The Board approves the 2011 Operating Expenses Budget in the amount of US$ 324.7 million as set out in Annex 1 to the Report of the Finance and Audit Committee (FAC) to the Twenty-Second Board (GF/B22/6), based on the exchange rate applicable on the date of release of the Report of the FAC.
Following approval of the budget, the Secretariat shall enter into a forward contract with a reputable bank. In the event that the exchange rate determined on the date of signature of the forward contract results in a change in the budget, the Secretariat shall notify the Board of such change. The new amount shall thus be deemed to be the approved Operating Expenses Budget for 2011.
The use of any amount in the US$ 3.0 million contingency within the OIG budget for 2011 is conditional upon the advance approval of the FAC.
The budgetary implications of this decision amount to US$ 324.7 million in 2011, which includes an allocation of seven additional staff positions for the Office of the Inspector General for 2011.