Chief Financial Officers Council [CFO Council] Law and Legal Definition

The CFO Council (Council) is a council established under the CFO Act of 1990. The Council was established to advise and coordinate the activities of the agencies of its members on consolidation and modernization of financial systems, financial data and information standards, internal controls, legislation affecting financial operations and organizations, improved quality of financial information, and any other financial management matter. Generally, the Council works in cooperation to improve financial management in the U.S. Government.

The Council consists of Deputy Director for Management of the Office of Management and Budget, Controller of the Office of Federal Financial Management of the Office of Management and Budget, Fiscal Assistant Secretary of Treasury, and CFOs and Deputy CFOs of the largest federal agencies.

The functions of the Council includes

1. to improve financial management systems;

2. to effectively implement the Government Performance and Results Act;

3. to secure clean opinions on agency-wide and the government wide audited financial statements;

4. to develop a quality financial management workforce;

5. to improve loan management, tax and debt collection;

6. to design management systems to improve accountability for performance; and

7. to modernize payments and business methods through electronic commerce.