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Friday, May 04, 2007

Three agencies recognized for financial management gains

Three agencies have proven their ability to use financial information in daily decision-making, earning recent promotions to "green" grades indicating success in that area of the President's Management Agenda.

The Housing and Urban Development Department, U.S. Agency for International Development and Office of Personnel Management all moved up from yellow, for mixed results, to green on the latest traffic-light-style report card released earlier this week.

With the latest change, 12 agencies have the top rating in financial management, while the other 14 graded -- including the behemoth Defense Department -- are stuck at red for poor performance.

To earn a yellow rating, agencies must meet standards that include obtaining a clean audit of their financial statement and not having any recurring material weaknesses, or significant problems with the accounting process. For many agencies, getting to the first clean audit is a huge hurdle. To move from yellow to green, agencies must show that they are using their newly available financial data to make informed management decisions.

Office of Management and Budget Controller Linda Combs said HUD, USAID and OPM had all met that standard.

-Jenny Mandel, GovExec.com

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