1990 Consolidated Financial Statements 

Prototype 

Prepared and Published by the 

Financial Management Service 

Department of the Treasury 
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 

Fiscal Year 1990 

Prepared and Published by the 

FINANCIAL MANAGEMENT SERVICE 

For sale by the Superintendent of Documents, U.S. Government Printing Office 

Washington, D.C. 20402 
Background information on the preparation of the 1990 Consolidated Financial Statements is contained in the 

"Supplemental Analysis and Information" to the report. This document is available free, upon request, from the 

Financial Reports Branch, Financial Management Service, Department of the Treasury, Liberty Center--Attn: 941 N. 

Capitol St., Rm. 703, Washington, DC 20227. 
Contents 

Secretary's Statement 3 

Comptroller General's Statement 4 

Introduction 5 

Financial Highlights 7 

Consolidated Financial Statements 

Financial Position 11 

Operations 12 

Cash Flows 13 

Receipts and Outlays 14 

Reconciliation of Accrual Operating Results 

to the Cash Basis Budget 15 

Notes to Financial Statements 17 

Independent Accountants' Report 26 

Supplemental Tables 

Summary of Accounts and Loans Receivable 

Due From the Public 27 

Federal Debt 29 

Commitments and Contingencies 31 

Additions to Non-Federal Economic Resources 33 

Estimates for Tax Expenditures in the 

Income Tax 35 

Outlays for Mandatory and Related Programs 36 

Federal Obligations 37 

Notes to Supplemental Tables 39 
Statement of the Secretary of the Treasury 

The Department of the Treasury is pleased to publish these Consolidated Financial Statements 

prepared by the Financial Management Service. The statements summarize the financial condition 

and operations of the Federal Government on an accrual accounting basis. 

Program agencies continue to make significant improvements in the quality of the financial 

information they provide for these reports. These include: additional upgrades of accounting systems based on a Governmentwide set of core requirements, implementation of the U.S . Standard 

General Ledger, and further improvement in electronic reporting and interchange capabilities. 

Recently enacted legislation provides fresh impetus for continued modernization in financial 

management. The Chief Financial Officers Act of 1990 created leadership positions in each 

Cabinet-level department and major agency so that each has a Chief Financial Officer overseeing 

financial management activities. Audited financial statements for trust, revolving, and other 

commercial-type activities, and consolidated statements for selected agencies are also mandated by 

the act. The Cash Management Improvement Act of 1990 requires a more effective exchange of 

funds between the Federal Government and the States, improving cash management at both levels 

of government. The Federal Credit Reform Act of 1990 directs tighter agency controls over all 

loans, both guaranteed and direct. Finally, prior year merged accounts are replaced under a provision of the Defense Authorization Act that placed more control over the use of prior year funding. 

In addition, Office of Management and Budget Director Darman, Comptroller General Bowsher, and I have established a Federal Accounting Standards Advisory Board (FASAB). FASAB 

will recommend accounting standards to improve the usefulness of future financial reports based 

on the needs of users. Accounting and financial reporting standards are essential for public accountability and will contribute to efficient and effective Government. 

As new standards and legislative reforms are implemented by the many program agencies, 

reports on Federal assets, liabilities, and the results of operations will become more relevant, reliable, and understandable. 

Nicholas F. Brady 

Accounting and financial reporting standards are essential for 

public accountability and will 

contribute to efficient and eff ective Government. 

3 
4 

Statement of the Comptroller General 

of the United States 

In these times of large budget deficits, the Congress, various governmental agencies, and the 

public at large, more than ever, need accurate and complete information for determining the financial implications and consequences of fiscal and economic policy decisions. 

In 1990 we reached a new milestone toward improving the quality of information through two 

significant events: the enactment into law of the Chief Financial Officers (CFO) Act, and creation 

of the Federal Accounting Standards Advisory Board (Board). Both events should have a major 

long-term impact on improving federal financial management. Although there will be some immediate benefits derived from these two events, lasting improvements may take some time. Many 

agencies arc still reporting incomplete, inaccurate, and inconsistent information to Treasury. Audits 

of agencies continue to show instances of inadequate accounting systems, poor internal controls, 

and unreconciled data which severely diminishes the reliability of the information provided to 

Treasury and included in the prototype consolidated financial statements. Therefore, the reader is 

cautioned about the unreliability of these financial statements. As with earlier reports of this type, 

we have not audited the accompanying financial statements and accordingly, we do not express an 

opinion on them. 

We expect the CFO Act to lay the groundwork for extensive reform of federal financial 

management. A new financial management leadership structure has been established in 0MB. A 

CFO in each major agency will report directly to the agency head and oversee all financial management activities of the agency. Agencies are required to prepare multi-year financial management 

plans arid to conduct financial statement audits of all their trust and revolving funds and commercial activities. Also, audited agency-wide financial statements are required for ten agencies over the 

next three years as part of a pilot program. The discipline created through the process of implementing this new legislation should lead to a new spirit of accountability and integrity in the 

systems used to manage our government. 

The Board's function will be to recommend accounting and financial reporting standards to 

the Joint Financial Management Improvement Program principals (the Director of the Office of 

Management and Budget, the Secretary of the Treasury, and the Comptroller General). The standards will be recommended after considering the financial and budgetary information needs of users 

of federal financial information. These standards are essential for public accountability and for the 

integrity of the information contained in financial statements. 

We plan to work closely with 0MB and the Treasury to formulate and publish financial statements for U.S. government agencies which will be useful to the Congress, the various governmental agencies themselves, and the citizens of our nation. I look forward to the day when the legislative reform with its provisions for modernizing the government's financial systems, improving the 

discipline for financial integrity, the pronouncements of the Board, and the other government-wide 

financial management improvement initiatives will result in fully reliable, useful financial statements for federal agencies. 

Charles A. Bowsher 
Introduction 

T his report contains the 

most reliable information to date 

on the financial condition of the 

Federal Government. 

In the recent past, Government agencies began working 

with the Financial Management 

Service (FMS) to improve the 

Government's financial accounting and reporting systems. The 

fiscal 1990 report reflects their 

continuing efforts. To further enhance the integrity of the current report, FMS compared the 

data provided by agencies with 

those of audited financial statements when available. 

Additionally, several major 

pieces of legislation enacted in 

1990 are designed to further improve Federal financial data. 

Among these are: the Chief Financial Officers Act, the Federal 

Credit Reform Act, and the 

Cash Management Improvement Act. Such reforms will allow FMS to compile and publish 

even better quality data in the 

future . 

With those same goals in 

mind, the independent accounting firm of Arthur Andersen & 

Co. recently reviewed FMS procedures for collecting and summarizing data as part of the annual independent process begun in 1988. 

In summary, the collective 

purpose of these initiatives is to 

improve the quality of the Government's financial information. 

It is hoped that better information will benefit both the Government and private sector--that 

improved information will clearly 

enhance financial management. 

As evidenced in these 

pages, FMS and agencies have 

made much progress. The future holds the prospect of even 

more. 

5 

... several major pieces 

of legislation enacted in 

1990 are designed to 

further improve 

Federal financial data. 
FINANCIAL HIGHLIGHTS 

Revenues and expenses· 

The following graphs show revenues and expenses for fiscal years 1988 through 1990, and the major 

categories of revenues by source and expenses by agency for fiscal years 1990 and 1989. Revenues levied under the Government's sovereign power are reported on the cash basis. Amounts earned through Government 

business-type operations are reported on the accrual basis. The data supporting the graph of expenses by 

agency are reported on the accrual basis. 

$ 

B 

I 

L 

L 

I 

0 

N 

s 

1450 

1400 

1350 

1300 

1250 

1200 

1150 

1100 

1050 

TOTAL REVENUES AND TOTAL EXPENSES 

FISCAL YEARS 1988-90 

1000 -+------------~-------------

1988 1989 1990 

Revenues Expenses 

7 
8 

Revenues and expenses 

$ 

B 

I 

L 

L 

I 

0 

N 

s 

FISCAL YEARS 1990 AND 1989 

MAJOR SOURCES OF REVENUES 

500 

400 

300 

200 

100 

Individual Social Business- Corporate Other 

Income Insurance Type Income 

Taxes Taxes and Operations Taxes 

Contributions 

MAJOR CATEGORIES OF EXPENSES 

350 $ • 1990 300 0 1989 

B 

I 250 

L 200 L 

I 150 

0 

N 100 

s 50 

0 

Department HHS, HHS, Except Interest Independent Veterans 

of Defense Social Social Agenc ies Affairs, 

Security Security Agriculture, 

and Other 
9 

Major categories of assets 

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

public services in the future. The following chart is derived from the Statement of Financial Position and depicts 

the major categories of assets for fiscal 1990 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 

$1,383.2 billion 

Cash and Other Monetary Assets 

Receivables 

Inventories 

Property and Equipment 

Investments and Other Assets 

0 10 

Assets, liabilities, and accumulated position 

20 

Percent 

30 40 

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

Financial Position for fiscal years 1988 through 1990. 

$ 

B 

I 

L 

L 

I 

0 

N 

s 

5000 

4000 

3000 

2000 

1000 

0 

-1000 

-2000 

-3000 

TOTAL ASSETS, TOTAL LIABILITIES, AND 

ACCUMULATED POSITION, FY 1988-90 

1988 1989 1990 

( D Assets • Liabilities Accumulated Position 
10 

Sources of funds provided and applied 

The charts below have been derived from the Statement of Operations and the Statement of Cash Flows 

for fiscal 1990. 

FUNDS PROVIDED FROM 

Individual Income Taxes 

Corporate Income Taxes 

Social Insurance Taxes 

and Contributions 

"'----------------- 30% 

Other Taxes 

Government Business-Type 

Operations 

Borrowing from the Public 

Increase in Liabilities 

0 10 

14% 

14% 

20 

Percent 

FUNDS APPLIED TO 

Purchase of Property and Equipment 

Increase in Inventories 

Increase in Miscellaneous Assets 

Department of Defense Expenses 

Non-Defense Expenses 

Interest on Debt 

Held by the Public 

0 10 20 

21 % 

30 

Percent 

30 

40 

40 

52% 

50 60 
CONSOLIDATED FINANCIAL STATEMENTS 

United States Government Consolidated Statement 

of Financial Position as of September 30, 1990 and 1989 

($ billions) 

Assets 

Cash . . . . . . . .. ... ... . .. . . . .. .. . .. .. ......... . ........ . ...... • ... .. • . .•.. 

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

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

Inventories, net. ... . . . ... . . ... .... ... ..... . .. . .... . . . ..... . . . .. . .. . . .. ... . 

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

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

Investments in international organizations . ... .. . ... . . . ... . . . ..•..•. . ..... . ..... 

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

Financial assets . ... ...... . . .. ...... ...... .. ... ... . .. . .. . .. . . .. . . .. . .. . . . . 

Other assets ...... .. . . . . •. ... . .. . . .. . . . . . . . . . .... . .. . ... .. . .. . .. . .. . . . . . . 

Total assets ....... . ................................................... . 

Liabilities 

Checks outstanding ... . .. .. ......... .. .. . ... . . . .. .. .. . .. . ....... .. ..... . . . 

Accounts payable ..... . .. . .. .... . .. . . . . .. . .. . . ... ... . • .. •. . . . ....... . ..•. . 

Interest payable .. . .. ... . . ... ... .. .. .. . .... . .... . .. ...... . . .. .... . . .... .. . 

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

Unearned revenue ... . .. .. .. .. . ... . .. . . . . .. . .. . .. ... . . ..... . .... .. .. . . . . . . 

Debt issued under financing authority ... . . . ..... . ..... .. . . .. . ..... .. .. . . . . . .. . 

Pensions and actuarial liabilities . ... . ..... . ..... . ............. . .......... ... . 

Financial liabilities ...... . ..... . .. . ... . . . . . . . ................ .. . . . .. . . . . . . . 

Other liabilities . .. .. . .... . . . . ...... . .... .. . . . . .... . .. . ... ... ..... .... . . . . . 

Total liabilities ................ . ..................... . ........ . .. . ...... . 

Accumulated position ... . ....... . ..... . ................................. . 

The accompanying notes are an integral part of this statement. 

1990 

40.2 

135.6 

93.6 

260.8 

173.0 

540.2 

25.2 

21.4 

52.9 

40.3 

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 

11 

1989 

41.0 

124.6 

87.9 

212.3 

175.2 

482.4 

23.7 

21 .0 

12.0 

34.1 

1,214.2 

54.4 

86.7 

41 .4 

14.5 

58.4 

2,190.3 

1,295.1 

23.6 

50.3 

3,814.7 

-2,600.5 
12 

United States Government Consolidated Statement 

of Operations for the Years Ended September 30, 1990 and 1989 

($ billions) 

Revenues 

Levied under the Government's sovereign power 

Individual income taxes . 

Corporate income taxes. 

Social insurance taxes and contributions ..... . . .... . . . . . ... . . .. ... . .. . .. . . . 

Excise taxes . . 

Estate and gilt taxes. 

Customs duties 

Miscellaneous 

Earned through Government business-type operations 

Sale of goods and services . . 

Interest . 

Other 

Total revenues ........................... . ........................... . 

Expenses by agency 

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

Judicial branch .. 

Executive branch 

Executive Office of the President . 

Funds appropriated to the President . 

Departments 

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

Commerce. 

Defense .... . 

Education . .. . . 

Energy . 

Health and Human Services, except Social Security .. 

Health and Human Services, Social Security 

Housing and Urban Development . 

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

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

Labor . . . . . . . . . . . • . . • . . . . . . . . • . . . . . . . . ...... . 

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

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

Treasury 

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

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

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

Independent agencies . 

Total expenses .................................... . ........ . ......... . 

Excess of expenses over revenues ................ ... .... .. . .... .... . ... . 

Tho accompanying notes arc an integral part of this statement. 

1990 1989 

466.9 445.7 

93.5 103.3 

380.0 359.4 

35.4 34.4 

11.5 8.7 

16.7 16.3 

27.5 22.9 

1,031.5 990.7 

77.0 73.7 

13.5 10.7 

9.2 12.6 

1,131.2 1,087.7 

1.5 1.6 

1.4 1.3 

.2 .1 

17.2 18.8 

46.0 44.8 

5.2 3.2 

323.9 340.5 

22.2 16.9 

16.0 16.5 

156.2 140.6 

235.0 220.8 

23.1 20.3 

7.3 8.3 

7.9 7.1 

31.3 24.4 

4.8 5.0 

27.2 25.8 

198.7 185.3 

22.8 16.7 

80.6 27.5 

181.9 149.2 

1,410.4 1,274.7 

-279.2 -187.0 
United States Government Consolidated Statement 

of Cash Flows for the Years Ended September 30, 1990 and 1989 

($ billions) 

Cash flows from operations 

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 . .... . .... . ..... . ........ . .. . ....... .... .... . . . . . . .. . .. . . . . .............. . 

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

Provision for doubtful accounts ............ . ... . .•....... .. .... .... . . .. ..... .............. 

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

Increase/decrease in inventories ................. . . . ......... .. . . . .. . .. . .. . .. . . .... .... .. .. . 

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

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

Increase/decrease in other assets ... . .. .... . ..... . .. ... . . . ....... . . . ..... . ..... . ... . . .. .... . 

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

Increase/decrease in accounts payable .... . .... . .. . .. . .. . . . . ....... . ... .. . .. . .. . ... .. .. . .... . 

Increase in interest payable ........... . .......... . .... . .... . .. . ..... . ........... . . . . .. .... . 

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

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

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

Increase in financial liabilities .......................... . . . ..... . .. . ... .. . . .. . .. .. .. . ..... . . . 

Increase in other liabilities . . ..... .. .. . .... . ...... . . • .. . . • .......... . • .. . . ... .. . .•. . ........ 

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

Net cash used in operations ...........•.... . .. . ............. . .. . ... ... ............ . . .. • .. .. 

Cash flows from investing activity 

Purchases of fixed assets, net of dispositions ...... . ....... . .... . ... . ... .. .... .... . . . .. .. . .. .. .. . 

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

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

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

Net cash used in investing activity . . ... ... . ... .. ...... . ............. .. . .. . .. . .. .. .. . .. ..... . 

Total net cash used in operations and investing activity ............. . .. . ........................ . 

Cash flows from financing activity 

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

Net cash provided by financing activity ... . ....• • .•..• . . • ......... . .. . . . .. . .....•. . ...... . .. . . 

Net increase/decrease in cash and other monetary assets .... .................................... . 

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

Cash and other monetary assets, end of year ....... . . . .. .. . .... . .. .. .. . . . ........ . . . .. . . ....... .. . 

The accompanying notes are an integral part of this statement. 

13 

1990 1989 

-279.2 -187.0 

57.7 49.5 

9.8 -8.1 

24.0 21 .6 

-16.4 -29.3 

-48.5 .2 

-.4 -.2 

-40.9 -8.0 

-6.2 13.5 

-5.7 -30.5 

11.2 -14.2 

6.8 6.8 

3.1 2.6 

3.9 3.0 

126.0 54.2 

58.9 23.6 

14.1 47.0 

197.4 131 .7 

-81.8 -55.3 

-115.5 -94.7 

-1.5 -1.4 

-36.5 -11.4 

25.4 10.3 

-128.1 -97.2 

-209.9 -152.5 

220.1 140.3 

220.1 140.3 

10.2 -12.2 

165.6 177.8 

175.8 165.6 
14 

United States Government Consolidated Statement 

of Receipts and Outlays for the Years Ended September 30, 1990 and 1989 

($ billions) 

1990 1989 

Actual 1 Budget 2 Budget 3 Actual Budget 4 Budget 5 

Budaet receipts 

Individual income truces . . .. . .. . . . .. . ... . . .. 466.9 

Corporation income taxes . ....... . .... . ... . 93.5 

Social insurance taxes and contributions .. .. .. . 380.0 

Excise taxes ... . .... . . .. .. . ....... . .. . .. . 35.4 

Estate and gift taxes .... . . . . ............ . . . 11 .5 

Customs duties . . .. . ..... .. . ..... .... .. .. 16.7 

Miscellaneous receipts .. . .... . .. .. . . ...... . 27.5 

Total budget receipts . .......... . ......... 1,031.5 

Budaetoutlavs 

Legislative branch . . . . . . . . . . . . . . . . . . . . . . . 2.2 

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

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

Funds appropriated to the President . . . ...... . 10.1 

Departments 

Agriculture .... . . . .. . . . . . . .. .. .. . . .. . .. 46.0 

Commerce .. .. .. ... ... ... ........... . . 3.7 

Defense . .. . . . ..... .. .. . .. . . . .... . . .. . 314.7 

Education .. .. ... . .. ...... . ... . ... . . . .. 23.1 

Energy .. . ... .. . . . .... . .... . .. . . . .. .. . 12.0 

Health and Human Services, except Social 

Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193.7 

Health and Human Services, Social 

Security . ...... . ... . . . .. . .. . .. . . . . . . 245.0 

Housing and Urban Development ....... . .. 20.2 

Interior ... . . .. . . ......... ......... .... 5.8 

Justice .. .. . .. ... . . . .... . . ... .. . .. .. . . 6.7 

Labor . .. ..... . . . ... .• . . .. .. . . . . . . ... . 25.3 

State . . . .. ... . .. ...... . .. ... .. .. . . .. .. 4.0 

Transportation .... . . .. . ... ... . . ........ 28.6 

Treasury . ........ . . ... . . .. . ... . ..... . . 255.3 

Veterans Affairs ..... ... .. . .. .. . .... . . .. 29.0 

Independent agencies .. .. . ... .. ..... . . . ... 123.6 

Undistributed offsetting receipts ..... ..... . ... -99.0 --- Total budget outlays ..................... 1,251.9 

Total budget deficit ...................... -220.4 

1 The receipt and outlay figures differ from the FY 1992 Budget, released Feb. 4, 1991, by the Office of Management and Budget, by 

small amounts mainly due to rounding . There is no effect on total 

budget deficit. 

2 Midsession review of the FY 1991 Budget, released July 16, 1990, 

by the Office of Management and Budget. 

7/16 1/29 7/18 1/9 

476.1 489.4 445.7 445.3 425.2 

98.2 112.0 103.3 105.8 107.0 

380.1 385.3 359.4 361 .5 363.9 

36.7 36.2 34.4 34.1 34.0 

10.7 9.3 8.7 8.5 7.8 

16.9 16.8 16.3 17.2 16.3 

25.5 24.4 22.9 23.4 21 .4 --- --- 1,044.2 1,073.4 990.7 995.8 975.6 --- = ---

2.3 2.3 2.1 2.2 2.2 

1.7 1.7 1.5 1.5 1.5 

.2 .2 .1 .1 .1 

10.7 9.2 4.3 5.5 5.6 

47.5 48.2 48.3 51.4 52.1 

3.9 3.9 2.6 2.8 2.8 

315.0 311.5 318.3 316.1 313.2 

22.9 22.3 21 .6 21.3 20.8 

12.3 12.3 11 .4 11.4 11.4 

192.4 191.2 172.3 174.0 174.6 

244.9 244.6 227.5 227.1 226.9 

21.4 22.8 19.7 20.2 20.4 

6.1 5.8 5.3 5.5 5.5 

7.0 6.9 6.2 6.1 6.0 

25.5 24.9 22.7 22.6 22.8 

3.8 3.8 3.7 3.7 3.6 

28.5 28.3 26.6 27.0 27.1 

252.4 247.2 230.6 230.5 227.7 

29.3 28.7 30.0 30.3 29.2 

134.3 78.7 78.4 73.1 71 .5 

-97.8 -97.3 -89.2 -88.3 -87.9 --- --- 1,264.3 1,197.2 1,144.0 1,144.1 1,137.1 

-220.1 -123.8 -153.3 -148.3 -161.5 

= = ---

3 FY 1991 Budget of the U.S. Government, released Jan. 29, 1990, 

by the Office of Management and Budget. 

4 Midsession review of the FY 1990 Budget, released July 18, 1989, 

by the Office of Management and Budget. 

5 FY 1990 Budget of the U.S. Government, released Jan. 9, 1989, by 

the Office of Management and Budget. 
United States Government Consolidated Statement 

of Reconciliation of Accrual Operating Results to the 

Cash Basis Budget for the Years Ended September 30, 1990 and 1989 

($ billions) 

Excess of expenses over revenues (current-period results on accrual basis), ....... . 

Additions 

Property and equipment (net of sales of $6.6 in 1990 and $7.5 in 1989) . .. . . .. .. .. . . 

Net loan disbursements ... . ........................ . . . ........ . .... .. .. . . . 

Seigniorage ........ . ... . .. . .... . . . . . . ..... . ...... ................... .. . 

Total additions .................. . .. . ..... . .. . . . ....................... . 

Deductions 

Increase in actuarial liabilities ...... . .... . ........ . . . ..... . ... .... . . .. . .. . . . 

Increase or decrease(-) in allowances . ...... . ........ . ...... . .............. . 

Depreciation expense .... ............ . ............. .. .... .......... .. . .. . 

Other: 

Net accrual adjustments .. . ..... . .. . ............. ............ . . .. .... . . . 

Net agency accrual adjustments . ........ . . .......... . .. ... . ... .. . . . . .. .. . 

Total deductions . . ................. . .. . .......... . ... . . . ............... . 

Reported budget outlays over receipts (cash basis) . ..... . .... . ... . . .. .. . . . ..... . 

The accompanying notes are an integral part of this statement. 

15 

1990 1989 

279.2 187.0 

115.5 94.7 

18.0 4.4 

.5 .6 

134.0 99.7 

126.0 54.2 

6.1 -10.7 

57.7 49.5 

6.0 44.7 

-3.0 -4.3 

192.8 133.4 

220.4 153.3 
17 

NOTES TO FINANCIAL STATEMENTS 

1. Summary of significant accounting policies 

Reporting entities 

The Consolidated Financial Statements consist of 

the legislative, judicial, and executive branches including Federal Government corporations. 

Significant intragovernmental transactions were 

eliminated in consolidation. 

The Federal Reserve banks are excluded because 

they operate independently within the U.S. Government and are owned by member banks through the 

issuance of stock. Certain congressional activities are 

also excluded as are Government-sponsored enterprises such as the Federal National Mortgage Association because they are privately owned. 

Basis of accounting policies 

The data presented in this report are unaudited. 

Wherever practicable, the Consolidated Financial 

Statements are prepared in accordance with Generally 

Accepted Accounting Principles (GAAP) applicable to 

the Federal Government in line with Title 2 of the GAO 

Policy and Procedures Manual for Guidance of Federal Agencies. The Statements of Financial Position, 

Operations, and Cash Flows are presented on the accrual basis of accounting. The Statement of Cash 

Flows has been prepared using the indirect method. 

Some cash inflows and outflows have been netted due 

to the unavailability of certain relevant information. 

The Statement of Receipts and Outlays displays the 

budget deficit on a cash basis. The Statement of 

Reconciliation of Accrual Operating Results to the 

Cash Basis Budget presents a reconciliation of the operating results on the accrual basis to the budget deficit on the cash basis. The 1989 statements have been 

restated to reflect subsequent changes to the prioryear financial information. (See notes 16 and 17.) 

Principal financial statements 

These consist of a Statement of Financial Position, a Statement of Operations, a Statement of Cash 

Flows, a Statement of Receipts and Outlays, and a 

Statement of Reconciliation of Accrual Operating Results to the Cash Basis Budget. 

Fiscal year 

The fiscal year of the U.S. Government ends on 

September 30. 

Sources of information 

The fiscal 1990 Statement of Financial Position 

and the Statement of Operations have been compiled 

from agency reports required by I TFM 2-4100, Federal Agencies' Financial Reports. The Statement of 

Receipts and Outlays has been 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 

This 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. The Federal Reserve banks and branches 

act as fiscal agents for the Government by reporting 

this information on a daily basis. The tax and loan accounts refer to accounts of special depositaries in 

which the proceeds of certain tax payments and public 

debt sales are held until the funds are needed at the 

Federal Reserve banks and branches to meet cash 

disbursements from Treasury's general account. 

Accounting for outlays is on the basis of checks 

issued and cash payments made; therefore, "Checks 

outstanding" is credited for checks issued, until they 

are cleared through the Federal Reserve banks. 
18 

3. Other monetary assets (consist of the items 

summarized below) 

Sept. 30, Sept. 30, 

Gold (at market value of $404.75 per ounce as 

of Sept. 30, 1990, and $367.00 as of Sept. 

30, 1989) . ..... . . . . .. . . . . . .. . . . . ... . 

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

U.S. reserve position in the International 

Monetary Fund . ... . . . . . .. ... . .. . . .. . . 

Accountability for cash and other assets 

held outside the Treasury ............. . 

Other U.S. Treasury monetary assets . . . . . . . 

Nonpurchased foreign currencies . . ... .... . 

Gold 

1990 1989 

($ billions) 

106.0 96.2 

10.7 9.5 

8.9 8.8 

8.1 8.1 

1.7 1.7 

.2 .3 

135.6 124.6 

Gold is valued at market. The market value has 

been used for fiscal years 1990 and 1989. The market 

value represents the price reported for gold on the 

London fixing, and is based on 261 ,900,961.817 and 

262,061,692.577 fine troy ounces as of September 30, 

1990 and 1989, respectively (as reported by the 

Treasury general ledger). The statutory price of gold is 

$42.2222 per ounce. 

One of the accounting issues to be addressed by 

the Federal Accounting Standards Advisory Board 

(FASAB) is how refined precious metals including gold 

should be valued in the Consolidated Statement of Financial Position. Valuing gold at market value is in accordance with acceptable accounting principles. 

lntornational Monotary Fund spooial 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 

$1.39256 and $1.27981 as of September 30, 1990 

and 1989, 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. 

4. Accounts and loans receivable 

All receivables in the Statement of Financial Position are shown net of allowances for losses. Receivables exclude intragovernmental amounts. 

Summary of net accounts and loans receivable 

Accounts 

receivable 

Loans 

receivable 

1990 1989 1990 1989 

($ billions) 

Beginning balance, Oct. 1 . .. .. 87.9 73.3 175.2 181.0 

Additions to receivables .... 99.4 116.9 36.5 11.4 

Repayments and reclassifications .... .......... .. -83.0 -87.6 -25.4 -10.3 

Provision for doubtful 

accounts .. .. . .. . ....... -10.7 -14.7 -13.3 -6.9 

Ending balance, Sept. 30 .... .. 93.6 87.9 173.0 175.2 

5. Inventories 

Sept. 30, Sept. 30, 

1990 1989 

($ billions) 

Operating consumables ... .. . ..... .. . 135.3 119.1 

Product or service-components . . . .. . . . 54.0 49.3 

Stockpiled materials ................ . 59.3 38.5 

Other .............. .. . . . .. ..... . . 12.2 5.4 

260.8 212.3 

Product or service components contain amounts 

reported in goods-for-sale, work-in-process, and raw 

materials. Agencies have reported inventory totals net 

of allowances, where appropriate. 

Agencies disclosed their costing method for inventory totals. The first-in-first-out valuation method was 

used more often than moving or weighted averages or 

last-in-first-out valuations. However, the Department of 

Defense used the moving average valuation more 
often than weighted average or last-in-first-out or firstin-first-out valuations. Several agencies reported estimated inventory amounts. 

INVENTORIES BY MAJOR AGENCY 

$ BILLIONS 

225 -----------------, 

180 

135 

90 

45 

• 1990 

• 1989 

0 ....__.__ 

Defense Energy Agriculture Other 

6. Property, plant and equipment 

Sept. 30, 

1990 

Sept. 30, 

1989 

($ billions) 

Buildings, structures, facilities, and 

leasehold improvements . .. ... .. . . 195.2 184.4 

Military equipment. .... .. .. .... . . . . 559.5 469.4 

Equipment ....... . ... . ..... . . .. • . 77.7 71 .5 

Construction-in-progress . ...... . .. . . 85.0 79.2 

Land . .......... . .... . . . .. ... . . . 12.6 12.5 

Other .. .... .. ... . . ... ...... . ... . 18.5 16.0 

948.5 833.0 

Less accumulated depreciation . . . . 408.3 350.6 

540.2 482.4 

"Other" includes ADP software, assets under capital lease, and other fixed assets that have been capitalized. The amounts shown for fiscal years 1990 and 

1989 are reported at cost. 

Land purchased by the Federal Government is 

valued at cost. The land acquired through donation, 

exchange, bequest, forfeiture, or judicial process is 

estimated at amounts the Government would have 

19 

paid if purchased at the date of acquisition. 

Pending a recommendation by the new F ASAB on 

how land and natural resources should be valued, 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 on their 

financial statements. 

The accumulated depreciation shown in the Statement of Financial Position is estimated using the 

straight-line method applied to the total of reported 

depreciable assets. The useful lives applied to 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 

The amounts of accumulated depreciation reported by Federal agencies on their statements for 

business-type operations amounted to $45.0 billion 

and $40.3 billion for fiscal years 1990 and 1989, on 

assets of $159.7 billion and $143.5 billion for fiscal 

years 1990 and 1989, respectively. The straight-line 

depreciation method is used more often than any 

other method for overall fixed assets. Capitalization 

policies varied with minimum thresholds in the range 

of $500 to $5,000. 

7. Investments in international organizations 

This item represents the Government's investment 

in international organizations on a cost basis. Some of 

the larger organizations are the: 

International Bank for Reconstruction and 

Development (World Bank) 

International Development Association 

Inter-American Development Bank 

Asian Development Fund 

African Development Bank 
20 

8. Financial assets 

These are receivables and other assets from 

banking assistance and failures, included in the totals 

of the bank insurance fund, FSLIC resolution fund, 

and Resolution Trust Corporation. 

9. Other assets 

Other assets reported are summarized in the following table, by agency. 

Sept. 30, 

1990 

Sept. 30, 

1989 

($ billions) 

Funds appropriated to the President. ... . . . 6.1 7.6 

Agriculture ... .... ... .. . ..... ..... . . . . 2.0 

Defense .. .... . . . . .. . ........ . .. ... . . 7.7 4.5 

Energy .. .. .. .. .. ... . .. . . ... .... . .. . . .8 .7 

Transportation ... . ... . . ..... .. ... . .. . . .5 .5 

Treasury ... . . . . . . . .. . . . ...... .. .... . 2.7 1.0 

Export-Import Bank of the United States ... . 1.1 1.8 

Tennessee Valley Authority .. . .. ... . ... . 6.2 3.4 

Other .... . .... . . . .... ... .... .. ..... . 15.2 12.6 

Total ... .. .. .. . .. . .. .. . .. . . . .. . . 40.3 34.1 

= 

10. Checks outstanding 

These are checks issued by the U.S. Treasury or 

its agents that have not cleared through the Federal 

Reserve banks. 

11. Unearned revenue 

Unearned revenue is summarized in the following 

table, by agency. 

Sept. 30, 

1990 

Sept. 30, 

1989 

($ billions) 

Funds appropriated to the President .. . . . 13.1 11 .6 

Housing and Urban Development . . . ... . 5.8 6.3 

U.S. Postal Service ... ..... .. . .... .. . . 1.9 1.8 

Agriculture ... .... ... .. ..... . . . . .. . . .5 .9 

Energy . .. . . . ..... . ... .. . ... . . . .. . . 4.6 .8 

Interior . ......... . . . .. . . .. .... . . . . . 2.0 1.8 

Treasury ... .. . . . .. .. ... . ........ . . . 33.2 35.2 

Other ....... . . . .. .. ... .. .... .. .. . . . 1.2 

Total ... . . . . .. . ... ..... .. .... . 62.3 58.4 

12. Debt issued under financing authority 

The amount of Federal debt outstanding is reported net of unamortized premiums and discounts. 

The amounts reported for fiscal years 1990 and 1989 

reflect a reduction for intragovernmental holdings of 

$795.9 billion and $677.2 billion, respectively. 

Sept. 30, 1990 Sept. 30, 1989 

Average Average 

interest Total interest Total 

rate debt rate debt 

(percent) ($ bil.) (percent) ($ bil.) 

Public debt 

Marketable . . .. . ...... . 8.843 2,009 2 9.043 1,859.4 

Nonmarketable . . ....... 7.817 346.0 7.826 284.3 

Other . .. . ... . ... . .. ... 8.850 22.4 8.999 21.1 

Total . . . .. ... . . . .... 2,377.6 2,164.8 

Agency debt 

Housing and Urban Development. ... .. . .......... .4 .3 

Federal Deposit Insurance 

Corporation: 

Bank insurance fund .... 3.0 3.1 

Federal Savings and Loan 

Insurance Corp., resolution 

fund ... ... . . . . . . . . . 19.3 20.0 

Architect of the Capitol . .. . .1 .1 

Tennessee Valley Authority 9.4 1.4 

U.S. Postal Service .... .. . .3 .3 

National Archives and Records Administration . . .. .3 .3 

Total . . .. .. .... ... .. 32.8 25.5 

Federal debt held by the public 

Current period ... . .. . . . . 2,410.4 2,190.3 

Prior period . . .. ... ... .. 2,190.3 2,050.0 

Net increase ... .. . . ... . . . 220.1 140.3 

13. Pensions and actuarial liabilities 

The Federal Government administers over 40 

pension plans. The largest are those administered by 

the Office of Personnel Management for civilian employees and the Department of Defense for military 

personnel. These plans comprise over 98 percent of 

the pension liability reported at September 30, 1990. 

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. 
Sept. 30, 

1990 

Sept. 30, 

1989 

($ billions) 

Pensions--accumulated benefits obligation 

Civilian employees (CSRS and 

FERS) . . . . . . . . . . . . . . . . . . . . . . . 655.8 

Military personnel. . . . . . . . . . . . . . . . . 497.2 

Other pension plans . . . . . . . . . . . . . . . 22.6 

Subtotal . . . . . . . . . . . . . . . . . . . . . . 1,175.6 

Actuarial liabilities 

Veterans compensation .. . . . . . . . . . . 195.3 

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

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

Tota l ... .. . .. .. . . .. . . . . ... .. .. ~ 

Civilian employees and military personnel 

623.9 

468.3 

21 .0 

1,113.2 

135.2 

21 .2 

25.5 

~ 

The latest available information for civilian employees pensions and military personnel pensions is as of 

September 30, 1990. The data for fiscal years 1989 

and 1988 have been adjusted from previously published data. 

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 

developed by the GAO and the Office of Management 

and Budget under the provisions of Public Law 

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 Statement No. 35. 

The ABO is recognized as a liability in the Consolidated Statement of Financial Position. 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, are 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. 

Veterans compensation 

Veterans Affairs has a future liability for benefits 

expected to be paid in future fiscal periods and, if applicable, to veterans· suNivors who have met or are 

21 

expected to meet defined eligibility criteria. 

The future liability for compensation and pension 

benefits represents the present value, using an 8.85-

percent discount rate, of projected annual benefit payments. Projected benefit payments are based on assumed cost-of-living increases ranging from 2.9 percent to 5.4 percent for 1991 to 1995 and 2.7 percent 

thereafter. In addition, the mortality and accession 

rates used are based on trends in the current veteran 

population. In fiscal 1990, Veterans Affairs revised its 

method to compute future liability. The new methodology is based on budget staff projections and extends 

25 years into the future rather than the 20 years previously used. This change resulted in a $60.1 billion net 

increase from 1989. 

This calculation was not based on an independent 

actuarial study, and thus 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: 

($ billions) 

1991 . . . . . . . . . . . . . . . . . . . . . . . . . . 14.7 

1992 ..... . .. . . . . . . . . . . . . . . . . . . 14.0 

1993 ..... . . . . . .. .. . . . . . . . . .. . . 13.3 

1994 .. . .. .. .............. . . . . . 12.4 

1995 .. . . . . ........... .. ..... . . 11 .6 

Thereafter. . . . . . . . . . . . . . . . . . . . . . 129.3 

Total. ............... . .. . . . . . 195.3 

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 95-595 are reported in the 

same manner as military personnel and civilian employees described above. 

Because railroad retirement operates similarly to 

Social Security (see Note 19), railroad retirement has 
22 

been eliminated from other pension plans starting fiscal 1989 pending pertinent changes to GAO's Title 2 

standards. The cumulative adjustment in 1989 

amounted to $51 .5 billion. 

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. 

Thrift Savings Plan 

The Thrift Savings Plan is a retirement savings 

and investment plan for Federal employees authorized 

by Congress in the Federal Employees' Retirement 

System Act of 1986. It is a defined contribution plan 

eligible to employees covered under the Civil Service 

Retirement System (CSRS) and the Federal Employees Retirement System (FERS). The plan offers both 

FERS and CSRS employees tax deferral advantages. 

FERS employees may contribute up to 10 percent of 

basic pay per pay period to the plan; CSRS employees may contribute up to 5 percent of basic pay per 

pay period. An individual's total annual contribution 

could not exceed $7,979 in 1990. The plan was 

started April 1987 and as of September 30, 1990, the 

total invested was $6.9 billion, mainly in U.S. Government nonmarketable certificates, which is included in 

debt issued under financing authority in the Statement 

of Financial Position. The amounts invested in either 

the Common Stock Index or the Fixed Income Funds 

are less than $150 million, respectively. 

14. Financial liabilities 

These are liabilities from and the estimated cost of 

unresolved banking assistance and failures, included 

in the totals of the bank insurance fund, FSLIC resolution fund, savings association insurance fund, and 

Resolution Trust Corporation. 

15. Other liabilities 

Other liabilities reported are summarized in the 

following table, by agency. 

Sept. 30, Sept. 30, 

1990 1989 

($ billions) 

Agriculture . . . . .. . ... . .. . .. . ... .. . .... . 2.5 1.6 

Defense ..... . ..... . .. .... .. . .. . . .... . 5.0 2.9 

Energy ...... . . .................... . . . 1.6 1.7 

Health and Human Services .. . .. . .. . .... . .6 

Housing and Urban Development . . . . . . . . . . 8.5 

Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 

Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 

Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.6 

Treasury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 

Veterans Affairs . . . . . . . . . . . . . . . . . . . . . . . . 2.4 

Export-Import Bank of the United States . . . . . .6 

General Services Administration . . . . . . . . . . . 1.1 

Tennessee Valley Authority . . . . . . . . . . . . . . . 2.8 

Other .. . ..... . . ... . ............... .. . 8.3 

Total ........ . . . . . .... . .. . . .. . . . . .. 64.4 

16. Accumulated position 

5.6 

1.6 

14.3 

8.9 

1.1 

2.8 

9.8 

50.3 

($ billions) 

Accumulated position beginning of 

period, Oct. 1 , 1988 .... .. .. . ...... . . . . -2,409.8 

Adjustments for: 

Change in accounts payable . ... . . . . . .. . 72.3 

Change in unearned revenue . . .. . ... .. . -33.3 

Change in pensions and actuarial 

liabilities . . . .. . . .... ....... . ..... . . -28.0 

Change in other liabilities .......... . ... . -6.7 

Accumulated position, beginning of 

period revised ..... . . .. . . . .......... . -2,405.5 

Prior-period results as originally reported, 

Sept. 30, 1989 . .. .... . . . . . . ...... . .. . -149.5 

Adjustments for: 

Change in inventory ....... . . . ....... . . -15.4 

Change in property, plant and 

equipment ....... . ......... . . . ... . 18.8 

Change in other assets .. . . ... .. ... . .. . .8 

Change in accounts payable . .. . .. . . .. . . 77.0 

Change in accrued payroll and benefits . .. . -2.0 

Change in unearned revenue ... . . . . .. . . -35.2 

Change in debt issued under financing 

authority . . .. ................... . . . -1 .5 

Change in pensions and actuarial 

liabilities . .. .. . .... . .. . ....... . ... . -59.6 

Change in other liabilities ... . . . . . . . .... . -16.1 

Other adjustments . .... . .... .. ... . ... . -4.3 

Prior-period results restated, 

Sept. 30, 1989 . ... . . .......... ... .. . -187.0 

Change in market value of gold ... . . .. . . . -8.0 

Accumulated position end of period, 

Sept. 30, 1989 .... . ... .. . . .. . .... ... . -2,600.5 

Current-period results, Sept. 30, 1990 ... . .. . -279.2 

Change in market value of gold ...... .. . . 9.8 

Accumulated position end of period ........ . ~ 
The accumulated position represents the excess of 

liabilities over assets. It has been restated to reflect 

prior-period adjustments identified in the above table. 

17. Prior-period adjustments and reclassifications 

The Consolidated Financial Statements include, in 

fiscal 1990, adjustments to prior years' figures necessary due to changes in interpreting financial information, and accounting policy, and revised reports received after publication of the fiscal 1989 statements. 

The changes concerned the following accounts: inventories ; property, plant and equipment; other assets; 

accounts payable; accrued payroll and benefits ; unearned revenue; debt issued under financing authority; 

pensions and actuarial liabilities; financial liabilities; 

and other liabilities. After adjustments, a net change of 

$37.5 billion affected the accumulated position for fiscal 1989. 

In addition to these adjustments, amounts shown 

in the Statement of Operations and Statement of Financial Position were reclassified and adjusted to provide for more accurate amounts within each category 

and to enhance presentation. 

Three categories--financial assets, checks outstanding, and financial liabilities--previously included 

in the Statement of Financial Position are broken out 

this year for greater clarity. 

18. Leases 

Federal agencies were first required to provide financial information about lease commitments in 1986. 

Agencies are attempting to accumulate the desired 

lease information that is required. At September 30, 

1990, the future aggregate minimum rental commitments for capital leases and noncancelable operating 

leases were: 

23 

Operating Capital 

leases leases 

($ billions) 

Years ending Sept. 30,--

1991 ............... . ...... . . .. . .. . . 1.4 2.5 

1992 . .. ...... . . .. .... ... .. .... ... . . 1.1 .1 

1993 ....................... • ..•.... .9 .1 

1994 . . ... . ... . .. . .... . . .. . . .. . ... . . .7 .1 

1995 . . . ... .. . ........... . .. . ...... . .2 

Thereafter .... . . .. . ... ... ..... .... . . 2.0 1.0 

Total minimum lease payments . ..... . 6.3 3.8 

The majority of these lease commitments relate to 

building and office space rental. The current and 

long-term portions of lease costs are included in accounts payable and other liabilities, respectively. lntragovernmental leasing transactions have not been 

eliminated or identified due to a lack of information. 

Lease revenues identified on the agency statements were negligible. 

19. Social Security 

No liability for Social Security is included in the 

Statement of Financial Position, but the program is included in the list of outlays for mandatory and related 

programs. For purposes of disclosure, however, the 

total unfunded actuarial liability is determined annually. As of September 30, 1990, this liability was 

$7,120.6 billion. (As of September 30, 1989, this 

liability was $6,097.5 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 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. 
24 

Sept. 30, Sept. 30, 

1990 1989 

($ billions) 

Actuarial liabilities . . . . . . . . . . • . . . . . . . . . . . 18,940.2 16,493.2 

Actuarial assets .... . ... . . . . . . . . .... . ... 17,696.3 15,643.7 

Actuarial surplus or deficit(-). . . . . . . . . . . . . . -1 ,243.9 -849.5 

20. Contingencies 

A contingent liability is a liability 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 are reported in the Statement of Financial 

Position under "Financial liabilities" and "Other 

liabilities." Contingencies within the Federal Government result from a number of sources including loan 

and credit guarantees, insurance programs, and unadjudicated claims. 

The following table shows the contingent liabilities 

reported in the Statement of Financial Position for 

losses that are likely to occur and the maximum risk of 

exposure that the Government has without regard to 

probability of occurrence and without deduction for existing and contingent assets which would be available 

to offset potential losses. 

Sept. 30, 1990 Sept. 30, 1989 

Maxi- Maximum Llabil- mum Llabilrisk lty risk lty 2 

($ billions) 

Insurance in force ...... . 4,651.4 82.4 4,130.2 54.5 

Government loan and 

credit guarantees .. . ... 547.5 11 .6 580.8 6.8 

Unadjudicated claims ... .. 1 368.9 1 366.9 

Other contingencies ..... . 232.5 228.8 

94.0 61 .3 

1 Includes $305 billion for fiscal 1990 and $304 billion for fiscal 1989 

dug to litigation against the Department of Energy. 

2 Revised. 

In 1990 the administration provided a range for 

the total cost of protecting deposits in insolvent thrift 

institutions at $89 billion to $132 billion in 1989 present value terms. That range has been translated into 

nominal dollar terms of $110 billion to $160 billion. 

While the administration 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 $80 billion already provided to the Resolution Trust Corporation (RTC): $50 

billion provided by the Financial Institutions Reform, 

Recovery, and Enforcement Act of 1989 and $30 billion provided by the RTC Funding Act of 1991. 

The Department of Energy recognizes a contingent liability as of September 30, 1990, of about $27.2 

billion for environmental cleanup through fiscal 1996. 

Of that amount, $3.2 billion has been appropriated for 

1991 . The Department has 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 first update to this plan, which 

includes projections through 1996, does not authorize 

departmental budgetary resources beyond those already appropriated for such activities by the Congress. 

Liabilities beyond those cited above cannot be reasonably estimated at this time. 

21. Audited financial statements 

A review showed that agencies which have approximately 41 percent of the reported assets in 1990 

have been audited in the past 6 years. As this percent 

increases, the quality of the data used to prepare this 

report will improve proportionally as will the usefulness 

of the results in making financial decisions. A recap of 

activity from agencies audited follows on the next 

page and identifies those organizations reviewed. 
Agencies or departments audited in whole or in substantial part consisted of the following: 

Agriculture Veterans Affairs 

Energy Environmental Protection Agency 

Housing and Urban Development General Services Administration 

Health and Human Services Government Printing Office 

Labor Certain independent agencies 

Treasury 

Financial Quality Performance Measures 

STATUS OF ENTITIES AUDITED 

NUMBER 

AUDITED UNAUDITED 

STATUS OF ENTITIES AUDITED 

ASSETS 

900 

$ 800 

B 

I 

L 

L 

700 

600 

500 

I 400 

0 300 

N 200 s 

100 

0 tr::::::::::::::::::::::::::::::::::::=:t:==::::::======~ AUDITED UNAUDITED 

25 
26 

Report of Arthur Andersen & Co. 

Larry D. Stout, Director, 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 1990 prototype U.S. Government Consolidated Financial Statements (the "Consolidated Financial Statements"). The process involves accumulating and consolidating financial information 

submitted by the agencies that comprise and administer the U.S. Government. This letter will summarize 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 Consolidated Financial Statements, (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 Consolidated Financial Statements, (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 0MB data, GAO reports, and reports of independent accountants. 

The current preparation process requires a number of significant improvements before the resulting Consolidated Financial 

Statements can be viewed as providing reliable financial information. Improving the process will require (I) 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 which should receive your attention. 

Accuracy and Completeness--Certain agencies have not been required to, or have not been able to, submit 

useable 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. Such audits 

and reviews provide increased assurance that the information submitted is reliable and prepared in accordance 

with applicable accounting principles. With enactment in November 1990 of the Chief Financial Officers Act, 

additional activities of the Government will become subject to annual audits beginning in fiscal 1991 . Accordingly, the Government should develop, in concert with agency Inspectors General and internal auditors, the 

GAO, and external auditors, a comprehensive agency-level financial statement preparation 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 and guarantees, 

and (c) appropriate application of generally accepted accounting principles. 

Accounting and Reporting--A number of important accounting and reporting issues have been identified by 

GAO, 0MB, Treasury, and others, the resolution of which could have a significant effect on the Consolidated 

Financial Statements. The newly organized 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 pension plans and other long-term 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 Consolidated Financial Statements in 1975 to promote the idea of providing Government officials and the public with financial facts necessary for controlling 

costs, assessing performance, and aiding decision-making. After 15 years of prototype status, the Government 

continues to make some important decisions without the benefit of accurate, complete, and timely financial 

information. With the enactment of the Chief Financial Officers Act, the impetus for change has been created. 

A specific timetable for curing the deficiencies in Consolidated Financial Statements should begin with a plan 

for training Government officials in their use and for communicating the financial facts to the public. 

We recognize that 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 Consolidated Financial Statements. 

Because we were not engaged to audit or review the Consolidated Financial Statements, we are unable to, and do not, express an 

opinion or any other assurance on the 1990 prototype U.S. Government Consolidated Financial Statements. 

1666 K Street, N.W. 

Washington, D.C. 20006 

July 26, 1991 
SUPPLEMENTAL TABLES 

SUMMARY OF ACCOUNTS AND LOANS RECEIVABLE DUE 

FROM THE PUBLIC 

27 

The Federal Government is the Nation's largest source of credit and underwriter of risk. 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 the Office of Management and Budget (0MB) consult 

with the Secretary of the Treasury and the Comptroller General of the United States to establish regulations for agencies with outstanding 

debts. Each agency prepares and transmits a report summarizing 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 $105.9 billion in fiscal 1990, an increase of $7.4 billion over fiscal 1989. Total loans receivable amounted to $214.0 billion in fiscal 1990, an increase of $2.2 billion from fiscal 1989. Graphically depicted below are summaries by selected agencies of accounts and loans receivable data. 

The credit reform provisions of the Omnibus Budget Reconciliation Act of 1990 (OBRA) recognized the implicit cost of Federal credit 

programs. OBRA seeks reform in several major credit and insurance programs and establishes a policy of risk assessment and program 

review. 

The fiscal 1992 budget requested, for the first time, funding to handle the cost of direct loans and loan guarantees at the time credit is 

extended. The administration and the Congress will allocate budgetary resources by comparing credit program costs and their accompanying 

benefits on an equal basis with the costs and benefits of other programs. 

The fiscal 1992 budget also recognized the need for additional reforms to reduce the underwriting risk inherent in federally sponsored 

programs. The budget also proposed reforms in deposit insurance, financial services regulation, Veterans Affairs (VA) mortgage guarantees, 

and the guaranteed student loan (GSL) program . The reforms in GSLs would reduce defaults and costs to the Government while increasing the 

program's effectiveness in helping students. A program recommended for review is the Federal Housing Administration (FHA) multifamily loan 

program . 

GROSS ACCOUNTS RECEIVABLE 

Treasury 

Agriculture 

Labor 

Health and 

Human Services 

Other 

$105.9 billion 

I I, ... I~ .·. 

I

L [II .. 

I I .. -'=='------

0 10 20 30 40 50 60 70 

Percent 

GROSS LOANS RECEIVABLE 

Agriculture 

Funds Appropriated 

to the President 

Housi ng and 

Urban Development 

Education 

Other 

$214.0 billion 

51 % 

I 

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

Percent 

The amounts in the graphs and the following tables have been summarized from the Report on Accounts and Loans Receivable Due 

from the Public (SF 220-9). This schedule reflects all receivables reported by Federal agencies. 
28 

Accounts and Loans Receivable by Agency 

($ bi llions) 

Legislative branch . . 

Executive branch 

Executive Office of the President ..... . 

Funds 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 Attain:. . . . .. .. . . . . . . 

Other independent agencies . .. . . 

Gross receivables . . . .. . . . 

Less allowances for losses . 

Net receivables due from the public 

. . 

. . . . . . . . 

. . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . . . 

. . . . . . . . 

. . . . . . . . . 

. . . . . . . . . 

. .. . . . 

. .. . . . . . . 

. . . . . . . . 

. . . . 

. . 

.. . . . . . 

. . .. . . . 

Accounts receivable Loans recei vable 

1990 1989 1990 1989 

1.8 1.3 34.5 24.2 

10.0 11 .0 109.6 11 2.2 

.1 .1 .5 .5 

. .. 1.6 1.6 1.7 1.7 

1.0 .6 11.3 7.9 

. . . 4.5 2.5 .1 

. . . 4.9 4.2 .8 .8 

.5 .4 16.4 14.1 

. . . 2.3 2.4 .7 .3 

1.3 1.6 1 6.6 1 4.9 1 .6 1 . . . .8 

. . . 

.1 .1 1.2 1.4 

. . . 2 66.0 2 62.9 3.3 13.6 

. . . 1.1 1.1 4.9 4.6 

4.1 3.8 28.4 29.7 

105.9 98.5 214.0 211.8 

. . 12.3 10.6 4 1.0 3 36.6 

. . 93.6 87.9 173.0 175.2 

Aging Schedule of Accounts and Loans Receivable as of September 30, 1990 

Delinquent 

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

3 1-60 days ..... . . . . . ... .. .. . .... . . . . . . . . . . ... . .. . 

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

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

18 1-360 days ... . . . . . .. . ..... . . . . . . . . . .. . . . . . ..•.. 

Over 360 days . . .. . . . ... .. ... . . . .. . .. . .. . . .. . . ... . 

Total delinquent ..... . . .. . ...... . . . ... . . . .. . . . . . . 

Not delinquent ... . . ... . . .. . . . ... . . . . . .. . .. . .... • .... . 

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

Total gross receivables . . . . ... .... . .......... . ...... . 

• Less than $50 million. 1 Labor Department accoun ts and loans receivable were increased 

by $6.6 bil lion and $0.6 bi llion , respectively, in fiscal 1990 and $4.2 

billion and $0.8 bi ll ion, respectively , in fiscal 1989 to correct 

understatement. 

Accounts 

receivable 

($ bil.) 

7.3 

2.5 

2.5 

9.2 

9.5 

46.2 

77.2 

19.7 

9.0 

105.9 

Percent 

del inquent 

9.5 

3. 2 

3.2 

11.9 

12.3 

59.9 

100.0 

Loans 

receivable 

($ bil.) 

1.1 

.4 

.5 

.9 

4.5 

22.5 

29.9 

24.5 

159.6 

214.0 

Percent 

delinquent 

3.7 

1.3 

1.7 

3.0 

15.1 

75.2 

100.0 

2 Totals reported by the Internal Revenue Service for gross delinquent taxes for fi scal years 1990 and 1989 were $64.1 billion and 

$61 .0 billion, respectively. 3 The allowance for losses on loans receivable was increased by 

$4.8 billion for 1989 on Export-Import Bank to reflect future losses. 
29 

FEDERAL DEBT 

Total Federal debt held by the public amounted to $2,410.4 billion in fiscal 1990, an increase of $220.1 billion from fiscal 1989. The 

following charts show the increase in Federal debt and the interest expense. 

FEDERAL DEBT HELD BY THE PUBLIC INTEREST EXPENSE 

FY 1986-90 FY 1986-90 

$ 2500 $ 200 

B 2000 B 190 

I I 

L 1500 L 180 

L L 170 I 1000 I 

0 0 160 N 500 N 

s 0 s 150 

1986 1987 1988 1989 1990 1986 1987 1988 1989 1990 

The two debt tables which follow reflect information on the borrowing of the Federal Government needed to finance the Government's operations. These tables support the Statement of Financial Position caption, "Debt issued under financing authority," shown net of intragovernmental holdings and unamortized premium or discount. lntragovernmental holdings represent that portion of the total Federal debt 

held by Federal entities, including the major trust funds. 

Th e distribution of 1990 and 1989 net debt from the public by major type of securities is graphically depicted. 

NET DEBT BY TYPE OF SECURITIES 

1200 

$ 

1000 

( NOTES ) B 

800 I 

L 

600 L 

I 

400 0 

N 

200 s 

0 

1990 1989 
30 

Summary of Public Debt Outstanding as of September 30, 1990 and 1989 1 

1990 1989 

Average Total Average 

Marketable 

Bills . ... ... .. . ... . . . . ... . .. . . . . . ... . .. . .. . .. . . .•....... . .. . .. 

Notes .. . . . . ..... • . . . . .. . . . . . . • . . .. . . .. .. . . . .......... . . .. . .. . 

Bonds . .. . . . . 

Nonmarketable 

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

Governm ent account series .... . .. .. . . . ... . . .. .. ... . .. . ..... . . . .. . 

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

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

Other .. . .. . .. . 

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

1 Administered by the Bureau of the Public Debt, Department of 

the Treasury. 

2 Net of intragovernmental holdings of $795.9 billion and $677.2 billion, 

respectively, and net of unamortized premiums or discounts. 

Types of marketable securities 

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

interest debt 

rate ($ bil.) 

(percent) 

7.976 471 .4 

8.839 1,172.3 

9.920 365.5 

8.843 2,009.2 

8.004 36.0 

9.284 7.2 

6.990 122.2 

8.281 180.6 

7.817 346.0 

8.850 22.4 

8.850 22.4 

2 2,377.6 

Notes--Medium-term obligations issued with a term of at least 1 year, but not more than 1 O years. 

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

interest 

rate 

(percent) 

8.527 

8.901 

10.077 

9.043 

8.170 

9.401 

7.032 

8.333 

7.826 

8.999 

8.999 

Summary of Agency Debt Outstanding as of September 30, 1990 and 1989 

($ billions) 

1990 

Housing and Urban Development . . . . .. ... . . . . . ...... . . . . .. . .... . .. . .. . .. . .. . 0.4 

Federal Deposit Insurance Corporation 

Bank insurance fund . ... . .. .. ... . ....... . .... . .... . .. . . . . . .. . ....... . . . . 3.0 

Federal Savings and Loan Insurance Corporation, resolution fund . . .... .. .... .. .. . 19.3 

Architect of the Capitol .. ... . . .. . . . .... . ..... . . ... ... . ... ... .......... . .. . . . .1 

Tennessee Valley Authority .... . ... . .. .. ............. . .. . .. . .... . ...... . .. . . 9.4 

U.S. Postal Service .. . .... . . .. .. . ..... . . . . ............ . ..... . .. . . . ... . . . . . .3 

National Archives and Records Administration .............. .. . . . . ...... • .. • . .•. .3 

Total. ......................................•....... . .............•. , 32.8 

1 Revised. 

Total 

debt 

($ bil.) 

394.5 

1,129.3 

335.6 

1,859.4 

6.8 

4.8 

114.0 

158.7 

284.3 

21 .1 

21.1 

2 2,164.8 

1989 1 

0.3 

3.1 

20.0 

.1 

1.4 

.3 

.3 

25.5 
COMMITMENTS AND CONTINGENCIES 

Commitments are long-term contracts for which appropriations have not been provided by the Congress and undelivered orders 

which represent obligations. 

31 

A contingency is a liability 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 are 

reported in the Statement of Financial Position under "Financial liabilities" or "Other liabilities." Contingencies within the Federal Government 

result from a number of sources including loan and credit guarantees, insurance programs, and unadjudicated claims. 

In fi scal 1990, total commitments amounted to $539.7 billion and total contingencies amounted to $5,800.3 billion. Total contingencies represent the maximum risk of exposure without regard to probability of occurrence and without deduction for existing and contingent 

assets which would be available to offset potential losses . The charts below show the percentage distribution of 1990 commitm ents and contingencies by source category. 

Federal and federally sponsored credit and insurance have grown faster than the gross national product over the past 20 years. The 

loans and securitization provided by Government-sponsored enterprises is the fastest growing category. The largest commitment is to Federal 

deposit insurance at commercial banks, thrifts, and credit unions; but Federal loan guarantees have grown rapidly, too. 

Programs with high default costs are multifamily housing, farm ownership and operating loans, Export-Import Bank lending , small 

business credit, and Rural Electrification Administration power supply loans. Loan guarantees with high default rates include guaranteed student loans and Veterans Affairs (VA) guaranteed and Federal Housing Administration (FHA) insured mortgages with high loan-to-value ratios. 

COMMITMENTS 

$539.7 billion 

Undelivered Orders 

Long-Term Contracts 3% 

0 20 40 60 

Percent 

CONTINGENCIES 

(Maximum Risk) 

$5,800.3 billion 

Insurance in Force 

Gov't Loan and 

Credit Guarantees 

Unadjudicated Claims 

and Other Contingencies 

80 100 

0 1 0 20 30 40 50 60 70 80 90 

Percent 

The table that follows shows commitments and contingencies by type. For contingencies , the maximum ri sk that the Government is 

exposed to is shown. 
32 

Commitments and Contingencies 

of the United States Government 

as of September 30, 1990 and 1989 

($ billions) 

Commitments 

Long-term contracts 

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

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

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

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

Energy . .. . . . . ... . . . . .. .. . . . .. . . ..... . .. .... . . . . .. . ..•...... . .. . ... . . . .. . . . .. .. . . ...... 

Other .. .... . . ...... . . ... . . . . •.. . .. . . . ............ . .. . . . . . . . . . . ... . .. . . ... ... . . . .. . .. .. 

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

Undelivered orders 

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

Defense ............ . ...................................•...... . .. . ... . .. .. . .. . . .. . ... 

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

Transportation .. . . . . . . . .... . . .. . . . .... . . . . ..... .. . . . ..... . .. . ..•..•... • ..•..•..•..• . .• . . 

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

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

Subtotal ... . .... . . . ... . . . . . . . . . ................... .. . . .. .. .. . .. . . . .. ... . ....•........ 

Total commitments ................................. . . . .. . . .. . .. . . . .. . .. . . . .. . . .. . . .. . 

Maximum risk exposure for contingencies 

Government loan and credit guarantees 

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

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

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

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

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

Subtotal . . . . . ... . . .. . .. . . . . . ... . ..... • . . • ... . . . ... . .... . ........ . ............ .. ....... 

Insurance in force 

Federal Deposit Insurance Corporation: 

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

Savings association insurance fund . . .. . . . . .. . . .. . . .. . . .. . . . . ..... . ... . . . . . . .. . .... . . .. .. . . 

Pension Benefit Guaranty Corporation . . . ... ..... . . . . . . . .......... . ........ . . . .. .. .. . . . . . .. . . . 

Tran sportation . . . ... . .............. . ... .... . . . . . . . .. .. . .. .. . . . . . .. . . .. . . ... . ....... . . .. . . 

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

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

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

Subtotal . . .. . . . . ....... . .. • .. • . ....•.. . . . . .. . . . . . . . . .. . .. . .. . ............... . .. . .. . ... 

Unadjudicated claims 

Energy ........ . . . ... . .... . ... . . . . .. ...... . .. • .. . ........•...... . . . .. . . .. . . .. . . . . .. . .. . 

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

Other . . .. .. . . . . . . . . . . . . ... . ... ... . . . ..... .. .. . . .. . . . .... . . ... . .. . . ... ... . .. . .. • ... . . . . 

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

Other contingencies 

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

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

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

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

Other . . .... . .... . .......... . .. . .. . . ....... . . .. . .. . . . .. . .. . . . . • . . • - - - • - • • • • • • • • • • • · · · · · 

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

Total . . . .. . .. . .. . ... . . . . . .. .. .. .. . . .. ........ . . . .. . .... . . .. . .. . . . ... . . . •. . • . ....... 

1 The increased risk to aviation in the Middle East accounted for the 

larger cost in fiscal 1990. 

Amounts outstanding 

1990 1989 

6.3 4.9 

1.7 2.8 

4.3 3.4 

2.0 1.9 

.3 .2 

.8 .9 

15.4 14.1 

183.9 192.6 

143.9 143.8 

40.2 39.3 

39.0 37.7 

36.1 33.9 

81 .2 74.7 

524.3 522.0 

539.7 536.1 

361.7 359.4 

65.4 65.3 

65.1 58.6 

22.7 21 .3 

32.6 76.2 

547.5 580.8 

1,905.8 1,750.3 

890.0 950.0 

943.0 819.7 1 461.8 220.7 

202.8 182.7 

178.2 161.9 

69.8 44.9 

4,651 .4 4, 130.2 

305.4 304.4 

38.3 39.3 

25.2 23.2 

368.9 366.9 

178.7 166.5 

25.4 34.1 

12.0 11 .6 

6.5 6.5 

9.9 10.1 

232.5 228.8 

5,800.3 5,306.7 
ADDITIONS TO NON-FEDERAL ECONOMIC RESOURCES 

The following chart indicates the ways in which the Government uses its resources to add to the physical and human resources of 

the Nation without acquiring physical assets. 

ADDITIONS TO NON-FEDER~L ECONOMIC RESOURCES, FISCAL 1990 

\f otal: $78.5 billion 

dditions to State and Local Assets 

Educatio 

II Other 

Education-Income Suppa 

5% 

12% 12% 

33 

The table which follows shows the amounts of these expenditures. Some of these investment-type expenditures, while not adding to 

the Federal assets, add to the assets of State and local governments or private institutions, and all enhance the future productivity of the 

Nation. 

Additions to State and local assets include construction grants for highways, community development, airports, and mass transit. 

Other developmental expenditures include the outlays for conduct of education and training, conduct of nondefense research and development, 

and collection of information. 
34 

Additions to Non-Federal 

Economic Resources 

for the Years Ended September 30, 1990 and 1989 

($ billions) 

Additions to State and local assets 

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

Environment . . . ........ . 

Transportation 

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

Rai l and air . . . . . . ........ . ................. . .. ...... ... . •.....•. . . .......•............ .. ... 

Other .. ... ... . , . , , . , , . , , . . . . ........ , . . .. .. ... , ... , . . . ........... , . _, _, _,,.,, •.. . _ 

Total additions ........ . . . . , .. . . .... . . . ... . . . .. . ..... . . .. . . .. .. . .. ... . .. . .. . .. .. . . .. ... ... .. . 

Other developmental expenditures 

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

Conservation . . . . . . ... . ... ... ... .. . .. . .. .. . ... . .. .. . . ....... .. ... . ..... .. ... . . . . . . .. . .. . . . ... . 

Education . . ..... ... ..... . .... . • .. .. . • . ... . •................ ... . . ..... . .................... ... 

Education-income support .................... . .. . ............. . . . .. .... . . ........•.. • . .•........ 

Fnvironment. . . ... . .. . . . . .. . .. .. .. , . , . .. . . . . • • • , • • • • , • • , · · · · · · · · · · · · · · · · · · · · · · · · · · · · 

Health ..... . . . ... . .......... . . . . .... . . .. . . . .. .. ... . ..................... . . . . ........ ·· · ·· ···· 

Science and engineering .. . . .... . . . .... . .. ... ..... . . . ........ ... . . . . .......•..•..•..•.. ..... .... 

Training . . .. . . . . . ..... . . . .. . . . .... ... .. .. . .... . .. ...... ..... . . . .. ....... • ............... . ... . 

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

OthP.r . . . . . . .. . . . . . . . . . .... . . . ... , .. .............. , .... . .. ...... .. . .. .. .. . . . . . . . . . ... . . .. . . 

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

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

Source: Budget of the United States Government, Fiscal Years 1992 and 1991. 

1990 1989 

3.7 3.8 

3.3 3.1 

17.1 16.1 

1.2 1.1 

.5 .4 

25.8 24.5 

.9 .9 

2.3 2.5 

17.8 18.9 

4.2 4.3 

2.8 2.5 

9.4 8.7 

9.3 8.4 

3.9 3.8 

1.0 1.9 

1.1 .9 

52.7 52.8 

78.5 77.3 
ESTIMATES FOR TAX EXPENDITURES IN THE INCOME TAX 

The following table is designed to show the revenue losses attributable to tax law provisions that allow special exclusions, exemptions, or deductions from gross income or provide special credits, tax rates , or deferrals. The schedule shows the approximate cost of tax 

benefits. 

35 

Revenue loss estimates do not take into account the additional resources, if any, that would be required to provide the same after-tax 

incentives if the expenditure program were administered as a direct outlay rather than through the tax system . These revenue loss estimates 

are not equivalent to estimates of the increase in Federal receipts that would result from the repeal of tax expenditure provisions. 

Some minor distortions may have occurred since data presented have been condensed for purposes of this report. For further 1990 

information, refer to Budget of the United States Government, Fiscal Year 1992, "Estimates for Tax Expenditures in the Income Tax," table Xl1. For 1989, refer to Budget of the United States Government, Fiscal Year 1991, "Estimates for Tax Expenditures in the Income Tax," table 

C-1. 

Income exclusions 

Fiscal Years 1990 and 1989 

($ billions) 

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 (State 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 (age 55 or over credit on home sales) . .... . .. . . .. . .. . .. . . ... . . . . . .. .. . . 

Income deferrals 

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

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

Foreign earnings (foreign sales corporations) . .. . . .. . . .... . . ..... .. . ..•..•.. . • 

Other deferrals 

Taxes (shipping c:impanies) . ....... .. .. . .. . . ... . .. . .... .... . .. . . . . .. .. . . .. .. . .... .. . .. .. .. . . . 

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, disabi lity, and other personal exemptions . . . . .. . .. . . . .. . . .. . . . . ... . .. .. . .. ........ . 

Other (deductions of motor carrier rights , ce,tain adoption expenses, and energy credit for intercity buses) . . . . . 

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 million. 

Estimated amount 

of revenue loss 

1990 1989 

22.2 12.3 

58.3 56.0 

20.2 18.8 

.7 .7 

5.0 3.2 

25.8 23.2 

32.5 32.6 

4.8 5.5 

3.2 3.2 

1.0 1.0 

12.6 12.0 

.9 .5 

.1 .1 

.5 .5 

13.3 11 .1 

1.8 1.5 

1.9 .7 

.2 

.4 .4 

1.9 1.9 

39.1 38.1 

4.2 5.6 

2.9 2.7 

1.6 1.3 

.3 .1 

28.4 28.6 

3.9 3.0 

30.9 37.5 
36 

OUTLAYS FOR MANDATORY AND RELATED PROGRAMS 

The Government commits itself to provide services by passing laws that make spending mandatory. Mandatory and related programs include direct spending and offsetting receipts, whose budget authority is provided by law other than appropriations acts. Al so included 

in this category are appropriated entitlements and the food stamp program. For further information, refer to "Historical Tables" in the Budget of 

the United States Government, Fiscal Year 1992, table 8.2. 

Outlays for Mandatory and Related Programs, Fiscal Years 1990 and 1989 

($ billions) 

1990 

Human resource programs 

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

Health ................. . ............... .. ... ... .. . .. ..... .. . .. . ..... . ....... . . .. • . 42.9 

Medicare .......... . .. . . . . . . . ... . . ..... . . . ... . . . . . . . . . . . . ... .... . . ... ..... . . . .... . 95.8 

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

Social Security ..... . ... . ..... . . ..... . . .. . . . • ..•......... . . •. .• . .• . . • . ..•. .. . .. .. .. . 246.5 

Veterans benefits and services .... .. ... . . .. . . . . .. . . . . .... . . ..... . .. ..... . . . .. . . ... .. . .. . .. . . 15.9 

535.8 

Other 69.2 

Total mandatory programs ............ . . ... .. . ..... . ..... .. . . .. . . . . . . . ...... . ......... .. . 605.0 

Net interest. ..... ... ..... . . .. . ................ • ..•.... ..... .. . .•... ... . . ......... 184.2 

Total undistributed offsetting receipts . . . ...... ... . . ...... ............ .. ..... .... ... .•.... .. .. -36.6 

Total .. . . .. .. ... . ... ... ... ........ . . .. . .. . .. ..... ... . .. . . .. . . .. .. ... . .. ... .... . . . 752.6 

Note.--This table supercedes the Open-ended Programs and Fixed Costs table in prior publications. 

1989 

9.8 

35.3 

82.7 

114.4 

230.4 

17.7 

490.3 

39.2 

529.5 

169.2 

-37.2 

661 .5 
37 

FEDERAL OBLIGATIONS 

"Obligations" are the basis on which the use of funds is controlled in 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 events--order, delivery, payment, 

and consumption--which characterize the acquisition and use of resources . In general, they consist of orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money. All intragovernmental 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, since it frequently represents for business firms 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 th e 

order itself usually causes immediate pressure on the private economy. 

For more detail, refer to the Treasury Bulletin, March 1991. 

Gross Obligations of the Federal Government by Object Class, as of Sept. 30, 1990 and 1989 

($ millions) 

Personal services and benefits 

Personnel compensation . 

Personnel benefits ............. ... . .. .. .. . 

Benefits for former personnel. 

Contractual services and supplies 

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

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

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

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

Other services ...... . .... . . . ..... . ....... . .•..•..• .. .... 

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

Acquisition of capital assets 

Equipment ................... . ..• . .. . . . . 

Lands and structures ...... ............ .. ... • ......... . .......... . .... ...... ...... 

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

Grants and fixed charges 

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

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

Interest and dividends 

Refunds 

Other 

Unvouchered .......... .. . . . . .... . . . . . . .. . .. . . ... .. .. • ..... .. .. . .. . . ...... .. . 

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

Gross obligations incurred . .. . . . ... . . ... . . . . ........ . . .. . . . . . . ..... . . . . . .. . .. . . ... . . . . .. .. . 

1990 1989 

146,226 144,314 

11,700 9,305 

892 865 

5,729 5,412 

8,061 7,595 

12,331 11,736 

2,313 1,039 

146,023 137,370 

57,464 57,563 

70,704 57,215 

17,366 20,529 

25,059 17,681 

207,387 207,958 

466,210 405,761 

211,102 195,551 

225 769 

100 97 

65,509 11,598 

1,454,401 1,292,358 
39 

NOTES TO SUPPLEMENTAL TABLES 

Accounts and loans receivable by agency 

The receivables figures in the supplemental table differ from the fiscal 1990 "Report to Congress on Credit Management and Debt 

Collection," prepared by the Office of Management and Budget. This reconciliation explains the major differences. 

Accounts receivable Loans receivable 

0MB balances .... ...... .... . ... . . . . . 

Departments 

Education 

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

CFS balances ... . ... . . . . . . ... .. . . .. . . 

1 The reallocation was not reported by the agency on the SF 220-9 

as of Sept. 30, 1990. 

2 This amount is included in the accounts receivable reported by the 

Department of Labor on its SF 220. The balance represents an 

estimated amount of Federal and State unemployment taxes due for 

the quarter ended Sept. 30, 1990, payable in October 1990. It also 

99.6 

1 .3 

2 6:6 

3 -.6 

105.9 

($ billions) 

213.4 

214.0 

includes delinquent unemployment taxes receivable from employers 

within the States, and overpayments of unemployment insurance 

benefits. 

3 This amount is due to a reclassification of accounts receivable to 

loans receivable made in accordance with Title 2, and agreed upon 

by the agency's Inspector General. 
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