REPORT TO COUNCIL
SUBJECT
Title
Action on the Santa Clara Convention Center FY 2023/24 3rd 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 3rd quarter ending March 31, 2024 (attached). This report is unaudited and, therefore, subject to change.
As OVG's 3rd quarter report indicates, there were 52 events hosted at the SCCC, 1 less than the budgeted 53 events. There were 13 events in January 2024, 14 events in February 2024, and 25 events in March 2024.
The third quarter followed its historical pattern of a slow start in January gradually increasing toward the end the quarter. Based on event needs, OVG staffing levels varied from 31-32 employees throughout the quarter.
Financial Summary
Quarter Ended March 31, 2024
Quarter Ended March 31, 2023
Budget
Actual
Overage
(Underage)
Budget
Actual
Overage
(Underage)
Gross Revenue
$3,511,801
$4,198,314
$686,513
$3,603,992
$3,754,579
$150,587
Total Expense
$3,638,745
$3,821,187
$182,442
$3,521,344
$3,211,082
($310,262)
Net Income
($126,944)
$377,127
$504,071
$82,648
$543,497
$460,849
For the 3rd ending March 31, 2024, OVG reported a net operating gain of $377,127, compared to a net operating gain of $543,497 for the 3rd quarter of FY 2022/23.
Total revenues for FY 2023/24 ...
Click here for full text