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Section:6 - GENERAL GOVERNMENT
Agency:FINANCIAL SERVICES
 FINANCIAL SERVICES COMMISSION (Program)
 OFFICE OF FINANCIAL REGULATION
Service:FINANCIAL INVESTIGATIONS
Appropriation Category:EXPENSES
SPECIFIC APPROPRIATION 2565
 Governor's
Recommendations
2022-23
FundFunding SourceDollarsPositions
    0.00
ADMINISTRATIVE TRUST FUNDSTATE FUNDS - NONMATCHING497,434 
FEDERAL LAW ENFORCEMENT TRUST FUNDFEDERAL FUNDS51,758 
Total: Specific Appropriation549,1920.00

ISSUE DETAIL
Policy Area:  PUBLIC PROTECTION
                        REGULATION AND LICENSING
                        
Issue:           Governor's
Recommendations
2022-23
FundFunding SourceDollarsPositions
    0.00
ADMINISTRATIVE TRUST FUNDSTATE FUNDS - NONMATCHING497,957 
FEDERAL LAW ENFORCEMENT TRUST FUNDFEDERAL FUNDS51,758 
Total: Issue549,7150.00
Justification
Governor's Recommendations 2022-23

These estimated expenditures are operating appropriations authorized by the Legislature in the prior year General
Appropriations Act, adjusted for items vetoed by the Governor, appropriations based on contingencies that did not occur,
and appropriations provided in substantive bills that were passed in the 2021 Legislative Session. Substantive bills are
bills other than the General Appropriations Act.

Issue:           Governor's
Recommendations
2022-23
FundFunding SourceDollarsPositions
    0.00
ADMINISTRATIVE TRUST FUNDSTATE FUNDS - NONMATCHING(523) 
Total: Issue(523)0.00
Justification
Governor's Recommendations 2022-23

The Governor's Budget Recommendation for Fiscal Year 2022-23 includes a reduction of $523 Administrative Trust Fund
authority due to a reduction in rent costs.

In mid-2020, the Office of Financial Regulation (OFR) began the process of incorporating telework into the day-to-day
operations. This process led to the downsizing of office space needs. The first space OFR is able to vacate is a portion
of the Fletcher Building. The OFR has agreed to a backfill arrangement with the Department of Financial Services for the
space OFR occupied on the first and sixth floors. This will allow the OFR to consolidate all other staff and operations
previously in the Fletcher Building to space on the fifth floor of the building. This reduction, from 35,932 sq. ft. to
approximately 20,037 sq. ft. will result in a calculated savings of $273,076 annually.

This issue was requested in the OFR's Schedule VIIIB-2. Corresponding issues are included in budget entities 43900530,
43900550, 43900560, and 43900570.