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Board reports $26,947 deficit for fiscal 2023-24; staff to monitor reserves and fee options
Summary
Executive director presented fiscal year 2023-24 financials showing a reserve of $1,098,434 and a net operating deficit of $26,947; board asked staff to study fee or policy options and will present before government operations committee if needed.
The Tennessee Board of Funeral Directors and Embalmers received its fiscal year 2023-24 financial report Jan. 14 and voted to accept the executive director's presentation, which showed a reserve balance of $1,098,434 and a $26,947 operating shortfall for the year.
Executive Director Mr. Gribble told the board that the beginning balance July 1, 2023, was $1,125,184 and that net revenues for the year were $736,166 against total expenditures of $763,113. "The sky is not falling," Gribble said, but he warned the board that expenses had outpaced revenues for the fiscal year and that a core charge may be applied in the current fiscal year.
Why it matters: the board's reserve and revenue trends influence possible fee changes, the board's ability to recover investigative costs and how regulatory services are funded. Board members pressed staff for additional detail about complaint-collection timetables and whether civil penalties recover the board's administrative costs.
Key financial details: Gribble reported the board's beginning balance as $1,125,184; net revenue for July 1, 2023''June 30, 2024 was $736,166; total expenditures were $763,113; and the reserve on July 1, 2024 was $1,098,434. Case-and-complaint revenue for the year was $17,641, down from previous years (noted comparisons included $48,935 in 2021 and $54,733 in 2022). Gribble said the department does not budget for complaint revenue because the expectation is compliance without enforcement costs.
Board discussion focused on whether civil penalties adequately cover investigation and administrative costs and whether license-fee increases or other budget adjustments will be needed. Gribble said staff would investigate and return with a recommendation and noted the board may be asked to present to the government operations committee to explain the finances.
The board voted to accept the executive director's report by motion (mover Don Haynes, second Mr. Wheeler). Gribble emphasized the board's long-term reserve was intact even though the fiscal year closed with a modest deficit.
Ending: Staff will continue monitoring collections, case-closure revenue and reserves and will report back with more detailed recommendations if fee changes or other measures become necessary.
