The Bottom Line - Winter 2018 - 5

CFO'S JOURNAL
have increased dramatically from below
junk bond status to among the highest levels of any large city. The District's
economy is vibrant and growing.
Over 20 years ago, however, the District
of Columbia was in such dire financial
shape that it was struggling to pay its
bills, make payroll, and had no access to
the credit markets. As a result, the United
States Congress established a five-member Control Board to oversee the finances
of the District, that had the power to override decisions by the Mayor and Council of
the District of Columbia. 
The same Congressional legislation that
created the Control Board in 1995 also
created the position of Chief Financial
Officer (CFO). The OCFO was established
to assist the Control Board with direct
control over day-to-day financial operations of the District and each of its agencies. In this Congressional legislation, the
CFO position was defined as an executive
office under the Mayor but reported to the
Control Board. This allowed the OCFO to
operate independently in the critical role
necessary to ensure the financial recovery
of the District. The Control Board ended in
2001 after four consecutive balanced budgets. In 2006, additional Congressional legislation made formal the independence of
the CFO, the duties and responsibilities of
the office, the positions under the OCFO,
the appointment process, and established
a five-year term for the appointed CFO.

The responsibilities of the OCFO defined
in the law are as follows:
*	 Provide independent revenue
estimates that establish
spending limits
*	 Certify that the annual budget and
5-year financial plan are balanced
with forecasted revenues
*	 Ensure that financial statements
are fairly represented, and the
Comprehensive Annual Financial
Report (CAFR) is published by
February 1 of each year
*	 Maintain systems of accounting
and internal controls throughout the
District
*	 Monitor revenues and spending and
prevent any deficiencies
*	 Certify and approve all bills, invoices
and payrolls
*	 Issue fiscal impact statements on all
legislation
*	 Review all economic development
projects and certify any related
financings
*	 Certify all collective bargaining
agreements and multi-year contracts
*	 Issue all debt, manage all investments, and oversee credit ratings
*	 Oversee the assessment and collection of property taxes and all
functions related to the billing and
collection of sales taxes, income
taxes and all other miscellaneous
taxes and fees

WINTER 2018 | 5



Table of Contents for the Digital Edition of The Bottom Line - Winter 2018

The Bottom Line - Winter 2018
In This Issue
CFO’s Journal: Why We Exist? The Question Every Business or Organization Should Answer
Introducing the New Continuous Improvement Officer Jeffrey A. Gander
From Abacus to ABC: OBP’s History of Technology Improvements as it Creates the District’s Budget
State of the Technology Union
Office of the Chief Risk Officer: Our Enterprise Risk Management (ERM) Journey
Office of Management and Administration
OMA: Working Together to Serve the OCFO
OMA: Ensuring that the numbers are right
OMA: Getting the Job Done!
OMA: Path to Greatness Through My Eyes
OFOS: Maintaining a Strong Foundation for Financial Success
CSA: Embracing the SMARTER Culture
ASA: A Multi-Dimensional Team That Is Always Striving for Excellence
The Bottom Line - Winter 2018 - The Bottom Line - Winter 2018
The Bottom Line - Winter 2018 - 2
The Bottom Line - Winter 2018 - In This Issue
The Bottom Line - Winter 2018 - CFO’s Journal: Why We Exist? The Question Every Business or Organization Should Answer
The Bottom Line - Winter 2018 - 5
The Bottom Line - Winter 2018 - 6
The Bottom Line - Winter 2018 - Introducing the New Continuous Improvement Officer Jeffrey A. Gander
The Bottom Line - Winter 2018 - From Abacus to ABC: OBP’s History of Technology Improvements as it Creates the District’s Budget
The Bottom Line - Winter 2018 - 9
The Bottom Line - Winter 2018 - 10
The Bottom Line - Winter 2018 - 11
The Bottom Line - Winter 2018 - 12
The Bottom Line - Winter 2018 - State of the Technology Union
The Bottom Line - Winter 2018 - Office of the Chief Risk Officer: Our Enterprise Risk Management (ERM) Journey
The Bottom Line - Winter 2018 - 15
The Bottom Line - Winter 2018 - Office of Management and Administration
The Bottom Line - Winter 2018 - OMA: Working Together to Serve the OCFO
The Bottom Line - Winter 2018 - OMA: Ensuring that the numbers are right
The Bottom Line - Winter 2018 - OMA: Getting the Job Done!
The Bottom Line - Winter 2018 - OMA: Path to Greatness Through My Eyes
The Bottom Line - Winter 2018 - OFOS: Maintaining a Strong Foundation for Financial Success
The Bottom Line - Winter 2018 - CSA: Embracing the SMARTER Culture
The Bottom Line - Winter 2018 - ASA: A Multi-Dimensional Team That Is Always Striving for Excellence
The Bottom Line - Winter 2018 - 24
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