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Thursday, January 08, 2009

OMB OFFM Releases Latest Financial Management Reports and Guidance

The OMB Office of Federal Financial Management released the following reports:

Improving the Accuracy and Integrity of Federal Payments, 2008 Final Report
(January 8, 2009) (39 pages, 247 kb)
Improper payments occur when Federal funds go to the wrong recipient, the recipient receives the incorrect amount of funds, documentation is not available to support a payment, or the recipient uses the funds in an improper manner. Since the enactment of the Improper Payments Information Act (IPIA) of 2002 (Pub.L. No. 107-300) and the Recovery Auditing Act (Section 831 of the Defense Authorization Act for Fiscal Year 2002 (Pub.L. No. 107-107)), the Federal government has achieved measurable results in eliminating improper payments. This report describes the progress agencies reported during fiscal year (FY) 2008. Focus is placed where efforts stand with respect to identifying high-risk programs, developing statistically valid improper payment estimates, and eliminating improper payments. The report concludes with a discussion of the outlook for improper payments beyond FY 2008.

2009 Federal Financial Management Report
(January 7, 2009) (46 pages, 1.7 mb)
The Office of Federal Financial Management within the Office of Management and Budget developed the “Framework for Improving Financial Performance” to provide direction and clarity on the executive branch’s financial management improvement goals. As required in the Chief Financial Officers Act (31 U.S.C. 3512), the 2009 Federal Financial Management Report serves as the annual, financial management 5-year plan and status report for the executive branch of the Federal government. This report underscores the activities that lead to improved Federal financial management, and it highlights the most recent fiscal year's financial reporting results.

FY 2009 User Guide to Financial Reporting in the MAX Federal Community (December 2008)

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