Consolidated Income and Expenses, FY2008-FY2014 Baseline Scenario
(in millions of U.S. dollars)
|Estimated||MTB Timeframe||Projected 1/|
|FY 08||FY 09||FY 10||FY 11||FY 12||FY 13||FY 14|
|A. Operational income 2/||845||681||706||806||958||1,025||1,034|
|1. Lending income||307||239||140||101||102||104||107|
|2. Investment income 3/||432||320||426||517||610||646||650|
|3. Interest free resources 4/||100||46||64||111||168||194||195|
|4. Reimbursements 5/||6||76||76||76||78||80||82|
|B. Administrative expenses||1,061||989||938||955||977||1,004||1,025|
|1. Net administrative budget||886||868||880||895||917||946||964|
|2. Capital budget items expensed||20||18||16||15||13||12||14|
|3. Depreciation expense||35||38||42||46||47||46||47|
|4. Restructuring expenses 6/||120||65||0||0||0||0||0|
|C. Balance (A-B) 7/||-216||-309||-232||-150||-19||21||9|
|Operational income from new income model 8/||0||71||175||292||418||482||488|
|Profits from gold sales 2/||0||0||2,197||2,197||2,197||0||0|
|U.S. dollar/SDR exchange rate 9/||1.57||1.65||1.65||1.65||1.65||1.65||1.65|
|SDR interest rate 10/||3.73||2.75||3.00||3.25||3.50||3.50||3.50|
|Fund credit (average stock, SDR billions)||7.3||7.2||5.0||5.0||5.1||5.3||5.4|
|Capital expenditures (budget definition)||46||59||52||44||44||44||44|
|Capital-related expenses 11/||55||56||58||61||60||58||61|
Assumes annual growth of 2.5 percent in the net administrative budget, reimbursements, and credit outstanding from FY12 onwards. Estimated expenses for external Annual Meetings of $6 million are included in FY13 ($5.4 million was included in FY10).
Gold sales are assumed to be phased over 3 years beginning in FY10, at an average price of $850 per ounce.
Incorporates the effect of a broader investment mandate from FY10 and a 3 percent pay-out from the endowment.
Incorporates the reduction in remuneration expenses from SCA-1 resources and from retaining proceeds equal to the book value of gold in the GRA, and the increase in remuneration from net income shortfalls.
Reimbursement of the GRA for the administrative expenses of the PRGF-ESF Trust is assumed from FY09.
This profile is broadly consistent with the assumed phasing of staff separations in the Medium-Term Administrative, nRestructuring, and Capital Budgets.
Corresponds to net operational income, with a deduction for restructuring expenses in FY08 and FY09.
Increase in operational income from broadening investments, the endowment funded by profits from gold sales, the remuneration reduction from the book value portion of gold sales, and reimbursement for PRGF-ESF Trust expenses.
The US$/SDR exchange rate is assumed to be unchanged from recent levels.
The SDR interest rate is assumed to rise from current levels in FY09 to 3.5 percent in the medium term, which reflects the historical average level of the SDR interest rate in the past 15 years.
The sum of capital budget items expensed and depreciation expense.