November 10, 2021 TO: Chairman and Treasurer FR: Executive Director RE: Summary of Proposed FY 2022 NIGA Budget
This is a summary of the Proposed FY2022 Budget. As an initial matter, this is the first time in Association history that we do not have any prior budgetary guidance from the previous two fiscal years. This of course is due to the Coronavirus pandemic. Therefore, the Proposed FY 2022 Budget is largely a projection of the revenues anticipated from the 2022 Anaheim Tradeshow. Given that these numbers are projections only, the Association must be parsimonious with its existing cash on hand, and budget the money that will be collected from 2022 Tribal Membership Dues towards operations only at this time. Current 2021 NIGA Budget Report As of November 15 th , 2021, the Association has $2.1 million in the bank. However, there is approximately ~$400,000 in unpaid Tradeshow expenses from the July Tradeshow. The Association is currently expending approximately $240,000/month on fixed operating costs ( Salary, Health Care, Building, Lobbying, etc) . The Association has enough cash on hand for operational fixed costs to last the next 8 months. We have already started collections for 2022 Tribal Membership dues, which is expected to collect $1.6 million for FY 2022. Further, the Association will be receiving an additional $1.5 million dollar loan from our Tradeshow partner Clarion LLC. The Association should have plenty of operating income to last through FY 2022 , even without the projected 2022 Tradeshow Revenue included. As stated above, we do not have any historical comparisons to the 2022 Anaheim Tradeshow, therefore projected revenues are difficult to estimate. In addition, the joint partnership with Clarion LLC, calls for all Tradeshow expenditures, and the overall Tradeshow Budget, to be implemented by a Joint Committee comprised of representatives from Clarion and the Indian Gaming Association. This process is only just now starting and we do not have as yet a clear picture of the overall Tradeshow 2022 Budget, which makes it hard to project Revenues and Expenditures in the Association’s FY 2022 Proposed Budget.
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