|November 3, 2008|
OCFO stewards a number of programs and initiatives as part of its core mission of providing responsible and accountable financial management for DOL. These programs foster transparent decision-making and promote value-added financial management. Each program supports and enhances the President's Management Agenda (PMA). Highlighted below are some of OCFO's major initiatives.New Core Financial Management System:
A 21st Century Tool for a 21st Century Workforce
The Department of Labor is implementing a new, state-of-the-art financial management system.
In today's business environment, financial management practices leverage technology to support
financial analysis and real-time decision-making, moving away from traditionally heavy transaction
processing. The new system will supplant the Department's aging accounting system with commercial, off-the-shelf (COTS) software serving as the backbone for a value-added financial analysis system. Decision-makers will have verifiable, relevant, and real-time data that will transform how the Department
The new financial management information system will bring even greater efficiency, transparency, and accountability to financial management at DOL.Cost Analysis Manager (CAM):
Financial Management and Accountability at its Best
Technically correct and accurate data is important, but useless without interpretation or proper context. DOL Cost Analysis Manager (CAM) puts data in perspective, integrating program cost and performance information to give managers a complete picture.
CAM is a Department-wide managerial cost accounting tool utilized by managers to establish and demonstrate the accountability of federal funds, improve the management and performance of programs, and reduce costs. CAM enables DOL to achieve the financial management objectives of the PMA, comply with prevailing federal cost accounting standards, and deliver programs to the public based on sound business principles.
CAM provides assistance with:
Bringing Efficient E-Tools to All of DOL
E-Gov Travel is an integrated, user-friendly travel service system accessible from the World Wide Web. Conveniently available on the desktops of all Department of Labor (DOL) employees, E-Gov Travel provides support to government travelers and managers at every step, from planning to reservations to reimbursement.
E-Gov Travel responds to the PMA's mandated mission of improving internal efficiency and effectiveness of the federal government. E-Gov Travel reengineers the federal government's travel process by making it more efficient and effective, providing significant cost savings in the process.
E-Gov Travel provides significant travel-related benefits including:
Improper Payments Information Act:
Ensuring Each Taxpayer Dollar is Well Spent
Eliminating erroneous and improper payments is one of the most important initiatives facing DOL and OCFO. As part of the Department's implementation of the Improper Payments Information Act (IPIA) of 2002, OCFO monitors and assesses current programs throughout DOL to ensure that taxpayer money is being spent wisely and efficiently.
The IPIA requires that DOL identify programs and activities with high risk of overpayment, submit annual estimates of overpayments during the budget process, and report to Congress on all programs and activities with improper payments of $10 million or more. OCFO's programs have transformed DOL into a government leader in reducing erroneous and improper payments. However, OCFO will not be satisfied until improper payments are eliminated.