Department of the Treasury

Budget, Performance and Financial Snapshot Fiscal Year 2008

Who We Are

Mission: Serve the American people and strengthen national security by managing the U.S. Government?s finances effectively, promoting economic growth and stability, and ensuring the safety, soundness, and security of the U.S. and international financial systems.

Organization: The Department is organized into two major components, the departmental offices and the bureaus. The departmental offices are primarily responsible for policy formulation, while the bureaus are primarily the operating units of the organization. The Department's Organizational Chart is available at http://www.treas.gov/organization/org-chart-04242008.pdf.

Personnel: Treasury has a total of over 105,000 employees. The bureaus employ 98 percent of Treasury?s workforce, with the IRS alone employing 86 percent.

Budgetary Resources: The budgetary resources for fiscal year 2008 totaled $519.1 billion or $1700 per capita, most of which is net interest on the federal debt.


Budget Snapshot

Total Spending FY 2005-2009
Total Outlays
 Mandatory $399,581 $453,353 $479,270 $508,295 $535,316
 Discretionary $10,662 $11,359 $11,335 $11,868 $12,485
Total $410,243 $464,712 $490,605 $520,163 $547,801
$ in millions
Top 5 Programs By Budget
  Top 5 Programs
  Internal Revenue Service Examinations Internal Revenue Service Taxpayer Service Internal Revenue Service Tax Collection Internal Revenue Service Submission Processing U.S. Mint: Numismatic Program
2008 $3,939 $2,307 $1,997 $1,044 $1,098
2009 $3,873 $2,278 $2,114 $1,089 $1,049
$ in millions

Performance Snapshot

Accomplishments: The economic events of 2008 called for extraordinary measures to stabilize the financial system and mitigate the economic slowdown. Throughout the year, the Treasury Department coordinated with federal agencies, state authorities, international bodies and private groups to address challenges in financial markets and the broader economy. Treasury participated in the development and implementation of a $140 billion economic stimulus plan providing individual tax rebates and business tax incentives. Treasury collaboratively managed concerns related to troubled financial institutions and in September participated in creation of a $700 billion Troubled Asset Relief Program. For homeowners, Treasury coordinated with HOPE NOW, FHASecure and Hope for Homeowners to avoid preventable foreclosures and in September supported FHFA's conservatorship of Fannie Mae and Freddie Mac . Efforts to manage economic and financial concerns are ongoing and will continue into 2009.

Challenges: Two new management challenges and four continuing challenges were identified for 2009, including management of Treasury’s new authorities related to distressed financial markets (new), regulation of national banks and thrifts (new), corporate management, management of capital investments, information security and anti-money laundering and terrorist financing / Bank Secrecy Act enforcement. The two new challenges include managing assets provided under the Emergency Economic Stabilization Act of 2008 and supervising national banks and thrifts during difficult economic times. The IRS continued to have ten management challenges ranging from system modernization to security, all of which carry over from 2008. Other challenges include increasing the individual e-filing rate for tax returns, converting bond purchases and redemptions from paper to electronic, reducing the use of illegal tax shelters, and reducing the erroneous payment rate for the Earned Income Tax Credit program.
Financial Snapshot
Clean Opinion on Financial Statements Yes
Timely Financial Reporting Yes Material Weaknesses 4
Improper Payment Rate 25.4% Total Assets $11,117,038
Total Liabilities $10,807,327 Net Cost of Operations $27,143
$ in millions
  Footnote: None.

Summary of Department of the Treasury Ratings for Fiscal Year 2008

 
                        FY 2008 Performance
Results per Strategic Goal
  Met/Exceeded     Not met but improved over prior years
  Not met target     Data not yet available
Budget per Strategic Goal
($ in millions)
Strategic Goal: Effectively Managed U.S. Government Finances
The Treasury Department manages the nation's finances by collecting money due to the United States, making its payments, managing its borrowing, investing when appropriate, and performing central accounting functions.
 
Sample chart
          
2008 Actual = $11,157
Performance Measure(s)* 2006 Results 2007 Results 2008 Target 2008 Results 2009 Target
Percent of individual tax returns processed electronically 54.1 57.1 61.8 57.6   64
Percentage of Treasury payments and associated information delivered electronically 77 78 79 79   80
Percent of retail customer transactions completed within 12 business days 98 99.43 90 99.86   90
Strategic Goal: U.S. and World Economies Perform at Full Economic Potential
The Department must stimulate growth through the development and implementation of policies that effectively regulate banking and financial markets, create pro-growth tax policies, and advocate free trade. Modernizing entitlement programs and ensuring optimal economic performance, by encouraging and supporting American competitiveness through innovation, is a critical aspect of this strategic goal.
 
Sample chart
          
2008 Actual = $208
Performance Measure(s)* 2006 Results 2007 Results 2008 Target 2008 Results 2009 Target
Percent of national banks with composite CAMELS rating 1 or 2 (Capital adequacy, Asset quality, Management quality, Earnings, Liquidity, Sensitivity to Market Risk); Scale of 1 to 5; 1 is best 95 96 90 92   90
Percent of thrifts with composite CAMELS rating of 1 or 2 (Capital adequacy, Asset quality, Management quality, Earnings, Liquidity, Sensitivity to Market Risk); Scale of 1 to 5; 1 is best 93 93 90 90   90
Strategic Goal: Prevented Terrorism and Promoted the Nation's Security Through Strengthened International Financial Systems
The Department's regulatory, law enforcement, and intelligence authorities provide powerful tools for the United States to apply pressure against threats to national security when diplomatic outreach and traditional military action may be ineffective or inappropriate. Treasury safeguards the security of the U.S. and international financial and economic systems to keep them free and open to legitimate users.
 
Sample chart
          
2008 Actual = $442
Performance Measure(s)* 2006 Results 2007 Results 2008 Target 2008 Results 2009 Target
Percentage of domestic law enforcement and foreign financial intelligence units finding FinCEN's analytical reports highly valuable 77 82 79 83   80
Percentage of bank examinations conducted by the Federal Banking Agencies indicating a systemic failure of the anti-money laundering program rule N/A 5.2 5.2 2.5   5.2
Strategic Goal: Management and Organizational Excellence
The Treasury Department realizes its strategic goals by building a strong institution that is citizen-centered, results-oriented, and efficient, while actively promoting innovation. The Department works to implement initiatives and programs that benefit the American people.
 
Sample chart
          
2008 Actual = $202
Performance Measure(s)* 2006 Results 2007 Results 2008 Target 2008 Results 2009 Target
Number of material weaknesses closed(Significant management problems identified by Government Accountability Office, the Inspectors General and/or Bureaus) 3 2   0
Number of completed Inspector General audit products 57 64 56 64   60
Percentage the Treasury Inspector General for Tax Administration's investigative activities generating positive results. 79 81 76 78   78
  * This measure was selected from a number of performance measures aimed at the specific strategic goal