SCIENCE ASSIGNMENT(NO PLAGIARISM, A++ WORK, QUALITY, ON TIME)

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CHP72016StadiumBudgetFINALlowres.pdf

I am pleased to present the recommended biannual budget for fiscal years 2016 and 2017. 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 fiscal year. The Authority successfully closed two refunding bond issues for savings this year; the savings realized from this refinancing will be used for required capital improvements at Raymond James Stadium. This refunding will provide over $25 million in savings to the taxpayers of Hillsborough County and the City of Tampa over the next 3 years.

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.

ERIC D. HART, CFE PRESIDENT/CEO

A MESSA GE FROM

THE PRES IDENT/CE

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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 2014. The NFL Players Association continues to rank Raymond James Stadium as one of the best playing fields in the nation. Over the past few years, we have seen a decline in attendance at  Buccaneer and USF Bulls’ games. The Buccaneers  have developed numerous programs to enhance the fan experience while  a new USF marketing campaign kicked off in July. “Bulls Unite” and the Buccaneer  fan initiatives are both designed to increase attendance for the upcoming football season. 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, One Direction 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)

A B O U T U S

T A B L E O F

C O N T E N T S ADMINISTRATIVE Tampa Sports Authority Board of Directors…………………………..….. 4

Tampa Sports Authority Organizational Chart……………………….……5

BUDGET REQUEST AND ASSUMPTIONS Contribution Requests…………………………………………………. 6-7

Budget Notes…………………………………………………………. 8-10

Statement of Revenues and Expenses-Comparative…………..……..11-13

EVENTS 2014-2015 Event Highlights………………………………..….…… 14-15

CAPITAL PROJECTS 2015 Capital Project Highlights……………………………………..…..16

Proposed Capital Project Budget (thru 2017)………………………..…. 17

Proposed Capital Projects FY 2016………………………………..….18-19

Proposed Capital Projects FY 2017………………………………..……. 20

Projected Capital Costs Overview (thru 2028)………………………….. 21

DEBT SERVICE Hillsborough County Community Investment Tax (CIT)…………….….. 22

Debt Service Requirements……………………………………………. 23

KALYN K. BRANDEWIE

TONY MUNIZHON. KEN HAGAN

VINCENT MARCHETTI VICE CHAIRMAN

HON. FRANK REDDICK

ANDREW SCAGLIONE CHAIRMAN

THOMAS SCOTT LUCIANO PRIDA, JR. ERIC D. HART, CFE PRESIDENT/CEO

DON DEFOSSET

RANDY LARSON

JOHN JAEB SECRETARY/TREASURER

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.

BOARD OF DIRECTORS

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VP/FINANCE & ADMINISTRATION

DAVID BYRNE SR VP/ STADIUM OPERATIONS

MICKEY FARRELL VP/MARKETING &

COMMUNICATIONS BOBBY SILVEST

EVENT OPERATIONS

MERCHANDISE SALES

CAPITAL PROJECTS

FACILITIES MANAGEMENT

FOOD & BEVERAGE

CLUB HOUSE OPERATIONS

COURSE & FACILITY MAINTENANCE

MARKETING & SALES

COMMUNICATIONS

GRAPHIC DESIGN

HUMAN RESOURCES

FINANCIAL PLANNING

RISK MANAGEMENT/ INSURANCE

PAYROLL/ AP/R

BOND OVERSIGHT AND MANAGEMENT

PURCHASING

BUDGETING COORDINATION

CASH HANDLING

VP/GOLF OPERATIONS KENNIE SIMS

PRESIDENT/CEO ERIC HART

BOARD OF DIRECTORS

SOCIAL MEDIA

FOOD & BEVERAGE

MERCHANDISE SALES

ORG ANIZ

ATIO NAL

CHA RT

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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 $3,018,622 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.

Revenues for FY 16 were developed from the following assumptions: 1. 11 Buccaneer Games 2. 8 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Taylor Swift concert 6. 2-Day Sunset Music Festival 7. No Soccer event 8. No increase in Parking Rates 9. 3% increase in Food and Beverage Per Caps 10. Includes $90,000 in concessions adjustment

Expenses for FY 16 were developed from the following assumptions: 1. 11 Buccaneer Games 2. 8 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Taylor Swift concert 6. 2-Day Sunset Music Festival 7. 4% market equity adjustment for all full-time employees 8. 0.5% increase in retirement costs 9. Minimal increase in Property/Liability Insurance, despite adding additional coverage 10. 2% increase in part time labor based on minimum wage increase effective January 1, 2016 11. 5% increase in Water/Sewer/Garbage 12. Marketing costs for upgrades in tour experience 13. A 30% increase in health insurance costs, 15% ongoing and 15% one-time. 14. Completing many capital projects with in-house staff vs. using contracted staff 15. 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 budget) 16. Increased training and education expenses due to staff transition and College Football Championship game travel 17. Increase in Event Costs due to increases in cleaning costs (20%) and medical rates (25%)

CONTRIBUTION REQUESTS

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The Authority will be asking the City of Tampa to contribute $1,006,207 and Hillsborough County to contribute $2,012,415 to fund next year’s operations, as set forth in Inter-local Agreements between the agencies. The following schedule shows actual and projected contributions from the City and County.

* Capital costs covered by 4th Cent tourist tax and savings generated from Authority bond refundings.

CONTRIB UTION R

EQUESTS

BUDGETED FY 15

ACTUAL FY 15

PROPOSED FY 16

PROPOSED FY 17

CITY (1/3) $ 745,941 $ 735,740 $ 1,006,207 $ 994,462

COUNTY (2/3) $ 1,491,883 $ 1,471,480 $ 2,012,415 $ 1,988,924

TOTAL REQUEST (OPERATIONS AND

MAINTENANCE) $ 2,237,824 $ 2,207,220 $ 3,018,622 $ 2,983,386

CAPITAL REQUEST* $ 14,889,284 $ 0 $ 7,993,776 $ 0

TOTALS REQUEST (O&M AND CAPITAL)

$ 17,127,108 $ 2,207,220 $ 11,012,398 $ 2,983,386

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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 2006-2023, the Authority will receive $15,000,000 from Community Investment Tax (CIT) 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 is anticipated for the next fiscal year.

The Authority successfully closed two refunding bond issues for savings this year by refunding the Local Option Sales Tax Refunding Revenue Bonds, Series 2005 and Florida Sales Tax Payment, Refunding Revenue Bonds, Series 2005. The savings will be utilized to fund Stadium capital repairs and improvements.

4. RJS Renovations: This budget includes over $28 million in capital renovations and repairs during FY 2016. 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 2016. A 2% increase in minimum wage is also included in the budget for part time employees.

6. Buccaneers License Fee: In accordance with the terms of the Stadium Agreement between the Authority and the Tampa Bay Buccaneers, dated August 28, 1996, the Buccaneers pay an annual license fee 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

B U D G E T N O T E S

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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 $91,590.

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

9. Taxes: a. Income Tax: The Authority is a governmental

agency and therefore exempt from Federal and State income taxes under provisions of the Internal Revenue Code and the Florida Income Tax Code, respectively. There are no provisions for income taxes in the budget.

b. Ad Valorem and Tangible Property Tax: Ad Valorem and Tangible Property taxes are estimated based upon available assessed property values from the

Hillsborough County Property 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.

BUDGET NOTES

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c. Intangible Tax: Based on the terms of the agreement with the Buccaneers, the Authority is liable for payment of all intangible taxes which are incurred as a result of the existence of the interest of the Buccaneers in space created in Raymond James Stadium. The Authority budget includes estimates for future intangible tax payments.

10. Practice Facility Funds:  During FY 2013, the Board of County Commissioners passed a resolution requesting that the Tampa Sports Authority return the Community Investment Tax (CIT) Funds provided for the purchase or construction of a football practice facility for the Tampa Bay Buccaneers.   The Authority Board approved the return of these CIT dollars to the four benefactor municipalities (Hillsborough County, City of Tampa, Plant City and the City of Temple Terrace) with the

understanding that in the event the Buccaneers fulfill the terms of the agreement, the municipalities would return these CIT funds to the Authority. The Authority maintains a long-term balance sheet commitment for the obligation to fund a practice facility for the Buccaneers in the event they fulfill their contractual requirements to receive these CIT funds.   The Authority has entered into inter-local agreements identifying the terms for returning the funds by the municipalities in the event the Authority Board approves the use of these funds.

11. Produce Events: The Authority is scheduled to produce a concert for Taylor Swift in October of 2015. The Authority has successfully 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 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.

B U D G E T N O T E S

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TAMPA SPORTS AUTHORITY -STATEMENT OF REVENUE AND EXPENSES - COMPARATIVE

FY 2014 FY 2015 FY 2015 FY 2016 FY 2017 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 $ 1,278,679 $ 1,246,505 $ 1,146,193 $ 1,499,031 $ 1,442,840

PARKING $ 426,991 $ 495,242 $ 402,019 $ 508,178 $ 425,234

TOTAL BUCCANEERS $ 5,205,670 $ 5,241,747 $ 5,048,212 $ 5,507,209 $ 5,368,074

COLLEGE FOOTBALL LICENSE FEES $ 1,355,000 $ 945,000 $ 785,500 $ 1,431,120 $ 1,524,450

TICKET SURCHARGE $ 396,525 $ 265,000 $ 267,662 $ 410,000 $ 310,000

CONCESSIONS $ 742,636 $ 705,540 $ 610,273 $ 1,084,790 $ 1,294,823

PARKING $ 267,138 $ 282,711 $ 248,629 $ 408,879 $ 317,767

TOTAL COLLEGE FOOTBALL $ 2,761,298 $ 2,198,251 $ 1,912,064 $ 3,334,789 $ 3,447,040

CONCERTS & MOTORSPORTS LICENSE FEES $ 711,237 $ 3,638,817 $ 927,168 $ 4,469,000 $ 3,294,817

TICKET SURCHARGE $ 189,255 $ 341,935 $ 291,722 $ 252,500 $ 246,250

CONCESSIONS $ 401,407 $ 734,040 $ 487,454 $ 422,112 $ 623,828

PARKING $ 255,864 $ 484,969 $ 275,646 $ 331,090 $ 326,122

TOTAL CONCERTS & MOTORSPORTS $ 1,557,764 $ 5,199,761 $ 1,981,990 $ 5,474,702 $ 4,491,017

EXCESS REVENUE OVER $2,000,000.00 $ 148,666 $ 503,341 $ 565,646 $ 306,605 $ 384,298

BUCS AD VALOREM/TANGIBLE TAX PAYMENT $ 71,167 $ 74,160 $ 68,516 $ 74,000 $ 74,000

NYY AD VALOREM TAX PAYMENT $ 38,580 $ 44,290 $ 37,944 $ 44,000 $ 44,000

$ 109,746 $ 118,450 $ 106,460 $ 118,000 $ 118,000

OTHER LICENSE FEES $ 553,358 $ 375,936 $ 300,733 $ 307,591 $ 317,167

TICKET SURCHARGE $ 26,011 $ 1,560 $ 13,994 $ 2,040 $ 2,160

CONCESSIONS $ 138,638 $ 76,432 $ 60,776 $ 41,216 $ 97,223

PARKING $ 268,717 $ 31,815 $ 152,897 $ 157,090 $ 157,090

PARKING - OFFSITE $ 201,378 $ 260,537 $ 237,408 $ 271,281 $ 223,617

RENT $ 314,766 $ 313,736 $ 317,722 $ 331,696 $ 338,814

MISCELLANEOUS/OTHER $ 72,280 $ 68,700 $ 59,000 $ 57,996 $ 63,496

TOTAL OTHER $ 1,575,148 $ 1,128,716 $ 1,142,529 $ 1,168,910 $ 1,199,567

FY 2015 FORECAST

FY 2016 PROPOSED

FY 2017 PROPOSED

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FY 2014 FY 2015 FY 2015 FY 2016 FY 2017 ACTUAL BUDGET FORECAST PROPOSED PROPOSED

TOTAL GROSS OPERATING REVENUES $ 11,358,292 $ 14,390,266 $ 10,756,900 $ 15,910,215 $ 15,007,996 LESS: REVENUE SPLITS $ (3,018,597) $ (3,005,912) $ (2,952,394) $ (3,152,779) $ (3,206,567)

TOTAL NET OPERATING REVENUES $ 8,339,695 $ 11,384,354 $ 7,804,506 $ 12,757,436 $ 11,801,429

OPERATING EXPENSES SALARIES & WAGES $ 2,462,349 $ 2,448,915 $ 2,423,223 $ 2,555,905 $ 2,606,077 SALARIES & WAGES REIMBURSEMENT $ (743,549) $ (690,059) $ (754,672) $ (758,033) $ (767,114)

FRINGES/RELATED COSTS $ 731,698 $ 821,462 $ 781,849 $ 961,632 $ 887,875

COMPUTER EXPENSES $ 38,089 $ 45,000 $ 35,000 $ 35,000 $ 35,000

LICENSES & PERMITS $ 15,168 $ 18,700 $ 24,500 $ 17,500 $ 17,500

MARKETING & ADVERTISING $ 77,654 $ 88,605 $ 90,000 $ 91,000 $ 93,000

MAINT & SUPPLIES FIELDS & BUILDING $ 205,246 $ 151,000 $ 167,000 $ 170,750 $ 174,500

MAINT - CONTRACTUAL $ 1,205,560 $ 1,315,000 $ 1,315,000 $ 1,359,300 $ 1,379,600

INSURANCE/BONDING $ 456,203 $ 454,770 $ 465,686 $ 464,097 $ 473,390

EVENT - BUCCANEERS $ 2,191,339 $ 2,242,430 $ 1,928,830 $ 2,543,940 $ 2,355,548

EVENT - DIRECT COSTS $ 2,220,270 $ 4,947,627 $ 1,486,991 $ 6,228,248 $ 5,353,151

EVENT - OTHER COSTS $ (611) $ 0 $ 0 $ 0 $ 0

EVENT - OFFSITE PARKING $ 52,710 $ 77,500 $ 67,053 $ 73,600 $ 64,700

PROFESSIONAL SERVICES $ 215,342 $ 212,235 $ 209,800 $ 212,335 $ 212,335

HCAA & CONDO RENTS $ 282,802 $ 282,802 $ 282,802 $ 282,802 $ 294,802

REAL ESTATE TAXES $ 438,721 $ 461,550 $ 430,937 $ 462,000 $ 491,000

BUCS INTANGIBLE TAX PAYMENT $ 40,521 $ 39,000 $ 28,000 $ 19,000 $ 19,950

BUCS AD VALOREM/TANGIBLE TAX $ 71,167 $ 74,160 $ 68,516 $ 74,000 $ 74,000

NYY AD VALOREM TAX PAYMENT $ 38,580 $ 44,290 $ 37,944 $ 44,000 $ 44,000

SUPPLIES, POSTAGE & SHIPPING $ 37,627 $ 44,991 $ 43,729 $ 42,731 $ 44,000

UTILITIES & TELEPHONE $ 810,825 $ 723,602 $ 807,100 $ 817,000 $ 856,450

TRAINING & EDUCATION $ 20,968 $ 15,000 $ 23,500 $ 46,000 $ 36,000

MISCELLANEOUS OTHER $ 33,871 $ 36,867 $ 42,500 $ 42,250 $ 41,750

DEPRECIATION $ 331,997 $ 575,000 $ 317,000 $ 324,000 $ 370,000

TOTAL OPERATING EXPENSES $ 11,234,546 $ 14,430,447 $ 10,322,288 $ 16,109,057 $ 15,157,515

FY 2015 FORECAST

FY 2016 PROPOSED

FY 2017 PROPOSED

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

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FY 2014 FY 2015 FY 2015 FY 2016 FY 2017 ACTUAL BUDGET FORECAST PROPOSED PROPOSED

NON-OPERATING REVENUES (EXPENSES) CONTRIBUTED OPERATING REVENUE $ 1,866,768 $ 2,237,824 $ 2,207,220 $ 0 $ 0

TSA RESERVE REVENUE $ 0 $ 0 $ 0 $ 0 $ 0

INVESTMENT INCOME $ 403,387 $ (279,196) $ (285,000) $ 84,500 $ 77,200

BOND GRANTS AND CONTRIBUTIONS $ 14,689,465 $ 14,699,293 $ 14,721,159 $ 14,720,620 $ 14,724,500

AMORTIZATION OF BOND ISSUE COSTS $ 0 $ 0 $ (855,964) $ 0 $ 0

AMORTIZATION OF LEASEHOLD INTEREST $ (11,051,505) $ (12,535,000) $ (11,545,912) $ (11,545,912) $ (11,745,912)

FORGIVENESS OF DEBT $ 0 $ 0 $ 0 $ 0 $ 0

INTEREST EXPENSE AND AMORTIZATION OF BOND $ (6,640,438) $ (6,398,003) $ (3,743,536) $ (4,033,759) $ (3,885,166)

GAIN (LOSS) ON DISPOSAL OF ASSETS $ (231,893) $ 1,000 $ 1,000 $ 1,000 $ 1,000

CAPITAL GRANTS AND CONTRIBUTIONS $ 0 $ 0 $ 0 $ 0 $ 0

TOTAL NON-OPERATING REVENUES (EXPENSES) $ (964,215) $ (2,274,082) $ 498,967 $ (773,552) $ (828,379)

EXCESS REVENUES OVER EXPENSES $ (3,859,067) $ (5,320,175) $ (2,018,815) $ (4,125,174) $ (4,184,465)

RECONCILIATION TO CASH BASIS TOTAL NET OPERATING REVENUES $ 8,339,695 $ 11,384,354 $ 7,804,506 $ 12,757,436 $ 11,801,429

LESS: TOTAL OPERATING EXPENSES $ 11,234,546 $ 14,430,447 $ 10,322,288 $ 16,109,057 $ 15,157,515

$ (2,894,852) $ (3,046,093) $ (2,517,782) $ (3,351,622) $ (3,356,086)

ADD:TOTAL UNRESTRICTED INVESTMENT INCOME $ (11,310) $ 5,304 $ 9,000 $ 9,000 $ 2,700

$ (2,906,162) $ (3,040,789) $ (2,508,782) $ (3,342,622) $ (3,353,386)

DEPRECIATION $ 331,997 $ 575,000 $ 317,000 $ 324,000 $ 370,000

NET OPERATING (CASH BASIS) DEFICIT $ (2,574,165) $ (2,465,789) $ (2,191,782) $ (3,018,622) $ (2,983,386)

FUNDS CARRIED FORWARD $ 923,718 $ 247,213 $ 247,213 $ 0 $ 0

OPERATING DEFICIT & FUNDS CARRIED FORWARD $ (1,650,447) $ (2,218,576) $ (1,944,569) $ (3,018,622) $ (2,983,386)

SUBSIDY REQUESTED FROM OPERATIONS $ 1,372,687 $ 2,237,824 $ 2,207,220 $ 0 $ 0

NET GAIN (LOSS) $ (277,760) $ 19,248 $ 262,652 $ (3,018,622) $ (2,983,386)

OPERATING SUBSIDY REQUEST $ 1,372,687 $ 2,237,824 $ 2,207,220 $ 3,018,622 $ 2,983,386 HILLSBOROUGH COUNTY $ 915,125 $ 1,491,883 $ 1,471,480 $ 2,012,415 $ 1,988,924

CITY OF TAMPA $ 457,562 $ 745,941 $ 735,740 $ 1,006,207 $ 994,462

FY 2015 FORECAST

FY 2016 PROPOSED

FY 2017 PROPOSED

The 2015 Outback Bowl, the 29th edition of the game, was held on January 1, 2015 and broadcast on ESPN 2. The matchup featured the Auburn Tigers of the SEC and the Wisconsin Badgers of the Big Ten Conference, with Auburn defeating Wisconsin in overtime 34-31. This New Years’ Day classic will celebrate its 30th anniversary with the game on January 1, 2016.

The 2014 Tampa Bay Buccaneers season was the franchise's 39th season in the National Football League. New leadership with Head Coach Lovie Smith and General Manager Jason Licht, produced great optimism that the franchise is heading in the right direction. The Bucs utilized the #1 NFL draft pick on Heisman Trophy winner and FSU quarterback Jameis Winston. As the team celebrates its 40th anniversary, fans are anticipating an exciting season ahead.

2014-2015 EVEN

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The USF Bulls and Head Coach Willie Taggart entered its second season as a member of the American Athletic Conference. Home games included Maryland, N.C. State and the University of Central Florida.

Coach Taggart and the Bulls enter the 2015 season with their eye on a post season bowl bid. Home games include SMU, Cincinnati and Syracuse. On September 12th, the Bulls travel to Tallahassee to take on the FSU Seminoles.

The Sunset Music Festival is a two day event held over the Memorial Day weekend. In its 4th year, this electronic dance music event brought in over 60,000 fans to see some of the top acts in the industry, such as Tiësto, Skrillex and Armin Van Buuren.

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

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

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2014-2015 EVENT

HIGHL IGHTS

Global superstars One Direction performed at Raymond James Stadium on October 3, 2014 as part of their worldwide “WHERE WE ARE” 2014 stadium tour. Over 52,000 fans attended the event as the band supported their album “Midnight Memories”.

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Security Camera Upgrade Security cameras and infrastructure have been upgraded to current IP technology which allows for greater picture resolution and increased distance for surveillance.

LED Lighting Upgrade Upgraded service level wall packs to LED lighting which will have an ROI of 1.9 years with a 10 year cost savings of $216,000.

GPS Aircraft Warning Lights Replaced all original aircraft warning lights, located on the scoreboards and light towers, with new units utilizing LED energy saving technology and reliability.  The units also contain GPS sensors which allow for the lights to synchronize perfectly with each other.

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Themed TSA Office and Stadium Tour Entrance An opportunity was identified to enhance the experience of visitors for the stadium tours. The TSA office windows and stadium tour entrance hallway have been themed to reflect the history and variety of events that the Tampa Sports Authority has hosted.

2015 C A P I T A L PROJECT HIGHLIGHTS

Ramp Escalator Refurbishment The four(4) lower gate escalators will be completely refurbished / overhauled with new step chains, racks, axels, balustrade main supports. A complete rust remediation will also be performed.

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TAMPA SPORTS AUTHORITY CAPITAL PROJECTS

FY 2015 FORECAST

FY 2016 PROPOSED

FY 2017 PROPOSED

AVAILABLE CASH BALANCE $ 2,052,856 $ 13,359,842 $ 0

ADD: INTEREST INCOME/REVENUE

COMMUNITY INVESTMENT TAX $ 750,000 $ 750,000 $ 750,000

CONSTRUCTION FUNDS PROCEEDS $ 8,157,771 $ 0 $ 0

STADIUM FUND PROCEEDS $ 4,425,321 $ 5,844,204 $ 5,093,574

LEHMAN BROTHERS, INC. BANKRUPTCY CLAIM PAYMENT $ 77,851 $ 0 $ 0

SUBTOTAL: FUNDS AVAILABLE FOR CAPITAL PROJECTS $ 15,463,799 $ 19,954,046 $ 5,843,574

LESS: COMPLETED AND PROJECTED PROJECTS $ (1,573,757) $ (2,644,047) $ (3,369,287)

LESS: BUCCANEERS PROPOSED PROJECTS $ (530,200) $ (25,303,775)

SUBTOTAL: FUNDS REMAINING $ 13,359,842 $ (7,993,776) $ 2,474,287

ADD: REQUESTED SUBSIDY FOR CAPITAL $ 0 $ 7,993,776 $ 0

TOTAL FUNDS REMAINING AS OF FISCAL YEAR END $ 13,359,842 $ 0 $ 2,474,287

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TSA CAPITAL PROJECTS DESCRIPTION FY 2016 Architectural Panels and Precast Concrete Caulking, phase 2 of 2 Replace caulking in precast concrete in seating bowl, phase 2 of 2 $ 140,000

Building Expansion Joints Repairs to building expansion joints $ 225,000

Computers Purchase of office computers, printers and software $ 55,000

Escalators Replace step chains at two middle level exterior escalators $ 71,119

Freight Elevators Modernization of freight elevator B, replace obsolete drive $ 25,000

Gate C and D Fence Refurbish galvanized fencing $ 25,000

Light Tower Painting Repaint all lighting racks for field lights $ 674,000

Maintenance Equipment Purchase utility cart, Tig welder, Toro 36" mower, fiber optic meter, ladders and pressure washer $ 55,000

Overhead Coiling Doors Repair or replace overhead door, scope to be determined $ 14,000

Retractable Seats Remove rust and recoat tracks for folding portions of seats. $ 50,000

Stadium Seating Refurbish red plastic bowl seats $ 618,928

Suite Window Maintenance Repair worn parts and glazing gaskets $ 22,000

Yankee Pedestrian Bridge Repaint metal on pedestrian bridge crossing Dale Mabry Highway $ 102,000

CCTV System Upgrade security cameras to IP technology to improve distance and resolution $ 180,000

Fire Sprinkler Piping Replace fire sprinkler piping in area under retractable seating $ 15,000

Lighting Occupancy Sensors Install additional sensors in various frequently occupied spaces $ 10,000

Security Upgrades Install larger HD monitors on wall in traffic control room $ 15,000

HVAC Upgrades Upgrade some HVAC components each year to newer technology to reduce energy consumption and improve performance $ 50,000

Insulation Replacement of some insulation, scope to be determined as needed $ 15,000

Test & Balance Test and balance HVAC system TSA office $ 12,000

Field Irrigation and Drainage Replace field underdrain pump and replace irrigation timer $ 29,000

Landscaping Replace plants and sprinkler heads, replace irrigation timer $ 41,000

Contingency Projects Unforeseen Projects $ 200,000

TSA CAPITAL PROJECTS TOTAL $ 2,644,047

PROPOSED C A P I T A L PROJECTS FY 2016

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STADIUM RENOVATION AGREEMENT CAPITAL PROJECTS DESCRIPTION FY 2016 Carpet Clubs, Lower Galleries Replace carpet in clubs and restaurants $ 480,500

Carpet Locker Rooms Replace carpet in both locker rooms $ 62,186

Carpet Press Box Replace press box carpet including booths, elevator lobby, and press elevator $ 89,000

Carpet Suites & Suite Hallways Replace carpet in upper and lower suites, including adjacent corridors $ 597,200

Club Furnishings Replace sofas, chairs, tables and stools including restaurant tables and chairs $ 834,955

Concourse Coating Main Strip old product to bare concrete and apply new primer and floor coating, main concourse $ 179,500

Concourse Coating Upper Strip old product to bare concrete and apply new primer and floor coating , upper concourse and cross aisles $ 335,500

Elevators (public only, no service elev) Refinish interiors of public elevators $ 93,000

Scoreboards Replace metal siding on scoreboard exterior $ 410,000

Sound Reinforcement System Refurbish system by installing long throw speakers to improve sound distance $ 1,005,600

Stadium Seating Replace all padded vinyl seat bottoms in Club bowl seating section with UV resistant vinyl material $ 1,040,000

Stadium Seating Cupholders Replace club level cupholders $ 163,000

Suite Furnishings Replace all loose furnishings in upper and lower level suites $ 2,306,000

Suite Ice Makers Replace all ice makers in upper and lower suites with under counter insulated ice bins $ 225,900

Suite Refrigerators Replace all refrigerators an upper and lower suites with under counter units $ 225,900

Video boards Install new HD video boards, scoreboards, and ribbon boards etc. Renovate control room and purchase HD equipment $ 6,491,784

Wall Coverings Install new vinyl wall covering in upper and lower suites $ 844,800

Fire Alarm System Upgrade system technology, phase 3 of 3 $ 73,150

Television Distribution Replace television headend equipment with upgraded technology $ 139,000

Television Cabling Replace old cabling and replace splitters $ 35,000

Televisions/Sets Replace all existing televisions in suites and other public spaces, including concourses $ 4,490,000

Central Station Air Handlers/HVAC Equipment Complete replacement $ 2,237,000

Centrifugal Chillers Complete replacement of chillers $ 2,051,000

Cooling Towers Piping System Refurbish condenser water piping at cooling tower yard $ 3,000

Test & Balance Test and balance HVAC system in clubs $ 50,000

Suite Renovation /project administration Fee for administering multiple suite and club related projects as one $ 840,800

STADIUM RENOVATION AGREEMENT CAPITAL PROJECTS TOTAL $ 25,303,775

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PROJECT DESCRIPTION FY 2017 Architectural Panels and Precast Concrete Caulking Recaulk bowl joints at endzones $ 114,000

Computers Purchase of office computers, printers and software $ 57,000

Elevators (public only, no service elev) Replace press elevator unit door operator package $ 17,000

Escalators Replace step chains at remaining two middle level exterior escalators $ 74,284

Maintenance Equipment Purchase Toro top dresser, fertilizer spreader, John Deere loader and box blade tiller $ 57,000

Overhead Coiling Doors Repair or replace overhead door, scope to be determined $ 15,000

Roofing at General Locations Replace all stadium roofing with exception of sideline concession stands $ 1,949,000

Stadium Rails Replace glass rails system and repair galvanized rails $ 270,000

Stadium Seating Cupholders Replace some red seat cupholders $ 23,000

Telephones Maintenance and updates of telephone system software and support $ 5,000

Building Wire Above/Below Grade(Infrared inspection) Perform spot inspection of aluminum wiring $ 10,000

Interior Light Fixtures Relamp with high energy efficent lighting, replace ballasts $ 30,000

Sports Lighting Fixtures Replace ballasts and lamps $ 394,003

HVAC Upgrades Upgrade some HVAC components each year to newer technology to reduce energy consumption and improve performance $ 52,000

Insulation Replacement of some insulation, scope to be determined as needed $ 16,000

Landscaping Replace plants and sprinkler heads, replace irrigation timer $ 35,000

Paving (Asphalt Parking at Stadium) Reseal asphalt parking surfaces on postage stamp parking $ 51,000

Contingency Projects Unforseen Projects $ 200,000

CAPITAL PROJECTS TOTAL $ 3,369,287

PROPOSED CA PITA

L PROJECTS FY 2017

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PROJECTED CAPITAL COSTS OVERVIEW THRU 2028

2016-2020 2021-2025 2026-2028 TOTAL PROJECTED CAPITAL COSTS (ESCALATED YEAR TO YEAR) $ 37,564,299 $ 6,977,698 $ 2,894,577 $ 47,436,574

FUNDS PLEDGED FROM CIT $ 3,750,000 $ 2,000,000 $ 0 $ 5,750,000

STADIUM FUND PROCEEDS $ 12,622,605 $ 0 $ 0 $ 12,622,605

LEHMAN BROTHERS BANKRUPTCY CLAIM PAYMENT $ 0 $ 0 $ 0 $ 0

FUNDS CARRIED FORWARD $ 18,323,813 $ 161,924 $ 0 $ 18,485,737

TOTAL UNFUNDED $ (7,993,776) $ (4,815,774) $ (2,894,577) $ (15,704,127) PR OJ

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COMMUNITY INVESTMENT TAX (CIT) DISTRIBUTION SCHEDULE (FY-2014)

PUBLIC SAFETY, ROADS, INFRASTRUCTURE NEEDS % OF TOTAL

HILLSBOROUGH COUNTY BOCC $ 51,077,131

CITY OF TAMPA $ 15,557,578

CITY OF PLANT CITY $ 1,588,357

CITY OF TEMPLE TERRACE $ 1,137,513

SUBTOTAL $ 69,360,580 66%

OTHER FUNDING RECIPIENTS HILLSBOROUGH COUNTY SCHOOLS $ 26,349,006 25%

RAYMOND JAMES STADIUM $ 9,686,438 9%

SUBTOTAL $ 36,035,444

TOTAL CIT DISTRIBUTIONS $ 105,396,024 100%

RAYMOND JAMES STADIUM SAFETY AND ROADS HILLSBOROUGH COUNTY SCHOOLS

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

U N I T Y I N V E S T M E N T T A X

(FISCA L YEA

R 2014 DISTRIBUTIONS)

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LONG-TERM DEBT: DEBT SERVICE PAYMENTS FOR FY 2015 - 2016

AMALIE ARENA INTEREST PRINCIPAL PAYMENTS

ANNUAL DEBT PAYMENT

$28,790,000 SPECIAL PURPOSE BONDS, STATE OF FLORIDA SALES TAX PAYMENT, SERIES 1995 $ 878,600 $ 1,115,000 $ 1,993,600

$10,300,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA GUARANTEED PARKING REVENUE, SERIES 1995 $ 364,953 $ 380,000 $ 744,953

$2,815,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA SURCHARGE LOAN REVENUE, SERIES 1995 $ 147,568 $ 100,000 $ 247,568

SUBTOTAL $ 1,391,121 $ 1,595,000 $ 2,986,121

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 $ 702,800 $ 1,285,000 $ 1,987,800

SUBTOTAL $ 3,789,450 $ 1,285,000 $ 5,074,449

TOTAL DEBT SERVICE PAYMENTS FY 2015-16 $ 8,060,571 $ 2,880,000 $ 8,060,570

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