Bureau of the Fiscal Service

Program Summary by Budget Activity 

Dollars in Thousands

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating 

Plan

Operating 

Plan Request $ Change % Change

Accounting and Reporting $94,942 $96,956 $104,783 $7,827 8.07%

Collections $45,808 $47,804 $52,276 $4,472 9.35%

Payments $122,833 $133,328 $141,787 $8,459 6.34%

Retail Securities Services $66,957 $68,759 $72,899 $4,140 6.02%

Wholesale Securities Services $25,396 $25,638 $27,518 $1,880 7.33%

Subtotal, Fiscal Service's New Appropriated 

Resources $355,936 $372,485 $399,263 $26,778 7.19%

Offsetting Collections - Reimbursable $206,266 $214,000 $218,322 $4,322 2.02%

Debt Collections Fund $180,670 $204,581 $210,205 $5,624 2.75%

Unobligated Balances Brought Forward $220,497 $205,976 $154,625 -$51,351 -24.93%

Subtotal, Other Resources $607,433 $624,557 $583,152 -$41,405 -6.63%

Total Budgetary Resources $963,369 $997,042 $982,415 -$14,627 -1.47%

Direct FTE 1,854 1,832 1,852 20 1.09%

Reimbursable FTE 11 9 9 0 0.00%

Total Full-time Equivalents (FTE) 1,865 1,841 1,861 20 1.09%

Note: FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals.

Summary 

The FY 2024 request for the Fiscal Service Salaries and Expenses is $399.3 million, an increase 

of $26.8 million above the FY 2023 enacted level. The Budget includes resources to maintain 

current operations for the Government’s National Financial Critical Infrastructure (NFCI) that 

finances Federal programs and services, collects revenue, disburses payments, and reports on the 

Government’s financial position. Because of Fiscal Service’s central role in Government-wide 

financial operations, the Budget also makes modest investments to support Treasury’s leadership 

in transforming Federal financial management to become more efficient, more accurate and 

deliver better service to citizens. In addition to the direct request for Fiscal Service Salaries and 

Expenses, the Treasury budget request also includes $42.4 million as part of the Cybersecurity 

Enhancement Account (CEA) to support cloud adoption, zero trust implementation, security 

logging, and compliance with other mandates to bolster overall cybersecurity protections.

The Budget provides resources to maintain current service levels for our accounting, financing, 

collections, and disbursements operations and supports ongoing work to deliver modern and 

innovative financial management operations and services, increase the value, availability, and 

quality of our data, improve the customer experience throughout the journey with Fiscal Service, 

and recruit, retain, develop, and engage a diverse, high-performing workforce. Approximately 

three-fourths of the Fiscal Service appropriation funds staff and related facilities expenses 

including rent, utilities, and security. The request includes an additional $14.6 million to meet 

growing pay and non-pay inflationary costs and allows the bureau to maintain staffing at the 

levels needed to continue delivering accurate, timely, and reliable financial services. 
The Budget supports Fiscal Service’s Cybersecurity and Cloud Migration Initiative by providing 

an additional $5.8 million and 10 FTE for mission-specific cybersecurity investments for bureau 

systems supporting disbursements, collections, accounting, and financing activities. This aligns 

with Fiscal Service’s implementation of Executive Order 14028, Improving the Nation’s 

Cybersecurity and OMB Memo M-22-09, Federal Zero Trust Strategy, and also supports 

Treasury’s Strategic Plan Objective 2.1: Cyber Resiliency of Financial Systems and Institutions. 

The Budget also supports ongoing operations related to cybersecurity for High Value Assets 

(HVAs) and other systems that support the NFCI. Fiscal Service will continue to partner with the 

Department, leveraging the $42.4 million provided through the CEA, to implement modern 

solutions that will support the security, resiliency, and agility of these critical systems and 

continue to maintain the financial integrity and efficiency of our operations. Additionally, the 

Budget provides $4 million to support Fiscal’s need for secure space to enable the bureau to 

properly assist national security programs in meeting their missions. 

The Budget also supports Fiscal Service’s Evidence Building and Performance Data Initiative by 

requesting an additional $2.5 million and 10 FTE to strengthen a broad complement of 

analytical-support activities including enterprise-strategic planning, program evaluation, datacollection, and performance analytics to improve the overall capability to assess progress against 

outcomes. This initiative supports Treasury Strategic Plan Objective 5.3, Better Use of Data, as 

well as Treasury’s Enterprise Learning Agenda. 

These priorities will advance Treasury’s Strategic Plan FY 2022-2026, promote Fiscal Service’s 

mission to transform Federal financial management, and result in improved service for the 

American public.

Budget Highlights

Dollars in Thousands

Bureau of the Fiscal Service FTE Amount

FY 2023 Operating Plan 1,517 $372,485 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $14,559 

Pay Annualization (2023 4.6% average pay raise) 0 $2,642 

Pay Raise (5.2% average pay raise) 0 $9,062 

Non-Pay 0 $2,855 

Subtotal Changes to Base 0 $14,559 

FY 2024 Current Services 1,517 $387,044 

Program Changes:

Program Increases: 20 $12,219 

Cyber & Cloud Initiative 10 $5,719 

Secure Space 0 $4,000 

Evidence & Data Initiative 10 $2,500 

Subtotal Program Changes 20 $12,219 

FY 2024 President's Budget Request 1,537 $399,263 

Note: In addition to the amounts requested above for Fiscal Cybersecurity & Cloud 

Migration Initiative, a total of $42.44 million from the Cybersecurity Enhancement 

Account will be allocated to support Fiscal’s IT modernization and compliance with 

Cybersecurity Executive Orders.
Budget Adjustments

Maintaining Current Levels (MCLs).....................................................+$14,559,000 / +0 FTE

Pay Annualization (4.6%) +2,642,000 / +0 FTE 

Funds are requested for annualization of the January 2023 4.6 percent average pay raise. 

Pay Raise (5.2% in 2024) +$9,062,000 / +0 FTE 

Funds are requested for a 5.2 percent average pay raise in January 2024. 

Non-Pay (2.0% in FY 2024) +$2,855,000 / +0 FTE

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

equipment. 

Program Increases..................................................................................+$12,219,000 / +20 FTE

Cybersecurity & Cloud Migration Initiative +$5,719,000 / +10 FTE

Fiscal Service is responsible for 62 FISMA systems containing over 55 billion PII records, 

including eight HVAs that support the Financial Services Sector of the Federal Government’s 

Critical Infrastructure. Protecting the information and technology resources that support the 

bureau’s multi-faceted mission is essential to maintaining the Nation’s economy and stable 

Federal financial operations.

Fiscal Service’s cybersecurity request will focus resources on transforming and securing the 

delivery of mission critical functions and services to enhance, strengthen, and ensure resiliency 

across the bureau’s programs and the government’s financial operations in alignment with 

federal mandates, including Executive Order 14028, and customer expectations. This request will 

bolster IT security staff and provide training to these employees on advanced cybersecurity tools 

and techniques, thereby expanding Treasury’s threat monitoring. By maximizing our ability to 

identify, protect against, detect, respond to, and recover from threats and malicious activity, the 

bureau can more effectively protect the highly interconnected technology resources that support 

our mission essential functions, and by extension, the NFCI. 

In concert with initiatives funded by the CEA, this funding will also support the implementation 

of cybersecurity enhancements to Fiscal Service applications and infrastructure, including agile 

DevSecOps capabilities and a scalable continuous integration and deployment pipeline for 

software and infrastructure that aligns with the bureau’s adoption of cloud services and solutions. 

These activities to accelerate cloud adoption complement the Treasury implementation of zero 

trust architecture and will further support Fiscal’s effort to transition from aging and costly onpremises platforms to secure modern platforms that protect federal agencies and the public that 

access Fiscal Service systems. 

Secure Space +$4,000,000 / +0 FTE

To support national security programs, Fiscal Service has a significant need to strengthen its 

ability to communicate effectively in classified settings. Investments would fund space 

reconfigurations and technology needed to carry out this work. 

Evidence Building & Performance Data Initiative +$2,500,000 / +10 FTE

Treasury’s Implementation of the Foundations for Evidence-Based Policymaking Act requires 

agencies to strengthen a broad complement of analytical-support activities including enterprise-
strategic planning, program evaluation, data-collection, and performance analytics to improve 

the overall capability to assess progress against outcomes. In FY 2024, Fiscal Service will 

increase its capacity for enterprise planning, collection and analysis of performance data, and 

program evaluations. Increasing Fiscal’s capacity to conduct more evaluations, such as the recent 

effort to assess the delivery of government payments to hard-to-reach populations, would 

enhance the capacity to analyze performance data. This will enable the bureau to better assess the 

effectiveness and efficiency of programs, policies, and services. Increasing evaluation activities 

will drive evidence-building in areas such as organizational efficiency, program effectiveness, 

diversity and inclusion, customer experience and research, emerging technology, and data 

quality. 

Legislative Proposals 

1. Ensure the Treasury Do Not Pay Business Center (DNP) has full access to complete state 

death data.

The proposal would include DNP consulting with State Vital Records Offices, National Association 

for Public Health Statistics and Information Systems, and the Social Security Administration to 

determine the appropriate process for accessing complete state death data for its purposes after the 

evaluation of death data sharing has concluded and full compensation provisions for costs of access 

and distribution are in place as intended by the Consolidated Appropriations Act, 2021. 

2. Expand Treasury’s access to the National Directory of New Hires (NDNH).

This proposal would authorize DNP to facilitate data exchange with paying agencies that are 

currently authorized by the Social Security Act to access NDNH regarding persons receiving Federal 

payments while identifying individuals who are ineligible to receive payments or who are receiving 

erroneous payments.

3. Modify the Fair Credit Reporting Act (FCRA) to allow the DNP to utilize consumer data 

for the purpose of identifying and preventing improper payments and minimizing fraud, 

waste, and abuse. Estimated Savings/Cost Avoidance: Estimated incremental increase of 

$1.45B in improper payments identified over 10-year period. 

This proposal amends language in the FCRA, 15 U.S.C. § 1681a and authorizes DNP to partner 

with data aggregators such as credit reporting agencies to validate several payee attributes. This 

authority would help agencies identify, prevent, and recover improper payments based on 

income eligibility and location. DNP’s ability to use FCRA data as a source to proxy residency 

data will add substantial value for work identifying improper payments in federally funded, state 

administered programs such as SNAP and Medicaid. 

4. Expand Treasury’s authority to require bank account verification, pre-certification. 

Estimated Savings/Cost Avoidance: Cost avoidance over a 10-year period is estimated at $11.6B 

in improper payments identified. 

This proposal would provide Treasury the authority to require Federal paying agencies to 

confirm the accuracy of their payees’ bank account information prior to certification to identify 

potentially erroneous or fraudulent transactions and improve payment accuracy. Bank account 

verification(s) would compare pre-certification payment information with commercially 

available data, such as the information available through the Fiscal Service’s Account 
Verification Services (AVS), to confirm the existence of an account, its status, standing, and 

ownership, prior to initiating payments to that account. While the prior proposal (third legislative 

proposal) focuses on providing the certifying agency the opportunity to update payment 

information (in accordance with applicable law and industry rules), this initiative is focused on 

providing agencies with additional tools to verify the accuracy of their proposed payments before 

certifying them for disbursement. This change would assist in combating financial loss caused by 

fraud and ensure that payment account verification is conducted on all Federal payments 

disbursed by Treasury.

5. Expand Treasury’s authority to require bank account comparison (matching), precertification. Estimated Savings/Cost Avoidance: Cost avoidance over a 10-year period is 

estimated at $152 million in labor and material associated with printing approximately 200 

million checks.

This proposal seeks discretionary authority for Treasury to require agencies to compare the 

payee bank account information they have on file with other sources of bank account information 

available to (or through) Treasury, to reduce the number of improper payments and increase 

electronic payments. Bank account matching would help decrease the number of checks issued 

which would result in cost savings from the processing of the payments. Expanding flexibilities 

pre-certification is preferable to post-certification to avoid the added responsibility on the 

disbursing officer. Treasury could implement this proposal in stages to achieve the desired policy 

goals.

6. Simplify Debt Management Services (DMS) Fees. 

Current Process: DMS must separately account for the costs of its Cross-Servicing Programs 

and the five TOP programs. However, these programs have many complementary and 

overlapping functions and processes, making determination of separate fees an administratively 

difficult and inefficient process.

This proposal authorizes DMS to consolidate Treasury Offset Program (TOP) and CrossServicing fees. DMS would utilize combined fees to cover overlapping functions evenly as 

overhead across the TOP and Cross Servicing Programs. This change would increase the 

efficiency of Fiscal Service’s debt collection operations by simplifying the cost-accounting and 

fee-setting processes. It would also reduce volatility in year-to-year fee adjustments and assist 

Fiscal Service in assessing fees (which are generally passed on to debtors as costs) in an 

equitable manner.

7. Make Technical Corrections Regarding Calculation of Current Value of Fund Rate. 

Federal agencies are required to assess interest on nontax debts that are not timely paid. This 

proposal would make technical changes to the statute to expressly authorize the use of the 

current value of funds rate (CVR) to establish the applicable interest rate, which is consistent 

with current practice.
Performance Highlights

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target

Accounting and Reporting Percentage of Government-wide 

Accounting Reports Issued Timely (%) 100 100 100 99 99

Accounting and Reporting Number of High Value Analytics Use 

Cases Deployed [NEW] - 3 3 5 8 

Collections

Percentage of Total Federal 

Government Receipts Settled 

Electronically (%)

99 99.6 99.8 DISC DISC

Collections

Percentage of total federal government 

receipts initiated electronically (in 

dollars) [%] [NEW]

84.1 83 83.2 83.1 83.4

Payments Percentage of Treasury Payments 

Disbursed Electronically (%) 96.04 96.19 96.4 96.56 96.91

Payments Count of Improper Payments Identified 

or Stopped (# Thousands) [DISC] 22,773 23,801 17,115 DISC DISC

Payments

Dollar Amount of Improper Payments 

Identified or Stopped ($ Millions) 

[DISC] 

43.5 47.61 35.83 DISC DISC

Payments Potential improper payments identified, 

stopped, or recovered [New] - - - - B 

Payments Percentage of payments screened by 

Do Not Pay [New] - - - - B 

Retail Securities Services Percentage of Unassisted Retail 

Securities Transactions (%) 70 63 77 73 73

Wholesale Securities 

Services

Percentage of Auction Results 

Released Accurately (%) 100 100 100 100 100

Wholesale Securities 

Services

Percentage of Auctions Successfully 

Completed by the Scheduled Close 

Date (%)

100 100 99.75 100 100

Debt Collection Count of Improper Payments identified 

or stopped FYTD [#] [DISC] 22,773 23,801 17,115 DISC DISC

Debt Collection

Dollar amount of Improper payments 

identified or stopped during the fiscal 

year [$ Millions] [DISC]

43.5 47.61 35.83 DISC DISC

Debt Collection

Amount of delinquent debt collected 

through all available tools [$ Billion] 

[DISC]

10.68 5.04 5.52 DISC DISC

Debt Collection

All delinquent debt collected FYTD as 

a percentage of all delinquent debt 

referred FYTD [%]

15.7 15.9 16.58 13.9 13

Debt Collection Percentage of the active delinquent 

debt portfolio collected FYTD [%] 9.2 7.3 6.26 6.5 6 

Key: DISC - Discontinued; B - Baseline

Description of Performance

Accounting and Reporting: Fiscal Service collects, analyzes, and publishes Government-wide 

financial information to provide transparency on the Government’s financial status. In FY 2022, 

Fiscal Service accounted for and reported on the financial activity related to the $30.9 trillion 

public debt and managed an average daily cash flow of $185 billion. Fiscal Service continued to 

issue 100 percent of Government-wide accounting reports on time, including the annual 

Financial Report of the U.S. Government. Fiscal Service continued progress on implementing 

G-Invoicing, which is a key driver to reducing buy/sell intragovernmental differences. In 

FY 2022, agencies completed over $4 billion in transactions in G-Invoicing, and in FY 2023 and 

FY 2024, Fiscal Service will continue partnering with agencies to implement G-Invoicing 

government-wide. The bureau made significant advancements on its Fiscal Data website during 

FY 2022, with a total of 39 datasets and 82 data tables onboarded to the site, and in FY 2023 and 

FY 2024, Fiscal Service will continue to migrate datasets to Fiscal Data, with a goal to migrate 
70 by FY 2024. Your Guide to America’s Finances was also released on Fiscal Data, the latest 

step to becoming a one-stop-shop for questions about federal finances. 

Collections: Fiscal Service administers the world’s largest Government collections system 

through a network of Fiscal and Financial Agents. In FY 2022, Fiscal Service collected nearly 

$5.76 trillion in federal revenue and settled 99.8 percent of total federal government receipts 

electronically, exceeding its target of 99 percent. Fiscal Service’s emphasis on streamlining 

lockbox operations and automating manual processes has resulted in consistent year-over-year 

improvements to this measure. Fiscal Service continues to drive paper out of its collection 

channels by increasing adoption of e-commerce digital solutions, including online bill payment, 

digital wallets, and mobile applications. In FY 2022, the average number of federal agencies 

using the e-commerce suite grew from 76 to 85; 13 agencies were added to digital wallets and 11 

agencies were added to mobile applications. Fiscal Service currently offers the ability to pay 

through PayPal and Amazon Pay and plans to expand its digital wallet offerings to include Apple 

Pay and Google Pay by FY 2025, providing the public with modern options and an improved 

customer experience.

Payments: Fiscal Service delivers Federal payments on behalf of more than 250 Federal entities 

through disbursement mechanisms such as paper checks, Electronic Fund Transfers (EFT), debit 

cards, and other digital payment mechanisms. Fiscal Service continues to increase the percentage 

of Federal payments which are Treasury-disbursed, to 90.5 percent of all Federal payments in 

FY 2022. In FY 2022, Fiscal Service disbursed 96.4 percent of payments electronically, which 

continued the steady increase toward our electronic payments targets and advanced the Agency 

Priority Goal (APG) to Improve the Payment Experience. Supporting Executive Order 14058, 

Transforming Federal Customer Experience and Service Delivery to Rebuild Trust in 

Government, Treasury’s designation as a High-Impact Service Provider, and the 

Administration’s climate and equity priorities, Fiscal Service continues to promote and increase 

the delivery of payments through EFT, with an emphasis on tax refunds, vendor payments, 

benefit payments, and other miscellaneous payments. This is especially notable, as historically, 

check payments are 16 times more likely to have exceptions (e.g., lost, stolen, returned, etc.) than 

payments made via direct deposit.

Fiscal Service advanced its payment integrity efforts through its DNP and Payment Integrity 

Center of Excellence (PICOE) Programs. In FY 2022, DNP screened $2.87 trillion payments to 

assess whether the payment may be fraudulent or incorrect prior to disbursement. DNP also 

implemented two new data sources, which are available in the DNP portal and for analytics use. 

Additionally, DNP onboarded 28 new federal programs and 6 new state programs. In total, DNP 

identified $35.83 million in potential improper payments during FY 2022. Fiscal Service also 

supported the Federal Emergency Management Agency (FEMA) and the Internal Revenue 

Service (IRS) with payment integrity capabilities such as account verification services and crossgovernment data analytics. The bureau supported the IRS Taxpayer Protection Program and 

identified 6 million tax returns as potential identify theft. Of those, 1.4 million returns valued at 

$7.3 billion were verified and became eligible for expedited release and approximately 14,000 

tax returns valued at $117 million were confirmed as identity theft. In FY 2023 and FY 2024, 

Fiscal Service will continue expanding its government-wide payment integrity services and 

solutions and will formally integrate DNP and PICOE to establish the Office of Payment 

Integrity. 
Retail Securities Services: Fiscal Service provides simple, safe, and affordable ways for 

investors to directly interact with the Department of the Treasury to save for their future by 

investing in Treasury securities. In FY 2022, increasing interest rates on Series I savings bonds 

drove a historic increase in demand, resulting in unprecedented volumes of both sales and new 

customers. Sales of Series I bonds surpassed $28 billion in FY 2022, an increase of 27 times over 

FY 2021 volumes, and more than 2.8 million new TreasuryDirect accounts were created in FY 

2022, bringing the total customers holding savings bonds to approximately 27 million. Fiscal 

Service also saw an extended influx of redemption requests leading to a surge in call and case 

volumes. Inbound case volume increased by 36 percent over prior year averages, and we expect 

similar levels in 2023 and 2024. In total, during FY 2022 Fiscal Service electronically issued 

$119.8 billion in Treasury retail securities, serviced customers in redeeming $85.4 billion 

Treasury securities, and made $25.5 billion in retail payments.

Fiscal Service continues to work to improve the customer online experience and encourage selfservice. In FY 2022, Fiscal Service saw the percentage of unassisted retail customer service 

transactions increase from 63 percent to 77 percent, exceeding the FY 2022 target. To assist with 

customer demand, Fiscal Service added resources to the call center and made enhancements to 

the TreasuryDirect website to enable customers to complete transactions independently. This 

increased demand along with increased redemption requests resulted in significant workload 

increases, and the average number of retail securities cases in inventory grew from 14.8 thousand 

in FY 2021 to 33.1 thousand in FY 2022. While Fiscal Service anticipates Series I savings bond 

sales to decline in FY 2023, the bureau still expects the sales and workloads to remain elevated 

compared to historical levels. 

In FY 2022, Fiscal Service continued to make progress on the Matured Unredeemed Debt 

(MUD) initiative aimed at assisting bond holders to identify and claim savings bonds that have 

reached final maturity and are no longer earning interest. Of the approximately 7 billion savings 

bonds issued in paper form, approximately 88.9 million pieces, totaling $35.4 billion, had 

matured but remained unredeemed by the end of FY 2022. Fiscal Service has begun digitizing its 

savings bond records, recently completing the digitization of approximately 2 billion images of 

savings bond records associated with bonds issued from 1974 to 1993. Collectively, these years 

represent more than 91 percent of the current MUD balance. Digitization efforts are now also 

underway for records associated with savings bonds issued 1957–1973. Over FY 2023 and 

FY 2024, the Fiscal Service will be making improvements to Treasury Hunt, an online search 

tool to find matured savings bonds. The bureau will also be working to fulfill the requirements 

enacted in the SECURE 2.0 Act of 2022 associated with providing savings bond information to 

states.

Wholesale Securities Services: Fiscal Service finances daily Government operations by 

overseeing the announcement, auction, and issuance of marketable Treasury bills, notes, bonds, 

floating rate notes, and inflation-protected securities through reliable, accurate, and secure 

electronic systems. In FY 2022, Fiscal Service met its target to release 100 percent of auction 

results accurately. In addition, 99.75 percent of auctions were successfully held by the scheduled 

close date, which was slightly below the target of 100 percent due to technical issues that have 

been resolved. Fiscal Service continued the Financing Modernization effort, a multi-year 

initiative to modernize the financing system to support operations, meet customer expectations, 

become current with existing technologies, manage technical debt, and improve the delivery of 
secure, flexible, and resilient financing services. In FY 2022, Fiscal Service also increased 

automated testing and successfully deployed fourteen enhancement releases to the current 

auction system.

Debt Collection: Fiscal Service is the Government’s central debt collection agency and funds its

delinquent debt collection operations through fees charged to agencies that refer debts for

collection. In FY 2022, Fiscal Service collected a total of $5.52 billion in delinquent debt, a 

slight increase from the prior year as some agencies began to resume debt collection activities 

after being suspended in response to economic concerns related to the pandemic. In FY 2023 and

FY 2024, Fiscal Service anticipates continued constraints will continue to negatively impact debt 

collections. The amount of delinquent debt collected as a percentage of all delinquent debt 

referred increased from 15.9 percent in FY 2021 to 16.58 percent in FY 2022. This increase is 

also attributed to the debt collection suspensions ending. However, overall debt collection 

activities are still below historical levels. The percentage of the active delinquent debt portfolio 

collected did not meet the target in FY 2022, as 6.26 percent of the active delinquent debt 

portfolio was collected compared with the 6.7 percent target. Fiscal Service recently completed 

an independent review of its debt collection programs to assess its cost structure and provide 

recommendations on more sustainable models capable of evolving with future government 

needs. This review generated recommendations around fee setting, workforce optimization, 

business process improvements, data segmentation and analytics, and other strategies that the 

bureau is assessing and implementing to ensure the long-term sustainability of these programs.