New Orleans: There is symmetry

Filed via BlackBerry from New Orleans as the Association of Government Accountants meets to work out how they will account for one of the largest spending packages in Government history.

Here in the city that was the center of the storm in the wake of Hurricane Katrina, the CFO, IG and financial and accounting community wrestle with their new found prominence in they eye of the financial storm related to the Nation's recession. They are keenly aware that the eyes of the country are upon them, and they want to get it right.

The SIGTARP, inspector general Neil Barofsky, is working with a spare staff to stop waste fraud and abuse in TARP funds. That bailout of financial firms could amount to $3 Trillion dollars of government and private investments to stem the country's economic downturn. He has unprecedented law enforcement powers to prosecute those who misuse the funds and, clearly from our interview, he is not afraid to use them.

Danny Werfel acting controller of the office of federal financial management at OMB talked about brand new guidance that will help Federal managers, States and grant recipients count jobs and lend transparency to the $787 Billion in ARRA Recovery funds being shoveled out by the Obama Administration to help nudge the country toward recovery.

The new website, FederalReporting.gov, will be available to recipients of ARRA funds by August 26th. It can't happen soon enough for States and their sub contractors working on rolling out the stimulus funds. They are all drinking from a fire hose in trying to get funds out quickly. The guidelines and reporting website will help them report back the intended job creation and project dimensions of the $787 Billion American Recovery and Reinvestment Act.

Accountants are not at all used to this level of public attention. Frankly, they are not sure they like it. Clearly they realize there is only one chance to get their reporting to the American people right. The lasting legacy of this effort may change the way government accounts for its spending for all time. And no one here in New Orleans wants to recreate the experience of government in the handling of Katrina.

My thanks to the Association of Government Accountants for the honor of receiving the President's award in recognition of FederalNewsRadio's contribution to their success. AGA President Sam Mok; William A. Morehead, the President elect; Lisa Casias, President elect designate; Relmond Van Daniker, Executive Director; and Jennifer Curtin director of public affairs deserve congratulations for the success of the meetings in New Orleans.

I am glad I could be a part of it.

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