After spending millions of dollars for a management consultant to analyze its operations, the Securities and Exchange Commission said a shortage of money will limit its ability to act on the recommendations.

“Staff and management time to devote to this initiative will continue to be in short supply,” and the funds “must be directed to other agency priorities at this time,” the SEC said in a progress report mandated by Congress.

“For this reason, future activity will be focused on a limited number of projects,” the SEC said.

The SEC also said that restructuring its bureaucracy could “cause disruption to normal operations.”

In legislation responding to the financial crisis, Congress ordered the SEC to commission a consultant’s study. Boston Consulting Group completed the report a year ago at a cost of about $4.8 million. As of two months ago, the agency had spent $8.6 million on the follow-up, including additional consultants, the SEC update said.

“On the other hand,” the SEC said, the effort “has identified cost savings opportunities projected to save $13 million” by the end of fiscal 2013.

The SEC announced that the progress report was available after the close of business Friday.