1. Based on the recommendation of the Finance and Operational Performance Committee (the "FOPC"), the Board approves the following:
a. Corporate Work Plan and Budget Narrative 2016, as set forth in GF/B34/13; and
b. 2016 Operating Expenses Budget up to the amount of USD 305.0 million, as set forth in GF/B34/14 (the "2016 OPEX Budget"), which includes USD 16.3 million for the Office of the Inspector General's 2016 operating expenses based on the recommendation of the Audit and Ethics Committee
2. The Board requests the Secretariat to include in its periodic reporting to the FOPC on budget matters:
a. The foreign-exchange impact on the 2016 OPEX Budget, as requested by the Board in 2010 (GF/B22/DP18), tracked against budget rate;
b. Budgetary variations by type of expenses; and
c. Progress updates on the priority projects and activities outlined in the 2016 OPEX Budget.
3. The Board notes operating expenses over the 2014 - 2016 period, including the 2016 OPEX Budget, remain within the USD 900 million reserved for operating expenses at the time the Board approved the resources available for allocation over the 2014 - 2016 period