; complacency--be concerned only when someone gets caught, and lockjaw--don't rock the boat.”

The Clerk takes very seriously her responsibility to protect your tax dollars from theft, fraud and misappropriation and welcomes any comments or questions you may have about her auditor role. Please e-mail the Clerk at sbock@mypalmbeachclerk.com.

Guide shows how your tax dollars are spent

The Clerk & Comptroller’s newest publication, Checks & Balances: Your Guide to County Finances is coming your way in April, 2007. Intended for the non-financial reader, the brief guide covers important topics like your property tax bill, how Palm Beach County government funds are managed and spent, and some fun facts, like how many golf rounds were played last year and how many miles of roadways were maintained by the county!

Checks & Balances: Your Guide to County Finances is a “Popular Annual Financial Report (PAFR),” a supplement to Palm Beach County’s 230+ page Comprehensive Annual Financial Report for 2006. The PAFR is intended to appeal to a broader audience by providing financial information in a user-friendly, easy-to-understand format. It is a recommended practice of the Government Finance Officer’s Association.

Please check www.pbcountyclerk.com in April to view an online version of Checks & Balances: Your Guide to County Finances. E-mail us for more information.

Public trustee role is foundation of Clerk’s duties

Since its origin in 1909, the office of the Clerk & Comptroller, Palm Beach County has evolved from a small downtown office to an organization with 800 employees in seven locations.

Whether you get married, buy a house, receive a traffic ticket, or simply enjoy the benefits of a county that is financially stable, you have been touched by the services of this highly diverse and complex office.

The Florida Constitution established the Clerk & Comptroller as a public trustee with diverse duties:

Chief Financial Officer – The county’s accountant, auditor and treasurer, providing “checks and balances” on the county’s budget, revenue and spending.

Clerk of the Court – The service and support center for the county’s court system and custodian of court records.

County Recorder – The custodian of the county’s Official Records Books containing documents such as mortgages, deeds and marriage licenses.

Clerk to the Board of County Commissioners – The keeper of minutes and records for county commission meetings.

These duties to safeguard public funds and records have earned the office the popular nickname of county “watchdog.”

A recipient of the Governor’s Sterling Award for Organizational Performance Excellence and the Corporate Best Practices Not-for-Profit/Government Award for Excellence, Values, Integrity and Ethics in Business, the Clerk & Comptroller’s office uses solid leadership and business models to achieve its vision of world-class service.

Future issues of Your Public Trustee will highlight each the Clerk’s roles. Visit www.pbcountyclerk.com for more information about the Clerk & Comptroller’s office.

Download Clerk & Comptroller brochure.

Clerk honorary chairperson at “Rising Star” event

Clerk Bock served as honorary chairperson at Junior Achievement’s fifth Annual “Watch a Rising Star” event on January 26 at the Harriet Theater at City Place in downtown West Palm Beach. This festival of local student musicians, artists and performers was presented by Regions Bank and featured fine wines, international foods and silent and live auctions.

Junior Achievement of the Palm Beaches CEO Kathy Foster said Clerk Bock was chosen as honorary chairperson for the Rising Star event because “her office continues to be a shining example of excellence in government and public service.”

Proceeds of this event directly support the ongoing classroom programs of Junior Achievement to students in grades K-12 in Palm Beach, Martin, and Hendry Counties.