TaxWatch stings Palm Beach County for size of reservesby John Kennedy | September 7th, 2011
Florida 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