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Presidential Initiatives

Financial Management

Portfolio Manager

Jeff Koch

Managing Partner

General Services Administration (GSA)

Program Manager

Diane Copeland

Description

To improve the cost, quality, and performance of financial management (FM) reducing non-compliance systems by leveraging common standards, shared service solutions and implementing other government-wide reforms that foster efficiencies in Federal financial operations.

Initiative Goals

The goals of the FMLOB are that Federal agencies are implementing financial systems that:

  • Provide timely and accurate data available for decision making;
  • Facilitate stronger internal controls that ensure integrity in accounting and other stewardship activities;
  • Increase the numbers of agency financial management operations without material weaknesses, with clean audit positions and in compliance with FFMIA;
  • Reduce costs by providing a competitive alternative for agencies to acquire, develop, implement, and operate financial management systems through shared service solutions;
  • Standardize systems, business processes and data elements; and
  • Provide for seamless data exchange from feeder systems and between Federal agencies by implementing a common language and structure for financial information and system interfaces.

Performance

FM LOB Metrics

Exhibit 300

Managing Partner Agency Exhibit 300


In FY2004, the Administration asked agencies with the skills and capabilities to function as government-wide service providers in the area of Financial Management to submit business cases for doing so as part of the Fiscal Year 2006 budget process. The business cases were evaluated using a due diligence checklist developed in conjunction with third-party industry groups. This checklist assessed potential service providers’ abilities in several areas, including but not limited to past performance, current capabilities, and ability to operate a customer-focused organization. On the basis of the review, agencies were designated as eligible to enter into competitions to become cross-agency service providers. For more information on agencies selected, please see the President’s FY2006 Budget.

In FY2006, the FMLOB began developing migration planning guidance to assist selected federal service providers and migrating agencies as they prepare to migrate to a financial management service provider. The guidance includes frequently asked questions, performance measures, change management tools and templates, and other relevant information. A draft version of the guidance has been released to the public. The final version, for comment, is scheduled for release in the fall of 2006. In addition, the FMLOB is developing business process standards for four core financial management sub-functions: Payments, Receipts, Funds and Reporting. These standards include defined decomposed processes, business objects, business rules and data objects. An exposure draft of the business process standards is scheduled for release for comment in the fall of 2006. The FMLOB is also developing a common government-wide accounting code that is also scheduled for release in the fall of 2006.

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