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Annual Report: Budget Review
2007

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Data Tables

Table 1.1
Operating Expenses of the Federal Reserve System, Net of Receipts and Claims for Reimbursement, 2005‑07
Millions of dollars, except as noted

Item	2005 (actual)	2006 (estimated)	2007 (budgeted)	Percent change
				2005‑06	2006‑07
Total System operating expenses	2,868.3	3,082.4	3,268.1	7.5	6.0
Less
Revenue from priced services	994.7	1,027.7	981.3	3.3	-4.5
Other income	1.0	1.2	1.5	25.0	28.3
Claims for reimbursements1	396.5	430.1	466.7	8.5	8.5
Equals
Net System operating expenses	1,476.1	1,623.4	1,818.6	10.0	12.0

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

Operating expenses reflect all redistributions for support and overhead, and they exclude capital outlays.

1. Costs of fiscal agency and depository services provided to the U.S. Treasury, other government agencies, and other fiscal principals that are billed to these agencies. Return to table

Return to text

Table 1.2
Expenses of the Federal Reserve System for Operations and Currency, 2005‑07
Millions of dollars, except as noted

Item	2005 (actual)	2006 (estimated)	2007 (budgeted)	Percent change
				2005‑06	2006‑07
Reserve Banks1	2,597.0	2,800.1	2,953.3	7.8	5.5
Personnel	1,722.8	1,833.9	1,961.6	6.4	7.0
Nonpersonnel	874.2	966.2	991.7	10.5	2.6
Board of Governors2	271.3	282.3	314.8	4.1	11.5
Personnel	200.6	212.4	230.3	5.9	8.4
Nonpersonnel	70.7	69.9	84.5	-1.1	20.9
Total System operating expenses	2,868.3	3,082.4	3,268.1	7.5	6.0
Personnel	1,923.4	2,046.3	2,191.9	6.4	7.1
Nonpersonnel	944.9	1,036.1	1,076.2	9.7	3.9
Currency3	497.0	489.0	598.0	-1.6	22.3

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

Operating expenses exclude capital outlays.

1. For detailed information on Reserve Bank expenses, see chapter 3. Return to table

2. Excludes extraordinary items and expenses of the Office of Inspector General. See also chapter 2. Return to table

3. See appendix C. Return to table

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Table 2.1
Expenses of the Board of Governors for Operational Areas, Extraordinary Items, Capital, and the Office of Inspector General, 2004‑07
Millions of dollars, except as noted

Operational area or Office of Inspector General	2004‑05 (budgeted)	2004‑05 (actuals)	2006‑07 (budgeted)	2006 actual expenses as a percent of the 2006‑07 budget
Monetary and economic policy	129.5	129.5	143.1	46.6
Supervisory, regulatory, and legal services	173.2	172.0	206.4	46.7
Federal Reserve System policy direction	52.6	51.6	55.6	49.6
Support and security services	171.9	172.1	195.4	46.4
Extraordinary items	10.0	9.4	9.0	10.1
Total, Board operations	537.2	534.6	609.5	46.3
Total, capital	34.0	31.3	31.4	28.0
Office of Inspector General	8.5	8.1	10.2	43.5

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

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Table 2.2
Positions Authorized at the Board of Governors for Operational Areas, Extraordinary Items, and the Office of Inspector General, 2004‑07

Operational area or Office of Inspector General	2004‑05 (initial)	2004‑05 (ending)	2006‑07 (initial)	2006‑07 (midbiennial)
Monetary and economic policy	459	465	466	467
Supervisory, regulatory, and legal services	540	562	567	573
Federal Reserve System policy direction	172	172	173	174
Support and security services1	724	759	770	788
Extraordinary  items	…	…	…	…
Total, Board operations	1,895	1,958	1,976	2,002
Office of Inspector General	31	31	36	36

1. Includes summer interns and youth positions and positions that support the Federal Financial Institutions Examination Council for processing data collected under the Home Mortgage Disclosure Act and the Community Reinvestment Act. Return to table

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Table 3.1
Expenses of the Federal Reserve Banks, Net of Receipts and Claims for Reimbursement, 2006 and 2007
Millions of dollars except as noted

Item	2006 (estimated)	2007 (budgeted)	Change
			Amount	Percent
Operations	2,800.1	2,953.3	153.2	5.5
Less
Revenue from priced services	1,027.7	981.3	-46.4	-4.5
Other income	1.2	1.5	0.3	28.3
Claims for reimbursement1	430.1	466.7	36.6	8.6
Equals
Net expenses	1,341.1	1,503.8	162.6	12.1

Note: Excludes capital outlays. Includes expenses budgeted by FRIT and OEB. Expenses from these entities have been charged to the Reserve Banks, as appropriate, and included in their budgets. Components may not sum to totals and may not yield percentages shown because of rounding.

Operating expenses reflect all redistributions for support and allocations for overhead.

1. Costs of fiscal agency and depository services provided to the U.S. Treasury, other government agencies, and other fiscal principals that are billed to these agencies. Return to table

Return to text

Table 3.2
Employment at the Federal Reserve Banks, FRIT, and OEB, 2006 and 2007
Average number of personnel except as noted

Item	2006 (estimated)	2007 (budgeted)	Change
			Amount	Percent
Reserve Banks	19,063	18,990	-73	-0.4
Federal Reserve Information Technology	780	793	13	1.7
Office of Employee Benefits	42	45	3	7.1
Total	19,885	19,828	-57	-0.3

Note: Components may not sum to totals and may not yield percentages shown because of rounding. See text note 3 for definition of average number of personnel.

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Table B.1
Revenue from Priced Services, 2005‑07
Millions of dollars

Service	2005 (actual)	2006 (estimated)	2007 (budgeted)
Funds transfers and net settlement	67.3	71.3	72.7
Automated clearinghouse	87.4	89.7	99.9
Commercial checks	817.5	844.9	785.5
Book-entry securities transfers	21.3	21.8	23.3
Noncash collection1	1.2	0.0	0.0
Total	994.7	1,027.7	981.3

1. The Reserve Banks withdrew from the noncash collection service at year-end 2005. Return to table

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Table C.1
Federal Reserve Budget for New Currency, 2006 and 2007
Thousands of dollars, except as noted

Item	2006	2007 (budgeted)	Percent change
Printing of new Federal Reserve notes	467,067	574,284	23.0
Currency transportation	14,769	16,333	10.6
Counterfeit‑deterrence research	3,290	3,405	3.5
Reimbursement to U.S. Treasury's Office of Currency Standards	3,600	3,750	4.2
Total cost of currency	488,726	597,772	22.3

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Table C.2
Projected Federal Reserve Costs of Printing New Notes, by Type of Note, 2007

Type of currency	Number of notes (millions)	Percentage of total notes	Cost per thousand notes (dollars)	Total cost (thousands of dollars)
Unthreaded ($1, $2)	4,097.7	44.6	44.54	182,513
New Currency Design
($5)	1,222.8	13.3	61.92	75,716
($100)	1,213.1	13.2	78.52	95,255
Series 2004 ($10, $20, $50)	2,644.0	28.8	83.51	220,800
Volume‑weighted average cost			62.57
Total	9,177.7	100.0		574,284

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Table D.1
Expenses of the Board of Governors by Division, Office, or Special Account, 2004‑2007
Millions of dollars, except as noted

Division, office, or special account	2004‑05 (budgeted)	2004‑05 (actuals)	2006‑07 (budgeted)	2006 (actuals)	2006 actual expenses as a percent of the 2006‑07 budget
Board Members	25.0	23.6	26.4	12.1	5.8
Secretary	11.5	11.1	12.4	6.1	49.3
Staff Director for Management	16.2	16.8	16.8	9.4	55.8
Research and Statistics	76.0	76.4	82.7	38.9	47.0
International Finance	28.7	28.5	32.0	14.3	44.6
Monetary Affairs	24.9	24.6	28.4	13.6	47.8
Banking Supervision and Regulation	86.0	87.6	99.4	47.3	47.6
Consumer and Community Affairs	25.0	24.2	29.5	13.8	46.8
Legal	23.8	22.6	26.1	10.9	41.9
Reserve Bank Operations    and Payment Systems	38.3	37.7	51.4	24.3	47.4
Information Technology	82.5	81.6	91.2	42.4	46.5
Management Division	109.8	109.4	122.2	59.8	48.9
IRM income account	-38.0	-38.0	-39.8	-20.3	51.1
Residual retirement	9.6	7.9	9.8	5.8	59.5
Special projects	8.1	11.1	12.0	3.2	25.6
Extraordinary items	10.0	9.4	9.0	0.9	10.1
Total, Board operations	537.2	534.6	609.5	282.5	46.3
Office of Inspector General	8.5	8.1	10.2	4.5	43.5

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

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Table D.2
Expenses of the Board of Governors by Account Classification, 2004‑2007
Millions of dollars, except as noted

Account classification	2004‑05 (budgeted)	2004‑05 (actuals)	2006‑07 (budgeted)	2006 (actuals)	2006 actual expenses as a percent of the 2006‑07 budget
Personnel services
Salaries	333.7	332.0	380.2	177.5	46.7
Retirement	32.6	33.5	35.7	18.3	51.2
Insurance	29.3	27.8	31.4	16.7	53.2
Subtotal	395.6	393.3	447.3	212.4	47.5
Goods and services
Travel	14.9	14.7	15.7	8.7	55.5
Postage and shipping	1.0	0.9	1.0	0.5	50.0
Telecommunications	10.0	10.1	10.8	4.7	43.3
Printing and binding	2.9	2.5	2.7	1.1	41.0
Publications	1.7	1.5	1.2	0.4	30.8
Stationery and supplies	2.4	2.8	2.3	1.2	50.3
Software	14.1	12.3	14.6	6.6	44.8
Furniture and equipment	7.7	7.7	7.5	2.0	26.6
Rentals	0.7	0.6	1.2	0.4	36.6
Books and subscriptions	2.0	1.7	2.0	0.9	44.2
Utilities	6.5	7.2	7.8	4.5	57.8
Building repairs and alterations	5.8	5.2	4.6	1.6	35.0
Furniture repairs and maintenance	2.3	2.2	2.5	1.0	40.7
Contingency Processing Center expenses	1.3	1.7	1.7	1.1	64.0
Contractual professional services	41.2	40.0	62.8	23.4	37.2
Tuition/registration and membership fees	4.4	4.5	4.8	2.6	54.0
Subsidies and contributions	1.3	1.3	1.3	0.7	52.8
Depreciation	24.8	25.4	28.8	13.0	45.2
Cafeteria	0.0	0.0	0.0	0.0	…
All other1	-13.2	-10.3	-11.4	-4.3	38.1
Subtotal	131.7	131.9	162.2	69.9	43.1
Total, Board operations	527.2	525.2	609.5	282.5	46.3
Office of Inspector General	8.5	8.1	10.2	4.5	43.5

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

1. All other includes, among other items, Accounts, Risk and Credit (ARC) System expenses and income; IRM income and user charges; and interest expenses. Return to table

… Not applicable. Return to table

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Table D.3
Positions Authorized at the Board of Governors, by Division, Office, or Special Account, 2004‑07¹

Division, office, or special account	2004‑05 (initial)	2004‑05 (ending)	2006‑07 (initial)	2006‑07 (midbiennial)
Board Members	78	77	78	79
Secretary	50	50	50	50
Staff Director for Management	44	45	45	45
Research and Statistics	275	275	275	275
International Finance	116	116	116	116
Monetary Affairs	68	74	75	76
Banking Supervision and Regulation	238	254	254	257
Consumer and Community Affairs	83	89	94	97
Legal	80	80	80	80
Reserve Bank Operations and Payment Systems	139	139	139	139
Information Technology2	289	301	301	311
Management Division3	434	458	469	477
Special projects	1	0	0	0
Total, Board operations	1,895	1,958	1,976	2,002
Office of Inspector General	31	31	36	36

1. Includes only those divisions, offices, and special accounts that have authorized position counts. 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. Return to table

3. Includes summer interns and youth positions. Return to table

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Table E.1
Operating Expenses of the Federal Reserve Banks, by District, 2006 and 2007
Thousands of dollars except as noted

District	2006 (budgeted)	2006 (estimated)	2007 (budgeted)	Percent change
				2006 estimated compared with 2006 budgeted	2007 budgeted compared with 2006 estimated
Boston	156,366	152,172	151,625	-2.7	-0.4
New York	531,652	542,003	573,662	1.9	5.8
Philadelphia	136,874	138,019	147,732	0.8	7.0
Cleveland	193,910	196,821	208,644	1.5	6.0
Richmond	208,758	214,274	231,262	2.6	7.9
Atlanta	336,118	315,114	337,336	-6.2	7.1
Chicago	246,141	243,524	274,162	-1.1	12.6
St. Louis	220,140	214,749	229,623	-2.4	6.9
Minneapolis	148,999	153,816	159,786	3.2	3.9
Kansas City	164,182	172,464	173,175	5.0	0.4
Dallas	183,129	195,407	186,662	6.7	-4.5
San Francisco	260,030	261,787	279,662	0.7	6.8
Total	2,786,299	2,800,148	2,953,331	0.5	5.5

Note: Excludes capital outlays. Includes expenses budgeted by Federal Reserve Information Technology (FRIT) and the System's Office of Employee Benefits (OEB).

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

Operating expenses reflect all redistributions for support and allocations for overhead.

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Table E.2
Employment at the Federal Reserve Banks, by District, and at FRIT and OEB, 2006 and 2007
Average number of personnel except as noted

District	2006 (budgeted)	2006 (estimated)	2007 (budgeted)	Amount change
				2006 estimated compared with 2006 budgeted	2007 budgeted compared with 2006 estimated
Boston	1,041	1,015	993	-25	-22
New York	2,978	2,940	2,868	-38	-72
Philadelphia	1,078	1,062	1,092	-16	30
Cleveland	1,597	1,570	1,604	-27	34
Richmond	1,847	1,838	1,854	-8	16
Atlanta	2,033	2,075	2,042	42	-32
Chicago	1,534	1,531	1,544	-3	13
St. Louis	1,150	1,132	1,124	-18	-8
Minneapolis	1,287	1,287	1,273	0	-14
Kansas City	1,344	1,373	1,386	29	13
Dallas	1,315	1,379	1,331	64	-47
San Francisco	1,866	1,862	1,879	-4	17
Total, all Districts	19,069	19,063	18,990	-5	-73
Federal Reserve Information    Technology	759	780	793	21	13
Office of Employee Benefits	40	42	45	2	3
Total	19,868	19,885	19,828	17	-57

Note: The term average number of personnel (ANP) describes levels and changes in employment at the Reserve Banks. 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.

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Table E.3
Operating Expenses of the Federal Reserve Banks, FRIT, and OEB, by Operational Area, 2006 and 2007
Thousands of dollars except as noted

Operational area	2006 (budgeted)	2006 (estimated)	2007 (budgeted)	Percent change
				2006 estimated compared with 2006 budgeted	2007 budgeted compared with 2006 estimated
Monetary and economic policy	322,242	322,652	343,606	0.1	6.5
Services to U.S. Treasury and    other government agencies	409,546	408,962	442,689	-0.1	8.2
Services to financial institutions    and the public	708,310	710,824	738,599	0.4	3.9
Supervision and regulation	550,446	555,820	601,173	1.0	8.2
Fee-based services to financial    institutions	795,755	801,890	827,264	0.8	3.2
Total	2,786,299	2,800,148	2,953,331	0.5	5.5

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Table E.4
Employment at the Federal Reserve Banks, FRIT, and OEB, by Operational Area, 2006 and 2007
Average number of personnel except as noted

Operational area	2006 (budgeted)	2006 (estimated)	2007 (budgeted)	Amount change
				2006 estimated compared with 2006 budgeted	2007 budgeted compared with 2006 estimated
Monetary and economic policy	935	918	928	-17	11
Services to U.S. Treasury and    other government agencies	1,304	1,270	1,289	-35	20
Services to financial institutions    and the public	2,728	2,648	2,707	-80	58
Supervision and regulation	2,663	2,658	2,676	-5	18
Fee-based services to financial    institutions	2,987	3,098	2,747	111	-351
Support and overhead	9,251	9,293	9,481	43	188
Total	19,868	19,885	19,828	18	-56

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Table E.5
Expenses of the Federal Reserve Banks for Salaries of Officers and Employees, by District, 2006 and 2007
Thousands of dollars except as noted

District	2006 (budgeted)	2006 (estimated)	2007 (budgeted)	Percent change
				2006 estimated compared with 2006 budgeted	2007 budgeted compared with 2006 estimated
Boston	73,635	72,234	75,678	-1.9	4.8
New York	265,953	264,495	278,439	-0.5	5.3
Philadelphia	63,052	62,684	66,542	-0.6	6.2
Cleveland	81,744	81,036	87,032	-0.9	7.4
Richmond	109,312	108,200	115,453	-1.0	6.7
Atlanta	119,577	123,001	126,839	2.9	3.1
Chicago	101,491	99,712	107,566	-1.8	7.9
St. Louis	67,926	67,053	71,170	-1.3	6.1
Minneapolis	69,385	69,400	72,400	0.0	4.3
Kansas City	82,895	82,948	87,287	0.1	5.2
Dallas	73,160	75,978	78,483	3.9	3.3
San Francisco	130,591	129,584	139,734	-0.8	7.8
Total, all Districts	1,238,721	1,236,326	1,306,621	-0.2	5.7
Federal Reserve Information    Technology	63,745	65,796	71,611	3.2	8.8
Office of Employee Benefits	4,520	4,441	4,927	-1.8	10.9
Total	1,306,985	1,306,563	1,383,159	0.0	5.9

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Table E.6
Capital Outlays of the Federal Reserve Banks, by District, and of FRIT and OEB, 2006 and 2007
Thousands of dollars except as noted

District	2006 (budgeted)	2006 (estimated)	2007 (budgeted)	Percent change
				2006 estimated compared with 2006 budgeted	2007 budgeted compared with 2006 estimated
Boston	24,843	21,697	18,334	-12.7	-15.5
New York	69,737	62,847	77,456	-9.9	23.2
Philadelphia	20,966	16,553	23,361	-21.0	41.1
Cleveland	28,157	23,404	24,161	-16.9	3.2
Richmond	58,623	36,005	59,717	-38.6	65.9
Atlanta	17,335	22,863	32,928	31.9	44.0
Chicago	20,841	25,418	20,633	22.0	-18.8
St. Louis	42,743	29,503	43,559	-31.0	47.6
Minneapolis	4,782	5,258	5,131	9.9	-2.4
Kansas City	74,738	89,726	150,440	20.1	67.7
Dallas	9,874	13,052	17,318	32.2	32.7
San Francisco	49,753	51,731	49,669	4.0	-4.0
Total, all Districts	422,392	398,057	522,708	-5.8	31.3
Federal Reserve Information    Technology	51,771	53,546	68,115	3.4	27.2
Office of Employee Benefits	…	150	800	…	…
Total	474,163	451,753	591,623	-4.7	31.0

… Not applicable. Return to table

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Table E.7
Capital Outlays of the Federal Reserve Banks, FRIT, and OEB, by Category, 2006 and 2007
Thousands of dollars except as noted

Category	2006 (budgeted)	2006 (estimated)	2007 (budgeted)	Percent change
				2006 estimated compared with 2006 budgeted	2007 budgeted compared with 2006 estimated
Building-related projects and    facility improvements	252,030	240,399	314,478	-4.6	30.8
Security enhancements	64,156	37,600	69,368	-41.4	84.5
Information technology	72,966	52,892	76,103	-27.5	43.9
Payment system improvement    initiatives	80,538	114,562	126,394	42.2	10.3
Miscellaneous1	4,472	6,301	5,279	40.9	-16.2
Total	474,163	451,753	591,623	-4.7	31.0

1. Includes other equipment purchases. Return to table

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