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Federal Reserve Board of Governors

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%

 
Last update: May 22, 2015