Treasury looks to speed its financial reporting

Treasury looks to speed its financial reporting

By Dipka Bhambhani

GCN Staff

APRIL 5'The Treasury Department is working to cut the time it takes to report its financial status from nearly three weeks to three days, department officials said.

The plan, mandated by Secretary Paul H. O'Neill, calls for the department to collect updated balance sheets from each of its 13 bureaus and report the financial status of Treasury within 72 hours.

It takes the Treasury's Office of Financial Systems Integration 20 days to get the balances from every bureau, have them analyzed and inserted into a governmentwide system.

'Certainly he [O'Neill] would like it faster, but whether that can be done, we can only make steps to continue to improve,' said OFSI director David J. Epstein.

He said getting more accurate updates faster depends on each bureau's ability to crunch the numbers and close the books quicker so they can feed it into the department. He said technology changes within each bureau will help Treasury meet those goals.

While Treasury's new system uses an Oracle database and CFO Vision software from SAS Institute Inc. of Cary, N.C., each bureau uses a different system.

According to Treasury's fiscal 2000 Accountability Report, three bureaus'the IRS, Customs Service, and Bureau of Alcohol, Tobacco and Firearms'totaled nearly $2 trillion in net revenue.

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