Leading the Way

The Chief Financial Officers Council was authorized by the 1990 CFO Act to provide guidance and work out solutions to critical problems facing federal financial managers. The Council is composed of the CFOs and deputy CFOs of the 24 largest federal agencies and senior officials at the Office of Management and Budget and the Treasury Department.

"The council has proved critical to the improvements we've seen thus far in federal financial management," says Joshua Gotbaum, comptroller for the Office of Federal Financial Management at OMB and council chairman.

The council's five long-term goals, and the strategies for achieving them, are to:

1. Provide leadership to promote the efficient management of government resources and assets.

• Make management control a day-to-day process to improve accountability.
• Create an environment that demands quality financial management at all levels, provides incentives, eliminates impediments and encourages responsible risk-taking.
• Foster collaboration among information resource management, program management and financial management, including budgeting.
• Attract, retain and develop highly qualified financial personnel.

2. Provide quality financial services to customers based on their needs.

• Change the view of financial management from control to services.
• Improve customer focus through strong partnerships.
• Commit to high standards of customer service.
• Help customers restructure work processes to more efficiently achieve their objectives.

3. Provide high-quality financial information on federal government operations which fully supports financial and performance reporting.

• Establish standards and definitions.
• Create a system for integrating performance measures, cost information and financial reporting.
• Establish integrated financial management systems that minimize data entry.
• Provide cost-effective reporting analysis and advice that is timely, reliable, user friendly and fully satisfies user needs.

4. Enhance the governmentwide framework that provides sound financial policies and services, and facilitates effective communication.

• Improve integration between the budget and management functions.
• Improve the functions and coordination among central agencies and between central agencies and program agencies.
• Improve and expand collaboration and outreach within and among organizations.
• Strengthen the partnership between the executive branch and Congress to improve financial management.

5. Continually improve the use of technology and business practices in financial management.

• Benchmark with high-performance organizations.
• Share best practices.