SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter and Fiscal Year Ending
March 31, 2025
October 21, 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 Debt Service Budget .............................................................................................................. 19 Capital Improvement Project Budget ..................................................................................... 23 City of Santa Clara Net General Fund Impact ........................................................................... 32 Public Safety and Administrative Cost Reimbursement ......................................................... 32 Rents and Senior and Youth Fee ........................................................................................... 33 Other Revenue Impacts ......................................................................................................... 33 Glossary.................................................................................................................................... 34 Appendix ................................................................................................................................... 39 2 Introduction
This Santa Clara Stadium Authority (Stadium Authority) Financial Status Report provides information covering the fourth quarter of the Stadium Authority’s 2024/25 fiscal year (“FY”) which ended on March 31, 2025. Comparative data from prior fiscal years is also included.
In addition to these quarterly reports, the Stadium Authority produces annual financial statements. The FY 2024/25 financial statements were audited by an external audit firm and presented to the Stadium Authority’s Audit Committee (Audit Committee) on September 22, 2025 and submitted to the Stadium Authority Board (Board) to note and file the financial statements on October 21, 2025. The financial statements are published on the Stadium Authority’s website.
The Stadium Authority also prepares a detailed budget 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.
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 relating to 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 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 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 comparative data for NFL games categorized as pre-season and regular season games.
The San Francisco Forty-Niners (“49ers”) played a total of ten NFL games (one pre- season game and nine regular season games) at Levi’s® Stadium through the quarter ending March 31, 2025. There was a total of 696,456 tickets sold to these NFL games, an average of 69,646 per game. This is up by 598 or 1% when compared to the same period in the prior fiscal year. The ticket sales 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 $400,000 or 38% 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 fourth 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 the permitted offsite parking lots generating $546,000 in offsite parking fees derived from the $6.71 per parking space for all NFL events. The Tasman parking lot had a total of 1,778 parked cars and generated an additional $9,000 for the General Fund through the end of the fourth quarter of the fiscal year. The overall number of cars parked in the permitted offsite lots and the Tasman lots went up by 388 or 5% when compared to the prior fiscal year.
There was $5.9 million of NFL event public safety costs in the current reporting period which is an average of $595,000 per game. This is an increase from the prior year average (through March 31, 2024) of $67,000. Of the $5.9 million NFL event public safety costs, $4.5 million or 76% are direct City costs and $1.1 million or 18% are outside agency costs. $546,000 of the total NFL event public safety costs are covered by the offsite parking fees that were collected, and the remaining are invoiced to the Stadium Manager and has been reimbursed to the City.
Statistics for the NFL games held at Levi’s® Stadium in the 2024/25 fiscal year are shown in Table 1 and comparative data from the last five years of operations can be found in Table 2. Additional historical data can be found in the Appendix.
4 Table 1
Game 1 vs Saints Game 2 vs Jets Game 3 vs Patriots Game 4 vs Cardinals Game 5 vs Chiefs Game 6 vs Cowboys Game 7 vs Seahawks Game 8 vs Bears Game 9 vs Rams Game 10 vs LionsPrior Year True-Up 2024/2508/18/2409/09/2409/29/2410/06/2410/20/2410/27/2411/17/2412/08/2412/12/2412/30/24YTD TotalNo. of Tickets Sold 69,373 69,598 69,347 69,547 69,599 69,832 69,816 69,930 69,535 69,879 - 696,456 NFL Ticket Surcharge 636,272$ 1,214,572$ 1,182,262$ 1,172,188$ 2,065,105$ 2,762,950$ 1,192,395$ 1,198,714$ 1,169,498$ 2,001,338$ -$ 14,595,295$ 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 543,061$ 591,523$ 563,527$ 567,192$ 590,369$ 614,728$ 602,818$ 593,253$ 573,834$ 581,708$ 125,167$ 5,947,181$ 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 490,327$ 541,017$ 508,082$ 509,661$ 530,006$ 553,539$ 544,878$ 536,151$ 528,112$ 534,329$ 125,167$ 5,401,268$ Amount Reimbursed 490,327$ 541,017$ 508,082$ 509,661$ 530,006$ 553,539$ 544,878$ 536,151$ 528,112$ 534,329$ 125,167$ 5,401,268$ Levi's® Stadium2024/25 NFL Event StatisticsAs of March 31, 2025 5 Table 2
2020/21 Q42021/22 Q42022/23 Q42023/24 Q42024/25 Q4TotalTotalTotalTotalTotalNo. of NFL Events 5 10 12 12 10 No. of Tickets Sold - 674,214 835,001 828,573 696,456 NFL Ticket Surcharge -$ 9,809,009$ 11,366,724$ 12,716,579$ 14,595,295$ Senior/Youth Program Fees -$ 235,975$ 250,000$ 250,000$ 278,582$ Cars Parked at Offsite Lots - 71,614 89,828 95,106 81,358 City Offsite Parking Fee -$ 423,238$ 550,646$ 612,483$ 545,912$ Cars Parked on Tasman Lots - 4,449 - - 1,778 City Tasman Lot and Golf Course Parking Fee -$ 22,245$ -$ -$ 8,890$ Stadium Public Safety Costs 889,567$ 5,402,177$ 5,648,033$ 6,334,530$ 5,947,181$ Subtotal Event Public Safety Costs 889,567$ 5,402,177$ 5,648,033$ 6,334,530$ 5,947,181$ Less: Offsite Parking Fee Credit -$ (423,238)$ (550,646)$ (612,483)$ (545,912)$ Reimbursable Stadium Public Safety Costs 889,567$ 4,978,939$ 5,097,388$ 5,722,047$ 5,401,268$ Levi's® StadiumHistorical 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 college football games, international soccer matches, concerts, wedding fairs, and special events. During the current reporting period, there were a total of 348,814 tickets sold for the eight ticketed Non-NFL events and two ticketed special events that were held, resulting in $1.4 million Non-NFL event ticket surcharge revenue (from the $4 per ticket base surcharge for Non-NFL events booked before May 28,2024, the date of the 2024 Settlement Agreement. For events booked after that date, the ticket surcharge will be increased to a minimum of $8 per ticket). 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 year when compared to the same period in the prior year resulting in the decrease in the ticket surcharge revenue.
Stadium Manager reports that there were also 67 smaller special events held at Levi’s® Stadium which is 14 events more than the same period of the prior fiscal year. The attendance at these events increased from 28,853 in the prior period to 29,752 in the current year, a 3% increase. Examples of these special 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 reporting period, there were 37,341 cars parked at the 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 $3.4 million, reflecting a decrease of $71,000 from the prior year. As noted previously, this decrease in cost is due to smaller scale events held in the current year when compared to the prior year. Of these costs, $246,000 was covered by the offsite parking fee. The remaining $3.1 million was invoiced to the Stadium Manager and has been reimbursed to the City.
Statistics for FY 2024/25 events are shown in Table 3 and comparative data from the last five years of operations are shown in Table 4. Additional historical data can be found in the Appendix.
7 Table 3
Earthquakes vs LAFC SoccerLuke CombsDay 1Luke CombsDay 2Ecuador vs Venezuela SoccerBrazil vs Colombia SoccerRolling Stones ConcertChelsea vs Wrexham SoccerEarthquakes vs Chivas SoccerPrior Year 2024/25 YTD 05/04/2405/17/2405/18/2406/22/2407/02/2407/17/2407/24/2407/27/24True-UpTotalNo. of Scanned Attendees 31,615 42,362 45,277 23,846 64,235 42,706 29,229 42,423 321,693 No. of Tickets Sold 37,054 48,130 48,826 26,254 65,766 47,405 29,609 45,436 334 - 348,814 Non-NFL Ticket Surcharge 148,216$ 192,520$ 195,304$ 105,016$ 263,064$ 189,620$ 118,436$ 181,744$ 1,496$ -$ 1,395,416$ No. of Non-NFL Special Events 67 - 67 Non-NFL Special Event Attendees 29,752 - 29,752 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 369,477$ 416,459$ 475,763$ 351,292$ 466,999$ 426,192$ 362,346$ 455,649$ -$ 59,761$ 3,383,940$ 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 353,880$ 391,104$ 444,014$ 327,084$ 424,833$ 390,716$ 332,252$ 413,799$ -$ 59,761$ 3,137,444$ Amount Reimbursed 353,880$ 391,104$ 444,014$ 327,084$ 424,833$ 390,716$ 332,252$ 413,799$ -$ 59,761$ 3,137,444$ 2024/25 YTD Special EventsLevi's® StadiumFY 2024/25 Non-NFL Event StatisticsAs of March 31, 2025 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 which generated an average net revenue of $1.0 million per event. The inclusion of this information is to provide transparency and the overall financial results of the Non-NFL events.
Table 5
$ In MillionsTicketed EventRevenueExpenseNetSporting Event 1 2.9$ 0.9$ 2.0$ Concert 1 2.7 1.0 1.7 Concert 2 2.4 0.9 1.5 Concert 3 2.2 0.8 1.4 Sporting Event 2 1.1 0.6 0.5 Sporting Event 3 1.1 0.6 0.5 Sporting Event 4 0.7 0.4 0.3 Sporting Event 5 0.8 0.6 0.2 Total Ticketed Non-NFL Net Revenue to Date13.9$ 5.8$ 8.1$ Levi's® StadiumTicketed Non-NFL Events Revenue and Expenditure SummaryAs of March 31, 2025 2020/21 Q42021/22 Q42022/23 Q42023/24 Q42024/25 Q4Total Total Total Total TotalNo. of Non-NFL Ticketed Events - - 7 8 8 No. of Tickets Sold - - 319,948 398,314 348,814 Non-NFL Ticket Surcharge -$ -$ 1,279,792$ 1,593,256$ 1,395,416$ No. of Non-NFL Special Events - 12 69 53 67 Non-NFL Special Event Attendees - 3,698 25,867 28,853 29,752 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 -$ 98,983$ $2,627,394 3,455,253$ 3,383,940$ Less: Offsite Parking Fee Credit -$ -$ (215,155)$ (247,937)$ (246,495)$ Reimbursable Public Safety Costs -$ 98,983$ 2,412,239$ 3,207,316$ 3,137,444$ Historical Non-NFL Event StatisticsLevi's® Stadium 9 Table 6 and 7 show Non-NFL net revenue by event type and event revenue and expenses by category respectively. For FY 2024/25, Stadium Manager anticipated Non-NFL events to result in projected net revenues of $6.0 million, as cited in the documents provided for the FY 2024/25 Proposed Stadium Authority Budget. Through the fourth quarter of FY 2024/25, ticketed events and non-ticketed special events contributed $8.1 million and $2.6 million in net revenues, respectively. There was also additional interest income of $1.8 million earned on Non-NFL events cash reserves offset by $2.3 million of other non- event specific expenses. Stadium Manager reported a net revenue of $10.2 million for the current reporting period.
Overall FY 2024/25 Non-NFL net revenue increased by $1.9 million when compared to the prior year. This increase was made up of ticketed Non-NFL net revenue increasing by $2.4 million due to more profitable soccer matches held during the year. When compared to the prior FY, fourteen additional special events were held in the current year leading to an increase of $535,000 in net revenue. Other operating expenses increased by $529,000, while other operating income primarily from bank interest earned on the cash collected from Non-NFL event ticket sales decreased by $477,000.
Table 6
EVENT TYPENo. of EventsNet RevenueNo. of EventsNet RevenueNo. of Events Net RevenueNo. of Events Net RevenueNo. of Events Net RevenueTicketed EventsConcerts 0 -$ 0 -$ 6 $ 6,131,747 5 $ 5,413,125 3 $ 4,598,119 Sporting events:Football (non-NFL) 0 - 0 - 0 - 0 - 0 - Soccer 0 - 0 - 1 451,890 3 318,096 5 3,500,854 Miscellaneous events 0 - 0 - 0 - 0 - 0 - Net Revenue from Ticketed Events0-$ 0-$ 76,583,637$ 85,731,221$ 88,098,973$ Subtotal Ticketed Events - Other Expenses (3)-$ -$ -$ -$ -$ 0 -$ 0 -$ 69 2,789,761$ 53 2,106,060$ 67 2,641,136$ Other Operating Income(1)-$ -$ 900,736$ 2,245,051$ 1,768,109$ Other Operating Expenses(2)-$ -$ (1,402,424)$ (1,815,647)$ (2,344,404)$ Total Non-NFL Net Revenue (3)0 -$ 0 -$ 76 8,871,710$ 61 8,266,685$ 75 10,163,814$ 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.2023/242020/21Levi's StadiumNet Revenue for Non-NFL Events2024/25by Event TypeHistorical Year-to-Date through March 31, 20252021/22 2022/23 10 Table 7
2024/25YTD TotalREVENUE:Special Event Revenue 7,447,210$ Ticket Platform Fees 6,034,920 Suite Ticket Revenue 907,112 Parking 2,383,749 Food & Beverage - Ticketed Events 3,682,154 Food & Beverage - Special Events 739,376 Miscellaneous(1)2,585,523 Total Revenue23,780,044$ EXPENSE:Public Safety/Security 5,131,763$ Event Staff 2,958,564 Parking 2,268,848 Catering - Special Events 4,022,046 General Event Related Expenses 5,008,571 Expense Reimbursement from Event Licensee(2)(8,117,969) Miscellaneous(3)2,344,407 Total Expense 13,616,230$ Total Non-NFL Net Revenue 10,163,814$ (3) Includes catered events department staff costs, non-event specific staff costs, and other expenses.
Levi's® StadiumNon-NFL Event Results by CategoryAs of March 31, 2025 (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 collected for the current fiscal year. This is based on the estimated attendance provided by the Stadium Manager.
The total NFL public safety costs above the threshold for the 2024/25 fiscal year amounted to $2.4 million, which was fully paid to the City by the Stadium Manager. The Stadium Authority subsequently reimbursed the Stadium Manager $2.4 million from the Discretionary Fund.
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 $715,000.
Table 8
Stadium Builder Licenses
The total principal value of currently active Stadium Builder Licenses (SBLs) is $562.2 million and, as of March 31, 2025, 95.4% of the total principal value of all SBLs sold ( i.e., $536.1 million) had been collected. Payment for the sale of SBLs can be financed over 10 years.
SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments are due by March 1st each year. The majority of SBL holders make their payments on time. For those that do not pay on time, SBL service staff, working for Stadium Manager on the Stadium Authority’s behalf, contact the SBL holders and attempt to collect the full amounts owed. Ultimately, a SBL can be defaulted for non-payment. Once a SBL is defaulted, the SBL holder in default loses their right to buy season tickets as well as their priority rights to tickets to Non-NFL events and forfeits any money they had invested in the SBL. Defaulted SBLs are then available for resale.
When SBL holders do not purchase NFL season tickets, their SBL is not defaulted, however they lose exclusive rights to their seats and their seats may be sold to another SBL holder. This results in cases where a seat may have more than one SBL associated with it and why there are currently more active SBLs than there are available SBL seats.
If the original SBL holder decides to purchase season tickets in the future, they can relocate to a new seat in the same or higher price level, subject to availability. If the Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2020/21 2,327,850$ -$ 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 2024/252,464,323 696,9602,446,508 714,775 Discretionary Fund Reserve 12 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 67,554 currently active SBLs. This is an increase of 2,561 from the total active SBLs at the end of the prior fiscal year (March 31, 2024). The main reasons for the increase are due to sale of new SBLs and customer seat relocation program offset by defaults. 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 period, 1,425 SBLs were sold for a total face value of $9.5 million. The customer seat relocation program resulted in an increase of $1.1 million to the SBL face value, while netting 1,641 more SBLs. There were also 505 SBLs defaulted with a face value of $3.4 million.
Additional details regarding currently active SBLs are noted in Table 9. 13 Table 9
SBL Seats AvailableSBL Seats Sold as of 3/31/24New SBL SalesNet SBL RelocationsSBL DefaultsOtherSBL Seats SoldSBL Value SBL Collected% SBL Principal Collected100 100 - - - - 100 14,082,625$ 13,960,944$ 99.1%942 938 2 2 - - 942 75,360,000$ 74,738,913$ 99.2%2 2 - - - - 2 80,000$ 79,600$ 99.5%4,945 4,670 63 (23) (26) - 4,684 140,520,000$ 135,133,432$ 96.2%3,475 3,030 91 (16) (22) - 3,083 61,660,000$ 57,293,859$ 92.9%90 64 23 - - - 87 1,522,500$ 1,211,024$ 79.5%7 7 - - - - 7 105,000$ 105,000$ 100.0%2,163 2,198 29 (13) (16) - 2,198 26,376,000$ 25,058,646$ 95.0%7 7 - - - - 7 70,000$ 69,915$ 99.9%20,656 20,988 246 (77) (134) - 21,023 126,138,000$ 120,947,552$ 95.9%14,311 14,533 493 (324) (199) - 14,503 72,515,000$ 66,428,813$ 91.6%916 927 - - - - 927 3,708,000$ 3,685,097$ 99.4%88 91 - (2) - - 89 267,000$ 264,863$ 99.2%36 40 - - - - 40 100,000$ 99,998$ 100.0%18,392 17,367 478 2,092 (108) - 19,829 39,658,000$ 36,960,980$ 93.2%26 31 - 2 - - 33 33,000$ 32,973$ 99.9%66,156 64,993 1,425 1,641 (505) - 67,554 562,195,125$ 536,071,609$ 95.4%Plus: Interest on financed SBLs67,989,758$ Total Principal & Interest604,061,367$ (1)This table does not include $37.75 million that has been collected life-to-date from defaulted SBL holders. Total10,000$ Santa Clara Stadium AuthorityCurrently Active Stadium Builder License (SBL) Summary (1)Through March 31, 2025Seat Value141,392$ 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 FY 2024/25 complete, total operating revenues were $74.5 million representing 104% of the overall budget for revenues. During the current reporting period, the Stadium Authority collected $8.4 million in SBL proceeds or 105% 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, $14.6 million in NFL Ticket Surcharge, $7.8 million in Naming Rights, $5.9 million in interest and $816,000 in sponsorship (STR) revenue. In addition, the Stadium Authority reported $10.2 million in net-revenues and $1.4 million in ticket surcharge from Non-NFL events in FY 2024/25.
Total Operating expenses were $51.6 million, or 93% of the annual budget. Shared Stadium Manager expenses were at 85% of the budget, or $11.8 million of the $13.8 million budgeted amount and SBL Sales and Service expenses were 92% of the budget or $3.2 million. Utility costs are 92% of the budget for the year, or $1.6 million.
Performance Rent expenses are 104% of the budget, or $11.9 million of the $11.5 million budgeted amount. Performance Rent expenses paid to the City exceeded the budget due to higher net revenue generated from Non-NFL events. Public Safety Costs (PSC) Over the Threshold are 106% of the budget or $2.4 million. PSC Over the Threshold were higher than projected due to additional costs incurred for NFL games and this was paid from the discretionary fund reserve. Payments made for the PSC 2024 Outstanding Balance amounted to $9.5 million, or 100% of the budget. Transfer to the City’s General Fund from Excess Revenue were at 100%, totaling $6.2 million. This is the first year that excess revenues have been transferred to the City’s General Fund as a result of the 2024 Settlement Agreement. Transfers out for debt service and capital expenditures fund amounted to $17.5 million and $5.6 million, respectively. Lastly, Stadium Authority G&A costs were below budgeted levels at $3.1 million or 73% of the budget. Total Operating Fund expenses were under budget by $3.7 million.
Additional details are shown in Table 10.
15 Table 10
Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund BalanceDiscretionary Fund Reserve 2,464,323$ 2,464,323$ -$ NA 1,667,695$ 1,667,695$ -$ NALegal Contingency Reserve - Buffet Costs 3,321,116 3,321,116 - NA 2,066,749 2,066,749 - NALegal Contingency Reserve - Public Safety Costs 7,324,722 7,324,722 - NA 4,246,725 4,246,725 - NAOperating Reserve 26,095,478 26,095,478 - NA 25,335,402 25,335,402 - NARenovation/Demolition Reserve 31,440,735 31,440,735 - NA 5,323,390 5,323,390 - NAStadium Funding Trust Reserve 3,611,041 3,611,041 - NA 3,420,994 3,420,994 - NAUnrestricted 15,915,719 15,915,719 - NA 13,880,278 13,880,278 - NATotal Beginning Fund Balance 90,173,134$ 90,173,134$ -$ NA 55,941,233$ 55,941,233$ -$ NARevenueNFL Ticket Surcharge 14,595,000$ 14,595,294$ (294)$ 100% 12,178,000$ 12,716,579$ (538,579)$ 104%SBL Proceeds 7,969,000 8,399,593 (430,593) 105% 12,589,000 15,424,462 (2,835,462) 123%Interest 5,435,000 5,919,930 (484,930) 109% 1,249,000 4,845,464 (3,596,464) 388%Net Revenues from Non-NFL Events 9,250,000 10,163,814 (913,814) 110% 4,500,000 8,266,685 (3,766,685) 184%Naming Rights 7,830,000 7,829,791 209 100% 7,602,000 7,601,739 261 100%Sponsorship Revenue (STR) 519,000 815,811 (296,811) 157% 475,000 835,452 (360,452) 176%Rent 24,762,000 24,762,000 - 100% 24,762,000 24,762,000 - 100%Senior & Youth Program Fees 279,000 278,582 418 100% 250,000 250,000 - 100%Non-NFL Event Ticket Surcharge 1,149,000 1,393,920 (244,920) 121% 1,296,000 1,593,256 (297,256) 123%Other Revenue - 295,747 (295,747) NA - 167,111 (167,111) NATotal Revenue 71,788,000$ 74,454,482$ (2,666,482)$ 104% 64,901,000$ 76,462,748$ (11,561,748)$ 118%Total Source of Funds 161,961,134$ 164,627,616$ (2,666,482)$ 102% 120,842,233$ 132,403,981$ (11,561,748)$ 110%Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Used Budget Actuals Difference UsedExpensesShared Stadium Manager ExpensesStadium Operations 3,384,000$ 2,948,297$ 435,703$ 87% 4,550,000$ 3,830,372$ 719,628$ 84%Engineering 3,935,000 3,012,965 922,035 77% 2,694,000 2,793,094 (99,094) 104%Guest Services 621,000 350,486 270,514 56% 645,000 427,205 217,795 66%Groundskeeping 316,000 135,948 180,052 43% 650,000 465,124 184,876 72%Security 1,602,000 1,253,332 348,668 78% 1,564,000 1,127,065 436,935 72%Insurance 3,427,000 3,426,986 14 100% 3,327,000 3,327,172 (172) 100%Stadium Management Fee 533,000 662,430 (129,430) 124% 516,515 690,607 (174,092) 134%Shared Stadium Mngr Exps Subtotal 13,818,000$ 11,790,444$ 2,027,556$ 85% 13,946,515$ 12,660,639$ 1,285,876$ 91%Other Operating ExpensesSBL Sales and Service 3,511,000$ 3,213,428$ 297,572$ 92% 2,333,000$ 2,429,023$ (96,023)$ 104%Senior & Youth Fees (paid to City) 279,000 278,582 418 100% 250,000 250,000 - 100%Ground Rent (paid to City) 1,000,000 1,000,000 - 100% 495,000 495,000 - 100%Performance Rent (paid to City) 11,450,000 11,906,629 (456,629) 104% - - - NADiscretionary Fund Expense 250,000 - 250,000 0% 250,000 - 250,000 0%Utilities 1,711,000 1,581,874 129,126 92% 1,391,000 1,472,995 (81,995) 106%Use of StadCo Tenant Improvements 172,000 172,827 (827) 100% 133,000 138,405 (5,405) 104%Stadium Authority G&A 4,288,000 3,116,504 1,171,496 73% 3,919,900 3,085,799 834,101 79%Naming Rights Commission 136,000 96,426 39,574 71% 94,000 93,618 382 100%Other Expenses 748,000 388,174 359,826 52% 734,000 393,342 340,658 54%PSC Over Threshold 2,312,000 2,446,508 (134,508) 106% - - - NAPSC 2024 Outstanding Balance 9,487,000 9,486,570 430 100% - - - NA6,166,000 6,165,454 546 100% - - - NAOther Operating Expenses Subtotal 41,510,000$ 39,852,976$ 1,657,024$ 96% 9,599,900$ 8,358,182$ 1,241,718$ 87%Total Expenses 55,328,000$ 51,643,420$ 3,684,580$ 93% 23,546,415$ 21,018,821$ 2,527,594$ 89%Transfers OutDebt Service 17,471,000$ 17,470,912$ 88$ 100% 25,457,000$ 17,297,708$ 8,159,292$ 68%Capital Expenditures Reserve 4,032,000 4,031,748 252 100% 3,915,000 3,914,319 681 100%CapEx Reserve - Levi's Naming Rights 1,575,000 1,575,000 - 100% - - - NATotal Transfers Out 23,078,000$ 23,077,660$ 340$ 100% 29,372,000$ 21,212,027$ 8,159,973$ 72%Ending Fund BalanceDiscretionary Fund Reserve 477,323$ 714,775$ (237,452)$ NA 2,065,695$ 2,464,323$ (398,628)$ NALegal Contingency Reserve - Buffet Costs - - - NA 3,143,749 3,321,116 (177,367) NALegal Contingency Reserve - Public Safety Costs - - - NA 6,249,225 7,324,722 (1,075,497) NAOperating Reserve 26,878,478 26,878,328 150 NA 25,935,402 26,095,478 (160,076) NARenovation/Demolition Reserve 43,772,576 43,771,643 933 NA 10,828,875 31,440,735 (20,611,860) NAStadium Funding Trust Reserve 5,750,645 3,898,514 1,852,131 NA 4,655,914 3,611,041 1,044,873 NAUnrestricted 6,676,112 14,643,276 (7,967,164) NA 15,044,958 15,915,719 (870,761) NATotal Ending Fund Balance 83,555,134$ 89,906,536$ (6,351,402)$ NA 67,923,818$ 90,173,133$ (22,249,315)$ NATotal Use of Funds 161,961,134$ 164,627,616$ (2,666,482)$ 102% 120,842,233$ 132,403,981$ (11,561,748)$ 110%(1)Adjustments include previously approved budget amendments through March 25, 2025Transfer to City General Fund from Excess Revenues Santa Clara Stadium AuthorityOperating Budget Status ReportFor the Period Ending March 31, 2025 and 2024Period Ending March 31, 2024Period Ending March 31, 2025 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 11, 2025, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2025/26 Operating, Debt Service, and Capital Budget. The following technical budget adjustments are recommended to true up fund balances to align the balances with FY 2024/25 actual performance:
1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year- end actual was completed and fund balance adjustments totaling $3.1 million to the FY 2025/26 beginning and ending fund balances are necessary. Because budget adoption 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.
17 Table 11
Santa Clara Stadium Authority
2025/26 Operating Budget Adjustment
Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance – Discretionary
Fund Reserve
($134,548) This action decreases the
Beginning Fund Balances for
Discretionary Fund Reserve
from $849,323 to $714,775 as
a result of FY 2024/25 year-
end actuals reconciliation.
1 Beginning Fund
Balance – Operating
Reserve
($136) This action decreases the
Beginning Fund Balances for
Operating Reserve from
$26,878,464 to $26,878,328 as
a result of FY 2024/25 year-
end actuals reconciliation.
1 Beginning Fund
Balance –
Renovation/Demolition
Reserve
$544,908 This action increases the
Beginning Fund Balances
Renovation/Demolition
Reserve from $43,226,735 to
$43,771,643 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Beginning Fund
Balance - Stadium
Funding Trust Reserve
($1,851,998) This action decreases the
Beginning Fund Balance for
Stadium Funding Trust
Reserve from $5,750,512 to
$3,898,514 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Beginning Fund
Balance – Unrestricted
$4,509,177 This action increases the
Beginning Fund Balance –
Unrestricted from $10,134,099
to $14,643,276 as a result of
FY 2024/25 year-end actuals
reconciliation.
1 Ending Fund Balance
Discretionary Fund
Reserve
($134,548) This action decreases the
Ending Fund Balances for
Discretionary Fund Reserve
from $1,180,323 to $1,045,775
as a result of FY 2024/25 year-
end actuals reconciliation.
1 Ending Fund Balance –
Operating Reserve
($136) This action decreases the
Ending Fund Balances for
Operating Reserve from
$27,684,464 to $27,684,328 as
a result of FY 2024/25 year-
end actuals reconciliation.
18 1 Ending Fund Balance –
Renovation/Demolition
Reserve
$544,908 This action increases the
Ending Fund Balance
Renovation/Demolition
Reserve from $49,169,735 to
$49,714,643 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Ending Fund Balance -
Stadium Funding Trust
Reserve
($1,851,998) This action decreases the
Ending Fund Balance for
Stadium Funding Trust
Reserve from $9,456,000 to
$7,604,002 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Ending Fund Balance –
Unrestricted
$4,509,177 This action increases the
Ending Fund Balance –
Unrestricted from $4,721,611
to $9,230,788 as a result of FY
2024/25 year-end actuals
reconciliation.
Total $3,067,403 $3,067,403
19 Debt Service Budget
The Stadium Authority’s FY 2024/25 debt service revenue budget of $3.5 million represents anticipated contributions from the Community Facilities District (CFD). The CFD levies and collects a special hotel tax on hotel rooms within the CFD. All collections from the special CFD hotel taxes 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 FY2024/25, $3.4 million was contributed by the CFD, or 99% of the annual budget. Of this amount, $3.4 million was collected and used to pay down the CFD Advance.
Total Stadium Authority debt service expenses for the current reporting period were $20.3 million, or 100% of the budgeted amount. The debt service expenses for the CFD Advance and the Term A Loan were $3.4 million and $16.9 million, respectively.
As of March 31, 2025, the total outstanding amount of Stadium Authority debt had declined to $219.6 million. This is a reduction in principal of $9.1 million from the March 31, 2024 outstanding debt amount of $228.7 million.
Additional details are shown in Tables 12 and 13 and Chart 1.
20 Table 12
Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235$ 11,536,235$ -$ NADebt Service Reserve 8,122,980 8,122,980 - NA 15,663,801 15,663,801$ - NATotal Beginning Fund Balance 19,659,215$ 19,659,215$ -$ NA 27,200,036$ 27,200,036$ -$ NARevenueContribution from CFD 3,457,000$ 3,408,575$ 48,425$ 99% 3,217,000$ 3,467,626$ (250,626)$ 108%Total Revenues 3,457,000$ 3,408,575$ 48,425$ 99% 3,217,000$ 3,467,626$ (250,626)$ 108%Transfers InTransfers In from Operating 17,471,000$ 17,470,911$ 89$ 100% 25,457,000$ 17,297,708$ 8,159,292$ 68%Total Transfers In 17,471,000$ 17,470,911$ 89$ 100% 25,457,000$ 17,297,708$ 8,159,292$ 68%Total Source of Funds 40,587,215$ 40,538,701$ 48,514$ 100% 55,874,036$ 47,965,370$ 7,908,666$ 86%Budget to Budget toFinal(1)YTD Actual Final YTD ActualBudget Actuals Difference % Used Budget Actuals Difference% UsedExpensesCFD Advance 3,429,000$ 3,363,652$ 65,348$ 98% 2,900,000$ 2,849,343$ 50,657$ 98%Term A Loan 16,933,000 16,932,714 286 100% 25,457,000 25,456,812$ 188 100%Total Expenses 20,362,000$ 20,296,366$ 65,634$ 100% 28,357,000$ 28,306,155$ 50,845$ 100%Ending Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235$ 11,536,235$ -$ NADebt Service Reserve 8,688,980 8,706,100 (17,120) NA 15,980,801 8,122,980 7,857,821 NATotal Ending Fund Balance 20,225,215$ 20,242,335$ (17,120)$ NA 27,517,036$ 19,659,215$ 7,857,821$ NATotal Use of Funds 40,587,215$ 40,538,701$ 48,514$ 100% 55,874,036$ 47,965,370$ 7,908,666$ 86%(1)Adjustments include previously approved budget amendments through March 25, 2025 Debt Service Budget Status ReportFor the Period Ending March 31, 2025 and 2024Period Ending March 31, 2024Santa Clara Stadium AuthorityPeriod Ending March 31, 2025 21 Table 13
Chart 1
Type of IndebtednessInterest RatesOutstanding as of March 31, 2024Net ChangeOutstanding as of March 31, 2025Stadium 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 (1,758,666) 26,952,920 Total $ 228,667,826 $ (9,058,562) $ 219,609,263 Period Ending March 31, 2025Santa Clara Stadium AuthorityDebt Summary Report $- $100 $200 $300 $400 $500 $600 $700Mar 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 Mar 2025Total Outstanding Debt (in millions)Construction LoanStadCo Agency AdvanceTerm B LoanTerm A LoanStadCo CFD AdvanceStadCo 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$219.6 22 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 course of a fiscal year, known after the adoption of the Stadium Authority Budget.
On March 11, 2025, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2025/26 Operating, Debt Service, and Capital Budget. The following technical budget adjustments are recommended to true up fund balances to align the balances with FY 2024/25 actual performance:
1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year- end actual was completed and fund balance adjustments totaling $115,000 to the FY 2025/26 beginning and ending fund balances are necessary. Because budget adoption 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
2025/26 Debt Service Budget Adjustment
Item # Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance - Debt
Service Reserve
($114,880) This action decreases the
Beginning Fund Balance from
$8,820,980 to $8,706,100 as a
result of FY 2024/25 year-end
actuals reconciliation.
1 Ending Fund Balance
- Debt Service
Reserve
($114,880) This action decreases the Ending
Fund Balance from $9,426,980 to
$9,312,100 as a result of FY
2024/25 year-end actuals
reconciliation.
Total ($114,880) ($114,880)
23 Capital Improvement Project (CIP) Budget
As part of the Capital Expense (“CapEx”) Plan, some of the projects that have been completed as of the current reporting period are:
Bowl Camera Upgrade/Refurbishment
Command Post Video Wall Upgrade
D7 Tactical Decon Spray
Enhance Stadium Security Coverage
Food and Beverage - Concession Area
Lighting System - Field / Sport Lighting LED Retrofit Overhead Doors, Motors, Sensors and Track Replacements Replacement of end-of-life End User IT equipment
Secure Video File Sharing Software Integration
Smoke Evacuation System - Fire Smoke Curtain Replacement Street Signage
Updated Stadium Wayfinding Signage
Some of the projects that were underway during the current reporting period:
Aesthetic Improvements – Premium Areas/Special Event Spaces Broadcast Booth Window System Replacement
General Areas/Coating Main Deck
LED Retrofit Project - Phase 1
Replace Furniture for BNY Field Clubs, United, Levi's 501 & Yahoo clubs and Special Event spaces
Levi’s® Naming Rights Signage Refurbishment
Lighting Systems – Fixture Replacement of Major Outdoor Lighting/LED Retrofit Main Kitchen Equipment
Plumbing - Boilers
Radio Booth Cabling
Stormwater System Assessment and Replacements
Women’s Locker Room
The CIP Budget increased from $22.0 million to $24.1 million in the current reporting period due to adopted budget amendments. A total of $8.2 million has been spent during FY 2024/25, which amounts to 34% of the budget. The main reason that this is below budget is due to the timing of activity for CIP projects. There has also been no activity on warranty work which makes up 6% of the CIP Budget.
Additional details are shown below in Table 15.
24 Table 15
Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund Balance 19,862,834$ 19,862,834$ -$ NA 22,977,809$ 22,977,809$ -$ NATransfers InTransfers In from Operating 4,032,000$ 4,031,748$ 252$ 100% 3,915,000$ 3,914,319$ 681$ 100%Transfers In from Operating - Levi's Naming Rights 1,575,000 1,575,000 -$ 100% - - - NATotal Transfers In 5,607,000$ 5,606,748$ 252$ 100% 3,915,000$ 3,914,319$ 681$ 100%Total Source of Funds 25,469,834$ 25,469,582$ 252$ 100% 26,892,809$ 26,892,128$ 681$ 100%Budget to Budget toFinal(1)YTD Actual Final YTD ActualBudget Actuals Difference % Used Budget Actuals Difference % UsedExpensesConstruction 15,697,725$ 5,021,113$ 10,676,612$ 32% 11,521,424$ 5,621,274$ 5,900,150$ 49%Equipment 5,943,000 3,170,248 2,772,752 53% 7,372,196 1,408,020 5,964,176 19%Contingency & Misc 973,000 - 973,000 0% 903,052 - 903,052 0%Stadium Warranty Related Construction 1,528,000 - 1,528,000 0% 1,528,202 - 1,528,202 0%Total Expenses 24,141,725$ 8,191,361$ 15,950,364$ 34% 21,324,874$ 7,029,294$ 14,295,580$ 33%Ending Fund Balance 1,328,109$ 17,278,221$ (15,950,112)$ NA 5,567,935$ 19,862,834$ (14,294,899)$ NATotal Use of Funds 25,469,834$ 25,469,582$ 252$ 100% 26,892,809$ 26,892,128$ 681$ 100%(1)Adjustments include previously approved budget amendments through March 25, 2025 CIP Budget Status ReportFor the Period Ending March 31, 2025 and 2024Period Ending March 31, 2024Santa Clara Stadium AuthorityPeriod Ending March 31, 2025 25 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.
On March 11, 2025, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2025/26 Operating, Debt Service, and Capital Budget. The budget amendment recommended in this report include technical adjustments to true up fund balances based on actual FY 2024/25 performance, capital project carryover adjustments and an adjustment to the Levi’s naming rights signage project all described as follows:
1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year- end actual was completed and fund balance adjustments to the FY 2025/26 beginning and ending fund balances are necessary. Because budget adoption is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
2) Levi’s Naming Rights Signage Refurbishment – Under the implementation agreement, the Stadium Authority is responsible for funding the first $2.0 million of total project costs and any costs over the initial $2.0 million will be shared between the Stadium Authority (70%) and StadCo (30%). All costs associated with this project will be capitalized as a fixed asset of the Stadium Authority. Therefore, the Stadium Authority will be reimbursed by StadCo for its share of the project costs. A budget adjustment of $797,607 is needed to appropriate StadCo’s reimbursable portion of this project’s costs as well as revenue from StadCo to cover such costs. A detailed breakdown of projected costs is provided below.
Description Cost
Design Services $214,000.00
City of Santa Clara Permits $67,059.10
Newspaper Publications $1,216.78
Jones Signs Co. Inc. Bid Amount $3,978,555.87
Contingency for Construction
Contract (10%)
$397,855.59
Total $4,658,687.34
Stadium Authority’s Obligation $3,861,081.14
StadCo’s Obligation $797,606.20
3) Capital Project Carryover Adjustments – With the completion of FY 2024/25 year- end actuals, adjustments to the FY 2025/26 CIP Budget are necessary to align project carryovers with actual spend from FY 2024/25. Because the adoption of budget is conducted in March, projected spend is used to determine the FY 2025/26 projected carry over.
4) Requested CIP Budget Amendments – The Police Department is requesting several CapEx Projects that need to be procured this fiscal year. They are described below:
26 a. Radio Batteries ($30,000): This project would replace 168 batteries for stadium radios. The current batteries have extended beyond their usable lifespan. The radio batteries are included in the CapEx 5 Year Forecast under FY 2026/27 in the amount of $15,500; however, they require replacement ahead of their initial projected end of life. The estimated cost in the CapEx 5 Year Forecast was based on actual costs from 2020 and the pricing has since increased.
b. Radio Batteries/Chargers ($7,500): Santa Clara Police Department (SCPD) officers have received updated radios that are not compatible with stadium radios. This project would procure 20 backup batteries for the SCPD radios and two chargers for the backup batteries. The battery portion of this project was included in the FY 2026/27 radio battery replacement project that was included in the CapEx 5 Year Forecast described above.
c. Body Worn Camera Storage ($30,000): This project would install a docking station in the police briefing room at the stadium for Body Worn Cameras (BWCs) utilized by officers assigned to the stadium. Currently, these BWCs are stored at the Police Department and there are operational inefficiencies associated with transporting the BWCs to and from the stadium before and after each event for usage, charging, and uploading evidence. The on-site docking station provides for cost savings in staff time that exceed the cost of the project.
d. Livescan Equipment ($15,000): This project will procure a new monitor and hardware for fingerprinting equipment at the stadium temporary holding facility. This system is necessary to be compatible with the Santa Clara County’s updated booking system.
e. Credentialing Equipment ($17,000): This project will procure two new credentialing printers, one to be placed at the police station and another at the stadium. Due to recent changes in the credentialing process, SCPD require credentialing printers that have the ability to print credentials.
Additional details are shown in Table 16.
27 Table 16
Santa Clara Stadium Authority
2025/26 CIP Budget Adjustment
Item
#
Line Item Source of Funds Use of Funds Explanation
1 Beginning Fund
Balance
$1,205,387 This action increases the
Beginning Fund Balance
from $16,072,834 to
$17,278,221 as a result of
FY 2024/25 year-end
actuals reconciliation.
2 Other Revenue $797,607 This action increases the
CIP Budget for Other
Revenues by $797,607
(from $0 to $797,607) for
the reimbursement from
StadCo for its share of the
Levi’s Naming Rights
Signage Refurbishment
project.
2 & 3 Levi's Naming Rights
Signage Refurbishment
(2022/23 Carryover)
$853,207
This action increases the
Capital Expenditure
Budget by $853,207
which includes $797,607
for reimbursable
construction costs and
$55,600 project carryover
based on actual FY
2024/25 expenditures
(from $1,624,551 to
$2,477,758). The revised
FY 2025/26 project
budget is $2,477,758.
3 Lighting Systems -
Fixture Replacement of
Major Outdoor Lighting
/ LED Retrofit / Sports
Lighting
$1,965,726 Based on actual FY
2024/25 expenditures,
this action increases the
project carryover by
$1,965,726 (from
$2,665,655 to
$4,631,381). The revised
FY 2025/26 project
budget is $4,631,381.
28 3 LED Retrofit Project -
Phase 1
($36,145) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$36,145 (from $131,250
to $95,105). The revised
FY 2025/26 project
budget is $95,105.
3 Broadcast Booth
Window System
Replacement
($17,470) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$17,470 (from $157,500
to $140,030). The revised
FY 2025/26 project
budget is $140,030.
3 Stormwater System
Assessment and
Replacements
($66,075) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$66,075 (from $210,000
to $143,925). The revised
FY 2025/26 project
budget is $143,925.
3 Aesthetic
Improvements -
Premium Areas /
Special Event Spaces
(2022/23 Carryover)
($49,379) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$49,379 (from $192,110
to $142,731). The revised
FY 2025/26 project
budget is $143,731.
3 Project and
Construction
Management Firm
(2023/24 Carryover)
($43,145) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$43,145 (from $160,520
to $117,375). The revised
FY 2025/26 project
budget is $117,375.
3 Women's Locker Room
(2019/20 Carryover)
$61,957 Due to a change order
issued after the
FY2025/26 budgeting
process, this action is to
carry over $61,957 in
unspent funds from FY
2024/25 (increasing the
project budget from $0
to $61,957). The revised
FY 2025/26 project
budget is $61,957.
3 General Areas /
Coatings Main Deck
$306,560 Based on actual FY
2024/25 expenditures,
29 (2021/22 Carryover)
this action is to carry over
$306,560 in unspent
funds from FY 2024/25
(increasing the project
budget from $0
to $306,560). The revised
FY 2025/26 project
budget is $306,560.
3 Plumbing - Boilers
(2023/24 Carryover)
($116,857) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$116,857 (from $946,764
to $829,907). The revised
FY 2025/26 project
budget is $829,907.
3 Main Kitchen
Equipment (2016/17
Carryover)
$1,856 Based on actual FY
2024/25 expenditures,
this action increases the
project carryover by
$1,856 (from $275,423
to $277,279). The revised
FY 2025/26 project
budget is $277,279.
3 Replace Furniture for
BNY Field Clubs,
United, Levi's 501 &
Yahoo clubs and
Special Event spaces
(2019/20 Carryover)
($5,129) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$5,129 (from $80,241
to $75,112). The revised
FY 2025/26 project
budget is $75,112.
3 Security General
Allowance (2023/24
Carryover)
$29,538 Based on actual FY
2024/25 expenditures,
this action increases the
project carryover by
$29,538 (from $302,362
to $331,900). The revised
FY 2025/26 project
budget is $331,900.
30 4 Radio Batteries $30,000 This project will replace 168 batteries for stadium
radios. The current
batteries have extended
beyond their usable
lifespan. The radio
batteries are included in
the CapEx 5 Year
Forecast under FY
2026/27 in the amount of
$15,500; however, they
require replacement
ahead of their initial
projected end of life. The
estimated cost in the
CapEx 5 Year Forecast
was based on actual
costs from 2020 and the
pricing has since
increased.
4 Radio
Batteries/Chargers
$7,500 Santa Clara Police
Department (SCPD)
officers have received
updated radios that are
not compatible with
stadium radios. This
project will procure 20
backup batteries for the
SCPD radios and two
chargers for the backup
batteries. The battery
portion of this project was
included in the FY
2026/27 radio battery
replacement project that
was included in the
CapEx 5 Year Forecast
described above.
31 4 Body Worn Camera
Storage
$30,000 This project will install a
docking station in the
police briefing room at the
stadium for Body Worn
Cameras (BWCs) utilized
by officers assigned to the
stadium. Currently, these
BWCs are stored at the
Police Department and
there are operational
inefficiencies associated
with transporting the
BWCs to and from the
stadium before and after
each event for usage,
charging, and uploading
evidence. The on-site
docking station provides
for cost savings in staff
time that exceed the cost
of the project.
4 Livescan Equipment $15,000 This project will procure a new monitor and
hardware for fingerprinting
equipment at the stadium
temporary holding facility.
This system is necessary
to be compatible with the
Santa Clara County’s
updated booking system
4 Credentialling
Equipment
$17,000 This project will procure
two new credentialing
printers, one to be placed
at the police station and
another at the stadium.
Due to recent changes in
the credentialing process,
SCPD require
credentialing printers that
have the ability to print
credentials.
1-4 Ending Fund Balance ($981,150) This action decreases the Ending Fund Balance to
offset actions taken
above.
Total $2,002,994 $2,002,994
32 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $20.0 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 expenditure impacts resulting from the stadium.
As a result of the 2024 Settlement Agreement, the First Amendment to the Amended and Restated Lease Agreement, and the Second Amendment to the Ground Lease allowed for a total of $11.9 million in performance rent to be paid to the City for fiscal years 2022/23 ($4.2 million), 2023/24 ($3.1 million) and 2024/25 ($4.6 million). The agreement also restructured the excess revenue distribution, resulting in a $6.2 million transfer to the City at year-end.
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. In the current reporting period, public safety costs incurred in support of NFL and Non-NFL events held at Levi’s® Stadium totaled $5.8 million and $3.3 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 $5.4 million in NFL and $3.1 million in Non-NFL public safety reimbursements from the Stadium Manager and $546,000 in NFL and $246,000 in Non- NFL offsite parking fees.
Public safety costs for NFL events continue to be above the annual public safety cap.
The 2024 Settlement Agreement and resulting lease agreements provided for an adjustment to increase the NFL public safety cost threshold beginning in FY 2024/25 to $360,000 per game, with a 4% increase each lease year thereafter. Under the settlement agreement, $14.8 million in accrued but unpaid Public Safety Cost Credits was redefined as Public Safety Costs (PSC) 2024 Outstanding Balance and was partially paid down using $3.3 million in litigation contingency funds and $6.2 million from excess revenues in the current year. The remaining balance of $5.3 million is projected to be paid through excess revenues. It is currently estimated that the PSC 2024 Outstanding Balance will be Ground Rent 1,000,000$ Performance Rent 11,906,629 Transfer to General Fund from Excess Revenue 6,165,454 Senior and Youth Fee 278,582 Sales Tax 671,504 20,022,169$ City of Santa ClaraNet General Fund ImpactFor Stadium Authority Total Net General Fund ImpactPeriod Ending March 31, 2025 33 paid off by FY 2027/28.
In addition to public safety costs, administrative costs are also tracked and billed to the Stadium Authority. These include the cost of providing overall stadium management, financial, human resource, legal, and other services to the Stadium Authority. Through the fourth quarter of FY 2024/25, a total of $2.3 million of administrative costs were incurred by the General Fund, which have been reimbursed to the City.
Rents and Senior and Youth Fee
The Senior and Youth Fee generated $279,000, 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 $672,000 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 Redevelopment Property Tax Trust Fund (RPTTF).
Amounts remaining in the RPTTF after paying any enforceable obligations of the Successor Agency are distributed to taxing entities 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.
34 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 and other items at the Stadium Authority’s discretion. It is anticipated that 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 $1.0 million from the Discretionary Fund to the City’s General Fund if (1) adequate provision has been made for the replacement of and upgrades to capital improvements contemplated under the Public Safety Plan and (2) an equal amount is transferred from the Discretionary Fund to Stadium Authority’s operating fund to be included as Stadium Authority Revenue.
Ground Lease – The Ground Lease Agreement has an initial term of 40 years commencing on the date of substantial completion which was July 31, 2014. The amount of annual base ground rent that is payable by the Stadium Authority to the City is noted in Table 18.
35 Table 18
Net Non-NFL Event Revenue – Net Non-NFL event revenue is remitted by Stadium Manager to the Stadium Authority on a yearly basis. This is done annually because the final reconciliation of the Non-NFL event revenues and expenses does not occur until after the conclusion of each fiscal year.
NFL Ticket Surcharge – The Amended and Restated Non-Relocation Agreement states that the Team will collect a 10% NFL ticket surcharge on the price of admission to all NFL games on behalf of Stadium Authority during the Surcharge Term which currently ends the last day of the 25th lease year or March 31, 2039.
Non-NFL Event Ticket Surcharge – The Amended and Restated Stadium Lease Lease Year Fiscal YearAnnual Fixed Ground RentCumulative Total1 2014/15 180,000$ 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$ 36 Agreement 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 aside one-half of the base Non-NFL event ticket surcharge for stadium operating and maintenance costs and one-half for discretionary expenses of the Stadium Authority. The First Amendment to Amended and Restated Lease Agreement increased the ticket surcharge to a minimum of $8 per ticket starting in FY 2025/26 a $1 escalator in FY 2028/29 and every four years thereafter on behalf of Stadium Authority. 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 Discretionary Fund. The additional proceeds exceeding the $4 base surcharge will be deposited to the Public Safety 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 associated with these permitted offsite parking lots.
Therefore, when invoicing for NFL or Non-NFL public safety costs for a particular event held at Levi’s® Stadium, the offsite parking fee that is collected for each 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 performance-based rent to be remitted to the City in 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 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.
Public Safety Costs – For each NFL and Non-NFL event held at Levi’s® Stadium, a public safety plan is developed and implemented. Multiple City departments provide staffing, materials, and supplies to support the public safety plan. Services are provided through a combination of City staff, contracts 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 Stadium Manager. All these costs are 37 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 threshold 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 were redefined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off.
Table 19
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 Authority. As of FY 2024/25 the fee was $0.40 per NFL game ticket up to a maximum of $300,000 per lease year.
Every ten lease years the fee will increase by $0.05 in conjunction with the maximum amount increasing by an additional $50,000.
Stadium Management Fee – The Stadium Manager 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 as detailed in the table below. This annual base management fee 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, the Stadium Manager receives a stadium marketing and booking fee (incentive fee) which is based on a percentage of the amount that the net income from Non-NFL events exceeds the marketing and booking fee benchmark. The marketing and booking fee benchmark was $5 million in the first lease year and also increases by 3% annually as detailed in the table below. The annual stadium management fee for each of the first eleven lease years are noted in the Table 20 below.
Fiscal YearOutstanding BalanceActual PaymentsRemaining Balance2023/24 14,786,346$ -$ 14,786,346$ 2024/25 14,786,346$ 9,486,570$ 5,299,776$ PSC 2024 Outstanding Balance 38 Table 20
Tasman Lots Parking Fees – The City collects a fee of $5 per space for all cars that are parked on the Tasman surface lots during NFL events.
Fiscal YearLease YearAnnual Base Stadium Management Fee (SCSA Share)Stadium Marketing and Booking Fee BenchmarkNet Income from Non-NFL Events 1st Tier -paid at 10% FeeAdditional Stadium Marketing and Booking Fee10% 1st Tier2nd Tier -paid at 15% FeeAdditional Stadium Marketing and Booking Fee15% 2nd TierTotal Stadium Management Fee2014/15 1 200,000$ 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 2024/2511268,783 6,719,582 10,163,814 2,459,748 245,975 4,919,495 147,673 662,430 2025/2612276,847 6,921,169 To be determined 39 Appendix
This section of the report provides additional historical data for the tables referenced in the body of this report.
Table 21
Table 22
2014/15 Q42015/16 Q42016/17 Q42017/18 Q42018/19 Q42019/20 Q4TotalTotalTotalTotalTotalTotalNo. of NFL Events 10 10 10 10 10 12 No. of Tickets Sold 682,095 669,826 655,891 643,189 651,237 803,524 NFL Ticket Surcharge 8,366,290$ 8,273,378$ 8,175,462$ 7,806,190$ 8,076,510$ 8,412,291$ Senior/Youth Program Fees 238,734$ 234,439$ 229,562$ 225,116$ 227,933$ 250,000$ Cars Parked at Offsite Lots 90,024 57,166 67,740 54,107 56,390 81,401 City Offsite Parking Fee 442,918$ 290,403$ 354,958$ 293,260$ 317,476$ 476,196$ Cars Parked on Tasman Lots 4,983 6,876 5,122 5,530 4,729 6,882 City Tasman Lot and Golf Course Parking Fee 141,445$ 134,830$ 25,610$ 27,650$ 23,645$ 34,410$ Stadium Public Safety Costs 2,455,404$ 2,437,902$ 3,084,850$ 2,636,822$ 3,001,675$ 6,145,759$ Golf Course Public Safety Costs 180,766$ 81,210$ -$ -$ -$ -$ Subtotal Event Public Safety Costs 2,636,170$ 2,519,111$ 3,084,850$ 2,636,822$ 3,001,675$ 6,145,759$ Less: Offsite Parking Fee Credit (442,918)$ (290,403)$ (354,958)$ (293,260)$ (317,476)$ (476,196)$ Reimbursable Stadium Public Safety Costs 2,193,252$ 2,228,708$ 2,729,892$ 2,343,563$ 2,684,199$ 5,669,563$ Levi's® StadiumHistorical NFL Event Statistics 2014/15 Q42015/16 Q42016/17 Q42017/18 Q42018/19 Q42019/20 Q4Total Total Total Total Total TotalNo. of Non-NFL Ticketed Events 9 17 18 13 12 8 No. of Tickets Sold 377,312 629,004 582,349 384,282 332,600 183,874 Non-NFL Ticket Surcharge 1,431,540$ 2,477,084$ 2,329,396$ 1,537,128$ 1,330,400$ 735,496$ No. of Non-NFL Special Events 186 207 127 113 100 79 Non-NFL Special Event Attendees 62,357 105,997 49,151 62,917 35,676 33,535 Cars Parked at Offsite Lots 26,156 55,720 60,969 30,734 28,566 17,127 City Offsite Parking Fee 128,688$ 278,704$ 313,979$ 165,149$ 158,623$ 98,547$ Stadium Public Safety Costs 1,782,821$ 3,083,668$ 3,207,507$ 2,020,343$ 2,421,914$ 1,718,924$ Less: Offsite Parking Fee Credit (128,688)$ (278,704)$ (313,979)$ (165,149)$ (158,623)$ (98,547)$ Reimbursable Public Safety Costs 1,730,595$ 2,924,805$ 2,933,433$ 1,855,194$ 2,263,291$ 1,620,377$ Levi's® StadiumHistorical Non-NFL Event Statistics 40 Table 23
Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2014/15 -$ 715,770$ -$ 715,770$ 2015/16 715,770 1,238,542 714,028 1,240,284 2016/171,240,284 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 2019/201,960,102 367,748 - 2,327,850 Discretionary Fund Reserve