Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2019, and 2018
Balance Sheets
The Balance Sheets show the government’s assets, liabilities, and net position. When combined with stewardship information, this information presents a more comprehensive understanding of the government’s financial position. The net position for funds from dedicated collections is shown separately.
Assets
Assets included on the Balance Sheets are resources of the government that remain available to meet future needs. The most significant assets that are reported on the Balance Sheets are loans receivable, net; PP&E, net; inventories and related property, net; and cash and other monetary assets. There are, however, other significant resources available to the government that extend beyond the assets presented in these Balance Sheets. Those resources include Stewardship Land and Heritage Assets in addition to the government’s sovereign powers to tax and set monetary policy.
Liabilities and Net Position
Liabilities are obligations of the government resulting from prior actions that will require financial resources. The most significant liabilities reported on the Balance Sheets are federal debt securities held by the public and accrued interest, and federal employee and veteran benefits payable. Liabilities also include environmental and disposal liabilities, benefits due and payable, as well as insurance and guarantee program liabilities.
As with reported assets, the government’s responsibilities, policy commitments, and contingencies are much broader than these reported Balance Sheet liabilities. They include the social insurance programs reported in the SOSI and disclosed in the unaudited RSI—Social Insurance section, fiscal long-term projections of non-interest spending reported in the SLTFP, and a wide range of other programs under which the government provides benefits and services to the people of this nation, as well as certain future loss contingencies.
The government has entered into contractual commitments requiring the future use of financial resources and has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. Contingencies and commitments that do not meet the criteria for recognition as liabilities on the Balance Sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingencies and Note 19—Commitments.
The collection of certain taxes and other revenue is credited to the corresponding funds from dedicated collections that will use these funds to meet a particular government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the excess revenue is invested in Treasury securities or deposited in the General Fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance is included in Note 20—Funds from Dedicated Collections. That note also contains information about trust fund receipts, disbursements, and assets.
Due to its sovereign power to tax and borrow, and the country’s wide economic base, the government has unique access to financial resources through generating tax revenues and issuing federal debt securities. This provides the government with the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net position.
The net position is the residual difference between assets and liabilities and is the cumulative results of operations since inception. For detailed components that comprise the net position, refer to the section “Statement of Operations and Changes in Net Position.”
United States Government
Balance Sheets
as of September 30, 2019, and 2018
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(In billions of dollars) |
2019 |
Restated 2018 |
---|---|---|
Assets: | ||
Cash and other monetary assets (Note 2) | 524.6 | 507.5 |
Accounts and taxes receivable, net (Note 3) | 238.0 | 144.9 |
Loans receivable, net (Note 4) | 1,425.8 | 1,419.1 |
Inventories and related property, net (Note 5) | 355.7 | 337.5 |
Property, plant, and equipment, net (Note 6) | 1,106.9 | 1,090.5 |
Debt and equity securities (Note 7) | 118.3 | 112.2 |
Investments in government-sponsored enterprises (Note 8) | 112.1 | 113.2 |
Other assets (Note 9) | 110.6 | 111.8 |
Total assets | 3,992.0 | 3,836.7 |
Stewardship land and heritage assets (Note 24) | ||
Liabilities: | ||
Accounts payable (Note 10) | 98.0 | 86.7 |
Federal debt securities held by the public and accrued interest (Note 11) | 16,861.0 | 15,812.7 |
Federal employee and veteran benefits payable (Note 12) | 8,440.3 | 7,982.3 |
Environmental and disposal liabilities (Note 13) | 595.4 | 577.3 |
Benefits due and payable (Note 14) | 223.6 | 211.1 |
Insurance and guarantee program liabilities (Note 15) | 194.5 | 170.2 |
Loan guarantee liabilities (Note 4) | 21.7 | 38.2 |
Other liabilities (Note 16) | 510.3 | 478.9 |
Total liabilities | 26,944.8 | 25,357.4 |
Contingencies (Note 18) and Commitments (Note 19) | ||
Net position: | ||
Funds from Dedicated Collections (Note 20) | 3,517.1 | 3,480.7 |
Funds other than those from Dedicated Collections | (26,469.9) | (25,001.4) |
Total net position | (22,952.8) | (21,520.7) |
Total liabilities and net position | 3,992.0 | 3,836.7 |
The accompanying notes are an integral part of these financial statements. |
- 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
- Management's Discussion & Analysis - PDF version
- 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.