The Florida Senate

288.7092  Return on investment from activities of the corporation.--

(1)  The public funds appropriated each year for the operation of the corporation are invested in this public-private partnership to enhance black business ownership and investments in Florida. This policy shall be the Legislature's priority consideration when reviewing the return on investment for the corporation.

(2)  It is also the intent of the Legislature that the corporation coordinate its operations with Enterprise Florida, Inc., and with local economic development organizations to maximize the state and local return on investment to create jobs for Floridians.

(3)  It is further the intent of the Legislature to maximize private sector support in operating the corporation as an endorsement of its value and as an enhancement of its efforts.

(4)(a)  The state's operating investment in the corporation is the budget contracted by the Office of Tourism, Trade, and Economic Development to the corporation, less funding that is directed by the Legislature to be subcontracted to a specific recipient.

(b)  The board shall adopt for each upcoming fiscal year an operating budget for the organization which specifies the intended uses of the state's operating investment, other sources of income, and a plan for securing private sector support to the corporation. Each fiscal year, private sector support to the corporation shall be as follows: no less than 50 percent of the state's investment by July 1, 2003; no less than 60 percent of the state's investment by July 1, 2004; no less than 70 percent of the state's investment by July 1, 2005; no less than 80 percent of the state's investment by July 1, 2006; and no less than 100 percent of the state's investment by July 1, 2007.

(5)  Private sector support in operating the corporation includes:

(a)  Cash given directly to the corporation for its operating budget.

(b)  Cash jointly raised by the corporation and a local economic development organization, a group of such organizations, or a statewide business organization that supports collaborative projects.

(c)  Cash generated by products or services of the corporation.

(d)  In-kind contributions directly to the corporation, including private sector equipment contributed as part of technical assistance; goods and services, including time donated by loan officers, advertising or marketing support, and items used to promote the corporation; business expenditures; business services provided; business support; and other business contributions that augment the operations, program, activities, or assets of the corporation, including, but not limited to, an individual's time and expertise, sponsored publications, private sector staff services, payment for advertising placements, sponsorship of events, sponsored or joint research, discounts on leases or purchases, mission or program sponsorship, copayments, stock, warrants, royalties, or other private resources dedicated to the corporation, low-interest loans, participations, investment income, equity investments, and the economic impact of the corporation's investments and job creation and retention.

(6)  The corporation shall fully comply with the performance measures, standards, and sanctions in its contracts with the Office of Tourism, Trade, and Economic Development. The office shall ensure, to the maximum extent possible, that the contract performance measures are consistent with performance measures that the office is required to develop and track under performance-based program budgeting.

(7)  As part of the annual report required under s. 288.714, the board of the corporation shall provide the Legislature with information quantifying the public's return on investment.

(8)  The corporation, in consultation with the Office of Program Policy Analysis and Government Accountability, shall hire a private accounting firm or economic analysis firm to develop the methodology for establishing and reporting return on investment and in-kind contributions as described in this section. The Office of Program Policy Analysis and Government Accountability shall review and offer feedback on the methodology before it is implemented. The private accounting firm or economic analysis firm shall certify whether the applicable statements in the annual report comply with this section.

History.--s. 5, ch. 2002-180.