Financial Report Of The United States Government Fy 2017

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.