- Bureau of the Fiscal Service
- Financial Report of the United States Government
- Management's Discussion & Analysis

# Management's Discussion & Analysis

## Introduction

The FY 2023 *Financial Report* provides the President, Congress, and the American people with a comprehensive view of the federal government’s financial position and condition; and discusses important financial issues and significant conditions that may affect future operations, including the need to achieve fiscal sustainability over the long-term.

Pursuant to 31 U.S.C. § 331(e)(1), Treasury, in cooperation with OMB, must submit an audited (by GAO) financial statement for the preceding fiscal year, covering all accounts and associated activities of the executive branch of the U.S. government1 to the President and Congress no later than six months after the September 30 fiscal year-end.

The *Financial  Report* is prepared from the financial information  provided by 166 federal consolidation entities (see organizational chart on the  next page and Appendix A). As it has for the past 25 years, GAO issued a  disclaimer of opinion on the accrual-based, consolidated financial statements  for the fiscal years ended September 30, 2023 and 2022. GAO  also issued a disclaimer of opinion on the sustainability financial statements,  which consist of the 2023 and 2022 SLTFP; the 2023, 2022, 2021, 2020, and 2019  SOSI; and the 2023  and 2022 SCSIA. A disclaimer of opinion indicates that sufficient information  was not available for the auditors to determine whether the reported financial statements were fairly presented  in accordance with  GAAP.  In FY 2023, 322 of the 40 most significant entities earned unmodified (“clean”) opinions on their financial statements.

The FY 2023 *Financial Report* consists of:

- MD&A ,  which provides management’s perspectives on and analysis of information  presented in the  Financial Report ,  such as financial and performance trends;
- Financial statements  and the related  notes  to the financial statements;
- RSI  and  Other Information ; and
- GAO’s audit report .

This *Financial  Report* addresses the government’s financial activity and results as of and  for the fiscal years ended September 30, 2023, and 2022. Note  30—Subsequent Events discusses events that occurred after the end of  the fiscal year that may affect the government’s financial position and  condition.

In addition, the Executive Summary  to this *Financial Report*provides a quick reference to the key issues in the *Financial Report*and an overview of the government's financial position and condition.

### Mission & Organization

The government’s fundamental mission is derived  from the Constitution: *“...to form a more  perfect union, establish justice, insure domestic tranquility, provide for the  common defense, promote the general welfare and secure the blessings of liberty  to ourselves and our posterity.”*The government’s functions have evolved  over time to include health care, income security, veterans benefits and  services, housing and transportation, security, and education. Exhibit 1 provides an overview of how the U.S. government is  organized.

### Notes

1
*Government  Management Reform Act of 1994*
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2
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            Table of Contents
            Current Report: Fiscal Year 2023
 - 
PDF version

            By Section
            A Message from the Secretary of the Treasury - 
PDF version
Table of Contents - 
PDF version
The Nation By The Numbers
Executive Summary
 - 
PDF version
Results in Brief
Where We Are Now
An Unsustainable Fiscal Path
Reporting on Climate Change
Find Out More

Management's Discussion & Analysis
 - 
PDF version
The Government's Financial Position and Condition
An Unsustainable Fiscal Path
Financial Management
Reporting on Climate Change
Additional Information

Statement of the Comptroller General of the United States - 
PDF version
Financial Statements
 - 
 PDF version
Statements of Net Cost
Statements of Operations and Changes in Net Position
Reconciliations of Net Operating Cost and Budget Deficit
Statements of Changes in Cash Balance from Budget and Other Activities
Balance Sheets
Statements of Long-Term Fiscal Projections
Statements of Social Insurance
Statement of Changes in Social Insurance Amounts

Notes to the Financial Statements - 
PDF version
Note 1. Summary of Significant Accounting Policies - 
PDF version
Note 2. Cash and Other Monetary Assets - 
PDF version
Note 3. Accounts  Receivable, Net - 
PDF version
Note 4. Loans Receivable, Net and Loan Guarantee Liabilities - 
PDF version
Note 5. Inventory and Related Property, Net - 
PDF version
Note 6. General Property, Plant, and Equipment, Net - 
PDF version
Note 7. Investments - 
PDF version
Note 8. Investments in Government-Sponsored Enterprises - 
PDF version
Note 9. Advances and Prepayments - 
PDF version
Note 10.   Other Assets - 
PDF version
Note 11. Accounts Payable - 
PDF version
Note 12. Federal Debt and Interest Payable - 
PDF version
Note 13. Federal Employee and Veteran Benefits Payable - 
PDF version
Note 14. Environmental and Disposal Liabilities - 
PDF version
Note 15. Benefits Due and Payable - 
PDF version
Note 16. Insurance and Guarantee Program Liabilities - 
PDF version
Note 17. Advances from Others and Deferred Revenue - 
PDF version
Note 18.  Other Liabilities - 
PDF version
Note 19. Collections and Refunds of Federal Revenue - 
PDF version
Note 20. Commitments - 
PDF version
Note 21. Contingencies - 
PDF version
Note 22. Funds from Dedicated Collections - 
PDF version
Note 23. Fiduciary Activities - 
PDF version
Note 24. Long-Term Fiscal Projections - 
PDF version
Note 25. Social Insurance  - 
PDF version
Note 26. Stewardship Property, Plant, and Equipment - 
PDF version
Note 27.  Disclosure Entities and Related Parties - 
PDF version
Note 28. Public-Private Partnerships  - 
PDF version
Note 29. COVID-19 Activity - 
PDF version
Note 30.  Subsequent Events  - 
PDF version

Required Supplementary Information (Unaudited) - 
PDF version
The Sustainability of Fiscal Policy - 
PDF version
Social Insurance - 
PDF version
Deferred Maintenance and Repairs - 
PDF version
Other Claims for Refunds - 
PDF version
Tax Assessments - 
PDF version
Federal Oil and Gas Resources - 
PDF version
Federal Natural Resources Other than Oil and Gas - 
PDF version
Land and Permanent Land Rights - 
PDF version

Other Information (Unaudited) - 
PDF version
Tax Burden - 
PDF version
Tax Gap - 
PDF version
Tax Expenditures - 
PDF version
Unmatched Transactions and Balances - 
PDF version

Appendices            
Appendix A: Reporting Entity - 
PDF version
Appendix B: Glossary of Acronyms - 
PDF version

U.S. Government Accountability Office Independent Auditor's Report - 
PDF version
Related Resources

            Certain material weaknesses, limitations, and uncertainties prevented the Government Accountability Office from expressing an opinion on the U.S. Government's consolidated financial statements included in the *Financial Report* and, therefore, GAO disclaimed an opinion on such statements. Certain information included on or referenced in this website, such as individual agency financial reports that were audited by other auditors, is separate from and not specifically reported in the *Financial Report* and therefore not covered by GAO's disclaimer. 
            
Last modified 03/13/24

            
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