Miami Beach commissioners, who seek to reduce the city’s dependence on tourism as that sector continues to falter, explored on Friday the first category of opportunities for economic expansion laid out by city administration: sponsorship opportunities and naming rights.
At a meeting of the Finance and Economic Resiliency Committee last month, commissioners initiated a discussion of how the city can diversify income. The item featured a broad overview of categories staff could focus on, including business recruitment, increasing reserves and identifying new revenue streams.
At Friday’s committee meeting, commissioners addressed the urgency of diversification. “We are going to have a dark winter,” said Ricky Arriola. “2021 does not look good with respect to tourism for anyone in this country. What can we proactively do to increase revenues that doesn’t involve raising taxes?” Read more…..
Chart of the Day
Warren Buffett and Charlie Munger explain the benefits of working with less capital. From the 2001 Berkshire Hathaway annual meeting.