REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on Bills and Claims for the month of August 2018 (Stadium Authority)
Report
BACKGROUND
Disbursements made by the Stadium Authority are based on invoices submitted for payment. Prior to payment, staff reviews all disbursement documents to ensure that they are in compliance with the goods or services provided.
The Bills and Claims listing represents the cash disbursements required of normal and usual operations during the period. Budget control is set by the Stadium Authority Board through the budget adoption process.
DISCUSSION
Significant expenditures in this time period include:
* Payment to Forty Niners SC Stadium Co. (StadCo) of $984,180 for the Community Facilities District (CFD) Advance (StadCo loaned the Stadium Authority $35 million which is to be repaid solely by CFD hotel taxes).
* Payment to Forty Niners Stadium Management Co. (ManagementCo) in the amount of $792,661 for stadium operations costs such as staffing, supplies, and equipment. Per the Stadium Authority FY 2018/19 Adopted Budget, the monthly Stadium Manager shared expenses are $1,290,213. However, the budget is offset with savings from FY 2017/18 for operational costs in the amount of $497,552 resulting in a net payment of $792,661 for August 2018.
* Four payments totaling $163,851 for the following four capital expense (CapEx) projects: (1) Stadium Field Conduits, (2) Temporary Power, (3) Flag Poles, and (4) Concrete Masonry Unit (CMU) Wall Build
* Two payments totaling $25,678 to the City of Santa Clara for reimbursement of General and Administrative (G&A) staff time (e.g.: City Manager's Office, City Attorney's Office, and Finance Department).
* Payment to Jordan Consulting and Investigations of $23,368 for July 2018 consulting services.
* Payment in the amount of $22,288 to the City of Santa Clara for the Senior and Youth Fees that were collected during the first National League Football (NFL) game held on August 9, 2018 ($0.35 ...
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