TaxWatch stings Palm Beach County for size of reserves
by John Kennedy | September 7th, 2011Florida TaxWatch, the business-backed research group, issued a stinging report Wednesday on Palm Beach County’s higher-than-average financial reserves, saying county property taxes could likely be cut if officials drew down these dollars.
“There is no excuse for a county government to hoard excessive levels of reserves over time,” said Dominic M. Calabro, President and CEO of Florida TaxWatch. “This continued trend has resulted in an unreasonable shift of taxpayer dollars to government coffers with no apparent benefit to the public at a time when counties need to find ways to maximize all opportunities to fund core services without raising taxes on its residents.”
TaxWatch found that the county has kept uncommitted reserves at 50 percent or more of its total spending from 2005 through 2010. By comparision, Hillsborough County has kept reserves at between 13 percent and 24 percent during the same period. The disparity hasn’t made much difference, TaxWatch concluded, since both counties have earned Triple A bond ratings from Wall Street.
Here’s the report: http://bit.ly/osfGh0
Tags: Florida TaxWatch
September 7th, 2011 at 12:22 pm
Why (oh why) is the county not using this fund to provide further tax relief to job creators? Is there a particular reason?
September 7th, 2011 at 12:23 pm
Yes. But this is corruption county. That inflates everything at least 25% for hidden kickback deals.
What we don’t need is 80 % of the budget going to PBSO stuff. That makes us a police state.
Cut PBSO 50% , crime will not change.
September 7th, 2011 at 12:30 pm
It is always a very very bad idea to have “extra” money laying around where politicians can get their hands on it. It belongs in the pockets of the people who earned it.
September 7th, 2011 at 12:44 pm
TaxWatch Report –
Palm Beach County is…
proposing a maximum property tax increase of 3 percent
to fund the FY2012 budget.
Implementation of the recommendations made in this report would provide additional needed county revenue and help…
avoid an increase in taxes.
So a tax increase is needed to avoid an increase in taxes?
September 7th, 2011 at 1:14 pm
@ Tea Lady
Hate to shatter your deluded sense of reality but your wealthy friends are not the “JOB CREATORS”.
September 8th, 2011 at 8:17 am
@ Tea Lady, How about instead of just providing the tax breaks republicans contend are intended to grow jobs to people based on their income level, we provide it only to bonified small businesses who will actually verify that they have hired and retained workers with that money. The generic line “wealthy people are the job creators” is a myth (lie) that has been the republican’s wink wink nod mantra for the last 4 years. They know better but continue to repeat this lie over and over again. Mat Damon said it best http://www.youtube.com/watch?v=w0LQTwhCfcY
Rich people like him, who are the ones targeted by republicans to receive big tax cuts for the purpose of growing the economy are not starting businesses and putting people to work. They are putting that money in a bank (probably over seas) for a rainy day. Stop believing in their lies.
September 8th, 2011 at 10:03 am
My property taxes have gone up every year and are proposed to go up again. My wages have not! My vehicle registration, home owners insurance, car insurance, water bill & electric rates have all gone up. Send some tax relief my way!
September 8th, 2011 at 12:10 pm
Why is this on some obscure political blog and not on the FRONT PAGE of the Post? People, your government is over-taxing you by 50% and keeping the money “just in case”.