Office of Management
Office of Financial Management

Introduction

The Office of Financial Management (OFM) oversees agency-wide budget formulation and execution, accounting, payment processing, financial reporting, foreign and domestic travel, employee relocation, payroll liaison and financial systems. It monitors and tracks the expenditure of an annual total budget of nearly one billion dollars, including three separate appropriations and four separate kinds of user fees. OFM pays over 80,000 invoices per year, and processes vendor payments of over $133 million, with over $62 million made via wire transfer. More than 10,000 travel vouchers are processed annually. OFM develops, operates and maintains FDA's central financial systems, which are being continuously updated and improved.

In 1996, OFM implemented a new open-budget execution process to allocate agency resources efficiently, increase management awareness of cost/benefit implications, provide incentives to reduce costs, and allow for increased financial flexibility to support unfunded high priority initiatives. This new budget process is designed to identify the program goals, objectives, and performance measures that best support the agency's mission, support the management of agency resources in a collaborative and coordinated fashion, introduce sound management principles to the lowest accountable levels within the agency, and promote greater accountability for resource management.