Audit Committee
September 22, 2025

Santa Clara Stadium AuthorityOverview of Santa Clara Stadium Authority Fiscal Year 2024/25 Annual Financial Statements and Audit Results Presentation by KPMG, LLPSeptember 22, 2025 Agenda•Audit Limitations and Methodology•Overview•Key Financial Highlights•Management’s Discussion and Analysis (MD&A) •Basic Financial Statements •Statements of Net Position•Statements of Revenues, Expenses, and Changes in Net Position•Notes to the Financial Statements•Additional Disclosures•Audit Results Presentation by KPMG, LLP•Recommendation2 Audit Limitations & Methodology •This was an audit of the Stadium Authority’s financial reports, processes, internal controls and the Stadium Authority’s shared expenses with Forty-Niners Stadium Management Company LLC (ManCo).•This financial audit is an independent evaluation of the Stadium Authority’s financial reports and reporting processes to provide reasonable assurance that the financial statements are accurate and complete. This is not an absolute guarantee that there were no human errors or miscommunications that could lead to a mistake.•Through various audit processes and procedures, auditors determine if controls and processes are in place to produce accurate and reasonable financial statements.•KPMG will discuss the audit processes and procedures in more detail during their presentation.3 Overview•KPMG has audited the Stadium Authority’s Financial Statements as required by section 5.1(a) of the Credit Agreement.•The Financial Statements cover the 2024/25 fiscal year (April 1, 2024 to March 31, 2025) with comparative data from the 2023/24 fiscal year.•Goal of an Unmodified (i.e., “clean”) opinion expressed by the auditors.•Reports will be available on the City’s Stadium Authority webpage.4 Key Financial Highlights•Management’s Discussion and Analysis (page 3)•Introduces the financial statements and provides an analytical overview of the SCSA financial activities.•SCSA’s net position was $179.2 million, an increase of $25.6 million when compared to the prior year.•Debt service payments during the fiscal year totaled $20.3 million and overall outstanding long-term debt decreased by $9.1 million.5 Key Financial Highlights•Management’s Discussion and Analysis (page 4) continued•During this fiscal year, there were ten National Football League (NFL) games, eight large-scale ticketed non-NFL events and sixty-seven smaller special events held at Levi’s Stadium. The Stadium Authority recognized $83.3 million in operating revenue and $62.0 million in operating expenses.•Revenue from Non-NFL events were $23.8 million, and the related expenses were $13.6 million resulting in net Non-NFL event revenue of $10.2 million.•ManCo provided the Non-NFL events’ year-end documents on June 30, 2025.6 Key Financial Highlights•Statements of Net Position (page 8)•Financial statement that reports the assets, liabilities, and net position of the Stadium Authority.•Total Assets were $1.4 billion, with Levi’s Stadium being the largest asset with a carrying value of $653.9 million, net of depreciation.•Total Liabilities were $685.6million made up mostly of outstanding debt equaling $219.6 million and unearned revenues relating to Stadium Builder’s Licenses (SBL’s) of $410.7 million.7 Key Financial Highlights•Statements of Revenues, Expenses, and Changes in Net Position (page 9)•Financial statement that reports the increases and decreases in the Stadium Authority’s net position (revenues and expenses)•Operating Revenues – Total $83.3 million•Charges for Services were $41.1 million including $23.8 million in Non-NFL event revenue, $14.6 million in NFL ticket surcharge, $1.4 million in Non-NFL event ticket surcharge, $816 thousand STR revenue and $279 thousand in senior/youth fees.•Rents and Licensingrevenues were $42.3 million including $24.8 million of lease revenue, SBL revenue recognition of $15.3 million, and naming rights revenue recognition of $9.8 million offset by $7.6 million from GASB 87 lease revenue adjustment.8 Key Financial Highlights•Statements of Revenues, Expenses, and Changes in Net Position (cont.)•Operating Expenses – Total $62.0 million•Lease Expenses were $4.9 million including $4.6 million for performance-based rent for FY 24/25 and $279 thousand senior/youth fees •Materials, Services and Supplies were $36.3 million including $13.6 million for Non-NFL event expenses, Shared Stadium Expenses of $8.4 million, $3.4 million of insurance expenses and $3.4 million of SBL sales and service expenses•Selling, general, and administrative expenses were $2.3 million, and Depreciationtotaled $18.6 million•Other expense of $6.2 million was the Stadium Authority excess revenue transfer to the City 9 Key Financial Highlights
• Notes to the Financial Statements (page 12)
• Note 1 (l) – Prior Period Correction of an Error
• Accounting adjustment to SBL revenue recognition for defaulted SBLs which resulted in a prior period increase to net position of $23.1 million • Note 4 – Capital Assets
• Note 5 – Long-Term Debt
• Note 7 – Commitments and Contingencies
10 Audit Results Presentation by KPMG, LLP11
Recommendation•Accept the Santa Clara Stadium Authority Fiscal Year 2024/25 Annual Financial Statements and recommend that the Stadium Authority note and file the report at the October 7, 2025 Joint Council and Authorities Concurrent and Stadium Authority meeting.12