February 16, 2024

FOR IMMEDIATE RELEASE:

Contact: Diane G. Papadakos, Director of Communications
City of West Palm Beach – Mayor’s Office
dpapadakos@wpb.org
(561) 822-1411 (TTY: 800-955-8771)

West Palm Beach Announces Robust Interest Earnings to Bolster General Fund Discretionary Balance

WEST PALM BEACH, FL — The City of West Palm Beach proudly announces a significant boost to its General Fund discretionary fund balance through robust interest earnings, enhancing its capacity to address urgent and pressing one-time capital needs.

In a recent investment report, it was revealed that the City accrued an impressive $18 million in interest earnings, which will now become an integral part of the General Fund discretionary fund balance. These funds are strategically utilized to address urgent or other pressing one-time capital needs that may arise during the fiscal year or are planned for the ensuing fiscal year.

Annually, the City's Administration diligently develops a comprehensive One-Time Funding Items Proposal, meticulously outlining how these funds will be allocated. This proposal is then presented to the Board during a dedicated Work Session, ensuring transparency and accountability in the allocation process.

The presentation of the FY25 One-Time Funding Items Proposal, inclusive of the significant $18 million in interest earnings, is currently in the works and scheduled for an upcoming Work Session in May or June.

"The City of West Palm Beach remains committed to prudent financial management and strategic investment," stated Mayor Keith A. James. "These substantial interest earnings underscore our dedication to ensuring fiscal responsibility while simultaneously addressing the evolving needs of our city. We look forward to presenting our proposal to the Board and continuing to work collaboratively to enhance the quality of life for all residents."

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About the City of West Palm Beach:

The City of West Palm Beach is a vibrant and dynamic City located on the Atlantic coast of Florida. With a rich history, a thriving arts and cultural scene, and a commitment to sustainability, the City of West Palm Beach is a great place to live, work, and play. As one of the three largest cities making up the South Florida region, and the central City of Palm Beach County, West Palm Beach is a vibrant, growing, waterfront City that seamlessly blends the business advantages available in the region with a more refined and relaxed environment for living and working, making it an exceptional destination for both residents and professionals alike. To learn more about the City of West Palm Beach, visit us on our official website, or follow us on our social media: Facebook, Instagram, Twitter, and/or Linked-in.