December 16, 2013

Introduction

In this fiscal year, the Office of the Chief Financial Officer (OCFO) focused as a key stakeholder on a major Departmental initiative headed by the Deputy Secretary, the “New Core Project.” With an aim of replacing the Department’s aging financial systems, HUD has started a transition from legacy systems that cannot provide financial information in the scale and breadth necessary for the effective management of HUD’s programs and operations. In an environment of constrained resources, the Department can no longer continue to support inefficient systems that carry a risk of failure and need time-consuming maintenance. This multi-year effort will comprise a major contribution to Goal 5 of HUD’s Strategic Plan: Transform the Way HUD Does Business. In addition, the project will establish a path toward resolving internal control weaknesses that have been cited in recent years by the Office of Inspector General on HUD’s financial systems. 

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