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Search Tags: financial management
As federal employees are furloughed, programs and contractors are cut, and agreement on future federal budgets appears remote, efficient management of the trillions of dollars it takes to operate the government is more important than ever. In Federal News Radio's on-air and online series, "Rise of the Money People: Financial management moves front and center as agencies make the final assault on wasted billions," we shine the light on chief financial officers and their soldiers in the financial wars, their strategies and tactics for waging the fight, the current and emerging weapons in their arsenal, and how their future battles will unfold.
Building on the foundation of the Accounting and Auditing Act of 1950, Congress has increased the oversight and transparency of government spending over the years.
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.
Danny Werfel, the OMB controller, will issue a new policy in the coming weeks that will mandate agencies simplify their requirements before upgrading their general ledger systems. The policy also will require agencies to strongly consider one of the four federal shared service providers. OMB said it has learned lessons from the previous attempts to move agencies into these common financial management infrastructures.
An exclusive Federal News Radio survey of federal CFOs and deputy CFOs finds 55 percent of the respondents rated spending money more wisely as their top priority. But at the same time, 36 percent rated moving to the Internet Payment Portal or other financial management shared services as their fourth highest priority. CFOs also say they are using data to make better decisions and budget reductions, not sequestration, is their biggest concern.
Tags: CFO Council , Adam Goldberg , Treasury , OMB , Office of Financial Innovation and Transformation , shared services , sequestration , budget , CFO survey , In Depth with Francis Rose , Jason Miller , exclusive
News and buzz in the acquisition and IT communities that you may have missed this week.
Tags: technology , acquisition , Jason Miller , cloud computing , OMB , DHS , GSA , Air Force , First Source 2 , industry , Small business contracting , shared services , Inside the Reporters Notebook
Winslow Wheeler, director of the Straus Military Reform Project at the Center for Defense Information (part of the Project on Government Oversight), says the Pentagon needs to get serious about about tracking spending in 2013.
The House Oversight and Government Reform Committee is consolidating two subcommittees that oversee major agency functions, such as procurement and technology, into a new panel. No news yet on who will be the ranking members.
The Homeland Security Department would be required to conduct and pass a full financial audit under a bill unanimously approved by the Senate on Wednesday. The DART Act requires the agency, long characterized by the Government Accountability Office as being at high-risk for waste and abuse, to reach a clean audit opinion by 2013.
OMB Controller Danny Werfel announced Wednesday the federal government avoided paying out $47 billion in overpayments over the last three years. This missed President Barack Obama's goal of reducing improper payments by $50 billion by the end of FY2012.