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Financial Management: Challenges Confronting DOD's Reform Initiatives
DOD has now recognized the seriousness of its financial management problems and the urgency of taking corrective action. However, achieving real improvements in DODs financial management operations represents one of the governments most difficult challenges. DOD was accountable for over $1 trillion in assets, over 3million military and civilian personnel, and $272 billion in expenditures in fiscal year 1994, which represented approximately 50 percent of the governments discretionary spending. As recognized by Secretary Perry and highlighted in our high-risk series, DOD has serious, long-standing problems in correctly disbursing billions of dollars in payments to vendors and providing reliable financial and cost information to those responsible for carrying out and overseeing DODs missions and programs.
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