REPORT TO COUNCIL
SUBJECT
Title
Action on the Santa Clara Convention Center (SCCC) 1st Quarter Financial Status Report
Report
BACKGROUND
The SCCC Financial Status Report for the first quarter ending September 30, 2018 provides current information on the business activities of the Santa Clara Convention Center. Submission of the report by the Santa Clara Chamber of Commerce (Chamber) is required under the Management Agreement for the operation of the Santa Clara Convention Center. Staff is transmitting to the City Council the SCCC report for compliance with agreement terms and has not separately audited or validated the information.
DISCUSSION
Submitted for City Council consideration is the SCCC Financial Status Report for the first quarter ending September 30, 2018, as submitted by the Santa Clara Convention Center. This report is unaudited and therefore, subject to change. The delay in submitting this first quarterly report is due to competing priorities in the Finance Department and working with the Convention Center staff to correct clerical errors in the submitted Financial Status Report.
It is important to note that during the first quarter of the current fiscal year, the financial performance at the Convention Center declined in comparison to the first quarter of the prior fiscal year. The current first quarter ended with a year to date (YTD) loss of $497,487 compared to a loss of $31,718 in the prior year.
It should be noted that information included in prior quarterly reports such as room rental nights, convention attendees, and estimated revenues for convention center rental and Transient Occupancy Tax associated with CVB bookings is not included in this report.
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 specif...
Click here for full text