FYI Miami: December 15, 2016
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
COUNTY’S EARNINGS GROW: Miami-Dade County’s investment portfolio earned $17.198 million in the fiscal year ended Sept. 30, according to a memo from Mayor Carlos Gimenez. In the prior fiscal year the county earned $12.768 million from its investments – which are not insignificant. As of Sept. 30 the market value of county investments was more than $3.35 billion; last year the value ended the year at more than $3.59 billion. The memo says the county puts safety of principal and liquidity of funds above its third investment standard: maximizing investment income. In fiscal 2016 the portfolio returned 0.52% and in 2015 0.36%. In both years, the memo said, the county’s average rate of return exceeded the 180-day federal government treasury average.
MARINAS FOR VIRGINIA KEY: A new request for proposals to redevelop and operate the city-owned marinas on Virginia Key may reach Miami commissioners for a decision next month. On Dec. 8 commissioners deferred the matter to Jan. 12 in order to get a recommendation from the Virginia Key Advisory Board. The board is to continue its review of the latest request for proposals at 5:30 p.m. Dec. 19 at City Hall, 3500 Pan American Drive. The board deferred a decision on the latest draft Nov. 29 in part to encourage public review and comments on the fate of the marinas on the barrier island. The first request for proposals in 2015 drew three bids, controversy and a protest. Commissioners rejected all bids and started over. Commissioner Ken Russell said Dec. 8 he’s pleased to see how the new bidding process is being handled: “I’m glad to see a very public process happening.”
MICROBREWERY RULES: Miami city commissioners granted final approval Dec. 8 to new regulations for microbreweries, to be permitted only in Cultural Specialty Districts. The legislation limits microbreweries to the first story of the principal building and a maximum of 20,000 square feet. The consumption component would be on a principal frontage, manufacturing and distribution functions would be enclosed, and microbreweries would be subject to the regulations of the area’s zoning.
SUPPLEMENTING FUNDING FOR SENIORS: The Miami-Dade County Commission is urging Florida’s Legislature to move legislation authorizing counties to create independent special districts with the power to impose ad valorem taxes up to one-half mill, following approval by voter referenda that will be used to supplement current funding for senior services. The resolution also preliminarily identifies the issue as a critical county priority for the 2017 state legislative session.