Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
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 and said the agency had not yet started the FY25 audit. The draft totals showed projected FY25 collected revenues at roughly $9.6 million and total expenditures near $8.8 million, yielding a projected surplus in the neighborhood of $760,000. Staff noted the draft includes ARPA/AGC entries (approximately $299,000 in expenditures recorded in the draft) that will alter the ending fund balance once final reconciliations are complete.
Staff also reviewed account-level cash positions as of Dec. 31: an ATB cash account near $290,000; a CLC trading account around $1,167,000; a small grama account balance of about $5,500; AGC operating/grants account of roughly $15,000; and a PDC operating account with about $3.1 million. Staff reported private PAP funding has been received but the PAP account has not yet been opened, so those funds are temporarily commingled with the main PDC account; staff said a separate PAP account will be opened for cleaner division-level reporting.
Board members asked about whether federal budget action would affect grants and were told that criminal-defense operations do not depend on federal grants, though subgrants and certain program funding (for elder services and others) are subject to grant allocations. Staff recommended investing surplus funds in a government money-market account (citing a current yield of about 3.51%) to earn interest while preserving liquidity. Staff said final numbers will be updated after reconciliations and the pending audit.
