CFO update for the fourth quarter of fiscal year 2011

JUL. 1 – SEP. 30, 2011

Issued: December 30, 2011

In the fiscal year that ended on September 30, 2011, the CFPB spent a total of $151 million (1), consisting of $81 million in outlays (2) and $70 million in gross obligations (i.e., combined commitments and obligations). (3) During the fourth quarter of FY 2011, which ended September 30, the largest expenditures were payroll expenses for new and current employees and administrative services provided by other Federal agencies, including the Department of the Treasury. Individual obligations over $1 million made during the fourth quarter included $14 million for the Federal Reserve System Retirement Plan, $4 million for a building occupancy agreement with the Office of the Comptroller of the Currency, and $1 million for computer laptops.

In fiscal years 2010 and 2011, the CFPB received six funds transfers from the Federal Reserve, totaling $180 million, with the first one received in August 2010. The dates and amounts for the six transfers received are shown in the table below.

Funds transfers received from the Federal Reserve (in millions)

Fiscal Year 2010

August 12, 2010: $18.4

Fiscal Year 2011

December 21, 2010: $14.4

March 10, 2011: $27.9

June 7, 2011: $74.5

July 21, 2011: $14.4

September 28, 2011: $30.6

Fiscal Year Total: $161.8

Outlays and receipts (in millions)

The following outlays and receipts are based on audited financial statements.

This Quarter

CFPB Outlays: $51

Receipts: $45 (4)

Fiscal Year 2011

CFPB Outlays: $81

Receipts: $162 (excludes $18 received in FY 2010)

Footnotes

1. The amount of $151 million spent in fiscal year 2011 (combined commitments, obligations and outlays) excludes $9.2 million that was obligated in FY 2010.
   Definitions. For the purposes of this update, outlays are payments that result any time the CFPB issues checks, disburses cash, or makes electronic transfers of funds to pay off an obligation. Gross obligations are combined commitments and obligations (including accruals) representing future disbursements. A commitment is a reservation of funds in anticipation of a future obligation. An obligation is a transaction or agreement that creates a legal liability and obligates the government to pay for goods and services ordered or received. The difference between outlays and commitments/obligations is that outlays reflect funds that have already been paid out while commitments and obligations represent future expenditures. Receipts for this update are amounts received by the CFPB from the Federal Reserve.
2. CFPB outlays are also reported in the Monthly Treasury Statements.
3. Funds were available from previous quarters in addition to this quarter’s receipts.