REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Santa Clara Stadium Authority Financial Status Report for Quarter Ending December 31, 2018 and Related Budget Amendments
Report
BACKGROUND
In Fiscal Year 2014/15 the Stadium Authority Board ("Board") requested that staff prepare quarterly Santa Clara Stadium Authority ("Stadium Authority") Financial Status Reports. These reports provide an update on the events held at Levi's(r) Stadium, Stadium Authority finances, and the impact of Stadium Authority activity on the City of Santa Clara ("City").
DISCUSSION
This report provides information covering the Stadium Authority's first three quarters of FY 2018/19, which runs from April 1, 2018 to December 31, 2018. The report provides a summary of National Football League ("NFL") and Non-NFL event activity at Levi's(r) Stadium and describes the financial impact of these events on the Stadium Authority and City.
The Adopted Stadium Authority Budget incorporates the estimated revenues and expenses for all Stadium Authority funds. The attached Financial Status Report provides the budget to actual revenue and expense summaries for the operating, debt service, and capital funds. Analysis of the financial activity through the fiscal year measures the adherence to the budget and allows the Stadium Authority to monitor and project revenues and expenses. Any significant variances are explained in the report.
Additionally, staff is recommending amendments to the FY 2018/19 Stadium Authority Operating Budget and Debt Service Budgets that are described in detail in the attached Financial Status Report. The following sections below summarize financial activity for the third quarter:
NFL Events
The San Francisco Forty-Niners ("49ers") played ten NFL games in the second and third quarter of FY 2018/19. A total of 651,237 tickets were sold for these ten games resulting in $8.1 million in NFL Ticket Surcharge for the Stadium Authority and $228,000 in Senior and Yo...
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