The City of Miami Gardens has received an ‘A’ issuer credit rating (ICR) from the leader of worldwide financial market intelligence, Standard & Poor’s (S&P) at the close of 2009. It was the City’s first try at a national bond rating.
The City of Miami Gardens which was incorporated in 2003 and has an estimated population of 111,171 and is the third largest city in Miami-Dade County. It is home to the Miami Dolphins Stadium where the Miami Dolphins, Florida Marlins, and University of Miami call home and host to the 2010 Pro Bowl and Super Bowl XLIV™.
In 2003 when the City was formed it was widely speculated that the City would not be financially viable. By 2009, the City closed its books with a positive unreserved fund balance of $10.1 million or 16% of expenditures, which is “very strong” based on S&P’s assessment. Miami Gardens’ Mayor Shirley Gibson stated that she was very pleased that the newly formed City could impress the national rating agencies, especially during a period of major recession, but added that she was not surprised. “From the beginning, the City Miami Gardens set out to be the best in whatever it did, and this rating is just another reflection of that determination.”
Overall S&P concluded that City’s financial position is strong with a stable outlook. The stable outlook reflects the City’s “good management practices” and “strong financial position” as well as the City’s diversifying employment base. Currently there are two major projects under construction in the City: Mercedes of Miami is moving its operations to the City and building a new, 12 acre dealership, and Calder Race Course is completing a new 100,000 square foot casino at its Miami Gardens racecourse.
For more information about the City of Miami Gardens S&P’s Ratings, please contact the City Manager, Dr. Danny O. Crew at (305) 622-8000.