Two Annual Reports -- Planning and Accountability

2. Require agency heads to provide two reports annually, a planning
report and an accountability report. (3)

Agency heads should be required to provide two annual agency reports,
one on planning and one on accountability. These reports would
consolidate the single issue reports required at present. The dates for
the planning report and the accountability report would be determined by
OMB. These reports should be at a summary level and some cost analysis
performed as to the need for the data collected.  OMB should accept
audited financial statements as meeting the reporting requirements of
Section 4 of the FMFIA; Section 2 reporting could be handled as one of
the summary reports. OMB should also review reports such as the Prompt
Payment Report and reduce the amount of data collected and focus on the
significant issues.