- Bureau of the Fiscal Service
- Financial Report of the United States Government
- Financial Statements

# Financial Statements of the United States Government for the Fiscal Years Ended September 30,  2019,  and  2018

## Reconciliations of Net Operating Cost and Budget Deficit

These statements reconcile the results of operations (net  operating cost) on the Statements of Operations and Changes in Net Position to  the budget deficit (result of outlays exceeding receipts during a particular  fiscal year). The premise of the reconciliation is that the accrual and  budgetary accounting basis share transaction data.

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

Some presentations of the budget deficit make the  distinction between on-budget and off-budget totals. On-budget totals reflect  the transactions of all government entities, except those excluded from the  budget by law. Off-budget totals reflect the transactions of government  entities that are excluded from the on-budget totals by law. Under current law,  the off-budget totals include the Social Security trust funds and USPS.  The budget deficit, as presented in the *Financial Report*, combines the on-budget  and off-budget totals to derive consolidated totals for federal activity.

### Components of Net Operating Cost Not Part of the Budget Deficit

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

### Components of the Budget Deficit Not Part of Net Operating Cost

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

United States Government            Reconciliations of Net Operating Cost and  Budget Deficit            for the Years Ended September 30, 2019, and 2018

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            - A Message from the Secretary of the Treasury -  PDF version
            - Table of Contents -  PDF version
            - Results in Brief  -  PDF version
            - The Nation By The Numbers
            - Executive Summary  -  PDF version                - Where We Are Now
              - An Unsustainable Fiscal Path
              - Find Out More 
            - Management's Discussion & Analysis  -  PDF version                - The Government ́s Financial Position and Condition
              - An Unsustainable Fiscal Path
              - Financial Management
              - 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 and Changes in Social Insurance Amounts
              - Statements 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 and Taxes Receivable, Net -  PDF version
              - Note 4. Loan Receivable and Loan Guarantee Liabilities, Net -  PDF version
              - Note 5. Inventories and Related Property, Net -  PDF version
              - Note 6. Property, Plant, and Equipment, Net -  PDF version
              - Note 7. Debt and Equity Securities -  PDF version
              - Note 8. Investments in Government-Sponsored Enterprises -  PDF version
              - Note 9. Other Assets -  PDF version
              - Note 10. Accounts  Payable -  PDF version
              - Note 11. Federal Debt  Securities Held by the Public and Accrued Interest -  PDF version
              - Note 12. Federal Employee  and Veteran Benefits Payable -  PDF version
              - Note 13. Environmental and Disposal  Liabilities -  PDF version
              - Note 14. Benefits Due and Payable -  PDF version
              - Note 15. Insurance and Guarantee Program Liabilities -  PDF version
              - Note 16. Other Liabilities -  PDF version
              - Note 17. Collections and Refunds of Federal Revenue -  PDF version
              - Note 18. Contingencies -  PDF version
              - Note 19. Commitments -  PDF version
              - Note 20. Funds from Dedicated Collections -  PDF version
              - Note 21. Fiduciary  Activities -  PDF version
              - Note 22. Social Insurance -  PDF version
              - Note 23. Long-Term  Fiscal  Projections -  PDF version
              - Note 24. Stewardship Land and Heritage Assets -  PDF version
              - Note 25. Disclosure Entities and Related Parties  -  PDF version
              - Note 26. Public-Private Partnerships -  PDF version
              - Note 27. 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 
            - Other Information (Unaudited) -  PDF version                - Tax Burden -  PDF version 
              - Tax Gap -  PDF version
              - Tax Expenditures -  PDF version
              - Unmatched Transactions and Balances -  PDF version 
            - Required Supplementary Stewardship Information (Unaudited) -  PDF version
            - Appendices                             - Appendix A: Reporting Entity -  PDF version
              - Appendix B: 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 05/11/21