Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

180308 aganm 1 us government financial report

193 views

Published on

2018 ABQ AGA

Published in: Government & Nonprofit
  • Be the first to comment

  • Be the first to like this

180308 aganm 1 us government financial report

  1. 1. The FY 2017 Financial Report of theThe FY 2017 Financial Report of the U.S. GovernmentU.S. Government Part IPart I AGA – New Mexico April 5, 2018 R. Scott Bell Senior Staff Accountant Department of the Treasury
  2. 2. 2 "We might hope to see the finances of the Union as clear and intelligible as a merchant's books, so that every member of Congress and every man of any mind in the Union should be able to comprehend them, to investigate abuses, and consequently to control them." President Thomas Jefferson to Treasury Secretary Albert Gallatin, 1802
  3. 3. The first Monthly Treasury Statement of Receipts and Expenses was issued in… A.1789 B.1790 C.1800 D.1815 3
  4. 4. The first statutory Financial Report of the U.S. Government under GAAP covered which Fiscal Year? A.1927 B.1957 C.1977 D.1997 4
  5. 5. Key Dates in FR History • 1973 – Fortune Magazine – Carol Loomis • 1970s – Treasury Prototypes • 1990 – Chief Financial Officers Act • 1990 – FASAB is formed – 1999/2002 – AICPA designation • 1994 – Govt Management Reform Act • 1998 – First GAAP-Based FR issued. 5
  6. 6. 6 Agency Financial Reports Performance & Accountability Reports 39 Significant Reporting Entities 115 Other Reporting Entities Audited By Inspectors General & Contract Auditors Fiscal Projections Analysis & Summary Audits Report & Financial Statements
  7. 7. 7 “Traditional” Reporting
  8. 8. Which agency is not one of the Government Net Cost “Big Four”? A) Dept. of Education B) Social Security Administration C) Dept. of Veterans Affairs D) Dept. of Defense E) Dept. of Health & Human Svcs 8
  9. 9. Gross Cost: $4.6t - Earned Revenue $431.9b +/- Assumption Loss/Gain $356.5b Net Cost: $4.5t - Taxes / Other Revenue $3.4t Net Operating Cost: $1.2t “Traditional Reporting” Costs and Revenues 9
  10. 10. The Government’s largest asset recorded on its consolidated balance sheet is: A) Cash B) Property, Plant, & Equipment C) Loans Receivable D) Inventories & Related Property E) Land 10
  11. 11. 11 “Traditional” Reporting Assets and Liabilities on the Government’s Balance Sheet
  12. 12. FRUSG: Then & Now Financial Report of the U.S. Government Selected Data 1997 2017 Budget Deficit $15 b $665.7b Tax and Other Revenue $1.6 t $3.4 t Net Operating Cost $21 b $1.2 t Total Assets $1.6 t $3.5 t Public Debt + Accd Int $3.8 t $14.7 t Total Liabilities $6.6 t $23.9 t Social Insurance Net Expenditures $1.8 t* $49.0 t 12 Unmodified Audit Opinion? No No *Required Supplementary Stewardship Information
  13. 13. Audit • 21 of 24 CFO Act agencies received unmodified audit opinions – Disclaimer (DOD, HUD); – Yet to be released (Energy) • Governmentwide – Disclaimer – DOD – Intragovernmental Transactions – Compilation Process / Budget-Accrual Reconciliation 13
  14. 14. Coming Attractions: Part II Social Insurance!! Fiscal Sustainability!! Long-Term Fiscal Projections Fiscal Gap Transparency / USASpending.gov!! 14
  15. 15. 15 http://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Find Out More! http://www.whitehouse.gov/omb/financial/index.html www.gao.gov scott.bell@treasury.gov

×