PBC Clerk Abruzzo: Israel Bonds Paying More Than U.S. Bonds, “Just As Safe”
PALM BEACH COUNTY, FL (Boca Post) (Copyright © 2024) — Palm Beach County is the world’s largest investor of Israel Bonds.
Palm Beach County has become a major investor in Israel Bonds, with around $700 million of its $4.67 billion portfolio dedicated to these investments, as revealed by Joseph Abruzzo, the Clerk of the Circuit Court and Comptroller of Palm Beach County. This decision to increase investments in Israel Bonds to 15 percent of the portfolio was made after receiving approval from the Palm Beach County Board of County Commissioners on March 12.
“My first duty to the taxpayers of Palm Beach County is to make sure that our tax dollars are protected and invested correctly and wisely,” Clerk Abruzzo said. “Israel Bonds are paying a higher rate than our U.S. Treasuries and are just as safe.”
Under Clerk Abruzzo’s guidance, Palm Beach County was the first county in the U.S. To boost its investment in Israel bonds following an attack by Hamas on Israel earlier this year. The county stands to earn an estimated $83 million in interest from these investments, according to Clerk Abruzzo.
Serving as Palm Beach County’s Chief Financial Officer, Clerk Abruzzo oversees the management of the county’s investment portfolio, which peaked at $4.06 billion last fiscal year and generated a record income of $172 million during Fiscal Year 2023.
The income earned through investments is utilized by Palm Beach County to alleviate financial pressures on local taxpayers. The certified investment professionals employed by the Clerk proactively manage the investment portfolio with a focus on maximizing returns while safeguarding tax dollars.
The investment guidelines established by the County Clerk and the County’s Investment Policy Committee oversee investment decisions, outlining risk management strategies and reporting obligations.
