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2013 Financial Report of the United States Government


A Citizen's Guide to the Fiscal Year 2013 Financial Report of the United States Government

The Nation By The Numbers

The Financial Report provides the President, Congress, and the American people a comprehensive view of how the Government is managing taxpayer dollars. It discusses the Governments 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 below presents several key indicators of the Governments financial position and condition, which are summarized in this Guide and discussed in greater detail in the Financial Report.

The Government Accountability Offices (GAO) audit report on the U.S. GovernmentÂ’s consolidated financial statements can be found beginning on page 219 of the full Financial Report. For the reasons discussed below, GAO was prevented from expressing (disclaimed) an opinion on these consolidated financial statements, except for the 2009 Statement of Social Insurance (SOSI). GAO disclaimed an opinion on the 2013, 2012, 2011, and 2010 SOSI and the 2013 and 2012 Statements of Changes in Social Insurance Amounts because of significant uncertainties (discussed in Note 24 in the Financial Report) primarily related to the achievement of projected reductions in Medicare cost growth reflected in the 2013, 2012, 2011, and 2010 SOSI. However, GAO issued an unqualified or clean opinion on the 2009 SOSI9. In addition, GAO disclaimed an opinion on the remaining FY 2013 and 2012 financial statements in the Financial Report due to certain material financial reporting control weaknesses and other limitations on the scope of its work.

NATION BY THE NUMBERS
A Snapshot of The Government's Financial Position & Condition
Dollars in Billions 2013 2012
Gross Costs $ (3,940.9) $ (3,844.9)
    Less: Earned Revenues $ 415.5 $ 350.8
        Gain / (Loss) from Changes in Assumptions $ (131.2) $ (320.2)
Net Cost $ (3,656.6) $ (3,814.3)
Less: Total Taxes and Other Revenues $ 2,842.5 $ 2,518.2
        Unmatched Transactions and Balances $9.0 $(20.2)
Net Operating Cost $ (805.1) $ (1,316.3)
 
Assets: $ 2,968.3 $ 2,748.3
Less: Liabilities, comprised of:
    Debt Held By the Public & Accrued Interest $ (12,028.4) $ (11,332.3)
    Federal Employee & Veteran Benefits $ (6,538.3) $ (6,274.0)
    Other $ (1,310.9) $ (1,243.0)
Total Liabilities $ (19,877.6) $ (18,849.3)
Net Position (Assets Minus Liabilities) $ (16,909.3) $ (16,101.0)
Sustainability Measures:
Social Insurance Net Expenditures1 $ (39,698) $ (38,554)
Total Non-Interest Net Expenditures2 $ (4,000) $ (16,500)
 
Sustainability Measures as Percent of Gross Domestic Product (GDP):
Social Insurance Net Expenditures3 (4.0%) (4.2%)
Total Federal Government Non-Interest Net Expenditures (0.4%) (1.7%)
Budget Results
Unified Budget Deficit $ (680.3) $ (1,089.4)
1 Source: 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.
2 Represents the 75-year projection of the Federal Governments Supplementary Information section of the Financial Report of the U.S. Government.
3 GDP values used represent the average of 75-year present value of nominal GDP for 2013 and 2012 from the Social Security and Medicare Trustees Reports.

Footnotes

9In 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)

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