ALEXANDRIA, Va. (8/1/14)--Approximately $1.1 million has been trimmed from the National Credit Union Administration's budget this year, according to the agency's mid-year operating budget report Thursday. The reduction in costs for the year ending Dec. 31 will bring the revised NCUA budget to $266,920,296.
The majority of unused budgetary funds, $1.525 million, is a result of vacant staff positions. Pay and benefits account for 73% of the NCUA's total operating budget.
"For the fifth straight year our mid-year budget review has yielded more than $1 million in savings, which will be returned to credit unions," said NCUA Chair Debbie Matz.
She also noted that while this year's reduction is less than it has been in years past, the difference is due to the agency entering this year with 15 vacancies, as opposed to the close to 40 in years past.
Another $90,000 in savings comes from a reduction in the monthly transit subsidy reimbursement, which was lowered to $130 from $245 by Congress after the initial budget was passed.
Other changes in the mid-year budget include:
The NCUA also announced that a portion of its retail space in Alexandria will be re-purposed into a dedicated training facility for the agency's exam program. This will result in capital costs of an estimated $200,000 for building renovations and information technology infrastructure updates. According to the NCUA, these costs will be funded from existing NCUA resources.
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