Contents

 

A Message from the Secretary of the Treasury 

Results in Brief................................................................................................... i

Executive Summary........................................................................................... 1

Management’s Discussion and Analysis .......................................................... 8

Statement of the Comptroller General of the United States.......................... 32

 

Financial Statements

Introduction ....................................................................................................... 42

Statement of Net Cost........................................................................................ 49

Statement of Operations and Changes in Net Position ...................................... 51

Reconciliations of Net Operating Cost and Budget Deficit ............................... 53

Statements of Changes in Cash Balance from Budget and Other

Activities............................................................................................................ 54

Balance Sheets................................................................................................... 55

Statements of Long-Term Fiscal Projections..................................................... 56

Statements of Social Insurance.......................................................................... 57

Statement of Changes in Social Insurance Amounts ......................................... 60

 

Notes to the Financial Statements

Note 1. Summary of Significant Accounting Policies ....................................... 62

Note 2. Cash and Other Monetary Assets.......................................................... 75

Note 3. Accounts and Taxes Receivable, Net.................................................... 77

Note 4. Loans Receivable and Loan Guarantee Liabilities, Net ........................ 78

Note 5. Inventories and Related Property, Net .................................................. 81

Note 6. Property, Plant, and Equipment, Net..................................................... 83

Note 7. Debt and Equity Securities.................................................................... 85

Note 8. Investments in Government-Sponsored Enterprises ............................. 88

Note 9. Other Assets.......................................................................................... 91

Note 10. Accounts Payable................................................................................ 92

Note 11. Federal Debt Securities Held by the Public and Accrued Interest ...... 93

Note 12. Federal Employee and Veteran Benefits Payable ............................... 97

Note 13. Environmental and Disposal Liabilities .............................................. 106

Note 14. Benefits Due and Payable ................................................................... 108

Note 15. Insurance and Guarantee Program Liabilities ..................................... 109

Note 16. Other Liabilities .................................................................................. 110

Note 17. Collections and Refunds of Federal Revenue ..................................... 112

Note 18. Contingencies...................................................................................... 115

Note 19. Commitments...................................................................................... 120

Note 20. Funds from Dedicated Collections...................................................... 123

Note 21. Fiduciary Activities............................................................................. 129

Note 22. Social Insurance .................................................................................. 131

Note 23. Long-Term Fiscal Projections............................................................ 150
Note 24. Stewardship Land and Heritage Assets............................................... 155

Note 25. Subsequent Events ............................................................................. 156

Required Supplementary Information (Unaudited)

The Sustainability of Fiscal Policy .................................................................... 158

Social Insurance................................................................................................. 169

Social Security and Medicare .......................................................................... 169

Railroad Retirement, Black Lung, and Unemployment Insurance .................. 192

Deferred Maintenance and Repairs.................................................................... 195

Other Claims for Refunds.................................................................................. 195

Tax Assessments................................................................................................ 196

Federal Oil and Gas Resources.......................................................................... 197

 Federal Natural Resources Other than Oil and Gas .......................................... 199

 

Other Information (Unaudited)

Tax Burden ....................................................................................................... 200

Tax Gap ............................................................................................................. 201

Unmatched Transactions and Balances ............................................................. 202

Required Supplementary Stewardship Information (Unaudited)

Stewardship Investments ................................................................................... 204

Non-Federal Physical Property........................................................................ 205

Human Capital................................................................................................. 205

Research and Development ............................................................................. 205

Appendices

Appendix A: Reporting Entity........................................................................... 208

Appendix B: Acronyms ..................................................................................... 212

U.S. Government Accountability Office Independent Auditor’s Report...... 218

 
List of Social Insurance Charts

 

Chart 1 Number of Covered Workers per OASDI Beneficiary, 1970-2091.... 174

Chart 2 OASDI Income (Excluding Interest) and Expenditures, 1970-2091 175

Chart 3 OASDI Income (Excluding Interest) and Expenditures as a 

Percent of Taxable Payroll, 1970-2091............................................... 176

Chart 4 OASDI Income (Excluding Interest) and Expenditures as a 

Percent of GDP, 1970-2091................................................................ 177

Chart 5 Total Medicare (HI and SMI) Expenditures and Noninterest

Income as a Percent of GDP, 1970-2091........................................... 181

Chart 6 Medicare Part A Income (Excluding Interest) and Expenditures, 

1970-2091 ........................................................................................... 182

Chart 7 Medicare Part A Income (Excluding Interest) and Expenditures as 

a Percent of Taxable Payroll, 1970-2091............................................ 183

Chart 8 Medicare Part A Income (Excluding Interest) and Expenditures as 

a Percent of GDP, 1970-2091 ............................................................. 184

Chart 9 Medicare Part B and Part D Premium and State Transfer Income 

and Expenditures, 1970-2091 ............................................................. 185

Chart 10 Medicare Part B and Part D Premium and State Transfer Income 

and Expenditures as a Percent of GDP, 1970-2091 ............................ 186