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NCUA is projecting the agency's expenditures will come in about $2.7 below budget by year-end, staff told the agency board during Thursday's open meeting.

NCUA began the year with a budget figure set at $290.9 million; by year-end, total 2016 expenditures are projected to wind up at about $288.2 million. A breakdown showing where the savings are is published online.

Agency staff are recommending no reduction in operating fees for 2017 for the present time given current, open obligations from past years which affect the agency's cash needs. The board will vote on the 2017-2018 budget in November. The agency's planned public budget briefing is still slated for October.

NCUA has typically executed a mid-year budget "reprogramming" over the past several years that usually produced an immediate reduction in the approved budget figure. That didn't happen this week. Instead, the board was briefed on areas of expenditures for which some savings are anticipated.

Those savings include $1.9 million in pay and benefits; $234,000 in administrative costs related to Federal Financial Institutions Examination Council assessments; $30,000 for rent; and $19,000 in contracted services.