REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Santa Clara Stadium Authority Financial Status Report for Quarter Ending December 31, 2019 [Board Pillars: Ensure Compliance with Measure J and Manage Levi's Stadium & Enhance Community Engagement and Transparency]
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 Stadium, Stadium Authority finances, and the impact of Stadium Authority activity on the City of Santa Clara's ("City").
This report is to provide information covering the Stadium Authority's third (October 1, 2019 - December 31, 2019) quarter of the 2019/20 fiscal year.
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 reports.
DISCUSSION
The attached financial status report provides information covering the Stadium Authority's third (October 1, 2019 -December 31, 2019) quarter of the 2019/20 fiscal year. The reports summarize National Football League ("NFL") and non-NFL event activity at Levi's Stadium and describes the financial impact of these events on the Stadium Authority and City since FY 2014/15.
NFL Event Revenue and Expenses
Levi's Stadium hosted ten NFL games in the first three quarters of FY 2019/20 with a total of 662,731 tickets sold. This resulted in $8.4 million in NFL ticket surcharge for the Stadium Authority and $232,000 of Senior and Youth Program Fees for the City. Public saf...
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