Bureau of Engraving and Printing 

Program Summary by Budget Activity 

Dollars in Thousands 

 FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023 

Budget Activity Actual Revised 

Estimate Estimate $ Change % Change 

Manufacturing $1,214,856 $1,069,911 $1,142,803 $72,892 6.81% 

DC Replacement Facility 33,875 11,769 897,048 $885,279 7522.13% 

Total Cost of Operations $1,248,731 $1,081,680 $2,039,851 $958,171 88.58% 

Full-time Equivalents (FTE) 1,832 1,863 1,863 0 0.00% 

Summary 

The mission of the Bureau of Engraving and Printing (BEP) is to develop and produce United 

States currency notes trusted worldwide. BEP supports Treasury’s Strategic Goal 2: Enhance 

National Security, Goal 3: Financial Systems Vulnerabilities, Goal 4: Combat Climate Change, 

and Goal 5: Modernize Treasury Operations. 

BEP’s FY 2023 President’s Budget request funds the following projects: 

1. Washington, DC Replacement Facility: In FY 2019, BEP received legislative authority to 

acquire land and fund construction of a more efficient production facility to replace BEP’s 

current aging Washington, D.C. facility. Additionally, a provision in the Agriculture 

Improvement Act of 2018 (P.L. 115-334) authorized the transfer of a U.S. Department of 

Agriculture (USDA) land parcel in Beltsville, Maryland to the Department of the Treasury to be 

the site for BEP’s replacement production facility. The property transfer Memorandum of 

Agreement between USDA and Treasury was finalized in early 2020. The formal transfer of 

administrative control from USDA to Treasury is expected to occur in 2022. The FY 2023 

current estimate includes $12M in base funding and $885M in increase funding for a total of 

$897M for the next phase of the replacement facility project which was originally planned for 

FY 2022. In 2021, BEP began early site development construction activities estimated at $33 

million to include the removal of hazardous building materials, demolition of twenty-two former 

agriculture research buildings and minor utility system relocations to support the BEP 

development. BEP’s final environmental impact statement was issued in FY 2021. A 

replacement facility will save an estimated $579 million over 10 years, as compared to the cost 

of the renovation of the existing facility. In addition, BEP will reduce its annual operating costs 

by at least $38 million through production, material handling, and other operational/support 

efficiencies. 

2. Western Currency Facility Expansion: BEP began expanding the Western Currency 

Facility (WCF) in FY 2018 to house and support the new equipment required for the next 

generation of currency design. Producing the next family of updated notes requires that BEP 

purchase and install new production equipment to support the new designs. The expansion will 

provide the space and infrastructure necessary to successfully meet the production requirements 

of the next family of U.S. currency banknotes that focus on the integration of strong, new 

security features. The expansion work continued though FY 2022. BEP anticipates additional 

costs related to contract overhead and material price escalation in FY 2023. The project 
completion date has been extended to FY 2023 mainly due to unforeseen site conditions, 

electrical issues, and weather delays. 

3. Banknote Design and Development: In FY 2023, BEP will continue to work on this multiyear project with the Federal Government’s Advanced Counterfeit Deterrent (ACD) Steering 

Committee to develop improved security features for the next family of updated notes. The 

ACD Committee is an inter-agency group established to monitor and explore existing 

and emerging technologies to deter counterfeiting and a raised tactile feature to provide 

meaningful access to blind and visually impaired individuals. The committee includes 

representatives from BEP, the Department of the Treasury, the U.S. Secret Service, and the FRB. 

The updated notes will focus on innovative banknote security and anti-counterfeit technology 

that will enhance and ensure the security and integrity of U.S. currency. While many factors are 

taken into consideration when updating currency, the primary purpose for updating notes is to 

improve the security of U.S. banknotes and ensure they maintain their position as being trusted 

worldwide. The current note release sequence is as follows: $10, $50, $20, $5, $100. 

4. Retooling: BEP is conducting a multi-year effort to retool its manufacturing processes with 

state-of-the-art intaglio printing presses, electronic inspection systems, and finishing equipment. 

To ensure that BEP will meet the annual currency order, the FRB and BEP developed short, 

medium, and long-term strategic equipment replacement plans for the U.S. Currency Program. 

Successful implementation of advanced technology improves productivity, reduces 

environmental impact and enhances counterfeit deterrence of U.S. currency notes. In 

FYs 2022 and 2023, the major retooling initiatives include: 

 Upgrade and complete automation of the $100 finishing line to integrate Single Note 

Inspection (SNI) technology. 

 Replacement of obsolete electrical and mechanical parts on existing presses and upgrade to 

the inspection system. 

 The LEPE Inspection and Electrical Upgrades for improvements and increased capabilities to 

the existing system in operation. 

 

5. Human Capital/Talent Management: The BEP will continue with its FY 2022 strategic 

initiatives into FY 2023 by updating the hiring and recruiting plan to ensure the bureau 

accomplishes talent management initiatives, while filling personnel gaps in needed mission 

critical occupations. Throughout FY 2021, the BEP continued to fill gaps in both STEM and 

cybersecurity positions by utilizing a variety of hiring authorities and participating in four virtual 

fairs that specifically targeted STEM positions in the federal government. Additionally, the BEP 

attended 12 virtual and two in-person recruitment events in the Washington, D.C. and Dallas/Ft. 

Worth locations to attract potential candidates in targeted demographic and underrepresented 

areas. STEM positions will continue to be highlighted in FY 2022 by the remaining targeted 

fields/occupations in our annual Recruitment, Hiring, and Outreach Plan and by our continued 

participation in upcoming recruitment events/career fairs that highlight our STEM and mission 

critical occupations. In FY 2021 the BEP hired 33 new hires in the STEM field; and in the first 

quarter of FY 2022, three STEM positions have been filled. In addition, BEP hired 25 

employees in identified mission critical occupations. 
Budget Highlights 

Dollars in Thousands 

 FTE Materials Operating & 

Capital Total 

FY 2022 Original Estimate 1,863 $374,278 $1,569,975 $1,944,253 

Program Changes 

Program Decreases: 0 (42,413) (886,494) (928,907) 

Currency Program 0 (42,413) 0 (42,413) 

Decrease in Travel 0 0 (1,215) (1,215) 

Washington, D.C. Replacement Facility 0 0 (885,279) (885,279) 

Program Increases: 0 0 66,334 66,334 

Additional overtime required to meet YCO 0 0 7,500 7,500 

Service Contracts 0 0 53,584 53,584 

WCF Building Expansion 0 0 5,250 5,250 

Subtotal Program Changes 0 (42,413) (820,160) (862,573) 

FY 2022 Revised Estimate 1,863 $331,865 $749,815 $1,081,680 

Changes to Base 

Maintaining Current Levels (MCLs) 0 0 19,110 19,110 

Pay Annualization (2.7% average pay raise) 0 0 2,002 2,002 

Pay-Raise (4.6% average pay raise) 0 0 9,620 9,620 

Non-Pay (2.0%) 0 0 7,488 7,488 

Subtotal Changes to Base 0 0 19,110 19,110 

FY 2023 Current Services 1,863 $331,865 $768,925 $1,110,790 

Program Changes 

Program Decreases: 0 0 (17,469) (17,469) 

Manufacturing Support 0 0 (12,769) (12,769) 

WCF Building Expansion 0 0 (4,700) (4,700) 

Program Increases: 0 43,261 913,269 956,530 

Currency Program 0 43,261 0 43,261 

Retooling 0 0 19,750 19,750 

Washington D.C. Replacement Facility 0 0 885,279 885,279 

Facilities Support 0 0 825 825 

Information Systems 0 0 3,300 3,300 

Security and Accountability 0 0 4,115 4,115 

Subtotal Program Changes 0 43,261 895,800 939,061 

FY 2023 Estimated 1,863 $375,126 $1,664,724 $2,039,851 

Budget Adjustments 

Program Decreases .................................................................................-$928,907,000 / -0 FTE 

Currency Program -$42,413,000 / -0 FTE 

The yearly currency order (YCO) is 7.2B notes in FY 2022. 

Travel Decrease -$1,215,000 / -0 FTE 

The decrease is due to COVID travel restrictions. 

Washington, DC Replacement Facility -885,279,000 / -0 FTE 

The obligation for the next phase of DC Replacement Facility project is delayed to FY 2023. 

 
Program Increases .................................................................................+ $66,334,000 / +0 FTE 

Additional Overtime +$7,500,000 / +0 FTE 

The overtime in FY 2021 was trending at a higher rate due to COVID. BEP anticipates the 

higher overtime rate to continue into FY 2022. 

Service Contracts +53,584,000 / +0 FTE 

Large service contracts awarded in FY 2021 include asbestos abatement service, repairing annex 

building exterior façade, banknote design and development and cybersecurity. 

WCF Expansion +5,250,000 / +0 FTE 

The increase is due to equitable adjustments and claims. 

Maintaining Current Levels (MCLs) ......................................................+$19,110,000 / +0 FTE 

Pay Annualization (2.7%) +$2,002,000 / +0 FTE 

Funds are required for annualization of the January 2022 2.7% average pay raise. 

Pay Raise (4.6% in FY 2023) +$9,620,000 / +0 FTE 

Funds are required for a 4.6% average pay raise in January 2023. 

Non-Pay +$7,488,000 / +0 FTE 

Funds are required for non-labor expenses such as travel, contracts, rent, supplies, 

and equipment. 

Program Decreases ..................................................................................-$17,469,000 / -0 FTE 

Manufacturing Support -$12,769,000 / -0 FTE 

This reflects decrease of planned obligation for Manufacturing Support. 

WCF Building Expansion -$4,700,000 / -0 FTE 

This reflects decrease of anticipated obligation from $13M in FY 2022 to $8.3M in FY 2023 

Program Increases .................................................................................+$956,530,000 / +0 FTE 

Currency Program Increase +$43,261,000 / +0 FTE 

This reflects currency order commitment increase from 7.2B to 7.6B notes. 

Retooling +19,750,000 / +0 FTE 

This increase is for planned obligation for new equipment for the Washington, DC Replacement 

Facility and WCF. 

Washington, DC Replacement Facility +885,279,000 / +0 FTE 

This increase is for obligations originally planned in FY 2022. 

Facilities Support +$825,000 / +0 FTE 

This increase is for planned obligations for facilities support. 

Information Systems +$3,300,000, + 0 FTE 

This increase is for planned obligations for IT hardware and software upgrades. 
Security and Accountability +$4,115,000, +0 FTE 

This increase is for planned obligations for new traceability project and security equipment. 

Legislative Proposals 

BEP has no legislative proposals. 

Performance Highlights FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

Budget Activity Performance Measure Actual Actual Actual Target Target 

Manufacturing Currency Notes Delivered Returned Due to 

Defects (Parts per Million) .009 .02 .0016 <1ppm <1ppm 

Manufacturing FEVS Satisfaction1 74 74 NR >65% >65% 

Manufacturing Lost Time Accident Rate per 100 Employees 2 1.48 1.01 1.59 < 1.8 < 1.8 

Manufacturing Manufacturing Costs for Currency (Dollar 

Costs Per Thousand Notes Produced) $50.33 $56.193 $64.33 $63.07 $65.00 

Key: B – Baseline; NR – Not Received 

1 FEVS Satisfaction scores are keyed to the year of survey, not the year results are received. 

2 Lost Time Accident Rates are adjusted following adjudication of accident reports received during each fiscal year. 

3 Target Manufacturing Cost in FY 2020 was increased from $55.73 to $59.65 in Jun 2020 in response to an increase in FY 2020 

order due to pandemic demand. 

Description of Performance 

The BEP has one budget activity: Manufacturing. This budget activity supports all of BEP’s 

strategic goals. 

Currency Notes Returned Due to Defects (in parts per million or ppm) is an indicator of BEP’s 

ability to provide a quality product. The target for this performance metric is <1 ppm. BEP was 

able to exceed the established target in FY 2021, with an actual result of 0.0016 ppm notes 

returned due to a defect. BEP’s target for this performance metric will be held constant at <1 

ppm for FY 2022 and FY 2023. 

The Federal Employees Viewpoint Survey (FEVS) allows employees to share their opinion on 

what matters most to them. Based on the results of the survey, BEP can target areas for 

improvement or additional employee engagement. The measure uses the Department’s standard 

FEVS Satisfaction Index with a target of 65 percent or greater. In FY 2022 and 2023, BEP will 

continue to strive for improvements in overall employee satisfaction. 

The Lost Time Accident Rate per 100 employees measures the BEP’s ability to reduce injuries 

in the workplace. BEP’s FY 2021 Lost Time Accident rate was at 1.59 cases per 100 employees, 

lower than the target of 1.80 cases per 100 employees. This performance resulted from increased 

focus on following safe work practices and avoiding hazards. For FY 2022, BEP remains 

committed to maintaining and improving the safety of its employees. BEP will continue to 

perform analysis to determine the root causes of any injury and to identify best practices in 

safety. The 1.80 case rate represents approximately one injury per facility per month. BEP’s 

target will be held at 1.80 cases per 100 employees for FY 2022 and FY 2023. 
Manufacturing Cost for Currency (dollar cost per 1,000 notes produced) is an indicator of 

manufacturing efficiency and effectiveness of program management. The measure is based on 

contracted price factors, productivity improvements, and the mix and timing of denominations 

ordered. This indicator is strongly affected by the portion of the order devoted to high-value 

notes, which are more expensive to produce. Actual performance against standard costs depends 

on BEP’s ability to meet spoilage, efficiency, and capacity utilization goals. The final FY 2021 

cost was $61.81 per 1,000 notes produced. BEP’s target for this performance metric is $63.07 in 

FY 2022. The notional target for FY 2023 is set at $65.00 per 1,000 notes produced. This target 

will be refined once the FY 2023 currency order is received. 

The FY 2021 order met its target of delivering 100 percent of the currency notes ordered, with 

BEP delivering 7.0B notes. Recent currency orders now include a minimum quantity of notes by 

denomination, as well as a maximum. In FY 2022, the minimum quantity requested is 6.876B 

notes.