Treasury Cash and Debt Management: Comprehensive Written Policies and Procedures Are Needed

In response to the recommendation, Treasury staff have developed a written operating guide for cash forecasting for Treasury's Office of Cash and Debt Management (OCDM). The guide includes sections for estimating receipts and outlays as well as a section for the debt financing process. According to the Director of OCDM, the guide was developed using GAO's cycle memorandum for cash and debt management that was provided to OCDM in February 1998, and is comparable in detail to the cycle memorandum.

In response to the recommendation, Treasury staff in the Financial Management Service's Funds Control Branch have developed a high-level standard operating procedures document for tracking daily cash receipts and outlays. In addition, detailed standard operating procedures (SOPs) for key processes, systems, and transaction flows related to tracking daily cash receipts and outlays were completed to supplement the high-level document in December 1998.