About the Board

Colorado.gov

About the Board

For more detailed information, you may want to review the Division of Registrations Budget Narrative, which includes the following:

Division Description and General Information
Trends/Environmental Scan
Critical Issues
Program Functions and Business Activities
Workload Measures

Funding Sources

The Board of Pharmacy is cash-funded from fees pursuant to Colorado statute. Fees are paid for registration by pharmacists and pharmacies.

Fee amounts are established annually for the purpose of covering direct and indirect costs incurred by the Board for licensing and enforcement.

Expenditures and revenues are not always equal. Revenue needs and fee amounts are based on estimated expenses and numbers of revenue payers. These estimates may vary from actual expenses and numbers of payers. Revenue collected that exceeds expenditures remains with the agency and is considered when calculating total revenue needed for the following year.

The following table displays the amount of revenue generated and the amount of expenditures for the Pharmacy Board for fiscal years 05-06 and 06-07, and an estimate for fiscal year 07-08.

	Revenue	Expenditures
FY 05-06 Actual	$879,083	$963,420
FY 06-07 Actual	$1,022,331	$1,132,167
FY 07-08 Estimate	$1,153,472	$1,088,612

The following pie chart shows the source of revenue for fiscal year 07-08.

Estimated Revenues Fiscal Year 2004-2005: $689,334
(100% Professional and Occupational Licenses)

The following pie chart shows the estimated expenditures for fiscal year 07-08.

Estimated Expenditures Fiscal Year 2004-2005: $796,464
(37% Inspections; 25% Enforcement; 24% Communication; 11% Licensing; 3% Examining for Licensure)

Trends

The business of pharmacy is changing rapidly in our society. While some pharmacies are diminishing, the chains and Internet operations are growing. Functions within pharmacies are becoming more automated so that the nature of supervision has changed, and the accountability required of pharmacists has expanded. Pharmacists are graduating with clinical experience and choosing to practice clinical pharmacy. Pharmacies are compounding more medications than in the past. The Board is working to address all of these trends by changing its policies and rules to meet current practice conditions. Part of those changes involved working with the Colorado Medical Board to ensure that drug therapy management undertaken by clinical pharmacists and physicians is accomplished in a safe manner. Board members are also participating in a state compounding taskforce to address safety and efficacy issues in compounding. The Board expects these trends to continue in the near future, so it will continue to update past policies in order to address those changes.