SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter Ending December 31, 2024
March 25, 2025
1 Table of Contents
Introduction ................................................................................................................................... 2 NFL Events ................................................................................................................................... 3 Non-NFL Events ........................................................................................................................... 6 Discretionary Fund ...................................................................................................................... 11 Stadium Builder Licenses ........................................................................................................... 11 Santa Clara Stadium Authority Budget Status Reports .............................................................. 14 Operating Budget .................................................................................................................... 14 Operating Budget – Recommended Budget Adjustments ....................................................... 16 Debt Service Budget ............................................................................................................... 22 Debt Service Budget – Recommended Budget Adjustments .................................................. 25 Capital Improvement Project Budget ....................................................................................... 26 CIP Budget – Recommended Budget Adjustments ................................................................ 28 City of Santa Clara Net General Fund Impact ............................................................................ 30 Public Safety and Administrative Cost Reimbursement .......................................................... 30 Rents and Senior and Youth Fee ............................................................................................ 31 Other Revenue Impacts .......................................................................................................... 31 Glossary ...................................................................................................................................... 32 Appendix ..................................................................................................................................... 37 2 Introduction
This Santa Clara Stadium Au thority (“Stadium Authorit y”) Financial Status Report provides information covering the second quar ter of the Stadium Authority’s 2024/25 fiscal year (“FY”) which ended on December 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 and September 17, 2024 and approved by the St adium Authority Board (Board) on September 24, 2024. The fi nancial statements are published on the Stadium Authority’s website.
The Stadium Authority also pr epares a detailed b udget prior to the beginning of each fiscal year. The FY 2024/25 budget was adopted by the Board on March 12, 2024.
Stadium Authority finances are structured so that the City of Santa Clara (“City”) is not liable for the debts or obligations of the Stadium Authority. All services provided by the City, including administrative and public safety, to the Forty Niners Stadium Management Company, LLC (“Stadium Manager”) or the Stadium Authority are fully reimbursed by the Stadium Manager or with Stadium Authority funds.
Methodology
Information provided in this report was based in part on documentation submitted by the Stadium Manager. Specifically, National Football League (NFL) and Non-NFL event statistics and financial information relati ng to the Stadium Manager expenses are provided by the Stadium Manager. Stadium Authority staff has access to select financial information submitted by the Stadium Manager provided through the Stadium Authority’s Financial Management System and event reports received for Non-NFL events. These reports are received 45 days after each ev ent 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 financial information, a full detailed review and/ or audit of source documentation has not been completed 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 com parative data for NFL games categorized as pre-season and regular season games.
The San Francisco Forty-Niners (“49ers”) pl ayed a total of ten NFL games (one pre- season game and nine regular season games) at Levi’s® Stadium through quarter ending December 31, 2024. There was a total of 696, 456 tickets sold to these NFL games, an average of 69,646 per game. This is up by 1,040 or 2% when compared to the same period in the prior fiscal year. The ticket sa les resulted in $14.6 million in NFL ticket surcharge revenue (10% of ticket sales) to the Stadium Authority. The average NFL ticket surcharge revenue was $1.5 million per game in the current year which is up by $179,000 or 14% from the same period in the prior fiscal year. A total of $279,000 of Senior and Youth Program Fees, which is based on $0.40 per NFL ticket sold, were collected through the end of the third quarter of the fiscal year. These fees were transferred to the City’s General Fund in support of such programs.
A total of 81,358 cars were parked in th e permitted offsite parking lots generating $546,000 in offsite parking fees derived from the $6.71 per parking space for all NFL events. The revenues earned from this offsite parking fee supports public safety costs for NFL events.
The Tasman lot parking had a total of 1,778 parked cars and generated an additional $9,000 for the General Fund through the end of the third quarter of the fiscal year. The overall number of cars parked in the permitted offsite lots and the Tasman lots increased by an average of 717 cars per game or 9% when compared to the prior fiscal year.
There was $5.4 million of NFL event public sa fety costs in the cu rrent reporting period which is an average of $539,000 per game. This is an increase of $50,000 from the prior year average (through December 31, 2024) of $489,000. Of th e $5.4 million NFL event public safety costs, $4.1 million or 75% are direct City costs, $1.1 million or 20% are outside agency costs and $267,000 or 5% are other public safety costs. $546,000 of the total NFL event public safety costs are cove red by the offsite parking fees that were collected and the remaining are invoiced to the Stadium Manager.
Statistics for the NFL games held at Levi’s
® Stadium in the first three quarters of the
2024/25 fiscal year are shown in Table 1 and comparative data from the last five years of operations can be found in Table 2. Additi onal historical data can be found in the Appendix.
4 Table 1
Game 1 vs
Saints
Game 2 vs
Jets
Game 3 vs
Patriots
Game 4 vs
Cardinals
Game 5 vs
Chiefs
Game 6 vs
Cowboys
Game 7 vs
Seahawks
Game 8 vs
Bears
Game 9 vs
Rams
Game 10 vs
Lions 2024/25
08/18/24 09/09/24 09/29/24 10/06/24 10/20/24 10/27/24 11/17/24 12/08/24 12/12/24 12/30/24 YTD Total No. of Tickets Sold 69,373 69,598 69,347 69,547 69,599 69,832 69,816 69,930 69,535 69,879 696,456 NFL Ticket Surcharge 636,619 $ 1,214,920$ 1,182,609 $ 1,172,188 $ 2,065,105 $ 2,762,950 $ 1,192,395 $ 1,198,714 $ 1,169,498 $ 2,001,338 $ 14,596,336$ Senior/Youth Program Fees 27,749 $ 27,839 $ 27,739 $ 27,819 $ 27,840 $ 27,933 $ 27,926 $ 27,972 $ 27,814 $ 27,952 $ 278,582$ Cars Parked at Offsite Lots 7,859 7,527 8,263 8,574 8,996 9,119 8,635 8,510 6,814 7,061 81,358 City Offsite Parking Fee 52,734 $ 50,506 $ 55,445 $ 57,532 $ 60,363 $ 61,188 $ 57,941 $ 57,102 $ 45,722 $ 47,379 $ 545,912$ Cars Parked on Tasman Lots - 199 - - 302 - 325 304 370 278 1,778 City Tasman Lot Parking Fee - $ 995$ - $ - $ 1,510$ - $ 1,625$ 1,520 $ 1,850 $ 1,390 $ 8,890$ Stadium Public Safety Costs 501,367 $ 546,521 $ 523,269 $ 525,144 $ 549,452 $ 570,248 $ 558,213 $ 550,410 $ 531,923 $ 537,595 $ 5,394,140$ Less: Offsite Parking Fee Credit (52,734) $ (50,506) $ (55,445) $ (57,532) $ (60,363) $ (61,188) $ (57,941) $ (57,102) $ (45,722) $ (47,379) $ (545,912)$ Reimbursable Stadium Public Safety Costs 448,633$ 496,015 $ 467,824 $ 467,612 $ 489,089 $ 509,060 $ 500,272 $ 493,307 $ 486,201 $ 490,215 $ 4,848,228$ Amount Reimbursed 448,184 $ 495,867 $ 446,747 $ 439,222 $ 474,065 $ 412,289 $ 414,120 $ - $ - $ - $ 3,130,494$ Levi's® Stadium
2024/25 NFL Event Statistics
As of December 31, 2024
5 Table 2
2020/21 Q3 2021/22 Q3 2022/23 Q3 2023/24 Q3 2024/25 Q3
Total Total Total Total Total
No. of NFL Events - 9 9 9 10 No. of Tickets Sold - 604,546 624,746 617,452 696,456 NFL Ticket Surcharge - $ 8,900,398$ 10,382,333 $ 11,523,355 $ 14,596,336 $ Senior/Youth Program Fees - $ 211,591$ 218,661 $ 216,108 $ 278,582 $ Cars Parked at Offsite Lots - 63,718 66,868 68,371 81,358 City Offsite Parking Fee - $ 376,573$ 409,901 $ 440,309 $ 545,912 $ Cars Parked on Tasman Lots - 3,930 - - 1,778 Cars Parked on Golf Course - - - - - City Tasman Lot and Golf Course Parking Fee - $ 19,650$ - $ - $ 8,890$ Stadium Public Safety Costs - $ 4,534,124$ 4,037,765 $ 4,400,657 $ 5,394,140 $ Golf Course Public Safety Costs - $ - $ - $ - $ - $ Subtotal Event Public Safety Costs - $ 4,534,124$ 4,037,765 $ 4,400,657 $ 5,394,140 $ Less: Offsite Parking Fee Credit - $ (376,573)$ (409,901) $ (440,309) $ (545,912) $ Reimbursable Stadium Public Safety Costs - $ 4,157,551$ 3,627,864 $ 3,960,348 $ 4,848,228 $ 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 348,480 tickets sold for the eight ticketed Non-NFL events that were held, resulting in $1.4 million Non-NFL ev ent ticket surcharge revenue (from the $4 per ticket Non-NFL event surcharge). This is a decrease in ticket surcharge revenue of $198,000 or 12.4% over the same period in the prior year. Smaller scale Non-NFL events were held in the current period when compared to the same period in the prior year resulting in the decrease in the ticket surcharge revenue.
Stadium Manager reports that th ere were also 51 smaller special events held at Levi’s ®
Stadium which is 14 events more than the sa me period of the prior fiscal year. The attendance at these events also increased from 18,433 in the prior period to 22,926 in the current year, an 24% increase. Examples of these special event s include corporate events of various sizes, weddings, holiday parties, high school dances, etc.
In correlation with the Non-NFL events held during the current repo rting period, there were 37,341 cars parked at offsite lots and the City earned a total of $246,000 in related offsite parking fees, which is derived from the $6.44 per parking space fee for events taking place prior to July 2024 and $6.71 per parking space for all events thereafter. The revenues earned from this offsite parking fee supports public safety costs for Non-NFL events.
Total Non-NFL event public safety costs were $3.1 million, a decrease of $236,000 from the prior year. As noted previously, this decrease in cost is due to smaller scale events being held in the current year when compared to the prior year. Of t hese costs, $246,000 was covered by the offsite parking fee. The remaining $2.8 million was invoiced to the Stadium Manager and has been reimbursed to the City.
Statistics for FY 2024/25 events are shown in Table 3 and comparative data from the last five years of operations are shown in Table 4. Additional historical data can be found in the Appendix.
7 Table 3
Earthquakes vs
LAFC Soccer
Luke Combs
Day 1
Luke Combs
Day 2
Ecuador vs
Venezuela
Soccer
Brazil vs
Colombia
Soccer
Rolling Stones
Concert
Chelsea vs
Wrexham
Soccer
Earthquakes vs
Chivas Soccer 2024/25 YTD
05/04/24 05/17/24 05/18/24 06/22/24 07/02/24 07/17/24 07/24/24 07/27/24 Total No. of Scanned Attendees 31,615 42,362 45,277 23,846 64,235 42,706 29,229 42,423 321,693 No. of Tickets Sold 37,054 48,130 48,826 26,254 65,766 47,405 29,609 45,436 348,480 Non-NFL Ticket Surcharge 148,216 $ 192,520 $ 195,304 $ 105,016 $ 263,064 $ 189,620 $ 118,436 $ 181,744 $ 1,393,920$ No. of Non-NFL Special Events 51 51 Non-NFL Special Event Attendees 22,926 22,926 Cars Parked at Offsite Lots 2,422 3,937 4,930 3,759 6,284 5,287 4,485 6,237 37,341 City Offsite Parking Fee 15,598 $ 25,354 $ 31,749 $ 24,208 $ 42,166 $ 35,476 $ 30,094 $ 41,850 $ - $ 246,495$ Stadium Public Safety Costs 340,266 $ 383,687 $ 437,552 $ 326,553 $ 428,291 $ 390,172 $ 334,325 $ 416,782 $ - $ 3,057,627$ Less: Offsite Parking Fee Credit (15,598)$ (25,354) $ (31,749) $ (24,208) $ (42,166) $ (35,476) $ (30,094) $ (41,850) $ - $ (246,495)$ Reimbursable Public Safety Costs 324,669$ 358,332 $ 405,803 $ 302,346 $ 386,125 $ 354,696 $ 304,230 $ 374,931 $ - $ 2,811,132$ Amount Reimbursed 324,669 $ 358,332 $ 405,803 $ 302,346 $ 386,125 $ 354,696 $ 304,088 $ 374,653 $ - $ 2,810,712$ 2024/25 YTD
Special Events
FY 2024/25 Non-NFL Event Statistics
As of December 31, 2024
Levi's® Stadium
8 Table 4
Table 5 summarizes ticketed Non-NFL revenues and expenditures by event. There were 8 ticketed Non-NFL events held in FY 2024/25 and generated an average net revenue of $1.1 million per event. The inclusion of this in formation is to provide a greater level of transparency and provide the overall financial results of the Non-NFL events.
Table 5
2020/21 Q3 2021/22 Q3 2022/23 Q3 2023/24 Q3 2024/25 Q3
Total Total Total Total Total
No. of Non-NFL Ticketed Events - - 7 8 8 No. of Tickets Sold - - 240,364 397,940 348,480 Non-NFL Ticket Surcharge - $ - $ 961,456$ 1,591,760$ 1,393,920 $ No. of Non-NFL Special Events - 1 56 37 51 Non-NFL Special Event Attendees - - 22,410 18,433 22,926 Cars Parked at Offsite Lots - - 35,302 38,716 37,341 City Offsite Parking Fee - $ - $ 215,155$ 247,937 $ 246,495 $ Stadium Public Safety Costs - $ 1,827$ $2,529,464 3,293,398 $ 3,057,627 $ Less: Offsite Parking Fee Credit - $ - $ (215,155)$ (247,937) $ (246,495) $ Reimbursable Public Safety Costs - $ 1,827$ 2,314,309$ 3,045,461 $ 2,811,132 $ Levi's® Stadium
Historical Non-NFL Event Statistics
$ In Millions
Ticketed Event Revenue Expense Net
Sporting Event 1 2.9 $ 0.9 $ 2.0 $ Concert 1 2.7 0.9 1.8 Concert 2 2.4 0.8 1.6 Concert 3 2.2 0.8 1.4 Sporting Event 2 1.1 0.6 0.5 Sporting Event 3 1.0 0.6 0.4 Sporting Event 4 0.8 0.5 0.3 Sporting Event 5 0.7 0.4 0.3 Total Ticketed Non-NFL Net Revenue to Date 13.8 $ 5.5 $ 8.3 $ Levi's® Stadium
Ticketed Non-NFL Events Revenue and Expenditure Summary As of December 31, 2024
9 Table 6 and 7 show Non-NFL net revenue by event type and event revenue and expenses by category. In the third quarter of FY 2024/25, ticketed events and non-ticketed special events contributed $8.3 million and $2.1 million in net revenues, respectively. There was also additional interest income of $1.3 million earned on Non-NFL events cash reserves offset by $1.6 million of non-event specific other expenses. Stadi um Manager reported a net revenue of $10.1 million for the current reporting per iod. The Stadium Manager’s current projection for Non-NFL net revenue for FY 2024/25 is $9.3 million as cited in the documents provided for the FY 2025/26 Proposed Stadium Authority Budget. As indicated by the Stadium Manag er, the reason the year-end projection is lower than the Q3 Non-NFL net revenue is du e to additional anticipated event costs including public safety costs, and compensatio n and commissions for event staff and supporting staff members.
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 0 - $ 0 - $ 6 $6,131,747 5 $ 5,600,578 3 $ 4,685,031 Sporting events:
Football (non-NFL) 0 - 0 - 0 - 0 - 0 - Soccer 0 - 0 - 1 451,890 3 305,067 5 3,639,745 Miscellaneous events 0 - 0 - 0 - 0 - 0 - Net Revenue from Ticketed Events 0- $ 0 - $ 7 6,583,637$ 8 5,905,645 $ 8 8,324,776 $ Subtotal Ticketed Events - Other Expenses (3) $ - -$ - $ - $ - $ 0- $ 6 96,187 $ 56 1,998,619 $ 37 1,191,841 $ 51 2,086,969 $ Other Operating Income
(1)
-$ - $ 63,987 $ 1,712,309 $ 1,328,627 $ Other Operating Expenses(2)
-$ - $ (495,578) $ (1,057,378) $ (1,632,901) $ Total Non-NFL Net Revenue (3)
0- $ 6 96,187 $ 63 8,150,665 $ 45 7,752,417 $ 59 10,107,471 $ 2023/242020/21
Levi's Stadium
Net Revenue for Non-NFL Events
2024/25
by Event Type
Historical Year-to-Date through December 31, 2024
2021/22 2022/23
Net Revenue from Special Events (weddings,
corporate events, etc.)
(1) Other Operating Income are income not attributable to a specific event. Examples are interest income and reimbursements unrelated to a specific event. (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. 10 Table 7
2024/25
YTD Total
REVENUE:
Special Event Revenue 5,716,301 $
Ticket Platform Fees 6,064,397
Suite Ticket Revenue 907,112
Parking 2,384,549
Food & Beverage - Ticketed Events 3,673,837
Food & Beverage - Special Events 691,130
Miscellaneous
(1)
2,145,851
Total Revenue 21,583,177 $
EXPENSE:
Public Safety/Security 4,790,078 $
Event Staff 2,739,545
Parking 2,352,989
Catering - Special Events 3,098,553
General Event Related Expenses 4,954,609
Expense Reimbursement from Event Licensee(2)
(8,092,970)
Miscellaneous(3)
1,632,902
Total Expense 11,475,706 $
Total Non-NFL Net Revenue 10,107,471 $
(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 December 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. 11 Discretionary Fund
The Discretionary Fund is funded by revenue equal to $2 of the Base Non-NFL ticket surcharge. The eight ticketed Non-NFL events contributed $697,000 to the Discretionary Fund in the reporting period which has been colle cted for the current fiscal year. This is based on the estimated attendance provided by the Stadium Manager. Table 8 shows the revenues and expenses in the Discretionary Fund for the last five years. Additional historical data can be found in the Appendix. The balance at the end of this reporting period was $3.2 million.
Table 8
Stadium Builder Licenses
The total principal value of currently active Stadium Builder Licens es (“SBLs”) is $561.1 million and, as of Decem ber 31, 2024, 94.6% of the total pr incipal value of all SBLs sold (i.e., $531 million) had been collected. Payment for the sale of SBLs are financed over 10 years.
SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments are due by March 1
st each year. The majority of SBL holders make their payments on time. For those that do not pay on time, SBL service staff, working for Stadium Manager on the Stadium Authority’s behalf, contact the SBL holders and attempt to collect the full amounts owed. Ultimately, a SBL can be def aulted for non-payment. Once a SBL is defaulted, the SBL holder in default loses their right to buy season tickets as well as their priority rights to tickets to Non-NFL events, and forfeits any money they had invested in the SBL. Defaulted SBLs are then available for resale.
When SBL holders do not purchase NFL season tickets, their SBL is not defaulted, however they lose exclusive rights to their seats and their seats ma y be sold to another SBL holder. This results in cases where a seat may have more than one SBL associated with it and why there are currently more active SBLs than there are available SBL seats.
If the original SBL holder decides to purchase season tickets in the future, they can relocate to a new seat in the same or higher price level, s ubject to availability. If the relocation results in a change in price level, they need to pay for the difference between their original SBL and the new one. If they chose not to relocate, they must wait for their seat to be available again before they can purchase NFL season tickets.
There is a total of 66,741 currently active SBLs. This is an increase of 1,748 from the total active SBLs at the end of the prior fiscal year (March 31, 2024). The main reasons for the Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
2020/21 2,327,850$ - $ 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 2024/25 2,464,323 696,960 - 3,161,283 Discretionary Fund Reserve
12 increase are due to sale of new SBLs and cust omer seat relocation program offset by default buy back. The customer seat relocation program allows customers to trade in their SBLs in return for others in a different location as long as the total face value of the new seats is equal to or greater than the original seats.
During the current reporting peri od, 1,275 SBLs were sold for a total face value of $8.4 million. The customer seat re location program resulted in an increase of $1.1 million to the SBL face value, while netting 978 more SBLs. There were also 505 SBL defaulted during the quarter with a face value of $3.4 million.
Additional details regarding currently active SBLs are noted in Table 9. 13 Table 9
SBL Seats
Available
SBL Seats Sold
as of 3/31/24
New SBL
Sales
Net SBL
Relocations
SBL
Defaults Other SBL Seats
Sold SBL Value SBL Collected % SBL Principal
Collected
100 100 - - - - 100 14,082,625$ 13,921,920 $ 98.9% 942 938 2 2 - - 942 75,360,000$ 74,625,639 $ 99.0% 2 2 - - - - 2 80,000$ 79,600 $ 99.5% 4,945 4,670 61 (5) (26) - 4,700 141,000,000$ 134,586,960 $ 95.5% 3,475 3,030 73 3 (22) - 3,084 61,680,000$ 56,863,189 $ 92.2% 90 64 23 - - - 87 1,522,500$ 1,048,833 $ 68.9% 7 7 - - - - 7 105,000$ 105,000 $ 100.0% 2,163 2,198 24 (7) (16) - 2,199 26,388,000$ 24,926,440 $ 94.5% 7 7 - - - - 7 70,000$ 69,915 $ 99.9% 20,656 20,988 233 (15) (134) - 21,072 126,432,000$ 120,375,603 $ 95.2% 14,311 14,533 388 (268) (199) - 14,454 72,270,000$ 65,647,645 $ 90.8% 916 927 - - - - 927 3,708,000$ 3,682,306 $ 99.3% 88 91 - (1) - - 90 270,000$ 267,836 $ 99.2% 36 40 - - - - 40 100,000$ 99,998 $ 100.0% 18,392 17,367 471 1,270 (108) - 19,000 38,000,000$ 34,708,859 $ 91.3% 26 31 - (1) - - 30 30,000$ 30,000 $ 100.0% 66,156 64,993 1,275 978 (505) - 66,741 561,098,125$ 531,039,743 $ 94.6% Plus: Interest on financed SBLs 67,752,847$
Total Principal & Interest 598,792,590$
(1) This table does not include $37.55 million that has been collected life-to-date from defaulted SBL holders.
Total
10,000$
Santa Clara Stadium Authority
Currently Active Stadium Builder License (SBL) Summary (1) Through December 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$
14 Santa Clara Stadium Authority Budget Status Reports
Operating Budget
With 75% of the fiscal year complete, total operating revenues for the third quarter of the 2024/25 fiscal year were $50.1 million repr esenting 80% of the overall budget for revenues. During the current reporting period, the Stadium Authority collected $5.3 million in SBL proceeds or 104% of what was budgeted. All SBL proceeds are to be transferred to the debt service fund per applicable loan agreements. Stadium Authority also recognized $19.9 million in rent from Forty Niners SC Stadium Company, LLC (StadCo), $1.4 million in Non-NFL ticket surcharge, and $458,000 in sponsorship (STR) revenue all of which are expected to meet budget this fiscal year.
Total Operating expenses were $17.9 milli on, or 40% of the annual budget. Shared Stadium Manager expenses were at 74% of the budget, or $10 million of the $13.6 million budgeted amount and SBL Sales and Service expenses were 81% of the budget or $2.7 million. The Stadium Authority pays for all utility costs from February 1 st through July 31st
and the tenant (StadCo) pays for utility costs from August 1st through January 31st (Tenant Season). Therefore, utility co sts are 67% of the budget for the year, or $992,000. The current period covers 67% (four out of the six months) that the Stadium Authority is responsible for utility costs. Lastly, Stadium Authority G&A costs were tracking below budgeted levels at $2.1 million or 50% of the budget which is consistent to the prior year.
Additional details are shown in Table 10.
15 Table 10
Budget to Budget to
Amended(1)
YTD Actual % Final YTD Actual %
Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance
Discretionary Fund Reserve 2,464,323 $ 2,464,323 $ - $ NA 1,667,695 $ 1,667,695 $ - $ NA Legal Contingency Reserve - Buffet Costs 3,321,116 3,321,116 - NA 2,066,749 2,066,749 - NA Legal Contingency Reserve - Public Safety Costs 7,324,722 7,324,722 - NA 4,246,725 3,401,000 845,725 NA Operating Reserve 26,095,478 26,095,478 - NA 25,335,402 25,348,289 (12,887) NA Renovation/Demolition Reserve 31,440,735 31,440,735 - NA 5,323,390 5,323,390 - NA Stadium Funding Trust Reserve 3,611,041 3,611,041 - NA 3,420,994 3,420,994 - NA Unrestricted 15,915,719 15,915,719 - NA 13,880,278 14,713,116 (832,838) NA Total Beginning Fund Balance 90,173,134 $ 90,173,134 $ - $ NA 55,941,233 $ 55,941,233 $ - $ NA Revenue
NFL Ticket Surcharge 13,700,000 $ 14,594,945 $ (894,945) $ 107% 12,178,000 $ 11,523,355 $ 654,645 $ 95% SBL Proceeds 5,057,000 5,257,360 (200,360) 104% 12,589,000 12,174,685 414,315 97% Interest 3,534,000 4,347,665 (813,665) 123% 1,249,000 3,164,880 (1,915,880) 253% Net Revenues from Non-NFL Events 6,000,000 - 6,000,000 0% 4,500,000 - 4,500,000 0% Naming Rights 7,830,000 3,857,040 3,972,960 49% 7,602,000 3,744,699 3,857,301 49% Sponsorship Revenue (STR) 519,000 458,042 60,958 88% 475,000 407,523 67,477 86% Rent 24,762,000 19,946,500 4,815,500 81% 24,762,000 19,946,500 4,815,500 81% Senior & Youth Program Fees 268,000 278,582 (10,582) 104% 250,000 216,108 33,892 86% Non-NFL Event Ticket Surcharge 1,149,000 1,393,920 (244,920) 121% 1,296,000 1,592,360 (296,360) 123% Other Revenue - - - NA - 70,043 (70,043) NA Total Revenue 62,819,000 $ 50,134,054 $ 12,684,946 $ 80% 64,901,000 $ 52,840,153 $ 12,060,847 $ 81% Total Source of Funds 152,992,134 $ 140,307,188 $ 12,684,946 $ 92% 120,842,233 $ 108,781,386 $ 12,060,847 $ 90% Budget to Budget to
Amended(1)
YTD Actual % Final YTD Actual %
Budget Actuals Difference Used Budget Actuals Difference Used Expenses
Shared Stadium Manager Expenses
Stadium Operations 3,384,000 $ 2,537,962 $ 846,038 $ 75% 4,550,000 $ 3,397,116 $ 1,152,884 $ 75% Engineering 3,935,000 2,951,408 983,592 75% 2,694,000 2,012,044 681,956 75% Guest Services 621,000 465,420 155,580 75% 645,000 482,636 162,364 75% Groundskeeping 316,000 237,366 78,634 75% 650,000 488,944 161,056 75% Security 1,602,000 1,201,249 400,751 75% 1,564,000 1,174,386 389,614 75% Insurance 3,427,000 2,570,239 856,761 75% 3,327,000 2,495,378 831,622 75% Stadium Management Fee 269,000 - 269,000 0% 516,515 255,370 261,145 49% Shared Stadium Mngr Exps Subtotal 13,554,000 $ 9,963,644 $ 3,590,356 $ 74% 13,946,515 $ 10,305,874 $ 3,640,641 $ 74% Other Operating Expenses
SBL Sales and Service 3,348,000 $ 2,727,413 $ 620,587 $ 81% 2,333,000 $ 1,749,936 $ 583,064 $ 75% Senior & Youth Fees (paid to City) 268,000 278,582 (10,582) 104% 250,000 216,108 33,892 86% Ground Rent (paid to City) 1,000,000 1,000,000 - 100% 495,000 495,000 - 100% Performance Rent (paid to City) 9,825,000 - 9,825,000 0% - - - NA Discretionary Fund Expense 250,000 - 250,000 0% 250,000 - 250,000 0% Utilities 1,488,000 991,921 496,079 67% 1,391,000 927,030 463,970 67% Use of StadCo Tenant Improvements 151,000 144,311 6,689 96% 133,000 116,402 16,598 88% Stadium Authority G&A 4,288,000 2,133,982 2,154,018 50% 3,919,900 1,957,998 1,961,902 50% Naming Rights Commission 136,000 96,426 39,574 71% 94,000 93,618 382 100% Other Expenses 748,000 560,832 187,168 75% 734,000 550,191 183,809 75% PSC 2024 Outstanding Balance 6,473,000 - 6,473,000 0% - - - NA 3,073,000 - 3,073,000 0% - - - NA Other Operating Expenses Subtotal 31,048,000 $ 7,933,467 $ 23,114,533 $ 26% 9,599,900 $ 6,106,283 $ 3,493,617 $ 64% Total Expenses 44,602,000 $ 17,897,111 $ 26,704,889 $ 40% 23,546,415 $ 16,412,157 $ 7,134,258 $ 70% Transfers Out
Debt Service 17,471,000 $ 17,429,874 $ 41,126 $ 100% 25,457,000 $ 17,297,708 $ 8,159,292 $ 68% Capital Expenditures Reserve 1,575,000 - 1,575,000 0% 3,915,000 - 3,915,000 0% CapEx Reserve - Levi's Naming Rights 4,032,000 - 4,032,000 0% - - - NA Total Transfers Out 23,078,000 $ 17,429,874 $ 5,648,126 $ 76% 29,372,000 $ 17,297,708 $ 12,074,292 $ 59% Ending Fund Balance
Discretionary Fund Reserve 2,789,323 $ 3,161,283 $ (371,960) $ NA 2,065,695 $ 1,667,695 $ 398,000 $ NA Legal Contingency Reserve - Buffet Costs - - - NA 3,143,749 2,066,749 1,077,000 NA Legal Contingency Reserve - Public Safety Costs - - - NA 6,249,225 3,401,000 2,848,225 NA Operating Reserve 26,878,478 26,095,478 783,000 NA 25,935,402 25,348,289 587,113 NA Renovation/Demolition Reserve 37,548,576 31,440,735 6,107,841 NA 10,828,875 5,323,390 5,505,485 NA Stadium Funding Trust Reserve 4,183,645 14,035,564 (9,851,919) NA 4,655,914 14,598,825 (9,942,911) NA Unrestricted 13,912,112 30,247,143 (16,335,031) NA 15,044,958 22,665,573 (7,620,615) NA Total Ending Fund Balance 85,312,134 $ 104,980,203 $ (19,668,069) $ NA 67,923,818 $ 75,071,521 $ (7,147,703) $ NA Total Use of Funds 152,992,134 $ 140,307,188 $ 12,684,946 $ 92% 120,842,233 $ 108,781,386 $ 12,060,847 $ 90% (1)Adjustments include previously approved budget amendments through January 14, 2025 Transfer to City General Fund from Excess Revenues
Santa Clara Stadium Authority
Operating Budget Status Report
For the Period Ending December 31, 2024 and 2023
Period Ending December 31, 2023Period Ending December 31, 2024 16 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 O perating, Debt Service, and Capital Budget. Subsequent budget amendments were also adopted through January 14, 2025. The following budget adjustments are recommended based on FY 2024/25 projected actuals.
1) NFL Ticket Surcharge: The Forty Niner s Football Company, LLC collect a 10% ticket surcharge on the price of admission to all NFL games held at Levi’s ® Stadium on behalf of the Stadium Authorit y. The Stadium Authority received $895,000 more NFL Ticket Surcharge revenue than budgeted due to higher ticket prices and more tickets sold than budgeted. Therefore, a b udget adjustment of $895,000 is needed to reflect the increase in revenue.
2) SBL Proceeds: Cash collected from annual payments from SBL holders on a payment plan and payment from sales on new SBLs and/or SBLs that were defaulted make up SBL proceeds. The Stadium Manager projects $8.0 million of SBL proceeds, $3.0 million more than the current bu dget due to higher re-sale activity than originally projected therefore, a budget amendment of $3.0 million is needed to reflect the increase in revenues.
3) Interest: The Stadium Authority wa s maintaining a higher bank balance than anticipated over the first three quarters of the fiscal year. The Stadium Authority had been holding funds in a legal contingency reserve awaiting the finalization of the 2024 Settlement Agreement. The final e ffective date of t hat agreement was December 28, 2024 and subsequently in January 2025, the funds in the reserve were distributed. Additionally, spending on CapEx projects has been lower than budgeted and bank interest rates were hi gher than projected. The Stadium Authority projects $5.4 million in inte rest revenue, $1.9 million more than budgeted. A budget amendment of $1.9 million is needed to reflect the increase in revenues.
4) Net Revenues from Non-NFL Events: The Stadium Manager is responsible for booking and scheduling all Non-NFL events on behalf of the Stadium Authority.
As required by the Stadium Management Agreement, Stadium Manager is also required to maintain complete and accurate books and records related to the net income from Non-NFL events. The Stadium Manager projects $9.3 million of net revenue from Non-NFL events will be collected, $3.3 million more than the current budget therefore, a budget amendment of $3.3 million is needed to reflect the increase in revenue.
5) Senior and Youth Fee Revenue: Due to the 2024 Settlement Agreement, Senior and Youth Program Fees increased from $0.35 per NFL game ticket sold with a cap of $250,000 to $0.40 per ticket with a $300,000 cap starting in FY 2024/25.
This resulted in collection of additional Senior and Youth Program Fee Revenue. 17 The Stadium Authority has collected $279,000 of Seni or and Youth Program Fees through the end of the NFL season, which is $11,000 higher than budgeted.
A budget adjustment is needed to reflect the increase in the revenue by $11,000 which in turn is paid to the City’s General Fund (see #8 below).
6) Stadium Management F ee: The Management Perfor mance fee owed to the Stadium Manager is outlin ed in the Stadium M anagement Agreement. The Stadium Manager receives an annual base management fee that is split 50/50 between StadCo and the Stadium Authority since the Stadium Manager manages the stadium year-round for both entities. In addition to the base management fee of $269,000 for FY 2024/25 the Stadium Manager also receives a stadium marketing and booking fee based on a tier ed percentage of the net Non-NFL events revenue that exceed the Marketing and Booking Fee Benchmark. Based on projected net Non-NFL Event revenue of $9.3 million fo r FY2024/25, the Stadium Manager is expected to earn an additional $264,000 stadium marketing and booking fee. Therefore, a budget amendment of $264, 000 is needed to reflect the increased management fee that is projected to be owed to the Stadium Manager.
7) SBL Sales and Service (SBL): The Stadi um Manager provides sales and service to SBL holders on behalf of Stadium Auth ority. Based on projected actuals for FY2024/25 SBL Sales and Service for bonus and commissions expenses are projected to be higher t han budgeted due the SBL Sales team exceeding their target sales. A budget adjustment is needed to reflect the increase in SBL Sales and Service of $163,000.
8) Senior and Youth Program Fees (paid to the City): Due to the 2024 Settlement Agreement, Senior and Youth Program Fees increased from $0.35 per NFL game ticket with a cap of $250,000 to $0.40 per ticket with a $300,000 cap starting in FY 2024/25 resulting in collection of additional Senior and Youth Program Fees.
The Stadium Authority has collected $279,000 of Seni or and Youth Program Fees through the end of the NFL season, which is $11,000 higher than budgeted (see #5 above). A budget adjustment is needed to reflect the increase in the payment to the City’s’ General Fund by $11,000.
9) Performance Rent: The Performance-Bas ed rent owed to the City is described in the Ground Lease and the Amended and Restat ed Stadium Lease. As outlined in the agreements, the City can receive Performance-Based rent for each Lease Year equal to 50% of net revenue from Non-NFL events less the sum of the Performance-Based Rent Credits. Perf ormance-Based Rent was budgeted at $9.8 million related to: (1) FY 2022/23 of $4.2 million, (2) FY 2023/24 of $3.1 million and (3) FY 2024/25 of $2.5 m illion (budget). FY 2024 /25 net Non-NFL event net revenue is projected to be higher than budgeted resulting in an increase to Performance-Based rent owed to the City of $1.6 million. Therefore, a budget amendment of $1.6 million is needed to reflect this increase.
10) Utilities: Utility costs were higher than anticipated largely due unanticipated rate increase that was not factored into projections. A budget adjustment of 223,000 18 is needed to reflect the increase in Utility expenses.
11) Use of StadCo Tenant Improvements: The Stadium Authority is charged fees for the use of StadCo assets during Non- NFL events. Use of StadCo Tenant Improvements is projected to be higher than anticipat ed by $21,000 due to the increased Non-NFL Event activity. A budget adjustment is needed to reflect the increase in Use of StadCo Tenant Improvements of $21,000.
12) Public Safety Cost (PSC) Over Threshold: Due to the 2024 Settlement Agreement, the public safety cost threshold in FY 2024/25 will equal $360,000 per game. Based on projected actual NFL public safety costs it is estimated that the public safety costs over the thre shold will be $2,312,000 which will be paid with the discretionary fund so that there are no impacts to the Performance Based Rent paid to the City. A budget adjustment is needed to reflect the payment of PSC over threshold of $2,312,000.
13) PSC 2024 Outstanding Balance: As part of the 2024 Settlement Agreement, public safety costs over the threshol d for FY 2017/18 to FY 2023/24 amounting to approximately $14.8 million were r edefined as “PSC 2024 Outstanding Balance.” The budgeted amount of $6.5 million for FY 2024/25 included $3.3 million from the prior Legal Contingency reserve and $3.2 million from excess revenues. Based on projected revenues and expenses, it is anticipated that an additional $3.0 million of excess revenues will be available to pay down the PSC 2024 Outstanding Balance. Therefore, a budget adjustment of $3.0 million is needed to reflect the additional payment of PSC 2024 Outstanding Balance.
14) Transfer to City General Fund from Excess Revenues: Under the 2024 Settlement Agreement the terms of the Stadium Lease has been amended, restructuring the distribution of excess revenues originally to be deposited to the Renovation/Demolition Reserve to instead allocate 25% to the City’s General Fund. The transfer of $3.1 million in excess revenues to the City’s General Fund is budgeted for FY2024/25. Based on projected actuals, $6.2 million is expected to be transferred to the City’s General Fund. Therefore, a budget amendment of $3.1 million is needed to reflect the increased payment.
15) Ending Fund Balance – Di scretionary Reserve: Due to the 2024 Settlement Agreement, the public safety cost threshold in FY 2024/25 will equal $360,000 per game. Based on projected actual NFL public safety costs it is estimated that the public safety costs over the thre shold will be $2,312,000 which will be paid with the discretionary fund so that there are no impacts to the Performance Based Rent paid to the City. A budget adjustment is needed to reflect the payment of PSC over threshold of $2,312,000 from the discretionary reserve.
16) Ending Fund Balance – Renovation/De molition Reserve: Due to the 2024 Settlement Agreement, excess revenues that would fund the renovation/ demolition reserve will now receive 50% of the remaining revenues. Of the remaining 50%, half will go toward paying off the PSC 2024 Outstanding Balance, and the other half will be distributed to th e City’s General Fund. Based on 19 anticipated excess revenues, the Ending Fund Balance – Renovation/ Demolition Reserve is expected to be $43.8 million, an increase of $6.2 million from budget.
Therefore, a budget amendment of $6.2 million is needed to reflect the increase in the Ending Fund Balance Renovation/Demolition Reserve.
17) Ending Fund Balance – Stadium Funding Trust Reserve: The Stadium Funding Trust Reserve is required to have sufficient funds to cover the stadium’s operating and maintenance expenses for the first three months of the following fiscal year.
Based on projected expenses for the first three months of FY 2025/26 the Ending Fund Balance – Stadium Funding Trust Re serve is anticipated to increase by $1.6 million therefore, a $1.6 million budget amendment is needed to reflect the increase in the reserve.
18) Ending Fund Balance - Unrestricted: The Ending Fund Balance – Unrestricted is anticipated to decrease by $7.2 million due to the actions taken above. A budget amendment of $7.2 million is needed to reflect the decrease in the Ending Fund Balance – Unrestricted.
Additional details are shown in Table 11.
Table 11
Santa Clara Stadium Authority
2024/25 Operating Budget Adjustment
Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 NFL Ticket Surcharge $895,000 This action increases the Operating Budget for NFL
Ticket Surcharge
Revenue due to higher
ticket sales than
projected.
2 SBL Proceeds $2,912,000 This action increases the
Operating Budget for SBL
Proceeds due to higher
SBL resale activity than
anticipated.
3 Interest $1,901,000 This action increases the
Operating Budget for
Interest Revenue due to
higher bank balances and
interest rates than
expected.
4 Net Revenues from Non-
NFL Events
$3,250,000 This action increases the
Operating Budget for Net
Revenues from Non-NFL
Events because of
greater Non-NFL Event
activity than budgeted by
20 the Stadium Manager.
5 Senior and Youth Fees $11,000 This action increases the Operating Budget for the
Senior and Youth
Program Fees due to the
fee increase from $0.35
to $0.40 per ticket per the
2024 Settlement
Agreement.
6 Stadium Management Fee $264,000 This action increases the Operating Budget for the
Stadium Management
Fee because net non-
NFL event revenue is
anticipated to be higher
than budgeted resulting in
an additional marketing
and booking fee owed to
Stadium Manager.
7 SBL Sales and Service $163,000 This action increases the Operating Budget for SBL
Sales and Service. SBL
Sales and Service are
anticipated to be higher
than budget due to
increased SBL resale
activity resulting in higher
bonuses and
commissions.
8 Senior and Youth Fees
(paid to the City)
$11,000 This action increases the
Operating Budget for the
Senior and Youth
Program Fees due to the
fee increase from $0.35
to $0.40 per ticket per the
2024 Settlement
Agreement.
9 Performance Rent (paid to
the City)
$1,625,000 This action increases the
Operating Budget for
Performance Rent due to
higher projected net Non-
NFL Event Revenues
than budgeted.
10 Utilities $223,000 This action increases the
Operating Budget for
Utilities by $223,000 due
to rate increases that
were not factored into
budget.
11 Use of StadCo Tenant
Improvements
$21,000 This action increases the
Operating Budget for the
Use of StadCo Tenant
21 Improvements. Higher
than expected non-NFL
event activity resulted in
the use of more StadCo
Tenant Improvements.
12 PSC Over Threshold $2,312,000 This action increases the Operating Budget for
PSC Over Threshold
estimated for FY 2024/25.
13 PSC 2024 Outstanding
Balance
$3,014,000 This action increases the
Operating Budget for
PSC 2024 Outstanding
Balance from anticipated
additional excess
revenues.
14 Transfer to City General
Fund from Excess
Revenues
$3,093,000 This action increases the
Operating Budget for the
Transfer to City General
Fund from anticipated
excess revenues.
15 Ending Fund Balance -
Discretionary Reserve
$(2,312,000) This action decreases the
Discretionary Fund
Reserve resulting from
anticipated payment for
PSC Over Threshold
related to the 2024
Settlement Agreement.
16 Ending Fund Balance –
Reno/Demo Reserve
$6,224,000 This action increases the
Reno/Demo Reserve
balance from anticipated
excess revenues.
17 Ending Fund Balance –
Stadium Funding Trust
Reserve
$1,567,000 This action increases the
Stadium Funding Trust
Reserve due to the
requirement to fund the
reserve to cover the first
three months of O&M
expenses in the following
Fiscal Year.
18 Ending Fund Balance –
Unrestricted
($7,236,000) This action decreases the
Unrestricted Ending Fund
Balance to offset all of the
actions taken above.
Total $8,969,000 $8,969,000
22 Debt Service Budget
The Stadium Authority’s FY 2024/25 debt service revenue budget of $2.8 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 payabl e solely from amounts received by the Stadium Authority from the CFD. During the first three quarters, $2.5 million was contributed by the CFD, or 88% of the annual budget and was used to pay down the CFD Advance.
Total Stadium Authority debt service expenses for the curr ent reporting period were $17.1 million, or 87% of the budgeted amount. The debt se rvice expenses for the CFD Advance and the Term A Loan were $2.6 million and $14.5 million, respectively.
As of December 31, 2024, t he total outstanding amount of Stadium Authority debt had declined to $220 million. This is a reduction in principal of $8.7 million from the March 31, 2024 outstanding debt amount of $228.7 million.
Additional details are shown in Tables 12 and 13 and Chart 1.
23 Table 12
Budget to Budget to
Adopted Amended(1)
YTD Actual % Final YTD Actual %
Budget Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance
Required Debt Service Reserve 11,536,235$ 11,536,235 $ 11,536,235 $ - $ NA 11,536,235 $ 11,536,235 $ - $ NA Debt Service Reserve 7,996,801 8,122,980 8,122,980 - NA 15,663,801 15,663,801 $ - NA Total Beginning Fund Balance 19,533,036$ 19,659,215 $ 19,659,215 $ - $ NA 27,200,036 $ 27,200,036 $ - $ NA Revenue
Contribution from CFD 2,782,000 $ 2,782,000 $ 2,454,522 $ 327,478 $ 88% 3,217,000 $ 2,627,897 $ 589,103 $ 82% Total Revenues 2,782,000 $ 2,782,000 $ 2,454,522 $ 327,478 $ 88% 3,217,000 $ 2,627,897 $ 589,103 $ 82% Transfers In
Transfers In from Operating 17,471,000$ 17,471,000 $ 17,429,874 $ 41,126 $ 100% 25,457,000 $ 17,297,708 $ 8,159,292 $ 68% Total Transfers In 17,471,000 $ 17,471,000 $ 17,429,874 $ 41,126 $ 100% 25,457,000 $ 17,297,708 $ 8,159,292 $ 68% Total Source of Funds 39,786,036 $ 39,912,215 $ 39,543,611 $ 368,604 $ 99% 55,874,036 $ 47,125,641 $ 8,748,395 $ 84% Budget to Budget to
Adopted Amended(1)
YTD Actual Final YTD Actual
Budget Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
CFD Advance 2,754,000 $ 2,754,000 $ 2,570,174 $ 183,826 $ 93% 2,900,000 $ 2,092,967 $ 807,033 $ 72% Term A Loan 16,933,000 16,933,000 14,524,510 2,408,490 86% 25,457,000 22,957,359 $ 2,499,641 90% Total Expenses 19,687,000 $ 19,687,000 $ 17,094,683 $ 2,592,317 $ 87% 28,357,000 $ 25,050,326 $ 3,306,674 $ 88% Transfers Out
Transfers Out to Operating Fund - $ - $ - $ - $ NA - $ - $ - $ NA Total Transfers Out - $ - $ - $ - $ NA - $ - $ - $ NA Ending Fund Balance
Required Debt Service Reserve 11,536,235$ 11,536,235 $ 11,536,235 $ - $ NA 11,536,235 $ 11,536,235 $ - $ NA Debt Service Reserve 8,562,801 8,688,980 10,912,692 (2,223,712) NA 15,980,801 10,539,080 5,441,721 NA Total Ending Fund Balance 20,099,036$ 20,225,215 $ 22,448,927 $ (2,223,712) $ NA 27,517,036 $ 22,075,315 $ 5,441,721 $ NA Total Use of Funds 39,786,036 $ 39,912,215 $ 39,543,611 $ 368,604 $ 99% 55,874,036 $ 47,125,641 $ 8,748,395 $ 84% (1)Adjustments include previously approved budget amendments through January 14, 2025 Debt Service Budget Status Report
For the Period Ending December 31, 2024 and 2023
Period Ending December 31, 2023
Santa Clara Stadium Authority
Period Ending December 31, 2024
24 Table 13
Chart 1
Type of Indebtedness Interest Rates
Outstanding as of
March 31, 2024 Net Change
Outstanding as of
December 31, 2024
Stadium Funding Trust Loan:
Term A Loan 5.00% 199,956,240 $ (7,299,896) $ 192,656,344$ StadCo CFD Advance 5.73% 28,711,586 (1,351,749) 27,359,837 Total $ 228,667,826 $ (8,651,645) $ 220,016,181 Period Ending December 31, 2024
Santa Clara Stadium Authority
Debt Summary Report
$-
$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 Dec 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 $220.0
25 Debt Service 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 c ourse of a fiscal year, known a fter the adoption of the Stadium Authority Budget.
On March 7, 2023, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2023/24 Operating, Debt Service, and Capital Budget. Subsequent budget amendments were also adopted through January 14, 2025. The following budg et adjustments are recommended based on FY 2024/25 projected actuals.
1) Contribution from CFD: Due to a continued improvement in the economy post COVID, hotel stays have been higher than anticipated, therefore CFD revenue is projected to be higher which allows for additional debt payment on the CFD Advance. A budget adjustment of $675,000 is needed to reflect the increase in Contribution from CFD and the paydown of the CFD Advance.
2) CFD Advance Expense: The CFD Advance Ex pense is anticipated to increase by $675,000 to reflect the additional debt payment of the CFD Advance due to higher CFD revenues. A budget amendment of $675,000 is needed to reflect the increase in CFD Advance Expense.
Additional details are shown in Table 14.
Table 14
Santa Clara Stadium Authority
2023/24 Debt Service Budget Adjustment
Item # Line Item Source of
Funds
Use of
Funds
Explanation
1 Contribution from CFD $675,000 This action increases the Contribution from CFD due to
higher anticipated CFD revenues.
2 CFD Advance
Expense
$675,000 This action increases the Debt
Service Budget for the debt
payment of the CFD Advance due
to higher anticipated CFD
revenues that will fund the pay
down of debt.
Total $675,000 $675,000
26 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:
Blackline Combustible Gas Indicators
Command Post Video Wall Upgrade
D7 Tactical Decon Spray
Fire Station 9 Storage Cabinets
Overhead Doors, Motors, Sensors and Track Replacements RAID 8 Multi Agent Detection Kit
Secure Video File Sharing Software Integration
Street Signage
Women’s Locker Room
The following projects were underway during the current reporting period:
Aesthetic Improvements – Premiu m Areas/Special Event Spaces CO2 Monitoring & Sensors for Code Compliance
Concrete Replacements
Enhance Stadium Security Coverage
Field Turf Equipment
General Areas/Coating Main Deck
Kawasaki ATVs
Levi’s
® Naming Rights Signage Refurbishment
Lighting System – Field / Sport Lighting LED Retrofit Lighting Systems – Fixture Replacement of Major Outdoor Lighting/LED Retrofit Main Kitchen Equipment
Plumbing and Plumbing Fixtures
Radio Booth Cabling
Replace Furniture for Clubs and Special Event Spaces (2019/20 Carryover) Replacement of end of life IT Network equipment (2022/23 Carryover) Security General Allowance
Smoke Evacuation System – Fi re Smoke Curtain Replacement Stadium Event Signag e (2019/20 Carryover)
Updated Stadium Wayfinding Signage (2020/21 Carryover)
The CIP Budget increased from $22 million to $24 million in the current reporting period.
A total of $5.1 million has been s pent during the first three quarters of FY 2024/25, which amounts to 21% of the budget. The main reason that this is below budget is due to the timing of activity for Capital Expenditure proj ects. There has also been little activity on warranty work which makes up 6% of the CIP Budget.
Additional details are shown below in Table 15.
27 Table 15
Budget to Budget to
Amended(1)
YTD Actual % Final YTD Actual %
Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance 19,862,834 $ 19,862,834 $ - $ NA 22,977,809 $ 22,977,809 $ - $ NA Revenue
Interest - $ - $ - $ NA - $ 57,942$ (57,942) $ NA Total Revenue - $ - $ - $ NA - $ 57,942$ (57,942) $ NA Transfers In
Transfers In from Operating 4,032,000 $ - $ 4,032,000$ 0% 3,915,000 $ - $ 3,915,000$ 0% Transfers In from Operating - Levi's Naming Rights 1,575,000 - 1,575,000$ 0% - - - NA Total Transfers In 5,607,000 $ - $ 5,607,000$ 0% 3,915,000 $ - $ 3,915,000$ 0% Total Source of Funds 25,469,834 $ 19,862,834 $ 5,607,000 $ 78% 26,892,809 $ 23,035,751 $ 3,857,058 $ 86% Budget to Budget to
Amended(1)
YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
Construction 15,667,725 $ 2,054,854 $ 13,612,871 $ 13% 11,521,424 $ 4,678,782 $ 6,842,642 $ 41% Equipment 5,908,000 3,087,754 2,820,246 52% 7,372,196 1,199,511 6,172,685 16% Contingency & Misc 973,000 - 973,000 0% 903,052 5,708 897,344 1% Stadium Warranty Related Construction 1,528,000 - 1,528,000 0% 1,528,202 - 1,528,202 0% Total Expenses 24,076,725 $ 5,142,608 $ 18,934,117 $ 21% 21,324,874 $ 5,884,001 $ 15,440,873 $ 28% Ending Fund Balance 1,393,109 $ 14,720,226 $ (13,327,117) $ NA 5,567,935 $ 17,151,750 $ (11,583,815) $ NA Total Use of Funds 25,469,834 $ 19,862,834 $ 5,607,000 $ 78% 26,892,809 $ 23,035,751 $ 3,857,058 $ 86% (1)Adjustments include previously approved budget amendments through January 14, 2025 CIP Budget Status Report
For the Period Ending December 31, 2024 and 2023
Period Ending December 31, 2023Period Ending December 31, 2024 28 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 three CapEx projects that were antic ipated to be completed in FY 2023/24, so the remaining budgets were not requested to be carri ed forward to the FY 2024/25 Operating, Debt Service, and Capital Budget. It also in cludes one carryover project that requires a budget amendment due to unanticipated costs.
1) Equipment - Kawasaki ATV (2021/22 Carryover): This project funds the purchase of a new Kawasaki ATV (All-Terrain Vehicle) for Police Department use at the Stadium.
The ATV was purchased in FY 2023/24. It was anticipated that this project would be completed by the end of the FY 2023/24 so the remaining funds were not requested to be carried over to FY 2024/25. Due to unanticipated delays wit h the upfitting, a budget adjustment of $11,000 is needed to in clude additional costs related to properly equip the ATV in FY 2024/25. Labor required by the City’s fleet department was also more than initially project ed and delayed beyond the anticipated billing cycle.
2) Equipment - Kawasaki ATV (2021/22 Carryover): This project funds the purchase of a new Kawasaki ATV for Police Department use at the Stadium. The ATV was purchased in FY 2023/24. It was anticipated that this project would be completed by the end of FY 2023/24 so the remaining funds were not requested to be carried over to FY 2024/25. Due to unanticipated dela ys with the upfitting, a budget adjustment of $10,000 is needed to include additional costs related to properly equip the ATV in FY 2024/25. Labor required by the City’s fleet department was also more than initially projected and delayed beyond the anticipated billing cycle.
3) Construction - Stadium Event Power U pgrades & Switchgear Electrical (2019/20 Carryover): The project will establish capability to monitor and report the Switch Gear Event Mode Status through t he building Schneider Power Monitoring Expert (PME) system for remote monitoring. The plans and specifications required will include any electrical and communication wiring, as well as any controls upgrades necessary to complete the project. The project was originally scheduled to be completed in FY 2023/24 however, delays in the equipment configuration pushed back the timeline.
The final installation is expected to be completed in FY2024/25. A budget amendment of $30,000 is needed to complete the final work.
4) Equipment - Kawasaki ATVs (2023/24 Carryover): This project replaces 5 Kawasaki ATVs originally purchased in 2014 that are at the end of the 10-year useful life. The 5 ATV’s have been purchased in FY 2024/25. Due to unanticipated costs related to upfitting the vehicles a budget adjustment of $14,000 is needed for additional costs in FY 2024/25. Labor required by the City’s fleet department was also more than initially projected.
5) Ending Fund Balance: The Ending Fund Ba lance is anticipated to decrease by $65,000 due to the actions taken above. A budget amendment of $65,000 is needed 29 to reflect the decrease in the Ending Fund Balance – Unrestricted.
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 Equipment:
Kawasaki ATV
(2021/22 Carryover)
$11,000 This action increases the
Capital Expenditure
Budget for equipment due
to delays, higher costs
and not carrying over
budget from the prior
year.
2 Equipment:
Kawasaki ATV
(2021/22 Carryover)
$10,000 This action increases the
Capital Expenditure
Budget for equipment due
to delays, higher costs
and not carrying over the
budget from the prior
year.
3 Construction:
Stadium Event
Power Upgrades &
Switchgear Electrical
(2019/20 Carryover)
$30,000 This action increases the
Capital Expenditure
Budget due to delays and
not carrying over the
budget from the prior
year.
4 Equipment:
Kawasaki ATVs
(2023/24 Carryover)
$14,000 This action increases the
Capital Expenditure
Budget for equipment due
to higher costs than
anticipated.
5 Ending Fund
Balance
$(65,000) This action decreases the
Ending Fund Balance to
offset action taken for the
Kawasaki ATVs and
Stadium Event Power
Upgrades & Switchgear
Electrical.
Total $0 $0
30 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $1.9 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. It should be noted that the 2024 Settlement Agreement had a final effective date of December 28, 2024 and as a result of that a total of $7.3 million of Performance Rent for FY 2022/23 and FY 2023/24 was paid to the General Fund in January 2025. This will be included in the year-end report.
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 the Stadium Manager. Reimbursement is monitored and included in this report. In the current reporting period, public safety costs incurred in support of NFL and Non-NFL events held at Levi’s® Stadium totaled $5.4 million and $3.1 million, respectively. The reimbursements come from a combination of payments from the Stadium Manager and the offsite parking fees that were collected. As of the report date, the City has received $3.1 m illion in NFL and $2.8 million in Non-NFL public safety reimbursements from the Stadium Manager.
Public safety costs for NFL events conti nue to be above the annual public safety cap.
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 settlement agreement with StadCo and ManCo over disputes regarding public safety and buffet costs and that agreement had a fi nal effective date of December 28, 2024. As a result of the settlement, the public safety cap was adju sted to increase the per game and annual threshold beginning in FY 2024/25. Under the settlement agreement the $14.8 million in accrued but unpaid Public Safety Cost Credits have been partially paid down using $3.3 million in litigation contingency funds. The remaining $11.5 million made up of credits that were issued from public safety costs paid in excess of the annual threshold and permitted credits carry-forwards were redefined as Public Safety Costs (PSC) 2024 Outstanding Balance and will be re imbursed to StadCo over time through excess revenues. $5.9 million is projected to be paid in FY 2024/25 and $3.0 million is projected to be paid in FY 2025/26. It is currently estimated that the PSC 2024 Outstanding Balance will be paid off Ground Rent 1,000,000 $
Performance Rent -
Senior and Youth Fee 289,049
Sales Tax 643,668
1,932,717$
City of Santa Clara
Net General Fund Impact
For Stadium Authority
Total Net General Fund Impact
Period Ending December 31, 2024
31 by FY 2027/28.
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. In the second quarter of FY 2024/25, a total of $1.1 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 $1 million. Additionally, the Senior and Youth Fee generated $279,000, of which the entire amount 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 t he City. The last three quarter of sales tax collections from Levi’s® Stadium transactions generated $644,000 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.
32 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 $2 of the Base Non-NFL ticket surcharge 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 Stadium Authority’s discretion. It is anticipated t hat the discretionary fund will continue to cover NFL public safety costs above the threshold. Stadium Authority may transfer up to half of the balance of the Discretionary Fund over $1.0 million from the Discretionary Fund to the City’s General Fund if (1) adequate provision ha s been made for the replacement 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 Authority’s operating fund to be included as Stadium Authority Revenue.
Ground Lease – The Ground Lease Agreement has an initial term of 40 years commencing on the date of substantial completion which was July 31, 2014. The amount of annual base ground rent that is payable by the Stadium Au thority to the City is noted in the Table 18.
33 Table 18
Net Non-NFL Event Revenue – Net Non-NFL event revenue is remitted by Stadium Manager to the Stadium Authority on a yearly basis. This is don e annually because the final reconciliation of the Non-NFL event revenues and expenses does not occur until after the conclusion of each fiscal year.
NFL Ticket Surcharge – The Amended and Restated Non-Relocation Agreement states that the Team will collect a 10% NFL ticket surcharge on the price of admission to all NFL games on behalf of Stadium Authority.
Leas e Year Fis cal 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 $
34 Non-NFL Event Ticket Surcharge – The Stadium Lease Agre ement requires that the promoter or sponsor of any Non-NFL event collect a Non-NFL event ticket surcharge of $4 per ticket. The Lease Agreement sets as ide one-half of the non-NFL event ticket surcharge for stadium operating and maintenanc e costs and one-half for discretionary expenses of the Stadium Authority. Due to the 2024 Settlement Agreement starting in FY 2025/26 any ticketed non-NFL event that is held at Levi’s® Stadium will be required to collect at least a $8 per ticket surcharge with a $1 escalator in FY 2028/29 and every four years thereafter on behalf of Stadium Authorit y. One-half of the $4 base surcharge that is paid to Stadium Authority covers general stadium operations and the other half funds the Stadium Authority Discret ionary Fund. The additional proceeds exceeding the $4 base surcharge will be deposited to the Public Sa fety Cost Reserve to be used to pay public safety costs exceeding the threshold.
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 2024/25 (July 1, 2024 through June 30, 2025) the offsite parking fee is $6.71.
Performance-Based Rent – Stadium Authority pays the City performance-based rent on top of the fixed ground rent. After the completion of the fiscal year, net income from Non- NFL events are calculated and reported to Stadium Authority by ManCo. With the finalized Non-NFL events report, Stadium Authority calculates the per formance-based rent to be remitted to the City during July following the Stadium Authority’s fiscal year-end. The basic calculation for the performance-based rent is 50% of the net income from Non-NFL events for any given lease year less the sum of Performance-Based Rent Credits. The Performance-Based Rent Credits include (1) 50% of the fixed ground rent for the current lease year, (2) the amount, if any, that the P ublic 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.
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 the Stadium Manager is responsible for paying Non- NFL event expenses on behalf of the Stadium Authority. Ther efore, the cost of providing public safety services are tracked through the City’s financial system and invoices are sent to the Stadium Manager. 35 All of these costs are reimbursed to the City of Santa Clara.
Public Safety Costs (PSC) 2024 Outstanding Balance: As part of the 2024 Settlement Agreement, public safety costs over the th reshold for FY 2017/18 to FY 2023/24 would not be treated as Credited Public Safety Costs and therefore would not affect the calculation of Performance Based Rent. Instead, these costs amounting to approximately $14.8 million have been redefined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off.
Public Safety Costs Over Threshold: As of the 2024/25 lease year, the public safety cost threshold will equal $360,000 per game. For lease year 2025/26 and each lease year thereafter the threshold will increase by 4%. Public safety costs incurred above the annual threshold will be repaid over time with additional proceeds from the Non-NFL event ticket surcharge and the discretionary fund.
Senior and Youth Program Fees – During the lease terms, StadCo collects City of Santa Clara Senior and Youth Program Fees on behalf of Stadium Aut hority. The fee was originally $0.35 per NFL game ticket up to a maximum of $250,000 per lease year. As a result of the 2024 Settlement Agreement, beginning FY 2024/25 the fee will increase to $0.40 per NFL game ticket up to a maximum of $300,000 per lease year. Every ten lease years thereafter the fee will in crease by $0.05 in conjunction with the maximum amount increased by an additional $50,000.
Fiscal Year
Outstanding
Balance
Actual/Projected
Payments
Remaining
Balance
2023/24 14,786,346$ - $ 14,786,346$ 2024/25 14,786,346$ 9,214,116 $ 5,572,230 $ PSC 2024 Outstanding Balance
36 Stadium Management Fee – The Stadium Manager re ceives 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 as detailed in the table below. This annual base management fee is split 50/50 between StadCo and the Stadi um Authority since the Stadium Manager manages the st adium year-round for both entities. In addition to the base management fee, the St adium Manager also receiv es a stadium marketing and booking fee (incentive fee) wh ich is based on a percentage of the amount that the net income from Non-NFL events exceeds t he marketing and booking fee benchmark. The marketing and booking fee benchmark was $5 m illion in the first lease year and also increases by 3% annually as detailed in the table below. The annual stadium management fee for each of the first ten lease years are noted in the Table 19 below.
Table 19
Tasman Lots Parking Fees – The City collects a fee of $5 per space for all cars that are parked on the Tasman surface lots during NFL events.
Fiscal Year
Lease
Year
Annual Base
Stadium
Management
Fee (SCSA
Share)
Stadium
Marketing
and Booking
Fee
Benchmark
Net Income
from Non-
NFL Events
1st Tier -
paid at 10%
Fee
Additional
Stadium
Marketing and
Booking Fee
10% 1st Tier
2nd Tier -
paid at
15% Fee
Additional
Stadium
Marketing and
Booking Fee
15% 2nd Tier
Total Stadium
Management
Fee
2014/15 1 200,000 $ 5,000,000 $ 5,207,553 $ 10,378 $ - $ 210,378$ 2015/16 2 206,000 5,150,000 6,079,016 46,451 - 252,451 2016/17 3 212,180 5,304,500 5,316,894 620 - 212,800 2017/18 4 218,545 5,463,635 5,163,329 2,000,000 - 4,000,000 - 218,545 2018/19 5 225,102 5,627,544 18,591 2,060,000 - 4,120,000 - 225,102 2019/20 6 231,855 5,796,370 (2,741,014) 2,121,800 - 4,243,600 - 231,855 2020/21 7 238,810 5,970,261 (476,960) 2,185,454 - 4,370,908 - 238,810 2021/22 8 245,975 6,149,369 (288,741) 2,251,018 - 4,502,035 - 245,975 2022/23 9 253,354 6,333,850 8,809,167 2,318,548 231,855 4,637,096 23,515 508,724 2023/24 10 260,955 6,523,866 8,266,685 2,388,105 174,282 4,776,209 - 435,237 2024/25(1) 11 268,783 6,719,582 9,250,000 2,459,748 253,042 4,919,495 10,601 532,425 2025/26 12 276,847 6,921,169
(1) Net income from Non-NFL events for FY2024/25 is projected.
To be determined
37 Appendix
This section of the report provides additional historical data for the tables referenced in the body of this report.
Table 20
Table 21
2014/15 Q3 2015/16 Q3 2016/17 Q3 2017/18 Q3 2018/19 Q3 2019/20 Q3 Total Total Total Total Total Total
No. of NFL Events 10 9 9 10 10 10 No. of Tickets Sold 682,095 602,268 588,794 643,189 651,237 662,731 NFL Ticket Surcharge 8,366,290 $ 7,448,271 $ 7,403,778 $ 7,806,190 $ 8,076,510 $ 8,412,291 $ Senior/Youth Program Fees 238,734 $ 210,794 $ 206,078 $ 225,116 $ 227,933 $ 231,956 $ Cars Parked at Offsite Lots 90,024 51,375 61,310 54,107 56,390 64,960 City Offsite Parking Fee 442,919 $ 260,985 $ 321,264 $ 293,260 $ 317,476 $ 380,016 $ Cars Parked on Tasman Lots 4,983 6,184 4,653 5,530 4,729 5,751 Cars Parked on Golf Course 233,306 18,823 - - - - City Tasman Lot and Golf Course Parking Fee 141,445$ 125,035 $ 23,265 $ 27,650 $ 23,645 $ 28,755 $ Stadium Public Safety Costs 2,414,028 $ 2,092,697 $ 2,497,858 $ 2,388,347 $ 2,994,735 $ 3,701,510 $ Golf Course Public Safety Costs 180,766 $ 71,000 $ - $ - $ - $ - $ Subtotal Event Public Safety Costs 2,594,794 $ 2,163,698 $ 2,497,858 $ 2,388,347 $ 2,994,735 $ 3,701,510 $ Less: Offsite Parking Fee Credit (442,919) $ (260,985) $ (321,264) $ (293,260) $ (317,476) $ (380,016) $ Reimbursable Stadium Public Safety Costs 2,151,875$ 1,902,713 $ 2,176,593 $ 2,095,087 $ 2,677,259 $ 3,321,494 $ Levi's® Stadium
Historical NFL Event Statistics
2014/15 Q3 2015/16 Q3 2016/17 Q3 2017/18 Q3 2018/19 Q3 2019/20 Q3 Total Total Total Total Total Total
No. of Non-NFL Ticketed Events 7 15 17 11 11 8 No. of Tickets Sold 248,591 623,687 579,059 319,580 290,341 183,874 Non-NFL Ticket Surcharge 916,656 $ 2,455,816$ 2,316,236 $ 1,278,320 $ 1,161,364 $ 735,496 $ No. of Non-NFL Special Events 138 171 101 84 87 64 Non-NFL Special Event Attendees 42,808 97,747 43,526 51,928 32,593 22,155 Cars Parked at Offsite Lots 16,054 55,720 60,969 25,741 26,041 17,127 City Offsite Parking Fee 78,986 $ 278,703 $ 313,978 $ 138,087 $ 144,407 $ 98,547 $ Stadium Public Safety Costs 1,217,852 $ 3,003,358 $ 2,938,082 $ 1,601,824 $ 1,948,594 $ 1,556,785 $ Less: Offsite Parking Fee Credit (78,986)$ (278,703) $ (313,978) $ (138,087) $ (144,407) $ (98,547) $ Reimbursable Public Safety Costs 1,203,483$ 2,844,497 $ 2,664,009 $ 1,463,737 $ 1,804,187 $ 1,458,238 $ Historical Non-NFL Event Statistics
Levi's® Stadium
38 Table 22
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 Discretionary Fund Reserve