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Stadium Authority posts $13 million operating surplus for first six months; council approves budget amendment and reserve boost
Summary
The Santa Clara Stadium Authority on Tuesday approved its financial status report for the quarter ended Sept. 30 and a budget amendment that boosted the authority’s stabilization reserve after an operating surplus and settlement and FEMA receipts.
The Santa Clara Stadium Authority on Tuesday approved its financial status report for the quarter ended Sept. 30 and a related budget amendment that increased the authority’s budget stabilization reserve.
Board Member Jane pulled Item 3B for discussion and asked staff to explain the figures after the quarterly report showed operating revenues of about $25 million and operating expenses of roughly $12.3 million for the six‑month period, leaving about $13 million in operating surplus. Jane asked staff how much of that was one‑time and how much was ongoing.
Finance Director Ken Lee (Stadium Authority Treasurer) told the board the quarter is a point‑in‑time snapshot and that some revenues arrive unevenly during the year. He summarized a December budget amendment…
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