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Sports authority hears stadium budget update, approves $307,004.86 for final expenditures
Summary
At an early-February meeting, the Sports Authority reviewed a January 31, 2026 financial report showing $106 million in assets and 76% project completion, then approved a resolution authorizing $307,004.86 in remaining unencumbered stadium funds to be distributed to contractors and related entities.
The Sports Authority met in early February 2026 for a financial and construction update on the South Broad stadium project and voted to authorize final disbursements from the project budget. A finance representative told the authority the fund balance as of Jan. 31 showed $106,000,000 in total assets — largely construction in progress — and $96,000,000 in liabilities, primarily outstanding bonds. The presenter said the finance report included a retainage amount of $2,500,000 and roughly $3,700,000 in bond interest earnings.
The finance presenter explained the income statement as cash received and cash paid, and said the report also breaks out debt-service and tax‑increment financing (TIF) receipts. Members asked for a simple net-surplus figure (net…
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