ARCHIVED INFORMATION -- Financial Management Status Report & Five-Year Plan - October 1996

Executive Summary

The Chief Financial Officers (CFO) Act of 1990 establishes the legal framework for improved Federal financial management. The Act provides senior officials with clear responsibilities and requirements in key financial management areas, including leadership, organization, and reporting. The Act requires agency CFOs to prepare, and annually revise, a plan to implement the Office of Management and Budget (OMB) Federal Financial Management Status Report and Five-Year Plan. This report outlines plans to fulfill that requirement while, at the same time, helping the Department accomplish Priority 4 in its Strategic Plan--to transform the U.S. Department of Education into a high-performance organization.

One of the objectives under Priority 4 states that ED will increase accountability through performance measures, improved financial management and evaluation. In support of that objective, members of ED's Financial Management Quality Implementation Team annually review and update ED's Financial Management Strategic Plan. The plan's objective is to promote accountability through improved financial management. The Department has also published for the first time an annual Accountability Report for fiscal year 1995 which tells the Education story--our history, current mission, priorities and progress. The report highlights our program and financial accomplishments and describes our future efforts to constantly improve how we serve our customers. The first ever Department-wide financial statements are a central part of this report.

This report focuses on the four visions articulated in the Financial Management Strategic Plan: an integrated financial management system; strong internal financial management partnerships; strong external partnerships; and a well trained and accountable workforce. It reviews accomplishments and provides a blueprint for continuing improvement in financial management at ED. The following are a few highlights:

ED's ability to complete the initiatives detailed in this plan is based on availability of resources. The activities identified to accomplish in this plan are based on current or anticipated legislation as well as sound business and financial management practices.
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