The City’s Financial Services Department and Office of Management and Budget were recognized with three financial services awards highlighting their efforts in government budgeting, financial reporting, and public procurement. Additionally, the City received a “AAA” bond rating by Moody’s Investors Service, and with the 2023 increase in taxable property values, has the highest property value of any city in Palm Beach County.
The City’s Financial Services Department, Accounting Division and Purchasing Division received two awards:
· Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA)
The Certificate is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. 42nd Consecutive Year
· Award of Excellence in Public Procurement for 2023 from the Florida Association of Public Procurement Officials (FAPPO)
The Award recognizes organizational excellence in procurement, and the agencies that meet or exceed benchmarks in the procurement process. The City received high ratings for criteria including innovation, professionalism, e-procurement, productivity, and leadership attributes. 16th Consecutive Year
The City’s Office of Management and Budget received the following award:
· Distinguished Budget Presentation Award from the Government Finance Officers Association
The Award reflects the commitment of a government agency and staff to meeting the highest principles of governmental budgeting. The City met nationally recognized guidelines for effective budget presentation across four categories, including a policy document, a financial plan, an operations guide, and a communications device. 40th Consecutive Year
“The City strives to provide the highest quality fiscal services to the residents and businesses of Boca Raton,” commented Linda Davidson, the City’s Financial Services Director. “The awards are a reflection of the City’s commitment to integrity, accountability and customer service in financial reporting, budget and procurement.”
The awards come at a time when the City is experiencing overall strengthening of its financial standing and property value.
The City’s rating for its special assessment revenue bonds were upgraded from “AA 1” to “AAA” by Moody’s Investors Service after a review of the City’s non-ad valorem debt. All the City’s bonds are now rated ‘AAA’ and are reflective of the City’s strong revenue raising flexibility and solid revenue growth prospects related to a vibrant economy, affordable long-term liability, and sound financial management.
County wide, taxable property values increased according to the Palm Beach County Property Appraiser’s 2023 Estimated Tax Roll. With a tax roll increasing almost 12 percent, Boca Raton now has the highest property value of any city in Palm Beach County. The increase in taxable property value, combined with the City’s financial management procedures, helps ensure Boca Raton can continue to provide outstanding services to its residents and businesses while maintaining one of the lowest property tax rates for a full-service city in Florida.