Page 337 - FY 2021-22 Proposed Budget

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
2019-20 2020-21 2021-22
REVENUE
5,559,045 5,564,529 Cash Balance, July 1 2,155,529
5,559,045 5,564,529 Balance Available, July 1 2,155,529
2,354,906 - 11,724 Admission Fees 5,340,957
1,000,000 - 11,764 Incremental Parking Revenue -
118,422 49,000 11,842 Interest 28,436
9,032,373 5,613,529 Total Revenue 7,524,922

EXPENDITURES APPROPRIATIONS
3,467,844 3,458,000 847 Capital Finance Administration 3,452,789
Special Purpose Fund Appropriations:
- - 1,227 Unallocated 4,072,133

3,467,844 3,458,000 Total Appropriations 7,524,922
5,564,529 2,155,529 Ending Balance, June 30 -

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

310