HUD Deputy CFO, David Sidari

November 16, 2012

I am honored to present the FY 2012 financial statements of the Department and to report HUD’s receipt of its thirteenth consecutive unqualified audit opinion on those statements.

HUD continues to employ sound financial management practices to help meet the Department's mission to create strong, sustainable, inclusive communities and quality affordable homes for all during this difficult economic period for our country. The Office of the Chief Financial Officer emphasizes the critical importance of a positive and supportive attitude toward internal control and conscientious management to all HUD employees.

In addition to its supportive role of the Department’s mission and programs, during FY 2012, other notable financial management achievements include:

  • Modified payment processes, in accordance with the OMB Memorandum M-11-32, Accelerating Payments to Small Businesses for Goods and Services, to expedite payments to small businesses and contractors to improve their cash flow and to spur job creation and economic growth across the country.
  • Developed a draft Do Not Pay Implementation plan, in accordance with OMB Memorandum M-12-11, Reducing Improper Payments through the “Do Not Pay” List, issued in April 2012. The draft, currently under review by OMB, provides a means to identify, at the pre-award stage, eligibility of recipients to receive Federal funds. Additionally, HUD intends to use the Do Not Pay portal in its pre- and post-payment processes to prevent or recover improper payments.
  • Improved the salaries and expenses budget development with better estimations, more collaboration and communication, and fewer lapsed funds.
  • Reduced administrative spending in accordance with the Campaign to Cut Waste Executive Order that promotes efficient spending in the federal government.
  • Earned the Certificate of Excellence in Accountability Reporting for the sixth consecutive year from the Association of Government Accountants for HUD’s outstanding efforts in preparing the FY 2011 Agency Financial Report.