Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Stadium Finance topic
No spam. Unsubscribe anytime.
Stadium Authority releases audited FY 2025 financials, reports $10.3M net from non‑NFL events; board hears audit and timing questions
Summary
The Santa Clara Stadium Authority presented audited fiscal year 2025 financial statements and a quarterly financial status report. Staff said audit timing follows a 90‑day close and auditor review; the authority reported roughly $10.3 million net revenue from non‑NFL events and continuing debt outstanding.
The Santa Clara Stadium Authority presented its audited fiscal year 2025 financial statements and a quarterly status report to the council in a joint session Oct. 21, showing final audited numbers and a larger picture of non‑NFL event activity and outstanding debt.
The authority’s treasurer walked the council through the audit timeline and explained why fourth‑quarter audited statements arrive later than interim reports: the stadium authority waits for all post‑year invoices and revenues (a 90‑day close window), then engages its outside auditor (KPMG), which performed the FY 2025 audit. The board’s audit committee met Sept. 22 and KPMG signed the audit Sept. 29; staff brought the audited statements to council as soon as they could be scheduled on the agenda.
Financial highlights: the authority reported roughly $10.3 million net revenue from non‑NFL events (ticketing, parking, concessions and related revenues combined with event costs) during FY 2025. The authority also reported transfers to the general fund — including rent and performance rents — that totaled about $20 million in the year, which city staff said have been balanced in the city budget and are being applied toward reserves. The stadium debt outstanding at report time was approximately $219.6 million; the authority has paid down roughly $99 million of principal since 2014, officials said.
Public safety costs and past settlement: staff explained the mechanics of public safety reimbursements, including a threshold mechanism in the stadium‑stadco agreements. The authority noted that approximately $14.8 million in prior public safety obligations had been reduced by payments in FY 2025, leaving an outstanding balance near $5.3 million that will be addressed through the settlement formulas.
Audit opinion: KPMG expressed an unmodified (clean) opinion on the audited financial statements, the auditor told the board. The authority’s audit committee and KPMG identified and discussed some reporting items and revenue recognition questions during the audit process, but the final opinion was unmodified.
What the council did: The council received the audit and financial reports and approved the budget amendments related to the authority’s report. Members asked about the timing of quarterly reports and whether reporting lags could be shortened; staff said the fourth quarter often aligns with the annual audit and that the authority aims to present the audit by late September where possible.
Ending: Staff said it would examine project carryovers and closeout practices for capital projects with lingering balances and would continue to provide quarterly reporting and audit committee briefings.
