The Financial Dynamics of a 21 st Century Coast Guard ASMC Luncheon - - PowerPoint PPT Presentation

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

The Financial Dynamics of a 21st Century Coast Guard

ASMC Luncheon 16 April 2015 Rear Admiral Todd A. Sokalzuk Assistant Commandant for Resources, Chief Financial Officer

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Helicopter Pilots and Financial Managers

Pilots

• Checklists
• Cockpit Resource Management
• Charts
• Take-off
• Lost
• Landing
• IFR
• Fuel and Maintenance
• Flight Suits
• Hair Gel

Financial Managers

• Policy and Procedures
• Internal Controls
• Maps
• Obligations
• Undelivered Orders
• Expenses
• ICOFR
• Money
• Money
• Money

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Assistant Commandant for Resources, Chief Financial Officer (CG-8)

The Perfect Storm ….

External Drivers

• Treasury Line of

Accounting Changes

• Federal IT requirements
• Cybersecurity
• CFO Act Compliance
• Political Forces
• Policy Changes
• Fiscal Pressure

Internal Drivers

• Fiscal Pressures
• Resource Governance &

Management

• Financial System status
• Multiple Systems
• Organizational Change

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Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Challenges…. Opportunities

3

FM LOBs

Current Resource Management

LOA Audit Fiscal Pressure Aging Systems Common Approps Policy Changes

Future Resource Management

Opportunities ?

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Future State

• Modernized Financial System
• New Appropriations Structure
• Modernized Business Processes
• Adequate Resourcing for the Coast Guard
• Support CFO Act Compliance
• Financial Statements
• Internal Controls
• Optimized Stewardship of Coast Guard Resources

4

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Financial Operations & Accounting

Current Buckets

5

FM LOBs

Budget Formulation Budget Execution

CG Resource Management

LOA Audit Fiscal Pressure Aging Systems Common Approps Financial Policy Changes

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Financial Operations & Accounting

Crossing the Streams

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FM LOBs

Budget Formulation Budget Execution

CG Resource Management

LOA Audit Fiscal Pressure Aging Systems Common Approps Financial Policy Changes

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Financial Operations & Accounting

Opportunity

7

Budget Execution Budget Formulation Investment Board Internal Controls Audit Readiness Board Appropriations Managers and RMOs

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Financial Operations & Accounting

Synchronization

8

Budget Execution Budget Formulation

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Financial Operations & Accounting

Management Controls

9

Budget Execution Budget Formulation Management Controls at Asst Commandant Level

Statement of Assurance ICOFR ICOOPs Execution Programming

Prepare and Train Our People BPR

Business Process Re-engineering

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

W ay Ahead and Critical I ssues

• Data Strategy
• Effective Internal Controls
• Codify Effective Policy and Procedures
• Financial System Modernization
• Business Process Re-engineering
• Manpower Requirements
• Results

10

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

Moral of the Story

Pilots

• Your take-offs should always

equal your landings Financial Managers

• We have to balance the

books

11

Assistant Commandant for Resources, Chief Financial Officer (CG-8)

QUESTI ONS?

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