Professional Fiduciaries Bureau projects stronger reserves for 2024–25; commenters warn of longer-term cost pressures

At the Professional Fiduciaries Bureau advisory committee meeting in June 2025, Bridal Voo, a budget analyst with the Department of Consumer Affairs budget office, presented the bureau's fund-condition statement and expenditure projections.

Voo told the committee the bureau began fiscal year 2023–24 with a balance of $256,000, collected $842,000 in receipts (including $141,000 in initial license fees and $664,000 in renewals), and expended $797,000, closing the year with a $301,000 reserve (about 4.8 months). For fiscal year 2024–25 the bureau projects just over $1,200,000 in revenue (including $171,000 in initial license fees and $998,000 in renewals) and projected expenditures of about $747,000, leaving a projected fund balance “of just over $783,000 or 7.7 months in reserve,” Voo said.

The Budget Office noted the fund-condition statement includes a conservative 3% ongoing increase to account for personal service adjustments such as salary and retirement-rate changes, and warned that future legislation or unanticipated events could create additional cost pressure.

Public commenters raised questions about sustainability. James Counts, a CPA and CTFA, told the committee he “identified some relationships that concern me for the long going good health of the… bureau,” and said the proposed increase in next year’s expenditures “is 65% of expenditures over the current level of expenditures,” warning that the trend could create ongoing negative cash flow if not addressed. Another commenter, Greg Honinger, asked why renewal-fee revenue appears to decrease in future years and whether the budget accounts for trends in the number of licensees.

Committee members did not take any formal budget action at the meeting. The Budget Office said it will continue monthly monitoring of revenues and expenditures and will report back as fiscal months close.

Clarifying details from the presentation include a bureau beginning base budget figure described as "a little over $1,100,000" and an earlier slide noting a projected reversion to the fund of approximately $355,000 (a 34.37% reversion) under a specific projection scenario. The Budget Office emphasized that personal-services adjustments are a main driver of future expenditure increases and that any future legislation or unanticipated events could change the outlook.

The advisory committee accepted the update; no vote or policy change was recorded on the budget item.