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Fiscal Year 2006 U.S. Government Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Accountability and Fiscal Stewardship Challenges

S. 372

United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia

Published: 2010

Total Pages: 248


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In March 2004, the Office of Management and Budget (OMB) launched the financial management line of business (FMLOB) initiative, in part, to reduce the cost and improve the quality and performance of federal financial management systems by leveraging shared service solutions and implementing other reforms. In March 2006, it was reported that OMB's approach did not fully integrate certain fundamental system implementation-related concepts and recommended OMB take specific actions. This report discusses: (1) OMB's progress in addressing prior FMLOB recommendations and implementation challenges; and (2) the effectiveness of OMB's monitoring of financial management system modernization projects and their costs. Illus.

Federal Real Property

United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security

Published: 2008

Total Pages: 200


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Statement of David Walker, Comptroller Gen. of the U.S. The foundation laid by the Chief Financial Officers Act of 1990 & other mgmt. reform legislation provided a much needed statutory basis to improve the accountability of gov¿t. programs & operations. Such reforms were intended to produce reliable, timely, & useful financial information to help manage day-to-day operations & exercise oversight & promote fiscal stewardship. This testimony addresses: (1) the progress made & challenges remaining to improve fed. financial mgmt. practices; & (2) the serious challenges posed by the government¿s deteriorating long-range fiscal condition & Walker¿s views on a possible way forward. Includes recommendations. Charts & tables.

Improving Federal Financial Management

United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security

Published: 2008

Total Pages: 264


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