Ongoing Operations

There were no Major Expense Categories in which a Significant Spending Variance occurred during the first quarter in the Ongoing Operations component of the Corporate Operating Budget.

Receivership Funding

There was only one Major Expense Category in which a Significant Spending Variance occurred during the first quarter in the Receivership Funding component of the Corporate Operating Budget:

• Outside Services-Personnel expenditures were $13 million, or 86 percent, less than budgeted, primarily due to less resolution activity than budgeted through the first quarter.
  

Significant Spending Variances by Division/Office²

There was only one organization that had a Significant Spending Variance during the first quarter:

• The Division of Resolutions and Receiverships spent $15 million, or 45 percent, less than budgeted. This was largely the result of contractual service expenses that were $11 million lower-than-budgeted due to less resolution activity workload than budgeted through the first quarter in the Receivership Funding component of its budget.
  

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¹Significant Spending Variances for the three months ending March 31, 2005, are defined as those that exceed the YTD annual budget by $3 million and represent more than 5 percent of the buget, or those that are under the YTD budget by more than $5 million and represent more than 10 percent of that budget.

²Information on division/office variances reflects variances in both the Corporate Operating and Investment portions of the budget.