2012   Financial Report of the United States Government

A Citizen's Guide to the Fiscal Year 2012 Financial Report of the United States Government

The Nation By The Numbers

The Report provides the President, Congress, and the American people a comprehensive view of how the Government is managing taxpayer dollars. It discusses the Government's financial position and condition, its revenues and costs, assets and liabilities, and other responsibilities and commitments, as well as important financial issues that affect the Nation and its citizens both now and in the future. The table on the following page presents several key indicators of the Government's financial position and condition, which are summarized in this Guide and discussed in greater detail in the Report.

The Government Accountability Office's (GAO) audit report on the U.S. Government's consolidated financial statements can be found beginning on page 223 of the full Report. GAO disclaimed an opinion on the 2012, 2011, and 2010 Statements of Social Insurance (SOSI) and the 2012 and 2011 Statements of Changes in Social Insurance Amounts because of significant uncertainties (discussed in Note 26 in the Report) primarily related to the achievement of projected reductions in Medicare cost growth reflected in the 2012, 2011, and 2010 SOSI. However, GAO issued an unqualified or "clean" opinion on the 2009 and 2008 SOSI.1 In addition, certain material financial reporting control weaknesses and other limitations on the scope of its work prevented GAO from expressing an opinion on the remaining FY 2012 and 2011 financial statements in the Report.

NATION BY THE NUMBERS
A Snapshot of The Government's Financial Position & Condition
billions of dollars 2012 2011
Gross Costs $ (3,844.9) $ (3,998.3)
    Less: Earned Revenues $ 350.8 $ 365.6
        Gain / (Loss) from Changes in Assumptions $ (320.2) $ (28.1)
Net Cost $ (3,814.3) $ (3,660.8)
Less: Total Taxes and Other Revenues $ 2,518.2 $ 2,363.8
        Unmatched Transactions and Balances $(20.2) $(15.6)
Net Operating Cost $ (1,316.3) $ (1,312.6)
 
Assets: $ 2,748.3 $ 2,707.3
Less: Liabilities, comprised of:
    Debt Held By the Public & Accrued Interest $ (11,332.3) $ (10,174.1)
    Federal Employee & Veteran Benefits $ (6,274.0) $ (5,792.2)
    Other $ (1,243.0) $ (1,526.4)
Total Liabilities $ (18,849.3) $ (17,492.7)
Net Position (Assets Minus Liabilities) $ (16,101.0) $ (14,785.4)
Sustainability Measures:
Social Insurance Net Expenditures2 $ (38,554) $ (33,830)
Total Non-Interest Net Expenditures3 $ (16,500) $ (6,400)
 
Sustainability Measures as Percent of Gross Domestic Product (GDP):
Social Insurance Net Expenditures4 -4.2% -3.8%
Total Federal Government Non-Interest Net Expenditures -1.7% -0.7%
Budget Results
Unified Budget Deficit $ (1,089.4) $ (1,298.6)

Footnotes

1In conformity with Federal accounting standards, Statements of Social Insurance are presented for the current year and each of the four preceding years.(Back to Content)
2Source: Statement of Social Insurance. Amounts equal present value of projected revenues and expenditures for scheduled benefits over the next 75 years of certain benefit programs that are referred to as Social Insurance (e.g., Social Security, Medicare). Amounts represent 'open group' population (all current and future beneficiaries). These amounts are not considered liabilities on the balance sheet.(Back to Content)
3Represents the 75-year projection of the Federal Government's receipts less non-interest spending as reported in the 'Statement of Long Term Fiscal Projections' in the Required Supplementary Information section of the Financial Report of the U.S. Government.(Back to Content)
4GDP values used represent the average of 75-year present value of nominal GDP for 2012 and 2011 from the Social Security and Medicare Trustees Reports.(Back to Content)


Last Updated:  February 27, 2013