Over the past decade, Miami’s real estate boom brought City Hall hundreds of millions in new spending power. Much of it went to police and fire, which more than doubled their annual budgets to nearly three-quarters of a billion dollars.
Tag: Miami public safety bond
City Borrowed $142 Million Last Year, Pushing Debt Near $1 Billion
With city commissioners set to consider a series of bond-related measures next week — possible groundwork for a proposed $450 million public safety bond — the city’s own audited financial statements show last year’s borrowing increased debt and borrowing costs while new fiscal pressures continue to mount.
Inside City Hall: The Rise of Six-Figure Public Safety Pensions
As Miami officials ask voters to approve $450 million in borrowing for new police and fire facilities, a Spotlight analysis of retirement records reveals another major long-term public safety cost: The city’s police and fire retirement system paid out nearly $192 million last year in pension and cost-of-living benefits.
Internal Q&A Reveals Miami’s $450 Million Public Safety Bond Could Cost Taxpayers Nearly $800 Million
Documents obtained by the Spotlight show city officials estimate the proposed borrowing would ultimately cost $795 million, while future staffing costs for new facilities have yet to be calculated.
Amid Record Spending, City Asks for $46 Million More
Just months after Mayor Eileen Higgins pledged to rein in runaway spending, city officials are pushing to increase the current-year budget by about 2.5% while leaving unclear why much of the money is needed and where it will ultimately go.
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