CFO update for the second quarter of fiscal year 2011
JAN. 1- MAR. 31, 2011
Issued: April 29, 2011
As of March 31st, the CFPB has spent a total of $36 million, consisting of $13 million in outlays and $23 million in gross obligations. (1, 2) The largest expenditures occurring during the second quarter were for staff detailed from and administrative services provided by other Federal agencies, including the Department of the Treasury. The largest obligation (3) occurring in the second quarter was a contract award for human resources support ($3 million).
As of March 31, the CFPB received three funding transfers from the Federal Reserve System pursuant to an initial request in August 2010 for $18.40 million and a supplemental request in December 2010 for $14.37 million. The CFPB also requested $27.93 million in March 2011. In total, the CFPB had requested $60.7 million in funding from the Federal Reserve as of the end of the second quarter. (4)
Outlays (in millions)
CFPB Outlays: $11
Current fiscal year to date
CFPB Outlays: $13
Based on data available in the March Monthly Treasury Statement. Receipts are amounts received by the federal government.
Funding requests to the Federal Reserve (in millions)
August 10, 2010: $18.40
December 21, 2010: $14.37
March 8, 2011: $27.93
- For the purposes of this update, outlays include any time the CFPB issues checks, disburses cash, or makes electronic transfers of funds to pay off an obligation. Gross obligations are defined to include commitments and obligations of future disbursements. A commitment includes the reservation of funds in anticipation of a future obligation. An obligation is a definite commitment that creates a legal liability of the government for the payment of goods and services ordered or received. The difference between outlays and commitments/obligations is that outlays reflect funds that have already been spent and commitments and obligations represent future expenditures.
- Of the spending to date, $9.2 million was obligated in fiscal year 2010. It is anticipated that CFPB spending will increase in future quarters as the agency grows.
- For the purposes of this update, the largest obligations are over $1 million in a given month and do not include some obligations such as personnel expenses, inter-government transfers, or lease and utility costs.
- Of the funding requested to date, $18.4 million was requested in fiscal year 2010.