Certified Government Financial Manager (CGFM) Practice Exam

OMB Circular A-11 provides guidance on preparation, submission, and execution of the federal budget and includes requirements for agencies related to budget formulation and performance management. One of the key aspects of this circular is that it asks agencies to prepare a high-level summary of their budget proposal, highlighting strategic priorities, objectives, and anticipated outcomes. This summary is essential for ensuring that budget requests align with overall government priorities and provides an overview of how the agency plans to allocate resources and achieve its objectives. The summary aids in transparency and facilitates better decision-making by stakeholders, including Congress and the public.

The other choices do not accurately represent the requirements set forth in OMB Circular A-11. While detailed financial reports, monthly performance reports, and compliance regulations might be important in various governmental processes, they are not specifically mandated by OMB Circular A-11. Therefore, the high-level summary requirement is the correct understanding of what the circular entails.