Broward County Commission Regular Meeting
Director's Name: Sandy-Michael McDonald
Department: Economic and Small Business Development
Information
Requested Action
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MOTION TO APPROVE Greater Fort Lauderdale Alliance (hereinafter referred to as the “Alliance”) Fiscal Year 2024 quarterly performance report, for the period from April 1, 2024, through June 30, 2024, pursuant to the agreement between Broward County and the Alliance.
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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 2024 Alliance Third Quarter Performance Report (Exhibit 1). The quarterly report has been summarized to highlight the Alliance’s achievements for the third quarter of Fiscal Year 2024. The quarterly report demonstrates the achievement of the Alliance’s overall quarterly goals. In the third quarter, notable achievements were accomplished in international leads, domestic and international direct capital investment, average number of projects in the pipeline, number of announced projects, new value-add jobs created, retained jobs, total number of website visits, total clicks to the Alliance website, total followers on social media, and private dollars investing in economic development. For the goals that were missed regarding new domestic leads, corporate visits, media value generated, and company partnerships with CareerSource Broward, a detailed explanation is provided below.
Business Development
The Alliance annual goal for new domestic and international leads is to develop 225 leads (175 domestic and 50 international), or 56 leads (43 domestic and 12.5 international) per quarter for Fiscal Year 2024. The Alliance developed 29 domestic and 41 international leads during the third quarter for a total of 70 total leads. This represents 67% goal attainment for domestic leads, 328% goal attainment for international leads, and 125% goal attainment for total leads. The Alliance has additional in-person meetings and advertising outreach scheduled for the fourth quarter 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 represents 105% goal attainment. The Alliance annual goal for the number of announced projects is 12, or three completed projects per quarter for Fiscal Year 2024. There were four completed projects in the third quarter, resulting in 133% goal attainment.
The Alliance annual goal for new value-added jobs is 1,200, or 300 new jobs per quarter for Fiscal Year 2024. The Alliance helped companies create a total of 478 new value-added jobs during the third quarter, resulting in 159% goal attainment.
The Alliance annual goal for the number of retained jobs is 500, or 125 retained jobs per quarter for Fiscal Year 2024. There were 130 retained jobs, resulting in 104% goal attainment for the third quarter.
The Alliance annual goal for business retention and expansion is to conduct 150 corporate visits in Fiscal Year 2024 or 37 per quarter. The Alliance conducted a total of 23 visits during the third quarter, which represents 62% 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 20 years. We are now shifting responsibilities within the Alliance to continue to address the BRAVO visitation effort until we can hire a part time BRAVO Program Coordinator.
The Alliance annual goal for direct capital investment is $79 million ($75 million domestic and $4 million international), or $19.75 million per quarter for Fiscal Year 2024. There was $73.3 million in domestic direct capital investment and $10 million in international direct capital investment for the third quarter, resulting in 371% goal attainment and 250% goal attainment, respectively.
Marketing and Communications
The Alliance annual goal for the total number of website visits is 150,000 or 37,500 per quarter. In the third quarter, the total number of visits were 63,035, which represents 169% goal attainment for the quarter.
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 (6,000), Facebook (6,000), and increase followers on Instagram and Linkedin. For the third quarter, all four platforms increased followers. Total followers between the four platforms equals 16,788, up from 15,905 in the previous quarter and up from 10,686 at the beginning of the initial reporting period in 2022. From October to June Fiscal Year 2024, Alliance advertising campaigns generated 13.4 million impressions resulting in 4.9 million video views/audio completions and more than 115,000 clicks to the Alliance website.
The Alliance annual goal for media value generated is $300,000 or $75,000 per quarter for Fiscal Year 2024. In the third quarter, the media value generated was $65,571, which represents 87% goal attainment for the third quarter. In the first three quarters, the media value generated was $282,857, which represents 126% goal attainment for the first three quarters. It is anticipated that as the year progresses and new projects are announced, opportunities to generate media coverage will continue and this objective will be met.
Investor Relations
The Alliance annual goal for private sector dollars investing in economic development is $2,795,000 or $698,750 per quarter. The Alliance raised a total of $798,750 for the third quarter of Fiscal Year 2023, which represents 114% goal attainment. The Alliance goal for Public/Private Funding Mix for Fiscal Year 2024 is $1.00:$1.33 and achieved a Public/Private Mix of $1.00:$1.68 this period, which exceeds the goal by 114% for the quarter.
The Alliance annual goal for CareerSource Broward partnerships was 14 company partnerships for Fiscal Year 2024, or 3.5 companies per quarter, and $1,000,000 in dollar value for Fiscal Year 2024, or $250,000 per quarter. During the quarter, there were two company partnerships completed, which represents 57% goal attainment for the third quarter. Total CareerSource Broward Partnerships were valued at $713,312 for the third quarter, which represents 285% goal attainment. The Alliance has a good pipeline of companies to meet with to discuss training grant opportunities and expects to come near or exceed our company partnerships goal for the year, and is also currently being impacted by not having a dedicated BRAVO Program Coordinator.
OESBD reviewed the Fiscal Year 2024 Alliance Third 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.