About the Office of Fiscal
Service
The Fiscal Service consists of the Office of the Fiscal
Assistant Secretary (OFAS) and two Treasury Bureaus: The
Financial Management Service (FMS) and the Bureau of the
Public Debt (BPD). The Fiscal Assistant Secretary reports
to the Under Secretary for Domestic Finance. The Fiscal
Service's mission is to develop policy for and operate the
financial infrastructure of the Federal government, including
payments, collections, cash management, financing, central
accounting, and delinquent debt collection.
OFAS provides policy oversight of the Fiscal Service bureaus
and develops policy on payments, collections, debt financing
operations, electronic commerce, government wide accounting,
government investment fund management, and other issues.
The office also performs two mission critical functions
for the Department: It manages the daily cash position of
the government and it produces the cash and debt forecasts
used to determine the size and timing of the government's
financing operations. In addition, the office represents
the Secretary on the Federal Accounting Standards Advisory
Board (FASAB), Joint Financial Management Improvement Program
(JFMIP), and the Library of Congress and National Archives
Trust Fund Boards, is a statutory member of the government
wide Chief Financial Officers Council, and serves as liaison
to the Federal Reserve system in its capacity as Treasury's
fiscal agent)
The Office of Fiscal Operations and Policy, led by the Deputy
Assistant Secretary oversees the development and implementation
of policies relating to the government's cash management,
operations, investment and administration of trust funds,
payments, collections, and debt collections
The Office of Accounting Policy, led by the Deputy Assistant
Secretary oversees the government wide accounting by providing
guidance to the Financial Management Service, the prepares
of the Financial Report of the United States Government,
in conjunction with Office of Management and Budget (OMB)
and the United States Chief Financial Officer Council. This
Office promotes and facilitates efforts to develop and include
more useful, reliable and timely financial information in
the Financial Report.
Last Modified:
December 5, 2008
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