FINANCIAL SERVICES COMMISSION (Program); OFFICE OF FINANCIAL REGULATION; FINANCE REGULATIONGovernor's Recommendations
2022-23
Current Year Budget
2021-22
Difference
DollarsPositionsDollarsPositionsDollarsPositions
$10,844,62888.00$10,615,32085.00$229,3083.00
 

 
Policy Area:  REGULATION AND LICENSING
Issue:            OFFICE OF FINANCIAL REGULATION - REDUCTION IN EXPENSES ASSOCIATED WITH LEASED SPACE REDUCTION

Justification
Governor's Recommendations 2022-23
The Governor's Budget Recommendation for Fiscal Year 2022-23 includes a reduction of $76,334 Regulatory 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, 43900540, 43900550, and 43900570.