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Five Best Practices for Federal Agencies to Transition from a Traditional to Performance-Based Budget

five best practices to help every OCFO to navigate, manage, and measure program performance

Traditionally, Federal agency CFO’s prepared budgets that demonstrate what each dollar will be used for (programs, staffing, technology, etc.). This does not ensure that the dollars appropriated will produce program or mission goals. Performance-based budgeting is critical for agencies to comply with regulations, ensure the proper stewardship of taxpayer dollars, and drive mission success. In theory, it makes sense. However, CFOs and their team struggle with performance-based budgeting due to many challenges.

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Improving Program Performance through Savvy Financial Management

Program offices need support from financial experts with knowledge of Federal compliance reporting

Given the proliferation of important transformational initiatives in the federal sector, as well as the continued challenges associated with uncertain budgetary resources, increasing workloads with less staff, and a rapidly changing operating environment, it is vital for agencies to employ savvy financial management approaches to ensure program performance is optimized and aligned with mission goals. Yet, many agencies continue to struggle with managing complex, large, and important programs.