Skip Header
U.S. flag

An official website of the United States government

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

III. Budget Results - Fourth Quarter 2018

Approved Budget Modifications

The 2018 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other officials the authority to make certain modifications to the 2018 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 these budget modifications, the balances in the Corporate Unassigned contingency reserves were $18,662,766 in the Ongoing Operations budget and $23,908,578 in the Receivership Funding budget component.  This unused budget authority lapsed at the end of the year.

Approved Staffing Modificatons

The 2018 Budget Resolution delegated to the CFO the authority to modify approved 2018 staffing authorizations for divisions and offices, as long as those modifications did not increase the total approved 2018 FDIC Operating Budget. There were no staffing modifications approved during the fourth quarter of 2018.

Spending Variances

Significant spending variances by major expense category and division/office are discussed below. Significant spending variances for the full year are defined as those that either (1) exceed the annual budget; or (2) are under the annual 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 three significant spending variances in major expense categories in the Ongoing Operations budget component for 2018:

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 2018 FDIC Operating Budget:

Office of Inspector General

The Office of Inspector General (OIG) budget component had a significant spending variance in one of the seven major expense categories.  Equipment expenditures were $972,000, or 63 percent, more than budgeted due to investment in additional hardware to refresh the OIG’s existing data center equipment, enhance data storage and backup capacity, and purchase new hardware and software for the Electronic Crimes Unit Laboratory to support forensic and investigative work.

Significant Spending Variances by Division/Office 1

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

1Information on division/office variances reflects variances in the FDIC Operating Budget.