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California Board of Accountancy posts surplus, holds 13.4 months in reserve; board discusses drawdown process and travel rules
Summary
The California Board of Accountancy reported a $21.86 million revenue year and a roughly $2.1 million surplus for fiscal year 2024–25, leaving the accountancy fund with about 13.4 months in reserve. Board members questioned how reserves would be used and what would happen if the board exceeded its budget authority.
The California Board of Accountancy reported that it closed fiscal year 2024–25 with $21,860,000 in total revenue and a budgetary surplus of roughly $2,100,000, leaving the accountancy fund with about 13.4 months in reserve, the board heard at its Sept. 19 meeting in Burbank.
The board’s secretary-treasurer presented the year-end financial statements covering July 1, 2024, through June 30, 2025. The board’s adopted budget for the year was $19,785,000. License renewal fees were the largest revenue source, contributing more than $15,300,000, the presentation said. Total expenditures equaled…
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