The Osteopathic Medical Board of California held a significant meeting on January 18, 2024, focusing on budget updates that could impact the board's operations and services to the community. Harmony DiFilippo, the budget manager, presented the board's expenditure projections and fund condition statement, revealing a projected spending of over $3.5 million against a budget of approximately $3.54 million. This indicates a potential reversion of about $203,000, primarily due to costs associated with the Attorney General's office.

The board is currently collaborating with the Attorney General's office to assess the need for additional funding, estimating an augmentation of around $210,000. If approved, this would adjust the budget to approximately $3.56 million, resulting in a much smaller reversion of about $6,000. This careful financial planning is crucial as it ensures that the board can continue to fulfill its responsibilities without compromising service quality.

In addition to expenditure projections, the board discussed revenue forecasts, which are expected to remain stable. For the fiscal year 2023-2024, the board anticipates revenues of about $3.62 million, with significant contributions from initial license fees and renewals. The board's reserve balance is projected to remain healthy, with approximately 13.4 months of reserves available.

The meeting also touched on the potential for future cost pressures due to personnel service adjustments and the need for ongoing monitoring of the board's financial condition. Board members expressed interest in exploring sponsorship opportunities for travel to conferences, which will require further legal analysis.

Overall, the discussions highlighted the board's commitment to maintaining fiscal responsibility while ensuring that it can meet the needs of the community it serves. The board plans to continue monitoring its financial situation closely and will keep communication open regarding any future needs or legislative changes that may arise.