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Chief Financial Officer's (CFO) Report to the Board

III. Budget Results - Third Quarter 2017

Approved Budget Modifications

The 2017 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other officials the authority to make certain modifications to the 2017 FDIC Operating Budget.  The following budget reallocations were approved during the third quarter in accordance with the authority delegated by the Board of Directors.



Approved Staffing Modificatons

The 2017 Budget Resolution delegated to the CFO the authority to modify approved 2017 staffing authorizations for divisions and offices, as long as those modifications did not increase the total approved 2017 FDIC Operating Budget.  There were no approved staffing modifications in the third quarter.

Spending Variances

Significant spending variances by major expense category and division/office are discussed below.  Significant spending variances for the nine months ending September 30, 2017, are defined as those that either (1) exceed the YTD budget by more than $1 million and represent more than two percent of a major expense category or total division/office budget; or (2) are under the YTD budget for a major expense category or division/office by an amount that exceeds $7 million and represents more than seven percent of the major expense category or total division/office budget.

Significant Spending Variances by Major Expense CategoryOngoing Operations

Ongoing Operations

There was only one significant spending variance in a major expense category in the Ongoing Operations budget component through the third quarter:

Receivership Funding

The Receivership Funding component of the 2017 FDIC Operating Budget includes funding for expenses that are incurred in conjunction with institution failures and the management and disposition of the assets and liabilities of the ensuing receiverships, except for salary and benefits expenses for permanent employees assigned to the receivership management function. 

There was only one significant spending variance in a major expense category in the Receivership Funding budget component through the third quarter:

Office of Inspector General

There were no significant spending variances during the second quarter in any major expense category of the Office of Inspector General budget component of the 2017 FDIC Operating Budget.

Significant Spending Variances by Division/Office 1

Two organizations had significant spending variances through the end of the third quarter:

1Information on division/office variances reflects variances in the total FDIC Operating Budget (both the ongoing operations and receivership funding budget components).