Planning for capital improvements is an ongoing process. The Capital Improvement Plan, or Planned Progress, is a five-year plan for public improvements and capital expenditures by the City, which is updated annually. It provides coordination among projects in respect to funding, location, and time.
The Capital Budget presents project budgets for both the current and new capital projects necessary to improve, enhance and maintain public facilities and infrastructure to meet the service demands of residents and visitors to the City of Miami Beach. It is the first year of the City’s five-year Capital Improvement Plan.
Bond programs are a primary way the city finances the cost of physical improvements to the city’s neighborhoods, streets, parks, beaches, public safety facilities, and other facilities. General Obligation (G.O.) Bonds are sold to investors and are re-paid solely from property taxes. G.O. Bonds are used to pay for projects that are created for the benefit of the community at large. By law, G.O. Bonds must be approved through a voters referendum.
Revenue bonds, such as the stormwater and water and sewer bonds, are paid for from the fees that are collected from the systems they support. They are exclusive to each of those systems, and cannot be used for anything else.
Planned Progress started with a plan to refurbish the city’s parks. The Parks Master Plan, funded by a $15 million voter-approved G.O. Bond in 1995, was the first comprehensive approach by the city to improve public facilities in a wholesale fashion. The original plan to improve 16 parks and facilities grew to incorporate all of the various projects under the current program. Today, it touches every neighborhood in the city and almost every street, and touches the lives of almost every resident, business owner and visitor.