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Federal Reserve Board of Governors

Freedom of Information Office

2012 Reserve Bank Budgets - Staff Equity Adjustment Program

Action

On May 15, 2012, the Board approved an increase in Reserve Bank budgets for 2012 to fund staff equity adjustments that would mitigate salary compression between recently hired employees and long-tenured, high-performing employees in critical positions (excluding officers).


Revised Reserve Bank Operating Budgets
Reflecting the Approved Staff Equity Adjustment Program
(dollars in millions)

Bank Original
2012 Budget
Incremental
Staff Equity
Revised
2012 Budget
Boston 177.7 0.1 177.8
New York 846.7 2.1 848.8
Philadelphia 181.3 0.2 181.5
Cleveland 158.5 0.2 158.7
Richmond 342.0 0.3 342.4
Atlanta 314.8 0.2 314.9
Chicago 307.2 0.5 307.7
St. Louis 234.5 0.2 234.7
Minneapolis 172.4 0.3 172.6
Kansas City 195.1 0.2 195.3
Dallas 207.0 0.2 207.2
San Francisco 304.0 0.3 304.3
Total1 3,441.3 4.7 3,445.9
FRIT 420.2 0.1 420.3
OEB 35.5 - 35.5
1. Expenses budgeted by the Federal Reserve Information Technology (FRIT) and the Office of Employee Benefits (OEB) are chargeable to the Reserve Banks. Return to table.
Last update: October 3, 2012