Since Congress approved nearly $3 trillion in pandemic spending the Treasury Department, the bureau and the IRS have come together to get this money out as quickly and efficiently as possible.
The Bureau of the Fiscal Service has taken on a larger role as a shared service provider as part of Treasury’s plan to transform the state of federal financial management over a decade.
As the need for continued integration of data and technology drives toward better decision making, agencies need to consider how they design, implement and utilize tools in support better financial management.
Some agencies are linking data to performance management in order to make more informed, evidence-based decisions about spending on their programs.
In part two of Federal News Radio’s special report on the DATA Act, experts say the common spending standards can help agencies with their missions, and are trying to understand what it will take to reach full compliance by 2022.
In part one of Federal News Radio’s special report on the DATA Act, Treasury Department and Office of Management and Budget officials say the three-year implementation is going well, while agency managers breathe a sigh of relief even as they prepare for the next step in standardized federal spending reports.
A new data pilot from the Small Business Administration is helping the agency keep better track of what grants it makes and where the money goes. It’s one small step forward as the SBA and other agencies implement their DATA Act plans.