Palm Beach’s popular annual financial report is back for the first time since 2009, bringing good news for residents.
For the fourth consecutive year, the city ended its fiscal year with a surplus which, for the year ending September 30, 2021, was $2.3 million.
The report also revealed that the city has increased its reserves, produced an all-time record in annual revenue at the Par-3 golf course and improved the pension plan funding ratio.
Palm Beach ends its fiscal year with a budget surplus:New Financial Report Released by Palm Beach Reveals Budget Surplus and Record Revenue for Golf Courses
“A very successful year”:City recreation department exceeds 2021 revenue targets
Compiled by budget analyst Melissa Ladd using information from various departments, the report provides a one-stop shop for residents who want to get an idea of the city’s financial health.
It’s only fitting that a city full of savvy residents can have easy access to an up-close look at how the city is doing and provide feedback.
The report contains year-end financial data; property tax information; achievements of the department for the 2021/2022 financial year; highlights of zoning reform; financial information and data on two of the city’s corporate funds, the Par-3 Golf Course and the Building Fund; and updates on the citywide landfill project and strategic planning council.
Finance director Jane LeClainche, who deserves credit for overseeing the project, said the report is an effort to keep citizens informed about issues that matter to them. She noted the desire for more financial information from the city, as well as upcoming issues such as the strategic plan and zoning reform that will require citizen input.
On 26 pages, the report can be downloaded from the city’s websiteis full of details and is quite easy to understand even if you are not a “numbers” person.
The $2.3 million surplus is proof that officials have been prudent in managing city resources, even as residents continue to enjoy one of the lowest tax rates in the city. county.
Coffers will likely be bloated given the trend of skyrocketing property values. However, it could face significant expenses in the future to manage growth, ensure fresh water quality and mitigate sea level rise.
So it’s good for residents to know that they can keep track of how the city is handling its money by reading Palm Beach’s popular annual financial report – which we hope will now be an annual event.