Miami / Citywide

Commissioners Want Big Bonds Reviewed by the Finance Committee First

The $450 million bond headed to voters skipped the advisory committee; a code change is coming.

Stock photo: Marc Averette via Wikimedia Commons, CC BY 3.0 — Stock photo, not the project: Marc Averette, Wikimedia Commons, CC BY 3.0

Big borrowing should get an outside look before it reaches the dais, several commissioners said. The discussion centered on the $450 million bond going to voters, which did not go to the Finance and Audit Committee first; a $150 million lease did. The sponsor plans legislation requiring all proposed debt to go to the committee before the Commission votes, and colleagues asked to co-sponsor.

What was discussed. The city attorney said that under the code as written, referendum bonds don't have to go to the committee first, and that past practice is review at issuance. The city manager said the committee, which has four members and has struggled with quorum, needs more resources and earlier involvement in the budget. A longtime committee member urged operating 'above reproach' on bond disclosure and said the administration estimates the first-year Amendment 3 impact at about $26 million, less than the roughly $39 million year-over-year growth in general-fund collections.

Sources: Video

Reported from the Oct. 8, 2026 City of Miami Commission meeting. Meeting video