consolidatedfinancial statements of the 

united states government 

prototype 

1991 
THE FINANCIAL MANAGEMENT SERVICE 

DEPARTMENT OF THE TREASURY 

The mission of the Financial Management Service is to improve the quality of 

Government financial management. Our commitment and our responsibility is to help 

our Government customers achieve success. We do this by linking program and 

financial management objectives, and by providing financial services, information, 

advice, and assistance to our customers. We serve taxpayers, the Treasury 

Department, Federal program agencies, and Government policy makers. 
consolidated financial statements of the 

united states government 

prototype 

1991 

prepared and published by 

IJepartmC11t of the m8$l11J' b..,-

Finandal Management Service • • • lfl!a 

For sale by the U.S. Government Printing Office 

Superin tendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 

I SBN 0-16-038077-4 
table of 

contents 

discussion 

and 

analysis 

Secretary's Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . 1 

Comptroller General's Statement .................. 2 

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 

Discussion and Analysis ....................... .. 4 

Charts and Graphs: 

Revenues and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . 6 

Major Categories of Assets . . . . . . . . . . . . . . . . . . . . . . 8 

Sources of Funds Provided and Applied . . . . . . . . . . . . 9 

Gross Accounts and Loans Receivable . . . . . . . . . . . . 10 

Federal Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 

Commitments and Contingencies ................. 12 

2 . 13 

consolidated 

financial 

statements 

Statements of Financial Position . . . . . . . . . . . . . . . . . 13 

Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . 14 

Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . 15 

Statements of Budget Receipts and Outlays . . . . . . . . 16 

Statements of Reconciliation of Accrual 

Operating Results to the Cash Basis Budget ..... . 17 
notes to 

financial 

statements 

Summary of Significant Accounting Policies ....... 19 

Cash ....................................... 20 

Other Monetary Assets. . . . . . . . . . . . . . . . . . . . . . . . . 20 

Accounts and Loans Receivable . . . . . . . . . . . . . . . . . 21 

Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 

Property, Plant, and Equipment ........... ....... 22 

Investments in International Organizations . . . . . . . . . 23 

Financial Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 

Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 

Checks Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 

Unearned Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 

Debt Issued Under Financing Authority . . . . . . . . . . . 23 

Pensions and Actuarial Liabilities . . . . . . . . . . . . . . . . 25 

Financial Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 

Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 

Accumulated Position. . . . . . . . . . . . . . . . . . . . . . . . . . 28 

I...eases ..........•......••..•••••.......••... 29 

Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 

Commitments and Contingencies. . . . . . . . . . . . . . . . . 30 
supplemental tables 

Audited Financial Statements. . . . . . . . . . . . . . . . . . . . 31 

Independent Accountants' Report. . . . . . . . . . . . . . . . . 32 

Accounts and Loans Receivable by Agency . . . . . . . . 36 

Aging Schedule of Accounts and Loans Receivable. . 36 

Summary of Federal Debt Outstanding . . . . . . . . . . . . 37 

Commitments and Contingencies. . . . . . . . . . . . . . . . . 40 

Additions to Non-Federal Economic Resources .. . .. 42 

Estimates for Tax Expenditures in the Income Tax. . . 44 

Outlays for Mandatory and Related Programs. . . . . . . 45 

Federal Obligations ........................... 46 

Notes to Supplemental Tables .................. . 47 
cfs statement 

from the secretary of the treasury ... 

THE SECRETARY OF THE TREASURY 

WASHINGTON 

Statement of the Secretary of the Treasury 

The Department of the Treasury is pleased to present this set of 

Consolidated Financial Statements prepared by the Financial 

Management Service. These unaudited prototype statements provide 

summary Information on the financial position and the results of the 

Government's operations on an accrual basis. 

In FY 91, the CFOs Act was the motivating force behind agency 

activities to prepare more reliable and useful financial information to aid 

decision-makers. Several key agencies and Government corporations 

issued Fiscal Year 1990 audited financial statements. Among these were 

the Department of Labor, Social Security Administration, and the General 

Services Administration. Twenty-seven Government corporations also 

covered by the Act issued audited financial statements for the same fiscal 

period. 

Recently the Federal Accounting Standards Advisory Board, whose 

formation I endorsed, began work on recommending accounting standards 

for the Government. In November 1991, the Board issued its first exposure 

draft "Financial Resources, Funded Liabilities, and Net Financial 

Resources of Federal Entities•. Plans for 1992 include releases on user 

needs and reporting objectives, direct loans and loan guarantees, 

inventories and unfunded liabilities. 

Those actions reflect the Administration's commitment to develop audit 

quality financial statements. Treasury participates fully in the standard 

setting process and is working closely with 0MB to improve Federal 

financial reporting and achieve basic integration of our financial data bases. 

I expect to see oontinued progress in these areas. Decision-makers 

need more useful and reliable information to evaluate financial and 

program performance. I hope that we can make these consolidated 

statements more useful to you in the years ahead as improvements are 

made in the quality, form and content of agency financial statements. 

2dl.Nll:. F~ 

1 
2 statement 

from the comptroller general ... 

STATEMENT OF THE COMPTROLLER GENERAL 

OF THE UNITED STATES 

Democratic governments are held accountable at the ballot box. !=or this 

accountability to be meaningful, citizens must have access to information by 

which to judge the performance of their government. The accountability 

process must start with information about the policies that the government 

intends to pursue and the results it expects to achieve through those 

policies. This is information that should be contained in the government's 

budget, but is not in all respects. The second stage of accountability requires 

information about the results that were actually achieved, as opposed to 

those that were anticipated. Here, as in the budget, the currently available 

reporting is seriously deficient. Performance reports are largely unavailable 

and are of dubious reliability when produced. Our audits reveal major 

discrepancies. Solutions will require the development of appropriate 

accounting standards, the installation of modern accounting systems, and 

the introduction of effective performance measurement systems. Solutions 

are being sought under the auspices of the 1990 Chief Financial Officers 

(CFO) Act, but they will take time to implement. 

In the meantime, some information is being provided to citizens through 

the Treasury's prototype consolidated financial statements of the United 

States. Because of the factors mentioned above, these 1991 financial 

statements have limitations, both as to their reliability and their content. As 

with earlier prototype reports, we have not audited the accompanying 

financial statements, and accordingly, we do not express an opinion on them. 

We continue to work closely with 0MB and the Treasury to formulate and 

publish financial statements for the U.S. government agencies which will be 

useful to the Congress, the various governmental agencies themselves, and 

the citizens of our nation. We have made some progress since the CFO Act 

was passed. I look forward to the day when these statements form the basis 

for fully reliable and informative consolidated financial statements of the 

United States. 

~IJ. 

Char1es A. Bowsher 

cfs 
cfs discussion and analysis 

discussion and analysis 

Introduction 

This report represents 

an ongoing effort to 

indicate the status of the 

U.S. Government's 

financial management. 

The 1991 Consolidated 

Financial Statements 

(CFS) reflect a long-term 

effort to improve the 

credibility and reliability of 

Government financial 

reporting. 

More and more, 

Government agencies are 

working together with the 

Department of the 

Treasury's Financial 

Management Service 

(FMS) to compile and 

publish accurate financial 

data. FMS anticipates 

continued improvements 

in the financial reporting 

process. 

This publication is 

further enhanced by 

comparing agencysubmitted data with 

available audited financial 

statements. Variances are 

questioned by FMS so 

that the data published 

herein provide the best 

reflection of the finances 

of each agency. 

In addition, the public 

accounting firm of Arthur 

Andersen & Co. reviewed 

FMS procedures for 

compiling data. Their 

views are presented on 

page 32. 

The 1991 CFS provides 

the most reliable data to 

date on the financial 

condition of the U. S. 

Government. Significant 

highlights are captured in 

the charts and graphs that 

follow. 

3 
4 discussion and analysis cfs 

Economic and Budget Results in Fiscal 1991 

Fiscal 1991 proved 

to be a difficult year for 

the U.S. economy, 

which was jolted by an 

oil-price shock following 

the Iraqi Invasion of 

Kuwait, and was further 

disrupted by a major 

military effort that 

culminated In the 

successful Desert 

stonn operation. 

Following a record 

peace-time expansion 

and In the wake of the 

Mlddle East flare-up, 

the economy moved 

Into a mild recession 

with real Gross 

Domestic Product 

(GDP} declining during 

the flnal quarter of 

flscal 1990 and in the 

first two quarters of 

1991. The 

unemployment rate 

rose by about one full 

percentage point during 

that span. 

Growth resumed in the second half 

of the fiscal 1991, but at a pace that 

was quite modest by standards of past 

recoveries. 

For the entire fiscal year 1991, real 

GDP declined by nearly 1-1 /4 percent 

from the average for fiscal 1990. Falling 

output was associated with declining 

real Incomes. Personal income edged 

down in the fiscal year after adjustment 

for inflation, while taxable corporate 

profits were about flat in nominal tenns. 

Weakness in economic activity 

contributed to a widening of the ~ederal 

budget deficit to $269.5 billion.1 This 

was a record in dollar tenns, though 

measured as a share of GDP the figure 

of 4.8 percent was well short of the 

post-World War II high of 6.3 percent, 

I I I I I 

which was reached in fiscal 1983 when 

the economy was emerging from a 

severe recession. 

Reflecting the impact of the 

recession on taxable incomes, Federal 

receipts rose by only 2.2 percent in the 

fiscal year, the smallest increase for any 

year since 1983. 

Outlays increased by 5.8 percent. 

That figure reflected some special 

factors, most notably foreign 

contributions to the Desert Shield/Stonn 

operations of more than $43 billion 

(treated as negative outlays in the 

accounts). Also, deposit insurance 

outlays to shore up financial institutions 

rose by 14 percent to $66 billion. Excluding those two items and also 

adjusting for the unusual timing of some 

spending, total outlays rose by 8.4 

1 The receipt, outlay, and dofic~ figuree d~fer from the 1993 Budget Supplement released by the Office of Management and Budget on Jan. 29, 

1992, by a net cl $746 million, due mainly to revisions in data following the release of the •Final September 1991 Monthly Treasury Statement.' 
cfs 

percent in fiscal 1991 from the prior 

fiscal year--the largest year1y increase 

on that adjusted basis In 6 years. 

Softness in economic activity 

contributed to the increase in outlays, 

about one-half of which was for "safety 

net• programs such as Medicare, 

Medicaid, other health functions, 

unemployment insurance benefits, 

other Income support, and human 

development. Social Security 

represented another one-fifth. 

The downturn in the economy and 

the unanticipated ballooning of deposit 

insurance outlays were largely 

responsible for the much wider deficit in 

fiscal 1991 than the $63 billion 

projected In the original fiscal 1991 

budget submission of January ·t 990. 

More recent developments 

The expansion of economic activity, 

which got underway in the second half 

of fiscal 1991, has continued so far into 

the current fiscal year, though at a pace 

well below that of a typical economic 

recovery. A slower than normal 

expansion did not come as a surprise. 

Even as the economy was pulling out of 

recession, forecasters in the private 

sector as well as those in the 

Administration were projecting a 

sub-par recovery. 

Among forces that pointed to a 

moderate rate of recovery were: 

fragilities In the financial system, 

including the need for banks to build 

capital; sharp cutbacks in the defense 

sector; earlier over-building of 

commercial structures; financial 

constraints facing State and local 

governments; stretched balance ~eats 

of many households and corporations; 

demographic changes that are . 

dampening demand for housing units 

and for many consumer durables; and 

competitive pressures, which have 

forced further restructuring of the 

Nation's Industrial sector, and the 

extension of those pressures to the 

service sector of the economy. 

Improvement is evident, however. 

Since reaching a low in the winter of 

1991, real economic activity has 

increased for five straight quarters. The 

annual rate of advance of real GDP of 

2.2 percent in the first half of calendar 

1992 was almost double that of the 

initial three quarters of this recovery. 

discussion and analysis 

Most disappointing has been a 

continued rise in the rate of 

unemployment, bolstered by an influx of 

job seekers in the the labor market, 

apparently in response to the view that 

job prospects have Improved. 

Among more recent budget 

developments, estimates of the deficit 

for fiscal 1992 have been sharply 

reduced, largely reflecting lower 

spending for deposit insurance than 

earlier projected. 

In its "Mid-Session Review of the 

1993 Budget,• the Administration 

marked down its estimate of the fiscal 

1992 deficit to $333.5 billion from the 

$400 billion projected last January. 

The period ahead 

The foundation is being laid for a 

more favorable economic performance 

in the period ahead. 

Interest rates have fallen sharply, 

including a drop to a 19-year low for 

fixed-rate mortgages. Inflation has 

eased significantly--to a rate of just over 

3 percent measured over the past 12 

months by the Consumer Price Index. 

Dramatic gains in the first quarter of 

calendar 1992 in profits of both financial 

and nonfinancial corporations provide 

evidence that the restructuring process 

is beginning to produce solid results. 

The more favorable economic climate 

has led businesses to plan increases in 

capital outlays of 6 percent in real terms 

in 1992. 

This more favorable outlook has led 

the consensus of private forecasters to 

place growth in the 3 percent range in 

the second half of calendar 1992. They 

expect it to continue at that pace during 

1993. The new Administration forecast 

underlying the 'Mid-session Budget 

Review• is in line with that private 

consensus. 

To assure that the expansion stays 

on a solid footing, the Administration is 

undertaking even more vigorous efforts 

to obtain passage of the gro~h aQenda 

proposed this past January, including 

incentives for home purchase; 

measures to encourage saving, 

investment, and entrepreneurship; 

education reforms; and support for 

families. 

5 
6 discussion and analysis 

Revenues and Expenses 

The following graphs show 

revenues and expenses 

for fiscal 1989 through 1,450 

1991 , and the major 

categories of revenues by 1 ,400 

source and expenses by 

agency for fiscal 1991 and 1,350 

1990. Revenues levied 

under the Government's 1,300 

1,250 

1,200 

1,150 

1,100,~-

cfs 

(In billions of dollars) 

Expenses 

Revenues 

sovereign power are 

reported on the cash 

basis. Amounts earned 

through Government 

business-type operations 

and the data supporting 

the graph of expenses by 

agency are reported on the 

accrual basis. 1,oso_._ __________ ..., 

1989 1990 

Revenues and Expenses Fiscal 1989-91 

(In billions of dollars) • 1989 

• 1990 

• 

Revenues Expenses 

1991 

1,600 

1,400 

1,200 

1,000 

800 

600 

400 

200 

0 
cfs 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

Major 

discussion and analysis 

Revenues and Expenses, continued 

(In billions of dollars) 

1991 1990 

-• 

0 Sources of Other 

Revenues 

Individual Social Insurance Buslneas-type 

Income taxaa and operations 

tax•• contributions 

Corporate 

Income 

!axe• 

Major Categories of Expenses 

400 

350 

300 

250 

200 

150 

100 

50 

0 

(In billions of dollars) 

1991 1990 

1111 ~ 

Department HHS, Social HHS, except lntereat Independent Veterans Agriculture Other 

ol Del'enH Security Social agencies Affairs 

Security 

7 
8 discussion and analysis cfs 

Major Categories of Assets 

Assets are resources owned by the Federal Government that are available to pay 

liabilities or to provide public services in the future. The following chart is derived from 

the Statements of Financial Position and depicts the major categories of assets for fiscal 

1991 as a percent of total assets. The components for each of these major categories 

are contained in Notes to Financial Statements. 

Major Categories 

of Assets 

Fiscal 1991 

$1,393.7 billion total 

Inventories 

9% 

Receivables 

15% 

Cash & other 

monetary assets 

11% 

Property & equipment 

43% 

Investments & 

Assets, Liabilities, and Accumulated Position 

The following graph depicts assets, liabilities, and accumulated position reported in the 

Statements of Financial Position for fiscal 1989 through 1991. 

5,000 Assets, 

4,000 Liabilities, 

3,000 and 

2,000 Accumulated 

1,000 Position, 

0 Fiscal 1989-91 

-1,000 (In billions of dollars) 

-2,000 - Assets 

-3,000 - Liabilities 

-4,000 D Accumulated 

1989 1990 1991 position 
cfs discussion and analysis 

Sources of Funds Provided and Applied 

The charts below are derived from the Statements of Operations and the Statements of 

Cash Flows for fiscal 1991 . 

Funds Provided 

Individual income taxes 

Corporate Income taxes 

Social Insurance taxes/ 

contributions 

Other taxes 

Government business-type 

operations 

Borrowing from the public 

Increase in other liabilities 

0 

0 5 10 15 20 25 30 35 40 45 50 55 

Percent 

Percent 

Funds Applied 

Purchases of property & 

equipment 

Increase in inventories 

Increase in 

miscellaneous assets 

Department of Defense 

expenses 

Non-defense expenses 

Interest on debt held by 

the public 

9 
10 

I 

discussion and analysis 

Gross Accounts and Loans Receivable 

Gross 

Accounts 

Receivable 

$110.8 billion total 

The amounts in these 

graphs have been 

summarized from 

Treasury's Report on 

Accounts and Loans 

Receivable Due from the 

Public. This schedule 

reflects all receivables 

reported by Federal 

agencies. 

Funds 

appropriated 

to the 

President 

13% 

Housing and 

Urban 

Development 

10% 

Agriculture 

7% 

Education 

7% 

Labor 

6% Health & 

Human Services 

5% 

Gross 

Loans 

Receivable 

$196.4 billion total 

cfs 
cfs discussion and analysis 

Federal Debt 

1991 

1990 I 

1989 I IJ=======~---1 

1988 

0 500 1,000 1,500 2,000 2,500 3,000 

Federal Debt 

Held by the Public 

Fiscal 1987-1991 

(In billions of dollars) 

For a breakdown of the Federal 

debt, see the tables on 

pages 37-39. 

Interest-========= 

Expense 

Fiscal 1987-1991 

(In billions of dollars) 

Type of Securities 

1,400 

1,200 

1,000 

800 

600 

400 

200 

0 40 80 120 160 200 

1991 

1990 

1989 

1988 

1987 

(In billions of dollars) 

• Notes 

• Bills 

D Bonds 

D Nonmarketable 

D Agency & other 

0 I±::!!!!!!!!!~::::::!::=:£:~~~!!!!=:~:::!:=~ 

1991 1990 

11 
12 discussion and analysis cfs 

Commitments and Contingencies 

For a breakdown of the figures illustrated in these charts, see Commitments and Contingencies of the United States Government for the Years Ended September 30, 1991 and 

1990 on pages 40 and 41 . 

Commitments 

$392.3 billion total 

Undelivered 

orders 

96% 

Contingencies 

(Maximum exposure) $5,242.9 billion total 

Unadjudicated claims 

& other contingencies 

3% 

Government loan & 

credit guarantees 

11% 
cfs consolidated financial statements 

consolidated financial statements 

United States Government 

Consolidated Statements of Financial Position, 

as of September 30, 1991 and 1990 

(In billions of dollars) 

Assets 1991 

Cash .. ... . . . .. ... . . .... ... ... . ... ......... . .. . ..... ..... . 41.5 

Other monetary assets . . ... ... . . ... . ... .... . . . ..... . . . . . . . .. . 118.6 

Accounts receivable, net of allowances . . ....... . ... .. .. .... . ... . 57.4 

Inventories, net of allowances ... .. . .. . . . ... . .. . ....... . . .. .. . . . 127.8 

Loans receivable, net of allowances ....... . ... . ......... . ... . . . . 147.9 

Property, plant, and equipment net of accumulated depreciation .. . .. . 600.3 

Investments in international organizations . ...... . ......... . .. ... . 26.7 

Deferred retirement costs ............... .. ...... . .. ... ....... . 25.2 

Financial assets .. .. . . ....... ... . . .. .... ... . . ... .. . . ... . ... . 83.1 

Other assets . .. . ... . .. .. . . ... . . ... ... .. .......... . . ..... . . . 165.2 

1,393.7 Total a989ts .•..•..•••......••••••. •••• . . •... •• ..•. ••• .• =:::::::====== 

Liabilities 

Checks outstanding . . ........ . .. . ... . . .. .. . . . . . . . . .. . ..... . . 34.4 

Accounts payable . . .. .. ... ...... ... . . ... . . . . . . . . .. ... ... . .. . 99.6 

Interest payable .. . . .... ....... . ..... ...... . . . . . .. . . .. . . . .. . 43.6 

Accrued payroll and benefits ......... . . . .. . .... . . . . . . . . ...... . . 18.2 

Unearned revenue . .... . .. ... . .. ..... ... . ... .. . . ...... ..... . 66.7 

Debt issued under financing authority .. .. . .. . .. ....... . .. .. .. . . . . 2,687.2 

Pensions and actuarial liabilities ... . .... . .. . . .. . . ... ...... ... . . . 1,483.2 

Financial liabilities . . .. .. ... .. .... .. . . . ... .. .. ...... .. .. . . . . . . 47.4 

Other liabilities . . . .. .... ...... .. . ... . . ... .... .... . . ... . . .... . 59.8 

Total llablllUea ..................... . . .................. . 4,540.1 

Accumulated position ............... . ........... . -3,146.4 

The &COO!Tl)anying notes are an integral part of these statements. 

1990 

40.2 

135.6 

93.6 

121 .8 

173.0 

540.2 

25.2 

21.4 

52.9 

179.3 

1,383.2 

48.7 

97.9 

48.2 

17.6 

62.3 

2,410.4 

1,421 .1 

82.5 

64.4 

4,253.1 

-2,869.9 

13 
14 consolidated financial statements 

United States Government 

Consolidated Statements of Operations 

for the Years Ended September 30, 1991 and 1990 

(In billions of dollars) 

Revenues 1991 

Levied under the Government's sovereign power: 

Individual income truces .. . ...... . .......................... . 467.8 

Corporate income taxes ...... . ..................... .. . .... . . 98.1 

Social insurance truces and contributions .... . ........ .. ....... . . 396.0 

Excise taxes .. . . . . . .. . ... .. ... . . ..... . .. ... ... ........... . 42.4 

Estate and gift truces ............. . .... . .. .. .. . ........ ..... . 11 .2 

Customs duties .. . .... . ....... .. . . . .. . .............. . ..... . 15.9 

Miscellaneous ....... .. ... . ....... . ....... .. ... .. . .... . .. . . 22.9 

1,054.3 

Earned through Government business-type operations: 

Safe of goods and services ............................ . ... . . 82.8 

Interest ...... .. .. ..... . ... . ... .. ... . ... . .. ...... . .... . .. . 14.5 

Other ...... .. . . ........................................ . 7.3 

Total revenues ............... . . . ....... ... .. . ... . . . ... . . 1,158.9 

Expenses by agency 

Legislative branch . . . . .. .. ............. .. ...... . ........ .... . 1.9 

Judicial branch . .. .. ....... . ... .... . ... .. .. .. . . . .. . .. ...... . 1.7 

Executive branch: 

Executive Office of the President ..... . ............ .. .. .. ..... . .2 

Funds appropriated to the President . . ......... . . . .. . ......... . 27.2 

Departments: 

Agriculture .. . ........... ...... ................. . . ...... . 47.6 

Commerce . ....... .... ........ . ...... .. . ....... . .. . ... . . 3.8 

Defense (military) . ..... . . .. . . ... . .. . ... . . .. ... . .. .. . .... . . 328.3 

Defense (civil) .......... . ...... . .. .... .. . .. . ... .. .... . . . . 34.3 

Education . .. ...... . ... ......................... .. ...... . 19.0 

Energy . ..... . .. . ...... . . . ......... . ...... . .. ... . ... . . . . 16.4 

Health and Human Servioes, except Social Security .... .... .. . .. . 174.4 

Health and Human Servioes, Social Security . . . .. ..... ...... . . . 242.6 

Housing and Urban Development . ...... . .... ... ............ . 23.6 

Interior ................ . ..... . ........ .... .. .. .. ...... . . 8.5 

Justice . . . . .. ........ .. . ... .. . .... . .... .. ........... . .. . 9.9 

Labor ......... .... ......... .. . ........... ... .......... . 33.0 

State .. . ...... . .. . ........ . ....... .. .. . .... ..... . ...... . 5.5 

Transportation .. . .. . .................. . ...... . ... . . ... .. . 30.0 

Treasury: 

Interest on debt held by the public ..... . ..... . ............ . . . 210.8 

Other ....... . ..... .. . .. ........ . .. ........... ... . ... . . 21 .0 

Veterans Affairs ....... ..... ... . . . . . .......... . ..... . .... . 29.3 

Independent agencies ....... . .. .. ...... . . ..... ...... . . . .. . 153.4 

Total expenses ...... ... ...................... .......... . 1,422.4 

Excess of expenses over revenues ................ . -263.5 

The accolJ1)anying notes are an integral part of these statements. 

cfs 

1990 

466.9 

93.5 

380.0 

35.4 

11 .5 

16.7 

27.3 

1,031.3 

77.0 

13.5 

9.2 

1,131.0 

1.5 

1.4 

.2 

17.2 

46.0 

5.2 

300.0 

23.9 

22.2 

16.0 

156.2 

235.0 

23.1 

7.3 

7.9 

31 .3 

4.8 

27.2 

198.7 

22.8 

80.6 

181.7 

1,410.2 

-279.2 
, 

cfs consolidated financial statements 

United States Government 

Consolidated Statements of Cash Flows 

for the Years Ended September 30, 1991 and 1990 

(In billions of dollars) 

Cash flows from operating activities 

Expenses in excess of revenues ....................... . ... . 

Adjustments to reconcile expenses in excess of revenues for the 

year to net cash used in operations: 

Noncash items: 

Depreciation . .. . . . . .... . . ... ....... ............ . . . .. . 

Decrease/Increase in the value of gold ............... .. ... . 

Allowances for doubtful accounts .. .. .................... . 

Additions to accounts receivable, net of collections ............ . 

Increase of inventories . .. . ......... .......... ........... . 

Increase in deferred retirement costs ..... . .. . .. . .... . ...... . 

Increase in financial assets . ...... .... . .. ... . .. . . .... .. . . . 

Decrease/increase in other assets . .. ............ . ......... . 

Decrease in checks outstanding .. . .. . ... .. . . .... .... ..... . 

Increase in accounts payable .... .. ... . . ......... .. .. . ... . . 

Decrease/increase in interest payable ..... ............ ... . . . 

Increase in accrued payroll and benefits .... ....... . ... . .... . 

Increase in unearned revenue . .. .. ... . . ...... . . . . . .. . . ... . 

Increase in pensions and actuarial liabilities .... . ... .. . ... . . . . 

Decrease/increase in financial liabilities .. ... .... . . ... . . ..... . 

Decrease/increase in other liabilities . .. . . .... .. ......... . .. . 

Total adjustments .. .. .. . .... . ...... . ......... . ....... . 

Net C88h used In operating acUvltles ................... . 

Cash flows from investing activities 

Changes in property and equipment ... . ... ...... ........... . 

Investment in international organizations .. .. ....... . ......... . 

Additions to gross loans receivable .. ... .................... . 

Repayments and reclassifications of loans receivable ....... .... . 

Net cash used In Investing actMtles . . .................. . 

Total net cash used 

Total net cash used In operating and Investing activities ....... . 

Cash flows from financing activities 

Debt issued ... . ..... . .... .... .... . . .. .......... . .. . . . . . . 

Net cash provided by financing activities .••.............. 

Net decreasenncrease In cash and other monetary assets ..... . 

Cash and other monetary assets, beginning of year •..•...•.... 

Cash and other monetary assets, end of year 

The acoorrpanying notes are an integral part of these statements. 

1991 

-263.5 

57.5 

-13.0 

101.9 

-17.2 

-6.0 

-3.8 

-30.2 

14.1 

-14.3 

1.7 

-4.6 

.6 

4.4 

62.1 

-35.1 

-4.6 

113.5 

-150.0 

-117.6 

-1 .5 

-31 .1 

7.7 

-142.5 

-292.5 

276.8 

276.8 

-15.7 

175.8 

160.1 

1990 

-279.2 

57.7 

9.8 

53.3 

-18.0 

-44.5 

-.4 

-40.9 

-10.2 

-5.7 

11 .2 

6.8 

3.1 

3.9 

126.0 

58.9 

14.1 

225.1 

-54.1 

-115.5 

-1 .5 

-36.5 

-2.3 

-155.8 

-209.9 

220.1 

220.1 

10.2 

165.6 

175.8 

15 
16 consolidated financial statements cfs 

United States Government Consolidated 

Statements of Budget Receipts and Outlays 

for the Years Ended September 30, 1991 and 1990 

(In billions of dollars) 

1991 1990 

Actual 1 Budget 2 Budget 3 Actual Budget 4 Budget 5 

Budget recei~ts 7/15 2/4 7/16 1/29 

Individual income taxes .... . 467.8 481 .9 492.6 466.9 476.1 489.4 

Corporate income taxes ..... 98.1 98.5 95.9 93.5 98.2 112.0 

Social insurance taxes and 

contributions ....... . ..... 396.0 395.1 402.0 380.0 380.1 385.3 

Excise taxes .. .. .... ... . .. 42.4 42.3 44.8 35.4 36.7 36.2 

Estate and gift taxes .. . ... . . 11 .2 11 .5 12.2 11 .5 10.7 9.3 

Customs duties ............ 15.9 17.0 17.7 16.7 16.9 16.8 

Miscellaneous receipts . ..... 22.9 22.4 26.2 27.3 25.5 24.4 

Total budget receipts ... 1,054.3 1,068.7 1,091.4 1,031.3 1,044.2 1,073.4 

Budget outla~s 

Legislative branch .... .... . . 2.3 2.6 2.5 2.2 2.3 2.3 

Judicial branch . ..... . ... . . 2.0 2.1 2.1 1.7 1.7 1.7 

Executive Office of the 

President .... . .......... .2 .3 .3 .2 .2 .2 

Funds appropriated to the 

President . . ........ .. .. . 11.7 12.1 11 .3 10.1 10.7 9.2 

Departments: 

Agriculture . .. .. . . ... . .. . 54.1 55.9 55.4 46.0 47.5 48.2 

Commerce ........... . .. 2.6 2.8 2.8 3.7 3.9 3.9 

Defense ... . ..... . ...... 288.5 288.6 313.9 314.7 315.0 311 .5 

Education . ........ .. . . .. 25.3 24.6 24.8 23.1 22.9 22.3 

Energy ... . ... . .. .. .. ... 12.5 13.5 13.5 12.0 12.3 12.3 

Health and Human Services, 

except Social Security ... . 218.0 225.2 222.4 193.7 192.4 191 .2 

Health and Human Services, 

Social Security .. .. ...... 266.4 263.3 263.8 245.0 244.9 244.6 

Housing and Urban 

Development . ....... . .. 22.8 23.5 23.5 20.2 21.4 22.8 

Interior ..... ...... . ... . . 6.1 6.4 6.4 5.8 6.1 5.8 

Justice . . .... . .... .. ... . 8.2 8.7 8.7 6.5 7.0 6.9 

Labor ....... . . ... .. .... 34.0 34.6 34.5 25.3 25.5 24.9 

State ...... . ..... ... .. . . 4.3 4.5 4.3 4.0 3.8 3.8 

Transportation . . ..... .... 30.5 30.8 30.8 28.6 28.5 28.3 

Treasury ... . ... .. .. . .. . . 276.9 275.7 277.0 255.3 252.4 247.2 

Veterans Affairs ... ....... 31 .2 31.6 31.3 29.0 29.3 28.7 

Independent agencies . . ... . 136.0 153.9 189.6 123.7 134.3 78.7 

Undistributed offsetting 

receipts .... . .. . .. ... .. . . -110.6 -109.8 -109.4 -99.0 -97.8 -97.3 

Total budget ouUays .... 1,323.0 1,350.9 1,409.5 1,251.8 1,264.3 1,197.2 

Total budget deficit . ... -268.7 -282.2 -318.1 -220.5 -220.1 -123.8 

The accompanying notes are an integral part of these statements. 1 The receipt and outlay figures may differ from the fiscal 1993 

3 Fiscal 1992 budget, released Feb. 4, 1991. 4 Mid-session review of the fiscal 1991 budget, released July 16, 

Budget of the U.S. Government by sman amounts, mainly due to 1990. 

rounding. There is no effect on the total budget deficn. 5 Fiscal 1991 budget, released Jan. 29, 1990. 2 Mid-session review d the fiscal 1992 budget, released July 15, 

1991 . 
• 

cfs consolidated financial statements 

United States Government Consolidated Statements 

of Reconciliation of Accrual Operating Results 

to the Cash Basis Budget for the Years 

Ended September 30, 1991 and 1990 

(In billions of dollars) 

1991 1990 

Excess of expenses over revenues (current-period 

results on accrual basis) ..................... . 263.5 279.2 

Additions 1 

Changes in property and equipment .. .. ... .. .. . ... ... ... .. . . 117.6 115.5 

Net loan disbursements .. .. ... . . ............. . . .. . ... .. . . . 5.0 18.0 

Seigniorage . .... . ..... . . . ........ . .... . ..... .. . ...... . . .4 .5 

Total additions .. .................................... . 123.0 134.0 

Deductions 2 

Increases in actuarial liabilities ... ... . . . ..... . .. . .. . ........ . 62.1 126.0 

Increase in allowances . .. . .. ... .. .. . .... ........ . . . .. . ... . 48.8 6.1 

Depreciation expense . .. ... .. . ........ . ... . . .... . ... .. ... . 57.5 57.7 

Net accrual adjustments .. . . ...... . . ... ........ . . . . ... •.... -50.6 2.9 

Total deductions .................................... . 117.8 192.7 

Reported budget outlays over receipts (cash basis) 268.7 220.5 

The accompanying notes are an integral part of these statements. 1 Add~ion of ~ems that are not included as expenses in accrual 

operations resutts, but are included in the cash basis budget 

2 Deduction of rtems that are included as expenses in accrual operating results but not included in the cash budget. 

17 
' 

cfs notes to financial statements 

notes to financial statements 

1. Summary of significant accounting policies 

Reporting entities 

The CFS reports on the legislative, 

judicial, and executive branches of the 

Federal Government and includes 

Federal Government corporations (see 

the U.S. Government organizational 

chart on the Inside back cover). 

Significant intragovernmental 

transactions were eliminated in 

consolidation. 

Federal Reserve banks were 

excluded because they operate 

independently and are owned by 

member banks through the Issuance of 

stock. Certain congressional activities 

were also excluded as were privately 

owned Government-sponsored 

enterprises, such as the Federal 

National Mortgage Association. 

Basis of accounting policies 

The data presented in this report are 

unaudited and should be read in 

conjunction with available audited 

financial statements from the 

contributing agencies. 

The Secretary of the Treasury, the 

Director of the Office of Management 

and Budget (0MB), and the Comptroller 

General of the United states--(the Joint 

Financial Management Improvement 

Program (JFMIP) Principals)-

established the Federal Accounting 

standards Advisory Board (FASAB} in 

October 1990. The FASAB 

recommends accounting standards and 

principles for the Federal Government. 

On April 4, 1991 , the FASAB 

submitted a recommendation on interim 

accounting standards for executive 

departments and agencies to use in 

preparing financial statements 

presented for audit. The JFMIP 

Principals have each adopted the 

recommendation. 

The recommendation states: "In 

order to provide a benchmark for 

preparing financial statements 

presented for audit, executive agencies 

shall continue using, on an interim 

basis, the applicable accounting 

standards (i.e., those contained in 

agency accounting policy, procedures 

manuals, and/or related guidance) now 

in effect for the preparation of their 

financial statements, pending FASAB 

recommendations and JFMIP Principals' 

adoption of federal accounting 

standards.• This approach is recognized 

in the preparation of these statements. 

The Statements of Financial Position, 

Operations, and Cash Flows are 

presented on the accrual basis of 

accounting. Some cash inflows and 

outflows, such as debt issued, were 

netted due to the unavailability of 

certain relevant information. 

Principal financial statements 

These consist of the Statements of 

Financial Position, statements of 

Operations, Statements of Cash Flows, 

statements of Budget Receipts and 

Outlays, and Statements of 

Reconciliation of Accrual Operating 

Results to the Cash Basis Budget. 

The Statements of Budget Receipts 

and Outlays display the budget deficit 

on a cash basis. The Statements of 

Reconciliation of Accrual Operating 

Results to the Cash Basis Budget 

present a reconciliation of the operating 

results on the accrual basis to the 

operating results on the cash basis. 

Certain prior year balances were 

reclassified to conform with the current 

year's presentation. 

Fiscal year 

The fiscal year of the U.S. 

Government ends on September 30. 

19 
20 notes to financial statements cfs 

Sources of information 

The fiscal 1991 Statements of 

Financial Position and the Statements 

of Operations were compiled from 

Treasury reports. The Statements of 

Budget Receipts and Outlays were 

taken from the "Monthly Treasury 

Statement.• 

Certain adjustments have been 

made to supplement information 

supplied by the agencies, such as other 

monetary assets, unearned revenue, 

depreciation, other assets, pensions 

and actuarial liabilities, other liabilities, 

and allowance for losses. 

2. Cash 

Cash represents balances of tax 

collections, customs duties, other 

revenues, miscellaneous receipts, 

public debt receipts, and a variety of 

other receipts maintained in accounts at 

Federal Reserve banks and branches 

as well as In the U.S. Treasury tax and 

loan accounts. 

Federal Reserve banks and 

branches act as fiscal agents for the 

Government and report this information 

on a daily basis. 

The tax and loan accounts refer to 

accounts of special depositaries. These 

special depositaries hold the proceeds 

of certain tax payments and public debt 

sales until the funds are needed at the 

Federal Reserve banks and branches. 

They are then used to fund cash 

disbursements from Treasury's general 

account. 

Other Monetary Assets 

(In billions of dollars) 

Cash includes the value of 

outstanding checks, which are 

accounted for as liabilities ("outstanding 

checks") when issued. As the checks 

clear, the cash balance is reduced and 

the corresponding liability amount of 

outstanding checks is also reduced. 

See note 10, page 23. 

3. Other monetary assets 

Gold 

Gold is valued at market for fiscal 

1991 and 1990. The market value 

represents the price reported for gold on 

the London fixing, and is based on 

261,997,505.105 and 261,900,961 .817 

fine troy ounces as of September 30, 

1991 and 1990, respectively (as 

reported by Treasury's general ledger). 

The statutory price of gold is $42.2222 

per ounce. 

International Monetary Fund 

special drawing rights 

The value is based on a weighted 

average of exchange rates for the 

currencies of selected member 

countries. The value of a special 

drawing right was $1 .368 and $1 .393 as 

of September 30, 1991 and 1990, respectively. 

Accountability for cash and other 

assets held outside the Treasury 

This item is composed of amounts 

held by Government collecting and 

disbursing officers, agencies' 

undeposited collections, and 

unconfirmed deposits, including cash 

transfers. 

Sept. 30, Sept. 30, 

1991 1990 

Gold (at market value of $354.90 per ounce as of 

Sept 30, 1991, and $404.75 as of Sept. 30, 1990) 93.0 106.0 

Special drawing rights .... . ..... . ........... . 10.7 10.7 

U.S. reserve position in the International Monetary 

Fund .. .......... .... .. .. ... . . . ........ . 9.1 8.9 

Accountability for cash and other assets held outside the Treasury ... ..... .... . .... . ...... . 2.9 8.1 

Other U.S. Treasury monetary assets ... . . . .... . 2.6 1.7 

Nonpurchased foreign currencies .. .... . . ... .. . .3 .2 

Total other monetary assets . ...... . 118.6 135.6 
• 

cfs notes to financial statements 

4. Accounts and loans receivable 

All 

receivables in 

the Statements 

of Financial 

Position are 

shown net of 

allowances for 

doubtful 

accounts. 

Receivables 

exclude 

lntragovemmental 

amounts. 

Summary of Net Accounts and Loans Receivable 

Accounts receivable Loans receivable 

(In billions of dollars} 1991 1990 1991 1990 

Beginning balance, Oct. 1. ..... ... 93.6 87.9 173.0 175.2 

Additions to receivables. . . . . . . . . 104.1 99.4 31.1 36.5 

Repayments and reclassifications. -86.9 -81.4 -7.7 2.3 

Allowances for doubtful accounts 1 -53.4 ~ -48.5 -41 .0 

Ending balance, Sept 30. . . . • . . • ~ ~ 147.9 173.0 

1 See aupplemental tables for further information, page 36. 

5. Inventories 

Product or service components 

contain amounts reported In 

goods-for-sale, work-in-progress, and 

raw materials. 

Agencies use a wide variety of 

methods to value inventories (e.g., 

first-in-first-out, last-in-first-out, latest 

acquisition cost, and weighted or moving 

averages). Department of Defense 

(DOD) policy requires use of the latest 

acquisition cost method of valuation. 

If an item of inventory is either not 

repairable or no longer applicable to 

DOD's needs, then the item will be 

valued at its anticipated net realizable 

cash value as either scrap or surplus 

material offered for sale to the public. 

Defense reclassified approximately 

$132.9 billion of inventories to other 

assets and construction in progress. 

The major areas of change were in 

operating consumables, and product 

and service components of $78.3 billion 

and $45 billion, respectively. The 1990 

inventory was reclassified by $139 

billion to reflect comparable amounts. 

Inventories 

Sept 30, Sepl 30, 

(In billions of dollars} 1991 1990 

Operating 

consumables ..... 57

.0 42

.2 

Product or service 

components ..... . 7.3 16

.5 

Stockpiled materials . 60

.9 59.3 

Other ... ..... .... . 2.6 

3.8 

Total Inventories . .. 127.8 121.8 

70 

60 

50 

40 

30 

20 

Inventories by Major Agency 

1991 

Ill 

Defense Energy Agriculture Other 

(In billions of dollars) 

21 
22 notes to financial statements cfs 

6. Property, plant, and equipment 

Property, Plant, and Equipment 

(In billions of dollars) 

Buildings, structures, facilities, and leasehold 

improvements . . . . . . . . . . . . . . . . . . ........ . 

Military equipment. . .... . .. .. . . . .... ..... .. . 

Equipment ..... ....... .. ... . .. ... .. ..... . 

Construction-in-progress ... . .... . . . . .. . . ... . 

Land . .. .. ... . ..... . . . ... .. ... .... . . . .. . . 

Other . . . . ... .. . .. .. . ... . . ... .. .... . . . .. . . 

Subtotal. .. ..... . . .. ...... . . .. . . .. . .... . 

Less accumulated depreciation ............ . 

Total property, plant, and equipment 

"Other" includes automated data 

processing software, assets under 

capital lease, and other fixed assets that 

have been capitalized. The amounts 

shown for fiscal 1991 and 1990 are 

reported at cost. 

Land purchased by the Federal 

Government is valued at historical cost. 

The land acquired through donation, 

exchange, bequest, forfeiture, or judicial 

process is estimated at amounts the 

Government would have paid if 

purchased at the date of acquisition. 

No value has been assigned to the 

Outer Continental Shelf and other 

offshore lands. More than 662 million 

acres of public domain land have been 

assigned a minimal value of $1 per 

acre, and are included in the total land 

amount. 

Depreciation accounting is 

encouraged for all depreciable fixed 

assets, but only business-type 

operations are required to report 

depreciation in their financial 

statements. 

Accumulated depreciation netted 

against property, plant, and equipment 

Sept. 30, Sept. 30, 

1991 1990 

202.4 195.2 

582.2 559.5 

53.2 77.7 

145.8 85.0 

14.7 12.6 

16.2 18.5 

1,014.5 948.5 

414.2 408.3 

600.3 540.2 

shown in the Statements of Financial 

Position is estimated using the 

straight-line method applied to the total 

of reported depreciable assets. The 

useful lives for each classification of 

asset are: 

Buildings . . . . . . . . . . . . . . . . . 50 years 

Structures and facilities. . . . . . 21 years 

Ships and service craft . . . . . . 13 years 

Industrial equipment in plant. . 13 years 

All other assets . . . . . . . . . . . . 13 years 

Accumulated depreciation reported 

by Federal agencies in their statements 

for business-type operations amounted 

to $48.8 billion and $45 billion for fiscal 

1991 and 1990, on assets of $160.9 

billion and $159.7 billion, respectively, 

and is included in overall estimates on 

the straight-line method as referred to in 

the previous paragraph. Agencies used 

the straight-line method 77 percent of 

the time. Capitalization policies varied 

with minimum thresholds in the range of 

$200 to $5,000. 
cfs notes to financial statements 

7. Investments in 

international organizations 

This Item represents the 

Government's capital investment In 

International organizations on a cost 

basis. These include: 

International Bank for 

Reconstruction and Development 

(World Bank) 

International Development 

Anoclatlon 

Inter-American Development Bank 

Asian Development Fund 

African Development Bank 

8. Financial assets 

These are receivables and other 

assets (at book value less allowances) 

from banking assistance and failures 

Included In the totals of the bank 

Insurance fund, FSLIC resolution fund, 

and Resolution Trust Corporation (RTC). 

9. Other assets 

Other assets reported are 

summarized In the following table, by 

agency. 

Other Assets 

(In billions of dollars) 

Ft.l'lds appropriated 

to the President .. 

Agriculture .. .... .. 

Defense . . ... ... . 

Energy . ......... 

Transportation . . . .. 

Treasury ......... 

Export-Import Bank 

of the United States 

Tennessee Valley 

Authority ..... . . . 

Other .. .. ........ 

Total ......... 

Sepl 

30, 

1991 

5.2 

.6 1 137.0 

1.0 

.4 

1.4 

1.1 

1.9 

16.6 

165.2 

Sept 

30, 

1990 

6.1 

1 146.7 

.8 

.5 

2.7 

1.1 

6.2 

15.2 

179.3 

1 Includes reclaaailication of inventoriee to olher assets. 

10. Checks outstanding 

These are checks issued by the U.S. 

Treasury or its agents, which have not 

cleared through the Federal Reserve 

banks. See also note 2, page 20. 

11. Unearned revenue 

Unearned revenue is summarized in 

the following table, by agency. 

Unearned Revenue 

Sept Sept 

30, 30, 

(In billions of dollars) 1991 1990 

Funds appropriated to 

the President ..... . . 12.1 13.1 

Housing and Urban 

Development .... . . . 6.4 5.8 

U.S. Postal Service .... 2.2 1.9 

Agriculture ....... . ... .3 .5 

Energy ... . ... . ... . .. 5.8 4.6 

Interior ... .. ........ . 2.2 2.0 

Treasury ............ 34.5 33.2 

Other . ...... .... . ... ___g_ ___!g_ 

Total. .......... 66.7 62.3 ----

12. Debt issued under 

financing authority 

The amount of Federal debt 

outstanding is reported net of 

unamortized premiums and discounts. 

The premiums of $ .8 billion were 

reported for both years. The discounts 

of $84.9 billion and $60.6 billion were 

reported for 1991 and 1990, 

respectively. The amounts reported for 

fiscal 1991 and 1990 are also net of 

intragovernmental investment holdings 

of $911 .7 billion and $795.9 billion, 

respectively. The following table (page 

24) further details debt issued under 

financing authority. 

23 
24 notes to financial statements 

Debt Issued Under Financing Authority 

Sept. 30, 1991 

Public debt: 

Marketable . . . . . . . . . . . . . . . . ... . 

Nonmarketable .. ..... .... . . ... . 

Non-interest bearing debt. . .. .. . . . 

Total publlc debt outstanding .... . 

Plus: Premium on public debt securities 

Less: Discount on public debt securities 

Total public debt securities . . . . . . 

Agency debt: 

Housing and Urbal'I Development . . 

Federal Deposit Insurance 

Corporation: 

Bankinsurancefund ....... . . . . 

Federal Savings and Loan 

Insurance Corporation, resolution fund ... . .. . . . .. . .. . 

Architect of the Capitol . .. .. .... . . 

Tennessee Valley Authority . . .. .. . 

U.S. Postal Service . ... . . . ..... . 

National Archives and Records 

Administration . . .. .. .. . . . . .. . . 

Total agency securities . • . .•....• 

Total Federal securities ...... . . 

Less: Federal securities held as 

investments in Government accounts 

Total borrowing from the 

public ... . ............. . 

Average 

Interest 

rate 

(percent) 

8.058 

8.577 

Total debt 

(In 

bllllons 

of dollars) 

1 2,390.7 

1,272.1 

2.5 

3,665.3 

.8 

84.9 

3,581.2 

.3 

.1 

6.1 

.2 

10.5 

.2 

.3 

17.7 

3,598.9 

911 .7 

2,687.2 

Sept. 30, 1990 

Average 

Interest 

rate 

(percent) 

8.843 

8.865 

Total debt 

(In 

billions of 

dollars) 

1 2,092.8 

1,118.1 

22.4 

3,233.3 

.8 

60.6 

3,173.5 

.4 

3.0 

19.3 

.1 

9.4 

.3 

.3 

32.8 

3,206.3 

795.9 

2,410.4 

cfs 
cfs notes to financial statements 

13. Pensions and actuarial liabilities 

The Federal Government 

administers over 40 pension plans. The 

largest are administered by the Office of 

Personnel Management for civilian 

employees and DOD for military 

personnel. 

These plans comprise over 98 

percent of the pension liability reported 

on September 30, 1991. The majority of 

the pension plans are defined benefit 

plans. 

The accounting for accrued pension, 

retirement, disability plans, and 

annuities Is subject to several different 

assumptions, definitions, and methods 

of calculation. Each of the major plans 

Is summarized in the following table. 

Civilian employees 

and military personnel 

Pension expense for the various 

Federal pension plans is calculated for 

budgetary purposes by a variety of 

actuarial funding methods. 

For financial reporting purposes, 

Federal pension plans report their 

accumulated benefit obligation (ABO) 

pursuant to directions under the 

provisions of Public Law Number 

95-595. The ABO is calculated with the 

·unit credit" actuarial cost method, and 

is substantially similar to the ABO 

reported by pension plans pursuant to 

Financial Accounting Standards Board 

Pensions and Actuarial Liabilities 

(FASS) Statement 

Number 87. The 

ABO is recognized 

as a liability in the 

Consolidated 

Statements of 

Financial Position. 

(In billions of dollars) 

Pensions--accumulated benefits 

obligation: 

Civilian employees (CSRS and FERS) 

Military personnel . . . .. ... . .. .. . . . 

Other pension plans ... . ... . ..... . 

Subtotal . ... .. . . ... . .. .. . . .... . 

Actuarial liabilities: 

Veterans compensation . . ... . . .... . 

Sept. 30, Sept. 30, 

1991 1990 

695.0 655.8 

525.8 497.2 

23.7 22.6 

1,244.5 1,175.6 

189.8 195.3 

Compensation programs . . . . . . . . . . . 19.3 21 .6 

Other benefits . . . . . . . . . . . . . . . . . . . 29.6 28.6 

Total............... . ..... 1,483.2 1,421.1 

Most Federal 

pension plans are 

funded with 

obligations issued 

by the U.S. 

Treasury as 

expense is 

recognized, 

pursuant to the 

actuarial method 

specified by the 

governing law. 

These plan assets 

(Treasury bonds or 

other debt), being 

obligations of the 

United States, were 

eliminated from 

these consolidated 

statements. 

Hence, within 

these statements, 

periodic pension 

cost for the 

Government as a 

whole is, in effect, 

the change in the 

accumulated 

benefit obligations. 

25 
26 notes to financial statements cfs 

Veterans compensation 

The Department of Veterans Affairs 

(VA) has a liability for benefits expected 

to be paid to veterans in future fiscal 

periods and, if applicable, to veterans' 

survivors who meet defined eligibility 

criteria. 

The liability for compensation and 

pension benefits represents the present 

value, using an 8.0 percent discount 

rate, of projected annual benefit 

payments. Projected benefit payments 

are based on assumed cost-of-living 

increases ranging from 3.4 percent to 

3.9 percent for 1992 to 1996 and 3.3 

percent thereafter. 

In addition, the mortality and 

accession rates used are based on 

trends in the current veteran population. 

In fiscal 1990, VA revised its method to 

compute future liability. The new 

methodology is based on staff budget 

projections and extends 25 years into 

the future rather than the 20 years 

previously used. This calculation was 

not based on an Independent actuarial 

study, and there is a risk that the 

assumptions and methods underlying it 

may not be reflective of actual economic 

and demographic trends affecting 

veterans. 

The present value of the estimated 

future liability for compensation and 

pension benefits payable for the next 5 

fiscal years and thereafter is as follows: 

Estimated Liabilities 

(In billions of dollars) 

1992 . . . . . . . . . . . . . . . . . . . . 14.9 

1993 . . . . . . . . . . . . . . . . . . . . 14.1 

1994 . . . . . . . . . . . . . . . . . . . . 13.1 

1995 . . . . . . . . . . . . . . . . . . . . 12.2 

1996 . . . . . . . . . . . . . . . . . . . . 11 .5 

Thereafter. . . . . . . . . . . . . . . . 124.0 

Total............... 189.8 

Compensation programs 

This amount represents the 

estimated future costs for injuries 

incurred to date for approved Federal 

Employees' Compensation Act cases 

and Black Lung. 

Other pension plans 

Other annual pension reports 

received from plans covered by Public 

Law Number 95-595 are reported in the 

same manner as military personnel and 

civilian employees described above. 

Other benefits 

Other benefits consist of various 

items the Government is responsible 

for, such as life insurance and health 

benefits for veterans and Federal 

employees. 

These other benefits do not include 

the actuarial liability for the future costs 

of post-retirement health benefits for 

retirees. FASB Statement Number 106 

requires the recognition of this liability. 

The FASB statement generally is 

effective for fiscal years beginning after 

December 15, 1992. 

• Unfunded liabilities 

The Federal Government operates a 

pay-as-you-go system for retirees 

health benefits for both civilian and 

military retirees. These programs have 

an actuarial deficiency equal to the 

present value of future retiree benefits. 

Preliminary estimates have been 

made for the future health costs for 

current retirees and for the 

service-to-date of active employees. 

The estimate for the Federal 

Employees' Health Benefits Program 

(FEHBP) deficiency, $115 billion as of 

October 1, 1989, is based on 

calculations analogous to those 

required by private sector employers 

under FASB guidelines. 

The estimate for military health 

programs, $295 billion, uses a 

somewhat different method and is 

calculated as of the beginning of 1993. 
cfs notes to financial statements 

Both estimates are highly sensitive 

to assumptions about health care costs 

and usage. 

Unfunded Liabilities: 

Future Health Care Costs 

(In bilJiom of ciollan) 

Federal Employees 

Health Benefits Program . . . . . . . 115 

Military health programs . . . . . . . 295 

Total unfunded llabllltles 410 

• Civilian employee retiree health 

benefits 

Civilian retirees pay the same 

insurance premium as active employees 

under FEHBP if they continua to 

participate in the plan. These premiums 

cover only a portion of the costs. 

Although the Government 

contribution for the premiums of active 

employees in FEHBP is paid by the 

employing agency, the Government 

contribution for civilian retirees who 

continue to participate in the FEHBP is 

paid directly by the general fund to 

OPM. With the exception of the Postal 

Service, the agencies that employed 

them pay nothing. 

Outlays for FEHBP annuitant 

coverage totaled $1.6 billion in 1987, 

and are estimated at $3.9 billion in 1993. 

• Military retiree health plans 

Military retirees are entitled to 

essentially free health care in military 

medical facilities if the facility can 

provide the needed care. 

Until they reach age 65, military 

retirees are also entitled to health care 

financed by the Civilian Health and 

Medical Program of the Uniformed 

Services (CHAMPUS). 

No premium is charged for 

CHAMPUS-financed care, but there are 

deductible and copaymant 

requirements. 

After they reach 65 years of age, 

military retirees are entitled to medicare. 

The DOD costs for retiree health care 

consist of the costs of building, 

equipping, staffing, operating, and 

maintaining military medical treatment 

facilities. They also include expenses of 

the claims paid by CHAMPUS and the 

administration of that program. 

Costs are funded annually by direct 

appropriations in the year the services 

are rendered (or, in the case of 

CHAMPUS, billed). 

Thrift Savings Plan 

The Federal Retirement Thrift 

Investment Board is a Federal agency. 

The fund's assets are effectively owned 

by Federal employees and retirees, who 

have individual accounts. For this 

reason, the fund is excluded from the 

CFS and the fund's holdings of Federal 

debt are considered as part of the debt 

held by the public instead of debt held 

by the Government. 

It is a defined contribution plan for 

eligible employees covered under the 

Civil Service Retirement System 

(CSRS) and the Federal Employees 

Retirement System (FERS). 

FERS employees may contribute up 

to 10 percent of base pay to the plan, 

which is matched by the Government up 

to 5 percent. CSRS employees may 

contribute up to 5 percent of base pay 

with no Government match. An 

individual's total annual contribution 

could not exceed $8,475 in 1991. 

The plan was started April 1987 and 

as of September 30, 1991, the total 

invested was $10.2 billion. 

Investments consist primarily of 

U.S. Government nonmarketable 

certificates ($9.248 billion), which are 

included in debt issued under financing 

authority in the Statements of Financial 

Position. In all, $743 million and $231 

million have been invested in the 

Common Stock Index and the Fixed 

Income Funds, respectively. 

14. Financial liabilities 

These are liabilities derived from 

actual and estimated costs of 

unresolved banking assistance and 

failures. 

They are included in the totals of the 

bank insurance fund, FSLIC resolution 

fund, savings association insurance 

fund, and RTC. 

27 
28 notes to financial statements 

15. Other liabilities 

other reported liabilities are 

summarized In the following table, by 

agency. 

Other Liabilities Sept. Sept. 

(In billions of dollars) 

Departments: 

Agriculture .. .. .... . ... . . . . . ..... . ... .. 

Defense . . .. . . ....... . .. . . .. .. . ... . . .. 

Energy .. .... . .. ... .. .. . . . . . . .. . . . . . . . 

Health and Human Services . ... . ... . ... . . 

Housing and Urban Development .. ... . . ... 

Interior . . . . . . ... .. . .. . .. .. .... ... . . ... 

Justice . . . .. .. . . . . . . . . . . . .. . ... . .. . . . . 

Labor . ... . . .. ... .. . .. . .. . . .. ... . . ... . 

Treasury . .. . . . . . . . ... . . .. . . .. ... ..... 

Veterans Affairs ... .. . .. . . .. . ... . . . .. . .. 

Independent agencies: 

Export-Import Bank of the United States ..... 

General Services Administration . . .... . .... 

Tennessee Valley Authority . . . .. . ... . ... .. 

Other ... . .. . ..... . . . . . . .. ... ... . .. ... 

Total .................... .... . 

16. Accumulated position 

The 

accumulated 

position 

represents the 

excess of 

liabilities over 

assets. 

Accumulated Position 

(In billions of dollars) 

Accumulated position at beginning of 

period . .. . . . . . . . ... . . . .. ...... . 

Current period results . ... . . ....... . . 

Change in market value of gold . . . ... . 

Accumulated position end of 

period .... . . . .......... . 

30, 30, 

1991 1990 

6.3 2.5 

1.8 5.0 

1.2 1.6 

.8 .6 

8.8 8.5 

1.5 1.9 

.1 1.3 

23.7 21 .6 

1.6 6.2 

3.0 2.4 

.3 .6 

1.3 1.1 

3.1 2.8 

6.3 8.3 

59.8 64.4 

1991 1990 

-2,869.9 -2,600.5 

-263.5 -279.2 

-13.0 9.8 

-3, 146.4 -2,869.9 

cfs 
cfs notes to financial statements 

17. Leases 

Federal agencies were first required 

to provide financial information about 

lease commitments in 1986. Agencies 

are attempting to accumulate the lease 

Information that Is required. At 

September 30, 1991, the future 

aggregate minimum rental commitments 

for capital leases and noncancelable 

operating leases is detailed in the 

accompanying chart. 

Toe majority of these lease 

commitments relate to building, 

equipment, and office space rental. The 

current and long-term portions of lease 

costs are included in accounts payable 

and other liabilities, respectively. 

lntragovemmental leasing transactions 

have not been eliminated or identified 

due to a lack of information. 

Lease revenues identified on the 

agency statements were immaterial. 

18. Social Security 

No liability for Social Security is 

Included in the Statements of Financial 

Position, but the program is included in 

the list of Outlays for Mandatory and 

Related Programs on page 45. 

For purposes of disclosure, 

however, the total unfunded actuarial 

liability is determined annually. As of 

September 30, 1991, this liability was 

$6,594.6 billion. (As of September 30, 

1990, this liability was $7,120.6 billion.) 

This liability represents the present 

value of the projected excess of future 

benefit payments to present participants 

over the contribution still to be made by 

the same group and their employers on 

their behalf. 

If Social Security were accounted for 

as if it were a pension plan, a portion of 

the unfunded actuarial liability would be 

recognized for financial reporting 

purposes. Such an amount has not 

been presented in these financial 

statements. 

The Congress and the trustees of the 

funds prepare estimates based on a 

different financing method they regard 

as more appropriate for social insurance 

programs. 

The present values are computed on 

the basis of the economic and 

Leases for Years Ending Sept. 30 

(In billions of dollars) Operating Capltal 

leases leases 

1992 ........ . ... 1.4 .8 

1993 ... .. .... ... 1.2 .7 

1994 . ........... 1.0 .7 

1995 . . . ..... .. .. .8 .7 

Thereafter . . .. . .. 2.4 1.5 

Total ........ 6.8 4.4 

demographic assumptions described as 

• Alternative II" in the "1991 Annual 

Report of the Board of Trustees of the 

Old-Age, and Survivors Insurance and 

Disability Insurance Trust Funds." In 

determining the present values, 

contributions and expenditures are 

estimated for a period of 75 years into 

the future. The following actuarial 

amounts prepared by the Social 

Security Administration are calculated 

on the assumption that future workers 

will be covered by the program as they 

enter the labor force. 

Actuarial Amounts 

(In billions of dollars) 

Sept. 

30, 

1991 

Sept. 

30, 

1990 

Actuarial expenditures . . 17,761.3 18,940.2 

Actuarial contributions . . 16,576.2 17,696.3 

Actuarial surplus 

or deficit(-) ..... -1,185.1-1,243.9 

29 
30 notes to financial statements cfs 

19. Commitments and contingencies 

Commitments are long-tenn 

contracts for which appropriations have 

not been provided by the Congress and 

undelivered orders that represent 

obligations. 

Contingencies are liabilities involving 

uncertainty as to a possible loss to the 

Government that will be resolved when 

one or more future events occur or fail 

to occur. If the future event or events 

are likely to occur and the amounts can 

be reasonably estimated, the liabilities 

reported by agencies appear in the 

Statements of Financial Position under 

"Financial liabilities• and "Other 

liabilities.• 

Commitments and contingencies of 

the Federal Government result from a 

number of sources including loan and 

credit guarantees, insurance programs, 

and unadjudicated claims. 

The table below shows the potential 

liabilities for losses that are likely to 

occur, as reported in the Statements of 

Financial Position, and the maximum 

risk of exposure that the Government 

has. These contingent liabilities are 

reported without regard to probability of 

occurrence and without deduction for 

existing and contingent assets that 

would be available to offset potential 

losses. 

In 1991, the Administration provided 

a range for the total cost of protecting 

deposits in insolvent thrift institutions at 

$89 billion to $132 billion in 1990 

present value tenns. 

That range has been translated into 

nominal dollar terms of $11 o billion to 

$160 billion. While the Administration 

Commitments and Contingencies 

Sept. 301 1991 

Maximum 

(In billions of dollars) risk Liability 

believes that there are too many 

unknown factors to provide a single 

estimate of the ultimate cost, it believes 

the cost continues to be within the $110 

billion to $160 billion range. 

The cost estimate includes $87 

billion already provided to the RTC: $50 

billion provided by the Financial 

Institutions Refonn, Recovery, and 

Enforcement Act of 1989 (FIRREA), $30 

billion provided by the RTC Funding Act 

of 1991, and $7 billion provided by the 

RTC Refinancing, Restructuring, and 

Improvement Act of 1991 . 

The $50 billion provided by FIRREA 

included $18.2 billion in appropriations, 

$1 .2 billion from the industry, and $30 

billion from bonds issued by the 

Resolution Funding Corporation. 

FIRREA also provided $40 billion for 

payment of prior commitments from the 

old Federal Savings and Loan 

Insurance Corporation Fund. 

The Department of Energy 

recognizes a contingent liability as of 

September 30,1991, of about $25.3 

billion for environmental cleanup 

through fiscal 1995. Of that amount, 

$3.6 billion was appropriated for 1991 

and $4.3 billion was appropriated for 

fiscal 1992. 

The Department established a goal 

to achieve cleanup within 30 years and 

annually update a 5-year plan to 

establish a publicly reviewed agenda for 

compliance and cleanup against which 

progress will be measured. 

The second update to this plan, 

which includes projections through 

1997, does not 

authorize 

departmental 

Sept 301 1990 

Maximum 

risk 

434.4 

Liability 

budgetary 

resources beyond 

those already 

appropriated for 

such activities by 

Total commitments . . 392.3 the Congress. 

Total contingencies . . . . 1 5,242.9 37.6 1 5,800.3 94.0 Liabilities 

beyond those 

cited above 

cannot be 

reasonably 

estimated at this 

1 Includes $5.5 b~lion for fiscal 1991 and $305 billion for fiscal 1990 due to lrtigalion against the 

Department of Energy. The decrease of $300 billion was due to the cancellation of the lawsuit ll'f 

the plaintiff. 

time. 
cfs 

20. Audited financial 

statements 

While audits have occurred in 

each of the listed departments, as 

stated, in many of the 

departments the audits were only 

of a portion that many would not 

consider substantial (e.g., Health 

and Human Services, Treasury). 

In addition, not all of the entities 

were audited for fiscal 1991, such 

as the Environmental Protection 

Agency. Finally, while the entitles 

may have been audited, the 

adjustments made by Treas_ury to 

their numbers were not audited. 

A recap of activity from 

agencies audited follows and 

Identifies those organizations 

reviewed. 

notes to financial statements 

Status of Entities Audited: 

Percent 

Audited: 

41% 

Status of Entities Audited: Assets 

$564 billlon 

Agencies or departments audited, 

either totally or partially: 

Agriculture 

Energy 

Housing and Urban Development 

Health and Human Services 

Labor 

Unaudited: 

$819 bllllon 

Treasury 

Veterans Affairs 

Environmental Protection Agency 

General Services Administration 

Government Printing Office 

Thirteen other independent 

agencies 

31 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 
32 statement 

from independent accountants ... 

REPORT OF ARTHUR ANDERSEN & CO. 

Financial Information Management Directorate, 

Financial Management Service of the U.S. Department of the Treasury: 

We are pleased to have reviewed the Treasury's process for preparing the 

Consolidated Financial Statements of the U.S. Government 1991 prototype 

(CFS). The process involves accumulating and consolidating financial 

information submitted by the agencies that comprise and administer the U.S. 

Government. This letter summarizes our findings and recommendations. 

At your request, we have (1) read the sections of the Treasury Financial 

Manual and related Bulletins that govern preparation of the CFS, (2) reviewed 

the bases for Treasury's adjustments of information submitted by the 

agencies, (3) reviewed Treasury's process for identifying all entities to be 

included in the CFS, (4) reviewed Treasury's procedures for accumulating and 

summarizing information submitted by agencies, and (5) reviewed Treasury's 

efforts to compare submitted information with other Treasury and Office of 

Management and Budget (0MB) data, General Accounting Office (GAO) 

reports, and agency financial statements audited by independent 

accountants. 

The current preparation process requires a number of significant 

improvements before the resulting CFS can be viewed as providing reliable 

financial information. Improving the process will require (1) obtaining more 

accurate financial information from agencies, (2) continuing to improve and 

refine the Treasury's accumulation and report preparation practices, and (3) 

resolving a number of important accounting and reporting issues. The 

following is a discussion of the more significant matters that should receive 

your attention. 

Accuracy and Completeness--Certain agencies have not been 

required to, or have not been able to, submit complete and accurate 

financial information to Treasury. On the other hand, financial 

Information of an increasing number of agencies has been subjected 

to either an internal or external independent audit or review process 

as a result of the Chief Financial Officers Act. Such audits and reviews 

provide increased assurance that the information submitted is 

accurate and prepared in accordance with applicable accounting 

cfs 
cfs statement 

principles. Accordingly, the Government should develop a 

comprehensive Govemmentwide financial statement preparation 

and audit process. 

Errors--As a result of Incomplete or inaccurate reporting by 

agencies, it Is necessary for Treasury to make significant adjustments 

to submitted information. However, Treasury's accumulation and 

summarization process, while detecting many errors, is not 

sufficiently comprehensive to ensure that all significant errors would 

be Identified. Furthermore, there is a need for refinement of the 

process to permit (a) more accurate allocation of adjustments to 

reported agency expenses, (b) expanded reporting of commitments, 

guarantees and unfunded liabilities, and (c) appropriate application 

of generally accepted accounting principles. 

Accounting and Reporting--A number of important accounting and 

reporting issues have bean identified by GAO, 0MB, Treasury, and 

others, the resolution of which could have a significant effect on the 

CFS. The Federal Accounting standards Advisory Board will consider 

many of these issues. For example, the extent to which actual and 

budget data are reported and reconciled, whether all long-lived 

assets should be capitalized and depreciated, the accounting and 

reporting for public domain assets, and how Social Security, pension 

plans, contingencies and unfunded liabilities should be recorded 

must each be resolved. In addition, there is a need to further refine 

and, where appropriate, expand financial statement reporting and 

disclosures. 

Report Distribution-The Treasury initiated preparation of the CFS 

in i 975 to promote the idea of providing Government officials and 

public with financial facts necessary for controlling costs, assessing 

performance, and aiding decision-making. The Government 

continues to make some important decisions without the benefit of 

accurate, complete, and timely financial information. A specific 

timetable for curing the deficiencies in the CFS should be developed. 

Despite its current shortcomings, valuable information is contained 

in the CFS and should be routinely communicated to the citizens of 

the United States and to entities affected by the financial condition 

of the U.S. Government to permit assessment of the performance of 

elected officials and Government financial stewards. 

Many of these areas are not entirely within Treasury's direct control. 

Consequently, resolving issues associated with the quality of submitted 

financial information and other important issues must involve a concerted 

effort by the entire Government financial management community. 

Nevertheless, resolution of these matters is essential to improving the 

reliability and usefulness of the CFS. Because we were not engaged to audit or review the CFS, we are unable 

to, and do not, express an opinion or any other assurance on the CFS. 

1666 K street, N.W. A 

Washington, D.C. 20006 ~ ~~ t- /' 

July31,1992 U> 

33 
cfs supplemental tables 

supplemental tables 

Summary of Accounts and Loans Receivable 

Due from the Public 

The Federal Government is the 

Nation's largest source of credit and 

underwriter of tisk. Its financial 

commitments are Increasing at a rate that 

exceeds the growth of the U.S. economy. 

The Debt Collection Act of 1982 (31 

U.S.C. 3719} requires that the Director of 

0MB consult with the Secretary of the 

Treasury and the Comptroller General of 

the United States to establish regulations 

requiting each agency with outstanding 

debts to prepare and transmit a report. 

Each agency prepares and transmits a 

report summatizlng the status of accounts 

and loans receivable it manages to 0MB 

and Treasury. The Federal Government 

uses the data in these reports to improve 

the quality of collection methods. 

Total accounts receivable amounted to 

$110.8 billion in fiscal 1991, an increase of 

$4.9 billion over fiscal 1990. 

Total loans receivable amounted to 

$196.4 billion in fiscal 1991, a decrease of 

$17.6 billion from fiscal 1990. On the 

following page are summaries by selected 

agencies of accounts and loans 

receivable data. 

In 1991, the Government moved 

forward in strengthening the management 

of its portfolio of guaranteed loans. 

Treasury's report, ·Assessment of 

Guaranteed Loan Management,• 

contained the recommendations on which 

the Government began implementation. 

Initiatives of 0MB and FMS included 

standard lender agreements, lender 

monitoring, and improved disposition of 

foreclosed property. 

Also in 1991 , major credit agencies 

prepared quarterly reports on early 

warning indicators on potential bad debts. 

Finally, four of the five major credit 

agencies and the Department of Justice 

conducted high risk reviews. These 

reviews addressed serious deficiencies in 

credit management and debt collection. 

35 
36 supplemental tables cfs 

Accounts and Loans Receivable 

by Agency as of September 30, 1991 and 1990 

(In billions of dollars) 

Accounts receivable Loans receivable 

Legislative branch .. . ... . ...... .. .. . 

Executive branch: 

Executive Office of the President ..... 

FIXlds appropriated to the President. .. 

Departments: 

Agriculture . . . . . . .. .. .. ... . . .. . . 

Commerce . .... .. . . ........... . 

Defense . .. . ... . . . . ...... . . . . . . 

Education . . . .. .. . . . . . . ... . .... . 

Energy . . .. . . .. . .. ... .... . . .. . . 

Health and Human Services . . .... . . 

Housing and Urban Development .. . 

Interior .. . ... .. ... .... ... ..... . 

Justice . .. . . . . . . .. . . .. ... . . . . . . 

Labor . . . .. . . . . . . . . ... .. . .. . .. . 

State ... . ..... . . . . . .. . .. . .. ... . 

Transportation . . . . . . . . . .. . . .. .. . 

Treasury . . . . . . . ... . . . . . . . ..... . 

Veterans Affairs .. .. .... . . . .... . . 

Other independent agencies . . . . . . . . . . 

Gross receivables .. . ... . . .. .... . . 

Less allowances for losses . . .. .. . . . 

Net receivables due from the 

publlc ................... . 

1991 1990 

.8 

7.5 

.1 

1.8 

.9 

6.0 

5.5 

.8 

2.2 

1.9 

1 6.4 

.1 2 72.2 

1.3 

3.3 

110.8 

3 53.4 

1.8 

10.0 

.1 

1.6 

1.0 

4.5 

4.9 

.5 

2.3 

1.3 

6.6 . 

.1 

66.0 

1.1 

4.1 

105.9 

12.3 

1991 1990 

26.0 34.5 

108.7 109.6 

.5 .5 

1.6 1.7 

13.3 11 .3 

.1 .1 

.9 .8 

19.1 16.4 

.2 .7 

.7 .6 . . 1.3 1.2 

3.1 3.3 

3.7 4.9 

17.2 28.4 

196.4 214.0 

48.5 41.0 

93.6 147.9 173.0 ===5=7=·=4 ==:::::::::::::::::::::::: ==:::::::::== ==== 

Aging Schedule of Accounts and Loans Receivable 

as of September 30, 1991 

Delinquent 

1-30 days . .. . . . . . .. . . .. . . ... . .. . 

31-60 days . . . . .. . . ... . . . .. .. .. . . 

61-90 days . . ... . . . . .. . . . . . . . . . . . 

91-180 days .. ..... . ... . . . . .. . .. . 

181-360 days ... . . .. .. .. .. . ... . . . 

More than 360 days . . . . . . . . ...... . 

Total dellnquent .. . .......... .. . 

Not delinquent .. . ... . ... ... ... . . . . . 

Noncurrent receivables .. . ... .... . .. . 

Total gross receivables ..... . 

• Less than $50 million. 

Accounts 

receivable 

(in 

billions of 

dollars) 

6.2 

2.9 

2.6 

11 .0 

10.6 

49.4 

82.7 

19.5 

8.6 

110.8 

Percentage of 

total 

delinquent 

7.5 

3.5 

3.2 

13.3 

12.8 

59.7 

100.0 

Loans 

receivable 

(in 

billions of 

dollars) 

.8 

.4 

.4 

.7 

4.2 

23.5 

30.0 

15.3 

151.1 

196.4 

Percentage of 

total 

delinquent 

2.7 

1.3 

1.3 

2.3 

14.0 

78.4 

100.0 

1 Labor Department accounts and loans receivable were increased by $6 biltion and $.7 billion, respectively, in fiscal 1991 , 

and $6.6 billion and $.6 billion, respectively, in fiscal 1990, to correct understatement. 

2 Totals reported by the Internal Revenue Service for gross delinquent twces for fiscal years 1991 and 1990 were $67.3 billion and 

$64.1 billion, respectively. 3 The allowance for k)sses on accounts receivable was increased 

by $41 billion for 1991 on Internal Revenue Service's-returns 

processing, to reflect future losses. 
cfs supplemental tables 

Federal Debt 

Total Federal debt held by the public 

amounted to $2,687.2 billion at the end 

of fiscal 1991, an increase of $276.8 billion from fiscal 1990. 

Summary of Federal Debt 

Held by the Public 

lln billion• 91 doAarsl 

Total public debt (Treasury securities) . $3,581 .2 

Agency securities .. . . . . . . . . . . . . . . . 17.7 

Total Federal securities . . . . . . . . . . . . 3,598.9 

Lesa: Federal securities held as 

investments by Government accounts 

Total Federal debt held by the public 

911 .7 

2,687.2 

The three debt tables that follow reflect information on the borrowing of the 

Federal Government, which was needed 

to finance the Government's operations. 

These tables support the Statements of Financial Position caption, 

'Debt issued under financing authority,' and are shown net of intragovernrnental holdings and 

unamortized premium or discount. 

lntragovemmental holdings represent that portion of the total Federal 

debt held as investments by Federal entities, including the major 

trust funds. 

Summary of Federal Debt Outstanding: Part I 1 

Total Debt Outstanding as of September 30, 1991 and 1990 

(In billions of dollars) 

Marketable 

Bills ... .. .. . ... .. ... .. . . . . .. ·.······ ·· 

Notes ...... .. . ... . .. .. . ... . ..... .. .... 

Bonds ......... . . ... ... ........... . . . . 

Federal Financing Bank ........ ... . . ... .. 

Subtotal ............................. 

Nonmarketable 

Foreign government series . . .... . ...... .. . 

Government account series ..... . ... . .... . 

State and local government series . ... .... . . 

U.S. savings bonds .. . ....... ... .... .. .. . 

Other .. . .. ... . . ... . . .. ..... . . . ....... . 

Total nonmarketable ................. . 

Total interest-bearing debt .. . .. .. ........ . 

Non-interest-bearing debt . . . . .. .. ...... . . . 

Total publlc debt outstanding .....•..... 

Plus: Premium on public debt securities ..... . 

Less: Discount on public debt securities . .. . . . 

Total publlc debt (Treasury secur1tlea) .. . 

Agency securities ............. .... .... . . 

Total Federal securities ... ............ . 

Federal securities held as investments by 

Government accounts ............. . .... . 

Total Federal debt held by the public 

1 Administered by the Bureau of the Public Debi, Department cl 

the Treasury. 2 These marketable securities were issued to the Civil Service Retirement Fund and are not currently traded in the marl<at. 3 Includes matured debt of $1 .8 billion and other various non-inter· 

est-bearing debt of $.7 billion. 

1991 1990 

. Average Average interest rate 

Total debt 

interest rate 

Total debt (~rceot) (~rcent) 

5.954 $564.6 7.976 $482.5 

8.366 1,387.7 8.839 1,218.1 

9.740 423.4 9.920 377.2 

8.917 2 15.0 8.917 2 15.0 

8.058 2,390.7 8.843 2,092.8 

7.507 41 .6 8.004 36.0 

8.903 908.4 9.284 779.4 

8.123 158.1 8.281 161 .2 

6.944 133.5 6.990 122.2 

7.924 30.5 7.546 19.3 

8.577 1,272.1 8.865 1,118.1 

8.234 3,662.8 8.850 3,210.9 

3 2.5 22.4 

3,665.3 3,233.3 

.8 .8 

84.9 60.6 

3,581.2 3,173.5 

17.7 32.8 

3,598.9 3,206.3 

911 .7 795.9 

$2,687.2 $2,410.4 

Types of marketable securities 

Bills-Short-term obligations issued with a term of 1 year or less. 

Notes--Medium-term obligations tssued with a term of at least 1 

year, but not more than 10 years. 

Bonds--Long-term obligations of more than 10 years . 

37 
38 supplemental tables 

Summary of Federal Debt Outstanding: Part II 

Summary of Agency Securities Outstanding 

as of September 30, 1991 and 1990 

(In billions of dollars) 

Agency debt outstanding 

Housing and Urban Development. ... . ....... . ....... .. . . . .... .. .. . 

Federal Deposit Insurance Corporation: 

Bank insurance fund . ... . ...... . ...... . ..... ... . . .. .... . ... . . 

Federal Savings and Loan Insurance Corporation, resolution fund .. .. . . 

Architect of the Capitol ... ... . . .. ...... .. . . ... .. ... .... .... ..... . 

Tennessee Valley Authority . ... . ................ . ............ . . . . 

U.S. Postal Service . . ... . ........ .. .... .. ..... . ....... .. ... . . . . . 

National Archives and Records Administration .. ... ........ ...... .... . 

Total ................................ ... ......... . 

1991 

.3 

.1 

6.1 

.2 

10.5 

.2 

.3 

17.7 

cfs 

1990 

.4 

3.0 

19.3 

.1 

9.4 

.3 

.3 

32.8 

==== 
cfs supplemental tables 39 

Summary of Federal Debt Outstanding: Part III 

Intragovernmental Holdings--Federal Securities 

Held as Investments by Government Accounts 

as of September 30, 1991 and 1990 

(In billions of dollars) 

1991 1990 

Federal Trust Federal Trust 

lntragovernmental holdings Funds 1 Funds 2 Total Funds 1 Funds 2 Total 

Legislative branch ................. .3 .3 .3 .3 

Judicial branch ....... . . .. . ... . .. . .2 .2 .2 .2 

Funds appropriated to the President .. 1.6 1.6 1.5 1.5 

Departments: 

Defense . . . . . . . ............ . ... 7.6 3 n .1 84.7 65.8 65.8 

Energy .... . . .. . . .. . ......... . . 3.0 3.0 2.5 2.5 

Health and Human Services . ...... 4 394.7 394.7 326.1 326.1 

Housing and Urban Development .. . 9.3 9.3 9.0 9.0 

Interior .. ... . . . . .. . . ... ........ 1.2 .2 1.4 1.4 .2 1.6 

Justice . .. . . .. ....... . ... .. . ... .4 .4 .2 .2 

Labor ... .. .. .. .... . . .... ... ... 10.4 5 47.6 58.0 1.6 50.6 52.2 

State . . .. . .. . .. .. . .... .. .... . . 5.4 5.4 4.9 4.9 

Transportation .... .. .. .. . . . ..... .8 6 35.8 36.6 .6 31.9 32.5 

Treasury ... .. . ..... . .. . . . . . . . . 2.5 .1 2.6 2.0 .2 2.2 

Veterans Affairs .. .......... .. . .. 1.1 12.7 13.8 .8 12.4 13.2 

Environmental Protection Agency . .. 3.9 3.9 2.7 2.7 

Office of PersoMel Management ... 7 275.6 275.6 250.9 250.9 

Independent Agencies: 

Export-Import Bank . ... .. . ... .. . .1 .1 .1 .1 

Fann Credit System Insurance 

Corporation . . ... .. .. . . . . ..... .4 .4 .3 .3 

Federal Deposit Insurance Corp. . . 7.1 7.1 9.4 9.4 

Federal Emergency Management 

Agency ........ . . .. . ... . .... .4 .4 .2 .2 

National Archives and Records 

Administration . .... .. ... .... .. .3 .3 .3 .3 

National Credit Union Administration 2.2 2.2 1.9 1.9 

U.S. Postal Service ............. 3.4 3.4 3.1 3.1 

Railroad Retirement Board ... . ... 10.5 10.5 9.3 9.3 

Tennessee Valley Authority . .... . 3.6 3.6 5.4 5.4 

Various scholarship funds .. . .. .. . .2 .2 .1 .1 

Subtotal .......... .. ........ 55.7 864.0 919.7 40.7 755.2 795.9 

Less: Discount on Federal 

securities held as investments by 

Government accounts ... .... .. .. 8.0 8.0 

Total .................... 47.7 864.0 911.7 40.7 755.2 795.9 

1 Federal funds are monies that are held by (3a.,emment ac- • Includes Social Security trust funds of $394 billioo. 

count• that are not trust funds. 5 Includes Unemployment Trust Fund of $47.6 billion. 2 Trust funds are monies held by the Government in accounts es- 8 Includes Highway Trust Fund of $19.4 billion and Airport and tablished by law or by trust agreement for specijic purposes and A~way Trust Fund of $15.2 billioo. designated by law as being truot funds. 7 Includes civil service retirement and disability fund of $258.5 bi~ 3 Includes mil~ary retirement fund of $76.1 billion. lion and e"l)loyee lije insurance fund of $11 .5 billion. 
40 supplemental tables 

Commitments 

and Contingencies 

Commitments are long-term contracts for which appropriations have 

not been provided by the Congress 

and undelivered orders that represent 

obligations. 

Contingencies are liabilities involving uncertainty as to a possible loss to 

the Government that will be resolved 

when one or more future events occur 

or fall to occur. 

If the future event or events are 

likely to occur and the amounts can be 

reasonably estimated, the liabilities reported by agencies are reflected in the 

Statements of Financial Position under 

"Financial liabilities• or "Other liabilities.• 

Contingencies of the Federal Government result from a number of 

sources including loan and credit guarantees, Insurance programs, and unadjudicated claims. In fiscal 1991, total 

commitments amounted to $392.3 billion and total contingencies amounted 

to $5,242.9 billion. 

Total contingencies represent the 

maximum risk of exposure without regard to probability of occurrence and 

without deduction for existing and contingent assets that would be available 

to offset potential losses. The charts 

below show the distribution of 1991 

commitments and contingencies by 

source category. 

The Federal Government, in 1991, 

continued to be the Nation's largest 

source of credit as well as the largest 

underwriter of risk. 

Large portions of all non-Federal 

credit outstanding have been assisted 

by Federal credit programs, Government-sponsored enterprises, or deposit insurance. In particular, most 

credit for housing, agriculture, and education is federally assisted. 

Commitments and Contingencies 

of the United States Government 

for the Years Ended September 30, 1991 and 1990 

(In billions of dollars) 

cfs 

Commitments 1991 1990 

Long-term contracts: 

Tennessee Valley Authority ................ . .......... . ...... . 6.5 6.3 

General Services Administration .... . .... . .... . ... . ......... . . . . 8.4 4.3 

U.S. Postal Service . .............. .. . . .. . . ..... .. . .. ... .. ... . 1.5 2.0 

Energy ... ..... . . . .... . .. .. . . ........... . ........ ... ..... . .3 .3 

Other .... . .. .. ... ...... . ................................. . .7 .7 

Subtotal ......... . ........... .......... . .. . ........... . 17.4 13.6 

Undelivered orders, public: 

Housing and Urban Development. . . ... ... .......... . . . ........ . 156.3 183.9 

Defense .... .. . .. .... . . .. ..... . .... ... . . . ...... . ... . . . ... . 57.8 53.9 

Transportation .. . . .. ... . . . ..... . . . ...... ... ............ .. .. . 28.3 38.9 

Health and Human Services ...... .... .. ... . ... .. . .. ... .. .. . .. . 27.4 30.0 

Other .. . . . ... . .... .. .... . .......... . . . ... .. ... ... .... .. .. . 105.1 114.1 

Subtotal ................... .... .. . .................... . 374.9 420.8 

Total commitments ............................. . 392.3 434.4 
cfs supplemental tables 

Commitments and Contingencies, continued 

Maximum risk exposure for contingencies 

Insurance in force: 

FDIC bank insurance fund ..... .... ................. . ....... . 

Savings Association Insurance Fund .. . . . . . . ... ... . ... . . ... . .. . 

Pension Benefit Guaranty Corp ..... . . . ... . . . . .. . .. .. ....... .. . 

Transportation . . . .... . . . ... . ... . .. ..... ... . .. . ... .. . ..... . . 

Federal Emergency Management Agency ... .. ................. . 

National Credit Union Administration .. ........... . ... .. .... .. . . 

Other ... . . . ......... .. . . . ..... . . .... . .. .. . . .. ........ ... . 

Subtotal ...... . .......... . . ... ..... ... .. .... ........... . 

Government loan and credit guarantees: 

Housing . ......... . . . . . . . . . . .... . .. .......... . .. . . . . ... . . . 

Veterans benefits . .. .... ...... . ... . . .. ............ ... . .... . 

Education ................... . . ... ....... .. . .. ... ..... ... . 

Farm ownership and rural development. ... .. .... ... . . . .. .. .... . 

Other . . . . . . .. . .. .. . . .. ..... . .. .... . . ..... .. ....... . . .... . 

Subtotal. ................................ ............ . . . 

Unajudicated claims: 

Energy . . . ... . ... . . .... ...... .. ... . . .. .. ........ . .... .. . . 

Transportation . .... . ............... ... . .. ...... .... ... . . .. . 

Other ... ..... . ... ... . . ... . . . . . . . .. ................ .. .. .. . 

Subtotal ............................................. .. . 

Other contingencies: 

Housing and Urban Development. . . . .. ... ..... .... . . . . . . .. . . . . 

Treasury (IRS-returns processing) ... . ..... ... ... .. ..... . .. ... . 

Veterans Affairs . . .. . ... . . ... . .. . . ... ......... . .. . . .. ..... . 

Multilateral development banks . .. ... . ... . . .. ........ . . ... ... . 

Other . ... ... . . ... . ... .. .. .. .. . ..... . . .. .. ... ... ... .. . .. . . 

Subtotal ......................................... ...... . 

Total contingencies ........... . ................. . 

1 The $300 billion lawsuk was dropped by the plaintiff. 

1991 

1,945.1 

697.0 

900.0 

482.0 

220.2 

198.5 

72.8 

4,515.6 

384.6 

62.4 

67.6 

22.6 

38.7 

575.9 

1 5.5 

38.3 

26.7 

70.5 

28.1 

22.8 

12.7 

6.5 

10.8 

80.9 

5,242.9 

1990 

1,905.8 

890.0 

943.0 

461 .8 

202.8 

178.2 

69.8 

4,651.4 

361 .7 

65.4 

65.1 

22.7 

32.6 

547.5 

305.4 

38.3 

25.2 

368.9 

176.9 

25.4 

12.0 

6.5 

11 .7 

232.5 

5,800.3 

41 

( 
42 supplemental tables cfs 

Additions to 

Non-Federal Economic 

Resources, Fiscal 1991 

eral assets, add to the assets of State 

and local governments or private institutions--all enhance the future productivity 

of the Nation. 

The Government uses its resources 

to add to the physical and human resources of the Nation without acquiring 

physical assets. The following table 

shows the amounts of these expenditures. 

Additions to State and local assets include construction grants for highways, 

community development, airports, and 

mass transit. 

Some of these investment-type expenditures, while not adding to the FedOther developmental expenditures include outlays for education and training, 

nondefense research and development, 

and information collection. 

Additions to Non-Federal Economic Resources 

for the Years Ended September 30, 1991 and 1990 

(In billions of dollars) 

Additions to State and local government assets 1991 

Community and regional development. ......................... . 3.7 

Environment ..... . .. . . .. .. . . . ... . ... .. ..... . ..... ... . . .... . 2.9 

Transportation: 

Highways and mass transit ................. . . .. . .... . ... . .. . 17.4 

Rail and air ............... .. .......... . .... . ..... . ... . ... . 1.6 

Other ... ................ .. ............ ••.•• •••• • •·· · •· · · · · .9 

Total addlUons ...... ... ......................... . .. .. . . . 26.5 

Other developmental expenditures 

Agriculture . . .. ..... .. . .. ..... . .. . ... . .... ..... . . ......... . 1.0 

Conservation ... ... ... . . ...... . .. . . ..... .. .... . ........... . 2.5 

Defense . . .. ... . . .. .. .. . . . .. . . ... . ............. . .. . .. .... . 41.7 

Education ... . . ..... . . .... . . ..... .... . .. ..... . . . . ... ...... . 23.6 

Education-income support .... . . ........ . . .. .... . .. .... . .. .. . . 5.4 

Environment . .. ........ . .... . . . .......................... . . 2.9 

Health . . . . . . .. .. . ......... . .. . .. . .. . ............. . . ..... . . 9.9 

Science and engineering ..... .. . . . .. . ....... .. . . .. ... ... .. .. . 9.2 

Training . . ....... . .......... .. .. .. . . . ... ... . . ... .. ....... . . 5.4 

Transportation ... ... .. . .......................... .. . . ..... . 1.1 

Other ...... . ... . . .. ................. . . . .. .. . . . .... . . ..... . 1.1 

Total developmental expenditures ........... •.. . . • .• •... •. 103.8 

Total additions to non-Federal economic resources ... 130.3 

1990 

3.7 

3.3 

17.1 

1.2 

.5 

25.8 

.9 

2.3 

41 .1 

17.8 

4.2 

2.8 

9.4 

9.3 

3.9 

1.0 

1.1 

93.8 

119.6 
cts supplemental tables 

Additions to Non-Federal Economic Resources 

Defense 

32% 

Education 

18% 

Fiscal 1991 

Conservation 

2% 

Additions to 

State/local 

20% 

3% 

Training 

4% 

Science & 

engineering 

7% 

Education- Environment 8% 

income 2% 

support 

4% 

Total $130.3 billion 

The chart above illustrates how 

the Government uses its 

resources to add to the physical 

and human resources of the 

Nation, without acquiring physical 

assets. The amounts of these 

expenditures are detailed in the 

table on page 42. 

43 
44 supplemental tables cfs 

Estimates for Tax Expenditures in the Income Tax 

This table shows revenue losses attributable to tax law provisions allowing 

special exclusions, exemptions, or deductions from gross income or providing 

special credits, tax rates, or deferrals. 

crease in Federal receipts that would result from repealing tax expenditure provisions. 

Revenue loss estimates do not take 

Into account the additional resources, if 

any, required to provide the same aftertax Incentives if the expenditure program 

were administered as a direct outlay 

rather than through the tax system. 

For further 1991 information, refer to 

"Budget of the United States Government, Fiscal Year 1993, • Estimates for 

Tax Expenditures in the Income Tax, table 24-1 . For 1990, refer to "Budget of 

the United States Government, Fiscal 

Year 1992, • Estimates for Tax Expenditures in the Income Tax, table Xl-1. 

Revenue loss estimates are not necessarily equivalent to estimates of the inEstimates for Tax Expenditures in the Income Tax 

for the Years Ended September 30, 1991 and 1990 

(In billions of dollars) Estimated 

Income exclusions 

Capital gains at death . . . . . . . . . . . . . . . . . ... . .. . . ...... ... ......... . .. . 

Disability and retirement benefits (private) ....... . ........ . ... .. .... .. .. . 

Social Security benefits ... . ... ..... ..... ......... . . . . . ....... ...... . 

Education allowances (scholarships and GI benefits) ............ . ........ . 

Foreign earnings and investment incentives (income earned abroad) ......... . 

Interest and dividends (Stale and local bonds and debt, and life insurance) ... . . 

Medical care and insurance (employer premiums paid) .......... ..... ..... . 

Payroll benefits and allowances (group life, accident, and unemployment) ... . . . 

Other (e.g., age 55 or over credit on home sales) ....... . ... . .... . .. .. .. . . 

Income deferrals 

Interest on U.S. savings bonds ..... . ..... ............ ........... .... . . 

Real estate (home sales) ........................... . ... . . . . ........ . 

Other deferrals 

Taxes (shipping companies) .... ... . ... . . . .. . . . .. . .... . . . . ... ... . ... . . 

Deductions and credits 

Agriculture related (capital outlays and gains on certain income) . ...... .. ... . . 

Contributions (charitable and political) . ....... . . ..... . .... . .. . ....... . . . 

Earned income . ...... . ...... . . ... . ........................ .. ..... . 

Employee stock ownership plans (funded through investment and tax credits) . . . 

Excess bad debt reserves (financial institutions) .......... ... ... . .... . ... . 

Exemptions (credit unions) . . ........... .. ........... . ... . . .. . ....... . 

Foreign earnings (corporations doing business in U.S. possessions) . ..... . .. . 

Interest (mortgage and consumer) .. .. ..... .. .. . ....... .. ...... . .... .. . 

Investments (commercial capital gains, credits, other investment incentives, 

construction period interest, and expensing developmental costs) .... ...... . 

Medical ... ..... .... ..... . ............ .. ........ . .. . ....... . .... . . 

Old-age, disability, and other personal exemptions ... . ........ .. . ... .... . . 

Property damages and losses (casualty losses) ... . .................. . . . . 

State and local property tax and other taxes ..................... . . ... .. . 

Work incentives (employment credits under work programs) 

and dependent care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 

Accelerated depreciation (rental housing, buildings other than rental housing, 

and machinery and equipment) . . .................. . ... ... . .. . ...... . 

• Less than $50 mition. 

amount of 

revenue loss 

1991 1990 

24.4 22.2 

60.0 58.3 

21.4 20.2 

.7 .7 

5.6 5.0 

27.1 25.8 

43.0 32.5 

5.0 4.8 

3.2 3.2 

.9 1.0 

12.6 12.6 

.1 .1 

.5 .5 

15.7 13.3 

2.3 1.8 

2.1 1.9 

.2 

.3 .4 

2.2 1.9 

40.7 39.1 

1.6 4.2 

3.0 2.9 

1.9 1.6 

.3 .3 

31 .7 28.4 

2.5 3.9 

26.0 30.9 
cfs supplemental tables 

Outlays for Mandatory and Related Programs 

The Government commits itself to provide services by passing laws that make 

spending mandatory. 

acts. Also included in this category are 

appropriated entitlements and the food 

stamp program. 

Mandatory and related programs Include direct spending and offsetting receipts, whose budget authority Is 

provided by law other than appropriation 

For further information, refer to "Historical Tables" in the 'Budget of the 

United States Government, Fiscal Year 

1993, • supplement table 8.2. 

Outlays for Mandatory and Related Programs 

for the Years Ended September 30, 1991 and 1990 

(In billions of dollars) 

Human resource programs 1991 1990 

Education, training, and social services .. .... . ........ ... . . .. .. . . 12.5 10.9 

Health .. . . ...... . ..... .. .. . . .. .. ............. .. .. . ... .... . 55.0 42.9 

Medicare . . . . . . .. ... .. . .. .. . ......... . . ... . ...... ... ..... . . 102.0 95.8 

Income security ........... . .. . ....... . .......... . . .. . ... . . . . 145.1 123.8 

Social Security ... . . . ..... . . . .... . . ............... . .. . ... . . . 266.9 246.5 

Veterans benefits and services .... ... ......................... . --~ 17.3 15.9 

Total human 598.8 535.8 reaourcN .. .. ..... .. .... . ................... --~~ --~~ 

Other 

Other mandatory programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --~3~4~_3 ____ 66~.8-

Total mandatory programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ __ 63_3_.1 _ _ __ 602_.6_ 

Net interest. . .. .. . . . .. . . . . . .. . . .......... .. .. . . .. . ... . . ..... . 194.5 184.2 

Total undistributed offsetting receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___ -3_9_.4 ____ -36_.6_ 

Total ............... . . . .. . ................ . .... . 788.2 750.2 ==== 

45 
46 supplemental tables cfs 

Federal Obligations 

"Obligations· are the basis on which 

the use of funds is controlled by the Federal Government. They are recorded at 

the point at which the Government 

makes a firm commitment to acquire 

goods or services and are the first of the 

four key elements that characterize the 

acquisition and use of resources--order, 

delivery, payment, and consumption. In 

general, obligations consist of orders 

placed, contracts awarded, services received, and similar transactions requiring 

the disbursement of money. All significant lntragovernmental items have been 

eliminated. 

The obligational stage of Government 

transactions is a strategic point in gauging the impact of the Government's operations on the national economy. For 

business firms, it frequently represents 

the Government's commitment, which 

stimulates business investment--including inventory purchases and employment of labor. 

Disbursements may not occur for 

months after the Government places its 

order, but the order itself usually places 

immediate pressure on the private economy. 

For more detail, refer to the March 

1992 "Treasury Bulletin.· 

Gross Obligations of the Federal Government by Object Class 

as of September 30, 1991 and 1990 

(In billions of dollars) 

Personal services and benefits 1991 

Personnel compensation .... . . .. ... .. ..... ... .... .... . . . . 159.1 

Persomel benefits . ... ..... . ..... ... ... . ............... . 12.8 

Benefits for former personnel . . .. ... ... ... . .. ...... .... ... . 1.1 

Contractual services and supplies 

Travel and transportation of persons ....... .. .... . . .... .... . 6.2 

Transportation of things . ... . . . .. . ..... .. .. . . .. . ......... . 9.6 

Rent, communications, and utilities ... . ... ...... .... . . . .... . 13.4 

Printing and reproduction ...................... . .. .. .. . .. . 1.2 

Other services .... .... .. . ............... . .............. . 160.3 

Supplies and materials ... .. .... . ............ . . .. .. .. .. .. . 66.9 

Acquisition of capital assets 

Equipment. ... . ... ... ........ . .. .... . . ... ...... ... . .. . . 68.8 

Lands and structures ............................. ... .. . . 17.7 

Investments and loans ......... . . . ...... .. ........ ... ... . 23.2 

Grants and fixed charges 

Grants, subsidies, and contributions ............ ... .... .. . . . . 250.5 

Insurance claims and indemnities ............. . . ....... .... . 492.5 

Interest and dividends .... . ... . .... . . . . . . . . .. ... . ........ . 228.7 

Refunds . .. ... . .. .... . ......... . ....... .... . ... .... . . . -.3 

Other 

Unvouchered .... . .... ....... .... .. ....... ... . . . . . .... . .2 

Undistributed U.S. obligations ....... . ........ . ............ . 12.2 

Total gross obligations incurred .............. . 1,524.1 

1990 

146.2 

11.7 

.9 

5.7 

8.1 

12.3 

2.3 

146.0 

57.5 

70.7 

17.4 

25.1 

207.4 

466.2 

211.1 

.2 

.1 

65.5 

1,454.4 
cfs supplemental tables 

Notes to Supplemental Tables 

Accounts and loans receivable by agency 

as of September 30, 1991 

The receivables figures in the supplemental table differ from the 

fiscal 1991 "Report to Congress on Credit Management and Debt 

Collection,• prepared by 0MB. 

This reconciliation explains the major differences: 

Reconciliation of Accounts and Loans Receivable by Agency 

(In billions of dollars) Accounts Loans 

receiv- receivable able 

Office of Management and Budget balances . . . . 104.8 195.7 

Department of Labor . .. ..... .... . . . . . ..... . 1 6.7 

Reclassification of accounts receivable to loans 

receivable .. . . .. .. ..... . ... . ........ . .. . 2 -.7 2 .7 

Total Consolidated Financial 

Statements balance ............ . 110.8 196.4 

1 Thia amount i• Included in the accounts receivable reportlld by the Department cl ubor. The balance represerts an estimated amount 

cl Federal and State unell1)1oyment taxes due tor the quarter ended Sept. 30, 1991, paid in 

October 1991. It also includes deUnquert unemployment tax .. ,_wabl• from empfoyera 

wilhin the States, as well as overpayments of 

unemployment insurance benefits. 

2 This amount is due to a reclassification of accounts recewable to loans recewable agreed 

upon by tho agency's Inspector General. 

47 
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Government, and U.S. Currency and Coin Outstanding and in Circulation. 

Compiled by Financial Management Service. Subscription price: $29 per year 

(domestic), $36.25 per year (foreign); $7.50 single issue. 

United States Government Annual Report and Appendix. Annual Report 

presents budgetary results at the summary level Appendix presents the 

individual receipt and appropriation accounts at the detail level Annual Report 

single copy price: $2; Appendix free from Financial Management Service.