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News Release


Clerk’s Office is the First & Only U.S. Government Agency CEFEX Investment Steward Certified

Palm Beach County, FL (November 16, 2017) – As the treasurer for Palm Beach County, the Clerk & Comptroller reduces some of the county’s financial burden from taxpayers by investing and earning income on public funds.

For the ninth consecutive year, the Centre for Fiduciary Excellence (CEFEX) renewed the certification of the investment fiduciary practices of the Clerk & Comptroller, Palm Beach County. The certification helps determine the trustworthiness of the Clerk’s office in its fiduciary role.

“Continually earning the prestigious designation reaffirms that we operate using the best practice standards in the investment industry,” said Sharon R. Bock, Clerk & Comptroller, Palm Beach County. “We are proud to be a world-class fiduciary leader as we continue to cultivate an organization that embraces continuous improvement, transparency and accountability.”

When the county takes in revenue, such as property taxes, the Clerk’s office invests the funds until they are needed for payroll and other expenditures. The Clerk’s office manages a nearly $2 billion investment portfolio, in addition to monitoring and auditing Palm Beach County’s budget, revenue and spending. Last fiscal year, the Clerk-managed investments earned $27.8 million, reducing the financial burden on Palm Beach County taxpayers.

“When comparing our rate of return with our peers from the largest counties across the country, we continually come out on top,” said Chief Operating Officer of Finance Shannon Ramsey-Chessman of the Clerk & Comptroller, Palm Beach County.

The Clerk’s office was the first governmental organization in the country to successfully complete the certification process that involves an annual review of investment holdings and procedures followed by on-site interviews with key personnel.

“The renewal of the Palm Beach County Clerk CEFEX certification demonstrates continued adherence to the best fiduciary practices in investment management, documented due diligence, transaction procedures, compliance and organizational changes,” Carlos Panksep, CEFEX general manager, said.

The CEFEX standard of excellence for Investment Stewards is based on 22 fiduciary practices that seek to increase long-term investment performance by diversifying the portfolio across multiple asset classes, by evaluating and working with the best service providers, and by implementing best practices help uncover investment and/or procedural risk. A summary of the fiduciary practices is available at cefex.org.

For more information, contact the Clerk & Comptroller’s office at 561.355.2996 or visit mypalmbeachclerk.com.

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About the Clerk & Comptroller, Palm Beach County
The Florida Constitution established the independent office of the Clerk & Comptroller as a public trustee, responsible for safeguarding public records and public funds. Clerk Sharon Bock is directly elected by and accountable to Palm Beach County residents. In addition to the roles of Clerk of the Circuit Court, County Recorder and Clerk of the Board of County Commissioners, the Clerk & Comptroller is the Chief Financial Officer, Treasurer and Auditor for Palm Beach County.

CEFEX, Centre for Fiduciary Excellence, LLC, a fi360 company, is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, record keepers, administrators and managers. CEFEX has offices in Pittsburgh, PA and Toronto, Canada.



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