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Board hears budget update: months in reserve growing, transaction fee to shift to applicants in March
Summary
Assistant Executive Officer Mark Ito presented a fiscal update showing the board’s fund condition is structurally imbalanced (revenues exceed expenditures), months in reserve are growing, and staff expect to begin passing a 2.3% transaction fee to applicants in March to reduce costs absorbed by the board.
Mark Ito, assistant executive officer, delivered the board’s fiscal update at the Feb. 7 meeting, reviewing three documents: expenditure projections, revenue projections and the fund condition. Ito said the board’s projected fiscal‑year revenue for 2024–25 is approximately $24.7 million while total expenditures are projected at about $19.1 million, which results in roughly $5 million more revenue than expenditures and growing months in reserve.
Ito explained the board participates in incremental state budgeting and described recent budget “drills” (budget…
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