FINANCIAL PERFORMANCE REPORT
FISCAL YEAR 2001
FY 2001 was a very successful year for the Department in terms of
financial management. This section of the report highlights DOLs key
financial outcomes, and includes the required elements for Accountability
Reporting. As was done in FY 1999 and FY 2000, the Annual Performance Report
has been combined with the Accountability Report (per the Reports Consolidation
Act). The FY 2000 Annual Report was very well received, ranking fourth
government wide in the Mercatus Center Review, and earning the Association of
Government Accountants Certificate of Excellence in Accountability
Reporting one of only three cabinet agencies to achieve this
designation.
The following section provides legislative reporting and other financial
performance information pertaining to:
- MANAGEMENT OF DOLS FINANCIAL RESOURCES
- FINANCIAL STATEMENT AUDIT FINDINGS UNDER THE CHIEF FINANCIAL OFFICERS
ACT (CFOA)
- THE FEDERAL FINANCIAL MANAGEMENT IMPROVEMENT ACT (FFMIA)
- FEDERAL MANAGERS FINANCIAL INTEGRITY ACT (FMFIA)
- MANAGEMENT REPORTING UNDER THE INSPECTOR GENERAL ACT AMENDMENTS
- DOL FINANCIAL SYSTEMS AND OPERATIONS
Modernization of the
Departments Core Accounting System Debt Management Electronic Funds
Transfer (EFT) User Charges Policy Review Process Electronic Data
Processing (EDP) Systems Prompt Payment Act Government Wide
Involvement
- FY 2001 DEPUTY INSPECTOR GENERALS REPORT
- CONSOLIDATED FINANCIAL STATEMENTS
Principal Financial Statements
and Notes Required Supplementary Stewardship Information Required
Supplementary Information
The Office of the Chief Financial Officer (OCFO) established four agency
strategic goals in FY 1999 to support the goal of maintaining the integrity and
stewardship of DOLs financial resources. These are:
1) to provide leadership and advice on
financial management matters to the Secretary of Labor, DOL program managers,
and the financial community government-wide;
2) to protect and effectively manage
the Departments financial resources;
3) to assure high quality financial
management products and services are delivered to OCFO customers;
and,
4) to recruit, train, and maintain an
effective financial management staff.
Following are some of the highlights and key results in each of these
strategic areas:
Leadership
OCFOs goals with regard to financial management leadership are to
provide a strategic focus for financial management issues and to influence
financial outcomes in a positive manner.
- The Department earned its fifth consecutive unqualified
(clean) audit opinion for consolidated financial statements.
- Through leadership of DOLs CFO Advisory Council and regular
consultations with Executive Staff and Administrative Officers, OCFO provided a
critical forum for the identification, discussion and resolution of financial
issues and concerns.
- OCFOs contribution to strategic planning for financial
management provided a balanced view of the strengths and challenges faced by
the Department, as envisioned by the Government Performance and Results Act.
Stewardship
The Secretary, the Congress, and the American people must have
confidence that Departmental resources are used as intended with the greatest
efficiency. OCFO continued to respond well to the many new laws, regulations,
policies and procedures that challenge our financial management resources.
- All of the Department's financial management systems were brought
into compliance with FFMIA, the result of close cooperation between the OCFO
and DOL program agencies.
- The OCFO refocused its efforts on managerial cost accounting, which
will result in improved cost information and enhanced reporting capabilities
for decision-makers across all DOL program areas.
- OCFO took aggressive action to address weaknesses in accounting
reconciliations to meet strict new Treasury and OMB requirements.
- The Department maintained its performance during FY 2001 with regard
to debt referrals and electronic payments. Referring 92 percent of eligible
debt to Treasury, and paying over 96 percent of its salary, travel, and grant
payments electronically.
- OCFO led the production of the DOL Accountability Report for 2000,
which earned the Certificate of Excellence in Accountability Reporting from the
Association of Government Accountants.
Products and Services
The OCFO manages and operates the Departments core accounting and
payroll systems. Many important enhancements were made to these critical
products during the past fiscal year.
- Over 13,500 DOL employees are now reporting their time and
attendance electronically, reducing processing costs and providing more timely
and accurate information.
- OCFO continues to work with OASAM in developing a new payroll system
which will be integrated with DOLs Human Resources system. We anticipate
the full payroll system, including a new time and attendance system, to be
implemented in FY 2002.
Human Resources Management
- OCFO invested in the development and delivery of innovative
professional development events for financial management employees throughout
the Department. This included university level courses provided via the
Internet and training specifically focused on areas of operational weakness.
The agency continues to work with a private vendor to design and deliver
web-based training to OCFO employees for a number of financial management
systems.
- OCFO made substantial progress in continuing its Financial
Management Careers Program. This initiative, which began in DOL, expanded to
become a government wide program during FY 2000, and continued to grow during
FY 2001.
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