Finance chief who left Miami during SEC inquiry has been rehired for the same job
An administrator who managed the city of Miami’s finances during one of the city’s most turbulent fiscal periods is returning to his old job at city hall.
On Friday, City Manager Art Noriega announced he hired Larry Spring, who served as Miami’s chief financial officer from 2007 to 2011, to return to the same role, with an additional title as assistant city manager. In a short bulletin to city staff Friday, Noriega highlighted Spring’s 19 years of experience as a certified public accountant and his previous roles in government jobs, including about four years as North Miami’s city manager and high-level post at Jackson Health System.
Noriega briefly mentions Spring’s previous tenure at Miami City Hall, a period that began with a boom time for Miami real estate values and healthy municipal budgets. Spring first joined the city in 2003 after leaving a job as vice president and controller of Miami’s TotalBank. He worked as budget director before becoming CFO.
Belts tightened and budgets suffered during the Great Recession, and Miami’s coffers were further scrutinized when the Securities and Exchange Commission launched an investigation.
Spring left the city in 2011 amid the investigation that eventually found one of Spring’s subordinates, former budget director Michael Boudreaux, concealed the city’s ailing finances to lie to bond investors in the late 2000s. Spring was never charged, and he said he helped the SEC by testifying during the investigation. A jury later found Boudreaux liable for violating securities laws, and the city was fined $1 million.
At the time, Spring said he left to work in the private sector, and then-mayor Tomás Regalado said Spring did not leave because of the investigation.
On Friday, Noriega said Spring was qualified to come back to his old job “because he was cleared of any wrongdoing and he’s a proven CFO and city manager.
“He’s had an excellent career in public service, and the city is lucky to have him,” Noriega said.
Noriega’s tapped Spring before. Fresh on the job as the COVID-19 pandemic bored down on the world, Noriega hired Spring in April 2020 as a $25,000-a-month financial consultant to assist with the city’s economic recovery.
Spring will be paid an annual salary of $245,000, according to the offer letter he signed Monday. He will also receive $600 a month for a car allowance and a cellphone allowance of $200 a month.
Spring was North Miami’s city manager for about four years from 2016 to 2020. He was fired in 2020 without cause, and he agreed not to contest the dismissal.
He won accolades from some North Miami city leaders who credited him with creating stability at the city, including high marks from law enforcement for reforms made after the police shooting of an unarmed therapist in 2016.
His critics did not elaborate on why they wanted him fired. He left the city with a severance package that included 32 weeks’ pay and a $45,000 SUV.
Spring did not respond to requests for comment.
Former CFO and Assistant City Manager Fernando Casamayor recently left the city to work in economic development at Miami-Dade County’s government.
This story was originally published June 10, 2022 at 6:58 PM.
