Wednesday, May 21, :45 A.M. 12:15 P.M. (Lunch) 12:15 P.M. - 1:00 P.M. (Meeting) CALL-IN NUMBER: (800) ACCESS CODE: #

Transcription

1 Wednesday, May 21, :45 A.M. 12:15 P.M. (Lunch) 12:15 P.M. - 1:00 P.M. (Meeting) CALL-IN NUMBER: (800) ACCESS CODE: # Enterprise Florida Executive Committee Lunch Meeting The Breakers Gold Room Palm Beach, Florida

2 Enterprise Florida Executive Committee Meeting May 21, 2014 TABLE OF CONTENTS Tab 1 Agenda Tab 2 Draft Minutes of April 25, 2014 Meeting Tab 3 Proposed Consent Agenda for May 22, 2014 Meeting Financial Statements 3 rd quarter ending March 31, 2013 New Appointments Renewal of Existing Investors New Investors New Florida Opportunity Fund Board Member New VISITFLORIDA Board Members [PENDING] VISITFLORIDA Budget [PENDING] Tab 4 Nominating Committee Tab 5 APPENDIX Executive Committee Charter Executive Committee Members

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5 EFI Executive Committee Agenda The Breakers Palm Beach, One South County Road, Palm Beach, Florida May 21, :45 p.m. 1:00 p.m. Enterprise Florida, Inc. Board of Directors Executive Committee Meeting Date: May 21, 2014 Time: 11:45 a.m. 1:00 p.m. Location: The Breakers Gold Room One South County Road Palm Beach, Florida Presiding Officer: Brett Couch, Vice Chair CALL IN NUMBER: (800) KEY: ACCESS CODE: # (I) = Information (D) = Discussion (A) = Action 1. Welcome..Brett Couch (I) Statement of Public Notice Al Latimer 2. Approve Minutes: Brett Couch (A) April 25, 2014 Draft 3. Proposed Consent Agenda Items....Brett Couch (D) Financial Statements-3 nd quarter ending 3/31/2013 Pamela Murphy New Appointments Al Latimer Renewal of Existing Investors Al Latimer New Investors Al Latimer New Florida Opportunity Fund Member Louis Laubscher New VISITFLORIDA Board Members Will Seccombe VISITFLORIDA Budget Approval Will Seccombe 4. Public Comment Brett Couch 5. Vote on Consent Agenda......Brett Couch (A) 6. New Business Brett Couch (D) Nominating Committee 7. Reminders....Brett Couch (I) 2014 Exe Committee Dates: July 7, 2014 Monday 10:00 a.m. September 25, 2014 Thursday 9:30 a.m Board Meeting Dates: Aug 6 7, 2014 Oct 29 30, 2014 Feb 4 5, 2015 Sarasota Orlando Tallahassee 8. Adjourn.... Brett Couch (A) Page 1 of 35

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9 Executive Committee Meeting Minutes Enterprise Florida, Inc., 800 N. Magnolia Street, Orlando, Florida April 25, :30 a.m. 10:30 a.m. Attendees: Board Members by Phone Staff By Phone Staff Present Alan Becker Cori Henderson Shereena Dann Mark Bensabat Melissa Medley Al Latimer Jesse Biter Manny Mencia Louis Laubscher Park Brady Mike Preston Noreen Levitt Rachel Cone* Will Seccombe Simone Miller Brett Couch Crystal Sircy Denise Morales Marshall Criser, III Gray Swoope Pam Murphy Julius Davis John Webb Bill Dymond Danny Gaekwad Bill Heavener Fred Leonhardt Hal Melton Stuart Rogel Kelly Smallridge * (for Governor Rick Scott) Agenda I. Welcome a. Statement of Public Notice II. Board Investors and Membership Updates III. Marketing Partnership Report IV. Finance Committee Report V. Leader Liaison Reports a. Business Development b. Minority & Small Business Entrepreneurship & Capital (MaSBEC) c. Tourism Development d. Sports Development e. International Trade & Development f. Legislative Committee g. Space h. Defense VI. May 22, 2014 Draft Board Agenda VII. Action Items a. Draft Minutes February 5, 2014 b. Retain Florida Opportunity Board Member VIII. Public Comment (prior to voting) IX. Reminders X. Adjourn Welcome and Call to Order Vice Chair Brett Couch called the meeting to order at 9:32 a.m. Enterprise Florida Executive Committee Meeting Page 5 of 35

10 Executive Committee Meeting Minutes Enterprise Florida, Inc., 800 N. Magnolia Street, Orlando, Florida April 25, :30 a.m. 10:30 a.m. Public Notice Al Latimer read the statement of Public notice and announced that a quorum was present. Brett Couch advised members that he would be establishing a nominating committee to begin the process of identifying the next Vice Chair. He asked that members who an interest in the position contact him directly. Couch then informed the membership of his decision to appoint a representative of the Team Florida Marketing Partnership to a non-voting position on the executive committee. This person will report on items specific to the group s marketing efforts to promote the state. Melissa Medley provided additional information on the representative, noting that the investor members of the Team Florida Marketing Partnership will vote on which of their members will serve as the liaison to the executive committee. Stu Rogel with the Tampa Bay Partnership will fill this role until the group s official designee has been decided. Couch commented that the new vice chair will be asked to evaluate the value-added contribution of this executive committee member s position within the first 90 days of their term. Board Investors and Membership Updates Al Latimer announced the addition of two new At-Large investor members to the board, ADT, LLC and Mitsubishi Hitachi Power Systems Americas, Inc. He also mentioned that 16 At-Large investors had renewed their commitment to Enterprise Florida. Both of these items will be placed on the consent agenda for full board approval at the May meeting. Marketing Report In the marketing report, Melissa Medley shared that Florida Perfect Climate for Business television commercials have been running for two months in five major markets and that comprehensive results of the campaign, as well as the second commercial, would be presented at the May board meeting. Medley said that the Fortune Magazine cover wrap program has been a success and the most recently produced wrap will be included in the board meeting packet. Finance and Compensation Committee Report In his Finance and Compensation Committee report, Alan Becker told members that at the close of the quarter on March 31, 2014, EFI was operating under budget and that corporate contributions remain on track. Business Development Report Crystal Sircy provided an update on Enterprise Florida s business development activities. She reported that the Business Development Division has 350 active projects it is currently working, and has announced 121 projects so far this fiscal year. These projects represent $1.7B in capital investments, which exceeds the goal for the year. Of the 24,229 jobs these projects bring to the state, 16,000 represent new jobs. Sircy shared that the organization s focus on job diversification for the state is more widely understood and accepted now that the recession has helped people grasp the importance having a broader economic base. Enterprise Florida Executive Committee Meeting Page 6 of 35

11 Executive Committee Meeting Minutes Enterprise Florida, Inc., 800 N. Magnolia Street, Orlando, Florida April 25, :30 a.m. 10:30 a.m. Minority, Small Business, Entrepreneurship & Capital (MaSBEC) Report Julius Davis reported that year-to-date, $11.5M in loan participations and guarantees have been extended to small and minority businesses. Of that amount $610,000 was loaned African American and women owned businesses. He pointed out that the Florida Opportunity Fund has completed or are in the process of working eight venture capital direct investments. Louis Laubscher informed the committee that the 2014 legislature created a micro finance program and directs DEO to contract with Enterprise Florida to administer a loan guarantee program. Lastly, Davis announced that a member from Enterprise Florida s six minority partners (that have signed a Memorandum of Understanding (MOU) with the organization) will represent that as that group s liaison on the Stakeholders Council. Tourism Development Report Danny Gaekwad shared that VISITFLORIDA s spring campaign targeting out-of-state visitors was successfully launched in March. He noted that there was a 3% increase in hotel rooms sold in the state as well as an 8.3% increase in revenue from rooms sold. Gaekwad remarked that an increase in business marketing will ultimately lead to an increase in the state s tourism and shared that VISITFLORIDA will concentrate its efforts for international marketing on promoting Florida s tourism industry to visitors outside of the U.S. Will Seccombe reported that VISITFLORIDA s Marketing Plan and new board members will be submitted to the Enterprise Florida board for approval at the May board meeting. Florida Sports Report Bill Heavener and John Webb gave a brief overview of Florida Sports Foundation developments. Over 100 Grants have been given and over 720,000 out-of-state visitors were included in the 1.5 Million in attendance at this year s spring training, representing a 4% increase. Contracts have been signed to secure three additional Bowl Games, which are the Boca Bowl, Miami Beach Bowl and Breast Cancer Bowl. International Trade and Development Report Manny Mencia reported that the international division is performing well and has exceeded its goal for assisting companies with their export efforts by 31%. The International Trade and Development Division has had a very busy 1 st quarter and has realized a 20% increase in export sales over the results achieved in the 1 st quarter in The recent openings of the Hong Kong and Shanghai, China offices have received a great press, both in the U.S. and internationally. The division s trade grant assistance program continues to be an outstanding success as well. Legislative Report Fred Leonhard announced that the State budget was projected to be adopted the week of April 28, Right now it appears that State Economic Enhancement and Development (SEED) Fund will be less than last year s number at approximately $60 Million. Full funding of EFI s operational budget has passed, with an increase of $1M for International and $2M in Sports. Enterprise Florida Executive Committee Meeting Page 7 of 35

12 Executive Committee Meeting Minutes Enterprise Florida, Inc., 800 N. Magnolia Street, Orlando, Florida April 25, :30 a.m. 10:30 a.m. Leonhardt said that staff would provide a more comprehensive summary of legislative actions relative to economic development after the close of session. Space Report Jesse Biter said that he would provide a full update on items pertaining to Space at the May executive committee meeting. Defense Report Park Brady reported that the Florida Defense Support Task Force (FDSTF) activities are currently focused staying aware of reductions in the Department of Defense s budget, and identifying which decisions may impact programs with elements in Florida. He said that the State legislature this week settled on a budget allocation for the FDSTF of $3.5M for FY 14/15. Rocky McPherson added that one of the goals for military & defense companies is to try to acquire more international business to offset the business they are losing due to the declining Department of Defense budget. May 22, 2014 Draft Board Agenda Al Latimer told members that a great deal of effort went into making sure the draft agenda was interactive as members have requested. Approval of Minutes Park Brady moved approval of the February 5, 2014 minutes of the EFI Executive Committee Meeting. Fred Leonhardt seconded and the motion was approved by all. Public Comment Brett Couch asked if there was any Public Comment: None were offered. Florida Opportunity Board Member Alan Becker made a motion to re-appointment of Pedro Pete Pizarro to the Florida Opportunity Fund board and if approved, placed the item on the Consent Agenda for full board approval at the May 2014 Board of Directors Meeting. Park Brady seconded and the motion carried. Adjourn There being no other business, Vice Chair Brett Couch called for a motion to adjourn. Alan Becker made the motion, Fred Leonhardt seconded and the meeting ended at 10:26 a.m. Enterprise Florida Executive Committee Meeting Page 8 of 35

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15 Enterprise Florida Board Meeting DRAFT Consent Agenda May 22, 2014 Below is a list of items that are being considered for placement on the Consent Agenda for tomorrow s board meeting. Subsequent to your action today, all approved items will be transferred to the Consent Agenda and voted on by the full Enterprise Florida membership. Board members are not allowed to vote on their own re-appointment or any issues for which they have a conflict of interest. Directors with an announced conflict of interest will be considered recused from these votes. PROPOSED CONSENT AGENDA 1. Financial Statements The board is asked to approve the 3rd quarter interim financial statements. 2. Renewal of Existing Investors Subsequent to board approval, the following companies will continue as at-large members of the Enterprise Florida board for a one-year term. AT&T Bacardi U.S.A., Inc. Becker & Poliakoff, P.A. BMG Money, Inc. Darden Restaurants, Inc. Embraer Aircraft Holding, Inc. Florida Blue Florida Trend Full Sail University Hewlett Packard Lockheed Martin Training and Logistics Solutions Massey Services Inc. Publix Super Markets, Inc. Regions Bank SunTrust Bank TECO Energy 3. Add New Investors to the Board An affirmation vote on this issue will add Mitsubishi Hitachi Power Systems & ADT as at-large members to the Enterprise Florida board for a one-year term. Mitsubishi Hitachi Power Systems America, Inc Dave Walsh, President & CEO ADT Luis Orbegoso, President, Small Business 4. Approve Visit Florida Budget and New Board Members [PENDING] 5. Re-elect existing Florida Opportunity Fund Board Member The Enterprise Florida Board is being asked to reappoint Pete Pizzaro, President of Whitney University System to the Florida Opportunity Fund Board for a 3 year term. Enterprise Florida Board Meeting

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17 Enterprise Florida Financial Report Quarter Ending March 31, Unaudited The following financial information for the quarter ending March 31, 2014 and 2013, is unaudited, and is derived from internally generated financial statements. This report is provided to the Board of Directors to assist in its understanding and analysis of EFI s financial performance and accountability. 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 March 31, 2014 and 2013, and is presented in a combined format on Attachment A-1. Attachment A-2 provides the detail of EFI s Financial Position by category or activity. Operations are directly related to our agreement with the Florida Department of Economic Opportunity. Administered are funds awarded by the State to various grantees and administered by EFI. Corporate is investor activity and the use of those funds. Restricted is funding earmarked for a specific use only for programs such as Base Protection, Florida Defense Support Task Force, Small Business Technology Growth Fund, State Small Business Credit Initiative, Rural Strategic Marketing, and Technology related programs. Statement of Activities (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 March 31, 2014 and 2013 on Attachment B-1. Attachment B-2 provides the detail for the nine months, formatted in the same manner as EFI s Financial Position. Revenues Revenues include state funding, investor contributions, program fees, and interest. The revenues are either collected or billed by year end. For the quarter ending March 31, 2014, the third quarter revenue from the state has been recorded and is expected to be received in May Corporate contributions were budgeted at $1,400,000 for FY 2013/14, the same as in FY 2012/13. Contributions are budgeted on a straightline basis throughout the fiscal year, with collections varying based on the anniversary dates of the investors and a higher volume of collections in the third and fourth quarters. The amount collected as of quarter-end was $1,012,500. Revenue in total for the nine months in the fiscal year was on track with the budget, with only minor variances due to the timing of certain events and activities. Expenses Through the end of the quarter, EFI had incurred expenses of $14.9 million compared to $12.1 million in 2013 and is under budget year-to-date. Open positions at the start of the year accounted for the significant savings in the Payroll and Related Costs line item. Most of the other expense categories are under budget year-to-date. Additional Schedules In addition, to assist in the analysis of EFI s financial performance, included on the last page is a schedule of the administered activity detailing the 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 the Administered category of activity included in the detail of EFI s Financial Position included on Attachment A-2 for March 31, For additional information, contact: Pamela Murphy, Vice President, Finance and Accounting T pmurphy@eflorida.com Enterprise Florida Board Meetings May 22, 2014 Page 13 of 35

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19 Financial Report Enterprise Florida, Inc. Financial Statements For the Quarter Ending March 31, 2014 Statement of Financial Position, Unaudited Attachment A-1 Attachment A-2 March 31, 2014 & 2013 Comparative March 31, 2014 & 2013 Detail Statement of Activities for Nine Months Ending, Unaudited Attachment B-1 Attachment B-2 March 31, 2014 & 2013 Comparative March 31, 2014 & 2013 Detail Administered Activity by Program as of March 31, 2014 Enterprise Florida Board Meetings May 22, 2014 Page 15 of 35

20 Financial Report Enterprise Florida, Inc. Statement of Financial Position, Unaudited Attachment A-1 ($ in Thousands) March 31 $ % Change Change Assets 1 Cash and Cash Equivalents - unrestricted $ 12,090 $ 10,283 $ 1, % (A) 2 Cash and Cash Equivalents - restricted 26,088 14,842 11, % (B) 3 Cash and Cash Equivalents - escrow 49,499 18,963 30, % (C) 4 Loans Receivable 16,130 8,869 7, % (D) 5 Accounts Receivable 17,715 4,501 13, % (E) 6 Other Assets % (F) 7 Total Assets $ 122,330 $ 58,119 $ 64, % Liabilities and Net Assets 8 Accounts Payable and Other Liabilities $ 1,939 $ 1,489 $ % (G) 9 Deferred Revenue 3,059 2, % (H) 10 Escrow Payable 49,468 18,952 30, % (C) 11 Total Liabilities 54,466 22,906 31, % Net Assets 12 Temporarily Restricted 54,994 23,711 31, % (B) 13 Unrestricted 12,870 11,502 1, % (I) 14 Total Net Assets 67,864 35,213 32, % 15 Total Liabilities and Net Assets $ 122,330 $ 58,119 $ 64, % (A) Unrestricted funds for operations and administered programs. (B) 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. (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) Loan receivables administed under the State Small Business Credit Support Initiative. Accounts receivable includes the third quarter appropriation and trade accounts receivable. Other assets increased for fixed assets purchased and capitalized at June 30, Accounts payable increased related to general operations. 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. (I) The increase in unrestricted net assets correlates to the increase in net assets from operations. (J) State operating funds for Enterprise Florida. (K) State operating funds for Florida Sports Foundation. (L) Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. The balance also includes private contributions collected by the Florida Sports Foundation. (M) Revenue related to events directly offset event expenses. (N) Other revenues from administrative fees, interest, and sponsorships. (O) Payroll and benefits is comparable to last year but under budget for the year. (P) Operating, general and administrative costs are slightly over budget but are expected to be on track by the end of the year. (Q) Program expenses and events are offset by event related revenue. (R) Program expenses related to the FL Sports Foundation and linked to state appropriations. (S) International offices were on track with prior year-to-date numbers and the budget for the year. (T) Professional Fees are in line with the budget. (U) Advertising & marketing is on track to spend based on their marketing plan. (V) The travel budget was increased for FY 2013/14 to support the needs of the organization. (W) Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase. Enterprise Florida Board Meetings May 22, 2014 Page 16 of 35

21 Financial Report Enterprise Florida, Inc. Statement of Financial Position, Unaudited Attachment A-2 ($ in Thousands) March 31, 2014 Operations Administered Corporate Restricted Total Assets 16 Cash and Cash Equivalents - unrestricted $ 7,846 $ 2,794 $ 1,450 $ - $ 12, Cash and Cash Equivalents - restricted ,088 26, Cash and Cash Equivalents - escrow 49, , Loans Receivable ,130 16, Accounts Receivable 4, ,054 17, Other Assets Total Assets $ 62,799 $ 2,794 $ 1,450 $ 55,287 $ 122,330 Liabilities and Net Assets 23 Accounts Payable and Other Liabilities $ 1,936 $ - $ - $ 3 $ 1, Deferred Revenue - 2, , Escrow Payable 49, , Total Liabilities 51,404 2, ,466 Net Assets 27 Temporarily Restricted ,994 54, Unrestricted 11,420-1,450-12, Total Net Assets 11,420-1,450 54,994 67, Total Liabilities and Net Assets $ 62,824 $ 2,794 $ 1,450 $ 55,262 $ 122,330 March 31, 2013 Operations Administered Corporate Restricted Total Assets 31 Cash and Cash Equivalents - unrestricted $ 6,749 $ 1,856 $ 1,678 $ - $ 10, Cash and Cash Equivalents - restricted ,842 14, Cash and Cash Equivalents - escrow 18, , Loans Receivable ,869 8, Accounts Receivable 4, , Other Assets Total Assets $ 30,874 $ 1,856 $ 1,678 $ 23,711 $ 58,119 Liabilities and Net Assets 38 Accounts Payable and Other Liabilities $ 1,489 $ - $ - $ - $ 1, Deferred Revenue 609 1, , Escrow Payable 18, , Total Liabilities 21,050 1, ,906 Net Assets 42 Temporarily Restricted 43 Unrestricted ,711 23, Total Net Assets 9,824-1,678-11,502 9,824-1,678 23,711 35, Total Liabilities and Net Assets $ 30,874 $ 1,856 $ 1,678 $ 23,711 $ 58,119 Enterprise Florida Board Meetings May 22, 2014 Page 17 of 35

22 Financial Report Enterprise Florida, Inc. Statement of Activities For the Nine Months Ending, Unaudited Attachment B-1 ($ in Thousands) March 31, 2014 March 31, 2013 Actual Budget Difference Actual Budget Difference Revenues: 46 State Appropriations - EFI $ 10,800 $ 10,800 $ - (J) $ 9,975 $ 9,975 $ - 47 State Appropriations - FSF 1,881 1, (K) 1,466 1,535 (69) 48 Private Cash Contributions 1,261 1,446 (185) (L) 900 1,050 (150) 49 Registration and Participation Fees 1,574 1,874 (300) (M) 1,216 1,294 (78) 50 Other Revenues 460 1,226 (766) (N) (45) 51 Total Revenues 15,976 16,996 (1,020) 13,945 14,287 (342) Expenses: 52 Payroll and Related Costs $ 6,197 $ 7,024 $ (827) (O) $ 5,876 $ 6,693 $ (817) 53 Operating, General and Administrative 2,679 2, (P) 1,900 2,171 (271) 54 Program Expenses and Events - EFI 1,449 2,406 (957) (Q) 1,243 1,706 (463) 55 Program Expenses and Events - FSF 1,296 1,408 (112) (R) 718 1,096 (378) 56 International Offices 1,323 1,548 (225) (S) 1,054 1,056 (2) 57 Professional Fees (196) (T) Advertising & Marketing 1,058 1,088 (30) (U) (412) 59 Travel (61) (V) (6) 60 Total Expenses 14,937 16,996 (2,057) 12,103 14,443 (2,340) 61 Change in net assets - operations 1,039-1,039 1,842 (156) 1, Change in net assets - temp restricted 15,280-15,280 (W) 5,834-5, Net assets, beginning of period 51,545-51,545 27,537-27, Net assets, end of period $ 67,864 $ - $ 67,863 $ 35,213 $ (156) $ 35, Revenue - Pass Throughs & Grants 1,301-1,301 3,608-3, Expenses - Grants to Other Organizations 1,301-1,301 3,608-3, Revenue - Temporarily Restricted 19,414-19,414 (T) 18,272-18, Expenses -Temporary Restricted 4,134-4,134 (T) 12,438-12,438 (A) Unrestricted funds for operations and administered programs. (B) 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. (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 third quarter appropriation and trade accounts receivable. (F) Other assets increased for fixed assets purchased and capitalized at June 30, (G) Accounts payable increased related to general operations. (H) 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. (I) The increase in unrestricted net assets correlates to the increase in net assets from operations. (J) State operating funds for Enterprise Florida. (K) State operating funds for Florida Sports Foundation. (L) Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. The balance also includes private contributions collected by the Florida Sports Foundation. (M) Revenue related to events directly offset event expenses. (N) Other revenues from administrative fees, interest, and sponsorships. (O) Payroll and benefits is comparable to last year but under budget for the year. (P) Operating, general and administrative costs are slightly over budget but are expected to be on track by the end of the year. (Q) Program expenses and events are offset by event related revenue. (R) Program expenses related to the FL Sports Foundation and linked to state appropriations. (S) International offices were on track with prior year-to-date numbers and the budget for the year. (T) Professional Fees are in line with the budget. (U) Advertising & marketing is on track to spend based on their marketing plan. (V) The travel budget was increased for FY 2013/14 to support the needs of the organization. (W) Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase. Enterprise Florida Board Meetings May 22, 2014 Page 18 of 35

23 Financial Report Enterprise Florida, Inc. Statement of Activities For the Nine Months Ending, Unaudited Attachment B-2 ($ in Thousands) March 31, 2014 Operations Administered Corporate Restricted Total Revenues: 69 State Appropriations-EFI $ 10,800 $ - $ - $ - $ 10, State Appropriations-FSF 1, , Private Cash Contributions 248-1,013-1, Registration and Participation Fees 1, , Other Revenues Total Revenues 14,963-1,013-15,976 Expenses: 75 Payroll and Related Costs $ 6,197 $ - $ - $ - $ 6, Operating, General and Administrative 2, , Program Expenses and Events-EFI 1, , Program Expenses and Events-FSF 1, , International Offices 1, , Professional Fees Advertising & Marketing 1, , Travel Total Expenses 14, , Change in net assets - operations , Change in net assets - temp restricted ,280 15, Net assets, beginning of period 11, ,714 51, Net assets, end of period $ 11,420 $ - $ 1,450 $ 54,994 $ 67, Revenue - Pass Throughs & Grants - 1, , Expenses - Grants to Other Organizations - 1, , Revenue - Temporarily Restricted ,414 19, Expenses -Temporary Restricted ,134 4,134 March 31, 2013 Operations Administered Corporate Restricted Total Revenues: 92 State Appropriations-EFI $ 9,975 $ - $ - $ - $ 9, State Appropriations-FSF 1, , Private Cash Contributions Registration and Participation Fees 1, , Other Revenues Total Revenues 13, ,945 Expenses: 98 Payroll and Related Costs $ 5,876 $ - $ - $ - $ 5, Operating, General and Administrative 1, , Program Expenses and Events-EFI 1, ,243 Program Expenses and Events-FSF International Offices 1, , Professional Fees Advertising & Marketing Travel Total Expenses 11, , Change in net assets - operations 1, , Change in net assets - temp restricted ,834 5, Net assets, beginning of period 8,220-1,440 17,877 27, Net assets, end of period $ 9,824 $ - $ 1,678 $ 23,711 $ 35, Revenue - Pass Throughs & Grants - 3, , Expenses - Grants to Other Organizations - 3, , Revenue - Temporarily Restricted ,272 18, Expenses -Temporary Restricted ,438 12,438 Enterprise Florida Board Meetings May 22, 2014 Page 19 of 35

24 Financial Report Enterprise Florida, Inc. Detail of Administered Activities by Program Funds Funds Received Funds In Contract From Paid To House Awarded State Recipients 3/31/2014 Base Protection: 114 Awarded in 12/13 8,580 8,580 4, , Awarded in 11/12 18,950 18,950 18, Defense Infrastructure: 116 Awarded in 13/14 1,600, Awarded in 12/13 1,581, ,245 83, , Awarded in 11/12 1,581,245 1,025, , , Awarded in 10/11 5,000,000 4,702,583 3,915, , Awarded in 09/10 1,367,325 1,385,457 1,215, , Awarded in 08/09 10,600,000 10,600,000 10,599, Awarded in 07/08 2,782,000 2,113,344 2,112, Awarded in 06/07 5,314,500 3,635,718 3,579,706 56, Awarded in 05/06 3,498,165 3,203,404 3,199,713 3, Awarded in 04/05 3,550,000 3,020,000 2,568, ,303 Defense Reinvestment: 126 Awarded in 13/14 850, Awarded in 12/13 850, , , , Awarded in 11/12 850, , ,232 39, Awarded in 10/11 850, , ,809 75,191 Rural Development: 130 Awarded in 10/11 587, , ,022 - Rural Infrastructure: 131 Awarded in 10/11 1,100, , ,924 - Interest (payable to the State of Florida) 132 Received 12/ , Ending Balance 41,961,980 34,287,018 31,496,361 2,793,813 Enterprise Florida Board Meetings May 22, 2014 Page 20 of 35

25 NEW APPOINTED MEMBERSHIP Senate Appointment Neal Dunn, MD, FACS Chairman, Summit Bank, N.A. New Representative Rhea Law Chair, Florida Offices Chair Page 21 of 35

26 NEW APPOINTED MEMBERSHIP Governor Re-Appointment Jay Beyrouti President, Monicarla, L.T.D. Page 22 of 35

27 AT-LARGE MEMBERSHIP RENEWALS AT&T Joe York President Florida, Puerto Rico & U.S. Virgin Islands Bacardi U.S.A., Inc. Rick Wilson Senior Vice President Becker & Poliakoff, P.A. Alan Becker Founding Shareholder BMG Money, Inc. Marion Mathes CEO Darden Restaurants Bob McAdam Senior Vice President Government & Community Affairs Embraer Aircraft Holding, Inc. Gary Spulak President

28 AT-LARGE MEMBERSHIP RENEWALS Florida Blue Mike Hightower Vice President Government & Legislative Relations Florida Trend Magazine Andy Corty President & Publisher Full Sail University Bill Heavener Co Chairman & CEO Hewlett Packard Deborah Millin Regional Manager Florida Lockheed Martin Training & Logistics Solutions Jon Rambeau Vice President & General Manager Massey Services Inc. Harvey Massey Chairman & CEO

29 AT-LARGE MEMBERSHIP RENEWALS Publix Supermarkets, Inc. Jeff Chamberlain Vice President of Real Estate Regions Bank Brett Couch Florida President SunTrust Bank, Florida David Fuller Chairman, President & CEO Tampa Electric Company & People s Gas System Gordon Gillette President

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31 NEW AT-LARGE MEMBERSHIPS Mitsubishi Hitachi Power Systems America, Inc. Dave Walsh President & CEO David M. Walsh has been appointed President and Chief Executive Officer of Mitsubishi Hitachi Power Systems Americas, Inc. (MHPSA) effective April 1, In this new role, Mr. Walsh has responsibility for all aspects of the business in the Western Hemisphere. Mr. Walsh will also be a Corporate Officer of MHPSA s parent company, Mitsubishi Hitachi Power Systems, Ltd. in Japan. Mr. Walsh served the company as Senior Vice President of Sales & Marketing, Projects and Services with MHPSA prior to his appointment as President and CEO. Mr. Walsh joined the company in 2001 and was responsible for Mitsubishi Power Systems Americas Western Hemisphere power generation service and manufacturing business, including field and plant service, parts manufacturing, and marketing for services related to Mitsubishi Heavy Industries activities in the Americas. Mr. Walsh came to MHPSA with broad U.S. and international experience as a senior executive in power generation roles that included operations in China, Saudi Arabia, Australia, and South America. Mr. Walsh earned a B.S. from the University of Virginia and pursued graduate studies at Northwestern University. ADT Luis Orbegoso President, Sma ll Business Luis Orbegoso is President of the Small Business Unit for The ADT Corporation. He is responsible for developing and executing the company's strategy to grow the security and automation segment serving small business owners. Luis joined ADT in May 2013 as Senior Vice President of Small Business from United Technologies Corporation (UTC) Climate, Controls & Security, where he served as president of the Global Fire Detection and Alarm segment. He previously served as president of Lenel Systems International, a division of UTC's Fire and Security segment. Prior to joining UTC in 2008, Luis spent 13 years with General Electric in a variety of sales, marketing and general management roles, culminating in his post as chief marketing officer of GE Equipment Services, a $7 billion division of GE Capital. He holds a Bachelor of Science in Mechanical Engineering from the University of Cincinnati and an MBA from Northwestern University's Kellogg School of Management.

32 NEW AT-LARGE MEMBERSHIPS Colliers International Tampa Bay Lee Arnold Chairman of the Board & CEO Lee is the Founder, Chairman of the Board and CEO of the Arnold Companies consortium of private companies including: Colliers International Florida Markets, L.A. Financial, and Clearwater Bay Associates. Collectively these companies provide commercial and investment brokerage, property management, valuation, development, and capital market services. Lee s forty years of real estate experience have centered around his specialization in large, one of a kind marketing assignments with an emphasis on problem properties. Lee s development and investment activities have been conducted under various partnerships and corporations. Development projects have ranged from a 2,300 acre Development of Regional Impact (DRI) in New Tampa to five star mobile home parks, office buildings, shopping centers, self storage facilities, free standing retail developments, multi family projects, and industrial/office parks. Lee actively establishes and manages numerous joint ventures including syndications in real estate, technology, and banking. Lee is a first round investor in a variety of investment sectors. Founding director of American Momentum Bank representing the largest financial institutional capitalization in Florida s history, exceeding $150 million. Principal and Director of Bayshore Solutions, an award winning interactive web marketing firm. Principal and Director of Fairwarning, a software security company

33 ENTERPRISE FLORIDA WELCOMES Pete Pizarro President & COO Whitney International University System In this role, Pizarro is responsible for overseeing strategy and operations for nine universities in Latin America, and leading the company's senior management team. Prior to his current role, Pizarro was Chairman and CEO, elandia International from 2008 to 2011, managing the groups' companies and subsidiaries in Latin America and the South Pacific. From 2002 to 2008, he served as President and CEO, Telefonica USA, responsible for the MNC business segment throughout Latin America. Pizarro has also served in various capacities at Esavio, Siman Group, and KPMG. He holds a Bachelor of Business degree in Accounting, University of Miami, and an MBA, Kellogg School of Management, Northwestern University.

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35 APPENDIX Executive Committee Charter Executive Committee Members

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37 Executive Committee Charter Enterprise Florida, Inc. Executive Committee Charter Role Enterprise Florida (EFI), Florida s lead economic development organization is led by public and private leaders on its Board of Directors. Its mission is to aggressively develop and facilitate the growth of current and future jobs for Florida s citizens. The Board may establish committees or councils to help with the mission of EFI. A primary committee for the Board is the Executive Committee. The Board may establish other committees as needed. The Executive Committee (EC) provides information and recommendations to the EFI Board, supports the development of Board investors, reviews operations and management issues, monitors relationships with linked organizations and establishes the consent agenda for each board meeting. It may assume any function or role assigned by the Board except for the election of the Vice Chair-elect; selection or removal of the President; determining the compensation paid to the President; and adopting, amending or repealing the bylaws. Membership The EC is composed of no less than 5 and no more than 13 voting members. The membership is concurrent with the two year term of the Vice Chair. The incoming Vice Chair submits the list of EC issue experts or chairmen to the Board for approval at the first meeting of his/her term. The issue experts and issue chairmen roles are linked to the business and program functions of the organization. The EC is led by the Board Vice-chair and includes the Board chair or his designee, and the immediate past Vice Chair in year one, replaced by the Vice chair-elect for year two. Ten (10) EC members are responsible for reporting on EFI essential business issues as they relate to three areas: EFI operations 1. Administration 2. International Trade & Development 3. Minority and Small Business, Entrepreneurship, Capital (MaSBEC) 4. Defense 5. Business Development 6. Sports Development 7. Strategic Partnerships EFI management and information 8. Finance and Compensation 9. Audit 10. Legislative Policy EFI responsibility with linked organizations, 11. Tourism Marketing 12. Space Florida Additionally, ex-officio members include: President of Enterprise Florida, and Vice-chair of Stakeholders Council. The ex-officio members do not have a vote on the EC. A quorum consists of one more than the active number of Executive committee members.

38 Executive Committee Charter Operations A meeting of the Executive Committee (EC) shall be held at least four times each fiscal year, either in person or by teleconference. The Committee may arrange for regional, special or other meetings as appropriate. Authority The authority of the Executive Committee is vested in the EFI By-laws (2011). All meeting rules that apply to the Board apply to the EC. The Vice Chair of the Board chairs the EC and he or she selects the Executive Committee leader-liaisons and issue chairs to serve during the Vice Chair s two year term. EC members may be re-appointed. Responsibilities Subject to applicable corporate governance laws, the principal responsibilities and functions of the EC are as follows: Review essential business reports of each member serving as liaisons for topics in Operations Issues, Management and Information Issues and Linked Organizations Complete the consent agenda for Board meetings, including essential business information reports Maintain Enterprise Florida s focus on its mission of business development through expansion, recruitment and creation Support the development of new Board investors Recommend new and renewals of at-large members for Board approval Identify essential business development issues for in depth review by the full Board The EC may act on behalf of the Board, except as noted in the Purpose statement above, when assigned by the Board. Unless the authority is assigned by the Board, all EC decisions are scheduled to be ratified at the next Board meeting. Staff Support The Executive Committee is assisted by the Strategic Partnership Division of Enterprise Florida. Al Latimer, SVP Strategic Partnerships Phone: alatimer@eflorida.com

39 Executive Committee Members Members: Executive Committee Brett Couch Alan Becker Crystal Sircy Julius Davis Danny Gaekwad Bill Heavener Mark Bensabat Fred Leonhardt Park Brady Jesse Biter Hal Melton Rachel Cone Gray Swoope (ex-officio) Kelly Smallridge (ex-officio) Issue Responsibility Vice Chair Finance & Compensation Chair Business Development Minority and Small Business, Entrepreneurship, Capital (MaSBEC) Tourism Sports International Trade Legislative Policy Defense and Military Retention Space Immediate Past Vice-chairman Governor s designee EFI, president Vice-chair of Stakeholder Council Enterprise Florida Executive Committee Staff Contacts: MasBec Louis Laubscher Senior Vice President Bill Spivey Vice President Sports John Webb President & CEO Business Development Crystal Sircy Senior Vice President International Manny Mencia Senior Vice President Audit & Fin & Comp Pam Murphy Vice President Legislative Mike Preston Vice President, Gov t Relations Tourism Will Seccombe President & CEO Military & Defense Rocky McPherson Vice President Stakeholders Council Al Latimer Senior Vice President Space Florida Frank DiBello President & CEO Exe Committee Dates: July 7, 2014 Monday 10:00 a.m. September 25, 2014 Thursday 9:30 a.m. January 7, 2015 Wednesday 8:30 a.m Board Meeting Dates: May 21 22, 2014 Aug 6 7, 2014 Oct 29 30, 2014 Feb 4 5, 2015 Palm Beach Sarasota Orlando Tallahassee