Managing the Financial Management Line of Business (FMLoB)
The Financial Management Line of Business (FMLoB) is a group of representatives from federal agencies who work together to solve issues about federal financial management.
The Office of Financial Innovation & Transformation (FIT) is the managing partner for FMLoB.
Why work with FIT and FMLoB?
As part of FMLoB, you:
- share, learn from, and coordinate with representatives from other federal agencies on financial management issues and solutions
- provide input on innovative solutions
- work with FIT as a partner in moving to shared solutions
What is FIT's role in FMLoB?
As the managing partner, we handle these nine tasks:
- Provide leadership and direction, based on the strategic plans and direction of the Office of Management and Budget (OMB) and the Chief Financial Officers Council (CFOC)
- Sponsor the Federal Management Standards Committee, where representatives of federal agencies:
- collaborate on financial management issues
- share best practices
- weigh in on changes to the Management Standards
- Define and set ways to collect and report performance measures
- Communicate with stakeholders on behalf of FMLoB. Stakeholders include OMB, federal agencies, Chief Financial Officers, Chief Information Officers, and others whom we identify
- Collect and manage funds from participating agencies to support FMLoB
- Prepare annual plans and budgets for FMLoB goals and deliverables
- Develop and maintain a timeline for FMLoB initiatives
- Provide periodic updates to the Chief Financial Officers Council on FMLoB initiatives
- Collaborate with agencies to get contract support, as needed, to meet FMLoB goals
What governs FIT's role as managing partner for FMLoB?
A 2013 memorandum of understanding between OMB and Treasury set up this role.
For more information, e-mail FIT@fiscal.treasury.gov.