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The Palm Beach County Economic Index

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Your Tools for Managing the Future
By Sharon R. Bock, Clerk & Comptroller

In January 2005, I took office as your Clerk & Comptroller. Since then, I have had many opportunities to speak to you – government and business leaders, citizens and civic groups. One message has been very clear over the past 2 ½ years – you want to understand how your local government works and you want to actively participate in shaping the future of Palm Beach County. As your independent, elected County Accountant, Treasurer and Auditor, I am in a unique position to provide you with accurate information and analysis of county finances.

My highest priority is to provide public education and awareness that promote transparency and accountability in County government. Information helps us play an active role in our county government and be empowered when we speak to or cast a vote for our elected officials.

Our office currently offers three tools to help citizens, businesses and government officials understand Palm Beach County finances and economic health: The Palm Beach County Economic Index, Checks & Balances: Your Guide to County Finances and the FY2006 Comprehensive Annual Financial Report. Read more online.

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New Economic Tool Now Available Online
By Carter Hammer, Chief Financial Officer, Clerk & Comptroller

Will Palm Beach County's job growth stay strong? Has the building boom gone bust? How much do hurricanes impact our economy? Make the Clerk & Comptroller’s new Palm Beach County Economic Index your source for those answers! The Index, which will appear quarterly in the Clerk & Comptroller’s Your Public Trustee newsletter, is now available at www.mypalmbeachclerk.com. While there are many indices, the Palm Beach County Economic Index does the analysis for you, providing easy-to-understand information about not only the current state of the local economy, but its likely performance eight to 10 months in advance. This new financial tool is one source for useful information that can help governments, businesses and citizens gauge the County’s current and future economic health. It can help when making important decisions from opening a new business to relocating your family. “Being prepared for changes in the local economy’s performance and being aware of economic trends give local governments and businesses a critical advantage in managing resources and planning for the future,” said Clerk Sharon R. Bock. “As the Chief Financial Officer for Palm Beach County, it is my priority to provide a source of useful financial information presented in a format that is easily understood and used.”

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Excess Money? Clearing up Confusion
By J. Anthony Beard, Treasurer, Clerk & Comptroller

There has been a lot of talk recently about Palm Beach County’s perceived “surplus” of $2+ billion. In fact, Governor Charlie Crist recently told a group of taxpayers that Palm Beach County Commissioners should “give it back.” In reality, they can’t. The $2+ billion refers to the County’s cash and investment portfolio. While some of the money is, in fact, reserves, most of the money is restricted and earmarked for payments approved in the County’s budget, leaving not a lot of excess. This article explains where the money in the cash and investment portfolio comes from, where it goes and how it’s invested to benefit Palm Beach County citizens. Read more online.

Portfolio Profile: Quarter-end Results
By Felicia Landerman, Investment Manager, Clerk & Comptroller

Palm Beach County’s investment portfolio performance is exceeding expectations. The investment portfolio, which is managed by the Clerk & Comptroller’s office, had an overall book yield of 5.01 percent as of March 31, 2007, outperforming the Investment Policy Committee’s benchmark of 4.54 percent. With investments totaling $2.206 billion, the Clerk & Comptroller’s office generated approximately $864,000 in interest income in March. Read more online.

Audit Projects Almost Complete
By Alan Bray, Manager of Audit Services, Clerk & Comptroller

Recognizing the value of an independent review, Tax Collector Anne Gannon recently requested that the Clerk’s Audit Services Division conduct a management review of select areas within her office. The audit is nearing completion. Chief Judge Kathleen Kroll also asked Audit Services to perform a review of the Court Technology Fund and the corresponding expenditures of the Court-Related Information Technology Capital Improvements Fund. This report is available on www.mypalmbeachclerk.com. Read more online.

Shopping for Records?
By Louis Tomeo, Director of Criminal Court Services

The Clerk & Comptroller’s Web site now offers something new that makes gathering information easier than ever. The online “Shopping Cart” feature allows people to request customized civil and criminal reports. Read more online.

Passport Processing Delays

If you’re planning a trip out of the country… you better plan ahead! The Miami Passport Agency, which processes passport applications throughout South Florida, is reporting delays. Read more online.

Clerk Sharon Bock accepts the “public sector” honor from Commissioner Karen Marcus on May 9 at the Executive Women of the Palm Beaches (EWPB) Women in Leadership Awards luncheon as EWPB President Marilyn Moore looks on. “I am deeply honored to be recognized by a group of my peers. I am privileged to share the values of commitment to community, collaboration of resources and strength of character with every member,” said Bock. Read more online.

Photo by Linda Culbertson