Budgeters Project Bar Red Ink

• Jurisdiction: California,United States
• Citation: Vol. 02 No. 2009 Pg. 02
• Publication year: 2009
• Pages: 02
• Year: 2009
• topic: Business of Law

California Bar Journal 2009.

CBJ - February 2009 #02. Budgeters project bar red ink

California Bar Journal
February 2009

Budgeters project bar red ink

By Nancy McCarthy
Staff Writer

The State Bar is spending down its reserves and faces a $6.6 million deficit by 2011, according to figures released by bar officials last month. Nonetheless, chief financial officer Peggy Van Horn believes that with some cutbacks and readjustments, "there is no need for slash and burn" to the organization.

"The whole point is, we can take a measured approach to this," Van Horn said. "We want expenditures and revenue to match."

At a board meeting in La Quinta, Van Horn projected a deficit of $3.7 million this year. However, because of accumulated savings of almost $10 million, the bar would stay in the black with an ending balance of $6 million. Although the deficit is expected to grow in the following years, Van Horn said savings will not be spent until 2011, when the year would start with only $100,000 in the bank...