This presentation by Robert Bell was made at the 14th Annual OECD Public Sector Accruals Symposium, Paris 3-4 March 2014. Find out more at http://www.oecd.org/gov/budgeting/14thannualoecdpublicsectoraccrualssymposiumparis3-4march2014.htm

1. Country Update
United States
Scott Bell
Office of the Fiscal Assistant Secretary
U.S. Department of the Treasury
14th Annual OECD Public Sector Accruals Symposium
March 3, 2014

2. FY 2013 Annual Report
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Issued February 27
Revenues Increased, Costs Decreased
Fiscal Sustainability trends improved, but still unsustainable.
17th Consecutive Audit Disclaimer
– DOD Accounting Weaknesses
– Intragovernmental Transactions
– Compilation / Reconciliation Issues
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3. Initiatives
• Intragovernmental Transactions
– More frequent, robust analysis.
– Agency scorecards.
• Data Transparency
– Provide reliable, timely, secure and consumable financial data.
– Short-term strategy – USASpending.gov.
– Long-Term Strategy – consumers follow federal spending life-cycle.
• Financial Management Line of Business
(FMLOB)
– Financial and accounting services
– Identify and migrate to Federal Shared Services Providers
– Benchmarking
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4. NATION BY THE NUMBERS
A Snapshot of
The Government's Financial Position & Condition
2013
Dollars in Billions
2012
Gross Costs
Less: Earned Revenues
Gain/(Loss) from Changes in Assumptions
Net Cost
Less: Total Taxes and Other Revenues
Unmatched Transactions and Balances
Net Operating Cost
$ (3,940.9) $ (3,844.9)
$
415.5 $
350.8
$
(131.2) $
(320.2)
$ (3,656.6) $ (3,814.3)
$ 2,842.5 $ 2,518.2
$
9.0 $
(20.2)
$
(805.1) $ (1,316.3)
Assets:
Less: Liabilities, comprised of:
Debt Held By the Public & Accrued Interest
Federal Employee & Veteran Benefits
Other
Total Liabilities
Net Position (Assets Minus Liabilities)
$
2,968.3
$
2,748.3
$ (12,028.4) $ (11,332.3)
$ (6,538.3) $ (6,274.0)
$ (1,310.9) $ (1,243.0)
$ (19,877.6) $ (18,849.3)
$ (16,909.3) $ (16,101.0)
Sustainability Measures:
Social Insurance Net Expenditures1
Total Non-Interest Net Expenditures2
$
$
(39,698) $
(4,000) $
Sustainability Measures as Percent of Gross Domestic Product (GDP):
(4.0%)
Social Insurance Net Expenditures3
Total Federal Government Non-Interest Net Expenditures
(0.4%)
(38,554)
(16,500)
(4.2%)
(1.7%)
Budget Results
Unified Budget Deficit
$
(680.3) $ (1,089.4)
1 Source: Statement of Social Insurance. Amounts equal present value of projected revenues and expenditures
for scheduled benefits over the next 75 years of certain benefit programs that are referred to as Social Insurance
(e.g., Social Security, Medicare). Amounts represent 'open group' population (all current and future
beneficiaries). T hese amounts are not considered liabilities on the balance sheet.
2 Represents the 75-year projection of the Federal Government's receipts less non-interest spending as reported
in the 'Statement of Long T erm Fiscal Projections' in the Required Supplementary Information section of the
Financial Report of the U.S. Government.
3 GDP values used represent the average of 75-year present value of nominal GDP for 2013 and 2012 from the
Social Security and Medicare T rustees Reports.
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