NCUA headquarters, Washington, D.C. Credit/The NCUA
It's that time of year when the leaves are changing color, Halloween decorations are going up and pumpkin spice flavors are being added to coffee and donuts. It's also the time of year when 2024 budgets are being planned.
The NCUA published its 2024-2025 draft budget on Thursday and the combined proposed budget totaled $394.5 million, which is a 9.5% hike from the 2023 budget. According to the NCUA, the proposed budget breaks down like this:
- $382.1 million operating budget; 11% higher than 2023.
- $7.3 million capital budget; 35.6% lower than 2023.
- $5.1 million Share Insurance Fund administrative budget; 3.6% higher than 2023.
Three main factors appear to contribute to the agency's proposed increases in 2024:
- Net increase of 28 positions, or 2.3%, compared to the agency's 2023 staffing level.
- Increase of $18.2 million for current employee compensation in 2024 compared to 2023.
- Increase of $10.7 million in contracted services for 2024.
After analyzing the proposed budget changes and increases, NAFCU President/CEO Dan Berger wasn't pleased with what he saw.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
