The NCUA on Friday released a proposed 2018 operating budget totaling $298.2 million, a $6.1 million boost from the 2017 level.
That represents a 2.1% increase from 2017.
“The 2018-2019 budget proposal is another step in our broader effort to re-align our resources with the mission of the agency to meet the needs of an evolving credit union system in a cost-effective manner while continuing to protect the safety and soundness of the system and the Share Insurance Fund,” said NCUA board Chairman J. Mark McWatters, in releasing the document.
The agency is soliciting comments on the budget proposal and has scheduled an Oct. 18 budget briefing. Comments on the budget plan will be accepted through Oct. 27.
In budget documents posted on the agency’s website, the NCUA also projected a 2019 budget of $302.8 million, a $4.6 million increase from the proposed 2018 level.
The budget plan also provides additional details on the agency reorganization plan, announced in July.
Under that plan, the agency’s Albany, N.Y. is slated to close on Dec. 31, 2018, with the agency’s Alexandria office handling most of the states supervised by the Albany office.
The Atlanta office is scheduled to close on the same date, with the agency’s Austin, Texas office absorbing the states previously served by Atlanta. However, the Tempe, Ariz. office will absorb the western states that had been supervised by Austin.
The document states that the NCUA will “achieve its workforce reductions by offering all impacted employees options to remain with the agency.”
The proposed budget also calls for a reduction of 57 full time equivalents in examiners. That reduction will be spread among all regional offices and is part of the agency’s plans to extend the exam cycle for certain credit unions and the agency’s internal reorganization.
The 2018 direct charges to the Share Insurance Fund are slated to be $7.4 million, a decrease from the 2017 budget level of $10.1 million.
