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Board of Governors of the Federal Reserve System
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Annual Report Budget Review 2012

Appendix C: Expenses and Employment at the Federal Reserve Banks

Table C.1. Operating expenses of the Federal Reserve Banks, by district, 2011 and 2012
Thousands of dollars, except as noted

District 2011 (budgeted) 2011 (actual) 2012 (budgeted) Percent change
2011 actual compared with 2011 budgeted 2012 budgeted compared with 2011 actual
Boston 173,988 164,755 177,695 -5.3 7.9
New York 808,668 795,678 846,686 -1.6 6.4
Philadelphia 163,181 159,716 181,300 -2.1 13.5
Cleveland 182,753 183,919 158,538 0.6 -13.8
Richmond 324,123 330,287 342,050 1.9 3.6
Atlanta 326,549 308,839 314,765 -5.4 1.9
Chicago 291,191 284,365 307,244 -2.3 8.0
St. Louis 236,880 219,230 234,550 -7.5 7.0
Minneapolis 159,059 156,791 172,357 -1.4 9.9
Kansas City 186,130 182,609 195,114 -1.9 6.8
Dallas 205,545 198,813 206,961 -3.3 4.1
San Francisco 293,164 276,319 304,027 -5.7 10.0
Total 3,351,230 3,261,321 3,441,287 -2.7 5.5

Note: Excludes capital outlays and pension expenses as well as assessments for the Board of Governors operating expenses, currency costs, the Consumer Financial Protection Bureau, and the Office of Financial Research. Includes expenses budgeted by Federal Reserve Information Technology and the System's Office of Employee Benefits that are chargeable to the Reserve Banks. Reflects all redistributions for support and allocations for overhead. Components may not sum to totals and may not yield percentages shown because of rounding.

Table C.2. Employment at the Federal Reserve Banks, by district, and at FRIT and OEB, 2011 and 2012
Average number of personnel

District 2011 (budgeted) 2011 (actual) 2012 (budgeted) Amount change
2011 actual compared with 2011 budgeted 2012 budgeted compared with 2011 actual
Boston 929 903 968 -27 65
New York 3,205 3,136 3,254 -70 119
Philadelphia 873 868 917 -5 49
Cleveland 1,302 1,167 973 -135 -193
Richmond 1,538 1,493 1,506 -45 14
Atlanta 1,648 1,607 1,593 -40 -14
Chicago 1,358 1,340 1,425 -18 85
St. Louis 979 956 1,006 -22 50
Minneapolis 1,036 1,035 1,109 -1 74
Kansas City 1,262 1,275 1,343 14 68
Dallas 1,290 1,239 1,340 -50 100
San Francisco 1,546 1,516 1,568 -30 52
Total, all districts 16,965 16,535 17,003 -430 468
Federal Reserve Information Technology (FRIT) 965 1,072 1,048 107 -23
Office of Employee Benefits (OEB) 49 47 51 -3 4
Total 17,979 17,653 18,102 -326 449

Note: The term average number of personnel (ANP) describes levels and changes in employment. ANP is the average number of employees in terms of full-time positions for the period. For instance, a full-time employee who starts work on July 1 counts as 0.5 ANP for that calendar year; two half-time employees who start on January 1 count as 1 ANP. Components may not sum to totals and may not yield variances shown because of rounding.

Table C.3. Operating expenses of the Federal Reserve Banks, FRIT, and OEB, by operational area, 2011 and 2012
Thousands of dollars, except as noted

Operational area 2011 (budgeted) 2011 (actual) 2012 (budgeted) Percent change
2011 actual compared with 2011 budgeted 2012 budgeted compared with 2011 actual
Monetary and economic policy 538,422 532,326 552,149 -1.1 3.7
Services to the U.S. Treasury and other government agencies 471,132 459,129 474,653 -2.5 3.4
Services to financial institutions and the public 989,600 954,111 985,700 -3.6 3.3
Supervision and regulation 934,216 917,438 1,032,540 -1.8 12.5
Fee-based services to financial institutions 417,860 398,317 396,244 -4.7 -0.5
Total 3,351,230 3,261,320 3,441,287 -2.7 5.5

Note: Excludes capital outlays and pension expenses as well as assessments for the Board of Governors operating expenses, currency costs, the Consumer Financial Protection Bureau, and the Office of Financial Research. Includes expenses budgeted by Federal Reserve Information Technology (FRIT) and the System's Office of Employee Benefits (OEB) that are chargeable to the Reserve Banks. Reflects all redistributions for support and allocations for overhead. Components may not sum to totals and may not yield percentages shown because of rounding.

Table C.4. Employment at the Federal Reserve Banks, and at FRIT and OEB, by operational area, 2011 and 2012
Average number of personnel

Operational area 2011 (budgeted) 2011 (actual) 2012 (budgeted) Amount change
2011 actual compared with 2011 budgeted 2012 budgeted compared with 2011 actual
Monetary and economic policy 1,188 1,179 1,236 -9 57
Services to U.S. Treasury and other government agencies 1,212 1,114 1,104 -97 -10
Services to financial institutions and the public 2,741 2,646 2,625 -95 -21
Supervision and regulation 3,397 3,339 3,688 -58 349
Fee-based services to financial institutions 975 910 803 -64 -107
Support and overhead 8,466 8,464 8,645 -2 181
Total 17,979 17,653 18,102 -326 449

Note: Table has been recategorized from previous years. Average number of personnel dedicated to a specific operational area have been included in the associated operational area; as a result, the 2011 budgeted amounts have been restated. Components may not sum to totals and may not yield variances shown because of rounding.

FRIT Federal Reserve Information Technology; OEB Office of Employee Benefits.

Table C.5. Expenses of the Federal Reserve Banks for salaries of officers and employees, by district, and of FRIT and OEB, 2011 and 2012
Thousands of dollars, except as noted

District 2011 (budgeted) 2011 (actual) 2012 (budgeted) Percent change
2011 actual compared with 2011 budgeted 2012 budgeted compared with 2011 actual
Boston 86,922 84,777 93,025 -2.5 9.7
New York 379,288 365,012 391,840 -3.8 7.3
Philadelphia 70,226 68,986 73,300 -1.8 6.3
Cleveland 89,355 82,428 77,641 -7.8 -5.8
Richmond 123,910 119,192 124,428 -3.8 4.4
Atlanta 135,822 133,293 136,027 -1.9 2.1
Chicago 123,300 120,656 134,012 -2.1 11.1
St. Louis 79,658 76,978 83,509 -3.4 8.5
Minneapolis 75,044 74,054 80,880 -1.3 9.2
Kansas City 92,575 90,607 97,926 -2.1 8.1
Dallas 87,723 82,931 89,858 -5.5 8.4
San Francisco 150,153 144,788 154,645 -3.6 6.8
Total, all districts 1,493,974 1,443,702 1,537,092 -3.4 6.5
Federal Reserve Information Technology (FRIT) 96,042 103,738 103,692 8.0 0.0
Office of Employee Benefits (OEB) 6,482 6,296 6,823 -2.9 8.4
Total 1,596,498 1,553,737 1,647,608 -2.7 6.0

Note: Components may not sum to totals and may not yield percentages shown because of rounding.

Table C.6. Capital outlays of the Federal Reserve Banks, by district, and of FRIT and OEB, 2011 and 2012
Thousands of dollars, except as noted

District 2011 (budgeted) 2011 (actual) 2012 (budgeted) Percent change
2011 actual compared with 2011 budgeted 2012 budgeted compared with 2011 actual
Boston 22,558 14,359 29,573 -36.3 106.0
New York 128,183 66,523 122,319 -48.1 83.9
Philadelphia 12,731 11,894 15,181 -6.6 27.6
Cleveland 13,781 8,493 14,471 -38.4 70.4
Richmond 18,311 10,834 21,797 -40.8 101.2
Atlanta 27,754 17,102 19,081 -38.4 11.6
Chicago 31,446 17,716 39,384 -43.7 122.3
St. Louis 19,418 11,911 8,378 -38.7 -29.7
Minneapolis 16,110 13,790 15,401 -14.4 11.7
Kansas City 1,233 4,794 7,160 288.7 49.4
Dallas 18,676 15,285 13,385 -18.2 -12.4
San Francisco 34,402 21,936 43,393 -36.2 97.8
Total, all districts 344,603 214,636 349,523 -37.7 62.8
Federal Reserve Information Technology (FRIT) 70,687 48,267 53,727 -31.7 11.3
Office of Employee Benefits (OEB) 2,300 2,123 950 -7.7 -55.3
Total 417,590 265,025 404,200 -36.5 52.5

Note: Components may not sum to totals and may not yield percentages shown because of rounding.

Table C.7. Capital outlays of the Federal Reserve Banks, FRIT, and OEB, by asset classification, 2011 and 2012
Thousands of dollars, except as noted

Asset classification 2011 (budgeted) 2011 (actual) 2012 (budgeted) Percent change
2011 actual compared with 2011 budgeted 2012 budgeted compared with 2011 actual
Equipment 96,409 70,288 88,182 -27.1 25.5
Furniture, furnishings, and fixtures 28,818 15,255 27,198 -47.1 78.3
Building 117,296 68,916 103,677 -41.2 50.4
Building machinery and equipment 47,680 15,214 31,522 -68.1 107.2
Software 125,962 93,113 148,475 -26.1 59.5
Other1 1,425 2,239 5,145 57.1 129.8
Total 417,590 265,025 404,200 -36.5 52.5

Note: Components may not sum to totals and may not yield percentages shown because of rounding.

1. Other includes land and other real estate, leasehold improvements, and art. Return to table

FRIT Federal Reserve Information Technology; OEB Office of Employee Benefits.

Last update: July 11, 2012

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