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

III. Budget Results - Fourth 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 fourth quarter in accordance with the authority delegated by the Board of Directors.

Following all fourth quarter budget modifications, the balances in the Corporate Unassigned contingency reserves were $23,679,768 in the Ongoing Operations budget component (including $1,375,003 reserved for IT technology refreshment that was not spent) and $30,524,390 in the Receivership Funding budget component.

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.

Spending Variances

Significant spending variances by major expense category and division/office are discussed below. Significant spending variances for the year ending December 31, 2017, are defined as those that either (1) exceed the YTD budget; or (2) are under the YTD budget for a major expense category or division/office by an amount that exceeds $5 million and represents more than five percent of the major expense category or total division/office budget.

Significant Spending Variances by Major Expense CategoryOngoing Operations

Ongoing Operations

There were four significant spending variances in major expense categories in the Ongoing Operations budget component for 2017:

Receivership Funding

The Receivership Funding component 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 were significant spending variances in five of the seven major expense categories in the Receivership Funding component of the 2017 FDIC Operating Budget:

Office of Inspector General

The Office of Inspector General (OIG) budget component had a significant spending variance in only one of the seven major expense categories. Equipment expenditures were approximately $742,000, or 152 percent, more than budgeted. This variance was due to the purchase of storage, server, and other equipment and services in connection with an initiative to expand and upgrade the OIG’s Electronic Crimes Unit’s laboratory (which also contributed to an increase in the OIG’s 2018 operating budget).

Significant Spending Variances by Division/Office 1

Five organizations had significant spending variances through the end of the fourth quarter:

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