UNDER SECRETARY OF DEFENSE.

1100 DEFENSE PENTAGON

WASHINGTON, DC 20301-1100

MEMORANDUM FOR MEMBERS OF THE AMERICAN SOCIETY OF MILITARY COMPTROLLERS

SUBJECT: From the Desk of the Chief Financial Officer

It is with great pleasure that I introduce this issue of the Armed Forces Comptroller magazine devoted to Chief Financial Officer (CFO)-related topics.

The world has changed dramatically since the passage of the CFO Act in 1990. In the last decade, there has been a revolution among the external stakeholders and internal DoD leadership and managers who use financial management information. Externally, the public and the Congress are demanding that the federal government operate more like a private enterprise. To these external stakeholders, audited financial statements are a measure of the success, or failure, of the Departments financial management responsibilities Internally, DoD managers are demanding that they be provided more meaningful, accurate and timely financial management data to aid in their decisionmaking. These perspectives fueled the passage of the CFO Act a decade ago. In the years that followed, the driving force behind the CFO Act also spawned additional legislation and new government-wide requirements. And, the quest for more timely, accurate, consistent, and useful financial management information continues today.

During my tenure as the CFO, I have witnessed this extraordinary transformation in the federal government and in the Department. The articles that follow aptly describe this phenomenal transformation. Within the pages that follow, you will find an article that provides a broad perspective. The article charts the history since the passage of the CFO Act, and discusses where we have been, where we are today, and where we are going. Other articles drill down to provide the Military Departments perspective and the remarkable successes they have accomplished in just a few short years, as well as the initiatives they have ongoing to become CFO compliant. I strongly support the Military Departments' efforts as they chart a new financial management millenium for the Department of Defense.

The achievements that the Department has enjoyed are, in the final analysis, directly attributable to professionals such as you. I applaud each and every one of you and commend you for all your hard work and selfless devotion to the Department and your dedication as public servants to your country. I also wish you unwavering success as we continue to transform financial management within the Department.

William J. Lynn