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 July 1, 2024, through September 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 Fourth Quarter/Year End Performance Report (Exhibit 1). The report has been summarized to highlight the Alliance’s achievements for the year and fourth quarter of Fiscal Year 2024. The quarterly report demonstrates the achievement of the Alliance’s overall quarterly and annual goals. In the fourth quarter, notable achievements were accomplished in: number and dollar value of CareerSource partnerships, websites visits, advertising & social impressions, direct capital investment (domestic and international), private sector dollars investing in economic development, and public/private mix. In Fiscal Year 2024, notable achievements were accomplished in the following: international leads, average monthly projects in the pipeline, direct capital investment (domestic and international), number and dollar value of CareerSource partnerships, total website visits, advertising and social media impressions, media value generated, private sector dollars investing in economic development, and public/private mix. For the goals that were missed regarding domestic leads, announced projects, new value-added jobs, retained jobs and corporate visits, 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 per quarter for Fiscal Year 2024. The Alliance developed 138 domestic and 72 international leads during the year for a total of 210 leads. This represents 79% goal attainment for domestic leads and 144% goal attainment for international leads. The Alliance developed 40 domestic and 3 international leads in the fourth quarter, representing 91% and 24% attainment, respectfully. This was missed 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 announced projects is 12, or three completed projects per quarter for Fiscal Year 2024. There were 11 completed projects during the year, resulting in 91% goal attainment. This goal 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. In the fourth quarter, there were 3 announced projects, resulting in 100% goal attainment in the fourth quarter.
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 1,060 new value-added jobs during the year, resulting in 88% goal attainment. In the fourth quarter 284 jobs were created resulting in 95% goal attainment in the fourth quarter. 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 total direct capital investment was $79 million ($75 million domestic and $4 million international), or $18.75 million per quarter in domestic and $1 million in international direct capital investment per quarter for Fiscal Year 2024. Total direct capital investment for the Fiscal Year was $164.6 million or 208% goal attainment. Domestic direct capital investment was $152.6 million, or 203.5% attainment of goal, for the year, and international direct capital investment was $12 million or 300% attainment of the annual goal. In the fourth quarter, there was $22 million in domestic capital investment, representing 117% attainment of the quarterly goal, and $2 million in international investment representing 200% attainment of the quarterly goal.
Business Retention
The Alliance annual goal for the number of retained jobs is 500, or 125 retained jobs per quarter for Fiscal Year 2024. There were 170 retained jobs in the year, and 40 retained jobs for the fourth quarter resulting in 34% and 32% goal attainment, respectively. This reflected the fact that Florida/Broward County are being perceived as being more welcoming to businesses than many states, resulting in most companies continuing to remain in Florida/Broward County and not choosing to look at locations outside the area.
The Alliance annual goal for business retention is to conduct 150 corporate visits in Fiscal Year 2024 or 37 per quarter. The Alliance conducted a total of 60 visits during the year, which represents 40% goal attainment. In the fourth quarter, there were 4 visits or 11% attainment of the quarterly goal. This goal was below objective in part due to losing an executive on loan from CareerSource Broward, who was focused on corporate visits for twenty years. We have now shifted responsibilities within the Alliance to continue to address the BRAVO visitation effort and hired a part time BRAVO Program Coordinator.
The Alliance annual goal for CareerSource Broward partnerships was 14 company partnerships for Fiscal Year 2024, or 3.5 companies per quarter, and $1 million in dollar value for Fiscal Year 2024, or $250,000 per quarter. During the fourth quarter, there were eight company partnerships completed, with total CareerSource Broward Partnerships valued at $1.37 million for the fourth quarter and 17 partnerships completed for the year with a total annual value of $2.38 million. This represents 549.8% goal attainment in number of partnerships for the fourth quarter and 238% goal attainment for the year.
Marketing and Communications
The Alliance annual goal for the total number of website visits in Fiscal Year 2024 is 150,000 or 37,500 per quarter. The total number of websites visits for Fiscal Year 2024 is 313,296, representing 209% attainment. In the fourth quarter, the total number of visits were 121,000, which represents 323% goal attainment for the quarter.
The Alliance annual goal for Advertising and Social Media Impressions in Fiscal Year 2024 is 7,500,000, and 1,875,000 per quarter. In Fiscal Year 2024, Alliance advertising campaigns generated 17.9 million impressions, representing 240% attainment. In the fourth quarter of Fiscal Year 2024, Alliance advertising campaigns generated 6.3 million impressions, representing 336% goal attainment. This includes 6.1 million video views/audio completions and more than 188,000 clicks to the Alliance website. 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 fourth quarter, all four platforms increased followers. Total followers between the four platforms are 17,163, up from 10,686 at the beginning of the initial reporting period in 2022.
The Alliance annual goal for media generated is $300,000 or $75,000 per quarter for Fiscal Year 2024. Total media value generated for Fiscal Year 2024 was $304,459, representing 101% goal attainment for the year. In the fourth quarter, the media value generated was $21,601, which represents 29% goal attainment for the fourth quarter. The Alliance staff has been working with various publications on potential stories of interest in the future and anticipates some of these to result in media coverage in the coming months.
Financial Support
The Alliance Private Sector Dollars Investing in Economic Development annual goal was $2,795,000 in, or $698,750 per quarter. In the fourth quarter, Private Sector Dollars Investing in Economic Development was $809,655, which represents 115% goal attainment for the fourth quarter. In Fiscal Year 2024, Private Sector Dollars Investing in Economic Development was $3,352,286, representing 120% attainment. The Alliance goal for Public/Private Funding Mix for the year was $1.00:$1.33, and the Alliance achieved a Public/Private Mix of $1.00:$1.54 in the 4th quarter, which represents 116% goal attainment for the quarter, and $1:$1.59 for the year, 119% attainment.
OESBD reviewed the Fiscal Year 2024 Alliance Fourth 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.