Department of the Treasury 

Bureau of the Fiscal Service 

 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2023

 
Fiscal Service - 2 

Table of Contents

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

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

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

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

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

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

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

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

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

E – Reorganization Notification - Future Readiness ..................................................................10 

F – Legislative Proposals ..........................................................................................................11 

Section II – Annual Performance Plan and Report ..................................................................12

A – Strategic Alignment .............................................................................................................12 

B – Budget and Performance by Budget Activity ......................................................................13 

2.1.1 – Accounting and Reporting Resources and Measures .....................................................13 

Accounting and Reporting Budget Performance .......................................................................13 

2.1.2 – Collections Resources and Measures .............................................................................15 

Collections Budget and Performance .........................................................................................15 

2.1.3 – Payments Resources and Measures ................................................................................17 

Payments Budget and Performance ............................................................................................17 

2.1.4 – Retail Securities Services Budget and Performance .......................................................20 

Retail Securities Services Budget and Performance ...................................................................20 

2.1.5 – Wholesale Securities Services Resources and Measures ................................................22 

Wholesale Securities Services Budget and Performance ............................................................22 

2.1.6 – Debt Collection Resources and Measures .......................................................................24 

Debt Collection Budget and Performance ..................................................................................24 

C – Changes in Performance Measures ......................................................................................26 

Section III – Additional Information .........................................................................................26 

Summary of Capital Investments ...............................................................................................26

 
Fiscal Service - 3 

Section I – Budget Request 

A – Mission Statement 

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 2023 request for the Fiscal Service is $372.485 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 provides resources to maintain current operations and supports ongoing initiatives in 

business modernization, customer experience, improving use of data, expanding access to digital 

financial services, innovative financial technology, operational integrity, and our workforce. This 

Budget supports the Financial Management Quality Service Management Office (FM QSMO), 

which is responsible for operating the Federal marketplace and making quality core financial 

service offerings available to all Federal agencies (funding for this activity was requested in 

FY 2022). The Budget also focuses on promoting integrity and equity in payment and collection 

practices. 

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

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

Department, leveraging resources provided through the Treasury Cybersecurity Enhancement 

Account, to implement modern solutions that will support the security, resiliency, and agility of 

these critical systems and continue to maintain the financial integrity and efficiency of our 

operations. Our work will also continue to strengthen our cybersecurity posture by enhancing our 

ability to identify threats and carry out the recent Executive Order 14028, Improving the Nation’s 

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

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

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

American public. 
Fiscal Service - 4 

1.1 – Appropriations Detail Table

Dollars in Thousands FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023 

Appropriated Resources Operating Plan Annualized CR Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Accounting and Reporting 398 $96,472 397 $89,482 399 $98,158 0.5% 9.7% 

Collections 153 $41,109 155 $43,596 155 $48,020 0% 10.1% 

Payments 512 $123,190 486 $123,697 486 $132,576 0% 7.2% 

Retail Securities Services 402 $59,312 391 $64,244 391 $67,816 0% 5.6% 

Wholesale Securities Services 125 $25,486 130 $24,550 130 $25,915 0% 5.6% 

Matured Unredeemed Debt 0 $25,000 0 $25,000 0 $0 NA -100.0% 

Subtotal New Appropriated 

Resources 1,590 $370,569 1,559 $370,569 1,561 $372,485 0.1% 0.5% 

Other Resources 

Reimbursable 15 $224,642 9 $208,823 9 $185,149 0.0% -11.3% 

Debt Collection Fund 332 $165,538 307 $187,363 335 $199,236 9.1% 6.3% 

Unobligated Balances from Prior 

Years 0 $137,952 0 $202,056 0 $188,713 NA -6.6% 

Subtotal Other Resources 347 $528,132 316 $598,292 344 $573,098 8.9% -4.2% 

Total Budgetary Resources 1,937 $898,701 1,875 $968,811 1,905 $945,583 1.6% -2.4% 

Note: FY 2021 Other Resources and Full-time Equivalents (FTE) reflect actuals. Table does not include the $78.65 million supplemental funding 

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

American Rescue Plan (ARP) (P.L.117-2) in FY 2021. Unobligated balances do not include CARES and ARP. Also, the 2023 Budget Appendix 

includes a separate presentation for the Debt Collection Fund. 

1.2 – Budget Adjustments Table

Dollars in Thousands 

 FTE Amount 

FY 2022 Annualized CR 1,559 $370,569 

Changes to Base: 

2023 Maintaining Current Levels (MCLs): 0 $12,276 

Pay Annualization 0 $1,593 

Pay Raise (4.6% average pay raise) 0 $8,197 

Non-Pay 0 $2,486 

Other Adjustments 

Adjustments to Meet Current Operating Levels 0 $6,940 

Non-Recurring Costs: 

Matured Unredeemed Debt

1

 0 ($25,000) 

Subtotal Changes to Base 0 ($5,784) 

FY 2023 Current Services 1,559 $364,785 

Program Changes: 

Program Increases: 

Quality Service Management Office1 2 $3,700 

Fraud Prevention and Equitable Debt Collection Initiatives 0 $4,000 

Subtotal Program Changes 2 $7,700 

FY 2023 President's Budget Request 1,561 $372,485 1

Included in the FY 2022 President's Budget. 

 
Fiscal Service - 5 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ...................................................... +$12,276,000 / +0 FTE

Pay Annualization (2.7%) +$1,593,000 / +0 FTE 

Funds are requested for annualization of the January 2022 2.7% average pay raise. 

Pay Raise (4.6%) +$8,197,000 / +0 FTE 

Funds are requested for a 4.6% average pay raise in January 2023. 

Non-Pay +$2,486,000 / +0 FTE 

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

equipment. 

Other Adjustments ...................................................................................... +$6,940,000 / +0 FTE 

Adjustments to Meet Current Operating Levels +$6,940,000 / +0 FTE 

Funds are requested to cover pay and non-pay inflationary costs that are realized in FY 2022 but 

not appropriated under an annualized CR. 

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 2021, the MUD balance 

had reached $29.9 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 this appropriation from the FY 2023 

Current Services levels. 

Program Increases..............................................................................................+$7,700,000 / +2 FTE 

Quality Services Management Office +$3,700,000 / +2 FTE 

This funding, which was originally requested in the FY 2022 President’s Budget, will support the 

continued implementation and management of the Financial Management Quality Service 

Management Office (FM QSMO) Marketplace, advance Government wide adoption of shared 

services, and ensure robust financial management support for Federal agencies. Funding will 

support ongoing collaboration with agency leaders modernizing financial systems; management 

of processes to ensure equitable access for industry to offer modern, secure, innovative, 

standards-based solutions and services as providers in the Marketplace; review of agency 

Marketplace acquisition requests to ensure adherence to standards; and delivery of expert 

guidance that will advance Government-wide financial management goals. FM QSMO will 

streamline access to Treasury services and empower customer agencies to create new 

opportunities for underserved communities through increased opportunities for small and 

disadvantaged businesses, which advances Treasury Strategic Objectives 1.3 (Economically 

Resilient Communities) and 5.4 (Customer Experience Practice). 

Fraud Prevention and Equitable Debt Collection Initiatives +$4,000,000 / +0 FTE 

Fiscal Service continues to focus on payment integrity and implementing best practices to ensure 

equitable debt collections. The Payment Integrity Center of Excellence (PICOE) and the Do Not 

Pay (DNP) Business Center improve the integrity of Government-wide financial transactions by 
Fiscal Service - 6 

providing business insight and solutions that assist government agencies in identifying, 

preventing, and recovering improper payments. DNP also assists agencies by providing a 

combination of access to data sources and data analytics to aid in identification, mitigation, and 

elimination of improper payments. PICOE will continue to leverage cross Government data 

sharing, an account verification service, the Treasury Check Verification System, investigative 

case support and other activities to improve payment accuracy and integrity. These activities will 

help to advance the Administration’s efforts to prevent and detect identity theft involving public 

benefits. While promoting the integrity of payments, Fiscal Service will also be promoting and 

reviewing equity in its debt collection practices by helping customer agencies to identify and 

implement changes that will improve their processes. This work will enable the Bureau to 

leverage data while enhancing information sharing practices to advance Treasury Strategic 

Objectives 5.3 (Better Use of Data) and 5.4 (Customer Experience Practice). 

 
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1.3 – Object Classification (Schedule O) Obligations

Dollars in Thousands 

 FY 2021 FY 2022 FY 2023 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 191,408 190,473 201,687 

11.3 - Other than full-time permanent 443 214 227 

11.5 - Other personnel compensation 6,832 5,227 5,591 

11.9 - Personnel Compensation (Total) 198,683 195,914 207,506 

12.0 - Personnel benefits 73,471 76,570 81,024 

13.0 - Benefits for former personnel 0 0 0 

Total Personnel and Compensation Benefits $272,154 $272,484 $288,530 

21.0 - Travel and transportation of persons 330 781 1,406 

22.0 - Transportation of things 36 56 60 

23.1 - Rental payments to GSA 24,222 26,265 27,994 

23.2 - Rental payments to others 0 0 0 

23.3 - Communications, utilities, and miscellaneous charges 71,608 63,629 59,573 

24.0 - Printing and reproduction 88 112 119 

25.1 - Advisory and assistance services 54,327 51,954 58,409 

25.2 - Other services from non-Federal sources 21,263 39,341 37,384 

25.3 - Other goods and services from Federal sources 279,606 311,239 288,487 

25.4 - Operation and maintenance of facilities 2,016 1,957 2,089 

25.7 - Operation and maintenance of equipment 8,788 6,411 6,659 

26.0 - Supplies and materials 3,883 2,767 2,956 

31.0 - Equipment 2,477 1,899 1,676 

32.0 - Land and structures 53 302 372 

Total Non-Personnel $468,697 $506,714 $487,185 

Total Obligations $740,851 $779,198 $775,714 

 

Full-time Equivalents (FTE) 1,937 1,875 1,905 

Note: Table does not include obligations related to the Coronavirus Aid, Relief, and Economic Security Act (CARES) (P.L.116-136) and the 

American Rescue Plan (ARP) (P.L.117-2). Also, while the 2023 Budget Appendix includes a separate presentation for the Debt Collection Fund, 

this table includes amounts presented in Schedule O of the Debt Collection Fund account. 
Fiscal Service - 8 

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, $372,485,000; of which not to exceed $8,000,000, to remain 

available until September 30, 2025, 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. 

Note.—A full-year 2022 appropriation for this account was not 

enacted at the time the budget was prepared; therefore, the budget 

assumes this account is operating under the Continuing 

Appropriations Act, 2022 (Division A of P.L. 117–43, as amended). 

The amounts included for 2022 reflect the annualized level provided 

by the continuing resolution.

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, Treasury’s and 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 2023 will be approximately $685 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 2023 is estimated at $188 million. 

 
Fiscal Service - 9 

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 FY2023 will be 

approximately $1,012 million, which includes $1.3 million for Government Sponsored 

Enterprise – Mortgage-Backed Securities administrative costs. 

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 2023, the funding estimated to support payments for the 

replacement of valuables is approximately $1.6 million. 

1.4 – Permanent, Indefinite Appropriations Table 

Dollars in Thousands 

Permanent, Indefinite Appropriation FY 2021 

Actual 

FY 2022 

Estimate 

FY 2023 

Request 

Federal Reserve Bank1 $620,341 $665,000 $685,000 

Reimbursements to the Federal Reserve Banks $156,667 $183,000 $188,000 

Financial Agent Services1,2 $910,460 $1,016,000 $1,012,000 

Government Losses in Shipment $1,389 $1,389 $1,627 

1

Approx $100M was reimbursed from other Government agencies and deposited into the General Fund in FY 2021. 2

FY 2021 - FY 2023 includes $1M per year for the Government Sponsored Enterprise - Mortgage Backed 

 Securities administrative costs. 

 
Fiscal Service - 10 

E – Reorganization Notification - Future Readiness 

The Bureau of the Fiscal Service has planned a reorganization to better position itself for the 

future. Treasury’s strategic plan recognizes the importance of the Government’s financial 

infrastructure to the health of the nation’s economy and the welfare of its citizens. The strategic 

plan contains ambitious goals for the resiliency of our financial systems, the efficiency of our 

operations, and the quality of our services. To achieve these goals, the strategic plan envisions a 

diverse Treasury workforce that is highly skilled and represents the communities we serve. 

The planned re-alignment of Fiscal Service translates the goals of Treasury’s strategic plan as 

well as the Bureau’s Vision for the Future of Federal Financial Management into organizational 

capabilities. Over the past year, we assessed the current state and explored a potential future state 

by conducting nearly a dozen workshops with industry experts, Fiscal Service employees, 

customer agencies, and program partners (e.g., the Federal Reserve Banks). The team also 

interviewed over 80 stakeholders who use our services. We learned how our environment will 

change and what our customers expect us to deliver. 

The new organizational structure will better position Fiscal Service to provide a modern 

experience for its customers, strengthen its legacy of operational excellence, advance the 

adoption of its shared services, and create a diverse and inclusive workforce focused on 

continual professional development. The new structure will allow Fiscal Service to not only 

achieve our own vision for Federal financial management, but also support the goals set by 

Treasury’s strategic plan. 

The benefits of the reorganization will be realized by the American public, Federal agencies, and 

our employees. For the public, the emphasis on the end-to-end customer experience will mean 

seamless financial interactions across multiple programs – not a different experience for each 

program. Federal agency customers can access an integrated set of central and reimbursable 

services – not numerous system interfaces that seem to operate independently. Employees can 

focus on their development as Federal financial professionals – and not as narrowly-focused 

experts of a specific solution or domain. The planned organizational structure would break down 

our engrained organizational silos to emphasize our priorities (e.g., data, innovation, and 

customer experience) while maintaining operational excellence and catalyzing a culture change 

within the workforce. 

Fiscal Service is not requesting any additional funds to implement this reorganization, and the 

reorganization does not result in any changes to the structure of our budget or program line 

items. The reorganization will not reduce the number of employees, nor will it impact employee 

grade levels. Additionally, the planned realignment will not require employees to relocate or 

change duty stations. 

 
Fiscal Service - 11 

F – Legislative Proposals 

1. Fund the Federal Payment Levy Program via collections. Estimated costs: $220 million in 

Fiscal Service costs to operate the Tax Levy Program in the Treasury Offset Program over 10 

years. Fiscal Service is currently being reimbursed for this cost from IRS appropriated funding. 

This proposal improves the way the Fiscal Service collects its reimbursement from IRS to cover 

Fiscal Service’s costs in developing and operating the Federal Payment Levy Program (FPLP), 

which utilizes the Treasury Offset Program to process levies of Federal payments to collect 

delinquent tax debts. Under the Economy Act, the IRS pays fees to Fiscal Service from the IRS 

annual discretionary appropriation. This proposal authorizes Fiscal Service to recover its costs 

from levy collections, rather than from IRS’s direct appropriation, which reduces administrative 

and overhead costs for both Fiscal Service and IRS. It would also allow IRS to re-direct the use 

of appropriated dollars that are currently needed to fund FPLP to other initiatives that will aid in 

the collection of delinquent tax debt. 

2. Amend the Bank Merger Act to allow for the transition of Treasury-sponsored debit 

card accounts from one bank to another. The cost avoidance associated with this proposal is 

estimated to be $17.64 million in labor and materials. The estimated cost avoidance will only 

materialize if a new financial agent is designated. 

This proposal would amend the Bank Merger Act to allow for the transition of Treasurysponsored debit card accounts from one bank to another when Treasury changes its financial 

agent. Current law restricts Treasury’s ability to move its sponsored debit card accounts to a new 

bank in order to obtain better or lower cost services. Treasury sponsored debit card programs, 

particularly the Direct Express program that provides Social Security benefits and Supplemental 

Security Income benefits, serve a vulnerable population. Thus, any disruption in service resulting 

from the transition to a new financial agent could have a devastating impact. To mitigate these 

risks, this proposal would authorize Treasury to retain new financial agents for services 

involving sponsored debit card accounts. 

Proposed Statutory Revision: Amend 12 USC 1828(c) by adding a new section (c)(14) to read: 

“This section does not apply to a transfer of deposits by an insured depository institution holding 

such deposits in its capacity as a financial agent of the government. Deposits held by a financial 

agent of the government may be transferred without consent of the account holders to another 

financial agent designated by the government to hold such accounts.”

 
Fiscal Service - 12 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

In FY 2021, Fiscal Service collected over $4.91 trillion in revenue, issued more than 1.7 billion 

payments totaling $6.4 trillion, and conducted 472 auctions that sold $20.04 trillion in Treasury 

marketable securities to fund critical Government operations. Fiscal Service accounted for the 

Nation’s $28.4 trillion public debt down to the penny, every day. 

Fiscal Service operations and initiatives support and advance all five of Treasury’s strategic 

goals. Specifically, Fiscal Service supports these Treasury strategic goals and objectives. 

 Goal 1 - Promote Equitable Economic Growth and Recovery 

o Objective 1.3 - Economically Resilient Communities 

 Goal 2 - Enhance National Security 

o Objective 2.1 - Cyber Resiliency of Financial Systems and Institutions 

 Goal 3 - Protect Financial Stability and Resiliency 

o Objective 3.3 - Financial Innovation 

 Goal 4 - Combat Climate Change 

o Objective 4.4 - Sustainable Treasury Operations 

 Goal 5 - Modernize Treasury Operations 

o Objective 5.1 - Recruit and Retain a Diverse and Inclusive Workforce 

o Objective 5.2 - Future Work Routines 

o Objective 5.3 - Better Use of Data 

o Objective 5.4 - Customer Experience Practices 

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 Treasury’s strategic plan, the Future of Federal 

Financial Management Vision (FM Vision), and its own strategic plan. 

The FM Vision 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. 

We are committed to providing our 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 
Fiscal Service - 13 

provide innovative solutions to the financial management community. These transformations are 

more important than ever as we move 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 2021 performance accomplishments and FY 2022 and 2023 performance goals. 

B – Budget and Performance by Budget Activity 

2.1.1 – Accounting and Reporting Resources and Measures 

Dollars in Thousands 

 Resource Level FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2022 

Annualized 

CR 

FY 2023 

Request 

Appropriated Resources $114,829 $90,291 $94,104 $94,446 $102,344 $89,482 $98,158 

Reimbursable Resources $23,800 $18,923 $20,114 $21,205 $23,937 $26,365 $19,951 

Budget Activity Total $138,629 $109,214 $114,218 $115,651 $126,281 $115,847 $118,109 

Full-time Equivalents (FTE) 381 400 373 355 400 399 401 

Performance Measure 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Percentage of Government-wide 

Accounting Reports Issued Timely (%) 100 100 99.6 100 100 99.5 99 99 

Note: The FY 2017 - FY 2021 appropriated resources represent actual obligations. 

Accounting and Reporting Budget and Performance 

($98,158,000 from direct appropriations, $19,951,000 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 2021, Fiscal Service issued a total of 263 Government-wide accounting reports. 
Fiscal Service - 14 

Description of Performance:

In FY 2021, Fiscal Service accounted for and reported on the financial activity related to the 

$28.4 trillion public debt and managed a daily cash flow of $209.9 billion. Fiscal also issued and 

serviced $6.2 trillion in Treasury securities invested by 53 Federal agencies in over 155 Federal 

Government trust and investment accounts, including $3.2 trillion in 17 managed trust funds. 

Fiscal Service continued to issue 100 percent of Government-wide accounting reports on time, 

including the annual Financial Report of the United States Government, which reports the 

financial condition of the Federal Government using accrual basis of accounting. 

During FY 2021, Fiscal completed four data quality analyses of Fiscal Service data, identifying 

areas for improvement as well as further maturing the data quality framework. Supporting 

Treasury’s customer experience objectives, Fiscal Data launched its first major usability 

improvements since the initial release of FiscalData.gov, allowing users to select the specific 

date range for the requested data and the ability to download all data tables from a given dataset 

at once. Additionally, supporting Treasury’s data transparency objectives, Fiscal Service added 

19 new datasets to Fiscal Data, bringing the total number of datasets on the site to 37, more than 

doubling the datasets from the Minimum Viable Product (MVP) launch last year. 

To further expand data transparency with the American public, the Bureau published COVID19 spending data on USAspending.gov which offers a detailed view into the $4.5 trillion spent 

in response to the pandemic. Fiscal also released a Your Guide to America’s Finances update 

with FY 2021 data on the Data Lab to coincide with the release of the Federal Government’s 

year-end financial data. 

Additionally, Fiscal received its 25th consecutive unmodified audit opinions on the Schedules of 

Federal Debt from the Government Accounting Office and received timely certification from 22 

of 24 CFO Act agencies and 60 of 78 independent agencies on their DATA Act submissions. 

In FY 2023, Accounting and Reporting will continue to pursue innovative solutions to data 

quality challenges, improve delivery and digestibility of data available to the American public, 

and improve the audit and reporting process for Federal agencies. 
Fiscal Service - 15 

In support of Treasury’s objective to increase timely access to and use of quality data, Fiscal will 

identify data quality challenges by automating data quality analysis and providing automated 

data reports to drive data quality improvements. Additionally, Fiscal Service will improve our 

data architecture and data delivery for the Government to eliminate data redundancies, 

streamline processes and standards, and introduce real-time, on-demand analytics and data 

services. 

Fiscal Service will also continue efforts to improve data transparency and accessibility. The 

Bureau will continue migrating open datasets to Fiscal Data, resulting in maximum usability and 

an intuitive customer experience. By centralizing all Fiscal Service datasets to Fiscal Data, it 

creates a one-stop shop for the public and Federal agencies to find Fiscal Service data in easy to 

use, machine readable formats. Additionally, Fiscal Service will continue to translate complex 

public finance data into simple, digestible insights through USAspending. This website can play 

a key role in building trust in Government by making complex information clear and easy to 

understand. In FY 2023, Fiscal Service will continue to make improvements and enhancements 

to the website based on user feedback and will incorporate human-centered design principles to 

make Federal data easier to understand and more accessible to the public. 

Lastly, Fiscal Service will continue to advance enterprise analytics during FY 2023 to foster a 

strong data analytics culture, modernize analytics capabilities across the Bureau, and enable 

Fiscal Service to better leverage data to inform decision-making and improve performance. 

2.1.2 – Collections Resources and Measures 

Dollars in Thousands 

 Resource Level FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2022 

Annualized 

CR 

FY 2023 

Request 

Appropriated Resources $35,281 $38,338 $42,333 $38,976 $42,317 $43,596 $48,020 

Reimbursable Resources $7,028 $8,042 $7,804 $8,535 $9,311 $7,754 $9,725 

Budget Activity Total $42,309 $46,380 $50,137 $47,511 $51,628 $51,350 $57,745 

Full-time Equivalents (FTE) 159 160 156 148 153 155 155 

Performance Measure 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Percentage of Total Federal Government 

Receipts Settled Electronically (%) 98.3 98 98.4 99 99.6 98 99 99 

Note: The FY 2017 - FY 2021 appropriated resources represent actual obligations. 

 

Collections Budget and Performance 

($48,020,000 from direct appropriations, $9,725,000 from reimbursable sources): 

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

largest Government 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 programs to the economy, to the operations of 

Government, and to the daily lives of the American public. 

In FY 2021, Fiscal Service collected nearly $4.91 trillion in Federal revenue, including 

individual and corporate income tax deposits, customs duties, fees for Government services, 
Fiscal Service - 16 

fines, and loan repayments. Within the Federal revenue collected, the Electronic Federal Tax 

Payment System (EFTPS) processed nearly 202.2 million transactions valued at over 

$3.56 trillion in tax revenue while Pay.gov processed over 81.4 million transactions worth 

nearly $210.4 billion. 

Description of Performance:

In FY 2021, Fiscal Service settled 99.6% of the funds collected electronically. This is an increase 

over the electronic settlement rate of 99% in FY 2020 as Fiscal Service advanced several 

projects to increase digitization, including expanding adoption of eCommerce digital collection 

options across Federal agencies. These projects continued to move paper-based transactions to 

electronic alternatives (e.g., Pay.gov, Digital Wallets, etc.). Fiscal Service will continue to 

promote electronic alternatives and assist Federal agencies in converting collections from paper 

to electronic media, which supports the Administration’s climate priority and Treasury Strategic 

Objectives 3.3 (Financial Innovation) and 4.4 (Sustainable Treasury Operations).

Fiscal Service also continues efforts to streamline lockbox networks which process paper-based 

payments and forms. In FY 2020, the General Lockbox Network was streamlined from three 

financial agents to one, and from four lockbox sites to two. In FY 2021, the IRS Lockbox 

Network was streamlined from three financial agents to two, and from five lockbox sites to three. 

In FY 2023, Fiscal Service plans to continue to increase digitization and streamline lockboxes in 

support of Treasury’s objectives of financial innovation, sustainable operations, equity, and the 

customer experience. Fiscal Service will be advancing its General Lockbox Network digitization 

efforts, with a goal of reducing paper volume by 25% by 2024. Additionally, Fiscal Service will 

convert 25% of Treasury General Account Network transactions from cash and check bank 

deposits to electronic by 2025.

 
Fiscal Service - 17 

2.1.3 – Payments Resources and Measures 

Dollars in Thousands 

 Resource Level FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2022 

Annualized 

CR 

FY 2023 

Request 

Appropriated Resources $133,998 $131,160 $122,835 $136,678 $136,627 $123,697 $132,576 

Reimbursable Resources $111,464 $117,264 $113,313 $118,127 $139,842 $130,845 $135,676 

Budget Activity Total $245,462 $248,424 $236,148 $254,805 $276,469 $254,542 $268,252 

Full-time Equivalents (FTE) 597 508 477 487 524 492 492 

Performance Measure FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Percentage of Treasury Payments Made 

Electronically (%) 95.1 95.4 95.6 96 96.2 96.1 96.4 96.6 

Count of Improper Payments Identified 

or Stopped (# in Thousands) 21.4 20.3 22.4 22.8 23.8 21.5 22.5 23.6 

Dollar Amount of Improper Payments 

Identified or Stopped ($ Millions) 36.6 35.5 41.1 43.5 47.6 37.0 38.8 40.7 

Note: The FY 2017 - FY 2021 appropriated resources represent actual obligations. 

Payments Budget and Performance 

($132,576,000 from direct appropriations, $135,676,000 from reimbursable sources): 

The Fiscal Service Payments budget activity supports the National Financial Critical 

Infrastructure (NFCI) and delivers Federal payments on behalf of more than 250 Federal entities 

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

cards, and other digital payment mechanisms. 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 improving the public’s payment 

experience, promoting the use of electronic channels in the payments process, and assisting 

agencies in converting payments from paper checks to electronic, improving payment integrity, 

expanding financial inclusion, promoting cost-effective and sustainable operations in support of 

the Administration’s climate priority and Treasury Strategic Objectives 3.3 (Financial 

Innovations) and 4.4 (Sustainable Treasury Operations), and delivering payments and related 

services expeditiously to the American public.

Fiscal Service continues to increase the percentage of Federal payments which are Treasurydisbursed. In FY 2021, Fiscal Service disbursed 90.5 percent of all Federal payments 

(88.4 percent excluding Economic Impact Payments).

In FY 2021, the Fiscal Service payments activity continued to support COVID-19 pandemic 

recovery efforts, specifically the delivery of Economic Impact Payments (EIP) and the Advance 

Child Tax Credit (CTC) payments to the American public. These recovery programs have 

significantly increased the payments workload volume. In FY 2021, Fiscal Service issued 

approximately 500 million more payments than in 2019, or a 42% increase in the number of 

payments disbursed. In FY 2021, Fiscal Service securely disbursed 1.7 billion payments, totaling 

$6.4 trillion.
Fiscal Service - 18 

Description of Performance:

In 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 more than 428 million EIP2, EIP3, and CTC payments totaling 

$583 billion. 

While supporting recovery efforts, Fiscal Service also continued advancing its planned 

initiatives and modernizations within the Payments activity. One major initiative in this area 

was the FY 2020-2021 Agency Priority Goal (APG) to improve the public’s payment 

experience by reducing paper checks and increasing electronic payments. Excluding EIPs and 

checks directly related to the pandemic, Fiscal Service achieved its APG targets and reduced 

checks from 54.2 million in 2019 to 48.8 million in 2021, a 10% reduction. Additionally, 

collaborating with the IRS, Fiscal Service increased the IRS Tax Refund electronic rate from 

77% in 2019 to 80.3% in 2021. This increase in electronic payments resulted in faster, more 

secure, and significantly fewer payment issues or exceptions for the public. 

*Excludes EIPs, Department of Education, and Department of Veterans Affairs checks directly related to the 

pandemic.
Fiscal Service - 19 

In FY 2022-2023, Fiscal Service will build on these efforts with a new APG to provide a 

modern, seamless, and secure payment experience for the public that meets customer needs 

while reducing costs, expanding financial inclusion, and improving climate sustainability of 

Treasury’s operations by increasing electronic payments. Supporting Executive Order 14058, 

Transforming Federal Customer Experience and Service Delivery to Rebuild Trust in 

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

Administration’s climate and equity priorities, the Bureau, in collaboration with IRS, will seek 

to improve the electronic payment rate for all payments (including individual tax refunds) and 

improve financial inclusion. Fiscal will continue to promote and increase the delivery of 

payments through EFT, with an emphasis on tax refunds, vendor payments, benefit payments, 

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

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

made via direct deposit. Additionally, the Bureau plans to explore, develop, and deploy 

innovative, customer-driven electronic payment solutions.

In FY 2023, Fiscal Service plans to continue modernizing the entire payments lifecycle. This 

initiative will modernize payment disbursement and address aging technology, resulting in 

increased efficiencies, improved resiliency and security, and an enhanced user experience. 

Fiscal Service plans to modernize our centralized electronic invoicing service, which currently 

serves 151 Federal entities including 19 CFO Act agencies and 160,000 vendors. The 

e-Invoicing service automates Government invoicing from purchase order through payment 

notification, resulting in reduced paper, Governmentwide cost savings and efficiencies, faster 

payments, more accurate data, better cash management, and enhanced daily interactions 

between Government and commercial organizations. This modernization initiative supports the 

administration’s priority to deliver excellent, equitable, and secure Federal services and 

enhance the customer experience. Additionally, Fiscal Service plans to complete the project 

aimed at processing faster payments in FY 2023. Faster Payments embraces the ability to pay or 

be paid instantly – with near real-time settlement. Not only will this benefit the American 

public by providing a more efficient payment option to customers, but it will also support the 

efforts to decrease the number of paper checks issued. 

Fiscal Service will also continue to advance payment integrity in the Federal Government. In 

partnership with OMB, Fiscal Service will continue to advance its Government-wide payment 

integrity services and solutions through its payment integrity programs. During FY 2021, Fiscal 

Service received OMB approval and official designation to add 12 new data sets to the Do Not 

Pay (DNP) portal for analytic use. Additionally, Fiscal Service engaged with State and Federal 

programs to expand and adopt our payment integrity services. During the year, Fiscal Service 

hosted three agency partnership forums to advance the payment integrity mission, on-boarded 

seven new State and five new Federal programs for DNP services and initiated 23 new DNP 

projects with State and Federal programs.

These payment integrity services were critical in preventing improper and fraudulent payments 

while implementing recovery programs. During recovery program implementation, Fiscal 

Service used multiple approaches to maximize electronic disbursements, resulting in faster 

payments to Americans and increased payment integrity. This included Account Verification 
Fiscal Service - 20 

Service (AVS), a new pilot program to supplement Fiscal Service cross-Government data with 

a third-party verification service and bank matching to convert checks to direct deposit. 

Fiscal Service partnered with IRS and with FEMA’s COVID-19 Funeral Assistance Program to 

leverage Fiscal’s AVS to verify the status of a bank account and authenticate account ownership 

for recovery payments. In FY 2021, the AVS prevented $171.2 million in improper payments. 

Additionally, Fiscal Service used bank matching to convert 70.2 million EIPs and CTCs from 

check to direct deposit using cross-Government banking information at a 99.7% accuracy rate. 

This conversion of check to direct deposit avoided $33 million in check production costs. 

In FY 2023, Fiscal Service will continue to manage its portfolio of payment integrity tools, 

services, and data sources with a focus on access to data and data sharing; data analytics; and 

standardized and agency-specific payment integrity solutions. These programs support 

agencies, law enforcement, and states in combatting fraud, waste, abuse, and improper 

payments. Fiscal Service 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. 

2.1.4 - Retail Securities Services Resources and Measures 

Dollars in Thousands 

 Resource Level FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2022 

Annualized 

CR 

FY 2023 

Request 

Appropriated Resources $61,910 $60,491 $55,465 $56,344 $62,104 $64,244 $67,816 

Reimbursable Resources $12,642 $12,100 $13,306 $12,406 $16,418 $15,549 $14,326 

Matured Unredeemed Debt $0 $0 $0 $401 $5,237 $25,000 $0 

Budget Activity Total $74,552 $72,591 $68,771 $69,151 $83,759 $104,793 $82,142 

Full-time Equivalents (FTE) 472 434 388 393 403 392 392 

Performance Measure 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Percentage of Retail Customer Service 

Transactions That Are Unassisted (%) N/A N/A 69 70 63 71 72 73 

Note: The FY 2017 - FY 2021 appropriated resources represent actual obligations. 

Retail Securities Services Budget and Performance 

($67,816,000 from direct appropriations, $14,326,000 from reimbursable sources, $0 from 

appropriations for Matured Unredeemed Debt): 

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 2021, 

Fiscal Service electronically issued $73.6 billion in Treasury retail securities (includes sales 

and reinvestments), processed $86.4 billion in redemptions, added 219,740 new accounts to 

TreasuryDirect, and made 2.2 million retail payments worth $23.1 billion.
Fiscal Service - 21 

Description of Performance:

Retail Securities continues to make progress toward improving the retail customer experience 

by enabling customers to purchase, manage, and redeem their Treasury security holdings 

through one platform, known as myTreasury, by 2024. The multi-year initiative to build 

myTreasury is a key modernization effort that will replace the existing TreasuryDirect system 

and will offer innovative products and services to improve the customer experience through a 

modern, efficient, and customer-centric system. In FY 2021, Fiscal Service began executing 

the migration plan and building functionality to move marketable securities data from 

TreasuryDirect to myTreasury. 

In FY 2021, Retail Securities saw a decline in the percentage of unassisted retail customer 

service transactions, with 63% unassisted during the fiscal year, significantly lower than the 

71% target. This was the result of both reduced sales of marketable Treasury securities, as well 

as a continued trend of customers redeeming savings bonds through mail services instead of 

in-person interactions with financial institutions as a result of the COVID-19 pandemic. 

Retail Securities also continues to improve the customer experience and help owners find and 

claim savings bonds that have reached final maturity and stopped earning interest through the 

Matured Unredeemed Debt (MUD) initiative. Treasury’s redemption process for paper savings 

bonds has proven effective, given that 99% of all paper savings bonds ever issued have been 

redeemed. Annually, Treasury redeems approximately 7.2 million matured savings bonds worth 

$4 billion, including nearly 1.8 million bonds that were five or more years past maturity. As of 

the end of FY 2021, the balance of these matured unredeemed savings bonds was $29.9 billion 

across 82.3 million pieces. During FY 2021, the Bureau began a multi-phase approach to 

digitize and index its records of paper savings bonds. The Bureau also began a data matching 

effort to compare MUD records against various systems (e.g., bureau systems and other 

government databases) to obtain updated bond owner information in order to develop strategies 

to better reach these customers. For example, the Bureau initiated mailings to a subset of 

customers within TreasuryDirect to create awareness of MUD bonds and provide guidance for 

redeeming them. In addition to other customer experience improvements being considered, 

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. 

 
Fiscal Service - 22 

2.1.5 - Wholesale Securities Services Resources and Measures 

Dollars in Thousands 

 Resource Level FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2022 

Annualized 

CR 

FY 2023 

Request 

Appropriated Resources $16,796 $21,851 $23,522 $23,414 $25,031 $24,550 $25,915 

Reimbursable Resources $4,214 $4,613 $4,599 $5,062 $5,415 $4,888 $5,471 

Budget Activity Total $21,010 $26,464 $28,121 $28,476 $30,446 $29,438 $31,386 

Full-time Equivalents (FTE) 117 116 112 116 125 130 130 

Performance Measure 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Percentage of Auction Results Released 

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

Percentage of Auctions Successfully 

Completed by the Scheduled Close Date 

(%) 

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

Note: The FY 2017 - FY 2021 appropriated resources represent actual obligations. 

Wholesale Securities Services Budget and Performance 

($25,915,000 from direct appropriations, $5,471,000 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 2021, Treasury successfully conducted 472 auctions and awarded $20.04 trillion in 

Treasury securities - both records for a single year. Fiscal Service also set record highs on 

April 26, 2021, with $267 billion awarded on a single day and on September 8, 2021, with six 

auctions held in a single day. Thirteen auctions were held the week of January 25, 2021, 

matching the weekly record that was set in FY 2020. Debt financing activities continue to be 

elevated, evidenced by the 45 percent increase in the number of auctions conducted above the 

pre-pandemic FY 2019 level of 325 auctions. 

269 275 270

325

447

472

334 334

0

50

100

150

200

250

300

350

400

450

500

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Actual

FY 2022

Projected

FY 2023

Projected

Total Number of Auctions Conducted
Fiscal Service - 23 

Description of Performance: 

In FY 2021, Fiscal Service continued to see unprecedented demand for borrowing needs that 

began in FY 2020 with the COVID-19 pandemic. Through this increased financing activity, 

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. 

In FY 2021, Fiscal Service also continued the Financing Modernization (FinMod) effort, a 

multi-year program to modernize the financing system in alignment with Treasury’s 

strategic priorities and long-term business requirements. This modernization will include 

development of a new system to support operations, meet customer expectations, become 

current with existing technologies, manage technical debt, and improve the delivery of 

secure, flexible, and resilient financing services. In addition to advancing its modernization 

initiative, Fiscal Service increased automated testing and successfully deployed ten 

enhancement releases to the current Treasury Automated Auction Processing System 

(TAAPS) with zero defects. 

 

$8.00 $8.72 $9.96

$11.77

$18.72 $20.04

$21.58 $22.34

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Actual

FY 2022

Projected

FY 2023

Projected

Dollar Amount of Marketable Securities Awarded ($ Trillions)
Fiscal Service - 24 

2.1.6 – Debt Collection Resources and Measures 

Dollars in Thousands FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request 

Appropriated Resources $0 $0 $0 $0 $0 $0 $0 

Reimbursable Resources1 $176,928 $167,726 $204,512 $214,910 $195,256 $210,785 $199,236 

Budget Activity Total $176,928 $167,726 $204,512 $214,910 $195,256 $210,785 $199,236 

Full-time Equivalents (FTE) 417 389 366 348 332 307 335 

Performance Measure FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Amount of Delinquent Debt collected 

Through A11 Available Tools ($ 

Billions) 

7.61 7.44 9.65 10.68 5.04 8.81 5.26 7.61 

Amount of Delinquent Debt Collected 

Through All Available Referred ($ 

Billions) 

N/A N/A 14.3 15.7 15.9 14.9 15 13.9 

Percentage of the Active Delinquent 

Debt Portfolio Collected (%) N/A N/A 6.8 9.2 7.3 7 6.7 6.5 

Note: The FY 2017 - FY 2021 appropriated resources represent actual obligations. 1

FY 2023 does not include $22 million as part of our Federal Payment Levy Program legislative proposal. 

Debt Collection Budget and Performance 

($199,236,000 from Debt Collection sources):2012017 FY 2018 FY 2019 FY 2020 FY 2021 

Fiscal Service is the Government’s central debt collection agency and funds its delinquent debt 

collection operations through fees charged to agencies that refer debts for collection. Fiscal 

Service collects delinquent debt through two programs: the Treasury Offset Program (TOP) and 

Cross-Servicing. TOP collects delinquent Federal and state tax and nontax debts by matching the 

names and taxpayer identifying numbers of debtors included in its database against the names 

and taxpayer identifying number of recipients of Federal and state payments. If there are 

matches, the amounts of the payments are reduced (“offset”) to satisfy either all or a portion of 

the delinquent debts. In FY 2021, Fiscal Service processed 2.77 million new debt referrals 

through TOP. 

11.98

14.90

13.26

16.30

12.78

2.77

7.20

10.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Actual

FY 2022

Projected

FY 2023

Projected

Number of Debts Processed Through TOP (Millions)
Fiscal Service - 25 

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

(e.g., loans and administrative debts such as overpayments, fines, fees, etc.) are collected in 

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

into payment agreements, withholding non-Federal wages administratively, referring debts to the 

Department of Justice for litigation, reporting credit to bureaus, and referring to private 

collection agencies. In FY 2021, Fiscal Service processed 0.20 million new debt referrals 

through Cross-Servicing. 

Description of Performance: 

During FY 2021, the COVID-19 pandemic continued to impact delinquent debt collection. Total 

delinquent debt collections fell below the original annual target due to several Federal agencies 

extending their delinquent debt collection suspensions in response to economic concerns related 

to the pandemic. Fiscal Service ended the year collecting $5.04 billion in delinquent debt from 

all tools, falling short of the target of $8.81 billion. Of the $5.04 billion collected in delinquent 

debt, $4.8 billion was collected through TOP, and $269.3 million was collected through CrossServicing. TOP’s FY 2021 collections included delinquent debts owed to states, such as $2.71 

billion of delinquent child support and $294.8 million of state Unemployment Insurance 

payments. 

Fiscal Service anticipates ongoing concerns about the COVID-19 pandemic and associated 

economic recovery will continue to negatively affect collections in FY 2022 and potentially 

2023. In FY 2020, the collections success was driven by offsets of the first round of EIP to 

collect delinquent child support. The second and third rounds of EIP were exempt from all 

offsets resulting in a significant decline in collections revenue. Fiscal Service reduced 

expenditures to address these challenges and continues to identify opportunities to gain 

efficiencies. Even with these measures, the anticipated collections reduction in FY 2022 creates 

funding challenges in 2023 and beyond. Fiscal Service will conduct an independent assessment 

to evaluate the debt collection program’s current cost structure and fee methodology, identify 

0.41

1.97

2.40 2.53

1.60

0.20

1.30

3.00

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

FY 2016

Actual

FY 2017

Actual

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Actual

FY 2022

Projected

FY 2023

Projected

Number of Debts Processed Through Cross Servicing (Millions)
Fiscal Service - 26 

potential cost saving opportunities to counter losses, and explore potential funding alternatives to 

provide a more sustainable model capable of evolving with future Government needs. 

C – Changes in Performance Measures 

There are no changes to performance measures since the FY 2022 Congressional Justification. 

With the publication of Treasury’s Strategic Plan for FY 2022-2026, Fiscal Service will work 

this year to baseline performance against the new strategic objectives. 

Section III – Additional Information 

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 securely 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 its 

investments. This includes a monthly performance assessment on investment’s cost, schedule, 

risk and performance trends. A ChatStat process – where projects are formally reviewed based 

on negative trends or concerns, senior leadership is given visibility into the project’s issues, and 

Get-to-Green plans are established and tracked to completion – is now fully operationalized in 

Governance as well. The Bureau is also beginning to evaluate programs and projects for ongoing 

results management. 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 by a Bureau-wide Program Management 

Improvement Accountability Act (PMIAA) framework, Solutions Lifecycle Policy, and Project 

Performance and Accountability Standards. The PMIAA framework is in pilot, and 

policy/standard gap assessments are underway. In addition, the Bureau has a project management 
Fiscal Service - 27 

community of practice that provides practitioners with a collaborative forum and 

communications, unique learning opportunities, creative problem-solving support, and leadership 

led discussions on practical lessons learned. Each large-scale IT initiative has a dedicated 

program manager and integrated program team. The systems that support each investment are 

enhanced using iterative development techniques, with most of the Bureau’s 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. 

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. 

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 the Bureau’s strategic analysis of risk. Moreover, through the development and issuance of 

an ERM framework, policies, guidance, and tools, the Bureau incorporates risk management 

practices in decision-making 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. 

 
Fiscal Service - 28 

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 is responsible for 63 

Federal Information Security Modernization Act of 2014 (FISMA) systems with billions of 

Personally Identifiable Information (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 and other 

systems 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 a defense-in-depth 

strategy and approach to identify, 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. In 2022 and 

beyond, Fiscal Service is accelerating efforts that will enhance cybersecurity and support cyber 

resiliency, including implementing the provisions of Executive Order 14028, Improving the 

Nation’s Cybersecurity, and addressing the zero trust security requirements in OMB 

Memorandum M-22-09.