REPORT TO AUDIT COMMITTEE
SUBJECT
Title
Overview of Santa Clara Stadium Authority Fiscal Year 2025/26 Annual Financial Statements and Audit Results Presentation by CliftonLarsonAllen, LLP
Report
BACKGROUND
The Santa Clara Stadium Authority (Stadium Authority), the Stadium Funding Trust, and Goldman Sachs Bank USA entered into a Credit Agreement on June 19, 2013. Section 5.1(a) of the Credit Agreement requires that the Stadium Authority Annual Financial Statements be audited by independent certified public accountants within 180 days after the end of each fiscal year. On February 4, 2026, the Stadium Authority entered into a professional services agreement with CliftonLarsonAllen, LLP (CLA) to perform the annual financial audit of the Stadium Authority’s Fiscal Year 2025/26 Annual Financial Statements.
The Annual Financial Statements include: (1) the Independent Auditors’ Report which describes the auditors’ responsibility and their opinion of the Financial Statements, (2) Management’s Discussion and Analysis which provides an overall review of the Stadium Authority’s financial activities, (3) the Basic Financial Statements, and (4) the Notes to the Financial Statements which have additional information pertaining to the Stadium Authority’s operations and financial position.
The Financial Statements being discussed with this report cover the Stadium Authority’s 2025/26 fiscal year, which runs from April 1, 2025 to March 31, 2026.
DISCUSSION
The role of the audit committee is to provide oversight of the Stadium Authority’s financial reporting processes, internal controls, and independent auditors. CLA will provide an overview of the Stadium Authority Fiscal Year 2025/26 Annual Financial Statements as well as a brief overview of the audit and the audit results. This includes their audit report, financial statement disclosures, internal control related matters, and other items.
Brianne Wiese, Principal, and Ricky Hegner, Senior, from CLA will be presenting t...
Click here for full text