Board of Governors of the Federal Reserve System

Federal Reserve System Budgets

The Federal Reserve Board of Governors and the Federal Reserve Banks prepare annual budgets as part of their efforts to ensure appropriate stewardship and accountability.¹ This section presents information on the 2021 budget performance of the Board and Reserve Banks and on their 2022 budgets, budgeting processes, and trends in expenses and employment. This section also presents information on the costs of new currency.

System Budgets Overview

Tables D.1 and D.2 summarize the Federal Reserve Board of Governors' and Federal Reserve Banks' 2021 budgeted, 2021 actual, and 2022 budgeted operating expenses and employment.²

Table D.1. Total operating expenses of the Federal Reserve System, net of receipts and claims for reimbursement, 2021–22

Table D.2. Employment in the Federal Reserve System, 2021–22

2021 Budget Performance

In carrying out its responsibilities in 2021, the Federal Reserve System incurred $5,047.3 million in net expenses. Total System operating expenses of $6,980.3 million were offset by $1,245.0 million in revenue from priced services, claims for reimbursement, and other income. Total 2021 System operating expenses were $197.7 million, or 3.3 percent, less than the amount budgeted for 2021.

2022 Operating Expense Budget

Budgeted 2022 System operating expenses of $6,246.9 million, net of revenue and reimbursements, are $511.6 million, or 8.9 percent, higher than 2021 actual expenses. The Reserve Bank budgets comprise almost three-quarters of the System budget (figure D.1). Budgeted 2022 revenue from priced services is 4.6 percent higher than 2021 actual revenue, primarily reflecting higher volume from automated clearinghouse (ACH) services and funds transfers offset by lower volume from check and securities transfers.

Trends in Expenses and Employment

From the actual 2012 amount to the budgeted 2022 amount, the total operating expenses of the Federal Reserve System have increased an average of 4.9 percent annually (figure D.2), which is the same as the 10-year growth rate between 2011 and 2021. The total rate of growth in Federal Reserve System expenses reflects the staffing increases in information technology (IT) to support large application development projects, information security efforts, end-user services, and the central computing environment. Supervision resource levels were augmented to meet requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and to support portfolio growth (figure D.3).

Growth in supervision expenses over the past 10 years has been driven by implementation of expanded responsibilities mandated by the Dodd-Frank Act, changes in the state member bank portfolio, building out the cybersecurity supervision program, and supporting other strategic national initiatives. However, supervision growth has moderated because of the Economic Growth, Regulatory Reform and Consumer Protection Act, and as supervisory conditions improved, efficiencies were found and resources were shifted toward higher-risk activities and emerging risks. In particular, resources were temporarily shifted from supervision to support the credit and liquidity facilities responding to the COVID-19 pandemic in 2020. Supervision expenses for 2021 reflect the end of this temporary support and the return of supervision staff from their work for the credit and liquidity facilities.

 

Expense growth in the monetary policy area during the financial crisis has been followed more recently by increased investment in financial stability monitoring, operational activities, and the dedication of additional resources to regional economic research.

Growth in fee-based services is primarily for investments in the payment infrastructure modernization efforts, including the FedNow ^SM Service initiative, and investments associated with multiyear technology initiatives to modernize processing platforms for Fedwire and automated clearinghouse (ACH).³

Expenses for services to financial institutions continue to increase as a result of the next-generation currency-processing program (NextGen).⁴ More recently, increased demand for cash and social distancing protocols related to the COVID-19 pandemic have resulted in higher personnel costs for cash operations and other related expenses for essential on-site staff, such as hazard pay, rapid COVID-19 testing, and frequent and in-depth cleaning services. Growth in services to financial institutions and the public is also attributable to the addition of resources in support of the credit and liquidity facilities created in response to the COVID-19 pandemic.

Treasury services expenses have increased to meet expanding scope and evolving needs, including business and technology modernization of payment services, financing and securities services, and accounting and reporting services, as well as significant investment in infrastructure and technology services.

2022 Capital Budgets

The capital budgets for the Board and Reserve Banks total $139.0 million and $621.5 million, respectively.⁵ As in previous years, the 2022 capital budgets include funding for projects that support the strategic direction outlined by the Board, System leadership, and each Reserve Bank. These strategic goals emphasize investments that continue to improve operational efficiencies, enhance services to Bank customers, and ensure a safe and productive work environment.

Board of Governors Budgets

Board of Governors

The Board's budget is based on the principles established by the Strategic Plan 2020–23 and provides funding to advance the plan's goals and objectives.⁶ This functional alignment helps ensure organizational resources are used to advance the Board's mission and provide a structure to fund strategic priorities over the four-year time horizon.

The Board's budget process is as follows:

• At the start of the budget process, the chief operating officer and chief financial officer meet with the Committee on Board Affairs (CBA) to recommend a specific growth target for the Board's operating budget. For 2022, the recommended growth target included known changes in the run-rate of the Board's ongoing operations, the full-year impact of the budget amendment approved in 2021, long-term space plan, increases to centrally managed retirement and post-retirement benefits, strategic priorities for 2022, and the triennial Survey of Consumer Finances. After endorsement by the CBA, Division of Financial Management (DFM) staff communicate the target to the Executive Committee, which comprises the directors of each division.
• To achieve the CBA's growth target, divisions allocate resources to their highest priorities and seek tradeoffs and efficiencies.
• DFM staff review initial budget requests submitted by divisions and collaborate with all divisions and functional areas to achieve the growth target.⁷
• The chief operating officer and chief financial officer subsequently brief the CBA on the budget submissions. Once the budget is finalized, the administrative governor submits the budget to the full Board for review and final approval.
• DFM staff monitor expenses throughout the year. Quarterly financial forecasts provide insight into budgetary pressures. Staff analyze variances and report the variances to senior management.

Tables D.3, D.4, and D.5 summarize the Board's 2021 budgeted and actual expenses and its 2022 budgeted expenses by operating area; division, office, or special account; and account classification, respectively. Table D.6 summarizes the Board's 2021 budgeted and actual authorized positions and its budgeted positions for 2022. Each table includes a line item for the Office of Inspector General (OIG), which is discussed later in this section.

Table D.3. Operating expenses of the Board of Governors, by operating area, 2021–22

Table D.4. Operating expenses of the Board of Governors, by division, office, or special account, 2021–22

Table D.5. Operating expenses of the Board of Governors, by account classification, 2021–22

Table D.6. Positions authorized by the Board of Governors, by division, office, or special account, 2021–22

2021 Budget Performance

Total expenses for Board operations were $863.9 million, which was $20.5 million, or 2.3 percent, lower than the approved 2021 budget of $884.4 million.⁸

Personnel services expenses were $4.2 million, or 0.6 percent, higher than the approved budget, driven by higher pension expenses that fluctuate with changes in actuarial assumptions and demographics, and higher accrued annual leave expenses as staff used less leave as a result of the COVID-19 pandemic. Goods and services expenses were $24.7 million, or 11.4 percent, lower than the approved budget as the COVID-19 pandemic resulted in less-than-planned travel and training activities, lower utilization of contractual professional services, and lower depreciation expenses because of the shift in the substantial completion of the Martin Building renovation project.

The Board's 2021 single-year capital spending was less than budgeted by $4.4 million, or 23.7 percent, driven by lower spending on equipment purchases and life-cycle replacements and supply chain delays that shifted purchases into 2022. Multiyear capital projects spending in 2021 was less than budgeted by $17.2 million, or 10.6 percent, due to delays in building improvement projects. Table D.7 summarizes the Board's budgeted and actual capital expenditures for 2021 and 2022.

Table D.7. Capital expenditures of the Board of Governors, by capital type, 2021–22

2022 Operating Expense Budget

The 2022 budget for Board operations is $965.9 million, which is $102.0 million, or 11.8 percent, higher than 2021 actual expenses. Staff formulated the operating budget to advance the Board's strategic priorities, and it includes initiatives that support policy deliberations; promote safety, soundness, and stability of financial institutions; foster a safe, efficient, and accessible payment and settlement system; promote broader, ongoing engagement with the public; and optimize operations.

In addition, the 2022 budget includes growth driven by strategic priorities, employment growth expected to occur in 2022; funding for the Board's compensation and benefit programs; ongoing facilities and automation projects; and a step-up approach to travel and training expenses, which were significantly impacted by the COVID-19 pandemic in 2021.

Authorized positions for 2022 are 2,979, consistent with the 2021 authorized number.⁹

2022 Capital Budgets

The Board's 2022 single-year capital budget totals $20.0 million, which is $6.0 million, or 42.5 percent, higher than 2021 actual capital expenditures. The increase is driven by supply chain delays that shifted data center infrastructure purchases from 2021 to 2022. The proposed budget also includes continued investments in automation projects and routine life-cycle replacements of equipment and building components.

The Board's multiyear capital budget is driven by facilities projects. Expected capital expenditures in 2022 total $118.9 million and reflect the Board's commitment to provide a secure, modern environment that meets the needs of the workforce and leverages opportunities to increase collaboration, efficiency, productivity, and sustainability. Table D.7 summarizes the Board's budgeted and actual capital expenditures for 2021 and 2022.

Office of Inspector General

The budget for the Board's OIG is grounded in the goals established in its strategic plan.¹⁰ The goals are to deliver results that promote agency excellence; promote a diverse, skilled, and engaged workforce and foster an inclusive, collaborative environment; optimize external stakeholder engagement; and advance organizational effectiveness and model a culture of continuous improvement.

In keeping with its statutory independence, the OIG prepares its proposed budget apart from the Board's budget. The OIG presents its budget directly to the Board for approval.

2021 Budget Performance

Expenses for OIG operations, excluding operating income, were $47.5 million, which was $2.6 million, or 5.3 percent, lower than the approved 2021 budget of $50.1 million. Personnel services expenses were lower than the approved budget amount by $2.1 million, or 6.7 percent, driven by higher-than-expected vacancy rates.

Goods and services expenses were $0.5 million, or 2.9 percent, lower than the approved budget amount, driven by the effect of the COVID-19 pandemic on travel, training, software, and contractual professional services spending. Operating income was $1.4 million, or 9.0 percent, lower than the approved budget amount; the office conducted less work related to the Consumer Financial Protection Bureau than planned because of the ongoing, increased oversight and investigative responsibilities related to the Board's programs created in response to the COVID-19 pandemic. Including operating income, total expenses for OIG operations were $33.8 million in 2021. The OIG's single-year capital spending was de minimis in 2021.

2022 Operating Expense Budget

The 2022 budget for OIG operations, excluding operating income, is $51.4 million, which is $3.9 million, or 8.3 percent, higher than 2021 actual expenses. This increase is driven by expected employment growth in 2022, funding for the Board's compensation and benefit programs, and escalations for goods and services. Employment growth is expected to cause accompanying increases in support and overhead expenses. Including operating income, the 2022 budget for OIG operations is $36.0 million. There were no budgeted amounts for the OIG's single-year and multiyear capital expenditures for 2022.

The OIG has 142 authorized positions for 2022, an increase of 2 over the authorized number for 2021. The increase in authorized positions is driven by anticipated oversight work associated with the Board's COVID-19 pandemic response and the continually increasing importance of and risk associated with cybersecurity and IT operations.

Federal Reserve Banks Budgets

Each Reserve Bank establishes operating goals for the coming year that are aligned with the System's key strategic objectives, devises strategies for attaining those goals, estimates required resources, and monitors results. The Reserve Banks structure their budgets around specific functional areas reflecting the core responsibilities of the Federal Reserve:

• contributing to the formulation of monetary policy and enhancing monetary policy implementation to become more effective, flexible, and resilient, through public communication, outreach, and economic education
• promoting financial stability through effective monitoring, analysis, and policy development
• promoting safety and soundness of financial institutions through effective supervision
• leading efforts to enhance the security, resiliency, functionality, and efficiency of services provided to financial institutions and the public

The Reserve Bank budget process is as follows:

• The Conference of Presidents, operating through its Committee on Spending Stewardship, defines, in close consultation with the Board's Committee on Federal Reserve Bank Affairs (BAC), key strategic objectives for the System. Considering longer-term environmental trends and historical growth rates of expense, these governance bodies articulate an aggregate System-level growth expectation for a multiyear period.
• The Reserve Banks develop budgets that reflect this direction, through framing and making appropriate trade-offs, and senior leadership in the Reserve Banks reviews the budgets for alignment with Reserve Bank and System priorities.
• The Reserve Banks submit for Board review preliminary budget information, including documentation to support the budget request.
• Board staff analyzes the Banks' budgets, both individually and in the context of System initiatives and in the context of areas such as payments and IT, where there is a high degree of cooperation among the Banks to support Systemwide operations and initiatives.
• Expenses associated with services provided to the Treasury require authorization from the Bureau of the Fiscal Service.
• The BAC reviews the Banks' budgets.
• The Reserve Banks make any needed changes, and the BAC chair submits the revised budgets to Board members for review and final action.
• Throughout the year, Reserve Bank and Board staffs monitor actual performance and compare it with approved budgets and forecasts.

In addition to the budget approval process, the Reserve Banks must submit proposals for certain capital expenditures to the Board for further review and approval.

Tables D.8, D.9, and D.10 summarize the Reserve Banks' 2021 budgeted and actual expenses and 2022 budgeted expenses by Reserve Bank, functional area, and account classification.¹¹ Table D.11 shows the Reserve Banks' budgeted and actual employment for 2021 and budgeted employment for 2022. In addition, table D.12 shows the Reserve Banks' budgeted and actual capital expenditures for 2021 and budgeted capital for 2022.

Table D.8. Operating expenses of the Federal Reserve Banks, by District, 2021–22

Table D.9. Operating expenses of the Federal Reserve Banks, by operating area, 2021–22

Table D.10. Operating expenses of the Federal Reserve Banks, by account classification, 2021–22

Table D.11. Employment at the Federal Reserve Banks, by District, and at FRIT and OEB, 2021–22

Table D.12. Capital expenditures of the Federal Reserve Banks, by District, and of FRIT and OEB, 2021–22

2021 Budget Performance

Total 2021 operating expenses for the Reserve Banks were $5,047.3 million, which is $17.4 million, or 0.3 percent, more than the approved 2021 budget of $5029.8 million. The expense overrun is largely driven by additional investments to support the Federal Reserve's commitment to modernize the nation's payment system and establish a safe and efficient foundation for the future via the FedNow Service initiative. These overruns are partially offset by less than budgeted expenses in travel and meetings because of the COVID-19 pandemic, and higher than anticipated turnover. Actual headcount was 20,401, an underrun of 69 headcount, or 0.3 percent, from 2021 budgeted staffing levels.

The Reserve Banks' 2021 capital expenditures were less than budgeted by $201.1 million, or 33.6 percent, primarily driven by plan changes because of the COVID-19 pandemic, including timing and scope for building-related initiatives, and project delays because of supply chain issues.

2022 Operating Expense Budget

The 2022 operating budgets of the Reserve Banks total $5,434.6 million, which is $387.4 million, or 7.7 percent, higher than 2021 actual expenses.¹² Growth in monetary policy reflects increased resources dedicated to regional economic research. The increase in Treasury Services is primarily attributable to expanded efforts to modernize business processes and applications for federal payments and electronic tax collection. Additionally, increases in cash expenses are driven by the second phase of NextGen. Supervision expenses are increasing primarily because of growth in the supervisory portfolio. Increases in fee-based services reflect investments in the FedNow Service.

Total 2022 budgeted employment for the Reserve Banks, Federal Reserve Information Technology (FRIT), and the Office of Employee Benefits (OEB) is 21,212 headcount, an increase of 811 headcount, or 4.0 percent, from 2021 actual employment levels. A key driver of this increase is IT resources, largely to support Reserve Bank and Treasury-related cloud architecture initiatives and configurations. Other primary sources of growth are to support the FedNow Service; efforts to enable national support functions in procurement, finance, and human resource management; initiatives to support change management and enterprise strategy; and to enhance product offerings and ensure the security and resiliency of the FedLine Solutions.¹³

Reserve Bank officer and staff personnel expenses for 2022 total $4,020.5 million, an increase of $244.1 million, or 6.5 percent, from 2021 actual expenses. The increase reflects expenses associated with additional staff and budgeted salary administration adjustments.¹⁴

The 2022 Reserve Bank budgets include a salary administration program for eligible officers, senior professionals, and staff totaling $116.8 million and a variable pay program totaling $255.3 million.

2022 Capital Budgets

The 2022 capital budgets for the Reserve Banks, FRIT, and OEB total $621.5 million.¹⁵ The increase in the 2022 capital budget is $223.8 million, or 56.3 percent, greater than the 2021 actual levels of $397.8 million, largely reflecting ongoing multiyear IT and building strategic initiatives, some of which were paused in 2021 because of the COVID-19 pandemic. Initiatives in the 2022 capital budget support major workspace renovations, address aging building infrastructure in several Reserve Banks, improve IT infrastructure, and provide application upgrades and releases.

Capital Expenditures Designated for Conditional Approval

The BAC chair designated projects with an aggregate cost of $81.2 million in 2022 for conditional approval, requiring additional review and approval by the director of the Board's Division of Reserve Bank Operations and Payment Systems before the funds are committed.¹⁶ The expenditures designated for conditional approval include a large-scale building project, NextGen, and a cash infrastructure remodel. Technology projects include investments for FedNow; an initiative to streamline finance, procurement, and controller processes in the Federal Reserve Bank of New York; and an initiative to modernize the Markets Group operations platform.

Other Capital Expenditures

Significant capital expenditures (typically expenditures exceeding $1 million) that are not designated for conditional approval include total multiyear budgeted expenditures of $1,167.8 million for 2022 and future years, of which the single-year 2022 budgeted expenditures are $443.8 million. This category includes mechanical and electrical infrastructure upgrades and office space renovations. IT projects include ongoing IT infrastructure investments, initiatives that enable better access to data and enhance cybersecurity and cyber resiliency, and applications to support fee-based services, Treasury, supervision, and cash.

Capital initiatives that are individually less than $1 million are budgeted at an aggregate amount of $96.5 million for 2022 and include building maintenance expenditures, scheduled software and equipment upgrades, and equipment and furniture replacements.

Currency Budget

The currency budget provides funds to reimburse the Treasury's Bureau of Engraving and Printing (BEP) for expenses related to the production of banknotes, and the Board's activities related to its role as issuing authority of the nation's currency in the form of Federal Reserve notes.¹⁷ As issuing authority, the Board works closely with its strategic partners, such as the Reserve Banks, the Department of the Treasury, the BEP, and the U.S. Secret Service to help maintain the integrity of and public confidence in our nation's currency.

The Board works to ensure that the notes meet quality standards from production through destruction, monitors counterfeiting risks and threats for each denomination, contributes to the development of banknote security features and new design concepts, and conducts adversarial analysis to ensure the banknote security features and designs are robust against counterfeiting. The budget includes activities that support its issuing authority role, reimbursements to the BEP for banknote printing, the cost of shipping new currency from the BEP to Reserve Banks and fit currency between Reserve Banks, and funds the Currency Education Program (CEP). The CEP aims to protect and maintain confidence in U.S. currency worldwide by coordinating counterfeit detection training to Reserve Bank and foreign central bank staff, providing information about banknote security features, and conducting outreach to key stakeholders on U.S. Currency Program (USCP) initiatives.

The annual currency budget process is as follows:

• Each year, under authority delegated by the Board, the director of the Division of Reserve Bank Operations and Payment Systems submits a fiscal year print order for notes to the director of the BEP.¹⁸
• The BEP forecasts expenses for the single-cycle calendar-year and multicycle project budgets. The single-cycle budget included fixed and variable costs for printing Federal Reserve notes and support costs. The multicycle budget includes costs related to facility projects. Board staff develop budgets for Board expenses in relation to strategic guidance set by Cash leadership.
• The various sections of the budget are independently reviewed by Board staff, who also prepare a consolidated budget recommendation for BAC and Board approval.
• The BAC reviews the proposed currency budget.
• The BAC chair submits the proposed currency budget to Board members for review and final action.

2021 Budget Performance

The Board's 2021 actual single-cycle operating expenses for new currency were $950.4 million, which was $95.9 million, or 9.2 percent, below the budgeted amount for 2021. The underrun is primarily due to lower than planned production of notes from the BEP. Additional underruns are due to fewer shipments of notes from the BEP to Reserve Banks and delays in contracted research and development support for banknote development.

BEP Single-Cycle Operating Costs

BEP single-cycle operating costs were $894.1 million, which was $86.3 million, or 8.8 percent, below the budgeted amount for 2021. The budget underrun is primarily attributable to an underrun in variable printing costs. The budget was based on the delivery of 8.2 billion notes, which was the mid-range of estimated volume, and the most likely scenario, of the 2021 print order range of between 7.6 and 9.6 billion notes. However, the BEP delivered 6.8 billion notes during 2021. The lower-than-planned deliveries were a result of delays to note production because of COVID-19 shutdowns at the BEP, weather and adverse event shutdowns, and a complex denominational mix.¹⁹

BEP Multicycle Project Operating Costs

The currency budget includes funds for the BEP's Fort Worth facility expansion and Washington, D.C., replacement facility.²⁰ The expanded Fort Worth facility will support additional note production needs, and that expansion project is currently approved for a total project budget of $282.8 million. The new Washington, D.C., replacement facility will replace the existing 100-year-old Washington, D.C., facility, which will enable the BEP to meet modern production requirements.²¹

The 2021 expenses for facility projects were $4.9 million less than budgeted. The Board and BEP agreed to pause the Washington, D.C., replacement facility's design and engineering work to implement better governance, program management, and financial control processes to address the risks of such a large and complex project. However, reimbursements for environmental impact analysis, site demolition, and site preparation expenses continued.

Board Single-Cycle Operating Costs

Board costs were $9.5 million, or 14.5 percent, under the budgeted amount for 2021. The underrun is attributable to lower costs for currency transportation and banknote development. The currency issuance underrun is due to fewer shipments of notes from the BEP to Reserve Banks than expected, which resulted in decreased BEP shipment costs. This was partially offset by the increased shipments between Reserve Banks needed to rebalance inventories across the System. The banknote development underrun is primarily the result of lower membership fees, contract terminations for banknote studies, and delays for several projects that were affected by the pandemic.

2022 Budget

Table D.13 summarizes the 2022 single-cycle currency operating budget of $1,060.0 million.²² The 2022 single-cycle operating budget represents an increase of $109.6 million, or 11.5 percent, from 2021 actual expenses. BEP costs associated with the printing of Federal Reserve notes are 93.3 percent of the operating budget. Board expenses for currency issuance, banknote development, and currency education comprise the remaining 6.7 percent of the operating budget. Table D.14 provides an overview of the multicycle project budget that funds the BEP's facility projects.

Table D.13. Federal Reserve single-cycle currency budget, 2021–22

Table D.14. Multicycle projects in the currency budget, 2021–22

BEP Single-Cycle Operating Costs

The proposed 2022 budget to fund the BEP expenses associated with the printing of Federal Reserve notes is $989.2 million, which is $95.1 million, or 10.6 percent, greater than 2021 actual expenses.

The proposed budget for fixed printing costs is $612.5 million, which is $94.5 million, or 18.2 percent, greater than 2021 actual expenses. The increase is primarily attributable to capital purchases aligned with the long-term capital equipment plan and IT upgrades. There are also increased research and development expenses to support the new security features for the next family of notes.

Variable printing costs for 2022 align with 2021 actual expenses. Although the BEP expects to deliver more notes in 2022 than in 2021, 7.2 billion notes compared with 6.8 billion notes, the accompanying variable printing costs remain stable because economies of scale are realized with increased deliveries.

BEP Multicycle Project Operating Costs

The multicycle project budget includes $52.8 million in 2022 for the Fort Worth facility expansion to expand the final production area and administrative office space. The BEP plans for this project to be 85 to 90 percent complete by the end of 2022.

Board approval for the Washington, D.C., replacement facility's project lifetime budget will be sought when the BEP's Project Management Office and U.S. Army Corps of Engineers have finished the work underway to implement the prerequisite governance, program management, and financial control processes needed for such a large and complex project. The current total project estimate is $1,988.1 million. The multicycle project budget includes $5.5 million in 2022 funds for expenses related to environmental impact analysis, site demolition, and site preparation.

Board Single-Cycle Operating Costs

Board costs are estimated to be $70.8 million, which is $14.5 million, or 25.8 percent, more than 2021 actual expenses. The increase is primarily driven by currency issuance and banknote development costs.

The currency issuance budget increases are primarily attributable to increased BEP and intra-System shipment costs to transport the increased note deliveries, rebalance banknote inventories across the System, and fund alternative transportation methods.²³ Budget increases also include funds for an additional position and contracts to support upcoming changes to the USCP and the Board's strategic priorities.

The banknote development budget increases include membership fee increases and contract services for additional development and testing activities for the newly selected security features. Beginning in 2022, the Board will conduct studies to gather public perception data to support banknote development and receive advisory support for redesign efforts. Contract resources will also provide support on financial management, construction oversight, and program governance for the Washington, D.C., replacement facility.

In 2022, currency education will continue to broaden its domestic, international, and stakeholder education outreach, and improve and maintain the currency website and its infrastructure. The additional funds are attributable to contract price increases for website services and personnel costs as the team fills its vacancies.

The currency issuance, banknote development, and currency education budget categories also include personnel, travel, training, and support and overhead costs.²⁴

Footnotes