The City of Miami Beach is tourism dependent and revenues are impacted by unpredictable events like hurricanes, Zika and COVID-19. Thankfully the City has maintained healthy reserves to serve as "rainy day funds" to literally weather these storms and its credit ratings remain quite strong.
Below are the items to consider to address future vulnerabilities:
- Recruiting New Industries/Businesses
- Identifying and growing new Revenue Streams
- Transforming One-Time Funds into Recurring Revenue Streams
- Increasing Reserves
- Insuring our Tourism Revenues (eg. parametric insurance)
- Cost Reductions
This item ideally should be heard first by the BAC to inform the FERC discussion.