Bureau of Engraving and Printing 

Program Summary by Budget Activity

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: Protect Financial Stability and Resiliency, Goal 4: Combat Climate 

Change, and Goal 5: Modernize Treasury Operations.

BEP’s FY 2024 President’s Budget request funds the following projects:

1. 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. (DC) facility. Additionally, a provision in the Agriculture Improvement Act of 

2018 (P.L. 115-334) authorizes 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 (MOA) 

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

control from USDA to Treasury occurred in 2022. A replacement facility, with an estimated 

total cost of $1.9B, will save an estimated $568 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. The FY 2024 budget estimate reflects the BEP’s continuing commitment to the next 

generation of currency manufacturing and building a state-of-the-art currency manufacturing 

facility. The FY 2024 budget estimate includes $1,244M in obligations for the next phase of the 

replacement facility project. 

2. Yearly Currency Order (YCO) Reduction: The BEP has finalized the FY 2023 YCO with 

the FRB with an initial production plan of 4.9B down from the previous estimate of 7.6B notes 

in the FY 2023 President’s Budget. The FY 2024 budget estimate reflects an YCO of 6.8B notes. 

The reduction in the FY 2023 YCO production is driven by: 1) increased testing requirements as 

we prepare for the eventual release of the next generation of currency notes which is impacting 

the ability to produce a higher level of notes; 2) required maintenance, which was deferred due 

to pandemic, must now be completed; and 3) transitioning additional denominations to 50-

subject sheets to increase capacity and improve efficiency.

Dollars in Thousands

FY 2022 FY 2023 FY 2024

Budget Activity Actual 

Obligations

Revised 

Estimate Estimate $ Change % Change

Manufacturing $1,026,215 $1,052,807 $1,203,054 $150,247 14.3%

DC Replacement Facility $11,769 $25,957 $1,243,699 $1,217,742 4691.4%

Total Program Operating Level $1,037,984 $1,078,764 $2,446,753 $1,367,989 126.8%

Total Full-time Equivalents (FTE) 1,848 1,873 1,888 15 0.8%

FY 2023 to FY 2024
3. Banknote Design and Development: BEP will continue to work with the Federal 

Government’s Advanced Counterfeit Deterrent Steering Committee to develop the next family of 

banknotes to include new and effective security features to deter counterfeiting, and a raised 

tactile feature to provide meaningful access to blind and visually impaired individuals. The 

current note release sequence continues to be as follows: $10, $50, $20, $5, $100.

4. Retooling: BEP continues to conduct 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 BEP will meet the FRB’s annual currency order, 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

FY 2024, the major retooling initiatives include:

• Continuation of the upgrade and complete automation of the $100 finishing line to integrate 

Single Note Inspection technology. 

• Replace obsolete electrical and mechanical parts on existing presses and upgrade the

inspection system.

• Conduct print trial to qualify prospective press vendors for acquisition of presses for the DC 

replacement facility. 

• Make improvements to the existing system in operation to bring them up to the new 

capabilities that are included on the next generation Large Examining and Printing 

Equipment Inspection system. 

5. Human Capital/Talent Management: The FY 2024 budget estimate and revised FY 2023 

budget estimate reflect BEP’s commitment to the next generation of currency manufacturing, 

ensuring successful knowledge transfer and continuity of operations, and building of a state-ofthe-art currency manufacturing facility. Over 50 percent of BEP workforce is eligible for 

retirement in the coming years. The additional 15 FTE will enable BEP to ensure a successful 

knowledge transfer by near-retirement employees and support the development of the next 

generation of currency.
Budget Highlights

Dollars in Thousands

Bureau of Engraving and Printing FTE Amount

FY 2023 President's Budget 1,863 $2,039,851 

Program Changes:

Program Decreases 0 ($1,016,485)

DC Replacement Facility 0 ($871,091)

Currency Program Decrease 0 ($126,321)

Overtime 0 ($19,073)

Program Increases: 10 $55,398

FTE Increase 10 $1,596 

Manufacturing Capital Increase 0 $52,587

Travel Increase 0 $1,215 

FY 2023 Revised Estimate 1,873 $1,078,764

Changes to Base:

Maintaining Current Levels (MCLs): 0 $41,546

Pay Annualization (4.6% average pay raise) 0 $3,725 

Pay Raise (5.2% average pay raise) 0 $11,395

Non-Pay 0 $26,426 

Subtotal Changes to Base 0 $41,546

FY 2024 Current Services 1,873 $1,120,310

Program Changes:

Program Decreases 0 ($20,000)

WCF Expansion 0 ($20,000)

Program Increases: 15 $1,346,443

DC Replacement Facility 0 $1,217,742 

Currency Program Increase 0 $116,196

Overtime 0 $10,000 

FTE Increase 15 $2,505 

FY 2024 Estimate 1,888 $2,446,753

Budget Adjustments

FY 2023 Adjustments

Program Decreases ................................................................................-$1,016,485,000 / -0 FTE 

DC Replacement Facility, -$871,091,000/ -0 FTE

The major obligation for the next phase will shift to FY 2024. 

Currency Production, -$126,321,000/ -0 FTE

The YCO has adjusted from 7.6B notes to 4.9B notes due to deferred maintenance requirements, 

testing, and integrating new equipment.

Overtime, -$19,073,000/ -0 FTE

Overtime requirement due to COVID is no longer needed. In addition, it has been adjusted for 

the revised YCO. 
Program Increases .................................................................................+ $55,398,000 / +10 FTE

FTE Increase, +$1,596,000/ +10 FTE 

To support backfill hires for near-retirement employees to avoid losing critical institutional 

knowledge. Additional resources are also required to support the next generation of notes and to 

comply with Executive Order 14035 on diversity, equity, inclusion, and accessibility. 

Manufacturing Capital Investments, +$52,587,000/ +0 FTE

To support the following capital projects: $30M for currency production/retooling; $6M for 

facilities support; $3.4M for information systems; $6.8M for manufacturing support; and $6.3M 

for security and accountability.

Travel, +$1,215,000/ +0 FTE

To restore travel requirements to pre-pandemic levels as pandemic travel restrictions ease. 

Maintaining Current Levels (MCLs) ......................................................+$41,546,000 / +0 FTE

Pay Annualization (4.6%) +$3,725,000 / +0 FTE

Funds are required for annualization of the January 2023 4.6% average pay raise. 

Pay Raise (5.2% in FY 2024) +$11,395,000 / +0 FTE

Funds are required for a 4.0% average pay raise in January 2024. 

Non-Pay (2.0% in FY 2024) +$26,426,000 / +0 FTE

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

and equipment.

Program Decreases.....................................................................................-$20,000,000 / -0 FTE 

WCF Expansion, -$20,000,000 / -0 FTE

The WCF Expansion is scheduled to be completed in 2023.

Program Increases .............................................................................+$1,346,443,000 / +15 FTE

DC Replacement Facility, +$1,217,742,000 / +0 FTE

Construction for the new DC Replacement Facility will start in FY 2024. This represents the

latest estimate which is under review by the FRB and will be updated if necessary. 

Currency Production, +$116,196,000 / +0 FTE

To reflect the increase of YCO from the FY 2023 level of 4.9B notes to FY 2024 level of 6.8B

notes. 

Overtime, +$10,000,000 / +0 FTE

Additional overtime is needed to meet the estimated YCO increase in FY 2024.

Knowledge Transfer / Additional Skill Set FTE, +$2,505,000 / +15 FTE

Additional funds are required to enable knowledge transfer by backfilling near-retirement 

employees and support the development of the next generation of notes.

Legislative Proposals 

The BEP does not have any legislative proposals.
Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

Manufacturing Currency Notes Delivered Returned 

Due to Defects (parts per million) 0.02 0.0016 16.6 <1ppm <1ppm

Manufacturing FEVS Satisfaction Index1 74 71 NA >65% >65%

Manufacturing Lost Time Accident rate (per 100 

employees)2 1.01 1.59 0.95 < 1.8 < 1.8

Manufacturing Manufacturing Costs for Currency 

(Dollars per Thousand Notes Produced) 56.19 3 61.81 63.96 65.00 TBD

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

($2,446,753,000 from reimbursable sources)

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

strategic goals.

Description of Performance:

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 

normally achieves this target. As many as 203,000 $20 notes were printed and delivered to the 

FRB with mismatched serial numbers. Elimination of these notes may require as many as 

600,000 notes be removed from circulation in the full serial number range. As of October 21, 

2022, 114,000 such notes have been removed and shredded. We expect this removal to take 

several years. As the root cause has been corrected, BEP’s target for this performance metric will 

be held constant at <1 ppm for FY 2023 and FY 2024. 

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 Global Satisfaction Index with a target of 65 percent or greater. In FY 2023 and 2024, 

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 2022 Lost Time Accident rate was at 0.95 cases per 100 employees, 

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

focus on following safe work practices and avoiding hazards. For FY 2023, 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 1.8 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 2023 and FY 2024.

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 2022 

cost was $63.96 per 1,000 notes produced. BEP’s target for this performance metric is $63.07 in 

FY 2023. The notional target for FY 2024 is set at $67.01 per 1,000 notes produced.