Annual Report: Budget Review
2008

Data Tables

Table I.1
Operating Expenses of the Federal Reserve System, 2007
Millions of dollars, except as noted

Entity	Budgeted	Actual	Variance
			Amount	Percent
Reserve Banks	2,953.3	2,983.5	30.2	1.0
Board of Governors	314.8	305.5	-9.3	-3.0
Total	3,268.1	3,289.0	20.9	0.6

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Table 1.1
Operating Expenses of the Federal Reserve System, Net of Receipts and Claims for Reimbursement, 2006‑2008
Millions of dollars, except as noted

Item	2006 (actual)	2007 (actual)	2008 (budgeted)	Percent change
				2006 to 2007	2007 to 2008
Total System operating expenses	3,071.9	3,289.0	3,427.1	7.1	4.2
Less
Revenue from priced services	1,031.2	1,012.3	896.2	-1.8	-11.5
Other income	1.2	1.4	1.6	18.8	12.7
Claims for reimbursements1	426.4	458.2	474.1	7.5	3.4
Equals
Net System operating expenses	1,613.2	1,817.1	2,055.2	12.6	13.1

Note: Operating expenses reflect all redistributions for support and allocations for overhead and exclude capital outlays. Components may not sum to totals and may not yield percentages shown because of rounding.

1. Costs of fiscal agency and depository services provided to the U.S. Treasury, other government agencies, and other fiscal principals that are billed to those agencies. Return to table

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Table 1.2
Expenses of the Federal Reserve System for Operations and Currency, 2006‑2008
Millions of dollars, except as noted

Item	2006 (actual)	2007 (actual)	2008 (budgeted)	Percent change
				2006 to 2007	2007 to 2008
Reserve Banks1	2,776.0	2,983.5	3,067.0	7.5	2.8
Personnel	1,814.1	2,013.7	2,062.2	11.0	2.4
Nonpersonnel	961.9	969.8	1,004.8	0.8	3.6
Board of Governors2	295.9	305.5	360.1	3.2	17.9
Personnel	218.1	228.7	260.6	4.9	13.9
Nonpersonnel	77.8	76.8	99.5	-1.3	29.6
Total System operating expenses	3,071.9	3,289.0	3,427.1	7.1	4.2
Personnel	2,032.2	2,242.4	2,322.8	10.3	3.6
Nonpersonnel	1,039.7	1,046.6	1,104.3	0.7	5.5
Currency3	488.7	576.0	602.4	17.9	4.6

Note: Operating expenses exclude capital outlays. Components may not sum to totals and may not yield percentages shown because of rounding.

1. For detailed information on Reserve Bank expenses, see chapter 3. Return to table

2. Excludes extraordinary items and expenses of the Office of Inspector General. For more information, see chapter 2. Return to table

3. For information on currency expenses, see appendix C. Return to table

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Table 2.1
Operating Expenses and Capital Expenditures, 2004‑2009
Millions of dollars

Operational area or Office of Inspector General	2004‑05 (budgeted)	2004‑05 (actual)	2006‑07 (budgeted)	2006‑07 (actual)	2008‑09 (budgeted)
Monetary and economic policy	129.5	129.5	143.1	137.9	169.1
Supervisory, regulatory, and legal services	173.2	172.0	206.4	200.5	232.0
Federal Reserve System policy direction	52.6	51.6	55.6	55.9	66.3
Support and security services	171.9	172.1	195.4	198.8	236.9
Extraordinary items	10.0	9.4	9.0	8.3	2.0
Total, Board operations	537.2	534.6	609.5	601.4	706.3
Total, capital	34.0	31.3	31.4	24.7	47.8
Office of Inspector General	8.5	8.1	10.2	9.5	12.7

Note: Components may not sum to totals because of rounding.

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Table 2.2
Positions Authorized at the Board of Governors, 2004‑2009

Operational area or Office of Inspector General	2004‑05 (initial)	2004‑05 (ending)	2006‑07 (initial)	2006‑07 (ending)	2008‑09 (current1)
Monetary and economic policy	459	465	466	467	483
Supervisory, regulatory, and legal services	540	562	567	577	578
Federal Reserve System policy direction	172	172	173	176	179
Support and security services2	723r	761r	770	805	813
Extraordinary items	…	…	…	…	…
Total, Board operations	1,894r	1,960r	1,976	2,025	2,053
Office of Inspector General	31	31	36	36	37

1. As of the end of the first quarter, 2008. Return to table

2. Includes youth positions and positions that support the Federal Financial Institutions Examination Council for processing data collected under the Home Mortgage Disclosure Act and the Community Reinvestment Act. Return to table

r  Revised slightly. Return to table

… Not applicable. Return to table

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Table 3.1
Operating Expenses of the Federal Reserve Banks, Net of Receipts and Claims for Reimbursement, 2007 and 2008
Millions of dollars, except as noted

Item	2007 (actual)	2008 (budgeted)	Change
			Amount	Percent
Total operating expenses1	2,983.5	3,067.0	83.5	2.8
Less
Revenue from priced services	1,012.3	896.2	-116.0	-11.5
Other income	1.4	1.6	0.2	12.7
Claims for reimbursement2	458.2	474.1	15.8	3.5
Equals
Net operating expenses	1,511.6	1,695.1	183.4	12.1

Note: Excludes capital outlays. Includes expenses budgeted by FRIT and OEB, which are chargeable to the Reserve Banks. Components may not sum to totals and may not yield percentages shown because of rounding.

1. Reflects all redistributions for support and allocations for overhead. Return to table

2. Costs of fiscal agency and depository services provided to the U.S. Treasury, other government agencies, and other fiscal principals that are billed to these agencies. Return to table

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Table 3.2
Employment at the Federal Reserve Banks, FRIT, and OEB, 2007 and 2008
Average number of personnel, except as noted

Entity	2007 (actual)	2008 (budgeted)	Change
			Amount	Percent
Reserve Banks	18,673	18,366	-307	-1.6
Federal Reserve Information Technology	821	844	23	2.8
Office of Employee Benefits	41	45	4	9.0
Total	19,535	19,255	-280	-1.4

Note: Components may not sum to totals and may not yield percentages shown because of rounding. See text footnote 3 for definition of average number of personnel.

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Table B.1
Revenue from Priced Services, 2006‑2008
Millions of dollars

Service	2006 (actual)	2007 (actual)	2008 (budgeted)
Funds transfers and net settlement	72.3	74.5	72.9
Automated clearinghouse	91.4	102.0	99.1
Commercial checks	845.7	812.0	700.7
Book‑entry securities transfers	21.9	23.9	23.6
Total	1,031.2	1,012.3	896.2

Note: Components may not sum to totals because of rounding.

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Table C.1
Federal Reserve Costs for Supplying Currency, 2007 and 2008
Thousands of dollars, except as noted

Item	2007 (actual)	2008 (budgeted)	Percent change
Printing of new currency	554,855	578,461	4.3
Currency transportation	13,727	15,910	15.9
Counterfeit‑deterrence research	3,390	3,730	10.0
Reimbursement to the U.S. Department    of the Treasury Office of Compliance	4,032	4,271	5.9
Total	576,005	602,372	4.6

Note: Does not include costs for uncut currency not intended for circulation. Components may not sum to totals because of rounding.

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Table C.2
Projected Federal Reserve Costs for Printing New Currency, by Type of Note, 2008

Type of note	Number of notes (millions)	Percent of total notes	Cost per thousand notes (dollars)	Total cost (thousands of dollars)
Unthreaded ($1, $2)	3,667.9	44.2	47.07	172,648
Series 1996 ($100)	854.4	10.3	79.11	67,592
Series 2004
$5	1,369.6	16.5	74.20	101,624
$10	774.4	9.3	76.50	59,242
$20 and $50	820.1	9.9	91.63	75,147
$100p	817.7	9.8	125.00	102,208
Volume‑weighted average cost	…	…	69.66	…
Total	8,304.1	100.0	…	578,461

… Not applicable. Return to table

p  Preliminary. Return to table

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Table D.1
Operating Expenses of the Board of Governors, by Division, Office, or Special Account, 2004‑2009
Millions of dollars

Division, office, or special account	2004‑05 (budgeted)	2004‑05 (actual)	2006‑07 (budgeted)	2006‑07 (actual)	2008‑09 (budgeted)
Board Members	25.0	23.6	26.4	24.7	30.2
Secretary	11.5	11.1	12.4	12.3	14.6
Research and Statistics	76.0	76.4	82.7	81.2	98.7
International Finance	28.7	28.5	32.0	29.1	36.7
Monetary Affairs	24.9	24.6	28.4	27.6	33.8
Banking Supervision and Regulation	86.0	87.6	99.4	96.8	106.0
Consumer and Community Affairs	25.0	24.2	29.5	30.8	38.2
Legal	23.8	22.6	26.1	23.1	29.4
Reserve Bank Operations    and Payment Systems	38.3	37.7	51.4	49.8	58.5
Staff Director for Management	16.2	16.8	16.8	18.9	21.6
Information Technology	82.5	81.6	91.2	89.5	105.8
Management Division	109.8	109.4	122.2	127.4	148.4
IRM income account	-38.0	-38.0	-39.8	-39.5	-44.4
Residual retirement	9.6	7.9	9.8	13.5	13.3
Special projects	8.1	11.1	12.0	7.9	13.7
Extraordinary items	10.0	9.4	9.0	8.3	2.0
Total, Board operations	537.2	534.6	609.5	601.4	706.3
Office of Inspector General	8.5	8.1	10.2	9.5	12.7

Note: Components may not sum to totals because of rounding.

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Table D.2
Operating Expenses of the Board of Governors, by Account Classification, 2004‑2009
Millions of dollars

Account classification	2004‑05 (budgeted)	2004‑05 (actual)	2006‑07 (budgeted)	2006‑07 (actual)	2008‑09 (budgeted)
Personnel services
Salaries	333.7	332.0	380.2	372.7	441.4
Retirement	32.6	33.5	35.7	38.8	48.3
Insurance	29.3	27.8	31.4	35.3	36.8
Subtotal	395.6	393.3	447.3	446.8	526.6
Goods and services
Travel	14.9	14.7	15.7	17.2	18.5
Postage and shipping	1.0	0.9	1.0	1.0	1.1
Telecommunications	10.0	10.1	10.8	9.8	11.6
Printing and binding	2.9	2.5	2.7	2.6	2.8
Publications	1.7	1.5	1.2	0.9	1.1
Stationery and supplies	2.4	2.8	2.3	2.5	2.3
Software	14.1	12.3	14.6	13.3	15.8
Furniture and equipment	7.7	7.7	7.5	8.1	8.7
Rentals	0.7	0.6	1.2	1.1	4.9
Books and subscriptions	2.0	1.7	2.0	1.7	2.2
Utilities	6.5	7.2	7.8	8.3	8.5
Building repairs and alterations	5.8	5.2	4.6	4.0	4.8
Furniture repairs and maintenance	2.3	2.2	2.5	2.6	2.7
Contingency Processing Center expenses	1.3	1.7	1.7	2.2	2.3
Contractual professional services	51.2r	49.4r	62.8	59.8	67.9
Tuition/registration and membership fees	4.4	4.5	4.8	5.2	6.5
Subsidies and contributions	1.3	1.3	1.3	1.4	1.2
Depreciation	24.8	25.4	28.8	26.6	29.8
All other1	-13.2	-10.3	-11.4	-13.7	-13.1
Subtotal	141.8r	141.3r	162.2	154.6	179.7
Total, Board operations	537.2r	534.6r	609.5	601.4	706.3
Office of Inspector General	8.5	8.1	10.2	9.5	12.7

Note: Components may not sum to totals because of rounding.

1. All other includes, among other items, Accounts, Risk and Credit (ARC) System expenses and income; IRM income and user charges; and interest expenses. Return to table

r  Revised. Return to table

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Table D.3
Positions Authorized at the Board of Governors, by Division, Office, or Special Account, 2004‑2009

Division, office, or special account	2004‑05 (initial)	2004‑05 (ending)	2006‑07 (initial)	2006‑07 (ending)	2008‑09 (current1)
Board Members	78	77	78	80	81
Secretary	50	50	50	50	50
Research and Statistics	275	275	275	275	287
International Finance	116	116	116	114	115
Monetary Affairs	68	74	75	78	81
Banking Supervision and Regulation	238	254	254	258	255
Consumer and Community Affairs	83	89	94	101	105
Legal	80	80	80	80	80
Reserve Bank Operations    and Payment Systems	139	139	139	138	138
Staff Director for Management	44	45	45	46	48
Information Technology2	289	301	301	318	326
Management Division3	433r	460r	469	487	487
Special projects	1	0	0	0	0
Total, Board operations	1,894r	1,960r	1,976	2,025	2,053
Office of Inspector General	31	31	36	36	37

Note: Includes only those divisions, offices, and special accounts that have authorized position counts.

1. As of the end of the first quarter, 2008. Return to table

2. Includes positions that support the Federal Financial Institutions Examination Council for processing data collected under the Home Mortgage Disclosure Act and the Community Reinvestment Act. Return to table

3. Excludes summer interns. Return to table

r  Revised slightly. Return to table

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Table E.1
Operating Expenses of the Federal Reserve Banks, by District, 2007 and 2008
Thousands of dollars, except as noted

District	2007 (budgeted)	2007 (actual)	2008 (budgeted)	Percent change
				2007 actual compared with 2007 budgeted	2008 budgeted compared with 2007 actual
Boston	151,625	161,154	157,796	6.3	-2.1
New York	573,662	576,068	599,736	0.4	4.1
Philadelphia	147,732	148,124	157,028	0.3	6.0
Cleveland	208,644	218,339	218,332	4.6	0.0
Richmond	231,262	237,433	245,270	2.7	3.3
Atlanta	337,336	318,581	355,650	-5.6	11.6
Chicago	274,162	288,812	277,736	5.3	-3.8
St. Louis	229,623	224,648	227,877	-2.2	1.4
Minneapolis	159,786	161,582	168,218	1.1	4.1
Kansas City	173,175	179,930	181,033	3.9	0.6
Dallas	186,662	193,663	190,820	3.8	-1.5
San Francisco	279,662	275,156	287,474	-1.6	4.5
Total	2,953,331	2,983,492	3,066,970	1.0	2.8

Note: Excludes capital outlays. Includes expenses budgeted by Federal Reserve Information Technology and the Office of Employee Benefits. Reflects all redistributions for support and allocations for overhead. Components may not sum to totals and may not yield percentages shown because of rounding.

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Table E.2
Employment at the Federal Reserve Banks, by District, and at FRIT and OEB, 2007 and 2008
Average number of personnel

District	2007 (budgeted)	2007 (actual)	2008 (budgeted)	Change
				2007 actual compared with 2007 budgeted	2008 budgeted compared with 2007 actual
Boston	993	988	1,000	-5	13
New York	2,868	2,839	2,764	-29	-75
Philadelphia	1,092	1,071	1,063	-21	-8
Cleveland	1,604	1,574	1,581	-29	7
Richmond	1,854	1,830	1,827	-24	-4
Atlanta	2,042	1,986	1,939	-56	-47
Chicago	1,544	1,501	1,457	-42	-44
St. Louis	1,124	1,086	1,074	-38	-13
Minneapolis	1,273	1,251	1,235	-22	-17
Kansas City	1,386	1,371	1,330	-14	-41
Dallas	1,331	1,339	1,316	8	-23
San Francisco	1,879	1,836	1,781	-43	-55
Total, all Districts	18,990	18,673	18,366	-317	-307
Federal Reserve Information    Technology	793	821	844	28	23
Office of Employee Benefits	45	41	45	-4	4
Total	19,828	19,535	19,255	-293	-280

Note: The term average number of personnel (ANP) describes levels and changes in employment. ANP is the average number of employees in terms of full-time positions for the period. For instance, a full-time employee who starts work on July 1 counts as 0.5 ANP for that calendar year; two half-time employees who start on January 1 count as 1 ANP. Components may not sum to totals and may not yield variances shown because of rounding.

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Table E.3
Operating Expenses of the Federal Reserve Banks, FRIT, and OEB, by Operational Area, 2007 and 2008
Thousands of dollars, except as noted

Operational area	2007 (budgeted)	2007 (actual)	2008 (budgeted)	Percent change
				2007 actual compared with 2007 budgeted	2008 budgeted compared with 2007 actual
Monetary and economic policy	343,606	351,221	390,209	2.2	11.1
Services to U.S. Treasury and    other government agencies	442,689	434,578	449,530	-1.8	3.4
Services to financial institutions    and the public	738,599	724,909	775,855	-1.9	7.0
Supervision and regulation	601,173	593,222	640,450	-1.3	8.0
Fee-based services to financial    institutions	827,264	879,561	810,926	6.3	-7.8
Total	2,953,331	2,983,492	3,066,970	1.0	2.8

Note: Excludes capital outlays. Includes expenses budgeted by Federal Reserve Information Technology and the Office of Employee Benefits. Reflects all redistributions for support and allocations for overhead. Components may not sum to totals and may not yield percentages shown because of rounding.

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Table E.4
Employment at the Federal Reserve Banks, FRIT, and OEB, by Operational Area, 2007 and 2008
Average number of personnel

Operational area	2007 (budgeted)	2007 (actual)	2008 (budgeted)	Change
				2007 actual compared with 2007 budgeted	2008 budgeted compared with 2007 actual
Monetary and economic policy	928	934	1,018	5	84
Services to U.S. Treasury and    other government agencies	1,289	1,258	1,246	-32	-12
Services to financial institutions    and the public	2,707	2,615	2,542	-92	-72
Supervision and regulation	2,676	2,656	2,673	-20	16
Fee-based services to financial    institutions	2,747	2,692	2,155	-55	-537
Support and overhead	9,481	9,381	9,621	-100	241
Total	19,828	19,535	19,255	-293	-280

Note: Components may not sum to totals and may not yield variances shown because of rounding.

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Table E.5
Expenses of the Federal Reserve Banks for Salaries of Officers and Employees, by District, 2007 and 2008
Thousands of dollars, except as noted

District	2007 (budgeted)	2007 (actual)	2008 (budgeted)	Percent change
				2007 actual compared with 2007 budgeted	2008 budgeted compared with 2007 actual
Boston	75,678	74,910	81,081	-1.0	8.2
New York	278,439	272,673	290,068	-2.1	6.4
Philadelphia	66,541	65,974	70,018	-0.9	6.1
Cleveland	87,032	85,598	90,268	-1.6	5.5
Richmond	115,453	112,490	119,432	-2.6	6.2
Atlanta	126,839	125,943	130,154	-0.7	3.3
Chicago	107,566	103,010	108,595	-4.2	5.4
St. Louis	71,170	69,893	73,310	-1.8	4.9
Minneapolis	72,400	71,135	74,819	-1.7	5.2
Kansas City	87,287	86,097	89,354	-1.4	3.8
Dallas	78,483	78,185	81,949	-0.4	4.8
San Francisco	139,734	135,843	142,469	-2.8	4.9
Total, all Districts	1,306,621	1,281,751	1,351,515	-1.9	5.4
Federal Reserve Information    Technology	71,611	70,218	77,844	-1.9	10.9
Office of Employee Benefits	4,927	4,688	5,028	-4.9	7.3
Total	1,383,159	1,356,657	1,434,387	-1.9	5.7

Note: Components may not sum to totals and may not yield percentages shown because of rounding.

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Table E.6
Capital Outlays of the Federal Reserve Banks, by District, and of FRIT and OEB, 2007 and 2008
Thousands of dollars, except as noted

District	2007 (budgeted)	2007 (actual)	2008 (budgeted)	Percent change
				2007 actual compared with 2007 budgeted	2008 budgeted compared with 2007 actual
Boston	18,334	17,440	28,439	-4.9	63.1
New York	77,456	52,047	138,452	-32.8	166.0
Philadelphia	23,361	16,433	22,615	-29.7	37.6
Cleveland	24,161	21,777	24,817	-9.9	14.0
Richmond	59,717	26,910	69,707	-54.9	159.0
Atlanta	32,928	10,981	22,889	-66.7	108.5
Chicago	20,633	13,154	23,768	-36.2	80.7
St. Louis	43,559	40,908	33,298	-6.1	-18.6
Minneapolis	5,131	3,533	7,008	-31.1	98.4
Kansas City	150,439	140,705	16,193	-6.5	-88.5
Dallas	17,318	8,889	25,776	-48.7	190.0
San Francisco	49,669	53,056	56,691	6.8	6.9
Total, all Districts	522,708	405,833	469,655	-22.4	15.7
Federal Reserve Information    Technology	68,115	55,152	64,908	-19.0	17.7
Office of Employee Benefits	800	653	0	-18.4	…
Total	591,623	461,637	534,562	-22.0	15.8

Note: Components may not sum to totals and may not yield percentages shown because of rounding.

… Not applicable. Return to table

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Table E.7
Capital Outlays of the Federal Reserve Banks, FRIT, and OEB, by Asset Classification, 2007 and 2008
Thousands of dollars, except as noted

Asset classification	2007 (budgeted)	2007 (actual)	2008 (budgeted)	Percent change
				2007 actual compared with 2007 budgeted	2008 budgeted compared with 2007 actual
Equipment	138,623	101,696	153,252	-26.6	50.7
Furniture, furnishings, and fixtures	27,912	18,440	24,725	-33.9	34.1
Land and other real estate	11,282	15,046	9,197	33.4	-38.9
Building	274,662	215,935	203,431	-21.4	-5.8
Building machinery and equipment	58,199	38,527	41,134	-33.8	6.8
Leasehold improvements	1,772	2,111	370	19.2	-82.5
Software	78,013	69,131	101,761	-11.4	47.2
Art	1,161	752	692	-35.2	-8.0
Total	591,623	461,637	534,562	-22.0	15.8

Note: Components may not sum to totals and may not yield percentages shown because of rounding.

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Data Tables for Charts

Chart 1.1
Distribution of Budgeted Expenses for the Federal Reserve System, 2008

	Percent
Reserve Banks	76
Board of Governors	9
Currency	15

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Chart 1.2
Operating Expenses of the Federal Reserve System, 1999‑2008
Excludes special projects
Billions of dollars

Year	Current dollars	2000 dollars1
1999	2.379	2.438
2000	2.471	2.471
2001	2.657	2.598
2002	2.762	2.657
2003	2.865	2.700
2004	2.784	2.557
2005	2.868	2.553
2006	3.072	2.635
2007	3.289	2.763
2008	3.427	2.807

Note: For 2008, budgeted.

1. Calculated with the GDP price deflator. Return to table

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Chart 1.3
Cumulative Change in Federal Reserve System Expenses and Federal Government Expenses, 1999‑2008
Includes special projects
Percent

Year	Federal Reserve	Federal government1
1999	0.0	0.0
2000	3.9	7.9
2001	11.7	15.8
2002	16.1	30.0
2003	20.4	41.8
2004	17.0	48.9
2005	20.6	60.1
2006	29.1	67.5
2007	38.3	72.3
2008	44.1	72.3

Note: For 2008, budgeted.

1. Discretionary spending less expenditures on defense. Source: Budget of the United States Government, Fiscal Year 2008: Historical Tables, Table 8.1. Outlays by Budget Enforcement Act Category, 1962-2012. Return to table

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Chart 1.4
Employment in the Federal Reserve System, 1999‑2008
Includes special projects

Year	Number
1999	25,058
2000	24,871
2001	24,908
2002	24,720
2003	23,737
2004	22,680
2005	21,789
2006	21,691
2007	21,575
2008	21,199

Note: For 2008, budgeted.

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Chart C.1
Federal Reserve Costs for Supplying Currency, 1998‑2008
Millions of dollars

Year	Cost
1998	408
1999	487
2000	456
2001	344
2002	430
2003	514
2004	514
2005	497
2006	489
2007	576
2008	602

Note: For 2008, budgeted.

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