Strategic Theme 6: Cost Reduction and Budgetary Growth

Establish a cost-reduction approach and a budgetary-growth target that maintains an effective and efficient use of financial resources.

Objective 6.1: Use financial resources efficiently and effectively.

Greater scrutiny of how financial resources are used will contribute to achieving budgetary-growth targets. Process changes that make the budget process more efficient will also help ensure that strategic investments remain within a sustainable budgetary range and provide the appropriate level of support for the Board to continue meeting its legislated mandates. The Board also needs the flexibility to provide an appropriate level of financial support to deliver new regulatory obligations and build capabilities to improve the way it delivers its mission for monetary policy, financial stability, and supervision.

Projects and Initiatives

• Review current processes for allocating certain costs to division cost centers and explore allocation of other costs to central accounts. Identify changes for the 2015 budget process.
• Enhance capital expense management through additional automated controls.

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Objective 6.2: Achieve budgetary savings and expense growth in line with Board-approved targets.

Budgetary discipline is necessary to manage the unavoidable expense growth required by the strategic framework. Enhanced cost-management strategies that help offset the strategic initiatives will contribute toward maintaining expense growth in line with approved targets.

Projects and Initiatives

• Continue implementation of cost-savings initiatives identified during development of the strategic framework.
• Re-baseline division budgets and provide recommendations to the Committee on Board Affairs for midyear adjustments in line with approved initiatives.

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