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Monday, January 23, 2006

OMB looks to orchestrate financial management

"Agencies to get performance measures, guidance on how to pick providers when they're moving to shared-services providers

After a year of tuning up, the Office of Management and Budget is trying to find harmony in agencies' efforts toward adopting the Financial Man- agement Line of Business.

'This is one of the most important initiatives in recent years, trying to bring some efficiency and standardization to all the different financial practices in the federal government,' said Sam Mok, chief financial officer of the Labor Department, one of the agency managing partners leading the initiative.

OMB plans by March 31 to create performance measures and develop guidance for agencies moving to shared-services providers under the financial-management initiative. This month, OMB intends to release a framework to assist agencies in conducting competitions and selecting a shared provider, OMB comptroller Linda Combs said in a recent memo to CFOs obtained by GCN.

The performance measures and guidance are the first steps toward transparency, standardization and integration, which should make financial data more timely, accurate, and easily compared and aggregated across agencies, Combs said. "

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