There are no IT projects, but only business projects even if you include infrastructure upgrades. If we move away from adversarial attitude to collaborative, a lot can be achieved. The CIO and the CFO sitting on the same side of the table can create a lot of value. You could look at the following links.

http://cio-inverted.blogspot.in/2011/07/cost-of-it-versus-value-of-it.html

http://cio-inverted.blogspot.in/2011/01/my-cfo-is-my-best-friend.html