The Office of Fiscal Service (OFS) is an agency of the United States federal government in the United States Department of the Treasury

United States Department of the Treasury

The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...

. The office is led by the Fiscal Assistant Secretary of the Treasury

Fiscal Assistant Secretary of the Treasury

The Fiscal Assistant Secretary of the Treasury is an official in the United States Department of the Treasury who is the head of the Office of Fiscal Service....

, currently Kenneth E. Carfine. Assistant Secretary Carfine reports to the United States Secretary of the Treasury

United States Secretary of the Treasury

The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...

 through the Under Secretary of the Treasury for Domestic Finance.

Within the Office of Fiscal Service are:

• The Office of Fiscal Operations and Policy
• The Office of Accounting Policy

Mission

The Office of 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.
OFS provides policy oversight of the bureaus under it 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.

The Office represents the Secretary of the Treasury on the Federal Accounting Standards Advisory Board

Federal Accounting Standards Advisory Board

The Federal Accounting Standards Advisory Board is a United States federal advisory committee whose mission is to develop generally accepted accounting principles for federal financial reporting entities....

 (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

Federal Reserve System

The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...

 in its capacity as Treasury's fiscal agent)

Under the office are the Financial Management Service

Financial Management Service

The Financial Management Service is a bureau of the United States Department of the Treasury and provides several financial services for the federal government...

 and the Bureau of the Public Debt

Bureau of the Public Debt

The Bureau of the Public Debt is an agency within the Fiscal Service of the United States Treasury Department. Under authority derived from Article I, section 8 of the Constitution, Public Debt is responsible for borrowing the money needed to operate the federal government, and is where donations...

.

Office of Fiscal Operations and Policy

The Office of Fiscal Operations and Policy, led by the Deputy Assistant Secretary for Fiscal Operations and Policy, 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.

Within the Office of Fiscal Operations and Policy are:

• The Office of Cash and Debt Management, which is responsible for managing the Government's daily cash position. The office also produces the cash and debt forecasts used to determine the size and timing of the government's financing operations.
• The Office of Investment Fund Administration, which oversees the operations of Investment Fund administration, and helps ensure that the entire process is operating effectively and efficiently. The office is responsible for enhancing and supporting the existing authorities or responsibilities of offices currently involved in Investment Fund administration, both within and outside the Department of the Treasury.

Office of Accounting Policy

The Office of Accounting Policy, led by the Deputy Assistant Secretary for Accounting Policy, 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. The Office promotes and facilitates efforts to develop and include more useful, reliable and timely financial information in the Financial Report.

External links

• Office of Fiscal Service website