Bureau of the Fiscal Service 

Program Summary by Budget Activity 

 FY 2020 FY 2021 FY 2022 FY 2021 to FY 2022 

Budget Activity Operating Plan Operating Plan Request $ Change % Change 

Accounting and Reporting $98,937 $96,472 $103,242 $6,770 7.02% 

Collections $37,948 $41,109 $42,417 $1,308 3.18% 

Payments $123,015 $123,190 $127,110 $3,920 3.18% 

Retail Securities Services $58,403 $59,312 $61,200 $1,888 3.18% 

Wholesale Securities Services $21,977 $25,486 $26,297 $811 3.18% 

Matured Unredeemed Debt $25,000 $25,000 $0 ($25,000) -100.00% 

Subtotal, Bureau of Fiscal Service $365,280 $370,569 $360,266 ($10,303) -2.78% 

Reimbursable $399,681 $402,000 $412,831 $10,831 2.69% 

Unobligated Balances Brought 

Forward $92,000 $137,546 $150,000 $12,454 9.05% 

Total Program Operating Level $856,961 $910,115 $923,097 $12,982 1.43% 

Direct FTE 1,499 1,577 1,617 40 2.54% 

Reimbursable FTE 358 412 412 0 0.00% 

Total Full-time Equivalents (FTE) 1,857 1,989 2,029 40 2.01% 

Note: FY 2020 Other Resources and Full-time Equivalents (FTE) reflect actuals. Table does not include supplemental funding provided under 

the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L.116-136) and the American Rescue Plan (ARP) (P.L.117-2). 

Additionally, unobligated balances do not include CARES and ARP. Matured Unredeemed Debt funding remains available until expended. 

Summary 

The FY 2022 request for the Fiscal Service is $360.3 million. The Budget ensures the viability of 

the Government’s National Financial Critical Infrastructure (NFCI) that finances Federal 

operations, 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 supports Treasury’s leadership in transforming Federal financial management to 

become more efficient, more accurate and deliver better service to citizens. 

The Budget invests in business modernization, customer experience, increasing availability of 

data, expanding financial management solutions, innovation, operational integrity, and our 

workforce. These priorities will advance Fiscal Service’s vision to transform federal financial 

management and allow the Bureau to deliver critical financial operations to the American public. 

The Financial Management Quality Service Management Office (FM QSMO) is a key initiative 

that supports multiple goals in Treasury’s 10-year Vision for the Future of Federal Financial 

Management. This office is ultimately responsible for operating the Federal marketplace and 

making quality core financial service offerings available to Federal agencies. FM QSMO seeks to 

partner with agency leaders to provide agencies with access to innovative and standardsbased financial management solutions and deliver expert guidance that will advance governmentwide financial management goals. 

 
Budget Highlights 

 FTE Amount 

FY 2021 Operating Plan 1,577 $370,569 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $10,234 

Pay Annualization (1.0% average pay raise) 0 $557 

FERS Contribution Increase 0 $1,676 

Pay Raise (2.7% average pay raise) 0 $5,049 

Non-Pay 0 $2,952 

Non-Recurring Costs: 

Matured Unredeemed Debt 0 ($25,000) 

Other Adjustments: 

Annualization of Hires 38 $5,428 

Efficiency Savings: 

Non-Pay Decreases 0 ($5,428) 

Subtotal Changes to Base 38 ($14,766) 

FY 2022 Current Services 1,615 $355,803 

Program Changes: 

Program Increases: 

Quality Service Management Office 2 $3,700 

Electric Vehicles and Associated 

Infrastructure 0 $763 

Subtotal Program Changes 2 $4,463 

Total FY 2022 President's Budget 1,617 $360,266 

Budget Adjustments 

Maintaining Current Levels (MCLs)...................................................... +$10,234,000 / +0 FTE 

Pay Annualization (1.0%) +$557,000 / +0 FTE 

Funds are requested for annualization of the January 2021 1.0% average pay raise. 

FERS Contribution Increase +$1,676,000 / +0 FTE 

Funds are requested for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2022. 

Pay Raise (2.7% in 2022) +$5,049,000 / +0 FTE 

Funds are requested for a 2.7% average pay raise in January 2022. 

Non-Pay +$2,952,000 / +0 FTE 

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

equipment. 

Non-recurring Cost............................................................... -$25,000,000 / -0 FTE 

Matured Unredeemed Debt -$25,000,000 / -0 FTE 

United States Savings Bonds that have reached final maturity and stopped earning interest are 

considered Matured Unredeemed Debt (MUD). As of the end of FY 2020, the MUD balance 

had reached $27.5 billion. The Consolidated Appropriations Act, 2021, (P.L. 116-260) provided 

$25 million, available until expended, for the digitization of records of matured savings bonds 

that have not been redeemed. This adjustment removes the FY 2021 appropriation from the 

FY2022 base. 
Other Adjustments................................................................................... +$5,428,000 / +38 FTE 

Annualization of Hires +$5,428,000 / +38 FTE 

Funds are requested for annualization of salary and benefits for hires that occur during FY 2021. 

These hires support the bureau’s priorities and the staffing levels required to ensure effective 

operational activities. 

Efficiency Savings........................................................................................ -$5,428,000 / -0 FTE 

Non-Pay Decreases -$5,428,000 / -0 FTE 

Anticipated savings from reduced non-pay programmatic requirements to align with operating 

levels. 

Program Increases...................................................................................... +$4,463,000 / +2 FTE 

Quality Service Management Office (QSMO) +$3,700,000 / +2 FTE 

This funding will support the Department’s implementation of the Financial Management 

Quality Service Management Office (FM QSMO). Federal agency financial systems face 

critical modernization needs, and opportunities exist for improving compliance with financial 

management standards, leveraging technology and shared solutions, and reducing lengthy 

deployment delays and cost overruns. By leveraging the FM QSMO’s Marketplace of 

core financial systems preconfigured with standards-based capabilities, agencies will share in the 

initial cost of modernizing a system as well as keep systems up to date by utilizing Marketplace 

providers. 

Increased funding will allow Treasury to continue establishment and implementation of the 

FM QSMO Marketplace of solutions and services, which will help agencies meet their financial 

management needs and accomplish shared government-wide goals. During FY 2022, Treasury 

plans to stand-up the initial Marketplace for agencies to acquire core financial system solutions 

through a government-wide contract vehicle. It is envisioned that the Marketplace will also 

include other financial management solutions and services complementary to core financial 

systems as well as Treasury centralized services. In addition, the increased funding will enable 

the Treasury FM QSMO team to work with agencies to assess adoption readiness, plan for use of 

the Marketplace solutions and services, and provide the necessary support to ensure agency 

participation in the design of the Marketplace 

Electric Vehicle and Associated Infrastructure +763,000 / +0 FTE 

Following the lead from Executive Order (E.O.) 14008, “Tackling the Climate Crises at Home 

and Aboard,” the U.S. Department of the Treasury joins in the Administration’s priority to 

develop a comprehensive plan to create good jobs and stimulate clean energy industries by 

revitalizing the Federal Government’s sustainability efforts. This includes Treasury’s 

commitment to use all available procurement authorities to augment its Departmentwide fleet 

management program with a continued focus on leasing of electric vehicles (EV) and 

purchasing, installing, and maintaining essential infrastructure. The planned resources will help 

Treasury comply with the requirements set forth by E.O. 14008 and reduce the carbon footprint 

of emissions into the atmosphere by acquiring an updated fleet of zero-emissions vehicles that 

can support mission operations. 

For FY 2022, the Bureau of Fiscal Service (Fiscal Service) requests $763,000 to fund the 

eventual full conversion of its fleet to EV. Of that money, approximately $50,000 will be 
allocated to support the purchase, installation, maintenance, and/or upgrade of infrastructure 

required to maintain an EV fleet management program. It is expected that Fiscal Service will 

need two charging stations to support its future EV state. Currently, Fiscal Service has a total of 

29 vehicles in its fleet, of which two are EVs. 

Performance Highlights 

Budget Activity Performance Measure 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Target 

FY 2022 

Target 

Accounting and Reporting Percentage of Government-wide 

Accounting Reports Issued Timely (%) 100.0 99.6 100.0 99.5 99.5 

Collections 

Percentage of Total Federal 

Government Receipts Settled 

Electronically (%) 

98.0 98.4 99.0 98.0 98.3 

Payments Percentage of Treasury Payments Made 

Electronically (%) 95.4 95.6 96.0 96.1 96.4 

Payments Count of Improper Payments identified 

or Stopped (# in Thousands) 20.3 22.4 22.8 21.5 22.5 

Payments Dollar Amount of Improper Payments 

Identified or Stopped ($ Millions) 35.5 41.1 43.5 37.0 38.8 

Retail Securities Services Percentage of Retail Customer Service 

Transactions That Are Unassisted (%) N/A 69 70 71 72 

Wholesale Securities 

Services 

Percentage of Auction Results Released 

Accurately (%) 98.9 98.8 100 100 100 

Wholesale Securities 

Services 

Percent of Auctions Successfully 

Completed by the Scheduled Close Date 

(%) 

N/A 100 100 100 100 

Debt Collection 

Amount of Delinquent Debt Collected 

Through All Available Tools 

($ Billions) 

7.44 9.65 10.68 8.81 9.04 

Debt Collection 

All Delinquent Debt Collected as a 

Percentage of all Delinquent Debt 

Referred (%) 

N/A 14.3 15.7 14.9 14.9 

Debt Collection Percentage of the Active Delinquent 

Debt Portfolio Collected (%) N/A 6.8 9.2 7.0 7.0 

Description of Performance 

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

financial information, made available to both the public and private sectors, to provide 

transparency on the Government’s financial status. In FY 2020, Fiscal Service continued its 

strong performance by issuing 100 percent of government-wide accounting reports on time. This 

is an improvement over FY 2019, where a one-time system error impacted the annual 

performance. Fiscal Service expects to meet its FY 2021 and FY 2022 performance targets by 

transforming the quality, effectiveness, and transparency of Federal financial management data; 

delivering value-added business process and system improvements; and expanding/enhancing 

relationships with stakeholders and customers. 

Collections: In FY 2020, Fiscal Service continued growth in electronic collections by 

electronically settling 99.0 percent of all Federal Government receipts, in dollars, which 

exceeded the target of 98.0 percent. The performance results were achieved because of our 

continuing efforts to move paper-based transactions to electronic alternatives (e.g., Pay.gov and 

eCommerce alternatives such as digital wallets), and a decline in non-electronic collections due 

to the pandemic. Fiscal Service expects to maintain the 98.0 percent target in FY 2021 by 

continuing to promote the use of electronic systems in the collections process and assisting 

agencies in converting collections from paper to electronic media, which supports the 
administration’s climate priority. While the 99.0 percent rate was achieved in FY 2020, the target 

for FY 2021 will remain at 98.0 percent due to the uncertainty and potential impacts from the 

pandemic on FY 2021 collections. 

Payments: Fiscal Service continues to increase the percentage of federal payments which are 

Treasury-disbursed. In FY 2020, Fiscal Service disbursed 88 percent of all federal payments. 

In FY 2020, the Fiscal Service payments activity encountered unprecedented workload in 

support of the CARES legislation, specifically the delivery of Economic Impact Payments (EIP) 

to the American public. Fiscal Service securely disbursed 1.4 billion payments totaling $5.4 

trillion; of these totals, EIPs accounted for more than 160 million payments totaling more than 

$270 billion. During FY 2021, Fiscal Service issued 147 million EIP2s and as of May 12, 2021 

has issued 165 million EIP3s. In total, over 472 million economic impact payments have been 

disbursed during FY 2020 and FY 2021. 

Retail Securities Services: Retail Securities Services has demonstrated progress with improving 

customer self-sufficiency. In FY 2020, the percentage of unassisted retail securities transactions 

increased over the FY 2019 baseline, with 70 percent of retail securities transactions unassisted. 

In FY 2021 and beyond, Fiscal Service will continue to modernize its business to improve the 

customer experience by increasing customer self-sufficiency and encouraging more investors to 

save for the future, while achieving Treasury’s financing mission in a cost-effective manner. 

These improvements will enhance the customers’ ability to purchase, reinvest, and manage their 

Treasury retail investments. Improving savings bond records over time will enable collaboration 

with stakeholders in locating matured unredeemed debt (MUD) bondholders. Fiscal Service 

continues to work with the National Association of Unclaimed Property Administrators 

(NAUPA) and the National Association of State Treasurers (NAST) to find collaborative 

solutions to locate owners of MUD bonds.

Wholesale Securities Services: In FY 2020, the Federal Government’s response to the 

COVID-19 pandemic resulted in an unprecedented increase in Treasury borrowing needs. 

Treasury successfully conducted 447 auctions and raised more than $18.6 trillion without 

disrupting financial markets. In FY 2020, Fiscal Service set many records for auction-related 

workload indicators. Thirteen auctions, the most since 2008, were conducted during the week of 

April 6‐10, auctioning $611 billion in Treasury securities. Five auctions in a single day were 

conducted for the first time ever on May 27, and six auctions in a single day were conducted on 

September 8. Prior to the economic stimulus package, WSS averaged 28 auctions and 

$1.06 trillion securities awarded per month. Since April 2020, the monthly averages have 

increased to 47 auctions (+67.7 percent) and $2.04 trillion awarded (+89.18 percent) per month. 

Debt Collection: Fiscal Service is the Government’s central debt collection agency, managing 

the Government’s delinquent debt portfolio and collecting delinquent debts owed to the United 

States, such as Federal mortgage, small business, or student loans; Federal salary or benefit 

overpayments; and fines or penalties assessed by Federal agencies. Fiscal Service collects 

delinquent debt through two programs: Treasury Offset Program (TOP) and Cross-Servicing. 

Fiscal Service continues to increase the amount of delinquent debt collected through all available 

tools. During FY 2020, the COVID-19 pandemic had a significant impact on delinquent debt 

collection Agencies continuing to suspend collections is resulting in overall decrease in Fiscal 

Service’s collections revenue.