REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on Bills and Claims for the months of October 2019 through January 2020 [Board Pillar: Enhance Community Engagement and Transparency]
Report
BACKGROUND
Disbursements made by the Stadium Authority are based on invoices submitted for payment. Prior to payment, staff reviews all disbursement documents to ensure that they are in compliance with the goods or services provided.
The Bills and Claims listing represents the cash disbursements required of normal and usual operations during the period. Budget control is set by the Stadium Authority Board through the budget adoption process.
DISCUSSION
On April 30, the Stadium Authority Board directed staff to stop payment of any Stadium Authority invoices for services unless there is substantial documentation of services rendered, which must also be in compliance with State law and City Code. The May invoice was processed for payment prior to that direction. Since April 30, staff received direction to pay Stadium Authority invoices related to SBL sales and services, insurance, and utilities.
Significant expenses in October 2019 include:
* Payment to Stadium Funding Trust in the amount of $6,437,856 for six months of interest on the Term A fixed rate debt.
* Payment to Forty Niners SC Stadium Co. (StadCo) of $951,360 for the Community Facilities District (CFD) Advance (StadCo loaned the Stadium Authority $35 million which is to be repaid solely by CFD hotel taxes).
* Payments totaling $853,097 to the City of Santa Clara for the following:
o $105,181 for reimbursement of General and Administrative (G&A) City staff time (e.g.: City Manager's Office, City Attorney's Office, and Finance Department)
o $725,320 for reimbursement of City staff time for the CFP
o $22,596 for the Senior and Youth Fees collected ($0.35 per ticket) for one National Football League (NFL) game.
* Payment of $104,000 to KPMG LLP for FY 2018/19 Audit Services
Significant expenses in November ...
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