NCUA HOLDS 4TH ANNUAL BUDGET BRIEFING
AND PUBLIC FORUM
Projected 2005 Agency Budget Reduced by 1.3%
October 12, 2004, Alexandria, Va. – The National Credit Union Administration (NCUA) conducted its fourth annual Budget Briefing and Public Forum here today to unveil its projected 2005 agency budget and to accept comments from stakeholders.
NCUA Executive Director J. Leonard Skiles presented staff budget submissions that will, if adopted by the NCUA Board at the level presented, combine savings from non-reoccurring items, achieve an overall budget decline for 2005 of 1.3 percent over the 2004 approved budget, and provide for an average 4 percent merit salary increase potential for employees. The projected agency budget for 2005 totals $148 million. Additionally, the proposed budget would maintain the staffing level at no more than the current 963 full time equivalents.
“I believe the Executive Director’s proposed budget once again demonstrates the importance of maintaining wise use of agency resources and providing the necessary resources for an effective and efficient agency,” said NCUA Chairman JoAnn Johnson. “As regulator and insurer, it is vitally important that we have a budget process which is open and transparent for our stakeholders. While the recommended budget reflects our overall commitment to fiscal responsibility and ensuring a safe and sound credit union system, it is necessary for the Board to review the recommendations to ensure all program objectives are met.”
NCUA Board members were present for the budget presentation by Skiles and heard oral comments from representatives of three major credit union trade associations who provided their views on agency expenses and priorities for 2005. The NCUA Board will consider both the oral comments at the public forum as well as submitted written comments, and vote on a final 2005 agency budget at its November 18 Board meeting.
The three public witnesses making oral presentations today included representatives of the Credit Union National Association (CUNA), National Association of Federal Credit Unions (NAFCU) and the National Association of State Credit Union Supervisors (NASCUS). NCUA will accept written statements and comments on today’s presentation through November 12.
For interested parties, the agency’s budget briefing PowerPoint presentation is available on the NCUA website at http://www.ncua.gov/ReportsAndPlans/special/budget/index.html.
The National Credit Union Administration (NCUA), governed by a three-member board appointed by the President and confirmed by the Senate, is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of 82 million account holders in all federal credit unions and many state-chartered credit unions.
The National Credit Union Administration, governed by a three-member board, is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of 82 million account holders in all federal credit unions and many state-chartered credit unions.
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