Improving Financial Management


Improving Financial Management

Accompanying Report of the National Performance Review

Office of the Vice President

Washington, DC

September 1993


Executive Summary

Build a Strong Financial Management Infrastructure

FM01: Accelerate the Issuance of Federal Accounting Standards

FM02: Clarify and Strengthen the Financial Management Roles of OMB and Treasury

FM03: Fully Integrate Budget, Financial, and Program Information

FM04: Increase the Use of Technology to Streamline Financial Services

FM05: Use the Chief Financial Officers (CFO) Act to Improve Financial Services

Adopt Good Business Practices

FM06: "Franchise" Internal Services

FM07: Create Innovation Funds

FM08: Reduce Financial Regulations and Requirements

FM09: Simplify the Financial Reporting Process

FM10: Provide an Annual Financial Report to the Public

FM11: Strengthen Debt Collection Programs

FM12: Manage Fixed Asset Investments for the Long Term

FM13: Charge Agencies for the Full Cost of Employee Benefits


Summary of Actions by Implementation Category


Accompanying Reports of the National Performance Review

Each action is followed by a number in parentheses that indicates the necessary avenue for effective implementation. Appendix A organizes all actions according to these categories.

(1) Agency heads can do themselves.

(2) President, Executive Office of the President, or Office of Management and Budget can do.

(3) Requires legislative action.

(4) Good idea, but will require additional work, or may be better suited for future action.

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