By the Coral Gables Gazette editorial board

The numbers from Coral Gables’ third-quarter financial report for fiscal year 2025 look, at first glance, like a reason to celebrate. Revenues are at record highs. Major funds are flush with cash. The city is outperforming its forecasts. On paper, this is what municipal leaders strive for: a stable tax base, growing development revenue, and a healthy fiscal cushion.

But when nearly $118 million in budgeted funds remains unspent through nine months of the fiscal year, the question isn’t whether Coral Gables is fiscally solvent. It is whether the city is doing enough with its solvency.

Government budgets are more than accounting exercises. They are blueprints for policy, service delivery, and public trust. When those blueprints sit on the shelf—whether through delays in capital projects, stalled procurement, or a shortage of administrative bandwidth—residents do not feel the benefit of what their taxes and fees are funding. And that, ultimately, is the core of the issue.

A city ready to lead—but lagging in action

Through June 30, the city had collected nearly 89 percent of its revised revenue projections—far ahead of schedule and a clear sign of economic strength. Property taxes, development fees, and proprietary fund income all surged. The Parking System Fund alone generated more than $17.8 million, allowing a $6.1 million transfer to the General Fund.

Yet at the same time, the city had spent only 54 percent of its revised annual budget—despite amending that budget upward by $58 million earlier in the year. The imbalance is not inherently a problem. Many governments underspend by Q3 due to backloaded capital timelines. But the scale of this under-execution, especially across multiple departments, suggests more than just seasonality.

When the Stormwater Fund spends only 5 percent of its $15.7 million allocation, or when the Sewer Fund leaves over $16 million untouched through June, these are not just line items. They are postponed infrastructure projects, deferred modernization, and missed opportunities to improve daily life for residents.

Trust requires follow-through

The strength of Coral Gables’ finances should be a launchpad for progress, not a brake. Residents have been told, time and again, that capital improvements take time, and that thoughtful planning matters. Those are reasonable arguments. But when the city approves ambitious budgets—through public hearings, staff recommendations, and commission votes—it makes a promise to act.

That promise must be kept. Otherwise, the city risks appearing not merely cautious, but inert.

It is also a matter of transparency. If capital budgets are consistently underspent, or if departments are unable to deploy resources at the scale allocated, residents deserve to know why. Is it staffing? Procurement delays? Project re-scoping? These are solvable problems, but only if they are acknowledged.

The City Beautiful has built its brand on excellence—in design, in planning, in civic pride. Execution should be no exception.

The final quarter matters

With one quarter left in FY2025, Coral Gables has a chance to close the gap. Not merely the financial gap between intake and outflow, but the credibility gap between ambition and delivery.

We urge city leaders to make this final quarter count—not by rushing spending or pushing pet projects to meet quotas, but by identifying and activating the most high-impact initiatives that have already been approved. Whether it’s infrastructure upgrades, sustainability efforts, or overdue maintenance, the priorities have been set. The funding exists. What’s needed now is tempo.

And going forward, the city should consider publishing not only quarterly financial reports, but quarterly execution dashboards—by department, by capital project, by strategic goal. Residents want to know not just how much money is in the bank, but what’s being done with it. Sunlight builds trust.

Prudence is good. Paralysis is not.

No one is suggesting Coral Gables act recklessly. In an era when many cities struggle to stay solvent, our city is fortunate. But prudence should not be a synonym for paralysis. The purpose of a strong fiscal foundation is to build upon it—not to admire it from a distance.

This is not about punishing caution. It is about rewarding delivery.

Budgets are moral documents. They reveal what a city values—not just in dollars allocated, but in actions taken. As FY2026 approaches, Coral Gables has a choice: continue to coast on past success, or accelerate into the future with discipline, energy, and follow-through.

We hope it chooses the latter.