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United States Mint United States Mint Program Summary by Budget Activity Dollars in Thousands FY 2012 FY 2013 FY 2014 FY 2012 TO FY 2014 Budget Activity Actual Estimated Estimated $ Change % Change Manufacturing $3,106,304 $3,525,178 $2,937,540 ($168,764) -5.43% Total Cost of Operations $3,106,304 $3,525,178 $2,937,540 ($168,764) -5.43% FTE 1,788 1,844 1,874 86 4.81% Summary circulating coins in FY 2014 to meet the The United States Mint supports the needs of commerce. Department of the Treasury’s strategic goal to enhance U.S. competitiveness and promote Numismatic Program international financial stability and balanced Bullion – Mint and issue bullion coins global growth. while employing precious metal purchasing strategies that minimize or Since 1996, the United States Mint operations eliminate the financial risk that can arise have been funded through the Public from adverse market price fluctuations. Enterprise Fund (PEF), established by section 522 of Public Law 104–52 (codified at section Other Numismatic Products - Produce and 5136 of Title 31, United States Code). The distribute numismatic products in United States Mint generates revenue through sufficient quantities, through appropriate the sale of circulating coins to the Federal channels, and at the lowest prices Reserve Banks (FRB), numismatic products to practicable, to make them accessible, the public and bullion coins to authorized available, and affordable to people who purchasers. Both operating expenses and choose to purchase them. Design, strike capital investments are associated with the and prepare for presentation Congressional production of circulating and numismatic Gold Medals and commemorative coins, as coins and coin-related products. Revenues in required by law. excess of amounts required by the PEF are transferred to the United States Treasury Protection - Secure the Nation’s gold General Fund. reserves, silver reserves and other assets. The United States Mint’s key priorities for FY FY 2014 United States Mint estimated total 2014 include: revenues are $3,082,000,000, total expenses are $2,937,540,000, of which $30,468,000 are Circulating - Efficiently and effectively for capital investments, and net results are mint and issue approximately 9.5 billion $144,460,000 in earnings. US Mint FY 2014 Budget Highlights Dollars in Thousands Operating & United States Mint FTE Materials Total Capital FY 2012 Actual 1,788 $2,694,145 $412,159 $3,106,304 FY 2013 Estimated 1,844 $3,120,234 $404,944 $3,525,178 Changes to Base: Maintaining Current Levels (MCLs): - - $6,129 $6,129 Pay-Raise - - $1,761 $1,761 Non-Pay - - $4,368 $4,368 Efficiency Savings: - ($607,286) ($7,000) ($614,286) Labor Costs (reduction expected as result of VERA/VSIP) - - ($7,000) ($7,000) Forecast Reduction in Purchase of Metal Raw Materials for Bullion in 2014 - ($607,286) - ($607,286) Subtotal Changes to Base - ($607,286) ($871) ($608,157) Total FY 2014 Base 1,844 $2,512,948 $404,073 $2,917,021 Program Changes: Program Increases: 30 $18,519 $2,000 $20,519 Metal labor overhead from increased forecast in circulating coin in 2014 30 $18,519 $2,000 $20,519 Total FY 2014 Estimated 1,874 $2,531,467 $406,073 $2,937,540 FY 2014 Budget Adjustments the United States Mint’s staffing levels have Maintaining Current Level (MCLs) gradually declined over time. In FY 2013, the Pay-Raise +$1,761,000 / +0 FTE United States Mint plans to achieve additional Estimate for the proposed January 2014 pay reductions in staffing and labor costs through raise. implementation of voluntary early retirement authority and voluntary separation incentive Non-Pay +$4,368,000 / +0 FTE program offers, a hiring freeze, and natural Estimate for non-labor costs such as travel, attrition. In FY 2014, annualized labor contracts, rent, supplies and equipment. reductions are expected to be realized from the efforts taken in FY 2012 and FY 2013. Efficiency Savings Forecast Reduction in Purchase of Metal Raw Program Increases Materials for Bullion in 2014 -$607,286,000 / Metal labor overhead from increased forecast +0 FTE in circulating coin in 2014 +$20,519,000 / The overall numismatic program, including +30 FTE bullion coin programs, experienced increases Circulating coin production for FY 2013 is in sales in FY 2010 and FY 2011. Revenue forecasted at 9.0 billion, a 17-percent increase for these programs is trending lower in FY over the original forecast of 7.7 billion. In FY 2012. In FY 2013 and 2014, sales are 2014, the United States Mint is forecasting expected to continue to decline. As a result, circulating coin production at 9.5 billion, a six- metal purchase projections are down for FY percent increase over FY 2013. The United 2014. States Mint plans to meet this projected increase in demand by increasing metal Labor Costs (reduction expected as result of purchases accordingly, adding 30 temporary VERA/VSIP) -$7,000,000 / +0 FTE direct labor manufacturing positions, and As a result of process improvements, increasing variable production costs. This efficiency gains and reduced production levels, proposed increase will enable the United States Mint to achieve its strategic goal to Numismatic Program meet the Nation’s need for circulating coins. Bullion Coin Program The United States Mint produces bullion coins Explanation of Budget Activities under American Eagle, American Buffalo, and Manufacturing ($2,937,540,000 from America the Beautiful Silver Bullion Coin revenue/offsetting collections) Programs to fulfill investor demand. Bullion The United States Mint has one budget coins are largely bought by precious metal activity: Manufacturing. This budget activity dealers and sold to consumers who desire supports Treasury’s strategic goal to enhance precious metals as part of an investment U.S. competitiveness and promote portfolio. The demand for bullion coins is international financial stability and balanced greatly influenced by the performance of other global growth. This budget activity investment options, such as equities markets or encompasses the bureau’s three major currency markets, and therefore is highly programs: circulating coinage, bullion coins, unpredictable. The content and purity of the and numismatic coin products. The goal owner precious metal in the bullion coins are backed for the Manufacturing budget activity is the by the United States Government. United States Mint Acting Director, Richard Peterson. Other Numismatic Products The United States Mint produces and Circulating Coinage Program distributes numismatic products, including Circulating coinage includes the one-cent proof and uncirculated versions of coins, (penny), 5-cent (nickel), dime, and quarter- directly to the public. For some numismatic dollar coins. The minting of Presidential $1 products, authorizing legislation specifies Coins for circulation was suspended near the program requirements, such as design theme, end of calendar year 2011. mintage level and duration of product availability. Other programs are structured by The United States Mint delivers circulating law to grant the Secretary of the Treasury coinage to the Federal Reserve Banks at face discretion in determining product value for subsequent distribution to the specifications. The Numismatic Program commercial banking system as required to includes the American Eagle Program, the transact commerce. American Buffalo Program, the America the Beautiful Quarters Program, the Presidential The United States Mint will continue to mint and Native American $1 Coin Programs, and issue quarter-dollar coins honoring recurring programs, and commemorative coins America’s national parks and other national and medals. sites in accordance with the America’s Beautiful National Parks Quarter Dollar Coin While the minting of Presidential $1 Coins for Act of 2008 (Public Law 110-456). In 2014, commerce has been suspended, the Mint will the United States Mint will release quarters continue to mint and issue numismatic honoring Great Smokey Mountains National versions of $1 coins honoring the Nation’s Park (Tennessee), Shenandoah National Park past Presidents in accordance with the (Virginia), Arches National Park (Utah), Great Presidential $1 Coin Act of 2005 (Public Law Sand Dunes National Park (Colorado) and 109-145). The Mint will release in 2014 Everglades National Park (Florida). Presidential $1 Coins honoring Presidents Warren G. Harding, Calvin Coolidge, Herbert Hoover, and Franklin D. Roosevelt. In 2013 and 2014, the United States Mint will the authority to prescribe the weights and also continue to mint and issue $1 coins compositions of all circulating coins, and to celebrating the important contributions made provide the Secretary flexibility to change the by Indian tribes and individual Native composition of coins to more cost-effective Americans to the development and history of materials. the United States in accordance with the Native American $1 Coin Act (Public Law The proposed amendments would allow the 110-82). Secretary to explore, analyze, and approve new, less expensive materials for all In FY 2014, the United States Mint’s total circulating coins based on factors that he estimated budgetary requirements for determines to be appropriate. Such factors operating, metal and capital investments are may include physical, chemical, metallurgical $2,938 million. and technical characteristics; material, fabrication, minting, and distribution costs; Legislative Proposals material availability and sources of raw Sec. 122. Coinage Materials Modernization materials; coinability; durability; effects
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