Treasury's Bureau of the Fiscal Service Announces New Long-Term Vision and Achievements in 2020 Progress Statement
February 10, 2021
Washington, D.C. - The Department of Treasury, Bureau of the Fiscal Service released its third annual Progress Statement today, which announced its next phase in transforming federal financial management, Envision 2030. This new, long-term initiative intends to integrate inclusive, consistent customer experience for those who interact with the Fiscal Service. It also frees agency chief financial officers from routine financial transaction processing, allowing them to focus on their agencies’ core missions.
The Fiscal Service is a leader in federal financial management. It provides the public and federal agencies with financial management solutions, including disbursing, collecting, reporting, services, and financing of the federal government.
Progress Statement 2020 also highlighted achievements reached last year. These included:
- Making payments quickly to individuals, businesses, and state, local and tribal governments to provide relief to millions of Americans and businesses under the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA).
- Advancing paperless federal financial management by adding more agencies that use the Invoice Processing Platform, a secure, web-based service that automates government invoicing, and streamlining lockbox networks.
- Providing greater transparency of federal finances by launching Fiscal Data.Treasury.Gov, which provides the public with data that shows the financial workings of the federal government, including debt, interest rates, and revenue.
- Added more states, agencies, and programs using the Fiscal Service’s Do Not Pay’s suite of web services that can detect and prevent improper federal payments to vendors, grandees, loan recipients, and beneficiaries.
- Being named as the Financial Management Quality Service Management Office (FM QSMO). In 2022, agencies can use a marketplace of systems and services that will drive innovation, ensure compliance with federal policies, standardization, and automation in federal financial management.
- Released the results of 447 auctions accurately and on time. In 2020, there were 326 more auctions were held than the previous year. In addition, seventy percent of Americans who purchased Treasury securities did so directly without having to go through a broker or bank, up slightly from the previous year.