Envision the Future
Every day, millions of American have financial interactions with the federal government
Since its founding, Treasury has developed the processes for managing public funds as the federal government grew in scope and scale. The Future of Federal Financial Management describes a 10-year vision that continues Treasury's tradition of forward-looking financial management.
This vision of the future starts from the vantage point of the American citizen who expects that:
- the government is an efficient steward of its financial resources;
- the financial information provided by the government is accurate; and
- their financial interactions with the government are modern, seamless and secure.
A New Role for Federal Chief Financial Officers
Over three-quarters of Federal CFOs have direct responsibility for financial reporting, accounting operations and financial systems. In a recent survey, they described their staffs as predominantly concerned with transaction processing.
Source, "Annual CFO Survey: Navigating Disruption", Association of Government Accountants, January 2018
In the future, we must enable the Federal CFOs to refocus their attention from financial transaction processing to program performance measuring and reporting.Click to learn more
How We'll Get There
Treasury has a plan to maximize the efficiency of the common processes of disbursing, collections, reporting and administrative operations, so that agency CFOs can refocus their attention from transaction processing to program performance management.
Treasury's Plan for Financial Transaction Processing
This time-tested strategy of standardization, consolidation, and automation will create genuine value for government agencies and taxpayers. It produces savings by reducing the number of redundant information systems. By consolidating investment, it enables innovations that have improved customer service. And most important, it relieves the agencies of burdensome administrative operations so they can focus on their mission.
The Next Generation of Federal Financial Management: Five Innovations Shaping the Future
Advancing the FM Vision with Action: Ringing in the New Year with Do Not Pay
Advancing the FM Vision with Action: Modernizing the Lockbox
Advancing the FM Vision with Action: Managing Collections so You Don’t Have To
Advancing the FM Vision with Action: Follow the Money with USASpending.gov
Advancing The FM Vision:The Role Of ARC In The Transformation Of Federal Financial Management
Advancing the FM Vision with Action: Providing a Clearer Picture of Federal Finances Using G-Invoicing
Advancing the FM Vision with Action: The Beauty of IPP
Advancing the FM Vision with Action
Build Your Leadership Skills: Federal Financial Managers Teamwork, Collaboration, and Leadership at the Government Financial Management Conference
Hear Commissioner Kim McCoy talk on Federal News Radio about the 10-year vision for federal financial management
Annual Fiscal Service Letter to Chief Financial Officers
Must-See Highlights at This Year’s Annual Government Financial Management Conference
Lead, Transform, Deliver: Inside the CFO Letter
Supporting the President's Management Agenda: Treasury’s Vision for Federal Financial Management
News and Events
Last modified 12/19/18