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

The Financial Dynamics of a 21 st 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 Financial Managers • Checklists • Policy and Procedures • Cockpit Resource Management • Internal Controls • Charts • Maps • Take-off • Obligations • Lost • Undelivered Orders • Landing • Expenses • IFR • ICOFR • Fuel and Maintenance • Money • Flight Suits • Money • Hair Gel • Money Assistant Commandant for Resources, Chief Financial Officer (CG-8) 1

The Perfect Storm …. External Drivers Internal Drivers • Treasury Line of • Fiscal Pressures Accounting Changes • Resource Governance & • Federal IT requirements Management • Cybersecurity • Financial System status • CFO Act Compliance • Multiple Systems • Political Forces • Organizational Change • Policy Changes • Fiscal Pressure Assistant Commandant for Resources, Chief Financial Officer (CG-8) 2

Challenges…. Opportunities Fiscal Pressure Policy Changes LOA Common Approps Audit Aging Systems Current Resource Management Opportunities ? FM LOBs Future Resource Management Assistant Commandant for Resources, Chief Financial Officer (CG-8) 3

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 Assistant Commandant for Resources, Chief Financial Officer (CG-8) 4

Current Buckets CG Resource Management Financial Fiscal Pressure LOA Policy Common Approps Changes Audit Financial Budget Budget Operations Formulation Execution & Accounting FM LOBs Aging Systems Assistant Commandant for Resources, Chief Financial Officer (CG-8) 5

Crossing the Streams CG Resource Management Financial Fiscal Pressure LOA Policy Common Approps Changes Audit Financial Budget Budget Operations Formulation Execution & Accounting FM LOBs Aging Systems Assistant Commandant for Resources, Chief Financial Officer (CG-8) 6

Opportunity Internal Controls Appropriations Investment Board Audit Readiness Managers and Board RMOs Financial Budget Budget Operations & Formulation Execution Accounting Assistant Commandant for Resources, Chief Financial Officer (CG-8) 7

Synchronization Financial Budget Budget Operations & Execution Formulation Accounting Assistant Commandant for Resources, Chief Financial Officer (CG-8) 8

Management Business Process Controls Re-engineering Management Controls at Asst Commandant Level Statement of Assurance ICOFR ICOOPs Execution Programming Financial Budget Budget Prepare and Operations & Execution Formulation Train Our Accounting People BPR Assistant Commandant for Resources, Chief Financial Officer (CG-8) 9

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 Assistant Commandant for Resources, Chief Financial Officer (CG-8) 10

Moral of the Story Pilots Financial Managers • Your take-offs should always equal your landings • We have to balance the books Assistant Commandant for Resources, Chief Financial Officer (CG-8) 11

QUESTI ONS? Assistant Commandant for Resources, Chief Financial Officer (CG-8) 12