S. 75 — Improving Federal Financial Management Act

This section revises agency chief financial officer (CFO) duties under 31 U.S.C. 902(a), including (1) requiring each agency CFO to prepare, within 90 days of OMB issuance, an agency plan to implement OMB's governmentwide 4-year financial management plan that includes performance metrics, with the plan submitted to specified officials and made public upon completion or revision; (2) expanding reporting to cover agency progress on the agency and governmentwide plans and performance against OMB metrics; (3) adding duties to link performance and cost information, prepare annual agency financial statements per U.S. generally accepted accounting principles, and coordinate with agency chief data, information, performance, acquisition, risk, and evaluation officers; and (4) other modifications such as monitoring inflation and costs. It also clarifies deputy CFO responsibilities under 31 U.S.C. 903, including serving as acting CFO during vacancies, and requires OMB under 31 U.S.C. 3512(a) to submit a governmentwide 4-year financial management plan (vice 5-year plan) and an expanded annual financial management status report that includes progress toward the 4-year plan, agency performance against its metrics, remaining challenges, and cost estimate updates based on obligations or expenditures.