September 9 th , 2024 TO: IGA Chairman, Treasurer, Executive Officers FR: Executive Director RE: Finance Committee Meeting; 2024 Proposed Budget ( Attached )
Dear Mr. Chairman:
Below is a general summary of the FY2025 Proposed Budget for the Finance Committee and approval by the Board of Directors. The proposed FY2025 Budget is attached in full and is based on the FY 2024 Gross Revenues and Expenditures.
Summary Highlights of FY2025 Proposed Budget
• Working with the IGA Accounting Department (Roberto Lucchese, Maria Ferguson) we are very conservatively projecting $8.6 million in Gross Revenue for 2025. • Of the $8.6 million in projected 2025 total gross revenue, $5.8 million will be from the 2025 San Diego Tradeshow. This amount is based on the tradeshow revenues generated from 2023 in San Diego. • Our Expenditure projections for 2025 are $8.1 million. We are expecting total FY 2025 expenditures to be an approximately $500,000 increase from expenditures in 2024. • For 2025, pending Board approval, there is a 5% employee COLA salary increase, IGA employees did not receive a COLA increase during Covid years 2020, 2021 and 2022. Non-executive staff did receive a 9% COLA for 2024, while Executive Staff received a 5% COLA. • Travel expenditures for 2025 are slated to decrease slightly after the expenses incurred in 2024 largely due to the National Party Conventions, Democrats (Chicago), Republicans (Milwaukee), and increased commercial travel costs in general.
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