Palm Beach County is first county in the U.S. to boost financial backing as Israel declares war
WEST PALM BEACH, FL – Clerk of the Circuit Court & Comptroller Joseph Abruzzo directed an additional $25 million from Palm Beach County’s investment portfolio to be invested in Israel bonds in a show of steadfast support for Israel following their declaration of war against Hamas militants.
“Israel is our greatest ally, and they need our full support in the aftermath of this horrific terrorist attack that slaughtered hundreds of innocent civilians – including 11 Americans thus far,” Clerk Abruzzo said. “I am proud to show solidarity with the people of Israel and make Palm Beach County the first county in the nation to increase its investment in Israel bonds following their declaration of war against Hamas.”
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Clerk Abruzzo, who manages the County’s investment portfolio in his role as Palm Beach County’s Chief Financial Officer, will meet with Jewish leaders on Wednesday to discuss the increased investment in Israel and hear from them why it is important to boost financial support for Israel.
This is the second time that Clerk Abruzzo has advocated increasing Palm Beach County’s investment in Israel bonds. In 2021, he championed a change to the County Investment Policy to allow for the doubling of Palm Beach County’s investment in Israel bonds. That change was unanimously approved by the Board of County Commissioners.
Palm Beach County’s investment portfolio has enjoyed record-setting returns under Clerk Abruzzo’s leadership. The portfolio is projected to earn a record $172 million in investment income for the fiscal year that ended on September 30 – money that Palm Beach County will use to help ease the financial burden on Palm Beach County taxpayers.
The Clerk’s certified investment professionals proactively manage the investment portfolio, which reached a high of $4.06 billion last fiscal year, 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.
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