Stadium Authority adopts year‑end budget amendments; staff explains receipts, rent and public‑safety allocations

The Santa Clara Stadium Authority reviewed a quarter‑end financial status report and approved budget amendments to reflect higher than anticipated non‑NFL event revenue, revised public‑safety cost allocations under a recent settlement and to provide appropriations needed before the fiscal year close.

Treasurer’s report and timing: Stadium Authority Treasurer Kenley (finance lead) told the board the report is a point‑in‑time summary through Dec. 31 that shows elevated revenues as non‑NFL events recorded receipts and as NFL ticket surcharge revenues exceeded prior estimates. Treasurer Kenley said the fiscal year closes in the coming week and that the board needed to authorize budget amendments now to legally recognize transactions and accruals that are reasonably expected before year‑end.

Key budget adjustments: Staff recommended amendments reflecting an updated projection of $9.3 million in net revenue from non‑NFL events (about $3.3 million higher than the original budget), adjustments to performance‑based rent payments that flow to the city, and an appropriation to cover estimated public‑safety costs that exceed the per‑game threshold established in the 2024 settlement agreement. The staff report and the Authority presentation explained that some significant payments (for example, the city performance rent settlement) posted after Dec. 31 and would appear in the fourth quarter closeout.

Council questions and staff clarifications: Board members asked for clarification about timing and why amendments were required before year‑end. Finance staff explained the amendments were needed so the Authority could accrue revenues and liabilities before the fiscal close and to provide legal appropriation authority. Staff reiterated that prior year budget baselines were set well before actual event revenues and public safety cost outcomes were known; the amendments bring the budget into alignment with recent contract outcomes and recorded/anticipated receipts.

Action and outcome: The Stadium Authority approved the staff recommendations and corresponding budget amendments. Authority staff said they will perform year‑end accounting, provide a final fiscal‑year close report, and bring any necessary true‑ups to the Authority in a subsequent meeting.

What to watch next: staff will close the fiscal year accounts, post fourth‑quarter entries and report final results and any required transfers or reserve draws as part of the annual financial closing process.