OMB revises business rules for intragovernmental transactions
- By Kerri Hostetler
- Nov 29, 2006
The Office of Management and Budget issued a memorandum earlier this month alerting departments to revisions of the business rules for intragovernmental transactions pertaining to fiduciary activities and exchange-type transactions.
Fiduciary activities must now include a date specification to begin queuing and using first in first out methods to redeem and sell securities. Exchange-type transactions now must include a list of specific data elements needed for an interagency transaction. Also, the new revisions allow agencies to delete rules prohibiting advanced payment, an OMB spokesperson said.
OMB, the Chief Financial Officers' Council and the Treasury Department collaborated to address the new practices within intragovernmental activities not covered in the old rules.
The new draft also addressed transfers of budgetary authority. Departments now are required to reconcile and compare intragovernmental activities and recordings of transactions with their trading partners on a quarterly basis, the OMB spokesperson said.
Also, OMB and their collaborators created the Intragovernmental Dispute Resolution Committee to settle contractual disputes and resolve issues related to accounting, reporting and timing differences, according to an OMB press release.