SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter and Fiscal Year Ending
March 31, 2024
September 10, 2024
1 Table of Contents
Introduction ................................................................................................................................... 2 NFL Events ................................................................................................................................... 3 Non-NFL Events ........................................................................................................................... 6 Discretionary Fund ...................................................................................................................... 12 Stadium Builder Licenses ........................................................................................................... 12 Santa Clara Stadium Authority Budget Status Reports .............................................................. 15 Operating Budget .................................................................................................................... 15 Debt Service Budget ............................................................................................................... 20 Capital Improvement Project Budget ....................................................................................... 24 City of Santa Clara Net General Fund Impact ............................................................................ 28 Public Safety and Administrative Cost Reimbursement .......................................................... 28 Rents and Senior and Youth Fee ............................................................................................ 29 Other Revenue Impacts .......................................................................................................... 29 Glossary ...................................................................................................................................... 30
2 Introduction
This Santa Clara Stadium Authority (Stadium Authority) Financial Status Report provides information covering the fourth quarter of the Stadium Authority’s 2023/24 fiscal year (FY) which ended on March 31, 2024. Comparative data from prior fiscal years is also included.
In addition to these quarterl y reports, the Stadium Author ity produces annual financial statements. The FY 2023/24 financial statements were audited by an external audit firm and presented to the Stadium Authority’ s Audit Committee (Audit Committee) on September 3, 2024. They will be submitted to the Audit Committee on September 17, 2024 for its acceptance and recommendation to t he Stadium Authority Board (Board) to note and file the financial statements on Sept ember 24, 2024. The financial statements are published on the Stadium Authority’s website.
The Stadium Authority also pr epares a detailed budget pr ior to the beginning of each fiscal year. The FY 2023/24 budget was adopted by the Board on March 7, 2023.
Stadium Authority finances are structured so that the City of Santa Clara (City) is not liable for the debts or obligations of the Stadium Au thority. All services provided by the City, including administrative and public safety , to the Forty Niners Stadium Management Company, LLC (ManCo) or the Stadium Aut hority are fully reimbursed with Stadium Authority funds.
Methodology
Information provided in this report was bas ed in part on documentation submitted by ManCo. Specifically, National Football Leagu e (NFL) and Non-NFL event statistics and financial information relating to ManCo expens es are provided by ManCo. Stadium Authority staff has access to select financ ial information submitted by ManCo provided through the Stadium Authority’s Financia l Management System and event reports received for Non-NFL events. These reports are received 45 days after each event for events with attendance greater than 25,000. More detailed documents are received within 90 days after the close of the quarter. For all other financia l information, a full detailed review and/or audit of source documentati on has not been complet ed by the Stadium Authority for this report.
The information provided reflects the best known and available at the time of the writing of this report and is subject to further revision and review. Revisions may occur based on the timing of revenue and expenditure activity for events in this quarter that continue beyond the timing of this report. Consequently, the Board’s notation and filing of this report should not be considered an approval of the accuracy of the information in the report. 3 NFL Events
This section provides year-to-date and comparative data for NFL games categorized as pre-season and regular season games.
The San Francisco Forty-Niners (49ers) play ed a total of twelve NFL games (two pre- season games, eight regular season games and two playoff games) at Levi’s® Stadium through the quarter ending March 31, 2024. There was a total of 828,573 tickets sold to these NFL games, an average of 69,048 per gam e. This is down by 535 or 1% when compared to the same period in the prior fi scal year. The ticket sales resulted in $12.7 million in NFL ticket surcharge revenue (10% of ticket sales) to the Stadium Authority.
The average NFL ticket surcharge revenue was $1.1 million per game in the current year which is up by $112,000 or 12% from the same period in the prior fi scal year. A total of $250,000 of Senior and Youth Program Fees , which is based on $0.35 per NFL ticket sold, were collected through the end of the fourth quarter of the fiscal year. These fees were transferred to the City’s General Fund in support of such programs.
A total of 95,106 cars were parked in th e permitted offsite parking lots generating $612,000 in offsite parking fees. The overall number of cars parked in the permitted offsite lots increased by an average of 440 cars per game or 6% when co mpared to the prior fiscal year.
There was an estimated $6.4 million of NFL ev ent public safety costs in the current reporting period which is an average of $530,000 per game. This is an increase from the prior year average (through March 31, 2023) of $54,000. Of the $6. 4 million NFL event public safety costs, $5.4 million or 84% are direct City costs and $1.0 million or 16% are outside agency costs. $613,000 of the total NFL event public safety costs are covered by the offsite parking fees that were collected and the remaining are invoiced to ManCo.
Reimbursements usually take between 3 to 6 months from the event date due to the timing of third-party invoices and payment from ManCo.
Statistics for the NFL games held at Levi’s
® Stadium in the 2023/24 fiscal year are shown
in Table 1 and comparative data from all ten years of operations can be found in Table 2.
4 Table 1
Game 1 vs
Broncos
Game 2 vs
Chargers
Game 3 vs
Giants
Game 4 vs
Cardinals
Game 5 vs
Cowboys
Game 6 vs
Bengals
Game 7 vs
Buccaneers
Game 8 vs
Seahawks
Game 9 vs
Ravens
Game 10 vs
Rams
Game 11 vs
Packers
Game 12 vs
Lions 2023/24
08/19/23 08/25/23 09/21/23 10/01/23 10/08/23 10/29/23 11/19/ 23 12/10/23 12/25/23 01/07/24 01/20/24 01/28/24 YTD Total No. of Tickets Sold 65,819 62,492 69,726 69,741 70,026 70,008 69,768 70,017 69,855 69,741 70,655 70,725 828,573 NFL Ticket Surcharge
(2)
745,864$ 742,481 $ 1,206,732$ 1,190,498 $ 2,700,282 $ 1,243,625 $ 1,211,267 $ 1,235,033 $ 1,247,574 $ 1,193,224 $ - $ - $ 12,716,579$ Senior/Youth Program Fees 23,037 $ 21,872 $ 24,404 $ 24,409 $ 24,509 $ 24,503 $ 24,419 $ 24,506 $ 24,449 $ 24,409 $ 9,482 $ - $ 250,000$ Cars Parked at Offsite Lots 5,901 6,238 5,708 8,016 8,730 8,897 8,475 8,982 7,424 8,757 8,948 9,030 95,106 City Offsite Parking Fee 38,002 $ 40,173 $ 36,760 $ 51,623 $ 56,221 $ 57,297 $ 54,579 $ 57,844 $ 47,811 $ 56,395 $ 57,625 $ 58,153 $ 612,483$ Stadium Public Safety Costs (1)
447,932$ 471,940 $ 502,805 $ 495,957 $ 572,974 $ 495,337 $ 497,117 $ 526,694 $ 559,162 $ 517,988 $ 583,675 $ 693,306 $ 6,364,886$ Less: Offsite Parking Fee Credit (38,002) $ (40,173) $ (36,760) $ (51,623) $ (56,221) $ (57,297) $ (54,579) $ (57,844) $ (47,811) $ (56,395) $ (57,625) $ (58,153) $ (612,483)$ Reimbursable Stadium Public Safety Cost 409,929$ 431,767 $ 466,045 $ 444,334 $ 516,753 $ 438,040 $ 442,538 $ 468,850 $ 511,351 $ 461,593 $ 526,050 $ 635,153 $ 5,752,403$ Amount Reimbursed 396,261 $ 416,972 $ 447,399 $ 426,657 $ 494,013 $ 420,756 $ 425,465 $ 449,353 $ 484,104 $ 418,767 $ 474,392 $ 567,717 $ 5,421,856$ (1) Includes estimated stadium public safety costs from outside agencies.
Levi's® Stadium
2023/24 NFL Event Statistics
As of March 31, 2024
(2) NFL Ticket Surcharge excludes NFL Play-Off games as indicated on Article 1 of the Amended and Restated Team Non-Relocation Agreement between Team and SCSA. 5 Table 2
2014/15 Q4 2015/16 Q4 2016/17 Q4 2017/18 Q4 2018/19 Q4 2019/20 Q4 2020/21 Q4 2021/22 Q4 2022/23 Q4 2023/24 Q4 Total Total Total Total Total Total Total Total Total Total No. of NFL Events 10 10 10 10 10 12 5 10 12 12 No. of Tickets Sold 682,095 669,826 655,891 643,189 651,237 803,524 - 674,214 835,001 828,573 NFL Ticket Surcharge 8,366,290 $ 8,273,378 $ 8,175,462 $ 7,806,190 $ 8,076,510 $ 8,412,291 $ - $ 9,809,009$ 11,366,724 $ 12,716,579 $ Senior/Youth Program Fees 238,734 $ 234,439 $ 229,562 $ 225,116 $ 227,933 $ 250,000 $ - $ 235,975$ 250,000 $ 250,000 $ Cars Parked at Offsite Lots 90,024 57,166 67,740 54,107 56,390 81,401 - 71,614 89,828 95,106 City Offsite Parking Fee 442,918 $ 290,403 $ 354,958 $ 293,260 $ 317,476 $ 476,196 $ - $ 423,238$ 550,646 $ 612,483 $ Cars Parked on Tasman Lots 4,983 6,876 5,122 5,530 4,729 6,882 - 4,449 - - Cars Parked on Golf Course 23,306 20,090 - - - - - - - - City Tasman Lot and Golf Course Parking Fee 141,445$ 134,830 $ 25,610 $ 27,650 $ 23,645 $ 34,410 $ - $ 22,245$ - $ - $ Stadium Public Safety Costs (1)
2,455,404$ 2,437,902 $ 3,084,850 $ 2,633,295 $ 2,994,735 $ 5,416,926 $ 887,617 $ 5,303,491$ 5,716,274 $ 6,364,886 $ Golf Course Public Safety Costs 180,766 $ 81,210 $ - $ - $ - $ - $ - $ - $ - $ - $ Subtotal Event Public Safety Costs 2,636,170 $ 2,519,111 $ 3,084,850 $ 2,633,295 $ 2,994,735 $ 5,416,926 $ 887,617 $ 5,303,491$ 5,716,274 $ 6,364,886 $ Less: Offsite Parking Fee Credit (442,918) $ (290,403) $ (354,958) $ (293,260) $ (317,476) $ (476,196) $ - $ (423,238)$ (550,646) $ (612,483) $ Reimbursable Stadium Public Safety Costs 2,193,252$ 2,228,708 $ 2,729,892 $ 2,340,035 $ 2,677,259 $ 4,940,730 $ 887,617 $ 4,880,253$ 5,165,629 $ 5,752,403 $ Total Amount Reimbursed 2,193,252 $ 2,228,708 $ 2,729,892 $ 2,340,035 $ 2,677,259 $ 4,940,730 $ 887,617 $ 4,880,253$ 5,165,519 $ 5,421,856 $ (1) Includes estimated stadium public safety costs from outside agencies.
Levi's® Stadium
Historical NFL Event Statistics
6 Non-NFL Events
This section provides year to date and comparative data for Non-NFL events categorized as events ranging from high school and colle ge football games, international soccer matches, concerts, wedding fairs, and special events. During the current reporting period, there were a total of 398,314 tickets sold for the eight ticketed Non-NFL events and two ticketed special events that were held, re sulting in $1.6 million Non-NFL event ticket surcharge revenue (from the $4 per ticket Non-NFL event surcharge). This is an increase in ticket surcharge revenue of $313,000 or 24.5% over the same period in the prior year.
There was one additional ticketed Non-NFL event when compared to the same period in the prior year and the ticketed Non-NFL events in the current reporting period were larger-scale events resulting in the increase in the ticket surcharge revenue.
ManCo reports that there were also 53 smaller special events held at Levi’s ® Stadium which is 16 events less than the same period of the prior fiscal year. The attendance at these events increased from 25,867 in the prior period to 28,853 in the current year, a 12% increase. Examples of these specia l events include corporate events of various sizes, weddings, holiday parties, high school dances, etc.
In correlation with the Non-NFL events held during the current r eporting period, there were 38,716 cars parked at these offsite lo ts and the City earned a total of $248,000 in related offsite parking fees, which is derived from the $6.13 per parking space fee for events taking place prior to July 2023 and $6.44 per parking space for all events thereafter. The revenues earned from this offsite parking fee supports public safety costs for Non-NFL events. The offsite parking fee in voices can take up to a few months to be fully paid.
Total Non-NFL event public safety costs were $3.5 million an increase of $828,000 from the prior year. As noted previously, this increase in cost is due to more large-scale events being held in the current year when compared to the prior year. Of t hese costs, $248,000 was covered by the offsite parking fee. The remain ing $3.2 million was invoiced to ManCo which will be reimbursed to the City. Reimbursements usually take between 3 to 6 months from the event date due to the timing of third-party invoices and payment from ManCo.
Statistics for FY 2023/24 events are shown in Table 3 and comparative data from all ten years of operations are shown in Table 4.
7 Table 3
Earthquakes vs
LAFC Soccer
Gold Cup
Tournament
F.C. Barcelona
vs. Juventus
F.C.
(Canceled)
Taylor Swift
Day 1
Taylor Swift
Day 2 Karol G Beyonce Ed Sheeran
2023/24 YTD
05/06/23 07/02/23 07/22/23 07/28/23 07/29/23 08/14/23 08/30/23 09/16/23 Total No. of Scanned Attendees 36,933 56,808 - 61,925 61,286 42,048 49,296 73,167 - 381,463 No. of Tickets Sold 41,737 62,846 - 62,103 61,736 43,691 50,728 75,109 364 398,314 Non-NFL Ticket Surcharge 166,948 $ 251,384 $ - $ 248,412$ 246,944 $ 174,764 $ 202,912 $ 300,436 $ 1,456 $ 1,593,256$ No. of Non-NFL Special Events 53 53 Non-NFL Special Event Attendees 28,853 28,853 Cars Parked at Offsite Lots 4,497 7,082 - 5,127 6,053 3,392 4,474 8,091 - 38,716 City Offsite Parking Fee 27,567 $ 45,608 $ - $ 33,018$ 38,981 $ 21,844 $ 28,813 $ 52,106 $ - $ 247,937$ Stadium Public Safety Costs (1)
375,930$ 586,322 $ 150,765 $ 576,455 $ 525,195 $ 396,654 $ 406,010 $ 408,968 $ 28,953 $ 3,455,253$ Less: Offsite Parking Fee Credit (27,567)$ (45,608) $ - $ (33,018)$ (38,981) $ (21,844) $ (28,813) $ (52,106) $ - $ (247,937)$ Reimbursable Public Safety Costs 348,363$ 540,714 $ 150,765 $ 543,438 $ 486,213 $ 374,810 $ 377,197 $ 356,862 $ 28,953 $ 3,207,316$ Amount Reimbursed 339,429 $ 512,163 $ 150,765 $ 512,197 $ 460,518 $ 360,694 $ 365,240 $ 343,416 $ 1,145 $ 3,045,567$ (1) Includes estimated stadium public safety costs from outside agencies. 2023/24 YTD
Special Events
Levi's® Stadium
FY 2023/24 Non-NFL Event Statistics
As of March 31, 2024
8 Table 4
2014/15 Q4 2015/16 Q4 2016/17 Q4 2017/18 Q4 2018/19 Q4 2019/20 Q4 2020/21 Q4 2021/22 Q4 2022/23 Q4 2023/24 Q4 Total Total Total Total Total Total Total Total Total Total No. of non-NFL Ticketed Events 9 17 18 13 12 8 - - 7 8 No. of Tickets Sold 377,312 629,004 582,349 384,282 332,600 183,874 - - 319,948 398,314 Non-NFL Ticket Surcharge 1,431,540 $ 2,477,084 $ 2,329,396 $ 1,537,128 $ 1,330,400 $ 735,496 $ - $ - $ 1,279,792$ 1,593,256 $ No. of Non-NFL Special Events 186 207 127 113 100 79 - 12 69 53 Non-NFL Special Event Attendees 62,357 105,997 49,151 62,917 35,676 33,535 - 3,698 25,867 28,853 Cars Parked at Offsite Lots 26,156 55,720 60,969 30,734 28,566 17,127 - - 35,302 38,716 City Offsite Parking Fee 128,688 $ 278,704 $ 313,979 $ 165,149 $ 158,623 $ 98,547 $ - $ - $ 215,155$ 247,937 $ Cars Parked on Golf Course 12,004 20,661 9,562 - - - - - - - City Golf Course Parking Fee 60,020 $ 103,305 $ 47,810 $ - $ - $ - $ - $ - $ - $ - $ Stadium Public Safety Costs (2)
1,782,821$ 3,083,668 $ 3,207,507 $ 2,020,343 $ 2,421,914 $ 1,718,924 $ - $ 98,983$ $2,627,394 3,455,253 $ Golf Course Public Safety Costs 76,462$ 119,842 $ 39,905 $ - $ - $ - $ - $ - $ - $ - $ Subtotal Event Public Safety Costs 1,859,283$ 3,203,510 $ 3,247,412 $ 2,020,343 $ 2,421,914 $ 1,718,924 $ - $ 98,983$ 2,627,394$ 3,455,253 $ Less: Offsite Parking Fee Credit (128,688)$ (278,704) $ (313,979) $ (165,149) $ (158,623) $ (98,547) $ - $ - $ (215,155)$ (247,937) $ Reimbursable Public Safety Costs 1,730,595$ 2,924,805 $ 2,933,433 $ 1,855,194 $ 2,263,291 $ 1,620,377 $ - $ 98,983$ 2,412,239$ 3,207,316 $ Amount Reimbursed 1,730,595 $ 2,924,805 $ 2,933,433 $ 1,855,194 $ 2,263,291 $ 1,620,377 $ - $ 98,983$ 2,412,239$ 3,045,567 $ (1) The first event at Levi's Stadium was in August 2014 (the second quarter of the 2014/15 Fiscal Year). (2) Additional Public Safety Costs are included for Events taking place in FY 2022/23 subsequent to when the FY 2022/23 report was published.
Levi's® Stadium
Historical Non-NFL Event Statistics(1)
9 Table 5 summarizes ticketed Non-NFL revenues and expenditures by event reported by ManCo as of the report date. There were 8 ticketed Non-NFL events held in FY 2023/24 and generated an average net rev enue of $716,000 per event. T he inclusion of this information is to provide a greater level of transparency and provide the overall financial results of the Non-NFL events.
Table 5
In Millions $
Ticketed Event Revenue Expense Net
Concert 1 2.8 $ 1.1 $ 1.6 $ Concert 2 2.6 1.7 1.0 Concert 3 2.5 1.8 0.8 Concert 4 2.5 1.5 1.0 Concert 5 1.8 0.7 1.1 Sporting Event 1 1.7 1.1 0.6 Sporting Event 2 0.8 0.5 0.3 Sporting Event 3 0.0 0.6 (0.6) Total Ticketed Non-NFL Net Revenue to Date 14.7$ 9.0 $ 5.7 $ Levi's® Stadium
Ticketed Non-NFL Events Revenue and Expenditure Summary As of March 31, 2024
10 Table 6 and 7 show Non-NFL net revenue by event type and event revenue and expenses by category. For FY 2023/24, ManCo anticipated Non-NFL events to result in projected net revenues of $7.8 million, as cited in the documents provided for the FY 2024/25 Proposed Stadium Authority Budget. Through the fourth quarter of FY 2023/24, ticketed events and non-ticketed special events cont ributed $5.7 million and $2.1 million in net revenues, respectively. There was also additional interest income of $2.2 million earned on Non-NFL events cash reserves. Offset by $1.8 million of non-event specific other expenses, ManCo reported a net revenue of $8.3 million for the current reporting period.
Overall FY 2023/24 Non-NFL net revenue dec reased by $542,000 when compared to the prior year. This decrease was made up of ticketed Non-NFL net revenue decreasing by $790,000 due to holding one less concert than the prior year and having to cancel one of the three soccer event s in the current year. When compared to the prior FY, sixteen fewer special events we re held in the current year leading to a decrease of $684,000 in net revenue. Other operating expenses also incr eased by $413,000. This was all offset by an increase in other operating income of $1.3 million largely attributable to bank interest that is earned on the cash that is collected from Non-NFL event ticket sales.
Table 6
EVENT TYPE
No. of
Events Net Revenue
No. of
Events
Net
Revenue
No. of
Events
Net
Revenue
No. of
Events Net Revenue
No. of
Events Net Revenue
Ticketed Events
Concerts 1 $ 856,583 0- $ 0 - $ 6 $ 6,097,521 5 $ 5,413,125 Sporting events:
Soccer 2 (65,295) 0 - 0 - 1 423,573 3 318,096 Net Revenue from Ticketed Events 8 (2,838,247)$ 0 - $ 0 - $ 7 6,521,094 $ 8 5,731,221 $ 79 1,492,330$ 0 - $ 0 - $ 69 2,789,761$ 53 2,106,060 $ Other Operating Income(1)
70,350$ - $ - $ 900,736 $ 2,245,051 $ Other Operating Expenses(2)
(1,465,447)$ - $ - $ (1,402,424) $ (1,815,647) $ Total Net Revenue from Non-NFL Events (3)
87 (2,741,014)$ 0 - $ 0 - $ 76 8,809,167$ 61 8,266,685 $ Net Revenue from Special Events (weddings, corporate events, etc.) (2) Other Operating Expenses are expenses not attributable to a specific event. Examples are event selling expenses, administrative expenses and miscellaneous costs. (3) Net Revenue from Non-NFL Events does not include Non-NFL Event Ticket Surcharge of $1.6m. (1) Other Operating Income are income not attributable to a specific event. Examples are interest income and reimbursements unrelated to a specific event. 2019/20 2022/23 2020/21
Levi's Stadium
Net Revenue for Non-NFL Events
2023/24
by Event Type
Historical Year-to-Date through March 31, 2024
2021/22
11 Table 7
2023/24
YTD Total
REVENUE:
Special Event Revenue 7,182,661 $
Ticket Platform Fees 6,391,560
Suite Ticket Revenue 1,421,850
Parking 2,302,876
Food & Beverage - Ticketed Events 3,421,515
Food & Beverage - Special Events 794,457
Miscellaneous(1) 3,420,803
Total Revenue 24,935,722 $
EXPENSE:
Public Safety/Security 5,533,317 $
Event Staff 4,866,792
Parking 2,128,551
Catering - Special Events 4,657,944
General Event Related Expenses 5,398,206
Expense Reimbursement from Event Licensee(2) (7,731,420) Miscellaneous(3) 1,815,647
Total Expense 16,669,037 $
Total Non-NFL Net Revenue 8,266,685 $
(3) Includes catered events department staff costs, non-event specific staff costs, and other expenses.
Levi's® Stadium
Non-NFL Event Results by Category
As of March 31, 2024
(2) Expenses incurred for Non-NFL events can either be the responsibility of the SCSA or the Event Licensee depending on the nature of the expense. This figure represents the total expenses incurred by the SCSA that were the responsibilty of the Event Licensee for which the SCSA has been reimbursed, net of the Event Licensee's share of ancillary revenues. (1) Includes venue rental fees, net merchandise sales, interest income, and other revenues. 12 Discretionary Fund
The Discretionary Fund is funded by revenue equal to 50% of the Non-NFL event ticket surcharge of $4 per ticket. The eight ti cketed Non-NFL events contributed $797,000 to the Discretionary Fund in the reporting period. This is based on the estimated attendance provided by ManCo. At the time of this report, $797,000 has been collected for the current fiscal year. Table 8 shows the revenues and expenses in the Discretionary Fund since FY 2014/15. The balance at the time of this report is $2.5 million.
Table 8
Stadium Builder Licenses
The total principal value of cu rrently active Stadium Builder Licenses (SBLs) is $555.0 million and, as of March 31, 2024, 95.4% of the total principal value of all SBLs sold (i.e., $529.4 million) had been collected. Payment for the sale of SBL s are financed over 10 years.
SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments are due by March 1 st each year. The majority of SBL holders make their payments on time. For those that do not pay on time, SBL service staff, working for ManCo on the Stadium Authority’s behalf, contact the SBL holders and attempt to collect the full amounts owed. Ultimately, a SBL can be defaulted for non-payment. Once a SBL is defaulted, the SBL holder in default loses their right to buy season tickets as well as their priority rights to tickets to Non-NFL events, and forfei ts any money they had invested in the SBL.
Defaulted SBLs are then available for resale.
There is a total of 64,993 currently active SBLs, or 98.3% of the 66,136 total sellable SBL seats. This is an increase of 1,778 from the total active SBLs at the end of the prior fiscal year (March 31, 2023). The main reasons for the increase are due to sale of new SBLs and customer seat relocation program offset by default buy back. The customer seat relocation program allows cust omers to trade in their SBLs in return for others in a different location as long as the total face va lue of the new seats is equal to or greater than the original seats.
Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
2014/15 - $ 715,770$ - $ 715,770$ 2015/16 715,770 1,238,542 714,028 1,240,284 2016/17 1,240,284 1,164,698 699,129 1,705,853 2017/18 1,705,853 768,564 1,209,342 1,265,075 2018/19 1,265,075 796,294 101,267 1,960,102 2019/20 1,960,102 367,748 - 2,327,850 2020/21 2,327,850 - 18 2,327,832 2021/22 2,327,832 - (18) 2,327,850 2022/23 2,327,850 639,896 1,300,051 1,667,695 2023/24 1,667,695 796,628 - 2,464,323 Discretionary Fund Reserve
13 During the current reporting peri od, 1,838 SBLs were sold for a total face va lue of $10.6 million. The customer seat relocation program resulted in an increase of $826,000 to the SBL face value, while netting 450 more SBL s. There were also 510 SBL defaulted with a face value of $3.6 million.
Additional details regarding currently active SBLs are noted in Table 9. 14 Table 9
SBL Seats
Available
SBL Seats Sold
as of 3/31/23
New SBL
Sales
Net SBL
Relocations
SBL
Defaults Other SBL Seats
Sold SBL Value SBL Collected % SBL Principal
Collected
100 100 - - - - 100 14,082,625$ 13,895,904 $ 98.7% 942 942 - - (4) - 938 75,040,000$ 74,474,161 $ 99.2% 2 2 - - - - 2 80,000$ 79,600 $ 99.5% 4,945 4,581 93 16 (20) - 4,670 140,100,000$ 134,635,787 $ 96.1% 3,475 2,937 126 (11) (22) - 3,030 60,600,000$ 56,574,539 $ 93.4% 70 64 2 - (2) - 64 1,120,000$ 884,393 $ 79.0% 7 7 - - - - 7 105,000$ 105,000 $ 100.0% 2,163 2,216 24 (17) (25) - 2,198 26,376,000$ 24,978,037 $ 94.7% 7 7 - - - - 7 70,000$ 69,915 $ 99.9% 20,651 20,958 172 (8) (134) - 20,988 125,928,000$ 120,605,508 $ 95.8% 14,307 14,371 374 (41) (171) - 14,533 72,665,000$ 66,929,340 $ 92.1% 916 924 2 1 - - 927 3,708,000$ 3,683,641 $ 99.3% 91 91 - - - - 91 273,000$ 270,836 $ 99.2% 40 44 - (3) (1) - 40 100,000$ 99,998 $ 100.0% 18,392 15,940 1,045 513 (131) - 17,367 34,734,000$ 32,039,066 $ 92.2% 28 31 - - - - 31 31,000$ 30,896 $ 99.7% 66,136 63,215 1,838 450 (510) - 64,993 555,012,625$ 529,356,621 $ 95.4% Plus: Interest on financed SBLs 65,423,305$
Total Principal & Interest 594,779,926$
(1) This table does not include $36.8 million that has been collected life-to-date from defaulted SBL holders.
Total
10,000
Santa Clara Stadium Authority
Currently Active Stadium Builder License (SBL) Summary (1) Through March 31, 2024
Seat Value
141,392
80,000
40,000
30,000
20,000
15,000
12,000
6,000
5,000
4,000
3,000
2,500
2,000
1,000
17,500
15 Santa Clara Stadium Authority Budget Status Reports
Operating Budget
With FY 2023/24 complete, total operating revenues were $76.5 million representing 118% of the overall budget for revenues. During the current reporting period, the Stadium Authority collected $15.4 million in SBL proceeds or 123% of what was budgeted. All SBL proceeds are to be transferred to the debt service fund per applicable loan agreements.
Stadium Authority also recognized $24.8 million in rent from StadCo, $12.7 million in NFL Ticket Surcharge, $7.6 million in Naming Right s, $4.8 million in interest and $835,000 in sponsorship (STR) revenue. In addition, the Stadium Authority repor ted $8.3 million in net-revenues and $1.6 million in ticket surcharge from Non-NFL events in FY 2023/24.
Total Operating expenses were $21 million, or 89% of the annual budget. Shared Stadium Manager expenses were at 91% of the budget, or $12.7 million of the $13.9 million budgeted amount and SBL Sales and Service expenses were 104% of the budget or $2.4 million. SBL Sales and Service expenses were higher than projected due to increase level of support needed to manage the cu rrent SBL activities. Utilit y costs are 106% of the budget for the year, or $1.5 million. Utility costs were higher than anticipated largely due to a 10% rate increase in January that ManC o had not factored into projections. Use of StadCo Improvements are 104% of the budget or $138,000 fo r the year. The Stadium Authority is charged fees for the use of St adCo assets during Non-NFL events. Use of StadCo Tenant Improvement expenses incurred were higher than budgeted due to more private events held in FY 2023/24 than projec ted. Transfers out for debt service and capital expenditures fund amounted to $17.3 million and $3.9 million, respectively. Lastly, Stadium Authority G&A costs were below b udgeted levels at $3.1 million or 79% of the budget. As spend for total operating expenses were under budget by $2.5 million, there were sufficient savings to cover any overages mentioned above.
Additional details are shown in Table 10
16 Table 10
Budget to Budget to
Final(1)
Q1 Q2 Q3 Q4 YTD Actual % Final YTD Actual %
Budget Actuals Actuals Actuals Actuals Actuals Difference Received Budget Actuals Difference Received Revenue
NFL Ticket Surcharge 12,178,000 $ - $ 2,695,077$ 8,828,278 $ 1,193,224 $ 12,716,579 $ (538,579) $ 104% 11,367,000 $ 11,366,724 $ 276 $ 100% SBL Proceeds 12,589,000 - 10,708,985 1,465,700 3,249,777 15,424,462 (2,835,462) 123% 24,528,000 24,890,317 (362,317) 101% Interest 1,249,000 701,508 1,125,604 1,337,768 1,680,584 4,845,464 (3,596,464) 388% 1,037,000 1,722,940 (685,940) 166% Net Revenues from Non-NFL Events 4,500,000 - - - 8,266,685 8,266,685 (3,766,685) 184% 7,262,000 8,953,450 (1,691,450) 123% Naming Rights 7,602,000 - - 3,744,699 3,857,040 7,601,739 261 100% 11,016,000 11,015,959 41 100% Sponsorship Revenue (STR) 475,000 143,288 81,250 182,985 427,929 835,452 (360,452) 176% 405,000 585,534 (180,534) 145% Rent 24,762,000 6,190,500 7,565,500 6,190,500 4,815,500 24,762,000 - 100% 24,762,000 24,762,000 - 100% Senior & Youth Program Fees 250,000 - 69,313 146,795 33,892 250,000 - 100% 250,000 250,000 - 100% Non-NFL Event Ticket Surcharge 1,296,000 164,000 1,423,128 5,232 896 1,593,256 (297,256) 123% 1,284,000 1,279,792 4,208 100% Other Revenue - 2,043 - 68,000 97,068 167,111 (167,111) NA - 68,874 (68,874) NA Total Revenue 64,901,000 $ 7,201,339 $ 23,668,857 $ 21,969,957 $ 23,622,595 $ 76,462,748 $ (11,561,748)$ 118% 81,911,000 $ 84,895,590 $ (2,984,590) $ 104% Budget to Budget to
Final(1)
Q1 Q2 Q3 Q4 YTD Actual % Final YTD Actual %
Budget Actuals Actuals Actuals Actuals Actuals Difference Used Budget Actuals Difference Used Expenses
Shared Stadium Manager Expenses
Stadium Operations 4,550,000 $ 1,107,096 $ 1,145,010 $ 1,145,010 $ 433,256 $ 3,830,372 $ 719,628 $ 84% 3,827,196 $ 3,495,283 $ 331,913 $ 91% Engineering 2,694,000 655,630 678,207 678,207 781,050 2,793,094 (99,094) 104% 2,488,872 2,674,884 (186,012) 107% Guest Services 645,000 157,014 162,811 162,811 (55,431) 427,205 217,795 66% 586,968 395,101 191,867 67% Groundskeeping 650,000 158,270 165,337 165,337 (23,820) 465,124 184,876 72% 497,556 447,655 49,901 90% Security 1,564,000 380,730 396,828 396,828 (47,321) 1,127,065 436,935 72% 1,626,828 1,247,867 378,961 77% Insurance 3,327,000 831,793 831,793 831,792 831,794 3,327,172 (172) 100% 3,230,000 3,230,263 (263) 100% Stadium Management Fee 516,515 - 92,855 162,515 435,237 690,607 (174,092) 134% 253,000 253,354 (354) 100% Shared Stadium Mngr Exps Subtotal 13,946,515 $ 3,290,533 $ 3,472,841 $ 3,542,500 $ 2,354,765 $ 12,660,639 $ 1,285,876 $ 91% 12,510,420 $ 11,744,407 $ 766,013 $ 94% Other Operating Expenses
SBL Sales and Service 2,333,000 $ 568,174 $ 1,029,184$ 152,578 $ 679,087 $ 2,429,023 $ (96,023) $ 104% 2,089,000 $ 2,157,787 $ (68,787) $ 103% Senior & Youth Fees (paid to City) 250,000 - 69,313 146,795 33,892 250,000 - 100% 250,000 250,000 - 100% Ground Rent (paid to City) 495,000 - 495,000 - - 495,000 - 100% 460,000 460,000 - 100% Performance Rent (paid to City) - - - - - - - NA - - - NA Discretionary Fund Expense 250,000 - - - - - 250,000 0% 1,300,000 650,000 650,000 50% Utilities 1,391,000 711,358 215,672 - 545,965 1,472,995 (81,995) 106% 1,444,000 1,225,594 218,406 85% Use of StadCo Tenant Improvements 133,000 30,384 81,353 4,665 22,003 138,405 (5,405) 104% 82,000 82,972 (972) 101% Stadium Authority G&A 3,919,900 507,048 838,093 612,857 1,127,801 3,085,799 834,101 79% 4,205,000 2,274,063 1,930,937 54% Naming Rights Commission 94,000 46,809 - 46,809 - 93,618 382 100% 91,000 90,891 109 100% Legal Contingency - - - - - - - NA 89,011 - 89,011 0% Other Expenses 734,000 184,112 182,682 183,397 (156,849) 393,342 340,658 54% 723,000 426,722 296,278 59% Other Operating Expenses Subtotal 9,599,900 $ 2,047,885 $ 2,911,297 $ 1,147,101 $ 2,251,899 $ 8,358,182 $ 1,241,718 $ 87% 10,733,011 $ 7,618,029 $ 3,114,982 $ 71% Total Expenses 23,546,415 $ 5,338,418 $ 6,384,138 $ 4,689,601 $ 4,606,664 $ 21,018,821 $ 2,527,594 $ 89% 23,243,431 $ 19,362,436 $ 3,880,995 $ 83% Transfers Out
Debt Service 25,457,000 $ - $ 10,678,707$ 6,619,001 $ - 17,297,708$ 8,159,292 $ 68% 46,341,580 $ 46,099,942 $ 241,638 $ 99% Capital Expenditures Reserve 3,915,000 - - - 3,914,319 3,914,319 681 100% 3,801,000 3,800,310 690 100% Discretionary Fund Reserve - - - - - - - NA 642,000 639,896 2,104 100% Operating Reserve - - - - - - - NA 7,702,000 13,036,663 (5,334,663) 169% Renovation/Demolition Reserve - - - - - - - NA 7,031,000 5,323,390 1,707,610 76% Total Transfers Out 29,372,000 $ - $ 10,678,707$ 6,619,001 $ 3,914,319 $ 21,212,027 $ 8,159,973 $ 72% 65,517,580 $ 68,900,201 $ (3,382,621) $ 105% Changes in Reserves
Discretionary Fund Reserve 648,000 $ - $ - $ - $ 796,628$ 796,628 $ (148,628) $ 123% - $ 639,896$ (639,896)$ NA Legal Contingency - - - - - - - NA - - - NA Legal Contingency Reserve - Buffet Costs 1,077,000 - - - 1,254,367 1,254,367 (177,367) 116% 2,075,070 - 2,075,070 0% Legal Contingency Reserve - Public Safety Costs 2,002,500 - - - 3,077,997 3,077,997 (1,075,497) 154% 3,401,000 - 3,401,000 0% Operating Reserve 600,000 - - - 760,076 760,076 (160,076) 127% - - - NA Renovation/Demolition Reserve 5,505,485 - - - 26,117,345 26,117,345 (20,611,860) 474% - - - NA Stadium Funding Trust Reserve (1,742,086) (2,702,252) 13,880,083 (2,472,102) (8,515,682) 190,047 (1,932,133) -11% - - - NA Unrestricted (347,900) 4,565,173 (7,274,071) 13,133,457 (8,389,118) 2,035,441 (2,383,341) -585% (12,326,081) $ - $ (12,326,081)$ 0% Total Change in Reserves 7,742,999 $ 1,862,921 $ 6,606,012 $ 10,661,355 $ 15,101,612 $ 34,231,900 $ (26,488,901)$ NA (6,850,011) $ 639,896 $ (7,489,907)$ -9% (1)Adjustments include previously approved budget amendments through March 19, 2024.
Santa Clara Stadium Authority
Operating Budget Status Report
For the Period Ending March 31, 2024 and 2023
Period Ending March 31, 2023Period Ending March 31, 2024 17 Operating Budget – Recommended Budget Adjustments
From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget.
On March 12, 2024, the Stadium Authorit y Board adopted the Santa Clara Stadium Authority FY 2024/25 Operating, Debt Service, and Capital Budget. The following technical budget adjustments are recommended to true up fund balances to align the balances with FY 2023/24 actual performance:
1) Beginning Fund Balance / Ending Fund Ba lance Adjustment - The FY 2023/24 year- end actual was completed and fund balance adjustments totaling net $3.9 million, are necessary adjustments to the FY 2024/25 beginning and ending fund balances.
Because the adoption of budget is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
Additional details are shown in Table 11.
18 Table 11
Santa Clara Stadium Authority
2024/25 Operating Budget Adjustment
Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance – Discretionary
Fund Reserve
$627 This action increases the
Beginning Fund Balances for
Discretionary Fund Reserve
from $2,463,696 to $2,464,323
as a result of FY 2023/24 year-
end actuals reconciliation.
1 Beginning Fund
Balance – Legal
Contingency Reserve -
Public Safety Costs
($481,003) This action decreases the
Beginning Fund Balances for
Legal Contingency Reserve -
Public Safety Costs from
$7,805,725 to $7,324,722 as a
result of FY 2023/24 year-end
actuals reconciliation.
1 Beginning Fund
Balance – Operating
Reserve
$76 This action increases the
Beginning Fund Balances for
Operating Reserve from
$26,095,402 to $26,095,478 as
a result of FY 2023/24 year-
end actuals reconciliation.
1 Beginning Fund
Balance –
Renovation/Demolition
Reserve
$7,370,345 This action increases the
Beginning Fund Balances
Renovation/Demolition
Reserve from $24,070,390 to
$31,440,735 as a result of FY
2023/24 year-end actuals
reconciliation.
1 Beginning Fund
Balance - Stadium
Funding Trust Reserve
($1,803,355) This action decreases the
Beginning Fund Balance for
Stadium Funding Trust
Reserve from $5,414,396 to
$3,611,041 as a result of FY
2023/24 year-end actuals
reconciliation.
1 Beginning Fund
Balance – Unrestricted
($1,221,789) This action decreases the
Beginning Fund Balance –
Unrestricted from $17,137,508
to $15,915,719 as a result of
FY 2023/24 year-end actuals
reconciliation.
1 Ending Fund Balance
Discretionary Fund
Reserve
$627 This action increases the
Ending Fund Balances for
Discretionary Fund Reserve
from $2,788,696 to $2,789,323
as a result of FY 2023/24 year-
19 end actuals reconciliation.
1 Ending Fund Balance –
Operating Reserve
$76 This action increases the
Ending Fund Balances for
Operating Reserve from
$26,878,402 to $26,878,478 as
a result of FY 2023/24 year-
end actuals reconciliation.
1 Ending Fund Balance –
Renovation/Demolition
Reserve
$7,370,345 This action increases the
Ending Fund Balance
Renovation/Demolition
Reserve from $30,178,231 to
$37,548,576 as a result of FY
2023/24 year-end actuals
reconciliation.
1 Ending Fund Balance -
Stadium Funding Trust
Reserve
($1,803,355) This action decreases the
Ending Fund Balance for
Stadium Funding Trust
Reserve from $5,987,000 to
$4,183,645 as a result of FY
2023/24 year-end actuals
reconciliation.
1 Ending Fund Balance –
Unrestricted
($1,702,792) This action decreases the
Ending Fund Balance –
Unrestricted from $15,939,904
to $14,237,112 as a result of
FY 2023/24 year-end actuals
reconciliation for the Legal
Contingency Reserve - Public
Safety Costs and Unrestricted
Fund Balance.
Total $3,864,901 $3,864,901
20 Debt Service Budget
The Stadium Authority’s FY 2023/24 debt service revenue budget of $3.2 million represents anticipated contribut ions from the Community Fa cilities District (CFD). The CFD levies and collects a special hotel tax on hotel rooms within the CFD. All collections from the special CFD hotel ta xes are contributed to Stadium Authority to pay down the CFD Advance. The CFD Advance is payable solely from amounts received by the Stadium Authority from the CFD. During FY2023/24, $3.5 million was contributed by the CFD, or 108% of the annual budget. Of this amount, $2.8 million was collected and used to pay down the CFD Advance.
Total Stadium Authority debt service expenses for the cu rrent reporting period were $28.3 million, or 100% of the budgeted amount. The debt se rvice expenses for the CFD Advance and the Term A Loan were $2.8 million and $25.5 million, respectively.
As of March 31, 2024, the total outstanding amount of Stadium Authority debt had declined to $228.7 million. This is a reduction in principal of $16.6 million from the March 31, 2023 outstanding debt amount of $245.3 million.
Additional details are shown in Tables 12 and 13 and Chart 1.
Table 12
Budget to Budget to
Final(1)
YTD Actual % Final YTD Actual %
Budget Actuals Difference Received Budget Actuals Difference Received Revenue
Contribution from CFD 3,217,000$ 3,467,626 $ (250,626) $ 108% 2,323,000 $ 2,126,816 $ 196,184 $ 92% Total Revenues 3,217,000 $ 3,467,626 $ (250,626) $ 108% 2,323,000 $ 2,126,816 $ 196,184 $ 92% Transfers In
Transfers In from Operating 25,457,000$ 17,297,708 $ 8,159,292 $ 68% 46,341,580 $ 46,099,942 $ 241,638 $ 99% Total Transfers In 25,457,000 $ 17,297,708 $ 8,159,292 $ 68% 46,341,580 $ 46,099,942 $ 241,638 $ 99% Budget to Budget to
Final(1) YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
CFD Advance 2,900,000 $ 2,849,343 $ 50,657 $ 98% 2,241,000 $ 2,248,478 $ (7,478) $ 100% Term A Loan 25,457,000 25,456,812 188 100% 25,494,000 25,493,763 $ 237 100% StadCo Subordinated Loan - - - NA 20,847,580 20,847,039 $ 541 100% Total Expenses 28,357,000 $ 28,306,155 $ 50,845 $ 100% 48,582,580 $ 48,589,280 $ (6,700) $ 100% (1)Adjustments include previously approved budget amendments through March 19, 2024.
Debt Service Budget Status Report
For the Period Ending March 31, 2024 and 2023
Period Ending March 31, 2023
Santa Clara Stadium Authority
Period Ending March 31, 2024
22 Table 13
Chart 1
$-
$100
$200
$300
$400
$500
$600
$700
Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Total Outstanding Debt (in millions)
Construction Loan StadCo Agency Advance Term B Loan
Term A Loan StadCo CFD Advance StadCo Subordinated Loan $41.1
$396.1
$653.4
$561.6
$464.7
$429.8
$382.7
$325.3$340.2
$296.8 $280.3
$245.3 $228.7
Type of Indebtedness Interest Rates
Outstanding as of
March 31, 2023 Net Change
Outstanding as of
March 31, 2024
Stadium Funding Trust Loan:
Term A Loan 5.00% 215,415,240 $ (15,459,000) $ 199,956,240 $ StadCo CFD Advance 5.73% 29,859,497 (1,147,911) 28,711,586 Total $ 245,274,737 $ (16,606,911) $ 228,667,826 Period Ending March 31, 2024
Santa Clara Stadium Authority
Debt Summary Report
23 Debt Service Budget – Recommended Budget Adjustments From time to time, budget adjustments may be neces sary to align revenues or expenditures to actual or unexpected activity duri ng the course of a fiscal year, known after the adoption of the Stadium Authority Budget. The budget amendment recommended in this report include technical actions to true up fund balances based on actual FY 2023/24 performance.
1) Beginning Fund Balance / E nding Fund Balance Adjustment - The FY 2023/24 year-end actual was completed and fund balance adj ustments reconciliation are necessary adjustments to the FY 2024/25 beginning and ending fund balances. Because the adoption of budget is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
Additional details are shown in Table 14.
Table 14
Santa Clara Stadium Authority
2024/25 Debt Service Budget Adjustment
Item # Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance - Debt
Service Reserve
$126,179 This action increases the
Beginning Fund Balance from
$7,996,801 to $8,122,980 as a
result of FY 2023/24 year-end
actuals reconciliation.
1 Ending Fund Balance
- Debt Service
Reserve
$126,179 This action increases the Ending
Fund Balance from $8,562,801 to
$8,688,980 as a result of FY
2023/24 year-end actuals
reconciliation.
Total $126,179 $126,179
24 Capital Improvement Project (CIP) Budget
As part of the Capital Expense (“CapEx”) Plan, the following projects have been completed as of the current reporting period:
Beverage Distribution System
Blackline Combustible Gas Indicators
Broadcast Booth Power
Cooling Towers
Concessions Cart Cabling for Portable Carts
High Voltage (480V Electr ical Power Study, Assessment and Replacement – Phase 2)
High Voltage (Primary Main Switch Gear Transformer, Battery & 12KV Main Circuit Breakers)
High Voltage (12KV Elec trical Power Study, Asse ssment and Replacement at Primary Switch Gear at Quadrant Substations)
Kawasaki Mules
LED Retrofit Project – Exteri or Luminaire Light Fixtures Lucas CPR Assist Device
Medixsafe Narcotics Safe
Mobile Security Closed Circuit Television Pop Up Trailers New Seating – Bowl Padded Se at Replacement Project
PPE Replacement (Nomex Bottoms)
Replacement of end of life IT Network Equipment
Replacement of end of lif e IT End User Equipment
Security Control Situation Room Enhancements
Stadium Event Signage
Stadium Event Power Upgrades & Switchgear Electrical Updated Stadium Wayfinding Signage
Variable Frequency Drive(s)
The following projects were underway during the current reporting period:
Aesthetic Improvements – Premiu m Areas/Special Event Spaces Bowl Camera Upgrade/Refurbishment
CO2 Monitoring & Sensors for Code Compliance
Concrete Replacements
Enhance Stadium Security Coverage
Field Turf Equipment
Fingerprinting Equipment
General Areas/Coating Main Deck
Levi’s Naming Rights Signage Refurbishment
Lighting System – Field / Sport Lighting LED Retrofit Main Kitchen Equipment
Overhead Doors, Motors, Sensors and Track Replacements Plumbing and Plumbing Fixtures
Radio Booth Cabling
25 Replacement of end of life IT Network equipment (2022/23 Carryover) Security General Allowance
Smoke Evacuation System – Fi re Smoke Curtain Replacement Stationary Electric Pressure Washers
Women’s Locker Room
The CIP Budget increased from $20.5 million to $21.3 million in the current reporting period due to adopted budget amendments. A total of $7.0 million has been spent during FY 2023/24, which amounts to 33% of the budge t. The main reason that this is below budget is due to the timing of activity for C apital Expenditure projects. There has also been no activity on warranty work which makes up 7% of the CIP Budget.
Additional details are shown below in Table 15.
26 Table 15
Budget to Budget to
Final(1)
YTD Actual Final YTD Actual
Budget Actuals Difference %
Received Budget Actuals Difference %
Received
Revenue
Interest - $ - $ - $ NA - $ 83,713$ (83,713) $ NA Total Revenue - $ - $ - $ NA - $ 83,713$ (83,713) $ NA Transfers In
Transfers In from Operating 3,915,000 $ 3,914,319 $ 681 $ 100% 3,800,310 $ 3,800,310 $ - $ 100% Total Transfers In 3,915,000 $ 3,914,319 $ 681 $ 100% 3,800,310 $ 3,800,310 $ - $ 100% Budget to Budget to
Final(1)
YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
Construction 11,521,424 $ 5,621,274 $ 5,900,150 $ 49% 14,034,892 $ 3,001,545 $ 11,033,347 $ 21% Equipment 7,372,196 1,408,020 5,964,176 19% 6,602,240 903,030 5,699,210 14% Contingency & Misc 903,052 - 903,052 0% 962,743 4,260 958,483 0% Stadium Warranty Related Construction 1,528,202 - 1,528,202 0% 1,528,202 - 1,528,202 0% Total Expenses 21,324,874 $ 7,029,294 $ 14,295,580 $ 33% 23,128,077 $ 3,908,835 $ 19,219,242 $ 17% (1)Adjustments include previously approved budget amendments through March 19, 2024.
CIP Budget Status Report
For the Period Ending March 31, 2024 and 2023
Period Ending March 31, 2023
Santa Clara Stadium Authority
Period Ending March 31, 2024
27 CIP Budget – Recommended Budget Adjustments
From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget. The budget amendments recommended in this report include technical actions to true up fund balances based on actual FY 2023/24 performance.
1) Beginning Fund Balance / Ending Fund Ba lance Adjustment - The FY 2023/24 year- end actual was completed and fund balanc e adjustments rec onciliation are necessary adjustments to the FY 2024/ 25 beginning and ending fund balances.
Because the adoption of budget is conduct ed in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
Additional details are shown in Table 16.
Table 16
Santa Clara Stadium Authority
2024/25 CIP Budget Adjustment
Item # Line Item Source of
Funds
Use of Funds Explanation
1 Beginning Fund
Balance
$78,024 This action increases the
Beginning Fund Balance
from $19,784,810 to
$19,862,834 as a result of
FY 2023/24 year-end
actuals reconciliation.
1 Ending Fund
Balance
$78,024 This action increases the
Ending Fund Balance
from $2,859,569 to
$2,937,593 as a result of
FY 2023/24 year-end
actuals reconciliation.
Total $78,024 $78,024
28 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $1.6 million that was contributed to the General Fund as shown in Table 17. This section of the report also provides information on General Fund revenue and ex penditure impacts resulting from the stadium.
Table 17
Public Safety and Administrative Cost Reimbursement
As described in earlier sections of this report, costs incurred by the City on NFL and Non- NFL events are tracked and billed to ManCo. Reimbursement is monitored and included in this report. An estimated total of $3.5 m illion in public safety costs were incurred in support of Non-NFL events that were held at Levi’s ® Stadium in the current reporting period. These reimbursements come from a combination of payments from ManCo and the offsite parking fees that were collected. The City has received $3.3 million in reimbursements as of the date of this report.
Public safety costs for NFL events continue to be above the annual public safety cap with a total of $6.4 million spent in FY 2023/24. Pursuant to the Amended and Restated Lease, the Stadium Authority was in discussion with StadCo to adjust the annual public safety cap to reflect the true cost of service, which is higher than the cap. On May 23, 2024, the Stadium Authority entered into a settlem ent agreement with StadCo and ManCo over disputes regarding public safety and buffet costs. As a result of the settlement, the public safety cap will be adjusted to increase t he per game and annual threshold beginning in FY 2024/25. As of the date of this report, ManCo, on behalf of StadCo, has paid outstanding FY 2022/23 NFL public safety costs and $6.0 million of FY 2023/24 NFL public safety costs for NFL events has been reimbursed by a comb ination of offsite parking fees and reimbursements from ManCo. Under the settlement agreement, credits that were issued from public safety costs paid in excess of the annual public safety costs threshold were redefined as Public Safety Costs 2024 Outstanding Balance and will be partially reimbursed to StadCo with litigatio n contingency funds and partially over time through excess revenues.
In addition to public safety costs, administrat ive costs are also tracked and billed to the Stadium Authority. These in clude the cost of providi ng overall stadium management, financial, human resource, legal, and other serv ices to the Stadium Authority. Through Ground Rent 495,000 $
Performance Rent -
Senior and Youth Fee 250,000
Sales Tax 839,051
1,584,051$
City of Santa Clara
Net General Fund Impact
For Stadium Authority
Total Net General Fund Impact
Period Ending March 31, 2024
29 the fourth quarter of FY 2023/24 , a total of $2.0 million of administrative costs were incurred by the General Fund, which have been reimbursed to the City.
Rents and Senior and Youth Fee
As noted above, the City’s General Fund collected ground rent of $495,000. Additionally, the Senior and Youth Fee generated $250,000, of which the entire amount was forwarded to the City in support of senior and youth programs. See the Glossary for more information on these revenues and how they are calculated.
Other Revenue Impacts
General Fund sales tax, property tax, and transient occupancy tax (TOT) collections have benefited from the direct and indirect economic activity related to stadium events.
Food and beverage concession sales and merchandise sales at Levi’s ® Stadium are
taxable, resulting in sales tax revenue for the City. The last four quarters of sales tax collections from Levi’s® Stadium transactions generated $839,000 for the City’s General Fund. In addition to the direct sellers at the Stadium, other businesses in Santa Clara are benefiting from the influx of people coming to attend one or more events at Levi’s® Stadium, resulting in potentially more sales tax collections for the General Fund.
In accordance with State Law, StadCo must pay possessory interest property tax based on their lease of Levi’s® Stadium from the Stadium Authority. This revenue is collected by the county and placed into the Redevelopm ent Property Tax Trust Fund (RPTTF).
Amounts remaining in the RPTTF after payi ng any enforceable obligations of the Successor Agency are distributed to taxing ent ities in the same proportion as secured property taxes. The City’s proportion is approximately 10%.
Many stadium events bring travelers to the region, resulting in hotel stays which generate TOT collections for the City’s General Fund. Although it is impossible to say exactly what portion of the City’s TOT collections is due to the stadium, it is clear that hotels both inside and outside the City have benefited, resulting in increases in TOT collections in Santa Clara and our neighboring cities.
30 Glossary
This section of the report provides details behind key terms that are used in the body of this report.
Discretionary Fund – This is funded by half of the Non-NFL ticket surcharge (see Non- NFL Event Ticket Surcharge on Page 30) and has been used to cover NFL public safety costs above the public safety cost threshold in the first three fiscal years of operation and other items at the St adium Authority’s discretion. Stadium Authority has been building this fund pending the outcome of the ongoing public safety cost litigation. Stadium Authority may transfer up to half of the balance of the Discretionary Fund over $1.0 million from the Discret ionary Fund to the City’s General Fund if (1) adequate provision has been made for the replac ement of and upgrades to capital improvements contemplated under the Public Safety Plan and (2) an equal amount is transferred from the Discretionary Fund to Stadium Authorit y’s operating fund to be included as Stadium Authority Revenue. (Source: The Amended and Restated Stadium Lease Agreement).
Ground Lease –The City has agreed to lease the land under Levi’s® Stadium to Stadium Authority for an initia l term of 40 years. The fixed ground rent schedule is noted on the following page for the 40-year initial te rm. (Source: Ground Lease Agreement).
31 Table 18
Net Non-NFL Event Revenue – ManCo provides managem ent services for Levi’s ® Stadium year-round. As such, ManCo is responsible for booking and scheduling all Non- NFL events on behalf of Stadium Authority. ManCo is required by the agreement to maintain complete and accurate books and reco rds relating to the net income from the Non-NFL events. Those records are reviewed by Stadium Authority staff and/or outside consultants and audited by an independent auditor. After the completion of the fiscal year, the net revenues are paid to Stadium Authority by ManCo. (Source: Stadium Management Agreement)
Lease Year Fiscal Year
Annual Fixed
Ground Rent
Cumulative
Total
1 2014/15 180,000 $ 180,000 $
2 2015/16 215,000 $ 395,000 $
3 2016/17 250,000 $ 645,000 $
4 2017/18 285,000 $ 930,000 $
5 2018/19 320,000 $ 1,250,000$
6 2019/20 355,000 $ 1,605,000$
7 2020/21 390,000 $ 1,995,000$
8 2021/22 425,000 $ 2,420,000$
9 2022/23 460,000 $ 2,880,000$
10 2023/24 495,000 $ 3,375,000$
11 2024/25 1,000,000 $ 4,375,000 $
12 2025/26 1,000,000 $ 5,375,000 $
13 2026/27 1,000,000 $ 6,375,000 $
14 2027/28 1,000,000 $ 7,375,000 $
15 2028/29 1,000,000 $ 8,375,000 $
16 2029/30 1,100,000 $ 9,475,000 $
17 2030/31 1,100,000 $ 10,575,000 $
18 2031/32 1,100,000 $ 11,675,000 $
19 2032/33 1,100,000 $ 12,775,000 $
20 2033/34 1,100,000 $ 13,875,000 $
21 2034/35 1,200,000 $ 15,075,000 $
22 2035/36 1,200,000 $ 16,275,000 $
23 2036/37 1,200,000 $ 17,475,000 $
24 2037/38 1,200,000 $ 18,675,000 $
25 2038/39 1,200,000 $ 19,875,000 $
26 2039/40 1,300,000 $ 21,175,000 $
27 2040/41 1,300,000 $ 22,475,000 $
28 2041/42 1,300,000 $ 23,775,000 $
29 2042/43 1,300,000 $ 25,075,000 $
30 2043/44 1,300,000 $ 26,375,000 $
31 2044/45 1,400,000 $ 27,775,000 $
32 2045/46 1,400,000 $ 29,175,000 $
33 2046/47 1,400,000 $ 30,575,000 $
34 2047/48 1,400,000 $ 31,975,000 $
35 2048/49 1,400,000 $ 33,375,000 $
36 2049/50 1,500,000 $ 34,875,000 $
37 2050/51 1,500,000 $ 36,375,000 $
38 2051/52 1,500,000 $ 37,875,000 $
39 2052/53 1,500,000 $ 39,375,000 $
40 2053/54 1,500,000 $ 40,875,000 $
32 NFL Ticket Surcharge – The Forty Niners Football Company, LLC (the Team) collects a 10% NFL ticket surcharge on the price of admission to all NFL games occurring in Levi’s® Stadium on behalf of Stadium Authority. (Source: Amended and Restated Non-Relocation Agreement)
Non-NFL Event Ticket Surcharge – Promoters or sponsors of any ticketed Non-NFL event that is held at Levi’s® Stadium are required to collect a $4 per ticket surcharge on behalf of Stadium Authority. O ne-half of this surcharge that is paid to Stadium Authority covers general stadium operations and the other half funds the Stadium Authority Discretionary Fund. (Source: Amended and Restated Stadium Lease Agreement)
Offsite Parking Fees – Parking lot operators who wish to operate a parking lot for sports or entertainment venues are required to go through the City’ s permitting process. If approved, per the City’s Municipal Fee Schedule, these operators remit an offsite parking fee for each car that is parked for sports or entertainment events. This fee is designed to recover the public safety costs associat ed with these permitted offsite parking lots.
Therefore, when invoicing for NFL or Non-NF L public safety costs for a particular event held at Levi’s® Stadium, the offsite parking fee that is collected for said event partly offsets the total public safety costs owed for that event. In the City’s FY 2023/24 (July 1, 2023 through June 30, 2024) the offsite parking fee is $6.44.
Performance-Based Rent – Stadium Authority pays the City performance-based rent on top of the fixed ground rent. The basic calculation for the performance-based rent is fifty percent (50%) of the net income from Non- NFL events for any given lease year less the sum of Performance-Based Rent Credits. T he Performance-Based Rent Credits include (1) fifty percent (50%) of the fixed ground rent for the current lease year, (2) the amount, if any, that the Public Safety Costs exceed the Public Safety Cost Threshold for the current lease year, (3) following the Tax Allocation Termination Date, the amount of Received Possessory Interest Tax (PIT), and (4) the amount of any credit for Disproportionate Taxes for the current lease year. (Source: Ground Lease Agreement & Amended and Restated Stadium Lease Agreement)
Public Safety Costs – For each NFL and Non- NFL event held at Levi’s ® Stadium, a
public safety plan is developed and implem ented. Multiple City departments provide staffing, materials, and supplies to support the public safety plan. Services are provided through a combination of City staff, contra cts with other agencies (California Highway Patrol, County Sheriff’s Office, and City of Sunnyvale) and some vendor provided services.
The Amended and Restated Stadium Lease Agreement section 7.5 states that the tenant is responsible for reimbursing the City for the public safety costs attributed to NFL events at Levi’s® Stadium. Additionally, Article 5 of the Stadium Management Agreement notes that ManCo is responsible for paying Non-NFL event expenses on behalf of the Stadium Authority. Therefore, the cost of providing public safety services are tracked through the City’s financial system and invoices are sent to ManCo. All these costs are reimbursed to the City of Santa Clara.
33 Senior and Youth Program Fees – During the lease terms, StadCo collects City of Santa Clara Senior and Youth Program Fees on behalf of Stadium Authority. The fee is $0.35 per NFL game ticket up to a maximum of $250,000 pe r lease year. (Source:
Amended and Restated Stadium Lease Agreement)
Stadium Management Fee – ManCo receives an annual base management fee to manage Levi’s® Stadium. The fee was $400,000 in the first lease year and increases by 3% annually. This annual base management fe e is split 50/50 between StadCo and Stadium Authority since ManC o manages the Stadium year-round for bo th entities. In addition to the base management fee, ManCo receives a stadium marketing and booking fee (incentive fee) which is based on a perc entage of the amount t hat the net income from Non-NFL events exceeds the marketing and booking fee benchmark. (Source: The Stadium Management Agreement)