With the Campaign to Cut Waste – Executive Order 13576, Promoting Efficient Spending – Executive Order 13589, and Memorandum 12-12 – Promoting Efficient Spending to Support Agency Operations, agencies have been tasked to review their administrative operational budgets and increase efficiencies and accountability. As a result, the CFO Council sparked an internal initiative to benchmark a suite of financial operations widely shared across the twenty four CFO Act agencies. CFOs goal was to highlight some of the best practices from both within government and private sector that could be shared across Council members and help agencies meet the Presidents demand of increasing efficiencies and drive out waste government-wide. The Council surveyed the 24 CFO Act agencies collecting both quantitative and qualitative data across a group of three financial operations; travel, loan management, and accounts receivable.
A highlight of this effort has been the development of a new “TROR Dashboard” tool to help agencies better manage their delinquent debt portfolio and use data analytics to improve management oversight and compliance requirements outlined in the DCIA and OMB A-129 circular. Using quarterly data currently included in the Treasury Report on Receivables (TROR), CFO Act agencies can track debt portfolios by a range of performance metrics, including debt type, age, collection referrals, and write-offs. Agencies have already begun leveraging the new TROR Dashboard to analyze their debt portfolios and identify opportunities to improve management of their debt portfolios.