Department of the Treasury

Bureau of the Fiscal Service

Congressional Budget

Justification and Annual 

Performance Plan and Report

FY 2024
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................................................................................................. 5

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

E – Legislative Proposals.......................................................................................................... 10

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

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

B – Budget and Performance by Budget Activity .................................................................... 14

2.1.1 – Accounting and Reporting Resources and Measures.................................................... 14

Accounting and Reporting Budget and Performance ............................................................... 14

2.1.2 – Collections Resources and Measures............................................................................ 17

Collections Budget and Performance........................................................................................ 17

2.1.3 – Payments Resources and Measures .............................................................................. 20

Payments Budget and Performance .......................................................................................... 20

2.1.4 – Retail Securities Services Resources and Measures..................................................... 22

Retail Security Services Budget and Performance ................................................................... 22

2.1.5 – Wholesale Securities Services Resources and Measures.............................................. 26

Wholesale Securities Services Budget and Performance.......................................................... 26

2.1.6 – Debt Collection Resources and Measures..................................................................... 28

Debt Collection Budget and Performance ................................................................................ 28

C – Changes in Performance Measures.................................................................................... 31

Section III – Additional Information ........................................................................................ 32

A - Summary of Capital Investments........................................................................................ 32
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Section I – Budget Request

A – Mission Statement

Promote the financial integrity and operational efficiency of the federal government through 

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

B – Summary of the 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 the financial services we

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

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

current operations for the Government’s NFCI that finances Federal programs and services,

collects revenue, disburses payments, and reports on the Government’s financial position.

Because of Fiscal Service’s central role in Government-wide financial operations, the Budget

also makes modest investments to support Treasury’s leadership in transforming Federal

financial management to become more efficient, more accurate and deliver better service to

citizens. In addition to the direct request for Fiscal Service Salaries and Expenses, the Treasury

budget request also includes $42.4 million as part of the Cybersecurity Enhancement Account

(CEA) to support cloud adoption, zero trust implementation, security logging, and compliance 

with other mandates to bolster overall cybersecurity protections.

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

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

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

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

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

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

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

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

levels needed to continue delivering accurate, timely, and reliable financial services.

The Budget supports Fiscal Service’s Cybersecurity and Cloud Migration Initiative by providing 

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

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

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

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

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

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

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

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

solutions that will support the security, resiliency, and agility of these critical systems and 
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continue to maintain the financial integrity and efficiency of our operations. Additionally, the

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

properly assist national security programs in meeting their missions.

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

requesting an additional $2.5 million and 10 FTE to enhance the bureau’s capacity to analyze 

performance data and enable the bureau to better assess the effectiveness and efficiency of 

programs, policies, and services. This initiative supports Treasury Strategic Plan Objective 5.3, 

Better Use of Data, as well as Treasury’s Enterprise Learning Agenda.

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

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

American public. 

1.1 – Appropriations Detail Table

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Appropriated Resources Operating Plan Operating Plan Request % Change

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Accounting and Reporting 397 $94,942 388 $96,956 393 $104,783 1.4% 8.1%

Collections 154 $45,808 151 $47,804 153 $52,276 1.7% 9.4%

Payments 484 $122,833 472 $133,328 479 $141,787 1.5% 6.3%

Retail Securities Services 390 $66,957 380 $68,759 384 $72,899 1.0% 6.0%

Wholesale Securities Services 130 $25,396 126 $25,638 128 $27,518 1.1% 7.3%

Subtotal New Appropriated 

Resources 1,555 $355,936 1,517 $372,485 1,537 $399,263 1.3% 7.2%

Other Resources

Reimbursable 11 $206,266 9 $214,000 9 $218,322 0.0% 2.0%

Debt Collection Fund 299 $180,670 315 $204,581 315 $210,205 0.0% 2.7%

Unobligated Balances from Prior 

Years 0 $220,497 0 $205,976 0 $154,625 NA -24.9%

Subtotal Other Resources 310 $607,433 324 $624,557 324 $583,152 0.0% -6.6%

Total Budgetary Resources 1,865 $963,369 1,841 $997,042 1,861 $982,415 1.1% -1.5%

Note: FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals.
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1.2 – Budget Adjustments Table

Dollars in Thousands

FTE Amount

FY 2023 Operating Plan 1,517 $372,485 

Changes to Base:

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

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

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

Non-Pay 0 $2,855 

Subtotal Changes to Base 0 $14,559 

FY 2024 Current Services 1,517 $387,044 

Program Changes:

Program Increases: 20 $12,219 

Cyber & Cloud Initiative 10 $5,719 

Secure Space 0 $4,000 

Evidence & Data Initiative 10 $2,500 

Subtotal Program Changes 20 $12,219 

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

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

Initiative, a total of $42.44 million from the Cybersecurity Enhancement Account will be allocated 

to support Fiscal’s IT modernization and compliance with Cybersecurity Executive Orders.

C – Budget Increases and Decreases Description

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

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

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

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

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

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

Funds are requested for non-labor expenses such as travel, contracts, rent, utilities, security,

supplies, and equipment. 

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

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

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

including eight (8) High Value Assets (HVAs) that support the Financial Services Sector of the 

federal government’s Critical Infrastructure. Protecting the information and technology resources 

that support the bureau’s multi-faceted mission is essential to maintaining the Nation’s economy 

and stable Federal financial operations.

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

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

across the bureau’s programs and the government’s financial operations in alignment with 
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federal mandates, including Executive Order 14028, and customer expectations. This request will 

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

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

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

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

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

In concert with initiatives funded by the Cybersecurity Enhancement Account (CEA), this 

funding will also support the implementation of cybersecurity enhancements to Fiscal Service 

applications and infrastructure, including agile DevSecOps capabilities and a scalable continuous 

integration and deployment pipeline for software and infrastructure that aligns with the Bureau’s 

adoption of cloud services and solutions. These activities to accelerate cloud adoption

complement the Treasury implementation of zero trust architecture (ZTA) and will further 

support Fiscal’s effort to transition from aging and costly on-premise platforms to secure modern 

platforms that protect federal agencies and the public that access Fiscal Service systems.

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

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

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

reconfigurations and technology needed to carry out this work.

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

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

Act) requires agencies to strengthen a broad complement of analytical-support activities 

including enterprise-strategic planning, program evaluation, data-collection, and performance 

analytics to improve the overall capability to assess progress against outcomes. In FY 2024, 

Fiscal Service will increase its capacity for enterprise planning, collection and analysis of 

performance data, and program evaluations. Increasing Fiscal’s capacity to conduct more 

evaluations, such as the recent effort to assess the delivery of government payments to hard-toreach populations, would enhance the capacity to analyze performance data. This will enable the 

bureau to better assess the effectiveness and efficiency of programs, policies, and services. 

Increasing evaluation activities will drive evidence-building in areas such as organizational 

efficiency, program effectiveness, diversity and inclusion, customer experience and research, 

emerging technology, and data quality.
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1.3 – Object Classification (Schedule O) Obligations

Dollars in Thousands

FY 2022 FY 2023 FY 2024

Object Classification

Actual

Obligations

Estimated

Obligations

Estimated

Obligations

11.1 - Full-time permanent 192,119 194,741 207,508 

11.3 - Other than full-time permanent 492 219 233 

11.5 - Other personnel compensation 5,948 5,409 5,768 

11.9 - Personnel Compensation (Total) 198,559 200,369 213,509 

12.0 - Personnel benefits 75,728 78,256 83,405 

13.0 - Benefits for former personnel 8 0 0 

Total Personnel and Compensation Benefits $274,296 $278,625 $296,914 

21.0 - Travel and transportation of persons 345 1,601 1,635 

22.0 - Transportation of things 36 81 83 

23.1 - Rental payments to GSA 25,243 26,274 26,808 

23.2 - Rental payments to others 0 0 0 

23.3 - Communications, utilities, and miscellaneous charges 48,977 67,696 69,059 

24.0 - Printing and reproduction 204 107 109 

25.1 - Advisory and assistance services 54,096 64,238 65,616 

25.2 - Other services from non-Federal sources 25,334 22,713 42,948 

25.3 - Other goods and services from Federal sources 318,805 330,238 342,633 

25.4 - Operation and maintenance of facilities 1,727 2,425 2,473 

25.7 - Operation and maintenance of equipment 6,868 8,194 8,360 

26.0 - Supplies and materials 4,278 2,856 2,913 

31.0 - Equipment 811 1,520 1,550 

32.0 - Land and structures 0 656 669 

Total Non-Personnel $486,724 $528,599 $564,856 

Total Obligations $761,019 $807,224 $861,770 

Full-time Equivalents (FTE) 1,865 1,841 1,861

Note: The 2024 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. 
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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, [$372,485,000]$399,263,000; of which not to exceed 

$8,000,000, to remain available until September 30, [2025]2026, 

is for information systems modernization initiatives; and of which 

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

expenses.

In addition, [165,000]$225,000, 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, 2023.)

Adjusting the 

reimbursement amount 

for Oil Spill to reflect the 

increasing cost for the 

administration and 

personnel supporting the 

Trust Fund. Adjustments 

have not been made in 

approximately ten years 

to account for the 

constantly increasing 

cost.

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, disbursements, 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 2024 will be approximately $706 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 2024 is estimated at $193 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, disbursements, 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 2024 will be 
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approximately $1.172 billion, which includes approximately $1 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 2024, the funding estimated to support payments for the 

replacement of valuables is approximately $22 million. This increase is attributable to 

anticipated reimbursements to financial institutions for loses associated with identified savings 

bonds fraud. 

1.4 – Permanent, Indefinite Appropriations Table

Dollars in Thousands

Permanent, Indefinite Appropriation FY 2022 Actuals FY 2023 Estimates FY 2024 Requested

Federal Reserve Bank1 $663,000 $685,000 $706,000 

Reimbursements to the Federal Reserve Banks $174,000 $188,000 $193,000 

Financial Agent Services1,2 $1,036,000 $1,149,000 $1,172,000 

Government Losses in Shipment3 $229 $11,899 $21,771 1 Approximately $86M was reimbursed from other government agencies and deposited in the General Fund in FY 2022.

2 FY 2022 - FY 2024 includes $1M per year for the Government Sponsored Enterprise - Mortgage Backed Securities administrative costs. 3 Government Losses in Shipment increased in FY 2023 and FY 2024 due to paper savings bond fraud that requires reimbursement to financial 

partners.
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E – Legislative Proposals

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

death data. 

The proposal would include DNP consulting with State Vital Records Offices, NAPHSIS, and the 

Social Security Administration to determine the appropriate process for accessing complete state 

death data for its purposes after the evaluation of death data sharing has concluded and full 

compensation provisions for costs of access and distribution are in place as intended by the 

Consolidated Appropriations Act, 2021. 

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

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

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

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

erroneous payments.

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

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

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

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

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

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

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

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

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

administered programs such as SNAP and Medicaid. 

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

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

in improper payments identified.

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

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

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

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

available data, such as the information available through the Fiscal Service’s Account 

Verification Services (AVS), to confirm the existence of an account, its status, standing, and 

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

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

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

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

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

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

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

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

million checks.

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

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

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

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

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

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

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

goals.

6. Simplify Debt Management Services (DMS) Fees. 

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

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

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

difficult and inefficient process.

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

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

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

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

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

equitable manner.

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

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

interest rate is calculated pursuant to 31 U.S.C. § 3717. This proposal would make technical 

changes to the statute to expressly authorize the use of the current value of funds rate (CVR) to 

establish the applicable interest rate, which is consistent with current practice.
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Section II – Annual Performance Plan and Report

A – Strategic Alignment

Fiscal Service plays an integral role in the NFCI of the entire federal government, and the 

financial services we provide touch the lives of nearly every American. The bureau delivers its 

mission to promote the financial integrity and operational efficiency of the federal government 

through exceptional accounting, financing, collections, disbursements, and shared services. 

Fiscal Service is guided by Treasury’s strategic plan, the Future of Federal Financial 

Management Vision (FM Vision), and our own strategic plan, which outlines four strategic goals 

focusing on operations, data, customer experience, and workforce.

The FM Vision outlines three expectations the public has 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 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 

modern and innovative financial management operations and services that are inclusive, 

efficient, sustainable, and secure; increase the value, availability, and quality of our data for 

decision-making and insights; improve the customer experience throughout the journey with 

Fiscal Service; and recruit, retain, develop, and engage a diverse, high-performing workforce to 

meet our customers’ needs. These transformations are more important than ever as we move 

forward to meet customer demands, evolving cyber threats, and emerging trends in the needs and 

capabilities of our workforce. This will position Fiscal Service to deliver the reliable services 

that agencies and the public can continue to count on.

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
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o Objective 5.3 - Better Use of Data

o Objective 5.4 - Customer Experience Practices 

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 for Debt Collection, which is funded 

through delinquent debt collection revenue. 

The FY 2024 request maintains Fiscal Service’s ability to continue delivering operational 

excellence by providing funding to cover inflationary cost increases while also supporting 

targeted investments in using data and evidence to ensure efficient stewardship of financial 

resources, providing financial information that is accurate, and delivering financial interactions 

that are modern, inclusive, seamless, and secure. Specifically, the Cybersecurity and Cloud 

Migration and Secure Space initiatives directly support Treasury’s 2.1 objective to advance 

cyber resiliency of financial systems and institutions. The Evidence Building and Performance 

Data initiative directly supports Treasury’s objective 5.3 to make better use of data, which also 

enables improved outcomes across the entire Fiscal Service portfolio. 

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

illustrate FY 2022 performance accomplishments and FY 2023 and 2024 performance goals.
Fiscal Service - 14

B – Budget and Performance by Budget Activity

2.1.1 – Accounting and Reporting Resources and Measures

Dollars in Thousands

Resource Level FY 2018 

Actual

FY 2019 

Actual

FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2023 

Operating 

Plan

FY 2024 

Request

Appropriated Resources $90,291 $94,104 $94,446 $102,344 $94,019 $96,956 $104,783

Reimbursable Resources $18,923 $20,114 $21,205 $23,937 $22,457 $23,299 $24,244 

Budget Activity Total $109,214 $114,218 $115,651 $126,281 $116,476 $120,255 $129,027

Full-time Equivalents (FTE) 400 373 355 400 399 390 395

Performance 

Measure

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Percentage of 

Government-wide 

Accounting Reports 

Issued Timely

100 99.6 100 100 100 99 99 99

Number of High 

Value Analytics Use 

Cases Deployed 

[NEW]

N/A N/A N/A 3 3 4 5 8

Key: N/A- Not Applicable

Accounting and Reporting Budget and Performance

($104,783,000 from direct appropriations, $24,244,000 from reimbursable sources):

Fiscal Service’s Accounting and Reporting budget activity aims to strengthen financial reporting 

and data transparency by providing the public and private sectors, federal agencies, and the 

American public 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. 

Fiscal Service gathers and publishes Government-wide financial information for use in 

establishing fiscal and debt management policies and provides the public and private sectors the 

ability to monitor the Government’s financial status. This includes reporting on the public debt, 

the federal cash position, the overall financial position of the U.S. government, and interest rates. 

In FY 2022, Fiscal Service issued the annual Financial Report of the U.S. Government, 

12 Monthly Treasury Statements, and 252 Daily Treasury Statements. 

Fiscal Service also provides transparency into federal finances to the American public through 

USAspending.gov (USAspending) and FiscalData.Treasury.gov (Fiscal Data). USAspending is 

the official open data source of federal spending information. Fiscal Data is the one-stop shop 

that provides access to federal financial data, including “Your Guide to America’s Finances,” in 
Fiscal Service - 15

an easy-to-use platform to inspire trust in the government. In FY 2022, 1.8 million users visited 

USAspending and Fiscal Data. 

Fiscal Service also operates the Financial Management Quality Service Management Office (FM 

QSMO), which launched the FM Marketplace in December 2022 that agencies can use to obtain

financial systems and services. Marketplace offerings include core financial systems solutions 

offered in the cloud with standards embedded, financial management services and solutions, and 

Treasury centralized services. The Accounting and Reporting program also funds approximately 

$1.6M for the Treasury and OMB shares of operating cost of the Federal Accounting Standards 

Advisory Board (FASAB), which issues federal financial accounting standards and supports the 

federal financial management community’s efforts to improve financial reporting and meet its 

accountability responsibilities.

Description of Performance:

In FY 2022, Fiscal Service accounted for and reported on the financial activity related to the 

$30.9 trillion public debt and managed an average daily cash flow of $185 billion. Fiscal Service 

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

annual Financial Report of the U.S. Government, which reports the financial condition of the 

federal government using accrual-based accounting. 

Fiscal Service continued progress on implementing G-Invoicing, the government invoicing 

solution that allows agency buyers and sellers to negotiate terms, broker orders, exchange 

information, and validate settlement requests online. Reporting buy/sell transactions among 

agencies accurately is essential for the government’s financial statement, and G-Invoicing is a 

key driver to reducing buy/sell intragovernmental differences. In FY 2022, agencies completed 

over $4 billion in intragovernmental buy/sell transactions in G-Invoicing. In FY 2023 and 

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

government-wide, which will continue to reduce intragovernmental buy/sell differences. 

Intragovernmental Buy / Sell Differences

$ / Billions

$27.0 

$21.0 

$25.0 

$16.0 

$13.6 $13.7 

 $-

 $5.0

 $10.0

 $15.0

 $20.0

 $25.0

 $30.0

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

Intragovernmental

Buy/Sell Differences ($ Billions)
Fiscal Service - 16

Fiscal Service continued to provide the American public with transparent and easily accessible 

financial data through its USAspending and Fiscal Data websites. In FY 2022, Fiscal Service 

broadened its training and outreach efforts to connect new audiences with financial data. Fiscal 

Service launched the new USAspending YouTube channel, an interactive page explaining 

USAspending data sources and frequency of data updates; and issued a new Analyst Guide to 

provide direction on how to effectively use USAspending data. User enhancements will continue 

based on the results of the USAspending customer satisfaction survey issued in FY 2022. In 

FY 2023 and FY 2024, Fiscal Service will continue to leverage customer feedback to make 

enhancements focused on site useability. Additional upgrades will include the re-architecture of 

USAspending’s data pipeline to reduce daily data refresh time and add more resilience. 

Additionally, Fiscal Service is implementing security control changes in alignment with the Zero 

Trust policy to improve user and system identity monitoring, network confidentiality, and 

application integrity. 

The bureau made significant advancements on its Fiscal Data website during FY 2022. Fiscal 

Service continued migrating datasets from legacy formats and locations to the Fiscal Data 

website, with a total of 39 datasets and 82 data tables onboarded to the site. In FY 2023 and 

FY 2024, Fiscal Service will continue to migrate datasets to Fiscal Data, with a goal to migrate 

70 by FY 2024. Your Guide to America’s Finances was also released on Fiscal Data, the latest 

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

Modern, Useful Data on FiscalData.Treasury.gov

Datasets Migrated – Cumulative Number

To build our internal capabilities to use data effectively and inform decision-making, Fiscal 

Service published a Data Analytics Playbook and Data Management Playbook and launched 

Fiscal Data University to advance knowledge and skillsets in the science of data analytics, 

directly supporting Treasury’s strategic objective to make better use of data. The bureau 

continues to develop the data and evidence-building culture as the analytics, data stewardship, 

and evaluation communities of practices grow.

22

30

39

61

70

0

10

20

30

40

50

60

70

80

FY 2020 FY 2021 FY 2022 FY 2023 (Projected) FY 2024 (Goal)

Cumulative Number of Datasets 

Migrated to Fiscal Data

Fiscal Year
Fiscal Service - 17

2.1.2 – Collections Resources and Measures

Dollars in Thousands

Resource Level FY 2018 

Actual

FY 2019 

Actual

FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2023 

Operating 

Plan

FY 2024 

Request

Appropriated Resources $38,338 $42,333 $38,976 $42,317 $44,008 $47,804 $52,276 

Reimbursable Resources $8,042 $7,804 $8,535 $9,311 $11,192 $11,611 $12,096 

Budget Activity Total $46,380 $50,137 $47,511 $51,628 $55,200 $59,415 $64,372 

Full-time Equivalents (FTE) 160 156 148 153 154 151 153

Performance 

Measure

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Percentage of total 

federal government 

receipts settled 

electronically (in 

dollars) [%]

98.0 98.4 99.0 99.6 99.8 99.0 DISC DISC

Percentage of total 

federal government 

receipts initiated 

electronically (in 

dollars) [%] [NEW]

82.5 83.6 84.1 83.0 83.2 83.1 83.1 83.4

Key: DISC - Discontinued

Collections Budget and Performance

($52,276,000 from direct appropriations, $12,096,000 from reimbursable sources):

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

largest government collection system through a network of Fiscal and Financial Agents. This 

activity also establishes and implements collection policies, regulations, standards, and 

procedures for the federal government. Fiscal Service provides agencies and the public a variety 

of modern electronic options for paying federal taxes, charges, and fees and continues to increase 

the share of revenue that is collected and settled electronically. These collections are critical to 

the economy, to the operations of the Government, and to the daily lives of the American 

public. 

In FY 2022, Fiscal Service collected nearly $5.76 trillion in federal revenue, including individual 

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

repayments.

Description of Performance:

Fiscal Service is streamlining manual collections processes and providing agencies and the 

public with modern, online options for paying the government. In FY 2022, Fiscal Service 

settled 99.8 percent of total federal government receipts electronically, exceeding its target of 

99.0 percent. Fiscal Service’s emphasis on streamlining lockbox operations and automating 

manual processes has resulted in consistent year-over-year improvements to this measure. Fiscal 

Service continues to drive paper out of its collection channels by increasing adoption of 

e-commerce digital solutions across federal agencies. The bureau’s e-commerce suite includes 

online bill payment, digital wallets, and mobile applications. In FY 2022, the average number of 

federal agencies using the e-commerce suite grew from 76 to 85; 13 agencies were added to 

digital wallets and 11 agencies were added to mobile applications. Fiscal Service currently offers 
Fiscal Service - 18

the ability to pay through PayPal and Amazon Pay and plans to expand its digital wallet offerings 

to include Apple Pay and Google Pay by FY 2025, providing the public with modern options and 

an improved customer experience.

In addition to its e-commerce initiatives, Fiscal Service continues to increase digitization of 

paper collections in both the General Lockbox Network (GLN) and the Treasury General 

Account (TGA) Network. The GLN collects and processes checks and paper forms for federal 

government agencies. In FY 2023 and FY 2024, Fiscal Service will work with federal agencies 

to replace paper checks and forms with modern online options for people making payments to 

the government, with a goal to reduce paper volume processed through the GLN by 25 percent 

by 2024, when compared with 2019 levels.

Increasing Digitization of Paper Collections

Number of GLN Paper Transactions (Millions)

*GLN transaction volume decreased during the pandemic because some agency billing obligations were suspended.

The TGA Network provides banking services to federal agencies around the world, including 

deposits of cash and checks. In FY 2023 and FY 2024, Fiscal Service is continuing to convert 

paper processes to electronic solutions to better meet customer agency needs while maintaining 

operational stability, with a goal to convert 25 percent of TGA Network transactions from and 

check bank deposits to electronic by 2025, when compared with 2019 levels.

28.6 

22.8 

12.7 

15.4 

21.2 21.5 

0.0

5.0

10.0

15.0

20.0

25.0

30.0

FY 2019 FY 2020* FY 2021* FY 2022* FY 2023

(Projected)

FY 2024

(Goal)

Number of paper transactions 

(millions)
Fiscal Service - 19

Increasing Digitization of Paper Collections

Number of TGA Network Cash and Check Transactions (Thousands)

*TGA network transaction volume decreased during the pandemic due to fewer over-the-counter transactions during the 

pandemic. 

In FY 2023, Fiscal Service will continue efforts to pilot and implement capabilities that provide 

the ability to pay or be paid instantly, with near real-time settlement. This new, safe, and efficient 

payment mechanism is taking its place alongside cash, checks, the automated clearing house 

(ACH), wire transfer, and credit and debit cards. Fiscal Service will add this new payment 

system to options the government makes available to the public.

Additionally, in FY 2023 and FY 2024 Fiscal Service will continue its efforts to incrementally 

modernize the tax collection system. These efforts will provide a better customer experience, 

allow for the expansion of functionality, and leverage adoption of cloud-based technology. The 

modernized tax collection system will incorporate cybersecurity, fraud monitoring and detection, 

and resiliency components in response to increased threats and readiness expectations.

275.5 

242.7 

223.3 225.2 

241.1 

223.9 

206.7 

0.0

50.0

100.0

150.0

200.0

250.0

300.0

FY 2019 FY 2020* FY 2021* FY 2022* FY 2023

(Projected)

FY 2024

(Projected)

FY 2025

(Goal)

Number of cash and check 

transactions (thousands)
Fiscal Service - 20

2.1.3 – Payments Resources and Measures

Dollars in Thousands

Resource Level FY 2018 

Actual

FY 2019 

Actual

FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2023 

Operating 

Plan

FY 2024 

Request

Appropriated Resources $131,160 $122,835 $136,678 $136,627 $132,026 $133,328 $141,787

Reimbursable Resources $117,264 $113,313 $118,127 $139,842 $151,153 $156,820 $158,748 

Budget Activity Total $248,424 $236,148 $254,805 $276,469 $283,179 $290,148 $300,535

Full-time Equivalents (FTE) 508 477 487 524 492 478 485

Performance Measure FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Percentage of payments 

disbursed electronically 95.38% 95.61% 96.04%* 96.19%* 96.40%* 96.37% 96.56% 96.91%

Count of Improper 

Payments Identified or 

Stopped 

(# Thousands) [DISC]

20,336 22,415 22,773 23,801 17,115 22,520 DISC DISC

Dollar Amount of 

Improper Payments 

Identified or Stopped ($ 

Millions) [DISC]

$35.5 $41.1 $43.5 $47.6 $35.83 $38.8 DISC DISC

Potential improper 

payments identified, 

stopped, or recovered 

[New]

- - - - - - - B

Percentage of payments 

screened by Do Not Pay 

[New]

- - - - - - - B

Key: DISC – Discontinued; B – Baseline

*Excludes Economic Impact Payments (EIPs), Department of Education, and Department of Veterans Affairs checks directly related to the 

pandemic.

Payments Budget and Performance

($141,787,000 from direct appropriations, $158,748,000 from reimbursable sources):

The Payments budget activity supports the NFCI and disburses federal payments to individuals,

businesses, non-profits, State, local and Tribal governments, and other entities on behalf of more 

than 250 federal agencies. As the federal government’s central disbursing agency, Fiscal Service 

disbursed 90.5 percent of all federal payments in FY 2022, distributing 1.38 billion payments 

totaling more than $5.27 trillion. Fiscal Service utilizes mechanisms such as Electronic Fund 

Transfers (EFT), debit cards, paper checks, and other digital payment channels to deliver 

payments to the public on behalf of agencies, including payments for programs such as Social 

Security Benefits, Supplemental Security Income (SSI), Veterans’ Compensation and Pension, 

Federal and Railroad Pensions, and IRS tax refunds. In FY 2022, nearly 81 million Social 

Security, Medicare, and veterans benefit payments were sent to recipients each month.

Fiscal Service also plays a critical role in leading government-wide efforts to identify, prevent, 

and recover improper payments through the Payment Integrity Center of Excellence PICOE and 

DNP Business Center. Fiscal Service has made strategic investments to implement the Payment 

Integrity Information Act and curb improper payments, including providing federal agencies 

with access to data sources and data analytics to aid in identification, mitigation, and elimination 

of improper payments, as well as leveraging cross-government data sharing, an account 
Fiscal Service - 21

verification service, the Treasury Check Verification System, investigative case support and 

other activities to improve payment accuracy and integrity.

Description of Performance:

Fiscal Service continues to focus on providing a modern, seamless, inclusive, and secure 

payment experience with an emphasis on payment integrity, all-electronic payments, and 

resilient and secure operations. In FY 2022, Fiscal Service disbursed 96.4 percent of payments 

electronically, which continued the steady increase toward our electronic payments targets and 

advanced the Agency Priority Goal (APG) to Improve the Payment Experience. Supporting 

Executive Order 14058, Transforming Federal Customer Experience and Service Delivery to 

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

Administration’s climate and equity priorities, the bureau, in collaboration with IRS, are 

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

improving financial inclusion. Fiscal Service continues to promote and increase the delivery of 

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

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

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

direct deposit.

Fiscal Service continued outreach through the No Check Coalition, a quarterly partnership 

among the top ten check disbursing agencies, to promote the benefits of electronic payments and 

develop strategies to implement electronic payment solutions. These outreach efforts contributed 

to check reductions with several agencies, including the U.S. Department of Agriculture’s 

Commodity Credit Corporation, Veterans Health Administration medical provider payments, 

Housing and Urban Development vendor checks, and IRS tax refunds.

Fiscal Service’s Multi-Pronged Strategy to Improving the Payment Experience

Additionally, Fiscal Service recently conducted evidence-building activities supporting the 

Payment Experience APG and Treasury and Fiscal Service’s Learning Agenda questions focused 

on improving the delivery of government payments to hard-to-reach populations, which includes 

individuals that do not have or have challenges accessing bank or credit union accounts or do not 
Fiscal Service - 22

have an address. Often these populations are persons of color, persons with disabilities, persons 

who live in rural areas, and persons living in poverty. The evaluation identified opportunities that 

could help improve the delivery of government payments to these populations, expand financial 

inclusion, and further advance electronic payment adoption in FY 2023 and FY 2024.

Fiscal Service advanced its payment integrity efforts through its DNP and PICOE Programs. In 

FY 2022, DNP screened $2.87 trillion payments to assess whether the payment may be 

fraudulent or incorrect prior to disbursement. DNP also implemented two new data sources, 

which are available in the DNP portal and for analytics use. Additionally, DNP onboarded 28 

new federal programs and 6 new state programs. In total, DNP identified $35.83 million in 

potential improper payments during FY 2022.

Fiscal Service also supported the Federal Emergency Management Agency (FEMA) and the 

Internal Revenue Service (IRS) with payment integrity capabilities such as account verification 

services and cross-government data analytics. The bureau supported the IRS Taxpayer Protection 

Program and identified 6 million tax returns as potential identify theft. Of those, 1.4 million 

returns valued at $7.3 billion were verified and became eligible for expedited release and 

approximately 14,000 tax returns valued at $117 million were confirmed as identity theft.

In FY 2023 and FY 2024, Fiscal Service will continue expanding its government-wide payment 

integrity services and solutions. In FY 2023, Fiscal Service will formally integrate DNP and 

PICOE to establish the Office of Payment Integrity. Fiscal Service will also continue to ensure 

that the full version of Social Security Administration’s Death Master File will be accessible to 

DNP in FY 2024 as required by the Consolidated Appropriations Act, 2021, Public Law 116-

260.

2.1.4 – Retail Securities Services Resources and Measures

Dollars in Thousands

Resource Level FY 2018 

Actual

FY 2019 

Actual

FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2023 

Operating 

Plan

FY 2024 

Request

Appropriated Resources $60,491 $55,465 $56,344 $62,104 $78,015 $68,759 $72,899 

Reimbursable Resources $12,100 $13,306 $12,406 $16,418 $15,554 $16,137 $16,867 

Budget Activity Total $72,591 $68,771 $68,750 $78,522 $93,569 $84,896 $89,766 

Full-time Equivalents (FTE) 434 388 393 403 391 381 385

Performance Measure

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Percentage of 

Unassisted Retail 

Securities Transactions

N/A B 70% 63% 77% 72% 73% 73%

Key: B – Baseline; N/A- Not Applicable

Retail Security Services Budget and Performance

($72,899,000 from direct appropriations, $16,867,000 from reimbursable sources):

Fiscal Service provides simple, safe, and affordable ways for investors to save for their future by 

directly interacting with the Department of the Treasury and investing in Treasury securities. 

Treasury began offering paper savings bonds in 1935. Today, electronic savings bonds and 
Fiscal Service - 23

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

purchasing, holding, and conducting Treasury securities transactions. 

In FY 2022, increasing interest rates on Series I savings bonds drove a historic increase in

demand for these investments. As a result, Fiscal Service saw unprecedented volumes of both 

sales and new customers. Sales of Series I bonds surpassed $28 billion in FY 2022, an increase 

of 27 times over FY 2021 volumes. Given the increased demand in Series I savings bonds, more 

than 2.8 million new TreasuryDirect accounts were created in FY 2022, bringing the total 

customers holding savings bonds to approximately 27 million. Along with this increase in new 

purchase activity, Fiscal Service also saw an extended influx of redemption requests leading to a 

surge in call and case volumes for the Retail Security Services budget activity. Inbound case 

volume increased by 3 percent over prior year averages, and we expect similar levels in 2023 and 

2024. In total, during FY 2022 Fiscal Service electronically issued $119.8 billion in Treasury 

retail securities, serviced customers in redeeming $85.4 billion Treasury securities, and made 

$25.5 billion in retail payments.

Description of Performance:

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

transactions increase from 63 percent to 77 percent, exceeding the FY 2022 target. This increase 

was largely due to the unprecedented volume of new TreasuryDirect accounts created and sales 

of Series I savings bonds. To assist with customer demand for Series I savings bonds, Fiscal 

Service added resources to the call center to assist with customer transactions and made 

enhancements to the TreasuryDirect website to enable customers to complete transactions 

independently. This increased demand along with increased redemption requests resulted in 

significant workload increases, and the average number of retail securities cases in inventory 

grew from 14.8 thousand in FY 2021 to 33.1 thousand in FY 2022. While Fiscal Service 

anticipates Series I savings bond sales to decline in FY 2023, the bureau still expects the sales to 

remain elevated compared to historical levels. These increased sales will result in higher 

workloads in future years to support customer servicing functions.

 
Fiscal Service - 24

Series I Savings Bond Issues – January 2021 to October 2022

TreasuryDirect Accounts Created – January 2021 to October 2022
Fiscal Service - 25

In FY 2022, Fiscal Service improved the customer experience by refreshing the TreasuryDirect 

website, which currently supports over 57,000 visits per day, based on evidence-based customer 

research. This research resulted in improvements to the website, including new information 

architecture with task-based navigation, embedded help topics, enhanced search functionality, 

and a responsive design for mobile and tablet devices. Fiscal Service will continue to monitor 

customer satisfaction with the website, analyze call center data to understand impact on call 

volumes, and will continue to make iterative adjustments based on research. 

Treasury Retail Investment Manager (TRIM), a key initiative to replace TreasuryDirect with 

myTreasury, will continue its development and incremental releases in FY 2023 and FY 2024. 

MyTreasury will transform the customer experience by offering a modern, efficient, and 

customer-centric system and enable customer to purchase, manage, and redeem their Treasury 

security holds through one platform. In FY 2023 and FY 2024, the iterative adjustments to 

TreasuryDirect and incremental releases to myTreasury will improve the customer experience 

and drive customer self-service. Fiscal Service anticipates these adjustments to support our 

ability to maintain higher levels of unassisted retail securities transactions, and ultimately meet

the 73 percent target.

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

(MUD) initiative (supported through multi-year funding provided in FY 2020 and FY 2021), 

which is aimed at assisting bond holders to identify and claim savings bonds that have reached 

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

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

remained unredeemed by the end of FY 2022. To support this initiative, Fiscal Service has 

begun digitizing its savings bond records, recently completing the digitization of approximately 

2 billion images of savings bond records associated with bonds issued from 1974 to 1993. 

Collectively, these years represent more than 91 percent of the current MUD balance. 

Digitization efforts are now also underway for records associated with savings bonds issued 

1957–1973. During FY 2023 and FY 2024, the Fiscal Service will be making improvements to 

Treasury Hunt, an online search tool customer can use to find matured savings bonds. The 

bureau will also be working to fulfill the requirements enacted in the SECURE 2.0 Act of 2022

associated with providing savings bond information to states.
Fiscal Service - 26

2.1.5 – Wholesale Securities Services Resources and Measures

Dollars in Thousands

Resource Level FY 2018 

Actual

FY 2019 

Actual

FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2023 

Operating 

Plan

FY 2024 

Request

Appropriated Resources $21,851 $23,522 $23,414 $25,031 $26,005 $25,638 $27,518 

Reimbursable Resources $4,613 $4,599 $5,062 $5,415 $5,910 $6,132 $6,367 

Budget Activity Total $26,464 $28,121 $28,476 $30,446 $31,915 $31,770 $33,885 

Full-time Equivalents (FTE) 116 112 116 125 130 126 128

Performance 

Measure

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Percentage of Auction 

Results Released 

Accurately

98.9% 98.8% 100% 100% 100% 100% 100% 100%

Percentage of Auctions 

Successfully 

Completed by the 

Scheduled Close Date

N/A 100% 100% 100% 99.75% 100% 100% 100%

Key: N/A- Not Applicable

Wholesale Securities Services Budget and Performance

($27,518,000 from direct appropriations, $6,367,000 from reimbursable sources):

The Wholesale Securities Services 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 2022, Treasury successfully conducted 398 auctions and awarded $17.35 trillion in 

Treasury securities to fund critical government operations and activities. 

Total Number of Auctions Conducted

270

325

447

472

398 387 389

0

50

100

150

200

250

300

350

400

450

500

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Actual

FY 2022

Actual

FY 2023

Projection

FY 2024

Projection

Number of Auctions
Fiscal Service - 27

Description of Performance:  

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

addition, 99.75 percent of auctions were successfully held by the scheduled close date, which 

was slightly below the target of 100 percent due to technical issues that have been resolved. 

In FY 2022, Fiscal Service continued the Financing Modernization (FinMod) effort, a multiyear initiative to modernize the financing system in alignment with Treasury’s strategic 

priorities and long-term business requirements. This modernization includes the 

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. This modernization effort will continue 

into FY 2026.

In addition to advancing its modernization initiative, during FY 2022, Fiscal Service 

increased automated testing and successfully deployed fourteen enhancement releases to the 

current auction system. In FY 2023 and FY 2024, additional incremental enhancements to 

the current auction system and the FinMod development effort will allow Fiscal Service to 

continue to maintain its operational excellence, resulting in 100 percent targets for auction 

results released accurately and auctions successfully closed by the scheduled close date.
Fiscal Service - 28

2.1.6 – Debt Collection Resources and Measures

Dollars in Thousands

Resource Level FY 2018 

Actual

FY 2019 

Actual

FY 2020 

Actual

FY 2021 

Actual

FY 2022 

Actual

FY 2023 

Operating 

Plan

FY 2024 

Request

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

Reimbursable Resources $167,726 $204,512 $214,910 $195,256 $180,670 $204,581 $210,205 

Budget Activity Total $167,726 $204,512 $214,910 $195,256 $180,670 $204,581 $210,205 

Full-time Equivalents (FTE) 389 366 348 332 299 315 315

Performance 

Measure

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Count of Improper 

Payments identified or 

stopped FYTD [#]

20,336 22,415 22,773 23,801 17,115 22,520 DISC DISC

Dollar amount of 

Improper payments 

identified or stopped 

during the fiscal year 

[$ Millions]

35.53 41.10 43.50 47.61 35.83 38.8 DISC DISC

Amount of delinquent 

debt collected through 

all available tools [$ 

Billion]

7.44 9.65 10.68 5.04 5.52 5.26 DISC DISC

All delinquent debt 

collected FYTD as a 

percentage of all 

delinquent debt 

referred FYTD [%]

N/A 14.0 15.7 15.9 16.58 15.0 13.9 13

Percentage of the 

active delinquent debt 

portfolio collected 

FYTD [%]

N/A 6.8 9.2 7.3 6.26 6.7 6.5 6.0

Key: DISC - Discontinued; Key: N/A- Not Applicable

Debt Collection Budget and Performance

($210,205,000 from Debt Collection sources):

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. The Debt 

Collection budget activity helps federal agencies and state governments collect money that is 

owed to them and collects this delinquent debt through two programs: the Treasury Offset 

Program (TOP) and Cross-Servicing.

TOP collects delinquent federal and state tax and non-tax 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 2022, over $5.16 billion was collected through TOP.

Cross-Servicing is when delinquent non-tax debts (e.g., loans and administrative debts such as 

overpayments, fines, fees, etc.) are referred to Fiscal Service by federal agencies for collection.

These non-tax debts are collected in several ways, including offsetting federal disbursements, 

sending demand letters to debtors, entering into payment agreements, withholding non-federal 

wages administratively, referring debts to the Department of Justice for litigation, reporting 
Fiscal Service - 29

credit to bureaus, and referring to private collection agencies. In FY 2022, Fiscal Service 

collected $356.2 million through the Cross-Servicing program.

Description of Performance:

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

from the prior year as some agencies began to resume debt collection activities after being 

suspended in response to economic concerns related to the pandemic. In FY 2023 and FY 2024, 

Fiscal Service anticipates continued constraints will continue to negatively impact debt 

collections. 

Debts Processed Through TOP (Millions)

13.3

16.3

12.8

2.8

6.7 7.1

10.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Actual

FY 2022

Actual

FY 2023

Projected

FY 2024

Projected

Number of Debts Processed 

Through TOP (Millions)
Fiscal Service - 30

Debts Processed Through Cross Servicing (Millions)

The amount of delinquent debt collected as a percentage of all delinquent debt referred during 

the fiscal year increased from 15.9 percent in FY 2021 to 16.58 percent in FY 2022. This 

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

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

portfolio collected during the fiscal year did not meet the target in FY 2022, as 6.26 percent of 

the active delinquent debt portfolio was collected compared with the 6.7 percent target. Fiscal 

Service recently completed an independent review of its debt collection programs to assess its 

cost structure and provide recommendations on more sustainable models capable of evolving 

with future government needs. This review generated recommendations around fee setting, 

workforce optimization, business process improvements, data segmentation and analytics, and 

other strategies that the Bureau is assessing and implementing to ensure the long-term 

sustainability of these programs.

2.4

2.53

1.6

2.77

1.1

2.6

3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

FY 2018

Actual

FY 2019

Actual

FY 2020

Actual

FY 2021

Actual

FY 2022

Actual

FY 2023

Projected

FY 2024

Projected

Number of Debts Processed 

ThroughCross Servicing (Millions)
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C – Changes in Performance Measures

Performance Measure or Indicator Proposed Change and Justification

1. Number of High Value Analytics Use Cases 

Deployed [New]

This is a new measure that projects the number of 

high value analytics use cases deployed as part of 

the Accounting and Reporting budget activity and 

in support of Treasury’s Better Use of Data 

objective. 

2. Percentage of Collection Transactions 

Initiated Electronically [New]

Fiscal Service will transition its collections 

performance measure to focus on how 

government receipts are initiated instead of 

settled. Significant progress has been made on 

collections settlement and this focus on receipt 

initiation will better capture the customer’s 

utilization of electronic collection methods and 

quantify Fiscal Service’s ability to provide the 

American public with more modern and efficient 

options to pay the government.

3. Percentage of Total Federal Government 

Receipts Settled Electronically [Discontinue]

4. Amount of Delinquent Debt Collected 

Through All Available Tools ($Billions) 

[Discontinue]

This amount of delinquent debt collected measure 

is being discontinued and will be reported in this 

Congressional Justification as a statistic.

5. Percentage of Payments Screened by Do 

Not Pay [New]

This is a new measure that monitors the 

percentage of payments that are screened by the 

Do Not Pay program as a percentage of payments 

disbursed by Fiscal Service.

6. Potential Improper Payments Identified, 

Stopped, or Recovered [New] The new measure reflects the integration of Do 

Not Pay and the Payment Integrity Center of 

Excellence and tracks not only improper payments 

identified or stopped, but also improper payments 

which are recovered. The discontinued measures 

were focused on Do Not Pay only.

7. Count of Improper Payments Identified or 

Stopped [Discontinue]

8. Dollar amount of Improper Payments 

Identified or Stopped [Discontinue]
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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 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, Future of Federal Financial Management Vision, and the Bureau’s 

Enterprise IT and Security Strategic Plan. The bureau implemented a Solution Lifecycle Policy 

and related standards to ensure modern technology solutions and project lifecycle management 

best practices are employed throughout the lifecycle of all investments. IT governance and 

portfolio and project lifecycle results management is integrated into the bureau’s enterprise 

governance process to ensure cost effectiveness and continuous delivery of business value and 

results throughout the lifecycle of investments. This includes active monitoring of investment

strategy, plans, cost, schedule, risk, and performance trends and briefing the Enterprise Steering 

Board of portfolio risk monthly. The bureau fully operationalized a “ChatStat” process where 

investments or projects are formally reviewed to address performance negative trends or 

concerns and identify course-correction actions that are formally tracked in Get-to-Green plans 

and monitored by Senior leadership monthly until resolved. The bureau continues to evaluate and 

mature portfolio and investment governance capabilities through an annual bureau-wide 

FITARA assessment and corrective action or maturity planning.

Effective Project Execution

Fiscal Service is implementing a more robust, disciplined, and consistent approach to program 

and 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 Standard. The PMIAA 

framework provides the necessary transparency of project performance through established 

metrics related to risk, cost, schedule, scope, quality, and efficiency through a monthly executive 

level dashboard. PMIAA is being rolled out in a phased approach with all investments expected 

onboard to report plans and progress performance monthly in a centralized reporting tool by the 

2nd quarter of Fiscal Year 2024. The systems and solutions that support each investment are 

required to use iterative development techniques for enhancements and new development, in 

accordance with the bureau’s Solutions Lifecycle Policy. Through this process, project-based 
Fiscal Service - 33

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 Enterprise Risk Management (ERM) function within the Office of the Chief Financial Officer

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, the ERM team 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.

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 62

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

Personally Identifiable Information (PII) records, including multiple High Value Assets (HVAs) 
Fiscal Service - 34

that support the Financial Services Sector of the Critical Infrastructure 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’s implementation of Zero Trust Architecture (ZTA) and the associated controls is 

currently in progress. The bureau’s ZTA strategy complements and strengthens the current 

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 

2023 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.