Joseph Abruzzo

Palm Beach County Increases Israeli Bond Investment

Florida News Palm Beach County
Joseph Abruzzo
Palm Beach County Clerk of Courts, Joseph Abruzzo.

BY: MEDIA ADVISORY | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) (Media Release From Palm Beach County) — Palm Beach County will double its investment in Israel bonds, under a change to the County Investment Policy championed by Clerk of the Circuit Court & Comptroller Joseph Abruzzo.

Clerk Abruzzo, who manages the County’s investment portfolio in his role as the County’s Treasurer, said the change is important for the County and the taxpayers.

“This is critical to making sure we’re getting great investment on the Palm Beach County taxpayers’ money,” Clerk Abruzzo said to members of the Palm Beach County Board of County Commissioners before they unanimously approved the change to the County Investment Policy. “The majority of the investment will be in 3-year duration Israeli bonds, which have a yield of 1.35 percent compared to the 3-year U.S. Treasury bond, which is only yielding 0.9 percent. The Israeli bonds are safe, secure, and a proud investment in our greatest ally, Israel.”

The Clerk’s investment team, under Clerk Abruzzo’s leadership, focuses on maximizing investment earnings after ensuring taxpayer money is protected and available to pay County expenses.

With the change in the County Investment Policy, up to 10 percent of the portfolio managed by Clerk Abruzzo’s investment team can now be invested in Israel bonds – an increase from 5 percent under the previous investment policy. The investment in Israeli bonds will potentially be as much as $300 million.

In addition, the maximum maturity allowed was increased from 5 years to 10 years.

“I greatly appreciate the Board of County Commissioners support of the recommendation to increase the County’s investment in Israel bonds, and for understanding the importance of strengthening our County’s portfolio for the taxpayers’ benefit,” Clerk Abruzzo said.

As the Treasurer for Palm Beach County, Clerk Abruzzo’s team invests and earns income on taxpayer money. For example, when the County takes in money such as property taxes, it is invested until needed for payroll and other bills.

The Clerk’s certified investment professionals proactively manage an average $2.6 billion dollar portfolio to maximize investment earnings, while ensuring that tax dollars are protected. The County Investment Policy, developed by the Clerk and the County’s Investment Policy Committee, governs investments and provides guidelines related to risk management and reporting requirements. To learn more about the Clerk’s management of the County’s portfolio, visit the Investments section of www.mypalmbeachclerk.com.

 

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