GF/B25/DP15
Approved by the Board on: 22 November 2011
2012 Operating Expenses Budget
- The Board approves a budget ceiling for the 2012 Operating Expenses Budget in the amount of US$ 369.9 million, as set out in Attachment 1 to the Report of the Finance and Audit Committee ("FAC") to the Twenty-Fifth Board Meeting (GF/B25/14), based on the exchange rate outlined in Attachment 1 of the Report of the FAC (GF/B25/14) and subject to the Secretariat providing a budget paper to be presented to the Finance and Operational Performance Committee and shared with the Board before the end of the calendar year 2011.
- The Secretariat shall enter into a forward contract with a reputable bank and shall notify the Board of the budget amount at the exchange rate determined on the date of the signature of the forward contract in a paper submitted to the Board. The new amount shall thus be deemed to be the approved Operating Expenses Budget for 2012.
- The use of any amount in the US$ 3.0 million contingency within the OIG budget for 2012 is conditional upon the advance approval of the Finance and Operational Performance Committee on the recommendation of the Audit and Ethics Committee.
Budgetary Implications
The budgetary implications of this decision amount to US$ 369.9 million in 2012, which covers the cost of five additional staff positions for the Office of the Inspector General, one additional staff position for support to the Board leadership for 2012, and the full-year cost of the 25 additional staff positions already approved under GF/B23/EDP/07.