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DCA budget office projects 7 months reserve for Professional Fiduciary Bureau
Summary
DCA budget staff told the advisory committee the bureau’s fund condition projects a fund balance of just over $711,000 (about seven months of reserve) for 2024–25; the report includes revenue and expenditure breakdowns and a conservative 3% ongoing expenditure growth assumption.
A budget analyst from the Department of Consumer Affairs (DCA) told the Professional Fiduciary Bureau Advisory Committee on March 12 that the bureau’s fund condition projects a fund balance of just over $711,000—equivalent to roughly seven months of reserve—based on data through fiscal month 6.
Bridal Vu, a DCA budget analyst, said the bureau began the cycle with a base of a little more than $1.1 million and projects to spend approximately $689,000 in the current cycle, creating a reversion to the bureau’s fund of roughly $427,000 (a 38.23% reversion percentage in the materials). Vu reviewed revenue projections that show approximately $135,000 from initial license fees, $979,000 from renewals and $36,000 from citations and other receipts for the 2024–25 year.
Vu told the committee the projections are based on actual receipts collected through September and conservative assumptions for personnel costs: the budget office includes a 3% ongoing increase to expenditures to account for salary and retirement adjustments.
Vu cautioned that future legislation or unanticipated events could create additional cost pressure on the fund and said the Budget Office will continue monthly monitoring and communication with bureau leadership.
The committee accepted the presentation with no public comment and no formal action. Nicole Dragoo, DCA budget manager, attended the presentation.
Key figures from the presentation - Beginning base budget (approx.): a little over $1,100,000. - Projected expenditures (current projection): approximately $689,000. - Projected reversion to the fund: approximately $427,000 (38.23%). - Projected revenues for 2024–25: ~ $1,100,000 (initial fees $135,000; renewals $979,000; other $36,000).
The budget office will continue to report monthly as fiscal months close; the committee did not take action on funding changes.
