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Agency 102
Department of Financial Institutions
RCW 43.320

Request

$15,692,137

Net change from current biennium

$1,888,765

Increase

Percent change from current biennium

13.7%

Increase

The Department of Financial Institutions is a regulatory agency with authority over uniquely different types of institutions that provide financial services to consumers in Washington.

The Department's goal is to provide protection to consumers and promote public confidence in our state's financial markets.

Links to Program Level Detail

Administration

Banks

Credit Unions

Securities

Consumer Services

Agency Level Summary

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Operating Budget: Summary
1995-97 Appropriations								Appropriated Funds							Expenditures
	Amount		Estimated Balance											1993-95 Actual			1995-97 Estimated		1997-99 Proposed
								General Fund - Basic Account - State							486,673
								General Fund - Basic Account - Private/Local Unanticipated							91
4,686,551				192,397				Securities Regulation Account - State							3,259,086			4,494,154		5,457,724
								Securities Regulation Account - Private/Local Unanticipated							356,857
								Mortgage Brokers' Licensing Account - State							186,987
4,686,551				192,397				Total Appropriated Funds							4,289,694			4,494,154		5,457,724
								Non-Appropriated Funds
								Banking Examination Account - Non-Appropriated							6,275,880			7,489,243		7,953,551
								Credit Union Examination Account - Non-Appropriated							2,267,912			1,819,975		2,280,862
								Total Non-Appropriated Funds							8,543,792			9,309,218		10,234,413

								Total All Funds							12,833,486			13,803,372		15,692,137

Operating Budget: Summary by Object

					1994-95 Actual			1995-96 Estimated			1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Salaries And Wages				4,002,730			4,087,590			4,221,840			4,712,318			4,858,857
Employee Benefits				950,125			1,019,710			1,050,986			1,154,217			1,180,936
Personal Service Contracts				9,841			9,485						123,000			118,000
Goods And Services				1,343,175			912,870			930,163			1,054,854			1,090,113
Travel				355,420			394,973			405,986			382,860			392,058
Capital Outlays				229,149			298,027			310,894			252,215			243,719
Grants, Benefits & Client Services							1,191			1,191
Debt Service				42,281			79,233			79,233			63,528			65,462
Interagency Reimbursements				(2,078)

Annual Total				6,930,643			6,803,079			7,000,293			7,742,992			7,949,145

Operating Budget: Program Summary

					1994-95 Actual			1995-96 Estimated			1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Administration				813,413			793,841			827,777			1,322,487			1,385,035
Banks				2,420,549			2,475,193			2,571,080			2,592,562			2,633,713
Credit Unions				1,005,700			786,954			821,566			960,536			960,181
Securities				1,940,662			1,961,455			1,961,455			2,183,531			2,274,277
Consumer Services				750,319			785,636			818,415			683,876			695,939
Annual Total				6,930,643			6,803,079			7,000,293			7,742,992			7,949,145
Fiscal Year 1993-94				5,902,843
Biennium Total				12,833,486			13,803,372						15,692,137

Operating Budget: Change from Preceding Biennium

				1993-95 Actual								1995-97 Estimated								1997-99 Proposed
				Amount			Percent				Amount					Percent			Amount					Percent
Administration			(25,704)			(1.9)%				321,895					24.8%			1,085,904					67.0%
Banks			270,434			6.1%				344,007					7.3%			180,002					3.6%
Credit Unions			537,219			35.8%				(429,551)					(21.1)%			312,197					19.4%
Securities			832,760			29.1%				232,643					6.3%			534,898					13.6%
Consumer Services			679,252			160.2%				500,892					45.4%			(224,236)					(14.0)%

Total			2,293,961			21.8%				969,886					7.6%			1,888,765					13.7%

Employment Summary

			1994-95 Actual			1995-96 Estimated		1996-97 Estimated				1997-98 Proposed			1998-99 Proposed
FTE Staff Years			95.7		95.5			95.5				116.2				116.2
Average FTE Staff Year Costs			41,826			42,802		44,208				40,554				41,815

Program Level Detail

Administration

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The Administration program provides executive services, financial information, information systems services, administrative services, and human resource services to all employees, programs, and divisions of the agency.

Objectives include: improving the accuracy and efficiency of the agency's financial reporting system; providing all employees with the information services infrastructure needed to perform the functions of their position; and developing new database applications to improve the quality and efficiency of administrative processing.

Program Employment

			1994-95 Actual			1995-96 Estimated		1996-97 Estimated				1997-98 Proposed			1998-99 Proposed
FTE Staff Years			9.6		10.4			10.4				18.6				18.6
Average FTE Staff Year Costs			45,082			46,713		48,932				33,883				37,077

Expenditure Detail

				1994-95 Actual			1995-96 Estimated			1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Salaries and Benefits			530,114			596,261			624,583			792,053			858,187
Grants and Subsidies						271			271
Other Operating Costs			283,299			197,309			202,923			530,434			526,848

Annual Total			813,413			793,841			827,777			1,322,487			1,385,035
Fiscal Year 1993-94			486,310
Biennium Total			1,299,723			1,621,618						2,707,522

Source of Funds

					1994-95 Actual			1995-96 Estimated				1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Banking Examination Account - Non-Appropriated				459,380			410,523				427,960			652,343			695,118
Credit Union Examination Account - Non-Appropriated				153,757			103,640				108,438			175,396			184,749
Securities Regulation Account - State				200,276			279,678				291,379			494,748			505,168

Annual Total				813,413			793,841				827,777			1,322,487			1,385,035

Banks

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This program provides the support of economic stability and growth in the state of Washington through efficient regulation and supervision of state-chartered financial institutions (commercial banks, savings banks, foreign bank branches, trust companies, and savings and loan associations).

Objectives are to: continually maintain effective and efficient application, examination, and supervisory processes and procedures; promote a legal and regulatory framework which reflects the new realities in the market while protecting the interest of the public and the industry; and communicate effectively with all stakeholders.

Program Employment

			1994-95 Actual			1995-96 Estimated		1996-97 Estimated				1997-98 Proposed			1998-99 Proposed
FTE Staff Years			29.1		29.1			29.1				33.2				33.2
Average FTE Staff Year Costs			45,732			47,238		49,482				48,031				48,791

Expenditure Detail

				1994-95 Actual			1995-96 Estimated			1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Salaries and Benefits			1,645,429			1,693,061			1,773,356			1,973,051			2,004,660
Grants and Subsidies						217			217
Other Operating Costs			775,120			781,915			797,507			619,511			629,053

Annual Total			2,420,549			2,475,193			2,571,080			2,592,562			2,633,713
Fiscal Year 1993-94			2,281,717
Biennium Total			4,702,266			5,046,273						5,226,275

Source of Funds

					1994-95 Actual			1995-96 Estimated				1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Banking Examination Account - Non-Appropriated				2,420,421			2,475,015				2,571,080			2,592,562			2,633,713
Securities Regulation Account - State				128			178

Annual Total				2,420,549			2,475,193				2,571,080			2,592,562			2,633,713

Credit Unions

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This program provides the support of economic stability and growth in Washington State through efficient regulation and supervision of state-chartered credit unions.

Objectives are to: continually maintain effective and efficient application, examination, and supervisory processes and procedures; promote a legal and regulatory framework which reflects the new realities in the market while protecting the interest of the public and the industry; and communicate effectively with all stakeholders.

Program Employment

			1994-95 Actual			1995-96 Estimated		1996-97 Estimated				1997-98 Proposed			1998-99 Proposed
FTE Staff Years			13.4		11.2			11.2				11.5				11.5
Average FTE Staff Year Costs			46,725			47,198		49,440				47,034				47,034

Expenditure Detail

				1994-95 Actual			1995-96 Estimated			1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Salaries and Benefits			771,236			648,888			679,710			676,896			676,568
Grants and Subsidies						108			108
Other Operating Costs			234,464			137,958			141,748			283,640			283,613

Annual Total			1,005,700			786,954			821,566			960,536			960,181
Fiscal Year 1993-94			1,032,371
Biennium Total			2,038,071			1,608,520						1,920,717

Source of Funds

					1994-95 Actual			1995-96 Estimated				1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Banking Examination Account - Non-Appropriated							623
Credit Union Examination Account - Non-Appropriated				1,005,700			786,331				821,566			960,536			960,181

Annual Total				1,005,700			786,954				821,566			960,536			960,181

Securities

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The Securities program protects the investing public, promotes capital formation, and maintains confidence in the securities, franchise, business opportunity, and commodities industries through fair, effective, and efficient regulation.

Objectives are to develop a strategic plan that identifies and prioritizes regulatory objectives and allocates the resources needed to accomplish those objectives effectively and efficiently.

Program Employment

			1994-95 Actual			1995-96 Estimated		1996-97 Estimated				1997-98 Proposed			1998-99 Proposed
FTE Staff Years			31.4		32.2			32.2				41.1				41.1
Average FTE Staff Year Costs			38,260			39,170		39,170				37,209				38,634

Expenditure Detail

				1994-95 Actual			1995-96 Estimated			1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Salaries and Benefits			1,502,397			1,619,897			1,619,897			1,893,238			1,966,745
Grants and Subsidies						487			487
Other Operating Costs			438,265			341,071			341,071			290,293			307,532

Annual Total			1,940,662			1,961,455			1,961,455			2,183,531			2,274,277
Fiscal Year 1993-94			1,749,605
Biennium Total			3,690,267			3,922,910						4,457,808

Source of Funds

					1994-95 Actual			1995-96 Estimated				1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
General Fund - Basic Account - State				49,107
Securities Regulation Account - State				1,558,278			1,961,455				1,961,455			2,183,531			2,274,277
Securities Regulation Account - Private/Local Unanticipated				333,277

Annual Total				1,940,662			1,961,455				1,961,455			2,183,531			2,274,277

Consumer Services

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The Consumer Services program protects, informs, and serves consumers through fair, effective, and prompt regulation and licensing of consumer loan companies, mortgage brokers, and check cashers and sellers.

Objectives include: satisfactory compliance by 85 percent of licensees; processing license applications within two weeks; processing consumer complaints within 60 days; and investigating and resolving approximately 20 percent of referred cases each year.

Program Employment

			1994-95 Actual			1995-96 Estimated		1996-97 Estimated				1997-98 Proposed			1998-99 Proposed
FTE Staff Years			12.2		12.6			12.6				11.8				11.8
Average FTE Staff Year Costs			33,743			34,703		36,351				35,364				35,647

Expenditure Detail

				1994-95 Actual			1995-96 Estimated			1996-97 Estimated			1997-98 Proposed			1998-99 Proposed
Salaries and Benefits			503,679			549,193			575,280			531,297			533,633
Grants and Subsidies						108			108
Other Operating Costs			246,640			236,335			243,027			152,579			162,306

Annual Total			750,319			785,636			818,415			683,876			695,939
Fiscal Year 1993-94			352,840
Biennium Total			1,103,159			1,604,051						1,379,815