It feels good to now have the final numbers for FY 21 and to be able to start looking forward to FY 22. Before moving forward to discuss FY 22, let’s look back at FY 21.
For FY 21, WSBA revenue was $23,691,045 and FY 21 WSBA expenses were $22,106,482. The ending fund balances for FY 21 (Oct. 1, 2020 through Sept. 30, 2021) are as follows:
• General Fund. For FY 21, the WSBA General Fund balance ended at $7,076,440, or $1,548,206 over the FY 20 ending balance of $5,528,234.
• Client Protection Fund. For FY 21, the Client Protection Fund balance ended at $4,046,283, or $146,847 below the FY 20 ending balance of $4,193,130.
• CLE Fund. For FY 21, the CLE Fund balance ended at $635,784, or $166,500 above the FY 20 ending balance of $469,241.
• Section Fund. For FY 21, the Section Fund balance ended at $1,406,760, or $196,551 above the FY 20 ending balance of $1,210,209.
LOOKING FORWARD TO FY 22
In October we had our first Budget and Audit Committee meeting to look forward to the FY 23 budget process. Our Budget and Audit Committee meeting started with a discussion of what went well as to the FY 22 budget and what can potentially be done better as to the FY 23 budget. This is my third year on the Budget and Audit Committee, and I can assure you that we are always looking for ways to improve the WSBA budget process. The Budget and Audit Committee is committed to continuous improvement for the benefit of WSBA members.
In the spirit of continuous improvement, we had several governors volunteer their time on several exciting Budget and Audit Committee projects. I would like to thank Governor Francis Adewale for volunteering his time to work with WSBA CFO Jorge Perez to review and revise the WSBA fiscal policies. While our WSBA fiscal policies are currently in a good place, this project will further improve them for the benefit of the WSBA and its members.
I would also like to thank Governor Alec Stephens for volunteering his time to work with CFO Perez to look for ways to improve the budget process for FY 23. During the latter part of each year, the budgeting process becomes very time intensive for CFO Perez, his team, and the Budget and Audit Committee. While this is generally the way it works for organizations and businesses, it is great to be looking at this process with an eye for improvement. Governor Stephens and CFO Perez will review the budgeting process to determine if there is a way to tackle some of the budgeting processes earlier in the year to hopefully decrease the workload on CFO Perez, his team, and the Budget and Audit Committee later in the year.
Last but not least, I would like to thank Governor Dan Clark and Governor Brett Purtzer for volunteering their time to work with CFO Perez to examine our current investment strategy and determine if there is a better way to invest our cash reserve. Governors Clark and Purtzer will also monitor and keep the Budget and Audit Committee updated on the efforts to sublease part of the WSBA office space in an effort to decrease our per-month lease rent amount. These two projects are very exciting to me because they give us the opportunity to grow our investments and cut our expenses, which would be a win for WSBA members and the organization! The Budget and Audit Committee is already a huge time commitment for all of its members, so I am especially grateful to these governors for their willingness to spend even more of their time on these very important tasks.
In closing, please know that we continue to rigorously analyze how to operate as efficiently as possible while maintaining essential member supports and services, and also to look at all areas of the budget to increase revenue opportunities and improve overall efficient use of our license fee revenue and other revenue for the WSBA. It continues to be an honor to serve as WSBA treasurer. Please let me know if you have any comments or questions. Member feedback is always important to me and the Budget and Audit Committee.