The Finance and Budget Network (FB Network) brings together the organizations that are responsible for the financial management of the organizations within the United Nations system. The FB Network reports to the High-level Committee on Mangement (HLCM) as to its findings and suggestions for betterment of the UN system. This Network was created during the reform of the sub-structure of the Chief Executives Board and is the successor of the financial group of the Consultative Committee on Administrative Questions (CCAQ) which had been in existence, and meeting on a regular basis, since 1948. The FB Network meets twice annually.

The FB Network allows the senior financial managers the opportunity to exchange information with each other and provides advice and strategic guidance regarding all issues that are of common concern to the entire UN system. Such issues include, but aren't limited to, setting international accounting standards, carrying out results-based budgeting, implementing auditing and oversight mechanisms, financial reporting, preventing fraud, and program support costs. The Network also provides guidance for the areas in which the UN systems has jointly financed activities such as security management.

While not without its difficulties, the results-based budgeting has been important in making sure that monies directed to the United Nations get to where they are going more efficiently. Programs are able to establish links between the money that is being spent and whether or not it is helping to achieve the desired results of the project. Excess monies are able to be redistributed to areas where more money is necessary but not readily available. Currently the FB Network is working on changing to a capital based budgeting system and has a working group, made up of members within the Network, to planning the logistics and how the changes can be implemented most effectively.

The FB Network is also exploring the idea of having a common treasury to make accounting easier and to reduce foreign excahnge rate and transaction fees, in order to better appropriate its money.

Additionally, the Network in instrumental in helping all of the system-wide organizations reduce costs by streamlining accounting practices and helping to move departments off-shore to save millions of dollars annually; and allocating the saved money to projects of utmost importance. The content on this page is for research and educational purposes only. The information about the UN is provided freely as a public service and should not be construed as being in any way sanctioned or endorsed by the United Nations. The United Nations' official website can be found at http://www.un.org/en/.