Monroe CO (FL Keys) Faces $1.8 Billion Costs To Raise Roads & Utilities; Has $400 Million Capacity
On Nov. 17, the Monroe County Commission took a very hard look at its finances. The timing coincides with the revelation of the $1.8 billion price tag to address the Keys’ sea level rise anticipated in 25 years — the year 2045. Yes, billion with a “b.” That’s the amount officials forecast it will cost to raise roads and move utilities (and finance the financing) to protect neighborhoods that are vulnerable should there be a 1-foot rise in sea level.
The commission heard a number of reports outlining the county’s financial options: a public bond, sales tax increases, homeowner assessments and grants and loans that could be available. The comprehensive approach came a day ahead of a special meeting to figure out which roads should be prioritized for reconstruction.
Sergio Masvidal of PFM Consulting told the commissioners it was unlikely that any one of the options would provide the financial resiliency the county needs to cope with sea level rise expenses. Rather, he said, a varied approach would be necessary, something his firm calls a Green Bond Toolbox.
• Public bonds. Municipal bonds are essentially loans taken out by states, cities or counties to finance capital projects such as road elevations. Monroe County doesn’t have a bond credit rating because it hasn’t taken any types of these loans. According to PFM, a financial consultant for the county, Monroe County could qualify for a favorable AA rating. “That’s an extremely strong rating,” said PFM’s Sergio Masvidal. “Technically, the county has a bonding capacity of $400 million.”
EDIT
https://keysweekly.com/42/big-bill-county-estimates-1-8-billion-to-raise-roads-for-2045-sea-level-rise/
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