Shared Services Strategy from OMB and Treasury Previewed at AGA’s Third Annual Federal Financial Systems Summit

Over 400 government financial professionals gathered at AGA’s Federal Financial Systems Summit in Washington last week to learn about and to discuss the near-term and future prospects of Federal financial management and systems in a budget constrained environment. The summit provided for an open dialogue between federal agency stakeholders, private-sector sponsors and key policymakers from the Office of Management and Budget (OMB) and the U.S. Department of the Treasury (Treasury) through town hall-style sessions where participants were encouraged to engage each other and openly express their thoughts, ideas and concerns.

Danny Werfel, Controller, OMB and Richard Gregg, Fiscal Assistant Secretary, Treasury, set the tone at the event by declaring a renewed commitment to drive federal agencies seeking to modernize their financial management systems to utilize shared services, where possible. In alignment with OMB’s Office of Electronic Government “Shared First” strategy, OMB and Treasury will be issuing new guidance very soon, and coordinating with agencies to leverage shared services for their core financial systems modernization initiatives.


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OMB CIRCULAR A-136 REVISED

The revised 166-page OMB Circular may be downloaded from Circular A-136, Financial Reporting Requirements (June 3, 2008) (166 pages, 1.16 mb)

OMB updates financial, performance reporting

The Office of Management and Budget clarified for agencies aspects of financial and performance reporting to make their information more comprehensive and transparent. OMB also provided guidance for next year’s Performance and Accounting Reports (PARs), which agencies must submit by Nov. 15.

The revisions were made in cooperation with the Chief Financial Officers Council and take effect in September at the end of the 2007 fiscal year, OMB Director Rob Portman said.

The OMB document (Circular A-136 revised) updates requirements and spells out changes in how agencies should prepare their financial statements to improve their fiscal accountability.

In addition to agency reports, OMB also provided key dates for submitting data to support the Treasury Department in producing the 2007 governmentwide financial report, which is due to be released Dec. 15.

-Mary Mosquera, FCW.com

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