FL S1502

Requires contracts between individuals or corporations receiving public funds and other entities to include the contract purpose, performance standards, detailed budgets, service values, and employee/board member salaries with travel and entertainment expenses.

Mandates marketing partners receiving public funds to annually report all public and private financial data including revenue sources, operating budgets, employee salary details, third-party expenditures, and travel costs to the contracting individual or corporation.

Requires individuals and corporations receiving public funds to post on their websites plain language contracts over $35,000, board meeting videos, marketing event expenditure reports within 10 business days, and annual itemized accounting of third-party spending and travel expenses.

Clarifies that the amount paid to private entities under economic incentive agreements is not considered proprietary business information or trade secret and cannot be kept confidential by economic development agencies.

Effective July 1, 2017.