Fiscal Year 2008 Annual Report
Fiscal Year 2008 Annual Report
Fiscal Year 2008 Annual Report
Fiscal Year 2008 Annual Report
Fiscal Year 2008 Annual Report


                    Owner and Operator of the                                            ...
Page 3
Fiscal Year 2008 Annual Report


                                                                    Super Bowls of...
Page 4
Fiscal Year 2008 Annual Report


                                                                                  ...
Page 5
Fiscal Year 2008 Annual Report


                                                                AIA State Football...
Page 6
Fiscal Year 2008 Annual Report


                  37th Annual Fiesta Bowl
                           January 2, 20...
Page 7
Fiscal Year 2008 Annual Report


                                                                     Radiant Churc...
Page 8
Fiscal Year 2008 Annual Report


                   Electric Flight Expo                             Tolleson Union...
Page 9
Fiscal Year 2008 Annual Report


           The Sta-                                                             Wi...
Page 10
Fiscal Year 2008 Annual Report


                                                                          “What w...
Page 11
Fiscal Year 2008 Annual Report


                                                                          Fountai...
Page 12
Fiscal Year 2008 Annual Report


          “AZSTA has                                                             ...
Page 13
Fiscal Year 2008 Annual Report


                                                                              Spo...
Page 14
Fiscal Year 2008 Annual Report


expanded to serve other communities. With obesity preven-
tion as a goal of MCYSP...
Page 15
Fiscal Year 2008 Annual Report


                     AZSTA                                                       ...
Page 16
Fiscal Year 2008 Annual Report


                        Arizona Sports and Tourism Authority
                    ...
Page 17
Fiscal Year 2008 Annual Report


                    Arizona Sports and Tourism Authority
     Statements of Reven...
Page 18
Fiscal Year 2008 Annual Report


                               Arizona Sports and Tourism Authority
             ...
Upcoming SlideShare
Loading in …5
×

AZSTA 2008 Fiscal Year Annual Report

694 views

Published on

AZSTA 2008 Fiscal Year Annual Report

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
694
On SlideShare
0
From Embeds
0
Number of Embeds
5
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

AZSTA 2008 Fiscal Year Annual Report

  1. 1. Fiscal Year 2008 Annual Report Fiscal Year 2008 Annual Report Fiscal Year 2008 Annual Report Fiscal Year 2008 Annual Report
  2. 2. Fiscal Year 2008 Annual Report Owner and Operator of the Phone (623) 433-7500 Arizona Sports & Tourism Authority Fax (623) 433-7510 University of Phoenix Stadium Website 1 Cardinals Drive www.az-sta.com Glendale, AZ 85305 Formed as a result of voter approval of Prop. 302 in Nov. 2000, AZSTA is dedicated to enhancing Maricopa County’s economy and the community’s quality of life through the development of professional and amateur sports facilities, the attraction of entertainment, sporting, and business events, and through tourism promotion. sions, and the largest football card show. In this issue: The National Football League (NFL) produced the • Stadium Events: A Year in Review 17th Annual NFL Experience during the two weeks leading up • Cactus League to the Super Bowl. It was built by Home Depot and was lo- - AZSTA Makes Significant Impact on Cactus League cated, on-site adjacent to the University of Phoenix Stadium • Youth and Amateur Sports in the West parking lot. - AZSTA Awards $2.25 Million to Youth & Amateur Opening weekend, January 26 and 27, brought in Sports 28,585 guests. The NFL Experience was also open January - Quick Grants 31-February 2 to the public and was open game-day exclu- - Sports and Recreation Mapping System sively for Super Bowl ticket holders. • New Additions to AZSTA Staff Proceeds from the gate were donated to the NFL’s • Fiscal Year 2008 Financial Review charitable efforts in Arizona, the Youth Education Town (YET) Center. Stadium Events: A Year in Review The University of Phoenix Stadium was very busy throughout fiscal year 2008. With its highly successful inaugural year, many events were excited to come back in addition to a number of first-time events. Overall 132 events were held at the Stadium with a total of 1,306,405 visitors. The NFL Experience was open to the public leading up to the game, but was only open to Super Bowl ticket holders on the day of the game. Super Bowl XLII Super Bowl XLII was held at the University of Phoenix Sta- dium on February 3, 2008 and featured the National Football Con- ference (NFC) champion New York Super Bowl XLII Giants and the American Football Conference (AFC) champion New February 3, 2008 Attendance: 71,101 England Patriots. The game kicked off at 4:32 p.m., Arizona time. This was the first time a Super Bowl NFL Experience was played on a retractable natural-grass field surface and was the second Super Bowl played in a retractable-roof sta- The NFL Experience has been known to be the most dium. Because there was rain in the forecast for the game, exciting continuous event surrounding the Super Bowl. The the NFL made the decision to close the roof for the entire pro football’s interactive theme park offered games, displays, day’s activities. entertainment attractions, kids’ clinics, free autograph ses-
  3. 3. Page 3 Fiscal Year 2008 Annual Report Super Bowls of all time. Frank Su- povitz, Senior Vice President of NFL Events, said, “The success of any Su- per Bowl is entirely dependent upon close, cooperative, and collaborative partnerships with the facilities and experts required to host America’s pre- The FOX-network telecast began at 9 a.m. Arizona mier annual sports event. Between the time, on game day, leading up to nine hours of game-related coverage prior to the kick-off. Willie Nelson performed at a NFL Experience, the NFL Tailgate Party, NFL-sponsored pre-game tailgate party, singing a duet with Sara Evans as part of FOX’s pre-game show. Ryan Seacrest and the Game itself, University of Phoenix served as emcee for the FOX pre-game show, with Alicia Keys as the primary performer. Jordin Sparks, a native of Glendale Stadium and Global Spectrum were and daughter of former New York Giants cornerback Phillippi The NFL’s, “Who Wants it More” slogan turned into the “We Sparks, performed the National Anthem. Tom Petty and the world-class partners Wanted it More” slogan for the in staging the best Heartbreakers was the half-time entertainment which kicked Giants as Eli Manning became off their 2008 world tour. Super Bowl in mem- the game’s MVP. ory.” Super Bowl Economic Impact A study released by the Arizona Super Bowl Host Committee estimated that Super Bowl XLII generated an economic impact of $500.6 million for the state. The survey revealed visitors stayed in Arizona for an aver- age of 3.9 nights and spent an average of $617 each day on ho- The stage was set for Tom Petty and The Heartbreakers during tels, food, alcohol, half- half-time. transportation, recrea- tion, shopping, and In one of the most significant upsets in Super Bowl history, the 71,101 in attendance witnessed Eli Manning se- other categories. Arizona State cure the victory with a 13-yard touchdown pass to receiver Plaxico Burress with 35-seconds remaining. This gave the Gi- University’s W.P. Carey School of Business ants a 17-14 victory over the Patriots at the Stadium. The Gi- ants became the first NFC wild card team to ever win a Super completed the eco- nomic-impact report Bowl. With an average of 97.5 million viewers in the United based on surveys of more than 1,500 visi- States and a total of 148.3 million viewers worldwide. Super Bowl XLII was the most-watched Super Bowl of all time, accord- tors who came to the Valley to attend the ing to Nielson Media Research. It was also the second most- watched television program of all time in the United States. game or take part in the festivities. Everyone involved with producing Super Bowl XLII were pleased it was one of the most successful, well-planned
  4. 4. Page 4 Fiscal Year 2008 Annual Report Home and Garden Show AZSTA contributed $406,833 in game day expenses 3- August 3-5, 2007 for the game. AZSTA also contributed the sales tax recapture Attendance: 39,700 associated with game day tickets, which totaled $2,394,920. All told, AZSTA provided an overall contribution of $2,801,753 in monetary terms to help secure Super Bowl XLII. Copa PanAmericana Soccer Tournament 16- July 16-22, 2007 Attendance: 7,623 Pro Entertainment, an Argentina-based sports mar- keting company, in conjunction with DIRECTV, and Global Spectrum, held the first Copa PanAmericana soccer tourna- ment at the University of Phoenix Stadium, July 16-22, 2007. Arizona’s largest home show was held at the University of Phoenix Stadium August 3-5, 2007. Over 700 companies showcased everything for interior design, remodeling, building, and landscaping. Nearly 40,000 people visited the Stadium during the three-day event. The show included not only the exhibits, displays and vendors but also seminars, demonstrations, contests, workshops, and more. Monster Truck September 8, 2007 Attendance: 12,290 The University of Phoenix Stadium roared Septem- ber 8, 2007 with the country’s most competitive trucks, the More than 7,600 attendees watched Cruz Azul of Monster Truck Mexico upset Boca Juniors of Argentina 3-1 to win the tourna- Thunder Drags. ment. The Mexican-squad, cheered on by most of the crowd, Nearly 12,300 rallied from an early 1-0 deficit to win the $250,000 first watched the top ten prize and silver trophy. Monster Trucks, The Stadium was a beautiful backdrop for the five- including the million Latin American viewers who watched the games on original monster DIRECTV. truck, Big Foot, and its inventor, Bob Chandler. Set up for the event took three days. The field level was covered in layers of dirt and hay for the course.
  5. 5. Page 5 Fiscal Year 2008 Annual Report AIA State Football Championships 4A & 5A Division 1 and 2 7- December 7-8, 2007 Attendance: 29,572 Phoenix Bridal Show October 21, 2007 Attendance: 1,484 Scottsdale Notre Dame Head Coach Scot Bemis carried off the field by his players after winning the Arizona State 5A Division 2 Title. Models Centennial prepare for the players celebrate Bridal after winning the Fashion Show Arizona State 5A Division 2 Title. Cycle World International Motorcycle Show October 26-28, 2007 26- Attendance: 11,215 Brophy players hold up the Ari- zona State 5A Division 1 Championship Trophy after defeating Desert Vista 34-21. 34- Saguaro player Jake Dunnbee suffered a major head injury in long boarding accident and was out most of the season. He has been a major inspiration to the team.
  6. 6. Page 6 Fiscal Year 2008 Annual Report 37th Annual Fiesta Bowl January 2, 2008 Attendance: 70,016 The 37th Annual Tostitos Fiesta Bowl was Oasis Gift Show held January 2, 2008 at 14- February 14-16, 2008 the University of Phoenix Wholesale only trade show Stadium. The West Virginia Attendance: 3,236 Mountaineers and the Oklahoma Sooners brought 70,016 fans (the 23rd sell- out in the past 24 Tostitos Fiesta Bowl games) for the kickoff at 6 p.m. The Big East Conference Vendors displayed beautiful Native American art. Champion West Virginia's re- nowned speed and big-play of- fense stunned Big 12 Conference titlist Oklahoma with six touch- downs, including three scores of 57 yards or longer and none shorter than 17 yards in its 48-28 victory. SYSCO Food Show February 20, 2008 Attendance: 2,000 Demonstrations in food preparation were numerous as well as the attendees’ opportunity to sample everything. Extravaganza seating for the Fiesta Bowl added 7,830 additional seats for the game.
  7. 7. Page 7 Fiscal Year 2008 Annual Report Radiant Church Easter Service March 23, 2008 Attendance: 6,000 All types of food were available for Guests of all ages sampling. joined in Easter worship at the Stadium. Women’s Expo 19- April 19-20, 2008 Attendance: 13,000 all- Guests were able to sample all- types of products, food and 7- March 7-9, 2008 beverages, were offered Attendance: 16,000 discount beauty treatments, and were even able to live- participate in the live-hair show. Guests lined up to meet and get autographs from members of Phoenix’s Channel 3’s media personalities. The Splash Dogs Water Jumping competition was held outside just south of the Stadium.
  8. 8. Page 8 Fiscal Year 2008 Annual Report Electric Flight Expo Tolleson Union and Peoria Unified High School 25- April 25-27, 2008 District Graduations Attendance: 4,000 21- May 21-23, 2008 Attendance: 49,667 Ironwood High School graduates take their seats. The stadium provided an open space indoors to fly aircraft.. Centennial High School graduates celebrate their big day. Kenny Chesney’s Poets and Pirates Tour May 31, 2008 Attendance: 40,100 Country music superstar Kenny Chesney hosted his “Poets and Pirates Tour” at the University of Phoenix Sta- dium on May 31. More than 40,000 fans headed into the Stadium that was cooled to 77 degrees, to hear country mu- sic artists Chesney, Keith Urban, Gary Allan and classic rocker Sammy Hagar. Vendors displayed merchandise at the world’s largest indoor electric flight competition and trade show.
  9. 9. Page 9 Fiscal Year 2008 Annual Report The Sta- With an opportunity to add an additional team to dium’s parking the Cactus League the AZSTA Board approved a revised Cac- lots filled steadily tus League funding plan in April 2008. This new plan pro- as they opened at vided assistance to the City of Goodyear in bringing the Cin- 11 a.m., more cinnati Reds to Goodyear in 2010. The new funding plan than four hours provided for up to $20 million of the estimated $30.0 mil- before show time. lion in costs for the Reds’ facility. The plan also boosted the The show began at overall funding to a maximum of two-thirds funding for the 3:30 p.m., with overall project now that is a two-team complex, increasing fans eagerly mak- the Authority’s pledge of support from $37.4 million to ing their way in $57.4 million. from the 100- Just one month after the groundbreaking in Good- degree tempera- year the AZSTA Board approved funding for the Glendale tures outside. facility. The approved plans were restated in April 2008, as part of the revised funding plan. The agreement approved by the AZSTA Board in April 2008 provides for a maximum of At a press conference held prior to the show, Chesney ex- $60 million for a two-team facility, which will be the new spring training home for the Los Angeles Dodgers and the pressed his excitement in being able to play at the NFL stadium Chicago White Sox. that was home to Super Bowl XLII. “We did six NFL Stadiums last year The growth of the Cactus League since AZSTA’s existence: and had a blast,” Chesney said. Maricopa County Spring “You get into a whole other kind of rhythm, and it’s just the best vibe.” Training This was the tour’s fifth stadium stop. They were sched- uled to perform in a total of 34 cit- Year 2000 - 7 Teams ies during their tour schedule. Chesney’s press conference was held on the main stage. Cactus League AZSTA Makes Significant Year 2009 - 12 Teams Year 2002 - 9 Teams Impact on Cactus League Fiscal year 2008 was an unprecedented year for AZSTA’s in- fluence in the Cactus League. AZSTA approved funding for two new facilities in Glendale and Goodyear. Starting in 2010 a total of 13 teams will be in the Cactus League rotation Year 2010 - 13 Teams in Maricopa County. The City of Goodyear and the Cleveland Indians broke ground for the Goodyear Ballpark and Recreational Sports Complex in September 2007. The Cleveland Indians’ will house their Spring Training operation and player develop- ment facility in Goodyear beginning Summer 2008.
  10. 10. Page 10 Fiscal Year 2008 Annual Report “What we, the Authority staff, liked about this grant Youth and Amateur Sports was the simplicity of their request and the return for a very, small investment,” Chuck Foley, AZSTA CFO and Treasurer AZSTA Awards $2.25 Million to Youth & Amateur said. “We have previously provided funding for youth and Sports Projects amateur sports and physical recreation projects that have benefited the disabled community and this project seemed to be yet another great example of how the Authority could The AZSTA Board approved $2.25 million in grants continue to help make a difference.” for youth and amateur sports projects throughout Maricopa County on October, 23, 2007. Every two years, AZSTA awards Youth and Amateur Sports (YAS) Biennial Grants, throughout Maricopa County that will service a variety of sporting and physical activity needs. This year’s qualified parties applied for the YAS Bien- nial Grant in June 2007. There were 17 recipients of the to- tal $2.25 million for the Biennial Grants. The 17 recipients include the following projects; multi-purpose fields, lighting systems, gymnasiums, aquatics, motorsports, play areas, and physical fitness centers for those physically challenged. Of those who applied, 68% received funding, and 85% of the requested funding was met. Since the inaugural year of the YAS Biennial Grant program in 2001, 47 projects have been funded. Of the to- tal, 27 projects, or 58%, are in locations below the median household income, and 69% of project funding is for projects in neighborhoods with above-average minority populations. Students are taught how to prepare healthy meals for The Biennial Grant program runs on a two-year cycle themselves and their families in the kitchen that is also and funds the development and improvement of youth and located at the Center. amateur sports facilities, recreational facilities and other community facilities. In Spring 2009, information will be- come available for the fiscal year 2010 Biennial Grant appli- The Phoenix Zoo cation process. The Arizona Zoological Society-Phoenix Zoo was Here are a few of the 2008 Biennial Grant Recipients: awarded a grant for the construction of a nature-discovery play area. The structure features plants and water struc- One Step Beyond tures that were built to help educate kids in an active and healthy way. The play zone allows for creative play, nature One Step Beyond’s Dance Studio and Program, lo- discovery, exploration, and physical exercise for all partici- cated in Peoria, impacts the lives of young adults and chil- pants. dren with disabilities. This impact was strengthened with the aide of the AZSTA grant. A new dance and physical fitness studio were developed where students can now participate in weekly dance classes and daily physical fitness activities, as well as person- alized exercise regimens to encourage weight man- agement, physical fitness and stamina.
  11. 11. Page 11 Fiscal Year 2008 Annual Report Fountain Hills Desert Vista Park Project The Town of Fountain Hills was awarded their grant to help constuct the 12-acre Desert Vista Neighborhood Park Project. The development of Desert Vista Neighborhood life- The cave features many life-like geological formations kids can learn Park allows for programs and events to be held year-round. from through sight and touch. The Fountain Hills Soccer and Fountain Hills Pop Warner Football and Cheerleading Clubs, are just two of the many organizations that will greatly benefit from the park. Bryan Hughes, Recreation Supervisor and Project Brunson Lee Elementary School Manager, said the park will provide valuable recreational opportunities for all residents of Fountain Hills. “The com- The Brunson Lee Elementary School in the Balsz School District No. 31, received funding for the construction pletion of the improvements to the Desert Vista Park go a long way in increasing the number of lighted athletic fields of a new athletic track, also known as project, “Walk-it-Out”. available for our youth sports organizations in town, particu- larly the Fountain Hills Soccer Club,” Hughes said. “It was important to build a facility that will meet the Town’s future needs. The project grant from AZSTA helped make that a reality and we are excited to see the park completed this Fall.” one- The rubberized track is one-sixth of a mile and has six lanes. AZSTA’s contribution allowed for the rubberized track surface that has now provided a safe environment for the 550 elementary students, visiting students, educators, and members of the community. Arizona Karting Association Louis Laffitte, former Brunson Lee Principal, was a driving force for the program. “The track now provides a safe The Arizona Karting Association (AKA) installed new light poles, which provided improved lighting for safer eve- place that welcomes a positive environment from the com- munity,” Laffitte said. “Students and the community are now ning racing and were able to upgrade the quality of the race- track with the grant. offered structured programming. We are very grateful for the AZSTA grant and are looking forward to seeing the ongoing Located in the Northwest Valley, the one-fifth mile track offers classes and competitions for ages five through positive changes in the community this will give us.” 18. AKA members stated the lighting upgrades to the race track and pit areas have provided for greater safety and in- terest with the track now being made available in the eve- nings.
  12. 12. Page 12 Fiscal Year 2008 Annual Report “AZSTA has illnesses. PVCP stated that after the renovation the field provided an improve- now retains moisture longer due to the improved soil, which ment where we, by reduces the overall water usage and air pollution. ourselves, would have “We want to thank the Authority again for being so taken 10 years to generous in supporting us with the field renovation and in- achieve,” Fred Hintz, stallation of a new batting cage,” Susan Paetz, Development President of AKA said. Support for PVCP said. “The students and parents are very “Because of our cli- excited about the improved field. We look forward to shar- mate, night racing is a ing it with many youth organizations in the coming years.” necessity in Phoenix. For our members who were unable to afford generators for lighting and struggled with flashlights to perform work on Quick Grants their karts; this improvement, is by their account, ‘like a gift from heaven.’” During fiscal year 2008, AZSTA awarded $31,613 in Quick Grants to 16 Maricopa County youth sport pro- grams. The funding helped a variety of each program’s needs including; a baseball pitching machine, uniforms, field renovations, and various sporting equipment. The one-fifth mile track now offers lighting for the safety of the participants. one- Paradise Valley Christian Preparatory The Paradise Valley Christian Preparatory (PVCP) was able to renovate their multi-use ball field and build perma- Players from the Fountain Hills Soccer club will benefit from AZSTA’s nent batting cages for use by more than 1,300 youth with the quick grant program with new soccer equipment. help of the grant. The Quick Grant program accepts funding applica- tions on a year-round basis for smaller projects and pro- grams that request a maximum of $2,500. AZSTA sets aside 5% of its annual Youth & Amateur Sports funding and awards the grants on a first-come, first-serve basis. The Chandler Youth Baseball League received $800 to assist in the pur- chase of a new pitching machine More than 1,300 youth will utilize the field and the batting cage year-round. year- 7- for the 7-8 year old (Pinto) division. PVCP stated the renovation of the ball field was nec- essary to fulfill two environmental concerns to the community at large; water conservation from the damaged soil and air pollution from blowing dust, which drives respiratory
  13. 13. Page 13 Fiscal Year 2008 Annual Report Sports and Recreation Mapping System Setting a new precedent for online mapping, a new Geo- graphic Information System (GIS) site geared towards kids and adults alike launched in 2008, thanks to the support of over $60,000 in additional funding from AZSTA. The interactive website, www.spacestoplay.org, identifies most of the public sports and recreation facilities throughout Maricopa County. The Mesa Association of Sports for the Disabled (MASD) received Users interested in finding the $2,000 to assist in the purchase of equipment, benefiting the Adaptive Kayaking program. nearest baseball field for exam- ple, with just a few clicks, can find an aerial map, which displays the facility while another Grants are based on a completed Quick Grant pro- gram funding application, which includes a project budget window showcases respective amenities and contact infor- mation. template, the stated need to serve youth and amateur sports, the demonstration of financial need, and the benefit to the “This innovative use of modern technology makes finding a space to play fun for people of all ages,” Shawna local community. Bradlich, Executive Director of the Maricopa Council on Youth Sports and Physical Activity (MCYSPA) said. “Equally important, this web-site helps promote services offered by our local parks and recreation and other community provid- ers.” Over 300 kids a The original launch of the GIS in 2005 was tailored year from Tempe’s YMCA youth sports to the needs of researchers, grant-makers and policy- program will makers. The data was presented with census information, benefit which provided an objective view of our physical activity out- from AZSTA’s lets as they relate to demographics. With advancements in quick grant program. mapping technology and the desire to make this information suitable for everyone, a new version of the GIS was created. In 2003, AZSTA as owner, placed the sport facility mapping project in the hands of MCYSPA to manage the project. “AZSTA strives to improve the recreational opportu- nities for Maricopa County residents by providing great ac- cess to opportunities for youth and amateur sports, particu- larly in underserved areas,” Ted Ferris, former AZSTA Presi- dent and CEO said. “Identifying community gaps in facilities helps direct available resources to maximize community benefit. An advisory committee was formed in 2003 to as- sist AZSTA in making recommendations on grants to support youth and amateur sports. Since then, the group has evolved to become what is known today as MCYSPA, a com- pletely separate entity. The relationship with AZSTA is now that of partner and grantee, with a mission to address child- hood obesity, physical inactivity, and poor nutrition. MCYSPA, in turn, has partnered with a variety of non-profit agencies, educational institutions, foundations, and health care organizations to assist in this mission. With the assistance of AZSTA’s quick grant program, The Westside Multigenerational Center updated exercise equipment for public use. “MCYSPA is viewed nationally as a best-practice model of community coalition building,” Bradlich said. “”It is hoped that every project of MYCSPA can be replicated and
  14. 14. Page 14 Fiscal Year 2008 Annual Report expanded to serve other communities. With obesity preven- tion as a goal of MCYSPA, it is important to first identify envi- ronmental factors. The GIS is a great tool to streamline exist- ing resources and identify the populations served.” New Additions to AZSTA Staff Jennifer Copeland joined AZSTA as the Communications Coordinator on August 1, 2007. Copeland re- ceived her bachelors in Communi- cations and Public Relations from Washington State University. She served as an Account Executive with the Phoenix Suns during 2006- 2007. Based on her years of public and community relations experi- ence, she was very excited to be- come part of such a unique organi- zation and has enjoyed working for AZSTA for over a year now. Fiscal Year 2008 Annual Report Approved by: Tom Sadler joined AZSTA as the President/CEO during June 2008 after heading up Global Entertain- ment Inc.’s (Phoenix, AZ) Manage- ment and Marketing Divisions as Tom Sadler President for nearly three AZSTA President/CEO years. Prior to that Tom worked in intercollegiate athletics administra- tion for 23 years, starting at Ari- zona State University, where he finished his tenure as Assistant Prepared by: Athletic Director for Stadium Man- agement. After his 20 years at Jennifer Copeland ASU, Tom became the Associate AZSTA Communications Coordinator Athletic Director for Administration at the University of Hawaii, where he worked for two and a half years. Tom holds a Bachelors in Psychology from Aqui- nas College in Grand Rapids Michigan and a Masters in Pub- Note: This monthly report is required by Arizona Revised Statutes lic Administration from ASU. Section 5-814. A. which states that…. “Within three weeks after the end of each calendar month the authority shall prepare a report signed by the executive director of the authority and transmit the report to the governor, the legislature, as provided by section 41- 1178, and the joint legislative budget committee. The report shall include a progress report of the activities of the authority during the previous month.” ***All AZSTA monthly reports are available at www.az-sta.com
  15. 15. Page 15 Fiscal Year 2008 Annual Report AZSTA Arizona SportsandT ourismAuthority Fiscal Year 2008 Financial Information S tatutory Flowof Funds Fiscal year 2008 presented a number of eco- nomic challenges for the Authority as well as the State of Arizona and the nation as a whole. We began the year Sources of Funds with the expectation that our core revenues, the tourism revenues, would continue to demonstrate growth as they TourismR ue C even learing A ntccou FacilityR evenu C e learing Account (a) had during the prior four fiscal years. However, our tour- 1. 1%H BedT otel ax 1. N Incom T - Pledged FL e ax ism revenues finished the fiscal year a combined 2. 3.25%C R ar ental Surcharge 2. Sales T R ax ecapture $1.14M, 4.5%, below our forecast. 3. Facility E R vent evenues (A 2006) ug The bright spot in our fiscal year 2008 revenues were the sales tax recapture revenues which finished U of Funds ses $739.9k, 13.2%, ahead of our forecast. The following chart outlines the actual vs. budg- 1st P riority=Senior B D Service(b) ond ebt eted performance of our primary revenue categories 1. $224.53 m in principal plus interest illion (final m aturity in2031) (HBT = Hotel Bed Tax; CRS = Car Rental Surcharge; NFL 2. $53.05 m S illion eries 2005Abonds (final = NFL income tax; STR = Sales Tax Recapture; FUF/FB = m aturity in2036) Facility Use Fees/Food & Beverage commissions): The Authority did meet all of its statutory obligations dur- 2nd Priority=TourismFund ing fiscal year 2008. 1. T of $265.8 m over 30years for otal illion M aricopaC ounty tourismmarketingand prom (throughM 2031) otion ay FYTD June 2008 Revenues ($ M ) $20.0 $15.0 3rd Priority=C actus Leagu G e eneral Fun d $10.0 1. T of $205m over 30years otal illion 2. First priority is $32.0m subordinate illion $5.0 bond debt service(final m aturity in2016) 3. Secondpriority is the $3.2 m bond illion $- reserve fund(est. to be fundedby June HBT CRS NFL STR FUF/FB Other 2008) 4. T priority is fundingrenovationpro- hird $15.09 8.99 4.12 6.35 0.97 1.22 A ctual jects for cities of Scottsdale andT pe em on50:50 basis fromavailable funds $15.70 9.52 4.12 5.61 1.49 1.69 B udget 4th Priority= Y outh &A ateur S m ports 1. T of $73.5 m over 30years based otal illion on$1.0m inyear one grow at illion ing $100k per year thereafter Statutory Flow of Funds The next column contains a diagram that details 5th Priority= AZ TAO S peratingB get ud the Authority’s related sources of funds and their priority in the distribution of these funds based on our statutory responsibilities. eserves - T A he uthority is requiredto fund R three reserves: Y &A ateur Sports, O outh m p- FY2008 Audited Financial Statements eratingandC apital Repair andR eplacem ent ($25M in2001value) M Pages 15-17 contain the Authority’s audited financial statements for the fiscal year ended June 30, Fo otes otn (a) T Facility R Ais usedfor debt serv requirem on senior and subordinate bonds. A rem he C ice ents ny ainingfunds go to theoperations account. 2008. (b) A sources of rev ll enue of theAuthority (ex for the non-pledgedportionof the N L Incom Tax) arepledged to the A cept F e uthority’s senior and subordinate bonddebt serv abov all other distribution priorities. ice e
  16. 16. Page 16 Fiscal Year 2008 Annual Report Arizona Sports and Tourism Authority Statements of Net Assets - Consolidated June 30 2008 2007 Assets Current assets: Cash and cash equivalents - restricted $ 28,811,945 $ 29,138,559 Accounts Receivable 846,224 1,708,254 Hotel bed tax and car rental surcharge receivables 3,334,924 3,377,514 Sales tax recapture receivables 1,571,980 1,382,518 Other assets 36,035 35,523 Total current assets 34,601,108 35,642,368 Noncurrent assets: Capital assets non-depreciable 2,773,165 2,773,165 Capital assets depreciable, net 454,870,558 470,187,599 Deferred bond issue costs, net 8,855,828 10,163,454 Investment in stadium operations 0 - Total noncurrent assets 466,499,551 483,124,219 Total assets $ 501,100,658 $ 518,766,586 Liabilities Current liabilities: Accounts payable $ 1,511,631 $ 2,031,087 Accrued expenses 1,663,350 2,801,663 Due to/from Global Spectrum - - Current portion of payable to City of Avondale 370,071 338,671 YAS grant award payable 2,012,106 688,695 Bond principal payable 1,135,000 1,000,000 Bond interest payable 6,161,082 6,186,966 Deferred revenue, current 691,700 672,822 Current portion of capital lease obligation 5,251 4,997 Total current liabilities 13,550,191 13,724,902 Noncurrent liabilities: Payable to City of Avondale 1,394,830 1,764,901 Payable to City of Tempe 13,077,586 12,782,610 Payable to City of Scottsdale 18,205,418 18,955,570 Payable to City of Goodyear 37,375,000 37,375,000 Payable to City of Glendale 60,000,000 53,800,000 Deferred revenue, noncurrent 590,277 1,000,000 Payable to Arizona Cardinals 6,879,873 6,551,406 Long-term portion of capital lease obligation - 5,251 Bonds payable 311,913,969 313,398,235 Total noncurrent liabilities 449,436,953 445,632,973 Total liabilities 462,987,144 459,357,875 Net assets Invested in capital assets, net of related debt 63,106 88,701 Restricted (1,500,109) 954,857 Unrestricted surplus/(deficit) 39,550,517 58,365,154 Total net assets 38,113,514 59,408,712 Total liabilities and net assets $ 501,100,658 $ 518,766,586
  17. 17. Page 17 Fiscal Year 2008 Annual Report Arizona Sports and Tourism Authority Statements of Revenues, Expenses and Changes in Net Assets - Consolidated Year Ended June 30 2008 2007 Operating revenues Stadium operating revenues $ 13,595,643 $ 19,282,865 Total operating revenues 13,595,643 19,282,865 Operating expenses Stadium Management Operations 22,671,004 27,835,683 Legal 255,057 208,676 Consulting 15,548 188,852 Payroll 610,638 585,487 Professional fees 40,500 196,250 Marketing and promotion 19,262 72,102 Bank management and service fees 72,536 62,247 Insurance 98,682 89,841 Travel 10,718 14,887 Meetings 1,456 3,117 Office 20,995 20,044 Communications 13,055 14,018 Depreciation 15,567,041 15,485,151 Bad debt expense 485,028 - Amortization of deferred bond issue costs 1,830,075 192,500 Remarketing and liquidity fees 313,933 140,809 Total operating expenses 42,025,527 45,109,666 Operating loss (28,429,884) (25,826,801) Nonoperating revenues (expenses) Arizona tourism distribution (5,405,054) (5,147,670) Cactus League facility expense (6,200,000) (91,175,000) Youth and Amateur Sports Grant Awards (2,063,915) (40,572) Hotel bed tax 15,042,646 15,244,876 Rental car tax 10,324,270 10,245,857 NFL Income tax 4,121,340 5,148,528 Sales tax recapture 6,447,123 6,521,224 Glendale marketing funds - 300,000 Interest income 964,871 1,022,274 Interest expense (15,875,626) (15,898,231) Swap receipt income 81,670 171,828 Swap payment expense (302,639) (25,535) Other expense - - Total nonoperating revenues (expenses) 7,134,687 (73,632,422) Net income before contributions (21,295,197) (99,459,223) Capital contributions - 1,587,181 Increase/(Decrease) in net assets (21,295,197) (97,872,042) Net assets, beginning of year, as previously reported 59,408,712 157,280,754 Prior period adjustment (Note 2) - - Net assets, end of year $ 38,113,514 $ 59,408,712
  18. 18. Page 18 Fiscal Year 2008 Annual Report Arizona Sports and Tourism Authority Statements of Cash Flows - Consolidated Year Ended June 30 2008 2007 Cash flows from operating activities Cash received from operations $ 13,149,464 $ 19,282,865 Payments to suppliers (25,239,560) (31,863,426) Payments to employees (610,638) (585,487) Net cash used in operating activities (12,700,734) (13,166,048) Cash flows from noncapital financing activities Payments for Arizona Office of Tourism (5,405,054) (5,147,670) Payments for Youth and Amateur Sports - City of Avondale (338,671) (307,870) Payments for Youth and Amateur Sports (740,504) (2,049,849) Receipts from hotel bed tax 15,090,745 15,215,901 Receipts from rental car tax 10,318,761 10,374,228 Receipts from NFL Income tax 4,121,340 5,148,528 Receipts from sales tax recapture 6,257,662 7,808,954 Payment for Cactus League (455,176) 61,013 Glendale marketing funds - 300,000 Interest payments (15,573,043) (15,713,602) Net cash provided by noncapital financing activities 13,276,060 15,689,633 Cash flows from capital and related financing activities Capital contributions 91,786 40,950,527 Payments for senior and subordinate bond principal (1,000,000) (830,000) Payments on capital leases (4,997) (7,498) Proceeds from senior bonds - - Proceeds from advance refunding 53,050,000 90,000,000 Defeased senior bonds (53,050,000) (87,420,000) Swap receipt income 81,670 171,828 Swap payment expense (302,639) (25,535) Acquisition and construction of capital assets (640,845) (50,255,113) Net cash used in capital and related financing activities (1,775,025) (7,415,791) Cash flows from investing activities Interest received 873,085 1,022,274 Net cash provided by investing activities 873,085 1,022,274 Net increase (decrease) in cash and cash equivalents (326,614) (3,869,932) Cash and cash equivalents at beginning of year 29,138,559 33,008,491 Cash and cash equivalents at end of year $ 28,811,945 $ 29,138,559 Reconciliation of operating loss to net cash used in operating activities Operating loss $ (28,429,884) $ (25,826,801) Adjustments to reconcile operating loss to net cash used in operating activities: Depreciation 15,567,041 15,485,151 Amortization of deferred bond issue costs 1,307,627 (4,628,461) Amortization of bond premium (349,266) 2,111,386 Effects of changes in assets and liabilities: Accounts receivable 862,030 - Other assets (512) 238,416 Accounts payable (519,456) (140,694) Accrued expenses (1,138,313) (405,044) Net cash used in operating activities $ (12,700,734) $ (13,166,048)

×