Fiscal Service

Program Summary by Budget Activity

(Dollars in thousands)

Appropriation FY 2011 FY 2012 FY 2013 FY 2012 TO FY 2013

 Enacted Enacted Request $ Change % Change

Collections $22,624 $21,166 $20,387 ($779) -3.68%

GOVerify Business Center $0 $10,000 $5,000 ($5,000) -50.00%

Government Agency Investment Services $16,045 $15,419 $13,672 ($1,747) -11.33%

Government-wide Accounting and Reporting $68,804 $64,374 $62,002 ($2,372) -3.68%

Payments $141,358 $132,265 $128,040 ($4,225) -3.19%

Retail Securities Services $135,337 $116,260 $101,686 ($14,574) -12.54%

Summary Debt Accounting $9,195 $8,836 $8,254 ($582) -6.59%

Wholesale Securities Services $24,058 $23,120 $21,490 ($1,630) -7.05%

Subtotal, Fiscal Service $417,421 $391,440 $360,531 ($30,909) -7.90%

Reimbursables - Offsetting Collections $239,017 $255,730 $247,551 ($8,179) -3.20%

Unobligated Balances from PY $4,000 $4,000 $2,000 ($2,000) -50.00%

Total Program Operating Level $660,438 $651,170 $610,082 ($41,088) -6.31%

Direct FTE 2,384 2,077 1,954 (123) -5.92%

Reimbursable/Fee FTE 460 561 619 58 10.34%

Total FTE 2,844 2,638 2,573 (65) -2.46%

* In FY 2011 and FY 2012 FMS and BPD resources were managed separately. FMS direct programs include: 

Collections, Payments, and Government-wide Accounting and Reporting. BPD programs include: GOVerify 

Business Center, Government Agency Investment Services, Retail Securities Services, Summary Debt Accounting, 

and Wholesale Securities Services.

* Total Appropriated Resources in FY 2011, 2012, and 2013 include $10 million, $8 million, and $1 million in 

projected Legacy Treasury Direct User Fee collections, respectively. 

* A portion of the Reimbursable/Fee FTE is funded by fee revenue as authorized by the Debt Collection 

Improvement Act (DCIA) of 1996.

Summary

The mission of the Fiscal Service is to provide 

guidance to improve financial management 

across the Federal Government and improve 

the efficiency of Government financial 

management by providing central payment 

services to Federal Program Agencies (FPAs), 

operating the Federal Government’s 

collections and deposit systems, delivering 

Government-wide accounting and reporting 

services, managing the collection of delinquent 

debt owed to the Government, borrowing the 

money needed to operate the Federal

Government and accounting for the resulting 

debt, and providing reimbursable support 

services to Federal agencies.

The FY 2013 budget request for the Fiscal 

Service reflects a consolidation of the Bureau 

of the Public Debt (BPD) and the Financial 

Management Service (FMS), the operational 

arms of Treasury’s Fiscal Service. This 

consolidation is consistent with Governmentwide initiatives to improve the delivery of 

public service, reduce the footprint of the 

Federal Government, and manage 

administrative and information technology 

(IT) costs. Beyond the financial and 
operational benefits, the effort enables the 

Department of the Treasury to better address 

the financial management needs of the Federal

Government. This consolidation will position 

the Treasury to create more innovative 

strategies, streamline its core financial 

management processes, and realize 

administrative efficiencies while retaining 

existing core Federal financial management 

responsibilities.

The Fiscal Service will implement the 

consolidation while maintaining a high degree 

of operational excellence. The Fiscal Service 

will take advantage of economies of scale, 

eliminate overlap and duplication, and reduce 

administrative overhead and support services 

cost. Starting in FY 2013, the operational 

activities of the Fiscal Service will begin 

operating under a combined budget structure, 

assessing opportunities to reduce staff and 

position the organization for the change. An 

implementation plan for the consolidation of 

these administrative and support functions will 

be finalized by the end of FY 2012. 

Implementation is expected to be completed in 

FY 2014. The consolidation will not directly 

affect the Office of the Fiscal Assistant 

Secretary, which will continue to be funded 

through the Treasury Departmental Offices 

Salaries and Expenses appropriation.

In addition to implementing the consolidation 

of BPD and FMS, in FY 2013 the Fiscal 

Service’s priorities are to: 

• Increase the number of electronic 

transactions;

• Reduce improper payments; 

• Improve the effectiveness of debt 

collection activities; and 

• Streamline Government-wide accounting

and reporting. 

The consolidated Fiscal Service FY 2013 

budget represents an almost eight percent 

reduction from FY 2012 levels. The Fiscal 

Service demonstrates a commitment to 

providing continued quality service to 

customers and through its varied programs, 

touches almost every American and every 

Federal agency.

Fiscal Service FY 2013 Budget Highlights

(Dollars in thousands)

* FY 2012 Enacted combines FMS and BPD 

appropriated resources.

FY 2013 Budget Adjustments

FY 2012 Enacted

The FY 2012 enacted direct appropriation is 

$391,440,000. 

Maintaining Current Levels (MCLs) 

Maintaining Current Levels +$3,539,000 

/ +0 FTE 

Funds are requested for inflation adjustments 

(1.7 percent) in non-labor expenses such as 

GSA rent adjustments, postage, supplies and 

Fiscal Service FTE Amount

FY 2012 Enacted 2,077 $391,440 

Changes to Base:

Maintaining Current Levels (MCLs): - $3,539 

Maintaining Current Levels - $3,539 

Non-Recurring Costs - ($5,582)

GOVerify Business Center Non-Recurring 

Cost

- ($5,000)

Government Agency Investment Services 

Non-Recurring Cost

- ($582)

Efficiencies, Savings: (83) ($20,110)

Program Efficiencies (83) ($8,321)

Paperless Treasury - ($875)

Support Services Efficiencies - ($3,000)

Data Center Consolidation/

Fiscal IT

- ($7,914)

Subtotal FY 2012 Changes to Base (83) ($22,153)

Total FY 2013 Base 1,994 $369,287 

Program Changes:

Program Decreases: (40) ($10,296)

Eliminate Paying Agent Fees - ($4,985)

Eliminate New Issues of Paper Payroll 

Savings Bonds

(6) ($673)

Eliminate Paper Savings Bonds Sold 

OTC at Financial Institutions

(4) ($647)

Administrative Services Reduction (30) ($3,991)

Program Increases: - $1,540 

Payment Management Reorganization - $1,540 

Total FY 2013 Request 1,954 $360,531 

Legacy TreasuryDirect User Fees - ($1,000)

Total FY 2013 Request (Net) 1,954 $359,531 
equipment and health benefits and the increase 

in Federal Employees Retirement System 

participation. Funds are also requested for the 

proposed 2013 pay raise (0.5 percent).

Non-Recurring Costs

GOVerify Business Center Non-Recurring 

Cost -$5,000,000 / +0 FTE 

The request reflects a non-recurring cost 

savings of $5,000,000 for the GOVerify 

Business Center.

Government Agency Investment Services NonRecurring Cost -$582,000 / +0 FTE 

As part of modernizing its Government 

Agency Investment Services (GAIS) Program, 

the Fiscal Service made the decision to 

consolidate its GAIS system components into 

a single, integrated control environment by 

FY 2012. Savings will be realized in FY 2013 

due to decreased technical development 

efforts.

Efficiency Savings 

Program Efficiencies -$8,321,000 / -83 FTE 

Savings realized from reductions in funded 

positions across all the Fiscal Service 

operational programs.

Paperless Treasury -$875,000 / +0 FTE 

In FY 2013, the Paperless Treasury initiative 

will save the Government money through 

consumable savings. In FY 2014 the Fiscal 

Service anticipates decommissioning another 

payment center, which will provide additional 

savings and rationalize capacity.

Support Services Efficiencies -$3,000,000 

/+0 FTE 

Savings realized from reductions in 

administrative and IT support services.

Data Center Consolidation/Fiscal IT 

-$7,914,000 / +0 FTE 

The Fiscal Service will consolidate five data 

centers to two which will begin to produce 

savings due to reductions in energy 

consumption, equipment, maintenance, 

software, licensing, lease and utilities costs, 

and professional services contracting costs. 

Program Decreases 

Eliminate Paying Agent Fees -$4,985,000 

/ +0 FTE

Six months of savings from eliminating fees 

paid to agents who redeem paper savings 

bonds.

Eliminate New Issues of Paper Payroll 

Savings Bonds -$673,000 / -6 FTE 

Savings of paying agent fees from a reduction 

of paper payroll savings bond redemptions and 

FTE savings from a decline in customer 

service transactions since new issues of paper 

payroll bonds were eliminated.

Eliminate Paper Savings Bonds Sold OTC at 

Financial Institutions -$647,000 / -4 FTE 

Savings of paying agent fees from a reduction 

of paper over-the-counter savings bond 

redemptions and FTE savings from a decline 

in customer service transactions since new 

issues of over-the-counter paper savings bonds

were eliminated.

Administrative Services Reduction -$3,991,000 

/ -30 FTE 

The Fiscal Service will continue efforts started 

in prior fiscal years to reduce administrative 

services and administrative support positions.

Program Increases

Payment Management Reorganization 

+$1,540,000 / +0 FTE 

The Fiscal Service’s regional financial centers 

were historically placed throughout the U.S. to 

be in proximity to its customer base, banking 

facilities, population distribution, and check 

distribution capability of the U.S. Postal 

Service. The growth in electronic payments 

combined with the Paperless Treasury 

initiative has diminished the need for these 

criteria. As a result, the Fiscal Service will 
begin decommissioning a payment center in 

FY 2013, with complete closure by FY 2014.

The proposed funding redirect will enable the 

Fiscal Service to cover employee separation 

expenses and residual costs associated with a 

center closure. Once completed, the closure 

will result in significant savings to the 

taxpayer.

Adjustment to Request User Fee

Legacy Treasury Direct User Fees 

-$1,000,000 / +0 FTE 

Legacy Treasury Direct account holders with 

balances over $100,000 (par value) are 

charged an annual account maintenance fee of 

$100. The Fiscal Service will end the sale of 

securities in Legacy Treasury Direct no later 

than November 2012. Since the number of 

securities in the system will decline as they 

mature, the Fiscal Service projects only 

$1,000,000 in user fee collections for 

FY 2013. 

Explanation of Budget Activities

Salaries and Expenses

Collections ($20,387,000 from direct 

appropriations, and $176,000 from 

reimbursable programs):

The Fiscal Service collects revenues needed to 

operate the Federal Government through the 

management of the Federal Government’s 

collections infrastructure. The Collections 

Program supports the Fiscal Service’s strategic 

goal to provide timely, accurate, and efficient 

collection of Federal Government receipts. 

The Fiscal Service manages the collection of 

Federal revenues such as individual and 

corporate income tax deposits, customs duties, 

loan repayments, fines, and proceeds from 

leases. In addition, the Fiscal Service 

establishes and implements collection policies, 

regulations, standards, and procedures for the 

Federal Government.

GOVerify Business Center ($5,000,000 from 

direct appropriations):

Following the June 2010 Presidential 

Memorandum on Enhancing Payment 

Accuracy Through a “Do Not Pay List,” the 

GOVerify Business Center was established to 

help all departments and agencies meet the 

President’s directive to establish a single-entry

point to determine eligibility information prior 

to making an award or payment.

Government Agency Investment Services

($13,672,000 from direct appropriations, and 

$2,076,000 from reimbursable programs):

The Government Agency Investment Services 

(GAIS) program works to effectively finance 

Government operations by offering specialized 

investments for Government entities at the 

Federal, state and local levels, as well as 

borrowings by Federal agencies. This 

program consists of three distinct components: 

Federal Investments, Special Purpose 

Securities and Federal Borrowings.

The Federal Investments component includes 

issuing, servicing and redeeming Government 

Account Series securities for Federal agencies 

that have specific statutory authority to invest, 

such as the Social Security and Medicare 

Funds, as well as the Unemployment and 

Highway Trust Funds. Special Purpose 

Securities are issued to offer a flexible 

investment alternative for state and local 

governments to refinance their outstanding, 

tax-exempt debt. Federal Borrowings account 

for and report on loans made by other Federal

agencies such as education, housing, farming 

and small business support. 

Government-wide Accounting and Reporting 

($62,002,000 from direct appropriations, and 

$3,288,000 from reimbursable programs):

The Government-wide Accounting and 

Reporting (GWA) Program supports the Fiscal 

Service’s strategic goal to produce timely and 

accurate financial information that contributes 
to the improved quality of financial decision 

making by operating and overseeing the 

Government’s central accounting and 

reporting system. The GWA Program also 

works with FPAs to adopt uniform accounting 

and reporting standards and systems. It 

provides support, guidance, and training to 

assist FPAs in improving their Governmentwide accounting and reporting responsibilities. 

The Fiscal Service collects, analyzes, and 

publishes Government-wide financial 

information, which is used by the Federal

Government to establish fiscal and debt 

management policies and by the public and 

private sectors to monitor the Government’s 

financial status. Publications include the Daily 

Treasury Statement, the Monthly Treasury 

Statement, the Treasury Bulletin, the 

Combined Statement of the United States 

Government, and the Financial Report of the 

United States Government (FR). 

Payments ($128,040,000 from direct 

appropriations, and $102,401,000 from 

reimbursable programs):

The Fiscal Service is responsible for managing 

and operating Federal payment systems and 

for disbursing approximately 85 percent of all 

Federal payments. It is comprised of a 

headquarters staff and Regional Financial 

Centers. Major payments include: Social 

Security Benefits, Supplemental Security 

Income, Federal Pension Benefits, Veterans’ 

Compensation, Railroad Retirement Pensions, 

and tax refunds. 

Retail Securities Services ($101,686,000 from 

direct appropriations, including $1,000,000 

from Legacy Treasury Direct User Fee 

collections, and $16,841,000 from 

reimbursable programs):

Fiscal Service’s Retail Securities Services 

(RSS) Program works to finance Government

operations by selling marketable and savings 

securities directly to retail investors. The 

program serves more than 50 million retail 

customers. The Fiscal Service continues to 

encourage investors to move their paper 

savings bond holdings to TreasuryDirect, an 

online system that allows investors to buy, 

hold, manage, and redeem electronic Treasury 

securities directly from Treasury, through 

financial literacy programs that target 

customers not yet accustomed to conducting 

financial transactions online.

Summary Debt Accounting ($8,254,000 from 

direct appropriations, and $1,153,000 from 

reimbursable programs):

The Summary Debt Accounting (SDA) 

Program is related to the organization’s 

strategic goal of effectively accounting for the 

debt of the Federal Government. SDA is vital 

to meeting the Fiscal Service's responsibility to 

account for more than $14 trillion of public 

debt and over $400 billion in related interest 

expenses incurred to finance the operations of 

the Federal Government. 

The program produces daily reports on the 

balances and composition of the public debt, 

the Monthly Statement of the Public Debt, and 

the annual, audited Schedules of Federal Debt, 

which reports on the single largest liability in 

the annual FR. SDA has received an 

unqualified opinion on the Schedules of 

Federal Debt for the past 15 years.

Wholesale Securities Services ($21,490,000 

from direct appropriations, and $3,000,000 

from reimbursable programs):

The Wholesale Securities Services (WSS) 

Program supports the Fiscal Service’s strategic 

goal to effectively finance Government

operations. WSS is responsible for the 

announcement, auction, issuance and 

settlement of marketable Treasury bills, notes, 

bonds and Treasury Inflation-Protected 

Securities. The program also oversees that 

portion of the Federal infrastructure that 

provides for the transfer, custody and 
redemption of all Treasury marketable 

securities, which are purchased mostly by 

commercial market participants. 

Legislative Proposals

Allow Offset of Federal Income Tax 

Refunds to Collect Delinquent State Income 

Taxes for Debtors Who Currently Reside in 

Other States

Under current law, Federal tax refunds may be 

offset to collect delinquent state income tax 

obligations only if the delinquent taxpayer 

resides in the state collecting the tax. This 

proposal will allow Treasury to offset Federal

income tax refunds to collect delinquent state 

tax obligations regardless of where the debtor 

resides.

Increase Levy Authority for Payments to 

Medicare Providers with Delinquent Tax 

Debt

The Budget proposes a change to the 

Department of the Treasury's debt collection 

procedures that will increase the amount of 

delinquent taxes collected from Medicare 

providers. Through the Federal Payment Levy 

Program, Treasury deducts (levies) a portion 

of a Government payment to an individual or 

business in order to collect unpaid taxes. 

Pursuant to the Medicare Improvements for 

Patients and Providers Act of 2008, Treasury 

is authorized to continuously levy up to 

15 percent of a payment to a Medicare 

provider in order to collect delinquent tax debt. 

The Budget proposal will allow Treasury to 

levy up to 100 percent of a payment to a 

Medicare provider to collect unpaid taxes.

Clarify Treasury’s Authority to Recover 

Unclaimed Assets of the United States and 

Pay Costs from Amounts Recovered

The Budget proposes to clarify Treasury’s 

authority to recover from states and other 

entities unclaimed assets in the name of the 

United States or in the name of departments, 

agencies, and other subdivisions of the Federal

Government. Many agencies are not 

recovering these assets due to lack of expertise 

and funding. Under current authority, 

Treasury collects delinquent debts owed to the 

United States and retains a portion of 

collections, which is the sole source of funding 

for its debt collection operations. While 

unclaimed Federal assets are generally not 

considered to be delinquent debts, Treasury’s 

debt collection operations personnel have the 

skills and training necessary to cost-efficiently 

recover these assets. This legislation would 

authorize Treasury to use its resources to 

recover assets of the United States, and to pay 

its costs from amounts recovered, rather than 

from direct appropriations.
Fiscal Service Performance by Budget Activity

Budget Activity Performance Measure FY 2009 

Actual

FY 2010 

Actual

FY 2011 

Actual

FY 2012 

Target

FY 2013 

Target

Collections Percentage Collected Electronically 

of Total Dollar Amount of Federal 

Government Receipts (%)

84.0 85.0 96.0 96.0 96.0

Debt Collection Amount of Delinquent Debt 

Collected Through All Available 

Tools ($ billions) 

5.03 5.45 6.17 6.67 7.20

Government 

Agency Investment 

Services

Percent of Respondents Selecting 

the Highest Rating of Customer 

Satisfaction with Government 

Agency Investment Services (%)

N/A 55.0 60.0 57.0 58.0

Government-wide 

Accounting and 

Reporting

Percentage of Government-Wide 

Accounting Reports Issued Timely 

(%)

100.0 100.0 100.0 100.0 100.0

Payments Percentage of Treasury Payments 

and Associated Information Made 

Electronically (%)

81.0 82.0 83.0 85.0 89.0

Retail Securities 

Services

Percentage of Retail Customer 

Service Transactions Completed 

within 5 Business Days (%)

86.0 92.7 73.1 87.0 88.0

Summary Debt 

Accounting

Cost Per Summary Debt Accounting 

Transaction ($)

8.66 11.28 14.80 23.80 23.29

Wholesale 

Securities Services

Percent of Auction Results 

Released in Two Minutes +/- 30 

Seconds (%)

100.0 100.0 100.0 100.0 100.0

Key: DISC - Discontinued and B – Baseline

Description of Performance

Collections: In FY 2011, the Fiscal Service 

collected over $3.06 trillion in Government

receipts of which over $2.04 trillion was 

collected via Electronic Federal Tax Payment 

System. The Fiscal Service collected 96 

percent of collections electronically, exceeding 

its target of 82 percent. This increase is 

attributed to the new regulation that mandates 

all businesses currently required to use a 

Federal Tax Deposit coupon to pay 

electronically. The Fiscal Service expects to 

continue receiving collections through 

electronic methods and anticipates maintaining 

its 96 percent collection rate in FY 2013, by 

continuing to implement the Paperless 

Treasury and the Cash Management 

Modernization initiative.

Debt Collection: In FY 2011, the Fiscal 

Service collected over $6.17 billion in 

Delinquent Debt through All Available Tools, 

exceeding its target of $5.50 billion. The 

amount collected includes $2 million from 

Economic Recovery Payments, $2.31 billion 

in past due child support, $2.74 billion in 

Federal nontax debt, and over $1 billion in 

Federal tax levies and state tax debt offsets. 

The target was exceeded due to several 

improvements which include an increase in 

agency referrals, expansion of the State 

Reciprocal and Unemployment Insurance 

Compensation Programs, the salary offset pilot 

with the Department of Education, and several 

debt collection systems and process 

enhancements. The Fiscal Service goal for 

FY 2012 and FY 2013 is to collect $6.67 

billion and $7.2 billion respectively in 

delinquent debts through the use of expanding 

the administrative wage garnishment 

collection tool and legislative changes such as 

the proposal to allow the Treasury to offset 

Federal income tax refunds to collect 

delinquent state tax obligations regardless of 

where the debtor resides. The Fiscal Service is 

confident it will be able to meet this goal.
GOVerify Business Center: The Fiscal 

Service will work on developing a 

performance measure for the GOVerify 

Business Center once the program is past the 

initial stages of implementation.

Government Agency Investment Services: 

The GAIS Program established a goal of 

providing high quality customer satisfaction, 

transaction processing, and accurate and 

timely payments to investors. To measure 

performance in relation to this goal, the 

organization completed an initial customer 

survey focusing on program and system 

satisfaction, identifying opportunities for 

improvement. A baseline was determined, and 

the program set a goal to incrementally 

increase the percentage of respondents giving 

GAIS the highest level of customer 

satisfaction. During FY 2011, survey results 

showed 60 percent of respondents rating their 

overall satisfaction with GAIS as "Excellent." 

This percentage exceeded the goal of 

56 percent for the year. Using the survey 

responses, the Fiscal Service plans to target 

areas for improvement, thereby progressively 

increasing the percentage of customers rating 

GAIS as "Excellent" in FY 2012. Customer 

responses to the program and system related 

questions will determine cost beneficial 

enhancements made to the system as well as 

procedural updates for the programs.

Government-wide Accounting and 

Reporting: In FY 2011, the Fiscal Service 

continued to achieve its target of 100 percent 

for its measure Percentage of GovernmentWide Accounting Reports Issued Accurately 

and Percentage of Government-Wide 

Accounting Reports Issued Timely. The Fiscal 

Service continued to achieve its target by 

maintaining its established process of 

validating and reconciling data with reporting 

sources such as the Regional Finance Centers, 

FPAs, and various electronic deposit and 

payment applications. The Fiscal Service will 

continue modernization efforts to ensure the 

timeliness of these reports and anticipates it 

will continue to achieve the 100 percent target 

for FY 2013. 

Payments: The Fiscal Service disburses 

payments to a wide variety of recipients, such 

as those who receive Social Security 

Administration payments, Internal Revenue 

Service (IRS) tax refunds, and the Department 

of Veterans Affairs benefits. In FY 2011, the 

Fiscal Service disbursed over $2.4 trillion in 

non-defense payments to more than 

100 million people. Due to the continued 

success of the Go Direct and Direct Express® 

programs and implementation of the Paperless 

Treasury initiative in FY 2011, the Fiscal 

Service issued more than 84 percent of its 

payments via Electronic Funds Transfers,

exceeding its target of 83 percent. The Fiscal 

Service expects to achieve its targets in 

FY 2012 and FY 2013 by expanding electronic 

conversion efforts to additional benefit 

agencies and payment types, such as other 

vendor miscellaneous payments and IRS 

refunds.

Retail Securities Services: The RSS Program 

did not meet its FY 2011 target for the 

measure Percentage of Retail Customer 

Service Transactions Completed within 5 

Business Days. Performance was on target 

through March 2011, when the announcement 

to curtail services in Legacy Treasury Direct 

initiated an influx of customer requests to 

transfer holdings from Legacy Treasury Direct 

to TreasuryDirect. In the last six months of 

the fiscal year, the Fiscal Service processed 

nearly 100 times its typical volume of these 

manually intensive transfer transactions. This 

increased workload caused the Fiscal Service 

to complete only 73.1 percent of time-sensitive 

retail customer service transactions within five 

business days and to miss the target of 87 

percent. In FY 2012, RSS will maintain a 

target of 87 percent. In FY 2013, RSS 
anticipates it will meet its target of 88 percent 

by continually streamlining work processes 

and increasing the volume of electronic 

business transactions. Transactions include 

answering phone and email inquiries, 

processing payments or changes to payment 

instructions, and handling TreasuryDirect 

requests. 

Summary Debt Accounting: The Fiscal 

Service tracks the Cost per Summary Debt 

Accounting Transaction, which includes 

reporting all financial activity related to the 

public debt of the United States. Issues, 

redemptions, and interest payments on the 

public debt must be accounted for to calculate 

the amount of debt outstanding and interest 

paid. In FY 2011, SDA's cost per summary 

debt accounting transaction was $14.80, which 

was below its targeted transaction cost of 

$15.50. 

In order to maintain and improve operational 

efficiency in the future, the Fiscal Service is 

currently modernizing the summary debt 

accounting environment. As a result, the

program projects the cost per summary debt 

accounting transaction to be $23.80 in 

FY 2012 and $23.29 in FY 2013. Beginning 

in FY 2012, the calculation of the cost per item 

is based on a five-year rolling average volume 

to limit the impact of transaction volatility in 

SDA. Prior to FY 2012, each calculation was 

based upon one-year's estimated volumes. The 

FY 2012 projected cost per summary debt 

accounting transaction is increasing over 

FY 2011 as a direct result of the development 

costs to redefine and modernize the SDA 

environment. The FY 2013 projection is 

decreasing due to the reduced level of system 

development costs during the fiscal year, as 

well as the operational efficiencies gained 

through the modernization effort. 

Wholesale Securities Services: The Fiscal 

Service has achieved its target of 100 percent 

for the measure Percent of Auction Results 

Released in Two Minutes +/- 30 Seconds. 

This target has been met since the 

implementation of the latest version of the 

Treasury Automated Auction Processing 

System in April 2008. It is essential that WSS 

releases auction results accurately and 

consistently to support Treasury's goal to 

manage the Government’s finances in a 

fiscally responsible manner by issuing debt in 

a regular and predictable pattern. Ultimately, 

the accurate and timely release of the auction 

results contributes to the preservation of public 

confidence in Treasury securities and the 

stability of the financial market. WSS plans to 

continue to achieve its target by ensuring that 

upgrades to this software keep pace with 

technology changes.