Guide to Financial Operations

III.1. Statewide Financial System (SFS) Overview

In 2009, New York State (NYS) established the Statewide Financial System Program (Program) through a partnership among the Office of the State Comptroller (OSC), the Treasury Division of the Department of Tax and Finance (DTF/Treasury), the Division of Budget (DOB), and the Office of the Chief Information Officer/Office for Technology (CIO/OFT). The Program’s mission included developing, deploying and maintaining an integrated Statewide Financial System (SFS) to support NYS’ accounting, management, audit and control of Finances.

NYS implemented SFS, a single instance of Oracle PeopleSoft Financials software, in April 2012. Some benefits of SFS were:

  • The creation of a standard financial management system (FMS) for State agencies.
  • The consolidation of Treasury’s cash, debt, and investment management functions.
  • The establishment of a Statewide Vendor File.

In October 2015, NYS upgraded the PeopleSoft Financials software and implemented new functionality. Some of the new functionality included:

  • A re-architectured procurement process including the usage of requisitions, e-invoicing and auto-sourcing.;
  • The use of the Enterprise Services Automation module to improve project management.
  • The implementation of Real Estate and Asset Management modules.

 

Guide to Financial Operations

REV. 09/14/2015