HB 1103 Summary

• Adds Enterprise Florida, Inc., to the definition of "state agency" subject to inspector general oversight and requires the chairperson of Enterprise Florida's board of directors to be defined as an "agency head."

• Requires the Department of Economic Opportunity to contract with an independent third party to annually verify compliance with economic development incentive requirements and publish audit results on its website within 48 hours of receipt.

• Mandates that Enterprise Florida, Inc., board of directors approve contracts with affiliated organizations by two-thirds vote and prohibits affiliated board members from voting on such contracts.

• Reduces state operational funding to Enterprise Florida, Inc., if private sector support does not equal at least 100 percent of state funding, limiting the organization to either 50 percent of appropriated state funding or an amount equal to private sector support.

• Requires Senate confirmation for the president of Enterprise Florida's board of directors and restricts employee incentive payments to those based on quantifiable, measurable, and verifiable results, with incentives prohibited for contracts requiring a two-thirds board vote.