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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

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

III. Budget Results - First Quarter 2016

Approved Budget Modifications

The 2016 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other officials the authority to make certain modifications to the 2016 FDIC Operating Budget.  The following budget reallocations were approved during the first quarter in accordance with the authority delegated by the Board of Directors.

Approved Staffing Modifications

The 2016 Budget Resolution delegated to the CFO the authority to modify approved 2016 staffing authorizations for divisions and offices, as long as those modifications did not increase the total approved 2016 FDIC Operating Budget.  The following change was approved by the CFO in accordance with the authority delegated to him by the Board of Directors:

Spending Variances

Significant spending variances by major expense category and division/office are discussed below.  Significant spending variances for the three months ending March 31, 2016, are defined as those that either (1) exceed the YTD budget by more than $3 million and represent more than five 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 $5 million and represents more than ten percent of the major expense category or total division/office budget.

Significant Spending Variances by Major Expense Category

Ongoing Operations

There was a significant spending during the first quarter in two major expense categories of the Ongoing Operations component of the 2016 FDIC Operating Budget:

Receivership Funding

The Receivership Funding component of the 2016 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 a significant spending variance in only one of the seven major expense categories during the first quarter in the Receivership Funding component of the 2016 FDIC Operating Budget:

 Significant Spending Variances by Division/Office1

Only two organizations had significant spending variances through the end of the first quarter:

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

 

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