
The Fiscal Year (FY) 2017 Financial Report of the United States Government (Financial Report) provides the President, Congress, and the American people with a comprehensive view of the federal government’s financial position and condition, and discusses important financial issues and significant conditions that may affect future operations, including the need to achieve fiscal sustainability over the medium and long term. The Report discusses current trends in revenues, costs, deficits, and debts.
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A Message from the Secretary of the Treasury Results in Brief........................ i
Executive Summary........................................................................................... 1
Management’s Discussion and Analysis .......................................................... 8
Statement of the Comptroller General of the United States.......................... 32
Financial Statements Introduction .................................................................... 42
Statement of Net Cost........................................................................................ 49
Statement of Operations and Changes in Net Position ...................................... 51
Reconciliations of Net Operating Cost and Budget Deficit............................... 53
Statements of Changes in Cash Balance from Budget and Other Activities......54
Balance Sheets................................................................................................... 55
Statements of Long-Term Fiscal Projections..................................................... 56
Statements of Social Insurance.......................................................................... 57
Statement of Changes in Social Insurance Amounts......................................... 60
Notes to the Financial Statements
Note 1. Summary of Significant Accounting Policies....................................... 62
Note 2. Cash and Other Monetary Assets.......................................................... 75
Note 3. Accounts and Taxes Receivable, Net.................................................... 77
Note 4. Loans Receivable and Loan Guarantee Liabilities, Net ........................ 78
Note 5. Inventories and Related Property, Net .................................................. 81
Note 6. Property, Plant, and Equipment, Net..................................................... 83
Note 7. Debt and Equity Securities.................................................................... 85
Note 8. Investments in Government-Sponsored Enterprises ............................. 88
Note 9. Other Assets.......................................................................................... 91
Note 10. Accounts Payable................................................................................ 92
Note 11. Federal Debt Securities Held by the Public and Accrued Interest ...... 93
Note 12. Federal Employee and Veteran Benefits Payable ............................... 97
Note 13. Environmental and Disposal Liabilities.............................................. 106
Note 14. Benefits Due and Payable ................................................................... 108
Note 15. Insurance and Guarantee Program Liabilities..................................... 109
Note 16. Other Liabilities.................................................................................. 110
Note 17. Collections and Refunds of Federal Revenue ..................................... 112
Note 18. Contingencies...................................................................................... 115
Note 19. Commitments...................................................................................... 120
Note 20. Funds from Dedicated Collections...................................................... 123
Note 21. Fiduciary Activities............................................................................. 129
Note 22. Social Insurance .................................................................................. 131
Note 23. Long-Term Fiscal Projections............................................................ 150
Note 24. Stewardship Land and Heritage Assets............................................... 155
Note 25. Subsequent Events ............................................................................. 156
Required Supplementary Information (Unaudited) The Sustainability of Fiscal Policy ... 158
Social Insurance................................................................................................. 169
Social Security and Medicare .......................................................................... 169
Railroad Retirement, Black Lung, and Unemployment Insurance .................. 192
Deferred Maintenance and Repairs.................................................................... 195
Other Claims for Refunds.................................................................................. 195
Tax Assessments................................................................................................ 196
Federal Oil and Gas Resources.......................................................................... 197
Federal Natural Resources Other than Oil and Gas.......................................... 199
Other Information (Unaudited) Tax Burden ....................................................................................................... 200
Tax Gap ............................................................................................................. 201
Unmatched Transactions and Balances ............................................................. 202
Required Supplementary Stewardship Information (Unaudited) Stewardship Investments................................................................................... 204
Non-Federal Physical Property........................................................................ 205
Human Capital................................................................................................. 205
Research and Development ............................................................................. 205
Appendices Appendix A: Reporting Entity...................................................... 208
Appendix B: Acronyms..................................................................................... 212
U.S. Government Accountability Office Independent Auditor’s Report.......... 218
List of Social Insurance
Policymakers, governmental agencies, businesses, and U.S. economic trade partners will be interested in this publication because it will outline current and future fiscal situations in the United States that could affect a variety of policies and agencies. In addition, economists, students, professors, studying the federal budget and federal financial reports, and any member of the general public interested in learning about the Financial Report of the United States Government may be interested in this work.
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