Budgets: Chapter 2. Board of Governors
For the past 12 years, the Board prepared two-year budgets. However, to better respond to the significant changes in demands placed on the Board during the financial crisis and the potential impact of regulatory restructuring proposals, the Board approved a one-year budget for 2010.
Board of GovernorsThe Board approved a $425.0 million operating budget and a $23.6 million capital budget for 2010. The budget reflects growth in personnel service expenses as well as increased costs for goods and services. For personnel services, the primary driver underlying the increase is the full-year effect of positions added during the 2008−09 budget period in response to increased workload demands, driven in large part by the financial crisis and Board compliance with mandates such as the Federal Information Security Management Act, requirements under Section 508 of the Rehabilitation Act for the Board's websites, and the Sarbanes-Oxley Act. Increases in the category of goods and services include higher costs for the Survey of Consumer Finances (in response to the financial crisis and the need to increase the survey's sample size), additional rental expenses related to leased office space, and increased costs of the Reserve Banks' external audit.
Office of Inspector GeneralIn keeping with its statutory independence, the Office of Inspector General (OIG) prepares its proposed budget apart from the Board's budget. The Board approved an operating budget of $19.2 million and a $50,000 capital budget for 2010 for the OIG. The growth in the budget is mostly to fund personnel services and contractual professional services to conduct legislatively mandated material loss reviews of failed banks.
|Operational area or Office of Inspector General||2006-07 (budgeted)||2006-07 (actual)||2008-091(budgeted)||2008-09 (actual)||2010 (budgeted)|
|Monetary and economic policy||143.1||137.9||169.8||166.1||95.8|
|Supervisory, regulatory, and legal services||206.4||200.5||250.2||247.9||138.8|
|Federal Reserve System policy direction||55.6||55.9||65.4||63.8||36.8|
|Support and security services||195.4||198.8||243.7||252.4||143.5|
|Total, Board operations||609.5||601.4||736.4||735.6||425.0|
|Office of Inspector General||10.2||9.5||14.0||12.4||19.2|
NOTE: Components may not sum to totals and may not yield percentages shown because of rounding.
1. 2008-09 budgeted figures include $30.1 million and $1.3 million added to the Board's and the Office of Inspector General's respective operating budgets during 2009. Return to table
2. Includes the Office of Inspector General. Return to table
|Operational area or Office of Inspector General||Position Count1|
|2006-07 (initial)||2006-07 (ending)||2008-09 (initial)||2008-09 (ending)||2010 (budgeted)|
|Monetary and economic policy||466||467||481||493||506|
|Supervisory, regulatory, and legal services||567||577||576||615||627|
|Federal Reserve System policy direction||173||176||179||185||187|
|Support and security services2||770||805||805||873||870|
|Total, Board operations||1,976||2,025||2,041||2,166||2,190|
|Office of Inspector General||36||36||37||45||61|
NOTE: Includes only those divisions, offices, and special accounts that have authorized position counts.
1. Excludes summer interns. 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, as well as cooperative education, worker trainee, and student aide programs that assist offices and divisions Boardwide. Return to table
… Not applicable Return to table