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2002 Annual Report

 
I. Managementís Discussion and Analysis
 

Financial Highlights

 

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 FDICís 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 FDICís 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 FDICís 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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Last Updated 03/31/2003 communications@fdic.gov