SEC Battle With Miami Makes Waves In Muni Bond Enforcement
By Ed Beeson | August 5, 2016, 7:42 PM EDT
Seven years ago, officials with Miami received a warning about how they were managing the budget. It was March 2009, and the city, like virtually everywhere else, was in the throes of the Great Recession. Its general fund had been falling below target, so officials opted for a simple fix: Transfer over a few million dollars from a fund earmarked for capital improvements.
The move gave the appearance that the reserves in the general fund were flush, allowing the city to stay in the good...