Miami Home Refinancing

Miami names temporary finance chief

Faced with the departure of the city’s chief financial officer, Mayor Tomás Regalado has asked the Miami Parking Authority’s head of finance to lead the city through the budget-writing season that lies ahead.

Scott Simpson, a former city finance director who now serves as the parking authority’s finance chief, will spend the next three months looking for ways to balance Miami’s 2012 budget, which faces a shortfall estimated at $40 million.

When that task is complete, Simpson plans to return to the MPA, a semi-autonomous agency that oversees parking and brings the city millions of dollars a year.

Regalado announced Thursday that Simpson will be on loan from the agency at no extra cost and will take the reins on a consulting basis from outgoing Chief Financial Officer Larry Spring, who left for a job in the private sector. The MPA will continue to pay Simpson’s $243,756 in annual compensation, and Simpson will also continue to carry out his agency duties.

The mayor said Simpson, who joined the city in the late 1990s and moved to the parking authority five years ago, was the right person for the job because of his past experience with the administration.

“He has a very special relationship with the people in the city and with the bonding agencies,” Regalado said. “He’s very well-respected with the people on Wall Street.”

Among Simpson’s immediate concerns are a pair of bond sales worth almost $200 million — one is a refinancing, the other a new issuance to help build the tunnel to the Port of Miami — and a budget for next fiscal year that needs to be in place by the end of September.

That budget is already fighting a $40 million headwind from a number of sources: $10 million in non-recurring revenue it could count on last year from a redevelopment agency; $12 million less than expected in property-tax returns; $8 million it doesn’t expect to collect from a traffic-light camera ticketing initiative; and increased expenses of about $10 million.

Simpson has been credited with doing a good job at the MPA, which operates the city’s parking garages, meters and lots, which are expected to bring in about $7 million this year.

Last year, Regalado tried unsuccessfully to wrest control of the lucrative agency, arguing the cash-strapped city could put the MPA’s revenues to better use by slashing expenses. The parking authority had been under scrutiny for heavy spending on out-of-town travel, pricey meals and sporting events.

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