Department of the Treasury 

Bureau of the Fiscal Service 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2022 

 
Fiscal - 2 

Table of Contents 

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of Request ............................................................................................................ 3

1.1 – Appropriations Detail Table .............................................................................................. 4

1.2 – Budget Adjustments Table ................................................................................................. 4

C – Budget Increases and Decreases Description ....................................................................... 5

1.3 – Object Classification (Schedule O) Obligations ................................................................ 7

D – Appropriations Language and Explanation of Changes ...................................................... 8

1.4 – Permanent, Indefinite Appropriations Table ...................................................................... 9

Section II – Annual Performance Plan and Report ................................................................. 10

A – Strategic Alignment ........................................................................................................... 10

B – Budget and Performance by Budget Activity .................................................................... 11

2.1.1 – Accounting and Reporting Resources and Measures .................................................... 11

Accounting and Reporting Budget and Performance ............................................................... 11

2.1.2 – Collections Resources and Measures ............................................................................ 13

Collections Budget and Performance ........................................................................................ 13

2.1.3 – Payments Resources and Measures .............................................................................. 14

Payments Budget and Performance .......................................................................................... 15

2.1.4 – Retail Securities Services Resources and Measures ..................................................... 17

Retail Securities Services Budget and Performance ................................................................. 17

2.1.5 – Wholesale Securities Services Resources and Measures .............................................. 19

Wholesale Securities Services Budget and Performance .......................................................... 19

2.1.6 – Debt Collection Resources and Measures ..................................................................... 21

Debt Collection Budget and Performance ................................................................................ 21

C – Changes in Performance Measures .................................................................................... 23

D– Evidence-Building Activity ................................................................................................ 23

Section III – Additional Information ........................................................................................ 28

A – Summary of Capital Investments ....................................................................................... 28

 

 
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Section I – Budget Request 

A – Mission Statement 

To promote the financial integrity and operational efficiency of the Federal Government through 

exceptional accounting, financing, collections, payments, and shared services. 

B – Summary of Request 

The Bureau of the Fiscal Service (Fiscal Service) plays an integral role in the National Financial 

Critical Infrastructure (NFCI) of the entire Federal Government and touches the lives of nearly 

every American. Fiscal Service is guided by its enduring aspiration that the Government is an 

efficient steward of its financial resources; that financial information provided by the 

Government is accurate; and that financial interactions with the Government are inclusive, 

modern, seamless, and secure. 

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

the Government’s 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 program is responsible for operating the Federal marketplace and making 

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

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

government-wide financial management goals. 

 
Fiscal - 4 

1.1 – Appropriations Detail Table 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 FY 2021 to FY 2022 

Appropriated Resources Operating Plan Operating Plan Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Accounting and Reporting 355 $98,937 398 $96,472 417 $103,242 5% 7% 

Collections 148 $37,948 161 $41,109 165 $42,417 2% 3% 

Payments 487 $123,015 490 $123,190 501 $127,110 2% 3% 

Retail Securities Services 393 $58,403 406 $59,312 412 $61,200 1% 3% 

Wholesale Securities Services 116 $21,977 122 $25,486 122 $26,297 0% 3% 

Matured Unredeemed Debt 0 $25,000 0 $25,000 0 $0 N/A -100% 

Subtotal New Appropriated 

Resources 1499 $365,280 1577 $370,569 1617 $360,266 3% -3% 

Other Resources 

Reimbursable/Debt 358 $399,681 412 $402,000 412 $412,831 0% 3% 

Unobligated Balances from Prior 

Years 0 $92,000 0 $137,546 0 $150,000 N/A 9% 

Subtotal Other Resources 358 $491,681 412 $539,546 412 $562,831 0% 4% 

Total Budgetary Resources 1857 $856,961 1989 $910,115 2029 $923,097 2% 1% 

Note: FY 2020 Other Resources and Full-time Equivalents (FTE) reflect actuals. Table does not include the $78.7 million supplemental funding 

provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) in FY 2020 and the $23.2 million provided 

by the American Rescue Plan (ARP) (P.L. 117-2) in FY 2021. Additionally, unobligated balances do not include CARES and ARP. Other 

Resources does not include IRS reimbursements for EIP postage cost. 

1.2 – Budget Adjustments Table 

Dollars in Thousands 

 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 
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C – Budget Increases and Decreases Description 

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 FY 

2022 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 +$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. 
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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 Vehicles and Associated Infrastructure +$763,000 / +0 FTE 

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

and Abroad”, 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 the 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. 

 
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1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 181,357 198,853 208,133 

11.3 - Other than full-time permanent 239 170 177 

11.5 - Other personnel compensation 6,072 5,603 5,934 

11.9 - Personnel Compensation (Total) $187,668 $204,626 $214,244 

12.0 - Personnel benefits 67,423 74,944 80,041 

13.0 - Benefits for former personnel 0 0 0 

Total Personnel and Compensation Benefits $255,091 $279,569 $294,285 

21.0 - Travel and transportation of persons 974 1,346 1,559 

22.0 - Transportation of things 95 75 77 

23.1 - Rental payments to GSA 24,640 22,135 33,114 

23.2 - Rental payments to others 6 5 5 

23.3 - Communication, utilities, and misc charges 59,780 88,937 65,023 

24.0 - Printing and reproduction 122 109 111 

25.1 - Advisory and assistance services 67,812 28,253 21,976 

25.2 - Other services from non-Federal sources 18,133 28,413 37,254 

25.3 - Other goods and services from Federal sources 305,965 341,745 314,015 

25.4 - Operation and maintenance of facilities 2,260 2,894 2,952 

25.7 - Operation and maintenance of equip 10,915 9,358 8,067 

26.0 - Supplies and materials 5,042 4,805 4,535 

31.0 - Equipment 4,980 4,714 3,113 

32.0 - Land and structures 424 10 10 

43.0 - Interest and dividends 38 0 0 

Total Non-Personnel $501,187 $532,801 $491,811 

New Budgetary Resources $756,278 $812,370 $786,097 

 

FTE 1,857 1,989 2,029 

Note: Table does not include obligations from direct supplemental funding provided under the Coronavirus Aid, Relief, Economic Security 

(CARES) Act (P.L. 116-136) for $12.6 million in FY 2020 and $17.5 million in FY 2021, and the American Rescue Plan (ARP) (P.L.117-2) 

for $19.1 million in FY 2021 and $4.1M in FY 2022. FY 2021 includes $9.5 million in MUD estimated obligations. FY 2022 includes $13.0 

million in MUD estimated obligations. 

 
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D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

BUREAU OF THE FISCAL SERVICE 

Federal Funds 

SALARIES AND EXPENSES 

For necessary expenses of operations of the Bureau of the Fiscal 

Service, [$345,569,000] $360,266,000; of which not to exceed 

$8,000,000, to remain available until September 30, [2023] 2024, 

is for information systems modernization initiatives; and of which 

$5,000 shall be available for official reception and representation 

expenses. 

In addition, $165,000, to be derived from the Oil Spill Liability 

Trust Fund to reimburse administrative and personnel expenses 

for financial management of the Fund, as authorized by section 

1012 of Public Law 101-380. (Department of the Treasury 

Appropriations Act, 2021.)

Federal Reserve Bank Permanent, Indefinite Appropriation 

The Federal Reserve Banks (FRBs) act as fiscal agents of the United States when directed by the 

Secretary of the Treasury in accordance with 12 U.S.C. § 391. Under this account, the FRBs 

support fiscal operations unrelated to the administration of the public debt and provide banking 

and financial services on behalf of the United States Treasury. Specifically, this account supports 

accounting and reporting, collections, payments, and debt collection programs. These, and other 

programs, are vital to the NFCI, Fiscal Service’s strategic goals, and the expansion of 

e-government efforts to reduce costs, improve accuracy and increase options available to citizens 

to conduct transactions with the Federal Government. Fiscal Service estimates that the cost of 

FRB services for FY 2022 will be approximately $659 million. 

Reimbursements to the Federal Reserve Banks 

Public Law (P.L.) 101-509, 104 Stat. 1389, 1394 (1990), established a permanent, indefinite 

appropriation to pay such sums as may be necessary to reimburse the FRBs for acting as fiscal 

agents. This account was further defined in FY 1992 to solely support those activities related to 

the administration of the public debt. Funding for FY 2022 is estimated at $180 million. 

Financial Agent Services Permanent, Indefinite Appropriation 

Congress has given the Secretary of the Treasury authority to deposit money in financial 

institutions and obtain banking and financial services by designating qualified financial 

institutions to act/serve as Financial Agents (FAs) of the United States. The services support 

many Fiscal Service programs, such as collections, payments, and debt collection. The services 

provided by the FAs are authorized under numerous statutes including, but not limited to, 12 

U.S.C. 90 and 265. Fiscal Service estimates the cost of FA services for FY 2022 will be 

approximately $881 million, which includes $1.3 million for Government Sponsored Enterprise 

– Mortgage Backed Securities administrative costs. 
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Government Losses in Shipment 

P.L. 103-329 established a permanent, indefinite appropriation to pay such sums as necessary to 

make payments for the replacement (or value) of valuables lost, destroyed, or damaged during 

United States Government shipments. The Government Losses in Shipment Act (the Act) was 

enacted July 8, 1937 to dispense with the necessity for insurance by the Government against loss 

or damage to valuables in shipment and for other purposes. The Act was amended in 1943 to 

cover losses resulting from the redemption of savings bonds (for example, stolen bonds that were 

fraudulently negotiated even though the paying agent followed identification guidelines 

established by the Treasury). All Authority of the Treasury under the Act is delegated to the 

Fiscal Service Commissioner. In FY 2022, the funding estimated to support payments for the 

replacement of valuables is approximately $1.9 million. 

1.4 – Permanent, Indefinite Appropriations Table 

 

Permanent, Indefinite Appropriation FY 2020

Actual

FY 2021 

Estimated

FY 2022 

Request

Federal Reserve Bank1 $599,000 $646,000 $659,000

Reimbursements to the Federal Reserve Banks $147,000 $177,000 $180,000

Financial Agent Services1,2 $856,000 $864,000 $881,000

Government Losses in Shipment $2,204 $1,452 $1,909

Dollars in Thousands

1/ Approx $91M was reimbursed from other government agencies and deposited into the General Fund in 

2/ FY 2020 - FY 2022 includes $1 M per year for the Government Sponsored Enterprise - Mortgage Backed 

Securities administrative costs.

FY 2020.
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Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

In FY 2020, Fiscal Service collected over $4.24 trillion in revenue, issued more than 1.4 billion 

payments to over 120 million Americans, and conducted 447 auctions that sold $18.67 trillion in 

Treasury securities to finance the Federal Government. Fiscal Service accounted for the Nation’s 

$26.9 trillion public debt down to the penny, every day. 

In accordance with the Government Performance and Results Act Modernization Act (GPRAMA)

of 2010, the Department of the Treasury is currently developing the FY 2022 – 2026 

Departmental Strategic Plan. The Strategic Plan is scheduled for publication in 2022. The 

Annual Performance Plan will be updated in the FY 2023 President’s Budget to reflect new 

departmental strategic goals and objectives. Fiscal Service will publish a component plan that 

aligns bureau activities and priorities to the Department’s by Spring 2022. 

Fiscal Service continues its mission to promote the financial integrity and operational efficiency 

of the Federal Government through exceptional accounting, financing, collections, payments, 

and shared services. Fiscal Service is guided by the Future of Federal Financial Management 

Vision (FM Vision) which outlines three expectations citizens have for federal financial 

management which guide the work within Fiscal Service: 

 The Government is an efficient steward of its financial resources; 

 Financial information provided by the Government is accurate; and 

 Financial interactions with the Government are inclusive, modern, seamless, and secure. 

Fiscal Service is committed to providing it’s customers with innovative, modern financial 

management solutions. This includes providing a modern customer experience to the American 

public, leading the federal financial management community, and unlocking value for agency 

Chief Financial Officers (CFOs). 

To transform financial management, Fiscal Service is guided by its strategic vision to deliver 

operational excellence and business modernization, provide a modern customer experience, 

engage its diverse high-performing workforce, increase data integrity and transparency, and 

provide innovative financial management solutions to the financial management community. 

These transformations are more important than ever as Fiscal Service moves forward. 

Fiscal Service fulfills its mission and strategic vision through appropriated budget activities - 

Accounting and Reporting, Collections, Payments, Retail Securities Services, Wholesale 

Securities Services - and one mandatory budget activity - Debt Collection, which is funded 

through delinquent debt collection revenue. 

The following sections detail how specific budget activities support the strategic direction and 

illustrate FY 2020 performance accomplishments and FY 2021 and 2022 performance goals. 
Fiscal - 11 

B – Budget and Performance by Budget Activity 

2.1.1 – Accounting and Reporting Resources and Measures 

Dollars in Thousands 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $113,413 $114,829 $90,291 $94,104 $94,446 $96,472 $103,242 

Reimbursable Resources $24,155 $23,800 $18,923 $20,114 $21,205 $21,547 $26,365 

Budget Activity Total $137,568 $138,629 $109,214 $114,218 $115,651 $118,019 $129,607 

Full-time Equivalents (FTE) 425 381 400 373 355 398 417 

Note: The FY 2016 - FY 2020 appropriated resources represent actual obligations. 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

 Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Percentage of Government-wide 

Accounting Reports Issued Timely 

(%) 

100.0 100.0 100.0 99.6 100.0 99.5 99.5 99.5 

Accounting and Reporting Budget and Performance 

($103,242,000 from direct appropriations, $26,365,000 from reimbursable sources) 

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. Fiscal Service is responsible for maintaining the Federal Government’s set of 

accounts and serves as the repository of information for the financial position of the United 

States Government. The Bureau closely monitors the Government’s monetary assets and 

liabilities through its oversight of central accounting and reporting systems. Fiscal Service 

oversight responsibilities include helping Federal agencies use uniform accounting and reporting 

standards and systems and assuring the continuous exchange of financial information between 

Federal agencies, OMB, and financial institutions. The Bureau also gathers and publishes 

government-wide financial information for use in establishing fiscal and debt management 

policies, as well as to allow the public and private sectors to monitor the Government's financial 

status. In FY 2020, Fiscal Service issued a total of 265 government-wide accounting reports. 

 

262 263 262 263 263 265 264 266

0

50

100

150

200

250

300

FY 2015

Actual

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Projected

FY 2022

Projected

Count of Government-wide Account Reports Issued
Fiscal - 12 

Description of Performance: 

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. 

Other Accounting and Reporting performance accomplishments include the following: 

Financial Data Access and Use: In July 2020, Fiscal Service launched 

FiscalData.Treasury.gov, which provides the public with centralized access to Fiscal Service’s 

financial data through a modern user experience. Fiscal Data includes topics such as debt, 

interest rates, and revenue through an accessible, easy-to-follow, interactive website. 

Treasury also collaborated with OMB and other federal agencies to issue guidance on 

supplemental funding provided in response to COVID-19 and worked with federal agencies to 

report this information to the public on USAspending.gov. 

General Fund: GAO’s FY 2018 Schedules of the General Fund report for the Bureau of the 

Fiscal Service was published in May 2019 and identified opportunities to advance the 

auditability of the Schedules of the General Fund. In FY 2020, Fiscal Service implemented a 

comprehensive remediation plan to address these issues with the following actions: 1) 

implementing processes for validating the integrity of certain beginning balances; 2) developing 

an automated reconciliation to readily trace payment transactions; and 3) working diligently with 

the federal agency community to provide guidance to improve the accuracy of the Schedules. 

GAO has confirmed that the Fiscal Service successfully completed remediation activities to 

adequately address two of the three outstanding scope limitations from the FY 2018 audit. 

Additionally, GAO confirmed six of twelve financial audit recommendations were successfully 

addressed since the last audit cycle, along with successful closure of eight of seventeen 

information technology recommendations. 

Modernize and Streamline Federal Reporting and Audit Model: Federal agencies (and other 

entities) use the Government-wide Treasury Account Symbol Adjusted Trial Balance System 

(GTAS) to provide proprietary financial reporting information about budget execution to the 

Treasury. This information is used to compile the Financial Report of the U.S. Government. In 

FY 2020, Fiscal Service implemented key enhancements, including data automation to support 

the elimination of 40 agency closing packages for the U.S. Consolidated Financial Statements, 

and made progress in standardizing the Balance Sheet between the financial statement lines 

presented by agencies. 

In FY 2022, Accounting and Reporting will engage in projects and activities that improve data 

use and transparency, streamline, and improve debt management and modernize federal financial 

performance. The Debt Information Management System (DIMS) modernization effort will 

allow the Bureau to provide more accurate and timely reporting of the national debt. 
Fiscal - 13 

Additionally, timelines were established to move towards an improved intragovernmental 

invoicing system, improved auditing procedures, and advanced analytics. 

2.1.2 – Collections Resources and Measures 

Dollars in Thousands 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $37,394 $35,281 $38,338 $42,333 $38,976 $41,109 $42,417 

Reimbursable Resources $8,265 $7,028 $8,042 $7,804 $8,535 $8,248 $7,754 

Budget Activity Total $45,659 $42,309 $46,380 $50,137 $47,511 $49,357 $50,171 

Full-time Equivalents (FTE) 152 159 160 156 148 161 165 

Note: The FY 2016 - FY 2020 appropriated resources represent actual obligations. 

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Percentage of Total Federal 

Government Receipts Settled 

Electronically (%) 

98.2 98.3 98.0 98.4 99.0 98.0 98.0 98.3 

Collections Budget and Performance 

($42,417,000 from direct appropriations, $7,754,000 from reimbursable sources)

The Collections budget activity supports the NFCI and Treasury by administering the world’s 

largest government funds collections system through a network of Fiscal and Financial Agents. 

Fiscal Service’s collections network supports a significant number of transactions and dollars 

collected, demonstrating the criticality of our program to the economy, the operations of the 

Government, and the daily lives of the public and businesses. 

In FY 2020, Fiscal Service collected over $4.24 trillion in federal revenue, such as individual 

and corporate income tax deposits, customs duties, fees for government services, fines, and 

loan repayments. Within the federal revenue collected, the Electronic Federal Tax Payment 

System (EFTPS) processed over 190 million transactions valued at nearly $3.03 trillion in tax 

revenue while Pay.gov processed nearly 152 million transactions worth nearly $202 billion. 

$3.98 $3.96 $4.09 $4.15 $4.26 $4.24 $4.25 $4.25

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

FY 2015

Actual

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Projected

FY 2022

Projected

Total Revenue Collected ($ Trillions)
Fiscal - 14 

Description of Performance: 

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. 

In FY 2020, Fiscal Service also continued efforts to streamline lockbox networks, which 

process paper-based payments and forms. The General Lockbox Network (GLN), which 

provides services to a variety of agencies, streamlined 65 cash flows and Fiscal Service reduced 

the GLN lockbox footprint from four sites managed by three financial agents, to two sites 

managed by a single financial agent. In FY 2022, the Fiscal plans to assess volume and policy 

impacts resulting from the pandemic and new climate policies to determine plans for its 

lockbox networks. Additionally, Fiscal Service has initiated the Transforming Tax Collections 

(T2C) initiative, a modernization effort which will transition to a new, modernized tax 

collection service that provides better customer experience, leverages available technologies to 

improve cybersecurity and fraud monitoring and detection, and enhances resiliency. 

2.1.3 – Payments Resources and Measures 

Dollars in Thousands 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $127,943 $133,998 $131,160 $122,835 $136,678 $123,190 $127,110 

Reimbursable Resources $111,088 $111,464 $117,264 $113,313 $118,127 $123,880 $125,098 

Budget Activity Total $239,031 $245,462 $248,424 $236,148 $254,805 $247,070 $252,208 

Full-time Equivalents (FTE) 562 597 508 477 487 490 501 

Note: The FY 2016 - FY 2020 appropriated resources represent actual obligations. 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Percentage of Treasury Payments 

Made Electronically (%) 94.9 95.1 95.4 95.6 96.0 95.8 96.1 96.4 

Count of Improper Payments 

Identified or Stopped (# in 

Thousands) 

33.7 21.4 20.3 22.4 22.8 20.5 21.5 22.5 

Dollar Amount of Improper 

Payments Identified or Stopped 

($ Millions) 

59.0 36.6 35.5 41.1 43.5 35.3 37.0 38.8 
Fiscal - 15 

Payments Budget and Performance 

($127,110,000 from direct appropriations, $125,098,000 from reimbursable sources)

The Fiscal Service Payments budget activity supports the NFCI and delivers Federal payments 

on behalf of more than 250 Federal entities through disbursement mechanisms such as paper 

checks, Electronic Fund Transfers (EFT), and benefit cards. The public relies on the Fiscal 

Service disbursement of payments, including programs such as Veterans’ Compensation and 

Pension, Social Security Benefits, Federal and Railroad Pensions, IRS tax refunds, and 

Supplemental Security Income (SSI). Fiscal Service continues to focus on promoting the use of 

electronic channels in the payment process and assisting agencies in converting payments from 

paper checks to EFTs and strives towards all-electronic disbursements to streamline processes, 

reduce cost of operations, and deliver payments and related services expeditiously to the 

American public. 

Fiscal Service continues to increase the percentage of federal payments which are Treasurydisbursed. In FY 2020, Fiscal Service disbursed 88 percent of all federal payments. 

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

workload in support of the CARES legislation, specifically the delivery of Economic Impact 

Payments (EIP) to the American public. In FY 2020, Fiscal Service securely disbursed 1.4 

billion payments totaling $5.4 trillion; of these totals, EIPs accounted for more than 160 million 

payments to individuals 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. 

Description of Performance: 

In FY 2020 and FY 2021, Fiscal Service was critical to the rapid implementation of programs 

providing relief to American workers and families during the coronavirus pandemic. Fiscal 

Service’s use of modern, seamless, and secure electronic payment methods dramatically 

improved the speed and delivery of payments, including 472 million Economic Impact Payments 

(EIPs). In 2008, during the last major stimulus effort, it took more than two months to issue the 

first 800,000 stimulus payments to the American public. By comparison, in FY 2020, Fiscal 

Service disbursed more than 159 million EIPs within two months of the CARES Act being 

1.16 1.18 1.20 1.22 1.23

1.44

1.59

1.29

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

FY 2015

Actual

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Projected

FY 2022

Projected

Total Number of Payments Disbursed (# Billions)
Fiscal - 16 

signed into law. This included all eligible Americans for whom the IRS had the necessary 

information to make payments. In two subsequent rounds, Fiscal Service disbursed a majority of 

EIPs in approximately one month. In December 2020, Fiscal Service disbursed more than 113 

million electronic EIPs totaling $112.2 billion within two days of the signing of the 

legislation. For EIP3s, Fiscal Service disbursed more than 90 million electronic EIPs totaling 

$242.3 billion in less than 24 hours of the signing of the legislation. For all three rounds of EIPs, 

Fiscal Service leveraged the use of debit cards for a portion of EIPs that would have otherwise 

been issued via paper checks. To further facilitate delivery of payments, Fiscal Service also 

issued electronic EIPs using information from other agencies. 

While in the midst of supporting the CARES Act, Fiscal Service also continued advancing its 

planned actions within the Payments activity. One major initiative in this area is the Treasury 

FY 2020 – FY 2021 Agency Priority Goal (APG) to improve the public’s experience by 

increasing electronic payments and reducing paper checks. Excluding EIPs and Department of 

Education checks directly related to the pandemic, Treasury reduced the total number of paper 

checks issued by -3.7 million compared to FY 2019 levels. 

*Excludes EIPs and Department of Education checks directly related to the pandemic. 

In FY 2022, Fiscal Service plans to support the Administration’s climate priority and 

commitment to streamline the delivery of benefit payments by continuing to promote and 

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

payments, benefit payments, and other miscellaneous payments. Additionally, the Bureau plans 

to explore, develop, and deploy innovative, customer-driven electronic payment solutions. 

Fiscal Service also continues to grow the number of CFO Act agencies using and increase the 

dollar value of invoices processed through the Invoice Processing Platform (IPP). IPP is a 

secure, web-based service that automates government invoicing from purchase order through 

payment notification, resulting in reduced costs, faster payments, more accurate data, better 

cash management, and an improved customer experience. 

In FY 2022, Fiscal Service will continue its Payment Modernization efforts through the 

Disbursement Services Modernization Initiative and Post Payment Modernization Initiative. 

54.2

50.5* 49.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

FY 2019 Actual FY 2020 Actual FY 2021 APG Target

Number of Paper Checks Disbursed (Millions)
Fiscal - 17 

These efforts will modernize the disbursement processes to increase efficiencies, improve 

resiliency and security, enhance the customer experience, and enable the flexibility to adapt to 

future payment channels. 

Additionally, Fiscal Service plans to initiate an enterprise project aimed at modernizing the 

electronic invoicing system. This initiative will provide a simple and easy-to-use e-Invoicing 

platform that will deliver economies of scale across the Federal Government and simplify the 

accounts payable process, while providing security and performance features required by 

agencies and vendors. 

Fiscal Service will also continue to advance the Payment Integrity Center of Excellence 

(PICOE) and Do Not Pay (DNP) programs in FY 2022. These programs support agencies, law 

enforcement, and states in combatting fraud, waste, abuse, and improper payments. PICOE and 

DNP will continue to provide actionable business insights and solutions that transform how 

Federal agencies approach identifying, preventing, stopping, and recovering improper payments 

and related fraudulent activity. 

In FY 2020, nine new state programs utilized DNP analytical services, 13 new federal programs 

used DNP analytical services, and 12 state or federal programs expanded DNP portal 

functionality. This growth has led to continued progress in identifying or stopping improper 

payments – specifically, the count and dollar amount of improper payments identified and 

prevented. 

2.1.4 – Retail Securities Services Resources and Measures 

Dollars in Thousands 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $71,252 $61,910 $60,491 $55,465 $56,344 $59,312 $61,200 

Reimbursable Resources $16,026 $12,642 $12,100 $13,306 $12,406 $14,544 $15,549 

Matured Unredeemed Debt $0 $0 $0 $0 $401 $25,000 $0 

Budget Activity Total $87,278 $74,552 $72,591 $68,771 $69,151 $98,856 $76,749 

Full-time Equivalents (FTE) 436 472 434 388 393 406 412 

Note: The FY 2016 - FY 2020 appropriated resources represent actual obligations. 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Percentage of Retail Customer 

Service Transactions That Are 

Unassisted (%) 

N/A N/A N/A 69 70 B 71 72 

Key: B - Baseline 

Retail Securities Services Budget and Performance 

($61,200,000 from direct appropriations, $15,549,000 from reimbursable sources)

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. The 

U.S. Treasury began offering savings bonds in paper in 1935. Today, electronic savings bonds 

and marketable securities are sold through TreasuryDirect, an internet-based book-entry system 

for purchasing, holding, and conducting Treasury securities transactions. In FY 2020, Fiscal 
Fiscal - 18 

Service electronically issued $98.1 billion in Treasury retail securities (includes sales and 

reinvestments), processed $114.7 billion in redemptions, added 100,044 new accounts to 

TreasuryDirect, and made 2.8 million retail payments worth $36 billion. 

Description of Performance: 

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. 

Retail Securities Services is also launching multiple initiatives to help owners find and claim 

their matured savings bonds. The initiatives focus on matured unredeemed debt (MUD), or 

savings bonds that have reached final maturity and stopped earning interest. The initiatives will 

include records modernization, online search tools, state partnerships, data analysis, customer 

research, communications, and longer-term initiatives to improve customer experience. 

Improving savings bond records over time will enable collaboration with stakeholders in locating 

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 
Fiscal - 19 

find collaborative solutions to locate owners of MUD bonds. In addition to adding links to 

TreasuryHunt.gov on unclaimed property websites and other locations, the collaboration includes 

the creation of workgroups with states to consider best practices in identifying customers, 

encouraging redemption, and finding heirs and owners of savings bonds. Fiscal Service is also 

leveraging data matching with federal agencies to better identify updated bond owner contact 

information. 

2.1.5 – Wholesale Securities Services Resources and Measures 

Dollars in Thousands 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $13,848 $16,796 $21,851 $23,522 $23,414 $25,486 $26,297 

Reimbursable Resources $3,115 $4,214 $4,613 $4,599 $5,062 $4,797 $4,888 

Budget Activity Total $16,963 $21,010 $26,464 $28,121 $28,476 $30,283 $31,185 

Full-time Equivalents (FTE) 78 117 116 112 116 122 122 

Note: The FY 2016 - FY 2020 appropriated resources represent actual obligations. 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Percentage of Auction Results 

Released Accurately (%) 100 98.9 98.9 98.8 100 100 100 100 

Percentage of Auctions 

Successfully Completed by the 

Scheduled Close Date (%) 

N/A N/A N/A 100 100 B 100 100 

Key: B - Baseline 

Wholesale Securities Services Budget and Performance 

($26,297,000 from direct appropriations, $4,888,000 from reimbursable sources)

The Wholesale Securities Services (WSS) budget activity finances daily government operations 

by offering Treasury securities through reliable, accurate, and secure electronic systems. Fiscal 

Service oversees the announcement, auction, and issuance of marketable Treasury bills, notes, 

bonds, floating rate notes, and inflation-protected securities. 

In FY 2020, the Federal Government’s response to the COVID-19 pandemic resulted in 

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. 
Fiscal - 20 

Description of Performance: 

In FY 2020, Fiscal Service saw unprecedented demand for borrowing needs and set several 

workload volume records. Through this increased workload, Fiscal Service continued to 

demonstrate operational excellence by successfully completing 100 percent of auctions by the 

scheduled close date and by releasing 100 percent of auction results accurately. 

Additionally, Treasury conducted substantial market outreach to a broad range of market 

participants to gather information on market conditions and help inform Treasury’s policy 

decisions. Simultaneously, Treasury worked to improve its internal data and analytics 

platform to handle growing data sets and facilitate additional analyses. 

Fiscal Service also continued efforts to modernize the Treasury securities auction system. 

Key FY 2020 accomplishments included implementing an enhanced operations and 

269 269 275 270

325

447 435 435

0

50

100

150

200

250

300

350

400

450

500

FY 2015

Actual

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Projected

FY 2022

Projected

Total Number of Auctions Conducted

$6.9 $8.0 $8.6

$10.0

$11.7

$18.7

$21.8 $23.0

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

FY 2015

Actual

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Projected

FY 2022

Projected

Dollar Amount of Marketable Securities Issued ($ Trillions)
Fiscal - 21 

maintenance program to ensure the resiliency, reliability, and high-performance of the 

existing technology; developing a roadmap for additional system enhancements; and 

initiating additional discovery activities beyond the current enhancement roadmap for the 

auction modernization effort. In FY 2021, Fiscal Service will complete the Financing 

Modernization Discovery Phase to determine which approach to take to move forward with 

the Financing Modernization effort. 

2.1.6 – Debt Collection Resources and Measures 

Dollars in Thousands 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Reimbursable Resources $187,152 $176,928 $167,726 $204,512 $214,910 $228,984 $233,177 

Budget Activity Total $187,152 $176,928 $167,726 $204,512 $214,910 $228,984 $233,177 

Full-time Equivalents (FTE) 390 417 389 366 348 403 412 

Note: The FY 2016 - FY 2020 appropriated resources represent actual obligations. 

   FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 FY 2021 FY 2022 

Performance Measure Actual Actual Actual Actual Actual Target Target Target 

Amount of Delinquent Debt 

Collected Through All Available 

Tools ($ Billions) 

7.41 7.61 7.44 9.65 10.68 8.88 8.81 9.04 

All Delinquent Debt Collected as 

a Percentage of All Delinquent 

Debt Referred (%) 

N/A N/A N/A 14.3 15.7 14.9 14.9 14.9 

Percentage of the Active 

Delinquent Debt Portfolio 

Collected (%) 

N/A N/A N/A 6.8 9.2 7.0 7.0 7.0 

Debt Collection Budget and Performance 

($233,177,000 from reimbursable sources)012017 FY 2018 FY 2019 FY 2020 FY 2021 

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. Through TOP, the names 

and taxpayer identifying numbers of debtors included in a Fiscal Service database are matched 

against the names and taxpayer identifying number of recipients of Federal payments. If there are 

matches, the amounts of the payments are reduced (“offset”) to satisfy the delinquent debts. In 

FY 2020, Fiscal Service processed 12.78 million debts through TOP. 
Fiscal - 22 

Through Cross-Servicing, delinquent debts referred to Fiscal Service by Federal agencies are 

collected several ways, including offsetting Federal payments, sending demand letters to debtors, 

entering into payment agreements, withholding wages administratively, referring debts to the 

Department of Justice for action, reporting credit to bureaus, and contracting for the services of 

private collection agencies. In FY 2020, Fiscal Service processed 1.60 million debts through 

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. Beginning in April 2020, several federal and state creditor agencies suspended 

collection activities due to economic concerns related to the pandemic. In FY 2020, Fiscal 

11.39 11.98

14.90

13.26

16.30

12.78

17.97

18.87

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

FY 2015

Actual

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Projected

FY 2022

Projected

Number of Debts Processed Through TOP (Millions)

0.34 0.41

1.97

2.40 2.53

1.60

2.78 2.92

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

FY 2015

Actual

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Projected

FY 2022

Projected

Number of Debts Processed Through Cross Servicing (Millions)
Fiscal - 23 

Service was still able to exceed its $8.8 billion collection target with a total $10.68 billion 

collected. Of the $10.68 billion collected in delinquent debt, $10.41 billion was collected through 

the Treasury Offset Program (TOP) and $268.9 million through the Cross-Servicing program. 

This total also includes a collection of $3.4 billion from economic impact payments (EIPs) to 

satisfy delinquent child support. 

Fiscal Service also continued to exceed targets for delinquent debt collected as a percentage of 

delinquent debt referred, and the percentage of the active delinquent debt portfolio collected. 

However, Fiscal Service anticipates continuing challenges in delinquent debt collection in 

FY 2021 due to ongoing concerns about the COVID-19 pandemic. In FY 2020, the collections 

success was driven by offsets of the first round of EIP. The second and third rounds of EIP did 

not allow for the same offsets and resulted in a decline in collections revenue. Fiscal Service 

made efforts to reduce expenditures to address these challenges. Additionally, Fiscal Service 

received new authority to use CARES Act implementation funds to offset some of this lost debt 

collection revenue and continue these operations. However, agencies continuing to suspend 

collections is resulting in an overall decrease in Fiscal Service’s collections revenue. As such, the 

collection targets for FY 2021 are significantly reduced from the collection amounts of FY 2020, 

and the pandemic impacts on future collections remain uncertain. Collection projections are 

contingent on timeframes for agency suspension of debt collection activities. 

C – Changes in Performance Measures 

There are no changes to performance measures since the FY 2021 Congressional Justification. 

D– Evidence-Building Activity 

The table below describes Fiscal’s major evidence-building activities and corresponding 

resources. Additionally, refer to the Executive Summary for a discussion of Treasury-wide 

evidence-building functions. 

Type of 

Evidence 

Building 

Activity 

Major Activities and 

Planned Projects

Resource Types Use 

Evaluation 

Collection and 

analysis of data 

to assess 

effectiveness 

and efficiency of 

programs, 

policies, or 

procedures

Estimated share 

of all EvidenceBuilding 

Activities: 

Major activities: 

 Program Evaluation 

 Assessing Innovative, 

Emerging Technology 

 Data Quality 

 0340 – Program 

Manager 

 0343 – Management 

& Program Analyst 

 Contract Resources 

☒ For internal policy 

 decision-making 

☒ During internal 

 strategic 

management 

 processes 

☒ By external 

partners 

 (government) 

☐ By external 

partners 

 (non-government) 
Fiscal - 24 

Type of 

Evidence 

Building 

Activity 

Major Activities and 

Planned Projects

Resource Types Use 

 10% FY21 and FY22 projects: 

 Program Evaluation: 

Establish an Evidence 

Register, create an 

Enterprise Learning 

Agenda, and an Annual 

Evaluation Plan. (Active) 

 Blockchain for Grant 

Payments: Examine 

distributed ledger 

technology (i.e. blockchain) 

to understand its value 

proposition and legal and 

regulatory implications in 

the federal grant payment 

domain. Evidence will 

enable Fiscal Service to 

make a “Go/No Go” 

recommendation for 

continuing to a potential 

pilot. (Active) 

 Emerging Technology 

Incubator: Launch a beta 

blockchain incubator, 

complete an Artificial 

Intelligence (AI) Warrant 

Lab and make a “Go/No 

Go” decision on whether to 

proceed with proof of 

concept / pilot, and identify 

one additional emerging 

technology proof of concept 

/ pilot. (Active) 

 Data Quality: Initiate data 

quality research project and 

develop data quality 

improvement plans. 

(Active) 

☒ By unaffiliated 

 external researchers 

☐ Other (describe) 

Research 

Modeling or 

other systematic 

use of data to 

Major activities: 

 Customer Research 

 Environmental Scans / 

Research 

 0340 – Program 

Manager 

 0343 – Management 

& Program Analyst 

☒ For internal policy 

 decision-making 

☒ During internal 
Fiscal - 25 

Type of 

Evidence 

Building 

Activity 

Major Activities and 

Planned Projects

Resource Types Use 

explore 

emerging issues 

or potential 

scenarios to 

generate new 

knowledge

Estimated share 

of all EvidenceBuilding 

Activities: 

 50%

FY21 and FY22 projects: 

 Future Readiness 

Assessment: Align Fiscal 

Service resources to achieve 

the vision for the future of 

federal financial 

management. (Active) 

 Matured Unredeemed Debt 

(MUD): Customer research. 

(Active) 

 Treasury Retail Investment 

Manager (TRIM): Customer 

journey research. (Active) 

 Disbursement Services 

Modernization Initiative 

(DSMI): Conduct Benefit 

agency user experience and 

feedback session(s) centered 

on future of payment 

disbursements. (Active) 

 Financing Modernization: 

Conduct project discovery 

phase and financing 

environmental scan to 

inform options and 

recommendations. (Active) 

 Treasury Financial 

Experience (TFX): Utilize 

user focus groups during the 

TFX design process. 

(Active) 

 Contract Resources strategic 

management 

 processes 

☒ By external 

partners 

 (government) 

☐ By external 

partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) 
Fiscal - 26 

Type of 

Evidence 

Building 

Activity 

Major Activities and 

Planned Projects

Resource Types Use 

Analysis 

Routine and 

frequent use of 

data that 

produces 

insights for 

decision making 

and program 

management

Estimated share 

of all EvidenceBuilding 

Activities: 

 25%

Major activities: 

 Performance Measurement 

 Alternatives Analysis 

 0301 – 

Miscellaneous 

Administration and 

Program 

 0340 – Program 

Manager 

 0343 – Management 

& Program Analyst 

 Contract Resources 

☒ For internal policy 

 decision-making 

☒ During internal 

 strategic 

management 

 processes 

☒ By external 

partners 

 (government) 

☒ By external 

partners 

 (non-government) 

☒ By unaffiliated 

 external researchers 

☐ Other (describe) 
Fiscal - 27 

Type of 

Evidence 

Building 

Activity 

Major Activities and 

Planned Projects

Resource Types Use 

FY21 and FY22 projects: 

 Mainframe Strategy: 

Conduct a modernization 

study to determine a path 

forward for aging 

mainframe platform. 

(Active) 

 E-Invoicing Modernization: 

Complete E-Invoicing 

alternative analysis and 

develop future state 

recommendation. (Active) 

 Payment Integrity Center of 

Excellence (PICOE): 

Complete a pilot and 

implementation planning 

that will support increased 

recovery and prevention of 

payments to the deceased. 

Research, analyze, and 

design a solution that 

supports sharing of 

compromised accounts and 

payees. Determine 

approaches for sharing data 

with two agencies. 

 Participate in Joint 

Financial Management 

Improvement Program 

(JFMIP) project that studies 

the effects of integrating 

identity management as a 

mitigation strategy to 

reduce billions of dollars 

annual in improper 

payments, including those 

that should never have been 

made. (Active) 
Fiscal - 28 

Type of 

Evidence 

Building 

Activity 

Major Activities and 

Planned Projects

Resource Types Use 

Statistics 

Collection, 

compilation, 

and processing 

of data for 

describing or 

estimating 

characteristics 

or insights 

concerning 

groups

Estimated share 

of all EvidenceBuilding 

Activities: 

 15%

Major activities: 

 Analytics Projects 

 0340 – Program 

Manager 

 0343 – Management 

& Program Analyst 

☒ For internal policy 

 decision-making 

☒ During internal 

 strategic 

management 

 processes 

☒ By external 

partners 

 (government) 

☒ By external 

partners 

 (non-government) 

☐ By unaffiliated 

 external researchers 

☐ Other (describe) 

FY21 and FY22 projects: 

 Do Not Pay (DNP) 

Analytics: Initiate analytics 

projects with new state and 

new federal programs, and 

expand DNP Portal 

functionality to state and 

federal programs. (Active) 

Section III – Additional Information 

A – Summary of Capital Investments 

Fiscal Service leads the way for responsible, effective government through our commitment to 

technology enablement, customer-focused service, efficient operations, strategic partnering, and 

agility to enable the missions of the Federal Government. Fiscal Service strategically governs 

and manages its information technology (IT) portfolio lifecycle, and continually harnesses IT 

resources, investment health, and portfolio performance insights for capital planning decisions to 

deliver secure, flexible, extensible, and resilient technology services and solutions that maximize 

business value. 

A summary of capital investments, including major information technology and non-technology 

investments, can be accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx. 

Effective Investment Governance 

Fiscal Service Governance focuses on overall progress in achieving the outcomes described in 

the bureau’s Strategic Plan and the Future of Federal Financial Management vision. The 

governance and portfolio management functions ensure that the IT Portfolio maintains cost 

effectiveness and continuously delivers intended results throughout the lifecycle of investments. 

A monthly investment health assessment of cost, schedule, scope, operational performance, and 

risk is in place, as are an informal ChatStat process – which uses internal Bureau meetings to 
Fiscal - 29 

discuss investment, program, or project plans and performance concerns and identify actionable 

steps for course correction – and a formal TechStat process that engages appropriate senior level 

officials for insight and successful remediation of significant issues or risks. Financial data 

transparency and benchmarking capabilities are being matured through the implementation of the 

Technology Business Management (TBM) framework and Total Cost of Ownership (TCO) 

model; the bureau has achieved 99 percent IT financial data transparency through alignment to 

the TBM IT and finance layers. The value insights being gained inform governance decisions 

around investment planning, selection, resourcing, and prioritization to best support the mission 

and long-term plans for Fiscal Service and Treasury. 

Effective Project Execution 

Fiscal Service has a disciplined and consistent approach to project management (PM) rooted in 

industry standard best practices and supported through a bureau-wide project management center 

of excellence. The Project Management Competency Center provides input and guidance on PM 

standards, procedures, and training as well as actionable insights and recommendations based on 

the latest trends in project management. In addition, a fully supported project management 

community of practice is in place providing practitioners with special programming, surveys, and 

communication focused on collaboration, unique learning opportunities, creative problem 

solving, and leadership led discussions on practical lessons learned. Each IT investment has a 

dedicated program manager and a fully staffed integrated program team. The systems that 

support each investment are enhanced using iterative development techniques, with over 85 

percent of the bureau’s current software development projects using an iterative development 

methodology. Project-based reporting is used to align projects from governance through 

execution and thus improve the bureau’s ability to monitor performance and shape IT strategy. 

Additionally, Fiscal Service is continually assessing and improving its program and project 

management capability, and is implementing principles outlined in the Program Management 

Improvement Accountability Act (PMIAA). 

Enterprise Architecture Services 

Enterprise Architecture (EA) services ensure that Fiscal Service applies a common framework, 

using consistency and standardization practices, to describe and analyze investments which 

enables the bureau to proactively plan for changes, according to business vision and technology 

trends. Fiscal Service’s EA program is designed to facilitate cross-agency analysis of 

capabilities, knowledge, processes, and relationships to apply evidence-based techniques, 

identify duplicative investments, discover goals and opportunities for collaboration with other 

agencies, and establish a line-of-sight from the highest-level strategic goals to the infrastructure 

that enables the achievement of those goals. The value provided by the bureau’s EA services is 

demonstrated through the development of a Fiscal Service technology roadmap, which is 

leveraged in tandem with IT Portfolio rationalization and investment and cost optimization 

efforts to continuously transform methods of IT service and product delivery. Service Brokers 

ensure this transformation is designed and implemented in a standardized manner while also 

aligned with customer expectations by engaging with stakeholders ahead of their modernization 

needs. 

 
Fiscal - 30 

Enterprise Risk Management (ERM) 

The nature of Fiscal Service’s work requires effective enterprise risk management and high 

levels of performance to ensure the bureau maintains operational excellence while seeking 

innovative solutions to improve efficiencies and transform financial management and the 

delivery of shared services in the Federal Government. To this end, Fiscal Service has 

established an Office of Enterprise Risk Management (OERM) to promote a common 

understanding and approach to risk management and strengthen organizational capabilities to 

recognize, assess, and address risks that could disrupt the successful achievement of strategic 

goals and objectives. Fiscal Service has also established a Bureau Risk Committee to provide 

executive-level accountability for identifying, managing, and monitoring enterprise risk for the 

bureau, making timely and collaborative risk decisions, providing transparency around enterprise 

risks, and enabling a risk-aware culture. In collaboration with the Executive Board/Risk 

Committee, OERM has developed the Fiscal Service Risk Appetite Statement to guide bureau’s 

strategic direction. Moreover, through the development and issuance of an ERM framework, 

policies, guidance, and tools, the bureau incorporates risk management practices in decisionmaking processes such as strategic and tactical planning, workforce planning, capital investment 

planning, objective prioritization, and budget formulation. Fiscal Service continues to 

communicate the importance of effective risk management to all employees. 

Cybersecurity 

Fiscal Service has a multi-faceted mission that promotes financial integrity and operational 

efficiency across the Federal Government. As such, protecting the information and technology 

resources that support the bureau’s mission with more modern solutions that will support 

security, resiliency, and agility are critically important. Fiscal Service manages 60 FISMA 

systems with billions of PII records, including multiple High Value Assets (HVAs) that support 

the Financial Services Sector of the Critical Infrastructure (CI) of the Federal Government. Fiscal 

Service invests in strengthening the cyber defenses of HVAs against the increasing volume, 

sophistication, frequency, impact and brazenness of global cybersecurity threats. These 

investments are critical to maintain confidence in the financial ecosystem of the United States 

and avoid the immeasurable reputational damage Treasury would suffer in the event of a 

significant data breach or cybersecurity incident. Financial integrity and operational efficiency 

are accomplished by effective, coordinated management of security risks and incidents that 

ensure the confidentiality, integrity, and availability of the bureau’s systems are maintained. 

Fiscal Service employs an in-depth defense strategy to protect against, detect, and respond to 

anomalies in the bureau’s network and systems. In addition, Enterprise Cybersecurity ensures 

Fiscal Service information technology resources are compliant with the National Institute of 

Standards and Technology security standards and satisfies annual security audit requirements. 

While Fiscal Service has not identified any data or security compromises associated with the 

recent supply chain threats impacting the IT sector, Fiscal Service is accelerating efforts that will 

enhance cybersecurity, including protection, detection, and response capabilities, in 2021 and 

beyond, to include adopting a Zero Trust approach.