Video about Fiscal Service
Mission
Promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services.
Vision
Transform financial management and the delivery of shared services in the federal government.
Values
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.
What we do...
Collecting
Provide citizens a variety of modern electronic options for paying federal taxes, charges, and fees. Minimize lockboxes and paper processing.
DisbursingCreate a seamless end-to-end process that is all-electronic from the initiating transaction through settlement: more agile, efficient, and resilient.
FinancingMeet the evolving financing needs of the U.S. government at the least cost over time by offering Treasury securities to investors through modern, secure, and reliable technology.
ReportingProvide federal agencies and the American public information that is accurate, accessible, and transparent. Streamline the federal reporting process to reduce agency reporting burden.
ServicingProvide customer-centric services and solutions to agencies that enable improved decision-making and high-performance through innovation, standardization, operational efficiency, and risk reduction.
Fiscal Service Strategic Plan and Learning Agenda
... We Do Well.
Data Through FY 2023
Collecting
- Collected nearly $5.47 trillion in federal revenue, with 99.9% of receipts settled electronically.
- Increased adoption of e-Commerce digital collection options across federal agencies by 11%.
- Collected $4.3 billion in delinquent debt. Over $3.88 billion was collected through the Treasury Offset Program (TOP) and $425.9 million was collected through the Cross- Servicing program.
Disbursing
- Centrally disbursed 87.9% of all federal payments.
- Securely disbursed nearly 1.3 billion payments, totaling $5.4 trillion, at an electronic rate of 96.5%. Payments were made 100% on time.
- The Office of Payment Integrity identified 213,998 potential improper payments valued at $652.7 million, prevented 162,775 potential improper payments valued at $154.9 million, and recovered 21,723 improper payments valued at $346.2 million.
Financing
- Conducted 416 auctions and awarded $20.17 trillion in Treasury marketable securities to fund critical government operations and activities.
- Issued $183.5 billion in Treasury retail securities, redeemed $243 billion in Treasury securities.
- Made $2.01 billion in Judgment Fund payments.
- Accounted for and reported the $33.17 trillion public debt.
- Managed an average daily cash flow of $205.4 billion.
- Issued 99.6% of government-wide accounting reports on time, including Daily Treasury Statements and Monthly Treasury Statements.
- Average number of pageviews per month for USAspending.gov was 774,479 in September 2023.
- Sixteen Fiscal Service datasets were migrated to modern format and made available to the public and agencies, bringing the total to 55.
Reporting
Servicing
- Provided competitively priced information technology and administrative services (financial management, human resource, travel, and procurement) to 88 federal agencies as part of the Treasury Franchise Fund.
- Processed $106 billion of invoices through the Invoice Processing Platform (IPP).
- Collected over $76.7 million and processed 979,029 cases through the Centralized Receivables Service.
Our People
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, Financing and Operations
- Joseph Gioeli, Deputy Commissioner, Transformation and Modernization
- Dara Seaman, Associate Commissioner, Financial Operations
- Amanda Kupfner, Chief Strategy Integration Officer
- Adam Goldberg, Business Transformation Executive
- Cait Gehring, (Acting) Chief Customer Officer
- Jeff Schramek, Executive Director, Administrative Resource Center
- Lillian Cheng, Chief Counsel
- Nate Reboja, Chief Information Officer and Assistant Commissioner - Information and Security Services
- Dan Berger, Chief Financial Officer
- Sandra Paylor Sanders, Assistant Commissioner - Fiscal Accounting
- Paul Deuley, Managing Director, Service Delivery, Administrative Resource Center
- Daniel Vavasour, Managing Director, Management, Modernization, and Customer Care, Administrative Resource Center
- Linda Chero, Chief Disbursing Officer and Assistant Commissioner - Disbursing and Debt Management
- Doug Anderson, Assistant Commissioner - Retail Securities Services
- Mike Linder, Assistant Commissioner - Revenue Collections Management
- David Copenhaver, Assistant Commissioner - Wholesale Securities Services
- Lori Santamorena, Executive Director - Government Securities Regulations
- Justin Marsico, Chief Data Officer
- Angela Jones, Chief Human Resource Officer
Our History
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.