REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Santa Clara Stadium Authority Financial Status Report for Quarter Ending June 30, 2025
Report
BACKGROUND
In Fiscal Year 2014/15 the Stadium Authority Board (Board) requested that staff prepare quarterly Santa Clara Stadium Authority (Stadium Authority) Financial Status Reports. These reports provide an update on the events held at Levi’s® Stadium, Stadium Authority finances, and the impact of Stadium Authority activity on the City of Santa Clara (City).
This report provides information covering the Stadium Authority’s first quarter of the 2025/26 fiscal year (FY), which runs from April 1, 2025 to June 30, 2025.
The Adopted Stadium Authority Budget incorporates the estimated revenues and expenses for all Stadium Authority funds. As a part of the Stadium Authority policy to ensure adherence to the budget, a budget/encumbrance control system is used to ensure proper budgetary control. Budgetary appropriation control for expenditures is maintained at the fund level. The attached Financial Status Report provides the budget to actual revenue and expense summaries for the operating, debt service, and capital funds. Analysis of the financial activity through the fiscal year measures the adherence to the budget and allows the Stadium Authority to monitor and project revenues and expenses. Any significant variances are explained in the report.
DISCUSSION
The attached financial status report provides information covering the Stadium Authority’s first quarter (April 1, 2025 - June 30, 2025) of FY 2025/26. The report summarizes National Football League (NFL) and Non-NFL event activity at Levi’s® Stadium and describes the financial impact of these events on the Stadium Authority and City since FY 2014/15. The report also provides the budget to actual revenue and expense summaries for the operating, debt service, and capital funds. Analysis of the financial activity through the fiscal year measures the adherence to the budget and allows the Stadium Authority to monitor and project revenues and expenses. Any significant variances are explained in the report.
NFL Event Revenue and Expenses
There were no NFL games held in the first quarter of the FY 2025/26. Levi’s® Stadium hosted the first 49ers pre-season game of the 2025 season on August 9, 2025, which will be included in the report for the second quarter.
Non-NFL Event Revenue and Expenses
There were two large-scale ticketed Non-NFL events and 16 special events which are detailed in the report. The two ticketed Non-NFL events generated an average net profit of $701,000 per event. Table 1 below summarizes revenues and expenditures for the two ticketed events.
Table 1
Levi’s Stadium
Ticketed Non-NFL Events Revenue and Expenditure Summary
As of June 30, 2025
The Non-NFL event ticket sales generated $453,000 in base ticket surcharge revenue from the $4 per ticket base surcharge for this period. One half of the base Non-NFL ticket surcharge will be deposited into the discretionary fund in accordance with Section 12.1 of the Stadium Lease, with the remaining half being accounted for as general Stadium revenues. As part of the Buffet and Public Safety Cost Settlement Agreement, the Non-NFL Ticket Surcharge was increased to a minimum of $8 per ticket. Proceeds collected in excess of the $4 base Non-NFL ticket surcharge generated $567,000 in additional Non-NFL ticket surcharge and will be deposited in the public safety cost reserve. Public safety costs for these events totaled an estimated $1.2 million. The City will be fully reimbursed by a combination of payments from ManCo on behalf of the Stadium Authority and offsite parking fees that were collected.
When combining ticketed and non-ticketed Non-NFL revenues to date, Table 2 below shows approximately $2.2 million in net revenue (excluding surcharge revenue) through the end of the first quarter. This is a decrease of $1.3 million from the prior year’s Non-NFL event net revenue of $3.5 million for the quarter. It should be noted the financial information provided are preliminary numbers and subject to change as additional revenues and/or expenditures are recorded.
Table 2
Levi’s Stadium
Net Revenue for Non-NFL Events
by Event Type
Historical Year-to-Date Through June 30, 2025
(1) Other Operating Income are income not attributable to a specific event. Examples are interest income and reimbursements unrelated to a specific event.
(2) Other Operating Expenses are expenses not attributable to a specific event. Examples are event selling expenses, administrative expenses and miscellaneous costs.
(3) Net Revenue from Non-NFL Events does not include Non-NFL Event Ticket Surcharge.
Stadium Builder Licenses (SBLs)
SBLs account for 8% of the Stadium Authority’s annual budgeted revenue in FY 2025/26. There is a total of 67,177 currently active SBLs. Through the first quarter, since inception, the value of the active SBLs amount to $559.3 million of which $535.9 million has already been collected.
Stadium Authority Budgets
The detailed analysis of Stadium Authority budget to actual financials is provided in the attached Financial Status Reports. In summary, total operating revenues were $8.5 million representing 13% of the overall budget for revenues and total operating expenses were $6.6 million or 17% of the budget. The debt service fund was able to pay down $8.4 million in debt, bringing total Stadium Authority debt down to $211.2 million. Capital expenses were $5.3 million representing 24% of the overall Capital Expense (CapEx) budget.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(5) in that it is an administrative activity that will not result in direct or indirect physical changes in the environment.
FISCAL IMPACT
There is no fiscal impact to this report.
COORDINATION
This report was coordinated with the ManCo per section 4.6 of the Management Agreement as well as the Stadium Authority Counsel’s Offices.
PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email clerk@santaclaraca.gov <mailto:clerk@santaclaraca.gov> or at the public information desk at any City of Santa Clara public library.
RECOMMENDATION
Recommendation
Note and file the Santa Clara Stadium Authority Financial Status Report for the Quarter Ending June 30, 2025.
Staff
Reviewed by: Kenn Lee, Treasurer
Approved by: Jovan D. Grogan, Executive Director
ATTACHMENTS
1. SCSA Financial Status Report for the Quarter Ending June 30, 2025