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The board reviewed a proposed $100 million catastrophic-event line of credit, but the city and its financial adviser advised against it because it would cost about $250,000 annually and the city could obtain emergency loans quickly if needed. A lower-cost alternative discussed was preparing a shortlist of banks and preliminary terms before hurricane season.
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The proposal would have created borrowing capacity for declared catastrophes such as hurricanes or major financial crises, but no approval was recorded. The board also reviewed tree maintenance: Coral Gables has 40% tree canopy coverage, maintains 40,000 public trees, and has a $1.9 million annual trimming budget. Staffing and budget limits restrict pruning frequency and tree planting, with two certified arborists currently on the team. Discussion of a possible Capital Reserve Fund was postponed until the next meeting.
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