Broward County Commission Regular Meeting
Director's Name: Sandy-Michael McDonald
Department: Economic and Small Business Development
Information
Requested Action
title
MOTION TO APPROVE Greater Fort Lauderdale Alliance (hereinafter referred to as the “Alliance”) Fiscal Year 2025 Quarterly Performance Report, for the period from October 1, 2024, through December 31, 2024, pursuant to the agreement between Broward County and the Alliance.
body
Why Action is Necessary
Pursuant to the County’s agreement with the Alliance, the Alliance must submit to the Office of Economic and Small Business Development, Quarterly Performance Reports for Board acceptance.
What Action Accomplishes
The Alliance's submission and the Board of County Commissioners' acceptance of the Quarterly Performance Reports will satisfy compliance with the terms of the Agreement between the parties.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None.
Summary Explanation/Background
THE OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This item supports the Board of County Commissioners' Vision of “From sawgrass to seagrass, an inclusive and resilient community with a thriving quality of life”, and Goal of “Ensuring economic opportunities and a sustainable economy, with an emphasis on Broward's lower and middle class."
The Office of Economic and Small Business Development (hereinafter referred to as “OESBD”) reviewed the Fiscal Year 2025 Alliance First Quarter Performance Report (Exhibit 1). The quarterly report has been summarized to highlight the Alliance’s achievements for the first quarter of Fiscal Year 2025. The quarterly report demonstrates the achievement of the Alliance’s overall quarterly goals. In the first quarter, notable achievements were accomplished in international leads, number of projects in the pipeline, retained jobs, Number and Dollar Value of CareerSource Partnerships, media value generated, and private sector dollars investing in economic development. For the goals that were missed regarding new domestic leads, number of announced projects, new value-added jobs, corporate visits, total number of website visits, advertising and social impressions, and direct capital investment, a detailed explanation is provided below.
Business Attraction
The Alliance annual goal for new domestic and international leads is to develop 225 leads (175 domestic and 50 international), or 56 leads (44 domestic and 12.5 international) per quarter for FY 2025. The Alliance developed 22 domestic and 63 international leads during the first quarter for a total of 85 leads. This represents 51% goal attainment for domestic leads and 525% goal attainment for international leads. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
The Alliance goal for the number of projects in the pipeline is 20. There are currently 21 projects in the pipeline which is 105% goal attainment.
The Alliance annual goal for the number of announced projects is 12, or 3 completed projects per quarter for FY 2025. There was 1 completed project in the first quarter, resulting in 33% goal attainment. This was missed primarily due to companies not making relocation or expansion decisions due to the continued high cost of money, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies considering a relocation.
The Alliance annual goal for new value-added jobs is 1,400, or 350 new jobs per quarter for FY 2025. The Alliance helped companies create a total of 116 new value-added jobs during the first quarter, resulting in 33% goal attainment. This was missed primarily due to companies not making relocation or expansion decisions due to the continued high cost of money, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies considering a relocation. The Alliance annual goal for the number of retained jobs is 500, or 125 retained jobs per quarter for FY 2025. There are 174 retained jobs in the first quarter, resulting in 129% goal attainment for the first quarter.
The Alliance annual goal for direct capital investment is $100 million in domestic and $4 million in international investment. The Alliance quarterly goal for capital investment is $25 million in domestic and $1 million for international investment. The Alliance helped companies create a total of $3.4 million in domestic investment in the first quarter, resulting in 14% goal attainment in domestic investment and no dollars in international investment. This was missed primarily due to companies not making relocation or expansion decisions due to the continued high cost of money, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies considering a relocation.
Business Retention
The Alliance annual goal for business retention and expansion is to conduct 120 corporate visits in FY 2025 or 30 per quarter. The Alliance conducted a total of 10 visits during the first quarter, which represents 33% goal attainment. This goal is below objective in part due to losing an executive on loan from CareerSource Broward, who was focused on corporate visits for twenty years. We are now shifting responsibilities within the Alliance to continue to address the BRAVO visitation effort, and we have hired a part time BRAVO Program Coordinator.
The Alliance annual goal for CareerSource Broward partnerships was 12 company partnerships for FY 2025, or 3 companies per quarter, and $1,000,000 in dollar value for FY 2025, or $250,000 per quarter. During the quarter, there were 4 company partnerships completed, with total CareerSource Broward Partnerships valued at $759,050 for the period. This represents 303.6% attainment in the partnerships value for the quarter.
Marketing and Communications
The Alliance annual goal for advertising and social impressions generated is 10,000,000 or 2,500,000 per quarter for FY 2025. In the first quarter, advertising and social impressions generated was 111,171 which represents 4% goal attainment. This is due to the Alliance placing a hold on much of its digital advertising, while a new campaign is finalized. It is anticipated that as the year progresses and the new campaign is finalized and launched, this objective will be met.
The Alliance annual goal for the total number of website visits is 165,000 or 41,250 per quarter. In the first quarter, the total number of visits were 33,300, which represents 80% goal attainment. This was missed due to a significant portion of the Alliance’s advertising campaign being placed on hold. It is anticipated that as the year progresses and additional advertising rolls out driving additional visits to the website, this objective will be met.
In effort to continue to grow its social media presence and following, the Alliance outlines goals for number of followers on four social media platforms: Twitter (now X) (6,000), Facebook (6,000), and increase followers on Instagram and LinkedIn. For the first quarter, all four platforms increased followers. Total followers between the four platforms is 17,360, up from 15,418 in the previous quarter and up from 10,686 at the beginning of the initial reporting period in 2022.
The Alliance annual goal for media value generated is $400,000 or $100,000 per quarter for FY 2025. In the first quarter, the media value generated was $954,499, which represents 954.5% goal attainment for the quarter.
Financial Support
The Alliance annual goal for private sector dollars investing in economic development is $2,924,061 or $731,015 per quarter, and the Public/private mix goal is $1.00: $1.50 for the year and the quarter. In the first quarter, private sector dollars investing in economic development was $949,576, and public/private mix was $1.00: $1.75. This represents 130% goal attainment for the quarter.
OESBD reviewed the Fiscal Year 2025 Alliance First Quarter Performance Report and recommends approval.
Source of Additional Information
Sandy-Michael McDonald, Director OESBD, (954) 357-6400.
Fiscal Impact
Fiscal Impact/Cost Summary
None.