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The Future of Federal Financial Management

This report explores the future of federal financial management, highlighting the expectations of American citizens, the evolving role of agency CFOs, and the steps needed to enhance financial management practices. It provides insights on strategic planning, mission support, data management, financial controls, and budget and accounting operations.

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The Future of Federal Financial Management

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  1. The Future of Federal Financial Management Fiscal Service | U.S. Department of the Treasury | June 2019

  2. Americans Financial Interactions with the Federal Government Every day, millions of Americans have financial interactions with the federal government. • The American citizen expects that: • 1. the government is an efficient steward of its financial resources; • 2. the financial information provided by the government is accurate; • 3. their financial interactions with the government are modern, seamless and secure.”

  3. Engaging the Federal Financial Management Community The Destination Leadership How We’ll Get There

  4. CFO View: Refocus from Financial Transaction Processing to Performance Measurement and Analysis • CFO Survey: Current Responsibilities vs. New Roles SOURCE: “Annual CFO Survey: Navigating Disruption”, Association of Government Accountants, January 2018.

  5. A New Role for Agency CFOs CFOs are harnessing program and cost data to support agencies in achieving their missions. Strategic Planning & Mission Support 5 • Develop strategic plan linked to program performance • Operational support and decision-making • Performance evaluation • Use of advanced data analytics and use of data as a strategic asset 4 Communicating Results Data Management & Analytics 3 • Financial and management reporting • Program performance reporting • External communications Financial & Regulatory Controls 2 • Performance measurement • IT management • High-quality data creation Core Budget & Accounting Operations 1 • Regulatory compliance • Accounting policy • Risk management • Internal controls • Budget formulation and execution • Transaction processing

  6. How Will We Get There? • Transform Federal Collections • Retire the lockboxes • Transform accounts receivable processing • Strengthen Financial Reporting • Automate interagency buy-sell transactions • Implement single financial statement • Make federal financial data more accessible • Strengthen Financial Reporting • Automate interagency buy-sell transactions • Implement single financial statement • Make federal financial data more accessible

  7. CFO Letter for FY 2019

  8. Annual Report on Progress

  9. To Learn More https://fmvision.fiscal.treasury.gov/

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