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The Citizen’s Guide to The FY 2011 Financial Report of the U.S. Government

The Citizen’s Guide to The FY 2011 Financial Report of the U.S. Government. Scott Bell Senior Staff Accountant U.S. Department of the Treasury. NASACT Conference Concurrent Session #18 August 14, 2012. Citizen’s Guide. Key Issues Current Financial Position and Condition

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The Citizen’s Guide to The FY 2011 Financial Report of the U.S. Government

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  1. The Citizen’s Guide to The FY 2011 Financial Report of the U.S. Government Scott Bell Senior Staff Accountant U.S. Department of the Treasury NASACT Conference Concurrent Session #18 August 14, 2012

  2. Citizen’s Guide Key Issues • Current Financial Position and Condition • Economic Recovery Efforts • Social Insurance & Sustainability

  3. U.S. Govt Financial Report:Taking a Holistic View Traditional • Balance Sheet • Operating Statement • Net Position Non-Traditional • Budgetary and Economic Information • Social Insurance • Sustainability

  4. Comparing Cost and Deficit

  5. What Came In & What Went Out • Total Taxes & Other Revenues: $2.4t • Gross Cost: $4.0t • Net Cost: $3.7t • Net Operating Cost: $1.3t

  6. What We Own & What We Owe

  7. “I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts.” - Abraham Lincoln

  8. Statement of Social Insurance • Audit Disclaimer - “…significant uncertainties…primarily related to the achievement of projected reductions in Medicare cost growth…prevented us from expressing an opinion on that statement.” • New: FY 2011 – Statement of Changes in Social Insurance

  9. A Broader Perspective –Fiscal Sustainability SFFAS 36 • What about other revenues, spending? • Broader focus than SOSI. • Impact on the debt? • Fiscal Gap

  10. Adding Pieces to the Puzzle

  11. Interest: A Compounding Problem

  12. Effect on the Debt

  13. Fiscal Gap How much of an avg primary surplus over X years would be required to maintain Debt/GDP at a target level? Change in Revenues? Expenses? Both? Key message – under current conditions, law, and policy, the sooner actions are taken, the less dramatic will those actions need to be.

  14. “To state the facts frankly is not to despair the future nor indict the past. The prudent heir takes careful inventory of his legacies and gives a faithful accounting to those whom he owes an obligation of trust.” - John F. Kennedy

  15. Find Out More! http://www.fms.treas.gov/fr.html http://www.whitehouse.gov/omb/financial/index.html www.gao.gov scott.bell@treasury.gov

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