Reserve Bank Operating Expenses
Additional information regarding Reserve Bank operating expenses is available each year in the Annual Report of the Board of Governors of Federal Reserve System at http://www.federalreserve.gov/publications/annual-report/default.htm. The following tables provide supplemental information on Reserve Bank expenses that are subject to budgetary control by the Reserve Banks.
Table 1: Operating expenses of the Federal Reserve Banks, by Bank, 2010 - 2015
In millions
2010 actual | 2011 actual | 2012 actual | 2013 actual | 2014 actual | 2015 budget | 2010 actual - 2015 budget CAGR* | |
---|---|---|---|---|---|---|---|
Boston | $159 | $165 | $181 | $199 | $221 | $232 | 7.8% |
New York | 783 | 796 | 875 | 883 | 890 | 938 | 3.7% |
Philadelphia | 153 | 160 | 178 | 195 | 198 | 201 | 5.6% |
Cleveland | 166 | 184 | 152 | 156 | 163 | 174 | 0.9% |
Richmond | 295 | 330 | 356 | 360 | 357 | 360 | 4.0% |
Atlanta | 335 | 309 | 306 | 307 | 339 | 323 | -0.7% |
Chicago | 265 | 284 | 306 | 320 | 335 | 357 | 6.1% |
St. Louis | 215 | 219 | 234 | 253 | 283 | 335 | 9.3% |
Minneapolis | 146 | 157 | 173 | 181 | 191 | 215 | 8.0% |
Kansas City | 173 | 183 | 194 | 207 | 219 | 255 | 8.1% |
Dallas | 184 | 199 | 208 | 207 | 212 | 223 | 3.9% |
San Francisco | 308 | 276 | 300 | 323 | 346 | 357 | 3.0% |
Total Reserve Bank operating expenses | $3,183 | $3,261 | $3,462 | $3,592 | $3,752 | $3,969 | 4.5% |
* Compound Annual Growth Rate (CAGR). Return to text.
Note: Includes expenses of the Federal Reserve Information Technology (FRIT) support function and the Office of Employee Benefits (OEB), and reflects all redistributions for support and allocation of overhead. Excludes capital outlays and assessments for Board of Governors operating expenses and currency costs, and operating expenses of the Consumer Financial Protection Bureau (CFPB).
Table 2: Operating expenses of the Federal Reserve Banks, by operating area, 2010 - 2015
In millions
2010 actual | 2011 actual | 2012 actual | 2013 actual | 2014 actual | 2015 budget | 2010 actual - 2015 budget CAGR | |
---|---|---|---|---|---|---|---|
Monetary and economic policy | $498 | $532 | $563 | $596 | $609 | $637 | 5.1% |
Services to the U.S. Treasury and other government agencies | 433 | 459 | 477 | 501 | 532 | 580 | 6.0% |
Services to financial institutions and the public | 983 | 954 | 977 | 1,003 | 1,033 | 1,074 | 1.8% |
Supervision and regulation | 802 | 917 | 1,057 | 1,119 | 1,169 | 1,260 | 9.5% |
Fee-based services to financial institutions | 467 | 398 | 387 | 372 | 410 | 418 | -2.2% |
Total Reserve Bank operating expenses | $3,183 | $3,261 | $3,462 | $3,592 | $3,752 | $3,969 | 4.5% |
Note: Includes expenses of the FRIT support function and the OEB, and reflects all redistributions for support and allocation of overhead. Excludes capital outlays and assessments for Board of Governors operating expenses and currency costs, and operating expenses of the CFPB.
Table 3: Operating expenses of the Federal Reserve Banks, by account classification, 2010 - 2015
In millions
2010 actual | 2011 actual | 2012 actual | 2013 actual | 2014 actual | 2015 budget | 2010 actual - 2015 budget CAGR | |
---|---|---|---|---|---|---|---|
Salaries | $ 1,519 | $ 1,554 | $ 1,641 | $ 1,739 | $ 1,825 | $ 1,969 | 5.3% |
Other personnel expenses | 161 | 211 | 254 | 290 | 305 | 291 | 12.6% |
Retirement and other expenses | 532 | 553 | 595 | 642 | 654 | 679 | 5.0% |
Taxes on real estate | 41 | 42 | 47 | 48 | 48 | 51 | 4.3% |
Property depreciation | 120 | 126 | 134 | 133 | 133 | 143 | 3.5% |
Utilities | 41 | 40 | 39 | 39 | 40 | 40 | -0.4% |
Rent | 46 | 50 | 36 | 37 | 33 | 34 | -5.9% |
Other building expenses | 50 | 56 | 61 | 59 | 61 | 59 | 3.5% |
Equipment | 182 | 188 | 193 | 169 | 178 | 196 | 1.5% |
Software expenses | 172 | 157 | 173 | 183 | 227 | 225 | 5.5% |
Travel expenses | 77 | 86 | 100 | 88 | 89 | 95 | 4.4% |
Material, forms, and supplies | 59 | 65 | 70 | 67 | 64 | 69 | 3.3% |
Fees | 212 | 191 | 200 | 203 | 207 | 224 | 1.1% |
Communications | 46 | 46 | 48 | 47 | 46 | 47 | 0.4% |
Shipping | 31 | 19 | 15 | 15 | 14 | 16 | -12.7% |
Other expenses | 77 | 81 | 86 | 86 | 97 | 104 | 6.2% |
Recoveries | (142) | (145) | (156) | (163) | (177) | (168) | 3.4% |
Expenses allocated to capital projects | (40) | (56) | (73) | (91) | (94) | (105) | 20.9% |
Total Reserve Bank operating expenses | $ 3,183 | $ 3,261 | $ 3,462 | $ 3,592 | $ 3,752 | $ 3,969 | 4.5% |