1010817024 Public Presentahions
Stadium Manager FY23/24 Financials
Overview
October 8th, 2024
LOVTE
STAD LA
ManCo // SCSA Partnership
• Collaboration with SCSA Finance Staff Our Team:
• Weekly meetings • Brent Ghan, CPA
• CapEx Reporting and payment coordination Accounting Manager • Non - NFL Event Financial Reporting • Erin Fernandez
• Event level (45-day flash), quarterly and annual reporting Senior Accountant deliverables
• Stephanie Lee
• Shared Financial Management System
Staff Accountant
• Implemented in 2022 to improve real time financial
transparency • Catherine Cong
Thousands of supporting documents uploaded each Fiscal Accounting Specialist Year
NNE, SSE, and SBL Accounting ledger
• SCSA Finance Staff have real time access to transactions and documentation
STADIUM
POST MEETING MATERIAL
Levi's® Stadium Events
Fiscal Year ended 3/31/24
• Non-NFL Event Profit +
Surcharge - $9.9M*
• Ticketed Non-NFL Events
• 5 Concerts, 2 soccer
matches, 1 cancellation**
• Special Events
• 53 Special Events
• Stadium Buyout - first
since 2017
Stadium Manager made use of 2 curfew
waivers in FY23/24, driving millions in
*Includes interest income and non-event specific activity Levrs/ additional revenue
«*SCSA was fully reimbursed for cancelled event - which will be STADIUM recognized in FY24/25
SCSA Financial Statements
KPMG Audited Financial Statements - Fiscal Year ended 3/31/24 • Operating Revenues - $81M ($72M Prior Year)
• Rent
SBL Proceeds Total Outstanding Debt (in millions)
$700 $653.4
NFL Ticket Surcharge
Non - NFL Events + Surcharge $600 $561.6
Naming Rights $500
$464.7
Interest $429.8
$396.1 $382.7
• Misc. $400
$340.2 $3253
• Debt Service $300 $296.8 $280.3
5245.3 $228.7
• $16.6M principal paydown
$200
• Operating Cash Flow - $49M
$100
• Total SCSA increase in $41.1
Net Position - $11M 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 "Construction Loan •StadCo Agency Advance •Term B Loan
•Term A Loan •StadCo CFD Advance •StadCo Subordinated Loan Levrs/ Graph orginally presented in SCSA FY2023 Year End Financial Report by Stadium Authority staff 4
STADIUM
Moving Forward
NNE Performance post-COVID FY2024 Cash Flow Projections • FY2022/23: $10.2M* • $22M in excess cash flow
after mandatory debt
• FY2023/24: $9.9M* service
• Projected FY2024: $8.3M* • $13.5M to General Fund
from stadium related
revenues
Every major ticketed event at Levi's
Stadium has been profitable since COVID
* Inclusive of Non-NFL Ticket Surcharge
Levre
5 STADIUM
KPMG Auditing Process
• KPMG is an internationally renowned 'Big 4'
auditing/accounting firm whose clients include multiple Federal agencies and State govt's.
• KPMC issued an unmodified (clean) opinion on the SCSA financial statements for FY23, just as they have for every audit they have performed since the stadium opened in 2014
• We work with your staff to provide information to KPMG. • All the source documentation used by KPMG is also available to your staff 24/7 in the Financial Management System (FMS), implemented in 2022.
Levre
STADIUM
Transaction Level Testing
• KPMG performed additional testing (Agreed Upon Procedures) to confirm reliability and accuracy of Shared Stadium and Other G&A Expenses Reporting by ManCo * • Auditors performed statistical sampling procedures on the FY22/23 SCSA shared stadium expenses, which comprise:
• 1,700+ transactions (including 6,300 expense distributions) • $16.8M total SCSA share of stadium expenses
• Auditor's Findings
• 1 finding for a missed employee incentive bonus of $50, resulting in $25 undercharge to SCSA • Determined to be an isolated incident and the undercharge has since been corrected • Report issued September, 2024
Stevie
TADIUM