2015-2016 Stadium Budget by Tampa Sports Authority

A U T H O R I T Y S P O R T S T A M P A

A MESSAGE FROM THE PRESIDENT/CEO

ERIC D. HART, CFE PRESIDENT/CEO

TAMPA SPORTS AUTHORITY

I am pleased to present the recommended biannual budget for fiscal years 2015 and 2016. This budget was developed with the involvement of staff members and included a review by the Authority finance committee. This budget was developed to provide the highest level of service, while continuing to be cognizant of our overall reliance on supporting government agencies, Hillsborough County and the City of Tampa. The Authority management continues to modify the organizational structure and make modifications in operating and event staffing policies which are designed to reduce overall costs, improve efficiency, and better meet the needs of authority clients and tenants. The Authority management has developed a long range strategic plan, to assist in continuing to reduce our operating contributions and find creative ways to operate more like private enterprise. The Authority management continues the search to attract new events to be held in the stadium and on the Authority managed property .

A U T H O R I T Y S P O R T S T A M P A

ABOUT THE AUTHORITY The Tampa Sports Authority, a government entity, is an independent special district, created by the Florida Legislature in 1965, to construct and manage sports and recreational facilities in Hillsborough County. The Authority’s mission is to provide economic development and enhance the quality of life through sports and recreation. The Authority has no taxing power, but rather acts as an enterprise fund utilizing user-fees to subsidize its operating costs. As a result, all of its major capital construction projects, from the original Tampa Stadium, golf courses, St. Pete Times Forum, George Steinbrenner Field and Raymond James Stadium have been accomplished by working closely with the approvals and financial support of Hillsborough County and the City of Tampa. Raymond James Stadium was constructed with funds from the Community Investment Tax (CIT). The CIT is a half-cent local option sales tax that is projected to generate over $4.7 billion during its 30year enactment. The first 25% of the total projected CIT collections goes to build new schools. The next amount is applied to debt payments on the Stadium bonds (estimated to be 8% of the total), and the remaining 67% is divided between the County and the three cities in Hillsborough County for roads, sidewalks, buildings and public safety needs. (See Page 23)

Over three quarters of a million fans enjoyed the various events and functions held at Raymond James Stadium in 2014. The NFL Players Association continues to rank Raymond James Stadium as one of the best playing fields in the nation. USF Football has faced adversity over the past year relating to the reorganization of the college conferences. They also have seen a decrease in their fan base of alumni and local citizens of the Tampa Bay area. The Authority hosted major events such as the Outback Bowl, two Monster Jams, IIFA Bollywood Awards, Sunset Music Festival, Japan Men’s National Soccer team and the U.S. Women’s TAMPA SPORTS AUTHORITY National soccer team, EXECUTIVE TEAM along with (L-R) BOBBY SILVEST (VP OF MARKETING & COMMUNICATIONS),MICKEY approximately 50 FARRELL (SR. VP OF STADIUM OPERATIONS), KENNIE SIMS (VP OF GOLF banquets, special OPERATIONS), ERIC HART (PRESIDENT/CEO), JANICE HOSEY (EXECUTIVE events, festivals and ASSISTANT TO CEO), JEANETTE BAKER (VP OF FINANCE/ADMINISTRATION) parking lot events.

C O N T E N T

ADMINISTRATIVE

!Tampa Sports Authority Board of Directors .............................................. 4 Tampa Sports Authority Organizational Chart .......................................... 5

BUDGET REQUEST AND ASSUMPTIONS

!Contribution Request ............................................................................. 6-7 Budget Notes ........................................................................................ 8-10 Statement of Revenues and Expenses-Comparative ........................ 11-13

EVENTS

!2014 Event Highlights ........................................................................ 14-16 ! CAPITAL PROJECTS

O F

2014 Capital Project Highlights ................................................................17 Proposed Capital Costs Budget (thru 2016) ........................................... 18 Projected Capital Projects FY 2015 ................................................... 19-20 Projected Capital Projects FY 2016 ......................................................... 21 Projected Capital Costs Overview ( thru 2028) ....................................... 22

T A B L E

DEBT SERVICE

!! Hillsborough County Community Investment Tax (CIT) .......................... 23 Debt Service Requirements ..................................................................... 24 Tampa Sports Authority Funding Sources FY 2014-20154 ..................... 25

D I R E C T O R S

DON DEFOSSET

ANDREW SCAGLIONE

VINCENT MARCHETTI

ERIC D. HART, CFE

CHAIRMAN

VICE CHAIRMAN

SECRETARY/TREASURER

PRESIDENT/CEO

O F

KALYN K. BRANDEWIE

TONY MUNIZ

HON. KEN HAGAN

LUCIANO PRIDA, JR.

JOHN JAEB

RANDY LARSON

HON. FRANK REDDICK

THOMAS SCOTT

B O A R D

MISSION STATEMENT

TO PLAN, DEVELOP, PROMOTE AND MAINTAIN A COMPREHENSIVE COMPLEX OF SPORTS AND RECREATION FACILITIES FOR THE USE AND ENJOYMENT OF THE CITIZENS OF TAMPA AND HILLSBOROUGH COUNTY. OUR ROLE

TO FACILITATE THE CONSTRUCTION AND OPERATIONS OF NEEDED, USER-FEE SUPPORTED SPORTS AND RECREATIONAL FACILITIES. TO ENCOURAGE AND NOT COMPETE WITH THE PRIVATE SECTOR. “USER-FEE SUPPORTED” DISTINGUISHES US FROM A PARKS AND RECREATION DEPARTMENT.

VISION STATEMENT

TO PROVIDE ECONOMIC DEVELOPMENT AND ENHANCE THE QUALITY OF LIFE THROUGH SPORTS AND RECREATION.

C H A R T

BOARD OF DIRECTORS

O R G A N A Z A T I O N A L

PRESIDENT/CEO ERIC HART

VP/FINANCE & ADMINISTRATION

SR VP/ STADIUM OPERATIONS MICKEY FARRELL

VP/GOLF OPERATIONS KENNIE SIMS

HUMAN RESOURCES

EVENT OPERATIONS

CLUB HOUSE OPERATIONS

FINANCIAL PLANNING

MERCHANDISE SALES

RISK MANAGEMENT/ INSURANCE

CAPITAL PROJECTS

PAYROLL/ AP/R

FACILITIES MANAGEMENT

BOND OVERSIGHT AND MANAGEMENT

COURSE & FACILITY MAINTENANCE

VP / MARKETING & COMMUNICATIONS BOBBY SILVEST

MARKETING & SALES

COMMUNICATIONS

GRAPHIC DESIGN FOOD & BEVERAGE

MERCHANDISE SALES

SOCIAL MEDIA

FOOD & BEVERAGE

PURCHASING

BUDGETING COORDINATION

CASH HANDLING

C O N T R I B U T I O N

R E Q U E S T

This year’s anticipated property taxes, along with the Stadium’s operating and maintenance (O & M) expenses outlined in this document, require the Authority to request contributions of $2,231,340 from the City and County to meet next year’s contractual obligations. This contribution was offset by $253,697 from the Operations and Maintenance surpluses that were created by cost reductions and increased revenues from unbudgeted events during the fiscal year. The Authority has existing Inter-local Agreements with the City of Tampa and Hillsborough County, which provide that in the event the Authority is unable to pay its operating costs, the City will pay one third (1/3) and the County will pay two thirds (2/3) of any deficit after the Authority depletes its O & M Reserve Fund. The entire O&M Reserve Fund was depleted in 2003, paying back property taxes for 1999 and 2000.

! Revenues for FY 15 were developed from the following assumptions: !

1. 10 Buccaneer Games 2. 5 USF games (1 less than FY 14) 3. 2 Monster Jams 4. Outback Bowl 5. One Direction concert 6. 1 music concert (revenue neutral) 7. 2-Day Sunset Music Festival 8. No Soccer event 9. Spartan Run 10. No increase in Parking Rates 11. 3% increase in Food and Beverage Per Caps 12. Includes $90,000 in concessions adjustment based on the agreement with Aramark 13. No interest from practice facility funds

! Expenses for FY 15 were developed from the following assumptions: !

1. 10 Buccaneer Games 2. 5 USF games (1 less than FY 14) 3. 2 Monster Jams 4. Outback Bowl 5. One Direction concert 6. 1 music concert (revenue neutral) 7. 2-Day Sunset Music Festival 8. Spartan Run 9. 4% market equity adjustment for all full-time employees 10. .5% increase in retirement costs 11. 4% increase in Property/Liability Insurance including additional wind insurance coverage 12. 3% increase in part time labor based on minimum wage increase effective January 1, 2015 13. 5% increase in Water/Sewer/Garbage 14. 5% projected increase in electricity effective January 1, 2015 15. Marketing costs for upgrades in tour experience and replenishment of logo inventory. 16. No increase in health care costs 17. Intangible Taxes for Buccaneers 18. Complete many capital projects with in-house staff vs. using contracted staff 29. Budget does not include costs for NFL mandated metal detector screening costs or additional staff for the NFL mandated bag policy. (Similar to FY 14 budget) 6

R E Q U E S T C O N T R I B U T I O N

The Authority will be asking the City of Tampa to contribute $745,941 and Hillsborough County to contribute $1,491,882 to fund next year’s operations, as set forth in Inter-local Agreements between the agencies. The following schedule shows actual and projected contributions from the City and County: Budgeted FY 14

NOTE:

Actual FY 14

Proposed FY 15

Proposed FY 16

City (1/3)

455,405

457,562 $

745,941

945,839

County (2/3)

970,809

915,125 $

1,491,882

1,891,679

Total Request (Operations and Maintenance)

1,366,214

1,372,687 $

2,237,824

2,837,518

Capital Request

14,889,284* $

2,654,000*

Totals Request (Including O&M and Capital)

1,366,214

1,372,687** $

17,127,108† $

5,491,518

† Contribution request FY15 includes $253,697 in additional revenue from Authority reserves. The Authority outperformed budget assumptions for FY 10-11. * Capital costs covered by 4th Cent tourist tax. Capital totals greater than bonding capacity of the 4th cent will be shared by the City (1/3 split) and the County (2/3 split). ** Actual FY14 operating support request slightly exceeded budgeted amount due to an increase in ad valorem taxes paid by the Authority.

1. NFL Security Modifications: The NFL is requiring their owner members to provide a continued heightened level of security during the 2014 football season. They have mandated that all teams maintain the bag entry policy for all NFL games. This policy restricts the entry of non approved bags into the facility. The Authority estimates that this will require additional security guards to be effective at an increased cost over previous seasons. The Buccaneers have agreed to cover all additional costs related to increases in security caused by the implementation of this revised policy.

2. Accrual Accounting: The Authorityâ&#x20AC;&#x2122;s budget is presented on an accrual basis. Monthly financial statements along with budget documents are presented on a full accrual basis of accounting.

N O T E S B U D G E T

3. Capital Improvements: Capital Improvement activity is not included in the Budget Summary, but is shown as a separate schedule in this report. The Authority is responsible for the ongoing capital repairs at Raymond James Stadium. Between fiscal years 2006-2023, the Authority will receive $15,000,000 from Tourist Development Tax (TDT) and interest from the Debt Service Reserve to fund capital repairs. Based on the present capital funding sources, it is anticipated the capital needs for the facility will outpace the funding prior to the end of the facilities useful life. In anticipation of this shortfall, the Hillsborough County Board of County Commissioners passed a motion with the intent to fund $28,000,000 of expected stadium capital shortfall from the 4th cent TDT.

4. Debt Service: Debt service activity is not included in the Budget Summary, but is shown as a separate schedule to this report. Funding sources for the Stadium from debt service activity are primarily from sales tax funding. No new debt is anticipated for the next fiscal year.

5. Salaries: Wages include full-time, part-time and over-time estimates and corresponding benefits such as social security, retirement and health insurance and a 4% salary increase for all full time employees in FY 2015. A 3% increase in minimum wage is also included in the budget for part time employees.

6. Buccaneers License Fee: In accordance with the terms of the Stadium Agreement between the Authority and the Tampa Bay Buccaneers, dated August 28, 1996, the Buccaneers pay an annual rent of $3,500,000. The Buccaneers retain all admissions, concessions, parking and advertising revenues generated as a result of their events. Additionally, the Buccaneers retain all suite lease revenues and advertising revenues at Raymond James Stadium.

7. Ticket Surcharges: A surcharge of 8% is placed on all tickets sold at Raymond James Stadium with a maximum surcharge amount of $2.50 per admission ticket. Ticket surcharges are charged on every paid entry ticket and are paid to the Authority, not to exceed $1,930,000 annually. Surcharge revenues that exceed $1,930,000 are placed in a restricted reserve account. Surcharge reserves are permitted to be used by the Authority to reach the $1,930,000 annual surcharge cap. If the cumulative surcharge reserve exceeds $1,000,000, all reserve amounts in excess of $1,000,000 can be used by the Buccaneers for capital investments in Raymond James Stadium. In the event that surcharge revenues do not reach the $1,930,000 annual surcharge cap, the Authority uses any excess funds in the surcharge reserve account to reach the $1,930,000 surcharge cap. In the event the surcharge reserve does not have sufficient funds to be applied to reach the surcharge cap, the Authority has the right to implement surcharges on food and beverage and/or parking to address any surcharge shortfalls. The Buccaneers have the right to pay any surcharge revenue cap shortages in lieu of the 7 Authority implementing any new surcharges. The present balance in the surcharge reserve fund is $187,006. 8

8. Other Event Revenues: During each contract year beginning February 1, the Authority collects and pays to the Buccaneers:

B U D G E T

N O T E S

! ! ! !

a. The first $2,000,000 of revenues (net of sales tax, surcharges and direct event costs) received from rents, concessions and parking for all stadium events.

b. Fifty percent (50%) of all revenues above the first $2,000,000 of revenues (net of sale tax, surcharges and direct event costs) received from rents, concessions and parking for all stadium events.

9. Taxes: a. Income Tax: The Authority is a governmental agency and therefore exempt from Federal and State income taxes under provisions of the Internal Revenue Code and the Florida Income Tax Code, respectively. There are no provisions for income taxes in the budget.

b. Ad Valorem and Tangible Property Tax: Ad Valorem and Tangible Property taxes are estimated based upon available assessed property values from the Hillsborough County Property Assessorâ&#x20AC;&#x2122;s office and the estimated tax millage available at the time the budget is prepared. When the actual Ad Valorem and Tangible tax notices are received in November of each fiscal year, the estimated tax amount determined for budget purposes will be adjusted to reflect the actual tax amount. The actual tax amount will be reflected on the requests for reimbursement from the City of Tampa and from Hillsborough County. The Authorityâ&#x20AC;&#x2122;s budget contains Ad Valorem Property Tax payments for New York Yankees Minor League Complex, portions of Raymond James Stadium and the south property which is owned by the Aviation Authority and leased by the Authority. Additionally, the Authority budget contains Tangible Property Tax payments for the Buccaneers property within Raymond James Stadium.

c. Intangible Tax: Based on the terms of the agreement with the Buccaneers, the Authority is liable for payment of all intangible taxes which are incurred as a result of the existence of the interest of the Buccaneers in space created in Raymond James Stadium. In 2009, the Buccaneers requested payment from the Authority for related intangible taxes dating back to 2002. The Buccaneers had failed to invoice the Authority for this payment during this 8 year period. The parties agreed to a settlement amount with a 60 month repayment plan. The Authority budget includes intangible tax payments for FY 2015 and past intangible tax amounts based on the agreed upon settlement.

N O T E S B U D G E T

! !

10. Practice Facility Funds: During FY 2013, the Board of County Commissioners passed a resolution requesting that the Tampa Sports Authority return the Community Investment Tax (CIT) Funds provided for the purchase or construction of a football practice facility for the Tampa Bay Buccaneers. The Authority Board approved the return of these CIT dollars to the four benefactor municipalities (Hillsborough County, City of Tampa, Plant City and the City of Temple Terrace) with the understanding that in the event the Buccaneers fulfill the terms of the agreement, the municipalities would return these CIT funds to the Authority. The Authority maintains a long-term balance sheet commitment for the obligation to fund a practice facility for the Buccaneers in the event they fulfill their contractual requirements to receive these CIT funds. The Authority has entered into inter-local agreements identifying the terms for returning the funds by the municipalities in the event the Authority Board approves the use of these funds. 11.Produce Events: The Authority successfully produced a Kenny Chesney concert at Raymond James Stadium in 2011, 2012 and 2013. Prior to 2011, the Authority acted as a landlord with clients who promoted concerts in Raymond James Stadium. Since 2011, the Authority has started acted as an event promoter and self-produced several concerts with the goal of generating additional revenue. The Authority continues to encourage promoters to promote events in the stadium but are strategically determining when to self-produce concerts or events that the Authority can justify the risks involved with promoting events. The need to produce events is new for many stadiums and is primarily due to changes in the event industry and a decline in event promoters and acts which have the ability to sell tickets for such large stadiums. There are inherent risks with self-promoting events and Authority management will continue to work closely with the Authority Board of Directors and the City and County administrations, to gain approval and a better understanding of the risks and possible return on investment.

! !

R E V E N U E S & E X P E N S E S O F S T A T E M E N T

OPERATING REVENUE

2013 ACTUAL

2014 BUDGET

2014 FORECAST

2015 PROPOSED

2016 PROPOSED

Buccaneers License fees

3,500,000 $

3,500,000

Ticket Surcharge

1,134,685 $

1,263,909 $

1,331,003 $

1,246,505 $

1,435,277

Parking

427,373 $

495,232 $

472,463 $

495,242 $

495,242

Total Buccaneers $

5,062,057 $

5,259,141 $

5,303,466 $

5,241,747 $

5,430,519

College Football License fees

1,075,000 $

1,083,700 $

1,365,000 $

945,000

1,275,000

Ticket Surcharge

399,561 $

396,000 $

394,549 $

265,000

340,000

Concessions

839,190 $

965,504 $

800,827 $

705,540

988,639

Parking

320,517 $

382,243 $

306,490 $

282,711

347,181

Total College Football $

2,634,269 $

2,827,447 $

2,866,866 $

2,198,251 $

2,950,820

Concerts & Motorsports License fees

3,406,727 $

3,247,317 $

871,597 $

3,638,817 $

3,253,317

Ticket Surcharge

218,549 $

227,260 $

200,318 $

341,935 $

236,680

Concessions

681,840 $

599,040 $

420,489 $

734,040 $

622,558

Parking

326,981 $

327,524 $

280,765 $

484,969 $

326,121

Total Concerts & Motorsports $

4,634,097 $

4,401,141 $

1,773,169 $

5,199,761 $

4,438,676

690,237 $

374,484 $

148,666 $

503,341 $

153,052

Bucs Advalorem/Tangible tax $ payment

74,359 $

75,000 $

72,000 $

74,160 $

75,000

NYY Advalorem tax payment $

40,067 $

41,000 $

43,000 $

44,290 $

45,000

Total $

114,427 $

116,000 $

115,000 $

118,450 $

120,000

License fees

411,362 $

426,352 $

715,033 $

375,936 $

383,475

Ticket Surcharge

12,625 $

8,845 $

37,345 $

1,560 $

1,968

Concessions

86,634 $

137,450 $

113,678 $

76,432 $

103,051

Parking

82,231 $

37,489 $

90,715 $

31,815 $

31,975

Parking - offsite

238,700 $

234,888 $

217,960 $

260,537 $

225,100

Rent

293,734 $

302,725 $

302,587 $

313,736 $

327,759

Miscellaneous/other

113,237 $

91,400 $

65,200 $

68,700 $

71,200

Total Other $

1,238,523 $

1,239,149 $

1,542,518 $

1,128,716 $

1,144,528

Excess Revenue over $2,000,000.00

Other

R E V E N U E S & E X P E N S E S O F S T A T E M E N T

2013 ACTUAL

2014 BUDGET

2014 FORECAST 2015 PROPOSED 2016 PROPOSED

Total gross operating revenues $

14,373,610 $

14,217,362 $

11,749,685 $

14,390,266 $

14,237,595

Less: Revenue Splits

(2,989,808) $

(2,890,922) $

(3,071,857) $

(3,005,912) $

(2,920,907)

Total net operating revenues

11,383,802 $

11,326,440 $

8,677,828 $

11,384,354 $

11,316,688

Salaries & Wages

2,258,883 $

2,306,549 $

2,383,939

2,448,915

2,491,747

Salaries & Wages Reimbursement

(626,569) $

(628,370) $

(687,137)

(690,059)

(690,809)

Fringes/Related Costs

600,960 $

724,992 $

790,568 $

821,462 $

858,022

Computer Expenses

33,553 $

48,000 $

45,000 $

45,000

Licenses & Permits

15,342 $

15,500 $

19,900 $

18,700 $

19,300

Marketing & Advertising

71,507 $

81,075 $

82,700 $

88,605 $

91,000

Maint & Supplies Fields & Building

97,828 $

158,500 $

148,000 $

151,000 $

154,000

Maint - Contractual

1,334,709 $

1,298,415 $

1,295,000 $

1,315,000 $

1,325,000

Insurance/bonding

404,310 $

424,249 $

454,718 $

454,770 $

454,770

Event - Buccaneers

2,108,635 $

2,185,920 $

2,221,753 $

2,242,430 $

2,309,703

Event - Direct Costs

4,863,500 $

5,017,487 $

2,506,982 $

4,947,627 $

5,059,352

Event - Other Costs

(4,190) $

0 $

Event - Offsite Parking

54,370 $

70,110 $

76,178 $

77,500 $

71,400

Professional Services

181,220 $

220,050 $

204,235 $

212,235 $

212,500

HCAA & Condo Rents

282,802 $

282,802

Real estate taxes

423,071 $

432,247 $

433,467 $

461,550 $

460,000

Bucs Intangible tax payment

39,946 $

42,840 $

38,892 $

39,000 $

22,000

Bucs Advalorem tax payment $

74,359 $

75,000 $

72,000 $

74,160 $

75,000

NYY Advalorem tax payment

40,067 $

41,000 $

43,000 $

44,290 $

45,000

Supplies, Postage & Shipping $

43,403 $

44,240 $

44,991 $

46,059

Operating Expenses

Utilities & Telephone

645,941 $

725,450 $

711,000 $

723,602 $

743,532

Training & Education

10,852 $

15,000 $

15,000

Miscellaneous other

34,778 $

36,019 $

36,000 $

36,867 $

36,867

Depreciation and amortization $

267,802 $

576,000 $

520,000 $

575,000 $

575,000

13,257,076 $

14,193,075 $

11,738,237 $

14,430,447 $

14,702,245

Total Operating Expenses

R E V E N U E S & E X P E N S E S O F

2014

2015

2016

Actual

Budget

Forecast

Budget

Non-operating revenues(expenses) Contributed Operating Revenue

1,498,001 $

1,366,214 $

1,372,687 $

0 $

TSA Reserve Revenue

0 $

Investment income

51,381 $

6,630 $

11,200 $

(279,196) $

(279,150)

Bond grants and contributions

14,927,432 $

15,018,909 $

14,705,709 $

14,699,293 $

14,697,773

Amortization of bond issue costs

(103,875) $

(103,874) $

0 $

Amortization of leasehold interest

$ (11,529,441) $ (12,535,000) $ (12,535,000) $ (12,535,000) $ (12,535,000)

Forgiveness of debt

0 $

Interest exp. and amort. of bond

$ (7,015,270) $ (6,720,899) $ (6,769,419) $ (6,398,003) $

(6,016,483)

Gain(Loss) on disposal of assets

(26,867) $

3,000 $

1,000 $

1,000

Capital grants and contributions

0 $

$ (2,198,640) $ (2,965,020) $ (3,315,697) $ (4,511,906) $

(4,131,860)

$ (4,071,915) $ (5,831,655) $ (6,376,106) $ (7,557,999) $

(7,517,417)

Total non-operating rev(exp) Excess Revenues over Expenses

0 $

Reconciliation to Cash Basis Total net operating revenues

$ 11,383,802

$ 11,326,440

8,677,828

$ 11,384,354

$ 11,316,688

Less: Total operating expenses

$ 13,257,076

$ 14,193,075

$ 11,738,237

$ 14,430,447

$ 14,702,245

$ (1,873,275)

$ (2,866,635)

$ (3,060,409)

$ (3,046,093)

$ (3,385,557)

Add: Total unrestricted investment income $

Depreciation

Net Operating (Cash Basis) Deficit Funds Carried Forward

S T A T E M E N T

2013

51,381

6,630

11,200

5,304

5,350

$ (1,821,894)

$ (2,860,005)

$ (3,049,209)

$ (3,040,789)

$ (3,380,207)

575,000

$ (1,554,092) $ (2,284,005) $ (2,529,209) $ (2,465,789) $

(2,805,207)

267,802

77,833 $

576,000

923,718 $

520,000

247,214 $

Subtotal Operating Deficit & Funds Carried Forward $ (1,476,260) $ (1,360,287) $ (1,350,149) $ (2,218,576) $

(2,805,207)

Subsidy Requested From Operations

1,498,001 $

1,366,214 $

Net Gain(Loss)

21,741 $

DROP Payouts

Operating Subsidy Request $

1,179,060 $

575,000

1,372,687 $

0 $

5,927 $

22,538 $ (2,218,576) $

(2,805,207)

21,741 $

5,927 $

22,538 $

19,248 $

32,312

1,498,001 $

1,366,214 $

1,372,687 $

2,237,824 $

2,837,518

Hillsborough County

998,667 $

910,809 $

915,125 $

1,491,882 $

1,891,679

City of Tampa

499,334 $

455,405 $

457,562 $

745,941 $

945,839

Total Support Request $

1,498,001 $

1,366,214 $

1,372,687 $

2,237,824 $

2,837,518

NOTE: $1,172,577 of available reserve of $1,426,274 applied to offset FYE 14 Operating Deficit. Remaining $253,697 to be applied to FY 15 to offset operating deficit. 13

H I G H L I G H T S 2 0 1 3 \ 2 0 1 4

E V E N T

The 2013 Tampa Bay Buccaneers season was the franchise's 38th season in the National Football League. Highlights included a win against Miami on Monday Night Football. The offseason saw many changes with Lovie Smith being named the new head coach and Jason Licht the new general manager. New leadership combined with an active free agent signing period and productive draft picks have the team very optimistic heading into the 2014 season.

The USF Bulls started play in the American Athletic Conference under first year head coach Willie Taggart. New conference foes included Houston and the University of Central Florida. Heading into the 2nd year under Coach Taggart's system, Bullsâ&#x20AC;&#x2122; fans are anticipating great results. Home games include Maryland, N.C. State and the University of Central Florida.

13 14

H I G H L I G H T S E V E N T 2 0 1 3 \ 2 0 1 4

! The 2014 Outback Bowl, the 28th edition of the game, was held on January 1, 2014 and broadcast on ESPN. The matchup featured the LSU Tigers of the SEC and the Iowa Hawkeyes of the Big Ten Conference. LSU defeated Iowa by the score of 21-14.

The 2 Monster Jam events at Raymond James Stadium continue to be popular and attract some of the largest crowds of the year.

The International Indian Film Academy (IIFA) held their version of Hollywoodâ&#x20AC;&#x2122;s Oscars at Raymond James Stadium on April 26, 2014. The IIFA Awards drew 24,000 people and the economic impact to the Tampa Bay area for the awards and all related activities was estimated at $ 26.4 million. 15

H I G H L I G H T S 2 0 1 3 \ 2 0 1 4

E V E N T

The Sunset Music Festival expanded to 2 days over the Memorial Day weekend. In its 3rd year, this electronic dance music event brought in nearly 50,000 fans to see some of the top acts in the industry.

June was soccer month at Raymond James Stadium. Enroute to the World Cup, the Japan Menâ&#x20AC;&#x2122;s National team played 2 matches before heading to Brazil. The #1 world ranked U.S. Womenâ&#x20AC;&#x2122;s National Soccer took on the #4 ranked French National team on June 14th .

H I G H L I G HT S

UPGRADE TO 24 HOUR SECURITY CONTROL ROOM The center of security monitoring for the stadium and the golf courses had their server upgraded, which will provide for future expansion of IP digital cameras. In addition, a battery back up was installed for all the closed circuit televisions.

2 0 1 4

C A P I T A L

P R O J E C T

ENTRY WIDENING AT GATES C & D The concrete slabs at Gate C & D were widened to accommodate production needs for television broadcasts and concert productions.

BEFORE

AFTER

UPGRADED LANDSCAPING The landscaping around the perimeter of the stadium continues to be enhanced, ensuring a beautiful appearance for Raymond James Stadium. 17

B U D G E T

CAPITAL PROJECT BUDGET Fiscal Year 2015 For the period Oct 1 -Sep 30

Fiscal Year 2016 For the period Oct 1 -Sep 30

Stadium

Budget Projection FYE14

Budget Projection FYE15

Budget Projection FYE16

1,907,427

2,138,165

Available Cash Balance

1,907,427

2,138,165

COMMUNITY INVESTMENT TAX

750,000

LOST 05 AND FST 05 BOND INCOME

154,000

150,000

LEHMAN BROTHERS, INC. BANKRUPTCY CLAIM PAYMENT

137,170

80,000

60,000

Sub Total: Funds available for capital projects

2,948,597

3,118,165

960,000

Less: Completed and projected projects

(18,007,449) $

(3,614,000)

SUBTOTAL: FUNDS REMAINING

2,138,165

(14,889,284) $

(2,654,000)

ADD: REQUESTED SUBSIDY FOR CAPITAL

14,889,284

2,654,000

(THRU 2016)

Beginning Balance Capital Projects

C A P I T A L

Fiscal Year 2014 For the period Oct 1 -Sep 30

P R O J E C T E D

P R O J E C T

TAMPA SPORTS AUTHORITY

ADD: Interest Income

TOTAL FUNDS REMAINING AS OF FISCAL YEAR END $

(810,432) $

2,138,165 $

0 $

P R O J E C T S FY 2015

C A P I T A L P R O J E C T E D

PROJECT

DESCRIPTION

2015

Aircraft Warning Lights

Replace aircraft warning lights with new LED system

83,600

Architectural/Precast Caulking, Concrete Caulking

Replace precast concrete panel caulking at ramps and expansion joint caulking in bowl, phase 1 of 2

134,143

Carpet Clubs, Lower Galleries

Replace carpet in club lounges and restaurants

480,500

Carpet Locker Rooms

Replace carpet in both locker rooms

62,186

Carpet Press Box

Replace carpet in press box

89,000

Carpet Suites & Suite Hallways

Replace carpet in upper and lower suites including adjacent corridors

597,200

CCTV System Upgrades

Partial replacement of existing cameras with IP technology cameras (includes associated recabling); install 4 new cameras in bowl at each corner;upgrade server; network conversion;upgrade traffic control room video wall; install new workstation and monitors in TSA operations command booth, phase 1 of 2

250,000

Club Furnishings

Replace club lounge and restaurant furnishings

834,955

Computers

Purchase of office computers, printers and software

52,250

Concourse Coating

Recoat Main Concourse floor

290,000

Concrete Sealing

Seal seating bowl interior concrete surfaces

182,875

Concrete, Flatwork Repair

Repair cracks and spalls in service level slab on grade concrete

50,000

Cooling Towers Piping System

Refurbish condenser water piping

3,000

Crossaisle Drains

Improve drainage at upper west concourse cross aisles

25,000

Elevators (public only, no service elev)

Refinish interiors of public elevators

93,000

Escalator Canopies

Paint underside, conduit and steel columns

16,000

Escalators

Step chain replacement on half of exterior escalators

162,498

Exterior Lighting, Ramps and Alcatraz Stairs

Install new LED fixtures

125,400

Fire Alarm System

Upgrade system technology , phase 3 of 3

73,150

Gates C and D Fence

Refurbish galvanized fencing

25,000

HVAC Upgrades

Refurbish blower wheel air handler unit in quad A mechanical room, upgrade damper sensor and install UV lighting at TSA air handler unit

48,070

Insulation

Replace some insulation every year

14,630

FY 2015 (CONTINUED)

P R O J E C T S C A P I T A L P R O J E C T E D

Landscaping

Convert postage stamp grass medians to ground cover, phase 2 of 3

30,000

Maintenance Equipment

Purchase scissor lift, EZ Go cart and turf cart

52,250

Overhead Coiling Door

Repair or replace overhead door, scope to be determined as needed

13,585

Security Upgrades

Install security gates at guard post and at dock B

50,000

Service Level Wall Packs

Upgrade fixtures on walls in service level with LED technology by installing new lamps

45,188

Sound Reinforcement System

Add long throw speakers in cluster and purchase new gate and concourse speakers

1,005,600

Stadium Seating

Replace entire club level seat cushion bottoms with new product made with UV resistant vinyl material

1,040,820

Stadium Seating Cupholders

Replace club level cup holders

162,759

Stadium Seating Painting

Repaint metal seat standards upper east concourse

35,000

Suite Furnishings

Replace all loose furnishings in upper and lower level suites

2,306,000

Suite Ice Makers

Replace all icemakers in upper and lower level suites with under counter insulated ice bins

225,900

Suite Refrigerators

Replace all refrigerators in upper and lower level suites with under counter units

225,900

Suite Window Maintenance

Replace worn parts and glazing gaskets

30,000

Television Cabling

Repair television cabling and install new splitters in upper and lower level suites

35,000

Videoboards and Control Room

Install new HD videoboards, scoreboards, and ribbons boards etc. Renovate control room and purchase HD equipment

6,491,784

Wall Coverings

Install new wall covering in upper and lower level suites

844,800

Water Repellent

Waterproof surfaces of exposed precast panels at ramps

149,408

Suite Renovation Project Administration

Costs to cover design, construction administration and design contingency

1,371,000

Contingency Projects

To cover costs of unforeseen and unplanned projects

200,000

Total $ 18,007,449

P R O J E C T S FY 2016

C A P I T A L P R O J E C T E D

PROJECT

DESCRIPTION

2016

Architectural/Precast Caulking/ Concrete

Replace precast concrete panel caulking at ramps and expansion joint caulking in bowl, phase 2 of 2

140,000

Building Expansion Joints/Caulk

Repairs to major building expansion joints

961,000

Computers

Purchase of office equipment, computers and software

55,000

Escalators

Step chain replacement on half of exterior escalators

170,000

Light Tower Painting

Repaint 8 light towers

674,000

Maintenance Equipment

Purchase field mower

55,000

Overhead Coiling Doors

Repair or replace overhead doors, scope to be determined as needed

14,000

Roofing at General Locations (including clubs)

Replace all roofs except sideline concession stands

954,000

Yankee Pedestrian Bridge

Repaint bridge

102,000

CCTV System

Replace remaining cameras with IP technology cameras and upgrade cabling, phase 2 of 2

105,000

HVAC Upgrades

Install air curtains on smoking decks, and upgrade Liebert units

50,000

Insulation

Some replacement every year

15,000

Domestic Hot Water

Replacement of some hot water heaters as required

10,000

Field Pump Station

Replace pump

29,000

Landscaping

Convert postage stamp parking lot grass medians to ground cover, phase 3

31,000

Under Drains/Pump Stations

Replace pump

49,000

Contingency Projects

Unforeseen projects

200,000

Total $ 3,614,000

O V E R V I E W

2020-2024

2025-2028

TOTAL

Projected Capital Costs $ (escalated year by year)

36,799,385 $

13,351,000 $

3,760,000 $

53,910,385

Funds pledged from CIT $

(3,750,000) $

(2,750,000) $

0 $

(6,500,000)

Restricted Revenue (bond interest)

(890,000) $

(750,000) $

(2,390,000)

Funds carried forward

(2,138,165) $

0 $

(2,138,165)

Unfunded from previous $ years

0 $

30,021,220 $

39,872,220

30,021,220 $

39,872,220 $

42,882,220 $

Total Unfunded

42,882,220

P R O J E C T E D

C A P I T A L

THRU 2028

C O S T S

2015-2019

T A X

% OF FUND

Public safety, roads, infrastructure needs:

30 YEAR LOCAL OPTION - SALES TAX (AMOUNTS IN MILLIONS)

C O M M U N I T Y I N V E S T M E N T C O U N T Y H I L L S B O R O U G H

TOTAL FUNDS

Hillsborough County

1,727

City of Tampa

614

Plant City

Temple Terrace

2,440

67%

Hillsborough County Schools

918

25%

Raymond James Stadium

292

Total Projected Collections from CIT $

3,650

100%

R E Q U I R E M E N T S

LONG-TERM DEBT: Debt Service Payments for FY 2014-15 PRINCIPAL PAYMENTS

INTEREST

ANNUAL DEBT PAYMENT

ST PETE TIMES FORUM: 1995 Special Purpose Bonds, State of Florida

940,126

1,055,000 $

1,995,126

386,552

355,000 $

741,552

154,987

90,000 $

244,987

Subtotal $

481,665

1,500,000 $

2,981,665

$ 4,077,750

4,740,000 $

8,817,750

804,878

1,190,000 $

1,994,878

Subtotal $ 4,882,628

5,930,000 $

10,812,627

TOTAL DEBT SERVICE PAYMENTS FY 2014-15 $ 6,364,292

7,430,000 $

13,794,291

Sales Tax Payment Series ($28,790,000)

1995 Special Purpose Bonds, City of Tampa Guaranteed Parking Revenue Series ($10,300,000)

1995 Special Purpose Bonds, City of Tampa Surcharge Loan Revenue Series ($2,815,000)

D E B T

S E R V I C E

RAYMOND JAMES STADIUM: Local Option Sales Tax Revenue Bonds Series 2005 ($114,865.00) Florida Sales Tax Payments Revenue Bonds Series 2005 ($27,015,000)

S O U R C E S FY 2014-2015

F U N D I N G A U T H O R I T Y S P O R T S T A M P A

Funding Source: Stadium Operating Revenue

14,390,266

Golf Revenues and Contributions

3,600,000

Interest and Funding from Bonds

980,000

CIT, TDC, State Sales Taxes

32,103,228

Contributions from County

1,491,882

Contributions from City

743,780

Contributions from Buccaneers

74,160

Contributions from New York Yankees

44,290

Total Revenue $

53,423,284

Use of Funds: Stadium Operating Expenses

17,436,359

Golf Operating Expenses

3,600,000

Bond Debt Service

13,794,291

Property Taxes

580,700

Capital Project/Improvements

18,011,934

Total Expenses $

53,423,284