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Congress approved a bill Friday to eliminate expanded financial-disclosure reporting requirements for Senior Executive Service members, just days before the new requirements were to go into effect. Both the House and Senate approved the measure by unanimous consent. The expanded reporting requirements were set to go into effect Monday.
From shared services and data-driven decision-making, to shrinking budgets and workforces, Federal News Radio's special report, Rise of the Money People, tracks the emerging trends in effective financial management at federal agencies, and the possible hurdles that stand in the way of saving even more money.
The size and cost of the Defense Department's portfolio of major weapons acquisition programs have fallen to their lowest levels in five years, according to a new report from the Government Accountability Office. DoD's major weapons portfolio decreased by 10 programs in 2012 -- to 86 programs -- while the total cost of DoD's big-ticket procurements fell by $152 billion to $1.6 trillion.
For the third month in a row, the number of federal employees filing retirement claims outpaced the Office of Personnel Management's projections. OPM received 10,183 retirement claims in March, more than double the number it expected to receive, according to new OPM data..
The Office of Management and Budget has directed agencies to take full advantage of the funding flexibilities they have under law as they implement across-the-board sequestration cuts, that went into effect March 1. In an April 4 memo, OMB Controller Danny Werfel also directed agency and department leaders to be mindful of certain types of performance awards and to work with agency inspectors general before making cuts to IG offices.
Employee satisfaction with agency leadership dipped for the first time in 10 years in 2012, after years of slight but consistent gains. Leadership scores fell to 52.8 points on a 100-point scale, a drop of 2.1 points from 2011 levels, according to a new report from the Partnership for Public Service and Deloitte. It's the first time in the last decade that overall scores dropped year-over-year.
After a modest showing so far this year, Thrift Savings Plan funds were buoyed by recent record highs on Wall Street and finished the month with solid gains. All five regular funds, in addition to the target-date Lifecycle Funds, finished March in the black for the first time since November.
In a reversal of course, U.S. Customs and Border Protection now says it is postponing employee furloughs and will continue to authorize overtime pay. The agency said it is "reevaluating" both the planned furloughs of its 60,000 employees and the elimination of administratively uncontrollable overtime, or AUO, because of new funding granted in the 2013 appropriations bill Congress passed last month.
A new report says a law requiring the online posting of senior federal executives' financial information would likely impinge on employees' privacy and wouldn't do much to deter conflicts of interest. The National Academy of Public Administration was tasked by Congress with studying the STOCK Act — short for "Stop Trading on Congressional Knowledge" — in response to concerns about privacy and identify theft.
The Office of Management and Budget is telling agencies to stop building costly, agency-specific systems when they modernize their financial management systems. Instead, going forward, agencies must use a federal shared-services provider when updating their accounting systems, according to a new memo from OMB Controller Danny Werfel.