Clerk Mike Caruso says Palm Beach County now holds $1 billion in Israel bonds after $350 million buy

Mike Caruso, Palm Beach County Clerk of Court and Comptroller, announced that he authorized his office to purchase $350,000,000 of Israel bonds, completed yesterday, bringing the county's Israel-bond holdings to exactly $1,000,000,000 when combined with a $129,000,000 purchase in November 2025. "This purchase places Palm Beach County as the largest investor in Israel bonds in the entire world," Caruso said.

Caruso said the purchases are permitted under Florida statutes and follow a county investment policy change approved by the Board last October that temporarily raised the maximum allowable share of the county's portfolio from 15% to 18%. He said the county's overall investment portfolio totals approximately $6,000,000,000 and that roughly 83% of it is liquid. "We're earning approximately 4.49% on our yield on Israel bonds," he said, adding those holdings are staggered to preserve access to cash over the next three years.

Officials framed the purchases as a fiscal benefit to residents. Caruso presented projected returns of nearly $136,000,000 in interest income over the bonds' terms (two to three years) and said that equates to about $23,000,000 more than an equal investment in U.S. treasuries over the same period. "That's over $23,000,000 that our taxpayers do not have to pay in or that we do not have to collect from taxpayers to fund the county's operations," Caruso said.

Political leaders at the briefing praised the decision. Sarah Baxter, Mayor of Palm Beach County, said higher returns reduce pressure on taxes and thanked the clerk: "The residents need to know that the more money that we bring back from these investments, the less money we need to collect in taxes." Commissioner Greg Weiss, chair of the county's investment policy committee, said the committee reviewed and supported raising the ceiling and called the extra earnings a direct benefit to taxpayers. Commissioner Sachs said the milestone demonstrated both financial prudence and political support for Israel.

Joseph Abruzzo, identified at the briefing as the former clerk and now county administrator, described how holdings grew from about $5,000,000 when he became clerk in 2021 to the current level after the board's decision to increase the cap and subsequent market opportunities following October 7 tranches. "When I asked the commission to increase that cap, they unanimously approved it," Abruzzo said.

Caruso said he negotiated incremental benefits on the latest $350,000,000 tranche totaling $3,400,000 above what other Israel-bond investors received. On the question of bond terms and liquidity, he said Israel Bonds agreed to allow future county investments in two-year tranches, which he said reduces the time funds are "tied up" and addresses concerns about potential state budget actions that could require tapping reserves.

Caruso also addressed legal challenges. He said a 2024 lawsuit against former Clerk Abruzzo was dismissed in January 2025 and that in October he received "the same lawsuit" filed by plaintiffs identified as John Doe, Jane Doe and "John Doe 2," which is pending. "We're working on getting that dismissed as well," Caruso said.

The briefing ended with a short question-and-answer period; no board vote or commission action was recorded during the event. Caruso closed by reiterating the county will continue to manage its portfolio for safety, liquidity and return and said staff and officials will oversee how any additional earnings are used going forward.