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Audit finds reporting gaps, recommends reconciliations for Veterans United Amphitheater
Summary
External auditors told the Virginia Beach Development Authority that Live Nation and VBDA need stronger reconciliations, certified statements and verification of tax remittances after tests found spreadsheet errors and incomplete documentation.
External auditors presenting to the Virginia Beach Development Authority on March 11 said procedures for calculating rent and local taxes at the Veterans United Home Loans Amphitheater do not fully comply with the facility lease and recommended stronger reconciliations and certified financial reporting.
The audit, presented by Linden (audit presenter) and Keith (audit presenter), reviewed revenue, rent calculations and remittance of local taxes for the 2023–2024 concert seasons and compared reported amounts to the ground-lease and facility-lease agreements. Linden described the amphitheater as “a prime attraction of our city,” and stressed the audit focused on whether revenues and taxes were recorded and remitted in accordance with the agreements.
Auditors said they found two primary issues. First, Live Nation did not provide a reliable breakdown of ticket revenue in a form…
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