Austin Financial Center

Background

The History of AFC

The Austin Financial Center (AFC) was established in 1969 with guidance from President Lyndon Baines Johnson. The AFC was created as a Regional Financial Center (RFC) for the Financial Management Service, (FMS), a bureau of the Department of the Treasury. Today, the AFC is one of four RFCs, the other three being Kansas City, Philadelphia and San Francisco. Each RFC is geographically responsible for disbursements on behalf of federal agencies, civilian agencies and commercial vendors. The designation of regions was developed to bring agency operations and services closer to our customers.

In 1997, FMS was awarded the Vice President's Hammer Award. Hammer Awards were presented to teams of federal employees who had made significant contributions in support of reinventing government principles. The Award was the Vice President's answer to yesterday's government and its $400.00 hammer. Fittingly, the award consisted of a $6.00 hammer, a ribbon, and a note from the Vice President, all in an aluminum frame. More than 1,200 Hammer Awards were presented to teams comprised of federal, state and local employees, and citizens who worked to build a better government.

Working for Our Customer Agencies

The work of the AFC has evolved from the disbursement of hand-written checks into that of a major financial center efficiently issuing payments by Electronic Funds Transfer (EFT) and high-speed check printers. AFC also provides a wide range of financial management services for both internal and external customers of the federal government.

In partnership with the other regional financial centers, FMS headquarters in Washington, D.C., other federal agencies and the Federal Reserve System, AFC works on many other programs and initiatives as well. The Electronic Federal Tax Payment System (EFTPS) allows businesses and individual taxpayers the convenience of paying all of their federal taxes electronically. Payment Advice Internet Delivery (PAID) allows participating federal agencies the ability to provide remittance information to their vendors utilizing the Internet. In addition to these programs, FMS is working on new emerging technologies with Paper Check Conversion Over the Counter (PCC OTC) and the Internet Payment Platform (IPP). PCC is a process occurring at the point of sale or in a lockbox environment in which, personal and business checks are converted into an EFT. IPP will make full use of the Internet and other technologies for a new disbursing platform.

Vision

FMS and AFC are built on the ideology that Federal agencies seek to strengthen their financial management and to expand the use of electronic commerce technologies.

FMS through the efforts and operations within AFC provides such services. AFC serves its agency customers as a trusted ally, providing them with the loyalty of another government agency and resource as well as the assistance of an outside vendor. We ensure our customer agencies have the knowledge and the support they need to run their operations and to support their customers with maximum efficiency, reliability and effectiveness. Many of our products and services are mission critical and are aligned with congressional and presidential mandates, so we give our customer agencies the assurance that we will be there when they need us.

Mission

The Austin Financial Center is ever vigilant in serving the public trust advancing all facets of payment services.

Core Values

• Information Sharing
• Inclusion
• Individual Respect
• Integrity
• Informality
• Innovation

What We Have Been Doing Lately

Message from the Director about the Economic Stimulus Package

This time of year is tax season and AFC will again manage an estimated 104 million payments in tax benefits. Additionally, we are planning for the added work load of projected economic stimulus payments, which will be processed toward the end or our regular tax season. This will be a busy year for us, but I am confident that we will live up to our Financial Management Service (FMS) motto: "On time every time!" The employees of AFC understand that these disbursements affect a real person at the receiving end of each payment. Our "zero tolerance" for late payments has ensured the quality of our service and the diligence of our staff. This quality is always reflected in the trust you have with FMS. For more information about the economic stimulus package with detailed information and FAQ's, visit: Economic Stimulus Payments Information Center. You may also visit the Go Direct webpage for important information from the U.S. Treasury.

The Department of the Treasury's Financial Management Service (FMS) is poised to launch a new debit card program in Spring 2008 with a national rollout to be completed by the end of summer. FMS has selected Comerica Bank as its financial agent to issue the debit cards to Social Security Administration (SSA) and Supplemental Security Income (SSI) recipients.
Treasury Announces Direct Express Debit Card for SSA and SSI Recipients

The Fiscal Year 2007 Financial Report of the United States Government (FR) was released and issued to the public, Congress, and the President by the Department of the Treasury and the Office of Management and Budget on December 17, 2007. The FR provides a comprehensive view of how the Federal Government is managing taxpayer dollars by disclosing the Government's financial position and condition, its revenues and costs, assets and liabilities, and other responsibilities and commitments.
The FY 2007 Financial Report of the U.S. Government
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