REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Discussion of the Draft Santa Clara Stadium Authority Fiscal Year 2018-19 Proposed Budget
Report
BACKGROUND
Annually, Stadium Authority staff prepares, in coordination with the Forty Niners Stadium Management Company (ManCo), the proposed Santa Clara Stadium Authority (Stadium Authority) Operating, Debt Service, and Capital Budget for the Stadium Authority's twelve month fiscal year (April 1 through March 31 of the following year) in accordance with Article 4 "Records, Accounts, Budgets, and Reports" of the Stadium Management Agreement (Management Agreement). Section 4.6 of the Management Agreement requires that the Stadium Manager prepare an annual operating budget (Budget) for the Stadium for each fiscal year to meet the scope of services and objectives outlined in the Management Agreement; such Stadium Operations Budget may include other information as requested by the Forty Niners SC Stadium Company LLC (StadCo) and the Stadium Authority. Prior to each fiscal year, the Stadium Manager shall submit the annual Stadium Authority Budget to the Stadium Authority for review and approval. Within forty-five days after receipt of a draft Budget from the Stadium Manager, the Stadium Authority shall notify the Stadium Manager of any proposed changes, and with such changes made, the Budget shall become an approved Budget.
This report incorporates fourteen recommendations made by Harvey M. Rose Associates as part of the Measure J Audit. Those recommendations are: 1B, 1C, 1D, 1J, 1K, 1L, 1R, 2C, 2E, 2F, 2G, 2L, 2M, and 3B (see Attachment 1). Implementation of the audit recommendations are regularly reported out through the Stadium Authority's Ad Hoc Committee and its next meeting is March 19, where an update of each audit recommendation will be provided.
DISCUSSION
This report to the Stadium Authority transmits the Fiscal Year 2018-19 Stadium Authority Proposed Operating, Debt Service, and Capital Budget. The budge...
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