Palm Beach County saw record investment income, increased property tax revenues and more money coming from tourism dollars in Fiscal Year 2023, according to the latest edition of Checks & Balances: Your Guide to County Finances.
The award-winning report, produced by the Clerk of the Circuit Court & Comptroller, Palm Beach County, makes it easy for taxpayers to see how their tax dollars and other public money is managed, spent and invested.
Checks & Balances includes important economic indicators to measure Palm Beach County’s financial health, including sales tax revenues, median home prices, unemployment figures and property tax collections. The 20-page report contains easy-to-read charts that outline in plain language how taxpayer money is collected, budgeted and invested until needed to pay County expenses.
“As Palm Beach County’s Chief Financial Officer, Treasurer and Auditor, our team is focused on protecting and safely investing taxpayer money, and connecting people with information so they understand how their tax dollars are spent,” said Joseph Abruzzo, Clerk of the Circuit Court & Comptroller for Palm Beach County. “Checks & Balances is an important tool for anyone who wants a clear, concise overview of the county’s financial health.”
Among the highlights from this year’s Checks & Balances:
- Revenue from property taxes reached $1.61 billion, a new record level for Palm Beach County, representing a 14 percent increase from FY 2022.
- The Clerk’s office earned a record $172 million in investment income in FY 2023 through its management of the County’s investment portfolio. That equals a savings of $263 for every county taxpayer.
- Collections of Tourism Development Tax set a record in Fiscal Year 2023, with $84.2 million received, a 55 percent increase from Fiscal Year 2019.
- The median sales price for a single-family home in the County continued to grow.
Checks & Balances, which is also known as the Popular Annual Financial Report, or PAFR, is available online at mypalmbeachclerk.com/pafr, and can be downloaded and shared by anyone.
This is the 18th consecutive year that the Clerk’s office has released Checks & Balances for the community.
Most of the information contained in Checks & Balances is a summary of the Clerk’s Annual Comprehensive Financial Report, which includes nearly 300 pages of in-depth data about County finances, revenue and spending.
To download a copy of the Annual Comprehensive Financial Report or to view other financial reports compiled by the Clerk’s office, visit mypalmbeachclerk.com/countyfinances.
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About the Clerk of the Circuit Court & Comptroller, Palm Beach County
The Clerk of the Circuit Court & Comptroller is Palm Beach County’s protector of taxpayer money and public records including marriage licenses, court documents, financial reports and real estate records. Visit www.mypalmbeachclerk.com and find us @ClerkPBC on Facebook, YouTube, Instagram, LinkedIn, Threads and X.
