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Corporate Budgeting
The FDIC has restructured its
budget for 2003 to include separate
Operating and Investment Budgets.
The Operating Budget includes
funding for both ongoing operations
of the Corporation and receivership
operations. The new Investment
Budget approved by the Board of
Directors is a composite of individual
budgets for major investment projects.
The Board approved a 2003
Corporate Operating Budget of
$1,070.5 million and a multi-year
Investment Budget of $70.4 million.
Total estimated spending for 2003
will be approximately $1.1 billion,
seven percent lower than 2002
spending. Almost two-thirds of
projected 2003 spending will fund
personnel and related costs.
Capital Investment Review
Committee
During 2002, the FDIC began managing
its capital investments from
a new vantage point. The FDIC
created a Capital Investment Review
Committee (CIRC), dedicated to
reviewing and overseeing all major
information technology (IT) and
non-IT investment initiatives with
estimated capital outlays of more
than $3 million, as well as certain
other projects that cost less but are
considered mission-critical to the
FDIC.
The purpose of the CIRC is to
implement a systematic management
review process that supports budgeting
for the FDIC’s capital investments
and ensures the regular
monitoring and proper management
of these investments, once funded.
The CIRC is responsible for reviewing
the major capital investment initiatives
funded in the new Investment Budget
as well as significant enhancements
and maintenance costs associated
with the FDIC’s current initiatives.
The investments reviewed by
the CIRC include major computer
purchases, software application
developments, and office buildings.
The CIRC determines whether
the business case supporting the
proposed investment is sound, well-justified
and appropriate for funding
consideration by the FDIC’s Board
of Directors. The CIRC will also
continue to monitor and report on
the status of approved investment
projects to the Board of Directors.
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