Enterprise Florida Board Book January 2013

7/29/2019 Enterprise Florida Board Book January 2013

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Enterprise Florida Board MeetingDoubletree Hotel 101 South Adams Street Tallahassee, FL 32301 P: 800-222-8733

January 30 31, 2013

TABLE OF CONTENTS ENTERPRISE FLORIDA BOARD EVENTS

Tab 1 Agenda

EFI Board Meeting Agenda

Tab 2 Florida Jobs

Economic Development Process Floridas Unemployment Rate Jobs Focused Legislative Q&A Session

Tab 3 Minutes

Minutes: November 9, 2012

Tab 4 Action Items

Consent Agenda Executive Committee Members 2nd Quarter Financial Report EFI Tactical Plan 2012-2013

Tab 5 Appendix Board Member Directory 2013 Events

WEDNESDAY,JANUARY30,2013

11:15 A.M. 1:00 P.M.New Board Members Orientation Lunch

Governors Club202 South Adams Street, Tallahassee, FL

Library Room - 3rd Floor

2:30 P.M. 4:30 P.M.

Space Florida Board MeetingDoubletree Hotel Florida Room

2:30 P.M. 4:30 P.M.*Stakeholders Council

*Not required but board members are welcome to attendDoubletree Hotel - Ballroom

5:15 P.M. 5:30 P.M.Bus to Governors Mansion

Doubletree Hotel - Lobby

5:30 P.M. 6:45 P.M.Enterprise Florida Reception

Governors Mansion700 North Adams Street, Tallahassee, FL

For security clearance RSVP to: http://rsvp.myflorida.com

Code: CHCV4

6:45 P.M.Bus to Board Dinner

Leaving Governors Mansion

7:00 P.M. - 9:00 P.M.EFI Board Dinner

Hotel Duval415 North Monroe Street, 8th Floor

Tallahassee, FL

9:15 P.M. - 10:15 P.M.Cocktail Hour Sponsored by FPL

Governors Club

THURSDAY,JANUARY31,2013

7:00 A.M. 8:30 A.M.Enterprise Florida BreakfastDouble Tree Hotel - Salon A & B

8:30 A.M. 11:00 A.M.Enterprise Florida Board Meeting

Double Tree Hotel - Ballroom

Airport Shuttle: Complimentary850.224.5000

Room Rate: $149.00Includes: Internet & Self-parking

Teleconference: Dial: 877.402.9753 Code: 6423569#

*6 to mute/unmute your phone


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nterpr se or a oar eet ng gen aDoubletree Hotel Tallahassee, FLJanuary 31, 2013 8:30 A.M. 11:00 A.M. EDTTheme: Marketing

8:30 a.m. Welcome & Roll Call ................................................................................................... Brett Couch, Vice Chair

8:35 a.m. Chairmans Report & Jobs Q&A Session ....................................................................... Governor Rick Scott

8:55 a.m. Promoting the State for Business - Floridas Business Brand Q &A ................ Melissa Medley/On Ideas

10:00 a.m. Jobs Focused Legislative Q&A Session ............................................................................................... Panel

10:30 a.m. Presidents Update & Q&A ......................................................................... Gray Swoope, President & CEO

10:50 a.m. Action Items............................................................................................................... Brett Couch, Vice Chair

Approval of Board Minutes: November 9, 2012 Consent Agenda

11:00 a.m. Closing Remarks & Adjournment.................................................................................. Governor Rick Scott


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Economic Development ProcessJanuary 31, 2013


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Jobs Focused Legislative Q&A SessionPanel Discussion Enterprise Florida Board MeetingJanuary 31, 2013

Florida Department of Financial Services: Jeff Atwater, CFO

In order to identify burdensome regulation and create additional efficiencies the Division ofWorkers Compensation is undergoing a regulatory review to eliminate outdated laws. Theproposal includes:

o Self-insured financial strength clarifications.o

Updated standard industry codes.o Adjustments to the reimbursement dispute process length.

Florida Office of Attorney General: Pam Bondi, Attorney General

Organized Retail Theft hurts businesses and consumers alike. The proposal will send a strongmessage that this will not be tolerated in our state and includes:

o Enhancing penalties by changing the sentencing guidelines for this violation.o Continue to actively bring cases against these retail theft scams.

Florida Department of Agriculture: Adam Putnam, Commissioner

Reduce unnecessary burdens on businesses and organizations. Proposed legislation seeks toapply a risk-based approach to inspection and regulation, removing unnecessary requirements on

businesses that pose less threat to consumers than others. The proposal includes:

o Removes notary requirements on registrationso Reduces the required security from $50,000 to $25,000 for health studio businesses

House Representative: Marti Coley, Representative

The proposal will include facilitation of economic development for rural communities throughexpansion of Enterprise Zones and Agri-Tourism.

Florida Chamber of Commerce: Mark Wilson, President & CEO


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DRAFT Minutes Enterprise Florida Board MeetingNovember 9, 2012

A regular meeting of the Enterprise Florida, Inc. (EFI) Board of Directors was held on November 9, 2012in Orlando, Florida.

Members Present:CFO Jeff AtwaterAlan Becker Dwayne IngramMark Bensabat Belinda KeiserJay Beyrouti Beth Kirkland

Jesse Biter Tom KuntzPark Brady Fred LeonhardtStan Connally Bob McAdamAnthony Connelly Hal MeltonAndrew Corty Joseph MeterchickBrett Couch Gilberto NevesMarshall Criser Susan PareigisHayden Dempsey Henry RodriguezNancy Detert Gene SchaeferDebra Duvall Governor Rick ScottBill Dymond Eric SilagyDanny Gaekwad Kelly SmallridgeKevin GillenGordon Gillette

Hal ValecheMark Wilson

Marshall HeardBill Heavener Present Via Telephone: Others Present:Ron Campbell Chris Flack (Gary Spulaks alternate)

Howard Halle Rob Johnson (Pam Bondis alternate)

Chris Kise Jerry Parrish (Dominic Calabros alternate)Deborah Millin Ken Ross (Denise Saikis alternate)Winfred PhillipsAndy Rosen

Chris Flack (Vinny Dolans alternate)Marva Johnson (Kevin Hymans alternate)Chris Appleton (Gary Spulaks alternate) Lt. Governor Jennifer Carroll Gray SwoopeRod Duckworth (Pam Stewarts alternate)

Agenda:I. Welcome & Roll CallII. Action Items & Vice-Chairmans Report

Approval of September 13, 2012 Board of Directors Meeting MinutesApproval of Consent AgendaApproval of Annual Financials and Audit Report

III Ch i R


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DRAFT Minutes Enterprise Florida Board Meeting

PROCEEDINGS

A quorum being present, Vice Chairman Hal Melton called the meeting to order at 8:32 a.m.

Action Items & Vice Chairmans ReportHal Melton acknowledged current Enterprise Florida investors, and thanked meeting sponsors.

Nancy Detert made a motion to approve the minutes of the September 13, 2012 board meeting,which was seconded by Danny Gaekwad, and approved unanimously.

Approval of Consent Agenda1. Approve New and Renewing At-Large Board Members

Re-elect renewing at-large members for a term to end November 2013:

Mark Bensabat, JPMorgan Chase & Co. Park Brady, The St. Joe Company Anthony Connelly, Walt Disney Parks & Resorts Kevin Gillen, TD Bank Howell Melton, Jr., FLF, LLC

2. Approve appointments of Rick Rosen and Ken Wright to Florida Opportunity Fund Board of Directorsfor a three-year term starting in November 2012.

3. Approve Interim Financial Report: FY2012-13 reporting period July 1, 2012 to September 30, 2012.

Brett Couch made a motion to approve the consent agenda, which was seconded by FredLeonhardt, and approved unanimously.

Marshall Criser reported that the Audit & Finance Committee held a meeting on November 8, 2012 andmet with the three firms that perform the external and internal audits of Enterprise Florida. EnterpriseFloridas annual financial audit received an unqualified audit letter from the auditors. The committee alsoreceived its report on reporting compliance. One item that came up for discussion related to the matchingelement in the reporting criteria, which relates directly to workforce training. This match is driven by theeconomy and is thus beyond the control of Enterprise Florida.

Mark Bensabat made a motion to approve the annual financials and audit report, which wasseconded by Bill Heavener and approved unanimously.

Criser then reported that Enterprise Florida has been working through the assimilation of the FloridaSports Foundation, the Florida Sports Charitable Foundation and the Florida Black Business InvestmentBoard. The committee also received the audited financial statements for the retirement plan for thecalendar year 2011 and will present that report to the executive committee. He informed the board thatEnterprise Floridas internal audit firm was engaged to perform a risk assessment of the Florida SportsFoundation to determine the typical risks for similar organizations, what controls are in place at the

Florida Sports Foundation to manage those risks, and processes and controls that Enterprise Florida hasin place. This was a first step in assessing what the various risks could be in an organization such asEnterprise Florida after all the various organizations are assimilated into one organization.

Chairmans ReportGovernor Scott began his remarks by stating that he travels all over the state, and peoples top threeissues are jobs, education and cost of living. He said the state is doing well from a jobs standpoint.Fl id 2 4% d i l t th bi t i th t H id h t d ti l


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Scott then asked for questions from the floor. Alan Becker asked a question about Obamacare to whichScott responded that Obamacare has done nothing to control the costs of healthcare, which is a primaryconcern to people. Based on a Supreme Court decision, Florida has the option not to expand itsMedicaid program, and Scott told the board that he did not think it was wise to expand the program as hefelt that ultimately federal funding would dry up and benefits would end up being reduced.

Mark Wilson asked Scott how board members could help turn the tide of public opinion to match the factsthat positive things are happening in Florida. Scott acknowledged that Florida is at a five-year high forconsumer confidence. What board members can do is tell their employees what government is doing thatis good for families and what is bad for families to keep their employees informed.

Marshall Criser asked a question regarding education. Scott responded that some of the issues facing

the education system are that people feel like students are being taught to a test; teachers are spendingtheir own money on supplies; and there is concern over funding. Scott said his education plan includesan increase in funding for K-12; transitioning to a common core standard; instituting a debit card programfor teachers to buy supplies that is funded by the state, schools and the private sector; and $2 M forteacher professional training, in which he hopes the private sector will also invest.

Senator Nancy Detert asked Scott how the state revenue estimating conferences are going. Scottresponded that the good news is that revenues are projected to be up $1.2 B, but there are threenegative issues the state continues to face: cost of Medicaid, an underfunded state pension; and

Citizens Insurance.Alan Becker asked Scott a question about transportation. Scott answered that the State has $7 B tospend on transportation and recently spent $77 M to finish the Port of Miami expansion. Overall, theState has tripled its spending around seaports. Finally, the State is looking at relationships with thirdparties to add lanes to highways.

Governor Scott concluded by again thanking everyone for their hard work.

Project Overview: Digital Risk, LLCHal Melton introduced Peter Kassabov, CEO of Digital Risk, LLC, to talk about his recent project inFlorida. In 2005, the company was founded on the anticipated shake-up in the mortgage industry. Thefounders saw a market opportunity for independent audit and risk mitigation and compliance oversightservices. Their initial model relied on computers to discover fraud in mortgages. They quickly discoveredthat their model required the added element of human intelligence, and the company began adding staff.Their challenge became where to locate their growing workforce.

In the 2007-2008 time period the company located an operation in Maitland, Florida with great success;however Digital Risks investors questioned why the company was putting all their operations in onelocation. The company began a due diligence process and looked at several locations in Florida and in

other states. Digital Risk opened a facility in Boca Raton in February, and now has 1400 employees inFlorida. Kassabov expects to hire another 150 people by the end of year, and by end of next yearexpects to have created a total of 1000 jobs in Florida.

Digital Risk is currently working with the City of Tampa to locate operations there. The company facestwo major challenges: finding people, and training and retaining them. Because their underwriters arereviewing a significant portion of loans for clients such as major financial institutions, regulators, money


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One of the challenges Kassabov encountered during the process was explaining that to create oneskilled job the company also has to create several unskilled jobs. Finding people with 10 years ofexperience in underwriting loans is not easy. The company chose to create educational environmentwhereby they provide training to create the type of workers they need. They start with people with aweaker professional background, but with right education and aptitude, and train them to become skilledunderwriters. Digital Risk staff start in a processing job, are trained to become an underwriter, andeventually a forensic underwriter. The challenge was to explain to the State that while Digital Risk wascreating the number of high-wage jobs to which they had committed, they were also hiring less skilledworkers and so the average wage was going down. The company trend is that compensation isincreasing year over year.

Kassabov concluded by stating that Digital Risk has offices in Denver, Dallas and California, but he has

not found such a supportive state environment as what he has found in Florida.

Presidents UpdateGray Swoope opened his comments by running through Enterprise Floridas performance measures.Swoope stressed that Enterprise Florida is very focused on having a fiduciary responsibility to taxpayers.He said in terms of announced projects, the organization is 18 percent ahead of where it was last year.Jobs are up 26 percent and capital investment is up 21 percent over the same time period. In projectsopened in target sectors, aerospace/aviation is a hot sector, followed closely by financial/professionalservices. Some recent project announcements include Accuform Signs, Prime Therapeutics, Univision

Networks, and GPD Pathology. These projects involve significant capital investment and high-payingjobs. Swoope pointed out that Florida beat out several competitor states for these projects. On theinternational front, trade is up 10 percent and Florida-origin exports are up 4.2 percent over the sameperiod last year.

Swoope went on to note that Cato Institute gave Governor Scott an A for his fiscal responsibility.Florida is ranked fifth in tax climate in the Tax Foundations 2013 edition. Swoope said that EnterpriseFlorida has elevated its game. It has worked on making sure that its approach is outward; it has shifted toa consultative selling approach; it has worked on breaking down silos both within the organization and

among other state agencies; and it has worked on improving and strengthening community partnerships.Enterprise Florida is currently working to create a building and sites database and improving itsmarketing materials across the board.

Swoope concluded his remarks by telling the board about a recent collaboration between the businessdevelopment team and the marketing team to develop an app instead of a traditional client proposal. Heprovided a visual demonstration of the app on his iPad.

Swoope fielded a comment from Dwayne Ingram about having a similar product to provide to boardmembers to talk to colleagues and potential projects about Florida.

Floridas Business BrandingDon McEachern and Ed Barlow of North Star Destination Strategies presented research resultsconcerning Floridas business brand. Barlow reported that North Star Destination Strategies talked toconstituents inside Florida, outside Florida, and site selectors. The key across the board is that Florida isbusiness friendly, but not as well known. Selling points that were common across all groups included nopersonal income tax quality of life sheer size of the state quality workforce diversity and Gateway to


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changing, as is the outside attitudes toward Florida. Currently, lifestyle is a known advantage, strengthand size is an unknown advantage, and attitude is a developing advantage.

McEachern reported that the working brand platform is For those seeking an ideal live-work balance,Florida is a super-state with boundless energy and borderless opportunity where the sun always shineson you and your business. The phrase super-state is a way to capture big, strong, and powerful and away to modify almost anything we want to talk about, including innovation, trade, diversity, talent, ports,and target industries. Live-work balance and the holistic idea that the sun always shines and you andyour business is a known asset, but not an owned asset. The phrase with boundless energy andborderless opportunity represents the fact that boundless energy does not exist in a place without theright resources, or capacity or the right attitude, or a place without the right balance in their life andlifestyle; borderless opportunity refers to both what this means to an individual and what this says about

Floridas relationship with the world.

McEachern fielded a question from the floor about next steps. He stated that the next step is developingthe messaging and getting it out to the marketplace. Melissa Medley told the board that the businessbrand will be developed from this data, and it will be rolled out to the board at the next meeting inJanuary. At that time the board will also be presented with recommendations from Enterprise Floridaregarding a marketing campaign and budget.

2013 Legislative Agenda Approval

Fred Leonhardt, chair of the Legislative Policy Committee, reviewed the 2013 legislative agenda with theboard. Legislative agenda items have been thoroughly discussed by the committee and therecommendation to the board is to adopt the following legislative agenda items:

Removal of the QTI and QDSC per company award caps Update of the Innovation Incentive Fund approval process Creation of the Florida Infrastructure Fund Economic Development Toolkit/SEED Fund Funding (including Enterprise Florida funding) Manufacturing Machinery and Equipment Tax Exemption

Clarification of Floridas economic development confidentiality laws Support funding for Quick Response Training Grants Create a Recurring Funding source for spring training facilities Update to professional sports team license tag statutes Business property used in an Enterprise Zone Rural economic development programs Institutionalization of Spaceports into FDOTs budget planning Space Florida Financing Fund

VISIT Florida fundingDanny Gaekwad made a motion to approve Enterprise Floridas 2013 Legislative Agenda, whichwas seconded by Beth Kirkland, and approved unanimously.

Recommendations from 2013 Competitiveness StudyKevin Gillen facilitated a discussion about the competitiveness study that focused on three questions:

1 Each of us face budget and capacity issues within our companies What are some creative ways you


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county commissioners to avoid bottlenecks; temporary permitting; solving county issues (i.e.,permitting); get legislators involved to influence county commissioners and city council; resolveworkers compensation issues; reform lawsuit abuse; union activity regarding pay and benefits

3. How would you describe the quality of your Florida workforce to companies outside the state,showing what those companies could expect from Florida workers?

Board member suggestions included: diversity; focus on biotech/engineering and life science;flexibility and responsiveness because of diversity; industry clusters (for sharing of workforce); it iseasy to fill roles in Florida because people want to come here; employees are sticky (they want tostay in Florida)

Vice Chair Appreciation

Swoope took a few minutes to thank Hal Melton for his service and to recognize his hard work andleadership as Enterprise Floridas Vice Chair. Swoope presented Melton with a letter from GovernorScott acknowledging his service, and a gift of a compass from Enterprise Florida. In closing, GovernorScott presented Melton with a Governors Business Ambassadors Award.

Other Board CommentsThere were no other board comments.

Closing RemarksChairman Scott thanked everyone for what they do every day.

The next meeting of the Enterprise Florida Board of Directors will take place January 31, 2013 inTallahassee, Florida.

Alan Becker made a motion to adjourn the Enterprise Florida board meeting, which wasseconded by Kevin Gillen, and approved unanimously.

The Enterprise Florida Board of Directors meeting adjourned at 11:19 a.m.

Submitted by: Gray Swoope, President & CEO


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Enterprise Florida Board Meeting Consent AgendaJanuary 31, 2013

Board members should notify Vice Chair of any item they wish to review before voting on the ConsentAgenda. These items will be pulled from the agenda to be discussed and voted on after the rest ofthe consent agenda is approved. Board members are not allowed to vote on their own re-appointmentor any issues for which they have a conflict of interest and those present for the vote will beconsidered recused from these votes.

The Executive Committee reviewed the following items and recommends their approval tothe Board:

1. Membership renewals: January 2013 to January 2014

o Bank of America, N.A. Gene Schaefer, Senior Vice Presidento Barron Collier Companies Blake Gable, President, Real Estate & Minerals Managemento Dade Medical College Ernesto Perez, President & CEOo Kaplan Higher Education Corp. Andy Rosen, Chairman & CEOo Odebrecht Construction, Inc. Gilberto Neves, President & CEO, USAo PNC Bank Joe Meterchick, Regional President, Florida

Membership renewals & member replacements:o Harris Corporation Sheldon Fox, President of Gov. Comm. Systems Term to 11/2013o Progress Energy, Inc. Alex Glenn, President & CEO Term to 8/2013

2. Interim Financial Report

3. FY 2012-13 EFI Plan; a measures and standard revision of FY 2011-12 Tactical Planapproved by the Board in January 2012.

Additional Board Approval Items:

New At-Large Investor:o GrayRobinson Fred Leonhardt, Senior Partner Term to 1/30/2014

Member replacement:o Florida Blue Mike Hightower, VP of Government Affairs Term to 6/30/2013


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nterpr se or a xecut ve omm ttee

January 31, 2013

o Audit Committee Vice Chair Marshall Criser (AT&T)

o Finance & Comp Committee Vice Chair Alan Becker (Becker, PA)

o Business Development Bill Dymond (Lowndes, PA)

o Sports Development Bill Heavener (Full Sail)

o Tourism Development Danny Gaekwad (NDS, USA)

o Space Florida Jesse Biter (Biter Enterprises)

o International Trade & Development Park Brady (St. Joes Company)

o Legislative Committee Vice Chair TBD

o Defense TBD

o Minority, Small Business, Entrep & Capital TBD

Members of the Executive Committee by definition:

o Chairman - Governor Rick Scott (State of Florida)

o Vice Chair - Brett Couch (Regions Bank)


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Enterprise Florida Financial ReportQuarter Ending December 31, 2012 - Unaudited

The following financial information for the quarter ending December 31, 2012 and 2011, is unaudited, and is derived from internally generated financialstatements. This report is provided to the Board of Directors to assist in its understanding and analysis of EFIs financial performance andaccountability. These statements have been generated by management and the fairness of their presentation is the responsibility of management.

Statement of Financial Position (Attachment A)

The Statement of Financial Position provides a comparison of the assets, liabilities and net assets of EFI as of December 31, 2012 and 2011,and is presented in a combined format on Attachment A-1. Attachment A-2 provides the detail of EFIs Financial Position by category or activity.Operations are directly related to our agreement with the Florida Department of Economic Opportunity. Administered are funds awarded bythe State to various grantees and administered by EFI. Corporate is investor activity and the use of those funds. Restricted is fundingearmarked for a specific use only for programs such as Base Protection, Florida Defense Support Task Force, Small Business TechnologyGrowth Fund, Rural Strategic Marketing, Technology related programs, and the State Small Business Credit Initiative (SSBCI).

Statement of Act ivities (Attachment B)

The Statement of Activities provides a comparison of EFI's revenues and expenses compared to the budget approved by the Board.Information for the prior year is presented for comparative purposes. Information is presented for the quarter ending December 31, 2012 and2011 on Attachment B-1. Attachment B-2 provides the detail for the six months, formatted in the same manner as EFIs Financial Position.

RevenuesRevenues include state funding, investor contributions, program fees, and interest. The revenues are either collected or billed by quarter end.For the quarter ending December 31, 2012, the second quarter revenue from the state has been recorded and is expected to be received inFebruary. EFIs corporate contributions were budgeted at $1,400,000 for FY 2012/13. Contributions are budgeted on a straight-line basisthroughout the fiscal year, with collections varying based on the anniversary dates of the investors.

Revenue in total for the six months in the fiscal year is slightly lower than the budget related to the timing of the receipts of the corporatecontributions and the Sports division with collections related to the tag revenue slightly lower than the amount budgeted.

ExpensesYear-to-date, EFI has incurred expenses of $8.0 million compared to $8.2 million in 2011 but is under budget for the year largely in the ProgramExpenses and Events category. Expenses were budgeted on straight-line basis similar to revenue, whereas the actual spending fluctuatesthroughout the year. Payroll and Related Costs are also under budget year-to-date due to open positions.

Additional Schedules

In addition, to assist in the analysis of EFIs financial performance, included on the last page is a schedule of the administered activity detailingthe category of programs by award year. The first column, the Contract Award, is a memo column indicating the expected total to be awarded.The next three columns track the actual flow of funds from the State to EFI, then to the Recipients. The last column total supports theAdministered category of activity included in the detail of EFIs Financial Position included on Attachment A-2 for December 31, 2012.


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Enterprise Florida, Inc.

Financial Statements For the Quarter Ending December 31, 2012

Statement of Financial Position, Unaudited

Attachment A-1 December 31, 2012 & 2011 Comparative

Attachment A-2 December 31, 2012 & 2011 Detail

Statement of Activities for the Six Months Ending, Unaudited

Attachment B-1 December 31, 2012 & 2011 Comparative

Attachment B-2 December 31, 2012 & 2011 Detail

Administered Activity by Program as of December 31, 2012


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$ %

2012 2011 Change Change

Assets

1 Cash and Cash Equivalents - unrestricted 12,692$ 10,046$ 2,646$ 26.33% (A)

2 Cash and Cash Equivalents - restricted 11,977 4,828 7,149 148.08% (B)

3 Cash and Cash Equivalents - escrow 16,970 42,407 (25,437) -59.98% (C)

4 Loans Receivable 9,309 - 9,309 100.00% (D)

5 Accounts Receivable 3,837 3,487 350 10.03% (E)

6 Other Assets 674 1,321 (647) -48.98% (F)

7 Total Assets 55,459$ 62,089$ (6,630)$ -10.68%

Liabilities and Net Assets

8 Accounts Payable and Other Liabilities 1,280$ 1,848$ (568)$ -30.73% (G)

9 Deferred Revenue 4,031 3,634 397 10.93% (H)

10 Escrow Payable 16,964 42,396 (25,432) -59.99% (C)

11 Total Liabilities 22,275 47,878 (25,603) -53.47%

Net Assets

12 Temporarily Restricted 21,286 4,981 16,305 327.33% (B)

13 Unrestricted 11,898 9,230 2,668 28.91% (I)

14 Total Net Assets 33,184 14,211 18,973 133.51%

15 Total Liabilities and Net Assets 55,459$ 62,089$ (6,630)$ -10.68%

(A)

(B)

(C)Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met.

The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis.

(D)

(E)

(F)

(G)

(H)

(I)

(J)

(K)

(L)

(M)

(N)

(O)

State operating funds for Florida Sports Foundation.

State operating funds for Enterprise Florida.

Other revenues from administrative fees, interest, and sponsorships.

December 31

Unrestricted funds for operations and administered programs.

The increase in unrestricted net assets correlates to the inclusion of the Sports and Minority Business divisions.



Attachment A-1

($ in Thousands)

Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the

year based on when funds are received from the State, as well as, when payments are made to the grantees.

Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FLDefense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase .

Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis.

Accounts receivable includes the second quarter appropriation, trade accounts receivable, and program related income related to the SSBCI program.

Accounts payable decreased related to operations and FL Sports grants awarded.

Revenue related to events is higher than the budget and the prior year. These fees directly offset event expenses.

P ll d b fit i bl t l t b t d b d t t d t

Loan receivables administed under the State Small Business Credit Support Initiative.

Other assets decreased for depreciation expense recorded at 6/30/12.


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Operations Administered Corporate Restricted Total

Assets16 Cash and Cash Equivalents - unrestricted 7,676$ 3,488$ 1,528$ -$ 12,692$

17 Cash and Cash Equivalents - restricted - - - 11,977 11,977

18 Cash and Cash Equivalents - escrow 16,970 - - - 16,970

19 Loans Receivable - - - 9,309 9,309

20 Accounts Receivable 3,837 - - - 3,837

21 Other Assets 674 - - - 674

22 Total Assets 29,157$ 3,488$ 1,528$ 21,286$ 55,459$

Liabilities and Net Assets23 Accounts Payable and Other Liabilities 1,280$ -$ -$ -$ 1,280$

24 Deferred Revenue 543 3,488 - - 4,031

25 Escrow Payable 16,964 - - - 16,964

26 Total Liabilities 18,787 3,488 - - 22,275

Net Assets

27 Temporarily Restricted - - - 21,286 21,286

28 Unrestricted 10,370 - 1,528 - 11,898

29 Total Net Assets 10,370 - 1,528 21,286 33,184

30 Total Liabilities and Net Assets 29,157$ 3,488$ 1,528$ 21,286$ 55,459$


Assets31 Cash and Cash Equivalents - unrestricted 4,105$ 3,590$ 2,351$ -$ 10,046$

32 Cash and Cash Equivalents - restricted - - - 4,828 4,828

33 Cash and Cash Equivalents - escrow 42,407 - - - 42,407

34 Loans Receivable - - - - -

35 Accounts Receivable 3,487 - - - 3,487

36 Other Assets 1,168 - - 153 1,32137 Total Assets 51,167$ 3,590$ 2,351$ 4,981$ 62,089$

Liabilities and Net Assets38 Accounts Payable and Other Liabilities 1,848$ -$ -$ -$ 1,848$

39 Deferred Revenue 44 3,590 - - 3,634

December 31, 2011

December 31, 2012



Attachment A-2($ in Thousands)


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Actual Budget Difference Actual Budget Difference

Revenues:46 State Appropriations - EFI 6,650$ 6,650$ -$ (J) 5,650$ 5,650$ -$

47 State Appropriations - FSF 1,219 1,273 (54) (K) 1,011 1,250 (239)

48 Private Cash Contributions 688 700 (13) (L) 613 600 13

49 Registration and Participation Fees 803 1,251 (448) (M) 803 908 (105)50 Other Revenues 302 348 (46) (N) 238 254 (16)

51 Total Revenues 9,662 10,222 (560) 8,315 8,662 (347)

Expenses:52 Payroll and Related Costs 3,686$ 4,829$ (1,144)$ (O) 3,669$ 3,912$ (243)$

53 Operating, General and Administrative 1,124 1,576 (453) (P) 1,132 1,164 (32)

54 Program Expenses and Events - EFI 1,215 1,122 93 (Q) 943 641 302

55 Program Expenses and Events - FSF 578 688 (110) (R) 951 1,193 (242)

56 International Offices 683 677 6 (S) 660 692 (32)

57 Professional Fees 381 465 (84) (T) 523 500 23

58 Advertising & Marketing 124 566 (442) (U) 106 532 (426)

59 Travel 258 280 (22) (V) 183 171 12

60 Total Expenses 8,049 10,204 (2,154) 8,167 8,805 (638)

61 Change in net assets - operations 1,613 18 1,595 148 (143) 291

62 Change in net assets - temp restricted 4,034 - 4,034 (W) 946 - 946

63 Net assets, beginning of period 27,537 - 27,537 13,117 - 13,117

64 Net assets, end of period 33,184$ 18$ 33,165$ 14,211$ (143)$ 14,354$

65 Revenue - Pass Throughs & Grants 1,621 - 1,621 2,516 - 2,516

66 Expenses - Grants to Other Organizations 1,621 - 1,621 2,516 - 2,516

67 Revenue - Temporarily Restricted 15,055 - 15,055 (T) 1,300 - 1,30068 Expenses -Temporary Restricted 11,021 - 11,021 (T) 354 - 354

(A)

(B)

(C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met.

The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis.

(D) Loan receivables administed under the State Small Business Credit Support Initiative.

(E) Accounts receivable includes the second quarter appropriation, trade accounts receivable, and program related income related to the SSBCI program.(F) Other assets increased for new fixed assets purchased in FY 2011/12, as well as the new loan programs administered under the Capital programs.

(G)

(H)

(I)

(J)

(K)

(L)

Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task

Force and State Small Business Credit Support Initiative, accounting for the majority of the increase .

Accounts payable decreased related to operations and FL Sports grants awarded.

Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis.

Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on

when funds are received from the State, as well as, when payments are made to the grantees.

The increase in unrestricted net assets correlates to the inclusion of the Sports and Minority Business divisions.


For the Six Months Ending, Unaudited

December 31, 2012 December 31, 2011

ttac ment -($ in Thousands)

Statement of Activities

Unrestricted funds for operations and administered programs.

State operating funds for Enterprise Florida.

State operating funds for Florida Sports Foundation.


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Revenues:

69 State Appropriations-EFI 6,650$ -$ -$ -$ 6,650$

70 State Appropriations-FSF 1,219 - - - 1,219

71 Private Cash Contributions - - 688 - 688

72 Registration and Participation Fees 803 - - - 803

73 Other Revenues 303 - - - 303

74 Total Revenues 8,975 - 688 - 9,663

Expenses:

75 Payroll and Related Costs 3,686$ -$ -$ -$ 3,686$

76 Operating, General and Administ rat ive 1,061 - 63 - 1,124

77 Program Expenses and Events-EFI 1,215 - - - 1,215

78 Program Expenses and Events-FSF 578 - - - 578

78 International Offices 683 - - - 683

79 Professional Fees 381 - - - 381

80 Advertising & Marketing 124 - - - 124

81 Travel 258 - - - 258

82 Total Expenses 7,985 - 63 - 8,049

83 Change in net assets - operations 990 - 625 - 1,61484 Change in net assets - temp restricted - - - 4,034 4,034

85 Net assets, beginning of period 9,382 - 903 17,252 27,537

86 Net assets, end of period 10,372$ -$ 1,528$ 21,286$ 33,184$

87 Revenue - Pass Throughs & Grants - 1,621 - - 1,621

88 Expenses - Grants to Other Organizations - 1,621 - - 1,621

89 Revenue - Temporarily Restricted - - - 15,055 15,055

90 Expenses -Temporary Restricted - - - 11,021 11,021


Revenues:

91 State Appropriations 6,661$ -$ -$ -$ 6,661$

92 Private Cash Contributions - - 613 - 613

93 Registration and Participation Fees 803 - - - 803

94 Other Revenues 238 - - - 238

95 Total Revenues 7,702 - 613 - 8,315

Expenses:96 Payroll and Related Costs 3,669$ -$ -$ -$ 3,669$

97 Operating, General and Administrative 988 - 144 - 1,132

98 Program Expenses and Events-EFI 943 - - - 943

Program Expenses and Events-FSF 951 - - - 951

99 International Offices 660 - - - 660

100 Professional Fees 523 - - - 523

101 Advertising & Marketing 106 - - - 106

102 Travel 183 - - - 183

December 31, 2011

December 31, 2012


Statement of Activities

For the Six Months Ending, Unauditedttac ment -

($ in Thousands)


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Funds Funds

Received Funds In

Contract From Paid To House

Awarded State Recipients 12/31/2012

Base Protection:

112 Awarded in 11/12 18,950 18,950 15,950 3,000113 Awarded in 10/11 117,400 117,400 117,400 -

Defense Infrastructure:114 Awarded in 12/13 400,000 65,000 - 65,000115 Awarded in 11/12 1,181,245 605,311 303,250 302,061116 Awarded in 10/11 5,000,000 3,367,797 2,174,411 1,193,386117 Awarded in 09/10 1,367,325 1,385,457 1,089,479 295,978118 Awarded in 08/09 10,600,000 10,600,000 10,400,000 200,000119 Awarded in 07/08 2,782,000 2,113,344 1,888,618 224,726120 Awarded in 06/07 5,314,500 3,635,718 3,533,729 101,989121 Awarded in 05/06 3,498,165 3,203,404 3,199,713 3,691122 Awarded in 04/05 3,550,000 3,020,000 2,567,380 452,620

Defense Reinvestment:123 Awarded in 12/13 615,000 - - -124 Awarded in 11/12 850,000 850,000 404,308 445,692125 Awarded in 10/11 850,000 850,000 774,809 75,191

Rural Development:126 Awarded in 10/11 587,500 587,500 534,022 53,478

Rural Infrastructure:127 Awarded in 10/11 1,100,000 958,062 887,924 70,138

Interest (payable to the State of Florida)128 Earned - - - 885

129 Ending Balance 37,832,085 31,377,943 27,890,993 3,487,835

Detail of Administered Activities by Program



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Tactical Plan FY 2011-12Enterprise Florida, Inc.

Plan Updated for FY 2012-13

Enterprise FloridaThe official economic development organization for the State of Florida


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Table of Contents

Introduction for FY 2012-13...................................................................................................................... 3

Measures Driven by Customer Service (CORS)................................................................................. 3

FY 2012-13 CORS Measures and Standards for EFI Plan ................................................................5

Measures FY 20012 and FY 2013 changes shown............................................................................. 6


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Introduction for FY 2012-13

During FY 2012-13 The Department of Economic Opportunity (DEO) worked to realign allthe new agency functions with the state strategic plan for economic development. The EFIcontract for FY 2011-12 was continued with no changes.

EFIs new state contract measures are being developed by DEO in cooperation with EFIand in alignment with the goals of the state plan. The new or revised contract measures will beestablished with standards on a To Be Determined (TBD) basis for FY 2013-14.

The FY 2012-13 update to the EFI Plan is in line with the purpose of the Tactical Plandescribed in FY 2011-12. The Tactical Plan is used to establish business operation andadministration metrics for EFI. The Plan focuses on the primary mission and includes the tacticsthat support the development of private sector support and the administration of the tools andresources that support the achievement of the mission. The Board uses the plan to establishmeasures that are linked to staff incentives for performance.

In coordination with change to the staff performance evaluation process, the Plan measuresand standards for FY 2012-13 have been updated. The plan has always focused onperformance and EFIs intent to hold itself to a higher standard than the state contract. Since thestate contract did not change EFI could continue with the Plan measures established in FY 2011-12. EFI focuses the FY 2013 update on customer service as the driver for jobs creation

Measures Driven by Customer Service (CORS)

In establishing the Plan update, each unit of EFI focused on four elements of customer service.

CustomerWho do you contact directly

OutreachHow do you contact them

ResponseWhat response do you want from customers

Service


25/34


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FY 2012-13 CORS Measures and Standards for EFI Plan

EFIUnits Internal Plan Measures FY 2012-13Corporate 23,000 jobs Secure public funding to match FY 11-12 of at least $16m Support and advocate for legislationthat improves business and job growthBusinessDevelopment Recruit 75 national and internationalbusinesses to FL Refer 100 projects to partners Business client satisfaction 90%

InternationalTrade 3,500 consultations in target sectors 90% plus customer satisfaction inannual survey.

$474 million in actual and expectedexport sales from target sectors over theFY

Marketing&Communication Identify 136 qualified leads Facilitate $100,000 private investmentin marketing initiative

MaSBEC # businesses co-supported by partnerorganizations

% of $ leveraged by business loans

FloridaSports

Assist in Florida regions with biddingon and hosting 15 new projects/events perquarter that produce economic impact forthe State of Florida

Produce ROI from our three grantprograms of at least $250:$1 in economicimpact to the State of Florida.

StrategicPartners Board member retention 95% of9/13/12

Funds invested in EFI $1.6M Support Defense Support Task Forceby staffing and admin services

Administration Staff satisfaction survey for: ITservices and resources; HR services;

Office services

Deadlines on time 95% of the time forreports and financial obligations

Overarching these internal measures are the contract measures from the FY 2011-12 contract as noted in the TacticalPlan for FY 2011-12.

Of note most units have fewer measures, Corporate measures now include jobs as this is the corporate focus; the goal of23,000 jobs is over the contract goal or 20,000. Some units have goals changed because the goals last year were to

establish certain programs or resources. This years standards and measures are an evolution of that goal.


27/34

Measures FY 20012 and FY 2013

Comparing the previous Plan measures to the CORS measures

EFI Tactical Plan Measures FY 2011-12 Unit7/1/2011

standards

Revised CORSstandards for FY

2012-13DEO Contract: Achieve 95% DSBD Contract

deliverables within established budget (56contract deliverables)

ALL 95% 95%

Secure private investor funds moved toStrategic Partnerships (SP)

Secure public sector funding to at least matchFY 2012

CORP $14,000,000 $16,000,000

Support and advocate for legislation thatimproves business and job growth (i.e.Incentives for business growth)(Legis)

CORP 100% 100%

Facilitate job creation over contract standard CORP na 23,000

Deadlines on time 95% of the time for reportsand financial obligations

ADM na 95%

Satisfaction by EFI staff for support in MIS, HR,Payroll, equipment/ facilities management

ADM 95% 95%

Recruit 55 national and international businessesto Florida

BD 55 75

Project leads referred to Partners BD 60 100

Business client satisfaction 90%

Consultations in target sectors ITD 3,500

Customer satisfaction on annual survey ITD 90%

Facilitate exports in High Value Added Sectors:high tech. Manufacturing and knowledgebased services companies

ITD $450 million $474 million

Identify qualified leads; companies that areready to expand, or relocate

MC Baseline year 136

Facilitate private investment in marketinginitiative

MC Baseline year $100,000

# businesses co-supported by partnerorganizations

MSBEC Baseline year tbd

% of $ leveraged by business loans MSBEC na tbdProduce ROI from our three grant programs of

at least $250:$1 in economic impact to theState of Florida.

FS $250:$1

Assist in Florida regions with bidding on andhosting 15 new projects/events per quarter

FS 15


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Ent erpr ise Flor ida Board

Jeff Atwater ***

Florida Department ofFinancial ServicesThe Capitol, Plaza 11

Tallahassee, FL 32399

(850) 413-2850

Lewis Bear ***

The Lewis Bear Co.

72 Highpoint Drive

Gulf Breeze, FL 32561

(850) 434-0580

Alan Becker *

Becker & Poliakoff, P.A.

3111 Stirling Rd.

Ft. Lauderdale, FL 33312

(954) 987-7550

Tony Bennett ***

Florida Department ofEducation325 W. Gaines St. Ste 1514


(850) 245-0505

Mark Bensabat *JPMorgan Chase & Co.

450 S. Orange Ave. Ste 1000

Orlando, FL 32801

(407) 236-5436

Jay Beyrouti ***Monicarla, L.T.D.

4707 140th Ave N. Ste 208

Clearwater, FL 33762

(727) 656-8048

Jesse Biter ***Biter Enterprises, LLC.

1233 N. Gulfstream Ave. PH. 1

Sarasota, FL 34236

(941) 870-3679

Pam Bondi ***Florida Office of the AttorneyGeneralThe Capitol, PL-01


(850) 245-0140


29/34


Marti Coley **

Florida House ofRepresentatives3094 Indian Circle

Marianna, FL 32446

(850) 209-0069

Stan Connally *Gulf Power Company

One Energy Place

Pensacola, FL 32520

(850) 444-6057

Anthony Connelly *Walt Disney Parks & Resorts,U.S.1375 E. BuenaVista Dr. Ste440

Lake Buena Vista, FL 32830

(407) 828-5075

Andy Corty *Florida Trend

490 First Ave. S. Ste 800

St. Petersburg, FL 33701

(727) 893-8204

Brett Couch *Regions Bank

100 N. Tampa St. Ste 3100

Tampa, FL 33602

(813) 226-1212

Marshall Criser *AT&T

150 W. Flagler St. Ste 1901

Miami, FL 33130

(305) 347-5300

Julius Davis ***VoltAir Consulting Engineers

220 West 7th Avenue, Suite 210

Tampa, FL 33602

(813) 221-9486

Hayden Dempsey ***Greenberg Traurig

101 E. College Ave.


(850) 222-6891


30/34


Blake Gable *Barron Collier Companies

2600 Golden Gate Pkwy

Naples, FL 34105

(239) 403-6857

Danny Gaekwad ***NDS USA

2100 S.E. 73rd Loop

Ocala, FL 34480

(352) 840-9593

Kevin Gillen *TD Bank

5900 N. Andrews Ave.


(954) 233-2082

Gordon Gillette *TECO Energy

702 North Franklin St.

Tampa, FL 33602

(813) 228-4492

Alex Glenn *Progress Energy, Inc.

299 1st Ave N.

St. Petersburg, FL 33701

(727) 820-5587

Howard Halle *Wells Fargo Bank, N.A.

1 Independent Dr. Ste 2500

Jacksonville, FL 32202

(904) 351-7271

Marshall Heard *Florida Aviation AerospaceAlliance620 Apache Trail

Merritt Island, FL 32953

(321) 454-6023

Bill Heavener *Full Sail University

3300 University Blvd. Ste 218

Winter Park, FL 32792

(407) 571-3900


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Beth Kirkland **Florida EconomicDevelopment Council3950 Shumard Oak Blvd


(850) 212-1056

Chris Kise ***Foley & Lardner, LLP

106 E. College Ave. Ste 900


(850) 513-3367

Tom Kuntz *SunTrust Bank - HQ

200 S. Orange Ave.

Orlando, FL 32801

(407) 237-4458

Fred Leonhardt *GrayRobinson, P.A.

301 E. Pine St. Ste 1400

Orlando, FL 32801

(407) 244-5655

Bob McAdam *Darden Restaurants, Inc.

1000 Darden Center Dr.

Orlando, FL 32837

(407) 245-5366

Hal Melton *FLF, LLC

230 S. New York Ave. Ste 101

Winter Park, FL 32789

(407) 265-1188

Joe Meterchick *PNC Bank

5422 Bay Center Dr. Ste 100

Tampa, FL 33609

(813) 637-7100

Deborah Millin *Hewlett Packard

6923 Pine Valley St.

Bradenton, FL 34202

(941) 343-7009


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Adam Putnam ***Florida Department of Ag &Consumer Services407 S. Calhoun Street


(850) 410-6701

Henry Rodriguez ***Woodmere Holdings, LLC

1515 Ringling Blvd. Ste 890

Sarasota, FL 34236

(941) 312-5996

Andy Rosen *Kaplan Higher EducationCorporation6301 Kaplan University Ave.


(954) 515-3888

Denise Saiki *Lockheed Martin GlobalTraining & Logistics100 Global Innovation Circle

Orlando, FL 32828

(407) 306-1446

Gene Schaefer *Bank of America, N.A.

701 Brickell Ave.

Miami, FL 33131

(305) 347-2990

Rick Scott ***State of Florida Governor

400 South Monroe St.


(850) 488-5603

Eric Silagy *Florida Power & Light Co.

700 Universe Blvd.

Juno Beach, FL 33408

(561) 304-5206

Kelly Smallridge *Business Development Boardof Palm Beach County310 Evernia St.

West Palm Beach, FL 33401

(561) 835-1008


33/34


Mark Wilson **Florida Chamber OfCommerce136 S. Bronough St.


(850) 521-1200

Millar Wilson *Mercantil Commercebank

220 Alhambra Circle

Coral Gables, FL 33134

(305) 460-4038

MISSION

EFIs mission is to diversify Floridas economy and

create better-paying jobs for its citizens by supporting,attracting and helping to create globally competitive

businesses in innovative, high-growth industries.

2013 ENTERPRISE FLORIDA EVENTS


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2013 ENTERPRISE FLORIDA EVENTS

ENTERPRISEFLORIDA WWW.EFLORIDA.COM/EVENTS Updated 1/2013

Date Event Name Event Location Industry Sector(s) Type of Event Event Contact

January 30-31, 2013Enterprise Florida Board &

Stakeholders MeetingTallahassee, FL Economic Development Board Meeting

Liefke Cox407-956-5688

February 25 27, 2012 Site Selectors Guild New Orleans Site Consultants Business DevelopmentKim Wilmes

407-956-5628

February 26 March 3, 2013

Australian International Air Show Avalon/Victoria, AustraliaAviation, Aerospace, &

DefenseInvestment & Trade

Ken Cooksey850-298-6632

April 11-14, 2013 China International Boat Show 2013 Shanghai, China Marine Industry Investment & TradeLarry Bernaski904-359-9350

May 2013 (TBA)34th Hemispheric Congress of Latin Chambers of

Commerce

Miami, Florida Best Prospects Investment & TradeIvan Barrios

305-808-3390

March 16-20, 2013 IAMC Charleston, NC Site Consultants Business DevelopmentKim Wilmes

407-956-5628

March 5-9, 2013 CeBIT 2013 Hannover, Germany Information Technology Investment & TradeAndrea Moore850-469-8989

May 8-9, 2013Enterprise Florida

Board MeetingOrlando, FL Economic Development Board Meeting


May 10-12, 2013 Sunshine State Games Manatee County Sports Development SportsStephen Rodriguez

850-410-5287

May 21-24, 2013 HOSPITALAR 2013 Sao Paulo, Brazil Life Sciences Investment & Trade

Michael Schiffhauer

407-956-5634

June 7-9, 2013 Sunshine State Games Alachua County Sports Development SportsStephen Rodriguez

850-410-5287

June 17-19, 2013 Paris Air Show 2013 Le Bourget Paris, FranceAviation, Aerospace, &

DefenseInvestment & Trade

Ken Cooksey850-298-6632

June 21-23, 2013 Sunshine State Games Polk County Sports Development SportsStephen Rodriguez

850-410-5287

August 7-8, 2013Enterprise Florida Board &

Stakeholders MeetingDestin, FL Economic Development Board Meeting


October 21-23, 2013 CoreNet Las Vegas, NV Site Consultants Business Development Kim Wilmes407-956-5628

October 30-31, 2013Enterprise Florida Board &

Stakeholders MeetingMiami, FL Economic Development Board Meeting


November 20-23, 2013 MEDICA Germany Life Sciences Investment & TradeMichael Schiffhauer

407-956-5688

Documents

Enterprise Florida Board Book January 2013