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ALEXANDRIA, Va. — The NCUA Board last week approved a higher than initially anticipated increase in its budget following an agreement on a bargaining contract between NCUA management and the National Treasury Employees Union.

The final 2008 budget was approved for $158,631,447, representing a $6.6 million increase or 4.35% over the 2007 budget. The agency had projected at its public budget briefing for an increase prior to the agreement reached just a couple weeks ago, but that was under 3.0% for a $156.5 million budget in 2008. However, NCUA Executive Director Len Skiles had acknowledged that the near-complete bargaining agreement at that time would have a budgetary impact.

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