Federal Deposit Insurance Corporation 

550 17th Street, N.W., Washington, D.C. 20429-9990 Deputy to the Chairman and CFO 

 

 August 26, 2014 

MEMORANDUM TO: The Board of Directors 

FROM: Steven O. App 

Deputy to the Chairman and 

Chief Financial Officer 

Craig R. Jarvill 

Director, Division of Finance 

SUBJECT: Second Quarter 2014 CFO Report to the Board 

The attached report highlights the Corporation’s financial activities and results for the quarter ended 

June 30, 2014. 

Executive Summary 

 During the second quarter of 2014, the DIF balance increased by $2.2 billion, from $48.9 

billion to $51.1 billion. This quarterly increase was primarily due to $2.2 billion of assessment 

revenue and a $204 million decrease in the provision for insurance losses, partially offset by 

$428 million of operating expenses. 

 

 During the second quarter of 2014, the FDIC was named receiver for 7 failed institutions. The 

combined assets at inception for these institutions totaled $842 million with a total estimated 

loss of $112 million. The corporate cash outlay during the second quarter for these failures 

was approximately $235 million. 

 Through June 30, 2014, overall Corporate Operating Budget expenditures were below budget 

by 8 percent ($93 million). Spending in the Ongoing Operations component was $59 million, 

or 7 percent, under budget, largely due to underspending for salaries and compensation, 

equipment, and contractual services. The variance in the Receivership Funding component 

was $34 million, or 11 percent, under budget, primarily due to lower-than-budgeted spending 

for contractual services at the site of failed financial institutions. 
2

I. Corporate Fund Financial Results (See pages 6 - 7 for detailed data and charts.) 

Deposit Insurance Fund 

 For the six months ending June 30, 2014, the DIF’s comprehensive income totaled $3.9 billion 

compared to comprehensive income of $4.9 billion for the same period last year. This $1.0 

billion decrease was mostly due to a $554 million decrease in assessment revenue and a 

$676 million increase in provision for insurance losses. 

 The provision for insurance losses was $144 million for the first half of 2014. The positive 

provision primarily resulted from a $449 million increase in the estimated losses for anticipated 

failures, partially offset by a $295 million decrease in the estimated losses for institutions that 

failed in current and prior years. The reduction in the estimated losses from failures was 

primarily attributable to a decrease in the receiverships’ shared-loss liability and unanticipated 

recoveries of tax refunds and professional liability claims by receiverships. 

Assessments

 During June, the DIF recognized a total of $2.2 billion in assessment revenue, representing 

the estimate for second quarter 2014 insurance coverage. Additionally, the DIF recognized a 

net adjustment of $20 million that increased assessment revenue. This adjustment consisted 

of a $6 million decrease from prior period amendments and a $26 million increase to the 

estimate for first quarter 2014 insurance coverage recorded at March 31, 2014. The latter 

adjustment was due to higher than estimated assessment rates.

 On June 30, 2014, the FDIC collected $2.3 billion in DIF assessments for first quarter 2014 

insurance coverage.

II. Investment Results (See pages 8 - 9 for detailed data and charts.)

DIF Investment Portfolio 

 

 On June 30, 2014, the total liquidity (also total market value) of the DIF investment portfolio 

stood at $48.3 billion, higher than its December 31, 2013, balance of $42.5 billion. During the 

first half of 2014, interest revenue, receivership dividends, and deposit insurance assessment 

collections exceeded resolution-related outlays and operating expenses. 

 On June 30, 2014, the DIF investment portfolio’s yield was 0.61 percent, up 16 basis points 

from its December 31, 2013, yield of 0.45 percent. Two factors primarily contributed to the 

increase. During the six-month period, newly purchased Treasury securities generally had 

higher yields than maturing securities. And low yielding overnight investments comprised a 

smaller percentage of the portfolio at period end. 

 In accordance with the approved second quarter 2014 DIF portfolio investment strategy, staff 

purchased a total of 16 short- to intermediate-maturity conventional Treasury securities, all 

designated as available-for-sale (AFS). The 16 securities had a total par value of $7.4 billion, 

a weighted average yield of 0.66 percent, and a weighted average maturity (WAM) of 2.29 

years. 
3

III. Budget Results (See pages 10 - 11 for detailed data.) 

Approved Budget Modifications 

The 2014 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other 

officials the authority to make certain modifications to the 2014 Corporate Operating Budget. The 

following budget reallocations were made during the second quarter in accordance with the authority 

delegated by the Board of Directors. None of these modifications changed the total 2014 Corporate 

Operating Budget as approved by the Board in December 2013. 

 In May 2014, the CFO approved modifications to the Salaries and Compensation budgets of 

divisions and offices within both the Ongoing Operations and the Receivership Funding budget 

components based on an analysis of year-to-date spending for salaries, bonuses/lump-sum 

payments, and fringe benefits. That reallocation realigned existing budget authority among 

most divisions and offices, but resulted in no change to the total corporate budget for either the 

Ongoing Operations or Receivership Funding budget components. 

 

 During the second quarter of 2014, the Acting Chief Information Officer (CIO) approved the 

realignment of existing budget authority among expense categories within the CIO Council’s 

Ongoing Operations budget, consistent with ongoing reviews of the status of individual 

projects. These modifications resulted in a net decrease to the budget for the Outside 

Services - Personnel expense category (-$35,251) and increases to the budgets for the Travel 

(+$5,000) and Equipment (+$30,251) expense categories. That realignment resulted in no 

change to the total CIO Council budget. 

 In July 2014, the CFO approved a reallocation within the Ongoing Operations component of 

the 2014 Corporate Operating Budget following the mid-year reassessment of actual and 

projected spending for the year. The budgets for all major expense categories and most 

divisions and offices were adjusted. The most significant increase was to the budget of the 

Division of Information Technology (DIT), which received a net budget increase of over $3 

million in its Ongoing Operations budget, largely to support the transition to newly-awarded 

contracts. The most significant reductions were to the budgets of the Office of Complex 

Financial Institutions (OCFI) ($2 million) due to contracts that have been indefinitely deferred, 

and the Division of Insurance and Research ($1 million) due to changes in the timing of 

enhancements to the Central Data Repository (CDR) project and the Small Business Lending 

Survey. This reallocation was made effective in June 2014. 

 

 The mid-year budget reallocation reduced the Corporate Unassigned contingency reserve by 

nearly $2 million in the Ongoing Operations budget. Following that reallocation, the unused 

amounts remaining within the Corporate Unassigned budgets for the Ongoing Operations and 

the Receivership Funding budget components were $29,010,938 and $2,742,619, 

respectively. 

Staffing Modifications 

The 2014 Budget Resolution also delegated to the CFO the authority to modify approved 2014 

staffing authorizations for divisions and offices, as long as those modifications did not increase the 

total approved 2014 Corporate Operating Budget. The following changes were approved by the CFO 

in accordance with the authority delegated to him by the Board of Directors: 

 In May, the CFO approved an increase of one authorized permanent position in the 

Information Security and Privacy Staff (ISPS) within the CIO organization to accommodate the 

addition of a Senior Intelligence Officer.
4

Spending Variances 

Significant spending variances by major expense category and division/office are discussed below. 

Significant spending variances for the six months ending June 30, 2014, are defined as those that 

either (1) exceed the YTD budget by $2 million and represent more than three 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 $3 million and represents more than five 

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 variance in three major expense categories during the 

second quarter in the Ongoing Operations component of the 2014 Corporate Operating 

Budget: 

 Outside Services - Personnel expenditures were $11 million, or 10 percent, less than 

budgeted. The Division of Resolutions and Receiverships (DRR) spent $3 million less than 

budgeted for planning related to the possible orderly liquidation of a systemically important 

financial institution (SIFI). The Legal Division spent $2 million less than budgeted, largely 

due to lower-than-projected expenses related to FOIA and Privacy Act requests, defensive 

litigation, and other legal fees The Division of Administration (DOA) spent $1 million less 

than budgeted due to a delay in the nationwide implementation of the Identity, Credential 

and Access Management (ICAM) initiative and lower-than-anticipated contract costs 

resulting from high turnover among contractor employees and delays in completing 

background investigations of replacement employees. In addition, OCFI spent $1 million 

less than budgeted for contractual support, although it expects contract spending to 

increase in the third and fourth quarters of 2014. 

 

 Travel expenditures were approximately $6 million, or 12 percent, less than budgeted. 

This variance was largely due to vacancies in non-permanent field examination positions in 

the Division of Risk Management Supervision and Division of Depositor and Consumer 

Protection that resulted in lower regular duty and relocation travel expenses, and less 

travel than planned for Financial Institution Specialists in the Corporate Employee Program 

(CEP) in Corporate University. 

 Equipment expenditures were approximately $13 million, or 39 percent, less than 

budgeted. DIT spent $10 million less than budgeted, largely due to delays in planned 

equipment purchases. 

Receivership Funding 

The Receivership Funding component of the 2014 Corporate 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 were significant spending variances in one of the seven major 

expense categories through the second quarter in the Receivership Funding component of the 

2014 Corporate Operating Budget: 

 Outside Services-Personnel expenditures were $23 million, or 12 percent, less than 

budgeted. This variance was attributable to lower-than-budgeted contract expenses due to 
5

(a) less costly resolutions, and (b) lower-than-anticipated asset management and 

marketing costs for contracts supporting Owned Real Estate, Valuations, Securitizations, 

Due Diligence, Shared Loss, Receivership Assistance Contracts, and Structured Sales. 

Significant Spending Variances by Division/Office1

Four organizations had significant spending variances through the end of the second quarter: 

 DRR spent $28 million, or 11 percent, less than budgeted, mostly due to less-thanbudgeted spending for resolution and receivership management activities. Over recent 

quarters, the size of financial institution failures has been below levels anticipated during 

the 2014 budget formulation process. 

 DIT spent $13 million, or 12 percent, less than budgeted. This variance was largely due to 

delays in planned equipment purchases. 

 The Legal Division spent $11 million, or 8 percent, less than budgeted. This variance was 

due to under-spending of approximately $7 million in the Outside Services – Personnel 

category, largely due to lower-than-projected outside counsel expenses for receivershiprelated litigation, and $4 million in the Salaries and Compensation category ($2 million in 

the Ongoing Operations budget component and $2 million in the Receivership Funding 

budget component), mostly due to vacancies in budgeted, non-permanent positions and 

slower-than-projected hiring to fill those vacancies. 

 DOA spent $9 million, or 7 percent, less than budgeted. This variance was largely 

attributable to lower-than-projected spending for online information services; delays in 

planned furniture purchases; lower-than-expected contract expenses due to delays in the 

nationwide implementation of the ICAM initiative; under-spending related to contracting 

delays for the Student Residence Center pipe replacement project; and significant savings 

realized in connection with field office lease renewals. 

Other Matters 

An analysis of 2014 funding requirements for employee pay and benefits was completed in 

accordance with the 2014 Budget Resolution. The analysis determined that those costs had been 

over-estimated during the preparation of the 2014 Corporate Operating Budget by approximately $7 

million in the Salaries and Compensation expense category. This variance was primarily due to a 

greater-than-anticipated reduction in actual fringe benefit costs. Because the differences were not 

material relative to the total 2014 Corporate Operating Budget approved by the Board, the CFO 

elected not to exercise his delegated authority to adjust the 2014 Corporate Operating Budget. 

 

1

Information on division/office variances reflects variances in both the Corporate Operating and Investment 

Budgets. 
FDIC CFO REPORT TO THE BOARD – Second Quarter 2014 

Fund Financial Results ($ in Millions) 

6

Balance Sheet

Unaudited Unaudited Quarterly Unaudited Year-Over-Year

Jun-14 Mar-14 Change Jun-13 Change

Cash and cash equivalents 2,409 $ 511 $ 1,898 $ 531 $ 1,878 $ 

Investment in U.S. Treasury obligations, net 45,416 44,215 1,201 33,286 12,130 

Trust preferred securities - - - 2,240 (2,240) 

Assessments receivable, net 2,204 2,266 (62) 2,594 (390) 

Interest receivable on investments and other assets, net 577 424 153 533 44 

Receivables from resolutions, net 14,211 15,580 (1,369) 18,442 (4,231) 

Property and equipment, net 359 368 (9) 376 (17) 

Total Assets $ 63,364 65,176 $ 1,812 $ 58,002 $ 7,174 $ 

Accounts payable and other liabilities 256 257 (1) 296 (40) 

Liabilities due to resolutions 12,169 12,438 (269) 17,179 (5,010) 

Postretirement benefit liability 194 194 - 224 (30) 

Contingent liability for anticipated failures 1,493 1,577 (84) 2,426 (933) 

Contingent liability for litigation losses 5 5 - 6 (1) 

Total Liabilities $ 14,471 14,117 $ (354) $ 20,131 $ (6,014) $ 

FYI: Unrealized gain (loss) on U.S. Treasury investments, net 118 45 73 (8) 126 

FYI: Unrealized gain (loss) on trust preferred securities - - - 278 (278) 

FYI: Unrealized postretirement benefit (loss) gain (16) (16) - (61) 45 

Fund Balance $ 48,893 51,059 $ 2,166 $ 37,871 $ 13,188 $ 

Deposit Insurance Fund

DIF Estimated Losses for Failed Banks by Asset Size

(from 2008 to June 30, 2014)

Total Estimated

Losses for Failed

Banks = $83.2

Billion
7

Fund Financial Results - continued ($ in Millions) 

Selected Financial Data

Unaudited Unaudited Quarterly Unaudited Year-Over-Year

Jun-14 Mar-14 Change Jun-13 Change

Cash and cash equivalents 872 $ 872 $ - $ 3,596 $ (2,724) $ 

Accumulated deficit (124,460) (124,460) - (124,459) (1) 

Total resolution equity 873 873 - 3,598 (2,725) 

Total revenue 1 - 1 2 (1) 

Operating expenses 1 - 1 1 - 

Goodwill litigation expenses - - - 1 (1) 

Provision for losses (1) (1) - - (1) 

Net Income (Loss) 1 $ 1 $ - $ 1 $ - $ 

FSLIC Resolution Fund

Receivership Selected Statistics June 2014 vs. June 2013

$ in millions

Jun-14 Jun-13 Change Jun-14 Jun-13Change Jun-14 Jun-13 Change

Total Receiverships 489 478 11 - 2 (2) 489 480 9 

Assets in Liquidation 9,168 $ 14,180 $ (5,012) $ 5 $ 5 $ - $ 9,173 $ 14,185 $ (5,012) $ 

YTD Collections 2,698 $ 4,294 $ (1,596) $ 2 $ 2 $ - $ 2,700 $ 4,296 $ (1,596) $ 

YTD Dividend/Other Pymts - Cash 2,897 $ 2,130 $ 767 $ - $ - $ - $ 2,897 $ 2,130 $ 767 $ 

DIF FRF ALL FUNDS

Income Statement (year-to-date)

Unaudited Unaudited Quarterly Unaudited Year-Over-Year

Jun-14 Mar-14 Change Jun-13 Change

Assessments 4,617 $ 2,393 $ 2,224 5,171 $ (554) $ 

Interest on U.S. Treasury obligations 132 45 87 45 87 

Other revenue 15 9 6 110 (95) 

Total Revenue $ 2,447 4,764 $ 2,317 5,326 $ (562) $ 

Operating expenses 850 422 428 875 (25) 

Provision for insurance losses 144 348 (204) (532) 676 

Insurance and other expenses - - - 4 (4) 

Total Expenses and Losses $ 770 994 $ 224 347 $ 647 $ 

Net Income 1,677 3,770 2,093 4,979 (1,209) 

Unrealized gain (loss) on U.S. Treasury investments, net 98 25 73 (42) 140 

Unrealized gain (loss) on trust preferred securities - - - (24) 24 

Unrealized postretirement benefit gain (loss) - - - - - 

Comprehensive Income $ 1,702 3,868 $ 2,166 4,913 $ (1,045) $ 

Deposit Insurance Fund

(Dollars in Billions)
8

6/30/14 12/31/13 Change

Par Value $46,525 $40,682 $5,843

Amortized Cost $47,698 $42,025 $5,673

Total Market Value (including accrued interest) $48,323 $42,461 $5,862

Primary Reserve 1 $48,323 $42,461 $5,862

Primary Reserve % of Total Portfolio 100.0% 100.0% 0.0%

Yield-to-Maturity 2 0.61% 0.45% 0.16%

Weighted Average Maturity (in years) 1.69 1.41 0.28

Effective Duration (in years)

 Total Portfolio 1.65 1.36 0.29

 Available-for-Sale Securities 1.74 1.49 0.25

 Held-to-Maturity Securities 3 not applicable not applicable not applicable

6/30/14 12/31/13 Change

FRF-FSLIC

 Book Value 4 $827 $826 $1

 Yield-to-Maturity 0.02% 0.01% 0.01%

 Weighted Average Maturity overnight overnight no change

6/30/14 12/31/13 Change

Book Value 5 $12,682 $13,657 ($975)

Effective Annual Yield 0.10% 0.10% 0.00%

Weighted Average Maturity (in days) 66 62 4

Deposit Insurance Fund Portfolio Summary

(Dollar Values in Millions)

1

 Primary Reserve is the total market value (including accrued interest) of overnight investments, all available-for-sale securities, and heldto-maturity securities maturing within three months.

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)

3

 In early August 2008, management reclassified all of the DIF portfolio's HTM securities as AFS securities effective as of June 30, 2008, 

because the FDIC could no longer assert it had the positive intent and ability to hold its HTM securities until their maturity dates.

5

 Due to the short-term nature of the NLF, the portfolio's Book and Market Values are identical for reporting purposes.

Summary of Other Corporate Investment Portfolios

(Dollar Values in Millions)

4

 Due to the current short-term nature of this portfolio, its respective Par, Book, and Market Values are identical for reporting purposes.

2

 The Yield-to-Maturity includes the potential yield of Treasury Inflation-Protected Securities (TIPS), which presently assumes an average 

2.0% annual increase in the CPI over the remaining life of each TIPS.
9

DEPOSIT INSURANCE FUND

Purchase up to $9 billion (par value) of Treasury securities with maturity dates between 

September 30, 2014, and December 31, 2019, subject to the following additional provisions: 

all newly purchased securities will be designated as available-for-sale (AFS); and no more 

than $3 billion (adjusted par value) of such securities shall consist of Treasury InflationProtected Securities (TIPS).

Purchase up to $9 billion (par value) of Treasury securities with maturity dates between 

December 31, 2014, and December 31, 2019, subject to the following additional provisions: 

all newly purchased securities will be designated as available-for-sale (AFS); and no more 

than $3 billion (adjusted par value) of such securities shall consist of Treasury InflationProtected Securities (TIPS).

NATIONAL LIQUIDATION FUND

Maintain an overnight deposit target floor balance within a range of $100 million to $300 

million.

Strategically invest the remaining funds in the zero- to 12-month maturity sector.

No strategy changes for the third quarter of 2014.

Strategy Changes for 3rd Quarter 2014

Investment Strategies

Strategy for 2nd Quarter 2014

Strategy for the 2nd Quarter 2014

Strategy Changes for 3rd Quarter 2014
10

1) Budgets for investment projects are approved on a multi-year basis; the year-to-date budget amount reflects the 2014 spending estimates 

for approved projects. 

Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

Corporate Operating Budget 

Ongoing Operations

Salaries & Compensation $1,206,502 $593,016 $569,374 96% ($23,642)

Outside Services - Personnel 269,208 118,041 106,575 90% (11,466)

Travel 105,770 50,234 44,201 88% (6,033)

Buildings 89,155 42,641 40,796 96% (1,845)

Equipment 85,568 33,425 20,273 61% (13,152)

Outside Services - Other 18,152 8,883 7,941 89% (942)

Other Expenses 17,097 7,727 6,014 78% (1,713)

Total Ongoing Operations $1,791,452 $853,967 $795,174 93% ($58,793)

Receivership Funding

Salaries & Compensation $124,532 $69,972 $66,823 95% ($3,149)

Outside Services - Personnel 400,107 200,592 177,127 88% (23,465)

Travel 10,414 6,524 3,835 59% (2,689)

Buildings 28,580 14,858 12,280 83% (2,578)

Equipment 7,745 2,154 1,065 49% (1,089)

Outside Services - Other 4,999 2,848 2,131 75% (717)

Other Expenses 23,623 11,893 11,139 94% (754)

Total Receivership Funding $600,000 $308,841 $274,401 89% ($34,440)

Total Corporate Operating Budget $2,391,452 $1,162,808 $1,069,575 92% ($93,233)

Investment Budget 1 $16,971 $5,167 $5,979 116% $812

Grand Total $2,408,423 $1,167,975 $1,075,554 92% ($92,421)

Executive Summary of 2014 Budget and Expenditures

by Major Expense Category

Through June 30, 2014

(Dollars in Thousands)
11

1) Executive Support includes the Offices of Minority and Women Inclusion, Communications, Ombudsman, Legislative Affairs, 

Corporate Risk Management, and Information Security and Privacy Staff.

2) Executive Offices include the offices of the Chairman, Vice Chairman, Independent Director, Deputy to the Chairman and Chief

Operating Officer, Deputy to the Chairman and Chief Financial Officer, Chief Information Officer, and Deputy to the Chairman for

External Affairs.

3) Budgets for investment projects are approved on a multi-year basis; the year-to-date budget amount reflects the 2014 spending estimates 

for approved projects. 

Annual YTD YTD % of YTD YTD

Division/Office Budget Budget Expenditures Budget Used Variance

 Corporate Operating Budget 

 Risk Management Supervision $566,194 $279,465 $269,260 96% ($10,205)

 Resolutions & Receiverships 505,484 261,379 233,804 89% (27,576)

 Legal 299,292 148,914 137,549 92% (11,365)

 Administration 269,405 126,240 116,674 92% (9,566)

 Information Technology 238,052 111,551 98,198 88% (13,353)

 Depositor & Consumer Protection 169,063 84,041 79,708 95% (4,333)

 CIO Council 59,237 28,235 25,731 91% (2,504)

 Executive Support 1 55,970 25,992 23,775 91% (2,217)

 Insurance & Research 48,671 22,335 20,023 90% (2,312)

 Finance 40,049 19,648 18,494 94% (1,154)

 Inspector General 33,698 16,781 14,398 86% (2,383)

 Corporate University - Corporate 24,717 12,953 10,639 82% (2,314)

 Corporate University - CEP 16,842 8,374 8,082 97% (292)

 Complex Financial Institutions 21,388 10,794 8,068 75% (2,726)

 Executive Offices 2 11,637 6,106 5,170 85% (936)

 Corporate Unassigned 31,754 0 0 N/A 0

 Total, Corporate Operating Budget $2,391,452 $1,162,808 $1,069,575 92% ($93,233)

 Investment Budget 3

 Administration $9,500 $4,750 $5,667 119% $917

 Information Technology 5,327 180 242 134% 62

 Risk Management Supervision 892 40 41 101% 1

 Corporate University - Corporate 853 90 30 33% (60)

 Resolutions & Receiverships 1 0 0 N/A 0

 Depositor & Consumer Protection 398 107 0 0% (107)

 Total, Investment Budget 3 $16,971 $5,167 $5,979 116% $812

 Combined Division/Office Budgets

 Risk Management Supervision $567,086 $279,505 $269,301 96% ($10,204)

 Resolutions & Receiverships 505,485 261,379 233,804 89% (27,575)

 Legal 299,292 148,914 137,549 92% (11,365)

 Administration 278,905 130,990 122,341 93% (8,649)

 Information Technology 243,379 111,731 98,440 88% (13,291)

 Depositor & Consumer Protection 169,461 84,148 79,708 95% (4,440)

 CIO Council 59,237 28,235 25,731 91% (2,504)

 Executive Support 1 55,970 25,992 23,775 91% (2,217)

 Insurance & Research 48,671 22,335 20,023 90% (2,312)

 Finance 40,049 19,648 18,495 94% (1,153)

 Inspector General 33,698 16,781 14,398 86% (2,383)

 Corporate University - Corporate 25,570 13,043 10,669 82% (2,374)

 Corporate University - CEP 16,842 8,374 8,082 97% (292)

 Complex Financial Institutions 21,388 10,794 8,068 75% (2,726)

 Executive Offices 2 11,637 6,106 5,170 85% (936)

 Corporate Unassigned 31,754 0 0 N/A 0

 Grand Total $2,408,423 $1,167,975 $1,075,554 92% ($92,421)

Executive Summary of 2014 Budget and Expenditures

by Budget Component and Division/Office

Through June 30, 2014

(Dollars in Thousands)