Page 339 - FY 2022-23 Proposed Budget

SPECIAL PURPOSE FUND SCHEDULES
SCHEDULE 31
STAPLES ARENA TRUST FUND
The Crypto.com Arena, previously known as the Staples Center, 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
2020-21 2021-22 2022-23
REVENUE
5,564,530 2,166,196 Cash Balance, July 1 5,992,196
5,564,530 2,166,196 Balance Available, July 1 5,992,196
- 7,249,000 11,724 Admission Fees 5,972,381
59,850 30,000 11,842 Interest 94,153
5,624,380 9,445,196 Total Revenue 12,058,730

EXPENDITURES APPROPRIATIONS
3,458,184 3,453,000 857 Capital Finance Administration 3,445,795
Special Purpose Fund Appropriations:
- - 1,227 Unallocated 8,612,935
3,458,184 3,453,000 Total Appropriations 12,058,730

2,166,196 5,992,196 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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