Finance

Carlos Alvarez

Dear Bondholders:

It is my pleasure to offer the 10^th  Annual Report to Bondholders. This Report presents substantive information to our investors so that you may continue to invest in Miami-Dade County with confidence.

Whether it is improvements to our roads and sidewalks, enhancements to our parks system, or upgrades in our drainage systems, we are on course and continuing to wisely spend the bond money taxpayers have entrusted to us.  These infrastructure improvements allow Miami-Dade County to make better use of the millions of dollars that flow in our community to foster regional economic growth.

Because of the People's Transportation Plan, the State of Florida has committed funding for the expansion of our Metrorail system.   We are also high on the priority list for federal funding because of this dedicated source of transportation dollars.  In addition, progress continues to be made toward to the completion of the Miami Intermodal Center connector which will enable residents and tourists to travel from Downtown Miami to Miami International Airport (MIA) without even needing a car.

MIA’s South Terminal is scheduled for completion in early 2007, and is expected to lure new carriers, retail and food concessions. The bidding process is being handled professionally, fairly and transparently.

The Port of Miami-Dade is also undergoing extensive capital improvements, which will allow more cruise and cargo businesses to make us more competitive.   Security at both the seaport and airport is one of our top priorities, but we also continue to seek efficiencies that do not compromise safety.

Thanks in part to the successful operations at our ports, tourism is soaring.   More than 11 million people stayed in Miami-Dade County at least one night in 2005, setting a new records, and signaling we are a destination of choice for people from all over the world.

Both travelers and residents are looking forward to the opening of the Miami Performing Arts Center (MPAC), which is scheduled to open in October 2006.   This magnificent facility is an architectural wonder, with acoustical superiority.  An ambitious slate of musicals, plays and other programs are being scheduled.  The MPAC will surely be the jewel in the crown of our artistic and entertainment endeavors.

In closing, let me state how optimistic I am about Miami-Dade County’s future.  Our community continues to be a premier place to live, work and visit, not only because of our geographic location, but because of the quality services Miami-Dade County government provides.  As we move forward, we will continue to seek to enhance and improve these services in an efficient and accountable way to further bolster investor confidence.   Thank you for your investment in Miami-Dade County.

Sincerely,

Carlos Alvarez
Mayor