Annual Performance Plan 2015
Print- Strategic Theme 2: Data Governance
- Strategic Theme 3: Facilities Infrastructure
- Strategic Theme 4: Maximizing the Value of Human Capital
- Strategic Theme 5: Management Processes
- Strategic Theme 6: Cost Reduction and Budgetary Growth
Strategic Theme 6: Cost Reduction and Budgetary Growth
Establish a cost-reduction approach and a budgetary-growth target that maintains an effective and efficient use of financial resources.
Objective 6.1: Use financial resources efficiently and effectively.
In this Section:
Greater scrutiny of how financial resources are used will contribute to achieving budgetary-growth targets. Process changes that make the budget process more efficient will also help ensure that strategic investments remain within a sustainable budgetary range and provide the appropriate level of support for the Board to continue meeting its legislated mandates. The Board also needs the flexibility to provide an appropriate level of financial support to deliver new regulatory obligations and build capabilities to improve the way it delivers its mission for monetary policy, financial stability, and supervision.
Projects and Initiatives
- Leverage Federal Reserve System budget development and forecasting automated systems in an effort to more effectively and efficiently allocate financial resources.
- Provide additional analytical tools to assist divisions in monitoring budgetary expenditures.
- Continue to enhance capital expense management through additional automated controls and enhance reporting capabilities.
Objective 6.2: Achieve budgetary savings and expense growth in line with Board-approved targets.
In this Section:
Budgetary discipline is necessary to manage the expense growth required by the strategic framework. Enhanced cost-management strategies that help offset the strategic initiatives will contribute toward maintaining expense growth in line with approved targets.
Projects and Initiatives
- Identify areas to reduce or eliminate within the Board's overall budget and reallocate these resources to higher-priority initiatives.
- Use the functionality of the new forecasting tool to drive budgetary decisions and hold growth in line with targets.
