During the booming times around the country, everyone was spending money, especially the local government in Miami. The officials in Miami were spending money even if they didn’t have it and creating deficits, which are too difficult to get around during the hard times. Furthermore, the city has depleted their reserves by “more than $50 million” to help fix the deficits, which isn’t doing them any good.
https://www.ire.org/wp-content/uploads/protected-files/questionnaire/024515.pdf
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