Page 342 - 2020-21 Budget Summary

SPECIAL PURPOSE FUND SCHEDULES
SCHEDULE 31
STAPLES ARENA TRUST FUND
The Staples Sports Arena is a sports and entertainment complex located adjacent to the Los Angeles Convention Center. The City
entered into various agreements with the Arena Developer to advance approximately $70 million towards the Project. Pursuant to the
GAP Funding Agreement between the City and the Developer, the Developer is obligated to fully offset the City's costs for debt
service on the bonds issued for the Arena, reimbursement for property conveyed to the Developer, and compensation for loss of
interest earnings on cash advanced toward the Project. The Agreement specifies certain credits that will offset the Developer's
obligations to the City. This schedule records all cash payments received from the Developer and tracks the reimbursements to the
General Fund. All unallocated funds are carried forward as a cash balance (credit) towards the obligation for the following year.

Total
Actual Estimated Budget
2018-19 2019-20 2020-21
REVENUE
4,039,071 5,559,045 Cash Balance, July 1 5,580,045
4,039,071 5,559,045 Balance Available, July 1 5,580,045
3,889,190 2,392,000 11,724 Admission Fees 2,872,614
1,000,000 1,000,000 11,764 Incremental Parking Revenue 1,000,000
67,518 97,000 11,842 Interest 93,245
8,995,779 9,048,045 Total Revenue 9,545,904

EXPENDITURES APPROPRIATIONS
3,436,734 3,468,000 839 Capital Finance Administration 3,458,930
Special Purpose Fund Appropriations:
- - 1,227 Unallocated 6,086,974

3,436,734 3,468,000 Total Appropriations 9,545,904
5,559,045 5,580,045 Ending Balance, June 30 -

The Unallocated amount is reserved for the anticipated final payment to the Developer pursuant to the GAP Funding Agreement.

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