Newsroom

July 20, 2017

NCUA notes 2% reduction in 2017 budget during mid-year review

In a mid-session budget review update during the NCUA's open board meeting Thursday, staff reported on a 2 percent reduction in the 2017 budget to $292.2 million – a reduction of $5.8 million.

The revised estimate was due to a reduction in full-time employee pay and benefits, and travel, administration and rental reductions, among others. The excess funds will be reserved, the NCUA said, as a contingency for anticipated costs for agency restructuring initiatives.

The 2018 budget is scheduled to be reviewed at the November open board meeting; a public budget briefing is expected this fall.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged the NCUA Board, ahead of Thursday's meeting, to undertake a line-by-line review of its budget to find efficiencies and savings as it carries out its mid-session budget review.