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2013 Financial Report of the United States Government


Financial Statements of the United States Government for the Years Ended September 30, 2013, and 2012

Statements of Operations and Changes in Net Position

These statements report the results of Government operations, which include the results of operations for funds from dedicated collections. They include nonexchange revenues which are generated from transactions where the government gives (or receives) value without giving (or receiving) equal value in return. These are generated principally by the Government's sovereign power to tax, levy duties, and assess fines and penalties. These statements also present the cost of Government operations, net of revenue earned from the sale of goods and services to the public (exchange revenue). They further include certain adjustments and unreconciled transactions that affect the net position.

Revenue

Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/Self-Employment Contributions Act (SECA) taxes and other taxes. These taxes are characterized as nonexchange revenue.

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and other items. These also are characterized as nonexchange revenue. Other taxes and receipts include Federal Reserve Banks (FRBs) earnings, tax related fines, penalties and interest, and railroad retirement taxes.

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. These revenues include rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands.

Generally, funds from dedicated collections are financed by specifically identified revenues, provided to the government by non-federal sources, often supplemented by other financing sources, which remain available over time. These specifically identified revenues and other financing sources are required by statute to be used for designated activities, benefits or purposes, and must be accounted for separately from the Government's general revenue.  See Note 22—Funds from Dedicated Collections for detailed information.

Intragovernmental interest represents interest earned from the investment of surplus dedicated collections, which finance the deficit spending of all other fund's non-dedicated operations. These investments are recorded as intragovernmental debt holdings and are included in Note 12—Federal Debt Securities Held by the Public and Accrued Interest, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government Accounts. These interest payments and the associated investments are eliminated in the consolidation process.

Net Cost of Government Operations

The net cost of Government operations (gross cost [including (gains)/losses from changes in assumptions] less earned revenue) flows through from the Statements of Net Cost. The net cost associated with funds from dedicated collections activities is separately reported.

Intragovernmental Transfers

Intragovernmental transfers reflect budgetary and other financing sources for funds from dedicated collections, excluding financing sources related to nonexchange, intragovernmental interest and miscellaneous revenues. These intragovernmental transfers include appropriations, transfers and other financing sources. These amounts are labeled as "other changes in fund balance" in Note 22 —Funds from Dedicated Collections. Some transfers reflect amounts required by statute to be transferred from the General Fund of the Treasury to funds from dedicated collections. An example is the annual transfer to the Department of Health and Human Services' (HHS) Supplementary Medical Insurance Trust Fund Medicare Parts B and D which received approximately 75 percent and 74 percent, respectively, of 2013 program costs, from the General Fund.

Unmatched Transactions and Balances

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due to unreconciled intragovernmental differences and unreconciled General Fund differences, agency reporting errors and restatements in the consolidated financial statements. See Note 1.T—Unmatched Transactions and Balances for detailed information.

The unmatched transactions and balances are included in net operating cost to make the sum of net operating costs and prior period adjustments for the year equal to the change in the net position balance.

Net Position, Beginning of Period

The net position, beginning of period, reflects the net position reported on the prior year's balance sheet as of the end of that fiscal year. The net position for funds from dedicated collections is shown separately.

Prior-period adjustments are revisions to adjust the beginning net position and balances presented on the prior year financial statements due to corrections of errors or changes in accounting principles. See Note 19 —Prior Period Adjustments for detailed information.

Net Position, End of Period

The net position, end of period, amount reflects the net position as of the end of the fiscal year. The net position for funds from dedicated collections is separately shown.

United States Government
Statements of Operations and Changes in Net Position
for the Year Ended September 30, 2013
Funds other than those from Dedicated Collections (Combined)
Funds from Dedicated Collections (Note 22) (Combined)
Eliminations
Consolidated
(In billions of dollars)
2013
Revenue (Note 18):
Individual income tax and tax withholdings 1,294.0 902.4 - 2,196.4
 Corporation income taxes 270.4 - - 270.4
 Excise taxes 32.8 52.8 - 85.6
 Unemployment taxes - 54.0 - 54.0
Customs duties 30.6 - - 30.6
  Estate and gift taxes 18.8 - - 18.8
Other taxes and receipts 139.7 36.4 (0.6) 175.5
Miscellaneous earned revenues 7.0 4.2 - 11.2
Intragovernmental interest - 119.6 (119.6) -
  Total Revenue 1,793.3 1,169.4 (120.2) 2,842.5
 
Net Cost of Government Operations:
  Net cost 2,175.2 1,482.0 (0.6) 3,656.6
  Intragovernmental interest 119.6 - (119.6) -
  Total net cost 2,294.8 1,482.0 (120.2) 3,656.6
Intragovernmental transfers (307.6) 307.6 - -
  Unmatched transactions and   balances (Note 1.T) 9.0 - - 9.0
  Net operating (cost)/revenue (800.1) (5.0) - (805.1)
  Net position, beginning of
  period
(19,248.8) 3,147.8 - (16,101.0)
 Prior period adjustments-
 changes in accounting principles
  (Note 19)
(4.1) 0.9 - (3.2)
 Net operating (cost)/revenue (800.1) (5.0) - (805.1)
 Net position, end of period (20,053.0) 3,143.7 - (16,909.3)

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

United States Government
Statements of Operations and Changes in Net Position
for the Year Ended September 30, 2012 (Restated - See Note 22)
Funds other than those from Dedicated Collections (Combined)
Funds from Dedicated Collections (Note 22) (Combined)
Eliminations
Consolidated
(In billions of dollars)
2012
Revenue (Note 18):
Individual income tax and tax withholdings 1,135.2 789.9 - 1,925.1
 Corporation income taxes 237.5 - - 237.5
 Excise taxes 24.6 56.5 - 81.1
 Unemployment taxes - 66.5 - 66.5
Customs duties 28.6 - - 28.6
  Estate and gift taxes 13.9 - - 13.9
Other taxes and receipts 115.3 31.3 (0.8) 145.8
Miscellaneous earned revenues 13.5 6.2 - 19.7
Intragovernmental interest - 128.4 (128.4) -
  Total Revenue 1,568.6 1,078.8 (129.2) 2,518.2
 
Net Cost of Government Operations:
  Net cost 2,381.8 1,433.3 (0.8) 3,814.3
  Intragovernmental interest 128.4 - (128.4) -
  Total net cost 2,510.2 1,433.3 (129.2) 3,814.3
Intragovernmental transfers (419.7) 419.7 - -
  Unmatched transactions and   balances (Note 1.T) (20.2) - - (20.2)
  Net operating (cost)/revenue (1,381.5) 65.2 - (1,316.3)
  Net position, beginning of
  period
(15,533.6) 748.2 - (14,785.4)
 Prior period adjustments-
 changes in accounting principles
  (Note 19)
(2,333.7) 2,334.4 - 0.7
 Net operating (cost)/revenue (1,381.5) 65.2 - (1,316.3)
 Net position, end of period (19,248.8) 3,147.8 - (16,101.0)

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

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