Enterprise Florida Executive Committee Meeting

Transcription

1 Enterprise Florida Executive Committee Meeting Friday, April 25, :30 a.m. 10:30 a.m. E.S.T. Conference Call CALL IN NUMBER: ACCESS CODE: #

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3 EFI Executive Committee Conference Call Agenda April 25, :30 a.m. 10:30 a.m. Enterprise Florida, Inc. Board of Directors Executive Committee Meeting Date: April 25, 2014 Time: 9:30 a.m. Location: Conference Call CALL IN NUMBER: ACCESS CODE: # Presiding Officer: Brett Couch, Vice Chair 1. Welcome Brett Couch Statement of Public Notice Al Latimer 2. Board Investors and Membership Updates Al Latimer 3. Marketing Partnership Report Stu Rogel 4. Finance Committee Report Alan Becker 5. Leader Liaison Reports Brett Couch Business Development Crystal Sircy Minority & Small Business Entrep & Capital (MaSBEC) Julius Davis Tourism Development Danny Gaekwad Sports Development Bill Heavener International Trade & Development Mark Bensabat Legislative Committee Fred Leonhardt Space Jesse Biter Defense Park Brady 6. May 22, 2014 Draft Board Agenda Griff Salmon 7. Action Items Brett Couch Draft Minutes February 5, 2014 Brett Couch Retain Florida Opportunity Board Member Louis Laubscher 8. Public Comment Brett Couch 9. Reminders: Brett Couch 2014 Exe Committee Dates: July 7, 2014 Monday 10:00 a.m. September 25, 2014 Thursday 9:30 a.m Board Meeting Dates: May 21 22, 2014 Aug 6 7, 2014 Oct 29 30, 2014 Feb 4-5, Adjourn Palm Beach Sarasota Orlando Tallahassee Page 1 of 29

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5 Enterprise Florida Executive Committee Meeting April 25, 2014 TABLE OF CONTENTS Agenda Tab 1 Financial Statements: Quarter ending Mar. 31, 2014 Tab 2 Draft Board Meeting Agenda May 22, 2014 Tab 3 Draft Minutes February 5, 2014 Appendix: Executive Committee Charter Executive Committee Members Page 3 of 29

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9 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 7 of 29

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11 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 9 of 29

12 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 10 of 29

13 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 11 of 29

14 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 12 of 29

15 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 13 of 29

16 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 14 of 29

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19 Enterprise Florida Board Meeting Agenda The Breakers Palm Beach, Florida May 22, :30 A.M. 11:00 A.M. EDT Theme: Florida Site Selection Panel and Break-Out Sessions Agenda 8:30 a.m. Welcome & Roll Call... Brett Couch, Vice Chair 8:35 a.m. Chairman s Report & Jobs Q&A Session... Governor Rick Scott 9:05 a.m. President s Update & Q&A... Gray Swoope President & CEO 9:15 a.m. Success Story... Roland Smith, Office Depot 9:25 a.m. Site Consultant..TBD 9:35 a.m. Q & A... CEO-Established Project CEO-Office Depot Site Consultant 10:00 a.m. Breakout Session... Two groups 10:35 a.m. Breakout Group Reports... Group Leaders 11:00 a.m. Public Comment... By Comment Card 11:15 a.m. Action Items... Brett Couch, Vice Chair 11:30 a.m. Closing Remarks & Adjournment... Governor Rick Scott Save the Dates: August 6 7, 2014: Sarasota October 29 30, 2014: Orlando February 4 5, 2015: Tallahassee Enterprise Florida Board Meeting May 22, 2014 Updated: 4/16/2014 Page 17 of 29

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23 DRAFT Executive Committee Meeting Minutes The Governor s Club, 202 S. Adams St, Tallahassee, Florida February 5, :45 a.m. 1:00 p.m. Executive Committee Meeting, February 5, 2014 The Governor s Club, 202 South Adams Street, Tallahassee, FL Attendees: Board Members Staff Via Phone Alan Becker Al Latimer Mark Bensabat Jesse Biter Louis Laubscher Hal Melton Brett Couch, Vice Chair Noreen Levitt Danny Gaekwad Melissa Medley Fred Leonhardt Manny Mencia Kelly Smallridge Simone Miller Stuart Rogel Pam Murphy Scott Williams* *(for Bill Heavener) Mike Preston Griff Salmon William Seccombe Gray Swoope John Webb Agenda i. Welcome ii. Statement of Public Notice iii. Approval of Minutes iv. Consent Agenda a. Financial Statements 2 nd quarter ending 12/31/2013 b. Public Policy Comment c. New At-Large Seat d. Renewal of Existing Investors e. New Investors f. New VISITFLORIDA Board Member v. Public Comment vi. Other Business vii. Reminders viii. Adjourn Welcome and Call to Order Vice Chair Couch called the meeting to order at 12:00 p.m. Gray Swoope introduced Margery Kraus and Cliff Stearns of APCO Worldwide, EFI s China Foreign Office Consultants. APCO is leading international projects originating from Hong Kong and Shanghai. Mary Kraus is Founder and CEO of APCO. Cliff Stearns is Senior Advisor. Jesse Biter introduced his two guests, Nathaniel Fischer and Peter Reynolds, Co-Chairmen of AVESTA Communities, a multifamily investment and management firm based in Tampa. Public Notice Al Latimer read the sunshine notice and announced that a quorum was present. Enterprise Florida Executive Committee Meeting Page 21 of 29

24 DRAFT Executive Committee Meeting Minutes The Governor s Club, 202 S. Adams St, Tallahassee, Florida February 5, :45 a.m. 1:00 p.m. Approval of Minutes January 6, 2014 Meeting Brett Couch informed members that the minutes had been amended to correct the date of the last Finance and Compensation meeting to January 6, A correction to the attendance record was also made to show that Bill Heavener was not present at the meeting, as previously recorded. Danny Gaekwad entered a motion to approve the minutes of the January 6, 2014 meeting as amended. Fred Leonhardt seconded the motion and it was approved without objection. Building the Consent Agenda Vice Chair Couch asked Al Latimer to explain how the process would work for building the consent agenda that would be submitted to the full board for consideration and vote. Latimer stated that staff had compiled a list of items requiring review and action by the Executive Committee, which in its judgment would then place all or some of those items to a consent agenda for full board action. He further stated that items on the Committee s action item list were to be voted on individually in the order presented. Once each item had been discussed, public comment would be allowed then a vote taken. Financials Pam Murphy reminded members that the Financial Statements in the meeting materials had already been discussed at the January 6, 2014 meeting and was included in the day s packet for informational purposes only. Danny Gaekwad confirmed that the Financial Statements were discussed in detail and that further action or discussion was necessary. Mark Bensabat entered a motion to add the 2 nd quarter Financial Statements to the Consent Agenda. Hal Melton seconded the proposal, and the motion carried. Public Policy Louis Laubscher explained that a change in the law now requires Enterprise Florida to establish a policy that ensures the public has an opportunity to participate in the organization s decision making process and offer comment on issues pending action by the board. Drawing members attention to the two page policy document included in the meeting materials, Laubscher gave an overview of the procedures and rules for public participation that was drafted in consultation with legal counsel. On a basic level the policy provides that members of the public will be given three minutes to speak on issues after submitting a comment card. Laubscher fielded several questions before the committee took action. Fred Leonhardt entered a motion to add the Public Comment Policy to the Consent Agenda. Kelly Smallridge seconded the motion and it was approved without dissent. New Board At-Large Appointment Al Latimer told members that after a periodic review of the board roster, staff believes the membership is missing a very valuable perspective and was therefore recommending that a new at-large board seat be established. In order to gain a better perspective on university students preparation for Florida s job market and the striations in workforce talent, staff recommended adding the Chancellor of the Board of Governors of the State University System Enterprise Florida Executive Committee Meeting Page 22 of 29

25 DRAFT Executive Committee Meeting Minutes The Governor s Club, 202 S. Adams St, Tallahassee, Florida February 5, :45 a.m. 1:00 p.m. of Florida to the Enterprise Florida Board of Directors. He shared that if the directors accepted the proposal, Chancellor Marshall Criser III would fill the newly created seat. Jess Biter entered a motion to authorize the creation of a new board seat for the Chancellor of the Board of Governors of the State University System of Florida, and add the item to Consent Agenda. Fred Leonhardt offer the second, and the motion was unanimously approved. Renewing At-Large Investors Latimer reported that five existing member companies were renewing their investment in Enterprise Florida and recommended that the Executive Committee approve them for the consent agenda: Bank of America Barron Collier Companies Kaplan, Inc. Odebrecht Construction, Inc. PNC Bank Danny Gaekwad entered a motion to approve the renewing at-large investors and placement of the item on the Consent Agenda. Kelly Smallridge seconded the motion and it was approved without objection. New At-Large Investors Latimer also reported that the following new at-large investors would be placed on the Consent Agenda: Craig Technologies Walgreens Fred Leonhardt made a motion to approve membership for the new at-large investors and the item be placed on the Consent Agenda. Danny Gaekwad seconded the motion, which passed without objection. VISITFLORIDA Al Latimer told the membership that he had been informed that Ed Fouche was retiring from VISITFLORIDA s board and that Sharon Siske, VP Disney Destinations, is being recommended to replace him. Danny Gaekwad made a motion to approve the appointment of Sharon Siske, VP Disney Destinations to VISITFLORIDA s board and add the item to the Consent agenda. Jesse Biter seconded and the motion carried. Public Comment Brett Couch then asked if there was any Public Comment: there was none made. Finalizing the Consent Agenda Brett Couch reviewed the items that had been placed on the Consent Agenda during the day s meeting, items that will be presented to the full board for approval. Enterprise Florida Executive Committee Meeting Page 23 of 29

26 DRAFT Executive Committee Meeting Minutes The Governor s Club, 202 S. Adams St, Tallahassee, Florida February 5, :45 a.m. 1:00 p.m. Alan Becker entered a motion to approve the Consent Agenda. Danny Gaekwad entered a second and it was approved. Reminders Brett Couch asked members to note the dates of the remaining 2014 committee meetings and integrate them into their calendars. Other Business Griff Salmon encouraged members to continue to forward staff suggested agenda. He said that EFI wanted to maintain the momentum it has built in developing board agendas with good content that reflects the board s interest, generates discussion and optimizes engagement. Alan Becker asked that consideration be given to reestablishing board committees around targeted industries. Brett Couch opined that often are too items on the agenda and suggested the number be pared down to a more manageable amount for the May meeting. Jesse Biter reflected on the active involvement achieved by holding breakout sessions and suggested staff consider setting up one for the May meeting. Danny Gaekwad agreed that breakout groups work well and supported Jesse s recommendation that staff arrange one for the May board meeting. The meeting adjourned at 12:55 p.m. Enterprise Florida Executive Committee Meeting Page 24 of 29

27 APPENDIX Executive Committee Charter Executive Committee Members Page 25 of 29

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29 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. Page 27 of 29

30 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 Page 28 of 29

31 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 Page 29 of 29