HomeMy WebLinkAboutPalm Beach County - Public Financial ReportTRANSPARENCY IN GOVERNMENT
MESSAGE FROM CLERK ABRUZZO
Joseph Abruzzo is the Clerk of
the Circuit Court & Comptroller
for Palm Beach County, and
proudly serves as the County’s
protector of public records and
taxpayer money. He was elected
in November 2020, and sworn
into office on January 5, 2021.
Prior to his election, Clerk
Abruzzo was in the Florida
Legislature for a decade, working
tirelessly in both the Florida
House of Representatives and the
Florida Senate.
Clerk Abruzzo proudly served in
the United States Coast Guard
Reserves and is the recipient
of numerous awards, medals
and outstanding performance
citations.
One of the Clerk of the Circuit Court & Comptroller’s most important duties is providing
clear and concise information about County revenue and spending. Find detailed information
about our finances by visiting mypalmbeachclerk.com/countyfinances.
I’m pleased to present Checks & Balances, my office’s annual guide to Palm Beach
County finances. It provides an easy-to-read overview of the County’s revenues,
expenses and other key economic indicators for the fiscal year that ended on
September 30, 2021.
Palm Beach County’s financial health grew significantly in Fiscal Year 2021. As this
report shows:
• Revenue from property taxes continues to reach new record levels.
• The median sales price for a single-family home in the County increased significantly.
• The cost of running the County government dropped 9% from 2020.
My primary focus as Clerk is providing outstanding service to you. Checks & Balances
shows you in a clear, straightforward manner how your tax money is managed, spent
and invested.
If you have any questions about the information provided in this report, please do not
hesitate to reach out to me at JAbruzzo@mypalmbeachclerk.com.
On behalf of the entire team at the Clerk of the Circuit Court & Comptroller, thank you
for the opportunity to serve you every day.
Sincerely,
Joseph Abruzzo
Clerk of the Circuit Court & Comptroller
CONTENT
ABOUT OUR OFFICE
• Monitor the County government’s budget, revenue, debt and spending.
• Pay County bills.
• Manage the County’s investment portfolio to earn investment income on
taxpayer money.
• Document and maintain the minutes, records and activities of County
government meetings.
COUNTY RECORDER
• Maintain the Official Records of the County dating back to 1909.
• Record documents such as marriage documents, deeds, liens, judgments and
marriage licenses.
INSPECTOR/ GENERAL AUDITOR
• Provide independent and objective auditing and investigative services to the
County.
• Ensure the efficiency of operations.
• Audit court-appointed guardianships to detect and deter financial abuse and
mismanagement.
• Audit all County expenditures.
CHIEF FINANCIAL OFFICER, TREASURER,
CLERK OF THE BOARD OF COUNTY COMMISSIONERS
• Process and file all civil and criminal court documents.
• Protect evidence.
• Provide the public with access to court records in paper and online.
• Manage the County’s jury system.
CLERK OF THE CIRCUIT COURT
The Florida Constitution established the Clerk of the Circuit Court & Comptroller
as a public trustee, independently elected to safeguard your public records and
public funds.
Nearly every payment, court document and public record in Palm Beach County
passes through our office.
INTRODUCTIONINTRODUCTION
02 ABOUT OUR OFFICE02 ABOUT OUR OFFICE
03 ABOUT THIS GUIDE03 ABOUT THIS GUIDE
03 FAST FACTS03 FAST FACTS
ABOUT YOUR...ABOUT YOUR...
04 COUNTY GOVERNMENT04 COUNTY GOVERNMENT
05 LOCAL ECONOMY05 LOCAL ECONOMY
06 HOUSING MARKET06 HOUSING MARKET
YOUR COUNTY’S FUNDINGYOUR COUNTY’S FUNDING
07 REVENUE07 REVENUE
08-10 PROPERTY TAXES08-10 PROPERTY TAXES
11 OTHER TAXES11 OTHER TAXES
YOUR COUNTY’S BUDGETYOUR COUNTY’S BUDGET
12 BUDGET AT A GLANCE12 BUDGET AT A GLANCE
13 OPERATING COSTS13 OPERATING COSTS
YOUR COUNTY’S EXPENSESYOUR COUNTY’S EXPENSES
14 WHERE YOUR MONEY GOES14 WHERE YOUR MONEY GOES
15 RESERVES15 RESERVES
YOUR TAX DOLLARS AT WORKYOUR TAX DOLLARS AT WORK
16 INVESTMENTS16 INVESTMENTS
17 DEBT17 DEBT
18 NET WORTH18 NET WORTH
2CHECKS & BALANCES
FAST FACTSPALM BEACH COUNTY
ABOUT THIS GUIDE
Population
1.5 million
Geography Water
408 SQ MI
Geography Land
1,977 SQ MI
Median Age
44
Average Household Size
2.35
Founded In
July 1909
Source: Palm Beach County’s Annual Budget – Fiscal Year 2021
Palm Beach County is 2,385
square miles, making it one
of the largest counties east
of the Mississippi River.
Checks & Balances: Your Guide to County
Finances outlines in simple terms how your
tax dollars are managed and spent.
Most of the information in this award-winning
report is from the Clerk of the Circuit Court &
Comptroller’s Annual Comprehensive Financial
Report for the fiscal year that ended on
September 30, 2021. The report is available at
mypalmbeachclerk.com/countyfinancesmypalmbeachclerk.com/countyfinances.
Checks & Balances, which is also known as
the Popular Annual Financial Report, is a
recommended best practice of the Government
Finance Officers Association (GFOA), North
America’s leading authority on governmental
accounting and financial reporting.
Because this is a summary, Checks & Balances
does not conform to generally accepted
accounting principles and reporting requirements
for government entities.
Additionally, this guide does not include financial
information on the Solid Waste Authority, the
Housing Finance Authority of Palm Beach County
and the Westgate/Belvedere Homes Community
Redevelopment Agency.
These organizations are set up by Florida
Statutes, County ordinance or resolution to be
entities that are legally separate from the County.
CHECKS & BALANCES3
ABOUT YOUR COUNTY GOVERNMENT
GOVERNMENT OFFICIALS
PALM BEACH COUNTY VOTERS Elected Countywide Elected by District
• Seven commissioners elected in separate districts
• Act as local legislative and executive body
• Set public policy, levy taxes, fund public projects and programs
• An appointed County administrator carries out the policies and
decisions made and approved by the commissioners
• Assesses your
property’s taxable
value
• Oversees the
election process
• Collects your taxes• Protects your
community
• Clerk of the Circuit Court
• County Recorder
• County Comptroller
• Clerk of the Board of
County Commissioners
CLERK OF THE CIRCUIT
COURT & COMPTROLLER
PROPERTY
APPRAISER SHERIFF SUPERVISOR
OF ELECTIONS
TAX
COLLECTOR
BOARD OF COUNTY COMMISSIONERS
AS OF SEPTEMBER 30, 2021
District 1 | Maria G. Marino
District 2 | Gregg K. Weiss
District 3 | Dave Kerner
District 4 | Robert S. Weinroth
District 5 | Maria Sachs
District 6 | Melissa McKinlay
District 7 | Mack Bernard
County Administrator | Verdenia C. Baker
BOARD OF COUNTY COMMISSIONERS | discover.pbcgov.org
CLERK OF THE CIRCUIT COURT & COMPTROLLER | Joseph Abruzzo | mypalmbeachclerk.com
PROPERTY APPRAISER | Dorothy Jacks | pbcgov.com/papa
SHERIFF | Ric L. Bradshaw | pbso.org
SUPERVISOR OF ELECTIONS | Wendy Sartory Link | pbcelections.org
CONSTITUTIONAL TAX COLLECTOR | Anne M. Gannon | pbctax.com
CONSTITUTIONAL OFFICERS
CHECKS & BALANCES 4
ABOUT YOUR LOCAL ECONOMY
CARES ACT CONTRIBUTIONS TO INDIVIDUALS, BUSINESSES, & OTHER GOVERNMENTS
TOP FIVE TAXPAYERS FOR 2021
TOP PRIVATE EMPLOYERS FOR 2021
UNEMPLOYMENT RATES CARES ACT
FY 2021
Total$83,947,867
11%
6%
6%
31%
28%
18%
State Housing Initative Program (SHIP)
$5,339,647
OtherGovernments
$8,973,077
Emergency FoodDistribution/Other
$15,253,609
Individual and FamilyHousing Assistance
$26,243,382
Other Grant Programs
$4,647,750
Business Grants
$23,490,402
Palm Beach County 4.1%
Florida 4.3%
United States 4.6%
Tenet Coastal Division Palm Beach County ............................6,505
NextEra Energy (Florida Power & Light) ...............................................5,119
Boca Raton Regional Hospital .......................................................3,052
HCA Healthcare ...................................................................................2,806
The Breakers .........................................................................................2,300
NextEra Energy (Florida Power & Light Co.) .......................$113.1 million
Town Center at Boca Raton Trust .................................$10.7 million
The Gardens Mall (Gardens Venture LLC) ...........................$6.8 million
Breakers Palm Beach Inc ...................................................$6.3 million
The Boca Raton (Boca Owner LLC) ......................................$5.9 million
Source: Business Development Board of Palm Beach County
Source: Constitutional Tax Collector of Palm Beach County
In FY 2020, Palm Beach County received $261 million through
the federal Coronavirus Aid, Relief and Economic Security
(CARES) Act to provide assistance during the pandemic. As of
September 30, 2021 the County had spent $149.7 million of
those funds - $65.8 million in FY 2020 and $83.9 million in FY
2021 - on business grants, individual and family housing as-
sistance and emergency food distribution.
Source: FRED Graph Observations, Federal Reserve Economic Data
CHECKS & BALANCES5
ABOUT YOUR HOUSING MARKET
MEDIAN SALES PRICE COMPARISON MORTGAGES, DEEDS & FORECLOSURES
Filed in 2021
MORTGAGES: 76,593
Up 14.8%
from 2020
DEEDS: 88,227
Up 20.7%
from 2020
FORECLOSURES: 1,444
Down -21%
from 202020172018201920202021
$330K
$345K
$255K $255K
$364K
$270K$275K
$425K
$309K$309K
$525K
$374K
$355K
$238K
$247K
Palm Beach County Florida United States
Single-Family Homes
Unit: Thousands
YEAR-OVER-YEAR
24% Increase
Median sales price is the preferred summary statistic for price activity because, unlike average sales price, median sales price is not sensitive to high
sales prices for small numbers of homes that may not be characteristic of the market area.
Source: Florida Realtors. Figures are for calendar year.
Palm Beach County’s housing market was extremely active in 2021. The median sales price for a single-family home rose
for the ninth consecutive year, reaching a 23.5 percent increase over 2020. Low interest rates, coupled with a limited
supply of homes for sale, continued to drive demand across the county.
CHECKS & BALANCES 6
YOUR COUNTY’S FUNDING: REVENUE
GOVERNMENTAL ACTIVITIES REVENUESTRENDS IN GOVERNMENTAL ACTIVITIES REVENUE
Total$2,715,790,517
5%
1%1%
10%
17%
16%50%PropertyTaxes
$1,343,974,633
Charges for Services
$463,445,768
Grants and Other*
$433,088,522
State SharedRevenues
$267,705,885
Other Local Taxes
$146,630,297
Investment Income
$22,898,999
Franchise Fees
$38,046,413
FY 2021FY 2016 - FY 2021
YEAR-OVER-YEAR
14% Increase5 YEAR
37% Increase
2016 20182017 2019 2020 2021
Property
Taxes
Charges for
Services
State Shared
Revenues
Other Local
Taxes
Other*
$1.30B
$1.00B
$500M
$300M
$100M
Palm Beach County generates revenue from multiple sources, with the largest being property taxes. Other revenue
generators include user fees, grants, other local taxes and state shared revenues. The County uses this money to provide
necessary services for residents.
Governmental activities represent those that are supported primarily by taxes and intergovernmental revenues. They exclude the business-type activities of the County, such as the Department of Airports and the Water Utilities Department, which are intended to recover all or most of their costs through user fees and charges. Grants are primarily contributions of assets (usually cash) by one governmental unit or other organization to another. Typically, these contributions are made to local governments from state and federal governments. Grants are usually made for specified purposes. * Other includes operating and capital grants, contributions, franchise fees, investment income and other miscellaneous revenues.
7 CHECKS & BALANCES
YOUR COUNTY’S FUNDING: PROPERTY TAXES
The countywide operating millage rate remained at 4.7815 in FY 2021, which is the same rate levied by the County since FY 2012.
The operating millage rate was 4.26 percent higher than the “rollback” rate of 4.5863 for FY 2021. The rollback rate is the millage rate that
provides the County with the same amount of property tax revenue as the prior year, excluding any new construction that adds value to the
County’s tax base.
Every year the County must prepare a
budget for the following year. State law
requires the County to have a balanced
budget that can only be amended by the
Board of County Commissioners at public
board meetings. The fiscal year for the
budget begins on October 1 and ends on
September 30.
In addition to the Board of County
Commissioners, the Palm Beach
County School Board as well as the 39
municipalities within Palm Beach County
create their own budgets and have the
ability to tax property owners. There are
also more than 80 different special taxing
districts within the County that may levy
taxes or assessments.
PALM BEACH TAXING CYCLE
HOW YOUR PROPERTY TAXES ARE CALCULATED
Assessed Value of Property – Exemption(s) = Your Property’s Taxable Value
Taxable Value / 1,000 X Total Millage Rates = Total Property Tax
JAN
JUL
AUG
NOV
PROPERTY VALUE ASSESSED PROPERTY TAX NOTICE
TAX MILLAGE RATE PROPERTY TAX BILL
In January, the Property Appraiser determines market value and exemption eligibility, which are used to calculate your property’s taxable value.
In August, the Property Appraiser mails a notice of proposed taxes, or Truth in Millage (TRIM) notice.
Taxpayers may challenge the assessment by petitioning the Value Adjustment Board (VAB).
In July, the BOCC and other taxing entities set millage rates, which are used to calculate your property taxes.
In November, the Tax
Collector mails your tax bill and begins collecting
payment.
Palm Beach County: Property Tax Rate
Budget Process
The Board of County Commissioners (BOCC) and other taxing entities each set a property tax rate, called a “millage
rate,” which is used to calculate your overall property taxes. A “mill” is equal to $1 for every $1,000 of assessed property
value. The amount you pay in property taxes each year is based on this formula:
8CHECKS & BALANCES
YOUR COUNTY’S FUNDING: PROPERTY TAXES
BREAKDOWN OF YOUR PROPERTY TAX BILL
Palm Beach County Health Care
District, 5.1%
$181.53
Palm Beach County, 33.9%
$1,203.10
Children’s Services Council, 4.6%
$162.43
South Florida Water Management District, 1.9%
$66.88
Florida Inland Navigation District (FIND), 0.2%
$8.00
Palm Beach County School
Board*, 54.3%
$1,927.75
*The Palm Beach County School Board operating millage rate is set by the Florida Legislature.
Assuming an assessed value of $300,000 and both the $25,000 School Exemption and $50,000 Other Exemption
Countywide Portion of Total Taxes: $3,549.69
If you own property in Palm Beach County, your annual tax
bill funds much more than County government.
Other agencies including the Palm Beach County School
Board, Children’s Services Council and the Health Care
District each establish a millage rate, which is reflected in
your annual tax bill.
You may also pay taxes to a municipality, to a special
taxing district such as the Solid Waste Authority, and to
the County for fire rescue services.
This illustration is an example of how each of your tax
dollars is divided among countywide taxing authorities.
Municipalities and other taxing authorities that do not levy
taxes countywide are not included in this illustration.
CHECKS & BALANCES9
YOUR COUNTY’S FUNDING: PROPERTY TAXES
PAYS COUNTY
BILLS & INVESTS
COUNTY TAX
DOLLARS
ASSESS PROPERTY
TAXABLE VALUE
LEVIES PROPERTY
TAXES
COLLECTS
TAXES
Under Florida law, the taxable value of a homesteaded property
cannot increase each year by more than 3 percent or by the
percent change of the Consumer Price Index, whichever is less.
If you sell your home, the state’s “portability” laws allow you to
transfer up to $500,000 of your homesteaded value to your new
property anywhere in Florida.
PROPERTY TAX REVENUES
2017 2018 2019 2020 2021
$1.076B
$1.146B
$1.216B
$1.279B
$1.344B
FY 2017-2021
Unit: Millions-Billions
Separation of Powers Protects Your Tax Dollars
YEAR-OVER-YEAR
5% Increase
5 YEAR
25% Increase
Property taxes are the largest single source of funding for Palm Beach County, accounting for half of the total revenues
in FY 2021. As a result of the County’s booming real estate market, revenue from property taxes increased 5 percent from
the prior year.
HOW DO RISING PROPERTY VALUES AFFECT MY PROPERTY TAXES?
CHECKS & BALANCES 10
YOUR COUNTY’S FUNDING: OTHER TAXES
SALES TAX REVENUE
TOURIST DEVELOPMENT TAX
LOCAL OPTION GAS TAX
2017 2018 2019 2020 2021
$53.3M $52.7M $53.4M
$47.7M $49.5M
2017 2018 2019 2020 2021
$48.5M
$53.8M $54.2M
$43.3M
$51.0M
2017 2018 2019 2020 2021
$145.9M
$175.8M $180.7M
$171.0M
$201.6M
Infrastructure
Sales Tax
Sales Tax
FY 2017 -2021
Unit: Millions
FY 2017-2021
Unit: Millions
FY 2017-2021
Unit: Millions
Palm Beach County’s hospitality and tourism industries
rebounded in FY 2021, with a 17.8% increase in Tourist
Development Taxes over the previous year, alongside a 3.7%
increase in Local Option Gas Tax revenue and an 18% increase
in Sales Tax revenue. Increased consumer spending and
expanded vaccine distribution factored into the growth of
sales tax revenue.
In November 2016, Palm Beach County voters approved a 1
percent increase to the sales tax rate, bringing the total to 7
percent. This funds infrastructure repairs, restorations and
replacements, and maintains current service levels by the
School District, Palm Beach County and 39 municipalities.
11 CHECKS & BALANCES
$1.5B
$1.0B
$500M
YOUR COUNTY’S BUDGET AT A GLANCE
BUDGET BY FUND TYPE
FY 2017-2021
Unit: Millions-Billions
General Fund Special Revenue
Funds
Debt Service
Funds
Capital Projects
Funds
Enterprise
Funds
Internal Service
Funds
Total Budget: $5.4 Billion
YEAR-OVER-YEAR
4.6% Increase
5 YEAR
25% Increase
2017 20192018 2020 2021
Tax dollars and other sources of revenue must be spent in accordance with the County’s budget.
Each year, the Board of County Commissioners creates and approves a balanced budget detailing how public money will
be spent on government operations, services and projects.
The County’s budget consists of six fund types – or groupings of related accounts. By law, each fund type must be
balanced and may not show a deficit.
General Fund: The primary operating fund that pays for government operations.
Special Revenue Funds: Funds from sources such as library fees, grants and Tourist Development taxes, which may only be used for specific purposes.
Debt Service Funds: Funds designed to hold money to pay for principal and interest on the County’s long-term debt.
Capital Projects Funds: Funds that include money for major projects such as roads, parks and libraries.
Enterprise Funds: Funds that contain user fees from revenue-producing County operations, such as the Department of Airports and Water Utilities.
Internal Service Funds: Funds that include money paid for goods and services received from one County department or Constitutional Officer to the other.
12CHECKS & BALANCES
YOUR COUNTY’S BUDGET: OPERATING COSTS
1. Budget amounts reflect only the County taxpayer funded portion of the budget, and do not include other revenue such as grants and user fees.
2. Represents portion of the budget funded by the Board of County Commissioners.
3. Calculated for FY21, “Taxpayer” represents a taxable parcel, of which there are 647,871 at 9/30/21. Actual cost is dependent upon the valuation of a parcel.
COUNTY DEPARTMENT FY 2020 BUDGET 1 FY 2021 BUDGET 1
PERCENT
CHANGE
AVERAGE COST
PER TAXPAYER 3
Parks and Recreation $55,070,522 $58,833,387 7%$90.81
Facilities Development and Operations $42,294,244 $44,066,880 4%$68.02
Community Services $22,976,547 $30,460,534 33%$47.02
Public Safety $19,839,308 $20,744,312 5%$32.02
Engineering & Public Works $17,851,702 $20,386,598 14%$31.47
Environmental Resource Management $16,461,992 $17,147,963 4%$26.47
Planning, Zoning and Building $8,848,809 $8,056,733 -9%$12.44
County Attorney $3,181,297 $4,022,641 26%$6.21
County Commission $3,627,662 $3,773,321 4%$5.82
County Administration $2,258,329 $2,264,732 0%$3.50
Risk Management $368,936 $376,355 2%$0.58
DEPENDENT DISTRICTS FY 2020 BUDGET FY 2021 BUDGET
PERCENT
CHANGE
AVERAGE COST
PER TAXPAYER
Fire - Resuce $299,350,745 $317,743,283 6%$490.44
County Library $57,921,453 $61,271,262 6%$94.57
CONSITUTIONAL OFFICERS 2 FY 2020 BUDGET FY 2021 BUDGET
PERCENT
CHANGE
AVERAGE COST
PER TAXPAYER
Sheriff $631,237,100 $652,898,988 3%$1,007.76
Property Appraiser $19,803,585 $20,312,394 3%$31.35
Clerk of the Circuit Court & Comptroller $15,409,563 $15,875,671 3%$24.50
Supervisor of Elections $16,979,707 $15,555,547 -8%$24.01
Tax Collector $13,585,000 $13,849,203 2%$21.38
CHECKS & BALANCES13
Public Safety General Government Transportation Culture and
Recreation
Human Services Economic
Environment
Interest Expense Physical Environment
$1.50B
$1.00B
$500M
$200M
YOUR COUNTY’S EXPENSES: WHERE YOUR MONEY GOES
Total$2,270,516,805 53%
20%
9%
5%
5%
5%
2%1%
5 YEAR
17% Increase
YEAR-OVER-YEAR
9% Decrease
General Government
$460,465,601
Public Safety
$1,195,329,452
Physical Environment
$39,763,540
Interest Expense $22,471,513
Transportation
$208,220,491
Culture & Recreation
$125,831,777
Economic Environment
$106,559,349
Human Services
$111,875,082
2016 20182017 2019 2020 2021
FY 2016-2021
Unit: Millions-Billions
GOVERNMENTAL ACTIVITIES EXPENSES
GOVERNMENTAL ACTIVITIES EXPENSES
The cost of running County government fell by
$226 million in FY 2021, a decrease largely due to a
reduction of public safety expenses, resulting in part from
lower pension liabilities.
CHECKS & BALANCES 14
MAJOR PRIORITIES
YOUR COUNTY’S EXPENSES: RESERVES
Contingency Capital Projects Other Operating Debt Service Balance Forward
$600M
$500M
$400M
$300M
$200M
$100M
Reserve Analysis Fiscal Year Ends 2017-2021
Total Reserves as of September 30, 2021 - $1,101,335,679
RESERVE ANALYSIS
20182017 2019 2020 2021
HOMELESSNESS
• Homeless prevention and
intervention
• Develop a system of care
• Address the lack of
affordable housing
• Provide work and housing
opportunities
• Provide counseling
resources to gain
employment skills
• Provide services to assist
homeless veterans
PUBLIC SAFETY
• Criminal justice
• Fire rescue
ENVIRONMENTAL PROTECTION
• Protect and preserve
natural resources
• Provide sustainable
living and develop a
climate of resilience
INFRASTRUCTURE
• Transportation
• Public facilities
BEHAVIORAL HEALTH
• Provide comprehensive
network of services
ECONOMIC DEVELOPMENT
• Serve as a financial
resource
• Provide programs to
support growth
Reserves are funds that are set aside to pay for both planned and unanticipated
expenses.
While developing the budget, County managers evaluate the funding necessary for
current and future projects.
• Contingency Reserves are established to meet unanticipated needs.
• Capital Projects Reserves are set aside for capital improvement projects.
• Other Operating Reserves are dollars for a variety of specific potential needs.
• Debt Service Reserves are established for future debt service payments.
• Balance Forward Reserves are carried forward from prior fiscal years.
15 CHECKS & BALANCES
YOUR TAX DOLLARS AT WORK: INVESTMENTS
Total$2,569,519,921 46%
39%
10%
4%
1%
Certificates of Deposit
Small Business Administration Pools
Israel Bond
Florida Local Government Investment Trust
Total Portfolio as of September 30, 2021
PORTFOLIO ALLOCATION
FY 2016-2021
Unit: Millions
CUMULATIVE INCOME
2016 2017 2018 2019 2020 2021
$22M
$26M $50M
$84M
$143M
$183M
$211M
$212M
$189M
$147M
$90M
$52M
Investment Income Interest Income
Money Market
Interest Income: The amount of money earned from the rate paid on the principal value of the investments.
Investment Income: The amount of money earned from both the rate paid on the principal value of the investments as well as any unrealized and
realized gains or losses due to changes in market value of the investments.
For the thirteenth consecutive year, the
Centre for Fiduciary Excellence certified
the Clerk & Comptroller as adhering to a
global standard of excellence in managing
the County’s investments.
The Clerk of the Circuit Court & Comptroller is responsible for investing
County funds until they are needed to pay County expenses. The County
Investment Policy limits the portfolio to high quality fixed-income securities
and bank deposits that minimize volatility and preserve principal.
During FY 2021 the portfolio generated a total return of 1.06 percent, earning
$28 million in investment income for the residents and taxpayers of Palm
Beach County.
16CHECKS & BALANCES
Palm Beach County borrows
money, or issues bonds, to help
fund large projects. The County
repays the bonds over a period
of time, sharing the cost with
current and future taxpayers.
Much like a credit score,
the County is assigned a
“bond rating” that is used
to determine the amount of
interest it pays on the money
it borrows. The County has
consistently earned an AAA
rating – the highest level an
organization can receive. As a
result, the County is able to
borrow money at lower interest
rates.
YOUR TAX DOLLARS AT WORK: DEBT
FUTURE DEBT SERVICE PAYMENTS
PALM BEACH COUNTY DEBT OUTSTANDING
• Issued $69.2 million of Public Improvement Revenue Refunding
(PIRR) Bonds to refund Series 2015 bonds.
• Issued $59.4 million of Water and Sewer Revenue Refunding
Bonds to refund Series 2013 bonds.
• Supervisor of Elections Operations Building: Issued $51 million
Public Improvement Revenue Bonds.
• Issued $44.7 million PIRR Bonds to refund Series 2012 bonds.
• Notes and Loans: Issued $189,375 new USDA notes and loans.
FY 2017 - FY 2021
FY 2021 HIGHLIGHTS
2017 2018 2019 2020 2021
Notes and Loans
Payable
Non-ad valorem
revenue bonds
General obligation
bonds
Notes from direct
borrowings and
direct placements
Revenue Bonds
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
Interest
Principal
$20M $40M $60M $80M $100M $120M
$1.20B
$1.00B
$800M
$600M
$400M
$200M
(If no new debt is added)
FY 2022-FY 2048
CHECKS & BALANCES17
Net position – or net worth – is a useful indicator of the County’s overall financial health.
Net position represents the difference between everything the County owns (assets plus deferred outflows) and owes
(liabilities plus deferred inflows). The condensed Statement of Net Position, or “balance sheet,” is a summary of the
County’s assets/deferred outflows and liabilities/deferred inflows.
By the end of FY 2021, the County’s net position had increased by $541 million, or 16.1 percent, when compared to the
prior fiscal year. This is primarily due to a decrease in the County’s share of net pension liabilities for its various defined
benefit retirement plans for County employees.
YOUR TAX DOLLARS AT WORK: NET WORTH
CONDENSED STATEMENT OF NET POSITION
Deferred Outflows: A consumption
of net assets by the County that is
applicable to a future reporting period.
Deferred Inflows: An acquisition
of net assets by the County that is
applicable to a future reporting period.
Restricted: Amounts that are not
available for use by the County
because they are subject to external
restrictions on how they may be used.
Unrestricted: The remaining net
position available for the County to
use for operations.
Net Investment in Capital Assets:
Amounts invested in capital assets
less accumulated depreciation
and any outstanding debt used
restrictions on how they may be used.
ASSETS GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES 2021 TOTAL 2020 TOTAL 2019 TOTAL
Current and other assets $2,456,092,454 $685,920,496 $3,142,012,950 $2,789,893,519 $2,411,840,379
Capital assets $2,592,784,747 $1,612,441,821 $4,205,226,568 $4,148,655,278 $4,103,510,583
Total assets $5,048,877,201 $2,298,362,317 $7,347,239,518 $6,938,548,797 $6,515,350,962
Deferred Outflows $483,125,857 $19,460,749 $502,586,606 $732,957,731 $638,682,432
LIABILITIES
Current $459,192,993 $53,544,729 $512,737,722 $497,025,063 $334,960,224
Long-term debt $1,139,367,836 $207,227,889 $1,346,595,725 $1,385,492,091 $1,335,188,402
Net pension liability $554,633,918 $17,710,669 $572,344,587 $1,867,489,307 $1,496,526,203
Net OPEB liability $434,346,881 $1,564,116 $435,910,997 $447,740,399 $444,106,471
Total liabilities $2,587,541,628 $280,047,403 $2,867,589,031 $4,197,746,860 $3,610,781,300
Deferred inflows $1,050,981,454 $29,312,606 $1,080,294,060 $112,720,623 $145,096,755
NET POSITION
Net Investment in Capital Assets $1,955,484,624 $1,402,967,277 $3,358,451,901 $3,242,019,496 $3,135,702,284
Restricted $1,155,790,690 $71,775,360 $1,227,566,050 $1,115,491,922 $1,052,450,896
Unrestricted $(1,217,795,338)$533,720,420 $(684,074,918)$(996,472,373)$(789,997,841)
Total Net Position $1,893,479,976 $2,008,463,057 $3,901,943,033 $3,361,039,045 $3,398,155,339
as of September 30, 2021
CHECKS & BALANCES 18