REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Carryover of FY 2023/24 Stadium Authority Capital Project and Approve Related Budget Amendment
Report
BOARD PILLAR
Ensure Compliance with Measure J and Manage Levi's Stadium
BACKGROUND
On March 7, 2023, the Stadium Authority Board approved the Santa Clara Stadium Authority Fiscal Year 2023/24 Operating, Debt Service, and Capital Budget (FY 2023/24 Budget). As highlighted in Attachment 1, the FY 2023/24 Budget included the General Areas / Coatings Main Deck capital expense (CapEx) project for $2,168,759.
This project was needed to replace and recoat the Lymtal traffic deck coating at the lower seating bowl and on the 300 and 700 Level Concourses, which are currently showing signs of wear. The deck coating serves as a secondary waterproofing system for the occupied spaces below these areas and protects and extends the life of the concrete. Periodic replacement and recoating of this system is necessary to maintain the current waterproofing system and the expected useful life of the structure.
It was anticipated that this project would be completed by the end of FY 2023/24, so the corresponding budget was not requested to be carried forward to the FY 2024/25 Operating, Debt Service, and Capital Budget (FY 2024/25 Budget). However, due to the weather and additional unanticipated major events being held at the Stadium, this project extended into FY 2024/25. Staff is requesting approval to amend the FY 2024/25 Budget to include unspent funds from the FY 2023/24 Budget for this project.
DISCUSSION
During the FY 2024/25 budgeting process, the Forty Niners SC Stadium Management Company LLC (Stadium Manager) anticipated the completion of the General Areas / Coatings Main Deck CapEx project at the end of FY 2023/24, so the remaining budget was not requested to be carried over. Several unanticipated major events, including concerts and additional NFL home games held at the Stadium, required the contract...
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