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Video about Fiscal Service
Mission
Promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services.
Vision
Transform financial management and the delivery of shared services in the federal government.
Values
We are guided by our commitment to integrity, collaboration, accountability, learning, and excellence in our dealings with each other and with those we support and serve.
What we do...
Financing
We finance government operations by offering Treasury securities through reliable, accurate, flexible, and electronic systems.
Collections
We operate the federal government’s collections and deposit systems.
Disbursing
We provide central payment services to the American public on behalf of government agencies.
Services
We deliver cost-effective, quality administrative and information technology services through a shared service model.
Reporting
We provide timely, reliable, and transparent financial services and information.
Fiscal Service Strategic Plan and Learning Agenda
... We Do Well.
Data Through FY 2022 Q3
Financing
Wholesale: We awarded $13.5
trillion in wholesale Treasury marketable securities and conducted 301 auctions to fund critical government operations and activities.
Retail: Issued $77.9 billion in Treasury retail securities, redeemed $59.1 billion in Treasury securities, and made $16.5 billion in retail payments and $2.2 billion in Judgment Fund payments.
Collections
We collected over $4.51 trillion in federal revenue of which 99.8% was settled electronically.
Payments
Securely disbursed 1.07 billion payments totaling more than $4.03 trillion, 100%
on time, with 96.36% disbursed electronically.
In FY 2021, centrally disbursed 90.5% of all federal payments, including IRS tax refunds, Social Security and Supplemental Security (SSI) benefits, Federal salary payments and retirement benefits, Veterans benefits, vendor payments, and Economic Impact Payments.
Debt Management
We collected $4.84 billion in delinquent debt. Over $4.58 billion was collected through the Treasury Offset Program (TOP) and $260.3 million through the Cross-Servicing program.
Do Not Pay
In FY21, DNP assisted agencies in identifying or stopping 23,801 improper
payments of over $47.51 million. This includes payments that resulted due to the pandemic such as Economic Impact Payments (EIPs)
Shared Services
We provided competitively priced information technology and administrative services(financial) management, human resource, travel, and procurement) to 87 federal agencies as part of the Treasury Franchise Fund.
Accounting
In FY 2021, we accounted for and reported the $28.4 trillion public debt. We provided forecasting and reporting through the Daily Treasury Statement and additional budgetary results through the Monthly Treasury Statement. We released the Annual Financial Report, which of the federal government using accrual basis of accounting, managed a
daily cash flow of $209.9 billion..
Our People
Timothy Gribben, Commissioner
Timothy (Tim) E. Gribben was appointed commissioner of the U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) on May 13, 2019. Mr. Gribben provides leadership, policy direction, and guidance for Fiscal Service’s efforts to transform financial management and the delivery of shared services in the federal government and oversees bureau operations.
Prior to his current position, Tim served as the chief financial officer (CFO) and associate administrator for performance management at the Small Business Administration (SBA). Prior to joining SBA, Mr. Gribben was a manager at the U.S. Postal Service. In the private sector, Mr. Gribben spent over five years at a privately held technology firm as director of a business unit and two years with J.P. Morgan.
Mr. Gribben graduated from the College of William & Mary with a bachelor’s degree in accounting and earned a Master of Business Administration degree from Duke University. In 2019 he was elected as a Fellow of the National Academy of Public Administration and in 2021 he received a Presidential Rank Award of Distinguished Executive.
Other Executive Management
- Matt Miller, Deputy Commissioner for Financial Services and Operations
- Tami Periello, Deputy Commissioner for Finance and Administration
- Dara Seaman, Senior Advisor, Deputy Commissioner for Financial Services and Operations
- Adam Goldberg, Business Transformation Executive
- Jeff Schramek, Deputy Commissioner for Fiscal Accounting and Shared Services
- Lillian Cheng, Chief Counsel
- Joseph Gioeli, Chief Information Officer and Assistant Commissioner - Information and Security Services
- Dan Berger, Chief Financial Officer and Assistant Commissioner - Office of Management
- Mike Linder, Assistant Commissioner - Fiscal Accounting
- Paul Deuley, Assistant Commissioner - Office of Shared Services
- Daniel Vavasour, Senior Advisor, Deputy Commissioner for Fiscal Accounting and Shared Services
- Linda Chero, Chief Disbursing Officer and Assistant Commissioner - Payment Management and Debt Management Services
- Doug Anderson, Assistant Commissioner - Retail Securities Services
- Sandra Paylor Sanders, Assistant Commissioner - Revenue Collections Management
- David Copenhaver, Assistant Commissioner - Wholesale Securities Services
- Lori Santamorena, Executive Director - Government Securities Regulations
Our History
Right before World War II, in 1939, President Franklin Roosevelt began a reorganization of the executive department. The president consolidated all Treasury financing activities into a "Fiscal Service" under the direction of a fiscal assistant secretary.
These activities included accounts, deposits, bookkeeping, warrants, loans, currency, disbursements, surety bonds, savings bonds, and the public debt.
By 1940, the Fiscal Service consisted of the Bureau of Accounts, the Bureau of the Public Debt, and the Office of the Treasurer—all under the direction of the fiscal assistant secretary.
A 1974 reorganization of the Fiscal Service created the Bureau of Government Financial Operations, which consolidated most of the functions of the Office of the Treasurer.
In 1984, the Bureau of Government Financial Operations was renamed the Financial Management Service (FMS). The new name reflected Treasury’s aim to achieve greater efficiency and economy in government financial management.
During this time, the Bureau of the Public Debt (BPD) continued to track, account for, and manage the various elements of the public debt structure first established by George Washington’s Secretary of the Treasury, Alexander Hamilton.
On October 7, 2012, Treasury Secretary, Timothy Geithner issued Treasury Order 136-01 creating the Bureau of the Fiscal Service, consolidating the operations of the Bureau of the Public Debt and the Financial Management Service.
Last modified 08/29/22