City of Miami projects $40M budget surplus
City must have at least $93M in reserve
The City of Miami is projecting a $40 million surplus in its budget.
According to Budget Manager Danny Alfonso, the surplus breakdown is below:
- $16 million in reserves
- $12 million in unanticipated revenue, including $4 million reimbursed from FEMA
- $4 million from the Miami Police Department
- $8 million previously projected
Alfonso said the city is required to have at least $93 million in reserve and cannot use the surplus until the city commission decides it's needed.
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