10. Income and Expenses of the Federal Reserve Banks, by Bank, 2007 Thousands of dollars Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Current Income Loans 71,345 275 54,696 142 940 3,505 137 2,514 2,596 1,515 954 2,199 1,873 U.S. Treasury securities 40,297,924 1,868,185 14,791,753 1,765,843 1,668,195 3,435,771 3,617,951 3,457,351 1,280,394 805,010 1,263,466 1,773,992 4,570,014 Foreign currencies 574,525 14,775 141,114 65,450 40,965 153,751 47,228 32,571 6,233 10,360 6,678 7,849 47,550 Priced services 878,405 0 65,475 0 0 0 753,440 59,491 0 0 0 0 0 Compensation received for services provided 1 634,819 46,972 29,040 38,486 79,931 55,800 459 81,786 26,252 78,665 81,241 47,010 69,178 Other 119,007 2,967 72,331 2,663 2,893 11,376 5,448 5,299 1,881 1,215 1,847 2,409 8,678 Total 42,576,025 1,933,174 15,154,409 1,872,583 1,792,924 3,660,202 4,424,663 3,639,012 1,317,356 896,765 1,354,187 1,833,458 4,697,294 Current Expenses Salaries and other personnel expenses 1,499,112 82,288 302,889 70,493 93,093 212,395 135,008 114,948 77,558 79,344 96,941 83,391 150,765 Retirement and other benefits 505,516 22,023 92,280 25,444 34,555 76,590 46,823 46,292 27,363 25,979 27,660 33,613 46,892 Net periodic pension expense 2 109,849 1,271 103,149 173 243 774 740 439 449 565 664 164 1,220 Fees 132,372 4,009 13,120 2,047 5,913 62,831 11,761 10,174 7,719 2,631 7,011 1,565 3,592 Travel 71,187 3,337 9,947 2,469 4,648 10,765 7,420 7,452 3,910 3,147 5,242 3,737 9,113 Software expenses 141,444 2,885 20,876 8,460 21,457 55,807 2,467 4,866 5,256 3,878 4,535 5,300 5,656 Postage and other shipping costs 81,675 1,517 2,475 2,302 6,214 3,421 45,885 3,819 2,203 2,480 1,939 4,252 5,168 Communications 43,320 788 3,392 521 869 26,566 1,786 1,429 1,277 1,883 1,277 1,791 1,743 Materials and supplies 70,668 5,065 9,140 5,321 6,733 8,125 7,942 5,726 3,059 3,902 4,516 5,304 5,834 Building expenses Taxes on real estate 32,610 4,976 4,765 1,567 1,954 2,408 3,293 2,231 637 3,186 201 3,914 3,479 Property depreciation 92,998 6,737 16,209 4,066 8,767 8,990 9,419 11,380 5,247 4,702 982 8,975 7,523 Utilities 39,285 4,300 7,833 2,739 2,771 3,740 4,063 2,294 1,634 1,976 677 4,027 3,232 Rent 49,166 3,183 14,929 326 187 16,146 566 5,933 1,738 253 4,518 199 1,188 Other 39,883 1,663 6,822 2,205 3,625 3,728 3,975 5,724 1,481 1,731 399 4,945 3,585 Equipment Purchases 28,060 3,142 3,972 1,155 1,372 4,709 2,471 1,780 1,071 1,460 2,704 1,579 2,644 Rentals 3,592 281 1,434 412 162 249 417 295 143 18 28 88 65 Depreciation 117,996 6,444 10,459 6,066 7,887 37,635 8,597 9,714 5,318 4,603 6,358 5,326 9,590 Repairs and maintenance 78,276 4,394 7,491 4,694 6,390 16,668 9,556 6,544 2,770 2,798 3,470 5,367 8,134 Earnings credit costs 240,354 12,415 65,453 9,140 15,618 53,827 15,051 22,197 4,612 4,138 6,913 5,616 25,374 Compensation paid for service costs incurred1 634,819 0 28,955 0 0 0 596,523 9,341 0 0 0 0 0 Other 81,956 21,453 71,392 11,746 15,994 -282,072 25,921 56,591 79,734 19,214 16,823 30,145 15,016 Recoveries -104,730 -15,658 -13,831 -3,569 -3,755 -28,656 -8,174 -8,038 -2,313 -993 -4,473 -9,366 -5,905 Expenses capitalized 3 -20,873 -1,615 -9,547 -339 -516 -2,610 -640 -345 -1,158 -611 -863 -488 -2,141 Total 3,968,537 174,897 773,605 157,437 234,181 292,034 930,868 320,790 229,709 166,285 187,521 199,444 301,765 Reimbursements -458,331 -25,073 -109,437 -30,812 -62,455 -29,720 -12,264 -5,238 -114,707 -29,292 -11,028 -15,021 -13,283 Net expenses 3,510,206 149,824 664,168 126,625 171,726 262,314 918,603 315,551 115,003 136,993 176,493 184,423 288,483 Profit and Loss Current net income 39,065,820 1,783,349 14,490,241 1,745,959 1,621,198 3,397,889 3,506,059 3,323,461 1,202,353 759,772 1,177,694 1,649,035 4,408,811 Additions to (+) and deductions from (-) current net income 4 Profits on foreign exchange transactions 1,885,770 49,346 447,281 242,599 131,895 501,282 162,120 102,302 20,439 33,756 21,153 26,785 146,812 Other additions 580 17 29 91 236 18 40 51 23 17 5 16 37 Total additions 1,886,350 49,363 447,310 242,690 132,131 501,300 162,160 102,354 20,461 33,773 21,158 26,800 146,849 Interest expense on reverse repurchase agreements -1,687,918 -78,664 -615,495 -74,232 -70,285 -144,330 -151,710 -145,835 -53,846 -33,880 -52,984 -74,666 -191,992 Other deductions -9 0 0 0 -8 0 0 0 0 0 0 0 0 Total deductions -1,687,927 -78,664 -615,495 -74,232 -70,293 -144,330 -151,710 -145,835 -53,846 -33,880 -52,984 -74,666 -191,992 Net addition to (+) or deduction from (-) current net income 198,423 -29,301 -168,185 168,458 61,839 356,970 10,450 -43,481 -33,385 -107 -31,825 -47,866 -45,143 Cost of unreimbursed Treasury services 6 0 2 4 0 0 0 0 0 0 0 0 0 Assessments by Board Board expenditures 5 296,125 7,534 74,183 34,464 20,766 77,265 24,941 16,506 3,198 5,485 3,421 4,380 23,982 Cost of currency 576,306 30,970 123,566 32,084 26,174 51,241 78,926 56,393 19,551 14,880 23,518 30,903 88,099 Net income before payment to U.S. Treasury 38,391,806 1,715,543 14,124,306 1,847,864 1,636,096 3,626,352 3,412,643 3,207,080 1,146,219 739,300 1,118,929 1,565,886 4,251,587 Change in funded status of benefit plans 6 324,481 3,596 228,568 4,924 5,345 22,519 5,717 14,711 3,536 10,627 3,547 13,535 7,854 Comprehensive income before payment to U.S. Treasury 38,716,287 1,719,139 14,352,874 1,852,789 1,641,441 3,648,871 3,418,359 3,221,792 1,149,756 749,927 1,122,477 1,579,422 4,259,441 Dividends paid 992,353 34,714 253,678 108,613 65,679 263,167 78,220 52,775 10,398 19,522 11,109 17,019 77,460 Payments to U.S. Treasury (interest on Federal Reserve notes) 34,598,401 1,031,048 13,207,574 1,740,672 1,371,427 2,483,025 3,191,589 3,212,649 1,125,614 651,634 1,093,644 1,410,713 4,078,811 Transferred to/from surplus and change in accumulated other comprehensive income 3,125,533 653,378 891,622 3,504 204,335 902,679 148,551 -43,632 13,743 78,771 17,724 151,689 103,171 Surplus, January 1 15,324,288 396,093 3,727,084 1,809,826 1,086,735 4,093,301 1,276,288 858,091 166,206 275,762 176,344 211,742 1,246,817 Surplus, December 31 18,449,821 1,049,471 4,618,706 1,813,329 1,291,070 4,995,979 1,424,838 814,459 179,950 354,533 194,068 363,431 1,349,988

Note: Components may not sum to totals because of rounding.

1. The Federal Reserve Bank of Atlanta has overall responsibility for managing the Reserve Banks' provision of check and ACH services and recognizes total System revenue for these services. The Federal Reserve Bank of New York has overall responsibility for managing the Reserve Banks' provision of Fedwire funds transfer and securities transfer services and recognizes the total System revenue for these services. The Federal Reserve Bank of Chicago has overall responsibility for managing the Reserve Banks' provision of electronic access services to depository institutions and recognizes the total System revenue for these services. The Federal Reserve Bank of Atlanta, the Federal Reserve Bank of New York, and the Federal Reserve Bank of Chicago compensate the other Reserve Banks for the costs incurred in providing these services.Return to table

2. Reflects the effect of Financial Accounting Standards Board Statement of Financial Accounting Standards No. 87, Employers' Accounting for Pensions (SFAS 87). The System Retirement Plan for employees is recorded on behalf of the System on the books of the Federal Reserve Bank of New York, resulting in an increase in expenses of $97,419 thousand. The expenses related to the Retirement Benefit Equalization Plan and the Supplemental Employee Retirement Plan are recorded by each Federal Reserve Bank.Return to table

3. Includes expenses for labor and materials capitalized and depreciated or amortized as charges to activities in the periods benefited.Return to table

4. Includes reimbursement from the U.S. Treasury for uncut sheets of Federal Reserve notes, gains and losses on the sale of Reserve Bank buildings, counterfeit currency that is not charged back to the depositing institution, and stale Reserve Bank checks that are written off.Return to table

5. For additional details, see the chapter "Board of Governors Financial Statements."Return to table

6. Subsquent to the adoption of SFAS 158 at December 31, 2006, the Reserve Banks recognize the change in funded status of pension and postretirement benefit plans as an element of other comprehensive income.Return to table

