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10) Income and Expenses of the Federal Reserve Banks, by Bank, 2005
Thousands of dollars
Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco
Current Income  
Loans 7,453 438 1,217 75 234 43 220 1,813 881 1,365 628 88 451
U.S. Treasury securities 28,958,637 1,409,356 12,249,381 957,863 1,190,864 2,143,162 2,106,639 2,531,655 860,958 593,462 781,316 1,359,392 2,774,590
Foreign currencies 282,772 34,326 81,081 7,149 25,400 52,691 12,633 19,171 5,782 6,477 3,789 3,263 31,011
Priced services 900,959 0 66,264 0 0 0 785,660 49,035 0 0 0 0 0
Compensation received for check services provided 1 483,381 45,065 43,001 25,090 60,225 39,736 0 54,319 21,659 30,954 55,727 48,605 59,001
Other 96,154 3,045 57,582 1,975 2,682 5,674 4,793 5,567 2,259 1,199 1,540 2,588 7,251
Total 30,729,357 1,492,230 12,498,525 992,152 1,279,405 2,241,306 2,909,945 2,661,560 891,539 633,457 843,000 1,413,936 2,872,303
 
Current Expenses  
Salaries and other personnel expenses 1,345,171 72,098 275,567 63,784 81,748 178,932 127,470 107,750 72,595 69,431 88,102 73,578 134,117
Retirement and other benefits 398,173 16,139 76,046 18,703 23,990 64,877 37,363 28,427 22,602 19,249 21,027 28,512 41,238
Net periodic pension costs 2 -7,183 148 -9,736 162 292 242 274 148 213 189 160 210 514
Fees 110,156 2,487 8,916 1,306 7,347 54,937 7,355 5,518 13,694 1,865 1,667 2,547 2,516
Travel 58,849 2,314 7,512 1,993 3,778 7,673 7,532 6,180 3,667 2,692 4,379 3,332 7,797
Software expenses 123,740 3,752 13,512 4,206 16,626 51,773 4,279 4,455 5,156 3,214 3,577 5,157 8,033
Postage and other shipping costs 91,465 1,446 4,637 1,508 4,871 3,928 55,031 4,180 2,091 2,850 2,540 2,680 5,703
Communications 39,198 2,193 2,799 469 724 23,912 1,502 1,320 1,108 1,239 1,011 1,312 1,610
Materials and supplies 44,739 2,358 8,459 3,052 3,795 4,755 5,326 3,378 2,162 1,737 2,413 3,522 3,782
 
Building expenses  
Taxes on real estate 32,431 4,993 4,885 1,563 2,163 2,055 2,232 2,631 545 2,721 1,286 4,297 3,061
Property depreciation 88,592 4,862 14,495 3,891 6,919 8,195 11,451 9,239 5,103 4,661 4,022 7,109 8,645
Utilities 37,424 3,640 7,954 2,914 2,376 3,600 3,040 1,785 1,910 1,827 1,141 3,630 3,606
Rent 37,165 822 11,421 314 386 15,135 876 2,536 1,602 243 2,759 767 305
Other 34,872 1,255 6,495 1,716 2,848 3,894 3,618 4,923 1,028 1,568 938 4,169 2,420
Equipment  
Purchases 25,873 1,476 3,328 1,051 1,703 5,124 2,432 813 1,364 2,302 2,687 1,526 2,067
Rentals 5,173 231 1,908 366 311 793 612 378 206 27 50 121 171
Depreciation 91,517 3,894 9,801 5,641 4,576 34,995 7,817 4,294 3,138 2,509 3,597 4,028 7,226
Repairs and maintenance 78,727 4,639 8,656 4,289 5,019 18,081 9,609 6,734 2,407 2,197 3,046 4,830 9,222
 
Earnings-credit costs 212,773 9,994 71,225 16,036 15,719 31,683 11,035 19,750 3,585 4,056 6,245 4,042 19,404
Compensation paid for check services costs incurred 1 483,381 0 0 0 0 0 483,381 0 0 0 0 0 0
Other 68,829 27,839 51,092 9,703 12,429 -251,340 14,042 41,067 74,996 21,616 17,763 33,827 15,795
Recoveries -88,186 -12,108 -10,514 -3,176 -2,696 -28,720 -2,870 -7,433 -4,522 -1,132 -3,461 -6,699 -4,855
Expenses capitalized 3 -26,794 -430 -9,330 -1,994 0 -3,150 0 -267 -6,903 -1,600 -527 -1,008 -1,587
 
Total 3,286,085 154,040 559,127 137,497 194,924 231,374 793,405 247,807 207,746 143,462 164,421 181,491 270,790
Reimbursements -396,540 -20,265 -72,912 -25,397 -55,008 -27,886 -17,557 -5,085 -111,621 -24,484 -10,518 -11,118 -14,689
Net expenses 2,889,544 133,775 486,215 112,100 139,916 203,489 775,848 242,722 96,125 118,978 153,903 170,373 256,101
 
Profit and Loss  
Current net income 27,839,813 1,358,455 12,012,310 880,052 1,139,488 2,037,817 2,134,097 2,418,838 795,414 514,479 689,098 1,243,563 2,616,201
 
Additions to and deductions from (-) current net income 4  
Other additions 933 25 99 3 1 0 279 49 427 0 9 6 35
Losses on foreign exchange transactions -2,723,131 -313,128 -766,723 -69,819 -242,721 -519,271 -124,274 -193,661 -56,998 -66,356 -37,711 -31,662 -300,808
Interest expense on reverse repurchase agreements -808,808 -40,649 -327,177 -27,694 -34,253 -61,671 -60,845 -72,841 -24,810 -17,054 -22,527 -39,198 -80,089
Other deductions -45,875 -1 -545 -5 -2 -6 -39,568 -979 -2 -1 -4,630 -136 0
 
Total deductions -3,577,814 -353,778 -1,094,445 -97,518 -276,976 -580,949 -224,687 -267,481 -81,810 -83,410 -64,868 -70,996 -380,897
Net addition to or deduction from (-) current net income -3,576,881 -353,753 -1,094,347 -97,515 -276,974 -580,949 -224,408 -267,432 -81,383 -83,410 -64,858 -70,990 -380,862
 
Cost of unreimbursed Treasury services 22 0 3 19 0 0 0 0 0 0 0 0 0
 
Assessments by Board  
Board expenditures 5 265,742 24,617 77,166 6,600 23,959 57,140 13,260 17,373 4,722 5,639 3,419 3,068 28,779
Cost of currency 477,087 28,344 101,397 27,030 26,020 42,101 58,604 52,210 17,653 12,652 16,897 29,984 64,197
 
Net income before payment to U.S. Treasury 23,520,080 951,741 10,739,398 748,889 812,534 1,357,628 1,837,825 2,081,824 691,656 412,777 603,924 1,139,520 2,142,364
 
Dividends paid 780,863 50,819 214,923 30,700 64,845 198,386 41,652 50,279 15,403 14,946 9,708 8,788 80,414
Payments to U.S. Treasury (interest on Federal Reserve notes) 21,467,545 1,937,102 10,268,863 268,048 798,844 0 1,419,942 1,918,743 767,897 406,905 572,526 1,113,058 1,995,617
 
Transferred to/from surplus 1,271,672 -1,036,180 255,612 450,140 -51,155 1,159,242 376,231 112,802 -91,644 -9,073 21,689 17,674 66,333
 
Surplus, January 1 11,629,504 1,353,004 3,429,567 293,908 1,064,625 2,148,210 515,935 763,499 235,644 254,396 153,068 134,953 1,282,696
Surplus, December 31 12,901,176 316,824 3,685,179 744,048 1,013,470 3,307,452 892,166 876,301 144,000 245,322 174,757 152,628 1,349,029

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

1. Beginning in 2005, the Reserve Banks adopted a new management model for providing check services to depository institutions. The Federal Reserve Bank of Atlanta compensates the other eleven Banks for the costs incurred to provide check services.   Return to table

2. Reflects the effect of Financial Accounting Standards Board Statement of Financial Accounting Standards No. 87, Employers' Accounting for Pensions (SFAS 87). The System Retirement Plan for employees is recorded on behalf of the System on the books of the Federal Reserve Bank of New York, resulting in a decrease in expenses of $10,652 thousand. The expenses related to the Retirement Benefit Equalization Plan and the Supplemental Employee Retirement Plan are recorded by each Federal Reserve Bank.   Return to table

3. Includes expenses for labor and materials capitalized and depreciated or amortized as charges to activities in the periods benefited.   Return to table

4. Includes reimbursement from the U.S. Treasury for uncut sheets of Federal Reserve notes, gains and losses on the sale of Reserve Bank buildings, counterfeit currency that is not charged back to the depositing institution, and stale Reserve Bank checks that are written off.   Return to table

5. For additional details, see the chapter "Board of Governors Financial Statements."    Return to table

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