Go to:

March 2019
< Feb Apr >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

2017 Mid-Year Budget Review Projects $5.8 Million in Savings for NCUA
Friday, July 28, 2017 6:40 AM

The NCUA’s Chief Financial Officer reported that agency expenditures are estimated to decline by approximately $5.8 million for 2017, based on current projections of agency needs.

The NCUA’s revised 2017 operating budget estimate is now $292.2 million. Reduced spending was noted for the following expense categories:

  • A $2.5 million reduction in pay and benefits, based on factors such as the hiring freeze earlier this year, employee turnover, and projected hiring and attrition rates.
  • A $1.4 million reduction in travel costs.
  • A $1.2 million reduction in contracted services.
  • A $516,000 reduction in administrative costs.
  • A $122,000 reduction in rental costs.

These funds will be reserved as a contingency for anticipated costs to implement agency restructuring initiatives. No Board action is required with respect to the NCUA budget, and no reduction to the Operating Fund budget is recommended.

The NCUA currently operates on a two-year budget cycle. The 2018 budget is scheduled to be reviewed at the Board’s November open meeting. The agency plans to host a public budget briefing in the fall.

As part of its ongoing commitment to transparency in the budget process, the NCUA continues to make detailed budget information publicly available on its Budget and Supplementary Materials webpage.