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Licensing staff outline shrinking reserves, propose combining funds and future fee changes
Summary
Department staff told the Commerce & Insurance board that two licensing funds are drawing down reserves and proposed combining them to extend runway; board members were alerted that fee increases may be needed in coming years.
Department staff told the Commerce & Insurance licensing board on Sept. 23 that the agency administers two distinct funds for contractor licensing — one for contractors and home improvement and a separate fund for limited license entities (LLE and LLP) — and that reserves are decreasing.
Staff presented a four-year revenue-and-expense summary and said combining the two funds into one could extend the funds' runway. Staff said, without combining the funds, the contractors and home-improvement fund "could run out…
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