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File #: 21-936    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 6/29/2021 In control: Council and Authorities Concurrent Meeting
On agenda: 9/28/2021 Final action: 9/28/2021
Title: Action on the Stadium Authority Financial Status Report for the Quarter and Fiscal Year Ending March 31, 2021
Attachments: 1. SCSA Financial Status Report for the Quarter and Fiscal Year Ending March 31, 2021, 2. August 24, 2021 Letter from Treasurer to Stadium Manager - FY 2020/21 Non-NFL Events Document Review, 3. September 21, 2021 Response Letter from 49ers Chief Financial Officer to Treasurer
REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Stadium Authority Financial Status Report for the Quarter and Fiscal Year Ending March 31, 2021

Report
BOARD PILLARS
Ensure Compliance with Measure J and Manage Levi's Stadium
Enhance Community Engagement and Transparency

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 provides information covering the Stadium Authority's fourth quarter (January 1, 2021 - March 31, 2021) of the 2020/21 fiscal year.

The Adopted Stadium Authority Budget incorporates the estimated revenues and expenses for all Stadium Authority funds. The attached Financial Status Reports provide 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.

Certain operating expense payments are withheld based on Board direction for the partial suspension of payments at the March 27, 2019 Stadium Authority Board meeting, based on the concern that public funds would be used to pay for expenses that were not legally procured, or compliant with prevailing wage law or self-dealing/conflict of interest laws. At that meeting, the Board directed the Executive Director to only release public funds to ManagementCo when supporting documents have been submitted to show the expenses adhere to our agreements and State and local laws.

DISCUSSION
The attached financial status reports provide information covering the Stadium Authority's fourth qu...

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