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.
Tag: Miami public safety bond
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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Inside City Hall: The Rise of Six-Figure Public Safety Pensions
As Miami officials ask voters to approve $450 million