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Insights Promoting the Financial Integrity of the U.S. Government: Insights from Dave Lebryk, Commissioner, Bureau of the Fiscal Service, U.S. Department of the Treasury By Michael J. Keegan The Bureau of the Fiscal Service (BFS) was formed by combining the Financial Management Service (FMS) and the Bureau of the Public Debt (BPD). BPD financed government operations, accounted for the resulting public debt, and provided financial and administrative services to federal agencies. FMS provided payment services, revenue collection and centralized debt collection for the federal government, and prepared the financial statements of the federal government. How has the Fiscal Service transformed the way the federal government manages its financial services? What is the Fiscal Service doing to promote the financial integrity and operational efficiency of the federal government? How is it strengthening its financial management processes to realize efficiency, better transparency, and dependable accountability? Dave Lebryk, Commissioner, Bureau of the Fiscal Service, U.S. Department of the Treasury, shares his insights on these topics and more. The following is an edited excerpt of our discussion on The Business of Government Hour. What is the mission of Treasury’s Bureau of the Fiscal Service? What activities does BFS engage in to achieve this mission? Dave Lebryk: On October 7th, 2012, the Bureau of the Public Debt and the Financial Management Service came together to form the Bureau of the Fiscal Service. The Bureau of the Fiscal Service has a very important mission. We make most federal government payments. We collect most of the money for the government; we account for the public debt as well as report on the financial activity of the federal government. appropriated budget of around $360 million; 3300 employees at six locations located across the country. We have payment centers in Kansas City and Philadelphia. We have two debt collection centers, one in Austin, Texas, and one in Birmingham, Alabama. The bulk of our operations are done in the Washington, D.C., area and Parkersburg, West Virginia. I’d like to focus more on your specific responsibilities as the commissioner of the Bureau of the Fiscal Service. Would you describe your duties and areas under your purview? How do your efforts support the overall mission of the Department of the Treasury? Dave Lebryk: My main responsibility is to set strategic direction for the organization. At the same time, any good leader needs to focus on the operational as well as the people aspect of an organization. I probably spend a fair amount of my time on the strategic, setting the direction for the organization, establishing the priorities, but also making sure that we’re delivering on them through out daily functions. Every month we make payments to roughly 80 million people who rely on their Social Security payments or their veterans benefits. We call these lifeline payments, so it’s very important that we deliver these payments every month on time, every time. We take great pride in doing just that. We also finance federal operations. Last year we conducted over 268 auctions raising $8.1 trillion. The number of Treasury securities that have been issued, payments that have been made, or financial statements of the federal government—all this information comes from the Bureau of the Fiscal Service. It was apparent during the government shutdown how critical we are to the functioning of the government. If we’re not raising money to finance government operations, collecting money, or making payments, it has a significant impact on not only the operation of the government but on the economy as a whole. In addition, we collect debt on behalf of federal agencies and provide shared services to 78 customers. We have an 44 www.businessofgovernment.org The Business of Government
“The Bureau of the Fiscal Service has a very important mission. We make most of the federal government payments. We collect most of the money for the government; we account for the public debt as well as report on the financial activity of the federal government. In addition, we collect debt on behalf of federal agencies and provide shared services to 78 customers.” SPRING 2014 IBM Center for The Business of Government 45
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