New Video about Fiscal Service
Promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services.
Transform financial management and the delivery of shared services in the federal government.
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.
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.Payments
We provide central payment services to the American public on behalf of government agencies.Debt Management
We identify and assist in the prevention of improper payments, while collecting debt owed to government agencies.Shared Services
We deliver cost-effective, quality administrative and information technology services through a shared service model.Government-wide Accounting and Reporting
We provide timely, reliable, and transparent financial services and information.
Data Through FY 2021 Q4
We awarded $20.4 trillion in wholesale Treasury marketable securities and conducted 472 auctions to fund critical government operations and activities.
Retail: Issued $73.6 billion in Treasury retail securities, redeemed $86.4 billion in Treasury securities, and made $23.1 billion in retail payments and $8.3 billion in Judgment Fund payments.
We collected over $4.91 trillion in federal revenue of which 99.6% was settled electronically.
EFTPS processed nearly 202.2 million transactions valued at over $3.56 trillion in tax revenue.
Processed nearly 81.4 million transactions worth nearly $210.4 billion through Pay.gov.
Securely disbursed 1.7 billion payments totaling more than $6.4 trillion, 100% on time, with 92.5% disbursed electronically. Excluding Economic Impact Payments (EIP), disbursed 96.2% electronically.
In support of recovery programs, disbursed 429 million EIPs totaling $607 billion. EIPs were disbursed at an 81.5% electronic payment rate.
Normal payment operations resulted in 1.3 billion payments, totaling $5.8 trillion. Fiscal Service centrally disbursed 88.4% of all federal payments (through Q3).
Financial Innovation and Transformation
FIT published the Digital End-to-End Efficiency (DEEE) Playbook and promoted it across the federal financial management community to share how agencies can use the framework to identify pain points and opportunities to improve their business processes. FIT partnered with ARC to evaluate two processes (Travel and Receivables) and initiated two others (HR Onboarding and Grants, Loans, and Foreign Payments). FIT also began developing an internal capability to use the framework using the appropriation warrants process as a test.
In collaboration with Legislative and Public Affairs (LPA), FIT began a project to develop an enterprise strategy and roadmap for implementing chat capabilities across the bureau.
Thirteen Innovation Speaker Series Sessions were hosted with an average of 472 participants. Additionally, a Fiscal Service Data Challenge was held and included 43 participants from every AC area. To support making a go/no go decision to move the grant payments blockchain to pilot, FIT began research to support the development of business and pilot plans. FIT continued to work with NIST and GAO to assess options to expand the existing Fiscal Service blockchain node infrastructure to include additional agencies and with National Science Foundation and ISS to explore how to connect the NSF financial system to the blockchain. Given the decentralized nature of blockchain, FIT and GAO are exploring the impact of blockchain technology may have on auditing and oversight. FIT also continued working sessions with the Federal Demonstration Partnership to understand their needs and concerns.
We collected $5.04 billion in delinquent debt. Over $4.78 billion was collected through the Treasury Offset Program (TOP) and $269.3 million through the Cross-Servicing program.
Treasury Offset Program collected $271.76 million of delinquent child support collections and $294.8 million of State Unemployment Insurance.
The Centralized Receivables Service processed 805,980 cases and collected over $79.1 million.
Do Not Pay
In FY21, DNP assisted agencies in identifying or stopping 21,575 improper payments of over $42.2 million, this includes payments that resulted due to the pandemic such as Economic Impact Payments (EIPs)
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.
Received 18 consecutive unmodified audit opinions on franchise operations and annually supported 44 customer clean audits.
Awarded 462 contracts and simplified purchases totaling more than $713.2 million.
Processed 19,878 travel vouchers and relocated 848 employees.
Provided HR services to 27,288 employees and filled 6,546 vacancies.
Began servicing new customers of Corporation for National and Community Service and Special Inspector General – Pandemic Recovery while continuing migration efforts for Office of Personnel Management
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.
Received timely certification of 22 of 24 CFO Act agencies on their DATA Act data submissions and 60 of 78 independent agencies.
Added 19 new datasets to Fiscal data, bringing the total number of datasets on the site to 37 (which more than doubles the datasets from the MVP launch last year)
Established a Fiscal-wide Open Data policy to ensure that, when appropriate, data is made available to the public in a format that is easy to access and use.
Completed four data quality analyses of Fiscal Service data, identifying areas for improvement as well as further maturing the data quality framework.
Fiscal Data launched its first major usability features since the initial release of FiscalData.gov. Users can now select the specific date range for the requested data. In addition, users can download all data tables from a given dataset at once.
Published Covid-19 spending data on USAspending.gov offering a detailed view into the $4.5 trillion budgeted in response to the pandemic.
Released Your Guide to America’s Finances update with FY21 data on the Data Lab to coincide with the release of the federal government’s year-end financial data.
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
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.