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TO: <br />FROM <br />CITY OF <br />NEWPORT BEACH <br />City Council Staff Report <br />October 22, 2019 <br />Agenda Item No. 12 <br />HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL <br />Dan Matusiewicz, Finance Director - 949-644-3123, <br /> <br />PREPARED BY: Steve Montano, Deputy Finance Director, <br /> <br />PHONE: 949-644-3240 <br />TITLE: Annual Review of Visit Newport Beach Audited Financial Statements <br />and Expenditure Report <br />ABSTRACT: <br />In accordance with Sections 6(d) and 6(e) of the City's agreement with Visit Newport <br />Beach (VNB), originally entered on September 27, 2011, and amended on August 5, <br />2015, VNB's audited financial statements, management letter and compliance <br />expenditure report are attached for the City Council's review. <br />RECOMMENDATION: <br />a) Determine this action is exempt from the California Environmental Quality Act (CEQA) <br />pursuant to Sections 15060(c)(2) and 15060(c)(3) of the CEQA Guidelines because <br />this action will not result in a physical change to the environment, directly or indirectly; <br />and <br />b) Receive and file the report. <br />FUNDING REQUIREMENTS: <br />There is no fiscal impact related to this item. <br />DISCUSSION: <br />Per the City's agreement with VNB, the following reports are subject to review by the City <br />Council. <br />1. Audited Financial Statements (Attachments A and B) - VNB has provided its <br />audited financial statements for its most recently ended year, including the <br />associated management letter. <br />12-1 <br />