The following items were referred from the February 22, 2023 Commission Meeting to the Finance and Economic Resiliency Committee for discussion:
· C7 Q Organize Programming, Cuban Singer/Songwriter Albita Rodriguez Concert.
· C7 R Organize Programming, Singer/Songwriter Mordechai Shapiro Concert.
· C7 S Organize Programming, Rapper "Vanilla Ice" Concert in Miami Beach.
· C7 T Organize Programming, Blues Singer Sam Moore Concert in Miami Beach.
· C7 V Organize Programming for Musician David Byrne Concert in Miami Beach.
· C7 AA Engage Artist Matisyahu for Future MB Programming Events. (Item from February 1, 2023 Commission Meeting.)
Staff has performed due diligence and conducted research as to availability and cost for the various proposed artists. The costs depicted below are for the artist fee only, unless noted inclusive of production and artist rider fees.
Estimated Programming Costs:
· Musician David Byrne Concert
o David Byrne is currently in the studio. It is believed that he is currently not doing many engagements. However, in order to make an offer enticing to David Byrne, based on high-level conversations with agent, staff would recommend ‘starting’ with an offer as follows:
- $500,000.00 to $750,000.00 all-inclusive fee for 45 min performance in 2023
- Concert positioned as a charity event open to the public on the beachfront
- All proceeds go to his foundation: https://arbutus.world
- City to work with David Byrne’s team to develop programming and messaging of concert
- Cannot be tied to any specific date or pre-existing event
- David Byrne to perform cover songs from Talking Heads (minimal rehearsal required)
- David Byrne's top priority is the production of his new album and an offer with not guarantee a performance.
· C7 AA Engage Artist Matisyahu for Future MB Programming Events. (Item from February 1, 2023 Commission Meeting.)
o To consolidate production and artist fees, Staff engaged the Rhythm Foundation, as they had presented Matisyahu is 2022. If an event was held at the Miami Beach Bandshell, it would cost approximately $40,000 ($30,000 for the artist, $10,000 in production fees to the Rhythm Foundation/ Miami Beach Bandshell)
Funding Process Recommendation:
The Finance Department has noted that the City’s adopted FY 2023-FY 2027 Capital Improvement Plan (CIP), identified a total of approximately $1.6 billion in unfunded capital project needs over the next five years. Further, based on the City’s adopted the city’s financial policies regarding the Capital Reserve Fund and Capital Funding (below), we are recommending that new projects be evaluated through the FY 2024 budget process.
- Resolution 2002-24764 requires that at least 50% of annual General Fund revenues in excess of expenditures be transferred to the Capital Reserve Fund.
- Resolution 2006-26341 established a goal of funding at least 5% of the General Fund budget for capital needs. In recent years, this policy has not been met. In FY 2023, approximately 1.5% ($6 million) of the budget was transferred to Capital Reserve and Pay-as-you-go to fund Capital needs. Had this been funded at the recommended 5%, the transfer should have totaled approximately $19 million.
- Resolution 2006-26341 requires that one-time revenues shall be used for capital expenditures or one-time expenditures, rather than funding recurring programs.
In addition, there have been a number of priority initiatives identified by the Commission and staff that will have significant funding impacts. As we develop the FY 2024 budget, the full fiscal impact of the recently approved collective bargaining agreements also will need to be absorbed. While there are certain one-time needs that may be needed for initiatives already underway, to the extent possible, it is recommended that requests for funding, especially those with recurring impacts, be evaluated as part of the FY 2024 budget development process.