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Board staff reports FY2025 deficit, reserve remains within guidance; self‑sufficiency hearing expected
Summary
Staff reported a fiscal 2025 operating deficit of $68,070 and an ending reserve of $1,519,174. The executive director does not recommend a fee increase now and expects the board to attend a self‑sufficiency hearing if deficits continue.
Board staff told the committee on Oct. 20 that for fiscal year 2025 (ending June 30, 2025) the Tennessee State Board of Accountancy recorded an operating deficit of $68,070 and a reserve balance of $1,519,174.
Executive Director Jen said the reserve remains within the usual guidance range (generally described as between one and 2.5 times annual operating costs) so she was not recommending a fee increase at this time. Staff noted the board will be subject to a self‑sufficiency review in the Tennessee legislature if it runs deficits for two consecutive years; the director said she expects the board to attend a February self‑sufficiency hearing if deficits persist.
Committee members discussed reserve level context and noted a recent sunset/self‑sufficiency hearing had probes about the deficit from a legislative representative; staff indicated they will report any updates to the full board.
The travel line item for the past quarter was also reported: combined travel costs reported were $947.15 for board and staff travel to chapter events and meetings.
The committee accepted the report for inclusion in the full‑board packet.
