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Florida Department of Financial Services: F.A.C.T.S

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Contract Information

 

Summary

Agency Name: DEPARTMENT OF FINANCIAL SERVICES

Agency Contract ID: I0041

Long Title: Florida Public Hurricane Loss Projection Model - Storm Surge

Vendor Name: FLORIDA INTERNATIONAL UNIVERSIT

Total Contract Amount: $5,636,600.00

Total Budgetary Amount: $5,636,600.00

Total Payment To Date: $5,636,600.00

Date of Execution: 09/24/2013

General Description: This contract is for enhancements to the Florida Public Hurricane Loss Projection Model which is housed at Florida International University (FIU). The enhancements are for the model to include windstorm and flood damage resulting from hurricanes. The Model is the first public, transparent model of its kind in the United States. OIR runs residential insurance rate filings through the Public Model. The Model serves as a benchmark for determining the windstorm portion of the rates for Citizens Property Insurance Corporation.

Main Information

Agency Contract ID: I0041

FLAIR Contract ID: I0041

Short Title: OIR-FIU WS

Long Title: Florida Public Hurricane Loss Projection Model - Storm Surge

Contract Type: Standard Two Party Agreement by Statute

Contract Status: Closed or Expired

Date of Execution: 09/24/2013

Date of Beginning: 08/01/2013

Original End Date: 07/31/2014

New Ending Date: 06/30/2017

Agency Service Area: OIR

Statutory Authority: Section 627.06381, Florida Statutes

Contract Involves State or Federal Financial Assistance: No

Recipient Type: STATE UNIVERSITIES(IN OR OUT OF STATE)

Provide for Administrative Cost: No

Provide for Periodic Increase: No

Procurement Information

Authorized Advanced Payment: No

Method of Procurement: Exempt, Federal or state law prescribes with whom the agency must contract [s. 287.057 (11), FS]

State Term Contract ID: I0041

Contract’s Exemption Justification: Agreement between OIR and FIU per Proviso in 2013 General Appropriations Act.

Agency Reference Number:

Business Case Study Done: No

Legal Challenges to Procurement: No

Outsourcing / Capital Improvements

Was the Contracted Function Previously Performed by the State: No

Was the Contracted Function Considered for Insourcing back to the State: No

Did the Vendor Make Capital Improvements on State Property: No

Budget Information

Original Contract Amount: $1,543,300.00

Total Contract Amount: $5,636,600.00

Total Recurring Budgetary Amount: $0.00

Total Non-Recurring Budgetary Amount: $5,636,600.00

Total Budgetary Amount: $5,636,600.00

Total Unfunded Amount: $0.00

As of Date: 12/8/2016

No Recurring Budgetary records found for this contract.

Non-Recurring Budgetary Amount Account Code Fiscal Year Effective Date FY Cost Accumulator Agency Amendment Reference
$850,000.00 43-10-2-393001-43900110-00-100516-00 07/01/2016 2016-2017 FIU EA#4
$1,700,000.00 43-10-2-393001-43900110-00-100516-00 07/01/2015 2015-2016 Add #3
$1,543,300.00 43-10-2-393001-43900110-00-100516-00 07/01/2014 2014-2015 FIU EA#1
$1,543,300.00 43-10-2-393001-43900110-00-100516-00 07/01/2013 2013-2014

Contract Change

Change Type Amendment Amount Agency Amendment Reference Change Description Amendment Effective Date Amendment Execution Date New Ending Date
Amendment $850,000.00 FIU EA#4 One year Addendum for Year 4 of Enhancements to Model 07/01/2016 06/28/2016 06/30/2017
Amendment $1,700,000.00 Add #3 Extended through 6/30/2016 10/01/2015 09/30/2015 06/30/2016
Amendment $1,543,300.00 FIU EA#1 Year 2 of Enhancements of Hurricane Model 08/01/2014 08/11/2014 06/30/2015

Vendor

Name Line 1Name Line 2City State ZipMinority Vendor Designation
FLORIDA INTERNATIONAL UNIVERSITTHE FLORIDA INTERNATIONAL UNIVE MIAMI FL 331990000 Other Non-Profit

CFDA

No CFDA Codes found for the contract.

CSFA

No CSFA Codes found for the contract.
More Deliverable Number      Commodity/Service Type Major Deliverable Method of Payment
     
INSURANCE, PROPERTY This contract is for enhancements to the Florida Public Hurricane Loss Projection Model which is hou... Fixed Fee / Unit Rate
     
Financial and Insurance Services This Addendum #1 for FY 2014-15 is for the Second Year of Enhancements for the Florida Public Hurric... Fixed Fee / Unit Rate
     
Financial and Insurance Services This Addendum #3 for FY 2015-16 is for the Third Year of Enhancements for the Florida Public Hurrica... Fixed Fee / Unit Rate
     
Financial and Insurance Services Addendum #4 for FY 2016-17 is for the Fourth and Final Year of the Enhancements for the Florida Publ... Fixed Fee / Unit Rate
 Displaying 1 to 4 of 4    


Payments are also referred to as expenditures (creating or incurring a legal obligation to disburse money) or disbursements (the payment of expenditures). Payments include disbursements and accounting adjustments made on a contract. Payments are always positive amounts while accounting adjustments may be positive or negative depending on the type of adjustment.

Payment Details

"Date" in the listing below indicates the date the payment voucher was recorded in the system, not the date the payment was issued.
More Fiscal Year Total Amount
     
2016-2017 $850,000.00
     
2015-2016 $1,700,000.00
     
2014-2015 $1,543,300.00
     
2013-2014 $1,543,300.00

If a payment or adjustment to a contract was made before July 1, 2012, the information may not be posted in this system.

Contract Documents


Click on the pdf icon or Agency Document Link to view the document
Document Type Document Reference # Executed Date Document Add Date Agency Document Link View
Original Contract Original Contract - I0041 09/24/2013 10/2/2013 1:23:41 PM
Amendment Add #3 09/30/2015 3/22/2016 12:06:38 PM
Amendment FIU EA#1 08/11/2014 12/27/2014 1:13:36 PM
Amendment FIU EA#4 06/28/2016 12/23/2016 8:44:18 AM


Audit results posted prior to June 30, 2012, appear in a summarized form. As of July 1, 2012, the audit reporting process was expanded to include additional questions and comments from the Bureau of Auditing. As audits are captured in electronic format, they will be posted to this system. If you are interested in seeing audit reports by Fiscal Year and Agency Action Plans, please click here to navigate to the Transparency Florida Contract Audit page.

  • No audits have been conducted on this contract at this time.
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