SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter Ending June 30, 2026
September 22, 2026
1 Table of Contents
Introduction ................................................................................................................................ 2 NFL Events ................................................................................................................................ 4 Non-NFL Events ........................................................................................................................ 4 Discretionary Fund ..................................................................................................................... 8 Public Safety Cost Reserve........................................................................................................ 8 Stadium Builder Licenses ..........................................................................................................10 Santa Clara Stadium Authority Budget Status Reports ..............................................................12 Operating Budget ..................................................................................................................12 Operating Budget – Recommended Budget Adjustments ......................................................14 Debt Service Budget ..............................................................................................................16 Capital Expense (CapEx) Budget ..........................................................................................20 CapEx Budget – Recommended Budget Adjustments ...........................................................24 City of Santa Clara Net General Fund Impact ...........................................................................28 Public Safety and Administrative Cost Reimbursement .........................................................28 Rents and Senior and Youth Fee ...........................................................................................29 Other Revenue Impacts .........................................................................................................29 Glossary....................................................................................................................................30 Appendix ...................................................................................................................................36 2 Introduction
This Santa Clara Stadium Authority (“Stadium Authority”) Financial Status Report provides information covering the first quarter of the Stadium Authority’s 2026/27 fiscal year (FY) which ended on June 30, 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 2026/27 budget was adopted by the Board on March 10, 2026.
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 This page intentionally left blank
4 NFL Events
This section provides fiscal year to date and comparative data for NFL games categorized as pre-season and regular season games. There were no NFL games held during the first quarter of FY 2026/27. Levi’s® Stadium hosted the first 49ers pre-season game of the 2026 season on August 13, 2026, which will be included in the report for the second quarter.
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 first quarter of FY 2026/27 Levi’s® Stadium hosted five of six FIFA World Cup 2026 (FWC26) matches scheduled from June 13 through July 1, 2026. Due to the World Cup match schedule and related Stadium activities, no other ticketed NonNFL events were held during the quarter and were entirely scheduled for after the FWC26 matches. The World Cup matches generated approximately $1.7 million in ticket surcharge revenue during the first quarter, based on a $6 per ticket surcharge described in the FIFA World Cup 2026 Assignment and Assumption Agreement. Based on the First Amendment to Amended and Restated Stadium Lease Agreement, half of the $4 per ticket base ticket surcharge, (or $2 per ticket) will be deposited into the Discretionary Fund and the amount over the base ticket surcharge (or $2 per ticket) will be deposited into the Public Safety Cost Reserve.
The Stadium Manager reports that 4 smaller special events were held at Levi’s® Stadium which is 12 events less than the same period of the prior fiscal year. Attendance at these events also decreased from 4,778 in the prior period to 1,280 in the current year, a 73% decrease. Examples of these special events include corporate events of various sizes, weddings, holiday parties, high school dances, etc. The decrease in Non-NFL special events from twelve (12) to four (4) was primarily driven by the FIFA World Cup. Due to FIFA's exclusive use period, Levi's Stadium was restricted from hosting non-FIFA events during that window, significantly limiting the number of available dates for special events in Q1.
In connection with the smaller special events, total Non-NFL event public safety costs were $933. These costs were invoiced to the Stadium Manager and will be reimbursed to the City.
Statistics for FY 2026/27 events are shown in Table 1 and comparative data from the last five years of operations are shown in Table 2.
5 Table 1
Table 2
No. of Non-NFL Special Events 4 Non-NFL Special Event Attendees 1,280 Cars Parked at Offsite Lots - City Offsite Parking Fee - $ Stadium Public Safety Costs 933 $
Less: Offsite Parking Fee Credit - $
Reimbursable Public Safety Costs 933 $
Amount Reimbursed - $
Levi's® Stadium
FY 2026/27 Non-NFL Event Statistics
As of June 30, 2026
2026/27 YTD Special
Events
2022/23 Q1 2023/24 Q1 2024/25 Q1 2025/26 Q1 2026/27 Q1
Total Total Total Total Total
No. of Non-NFL Ticketed Events 1 1 4 2 -
No. of Tickets Sold 50,478 41,000 160,558 113,163 -
Non-NFL Base Ticket Surcharge 201,912 $ 164,000 $ 642,232 $ 452,652 $ - $ Non-NFL Additonal Ticket Surcharge (1) $ - - $ - $ 567,024 $ - $ Total Ticket Surcharge (2) $ 164,000 201,912 $ 642,232 $ 1,019,676 $ - $ No. of Non-NFL Special Events 19 22 20 16 4
Non-NFL Special Event Attendees 9,996 12,632 12,341 4,778 1,280 Cars Parked at Offsite Lots 5,666 4,497 15,048 10,129 - City Offsite Parking Fee 33,486 $ 27,567 $ 96,909 $ 67,966 $ - $ Stadium Public Safety Costs $423,650 377,075 $ 1,487,885 $ 1,241,705 $ 933 $ Less: Offsite Parking Fee Credit (33,486) $ (27,567) $ (96,909) $ (67,966) $ - $ Reimbursable Public Safety Costs 390,164 $ 349,508 $ 1,390,976 $ 1,173,739 $ 933 $ Historical Non-NFL Event Statistics
(2) Ticket surcharge exclude FIFA World Cup 2026 (FWC26) revenue of $1.7 million generated from the sale of 278,412 FWC26 tickets. (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® Stadium
6 Table 3 and 4 show Non-NFL net revenue by event type and event revenue and expenses by category. For FY 2026/27, the Stadium Manager anticipates Non-NFL events to result in estimated net revenue of $4.6 million, as cited in the FY 2026/27 Adopted Stadium Authority Budget. In the first quarter of FY 2026/27, non-ticketed special events contributed $82,000 in net revenues. There was also additional interest income of $401,000 earned on Non-NFL events cash reserves offset by $187,000 of non-event specific other expenses.
Overall, the first quarter of FY 2026/27 Non-NFL event net revenue decreased by $1.9 million when compared to the same period in the prior year. Ticketed Non-NFL net revenue decreased by $1.4 million, and special event net revenue decreased by $246,000 due to fewer events held. Other operating income decreased by $255,000, while other operating expenses increased by $33,000 when compared to the prior year.
The increase is primarily related to promotions and retro-active merit increases for ManCo staff that charge time to the Non-NFL events.
Table 3
EVENT TYPE
No. of
Events
Net
Revenue
No. of
Events
Net
Revenue
No. of
Events
Net
Revenue
No. of
Events
Net
Revenue
No. of
Events
Net
Revenue
Ticketed Events
Concerts 1 $ 320,231 0 $ - 2 $ 2,207,319 2 $ 1,401,550 0 $ - Sporting events:
Soccer 0 - 1 177,806 2 447,531 0 - 0 - Net Revenue from Ticketed Events 1 320,231 $ 1 177,806 $ 4 2,654,850 $ 2 1,401,550 $ 0 - $ 19 557,805 $ 22 772,876 $ 20 643,421 $ 16 327,962 $ 4 81,962 $ Other Operating Income(1) $ 726,948 12,182 $ 618,326 $ 655,876 $ 400,672 $ Other Operating Expenses(2) $ (291,190) (246,496) $ (407,007) $ (153,757) $ (186,504) $ Total Non-NFL Net Revenue (3) 20 643,722 $ 23 1,386,440 $ 24 3,509,590 $ 18 2,231,631 $ 4 296,130 $ 2022/23 2024/25 2023/24 2026/27
(1) Other Operating Income is 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 Events
by Event Type
Historical Year-to-Date through June 30, 2026
Levi's Stadium
2025/26
7 Table 4
2026/27
YTD Total
REVENUE:
Special Event Revenue 317,041 $
Ticket Platform Fees - Suite Ticket Revenue -
Parking -
Food & Beverage - Ticketed Events -
Food & Beverage - Special Events 34,231 Miscellaneous(1) 400,672
Total Revenue $ 751,944
EXPENSE:
Public Safety/Security 6,275 $
Event Staff 17,914 Parking 1,772 Catering - Special Events 199,774 General Event Related Expenses 43,575 Expense Reimbursement from Event Licensee(2) - Miscellaneous(3)
186,504
Total Expense $ 455,814
Subtotal Net Revenue 296,130 $
TICKET SURCHARGE REVENUE(4):
Base Ticket Surcharge ($4/ticket) - $
Additional Ticket Surcharge (>$4/ticket) - Subtotal Ticket Surcharge $ - Total Net Revenue & Ticket Surcharge 296,130 $ TRANSFERS OF TICKET SURCHARGE REVENUE:
Transfer to Discretionary Fund - $
Transfer to Public Safety Cost Reserve - $
(4) Ticket surcharge exclude FIFA World Cup 2026 (FWC26) revenue of $1.7 million generated from the sale of 278,412 FWC26 tickets.
(3) Includes catered events department staff costs, non-event specific staff costs, and other expenses.
Levi's® Stadium
Non-NFL Event Results by Category
As of June 30, 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. 8 Discretionary Fund
The Discretionary Fund is funded by revenue equal to $2 per ticket of the base Non-NFL event ticket surcharge. During the current period, the five World Cup soccer matches generated $557,000 in revenue for the Discretionary Fund. This is based on the number of tickets sold provided by the Stadium Manager.
Table 5 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 $1.7 million.
Table 5
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, the five World Cup soccer matches generated $557,000 in revenue for the Public Safety Cost Reserve. Additional information on the public safety cost over threshold is provided in the glossary.
Table 6 shows revenues in the Public Safety Cost Reserve. The balance at the end of this reporting period was $682,000.
Table 6
Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
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 2025/26 714,775 890,700 509,464 1,096,011 2026/27 1,096,011 556,824 - 1,652,835 Discretionary Fund Reserve
Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
2025/26 - $ 2,576,522 $ 2,450,970 $ 125,552 $
2026/27 125,552 556,824 - 682,376 Public Safety Cost Reserve 9 This page intentionally left blank
10 Stadium Builder Licenses
The total principal value of currently active Stadium Builder Licenses (“SBLs”) is $561.0 million and, as of June 30, 2026, 96.1% of the total principal value of all SBLs sold (i.e., $538.8 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 67,435 currently active SBLs. This is a decrease of 324 from the total active SBLs at the end of the prior fiscal year (March 31, 2026). The decrease is primarily due to SBL defaults partially offset by the 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, 330 SBLs were sold for a total face value of $2.0 million. The customer seat relocation program resulted in an increase of $1.2 million to the SBL face value, while netting 86 more SBLs. There were also 740 SBLs defaulted during the quarter with a face value of $5.2 million.
Additional details regarding currently active SBLs are noted in Table 7. 11 Table 7
SBL Seats
Available
SBL Seats Sold
as of 3/31/26
New SBL
Sales
Net SBL
Relocations
SBL
Defaults
SBL Seats
Sold SBL Value SBL Collected % SBL Principal Collected
100 100 - - - 100 14,082,625 $ 14,071,757 $ 99.9%
942 942 - 2 (2) 942 75,360,000 $ 74,890,301 $ 99.4%
2 2 - - - 2 80,000 $ 79,600 $ 99.5%
4,682 4,945 8 24 (34) 4,680 140,400,000 $ 135,962,613 $ 96.8% 3,101 3,475 19 8 (44) 3,084 61,680,000 $ 58,031,601 $ 94.1% 87 90 - - - 87 1,522,500 $ 1,238,540 $ 81.3%
7 7 - - - 7 105,000 $ 105,000 $ 100.0%
2,186 2,163 9 5 (18) 2,182 26,184,000 $ 25,038,799 $ 95.6% 7 7 - - - 7 70,000 $ 69,915 $ 99.9%
21,061 20,656 89 52 (196) 21,006 126,036,000 $ 121,306,084 $ 96.2% 14,498 14,311 124 (67) (279) 14,276 71,380,000 $ 66,093,307 $ 92.6% 925 916 2 7 - 934 3,736,000 $ 3,714,099 $ 99.4%
89 88 - - - 89 267,000 $ 265,220 $ 99.3%
40 36 - - - 40 100,000 $ 99,998 $ 100.0%
19,999 18,392 79 55 (167) 19,966 39,932,000 $ 37,843,846 $ 94.8% 33 26 - - - 33 33,000 $ 32,974 $ 99.9%
66,156 67,759 330 86 (740) 67,435 $ 560,968,125 $ 538,843,654 96.1% Plus: Interest on financed SBLs $ 68,413,363
Total Principal & Interest $ 607,257,017
(1) This table does not include $41.6 million that has been collected life-to-date from defaulted SBL holders.
Total
$ 10,000
Santa Clara Stadium Authority
Currently Active Stadium Builder License (SBL) Summary (1) Through June 30, 2026
Seat Value
$ 141,392
$ 80,000
$ 40,000
$ 30,000
$ 20,000
$ 15,000
$ 12,000
$ 6,000
$ 5,000
$ 4,000
$ 3,000
$ 2,500
$ 2,000
$ 1,000
$ 17,500
12 Santa Clara Stadium Authority Budget Status Reports
Operating Budget
With 25% of the fiscal year complete, total operating revenues for the first quarter of the 2026/27 Fiscal Year were $9.0 million representing 13% of the overall budget for revenues. The primary reasons that revenue is below 25% (par level through three months) is because Non-NFL event net revenue is recorded at the end of the fiscal year in accordance with Article 5 of the Stadium Management Agreement. Additionally, NFL ticket surcharge revenue is recorded in second quarter when the NFL season starts, and the first SBL proceeds are also received during that quarter. During the current reporting period, the Stadium Authority recognized $6.2 million in rent from StadCo, $1 million in interest, $1.7 million in Non-NFL ticket surcharge, and $133,000 in sponsorship revenue.
Total Operating expenses were $7.3 million, or 20% of the annual budget. Shared Stadium Manager expenses were 24% of the budget, or $3.6 million of the $14.8 million budgeted amount and SBL Sales and Service expenses were 25% of the budget or $617,000. 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 50% of the budget for the year, or $934,000.
The current period covers 50% (three out of the six months) that the Stadium Authority is responsible for utility costs. Lastly, Stadium Authority General and Administrative (G&A) costs were tracking below budget levels at $746,000 or 18% of the budget.
Additional details are shown in Table 8.
13 Table 8
Budget to Budget to
Adopted Amended(1) YTD Actual % Final YTD Actual %
Budget Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance
Discretionary Fund Reserve 604,775 $ 1,096,011 $ 1,096,011 $ - $ NA 714,775 $ 714,775 $ - $ NA Operating Reserve 27,684,328 27,684,677 27,684,677 - NA 26,878,328 26,878,328 - NA Public Safety Cost Reserve 16,000 125,552 125,552 - NA - - - NA Renovation/Demolition Reserve 53,529,143 53,346,661 53,346,661 - NA 43,771,643 43,771,643 - NA Stadium Funding Trust Reserve 7,802,882 5,822,352 5,822,352 - NA 3,898,514 3,898,514 - NA Unrestricted 9,654,408 14,068,058 14,068,058 - NA 14,643,276 14,643,276 - NA Total Beginning Fund Balance 99,291,536 $ 102,143,311 $ 102,143,311 $ - $ NA 89,906,536 $ 89,906,536 $ - $ NA Revenue
NFL Ticket Surcharge 16,166,000 $ 16,166,000 $ - $ 16,166,000 $ 0% 16,123,000 $ - $ 16,123,000 $ 0% SBL Proceeds 5,154,000 5,154,000 - 5,154,000 0% 6,747,000 - 6,747,000 0% Interest 3,155,000 3,155,000 1,008,221 2,146,779 32% 5,028,000 1,109,025 3,918,975 22% Net Revenues from Non-NFL Events 4,600,000 4,600,000 - 4,600,000 0% 6,222,000 - 6,222,000 0% Naming Rights 8,307,000 8,307,000 - 8,307,000 0% 8,065,000 - 8,065,000 0% Sponsorship Revenue (STR) 794,000 794,000 132,862 661,138 17% 722,000 135,371 586,629 19% Rent 24,762,000 24,762,000 6,190,500 18,571,500 25% 24,762,000 6,190,500 18,571,500 25% Senior & Youth Program Fees 248,000 248,000 - 248,000 0% 300,000 - 300,000 0% Non-NFL Event Ticket Surcharge 4,097,000 4,097,000 1,670,472 2,426,528 41% 4,356,000 1,023,728 3,332,272 24% Non-NFL Events PSC Depreciation Reimbursement 84,000 84,000 - 84,000 0% 89,000 - 89,000 0% Other Revenue - - 1,289 (1,289) NA - 16,437 (16,437) NA Total Revenue 67,367,000 $ 67,367,000 $ 9,003,344 $ 58,363,656 $ 13% 72,414,000 $ 8,475,061 $ 63,938,939 $ 12% Total Source of Funds 166,658,536 $ 169,510,311 $ 111,146,655 $ 58,363,656 $ 66% 162,320,536 $ 98,381,597 $ 63,938,939 $ 61% Budget to Budget to
Adopted Amended(1) YTD Actual % Final YTD Actual %
Budget Budget Actuals Difference Used Budget Actuals Difference Used Expenses
Shared Stadium Manager Expenses
Stadium Operations 3,714,000 $ 3,714,000 $ 920,338 $ 2,793,662 $ 25% 3,139,000 $ 872,267 $ 2,266,733 $ 28% Engineering 3,652,000 3,652,000 927,519 2,724,481 25% 4,052,000 937,943 3,114,057 23% Guest Services 491,000 491,000 123,466 367,534 25% 476,000 121,406 354,594 26% Groundskeeping 728,000 728,000 170,958 557,042 23% 400,000 137,456 262,544 34% Security 2,342,000 2,342,000 549,160 1,792,840 23% 2,085,000 476,235 1,608,765 23% Insurance 3,636,000 3,636,000 908,923 2,727,077 25% 3,530,000 882,449 2,647,551 25% Stadium Management Fee 285,000 285,000 - 285,000 0% 277,000 - 277,000 0% Shared Stadium Manager Expenses Subtotal 14,848,000 $ 14,848,000 $ 3,600,364 $ 11,247,636 $ 24% 13,959,000 $ 3,427,756 $ 10,531,244 $ 25% Other Operating Expenses
SBL Sales and Service 2,468,000 $ 2,468,000 $ 617,002 $ 1,850,998 $ 25% 2,324,000 $ 580,885 $ 1,743,115 $ 25% Buffet Costs 859,000 859,000 - 859,000 0% 974,000 - 974,000 0% Senior & Youth Fees (paid to City) 248,000 248,000 - 248,000 0% 300,000 - 300,000 0% Ground Rent (paid to City) 1,000,000 1,000,000 1,000,000 - 100% 1,000,000 1,000,000 - 100% Performance Rent (paid to City) 1,800,000 1,800,000 - 1,800,000 0% 2,611,000 - 2,611,000 0% Discretionary Fund Expense 250,000 250,000 - 250,000 0% 1,250,000 - 1,250,000 0% Utilities 1,868,000 1,868,000 934,003 933,997 50% 1,796,000 898,080 897,920 50% Use of StadCo Tenant Improvements 75,000 75,000 3,823 71,177 5% 106,000 16,170 89,830 15% Stadium Authority General & Administrative 4,107,000 4,107,000 746,108 3,360,892 18% 4,172,000 430,672 3,741,328 10% Stadium Authority Legal Services 460,000 460,000 63,381 396,619 14% 515,000 34,477 480,523 7% Naming Rights Expense 142,000 142,000 51,149 90,851 36% 1,724,000 49,659 1,674,341 3% Other Expenses 1,097,000 1,097,000 274,250 822,750 25% 763,000 190,991 572,009 25% PSC Over Threshold 2,500,000 2,500,000 - 2,500,000 0% 2,560,000 - 2,560,000 0% PSC 2024 Outstanding Balance 421,000 421,000 - 421,000 0% 4,900,000 - 4,900,000 0% 4,474,000 4,474,000 - 4,474,000 0% 4,900,000 - 4,900,000 0% Other Operating Expenses Subtotal 21,769,000 $ 21,769,000 $ 3,689,716 $ 18,079,284 $ 17% 29,895,000 $ 3,200,934 $ 26,694,066 $ 11% Total Expenses 36,617,000 $ 36,617,000 $ 7,290,080 $ 29,326,920 $ 20% 43,854,000 $ 6,628,690 $ 37,225,310 $ 15% Transfers Out
Debt Service 17,823,000 $ 17,823,000 $ - $ 17,823,000 $ 0% 17,646,000 $ - $ 17,646,000 $ 0% Capital Expenditures Reserve 4,278,000 4,278,000 - 4,278,000 0% 5,153,000 - 5,153,000 0% Capital Expenditures Reserve - Additional Transfers 5,666,000 5,666,000 - 5,666,000 0% - - - NA Total Transfers Out 27,767,000 $ 27,767,000 $ - $ 27,767,000 $ 0% 22,799,000 $ - $ 22,799,000 $ 0% Ending Fund Balance
Discretionary Fund Reserve 869,775 $ 1,361,011 $ 1,652,835 $ (291,824) $ NA 354,775 $ 941,101 $ (586,326) $ NA Operating Reserve 28,515,328 28,515,677 27,684,677 831,000 NA 27,684,328 26,878,328 806,000 NA Public Safety Cost Reserve - 109,552 682,376 (572,824) NA 16,000 567,024 (551,024) NA Renovation/Demolition Reserve 58,424,143 58,241,661 53,346,661 4,895,000 NA 53,570,643 43,771,643 9,799,000 NA Stadium Funding Trust Reserve 8,580,000 6,599,470 801,381 5,798,089 NA 7,803,002 603,216 7,199,786 NA Unrestricted 5,885,290 10,298,940 19,688,645 (9,389,705) NA 6,238,788 18,991,595 (12,752,807) NA Total Ending Fund Balance 102,274,536 $ 105,126,311 $ 103,856,575 $ 1,269,736 $ NA 95,667,536 $ 91,752,907 $ 3,914,629 $ NA Total Use of Funds 166,658,536 $ 169,510,311 $ 111,146,655 $ 58,363,656 $ 66% 162,320,536 $ 98,381,597 $ 63,938,939 $ 61% (1)Adjustments include previously approved budget amendments through September 15, 2026 Transfer to City General Fund from Excess Revenues
Santa Clara Stadium Authority
Operating Budget Status Report
For the Period Ending June 30, 2026 and 2025
Period Ending June 30, 2026 Period Ending June 30, 2025 14 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 budget adjustments are recommended based on FY 2026/27 projected actuals. 1) Buffet Costs: In FY 2026/27, the complimentary buffet cost due to StadCo is budgeted at $859,329 for the NFL season or $95,481 per NFL game. The Stadium Authority has the option to request StadCo to track buffet expenses and provide accounting records at the Stadium Authority’s expense. This fee is calculated at 5% of the annual buffet cost. The Stadium Authority has elected to utilize this service for FY 2026/27. Therefore, a budget amendment of $43,000 is needed to reflect the additional cost for the buffet accounting fee.
2) PSC 2024 Outstanding Balance: In FY 2026/27 $421,000 is budgeted to pay down the PSC 2024 Outstanding Balance based on a projection of what would be paid down in FY 2025/26. The actual amount paid in FY 2025/26 was slightly lower than projected leaving a remaining balance at the end of FY 2025/26 of $512,267.
Therefore, a budget amendment of $91,267 is needed to reflect the additional amount that is expected to be paid at the end of FY 2026/27, fully paying off the PSC 2024 Outstanding Balance.
3) Transfer to City General Fund from Excess Revenues: In FY 2026/27, a transfer of $4.5 million in excess revenues to the City’s General Fund is budgeted. Based on projected expenses resulting from the actions described above, $4.3 million is expected to be transferred to the City’s General Fund. Therefore, a budget amendment of $112,767 is needed to reflect the decreased payment to the General Fund.
4) Renovation/Demolition Reserve: In FY 2026/27, a transfer of $4.9 million in excess revenues to the Renovation/Demolition Reserve is budgeted. Based on projected expenses resulting from the actions described above, a budget amendment of $21,500 is needed to reflect the reduced transfer to the Renovation/Demolition Reserve.
Additional details are shown in Table 9.
15 Table 9
Santa Clara Stadium Authority
2026/27 Operating Budget Adjustment
Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 Buffet Costs $43,000 This action increases Buffet
Costs from $859,000 to
$902,000 due to the buffet
accounting fee.
2 PSC 2024 Outstanding
Balance
$91,267 This action increases PSC
2024 Outstanding Balance
from $421,000 to $512,267 due
to a higher balance anticipated
to be paid off.
3 Transfer to City General
Fund from Excess
Revenues
($112,767) This action decreases the
Operating Budget for the
Transfer to City General Fund
from $4,474,000 to $4,361,233
due to additional anticipated
expenses.
4 Renovation/Demolition
Reserve
($21,500) This action decreases the
Renovation/Demolition
Reserve from $58,241,661 to
$58,220,161 due to additional
anticipated expenses.
Total $0 $0
16 Debt Service Budget
The Stadium Authority’s FY 2026/27 debt service revenue budget of $3.8 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 quarter, $1.0 million was contributed by the CFD, or 26% of the annual budget.
Total Stadium Authority debt service expenses for the current reporting period were $11.8 million, or 56% of the budgeted amount. The debt service expenses for the CFD Advance and the Term A Loan were $1.1 million and $10.6 million, respectively.
As of June 30, 2026, the total outstanding amount of Stadium Authority debt had declined to $200.5 million. This is a reduction in principal of $9.2 million from the March 31, 2026 outstanding debt amount of $209.7 million.
Additional details are shown in Tables 10 and 11 and Chart 1. 17 Table 10
Budget to Budget to
Adopted Amended(1) YTD Actual % Final YTD Actual %
Budget Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance
Required Debt Service Reserve 11,536,235 $ 11,536,235 $ 11,536,235 $ - $ NA 11,536,235 $ 11,536,235 $ - $ NA Debt Service Reserve 9,358,100 9,496,615 9,496,615 - NA 8,706,100 8,706,100 - NA Total Beginning Fund Balance 20,894,335 $ 21,032,850 $ 21,032,850 $ - $ NA 20,242,335 $ 20,242,335 $ - $ NA Revenue
Contribution from CFD 3,807,000 $ 3,807,000 $ 1,006,650 $ 2,800,350 $ 26% 3,605,000 $ 876,404 $ 2,728,596 $ 24% Total Revenues 3,807,000 $ 3,807,000 $ 1,006,650 $ 2,800,350 $ 26% 3,605,000 $ 876,404 $ 2,728,596 $ 24% Transfers In
Transfers In from Operating 17,823,000 $ 17,823,000 $ - $ 17,823,000 $ 0% 17,646,000 $ - $ 17,646,000 $ 0% Total Transfers In 17,823,000 $ 17,823,000 $ - $ 17,823,000 $ 0% 17,646,000 $ - $ 17,646,000 $ 0% Total Source of Funds 42,524,335 $ 42,662,850 $ 22,039,500 $ 20,623,350 $ 52% 41,493,335 $ 21,118,739 $ 20,374,596 $ 51% Budget to Budget to
Adopted Amended(1) YTD Actual Final YTD Actual
Budget Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
CFD Advance 3,769,000 $ 3,769,000 $ 1,140,262 $ 2,628,738 $ 30% 3,565,000 $ 926,770 $ 2,638,230 $ 26% Term A Loan 17,226,000 17,226,000 10,610,100 6,615,900 62% 17,080,000 10,148,322 6,931,678 59% Total Expenses 20,995,000 $ 20,995,000 $ 11,750,362 $ 9,244,638 $ 56% 20,645,000 $ 11,075,092 $ 9,569,908 $ 54% Ending Fund Balance
Required Debt Service Reserve 11,536,235 $ 11,536,235 $ 11,536,235 $ - $ NA 11,536,235 $ 11,536,235 $ - $ NA Debt Service Reserve 9,993,100 10,131,615 (1,247,097) 11,378,712 NA 9,312,100 (1,492,588) 10,804,688 NA Total Ending Fund Balance 21,529,335 $ 21,667,850 $ 10,289,138 $ 11,378,712 $ NA 20,848,335 $ 10,043,647 $ 10,804,688 $ NA Total Use of Funds 42,524,335 $ 42,662,850 $ 22,039,500 $ 20,623,350 $ 52% 41,493,335 $ 21,118,739 $ 20,374,596 $ 51% (1)Adjustments include previously approved budget amendments through September 15, 2026 Debt Service Budget Status Report
For the Period Ending June 30, 2026 and 2025
Period Ending June 30, 2025
Santa Clara Stadium Authority
Period Ending June 30, 2026
18 Table 11
Chart 1
Type of Indebtedness Interest Rates
Outstanding as of
March 31, 2026 Net Change
Outstanding as of
June 30, 2026
Stadium Funding Trust Loan:
Term A Loan 5.00% 184,818,249 $ (8,404,934) $ 176,413,315 $ StadCo CFD Advance 5.73% 24,905,748 (785,945) 24,119,803 Total $ 209,723,997 $ (9,190,879) $ 200,533,118 Period Ending June 30, 2026
Santa Clara Stadium Authority
Debt Summary Report
$-
$100
$200
$300
$400
$500
$600
$700
Mar 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 2026 Jun 2026 Total Outstanding Debt (in millions)
Construction Loan StadCo Agency Advance Term B Loan Term A Loan StadCo CFD Advance StadCo 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 $200.5
19 This page intentionally left blank
20 Capital Expense (CapEx) Budget
As part of the Capital Expense (“CapEx”) Plan, the following projects were underway during the current reporting period:
Back of House (BOH) Control Panels, Amplifiers & Speakers Broadcast Booth Window System Replacement
Fire Alarm - Edwards System Technology (EST) 4 Fire Alarm Panel Upgrade to Existing EST 3 System
HVAC Boilers and Boiler Exhaust Flues
LED Retrofit Project – Phase 1
Levi’s® Naming Rights Signage Refurbishment
Plumbing – Boilers
Radio Booth Cabling – Phase I
A total of $257,000 has been spent in the first quarter of FY 2026/27, which amounts to 1% of the budget of $21.1 million. There has also been no activity on warranty work which makes up 7% of the CapEx Budget.
Additional details are shown in Table 12 and 13.
21 Table 12
Budget to Budget to
Adopted Amended(1) YTD Actual % Final YTD Actual %
Budget Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance 12,426,221 $ 11,321,396 $ 11,321,396 $ 0 $ NA 17,278,221 $ 17,278,221 $ - $ NA Revenue
Other Revenue 110,000 $ 187,083 $ - $ 187,083 $ 0% 797,607 $ - $ 797,607 $ 0% Total Revenue 110,000 $ 187,083 $ - $ 187,083 $ 0% 797,607 $ - $ 797,607 $ 0% Transfers In
Transfers In from Operating 4,278,000 $ 4,278,000 $ - $ 4,278,000 $ 0% 5,153,000 $ - $ 5,153,000 $ 0% Transfers In from Operating Reserve 5,666,000 5,666,000 - 5,666,000 0% - - - NA Total Transfers In 9,944,000 $ 9,944,000 $ - $ 9,944,000 $ 0% 5,153,000 $ - $ 5,153,000 $ 0% Total Source of Funds 22,480,221 $ 21,452,479 $ 11,321,396 $ 10,131,083 $ 53% 23,228,828 $ 17,278,221 $ 5,950,607 $ 74% Budget to Budget to
Adopted Amended(1) YTD Actual Final YTD Actual
Budget Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
Construction 11,747,000 $ 11,219,861 $ (284,576) $ 11,504,437 $ -3% 15,673,379 $ 5,240,772 $ 10,432,607 $ 33% Equipment 6,746,000 6,512,121 541,431 5,970,690 8% 3,862,848 57,964 3,804,884 2% Contingency & Misc 1,850,000 1,850,000 - 1,850,000 0% 813,000 - 813,000 0% Stadium Warranty Related Construction 1,528,000 1,528,000 - 1,528,000 0% 1,528,000 - 1,528,000 0% Total Expenses 21,871,000 $ 21,109,982 $ 256,855 $ 20,853,127 $ 1% 21,877,227 $ 5,298,736 $ 16,578,491 $ 24% Ending Fund Balance 609,221 $ 342,497 $ 11,064,541 $ (10,722,044) $ NA 1,351,601 $ 11,979,485 $ (10,627,884) $ NA Total Use of Funds 22,480,221 $ 21,452,479 $ 11,321,396 $ 10,131,083 $ 53% 23,228,828 $ 17,278,221 $ 5,950,607 $ 74% (1)Adjustments include previously approved budget amendments through September 15, 2026 CapEx Budget Status Report
For the Period Ending June 30, 2026 and 2025
Period Ending June 30, 2025
Santa Clara Stadium Authority
Period Ending June 30, 2026
22 Table 13
Budget to
Adopted Amended(1) YTD Actual
Budget Budget Actuals Difference % Used
Construction
Architectural
L1901 Asphalt 206,587 $ 206,587 $ - $ 206,587 $ 0%
L2004 Women's Locker Room 7,958 19,051 - 7,958 0%
L2301 Aesthetic Improvements - Premium Areas / Special Event Spaces 149,527 149,527 - 149,527 0% L2403 Lighting Systems - Fixture Replacement of Major Outdoor Lighting 76,043 76,043 - 76,043 0% L2405 Engineering Shop Enhancements 57,475 57,475 - 57,475 0% L2502 LED Retrofit Project - Phase 1 68,465 67,395 9,995 57,400 15% L2505 Levi's Naming Rights Signage Refurbishment (2) 209,284 350,292 (275,429) 484,713 -132% L2507 Stormwater System Assessment and Replacements 150,778 150,778 - 150,778 0% L2509 Trash Compactor Replacement - Phase 1 379,335 379,335 - 379,335 0% L2603 Slip and Fall Protection - South, Northeast, and Northwest Field Tunnels 57,475 57,475 - 57,475 0% L2604 Walking Route Matting 172,425 172,425 - 172,425 0% L2607 LED Retrofit Project - Phase 2 1,275,973 1,275,973 - 1,275,973 0% L2609 Trash Compactor Replacement - Phase 2 459,800 459,800 - 459,800 0% L2610 Great America Lot Substation Fence 57,475 57,475 - 57,475 0% L2701 Adult Changing Facility 363,000 363,000 - 363,000 0% L2702 Light-emitting Diode (LED) Lighting Replacement 4,752,967 4,752,967 - 4,752,967 0% L2703 Seating Bowl Sealant Joints 509,326 509,326 - 509,326 0% L2704 Security Lighting 74,250 74,250 - 74,250 0%
Building Envelope
L2303 Concrete Replacements 47,654 47,654 - 47,654 0%
L2406 Exterior Stairwell Traffic Coating Refurbishment 80,780 80,780 - 80,780 0% L2503 Broadcast Booth Window System Replacement 168,032 169,380 163 167,869 0% L2504 Expansion / Waterproofing / Caulk Joint Replacements - Phase 2 17,701 67,703 - 17,701 0% L2506 Coating (Structural Steel, Concrete Walls, etc.) White steel - Phase 1 287,375 287,375 - 287,375 0% L2510 General Areas / Coatings Main Deck 335,610 335,610 - 335,610 0% L2605 Coating (Structural Steel, Concrete Walls, etc.) White steel - Phase 2 287,375 287,375 - 287,375 0% Building Systems
L2003 Automatic Logic Control Building Engineering System 63,221 63,221 - 63,221 0% L2402 Lighting System - Controls System 34,410 34,410 - 34,410 0% L2501 Distribution - High Voltage Assessment and Replacement 459,800 459,800 - 459,800 0% L2608 Distribution - High Voltage PSG 12 KV Electrical Power Study 15,858 338,476 - 15,858 0% L2706 Fire Alarm - Edwards System Technology (EST) 4 Fire Alarm Upgrade 682,000 682,000 488 681,512 0% L2708 Plumbing Fixture and Restroom Automatic Flushing Device Replacement 887,376 887,376 - 887,376 0% Construction Subtotal $ 12,394,265 12,921,404 $ (264,783) $ 12,659,048 $ -2.1% (1) Adjustments include previously approved budget amendments through September 15, 2026. (2) Expenses accrued during the FY 2025/26 year-end close were reversed in Q1 of FY 2026/27. Invoices related to these accruals have not been processed as of the end of Q1.
Santa Clara Stadium Authority
CapEx Project Spend
Period Ending June 30, 2026
23 Budget to
Adopted Amended(1) YTD Actual
Budget Budget Actuals Difference % Used
Equipment
Architectural
L1701 Main Kitchen Equipment $ 301,699 303,555 $ - $ 301,699 $ 0% L2002 Replace furniture for BNY Field Clubs, United, Levi's 501 & Yahoo clubs 3,024 3,024 - 3,024 0% L2005 Install New Kitchen Exhaust Fans throughout the building 265,271 265,271 - 265,271 0% L2611 Medical Equipment - General Allowance 71,507 109,460 - 71,507 0% Building Systems
L2006 Install Stadium Camera Booths Card Readers 96,558 96,558 - 96,558 0% L2101 Enhance Stadium Security Access Control 270,133 270,133 - 270,133 0% L2404 CO2 Monitoring & Sensors for Code Compliance 204,611 204,611 - 204,611 0% L2407 Plumbing - Boilers 142,126 33,972 35,501 (1,529) 105% L2408 Security - General Allowance 98,019 188,555 - 98,019 0% L2508 Stadium Camera Coverage Upgrade 574,750 574,750 - 574,750 0% L2601 HVAC 287,375 287,375 - 287,375 0%
L2602 Security - General Allowance 261,187 261,187 - 261,187 0% L2606 Surveillance - Cameras 287,375 287,375 - 287,375 0% L2705 Cooling Towers 470,935 470,935 - 470,935 0%
L2707 HVAC Boilers and Boiler Exhaust Flues 1,140,824 1,140,824 813 1,140,011 0% Public Safety
L2302 Replacement of end of life Network equipment 7,349 7,349 - 7,349 0% L2612 Staff Scheduling Software 19,657 19,657 - 19,657 0% L2613 Replacement of end of life End User equipment 7,404 2,619 - 7,404 0% L2709 Briefing Room Upgrades 3,000 3,000 - 3,000 0%
L2710 E-Bikes 18,000 18,000 - 18,000 0%
L2711 Golf Carts 30,000 30,000 - 30,000 0%
L2712 Roll Up Door for Briefing Room 10,000 10,000 - 10,000 0% Technology
L2001 Radio Booth Cabling - Phase I 580,031 579,866 485,000 94,866 84% L2401 Crestron Control & Building Operating System Upgrades - Phase 2 34,485 34,485 - 34,485 0% L2713 Back of House (BOH) Control Panels, Amplifiers & Speakers 2,109,792 2,109,792 325 2,109,467 0% Equipment Subtotal $ 7,186,793 7,420,672 $ 521,639 $ 6,665,154 $ 7.3% Total 20,342,076 $ 19,581,058 $ 256,856 $ 19,324,202 $ 1.3% (2) Expenses accrued during the FY 2025/26 year-end close were reversed in Q1 of FY 2026/27. Invoices related to these accruals have not been processed as of the end of Q1. (1) Adjustments include previously approved budget amendments through September 15, 2026.
Santa Clara Stadium Authority
CapEx Project Spend
Period Ending June 30, 2026
24 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 amendment recommended in this report is for a CapEx project that requires a budget amendment due to unanticipated costs. 1) L2710: E-Bikes – This project funds the purchase of 3 E-Bikes. The manufacturer phased out production of the model that the budget was based on. The current production model and the only model available for purchase has an improved electrical system, including increased torque and battery life. Due to unanticipated cost associated with purchasing the new model, staff is requesting a budget amendment to increase the project budget by $2,000 from $18,000 to $20,000. 2) L2407: Plumbing–Boilers – This project addresses the general renewal and replacement of necessary plumbing equipment in the stadium, including, but not limited to, piping, fittings, vents, joints, switches, cleanouts, valves, drains, traps, primers, strainers, pumps, water heaters, interceptors, filters, and/or water softener systems. The project requires a budget amendment to cover additional project management costs related to the Plumbing - Boilers project. Therefore, staff is requesting a budget amendment to increase the Plumbing-Boilers project budget by $2,000.
3) L2714: ADA Platforms – This project will address the procurement and installation of platforms for the placement of additional accessible seating sections on the 300 level concourse behind the lower bowl seating sections. A study in consultation with a certified access specialist (CASp) will be performed as part of this project in order to evaluate the total amount of additional accessible seating that can be added, taking into account factors including ingress, egress, spacing, and path of travel. To keep the project on schedule, a budget amendment is required to accelerate project costs from FY 2027/28 and pull forward $200,000 from the total approved FY 2027/28 project cost of $1,500,000. These funds will support the necessary design and architectural work to proceed with the project.
4) L2715: Premium Areas – This project addresses refurbishing specified elements of premium club spaces at the stadium. These premium club areas provide hospitality to the highest paying SBL members and host a multitude of non-NFL catered events.
Lifecycle expectations for finishes in these areas are 10 years based on heavy usage. To keep the project on schedule, a budget amendment is required to accelerate project costs and pull forward $150,000 from the total approved FY 2027/28 project cost of $1,205,058. These funds will support the necessary design and architectural work to proceed with the project.
5) Stadium Warranty Related Construction – The Stadium Warranty Related Construction is anticipated to decrease by $350,000 due to the actions taken above.
A budget amendment is needed to reflect the decrease in the Stadium Warranty Related Construction from $1,528,000 to $1,178,000.
25 6) Ending Fund Balance: The Ending Fund Balance is anticipated to decrease by $4,000 due to the actions taken above. A budget amendment of $4,000 is needed to reflect the decrease in the Ending Fund Balance – Unrestricted from $342,497 to $338,497.
Additional details are shown in Table 14.
26 Table 14
Santa Clara Stadium Authority
2026/27 CapEx Budget Adjustment
Item
#
Line Item Source of
Funds
Use of Funds Explanation
1 L2710: E-Bikes $2,000 This action increases the
Capital Expenditure
Budget from $18,000 to
$20,000 due to
unanticipated costs for the
new E-Bike model.
2 L2407: Plumbing –
Boilers
$2,000 This action increases the
Capital Expenditure
Budget from $33,972 to
$35,972 due to additional
project management
costs.
3 L2714: ADA Platforms $200,000 This action increases the Capital Expenditure
Budget from $0 to
$200,000 for the design
and architectural work
required to install
additional ADA seating
platforms.
4 L2715: Premium Areas $150,000 This action increases the Capital Expenditure
Budget from $0 to
$150,000 for the design
and architectural work
required to refurbish
premium club spaces.
5 Stadium Warranty
Related Construction
($350,000) This action decreases the
Stadium Warranty
Related Construction from
$1,528,000 to $1,178,000
to offset the action taken
above for the ADA
Platforms and Premium
Areas.
6 Ending Fund Balance ($4,000) This action decreases the Ending Fund Balance
from $342,497 to
$338,497 to offset the
action taken above for the
E-Bikes and PlumbingBoilers.
Total $0 $0
27 This page intentionally left blank
28 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $1.3 million that was contributed by the Stadium Authority to the General Fund as shown in Table 15. This section of the report also provides information on General Fund revenue and expenditure impacts resulting from the stadium.
Table 15
Public Safety and Administrative Cost Reimbursement
As described in earlier sections of this report, costs incurred by the City on NFL and NonNFL events are tracked and billed to the Stadium Manager. Reimbursement is monitored and included in this report. In the current period, public safety costs incurred in support of Non-NFL events held at Levi’s® Stadium totaled $933. The reimbursements come from a combination of payments from the Stadium Manager and the offsite parking fees that were collected. The City has not received the reimbursements as of the date of this report.
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 in the current year. 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 2026/27, a total of $648,000 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 - Tasman Parking Lot -
Sales Tax 259,311 $ 1,259,311
City of Santa Clara
Net General Fund Impact
For Stadium Authority
Total Net General Fund Impact
Period Ending June 30, 2026
29 Rents and Senior and Youth Fee
As noted above, the City’s General Fund collected ground rent of $1.0 million. The City’s General Fund did not collect any Senior and Youth fees in the current period since there were no NFL games held. 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 $259,000 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.
30 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 $3 of the FIFA ticket surcharge. The fund has been used to cover NFL public safety costs above the public safety cost threshold and other items at the Stadium Authority’s discretion. It is anticipated that the discretionary fund will continue to cover NFL public safety costs above the threshold. Stadium Authority may transfer up to half of the balance of the Discretionary Fund over $1.0 million from the Discretionary Fund to the City’s General Fund if (1) adequate provision has been made for the replacement of and upgrades to capital improvements contemplated under the Public Safety Plan and (2) an equal amount is transferred from the Discretionary Fund to Stadium Authority’s operating fund to be included as Stadium Authority Revenue.
Ground Lease – The Ground Lease Agreement has an initial term of 40 years commencing on the date of substantial completion which was July 31, 2014. The amount of annual base ground rent that is payable by the Stadium Authority to the City is noted in Table 16.
31 Table 16
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 Year
Annual Fixed
Ground Rent
Cumulative
Total
1 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 $
32 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 NonNFL 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 2026/27 (July 1, 2026 through June 30, 2027) the offsite parking fee is $6.00. 33 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 NonNFL 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 yearend. 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 projected Performance Based Rent is noted in Table 17.
Table 17
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.
Performance Rent Calculation Fiscal Year 2026/27
Ground Rent 1,000,000 $
Net Non-NFL Event Revenue (Expense)(1)
4,600,000
50% of Net Non-NFL Event Revenue (Expense) 2,300,000 $
Performance Rent Credit from Ground Rent (50% of Ground Rent) (500,000) Subtotal $ 1,800,000 Public Safety Credits N/A
Other Credits N/A
Net Performance Rent paid to the City of Santa Clara $ 1,800,000 (1) Net income from Non-NFL events for FY2026/27 is projected.
City of Santa Clara
Stadium Authority Performance Rent Calculation Projection 34 Public Safety Costs (PSC) 2024 Outstanding Balance: As part of the 2024 Settlement Agreement, public safety costs over the threshold for FY 2017/18 to FY 2023/24 would not be treated as Credited Public Safety Costs and therefore would not affect the calculation of Performance Based Rent. Instead, these costs amounting to approximately $14.8 million were defined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off. It is estimated that the balance will be paid off in the current year.
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 $389,376 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.
Fiscal Year
Outstanding
Balance
Actual/Projected
Payments
Remaining
Balance
2023/24 14,786,346 $ - $ 14,786,346 $
2024/25 14,786,346 $ 9,486,570 $ 5,299,776 $
2025/26 5,299,776 $ 4,787,509 $ 512,267 $
2026/27 512,267 $ - $ 512,267 $
PSC 2024 Outstanding Balance
35 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 Year
Lease
Year
Annual Base
Stadium
Management
Fee (SCSA
Share)
Stadium
Marketing
and Booking
Fee
Benchmark
Net Income
from NonNFL Events
1st Tier -
paid at 10%
Fee
Additional
Stadium
Marketing and
Booking Fee
10% 1st Tier
2nd Tier -
paid at
15% Fee
Additional
Stadium
Marketing and
Booking Fee
15% 2nd Tier
Total Stadium
Management
Fee
2014/15 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 36 Appendix
This section of the report provides additional historical data for the tables referenced in the body of this report.
Table 20
2014/15 Q1 2015/16 Q1 2016/17 Q1 2017/18 Q1 2018/19 Q1 2019/20 Q1 2020/21 Q1 2021/22 Q1 Total Total Total Total Total Total Total Total
No. of Non-NFL Ticketed Events - 6 8 4 4 3 - - No. of Tickets Sold - 284,352 351,837 90,456 115,661 57,344 - - Non-NFL Base Ticket Surcharge - $ 1,137,408 $ 1,407,348 $ 361,824 $ 462,444 $ 229,376 $ - $ - $ Non-NFL Additonal Ticket Surcharge (1) $ - - $ - $ - $ - $ - $ - $ - $ Total Ticket Surcharge - $ 1,137,408 $ 1,407,348 $ 361,824 $ 462,444 $ 229,376 $ - $ - $ No. of Non-NFL Special Events - 62 31 25 24 20 - - Non-NFL Special Event Attendees - 19,345 13,709 8,438 13,683 5,737 - - Cars Parked at Offsite Lots - 27,215 34,376 7,939 10,495 5,251 - - City Offsite Parking Fee - $ 133,898 $ 174,632 $ 41,600 $ 56,883 $ 29,563 $ - $ - $ Stadium Public Safety Costs - $ 1,425,075 $ 1,721,055 $ 475,003 $ 707,108 $ 337,972 $ - $ - $ Less: Offsite Parking Fee Credit - $ (133,898) $ (174,632) $ (41,600) $ (56,883) $ (29,563) $ - $ - $ Reimbursable Public Safety Costs - $ 1,365,128 $ 1,586,328 $ 433,403 $ 650,225 $ 308,409 $ - $ - $ Historical Non-NFL Event Statistics
(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® Stadium
37 Table 21
Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
2014/15 - $ 715,770 $ - $ 715,770 $
2015/16 715,770 1,238,542 714,028 1,240,284 2016/17 1,240,284 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
2020/21 2,327,850 - 18 2,327,832
2021/22 2,327,832 - (18) 2,327,850
Discretionary Fund Reserve