THE OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMENDS APPROVAL OF THE ABOVE MOTIONS.
Motions A and B support the Board of County Commissioners' Vision of “A vibrant economy with a diverse, skilled workforce, in a County offering unique advantages that attract all types of businesses to create equitable, countywide prosperity.”, Goal 1: “Attract and retain all types of business, especially high-wage industries that offer employee benefits, through partnerships with the Alliance, chambers of commerce, colleges and universities, CareerSource, and any other available avenues."
Motion A
The Office of Economic and Small Business Development (hereinafter referred to as “OESBD”) reviewed the Fiscal Year 2017 Alliance Quarterly Performance Report (Exhibit 1) and Annual Year-End Report (Exhibit 2). The quarterly report has been summarized to highlight the Alliance’s primary objectives and accomplishments (Exhibit 1, page 3 of 9). OESBD staff provided a memorandum reviewing performance activity for the Alliance’s three departments: Business Development, Investor Relations, and Business Intelligence Function (Exhibit 3):
1. The Alliance’s job creation annual goal is to help create 1,600 new, value-added jobs in Fiscal Year 2017, or 400 per quarter. The Alliance facilitated the creation of 215 new, value-added jobs during the fourth quarter for a total of 1,978 projected new, value-added jobs during Fiscal Year 2017, exceeding the annual goal by 378 jobs. The Alliance achieved 124% of the annual goal.
2. The Alliance’s job retention annual goal was to help retain 1,400 jobs for Fiscal Year 2017, or 350 per quarter. The Alliance reported the retention of 192 jobs in the fourth quarter. This amount brings the Alliance’s annual total of jobs retained to 1,967 jobs in Fiscal Year 2017, exceeding the annual goal by 567. The Alliance achieved 141% of the annual goal.
3. The Alliance’s annual goal for domestic and international capital investment is $110,000,000 ($100,000,000 domestic and $10,000,000 international) for Fiscal Year 2017, or $27,500,000 ($25,000,000 domestic and $2,500,000 international) per quarter. The Alliance reported $17,200,000 in projected domestic capital investment during the fourth quarter. The Alliance reported $72,100,000 in projected domestic capital investment, and $184,200,000 in projected international capital investment for Fiscal Year 2017. The Alliance achieved 233% of the annual goal for total capital investment.
4. The Alliance goal for new domestic and international leads was to develop 320 (220 domestic and 100 international) leads, or 80 total leads (55 domestic and 25 international) per quarter. The Alliance developed a total of 89 leads (67 domestic and 22 international) during the fourth quarter, bringing the total to 481 leads (334 domestic and 147 international) for Fiscal Year 2017. The Alliance exceeded the annual goal for domestic leads by 114 and international leads by 47. The Alliance achieved 152% of the annual goal for domestic leads and 147% of the goal for international leads. The Alliance achieved 150% of the annual goal for overall leads.
5. The Alliance goal for corporate visitation is to conduct 200 corporate visits to Broward companies for Fiscal Year 2017, or 50 per quarter. The Alliance conducted 46 visits in the fourth quarter. The Alliance conducted 185 visits in Fiscal Year 2017, representing 93% of the annual goal. Attainment of this goal was affected by the impact of Hurricane Irma in September with companies closing due to the storm.
6. The Alliance Investor Relations goal was to raise and collect $2,126,200 from investors and partners to support the Alliance for Fiscal Year 2017, or $531,500 per quarter. The Alliance raised a total of $498,986 in the fourth quarter, achieving 94% of the quarterly goal. The Alliance raised a total of $2,182,369 in Fiscal Year 2017, representing 103% of the annual goal.
7. The Alliance indicated the following achievement of administrative objectives for the Business Intelligence Function:
A. Develop and maintain a new template marketing presentation that clearly and factually states the business case for establishing or growing specific target industry niches of strength and opportunity for Broward County (i.e., Aviation Maintenance, Repair and Overhaul; Pharmaceutical Manufacturing; IT Software Design). The template marketing presentation has been developed and the presentations for the target industry niche segments are updated on a continual basis.
B. Complete a database highlighting Broward County’s competencies (leading employers, average salary by selected occupation, education data, etc.) to attract target industry niche sectors and post online for access by Alliance partners and prospects. The database was developed and posted online in December 2015. It is updated on a continual basis.
C. Report on target industries niche subsets in its prospects and leads reports to develop a baseline and subsequent measurements indicating success in growing the niche markets. Of the total 481 prospects and leads through the fourth quarter, 66 were in the target niche industries of Aviation Maintenance, Repair and Overhaul, International and Regional Headquarters, Pharmaceutical Manufacturing, Medical Equipment/Device Development and Manufacturing, Custom Computer Programming, and Software Publishers.
D. Develop and utilize an expanded internship program with area universities for undergraduates and MBA candidates to assist with research projects designed to help grow jobs in Broward County. This program has been created and the Alliance is utilizing interns to assist with research projects.
E. Prepare ongoing annual and updated data that will be used in the Six Pillars strategic planning process to grow high paying jobs in Broward County and engage community leaders in enhancing Broward County’s business and economic climate. Updated data is being prepared on an ongoing basis. The Six Pillars annual report to the community was given in April 2017, where new data was presented as part of the report. The Six Pillars annual report and implementation plan are posted to
www.sixpillarsbroward.org.
Motion B
The Office of Economic and Small Business Development (OESBD) reviewed the Alliance’s Annual Year-End Summary Report for Fiscal Year 2017 (Exhibit 3). The County’s agreement with the Alliance requires the Alliance to submit a separate annual year-end summary report for Board approval. This item is required for compliance with the terms of its agreement with the County.
In Fiscal Year 2017, the Alliance reported a projected 1,978 new value-added jobs created. This exceeded their business plan goal of 1,600 by 378 jobs, or 24%. The Alliance reported 1,967 jobs retained. This exceeded their business plan goal of 1,400 jobs retained by 567 jobs, or 41%. The Alliance reported projected domestic capital investment attracted in fiscal year 2017 of $72.1 million. The Alliance did not achieve the business plan goal of $100 million for domestic capital investment. The goal was missed by $27.9 million, or 28%. Projected international capital investment for Fiscal Year 2017 was reported at $184.2 million. The Alliance exceeded the business plan goal of $10 million for international capital investment by $174.2 million, or 1,742%. While the domestic capital investment goal was not reached, overachievement of the international capital investment goal resulted in the Alliance exceeding overall capital investment goals by $146.3 million or 233%. The Alliance reported achievement of 185 corporate visits in Fiscal Year 2017. The Alliance did not achieve this business plan goal of 200 visits. The goal was missed by 15 visits, or 7%. The Alliance indicates that attainment of this goal was affected by the impact of Hurricane Irma in September with companies closing due to the storm. The Alliance reported generation of 334 domestic leads and 147 international leads. These results exceeded the business plan goals by 114 and 47, or 52% and 47% respectively. In terms of investor relations, the Alliance reported private sector investment of $2,182,369. The Alliance exceeded the business plan goal of $2,126,200, by $56,169, or 103%. The Alliance has established and met the objectives for the Business Intelligence function.
Pursuant to Florida Statute, Sec. 125.045 (2015), the County must file a copy of the annual activity summary report with the Office of Economic and Demographic Research and post a copy of the report on the County’s website. Upon approval of the Alliance's Annual Year-End Summary Report by the Board, OESBD will be responsible for submission of the annual report information to the State’s Office of Economic and Demographic Research and posting of the report to the County’s website.