What is one function of the Chief Financial Officer (CFO) as mandated by the CFO Act?

The function of reporting agency financial statements is a pivotal responsibility of the Chief Financial Officer (CFO) as mandated by the CFO Act. This act was enacted to enhance the financial management of the federal government and outlined specific roles for CFOs within federal agencies. One key requirement is the preparation and submission of financial statements, which ensure transparency and accountability in financial reporting.

This function is crucial because financial statements provide insights into the financial position and operational performance of an agency, thereby enabling better decision-making and resource allocation. By reporting these financial statements, the CFO helps to inform stakeholders, including Congress, the President, and the public, about the financial health and operations of the agency.

The other options do not align with the specific mandates outlined in the CFO Act concerning the CFO's responsibilities. For instance, overseeing civil service regulations pertains more directly to human resources and administrative functions rather than financial oversight. Negotiating federal contracts and supervising local government finances are also outside the primary scope of responsibilities defined for CFOs in federal agencies. The CFO's focus is primarily on financial management and reporting rather than on regulatory oversight or contract negotiations.