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

III. Budget Results - First Quarter 2020

Approved Budget Modifications

The 2020 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other officials the authority to make certain modifications to the 2020 FDIC Operating Budget. The following budget reallocations were approved during the first quarter in accordance with the authority delegated by the Board of Directors:

There were no changes to the Receivership Funding budgets for any organization.

The first quarter budget modification did not affect the Corporate Unassigned contingency reserve. The balances in the Corporate Unassigned contingency reserves as of March 31, 2020, were $30,000,000 in the Ongoing Operations budget component and $12,042,515 in the Receivership Funding budget component.

Approved Staffing Modificatons

The 2020 Budget Resolution delegated to the CFO the authority to modify approved 2020 staffing authorizations for divisions and offices, as long as those modifications did not increase the total approved 2020 FDIC Operating Budget. In March, the CFO approved the transfer of two authorized permanent positions (with their incumbents) from OCISO to DIT in conjunction with the realignment of operational security management responsibilities referenced above. DIT has sufficient funding in its Salaries and Compensation budget to cover the two salaries associated with this transfer. 

Spending Variances

Significant spending variances by major expense category and division/office are discussed below. Significant spending variances for the quarter ending March 31, 2020, are defined as those that either (1) exceeded the YTD budget for a major expense category or division/office by more than $5 million and represented more than three percent of the major expense category or total division/office budget; or (2) were under the YTD budget for a major expense category or division/office by more than $15 million and represented more than 15 percent of the major expense category or total division/office budget.


Significant Spending Variances by Major Expense Category

Ongoing Operations

There were no significant spending variances for the first quarter in the Ongoing Operations budget component. It is likely, however, that a significant variance will develop in the Travel expense category during the second quarter due to the virtual elimination of employee travel as part of the Corporation’s pandemic response.

Receivership Funding

The Receivership Funding component of the 2020 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 and other expenses required to ensure readiness without regard to whether failures occurred. 

There were no significant spending variances for the first quarter in the Receivership Funding budget component.

Office of Inspector General

There were no significant spending variances in the first quarter of the 2020 Office of Inspector General budget component.


Significant Spending Variances by Division/Office 1

No organizations had significant spending variances in the first quarter of 2020.


1Information on division/office variances reflects variances in the FDIC Operating Budget and does not include variances related to approved multi-year investment projects.