President Clinton last week signed into law a bipartisan bill authorizing agencies to combine financial and agency performance reports into one annual report.
The 2000 Reports Consolidation Act (S. 2712) streamlines reporting requirements by allowing each agency to submit a consolidated financial and performance report within 180 days of the ends of fiscal years 2000 and 2001, and within 150 days of the end of every fiscal year after that. The Office of Management and Budget's authority to consolidate federal reports on a pilot basis expired in April.
"An agency can now combine its audited financial statements, as required by the Chief Financial Officers Act, and its performance reports, required by the Government Performance and Results Act," Clinton said.
Under GPRA, which was enacted in 1993, federal agencies and departments are required to develop annual performance plans describing the year's goals and performance reports indicating if those goals were met. The 1990 CFO Act requires agencies to submit audited financial statements each year.
Each consolidated report must include an assessment from the agency head verifying the reliability of the agency's performance data and a summary from the inspector general addressing the agency's management challenges.