Case Study

Name: Miami Citizens' Independent Transportation Trust Date: 2005 - Present Project: Transit and Surface Transportation Financial Analysis and Program Auditing

Summary: IMG is serving as financial advisor to the Miami Citizens' Independent Transportation Trust (CITT) for the implementation of the multi-billion dollar People’s Transportation Plan, funded primarily by a new half-cent sales tax in Miami-Dade County.

Issue: With the recent voter-approved half-penny sales tax, Miami-Dade County established the CITT, an independent body assembled to ensure that sales tax funds were responsibly used to fund the congestion-mitigation projects of the People’s Transportation Plan. To aid CITT’s efforts, CITT selected IMG to serve as its financial advisor.

Solution: IMG is currently carrying out four major tasks for CITT, including: reviewing the 5- and 30-year pro formas that have been developed by Miami-Dade Transit, reviewing the actual use of the sales tax dollars so far, reviewing proposed departmental budgets, and developing a risk assessment model to assist the CITT with long-term oversight of the sales tax monies.

Value Created: IMG is helping the CITT to better understand how sales tax revenues have been spent to date and is advising the CITT on whether the People’s Transportation Plan will be achieved in the budget and timeframe originally projected. Furthermore, IMG is making clear all of the major risks that this ambitious plan may face, such as: construction delays, construction cost increases, delays in obtaining grant funding, and changes in design programs.