REPORT TO COUNCIL
SUBJECT
Title
Action on the Santa Clara Convention Center FY 2023/24 4th Quarter Financial Status Report
Report
COUNCIL PILLARS
Promote and Enhance Economic, Housing and Transportation Development
Enhance Community Engagement and Transparency
Promote Sustainability and Environmental Protection
BACKGROUND
On February 5, 2019, the City of Santa Clara approved an agreement with Global Spectrum L.P. dba Spectra Venue Management (Spectra) to operate the Santa Clara Convention Center (SCCC). Spectra began management of the SCCC on March 18, 2019. In November 2021, Spectra merged with Oak View Group (OVG) but continues to operate under the same legal entity.
Staff is transmitting OVG's SCCC status report to City Council for compliance with agreement terms.
DISCUSSION
This Report to Council transmits OVG's SCCC Financial Status Report for the 4th quarter ending June 30, 2024 (attached). This report is unaudited and, therefore, subject to change.
As OVG's 4th quarter report indicates, there were 77 events hosted at the SCCC, 19 more than the budgeted 58 events. There were 27 events in April, 29 events in May and 21 events in June.
The fourth quarter followed its historical pattern of being the strongest financial quarter of the fiscal year. April was the most lucrative month of the quarter followed by May and then June. Based on event needs, OVG staffing levels varied from 37-38 employees throughout the quarter.
Financial Summary
Quarter Ended June 30, 2024
Quarter Ended June 30, 2023
Budget
Actual
Overage
(Underage)
Budget
Actual
Overage
(Underage)
Gross Revenue
$4,919,974
$5,911,139
$991,165
$3,886,710
$6,614,989
$2,728,279
Total Expense
$4,196,348
$4,961,329
$764,981
$3,706,492
$5,421,421
$1,714,929
Net Income
$723,626
$949,810
$226,184
$180,218
$1,193,568
$1,013,350
For the 4th quarter ending June 30, 2024, OVG reported a net operating gain of $949,810, compared to a net operating gain of $1,193,568 for the...
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