We're in the money

Palm Beach County is flush with money

Palm Beach County residents pay some of the highest taxes in Florida, according to TaxWatch's study, which was presented to commissioners during a budget hearing. The county ranks 12th out of 67 counties in overall tax rates, the study said.

The result: budget reserves that swelled to more than $1.3 billion in 2005, the nonpartisan Tallahassee watchdog group said. County officials heatedly disputed that figure, saying it includes far more than just general savings.

Money is set aside to provide a cushion to deal with hurricanes and other emergencies, maintain the county's top bond rating and pay for capital projects, such as parks and libraries.

But how much is too much?

"The numbers are staggering," said Rod Macon, chairman of the Economic Council of Palm Beach County, which paid for the study. "If you've got healthy reserves, that's great. But at what point does it become excessive?"

Macon and TaxWatch Vice President John Turcotte suggested the county keep smaller reserves and return the rest to taxpayers. The county also could save money by prioritizing projects and picking only the best to fund, Turcotte said.

County Administrator Bob Weisman defended the county's spending approach. The $1.3 billion reserve figure includes money for big-ticket items such as the Scripps science development and the county's road building program. When Hurricane Wilma hit, the county had money in reserves to pay for the $30 million cleanup. And the savings allow Palm Beach County to remain popular among lending institutions, earning a better interest rate when the county borrows money, he said.

"I've never been ashamed to tell people we saved their money, we haven't spent it," Weisman said.

I don't know Bob. Most people would prefer to save their own money, not have the County do it for them.

All joking aside, its good Palm Beach County has reserves though maybe they shouldn't be quite so larg. I grew up in New York State and still vividly recall the financial crisis that hit New York City in the Mid 70's. No one wants to see a return to those days either.

I guess voters can give their thumbs up or down in November at election time. That's if your your County Commissioner has opposition. TFM's Commissioner, Mary McCarty, more often than not has run unopposed.

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