Finance Committee approves FY 25 reforecast budget presented by Tiffany Lynch

The Washington State Bar Association's Board of Governors has officially approved the FY25 reforecast budget, reflecting significant adjustments driven by key projects and actual financial performance. During the meeting on May 2, 2025, Treasurer Kari Petrocic and Director Tiffany Lynch presented the updated budget, highlighting a net loss of approximately $1.5 million, primarily due to increased expenses related to the WISPA office downsizing and entity regulation projects.

The reforecast impacts three of the four funds managed by the association, with the general fund seeing a revenue increase of $154,000, while the Continuing Legal Education (CLE) fund faced a reduction of $180,000. The client protection fund remained stable with no changes to revenue. Overall, the reforecast indicates a total expense increase of about $259,000, leading to a projected use of reserves amounting to $284,000.

Key changes included a one-time increase in rent due to a new lease agreement and additional costs for IT consulting and software licensing. The board's unanimous approval of the reforecast budget ensures that these adjustments will be reflected in the May financial statements, allowing the association to better align its financial strategy with current operational needs.