Treasury Department Building

Financial Innovation & Transformation (FIT)

Managing the Financial Management Line of Business (FMLoB)

The Financial Management Line of Business (FMLoB) is a federal government-wide e-government initiative providing solutions that respond to the financial management needs of participating agencies. FIT is the managing partner for FMLoB.

Why work with FIT and FMLoB?

As part of FMLoB, federal agencies:

  • share, learn from, and coordinate with other agencies on financial management issues and solutions
  • provide input on innovation solutions
  • work with FIT as a partner in moving to shared solutions

What is FIT's role?

As the managing partner for FMLoB, FIT:

  • provides 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)
  • sponsors the Financial Management Standards Committee, a forum that provides federal agencies with the opportunity to collaborate on FM issues, share leading practices, and weigh in on changes to the FMLoB Financial Management Standard References
  • defines and establishes ways to collect and report performance measures
  • communicates with key stakeholders (such as OMB, federal agencies, Chief Financial Officers, and Chief Information Officers) on behalf of FMLoB, as well as with other stakeholders whom FIT identifies
  • collects and manages funds from participating agencies to support FMLoB
  • prepares annual plans and budgets to meet expected goals and deliverables
  • develops and maintains a timeline for FMLoB initiatives
  • provides periodic updates to CFOC on FMLoB initiatives
  • collaborates with agencies to secure contract support, as needed, to accomplish FMLoB goals
  • puts in place performance measures/metrics

For more information

Memorandum of Understanding setting up FIT as the FMLoB managing partner (pdf, 2.4Mg)

Quick References

OMB 16-11, Improving Administrative Functions Through Shared Services

Circular No. A-123 Appendix D, Compliance with the Federal Financial Management Improvement Act of l996

OMB M 13-08, Improving Financial Systems Through Shared Services

OMB M 10-26, Immediate Review of Financial Systems IT Projects

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