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MEMORANDUM May 20th,2014
TO: Mayor and Council Members
FR: Brian Whitehall, City Administrator
India Riedel, Finance Dept.
RE: Mid -Year Review — May 20th, 2014Council Meeting
Overall our budget to actual is as expected. Most Income and Expenses
have corresponded to YTD expectations.
Revenues
Ad Valorem Tax Revenue less than last year, by 3 %, however, prior year to
date was an unexpected increase, overall trend is as expected.
General Fund Revenues (excluding Ad Valorem) are up 3.91%, or $40,000.
Last year there was a significant decrease in Franchise Fees, this year they
have rebounded and are at a 7% increase. Utility Tax receipts are up by
16 %. Communications Service Tax however has decreased by 28 %.
The City's portion of monthly receipted sales tax from the State is up by 11%.
And the Local 1/2 cent tax is up by 13 %. Charges for services, such as
Building and Permitting have remained unchanged as new construction has
been minimal.
Expenditures
Percentage of budget spent through March 31st is 43.78 %; when one might
expect to have spent 50% of funds. General Fund Expenditures increased
year to date by 7.6 %. Some of the increase is due to the 11% increase cost
in health insurance as well a annual expenses paid earlier in the year
(Auditors by $7,000)
Margin of budget to actual is narrower than past years and we do anticipate
using some of the reserves as budgeted.
Departments continue to monitor each line item within their budget by
scrutinizing the need for services and goods.
City of Okeechobee
May 20th 2014
Mid Year Review
Financial Status
Agenda
• Economic "[,rend
• Revenues
• Expenditures
• Summary
Mid Year Review - Financial Status 1
Mid Year Review - Financial Status 2
Economics sos
30 0%
25.0 3
20.0r
15 0%
10 0%
5.0%
0.0i
5.0%
10 -0%
-15 0%
-20.0
Local Option Sales Tax
Statewide % Change
Okeechobee % Change
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Revenues
Franchise
Fees
Court
Fines
Ad
Valorem
State
Shared
Revenues
Half
Cent
Mid Year Review - Financial Status 3
6 Month Receipted Ad Valorem Revenues
$2,500,000
$2,000,000
81,500,000
$1,000,000
8500,000
7987% 8o 99%
$1,761,756 81,725,923
Ad Valorem
78.67% 77.21%
$1,487,012
51,341,165
81.3o% 88.o8%
81,420,870 11,495,143
83.41%
$1,451,579
$0
2008 2008 2003 20051 2010 2010 2011 2011 2012 2012 2013 2013 201/, 2014
Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual
Ad Valorem $2,205 81,161 $2,131 81,725 81,890 81,487 81,738 $1,;41 81,747 $1,420 81,697 $1,495 81,740 11,451
Comparative 6 month Receipted
Revenues (excluding Ad Valorem)
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$ 200,000
$-
2009 2010 2011 2012 2013 2014
Mid Year Review - Financial Status
4
State Board Accounts Fund B
Potential Unrealized Gain /Loss
$20,000
$-
CO of of of 0 0 0 - H H N N N M in M
0 0 0 0 ri H H H r1 rl H H r r , 1 H
$(20,000 )
a co o ai ro a w o o au a o v o o v o
2
$(40,000)
$(60,000)
$(8o,000)
$(ioo,000)
$(12o,000)
$9,916
State Board Accounts Fund B
2007 Amounts
$'s
Transferred
Balance
Investment
Value
General Fund Public Fac. Fund
$744,550 $127,240
$713,024 $121,848
$31,527 $5,388
$39,996 $6,835
Mid Year Review - Financial Status 5
Revenues -YTD
$250,000
$200,000
$150,000
5100,000
$50,000 -
20 13 Actia120 I' ActuaI20 0 Actua12011 Actual2l 2 Actua12013 Act0a120I4 :kclual
FPL Franchise Fee Comparatives
200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
ti° °" ti00 ti ° °° i°' ° 2 ti °yam tioy' ti °yam
ti ° °o 1000 ti, r°°° 1°y° 1°, y ti °ry ti °y'
FPL
Mid Year Rcvicw - Financial Status
WW Franchise Fee Comparatives
35000
30000
25000
20000
15000
10000
5000
0
ti °off ti °off ti °off ti °y° ti °may ti °1 °��
ti ti ti off ti o °yti o °off
°off °o y ON'')
'1, ti ti d
Local option Sales Tax Receipts
1, 900, 000, 000
1,850,000,000
1,800,000,000
1,750,000,000
1,700,000,000
1,650,000,000
1,600,000,000
1,550,000,000
1,500,000,000
State
Okeechobee
2008 2009 2010 2011 2012 2013
3,900,000
3,800,000
3,700,000
3,600,00o
3,500,000
3,400,000
3,300,000
3,200,000
3,100,000
3,000,000
2,900,000
Mid Year Review - Financial Status 7
Year End Revenue Comparisons
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$ 2,000,000
$1,500,000
$1,000,000
$500,000
Taxes
FY 2oo5FY 2oo6FY 2oo7FY 2oo8FY 2oo9FY 2010 2o11FY 2012 FY 2013
Year End Revenue Comparisons •
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
Intergovernmental
FY 2oo5FY 2oo6FY 2007 FY 2oo8FY 20o9 FY 2010 FY 2011 FY 2012 FY 2013
Mid Year Review - Financial Status 8
Year End Revenue Comparisons
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
Charges for Services
FY 2005 FY 2006 FY 2oo7 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Revenues
Communication Surtax- (CST)
200000
175000
Hard phone lines
150000
125000 Cell phones
100000
75000 -'
50000 !.
25000
Direct Satellite /Cable /Internet
Prepaid Phones
2008 ActuaI2019 Acta:02010 ,kctua1201 1 ;kttua12012 Actua120I3 Actua1201 -1 Actual
Mid Year Review - Financial Status
Year End Revenue Comparisons
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$
Permits & Fees
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Year End Revenue Comparisons
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$-
Fines & Forfeitures
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Mid Year Review - Financial Status 10
Year End Revenue Comparisons
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-
Investment Earnings
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Revenues -YTD
$250,000
$200,000
$150,000
$100,000
$50,000
2003 Actua120)9 ActuaI20I( Actual20 II Actua12012:kctua120I3 ActuaI2014 Aclual
Mid Year Review - Financial Status 11
Year End Revenue Comparisons:
$10,000,000
$9,000,000
$8,000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
Fiscal Year to Date Total Revenues
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Expenditures
Finance
Clerk
General
Services
Council
'Administration
Public
Works
Mid Year Review - Financial Status 12
GF Annualized Budget by
department
$2,007,082
Police
Protection $1,370,1811
$4,452,722 Fire
Protection
$1,075,459
Roads & Parks
Legislative Executive Clerk
Financial Services Legal Council General Services
Law Enforcement Fire Protection Road & Street Facilities
Expenditures
GE Y D Expended (3/31/14) by Department
42.95%
47.19%
48.91%
49.86%
40.81%
122 42.4%
43.51%
Expended
43.78% of
Budget
43.58%
43.65%
Mid Year Review - Financial Status 13
Expenditures
$3,000,000.00
$2,500,000.00
$2,000,000.00
$1,500,000.00
$1,000,000.00
$500,000.00
$-
General Fund
Y'Fl) Expended (3/31/13)
1.3%
1.4%
$170,780
.8% 7.6%
2010 YTD 2011 YTD 2012 YTD 2013 YTD 2014 YTD
Budget Projections
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
GF Budget Expenditure Projections
,e �e e`' c,. a c'� o� • �a\ 0J�\ C, 0\ oJa 0\ ie ee c;
�aa F +a �`\a\�a �aga\C a�a��a ��� °t`a \` Q�o� `aa��a
• as sec �a�
as
(Z-o
Budget Annualized Projection
Mid Year Review - Financial Status 14
GF Budget Expenditure
Projections
$5,700,000
$5,500,000
$5,300,000
$5,100,000
$4,900,000
$4,700,000
$4, 500,000
$5,621,007
$5,487,834
Budget Annualized Projection
Expenditures all Funds (5 years)
$8,000,000
$7,500,000
$7,000,000
$6,500,000
$6,000,000
$5, 500,000
$5,000,000
2008 2009 2010 2011 2012 2013
Mid Year Review - Financial Status 15
Summary -2014
Ad Valorem tracking as expected
Intergovernmental Revenues up 8%
Projections from State are up
Franchise Fees have rebounded
One Cent Sales tax up ai%
GF expenses tracking less than Budgeted
Reserves are still healthy
Building Permits Fees are down
Court Fines continue to decline
CST declining and volatile
Interest Earnings non existent
Mid Year Review - Financial Status
16
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BALANCES, TRANSFERS AND VALUES of State Board Accounts, Fund B.
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J01e9a1Q eoue
Small Business Economic TrendsNational Federation of Independent Business National ... Page 1 or 8
National_ Federation of Independent Business
The NFU Research Foundation has Collected Small Business Economic Trends data with
quarterly surveys since the 411? quarter of 1973 and monthly surveys since 1986. Survey
respondents are drawn from NETBS membership. The report is released on the second
Tuesday of each month. This survey was conducted in April 2014. A sample of 10,799
small - business owners /members was drawn. Six hundred eighty -five (1,699) usable
responses were received — a response rate of 16 percent.
May 2014 Report:
Small Business Op l sm mp oves,
But Don't Get Too Excited
Confidence Up in April, bunt Washington continues
to create uncertainty
Small Business Optimism Index
Up 1.8 Points in April to a Post - Recession High of 95.2,
But Washington Continues to Create Uncertainty
Chanel
Index Component
Plans to Increase Employment 8%
Plans to Make Capital outlays 25%
Plans to increase Inventories 3`
Expect Economy to improve -9`'0
Expect Real Sales Higher 1O%
Current inventory -1`
Current Job Openings 24%
Expected Credit Conditions - a%
Now a Good Time to Expand 8%
Earnings Trends -20%
ntb.corn;_;bet
Net's:, From March
WPAM
April's Small Business
Optimism Index rose t.8 points to a post - recession high of 95.2. The economy
continues to perform modestly and April's index followed suit as it crossed the 95 marker for
the first time since 2007. Seven Index components improved, one was unchanged and 2 fell..
"April's Index did pass the 95 mark that seemed to block any progress in optimisrrt for the
past- five nears. However, the Index is still 5 points below the average reading from .1973 to
2008, and,fctr from what is considered expansion levels. This reading can only be
characterized as a high end recession reading. Small business confidence rising is always a
http: / /www.ntib.com/ surveys /small- business- economic - trends/ 5/19/2014
side Track on Florida's Fi 1 Healt
SPRING
• EDITION 2014
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Florida has continued to foster a strong economic recovery
thus far in 2014, despite modest growth in the national
economy. Although data on Florida's Gross Domestic Product
( GDP), a pleasure of goods and services produced by the state
and widely -used gauge of economic growth is not yet available
for 2013, economists believe that Florida's economy grew 2.7
percent last year with GDP projected to grow 3.2 percent in
2014, according to the University of Central Florida's institute
for Economic Competitiveness. There are several other
indicators that point to strong economic growth over the past
year in Florida and a continued upward trajectory through
2014, which include rising home prices, personal income
growth, and improving consumer confidence.
CLICK GRAPH fO SEC SOW
A primary driver of recent economic growth in Florida has
been the housing market. Median honk sale prices have posted
significant gains since 2011 and have increased 17 percent since
2009, which has helped to rebuild household balance sheets and
grow personal income. Since 2009, personal income per capita
in Florida has increased 12 percent, totaling $41,692 at the end
of 2013.
This renewed growth in real estate and personal income has
consequently boosted the consumer confidence of Floridians.
According to the University of Florida's Bureau of Economic
and Business Research Consumer Sentiment Index, consumer
confidence among Floridians stood at 81 in March 2014, up 10
8 EAXOOW 1 OF VENTURE (API fAl
INVESfMEN`f IN FLORIDA, 8Y 11OUSfRY (2013)
Biotechnology
Medical Devices
& Equipment
1. %
Other
Industrial /4%
Energy
4
Media/
Entertainment
Software
Telecommunications
Source: PricewaterhouseCoopers/ NVCA Money free
Personal income per capita (000s)
FLORIDA'S PERSONAL INCOME
& MEDIAN HOME PRICES
$175
$160
$145
$130
; $11
$100
2009 2010 2011 2012 2013
Source: US Bureau of Economic Analysis & Florida Realtors
Median existing home saes price (000s)
points compared to the same time three years ago when the Index
stood at 71 in March 2011. Additionally, the component measuring
the personal financial situations Of Floridians compared to a year
ago stood at 73, a 6 point increase over the reading in March
2011. Perhaps most importantly, the Index reading on Floridians'
expectations of their personal financial situation one year from now
has increased remarkably, up 24 points from 58 three years ago to a
reading of 82 in March 2014.
't'liese developments, along with increasing consumer confidence,
has lead to more Floridians believing that now is a good time to
buy major household goods, and this is reflected in the state's
taxable sales activity, a measure of the level and type of goods
being purchased statewide Over the past three years, sales activity
in Florida has risen steadily with total taxable sales increasing 18
percent between December 2010 and December 2013.
Venture capital investment in Florida is another indicator of the
state's ongoing; economic recovery. Nationally, Florida ranked 10th
for the amount of venture capital invested in its start -ups and
high - tech businesses during 2013. This is an improvement from
2012 when the state ranked 19th nationally, and evidence of an
expanding innovation economy in Florida.
In 2013, venture capital investment in Florida totaled $421 million.
Of this, the software industry attracted the largest share with 46
percent, or $193 million Of Florida's venture capital invested irr the
industry; followed by the media and entertainment industry, which
attracted 17 percent, or $73 million of Florida's total venture capital
in 201.1; the biotechnology industry, which attracted 13 percent,
or $53 million; and, the state's medical devices and equipment
industry, which attracted a 12 percent share, or $52 million of the
venture capital invested in Florida last year.
Chief hinancia101ficer Vlorida's Bottom Line
Florida's jobs situation has continued to improve thus far
in 2014. Statewide, the unemployment rate has continued
decline, down to 6.3 percent as of March 2014, which is
the state's lowest unemployment rate in SiX years Since
June 2008. Compared to the same time last year, Florida's
unemployment rate has fallen 1.4 percentage points
from 7.7 percent in March 2013. In contrast, the national
unemployment rate has continued to stagnate thus far in
2014, remaining unchanged at 6.7 percent in March.
in March, Florida ranked 1st for the largest increase in jobs
of any state in the nation, with broad -based gains across
industries. Florida's labor force is also rising much faster
than its adult population, reversing some of the severe losses
in the participation rate over the past three years.
CLICK GRAPH TO SEE SOURCE DMA
This recent improvement is not unexpected and mirrors
historical trends. Since reaching its peak rate in 2010, Florida's
unemployment rate has both declined more rapidly and robustly
than the national unemployment rate. As of March 2014, Florida's
unemployment rate has dropped significantly from its height,
down by 5.1 percentage points since its peak rate of 11.4 percent
,four years ago. In contrast, the national unemployment rate,
which peaked at 10.0 percent in October 2009, has declined
more slowly despite a relatively lower, and more distant, peak
unemployment rate than Florida. Compared to its peak in 2009,
the U.S. unemployment rate has only declined by 3.3 percentage
points, down to 6.7 percent as of March 2014 from 10 percent in
late 2009.
.lob growth has strengthened statewide thus far in 2014. Since
the beginning of the year, Florida's economy has created 62,300
net new jobs, the 2nd largest amount of any state in the nation.
Over the year, Florida's economy has created a total of 225,100 net-
UNEMPLOYMENT RATE
2004 - 2014
2.0
0 0 o0 0A 04' 00 do titi ' , ' , ,
at, at, at, at, at, at, at, at, at, at, at
e e e
Source: U.S. Bureau of Labor Statistics
new jobs (1-3.0 %). Private sector job growth has been even more
robust, growing at an annual rate of 3.5 percent in March. Florida's
rate of job creation also continued to be higher than the nation's
in March. Nationally, the net rate of total and private sector job
creation was 1.7 percent and 2.0 over the year, respectively.
.lob growth in Florida has not only strengthened, it has also been
broad -based thus far in 2014 with significant gains across and
within industries statewide. In March, industries gaining the most
jobs over the year in Florida include: professional and business
services (1-48,000 jobs, 14.4 percent): trade and transportation
(1-47,500 jobs, 13.0 percent); leisure and hospitality (142,100 jobs,
(4.1 percent); construction (141,000 jobs, 111.5 percent); private
education and health services (115,300 jobs, 11.4 percent); financial
activities (r- 12,200 jobs, 12.4 percent); manufacturing (19,700
jobs, r -3.0 percent); other services (1 6,800 jobs, 12.0 percent);
inforniation (12,200 jobs, 11.6 percent); and, total government
(r 300 jobs, +0.1 percent).
4.4% Professional Services
4.1% Leisure & Hospitality
3.0% Trade & Transportation
3.0% Manufacturing
2.4% Finance
2,2% Other
1.6% Information
1.4% Healthcare
0.0% 2.0% 4.0% 6.0%
Source: U.S. Bureau of Labor Statistics, as of Mar. 2014
Chief I inuncial Officer
11.5%
Construction
10.
IN FLORIDA
Year - over -year % Change
8.0%
10.0% 12.0%
ANNUM RATE Of
J03 C EA`110 N
Total Non -farm
Private Sector
Vlorida's Bottom Lille
ILOUSE
Florida's real estate market has continued to improve in
2014, building on its ascent over the past two years after
collapsing in the wake of the Great Recession. Although
off their pre - recession peaks, home sales and prices have
generally improved, climbing steadily as strong demand
has continued to build. In March 2014, the median sales
price of an existing home in Florida stood at $173,000, a
7 percent increase over the year. improvement is further
illustrated when comparing the growth of U.S. home
prices to Florida: in 22 of the past 27 months, the state's
median honk price has grown at a faster rate than the
nation, with an average annual growth rate of 9 percent
and 15 percent in 2012 and 2013, respectively.
(LICK( GRAPH TO SEE SOURCE OATA
ANNUAL GROWTH Of MEDIAN HOME PRICES
ceQ
ti
o a
�JC
Source: Florida Realtors & National Association of Realtors
This uptick in home prices is a result of renewed demand, due in
part to high levels of investor participation in Florida's housing
market, which is illustrated by the share of homes purchased in
cash transactions. In March, 46 percent of closed sales of single-
family homes in Florida were cash transactions, compared to 33
percent nationally.
4Vitli increased demand, Florida's housing inventory has dwindled,
which has spurred new construction statewide. To alleviate the
pent up demand, homebuilders have planned to break ground for
new honks at pre - recession levels. Residential building permit
activity - an indicator of future construction and a gauge of
housing iiiarket strength - has continued to increase through 2014,
with 15,480 units authorized year -to -date, a 17 percent increase
compared to the same time last year.
Of note, Florida authorized more new building permits over the
year in February than any other state with the exception of Texas,
and accounted for 18 percent of all permits authorized in the
Southern region.
fOP 5 SfAfES:
fOf Al. }LOUSING HULLOING PERMI`fS AUfHHORILE0
Texas
Florida
California
North
Carolina
Georgia
(Feb. 2013 - Feb. 2014)
Source: U.S. Census, Building Permits Survey
i' - 1tw'tt't Chief Tinaitcia1011icer
cJQ
Although Florida is on pace to recover much of the value lost in
the wake of the Great Recession, the housing market recovery
faces the headwind of increased interest rates. Within the last year,
mortgage rates have increased amid an official tightening of U.S.
monetary policy, namely tapering of the Federal Reserve's bond
buying program (`quantitative easing'). This has caused the yield
on the U.S. 30 -Year Fixed Rate Mortgage to climb 0.82 percentage
points, or 24 percent over the past year.
Rising rates have a negative impact on the housing market
because potential buyers may be dissuaded from purchasing a
home due to higher financing_ costs. This negative impact also
extends to homebuilders and developers, as projects may become
more expensive to finance. 1 lowever, while the spike in interest
rates will likely slow the housing market in the short - terns, strong
population growth, an improving labor market, and a rebounding
overall economy will buoy real estate in the long run.
US. :30' - YEAR FIXED RATE NOR 'fG \GE AVERAGE
3.2%
�� k PQ� eta, ��c � r ��Q mac, `moo ,ac
Source: Freddie Mac
l'lorida:s Hot tonm Line
Florida's financial horizon continues to brighten in the
New Year with official state estimates projecting a budget
surplus for the third consecutive year. According to the
Florida Revenue Estimating Conference, the state budget
surplus is expected to total $1.2 billion in the coming fiscal
year, a welcome sign that Florida's economy is growing and
a stark contrast from the five consecutive years of budget
shortfalls generated by the Great Recession.
Looking ahead, Florida's long -term financial outlook is positive
and stable, a direct dividend of an improving economy and the
state's consistent approach to governing with fiscal restraint and
prudent debt management. During the Great Recession, Florida
made the tough decisions necessary to weather the storm and keep
its fiscal house in order, exercising fiscal discretion over increased
borrowing and spending.
As a result of this approach, the state now has greater financial
flexibility as economic activity and revenues strengthen because it
is not burdened by rising debt, allowing Floridians to concentrate
00 economic growth without being threatened by the prospect of
rising state taxes.
R0R1Oi \'S L0H. felt' f 1NANC1:11 OU I IOOX
$30
(Net General Revenue)
$15
FY2013 -14 FY2014 -15 FY2015 -16 FY2016 -1/ FY201/ 18 FY2018 -19
(current fiscal year)
Source: Florida Revenue Estimating Conference
ta�,ttc °= Chief Financial Officer
ICK GRAPH TO SEE SOURCE DATA
The federal government has yet to acknowledge this reality.
Instead, it has continued to leave open the floodgates of spending,
driving up the national debt to historic highs. At the end of 2013,
the U.S. debt -to -GIMP ratio reached 72 percent, a significant
increase from 2007 (3S %) and the highest in U.S. history 0 part
from a short time during World War II.
Furthermore, there is 00 suggestion that this trend will subside
in the future. According to the Congressional Budget Office, both
federal debt and deficits are projected to continue rising through
2024 and government spending is expected to begin growing
more rapidly than the U.S. economy by 2016. In contrast, Florida
continues to improve its financial outlook by balancing its budget,
replenishing reserves, and reducing its long -term debt.
90%
80%
70
60%
50%
40%
30%
20%
10%
0%
FE0ER 1l. 0E3f }HELD 3? (HE PU311C:
1914 1 -'�0: }
Percentage of GDP Actual
Projected
b
01 01 1, 0) 0) X00 0) ti0
Source: Congressional Budget Office
Florida's Bottom line
90%
80%
/0%
60%
50%
40%
30%
20%
10%
0%
5/20/14 Activity Rpt Cont'd
Ord 1111 BTR Code and fee changes - on Agenda to update the Code to
the terminology 'business tax receipt' and increase the BTR fees 5 %. I've
attached the 8/20/13 (incl in this f/y budget- beginning discussion) memo
reviewing the particulars.
• Ord 1112 Impact fee - on the Agenda and continues the impact fee
assessment moratorium for another year, through June 30, 2015.
• Centennial Celebration - on the Agenda is a motion to adopt proposed
Resolution No. 2014 -02, creating an Ad Hoc Committee. You were
supplied with a draft in the packets for last meeting and while it's a year
away, it'll be here before you know it.
• Parking lot downtown - As you are aware, the City continues to experience a bit
of an overcrowded parking issue downtown. On the one hand, it's good to see
the activity, but it's certainly creating a cumbersome issue. I'd like to investigate
the acquisition of the empty 50 X 142.5 lot at the intersection of SW Park & SW
41h Av (where the Christmas trees were sold). I know it's not a solution to a
bigger parking problem but it could be a piece to the puzzle and the lot now
serves as nothing more than a cavity on our downtown store front area.
City Atty:
• FDOT / Hamrick litigation - The Mar 27 meeting wherein, Atty Cook and l were to
meet w/ our Atty Weaver and reps from the Hamricks and FDOT at City Hall to
discuss the litigation was cancelled and hasn't been rescheduled.
• Barbara Mills, 406 NW 5rh St, nuisance property resolution - At the Mar 161h
meeting the Council voted to proceed w/ foreclosure on about $20k in fines after
Atty Cook was unable to secure a Judgment in order to gain access to the
property to abate the weed nuisance.
Finance:
• Mid -year financials update on Agenda - Fin Dir Riedel will give a short
report on the mid -year financial. We met with Dept Heads and supervisors
to review each department's budget, checking for over - expenditures or
unanticipated costs.
General Services / Planning Board:
• Air conditioner in Dep Clk's office replacement - The City just rec'd quotes
ranging from $3720/$3990 for a 13 SEER and $4560/$4990 for a 16
SEER. We are investigating any FPL rebates etc to make a determination
to go w/ the more efficient NC.
Police:
• Liquor sales to minors - The 5/11/14 Okeechobee News had an article
wherein it stated that the Narc Task Force and the City were involved in a
sting and found 7 of 12 stores selling booze to the underaged. Other than
our Task Force rep, the City wasn't actually involved in the sting which
explains, I guess, why all the stores were located outside of the City. I've
spoken to Chief Davis and we plan to coordinate a similar sting in the near
future for all stores inside the City.
Page 2
FLORIDA FAST FACTS
Population
19.1
0.9%
87.3
10.3`%,
$131,700
$346
19.3
2.4%
91.5
8.8%
$145,00
$203
19.6
2.7% (p)
94.7
7.2%
$168,000
$421
(total, in millions)
Real (roes
1)ouicstic Product
(growth rate)
Visitors
(total, in millions)
U lama liclvl1eI1
Rate
(annual average)
Median 1Ionae Price
(single-family)
�enttfr(' (:a )ti
wlia
„..
1 nvestnaeilt
(total, in millions)
(p) Projected
For even more metrics on
Florida's economy, visit:
CHIEF FINANCIAL O FF IC I? IZ
JEFF AT WAT [z
FLORIDA DEPAR FMILN'I' OF FINANCIAL SI?RV ICES
www. Viy f loridaC O.corn
I Chief Financial Officer
PatRTNERS ,.
Florida's Bottom tine is produced by the 1 oridci
D(' )ur tmeu _ o f f in(IIIC IC.1l .tier vices ices ill association with the
I &11ia12 U .. I Economic 's mild I3tiMiic tis he scardi 1iI:t13)
at the University of Florida and !'he 0.1licc cll I c'nrlonuic
�rrt�t 1p, ra121lic Inc i trcil (1' 1 )R), a research arm of the
Florida Legislature.
BE /3 R is an applied research center in the Warrington
College of Business Administration. The mission of 131;I31Z is
to collect, analyze, and generate economic and demographic
data on Florida and its local areas; to conduct research that
will inform public policy and business decision making;
and to distribute the data and research findings throughout
the state and the nation. To see the
research and analysis that 13 ! 13B
offers, please visit It w w l,� l,rttir r 1:
EDI? is a research arm of the Florida Legislature principally
concerned with forecasting economic and social trends that
affect policy making; revenues, and appropriations. E''DI?
provides objective information to committee staffs and
members of the legislature in support of the policy
making process. 'lb see the research and
analysis that FDI? offers, please visit
011 (1 c di ,5011 ,.11.tt.dw
RES 0 UR CES O NI_ lN
MyFloridall
OLIO
Florida's Bottom tine
When "Big Bill" France first envisioned his plans for Daytona
International Speedway in the late 1950's, he was really imagining
an innovation Of speed and engineering that would fuel an industry
for more than 50 years. "The World Center of Racing" is an
economic engine that continues to drive billions of dollars in state
tourism every year.
That sank level of innovation is prevalent through DAY'I'ONA
Rising, the $400 million reimaginingof the great American icon.
From its initial design, architects from ROSSE'I "I'i were tasked to
think beyond the traditional motorsports experience and create
an environment that integrated technology elements throughout
the structure to produce an engaging, welcoming, and immersive
experience for guests. Basic comfort and convenience innovations
such as wider seats, more leg room, 40 escalators, and 14 elevators
easily addressed the greatest challenge of all - navigating the
nearly mile -long, 140 -foot tall structure.
But to address some of the more intricate goals like engagement,
designers created large social areas called neighborhoods - each
of them are the sire of a football field. 'These areas will not only
provide comfortable areas for people to meet and socialize, they
will feature restaurants, bars, shops - areas for fans to enhance
their visit to the speedway should they choose. The neighborhoods
will also feature dozens of digital screens (over 1,600 total
throughout the stadium) showing all of the live on -track action and
customized content available only at the speedway. Lastly, guests
will be able to stay connected with each other on -site and their
friends at honk through Wi -Fi access.
There will be five main entrances, or injectors, to the new
property. Each injector features a massive entrance statement
that vertically spans the entire height of the stadium, welcoming
fans to DAY'I'ONA from miles around. Toyota recently became the
first Founding Partner of DAYTONA Rising and sponsor of one
of these injectors. With over 20,000 square feet of engagement
space within the injector, 'T'oyota's designers are working with ours
to create new fan elements that will enhance the overall guest
experience to levels never before seen in our sport.
Speaking of sponsors, corporate entertaining will also undergo
a massive transformation as part of DAY'I'ONA Rising. Many
.foie Chitwood 111 serves as
president of International
Speedway Corporation's flagship
motoisports facility -- the Daytona
International Speedway (DIS).
As president of DIS, Mr. Chitwood
oversees all speedway activities
including event entertainment,
fan amenities, and ticket sales. Ile
also sits on the board of trustees
for the Motorsports [fall of Fame
of America, serves on the boards
of the Daytona Beach Chamber
of Commerce and the Central
Florida Partnership, and is a
member of the advisory committee
for the Sports Executive
Leadership Conference.
•
•
JOIE CHITWOOD, III
corporate partners within the sport of NASCAR use the DAY'f'ONA
500 as the event to host their CIE) or senior executives to
demonstrate the power of the sport and justify their investment
in the sport. Therefore we are ensuring that experience lives up
to the prestige of the "World Center of Racing" All corporate
hospitality will transition away from temporary chalets to modern,
permanent indoor facilities within the new stadium with hill
amenities and available throughout and after the race. There will
also be meeting space available during non -race days for corporate
functions and other events.
Technology is rapidly changing and with a project that spans 30
months, it's imprudent to install today's technology amenities
when the facility doesn't open until 2016. Therefore, we are instead
installing the infrastructure throughout the facility that will enable
us to provide the latest and greatest amenities in two years. Some
of this infrastructure includes wireless and broadband connectivity,
digital signage and other IT architecture throughout the stadium.
The end -user amenities will be finalized as we approach the much
anticipated debut of DAY'I'ONA Rising in 2016, in time for the 58th
DAY'I'ONA 500, but we'll have the network in place to support
these amenities.
We hope you can join us when we celebrate one of the sport and
the state's most anticipated grand openings in 2016. Our fans,
our community, our partners, and our employees are all looking
forward to seeing how we harnessed the imagination that Bill used
in the 1950's for the next half century.
FOR MORE INFORNMRTih, VISIT: 'ARM ,DitYfONAINfEVIMIO l,ASQEEDWAY.CU 1
I Chief Financial Officer Vloridus Bottom line
The EA SPORTS tagline "it's in the game" is synonymous with
our world - renowned game titles. "It" represents authenticity
and the connection to the real -world emotion of sports. "It" also
represents the quality and innovation in our products, services, and
experiences that our fans enjoy and expect. And I am proud to say
that a lot of "it" stems from our talent in Florida.
The EA 'Tiburon studio has been in Central Florida for 20 years
and a part of EA since 1998. We are passionate about sports and
work with a talented team of 800 technical innovators, artists, and
storytellers who bring our blockbuster games to life.
With the explosion of mobile devices and the emergence of new
platforms, such as the Xbox One and PlayStation 4, EA SPORTS
continues to look for ways to fulfill our mission to build the world's
best digital playground with fun for anyone, anytime, anywhere.
When new platforms debuted last fall, EA 'Tiburon was the only
studio in the world that produced more than one game specially
developed to run on the new systems at the time of their launch
-- Madden NFL 25 and NBA LIVE 14. That's a tall order for any
studio in the game development industry. While new platform
challenges dictate the need for advanced solutions, a culture
1 Icre are some of the areas of advancement accomplished right here
in Florida over the past year:
• Connected Experiences - With always -on devices driving new
connection possibilities, we've created new ways to connect the
real world of sports to our games. With NBA LIVE 14, EA-Tiburon
utilized its exclusive relationship with Synergy Sports (a sports
analytics company) to incorporate updates from the NBA within
an hour of real - world games. Player tendencies and performances
augment the artificial intelligence and the game play then reflects
how the real teams and individual players perform. Coupled with
a hrst -of- its -kind LIVE Update system created by EA- Tiburon, the
game is always kept relevant through regularly pushed updates
(including commentary, soundtrack additions, player changes, etc.).
• Live Services - Monitoring how people play allows us to respond
with new offerings and services that engage our customers.
Business analytics in a "big data" world is readily embraced at EA,
and EA SPOR'T'S is leading the way in utilizing this emerging "hot
job" in how we analyze incredible amounts of data to deliver new
experiences that delight our customers. Madden NFL Ultimate
'I'eanm - a feature that allows our Madden NFL fans to build
custom teams is experiencing record year - over -year growth as
we developed analytic tools and services to better understand our
customers and their preferences.
Chief Fi /tauc((.(1 Officer
Daryl Holt is vice president and
group chief operating officer of
EA-Tiburon and EA SPORTS
Austin. He is based at the game
label's studio in Orlando, Florida,
where he drives planning and
execution for EA SPORTS titles.
DARYL HOLT
focused on creating constant innovation is the key to success in
our industry.
Although we can't share the secrets behind all of our innovations,
EA SPORT'S is always working 00 new ways to deliver great
experiences. Thanks to Florida's focus on innovation, we have seen
the number and caliber of local talent grow each year, which
is wily we continue to partner with schools to educate the next
generation of game professionals. This allows us to keep more
of our talent in- state, creating high -wage jobs that contribute to
our booming tech industry.
• Likeness Scanning -The EA SPORTS Innovation Lab (co- located
with the Florida Interactive Entertainment Academy graduate
program at the University of Central Florida) led the way for the
company in inventing portable scanning rigs to go on the road and
capture real -world athlete head scans to increase the accuracy of
in -game player likenesses. New research by the I.ab is attempting to
bring likeness capture scanning to the home using a mobile device.
EA-Tiburon foresees a world where you can scan your face and get
in the game yourself.
• Player Control - Great game play is at the center of EA SPORT'S
and we are constantly looking for new ways to get our virtual players
to mimic reality as closely as possible.'I'he Madden NFI, team in
Orlando partnered with the FiFA team in Canada to create a new
"step -based locomotion" system that constantly evaluates weight
momentum and desired direction step by step on the field. This
creates responsive player controls with four times the precision.
• Procedural Art - Innovation that creates efficiency allows us to
spend more time 00 quality and expand features. At EA SPOR'T'S we
are creating new tools that gencrate art procedurally versus leaving
an artist do every step by Band. For instance, a
head scan can be placed in the pipeline and a
player head is automatically generated that
provides an artist with a great starting point
(cutting production time in Half or better).
ON, PLEASE viSif: WWW,E1SPORfS.(ON
Florida's Ilottom Line
When athletes and spectators come to stay and play in Florida,
they know it's a given there will be sunshine and warm
temperatures 12 months of the year And, as the sports world
evolves into the 2Ist century, the Sunshine State has done its
best to stay ahead of the curve in an industry that is now a $44
billion annual benefit to the state, attracting 13 million visitors and
supporting over 430,000 jobs statewide.
'Fhe state of Florida can boast of many sports facilities attracting
championship events from Pensacola to Key West. Recent feathers
in Florida's cap include 42 NCAA Championship events awarded
to the state between 2014 and 2018 and the 2017 College Football
National Championship Gavle, which will be played in Tampa's
Raymond James Stadium. 10 the last five years, several state -of-
the -art venues have been constructed to attract international
prominence to Florida for years to come.
The IMG Academy, in Bradenton, provides world -class training
opportunities for athletes on the professional level and those
aspiring to reach the professional level. The 500 -acre campus
features programs throughout the year in tennis, golf, basketball,
baseball, soccer, lacrosse, football, and athletic & personal
development. Since its beginning, the 1MG Acaderily has provided
training athletes that have won MVP Awards, World and National
Championships, 1leisnlan Trophies and Olympic Medals.
Attracting athletes from all over the country for competition in
over 60 sports is the ESPN Wide World of Sports Complex at Walt
Disney World. Located on 230 acres, the state -of -the -art facilities
hosts thousands of events for athletes of all ages and abilities.
This grand sports setting is where classic athletic ideals sleet
contemporary innovation.
Each year in March, baseball fans flock to Florida for Major
League Baseball Spring Training. In Fort Myers, Jet Blue
Stadium provides the season starting point for the reigning World
Champions, the Boston Red Sox, and its facilities incorporate some
of the most innovate and advanced ideas in sports. Besides being
lauded for its environmental sustainahility, the Complex provides
state -of -the -art training facilities positioned on a single site,
intended to be used year- round, and includes a again ballpark with
a total capacity of approximately 11,000 fans, six practice fields,
and other adjoining facilities to house both the Major and Minor
League operations and a rehabilitation center Florida college
and other professional sports teams are hanging championships
banners in their state of the art facilities as well.
I (:Itief Financial Officer
John F. Webb serves as the
President of the Florida Sports
Foundation, the state's lead sports
development and promotion office.
As the liaison for Florida's sports
industry, the Foundation oversees
the state's 26 sports commissions,
as well as industry conferences and
major sports events, such as the
Super Bowl and the NCAA Final
Four The Foundation also
directs the annual Sunshine
State and Florida Senior State
Championship Ganges.
JOHN F. WEBB
Surrounded by bodies of water, Florida is also known as a fishing
and boating paradise. Fishing and boating shows can be found year
round in various parts of the state to satisfy the newest equipment
needs of the Millions of fishing enthusiasts in fresh and salt water
and thousands of boats of all shapes and sizes.
Also making a big splash are inland water -based facilities. With
the opening of Sarasota's Nathan Benderson Park, in the summer
of 2013, this world class rowing facility is designed to meet the
highest standards of international rowing. It features 2,200
meter racing lanes and straight shorelines, coaching lanes, wave
attenuation, a multi- function boathouse, and athlete training
center, starting huts and finish towers. By looking at an upcoming
events calendar with the NCAA Rowing Championships, U.S.
Masters Rowing Championships and the 2017 World Rowing
Championships, those standards have been met.
Finally, who can forget the Horida Golf Industry? On over 1,100
courses statewide, golfers can choose from a variety of forgiving
courses to ones as challenging as the professionals experience.
While the casual golfer tries out the latest equipment at the PGA
'Merchandise Show, held every January in Orlando, the world's top
golfers experience some of the best courses in the world when they
play in one of the five PGA Tour stops held in Florida each year
March through May.
Along with the opportunity to compete in all 12 months of the
year, it is no surprise that sports leaders from around the world
have taken notice of the innovative thinking and ideas happening
both on and off the field, further solidifying Honda's reputation of
"Where The World Comes lb Play."
FOR MO
IPLO1 S1'O1U1S
f
ASPORI (.01
Florida's Bottom Lille
LANDSHAIii
Dear Fellow Floridians:
CFO Atwater throws the fir
ch at •Spring Training- game.
In the 21st century, innovation serves as a catalyst for a diverse, prosperous and sustainable economy.
For many years, Florida has pursued strategics to foster an environment that encourages growth and
investment, allowing businesses to expand and strengthen our economy. 'today, Florida is recognized
as a national leader in innovation. It is in this spirit that Florida's Bottom Line continues its three -part
series on Innovative Florida, focusing on the people and industries forging our future, with the third
edition highlighting the state's sports industry.
With cutting -edge facilities, innovative technology development and ideal weather year- round, Florida
is a global leader in sports. Each year, Florida is host to more than 1,800 professional sports events as
well as thousands of other sporting games and tournaments statewide, including amateur and college
sports, golf, fishing and hunting, boating and yachting, and motorsports. The innovation spurred by
this, and the drive to create the world's leading sports systems, are responsible for the development of
new tools and technologies that better connect us, improve our duality of life, and allow us to explore
and experience sports in more exciting, enriching ways. Inside this edition of Florida's Bottom Line,
you'll find expert commentary on the innovation and advancement happening- within the world of
sports and right here in Florida.
With a long history and wide variety of sports, as well as a strong presence of industry leaders, high-
tech entrepreneurs and pioneering firms, Florida is truly home to a wealth of world-class innovation. It
is the collective ingenuity and perseverance of the people of Florida that created the foundation for our
Innovative Florida, and it will be the continued commitment and creativity of Floridians who will make
our state a global leader for innovation and economic prosperity in the 21st century. 1 hope this issue of
Florida's Bottom Line equips you with the resources to become a part of this mission.
Sincerely,
.Leff Atwater
Chief Financial Officer
State of Florida
INSIDE
STORIES
Economy
SEE PAGE 1
Florida Competes
with Innovation
SEE PAGE 2
Jobs
SEE PAGE 3
Building the
World's Digital
Playground
SEE PAGE 4
Housing
SEE PAGE 5
Rcimagining the
World of Racing
SEE PAGE 6
State Et Nation
SEE PAGE 1
t+'ast Facts
SEE PAGE 8