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Professional Fiduciaries Bureau projects $844,000 reserve; public commenter warns fund could be depleted by 2030
Summary
DCA budget analysts told the advisory committee the bureau is projected to end FY 2024–25 with about $844,000 (8.3 months) in reserve. A public commenter said bureau forecasts show a continuing negative cash flow that could exhaust the fund before 2030 and asked the bureau to examine solutions.
Brendan Vu, a budget analyst with the California Department of Consumer Affairs, told the Professional Fiduciaries Bureau Advisory Committee on Sept. 10 that the bureau is projected to close fiscal year 2024–25 with a reserve balance of about $844,000, equivalent to roughly 8.3 months of operating funds.
The fund condition statement Vu presented showed a beginning balance for 2024–25 of about $301,000, receipts of approximately $1,288,000 in the prior year (with about $223,000 from initial license fees, $1,000,000 from renewals and $65,000 from citations/fines), and $745,000 in expenditures that included $69,000 in statewide pro rata and pension payments. For the current projection Vu described, revenues…
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