Las Vegas Stadium Authority Financial Oversight Overview Financial - - PowerPoint PPT Presentation

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Las Vegas Stadium Authority Financial Oversight Overview Financial - - PowerPoint PPT Presentation

Mar 18, 2023 459 likes •571 views

Las Vegas Stadium Authority Financial Oversight Overview Financial Oversight The Stadium Authority oversees a number of bank trusts and accounts related to the stadium project and Authority operations Staff collects and reviews bank

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Las Vegas Stadium Authority

Financial Oversight Overview

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Financial Oversight

  • The Stadium Authority oversees a number of bank trusts

and accounts related to the stadium project and Authority

  • perations
  • Staff collects and reviews bank account statements each

month

  • Staff tracks transactions using spreadsheets to monitor

monthly activity and account balances

  • Staff reviews monthly stadium project funding notices and

ties out payments to submitted invoices as well as relevant bank statements

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Las Vegas Stadium Project Trust

Held at US Bank, the Stadium Project Trust holds construction-related funds and distributes funds designated by StadCo and the Stadium Authority to pay monthly project costs

Submitted Stadium Project Monthly Costs Stadium Authority 44.5% Share StadCo 55.5% Share Las Vegas Stadium Project Trust Chicago Title Stadium Project Costs Directive to Pay Project Costs

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Las Vegas Stadium Project Trust

Authority Contribution Trust Account Authority Tax Proceeds Subaccount Authority Bond Proceeds Subaccount StadCo Contribution Trust Account StadCo Credit Facility Subaccount NFL G-4 Facility Subaccount StadCo Cost Overrun Subaccount

Stadium Authority StadCo

PSL Contribution Trust Account

The trust houses eight accounts and subaccounts where funds are deposited and held until they are needed to pay monthly project costs

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StadCo PSL Purchaser Deposit Account Trust PSL-Sourced Proceeds Account Authority PSL- Sourced Proceeds Account Clearing Account Unreleased Subaccount Released Subaccount PSL Cost and Expense Subaccount Holding Account Unsold PSL Revenues Purchased PSL Revenues Purchased PSL Revenues

Stadium PSL Trust

Held at Bank of America, the PSL Trust manages funds generated from Personal Seat Licenses

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Other Accounts

LVSA Operating Account Clark County Stadium Reserve 2018A Bond Proceeds Clark County Stadium Reserve Replenishment Clark County Stadium Reserve Tax Revenues

Hold the investment portfolios for the funds dedicated to the Year 1 and Year 2 stadium bond debt reserve.

Debt Reserve Accounts

Used to pay Stadium Authority operating expenses. Funds are transferred in from Clark County Treasurer funds as needed.

LVSA Operating Account

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Other Financial Tracking Data

  • PSL Purchases
  • PSL Balances
  • Room Tax Collections and Allocations
  • Bond Interest Transfers
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Funding Notice Reconciliations

  • Review Project Invoices and Other

Documents in Funding Notice

  • Ensure Proper Documentation
  • Tie Out Monthly Payments to Invoices
  • Tie Out Monthly Payments to Bank

Statements

  • Coordinate with Clark County to

Ensure Bond Compliance

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Las Vegas Stadium Authority

Financial Accounts Overview