dcsimg


stock business photo

2014 Financial Report of the United States Government


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

Reconciliations of Net Operating Cost and Unified Budget Deficit

These statements reconcile the results of operations (net operating cost) on the Statements of Operations and Changes in Net Position to the unified budget deficit. The premise of the reconciliation is that the accrual and budgetary accounting bases share transaction data.

Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for details. These statements begin with the net results of operations (net operating cost) and report activities where the bases of accounting for the components of net operating cost and the unified budget deficit differ.

Components of Net Operating Cost Not Part of the Budget Deficit

This information includes the operating components, such as the changes in benefits payable for veterans, military and civilian employees, environmental and disposal liabilities, and depreciation expense, not included in the budget results.

Components of the Budget Deficit Not Part of Net Operating Cost

This information includes the budget components, such as capitalized fixed assets (that are recorded as outlays in the budget when purchased and reflected in net operating cost through depreciation expense over the useful life of the asset) and increases in other assets that are not included in the operating results.

United States Government
Reconciliations of Net Operating Cost and Unified Budget Deficit
for the Years Ended September 30, 2014, and 2013
(In billions of dollars)
2014
2013
Net operating cost (791.3) (805.1)
Components of net operating cost not part of the budget deficit:
     
Increase/(Decrease) in liability for military employee benefits (Note 13):
Military pension liabilities 40.9 42.2
Military health liabilities 12.9 (85.7)
Other military benefits (0.9) (0.4)
Liability for military employee benefits 52.9 (43.9)
     
Increase/(Decrease) in liability for veteran's compensation (Note 13) 32.3 213.2
   
Increase/(Decrease) in liabilities for civilian employee benefits (Note 13):
Civilian pension liabilities 37.3 95.6
Civilian health liabilities 10.1 (1.4)
Other civilian benefits 1.7 0.8
Liabilities for civilian employee benefits 49.1 95.0
     
Increase/(Decrease) in environmental and disposal liabilities (Note 14):
Energy's environmental and disposal liabilities 19.6 11.8
All others' environmental and disposal liabilities 0.4 (1.7)
Environmental and disposal liabilities 20.0 10.1
     
Property, plant, and equipment depreciation expense 67.7 62.1
Property, plant, and equipment disposals and revaluations 4.8 (36.2)
Increase/(Decrease) in benefits due and payable 17.3 8.1
Increase/(Decrease) in insurance and guarantee program liabilities 28.3 (26.4)
Increase/(Decrease) increase in other liabilities 7.3 (20.9)
Increase/(Decrease) in accounts payable 2.8 1.0
(Increase)/Decrease in net accounts and taxes receivable (0.8) 8.0
Agencies year end upward/(downward) credit reform subsidy re-estimates 24.5 1.6
Increase/(Decrease) in liabilities to Government-Sponsored Enterprises (GSEs) - (9.0)
Unrealized Valuation Loss/(Gain) on investments in GSEs 44.4 (30.9)
     
Components of the budget deficit that are not part of net operating cost:
Capitalized property, plant, and equipment:
Department of Defense (27.7) (37.0)
All other agencies (26.4) (30.6)
Total capitalized property, plant, and equipment (54.1) (67.6)
     
Effect of prior year agencies (upward)/downward credit reform subsidy re-estimates (1.6) (24.6)
(Increase)/Decrease in inventory (7.3) (12.1)
(Increase)/Decrease in debt and equity securities (7.6) 2.4
(Increase)/Decrease in other assets - (5.2)
Credit reform and other loan activities 13.1 (1.4)
All other reconciling items 14.8 1.5
Unified budget deficit (483.4) (680.3)

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

Previous | Next



Open Gov   My Money.gov   USA.gov
Facebook   Twitter   You Tube   RSS Feed