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Budget office projects board fund balance of about $2.9 million and reversion of roughly $824,000; fiscal month 13 will finalize numbers
Summary
DCA budget staff reported July 11 that the board projects roughly $3.31 million in revenues for FY 2024–25 and an ending fund balance near $2.9 million (about 8.1 months of reserves); a reversion of about $824,000 is projected under current assumptions, and final figures will be confirmed when fiscal month 13 posts in mid‑August.
Nicole Dragoo (budget manager) and Bridal Vu (budget analyst) from the Department of Consumer Affairs presented the board’s revenue, expenditures and fund condition statement at the July 11 meeting. The presentation reviewed actuals through fiscal month 11, projections to year end and a mock fund-condition scenario based on governor’s budget projections.
Key figures presented by the budget office:
- FY 2023–24 beginning fund balance: approximately $1,765,000 (reported as prior-year actuals). - FY 2023–24 receipts collected: $2,787,000 (including roughly $331,000 initial license fees, $2,150,000 renewals, and $306,000 from citations, fines and other revenues). - FY 2024–25 projected revenues: approximately $3,306,000 (about $414,000 initial license fees, $2,621,000 renewals, and $271,000 from citations/fines/other). - Authorized expenditures and direct draws projected at $3,338,000 (FM11 projections), leaving a projected ending fund balance of ~ $2,899,000 or about 8.1 months in reserve. - For FY 2024–25 the board’s beginning base budget was about $3,800,000 with projected spending of roughly $2,900,000 and a reversion (underspend) estimated at $824,000 (21.66% reversion percentage) under current projections.
Budget staff noted the fund-condition statement is a snapshot and that personal services adjustments (salary, retirement contributions) are a main factor driving future expenditure increases; the office includes a conservative 3% ongoing expenditure growth factor in out‑year projections. They also cautioned that final FY 2024–25 numbers will not be complete until fiscal month 13 is posted (mid‑August), which can include both additional expenditures and credits; staff said the current small projected deficit (approximately $32,000) may shift when fiscal month 13 transactions are posted.
Board members asked clarifying questions about fiscal month 13 and fund-condition interpretations; staff said final fiscal-year actuals will be available in October once month‑13 is processed and that the budget office will continue monthly monitoring.
Ending: The budget office will return with updated monthly expenditure projections and a finalized FY 2024–25 fund condition after fiscal month 13 posts mid‑August.
