In an ever-changing environment of increased reporting requirements, Treasury is committed to using GTAS to its fullest extent. Many enhancements have been implemented in GTAS since its inception and as it evolves to contain more functionality, more enhancements will be forthcoming.
Since the implementation of GTAS, agencies have asked why Fiscal Service requires 11 monthly GTAS filings each year. What follows is an attempt to briefly describe the many benefits that GTAS monthly reporting has brought about for both external agencies and internal Fiscal Service stakeholders.
In order for Treasury to continue to meet Office of Management and Budget (OMB) requirements, and timely and accurately compile the Financial Report of the US Government, monthly GTAS reporting is a necessary burden.
Monthly reporting is vital to ensure GTAS data provided to external stakeholders (for example, OMB and Congress) is accurate.
Below is a listing of a few benefits of monthly GTAS reporting:
- Allows Treasury to perform month to month analysis of the agencies data, which will help Fiscal Service potentially alleviate open audit findings about the compilation of the Financial Report of the United States Government.
- Provides help in identifying issues earlier in a given fiscal year and allows Treasury to address those issues before year end, alleviating the year end reporting burden.
- Supports OMB budget submission requirements and the associated deadlines to Congress.
- Allows the agencies to be more accurate and efficient when loading their data since agencies have ample opportunity to learn from reporting issues in previous reporting periods.