(Dollars in thousands) 

Appropriation FY 2009 

Enacted 

Total Program Operating Level $208,548 

 Wholesale Securities Services $23,438 $24,492 $24,234 ($258) (1.1%)

 Government Agency Investment Services $17,723 $16,264 $16,162 ($102) (0.6%)

 Retail Securities Services $139,109 $142,645 $136,327 ($6,318) (4.4%)

 Summary Debt Accounting $7,082 $8,843 $9,262 $419 4.7% 

Subtotal, Bureau of the Public Debt $187,352 $192,244 $185,985 ($6,259) (3.3%) 

Offsetting Collections - Reimbursables $21,196 $22,110 $22,773 $663 3.0% 

FY 2010 FY 2011 

Enacted Request 

Note: Total Appropriated Resources include $10,000,000 in projected user fee collections. 

$ Change % Change

$214,354 $208,758 ($5,596) 

Program Summary by Budget Activity 

(2.6%) 

Bureau of the Public Debt 

The FY 2011 President’s Budget request for 

the Bureau of the Public Debt (BPD) includes 

funding to support the Department of the 

Treasury’s strategic outcome of financing the 

government at the lowest possible cost over 

time. Public Debt’s top priority is to ensure 

that the most efficient systems are in place to 

conduct borrowing operations and deliver 

securities services to investors. Public Debt 

will contribute to Treasury’s overall paperless 

initiative by increasing the issuance of savings 

bonds electronically including moving to all 

electronic issuance for payroll savings bond 

sales. 

Total resources to support Public Debt 

activities in FY 2011 are $208,758,000, including $185,985,000 from direct appropriations, of which $10,000,000 are user fees, 

and $22,773,000 from offsetting collections. 

Purpose of Program 

BPD’s mission is to borrow the money needed 

to operate the federal government, account for 

the resulting debt, and provide reimbursable 

support services to federal agencies. In 

carrying out its mission and vision, Public 

Debt annually auctions and issues more than 

Explanation of Request 

$8 trillion in Treasury bills, notes, bonds and 

Treasury Inflation-Protected Securities (TIPS); 

administers on Treasury's behalf its regulatory 

responsibilities for the government securities 

market; ensures reliable systems and processes 

are in place for issuing, transferring, paying 

interest on and redeeming Treasury securities; 

issues and redeems more than 70 million paper 

savings bonds each year; administers in excess 

of $4 trillion in investments for more than 250 

federal trust funds; and provides timely and 

accurate information on the public debt. 

In support of Treasury’s strategic outcome of 

government financing at the lowest possible 

cost over time, Public Debt’s top priority is to 

guarantee operational readiness to meet the 

government's critical financing needs by 

ensuring the most efficient systems are in 

place to conduct borrowing operations and 

deliver securities services to investors. To that 

end, the bureau continues to enhance its 

auction process. The Treasury Automated 

Auction Processing System (TAAPS) provides 

simple bid-entry, quick and easy access to data 

and superior reliability and security. 

Department of the Treasury - Budget in Brief FY 2011 Page 61
(Dollars in thousands) 

Appropriation Amount 

FY 2010 Enacted 192,244 

Changes to Base: 

Base Realignment: $0 

FTE Adjustment -

Maintaining Current Levels (MCLs): $3,171 

FERS Percentage Change 188 

Non-Pay Inflation Adjustment 1,005 

Pay Annualization 651 

Pay Inflation Adjustment 1,327 

Efficiencies Savings: ($9,430) 

Revise Issuing Agent Fee Structure (1,900) 

Reduce Paying Agent Fees (2,500) 

Consolidate Parkersburg Facilities (1,800) 

Program Efficiencies (1,000) 

Procurement Savings (1,630) 

Reduce Travel (200) 

Non-Salary Program Efficiencies (400) 

Total FY 2011 Base 185,985 

Total FY 2011 Budget Request 185,985 

Subtotal FY 2011 Changes to Base ($6,259) 

Total FY 2011 Budget Request (Net) 175,985 

User Fees (10,000) 

BPD FY 2011 Budget Highlights

FY 2011 Budget Adjustments 

FY 2010 Enacted 

The FY 2010 enacted direct appropriation for 

BPD is $192,244,000. 

Base Realignment 

FTE Adjustment +$0 / -21 FTE 

Upon review of its FY 2010 proposed 

financial plan, BPD identified 21 unfunded 

base FTE which are reflected in this 

adjustment. 

Maintaining Current Levels (MCLs) 

Adjustments Necessary to Maintain Current 

Levels +$3,171,000 / +0 FTE 

Funds are requested for: A FERS percentage 

rate change of $188,000; non-labor related 

items such as contracts, travel, supplies, 

equipment and GSA rent adjustments of 

$1,005,000; FY 2011 cost of the January 2010 

pay increase of $651,000; and a proposed 

January 2011 pay raise of $1,327,000. 

Efficiencies Savings 

Revise Issuing Agent Fee Structure -

$1,900,000 / +0 FTE 

Savings due to eliminating the differential paid 

to paper savings bond issuing agents who 

submit customer orders electronically rather 

than by paper applications. 

Reduce Paying Agent Fees -$2,500,000 / +0 

FTE 

Due to an anticipated decrease in the number 

of savings bonds redeemed, Public Debt is 

reducing its paying agent fees. 

Consolidate Parkersburg Facilities -

$1,800,000 / +0 FTE 

Public Debt realizes savings by consolidating 

facilities in Parkersburg. 

Program Efficiencies -$1,000,000 / -12 FTE 

Savings will be realized in all BPD programs 

through staff reductions and other efficiencies. 

Procurement Savings -$1,630,000 / +0 FTE 

Cost savings by streamlining Department-wide 

procurement operations and reducing external 

procurement spending. 

Reduce Travel -$200,000 / +0 FTE 

Public Debt realizes savings from a reduction 

in travel. 

Non-Salary Program Efficiencies -$400,000 / 

+0 FTE 

Public Debt realizes savings from non-salary 

program efficiencies. 

Adjustments to Request User Fee 

User Fees -$10,000,000 / +0 FTE 

For $100 account maintenance fees that Public 

Debt charges to account holders in the Legacy 

Treasury Direct system with an account 

balance of more than $100,000 in par value. 

Department of the Treasury - Budget in Brief FY 2011 Page 62
Explanation of Budget Activities 

Salaries and Expenses 

Wholesale Securities Services ($24,234,000 

from direct appropriations and $2,967,000 

from reimbursable programs) 

Public Debt announces, auctions and issues 

marketable Treasury bills, notes, bonds and 

TIPS. This program ensures that the government’s critical financing needs are met and 

oversees an infrastructure that provides for the 

transfer, custody and redemption of Treasury 

securities in the wholesale market. Public 

Debt also administers Treasury's regulations 

that provide investor protection and maintain 

the integrity, liquidity and efficiency in the 

government securities market. 

Government Agency Investment Services 

($16,162,000 from direct appropriations and 

$1,979,000 from reimbursable programs) 

Public Debt supports federal, state and local 

government agency investments in nonmarketable Treasury securities as well as 

federal agency borrowing from the 

Department of the Treasury. There are more 

than 250 trust and investment funds held by 

federal agencies. For 18 of the funds, the 

Secretary of the Treasury, designated by 

statute, is the managing trustee. 

Retail Securities Services ($136,327,000 from 

direct appropriations, including $10,000,000 

from user fee collections, and $16,693,000 

from reimbursable programs) 

Public Debt serves more than 50 million retail 

customers who have invested in marketable 

and savings securities directly with Treasury. 

Investors may hold these securities in bookentry or paper form. BPD will position 

Treasury to eliminate new issues of paper 

savings bonds. The program will continue 

focusing on improving the quality and 

efficiency of customer service by formulating 

and providing recommendations to support 

skill-based routing, web chat and the use of 

images in the Treasury Retail E-Services 

environment. 

Summary Debt Accounting ($9,262,000 from 

direct appropriations and $1,134,000 from 

reimbursable programs) 

This program is key to meeting Public Debt's 

responsibility to account for the public debt 

and related interest expense incurred to finance 

the operations of the federal government. 

Public Debt produces daily reports on the 

balance and composition of the public debt, 

provides the overarching control structure for 

dozens of subordinate securities systems and 

reconciles their related transactions and cash 

flows. 

Legislative Proposals 

Legislative Proposals 

Public Debt has no legislative proposals for 

FY 2011. 

Department of the Treasury - Budget in Brief FY 2011 Page 63
Budget Activity 

Wholesale 

Government 

Services 

Government 

Services 

Retail Securities 

Services 

Summary Debt Cost per summary debt accounting 9.11 11.81 

Accounting transaction ($) (E) 

FY 2007 FY 2008 FY 2009 FY 2010 

Target 

Percent of auction results released in 

Securities Services 2 minutes +/- 30 seconds (Oe) 

99.1 100 95 100 Y 95 100 

Cost per federal funds investment 

Agency Investment transaction ($) (E) 

68.53 64.98 69.11 41.71 Y 45.7 44.92 

Number of Government Agency 

Agency Investment Investment Services control 

processes consolidated (Oe) 

3 2 0 0 Y 5 0 

Percentage of retail customer service 

transactions completed within 11 

business days (Ot) 

99.43 99.86 90 99.83 Y DISC DISC 

9.29 10.01 8.66 Y 11.55 

Key: Oe - Outcome Measure, E - Efficiency Measure, Ot - Output/Workload Measure, DISC – discontinued, 

and B - baseline 

FY 2011 

Performance Measure Target Actual Actual Actual Target Target Met? 

BPD Performance by Budget Activity 

Description of Performance 

The Bureau of the Public Debt has continued 

to set challenging performance goals with 

positive results. To improve performance, 

Public Debt places a high priority on adopting 

new technology to increase the security, 

flexibility and efficiency of financing the 

needs of the federal government. 

In FY 2009, Public Debt released auction 

results within two minutes, plus or minus 30 

seconds, 100 percent of the time, surpassing its 

performance target of 95 percent. In addition, 

Public Debt processed over 99 percent of retail 

customer transactions within 11 business days 

and met its targeted costs for summary debt 

accounting and federal funds investment 

transactions. 

The cost per federal funds investment 

transaction is projected to be $45.70 for FY 

2010 and $44.92 for FY 2011. The projected 

cost per federal funds investment transaction is 

increasing for FY 2010 due to an increase in 

support charges and projected constant 

transaction volumes. The FY 2011 target 

reflects constant transaction volumes and a 

reduction in overall general expenditures. 

Department of the Treasury - Budget in Brief FY 2011 Page 64