SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter Ending December 31, 2025
March 10, 2026
1 Table of Contents
Introduction ................................................................................................................................. 2 NFL Events ................................................................................................................................. 3 Non-NFL Events ......................................................................................................................... 7 Discretionary Fund .................................................................................................................... 12 Public Safety Cost Reserve....................................................................................................... 12 Stadium Builder Licenses .......................................................................................................... 12 Santa Clara Stadium Authority Budget Status Reports .............................................................. 15 Operating Budget .................................................................................................................. 15 Operating Budget – Recommended Budget Adjustments ...................................................... 17 Debt Service Budget ..............................................................................................................23 Capital Expense (Cap Ex) Budget ......................................................................................... 26 Cap Ex Budget – Recommended Budget Adjustments .......................................................... 28 City of Santa Clara Net General Fund Impact ........................................................................... 30 Public Safety and Administrative Cost Reimbursement ......................................................... 30 Rents and Senior and Youth Fee ........................................................................................... 31 Other Revenue Impacts ......................................................................................................... 31 Glossary.................................................................................................................................... 32 Appendix ................................................................................................................................... 37 2 Introduction
This Santa Clara Stadium Authority (“Stadium Authority”) Financial Status Report provides information covering the first three quarters of the Stadium Authority’s 2025/26 fiscal year (FY) which ended on December 31, 2025. Comparative data from prior fiscal years are 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 2025/26 budget was adopted by the Board on March 11, 2025.
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 the Stadium Manager expenses are provided by the Stadium Manager. Stadium Authority staff has access to select financial information submitted by the Stadium Manager provided through the 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 nine NFL games (two pre- season games and seven regular season games) at Levi’s® Stadium through quarter ending December 31, 2025. There was a total of 619,371 tickets sold to these NFL games, an average of 68,819 per game. This is down by 827 or 1% when compared to the same period in the prior fiscal year. The ticket sales resulted in $14.2 million in NFL ticket surcharge revenue (10% of ticket sales) to the Stadium Authority. The average NFL ticket surcharge revenue was $1.6 million per game in the current year which is up by $115,000 or 8% from the same period in the prior fiscal year. A total of $248,000 of Senior and Youth Program Fees, which is based on $0.40 per NFL ticket sold, were collected through the end of the third quarter of the fiscal year. These fees were transferred to the City’s General Fund in support of such programs.
A total of 67,945 cars were parked in the permitted offsite parking lots generating $472,000 in offsite parking fees derived from the $6.94 per parking space for all NFL events. The Tasman parking lot had a total of 3,030 parked cars and generated an additional $15,000 for the General Fund through the end of the third quarter of the fiscal year. The overall average number of cars parked per game in the permitted offsite lots and the Tasman lots went down by 428 or 5% when compared to the prior fiscal year.
There was $5.5 million of NFL event public safety costs in the current reporting period which is an average of $606,000 per game. This is an increase from the prior year average (through December 31, 2024) of $539,000. The increase is due to two factors.
First, wage and benefit costs increase from one year to the next. Second, the Finance Department changed the methodology for general stadium related public safety costs that are not attributable to specific events (e.g. double-badger onboarding, training, supplies, uniforms, body worn camera licensing etc.). In prior years, all of these costs were accumulated and allocated to each event at the end of the fiscal year when all costs have been reconciled. In the current year, staff is including an estimate of these general stadium allocable costs as the events occur so that the City is reimbursed sooner. A final reconciliation and true-up will be done at the end of the year. Due to this change, the current year costs in the interim quarters (Q1-Q3) appear significantly higher. When you normalize for this methodology change, the average NFL event pubic safety costs for all of last year was $595,000, or on average, an increase of $11,000 (+2%) per event when compared to the current reporting period. This will be reflected in the year-end report. Of the $5.5 million NFL event public safety costs, $4.1 million or 74% are direct City costs, $873,000 or 16% are outside agency costs and $528,000 are other miscellaneous public safety costs. Of these costs, $472,000 were covered by the offsite parking fee. The remaining $5.0 million was invoiced to the Stadium Manager. Typically, it can take 30-60 days from when an expense occurs to be invoiced because of the timing of the payroll and the cost reconciliation process. On average, after an invoice is sent, the Stadium Manager pays the invoice within 75 days of the invoice date. As of February 27, 2026, approximately $2.8 million in public safety costs remains outstanding.
4 Statistics for the NFL games held at Levi’s® Stadium in the first three quarters of the 2025/26 fiscal year are shown in Table 1 and comparative data from the last five years of operations can be found in Table 2. Additional historical data can be found in the Appendix.
5 Table 1
Game 1 vs Broncos Game 2 vs Chargers Game 3 vs Cardinals Game 4 vs Jaguars Game 5 vs Falcons Game 6 vs Rams Game 7 vs Panthers Game 8 vs Titans Game 9 vs Bears 2025/2608/09/2508/23/2509/21/2509/28/2510/19/2511/09/2511/24/2512/14/2512/28/25YTD TotalNo. of Tickets Sold 66,706 67,638 68,680 68,789 69,438 69,327 69,595 69,266 69,932 619,371 NFL Ticket Surcharge 1,076,207$ 1,084,643$ 1,605,907$ 1,603,214$ 1,628,048$ 1,959,409$ 1,628,302$ 1,615,673$ 1,968,420$ 14,169,822$ Senior/Youth Program Fees 26,682$ 27,055$ 27,472$ 27,516$ 27,775$ 27,731$ 27,838$ 27,706$ 27,973$ 247,748$ Cars Parked at Offsite Lots 5,971 6,450 7,983 8,105 8,388 9,015 6,818 7,474 7,741 67,945 City Offsite Parking Fee 41,439$ 44,763$ 55,402$ 56,249$ 58,213$ 62,564$ 47,317$ 51,870$ 53,723$ 471,538$ Cars Parked on Tasman Lots223 331 241 388 410 435 436 283 283 3,030 City Tasman Lot Parking Fee1,115$ 1,655$ 1,205$ 1,940$ 2,050$ 2,175$ 2,180$ 1,415$ 1,415$ 15,150$ Stadium Public Safety Costs 599,822$ 626,922$ 668,512$ 633,717$ 613,387$ 628,814$ 563,070$ 538,932$ 578,215$ 5,451,390$ Less: Offsite Parking Fee Credit (41,439)$ (44,763)$ (55,402)$ (56,249)$ (58,213)$ (62,564)$ (47,317)$ (51,870)$ (53,723)$ (471,538)$ Reimbursable Stadium Public Safety Costs 558,383$ 582,159$ 613,110$ 577,468$ 555,174$ 566,250$ 515,753$ 487,062$ 524,492$ 4,979,852$ Amount Reimbursed 556,626$ 573,141$ 579,621$ 542,165$ 523,904$ -$ -$ -$ -$ 2,775,456$ Levi's® Stadium2025/26 NFL Event StatisticsAs of December 31, 2025 6 Table 2
2021/22 Q32022/23 Q32023/24 Q32024/25 Q32025/26 Q3TotalTotalTotalTotalTotalNo. of NFL Events 9 9 9 10 9 No. of Tickets Sold 604,546 624,746 617,452 696,456 619,371 NFL Ticket Surcharge 8,900,398$ 10,382,333$ 11,523,355$ 14,596,336$ 14,169,822$ Senior/Youth Program Fees 211,591$ 218,661$ 216,108$ 278,582$ 247,748$ Cars Parked at Offsite Lots 63,718 66,868 68,371 81,358 67,945 City Offsite Parking Fee 376,573$ 409,901$ 440,309$ 545,912$ 471,538$ Cars Parked on Tasman Lots 3,930 - - 1,778 3,030 City Tasman Lot and Golf Course Parking Fee 19,650$ -$ -$ 8,890$ 15,150$ Stadium Public Safety Costs 4,534,124$ 4,037,765$ 4,400,657$ 5,394,140$ 5,451,390$ Less: Offsite Parking Fee Credit (376,573)$ (409,901)$ (440,309)$ (545,912)$ (471,538)$ Reimbursable Stadium Public Safety Costs 4,157,551$ 3,627,864$ 3,960,348$ 4,848,228$ 4,979,852$ Levi's® StadiumHistorical NFL Event Statistics 7 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 445,016 tickets sold for the eight ticketed Non-NFL events that were held, resulting in $1.8 million Non-NFL event base ticket surcharge revenue (from the $4 per ticket base surcharge for Non-NFL events) and $2.6 million in additional ticket surcharge revenue, derived from the additional proceeds exceeding the $4 per ticket base surcharge. This is an increase in base ticket surcharge revenue of $386,000 or 27.7% over the same period in the prior year due to larger scale Non-NFL events taking place in the current period. It is also the first year that additional surcharge revenue has been collected.
Stadium Manager reports that there were also 36 smaller special events held at Levi’s® Stadium which is 15 events less than the same period of the prior fiscal year. The attendance at these events also decreased from 22,926 in the prior period to 12,173 in the current year, a 47% decrease. 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 42,870 cars parked at offsite lots and the City earned a total of $295,000 in related offsite parking fees, which is derived from the $6.71 per parking space fee for events taking place prior to July 2025 and $6.94 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 $4.6 million, an increase of $1.6 million from the prior year. As noted previously, this increase in cost is due to larger scale events being held in the current year when compared to the prior year. In addition, the increase in wage and benefit costs as well as the change in methodology described in the NFL Events section on page three are both factors in the increase in public safety costs. Of these costs, $295,000 was covered by the offsite parking fee. The remaining $4.3 million was invoiced to the Stadium Manager of which $4.3 million has been reimbursed to the City.
Statistics for FY 2025/26 events are shown in Table 3 and comparative data from the last five years of operations are shown in Table 4.
8 Table 3
Concert 1Day 1Concert 1 Day 2Soccer Match 1 Concert 2 Day 1Concert 2Day 2Concert 3 Day 1Concert 3 Day 2Soccer Match 22025/26 YTD 06/20/2506/22/2507/02/2507/08/2507/09/2508/01/2508/02/2509/13/25TotalNo. of Scanned Attendees 55,157 55,828 64,857 47,125 51,288 58,172 61,083 44,451 437,961 No. of Tickets Sold 56,460 56,703 65,348 48,046 51,375 59,012 61,205 46,867 445,016 Non-NFL Base Ticket Surcharge 225,840$ 226,812$ 261,392$ 192,184$ 205,500$ 236,048$ 244,820$ 187,468$ 1,336$ 1,781,400$ Non-NFL Additonal Ticket Surcharge 338,760$ 340,218$ 392,088$ 288,276$ 308,250$ 354,072$ 367,230$ 187,468$ -$ 2,576,362$ Total Ticket Surcharge 564,600$ 567,030$ 653,480$ 480,460$ 513,750$ 590,120$ 612,050$ 374,936$ 1,336$ 4,357,762$ No. of Non-NFL Special Events 36 36 Non-NFL Special Event Attendees 12,173 12,173 Cars Parked at Offsite Lots 4,628 5,501 6,457 5,002 4,611 5,450 6,809 4,412 - 42,870 City Offsite Parking Fee 31,054$ 36,912$ 44,812$ 34,714$ 32,000$ 37,823$ 47,254$ 30,619$ -$ 295,188$ Stadium Public Safety Costs 635,455$ 609,095$ 622,877$ 528,133$ 517,962$ 625,125$ 617,499$ 476,414$ 6,597$ 4,639,157$ Less: Offsite Parking Fee Credit (31,054)$ (36,912)$ (44,812)$ (34,714)$ (32,000)$ (37,823)$ (47,254)$ (30,619)$ -$ (295,188)$ Reimbursable Public Safety Costs 604,401$ 572,184$ 578,065$ 493,419$ 485,962$ 587,302$ 570,244$ 445,795$ 6,597$ 4,343,968$ Amount Reimbursed 604,196$ 572,184$ 570,072$ 493,419$ 485,962$ 587,085$ 570,234$ 426,035$ 3,828$ 4,313,014$ Levi's® StadiumFY 2024/25 Non-NFL Event StatisticsAs of December 31, 20252025/26 YTD Special Events 9 Table 4
Table 5 summarizes ticketed Non-NFL revenues and expenditures by event. There were 8 ticketed Non-NFL events held in FY 2025/26 and generated an average net revenue of $871,000 per event. The inclusion of this information is to provide a greater level of transparency and provide the overall financial results of the Non-NFL events.
Table 5
Table 6 and 7 show Non-NFL net revenue by event type and event revenue and expenses by category. For FY 2025/26, the Stadium Manager had projected Non-NFL events to 2021/22 Q32022/23 Q32023/24 Q32024/25 Q32025/26 Q3Total Total Total Total TotalNo. of Non-NFL Ticketed Events - 7 8 8 8 No. of Tickets Sold - 240,364 397,940 348,480 445,016 Non-NFL Base Ticket Surcharge -$ 961,456$ 1,591,760$ 1,393,920$ 1,781,400$ Non-NFL Additonal Ticket Surcharge (1)-$ -$ -$ -$ 2,576,362$ Total Ticket Surcharge -$ 961,456$ 1,591,760$ 1,393,920$ 4,357,762$ No. of Non-NFL Special Events 1 56 37 51 36 Non-NFL Special Event Attendees - 22,410 18,433 22,926 12,173 Cars Parked at Offsite Lots - 35,302 38,716 37,341 42,870 City Offsite Parking Fee -$ 215,155$ 247,937$ 246,495$ 295,188$ Stadium Public Safety Costs 1,827$ $2,529,464 3,293,398$ 3,057,627$ 4,639,157$ Less: Offsite Parking Fee Credit -$ (215,155)$ (247,937)$ (246,495)$ (295,188)$ Reimbursable Public Safety Costs 1,827$ 2,314,309$ 3,045,461$ 2,811,132$ 4,343,968$ (1) 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. The surcharge exceeding the $4 per ticket base is shown in the table as additional ticket surcharge.Historical Non-NFL Event StatisticsLevi's® Stadium $ In MillionsTicketed EventRevenueExpenseNetConcert 1 4.0$ 2.5$ 1.5$ Concert 2 3.6 2.4 1.2 Sporting Event 1 1.6 0.7 0.9 Concert 3 2.3 1.5 0.8 Concert 4 2.0 1.2 0.8 Concert 5 2.2 1.4 0.8 Concert 6 2.3 1.5 0.8 Sporting Event 2 0.8 0.6 0.2 Total Ticketed Non-NFL Net Revenue to Date18.8$ 11.8$ 7.0$ Levi's® StadiumTicketed Non-NFL Events Revenue and Expenditure SummaryAs of December 31, 2025 10 result in estimated net revenues of $5.3 million when the FY 2025/26 budget was adopted.
In the third quarter of FY 2025/26, ticketed events and non-ticketed special events contributed $7.0 million and $978,000 in net revenues, respectively. There was also additional interest income of $1.2 million earned on Non-NFL events cash reserves offset by $1.3 million of non-event specific other expenses.
Stadium Manager reported a net revenue of $7.8 million for the current reporting period.
This is a decrease of $2.3 million from the prior year’s Non-NFL event net revenue of $10.1 million. The main driver for the decrease in net revenue from ticketed events is the reallocation of additional ticket surcharge previously reported to Non-NFL event revenue and now allocated to the Public Safety Cost Reserve. The other factor affecting Non- NFL event net revenue is related to the special events. As noted above, there were 15 fewer special events in the current reporting period when compared to the same time last year, a 30% decline. The reason for the decline in the number of events is because the stadium underwent significant upgrades in preparation for Super Bowl LX and FIFA World Cup 2026, which impacted the Stadium Manager’s ability to host as many events as the prior year.
Table 6
EVENT TYPENo. of EventsNet RevenueNo. of EventsNet RevenueNo. of EventsNet RevenueNo. of Events Net RevenueNo. of EventsNet RevenueTicketed EventsConcerts 0 -$ 6 $ 6,131,747 5 $ 5,600,578 3 $ 4,685,031 6 $ 5,890,869 Sporting events:Football (non-NFL) 0 - 0 - 0 - 0 - 0 - Soccer 0 - 1 451,890 3 305,067 5 3,639,745 2 1,076,017 Miscellaneous events 0 - 0 - 0 - 0 - 0 - Net Revenue from Ticketed Events0 -$ 7 6,583,637$ 8 5,905,645$ 8 8,324,776$ 8 6,966,886$ Subtotal Ticketed Events - Other Expenses (3)-$ -$ -$ -$ -$ 6 96,187$ 56 1,998,619$ 37 1,191,841$ 51 2,086,969$ 36 977,971$ Other Operating Income(1)-$ 63,987$ 1,712,309$ 1,328,627$ 1,171,797$ Other Operating Expenses(2)-$ (495,578)$ (1,057,378)$ (1,632,901)$ (1,295,710)$ Total Non-NFL Net Revenue (3)6 96,187$ 63 8,150,665$ 45 7,752,417$ 59 10,107,471$ 44 7,820,944$ (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.Net Revenue from Special Events (weddings, corporate events, etc.)Net Revenue for Non-NFL Eventsby Event TypeHistorical Year-to-Date through December 31, 2025Levi's Stadium2023/24 2025/262021/22 2022/23 2024/25 11 Table 7
2025/26YTD TotalREVENUE:Special Event Revenue 3,251,827$ Ticket Platform Fees 6,971,921 Suite Ticket Revenue 675,554 Parking 2,884,393 Food & Beverage - Ticketed Events 5,536,799 Food & Beverage - Special Events 373,355 Miscellaneous(1)3,946,602 Total Revenue23,640,451$ EXPENSE:Public Safety/Security 7,014,503$ Event Staff 3,853,114 Parking 2,326,342 Catering - Special Events 2,136,754 General Event Related Expenses 4,598,751 Expense Reimbursement from Event Licensee(2)(5,405,667) Miscellaneous(3)1,295,710 Total Expense 15,819,507$ Subtotal Net Revenue 7,820,944$ TICKET SURCHARGE REVENUE:Base Ticket Surcharge ($4/ticket) 1,781,400$ Additional Ticket Surcharge (>$4/ticket) 2,576,362 Subtotal Ticket Surcharge4,357,762$ Total Net Revenue & Ticket Surcharge 12,178,706$ TRANSFERS OF TICKET SURCHARGE REVENUE:Transfer to Discretionary Fund 890,700$ Transfer to Public Safety Cost Reserve 2,576,362$ (3) Includes catered events department staff costs, non-event specific staff costs, and other expenses.
Levi's® StadiumNon-NFL Event Results by CategoryAs of December 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. 12 Discretionary Fund
The Discretionary Fund is funded by revenue equal to $2 of the base Non-NFL event ticket surcharge. The eight ticketed Non-NFL event contributed $891,000 to the Discretionary Fund in the current period. This is based on the tickets sold provided by the Stadium Manager.
Table 8 shows the revenues and expenses in the Discretionary Fund for the last five years. Additional historical data can be found in the Appendix. The balance at the end of this reporting period was $1.6 million.
Table 8
Public Safety Cost Reserve
The Public Safety Cost Reserve is funded by proceeds from the additional Non-NFL ticket surcharge that exceed the $4 per ticket base ticket surcharge. During the current period, eight ticketed Non-NFL event contributed $2.6 million to the Public Safety Cost Reserve.
This is based on the tickets sold provided by the Stadium Manager.
Table 9 shows revenues in the Public Safety Cost Reserve. This is the first-year additional surcharge revenue has been collected.
Table 9
Stadium Builder Licenses
The total principal value of currently active Stadium Builder Licenses (“SBLs”) is $561.3 million and, as of December 31, 2025, 95.5% of the total principal value of all SBLs sold (i.e., $535.9 million) had been collected. Payment for the sale of SBLs are financed over 10 years.
SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2021/22 2,327,832$ -$ (18)$ 2,327,850$ 2022/23 2,327,850 639,896 1,300,051 1,667,695 2023/24 1,667,695 796,628 - 2,464,323 2024/25 2,464,323 696,960 2,446,508 714,775 2025/26714,775 890,700- 1,605,475 Discretionary Fund Reserve Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2025/26-$ 2,576,362$ -$ 2,576,362$ Public Safety Cost Reserve 13 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 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 67,495 currently active SBLs. This is a decrease of 59 from the total active SBLs at the end of the prior fiscal year (March 31, 2025). The main reasons for the decrease are due to SBL defaults offset by sale of new SBLs and the customer seat relocation program. 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, 629 SBLs were sold for a total face value of $4.4 million. The customer seat relocation program resulted in an increase of $692,000 to the SBL face value, while netting 257 more SBLs. There were also 945 SBLs defaulted during the quarter with a face value of $5.9 million.
Additional details regarding currently active SBLs are noted in Table 10. 14 Table 10
SBL Seats AvailableSBL Seats Sold as of 3/31/25New SBL SalesNet SBL RelocationsSBL DefaultsSBL Seats SoldSBL Value SBL Collected% SBL Principal Collected100 100 - - - 100 14,082,625$ 14,065,243$ 99.9%942 942 - - - 942 75,360,000$ 74,714,566$ 99.1%2 2 - - - 2 80,000$ 79,600$ 99.5%4,945 4,684 28 3 (41) 4,674 140,220,000$ 135,198,671$ 96.4%3,475 3,083 43 7 (34) 3,099 61,980,000$ 57,468,973$ 92.7%90 87 - - - 87 1,522,500$ 1,190,279$ 78.2%7 7 - - - 7 105,000$ 105,000$ 100.0%2,163 2,198 10 3 (37) 2,174 26,088,000$ 24,898,608$ 95.4%7 7 - - - 7 70,000$ 69,915$ 99.9%20,656 21,023 199 - (225) 20,997 125,982,000$ 120,593,966$ 95.7%14,311 14,503 231 (20) (341) 14,373 71,865,000$ 65,915,353$ 91.7%916 927 - (1) (1) 925 3,700,000$ 3,684,157$ 99.6%88 89 - - - 89 267,000$ 264,863$ 99.2%36 40 - - - 40 100,000$ 99,998$ 100.0%18,392 19,829 118 265 (266) 19,946 39,892,000$ 37,480,462$ 94.0%26 33 - - - 33 33,000$ 32,973$ 99.9%66,156 67,554 629 257 (945) 67,495 561,347,125$ 535,862,627$ 95.5%Plus: Interest on financed SBLs67,383,993$ Total Principal & Interest603,246,620$ (1)This table does not include $39.59 million that has been collected life-to-date from defaulted SBL holders. 17,500$ 1,000$ 5,000$ 4,000$ 3,000$ 2,500$ 2,000$ Total10,000$ Santa Clara Stadium AuthorityCurrently Active Stadium Builder License (SBL) Summary (1)Through December 31, 2025Seat Value141,392$ 80,000$ 40,000$ 30,000$ 20,000$ 15,000$ 12,000$ 6,000$ 15 Santa Clara Stadium Authority Budget Status Reports
Operating Budget
With 75% of the fiscal year complete, total operating revenues for the third quarter of the 2025/26 Fiscal Year were $49.6 million representing 74% of the overall budget for revenues. During the current reporting period, the Stadium Authority collected $4.4 million in SBL proceeds or 85% of what was budgeted. All SBL proceeds are to be transferred to the debt service fund per applicable loan agreements. Stadium Authority also recognized $18.6 million in rent from Forty Niners SC Stadium Company, LLC (StadCo), $4.4 million in Non-NFL ticket surcharge, $4 million in Naming Rights revenue and $358,000 in sponsorship (STR) revenue all of which are expected to meet or exceed budget this fiscal year.
Total Operating expenses were $19.6 million, or 49% of the annual budget. Shared Stadium Manager expenses were at 74% of the budget, or $10.3 million of the $14 million budgeted amount and SBL Sales and Service expenses were 75% of the budget or $1.7 million. The Stadium Authority pays for all utility costs from February 1st through July 31st and the tenant (StadCo) pays for utility costs from August 1st through January 31st (Tenant Season). Therefore, utility costs are 67% of the budget for the year, or $1.2 million. The current period covers 67% (four out of the six months) that the Stadium Authority is responsible for utility costs. Lastly, Stadium Authority G&A costs were tracking below budgeted levels at $2.9 million or 39% of the budget.
Additional details are shown in Table 11.
16 Table 11
Budget to Budget toAmended(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund BalanceDiscretionary Fund Reserve 714,775$ 714,775$ -$ NA 2,464,323$ 2,464,323$ -$ NALegal Contingency Reserve - Buffet Costs - - - NA 3,321,116 3,321,116 - NALegal Contingency Reserve - Public Safety Costs - - - NA 7,324,722 7,324,722 - NAOperating Reserve 26,878,328 26,878,328 - NA 26,095,478 26,095,478 - NARenovation/Demolition Reserve 43,771,643 43,771,643 - NA 31,440,735 31,440,735 - NAStadium Funding Trust Reserve 3,898,514 3,898,514 - NA 3,611,041 3,611,041 - NAUnrestricted 14,643,276 14,643,276 - NA 15,915,719 15,915,719 - NATotal Beginning Fund Balance 89,906,536$ 89,906,536$ -$ NA 90,173,134$ 90,173,134$ -$ NARevenueNFL Ticket Surcharge 15,034,000$ 14,169,823$ 864,177$ 94% 14,595,000$ 14,594,945$ 55$ 100%SBL Proceeds 5,156,000 4,383,219 772,781 85% 7,969,000 5,257,360 2,711,640 66%Interest 3,421,000 3,515,171 (94,171) 103% 5,435,000 4,347,665 1,087,335 80%Net Revenues from Non-NFL Events 5,300,000 - 5,300,000 0% 9,250,000 - 9,250,000 0%Naming Rights 8,065,000 3,972,751 4,092,249 49% 7,830,000 3,857,040 3,972,960 49%Sponsorship Revenue (STR) 722,000 357,757 364,243 50% 519,000 458,042 60,958 88%Rent 24,762,000 18,571,500 6,190,500 75% 24,762,000 19,946,500 4,815,500 81%Senior & Youth Program Fees 270,000 247,748 22,252 92% 279,000 278,582 418 100%Non-NFL Event Ticket Surcharge 4,356,000 4,357,922 (1,922) 100% 1,149,000 1,393,920 (244,920) 121%Non-NFL Events PSC Depreciation Reimbursement 89,000 - 89,000 0% - - - NAOther Revenue - 28,937 (28,937) NA - - - NATotal Revenue 67,175,000$ 49,604,828$ 17,570,172$ 74% 71,788,000$ 50,134,054$ 21,653,946$ 70%Total Source of Funds 157,081,536$ 139,511,364$ 17,570,172$ 89% 161,961,134$ 140,307,188$ 21,653,946$ 87%Budget to Budget toAmended(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Used Budget Actuals Difference UsedExpensesShared Stadium Manager ExpensesStadium Operations 3,489,000$ 2,616,801$ 872,199$ 75% 3,384,000$ 2,537,962$ 846,038$ 75%Engineering 3,752,000 2,813,829 938,171 75% 3,935,000 2,951,408 983,592 75%Guest Services 486,000 364,218 121,782 75% 621,000 465,420 155,580 75%Groundskeeping 550,000 412,368 137,632 75% 316,000 237,366 78,634 75%Security 1,905,000 1,428,705 476,295 75% 1,602,000 1,201,249 400,751 75%Insurance 3,530,000 2,647,352 882,648 75% 3,427,000 2,570,239 856,761 75%Stadium Management Fee 277,000 1 276,999 0% 533,000 - 533,000 0%Shared Stadium Mngr Exps Subtotal 13,989,000$ 10,283,274$ 3,705,726$ 74% 13,818,000$ 9,963,644$ 3,854,356$ 72%Other Operating ExpensesSBL Sales and Service 2,324,000$ 1,742,655$ 581,345$ 75% 2,611,000$ 1,835,734$ 775,266$ 70%Buffet Costs 927,000 927,000 - 100% 900,000 891,679 8,321 99%Senior & Youth Fees (paid to City) 270,000 247,748 22,252 92% 279,000 278,582 418 100%Ground Rent (paid to City) 1,000,000 1,000,000 - 100% 1,000,000 1,000,000 - 100%Performance Rent (paid to City) 2,150,000 - 2,150,000 0% 11,450,000 - 11,450,000 0%Discretionary Fund Expense 1,250,000 - 1,250,000 0% 250,000 - 250,000 0%Utilities 1,796,000 1,197,440 598,560 67% 1,711,000 991,921 719,079 58%Use of StadCo Tenant Improvements 106,000 102,495 3,505 97% 172,000 144,311 27,689 84%Stadium Authority G&A 4,687,000 1,808,128 2,878,872 39% 4,288,000 2,133,982 2,154,018 50%Naming Rights Expense 1,724,000 1,724,318 (318) 100% 136,000 96,426 39,574 71%Other Expenses 763,000 572,853 190,147 75% 748,000 560,832 187,168 75%PSC Over Threshold 2,143,000 - 2,143,000 0% 2,312,000 - 2,312,000 0%PSC 2024 Outstanding Balance 3,294,000 - 3,294,000 0% 9,487,000 - 9,487,000 0%3,294,000 - 3,294,000 0% 6,166,000 - 6,166,000 0%Other Operating Expenses Subtotal 25,728,000$ 9,322,637$ 16,405,363$ 36% 41,510,000$ 7,933,467$ 33,576,533$ 19%Total Expenses 39,717,000$ 19,605,911$ 20,111,089$ 49% 55,328,000$ 17,897,111$ 37,430,889$ 32%Transfers OutDebt Service 17,646,000$ 17,645,846$ 154$ 100% 17,471,000$ 17,429,874$ 41,126$ 100%Capital Expenditures Reserve 5,153,000 - 5,153,000 0% 4,032,000 - 4,032,000 0%CapEx Reserve - Levi's Naming Rights - - - NA 1,575,000 - 1,575,000 0%Total Transfers Out 22,799,000$ 17,645,846$ 5,153,154$ 77% 23,078,000$ 17,429,874$ 5,648,126$ 76%Ending Fund BalanceDiscretionary Fund Reserve 354,775$ 1,605,475$ (1,250,700)$ NA 477,323$ 3,161,283$ (2,683,960)$ NAOperating Reserve 27,684,328 26,878,328 806,000 NA 26,878,478 26,095,478 783,000 NAPublic Safety Cost Reserve 433,000 2,576,362 (2,143,362) NA - - - NARenovation/Demolition Reserve 50,358,643 43,771,643 6,587,000 NA 43,772,576 31,440,735 12,331,841 NAStadium Funding Trust Reserve 7,604,002 14,791,290 (7,187,288) NA 5,750,645 14,035,564 (8,284,919) NAUnrestricted 8,130,788 12,636,509 (4,505,721) NA 6,676,112 30,247,143 (23,571,031) NATotal Ending Fund Balance 94,565,536$ 102,259,607$ (7,694,071)$ NA 83,555,134$ 104,980,203$ (21,425,069)$ NATotal Use of Funds 157,081,536$ 139,511,364$ 17,570,172$ 89% 161,961,134$ 140,307,188$ 21,653,946$ 87%(1)Adjustments include previously approved budget amendments through February 24, 2026Transfer to City General Fund from Excess Revenues Santa Clara Stadium AuthorityOperating Budget Status ReportFor the Period Ending December 31, 2025 and 2024Period Ending December 31, 2024Period Ending December 31, 2025 17 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 budget adjustments are recommended based on FY 2025/26 projected actuals.
1) NFL Ticket Surcharge: The Forty Niners Football Company, LLC collects a 10% ticket surcharge on the price of admission to all NFL games held at Levi’s® Stadium on behalf of the Stadium Authority. The Stadium Authority is projected to receive $1.1 million more NFL Ticket Surcharge revenue than budgeted due to higher ticket prices and more tickets sold than budgeted. Therefore, a budget adjustment of $1.1 million is needed to reflect the increase in revenue.
2) SBL Proceeds: Cash collected from annual payments from SBL holders on a payment plan and payment from sales on new SBLs and/or SBLs that were defaulted make up SBL proceeds. The Stadium Manager projects $6.7 million of SBL proceeds will be collected in the current year, $1.6 million more than the current budget due to higher re-sale activity than originally projected, therefore a budget amendment of $1.6 million is needed to reflect the increase in revenue.
3) Interest: The Stadium Authority was maintaining a higher bank balance than anticipated over the first three quarters of the fiscal year since spending on CapEx projects has been lower than budgeted and bank interest rates were higher than projected. The Stadium Authority projects $5 million in interest revenue, $1.6 million more than budgeted. A budget amendment of $1.6 million is needed to reflect the increase in revenue.
4) Net Revenues from Non-NFL Events: The Stadium Manager is responsible for booking and scheduling all Non-NFL events on behalf of the Stadium Authority. As required by the Stadium Management Agreement, Stadium Manager is also required to maintain complete and accurate books and records related to the net income from Non-NFL events. The Stadium Manager projects $6.2 million of net revenue from Non-NFL events will be collected, $922,000 more than the current budget, therefore, a budget amendment of $922,000 is needed to reflect the increase in revenue.
5) Senior and Youth Program Fees Revenue: Super Bowl LX was held at Levi’s Stadium resulting in the collection of additional Senior and Youth Program Fees (based on $0.40 per ticket up to the maximum of $300,000). It is projected that the Stadium Authority will collect $300,000 of Senior and Youth Program Fees which is $30,000 higher than budget. A budget amendment is needed to reflect the increase in revenue.
18 6) Shared Stadium Manager Expenses-Stadium Operations: Based on information provided by the Stadium Manager, projected actuals for FY 2025/26 Stadium Operation expenses are anticipated to be lower than budgeted due to cost savings.
A budget adjustment is needed to reflect the decrease in Stadium Operations expense of $350,000.
7) Shared Stadium Manager Expenses-Engineering: Based on information provided by the Stadium Manager, projected actuals for FY 2025/26 Engineering expenses are anticipated to be higher than budgeted due to increased personnel and maintenance costs. A budget adjustment is needed to reflect the increase in Engineering expense of $300,000.
8) Shared Stadium Manager Expenses-Guest Services: Based on information provided by the Stadium Manager, projected actuals for FY 2025/26 Guest Services expenses are anticipated to be lower than budgeted due to cost savings.
A budget adjustment is needed to reflect the decrease in Guest Services expense of $10,000.
9) Shared Stadium Manager Expenses-Groundskeeping: Based on information provided by the Stadium Manager, projected actuals for FY 2025/26 Groundskeeping expenses are anticipated to be lower than budgeted, primarily driven by only one field replacement needed in FY 2025/26. A budget adjustment is needed to reflect the decrease in Groundskeeping expense of $150,000.
10) Shared Stadium Manager Expenses-Security: Based on information provided by the Stadium Manager, projected actuals for FY 2025/26 Security expenses are anticipated to be higher than budgeted, primarily driven by stadium security enhancements. A budget adjustment is needed to reflect the increase in Security expense of $180,000.
11) Buffet Costs: In FY 2025/26, the complimentary buffet cost due to StadCo totals $927,000 for the NFL season or $92,700 per NFL game. The Stadium Authority has the option to request StadCo to track buffet expenses and provide detailed accounting records at the Stadium Authority’s expense. This fee is calculated at 5% of the annual buffet cost. The Stadium Authority has elected this service for FY 2025/26, therefore, a budget amendment of $47,000 is needed to reflect the additional cost for the buffet accounting fee.
12) Senior and Youth Program Fees (paid to the City): Super Bowl LX was held at Levi’s Stadium resulting in the collection of additional Senior and Youth Program Fees (based on $0.40 per ticket up to the maximum of $300,000). It is projected that the Stadium Authority will collect $300,000 of Senior and Youth Program Fees which is $30,000 higher than budget. A budget amendment is needed to reflect the increase in the payment to the City’s General Fund by $30,000.
13) Performance Rent: The Performance-Based rent owed to the City is described in 19 the Ground Lease and the Amended and Restated Stadium Lease. As outlined in the agreements, the City can receive Performance-Based rent for each Lease Year equal to 50% of net revenue from Non-NFL events less the sum of the Performance-Based Rent Credits. Performance-Based Rent was budgeted at $2.2 million for FY 2025/26. Non-NFL event net revenue is projected to be higher than budgeted resulting in an increase to Performance-Based rent owed to the City of $461,000. Therefore, a budget amendment of $461,000 is needed to reflect this increase.
14) Public Safety Cost (PSC) Over Threshold: Due to the 2024 Settlement Agreement, the public safety cost threshold in FY 2025/26 will equal $374,400 per game.
Based on projected actual NFL public safety costs, it is estimated that the public safety costs over the threshold will total $2,560,000, which is $417,000 more than the current budget. This amount will be paid with the public safety cost reserve so that there are no impacts to the Performance Based Rent paid to the City. A budget adjustment of $417,000 is needed to reflect the payment of PSC over threshold totaling $2,560,000.
15) 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 amounting to approximately $14.8 million were redefined as “PSC 2024 Outstanding Balance.” Based on projected revenues and expenses, it is anticipated that $4.9 million will be available to pay down the PSC 2024 Outstanding Balance. This represents $1.6 million more in excess revenues than is currently in budget. Therefore, a budget adjustment of $1.6 million is needed to reflect the payment toward the PSC 2024 Outstanding Balance.
16) Transfer to City General Fund from Excess Revenues: Under the 2024 Settlement Agreement the terms of the Stadium Lease has been amended, restructuring the distribution of excess revenues originally to be deposited to the Renovation/Demolition Reserve to instead allocate 25% to the City’s General Fund.
The transfer of $3.3 million in excess revenues to the City’s General Fund is budgeted for FY 2025/26. Based on projected actuals, $4.9 million is expected to be transferred to the City’s General Fund. Therefore, a budget amendment of $1.6 million is needed to reflect the increased payment.
17) Ending Fund Balance - Public Safety Cost Reserve: Due to the 2024 Settlement Agreement, the public safety cost threshold in FY 2025/26 is $374,400 per game.
Based on projected actual NFL public safety costs, it is estimated that the public safety costs over the threshold will be $417,000 more than the current budget. This amount will be paid with the public safety cost reserve so that there are no impacts to the Performance Based Rent paid to the City. A budget adjustment of $417,000 is needed to reflect the decrease to the Public Safety Cost Reserve.
18) Ending Fund Balance – Renovation/Demolition Reserve: Due to the 2024 Settlement Agreement, excess revenues that would fund the renovation/ demolition reserve will 20 receive 50% of the remaining revenues. Of the remaining 50%, half will go toward paying off the PSC 2024 Outstanding Balance, and the other half will be distributed to the City’s General Fund. Based on anticipated excess revenues, the Ending Fund Balance – Renovation/Demolition Reserve is expected to be $53.6 million, an increase of $3.2 million from budget. Therefore, a budget amendment of $3.2 million is needed to reflect the increase in the Ending Fund Balance Renovation/Demolition Reserve.
19) Ending Fund Balance – Stadium Funding Trust Reserve: The Stadium Funding Trust Reserve is required to have sufficient funds to cover the stadium’s operating and maintenance expenses for the first three months of the following fiscal year. Based on projected expenses for the first three months of FY 2026/27 the Ending Fund Balance – Stadium Funding Trust Reserve is anticipated to increase by $199,000 therefore, a $199,000 budget amendment is needed to reflect the increase in the reserve.
20) Ending Fund Balance - Unrestricted: The Ending Fund Balance – Unrestricted is anticipated to decrease by $1.9 million due to the actions taken above. A budget amendment of $1.9 million is needed to reflect the decrease in the Ending Fund Balance – Unrestricted.
Additional details are shown in Table 12
Table 12
Santa Clara Stadium Authority
2025/26 Operating Budget Adjustment
Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 NFL Ticket Surcharge $1,089,000 This action increases the Operating Budget for NFL
Ticket Surcharge
Revenue due to higher
ticket sales than
projected.
2 SBL Proceeds $1,591,000 This action increases the
Operating Budget for SBL
Proceeds due to higher
SBL resale activity than
anticipated.
3 Interest $1,607,000 This action increases the
Operating Budget for
Interest Revenue due to
higher bank balances and
interest rates than
expected.
4 Net Revenues from Non-
NFL Events
$922,000 This action increases the
Operating Budget for Net
21 Revenues from Non-NFL
Events because of
greater Non-NFL Event
activity than budgeted by
the Stadium Manager.
5 Senior and Youth Fees $30,000 This action increases the Operating Budget for the
Senior and Youth
Program Fees due to
additional collections from
Super Bowl LX.
6 Shared Stadium Manager
Expenses – Stadium
Operations
($350,000) This action decreases the
Operating Budget for the
Shared Stadium Manager
Expenses - Stadium
Operations due to lower
anticipated expenses
than budgeted.
7 Shared Stadium Manager
Expenses – Engineering
$300,000 This action increases the
Operating Budget for the
Shared Stadium Manager
Expenses - Engineering
due to higher anticipated
expenses than budgeted.
8 Shared Stadium Manager
Expenses – Guest
Services
($10,000) This action decreases the
Operating Budget for the
Shared Stadium Manager
Expenses – Guest
Services due to lower
anticipated expenses
than budgeted
9 Shared Stadium Manager
Expenses – Grounds
Keeping
($150,000) This action decreases the
Operating Budget for the
Shared Stadium Manager
Expenses – Grounds
Keeping due to lower
anticipated expenses
than budgeted
10 Shared Stadium Manager
Expenses – Security
$180,000 This action increases the
Operating Budget for the
Shared Stadium Manager
Expenses - Security due
to higher anticipated
expenses than budgeted
11 Buffet Costs $47,000 This action increases the
Operating Budget for
Buffet Costs. Buffet costs
are anticipated to be
higher due to the buffet
accounting fee.
12 Senior and Youth Fees
(paid to the City)
$30,000 This action increases the
Operating Budget for the
22 Senior and Youth
Program Fees due to
additional collections from
Super Bowl LX.
13 Performance Rent (paid to
the City)
$461,000 This action increases the
Operating Budget for
Performance Rent due to
higher projected net Non-
NFL Event Revenues
than budgeted.
14 PSC Over Threshold $417,000 This action increases the Operating Budget for
PSC Over Threshold
estimated for FY 2025/26.
15 PSC 2024 Outstanding
Balance
$1,606,000 This action increases the
Operating Budget for
PSC 2024 Outstanding
Balance from anticipated
additional excess
revenues.
16 Transfer to City General
Fund from Excess
Revenues
$1,606,000 This action increases the
Operating Budget for the
Transfer to City General
Fund from anticipated
additional excess
revenues.
17 Ending Fund Balance –
Public Safety Cost
Reserve
($417,000) This action decreases the
Public Safety Cost
Reserve balance for PSC
Over Threshold estimated
for FY 2025/26.
18 Ending Fund Balance –
Reno/Demo Reserve
$3,212,000 This action increases the
Reno/Demo Reserve
balance from anticipated
excess revenues.
19 Ending Fund Balance –
Stadium Funding Trust
Reserve
$199,000 This action increases the
Stadium Funding Trust
Reserve due to the
requirement to fund the
reserve to cover the first
three months of O&M
expenses in the following
Fiscal Year.
20 Ending Fund Balance –
Unrestricted
($1,892,000) This action decreases the
Unrestricted Ending Fund
Balance to offset all the
actions taken above.
Total $5,239,000 $5,239,000
23 Debt Service Budget
The Stadium Authority’s FY 2025/26 debt service revenue budget of $3.6 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 the first three quarters, $2.7 million was contributed by the CFD, or 74% of the annual budget. Of this amount, $2.7 million was collected and used to pay down the CFD Advance.
Total Stadium Authority debt service expenses for the current reporting period were $17.5 million, or 85% of the budgeted amount. The debt service expenses for the CFD Advance and the Term A Loan were $2.7 million and $14.8 million, respectively.
As of December 31, 2025, the total outstanding amount of Stadium Authority debt had declined to $210.2 million. This is a reduction in principal of $9.4 million from the March 31, 2025 outstanding debt amount of $219.6 million.
Additional details are shown in Tables 13 and 14 and Chart 1.
24 Table 13
Budget to Budget toAmended(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235$ 11,536,235$ -$ NADebt Service Reserve 8,706,100 8,706,100 - NA 8,122,980 8,122,980 - NATotal Beginning Fund Balance 20,242,335$ 20,242,335$ -$ NA 19,659,215$ 19,659,215$ -$ NARevenueContribution from CFD 3,605,000$ 2,673,842$ 931,158$ 74% 3,457,000$ 2,454,522$ 1,002,478$ 71%Total Revenues 3,605,000$ 2,673,842$ 931,158$ 74% 3,457,000$ 2,454,522$ 1,002,478$ 71%Transfers InTransfers In from Operating 17,646,000$ 17,645,846$ 154$ 100% 17,471,000$ 17,429,874$ 41,126$ 100%Total Transfers In 17,646,000$ 17,645,846$ 154$ 100% 17,471,000$ 17,429,874$ 41,126$ 100%Total Source of Funds 41,493,335$ 40,562,024$ 931,311$ 98% 40,587,215$ 39,543,611$ 1,043,604$ 97%Budget to Budget toAmended(1)YTD Actual Final YTD ActualBudget Actuals Difference % Used Budget Actuals Difference% UsedExpensesCFD Advance 3,565,000$ 2,682,825$ 882,175$ 75% 3,429,000$ 2,570,174$ 858,826$ 75%Term A Loan 17,080,000 14,768,778 2,311,222 86% 16,933,000 14,524,510 2,408,490 86%Total Expenses 20,645,000$ 17,451,603$ 3,193,397$ 85% 20,362,000$ 17,094,683$ 3,267,317$ 84%Ending Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235$ 11,536,235$ -$ NADebt Service Reserve 9,312,100 11,574,186 (2,262,086) NA 8,688,980 10,912,692 (2,223,712) NATotal Ending Fund Balance 20,848,335$ 23,110,421$ (2,262,086)$ NA 20,225,215$ 22,448,927$ (2,223,712)$ NATotal Use of Funds 41,493,335$ 40,562,024$ 931,311$ 98% 40,587,215$ 39,543,611$ 1,043,604$ 97%(1)Adjustments include previously approved budget amendments through February 24, 2026 Debt Service Budget Status ReportFor the Period Ending December 31, 2025 and 2024Period Ending December 31, 2024Santa Clara Stadium AuthorityPeriod Ending December 31, 2025 25 Table 14
Chart 1
Type of IndebtednessInterest RatesOutstanding as of March 31, 2025Net ChangeOutstanding as of December 31, 2025Stadium Funding Trust Loan:Term A Loan 5.00% 192,656,344$ (7,838,094)$ 184,818,249$ StadCo CFD Advance 5.73% 26,952,920 (1,543,411) 25,409,509 Total $ 219,609,263 $ (9,381,505) $ 210,227,759 Period Ending December 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 2025 Dec 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$210.2 26 Capital Expense (CapEx) Budget
As part of the Capital Expense (“CapEx”) Plan, the following projects have been completed as of the current reporting period:
Lightweight Chemical Detector (LCD) 4.0
Radio Batteries
The following projects were underway during the current reporting period:
Concrete Replacements
Expansion / Waterproofing / Caulk Joint Replacements - Phase 2 IT Replacement of End of Life Network Equipment
Kawasaki ATVs and Kimtek Pump Module
Levi’s® Naming Rights Signage Refurbishment
Lighting System - Controls System
Lighting Systems – Fixture Replacement of Major Outdoor Lighting/LED Retrofit Plumbing - Boilers
Replacement of End of Life Network Equipment
Secure Law Enforcement Resource Area
The CapEx Budget increased from $18.6 million to $21.9 million in the current reporting period. A total of $8.4 million has been spent during the first three quarters of FY 2025/26, which amounts to 39% of the budget. The main reason that this is below budget is due to the timing of activity for Capital Expenditure projects. There has also been no activity on warranty work which makes up 7% of the CapEx Budget.
Additional details are shown below in Table 15.
27 Table 15
Budget to Budget toAmended(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund Balance 17,278,221$ 17,278,221$ -$ NA 19,862,834$ 19,862,834$ -$ NARevenueOther Revenue 797,607$ 535,614$ 261,993$ 67% -$ -$ -$ NATotal Revenue 797,607$ 535,614$ 261,993$ 67% -$ -$ -$ NATransfers InTransfers In from Operating 5,153,000$ -$ 5,153,000$ 0% 4,032,000$ -$ 4,032,000$ 0%Transfers In from Operating - Levi's Naming Rights - - - NA 1,575,000 - 1,575,000 0%Total Transfers In 5,153,000$ -$ 5,153,000$ 0% 5,607,000$ -$ 5,607,000$ 0%Total Source of Funds 23,228,828$ 17,813,835$ 5,414,993$ 77% 25,469,834$ 19,862,834$ 5,607,000$ 78%Budget to Budget toAmended(1)YTD Actual Final YTD ActualBudget Actuals Difference % Used Budget Actuals Difference % UsedExpensesConstruction 15,673,379$ 7,968,531$ 7,704,848$ 51% 15,697,725$ 2,054,854$ 13,642,871$ 13%Equipment 3,860,848 467,530 3,393,318 12% 5,943,000 3,087,754 2,855,246 52%Contingency & Misc 813,000 - 813,000 0% 973,000 - 973,000 0%Stadium Warranty Related Construction 1,528,000 - 1,528,000 0% 1,528,000 - 1,528,000 0%Total Expenses 21,875,227$ 8,436,061$ 13,439,166$ 39% 24,141,725$ 5,142,608$ 18,999,117$ 21%Ending Fund Balance 1,353,601$ 9,377,773$ (8,024,172)$ NA 1,328,109$ 14,720,226$ (13,392,117)$ NATotal Use of Funds 23,228,828$ 17,813,835$ 5,414,993$ 77% 25,469,834$ 19,862,834$ 5,607,000$ 78%(1)Adjustments include previously approved budget amendments through February 24, 2026 CapEx Budget Status ReportFor the Period Ending December 31, 2025 and 2024Period Ending December 31, 2024Santa Clara Stadium AuthorityPeriod Ending December 31, 2025 28 CapEx Budget – Recommended Budget Adjustments
From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget. The budget amendments recommended in this report include CapEx projects that requires a budget amendment due to unanticipated costs.
1) Livescan Equipment: This project funds the purchase of a new monitor and hardware for fingerprinting equipment at the stadium’s temporary holding facility.
The upgraded system is necessary to be compatible with the Santa Clara County’s updated booking system. The total project cost, including applicable sales tax, is $17,000. Staff is requesting a budget amendment to increase the project allocation from $15,000 to $17,000, an increase of $2,000, to fully fund the purchase.
2) Kawasaki ATVs and Kimtek Pump Module: This project replaces two John Deere Gators (utility vehicles) purchased in 2015 that are at the end of the 10-year useful life. The fire pump module will provide fire suppression capabilities for parking lot vehicles. Due to unanticipated costs associated with upgrading the ATV springs to safely support the added weight of the installed water tank and pump, staff is requesting approval to reallocate $500 from the existing Kawasaki ATV project budget to the Kawasaki ATV with Kimtek Pump Module project.
3) Ending Fund Balance: The Ending Fund Balance is anticipated to decrease by $2,000 due to the actions taken above. A budget amendment of $2,000 is needed to reflect the decrease in the Ending Fund Balance – Unrestricted.
29 Santa Clara Stadium Authority
2025/26 CIP Budget Adjustment
Item
#
Line Item Source of Funds Use of Funds Explanation
1 Livescan Equipment $2,000 This action increases the
Capital Expenditure
Budget by $2,000 due to
unanticipated costs.
2 Kawasaki ATVs and
Kimtek Pump Module
$500 This action increases the
Capital Expenditure
Budget by $500
reallocating funds from
Kawasaki ATV to
Kawasaki ATVs and
Kimtek Pump Module due
to unanticipated costs.
2 Kawasaki ATV
($500)
This action decreases the
Capital Expenditure
Budget by $500,
reallocating funds from
Kawasaki ATV to
Kawasaki ATVs and
Kimtek Pump Module due
to unanticipated costs.
3 Ending Fund Balance ($2,000) This action decreases the Capital Expenditure
Budget by $2,000 to offset
action taken for the
Livescan Equipment.
30 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $1.9 million that was contributed to the General Fund as shown in Table 16. This section of the report also provides information on General Fund revenue and expenditure impacts resulting from the stadium.
Table 16
Public Safety and Administrative Cost Reimbursement
As described in earlier sections of this report, costs incurred by the City on NFL and Non- NFL events are tracked and billed to the Stadium Manager. Reimbursement is monitored and included in this report. In the current reporting period, public safety costs incurred in support of NFL and Non-NFL events held at Levi’s® Stadium totaled $5.5 million and $4.6 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 $2.8 million in NFL and $4.3 million in Non-NFL public safety reimbursements from the Stadium Manager.
The current balance of the Public Safety Costs (PSC) 2024 Outstanding Balance is $5.3 million and is projected to be paid through excess revenues. It is currently estimated that the PSC 2024 Outstanding Balance will be paid off by FY 2026/27. See the Glossary for more information on this balance.
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. In the third quarter of FY 2025/26, a total of $1.4 million of administrative staff costs were incurred by the General Fund, which have been reimbursed to the City.
Ground Rent 1,000,000$ Senior and Youth Fee 247,748 Tasman Parking Lot 15,150 Sales Tax 676,562 1,939,460$ City of Santa ClaraNet General Fund ImpactFor Stadium Authority Total Net General Fund ImpactPeriod Ending December 31, 2025 31 Rents and Senior and Youth Fee
As noted above, the City’s General Fund collected ground rent of $1 million. Additionally, the Senior and Youth Fee generated $248,000, of which the entire amount has been 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 quarter of sales tax collections from Levi’s® Stadium transactions generated $677,000 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.
32 Glossary
This section of the report provides details behind key terms that are used in the body of this report.
Discretionary Fund – This is funded by $2 of the base Non-NFL ticket surcharge and has been used to cover NFL public safety costs above the public safety cost threshold 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 $1.0 million from the Discretionary Fund to the City’s General Fund if (1) adequate provision has been made for the replacement of and upgrades to capital improvements contemplated under the Public Safety Plan and (2) an equal amount is transferred from the Discretionary Fund to Stadium Authority’s operating fund to be included as Stadium Authority Revenue.
Ground Lease – The Ground Lease Agreement has an initial term of 40 years commencing on the date of substantial completion which was July 31, 2014. The amount of annual base ground rent that is payable by the Stadium Authority to the City is noted in the Table 17.
33 Table 17
Net Non-NFL Event Revenue – Net Non-NFL event revenue is remitted by Stadium Manager to the Stadium Authority on a yearly basis. This is done annually because the final reconciliation of the Non-NFL event revenues and expenses does not occur until after the conclusion of each fiscal year.
NFL Ticket Surcharge – The Amended and Restated Non-Relocation Agreement states that the Team will collect a 10% NFL ticket surcharge on the price of admission to all NFL games on behalf of Stadium Authority during the Surcharge Term which currently ends the last day of the 25th lease year or March 31, 2039
Lease Year Fiscal YearAnnual Fixed Ground RentCumulative Total1 2014/15 180,000$ 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$ 34 Non-NFL Event Ticket Surcharge – The Amended and Restated Stadium Lease 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 said event partly offsets the total public safety costs owed for that event. In the City’s FY 2025/26 (July 1, 2025 through June 30, 2026) the offsite parking fee is $6.94.
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 Stadium Manager. With the finalized Non-NFL events report, Stadium Authority calculates the performance-based rent to be remitted to the City during July following the Stadium Authority’s fiscal year- end. The basic calculation for the performance-based rent is 50% of the net income from Non-NFL events for any given lease year less the sum of Performance-Based Rent Credits. The Performance-Based Rent Credits include (1) 50% of the fixed ground rent for the current lease year, (2) the amount, if any, that the 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 (e.g. California Highway Patrol, County Sheriff’s Office, and City of Sunnyvale) and some vendor provided services.
35 The Amended and Restated Stadium Lease Agreement section 7.5 states that the tenant is responsible for reimbursing the City for the public safety costs attributed to NFL events at Levi’s® Stadium. Additionally, Article 5 of the Stadium Management Agreement notes that the Stadium Manager is responsible for paying Non-NFL event expenses on behalf of the Stadium Authority. Therefore, the cost of providing public safety services are tracked through the City’s financial system and invoices are sent to the Stadium Manager.
All of these costs are reimbursed to the City of Santa Clara.
Public Safety Costs (PSC) 2024 Outstanding Balance: As part of the 2024 Settlement Agreement, public safety costs over the 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 have been redefined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off.
Table 18
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. The threshold for the current lease year is $374,400.
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 $50,000.
Fiscal YearOutstanding BalanceActual/Projected PaymentsRemaining Balance2023/24 14,786,346$ -$ 14,786,346$ 2024/25 14,786,346$ 9,486,570$ 5,299,776$ 2025/26 5,299,776$ 4,879,000$ 420,776$ PSC 2024 Outstanding Balance 36 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 also 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 $5 million in the first lease year and also increases by 3% annually as detailed in the table below. The annual stadium management fee for each of the first ten lease years are noted in the Table 19 below.
Table 19
Fiscal YearLease YearAnnual Base Stadium Management Fee (SCSA Share)Stadium Marketing and Booking Fee BenchmarkNet Income from Non-NFL Events 1st Tier -paid at 10% FeeAdditional Stadium Marketing and Booking Fee10% 1st Tier2nd Tier -paid at 15% FeeAdditional Stadium Marketing and Booking Fee15% 2nd TierTotal Stadium Management Fee2014/15 1 200,000$ 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 2024/25 11 268,783 6,719,582 10,163,814 2,459,748 245,975 4,919,495 147,673 662,430 2025/26 (1)12276,847 6,921,169 6,222,000 2,533,540 - 5,067,080 - 276,847 2026/27 13 285,152 7,128,804 (1) Net income from Non-NFL events for FY2025/26 is projected.To be determined 37 Appendix
This section of the report provides additional historical data for the tables referenced in the body of this report.
Table 20
2014/15 Q32015/16 Q32016/17 Q32017/18 Q32018/19 Q32019/20 Q32020/21 Q3TotalTotalTotalTotalTotalTotalTotalNo. of NFL Events 10 9 9 10 10 10 - No. of Tickets Sold 682,095 602,268 588,794 643,189 651,237 662,731 - NFL Ticket Surcharge 8,366,290$ 7,448,271$ 7,403,778$ 7,806,190$ 8,076,510$ 8,412,291$ -$ Senior/Youth Program Fees 238,734$ 210,794$ 206,078$ 225,116$ 227,933$ 231,956$ -$ Cars Parked at Offsite Lots 90,024 51,375 61,310 54,107 56,390 64,960 - City Offsite Parking Fee 442,919$ 260,985$ 321,264$ 293,260$ 317,476$ 380,016$ -$ Cars Parked on Tasman Lots 4,983 6,184 4,653 5,530 4,729 5,751 - City Tasman Lot and Golf Course Parking Fee 141,445$ 125,035$ 23,265$ 27,650$ 23,645$ 28,755$ -$ Stadium Public Safety Costs 2,414,028$ 2,092,697$ 2,497,858$ 2,388,347$ 2,994,735$ 3,701,510$ -$ Golf Course Public Safety Costs 180,766$ 71,000$ -$ -$ -$ -$ -$ Subtotal Event Public Safety Costs 2,594,794$ 2,163,698$ 2,497,858$ 2,388,347$ 2,994,735$ 3,701,510$ -$ Less: Offsite Parking Fee Credit (442,919)$ (260,985)$ (321,264)$ (293,260)$ (317,476)$ (380,016)$ -$ Reimbursable Stadium Public Safety Costs 2,151,875$ 1,902,713$ 2,176,593$ 2,095,087$ 2,677,259$ 3,321,494$ -$ Levi's® StadiumHistorical NFL Event Statistics
38 Table 21
2014/15 Q32015/16 Q32016/17 Q32017/18 Q32018/19 Q32019/20 Q32020/21 Q3Total Total Total Total Total Total TotalNo. of Non-NFL Ticketed Events 7 15 17 11 11 8 - No. of Tickets Sold 248,591 623,687 579,059 319,580 290,341 183,874 - Non-NFL Base Ticket Surcharge 916,656$ 2,455,816$ 2,316,236$ 1,278,320$ 1,161,364$ 735,496$ -$ Non-NFL Additonal Ticket Surcharge (1)-$ -$ -$ -$ -$ -$ -$ Total Ticket Surcharge 916,656$ 2,455,816$ 2,316,236$ 1,278,320$ 1,161,364$ 735,496$ -$ No. of Non-NFL Special Events 138 171 101 84 87 64 - Non-NFL Special Event Attendees 42,808 97,747 43,526 51,928 32,593 22,155 - Cars Parked at Offsite Lots 16,054 55,720 60,969 25,741 26,041 17,127 - City Offsite Parking Fee 78,986$ 278,703$ 313,978$ 138,087$ 144,407$ 98,547$ -$ Cars Parked on Golf Course 5,413 19,743 9,562 - - - - City Golf Course Parking Fee 27,065$ 98,715$ 47,810$ -$ -$ -$ -$ Stadium Public Safety Costs 1,217,852$ 3,003,358$ 2,938,082$ 1,601,824$ 1,948,594$ 1,556,785$ -$ Golf Course Public Safety Costs 55,701$ 113,440$ 39,905$ -$ -$ -$ -$ Subtotal Event Public Safety Costs 1,273,553$ 3,116,799$ 2,977,987$ 1,601,824$ 1,948,594$ 1,556,785$ -$ Less: Offsite Parking Fee Credit (78,986)$ (278,703)$ (313,978)$ (138,087)$ (144,407)$ (98,547)$ -$ Reimbursable Public Safety Costs 1,194,567$ 2,838,096$ 2,664,009$ 1,463,737$ 1,804,187$ 1,458,238$ -$ (1) 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. The surcharge exceeding the $4 per ticket base is shown in the table as additional ticket surcharge.
Levi's® StadiumHistorical Non-NFL Event Statistics
39 Table 22
Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2014/15 -$ 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 2019/20 1,960,102 367,748 - 2,327,850 2020/212,327,850 - 18 2,327,832 Discretionary Fund Reserve