Summary of Actions by Implementation Category

 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.