Saving time with automated mark-to-market adjustments

Palm Beach County

The Clerk of the Circuit Court & Comptroller (Clerk) serves as Chief Financial Officer, Treasurer, and Auditor for Palm Beach County. One of the office’s most important duties is providing clear, concise, and transparent information about County revenue, debt, and spending. The office pays county bills, invests taxpayer dollars, and produces financial reports.

• Headquarters Palm Beach, Florida
• Assets Under Management $3B
• Website https//www.mypalmbeachclerk.com/

The Clerk’s Office partnered with Clearwater to automate manual investment accounting processes and solve unique challenges around posting mark-to-market adjustments. With Clearwater, they were able to speed up their process for making mark-to-market adjustments from a monthly to a daily cadence.

• $3B billion in AUM
• 1 day to close books
• 360 degree view of investment operations

Challenges

• Burdensome GASB reporting
• Limited ability to view lot-level data
• Slow monthly close processes
• Reliance on brokers for monthly analytics and performance measurements

Results

• Clearwater has enabled the Clerk’s Office to double their assets
• Improved efficiency through automated, proactive GASB regulatory updates, daily mark-to-market adjustments, and industry-leading data aggregation and reconciliation
• Automated daily data reconciliation, including business day one every month, enabling the Clerk’s office to reduce the time it takes to close their books

“Clearwater has given us unprecedented portfolio transparency and control over our investments. Access to this important data contributes to our success in protecting public funds and maintaining liquidity, while also allowing us to provide one of the highest yields among county portfolios in the US.”

Treasurer, Clerk of the Circuit Court & Comptroller, Palm Beach County