Professional Fiduciary Bureau projects stronger reserves after fee revenue; licensing and complaint data updated

Department of Consumer Affairs budget staff told the Professional Fiduciary Bureau Advisory Committee that the bureau’s fund condition is expected to improve in 2024–25, with projected revenues and a fund balance that the bureau said would equal about seven months in reserve.

Brennan Vu, a budget analyst with the DCA budget office, told the committee that the bureau began with a base budget of a little more than $1.1 million and is projected to spend about $689,000, creating a reversion of roughly $427,000 and a reversion percentage of 38.23 percent. Vu said the bureau projects 2024–25 revenues of just over $1.1 million and, based on the governor’s 2025–26 budget and fiscal-month-six projections, expects authorized expenditures and direct draws of about $758,000 for the year, leaving a closing fund balance of just over $711,000, or roughly seven months of reserve.

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