REPORT TO COUNCIL
SUBJECT
Title
Santa Clara Convention Center and Convention-Visitor's Bureau (SCCC-CVB) 2nd Quarter Financial Status Report
Report
BACKGROUND
The SCCC-CVB Financial Status Report for Second Quarter Ended December 31, 2017 provides current information on the business activities of the Santa Clara Convention Center and Convention-Visitor's Bureau.
DISCUSSION
Submitted for City Council review and acceptance is the SCCC-CVB Financial Status Report for Second Quarter Ended December 31, 2017, as submitted by the Santa Clara Chamber of Commerce and Convention-Visitor's Bureau. Submission of the report is required under the management agreement for the operation of the Santa Clara Convention Center and the agreement for convention and visitor services. This report is unaudited and therefore, subject to change.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" within the meaning of the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378(b)(4) in that it is a fiscal activity that does not involve any commitment to any specific project which may result in a potential significant impact on the environment.
FISCAL IMPACT
Year-end positive net operating results could be a revenue source to the General Fund, while net operating losses may be subsidized by the General Fund. The second quarter year-to-date 2017-18 financial results of the Santa Clara Convention Center show a net profit of $825,952, compared to a net profit of $480,218 for second quarter YTD 2016-17.
The financial status of the Convention Center as captured in the attached quarterly report is one of several aspects of the City's overall financial obligation related to the Convention Center. In addition to the general management and day-to-day operation of the Convention Center as captured in the quarterly report, in FY 2017-18 the City has budgeted funds for the Convention Center's current Capital Improvement Program (...
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