Managing money in government is serious business. According to the office of Management and Budget (OMB), the U.S Federal Government processed more than $2.6 trillion in outlays and $2.4 trillion of receipts in fiscal year 2006. Managing these funds means more than simply keeping the books straight and helping to ensure that funds are not misspent. These funds need to be invested and deployed strategically based on reliable timely, high quality information that helps policy makers and program managers make difficult choices in a highly complex environment. The Chief Financial officer’s Act (CFO Act) of 1990 mandated numerous dramatic changes for federal CFOs and financial managers. These changes included creation of the CFO position and elevation of financial management, development of federal generally accepted accounting principles, new reporting requirements, new financial system requirements, the requirement for independent audits and the requirement for agencies to operate more like a business. Additionally, in the past seven years alone, there has been 10 new legislative and improvement initiatives issued that directly impact federal CFOs and financial managers. The U.S Congress, OMB, and federal departments and agencies need much more from its CFOs and financial managers today than straightforward book keeping and compliance with the rules. To help enable these government organizations and agencies to make highly informed decisions and tough choices, federal CFOs and financial managers need to provide key insights, foresight, and strategic advice. In essence, the government needs its federal finance managers to become full-fledged strategic business partners. What is the “IBM Public Dollars” series?
Managing Public Dollars: New Roles, New Rules, New Opportunities for Federal CFOs and Financial Managers is the third in the Public Dollars series of books IBM published to provide guidance to federal CFOs and financial managers for improved financial management and insight on how to become an active, strategic player in improving organizational performance. In this third book, IBM provides guidance to CFOs and financial managers as they address the multitude of requirements that have been issued to date and prepare for new requirements that undoubtedly will follow. The books’ principal authors, Jonathan D. Breul, Stephen B. Watson, and Debra J. Cammer as well as all of the supporting and contributing authors, also discuss the evolution and transformation of federal finance and the responsibilities related to federal CFOs taking a more strategic role in decision-making. The book describes the four overarching goals for federal CFOs and provides seven strategies for CFOs to achieve these goals, including guidance on how to: Integrate budget and performance; Employ robust technology enterprise-wide; Optimize the finance delivery model; Manage risk in changing times with Enterprise Risk Management; Manage assets throughout the lifecycle; Strategically manage human capital; and Leverage information and provide it “On Demand.” About the IBM Center for The Business of Government
Through stipends for research, the IBM Center for The Business of Government stimulates research and facilitates discussion on new approaches to improving the effectiveness of government at the federal, state, local, and international levels. Founded in 1998, The Center is one of the ways that IBM seeks to advance knowledge on how to improve public sector effectiveness. The IBM Center focuses on the future of the operation and management of the public sector. For additional information on the IBM Center, visit the Web site at: businessofgovernment.org. | 
