ALEXANDRIA, Va. – During its July board meeting, NCUA approved shaving 1% off of its proposed budget for the current year.

NCUA had initially budgeted nearly $151 million for 2006, but decreased that total by a net of over $1.4 million, bringing the agency's budget to $149.4 million for the year. Most of the cost savings came from 28 staff vacancies totaling savings of nearly $2.2 million. Vacancies are currently running about 3.5% of full-time equivalents.

NCUA Board Member Gigi Hyland inquired whether this level of vacancy is higher than in the past. Senior Budget Analyst Chris McGrath said, "It's actually lower than what we've seen in the past." He also noted that right now NCUA is around 4% of FTEs.

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