Santa Clara Stadium
Authority
Action on the Santa Clara Stadium Authority Financial Status Report for the Quarter Ending September 30, 2025
DEFERRED FROM DECEMBER 16, 2025
Item #3 (26-17580)
January 27, 2026
Agenda
• Financial Status Highlights
• NFL / Non-NFL Events
• Operating Budget
o SBL
o Discretionary Fund & PSC Reserve
o PSC 2024 Outstanding Balance
• Debt Status
• Capital Improvement Program
• Recommendation
SCSA
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OST MEETING MATERIAL
1 Financial Status Highlights
• Revenues of $5.4 million from NFL ticket surcharge, $4.4 million from Non-NFL Events ticket surcharge and $3.4 million from SBL proceeds
• Debt service payments during totaled $14.2 million and overall outstanding long-term debt decreased by $8.8 million
• Capital Expense (CapEx) Plan expenses of $7.2 million SCSA
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NFL/ Non-NFL Events
• Total of four NFL games through the second quarter
o Two preseason game and two regular season games
• There were eight large-scale ticketed Non-NFL Events held through the second quarter
• There were twenty non-ticketed Non-NFL special events held through the second quarter
SCSA
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NFL/ Non-NFL Events (cont.)
$600,000
$500,000
$400,000
$300,000
$200,000
$100 ,000
$-
SCSA
Game 1 vs
Broncos
SM, 1/1 Cl,\R: ~1-~llllJ r , ,il llHl1Pl1'
NFL Event Public Safety Costs
Game 2 vs
Chargers
Game 3 vs
Cardinal s
■ Gty of S.:mtJ ClarJ ■ Outside Agency
Game4 vs
Jaguars
• NFL Public Safety Costs
amounted to $2.4 million:
o $1.8 million (75%} are
direct City staff costs
o $376 thousand (15%)
are outside agency
costs
o $231 thousand (9%)
are misc costs
o $198 thousand were
covered by the offsite
parking fee
NFL/ Non-NFL Events (cont.)
Levi's® Stadium
Net Revenue for Non-NFL Events by Event Type
As of September 30, 2025
No. of
Event Type Events Net Revenue
Ticketed Events
Concerts
Sporting Events:
Soccer
Net Revenue from Ticketed Events
Net Revenue from Special Events (weddings, corporate events, etc.) Other Operating Income
's General Fund
6 $ 4,729,713
2 895,394
8 $ 5,625,107
20 444,832
957,254
• Non-NFL Events net
revenue of $6.1 million
• Other Operating
Expenses consists of
Special Events
Department Labor
Costs, Non-Event
Specific Staff Costs,
and Catered Events
Staff Costs
3 NFL/ Non-NFL Events (cont.)
Levi's• Stadium
Non-NFL Event Results by Category
As of September 30, 2025
REVENUE :
Total Revenue
EXPENSE:
Total Ex ense
Subto111I Not Rovonuo
TICKET SURCHARGE REVENUE:
Base Tickel Surcharge ($4/ticket)
Additional Ticket Surchar e >$4/ticketl
Subto1111 Ticket Surcha •
Total Not Rovonuo & Tlokot Sure ha •
TRANSFERS OF TICKET SURCHARGE REVENUE :
Transfer to Discretionary Fund
Transfe r to PubQc Safe Cost Reserve
SCSA
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$
s
$
$
s
$
$
$
2026126
YTD Tot>I
20,363,627
14 237 927
6115 700
1,780,064
2..576,362
4366426
10,472,126
890,032
2,516,362
• Non-NFL Events ticket
surcharge revenue
amounted to $4.4 million
o $1.8 million from the $4
base ticket surcharge
o $2.6 million from the
additional ticket surcharge
• Transfer to Discretionary
Fund amounted to $890
thousand
• Transfer to PSC Reserve
amounted to $2.6 millLon
Operating Budget
• Total Operating Revenues of $31.7 million or 48% of annual budget • Total Operating Expenses and Transfers Out to Debt Service and Capital Expenditure Reserve of $16. 7 million or 27% of annual budget • Transfers of $890 thousand to Discretionary Fund Reserve and $2.6 million to the Public Safety Cost Reserve
• Recommended Budget Adjustments to recognize higher than anticipated Non-NFL event ticket surcharge and FY 2024/25 Stadium Authority General and Administrative {G&A) budget savings available for stadium operations
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Operating Budget {cont.)
• Stadium Builder Licenses (SBLs)
o SBL proceeds amount to $3.4 million
o Value of currently active SBLs is $560.1 million (67,286 active SLBs)
o A total of 95.6% of principal value has been collected as of September 30, 2025 ($535.5 million)
o 420 new SBLs were sold with total face value of $3.2 million SCSA
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Operating Budget {cont.)
• Discretionary Fund & Public Safety Cost Reserve
o Current balance is $1.6 million and $2.6 million respectively SCSA
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Fiscal Year
2021/22
2022123
2023124
2024/25
2025/26
Discretionary Fund Reserve
Beginning
Balance Revenue Expenses Ending Balance
$ 2 327 832 S $ 18 $ 2 327 850
2,327,850 639.896 1.300.051
1,667,695 796.628 -
2.464,323 696.960 2.446.508
714,775 890.032 -
Public Safety Cost Reserve
Beginning
1,667,695
2.464.323
'HA 7-,
r 1,604,807
Fiscal Year Balance Revenue Expenses Ending BalancE:_
S . 6,36 S
)
5 Operating Budget (cont.)
PSC 2024 Outstanding Balance
Outstanding Actual/Projected Remaining
Fiscal Year Balance Payments Balance
2023/24 $ 14,786,346 $ - $ 14,786,346
2024/25 $ 14,786,346 $ 9,486,570 $ 5,299,776
2025/26 $ 5,299,776 $ 3,294,000 $ 2,005,776
• PSC 2024 Outstanding Balance
o Projected remaining balance of $2.0 million by the end of FY 2025/26
o Excess revenues will be used to pay off the remaining balance SCSA
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Operating Budget (cont.)
• Discretionary Fund & Public Safety Cost Reimbursements for NFL events
o Staff continues to bill the full amounts of public safety costs for NFL events to StadCo. $2.3 million has been paid to the City. o The threshold set for FY 2025/26 is $374 thousand with a 4% increase each lease year thereafter
o It is expected that NFL Public Safety Costs over the threshold will be covered by the Public Safety Cost Reserve in
FY2025/26
SCSA
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6 Debt Service Budget
• Total Operating Revenues and Transfers In from
Operating of $1.8 million and $4.6 million respectively • Total CFO Advance and Term A Loan Expenses of
$1.8 million and $12.5 million respectively
SCSA
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Type of Indebtedness
Stadium Funding Trust Loan:
Term A Loan
StadCo CFO Advance
Total
SCSA
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Debt Status
Santa Clara Stadium Authority
Debt Summary Report
Period Ending September 30, 2025
Interest Rates
5.00%
5.73%
Outstanding as of
March 31, 2025
$
$
192,656,344 $
26,952,920
219,609,263 $
Net Change
(7,838,094) $
(987,966)
(8,826,060) $
Outstanding as of
September 30, 2025
l,
184,818,249
25,964,954
210,783,203
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Debt Status (cont.)
Total Outstanding Debt (In millions)
$700 - - -
• Term A - budgeted
$600 - ---- SS6L6
payments of $17.1 $500 - -
million $400 5395 .1
$429 8
S3S2.7
• CFD Advance - $300
required to pass $200
through revenue from $100
hotel proceeds only S-0 1.1
$-
•
$3,0-2 S325_3
S296,8 S280,;l
I
$245 ,3 $228 .7 $219,
I_I I
Mar 2012Mar 2013 Mar 2014Mar 2015 Mar 2016 Mar 2017Mar2018Mar 2019 Mar 2020Mar 2021 Mar 2022Mar 2023Mar2024Mar 2025Sep 202:S ■ Construction Loan • SladCo Agency Advance • Term B Loan • Term A Loan •StadCo CFD Advance ■ StadCo Subordinated Loan SCSA
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CIP Budget
• Total Capital Budget of $21.9 million
• $7.2 million or 33% spend on Stadium CIP costs
• The following Capital projects were underway during the quarter o Broadcast Booth Window System Replacement
o Levi's® Naming Rights Signage Refurbishment
o Lighting Systems - Fixture Replacement of Major Outdoor Lighting/LED Retrofit o Radio Booth Cabling
SCSA
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8 City of Santa Clara General Fund -
Net Impact
SCSA
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City of Santa Clara
Net General Fund Impact
For Stadium Authority
Period Ending September 30, 2025
Ground Rent
Senior and Youth Fee
Tasman Parking Lot
Sales Tax
Total Net General Fund Impact
$ 1,000,000
108,725
5,915
406,831
$ 1,521,471
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Recommended Budget Amendments
• Operating Budget
o Non-NFL Event Ticket Surcharge: Higher than expected ticket sales generated additional ticket surcharge revenue of $930,000 funding transfers to the discretionary fund reserve, the public safety cost reserve and the remaining amount being used for operations to pay down the Public Safety Costs (PSC) 2024 Outstanding Balance, Transfer to the City's General Fund, and Transfer to the Renovation/Demolition Reserve.
o FY 2024/25 Stadium Authority G&A Budget Savings: Prior year Stadium Authority G&A expenses came in $1.1 million under budget making funds available from the Unrestricted Fund Balance to pay down the PSC 2024 Outstanding Balance, Transfer to the City's General Fund, and Transfer to the Renovation/Demolition Reserve .
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Recommendation
• Note and file the Santa Clara Stadium Authority Financial Status Report for the Quarter Ending September 30, 2025; and
• Approve the FY 2025/26 Budget Amendments in the Operating Budget in the amount of $930,000 to reflect increases in projected revenues and expenses.
SCSA
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SCSA
Santa Clara Stadium Authority
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