The Federal Reserve Board last week adopted a 1999 budget of $2.16 billion for the 12 reserve banks-a 3.8% increase from this year.

The reserve banks have spent $25 million more this year than budgeted. Much of the overrun has been to cover year-2000-related expenses. Nine banks have exceeded their budgets, led by Atlanta and St. Louis, which have overspent by more than 6% each.

The Fed's 1999 capital budget will nearly double, to $405 million, to pay for construction of new facilities and purchase of updated software. -Compiled by Jaret Seiberg

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