The Office of Legislative
and Public Affairs
Fiscal Year 2011 Accomplishments of the
Financial Management Service
During Fiscal Year 2011, FMS issued more than one billion federal payments to more than 100 million people and valued at more than $2.4 trillion, $2.1 trillion of which were issued by Electronic Funds Transfer (EFT). Nearly 170 million of FMS' payments, or nearly $251 billion, were disbursed by check.
Of the $3.06 trillion collected by FMS in Fiscal Year 2011, $2.94 trillion — or 96 percent — was collected through electronic funds transfer (EFT), significantly exceeding the 2010 annual percentage of 84.5 percent. FMS also increased the monthly EFT rate to 87.4 percent, up from 84 percent for the same period last year, and processed over 76 million Pay.gov transactions with a value of more than $86 billion.
FMS collected $6.17 billion of delinquent debt owed to the federal government, an increase of nearly $721 million from last year. For every dollar spent on delinquent debt collection, FMS collected $51.65.
Of the total amount collected, delinquent federal non-tax debt owed to federal agencies accounted for $2.57 billion, $614 million was for delinquent federal tax debt owed to the Internal Revenue Service. The remainder included $2.31 billion of delinquent child support owed to states and custodial parents, and $537 million of other types of delinquent debts owed to states.
Projects and Initiatives
In 2011, FMS implemented Fiscal IT with the Bureau of Public Debt, successfully closing two data centers without any interruption in service during the process. FMS also advanced the Internet Payment Platform (IPP) as a government-wide solution, which included securing a commitment for Treasury-wide implementation.
Direct Express received more than one million enrollments in 2011, bringing total active card users to over 2.5 million. We also eliminated Federal Tax Deposit (FTD) coupons and successfully converted 1 million employers to the Electronic Federal Tax Payment System (EFTPS) during the year.
FMS managed a daily cash flow of $89 billion.
Two modernization initiatives — PAM and CCMM — met scheduled milestones and made significant progress toward full implementation. Also during Fiscal Year 2011, FMS:
See also: FMS Key Statistics for Fiscal Year 2011
- Exceeded the established accuracy standard of 98 percent for issuing the Daily Treasury Statement.
- Made substantial progress on the FIRST, CARS, and General Fund projects to strengthen our government-wide reporting capabilities.
- Conducted outreach to 11 Chief Financial Officer (CFO) agencies to help advance agency implementation of FMS modernization efforts by 2014.
- Started efforts to rescind delegated disbursing authority and bring payments work back to FMS from Non-Treasury Disbursed Offices (NTDOs), which included securing an agreement with Health and Human Services (HHS) to return their delegated disbursements to FMS.