REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Financial Status Report for the Quarter and Fiscal Year Ending March 31, 2018
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").
DISCUSSION
The attached fourth quarter financial status report provides information covering the Stadium Authority's 2017/18 fiscal year, which runs from April 1, 2017 to March 31, 2018. 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
Levi's Stadium hosted ten NFL games in the Fiscal Year 2017/18 with a total of 643,189 tickets sold. This resulted in $7.8 million in NFL ticket surcharge for the Stadium Authority and $225,000 of Senior and Youth Program Fees for the City. Public safety costs for NFL games totaled $2.6 million which is 14.6% lower than the prior fiscal year due to the continued effort to be more efficient with the deployment of our limited staff resources and to utilize other widely used public safety strategies. All of these costs have been reimbursed to the City. The Tasman lot parking fee also generated $28,000 for the City's General Fund.
Non-NFL Event Revenue and Expenses
The Stadium Auth...
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