Summary of Actions by Implementation Category (1) Agency heads can do themselves FM03.1: Ensure that agency financial systems are in compliance with the revised OMB Circular A-127. FM04.1: Issue all federal employee pay and expense reimbursement through EFT. FM04.2: Handle all interagency payments through the On-line Payment and Collection (OPAC) system. FM04.3: Handle all payments to state or local governments through EFT. FM04.4: Include the EFT payment clause from the Federal Acquisition .Regulations in all contracts. FM04.5: Issue all payments to individuals through EFT or EBT. FM04.6: Simplify, redirect and reengineer agency financial processes to make them fully electronic and reduce the paperwork burden. FM05.1: Ensure that all financial management personnel are fully qualified. FM05.2: Coordinate efforts to provide low-cost, effective training for financial management personnel. FM05.3: Ensure that the information being collected, disseminated, and reported on is useful, objective, timely, and accurate for the benefit of program managers. FM08.1: Allow the use of commercial checking accounts. FM08.4: Eliminate time sheets and time cards, and use technology to enter payroll data on an exception basis. FM10.1: Provide a consolidated annual report on the finances of the federal government, including contingent liabilities. FM11.3: Expand agency litigation for debt collection through the special assistant U.S. attorney process. FM11.4: Establish a credit management function. FM11.6: Improve estimates for the allowance for doubtful accounts. (2) President, Executive Office of the President, or Office of Management and Budget can do. FM01.1: Issue a comprehensive set of federal financial accounting standards within 18 months. FM01.3: Dedicate staff to the Federal Accounting Standards Advisory Board (FASAB) to develop a high-level set of cost accounting standards. FM02.1: Develop a memorandum of understanding (MOU) to clarify central agency roles and responsibilities for financial management. FM02.2: Develop and publish a strategic plan for improving financial management. FM02.3: Create a governmentwide budget and financial information steering group. FM02.4: Develop and publish a definition of an integrated budget and financial system. FM02.5: Develop an integrated budget and financial information strategic plan. FM03.4: Establish a clearinghouse of financial systems applications, cross-servicing, and best practices. FM03.5: Dedicate a core of financial systems personnel to develop cost accounting systems requirements. FM05.4: The OMB Deputy Director for Management, meet periodically with departmental deputy secretaries to discuss financial management issues. FM05.5: Identify the set of financial management functions that should report to agency CFOs. FM06.1: Implement franchising for service functions at the agency head's discretion. FM06.2: Establish an implementation team under the President's Management Council (PMC). FM07.2: Establish working capital funds (WCFs) for all federal agencies. FM07.3: Convene a working capital fund (WCF) forum. FM08.2: Give agency heads the flexibility to determine when to do alternative pay and work out any problems with the vendor. FM08.3: Revise Circular A-50 to incorporate an audit resolution threshold. CFOs should establish these thresholds with their inspectors general or heads of audit. FM09.3: Ensure that any future financial management reporting requirements be addressed in either the planning or accountability reports. FM10.2: Issue an annual financial report to the taxpayers. FM10.3: Develop a method of identifying and budgeting for the expected costs of contingent liabilities of the federal government. FM11.5: Expand the Credit Alert Interactive Voice Response System. FM11.7: Establish performance agreements on each major loan and debt collection program. FM12.1: Establish a long-term fixed asset planning and analysis process. FM12.2: Incorporate fixed asset long-term planning into the federal budget process. FM12.3: Ensure that there is no budget bias against long-term investments. FM12.4: Provide more flexible funding mechanisms for the acquisition of fixed assets. FM12.5: Consider revisions to budget scoring. FM13.2: Research the possibility of charging agencies the full accruing cost for civilian and military retiree health benefits. (3) Requires Legislative Action FM01.2: Create an independent federal financial accounting standards board with the power to develop, publish, and interpret accounting principles and standards for the federal government, if a comprehensive set of accounting standards is not issued within 18 months. FM03.2: Establish an innovation fund for financial systems development. FM03.3: Provide interagency funding mechanisms for joint development financial systems projects. FM07.1: Allow agencies to create innovation capital funds. FM07.4: Allow agencies to match funds. FM09.1: Propose legislation to permit OMB, in consultation with appropriate congressional committees, to grant OMB the flexibility to consolidate and simplify statutory reports to Congress and the President. FM09.2: Require agency heads to provide two reports annually, a planning report and an accountability report. FM11.1: Enact legislation to allow (a) debt collection activities to be funded by the revenues generated from collections and (b) the agencies to keep a certain percentage of any increased collection amounts, primarily for improvements in debt collection as well as other agency priorities. FM11.2: Enact legislation to increase agencies' access to private collection contractors by eliminating any restrictions. FM13.1: Require all agencies to pay the full accruing cost of Civil Service Retirement System (CSRS) pensions.
You can attach your comments to this document. If you enter your email address in the empty box below and click on the submit button, you will receive via email a form that allows you to link your views to the NPR hypertext.
Subscribe Unsubscribe No Action