FY 2025 FY 2026
6/30/2025 6/30/2026
Proposed Budget Proposed Budget
2,756,090.00 2,793,000.00
25,000.00 25,000.00
2,781,090.00 2,818,000.00
21,750.00 20,000.00
21,750.00 20,000.00
2,802,840.00 2,838,000.00
1,368,000.00 1,409,000.00
147,000.00 152,000.00
19,320.00 19,320.00
121,000.00 127,000.00
20,000.00 22,000.00
1,675,320.00 1,729,320.00
122,500.00 132,300.00
400.00 400.00
7,050.00 7,050.00
1,500.00 1,500.00
13,500.00 13,500.00
124,500.00 126,500.00
25,000.00 25,000.00
1,500.00 1,500.00
21,500.00 21,500.00
Operating Revenue
Revenue
41010 - VNB Inc. Income*
41020 - Boat Parade Venture Income
Total Revenue
Other Income
46004 - Miscellaneous Income
Total Other Income
Total Operating Revenue
Expenses
Salary and Wages
61010 - Salaries and Wages
61015 - Bonuses and Commissions
61020 - Auto Allowance
61030 - Payroll Tax Expenses
61040 - Accrued PTO Expense
Total Salary and Wages
Benefits
61110 - Medical Insurance
61115 - Benefit Administrative Fees
61120 - Dental Insurance
61125 - Vision Insurance
61130 - Life and Disability
61140 - Retirement Plan (401k)
61145 - Deferred Annuity
61150 - Flexible Spending Plan
61160 - Employee Engagement Benefit
Total Benefits
317,450.00 329,250.00
Newport Beach & Company
FY2
025 and FY2026 Budgets
*VNB Inc. Income is comprised of the $2,648,090 VNB (TOT) - NB & Co. Fees expenditure and the $108,000 MAP - NB & Co. Fee expenditure.
ATTACHMENT D
22-163
FY 2025 FY 2026
6/30/2025 6/30/2026
Proposed Budget Proposed Budget
Newport Beach & Company
FY2025 and FY2026 Budgets
General and Administrative Expenses
Operating Expenses
64100 - Office Supplies 14,000.00 12,000.00 64101 - Kitchen Supplies 6,200.00 5,800.00 64110 - Office Equipment Leases 2,760.00 2,760.00 64115 - Office Equipment (non-deprec) 13,000.00 14,000.00 64120 - Equipment Repairs & Maintenance 34,200.00 36,000.00 64125 - Computer Software (non-deprec) 38,000.00 40,500.00 64130 - Voice and Data - Office 11,000.00 11,250.00 64135 - Telephone - Mobile 24,060.00 25,000.00 64140 - Postage 600.00 800.00
64145 - Shipping Charges 2,000.00 3,000.00 64150 - Bank Fees 2,520.00 3,500.00
64160 - Membership Dues 110,475.00 116,000.00 64165 - Subscriptions 3,500.00 3,500.00
64170 - Team Meetings 29,500.00 28,000.00
64175 - Governance Meeting Expenses 36,000.00 36,000.00 64180 - Education 32,345.00 33,600.00
64190 - Business Licensing and Fees 1,000.00 1,310.00 64300 - Depreciation Expense 43,500.00 45,000.00 64600 - Business Meals/Entertainment 7,000.00 6,750.00 Total Operating Expenses 411,660.00 424,770.00
Office Lease and Expenses
62100 - Office Lease 225,660.00 225,660.00
62110 - Office Repairs and Maintenance 7,400.00 7,000.00 62120 - Offsite Storage 7,500.00 8,000.00 Total Office Lease and Expenses 240,560.00 240,660.00 Insurance
63100 - General Liability Insurance 2,500.00 2,750.00 63200 - Workers Compensation Insurance 7,500.00 8,000.00 22-164
FY 2025 FY 2026
6/30/2025 6/30/2026
Proposed Budget Proposed Budget
Newport Beach & Company
FY2025 and FY2026 Budgets
63300 - Board of Directors Insurance 3,800.00 4,050.00 Total Insurance 13,800.00 14,800.00
Professional Fees
64203 - Recruiting Fees 3,000.00 -
64205 - Payroll Processing Service 6,000.00 6,000.00 64201 - Audit Fees 33,500.00 35,000.00
64202 - Tax Preparation Fees 9,800.00 10,200.00 64204 - Legal Fees 50,000.00 10,000.00
Total Professional Fees 102,300.00 61,200.00
Travel Expenses
65100 - Airfare 13,900.00 12,750.00
65200 - Accommodations 18,600.00 17,000.00
65300 - Meals 6,500.00 5,500.00
65400 - Transportation Costs 1,500.00 1,500.00 65405 - Mileage ($0.655/mile 2023) 750.00 750.00 65500 - Other Travel Costs 500.00 500.00 Total Travel Expenses 41,750.00 38,000.00
Total General and Administrative 810,070.00 779,430.00 Total Expenses 2,802,840.00 2,838,000.00
Net Income - -
The Visit Newport Beach TOT contract expires on December 31, 2024. After consulting with General Counsel, who was formerly affiliated with the City, we were advised to prepare a 12- month budget in anticipation of the contract renewal.
22-165