GSA runs on rent and fees, not appropriations. Read it that way or not at all.
Office of the Chief Financial Officer · General Services Administration
GSA is unlike an appropriated department. Its largest activity by far is the Federal Buildings Fund — a revolving fund financed by rent charged to tenant agencies and spent through an annual obligation limitation, not direct budget authority. The Acquisition Services Fund, behind FAS, is fee-financed. The direct annual appropriations are small. This monitor keeps the three frames strictly separate: a $10.6 billion revolving program level is never folded into a $435 million appropriation. FY2025 actuals, FY2026, and the FY2027 request — the FBF activities and the appropriations recompute to the dollar against the Congressional Justification.
FY2027 Federal Buildings Fund (NOA)
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revolving · rent-financed obligation limitation
FY2027 Acquisition Services Fund
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revolving · fee-financed (FAS)
FBF ÷ direct appropriations
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the revolving program dwarfs the appropriation
Federal Buildings Fund, by activity — FY2027 request (New Obligational Authority)
$ in thousands · rent-financed · revolvingRental of Space (payments to commercial landlords for leased space) and Building Operations are most of the FBF; the Capital Investment Program — Repairs & Alterations plus Construction & Acquisition — is roughly — of the FY2027 request. PBS requested net zero obligational authority above its anticipated annual rent revenues and collections.