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Finance and Budget Kick-Off Final Phase of New Financial Management System

Palikir, Pohnpei (FSM Information Services): March 23, 2009 - Finance and Budget Directors and Officers from all four states and the national government met last week to prepare for the final implementation phase of the Fundware Financial Management System software.

The goal of the FSM Financial Management Information System Project has been to implement a common financial management software program for all FSM State and National Finance Offices. Phase I, which included the key operating components, was completed with the implementation of the program software at the National offices in Palikir in August 2008.

Phase I of the FSM Financial Management Information System Project laid the necessary common systems groundwork and the work to come is really the capstone of the project. It covers those key project components necessary to truly utilize the system to improve Financial Management, Planning, Reporting, and Budget Preparation across and among all sectors within all the States of the FSM.

With this goal in mind, the Secretary of Finance and the Directors from all four state Finance and Budget Offices came together with their key staff for an intensive week long work session which started March 14^th. Now able to work from a common program, they identified best practices for the finance systems, addressed key issues and challenges, and worked together to ensure achievement of the best possible process and outcomes for this final phase.

Some very brief highlights of the activities planned for the coming two years are:

• Implementation and training for Fundware modules for Budgeting, Fixed Assets and Advanced Reporting.

• Establishment of a networked connection among the State and National Offices as a platform to improve communications, foster cooperation, and share best practices. On this network we will also have a forum specifically for our IT staff to share ideas, access training materials, and post system problems and solutions.

• In cooperation with the States, we will be developing the Advanced Reporting system to include data warehousing of specific information to centralize reporting efforts and lessen each State's reporting burden.

• Provide advanced Fundware program and IT training at the State and National level.

• Coordination our FSM Departments and our funding agencies to develop tools to improve access to financial information and reporting.

Work on these objectives began immediately after the close of the meeting and implementation of the new components has been scheduled to begin in Palikir and Pohnpei this May. Implementation in Kosrae, Yap, and Chuuk will follow in late summer.