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Federal Investments Seminar. INVESTMENT/BORROWING/ FEDERAL CREDIT REFORM SUBCOMMITTEE Presented By: BILL FLEMING MAY 17, 2005. BACKGROUND. Subcommittee set up to address intragovernmental differences for the following Reciprocal Categories (RCPs): Investments

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Federal Investments Seminar

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Federal Investments Seminar

INVESTMENT/BORROWING/

FEDERAL CREDIT REFORM

SUBCOMMITTEEPresented By:BILL FLEMING

MAY 17, 2005


BACKGROUND

  • Subcommittee set up to address intragovernmental differences for the following Reciprocal Categories (RCPs):

    Investments

  • FMS developed this plan “to sufficiently identify and track intragovernmental material differences reported to FMS by the Federal Program Agencies (FPAs)”.


Background (continued)

Borrowing


Background (continued)

  • Current members include:

    • Ella Hughes-Bailey - Treasury FMS

    • Richard Bennett - EPA

    • Stephanie Brown - Treasury - BPD

    • Susan.Chapman - Treasury - BPD

    • Scott Chayette - DOE

    • Trina Cook - Treasury - BPD

    • Dan Decena – Treasury/ office of the fiscal assistant secretary

    • William Fleming - Education

    • Veronica Freeman - DOL

    • Jeanne Johnson-Education OCFO

    • Gail Matthews - Education OCFO

    • Eileen Parlow - FASAB

    • Sheldonna Proctor - EPA

    • Keith Rake - Treasury - BPD

    • Wendy Stover-HUD

    • Hayward Trapps -Treasury FMS

    • Kristina Kaminski - SSA

    • Letha, Holliday - SSA


Future Actions

  • Recruit additional members from agencies affected by investment/borrowing issues

  • Review Intragovernmental Fiduciary Confirmation System (IFCS) reports for agencies with differences below current studies threshold to determine source of differences.

  • Classify into groups already defined

  • Discuss specific agency situations with BPD/FFB and agency personnel

  • Produce narrative explaining differences by agencies


Future Actions (continued)

  • Detail current and future corrective actions

    • Government-wide

    • Individual agency


Current Conclusions

  • Bring Accounting Methodologies into Agreement

    • Accounting for Premiums and Discounts (Effective Interest, Level Yield, Straight Line, Etc.)

    • Zero Coupon Bonds Amortization Methodology (Effective Interest vs. Mark-to-Market)

      • BPD staff reviewed the problem and issued a recommendation

      • Treasury is currently reviewing the paper

  • OMB Mediation Process for Unresolved Differences


Current Conclusions – (continued)

  • Timing Differences

    • Quarterly Borrowing Differences - Encourage agencies to accrue interest expense/payables at least quarterly (possibly using BPD accruals as the basis of the entry)

    • Need to examine year-end cutoffs


Current Conclusions – (continued)

  • Deposit Funds

    • Researching Accounting Guidance

    • Recommend changes to allow such investments to be coded as non-federal

    • Recommend that additional Deposit Fund guidance be added to the Fiduciary Business Rules


Current Conclusions – (continued)

  • Alleviating Accounting/Coding Errors

    • Largest class of differences

    • Probably the easiest to materially reduce

      • For most agencies, federal balances for the subject SGL accounts are almost exclusively Treasury (TP 20).

      • Adequate information exists through IFCS and FedInvest.com and other BPD reports available to trading partners

      • FACTS I file is simple and can be edited manually if necessary

      • IFCS/FACTS I/Quarterly “F” file assistance is readily available from Treasury

    • Need to address quality control issues at individual agencies


Current Conclusions – (continued)

  • Alleviating Accounting/Coding Errors (continued)

    • Send special report to FACTS I/ ”F”/GFRS preparer before transmission showing expected balances by SGL, Fund, and trading partner.

      • IRAS provides feedback on IRAS/IFCS differences after the fact

      • Close BPD/FFB IFCS window before quarterly “F” file windows to allow for additional oversight before reporting (IFCS window does close before the FACTS I window at year end.


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