FYI Miami: August 10, 2023

Bellow 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.

SPEED FESTIVAL HALTED: Goodwood’s International Festival of Speed will not come to Miami Beach after many months of planning and discussion, a Goodwood spokesperson said. The motorsports event, originally from West Sussex, South of England, and established more than 30 years ago, will not be pursuing Miami Beach as its new host in the US. “Taking our headline events outside the UK has been a long-term aspiration, and Miami offered the perfect location to bring the Goodwood brand to a new audience,” said the spokesperson. “After much deliberation, we will not be pursuing this specific venture (in Miami Beach) at this time. A huge amount of effort and time from both sides has gone into this project and we hope to be able to work with City of Miami Beach in the future.”

UNDERDECK UNDER WRAPS: The Underdeck Committee, formed by business leaders, residents, and community stakeholders to work on recommendations for the 33-acre public open space under the rebuilt I-195 signature bridge, is taking a hiatus until September to then be “ready to tackle the work ahead with details ironed out,” said Lisa Martinez, committee facilitator. Recommendations that included a possible name, governance and operations styles, and capital funding strategies were sent to the City of Miami last December, and the memorandum of understanding that gave the committee an official seat at the table was to expire in July.

SNIP SNIP: Landlines continue to be cut in Florida, while the overall demand for telecommunication services rapidly expands. The Florida Public Service Commission reported last week that about 900,000 landlines were in use in the state in 2022, about 19.5% fewer than in 2021. That’s a huge drop from a peak of about 12 million two decades ago, when Florida’s population was about 16 million. Meanwhile, with the state’s population now approaching 23 million, the most-recent data showed about 23 million wireless subscriptions in Florida. The report showed that for the 12th consecutive year a majority of landlines were used by businesses, but those also declined 21.3% from 2021 to 2022. Residential landlines were down 16.5%, to 358,000.

TAX COLLECTIONS UP: General revenue collections continued to top expectations in June, as Florida state closed out a fiscal year that saw a jump in tax dollars. The state collected nearly $4.664 billion in general revenue in June, $432.4 million more than had been forecast. General revenue, which includes money such as sales taxes, is closely watched because it plays a major role in funding education, health care and prisons.