A MESSAGE FROM THE PRESIDENT/CEO

I am pleased to present the recommended biannual budget for fiscal years 2015 and 2016. 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 ERIC D. HART, CFE supporting government agencies, Hillsborough PRESIDENT/CEO County and the City of Tampa. The Authority TAMPA SPORTS AUTHORITY management continues to modify the 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. The Authority management has developed a long range strategic plan, to assist in continuing to reduce our operating contributions and find creative ways to operate more like private enterprise. The Authority management continues the search to attract new events to be held in the stadium and on the Authority managed property . ! T A M P S O R U H I Y T A M P A S P O R T S A U T H O R I T Y safety needs. (SeePage 23) in HillsboroughCountyforroads, sidewalks, buildingsandpublic the remaining67%isdividedbetweenCountyandthreecities payments ontheStadiumbonds(estimatedtobe8%oftotal), and goes tobuildnewschools. The nextamountisappliedtodebt year enactment. The first25%ofthetotalprojectedCITcollections sales taxthatisprojectedtogenerateover$4.7billionduringits30- Community Investment Tax (CIT). The CITisahalf-centlocaloption Raymond JamesStadiumwasconstructedwithfundsfromthe Tampa. approvals andfinancialsupportofHillsboroughCountytheCity James Stadiumhavebeenaccomplishedbyworkingclosely withthe courses, St. Pete Times Forum, GeorgeSteinbrennerField andRaymond capital constructionprojects, fromtheoriginal , golf user-fees tosubsidize itsoperatingcosts. As aresult, allofitsmajor has notaxingpower, butratheractsasanenterprisefundutilizing enhance thequalityoflifethroughsportsandrecreation. The Authority The Authority’s missionistoprovideeconomicdevelopmentand and managesportsrecreationalfacilitiesinHillsboroughCounty. special district, created bytheFloridaLegislaturein1965, toconstruct The Tampa Sports Authority, agovernmententity, isanindependent parking lotevents. events, festivals and banquets, special approximately 50 along with National soccerteam, and theU.S. Women’s National Soccerteam Sunset MusicFestival, JapanMen’s Monster Jams, IIFA Bollywood Awards, events suchastheOutbackBowl, two Bay area. The Authority hostedmajor alumni andlocalcitizensofthe Tampa seen adecreaseintheirfanbaseof college conferences. They alsohave relating tothereorganizationof has facedadversityoverthepastyear playing fieldsinthenation. USFFootball James Stadiumasoneofthebest Association continuestorankRaymond Stadium in2014. The NFLPlayers functions heldatRaymondJames thevariouseventsand Over threequartersofamillionfansenjoyed ! ABOUT THEAUTHORITY

ASSISTANT TO CEO), JEANETTE BAKER(VPOFFINANCE/ADMINISTRATION) (L-R) BOBBYSILVEST (VPOFMARKETING&COMMUNICATIONS),MICKEY OPERATIONS), ERICHART (PRESIDENT/CEO), JANICE HOSEY(EXECUTIVE FARRELL (SR. VP OFSTADIUM OPERATIONS), KENNIESIMS(VPOFGOLF TAMPA SPORTS AUTHORITY EXECUTIVE TEAM ! ADMINISTRATIVE

Tampa! Sports Authority Board of Directors ...... 4 Tampa Sports Authority Organizational Chart ...... 5 ! BUDGET REQUEST AND ASSUMPTIONS

Contribution! Request ...... 6-7 Budget Notes ...... 8-10 Statement of Revenues and Expenses-Comparative ...... 11-13 ! EVENTS

2014! Event Highlights ...... 14-16 ! CAPITAL PROJECTS ! 2014 Capital Project Highlights ...... 17 Proposed Capital Costs Budget (thru 2016) ...... 18 Projected Capital Projects FY 2015 ...... 19-20 Projected Capital Projects FY 2016 ...... 21 Projected Capital Costs Overview ( thru 2028) ...... 22 ! DEBT SERVICE ! Hillsborough! County Community Investment Tax (CIT) ...... 23 Debt Service Requirements ...... 24 Tampa Sports Authority Funding Sources FY 2014-20154 ...... 25 T A B L E O F C N DON DEFOSSET ANDREW SCAGLIONE VINCENT MARCHETTI ERIC D. HART, CFE CHAIRMAN VICE CHAIRMAN SECRETARY/TREASURER PRESIDENT/CEO

KALYN K. BRANDEWIE HON. KEN HAGAN JOHN JAEB RANDY LARSON

TONY MUNIZ LUCIANO PRIDA, JR. HON. FRANK REDDICK THOMAS SCOTT

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. B O A R D F I E C T S

4 BOARD OF DIRECTORS

PRESIDENT/CEO ERIC HART

VP/FINANCE & SR VP/ STADIUM OPERATIONS VP/GOLF OPERATIONS VP / MARKETING & COMMUNICATIONS ADMINISTRATION MICKEY FARRELL KENNIE SIMS BOBBY SILVEST

HUMAN RESOURCES EVENT OPERATIONS CLUB HOUSE MARKETING & SALES OPERATIONS

FINANCIAL PLANNING MERCHANDISE SALES COURSE & FACILITY COMMUNICATIONS MAINTENANCE

RISK MANAGEMENT/ CAPITAL PROJECTS INSURANCE GRAPHIC DESIGN FOOD & BEVERAGE

FACILITIES PAYROLL/ AP/R MANAGEMENT MERCHANDISE SALES SOCIAL MEDIA

BOND OVERSIGHT AND FOOD & BEVERAGE MANAGEMENT

PURCHASING

BUDGETING COORDINATION

CASH HANDLING O R G A N Z T I L C H 5 ! ! 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 $2,231,340 from the City and County to meet next year’s contractual obligations. This contribution was offset by $253,697 from the Operations and Maintenance surpluses that were created by cost reductions and increased revenues from unbudgeted events during the fiscal year. 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. The entire O&M Reserve Fund was depleted in 2003, paying !back property taxes for 1999 and 2000. !Revenues for FY 15 were developed from the following assumptions: 1. 10 Buccaneer Games 2. 5 USF games (1 less than FY 14) 3. 2 Monster Jams 4. 5. One Direction concert 6. 1 music concert (revenue neutral) 7. 2-Day Sunset Music Festival 8. No Soccer event 9. Spartan Run 10. No increase in Parking Rates 11. 3% increase in Food and Beverage Per Caps 12. Includes $90,000 in concessions adjustment based on the agreement with Aramark !13. No interest from practice facility funds !Expenses for FY 15 were developed from the following assumptions: 1. 10 Buccaneer Games 2. 5 USF games (1 less than FY 14) 3. 2 Monster Jams 4. Outback Bowl 5. One Direction concert 6. 1 music concert (revenue neutral) 7. 2-Day Sunset Music Festival 8. Spartan Run 9. 4% market equity adjustment for all full-time employees 10. .5% increase in retirement costs 11. 4% increase in Property/Liability Insurance including additional wind insurance coverage 12. 3% increase in part time labor based on minimum wage increase effective January 1, 2015 13. 5% increase in Water/Sewer/Garbage 14. 5% projected increase in electricity effective January 1, 2015 15. Marketing costs for upgrades in tour experience and replenishment of logo inventory. 16. No increase in health care costs 17. Intangible Taxes for Buccaneers 18. Complete many capital projects with in-house staff vs. using contracted staff 29. Budget does not include costs for NFL mandated metal detector screening costs or additional staff for the NFL mandated bag policy. (Similar to FY 14 budget) C O N T R I B U E Q S 6 The Authority will be asking the City of Tampa to contribute $745,941 and Hillsborough County to contribute $1,491,882 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:

Budgeted Actual Proposed Proposed FY 14 FY 14 FY 15 FY 16 City (1/3) $ 455,405 $ 457,562 $ 745,941 $ 945,839 County (2/3) $ 970,809 $ 915,125 $ 1,491,882 $ 1,891,679 Total Request (Operations and $ 1,366,214 $ 1,372,687 $ 2,237,824 $ 2,837,518 Maintenance) Capital Request $ 0 $ 0 $ 14,889,284* $ 2,654,000* Totals Request (Including O&M $ 1,366,214 $ 1,372,687** $ 17,127,108† $ 5,491,518 and Capital)

NOTE: † Contribution request FY15 includes $253,697 in additional revenue from Authority ! reserves. The Authority outperformed budget assumptions for FY 10-11. * Capital costs covered by 4th Cent tourist tax. Capital totals greater than bonding capacity of the 4th cent will be shared by the City (1/3 split) and the County (2/3 split).

** Actual FY14 operating support request slightly exceeded budgeted amount due to ! an increase in ad valorem taxes paid by the Authority. C O N T R I B U E Q S 7 ! ! 1. NFL Security Modifications: The NFL is requiring their owner members to provide a continued heightened level of security during the 2014 football season. They have mandated that all teams maintain the bag entry policy for all NFL games. This policy restricts the entry of non approved bags into the facility. The Authority estimates that this will require additional security guards to be effective at an increased cost over previous seasons. The Buccaneers have agreed to cover all additional costs related to increases in ! security caused by the implementation of this revised policy. 2. 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. 3. 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 . Between fiscal years 2006-2023, the Authority will receive $15,000,000 from Tourist Development Tax (TDT) and interest from the Debt Service Reserve to fund capital repairs. Based on the present capital funding sources, it is anticipated the capital needs for the facility will outpace the funding prior to the end of the facilities useful life. In anticipation of this shortfall, the Hillsborough County Board of County Commissioners passed a motion with the intent to ! fund $28,000,000 of expected stadium capital shortfall from the 4th cent TDT. 4. 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. 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 2015. A 3% 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 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

B U D G E T N O S 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 surcharge7 reserve fund is $187,006. 8 ! 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. ! 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. In 2009, the Buccaneers requested payment from the Authority for related intangible taxes dating back to 2002. The Buccaneers had failed to invoice the Authority for this payment during this 8 year period. The parties agreed to a settlement amount with a 60 month repayment plan. The Authority budget includes intangible tax payments for FY 2015 and past intangible tax amounts based on the agreed upon settlement. B U D G E T N O S

9 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 successfully produced a Kenny Chesney concert 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 started 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 but are strategically determining when to self-produce concerts or events that the Authority can justify the risks involved with promoting events. 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 S

10 S T A T E M E N T O F R E V E N U E S & E X P E N S E S Other Concerts &Motorsports Bucs Advalorem/Tangible tax Buccaneers OPERATING REVENUE NYY Advalorem taxpayment Total Concerts&Motorsports Excess Revenueover Miscellaneous/other Ticket Surcharge Ticket Surcharge Ticket Surcharge Ticket Surcharge Parking -offsite $2,000,000.00 Total CollegeFootball Concessions Concessions Concessions License fees License fees License fees License fees payment Parking Parking Parking Parking Rent Total Buccaneers Total Other Total $ $ $ $ $ $ $ $ $ $ $ $ $ 4,634,097 $ $ $ $ $ $ $ $ $ $ 5,062,057 $ $ 1,134,685 $

2013 ACTUAL 1,238,523 3,406,727 2,634,269 1,075,000 3,500,000 113,237 293,734 238,700 411,362 114,427 690,237 326,981 681,840 218,549 320,517 839,190 399,561 427,373 82,231 86,634 12,625 40,067 74,359 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2014 BUDGET

2,827,447 1,083,700 5,259,141 1,263,909 3,500,000 1,239,149 4,401,141 3,247,317 382,243 965,504 396,000 495,232 302,725 234,888 137,450 426,352 116,000 374,484 327,524 599,040 227,260 91,400 37,489 41,000 75,000 8,845 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2014 FORECAST

2,866,866 1,365,000 5,303,466 1,331,003 3,500,000 1,542,518 1,773,169 148,666 306,490 800,827 394,549 472,463 65,200 302,587 217,960 90,715 113,678 37,345 715,033 115,000 280,765 420,489 200,318 871,597 43,000 72,000 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2015 PROPOSED

2,198,251 5,241,747 1,246,505 3,500,000 1,128,716 5,199,761 3,638,817 282,711 705,540 265,000 945,000 44,290 74,160 495,242 313,736 260,537 375,936 118,450 503,341 484,969 734,040 341,935 68,700 31,815 76,432 1,560 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2016 PROPOSED 1,144,528 4,438,676 3,253,317 1,275,000 5,430,519 1,435,277 3,500,000 2,950,820 327,759 225,100 103,051 383,475 120,000 153,052 326,121 622,558 236,680 347,181 988,639 340,000 495,242 71,200 31,975 45,000 75,000 11 1,968 2013 ACTUAL 2014 BUDGET 2014 FORECAST 2015 PROPOSED 2016 PROPOSED

Total gross operating revenues $ 14,373,610 $ 14,217,362 $ 11,749,685 $ 14,390,266 $ 14,237,595

Less: Revenue Splits $ (2,989,808) $ (2,890,922) $ (3,071,857) $ (3,005,912) $ (2,920,907)

Total net operating revenues $ 11,383,802 $ 11,326,440 $ 8,677,828 $ 11,384,354 $ 11,316,688

Operating Expenses

Salaries & Wages $ 2,258,883 $ 2,306,549 $ 2,383,939 $ 2,448,915 $ 2,491,747

Salaries & Wages $ (626,569) $ (628,370) $ (687,137) $ (690,059) $ (690,809) Reimbursement Fringes/Related Costs $ 600,960 $ 724,992 $ 790,568 $ 821,462 $ 858,022

Computer Expenses $ 33,553 $ 48,000 $ 45,000 $ 45,000 $ 45,000

Licenses & Permits $ 15,342 $ 15,500 $ 19,900 $ 18,700 $ 19,300

Marketing & Advertising $ 71,507 $ 81,075 $ 82,700 $ 88,605 $ 91,000

Maint & Supplies Fields & $ 97,828 $ 158,500 $ 148,000 $ 151,000 $ 154,000 Building Maint - Contractual $ 1,334,709 $ 1,298,415 $ 1,295,000 $ 1,315,000 $ 1,325,000

Insurance/bonding $ 404,310 $ 424,249 $ 454,718 $ 454,770 $ 454,770

Event - Buccaneers $ 2,108,635 $ 2,185,920 $ 2,221,753 $ 2,242,430 $ 2,309,703

Event - Direct Costs $ 4,863,500 $ 5,017,487 $ 2,506,982 $ 4,947,627 $ 5,059,352

Event - Other Costs $ (4,190) $ 0 $ 0 $ 0 $ 0

Event - Offsite Parking $ 54,370 $ 70,110 $ 76,178 $ 77,500 $ 71,400

Professional Services $ 181,220 $ 220,050 $ 204,235 $ 212,235 $ 212,500

HCAA & Condo Rents $ 282,802 $ 282,802 $ 282,802 $ 282,802 $ 282,802

Real estate taxes $ 423,071 $ 432,247 $ 433,467 $ 461,550 $ 460,000

Bucs Intangible tax payment $ 39,946 $ 42,840 $ 38,892 $ 39,000 $ 22,000

Bucs Advalorem tax payment $ 74,359 $ 75,000 $ 72,000 $ 74,160 $ 75,000

NYY Advalorem tax payment $ 40,067 $ 41,000 $ 43,000 $ 44,290 $ 45,000

Supplies, Postage & Shipping $ 43,403 $ 44,240 $ 44,240 $ 44,991 $ 46,059

Utilities & Telephone $ 645,941 $ 725,450 $ 711,000 $ 723,602 $ 743,532

Training & Education $ 10,852 $ 15,000 $ 15,000 $ 15,000 $ 15,000

Miscellaneous other $ 34,778 $ 36,019 $ 36,000 $ 36,867 $ 36,867

Depreciation and amortization $ 267,802 $ 576,000 $ 520,000 $ 575,000 $ 575,000

Total Operating Expenses $ 13,257,076 $ 14,193,075 $ 11,738,237 $ 14,430,447 $ 14,702,245

12 S T A E M N O F R V U & X P 2013 2014 2014 2015 2016

Actual Budget Forecast Budget Budget

Non-operating revenues(expenses)

Contributed Operating Revenue $ 1,498,001 $ 1,366,214 $ 1,372,687 $ 0 $ 0

TSA Reserve Revenue $ 0 $ 0 $ 0 $ 0 $ 0

Investment income $ 51,381 $ 6,630 $ 11,200 $ (279,196) $ (279,150)

Bond grants and contributions $ 14,927,432 $ 15,018,909 $ 14,705,709 $ 14,699,293 $ 14,697,773

Amortization of bond issue costs $ (103,875) $ (103,874) $ (103,874) $ 0 $ 0

Amortization of leasehold interest $ (11,529,441) $ (12,535,000) $ (12,535,000) $ (12,535,000) $ (12,535,000)

Forgiveness of debt $ 0 $ 0 $ 0 $ 0 $ 0

Interest exp. and amort. of bond $ (7,015,270) $ (6,720,899) $ (6,769,419) $ (6,398,003) $ (6,016,483)

Gain(Loss) on disposal of assets $ (26,867) $ 3,000 $ 3,000 $ 1,000 $ 1,000

Capital grants and contributions $ 0 $ 0 $ 0 $ 0 $ 0

Total non-operating rev(exp) $ (2,198,640) $ (2,965,020) $ (3,315,697) $ (4,511,906) $ (4,131,860)

Excess Revenues over Expenses $ (4,071,915) $ (5,831,655) $ (6,376,106) $ (7,557,999) $ (7,517,417)

Reconciliation to Cash Basis

Total net operating revenues $ 11,383,802 $ 11,326,440 $ 8,677,828 $ 11,384,354 $ 11,316,688

Less: Total operating expenses $ 13,257,076 $ 14,193,075 $ 11,738,237 $ 14,430,447 $ 14,702,245

$ (1,873,275) $ (2,866,635) $ (3,060,409) $ (3,046,093) $ (3,385,557)

Add: Total unrestricted investment income $ 51,381 $ 6,630 $ 11,200 $ 5,304 $ 5,350

$ (1,821,894) $ (2,860,005) $ (3,049,209) $ (3,040,789) $ (3,380,207)

Depreciation $ 267,802 $ 576,000 $ 520,000 $ 575,000 $ 575,000

Net Operating (Cash Basis) Deficit $ (1,554,092) $ (2,284,005) $ (2,529,209) $ (2,465,789) $ (2,805,207)

Funds Carried Forward $ 77,833 $ 923,718 $ 1,179,060 $ 247,214 $ 0

Subtotal Operating Deficit & Funds Carried Forward$ (1,476,260) $ (1,360,287) $ (1,350,149) $ (2,218,576) $ (2,805,207)

Subsidy Requested From Operations $ 1,498,001 $ 1,366,214 $ 1,372,687 $ 0 $ 0

Net Gain(Loss) $ 21,741 $ 5,927 $ 22,538 $ (2,218,576) $ (2,805,207)

DROP Payouts $ 21,741 $ 5,927 $ 22,538 $ 19,248 $ 32,312

Operating Subsidy Request $ 1,498,001 $ 1,366,214 $ 1,372,687 $ 2,237,824 $ 2,837,518

Hillsborough County $ 998,667 $ 910,809 $ 915,125 $ 1,491,882 $ 1,891,679

City of Tampa $ 499,334 $ 455,405 $ 457,562 $ 745,941 $ 945,839

Total Support Request $ 1,498,001 $ 1,366,214 $ 1,372,687 $ 2,237,824 $ 2,837,518

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.

13 S T A E M N O F R V U & X P The 2013 Tampa Bay Buccaneers season was the franchise's 38th season in the National Football League. Highlights included a win against Miami on Monday Night Football. The offseason saw many changes with Lovie Smith being named the new head coach and Jason Licht the new general manager. New leadership combined with an active free agent signing period and productive draft picks have the team very optimistic heading into the 2014 season.

The USF Bulls started play in the American Athletic Conference under first year head coach Willie Taggart. New conference foes included Houston and the University of Central Florida. Heading into the 2nd year under Coach Taggart's system, Bulls’ fans are anticipating great results. Home games include Maryland, N.C. State and the University of Central Florida.

13 2 0 1 3 \ 4 E V N T H I G L S 14 ! The 2014 Outback Bowl, the 28th edition of the game, was held on January 1, 2014 and broadcast on ESPN. The matchup featured the LSU Tigers of the SEC and the Iowa Hawkeyes of the . LSU defeated Iowa by the score of 21-14.

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

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.

2 0 1 3 \ 4 E V N T H I G L S 15 The Sunset Music Festival expanded to 2 days over the Memorial Day weekend. In its 3rd year, this electronic dance music event brought in nearly 50,000 fans to see some of the top acts in the industry.

June was soccer month at Raymond James Stadium. Enroute to the World Cup, the Japan Men’s National team played 2 matches before heading to Brazil. The #1 world ranked U.S. Women’s National Soccer took on the #4 ranked French National team on June 14th .

2 0 1 3 \ 4 E V N T H I G L S 16 UPGRADE TO 24 HOUR SECURITY CONTROL ROOM The center of security monitoring for the stadium and the golf courses had their server upgraded, which will provide for future expansion of IP digital cameras. In addition, a battery back up was installed for all the closed circuit televisions.

ENTRY WIDENING AT GATES C & D The concrete slabs at Gate C & D were widened to accommodate production needs for television broadcasts and concert productions.

BEFORE

AFTER

UPGRADED LANDSCAPING The landscaping around the perimeter of the stadium continues to be enhanced, ensuring a beautiful appearance for Raymond James Stadium.

2 0 1 4 C A P I T L R O J E H G HT S 17 P R O J E C T E D C A P I T A L P R O J E C T B U D G E T (THRU 2016) TOTAL FUNDSREMAINING AS OFFISCAL YEAR END ADD: REQUESTEDSUBSIDY FOR CAPITAL SUBTOTAL: FUNDSREMAINING Less: Completedandprojectedprojects Sub Total: Fundsavailableforcapitalprojects PAYMENT LEHMAN BROTHERS, INC. CLAIM BANKRUPTCY LOST 05 AND FST05BONDINCOME COMMUNITY INVESTMENT TAX ADD: InterestIncome Available CashBalance Beginning BalanceCapitalProjects $ 1,907,427 $ $ 0 $ 2,138,165 $ $ 2,948,597 $ 137,170 $ 154,000 $ 750,000 $ 1,907,427 Fiscal Year 2014

For theperiod

Oct 1-Sep30 Projection Stadium Budget FYE14 2,138,165 (810,432) TAMPA SPORTS AUTHORITY CAPITAL PROJECTBUDGET $ 2,138,165 $ $ 14,889,284 $ $ $ 3,118,165 $ 80,000 $ 150,000 $ 750,000 $ 2,138,165 Fiscal Year 2015

For theperiod Oct 1-Sep30 Projection Stadium (14,889,284) (18,007,449) Budget FYE15 0 $ $ 2,654,000 $ $ $ 960,000 $ 60,000 $ 150,000 $ 750,000 $ 0 $ 0 Fiscal Year 2016

For theperiod

Oct 1-Sep30 Projection Stadium Budget FYE16 (2,654,000) (3,614,000) 0 18 P R O J E C T E D C A P I T A L P R O J E C T S FY 2015 Fire Alarm System Stairs Exterior Lighting, Rampsand Alcatraz Escalators Escalator Canopies Elevators (publiconly, elev) noservice Crossaisle Drains Cooling Towers PipingSystem Concrete, FlatworkRepair Concrete Sealing Concourse Coating Computers Club Furnishings CCTV SystemUpgrades Carpet Suites&SuiteHallways Carpet PressBox Carpet LockerRooms Carpet Clubs, Galleries Lower Concrete Caulking Architectural/Precast Caulking, Aircraft Warning Lights Insulation HVAC Upgrades Gates CandDFence PROJECT Recoat MainConcoursefloor Purchase ofofficecomputers, printersandsoftware Replace club loungeandrestaurant furnishings command booth, phase1of2 video wall;installnewworkstationandmonitorsin TSA operations networkconversion;upgradetrafficcontrolroom corner;upgrade server; (includes ateach associatedrecabling); install4newcamerasinbowl Partial cameras replacementofexistingcameraswithIPtechnology suitesincludingReplace carpetinupperandlower adjacentcorridors Replace carpetinpressbox Replace carpetinbothlockerrooms Replace carpetinclub lounges and restaurants caulking inbowl, phase1of2 Replace precastconcretepanelcaulkingatrampsandexpansionjoint Replace aircraftwarninglightswithnewLEDsystem Replace some insulation every year Replace someinsulationevery upgrade dampersensorandinstallUVlightingat TSA airhandlerunit wheelairhandlerunitinquad Refurbish blower A mechanicalroom, Refurbish galvanizedfencing ,Upgrade systemtechnology phase3of Install newLEDfixtures Step chainreplacementonhalfofexteriorescalators Paint underside, conduitandsteelcolumns Refinish interiorsofpublicelevators Improve drainageatupperwestconcoursecrossaisles Refurbish condenserwaterpiping levelslabongradeconcrete Repair cracksandspallsinservice interiorconcretesurfaces Seal seatingbowl DESCRIPTION $ 14,630 $ 48,070 $ 25,000 $ 73,150 $ 125,400 $ 162,498 $ 16,000 $ 93,000 $ 25,000 $ 3,000 $ 50,000 $ 182,875 $ $ 52,250 $ 834,955 $ 250,000 $ 597,200 $ 89,000 $ 62,186 $ 480,500 $ 134,143 $ 83,600

2015 290,000 19 P R O J E C T E D C A P I T A L P R O J E C T S FY 2015 (CONTINUED) Contingency Projects Suite RenovationProject Administration Water Repellent Wall Coverings Videoboards andControlRoom Television Cabling Suite Maintenance Window Suite Refrigerators Suite IceMakers Suite Furnishings Stadium SeatingPainting Stadium SeatingCupholders Stadium Seating Sound ReinforcementSystem Level Service Wall Packs Security Upgrades Overhead CoilingDoor Maintenance Equipment Landscaping counter insulatedicebins levelsuiteswithunder Replace allicemakersinupperandlower levelsuites Replace allloosefurnishingsinupperandlower Repaint metalseatstandardsuppereastconcourse Replace club levelcupholders material made withUVresistantvinyl Replace entireclub levelseatcushion bottomswithnewproduct concourse speakers speakersinclusterAdd longthrow andpurchasenewgate installing newlamps by levelwithLEDtechnology Upgrade fixturesonwallsinservice Install securitygatesatguardpostanddockB Repair orreplaceoverheaddoor, scopetobedeterminedasneeded Purchase scissorlift, EZGocartandturf Convert postagestampgrassmedianstogroundcover, phase2of3 To covercostsofunforeseenandunplannedprojects contingency Costs tocoverdesign, constructionadministrationanddesign Waterproof surfacesofexposed precastpanelsatramps levelsuites Install newwallcoveringinupperandlower Renovate controlroomandpurchaseHDequipment Install newHDvideoboards, scoreboards, andribbonsboardsetc. level suites Repair televisioncablingandinstallnewsplittersinupperlower Replace wornpartsandglazinggaskets counter units levelsuiteswithunder Replace allrefrigeratorsinupperandlower Total $ $ $ $ $ $ $ 35,000 $ 30,000 $ 225,900 $ 225,900 $ 2,306,000 $ 35,000 $ 162,759 $ 1,040,820 $ 1,005,600 $ 45,188 $ 50,000 $ 13,585 $ 52,250 $ 30,000

18,007,449 1,371,000 6,491,784 200,000 149,408 844,800 20 P R O J E C T E D C A P I T A L P R O J E C T S FY 2016 Contingency Projects Under Drains/PumpStations Landscaping Field PumpStation Domestic Hot Water Insulation HVAC Upgrades CCTV System Yankee Pedestrian Bridge (including clubs) Roofing atGeneralLocations Overhead CoilingDoors Maintenance Equipment Light Tower Painting Escalators Computers Building ExpansionJoints/Caulk Concrete Architectural/Precast Caulking/ PROJECT cabling, phase2of camerasandupgrade Replace remainingcameraswithIPtechnology Repaint bridge Replace allroofsexceptsidelineconcessionstands Repair orreplaceoverheaddoors, scopetobedeterminedasneeded Purchase fieldmower Repaint 8lighttowers Step chainreplacementonhalfofexteriorescalators Purchase ofofficeequipment, computersandsoftware Repairs tomajorbuildingexpansionjoints caulking inbowl, phase2of Replace precastconcretepanelcaulkingatrampsandexpansionjoint Unforeseen projects Replace pump Convert postagestampparkinglotgrassmedianstogroundcover, phase3 Replace pump Replacement ofsomehotwaterheatersasrequired year Some replacementevery Install aircurtainsonsmokingdecks, andupgradeLiebertunits DESCRIPTION Total $ 3,614,000 $ 200,000 $ 49,000 $ 31,000 $ 29,000 $ 10,000 $ 15,000 $ 50,000 $ 105,000 $ 102,000 $ 954,000 $ 14,000 $ 55,000 $ 674,000 $ 170,000 $ 55,000 $ 961,000 $ 140,000 2016 21 2015-2019 2020-2024 2025-2028 TOTAL

Projected Capital Costs $ 36,799,385 $ 13,351,000 $ 3,760,000 $ 53,910,385 (escalated year by year)

Funds pledged from CIT $ (3,750,000) $ (2,750,000) $ 0 $ (6,500,000)

Restricted Revenue $ (890,000) $ (750,000) $ (750,000) $ (2,390,000) (bond interest)

Funds carried forward $ (2,138,165) $ 0 $ 0 $ (2,138,165)

Unfunded from previous $ 0 $ 30,021,220 $ 39,872,220 years

Total Unfunded $ 30,021,220 $ 39,872,220 $ 42,882,220 $ 42,882,220 THRU 2028

22 P R O J E C T D A I L S V W TOTAL FUNDS % OF FUND Public safety, roads, infrastructure needs: Hillsborough County $ 1,727 City of Tampa $ 614 Plant City $ 57 Temple Terrace $ 42 $ 2,440 67% Hillsborough County Schools $ 918 25% Raymond James Stadium $ 292 8% Total Projected Collections from CIT $ 3,650 100% (AMOUNTS IN MILLIONS) (AMOUNTS 30 YEAR LOCAL OPTION - SALES TAX OPTION - SALES TAX 30 YEAR LOCAL

23 H I L S B O R U G C N T Y M V E A X LONG-TERM DEBT: Debt Service Payments for FY 2014-15

PRINCIPAL ANNUAL DEBT INTEREST PAYMENTS PAYMENT

ST PETE TIMES FORUM:

1995 Special Purpose Bonds, State of Florida $ 940,126 $ 1,055,000 $ 1,995,126

Sales Tax Payment Series ($28,790,000)

1995 Special Purpose Bonds, City of Tampa $ 386,552 $ 355,000 $ 741,552

Guaranteed Parking Revenue Series ($10,300,000)

1995 Special Purpose Bonds, City of Tampa $ 154,987 $ 90,000 $ 244,987

Surcharge Loan Revenue Series ($2,815,000)

Subtotal $ 481,665 $ 1,500,000 $ 2,981,665

RAYMOND JAMES STADIUM:

Local Option Sales Tax Revenue Bonds $ 4,077,750 $ 4,740,000 $ 8,817,750

Series 2005 ($114,865.00)

Florida Sales Tax Payments Revenue Bonds $ 804,878 $ 1,190,000 $ 1,994,878

Series 2005 ($27,015,000)

Subtotal $ 4,882,628 $ 5,930,000 $ 10,812,627

TOTAL DEBT SERVICE PAYMENTS FY 2014-15 $ 6,364,292 $ 7,430,000 $ 13,794,291

D E B T S R V I C Q U M N 24 Funding Source:

Stadium Operating Revenue $ 14,390,266

Golf Revenues and Contributions $ 3,600,000

Interest and Funding from Bonds $ 980,000

CIT, TDC, State Sales Taxes $ 32,103,228 FY 2014-2015 Contributions from County $ 1,491,882

Contributions from City $ 743,780

Contributions from Buccaneers $ 74,160

Contributions from New York Yankees $ 44,290

Total Revenue $ 53,423,284

Use of Funds:

Stadium Operating Expenses $ 17,436,359

Golf Operating Expenses $ 3,600,000

Bond Debt Service $ 13,794,291

Property Taxes $ 580,700

Capital Project/Improvements $ 18,011,934

Total Expenses $ 53,423,284

25 T A M P S O R U H I Y F N D G C E