SOCIAL SECURITY

News Release

Social Security Administration Earns Highest Grade
in Government for Financial Management

The U.S. House of Representatives Committee on Reform, Subcommittee on Government Efficiency, Financial Management and Intergovernmental Relations has given the Social Security Administration (SSA) the highest grade in the federal government for its financial management practices.

SSA earned a "B" in the Subcommittee’s 2001 Financial Management Status Report – the only agency to receive that high a grade this year. In addition, SSA was the only one of 24 agencies rated to see its grade improve, having earned a "B-" in last year’s report.

"I am pleased that SSA received the highest grade in government this year," said Jo Anne Barnhart, Commissioner of Social Security. "SSA’s reputation for sound financial management is built on the great work that our employees and managers do everyday. SSA works hard to maintain the public’s trust, and will continue to do so in the future."

The subcommittee grades are based on agencies’ annual audited financial statements, which are required under the Government Management Reform Act of 1994. This year, the subcommittee also assessed whether agencies’ financial systems can produce useful, reliable data on a real-time basis to support day-to-day management and policy-making. This additional grading criteria is in line with the President’s Management Agenda, which assigns colors (green, yellow and red) instead of letters to grade agencies’ performance.

"Financial management is one of the 5 key initiatives of the President’s Management Agenda," said James Lockhart, Deputy Commissioner of Social Security. "SSA is committed to getting a green in financial management, as well as in the other 4 areas: human capital management, competitive sourcing, eGovernment and budget and performance integration."

More information about the 2001 Financial Management Status Report can be found at the subcommittee’s website: http://www.house.gov/reform/gefmir/index.htm

# # #

Note: Copies of most SSA press releases, as well as other Social Security information and statistics,
are available at SSA’s Internet site, Social Security Online, at http://www.socialsecurity.gov.
Also look there for information on subscribing to SSA’s
free electronic newsletter, Social Security eNews.