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File #: 18-998    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 7/10/2018 In control: Council and Authorities Concurrent Meeting
On agenda: 7/17/2018 Final action:
Title: Informational Report on Status of the Stadium Authority Financial Status Report through the Quarter and Fiscal Year Ending March 31, 2018
INFORMATION REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Informational Report on Status of the Stadium Authority Financial Status Report through the Quarter and Fiscal Year Ending March 31, 2018

Report
BACKGROUND
The Santa Clara Stadium Authority (SCSA) fiscal year is from April 1 to March 31 of the following year. Historically, SCSA staff has presented the fourth quarter and fiscal year financial status report ("Report") to the SCSA Board ("Board") in the May/June timeframe. The information included in these reports was unaudited and subject to change once the annual audit had been completed.

SCSA produces annual financial statements within six months of the March 31 fiscal year-end. These statements include an extensive discussion and presentation of the financial data of the Stadium Authority in accordance with Generally Accepted Accounting Principles (GAAP), and support the Board's financial oversight responsibility to provide fiscal information to residents, creditors and other stakeholders. The auditor's unmodified opinion assures the reader that the information presented in the Financial Report fairly represents the financial position of the Stadium Authority.

On February 13, 2018, the Board approved amendments to the Fiscal Year 2017-18 Stadium Authority Budget to implement an accrual method of budgeting versus cash method of budgeting as recommended by the Measure J Audit. The accrual method will allow staff to budget more accurately because it will account for expenses when they are incurred and revenues when they are earned and not when cash is actually paid or received.

DISCUSSION
Staff is currently in the process of closing the SCSA Fiscal Year 2017/18 Budget and preparing for the annual audit. With the change in budgeting methodology, this involves accruing several year-end transactions that were included as budget amendments at the February 13 meeting, such as Net Non-NFL Event Revenue, Performance Rent, and Community Facilities District (...

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