Annual Performance Report 2015
PrintStrategic 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:
2015 Initiatives and Accomplishments
Leverage Federal Reserve System budget development and forecasting automated systems in an effort to more effectively and efficiently allocate financial resources.
- Implemented a new system for the Board's expense budgeting and forecasting tool.
Provide additional analytical tools to assist divisions in monitoring budgetary expenditures.
- Performed an in-depth review of the largest accounts in the support services expenditures.
- Developed a decisionmaking model to evaluate using contracted service verses employing full-time employees.
Continue to enhance capital expense management through additional automated controls and to enhance reporting capabilities.
- Maintained a centralized tracking and reporting process for Boardwide capital and strategic projects, which includes using collaborative meetings among divisions to build consensus and achieve common goals.
Objective 6.2: Achieve budgetary savings and expense growth in line with Board-approved targets.
In this Section:
2015 Initiatives and Accomplishments
Identify areas to reduce or eliminate within the Board's overall budget and reallocate these resources to higher-priority initiatives.
- Implemented a comprehensive tool to forecast expenses Boardwide, which helps identify budget and growth drivers, potential budget reductions, and areas of risk.
Use the functionality of the new forecasting tool to drive budgetary decisions and hold growth in line with targets.
- Used the new forecasting tool to project the multiyear impact of 2015 approved initiatives and provided the Committee on Board Affairs with annual projected spending.
