CFOs Should Ensure Useful and Timely Information

3. Ensure that information is useful and accurate for program managers

(Ensure that the information being collected, disseminated, and
reported on is useful, objective, timely, and accurate for the benefit
of program managers)

CFOs should begin meeting regularly with agency heads and program
managers to develop tools such as financial measures, indicators, and
reporting formats, to ensure that line management information needs are
being met by the CFO Office. This would provide CFO offices and line
managers with a better understanding of the roles that each one plays in
the efficient operation of their organization. Additionally, it should
increase the collaboration between the two groups and reduce any
existing tensions. The CFO office should explain how to make the best
use of the financial information it is providing to line managers.
Feedback mechanisms should be established to ensure an ongoing
usefulness of the information being provided to the program managers.

CFOs, using the CFO Council as a point of coordination, should jointly
develop tools by May 1994 to evaluate overall agency financial
management performance for reporting to department or agency heads. CFOs
should begin making their reports to department heads by June 1994.
Copies of those reports should be provided to the CFO Council.

CFOs should provide financial management briefings to agency heads on a
regular basis to report on financial management indicators. All too
often agency heads are not aware of, nor do they understand, the
financial aspects of program management. Such briefings would provide
for more informed decisions and debates on program management. It would
also demonstrate the value of financial information to agency heads so
that they may better manage their agencies.