Annual Report Budget Review 2013
Appendix C: Expenses and Employment at the Federal Reserve Banks
Table C.1. Operating expenses of the Federal Reserve Banks, by district, 2012 and 2013
Thousands of dollars, except as noted| District | 2012 (budgeted) 1 | 2012 (actual) | 2013 (budgeted) | Percent change | |
|---|---|---|---|---|---|
| 2012 actual compared with 2012 budgeted | 2013 budgeted compared with 2012 actual | ||||
| Boston | 177,787 | 180,536 | 207,175 | 1.5 | 14.8 |
| New York | 848,775 | 875,085 | 896,777 | 3.1 | 2.5 |
| Philadelphia | 181,466 | 177,948 | 198,951 | -1.9 | 11.8 |
| Cleveland | 158,730 | 152,230 | 158,372 | -4.1 | 4.0 |
| Richmond | 342,474 | 355,672 | 372,699 | 3.9 | 4.8 |
| Atlanta | 314,935 | 306,022 | 318,710 | -2.8 | 4.1 |
| Chicago | 307,724 | 306,344 | 326,131 | -0.4 | 6.5 |
| St. Louis | 234,700 | 234,030 | 258,046 | -0.3 | 10.3 |
| Minneapolis | 172,645 | 173,046 | 189,561 | 0.2 | 9.5 |
| Kansas City | 195,327 | 193,624 | 214,515 | -0.9 | 10.8 |
| Dallas | 207,152 | 207,758 | 214,455 | 0.3 | 3.2 |
| San Francisco | 304,337 | 299,786 | 332,772 | -1.5 | 11.0 |
| Total | 3,446,053 | 3,462,081 | 3,688,165 | 0.5 | 6.5 |
Note: Excludes capital outlays 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. Reflects all redistributions for support and allocations for overhead. Components may not sum to totals and may not yield percentages shown because of rounding.
1. The final 2012 budget of $3,441,287 thousand was approved by the Board in December 2011. In May 2012, the Board approved an additional $4,767 thousand for employee equity adjustments, which is included in the 2012 budget number above. Return to table
Table C.2. Employment at the Federal Reserve Banks, by district, and at FRIT and OEB, 2012 and 2013
Average number of personnel| District | 2012 (budgeted) | 2012 (actual) | 2013 (budgeted) | Amount change | |
|---|---|---|---|---|---|
| 2012 actual compared with 2012 budgeted | 2013 budgeted compared with 2012 actual | ||||
| Boston | 968 | 975 | 1,080 | 7 | 105 |
| New York | 3,254 | 3,336 | 3,326 | 81 | -9 |
| Philadelphia | 917 | 893 | 944 | -24 | 51 |
| Cleveland | 973 | 979 | 908 | 5 | -70 |
| Richmond | 1,506 | 1,493 | 1,541 | -14 | 48 |
| Atlanta | 1,593 | 1,596 | 1,630 | 3 | 34 |
| Chicago | 1,425 | 1,441 | 1,490 | 16 | 49 |
| St. Louis | 1,006 | 1,007 | 1,066 | 2 | 58 |
| Minneapolis | 1,109 | 1,126 | 1,147 | 17 | 21 |
| Kansas City | 1,343 | 1,384 | 1,430 | 41 | 47 |
| Dallas | 1,340 | 1,254 | 1,239 | -85 | -16 |
| San Francisco | 1,568 | 1,573 | 1,599 | 5 | 25 |
| Total, all Districts | 17,003 | 17,056 | 17,400 | 53 | 344 |
| Federal Reserve Information Technology (FRIT) | 1,048 | 1,196 | 1,202 | 147 | 6 |
| Office of Employee Benefits (OEB) | 51 | 48 | 53 | -3 | 5 |
| Total | 18,102 | 18,300 | 18,656 | 198 | 356 |
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, 2012 and 2013
Thousands of dollars, except as noted| Operational area | 2012 (budgeted) | 2012 (actual) | 2013 (budgeted) | Percent change | |
|---|---|---|---|---|---|
| 2012 actual compared with 2012 budgeted | 2013 budgeted compared with 2012 actual | ||||
| Monetary and economic policy | 552,149 | 563,260 | 602,317 | 2.0 | 6.9 |
| Services to the U.S. Treasury and other government agencies | 474,653 | 477,269 | 522,712 | 0.6 | 9.5 |
| Services to financial institutions and the public | 985,700 | 977,472 | 1,033,104 | -0.8 | 5.7 |
| Supervision and regulation | 1,032,540 | 1,056,582 | 1,146,259 | 2.3 | 8.5 |
| Fee-based services to financial institutions | 396,244 | 387,497 | 383,773 | -2.2 | -1.0 |
| Total | 3,441,287 | 3,462,081 | 3,688,165 | 0.6 | 6.5 |
| Salary administration adjustments 1 | 4,767 | ||||
| Revised total | 3,446,054 | 3,462,081 | 3,688,165 | 0.5 | 6.5 |
Note: Excludes capital outlays 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 Office of Employee Benefits (OEB). Reflects all redistributions for support and allocations for overhead. Components may not sum to totals and may not yield percentages shown because of rounding.
1. The final 2012 budget of $3,441,287 thousand was approved by the Board in December 2011. In May 2012, the Board approved an additional $4,767 thousand for employee equity adjustments, which is included in the 2012 budget number above. Return to table
Table C.4. Employment at the Federal Reserve Banks, and at FRIT and OEB, by operational area, 2012 and 2013
Average number of personnel| Operational area | 2012 (budgeted) | 2012 (actual) | 2013 (budgeted) | Amount change | |
|---|---|---|---|---|---|
| 2012 actual compared with 2012 budgeted | 2013 budgeted compared with 2012 actual | ||||
| Monetary and economic policy | 1,236 | 1,223 | 1,259 | -14 | 37 |
| Services to U.S. Treasury and other government agencies | 1,104 | 1,071 | 1,108 | -34 | 38 |
| Services to financial institutions and the public | 2,625 | 2,579 | 2,605 | -45 | 26 |
| Supervision and regulation | 3,688 | 3,725 | 3,904 | 37 | 179 |
| Fee-based services to financial institutions | 803 | 840 | 720 | 37 | -120 |
| Support and overhead | 8,645 | 8,862 | 9,059 | 217 | 196 |
| Total | 18,102 | 18,300 | 18,656 | 198 | 356 |
Note: 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, 2012 and 2013
Thousands of dollars, except as noted| District | 2012 (budgeted) 1 | 2012 (actual) | 2013 (budgeted) | Percent change | |
|---|---|---|---|---|---|
| 2012 actual compared with 2012 budgeted | 2013 budgeted compared with 2012 actual | ||||
| Boston | 93,118 | 92,868 | 106,240 | -0.3 | 14.4 |
| New York | 393,929 | 393,188 | 416,877 | -0.2 | 6.0 |
| Philadelphia | 73,466 | 72,221 | 80,962 | -1.7 | 12.1 |
| Cleveland | 77,834 | 76,309 | 78,105 | -2.0 | 2.4 |
| Richmond | 124,738 | 122,999 | 132,561 | -1.4 | 7.8 |
| Atlanta | 136,198 | 132,584 | 139,699 | -2.7 | 5.4 |
| Chicago | 134,492 | 131,171 | 142,332 | -2.5 | 8.5 |
| St. Louis | 83,659 | 80,789 | 89,085 | -3.4 | 10.3 |
| Minneapolis | 81,168 | 80,366 | 87,927 | -1.0 | 9.4 |
| Kansas City | 98,139 | 97,064 | 106,170 | -1.1 | 9.4 |
| Dallas | 90,049 | 86,381 | 93,895 | -4.1 | 8.7 |
| San Francisco | 154,956 | 153,068 | 163,183 | -1.2 | 6.6 |
| Total, all Districts | 1,541,744 | 1,519,005 | 1,637,036 | -1.5 | 7.8 |
| Federal Reserve Information Technology (FRIT) | 103,807 | 116,062 | 120,711 | 11.8 | 4.0 |
| Office of Employee Benefits (OEB) | 6,823 | 6,387 | 7,277 | -6.4 | 13.9 |
| Total | 1,652,375 | 1,641,453 | 1,765,024 | -0.7 | 7.5 |
Note: Components may not sum to totals and may not yield percentages shown because of rounding.
1. The final 2012 salaries budget of $1,647,608 thousand was approved by the Board in December 2011. In May 2012, the Board approved an additional $4,767 thousand for employee equity adjustments, which is included in the 2012 budget number above. Return to table
Table C.6. Capital outlays of the Federal Reserve Banks, by district, and of FRIT and OEB, 2012 and 2013
Thousands of dollars, except as noted| District | 2012 (budgeted) | 2012 (actual) | 2013 (budgeted) | Percent change | |
|---|---|---|---|---|---|
| 2012 actual compared with 2012 budgeted | 2013 budgeted compared with 2012 actual | ||||
| Boston | 29,573 | 20,934 | 49,710 | -29.2 | 137.5 |
| New York | 122,319 | 263,221 | 122,460 | 115.2 | -53.5 |
| Philadelphia | 15,181 | 13,370 | 18,833 | -11.9 | 40.9 |
| Cleveland | 14,471 | 11,711 | 15,589 | -19.1 | 33.1 |
| Richmond | 21,797 | 16,108 | 32,146 | -26.1 | 99.6 |
| Atlanta | 19,081 | 16,697 | 21,874 | -12.5 | 31.0 |
| Chicago | 39,384 | 22,236 | 49,923 | -43.5 | 124.5 |
| St. Louis | 8,378 | 11,385 | 8,208 | 35.9 | -27.9 |
| Minneapolis | 15,401 | 17,358 | 15,624 | 12.7 | -10.0 |
| Kansas City | 7,160 | 5,952 | 8,458 | -16.9 | 42.1 |
| Dallas | 13,385 | 9,566 | 15,467 | -28.5 | 61.7 |
| San Francisco | 43,393 | 22,726 | 53,137 | -47.6 | 133.8 |
| Total, all Districts | 349,523 | 431,263 | 411,431 | 23.4 | -4.6 |
| Federal Reserve Information Technology (FRIT) | 53,727 | 65,871 | 80,510 | 22.6 | 22.2 |
| Office of Employee Benefits (OEB) | 950 | 340 | 200 | -64.2 | -41.1 |
| Total | 404,200 | 497,474 | 492,141 | 23.1 | -1.1 |
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, 2012 and 2013
Thousands of dollars, except as noted| Asset classification | 2012 (budgeted) | 2012 (actual) 1 | 2013 (budgeted) | Percent change | |
|---|---|---|---|---|---|
| 2012 actual compared with 2012 budgeted | 2013 budgeted compared with 2012 actual | ||||
| Equipment | 88,182 | 81,009 | 116,211 | -8.1 | 43.5 |
| Furniture, furnishings, and fixtures | 27,198 | 16,538 | 23,831 | -39.2 | 44.1 |
| Land and other real estate | 430 | 47,043 | 814 | 10,840.2 | -98.3 |
| Building | 103,677 | 196,525 | 130,250 | 89.6 | -33.7 |
| Building machinery and equipment | 31,522 | 31,793 | 41,563 | 0.9 | 30.7 |
| Software | 148,475 | 119,483 | 176,282 | -19.5 | 47.5 |
| Other 2 | 4,715 | 5,083 | 3,190 | 7.8 | -37.2 |
| Total | 404,200 | 497,474 | 492,141 | 23.1 | -1.1 |
Note: Components may not sum to totals and may not yield percentages shown because of rounding.
1. The 2012 actual capital outlays were $93,274 thousand over the 2012 budget, primarily due to the Federal Reserve Bank of New York's unbudgeted purchase of the 33 Maiden Lane building in February 2012, which is mainly reflected in the building and land and other real estate asset classes reported above. Return to table
2. Other includes leasehold improvements and art. Return to table
FRIT Federal Reserve Information Technology.
OEB Office of Employee Benefits.
