2011   Financial Report of the United States Government

Financial Statements

Statements of Net Cost

These statements present the net cost of fiscal years 2011 and 2010 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:

Net cost for Governmentwide reporting purposes includes the General Services Administration (GSA) and the Office of Personnel Management (OPM) agency allocations, and is net of intragovernmental eliminations. For this reason, individual agency net cost amounts will not agree with the agency’s financial statements. Because of their specific functions, most of the costs originally associated with GSA and OPM have been allocated to their user agencies for Governmentwide reporting purposes. The remaining costs for GSA and 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 for these agencies, 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, 2011
(In billions of dollars)
Gross
Cost
Earned
Revenue
Subtotal
(Gain)/Loss
from
Changes in
Assumptions
Net
Cost
Department of Health and Human Services 943.4 66.4 877.0 0.1     877.1
Social Security Administration 782.9 0.4 782.5 - 782.5
Department of Defense 828.7 78.0 750.7 (32.0)     718.7
Interest on Treasury Securities Held by the Public 250.9 - 250.9 - 250.9
Department of Veterans Affairs 124.3 4.7 119.6 58.9     178.5
Department of Agriculture 154.2 9.4 144.8 - 144.8
Department of Labor 132.8 - 132.8 - 132.8
Department of the Treasury 115.2 30.6 84.6 - 84.6
Department of Transportation 77.9 0.7 77.2 - 77.2
Department of Housing and Urban Development 60.8 1.2 59.6 - 59.6
Department of Education 69.7 15.0 54.7 - 54.7
Department of Homeland Security 58.9 9.4 49.5 0.4     49.9
Department of Energy 52.5 7.9 44.6 - 44.6
Department of Justice 31.3 1.3 30.0 - 30.0
Office of Personnel Management 43.7 19.1 24.6 0.3     24.9
Department of State 27.0 3.4 23.6 0.4     24.0
Department of the Interior 23.8 2.7 21.1 - 21.1
National Aeronautics and Space Administration 18.8 0.1 18.7 - 18.7
Agency for International Development 12.1 0.7 11.4 - 11.4
Railroad Retirement Board 17.0 5.9 11.1 - 11.1
Environmental Protection Agency 11.3 0.5 10.8 - 10.8
Federal Communications Commission 9.3 0.4 8.9 - 8.9
Department of Commerce 11.3 2.5 8.8 - 8.8
National Science Foundation 7.1 - 7.1 - 7.1
Pension Benefit Guaranty Corporation 12.8 7.4 5.4 - 5.4
Small Business Administration 3.6 0.4 3.2 - 3.2
Smithsonian Institution 0.7 - 0.7 - 0.7
U.S. Nuclear Regulatory Commission 1.0 0.8 0.2 - 0.2
Farm Credit System Insurance Corporation - 0.1 (0.1) - (0.1)
Export-Import Bank of the United States 0.6 0.7 (0.1) - (0.1)
General Services Administration 0.4 0.6 (0.2) - (0.2)
Tennessee Valley Authority 11.5 11.8 (0.3) - (0.3)
Securities and Exchange Commission 1.1 1.6 (0.5) - (0.5)
National Credit Union Administration 0.2 3.1 (2.9) - (2.9)
U.S. Postal Service 56.2 64.6 (8.4) - (8.4)
Federal Deposit Insurance Corporation (2.1) 13.7 (15.8) - (15.8)
All other entities 47.4 0.5 46.9 - 46.9
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.

United States Government
Statements of Net Cost
for the Years Ended September 30, 2010
(In billions of dollars)
Gross
Cost
Earned
Revenue
Subtotal
(Gain)/Loss
from
Changes in
Assumptions
Net
Cost
Department of Health and Human Services 920.4 62.7 857.7 (0.1)     857.6
Social Security Administration 754.2 0.3 753.9 - 753.9
Department of Defense 929.0 39.8 889.2 (58.8)     830.4
Interest on Treasury Securities Held by the Public 214.8 - 214.8 - 214.8
Department of Veterans Affairs 240.2 4.7 235.5 101.4     336.9
Department of Agriculture 136.6 6.0 130.6 - 130.6
Department of Labor 179.0 - 179.0 - 179.0
Department of the Treasury 402.3 29.4 372.9 - 372.9
Department of Transportation 80.4 0.6 79.8 - 79.8
Department of Housing and Urban Development 56.7 1.3 55.4 - 55.4
Department of Education 100.8 11.3 89.5 - 89.5
Department of Homeland Security 58.9 8.9 50.0 5.7     55.7
Department of Energy 28.9 3.8 25.1 - 25.1
Department of Justice 32.7 1.2 31.5 - 31.5
Office of Personnel Management 43.5 18.0 25.5 84.1     109.6
Department of State 24.5 2.8 21.7 0.6     22.3
Department of the Interior 20.7 2.4 18.3 - 18.3
National Aeronautics and Space Administration 22.1 0.1 22.0 - 22.0
Agency for International Development 10.7 0.2 10.5 - 10.5
Railroad Retirement Board 14.6 5.8 8.8 - 8.8
Environmental Protection Agency 12.7 0.5 12.2 - 12.2
Federal Communications Commission 9.5 0.5 9.0 - 9.0
Department of Commerce 16.5 2.3 14.2 - 14.2
National Science Foundation 6.9 - 6.9 - 6.9
Pension Benefit Guaranty Corporation 11.9 8.1 3.8 - 3.8
Small Business Administration 5.4 0.4 5.0 - 5.0
Smithsonian Institution 0.8 - 0.8 - 0.8
U.S. Nuclear Regulatory Commission 1.2 0.9 0.3 - 0.3
Farm Credit System Insurance Corporation - 0.1 (0.1) - (0.1)
Export-Import Bank of the United States 0.4 0.7 (0.3) - (0.3)
General Services Administration 0.6 0.6 - - -
Tennessee Valley Authority 9.7 10.8 (1.1) - (1.1)
Securities and Exchange Commission 1.1 1.4 (0.3) - (0.3)
National Credit Union Administration 3.2 1.1 2.1 - 2.1
U.S. Postal Service 57.3 65.7 (8.4) - (8.4)
Federal Deposit Insurance Corporation 16.8 16.1 0.7 - 0.7
All other entities 47.3 0.7 46.6 - 46.6
Total 4,472.3 309.2 4,163.1 132.9     4,296.0

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

Footnotes

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


Last Updated:  February 16, 2012