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Wednesday's Daily Pulse
What you need to know about Florida today
Bethune-Cookman University President steps down amid mounting money woes
Edison O. Jackson
Bethune-Cookman University President Edison Jackson is retiring, ending his term a year before his contract is up. Jackson’s departure comes after reports revealed the Daytona Beach university has financial troubles, including that it suffered increasing operating losses because of spending and mounting debt from the financing of its newest dorm. The new dorm will cost the school more than $306 million over 40 years. For two years, a small group of alumni and former trustees questioned the dormitory’s cost, which originally was projected to be $72.1 million and actually has amounted to $85 million. [Source: Daytona Beach News-Journal]
Florida VC funding drops — but Chewy.com makes state look juicy
In the world of venture capital, South Florida may not typically light up the big numbers, but in one category of the latest quarterly venture report, it outshone the nation. For exits, or sales of companies, South Florida and the state ranked No. 1 in the country. That’s all thanks to the $3.3 billion acquisition of Fort Lauderdale-based Chewy.com by PetSmart. [Source: Miami Herald]
See also:
» Full list of venture capital firms in Florida
» Orlando startups get $30M in VC deals for second quarter
» Modernizing Medicine and Neocis were Florida’s top funded companies in Q2
» These Tampa Bay companies drew the most venture capital backing in 2Q 2017
» These Central Florida companies drew the most venture capital backing in 2Q 2017
Florida tops ranking of states' fiscal strength
It’s a good time to be in the Sunshine State, according to a study released today by George Mason University’s Mercatus Center. The group ranked Florida as the state with the strongest fiscal condition based on data collected from each state’s most recent audited comprehensive annual financial report. From the report:
Based on states’ 2015 financial statements, Florida ranks first as the most fiscally healthy state, while New Jersey ranks the lowest. Other states in the top five are North Dakota, South Dakota, Utah, and Wyoming. Keeping debt levels low, saving cash to pay bills, and maintaining solvent budgets reflect a culture of fiscal discipline. The first-place position of Florida in particular demonstrates that this is possible even with a relatively larger population and higher pension costs that arise from an aging population.
» See a summary of the white paper, here. Also read more at The Business Journals.
What’s in Florida’s water? Court lets challenge to water standards go forward
Nearly a year after a state regulatory commission approved controversial new water-quality standards, an appeals court Tuesday ruled that a pulp-and-paper industry group should be able to challenge the measures. See the ruling from the 1st District Court of Appeal that will allow the Florida Pulp and Paper Association Environmental Affairs to challenge the state's water standards. Also read more at the Miami Herald.
Recreational marijuana gaining support with petitions in Florida
The state's ban on smokable marijuana is sparking new efforts to fully legalize the drug. Right now there are two petitions gaining signatures for the 2018 election that would legalize recreational use. [Source: WEAR]
Your turn:
» Are you in favor of recreational marijuana being legal in Florida? (quick poll)
› MLB commissioner Manfred says potential of Tampa Bay market makes Rays stadium wait worthwhile
MLB commissioner Rob Manfred said Tuesday the potential of the Tampa Bay market makes it worth waiting - to a certain, undefined point - for the Rays to work out a new stadium deal and remains optimistic of an agreement.
› Why West Palm Beach contractor KAST says it succeeds in booms, busts
During the last dozen years, West Palm Beach-based Kast Construction has grown from a local contractor to a company able to handle the largest jobs in the state.
› Football championship blitzes back to Southwest Florida
All American Games, a New Jersey-based sports marketing and event company, is bringing back its Football University National Championship series to Naples for the fourth time.
› Texas utility formally ends $18.7 billion merger with NextEra Energy
With a new suitor at its side, the parent company of Texas’ largest regulated utility has formally ended its merger agreement with Jupiter-based NextEra Energy.
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