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Federal Financial Management: The Road Ahead

Federal Financial Management: The Road Ahead. Mark Reger Interim Controller, OMB May 8, 2014. Progress in 2013. “Improper Payments Rate Drops for 4 th Straight Year”. OMB Publishes M-13-21 – Charge Card Act

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Federal Financial Management: The Road Ahead

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  1. Federal Financial Management: The Road Ahead Mark Reger Interim Controller, OMB May 8, 2014

  2. Progress in 2013 “Improper Payments Rate Drops for 4th Straight Year” OMB Publishes M-13-21 – Charge Card Act “Weighing in at only four pages, the new memo is uncharacteristically easy to digest” “DHS gets first 'clean' audit”

  3. Federal Financial Management Objectives • Improve the quality, utility, and transparency of financial information • Protect against waste, fraud, and abuse • Help agencies maximize the impact of their limited financial resources

  4. Financial Reporting: Burden vs. Utility Efforts to Date: • Eliminated Annual Debt Report to OMB • Eliminated Q1 and Q2 financial statements • Temporarily suspended Exhibit 52 requirements Future Focus: • Standardize Component level audit requirements • Examine differences between agency-level and government-wide statement requirements

  5. Federal Spending Transparency • Quality: Improving data integrity • Completeness: Expanding the focus to include obligations and expenditures • Functionality: Providing a one-stop location for all Federal spending • Utility: Linking spending information to program activity

  6. Improper Payments Progress

  7. A-123 Appendix C Update A-123 Appendix C

  8. Grants Management Reform Implementation

  9. Financial Operations and Systems “Four shared services providers named” “USDA joins the ranks of the financial shared service providers”

  10. Better Use of Data

  11. Proof of Concept – Exhibit 52 Reporting Existing Aggregate Model • How much spend? • How many FTEs? Does not control for size or other distinguishing factors Actionable Insight Efficiency Model • How efficient are my dollars being spent? • How efficient is my workforce at financial processes?

  12. Real Property Management GSA Brooklyn Warehouse SOLD IN 2011 Size: 1,000,000 square feet Sale Price: $10 million GSA Georgetown West Heat Plant SOLD IN 2013 Size: 20,000 square feet Sale Price: $19.5 million

  13. OFFM Contacts Karen Lee, Management Controls and Assistance Branch klee@omb.eop.gov; 202-395-5844 Mike Wetklow, Accountability Performance and Reporting Branch mwetklow@omb.eop.gov; 202-395-5846

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