FirmoGraphs keeps its clients up to date on capital plans of interest for long-term business development. We help our customers use this information to gain a competitive advantage and improve proactive conversations with their clients. We recently processed the latest capital spending plan from City of Miami Beach, Florida. Here are our observations.
In the CIP covering the 2022-2026 fiscal years, the City of Miami Beach detailed plans to spend $841.5 million on capital projects, a decrease of 27.8% from $1.2 billion in its 2021-2025 CIP. The current CIP has 644 discrete projects, compared to 637 projects in the prior CIP. The table below breaks down the City of Miami Beach planned capital spending by business area for its last two CIPs.
*Numbers are Rounded
Major Spending Decrease in Utilities, Street/Sidewalks/Streetscape and Street Lighting
Planned spending decreased by 68.7% to $91.8 million in the Utilities business area. The decrease is due to 14 neighborhood improvement projects being deferred beyond 2026, a decrease of $184.1 million reportedly associated with COVID-19 impacts. The largest deferred projects include the Lakeview ($41 million) and Normandy Shores ($29.1 million) neighborhoods.
The Street / Sidewalks / Streetscape category and Street Lighting also declined by 13.9% and 83.4% respectively, for the same reason.
The General Public Buildings category increased by 83.2% to nearly $25 million. The increase goes to an ongoing project, the Replacement of Fire Station #3, worth $10 million.
Nearly $300 Million Investment in Drainage Improvements
Miami Beach has four notable projects. One is valued at nearly $300 million, and three are valued at more than $25 million. The largest single project is the proposed drainage improvements for the Normandy Isle neighborhood and landscaping improvements throughout the community, worth $292 million under the Streets/Sidewalks/Streetscape business area.
Another $96 million is planned for the repairs of the catch basin, manholes, pipes, seawalls and the construction of water quality treatment devices, and pump stations. In addition, the Utilities category also has a notable project, the rehabilitation, and upgrade of water and wastewater pipelines, worth $44.9 million. Lastly is the construction of a Parking garage in the 72 Street Community Complex, worth $43 million under the Parks category.
How FirmoGraphs Can Help
FirmoGraphs curates data about U.S. public sector markets, including capital plans, regulatory developments, and other critical information. We help our customers use this information to gain competitive advantage and improve proactive conversations with their clients. We’d be glad to meet with you and help your company sort through the wealth of information in capital plans and other publicly available documents. Feel free to request a meeting and review the data live in our Business Intelligence platform.
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