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Financial Report of the United States Government

Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2023, and 2022

Statements of Net Cost

These statements present the net cost of the government operations for FYs 2023 and 2022. Costs and earned revenues are categorized on the Statement of Net Cost by significant entity, providing greater accountability by showing the relationship of the entities’ net cost to the government-wide net cost. Costs and earned revenues are presented in this Financial Report on an accrual basis, while the Budget presents outlays and receipts, generally on a cash basis. The focus of the Budget is by entity.

The Statements of Net Cost contain the following four components:

  • Gross cost—is the total cost of providing federal goods and services, excluding (gain)/loss from changes in assumptions and before considering related exchange revenue. The gross costs are the amounts reported by each entity, adjusted to reflect certain cost assignments made on a cause-and-effect or other reasonable basis (see discussion below).
  • Earned revenue—is exchange revenue resulting from the government providing goods and services to the public at a price.
  • (Gain)/loss from changes in assumptions—is the gain or loss from changes in long-term assumptions used to measure the liabilities reported for federal civilian and military employee pensions, OPEB, and ORB, including veterans’ compensation.
  • Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in assumptions.

Individual entity net cost amounts will differ from the entity’s financial statements primarily because of the elimination of intra-governmental activity and the subsequent reallocation of certain costs to individual entities at the government-wide level. While intra-governmental costs are eliminated from the face of the financial statements, the consolidated Statements of Net Cost is intended to show the total cost for each entity, therefore, reallocations are completed at the government-wide level to show costs more accurately at the entity level for employee benefit costs, intra-governmental buy/sell costs and related revenues, custodial collections, and imputed costs. These reallocated costs have a net effect of zero on the Statements of Net Cost in the Financial Report.

Because of its specific function, most of the employee benefit costs originally associated with the OPM have been reallocated to the user entities for government-wide reporting purposes. With regard to intra-governmental buy/sell transactions the selling entities’ costs are reallocated to the buying entities in order to allocate the costs to the entities that benefit from such costs.

In addition, the intra-governmental imputed costs recognized for the receipt of goods and services, financed in whole or part by the providing entities, have been reallocated to the net cost amounts of the individual entities receiving the benefit and subtracted from the applicable administering entities’ net cost amounts. The most significant types of imputed costs that are recorded relate to post-retirement and health benefits, FECA, and Treasury’s Judgment Fund.

The interest on securities issued by Treasury and held by the public is reported on Treasury’s financial statements, but because of its importance and the dollar amounts involved, it is reported separately in these statements.

United States Government
Statement of Net Cost
for the Year Ended September 30, 2023

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(In billions of dollars)		 Gross
Cost		 Earned
Revenue		 Subtotal (Gain)/Loss
from
Changes in
Assumptions		 Net
Cost
Department of Health and Human Services 1,875.6 161.2 1,714.4 (0.3) 1,714.1
Department of Veterans Affairs 902.0 5.5 896.5 558.8 1,455.3
Social Security Administration 1,433.1 0.3 1,432.8 - 1,432.8
Department of Defense 969.0 55.0 914.0 89.3 1,003.3
Interest on Treasury Securities held by the public 678.0 - 678.0 - 678.0
Department of the Treasury 357.4 53.7 303.7 - 303.7
Department of Agriculture 238.1 11.8 226.3 - 226.3
Office of Personnel Management 124.0 29.4 94.6 111.9 206.5
Department of Transportation 108.2 1.5 106.7 - 106.7
Security Assistance Accounts 109.3 6.1 103.2 - 103.2
Department of Homeland Security 111.2 15.6 95.6 1.0 96.6
Department of Energy 86.2 11.3 74.9 - 74.9
Department of Housing and Urban Development 71.4 4.1 67.3 - 67.3
Department of Justice 51.6 3.7 47.9 - 47.9
Department of Labor 45.3 - 45.3 - 45.3
Pension Benefit Guaranty Corporation 55.0 17.0 38.0 - 38.0
Agency for International Development 36.8 - 36.8 - 36.8
Department of State 41.6 6.0 35.6 (0.2) 35.4
Small Business Administration 35.5 5.2 30.3 - 30.3
Department of the Interior 29.5 3.0 26.5 - 26.5
National Aeronautics and Space Administration 24.8 0.4 24.4 - 24.4
Department of Education 50.9 32.4 18.5 - 18.5
Federal Communications Commission 18.6 0.4 18.2 - 18.2
Railroad Retirement Board 15.6 - 15.6 - 15.6
Department of Commerce 17.3 4.3 13.0 - 13.0
Environmental Protection Agency 12.3 0.4 11.9 - 11.9
Federal Deposit Insurance Corporation 21.8 11.9 9.9 - 9.9
National Science Foundation 9.0 - 9.0 - 9.0
United States Postal Service 83.8 77.0 6.8 - 6.8
Smithsonian Institution 2.0 0.5 1.5 - 1.5
Millennium Challenge Corporation 0.7 - 0.7 - 0.7
National Credit Union Administration 0.4 0.1 0.3 - 0.3
U.S. Nuclear Regulatory Commission 0.8 0.7 0.1 - 0.1
General Services Administration 0.9 1.1 (0.2) - (0.2)
Securities and Exchange Commission 2.4 2.6 (0.2) - (0.2)
United States International Development Finance Corporation - 0.3 (0.3) - (0.3)
Farm Credit System Insurance Corporation - 0.6 (0.6) - (0.6)
Tennessee Valley Authority 11.4 12.0 (0.6) - (0.6)
Export-Import Bank of the United States (0.9) (0.2) (0.7) - (0.7)
National Railroad Retirement Investment Trust 0.1 2.8 (2.7) - (2.7)
All other entities 31.0 1.8 29.2 0.1 29.3
Total 7,661.7 539.5 7,122.2 760.6 7,882.8
The accompanying notes are an integral part of these financial statements.

United States Government
Statement of Net Cost
for the Year Ended September 30, 2022*

Table may scroll on smaller screens




(In billions of dollars)		 Gross
Cost		 Earned
Revenue		 Subtotal (Gain)/Loss
from
Changes in
Assumptions		 Net
Cost
Department of Health and Human Services 1,812.7 154.1 1,658.6 1.4 1,660.0
Department of Veterans Affairs 413.8 5.4 408.4 1,526.5 1,934.9
Social Security Administration 1,294.3 0.3 1,294.0 - 1,294.0
Department of Defense 979.7 47.8 931.9 527.0 1,458.9
Interest on Treasury Securities held by the public 496.5 - 496.5 - 496.5
Department of the Treasury 557.7 31.3 526.4 - 526.4
Department of Agriculture 250.4 9.7 240.7 - 240.7
Office of Personnel Management 174.1 27.3 146.8 148.2 295.0
Department of Transportation 116.3 1.0 115.3 - 115.3
Security Assistance Accounts 102.1 19.3 82.8 - 82.8
Department of Homeland Security 102.3 14.7 87.6 1.2 88.8
Department of Energy 50.3 22.1 28.2 - 28.2
Department of Housing and Urban Development 28.2 1.9 26.3 - 26.3
Department of Justice 42.4 1.2 41.2 - 41.2
Department of Labor 42.3 - 42.3 - 42.3
Pension Benefit Guaranty Corporation 9.9 16.9 (7.0) - (7.0)
Agency for International Development 29.5 0.1 29.4 - 29.4
Department of State 40.0 4.8 35.2 3.4 38.6
Small Business Administration 47.8 4.3 43.5 - 43.5
Department of the Interior 28.2 2.7 25.5 - 25.5
National Aeronautics and Space Administration 22.3 0.3 22.0 - 22.0
Department of Education 595.1 55.6 539.5 - 539.5
Federal Communications Commission 16.0 0.4 15.6 - 15.6
Railroad Retirement Board 8.2 - 8.2 - 8.2
Department of Commerce 15.8 4.2 11.6 0.1 11.7
Environmental Protection Agency 9.9 0.3 9.6 - 9.6
Federal Deposit Insurance Corporation 1.9 8.2 (6.3) - (6.3)
National Science Foundation 8.2 - 8.2 - 8.2
United States Postal Service 78.7 76.2 2.5 - 2.5
Smithsonian Institution 1.7 0.1 1.6 - 1.6
Millennium Challenge Corporation 0.7 - 0.7 - 0.7
National Credit Union Administration 0.3 0.1 0.2 - 0.2
U.S. Nuclear Regulatory Commission 0.8 0.7 0.1 - 0.1
General Services Administration 0.3 0.9 (0.6) - (0.6)
Securities and Exchange Commission 2.6 2.4 0.2 - 0.2
United States International Development Finance Corporation 0.3 0.2 0.1 - 0.1
Farm Credit System Insurance Corporation - 0.6 (0.6) - (0.6)
Tennessee Valley Authority 11.3 12.4 (1.1) - (1.1)
Export-Import Bank of the United States - 0.5 (0.5) - (0.5)
National Railroad Retirement Investment Trust 4.7 1.1 3.6 - 3.6
All other entities 23.4 2.0 21.4 0.1 21.5
   Subtotal 7,420.7 531.1 6,889.6 2,207.9 9,097.5
Unmatched transactions and balances (Note 1.T) (0.6) - (0.6) - (0.6)
Total 7,420.1 531.1 6,889.0 2,207.9 9,096.9

* Certain amounts differ from prior year reported amounts due to a change in presentation (see Financial Statement (Note 1.W).

The accompanying notes are an integral part of these financial statements.
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Last modified 03/19/24