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2014 Financial Report of the United States Government


Financial Statements of the United States Government for the Years Ended September 30, 2014, and 2013

Statements of Net Cost

These statements present the net cost of the United States Government (Government)1 operations for fiscal years 2014 and 2013, including the operations related to funds from dedicated collections (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 Financial Report by significant entity 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:

  • Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions. These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding departments and entities.
  • Earned revenue—is exchange revenue resulting from the Government providing goods and services to the public at a price.
  • (Gain)/loss from changes in assumptions—is the gain or loss from changes in long-term assumptions used to measure the liabilities reported for federal civilian and military employee pensions, other post-employment benefits, and other retirement benefits, including veterans' compensation.
  • Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in assumptions.

Individual agency net cost amounts will differ from the agency's financial statements primarily because of allocations of Office of Personnel Management (OPM) benefit program costs and intragovernmental eliminations, as adjusted for buy/sell cost, buy/sell revenues, and imputed costs. Because of its 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 costs from health and pension plan amendments, and the actuarial gains and losses, if applicable. With regard to intragovernmental buy/sell costs and related revenues, the amounts recognized by each agency are added to, and subtracted from, respectively, the individual agency non-federal net cost amounts.  Because of the specific functions of the General Services Administration (GSA), as the primary provider of goods and services to federal agencies, once GSA's net cost is adjusted for its intragovernmental buy/sell costs and related revenues, the remaining costs for GSA on the Statements of Net Cost are its administrative operating costs. In addition, the intragovernmental imputed costs recognized for the receipt of goods and services, financed in whole or part by the providing agencies, are added to the individual agency non-federal net cost amounts. 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
Statement of Net Cost
for the Years Ended September 30, 2014
(In billions of dollars)
Gross
Cost
Earned
Revenue
Subtotal
(Gain)/Loss
from
Changes in
Assumptions
Net
Cost
Department of Health and Human Services 1,029.5 78.1 951.4 0.1 951.5
Social Security Administration 906.8 0.4 906.4 - 906.4
Department of Defense 716.9 61.5 655.4 6.9 662.3
Interest on Treasury Securities Held by the Public 260.0 - 260.0 - 260.0
Department of Veterans Affairs 207.4 4.3 203.1 (22.1) 181.0
Department of Agriculture 150.5 9.3 141.2 - 141.2
Department of the Treasury 182.9 79.9 103.0 - 103.0
Office of Personnel Management 85.3 19.5 65.8 21.3 87.1
Department of Transportation 77.2 0.9 76.3 - 76.3
Department of Education 80.9 24.8 56.1 - 56.1
Department of Labor 53.6 - 53.6 - 53.6
Department of Energy 57.0 5.0 52.0 - 52.0
Department of Homeland Security 58.1 10.3 47.8 (1.3) 46.5
Department of Housing and Urban Development 44.4 1.6 42.8 - 42.8
Department of Justice 33.0 1.7 31.3 - 31.3
Pension Benefit Guaranty Corporation 38.5 11.2 27.3 - 27.3
Department of State 30.6 3.8 26.8 (1.4) 25.4
National Aeronautics and Space Administration 18.4 0.2 18.2 - 18.2
Department of the Interior 18.7 2.4 16.3 - 16.3
Agency for International Development 11.7 - 11.7 - 11.7
Federal Communications Commission 9.3 0.4 8.9 - 8.9
Department of Commerce 12.0 3.2 8.8 - 8.8
Environmental Protection Agency 8.9 0.5 8.4 - 8.4
Railroad Retirement Board 13.9 5.6 8.3 - 8.3
National Science Foundation 7.2 - 7.2 - 7.2
U.S. Postal Service 73.6 66.9 6.7 - 6.7
Millennium Challenge Corporation 1.0 - 1.0 - 1.0
Smithsonian Institution 0.7 - 0.7 - 0.7
U.S. Nuclear Regulatory Commission 1.0 0.8 0.2 - 0.2
General Services Administration 0.7 0.6 0.1 - 0.1
Export-Import Bank of the United States 1.1 1.1 - - -
Farm Credit System Insurance Corporation - 0.2 (0.2) - (0.2)
Overseas Private Investments Corporation (0.3) 0.1 (0.4) - (0.4)
Securities and Exchange Commission 1.4 1.9 (0.5) - (0.5)
Tennessee Valley Authority 10.5 11.1 (0.6) - (0.6)
Small Business Administration (0.3) 0.4 (0.7) - (0.7)
National Credit Union Administration (1.2) 0.1 (1.3) - (1.3)
Federal Deposit Insurance Corporation (4.4) 8.8 (13.2) - (13.2)
All other entities 54.9 1.3 53.6 - 53.6
Total 4,251.4 417.9 3,833.5 3.5 3,837.0

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

United States Government
Statement of Net Cost
for the Years Ended September 30, 2013
(In billions of dollars)
Gross
Cost
Earned
Revenue
Subtotal
(Gain)/Loss
from
Changes in
Assumptions
Net
Cost
Department of Health and Human Services 968.4 72.9 895.5 0.2 895.7
Social Security Administration 867.4 0.4 867.0 - 867.0
Department of Defense 685.1 44.9 640.2 (62.8) 577.4
Interest on Treasury Securities Held by the Public 247.6 - 247.6 - 247.6
Department of Veterans Affairs 243.3 4.5 238.8 114.1 352.9
Department of Agriculture 147.6 7.5 140.1 - 140.1
Department of the Treasury 75.3 103.5 (28.2) - (28.2)
Office of Personnel Management 67.3 19.2 48.1 81.9 130.0
Department of Transportation 77.3 0.9 76.4 - 76.4
Department of Education 32.9 23.2 9.7 - 9.7
Department of Labor 80.1 - 80.1 - 80.1
Department of Energy 38.5 4.3 34.2 - 34.2
Department of Homeland Security 70.7 9.7 61.0 (2.4) 58.6
Department of Housing and Urban Development 42.6 1.5 41.1 - 41.1
Department of Justice 31.8 1.3 30.5 - 30.5
Pension Benefit Guaranty Corporation 9.1 9.4 (0.3) - (0.3)
Department of State 29.4 4.2 25.2 0.4 25.6
National Aeronautics and Space Administration 18.1 0.2 17.9 - 17.9
Department of the Interior 16.9 2.7 14.2 - 14.2
Agency for International Development 10.6 0.2 10.4 - 10.4
Federal Communications Commission 9.9 0.4 9.5 - 9.5
Department of Commerce 11.1 2.9 8.2 - 8.2
Environmental Protection Agency 9.8 0.5 9.3 - 9.3
Railroad Retirement Board 13.5 4.2 9.3 - 9.3
National Science Foundation 7.1 - 7.1 - 7.1
U.S. Postal Service 72.4 66.3 6.1 - 6.1
Millennium Challenge Corporation 1.7 - 1.7 - 1.7
Smithsonian Institution 0.8 - 0.8 - 0.8
U.S. Nuclear Regulatory Commission 1.0 0.8 0.2 - 0.2
General Services Administration 0.1 0.7 (0.6) - (0.6)
Export-Import Bank of the United States 1.1 1.0 0.1 - 0.1
Farm Credit System Insurance Corporation - 0.1 (0.1) - (0.1)
Overseas Private Investments Corporation 0.3 0.1 0.2 - 0.2
Securities and Exchange Commission 1.3 1.8 (0.5) - (0.5)
Tennessee Valley Authority 10.7 11.0 (0.3) (0.2) (0.5)
Small Business Administration 0.7 0.4 0.3 - 0.3
National Credit Union Administration (1.8) 0.9 (2.7) - (2.7)
Federal Deposit Insurance Corporation (2.9) 12.7 (15.6) - (15.6)
All other entities 44.1 1.2 42.9 - 42.9
Total 3,940.9 415.5 3,525.4 131.2 3,656.6

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)

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