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Finance update: FY24 ran a deficit; FY25 draft shows surplus after ARPA adjustments
Summary
Staff reported FY24 revenues of about $7.7M and spending of about $8.8M, producing a negative fund change and an ending fund balance near $1.7M for FY24; FY25 draft projects roughly $9.6M in revenues and $8.8M in expenditures (a projected surplus of approximately $760K) pending audit and ARPA/AGC adjustments.
At the board meeting, finance staff presented a detailed update on the Public Defender Service Corporation’s finances, saying FY24 collected revenues were about $7.7 million while expenditures totaled roughly $8.8 million, resulting in a negative net change in fund balance. The presenter said the FY24 beginning fund balance had been about $2.8 million and the ending fund balance was approximately $1.7 million as of Dec. 31.
Looking ahead to FY25, staff described the FY25 statement as a draft…
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