Treasury Department Building

Financial Innovation & Transformation (FIT)

Fiscal Service is Exploring Improved Course for Federal Financial Management

The Bureau of the Fiscal Service (Fiscal Service) has launched a strategic study to explore how the Federal government can improve the way it manages its finances by understanding global trends and challenges impacting federal operations. 

The study, carried out by Fiscal Service’s Office of Financial Innovation and Transformation (FIT), will culminate in a government-wide strategic vision for federal financial management and a corresponding set of government-wide initiatives that will shape the course of federal financial management over the next several years. 

FIT conducted a similar study in 2010 that led to the deployment of common technology solutions and a broader use of shared services to improve the efficiency of administrative operations government-wide. 

John Hill, Assistant Commissioner of FIT says of the study, “Since 2010, FIT has championed a number of innovations that have transformed federal financial management. It's time to again scan the horizon to identify emerging trends and technologies and develop a strategy for the next five years.”

To support this effort, Fiscal Service awarded a contract to McKinsey and Co. to help identify emerging trends and technologies and develop the financial management vision and strategy for the study. FIT will also work closely with the federal financial management community and other business areas to ensure a wide range of perspectives are considered and incorporated.

“These efforts will help improve our understanding of what’s occurring at institutions from both inside and outside of the Federal government, from the ground up. Treasury is committed to innovation and is always seeking to lead the transformation of financial management,” added Hill.

FIT is responsible for leading the transformation of financial management to reduce costs, increase transparency, and improve delivery of agencies’ missions by operating at scale, relying on common standards, and using state-of-the-art technology.

The Fiscal Service is a bureau of the United States Department of the Treasury.  Our mission is to promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services. 

Quick References

OMB 16-11, Improving Administrative Functions Through Shared Services

Circular No. A-123 Appendix D, Compliance with the Federal Financial Management Improvement Act of l996

OMB M 13-08, Improving Financial Systems Through Shared Services

OMB M 10-26, Immediate Review of Financial Systems IT Projects

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