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 2023 quarterly performance report, for the period from July 1, 2023, through October 31, 2023, 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 2023 Alliance Fourth Quarter/Year-End Summary Performance Report (Exhibit 1). The quarterly/year-end summary report has been summarized to highlight the Alliance’s achievements for the fourth quarter of Fiscal Year 2023 and Fiscal Year 2023. The quarterly/year-end summary report demonstrates the achievement of the Alliance’s overall quarterly and annual goals. In the fourth quarter, notable achievements were accomplished in: international leads, announced projects, number of new value-added jobs, domestic direct capital investment, total visits to website, advertising and social media impressions, and media value generated. In Fiscal Year 2023, notable achievements were accomplished in the following: domestic leads, domestic direct capital investment, total visits to website, advertising and social media impressions, media value generated, private sector dollars investing in economic development, number of Career Source Partnerships and public/private mix. For the goals that were missed regarding announced projects, corporate visits, retained jobs, new value-added jobs, international leads, direct capital investment international, and corporate visits, a detailed explanation is provided below.
Performance Measures
Business Development
The Alliance annual goal for new domestic and international leads was to develop 225 leads (175 domestic and 50 international), or 56 leads per quarter for Fiscal Year 2023. The Alliance developed 54 leads (38 domestic and 16 international), during the fourth quarter. This represents 87% goal attainment for domestic leads and 128% goal attainment for international leads during the fourth quarter. The Alliance developed 185 domestic and 46 international leads during the year for a total of 231 leads. This represents 106% goal attainment for domestic leads and 92% goal attainment for international leads for the year and 106% attainment in total leads. The international leads number has always been positively impacted by assistance from Enterprise Florida, which worked with the Alliance on international leads and projects. With the recent budget and personnel cuts at Enterprise Florida the international number has been negatively affected.
The Alliance goal for the average number of projects in the pipeline for the year and fourth quarter was 20. In the fourth quarter and the entire Fiscal Year 2023, there were an average of 17 projects in the pipeline, which represents 85% goal attainment. This was missed primarily due to companies not making relocation or expansion decisions due to the continued increase in the 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 was 16, or 4 announced projects per quarter for Fiscal Year 2023. There were 5 announced projects in the fourth quarter, representing 125% goal attainment. There were 13 announced projects in Fiscal Year 2023, 81% goal attainment for the year. This was missed primarily due to companies not making relocation or expansion decisions due to the continued increase in the cost of money, the elimination of statewide incentives including the QTI 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 was 1,600, or 400 new jobs per quarter for Fiscal Year 2023. The Alliance helped companies create a total of 860 new value-added jobs during the fourth quarter, 215% of goal attainment. The Alliance helped companies create a total of 1,059 new value-added jobs during the year. This represents 66% goal attainment. This was missed primarily due to companies not making relocation or expansion decisions due to the continued increase in the cost of money, the elimination of statewide incentives including the QTI 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 1,300, or 325 retained jobs per quarter for Fiscal Year 2023. There were 250 retained jobs or 19% goal attainment for the year. There were 0 retained jobs in the fourth quarter. This was a reflection that due to the ongoing business decisions being made following the pandemic, and the fact that Florida/Broward County are being perceived as more welcoming to businesses than many states, most companies are continuing to remain in Florida/Broward County and are not choosing to look at locations outside the area.
The Alliance annual goal for business retention and expansion was to conduct 150 corporate visits in Fiscal Year 2023 or 37 per quarter. During the fourth quarter, the Alliance conducted 21 visits, or 57% goal attainment. The Alliance conducted a total of 103 visits during the year, which represents 68% goal attainment. This goal was below objective in large part due to a staffing transition at the Alliance.
The Alliance annual goal for total direct capital investment was $105 million ($100 million domestic and $5 million international), or $25 million per quarter in domestic and $1.25 million in international direct capital investment for Fiscal Year 2023. In the fourth quarter, there was $164.7 million in domestic capital investment or 658% attainment of the quarterly goal, and $0 in international investment. Total direct capital investment for the year was $169.7 million or 161% goal attainment. Domestic direct capital investment was $169.5 million, or 169.5% attainment of goal, for the year. The international capital investment was $250,000 or 5% of the annual goal. While the domestic portion exceeded goal, the international portion was missed primarily due to companies not making relocation or expansion decisions due to the continued increase in the cost of money, the elimination of statewide incentives including the QTI funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies considering a relocation. Additionally, the budget and personnel cuts at Enterprise Florida also affected the international number negatively.
Marketing and Communications
The Alliance annual goal for the total number of website visits is 150,000 or 37,500 per quarter. In the fourth quarter, the total number of visits were 48,521, which represents 129% goal attainment for the quarter and 108% for the year. The Alliance continued its Fiscal Year 2023 economic development marketing campaign which is targeting C-Level executives and company location decision makers through print, digital, search engine and B2B digital in publications such as Business Facilities, Chief Executive, Aviation Week, CIO, CSO, Network World, InfoWorld and ComputerWorld. In addition to the company outreach, advertising continues to be directed to attracting talent to Broward County.
In an 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 15,050, up from 13,934 in the third quarter and up from 10,686 at the beginning of the initial reporting period in 2022. In Fiscal Year 2023, Alliance advertising campaigns generated 16.7 million impressions resulting in 5.3 million video views/audio completions and 145,000 clicks to the Alliance website.
The Alliance annual goal for media generated is $300,000 or $75,000 per quarter for Fiscal Year 2023. In the fourth quarter, the media value generated was $213,676, which represents 285% goal attainment for the fourth quarter. Total media value generated for the year was $369,470 and 123% goal attainment for the year. The Alliance staff has also 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.
Investor Relations
The Alliance Investor Relations annual goal was to raise and collect $3,095,000 from investors and partners to support the Alliance, or $773,750 per quarter. In the fourth quarter, The Alliance raised a total of $616,157, which represents 80% goal attainment for the fourth quarter. The Alliance raised a total of $3,407,619 and 110% for the year. The 80% goal attainment is due to timing of invoices, where more dues are collected during some quarters over others based on invoicing dates. The Alliance goal for Public/Private Funding Mix for Fiscal Year 2023 was $1.00:$1.51, and the Alliance achieved a Public/Private Mix of $1.00:$1.21 in this period, which represents 80% goal attainment for the quarter, and $1:$1.66 or and 109% for the year.
The Alliance annual goal for CareerSource Broward partnerships was ten company partnerships for Fiscal Year 2023, or 2.5 companies per quarter, and $250,000 in dollar value for Fiscal Year 2023, or $62,500 per quarter. During the fourth quarter, there was one company partnership completed, with total CareerSource Broward Partnerships valued at $114,990 for the fourth quarter and 10 partnerships completed for the year with a total annual value of $1.1 million. This represents 60% goal attainment in number of partnerships for the fourth quarter and 100% attainment for the year. Goal attainment for partnership value was 46% for the quarter and 450% for the year. The lower amount in the fourth quarter is a function of the timing of funding availability from the state and the workforce needs of the companies which varies by quarter. The total dollar allocation for the partnerships was met earlier in the year.
OESBD reviewed the Fiscal Year 2023 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.