Stadium Budget FY 2017-FY 2018

A message from the CEO/President I am pleased to present the recommended biannual budget for fiscal years 2017 and 2018.

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 which were agreed upon with 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 an $86.5 million renovation to Raymond James Stadium over the 2016 and 2017 NFL off-seasons. The Buccaneer Stadium Limited Partnership (“BSLP”) will be responsible for $57.7 million of the total renovation amount, and the Sports Authority will be responsible for ERIC D. HART, CFE PRESIDENT/CEO $28.8 million, $25.8 million of which was already a contractual obligation of the Sports Authority in the original 1996 Stadium Agreement. The Sports Authority will be responsible to reimburse BSLP $14.5 million when BSLP spends a minimum of $43.5 million for the 2016 projects and $14.3 million when BSLP 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.

As part of this Renovation Agreement, BSLP 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 are a multitude of projects scheduled as a result of the Renovation Agreement; to name a few: a more than 400% expansion of the existing Video Boards, a revamp of the sound systems, the addition of corner LED boards, main concourse improvements, the addition of LED ribbon boards, and suite renovations.

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 applied to the State of Florida Department of Economic Opportunity under their Retained Spring Training Facilities Program, and is working to seek certification. Through this Program the Authority is applying for $20 million of state funding that will be used to repay debt service related to the project. 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, concession area improvements, the addition of group and social gathering areas, new shaded areas, 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 more like private enterprise.

ABOUT US

ABOU 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 9% of the total), and the remaining 66% is divided between the County and the three cities in Hillsborough County for roads, sidewalks, buildings and public safety needs. (See Page 22) Almost a million fans enjoyed the various events and functions held at Raymond James Stadium in 2015. The NFL Players Association continues to rank Raymond James Stadium as one of the best playing fields in the nation. The Buccaneers had an exciting year welcoming the number one draft pick, and Rookie of the Year Jameis Winston to the team. The Buccaneers added four additional wins to their record in 2015, and are hopeful to continue the positive momentum into 2016 and beyond. USF Football has enjoyed a resurgence over the past year. The Bulls enjoyed a 6-2 conference record and their 8-5 overall record earned them an invitation to the Miami Beach Bowl.

In addition to hosting the Buccaneers and USF Football seasons, the Authority also hosted major events such as the Outback Bowl, two Monster Jams, Sunset Music Festival, SheBelieves Cup (US Women’s Soccer), a Beyoncé Concert, a Taylor Swift Concert, along with more than 100 banquets, special events, festivals and parking lot events.

TAMPA SPORTS AUTHORITY | EXECUTIVE TEAM (L-R) DAVID BYRNE (VP OF FINANCE/ADMINISTRATION), JANICE HOSEY (EXECUTIVE ASSISTANT TO CEO), MICKEY FARRELL (SR. VP OF STADIUM OPERATIONS),ERIC HART (PRESIDENT/CEO), KENNIE SIMS (VP OF GOLF OPERATIONS), BOBBY SILVEST (VP OF MARKETING & COMMUNICATIONS)

TABLE O F CON T EN T S ADMINISTRATIVE Tampa Sports Authority Board of Directors…………………………..….. 4 Tampa Sports Authority Organizational Chart……………………….……5 EVENTS 2015-2016 Event Highlights………………………………..….………6-9 BUDGET REQUEST AND ASSUMPTIONS Revenue & Expense Assumptions…………………………………… 10-11 Budget Notes…………………………………………………………12-13 Statement of Revenues and Expenses-Comparative…………..…… ..14-16 CAPITAL PROJECTS 2016 Capital Project Highlights……………………………………..…..17 Proposed Capital Project Budget (thru 2018)………………………..…. 18 Proposed Capital Projects FY 2017………………………………..…..…19 Proposed Capital Projects FY 2018………………………………..……. 20 Projected Capital Costs Overview (thru 2029)………………………….. 21 DEBT SERVICE Hillsborough County Community Investment Tax (CIT)…………….….. 22 Debt Service Requirements……………………………………………. 23

BOARD OF DIRECTORS

VINCENT MARCHETTI CHAIRMAN

JOHN JAEB VICE CHAIRMAN

TONY MUNIZ SECRETARY/TREASURER

KALYN K. BRANDEWIE

DON DEFOSSET

HON. KEN HAGAN

RANDY LARSON

LUCIANO PRIDA, JR.

ANDREW SCAGLIONE

THOMAS SCOTT

ERIC D. HART, CFE PRESIDENT/CEO

HON. FRANK REDDICK

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.

4

ORGANIZATIONAL CHART BOARD OF DIRECTORS PRESIDENT/CEO ERIC HART

VP/FINANCE & ADMINISTRATION DAVID BYRNE

MICKEY FARRELL

VP/GOLF OPERATIONS KENNIE SIMS

VP/MARKETING & COMMUNICATIONS BOBBY SILVEST

HUMAN RESOURCES

EVENT OPERATIONS

CLUB HOUSE OPERATIONS

MARKETING & SALES

FINANCIAL PLANNING

MERCHANDISE SALES

COURSE & FACILITY MAINTENANCE

COMMUNICATIONS

RISK MANAGEMENT/ INSURANCE

CAPITAL PROJECTS

PAYROLL/ AP/R

BOND OVERSIGHT AND MANAGEMENT

PURCHASING

BUDGETING COORDINATION

CASH HANDLING

5

SR VP/STADIUM OPERATIONS

FACILITIES MANAGEMENT

FOOD & BEVERAGE

FOOD & BEVERAGE

MERCHANDISE SALES

GRAPHIC DESIGN

SOCIAL MEDIA

YEAR IN REVIEW The 2016 season is being greatly anticipated on many fronts- new head coach, franchise quarterback and a major stadium renovation. Dirk Koetter replaces Lovie Smith and hopes to continue to move the Buccaneers forward. There are high hopes for Rookie of the Year quarterback Jameis Winston, as he continues to improve in his second year and become the franchise quarterback for the team.

The Buccaneers reached an agreement in the fall of 2015 with the Tampa Sports Authority that will result in a comprehensive renovation of Raymond James Stadium.

The multi-stage renovation plan is expected to exceed $100 million and will be completed in two stages. The first stage is scheduled to be completed for the Buccaneers’ 2016 season and is 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 thirdlargest in the NFL. Also included will be a new, comprehensive sound system 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 extensive overhauls of the east and west club lounges, expansions of the general concourses, construction of a team store and other general enhancements.

Fresh off a 8-5 record and its first bowl appearance in 5 years, optimism is running high for USF Bulls’ football. USF finished the 2015 regular season winning seven of its last eight regular season games, finishing 6-2 in American Conference play and coming within a Temple loss in its final regular season game of playing in the inaugural AAC Championship game. USF defeated every team in the American East Division in 2015, going 5-0, including routs of No. 21 Temple (44-23), Cincinnati (65-27) and UCF (44-3) to close out the regular season, finishing with a berth in the Miami Beach Bowl.

6

The 2016 Outback Bowl was the 30th anniversary of this classic college bowl tradition.

The match up featured the Tennessee Volunteers of the SEC and the Northwestern Wildcats of the Big 10. The Volunteers defeated the Wildcats 45-6 with over 40,000 fans in attendance. The 2017 Outback Bowl will take place on Monday, January 2, 2017, due to NFL Football on January 1st.

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

Feld Entertainment continues to provide excellent event programming with two Monster Jams each season. This regular stop at Raymond James Stadium proves to be a very popular event and attracts some of the largest crowds of the season.

7

The Sunset Music Festival (SMF) is a two day event held over the Memorial Day weekend. In its 5th year, SMF brought in over 60,000 fans to see some of the top acts of electronic dance music. This years’ event was headlined by international superstars such as Hardwell, Galantis, Jack U and the Chainsmokers. This event has greatly impacted the local economy and hotel industry on what has traditionally been a slow weekend.

Raymond James Stadium hosted the final U.S. stop on Taylor Swift’s hugely successful 1989 World Tour. This sold out October 31st show attracted over 57,000 fans. Support acts included Shawn Mendes and Vance Joy, with special appearances by Alessia Cara and Idina Menzel.

8

Beyonce’s second stop of her worldwide “Formation” tour was right here at Raymond James Stadium on April 29, 2016. Over 40,000 fans were treated to a very memorable performance. In addition, she conducted three (3) weeks of rehearsals here before kicking off the first stop on her tour in Miami.

Raymond James Stadium hosted the SheBelieves Cup, a four-team international tournament featuring four of the top five ranked women’s national teams in the world (featuring England, France, Germany and the World Champion USA team).

Germany defeated France 1-0 in the first match and the U.S. defeated England 1-0 in the second match

9

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 $2,254,260 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 $751,420 and Hillsborough County to contribute $1,502,840 to fund next year’s operations. The following schedule shows actual and projected contributions from the City and County:

BUDGETED FY 16

ACTUAL FY 16

PROPOSED FY 17

PROPOSED FY 18**

CITY (1/3)

$

1,006,207 $

995,016 $

751,420 $

798,468

COUNTY (2/3)

$

2,012,415 $

1,990,033 $

1,502,840 $

1,596,937

TOTAL REQUEST (OPERATIONS AND MAINTENANCE)

$

3,018,622 $

2,985,049 $

2,254,260 $

2,395,405

CAPITAL REQUEST*

$

7,993,776 $

TOTALS REQUEST $ 11,012,398 (O&M AND CAPITAL)

0

$2,985,049

$0

$2,254,260

$9,380,047

$

11,775,452

* Capital costs funded by 4th Cent Tourist Development taxes and savings generated from Authority bond refundings. ** 2018 Funding Amount reduced by FY-2015 Net gain.

10

REVENUE & EXPENSE ASSUMPTIONS Revenues for FY 2017 were developed from the following assumptions: 1. 11 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. College Football National Championship Game 6. 2-Day Sunset Music Festival 7. 1 Revenue Neutral Concert 8. No Soccer Event 9. No increase in Parking Rates 10. 3% increase in Food and Beverage Per Caps 11. Includes $90,000 in concessions adjustment Expenses for FY 2017 were developed from the following assumptions: 1. 11 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. College Football National Championship 6. 2-Day Sunset Music Festival 7. 1 Revenue Neutral Concert 8. No Soccer Event 9. 4% market equity adjustment for all full-time employees 10. 2% increase in retirement costs 11. Minimal increase in Property/Liability Insurance 12. No increase in part time labor based on minimum wage stagnation 13. 5% increase in electricity 14. Health Insurance costs increases ranging from $1,800 for single coverage to $5,600 for family coverage, per employee. As budgeted the impact to the stadium will be $140,000. We are exploring all options to further reduce or allocate these costs.

15. Completing many capital projects with in-house staff vs. using contracted staff 16. Increase in depreciation, donated capital and leasehold interest based upon the Renovation Agreement agreed upon amounts.

17. Budget does not include costs for NFL mandated metal detector screening costs or additional staff for the NFL mandated bag policy. (Similar to FY 15/16 budget) 18. 20% decrease in HVAC Maintenance and 10% increase in 24 hour security costs.

19. Impact of home NFL playoff games not included.

20. DROP impact estimated to be $13,500.

11

BUDGET NOT ES 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: 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: 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 4% salary increase for all full time employees in FY 2017.

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

12

BUDGET NOT ES

(CON T.)

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 $17,914.

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.

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. 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.

As part of the Renovation Agreement, BSLP 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. Prior to the Renovation Agreement, the Authority maintained a long-term balance sheet commitment for the obligation to fund the practice facility for the Buccaneers, that commitment has been taken off the balance sheet in FY 2016.

13

STATEMENT OF REVENUE AND EXPENSES - COMPARATIVE FY 2015

FY 2016

ACTUAL

BUDGET

FY 2016

FY 2017

FY 2018

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

$

1,168,975 $

1,499,031 $

1,334,782 $

1,381,342 $

1,501,555

PARKING

$

400,754 $

508,178 $

504,364 $

567,491 $

443,925

TOTAL BUCCANEERS

$

5,069,729 $

5,507,209 $

5,339,146 $

5,448,833 $

5,445,480

LICENSE FEES

$

789,000 $

1,431,120 $

1,475,000 $

1,722,450 $

1,419,847

TICKET SURCHARGE

$

249,349 $

410,000 $

416,829 $

267,500 $

297,500

CONCESSIONS

$

576,925 $

1,084,790 $

1,146,312 $

1,250,244 $

969,763

PARKING

$

242,722 $

408,879 $

413,985 $

352,337 $

380,380

TOTAL COLLEGE FOOTBALL

$

1,857,996 $

3,334,789 $

3,452,126 $

3,592,531 $

3,067,490

LICENSE FEES

$

923,168 $

4,469,000 $

1,649,450 $

3,376,215 $

3,376,215

TICKET SURCHARGE

$

291,723 $

252,500 $

392,297 $

232,575 $

232,575

CONCESSIONS

$

487,454 $

422,112 $

717,784 $

647,129 $

657,097

PARKING

$

275,647 $

331,090 $

389,677 $

254,002 $

254,003

TOTAL CONCERTS & MOTORSPORTS

$

1,977,991 $

5,474,702 $

3,149,208 $

4,509,921 $

4,519,890

EXCESS REVENUE OVER $2,000,000

$

571,665 $

306,605 $

761,086 $

804,390 $

239,018

BUCS AD VALOREM/TANGIBLE TAX PAYMENT

$

68,516 $

74,000 $

65,992 $

90,000 $

150,000

NYY AD VALOREM TAX PAYMENT

$

37,944 $

44,000 $

47,773 $

90,000 $

90,000

$

106,460 $

118,000 $

113,765 $

180,000 $

240,000

LICENSE FEES

$

361,185 $

307,591 $

458,532 $

290,128 $

285,316

TICKET SURCHARGE

$

16,994 $

2,040 $

24,381 $

1,000 $

2,120

CONCESSIONS

$

62,709 $

41,216 $

122,742 $

39,662 $

57,085

PARKING

$

174,250 $

157,090 $

144,670 $

112,236 $

113,405

PARKING - OFFSITE

$

197,340 $

271,281 $

277,866 $

228,996 $

209,159

RENT

$

331,782 $

331,696 $

332,337 $

339,455 $

340,838

MISCELLANEOUS/OTHER

$

67,539 $

57,996 $

134,500 $

70,300 $

72,300

TOTAL OTHER $

1,211,798 $

1,168,910 $

1,495,028 $

1,081,777 $

1,080,223

COLLEGE FOOTBALL

CONCERTS & MOTORSPORTS

OTHER

FY 2016 FORECAST

FY 2017 PROPOSED

FY 2018 PROPOSED

14

STATEMENT OF REVENUES & EXPENSES

TAMPA SPORTS AUTHORITY

STATEMENT OF REVENUES & EXPENSES

FY 2015

FY 2016

ACTUAL

BUDGET

FY 2016

FY 2017

FY 2018

FORECAST PROPOSED

PROPOSED

TOTAL GROSS OPERATING REVENUES

$

10,795,638 $

15,910,215 $ 14,310,359 $

15,617,452 $

14,592,101

LESS: REVENUE SPLITS

$

(2,936,309) $

(3,152,779) $ (4,535,609) $

(2,882,556) $

(2,840,762)

TOTAL NET OPERATING REVENUES

$

7,859,329 $

12,757,436 $

9,774,750 $

12,734,896 $

11,751,339

SALARIES & WAGES

$

2,404,622 $

2,555,905 $

2,558,425 $

2,583,891 $

2,658,279

SALARIES & WAGES REIMBURSEMENT

$

(741,928) $

(758,033) $

(812,376) $

(804,786) $

(768,213)

FRINGES/RELATED COSTS

$

737,125 $

961,632 $

914,185 $

1,023,857 $

1,116,010

COMPUTER EXPENSES

$

38,059 $

35,000 $

35,000 $

40,000 $

40,000

LICENSES & PERMITS

$

16,480 $

17,500 $

25,000 $

19,250 $

19,250

MARKETING & ADVERTISING

$

78,805 $

91,000 $

91,000 $

109,182 $

99,600

MAINT & SUPPLIES FIELDS & BUILDING

$

155,587 $

170,750 $

165,500 $

167,750 $

170,500

MAINT - CONTRACTUAL

$

1,260,612 $

1,359,300 $

1,282,890 $

1,313,700 $

1,337,600

INSURANCE/BONDING

$

445,741 $

464,097 $

381,363 $

374,623 $

386,604

EVENT - BUCCANEERS

$

1,925,961 $

2,543,940 $

2,284,259 $

2,625,825 $

2,248,578

EVENT - DIRECT COSTS

$

1,502,974 $

6,228,248 $

2,695,097 $

5,543,534 $

5,283,533

EVENT - OTHER COSTS

$

(247) $

0 $

0 $

0 $

0

EVENT - OFFSITE PARKING

$

45,774 $

73,600 $

92,462 $

65,800 $

63,400

PROFESSIONAL SERVICES

$

199,541 $

212,335 $

203,550 $

221,100 $

367,600

HCAA & CONDO RENTS

$

258,773 $

282,802 $

253,967 $

266,000 $

266,000

REAL ESTATE TAXES

$

430,937 $

462,000 $

428,447 $

420,000 $

460,000

BUCS INTANGIBLE TAX PAYMENT

$

31,078 $

19,000 $

(56,542) $

0 $

0

BUCS AD VALOREM/TANGIBLE TAX

$

68,516 $

74,000 $

65,992 $

90,000 $

150,000

NYY AD VALOREM TAX PAYMENT

$

37,944 $

44,000 $

47,773 $

90,000 $

90,000

SUPPLIES, POSTAGE & SHIPPING

$

37,191 $

42,731 $

42,500 $

42,730 $

44,000

UTILITIES & TELEPHONE

$

666,915 $

817,000 $

699,000 $

735,000 $

761,450

TRAINING & EDUCATION

$

16,846 $

46,000 $

37,000 $

39,000 $

40,000

PENSION & EXPENSES

$

(23,642) $

0 $

0 $

0 $

0

MISCELLANEOUS OTHER

$

34,350 $

42,250 $

31,100 $

33,500 $

33,500

DEPRECIATION

$

314,659 $

324,000 $

312,000 $

3,483,667 $

7,420,758

TOTAL OPERATING EXPENSES

$

9,942,674 $

16,109,057 $ 11,777,592 $

18,483,623 $

22,288,447

FY 2017 PROPOSED

FY 2018 PROPOSED

OPERATING EXPENSES

FY 2016 FORECAST

15

FY 2015

FY 2016

FY 2016

FY 2017

FY 2018

ACTUAL

BUDGET FORECAST PROPOSED PROPOSED

CONTRIBUTED OPERATING REVENUE

$

2,207,220 $

3,018,622 $

2,985,049 $

29,000,000 $

28,700,000

TSA RESERVE REVENUE

$

0 $

0 $

0 $

0 $

0

INVESTMENT INCOME

$

209,949 $

84,500 $

93,750 $

44,100 $

37,800

BOND GRANTS AND CONTRIBUTIONS

$ 15,486,463 $ 14,720,620 $

14,691,000 $

14,135,408 $

14,135,400

PRACTICE FACILITY CONTRIBUTION

$

0 $

0 $ (12,000,126) $

0 $

0

AMORTIZATION OF BOND ISSUE COSTS

$

(857,803) $

0 $

0 $

0

AMORTIZATION OF LEASEHOLD INTEREST

$ (11,189,636) $ (11,545,912) $ (11,249,912) $ (14,874,912) $ (18,458,245)

FORGIVENESS OF DEBT

$

0 $

0 $

0 $

0

INTEREST EXPENSE AND AMORTIZATION OF BOND

$ (5,106,391) $ (4,033,759) $

(4,064,008) $

(3,895,058) $

(3,713,275)

GAIN (LOSS) ON DISPOSAL OF ASSETS

$

(45,523) $

1,000 $

(1,739,669) $

0 $

0

CAPITAL GRANTS AND CONTRIBUTIONS

$

0 $

0 $

0 $

0 $

0

TOTAL NON-OPERATING REVENUES (EXPENSES) $

704,279 $

2,245,070 $ (11,283,916) $

24,409,538 $

20,701,680

$ (1,379,066) $ (1,106,552) $ (13,286,758) $

18,660,811 $

10,164,571

TOTAL NET OPERATING REVENUES

$

7,859,329 $ 12,757,436 $

9,774,750 $

12,734,896 $

11,751,339

LESS: TOTAL OPERATING EXPENSES

$

9,942,674 $ 16,109,057 $

11,777,592 $

18,483,623 $

22,288,447

$ (2,083,345) $ (3,351,622) $

(2,002,842) $

(5,748,727) $ (10,537,108)

EXCESS REVENUES OVER EXPENSES

0 $

0 $

RECONCILIATION TO CASH BASIS

ADD:TOTAL UNRESTRICTED INVESTMENT INCOME

$

30,698 $

9,000 $

32,000 $

$ (2,052,647) $ (3,342,622) $

(1,970,842) $

4,500

(5,737,927) $ (10,532,608)

DEPRECIATION

$

324,000 $

312,000 $

3,483,667 $

7,420,758

NET OPERATING (CASH BASIS) DEFICIT

$ (1,737,988) $ (3,018,622) $

(1,658,842) $

(2,254,260) $

(3,111,851)

FUNDS CARRIED FORWARD

$

0 $

0 $

0 $

716,446

OPERATING DEFICIT & FUNDS CARRIED FORWARD

$ (1,490,775) $ (3,018,622) $

(1,658,842) $

(2,254,260) $

(2,395,405)

TOTAL SUBSIDIES/DONATED CAPITAL RECEIVED

$

2,985,049 $

29,000,000 $

28,700,000

LESS: BUCS DONATED CAPITAL

$

314,659 $

10,800 $

247,213 $

2,207,220 $ 0

3,018,622 $ 0

0

(29,000,000)

(28,700,000)

OPERATING SUBSIDY (SHOWN AS ZERO FOR BUDGET)

$

2,207,220 $

3,018,622 $

2,985,049 $

0 $

0

NET GAIN (LOSS)

$

716,446 $

0 $

1,326,207 $

(2,254,260) $

(2,395,405)

OPERATING SUBSIDY REQUEST

$

2,207,220 $

3,018,622 $

2,985,049 $

2,254,260 $

2,395,405

HILLSBOROUGH COUNTY

$

1,471,480 $

2,012,415 $

1,990,033 $

1,502,840 $

1,596,937

CITY OF TAMPA

$

735,740 $

1,006,207 $

995,016 $

751,420 $

798,468

FY 2016 FORECAST

FY 2017 PROPOSED

FY 2018 PROPOSED

16

STATEMENT OF REVENUES & EXPENSES

NON-OPERATING REVENUES (EXPENSES)

2016 CAPITAL PROJECT HIGHLIGHTS SECURI TY CAMERA UPGRADE To further enhance our security monitoring capabilities, security cameras have been upgraded in various locations throughout the stadium. All monitoring hardware and software has also been upgraded. New high definition monitors have been installed in the 24 hour security office.

SEAT REFURBISHMENT The 3500 retractable seats in the south end zone have gone through repair, rust removal and repainting of the metal platforms this offseason. This project was completed solely

by TSA staff, at a savings of over $ 200,000.

UPGRADED LANDSCAPING The landscaping throughout the exterior of the stadium continues to be a top priority. New plants and ground mulch have been installed in the planting beds and traffic islands in the parking lots and also at the entrance to the Dale Mabry pedestrian bridge.

17

17

CAPITAL PROJECTS (THRU 2018)

TAMPA SPORTS AUTHORI TY CAPI TAL PROJECTS FY 2016 FY 2017 FY 2018 FORECAST PROPOSED PROPOSED AVAILABLE CASH BALANCE

$

1,766,468 $

19,002,400 $

8,518,881

AVAILABLE BOND PROCEED BALANCE

$

12,574,501 $

0 $

0

COMMUNITY INVESTMENT TAX

$

750,000 $

750,000 $

750,000

BOND PROCEEDS

$

0 $

0 $

0

STADIUM FUND PROCEEDS

$

5,848,504 $

5,079,651 $

1,519,547

LEHMAN BROTHERS, INC. BANKRUPTCY CLAIM PAYMENT $

27,771 $

ADD: INTEREST INCOME/REVENUE

0 $-

SUBTOTAL: FUNDS AVAILABLE FOR CAPITAL PROJECTS

$

20,967,244 $

24,832,051 $

10,788,428

LESS: COMPLETED AND PROJECTED PROJECTS

$

(1,071,843) $

(2,432,170) $

(6,108,500)

LESS: BUCCANEERS PROPOSED PROJECTS

$

(893,000) $

(13,881,000)

$

(14,059,975)

SUBTOTAL: FUNDS REMAINING

$

19,002,400 $

8,518,881 $

(9,380,047)

ADD: REQUESTED SUBSIDY FOR CAPITAL

$

0 $

0 $

9,380,047

TOTAL FUNDS REMAINING AS OF FISCAL YEAR END

$

19,002,400 $

8,518,881 $

0

18 17

FY 17

PROPOSED CAPI TAL PROJECTS

CAPI TAL PROJECTS

DESCRIPTION

Architectural Panels and Precast Concrete Caulking

Precast concrete panel joint caulking replacement, including bowl precast joints and field wall

$

119,081

Building Expansion Joints

Repairs to building and bowl expansion joints

$

225,000

Carpet TSA Offices

Replace carpet in offices, board room and corridors

$

25,000

Computers

Includes office computers and support peripherals plus software upgrades

$

59,000

Concrete, Flatwork Repair

Repair concrete slab on grade at service level at expansion joints and other damaged areas, including dock areas

$

52,000

Escalators

Exterior escalators step chain replacement in phases

$

77,589

Field Wall Pads and Stairs

Recover vinyl pads and rebuild wooden stairs to lower bowl

$

22,000

Light Tower Painting

Paint rails, platforms, ladders and supports every 15 years

$

704,000

Maintenance Equipment

Yearly replacement and repair of Maintenance and Field Equipment

$

59,000

Overhead Coiling Doors

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

$

16,000

Stadium Rails

Glass in bowl safety rails replacement

$

196,000

Stadium Seating

Refurbish red plastic seats .

$

253,000

Stadium Seating Cupholders

Replace damaged and faded cupholders, non-event related

$

24,000

Structural Precast

Inspect/Repair bowl raker beams and columns

$

50,000

$

5,000

$

10,500

Telephones

` Maintenance and updates of telephone system, software and support

FY 2017

Building Wire Above/Below Grade Infrared Inpection

Upgrade to IP technology and enhance system every 5 years

Electrical Metering System

Install electrical submetering and energy monitoring software

$

50,000

Interior Lighting Fixtures

Expand and update to current technology

$

30,000

Security Upgrades

Replace with LED technology

$

12,000

Ramp Electrical Conduit

Replace corroding electrical conduit

$

15,000

HVAC Upgrades

Upgrade select HVAC components each year to newer technology to reduce energy consumption and improve performance

$

54,000

Insulation

Some replacement every year as required

$

17,000

Fire Sprinkler System

Replace fire lines under retractible bowl seating

$

70,000

Floor Drains

Replace rubber boots on main drains

$

50,000

Landscaping

Replace plants, and sprinkler heads

$

37,000

Contingency Projects

Unforseen Projects

$

200,000

$

2,432,170

$

13,881,000

Total TSA Capital Projects Buccaneers Projects Phase 1

CAPI TAL PROJECTS TOTAL

19

Multiple construction projects: videoboard and control room upgrades, new ribbon boards, new corner video boards, distributed sound system installation, suite upgrades, new super suites, and sponsor terrace.

Includes costs for administering management of projects.

$ 16,313,170

Building Expansion Joints

Repairs to building and bowl expansion joints

$

1,816,000

Computers

Includes office computers and support peripherals plus software upgrades

$

62,000

Concrete Sealing

Apply water repellant to seating bowl concrete

$

125,000

Field Wall Pads and Stairs

Recover vinyl pads and rebuild wooden stairs to lower bowl

$

25,000

Freight Elevators

Modernization FY16, FY18 and FY19

$

211,000

Maintenance Equipment

Yearly replacement and repair of Maintenance and Field $ Equipment

62,000

Overhead Coiling Doors

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

$

16,000

Roofing at General Locations

Replace all roofs except sideline concession stands

$

2,126,000

Stadium Rails

Glass in bowl safety rails replacement

$

209,000

Stadium Seating

Refurbish red plastic seats .

$

197,000

Stadium Seating Cupholders

Replace damaged and faded cupholders, non-event related

$

25,000

Telephones

Maintenance and updates of telephone system, software $ and support

6,000

Interior Lighting Fixtures

Expand and update to current technology

$

70,000

Sports Lighting Fixtures

Replace ballasts and lights

$

429,000

Security Upgrades

Upgrade monitors, cameras and distribution equipment to keep pace with technology

$

265,000

HVAC Upgrades

Upgrade select HVAC components each year to newer technology to reduce energy consumption and improve performance

$

57,000

Insulation

Some replacement every year as required

$

18,000

Domestic Hot Water

Replacement of hot water heaters

$

11,500

Main HW Boiler

Refurbish

$

122,000

Paving (Asphalt Parking at Stadium)

Reseal asphalt parking surface and repair any damaged areas

$

56,000

Contingency Projects

Unforseen Projects

$

200,000

$

6,108,500

Multiple construction projects: Club upgrades, team $ store construction, press box upgrades, owner's suite upgrades, new team locker room, locker room upgrades and remaining concessions upgrades. Includes costs for administering management of projects.

14,059,975

$

20,168,475

Total TSA Capital Projects Buccaneers Projects Phase 2

TOTAL

FY 2018

20

PROPOSED CAPI TAL PROJECTS

DESCRIPTION

FY 18

CAPI TAL PROJECTS

17 19

THRU 2028

PROJECTED CAPI TAL COSTS OVERVIEW

PROJECTED CAPI TAL COSTS OVERVIEW THRU 2028 2016-2020 2021-2025 2026-2028 PROJECTED CAPITAL COSTS (ESCALATED YEAR TO YEAR)

$

40,907,209 $

6,179,936 $

FUNDS PLEDGED FROM CIT

$

3,750,000 $

STADIUM FUND PROCEEDS

$

LEHMAN BROTHERS BANKRUPTCY CLAIM PAYMENT $

1,034,000 $

48,121,145

1,250,000 $-

$

5,000,000

6,778,385 $-

$-

$

6,778,385

27,771 $-

$-

$

27,771

$-

$

19,002,400

1,034,000 $

17,889,736

FUNDS CARRIED FORWARD

$

19,002,400 $-

TOTAL UNFUNDED

$

11,348,653 $

21

TOTAL

5,507,083 $

PUBLIC SAFET Y, ROADS, INF RASTRUCTURE NEEDS % OF TOTAL HILLSBOROUGH COUNTY BOCC

$

54,290,042

CITY OF TAMPA

$

16,534,007

CITY OF PLANT CITY

$

1,691,079

CITY OF TEMPLE TERRACE

$

1,205,821

SUBTOTAL

$ 73,720,949

66%

OTHER FUNDING RECIPIENTS HILLSBOROUGH COUNTY SCHOOLS

$

28,018,211

25%

RAYMOND JAMES STADIUM

$

10,333,685

9%

SUBTOTAL

$ 38,351,896

TOTAL CIT DISTRIBUTIONS

$ 112,072,845

HILLSBOROUGH COUNTY COMMUNITY INVESTMENT TAX

(FISCAL YEAR 2015 DISTRIBUTIONS)

COMMUNI T Y INVESTMEN T TAX (CI T) DISTRIBUTION SCHEDULE (FY-2015)

RAYMOND JAMES STADIUM SAFETY AND ROADS HILLSBOROUGH COUNTY SCHOOLS

100%

22

DEBT SERVICE REQUIREMENTS LONG-TERM DEBT: DEBT SERVICE PAYMENTS FOR FY 2017 INTEREST

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 $

813,625

PRINCIPAL PAYMENTS

ANNUAL DEBT PAYMENT

$

1,180,000 $

1,993,625

341,555 $

405,000 $

746,555

139,348 $

110,000 $

249,348

$

1,695,000 $

2,989,528

1,294,528

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

$

3,086,650 $

0 $

3,086,650

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

$

650,800 $

1,340,000 $

1,990,800

23

SUBTOTAL $

3,737,450

$

1,340,000 $

5,077,449

TOTAL DEBT SERVICE PAYMENTS FY 2017 $

5,031,978

$

3,035,000 $

8,066,977

8 person suite

36 person suite

Hall of Fame Club