OMB's financial management line of business initiative


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Administrative Notes


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Financial Management Systems


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In March 2004, the Office of Management and Budget (OMB) launched the financial management line of business (FMLOB) initiative, in part, to reduce the cost and improve the quality and performance of federal financial management systems by leveraging shared service solutions and implementing other reforms. In March 2006, it was reported that OMB's approach did not fully integrate certain fundamental system implementation-related concepts and recommended OMB take specific actions. This report discusses: (1) OMB's progress in addressing prior FMLOB recommendations and implementation challenges; and (2) the effectiveness of OMB's monitoring of financial management system modernization projects and their costs. Illus.




Fiscal Year 2007 U. S. Government Financial Statements: Sustained Improvement in Financial Management Is Crucial to Improving Accountability and Addressing the Long-Term Fiscal Challenge


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The Congress and the Pres. need to have reliable, useful and timely financial and performance info. to make sound decisions on the current and future direction of vital fed. gov¿t. programs and policies. There is no assurance on the reliability of the consolidated financial statements of the U.S. gov¿t. due primarily to certain material weaknesses in the fed. gov¿ts. internal control. Unless these weaknesses are adequately addressed, they will, among other things: (1) hamper the fed. gov¿ts. ability to reliably report a significant portion of its assets, liabilities, costs, and other related info.; and (2) affect the fed. gov¿ts. ability to reliably measure the full cost as well as the financial and non-financial performance of certain programs and activities. Includes recomm.