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Management of DOL’s Financial Resources
This section of the report highlights DOL’s key financial
outcomes, and includes the required elements for Accountability Reporting. FY
2002 was a very successful year for the Department in terms of financial
management. DOL was the first cabinet agency to move from red to yellow on the
President’s Management Agenda scorecard for financial management, and
moved to green in achieving progress in this area (see box below)The audit on
DOL’s consolidated financial statements produced a sixth consecutive
unqualified opinion.. And the Department achieved each of its target financial
management goals for the second consecutive year. (See Departmental Management
Goals section of this report.) The DOL financial community, led by the Office
of the Chief Financial Officer (OCFO), is currently focused on three new areas
of improvement in support of the Department’s critical mission:
- Ensure that the Department is accountable to the American people by
providing accurate and timely financial information;
- Improve the accuracy of benefit and assistance payments to
recipients; and
- Integrate financial and performance management to support day-to-day
operations across DOL.
Following are some of the highlights and key results in each of these
strategic areas:
Accurate and Timely Financial Information:
- Met and exceeded Office of Management and Budget timeframes for
submission of interim and annual consolidated financial statements.
- All DOL financial management systems and internal controls maintained
compliance with the Federal Managers’ Financial Integrity Act (FMFIA).
- Through leadership of DOL’s 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.
Summary of the President’s Management Agenda Financial
Management Scorecard (as of 9/30/02)
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Current
Status  |
- FFMIA and FASAB compliance
- Unqualified and timely audit opinion on
annual financial statements
- no material internal control weaknesses
- Need to integrate financial and
performance management systems to support day-to-day operations
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Progress in
Implementing
the
PMA  |
- Soliciting comments from States on a
common definition of UI overpayments;options for a new performance measure on
UI payments accuracy
- Finalized new UI payments accuracy
performance measure
- Continued work with SSA on data exchange
between SSA and State UI agencies
- Implemented new integrated
payroll/personnel management system
- ¡Begin pre-acquisition phase to
replace aging financial management system, including development of a detailed
business case and project plan
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Comments |
- DOL meets three of four scorecard
standards for success Risk assessment:
- Due to delays in improvements to ESA's
Wage & Hour Back Wage and Civil Monetary Penalty Systems, the systems are
repeat "greportable conditions"
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