With the Federal Tax deadline looming just days away, now is the time when filing procrastinators start to look at an ever-growing stack of receipts and start to feel queasy. A three day extension granted by the government makes Monday April 18th this year’s most dreaded holiday. The Federal Government alone will collect more than $2 trillion in addition to state and local government taxes. After the paperwork has been dropped in the mailbox and checks have all been signed, how do you really know that your dollars make it to the right place?
In an effort to ensure fairness and honesty within the governmental ranks, many public officials are required to be bonded to perform their jobs. Public official bonds apply to everyone from local clerks and sheriffs to county managers and circuit judges. While bond requirements vary from state to state, most officials have a minimum bond they are required to secure. This amount may be a flat rate depending on their title, or, in some cases, it may be a percentage of the taxes collected in that jurisdiction.
Public official bonds generally apply to anyone responsible for handling or managing public funds in the course of their work. This is just one stopgap put in place by the government to ensure that taxpayer dollars are used properly and respectfully. Requiring bonds protects against dishonesty, misappropriations or corruption that can tempt people in positions of power.
Should a public official be found to have mishandled public funds, the bond provides a way to replace that money at no additional cost to taxpayers. After paying out due funds, the private bonding company, the surety, takes care of tracking down the foul-playing official and forcing them to repay the debt.
Public official bonds work because the surety firms involved are private entities not associated with the government. They are therefore able to fairly investigate and judge claims without bias or political sway. And, like everyone’s favorite medieval archer, they have no qualms taking from the rich (and corrupt) government officials and giving to the poor (and deserving) taxpayers.
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