Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2020, and 2019
Statements of Changes in Cash Balance from Budget and Other Activities
The primary purpose of these financial statements is to report how the annual budget deficit relates to the change in the government’s cash and other monetary assets, as well as federal debt and interest payable. It explains why the budget deficit normally would not result in an equivalent change in the government’s cash and other monetary assets.
These statements reconcile the budget deficit to the change in cash and other monetary assets during the fiscal year. They also serve to explain how the budget deficits were financed. These statements show the adjustments for non-cash outlays included in the budget, and items affecting the cash balance not included in the budget, to explain the change in cash and other monetary assets.
The budget deficit is primarily financed through borrowings from the public. When receipts exceed outlays, the difference is a surplus. The budget treats borrowing and debt repayment as a means of financing, not as receipts and outlays. The budget records outlays for the interest on the public issues of Treasury debt securities as the interest accrues, not when the cash is paid.
Non-cash flow amounts in the budget related to loan financing account activity also reflect intra-governmental transactions such as interest expense paid or interest revenue received from Treasury, entity year-end credit reform subsidy reestimates, and the receipt of subsidy expense from program accounts. Cash flow from non-budget activities related to loan financing account activity includes all cash flows to and from the public, including direct loan disbursements/default payments to lenders, fees collected, principal and interest repayments, collections on defaulted guarantee loans, and sale proceeds of foreclosed property. The budget totals exclude the transactions of the financing accounts because they are not a cost to the government. However, since loan financing accounts record all credit cash flows to and from the public, they affect the means of financing a budget deficit.
United States Government
Statements of Changes in Cash Balance from Budget and Other Activities
for the Years Ended September 30, 2020, and 2019
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(In billions of dollars) |
2020 |
2019 |
|
|---|---|---|---|
| Cash flow from budget activities | |||
| Total budget receipts | 3,420.0 | 3,462.2 | |
| Total budget outlays | (6,551.9) | (4,446.6) | |
| Budget deficit | (3,131.9) | (984.4) | |
| Adjustments for non-cash outlays included in the budget | |||
| Non-cash flow amounts in the budget related to federal debt securities | |||
| Accrued interest | 312.1 | 305.5 | |
| Net amortization | 40.9 | 65.7 | |
| Other | 63.1 | (33.3) | |
| Subtotal - adjustments for non-cash flow amounts in the budget related to federal debt securities | 416.1 | 337.9 | |
| Non-cash flow amounts in the budget related to loan financing account activity | |||
| Interest revenue on uninvested funds | 23.3 | 7.1 | |
| Interest expense on entity borrowings | (57.6) | (43.2) | |
| Downward reestimates/negative subsidy payments | (28.9) | (22.8) | |
| Subsidy expense/upward reestimates | 713.6 | 47.7 | |
| Subtotal - adjustments for non-cash flow amounts in the budget related to loan financing account activity | 650.4 | (11.2) | |
| Total of adjustments for non-cash outlays included in the budget | 1,066.5 | 326.7 | |
| Cash flow from activities not included in the budget | |||
| Cash flow from non-budget activities related to federal debt securities | |||
| Interest paid | (314.7) | (305.7) | |
| Subtotal - cash flow from non-budget activities related to federal debt securities | (314.7) | (305.7) | |
| Cash flow from non-budget activities related to loan financing account activity | |||
| Loan disbursements/default payments | (492.5) | (214.3) | |
| Fees | 26.6 | 24.5 | |
| Principal & interest repayments | 112.0 | 125.9 | |
| Other collections on defaulted loans receivable and sale of foreclosed property | 4.3 | 4.5 | |
| Subtotal - cash flow from non-budget activities related to loan financing account activity | (349.6) | (59.4) | |
| Cash flow from financing federal debt securities | |||
| Borrowings | 18,969.1 | 11,813.4 | |
| Repayments | (14,822.4) | (10,732.1) | |
| Discount/premium | (32.5) | (60.4) | |
| Subtotal - cash flow from financing federal debt securities | 4,114.2 | 1,020.9 | |
| Total cash flow from activities not included in the budget | 3,449.9 | 655.8 | |
| Other | |||
| Total other | 17.8 | 19.0 | |
| Change in cash and other monetary assets balance | 1,402.3 | 17.1 | |
| Beginning cash and other monetary assets balance | 524.6 | 507.5 | |
| Ending cash and other monetary assets balance | 1,926.9 | 524.6 | |
The accompanying notes are an integral part of these financial statements. |
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- Current Report: Fiscal Year 2020 - PDF version
- 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
- 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. Direct Loans and Loan Guarantees Receivable, Net and Loan Guarantees Liability - PDF version
- Note 5. Inventory and Related Property, Net - PDF version
- Note 6. General Property, Plant, and Equipment, Net - PDF version
- Note 7. Securities and Investments - PDF version
- Note 8. Investments in Special Purpose Vehicles - PDF version
- Note 9. Investments in Government-Sponsored Enterprises - 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. Other Liabilities - PDF version
- Note 18. Collections and Refunds of Federal Revenue - PDF version
- Note 19. Commitments - PDF version
- Note 20. Contingencies - PDF version
- Note 21. Funds from Dedicated Collections - PDF version
- Note 22. Fiduciary Activities - PDF version
- Note 23. Social Insurance - PDF version
- Note 24. Long-Term Fiscal Projections - PDF version
- Note 25. Stewardship Property, Plant, and Equipment - PDF version
- Note 26. Disclosure Entities and Related Parties - PDF version
- Note 27. Public-Private Partnerships - PDF version
- Note 28. COVID-19 Activity - PDF version
- Note 29. 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
- 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
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