Financial management (1 - 7 of 7 items) in Past Year
DOD Financial Management: Significant Efforts Still Needed for Remediating Audit Readiness Deficiencies
GAO-17-85: Published: Feb 9, 2017. Publicly Released: Feb 9, 2017.
The Schedules of Budgetary Activity (Budgetary Schedules) for the Army, Navy, and Air Force for fiscal year 2015 reflected current year budget activity as an interim step toward producing an auditable Statement of Budgetary Resources that will reflect multiyear budget activity. All three of the independent public accountants (IPA) contracted to audit these fiscal year 2015 Budgetary Schedules issu...
Bulk Fuel: Actions Needed to Improve DOD's Fuel Consumption Budget Data
GAO-16-644: Published: Sep 12, 2016. Publicly Released: Sep 12, 2016.
The military services' total obligations for fuel consumption spending decreased from a high of about $13 billion in fiscal year 2012 to a low of about $10.1 billion in fiscal year 2015 but differed from budget estimates, which officials largely attributed to changes in operations and training that affected fuel consumption. Specifically, each of the military services either over- or underestimate...
DOD Financial Management: Improvements Needed in the Navy's Audit Readiness Efforts for Fund Balance with Treasury
GAO-16-47: Published: Aug 19, 2016. Publicly Released: Aug 19, 2016.
The Navy has made progress in performing audit readiness activities, including developing a financial improvement plan (FIP) for its Fund Balance with Treasury (FBWT). These activities are critical to the Navy's General Fund Statement of Budgetary Resources (SBR) improvement efforts. The Navy's FBWT FIP is particularly important as it addresses improvement efforts across multiple business processe...
Defense Budget: DOD Needs to Improve Reporting of Operation and Maintenance Base Obligations
GAO-16-537: Published: Aug 16, 2016. Publicly Released: Aug 16, 2016.
Congress enacted funding for the Department of Defense's (DOD) Operation and Maintenance (O&M) into multiple base appropriations accounts, which are used to pay for day-to-day programs and activities. This enacted funding generally has increased each year since fiscal year 2009, with the exception of fiscal year 2013, when sequestration reduced funding for O&M base.GAO found that DOD used its auth...
Army Working Capital Fund: Army Industrial Operations Could Improve Budgeting and Management of Carryover
GAO-16-543: Published: Jun 23, 2016. Publicly Released: Jun 23, 2016.
GAO's analysis of Army Industrial Operations (Industrial Operations) reports showed that Industrial Operations actual adjusted carryover exceeded its allowable carryover amount from fiscal years 2013 through 2015 by $195 million, $1.1 billion, and $854 million, respectively. This occurred because Industrial Operations performed less work (i.e., earned less revenue) than orders accepted due to staf...
Managing for Results: Agencies Need to Fully Identify and Report Major Management Challenges and Actions to Resolve them in their Agency Performance Plans
GAO-16-510: Published: Jun 15, 2016. Publicly Released: Jun 15, 2016.
The GPRA Modernization Act of 2010 (GPRAMA) requires agencies to describe their major management challenges and identify associated performance information in their agency performance plans (APP). GAO found, however, that 14 of 24 agencies reviewed did not describe their major management challenges in their APPs as required. This is, in part, because the Office of Management and Budget's (OMB) gui...
DOD Financial Management: Greater Visibility Needed to Better Assess Audit Readiness for Property, Plant, and Equipment
GAO-16-383: Published: May 26, 2016. Publicly Released: May 26, 2016.
The Department of Defense (DOD), reporting about $630 billion total Property, Plant, and Equipment (PP&E) net of accumulated depreciation as of September 30, 2015, is responsible for over 70 percent of the U.S. government's reported PP&E. However, as GAO and others have previously reported—and made recommendations to address—DOD's accountability over and ability to value its PP&E assets has fo...