2012   Financial Report of the United States Government

Financial Statements of the United States Government for the Years Ended September 30, 2012, and 2011

Statements of Net Cost

These statements present the net cost of fiscal years 2012 and 2011 United States Government (Government) 1 operations, including the operations related to earmarked funds (funds financed by specifically identified revenues, often supplemented by other financing sources, which remain available over time). The Government’s fiscal year begins October 1 and ends September 30. Costs and earned revenues are categorized on the Statement of Net Cost by significant entity, providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. Costs and earned revenues are presented in this report by department on an accrual basis, while the budget presents costs and revenues by obligations and receipts, generally on a cash basis. The focus of the budget of the United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems and controls of the Government.
These statements contain the following four components:

Individual agency net cost amounts will differ with the agency’s financial statements because of allocations of certain Office of Personnel Management (OPM) costs and intragovernmental eliminations. Because of their specific function, most of the costs originally associated with OPM have been allocated to their user agencies for Governmentwide reporting purposes. The remaining costs for OPM on the Statements of Net Cost are the administrative operating costs, the expenses from prior and past costs from health and pension plan amendments, and the actuarial gains and losses, if applicable. The interest on securities issued by the Department of the Treasury (Treasury) and held by the public is reported on Treasury’s financial statements, but, because of its importance and the dollar amounts involved, it is reported separately in these statements.


United States Government
Statements of Net Cost
for the Years Ended September 30, 2012
(In billions of dollars)
Gross
Cost
Earned
Revenue
Subtotal
(Gain)/Loss
from
Changes in
Assumptions
Net
Cost
Department of Health and Human Services  924.0  67.8  856.2  0.3  856.5
Social Security Administration  825.4  0.3  825.1  -  825.1
Department of Defense  784.7  56.0  728.7  70.4  799.1
Department of Veterans Affairs  213.6  4.1  209.5  149.3  358.8
Interest on Treasury Securities Held by the Public  245.4  -  245.4  -  245.4
Department of Agriculture  161.0  12.0  149.0  -  149.0
Office of Personnel Management  48.2  19.1  29.1  98.9  128.0
Department of Labor  107.3  -  107.3  -  107.3
Department of Transportation  79.0  0.8  78.2  -  78.2
Department of Housing and Urban Development  74.5  1.5  73.0  -  73.0
Department of Energy  60.8  4.3  56.5    -  56.5
Department of Homeland Security  58.2  9.9  48.3  0.4  48.7
Department of Education  62.7  20.0  42.7  -  42.7
Department of Justice  38.9  1.3  37.6  -  37.6
Department of State  29.8  3.5  26.3  0.8     27.1
Department of the Interior  23.3  2.7  20.6 -  20.6
National Aeronautics and Space Administration  19.0  0.2  18.8  -  18.8
Agency for International Development  11.4  0.2  11.2  -  11.2
Environmental Protection Agency  11.4  0.3  11.1  -  11.1
Railroad Retirement Board  15.3  5.1  10.2  -  10.2
Department of Commerce  12.8  2.6  10.2  -  10.2
Pension Benefit Guaranty Corporation  20.2  10.4  9.8  -  9.8
Federal Communications Commission  10.1  0.4  9.7  -  9.7
U.S. Postal Service  72.8  64.2  8.6  -  8.6
National Science Foundation  7.4  -  7.4  -  7.4
Small Business Administration  1.6  0.4  1.2  -  1.2
Smithsonian Institution  0.8  -  0.8  -  0.8
Export-Import Bank of the United States  1.2  0.8  0.4  -  0.4
U.S. Nuclear Regulatory Commission  1.1  0.8  0.3  -  0.3
National Credit Union Administration  1.3  1.0  0.3  -  0.3
General Services Administration  0.5  0.5  -  - -
Farm Credit System Insurance Corporation  -  0.1  (0.1)  -  (0.1)
Tennessee Valley Authority  11.0  11.3  (0.3)  0.1  (0.2)
Securities and Exchange Commission  1.2  1.6  (0.4)  -  (0.4)
Federal Deposit Insurance Corporation  2.6  19.3  (16.7)  -  (16.7)
Department of the Treasury  (150.0)  27.5  (177.5)  -  (177.5)
All other entities  56.4  0.8  55.6  -  55.6
Total 3,844.9 350.8 3,494.1 320.2 3,814.3

The accompanying notes are an integral part of these financial statements.
United States Government
Statements of Net Cost
for the Years Ended September 30, 2011
(In billions of dollars)
Gross
Cost
Earned
Revenue
Subtotal
(Gain)/Loss
from
Changes in
Assumptions
Net
Cost
Department of Health and Human Services 943.3 66.4 876.9 0.1 877.0
Social Security Administration  782.9  0.4  782.5  -  782.5
Department of Defense  827.0  78.0  749.0  (32.0)  717.0
Department of Veterans Affairs  123.7  4.7  119.0  58.9  177.9
Interest on Treasury Securities Held by the Public  250.9  -  250.9  -  250.9
Department of Agriculture  153.8  9.4  144.4  -  144.4
Office of Personnel Management  43.6  19.1  24.5  0.3  24.8
Department of Labor  132.7  -  132.7  -  132.7
Department of Transportation  77.7  0.7  77.0  -  77.0
Department of Housing and Urban Development  60.7  1.2  59.5  -  59.5
Department of Energy  52.5  7.9  44.6  -  44.6
Department of Homeland Security  58.6  9.4  49.2  0.4  49.6
Department of Education  69.7  15.0  54.7  -  54.7
Department of Justice  31.1  1.3  29.8  -  29.8
Department of State  26.9  3.4  23.5  0.4  23.9
Department of the Interior  23.6  2.7  20.9  -  20.9
National Aeronautics and Space Administration  18.7  0.1  18.6  -  18.6
Agency for International Development  12.1  0.7  11.4  -  11.4
Environmental Protection Agency  11.2  0.5  10.7  -  10.7
Railroad Retirement Board  16.9  5.9  11.0  -  11.0
Department of Commerce  11.2  2.5  8.7  -  8.7
Pension Benefit Guaranty Corporation  12.8  7.4  5.4  -  5.4
Federal Communications Commission  9.3  0.4  8.9  -  8.9
U.S. Postal Service  61.7  64.6  (2.9)  -  (2.9)
National Science Foundation  7.1  -  7.1  -  7.1
Small Business Administration  3.6  0.4  3.2  -  3.2
Smithsonian Institution  0.7  -  0.7  -  0.7
Export-Import Bank of the United States  0.6  0.7  (0.1)  -  (0.1)
U.S. Nuclear Regulatory Commission  1.0  0.8  0.2  -  0.2
National Credit Union Administration  0.2  3.1  (2.9)  -  (2.9)
General Services Administration  0.3  0.6  (0.3)  -  (0.3)
Farm Credit System Insurance Corporation  -  0.1  (0.1)  -  (0.1)
Tennessee Valley Authority  11.5  11.8  (0.3)  -  (0.3)
Securities and Exchange Commission  1.0  1.6  (0.6)  -  (0.6)
Federal Deposit Insurance Corporation  (2.2)  13.7  (15.9)  -  (15.9)
Department of the Treasury  114.8  30.6  84.2  -  84.2
All other entities 47.1 0.5 46.6  - 46.6
Total 3,998.3 365.6 3,632.7 28.1 3,660.8

The accompanying notes are an integral part of these financial statements.

Footnotes

1 For purposes of this document, "Government" refers to the United States Government.(Back to Content)


Last Updated:  February 27, 2013