Zoo project update to include fundraising goals by Sacramento Zoological Society; Name of the zoo slated for approval
The pledges, which were examined by unnamed city staff and not an independent certified public accounting audit.
At tomorrow's Elk Grove City Council meeting, an update on the Sacramento Zoo relocation project will be presented. One of the most crucial topics to be covered is the fundraising activity of the Sacramento Zoological Society (SZS), the zoo's operator.
As part of the agreement with Elk Grove to pay the $300 million-plus cost for construction of the first phase of the new facility, the SZS must raise $50 million. The report includes an update on their pledges.
As noted in the staff report, the SZS had met its obligation to have $17.5 million in pledges by January 1.
The pledges, which were examined by unnamed city staff and not an independent certified public accounting audit, mean parties have committed to giving the money to the SZS in the future.
As part of the agreement, the SZS must remit funds to the city on a quarterly basis. While the SZS claims to have $17.5 million, the cash they remitted to the city is only $1.9 million, meaning they still need to secure $48.1 million for their share.
The largest pledge, which has not been collected, is pledge 26299, made on April 25, 2024, for $10 million. The end date of the annual pledge is December 31, 2034, but nothing has been paid to date.
The pledge report shows the SZS received $3.6 million in donations. The difference between the $3.6 million raised and the $1.9 million remitted to Elk Grove is for current zoo operations.
Of the 94 donations greater than $10,000, 31 have paid off their balance. The other contributions are to be paid off as late as 2034.
During several of the meetings leading to the zoo's approval, City Councilmember Kevin Spease sought reassurances from the SZS that the $50 million would be cash in hand for construction and not pledges. See the exchange between Spease and SZS officials in the video below.
As part of the Wednesday hearing, the city council will also consider adopting the zoo's official name. A city council subcommittee of Mayor Bobbie Singh-Allen and Councilman Rod Brewer, with the help of a public relations consultant, developed the proposed name for the zoo.
Singh-Allen, Brewer, and the consultant developed the name "The Greater Sacramento Zoo at Elk Grove."
