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.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
