SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter Ending March 31, 2026
September 15, 2026
1 Table of Contents
Introduction ................................................................................................................................ 2 NFL Events ................................................................................................................................ 4 Non-NFL Events ........................................................................................................................ 8 Discretionary Fund ....................................................................................................................14 Public Safety Cost Reserve.......................................................................................................14 Stadium Builder Licenses ..........................................................................................................16 Santa Clara Stadium Authority Budget Status Reports ..............................................................18 Operating Budget ..................................................................................................................18 Operating Budget – Recommended Budget Adjustments ......................................................20 Debt Service Budget ..............................................................................................................24 Debt Service Budget – Recommended Budget Adjustments .................................................27 Capital Expense (Cap Ex) Budget .........................................................................................28 Cap Ex Budget – Recommended Budget Adjustments ..........................................................30 City of Santa Clara Net General Fund Impact ...........................................................................34 Public Safety and Administrative Cost Reimbursement .........................................................34 Rents and Senior and Youth Fee ...........................................................................................35 Other Revenue Impacts .........................................................................................................35 Glossary....................................................................................................................................36 Appendix ...................................................................................................................................42
2 Introduction
This Santa Clara Stadium Authority (“Stadium Authority”) Financial Status Report provides information covering the fourth quarter of the Stadium Authority’s 2025/26 fiscal year (FY) which ended on March 31, 2026. Comparative data from prior fiscal years are also included.
In addition to these quarterly reports, the Stadium Authority produces annual financial statements. The FY 2025/26 financial statements were audited by an external audit firm and presented to the Stadium Authority’s Audit Committee (Audit Committee) on September 4, 2026 and submitted to the Stadium Authority Board (Board) to note and file the financial statements on September 15, 2026. 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.
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4 NFL Events
This section provides year to date and comparative data for NFL games categorized as pre-season and regular season games.
The San Francisco Forty-Niners (49ers) played a total of ten NFL games (two pre-season games and eight regular season games) at Levi’s® Stadium through quarter ending March 31, 2026. There was a total of 689,135 tickets sold to these NFL games, an average of 68,914 per game. This is down by 732 or 1% when compared to the same period in the prior fiscal year. The ticket sales resulted in $16.1 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 $149,000 or 10% from the same period in the prior fiscal year. A total of $276,000 of Senior and Youth Program Fees, which is based on $0.40 per NFL ticket sold, were collected through the end of the fourth quarter of the fiscal year. There was an additional $27,000 collected in Senior and Youth Program Fees from Superbowl LX which was hosted at Levi’s® Stadium on February 8, 2026. These fees were transferred to the City’s General Fund in support of such programs.
A total of 76,259 cars were parked in the permitted offsite parking lots generating $529,000 in offsite parking fees for all NFL events. The Tasman parking lot had a total of 3,313 parked cars and generated an additional $17,000 for the General Fund through the end of the fourth 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 357 or 4% when compared to the prior fiscal year.
There was $6.1 million of NFL event public safety costs in the current reporting period which is an average of $610,000 per game. This is an increase of $15,000 or 2.5% from the prior year average of $595,000. Of the $6.1 million NFL event public safety costs, $4.3 million or 71% are direct City costs, $1.1 million or 18% are outside agency costs and $702,000 or 12% are other miscellaneous public safety costs. $529,000 of the total NFL event public safety costs are covered by the offsite parking fees that were collected, and the remaining were invoiced to the Stadium Manager and have been reimbursed to the City.
Statistics for the NFL games held at Levi’s® Stadium in the 2025/26 fiscal year are shown in Table 1 and comparative data from the last five years of operations can be found in Table 2. Additional historical data can be found in the Appendix.
5 Table 1
Game 1 vs Broncos Game 2 vs Chargers Game 3 vs Cardinals Game 4 vs Jaguars Game 5 vs Falcons Game 6 vs Rams Game 7 vs Panthers Game 8 vs Titans Game 9 vs Bears Game 10 vs SeahawksPrior Year True-Up08/09/2508/23/2509/21/2509/28/2510/19/2511/09/2511/24/2512/14/2512/28/2501/10/26No. of Tickets Sold 66,706 67,638 68,680 68,789 69,438 69,327 69,595 69,266 69,932 69,764 - 689,135 NFL Ticket Surcharge 1,072,941$ 1,081,094$ 1,600,394$ 1,597,627$ 1,622,418$ 1,952,450$ 1,622,697$ 1,615,673$ 1,968,420$ 1,953,005$ -$ 16,086,719$ Senior/Youth Program Fees (1)26,682$ 27,055$ 27,472$ 27,516$ 27,775$ 27,731$ 27,838$ 27,706$ 27,973$ 27,906$ -$ 275,654$ Cars Parked at Offsite Lots 5,971 6,450 7,983 8,105 8,388 9,015 6,818 7,474 7,741 8,314 76,259 City Offsite Parking Fee 41,439$ 44,763$ 55,402$ 56,249$ 58,213$ 62,564$ 47,317$ 51,869$ 53,722$ 57,699$ -$ 529,237$ Cars Parked on Tasman Lots223 331 241 388 410 435 436 283 283 283 - 3,313 City Tasman Lot Parking Fee1,115$ 1,655$ 1,205$ 1,940$ 2,050$ 2,175$ 2,180$ 1,415$ 1,415$ 1,415$ -$ 16,565$ Stadium Public Safety Costs 584,640$ 616,035$ 665,722$ 627,342$ 607,115$ 623,968$ 548,465$ 576,202$ 606,522$ 643,030$ 1,366$ 6,100,407$ Less: Offsite Parking Fee Credit (41,439)$ (44,763)$ (55,402)$ (56,249)$ (58,213)$ (62,564)$ (47,317)$ (51,869)$ (53,722)$ (57,699)$ -$ (529,237)$ Reimbursable Stadium Public Safety Costs 543,201$ 571,272$ 610,320$ 571,093$ 548,902$ 561,404$ 501,148$ 524,333$ 552,800$ 585,331$ 1,366$ 5,571,170$ Amount Reimbursed 543,201$ 571,272$ 610,320$ 571,093$ 548,902$ 561,404$ 501,148$ 524,333$ 552,800$ 585,331$ 1,366$ 5,571,170$ Levi's® Stadium2025/26 NFL Event StatisticsAs of March 31, 2026(1) Senior/Youth Program Fees exclude Super Bowl LX (SBLX) revenue of $26,753 generated from the sale of 66,882 SBLX tickets.2025/26YTD Total
6 Table 2
2021/22 Q42022/23 Q42023/24 Q42024/25 Q42025/26 Q4TotalTotalTotalTotalTotalNo. of NFL Events 10 12 12 10 10 No. of Tickets Sold 674,214 835,001 828,573 696,456 689,135 NFL Ticket Surcharge 9,809,009$ 11,366,724$ 12,716,579$ 14,595,295$ 16,086,719$ Senior/Youth Program Fees (1)235,975$ 250,000$ 250,000$ 278,582$ 275,654$ Cars Parked at Offsite Lots 71,614 89,828 95,106 81,358 76,259 City Offsite Parking Fee 423,238$ 550,646$ 612,483$ 545,912$ 529,237$ Cars Parked on Tasman Lots 4,449 - - 1,778 3,313 City Tasman Lot and Golf Course Parking Fee 22,245$ -$ -$ 8,890$ 16,565$ Stadium Public Safety Costs 5,402,177$ 5,648,033$ 6,334,530$ 5,947,181$ 6,100,407$ Less: Offsite Parking Fee Credit (423,238)$ (550,646)$ (612,483)$ (545,912)$ (529,237)$ Reimbursable Stadium Public Safety Costs 4,978,939$ 5,097,388$ 5,722,047$ 5,401,268$ 5,571,170$ (1) Senior/Youth Program Fees exclude Super Bowl LX (SBLX) revenue of $26,753 generated from the sale of 66,882 SBLX tickets.Levi's® StadiumHistorical NFL Event Statistics
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8 Non-NFL Events
This section provides year-to-date and comparative data for Non-NFL events categorized as events ranging from international soccer matches, concerts, wedding fairs, and special events. During the current reporting period, there were a total of 445,350 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 43 smaller special events held at Levi’s® Stadium which is 24 events less than the same period of the prior fiscal year. The attendance at these events also decreased from 29,752 in the prior period to 15,141 in the current year, a 49% 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. The revenues earned from this offsite parking fee support public safety costs for Non-NFL events.
Total Non-NFL event public safety costs were $4.6 million, an increase of $1.2 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. Of these costs, $295,000 was covered by the offsite parking fee. The remaining $4.3 million was invoiced to the Stadium Manager and has been reimbursed to the City.
Statistics for FY 2025/26 events are shown in Table 3 and comparative data from the last five years of operations are shown in Table 4.
9 Table 3
Concert 1Day 1Concert 1 Day 2Soccer Match 1 Concert 2 Day 1Concert 2Day 2Concert 3 Day 1Concert 3 Day 2Soccer Match 2Prior Year 2025/26 YTD 06/20/2506/22/2507/02/2507/08/2507/09/2508/01/2508/02/2509/13/25True-UpTotalNo. of Scanned Attendees 55,157 55,828 64,857 47,125 51,288 58,172 61,083 44,451 - 334 438,295 No. of Tickets Sold 56,460 56,703 65,348 48,046 51,375 59,012 61,205 46,867 - 334 445,350 Non-NFL Base Ticket Surcharge 225,840$ 226,812$ 261,392$ 192,184$ 205,500$ 236,048$ 244,820$ 187,468$ -$ 1,336$ 1,781,400$ Non-NFL Additional Ticket Surcharge 338,760$ 340,218$ 392,088$ 288,276$ 308,250$ 354,072$ 367,230$ 187,468$ -$ 160$ 2,576,522$ Total Ticket Surcharge 564,600$ 567,030$ 653,480$ 480,460$ 513,750$ 590,120$ 612,050$ 374,936$ -$ 1,496$ 4,357,922$ No. of Non-NFL Special Events 43 43 Non-NFL Special Event Attendees 15,141 15,141 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 633,076$ 602,770$ 620,946$ 514,299$ 501,219$ 618,734$ 609,875$ 446,704$ 8,488$ (93)$ 4,556,018$ 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 602,022$ 565,858$ 576,134$ 479,585$ 469,219$ 580,911$ 562,621$ 416,085$ 8,488$ (93)$ 4,260,830$ Amount Reimbursed (1)604,196$ 572,184$ 570,072$ 493,419$ 485,962$ 587,085$ 570,234$ 426,035$ 6,597$ -$ 4,315,784$ (1) Reimbursements for public safety costs for certain events were higher than actual costs as a result of credit memos issued as part of the year-end true-up process.Levi's® StadiumFY 2025/26 Non-NFL Event StatisticsAs of March 31, 20262025/26 YTD Special Events 10 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 which generated an average net revenue of $942,000 per event. The inclusion of this information is to provide a greater level of transparency and provide the overall financial results of the Non-NFL events.
Table 5
Table 6 and 7 show Non-NFL net revenue by event type and event revenue and expenses by category. For FY 2025/26, the Stadium Manager had projected Non-NFL events to 2021/22 Q42022/23 Q42023/24 Q42024/25 Q42025/26 Q4Total Total Total Total TotalNo. of Non-NFL Ticketed Events - 7 8 8 8 No. of Tickets Sold - 319,948 398,314 348,814 445,350 Non-NFL Base Ticket Surcharge -$ 1,279,792$ 1,593,256$ 1,395,416$ 1,781,400$ Non-NFL Additonal Ticket Surcharge (1)-$ -$ -$ -$ 2,576,522$ Total Ticket Surcharge -$ 1,279,792$ 1,593,256$ 1,395,416$ 4,357,922$ No. of Non-NFL Special Events 12 69 53 67 43 Non-NFL Special Event Attendees 3,698 25,867 28,853 29,752 15,141 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 98,983$ $2,627,394 3,455,253$ 3,383,940$ 4,556,018$ Less: Offsite Parking Fee Credit -$ (215,155)$ (247,937)$ (246,495)$ (295,188)$ Reimbursable Public Safety Costs 98,983$ 2,412,239$ 3,207,316$ 3,137,444$ 4,260,830$ (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$ 2.4$ 1.6$ Concert 2 3.6 2.3 1.3 Sporting Event 1 1.6 0.7 0.9 Concert 3 2.2 1.3 0.9 Concert 4 2.0 1.1 0.9 Concert 5 2.3 1.5 0.8 Concert 6 2.3 1.5 0.8 Sporting Event 2 0.8 0.5 0.3 Total Ticketed Non-NFL Net Revenue to Date18.8$ 11.3$ 7.5$ Levi's® StadiumTicketed Non-NFL Events Revenue and Expenditure SummaryAs of March 31, 2026 11 result in estimated net revenues of $5.3 million when the FY 2025/26 budget was adopted.
In the fourth quarter of FY 2025/26, ticketed events and non-ticketed special events contributed $7.5 million and $1.1 million in net revenues, respectively. There was also additional interest income of $1.4 million earned on Non-NFL events cash reserves offset by $2.0 million of non-event specific other expenses.
Stadium Manager reported a net revenue of $8.1 million for the current reporting period.
This is a decrease of $2.1 million from the prior year’s Non-NFL event net revenue of $10.2 million. The main driver for the decrease in net revenue from Non-NFL events is related to special events. As noted above, there were 24 fewer special events in the current reporting period when compared to the same time last year, a 36% decline. The decline in the number of events is due to significant stadium upgrades in preparation for Super Bowl LX and FIFA World Cup 2026, which impacted the Stadium Manager’s ability to host as many events as the prior year. Another factor contributing to the decrease in Non-NFL event net revenue was that the soccer matches held in the prior year were more profitable than those held during the current reporting period.
Table 6
EVENT TYPENo. of EventsNet RevenueNo. of EventsNet RevenueNo. of EventsNet RevenueNo. of EventsNet RevenueNo. of EventsNet RevenueTicketed EventsConcerts 0 -$ 6 $ 6,131,747 5 $ 5,413,125 3 $ 4,598,119 6 $ 6,338,431 Sporting events:Soccer 0 - 1 451,890 3 318,096 5 3,500,854 2 1,189,211 Net Revenue from Ticketed Events0 -$ 7 6,583,637$ 8 5,731,221$ 8 8,098,973$ 8 7,527,642$ 0 -$ 69 2,789,761$ 53 2,106,060$ 67 2,641,136$ 43 1,102,093$ Other Operating Income(1)-$ 900,736$ 2,245,051$ 1,768,109$ 1,445,162$ Other Operating Expenses(2)-$ (1,402,424)$ (1,815,647)$ (2,344,404)$ (1,993,693)$ Total Non-NFL Net Revenue (3)0 -$ 76 8,871,710$ 61 8,266,685$ 75 10,163,814$ 51 8,081,204$ (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 March 31, 2026Levi's Stadium2023/24 2025/262021/22 2022/23 2024/25 12 Table 7
2025/26YTD TotalREVENUE:Special Event Revenue 4,027,884$ Ticket Platform Fees 6,971,837 Suite Ticket Revenue 675,554 Parking 2,883,958 Food & Beverage - Ticketed Events 5,536,799 Food & Beverage - Special Events 423,990 Miscellaneous(1)4,219,967 Total Revenue24,739,989$ EXPENSE:Public Safety/Security 6,692,837$ Event Staff 3,730,110 Parking 2,311,448 Catering - Special Events 2,655,444 General Event Related Expenses 4,772,353 Expense Reimbursement from Event Licensee(2)(5,497,100) Miscellaneous(3)1,993,693 Total Expense 16,658,785$ Subtotal Net Revenue 8,081,204$ TICKET SURCHARGE REVENUE:Base Ticket Surcharge ($4/ticket) 1,781,400$ Additional Ticket Surcharge (>$4/ticket) 2,576,522 Subtotal Ticket Surcharge4,357,922$ Total Net Revenue & Ticket Surcharge 12,439,126$ TRANSFERS OF TICKET SURCHARGE REVENUE:Transfer to Discretionary Fund 890,700$ Transfer to Public Safety Cost Reserve 2,576,522$ (3) Includes catered events department staff costs, non-event specific staff costs, and other expenses.
Levi's® StadiumNon-NFL Event Results by CategoryAs of March 31, 2026 (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. 13 This page intentionally left blank
14 Discretionary Fund
The Discretionary Fund is funded by revenue equal to $2 per ticket of the base Non-NFL event ticket surcharge. The eight ticketed Non-NFL events contributed $891,000 to the Discretionary Fund in the current period. This is based on the tickets sold provided by the Stadium Manager. Discretionary Fund expense amounted to $509,000 in FY 2025/26 which was used to host the Celebrate Santa Clara: A Day on the Field community event.
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 $1.1 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. Public Safety Cost Reserve expense amounted to $2.5 million in FY 2025/26 and was used to pay public safety costs over the threshold. Additional information on the public safety cost over threshold can be found in the glossary.
Table 9 shows revenues in the Public Safety Cost Reserve. This is the first year additional surcharge revenue has been collected and the balance at the end of this reporting period was $126,000.
Table 9
Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2021/22 2,327,832$ -$ (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 2025/26714,775 890,700509,464 1,096,011 Discretionary Fund Reserve Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2025/26-$ 2,576,522$ 2,450,970$ 125,552$ Public Safety Cost Reserve 15 This page intentionally left blank
16 Stadium Builder Licenses
The total principal value of currently active Stadium Builder Licenses (“SBLs”) is $562.9 million and, as of March 31, 2026, 95.8% of the total principal value of all SBLs sold (i.e., $539.0 million) had been collected. SBLs that are purchased can be financed over 10 years.
SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments are due by March 1st each year. The majority of SBL holders make their payments on time. For those that do not pay on time, SBL service staff, working for Stadium Manager on the Stadium Authority’s behalf, contact the SBL holders and attempt to collect the full amounts owed. Ultimately, an SBL can be defaulted for non-payment. Once an 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 at full price.
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 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 67,759 currently active SBLs. This is an increase of 205 from the total active SBLs at the end of the prior fiscal year (March 31, 2025). The increase is primarily due to the sale of new SBLs and the customer seat relocation program, partially offset by SBL defaults. The customer seat relocation program allows customers to trade in their SBLs in return for others in a different location as long as the total face value of the new seats is equal to or greater than the original seats.
During the current reporting period, 897 SBLs were sold for a total face value of $6.0 million. The customer seat relocation program resulted in an increase of $696,000 to the SBL face value, while netting 255 more SBLs. There were also 947 SBLs defaulted during the quarter with a face value of $6.0 million.
Additional details regarding currently active SBLs are noted in Table 10.
17 Table 10
SBL Seats AvailableSBL Seats Sold as of 3/31/25New SBL SalesNet SBL RelocationsSBL DefaultsSBL Seats SoldSBL Value SBL Collected% SBL Principal Collected100 100 - - - 100 14,082,625$ 14,068,739$ 99.9%942 942 - - - 942 75,360,000$ 74,798,194$ 99.3%2 2 - - - 2 80,000$ 79,600$ 99.5%4,945 4,684 36 3 (41) 4,682 140,460,000$ 135,727,824$ 96.6%3,475 3,083 45 7 (34) 3,101 62,020,000$ 57,981,476$ 93.5%90 87 - - - 87 1,522,500$ 1,236,692$ 81.2%7 7 - - - 7 105,000$ 105,000$ 100.0%2,163 2,198 20 5 (37) 2,186 26,232,000$ 25,049,751$ 95.5%7 7 - - - 7 70,000$ 69,915$ 99.9%20,656 21,023 265 - (227) 21,061 126,366,000$ 121,342,319$ 96.0%14,311 14,503 360 (24) (341) 14,498 72,490,000$ 66,692,959$ 92.0%916 927 - (1) (1) 925 3,700,000$ 3,685,299$ 99.6%88 89 - - - 89 267,000$ 264,863$ 99.2%36 40 - - - 40 100,000$ 99,998$ 100.0%18,392 19,829 171 265 (266) 19,999 39,998,000$ 37,749,527$ 94.4%26 33 - - - 33 33,000$ 32,973$ 99.9%66,156 67,554 897 255 (947) 67,759 562,886,125$ 538,985,129$ 95.8%Plus: Interest on financed SBLs68,812,901$ Total Principal & Interest607,798,030$ (1)This table does not include $39.6 million that has been collected life-to-date from defaulted SBL holders. 17,500$ 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 March 31, 2026Seat Value141,392$ 80,000$ 40,000$ 30,000$ 20,000$ 15,000$ 12,000$ 6,000$ 18 Santa Clara Stadium Authority Budget Status Reports
Operating Budget
With FY 2025/26 complete, total operating revenues for the fourth quarter of the 2025/26 Fiscal Year were $74.1 million representing 102% of the overall budget for revenues.
During the current reporting period, the Stadium Authority collected $6.8 million in SBL proceeds or 100% of what was budgeted. All SBL proceeds are to be transferred to the debt service fund per applicable loan agreements. Stadium Authority also recognized $24.8 million in rent from Forty Niners SC Stadium Company, LLC (StadCo), $16.1 million in NFL ticket surcharge, $8.1 million in Naming Rights, $5.0 million in interest and $620,000 in sponsorship (STR) revenue. In addition, the Stadium Authority reported $8.1 million in net-revenues and $4.4 million in ticket surcharge from Non-NFL events in FY 2025/26.
Total Operating expenses were $40.0 million, or 91% of the annual budget. Shared Stadium Manager expenses were 94% of the budget, or $13.1 million of the $14 million budgeted amount and SBL Sales and Service expenses were 88% of the budget or $2.0 million. Utility costs are 96% of the budget for the year, or $1.7 million. Performance Rent expense that is paid to the City is 136% of the budget, or $3.5 million of the $2.6 million budgeted amount. Performance Rent exceeded the budget due to higher net revenue generated from Non-NFL events. The Discretionary Fund expense was 41% of the budget or $509,000 of the $1.3 million budgeted amount. These funds were used to host the Celebrate Santa Clara: A Day on the Field community event. Public Safety Costs (PSC) Over the Threshold were 96% of the budget or $2.5 million which was paid from the Public Safety Cost Reserve that was funded by the additional Non-NFL event ticket surcharge (see Glossary). The Stadium Authority General and Administrative (G&A) costs were below budget levels at $2.7 million or 58% of the budget.
Stadium Authority Excess Revenues were used to make the following transfers and payments in FY 2025/26: 1) $1.4 million transfer to the Capital Expense Reserve, 2) $806,000 transfer to the Operating Reserve, 3) $9.6 million transfer to the Renovation/Demolition Reserve, 4) $4.8 million payment on the PSC 2024 Outstanding Balance (see Glossary), and 5) $4.8 million payment to the City’s General Fund. These were all at budgeted levels. Lastly, transfers out for debt service amounted to $17.6 million and Transfers out to the Capital Expense Reserve including the $1.4 million that came from the excess revenues noted above totaled $4.2 million.
Additional details are shown in Table 11.
19 Table 11
Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund BalanceDiscretionary Fund Reserve 714,775$ 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 16,123,000$ 16,086,719$ 36,281$ 100% 14,595,000$ 14,595,294$ (294)$ 100%SBL Proceeds 6,747,000 6,777,205 (30,205) 100% 7,969,000 8,399,593 (430,593) 105%Interest 5,028,000 4,926,894 101,106 98% 5,435,000 5,919,930 (484,930) 109%Net Revenues from Non-NFL Events 6,222,000 8,081,204 (1,859,204) 130% 9,250,000 10,163,814 (913,814) 110%Naming Rights 8,065,000 8,064,685 315 100% 7,830,000 7,829,791 209 100%Sponsorship Revenue (STR) 722,000 620,497 101,503 86% 519,000 815,811 (296,811) 157%Rent 24,762,000 24,762,000 - 100% 24,762,000 24,762,000 - 100%Senior & Youth Program Fees 300,000 302,406 (2,406) 101% 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 75,650 13,350 85% - 79,462 (79,462) NAOther Revenue - 28,937 (28,937) NA - 216,285 (216,285) NATotal Revenue 72,414,000$ 74,084,119$ (1,670,119)$ 102% 71,788,000$ 74,454,482$ (2,666,482)$ 104%Total Source of Funds 162,320,536$ 163,990,655$ (1,670,119)$ 101% 161,961,134$ 164,627,616$ (2,666,482)$ 102%Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Used Budget Actuals Difference UsedExpensesShared Stadium Manager ExpensesStadium Operations 3,139,000$ 3,085,226$ 53,774$ 98% 3,384,000$ 2,948,297$ 435,703$ 87%Engineering 4,052,000 3,662,309 389,691 90% 3,935,000 3,012,965 922,035 77%Guest Services 476,000 420,734 55,266 88% 621,000 350,486 270,514 56%Groundskeeping 400,000 284,100 115,900 71% 316,000 135,948 180,052 43%Security 2,085,000 1,693,414 391,586 81% 1,602,000 1,253,332 348,668 78%Insurance 3,530,000 3,529,797 203 100% 3,427,000 3,426,986 14 100%Stadium Management Fee 277,000 392,852 (115,852) 142% 533,000 662,430 (129,430) 124%Shared Stadium Mngr Exps Subtotal 13,959,000$ 13,068,432$ 890,568$ 94% 13,818,000$ 11,790,444$ 2,027,556$ 85%Other Operating ExpensesSBL Sales and Service 2,324,000$ 2,049,950$ 274,050$ 88% 2,611,000$ 2,321,750$ 289,250$ 89%Buffet Costs 974,000 973,350 650 100% 900,000 891,678 8,322 99%Senior & Youth Fees (paid to City) 300,000 302,406 (2,406) 101% 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) 2,611,000 3,540,602 (929,602) 136% 11,450,000 11,906,629 (456,629) 104%Discretionary Fund Expense 1,250,000 509,464 740,536 41% 250,000 - 250,000 0%Utilities 1,796,000 1,724,577 71,423 96% 1,711,000 1,581,874 129,126 92%Use of StadCo Tenant Improvements 106,000 106,587 (587) 101% 172,000 172,827 (827) 100%Stadium Authority G&A 4,687,000 2,708,889 1,978,111 58% 4,288,000 3,116,504 1,171,496 73%Naming Rights Expense 1,724,000 1,724,318 (318) 100% 136,000 96,426 39,574 71%Other Expenses 763,000 314,233 448,767 41% 748,000 388,174 359,826 52%PSC Over Threshold 2,560,000 2,450,970 109,030 96% 2,312,000 2,446,508 (134,508) 106%PSC 2024 Outstanding Balance 4,900,000 4,787,509 112,491 98% 9,487,000 9,486,570 430 100%4,900,000 4,787,510 112,490 98% 6,166,000 6,165,454 546 100%Other Operating Expenses Subtotal 29,895,000$ 26,980,365$ 2,914,635$ 90% 41,510,000$ 39,852,976$ 1,657,024$ 96%Total Expenses 43,854,000$ 40,048,797$ 3,805,203$ 91% 55,328,000$ 51,643,420$ 3,684,580$ 93%Transfers OutDebt Service 17,646,000$ 17,645,846$ 154$ 100% 17,471,000$ 17,470,912$ 88$ 100%Capital Expenditures Reserve 5,153,000 4,152,701 1,000,299 81% 4,032,000 4,031,748 252 100%CapEx Reserve - Levi's Naming Rights - - - NA 1,575,000 1,575,000 - 100%Total Transfers Out 22,799,000$ 21,798,547$ 1,000,453$ 96% 23,078,000$ 23,077,660$ 340$ 100%Ending Fund BalanceDiscretionary Fund Reserve 354,775$ 1,096,011$ (741,236)$ NA 477,323$ 714,775$ (237,452)$ NAOperating Reserve 27,684,328 27,684,677 (349) NA 26,878,478 26,878,328 150 NAPublic Safety Cost Reserve 16,000 125,552 (109,552) NA - - - NARenovation/Demolition Reserve 53,570,643 53,346,661 223,982 NA 43,772,576 43,771,643 933 NAStadium Funding Trust Reserve 7,803,002 5,822,352 1,980,650 NA 5,750,645 3,898,514 1,852,131 NAUnrestricted 6,238,788 14,068,058 (7,829,270) NA 6,676,112 14,643,276 (7,967,164) NATotal Ending Fund Balance 95,667,536$ 102,143,311$ (6,475,775)$ NA 83,555,134$ 89,906,536$ (6,351,402)$ NATotal Use of Funds 162,320,536$ 163,990,655$ (1,670,119)$ 101% 161,961,134$ 164,627,616$ (2,666,482)$ 102%(1)Adjustments include previously approved budget amendments through March 10, 2026Transfer to City General Fund from Excess Revenues Santa Clara Stadium AuthorityOperating Budget Status ReportFor the Period Ending March 31, 2026 and 2025Period Ending March 31, 2025Period Ending March 31, 2026
20 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 10, 2026, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2026/27 Operating, Debt Service, and Capital Budget. The following technical budget adjustments are recommended to true up fund balances to align the balances with FY 2025/26 actual performance:
1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2025/26 year- end actual was completed and fund balance adjustments totaling $2.9 million to the FY 2026/27 beginning and ending fund balances are necessary. Because budget adoption is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
Additional details are shown in Table 12.
21 Table 12
Santa Clara Stadium Authority
2026/27 Operating Budget Adjustment
Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance – Discretionary
Fund Reserve
$491,236 This action increases the
Beginning Fund Balances for
Discretionary Fund Reserve
from $604,775 to $1,096,011
as a result of FY 2025/26 year-
end actuals reconciliation.
1 Beginning Fund
Balance – Operating
Reserve
$349 This action increases the
Beginning Fund Balances for
Operating Reserve from
$27,684,328 to $27,684,677 as
a result of FY 2025/26 year-
end actuals reconciliation.
1 Beginning Fund
Balance – Public Safety
Cost Reserve
$109,552 This action increases the
Beginning Fund Balances for
Operating Reserve from
$16,000 to $125,552 as a
result of FY 2025/26 year-end
actuals reconciliation.
1 Beginning Fund
Balance –
Renovation/Demolition
Reserve
($182,482) This action decreases the
Beginning Fund Balance for
Renovation/Demolition
Reserve from $53,529,143 to
$53,346,661 as a result of FY
2025/26 year-end actuals
reconciliation.
1 Beginning Fund
Balance - Stadium
Funding Trust Reserve
($1,980,530) This action decreases the
Beginning Fund Balance for
Stadium Funding Trust
Reserve from $7,802,882 to
$5,822,352 as a result of FY
2025/26 year-end actuals
reconciliation.
1 Beginning Fund
Balance – Unrestricted
$4,413,650 This action increases the
Beginning Fund Balance –
Unrestricted from $9,654,408
to $14,068,058 as a result of
FY 2025/26 year-end actuals
reconciliation.
1 Ending Fund Balance
Discretionary Fund
Reserve
$491,236 This action increases the
Ending Fund Balances for
Discretionary Fund Reserve
from $ $869,775 to $1,361,011
as a result of FY 2025/26 year-
end actuals reconciliation.
1 Ending Fund Balance – $349 This action increases the
22 Operating Reserve Ending Fund Balances for
Operating Reserve from
$28,515,328 to $28,515,677 as
a result of FY 2025/26 year-
end actuals reconciliation.
1 Ending Fund Balance –
Public Safety Cost
Reserve
$109,552 This action increases the
Ending Fund Balance for Public
Safety Cost Reserve from $0 to
$109,552 as a result of FY
2025/26 year-end actuals
reconciliation.
1 Ending Fund Balance –
Renovation/Demolition
Reserve
($182,482) This action decreases the
Ending Fund Balance for
Renovation/Demolition
Reserve from $58,424,143 to
$58,241,661 as a result of FY
2025/26 year-end actuals
reconciliation.
1 Ending Fund Balance -
Stadium Funding Trust
Reserve
($1,980,530) This action decreases the
Ending Fund Balance for
Stadium Funding Trust
Reserve from $8,580,000 to
$6,599,470 as a result of FY
2025/26 year-end actuals
reconciliation.
1 Ending Fund Balance –
Unrestricted
$4,413,650 This action increases the
Ending Fund Balance –
Unrestricted from $5,885,290
to $10,298,940 as a result of
FY 2025/26 year-end actuals
reconciliation.
Total $2,851,775 $2,851,775
23 This page intentionally left blank
24 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 FY 2025/26, $3.8 million was contributed by the CFD, or 105% of the annual budget.
Total Stadium Authority debt service expenses for the current reporting period were $20.6 million, or 100% of the budgeted amount. The debt service expenses for the CFD Advance and the Term A Loan were $3.5 million and $17.1 million, respectively.
As of March 31, 2026, the total outstanding amount of Stadium Authority debt had declined to $209.7 million. This is a reduction in principal of $9.9 million from the March 31, 2025 outstanding debt amount of $219.6 million.
Additional details are shown in Tables 13 and 14 and Chart 1.
25 Table 13
Budget to Budget to
Final(1)
YTD Actual % Final YTD Actual %
Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance
Required Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235 $ 11,536,235$ -$ NA Debt Service Reserve 8,706,100 8,706,100 - NA 8,122,980 8,122,980 - NA Total Beginning Fund Balance 20,242,335$ 20,242,335$ -$ NA 19,659,215 $ 19,659,215$ -$ NA Revenue
Contribution from CFD 3,605,000$ 3,769,265$ (164,265)$ 105% 3,457,000$ 3,408,575$ 48,425$ 99% Total Revenues 3,605,000$ 3,769,265$ (164,265)$ 105% 3,457,000$ 3,408,575$ 48,425$ 99% Transfers In
Transfers In from Operating 17,646,000$ 17,645,846$ 154$ 100% 17,471,000 $ 17,470,911$ 89$ 100% Total Transfers In 17,646,000$ 17,645,846$ 154$ 100% 17,471,000 $ 17,470,911$ 89$ 100% Total Source of Funds 41,493,335$ 41,657,447$ (164,112)$ 100% 40,587,215$ 40,538,701$ 48,514$ 100% Budget to Budget to
Final(1)
YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
CFD Advance 3,565,000$ 3,545,591$ 19,409$ 99% 3,429,000$ 3,363,652$ 65,348$ 98% Term A Loan 17,080,000 17,079,006 994 100% 16,933,000 16,932,714 286 100% Total Expenses 20,645,000$ 20,624,597$ 20,403$ 100% 20,362,000 $ 20,296,366$ 65,634$ 100% Ending Fund Balance
Required Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235 $ 11,536,235$ -$ NA Debt Service Reserve 9,312,100 9,496,615 (184,515) NA 8,688,980 8,706,100 (17,120) NA Total Ending Fund Balance 20,848,335$ 21,032,850$ (184,515)$ NA 20,225,215$ 20,242,335$ (17,120)$ NA Total Use of Funds 41,493,335$ 41,657,447$ (164,112)$ 100% 40,587,215$ 40,538,701$ 48,514$ 100% (1)Adjustments include previously approved budget amendments through March 10, 2026 Debt Service Budget Status Report
For the Period Ending March 31, 2026 and 2025
Period Ending March 31, 2025
Santa Clara Stadium Authority
Period Ending March 31, 2026
26 Table 14
Chart 1
Type of IndebtednessInterest RatesOutstanding as of March 31, 2025Net ChangeOutstanding as of March 31, 2026Stadium 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 (2,047,172) 24,905,748 Total $ 219,609,263 $ (9,885,266) $ 209,723,997 Period Ending March 31, 2026Santa 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 Mar 2026Total 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$209.7
27 Debt Service Budget – Recommended Budget Adjustments From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget.
On March 10, 2026, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2026/27 Operating, Debt Service, and Capital Budget. The following technical budget adjustments are recommended to true up fund balances to align the balances with FY 2025/26 actual performance:
1) Beginning Fund Balance / Ending Fund Balance Adjustment – The FY 2025/26 year- end actual was completed and fund balance adjustments totaling $139,000 to the FY 2026/27 beginning and ending fund balances are necessary. Because budget adoption is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
Additional details are shown in Table 15.
Table 15
Santa Clara Stadium Authority
2026/27 Debt Service Budget Adjustment
Item # Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance – Debt
Service Reserve
$138,515 This action increases the
Beginning Fund Balance from
$9,358,100 to $9,496,615 as a
result of FY 2025/26 year-end
actuals reconciliation.
1 Ending Fund Balance
– Debt Service
Reserve
$138,515 This action increases the Ending
Fund Balance from $9,993,100 to
$10,131,615 as a result of FY
2025/26 year-end actuals
reconciliation.
Total $138,515 $138,515
28 Capital Expense (CapEx) Budget
As part of the Capital Expense (“CapEx”) Plan, the following projects have been completed as of the current reporting period:
Communication Equipment Console
Credentialing Equipment
Distribution – High Voltage (PSG 12 KV Electrical Power Study, Assessment and Replacement at Quad Substations)
E-Bikes
Expansion / Waterproofing / Caulk Joint Replacements – Phase 2 Kawasaki ATVs and Kimtek Pump Module
Lighting Systems – Fixture Replacement of Major Outdoor Lighting/LED Retrofit Lightweight Chemical Detector (LCD) 4.0
Livescan Equipment
Secure Law Enforcement Resource Area
Women’s Locker Room
The following projects were underway during the current reporting period:
Broadcast Booth Window System Replacement
Concrete Replacements
LED Retrofit Project – Phase 1
Levi’s® Naming Rights Signage Refurbishment
Lighting System – Controls System
Main Kitchen Equipment
Medical Equipment – General Allowance
Plumbing – Boilers
Radio Booth Cabling – Phase I
Replacement of End-of-Life End User Equipment
Replacement of End-of-Life Network Equipment
A total of $10.8 million has been spent during FY 2025/26, which amounts to 49% of the budget of $21.9 million. The main reason that this is below budget is due to the timing of activity for Capital Expenditure projects. There has also been no activity on warranty work which makes up 7% of the CapEx Budget.
Additional details are shown in Table 16.
29 Table 16
Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund Balance 17,278,221$ 17,278,221$ -$ NA 19,862,834$ 19,862,834$ -$ NARevenueOther Revenue 797,607$ 685,553$ 112,054$ 86% -$ -$ -$ NATotal Revenue 797,607$ 685,553$ 112,054$ 86% -$ -$ -$ NATransfers InTransfers In from Operating 5,153,000$ 4,152,701$ 1,000,299$ 81% 4,032,000$ 4,031,748$ 252$ 100%Transfers In from Operating - Levi's Naming Rights - - - NA 1,575,000 1,575,000 - 100%Total Transfers In 5,153,000$ 4,152,701$ 1,000,299$ 81% 5,607,000$ 5,606,748$ 252$ 100%Total Source of Funds 23,228,828$ 22,116,475$ 1,112,353$ 95% 25,469,834$ 25,469,582$ 252$ 100%Budget to Budget toFinal(1)YTD Actual Final YTD ActualBudget Actuals Difference % Used Budget Actuals Difference % UsedExpensesConstruction 15,673,379$ 10,081,073$ 5,592,306$ 64% 15,697,725$ 5,021,113$ 10,676,612$ 32%Equipment 3,862,848 714,005 3,148,843 18% 5,943,000 3,170,248 2,772,752 53%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 21,877,227$ 10,795,078$ 11,082,149$ 49% 24,141,725$ 8,191,361$ 15,950,364$ 34%Ending Fund Balance 1,351,601$ 11,321,396$ (9,969,795)$ NA 1,328,109$ 17,278,221$ (15,950,112)$ NATotal Use of Funds 23,228,828$ 22,116,475$ 1,112,353$ 95% 25,469,834$ 25,469,582$ 252$ 100%(1)Adjustments include previously approved budget amendments through March 10, 2026 CapEx Budget Status ReportFor the Period Ending March 31, 2026 and 2025Period Ending March 31, 2025Santa Clara Stadium AuthorityPeriod Ending March 31, 2026
30 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.
On March 10, 2026, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2026/27 Operating, Debt Service, and Capital Budget. The budget amendment recommended in this report include technical adjustments to true up fund balances based on actual FY 2025/26 performance and capital project carryover adjustments:
1) Beginning Fund Balance / Ending Fund Balance Adjustment – The FY 2025/26 year- end actual was completed and fund balance adjustments to the FY 2026/27 beginning and ending fund balances are necessary. Because budget adoption is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
2) Capital Project Carryover Adjustments – With the completion of FY 2025/26 year- end actuals, adjustments to the FY 2026/27 CapEx Budget are necessary to align project carryovers with actual spend from FY 2025/26. Because the adoption of budget is conducted in March, projected spend is used to determine the FY 2026/27 projected carry over.
Additional details are shown in Table 17.
31 Table 17
Santa Clara Stadium Authority
2026/27 CapEx Budget Adjustment
Item
#
Line Item Source of Funds Use of Funds Explanation
1 Beginning Fund
Balance
($1,104,825) This action decreases the
Beginning Fund Balance
from $ $12,426,221 to $
$11,321,396 as a result of
FY 2025/26 year-end
actuals reconciliation.
2 L2502: LED Retrofit
Project – Phase 1
($1,070) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $68,465 to $67,395.
2 L2505: Levi’s Naming
Rights Signage
Refurbishment
($397,950) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $607,234 to
$209,284.
2 L2004: Women’s
Locker Room
($11,093) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $19,051 to $7,958.
2 L2503: Broadcast
Booth Window System
Replacement
($1,348) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $169,380 to
$168,032.
2 L2504: Expansion /
Waterproofing / Caulk
Joint Replacements –
Phase 2
($50,002) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover by from
$67,703 to $17,701.
2 L2608: Distribution –
High Voltage (PSG 12
KV Electrical Power
Study, Assessment
and Replacement at
Quad Substations)
($322,618) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $338,476 to
$15,858.
2 L1701: Main Kitchen
Equipment
($1,856) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
32 from $303,555 to
$301,699.
2 L2611: Medical
Equipment – General
Allowance
($37,953) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $109,460 to
$71,507.
2 L2407: Plumbing –
Boilers
($108,154) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $142,126 to
$33,972.
2 L2408: Security –
General Allowance
($90,536) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $188,555 to
$98,019.
2 L2613: Replacement of
end of life End User
equipment
$4,785 Based on actual FY
2025/26 expenditures,
this action increases the
project carryover budget
from $2,619 to $7,404.
2 L2001: Radio Booth
Cabling – Phase I
($165) Based on actual FY
2025/26 expenditures,
this action decreases the
project carryover budget
from $580,031 to
$579,866.
1-2 Ending Fund Balance ($86,865) This action decreases the Ending Fund Balance to
offset actions taken above
from $429,362 to
$342,497.
Total ($1,104,825) ($1,104,825)
33 This page intentionally left blank
34 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $10.5 million that was contributed by the Stadium Authority to the General Fund as shown in Table 18. This section of the report also provides information on General Fund revenue and expenditure impacts resulting from the stadium.
Table 18
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 $6.1 million and $4.6 million, respectively. The reimbursements came from a combination of payments from the Stadium Manager and the offsite parking fees that were collected. As of the report date, the City has received $5.6 million in NFL and $4.3 million in Non-NFL public safety reimbursements from the Stadium Manager. Additionally, the City has collected $824,000 in offsite parking fees.
The current balance of the Public Safety Costs (PSC) 2024 Outstanding Balance is $512,000 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 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 FY 2025/26, a total of $2.2 million of administrative staff costs were incurred by the General Fund, which have been reimbursed to the City.
Ground Rent 1,000,000$ Performance Rent 3,540,602 Transfer to General Fund from Excess Revenue 4,787,510 Senior and Youth Fee 302,406 Tasman Parking Lot 16,565 Sales Tax 849,519 10,496,602$ City of Santa ClaraNet General Fund ImpactFor Stadium Authority Total Net General Fund ImpactPeriod Ending March 31, 2026
35 Rents and Senior and Youth Fee
As noted above, the City’s General Fund collected ground rent of $1.0 million and performance based rent of $3.5 million. Additionally, the Senior and Youth Fee generated $302,000, 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 $850,000 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.
36 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 $1.0 million from the Discretionary Fund to the City’s General Fund if (1) adequate provision has been made for the replacement of and upgrades to capital improvements contemplated under the Public Safety Plan and (2) an equal amount is transferred from the Discretionary Fund to Stadium Authority’s operating fund to be included as Stadium Authority Revenue.
Ground Lease – The Ground Lease Agreement has an initial term of 40 years commencing on the date of substantial completion which was July 31, 2014. The amount of annual base ground rent that is payable by the Stadium Authority to the City is noted in the Table 19.
37 Table 19
Net Non-NFL Event Revenue – Net Non-NFL event revenue is remitted by Stadium Manager to the Stadium Authority on a yearly basis. This is done annually because the final reconciliation of the Non-NFL event revenues and expenses does not occur until after the conclusion of each fiscal year.
NFL Ticket Surcharge – The Amended and Restated Non-Relocation Agreement states that the Team will collect a 10% NFL ticket surcharge on the price of admission to all NFL games on behalf of Stadium Authority during the Surcharge Term which currently ends the last day of the 25th lease year or March 31, 2039
Lease Year Fiscal YearAnnual Fixed Ground RentCumulative Total1 2014/15 180,000$ 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$
38 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. The FY 2025/26 Performance Based Rent is noted in Table 20.
39 Table 20
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.
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 $14.8 million have been redefined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off. The activity in the PSC 2024 Outstanding Balance is noted below in Table 21.
Table 21
Performance Rent CalculationFiscal Year 2025/26 Ground Rent 1,000,000$ Net Non-NFL Event Revenue (Expense) 8,081,204 50% of Net Non-NFL Event Revenue (Expense) 4,040,602$ Performance Rent Credit from Ground Rent (50% of Ground Rent) (500,000) Subtotal 3,540,602$ Public Safety Credits N/AOther Credits N/ANet Performance Rent paid to the City of Santa Clara 3,540,602$ City of Santa ClaraStadium Authority Performance Rent Calculation 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$ 4,787,509$ 512,267$ PSC 2024 Outstanding Balance
40 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 per game.
Senior and Youth Program Fees – During the lease terms, StadCo collects City of Santa Clara Senior and Youth Program Fees on behalf of Stadium Authority. As of FY 2024/25 the fee was $0.40 per NFL game ticket up to a maximum of $300,000 per lease year.
Every ten lease years the fee will increase by $0.05 in conjunction with the maximum amount increasing by an additional $50,000.
Stadium Management Fee – The Stadium Manager receives an annual base management fee to manage Levi’s® Stadium. The fee was $400,000 in the first lease year and increases by 3% annually as detailed in the table below. This annual base management fee is split 50/50 between StadCo and the Stadium Authority since the Stadium Manager manages the stadium year-round for both entities. In addition to the base management fee, the Stadium Manager 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 $5 million in the first lease year and also increases by 3% annually as detailed in the table below. The annual stadium management fee for each of the first ten lease years are noted in the Table 22 below.
Table 22
Fiscal YearLease YearAnnual Base Stadium Management Fee (SCSA Share)Stadium Marketing and Booking Fee BenchmarkNet Income from Non-NFL Events 1st Tier -paid at 10% FeeAdditional Stadium Marketing and Booking Fee10% 1st Tier2nd Tier -paid at 15% FeeAdditional Stadium Marketing and Booking Fee15% 2nd TierTotal Stadium Management Fee2014/15 1 200,000$ 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 12 276,847 6,921,169 8,081,204 2,533,540 116,004 5,067,080 - 392,851 2026/27 13 285,152 7,128,804 To be determined
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42 Appendix
This section of the report provides additional historical data for the tables referenced in the body of this report.
Table 23
2014/15 Q42015/16 Q42016/17 Q42017/18 Q42018/19 Q42019/20 Q42020/21 Q4TotalTotalTotalTotalTotalTotalTotalNo. of NFL Events 10 10 10 10 10 12 5 No. of Tickets Sold 682,095 669,826 655,891 643,189 651,237 803,524 - NFL Ticket Surcharge 8,366,290$ 8,273,378$ 8,175,462$ 7,806,190$ 8,076,510$ 8,412,291$ -$ Senior/Youth Program Fees 238,734$ 234,439$ 229,562$ 225,116$ 227,933$ 250,000$ -$ Cars Parked at Offsite Lots 90,024 57,166 67,740 54,107 56,390 81,401 - City Offsite Parking Fee 442,918$ 290,403$ 354,958$ 293,260$ 317,476$ 476,196$ -$ Cars Parked on Tasman Lots 4,983 6,876 5,122 5,530 4,729 6,882 - Cars Parked on Golf Course 23,306 20,090 - - - - - City Tasman Lot and Golf Course Parking Fee 141,445$ 134,830$ 25,610$ 27,650$ 23,645$ 34,410$ -$ Stadium Public Safety Costs 2,455,404$ 2,437,902$ 3,084,850$ 2,636,822$ 3,001,675$ 6,145,759$ 889,567$ Golf Course Public Safety Costs 180,766$ 81,210$ -$ -$ -$ -$ -$ Subtotal Event Public Safety Costs 2,636,170$ 2,519,111$ 3,084,850$ 2,636,822$ 3,001,675$ 6,145,759$ 889,567$ Less: Offsite Parking Fee Credit (442,918)$ (290,403)$ (354,958)$ (293,260)$ (317,476)$ (476,196)$ -$ Reimbursable Stadium Public Safety Costs 2,193,252$ 2,228,708$ 2,729,892$ 2,343,563$ 2,684,199$ 5,669,563$ 889,567$ Levi's® StadiumHistorical NFL Event Statistics
43 Table 24
2014/15 Q42015/16 Q42016/17 Q42017/18 Q42018/19 Q42019/20 Q42020/21 Q4Total Total Total Total Total Total TotalNo. of Non-NFL Ticketed Events 9 17 18 13 12 8 - No. of Tickets Sold 377,312 629,004 582,349 384,282 332,600 183,874 - Non-NFL Base Ticket Surcharge 1,431,540$ 2,477,084$ 2,329,396$ 1,537,128$ 1,330,400$ 735,496$ -$ Non-NFL Additonal Ticket Surcharge (1)-$ -$ -$ -$ -$ -$ -$ Total Ticket Surcharge 1,431,540$ 2,477,084$ 2,329,396$ 1,537,128$ 1,330,400$ 735,496$ -$ No. of Non-NFL Special Events 186 207 127 113 100 79 - Non-NFL Special Event Attendees 62,357 105,997 49,151 62,917 35,676 33,535 - Cars Parked at Offsite Lots 26,156 55,720 60,969 30,734 28,566 17,127 - City Offsite Parking Fee 128,688$ 278,704$ 313,979$ 165,149$ 158,623$ 98,547$ -$ Cars Parked on Golf Course 8,566 21,572 9,562 - - - - City Golf Course Parking Fee 42,830$ 107,860$ 47,810$ -$ -$ -$ -$ Stadium Public Safety Costs 1,782,821$ 3,083,668$ 3,207,507$ 2,020,343$ 2,421,914$ 1,718,924$ -$ Golf Course Public Safety Costs 76,462$ 119,842$ 39,905$ -$ -$ -$ -$ Subtotal Event Public Safety Costs 1,859,283$ 3,203,510$ 3,247,412$ 2,020,343$ 2,421,914$ 1,718,924$ -$ Less: Offsite Parking Fee Credit (128,688)$ (278,704)$ (313,979)$ (165,149)$ (158,623)$ (98,547)$ -$ Reimbursable Public Safety Costs 1,730,595$ 2,924,805$ 2,933,433$ 1,855,194$ 2,263,291$ 1,620,377$ -$ (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 $4 per ticket base is shown in the table as additional ticket surcharge.
Historical Non-NFL Event StatisticsLevi's® Stadium
44 Table 25
Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2014/15 -$ 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