ALEXANDRIA, Va. (7/24/15)--The National Credit Union Administration’s mid-year operating budget represents a $1.3 million decrease in the agency’s adopted budget for fiscal year 2015. The savings come as a result of the NCUA’s annual agency-wide mid-year review, and was presented at Thursday’s board meeting.
CUNA consistently advocates for the NCUA to work to reduce the budget wherever possible, noting that each year’s initial budget has been an increase from the previous year.
According to the NCUA, Thursday’s meeting did mark the sixth straight year that the mid-year review yielded more than $1 million in savings.
The capital budget saw an increase of $1.61 million, $1.3 million of which was due to the NCUA requiring enhanced data center facility capabilities and more secure services for sensitive information and mission-critical applications. Equipment and safety upgrades also added an additional $310,000.
A number of NCUA areas saw savings, however, offsetting the $1.61 million with approximately $2.945 million in savings.
Those include savings in:
Board member J. Mark McWatters, when the 2015 budget was proposed in November, highlighted a list of 11 items he wanted to see present in future agency budgets.
During Thursday’s meeting, NCUA Chair Debbie Matz said the agency had completed eight of those items, one is in the planning stage and two did not seem relevant to the budget.