288.90151 Return on investment from activities of Enterprise Florida, Inc.
288.90151 Return on investment from activities of Enterprise Florida, Inc.
(1) The public funds appropriated each year for the operation of Enterprise Florida, Inc., are invested in this public-private partnership to enhance international trade and economic development, to spur job-creating investments, and to create new employment opportunities for Floridians. This policy will be the Legislature’s priority consideration when reviewing the return-on-investment for Enterprise Florida, Inc.
(2) It is also the intent of the Legislature that Enterprise Florida, Inc., coordinate its operations with local economic-development organizations to maximize the state and local return-on-investment to create jobs for Floridians.
(3) It is further the intent of the Legislature to maximize private sector support in operating Enterprise Florida, Inc., as an endorsement of its value and as an enhancement of its efforts.
(4)(a) The state’s operating investment in Enterprise Florida, Inc., is the budget contracted by the Office of Tourism, Trade, and Economic Development to Enterprise Florida, Inc., less funding that is directed by the Legislature to be subcontracted to a specific recipient.
(b) The board of directors of Enterprise Florida, Inc., shall adopt for each upcoming fiscal year an operating budget for the organization that specifies the intended uses of the state’s operating investment and a plan for securing private sector support to Enterprise Florida, Inc. Each fiscal year private sector support to Enterprise Florida, Inc., shall equal no less than 100 percent of the state’s operating investment, including at least $1 million in cash as defined in paragraph (5)(a), and an additional $400,000 in cash as defined in paragraphs (5)(a), (b), and (c).
(5) Private sector support in operating Enterprise Florida, Inc., includes:
(a) Cash given directly to Enterprise Florida, Inc., for its operations, excluding contributions from grantees or companies having contracts with Enterprise Florida, Inc., which represent more than 5 percent of the value of all contracts with Enterprise Florida, Inc., exclusive of grants, or more than 5 percent of the company’s revenues. Cash in this category is not subject to restrictions on the use of appropriated funds;
(b) Cash jointly raised by Enterprise Florida, Inc., and a local economic development organization, a group of such organizations, or a statewide business organization that supports collaborative projects;
(c) Cash generated by fees charged for products or services of Enterprise Florida, Inc., and by sponsorship of events, missions, programs, and publications; and
(d) In-kind contributions directly to Enterprise Florida, Inc., including: business expenditures; business services provided; business support; or other business contributions that augment the operations, program, activities, or assets of Enterprise Florida, Inc., including, but not limited to: an individual’s time and expertise; sponsored publications; private sector staff services; payment for advertising placements; sponsorship of events; sponsored or joint research; discounts on leases or purchases; mission or program sponsorship; and copayments, stock, warrants, royalties, or other private resources dedicated to Enterprise Florida, Inc.
(6) Enterprise Florida, Inc., shall fully comply with the performance measures, standards, and sanctions in its contracts with the Office of Tourism, Trade, and Economic Development under s. 14.2015(2)(h) and (7). The Office of Tourism, Trade, and Economic Development shall ensure, to the maximum extent possible, that the contract performance measures are consistent with performance measures that the office is required to develop and track under performance-based program budgeting.
(7) As part of the annual report required under s. 288.906, Enterprise Florida, Inc., shall provide the Legislature with information quantifying the public’s return-on-investment as described in this section for fiscal year 1997-1998 and each subsequent fiscal year. The annual report shall also include the results of a customer-satisfaction survey of businesses served, as well as the lead economic development staff person of each organization that is a primary partner.
(8) Enterprise Florida, Inc., in consultation with the Office of Program Policy Analysis and Government Accountability, shall hire an economic analysis firm to develop the methodology for establishing and reporting return-on-investment and in-kind contributions as described in this section and shall hire a firm experienced in survey research to develop, analyze, and report on the results of the customer-satisfaction survey. The Office of Program Policy Analysis and Government Accountability shall review and offer feedback on the methodology before it is implemented.
History. s. 114, ch. 96-320; s. 2, ch. 97-278; s. 29, ch. 99-251; s. 6, ch. 2005-66; s. 40, ch. 2007-5; s. 20, ch. 2007-157; s. 59, ch. 2008-4.