Coversheet

Committee Assignments - C4 I

COMMISSION MEMORANDUM

TO:	Honorable Mayor and Members of the City Commission
FROM:	Commissioner Mark Samuelian
DATE:	June 24, 2020

SUBJECT:	REFERRAL TO THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE AND BUDGET ADVISORY COMMITTEE TO HAVE A STRATEGIC DISCUSSION ON THE CITY'S DEPENDENCE ON TOURISM REVENUES AND HOW TO MITIGATE.

ANALYSIS

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

- Etc.

This item ideally should be heard first by the BAC to inform the FERC discussion.

Applicable Area

Citywide

Is this a "Residents Right to Know" item, pursuant to City Code Section 2-14?		Does this item utilize G.O. Bond Funds?
Yes		No

Legislative Tracking
Commissioner Mark Samuelian