Stadium Budget 2020-2021 by Tampa Sports Authority

A MESSAGE FROM THE PRESIDENT/CEO

ERIC D. HART, CFE

PRESIDENT/CEO

I am pleased to present the recommended biannual budget for fiscal years 2020 and 2021. 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 the remaining financial terms related to major renovations to Raymond James Stadium during the 2016/2017/2018 fiscal years (extended to 2018 as explained below), which were agreed upon as part of the Stadium Renovation Agreement approved in December 2015 by the Tampa Sports Authority, Hillsborough County and the City of Tampa. The Stadium Renovation Agreement outlines the plans for a $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”) was responsible for $57.7 million of the total renovation amount and the Authority is responsible for $28.8 million, $25.8 million of which was already a contractual obligation of the Authority in the original 1996 Stadium Agreement. In accordance with the Renovation Agreement, the Authority was responsible to reimburse BSLLC $14.5 million when BSLLC spent a minimum of $43.5 million for the Schedule I projects and $14.3 million when BSLLC spends a minimum of $43 million for the Schedule II projects. These reimbursements have and 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. The Schedule I projects exceeded $74 million in costs and the Schedule II projects exceeded $89 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. At this point the Authority has funded BSLLC for the Schedule I improvements and are in the process of arranging payment for the Schedule II improvements. As part of this Renovation Agreement, BSLLC has agreed that the 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 net other event 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 included a renovation and remodel of the West Club, Press Box, Hall of Fame Club expansion and additional suites. The improvements also included several items designed to enhance fan comfort and safety, including the upgrade of the existing WiFi system 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 built a Team Store and a new Home Team Locker Room; the Buccaneer’s existing locker room was converted to the USF Bulls home locker room.

In 2018, the Schedule 2 improvements included a renovation and remodel of the East Club, Lounge, Atrium, the Cheerleaders’ locker room and the replacement of East Club bowl seats. Additional HVAC, electrical and concession upgrades were also included in the 2018 scope of work. The Authority in recent fiscal years managed the completion of the more than $48 million New York Yankees renovation of George M. Steinbrenner Field and the Himes Player Development Complex, as part of the State of Florida Department of Economic Opportunity Retained Spring Training Facilities Program. Through this program the Authority secured $20 million of state funding that is being 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 for the Authority 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, which are now complete, 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, at request of the County, is now managing the Fairway Café, located downtown in the County Center. The Authority will continue to manage the Café until the County determines their long range plans for the allocated space. In 2019, the Authority began management and operation of the 15 field Hillsborough County Tournament SportsPlex. The complex was designed to be one of the premier tournament sport venues in the country, which is evidenced by further planned investment in the coming year to attract larger events. 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 has continued to strive to attract new events to be held at Raymond James Stadium and find creative ways to operate similar to private enterprise. As an illustration of the results of these efforts, in May of 2017 it was announced that Raymond James Stadium will host Super Bowl LVI in 2021. It was also recently announced that Raymond James Stadium will host WrestleMania 36 in April of 2020 and the inaugural season of the Tampa Bay XFL franchise will begin play in February 2020. Respectfully,

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, Hillsborough County Tournament SportsPlex, 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 7% of the total) and the remaining 68% is divided between the County and the three cities in Hillsborough County for roads, sidewalks, buildings and public safety needs. (See Page 24) More than a million fans enjoyed the various events and functions held at Raymond James Stadium this past year. In addition to hosting the Buccaneers and USF Football seasons, the Authority also hosted major events such as the Outback Bowl, U.S Women’s Soccer in the SheBelieves Cup, U.S. Men’s soccer vs. Colombia, two Monster Jams, Sunset Music Festival, an Ed Sheeran Concert and for the first time the Bad Boy Mowers Gasparilla Bowl was held at Raymond James Stadium. All of these events were managed 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 NFL.

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

TABLE OF CONTENTS ADMINISTRATIVE Tampa Sports Authority Board of Directors

Tampa Sports Authority Organizational Chart

EVENTS Year in Review

7-11

BUDGET REQUEST AND ASSUMPTIONS Contribution Requests

Budget Revenue & Expense Assumptions

Budget Notes

14-15

Statement of Revenue and Expenses-Comparative

16-18

CAPITAL PROJECTS 2019 Capital Project Highlights

Proposed Capital Project Budget (Through 2021)

Proposed Capital Projects (FY 2020)

Proposed Capital Projects (FY 2021)

Projected Capital Costs Overview (Through 2028)

DEBT SERVICE Hillsborough County Community Investment Tax (CIT)

Debt Service Requirements

BOARD OF DIRECTORS

LUCIANO PRIDA JR.

CHAIRMAN

RANDY LARSON

VICE CHAIRMAN

ANDREW SCAGLIONE

SECRETARY/TREASURER

DON DEFOSSET

HON. ORLANDO GUDES

HON. KEN HAGAN

JOHN JAEB

VINCENT MARCHETTI

TONY MUNIZ

THOMAS SCOTT

ERIC D. HART, CVE

PRESIDENT/CEO

KALYN K. BRANDEWIE

TSA EXECUTIVE TEAM

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

BOARD OF DIRECTORS

PRESIDENT/CEO ERIC HART

VP/FINANCE & ADMINISTRATION

SR VP/STADIUM OPERATIONS

VP/MARKETING & COMMUNICATIONS

HUMAN RESOURCES

EVENT OPERATIONS

MARKETING

FINANCIAL PLANNING

MERCHANDISE SALES

RISK MANAGEMENT/ INSURANCE

CAPITAL PROJECTS

PAYROLL/ AP/R

FACILITIES MANAGEMENT

BOND OVERSIGHT AND MANAGEMENT

FOOD & BEVERAGE

DAVID BYRNE

MICKEY FARRELL

HOUSEKEEPING PURCHASING

BUDGETING COORDINATION

CASH HANDLING

BOBBY SILVEST

MEDIA

COMMUNICATIONS

GRAPHIC DESIGN

SOCIAL MEDIA

WEBSITE MAINTENANCE

YEAR IN REVIEW The 2018 Tampa Bay Buccaneers season was the franchise's 43rd season in the NFL, the 21st playing their home games at Raymond James Stadium. Former Arizona Cardinals Head Coach Bruce Arians was hired in 2019 and is bringing along a whole new game plan for the Buccaneers. They will try to improve upon their 5â&#x20AC;&#x201C;11 record from the previous two seasons.

YEAR IN REVIEW

In 2018, the University of South Florida Bulls, led by head coach Charlie Strong, went 7-6 overall and 3-5 in the American Athletic Conference. The 2018 season featured the Bulls hosting the annual War on I-4 rival game against the University of Central Florida Knights. The Knights defeated the Bulls 38-10, with 57,626 fans in attendance. The Marshall Thundering Herd defeated the South Florida Bulls 38-20, to end the season in the Bad Boy Mowers Gasparilla Bowl. After a disappointing end to the season, Coach Strong made significant coaching changes and Bulls fans are optimistic for the 2019 season.

Feld Entertainment continues to deliver outstanding events with two Monster Jams each season, which attracted over 85,000 fans. These regular events at Raymond James Stadium continue to be a very popular and bring some of the largest crowds of the year.

YEAR IN REVIEW The 2019 Outback Bowl featured the Mississippi State Bulldogs of the Southeastern Conference and the Iowa Hawkeyes of the Big Ten Conference, with 40,518 fans in attendance. This was Iowaâ&#x20AC;&#x2122;s sixth time playing in the Outback Bowl, defeating Mississippi State 27-22.

The Sunset Music Festival is a two-day event held during Memorial Day weekend. This event brings in dozens of electronic dance musicâ&#x20AC;&#x2122;s (EDM) most popular DJs. This year, Chris Lake, Illenium and Zedd were some of the bigger acts that performed in our North Parking Lot. Over 40,000 fans attended the two-day music festival.

YEAR IN REVIEW

On November 7, 2018, Ed Sheeran brought his “2018 North American Stadium Tour” to Raymond James Stadium with Snow Patrol and Lauv. Nearly 50,000 fans enjoyed this second-to-last stop on his 15 show North American Tour.

The 2018 Bad Boy Mower’s Gasparilla Bowl was hosted at Raymond James Stadium for the first time. The game featured the Marshall Thundering Herd of Conference USA and the University of South Florida Bulls of the American Athletic Conference, with 14,135 fans in attendance. The Marshall Thundering Herd defeated the South Florida Bulls 38-20.

YEAR IN REVIEW

The U.S. Men’s National Team hosted the Colombian National Team at Raymond James Stadium on October 11, 2018. This international friendly match won by Colombia 4-2, drew over 35,000 fans.

Raymond James Stadium hosted the SheBelieves Cup final on March 5, 2019 with England defeating Japan and the U.S. Women’s National Team defeating Brazil. The England Women’s National Team took the overall 2019 SheBelieves Cup title with their 3-0 win against Japan. Over 14,000 soccer fans enjoyed this tournament.

CONTRIBUTION REQUESTS

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 $1,920,633 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 $640,211 and Hillsborough County to contribute $1,280,422 to fund next year’s operations. The following schedule shows actual and projected contributions from the City and County: BUDGETED FY 19*

FORECASTED FY 19*

PROPOSED FY 20**

PROPOSED FY 21***

CITY (1/3)

384,341

366,871 $

640,211

883,337

COUNTY (2/3)

768,681

733,742 $

1,280,422

1,766,675

TOTAL REQUEST (OPERATIONS AND MAINTENANCE)

1,153,022

1,100,613 $

1,920,633

2,650,012

CAPITAL REQUEST

10,690,165

0 $

11,648,114

315,757

TOTAL REQUEST (O&M AND CAPITAL)

11,843,187

1,100,613 $

13,568,747 $

2,965,769

Capital Request funded by 4th Cent Tourist Development taxes and savings generated from Authority bond refundings. * 2019 Funding Amount reduced by FY-2016 $1,668,532 Net gain. ** 2020 Funding Amount reduced by FY-2017 $838,979 Net gain. *** 2021 Funding Amount reduced by FY-2018 $720,485 Net gain.

BUDGET REVENUE & EXPENSE ASSUMPTIONS

Revenues for FY 2020 were developed from the following assumptions: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

9 Buccaneer Games (2 Preseason) 6 USF Games 2 Monster Jams Outback Bowl Gasparilla Bowl 5 XFL Games WWE WrestleMania A Supercross Event 2-Day Sunset Music Festival 1 Revenue Neutral Concert 3% increase in Food and Beverage Per Caps No increase in parking rates Use of 2017 Net Gain to reduce FY-2020 Operating Subsidy request

Expenses for FY 2020 were developed from the following assumptions: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26.

9 Buccaneer Games (2 Preseason) 6 USF Games 2 Monster Jams Outback Bowl Gasparilla Bowl 5 XFL Games WWE Wrestlemania A Supercross Event 2-Day Sunset Music Festival 1 Revenue Neutral Concert An average 2.4% compounded wage adjustment for eligible full-time employees An average 3.9% one-time discretionary bonuses for eligible full-time employees Addition of cleaning manager and events manager positions A 3.5% increase in FRS retirement costs An increase in Property/Liability Insurance due to increased coverages An estimated 1.57% increase in Florida minimum wage is included for part-time personal and various other contracts 5% increase in utilities 8% increase in Health Insurance costs increase to provide an allowance for coverage changes Completing many capital projects with in-house staff vs. using contracted staff Property tax increases related to anticipated increased values Increase in depreciation and leasehold interest based upon the Renovation Increase in travel expenses related to site visits for staff training in preparation for future major events Increase in consultant costs related to new tenant acquisitions Impact of home NFL playoff games not included DROP impact estimated to be $0 Increase in hourly law enforcement costs

BUDGET NOTES

1. 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. 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 the 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. Salaries: Wages include full-time, part-time and over-time estimates and corresponding benefits such as social security, retirement and health insurance. 5. 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. 6. 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 (beginning February 1 of each year). 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 Buccaneerâ&#x20AC;&#x2122;s agreed to fund any shortfall in 2019 in lieu of any surcharge implementation. The present balance in the surcharge reserve fund is $194,384. 7. 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.

BUDGET NOTES (CONT.) 8. 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. 9.

Produce Events: The Authority successfully co-produced a Supercross event in FY-2018 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. Since 2011, the Authority has acted as an event promoter and self-produced several concerts with the goal of generating additional revenue. The Authority continues to encourage promoters to produce 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. Additionally the Authority as part of this budget process, has established a $500,000 event development fund (which was funded FY-2018 and 2019 from prior positive budget variances) in order to offset the potential risks of producing events.

STATEMENT OF REVENUE & EXPENSES

FY 2018

FY 2019

FY 2020

FY 2021

ACTUAL

BUDGET

FORECAST

PROPOSED

OPERATING REVENUE

BUCCANEERS LICENSE FEES

$ 3,500,000 $

3,500,000 $

3,500,000

TICKET SURCHARGE

$ 1,359,405 $

864,231 $

812,661 $

1,357,393 $

1,121,066

PARKING

353,519 $

436,916 $

28,220 $

25,000 $

28,271

$ 5,212,923 $

4,801,147 $

4,340,881 $

4,882,393 $

4,649,337

LICENSE FEES

$ 1,602,000 $

1,919,020 $

2,052,147 $

2,190,919 $

2,383,079

TICKET SURCHARGE

318,560 $

357,500 $

375,610 $

313,770 $

385,682

CONCESSIONS

978,890 $

1,116,428 $

1,217,070 $

1,029,154 $

1,430,563

PARKING

453,996 $

478,616 $

487,347 $

421,672 $

499,608

$ 3,353,446 $

3,871,564 $

4,132,174 $

3,955,515 $

4,698,932

LICENSE FEES

$ 1,860,761 $

1,230,259 $

791,181 $

3,934,287 $

3,747,929

TICKET SURCHARGE

551,899 $

329,888 $

266,660 $

294,124 $

234,124

CONCESSIONS

$ 2,105,495 $

784,347 $

619,204 $

807,265 $

664,211

PARKING

855,141 $

454,783 $

335,634 $

401,530 $

310,630

TOTAL CONCERTS & MOTORSPORTS

$ 5,373,295 $

2,799,277 $

2,012,679 $

5,437,206 $

4,956,894

EXCESS REVENUE OVER $2,000,000

905,738 $

1,816,969 $

2,057,880 $

739,162 $

1,176,094

BUCS AD VALOREM/TANGIBLE TAX PAYMENT

76,527 $

110,803 $

114,559 $

114,559

NYY AD VALOREM TAX PAYMENT

54,578 $

57,940 $

56,319 $

56,319

131,105 $

168,743 $

170,877 $

170,877

LICENSE FEES

392,148 $

794,061 $

1,271,084 $

2,710,276 $

2,011,899

TICKET SURCHARGE

1,944 $

71,354 $

139,424 $

251,170 $

101,320

CONCESSIONS

65,545 $

220,412 $

356,898 $

1,015,007 $

511,309

PARKING

75,619 $

176,699 $

282,429 $

389,194 $

195,114

PARKING - OFFSITE

281,484 $

227,730 $

224,010 $

266,874 $

199,680

RENT

352,245 $

358,958 $

357,940 $

363,626 $

365,836

MISCELLANEOUS/OTHER

147,762 $

97,500 $

143,120 $

115,000 $

123,000

$ 1,316,747 $

1,946,714 $

2,774,905 $

5,111,147 $

3,508,158

TOTAL BUCCANEERS

COLLEGE FOOTBALL

TOTAL COLLEGE FOOTBALL

CONCERTS & MOTORSPORTS

OTHER

TOTAL OTHER

STATEMENT OF REVENUE & EXPENSES

TOTAL GROSS OPERATING REVENUES LESS: REVENUE SPLITS TOTAL NET OPERATING REVENUES

FY 2018

FY 2019

FY 2020

FY 2021

ACTUAL

BUDGET

FORECAST

PROPOSED

$16,293,255 $15,404,414

$ 15,489,397

20,296,300

19,160,292

$(5,127,983) $(3,821,094) $ (3,946,189)

(3,746,570)

(3,819,854)

$11,165,272 $11,583,320

16,549,730

15,340,438

$ 11,543,208

OPERATING EXPENSES SALARIES & WAGES

$ 2,880,745 $ 3,028,522 $

2,907,000 $

3,208,855 $

3,294,161

SALARIES & WAGES REIMBURSEMENT

$ (971,559) $ (1,118,907) $

(1,127,417) $

(1,279,422) $

(1,209,605)

FRINGES/RELATED COSTS

$ 1,065,547 $ 1,189,223 $

1,105,585 $

1,287,158 $

1,367,558

COMPUTER EXPENSES

81,964 $

63,000 $

72,000 $

65,000 $

68,250

LICENSES & PERMITS

15,342 $

17,000 $

18,000 $

17,800 $

17,800

MARKETING & ADVERTISING

109,871 $

113,725 $

125,255 $

122,025 $

122,025

MAINT & SUPPLIES FIELDS & BUILDING

161,742 $

214,000 $

194,000 $

200,000 $

208,500

MAINT - CONTRACTUAL

$ 1,032,516 $ 1,163,500 $

1,080,397 $

1,116,840 $

1,142,580

INSURANCE/BONDING

485,980 $

477,749 $

514,179 $

589,735

EVENT - BUCCANEERS

$ 2,700,858 $ 2,540,120 $

2,597,252 $

2,428,160 $

2,865,717

EVENT - DIRECT COSTS

$ 3,806,372 $ 3,972,069 $

3,631,880 $

9,375,258 $

8,109,839

EVENT - OTHER COSTS

(12,746) $

0 $

EVENT - OFFSITE PARKING

91,263 $

77,740 $

97,069 $

98,900 $

81,900

PROFESSIONAL SERVICES

208,629 $

657,888 $

333,300 $

500,000 $

364,800

HCAA & CONDO RENTS

269,447 $

269,447

REAL ESTATE TAXES

428,378 $

484,339 $

431,930 $

465,238 $

497,044

BUCS INTANGIBLE TAX PAYMENT

0 $

BUCS AD VALOREM/TANGIBLE TAX

76,527 $

110,803 $

114,559 $

114,559

NYY AD VALOREM TAX PAYMENT

54,578 $

57,940 $

56,319 $

56,319

SUPPLIES, POSTAGE & SHIPPING

45,743 $

51,500 $

48,000 $

52,000 $

53,500

UTILITIES & TELEPHONE

495,975 $

678,250 $

553,750 $

579,391 $

593,847

TRAINING & EDUCATION

13,440 $

63,175 $

42,500 $

73,175 $

58,500

PENSION & EXPENSES

329,047 $

0 $

MISCELLANEOUS OTHER

30,694 $

38,800 $

48,200 $

47,700 $

47,700

DEPRECIATION

310,749 $

318,000 $

305,500 $

318,000 $

2,581,071

$13,720,881 $ 14,476,113 $

13,382,275 $

19,630,582 $

21,295,246

TOTAL OPERATING EXPENSES

495,760 $

STATEMENT OF REVENUE & EXPENSES FY 2018 ACTUAL

FY 2019 BUDGET

FY 2019 FORECAST

FY 2020 PROPOSED

FY 2021 PROPOSED

NON-OPERATING REVENUES (EXPENSES) CONTRIBUTED OPERATING REVENUE

$ 20,059,748 $

0 $

1,100,613 $

0 $

TSA RESERVE REVENUE

0 $

INVESTMENT INCOME

217,218 $

37,780 $

337,000 $

37,780 $

37,780

BOND GRANTS AND CONTRIBUTIONS

$ 15,645,524 $ 15,545,000 $ 15,550,125 $ 15,545,000 $ 15,534,875

PRACTICE FACILITY CONTRIBUTION

0 $

AMORTIZATION OF BOND ISSUE COSTS

0 $

AMORTIZATION OF LEASEHOLD INTEREST

$(18,398,774) $(27,052,178) $(24,240,323) $(28,124,678) $(32,384,410)

FORGIVENESS OF DEBT

0 $

INTEREST EXPENSE AND AMORTIZATION OF BOND $ (4,119,513) $ (3,852,819) $ (3,698,717) $ (3,214,017) $ (2,717,069) GAIN (LOSS) ON DISPOSAL OF ASSETS

(73,472) $

0 $

1,000 $

1,000

CAPITAL GRANTS AND CONTRIBUTIONS

0 $

TOTAL NON-OPERATING REVENUES (EXPENSES) EXCESS REVENUES OVER EXPENSES

$ 13,330,731 $(15,322,217) $(10,950,302) $(15,754,916) $(19,527,824) $ 10,775,122

$(18,215,011) $(12,789,368) $(18,835,767) $(25,482,631)

RECONCILIATION TO CASH BASIS TOTAL NET OPERATING REVENUES

$ 11,165,272 $ 11,583,320 $ 11,543,208 $ 16,549,730 $ 15,340,438

LESS: TOTAL OPERATING EXPENSES

$ 13,720,881 $ 14,476,113 $ 13,382,275 $ 19,630,582 $ 21,295,246 $ (2,555,609) $ (2,892,794) $ (1,839,067) $ (3,080,852) $ (5,954,808)

ADD:TOTAL UNRESTRICTED INVESTMENT INCOME

4,350 $

3,240 $

6,500 $

3,240 $

3,240

$ (2,551,258) $ (2,889,554) $ (1,832,567) $ (3,077,612) $ (5,951,568) LESS: DEPRECIATION

310,749 $

318,000 $

305,500 $

LESS: NON-CASH PENSION EXPENSE

329,047 $

0 $

NET OPERATING (CASH BASIS) DEFICIT

$ (1,911,463) $ (2,571,554) $ (1,527,067) $ (2,759,612) $ (3,370,497)

ADD: FUNDS CARRIED FORWARD*

LESS: EVENT DEVELOPMENT FUND

OPERATING DEFICIT & FUNDS CARRIED FORWARD

$ (1,468,659) $ (1,153,022) $

692,804 $ 1,668,532 $ (250,000) $

TOTAL SUBSIDIES/DONATED CAPITAL RECEIVED $ 20,059,748 $ LESS: BUCS DONATED CAPITAL OPERATING SUBSIDY (SHOWN AS ZERO FOR BUDGET) NET GAIN (LOSS)

(250,000) $

1,668,532 $

318,000 $ 2,581,071 0 $

838,979 $

720,485

(250,000) (108,535) $ (1,920,633) $ (2,650,012)

0 $

1,100,613 $

0 $

$(17,870,603) $

0 $

1,100,613 $

0 $

2,189,144 $ 720,485

$(1,153,022) $

OPERATING SUBSIDY REQUEST

2,189,144 $ 1,153,022 $

HILLSBOROUGH COUNTY

1,459,429 $

CITY OF TAMPA

729,715 $

992,078

$ (1,920,633)

$(2,650,012)

1,100,613 $

1,920,633 $ 2,650,012

768,681 $

733,742 $

1,280,422 $ 1,766,675

384,341 $

366,871 $

640,211 $

883,337

* FY-2019 OFFSET BY FY-2016 OPERATING SURPLUS, FY-2020 OFFSET BY FY-2017 OPERATING SURPLUS AND FY-2021 OFFSET BY FY-2018 OPERATING SURPLUS

2019 CAPITAL PROJECT HIGHLIGHTS SEATING UPGRADES The existing red seats located within the upper and lower decks of the venue have been renovated to include painting of the seating standards and the replacement of the seat backs. These improvements will ensure the seats will remain in top condition throughout the remaining terms of the current lease agreement.

EXPANSION JOINTS The expansion joints within the venue have been replaced to provide improved water protection throughout the concourses and seating bowls.

CONCOURSE COATINGS All concourse coatings within the venue have been removed and replaced with new coatings providing improved visual appeal and water protection for the venue. Additionally, these surfaces provide improved slip resistance in the walking areas.

SECURITY CAMERAS Additional Security cameras have been added along with infrastructure improvements allowing for enhanced camera coverage, greater picture resolution and increase distance for surveillance.

PROPOSED CAPITAL PROJECT BUDGET

(THROUGH 2021)

TAMPA SPORTS AUTHORITY CAPITAL PROJECTS FY 2019 FORECAST AVAILABLE CASH BALANCE

FY 2020 PROPOSED

FY 2021 PROPOSED

8,751,961 $

5,669,737 $

750,000 $

750,000

$ BOND PROCEEDS LEHMAN BROTHERS, INC. BANKRUPTCY CLAIM PAYMENT $

179,187 $

0 $

12,252 $

0 $

ADD: INTEREST INCOME/REVENUE COMMUNITY INVESTMENT TAX

SUBTOTAL: FUNDS AVAILABLE FOR CAPITAL PROJECTS

9,693,400 $

6,419,737 $

750,000

LESS: COMPLETED AND PROJECTED PROJECTS

(4,023,663) $

(3,733,906) $

(1,065,757)

LESS: BUCCANEERS PROJECTS

0 $

(14,333,975) $

SUBTOTAL: FUNDS REMAINING

5,669,737 $

(11,648,144) $

(315,757)

0 $

11,648,144 $

315,757

5,669,737 $

0 $

ADD: REQUESTED SUBSIDY FOR CAPITAL TOTAL FUNDS REMAINING AS OF FISCAL YEAR END

PROPOSED CAPITAL PROJECTS (FY 2020)

CAPITAL PROJECTS

DESCRIPTION

FY 2020

Architectural Panels and Precast Concrete Caulking

Repairs to portions of vertical and horizontal joint caulking at precast architectural panels, precast concrete panels, control joints and expansion joints each year as required.

$42,000

Computers

Replacement and/or purchase of office based computers, printers, servers, and support peripherals plus software upgrades and licenses including vendor labor to install.

$80,000

Concrete Flatwork Repair

Repair concrete slab on grade at service level at expansion joints and other damaged areas including concrete sidewalks around stadium perimeter.

$30,000

Concourse and Ramp Drains

Perform repairs or modifications to various grates that are below grade of surrounding walking surface.

$25,000

Door and Magnetic Locks (Phase 2)

Replace locks and cylinders and re-key accordingly the ramp and service level exterior doors. Upgrade / replace magnetic locks and door hardware as needed.

$100,000

Freight Elevators

Replace Traction control and perform freight door modernization on Freight Elevators "A" and "B".

$600,000

Main Stadium Playing Field Replacement

Repair drainage and irrigation systems as required, install and mix root zone mix, grade, fumigate and install new sod.

$590,000

Maintenance Equipment

Yearly purchase as required of Maintenance and Field Equipment.

$64,000

Overhead Coiling Doors

Repair doors at docks and on service level each year as required.

$17,000

Repaint Black Striping on Bowl Steps

Repaint warning striping on all bowl aisle steps

$18,000

Construction Office Space

Renovate construction field offices located in unfinished space for use by TSA operations.

$25,000

Security Enhancements

Various security upgrades each year as required.

$100,000

Stadium Rails

Replace glass rail system on stair rails and landings in seating bowl, refinish handrails.

$594,000

Stadium Seating

Address faded front edges on red seat bottoms.

Structural Precast and escalator steel inspection

Perform recommended repairs per 2017 Walter P Moore Engineers report: repair spalls, cracks, repair grout and inspect escalator structural support / replace flashing as needed per Schindler Elevator report.

$29,000

$110,000

Videoboards

Videoboard control room equipment replacement per Daktronics agreement.

$25,906

East Club Window Refirbishment

Re-glaze window seals and replace 3 glass panels on east club windows

$30,000

Access Control

Upgrade Card Access control system (C-Cure) to current technology, add access control to telecom closets and various doors within facility

$125,000

CCTV System

Upgrade CCTV system (Victor) to current technology, upgrade CCTV fiber infastructure and switches, upgrade various existing cameras.

$218,000

Fire Sprinkler System

Repair, replace and paint pipe on concourses and sevice level

$40,000 $200,000

Microlite Electrical System

Replace Microlite control system.

Interior and Exterior Lighting Fixtures

Upgrade exterior S7 lights, West upper concourse up-lights, East upper concourse up-lights, and misc lights (rooms/ areas) throughout the facility.

$80,000

HVAC Upgrades

Upgrade controls on AHU's 1SW1, 1SW2. Replace Chilled water valves on AHU 1SW1 and 1SW2. Replace AHU 1SE1 and controls, Upgrade controls on AHU's 1SE2, replace VAV 1SE1. Install roof top fall arrest system.

$190,000

HVAC Pumps

Re-build / recondition primary and secondary chilled water pumps.

$35,000

Chilled Water Pumping System

Repair and refurbish piping and piping joints. Upgrade secondary pump VSD's.

$15,000

Insulation

Repair and replace each year as required.

$18,000

Landscaping

Ongoing replacement of plants, sod and sprinkler equipment in the outside landscaped areas.

$13,000

Parking Lot Upgrades

Upgrade lighting by replacing poles, fixtures, wiring and lamps in lots 1 through 10.

Contingency Projects

Unforeseen Projects

TOTAL TSA Capital Projects

Buccaneers Projects (Phase 2A and 2B)

Total

$75,000 $245,000 $3,733,906

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

$18,067,881

PROPOSED CAPITAL PROJECTS

(FY 2021)

CAPITAL PROJECTS

DESCRIPTION

FY 2021

Architectural Panels and Precast Concrete Caulking

Repairs to portions of vertical and horizontal joint caulking at precast architectural panels, precast concrete panels, control joints and expansion joints each year as required.

$43,851

Building Expansion Joints

Repairs to building concourse expansion joints, horizontal endzone expansion joints, and bowl precast construction joints.

$12,000

Computers

Replacement and/or purchase of office based computers, printers, servers, and support peripherals plus software upgrades and licenses including vendor labor to install.

$67,000

Concrete Flatwork Repair

Repair concrete slab on grade at service level at expansion joints and other damaged areas including concrete sidewalks around stadium perimeter.

$30,000

Field Stair Repair

Repair field stairs on as needed basis.

$10,000

Maintenance Equipment

Yearly purchase as required of Maintenance and Field Equipment.

$67,000

Masonry

Inspect and repair precast masonry unit walls.

$20,000

Overhead Coiling Doors

Repair doors at docks and on service level each year as required.

$17,000

Retractable Bowl Seats in South Endzone

Perform rust remediation on decking, supports and tracks, Paint as needed.

$40,000

Security Enhancements

Various security upgrades each year as required.

Stadium Seating

Address faded front edges on red seat bottoms.

$29,000

Structural Precast

Perform recommended repairs per 2017 Walter P Moore Engineers report: repair spalls, cracks and repair grout.

$25,000

Videoboards

Videoboard control room equipment replacement per Daktronics agreement.

$25,906

Fire Sprinkler System

Rebuild fire pump

$30,000

Interior and Exterior Lighting Fixtures

Upgrade locker rooms, service hallways and misc lights (rooms/ areas) throughout the facility.

$40,000

Pipe Hangers

Replace exposed corroded pipe hangers and supports.

$10,000

HVAC Upgrades

Upgrade existing BMS Controls and hardware devices

$61,000

Chilled Water Pumping System

Repair and refurbish piping and piping joints. Upgrade secondary pump VSD's.

$15,000

Insulation

Repair and replace each year as required.

$19,000

Domestic Hot Water

Replacement of various hot water heaters within the facility.

$13,000

Main HW Boilers

Refurbish existing main hot water boiler tanks in Quads "B" and "D".

Tree Replacement/Landscape

Ongoing replacement of plants, sod and sprinkler equipment in the outside landscape areas.

Contingency Projects

Unforeseen Projects

TOTAL TSA Capital Projects

$100,000

$122,000 $24,000 $245,000

$1,065,757

PROJECTED CAPITAL COSTS OVERVIEW (THROUGH 2028)

PROJECTED CAPITAL COSTS OVERVIEW THROUGH 2028 2019-2023

2024-2028

TOTAL

PROJECTED CAPITAL COSTS (ESCALATED YEAR TO YEAR)

(25,640,299) $

(4,755,077) $

(30,395,376)

CAPITAL IMPROVEMENT TAX

3,500,000 $

0 $

3,500,000

STADIUM FUND PROCEEDS

179,187 $

0 $

179,187

12,252 $

0 $

12,252

$ LEHMAN BROTHERS BANKRUPTCY CLAIM PAYMENT

INTEREST

0 $

FUNDS CARRIED FORWARD

8,751,961 $

0 $

8,751,961

TOTAL UNFUNDED

(13,196,899) $

(4,755,077) $

(17,951,976)

HILLSBOROUGH COUNTY COMMUNITY INVESTMENT TAX (FISCAL YEAR 2018 DISTRIBUTIONS)

COMMUNITY INVESTMENT TAX (CIT) DISTRIBUTION SCHEDULE (FY-2018) PUBLIC SAFETY, ROADS, INFRASTRUCTURE NEEDS % OF TOTAL HILLSBOROUGH COUNTY BOCC

65,243,735

CITY OF TAMPA

19,664,865

CITY OF PLANT CITY

2,041,614

CITY OF TEMPLE TERRACE

1,393,085

SUBTOTAL

88,343,300

68% RAYMOND JAMES STADIUM SAFETY AND ROADS HILLSBOROUGH COUNTY SCHOOLS

OTHER FUNDING RECIPIENTS HILLSBOROUGH COUNTY SCHOOLS

32,676,085

25%

RAYMOND JAMES STADIUM

9,684,875

SUBTOTAL

42,360,933

TOTAL CIT DISTRIBUTIONS

130,704,233

100%

DEBT SERVICE REQUIREMENTS LONG-TERM DEBT: DEBT SERVICE PAYMENTS FOR FY 2020 PRINCIPAL PAYMENTS

INTEREST

ANNUAL DEBT PAYMENT

STEINBRENNER FIELD $13,590,000 FLORIDA STATE SALES TAX PAYMENTS REVENUE BONDS, SERIES 2017

458,401

530,000

988,401

SUBTOTAL $

458,401

530,000

988,401

594,838

1,400,000

1,994,838

262,603 $

485,000 $

747,603

109,874 $

140,000 $

249,874

AMALIE ARENA $28,790,000 SPECIAL PURPOSE BONDS, STATE OF FLORIDA SALES TAX PAYMENT, SERIES 1995

$10,300,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA GUARANTEED PARKING REVENUE, SERIES 1995

$2,815,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA SURCHARGE LOAN REVENUE, SERIES 1995

SUBTOTAL $

967,314

2,025,000

2,992,314

2,611,650

6,160,000

8,771,650

1,535,000 $

1,990,650

RAYMOND JAMES STADIUM $63,020,000 LOCAL OPTION SALES TAX REFUNDING REVENUE BONDS, SERIES 2015

$19,240,000 FLORIDA SALES TAX PAYMENTS REFUNDING REVENUE BONDS, SERIES 2015 $

455,650 $

SUBTOTAL $

3,067,300

7,695,000

10,762,299

TOTAL DEBT SERVICE $ PAYMENTS FY 2020

4,493,015

10,250,000

14,743,014

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