November 14 th , 2022 TO: NIGA Chairman, Treasurer, Board of Directors FR: Executive Director RE: Finance Committee Meeting; 2023 Proposed Budget ( Attached )
Dear Mr. Chairman, Treasurer, and Board of Directors:
Below is a general summary of the FY2023 Proposed Budget for the Finance Committee’s and Board of Director’s consideration. The full proposed Budget is attached.
Summary Highlights of FY2023 Proposed Budget
• Working with the IGA Accounting Department (Roberto Lucchese, Maria Ferguson) we are very conservatively projecting $7.1 million in Gross Revenue for 2023. Total gross revenue for 2022 is approximately $6.9 million. • Of the $7.1 million in total gross, $4.7 million will be from the 2023 San Diego Tradeshow. This amount is based on the tradeshow revenues generated from 2022 in Anaheim. However, the IGA Tradeshow generally does much better in San Diego and our tradeshow partner Clarion has a goal of $5 million gross, but the proposed 2023 budget will be based on Anaheim last year and we will work to exceed that number. • Our Expenditure projections for 2023 are $6.3 million. We are expecting total FY 2023 expenditures to be an approximately $200,000 increase from expenditures in 2022. • For 2023, there is a 5% employee COLA salary increase, representing roughly half of our $200,000 increase. IGA employees did not receive COLA in 2021 and 2022. • Travel expenditures for 2023 are also slated to increase by approximately $100,000 over 2022. • IGA’s Projected budget positive cash flow for FY2023 is $781,000
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