Watch CBS News

Miami CFO Resigns; City Manager May Follow

MIAMI (CBSMiami.com) – The city of Miami will lose its finance chief next week and may about to be in need of a new city of manager as well, CBS4 news partner the Miami Herald reported Friday evening.

Miami chief financial officer Larry Spring submitted his resignation to Miami manager Tony Crapp, Jr. Friday. Spring told the Herald that he's pursuing private-sector jobs that have started to come his way.

At the same time, Crapp is also considering a job outside of government, but he hasn't resigned Miami Mayor Tomas Regalado said.

All of the potential turmoil comes as Miami is set to deal with how to replenish the city's reserve fund, manage Police Chief Miguel Exposito, and a U.S. Securities & Exchange Commission investigation whether the city misled bond investors, the Herald reported.

Spring started out as the city's budget chief in 2003 and then became CEO. According to the Herald, Spring's tenure was marked by the real estate boom, ambitious infrastructure projects and tax cuts; but also for habitually dipping into Miami's reserve fund to balance the budget.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Miami Herald contributed to this report.)

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.