A MESSAGE FROM THE CEO/PRESIDENT
I am pleased to present the recommended biannual budget for fiscal years 2018 and 2019. 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. This budget includes assumptions and proposed costs for major renovations to Raymond James Stadium during the 2016/2017 fiscal years (extended to 2018 as explained below) which were agreed upon with as part of the Stadium Renovation Agreement approved in December 2015 by ERIC D. HART, CFE
PRESIDENT/CEO
the Tampa Sports Authority, Hillsborough County, and the City of Tampa. The Stadium Renovation Agreement outlines the plans for an $86.5 million renovation to Raymond James Stadium over the 2016 and 2017 NFL off-seasons. Pursuant to the Renovation Agreement the Buccaneer Stadium LLC (“BSLLC”) will be responsible for $57.7 million of the total renovation amount, and the Sports Authority will be responsible for $28.8 million, $25.8 million of which was already a contractual obligation of the Sports Authority in the original 1996 Stadium Agreement. Pursuant to the Renovation Agreement, the Sports Authority is responsible to reimburse BSLLC $14.5 million when BSLLC spends a minimum of $43.5 million for the 2016 projects and $14.3 million when BSLLC spends a minimum of $43 million for 2017 projects. These reimbursements will be funded with the previously secured $25 million of Bond refunding cash flow savings, as well as the 4th Cent Tourist Development Tax financing as is necessary. The 2016 projects, exceeded $75 million in costs (well above the Renovation Agreement contractual obligation), despite this, the Authority is only obligated for the amounts agreed upon in the Renovation Agreement, as outlined above. Additionally an agreement was reached in March of 2017, which grants BSLLC an additional year to complete the Schedule 2 projects, which will now extend into 2018. As part of this Renovation Agreement, BSLLC has agreed that the Sports Authority, Hillsborough County and the City of Tampa have satisfied and fully performed all requirements of the Stadium Agreement related to the Practice Area Allowance of $11.6 million. Additionally the Authority’s revenue split with BSLP was changed from 50/50 to 67/33 (of the revenues above $2,000,000 up to $3,500,000) in favor of the Authority. There were a multitude of projects completed with the 2016 Schedule 1 improvements; these included suite renovations, a replacement and expansion of the existing Video Boards, installation of a new distributed sound system, as well as the addition of the Hall of Fame Clubs, corner LED boards and LED ribbon boards. In 2017 the Schedule 2 improvements include a renovation and remodel of the West Club, Press Box, Hall of Fame Club and additional suites. The improvements will also include several items designed to enhance fan comfort and safety, including the upgrade of existing WiFi to NFL Standards, an upgrade of the chiller plant, the replacement of West Club bowl seats and cupholders, and the installation of magnetometers. In addition, the Buccaneers will be building a new Home Team Locker Room and the Buccaneer’s existing home team locker room will be refreshed with a USF Bulls color scheme. Additional improvements are scheduled for 2018.
The Authority also entered into an agreement with the New York Yankees, for the renovation of George M. Steinbrenner Field and the Himes Player Development Complex. The Authority has been certified under the State of Florida Department of Economic Opportunity Retained Spring Training Facilities Program. Through this program, the Authority has secured $20 million of state funding that will be used to repay debt service for the $13,590,000 Florida State Sales Tax Payments Revenue Bonds which were issued in February of 2017. This will be an impact neutral budget item as the State revenues will cover the proposed debt service. As part of this agreement the Yankees have extended their license agreements on these facilities from 2026 to 2046. The improvements include new outfield concourses, a remodeled team store, concession area improvements, the addition of group and social gathering areas, addition of loge suites, new shaded areas, updated and expanded training areas and fields, and a vastly improved entrance to ease the access to the stadium. The Authority continues to modify its 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. Authority management continually strives to attract new events to be held at Raymond James Stadium and find creative ways to operate similar to private enterprise. Respectfully,
ABOUT US 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, Amalie Arena, 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 30-year half-cent local option sales tax. 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 (approximately 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 24) During the off season, the TSA and USF entered into a new six year License Agreement with a five year option to continue playing football at Raymond James Stadium. This new agreement provides a greater revenue share for USF based on additional games played at Raymond James Stadium, while still allowing the University to determine the feasibility of developing an on campus stadium over the long term. Over 1.25 million fans enjoyed the various events and functions held at Raymond James Stadium in 2017. In addition to hosting the Buccaneers and USF Football seasons, the Authority also hosted major events such as the College Football National Championship, the Outback Bowl, two Monster Jams, Sunset Music Festival, Stadiumlinks (golf event), CONCACAF Gold Cup Soccer (featuring the U.S. Men’s National Team), a sold out U2 Concert, along with more than 100 banquets, special events, festivals and parking lot events. The NFL Players Association continues to rank Raymond James Stadium as one of the best playing fields in the nation.
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.
TABLE OF CONTENTS
ADMINISTRATIVE
Tampa Sports Authority Board of Directors………………………………5 A Tampa Sports Authority Organizational Chart……………………………6
EVENTS
2017 Year in Review……….………………………………..….……..…7-11
BUDGET REQUEST AND ASSUMPTIONS Contribution Requests…………………………………………………..12 Revenue & Expense Assumptions……………………………………… 13 Budget Notes……………………………………………………………14-15 Statement of Revenues and Expenses-Comparative……………..…… ..16-18
CAPITAL PROJECTS
2017 Capital Project Highlights……………………………………..…..19 Proposed Capital Project Budget (thru 2019)………………………..…. 20 Proposed Capital Projects FY 2018………………………………………21 Proposed Capital Projects FY 2019………………………………………22 Projected Capital Costs Overview (thru 2028)………………………….. 23
DEBT SERVICE
Hillsborough County Community Investment Tax (CIT)…………….….. 24 Debt Service Requirements……………………………………………. 25
BOARD OF DIRECTORS
JOHN JAEB
CHAIRMAN
DON DEFOSSET
LUCIANO PRIDA, JR.
TONY MUNIZ
VICE CHAIRMAN
HON. FRANK REDDICK
SECRETARY/TREASURER
5
KALYN K. BRANDEWIE
HON. KEN HAGAN
RANDY LARSON
VINCENT MARCHETTI
ANDREW SCAGLIONE
THOMAS SCOTT
ERIC D. HART, CFE
PRESIDENT/CEO
TSA EXECUTIVE TEAM A
STEVEN A. ANDERSON, P.L GENERAL COUNSEL
TAMPA SPORTS AUTHORITY | EXECUTIVE TEAM (L-R) MICKEY FARRELL (SR. VP OF STADIUM OPERATIONS), BOBBY SILVEST (VP OF MARKETING & COMMUNICATIONS), ERIC HART (PRESIDENT/CEO), DAVID BYRNE (VP OF FINANCE/ADMINISTRATION), REBECCA SKYLES (EXECUTIVE ASSISTANT TO CEO), KENNIE SIMS (VP OF GOLF OPERATIONS)
ORGANIZATIONAL CHART
6
BOARD OF DIRECTORS PRESIDENT/CEO ERIC HART
VP/FINANCE & ADMINISTRATION DAVID BYRNE
SR VP/STADIUM OPERATIONS MICKEY FARRELL
VP/GOLF OPERATIONS KENNIE SIMS
BOBBY SILVEST
HUMAN RESOURCES
EVENT OPERATIONS
CLUB HOUSE
OPERATIONS
MARKETING & SALES
FINANCIAL PLANNING
MERCHANDISE SALES
COURSE & FACILITY
MAINTENANCE
COMMUNICATIONS
RISK MANAGEMENT/
INSURANCE
CAPITAL PROJECTS
FOOD & BEVERAGE
GRAPHIC DESIGN
PAYROLL/ AP/R
BOND OVERSIGHT AND MANAGEMENT
FACILITIES
MANAGEMENT
MERCHANDISE SALES
FOOD & BEVERAGE
PURCHASING
BUDGETING COORDINATION
CASH HANDLING
5
VP/MARKETING & COMMUNICATIONS
A
SOCIAL MEDIA
2017 YEAR IN REVIEW The Buccaneer’s 2016 campaign saw them improve to a 9-7 record. A victory on Monday night against division rival Carolina saw Tampa Bay begin a streak in which they won seven out of their next nine games. Between weeks 10 & 14, the Buccaneers achieved their first five-game winning streak since their Super Bowl championship season. After just missing the playoffs by a tiebreaker, there is great optimism for a successful season in 2017. The Bucs are the featured team in this season’s realty sports documentary show “Hard Knocks”, produced by NFL Films and HBO. A comprehensive renovation of Raymond James Stadium began in 2016. The multistage renovation plan is expected to exceed $150 million. The first stage was completed prior to the Buccaneers’ 2016 season and was highlighted by the installation of new, state-of-the-art HD video boards in each end zone and four HD tower video displays in each corner of the lower bowl, giving the stadium a total video display area of 28,416 feet – the third-largest in the NFL. Also included were two HD ribbon boards extending the length of each sideline, a new, distributed sound system in the bowl and the renovation of all luxury suites, including development of the Hall of Fame Club.
The second phase of renovations – to be completed in time for the team’s 2017 season – will include a completely renovated West Stadium Club, with over 60,000 square feet of total lounge space, 178 new 4K video monitors in the West Stadium Club, a 10,000 square-foot retail team shop and a 16,200 square-foot home locker room, which will be more than three times bigger than the Bucs current locker room. Additional enhancements include adding 100 seats to the North Hall of Fame Club, an extensive wi-fi upgrade, installation of security magnetometers and a refresh of the stadium press box.
7
Raymond James Stadium and Tampa Bay were host to the crown jewel of college football on January 7, 2017- The College Football Playoff National Championship. We were honored to be the 3rd city chosen for this event and the first in the south. After a weeklong schedule of marquee events leading up to the big game- the Alabama Crimson Tide and the Clemson Tigers did not disappoint. In an unprecedented rematch of the 2016 game, the Clemson Tigers claimed its first national title in 35 years by defeating Alabama 35-31. The 2017 College Football Playoff National Championship’s attendance of 74,512 set a new record for Raymond James Stadium.
A $40 million update to George M. Steinbrenner Field in Tampa transforms a New York Yankees spring training baseball game into a social and entertainment experience. Renovation costs were divided equally between the Yankees, Hillsborough County and the State of Florida. Renovation projects include a new main entrance, a new two-story gift shop plus new lounges, cabanas and pavilions that create social gathering spaces. In addition, all 11,000 seats in the stadium were replaced.
8
In 2016, South Florida had their most successful season in school history, finishing 11–2, 7–1 in American Conference play. They finished as co-champions of the East Division, but lost out on participating in the AAC Championship Game on a tie-breaker to Temple. Before playing in the Birmingham Bowl, head coach Willie Taggart was hired by Oregon, and interim head coach T. J. Weist led them to victory in the bowl, 46–39 in overtime over South Carolina. The coaching vacancy was filled when USF hired Charlie Strong as head coach. Strong had been the head coach at the University of Texas for 4 seasons and at Louisville for 4 seasons before that. Coach Strong’s leadership combined with the return of QB Quinton Flowers, a Heisman Trophy hopeful, have Bulls’ fans optimistic for another great season and are predicted by various media outlets to be the favorite to win the AAC Championship.
The 2017 Outback Bowl was the 31st game of this classic college bowl tradition. The match up featured the Florida Gators of the SEC and the Iowa Hawkeyes of the Big 10. The Gators defeated the Hawkeyes 30-3 with over 45,000 fans in attendance.
9
Feld Entertainment continues to provide excellent event programming with two Monster Jams each season. This regular stop at Raymond James Stadium continues to be a fan favorite.
The Sunset Music Festival (SMF) is a two day event held over the Memorial Day weekend. In its 6th year, SMF brought in over 45,000 fans to see some of the top acts of electronic dance music. This years’ event was headlined by international superstars such as Major Lazer, RL Grime, Above & Beyond, and Zeds Dead. This event continues to positively impact the local economy and hotel industry on what has traditionally been a slow weekend.
10
On June 13, 2017, Raymond James Stadium hosted over 52,000 fans for U2’s The Joshua Tree Tour. This worldwide concert tour by the iconic rock band commemorated the 30th anniversary of their 1987 album, The Joshua Tree.
Raymond James Stadium hosted the CONCACAF Gold Cup on July 12, 2017. The CONCACAF Gold Cup is the soccer championship of the North, Central American and Caribbean regions. Panama defeated Nicaragua 2-1 in the first match and the U.S. defeated Martinique 3-2 in the second match.
11
CONTRIBUTION REQUESTS
12
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 $2,255,266 from the City and County to meet next year’s contractual obligations. 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. Therefore, the Authority will be asking the City of Tampa to contribute $751,755 and Hillsborough County to contribute $1,503,511 to fund next year’s operations. The following schedule shows actual and projected contributions from the City and County:
BUDGETED FY 17
ACTUAL FY 17
PROPOSED FY 18**
PROPOSED FY 19***
CITY (1/3)
$
751,420 $
752,761 $
A 751,755 $
808,952
COUNTY (2/3)
$
1,502,840 $
1,505,523 $
1,503,511 $
1,617,904
TOTAL REQUEST (OPERATIONS AND MAINTENANCE)
$
2,254,260 $
2,258,284 $
2,255,266 $
2,426,855
CAPITAL REQUEST*
$
0 $
0 $
8,621,165 $
967,452
TOTALS REQUEST (O&M AND CAPITAL)
$
2,254,260 $
2,258,284 $
10,876,431 $
3,394,307
* Capital costs funded by 4th Cent Tourist Development taxes and savings generated from Authority bond refundings. ** 2018 Funding Amount reduced by FY-2015 Operating Surplus. *** 2019 Funding Amount reduced by FY-2016 operating Surplus.
REVENUE & EXPENSE ASSUMPTIONS
Revenues for FY 2018 were developed from the following assumptions:
13
A
1. 11 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Supercross 6. 2-Day Sunset Music Festival 7. 1 Revenue Neutral Concert 8. No Soccer Event 9. Increase in Parking Rates 10. 4% increase in Food and Beverage Per Caps 11. Includes $96,000 in concessions adjustment 12. Use of 2015 Net Gain to reduce FY-2018 Operating Subsidy request.
Expenses for FY 2018 were developed from the following assumptions: 1. 11 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Supercross 6. 2-Day Sunset Music Festival 7. 1 Revenue Neutral Promoted Concert 8. No Soccer Event 9. 3.5% market equity adjustment for all full-time employees 10. 5% increase in retirement costs 11. Minimal increase in Property/Liability Insurance due to increase coverage 12. An estimated 2% increase in Florida minimum wage is included for part-time personal and various other contracts 13. 5% increase in electricity 14. Minimal Health Insurance costs increase to provides an allowance for coverage changes. Premium increases will be responsibility of the employee. 15. Completing many capital projects with in-house staff vs. using contracted staff including the addition of HVAC staff to save on HVAC maintenance costs. 16. A 10% increase in the assessed value for the South Property resulting in a estimated $45,000 increase in property taxes. 17. Increase in depreciation, donated capital and leasehold interest based upon the Renovation. 18. Impact of home NFL playoff games not included. 19. DROP impact estimated to be $35,000.
BUDGET NOTES 1. Accrual Accounting: The Authority’s budget is presented on an accrual basis. Monthly financial statements along with budget documents are presented on a full accrual basis of accounting. 2. 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 2007-2023, the Authority will receive $15,000,000 from Tourist Development Tax (TDT) to fund Stadium capital repairs and improvements. 3. 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 related to Raymond James Stadium is anticipated for the next fiscal year. 4. RJS Renovations: Lost revenues realized during the construction period are reflected within the proposed revenue assumptions within this budget. 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 3.5% salary increase for all full time employees in FY 2018. 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 Authority implementing any new surcharges. The present balance in the surcharge reserve fund is $5,825. 8. Other Event Revenues: During each contract year beginning February 1, the Authority collects and pays to the Buccaneers: 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. Thirty three percent (33%) of all revenues above the first $2,000,000 and below $3,500,000 (net of sale tax, surcharges and direct event costs) received from rents, concessions and parking for all stadium events. c. Fifty percent (50%) of all revenues above $3,500,000 (net of sale tax, surcharges and direct event costs) received from rents, concessions and parking for all stadium events.
14
BUDGET NOTES (CONT.)
15
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 Assessor’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 Authority’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. 10. Produce Events: The Authority successfully co-produced the Taylor Swift concert in 2015 and produced Kenny Chesney concerts 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. The Authority continues to encourage promoters to promote events in the stadium. When evaluating these opportunities the Authority strategically evaluates the risks and reward of self-promotion. 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. The Authority has plans to co-produce a Supercross event in FY-2018. Additionally the Authority as part of this budget process, has established a $500,000 event development fund (to be funded in FY-2018 and 2019 from prior positive budget variances) in order to offset the potential risks of producing events.
A
STATEMENT OF REVENUE & EXPENSES
16
FY 2016
FY 2017
FY 2017
FY 2018
FY 2019
ACTUAL
BUDGET
FORECAST
PROPOSED
PROPOSED
OPERATING REVENUE BUCCANEERS LICENSE FEES
$
3,500,000 $
3,500,000 $
3,500,000 $
3,500,000 $
3,500,000
TICKET SURCHARGE
$
1,295,798 $
1,381,342 $
1,292,219 $
1,374,879 $
1,364,036
PARKING
$
468,875 $
567,491 $
460,808 $
500,000 $
478,972
TOTAL BUCCANEERS
$
5,264,672 $
5,448,833 $
5,253,027 $
5,374,879 $
5,343,008
LICENSE FEES
$
1,486,500 $
1,722,450 $
2,833,591 $
1,285,122 $
1,295,723
TICKET SURCHARGE
$
402,553 $
267,500 $
372,918 $
286,000 $
286,000
CONCESSIONS
$
1,329,877 $
1,250,244 $
1,659,699 $
978,870 $
1,013,195
PARKING
$
419,294 $
352,337 $
498,619 $
476,636 $
476,636
TOTAL COLLEGE FOOTBALL
$
3,638,224 $
3,592,531 $
5,364,827 $
3,026,628 $
3,071,554
LICENSE FEES
$
1,968,175 $
3,376,215 $
990,495 $
3,925,913 $
3,808,632
TICKET SURCHARGE
$
392,297 $
232,575 $
294,301 $
304,258 $
254,258
CONCESSIONS
$
722,851 $
647,129 $
741,189 $
764,244 $
656,701
PARKING
$
404,761 $
254,002 $
321,173 $
450,281 $
331,122
TOTAL CONCERTS & MOTORSPORTS
$
3,488,084 $
4,509,921 $
2,347,158 $
5,444,696 $
5,050,714
EXCESS REVENUE OVER $2,000,000 $
730,677 $
804,390 $
1,195,101 $
1,013,224 $
406,360
COLLEGE FOOTBALL
CONCERTS & MOTORSPORTS
BUCS AD VALOREM/TANGIBLE TAX PAYMENT
$
65,992 $
90,000 $
63,114 $
68,500 $
155,000
NYY AD VALOREM TAX PAYMENT
$
47,773 $
90,000 $
50,882 $
57,000 $
85,000
$
113,765 $
180,000 $
113,997 $
125,500 $
240,000
LICENSE FEES
$
396,252 $
290,128 $
685,284 $
313,231 $
334,614
TICKET SURCHARGE
$
24,380 $
1,000 $
48,057 $
2,080 $
2,240
CONCESSIONS
$
95,400 $
39,662 $
138,901 $
55,779 $
56,683
PARKING
$
146,410 $
112,236 $
119,680 $
88,593 $
89,061
PARKING - OFFSITE
$
238,269 $
228,996 $
223,518 $
219,680 $
205,807
RENT
$
344,873 $
339,455 $
351,276 $
358,034 $
365,335
MISCELLANEOUS/OTHER
$
84,744 $
70,300 $
111,000 $
76,800 $
81,800
$
1,330,327 $
1,081,777 $
1,677,716 $
1,114,197 $
1,135,540
OTHER
TOTAL OTHER
STATEMENT OF REVENUE & EXPENSES
17
FY 2016
FY 2017
FY 2017
FY 2018
FY 2019
ACTUAL
BUDGET
FORECAST
PROPOSED
PROPOSED
TOTAL GROSS OPERATING REVENUES $ 14,565,749 $ 15,617,452 $
15,951,825 $
16,099,124 $
15,247,175
LESS: REVENUE SPLITS
$ (4,576,280) $
(2,882,556) $
(4,609,334) $
(3,113,066) $
(3,145,598)
TOTAL NET OPERATING REVENUES
$
9,989,469 $
12,734,896 $
11,342,491 $
12,986,058 $
12,101,577
SALARIES & WAGES
$
2,661,604 $
2,583,891 $
2,727,707 $
2,869,502 $
2,982,942
SALARIES & WAGES REIMBURSEMENT
$
(886,520) $
(804,786) $
(938,194) $
(976,412) $
(981,995)
FRINGES/RELATED COSTS
$
851,656 $
1,023,857 $
1,016,385 $
1,175,881 $
1,222,833
COMPUTER EXPENSES
$
53,319 $
40,000 $
45,000 $
58,400 $
58,400
LICENSES & PERMITS
$
18,785 $
19,250 $
18,000 $
17,000 $
17,000
MARKETING & ADVERTISING
$
98,152 $
109,182 $
90,000 $
112,655 $
112,655
MAINT & SUPPLIES FIELDS & BUILDING
$
166,462 $
167,750 $
172,500 $
212,250 $
219,000
MAINT - CONTRACTUAL
$
1,081,606 $
1,313,700 $
1,263,000 $
1,145,000 $
1,208,000
INSURANCE/BONDING
$
374,533 $
374,623 $
389,801 $
405,604 $
417,623
EVENT - BUCCANEERS
$
2,228,652 $
2,625,825 $
2,398,400 $
2,726,850 $
2,484,398
EVENT - DIRECT COSTS
$
3,049,530 $
5,543,534 $
3,986,047 $
5,884,920 $
5,545,685
EVENT - OTHER COSTS
$
(797) $
0 $
0 $
0 $
0
EVENT - OFFSITE PARKING
$
71,012 $
65,800 $
86,019 $
81,863 $
77,363
PROFESSIONAL SERVICES
$
219,709 $
221,100 $
212,250 $
279,990 $
386,338
HCAA & CONDO RENTS
$
253,967 $
266,000 $
253,967 $
269,447 $
269,447
REAL ESTATE TAXES
$
428,447 $
420,000 $
424,024 $
494,500 $
535,000
BUCS INTANGIBLE TAX PAYMENT
$
(56,542) $
0 $
0 $
0 $
0
BUCS AD VALOREM/TANGIBLE TAX
$
65,992 $
90,000 $
63,114 $
68,500 $
155,000
NYY AD VALOREM TAX PAYMENT
$
47,773 $
90,000 $
50,882 $
57,000 $
85,000
SUPPLIES, POSTAGE & SHIPPING
$
48,795 $
42,730 $
59,700 $
50,220 $
51,631
UTILITIES & TELEPHONE
$
511,688 $
735,000 $
664,500 $
747,225 $
783,836
TRAINING & EDUCATION
$
29,302 $
39,000 $
23,200 $
40,975 $
41,795
PENSION & EXPENSES
$
270,612 $
0 $
0 $
0 $
0
MISCELLANEOUS OTHER
$
33,561 $
33,500 $
37,100 $
37,400 $
37,400
DEPRECIATION
$
306,444 $
3,483,667 $
1,390,000 $
3,580,671 $
5,788,962
TOTAL OPERATING EXPENSES $
11,927,740 $
18,483,623 $
14,433,403 $
19,339,441 $
21,498,314
OPERATING EXPENSES
STATEMENT OF REVENUE & EXPENSES
18
FY 2016
FY 2017
ACTUAL
BUDGET
FY 2017
FY 2018
FY 2019
FORECAST PROPOSED PROPOSED
NON-OPERATING REVENUES (EXPENSES) CONTRIBUTED OPERATING REVENUE
$ 59,856,069 $
29,000,000 $
2,258,284 $
0 $
28,700,000
TSA RESERVE REVENUE
$
0 $
0 $
0 $
0 $
0
INVESTMENT INCOME
$
97,858 $
44,100 $
138,500 $
73,400 $
55,400
BOND GRANTS AND CONTRIBUTIONS
$ 14,687,936 $
14,135,408 $
15,306,875 $ 15,551,129 $
15,545,000
PRACTICE FACILITY CONTRIBUTION
$ (12,000,126) $
0 $
0 $
0 $
0
AMORTIZATION OF BOND ISSUE COSTS
$
0 $
0 $
0 $
0
AMORTIZATION OF LEASEHOLD INTEREST
$ (11,195,874) $ (14,874,912) $ (12,619,861) $ (16,541,202) $ (22,670,062)
FORGIVENESS OF DEBT
$
0 $
0 $
INTEREST EXPENSE AND AMORTIZATION OF BOND
$ (3,981,736) $
(3,895,058) $
GAIN (LOSS) ON DISPOSAL OF ASSETS
$ (1,917,223) $
0 $
15,000 $
0 $
0
CAPITAL GRANTS AND CONTRIBUTIONS
$
0 $
0 $
0 $
0
914,368 $ (5,113,177) $
17,777,695
0 $
0 $
TOTAL NON-OPERATING REVENUES (EXPENSES) $ 45,546,905 $ 24,409,538 $
0 $
0 $
0
(4,184,430) $ (4,196,505) $ (3,852,644)
$ 43,608,634 $
18,660,811 $
(2,176,544) $ (11,466,560) $
8,380,958
TOTAL NET OPERATING REVENUES
$
9,989,469 $
12,734,896 $
11,342,491 $ 12,986,058 $
12,101,577
LESS: TOTAL OPERATING EXPENSES
$ 11,927,740 $
18,483,623 $
14,433,403 $ 19,339,441 $
21,498,314
$ (1,938,271) $
(5,748,727) $
(3,090,913) $ (6,353,383) $ (9,396,737)
EXCESS REVENUES OVER EXPENSES RECONCILIATION TO CASH BASIS
ADD:TOTAL UNRESTRICTED INVESTMENT INCOME
$
44,677 $
10,800 $
$ (1,893,594) $
(5,737,927) $
DEPRECIATION
$
306,444 $
3,483,667 $
NET OPERATING (CASH BASIS) DEFICIT
$ (1,587,149) $
(2,254,260) $
FUNDS CARRIED FORWARD*
$
0 $
0 $
LESS: EVENT DEVELOPMENT FUND
68,500 $
33,000
(3,022,413) $ (6,302,383) $ (9,363,737) 1,390,000 $
3,580,671 $
5,788,962
(1,632,413) $ (2,721,712) $ (3,574,775) 0 $
716,446 $
1,397,920
$
(250,000) $
(250,000)
OPERATING DEFICIT & FUNDS CARRIED FORWARD
$ (1,587,149) $
(2,254,260) $
TOTAL SUBSIDIES/DONATED CAPITAL RECEIVED
$ 59,856,069 $
29,000,000 $
2,258,284 $
$ (56,871,000) $ (29,000,000) $
0 $
LESS: BUCS DONATED CAPITAL
51,000 $
(1,632,413) $ (2,255,266) $ (2,426,855) 0 $
28,700,000
0 $ (28,700,000)
OPERATING SUBSIDY (SHOWN AS ZERO FOR BUDGET)
$
2,985,069 $
0 $
2,258,284 $
0 $
0
NET GAIN (LOSS)
$
1,397,920 $
(2,254,260) $
OPERATING SUBSIDY REQUEST
$
2,985,069 $
2,254,260 $
2,258,284 $
2,255,266 $
2,426,855
HILLSBOROUGH COUNTY
$
1,990,046 $
1,502,840 $
1,505,523 $
1,503,511 $
1,617,904
CITY OF TAMPA
$
995,023 $
751,420 $
752,761 $
751,755 $
808,952
625,872 $ (2,255,266) $ (2,426,855)
* FY-2018 offset by FY 2015 Net Gain Operating Surplus and FY-2019 offset by FY-2016 Operating Surplus.
2017 CAPITAL PROJECT HIGHLIGHTS
19
COMMAND CENTER UPGRADE To further enhance security monitoring capabilities, the press box game day command center has been relocated to a larger space allowing for an increase in staff. The increased area also allows for the installation of additional, upgraded security monitoring equipment.
SEAT REFURBISHMENT The 28,319 red seats located in the lower seating bowl will undergo a restoration process prior to the start of the football season, which will restore the faded plastic color to its original vibrant shade. This is a phased project, with the remainder of the seats in the upper seating bowl to be restored in FY18.
FIELD LIGHT TOWER REPAINTING The eight cantilevered caged walkway structures at the top of the bowl that support the field lights were treated for minor cosmetic rusting, had the old chalking paint removed and are currently being refurbished and repainted. This will reduce future maintenance and will eliminate the need for future tower painting for the remaining life of the building.
PROPOSED CAPITAL PROJECT BUDGET (THRU 2019)
20
TAMPA SPORTS AUTHORITY CAPITAL PROJECTS FY 2017 FORECAST
FY 2018 FY 2019 PROPOSED PROPOSED
AVAILABLE CASH BALANCE
$
908,008 $
9,698,304 $
0
AVAILABLE BOND PROCEED BALANCE
$
18,461,389 $
0 $
0
COMMUNITY INVESTMENT TAX
$
750,000 $
750,000 $
750,000
STADIUM FUND PROCEEDS
$
5,079,651 $
1,519,547 $
179,187
SUBTOTAL: FUNDS AVAILABLE FOR CAPITAL PROJECTS $
25,199,048 $
11,967,851 $
929,187
LESS: COMPLETED AND PROJECTED PROJECTS
(1,797,652) $
(6,255,041) $
(1,896,639)
(14,333,975) $
0
ADD: INTEREST INCOME/REVENUE
LESS: BUCCANEERS PROPOSED PROJECTS*
$ $
(13,703,092)
$
SUBTOTAL: FUNDS REMAINING
$
9,698,304 $
(8,621,165) $
(967,452)
ADD: REQUESTED SUBSIDY FOR CAPITAL
$
0 $
8,621,165 $
967,452
TOTAL FUNDS REMAINING AS OF FISCAL YEAR END
$
9,698,304 $
0 $
0
*$796,908 spent in FY16 for Buccaneers Projects
17
PROPOSED CAPITAL PROJECTS FY 2018
21
CAPITAL PROJECTS DESCRIPTION
FY 2018
Architectural Panels and Precast Concrete Caulking
Repair to portions of vertical joint caulking at precast architectural panels and precast concrete $ panels each year as required
Building Expansion Joints
Repairs to building concourse expansion joints, horizontal expansion joints at endzones, and bowl precast construction joints
$
2,041,000
Computers
Includes office computers and support peripherals plus software upgrades and licenses
$
59,000
Concrete Sealing
Apply water repellant to ramps
$
60,000
Domestic Hot Water
Replacement of portion of hot water heaters
$
11,500
Elevators (public only, no freight elevators)
Replace elevator door operator packages for Press Box and Suites/Clubs elevators
$
118,048
Escalator Controls
Upgrade step movement control boards
$
50,000
Field Stairs
Repair field stairs
$
25,000
Freight Elevators
Rust remediation for rope and hoistway, new brake switch, and new toe guards
$
58,158
HVAC Upgrades
Upgrade select heating, ventilation and air conditioning components each year to newer technology to reduce energy consumption and improve performance
$
54,000
Insulation
Some replacement each year as required
$
17,000
Interior Lighting Fixtures
Replace lamps with energy efficient LED lighting on the main concourse, north and south parking lot light fixtures, replace light ring clamps on ramp fixtures
$
70,000
Landscaping
Ongoing replacement of plants, sod and sprinkler equipment
$
10,000
Maintenance Equipment
Yearly purchase as required of Maintenance and Field Equipment
$
59,000
Microlite Electrical System
Replace Microlite control system
$
265,000
Overhead Coiling Doors
Repair doors at docks and on service level each year as required
$
16,000
Parking Lot Vaults
Repair interior damage to underground storm vaults
$
157,000
Paving
Reseal asphalt parking lots (A,B,C,D and associated roadways) and repair any damaged areas
$
56,000
Roofing at General Locations
Replace all roofs (except sideline concession stands) Includes end zone concessions, upper concourse corner concessions, club roofs, elevator tower roofs
$
2,126,000
Security
Various security enhancements
$
150,000
Stadium Rails (Phase 1)
Replace glass rail system on stair rails and landings in lower seating bowl
$
196,000
Stadium Seating (Phase 2)
Restore color on upper bowl red seats
$
221,000
Structural Precast (Phase 1)
Perform recommended repairs per 2017 Walter P Moore Engineers report: repair spalls, cracks, repair grout
$
100,000
Telephones
Install new telephone system
$
92,000
Test & Balance
Test and balance heating ventilation and air conditioning systems in TSA office
$
12,000
Contingency Projects
Unforeseen Projects
$
200,000
$
6,255,041
Multiple construction projects: Interior Renovation of Suite Elevators and Lobbies, Renovation $ of Clubs and East Atrium, Expansion of North Hall of Fame Club, Refresh Existing West Club Suite Finishes, Renovate all remaining Suites on all Levels, Replacement of Club Bowl Seats and Cupholders, Renovation of Press Box including HVAC Upgrades, Refurbish Two Existing Locker Rooms, Television Replacements, Wi Fi Upgrade to NFL Standards, Concourse and Gates Sound System Upgrade, Upgrade End Zone and Upper Concourse Concessions including Walk-in Cooler Replacement, Recoat Floor Slab at Main and Upper Concourses, Upgrade Chiller Plant and Various HVAC and Controls Systems, Install Magnetometers, Install New Parking Lot Signage, Renovate interior of Disabled Elevators, and Improve North Gate Plaza. Includes cost of fees for management of TSA's interests in projects.
14,333,975
Total TSA Capital Projects Buccaneers Projects (Phase 2A and 2B)
CAPITAL PROJECTS TOTAL
31,335
$20,589,016
PROPOSED CAPITAL PROJECTS FY 2019
22
A
CAPITAL PROJECTS DESCRIPTION
FY 2019
Architectural Panels and Precast Concrete Caulking
Repair to portions of vertical joint caulking at precast architectural panels and precast concrete panels each year as required
$
32,729
Access Control
Upgrade entrance door security systems to current technology
$
70,000
Computers
Includes office computers and support peripherals plus software upgrades and licenses
$
62,000
Construction Office Space
Renovate former Manhattan Construction field offices for use by TSA
$
25,000
Door and Magnetic Locks
Rekey and replace magnetic locks, hardware, and cylinders on ramp and service level doors
$
70,000
Escalators
Inspect escalator structural support per Schindler Elevator report
$
30,000
Field Irrigation
Replace irrigation booster pump
$
15,000
Freight Elevators
Traction control and freight door modernization
$
303,000
HVAC Upgrades
Upgrade select heating, ventilation and air conditioning components each year to newer $ technology to reduce energy consumption and improve performance
57,000
Insulation
Some replacement each year as required
$
18,000
Interior Lighting Fixtures
Replace lamps with energy efficient LED lighting on center stairwells and office areas
$
40,000
Landscaping
Ongoing replacement of plants, sod and sprinkler equipment
$
10,910
Main HW Boiler
Refurbish existing main hot water boiler
$
122,000
Maintenance Equipment
Yearly purchase as required of Maintenance and Field Equipment
$
62,000
Overhead Coiling Doors
Repair doors at docks and on service level each year as required
$
16,000
Sports Lighting Fixtures
Replace ballasts and lamps
$
429,000
Stadium Rails (Phase 2)
Replace glass rail system on stair rails and landings in upper seating bowl
$
209,000
Stadium Seating Painting
Repaint a portion of metal seat standards
$
80,000
Structural Precast (Phase 2)
Perform recommended repairs per 2017 Walter P Moore Engineers report: repair overhead and vertical spalls, repair concrete floor spalls at seating risers and ramps.
$
45,000
Contingency Projects
Unforeseen Projects
$
200,000
TOTAL
$1,896,639
PROJECTED CAPITAL COSTSTHRU OVERVIEW 2028
23
PROJECTED CAPITAL COSTS OVERVIEW THRU 2028 2018-2022 2023-2027 PROJECTED CAPITAL COSTS (ESCALATED YEAR TO YEAR)
$
26,721,176 $
5,362,135 $
FUNDS PLEDGED FROM CIT
$
3,750,000 $
STADIUM FUND PROCEEDS
$
FUNDS CARRIED FORWARD TOTAL UNFUNDED
2028
TOTAL
609,706 $
32,693,017
500,000
0 $
4,250,000
1,698,734
0
0 $
1,698,734
$
9,492,357
0
0 $
9,492,357
$
11,780,085 $
609,706 $
17,251,926
4,862,135 $
HILLSBOROUGH COUNTY COMMUN ITY INVESTMENT TAX (FISCAL YEAR 2016 DISTRIBUTIONS) COMMUNITY INVESTMENT TAX (CIT) DISTRIBUTION SCHEDULE (FY-2016) PUBLIC SAFETY, ROADS, INFRASTRUCTURE NEEDS % OF TOTAL HILLSBOROUGH COUNTY BOCC
$
58,868,426
CITY OF TAMPA
$
17,815,637
CITY OF PLANT CITY
$
1,819,645
CITY OF TEMPLE TERRACE
$
1,280,780
SUBTOTAL
$
79,784,488
67%
OTHER FUNDING RECIPIENTS HILLSBOROUGH COUNTY SCHOOLS
$
29,823,260
25%
RAYMOND JAMES STADIUM
$
9,685,292
8%
SUBTOTAL
$
39,508,552
TOTAL CIT DISTRIBUTIONS
$ 119,293,040
100%
RAYMOND JAMES STADIUM SAFETY AND ROADS HILLSBOROUGH COUNTY SCHOOLS
24
Debt Service Requirements
25
LONG-TERM DEBT: DEBT SERVICE PAYMENTS FOR FY 2018 PRINCIPAL PAYMENTS
INTEREST
ANNUAL DEBT PAYMENT
STEINBRENNER FIELD $13,590,000 FLORIDA STATE SALES TAX PAYMENTS REVENUE BONDS, SERIES 2017
$
405,000
$
880,627
$
405,000
$
880,627
$
744,769 $
1,250,000
$
1,994,769
$10,300,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA GUARANTEED PARKING REVENUE, SERIES 1995 $
316,750 $
425,000 $
741,750
130,325 $
120,000 $
250,325
SUBTOTAL $
475,627 $
475,627
AMALIE ARENA $28,790,000 SPECIAL PURPOSE BONDS, STATE OF FLORIDA SALES TAX PAYMENT, SERIES 1995
$2,815,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA $ SURCHARGE LOAN REVENUE, SERIES 1995 SUBTOTAL $
1,191,844
$
1,795,000
$
2,986,844
RAYMOND JAMES STADIUM $63,020,000 LOCAL OPTION SALES TAX REFUNDING REVENUE BONDS, SERIES 2015
$
1,000,000 $
3,061,650 $
4,061,650
$19,240,000 FLORIDA SALES TAX PAYMENTS REFUNDING REVENUE BONDS, SERIES 2015
$
1,395,000 $
596,700 $
1,991,700
SUBTOTAL $
2,395,000
$
3,658,350
$
6,053,349
TOTAL DEBT SERVICE $ PAYMENTS FY 2018
4,062,471
$
5,858,350
$
9,920,820
F E B R UA RY 2 4 T H R AY M O N D J A M E S S TA D I U M
Re t u r n i n g a f t e r 1 9 ye a r s…