Mayor Vince Lago often touts Coral Gables’ fiscal strength: More than $50 million in reserves, a coveted AAA bond rating, and a pension system that—after years of underfunding—is finally stable. By conventional metrics, these are hallmarks of responsible governance.
But fiscal conservatism, when taken to an extreme, can tip into neglect. And in Coral Gables, the cost of keeping money in the bank is becoming increasingly visible.
City Hall is quite literally crumbling. Engineering reports dating back over a decade have identified structural concerns: Spalled columns, corroded steel reinforcement and elevated chloride levels that pose a risk to the building’s long-term stability. Although City Hall was first vacated in 2023 due to safety concerns, only now is the city planning a comprehensive renovation — projected to cost more than $25 million—though some estimates put the true cost closer to $50 million or more — and preparing for a second, longer-term relocation in 2026. Residents might reasonably ask: Why now? Why not 10 years ago?
The same question applies to Phillips Park, one of the city’s largest recreational spaces and a North Gables asset. Despite steady community use and its vital location, it has seen few upgrades over the past two decades. Its restrooms are outdated, the athletic fields uneven and its facilities no longer meet the expectations of a city that brands itself as world-class. In a city that boasts a $280 million annual budget, this kind of deferred investment is difficult to justify.
Unfortunately, that pattern isn’t isolated.
And it’s not just the high-profile landmarks. Streetscape maintenance has grown spotty in certain neighborhoods. Drainage infrastructure in low-lying areas still relies on outdated systems vulnerable to flooding. Sidewalks in residential zones are cracked or heaving. Public facilities such as the Coral Gables War Memorial Youth Center are due for capital investment as demand grows and aging infrastructure limits programming potential.
No one is suggesting that Coral Gables empty its reserves or ignore its pension obligations. But the city must resist the temptation to view its balance sheet as the only measure of success. Financial reserves are a tool, not a trophy.
Bonding exists for moments like this—to fund overdue improvements that preserve both quality of life and civic heritage. Now is the time for Coral Gables to strategically float infrastructure bonds to address these overdue needs. With interest rates still at historically moderate levels and the city’s credit rating strong, it can borrow prudently to finance essential projects that improve civic life and safeguard historic assets.
Moreover, smart infrastructure spending is an investment in the future. Renovating City Hall is about safety, continuity and stewardship of a 100-year-old symbol of municipal identity. Updating parks and recreation facilities is about public health, civic pride and ensuring the city remains attractive to families and young professionals.
Critics may argue that the city should continue prioritizing reserves to buffer against economic downturns. That’s reasonable. But Coral Gables must strike a balance between saving for tomorrow and investing in today. Too much caution becomes a liability when it results in decaying public assets or missed opportunities.
Residents deserve both: a financially stable government and a city that functions, looks and feels like the “City Beautiful” it claims to be. It’s time to move beyond the refrain of financial prudence as a shield against action. Prudence can also mean having the foresight to act now, rather than pay more later.
Leadership is sometimes about knowing when to say yes —and having the courage to act when the city’s future depends on it. It’s time to open the checkbook—carefully, strategically and with a vision for Coral Gables that honors both its past and its potential.
