2 Santa Clara Stadium
Authority
Study Session
Proposed Santa Clara Stadium Authority FY 2026/27 Operating, Debt Service and Capital Budget and Stadium Authority Budget, Compliance and Management Policies , and Marketing Plan Item #1 (26-17490)
February 24, 2026
Agenda
1. Budget Development
2. Methodology and Limitations
3. Budget Flowchart
4. Organizational Chart
5. Key Summary
6. Excess Revenues Distribution
7. Stadium Authority Operating Budget
8. Stadium Authority Debt Service Budget
EET~NG MATERIA
1 '
Agenda (cont.)
9. Stadium Authority Capital Budget
10. Outstanding/Pending Items
11. Stadium Operations and Maintenance Plan (SOMP)
12. 2026 Marketing Plan
13. Key Summary
14. Recommendations
3 FY 2026/27 Budget Development
October/November 2025 Stadium Authority staff worked with Manco to discuss the annual budget plan which included the dates that Manco would provide all necessary documents as required by the Stadium Agreements.
December 2025 Stadium Authority staff provided the Stadium Authority G&A, Public Safety Capital Expenses, and Discretionary Fund costs to Manco for review and incorporation into the annual budget.
At least 45 days prior to the start of the fiscal year (January 30) Manco provided the required documents per the Stadium Agreements:
Stadium Operations and Maintenance Plan
January 2026 Annual Shared Expense Budget with Five Year Projection Annual Stadium Authority Operations Budget. Capital Expenditure Plan with Five-Year Projection Annual Public Safety Budget
2026 Marketing Plan and Public Safety Document Updates
February 2026 Staff submitted a series of questions to Manco on February 10, 2026, and received responses on February 23,d.
February 24, 2026 Study Session on Fiscal Year 2026/27 Operating, Debt Service, and Capital Budget, Stadium Operation and Maintenance Plan, Public Safety Budget and Marketing Plan Special Study Session on Fiscal Year 2026/27 Operating, Debt Service, and Capital Budget. Stadium Operation and March 3, 2026, if needed Maintenance Plan, Public Safety Budget and Marketing Plan March 10, 2026 Public Hearing to approve the SCSA Proposed Fiscal Year 2026/27 Operating, Debt Service, and Capital Budget March 13, 2026 SCSA Notice of approval/disapproval of the Stadium Manager's Draft Annual Stadium Authority Budget March 20, 2026 Stadium Manager required to submit Adopted Budget to the Trust (10 days prior to start of FY) 4 2
FY 2026/27 Budget Development (co nt.)
5 o General Information
o Year in Review for both NFL and Non-NFL Events
o Excess Revenues Distribution
o Operating Budget
• Stadium Authority General and Administrative Budget
• Stadium Manager Shared Expenses and 5 Year Forecast
• 10-Year Forecast
o Debt Service Budget
o Capital Expense Budget
• Capital Expenditure Plan and 5 Year Forecast
o Stadium Authority Work Plan
FY 2026/27 Budget Development (cont.)
Attachments:
1. Proposed Santa Clara Stadium Authority Fiscal Year 2026/27 Operating, Debt Service, and Capital Budget
2. Annual Public Safety Budget
3. 2026 Marketing Plan
4. Stadium Authority Budget Policy
5. Stadium Authority Compliance and Management Policy
6 3
Methodology and Limitations
o The Budget is on an accrual basis, which records revenues and expenses when they are incurred, regardless of when cash is exchanged.
o The Budget report was based in part on documentation and submitted by Manco. on January 30, 2026. Additional responses received February 23, 2026 have not been incorporated.
o The Capital Budget included proposals from both the Stadium Authority and Stadium Manager.
o Long-term 10-year forecast represents best known data at the time . 7 Stadium Authority Budget Flowchart
City of Santa
Clara
o Owns Land
o Ground Leases to
SCSA
" 0
Santa Clara
Stadium Authority . StadCo
_(SCSA)
o Stadium Owner o Leases Stadium
o Leases Stadium for 49er Football
to StadCo during Company
the NFL Season
(6 months)
Manco
o Manages
Stadium for
StadCo and
SCSA
4 Stadium Authority Organizat ional Chart
9 SIBchmA!IUilQrityhsd
City Attorney's Office: 0.55 FTE
Executlw ,lili)'ector
Executive Director's Office: 3.73 FTE Tre111&ure~
Human Resources: 0.06 FTE Finance: 2.77 FTE
Public Works: 0.07 FTE
Convnunity Development
0.04 FTE
Asst. City Clerk's Office: 0.50 FTE
Information Technology : 0.06 FTE
Sffldl\lin Nel!IIJJ)Orliaod
<Mmllllttee: 0.113 F1li
Stadium Authority Organ izational Chart
(cont.)
10 -.-ii.a .
15 f>os'bns,(S<MSCSAFimoo)
~--3~ions(SO'lf, SCSI\Ftrule!JI
Qaun~
3 Pl>SCoons (,!OtiSCSA Fundtld)
SSL Sales and S9!'1fce
_L
*Position count is provided by Manco and does not include positions in Other Expenses 5 Stadium Authority FY2026/27 Budget
Ke Summa
Operating
Budget +
$65.9M
11 Debt
Service
Budget
$21.0M
CapEx
+ Budget
$22.2M
Debt Service
and Capital
-- Transfers Out -
$27.8M
Total
Budget
$81.3M
Stadium Authority FY2026/27 Budget
Ke Summa (cont. )
o Net Non-NFL Events Revenue budgeted at $4.6 million
Lower than prior two fiscal years (FY)
• FY 2024/25 Actual: $10.2 million
• FY 2025/26 Projection: $6.2 million
Historical performance increases from preliminary budget projection o Public Safety Costs (PSC) reimbursements over threshold expenditure is budgeted to be $2.5 million
$1.9 million from PSC Reserve
• $0.6 million from Discretionary Fund
o PSC 2024 Outstanding Balance ($4.7 million in FY 2025/26, $0.8 million in FY 2026/27) Projected to be paid off at end of FY 2026/27
o Budget supports 2026 World Cup events
'12
6 Stadium Authority FY2026/27 Budget
Ke Summa (cont .)
o Direct payments to the General Fund at $6.6 million
• Performance Rent for FY 2026/27 ($1.8 million, accrual basis) • Projected FY 2026/27 Excess Revenue ($3.6 million)
• Ground Rent ($1.0 million)
• Senior and Youth Fees ($248,000)
o Additional $5. 7 million transfer to the Cap Ex fund to projects necessary to maintain the facility pending finalization of a facility condition assessment • Carryover projects adjusted to cover rising construction costs • Project contingencies has been increased from 5% to 10% • Impacts to future excess revenue transfers in out-years 13 Excess Revenues Distribution
Excess Revenues Distribution: If revenues exceeds expenses in a lease year the Excess Revenues are ·required to be distributed in the order as set forth in Article 14 of the Stadium Lease agreement as shown below (contributions and balances projected below are as of03/31/26).
1. Payoff any outstanding
Manco Revolving Loan -
N/A
2. Fund Future Stadium
Authority Expenses up to
$2M - Completed in FY
20.14/15
3. Fund Stadium Capital
Expenditure Reserve up to
$1 M + 3% Annual lnflator -
Annual Contribution Ongoing:
$1.4M contribution projected
14 6. Fund Operating Expense
Reserve up to $20M - Annual 3%
Contribution 0ngoing: $27.7M
balance ro·ected
5. Repay any outstanding
principal balance on Subordinate
Loan - Completed In FY 2022/23
4. fund Operating Expense
Reserve up to $10M- Completed in
FY2014/1 5
7. Fund Renovation I
Demolition Reserve (50% if less
than $70M)- In progress: $53.1 M
balance projected
8. Public Safety Cost 2024
Ou~ta .ndlng Balance (50% of
remaining) • In progress: $0.8M
balance projected
9. Additional disbUJ'Sements
can be used to pay Stadium
Authority Discretionary
Expense, including the City's
General Fund - Future Allocation:
$4. 7M contribution projected
7 Excess Revenues Distribut ion (cont .)
Excess Revenue Cash Reserves Summary
(cash based)
FY 2024/25 FY 2025/26 FY 2026/27
Reserve Category Actual Projected Budget
( Capital Expenditure Reserve $16.9M $11.4M $0.6M )
Operating Reserve $26.9M $27.?M $28.5M
Renovation/Demolition Reserve $43.BM $53.1M $57.5M
Total $87.5M $92.2M $86.7M
'15
Stadium Aut hority Operating Budget
Key Assumptions in Proposed Operating Budget:
16 o General and Administrative Expenses - $4.6 million, includes 7.9 full time equivalent positions as a baseline level of support • Budget decreased by $120,000 or 3%
o Net Non-NFL Events - $4.6 million projected for FY 2026/27 • Stadium Manager is projecting four ( 4) concerts and one ( 1) soccer match for FY 2026/27
Net Non-NFL Events Revenue Summary
FY 2024/25
Actual
L $10.2M
FY 2025/26
Projected
$6.2M
1 FY 2026/27 l l Budget
$4.6M
8 Stadium Authority Operating Budget
(cont.)
Key Assumptions in Proposed Operating Budget:
17 o Stadium Manager Shared Expenses - $15.2 million, includes 75 full time equivalent positions
• FY 2024/25 Actuals: $11.8 million; FY 2025/26 Projected: $13.8 million • Costs increased by $1.4 million or 9%
• Higher compensation costs in Stadium Ops and Security • Higher outside services costs in Security
o SBL Sales and Service - $2.5 million, includes 12.4 positions charged based on actual time spent
• FY 2024/25 Actuals: $2.3 million; FY 2025/26 Projected: $2.3 million • Future organizational assessment of SBL Sales and Service by third party consultant
Stadium Authority Operating Budget
(cont.)
Key Assumptions in Proposed Operating Budget:
o Other Expenses - $1.7 million, includes other supporting staff, software costs, lender fees and share of Manco staff office space • This is an increase of $1.0 million (or 150%) over FY2025/26 Projected Actuals of $687,000
• Main driver is cost of Stadium Authority share of Manco office lease space
• Stadium Authority staff has requested additional information • Manco has requested to meet and confer on this line item 9 Stadium Authority Operating Budget
(cont.)
Revenues:
Facility Rent $ 24,762,000
NFL Ticket Surcharge 16,166,000
Naming Rights 8,307,000
SBL Proceeds 5,154,000
Non-NFL Event Net Revenue 4,600,000
Non-NFL Event Ticket Surcharge 4,097,000
Interest 3,155,000
Sponsorship Revenue (STR) 794,000
Senior & Youth Program Fees 248,000
Non-NFL Events PSC Depreciation Reimbursement 84,000
19 Total Revenues $67,367,000
Stadium Authority Operating Budget
(cont.)
Expenses:
Shared Stadium Manager Expenses $15,248,000
Stadium Authority General & Administrative 4,567,000
Transfer to City General Fund from Excess Revenues 3,550,000 -+ PSC Over Threshold 2,500,000 $6.6
million
SBL Sales and Service 2,468,000
projected
Utilities 1,868,000 to the
Performance Rent 1,800,000 -+ City's
Other Expenses 1,717,000 General
Discretionary Fund Expense 1,250,000 Fund
Ground Rent 1,000,000 -+
Buffet Costs 859,000
Public Safety Costs (PSC) 2024 Outstanding Balance 836,000 Senior and Youth Program Fees 248,000 -+
Naming Rights Expenses 142,000
Use of StadCo Tenant Improvements 75,000
20 Total Expenses $38,128,000
10 Stadium Author ity Operat ing Budget
(cont .)
General and Administrative Budget
FY 2025/26 FY 2026/27
Amended Proposed
Exeense T:iee Budget Budget Variance
Staff Support $3,318,000 $3,415,000 $97,000
Legal Services 515,000 460,000 (55,000)
Audit Services 160,000 100,000 (60,000)
Consultants
-Community
Outreach/Communications/Engagement 100,000 126,000 26,000 - Noise Monitoring 87,000 87,000
Administrative Services 449,000 340,000 (109,000)
Other Expenses 50,000 30,000 (20,000)
Board Stieends 8,000 9,000 1,000
Total $4,687,000 $4,567,000 ($120,000)
21 Stadium Authority Operating Budget
(cont.)
Projected
Beginning
Balance
$1,604,000
Discretionary Fund
50% of FY
2026/27 Base
Non-NFL Event
Ticket
Surcharge
$1,097,000
FY 2026/27
Discretionary
Fund Expense
($1,250,000)
Public Safety
Costs Over
Threshold
($582,000)
Projected
Ending
Balance
$869,000
o The Discretionary Fund is projected to be used to cover NFL public safety costs above the public safety cost threshold, and the costs of a civic event in FY 2026/27 (if approved tonight. Proposed Budget will be amended to reflect Board action for the Civic Event to occur in FY 2025/26) 22 11
Stadium Authority Operating Budget
(cont .)
23 Performance Rent Calculation
o Stadium Authority pays the City performance-based rent on top of the fixed ground rent
o Performance-based rent is equal to 50% of the net income from Non-NFL events less 50% of the ground rent and any credited public safety costs
o Credited public safety costs is the amount by which public safety costs exceed the public safety costs threshold
o Performance-based rent is remitted to the City in July following the Stadium Authority's fiscal year-end.
Stadium Aut hority Operating Budget
(cont.)
24 Performance Rent Calculation (cont.)
$12 □
s10 a
$(2 □)
$(4.0)
Non-NFL Event Net Revenue (in millions)
$10.2
$6.2
l 'f
12 Stadium Authority Operating Budget
(cont .)
Performance Rent Calculation {cont.)
Performance Rent Calculation
Fiscal Year
2025/26
Pro·ection
Fiscal Year
2026/27
Bud et
round Rent
Net Non-NFL Event Revenue Ex ense
$ 1,000,000 $
6,222,000
1,000,00
4,600,00
0% of Net Non-NFL Event Revenue (Expense)
erformance Rent Credit from Ground Rent (50% of Ground
ent
$ 3,111,000 $
500,000
Subtotal $ 1,800,00
ublic Safety Credits
ther Credits
0 N/
Net Performance Rent aid to the Ci of Santa Clar $ $ 1 800 00 Per Stadium Lease Paragraph 7.5.3(a), credited public safety costs is the amount by which public safety costs 25 exceed the public safety costs threshold.
Stad ium Authority Operat ing Budget
(cont .)
Shared Stadium Manager Expenses (cont.)
There are four ( 4) positions added to Security and one ( 1 ) position removed from Engineering:
o Security: FTE is increasing by 4 positions
• Supports enhanced stadium security measures. In 2025, all 24/7 security responsibilities were transitioned in-house and removed from third-party vendors.
Armed guard services, will be provided by a third-party contractor beginning in February 2026.
o Engineering: FTE is decreasing by net one position
26 • Director of Engineering role shifted from Stadium Operations to Engineering. In addition, the Principal Project Manager and Project Manager roles were reallocated from Engineering to Stadium Operations. Eliminate the Vice President of Hospitality & Retail position.
13 Stadium Authority Operating Budget
(cont.)
Santa Clara Stadium Authority Proportionate Share of Stadium Expenses <1> Total Compensation 1' 1
Travel, Meals & Entertainment
Outside Services
General Supplies
Telephone
Equipment
Uniforms
Other
Subtotal
lnsurance m
Management Fee 1' 1
Total
Security
$ 1,732,026
9,100
826,900
11,875
22,900
93,600
20,000
25.000
$ 2,741,401
Stadium
Operations
$ 3,066,903
152,568
7,900
20,786
336,100
105,548
4,500
19,900
$ 3,714,205
Engineering
$ 2,127,223
10,825
1,442,888
11,625
8,820
37,855
9,250
3.745
$ 3,652,231
Guest Services
$
$
320,577
34,367
12,500
63,650
1,600
5,020
33,200
20,575
491,489
111The Santa Clara Stadium Authority proportionale share of stadium expenses is rounded to the nearest $1,000 in the operating budget 121Total compensation is based on a total of 75 full time equivalent positions Groundskeeping
$
$
124,842
3,010
545,165
50,605
458
2,864
955
727,899
Total
$ 7,371,571
209,870
2,835,353
158,541
369,878
244,887
67,905
69,220
$ 11,327,225
3,636,000
285,000
S 15,248.225
IJ) The stadium lease sets Stadium Authority's share of insurance expense at $2,550.000 for the first lease year with each succeeding lease year's expense increasing 3% <4lThe stadium management agreement sets the base management fee at $400,000 for the first lease year with each succeeding lease year's management fee increasing 3% This base management fee is split 50/50 between Stadium Aulhority and StadCo. 27 Stadium Authority Ten-Year Forecast
o Excess revenues projected in each year, $16.7 million in FY 2026/27 to $9.3 million in FY2035/36
• Excess revenue transfer to City's General Fund in FY 2026/27 is projected to be $3.6 million; all years thereafter are projected to be $0 Q Public Safety Cost 2024 Outstanding Balance paid off in FY 2026/27 o Renovation/Demolition Reserve not projected to be filled in the next ten years o Overall Stadium Authority Reserves increase from $103.5 million in FY2026/27 to $110.7 million in FY2035/36
o Contributions to the City's General Fund include ground and performance rent, Senior and Youth Fees and Stadium Authority Excess Revenue. 28 14
Stadium Authority Ten -Year Forecast
(cont.)
Stadium Contribution to the General Fund
(in millions)
FY26/27 FYXT/28 FY28/29 FY29/30 FY30/31 FY31/32 FY32/33 FY33/34 FY34/35 FY35/36 Ground Rent $1.0 $1.0 $1.0 $1 .1 $1.1 $1.1 $1.1 $1 .1 $1 .2 $1.2 Performance Rent 2.6 1.8 1.8 0.2 1.3 0.7 0.7 0.6 0.4 0.5 Senior & Youth Fees 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 Excess Revenue 3.6 - - - - - - - - -
Total GF Impact $7A $3.1 $3.1 $1.6 $2.7 $2.1 $2.1 $2.0 $1.9 $2.0 *Assumptions surrounding revenues and expenses in future years are described in the budget document.
Information presented is based on budget submissions and assumptions that will need further refinement. The reduction to contribution from excess revenue reflects potential increases in capital contributions in future years which are still pending additional staff analysis.
29 Stadium Autho rity Debt Service Budget
Debt Type
CFO Advance
Term A Loan
Total
FY 2026/27
Budget
$3,744,000
$17,226,000
$20,970,000
o Debt service amount of $21.0 million includes principal payment of $10.8 million and interest payment of $10.2 million
o Total outstanding debt is projected to decrease to $199.0 million 30 15
Stadium Authority Debt Service Budget
(cont.)
31 $700
S653.~
$600
$500
$400 _ !_396,1
$300 -
$200
$100
Total Outstanding Debt (in millions)
$56 1.6
S464.7
$429.8
_ $382.7
s34o,2 $325.3
$296,8 .$2.8:Q,3
70% reduction in
outstanding debt
from March 2014
_
1 $
2 1
45 '
3 $2
1 28.7 $2l19.6 5209_T
- -- -l-1:
• Construction Loan • StadCo Agency Advance Term B Loan • Term A Loan ■ StadCo CFO Advance ■ StadCo Subordinated Loan Stadium Autho rity Capita l Budget
Total Capital Budget of $22.2 million
o Stadium Improvements: $20.7 million
• New Projects: $10.0 million
• Construction ($6.3 million): LED Lighting Replacement, Fire Alarm Upgrade, Restroom Flushing Device Replacement
• Equipment ($2.8 million): Cooling Towers, Back of House Control Panels, Amplifiers & Speakers
• Contingency ($910,000)
Carryover Projects: $12.2 million
• Construction ($5.8 million): Lighting Systems, Waterproofing/Caulk/Joint Replacements • Equipment ($3.9 million): Cooling Towers, HVAC Boilers Exhaust Flues • Contingency ($972,000)
o Stadium Warranty-Related Construction: $1.5 million
• Outstanding projects and claims are under review, upon confirmation that no warranty work 32 is anticipated, funds can be allocated to general Stadium improvements 16 Stadium Authority Capital Budget (cont.)
New Capital Expenditure Projects
33 o LED Lighting Replacement ($4.8 million) - Replace existing fluorescent, incandescent, and older LED fixtures with new fixtures compatible with the new lighting control system.
o Back of House (BOH) Control Panels, Amplifiers & Speakers ($2.1 million) - Upgrade Outdated and failing audio control systems with modern, standardized equipment to improve reliability and performance.
o Fire Alarm Panel Upgrade ($682,000) - Existing system being phased out, in need of replacement.
Stadium Authority Capital Budget (cont.)
Carryover Capital Expenditure Projects
o LED Retrofit Project Phase 2 ($1.1 million)- Replacement of existing fixtures that are no longer manufactured and/or inefficient lighting fixtures. o Boilers ($575,000)- Replace boiler and critical support components to ensure reliable operations to support events.
34 17
Outstanding/Pending Items
Stadium Authority Share of Manco Office Lease
o Other Expenses line of $1.7 million includes the Stadium Authority's portion of office space lease expense for Manco staff. o Manco noted in their FY 2026/27 budget submittal that Stadium Authority staff and Manco are to meet and confer on this item. o These costs were excluded from last year's budget; further analysis is needed for this request.
35 Outstanding/Pending Items (cont.)
Analysis of Carryover projects
o The following projects have been carried over for the past 3-9 years Year Pro)act
FY 2016117 Miscellaneous
FY 2016117 Main Kitchen Equipment
FY 2018/19 Asphalt
FY 2019/20 Women's Locker Room
FY 2019120 Automatic Logic Control Building Engineering System FY 2019120 Replace furniture for BNY Field Clubs, United, Levi's 501 & Yahoo clubs and Special Event spaces
FY 2019/20 Install New Kitchen Exhaust Fans throughout the building FY 2019120 Install Stadium Camera Booths Card Readers
FY 2019/20 Radio Booth Cabling - Phase I
FY 2020/21 Enhance Stadium Security Access Control
FY 2022/23 Aesthetic Improvements - Premium Areas I Special Event Spaces FY 2022123 Miscellaneous
Total
totaacosi
$ 114,950
303,555
181,730
19,909
63,221
3,160
265,271
96,558
606,133
270,133
156,256
114,950
2,195,826
o Re-allocate warranty related construction expense of $1.5 million 36 18
Outstanding/Pending Items (cont.)
Additional Capital Expense/ Facilities Assessment
o StadCo funded FCA to support long-term financial planning, operational efficiency, and structural integrity
o The FCA identifies necessary repairs, capital improvements, and compliance requirements
• Stadium Authority has not received the FCA yet, numbers are preliminary pending SCSA analysis
o Potential CapEx contributions above the contractual requirements FY 26/27 FY 27/28 FY 28/29 FY 29/30 FY 30/31 Total
Capital Contribution j $5.7M j $9.1M I $9.1M I $9.0M I $9.0M I $41.9M 37 Outstanding/Pending Items (cont .)
Additional Capital Expense / Facilities Assessment
o This could impact Excess Revenue distributions to the Renovation/Demolition Reserve, payment of NFL public safety costs above the threshold, and distributions to the City's General Fund o The Renovation/Demolition Reserve is no longer projected to reach $70 million within the next ten years
38 • The Excess Revenue distribution to the General Fund is projected at $3.6 million in FY 2026/27 with no additional distributions currently projected in subsequent years
19 Outstanding/Pending Items (cont.)
Additional Capital Expense/ Facilities Assessment
o Proposed Budget included funds for SCSA-directed Facility Condition Assessment
o Key Next Steps
39 o Finalize Proposed Budget
o Launch SCSA Facility Condition Assessment
o Review StadCo Facility Condition Assessment when finalized o Aim to reach an agreement on Long-term Capital Project Needs o Explore options for funding options and alternatives
o Obtain SCSA Board Feedback and Direction (throughout the process) Stadium Operations and
Maintenance Plan SOMP
o Management Agreement requires the Stadium Manager to prepare a SOMP designed to achieve a safe and well-maintained Stadium. o In addition to the Shared Stadium Expense and Public Safety Budgets, and CapEx and Marketing Plans, the SOMP includes an internal operations and maintenance plan.
o The plan is a living document and updated to reflect information on topics like Equipment and Building Maintenance Services, Building Plans, Incident Management System, Emergency Operations Plan, etc.
o Staff reviewed the 2025 SOMP, provided comments, and is reviewing the 2026 SOMP to ensure prior feedback was incorporated. Feedback on this confidential document will be shared directly with the Stadium Manager. o The SOMP is approved administratively.
40 20
41 2026 Marketing Plan
o The Stadium Manager submitted the 2026 Marketing Plan as part of annual Budget process.
o The Stadium Authority hired a consultant to conduct market trend research on how large multi-purpose venues market and promote Non-NFL Events and complete an assessment of the 2025 and 2026 Marketing Plans.
o Together, the research and review will:
o Assess current market strategies
o Provide benchmarking of stadium performance
o Identify industry trends and areas for improvements
o Work efforts are in progress and expected to be completed in Summer 2026. o Final report will provide recommendations to enhance strategic oversight of Non NFL Event marketing.
Stadium Authority FY2026/27 Budget
Ke Summa
0 Net Non-NFL Events Revenue budgeted at $4.6 million
Lower than prior two fiscal years (FY)
■ FY 2024/25 Actual: $10.2 million
■ FY 2025/26 Projection: $6.2 million
Historical performance increases from preliminary budget projection o Public Safety Costs (PSC) reimbursements over threshold expenditure is budgeted to be $2.5 million
$1.9 million from PSC Reserve
$0.6 million from Discretionary Fund
o PSC 2024 Outstanding Balance ($4.7 million in FY 2025/26, $0.8 million in FY 2026/27) Projected to be paid off at end of FY 2026/27
o Budget supports 2026 World Cup events
42 21
Stadium Authority FY2026/27 Budget
Ke Summa (cont. )
o Direct payments to the General Fund at $6.6 million
• Performance Rent for FY 2026/27 ($1.8 million, accrual basis) • Projected FY 2026/27 Excess Revenue ($3.6 million)
• Ground Rent ($1.0 million)
• Senior and Youth Fees ($248,000)
o Additional $5.7 million transfer to the CapEx fund to projects necessary to maintain the facility pending finalization of a facility condition assessment • Carryover projects adjusted to cover rising construction costs • Project contingencies has been increased from 5% to 10% • Impacts to future excess revenue transfers in out-years 43 Recommendatio ns
1. Review and Provide Input on the Proposed Santa Clara Stadium Authority Fiscal Year 2026/27 Operating, Debt Service, and Capital Budget, Draft 2026 Levi's Stadium Events Marketing Plan, and Proposed Stadium Authority Budget, Compliance and Management Policies
44 22
Santa Clara Stadium
Authority
Study Session
Proposed Santa Clara Stadium Authority FY 2026/27 Operating, Debt Service and Capital Budget and Stadium Authority Budget, Compliance and Management Policies, and Marketing Plan
Item #1 (26-17490)
~ February 24, 2026
23