This is even truer since enactment of the 1993 Government Performance and Results Act, which emphasizes outcomes and impacts of federal programs rather than inputs and outputs. Changing Roles Viewing program officials as financial managers changes the federal management paradigm. The typical program official does not have the skills or time for financial analysis and evaluation, yet he or she needs the information. The financial official must provide the wherewithal to support good decisions by policy and program personnel. However, saying that program officials are financial managers does not define the realm of knowledge and skills they need for such a responsibility.
Financial management is broad.
For example, a program official dealing with a major loan portfolio requires knowledge of delinquency rates. Another official dealing with a large real estate portfolio needs to know deferred maintenance costs. Financial information and skills must be tailored to the varying needs of program officials. Most program officials do not need to understand the intricacies of debits and credits or accounting policies and standards established by the Federal Accounting Standards Advisory Board. However, program officials must have reliable, accurate and timely information.