diff --git "a/financial_report_us.pdf (1).json" "b/financial_report_us.pdf (1).json" new file mode 100644--- /dev/null +++ "b/financial_report_us.pdf (1).json" @@ -0,0 +1,23517 @@ +{ + "pages": [ + { + "page": 1, + "text": "2003\n Financial\n Report\n of the\nUnited States\n Government", + "md": "# 2003 Financial Report of the United States Government", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "2003 Financial Report of the United States Government", + "md": "# 2003 Financial Report of the United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 540, + "h": 720 + } + } + ], + "status": "OK", + "links": [], + "width": 540, + "height": 720, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 2, + "text": " Contents\n A Message from the Secretary of the Treasury............................................................................1\n Management’s Discussion and Analysis ........................................................................................3\n General Accounting Office Report\n Comptroller General’s Statement .................................................................................................29\n Auditor’s Report...........................................................................................................................37\n Financial Statements\n Statements of Net Cost .................................................................................................................58\n Statements of Operations and Changes in Net Position................................................................59\n Reconciliations of Net Operating Cost and Unified Budget Deficit.............................................60\n Statements of Changes in Cash Balance from Unified Budget and Other Activities ...................61\nBalance Sheets..............................................................................................................................62\n Stewardship Information (Unaudited)\n Stewardship Responsibilities........................................................................................................63\n Statements of Social Insurance..................................................................................................63\n Notes to the Statements of Social Insurance..............................................................................65\n Social Security and Medicare ....................................................................................................65\n Railroad Retirement, Black Lung, and Unemployment Insurance ............................................86\n Stewardship Assets.......................................................................................................................94\n Stewardship Land .........................................................................................................................94\nHeritage Assets.............................................................................................................................95\n Collection-Type Heritage Assets ...............................................................................................95\n Natural Heritage Assets .............................................................................................................95\n Cultural Heritage Assets............................................................................................................96\n Stewardship Investments ..............................................................................................................96\n Non-Federal Physical Property..................................................................................................96\n Human Capital...........................................................................................................................97\n Research and Development .......................................................................................................97\n Notes to the Financial Statements\n Note 1. Summary of Significant Accounting Policies..................................................................99\n Note 2. Cash and Other Monetary Assets...................................................................................103\n Note 3. Accounts Receivable, Net..............................................................................................105\n Note 4. Loans Receivable and Loan Guarantee Liabilities, Net.................................................105\n Note 5. Taxes Receivable, Net ...................................................................................................109\n Note 6. Inventories and Related Property, Net ...........................................................................109\n Note 7. Property, Plant, and Equipment, Net .............................................................................110\n Note 8. Other Assets...................................................................................................................112\n Note 9. Accounts Payable...........................................................................................................113\n Note 10. Federal Debt Securities Held by the Public and Accrued Interest ...............................113\n Note 11. Federal Employee and Veteran Benefits Payable ........................................................115\n Note 12. Environmental and Disposal Liabilities.......................................................................120\n Note 13. Benefits Due and Payable ............................................................................................122\n Note 14. Other Liabilities ...........................................................................................................123\n Note 15. Collections and Refunds of Federal Revenue ..............................................................124\n Note 16. Unreconciled Transactions Affecting the Change in Net Position...............................126\n Note 17. Change in Accounting Principle and Prior Period Adjustments ..................................127\n Note 18. Contingent Liabilities ..................................................................................................128\n Note 19. Commitments...............................................................................................................129", + "md": "# Contents\n\n# A Message from the Secretary of the Treasury\n\n............................................................................1\n\n# Management’s Discussion and Analysis\n\n........................................................................................3\n\n# General Accounting Office Report\n\n# Comptroller General’s Statement\n\n.................................................................................................29\n\n# Auditor’s Report\n\n...........................................................................................................................37\n\n# Financial Statements\n\n# Statements of Net Cost\n\n.................................................................................................................58\n\n# Statements of Operations and Changes in Net Position\n\n................................................................................................................59\n\n# Reconciliations of Net Operating Cost and Unified Budget Deficit\n\n.............................................................................................................60\n\n# Statements of Changes in Cash Balance from Unified Budget and Other Activities\n\n...................................................................................61\n\n# Balance Sheets\n\n..............................................................................................................................62\n\n# Stewardship Information (Unaudited)\n\n# Stewardship Responsibilities\n\n........................................................................................................63\n\n# Statements of Social Insurance\n\n..................................................................................................................63\n\n# Notes to the Statements of Social Insurance\n\n..............................................................................................................65\n\n# Social Security and Medicare\n\n....................................................................................................................65\n\n# Railroad Retirement, Black Lung, and Unemployment Insurance\n\n.................................................................................................................86\n\n# Stewardship Assets\n\n.......................................................................................................................94\n\n# Stewardship Land\n\n.........................................................................................................................94\n\n# Heritage Assets\n\n.............................................................................................................................95\n\n# Collection-Type Heritage Assets\n\n...............................................................................................................................95\n\n# Natural Heritage Assets\n\n.............................................................................................................................95\n\n# Cultural Heritage Assets\n\n..............................................................................................................................96\n\n# Stewardship Investments\n\n..............................................................................................................................96\n\n# Non-Federal Physical Property\n\n..............................................................................................................................96\n\n# Human Capital\n\n..............................................................................................................................97\n\n# Research and Development\n\n...............................................................................................................................97\n\n# Notes to the Financial Statements\n\n# Note 1. Summary of Significant Accounting Policies\n\n..................................................................................................................99\n\n# Note 2. Cash and Other Monetary Assets\n\n...................................................................................................................103\n\n# Note 3. Accounts Receivable, Net\n\n......................................................................................................................105\n\n# Note 4. Loans Receivable and Loan Guarantee Liabilities, Net\n\n.................................................................................................................105\n\n# Note 5. Taxes Receivable, Net\n\n...................................................................................................................109\n\n# Note 6. Inventories and Related Property, Net\n\n...................................................................................................................109\n\n# Note 7. Property, Plant, and Equipment, Net\n\n...................................................................................................................110\n\n# Note 8. Other Assets\n\n...................................................................................................................112\n\n# Note 9. Accounts Payable\n\n...................................................................................................................113\n\n# Note 10. Federal Debt Securities Held by the Public and Accrued Interest\n\n...............................................................................................113\n\n# Note 11. Federal Employee and Veteran Benefits Payable\n\n...............................................................................................115\n\n# Note 12. Environmental and Disposal Liabilities\n\n...............................................................................................................120\n\n# Note 13. Benefits Due and Payable\n\n...............................................................................................................122\n\n# Note 14. Other Liabilities\n\n...............................................................................................................123\n\n# Note 15. Collections and Refunds of Federal Revenue\n\n...............................................................................................................124\n\n# Note 16. Unreconciled Transactions Affecting the Change in Net Position\n\n...............................................................................................................126\n\n# Note 17. Change in Accounting Principle and Prior Period Adjustments\n\n...............................................................................................................127\n\n# Note 18. Contingent Liabilities\n\n...............................................................................................................128\n\n# Note 19. Commitments\n\n...............................................................................................................129", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "Contents", + "md": "# Contents", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "A Message from the Secretary of the Treasury", + "md": "# A Message from the Secretary of the Treasury", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "............................................................................1", + "md": "............................................................................1", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Management’s Discussion and Analysis", + "md": "# Management’s Discussion and Analysis", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 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".................................................................................................................58", + "md": ".................................................................................................................58", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Operations and Changes in Net Position", + "md": "# Statements of Operations and Changes in Net Position", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "................................................................................................................59", + "md": "................................................................................................................59", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Reconciliations of Net Operating Cost and Unified Budget Deficit", 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"........................................................................................................63", + "md": "........................................................................................................63", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Social Insurance", + "md": "# Statements of Social Insurance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "..................................................................................................................63", + "md": "..................................................................................................................63", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Notes to the Statements of Social Insurance", + "md": "# Notes to the Statements of Social Insurance", + "bBox": { + "x": 0, 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612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Land", + "md": "# Stewardship Land", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": ".........................................................................................................................94", + "md": ".........................................................................................................................94", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Heritage Assets", + "md": "# Heritage Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": ".............................................................................................................................95", + "md": 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".............................................................................................................................95", + "md": ".............................................................................................................................95", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Cultural Heritage Assets", + "md": "# Cultural Heritage Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "..............................................................................................................................96", + "md": "..............................................................................................................................96", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Investments", + "md": "# Stewardship Investments", + 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"type": "heading", + "lvl": 1, + "value": "Human Capital", + "md": "# Human Capital", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "..............................................................................................................................97", + "md": "..............................................................................................................................97", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Research and Development", + "md": "# Research and Development", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...............................................................................................................................97", + "md": "...............................................................................................................................97", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Notes to the Financial Statements", + "md": "# Notes to the Financial Statements", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 1. Summary of Significant Accounting Policies", + "md": "# Note 1. Summary of Significant Accounting Policies", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "..................................................................................................................99", + "md": "..................................................................................................................99", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 2. Cash and Other Monetary Assets", + "md": "# Note 2. 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Accounts Receivable, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "......................................................................................................................105", + "md": "......................................................................................................................105", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 4. Loans Receivable and Loan Guarantee Liabilities, Net", + "md": "# Note 4. Loans Receivable and Loan Guarantee Liabilities, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": ".................................................................................................................105", + "md": ".................................................................................................................105", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 5. Taxes Receivable, Net", + "md": "# Note 5. 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Inventories and Related Property, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...................................................................................................................109", + "md": "...................................................................................................................109", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 7. Property, Plant, and Equipment, Net", + "md": "# Note 7. Property, Plant, and Equipment, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...................................................................................................................110", + "md": "...................................................................................................................110", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 8. Other Assets", + "md": "# Note 8. 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Accounts Payable", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...................................................................................................................113", + "md": "...................................................................................................................113", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 10. Federal Debt Securities Held by the Public and Accrued Interest", + "md": "# Note 10. Federal Debt Securities Held by the Public and Accrued Interest", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...............................................................................................113", + "md": "...............................................................................................113", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 11. Federal Employee and Veteran Benefits Payable", + "md": "# Note 11. Federal Employee and Veteran Benefits Payable", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...............................................................................................115", + "md": "...............................................................................................115", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 12. Environmental and Disposal Liabilities", + "md": "# Note 12. Environmental and Disposal Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...............................................................................................................120", + "md": "...............................................................................................................120", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 13. Benefits Due and Payable", + "md": "# Note 13. 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Unreconciled Transactions Affecting the Change in Net Position", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...............................................................................................................126", + "md": "...............................................................................................................126", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 17. Change in Accounting Principle and Prior Period Adjustments", + "md": "# Note 17. 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Contingent Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...............................................................................................................128", + "md": "...............................................................................................................128", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 19. Commitments", + "md": "# Note 19. Commitments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...............................................................................................................129", + "md": "...............................................................................................................129", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 3, + "text": " Note 20. Dedicated Collections ..................................................................................................131\n Note 21. Indian Trust Funds.......................................................................................................135\n Note 22. Subsequent Event/Medicare Prescription Drug Benefits (Unaudited).........................136\nSupplemental Information (Unaudited)\n Deferred Maintenance ................................................................................................................137\n Unexpended Budget Authority...................................................................................................138\n Tax Burden .................................................................................................................................138\n Other Claims for Refunds...........................................................................................................139\nAppendix\n Significant Government Entities Included\n and Excluded from the Financial Statements...........................................................................141", + "md": "# Note 20. Dedicated Collections\n\n..................................................................................................131\n\n# Note 21. Indian Trust Funds\n\n.......................................................................................................135\n\n# Note 22. Subsequent Event/Medicare Prescription Drug Benefits (Unaudited)\n\n.................................................................................................136\n\n# Supplemental Information (Unaudited)\n\n# Deferred Maintenance\n\n................................................................................................................137\n\n# Unexpended Budget Authority\n\n...................................................................................................138\n\n# Tax Burden\n\n..........................................................................................................................138\n\n# Other Claims for Refunds\n\n...........................................................................................................139\n\n# Appendix\n\n# Significant Government Entities Included and Excluded from the Financial Statements\n\n.................................................................................141", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "Note 20. 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Indian Trust Funds", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": ".......................................................................................................135", + "md": ".......................................................................................................135", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 22. Subsequent Event/Medicare Prescription Drug Benefits (Unaudited)", + "md": "# Note 22. Subsequent Event/Medicare Prescription Drug Benefits (Unaudited)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": ".................................................................................................136", + "md": ".................................................................................................136", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Supplemental Information (Unaudited)", + "md": "# Supplemental Information (Unaudited)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Deferred Maintenance", + "md": "# Deferred Maintenance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "................................................................................................................137", + "md": "................................................................................................................137", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Unexpended Budget Authority", + "md": "# Unexpended Budget Authority", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...................................................................................................138", + "md": "...................................................................................................138", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Tax Burden", + "md": "# Tax Burden", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "..........................................................................................................................138", + "md": "..........................................................................................................................138", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other Claims for Refunds", + "md": "# Other Claims for Refunds", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "...........................................................................................................139", + "md": "...........................................................................................................139", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Appendix", + "md": "# Appendix", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Significant Government Entities Included and Excluded from the Financial Statements", + "md": "# Significant Government Entities Included and Excluded from the Financial Statements", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": ".................................................................................141", + "md": ".................................................................................141", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 4, + "text": " List of Social Insurance Charts\n Chart 1 Beneficiaries per 100 Covered Workers, 1970-2077...................................................71\n Chart 2 OASDI Income (Excluding Interest) and Expenditures, 1970-2077 ...........................72\n Chart 3 OASDI Income (Excluding Interest) and Expenditures\n as a Percent of Taxable Payroll, 1970-2077 ..............................................................73\n Chart 4 OASDI Income (Excluding Interest) and Expenditures\n as a Percent of GDP, 1970-2077................................................................................74\n Chart 5 Total Medicare (HI and SMI) Expenditures and Noninterest Income\n as a Percent of GDP, 1970-2077..................................................................................76\n Chart 6 Medicare Part A Income (Excluding Interest) and Expenditures, 1970-2077 .............77\n Chart 7 Medicare Part A Income (Excluding Interest) and Expenditures\n as a Percent of Taxable Payroll, 1970-2077 ..............................................................78\n Chart 8 Medicare Part A Income (Excluding Interest) and Expenditures\n as a Percent of GDP, 1970-2077................................................................................79\n Chart 9 Medicare Part B Premium Income and Expenditures, 1970-2077...............................80\n Chart 10 Medicare Part B Premium Income and Expenditures\n as a Percent of GDP, 1970-2077 .................................................................................81\n Chart 11 Estimated Railroad Retirement Income (Excluding Interest and\n Financial Interchange Income) and Expenditures, 2003-2077 ..................................87\n Chart 12 Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest,\n2004-2040..................................................................................................................89\n Chart 13 Estimated Unemployment Fund Cashflow Using Expected\n Economic Conditions, 2004-2013 .............................................................................91\n Chart 14 Estimated Unemployment Fund Cashflow Using a Mild\n Recessionary Unemployment Rate, 2004-2013.........................................................91\n Chart 15 Estimated Unemployment Fund Cashflow Using a Deep\n Recessionary Unemployment Rate, 2004-2013.........................................................92\n Chart 16 Unemployment Trust Fund Solvency as of September 30, 2003.................................93", + "md": "# List of Social Insurance Charts\n\n|Chart 1|Beneficiaries per 100 Covered Workers, 1970-2077|71|\n|---|---|---|\n|Chart 2|OASDI Income (Excluding Interest) and Expenditures, 1970-2077|72|\n|Chart 3|OASDI Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll, 1970-2077|73|\n|Chart 4|OASDI Income (Excluding Interest) and Expenditures as a Percent of GDP, 1970-2077|74|\n|Chart 5|Total Medicare (HI and SMI) Expenditures and Noninterest Income as a Percent of GDP, 1970-2077|76|\n|Chart 6|Medicare Part A Income (Excluding Interest) and Expenditures, 1970-2077|77|\n|Chart 7|Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll, 1970-2077|78|\n|Chart 8|Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of GDP, 1970-2077|79|\n|Chart 9|Medicare Part B Premium Income and Expenditures, 1970-2077|80|\n|Chart 10|Medicare Part B Premium Income and Expenditures as a Percent of GDP, 1970-2077|81|\n|Chart 11|Estimated Railroad Retirement Income (Excluding Interest and Financial Interchange Income) and Expenditures, 2003-2077|87|\n|Chart 12|Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest, 2004-2040|89|\n|Chart 13|Estimated Unemployment Fund Cashflow Using Expected Economic Conditions, 2004-2013|91|\n|Chart 14|Estimated Unemployment Fund Cashflow Using a Mild Recessionary Unemployment Rate, 2004-2013|91|\n|Chart 15|Estimated Unemployment Fund Cashflow Using a Deep Recessionary Unemployment Rate, 2004-2013|92|\n|Chart 16|Unemployment Trust Fund Solvency as of September 30, 2003|93|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "List of Social Insurance Charts", + "md": "# List of Social Insurance Charts", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Chart 1", + "Beneficiaries per 100 Covered Workers, 1970-2077", + "71" + ], + [ + "Chart 2", + "OASDI Income (Excluding Interest) and Expenditures, 1970-2077", + "72" + ], + [ + "Chart 3", + "OASDI Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll, 1970-2077", + "73" + ], + [ + "Chart 4", + "OASDI Income (Excluding Interest) and Expenditures as a Percent of GDP, 1970-2077", + "74" + ], + [ + "Chart 5", + "Total Medicare (HI and SMI) Expenditures and Noninterest Income as a Percent of GDP, 1970-2077", + "76" + ], + [ + "Chart 6", + "Medicare Part A Income (Excluding Interest) and Expenditures, 1970-2077", + "77" + ], + [ + "Chart 7", + "Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll, 1970-2077", + "78" + ], + [ + "Chart 8", + "Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of GDP, 1970-2077", + "79" + ], + [ + "Chart 9", + "Medicare Part B Premium Income and Expenditures, 1970-2077", + "80" + ], + [ + "Chart 10", + "Medicare Part B Premium Income and Expenditures as a Percent of GDP, 1970-2077", + "81" + ], + [ + "Chart 11", + "Estimated Railroad Retirement Income (Excluding Interest and Financial Interchange Income) and Expenditures, 2003-2077", + "87" + ], + [ + "Chart 12", + "Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest, 2004-2040", + "89" + ], + [ + "Chart 13", + "Estimated Unemployment Fund Cashflow Using Expected Economic Conditions, 2004-2013", + "91" + ], + [ + "Chart 14", + "Estimated Unemployment Fund Cashflow Using a Mild Recessionary Unemployment Rate, 2004-2013", + "91" + ], + [ + "Chart 15", + "Estimated Unemployment Fund Cashflow Using a Deep Recessionary Unemployment Rate, 2004-2013", + "92" + ], + [ + "Chart 16", + "Unemployment Trust Fund Solvency as of September 30, 2003", + "93" + ] + ], + "md": "|Chart 1|Beneficiaries per 100 Covered Workers, 1970-2077|71|\n|Chart 2|OASDI Income (Excluding Interest) and Expenditures, 1970-2077|72|\n|Chart 3|OASDI Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll, 1970-2077|73|\n|Chart 4|OASDI Income (Excluding Interest) and Expenditures as a Percent of GDP, 1970-2077|74|\n|Chart 5|Total Medicare (HI and SMI) Expenditures and Noninterest Income as a Percent of GDP, 1970-2077|76|\n|Chart 6|Medicare Part A Income (Excluding Interest) and Expenditures, 1970-2077|77|\n|Chart 7|Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll, 1970-2077|78|\n|Chart 8|Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of GDP, 1970-2077|79|\n|Chart 9|Medicare Part B Premium Income and Expenditures, 1970-2077|80|\n|Chart 10|Medicare Part B Premium Income and Expenditures as a Percent of GDP, 1970-2077|81|\n|Chart 11|Estimated Railroad Retirement Income (Excluding Interest and Financial Interchange Income) and Expenditures, 2003-2077|87|\n|Chart 12|Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest, 2004-2040|89|\n|Chart 13|Estimated Unemployment Fund Cashflow Using Expected Economic Conditions, 2004-2013|91|\n|Chart 14|Estimated Unemployment Fund Cashflow Using a Mild Recessionary Unemployment Rate, 2004-2013|91|\n|Chart 15|Estimated Unemployment Fund Cashflow Using a Deep Recessionary Unemployment Rate, 2004-2013|92|\n|Chart 16|Unemployment Trust Fund Solvency as of September 30, 2003|93|", + "isPerfectTable": true, + "csv": "\"Chart 1\",\"Beneficiaries per 100 Covered Workers, 1970-2077\",\"71\"\n\"Chart 2\",\"OASDI Income (Excluding Interest) and Expenditures, 1970-2077\",\"72\"\n\"Chart 3\",\"OASDI Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll, 1970-2077\",\"73\"\n\"Chart 4\",\"OASDI Income (Excluding Interest) and Expenditures as a Percent of GDP, 1970-2077\",\"74\"\n\"Chart 5\",\"Total Medicare 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"triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": true, + "noTextContent": false + }, + { + "page": 6, + "text": " A MESSAGE FROM THE\n SECRETARY OF THE TREASURY\n I am pleased to present the fiscal year 2003 Financial Report of the United States\nGovernment, which presents and discusses the Government’s financial operations for the year.\nThe report includes consolidated financial statements and important disclosures about the\ngovernment’s stewardship responsibilities. Since the first report pursuant to the Government\nManagement Reform Act of 1994 was issued for fiscal year 1997, we have made great strides\nin improving the usefulness of this important report.\n For fiscal 2003, the U.S. Government is reporting a net operating cost of $665 billion, an\nincrease of $300 billion from the $365 billion net operating cost reported last year. The\nincrease is primarily attributable to the increased cost of the global war on terrorism, increases\nin the government’s post-retirement liabilities and a decline in tax revenues caused by the\nsluggish economy. The report reflects the adoption of a new accounting standard this year\nwhich requires the recording as an asset of military equipment and its related depreciation\nresulting in an increase to assets of $383 billion.\n Twenty seven major departments and agencies received unqualified audit opinions on\ntheir FY 2003 financial statements and eight Departments issued their audited financial\nstatements by mid-November, a significant increase from last year. When this accelerated\nreporting time frame is accomplished by all agencies, it will set the stage for the timely\npreparation of this report. I look forward to when we can issue the Financial Report in\nDecember so that it is available to support the budget deliberation process.\n While much has been accomplished, much more remains to be done. Our efforts are well\nunderway to eliminate the significant weaknesses cited by the auditors concerning the report’s\ndata and processes. It will require a concerted effort across government to resolve these\nmatters and, working with OMB and through the President’s Management Council and the\nChief Financial Officer’s Council, Treasury believes we will succeed.\n The government’s finances are important and complex, and our reporting will not be\ntruly effective until it provides reliable information in a timely and useful form. Treasury is\ncommitted to meeting that challenge and to producing and reporting financial information that\nmeets the highest standards expected by the American public.\n OLiC\n ohn W. Snow", + "md": "# A MESSAGE FROM THE SECRETARY OF THE TREASURY\n\nI am pleased to present the fiscal year 2003 Financial Report of the United States Government, which presents and discusses the Government’s financial operations for the year. The report includes consolidated financial statements and important disclosures about the government’s stewardship responsibilities. Since the first report pursuant to the Government Management Reform Act of 1994 was issued for fiscal year 1997, we have made great strides in improving the usefulness of this important report.\n\nFor fiscal 2003, the U.S. Government is reporting a net operating cost of $665 billion, an increase of $300 billion from the $365 billion net operating cost reported last year. The increase is primarily attributable to the increased cost of the global war on terrorism, increases in the government’s post-retirement liabilities and a decline in tax revenues caused by the sluggish economy. The report reflects the adoption of a new accounting standard this year which requires the recording as an asset of military equipment and its related depreciation resulting in an increase to assets of $383 billion.\n\nTwenty seven major departments and agencies received unqualified audit opinions on their FY 2003 financial statements and eight Departments issued their audited financial statements by mid-November, a significant increase from last year. When this accelerated reporting time frame is accomplished by all agencies, it will set the stage for the timely preparation of this report. I look forward to when we can issue the Financial Report in December so that it is available to support the budget deliberation process.\n\nWhile much has been accomplished, much more remains to be done. Our efforts are well underway to eliminate the significant weaknesses cited by the auditors concerning the report’s data and processes. It will require a concerted effort across government to resolve these matters and, working with OMB and through the President’s Management Council and the Chief Financial Officer’s Council, Treasury believes we will succeed.\n\nThe government’s finances are important and complex, and our reporting will not be truly effective until it provides reliable information in a timely and useful form. Treasury is committed to meeting that challenge and to producing and reporting financial information that meets the highest standards expected by the American public.\n\nOLiC\n\nJohn W. Snow", + "images": [ + { + "name": "img_p5_1.png", + "height": 132, + "width": 132, + "x": 112.02, + "y": 90.17999999999995, + "original_width": 132, + "original_height": 132 + }, + { + "name": "img_p5_2.png", + "height": 162, + "width": 348, + "x": 288.18, + "y": 573.8399000000001, + "original_width": 348, + "original_height": 162, + "ocr": [ + { + "x": 41, + "y": 113, + "w": 198, + "h": 40, + "confidence": "0.6667751595779852", + "text": "ohn W. Snow" + }, + { + "x": -5, + "y": 1, + "w": 293, + "h": 137, + "confidence": "0.24450145661830902", + "text": "OLiC" + } + ] + } + ], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "A MESSAGE FROM THE SECRETARY OF THE TREASURY", + "md": "# A MESSAGE FROM THE SECRETARY OF THE TREASURY", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "I am pleased to present the fiscal year 2003 Financial Report of the United States Government, which presents and discusses the Government’s financial operations for the year. The report includes consolidated financial statements and important disclosures about the government’s stewardship responsibilities. Since the first report pursuant to the Government Management Reform Act of 1994 was issued for fiscal year 1997, we have made great strides in improving the usefulness of this important report.\n\nFor fiscal 2003, the U.S. Government is reporting a net operating cost of $665 billion, an increase of $300 billion from the $365 billion net operating cost reported last year. The increase is primarily attributable to the increased cost of the global war on terrorism, increases in the government’s post-retirement liabilities and a decline in tax revenues caused by the sluggish economy. The report reflects the adoption of a new accounting standard this year which requires the recording as an asset of military equipment and its related depreciation resulting in an increase to assets of $383 billion.\n\nTwenty seven major departments and agencies received unqualified audit opinions on their FY 2003 financial statements and eight Departments issued their audited financial statements by mid-November, a significant increase from last year. When this accelerated reporting time frame is accomplished by all agencies, it will set the stage for the timely preparation of this report. I look forward to when we can issue the Financial Report in December so that it is available to support the budget deliberation process.\n\nWhile much has been accomplished, much more remains to be done. Our efforts are well underway to eliminate the significant weaknesses cited by the auditors concerning the report’s data and processes. It will require a concerted effort across government to resolve these matters and, working with OMB and through the President’s Management Council and the Chief Financial Officer’s Council, Treasury believes we will succeed.\n\nThe government’s finances are important and complex, and our reporting will not be truly effective until it provides reliable information in a timely and useful form. Treasury is committed to meeting that challenge and to producing and reporting financial information that meets the highest standards expected by the American public.\n\nOLiC\n\nJohn W. Snow", + "md": "I am pleased to present the fiscal year 2003 Financial Report of the United States Government, which presents and discusses the Government’s financial operations for the year. The report includes consolidated financial statements and important disclosures about the government’s stewardship responsibilities. Since the first report pursuant to the Government Management Reform Act of 1994 was issued for fiscal year 1997, we have made great strides in improving the usefulness of this important report.\n\nFor fiscal 2003, the U.S. Government is reporting a net operating cost of $665 billion, an increase of $300 billion from the $365 billion net operating cost reported last year. The increase is primarily attributable to the increased cost of the global war on terrorism, increases in the government’s post-retirement liabilities and a decline in tax revenues caused by the sluggish economy. The report reflects the adoption of a new accounting standard this year which requires the recording as an asset of military equipment and its related depreciation resulting in an increase to assets of $383 billion.\n\nTwenty seven major departments and agencies received unqualified audit opinions on their FY 2003 financial statements and eight Departments issued their audited financial statements by mid-November, a significant increase from last year. When this accelerated reporting time frame is accomplished by all agencies, it will set the stage for the timely preparation of this report. I look forward to when we can issue the Financial Report in December so that it is available to support the budget deliberation process.\n\nWhile much has been accomplished, much more remains to be done. Our efforts are well underway to eliminate the significant weaknesses cited by the auditors concerning the report’s data and processes. It will require a concerted effort across government to resolve these matters and, working with OMB and through the President’s Management Council and the Chief Financial Officer’s Council, Treasury believes we will succeed.\n\nThe government’s finances are important and complex, and our reporting will not be truly effective until it provides reliable information in a timely and useful form. Treasury is committed to meeting that challenge and to producing and reporting financial information that meets the highest standards expected by the American public.\n\nOLiC\n\nJohn W. Snow", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 7, + "text": "This page is intentionally blank.", + "md": "This page is intentionally blank.", + "images": [], + "charts": [], + "items": [ + { + "type": "text", + "value": "This page is intentionally blank.", + "md": "This page is intentionally blank.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "WARNING", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": true, + "noTextContent": false + }, + { + "page": 8, + "text": " DISCUSSION AND ANALYSIS 3\nMANAGEMENT’S DISCUSSION AND\nANALYSIS\n Introduction\n The quality and timeliness of financial reporting in the Federal Government has come a long way since the first\nGovernmentwide report subject to audit issued in March 1998 for fiscal year 1997. At that time, only 8 of the 24\nChief Financial Officers Act (CFO Act) agencies received clean opinions on their 1997 financial statements. This\nyear, 20 of the 24 agencies received clean opinions and 21 of the 32 entities, most significant to these statements,\nhad audited financial statements issued by the end of the calendar year. This improvement in both quality and\ntimeliness was concurrent with the application of new accounting principles and new accounting systems, and\ninvolved performing reconciliations that had never been attempted before. This has been a monumental effort\nrequiring years of planning and preparation and the efforts of thousands. However, we still have much to accomplish\nbefore we meet our objective of timely, useful financial reporting.\n The accompanying 2003 Financial Report of the United States Government is required by 31 U.S.C. §\n331(e)(1) to be submitted to Congress by March 31, and consists of Management’s Discussion and Analysis\n(MD&A), Statements of Net Cost, Statements of Operations and Changes in Net Position, Reconciliations of Net\nOperating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget and Other\nActivities, Balance Sheets, Stewardship Information (Unaudited), Notes to the Financial Statements, and\nSupplemental Information (Unaudited). Each section is preceded by a description of its contents.\n Executive Summary\nPurpose\n This Financial Report of the United States Government is prepared to give the President, Congress, and the\nAmerican people information about the financial position of the Federal Government. This report provides, on an\naccrual basis of accounting, a broad, comprehensive view of the Federal Government’s finances that is not available\nelsewhere. It states the Government’s financial position and condition, its revenues and costs, assets and liabilities,\nand other obligations and commitments. It also discusses important financial issues and significant conditions that\nmay affect future operations.\nOperating Results\n Revenues were down by $81.7 billion primarily due to lower tax collections and costs were up by $225.8\nbillion due to, among other things, fighting the global war on terrorism. This resulted in a net operating cost of\n$665.0 billion. This compares with the net operating cost of $364.9 billion for fiscal year 2002. This MD&A\ndiscusses results in a historical context and includes a chart (page 17) that shows the relationship of prior U.S.\nbudget deficits as a percentage of the U.S. gross domestic product (GDP), which is the total value of goods and\nservices produced in the United States.\nEconomic Results\n After recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in\nfiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three\nquarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in\nfiscal year 2003 following job losses in the previous year and in the final quarter of the fiscal year, employment\nbegan to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of\nthe recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to\nstimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.", + "md": "# DISCUSSION AND ANALYSIS\n\n# MANAGEMENT’S DISCUSSION AND ANALYSIS\n\n# Introduction\n\nThe quality and timeliness of financial reporting in the Federal Government has come a long way since the first Governmentwide report subject to audit issued in March 1998 for fiscal year 1997. At that time, only 8 of the 24 Chief Financial Officers Act (CFO Act) agencies received clean opinions on their 1997 financial statements. This year, 20 of the 24 agencies received clean opinions and 21 of the 32 entities, most significant to these statements, had audited financial statements issued by the end of the calendar year. This improvement in both quality and timeliness was concurrent with the application of new accounting principles and new accounting systems, and involved performing reconciliations that had never been attempted before. This has been a monumental effort requiring years of planning and preparation and the efforts of thousands. However, we still have much to accomplish before we meet our objective of timely, useful financial reporting.\n\nThe accompanying 2003 Financial Report of the United States Government is required by 31 U.S.C. § 331(e)(1) to be submitted to Congress by March 31, and consists of Management’s Discussion and Analysis (MD&A), Statements of Net Cost, Statements of Operations and Changes in Net Position, Reconciliations of Net Operating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget and Other Activities, Balance Sheets, Stewardship Information (Unaudited), Notes to the Financial Statements, and Supplemental Information (Unaudited). Each section is preceded by a description of its contents.\n\n# Executive Summary\n\n# Purpose\n\nThis Financial Report of the United States Government is prepared to give the President, Congress, and the American people information about the financial position of the Federal Government. This report provides, on an accrual basis of accounting, a broad, comprehensive view of the Federal Government’s finances that is not available elsewhere. It states the Government’s financial position and condition, its revenues and costs, assets and liabilities, and other obligations and commitments. It also discusses important financial issues and significant conditions that may affect future operations.\n\n# Operating Results\n\nRevenues were down by $81.7 billion primarily due to lower tax collections and costs were up by $225.8 billion due to, among other things, fighting the global war on terrorism. This resulted in a net operating cost of $665.0 billion. This compares with the net operating cost of $364.9 billion for fiscal year 2002. This MD&A discusses results in a historical context and includes a chart (page 17) that shows the relationship of prior U.S. budget deficits as a percentage of the U.S. gross domestic product (GDP), which is the total value of goods and services produced in the United States.\n\n# Economic Results\n\nAfter recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in fiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three quarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in fiscal year 2003 following job losses in the previous year and in the final quarter of the fiscal year, employment began to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of the recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to stimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "MANAGEMENT’S DISCUSSION AND ANALYSIS", + "md": "# MANAGEMENT’S DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Introduction", + "md": "# Introduction", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The quality and timeliness of financial reporting in the Federal Government has come a long way since the first Governmentwide report subject to audit issued in March 1998 for fiscal year 1997. At that time, only 8 of the 24 Chief Financial Officers Act (CFO Act) agencies received clean opinions on their 1997 financial statements. This year, 20 of the 24 agencies received clean opinions and 21 of the 32 entities, most significant to these statements, had audited financial statements issued by the end of the calendar year. This improvement in both quality and timeliness was concurrent with the application of new accounting principles and new accounting systems, and involved performing reconciliations that had never been attempted before. This has been a monumental effort requiring years of planning and preparation and the efforts of thousands. However, we still have much to accomplish before we meet our objective of timely, useful financial reporting.\n\nThe accompanying 2003 Financial Report of the United States Government is required by 31 U.S.C. § 331(e)(1) to be submitted to Congress by March 31, and consists of Management’s Discussion and Analysis (MD&A), Statements of Net Cost, Statements of Operations and Changes in Net Position, Reconciliations of Net Operating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget and Other Activities, Balance Sheets, Stewardship Information (Unaudited), Notes to the Financial Statements, and Supplemental Information (Unaudited). Each section is preceded by a description of its contents.", + "md": "The quality and timeliness of financial reporting in the Federal Government has come a long way since the first Governmentwide report subject to audit issued in March 1998 for fiscal year 1997. At that time, only 8 of the 24 Chief Financial Officers Act (CFO Act) agencies received clean opinions on their 1997 financial statements. This year, 20 of the 24 agencies received clean opinions and 21 of the 32 entities, most significant to these statements, had audited financial statements issued by the end of the calendar year. This improvement in both quality and timeliness was concurrent with the application of new accounting principles and new accounting systems, and involved performing reconciliations that had never been attempted before. This has been a monumental effort requiring years of planning and preparation and the efforts of thousands. However, we still have much to accomplish before we meet our objective of timely, useful financial reporting.\n\nThe accompanying 2003 Financial Report of the United States Government is required by 31 U.S.C. § 331(e)(1) to be submitted to Congress by March 31, and consists of Management’s Discussion and Analysis (MD&A), Statements of Net Cost, Statements of Operations and Changes in Net Position, Reconciliations of Net Operating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget and Other Activities, Balance Sheets, Stewardship Information (Unaudited), Notes to the Financial Statements, and Supplemental Information (Unaudited). Each section is preceded by a description of its contents.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Executive Summary", + "md": "# Executive Summary", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Purpose", + "md": "# Purpose", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This Financial Report of the United States Government is prepared to give the President, Congress, and the American people information about the financial position of the Federal Government. This report provides, on an accrual basis of accounting, a broad, comprehensive view of the Federal Government’s finances that is not available elsewhere. It states the Government’s financial position and condition, its revenues and costs, assets and liabilities, and other obligations and commitments. It also discusses important financial issues and significant conditions that may affect future operations.", + "md": "This Financial Report of the United States Government is prepared to give the President, Congress, and the American people information about the financial position of the Federal Government. This report provides, on an accrual basis of accounting, a broad, comprehensive view of the Federal Government’s finances that is not available elsewhere. It states the Government’s financial position and condition, its revenues and costs, assets and liabilities, and other obligations and commitments. It also discusses important financial issues and significant conditions that may affect future operations.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Operating Results", + "md": "# Operating Results", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Revenues were down by $81.7 billion primarily due to lower tax collections and costs were up by $225.8 billion due to, among other things, fighting the global war on terrorism. This resulted in a net operating cost of $665.0 billion. This compares with the net operating cost of $364.9 billion for fiscal year 2002. This MD&A discusses results in a historical context and includes a chart (page 17) that shows the relationship of prior U.S. budget deficits as a percentage of the U.S. gross domestic product (GDP), which is the total value of goods and services produced in the United States.", + "md": "Revenues were down by $81.7 billion primarily due to lower tax collections and costs were up by $225.8 billion due to, among other things, fighting the global war on terrorism. This resulted in a net operating cost of $665.0 billion. This compares with the net operating cost of $364.9 billion for fiscal year 2002. This MD&A discusses results in a historical context and includes a chart (page 17) that shows the relationship of prior U.S. budget deficits as a percentage of the U.S. gross domestic product (GDP), which is the total value of goods and services produced in the United States.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Economic Results", + "md": "# Economic Results", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "After recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in fiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three quarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in fiscal year 2003 following job losses in the previous year and in the final quarter of the fiscal year, employment began to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of the recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to stimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.", + "md": "After recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in fiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three quarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in fiscal year 2003 following job losses in the previous year and in the final quarter of the fiscal year, employment began to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of the recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to stimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 9, + "text": "4 DISCUSSION AND ANALYSIS\nOverall Perspective\n The 2003 balance sheet shows assets of $1,394 billion and liabilities of $8,499 billion, for a balance or\nnegative net position of $7,105 billion. The Government’s responsibilities to make future payments for social\ninsurance and certain other programs are not shown as liabilities according to Federal accounting standards;\nhowever, they are measured in other contexts. These programmatic commitments remain Federal responsibilities\nand as currently structured will have a significant claim on budgetary resources in the future.\n As summarized below, and in a more detailed table on page 12 of this section, the net present value for all of\nthe responsibilities (over a 75-year period) is $34,825 billion, including Medicare and Social Security payments,\npensions and benefits for Federal employees and veterans, and other financial responsibilities. The reader needs to\nunderstand these responsibilities to get a full understanding of the Government’s finances.\n Overall Perspective 2003 2002\n (In billions of dollars) Balance Additional Combined Balance Additional Combined\n Sheet Responsibilities Amounts Sheet Responsibilities Amounts\n ASSETS $ 1,394 $ - $ 1,394 $ 997 $ 1 616 $ 1,613\n LIABILITIES & NET RESPONSIBILITIES\n Social Insurance -- (26,858) (26,858) -- (24,149) (24,149)\n Fed. empl. & veterans pensions/benefits (3,880) -- (3,880) (3,589) -- (3,589)\n Federal debt held by the public (3,945) -- (3,945) (3,573) -- (3,573)\n Other liabilities & responsibilities (674) (862) (1,536) (654) (771) (1,425)\n Total Liabilities & Net Responsibilities $ (8,499) $ (27,720) $ (36,219) $ (7,817) $ (24,920) $ (32,736)\n BALANCE (Total Assets minus Total\n Liabilities & Net Responsibilities) ($7,105) ($27,720) ($34,825) ($6,820) ($24,304) ($31,123)\n 1 Source: Fiscal Year 2004 Analytical Perspectives, page 37,\n Defense Fixed Reproducible Capital, Nonfinancial Assets.\n Note: Overall details may not add to total due to rounding.\n The table does not reflect the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 that\nwas enacted on December 8, 2003. The Department of Health and Human Services (HHS) actuaries estimated that\nthis legislation would result in direct spending outlays totaling $534 billion over the 2004-2013 period. The 75-year\nperiod net present value estimate is not yet available.\nSignificant Reporting Items for Fiscal Year 2003\nDepartment of Defense Property Addition\n In fiscal year 2003, the Department of Defense’s (DOD) reported general property, plant, and equipment, net\nincreased by $323.7 billion or 264.2 percent over fiscal year 2002. The majority of this increase was due to the\ninitial recording of the value of DOD’s military equipment.\n Beginning with the fiscal year 2003 financial statements, DOD was required to record on the balance sheet the\nvalue of its military equipment under the new Statement of Federal Financial Accounting Standard No. 23,\nEliminating the Category National Defense Property, Plant, and Equipment(SFFAS No. 23) issued by the Federal\nAccounting Standards Advisory Board (FASAB) in May 2003. SFFAS No. 23 establishes generally accepted\naccounting principles for valuing and reporting military equipment in Federal financial statements. Previously,\nmilitary equipment was reported as national defense property, plant, and equipment in the Stewardship Information\nsection of this report. For a detailed discussion of this increase, see the Assets section of the Asset and Liability\nSummary of this report.\nCreation of the Department of Homeland Security\n On March 1, 2003, more than 20 entities and offices and some 180,000 employees were transferred into the\nDepartment of Homeland Security (DHS). The creation of the DHS in 2003 was the most significant transformation\nof the Federal Government since 1947 when the various branches of the U.S. Armed Forces were merged into a new\nDepartment of Defense.", + "md": "# DISCUSSION AND ANALYSIS\n\n# Overall Perspective\n\nThe 2003 balance sheet shows assets of $1,394 billion and liabilities of $8,499 billion, for a balance or negative net position of $7,105 billion. The Government’s responsibilities to make future payments for social insurance and certain other programs are not shown as liabilities according to Federal accounting standards; however, they are measured in other contexts. These programmatic commitments remain Federal responsibilities and as currently structured will have a significant claim on budgetary resources in the future.\n\nAs summarized below, and in a more detailed table on page 12 of this section, the net present value for all of the responsibilities (over a 75-year period) is $34,825 billion, including Medicare and Social Security payments, pensions and benefits for Federal employees and veterans, and other financial responsibilities. The reader needs to understand these responsibilities to get a full understanding of the Government’s finances.\n\n|Overall Perspective|2003| |Combined|2002| |Combined|\n|---|---|---|---|---|---|---|\n|(In billions of dollars)|Balance Sheet|Additional Responsibilities Amounts|Balance Sheet|Additional Responsibilities Amounts| | |\n|ASSETS|$ 1,394|$ -|$ 1,394|$ 997|$ 1 616|$ 1,613|\n|LIABILITIES & NET RESPONSIBILITIES| | | | | | |\n|Social Insurance|--|(26,858)|(26,858)|--|(24,149)|(24,149)|\n|Fed. empl. & veterans pensions/benefits|(3,880)|--|(3,880)|(3,589)|--|(3,589)|\n|Federal debt held by the public|(3,945)|--|(3,945)|(3,573)|--|(3,573)|\n|Other liabilities & responsibilities|(674)|(862)|(1,536)|(654)|(771)|(1,425)|\n|Total Liabilities & Net Responsibilities|$ (8,499)|$ (27,720)|$ (36,219)|$ (7,817)|$ (24,920)|$ (32,736)|\n|BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)|($7,105)|($27,720)|($34,825)|($6,820)|($24,304)|($31,123)|\n\nSource: Fiscal Year 2004 Analytical Perspectives, page 37, Defense Fixed Reproducible Capital, Nonfinancial Assets.\n\nNote: Overall details may not add to total due to rounding.\n\nThe table does not reflect the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 that was enacted on December 8, 2003. The Department of Health and Human Services (HHS) actuaries estimated that this legislation would result in direct spending outlays totaling $534 billion over the 2004-2013 period. The 75-year period net present value estimate is not yet available.\n\n# Significant Reporting Items for Fiscal Year 2003\n\n# Department of Defense Property Addition\n\nIn fiscal year 2003, the Department of Defense’s (DOD) reported general property, plant, and equipment, net increased by $323.7 billion or 264.2 percent over fiscal year 2002. The majority of this increase was due to the initial recording of the value of DOD’s military equipment.\n\nBeginning with the fiscal year 2003 financial statements, DOD was required to record on the balance sheet the value of its military equipment under the new Statement of Federal Financial Accounting Standard No. 23, Eliminating the Category National Defense Property, Plant, and Equipment (SFFAS No. 23) issued by the Federal Accounting Standards Advisory Board (FASAB) in May 2003. SFFAS No. 23 establishes generally accepted accounting principles for valuing and reporting military equipment in Federal financial statements. Previously, military equipment was reported as national defense property, plant, and equipment in the Stewardship Information section of this report. For a detailed discussion of this increase, see the Assets section of the Asset and Liability Summary of this report.\n\n# Creation of the Department of Homeland Security\n\nOn March 1, 2003, more than 20 entities and offices and some 180,000 employees were transferred into the Department of Homeland Security (DHS). The creation of the DHS in 2003 was the most significant transformation of the Federal Government since 1947 when the various branches of the U.S. Armed Forces were merged into a new Department of Defense.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Overall Perspective", + "md": "# Overall Perspective", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The 2003 balance sheet shows assets of $1,394 billion and liabilities of $8,499 billion, for a balance or negative net position of $7,105 billion. The Government’s responsibilities to make future payments for social insurance and certain other programs are not shown as liabilities according to Federal accounting standards; however, they are measured in other contexts. These programmatic commitments remain Federal responsibilities and as currently structured will have a significant claim on budgetary resources in the future.\n\nAs summarized below, and in a more detailed table on page 12 of this section, the net present value for all of the responsibilities (over a 75-year period) is $34,825 billion, including Medicare and Social Security payments, pensions and benefits for Federal employees and veterans, and other financial responsibilities. The reader needs to understand these responsibilities to get a full understanding of the Government’s finances.", + "md": "The 2003 balance sheet shows assets of $1,394 billion and liabilities of $8,499 billion, for a balance or negative net position of $7,105 billion. The Government’s responsibilities to make future payments for social insurance and certain other programs are not shown as liabilities according to Federal accounting standards; however, they are measured in other contexts. These programmatic commitments remain Federal responsibilities and as currently structured will have a significant claim on budgetary resources in the future.\n\nAs summarized below, and in a more detailed table on page 12 of this section, the net present value for all of the responsibilities (over a 75-year period) is $34,825 billion, including Medicare and Social Security payments, pensions and benefits for Federal employees and veterans, and other financial responsibilities. The reader needs to understand these responsibilities to get a full understanding of the Government’s finances.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [], + [], + [ + "Overall Perspective", + "2003", + "", + "Combined", + "2002", + "", + "Combined" + ], + [ + "---", + "---", + "---", + "---", + "---", + "---", + "---" + ], + [ + "(In billions of dollars)", + "Balance Sheet", + "Additional Responsibilities Amounts", + "Balance Sheet", + "Additional Responsibilities Amounts", + "", + "" + ], + [ + "ASSETS", + "$ 1,394", + "$ -", + "$ 1,394", + "$ 997", + "$ 1 616", + "$ 1,613" + ], + [ + "LIABILITIES & NET RESPONSIBILITIES", + "", + "", + "", + "", + "", + "" + ], + [ + "Social Insurance", + "--", + "(26,858)", + "(26,858)", + "--", + "(24,149)", + "(24,149)" + ], + [ + "Fed. empl. & veterans pensions/benefits", + "(3,880)", + "--", + "(3,880)", + "(3,589)", + "--", + "(3,589)" + ], + [ + "Federal debt held by the public", + "(3,945)", + "--", + "(3,945)", + "(3,573)", + "--", + "(3,573)" + ], + [ + "Other liabilities & responsibilities", + "(674)", + "(862)", + "(1,536)", + "(654)", + "(771)", + "(1,425)" + ], + [ + "Total Liabilities & Net Responsibilities", + "$ (8,499)", + "$ (27,720)", + "$ (36,219)", + "$ (7,817)", + "$ (24,920)", + "$ (32,736)" + ], + [ + "BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)", + "($7,105)", + "($27,720)", + "($34,825)", + "($6,820)", + "($24,304)", + "($31,123)" + ] + ], + "md": "The 2003 balance sheet shows assets of $1,394 billion and liabilities of $8,499 billion, for a balance or negative net position of $7,105 billion. The Government’s responsibilities to make future payments for social insurance and certain other programs are not shown as liabilities according to Federal accounting standards; however, they are measured in other contexts. These programmatic commitments remain Federal responsibilities and as currently structured will have a significant claim on budgetary resources in the future.\nAs summarized below, and in a more detailed table on page 12 of this section, the net present value for all of the responsibilities (over a 75-year period) is $34,825 billion, including Medicare and Social Security payments, pensions and benefits for Federal employees and veterans, and other financial responsibilities. The reader needs to understand these responsibilities to get a full understanding of the Government’s finances.\n\n|Overall Perspective|2003| |Combined|2002| |Combined|\n|---|---|---|---|---|---|---|\n|(In billions of dollars)|Balance Sheet|Additional Responsibilities Amounts|Balance Sheet|Additional Responsibilities Amounts| | |\n|ASSETS|$ 1,394|$ -|$ 1,394|$ 997|$ 1 616|$ 1,613|\n|LIABILITIES & NET RESPONSIBILITIES| | | | | | |\n|Social Insurance|--|(26,858)|(26,858)|--|(24,149)|(24,149)|\n|Fed. empl. & veterans pensions/benefits|(3,880)|--|(3,880)|(3,589)|--|(3,589)|\n|Federal debt held by the public|(3,945)|--|(3,945)|(3,573)|--|(3,573)|\n|Other liabilities & responsibilities|(674)|(862)|(1,536)|(654)|(771)|(1,425)|\n|Total Liabilities & Net Responsibilities|$ (8,499)|$ (27,720)|$ (36,219)|$ (7,817)|$ (24,920)|$ (32,736)|\n|BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)|($7,105)|($27,720)|($34,825)|($6,820)|($24,304)|($31,123)|", + "isPerfectTable": false, + "csv": "\n\n\n\"Overall Perspective\",\"2003\",\"\",\"Combined\",\"2002\",\"\",\"Combined\"\n\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\"\n\"(In billions of dollars)\",\"Balance Sheet\",\"Additional Responsibilities Amounts\",\"Balance Sheet\",\"Additional Responsibilities Amounts\",\"\",\"\"\n\"ASSETS\",\"$ 1,394\",\"$ -\",\"$ 1,394\",\"$ 997\",\"$ 1 616\",\"$ 1,613\"\n\"LIABILITIES & NET RESPONSIBILITIES\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Social Insurance\",\"--\",\"(26,858)\",\"(26,858)\",\"--\",\"(24,149)\",\"(24,149)\"\n\"Fed. empl. & veterans pensions/benefits\",\"(3,880)\",\"--\",\"(3,880)\",\"(3,589)\",\"--\",\"(3,589)\"\n\"Federal debt held by the public\",\"(3,945)\",\"--\",\"(3,945)\",\"(3,573)\",\"--\",\"(3,573)\"\n\"Other liabilities & responsibilities\",\"(674)\",\"(862)\",\"(1,536)\",\"(654)\",\"(771)\",\"(1,425)\"\n\"Total Liabilities & Net Responsibilities\",\"$ (8,499)\",\"$ (27,720)\",\"$ (36,219)\",\"$ (7,817)\",\"$ (24,920)\",\"$ (32,736)\"\n\"BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)\",\"($7,105)\",\"($27,720)\",\"($34,825)\",\"($6,820)\",\"($24,304)\",\"($31,123)\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: Fiscal Year 2004 Analytical Perspectives, page 37, Defense Fixed Reproducible Capital, Nonfinancial Assets.\n\nNote: Overall details may not add to total due to rounding.\n\nThe table does not reflect the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 that was enacted on December 8, 2003. The Department of Health and Human Services (HHS) actuaries estimated that this legislation would result in direct spending outlays totaling $534 billion over the 2004-2013 period. The 75-year period net present value estimate is not yet available.", + "md": "Source: Fiscal Year 2004 Analytical Perspectives, page 37, Defense Fixed Reproducible Capital, Nonfinancial Assets.\n\nNote: Overall details may not add to total due to rounding.\n\nThe table does not reflect the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 that was enacted on December 8, 2003. The Department of Health and Human Services (HHS) actuaries estimated that this legislation would result in direct spending outlays totaling $534 billion over the 2004-2013 period. The 75-year period net present value estimate is not yet available.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Significant Reporting Items for Fiscal Year 2003", + "md": "# Significant Reporting Items for Fiscal Year 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Department of Defense Property Addition", + "md": "# Department of Defense Property Addition", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In fiscal year 2003, the Department of Defense’s (DOD) reported general property, plant, and equipment, net increased by $323.7 billion or 264.2 percent over fiscal year 2002. The majority of this increase was due to the initial recording of the value of DOD’s military equipment.\n\nBeginning with the fiscal year 2003 financial statements, DOD was required to record on the balance sheet the value of its military equipment under the new Statement of Federal Financial Accounting Standard No. 23, Eliminating the Category National Defense Property, Plant, and Equipment (SFFAS No. 23) issued by the Federal Accounting Standards Advisory Board (FASAB) in May 2003. SFFAS No. 23 establishes generally accepted accounting principles for valuing and reporting military equipment in Federal financial statements. Previously, military equipment was reported as national defense property, plant, and equipment in the Stewardship Information section of this report. For a detailed discussion of this increase, see the Assets section of the Asset and Liability Summary of this report.", + "md": "In fiscal year 2003, the Department of Defense’s (DOD) reported general property, plant, and equipment, net increased by $323.7 billion or 264.2 percent over fiscal year 2002. The majority of this increase was due to the initial recording of the value of DOD’s military equipment.\n\nBeginning with the fiscal year 2003 financial statements, DOD was required to record on the balance sheet the value of its military equipment under the new Statement of Federal Financial Accounting Standard No. 23, Eliminating the Category National Defense Property, Plant, and Equipment (SFFAS No. 23) issued by the Federal Accounting Standards Advisory Board (FASAB) in May 2003. SFFAS No. 23 establishes generally accepted accounting principles for valuing and reporting military equipment in Federal financial statements. Previously, military equipment was reported as national defense property, plant, and equipment in the Stewardship Information section of this report. For a detailed discussion of this increase, see the Assets section of the Asset and Liability Summary of this report.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Creation of the Department of Homeland Security", + "md": "# Creation of the Department of Homeland Security", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "On March 1, 2003, more than 20 entities and offices and some 180,000 employees were transferred into the Department of Homeland Security (DHS). The creation of the DHS in 2003 was the most significant transformation of the Federal Government since 1947 when the various branches of the U.S. Armed Forces were merged into a new Department of Defense.", + "md": "On March 1, 2003, more than 20 entities and offices and some 180,000 employees were transferred into the Department of Homeland Security (DHS). The creation of the DHS in 2003 was the most significant transformation of the Federal Government since 1947 when the various branches of the U.S. Armed Forces were merged into a new Department of Defense.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 10, + "text": " DISCUSSION AND ANALYSIS 5\n In the aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the\nneed to coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various\naspects of protecting and securing our homeland. President Bush proposed the creation of DHS, and Congress\npassed legislation establishing this new department. See the U.S. Government Structure & Performance section of\nthis report for further details and a chart showing the entities transferred into DHS.\nIraq Operations\n In March 2003, an international coalition led by the United States liberated Iraq and is overseeing a\ntransformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals:\nestablishing a secure environment, restoring essential services, promoting economic growth, and developing good\ngovernance through a legitimate constitutional government. To conduct military operations and address these goals\nin 2003, several sources of funding were used: appropriated and nonappropriated funds (seized and vested assets and\nthe Development Fund for Iraq). U.S. agencies obligated $3.9 billion in appropriated funds for Iraq relief, renewal,\nand construction. Congress also appropriated funds to DOD for Operation Iraqi Freedom in the Emergency Wartime\nSupplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated Appropriations Resolution, 2003\n(Public Law 108-7). DOD obligated $42.4 billion for incremental costs in support of Iraqi Freedom. For further\ndiscussion of the cost of Iraq operations and funding sources and uses, see Iraq Operations in the Financial Results\nsection at the end of the Revenue and Cost Summary.\nDebt Ceiling\n On February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. This requires\nTreasury to change its normal borrowing operations to stay within the limit. When this occurs, numerous statutory\ntools are used which allow the Government to manage without issuing new debt and to continue operations for short\ntime periods. On May 27, 2003, President Bush signed legislation increasing the statutory debt limit to $7,384\nbillion (P.L. 108-24). For further discussion of the debt ceiling, see the Federal Budget and Federal Debt section of\nthe MD&A.", + "md": "# DISCUSSION AND ANALYSIS\n\n# 5\n\nIn the aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the need to coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various aspects of protecting and securing our homeland. President Bush proposed the creation of DHS, and Congress passed legislation establishing this new department. See the U.S. Government Structure & Performance section of this report for further details and a chart showing the entities transferred into DHS.\n\n# Iraq Operations\n\nIn March 2003, an international coalition led by the United States liberated Iraq and is overseeing a transformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals: establishing a secure environment, restoring essential services, promoting economic growth, and developing good governance through a legitimate constitutional government. To conduct military operations and address these goals in 2003, several sources of funding were used: appropriated and nonappropriated funds (seized and vested assets and the Development Fund for Iraq). U.S. agencies obligated $3.9 billion in appropriated funds for Iraq relief, renewal, and construction. Congress also appropriated funds to DOD for Operation Iraqi Freedom in the Emergency Wartime Supplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated Appropriations Resolution, 2003 (Public Law 108-7). DOD obligated $42.4 billion for incremental costs in support of Iraqi Freedom. For further discussion of the cost of Iraq operations and funding sources and uses, see Iraq Operations in the Financial Results section at the end of the Revenue and Cost Summary.\n\n# Debt Ceiling\n\nOn February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. This requires Treasury to change its normal borrowing operations to stay within the limit. When this occurs, numerous statutory tools are used which allow the Government to manage without issuing new debt and to continue operations for short time periods. On May 27, 2003, President Bush signed legislation increasing the statutory debt limit to $7,384 billion (P.L. 108-24). For further discussion of the debt ceiling, see the Federal Budget and Federal Debt section of the MD&A.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "5", + "md": "# 5", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In the aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the need to coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various aspects of protecting and securing our homeland. President Bush proposed the creation of DHS, and Congress passed legislation establishing this new department. See the U.S. Government Structure & Performance section of this report for further details and a chart showing the entities transferred into DHS.", + "md": "In the aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the need to coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various aspects of protecting and securing our homeland. President Bush proposed the creation of DHS, and Congress passed legislation establishing this new department. See the U.S. Government Structure & Performance section of this report for further details and a chart showing the entities transferred into DHS.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Iraq Operations", + "md": "# Iraq Operations", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In March 2003, an international coalition led by the United States liberated Iraq and is overseeing a transformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals: establishing a secure environment, restoring essential services, promoting economic growth, and developing good governance through a legitimate constitutional government. To conduct military operations and address these goals in 2003, several sources of funding were used: appropriated and nonappropriated funds (seized and vested assets and the Development Fund for Iraq). U.S. agencies obligated $3.9 billion in appropriated funds for Iraq relief, renewal, and construction. Congress also appropriated funds to DOD for Operation Iraqi Freedom in the Emergency Wartime Supplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated Appropriations Resolution, 2003 (Public Law 108-7). DOD obligated $42.4 billion for incremental costs in support of Iraqi Freedom. For further discussion of the cost of Iraq operations and funding sources and uses, see Iraq Operations in the Financial Results section at the end of the Revenue and Cost Summary.", + "md": "In March 2003, an international coalition led by the United States liberated Iraq and is overseeing a transformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals: establishing a secure environment, restoring essential services, promoting economic growth, and developing good governance through a legitimate constitutional government. To conduct military operations and address these goals in 2003, several sources of funding were used: appropriated and nonappropriated funds (seized and vested assets and the Development Fund for Iraq). U.S. agencies obligated $3.9 billion in appropriated funds for Iraq relief, renewal, and construction. Congress also appropriated funds to DOD for Operation Iraqi Freedom in the Emergency Wartime Supplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated Appropriations Resolution, 2003 (Public Law 108-7). DOD obligated $42.4 billion for incremental costs in support of Iraqi Freedom. For further discussion of the cost of Iraq operations and funding sources and uses, see Iraq Operations in the Financial Results section at the end of the Revenue and Cost Summary.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Debt Ceiling", + "md": "# Debt Ceiling", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "On February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. This requires Treasury to change its normal borrowing operations to stay within the limit. When this occurs, numerous statutory tools are used which allow the Government to manage without issuing new debt and to continue operations for short time periods. On May 27, 2003, President Bush signed legislation increasing the statutory debt limit to $7,384 billion (P.L. 108-24). For further discussion of the debt ceiling, see the Federal Budget and Federal Debt section of the MD&A.", + "md": "On February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. This requires Treasury to change its normal borrowing operations to stay within the limit. When this occurs, numerous statutory tools are used which allow the Government to manage without issuing new debt and to continue operations for short time periods. On May 27, 2003, President Bush signed legislation increasing the statutory debt limit to $7,384 billion (P.L. 108-24). For further discussion of the debt ceiling, see the Federal Budget and Federal Debt section of the MD&A.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 11, + "text": "6 DISCUSSION AND ANALYSIS\n Financial Results\nRevenue and Cost Summary\n Statement of Operations and Changes in Net Position Comparison\n (In trillions of dollars)\n 3.0\n Actuarial\n Costs\n 2.5 Non-Actuarial\n Costs\n 2.0\n 1.5\n 1.0\n 0.5\n 0.0\n Net Cost of U.S.\n (0.5) Total Revenue Government\n Operations\n Net Operating Revenue\n (Cost)\n (1.0)\n 99 00 01 02 03 99 00 01 02 03 99 00 01 02 03\nAccrual-Based Results\n The financial statements (pages 58-62) present information about the financial position of the Federal\nGovernment, the net costs of its operations, and the financing sources used to fund its operations. The information in\nthese statements gives a comprehensive view of the Government’s finances. The information is reported generally\non the accrual basis of accounting in which costs are recorded when a liability is incurred. This differs from the\nprimarily cash basis used in calculating the budget results, in which outlays are recorded when bills are actually\npaid. See Note 1B (Basis of Accounting and Revenue Recognition) of this Financial Report for a discussion of how\nrevenues are recorded.\n The net operating cost as shown in these financial statements for fiscal year 2003 was $665.0 billion, compared\nto a budget deficit of $374.8 billion. The primary component of the difference between the budget and accrual\nreported results is the recognition of the year’s actuarial expense for pension and health liabilities for civilian and\nmilitary employees and veteran’s compensation of $290.6 billion. This difference is similar to fiscal year 2002\nwhich had a net operating cost of $364.9 billion and a budget deficit of $157.7 billion. For a detailed reconciliation\nbetween the two numbers, see the Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial\nStatements section.", + "md": "# 6 DISCUSSION AND ANALYSIS\n\n# Financial Results\n\n# Revenue and Cost Summary\n\n# Statement of Operations and Changes in Net Position Comparison\n\n| | |(In trillions of dollars)| |\n|---|---|---|---|\n|3.0|Actuarial Costs| | |\n|2.5|Non-Actuarial Costs| | |\n|2.0| | | |\n|1.5| | | |\n|1.0| | | |\n|0.5| | | |\n|0.0|Net Cost of U.S. Government Operations| | |\n|(0.5)|Total Revenue| | |\n|(1.0)|Net Operating Revenue (Cost)| | |\n|99 00 01 02 03 99 00 01 02 03 99 00 01 02 03| | | |\n\n# Accrual-Based Results\n\nThe financial statements (pages 58-62) present information about the financial position of the Federal Government, the net costs of its operations, and the financing sources used to fund its operations. The information in these statements gives a comprehensive view of the Government’s finances. The information is reported generally on the accrual basis of accounting in which costs are recorded when a liability is incurred. This differs from the primarily cash basis used in calculating the budget results, in which outlays are recorded when bills are actually paid. See Note 1B (Basis of Accounting and Revenue Recognition) of this Financial Report for a discussion of how revenues are recorded.\n\nThe net operating cost as shown in these financial statements for fiscal year 2003 was $665.0 billion, compared to a budget deficit of $374.8 billion. The primary component of the difference between the budget and accrual reported results is the recognition of the year’s actuarial expense for pension and health liabilities for civilian and military employees and veteran’s compensation of $290.6 billion. This difference is similar to fiscal year 2002 which had a net operating cost of $364.9 billion and a budget deficit of $157.7 billion. For a detailed reconciliation between the two numbers, see the Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial Statements section.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "6 DISCUSSION AND ANALYSIS", + "md": "# 6 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Financial Results", + "md": "# Financial Results", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Revenue and Cost Summary", + "md": "# Revenue and Cost Summary", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statement of Operations and Changes in Net Position Comparison", + "md": "# Statement of Operations and Changes in Net Position Comparison", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "", + "(In trillions of dollars)", + "" + ], + [ + "3.0", + "Actuarial Costs", + "", + "" + ], + [ + "2.5", + "Non-Actuarial Costs", + "", + "" + ], + [ + "2.0", + "", + "", + "" + ], + [ + "1.5", + "", + "", + "" + ], + [ + "1.0", + "", + "", + "" + ], + [ + "0.5", + "", + "", + "" + ], + [ + "0.0", + "Net Cost of U.S. Government Operations", + "", + "" + ], + [ + "(0.5)", + "Total Revenue", + "", + "" + ], + [ + "(1.0)", + "Net Operating Revenue (Cost)", + "", + "" + ], + [ + "99 00 01 02 03 99 00 01 02 03 99 00 01 02 03", + "", + "", + "" + ] + ], + "md": "| | |(In trillions of dollars)| |\n|3.0|Actuarial Costs| | |\n|2.5|Non-Actuarial Costs| | |\n|2.0| | | |\n|1.5| | | |\n|1.0| | | |\n|0.5| | | |\n|0.0|Net Cost of U.S. Government Operations| | |\n|(0.5)|Total Revenue| | |\n|(1.0)|Net Operating Revenue (Cost)| | |\n|99 00 01 02 03 99 00 01 02 03 99 00 01 02 03| | | |", + "isPerfectTable": true, + "csv": "\"\",\"\",\"(In trillions of dollars)\",\"\"\n\"3.0\",\"Actuarial Costs\",\"\",\"\"\n\"2.5\",\"Non-Actuarial Costs\",\"\",\"\"\n\"2.0\",\"\",\"\",\"\"\n\"1.5\",\"\",\"\",\"\"\n\"1.0\",\"\",\"\",\"\"\n\"0.5\",\"\",\"\",\"\"\n\"0.0\",\"Net Cost of U.S. Government Operations\",\"\",\"\"\n\"(0.5)\",\"Total Revenue\",\"\",\"\"\n\"(1.0)\",\"Net Operating Revenue (Cost)\",\"\",\"\"\n\"99 00 01 02 03 99 00 01 02 03 99 00 01 02 03\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Accrual-Based Results", + "md": "# Accrual-Based Results", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The financial statements (pages 58-62) present information about the financial position of the Federal Government, the net costs of its operations, and the financing sources used to fund its operations. The information in these statements gives a comprehensive view of the Government’s finances. The information is reported generally on the accrual basis of accounting in which costs are recorded when a liability is incurred. This differs from the primarily cash basis used in calculating the budget results, in which outlays are recorded when bills are actually paid. See Note 1B (Basis of Accounting and Revenue Recognition) of this Financial Report for a discussion of how revenues are recorded.\n\nThe net operating cost as shown in these financial statements for fiscal year 2003 was $665.0 billion, compared to a budget deficit of $374.8 billion. The primary component of the difference between the budget and accrual reported results is the recognition of the year’s actuarial expense for pension and health liabilities for civilian and military employees and veteran’s compensation of $290.6 billion. This difference is similar to fiscal year 2002 which had a net operating cost of $364.9 billion and a budget deficit of $157.7 billion. For a detailed reconciliation between the two numbers, see the Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial Statements section.", + "md": "The financial statements (pages 58-62) present information about the financial position of the Federal Government, the net costs of its operations, and the financing sources used to fund its operations. The information in these statements gives a comprehensive view of the Government’s finances. The information is reported generally on the accrual basis of accounting in which costs are recorded when a liability is incurred. This differs from the primarily cash basis used in calculating the budget results, in which outlays are recorded when bills are actually paid. See Note 1B (Basis of Accounting and Revenue Recognition) of this Financial Report for a discussion of how revenues are recorded.\n\nThe net operating cost as shown in these financial statements for fiscal year 2003 was $665.0 billion, compared to a budget deficit of $374.8 billion. The primary component of the difference between the budget and accrual reported results is the recognition of the year’s actuarial expense for pension and health liabilities for civilian and military employees and veteran’s compensation of $290.6 billion. This difference is similar to fiscal year 2002 which had a net operating cost of $364.9 billion and a budget deficit of $157.7 billion. For a detailed reconciliation between the two numbers, see the Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial Statements section.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 12, + "text": " DISCUSSION AND ANALYSIS 7\n Because the Government traditionally has been viewed from a budget perspective, and because many of the\nterms used to describe financial events have different meanings when describing budget outcomes, a conscious\neffort has been made to refer to budget-based amounts by using the term “budget” in order to eliminate any possible\nconfusion. Net operating revenue (cost) is the term used to represent accrual-based operating results and equates to\nrevenue less net cost of Government operations.\n Individual Income Tax Corporation Income Tax\n (In billions of dollars) (In billions of dollars)\n 2000 300\n 250\n 1500 200\n 1000 150\n 100\n 500 50\n 0 1999 2000 2001 2002 2003 0 1999 2000 2001 2002 2003\n The Government’s main source of revenue comes from its ability to demand payments from the public (e.g.,\ntaxes, duties, fines, and penalties). As shown in the chart above, the Government’s principal source of revenue is\nindividual income tax. In 2003, this revenue category was $1,481.3 billion, representing 82.5 percent of total\nrevenue. This compares to $1,538.6 billion in 2002, a decrease of $57.3 billion or 3.7 percent from 2002. Since\nfiscal year 2000, when they were 10.0 percent of total revenue, corporate income taxes have fallen until they are 7.1\npercent of total revenue in fiscal year 2003.\n In 2003, total revenue was $1,796.0 billion. This amount compares to $1,877.7 billion in 2002, a decrease of\n$81.7 billion or a decline of 4.4 percent. Revenue has declined primarily due to a drop in individual income tax and\ntax withholdings and can be attributed to a variety of factors, including an economy recovering slowly from a\nrecession, recently enacted tax cuts, and a decline in capital gains realizations.\n In addition to revenue from its ability to tax, the Government’s other source of revenue comes from providing\ngoods and services to the public for a price. This type of revenue is called “earned” revenue because it results from\nthe exchange of transactions. Examples of earned revenue include the postage and mailing fees paid to the U.S.\nPostal Service and Medicare Part B premiums collected by HHS (these premiums do not comprise the majority of\nMedicare Part B’s funding). This revenue is used to pay for or offset the costs of administering these programs or\nservices and is included in the calculation of net cost on the Statements of Net Cost. In fiscal year 2003, the\nGovernment earned $164.8 billion from this type of revenue. This amount compares to $156.6 billion in fiscal year\n2002, an increase of $8.2 billion or 5.2 percent.", + "md": "# DISCUSSION AND ANALYSIS\n\nBecause the Government traditionally has been viewed from a budget perspective, and because many of the terms used to describe financial events have different meanings when describing budget outcomes, a conscious effort has been made to refer to budget-based amounts by using the term “budget” in order to eliminate any possible confusion. Net operating revenue (cost) is the term used to represent accrual-based operating results and equates to revenue less net cost of Government operations.\n\n|Individual Income Tax|Corporation Income Tax|\n|---|---|\n|(In billions of dollars)|(In billions of dollars)|\n|2000|300|\n| |250|\n|1500|200|\n|1000|150|\n| |100|\n|500|50|\n|0|0|\n|1999|1999|\n|2000|2000|\n|2001|2001|\n|2002|2002|\n|2003|2003|\n\nThe Government’s main source of revenue comes from its ability to demand payments from the public (e.g., taxes, duties, fines, and penalties). As shown in the chart above, the Government’s principal source of revenue is individual income tax. In 2003, this revenue category was $1,481.3 billion, representing 82.5 percent of total revenue. This compares to $1,538.6 billion in 2002, a decrease of $57.3 billion or 3.7 percent from 2002. Since fiscal year 2000, when they were 10.0 percent of total revenue, corporate income taxes have fallen until they are 7.1 percent of total revenue in fiscal year 2003.\n\nIn 2003, total revenue was $1,796.0 billion. This amount compares to $1,877.7 billion in 2002, a decrease of $81.7 billion or a decline of 4.4 percent. Revenue has declined primarily due to a drop in individual income tax and tax withholdings and can be attributed to a variety of factors, including an economy recovering slowly from a recession, recently enacted tax cuts, and a decline in capital gains realizations.\n\nIn addition to revenue from its ability to tax, the Government’s other source of revenue comes from providing goods and services to the public for a price. This type of revenue is called “earned” revenue because it results from the exchange of transactions. Examples of earned revenue include the postage and mailing fees paid to the U.S. Postal Service and Medicare Part B premiums collected by HHS (these premiums do not comprise the majority of Medicare Part B’s funding). This revenue is used to pay for or offset the costs of administering these programs or services and is included in the calculation of net cost on the Statements of Net Cost. In fiscal year 2003, the Government earned $164.8 billion from this type of revenue. This amount compares to $156.6 billion in fiscal year 2002, an increase of $8.2 billion or 5.2 percent.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Because the Government traditionally has been viewed from a budget perspective, and because many of the terms used to describe financial events have different meanings when describing budget outcomes, a conscious effort has been made to refer to budget-based amounts by using the term “budget” in order to eliminate any possible confusion. Net operating revenue (cost) is the term used to represent accrual-based operating results and equates to revenue less net cost of Government operations.", + "md": "Because the Government traditionally has been viewed from a budget perspective, and because many of the terms used to describe financial events have different meanings when describing budget outcomes, a conscious effort has been made to refer to budget-based amounts by using the term “budget” in order to eliminate any possible confusion. Net operating revenue (cost) is the term used to represent accrual-based operating results and equates to revenue less net cost of Government operations.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "Individual Income Tax", + "Corporation Income Tax" + ], + [ + "---", + "---" + ], + [ + "(In billions of dollars)", + "(In billions of dollars)" + ], + [ + "2000", + "300" + ], + [ + "", + "250" + ], + [ + "1500", + "200" + ], + [ + "1000", + "150" + ], + [ + "", + "100" + ], + [ + "500", + "50" + ], + [ + "0", + "0" + ], + [ + "1999", + "1999" + ], + [ + "2000", + "2000" + ], + [ + "2001", + "2001" + ], + [ + "2002", + "2002" + ], + [ + "2003", + "2003" + ] + ], + "md": "Because the Government traditionally has been viewed from a budget perspective, and because many of the terms used to describe financial events have different meanings when describing budget outcomes, a conscious effort has been made to refer to budget-based amounts by using the term “budget” in order to eliminate any possible confusion. Net operating revenue (cost) is the term used to represent accrual-based operating results and equates to revenue less net cost of Government operations.\n|Individual Income Tax|Corporation Income Tax|\n|---|---|\n|(In billions of dollars)|(In billions of dollars)|\n|2000|300|\n| |250|\n|1500|200|\n|1000|150|\n| |100|\n|500|50|\n|0|0|\n|1999|1999|\n|2000|2000|\n|2001|2001|\n|2002|2002|\n|2003|2003|", + "isPerfectTable": false, + "csv": "\n\"Individual Income Tax\",\"Corporation Income Tax\"\n\"---\",\"---\"\n\"(In billions of dollars)\",\"(In billions of dollars)\"\n\"2000\",\"300\"\n\"\",\"250\"\n\"1500\",\"200\"\n\"1000\",\"150\"\n\"\",\"100\"\n\"500\",\"50\"\n\"0\",\"0\"\n\"1999\",\"1999\"\n\"2000\",\"2000\"\n\"2001\",\"2001\"\n\"2002\",\"2002\"\n\"2003\",\"2003\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government’s main source of revenue comes from its ability to demand payments from the public (e.g., taxes, duties, fines, and penalties). As shown in the chart above, the Government’s principal source of revenue is individual income tax. In 2003, this revenue category was $1,481.3 billion, representing 82.5 percent of total revenue. This compares to $1,538.6 billion in 2002, a decrease of $57.3 billion or 3.7 percent from 2002. Since fiscal year 2000, when they were 10.0 percent of total revenue, corporate income taxes have fallen until they are 7.1 percent of total revenue in fiscal year 2003.\n\nIn 2003, total revenue was $1,796.0 billion. This amount compares to $1,877.7 billion in 2002, a decrease of $81.7 billion or a decline of 4.4 percent. Revenue has declined primarily due to a drop in individual income tax and tax withholdings and can be attributed to a variety of factors, including an economy recovering slowly from a recession, recently enacted tax cuts, and a decline in capital gains realizations.\n\nIn addition to revenue from its ability to tax, the Government’s other source of revenue comes from providing goods and services to the public for a price. This type of revenue is called “earned” revenue because it results from the exchange of transactions. Examples of earned revenue include the postage and mailing fees paid to the U.S. Postal Service and Medicare Part B premiums collected by HHS (these premiums do not comprise the majority of Medicare Part B’s funding). This revenue is used to pay for or offset the costs of administering these programs or services and is included in the calculation of net cost on the Statements of Net Cost. In fiscal year 2003, the Government earned $164.8 billion from this type of revenue. This amount compares to $156.6 billion in fiscal year 2002, an increase of $8.2 billion or 5.2 percent.", + "md": "The Government’s main source of revenue comes from its ability to demand payments from the public (e.g., taxes, duties, fines, and penalties). As shown in the chart above, the Government’s principal source of revenue is individual income tax. In 2003, this revenue category was $1,481.3 billion, representing 82.5 percent of total revenue. This compares to $1,538.6 billion in 2002, a decrease of $57.3 billion or 3.7 percent from 2002. Since fiscal year 2000, when they were 10.0 percent of total revenue, corporate income taxes have fallen until they are 7.1 percent of total revenue in fiscal year 2003.\n\nIn 2003, total revenue was $1,796.0 billion. This amount compares to $1,877.7 billion in 2002, a decrease of $81.7 billion or a decline of 4.4 percent. Revenue has declined primarily due to a drop in individual income tax and tax withholdings and can be attributed to a variety of factors, including an economy recovering slowly from a recession, recently enacted tax cuts, and a decline in capital gains realizations.\n\nIn addition to revenue from its ability to tax, the Government’s other source of revenue comes from providing goods and services to the public for a price. This type of revenue is called “earned” revenue because it results from the exchange of transactions. Examples of earned revenue include the postage and mailing fees paid to the U.S. Postal Service and Medicare Part B premiums collected by HHS (these premiums do not comprise the majority of Medicare Part B’s funding). This revenue is used to pay for or offset the costs of administering these programs or services and is included in the calculation of net cost on the Statements of Net Cost. In fiscal year 2003, the Government earned $164.8 billion from this type of revenue. This amount compares to $156.6 billion in fiscal year 2002, an increase of $8.2 billion or 5.2 percent.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 13, + "text": "8 DISCUSSION AND ANALYSIS\n Net Cost Comparison\n (In billions of dollars)\n 2000\n 800 2001\n 2002\n 700 2003\n 600\n 500\n 400\n 300\n 200\n 100\n 0\n Dept. of Social Dept. of Interest on Dept. of All Other\n Defense Security Health & Debt Held Veteran Entities\n Admin. Human by the Affairs\n Svcs. Public\n The above chart compares significant elements of net cost by fiscal year. The largest charge was DOD’s fiscal\nyear 2003 cost increase of $143.4 billion, or 35.3 percent. This increase was primarily incurred due to fighting the\nglobal war on terrorism and an increase in DOD’s military post retirement costs. DOD’s military post retirement\ncosts increased mainly due to an increase in its actuarial liabilities. DOD’s cost in 2003 was also affected by the\nadoption of SFFAS No. 23 which required, for the first time, capitalizing military equipment and recording\ndepreciation expense. The significant decrease in DOD cost from fiscal year 2001 to 2002 is the result of the initial\nnon-recurring effect of the extension of $293.0 billion in medical benefits to retired personnel and another $91.3\nbillion in other actuarial assumption changes in 2001.\n The social insurance costs at the Social Security Administration (SSA) and HHS continued their consistent\nupward trend during fiscal year 2003. From fiscal year 2002 to 2003, the net costs of SSA and HHS increased by 4.0\npercent and 8.5 percent, respectively. The interest on debt held by the public continued to decrease during fiscal year\n2003. Even while the debt principal increased again, the interest on the debt decreased by $18.6 billion, or 10.6\npercent, due to the lower interest rates that continued to prevail in fiscal year 2003. The fiscal year 2003 $42.2\nbillion, or 19.6 percent, decrease in costs for the Department of Veterans Affairs (VA) shows the significant impact\nof changes in the actuarial calculation of the liability for future years’ veterans’ compensation and burial benefits on\nthe Department’s total cost (see further discussion in the Liabilities section of the MD&A).", + "md": "# 8 DISCUSSION AND ANALYSIS\n\n# Net Cost Comparison\n\n|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)| | | | | | | | |\n|---|---|---|---|---|---|---|---|---|\n| |2000| | |2001|2002|2003| | |\n|Dept. of Defense|800|700|600|500| | | | |\n|Social Security|400|300| | |200|100| | |\n|Dept. of Health & Human Services| | | | |0| | | |\n|Interest on Debt Held by the Public| | | | | | | | |\n|Dept. of Veteran Affairs| | | | | | | | |\n|All Other Entities| | | | | | | | |\n\nThe above chart compares significant elements of net cost by fiscal year. The largest charge was DOD’s fiscal year 2003 cost increase of $143.4 billion, or 35.3 percent. This increase was primarily incurred due to fighting the global war on terrorism and an increase in DOD’s military post retirement costs. DOD’s military post retirement costs increased mainly due to an increase in its actuarial liabilities. DOD’s cost in 2003 was also affected by the adoption of SFFAS No. 23 which required, for the first time, capitalizing military equipment and recording depreciation expense. The significant decrease in DOD cost from fiscal year 2001 to 2002 is the result of the initial non-recurring effect of the extension of $293.0 billion in medical benefits to retired personnel and another $91.3 billion in other actuarial assumption changes in 2001.\n\nThe social insurance costs at the Social Security Administration (SSA) and HHS continued their consistent upward trend during fiscal year 2003. From fiscal year 2002 to 2003, the net costs of SSA and HHS increased by 4.0 percent and 8.5 percent, respectively. The interest on debt held by the public continued to decrease during fiscal year 2003. Even while the debt principal increased again, the interest on the debt decreased by $18.6 billion, or 10.6 percent, due to the lower interest rates that continued to prevail in fiscal year 2003. The fiscal year 2003 $42.2 billion, or 19.6 percent, decrease in costs for the Department of Veterans Affairs (VA) shows the significant impact of changes in the actuarial calculation of the liability for future years’ veterans’ compensation and burial benefits on the Department’s total cost (see further discussion in the Liabilities section of the MD&A).", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "8 DISCUSSION AND ANALYSIS", + "md": "# 8 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Cost Comparison", + "md": "# Net Cost Comparison", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "(In billions of dollars)", + "(In billions of dollars)", + "(In billions of dollars)", + "(In billions of dollars)", + "(In billions of dollars)", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "", + "2000", + "", + "", + "2001", + "2002", + "2003", + "", + "" + ], + [ + "Dept. of Defense", + "800", + "700", + "600", + "500", + "", + "", + "", + "" + ], + [ + "Social Security", + "400", + "300", + "", + "", + "200", + "100", + "", + "" + ], + [ + "Dept. of Health & Human Services", + "", + "", + "", + "", + "0", + "", + "", + "" + ], + [ + "Interest on Debt Held by the Public", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "Dept. of Veteran Affairs", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "All Other Entities", + "", + "", + "", + "", + "", + "", + "", + "" + ] + ], + "md": "|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)|(In billions of dollars)| | | | | | | | |\n| |2000| | |2001|2002|2003| | |\n|Dept. of Defense|800|700|600|500| | | | |\n|Social Security|400|300| | |200|100| | |\n|Dept. of Health & Human Services| | | | |0| | | |\n|Interest on Debt Held by the Public| | | | | | | | |\n|Dept. of Veteran Affairs| | | | | | | | |\n|All Other Entities| | | | | | | | |", + "isPerfectTable": false, + "csv": "\"(In billions of dollars)\",\"(In billions of dollars)\",\"(In billions of dollars)\",\"(In billions of dollars)\",\"(In billions of dollars)\",\"(In billions of dollars)\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"\",\"2000\",\"\",\"\",\"2001\",\"2002\",\"2003\",\"\",\"\"\n\"Dept. of Defense\",\"800\",\"700\",\"600\",\"500\",\"\",\"\",\"\",\"\"\n\"Social Security\",\"400\",\"300\",\"\",\"\",\"200\",\"100\",\"\",\"\"\n\"Dept. of Health & Human Services\",\"\",\"\",\"\",\"\",\"0\",\"\",\"\",\"\"\n\"Interest on Debt Held by the Public\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Dept. of Veteran Affairs\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"All Other Entities\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The above chart compares significant elements of net cost by fiscal year. The largest charge was DOD’s fiscal year 2003 cost increase of $143.4 billion, or 35.3 percent. This increase was primarily incurred due to fighting the global war on terrorism and an increase in DOD’s military post retirement costs. DOD’s military post retirement costs increased mainly due to an increase in its actuarial liabilities. DOD’s cost in 2003 was also affected by the adoption of SFFAS No. 23 which required, for the first time, capitalizing military equipment and recording depreciation expense. The significant decrease in DOD cost from fiscal year 2001 to 2002 is the result of the initial non-recurring effect of the extension of $293.0 billion in medical benefits to retired personnel and another $91.3 billion in other actuarial assumption changes in 2001.\n\nThe social insurance costs at the Social Security Administration (SSA) and HHS continued their consistent upward trend during fiscal year 2003. From fiscal year 2002 to 2003, the net costs of SSA and HHS increased by 4.0 percent and 8.5 percent, respectively. The interest on debt held by the public continued to decrease during fiscal year 2003. Even while the debt principal increased again, the interest on the debt decreased by $18.6 billion, or 10.6 percent, due to the lower interest rates that continued to prevail in fiscal year 2003. The fiscal year 2003 $42.2 billion, or 19.6 percent, decrease in costs for the Department of Veterans Affairs (VA) shows the significant impact of changes in the actuarial calculation of the liability for future years’ veterans’ compensation and burial benefits on the Department’s total cost (see further discussion in the Liabilities section of the MD&A).", + "md": "The above chart compares significant elements of net cost by fiscal year. The largest charge was DOD’s fiscal year 2003 cost increase of $143.4 billion, or 35.3 percent. This increase was primarily incurred due to fighting the global war on terrorism and an increase in DOD’s military post retirement costs. DOD’s military post retirement costs increased mainly due to an increase in its actuarial liabilities. DOD’s cost in 2003 was also affected by the adoption of SFFAS No. 23 which required, for the first time, capitalizing military equipment and recording depreciation expense. The significant decrease in DOD cost from fiscal year 2001 to 2002 is the result of the initial non-recurring effect of the extension of $293.0 billion in medical benefits to retired personnel and another $91.3 billion in other actuarial assumption changes in 2001.\n\nThe social insurance costs at the Social Security Administration (SSA) and HHS continued their consistent upward trend during fiscal year 2003. From fiscal year 2002 to 2003, the net costs of SSA and HHS increased by 4.0 percent and 8.5 percent, respectively. The interest on debt held by the public continued to decrease during fiscal year 2003. Even while the debt principal increased again, the interest on the debt decreased by $18.6 billion, or 10.6 percent, due to the lower interest rates that continued to prevail in fiscal year 2003. The fiscal year 2003 $42.2 billion, or 19.6 percent, decrease in costs for the Department of Veterans Affairs (VA) shows the significant impact of changes in the actuarial calculation of the liability for future years’ veterans’ compensation and burial benefits on the Department’s total cost (see further discussion in the Liabilities section of the MD&A).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 14, + "text": " DISCUSSION AND ANALYSIS 9\n Net Cost Net Operating Revenue (Cost)\n (In trillions of dollars) (In billions of dollars)\n 3.0 250.0\n 2.5 As Reported - As Reported\n 2.0\n 1.5 Excluding the (250.0) Excluding the\n 1.0 change in actuarial change in actuarial\n 0.5 liabilities (500.0) liabilities\n - 1999 2000 2001 2002 2003 (750.0) 1999 2000 2001 2002 2003\n The charts above show that over the past 5 fiscal years, significant costs associated with certain employee\nbenefit liabilities have had a major impact on the Government’s cost of operations. These incremental costs are the\nresult of changes in interest rates and other actuarial assumptions. Also shown is that, absent these adjustments, all\nother costs are steadily trending upward and the net operating revenue (cost) has fluctuated from break-even in fiscal\nyear 1999 to a net operating cost of $468.4 billion in fiscal year 2003. Actuarial liabilities include Federal employee\nand veteran benefits payable and are discussed in Note 11 of the Notes to the Financial Statements section.\nIraq Operations\nIraq Relief & Reconstruction\n In March 2003, an international coalition led by the United States liberated Iraq and is overseeing a\ntransformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals:\nestablishing a secure environment, restoring essential services, promoting economic growth, and developing good\ngovernance through a legitimate constitutional government. Total funds of $9.5 billion were available in 2003 for\nIraq relief and reconstruction efforts overseen by the Coalition Provisional Authority. This includes both\nappropriated and nonappropriated funds (seized and vested assets and the Development Fund for Iraq). Of this\namount, approximately $7.6 billion was allocated or committed.\n Appropriated Resources—In 2003, $4.5 billion in congressionally appropriated resources were used for Iraq\nrelief, renewal, and reconstruction. Of this amount, about $3.9 billion was obligated in fiscal year 2003; this includes\n$1.1 billion in funds obligated by DOD for oil infrastructure and Coalition Provisional Authority administrative\nexpenses.\nOperation Iraqi Freedom\n In the Emergency Wartime Supplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated\nAppropriations Resolution, 2003 (Public Law 108-7), Congress appropriated funds to DOD for Operation Iraqi\nFreedom. DOD obligated $42 billion for incremental costs in support of Operation Iraqi Freedom: $10 billion was\nspent for personnel pay and personnel support costs; and $6 billion was spent to transport personnel, equipment, and\nmaterials. The remaining $26 billion was spent for military operations, including the incremental costs for feeding\nand housing the troops, fuel for combat vehicles, logistics support, other military necessities, and Coalition\nProvisional Authority operating expenses.", + "md": "# DISCUSSION AND ANALYSIS\n\n# Net Cost\n\n# Net Operating Revenue (Cost)\n\n|(In trillions of dollars)|(In billions of dollars)|\n|---|---|\n|3.0|250.0|\n|2.5|As Reported|\n|2.0| |\n|1.5|Excluding the|\n|1.0|(250.0)|\n|0.5|Excluding the|\n|0.0|(500.0)|\n| |(750.0)|\n| |1999 2000 2001 2002 2003|\n\nThe charts above show that over the past 5 fiscal years, significant costs associated with certain employee benefit liabilities have had a major impact on the Government’s cost of operations. These incremental costs are the result of changes in interest rates and other actuarial assumptions. Also shown is that, absent these adjustments, all other costs are steadily trending upward and the net operating revenue (cost) has fluctuated from break-even in fiscal year 1999 to a net operating cost of $468.4 billion in fiscal year 2003. Actuarial liabilities include Federal employee and veteran benefits payable and are discussed in Note 11 of the Notes to the Financial Statements section.\n\n# Iraq Operations\n\n# Iraq Relief & Reconstruction\n\nIn March 2003, an international coalition led by the United States liberated Iraq and is overseeing a transformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals: establishing a secure environment, restoring essential services, promoting economic growth, and developing good governance through a legitimate constitutional government. Total funds of $9.5 billion were available in 2003 for Iraq relief and reconstruction efforts overseen by the Coalition Provisional Authority. This includes both appropriated and nonappropriated funds (seized and vested assets and the Development Fund for Iraq). Of this amount, approximately $7.6 billion was allocated or committed.\n\nAppropriated Resources—In 2003, $4.5 billion in congressionally appropriated resources were used for Iraq relief, renewal, and reconstruction. Of this amount, about $3.9 billion was obligated in fiscal year 2003; this includes $1.1 billion in funds obligated by DOD for oil infrastructure and Coalition Provisional Authority administrative expenses.\n\n# Operation Iraqi Freedom\n\nIn the Emergency Wartime Supplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated Appropriations Resolution, 2003 (Public Law 108-7), Congress appropriated funds to DOD for Operation Iraqi Freedom. DOD obligated $42 billion for incremental costs in support of Operation Iraqi Freedom: $10 billion was spent for personnel pay and personnel support costs; and $6 billion was spent to transport personnel, equipment, and materials. The remaining $26 billion was spent for military operations, including the incremental costs for feeding and housing the troops, fuel for combat vehicles, logistics support, other military necessities, and Coalition Provisional Authority operating expenses.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Cost", + "md": "# Net Cost", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Operating Revenue (Cost)", + "md": "# Net Operating Revenue (Cost)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In trillions of dollars)", + "(In billions of dollars)" + ], + [ + "3.0", + "250.0" + ], + [ + "2.5", + "As Reported" + ], + [ + "2.0", + "" + ], + [ + "1.5", + "Excluding the" + ], + [ + "1.0", + "(250.0)" + ], + [ + "0.5", + "Excluding the" + ], + [ + "0.0", + "(500.0)" + ], + [ + "", + "(750.0)" + ], + [ + "", + "1999 2000 2001 2002 2003" + ] + ], + "md": "|(In trillions of dollars)|(In billions of dollars)|\n|3.0|250.0|\n|2.5|As Reported|\n|2.0| |\n|1.5|Excluding the|\n|1.0|(250.0)|\n|0.5|Excluding the|\n|0.0|(500.0)|\n| |(750.0)|\n| |1999 2000 2001 2002 2003|", + "isPerfectTable": true, + "csv": "\"(In trillions of dollars)\",\"(In billions of dollars)\"\n\"3.0\",\"250.0\"\n\"2.5\",\"As Reported\"\n\"2.0\",\"\"\n\"1.5\",\"Excluding the\"\n\"1.0\",\"(250.0)\"\n\"0.5\",\"Excluding the\"\n\"0.0\",\"(500.0)\"\n\"\",\"(750.0)\"\n\"\",\"1999 2000 2001 2002 2003\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The charts above show that over the past 5 fiscal years, significant costs associated with certain employee benefit liabilities have had a major impact on the Government’s cost of operations. These incremental costs are the result of changes in interest rates and other actuarial assumptions. Also shown is that, absent these adjustments, all other costs are steadily trending upward and the net operating revenue (cost) has fluctuated from break-even in fiscal year 1999 to a net operating cost of $468.4 billion in fiscal year 2003. Actuarial liabilities include Federal employee and veteran benefits payable and are discussed in Note 11 of the Notes to the Financial Statements section.", + "md": "The charts above show that over the past 5 fiscal years, significant costs associated with certain employee benefit liabilities have had a major impact on the Government’s cost of operations. These incremental costs are the result of changes in interest rates and other actuarial assumptions. Also shown is that, absent these adjustments, all other costs are steadily trending upward and the net operating revenue (cost) has fluctuated from break-even in fiscal year 1999 to a net operating cost of $468.4 billion in fiscal year 2003. Actuarial liabilities include Federal employee and veteran benefits payable and are discussed in Note 11 of the Notes to the Financial Statements section.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Iraq Operations", + "md": "# Iraq Operations", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Iraq Relief & Reconstruction", + "md": "# Iraq Relief & Reconstruction", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In March 2003, an international coalition led by the United States liberated Iraq and is overseeing a transformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals: establishing a secure environment, restoring essential services, promoting economic growth, and developing good governance through a legitimate constitutional government. Total funds of $9.5 billion were available in 2003 for Iraq relief and reconstruction efforts overseen by the Coalition Provisional Authority. This includes both appropriated and nonappropriated funds (seized and vested assets and the Development Fund for Iraq). Of this amount, approximately $7.6 billion was allocated or committed.\n\nAppropriated Resources—In 2003, $4.5 billion in congressionally appropriated resources were used for Iraq relief, renewal, and reconstruction. Of this amount, about $3.9 billion was obligated in fiscal year 2003; this includes $1.1 billion in funds obligated by DOD for oil infrastructure and Coalition Provisional Authority administrative expenses.", + "md": "In March 2003, an international coalition led by the United States liberated Iraq and is overseeing a transformation. The vision for a sovereign, stable, prosperous, and democratic Iraq centered on four goals: establishing a secure environment, restoring essential services, promoting economic growth, and developing good governance through a legitimate constitutional government. Total funds of $9.5 billion were available in 2003 for Iraq relief and reconstruction efforts overseen by the Coalition Provisional Authority. This includes both appropriated and nonappropriated funds (seized and vested assets and the Development Fund for Iraq). Of this amount, approximately $7.6 billion was allocated or committed.\n\nAppropriated Resources—In 2003, $4.5 billion in congressionally appropriated resources were used for Iraq relief, renewal, and reconstruction. Of this amount, about $3.9 billion was obligated in fiscal year 2003; this includes $1.1 billion in funds obligated by DOD for oil infrastructure and Coalition Provisional Authority administrative expenses.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Operation Iraqi Freedom", + "md": "# Operation Iraqi Freedom", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In the Emergency Wartime Supplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated Appropriations Resolution, 2003 (Public Law 108-7), Congress appropriated funds to DOD for Operation Iraqi Freedom. DOD obligated $42 billion for incremental costs in support of Operation Iraqi Freedom: $10 billion was spent for personnel pay and personnel support costs; and $6 billion was spent to transport personnel, equipment, and materials. The remaining $26 billion was spent for military operations, including the incremental costs for feeding and housing the troops, fuel for combat vehicles, logistics support, other military necessities, and Coalition Provisional Authority operating expenses.", + "md": "In the Emergency Wartime Supplemental Appropriations Act, 2003 (Public Law 108-11) the Consolidated Appropriations Resolution, 2003 (Public Law 108-7), Congress appropriated funds to DOD for Operation Iraqi Freedom. DOD obligated $42 billion for incremental costs in support of Operation Iraqi Freedom: $10 billion was spent for personnel pay and personnel support costs; and $6 billion was spent to transport personnel, equipment, and materials. The remaining $26 billion was spent for military operations, including the incremental costs for feeding and housing the troops, fuel for combat vehicles, logistics support, other military necessities, and Coalition Provisional Authority operating expenses.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 15, + "text": "10 DISCUSSION AND ANALYSIS\nAsset and Liability Summary\nAssets\n The assets of the U.S. Government are the tangible resources available to pay liabilities or to satisfy future\nservice needs. The accompanying chart depicts a 5-year comparison of the major categories of reported assets as of\nSeptember 30, for fiscal years 1999 through 2003.\n Assets - Key Items Comparison\n (In billions of dollars)\n 700\n 600\n 500\n 400\n 300\n 200\n 100\n 0 Cash and Loans Inventories Property, Plant All Other\n Other Receivable, and Related and Assets\n Monetary Net Property, Net Equipment,\n 1999 115.2 183.7 173.3 298.8 112.0\n 2000 104.9 207.6 185.2 298.5 115.3\n 2001 108.0 208.9 183.8 306.7 118.7\n 2002 141.6 219.2 192.2 324.7 118.8\n 2003 119.6 221.1 241.2 658.2 153.8\n Looking at the chart above, fiscal year 2003 property, plant, and equipment exceeded all other asset category\nincreases. This increase mainly was due to a change in the way that DOD reports its military equipment.\n In May 2003, the FASAB issued SFFAS No. 23 which became effective for accounting periods beginning after\nSeptember 30, 2002. SFFAS No. 23 establishes generally accepted accounting principles (GAAP) for valuing and\nreporting military equipment in Federal financial statements. That is, it requires the capitalization and depreciation\nof the cost of military equipment, including the cost of modifications and upgrades. Previously, military equipment\nwas expensed when acquired and reported as national defense property, plant, and equipment in the Stewardship\nInformation section of this report.\n In fiscal year 2003, the DOD equipment component increased by $324.6 billion. Most of this increase was due\nto the inclusion of $325.1 billion in military equipment on DOD’s balance sheet. The $325.1 billion net book value\nis the result of an estimated total acquisition cost of military equipment of $1,123.5 billion with accumulated\ndepreciation of $798.4 billion. This change also resulted in a change in accounting principle ($383.1 billion)\nreported on the Statements of Operations and Changes in Net Position and Note 17 of this report.\n DOD has determined that it is not yet possible to accumulate the information necessary to value its military\nequipment for financial statement presentation using its own financial systems. Instead, DOD based the value of its\nmilitary equipment on data provided by the Bureau of Economic Analysis, Department of Commerce. DOD is\nworking to revise its accounting processes and systems to provide this information in the future. (See DOD’s\nindividual financial statements for further details).", + "md": "# 10 DISCUSSION AND ANALYSIS\n\n# Asset and Liability Summary\n\n# Assets\n\nThe assets of the U.S. Government are the tangible resources available to pay liabilities or to satisfy future service needs. The accompanying chart depicts a 5-year comparison of the major categories of reported assets as of September 30, for fiscal years 1999 through 2003.\n\n# Assets - Key Items Comparison\n\n| |Cash and Other Monetary|Loans Receivable, Net|Inventories and Related Property, Net|Property, Plant and Equipment|All Other Assets|\n|---|---|---|---|---|---|\n|1999|115.2|183.7|173.3|298.8|112.0|\n|2000|104.9|207.6|185.2|298.5|115.3|\n|2001|108.0|208.9|183.8|306.7|118.7|\n|2002|141.6|219.2|192.2|324.7|118.8|\n|2003|119.6|221.1|241.2|658.2|153.8|\n\nLooking at the chart above, fiscal year 2003 property, plant, and equipment exceeded all other asset category increases. This increase mainly was due to a change in the way that DOD reports its military equipment.\n\nIn May 2003, the FASAB issued SFFAS No. 23 which became effective for accounting periods beginning after September 30, 2002. SFFAS No. 23 establishes generally accepted accounting principles (GAAP) for valuing and reporting military equipment in Federal financial statements. That is, it requires the capitalization and depreciation of the cost of military equipment, including the cost of modifications and upgrades. Previously, military equipment was expensed when acquired and reported as national defense property, plant, and equipment in the Stewardship Information section of this report.\n\nIn fiscal year 2003, the DOD equipment component increased by $324.6 billion. Most of this increase was due to the inclusion of $325.1 billion in military equipment on DOD’s balance sheet. The $325.1 billion net book value is the result of an estimated total acquisition cost of military equipment of $1,123.5 billion with accumulated depreciation of $798.4 billion. This change also resulted in a change in accounting principle ($383.1 billion) reported on the Statements of Operations and Changes in Net Position and Note 17 of this report.\n\nDOD has determined that it is not yet possible to accumulate the information necessary to value its military equipment for financial statement presentation using its own financial systems. Instead, DOD based the value of its military equipment on data provided by the Bureau of Economic Analysis, Department of Commerce. DOD is working to revise its accounting processes and systems to provide this information in the future. (See DOD’s individual financial statements for further details).", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "10 DISCUSSION AND ANALYSIS", + "md": "# 10 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Asset and Liability Summary", + "md": "# Asset and Liability Summary", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Assets", + "md": "# Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The assets of the U.S. Government are the tangible resources available to pay liabilities or to satisfy future service needs. The accompanying chart depicts a 5-year comparison of the major categories of reported assets as of September 30, for fiscal years 1999 through 2003.", + "md": "The assets of the U.S. Government are the tangible resources available to pay liabilities or to satisfy future service needs. The accompanying chart depicts a 5-year comparison of the major categories of reported assets as of September 30, for fiscal years 1999 through 2003.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Assets - Key Items Comparison", + "md": "# Assets - Key Items Comparison", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "Cash and Other Monetary", + "Loans Receivable, Net", + "Inventories and Related Property, Net", + "Property, Plant and Equipment", + "All Other Assets" + ], + [ + "1999", + "115.2", + "183.7", + "173.3", + "298.8", + "112.0" + ], + [ + "2000", + "104.9", + "207.6", + "185.2", + "298.5", + "115.3" + ], + [ + "2001", + "108.0", + "208.9", + "183.8", + "306.7", + "118.7" + ], + [ + "2002", + "141.6", + "219.2", + "192.2", + "324.7", + "118.8" + ], + [ + "2003", + "119.6", + "221.1", + "241.2", + "658.2", + "153.8" + ] + ], + "md": "| |Cash and Other Monetary|Loans Receivable, Net|Inventories and Related Property, Net|Property, Plant and Equipment|All Other Assets|\n|1999|115.2|183.7|173.3|298.8|112.0|\n|2000|104.9|207.6|185.2|298.5|115.3|\n|2001|108.0|208.9|183.8|306.7|118.7|\n|2002|141.6|219.2|192.2|324.7|118.8|\n|2003|119.6|221.1|241.2|658.2|153.8|", + "isPerfectTable": true, + "csv": "\"\",\"Cash and Other Monetary\",\"Loans Receivable, Net\",\"Inventories and Related Property, Net\",\"Property, Plant and Equipment\",\"All Other Assets\"\n\"1999\",\"115.2\",\"183.7\",\"173.3\",\"298.8\",\"112.0\"\n\"2000\",\"104.9\",\"207.6\",\"185.2\",\"298.5\",\"115.3\"\n\"2001\",\"108.0\",\"208.9\",\"183.8\",\"306.7\",\"118.7\"\n\"2002\",\"141.6\",\"219.2\",\"192.2\",\"324.7\",\"118.8\"\n\"2003\",\"119.6\",\"221.1\",\"241.2\",\"658.2\",\"153.8\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Looking at the chart above, fiscal year 2003 property, plant, and equipment exceeded all other asset category increases. This increase mainly was due to a change in the way that DOD reports its military equipment.\n\nIn May 2003, the FASAB issued SFFAS No. 23 which became effective for accounting periods beginning after September 30, 2002. SFFAS No. 23 establishes generally accepted accounting principles (GAAP) for valuing and reporting military equipment in Federal financial statements. That is, it requires the capitalization and depreciation of the cost of military equipment, including the cost of modifications and upgrades. Previously, military equipment was expensed when acquired and reported as national defense property, plant, and equipment in the Stewardship Information section of this report.\n\nIn fiscal year 2003, the DOD equipment component increased by $324.6 billion. Most of this increase was due to the inclusion of $325.1 billion in military equipment on DOD’s balance sheet. The $325.1 billion net book value is the result of an estimated total acquisition cost of military equipment of $1,123.5 billion with accumulated depreciation of $798.4 billion. This change also resulted in a change in accounting principle ($383.1 billion) reported on the Statements of Operations and Changes in Net Position and Note 17 of this report.\n\nDOD has determined that it is not yet possible to accumulate the information necessary to value its military equipment for financial statement presentation using its own financial systems. Instead, DOD based the value of its military equipment on data provided by the Bureau of Economic Analysis, Department of Commerce. DOD is working to revise its accounting processes and systems to provide this information in the future. (See DOD’s individual financial statements for further details).", + "md": "Looking at the chart above, fiscal year 2003 property, plant, and equipment exceeded all other asset category increases. This increase mainly was due to a change in the way that DOD reports its military equipment.\n\nIn May 2003, the FASAB issued SFFAS No. 23 which became effective for accounting periods beginning after September 30, 2002. SFFAS No. 23 establishes generally accepted accounting principles (GAAP) for valuing and reporting military equipment in Federal financial statements. That is, it requires the capitalization and depreciation of the cost of military equipment, including the cost of modifications and upgrades. Previously, military equipment was expensed when acquired and reported as national defense property, plant, and equipment in the Stewardship Information section of this report.\n\nIn fiscal year 2003, the DOD equipment component increased by $324.6 billion. Most of this increase was due to the inclusion of $325.1 billion in military equipment on DOD’s balance sheet. The $325.1 billion net book value is the result of an estimated total acquisition cost of military equipment of $1,123.5 billion with accumulated depreciation of $798.4 billion. This change also resulted in a change in accounting principle ($383.1 billion) reported on the Statements of Operations and Changes in Net Position and Note 17 of this report.\n\nDOD has determined that it is not yet possible to accumulate the information necessary to value its military equipment for financial statement presentation using its own financial systems. Instead, DOD based the value of its military equipment on data provided by the Bureau of Economic Analysis, Department of Commerce. DOD is working to revise its accounting processes and systems to provide this information in the future. (See DOD’s individual financial statements for further details).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 16, + "text": " DISCUSSION AND ANALYSIS 11\nLiabilities\n This chart presents a 5-year comparison of the major components of liabilities reported on the balance sheets as\nof September 30, for fiscal years 1999 through 2003. At the end of fiscal year 2003, the U.S. Government reported\nliabilities of $8,498.6 billion, as compared to $7,816.7 billion for September 30, 2002, an 8.7 percent increase.\n Liabilities - Key Items Comparison\n (In billions of dollars)\n 4,000\n 3,500\n 3,000\n 2,500\n 2,000\n 1,500\n 1,000\n 500\n 0 Federal Employee and Federal Debt Environmental and\n Veteran Benefits Securities Held by the Disposal Liabilities All Other Liabilities\n Payable Public and Accrued\n 1999 2,600.7 3,674.2 313.2 321.1\n 2000 2,764.7 3,454.2 301.2 336.8\n 2001 3,360.8 3,359.3 306.8 358.0\n 2002 3,589.4 3,573.2 273.0 381.1\n 2003 3,880.0 3,944.9 249.9 423.8\n In fiscal year 2003, Federal debt securities held by the public and accrued interest increased 10.4 percent so it\nis, once again, the largest liability on the balance sheet at $3,944.9 billon. This is a $371.7 billion increase over the\nbalance at the end of fiscal year 2002. Both fiscal years’ 2003 and 2002 increase in debt held by the public primarily\nis due to total Federal spending exceeding total Federal revenues.\n The next largest liability, $3,880.0 billion, is Federal employee and veteran benefits payable (which was the\nlargest for fiscal year 2002), which consists of pension, disability, and retiree health care costs for Federal civilian\nand military employees, as well as for veterans. This liability also increased in fiscal year 2003 by $290.6 billion or\n8.1 percent. The largest component of this liability is for civilian and military pensions which, with a combined\nbalance of $1,929.4 billion, increased 3.7 percent in fiscal year 2003. The next largest piece of this liability, $954.8\nbillion for veterans’ compensation and burial benefits, increased $105.6 billion or 12.4 percent, due to a large\nincrease in the average size and number of veteran compensation beneficiaries resulting from Agent Orange cases\nand an increase in the assumed average benefit payment. The civilian and military retiree health benefits component,\n$927.4 billion, has more than doubled since fiscal year 2000. The military retiree health component has increased\nthreefold since fiscal year 2000, primarily due to a law passed in 2001 that extended new health benefits to military\nretirees effective in 2002. See Note 11 in the Notes to the Financial Statements section for a more detailed\nexplanation of this liability.\n Another liability is related to environmental cleanup costs associated with environmental damage and\ncontamination. As of September 30, 2003, the recognized cost of cleaning up environmental damage and\ncontamination across Government programs was estimated to be $249.9 billion, a decrease of $23.1 billion or 8.5\npercent from September 30, 2002. The most significant component of this reduction relates to the Department of\nEnergy (Energy). Energy has reduced its environmental liability by $26.3 billion or 12.5 percent in fiscal year 2003;\nthis is the second year in a row that Energy’s environmental liability decreased. The decrease in 2003 primarily was\ndue to restructuring the cleanup program to focus on its core mission and accelerating cleanup.", + "md": "# DISCUSSION AND ANALYSIS\n\n# Liabilities\n\nThis chart presents a 5-year comparison of the major components of liabilities reported on the balance sheets as of September 30, for fiscal years 1999 through 2003. At the end of fiscal year 2003, the U.S. Government reported liabilities of $8,498.6 billion, as compared to $7,816.7 billion for September 30, 2002, an 8.7 percent increase.\n\n# Liabilities - Key Items Comparison\n\n| |In billions of dollars| | | | | |\n|---|---|---|---|---|---|---|\n|1999|2000|2001|2002|2003| | |\n|Federal Employee and Veteran Benefits Payable|2,600.7|2,764.7|3,360.8|3,589.4|3,880.0| |\n|Federal Debt Securities Held by the Public|3,674.2|3,454.2|3,359.3|3,573.2|3,944.9| |\n|Environmental and Disposal Liabilities|313.2|301.2|306.8|273.0|249.9| |\n| |All Other Liabilities|321.1|336.8|358.0|381.1|423.8|\n\nIn fiscal year 2003, Federal debt securities held by the public and accrued interest increased 10.4 percent so it is, once again, the largest liability on the balance sheet at $3,944.9 billion. This is a $371.7 billion increase over the balance at the end of fiscal year 2002. Both fiscal years’ 2003 and 2002 increase in debt held by the public primarily is due to total Federal spending exceeding total Federal revenues.\n\nThe next largest liability, $3,880.0 billion, is Federal employee and veteran benefits payable (which was the largest for fiscal year 2002), which consists of pension, disability, and retiree health care costs for Federal civilian and military employees, as well as for veterans. This liability also increased in fiscal year 2003 by $290.6 billion or 8.1 percent. The largest component of this liability is for civilian and military pensions which, with a combined balance of $1,929.4 billion, increased 3.7 percent in fiscal year 2003. The next largest piece of this liability, $954.8 billion for veterans’ compensation and burial benefits, increased $105.6 billion or 12.4 percent, due to a large increase in the average size and number of veteran compensation beneficiaries resulting from Agent Orange cases and an increase in the assumed average benefit payment. The civilian and military retiree health benefits component, $927.4 billion, has more than doubled since fiscal year 2000. The military retiree health component has increased threefold since fiscal year 2000, primarily due to a law passed in 2001 that extended new health benefits to military retirees effective in 2002. See Note 11 in the Notes to the Financial Statements section for a more detailed explanation of this liability.\n\nAnother liability is related to environmental cleanup costs associated with environmental damage and contamination. As of September 30, 2003, the recognized cost of cleaning up environmental damage and contamination across Government programs was estimated to be $249.9 billion, a decrease of $23.1 billion or 8.5 percent from September 30, 2002. The most significant component of this reduction relates to the Department of Energy (Energy). Energy has reduced its environmental liability by $26.3 billion or 12.5 percent in fiscal year 2003; this is the second year in a row that Energy’s environmental liability decreased. The decrease in 2003 primarily was due to restructuring the cleanup program to focus on its core mission and accelerating cleanup.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Liabilities", + "md": "# Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This chart presents a 5-year comparison of the major components of liabilities reported on the balance sheets as of September 30, for fiscal years 1999 through 2003. At the end of fiscal year 2003, the U.S. Government reported liabilities of $8,498.6 billion, as compared to $7,816.7 billion for September 30, 2002, an 8.7 percent increase.", + "md": "This chart presents a 5-year comparison of the major components of liabilities reported on the balance sheets as of September 30, for fiscal years 1999 through 2003. At the end of fiscal year 2003, the U.S. Government reported liabilities of $8,498.6 billion, as compared to $7,816.7 billion for September 30, 2002, an 8.7 percent increase.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Liabilities - Key Items Comparison", + "md": "# Liabilities - Key Items Comparison", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "In billions of dollars", + "", + "", + "", + "", + "" + ], + [ + "1999", + "2000", + "2001", + "2002", + "2003", + "", + "" + ], + [ + "Federal Employee and Veteran Benefits Payable", + "2,600.7", + "2,764.7", + "3,360.8", + "3,589.4", + "3,880.0", + "" + ], + [ + "Federal Debt Securities Held by the Public", + "3,674.2", + "3,454.2", + "3,359.3", + "3,573.2", + "3,944.9", + "" + ], + [ + "Environmental and Disposal Liabilities", + "313.2", + "301.2", + "306.8", + "273.0", + "249.9", + "" + ], + [ + "", + "All Other Liabilities", + "321.1", + "336.8", + "358.0", + "381.1", + "423.8" + ] + ], + "md": "| |In billions of dollars| | | | | |\n|1999|2000|2001|2002|2003| | |\n|Federal Employee and Veteran Benefits Payable|2,600.7|2,764.7|3,360.8|3,589.4|3,880.0| |\n|Federal Debt Securities Held by the Public|3,674.2|3,454.2|3,359.3|3,573.2|3,944.9| |\n|Environmental and Disposal Liabilities|313.2|301.2|306.8|273.0|249.9| |\n| |All Other Liabilities|321.1|336.8|358.0|381.1|423.8|", + "isPerfectTable": true, + "csv": "\"\",\"In billions of dollars\",\"\",\"\",\"\",\"\",\"\"\n\"1999\",\"2000\",\"2001\",\"2002\",\"2003\",\"\",\"\"\n\"Federal Employee and Veteran Benefits Payable\",\"2,600.7\",\"2,764.7\",\"3,360.8\",\"3,589.4\",\"3,880.0\",\"\"\n\"Federal Debt Securities Held by the Public\",\"3,674.2\",\"3,454.2\",\"3,359.3\",\"3,573.2\",\"3,944.9\",\"\"\n\"Environmental and Disposal Liabilities\",\"313.2\",\"301.2\",\"306.8\",\"273.0\",\"249.9\",\"\"\n\"\",\"All Other Liabilities\",\"321.1\",\"336.8\",\"358.0\",\"381.1\",\"423.8\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In fiscal year 2003, Federal debt securities held by the public and accrued interest increased 10.4 percent so it is, once again, the largest liability on the balance sheet at $3,944.9 billion. This is a $371.7 billion increase over the balance at the end of fiscal year 2002. Both fiscal years’ 2003 and 2002 increase in debt held by the public primarily is due to total Federal spending exceeding total Federal revenues.\n\nThe next largest liability, $3,880.0 billion, is Federal employee and veteran benefits payable (which was the largest for fiscal year 2002), which consists of pension, disability, and retiree health care costs for Federal civilian and military employees, as well as for veterans. This liability also increased in fiscal year 2003 by $290.6 billion or 8.1 percent. The largest component of this liability is for civilian and military pensions which, with a combined balance of $1,929.4 billion, increased 3.7 percent in fiscal year 2003. The next largest piece of this liability, $954.8 billion for veterans’ compensation and burial benefits, increased $105.6 billion or 12.4 percent, due to a large increase in the average size and number of veteran compensation beneficiaries resulting from Agent Orange cases and an increase in the assumed average benefit payment. The civilian and military retiree health benefits component, $927.4 billion, has more than doubled since fiscal year 2000. The military retiree health component has increased threefold since fiscal year 2000, primarily due to a law passed in 2001 that extended new health benefits to military retirees effective in 2002. See Note 11 in the Notes to the Financial Statements section for a more detailed explanation of this liability.\n\nAnother liability is related to environmental cleanup costs associated with environmental damage and contamination. As of September 30, 2003, the recognized cost of cleaning up environmental damage and contamination across Government programs was estimated to be $249.9 billion, a decrease of $23.1 billion or 8.5 percent from September 30, 2002. The most significant component of this reduction relates to the Department of Energy (Energy). Energy has reduced its environmental liability by $26.3 billion or 12.5 percent in fiscal year 2003; this is the second year in a row that Energy’s environmental liability decreased. The decrease in 2003 primarily was due to restructuring the cleanup program to focus on its core mission and accelerating cleanup.", + "md": "In fiscal year 2003, Federal debt securities held by the public and accrued interest increased 10.4 percent so it is, once again, the largest liability on the balance sheet at $3,944.9 billion. This is a $371.7 billion increase over the balance at the end of fiscal year 2002. Both fiscal years’ 2003 and 2002 increase in debt held by the public primarily is due to total Federal spending exceeding total Federal revenues.\n\nThe next largest liability, $3,880.0 billion, is Federal employee and veteran benefits payable (which was the largest for fiscal year 2002), which consists of pension, disability, and retiree health care costs for Federal civilian and military employees, as well as for veterans. This liability also increased in fiscal year 2003 by $290.6 billion or 8.1 percent. The largest component of this liability is for civilian and military pensions which, with a combined balance of $1,929.4 billion, increased 3.7 percent in fiscal year 2003. The next largest piece of this liability, $954.8 billion for veterans’ compensation and burial benefits, increased $105.6 billion or 12.4 percent, due to a large increase in the average size and number of veteran compensation beneficiaries resulting from Agent Orange cases and an increase in the assumed average benefit payment. The civilian and military retiree health benefits component, $927.4 billion, has more than doubled since fiscal year 2000. The military retiree health component has increased threefold since fiscal year 2000, primarily due to a law passed in 2001 that extended new health benefits to military retirees effective in 2002. See Note 11 in the Notes to the Financial Statements section for a more detailed explanation of this liability.\n\nAnother liability is related to environmental cleanup costs associated with environmental damage and contamination. As of September 30, 2003, the recognized cost of cleaning up environmental damage and contamination across Government programs was estimated to be $249.9 billion, a decrease of $23.1 billion or 8.5 percent from September 30, 2002. The most significant component of this reduction relates to the Department of Energy (Energy). Energy has reduced its environmental liability by $26.3 billion or 12.5 percent in fiscal year 2003; this is the second year in a row that Energy’s environmental liability decreased. The decrease in 2003 primarily was due to restructuring the cleanup program to focus on its core mission and accelerating cleanup.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 17, + "text": "12 DISCUSSION AND ANALYSIS\nAdditional Responsibilities\n Historically, the Government’s financial situation has been evaluated primarily from a cash-based budgeting\nperspective that measures the flow of funds in and out of Government accounts. As a first step in examining our\nfinancial position, we are presenting a condensed perspective based on forward-looking accrual principles. This\nperspective is meant to complement the cash-based budget estimates of future spending and receipts.\n In addition to accrual-based results, the overall perspective depicted below includes many responsibilities\ndisclosed throughout this report but not captured by accrual-based operating results or liability balances. An attempt\nis made here to go beyond the balance sheet to also examine the impact of these other responsibilities.\nOverall Perspective\n The schedule below reveals a more complete picture of the Government’s financial responsibilities—its\nliabilities and responsibilities on the balance sheet as well as its responsibilities that are tracked off the balance\nsheet.\n Overall Perspective 2003 2002\n (In billions of dollars) Balance Additional Combined Balance Additional Combined\n Sheet Responsibilities Amounts Sheet Responsibilities Amounts\n ASSETS\n Inventory, cash $ 361 $ - $ 361 $ 334 $ - $ 334\n Property, plant & equipment 658 - 658 325 1 616 941\n Loans receivable 221 - 221 219 - 219\n Other 154 - 154 119 - 119\n Total Assets $ 1,394 $ - $ 1,394 $ 997 $ 616 $ 1,613\n LIABILITIES & NET RESPONSIBILITIES\n Social Insurance\n Medicare (Parts A & B) - (15,006) (15,006) - (12,896) (12,896)\n Social Security (OASDI) - (11,742) (11,742) - (11,215) (11,215)\n Other (Railroad Retirement) - (110) (110) - (38) (38)\n Subtotal, Social Insurance - (26,858) (26,858) - (24,149) (24,149)\n Fed. empl. & veterans pensions/benefits (3,880) - (3,880) (3,589) - (3,589)\n Federal debt held by the public (3,945) - (3,945) (3,573) - (3,573)\n Other liabilities (674) - (674) (654) - (654)\n Other responsibilities - (862) (862) - (771) (771)\n Total Liabilities & Net Responsibilities $ (8,499) $ (27,720) $ (36,219) $ (7,817) $ (24,920) $ (32,736)\n BALANCE (Total Assets minusTotal\n Liabilities & Net Responsibilities) ($7,105) ($27,720) ($34,825) ($6,820) ($24,304) ($31,124)\n 1 Source: Fiscal Year 2004 Analytical Perspectives,\n page 37, Defense Fixed Reproducible Capital,\n Nonfinancial Assets.\n Note: Overall details may not add to total due to\n rounding.\nSocial Insurance Calculations\n The social insurance present value amounts are based on 75-year actuarial projections of scheduled benefits\nand legislated taxes for current participants.\n The present value of these future responsibilities (at January 1, 2003), as presented in the pertinent agencies’\nfinancial statements, is $15,006 billion for Medicare and $11,742 billion for Social Security. These numbers are\nfrom the Statements of Social Insurance on page 64 of this Financial Report. The total of these future\nresponsibilities, including Other and Railroad Retirement social insurance responsibilities of $862 billion and $110\nbillion, respectively, is $27,720 billion. These items are not recorded on the balance sheet because current\naccounting standards (GAAP) do not permit it. FASAB is reviewing this area and if it determines that it is proper to\nrecord these items, we will do so. A more detailed discussion of these projections and the future outlook for Social\nSecurity and Medicare is found in the Stewardship Information section.", + "md": "# 12 DISCUSSION AND ANALYSIS\n\n# Additional Responsibilities\n\nHistorically, the Government’s financial situation has been evaluated primarily from a cash-based budgeting\nperspective that measures the flow of funds in and out of Government accounts. As a first step in examining our\nfinancial position, we are presenting a condensed perspective based on forward-looking accrual principles. This\nperspective is meant to complement the cash-based budget estimates of future spending and receipts.\n\nIn addition to accrual-based results, the overall perspective depicted below includes many responsibilities\ndisclosed throughout this report but not captured by accrual-based operating results or liability balances. An attempt\nis made here to go beyond the balance sheet to also examine the impact of these other responsibilities.\n\n# Overall Perspective\n\nThe schedule below reveals a more complete picture of the Government’s financial responsibilities—its\nliabilities and responsibilities on the balance sheet as well as its responsibilities that are tracked off the balance\nsheet.\n\n|Overall Perspective| |2003| |Combined|2002| |Combined| |\n|---|---|---|---|---|---|---|---|---|\n|(In billions of dollars)|Balance Sheet|Additional Responsibilities|Amounts|Balance Sheet|Additional Responsibilities|Amounts| | |\n|ASSETS|Inventory, cash|$ 361|$ -|$ 361|$ 334|$ -|$ 334| |\n| |Property, plant & equipment|$ 658|$ -|$ 658|$ 325|$ 1|$ 616| |\n| |Loans receivable|$ 221|$ -|$ 221|$ 219|$ -|$ 219| |\n| |Other|$ 154|$ -|$ 154|$ 119|$ -|$ 119| |\n|Total Assets|$ 1,394|$ -|$ 1,394|$ 997|$ 616|$ 1,613| | |\n|LIABILITIES & NET RESPONSIBILITIES|Social Insurance|Medicare (Parts A & B)|$ -|($ 15,006)|($ 15,006)|$ -|($ 12,896)|($ 12,896)|\n| |Social Security (OASDI)|$ -|($ 11,742)|($ 11,742)|$ -|($ 11,215)|($ 11,215)| |\n| |Other (Railroad Retirement)|$ -|($ 110)|($ 110)|$ -|($ 38)|($ 38)| |\n|Subtotal, Social Insurance|$ -|($ 26,858)|($ 26,858)|$ -|($ 24,149)|($ 24,149)| | |\n| |Fed. empl. & veterans pensions/benefits|($ 3,880)|$ -|($ 3,880)|($ 3,589)|$ -|($ 3,589)| |\n| |Federal debt held by the public|($ 3,945)|$ -|($ 3,945)|($ 3,573)|$ -|($ 3,573)| |\n| |Other liabilities|($ 674)|$ -|($ 674)|($ 654)|$ -|($ 654)| |\n| |Other responsibilities|$ -|($ 862)|($ 862)|$ -|($ 771)|($ 771)| |\n|Total Liabilities & Net Responsibilities|($ 8,499)|($ 27,720)|($ 36,219)|($ 7,817)|($ 24,920)|($ 32,736)| | |\n|BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)|($ 7,105)|($ 27,720)|($ 34,825)|($ 6,820)|($ 24,304)|($ 31,124)| | |\n\n1 Source: Fiscal Year 2004 Analytical Perspectives, page 37, Defense Fixed Reproducible Capital, Nonfinancial Assets.\n\nNote: Overall details may not add to total due to rounding.\n\n# Social Insurance Calculations\n\nThe social insurance present value amounts are based on 75-year actuarial projections of scheduled benefits\nand legislated taxes for current participants.\n\nThe present value of these future responsibilities (at January 1, 2003), as presented in the pertinent agencies’\nfinancial statements, is $15,006 billion for Medicare and $11,742 billion for Social Security. These numbers are\nfrom the Statements of Social Insurance on page 64 of this Financial Report. The total of these future\nresponsibilities, including Other and Railroad Retirement social insurance responsibilities of $862 billion and $110\nbillion, respectively, is $27,720 billion. These items are not recorded on the balance sheet because current\naccounting standards (GAAP) do not permit it. FASAB is reviewing this area and if it determines that it is proper to\nrecord these items, we will do so. A more detailed discussion of these projections and the future outlook for Social\nSecurity and Medicare is found in the Stewardship Information section.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "12 DISCUSSION AND ANALYSIS", + "md": "# 12 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Additional Responsibilities", + "md": "# Additional Responsibilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Historically, the Government’s financial situation has been evaluated primarily from a cash-based budgeting\nperspective that measures the flow of funds in and out of Government accounts. As a first step in examining our\nfinancial position, we are presenting a condensed perspective based on forward-looking accrual principles. This\nperspective is meant to complement the cash-based budget estimates of future spending and receipts.\n\nIn addition to accrual-based results, the overall perspective depicted below includes many responsibilities\ndisclosed throughout this report but not captured by accrual-based operating results or liability balances. An attempt\nis made here to go beyond the balance sheet to also examine the impact of these other responsibilities.", + "md": "Historically, the Government’s financial situation has been evaluated primarily from a cash-based budgeting\nperspective that measures the flow of funds in and out of Government accounts. As a first step in examining our\nfinancial position, we are presenting a condensed perspective based on forward-looking accrual principles. This\nperspective is meant to complement the cash-based budget estimates of future spending and receipts.\n\nIn addition to accrual-based results, the overall perspective depicted below includes many responsibilities\ndisclosed throughout this report but not captured by accrual-based operating results or liability balances. An attempt\nis made here to go beyond the balance sheet to also examine the impact of these other responsibilities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Overall Perspective", + "md": "# Overall Perspective", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The schedule below reveals a more complete picture of the Government’s financial responsibilities—its\nliabilities and responsibilities on the balance sheet as well as its responsibilities that are tracked off the balance\nsheet.", + "md": "The schedule below reveals a more complete picture of the Government’s financial responsibilities—its\nliabilities and responsibilities on the balance sheet as well as its responsibilities that are tracked off the balance\nsheet.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [], + [], + [ + "Overall Perspective", + "", + "2003", + "", + "Combined", + "2002", + "", + "Combined", + "" + ], + [ + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---" + ], + [ + "(In billions of dollars)", + "Balance Sheet", + "Additional Responsibilities", + "Amounts", + "Balance Sheet", + "Additional Responsibilities", + "Amounts", + "", + "" + ], + [ + "ASSETS", + "Inventory, cash", + "$ 361", + "$ -", + "$ 361", + "$ 334", + "$ -", + "$ 334", + "" + ], + [ + "", + "Property, plant & equipment", + "$ 658", + "$ -", + "$ 658", + "$ 325", + "$ 1", + "$ 616", + "" + ], + [ + "", + "Loans receivable", + "$ 221", + "$ -", + "$ 221", + "$ 219", + "$ -", + "$ 219", + "" + ], + [ + "", + "Other", + "$ 154", + "$ -", + "$ 154", + "$ 119", + "$ -", + "$ 119", + "" + ], + [ + "Total Assets", + "$ 1,394", + "$ -", + "$ 1,394", + "$ 997", + "$ 616", + "$ 1,613", + "", + "" + ], + [ + "LIABILITIES & NET RESPONSIBILITIES", + "Social Insurance", + "Medicare (Parts A & B)", + "$ -", + "($ 15,006)", + "($ 15,006)", + "$ -", + "($ 12,896)", + "($ 12,896)" + ], + [ + "", + "Social Security (OASDI)", + "$ -", + "($ 11,742)", + "($ 11,742)", + "$ -", + "($ 11,215)", + "($ 11,215)", + "" + ], + [ + "", + "Other (Railroad Retirement)", + "$ -", + "($ 110)", + "($ 110)", + "$ -", + "($ 38)", + "($ 38)", + "" + ], + [ + "Subtotal, Social Insurance", + "$ -", + "($ 26,858)", + "($ 26,858)", + "$ -", + "($ 24,149)", + "($ 24,149)", + "", + "" + ], + [ + "", + "Fed. empl. & veterans pensions/benefits", + "($ 3,880)", + "$ -", + "($ 3,880)", + "($ 3,589)", + "$ -", + "($ 3,589)", + "" + ], + [ + "", + "Federal debt held by the public", + "($ 3,945)", + "$ -", + "($ 3,945)", + "($ 3,573)", + "$ -", + "($ 3,573)", + "" + ], + [ + "", + "Other liabilities", + "($ 674)", + "$ -", + "($ 674)", + "($ 654)", + "$ -", + "($ 654)", + "" + ], + [ + "", + "Other responsibilities", + "$ -", + "($ 862)", + "($ 862)", + "$ -", + "($ 771)", + "($ 771)", + "" + ], + [ + "Total Liabilities & Net Responsibilities", + "($ 8,499)", + "($ 27,720)", + "($ 36,219)", + "($ 7,817)", + "($ 24,920)", + "($ 32,736)", + "", + "" + ], + [ + "BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)", + "($ 7,105)", + "($ 27,720)", + "($ 34,825)", + "($ 6,820)", + "($ 24,304)", + "($ 31,124)", + "", + "" + ] + ], + "md": "The schedule below reveals a more complete picture of the Government’s financial responsibilities—its\nsheet.\n\n|Overall Perspective| |2003| |Combined|2002| |Combined| |\n|---|---|---|---|---|---|---|---|---|\n|(In billions of dollars)|Balance Sheet|Additional Responsibilities|Amounts|Balance Sheet|Additional Responsibilities|Amounts| | |\n|ASSETS|Inventory, cash|$ 361|$ -|$ 361|$ 334|$ -|$ 334| |\n| |Property, plant & equipment|$ 658|$ -|$ 658|$ 325|$ 1|$ 616| |\n| |Loans receivable|$ 221|$ -|$ 221|$ 219|$ -|$ 219| |\n| |Other|$ 154|$ -|$ 154|$ 119|$ -|$ 119| |\n|Total Assets|$ 1,394|$ -|$ 1,394|$ 997|$ 616|$ 1,613| | |\n|LIABILITIES & NET RESPONSIBILITIES|Social Insurance|Medicare (Parts A & B)|$ -|($ 15,006)|($ 15,006)|$ -|($ 12,896)|($ 12,896)|\n| |Social Security (OASDI)|$ -|($ 11,742)|($ 11,742)|$ -|($ 11,215)|($ 11,215)| |\n| |Other (Railroad Retirement)|$ -|($ 110)|($ 110)|$ -|($ 38)|($ 38)| |\n|Subtotal, Social Insurance|$ -|($ 26,858)|($ 26,858)|$ -|($ 24,149)|($ 24,149)| | |\n| |Fed. empl. & veterans pensions/benefits|($ 3,880)|$ -|($ 3,880)|($ 3,589)|$ -|($ 3,589)| |\n| |Federal debt held by the public|($ 3,945)|$ -|($ 3,945)|($ 3,573)|$ -|($ 3,573)| |\n| |Other liabilities|($ 674)|$ -|($ 674)|($ 654)|$ -|($ 654)| |\n| |Other responsibilities|$ -|($ 862)|($ 862)|$ -|($ 771)|($ 771)| |\n|Total Liabilities & Net Responsibilities|($ 8,499)|($ 27,720)|($ 36,219)|($ 7,817)|($ 24,920)|($ 32,736)| | |\n|BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)|($ 7,105)|($ 27,720)|($ 34,825)|($ 6,820)|($ 24,304)|($ 31,124)| | |", + "isPerfectTable": false, + "csv": "\n\n\n\"Overall Perspective\",\"\",\"2003\",\"\",\"Combined\",\"2002\",\"\",\"Combined\",\"\"\n\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\"\n\"(In billions of dollars)\",\"Balance Sheet\",\"Additional Responsibilities\",\"Amounts\",\"Balance Sheet\",\"Additional Responsibilities\",\"Amounts\",\"\",\"\"\n\"ASSETS\",\"Inventory, cash\",\"$ 361\",\"$ -\",\"$ 361\",\"$ 334\",\"$ -\",\"$ 334\",\"\"\n\"\",\"Property, plant & equipment\",\"$ 658\",\"$ -\",\"$ 658\",\"$ 325\",\"$ 1\",\"$ 616\",\"\"\n\"\",\"Loans receivable\",\"$ 221\",\"$ -\",\"$ 221\",\"$ 219\",\"$ -\",\"$ 219\",\"\"\n\"\",\"Other\",\"$ 154\",\"$ -\",\"$ 154\",\"$ 119\",\"$ -\",\"$ 119\",\"\"\n\"Total Assets\",\"$ 1,394\",\"$ -\",\"$ 1,394\",\"$ 997\",\"$ 616\",\"$ 1,613\",\"\",\"\"\n\"LIABILITIES & NET RESPONSIBILITIES\",\"Social Insurance\",\"Medicare (Parts A & B)\",\"$ -\",\"($ 15,006)\",\"($ 15,006)\",\"$ -\",\"($ 12,896)\",\"($ 12,896)\"\n\"\",\"Social Security (OASDI)\",\"$ -\",\"($ 11,742)\",\"($ 11,742)\",\"$ -\",\"($ 11,215)\",\"($ 11,215)\",\"\"\n\"\",\"Other (Railroad Retirement)\",\"$ -\",\"($ 110)\",\"($ 110)\",\"$ -\",\"($ 38)\",\"($ 38)\",\"\"\n\"Subtotal, Social Insurance\",\"$ -\",\"($ 26,858)\",\"($ 26,858)\",\"$ -\",\"($ 24,149)\",\"($ 24,149)\",\"\",\"\"\n\"\",\"Fed. empl. & veterans pensions/benefits\",\"($ 3,880)\",\"$ -\",\"($ 3,880)\",\"($ 3,589)\",\"$ -\",\"($ 3,589)\",\"\"\n\"\",\"Federal debt held by the public\",\"($ 3,945)\",\"$ -\",\"($ 3,945)\",\"($ 3,573)\",\"$ -\",\"($ 3,573)\",\"\"\n\"\",\"Other liabilities\",\"($ 674)\",\"$ -\",\"($ 674)\",\"($ 654)\",\"$ -\",\"($ 654)\",\"\"\n\"\",\"Other responsibilities\",\"$ -\",\"($ 862)\",\"($ 862)\",\"$ -\",\"($ 771)\",\"($ 771)\",\"\"\n\"Total Liabilities & Net Responsibilities\",\"($ 8,499)\",\"($ 27,720)\",\"($ 36,219)\",\"($ 7,817)\",\"($ 24,920)\",\"($ 32,736)\",\"\",\"\"\n\"BALANCE (Total Assets minus Total Liabilities & Net Responsibilities)\",\"($ 7,105)\",\"($ 27,720)\",\"($ 34,825)\",\"($ 6,820)\",\"($ 24,304)\",\"($ 31,124)\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 Source: Fiscal Year 2004 Analytical Perspectives, page 37, Defense Fixed Reproducible Capital, Nonfinancial Assets.\n\nNote: Overall details may not add to total due to rounding.", + "md": "1 Source: Fiscal Year 2004 Analytical Perspectives, page 37, Defense Fixed Reproducible Capital, Nonfinancial Assets.\n\nNote: Overall details may not add to total due to rounding.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Social Insurance Calculations", + "md": "# Social Insurance Calculations", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The social insurance present value amounts are based on 75-year actuarial projections of scheduled benefits\nand legislated taxes for current participants.\n\nThe present value of these future responsibilities (at January 1, 2003), as presented in the pertinent agencies’\nfinancial statements, is $15,006 billion for Medicare and $11,742 billion for Social Security. These numbers are\nfrom the Statements of Social Insurance on page 64 of this Financial Report. The total of these future\nresponsibilities, including Other and Railroad Retirement social insurance responsibilities of $862 billion and $110\nbillion, respectively, is $27,720 billion. These items are not recorded on the balance sheet because current\naccounting standards (GAAP) do not permit it. FASAB is reviewing this area and if it determines that it is proper to\nrecord these items, we will do so. A more detailed discussion of these projections and the future outlook for Social\nSecurity and Medicare is found in the Stewardship Information section.", + "md": "The social insurance present value amounts are based on 75-year actuarial projections of scheduled benefits\nand legislated taxes for current participants.\n\nThe present value of these future responsibilities (at January 1, 2003), as presented in the pertinent agencies’\nfinancial statements, is $15,006 billion for Medicare and $11,742 billion for Social Security. These numbers are\nfrom the Statements of Social Insurance on page 64 of this Financial Report. The total of these future\nresponsibilities, including Other and Railroad Retirement social insurance responsibilities of $862 billion and $110\nbillion, respectively, is $27,720 billion. These items are not recorded on the balance sheet because current\naccounting standards (GAAP) do not permit it. FASAB is reviewing this area and if it determines that it is proper to\nrecord these items, we will do so. A more detailed discussion of these projections and the future outlook for Social\nSecurity and Medicare is found in the Stewardship Information section.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 18, + "text": " DISCUSSION AND ANALYSIS 13\n As can be seen, the impact of these responsibilities is significant. Clearly, the social insurance component\nrepresents a major fiscal responsibility and serious future challenge for the Federal Government. Medicare and\nSocial Security increased by $2,110 billion (or 16.4 percent) and $527 billion (or 4.7 percent), respectively, over\nfiscal year 2002. Moreover, the 2003 combined total of the future responsibilities (i.e., $27,720 billion) is more than\nthree times the 2003 total accounting liabilities and responsibilities on the balance sheet (i.e., $7,105 billion).\n Federal Budget and Federal Debt\n At this time, the largest liability for the Federal Government is the Federal debt held by the public and accrued\ninterest, which was $3,945 billion in 2003. This was an increase of $372 billion over the 2002 debt of $3,573 billion.\nThere are two kinds of Federal debt: debt held by the public and the debt the Government owes to itself.\nDebt Held by the Public\n The first kind of Federal debt is debt held by (or owed to) the public. It includes all Treasury securities (bills,\nnotes, bonds, and other securities) held by individuals, corporations, Federal Reserve banks, foreign governments\nand other entities outside the U.S. Government. This debt is included as a liability on the balance sheet.\nDebt the Government Owes to Itself\n The second kind is debt the Government owes to itself (intra-governmental debt), primarily in the form of\nspecial nonmarketable securities held by various parts of the Government. The laws establishing Government trust\nfunds generally require the excess receipts of the trust funds to be invested in these special securities. This debt is\nnot included on the balance sheet since these payments are claims of one part of the Government against another and\nare eliminated for consolidation purposes.\nStatutory Debt Ceiling (Limit)\n Both kinds of debt are included in the total debt subject to the limit set by the Congress. The Congress has\ntraditionally exercised control on the size of the Government’s debt by establishing limits on the amount of Treasury\nsecurities that can be outstanding. This limit is known as the debt ceiling.\n On February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. When this\noccurs, various statutes authorize the Secretary of the Treasury to “suspend the issuance of additional amounts of\nobligations of the United States, if such issuances could not be made without causing the public debt of the United\nStates to exceed the public limit, as determined by the Secretary of the Treasury.” On May 27, 2003, President Bush\nsigned legislation increasing the statutory debt limit to $7,384 billion (P.L. 108-24).\n The following chart shows the amounts of debt held by the public and intra-governmental debt from 1999\nthrough 2003.", + "md": "# DISCUSSION AND ANALYSIS\n\nAs can be seen, the impact of these responsibilities is significant. Clearly, the social insurance component represents a major fiscal responsibility and serious future challenge for the Federal Government. Medicare and Social Security increased by $2,110 billion (or 16.4 percent) and $527 billion (or 4.7 percent), respectively, over fiscal year 2002. Moreover, the 2003 combined total of the future responsibilities (i.e., $27,720 billion) is more than three times the 2003 total accounting liabilities and responsibilities on the balance sheet (i.e., $7,105 billion).\n\n# Federal Budget and Federal Debt\n\nAt this time, the largest liability for the Federal Government is the Federal debt held by the public and accrued interest, which was $3,945 billion in 2003. This was an increase of $372 billion over the 2002 debt of $3,573 billion. There are two kinds of Federal debt: debt held by the public and the debt the Government owes to itself.\n\n# Debt Held by the Public\n\nThe first kind of Federal debt is debt held by (or owed to) the public. It includes all Treasury securities (bills, notes, bonds, and other securities) held by individuals, corporations, Federal Reserve banks, foreign governments and other entities outside the U.S. Government. This debt is included as a liability on the balance sheet.\n\n# Debt the Government Owes to Itself\n\nThe second kind is debt the Government owes to itself (intra-governmental debt), primarily in the form of special nonmarketable securities held by various parts of the Government. The laws establishing Government trust funds generally require the excess receipts of the trust funds to be invested in these special securities. This debt is not included on the balance sheet since these payments are claims of one part of the Government against another and are eliminated for consolidation purposes.\n\n# Statutory Debt Ceiling (Limit)\n\nBoth kinds of debt are included in the total debt subject to the limit set by the Congress. The Congress has traditionally exercised control on the size of the Government’s debt by establishing limits on the amount of Treasury securities that can be outstanding. This limit is known as the debt ceiling.\n\nOn February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. When this occurs, various statutes authorize the Secretary of the Treasury to “suspend the issuance of additional amounts of obligations of the United States, if such issuances could not be made without causing the public debt of the United States to exceed the public limit, as determined by the Secretary of the Treasury.” On May 27, 2003, President Bush signed legislation increasing the statutory debt limit to $7,384 billion (P.L. 108-24).\n\n# Debt Chart\n\nThe following chart shows the amounts of debt held by the public and intra-governmental debt from 1999 through 2003.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "As can be seen, the impact of these responsibilities is significant. Clearly, the social insurance component represents a major fiscal responsibility and serious future challenge for the Federal Government. Medicare and Social Security increased by $2,110 billion (or 16.4 percent) and $527 billion (or 4.7 percent), respectively, over fiscal year 2002. Moreover, the 2003 combined total of the future responsibilities (i.e., $27,720 billion) is more than three times the 2003 total accounting liabilities and responsibilities on the balance sheet (i.e., $7,105 billion).", + "md": "As can be seen, the impact of these responsibilities is significant. Clearly, the social insurance component represents a major fiscal responsibility and serious future challenge for the Federal Government. Medicare and Social Security increased by $2,110 billion (or 16.4 percent) and $527 billion (or 4.7 percent), respectively, over fiscal year 2002. Moreover, the 2003 combined total of the future responsibilities (i.e., $27,720 billion) is more than three times the 2003 total accounting liabilities and responsibilities on the balance sheet (i.e., $7,105 billion).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Budget and Federal Debt", + "md": "# Federal Budget and Federal Debt", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "At this time, the largest liability for the Federal Government is the Federal debt held by the public and accrued interest, which was $3,945 billion in 2003. This was an increase of $372 billion over the 2002 debt of $3,573 billion. There are two kinds of Federal debt: debt held by the public and the debt the Government owes to itself.", + "md": "At this time, the largest liability for the Federal Government is the Federal debt held by the public and accrued interest, which was $3,945 billion in 2003. This was an increase of $372 billion over the 2002 debt of $3,573 billion. There are two kinds of Federal debt: debt held by the public and the debt the Government owes to itself.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Debt Held by the Public", + "md": "# Debt Held by the Public", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The first kind of Federal debt is debt held by (or owed to) the public. It includes all Treasury securities (bills, notes, bonds, and other securities) held by individuals, corporations, Federal Reserve banks, foreign governments and other entities outside the U.S. Government. This debt is included as a liability on the balance sheet.", + "md": "The first kind of Federal debt is debt held by (or owed to) the public. It includes all Treasury securities (bills, notes, bonds, and other securities) held by individuals, corporations, Federal Reserve banks, foreign governments and other entities outside the U.S. Government. This debt is included as a liability on the balance sheet.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Debt the Government Owes to Itself", + "md": "# Debt the Government Owes to Itself", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The second kind is debt the Government owes to itself (intra-governmental debt), primarily in the form of special nonmarketable securities held by various parts of the Government. The laws establishing Government trust funds generally require the excess receipts of the trust funds to be invested in these special securities. This debt is not included on the balance sheet since these payments are claims of one part of the Government against another and are eliminated for consolidation purposes.", + "md": "The second kind is debt the Government owes to itself (intra-governmental debt), primarily in the form of special nonmarketable securities held by various parts of the Government. The laws establishing Government trust funds generally require the excess receipts of the trust funds to be invested in these special securities. This debt is not included on the balance sheet since these payments are claims of one part of the Government against another and are eliminated for consolidation purposes.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statutory Debt Ceiling (Limit)", + "md": "# Statutory Debt Ceiling (Limit)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Both kinds of debt are included in the total debt subject to the limit set by the Congress. The Congress has traditionally exercised control on the size of the Government’s debt by establishing limits on the amount of Treasury securities that can be outstanding. This limit is known as the debt ceiling.\n\nOn February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. When this occurs, various statutes authorize the Secretary of the Treasury to “suspend the issuance of additional amounts of obligations of the United States, if such issuances could not be made without causing the public debt of the United States to exceed the public limit, as determined by the Secretary of the Treasury.” On May 27, 2003, President Bush signed legislation increasing the statutory debt limit to $7,384 billion (P.L. 108-24).", + "md": "Both kinds of debt are included in the total debt subject to the limit set by the Congress. The Congress has traditionally exercised control on the size of the Government’s debt by establishing limits on the amount of Treasury securities that can be outstanding. This limit is known as the debt ceiling.\n\nOn February 20, 2003, Treasury’s outstanding debt reached the statutory limit of $6,400 billion. When this occurs, various statutes authorize the Secretary of the Treasury to “suspend the issuance of additional amounts of obligations of the United States, if such issuances could not be made without causing the public debt of the United States to exceed the public limit, as determined by the Secretary of the Treasury.” On May 27, 2003, President Bush signed legislation increasing the statutory debt limit to $7,384 billion (P.L. 108-24).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Debt Chart", + "md": "# Debt Chart", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The following chart shows the amounts of debt held by the public and intra-governmental debt from 1999 through 2003.", + "md": "The following chart shows the amounts of debt held by the public and intra-governmental debt from 1999 through 2003.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 19, + "text": "14 DISCUSSION AND ANALYSIS\n Analysis of Federal Debt Subject to the Limit\n (In billions of dollars) Current Statutory Debt\n Limit ($7,384 billion)\n 7,680 Intragovernmental\n 6,737.6* Debt Holdings\n 6,400 5,567.7* 5,591.6* 5,732.8* 6,161.1* Federal Debt Held by\n 5,120 2,858.9 the Public, excluding\n 1,988.3 2,230.9 2,462.0 2,673.5 accrued interest\n 3,840 * Number on top of bars\n represents total Federal debt\n subject to the statutory limit, and\n 2,560 has been adjusted for agency\n and Federal Financing Bank\n 3,631.6 3,409.9 3,319.8 3,540.3 3,913.1 debt, and certain unamortized\n 1,280 premiums and discounts not\n subject to the statutory debt in\n the amounts of $52.2 billion,\n 0 $49.2 billion, $49.0 billion, $52.4\n 1999 2000 2001 2002 2003 billion, and $34.4 billion for fiscal\n 1999, 2000, 2001, 2002, and\n Fiscal year ending September 30 2003, respectively.\nSources & Uses of Surpluses or Deficits\n Federal Government operations are composed of two parts: 1) funds that are called trust funds in the\nGovernment, which receive their funding from dedicated collections (including collections from the Treasury and\nother Federal agencies), and 2) general Government, which is funded mainly from general revenues and borrowing.\nMany of the larger trust funds finance social insurance programs (such as Social Security and Medicare) and Federal\nmilitary and civilian retirement programs. The following chart illustrates a 5-year comparison of the budget\nsurpluses or deficits of these two parts of Government and how the budget surpluses were used and budget deficits\nfunded.", + "md": "# 14 DISCUSSION AND ANALYSIS\n\n# Analysis of Federal Debt Subject to the Limit\n\n|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|\n|---|\n| |1999|2000|2001|2002|2003|\n|Federal Debt Held by the Public, excluding accrued interest|1,988.3|2,230.9|2,462.0|2,673.5|2,858.9|\n|Intragovernmental Debt Holdings|5,567.7*|5,591.6*|5,732.8*|6,161.1*|6,737.6*|\n|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|\n\n# Sources & Uses of Surpluses or Deficits\n\nFederal Government operations are composed of two parts: 1) funds that are called trust funds in the Government, which receive their funding from dedicated collections (including collections from the Treasury and other Federal agencies), and 2) general Government, which is funded mainly from general revenues and borrowing. Many of the larger trust funds finance social insurance programs (such as Social Security and Medicare) and Federal military and civilian retirement programs. The following chart illustrates a 5-year comparison of the budget surpluses or deficits of these two parts of Government and how the budget surpluses were used and budget deficits funded.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "14 DISCUSSION AND ANALYSIS", + "md": "# 14 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Analysis of Federal Debt Subject to the Limit", + "md": "# Analysis of Federal Debt Subject to the Limit", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)", + "(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)", + "(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)", + "(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)", + "(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)", + "(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)" + ], + [ + "", + "1999", + "2000", + "2001", + "2002", + "2003" + ], + [ + "Federal Debt Held by the Public, excluding accrued interest", + "1,988.3", + "2,230.9", + "2,462.0", + "2,673.5", + "2,858.9" + ], + [ + "Intragovernmental Debt Holdings", + "5,567.7*", + "5,591.6*", + "5,732.8*", + "6,161.1*", + "6,737.6*" + ], + [ + "* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.", + "* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.", + "* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.", + "* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.", + "* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.", + "* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively." + ] + ], + "md": "|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)|\n| |1999|2000|2001|2002|2003|\n|Federal Debt Held by the Public, excluding accrued interest|1,988.3|2,230.9|2,462.0|2,673.5|2,858.9|\n|Intragovernmental Debt Holdings|5,567.7*|5,591.6*|5,732.8*|6,161.1*|6,737.6*|\n|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)\",\"(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)\",\"(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)\",\"(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)\",\"(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)\",\"(In billions of dollars) Current Statutory Debt Limit ($7,384 billion)\"\n\"\",\"1999\",\"2000\",\"2001\",\"2002\",\"2003\"\n\"Federal Debt Held by the Public, excluding accrued interest\",\"1,988.3\",\"2,230.9\",\"2,462.0\",\"2,673.5\",\"2,858.9\"\n\"Intragovernmental Debt Holdings\",\"5,567.7*\",\"5,591.6*\",\"5,732.8*\",\"6,161.1*\",\"6,737.6*\"\n\"* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.\",\"* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.\",\"* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.\",\"* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.\",\"* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.\",\"* Number on top of bars represents total Federal debt subject to the statutory limit, and has been adjusted for agency and Federal Financing Bank debt, and certain unamortized premiums and discounts not subject to the statutory debt in the amounts of $52.2 billion, $49.2 billion, $49.0 billion, $52.4 billion, and $34.4 billion for fiscal 1999, 2000, 2001, 2002, and 2003, respectively.\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Sources & Uses of Surpluses or Deficits", + "md": "# Sources & Uses of Surpluses or Deficits", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Federal Government operations are composed of two parts: 1) funds that are called trust funds in the Government, which receive their funding from dedicated collections (including collections from the Treasury and other Federal agencies), and 2) general Government, which is funded mainly from general revenues and borrowing. Many of the larger trust funds finance social insurance programs (such as Social Security and Medicare) and Federal military and civilian retirement programs. The following chart illustrates a 5-year comparison of the budget surpluses or deficits of these two parts of Government and how the budget surpluses were used and budget deficits funded.", + "md": "Federal Government operations are composed of two parts: 1) funds that are called trust funds in the Government, which receive their funding from dedicated collections (including collections from the Treasury and other Federal agencies), and 2) general Government, which is funded mainly from general revenues and borrowing. Many of the larger trust funds finance social insurance programs (such as Social Security and Medicare) and Federal military and civilian retirement programs. The following chart illustrates a 5-year comparison of the budget surpluses or deficits of these two parts of Government and how the budget surpluses were used and budget deficits funded.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 20, + "text": " DISCUSSION AND ANALYSIS 15\n 5-Year Comparison of Sources and Uses of Budget Surplus or\n Deficit\n (In billions of dollars)\n 600 Other Changes\n 500 General\n 400 Government Net\n Operating Revenue\n 300 General\n Government Net\n Operating Cost\n 200 Increase in Debt\n Held by the Public\n 100 Reduction in Debt\n 0 Held by the Public\n Trust Fund Surplus\n SourceUse SourceUse SourceUse SourceUse SourceUse\n 1999 2000 2001 2002 2003\n Fiscal years\n Source: Combined Statement of Receipts, Outlays, and Balances of the United States Government\n Trust fund surpluses (the white area in the chart) are invested in Federal debt securities. The cash invested in\nFederal debt securities is mainly used for two purposes: to reduce the debt held by the public (the diagonally striped\narea) and to fund the general Government net operating cost (the dark gray area). Other changes (the light gray area)\nprimarily consist of outlays under various loan programs. In fiscal years 2003 and 2002, it was necessary to increase\nthe debt held by the public since the general Government net operating cost exceeded the trust fund surplus.\n Previous budget surpluses, based primarily on a cash basis, are almost entirely due to the trust fund surpluses.\nGeneral Government operations experienced budget deficits for fiscal years 1999, 2001, 2002, and 2003, and had a\nsmall surplus for fiscal year 2000.", + "md": "# DISCUSSION AND ANALYSIS\n\n# 5-Year Comparison of Sources and Uses of Budget Surplus or Deficit\n\n|(In billions of dollars)|Source|Use| | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|\n|1999|2000|2001|2002|2003|1999|2000|2001|2002|2003|\n|600| |Other Changes|500|General|400|Government Net Operating Revenue| | | |\n|300|General Government Net Operating Cost|200|Increase in Debt Held by the Public|100|Reduction in Debt Held by the Public| | | | |\n|0|Trust Fund Surplus| | | | | | | | |\n\nSource: Combined Statement of Receipts, Outlays, and Balances of the United States Government\n\nTrust fund surpluses (the white area in the chart) are invested in Federal debt securities. The cash invested in Federal debt securities is mainly used for two purposes: to reduce the debt held by the public (the diagonally striped area) and to fund the general Government net operating cost (the dark gray area). Other changes (the light gray area) primarily consist of outlays under various loan programs. In fiscal years 2003 and 2002, it was necessary to increase the debt held by the public since the general Government net operating cost exceeded the trust fund surplus.\n\nPrevious budget surpluses, based primarily on a cash basis, are almost entirely due to the trust fund surpluses. General Government operations experienced budget deficits for fiscal years 1999, 2001, 2002, and 2003, and had a small surplus for fiscal year 2000.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "5-Year Comparison of Sources and Uses of Budget Surplus or Deficit", + "md": "# 5-Year Comparison of Sources and Uses of Budget Surplus or Deficit", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Source", + "Use", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "1999", + "2000", + "2001", + "2002", + "2003", + "1999", + "2000", + "2001", + "2002", + "2003" + ], + [ + "600", + "", + "Other Changes", + "500", + "General", + "400", + "Government Net Operating Revenue", + "", + "", + "" + ], + [ + "300", + "General Government Net Operating Cost", + "200", + "Increase in Debt Held by the Public", + "100", + "Reduction in Debt Held by the Public", + "", + "", + "", + "" + ], + [ + "0", + "Trust Fund Surplus", + "", + "", + "", + "", + "", + "", + "", + "" + ] + ], + "md": "|(In billions of dollars)|Source|Use| | | | | | | |\n|1999|2000|2001|2002|2003|1999|2000|2001|2002|2003|\n|600| |Other Changes|500|General|400|Government Net Operating Revenue| | | |\n|300|General Government Net Operating Cost|200|Increase in Debt Held by the Public|100|Reduction in Debt Held by the Public| | | | |\n|0|Trust Fund Surplus| | | | | | | | |", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Source\",\"Use\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"1999\",\"2000\",\"2001\",\"2002\",\"2003\",\"1999\",\"2000\",\"2001\",\"2002\",\"2003\"\n\"600\",\"\",\"Other Changes\",\"500\",\"General\",\"400\",\"Government Net Operating Revenue\",\"\",\"\",\"\"\n\"300\",\"General Government Net Operating Cost\",\"200\",\"Increase in Debt Held by the Public\",\"100\",\"Reduction in Debt Held by the Public\",\"\",\"\",\"\",\"\"\n\"0\",\"Trust Fund Surplus\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: Combined Statement of Receipts, Outlays, and Balances of the United States Government\n\nTrust fund surpluses (the white area in the chart) are invested in Federal debt securities. The cash invested in Federal debt securities is mainly used for two purposes: to reduce the debt held by the public (the diagonally striped area) and to fund the general Government net operating cost (the dark gray area). Other changes (the light gray area) primarily consist of outlays under various loan programs. In fiscal years 2003 and 2002, it was necessary to increase the debt held by the public since the general Government net operating cost exceeded the trust fund surplus.\n\nPrevious budget surpluses, based primarily on a cash basis, are almost entirely due to the trust fund surpluses. General Government operations experienced budget deficits for fiscal years 1999, 2001, 2002, and 2003, and had a small surplus for fiscal year 2000.", + "md": "Source: Combined Statement of Receipts, Outlays, and Balances of the United States Government\n\nTrust fund surpluses (the white area in the chart) are invested in Federal debt securities. The cash invested in Federal debt securities is mainly used for two purposes: to reduce the debt held by the public (the diagonally striped area) and to fund the general Government net operating cost (the dark gray area). Other changes (the light gray area) primarily consist of outlays under various loan programs. In fiscal years 2003 and 2002, it was necessary to increase the debt held by the public since the general Government net operating cost exceeded the trust fund surplus.\n\nPrevious budget surpluses, based primarily on a cash basis, are almost entirely due to the trust fund surpluses. General Government operations experienced budget deficits for fiscal years 1999, 2001, 2002, and 2003, and had a small surplus for fiscal year 2000.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 21, + "text": "16 DISCUSSION AND ANALYSIS\n Economic and Budgetary Results\n After recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in\nfiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three\nquarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in\nfiscal year 2003 following job losses in the previous year; and in the final quarter of the fiscal year, employment\nbegan to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of\nthe recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to\nstimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.\nThe Economy in Fiscal Year 2003\n Real GDP increased 3.6 percent over the four quarters of fiscal year 2003, building on the solid growth\nrecorded in the prior year after the economy underwent a recession in fiscal year 2001. Growth accelerated through\nfiscal year 2003, starting with a 1.3 percent annual rate of gain in the first fiscal quarter (the fourth quarter of\ncalendar year 2002) and culminating in an 8.2 percent surge at an annual rate in the final quarter (the third quarter of\n2003). That was the largest quarterly advance in 20 years and partly reflected the effects of the Jobs and Growth Tax\nRelief Reconciliation Act (JGTRRA), which was enacted in May. Rapid productivity growth, lower marginal tax\nrates on individual income, and advance child tax credit checks helped lift disposable personal income in the July-\nSeptember quarter and fueled a 6.9 percent annual rate increase in real consumer spending. Business investment also\nsurged in that quarter due to improved business profits and cashflow, helped by JGTRRA provisions that increased\nthe bonus depreciation write-off on equipment and raised the expensing limit for small businesses. Real investment\nin equipment and software jumped at a 17.6 percent rate in the final quarter of fiscal year 2003, the largest increase\nsince the first quarter of calendar year 1998. Rising profits and cashflow stemmed from low unit labor costs, which\nwere held in check by exceptional productivity growth of 5.0 percent over the four quarters of the fiscal year.\n Growth of Real GDP\n 6 (Percent change, fourth quarter to fourth quarter)\n 5 4.3 4.0 4.8 4.4\n 4 3.5 3.7 3.5 3.6\n 3 2.3 2.5 3.0\n 2\n 1\n 0 -0.1 0.0\n -1\n -2 91 92 93 94 95 96 97 98 99 00 01 02 03\n Fiscal Years", + "md": "# DISCUSSION AND ANALYSIS\n\n# Economic and Budgetary Results\n\nAfter recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in fiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three quarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in fiscal year 2003 following job losses in the previous year; and in the final quarter of the fiscal year, employment began to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of the recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to stimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.\n\n# The Economy in Fiscal Year 2003\n\nReal GDP increased 3.6 percent over the four quarters of fiscal year 2003, building on the solid growth recorded in the prior year after the economy underwent a recession in fiscal year 2001. Growth accelerated through fiscal year 2003, starting with a 1.3 percent annual rate of gain in the first fiscal quarter (the fourth quarter of calendar year 2002) and culminating in an 8.2 percent surge at an annual rate in the final quarter (the third quarter of 2003). That was the largest quarterly advance in 20 years and partly reflected the effects of the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA), which was enacted in May. Rapid productivity growth, lower marginal tax rates on individual income, and advance child tax credit checks helped lift disposable personal income in the July-September quarter and fueled a 6.9 percent annual rate increase in real consumer spending. Business investment also surged in that quarter due to improved business profits and cashflow, helped by JGTRRA provisions that increased the bonus depreciation write-off on equipment and raised the expensing limit for small businesses. Real investment in equipment and software jumped at a 17.6 percent rate in the final quarter of fiscal year 2003, the largest increase since the first quarter of calendar year 1998. Rising profits and cashflow stemmed from low unit labor costs, which were held in check by exceptional productivity growth of 5.0 percent over the four quarters of the fiscal year.\n\n# Growth of Real GDP\n\n|6|(Percent change, fourth quarter to fourth quarter)| | | | | | | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|---|---|---|\n|5|4.3|4.0|4.8|4.4| | | | | | | | | |\n|4|3.5| |3.7|3.5|3.6| | | | | | | | |\n|3|2.3|2.5| |3.0| | | | | | | | | |\n|2| | | | | | | | | | | | | |\n|1| | | | | | | | | | | | | |\n|0|-0.1| |0.0| | | | | | | | | | |\n|-1| | | | | | | | | | | | | |\n|-2|91|92|93|94|95|96|97|98|99|00|01|02|03|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Economic and Budgetary Results", + "md": "# Economic and Budgetary Results", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "After recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in fiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three quarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in fiscal year 2003 following job losses in the previous year; and in the final quarter of the fiscal year, employment began to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of the recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to stimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.", + "md": "After recovering in fiscal year 2002 from the economic downturn, the economy continued to accelerate in fiscal year 2003 and achieved strong growth. The rate of increase in real GDP picked up in each of the last three quarters of the fiscal year and productivity continued to record substantial gains. The labor market stabilized in fiscal year 2003 following job losses in the previous year; and in the final quarter of the fiscal year, employment began to increase. Improvement in the economy was aided by new fiscal policies in 2003, but the lingering effect of the recession and loss in equity wealth, the war with Iraq, homeland security spending, and lower taxes enacted to stimulate growth contributed to a widening in the Federal budget deficit to $374.8 billion for the fiscal year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "The Economy in Fiscal Year 2003", + "md": "# The Economy in Fiscal Year 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Real GDP increased 3.6 percent over the four quarters of fiscal year 2003, building on the solid growth recorded in the prior year after the economy underwent a recession in fiscal year 2001. Growth accelerated through fiscal year 2003, starting with a 1.3 percent annual rate of gain in the first fiscal quarter (the fourth quarter of calendar year 2002) and culminating in an 8.2 percent surge at an annual rate in the final quarter (the third quarter of 2003). That was the largest quarterly advance in 20 years and partly reflected the effects of the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA), which was enacted in May. Rapid productivity growth, lower marginal tax rates on individual income, and advance child tax credit checks helped lift disposable personal income in the July-September quarter and fueled a 6.9 percent annual rate increase in real consumer spending. Business investment also surged in that quarter due to improved business profits and cashflow, helped by JGTRRA provisions that increased the bonus depreciation write-off on equipment and raised the expensing limit for small businesses. Real investment in equipment and software jumped at a 17.6 percent rate in the final quarter of fiscal year 2003, the largest increase since the first quarter of calendar year 1998. Rising profits and cashflow stemmed from low unit labor costs, which were held in check by exceptional productivity growth of 5.0 percent over the four quarters of the fiscal year.", + "md": "Real GDP increased 3.6 percent over the four quarters of fiscal year 2003, building on the solid growth recorded in the prior year after the economy underwent a recession in fiscal year 2001. Growth accelerated through fiscal year 2003, starting with a 1.3 percent annual rate of gain in the first fiscal quarter (the fourth quarter of calendar year 2002) and culminating in an 8.2 percent surge at an annual rate in the final quarter (the third quarter of 2003). That was the largest quarterly advance in 20 years and partly reflected the effects of the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA), which was enacted in May. Rapid productivity growth, lower marginal tax rates on individual income, and advance child tax credit checks helped lift disposable personal income in the July-September quarter and fueled a 6.9 percent annual rate increase in real consumer spending. Business investment also surged in that quarter due to improved business profits and cashflow, helped by JGTRRA provisions that increased the bonus depreciation write-off on equipment and raised the expensing limit for small businesses. Real investment in equipment and software jumped at a 17.6 percent rate in the final quarter of fiscal year 2003, the largest increase since the first quarter of calendar year 1998. Rising profits and cashflow stemmed from low unit labor costs, which were held in check by exceptional productivity growth of 5.0 percent over the four quarters of the fiscal year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Growth of Real GDP", + "md": "# Growth of Real GDP", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "6", + "(Percent change, fourth quarter to fourth quarter)", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "5", + "4.3", + "4.0", + "4.8", + "4.4", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "4", + "3.5", + "", + "3.7", + "3.5", + "3.6", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "3", + "2.3", + "2.5", + "", + "3.0", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "1", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "0", + "-0.1", + "", + "0.0", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "-1", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "-2", + "91", + "92", + "93", + "94", + "95", + "96", + "97", + "98", + "99", + "00", + "01", + "02", + "03" + ] + ], + "md": "|6|(Percent change, fourth quarter to fourth quarter)| | | | | | | | | | | | |\n|5|4.3|4.0|4.8|4.4| | | | | | | | | |\n|4|3.5| |3.7|3.5|3.6| | | | | | | | |\n|3|2.3|2.5| |3.0| | | | | | | | | |\n|2| | | | | | | | | | | | | |\n|1| | | | | | | | | | | | | |\n|0|-0.1| |0.0| | | | | | | | | | |\n|-1| | | | | | | | | | | | | |\n|-2|91|92|93|94|95|96|97|98|99|00|01|02|03|", + "isPerfectTable": true, + "csv": "\"6\",\"(Percent change, fourth quarter to fourth quarter)\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"5\",\"4.3\",\"4.0\",\"4.8\",\"4.4\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"4\",\"3.5\",\"\",\"3.7\",\"3.5\",\"3.6\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"3\",\"2.3\",\"2.5\",\"\",\"3.0\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"1\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"0\",\"-0.1\",\"\",\"0.0\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"-1\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"-2\",\"91\",\"92\",\"93\",\"94\",\"95\",\"96\",\"97\",\"98\",\"99\",\"00\",\"01\",\"02\",\"03\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 22, + "text": " DISCUSSION AND ANALYSIS 17\n Of special importance was a firming in labor market conditions in fiscal year 2003 following a loss of 1.3\nmillion jobs in fiscal year 2002. Declines in payroll jobs diminished through fiscal year 2003 and totaled about\n300,000 for the year as a whole, but losses bottomed out towards the end of the year and employment increased in\nthe final 2 months. Those job gains extended into fiscal year 2004 along with a downward trend in the\nunemployment rate, which averaged 6.0 percent for all of fiscal year 2003.\n Although the overall consumer price index (CPI) rose 2.3 percent over the year, faster than over the previous\nfiscal year, the “core” CPI (which excludes food and energy prices) was up just 1.3 percent over the 12 months of\nfiscal year 2003, the smallest increase since the mid-1960s.\nBudget Results\n The unified Federal budget deficit was $374.8 billion in fiscal year 2003, up from $157.7 billion in fiscal year\n2002 but $81 billion lower than had been projected in the Mid-Session Review. The deficit represented an estimated\n3.5 percent of nominal GDP, the highest such share since fiscal year 1993 but well below the shares that were\nprevalent in the mid-1980s. The lagging economy in the early part of the year and declines in the stock market\ncontributed to the deterioration in the unified budget balance, as did increased defense and homeland security\nspending and the economic growth plan.\n Receipts decreased for the third straight year but the decline was just 3.8 percent, less than the 6.9 percent\ndecrease in fiscal year 2002. In dollar terms, receipts fell by $71.1 billion to $1,782 billion. That represented a 16.5\npercent share of GDP, down for the third year in a row after the share reached a record high of 20.8 percent in fiscal\nyear 2000. Outlays rose $145.9 billion in the latest year, or 7.3 percent, and represented a 19.9 percent share of\nGDP. Departments with the largest rates of growth included Education, Defense, and Homeland Security.\n Debt held by the public, excluding accrued interest, increased by $372.8 billion, or 10.5 percent, in fiscal year\n2003. That represented a relatively modest 36.2 percent of GDP compared to the average 44.5 percent share that\nprevailed from the late 1980s through most of the 1990s.\n Federal Budget Surpluses and Deficits\n As a Percent of GDP\n 4 4\n 2 2\n 0 0\n -2 -2\n -4 -4\n -6 -6\n -8 70 75 80 85 90 95 00 03 -8\n Fiscal Years", + "md": "# DISCUSSION AND ANALYSIS\n\nOf special importance was a firming in labor market conditions in fiscal year 2003 following a loss of 1.3 million jobs in fiscal year 2002. Declines in payroll jobs diminished through fiscal year 2003 and totaled about 300,000 for the year as a whole, but losses bottomed out towards the end of the year and employment increased in the final 2 months. Those job gains extended into fiscal year 2004 along with a downward trend in the unemployment rate, which averaged 6.0 percent for all of fiscal year 2003.\n\nAlthough the overall consumer price index (CPI) rose 2.3 percent over the year, faster than over the previous fiscal year, the “core” CPI (which excludes food and energy prices) was up just 1.3 percent over the 12 months of fiscal year 2003, the smallest increase since the mid-1960s.\n\n# Budget Results\n\nThe unified Federal budget deficit was $374.8 billion in fiscal year 2003, up from $157.7 billion in fiscal year 2002 but $81 billion lower than had been projected in the Mid-Session Review. The deficit represented an estimated 3.5 percent of nominal GDP, the highest such share since fiscal year 1993 but well below the shares that were prevalent in the mid-1980s. The lagging economy in the early part of the year and declines in the stock market contributed to the deterioration in the unified budget balance, as did increased defense and homeland security spending and the economic growth plan.\n\nReceipts decreased for the third straight year but the decline was just 3.8 percent, less than the 6.9 percent decrease in fiscal year 2002. In dollar terms, receipts fell by $71.1 billion to $1,782 billion. That represented a 16.5 percent share of GDP, down for the third year in a row after the share reached a record high of 20.8 percent in fiscal year 2000. Outlays rose $145.9 billion in the latest year, or 7.3 percent, and represented a 19.9 percent share of GDP. Departments with the largest rates of growth included Education, Defense, and Homeland Security.\n\nDebt held by the public, excluding accrued interest, increased by $372.8 billion, or 10.5 percent, in fiscal year 2003. That represented a relatively modest 36.2 percent of GDP compared to the average 44.5 percent share that prevailed from the late 1980s through most of the 1990s.\n\n# Federal Budget Surpluses and Deficits\n\n| | |4|4| | | | |\n|---|---|---|---|---|---|---|---|\n| | |2|2| | | | |\n| | |0|0| | | | |\n|-2|-2| | | | | | |\n|-4|-4| | | | | | |\n|-6|-6| | | | | | |\n|-8|-8| | | | | | |\n|70|75|80|85|90|95|00|03|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Of special importance was a firming in labor market conditions in fiscal year 2003 following a loss of 1.3 million jobs in fiscal year 2002. Declines in payroll jobs diminished through fiscal year 2003 and totaled about 300,000 for the year as a whole, but losses bottomed out towards the end of the year and employment increased in the final 2 months. Those job gains extended into fiscal year 2004 along with a downward trend in the unemployment rate, which averaged 6.0 percent for all of fiscal year 2003.\n\nAlthough the overall consumer price index (CPI) rose 2.3 percent over the year, faster than over the previous fiscal year, the “core” CPI (which excludes food and energy prices) was up just 1.3 percent over the 12 months of fiscal year 2003, the smallest increase since the mid-1960s.", + "md": "Of special importance was a firming in labor market conditions in fiscal year 2003 following a loss of 1.3 million jobs in fiscal year 2002. Declines in payroll jobs diminished through fiscal year 2003 and totaled about 300,000 for the year as a whole, but losses bottomed out towards the end of the year and employment increased in the final 2 months. Those job gains extended into fiscal year 2004 along with a downward trend in the unemployment rate, which averaged 6.0 percent for all of fiscal year 2003.\n\nAlthough the overall consumer price index (CPI) rose 2.3 percent over the year, faster than over the previous fiscal year, the “core” CPI (which excludes food and energy prices) was up just 1.3 percent over the 12 months of fiscal year 2003, the smallest increase since the mid-1960s.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Budget Results", + "md": "# Budget Results", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The unified Federal budget deficit was $374.8 billion in fiscal year 2003, up from $157.7 billion in fiscal year 2002 but $81 billion lower than had been projected in the Mid-Session Review. The deficit represented an estimated 3.5 percent of nominal GDP, the highest such share since fiscal year 1993 but well below the shares that were prevalent in the mid-1980s. The lagging economy in the early part of the year and declines in the stock market contributed to the deterioration in the unified budget balance, as did increased defense and homeland security spending and the economic growth plan.\n\nReceipts decreased for the third straight year but the decline was just 3.8 percent, less than the 6.9 percent decrease in fiscal year 2002. In dollar terms, receipts fell by $71.1 billion to $1,782 billion. That represented a 16.5 percent share of GDP, down for the third year in a row after the share reached a record high of 20.8 percent in fiscal year 2000. Outlays rose $145.9 billion in the latest year, or 7.3 percent, and represented a 19.9 percent share of GDP. Departments with the largest rates of growth included Education, Defense, and Homeland Security.\n\nDebt held by the public, excluding accrued interest, increased by $372.8 billion, or 10.5 percent, in fiscal year 2003. That represented a relatively modest 36.2 percent of GDP compared to the average 44.5 percent share that prevailed from the late 1980s through most of the 1990s.", + "md": "The unified Federal budget deficit was $374.8 billion in fiscal year 2003, up from $157.7 billion in fiscal year 2002 but $81 billion lower than had been projected in the Mid-Session Review. The deficit represented an estimated 3.5 percent of nominal GDP, the highest such share since fiscal year 1993 but well below the shares that were prevalent in the mid-1980s. The lagging economy in the early part of the year and declines in the stock market contributed to the deterioration in the unified budget balance, as did increased defense and homeland security spending and the economic growth plan.\n\nReceipts decreased for the third straight year but the decline was just 3.8 percent, less than the 6.9 percent decrease in fiscal year 2002. In dollar terms, receipts fell by $71.1 billion to $1,782 billion. That represented a 16.5 percent share of GDP, down for the third year in a row after the share reached a record high of 20.8 percent in fiscal year 2000. Outlays rose $145.9 billion in the latest year, or 7.3 percent, and represented a 19.9 percent share of GDP. Departments with the largest rates of growth included Education, Defense, and Homeland Security.\n\nDebt held by the public, excluding accrued interest, increased by $372.8 billion, or 10.5 percent, in fiscal year 2003. That represented a relatively modest 36.2 percent of GDP compared to the average 44.5 percent share that prevailed from the late 1980s through most of the 1990s.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Budget Surpluses and Deficits", + "md": "# Federal Budget Surpluses and Deficits", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "", + "4", + "4", + "", + "", + "", + "" + ], + [ + "", + "", + "2", + "2", + "", + "", + "", + "" + ], + [ + "", + "", + "0", + "0", + "", + "", + "", + "" + ], + [ + "-2", + "-2", + "", + "", + "", + "", + "", + "" + ], + [ + "-4", + "-4", + "", + "", + "", + "", + "", + "" + ], + [ + "-6", + "-6", + "", + "", + "", + "", + "", + "" + ], + [ + "-8", + "-8", + "", + "", + "", + "", + "", + "" + ], + [ + "70", + "75", + "80", + "85", + "90", + "95", + "00", + "03" + ] + ], + "md": "| | |4|4| | | | |\n| | |2|2| | | | |\n| | |0|0| | | | |\n|-2|-2| | | | | | |\n|-4|-4| | | | | | |\n|-6|-6| | | | | | |\n|-8|-8| | | | | | |\n|70|75|80|85|90|95|00|03|", + "isPerfectTable": true, + "csv": "\"\",\"\",\"4\",\"4\",\"\",\"\",\"\",\"\"\n\"\",\"\",\"2\",\"2\",\"\",\"\",\"\",\"\"\n\"\",\"\",\"0\",\"0\",\"\",\"\",\"\",\"\"\n\"-2\",\"-2\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"-4\",\"-4\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"-6\",\"-6\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"-8\",\"-8\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"70\",\"75\",\"80\",\"85\",\"90\",\"95\",\"00\",\"03\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 23, + "text": "18 DISCUSSION AND ANALYSIS\n U.S. Government Structure & Performance\nMission & Organization\n The Constitution set out the Government’s original mission:\n “…to form a more perfect union, establish justice, insure domestic tranquility, provide for\n the common defense, promote the general welfare and secure the blessings of liberty to ourselves\n and our posterity.”\n Today, the Federal Government’s primary mission (managing the security of the nation, homeland, and\neconomy) are still derived from this original mission. Other missions have developed as the Congress authorized the\ncreation of other agencies to carry out various objectives established by law. Some of these objectives were to:\npromote health care, foster income security, boost agricultural productivity, provide benefits and services to\nveterans, facilitate commerce, support housing, support the transportation system, protect the environment,\ncontribute to the security over energy resources, and assist the States in providing education.\nU.S. Government’s Organization\n The fundamental organization of the U.S. Government was set out in the Constitution. Article I vested\nlegislative powers in a Congress consisting of a Senate and a House of Representatives; Article II vested executive\npowers in a President and Vice President; and Article III vested judicial power in a Supreme Court and lower courts\nto be established by the Congress. An organization chart follows.", + "md": "# 18 DISCUSSION AND ANALYSIS\n\n# U.S. Government Structure & Performance\n\n# Mission & Organization\n\nThe Constitution set out the Government’s original mission:\n“…to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare and secure the blessings of liberty to ourselves and our posterity.”\n\nToday, the Federal Government’s primary mission (managing the security of the nation, homeland, and economy) are still derived from this original mission. Other missions have developed as the Congress authorized the creation of other agencies to carry out various objectives established by law. Some of these objectives were to: promote health care, foster income security, boost agricultural productivity, provide benefits and services to veterans, facilitate commerce, support housing, support the transportation system, protect the environment, contribute to the security over energy resources, and assist the States in providing education.\n\n# U.S. Government’s Organization\n\nThe fundamental organization of the U.S. Government was set out in the Constitution. Article I vested legislative powers in a Congress consisting of a Senate and a House of Representatives; Article II vested executive powers in a President and Vice President; and Article III vested judicial power in a Supreme Court and lower courts to be established by the Congress. An organization chart follows.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "18 DISCUSSION AND ANALYSIS", + "md": "# 18 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "U.S. Government Structure & Performance", + "md": "# U.S. Government Structure & Performance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Mission & Organization", + "md": "# Mission & Organization", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Constitution set out the Government’s original mission:\n“…to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare and secure the blessings of liberty to ourselves and our posterity.”\n\nToday, the Federal Government’s primary mission (managing the security of the nation, homeland, and economy) are still derived from this original mission. Other missions have developed as the Congress authorized the creation of other agencies to carry out various objectives established by law. Some of these objectives were to: promote health care, foster income security, boost agricultural productivity, provide benefits and services to veterans, facilitate commerce, support housing, support the transportation system, protect the environment, contribute to the security over energy resources, and assist the States in providing education.", + "md": "The Constitution set out the Government’s original mission:\n“…to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare and secure the blessings of liberty to ourselves and our posterity.”\n\nToday, the Federal Government’s primary mission (managing the security of the nation, homeland, and economy) are still derived from this original mission. Other missions have developed as the Congress authorized the creation of other agencies to carry out various objectives established by law. Some of these objectives were to: promote health care, foster income security, boost agricultural productivity, provide benefits and services to veterans, facilitate commerce, support housing, support the transportation system, protect the environment, contribute to the security over energy resources, and assist the States in providing education.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "U.S. Government’s Organization", + "md": "# U.S. Government’s Organization", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The fundamental organization of the U.S. Government was set out in the Constitution. Article I vested legislative powers in a Congress consisting of a Senate and a House of Representatives; Article II vested executive powers in a President and Vice President; and Article III vested judicial power in a Supreme Court and lower courts to be established by the Congress. An organization chart follows.", + "md": "The fundamental organization of the U.S. Government was set out in the Constitution. Article I vested legislative powers in a Congress consisting of a Senate and a House of Representatives; Article II vested executive powers in a President and Vice President; and Article III vested judicial power in a Supreme Court and lower courts to be established by the Congress. An organization chart follows.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 24, + "text": " DISCUSSION AND ANALYSIS 19\n THE GOVERNMENT OF THE UNITED STATES\n THE CONSTITUTION\n LEGISLATIVE BRANCH EXECUTIVE BRANCH JUDICIAL BRANCH\n THE CONGRESS THE PRESIDENT THE SUPREME COURT OF THE\n THE VICE PRESIDENT UNITED STATES\n SENATE HOUSE EXECUTIVE OFFICE OF THE PRESIDENT United States Courts of Appeals\n Architect of the Capitol White House Office United States District Courts\n United States Botanic Garden Office of the Vice President Territorial Courts\n General Accounting Office Council of Economic Advisers United States Court of International Trade\n Government Printing Office Council on Environmental Quality United States Court of Federal Claims\n Library of Congress National Security Council United States Court of Appeals for the\n Congressional Budget Office Office of Administration Armed Forces\n Office of Management and Budget United States Tax Court\n Office of National Drug Control Policy United States Court of Appeals\n Office of Policy Development for Veterans Claims\n Office of Science and Technology Policy Administrative Office of the United States Courts\n Office of the U.S. Trade Representative Federal Judicial Center\n United States Sentencing Commission\n DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT\n OF OF OF OF OF\n AGRICULTURE COMMERCE DEFENSE EDUCATION ENERGY\n DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT\n OF HEALTH OF HOMELAND OF HOUSING OF THE OF\n AND HUMAN SECURITY AND URBAN INTERIOR JUSTICE\n SERVICES DEVELOPMENT\n DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT\n OF OF OF OF THE OF\n LABOR STATE TRANSPORTATION TREASURY VETERANS\n AFFAIRS\n INDEPENDENT ESTABLISHMENTS AND GOVERNMENT CORPORATIONS\nAfrican Development Foundation Federal Maritime Commission National Foundation on the Arts Postal Rate Commission\nCentral Intelligence Agency Federal Mediation and and the Humanities Railroad Retirement Board\nCommodity Futures Trading Conciliation Service National Labor Relations Board Securities and Exchange\n Commission Federal Mine Safety and National Mediation Board Commission\nConsumer Product Safety Commission Health Review Commission National Railroad Passenger Selective Service System\nCorporation for National and Federal Reserve System Corporation (Amtrak) Small Business Administration\n Community Service Federal Retirement Thrift National Science Foundation Social Security Administration\nDefense Nuclear Facilities Safety Investment Board National Transportation Safety Tennessee Valley Authority\n Board Federal Trade Commission Board Trade and Development Agency\nEnvironmental Protection Agency General Services Administration Nuclear Regulatory Commission U.S. Agency for International\nEqual Employment Opportunity Inter-American Foundation Occupational Safety and Health Development\n Commission Merit Systems Protection Board Review Commission U.S. Commission on Civil Rights\nExport-Import Bank of the U.S.\nFarm Credit Administration National Aeronautics and Office of Government Ethics U.S. International Trade\nFederal Communications Space Administration Office of Personnel Management Commission\n Commission National Archives and Records Office of Special Counsel U.S. Postal Service\nFederal Deposit Insurance Administration Overseas Private Investment\n Corporation National Capital Planning Corporation\nFederal Election Commission Commission Peace Corps\nFederal Housing Finance Board National Credit Union Administration Pension Benefit Guaranty\nFederal Labor Relations Authority Corporation\nOriginal source: U.S. Government Manual 2003/2004", + "md": "# DISCUSSION AND ANALYSIS\n\n# THE GOVERNMENT OF THE UNITED STATES\n\n# THE CONSTITUTION\n\n|LEGISLATIVE BRANCH|EXECUTIVE BRANCH|JUDICIAL BRANCH|\n|---|---|---|\n|THE CONGRESS|THE PRESIDENT|THE SUPREME COURT OF THE UNITED STATES|\n|SENATE|HOUSE|United States Courts of Appeals|\n|Architect of the Capitol|EXECUTIVE OFFICE OF THE PRESIDENT|United States District Courts|\n|United States Botanic Garden|White House Office|Territorial Courts|\n|General Accounting Office|Office of the Vice President|United States Court of International Trade|\n|Government Printing Office|Council of Economic Advisers|United States Court of Federal Claims|\n|Library of Congress|Council on Environmental Quality|United States Court of Appeals for the Armed Forces|\n|Congressional Budget Office|National Security Council|United States Tax Court|\n| |Office of Administration|United States Court of Appeals for Veterans Claims|\n| |Office of Management and Budget|Administrative Office of the United States Courts|\n| |Office of National Drug Control Policy|Federal Judicial Center|\n| |Office of Policy Development|United States Sentencing Commission|\n| |Office of Science and Technology Policy| |\n| |Office of the U.S. Trade Representative| |\n\n# DEPARTMENT\n\n|OF AGRICULTURE|OF COMMERCE|OF DEFENSE|OF EDUCATION|OF ENERGY|\n|---|---|---|---|---|\n|DEPARTMENT|OF HEALTH AND HUMAN SERVICES|OF HOMELAND SECURITY|OF HOUSING AND URBAN DEVELOPMENT|OF THE INTERIOR|\n|DEPARTMENT|OF JUSTICE|OF LABOR|OF STATE|OF TRANSPORTATION|\n|OF TREASURY|OF VETERANS AFFAIRS| | | |\n\n# INDEPENDENT ESTABLISHMENTS AND GOVERNMENT CORPORATIONS\n\n|African Development Foundation|Federal Maritime Commission|National Foundation on the Arts and the Humanities|Postal Rate Commission|\n|---|---|---|---|\n|Central Intelligence Agency|Federal Mediation and Conciliation Service|National Labor Relations Board|Railroad Retirement Board|\n|Commodity Futures Trading Commission|Federal Mine Safety and Health Review Commission|National Mediation Board|Securities and Exchange Commission|\n|Consumer Product Safety Commission|Federal Reserve System|National Railroad Passenger Corporation (Amtrak)|Small Business Administration|\n|Corporation for National and Community Service|Federal Retirement Thrift Investment Board|National Science Foundation|Social Security Administration|\n|Defense Nuclear Facilities Safety Board|Federal Trade Commission|National Transportation Safety Board|Tennessee Valley Authority|\n|Environmental Protection Agency|General Services Administration|Nuclear Regulatory Commission|U.S. Agency for International Development|\n|Equal Employment Opportunity Commission|Inter-American Foundation|Occupational Safety and Health Review Commission|U.S. Commission on Civil Rights|\n|Export-Import Bank of the U.S.|Farm Credit Administration|National Aeronautics and Space Administration|Office of Government Ethics|\n|Federal Communications Commission|National Archives and Records Administration|Office of Personnel Management|Office of Special Counsel|\n|Federal Deposit Insurance Corporation|National Capital Planning Commission|Overseas Private Investment Corporation|Peace Corps|\n|Federal Election Commission|Federal Housing Finance Board|National Credit Union Administration|Pension Benefit Guaranty Corporation|\n\nOriginal source: U.S. Government Manual 2003/2004", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "THE GOVERNMENT OF THE UNITED STATES", + "md": "# THE GOVERNMENT OF THE UNITED STATES", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "THE CONSTITUTION", + "md": "# THE CONSTITUTION", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "LEGISLATIVE BRANCH", + "EXECUTIVE BRANCH", + "JUDICIAL BRANCH" + ], + [ + "THE 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Board\",\"Federal Trade Commission\",\"National Transportation Safety Board\",\"Tennessee Valley Authority\"\n\"Environmental Protection Agency\",\"General Services Administration\",\"Nuclear Regulatory Commission\",\"U.S. Agency for International Development\"\n\"Equal Employment Opportunity Commission\",\"Inter-American Foundation\",\"Occupational Safety and Health Review Commission\",\"U.S. Commission on Civil Rights\"\n\"Export-Import Bank of the U.S.\",\"Farm Credit Administration\",\"National Aeronautics and Space Administration\",\"Office of Government Ethics\"\n\"Federal Communications Commission\",\"National Archives and Records Administration\",\"Office of Personnel Management\",\"Office of Special Counsel\"\n\"Federal Deposit Insurance Corporation\",\"National Capital Planning Commission\",\"Overseas Private Investment Corporation\",\"Peace Corps\"\n\"Federal Election Commission\",\"Federal Housing Finance Board\",\"National Credit Union Administration\",\"Pension Benefit Guaranty Corporation\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Original source: U.S. Government Manual 2003/2004", + "md": "Original source: U.S. Government Manual 2003/2004", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 25, + "text": " 20 DISCUSSION AND ANALYSIS\n The United States is impressive in its position as one of the world powers. The following table illustrates\n several interesting facts about the United States, as compared with other countries.\n Item of Interest United States Estimate Country Comments\n as of Rank\nLand area only 9.2 million sq. km 2003 4 Russia, China, and Canada are larger\nPopulation 290.3 million 2003 (July) 3 China (1.3B) and India (1.0B) are greater\nGross domestic product (GDP) $10.4 trillion 2002 1 China was second with $5.7 trillion\n(basis: purchasing power parity)¹\nGDP per capita $37,600 2002 2 Luxembourg was first with $44,000\nLow infant mortality rate 6.75 deaths per 2003 42 Countries with populations > 50 million with\n 1,000 live births lower rate: Italy, 6.19; UK, 5.28; France, 4.37;\n Germany, 4.23; Japan, 3.30.\nElectricity production 3.72 trillion kWh 2001 1 China was second with 1.42 trillion kWh\nMilitary expenditures– 3.2 percent 2003 (Jan 1) 47 North Korea was first with 33.9 percent (FY02)\npercent of GDP\n ¹ Purchasing power parity indicates how many units of currency are needed in one country to buy the same amount of goods and services purchased\nwith one unit of currency in another country.\nSource: Central Intelligence Agency’s The World Factbook 2003\n Creation of the Department of Homeland Security\n The creation of DHS in 2003 was the most significant transformation of the Federal Government since 1947\n when the various branches of the U.S. Armed Forces were merged into a new Department of Defense. In the\n aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the need to\n coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various aspects\n of protecting and securing our homeland. President George W. Bush proposed the creation of DHS, and Congress\n passed the Act that established this new department.\n More than 20 agencies and offices and some 180,000 employees were transferred into DHS on March 1, 2003.\n They are located, for the most part, within one of four major program directorates: Border and Transportation\n Security, Emergency Preparedness and Response, Science and Technology, and Information Analysis and\n Infrastructure Protection. A fifth directorate coordinates management of the DHS. The Secret Service and the Coast\n Guard, although located within DHS, remained intact and report directly to the Secretary of DHS. In addition, the\n Immigration and Naturalization Service’s adjudications and benefits programs are now the Bureau of Citizenship\n and Immigration Services. The following chart shows how the incoming or legacy organizations or programs fit\n within the new department.", + "md": "# 20 DISCUSSION AND ANALYSIS\n\nThe United States is impressive in its position as one of the world powers. The following table illustrates several interesting facts about the United States, as compared with other countries.\n\n|Item of Interest|United States|Estimate as of|Rank|Country|Comments|\n|---|---|---|---|---|---|\n|Land area only|9.2 million sq. km|2003|4|Russia, China, and Canada are larger| |\n|Population|290.3 million|2003 (July)|3|China (1.3B) and India (1.0B) are greater| |\n|Gross domestic product (GDP)|$10.4 trillion|2002|1|China was second with $5.7 trillion|(basis: purchasing power parity)¹|\n|GDP per capita|$37,600|2002|2|Luxembourg was first with $44,000| |\n|Low infant mortality rate|6.75 deaths per 1,000 live births|2003|42|Countries with populations > 50 million with lower rate: Italy, 6.19; UK, 5.28; France, 4.37; Germany, 4.23; Japan, 3.30.| |\n|Electricity production|3.72 trillion kWh|2001|1|China was second with 1.42 trillion kWh| |\n|Military expenditures– percent of GDP|3.2 percent|2003 (Jan 1)|47|North Korea was first with 33.9 percent (FY02)| |\n\n¹ Purchasing power parity indicates how many units of currency are needed in one country to buy the same amount of goods and services purchased with one unit of currency in another country.\n\nSource: Central Intelligence Agency’s The World Factbook 2003\n\n# Creation of the Department of Homeland Security\n\nThe creation of DHS in 2003 was the most significant transformation of the Federal Government since 1947 when the various branches of the U.S. Armed Forces were merged into a new Department of Defense. In the aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the need to coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various aspects of protecting and securing our homeland. President George W. Bush proposed the creation of DHS, and Congress passed the Act that established this new department.\n\nMore than 20 agencies and offices and some 180,000 employees were transferred into DHS on March 1, 2003. They are located, for the most part, within one of four major program directorates: Border and Transportation Security, Emergency Preparedness and Response, Science and Technology, and Information Analysis and Infrastructure Protection. A fifth directorate coordinates management of the DHS. The Secret Service and the Coast Guard, although located within DHS, remained intact and report directly to the Secretary of DHS. In addition, the Immigration and Naturalization Service’s adjudications and benefits programs are now the Bureau of Citizenship and Immigration Services. The following chart shows how the incoming or legacy organizations or programs fit within the new department.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "20 DISCUSSION AND ANALYSIS", + "md": "# 20 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The United States is impressive in its position as one of the world powers. The following table illustrates several interesting facts about the United States, as compared with other countries.", + "md": "The United States is impressive in its position as one of the world powers. The following table illustrates several interesting facts about the United States, as compared with other countries.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "Item of Interest", + "United States", + "Estimate as of", + "Rank", + "Country", + "Comments" + ], + [ + "---", + "---", + "---", + "---", + "---", + "---" + ], + [ + "Land area only", + "9.2 million sq. km", + "2003", + "4", + "Russia, China, and Canada are larger", + "" + ], + [ + "Population", + "290.3 million", + "2003 (July)", + "3", + "China (1.3B) and India (1.0B) are greater", + "" + ], + [ + "Gross domestic product (GDP)", + "$10.4 trillion", + "2002", + "1", + "China was second with $5.7 trillion", + "(basis: purchasing power parity)¹" + ], + [ + "GDP per capita", + "$37,600", + "2002", + "2", + "Luxembourg was first with $44,000", + "" + ], + [ + "Low infant mortality rate", + "6.75 deaths per 1,000 live births", + "2003", + "42", + "Countries with populations > 50 million with lower rate: Italy, 6.19; UK, 5.28; France, 4.37; Germany, 4.23; Japan, 3.30.", + "" + ], + [ + "Electricity production", + "3.72 trillion kWh", + "2001", + "1", + "China was second with 1.42 trillion kWh", + "" + ], + [ + "Military expenditures– percent of GDP", + "3.2 percent", + "2003 (Jan 1)", + "47", + "North Korea was first with 33.9 percent (FY02)", + "" + ] + ], + "md": "The United States is impressive in its position as one of the world powers. The following table illustrates several interesting facts about the United States, as compared with other countries.\n|Item of Interest|United States|Estimate as of|Rank|Country|Comments|\n|---|---|---|---|---|---|\n|Land area only|9.2 million sq. km|2003|4|Russia, China, and Canada are larger| |\n|Population|290.3 million|2003 (July)|3|China (1.3B) and India (1.0B) are greater| |\n|Gross domestic product (GDP)|$10.4 trillion|2002|1|China was second with $5.7 trillion|(basis: purchasing power parity)¹|\n|GDP per capita|$37,600|2002|2|Luxembourg was first with $44,000| |\n|Low infant mortality rate|6.75 deaths per 1,000 live births|2003|42|Countries with populations > 50 million with lower rate: Italy, 6.19; UK, 5.28; France, 4.37; Germany, 4.23; Japan, 3.30.| |\n|Electricity production|3.72 trillion kWh|2001|1|China was second with 1.42 trillion kWh| |\n|Military expenditures– percent of GDP|3.2 percent|2003 (Jan 1)|47|North Korea was first with 33.9 percent (FY02)| |", + "isPerfectTable": false, + "csv": "\n\"Item of Interest\",\"United States\",\"Estimate as of\",\"Rank\",\"Country\",\"Comments\"\n\"---\",\"---\",\"---\",\"---\",\"---\",\"---\"\n\"Land area only\",\"9.2 million sq. km\",\"2003\",\"4\",\"Russia, China, and Canada are larger\",\"\"\n\"Population\",\"290.3 million\",\"2003 (July)\",\"3\",\"China (1.3B) and India (1.0B) are greater\",\"\"\n\"Gross domestic product (GDP)\",\"$10.4 trillion\",\"2002\",\"1\",\"China was second with $5.7 trillion\",\"(basis: purchasing power parity)¹\"\n\"GDP per capita\",\"$37,600\",\"2002\",\"2\",\"Luxembourg was first with $44,000\",\"\"\n\"Low infant mortality rate\",\"6.75 deaths per 1,000 live births\",\"2003\",\"42\",\"Countries with populations > 50 million with lower rate: Italy, 6.19; UK, 5.28; France, 4.37; Germany, 4.23; Japan, 3.30.\",\"\"\n\"Electricity production\",\"3.72 trillion kWh\",\"2001\",\"1\",\"China was second with 1.42 trillion kWh\",\"\"\n\"Military expenditures– percent of GDP\",\"3.2 percent\",\"2003 (Jan 1)\",\"47\",\"North Korea was first with 33.9 percent (FY02)\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "¹ Purchasing power parity indicates how many units of currency are needed in one country to buy the same amount of goods and services purchased with one unit of currency in another country.\n\nSource: Central Intelligence Agency’s The World Factbook 2003", + "md": "¹ Purchasing power parity indicates how many units of currency are needed in one country to buy the same amount of goods and services purchased with one unit of currency in another country.\n\nSource: Central Intelligence Agency’s The World Factbook 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Creation of the Department of Homeland Security", + "md": "# Creation of the Department of Homeland Security", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The creation of DHS in 2003 was the most significant transformation of the Federal Government since 1947 when the various branches of the U.S. Armed Forces were merged into a new Department of Defense. In the aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the need to coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various aspects of protecting and securing our homeland. President George W. Bush proposed the creation of DHS, and Congress passed the Act that established this new department.\n\nMore than 20 agencies and offices and some 180,000 employees were transferred into DHS on March 1, 2003. They are located, for the most part, within one of four major program directorates: Border and Transportation Security, Emergency Preparedness and Response, Science and Technology, and Information Analysis and Infrastructure Protection. A fifth directorate coordinates management of the DHS. The Secret Service and the Coast Guard, although located within DHS, remained intact and report directly to the Secretary of DHS. In addition, the Immigration and Naturalization Service’s adjudications and benefits programs are now the Bureau of Citizenship and Immigration Services. The following chart shows how the incoming or legacy organizations or programs fit within the new department.", + "md": "The creation of DHS in 2003 was the most significant transformation of the Federal Government since 1947 when the various branches of the U.S. Armed Forces were merged into a new Department of Defense. In the aftermath of the September 11, 2001, terrorist attacks, the President and the Congress recognized the need to coordinate the efforts of many Federal agencies, offices, and programs which had responsibility for various aspects of protecting and securing our homeland. President George W. Bush proposed the creation of DHS, and Congress passed the Act that established this new department.\n\nMore than 20 agencies and offices and some 180,000 employees were transferred into DHS on March 1, 2003. They are located, for the most part, within one of four major program directorates: Border and Transportation Security, Emergency Preparedness and Response, Science and Technology, and Information Analysis and Infrastructure Protection. A fifth directorate coordinates management of the DHS. The Secret Service and the Coast Guard, although located within DHS, remained intact and report directly to the Secretary of DHS. In addition, the Immigration and Naturalization Service’s adjudications and benefits programs are now the Bureau of Citizenship and Immigration Services. The following chart shows how the incoming or legacy organizations or programs fit within the new department.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 26, + "text": " DISCUSSION AND ANALYSIS 21\n THE DEPARTMENT OF HOMELAND SECURITY\n ORGANIZATIONS OR PROGRAMS\n TRANSFERRED INTO HOMELAND SECURITY\n BORDER AND SCIENCE AND DEPARTMENTAL\n TRANSPORTATION TECHNOLOGY OPERATIONS\n SECURITY\n U.S. Customs Service (Treasury) Chemical and Biological Defense Programs Includes the Offices of the Secretary and the\n Immigration and Naturalization Service (Defense) Management Directorate\n (part) (Justice) Environmental Measurements Laboratory\n Federal Protective Service (GSA) (Energy)\n Transportation Security Administration Plum Island Animal Disease Center\n (Transportation) (Agriculture)\n Federal Law Enforcement Training Center Environmental Measurements Laboratory\n (Treasury) (Energy)\n Animal and Plant Health Inspection Service\n (part) (Agriculture)\n Office for Domestic Preparedness (Justice)\n EMERGENCY INFORMATION OTHER PROGRAM\n PREPAREDNESS ANALYSIS AND ORGANIZATIONS\n AND RESPONSE INFRASTRUCTURE AND BUREAUS\n PROTECTION\n Federal Emergency Management Agency Critical Infrastructure Assurance Office U.S. Coast Guard (Transportation)\n (FEMA) (Commerce) U.S. Secret Service (Treasury)\n Strategic National Stockpile and the Federal Computer Incident Response Bureau of Citizenship and Immigration\n National Disaster Medical System (HHS) Center (GSA) Services (part) (INS)\n Office of Emergency Preparedness (HHS) National Communications System (Defense) Office of the Inspector General\n National Infrastructure Protection Center\n (Justice, FBI)\n Energy Security and Assurance Program\n (Energy) (includes National Infrastructure\n Simulation and Analysis Center)\n Source: Based on information provided by the Department of Homeland Security\n Significant Performance Accomplishments\n Progress on Audited Financial Statements\n As recently as 1996, not only were just six agencies able to issue financial statements with clean opinions, but\nmost agencies took as least 5 months to issue them. Before implementing the Improved Financial Performance\nInitiative of the President’s Management Agenda, 18 of 24 of the Government’s major agencies received clean\nopinions on their audited financial reports, however, it still took 5 months to prepare most of them. Today, most\nmajor agencies are getting clean audit opinions and issuing them in a condensed period of time.", + "md": "# DISCUSSION AND ANALYSIS\n\n# 21\n\n# THE DEPARTMENT OF HOMELAND SECURITY\n\n# ORGANIZATIONS OR PROGRAMS TRANSFERRED INTO HOMELAND SECURITY\n\n|BORDER AND TRANSPORTATION SECURITY|SCIENCE AND TECHNOLOGY|DEPARTMENTAL OPERATIONS|\n|---|---|---|\n|U.S. Customs Service (Treasury)|Chemical and Biological Defense Programs (Defense)|Includes the Offices of the Secretary and the Management Directorate|\n|Immigration and Naturalization Service (part) (Justice)|Environmental Measurements Laboratory (Energy)| |\n|Federal Protective Service (GSA)|Plum Island Animal Disease Center (Agriculture)| |\n|Transportation Security Administration (Transportation)|Environmental Measurements Laboratory (Energy)| |\n|Federal Law Enforcement Training Center (Treasury)| | |\n|Animal and Plant Health Inspection Service (part) (Agriculture)| | |\n|Office for Domestic Preparedness (Justice)| | |\n\n# EMERGENCY PREPAREDNESS AND RESPONSE\n\nINFORMATION ANALYSIS AND INFRASTRUCTURE PROTECTIONFederal Emergency Management Agency (FEMA)Strategic National Stockpile and the National Disaster Medical System (HHS)Office of Emergency Preparedness (HHS)\n# OTHER PROGRAM ORGANIZATIONS AND BUREAUS\n\nU.S. Coast Guard (Transportation)U.S. Secret Service (Treasury)Bureau of Citizenship and Immigration Services (part) (INS)Office of the Inspector General\nSource: Based on information provided by the Department of Homeland Security\n\n# Significant Performance Accomplishments\n\n# Progress on Audited Financial Statements\n\nAs recently as 1996, not only were just six agencies able to issue financial statements with clean opinions, but most agencies took at least 5 months to issue them. Before implementing the Improved Financial Performance Initiative of the President’s Management Agenda, 18 of 24 of the Government’s major agencies received clean opinions on their audited financial reports, however, it still took 5 months to prepare most of them. Today, most major agencies are getting clean audit opinions and issuing them in a condensed period of time.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "21", + "md": "# 21", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "THE DEPARTMENT OF HOMELAND SECURITY", + "md": "# THE DEPARTMENT OF HOMELAND SECURITY", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "ORGANIZATIONS OR PROGRAMS TRANSFERRED INTO HOMELAND SECURITY", + "md": "# ORGANIZATIONS OR PROGRAMS TRANSFERRED INTO HOMELAND SECURITY", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "BORDER AND TRANSPORTATION SECURITY", + "SCIENCE AND TECHNOLOGY", + "DEPARTMENTAL OPERATIONS" + ], + [ + "U.S. Customs Service (Treasury)", + "Chemical and Biological Defense Programs (Defense)", + "Includes the Offices of the Secretary and the Management Directorate" + ], + [ + "Immigration and Naturalization Service (part) (Justice)", + "Environmental Measurements Laboratory (Energy)", + "" + ], + [ + "Federal Protective Service (GSA)", + "Plum Island Animal Disease Center (Agriculture)", + "" + ], + [ + "Transportation Security Administration (Transportation)", + "Environmental Measurements Laboratory (Energy)", + "" + ], + [ + "Federal Law Enforcement Training Center (Treasury)", + "", + "" + ], + [ + "Animal and Plant Health Inspection Service (part) (Agriculture)", + "", + "" + ], + [ + "Office for Domestic Preparedness (Justice)", + "", + "" + ] + ], + "md": "|BORDER AND TRANSPORTATION SECURITY|SCIENCE AND TECHNOLOGY|DEPARTMENTAL OPERATIONS|\n|U.S. Customs Service (Treasury)|Chemical and Biological Defense Programs (Defense)|Includes the Offices of the Secretary and the Management Directorate|\n|Immigration and Naturalization Service (part) (Justice)|Environmental Measurements Laboratory (Energy)| |\n|Federal Protective Service (GSA)|Plum Island Animal Disease Center (Agriculture)| |\n|Transportation Security Administration (Transportation)|Environmental Measurements Laboratory (Energy)| |\n|Federal Law Enforcement Training Center (Treasury)| | |\n|Animal and Plant Health Inspection Service (part) (Agriculture)| | |\n|Office for Domestic Preparedness (Justice)| | |", + "isPerfectTable": true, + "csv": "\"BORDER AND TRANSPORTATION SECURITY\",\"SCIENCE AND TECHNOLOGY\",\"DEPARTMENTAL OPERATIONS\"\n\"U.S. Customs Service (Treasury)\",\"Chemical and Biological Defense Programs (Defense)\",\"Includes the Offices of the Secretary and the Management Directorate\"\n\"Immigration and Naturalization Service (part) (Justice)\",\"Environmental Measurements Laboratory (Energy)\",\"\"\n\"Federal Protective Service (GSA)\",\"Plum Island Animal Disease Center (Agriculture)\",\"\"\n\"Transportation Security Administration (Transportation)\",\"Environmental Measurements Laboratory (Energy)\",\"\"\n\"Federal Law Enforcement Training Center (Treasury)\",\"\",\"\"\n\"Animal and Plant Health Inspection Service (part) (Agriculture)\",\"\",\"\"\n\"Office for Domestic Preparedness (Justice)\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "EMERGENCY PREPAREDNESS AND RESPONSE", + "md": "# EMERGENCY PREPAREDNESS AND RESPONSE", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "INFORMATION ANALYSIS AND INFRASTRUCTURE PROTECTIONFederal Emergency Management Agency (FEMA)Strategic National Stockpile and the National Disaster Medical System (HHS)Office of Emergency Preparedness (HHS)", + "md": "INFORMATION ANALYSIS AND INFRASTRUCTURE PROTECTIONFederal Emergency Management Agency (FEMA)Strategic National Stockpile and the National Disaster Medical System (HHS)Office of Emergency Preparedness (HHS)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "OTHER PROGRAM ORGANIZATIONS AND BUREAUS", + "md": "# OTHER PROGRAM ORGANIZATIONS AND BUREAUS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "U.S. Coast Guard (Transportation)U.S. Secret Service (Treasury)Bureau of Citizenship and Immigration Services (part) (INS)Office of the Inspector General\nSource: Based on information provided by the Department of Homeland Security", + "md": "U.S. Coast Guard (Transportation)U.S. Secret Service (Treasury)Bureau of Citizenship and Immigration Services (part) (INS)Office of the Inspector General\nSource: Based on information provided by the Department of Homeland Security", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Significant Performance Accomplishments", + "md": "# Significant Performance Accomplishments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Progress on Audited Financial Statements", + "md": "# Progress on Audited Financial Statements", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "As recently as 1996, not only were just six agencies able to issue financial statements with clean opinions, but most agencies took at least 5 months to issue them. Before implementing the Improved Financial Performance Initiative of the President’s Management Agenda, 18 of 24 of the Government’s major agencies received clean opinions on their audited financial reports, however, it still took 5 months to prepare most of them. Today, most major agencies are getting clean audit opinions and issuing them in a condensed period of time.", + "md": "As recently as 1996, not only were just six agencies able to issue financial statements with clean opinions, but most agencies took at least 5 months to issue them. Before implementing the Improved Financial Performance Initiative of the President’s Management Agenda, 18 of 24 of the Government’s major agencies received clean opinions on their audited financial reports, however, it still took 5 months to prepare most of them. Today, most major agencies are getting clean audit opinions and issuing them in a condensed period of time.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 27, + "text": "22 DISCUSSION AND ANALYSIS\n A clean audit opinion provides assurance that agencies are responsibly accounting for the people’s money. If it\ntakes them 5 months to issue audited financial statements, however, it is a good indication they do not have timely\nand accurate financial information available on a regular basis. That is why the Administration is working with all\nagencies to close their books more quickly. Eight agencies have accelerated the issuance of audited financial reports\nto 45 days after year end, which is the 2004 Governmentwide requirement. One particular agency of note is the U.S.\nAgency for International Development (USAID), which not only accelerated the reporting of its financial\nstatements, but also received a clean opinion for the first time in its history. Additionally, agencies are now reporting\nquarterly financial information in addition to the end of the year data.\n Through the first quarter of fiscal year 2004, four agencies–Education, Environmental Protection Agency\n(EPA), National Science Foundation (NSF), and SSA – have demonstrated their ability to use timely and accurate\nfinancial information to make decisions about program management. For example, Education uses up-to-the-minute\nfinancial data to track whether schools are receiving the appropriate amount of Federal funds. In addition, EPA’s\nLeaking Underground Storage Tank program negotiates performance commitments with grantees and provides\nresources based on those commitments. If a grantee is not meeting its commitments, EPA may withhold some\nresources from the nonperformers and redirect those resources to grantees that are meeting their commitments.\n The President’s Management Agenda: Ensuring\n Government’s Effectiveness\n In August 2001, The President’s Management Agenda (PMA) was launched with the broad goal of making the\nGovernment results-oriented and focused on achievement and accountability. Over the past 2 ½ years, Federal\nagencies have established aggressive implementation plans for the PMA and are meeting their goals. As a result, the\nFederal Government is better managed and achieving greater results. It is managing its finances and investments\nmore professionally and efficiently. It is providing better service to the American people. The Government is getting\nthe people it needs to accomplish its mission at the best value to the taxpayer. Most important, it is evaluating its\nperformance; asking what works, what doesn’t, and what to do about it.\n Five areas of emphasis, or subcomponents, were identified for the agenda:\n Strategic Management of Human Capital:\n • Helps the Government maximize the value of its most important resource, its workforce. Agencies are now\n establishing and implementing practices to manage their personnel to achieve their missions.\n Competitive Sourcing Initiative:\n • Before this initiative was launched, too few agencies regularly assessed the efficiency and effectiveness of the\n commercial activities they performed. Today, by contrast, a steadily increasing number of agencies are looking\n to competition to strengthen both the return on taxpayer investment and overall customer satisfaction.\n Improved Financial Performance Initiative:\n • Helps the Government ensure the availability, accuracy, and timeliness of its financial information, helping it\n make better decisions about program management.\n The Expanded Electronic Government Initiative:\n • Focuses on two key areas – strengthening agencies’ management of their information technology (IT) resources\n and using the Internet to simplify and enhance service delivery.\n The Budget Performance/Integration Initiative:\n • Helps agencies use meaningful information about how programs are performing to inform their budget and\n management decisions.\n The PMA measures the Government’s progress toward its goals through the use of the Executive Branch\nManagement Scorecard. This Scorecard is used to assess agencies’ overall status in achieving the expected levels of\nachievement, or standards for success, identified in the agenda. Their quarterly efforts in working toward those goals\nare also assessed.\n Implementation of the PMA has brought focus and attention to how the Government is operated, and identified\nways that it can be more effective. Agencies are improving—managing for and achieving better results.", + "md": "# 22 DISCUSSION AND ANALYSIS\n\nA clean audit opinion provides assurance that agencies are responsibly accounting for the people’s money. If it takes them 5 months to issue audited financial statements, however, it is a good indication they do not have timely and accurate financial information available on a regular basis. That is why the Administration is working with all agencies to close their books more quickly. Eight agencies have accelerated the issuance of audited financial reports to 45 days after year end, which is the 2004 Governmentwide requirement. One particular agency of note is the U.S. Agency for International Development (USAID), which not only accelerated the reporting of its financial statements, but also received a clean opinion for the first time in its history. Additionally, agencies are now reporting quarterly financial information in addition to the end of the year data.\n\nThrough the first quarter of fiscal year 2004, four agencies–Education, Environmental Protection Agency (EPA), National Science Foundation (NSF), and SSA – have demonstrated their ability to use timely and accurate financial information to make decisions about program management. For example, Education uses up-to-the-minute financial data to track whether schools are receiving the appropriate amount of Federal funds. In addition, EPA’s Leaking Underground Storage Tank program negotiates performance commitments with grantees and provides resources based on those commitments. If a grantee is not meeting its commitments, EPA may withhold some resources from the nonperformers and redirect those resources to grantees that are meeting their commitments.\n\n# The President’s Management Agenda: Ensuring Government’s Effectiveness\n\nIn August 2001, The President’s Management Agenda (PMA) was launched with the broad goal of making the Government results-oriented and focused on achievement and accountability. Over the past 2 ½ years, Federal agencies have established aggressive implementation plans for the PMA and are meeting their goals. As a result, the Federal Government is better managed and achieving greater results. It is managing its finances and investments more professionally and efficiently. It is providing better service to the American people. The Government is getting the people it needs to accomplish its mission at the best value to the taxpayer. Most important, it is evaluating its performance; asking what works, what doesn’t, and what to do about it.\n\n# Five areas of emphasis, or subcomponents, were identified for the agenda:\n\n- Strategic Management of Human Capital: Helps the Government maximize the value of its most important resource, its workforce. Agencies are now establishing and implementing practices to manage their personnel to achieve their missions.\n- Competitive Sourcing Initiative: Before this initiative was launched, too few agencies regularly assessed the efficiency and effectiveness of the commercial activities they performed. Today, by contrast, a steadily increasing number of agencies are looking to competition to strengthen both the return on taxpayer investment and overall customer satisfaction.\n- Improved Financial Performance Initiative: Helps the Government ensure the availability, accuracy, and timeliness of its financial information, helping it make better decisions about program management.\n- The Expanded Electronic Government Initiative: Focuses on two key areas – strengthening agencies’ management of their information technology (IT) resources and using the Internet to simplify and enhance service delivery.\n- The Budget Performance/Integration Initiative: Helps agencies use meaningful information about how programs are performing to inform their budget and management decisions.\n\nThe PMA measures the Government’s progress toward its goals through the use of the Executive Branch Management Scorecard. This Scorecard is used to assess agencies’ overall status in achieving the expected levels of achievement, or standards for success, identified in the agenda. Their quarterly efforts in working toward those goals are also assessed.\n\nImplementation of the PMA has brought focus and attention to how the Government is operated, and identified ways that it can be more effective. Agencies are improving—managing for and achieving better results.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "22 DISCUSSION AND ANALYSIS", + "md": "# 22 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "A clean audit opinion provides assurance that agencies are responsibly accounting for the people’s money. If it takes them 5 months to issue audited financial statements, however, it is a good indication they do not have timely and accurate financial information available on a regular basis. That is why the Administration is working with all agencies to close their books more quickly. Eight agencies have accelerated the issuance of audited financial reports to 45 days after year end, which is the 2004 Governmentwide requirement. One particular agency of note is the U.S. Agency for International Development (USAID), which not only accelerated the reporting of its financial statements, but also received a clean opinion for the first time in its history. Additionally, agencies are now reporting quarterly financial information in addition to the end of the year data.\n\nThrough the first quarter of fiscal year 2004, four agencies–Education, Environmental Protection Agency (EPA), National Science Foundation (NSF), and SSA – have demonstrated their ability to use timely and accurate financial information to make decisions about program management. For example, Education uses up-to-the-minute financial data to track whether schools are receiving the appropriate amount of Federal funds. In addition, EPA’s Leaking Underground Storage Tank program negotiates performance commitments with grantees and provides resources based on those commitments. If a grantee is not meeting its commitments, EPA may withhold some resources from the nonperformers and redirect those resources to grantees that are meeting their commitments.", + "md": "A clean audit opinion provides assurance that agencies are responsibly accounting for the people’s money. If it takes them 5 months to issue audited financial statements, however, it is a good indication they do not have timely and accurate financial information available on a regular basis. That is why the Administration is working with all agencies to close their books more quickly. Eight agencies have accelerated the issuance of audited financial reports to 45 days after year end, which is the 2004 Governmentwide requirement. One particular agency of note is the U.S. Agency for International Development (USAID), which not only accelerated the reporting of its financial statements, but also received a clean opinion for the first time in its history. Additionally, agencies are now reporting quarterly financial information in addition to the end of the year data.\n\nThrough the first quarter of fiscal year 2004, four agencies–Education, Environmental Protection Agency (EPA), National Science Foundation (NSF), and SSA – have demonstrated their ability to use timely and accurate financial information to make decisions about program management. For example, Education uses up-to-the-minute financial data to track whether schools are receiving the appropriate amount of Federal funds. In addition, EPA’s Leaking Underground Storage Tank program negotiates performance commitments with grantees and provides resources based on those commitments. If a grantee is not meeting its commitments, EPA may withhold some resources from the nonperformers and redirect those resources to grantees that are meeting their commitments.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "The President’s Management Agenda: Ensuring Government’s Effectiveness", + "md": "# The President’s Management Agenda: Ensuring Government’s Effectiveness", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In August 2001, The President’s Management Agenda (PMA) was launched with the broad goal of making the Government results-oriented and focused on achievement and accountability. Over the past 2 ½ years, Federal agencies have established aggressive implementation plans for the PMA and are meeting their goals. As a result, the Federal Government is better managed and achieving greater results. It is managing its finances and investments more professionally and efficiently. It is providing better service to the American people. The Government is getting the people it needs to accomplish its mission at the best value to the taxpayer. Most important, it is evaluating its performance; asking what works, what doesn’t, and what to do about it.", + "md": "In August 2001, The President’s Management Agenda (PMA) was launched with the broad goal of making the Government results-oriented and focused on achievement and accountability. Over the past 2 ½ years, Federal agencies have established aggressive implementation plans for the PMA and are meeting their goals. As a result, the Federal Government is better managed and achieving greater results. It is managing its finances and investments more professionally and efficiently. It is providing better service to the American people. The Government is getting the people it needs to accomplish its mission at the best value to the taxpayer. Most important, it is evaluating its performance; asking what works, what doesn’t, and what to do about it.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Five areas of emphasis, or subcomponents, were identified for the agenda:", + "md": "# Five areas of emphasis, or subcomponents, were identified for the agenda:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Strategic Management of Human Capital: Helps the Government maximize the value of its most important resource, its workforce. Agencies are now establishing and implementing practices to manage their personnel to achieve their missions.\n- Competitive Sourcing Initiative: Before this initiative was launched, too few agencies regularly assessed the efficiency and effectiveness of the commercial activities they performed. Today, by contrast, a steadily increasing number of agencies are looking to competition to strengthen both the return on taxpayer investment and overall customer satisfaction.\n- Improved Financial Performance Initiative: Helps the Government ensure the availability, accuracy, and timeliness of its financial information, helping it make better decisions about program management.\n- The Expanded Electronic Government Initiative: Focuses on two key areas – strengthening agencies’ management of their information technology (IT) resources and using the Internet to simplify and enhance service delivery.\n- The Budget Performance/Integration Initiative: Helps agencies use meaningful information about how programs are performing to inform their budget and management decisions.\n\nThe PMA measures the Government’s progress toward its goals through the use of the Executive Branch Management Scorecard. This Scorecard is used to assess agencies’ overall status in achieving the expected levels of achievement, or standards for success, identified in the agenda. Their quarterly efforts in working toward those goals are also assessed.\n\nImplementation of the PMA has brought focus and attention to how the Government is operated, and identified ways that it can be more effective. Agencies are improving—managing for and achieving better results.", + "md": "- Strategic Management of Human Capital: Helps the Government maximize the value of its most important resource, its workforce. Agencies are now establishing and implementing practices to manage their personnel to achieve their missions.\n- Competitive Sourcing Initiative: Before this initiative was launched, too few agencies regularly assessed the efficiency and effectiveness of the commercial activities they performed. Today, by contrast, a steadily increasing number of agencies are looking to competition to strengthen both the return on taxpayer investment and overall customer satisfaction.\n- Improved Financial Performance Initiative: Helps the Government ensure the availability, accuracy, and timeliness of its financial information, helping it make better decisions about program management.\n- The Expanded Electronic Government Initiative: Focuses on two key areas – strengthening agencies’ management of their information technology (IT) resources and using the Internet to simplify and enhance service delivery.\n- The Budget Performance/Integration Initiative: Helps agencies use meaningful information about how programs are performing to inform their budget and management decisions.\n\nThe PMA measures the Government’s progress toward its goals through the use of the Executive Branch Management Scorecard. This Scorecard is used to assess agencies’ overall status in achieving the expected levels of achievement, or standards for success, identified in the agenda. Their quarterly efforts in working toward those goals are also assessed.\n\nImplementation of the PMA has brought focus and attention to how the Government is operated, and identified ways that it can be more effective. Agencies are improving—managing for and achieving better results.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 28, + "text": " DISCUSSION AND ANALYSIS 23\n Explanation of Status Scores\nGreen Agency meets all of the standards for success.\nYellow Agency achieves some, but not all, of the criteria.\nRed Agency has any of a number of serious flaws.\n Explanation of Progress Scores\nGreen Implementation is proceeding according to plans.\nYellow Slippage in implementation schedule, quality of deliverables, or other issues requiring adjustments by\n agency in order to achieve initiative on a timely basis.\nRed Initiative in serious jeopardy. Unlikely to realize objectives without significant management intervention.", + "md": "# DISCUSSION AND ANALYSIS\n\n# Explanation of Status Scores\n\n|Green|Agency meets all of the standards for success.|\n|---|---|\n|Yellow|Agency achieves some, but not all, of the criteria.|\n|Red|Agency has any of a number of serious flaws.|\n\n# Explanation of Progress Scores\n\n|Green|Implementation is proceeding according to plans.|\n|---|---|\n|Yellow|Slippage in implementation schedule, quality of deliverables, or other issues requiring adjustments by agency in order to achieve initiative on a timely basis.|\n|Red|Initiative in serious jeopardy. Unlikely to realize objectives without significant management intervention.|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Explanation of Status Scores", + "md": "# Explanation of Status Scores", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Green", + "Agency meets all of the standards for success." + ], + [ + "Yellow", + "Agency achieves some, but not all, of the criteria." + ], + [ + "Red", + "Agency has any of a number of serious flaws." + ] + ], + "md": "|Green|Agency meets all of the standards for success.|\n|Yellow|Agency achieves some, but not all, of the criteria.|\n|Red|Agency has any of a number of serious flaws.|", + "isPerfectTable": true, + "csv": "\"Green\",\"Agency meets all of the standards for success.\"\n\"Yellow\",\"Agency achieves some, but not all, of the criteria.\"\n\"Red\",\"Agency has any of a number of serious flaws.\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Explanation of Progress Scores", + "md": "# Explanation of Progress Scores", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Green", + "Implementation is proceeding according to plans." + ], + [ + "Yellow", + "Slippage in implementation schedule, quality of deliverables, or other issues requiring adjustments by agency in order to achieve initiative on a timely basis." + ], + [ + "Red", + "Initiative in serious jeopardy. 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Unlikely to realize objectives without significant management intervention.\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 29, + "text": "24 DISCUSSION AND ANALYSIS\nThe Scorecard\n Executive Branch Management Scorecard\n Current Status as of Progress in Implementing the President’s\n September 30, 2003 Management Agenda\n Budget/ Budget/\n Competi- Perf. Competi- Perf.\n Human tive Financial Integra- Human tive Financial Integra-\n Capital Sourcing Perf. E-Gov tion Capital Sourcing Perf. E-Gov tion\nAGRICULTURE\nCOMMERCE\nDEFENSE\nEDUCATION\nENERGY\nEPA\nHHS\nHOMELAND\nHUD\nINTERIOR\nJUSTICE\nLABOR\nSTATE\nDOT\nTREASURY\nVA\nUSAID\nCORPS OF\nENGINEERS\nGSA\nNASA\nNSF\nOMB\nOPM\nSBA\nSMITHSONIAN\nSSA\nLegend: = Red = Yellow = Green", + "md": "# 24 DISCUSSION AND ANALYSIS\n\n# The Scorecard\n\n# Executive Branch Management Scorecard\n\n# Current Status as of September 30, 2003\n\n# Progress in Implementing the President’s Management Agenda\n\n|Budget/|Competi-|Financial|Perf.|Integra-|Human| | | | | | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|\n|Capital|Sourcing|Perf.|E-Gov|Capital|Sourcing|Perf.|E-Gov|Capital|Sourcing|Perf.|E-Gov|Capital|Sourcing|Perf.|E-Gov| |\n|AGRICULTURE| | | | | | | | | | | | | | | | |\n|COMMERCE| | | | | | | | | | | | | | | | |\n|DEFENSE| | | | | | | | | | | | | | | | |\n|EDUCATION| | | | | | | | | | | | | | | | |\n|ENERGY| | | | | | | | | | | | | | | | |\n|EPA| | | | | | | | | | | | | | | | |\n|HHS| | | | | | | | | | | | | | | | |\n|HOMELAND| | | | | | | | | | | | | | | | |\n|HUD| | | | | | | | | | | | | | | | |\n|INTERIOR| | | | | | | | | | | | | | | | |\n|JUSTICE| | | | | | | | | | | | | | | | |\n|LABOR| | | | | | | | | | | | | | | | |\n|STATE| | | | | | | | | | | | | | | | |\n|DOT| | | | | | | | | | | | | | | | |\n|TREASURY| | | | | | | | | | | | | | | | |\n|VA| | | | | | | | | | | | | | | | |\n|USAID| | | | | | | | | | | | | | | | |\n|CORPS OF ENGINEERS| | | | | | | | | | | | | | | | |\n|GSA| | | | | | | | | | | | | | | | |\n|NASA| | | | | | | | | | | | | | | | |\n|NSF| | | | | | | | | | | | | | | | |\n|OMB| | | | | | | | | | | | | | | | |\n|OPM| | | | | | | | | | | | | | | | |\n|SBA| | | | | | | | | | | | | | | | |\n|SMITHSONIAN| | | | | | | | | | | | | | | | |\n|SSA| | | | | | | | | | | | | | | | |\n\nLegend: = Red = Yellow = Green", + "images": [ + { + "name": "img_p28_1.png", + "height": 24, + "width": 35, + "x": 159.48, + "y": 200.46 + }, + { + "name": "img_p28_2.png", + 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Much emphasis has been placed on streamlining systems and\nstandard processes across the agencies and minimizing redundant investments in duplicative systems. The\nAdministration’s Expanded Electronic Government initiative (E-Gov) has focused on leveraging information\ntechnology to make the Federal Government more citizen-centered and results oriented.\n For example, the E-Payroll initiative is working to consolidate 22 Federal payroll systems down to two payroll\nprovider partnerships in order to simplify and standardize Federal payroll processes. The E-Payroll initiative\ncompleted a major milestone in August with the successful migration of Energy, the first agency to migrate to an E-\nPayroll provider. Several other agencies have also completed their migrations in this area.\n The Grants.gov initiative will minimize the burden of finding and applying for grants and enable agencies to\nmake awards more efficiently. This initiative recently completed the \"Find Grant Opportunities\" and the \"Apply for\nGrants\" features of the Grants.gov web site, which was officially launched in November.\n The Geospatial One-Stop initiative introduced GeoData.gov, a portal featuring \"one-stop\" access to geospatial\ninformation and resources from diverse sources, quickly compiled and posted links to web sites, maps and\ninformation from numerous Government sources on the impact of Hurricane Isabel that shut down much of the East\nCoast of the United States as well as the September 25th earthquake in Japan and its potential impact on the United\nStates. GeoData.gov responded twice in the month of September to major natural disasters.\n The Recruitment One-Stop initiative unveiled the new look and feel of www.usajobs.opm.gov, showcasing\nnew user-friendly features such as: enhanced job search engine and sorting capability, resume storage, a personal\ncareer management homepage, and improved accessibility for disabled users. The web site is the foremost\ndestination for those seeking employment with the Federal Government, allowing job seekers to quickly and easily\nfind and apply for Federal jobs in a centralized location.\n Additionally, the Expanding Electronic Government initiative is making progress in several other areas, such\nas the Financial Management Line of Business. The Financial Management Line of Business initiative will\nstandardize data structures and business processes for core accounting systems within a well-defined common\narchitecture. This initiative will address opportunities for more effective IT spending in the areas of: Financial\nManagement, Human Resources, Federal Health Architecture, and Case Management.\n Further information on Expanded Electronic Government, the E-Gov Strategy, or other E-Gov topics of\ninterest can be found at www.egov.gov, the official web site of the President's E-Government initiatives. The web\nsite is an up-to-date, public source of information about the E-Gov Initiatives and their accomplishments.\nControls\n The Federal Government has historically emphasized the need for good internal controls in its internal\nmanagement review and external financial reporting requirements. Together, these requirements assist management\nin ensuring the integrity of Government financial management information.\n Since its passage in 1982, the Federal Managers’ Financial Integrity Act has required agencies to annually\nreport on the adequacy of their management controls. To meet this reporting requirement, agencies undertake annual\ninternal reviews of key controls over major programs to determine if they are functioning properly. Any control\ndeficiencies identified are reported by the head of the agency to the President.\n The Federal Financial Management Improvement Act of 1996 requires agency management and independent\nfinancial auditors to determine whether financial management systems meet systems requirements, comply with the\nU.S. Government Standard General Ledger, and adhere to accounting standards. Independent auditors report their\ndetermination as part of their annual financial audit report on agency financial statements, which is included in\nagencies’ annual Performance and Accountability Reports.", + "md": "# DISCUSSION AND ANALYSIS\n\n# Systems, Controls, and Legal Compliance\n\n# Systems\n\nThe Federal Government continues to face agency-specific and Governmentwide challenges in modernizing and standardizing its financial management systems. Much emphasis has been placed on streamlining systems and standard processes across the agencies and minimizing redundant investments in duplicative systems. The Administration’s Expanded Electronic Government initiative (E-Gov) has focused on leveraging information technology to make the Federal Government more citizen-centered and results oriented.\n\nFor example, the E-Payroll initiative is working to consolidate 22 Federal payroll systems down to two payroll provider partnerships in order to simplify and standardize Federal payroll processes. The E-Payroll initiative completed a major milestone in August with the successful migration of Energy, the first agency to migrate to an E-Payroll provider. Several other agencies have also completed their migrations in this area.\n\nThe Grants.gov initiative will minimize the burden of finding and applying for grants and enable agencies to make awards more efficiently. This initiative recently completed the \"Find Grant Opportunities\" and the \"Apply for Grants\" features of the Grants.gov web site, which was officially launched in November.\n\nThe Geospatial One-Stop initiative introduced GeoData.gov, a portal featuring \"one-stop\" access to geospatial information and resources from diverse sources, quickly compiled and posted links to web sites, maps and information from numerous Government sources on the impact of Hurricane Isabel that shut down much of the East Coast of the United States as well as the September 25th earthquake in Japan and its potential impact on the United States. GeoData.gov responded twice in the month of September to major natural disasters.\n\nThe Recruitment One-Stop initiative unveiled the new look and feel of www.usajobs.opm.gov, showcasing new user-friendly features such as: enhanced job search engine and sorting capability, resume storage, a personal career management homepage, and improved accessibility for disabled users. The web site is the foremost destination for those seeking employment with the Federal Government, allowing job seekers to quickly and easily find and apply for Federal jobs in a centralized location.\n\nAdditionally, the Expanding Electronic Government initiative is making progress in several other areas, such as the Financial Management Line of Business. The Financial Management Line of Business initiative will standardize data structures and business processes for core accounting systems within a well-defined common architecture. This initiative will address opportunities for more effective IT spending in the areas of: Financial Management, Human Resources, Federal Health Architecture, and Case Management.\n\nFurther information on Expanded Electronic Government, the E-Gov Strategy, or other E-Gov topics of interest can be found at www.egov.gov, the official web site of the President's E-Government initiatives. The web site is an up-to-date, public source of information about the E-Gov Initiatives and their accomplishments.\n\n# Controls\n\nThe Federal Government has historically emphasized the need for good internal controls in its internal management review and external financial reporting requirements. Together, these requirements assist management in ensuring the integrity of Government financial management information.\n\nSince its passage in 1982, the Federal Managers’ Financial Integrity Act has required agencies to annually report on the adequacy of their management controls. To meet this reporting requirement, agencies undertake annual internal reviews of key controls over major programs to determine if they are functioning properly. Any control deficiencies identified are reported by the head of the agency to the President.\n\nThe Federal Financial Management Improvement Act of 1996 requires agency management and independent financial auditors to determine whether financial management systems meet systems requirements, comply with the U.S. Government Standard General Ledger, and adhere to accounting standards. Independent auditors report their determination as part of their annual financial audit report on agency financial statements, which is included in agencies’ annual Performance and Accountability Reports.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Systems, Controls, and Legal Compliance", + "md": "# Systems, Controls, and Legal Compliance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Systems", + "md": "# Systems", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Federal Government continues to face agency-specific and Governmentwide challenges in modernizing and standardizing its financial management systems. Much emphasis has been placed on streamlining systems and standard processes across the agencies and minimizing redundant investments in duplicative systems. The Administration’s Expanded Electronic Government initiative (E-Gov) has focused on leveraging information technology to make the Federal Government more citizen-centered and results oriented.\n\nFor example, the E-Payroll initiative is working to consolidate 22 Federal payroll systems down to two payroll provider partnerships in order to simplify and standardize Federal payroll processes. The E-Payroll initiative completed a major milestone in August with the successful migration of Energy, the first agency to migrate to an E-Payroll provider. Several other agencies have also completed their migrations in this area.\n\nThe Grants.gov initiative will minimize the burden of finding and applying for grants and enable agencies to make awards more efficiently. This initiative recently completed the \"Find Grant Opportunities\" and the \"Apply for Grants\" features of the Grants.gov web site, which was officially launched in November.\n\nThe Geospatial One-Stop initiative introduced GeoData.gov, a portal featuring \"one-stop\" access to geospatial information and resources from diverse sources, quickly compiled and posted links to web sites, maps and information from numerous Government sources on the impact of Hurricane Isabel that shut down much of the East Coast of the United States as well as the September 25th earthquake in Japan and its potential impact on the United States. GeoData.gov responded twice in the month of September to major natural disasters.\n\nThe Recruitment One-Stop initiative unveiled the new look and feel of www.usajobs.opm.gov, showcasing new user-friendly features such as: enhanced job search engine and sorting capability, resume storage, a personal career management homepage, and improved accessibility for disabled users. The web site is the foremost destination for those seeking employment with the Federal Government, allowing job seekers to quickly and easily find and apply for Federal jobs in a centralized location.\n\nAdditionally, the Expanding Electronic Government initiative is making progress in several other areas, such as the Financial Management Line of Business. The Financial Management Line of Business initiative will standardize data structures and business processes for core accounting systems within a well-defined common architecture. This initiative will address opportunities for more effective IT spending in the areas of: Financial Management, Human Resources, Federal Health Architecture, and Case Management.\n\nFurther information on Expanded Electronic Government, the E-Gov Strategy, or other E-Gov topics of interest can be found at www.egov.gov, the official web site of the President's E-Government initiatives. The web site is an up-to-date, public source of information about the E-Gov Initiatives and their accomplishments.", + "md": "The Federal Government continues to face agency-specific and Governmentwide challenges in modernizing and standardizing its financial management systems. Much emphasis has been placed on streamlining systems and standard processes across the agencies and minimizing redundant investments in duplicative systems. The Administration’s Expanded Electronic Government initiative (E-Gov) has focused on leveraging information technology to make the Federal Government more citizen-centered and results oriented.\n\nFor example, the E-Payroll initiative is working to consolidate 22 Federal payroll systems down to two payroll provider partnerships in order to simplify and standardize Federal payroll processes. The E-Payroll initiative completed a major milestone in August with the successful migration of Energy, the first agency to migrate to an E-Payroll provider. Several other agencies have also completed their migrations in this area.\n\nThe Grants.gov initiative will minimize the burden of finding and applying for grants and enable agencies to make awards more efficiently. This initiative recently completed the \"Find Grant Opportunities\" and the \"Apply for Grants\" features of the Grants.gov web site, which was officially launched in November.\n\nThe Geospatial One-Stop initiative introduced GeoData.gov, a portal featuring \"one-stop\" access to geospatial information and resources from diverse sources, quickly compiled and posted links to web sites, maps and information from numerous Government sources on the impact of Hurricane Isabel that shut down much of the East Coast of the United States as well as the September 25th earthquake in Japan and its potential impact on the United States. GeoData.gov responded twice in the month of September to major natural disasters.\n\nThe Recruitment One-Stop initiative unveiled the new look and feel of www.usajobs.opm.gov, showcasing new user-friendly features such as: enhanced job search engine and sorting capability, resume storage, a personal career management homepage, and improved accessibility for disabled users. The web site is the foremost destination for those seeking employment with the Federal Government, allowing job seekers to quickly and easily find and apply for Federal jobs in a centralized location.\n\nAdditionally, the Expanding Electronic Government initiative is making progress in several other areas, such as the Financial Management Line of Business. The Financial Management Line of Business initiative will standardize data structures and business processes for core accounting systems within a well-defined common architecture. This initiative will address opportunities for more effective IT spending in the areas of: Financial Management, Human Resources, Federal Health Architecture, and Case Management.\n\nFurther information on Expanded Electronic Government, the E-Gov Strategy, or other E-Gov topics of interest can be found at www.egov.gov, the official web site of the President's E-Government initiatives. The web site is an up-to-date, public source of information about the E-Gov Initiatives and their accomplishments.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Controls", + "md": "# Controls", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Federal Government has historically emphasized the need for good internal controls in its internal management review and external financial reporting requirements. Together, these requirements assist management in ensuring the integrity of Government financial management information.\n\nSince its passage in 1982, the Federal Managers’ Financial Integrity Act has required agencies to annually report on the adequacy of their management controls. To meet this reporting requirement, agencies undertake annual internal reviews of key controls over major programs to determine if they are functioning properly. Any control deficiencies identified are reported by the head of the agency to the President.\n\nThe Federal Financial Management Improvement Act of 1996 requires agency management and independent financial auditors to determine whether financial management systems meet systems requirements, comply with the U.S. Government Standard General Ledger, and adhere to accounting standards. Independent auditors report their determination as part of their annual financial audit report on agency financial statements, which is included in agencies’ annual Performance and Accountability Reports.", + "md": "The Federal Government has historically emphasized the need for good internal controls in its internal management review and external financial reporting requirements. Together, these requirements assist management in ensuring the integrity of Government financial management information.\n\nSince its passage in 1982, the Federal Managers’ Financial Integrity Act has required agencies to annually report on the adequacy of their management controls. To meet this reporting requirement, agencies undertake annual internal reviews of key controls over major programs to determine if they are functioning properly. Any control deficiencies identified are reported by the head of the agency to the President.\n\nThe Federal Financial Management Improvement Act of 1996 requires agency management and independent financial auditors to determine whether financial management systems meet systems requirements, comply with the U.S. Government Standard General Ledger, and adhere to accounting standards. Independent auditors report their determination as part of their annual financial audit report on agency financial statements, which is included in agencies’ annual Performance and Accountability Reports.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 31, + "text": "26 DISCUSSION AND ANALYSIS\n Beginning in 2003, the Federal Information Security Management Act of 2002 requires reviews of agency\ninformation security programs to ensure they meet Federal requirements and that significant deficiencies are\nreported.\n Both financial and information technology internal controls are also reviewed and reported on by independent\nauditors as part of the annual agency financial audit. Internal control deficiencies reported by agencies that\nmaterially affect the Governmentwide financial statements are described in the accompanying report prepared by the\nGeneral Accounting Office (GAO).\n Where controls are not functioning as planned, agencies are responsible for developing and implementing\ncorrective action plans to address how financial management systems and internal controls will be improved.\nEliminating Erroneous Payments\n The Administration has launched a major effort to eliminate erroneous payments—in other words, payments\nthe Government makes in error. In most instances, such payments are overpayments. However, in all cases,\ntaxpayers are shortchanged.\n Selected Federal agencies have been required to report the extent of erroneous payments made in their major\nbenefit programs. Information we have today tells us that for programs with nearly $1 trillion in annual payments,\nerroneous payments exceed $35 billion annually.\n Congress endorsed the President’s effort to eliminate erroneous payments by passing the Improper Payments\nInformation Act of 2002 (P.L. 107-300). The Act requires an estimate of the extent of erroneous payments from all\nFederal programs and in effect expands the scope of review to all Government expenditures. In May 2003, the\nAdministration provided guidance as to how Federal agencies must comply with the Act. Now, all major agencies\nare beginning to develop and implement plans to identify and eliminate erroneous payments in all programs and\nactivities susceptible to significant erroneous payments. Ultimately, full implementation of the Act will lead to a\nreview of every dollar that the Government spends.\nLegal Compliance\n Federal agencies are required to comply with a wide range of laws and regulations, including appropriations,\nemployment, health and safety, and others. Responsibility for compliance primarily rests with agency management;\ncompliance is addressed as part of agency financial statement audits. Agency auditors tested for compliance with\nselected laws and regulations related to financial reporting. As a result of their testing, auditors found no instances of\nmaterial noncompliance that affected the Governmentwide financial statements. There were, however, instances that\nwere material to an individual agency, and these were reported in the individual agencies’ financial statement audit\nreports.\nBasis of Accounting and Reporting Entity\nAccounting Standards\n The accompanying financial statements were prepared based on U.S. GAAP standards developed by FASAB,\nexcept as noted in GAO’s auditor’s report.\n GAAP for the Federal Government is tailored to the U.S. Government’s unique characteristics and special\nneeds. For example, the Stewardship Information section of this report contains important information about diverse\nsubjects such as land set aside for the use and enjoyment of present and future generations, heritage assets, and\nsocial insurance programs such as Social Security.\nAccrual Basis\n GAAP requires that these financial statements be prepared using the accrual basis of accounting, but permits\nthe use of modified cash accounting for taxes and duties. Under the accrual basis, transactions are reported when the", + "md": "# 26 DISCUSSION AND ANALYSIS\n\nBeginning in 2003, the Federal Information Security Management Act of 2002 requires reviews of agency information security programs to ensure they meet Federal requirements and that significant deficiencies are reported.\n\nBoth financial and information technology internal controls are also reviewed and reported on by independent auditors as part of the annual agency financial audit. Internal control deficiencies reported by agencies that materially affect the Governmentwide financial statements are described in the accompanying report prepared by the General Accounting Office (GAO).\n\nWhere controls are not functioning as planned, agencies are responsible for developing and implementing corrective action plans to address how financial management systems and internal controls will be improved.\n\n# Eliminating Erroneous Payments\n\nThe Administration has launched a major effort to eliminate erroneous payments—in other words, payments the Government makes in error. In most instances, such payments are overpayments. However, in all cases, taxpayers are shortchanged.\n\nSelected Federal agencies have been required to report the extent of erroneous payments made in their major benefit programs. Information we have today tells us that for programs with nearly $1 trillion in annual payments, erroneous payments exceed $35 billion annually.\n\nCongress endorsed the President’s effort to eliminate erroneous payments by passing the Improper Payments Information Act of 2002 (P.L. 107-300). The Act requires an estimate of the extent of erroneous payments from all Federal programs and in effect expands the scope of review to all Government expenditures. In May 2003, the Administration provided guidance as to how Federal agencies must comply with the Act. Now, all major agencies are beginning to develop and implement plans to identify and eliminate erroneous payments in all programs and activities susceptible to significant erroneous payments. Ultimately, full implementation of the Act will lead to a review of every dollar that the Government spends.\n\n# Legal Compliance\n\nFederal agencies are required to comply with a wide range of laws and regulations, including appropriations, employment, health and safety, and others. Responsibility for compliance primarily rests with agency management; compliance is addressed as part of agency financial statement audits. Agency auditors tested for compliance with selected laws and regulations related to financial reporting. As a result of their testing, auditors found no instances of material noncompliance that affected the Governmentwide financial statements. There were, however, instances that were material to an individual agency, and these were reported in the individual agencies’ financial statement audit reports.\n\n# Basis of Accounting and Reporting Entity\n\n# Accounting Standards\n\nThe accompanying financial statements were prepared based on U.S. GAAP standards developed by FASAB, except as noted in GAO’s auditor’s report.\n\nGAAP for the Federal Government is tailored to the U.S. Government’s unique characteristics and special needs. For example, the Stewardship Information section of this report contains important information about diverse subjects such as land set aside for the use and enjoyment of present and future generations, heritage assets, and social insurance programs such as Social Security.\n\n# Accrual Basis\n\nGAAP requires that these financial statements be prepared using the accrual basis of accounting, but permits the use of modified cash accounting for taxes and duties. Under the accrual basis, transactions are reported when the", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "26 DISCUSSION AND ANALYSIS", + "md": "# 26 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Beginning in 2003, the Federal Information Security Management Act of 2002 requires reviews of agency information security programs to ensure they meet Federal requirements and that significant deficiencies are reported.\n\nBoth financial and information technology internal controls are also reviewed and reported on by independent auditors as part of the annual agency financial audit. Internal control deficiencies reported by agencies that materially affect the Governmentwide financial statements are described in the accompanying report prepared by the General Accounting Office (GAO).\n\nWhere controls are not functioning as planned, agencies are responsible for developing and implementing corrective action plans to address how financial management systems and internal controls will be improved.", + "md": "Beginning in 2003, the Federal Information Security Management Act of 2002 requires reviews of agency information security programs to ensure they meet Federal requirements and that significant deficiencies are reported.\n\nBoth financial and information technology internal controls are also reviewed and reported on by independent auditors as part of the annual agency financial audit. Internal control deficiencies reported by agencies that materially affect the Governmentwide financial statements are described in the accompanying report prepared by the General Accounting Office (GAO).\n\nWhere controls are not functioning as planned, agencies are responsible for developing and implementing corrective action plans to address how financial management systems and internal controls will be improved.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Eliminating Erroneous Payments", + "md": "# Eliminating Erroneous Payments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Administration has launched a major effort to eliminate erroneous payments—in other words, payments the Government makes in error. In most instances, such payments are overpayments. However, in all cases, taxpayers are shortchanged.\n\nSelected Federal agencies have been required to report the extent of erroneous payments made in their major benefit programs. Information we have today tells us that for programs with nearly $1 trillion in annual payments, erroneous payments exceed $35 billion annually.\n\nCongress endorsed the President’s effort to eliminate erroneous payments by passing the Improper Payments Information Act of 2002 (P.L. 107-300). The Act requires an estimate of the extent of erroneous payments from all Federal programs and in effect expands the scope of review to all Government expenditures. In May 2003, the Administration provided guidance as to how Federal agencies must comply with the Act. Now, all major agencies are beginning to develop and implement plans to identify and eliminate erroneous payments in all programs and activities susceptible to significant erroneous payments. Ultimately, full implementation of the Act will lead to a review of every dollar that the Government spends.", + "md": "The Administration has launched a major effort to eliminate erroneous payments—in other words, payments the Government makes in error. In most instances, such payments are overpayments. However, in all cases, taxpayers are shortchanged.\n\nSelected Federal agencies have been required to report the extent of erroneous payments made in their major benefit programs. Information we have today tells us that for programs with nearly $1 trillion in annual payments, erroneous payments exceed $35 billion annually.\n\nCongress endorsed the President’s effort to eliminate erroneous payments by passing the Improper Payments Information Act of 2002 (P.L. 107-300). The Act requires an estimate of the extent of erroneous payments from all Federal programs and in effect expands the scope of review to all Government expenditures. In May 2003, the Administration provided guidance as to how Federal agencies must comply with the Act. Now, all major agencies are beginning to develop and implement plans to identify and eliminate erroneous payments in all programs and activities susceptible to significant erroneous payments. Ultimately, full implementation of the Act will lead to a review of every dollar that the Government spends.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Legal Compliance", + "md": "# Legal Compliance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Federal agencies are required to comply with a wide range of laws and regulations, including appropriations, employment, health and safety, and others. Responsibility for compliance primarily rests with agency management; compliance is addressed as part of agency financial statement audits. Agency auditors tested for compliance with selected laws and regulations related to financial reporting. As a result of their testing, auditors found no instances of material noncompliance that affected the Governmentwide financial statements. There were, however, instances that were material to an individual agency, and these were reported in the individual agencies’ financial statement audit reports.", + "md": "Federal agencies are required to comply with a wide range of laws and regulations, including appropriations, employment, health and safety, and others. Responsibility for compliance primarily rests with agency management; compliance is addressed as part of agency financial statement audits. Agency auditors tested for compliance with selected laws and regulations related to financial reporting. As a result of their testing, auditors found no instances of material noncompliance that affected the Governmentwide financial statements. There were, however, instances that were material to an individual agency, and these were reported in the individual agencies’ financial statement audit reports.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Basis of Accounting and Reporting Entity", + "md": "# Basis of Accounting and Reporting Entity", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Accounting Standards", + "md": "# Accounting Standards", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The accompanying financial statements were prepared based on U.S. GAAP standards developed by FASAB, except as noted in GAO’s auditor’s report.\n\nGAAP for the Federal Government is tailored to the U.S. Government’s unique characteristics and special needs. For example, the Stewardship Information section of this report contains important information about diverse subjects such as land set aside for the use and enjoyment of present and future generations, heritage assets, and social insurance programs such as Social Security.", + "md": "The accompanying financial statements were prepared based on U.S. GAAP standards developed by FASAB, except as noted in GAO’s auditor’s report.\n\nGAAP for the Federal Government is tailored to the U.S. Government’s unique characteristics and special needs. For example, the Stewardship Information section of this report contains important information about diverse subjects such as land set aside for the use and enjoyment of present and future generations, heritage assets, and social insurance programs such as Social Security.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Accrual Basis", + "md": "# Accrual Basis", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "GAAP requires that these financial statements be prepared using the accrual basis of accounting, but permits the use of modified cash accounting for taxes and duties. Under the accrual basis, transactions are reported when the", + "md": "GAAP requires that these financial statements be prepared using the accrual basis of accounting, but permits the use of modified cash accounting for taxes and duties. Under the accrual basis, transactions are reported when the", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 32, + "text": " DISCUSSION AND ANALYSIS 27\nevents creating the transactions occur, rather than when cash is received or paid (cash basis). Therefore, expenses\nare recorded when incurred, exchange revenue is recorded when earned, and taxes and duties (the majority of\nnonexchange revenue) are recorded on a modified cash basis of accounting (generally when received). In contrast,\nFederal budgetary reporting is generally on the cash and obligation basis in accordance with accepted budget\nconcepts.\n The most significant difference between cash and accrual bases involves the timing of recognition and\nmeasurement of revenues and costs. For example, GAAP requires recognition of liabilities for costs related to\nenvironmental cleanup when the events requiring such costs occur and, among other things, the Government has\nacknowledged responsibility for the event. By contrast, current budget concepts recognize such costs later, at the\ntime payment is made for the cleanup. Additionally, GAAP requires the recognition of depreciation expenses on\nfixed assets, a liability for accrued leave, and the total actuarial liabilities for pensions, retired pay, and post-\nretirement health benefits. These differences are reflected in the Reconciliations of Net Operating Cost and Unified\nBudget Deficit that is found in the Financial Statements section of this Financial Report.\nCoverage\n These financial statements cover the executive and legislative branches, as well as parts of the judicial branch\nof the U.S. Government. A list of the significant entities included in these financial statements is in the Appendix.\nInformation from the judicial branch is limited because these entities are not required by law to submit\ncomprehensive financial statement information to the Treasury. The Federal Reserve System is excluded because of\nits private ownership and independence. The Federal Retirement Thrift Investment Board is excluded because it\ncharges all of its administrative expenses to the Thrift Savings Fund. Therefore, it has no financial activity that\nwould affect the Government’s results. Moreover, Government-sponsored but privately-owned enterprises (e.g., the\nFederal Home Loan Banks, the Federal National Mortgage Association, and the Federal Home Loan Mortgage\nCorporation) are also excluded since the Federal Government does not control them and is not responsible for their\nfinances.\n Additional Information\n Details about the information contained in these financial statements can be found in the financial statements\nof the individual agencies listed in the Appendix. In addition, related U.S. Government publications such as the\nBudget of the United States Government, the Treasury Bulletin, the Monthly Treasury Statement of Receipts and\nOutlays of the United States Government, the Monthly Statement of the Public Debt of the United States, the Economic\nReport of the President, and the Trustees’ Reports for the Social Security and Medicare programs may be of interest.\n History of the Report\nFinancial Reports of the United States Government\n Benefiting from a private-sector produced report that featured financial statements for the U.S. Government's\n1973 and 1974 fiscal years, Treasury has published financial statements for the Government in every fiscal year\nsince 1975. The earliest reports were budget-based and unaudited, though Treasury hired private sector firms to\nconduct independent reviews of source data and collection procedures. The CFO Act of 1990 established the\nposition of Chief Financial Officer in 24 agencies and FASAB to develop Federal accounting standards and\nconcepts. The Government Management Reform Act of 1994 (GMRA) required audited financial statements from\nmost Government departments and agencies beginning in fiscal year 1996. GMRA also required the U.S.\nGovernment to submit consolidated financial statements audited by GAO beginning with fiscal year 1997's\nFinancial Report of the United States Government. In 1999, the American Institute of Certified Public Accountants\nrecognized FASAB as the promulgator of GAAP for the Federal Government. FASAB continually reviews its\nreporting standards to enhance the usefulness of the Government's financial statements to all users.\n Visit http://www.treas.gov/offices/economic-policy/speeches_testimony_refund.html for a more detailed\nhistory of the Financial Report of the United States Government.", + "md": "# DISCUSSION AND ANALYSIS\n\nevents creating the transactions occur, rather than when cash is received or paid (cash basis). Therefore, expenses are recorded when incurred, exchange revenue is recorded when earned, and taxes and duties (the majority of nonexchange revenue) are recorded on a modified cash basis of accounting (generally when received). In contrast, Federal budgetary reporting is generally on the cash and obligation basis in accordance with accepted budget concepts.\n\nThe most significant difference between cash and accrual bases involves the timing of recognition and measurement of revenues and costs. For example, GAAP requires recognition of liabilities for costs related to environmental cleanup when the events requiring such costs occur and, among other things, the Government has acknowledged responsibility for the event. By contrast, current budget concepts recognize such costs later, at the time payment is made for the cleanup. Additionally, GAAP requires the recognition of depreciation expenses on fixed assets, a liability for accrued leave, and the total actuarial liabilities for pensions, retired pay, and post-retirement health benefits. These differences are reflected in the Reconciliations of Net Operating Cost and Unified Budget Deficit that is found in the Financial Statements section of this Financial Report.\n\n# Coverage\n\nThese financial statements cover the executive and legislative branches, as well as parts of the judicial branch of the U.S. Government. A list of the significant entities included in these financial statements is in the Appendix. Information from the judicial branch is limited because these entities are not required by law to submit comprehensive financial statement information to the Treasury. The Federal Reserve System is excluded because of its private ownership and independence. The Federal Retirement Thrift Investment Board is excluded because it charges all of its administrative expenses to the Thrift Savings Fund. Therefore, it has no financial activity that would affect the Government’s results. Moreover, Government-sponsored but privately-owned enterprises (e.g., the Federal Home Loan Banks, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation) are also excluded since the Federal Government does not control them and is not responsible for their finances.\n\n# Additional Information\n\nDetails about the information contained in these financial statements can be found in the financial statements of the individual agencies listed in the Appendix. In addition, related U.S. Government publications such as the Budget of the United States Government, the Treasury Bulletin, the Monthly Treasury Statement of Receipts and Outlays of the United States Government, the Monthly Statement of the Public Debt of the United States, the Economic Report of the President, and the Trustees’ Reports for the Social Security and Medicare programs may be of interest.\n\n# History of the Report\n\n# Financial Reports of the United States Government\n\nBenefiting from a private-sector produced report that featured financial statements for the U.S. Government's 1973 and 1974 fiscal years, Treasury has published financial statements for the Government in every fiscal year since 1975. The earliest reports were budget-based and unaudited, though Treasury hired private sector firms to conduct independent reviews of source data and collection procedures. The CFO Act of 1990 established the position of Chief Financial Officer in 24 agencies and FASAB to develop Federal accounting standards and concepts. The Government Management Reform Act of 1994 (GMRA) required audited financial statements from most Government departments and agencies beginning in fiscal year 1996. GMRA also required the U.S. Government to submit consolidated financial statements audited by GAO beginning with fiscal year 1997's Financial Report of the United States Government. In 1999, the American Institute of Certified Public Accountants recognized FASAB as the promulgator of GAAP for the Federal Government. FASAB continually reviews its reporting standards to enhance the usefulness of the Government's financial statements to all users.\n\nVisit http://www.treas.gov/offices/economic-policy/speeches_testimony_refund.html for a more detailed history of the Financial Report of the United States Government.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "DISCUSSION AND ANALYSIS", + "md": "# DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "events creating the transactions occur, rather than when cash is received or paid (cash basis). Therefore, expenses are recorded when incurred, exchange revenue is recorded when earned, and taxes and duties (the majority of nonexchange revenue) are recorded on a modified cash basis of accounting (generally when received). In contrast, Federal budgetary reporting is generally on the cash and obligation basis in accordance with accepted budget concepts.\n\nThe most significant difference between cash and accrual bases involves the timing of recognition and measurement of revenues and costs. For example, GAAP requires recognition of liabilities for costs related to environmental cleanup when the events requiring such costs occur and, among other things, the Government has acknowledged responsibility for the event. By contrast, current budget concepts recognize such costs later, at the time payment is made for the cleanup. Additionally, GAAP requires the recognition of depreciation expenses on fixed assets, a liability for accrued leave, and the total actuarial liabilities for pensions, retired pay, and post-retirement health benefits. These differences are reflected in the Reconciliations of Net Operating Cost and Unified Budget Deficit that is found in the Financial Statements section of this Financial Report.", + "md": "events creating the transactions occur, rather than when cash is received or paid (cash basis). Therefore, expenses are recorded when incurred, exchange revenue is recorded when earned, and taxes and duties (the majority of nonexchange revenue) are recorded on a modified cash basis of accounting (generally when received). In contrast, Federal budgetary reporting is generally on the cash and obligation basis in accordance with accepted budget concepts.\n\nThe most significant difference between cash and accrual bases involves the timing of recognition and measurement of revenues and costs. For example, GAAP requires recognition of liabilities for costs related to environmental cleanup when the events requiring such costs occur and, among other things, the Government has acknowledged responsibility for the event. By contrast, current budget concepts recognize such costs later, at the time payment is made for the cleanup. Additionally, GAAP requires the recognition of depreciation expenses on fixed assets, a liability for accrued leave, and the total actuarial liabilities for pensions, retired pay, and post-retirement health benefits. These differences are reflected in the Reconciliations of Net Operating Cost and Unified Budget Deficit that is found in the Financial Statements section of this Financial Report.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Coverage", + "md": "# Coverage", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "These financial statements cover the executive and legislative branches, as well as parts of the judicial branch of the U.S. Government. A list of the significant entities included in these financial statements is in the Appendix. Information from the judicial branch is limited because these entities are not required by law to submit comprehensive financial statement information to the Treasury. The Federal Reserve System is excluded because of its private ownership and independence. The Federal Retirement Thrift Investment Board is excluded because it charges all of its administrative expenses to the Thrift Savings Fund. Therefore, it has no financial activity that would affect the Government’s results. Moreover, Government-sponsored but privately-owned enterprises (e.g., the Federal Home Loan Banks, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation) are also excluded since the Federal Government does not control them and is not responsible for their finances.", + "md": "These financial statements cover the executive and legislative branches, as well as parts of the judicial branch of the U.S. Government. A list of the significant entities included in these financial statements is in the Appendix. Information from the judicial branch is limited because these entities are not required by law to submit comprehensive financial statement information to the Treasury. The Federal Reserve System is excluded because of its private ownership and independence. The Federal Retirement Thrift Investment Board is excluded because it charges all of its administrative expenses to the Thrift Savings Fund. Therefore, it has no financial activity that would affect the Government’s results. Moreover, Government-sponsored but privately-owned enterprises (e.g., the Federal Home Loan Banks, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation) are also excluded since the Federal Government does not control them and is not responsible for their finances.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Additional Information", + "md": "# Additional Information", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Details about the information contained in these financial statements can be found in the financial statements of the individual agencies listed in the Appendix. In addition, related U.S. Government publications such as the Budget of the United States Government, the Treasury Bulletin, the Monthly Treasury Statement of Receipts and Outlays of the United States Government, the Monthly Statement of the Public Debt of the United States, the Economic Report of the President, and the Trustees’ Reports for the Social Security and Medicare programs may be of interest.", + "md": "Details about the information contained in these financial statements can be found in the financial statements of the individual agencies listed in the Appendix. In addition, related U.S. Government publications such as the Budget of the United States Government, the Treasury Bulletin, the Monthly Treasury Statement of Receipts and Outlays of the United States Government, the Monthly Statement of the Public Debt of the United States, the Economic Report of the President, and the Trustees’ Reports for the Social Security and Medicare programs may be of interest.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "History of the Report", + "md": "# History of the Report", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Financial Reports of the United States Government", + "md": "# Financial Reports of the United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Benefiting from a private-sector produced report that featured financial statements for the U.S. Government's 1973 and 1974 fiscal years, Treasury has published financial statements for the Government in every fiscal year since 1975. The earliest reports were budget-based and unaudited, though Treasury hired private sector firms to conduct independent reviews of source data and collection procedures. The CFO Act of 1990 established the position of Chief Financial Officer in 24 agencies and FASAB to develop Federal accounting standards and concepts. The Government Management Reform Act of 1994 (GMRA) required audited financial statements from most Government departments and agencies beginning in fiscal year 1996. GMRA also required the U.S. Government to submit consolidated financial statements audited by GAO beginning with fiscal year 1997's Financial Report of the United States Government. In 1999, the American Institute of Certified Public Accountants recognized FASAB as the promulgator of GAAP for the Federal Government. FASAB continually reviews its reporting standards to enhance the usefulness of the Government's financial statements to all users.\n\nVisit http://www.treas.gov/offices/economic-policy/speeches_testimony_refund.html for a more detailed history of the Financial Report of the United States Government.", + "md": "Benefiting from a private-sector produced report that featured financial statements for the U.S. Government's 1973 and 1974 fiscal years, Treasury has published financial statements for the Government in every fiscal year since 1975. The earliest reports were budget-based and unaudited, though Treasury hired private sector firms to conduct independent reviews of source data and collection procedures. The CFO Act of 1990 established the position of Chief Financial Officer in 24 agencies and FASAB to develop Federal accounting standards and concepts. The Government Management Reform Act of 1994 (GMRA) required audited financial statements from most Government departments and agencies beginning in fiscal year 1996. GMRA also required the U.S. Government to submit consolidated financial statements audited by GAO beginning with fiscal year 1997's Financial Report of the United States Government. In 1999, the American Institute of Certified Public Accountants recognized FASAB as the promulgator of GAAP for the Federal Government. FASAB continually reviews its reporting standards to enhance the usefulness of the Government's financial statements to all users.\n\nVisit http://www.treas.gov/offices/economic-policy/speeches_testimony_refund.html for a more detailed history of the Financial Report of the United States Government.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 33, + "text": "28 DISCUSSION AND ANALYSIS\n This page is intentionally blank.", + "md": "# 28 DISCUSSION AND ANALYSIS\n\nThis page is intentionally blank.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "28 DISCUSSION AND ANALYSIS", + "md": "# 28 DISCUSSION AND ANALYSIS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This page is intentionally blank.", + "md": "This page is intentionally blank.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 34, + "text": " GENERAL ACCOUNTING OFFICE REPORT 29\n G A 0 Comptroller General\n Accountability Integrity Reliability of the United States\nUnited States General Accounting Office\nWashington, DC 20548\n February 27, 2004\n The President\n The President of the Senate\n The Speaker of the House of Representatives\n Our report on the U.S. government’s consolidated financial statements for the fiscal years\n 2003 and 2002 is enclosed. As in the 6 previous fiscal years, certain material weaknesses\n in internal control and in selected accounting and reporting practices resulted in\n conditions that continued to prevent us from being able to provide the Congress and\n American citizens an opinion as to whether the consolidated financial statements of the\n U.S. government are fairly stated in conformity with U.S. generally accepted accounting\n principles.\n Proper accounting and reporting practices are essential in the public sector. After all, the\n U.S. government is the largest, most diverse, most complex, and arguably the most\n important entity on earth today. Its services—homeland security, national defense, Social\n Security, mail delivery, and food inspection, to name a few—directly affect the well-\n being of almost every American. But sound decisions on the future direction of vital\n government programs and policies are made more difficult without timely, accurate, and\n useful financial and performance information.\n Until the problems discussed in our report are adequately addressed, they will continue to\n (1) hamper the federal government’s ability to accurately report a significant portion of\n its assets, liabilities, and costs; (2) affect the federal government’s ability to accurately\n measure the full cost as well as the financial and nonfinancial performance of certain\n programs while effectively managing related operations; and (3) significantly impair the\n federal government’s ability to adequately safeguard certain significant assets and\n properly record various transactions.\n Across government, financial management improvement initiatives are under way that, if\n effectively implemented, have the potential to appreciably improve the quality of the\n federal government’s financial management and reporting. In this regard, federal\n agencies have made progress in their efforts to modernize their financial management", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n# G A 0\n\n# Comptroller General\n\n# Accountability Integrity Reliability\n\nof the United States\n\nUnited States General Accounting Office\n\nWashington, DC 20548\n\nFebruary 27, 2004\n\nThe President\n\nThe President of the Senate\n\nThe Speaker of the House of Representatives\n\nOur report on the U.S. government’s consolidated financial statements for the fiscal years 2003 and 2002 is enclosed. As in the 6 previous fiscal years, certain material weaknesses in internal control and in selected accounting and reporting practices resulted in conditions that continued to prevent us from being able to provide the Congress and American citizens an opinion as to whether the consolidated financial statements of the U.S. government are fairly stated in conformity with U.S. generally accepted accounting principles.\n\nProper accounting and reporting practices are essential in the public sector. After all, the U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Its services—homeland security, national defense, Social Security, mail delivery, and food inspection, to name a few—directly affect the well-being of almost every American. But sound decisions on the future direction of vital government programs and policies are made more difficult without timely, accurate, and useful financial and performance information.\n\nUntil the problems discussed in our report are adequately addressed, they will continue to (1) hamper the federal government’s ability to accurately report a significant portion of its assets, liabilities, and costs; (2) affect the federal government’s ability to accurately measure the full cost as well as the financial and nonfinancial performance of certain programs while effectively managing related operations; and (3) significantly impair the federal government’s ability to adequately safeguard certain significant assets and properly record various transactions.\n\nAcross government, financial management improvement initiatives are under way that, if effectively implemented, have the potential to appreciably improve the quality of the federal government’s financial management and reporting. In this regard, federal agencies have made progress in their efforts to modernize their financial management.", + "images": [ + { + "name": "img_p33_1.png", + "height": 116, + "width": 292, + "x": 76.02, + "y": 81.18, + "original_width": 292, + "original_height": 116, + "ocr": [ + { + "x": 103, + "y": 35, + "w": 162, + "h": 60, + "confidence": "0.8076561568766727", + "text": "G A 0" + }, + { + "x": 85, + "y": 95, + "w": 84, + "h": 16, + "confidence": "0.9999570837473752", + "text": "Accountability" + }, + { + "x": 175, + "y": 97, + "w": 52, + "h": 16, + "confidence": "0.9997946713266369", + "text": "Integrity" + }, + { + "x": 237, + "y": 95, + "w": 54, + "h": 16, + "confidence": "0.7263031206833509", + "text": "Reliability" + } + ] + } + ], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "G A 0", + "md": "# G A 0", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Comptroller General", + "md": "# Comptroller General", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Accountability Integrity Reliability", + "md": "# Accountability Integrity Reliability", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "of the United States\n\nUnited States General Accounting Office\n\nWashington, DC 20548\n\nFebruary 27, 2004\n\nThe President\n\nThe President of the Senate\n\nThe Speaker of the House of Representatives\n\nOur report on the U.S. government’s consolidated financial statements for the fiscal years 2003 and 2002 is enclosed. As in the 6 previous fiscal years, certain material weaknesses in internal control and in selected accounting and reporting practices resulted in conditions that continued to prevent us from being able to provide the Congress and American citizens an opinion as to whether the consolidated financial statements of the U.S. government are fairly stated in conformity with U.S. generally accepted accounting principles.\n\nProper accounting and reporting practices are essential in the public sector. After all, the U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Its services—homeland security, national defense, Social Security, mail delivery, and food inspection, to name a few—directly affect the well-being of almost every American. But sound decisions on the future direction of vital government programs and policies are made more difficult without timely, accurate, and useful financial and performance information.\n\nUntil the problems discussed in our report are adequately addressed, they will continue to (1) hamper the federal government’s ability to accurately report a significant portion of its assets, liabilities, and costs; (2) affect the federal government’s ability to accurately measure the full cost as well as the financial and nonfinancial performance of certain programs while effectively managing related operations; and (3) significantly impair the federal government’s ability to adequately safeguard certain significant assets and properly record various transactions.\n\nAcross government, financial management improvement initiatives are under way that, if effectively implemented, have the potential to appreciably improve the quality of the federal government’s financial management and reporting. In this regard, federal agencies have made progress in their efforts to modernize their financial management.", + "md": "of the United States\n\nUnited States General Accounting Office\n\nWashington, DC 20548\n\nFebruary 27, 2004\n\nThe President\n\nThe President of the Senate\n\nThe Speaker of the House of Representatives\n\nOur report on the U.S. government’s consolidated financial statements for the fiscal years 2003 and 2002 is enclosed. As in the 6 previous fiscal years, certain material weaknesses in internal control and in selected accounting and reporting practices resulted in conditions that continued to prevent us from being able to provide the Congress and American citizens an opinion as to whether the consolidated financial statements of the U.S. government are fairly stated in conformity with U.S. generally accepted accounting principles.\n\nProper accounting and reporting practices are essential in the public sector. After all, the U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Its services—homeland security, national defense, Social Security, mail delivery, and food inspection, to name a few—directly affect the well-being of almost every American. But sound decisions on the future direction of vital government programs and policies are made more difficult without timely, accurate, and useful financial and performance information.\n\nUntil the problems discussed in our report are adequately addressed, they will continue to (1) hamper the federal government’s ability to accurately report a significant portion of its assets, liabilities, and costs; (2) affect the federal government’s ability to accurately measure the full cost as well as the financial and nonfinancial performance of certain programs while effectively managing related operations; and (3) significantly impair the federal government’s ability to adequately safeguard certain significant assets and properly record various transactions.\n\nAcross government, financial management improvement initiatives are under way that, if effectively implemented, have the potential to appreciably improve the quality of the federal government’s financial management and reporting. In this regard, federal agencies have made progress in their efforts to modernize their financial management.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 35, + "text": "30 GENERAL ACCOUNTING OFFICE REPORT\n systems and improve financial management performance as called for in the President’s\n Management Agenda.¹\n In identifying improved financial performance as one of its five governmentwide\n initiatives, the President’s Management Agenda recognized that a clean (unqualified)\n financial audit opinion is a basic prescription for any well-managed organization. At the\n same time, it recognized that “most federal agencies that obtain clean audits only do so\n after making extraordinary, labor-intensive assaults on financial records” at or after year-\n end and that without sound internal control and accurate and timely financial information,\n it is not possible to accomplish the President’s Management Agenda and secure the best\n performance and highest measure of accountability for the American people. The\n Principals of the Joint Financial Management Improvement Program (JFMIP)² have\n defined certain measures, in addition to receiving an unqualified financial statement\n opinion, for achieving financial management success. These additional measures include\n being able to routinely provide timely, accurate, and useful financial and performance\n information and having no material internal control weaknesses or material\n noncompliance with laws and regulations and the requirements of the Federal Financial\n Management Improvement Act of 1996 (FFMIA).\n For fiscal year 2003, as in fiscal year 2002, 20 of 23 Chief Financial Officers (CFO) Act\n agencies³ were able to attain unqualified audit opinions on their financial statements,⁴ up\n from 6 agencies for fiscal year 1996. This is the same number of unqualified opinions\n received by these CFO Act agencies in fiscal year 2002. However, 2 agencies’ fiscal year\n 2003 opinions were different from those they received in fiscal year 2002. The Agency\n for International Development (AID) received an unqualified opinion on all of its fiscal\n year 2003 financial statements for the first time, while the National Aeronautics and\n Space Administration, which in fiscal year 2002 received an unqualified opinion on its\n financial statements, received a disclaimer of opinion for fiscal year 2003. A 24th major\n 1The President’s Management Agenda is the Bush administration’s strategy for improving the management\n and performance of the federal government. Its purpose is to identify and address the most significant\n problems facing the federal government. It contains five governmentwide and nine agency-specific goals to\n improve federal management and deliver results to the American people.\n 2JFMIP is a joint and cooperative undertaking of the Department of the Treasury, GAO, OMB, and the\n Office of Personnel Management working in cooperation with each other and other federal agencies to\n improve financial management practices in the federal government. Leadership and program guidance are\n provided by the four Principals of the JFMIP—the Comptroller General of the United States, the Secretary\n of the Treasury, and the Directors of OMB and the Office of Personnel Management.\n 3One of the 24 CFO Act agencies, the Federal Emergency Management Agency (FEMA), was transferred\n to the new Department of Homeland Security (DHS) effective March 1, 2003, which was 5 months into the\n fiscal year. With this transfer, FEMA will no longer be required to prepare and have audited stand-alone\n financial statements under the CFO Act, leaving 23 CFO Act agencies.\n 4At least 4 CFO Act agencies restated certain of their audited fiscal year 2002 financial statements to\n correct misstatements in such financial statements. All 4 of the agencies had received unqualified opinions\n on their fiscal year 2002 financial statements. These restatements were not material to the consolidated\n financial statements.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nsystems and improve financial management performance as called for in the President’s Management Agenda.1\n\nIn identifying improved financial performance as one of its five governmentwide initiatives, the President’s Management Agenda recognized that a clean (unqualified) financial audit opinion is a basic prescription for any well-managed organization. At the same time, it recognized that “most federal agencies that obtain clean audits only do so after making extraordinary, labor-intensive assaults on financial records” at or after year-end and that without sound internal control and accurate and timely financial information, it is not possible to accomplish the President’s Management Agenda and secure the best performance and highest measure of accountability for the American people. The Principals of the Joint Financial Management Improvement Program (JFMIP)2 have defined certain measures, in addition to receiving an unqualified financial statement opinion, for achieving financial management success. These additional measures include being able to routinely provide timely, accurate, and useful financial and performance information and having no material internal control weaknesses or material noncompliance with laws and regulations and the requirements of the Federal Financial Management Improvement Act of 1996 (FFMIA).\n\nFor fiscal year 2003, as in fiscal year 2002, 20 of 23 Chief Financial Officers (CFO) Act agencies3 were able to attain unqualified audit opinions on their financial statements,4 up from 6 agencies for fiscal year 1996. This is the same number of unqualified opinions received by these CFO Act agencies in fiscal year 2002. However, 2 agencies’ fiscal year 2003 opinions were different from those they received in fiscal year 2002. The Agency for International Development (AID) received an unqualified opinion on all of its fiscal year 2003 financial statements for the first time, while the National Aeronautics and Space Administration, which in fiscal year 2002 received an unqualified opinion on its financial statements, received a disclaimer of opinion for fiscal year 2003. A 24th major\n\n1. The President’s Management Agenda is the Bush administration’s strategy for improving the management and performance of the federal government. Its purpose is to identify and address the most significant problems facing the federal government. It contains five governmentwide and nine agency-specific goals to improve federal management and deliver results to the American people.\n\n2. JFMIP is a joint and cooperative undertaking of the Department of the Treasury, GAO, OMB, and the Office of Personnel Management working in cooperation with each other and other federal agencies to improve financial management practices in the federal government. Leadership and program guidance are provided by the four Principals of the JFMIP—the Comptroller General of the United States, the Secretary of the Treasury, and the Directors of OMB and the Office of Personnel Management.\n\n3. One of the 24 CFO Act agencies, the Federal Emergency Management Agency (FEMA), was transferred to the new Department of Homeland Security (DHS) effective March 1, 2003, which was 5 months into the fiscal year. With this transfer, FEMA will no longer be required to prepare and have audited stand-alone financial statements under the CFO Act, leaving 23 CFO Act agencies.\n\n4. At least 4 CFO Act agencies restated certain of their audited fiscal year 2002 financial statements to correct misstatements in such financial statements. All 4 of the agencies had received unqualified opinions on their fiscal year 2002 financial statements. These restatements were not material to the consolidated financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "systems and improve financial management performance as called for in the President’s Management Agenda.1\n\nIn identifying improved financial performance as one of its five governmentwide initiatives, the President’s Management Agenda recognized that a clean (unqualified) financial audit opinion is a basic prescription for any well-managed organization. At the same time, it recognized that “most federal agencies that obtain clean audits only do so after making extraordinary, labor-intensive assaults on financial records” at or after year-end and that without sound internal control and accurate and timely financial information, it is not possible to accomplish the President’s Management Agenda and secure the best performance and highest measure of accountability for the American people. The Principals of the Joint Financial Management Improvement Program (JFMIP)2 have defined certain measures, in addition to receiving an unqualified financial statement opinion, for achieving financial management success. These additional measures include being able to routinely provide timely, accurate, and useful financial and performance information and having no material internal control weaknesses or material noncompliance with laws and regulations and the requirements of the Federal Financial Management Improvement Act of 1996 (FFMIA).\n\nFor fiscal year 2003, as in fiscal year 2002, 20 of 23 Chief Financial Officers (CFO) Act agencies3 were able to attain unqualified audit opinions on their financial statements,4 up from 6 agencies for fiscal year 1996. This is the same number of unqualified opinions received by these CFO Act agencies in fiscal year 2002. However, 2 agencies’ fiscal year 2003 opinions were different from those they received in fiscal year 2002. The Agency for International Development (AID) received an unqualified opinion on all of its fiscal year 2003 financial statements for the first time, while the National Aeronautics and Space Administration, which in fiscal year 2002 received an unqualified opinion on its financial statements, received a disclaimer of opinion for fiscal year 2003. A 24th major\n\n1. The President’s Management Agenda is the Bush administration’s strategy for improving the management and performance of the federal government. Its purpose is to identify and address the most significant problems facing the federal government. It contains five governmentwide and nine agency-specific goals to improve federal management and deliver results to the American people.\n\n2. JFMIP is a joint and cooperative undertaking of the Department of the Treasury, GAO, OMB, and the Office of Personnel Management working in cooperation with each other and other federal agencies to improve financial management practices in the federal government. Leadership and program guidance are provided by the four Principals of the JFMIP—the Comptroller General of the United States, the Secretary of the Treasury, and the Directors of OMB and the Office of Personnel Management.\n\n3. One of the 24 CFO Act agencies, the Federal Emergency Management Agency (FEMA), was transferred to the new Department of Homeland Security (DHS) effective March 1, 2003, which was 5 months into the fiscal year. With this transfer, FEMA will no longer be required to prepare and have audited stand-alone financial statements under the CFO Act, leaving 23 CFO Act agencies.\n\n4. At least 4 CFO Act agencies restated certain of their audited fiscal year 2002 financial statements to correct misstatements in such financial statements. All 4 of the agencies had received unqualified opinions on their fiscal year 2002 financial statements. These restatements were not material to the consolidated financial statements.", + "md": "systems and improve financial management performance as called for in the President’s Management Agenda.1\n\nIn identifying improved financial performance as one of its five governmentwide initiatives, the President’s Management Agenda recognized that a clean (unqualified) financial audit opinion is a basic prescription for any well-managed organization. At the same time, it recognized that “most federal agencies that obtain clean audits only do so after making extraordinary, labor-intensive assaults on financial records” at or after year-end and that without sound internal control and accurate and timely financial information, it is not possible to accomplish the President’s Management Agenda and secure the best performance and highest measure of accountability for the American people. The Principals of the Joint Financial Management Improvement Program (JFMIP)2 have defined certain measures, in addition to receiving an unqualified financial statement opinion, for achieving financial management success. These additional measures include being able to routinely provide timely, accurate, and useful financial and performance information and having no material internal control weaknesses or material noncompliance with laws and regulations and the requirements of the Federal Financial Management Improvement Act of 1996 (FFMIA).\n\nFor fiscal year 2003, as in fiscal year 2002, 20 of 23 Chief Financial Officers (CFO) Act agencies3 were able to attain unqualified audit opinions on their financial statements,4 up from 6 agencies for fiscal year 1996. This is the same number of unqualified opinions received by these CFO Act agencies in fiscal year 2002. However, 2 agencies’ fiscal year 2003 opinions were different from those they received in fiscal year 2002. The Agency for International Development (AID) received an unqualified opinion on all of its fiscal year 2003 financial statements for the first time, while the National Aeronautics and Space Administration, which in fiscal year 2002 received an unqualified opinion on its financial statements, received a disclaimer of opinion for fiscal year 2003. A 24th major\n\n1. The President’s Management Agenda is the Bush administration’s strategy for improving the management and performance of the federal government. Its purpose is to identify and address the most significant problems facing the federal government. It contains five governmentwide and nine agency-specific goals to improve federal management and deliver results to the American people.\n\n2. JFMIP is a joint and cooperative undertaking of the Department of the Treasury, GAO, OMB, and the Office of Personnel Management working in cooperation with each other and other federal agencies to improve financial management practices in the federal government. Leadership and program guidance are provided by the four Principals of the JFMIP—the Comptroller General of the United States, the Secretary of the Treasury, and the Directors of OMB and the Office of Personnel Management.\n\n3. One of the 24 CFO Act agencies, the Federal Emergency Management Agency (FEMA), was transferred to the new Department of Homeland Security (DHS) effective March 1, 2003, which was 5 months into the fiscal year. With this transfer, FEMA will no longer be required to prepare and have audited stand-alone financial statements under the CFO Act, leaving 23 CFO Act agencies.\n\n4. At least 4 CFO Act agencies restated certain of their audited fiscal year 2002 financial statements to correct misstatements in such financial statements. All 4 of the agencies had received unqualified opinions on their fiscal year 2002 financial statements. These restatements were not material to the consolidated financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 36, + "text": " GENERAL ACCOUNTING OFFICE REPORT 31\nagency, the Department of Homeland Security (DHS),⁵ though not subject to the CFO\nAct, prepared consolidated financial statements for fiscal year 2003 covering its first 7\nmonths of operations and received a qualified opinion on two of the six required financial\nstatements.⁶\nThe JFMIP Principals agreed with OMB’s initiative to accelerate the agency financial\nstatements reporting date to November 15 for fiscal year 2004. For fiscal year 2003,\nOMB required the CFO Act agencies to deliver their Performance and Accountability\nReports, including their audited financial statements, to OMB by January 30, 2004.\nHowever, to prepare for meeting the required November 15 accelerated reporting date for\nfiscal year 2004, OMB encouraged the CFO Act agencies to accelerate the issuance of\ntheir fiscal year 2003 audited financial statements to November 15, 2003, or as close to\nthat date as possible. OMB reported that 8 CFO Act agencies—the Department of\nEducation, the Environmental Protection Agency, the Department of Health and Human\nServices, the National Science Foundation, the Social Security Administration, the\nDepartment of the Treasury (Treasury), AID, and the Department of Veterans Affairs—\nwere able to issue their fiscal year 2003 financial statements with unqualified opinions by\nmid-November 2003. Another 10 CFO Act agencies issued their financial statements by\nDecember 31, 2003, and the remaining 5 CFO Act agencies issued by the end of January\n2004. DHS, which faced a herculean challenge, issued its financial statements on\nFebruary 13, 2004. While these results represent a significant improvement over previous\nyears in the timeliness of CFO Act agencies’ issuance of financial statements, they also\ndemonstrate the significant challenges that the federal government will face in meeting\nthe accelerated reporting date for fiscal year 2004.\nAuditors at several of the CFO Act agencies reported that the agencies may not be able to\nproduce auditable financial statements within the accelerated time frame for fiscal year\n2004 without making fundamental changes to improve a number of their financial\nmanagement practices. For example, certain federal agency auditors reported that major\nimprovements are needed in (1) management controls to monitor established policies and\n5DHS is not a CFO Act agency and is therefore not subject to CFO Act requirements. However, along with\nmost other executive branch agencies not covered by the CFO Act, DHS is required to prepare and have\naudited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116\nStat. 2049. For fiscal year 2003, the act provided that OMB could grant executive branch agencies’ requests\nfor waivers from having audited financial statements for fiscal year 2003. However, DHS and certain other\nagencies chose to prepare and have their fiscal year 2003 financial statements audited.\n6DHS began operations as an agency 5 months after the start of the fiscal year, on March 1, 2003. Transfers\nof funds, assets, liabilities, and obligations from 22 existing federal agencies to DHS began on March 1,\n2003. DHS’s auditors issued a qualified opinion on the consolidated balance sheet and statement of\ncustodial activity as of September 30, 2003, and disclaimed on the consolidated statement of net cost,\nconsolidated statement of changes in net position, combined statement of budgetary resources, and\nconsolidated statement of financing for the 7 months ended September 30, 2003. In accordance with\nFederal Accounting Standards Advisory Board Technical Bulletin 2003-1, Certain Questions and Answers\nRelated to the Homeland Security Act of 2002, the fiscal year 2003 activities that occurred prior to the\ntransfer of operations to DHS were to be reflected in the transferring agencies’ financial statements.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nagency, the Department of Homeland Security (DHS),5 though not subject to the CFO Act, prepared consolidated financial statements for fiscal year 2003 covering its first 7 months of operations and received a qualified opinion on two of the six required financial statements.6\n\nThe JFMIP Principals agreed with OMB’s initiative to accelerate the agency financial statements reporting date to November 15 for fiscal year 2004. For fiscal year 2003, OMB required the CFO Act agencies to deliver their Performance and Accountability Reports, including their audited financial statements, to OMB by January 30, 2004. However, to prepare for meeting the required November 15 accelerated reporting date for fiscal year 2004, OMB encouraged the CFO Act agencies to accelerate the issuance of their fiscal year 2003 audited financial statements to November 15, 2003, or as close to that date as possible. OMB reported that 8 CFO Act agencies—the Department of Education, the Environmental Protection Agency, the Department of Health and Human Services, the National Science Foundation, the Social Security Administration, the Department of the Treasury (Treasury), AID, and the Department of Veterans Affairs—were able to issue their fiscal year 2003 financial statements with unqualified opinions by mid-November 2003. Another 10 CFO Act agencies issued their financial statements by December 31, 2003, and the remaining 5 CFO Act agencies issued by the end of January 2004. DHS, which faced a herculean challenge, issued its financial statements on February 13, 2004. While these results represent a significant improvement over previous years in the timeliness of CFO Act agencies’ issuance of financial statements, they also demonstrate the significant challenges that the federal government will face in meeting the accelerated reporting date for fiscal year 2004.\n\nAuditors at several of the CFO Act agencies reported that the agencies may not be able to produce auditable financial statements within the accelerated time frame for fiscal year 2004 without making fundamental changes to improve a number of their financial management practices. For example, certain federal agency auditors reported that major improvements are needed in (1) management controls to monitor established policies and\n\n5DHS is not a CFO Act agency and is therefore not subject to CFO Act requirements. However, along with most other executive branch agencies not covered by the CFO Act, DHS is required to prepare and have audited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116 Stat. 2049. For fiscal year 2003, the act provided that OMB could grant executive branch agencies’ requests for waivers from having audited financial statements for fiscal year 2003. However, DHS and certain other agencies chose to prepare and have their fiscal year 2003 financial statements audited.\n\n6DHS began operations as an agency 5 months after the start of the fiscal year, on March 1, 2003. Transfers of funds, assets, liabilities, and obligations from 22 existing federal agencies to DHS began on March 1, 2003. DHS’s auditors issued a qualified opinion on the consolidated balance sheet and statement of custodial activity as of September 30, 2003, and disclaimed on the consolidated statement of net cost, consolidated statement of changes in net position, combined statement of budgetary resources, and consolidated statement of financing for the 7 months ended September 30, 2003. In accordance with Federal Accounting Standards Advisory Board Technical Bulletin 2003-1, Certain Questions and Answers Related to the Homeland Security Act of 2002, the fiscal year 2003 activities that occurred prior to the transfer of operations to DHS were to be reflected in the transferring agencies’ financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "agency, the Department of Homeland Security (DHS),5 though not subject to the CFO Act, prepared consolidated financial statements for fiscal year 2003 covering its first 7 months of operations and received a qualified opinion on two of the six required financial statements.6\n\nThe JFMIP Principals agreed with OMB’s initiative to accelerate the agency financial statements reporting date to November 15 for fiscal year 2004. For fiscal year 2003, OMB required the CFO Act agencies to deliver their Performance and Accountability Reports, including their audited financial statements, to OMB by January 30, 2004. However, to prepare for meeting the required November 15 accelerated reporting date for fiscal year 2004, OMB encouraged the CFO Act agencies to accelerate the issuance of their fiscal year 2003 audited financial statements to November 15, 2003, or as close to that date as possible. OMB reported that 8 CFO Act agencies—the Department of Education, the Environmental Protection Agency, the Department of Health and Human Services, the National Science Foundation, the Social Security Administration, the Department of the Treasury (Treasury), AID, and the Department of Veterans Affairs—were able to issue their fiscal year 2003 financial statements with unqualified opinions by mid-November 2003. Another 10 CFO Act agencies issued their financial statements by December 31, 2003, and the remaining 5 CFO Act agencies issued by the end of January 2004. DHS, which faced a herculean challenge, issued its financial statements on February 13, 2004. While these results represent a significant improvement over previous years in the timeliness of CFO Act agencies’ issuance of financial statements, they also demonstrate the significant challenges that the federal government will face in meeting the accelerated reporting date for fiscal year 2004.\n\nAuditors at several of the CFO Act agencies reported that the agencies may not be able to produce auditable financial statements within the accelerated time frame for fiscal year 2004 without making fundamental changes to improve a number of their financial management practices. For example, certain federal agency auditors reported that major improvements are needed in (1) management controls to monitor established policies and\n\n5DHS is not a CFO Act agency and is therefore not subject to CFO Act requirements. However, along with most other executive branch agencies not covered by the CFO Act, DHS is required to prepare and have audited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116 Stat. 2049. For fiscal year 2003, the act provided that OMB could grant executive branch agencies’ requests for waivers from having audited financial statements for fiscal year 2003. However, DHS and certain other agencies chose to prepare and have their fiscal year 2003 financial statements audited.\n\n6DHS began operations as an agency 5 months after the start of the fiscal year, on March 1, 2003. Transfers of funds, assets, liabilities, and obligations from 22 existing federal agencies to DHS began on March 1, 2003. DHS’s auditors issued a qualified opinion on the consolidated balance sheet and statement of custodial activity as of September 30, 2003, and disclaimed on the consolidated statement of net cost, consolidated statement of changes in net position, combined statement of budgetary resources, and consolidated statement of financing for the 7 months ended September 30, 2003. In accordance with Federal Accounting Standards Advisory Board Technical Bulletin 2003-1, Certain Questions and Answers Related to the Homeland Security Act of 2002, the fiscal year 2003 activities that occurred prior to the transfer of operations to DHS were to be reflected in the transferring agencies’ financial statements.", + "md": "agency, the Department of Homeland Security (DHS),5 though not subject to the CFO Act, prepared consolidated financial statements for fiscal year 2003 covering its first 7 months of operations and received a qualified opinion on two of the six required financial statements.6\n\nThe JFMIP Principals agreed with OMB’s initiative to accelerate the agency financial statements reporting date to November 15 for fiscal year 2004. For fiscal year 2003, OMB required the CFO Act agencies to deliver their Performance and Accountability Reports, including their audited financial statements, to OMB by January 30, 2004. However, to prepare for meeting the required November 15 accelerated reporting date for fiscal year 2004, OMB encouraged the CFO Act agencies to accelerate the issuance of their fiscal year 2003 audited financial statements to November 15, 2003, or as close to that date as possible. OMB reported that 8 CFO Act agencies—the Department of Education, the Environmental Protection Agency, the Department of Health and Human Services, the National Science Foundation, the Social Security Administration, the Department of the Treasury (Treasury), AID, and the Department of Veterans Affairs—were able to issue their fiscal year 2003 financial statements with unqualified opinions by mid-November 2003. Another 10 CFO Act agencies issued their financial statements by December 31, 2003, and the remaining 5 CFO Act agencies issued by the end of January 2004. DHS, which faced a herculean challenge, issued its financial statements on February 13, 2004. While these results represent a significant improvement over previous years in the timeliness of CFO Act agencies’ issuance of financial statements, they also demonstrate the significant challenges that the federal government will face in meeting the accelerated reporting date for fiscal year 2004.\n\nAuditors at several of the CFO Act agencies reported that the agencies may not be able to produce auditable financial statements within the accelerated time frame for fiscal year 2004 without making fundamental changes to improve a number of their financial management practices. For example, certain federal agency auditors reported that major improvements are needed in (1) management controls to monitor established policies and\n\n5DHS is not a CFO Act agency and is therefore not subject to CFO Act requirements. However, along with most other executive branch agencies not covered by the CFO Act, DHS is required to prepare and have audited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116 Stat. 2049. For fiscal year 2003, the act provided that OMB could grant executive branch agencies’ requests for waivers from having audited financial statements for fiscal year 2003. However, DHS and certain other agencies chose to prepare and have their fiscal year 2003 financial statements audited.\n\n6DHS began operations as an agency 5 months after the start of the fiscal year, on March 1, 2003. Transfers of funds, assets, liabilities, and obligations from 22 existing federal agencies to DHS began on March 1, 2003. DHS’s auditors issued a qualified opinion on the consolidated balance sheet and statement of custodial activity as of September 30, 2003, and disclaimed on the consolidated statement of net cost, consolidated statement of changes in net position, combined statement of budgetary resources, and consolidated statement of financing for the 7 months ended September 30, 2003. In accordance with Federal Accounting Standards Advisory Board Technical Bulletin 2003-1, Certain Questions and Answers Related to the Homeland Security Act of 2002, the fiscal year 2003 activities that occurred prior to the transfer of operations to DHS were to be reflected in the transferring agencies’ financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 37, + "text": "32 GENERAL ACCOUNTING OFFICE REPORT\n procedures for conducting financial analyses and reconciliations throughout the year, (2)\n fully integrating financial management systems, and (3) providing adequate and skilled\n staff to support efficient, effective preparation of federal agency consolidated financial\n statements.\n More importantly, federal agency management must continue to work toward fully\n resolving the pervasive and generally long-standing material weaknesses that have been\n reported at the agency level for the past 7 fiscal years. The underlying causes of these\n issues are significant financial management systems problems, with the auditors of 17 of\n the 23 CFO Act agencies reporting that the agencies’ financial management systems did\n not comply substantially with one or more of FFMIA’s three requirements,⁷ problems\n with fundamental recordkeeping and financial reporting, incomplete documentation, and\n weak internal control. While the severity and magnitude of the problems identified vary\n greatly, reports of inspectors general and their contract auditors indicated that only the\n Social Security Administration, Department of Energy, and National Science Foundation\n had neither a material weakness in internal control, an issue involving compliance with\n applicable laws and regulations, nor an instance of lack of substantial compliance with\n FFMIA requirements. Many federal agencies have continued to expend significant\n resources to use extensive ad hoc procedures and some have had to make billions of\n dollars in adjustments to derive financial statements months after the end of the fiscal\n year.\n There are three primary reasons why the consolidated financial statements remained\n unauditable for fiscal year 2003: (1) serious financial management problems at the\n Department of Defense (DOD), (2) the federal government’s inability to account for\n billions of dollars of transactions between federal government entities, and (3) the federal\n government’s ineffective process for preparing the consolidated financial statements.\n First, we have designated the serious financial management problems at DOD as high\n risk⁸ since 1995. Overhauling DOD’s financial management operations represents a\n challenge that goes far beyond financial accounting to the very fiber of DOD’s range of\n business operations, management information systems, and culture. DOD’s financial\n management problems are pervasive, complex, long-standing, and deeply rooted in\n virtually all business operations throughout the department. To date, none of the military\n services or major DOD components has passed the test of an independent financial audit⁹\n because of pervasive weaknesses in financial management systems, operations, and\n 7FFMIA requires auditors, as part of CFO Act agencies’ financial statement audits, to report whether\n agencies’ financial management systems substantially comply with (1) federal financial management\n systems requirements, (2) applicable federal accounting standards (U.S. generally accepted accounting\n principles), and (3) the federal government’s Standard General Ledger at the transaction level.\n 8GAO identifies areas at high risk due to either their greater vulnerabilities to waste, fraud, abuse, and\n mismanagement or major challenges associated with their economy, efficiency, or effectiveness.\n 9Although not major DOD components, the Military Retirement Fund received an unqualified opinion on\n its fiscal year 2003 financial statements, and the DOD Medicare-Eligible Retiree Health Care Fund\n received a qualified opinion on its fiscal year 2003 financial statements.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nprocedures for conducting financial analyses and reconciliations throughout the year, (2) fully integrating financial management systems, and (3) providing adequate and skilled staff to support efficient, effective preparation of federal agency consolidated financial statements.\n\nMore importantly, federal agency management must continue to work toward fully resolving the pervasive and generally long-standing material weaknesses that have been reported at the agency level for the past 7 fiscal years. The underlying causes of these issues are significant financial management systems problems, with the auditors of 17 of the 23 CFO Act agencies reporting that the agencies’ financial management systems did not comply substantially with one or more of FFMIA’s three requirements,7 problems with fundamental recordkeeping and financial reporting, incomplete documentation, and weak internal control. While the severity and magnitude of the problems identified vary greatly, reports of inspectors general and their contract auditors indicated that only the Social Security Administration, Department of Energy, and National Science Foundation had neither a material weakness in internal control, an issue involving compliance with applicable laws and regulations, nor an instance of lack of substantial compliance with FFMIA requirements. Many federal agencies have continued to expend significant resources to use extensive ad hoc procedures and some have had to make billions of dollars in adjustments to derive financial statements months after the end of the fiscal year.\n\nThere are three primary reasons why the consolidated financial statements remained unauditable for fiscal year 2003: (1) serious financial management problems at the Department of Defense (DOD), (2) the federal government’s inability to account for billions of dollars of transactions between federal government entities, and (3) the federal government’s ineffective process for preparing the consolidated financial statements.\n\nFirst, we have designated the serious financial management problems at DOD as high risk8 since 1995. Overhauling DOD’s financial management operations represents a challenge that goes far beyond financial accounting to the very fiber of DOD’s range of business operations, management information systems, and culture. DOD’s financial management problems are pervasive, complex, long-standing, and deeply rooted in virtually all business operations throughout the department. To date, none of the military services or major DOD components has passed the test of an independent financial audit9 because of pervasive weaknesses in financial management systems, operations, and\n\n7FFMIA requires auditors, as part of CFO Act agencies’ financial statement audits, to report whether agencies’ financial management systems substantially comply with (1) federal financial management systems requirements, (2) applicable federal accounting standards (U.S. generally accepted accounting principles), and (3) the federal government’s Standard General Ledger at the transaction level.\n\n8GAO identifies areas at high risk due to either their greater vulnerabilities to waste, fraud, abuse, and mismanagement or major challenges associated with their economy, efficiency, or effectiveness.\n\n9Although not major DOD components, the Military Retirement Fund received an unqualified opinion on its fiscal year 2003 financial statements, and the DOD Medicare-Eligible Retiree Health Care Fund received a qualified opinion on its fiscal year 2003 financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "procedures for conducting financial analyses and reconciliations throughout the year, (2) fully integrating financial management systems, and (3) providing adequate and skilled staff to support efficient, effective preparation of federal agency consolidated financial statements.\n\nMore importantly, federal agency management must continue to work toward fully resolving the pervasive and generally long-standing material weaknesses that have been reported at the agency level for the past 7 fiscal years. The underlying causes of these issues are significant financial management systems problems, with the auditors of 17 of the 23 CFO Act agencies reporting that the agencies’ financial management systems did not comply substantially with one or more of FFMIA’s three requirements,7 problems with fundamental recordkeeping and financial reporting, incomplete documentation, and weak internal control. While the severity and magnitude of the problems identified vary greatly, reports of inspectors general and their contract auditors indicated that only the Social Security Administration, Department of Energy, and National Science Foundation had neither a material weakness in internal control, an issue involving compliance with applicable laws and regulations, nor an instance of lack of substantial compliance with FFMIA requirements. Many federal agencies have continued to expend significant resources to use extensive ad hoc procedures and some have had to make billions of dollars in adjustments to derive financial statements months after the end of the fiscal year.\n\nThere are three primary reasons why the consolidated financial statements remained unauditable for fiscal year 2003: (1) serious financial management problems at the Department of Defense (DOD), (2) the federal government’s inability to account for billions of dollars of transactions between federal government entities, and (3) the federal government’s ineffective process for preparing the consolidated financial statements.\n\nFirst, we have designated the serious financial management problems at DOD as high risk8 since 1995. Overhauling DOD’s financial management operations represents a challenge that goes far beyond financial accounting to the very fiber of DOD’s range of business operations, management information systems, and culture. DOD’s financial management problems are pervasive, complex, long-standing, and deeply rooted in virtually all business operations throughout the department. To date, none of the military services or major DOD components has passed the test of an independent financial audit9 because of pervasive weaknesses in financial management systems, operations, and\n\n7FFMIA requires auditors, as part of CFO Act agencies’ financial statement audits, to report whether agencies’ financial management systems substantially comply with (1) federal financial management systems requirements, (2) applicable federal accounting standards (U.S. generally accepted accounting principles), and (3) the federal government’s Standard General Ledger at the transaction level.\n\n8GAO identifies areas at high risk due to either their greater vulnerabilities to waste, fraud, abuse, and mismanagement or major challenges associated with their economy, efficiency, or effectiveness.\n\n9Although not major DOD components, the Military Retirement Fund received an unqualified opinion on its fiscal year 2003 financial statements, and the DOD Medicare-Eligible Retiree Health Care Fund received a qualified opinion on its fiscal year 2003 financial statements.", + "md": "procedures for conducting financial analyses and reconciliations throughout the year, (2) fully integrating financial management systems, and (3) providing adequate and skilled staff to support efficient, effective preparation of federal agency consolidated financial statements.\n\nMore importantly, federal agency management must continue to work toward fully resolving the pervasive and generally long-standing material weaknesses that have been reported at the agency level for the past 7 fiscal years. The underlying causes of these issues are significant financial management systems problems, with the auditors of 17 of the 23 CFO Act agencies reporting that the agencies’ financial management systems did not comply substantially with one or more of FFMIA’s three requirements,7 problems with fundamental recordkeeping and financial reporting, incomplete documentation, and weak internal control. While the severity and magnitude of the problems identified vary greatly, reports of inspectors general and their contract auditors indicated that only the Social Security Administration, Department of Energy, and National Science Foundation had neither a material weakness in internal control, an issue involving compliance with applicable laws and regulations, nor an instance of lack of substantial compliance with FFMIA requirements. Many federal agencies have continued to expend significant resources to use extensive ad hoc procedures and some have had to make billions of dollars in adjustments to derive financial statements months after the end of the fiscal year.\n\nThere are three primary reasons why the consolidated financial statements remained unauditable for fiscal year 2003: (1) serious financial management problems at the Department of Defense (DOD), (2) the federal government’s inability to account for billions of dollars of transactions between federal government entities, and (3) the federal government’s ineffective process for preparing the consolidated financial statements.\n\nFirst, we have designated the serious financial management problems at DOD as high risk8 since 1995. Overhauling DOD’s financial management operations represents a challenge that goes far beyond financial accounting to the very fiber of DOD’s range of business operations, management information systems, and culture. DOD’s financial management problems are pervasive, complex, long-standing, and deeply rooted in virtually all business operations throughout the department. To date, none of the military services or major DOD components has passed the test of an independent financial audit9 because of pervasive weaknesses in financial management systems, operations, and\n\n7FFMIA requires auditors, as part of CFO Act agencies’ financial statement audits, to report whether agencies’ financial management systems substantially comply with (1) federal financial management systems requirements, (2) applicable federal accounting standards (U.S. generally accepted accounting principles), and (3) the federal government’s Standard General Ledger at the transaction level.\n\n8GAO identifies areas at high risk due to either their greater vulnerabilities to waste, fraud, abuse, and mismanagement or major challenges associated with their economy, efficiency, or effectiveness.\n\n9Although not major DOD components, the Military Retirement Fund received an unqualified opinion on its fiscal year 2003 financial statements, and the DOD Medicare-Eligible Retiree Health Care Fund received a qualified opinion on its fiscal year 2003 financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 38, + "text": " GENERAL ACCOUNTING OFFICE REPORT 33\ncontrols. To address these problems, DOD has taken several positive steps in many key\nareas. For example, the Secretary of Defense has included improving DOD’s financial\nmanagement as one of his top 10 priorities, and the department has taken a number of\nactions under its Business Management Modernization Program, including development\nin April 2003 of an initial business enterprise architecture to guide operational and\ntechnological changes. DOD is currently working to refine and implement that\narchitecture and expects to issue new versions of it during 2004. DOD reports that it is\nalso developing detailed financial improvement plans intended to provide disciplined\nleadership, identify corrective actions, implement solutions, and result in a favorable\naudit opinion on the fiscal year 2007 DOD-wide financial statements. But DOD still has a\nlong way to go, and top leadership must continue to stress the importance of achieving\nlasting improvement that truly transforms the department’s business systems and\noperations. Only through major transformation will DOD be able to meet the mandate of\nthe CFO Act and achieve the President’s Management Agenda goal of improved financial\nperformance.\nSecond, we reported in previous years that the heart of the intragovernmental transactions\nissue was that the federal government lacked clearly articulated business rules for these\ntransactions so that they would be handled consistently by agencies. In this regard, at the\nstart of fiscal year 2003, OMB issued business rules to transform and standardize\nintragovernmental ordering and billing. However, CFO Act agencies continue to be\nunable to perform reconciliations of intragovernmental activity and balances with their\ntrading partners,¹⁰ citing reasons such as (1) trading partners not providing needed data;\n(2) limitations and incompatibility of agency and trading partner information systems;\nand (3) lack of human resources. Amounts reported for federal agency trading partners\nfor certain intragovernmental accounts were significantly out of balance in the aggregate\nfor both fiscal years 2003 and 2002. To address long-standing problems with\nintragovernmental exchange transactions between federal agencies, Treasury provided\nfederal agencies with quarterly detailed trading partner information during fiscal year\n2003 to help them better perform their trading partner reconciliations. In addition, the\nfederal government began a three-phase Intragovernmental Transactions e-gov project to\ndefine a governmentwide data architecture and provide a single source of detailed trading\npartner data.\nThird, with respect to preparing the consolidated financial statements, Treasury is\ndeveloping a new system and procedures to prepare the consolidated financial statements\nbeginning with the statements for fiscal year 2004. Treasury officials have stated that\nthese actions are intended to, among other things, directly link information from federal\nagencies’ audited financial statements to amounts reported in the consolidated financial\nstatements and resolve many of the issues we identified in the process for preparing the\nconsolidated financial statements.\n10Trading partners are U.S. government agencies, departments, or other components included in the\nconsolidated financial statements that do business with each other.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\ncontrols. To address these problems, DOD has taken several positive steps in many key areas. For example, the Secretary of Defense has included improving DOD’s financial management as one of his top 10 priorities, and the department has taken a number of actions under its Business Management Modernization Program, including development in April 2003 of an initial business enterprise architecture to guide operational and technological changes. DOD is currently working to refine and implement that architecture and expects to issue new versions of it during 2004. DOD reports that it is also developing detailed financial improvement plans intended to provide disciplined leadership, identify corrective actions, implement solutions, and result in a favorable audit opinion on the fiscal year 2007 DOD-wide financial statements. But DOD still has a long way to go, and top leadership must continue to stress the importance of achieving lasting improvement that truly transforms the department’s business systems and operations. Only through major transformation will DOD be able to meet the mandate of the CFO Act and achieve the President’s Management Agenda goal of improved financial performance.\n\nSecond, we reported in previous years that the heart of the intragovernmental transactions issue was that the federal government lacked clearly articulated business rules for these transactions so that they would be handled consistently by agencies. In this regard, at the start of fiscal year 2003, OMB issued business rules to transform and standardize intragovernmental ordering and billing. However, CFO Act agencies continue to be unable to perform reconciliations of intragovernmental activity and balances with their trading partners,10 citing reasons such as (1) trading partners not providing needed data; (2) limitations and incompatibility of agency and trading partner information systems; and (3) lack of human resources. Amounts reported for federal agency trading partners for certain intragovernmental accounts were significantly out of balance in the aggregate for both fiscal years 2003 and 2002. To address long-standing problems with intragovernmental exchange transactions between federal agencies, Treasury provided federal agencies with quarterly detailed trading partner information during fiscal year 2003 to help them better perform their trading partner reconciliations. In addition, the federal government began a three-phase Intragovernmental Transactions e-gov project to define a governmentwide data architecture and provide a single source of detailed trading partner data.\n\nThird, with respect to preparing the consolidated financial statements, Treasury is developing a new system and procedures to prepare the consolidated financial statements beginning with the statements for fiscal year 2004. Treasury officials have stated that these actions are intended to, among other things, directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements and resolve many of the issues we identified in the process for preparing the consolidated financial statements.\n\n10Trading partners are U.S. government agencies, departments, or other components included in the consolidated financial statements that do business with each other.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "controls. To address these problems, DOD has taken several positive steps in many key areas. For example, the Secretary of Defense has included improving DOD’s financial management as one of his top 10 priorities, and the department has taken a number of actions under its Business Management Modernization Program, including development in April 2003 of an initial business enterprise architecture to guide operational and technological changes. DOD is currently working to refine and implement that architecture and expects to issue new versions of it during 2004. DOD reports that it is also developing detailed financial improvement plans intended to provide disciplined leadership, identify corrective actions, implement solutions, and result in a favorable audit opinion on the fiscal year 2007 DOD-wide financial statements. But DOD still has a long way to go, and top leadership must continue to stress the importance of achieving lasting improvement that truly transforms the department’s business systems and operations. Only through major transformation will DOD be able to meet the mandate of the CFO Act and achieve the President’s Management Agenda goal of improved financial performance.\n\nSecond, we reported in previous years that the heart of the intragovernmental transactions issue was that the federal government lacked clearly articulated business rules for these transactions so that they would be handled consistently by agencies. In this regard, at the start of fiscal year 2003, OMB issued business rules to transform and standardize intragovernmental ordering and billing. However, CFO Act agencies continue to be unable to perform reconciliations of intragovernmental activity and balances with their trading partners,10 citing reasons such as (1) trading partners not providing needed data; (2) limitations and incompatibility of agency and trading partner information systems; and (3) lack of human resources. Amounts reported for federal agency trading partners for certain intragovernmental accounts were significantly out of balance in the aggregate for both fiscal years 2003 and 2002. To address long-standing problems with intragovernmental exchange transactions between federal agencies, Treasury provided federal agencies with quarterly detailed trading partner information during fiscal year 2003 to help them better perform their trading partner reconciliations. In addition, the federal government began a three-phase Intragovernmental Transactions e-gov project to define a governmentwide data architecture and provide a single source of detailed trading partner data.\n\nThird, with respect to preparing the consolidated financial statements, Treasury is developing a new system and procedures to prepare the consolidated financial statements beginning with the statements for fiscal year 2004. Treasury officials have stated that these actions are intended to, among other things, directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements and resolve many of the issues we identified in the process for preparing the consolidated financial statements.\n\n10Trading partners are U.S. government agencies, departments, or other components included in the consolidated financial statements that do business with each other.", + "md": "controls. To address these problems, DOD has taken several positive steps in many key areas. For example, the Secretary of Defense has included improving DOD’s financial management as one of his top 10 priorities, and the department has taken a number of actions under its Business Management Modernization Program, including development in April 2003 of an initial business enterprise architecture to guide operational and technological changes. DOD is currently working to refine and implement that architecture and expects to issue new versions of it during 2004. DOD reports that it is also developing detailed financial improvement plans intended to provide disciplined leadership, identify corrective actions, implement solutions, and result in a favorable audit opinion on the fiscal year 2007 DOD-wide financial statements. But DOD still has a long way to go, and top leadership must continue to stress the importance of achieving lasting improvement that truly transforms the department’s business systems and operations. Only through major transformation will DOD be able to meet the mandate of the CFO Act and achieve the President’s Management Agenda goal of improved financial performance.\n\nSecond, we reported in previous years that the heart of the intragovernmental transactions issue was that the federal government lacked clearly articulated business rules for these transactions so that they would be handled consistently by agencies. In this regard, at the start of fiscal year 2003, OMB issued business rules to transform and standardize intragovernmental ordering and billing. However, CFO Act agencies continue to be unable to perform reconciliations of intragovernmental activity and balances with their trading partners,10 citing reasons such as (1) trading partners not providing needed data; (2) limitations and incompatibility of agency and trading partner information systems; and (3) lack of human resources. Amounts reported for federal agency trading partners for certain intragovernmental accounts were significantly out of balance in the aggregate for both fiscal years 2003 and 2002. To address long-standing problems with intragovernmental exchange transactions between federal agencies, Treasury provided federal agencies with quarterly detailed trading partner information during fiscal year 2003 to help them better perform their trading partner reconciliations. In addition, the federal government began a three-phase Intragovernmental Transactions e-gov project to define a governmentwide data architecture and provide a single source of detailed trading partner data.\n\nThird, with respect to preparing the consolidated financial statements, Treasury is developing a new system and procedures to prepare the consolidated financial statements beginning with the statements for fiscal year 2004. Treasury officials have stated that these actions are intended to, among other things, directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements and resolve many of the issues we identified in the process for preparing the consolidated financial statements.\n\n10Trading partners are U.S. government agencies, departments, or other components included in the consolidated financial statements that do business with each other.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 39, + "text": "34 GENERAL ACCOUNTING OFFICE REPORT\n The continued strong leadership of both OMB and Treasury will be important to resolve\n the intragovernmental transactions issue and issues surrounding preparing the\n consolidated financial statements.\n The need for timely, accurate, and useful financial and performance information is\n greater than ever. Our nation’s large and growing long-term fiscal imbalance, which is\n driven largely by known demographic trends and rising health care costs, coupled with\n new homeland security and defense commitments, serves to sharpen the need to\n fundamentally review and re-examine the base of federal entitlement, discretionary, and\n other spending and tax policies. For example, as we look ahead, our nation faces an\n unprecedented demographic challenge, with significant budgetary, economic, and other\n implications. Between now and 2035, the number of people who are 65 years old or over\n will double, driving federal spending on the elderly to a larger and ultimately\n unsustainable share of the federal budget. As a result, tough choices will be required to\n address the resulting structural imbalance.\n The federal government’s gross debt as of September 2003 was about $7 trillion, or about\n $24,000 for every man, woman, and child in the country. But that number excludes such\n items as the gap between promised and funded Social Security and Medicare\n commitments and veterans health care benefit commitments provided through the\n Department of Veterans Affairs. If these items are factored in, the current dollar burden\n for every American rises to well over $100,000. In addition, the new Medicare\n prescription drug benefit will add thousands more to that tab.\n The Trustees of the Social Security and Medicare trust funds report annually on the\n current and projected status of these programs over the next 75 years. As highlighted in\n our report last year, the 2003 trustees’ reports stated that the fundamentals of the financial\n status of both Social Security and Medicare remain highly problematic.¹¹ However, the\n trustees reported that Medicare faces financial difficulties that are more severe than those\n confronting Social Security because Medicare program costs are projected to rise faster\n than Social Security program costs. In their 2003 report, the trustees once again stated\n that action to address the financial difficulties facing Social Security and Medicare must\n be taken in a timely manner and that the sooner these financial challenges are addressed,\n the more varied and less disruptive the solutions can be. In addition, the new prescription\n drug benefit, which is one of the largest unfunded commitments ever undertaken by the\n federal government, will serve to increase this financial and fiscal challenge. The trustees\n will include an official estimate of the discounted present value cost of this new benefit\n 11Last year, our auditor’s report was issued subsequent to the release of the 2003 Annual Reports of the\n Boards of Trustees of the Social Security and Medicare Trust Funds and, as a result, included certain\n information from those reports. Due to the accelerated issuance of the fiscal year 2003 Financial Report of\n the United States Government this year, similar information from the 2004 Annual Reports of the Trustees\n is not available. Data from these reports will be used to prepare the social insurance disclosures in the fiscal\n year 2004 Financial Report of the United States Government.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nThe continued strong leadership of both OMB and Treasury will be important to resolve the intragovernmental transactions issue and issues surrounding preparing the consolidated financial statements.\n\nThe need for timely, accurate, and useful financial and performance information is greater than ever. Our nation’s large and growing long-term fiscal imbalance, which is driven largely by known demographic trends and rising health care costs, coupled with new homeland security and defense commitments, serves to sharpen the need to fundamentally review and re-examine the base of federal entitlement, discretionary, and other spending and tax policies. For example, as we look ahead, our nation faces an unprecedented demographic challenge, with significant budgetary, economic, and other implications. Between now and 2035, the number of people who are 65 years old or over will double, driving federal spending on the elderly to a larger and ultimately unsustainable share of the federal budget. As a result, tough choices will be required to address the resulting structural imbalance.\n\nThe federal government’s gross debt as of September 2003 was about $7 trillion, or about $24,000 for every man, woman, and child in the country. But that number excludes such items as the gap between promised and funded Social Security and Medicare commitments and veterans health care benefit commitments provided through the Department of Veterans Affairs. If these items are factored in, the current dollar burden for every American rises to well over $100,000. In addition, the new Medicare prescription drug benefit will add thousands more to that tab.\n\nThe Trustees of the Social Security and Medicare trust funds report annually on the current and projected status of these programs over the next 75 years. As highlighted in our report last year, the 2003 trustees’ reports stated that the fundamentals of the financial status of both Social Security and Medicare remain highly problematic.11 However, the trustees reported that Medicare faces financial difficulties that are more severe than those confronting Social Security because Medicare program costs are projected to rise faster than Social Security program costs. In their 2003 report, the trustees once again stated that action to address the financial difficulties facing Social Security and Medicare must be taken in a timely manner and that the sooner these financial challenges are addressed, the more varied and less disruptive the solutions can be. In addition, the new prescription drug benefit, which is one of the largest unfunded commitments ever undertaken by the federal government, will serve to increase this financial and fiscal challenge. The trustees will include an official estimate of the discounted present value cost of this new benefit.\n\n11 Last year, our auditor’s report was issued subsequent to the release of the 2003 Annual Reports of the Boards of Trustees of the Social Security and Medicare Trust Funds and, as a result, included certain information from those reports. Due to the accelerated issuance of the fiscal year 2003 Financial Report of the United States Government this year, similar information from the 2004 Annual Reports of the Trustees is not available. Data from these reports will be used to prepare the social insurance disclosures in the fiscal year 2004 Financial Report of the United States Government.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The continued strong leadership of both OMB and Treasury will be important to resolve the intragovernmental transactions issue and issues surrounding preparing the consolidated financial statements.\n\nThe need for timely, accurate, and useful financial and performance information is greater than ever. Our nation’s large and growing long-term fiscal imbalance, which is driven largely by known demographic trends and rising health care costs, coupled with new homeland security and defense commitments, serves to sharpen the need to fundamentally review and re-examine the base of federal entitlement, discretionary, and other spending and tax policies. For example, as we look ahead, our nation faces an unprecedented demographic challenge, with significant budgetary, economic, and other implications. Between now and 2035, the number of people who are 65 years old or over will double, driving federal spending on the elderly to a larger and ultimately unsustainable share of the federal budget. As a result, tough choices will be required to address the resulting structural imbalance.\n\nThe federal government’s gross debt as of September 2003 was about $7 trillion, or about $24,000 for every man, woman, and child in the country. But that number excludes such items as the gap between promised and funded Social Security and Medicare commitments and veterans health care benefit commitments provided through the Department of Veterans Affairs. If these items are factored in, the current dollar burden for every American rises to well over $100,000. In addition, the new Medicare prescription drug benefit will add thousands more to that tab.\n\nThe Trustees of the Social Security and Medicare trust funds report annually on the current and projected status of these programs over the next 75 years. As highlighted in our report last year, the 2003 trustees’ reports stated that the fundamentals of the financial status of both Social Security and Medicare remain highly problematic.11 However, the trustees reported that Medicare faces financial difficulties that are more severe than those confronting Social Security because Medicare program costs are projected to rise faster than Social Security program costs. In their 2003 report, the trustees once again stated that action to address the financial difficulties facing Social Security and Medicare must be taken in a timely manner and that the sooner these financial challenges are addressed, the more varied and less disruptive the solutions can be. In addition, the new prescription drug benefit, which is one of the largest unfunded commitments ever undertaken by the federal government, will serve to increase this financial and fiscal challenge. The trustees will include an official estimate of the discounted present value cost of this new benefit.\n\n11 Last year, our auditor’s report was issued subsequent to the release of the 2003 Annual Reports of the Boards of Trustees of the Social Security and Medicare Trust Funds and, as a result, included certain information from those reports. Due to the accelerated issuance of the fiscal year 2003 Financial Report of the United States Government this year, similar information from the 2004 Annual Reports of the Trustees is not available. Data from these reports will be used to prepare the social insurance disclosures in the fiscal year 2004 Financial Report of the United States Government.", + "md": "The continued strong leadership of both OMB and Treasury will be important to resolve the intragovernmental transactions issue and issues surrounding preparing the consolidated financial statements.\n\nThe need for timely, accurate, and useful financial and performance information is greater than ever. Our nation’s large and growing long-term fiscal imbalance, which is driven largely by known demographic trends and rising health care costs, coupled with new homeland security and defense commitments, serves to sharpen the need to fundamentally review and re-examine the base of federal entitlement, discretionary, and other spending and tax policies. For example, as we look ahead, our nation faces an unprecedented demographic challenge, with significant budgetary, economic, and other implications. Between now and 2035, the number of people who are 65 years old or over will double, driving federal spending on the elderly to a larger and ultimately unsustainable share of the federal budget. As a result, tough choices will be required to address the resulting structural imbalance.\n\nThe federal government’s gross debt as of September 2003 was about $7 trillion, or about $24,000 for every man, woman, and child in the country. But that number excludes such items as the gap between promised and funded Social Security and Medicare commitments and veterans health care benefit commitments provided through the Department of Veterans Affairs. If these items are factored in, the current dollar burden for every American rises to well over $100,000. In addition, the new Medicare prescription drug benefit will add thousands more to that tab.\n\nThe Trustees of the Social Security and Medicare trust funds report annually on the current and projected status of these programs over the next 75 years. As highlighted in our report last year, the 2003 trustees’ reports stated that the fundamentals of the financial status of both Social Security and Medicare remain highly problematic.11 However, the trustees reported that Medicare faces financial difficulties that are more severe than those confronting Social Security because Medicare program costs are projected to rise faster than Social Security program costs. In their 2003 report, the trustees once again stated that action to address the financial difficulties facing Social Security and Medicare must be taken in a timely manner and that the sooner these financial challenges are addressed, the more varied and less disruptive the solutions can be. In addition, the new prescription drug benefit, which is one of the largest unfunded commitments ever undertaken by the federal government, will serve to increase this financial and fiscal challenge. The trustees will include an official estimate of the discounted present value cost of this new benefit.\n\n11 Last year, our auditor’s report was issued subsequent to the release of the 2003 Annual Reports of the Boards of Trustees of the Social Security and Medicare Trust Funds and, as a result, included certain information from those reports. Due to the accelerated issuance of the fiscal year 2003 Financial Report of the United States Government this year, similar information from the 2004 Annual Reports of the Trustees is not available. Data from these reports will be used to prepare the social insurance disclosures in the fiscal year 2004 Financial Report of the United States Government.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 40, + "text": " GENERAL ACCOUNTING OFFICE REPORT 35\nover the next 75 years in their annual report, which is scheduled for issuance in March\n2004. Preliminary estimates of the long-term cost are in the trillions of dollars in\ndiscounted present value terms over a 75-year period.\nThe Congress and the President face the challenge of sorting out the many claims on the\nfederal budget without the budget enforcement mechanisms or fiscal benchmarks that\nguided the federal government through the years of deficit reduction into a brief period of\nfederal surpluses. While a number of steps will be necessary to address this challenge,\ntruth and transparency in federal government reporting are essential elements of any\nattempt to address the nation’s long-term fiscal challenges. The fiscal risks just\nmentioned can be managed only if they are properly accounted for and publicly\ndisclosed, including the many existing commitments facing the government. In addition,\nnew budget control mechanisms will be required, along with effective approaches to\nsuccessfully engage in a fundamental review, reassessment, and reprioritization of the\nbase of federal government programs and policies that I have mentioned previously.\n - - - - -\nOnce again, we appreciate the cooperation and assistance of Treasury and OMB officials,\nas well as the chief financial officers and inspectors general, in carrying out our\nresponsibility to report on the U.S. government’s consolidated financial statements. We\nlook forward to continuing to work with these officials and the Congress to achieve the\ngoals and objectives of financial management reform.\nOur report was prepared under the direction of Jeffrey C. Steinhoff, Managing Director,\nand Gary T. Engel, Director, Financial Management and Assurance. If you have any\nquestions, please contact me on (202) 512-5500 or them on (202) 512-2600.\nDavid M. Walker\nComptroller General\nof the United States", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nover the next 75 years in their annual report, which is scheduled for issuance in March 2004. Preliminary estimates of the long-term cost are in the trillions of dollars in discounted present value terms over a 75-year period.\n\nThe Congress and the President face the challenge of sorting out the many claims on the federal budget without the budget enforcement mechanisms or fiscal benchmarks that guided the federal government through the years of deficit reduction into a brief period of federal surpluses. While a number of steps will be necessary to address this challenge, truth and transparency in federal government reporting are essential elements of any attempt to address the nation’s long-term fiscal challenges. The fiscal risks just mentioned can be managed only if they are properly accounted for and publicly disclosed, including the many existing commitments facing the government. In addition, new budget control mechanisms will be required, along with effective approaches to successfully engage in a fundamental review, reassessment, and reprioritization of the base of federal government programs and policies that I have mentioned previously.\n\nOnce again, we appreciate the cooperation and assistance of Treasury and OMB officials, as well as the chief financial officers and inspectors general, in carrying out our responsibility to report on the U.S. government’s consolidated financial statements. We look forward to continuing to work with these officials and the Congress to achieve the goals and objectives of financial management reform.\n\nOur report was prepared under the direction of Jeffrey C. Steinhoff, Managing Director, and Gary T. Engel, Director, Financial Management and Assurance. If you have any questions, please contact me on (202) 512-5500 or them on (202) 512-2600.\n\nDavid M. Walker\n\nComptroller General\n\nof the United States", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "over the next 75 years in their annual report, which is scheduled for issuance in March 2004. Preliminary estimates of the long-term cost are in the trillions of dollars in discounted present value terms over a 75-year period.\n\nThe Congress and the President face the challenge of sorting out the many claims on the federal budget without the budget enforcement mechanisms or fiscal benchmarks that guided the federal government through the years of deficit reduction into a brief period of federal surpluses. While a number of steps will be necessary to address this challenge, truth and transparency in federal government reporting are essential elements of any attempt to address the nation’s long-term fiscal challenges. The fiscal risks just mentioned can be managed only if they are properly accounted for and publicly disclosed, including the many existing commitments facing the government. In addition, new budget control mechanisms will be required, along with effective approaches to successfully engage in a fundamental review, reassessment, and reprioritization of the base of federal government programs and policies that I have mentioned previously.\n\nOnce again, we appreciate the cooperation and assistance of Treasury and OMB officials, as well as the chief financial officers and inspectors general, in carrying out our responsibility to report on the U.S. government’s consolidated financial statements. We look forward to continuing to work with these officials and the Congress to achieve the goals and objectives of financial management reform.\n\nOur report was prepared under the direction of Jeffrey C. Steinhoff, Managing Director, and Gary T. Engel, Director, Financial Management and Assurance. If you have any questions, please contact me on (202) 512-5500 or them on (202) 512-2600.\n\nDavid M. Walker\n\nComptroller General\n\nof the United States", + "md": "over the next 75 years in their annual report, which is scheduled for issuance in March 2004. Preliminary estimates of the long-term cost are in the trillions of dollars in discounted present value terms over a 75-year period.\n\nThe Congress and the President face the challenge of sorting out the many claims on the federal budget without the budget enforcement mechanisms or fiscal benchmarks that guided the federal government through the years of deficit reduction into a brief period of federal surpluses. While a number of steps will be necessary to address this challenge, truth and transparency in federal government reporting are essential elements of any attempt to address the nation’s long-term fiscal challenges. The fiscal risks just mentioned can be managed only if they are properly accounted for and publicly disclosed, including the many existing commitments facing the government. In addition, new budget control mechanisms will be required, along with effective approaches to successfully engage in a fundamental review, reassessment, and reprioritization of the base of federal government programs and policies that I have mentioned previously.\n\nOnce again, we appreciate the cooperation and assistance of Treasury and OMB officials, as well as the chief financial officers and inspectors general, in carrying out our responsibility to report on the U.S. government’s consolidated financial statements. We look forward to continuing to work with these officials and the Congress to achieve the goals and objectives of financial management reform.\n\nOur report was prepared under the direction of Jeffrey C. Steinhoff, Managing Director, and Gary T. Engel, Director, Financial Management and Assurance. If you have any questions, please contact me on (202) 512-5500 or them on (202) 512-2600.\n\nDavid M. Walker\n\nComptroller General\n\nof the United States", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 41, + "text": "36 GENERAL ACCOUNTING OFFICE REPORT\n This page is intentionally blank.", + "md": "36 GENERAL ACCOUNTING OFFICE REPORT\n This page is intentionally blank.", + "images": [], + "charts": [], + "items": [ + { + "type": "text", + "value": "36 GENERAL ACCOUNTING OFFICE REPORT\n This page is intentionally blank.", + "md": "36 GENERAL ACCOUNTING OFFICE REPORT\n This page is intentionally blank.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "WARNING", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": true, + "noTextContent": false + }, + { + "page": 42, + "text": " GENERAL ACCOUNTING OFFICE REPORT 37\n G A 0 Comptroller General\n Accountability Integrity Reliability of the United States\nUnited States General Accounting Office\nWashington, DC 20548\n The President\n The President of the Senate\n The Speaker of the House of Representatives\n The Secretary of the Treasury, in coordination with the Director of the Office of\n Management and Budget (OMB), is required annually to submit financial statements for\n the U.S. government to the President and the Congress. GAO is required to audit these\n statements.¹ This is our report on the accompanying U.S. government’s consolidated\n financial statements for the fiscal years ended September 30, 2003 and 2002,² and our\n associated reports on internal control and compliance with laws and regulations.\n The federal government is responsible for (1) preparing annual consolidated financial\n statements in conformity with U.S. generally accepted accounting principles (GAAP); (2)\n establishing, maintaining, and assessing internal control to provide reasonable assurance\n that the control objectives of the Federal Managers’ Financial Integrity Act are met;³ and\n (3) complying with applicable laws and regulations. Also, the 23 Chief Financial Officers\n (CFO) Act agencies⁴ are responsible for implementing and maintaining financial\n management systems that substantially comply with Federal Financial Management\n 1The Government Management Reform Act of 1994 has required such reporting, covering the executive\n branch of government, beginning with financial statements prepared for fiscal year 1997. 31 U.S.C. 331 (e)\n (2000). The federal government has elected to include certain financial information on the legislative and\n judicial branches in the consolidated financial statements as well.\n 2The consolidated financial statements for the fiscal years ended September 30, 2003 and 2002, consist of\n the Statements of Operations and Changes in Net Position, Statements of Net Cost, Reconciliations of Net\n Operating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget\n and Other Activities, and Balance Sheets, including the related notes to these financial statements.\n 331 U.S.C. 3512 (c), (d) (2000). This act requires agency heads to evaluate and report annually to the\n President on the adequacy of their internal control and accounting systems and on actions to correct\n significant problems.\n 431 U.S.C. 901(b) (2000). The Federal Emergency Management Agency (FEMA) was transferred to the\n new Department of Homeland Security (DHS) effective March 1, 2003. With this transfer, FEMA is no\n longer required to prepare and have audited stand-alone financial statements under the CFO Act, leaving 23\n CFO Act agencies. DHS, along with most other executive branch agencies, is required to prepare and have\n audited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116\n Stat. 2049.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n# G A 0\n\n# Comptroller General\n\n# Accountability Integrity Reliability\n\n# of the United States\n\nUnited States General Accounting Office\n\nWashington, DC 20548\n\nThe President\n\nThe President of the Senate\n\nThe Speaker of the House of Representatives\n\nThe Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required annually to submit financial statements for the U.S. government to the President and the Congress. GAO is required to audit these statements.1 This is our report on the accompanying U.S. government’s consolidated financial statements for the fiscal years ended September 30, 2003 and 2002,2 and our associated reports on internal control and compliance with laws and regulations.\n\nThe federal government is responsible for (1) preparing annual consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP); (2) establishing, maintaining, and assessing internal control to provide reasonable assurance that the control objectives of the Federal Managers’ Financial Integrity Act are met;3 and (3) complying with applicable laws and regulations. Also, the 23 Chief Financial Officers (CFO) Act agencies4 are responsible for implementing and maintaining financial management systems that substantially comply with Federal Financial Management.\n\n1 The Government Management Reform Act of 1994 has required such reporting, covering the executive branch of government, beginning with financial statements prepared for fiscal year 1997. 31 U.S.C. 331 (e) (2000). The federal government has elected to include certain financial information on the legislative and judicial branches in the consolidated financial statements as well.\n\n2 The consolidated financial statements for the fiscal years ended September 30, 2003 and 2002, consist of the Statements of Operations and Changes in Net Position, Statements of Net Cost, Reconciliations of Net Operating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget and Other Activities, and Balance Sheets, including the related notes to these financial statements.\n\n3 31 U.S.C. 3512 (c), (d) (2000). This act requires agency heads to evaluate and report annually to the President on the adequacy of their internal control and accounting systems and on actions to correct significant problems.\n\n4 31 U.S.C. 901(b) (2000). The Federal Emergency Management Agency (FEMA) was transferred to the new Department of Homeland Security (DHS) effective March 1, 2003. With this transfer, FEMA is no longer required to prepare and have audited stand-alone financial statements under the CFO Act, leaving 23 CFO Act agencies. DHS, along with most other executive branch agencies, is required to prepare and have audited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116 Stat. 2049.", + "images": [ + { + "name": "img_p41_1.png", + "height": 116, + "width": 292, + "x": 76.02, + "y": 81.18, + "original_width": 292, + "original_height": 116, + "ocr": [ + { + "x": 103, + "y": 35, + "w": 162, + "h": 60, + "confidence": "0.8076561568766727", + "text": "G A 0" + }, + { + "x": 85, + "y": 95, + "w": 84, + "h": 16, + "confidence": "0.9999570837473752", + "text": "Accountability" + }, + { + "x": 175, + "y": 97, + "w": 52, + "h": 16, + "confidence": "0.9997946713266369", + "text": "Integrity" + }, + { + "x": 237, + "y": 95, + "w": 54, + "h": 16, + "confidence": "0.7263031206833509", + "text": "Reliability" + } + ] + } + ], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "G A 0", + "md": "# G A 0", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Comptroller General", + "md": "# Comptroller General", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Accountability Integrity Reliability", + "md": "# Accountability Integrity Reliability", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "of the United States", + "md": "# of the United States", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "United States General Accounting Office\n\nWashington, DC 20548\n\nThe President\n\nThe President of the Senate\n\nThe Speaker of the House of Representatives\n\nThe Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required annually to submit financial statements for the U.S. government to the President and the Congress. GAO is required to audit these statements.1 This is our report on the accompanying U.S. government’s consolidated financial statements for the fiscal years ended September 30, 2003 and 2002,2 and our associated reports on internal control and compliance with laws and regulations.\n\nThe federal government is responsible for (1) preparing annual consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP); (2) establishing, maintaining, and assessing internal control to provide reasonable assurance that the control objectives of the Federal Managers’ Financial Integrity Act are met;3 and (3) complying with applicable laws and regulations. Also, the 23 Chief Financial Officers (CFO) Act agencies4 are responsible for implementing and maintaining financial management systems that substantially comply with Federal Financial Management.\n\n1 The Government Management Reform Act of 1994 has required such reporting, covering the executive branch of government, beginning with financial statements prepared for fiscal year 1997. 31 U.S.C. 331 (e) (2000). The federal government has elected to include certain financial information on the legislative and judicial branches in the consolidated financial statements as well.\n\n2 The consolidated financial statements for the fiscal years ended September 30, 2003 and 2002, consist of the Statements of Operations and Changes in Net Position, Statements of Net Cost, Reconciliations of Net Operating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget and Other Activities, and Balance Sheets, including the related notes to these financial statements.\n\n3 31 U.S.C. 3512 (c), (d) (2000). This act requires agency heads to evaluate and report annually to the President on the adequacy of their internal control and accounting systems and on actions to correct significant problems.\n\n4 31 U.S.C. 901(b) (2000). The Federal Emergency Management Agency (FEMA) was transferred to the new Department of Homeland Security (DHS) effective March 1, 2003. With this transfer, FEMA is no longer required to prepare and have audited stand-alone financial statements under the CFO Act, leaving 23 CFO Act agencies. DHS, along with most other executive branch agencies, is required to prepare and have audited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116 Stat. 2049.", + "md": "United States General Accounting Office\n\nWashington, DC 20548\n\nThe President\n\nThe President of the Senate\n\nThe Speaker of the House of Representatives\n\nThe Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required annually to submit financial statements for the U.S. government to the President and the Congress. GAO is required to audit these statements.1 This is our report on the accompanying U.S. government’s consolidated financial statements for the fiscal years ended September 30, 2003 and 2002,2 and our associated reports on internal control and compliance with laws and regulations.\n\nThe federal government is responsible for (1) preparing annual consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP); (2) establishing, maintaining, and assessing internal control to provide reasonable assurance that the control objectives of the Federal Managers’ Financial Integrity Act are met;3 and (3) complying with applicable laws and regulations. Also, the 23 Chief Financial Officers (CFO) Act agencies4 are responsible for implementing and maintaining financial management systems that substantially comply with Federal Financial Management.\n\n1 The Government Management Reform Act of 1994 has required such reporting, covering the executive branch of government, beginning with financial statements prepared for fiscal year 1997. 31 U.S.C. 331 (e) (2000). The federal government has elected to include certain financial information on the legislative and judicial branches in the consolidated financial statements as well.\n\n2 The consolidated financial statements for the fiscal years ended September 30, 2003 and 2002, consist of the Statements of Operations and Changes in Net Position, Statements of Net Cost, Reconciliations of Net Operating Cost and Unified Budget Deficit, Statements of Changes in Cash Balance from Unified Budget and Other Activities, and Balance Sheets, including the related notes to these financial statements.\n\n3 31 U.S.C. 3512 (c), (d) (2000). This act requires agency heads to evaluate and report annually to the President on the adequacy of their internal control and accounting systems and on actions to correct significant problems.\n\n4 31 U.S.C. 901(b) (2000). The Federal Emergency Management Agency (FEMA) was transferred to the new Department of Homeland Security (DHS) effective March 1, 2003. With this transfer, FEMA is no longer required to prepare and have audited stand-alone financial statements under the CFO Act, leaving 23 CFO Act agencies. DHS, along with most other executive branch agencies, is required to prepare and have audited financial statements under the Accountability of Tax Dollars Act of 2002, Pub. L. No. 107-289, 116 Stat. 2049.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 43, + "text": "38 GENERAL ACCOUNTING OFFICE REPORT\n Improvement Act of 1996 (FFMIA)⁵ requirements. Our objective was to audit the\n consolidated financial statements for the fiscal years ended September 30, 2003 and\n 2002. Appendix I discusses the scope and methodology of our work.\n A significant number of material weaknesses⁶ related to financial systems, fundamental\n recordkeeping and financial reporting, and incomplete documentation continued to (1)\n hamper the federal government’s ability to accurately report a significant portion of its\n assets, liabilities, and costs; (2) affect the federal government’s ability to accurately\n measure the full cost and financial performance of certain programs and effectively\n manage related operations; and (3) significantly impair the federal government’s ability\n to adequately safeguard significant assets and properly record various transactions.\n Several of these material weaknesses (referred to hereafter as material deficiencies)\n resulted in conditions that continued to prevent us from forming and expressing an\n opinion on the accompanying consolidated financial statements for the fiscal years ended\n September 30, 2003 and 2002.⁷ There may also be additional issues that could affect the\n consolidated financial statements that have not been identified.\n In accordance with section 1008 of the National Defense Authorization Act for Fiscal\n Year 2002,⁸ the Department of Defense (DOD) reported that for fiscal year 2003, it was\n not able to provide adequate evidence supporting material amounts in its financial\n statements. DOD stated that it is unable to comply with applicable financial reporting\n requirements for (1) property, plant, and equipment (PP&E); (2) inventory and operating\n materials and supplies; (3) environmental liabilities; (4) intragovernmental eliminations\n and related accounting adjustments; (5) disbursement activity; and (6) cost accounting by\n responsibility segment. Although DOD represented that the military retirement health\n care liability data had improved for fiscal year 2003, the cost of direct health care\n provided by DOD-managed military treatment facilities was a significant amount of\n DOD's total recorded health care liability and was based on estimates for which adequate\n support was not available.\n As had been the case for the previous 7 fiscal years, the DOD Inspector General\n disclaimed an opinion on DOD’s financial statements for fiscal year 2003. DOD’s\n financial management systems and reporting weaknesses substantially impair our ability\n to determine the reliability of the financial information reported in the federal\n government’s overall financial reports. Given the significance of DOD’s activities and\n balances to the consolidated financial statements, until DOD corrects its material\n weaknesses, it will continue to impede our ability to express an opinion on the\n 531 U.S.C. 3512 note (2000) (Federal Financial Management Improvement).\n 6A material weakness is a condition that precludes the entity’s internal control from providing reasonable\n assurance that misstatements, losses, or noncompliance material in relation to the financial statements or to\n stewardship information would be prevented or detected on a timely basis.\n 7We previously reported that material deficiencies prevented us from expressing an opinion on the fiscal\n years 1997, 1998, 1999, 2000, 2001, and 2002 consolidated financial statements of the U.S. government.\n 8Pub. L. No. 107-107, 115 Stat. 1012, 1204 (2001).", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nImprovement Act of 1996 (FFMIA)5 requirements. Our objective was to audit the consolidated financial statements for the fiscal years ended September 30, 2003 and 2002. Appendix I discusses the scope and methodology of our work.\n\nA significant number of material weaknesses6 related to financial systems, fundamental recordkeeping and financial reporting, and incomplete documentation continued to (1) hamper the federal government’s ability to accurately report a significant portion of its assets, liabilities, and costs; (2) affect the federal government’s ability to accurately measure the full cost and financial performance of certain programs and effectively manage related operations; and (3) significantly impair the federal government’s ability to adequately safeguard significant assets and properly record various transactions.\n\nSeveral of these material weaknesses (referred to hereafter as material deficiencies) resulted in conditions that continued to prevent us from forming and expressing an opinion on the accompanying consolidated financial statements for the fiscal years ended September 30, 2003 and 2002.7 There may also be additional issues that could affect the consolidated financial statements that have not been identified.\n\nIn accordance with section 1008 of the National Defense Authorization Act for Fiscal Year 2002,8 the Department of Defense (DOD) reported that for fiscal year 2003, it was not able to provide adequate evidence supporting material amounts in its financial statements. DOD stated that it is unable to comply with applicable financial reporting requirements for (1) property, plant, and equipment (PP&E); (2) inventory and operating materials and supplies; (3) environmental liabilities; (4) intragovernmental eliminations and related accounting adjustments; (5) disbursement activity; and (6) cost accounting by responsibility segment. Although DOD represented that the military retirement health care liability data had improved for fiscal year 2003, the cost of direct health care provided by DOD-managed military treatment facilities was a significant amount of DOD's total recorded health care liability and was based on estimates for which adequate support was not available.\n\nAs had been the case for the previous 7 fiscal years, the DOD Inspector General disclaimed an opinion on DOD’s financial statements for fiscal year 2003. DOD’s financial management systems and reporting weaknesses substantially impair our ability to determine the reliability of the financial information reported in the federal government’s overall financial reports. Given the significance of DOD’s activities and balances to the consolidated financial statements, until DOD corrects its material weaknesses, it will continue to impede our ability to express an opinion on the consolidated financial statements.\n\n5U.S.C. 3512 note (2000) (Federal Financial Management Improvement).\n\n6A material weakness is a condition that precludes the entity’s internal control from providing reasonable assurance that misstatements, losses, or noncompliance material in relation to the financial statements or to stewardship information would be prevented or detected on a timely basis.\n\n7We previously reported that material deficiencies prevented us from expressing an opinion on the fiscal years 1997, 1998, 1999, 2000, 2001, and 2002 consolidated financial statements of the U.S. government.\n\n8Pub. L. No. 107-107, 115 Stat. 1012, 1204 (2001).", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Improvement Act of 1996 (FFMIA)5 requirements. Our objective was to audit the consolidated financial statements for the fiscal years ended September 30, 2003 and 2002. Appendix I discusses the scope and methodology of our work.\n\nA significant number of material weaknesses6 related to financial systems, fundamental recordkeeping and financial reporting, and incomplete documentation continued to (1) hamper the federal government’s ability to accurately report a significant portion of its assets, liabilities, and costs; (2) affect the federal government’s ability to accurately measure the full cost and financial performance of certain programs and effectively manage related operations; and (3) significantly impair the federal government’s ability to adequately safeguard significant assets and properly record various transactions.\n\nSeveral of these material weaknesses (referred to hereafter as material deficiencies) resulted in conditions that continued to prevent us from forming and expressing an opinion on the accompanying consolidated financial statements for the fiscal years ended September 30, 2003 and 2002.7 There may also be additional issues that could affect the consolidated financial statements that have not been identified.\n\nIn accordance with section 1008 of the National Defense Authorization Act for Fiscal Year 2002,8 the Department of Defense (DOD) reported that for fiscal year 2003, it was not able to provide adequate evidence supporting material amounts in its financial statements. DOD stated that it is unable to comply with applicable financial reporting requirements for (1) property, plant, and equipment (PP&E); (2) inventory and operating materials and supplies; (3) environmental liabilities; (4) intragovernmental eliminations and related accounting adjustments; (5) disbursement activity; and (6) cost accounting by responsibility segment. Although DOD represented that the military retirement health care liability data had improved for fiscal year 2003, the cost of direct health care provided by DOD-managed military treatment facilities was a significant amount of DOD's total recorded health care liability and was based on estimates for which adequate support was not available.\n\nAs had been the case for the previous 7 fiscal years, the DOD Inspector General disclaimed an opinion on DOD’s financial statements for fiscal year 2003. DOD’s financial management systems and reporting weaknesses substantially impair our ability to determine the reliability of the financial information reported in the federal government’s overall financial reports. Given the significance of DOD’s activities and balances to the consolidated financial statements, until DOD corrects its material weaknesses, it will continue to impede our ability to express an opinion on the consolidated financial statements.\n\n5U.S.C. 3512 note (2000) (Federal Financial Management Improvement).\n\n6A material weakness is a condition that precludes the entity’s internal control from providing reasonable assurance that misstatements, losses, or noncompliance material in relation to the financial statements or to stewardship information would be prevented or detected on a timely basis.\n\n7We previously reported that material deficiencies prevented us from expressing an opinion on the fiscal years 1997, 1998, 1999, 2000, 2001, and 2002 consolidated financial statements of the U.S. government.\n\n8Pub. L. No. 107-107, 115 Stat. 1012, 1204 (2001).", + "md": "Improvement Act of 1996 (FFMIA)5 requirements. Our objective was to audit the consolidated financial statements for the fiscal years ended September 30, 2003 and 2002. Appendix I discusses the scope and methodology of our work.\n\nA significant number of material weaknesses6 related to financial systems, fundamental recordkeeping and financial reporting, and incomplete documentation continued to (1) hamper the federal government’s ability to accurately report a significant portion of its assets, liabilities, and costs; (2) affect the federal government’s ability to accurately measure the full cost and financial performance of certain programs and effectively manage related operations; and (3) significantly impair the federal government’s ability to adequately safeguard significant assets and properly record various transactions.\n\nSeveral of these material weaknesses (referred to hereafter as material deficiencies) resulted in conditions that continued to prevent us from forming and expressing an opinion on the accompanying consolidated financial statements for the fiscal years ended September 30, 2003 and 2002.7 There may also be additional issues that could affect the consolidated financial statements that have not been identified.\n\nIn accordance with section 1008 of the National Defense Authorization Act for Fiscal Year 2002,8 the Department of Defense (DOD) reported that for fiscal year 2003, it was not able to provide adequate evidence supporting material amounts in its financial statements. DOD stated that it is unable to comply with applicable financial reporting requirements for (1) property, plant, and equipment (PP&E); (2) inventory and operating materials and supplies; (3) environmental liabilities; (4) intragovernmental eliminations and related accounting adjustments; (5) disbursement activity; and (6) cost accounting by responsibility segment. Although DOD represented that the military retirement health care liability data had improved for fiscal year 2003, the cost of direct health care provided by DOD-managed military treatment facilities was a significant amount of DOD's total recorded health care liability and was based on estimates for which adequate support was not available.\n\nAs had been the case for the previous 7 fiscal years, the DOD Inspector General disclaimed an opinion on DOD’s financial statements for fiscal year 2003. DOD’s financial management systems and reporting weaknesses substantially impair our ability to determine the reliability of the financial information reported in the federal government’s overall financial reports. Given the significance of DOD’s activities and balances to the consolidated financial statements, until DOD corrects its material weaknesses, it will continue to impede our ability to express an opinion on the consolidated financial statements.\n\n5U.S.C. 3512 note (2000) (Federal Financial Management Improvement).\n\n6A material weakness is a condition that precludes the entity’s internal control from providing reasonable assurance that misstatements, losses, or noncompliance material in relation to the financial statements or to stewardship information would be prevented or detected on a timely basis.\n\n7We previously reported that material deficiencies prevented us from expressing an opinion on the fiscal years 1997, 1998, 1999, 2000, 2001, and 2002 consolidated financial statements of the U.S. government.\n\n8Pub. L. No. 107-107, 115 Stat. 1012, 1204 (2001).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 44, + "text": " GENERAL ACCOUNTING OFFICE REPORT 39\nconsolidated financial statements. In addition, as noted later in this report, there are other\nmaterial weaknesses that will need to be corrected.\nDISCLAIMER OF OPINION ON THE CONSOLIDATED FINANCIAL\nSTATEMENTS\nBecause of the federal government’s inability to demonstrate the reliability of significant\nportions of the accompanying fiscal years 2003 and 2002 U.S. government’s consolidated\nfinancial statements and limitations on the scope of our work related to the preparation of\nthe consolidated financial statements and management and legal representations, all of\nwhich are discussed below, we are unable to, and we do not, express an opinion on such\nfinancial statements.\nAs a result of the material deficiencies in the federal government’s systems,\nrecordkeeping, documentation, and financial reporting, as discussed below, readers are\ncautioned that amounts reported in the consolidated financial statements and related notes\nmay not be reliable. These material deficiencies also affect the reliability of certain\ninformation contained in the accompanying Management’s Discussion and Analysis and\nother financial management information—including information used to manage the\ngovernment day to day and budget information reported by federal agencies—which is\ntaken from the same data sources as the consolidated financial statements.\nWe have not audited and do not express an opinion on the Management’s Discussion and\nAnalysis, Stewardship Information, Supplemental Information, or other information\nincluded in the accompanying fiscal year 2003 Financial Report of the United States\nGovernment.\nImplementation of Statement of Federal Financial Accounting Standards (SFFAS) No.\n23, Eliminating the Category National Defense Property, Plant, and Equipment, effective\nOctober 1, 2002, required the capitalization and, except for land and land improvements,\nsubsequent depreciation of military equipment in the financial statements. This\nequipment had previously been charged to expense and reported in memorandum fashion\namong the required supplemental stewardship information. This change in accounting\nprinciple, as discussed in notes 6, 7, and 17 of the consolidated financial statements,\nresulted in an increase in PP&E of $317 billion and in inventories and related property of\n$66 billion. This adjustment was based on estimated values for which reasonableness\ncould not be assured by DOD management. In addition, because of the material\ndeficiencies over PP&E and inventories and related property as discussed below, these\namounts may not be reliable.\nThe Department of Energy’s (DOE) accelerated cleanup approach enabled the\ndepartment to reduce its environmental liabilities during the fiscal years ended September\n30, 2003 and 2002. However, as discussed in note 18 to the U.S. government’s\nconsolidated financial statements, a federal district court ruled that certain aspects of\nDOE’s proposed high-level waste cleanup approach are not in compliance with", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n# DISCLAIMER OF OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS\n\nBecause of the federal government’s inability to demonstrate the reliability of significant portions of the accompanying fiscal years 2003 and 2002 U.S. government’s consolidated financial statements and limitations on the scope of our work related to the preparation of the consolidated financial statements and management and legal representations, all of which are discussed below, we are unable to, and we do not, express an opinion on such financial statements.\n\nAs a result of the material deficiencies in the federal government’s systems, recordkeeping, documentation, and financial reporting, as discussed below, readers are cautioned that amounts reported in the consolidated financial statements and related notes may not be reliable. These material deficiencies also affect the reliability of certain information contained in the accompanying Management’s Discussion and Analysis and other financial management information—including information used to manage the government day to day and budget information reported by federal agencies—which is taken from the same data sources as the consolidated financial statements.\n\nWe have not audited and do not express an opinion on the Management’s Discussion and Analysis, Stewardship Information, Supplemental Information, or other information included in the accompanying fiscal year 2003 Financial Report of the United States Government.\n\nImplementation of Statement of Federal Financial Accounting Standards (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, effective October 1, 2002, required the capitalization and, except for land and land improvements, subsequent depreciation of military equipment in the financial statements. This equipment had previously been charged to expense and reported in memorandum fashion among the required supplemental stewardship information. This change in accounting principle, as discussed in notes 6, 7, and 17 of the consolidated financial statements, resulted in an increase in PP&E of $317 billion and in inventories and related property of $66 billion. This adjustment was based on estimated values for which reasonableness could not be assured by DOD management. In addition, because of the material deficiencies over PP&E and inventories and related property as discussed below, these amounts may not be reliable.\n\nThe Department of Energy’s (DOE) accelerated cleanup approach enabled the department to reduce its environmental liabilities during the fiscal years ended September 30, 2003 and 2002. However, as discussed in note 18 to the U.S. government’s consolidated financial statements, a federal district court ruled that certain aspects of DOE’s proposed high-level waste cleanup approach are not in compliance with", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "DISCLAIMER OF OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS", + "md": "# DISCLAIMER OF OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Because of the federal government’s inability to demonstrate the reliability of significant portions of the accompanying fiscal years 2003 and 2002 U.S. government’s consolidated financial statements and limitations on the scope of our work related to the preparation of the consolidated financial statements and management and legal representations, all of which are discussed below, we are unable to, and we do not, express an opinion on such financial statements.\n\nAs a result of the material deficiencies in the federal government’s systems, recordkeeping, documentation, and financial reporting, as discussed below, readers are cautioned that amounts reported in the consolidated financial statements and related notes may not be reliable. These material deficiencies also affect the reliability of certain information contained in the accompanying Management’s Discussion and Analysis and other financial management information—including information used to manage the government day to day and budget information reported by federal agencies—which is taken from the same data sources as the consolidated financial statements.\n\nWe have not audited and do not express an opinion on the Management’s Discussion and Analysis, Stewardship Information, Supplemental Information, or other information included in the accompanying fiscal year 2003 Financial Report of the United States Government.\n\nImplementation of Statement of Federal Financial Accounting Standards (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, effective October 1, 2002, required the capitalization and, except for land and land improvements, subsequent depreciation of military equipment in the financial statements. This equipment had previously been charged to expense and reported in memorandum fashion among the required supplemental stewardship information. This change in accounting principle, as discussed in notes 6, 7, and 17 of the consolidated financial statements, resulted in an increase in PP&E of $317 billion and in inventories and related property of $66 billion. This adjustment was based on estimated values for which reasonableness could not be assured by DOD management. In addition, because of the material deficiencies over PP&E and inventories and related property as discussed below, these amounts may not be reliable.\n\nThe Department of Energy’s (DOE) accelerated cleanup approach enabled the department to reduce its environmental liabilities during the fiscal years ended September 30, 2003 and 2002. However, as discussed in note 18 to the U.S. government’s consolidated financial statements, a federal district court ruled that certain aspects of DOE’s proposed high-level waste cleanup approach are not in compliance with", + "md": "Because of the federal government’s inability to demonstrate the reliability of significant portions of the accompanying fiscal years 2003 and 2002 U.S. government’s consolidated financial statements and limitations on the scope of our work related to the preparation of the consolidated financial statements and management and legal representations, all of which are discussed below, we are unable to, and we do not, express an opinion on such financial statements.\n\nAs a result of the material deficiencies in the federal government’s systems, recordkeeping, documentation, and financial reporting, as discussed below, readers are cautioned that amounts reported in the consolidated financial statements and related notes may not be reliable. These material deficiencies also affect the reliability of certain information contained in the accompanying Management’s Discussion and Analysis and other financial management information—including information used to manage the government day to day and budget information reported by federal agencies—which is taken from the same data sources as the consolidated financial statements.\n\nWe have not audited and do not express an opinion on the Management’s Discussion and Analysis, Stewardship Information, Supplemental Information, or other information included in the accompanying fiscal year 2003 Financial Report of the United States Government.\n\nImplementation of Statement of Federal Financial Accounting Standards (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, effective October 1, 2002, required the capitalization and, except for land and land improvements, subsequent depreciation of military equipment in the financial statements. This equipment had previously been charged to expense and reported in memorandum fashion among the required supplemental stewardship information. This change in accounting principle, as discussed in notes 6, 7, and 17 of the consolidated financial statements, resulted in an increase in PP&E of $317 billion and in inventories and related property of $66 billion. This adjustment was based on estimated values for which reasonableness could not be assured by DOD management. In addition, because of the material deficiencies over PP&E and inventories and related property as discussed below, these amounts may not be reliable.\n\nThe Department of Energy’s (DOE) accelerated cleanup approach enabled the department to reduce its environmental liabilities during the fiscal years ended September 30, 2003 and 2002. However, as discussed in note 18 to the U.S. government’s consolidated financial statements, a federal district court ruled that certain aspects of DOE’s proposed high-level waste cleanup approach are not in compliance with", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 45, + "text": "40 GENERAL ACCOUNTING OFFICE REPORT\n provisions of the Nuclear Waste Policy Act of 1982. If DOE is not successful in either its\n appeal of this court ruling or in its proposal to modify provisions of the act, DOE\n estimates that its environmental liabilities could increase by more than $100 billion.\n Additional Limitations on the Scope of Our Work\n There were additional limitations on the scope of our work. As agreed with the\n Department of the Treasury (Treasury) and OMB, we accelerated the time frame to issue\n our reports on the audit of the fiscal year 2003 consolidated financial statements to meet\n the federal government’s February 27, 2004, accelerated reporting date. It was\n understood that OMB anticipated that all of the CFO Act agencies’ and the Department\n of Homeland Security’s (DHS) financial statements would be issued by December 30,\n 2003. However, several CFO Act agencies’ fiscal year 2003 financial statements were not\n issued until late January 2004, and DHS’s financial statements were not issued until\n February 13, 2004. These delays, along with the lack of timely submission by several\n federal agencies of certain key agency information used by Treasury to prepare the\n consolidated financial statements, significantly impaired Treasury’s ability to provide us\n with complete and accurate drafts of the consolidated financial statements, including the\n February 5, 2004, draft which was to have been the final draft of the consolidated\n financial statements. As a result, we did not receive the U.S. government’s consolidated\n financial statements in time to complete our planned auditing procedures related to the\n compilation of these financial statements within the reporting deadline.\n For each federal agency financial statement audit, U.S. generally accepted auditing\n standards require that agency auditors obtain written representations as part of the audit.\n However, we continued to identify problems with the adequacy of certain federal\n agencies’ management and legal representations on which Treasury and OMB depend to\n provide their representations to us regarding the consolidated financial statements.\n Further, due primarily to the lack of timely submission of certain federal agencies’ legal\n representations to the Department of Justice, the department was not able to provide us\n with the legal representation letter relating to the consolidated financial statements until\n February 19, 2004, which did not allow us time to complete our planned auditing\n procedures in this area within the accelerated reporting deadline.\n Due to the material deficiencies discussed below and the above-noted additional\n limitations on the scope of our work, there may also be additional issues that could affect\n the consolidated financial statements that have not been identified.\n Material Deficiencies\n The federal government did not maintain adequate systems or have sufficient, reliable\n evidence to support information reported in the accompanying consolidated financial\n statements, as described below. These material deficiencies contributed to our disclaimer\n of opinion and also constitute material weaknesses in internal control. Appendix II\n highlights the primary effects of these material weaknesses on the accompanying", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nprovisions of the Nuclear Waste Policy Act of 1982. If DOE is not successful in either its appeal of this court ruling or in its proposal to modify provisions of the act, DOE estimates that its environmental liabilities could increase by more than $100 billion.\n\n# Additional Limitations on the Scope of Our Work\n\nThere were additional limitations on the scope of our work. As agreed with the Department of the Treasury (Treasury) and OMB, we accelerated the time frame to issue our reports on the audit of the fiscal year 2003 consolidated financial statements to meet the federal government’s February 27, 2004, accelerated reporting date. It was understood that OMB anticipated that all of the CFO Act agencies’ and the Department of Homeland Security’s (DHS) financial statements would be issued by December 30, 2003. However, several CFO Act agencies’ fiscal year 2003 financial statements were not issued until late January 2004, and DHS’s financial statements were not issued until February 13, 2004. These delays, along with the lack of timely submission by several federal agencies of certain key agency information used by Treasury to prepare the consolidated financial statements, significantly impaired Treasury’s ability to provide us with complete and accurate drafts of the consolidated financial statements, including the February 5, 2004, draft which was to have been the final draft of the consolidated financial statements. As a result, we did not receive the U.S. government’s consolidated financial statements in time to complete our planned auditing procedures related to the compilation of these financial statements within the reporting deadline.\n\nFor each federal agency financial statement audit, U.S. generally accepted auditing standards require that agency auditors obtain written representations as part of the audit. However, we continued to identify problems with the adequacy of certain federal agencies’ management and legal representations on which Treasury and OMB depend to provide their representations to us regarding the consolidated financial statements. Further, due primarily to the lack of timely submission of certain federal agencies’ legal representations to the Department of Justice, the department was not able to provide us with the legal representation letter relating to the consolidated financial statements until February 19, 2004, which did not allow us time to complete our planned auditing procedures in this area within the accelerated reporting deadline.\n\nDue to the material deficiencies discussed below and the above-noted additional limitations on the scope of our work, there may also be additional issues that could affect the consolidated financial statements that have not been identified.\n\n# Material Deficiencies\n\nThe federal government did not maintain adequate systems or have sufficient, reliable evidence to support information reported in the accompanying consolidated financial statements, as described below. These material deficiencies contributed to our disclaimer of opinion and also constitute material weaknesses in internal control. Appendix II highlights the primary effects of these material weaknesses on the accompanying.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "provisions of the Nuclear Waste Policy Act of 1982. If DOE is not successful in either its appeal of this court ruling or in its proposal to modify provisions of the act, DOE estimates that its environmental liabilities could increase by more than $100 billion.", + "md": "provisions of the Nuclear Waste Policy Act of 1982. If DOE is not successful in either its appeal of this court ruling or in its proposal to modify provisions of the act, DOE estimates that its environmental liabilities could increase by more than $100 billion.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Additional Limitations on the Scope of Our Work", + "md": "# Additional Limitations on the Scope of Our Work", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "There were additional limitations on the scope of our work. As agreed with the Department of the Treasury (Treasury) and OMB, we accelerated the time frame to issue our reports on the audit of the fiscal year 2003 consolidated financial statements to meet the federal government’s February 27, 2004, accelerated reporting date. It was understood that OMB anticipated that all of the CFO Act agencies’ and the Department of Homeland Security’s (DHS) financial statements would be issued by December 30, 2003. However, several CFO Act agencies’ fiscal year 2003 financial statements were not issued until late January 2004, and DHS’s financial statements were not issued until February 13, 2004. These delays, along with the lack of timely submission by several federal agencies of certain key agency information used by Treasury to prepare the consolidated financial statements, significantly impaired Treasury’s ability to provide us with complete and accurate drafts of the consolidated financial statements, including the February 5, 2004, draft which was to have been the final draft of the consolidated financial statements. As a result, we did not receive the U.S. government’s consolidated financial statements in time to complete our planned auditing procedures related to the compilation of these financial statements within the reporting deadline.\n\nFor each federal agency financial statement audit, U.S. generally accepted auditing standards require that agency auditors obtain written representations as part of the audit. However, we continued to identify problems with the adequacy of certain federal agencies’ management and legal representations on which Treasury and OMB depend to provide their representations to us regarding the consolidated financial statements. Further, due primarily to the lack of timely submission of certain federal agencies’ legal representations to the Department of Justice, the department was not able to provide us with the legal representation letter relating to the consolidated financial statements until February 19, 2004, which did not allow us time to complete our planned auditing procedures in this area within the accelerated reporting deadline.\n\nDue to the material deficiencies discussed below and the above-noted additional limitations on the scope of our work, there may also be additional issues that could affect the consolidated financial statements that have not been identified.", + "md": "There were additional limitations on the scope of our work. As agreed with the Department of the Treasury (Treasury) and OMB, we accelerated the time frame to issue our reports on the audit of the fiscal year 2003 consolidated financial statements to meet the federal government’s February 27, 2004, accelerated reporting date. It was understood that OMB anticipated that all of the CFO Act agencies’ and the Department of Homeland Security’s (DHS) financial statements would be issued by December 30, 2003. However, several CFO Act agencies’ fiscal year 2003 financial statements were not issued until late January 2004, and DHS’s financial statements were not issued until February 13, 2004. These delays, along with the lack of timely submission by several federal agencies of certain key agency information used by Treasury to prepare the consolidated financial statements, significantly impaired Treasury’s ability to provide us with complete and accurate drafts of the consolidated financial statements, including the February 5, 2004, draft which was to have been the final draft of the consolidated financial statements. As a result, we did not receive the U.S. government’s consolidated financial statements in time to complete our planned auditing procedures related to the compilation of these financial statements within the reporting deadline.\n\nFor each federal agency financial statement audit, U.S. generally accepted auditing standards require that agency auditors obtain written representations as part of the audit. However, we continued to identify problems with the adequacy of certain federal agencies’ management and legal representations on which Treasury and OMB depend to provide their representations to us regarding the consolidated financial statements. Further, due primarily to the lack of timely submission of certain federal agencies’ legal representations to the Department of Justice, the department was not able to provide us with the legal representation letter relating to the consolidated financial statements until February 19, 2004, which did not allow us time to complete our planned auditing procedures in this area within the accelerated reporting deadline.\n\nDue to the material deficiencies discussed below and the above-noted additional limitations on the scope of our work, there may also be additional issues that could affect the consolidated financial statements that have not been identified.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Material Deficiencies", + "md": "# Material Deficiencies", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The federal government did not maintain adequate systems or have sufficient, reliable evidence to support information reported in the accompanying consolidated financial statements, as described below. These material deficiencies contributed to our disclaimer of opinion and also constitute material weaknesses in internal control. Appendix II highlights the primary effects of these material weaknesses on the accompanying.", + "md": "The federal government did not maintain adequate systems or have sufficient, reliable evidence to support information reported in the accompanying consolidated financial statements, as described below. These material deficiencies contributed to our disclaimer of opinion and also constitute material weaknesses in internal control. Appendix II highlights the primary effects of these material weaknesses on the accompanying.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 46, + "text": " GENERAL ACCOUNTING OFFICE REPORT 41\nconsolidated financial statements and on the management of federal government\noperations.\nProperty, Plant, and Equipment and Inventories and Related Property\nThe federal government could not satisfactorily determine that all PP&E and inventories\nand related property were included in the consolidated financial statements, verify that\ncertain reported assets actually exist, or substantiate the amounts at which they were\nvalued. Most of the PP&E and inventories and related property are the responsibility of\nDOD. As in past years, DOD did not maintain adequate systems or have sufficient\nrecords to provide reliable information on these assets. Other agencies, most notably the\nNational Aeronautics and Space Administration, reported continued weaknesses in\ninternal control procedures and processes related to PP&E.\nLiabilities and Commitments and Contingencies\nThe federal government could not reasonably estimate or adequately support amounts\nreported for certain liabilities. For example, DOD was not able to estimate with assurance\nkey components of its environmental and disposal liabilities. In addition, DOD could not\nsupport a significant amount of its estimated military postretirement health benefits\nliabilities included in federal employee and veteran benefits payable. These unsupported\namounts related to the cost of direct health care provided by DOD-managed military\ntreatment facilities. Further, the federal government could not determine whether\ncommitments and contingencies, including those related to treaties and other international\nagreements entered into to further the U.S. government’s interests, were complete and\nproperly reported.\nCost of Government Operations and Disbursement Activity\nThe previously discussed material deficiencies in reporting assets and liabilities, material\ndeficiencies in financial statement preparation, as discussed below, and the lack of\nadequate disbursement reconciliations at certain federal agencies affect reported net\ncosts. As a result, the federal government was unable to support significant portions of\nthe total net cost of operations, most notably related to DOD.\nWith respect to disbursements, DOD and certain other federal agencies did not\nadequately reconcile disbursement activity. For fiscal years 2003 and 2002 there were\nunsupported adjustments to federal agencies’ records and unreconciled disbursement\nactivity, including unreconciled differences between federal agencies’ and Treasury’s\nrecords of disbursements, totaling billions of dollars, which could also affect the balance\nsheet.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n# 41\n\n# Property, Plant, and Equipment and Inventories and Related Property\n\nThe federal government could not satisfactorily determine that all PP&E and inventories and related property were included in the consolidated financial statements, verify that certain reported assets actually exist, or substantiate the amounts at which they were valued. Most of the PP&E and inventories and related property are the responsibility of DOD. As in past years, DOD did not maintain adequate systems or have sufficient records to provide reliable information on these assets. Other agencies, most notably the National Aeronautics and Space Administration, reported continued weaknesses in internal control procedures and processes related to PP&E.\n\n# Liabilities and Commitments and Contingencies\n\nThe federal government could not reasonably estimate or adequately support amounts reported for certain liabilities. For example, DOD was not able to estimate with assurance key components of its environmental and disposal liabilities. In addition, DOD could not support a significant amount of its estimated military postretirement health benefits liabilities included in federal employee and veteran benefits payable. These unsupported amounts related to the cost of direct health care provided by DOD-managed military treatment facilities. Further, the federal government could not determine whether commitments and contingencies, including those related to treaties and other international agreements entered into to further the U.S. government’s interests, were complete and properly reported.\n\n# Cost of Government Operations and Disbursement Activity\n\nThe previously discussed material deficiencies in reporting assets and liabilities, material deficiencies in financial statement preparation, as discussed below, and the lack of adequate disbursement reconciliations at certain federal agencies affect reported net costs. As a result, the federal government was unable to support significant portions of the total net cost of operations, most notably related to DOD.\n\nWith respect to disbursements, DOD and certain other federal agencies did not adequately reconcile disbursement activity. For fiscal years 2003 and 2002 there were unsupported adjustments to federal agencies’ records and unreconciled disbursement activity, including unreconciled differences between federal agencies’ and Treasury’s records of disbursements, totaling billions of dollars, which could also affect the balance sheet.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "41", + "md": "# 41", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Property, Plant, and Equipment and Inventories and Related Property", + "md": "# Property, Plant, and Equipment and Inventories and Related Property", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The federal government could not satisfactorily determine that all PP&E and inventories and related property were included in the consolidated financial statements, verify that certain reported assets actually exist, or substantiate the amounts at which they were valued. Most of the PP&E and inventories and related property are the responsibility of DOD. As in past years, DOD did not maintain adequate systems or have sufficient records to provide reliable information on these assets. Other agencies, most notably the National Aeronautics and Space Administration, reported continued weaknesses in internal control procedures and processes related to PP&E.", + "md": "The federal government could not satisfactorily determine that all PP&E and inventories and related property were included in the consolidated financial statements, verify that certain reported assets actually exist, or substantiate the amounts at which they were valued. Most of the PP&E and inventories and related property are the responsibility of DOD. As in past years, DOD did not maintain adequate systems or have sufficient records to provide reliable information on these assets. Other agencies, most notably the National Aeronautics and Space Administration, reported continued weaknesses in internal control procedures and processes related to PP&E.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Liabilities and Commitments and Contingencies", + "md": "# Liabilities and Commitments and Contingencies", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The federal government could not reasonably estimate or adequately support amounts reported for certain liabilities. For example, DOD was not able to estimate with assurance key components of its environmental and disposal liabilities. In addition, DOD could not support a significant amount of its estimated military postretirement health benefits liabilities included in federal employee and veteran benefits payable. These unsupported amounts related to the cost of direct health care provided by DOD-managed military treatment facilities. Further, the federal government could not determine whether commitments and contingencies, including those related to treaties and other international agreements entered into to further the U.S. government’s interests, were complete and properly reported.", + "md": "The federal government could not reasonably estimate or adequately support amounts reported for certain liabilities. For example, DOD was not able to estimate with assurance key components of its environmental and disposal liabilities. In addition, DOD could not support a significant amount of its estimated military postretirement health benefits liabilities included in federal employee and veteran benefits payable. These unsupported amounts related to the cost of direct health care provided by DOD-managed military treatment facilities. Further, the federal government could not determine whether commitments and contingencies, including those related to treaties and other international agreements entered into to further the U.S. government’s interests, were complete and properly reported.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Cost of Government Operations and Disbursement Activity", + "md": "# Cost of Government Operations and Disbursement Activity", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The previously discussed material deficiencies in reporting assets and liabilities, material deficiencies in financial statement preparation, as discussed below, and the lack of adequate disbursement reconciliations at certain federal agencies affect reported net costs. As a result, the federal government was unable to support significant portions of the total net cost of operations, most notably related to DOD.\n\nWith respect to disbursements, DOD and certain other federal agencies did not adequately reconcile disbursement activity. For fiscal years 2003 and 2002 there were unsupported adjustments to federal agencies’ records and unreconciled disbursement activity, including unreconciled differences between federal agencies’ and Treasury’s records of disbursements, totaling billions of dollars, which could also affect the balance sheet.", + "md": "The previously discussed material deficiencies in reporting assets and liabilities, material deficiencies in financial statement preparation, as discussed below, and the lack of adequate disbursement reconciliations at certain federal agencies affect reported net costs. As a result, the federal government was unable to support significant portions of the total net cost of operations, most notably related to DOD.\n\nWith respect to disbursements, DOD and certain other federal agencies did not adequately reconcile disbursement activity. For fiscal years 2003 and 2002 there were unsupported adjustments to federal agencies’ records and unreconciled disbursement activity, including unreconciled differences between federal agencies’ and Treasury’s records of disbursements, totaling billions of dollars, which could also affect the balance sheet.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 47, + "text": "42 GENERAL ACCOUNTING OFFICE REPORT\n Accounting for and Reconciliation of Intragovernmental Activity and Balances\n OMB and Treasury require the CFOs of 35 executive departments and agencies,\n including the 23 CFO Act agencies, to reconcile selected intragovernmental activity and\n balances with their “trading partners”⁹ and to report to Treasury, the agency’s inspector\n general, and GAO on the extent and results of intragovernmental activity and balances\n reconciliation efforts. A substantial number of the agencies did not fully perform the\n required reconciliations for fiscal years 2003 and 2002, citing reasons such as (1) trading\n partners not providing needed data, (2) limitations and incompatibility of agency and\n trading partner information systems, and (3) lack of human resources. For both of these\n years, amounts reported for federal agency trading partners for certain intragovernmental\n accounts were significantly out of balance. Treasury’s ability to eliminate certain\n intragovernmental activity and balances is impaired by these federal agencies’ problems\n in handling their intragovernmental transactions.\n To address long-standing problems with intragovernmental exchange transactions\n between federal agencies, Treasury and OMB have undertaken various efforts. However,\n resolving the intragovernmental transactions problem remains a difficult challenge and\n will require a commitment by federal agencies and continued strong leadership by OMB.\n Net Outlays\n OMB Bulletin 01-09, Form and Content of Agency Financial Statements,¹⁰ states that\n outlays in federal agencies’ Statements of Budgetary Resources (SBR) should agree with\n the respective agency’s net outlays reported in the budget of the U.S. government. In\n addition, SFFAS No. 7, Accounting for Revenue and Other Financing Sources and\n Concepts for Reconciling Budgetary and Financial Accounting, requires explanation of\n any material differences between the information required to be disclosed (including net\n outlays) and the amounts described as “actual” in the budget of the U.S. government.\n We found material differences between the total net outlays reported in selected federal\n agencies’ audited SBRs and the records used to prepare the Statement of Changes in Cash\n Balance from Unified Budget and Other Activities (Statement of Changes in Cash\n Balance),¹¹ totaling about $140 billion and $186 billion for fiscal years 2003 and 2002,\n 9Trading partners are U.S. government agencies, departments, or other components included in the\n consolidated financial statements that do business with each other.\n 10Office of Management and Budget Bulletin No. 01-09, Form and Content of Agency Financial Statements\n (Washington, D.C.: Sept. 25, 2001). This bulletin is OMB’s official guidance for the form and content of\n federal agencies’ financial statements.\n 11OMB and U.S. generally accepted accounting principles (GAAP) require agencies to report net outlays in\n the SBR. The Statement of Changes in Cash Balance also reports unified budget outlays-actual. Both are\n intended to represent the same amount and be consistent with the information presented in the budget of the\n U.S. government.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n# Accounting for and Reconciliation of Intragovernmental Activity and Balances\n\nOMB and Treasury require the CFOs of 35 executive departments and agencies, including the 23 CFO Act agencies, to reconcile selected intragovernmental activity and balances with their “trading partners”9 and to report to Treasury, the agency’s inspector general, and GAO on the extent and results of intragovernmental activity and balances reconciliation efforts. A substantial number of the agencies did not fully perform the required reconciliations for fiscal years 2003 and 2002, citing reasons such as (1) trading partners not providing needed data, (2) limitations and incompatibility of agency and trading partner information systems, and (3) lack of human resources. For both of these years, amounts reported for federal agency trading partners for certain intragovernmental accounts were significantly out of balance. Treasury’s ability to eliminate certain intragovernmental activity and balances is impaired by these federal agencies’ problems in handling their intragovernmental transactions.\n\nTo address long-standing problems with intragovernmental exchange transactions between federal agencies, Treasury and OMB have undertaken various efforts. However, resolving the intragovernmental transactions problem remains a difficult challenge and will require a commitment by federal agencies and continued strong leadership by OMB.\n\n# Net Outlays\n\nOMB Bulletin 01-09, Form and Content of Agency Financial Statements,10 states that outlays in federal agencies’ Statements of Budgetary Resources (SBR) should agree with the respective agency’s net outlays reported in the budget of the U.S. government. In addition, SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting, requires explanation of any material differences between the information required to be disclosed (including net outlays) and the amounts described as “actual” in the budget of the U.S. government.\n\nWe found material differences between the total net outlays reported in selected federal agencies’ audited SBRs and the records used to prepare the Statement of Changes in Cash Balance from Unified Budget and Other Activities (Statement of Changes in Cash Balance),11 totaling about $140 billion and $186 billion for fiscal years 2003 and 2002.\n\n9 Trading partners are U.S. government agencies, departments, or other components included in the consolidated financial statements that do business with each other.\n\n10 Office of Management and Budget Bulletin No. 01-09, Form and Content of Agency Financial Statements (Washington, D.C.: Sept. 25, 2001). This bulletin is OMB’s official guidance for the form and content of federal agencies’ financial statements.\n\n11 OMB and U.S. generally accepted accounting principles (GAAP) require agencies to report net outlays in the SBR. The Statement of Changes in Cash Balance also reports unified budget outlays-actual. Both are intended to represent the same amount and be consistent with the information presented in the budget of the U.S. government.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Accounting for and Reconciliation of Intragovernmental Activity and Balances", + "md": "# Accounting for and Reconciliation of Intragovernmental Activity and Balances", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "OMB and Treasury require the CFOs of 35 executive departments and agencies, including the 23 CFO Act agencies, to reconcile selected intragovernmental activity and balances with their “trading partners”9 and to report to Treasury, the agency’s inspector general, and GAO on the extent and results of intragovernmental activity and balances reconciliation efforts. A substantial number of the agencies did not fully perform the required reconciliations for fiscal years 2003 and 2002, citing reasons such as (1) trading partners not providing needed data, (2) limitations and incompatibility of agency and trading partner information systems, and (3) lack of human resources. For both of these years, amounts reported for federal agency trading partners for certain intragovernmental accounts were significantly out of balance. Treasury’s ability to eliminate certain intragovernmental activity and balances is impaired by these federal agencies’ problems in handling their intragovernmental transactions.\n\nTo address long-standing problems with intragovernmental exchange transactions between federal agencies, Treasury and OMB have undertaken various efforts. However, resolving the intragovernmental transactions problem remains a difficult challenge and will require a commitment by federal agencies and continued strong leadership by OMB.", + "md": "OMB and Treasury require the CFOs of 35 executive departments and agencies, including the 23 CFO Act agencies, to reconcile selected intragovernmental activity and balances with their “trading partners”9 and to report to Treasury, the agency’s inspector general, and GAO on the extent and results of intragovernmental activity and balances reconciliation efforts. A substantial number of the agencies did not fully perform the required reconciliations for fiscal years 2003 and 2002, citing reasons such as (1) trading partners not providing needed data, (2) limitations and incompatibility of agency and trading partner information systems, and (3) lack of human resources. For both of these years, amounts reported for federal agency trading partners for certain intragovernmental accounts were significantly out of balance. Treasury’s ability to eliminate certain intragovernmental activity and balances is impaired by these federal agencies’ problems in handling their intragovernmental transactions.\n\nTo address long-standing problems with intragovernmental exchange transactions between federal agencies, Treasury and OMB have undertaken various efforts. However, resolving the intragovernmental transactions problem remains a difficult challenge and will require a commitment by federal agencies and continued strong leadership by OMB.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Outlays", + "md": "# Net Outlays", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "OMB Bulletin 01-09, Form and Content of Agency Financial Statements,10 states that outlays in federal agencies’ Statements of Budgetary Resources (SBR) should agree with the respective agency’s net outlays reported in the budget of the U.S. government. In addition, SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting, requires explanation of any material differences between the information required to be disclosed (including net outlays) and the amounts described as “actual” in the budget of the U.S. government.\n\nWe found material differences between the total net outlays reported in selected federal agencies’ audited SBRs and the records used to prepare the Statement of Changes in Cash Balance from Unified Budget and Other Activities (Statement of Changes in Cash Balance),11 totaling about $140 billion and $186 billion for fiscal years 2003 and 2002.\n\n9 Trading partners are U.S. government agencies, departments, or other components included in the consolidated financial statements that do business with each other.\n\n10 Office of Management and Budget Bulletin No. 01-09, Form and Content of Agency Financial Statements (Washington, D.C.: Sept. 25, 2001). This bulletin is OMB’s official guidance for the form and content of federal agencies’ financial statements.\n\n11 OMB and U.S. generally accepted accounting principles (GAAP) require agencies to report net outlays in the SBR. The Statement of Changes in Cash Balance also reports unified budget outlays-actual. Both are intended to represent the same amount and be consistent with the information presented in the budget of the U.S. government.", + "md": "OMB Bulletin 01-09, Form and Content of Agency Financial Statements,10 states that outlays in federal agencies’ Statements of Budgetary Resources (SBR) should agree with the respective agency’s net outlays reported in the budget of the U.S. government. In addition, SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting, requires explanation of any material differences between the information required to be disclosed (including net outlays) and the amounts described as “actual” in the budget of the U.S. government.\n\nWe found material differences between the total net outlays reported in selected federal agencies’ audited SBRs and the records used to prepare the Statement of Changes in Cash Balance from Unified Budget and Other Activities (Statement of Changes in Cash Balance),11 totaling about $140 billion and $186 billion for fiscal years 2003 and 2002.\n\n9 Trading partners are U.S. government agencies, departments, or other components included in the consolidated financial statements that do business with each other.\n\n10 Office of Management and Budget Bulletin No. 01-09, Form and Content of Agency Financial Statements (Washington, D.C.: Sept. 25, 2001). This bulletin is OMB’s official guidance for the form and content of federal agencies’ financial statements.\n\n11 OMB and U.S. generally accepted accounting principles (GAAP) require agencies to report net outlays in the SBR. The Statement of Changes in Cash Balance also reports unified budget outlays-actual. Both are intended to represent the same amount and be consistent with the information presented in the budget of the U.S. government.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 48, + "text": " GENERAL ACCOUNTING OFFICE REPORT 43\nrespectively.¹² Two agencies (Treasury and the Department of Health and Human\nServices (HHS)) accounted for about 83 percent and 75 percent of the differences\nidentified in fiscal years 2003 and 2002, respectively. We found that the major cause of\nthe differences for the two agencies was the treatment of offsetting receipts.¹³ Some\noffsetting receipts for these two agencies had not been included in the agencies’ SBRs,\nwhich would have reduced the agencies’ net outlays and made the amounts more\nconsistent with the records used to prepare the Statement of Changes in Cash Balance.¹⁴\nFor example, we found that HHS reported net outlays for fiscal year 2003 as $596 billion\non its audited SBR, while the records that Treasury uses to prepare the Statement of\nChanges in Cash Balance showed $505 billion for fiscal year 2003 for this agency. Until\nthese differences between the total net outlays reported in the federal agencies’ SBRs and\nthe records used to prepare the Statement of Changes in Cash Balance are reconciled, the\neffect that these differences may have on the U.S. government’s consolidated financial\nstatements will be unknown. OMB has stated that it plans to work with the agencies to\naddress this issue.\nPreparation of Consolidated Financial Statements\nThe federal government did not have adequate systems, controls, and procedures to\nensure that the consolidated financial statements are consistent with the underlying\naudited agency financial statements, balanced, and in conformity with GAAP. During our\nfiscal year 2003 audit, we found the following:¹⁵\n • The process for compiling the consolidated financial statements does not directly\n link information from federal agencies’ audited financial statements to amounts\n reported in the consolidated financial statements, and therefore does not ensure\n that the information in the consolidated financial statements is consistent with the\n underlying information in federal agencies’ audited financial statements and other\n financial data.\n12In some agencies’ fiscal year 2003 financial statements, the comparable fiscal year 2002 amounts were\nrestated.\n13Offsetting receipts are collections that are credited to general fund, special fund, or trust fund receipt\naccounts and that offset gross outlays at the agency or governmentwide level.\n14These two agencies did not adequately explain their fiscal year 2002 differences between the net outlays\nreported on the SBR and the budget of the U.S. government in their notes to the fiscal year 2003 financial\nstatements.\n15The same issues we identified in fiscal year 2003 existed in fiscal year 2002, and some have existed for a\nnumber of years. In October 2003, we reported in greater detail on the issues we identified, in U.S. General\nAccounting Office, Financial Audit: Process for Preparing the Consolidated Financial Statements of the\nU.S. Government Needs Improvement, GAO-04-45 (Washington, D.C.: Oct. 30, 2003). This report included\n44 recommendations to address weaknesses we identified. It also included recommendations related to 16\ndisclosure areas that are required by GAAP. We recommended that the 16 disclosures that are not included\nin the consolidated financial statements either be included or that the rationale for their exclusion be\ndocumented.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nrespectively.¹² Two agencies (Treasury and the Department of Health and Human Services (HHS)) accounted for about 83 percent and 75 percent of the differences identified in fiscal years 2003 and 2002, respectively. We found that the major cause of the differences for the two agencies was the treatment of offsetting receipts.¹³ Some offsetting receipts for these two agencies had not been included in the agencies’ SBRs, which would have reduced the agencies’ net outlays and made the amounts more consistent with the records used to prepare the Statement of Changes in Cash Balance.¹⁴ For example, we found that HHS reported net outlays for fiscal year 2003 as $596 billion on its audited SBR, while the records that Treasury uses to prepare the Statement of Changes in Cash Balance showed $505 billion for fiscal year 2003 for this agency. Until these differences between the total net outlays reported in the federal agencies’ SBRs and the records used to prepare the Statement of Changes in Cash Balance are reconciled, the effect that these differences may have on the U.S. government’s consolidated financial statements will be unknown. OMB has stated that it plans to work with the agencies to address this issue.\n\n# Preparation of Consolidated Financial Statements\n\nThe federal government did not have adequate systems, controls, and procedures to ensure that the consolidated financial statements are consistent with the underlying audited agency financial statements, balanced, and in conformity with GAAP. During our fiscal year 2003 audit, we found the following:¹⁵\n\n- The process for compiling the consolidated financial statements does not directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements, and therefore does not ensure that the information in the consolidated financial statements is consistent with the underlying information in federal agencies’ audited financial statements and other financial data.\n\n12In some agencies’ fiscal year 2003 financial statements, the comparable fiscal year 2002 amounts were restated.\n\n13Offsetting receipts are collections that are credited to general fund, special fund, or trust fund receipt accounts and that offset gross outlays at the agency or governmentwide level.\n\n14These two agencies did not adequately explain their fiscal year 2002 differences between the net outlays reported on the SBR and the budget of the U.S. government in their notes to the fiscal year 2003 financial statements.\n\n15The same issues we identified in fiscal year 2003 existed in fiscal year 2002, and some have existed for a number of years. In October 2003, we reported in greater detail on the issues we identified, in U.S. General Accounting Office, Financial Audit: Process for Preparing the Consolidated Financial Statements of the U.S. Government Needs Improvement, GAO-04-45 (Washington, D.C.: Oct. 30, 2003). This report included 44 recommendations to address weaknesses we identified. It also included recommendations related to 16 disclosure areas that are required by GAAP. We recommended that the 16 disclosures that are not included in the consolidated financial statements either be included or that the rationale for their exclusion be documented.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "respectively.¹² Two agencies (Treasury and the Department of Health and Human Services (HHS)) accounted for about 83 percent and 75 percent of the differences identified in fiscal years 2003 and 2002, respectively. We found that the major cause of the differences for the two agencies was the treatment of offsetting receipts.¹³ Some offsetting receipts for these two agencies had not been included in the agencies’ SBRs, which would have reduced the agencies’ net outlays and made the amounts more consistent with the records used to prepare the Statement of Changes in Cash Balance.¹⁴ For example, we found that HHS reported net outlays for fiscal year 2003 as $596 billion on its audited SBR, while the records that Treasury uses to prepare the Statement of Changes in Cash Balance showed $505 billion for fiscal year 2003 for this agency. Until these differences between the total net outlays reported in the federal agencies’ SBRs and the records used to prepare the Statement of Changes in Cash Balance are reconciled, the effect that these differences may have on the U.S. government’s consolidated financial statements will be unknown. OMB has stated that it plans to work with the agencies to address this issue.", + "md": "respectively.¹² Two agencies (Treasury and the Department of Health and Human Services (HHS)) accounted for about 83 percent and 75 percent of the differences identified in fiscal years 2003 and 2002, respectively. We found that the major cause of the differences for the two agencies was the treatment of offsetting receipts.¹³ Some offsetting receipts for these two agencies had not been included in the agencies’ SBRs, which would have reduced the agencies’ net outlays and made the amounts more consistent with the records used to prepare the Statement of Changes in Cash Balance.¹⁴ For example, we found that HHS reported net outlays for fiscal year 2003 as $596 billion on its audited SBR, while the records that Treasury uses to prepare the Statement of Changes in Cash Balance showed $505 billion for fiscal year 2003 for this agency. Until these differences between the total net outlays reported in the federal agencies’ SBRs and the records used to prepare the Statement of Changes in Cash Balance are reconciled, the effect that these differences may have on the U.S. government’s consolidated financial statements will be unknown. OMB has stated that it plans to work with the agencies to address this issue.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Preparation of Consolidated Financial Statements", + "md": "# Preparation of Consolidated Financial Statements", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The federal government did not have adequate systems, controls, and procedures to ensure that the consolidated financial statements are consistent with the underlying audited agency financial statements, balanced, and in conformity with GAAP. During our fiscal year 2003 audit, we found the following:¹⁵\n\n- The process for compiling the consolidated financial statements does not directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements, and therefore does not ensure that the information in the consolidated financial statements is consistent with the underlying information in federal agencies’ audited financial statements and other financial data.\n\n12In some agencies’ fiscal year 2003 financial statements, the comparable fiscal year 2002 amounts were restated.\n\n13Offsetting receipts are collections that are credited to general fund, special fund, or trust fund receipt accounts and that offset gross outlays at the agency or governmentwide level.\n\n14These two agencies did not adequately explain their fiscal year 2002 differences between the net outlays reported on the SBR and the budget of the U.S. government in their notes to the fiscal year 2003 financial statements.\n\n15The same issues we identified in fiscal year 2003 existed in fiscal year 2002, and some have existed for a number of years. In October 2003, we reported in greater detail on the issues we identified, in U.S. General Accounting Office, Financial Audit: Process for Preparing the Consolidated Financial Statements of the U.S. Government Needs Improvement, GAO-04-45 (Washington, D.C.: Oct. 30, 2003). This report included 44 recommendations to address weaknesses we identified. It also included recommendations related to 16 disclosure areas that are required by GAAP. We recommended that the 16 disclosures that are not included in the consolidated financial statements either be included or that the rationale for their exclusion be documented.", + "md": "The federal government did not have adequate systems, controls, and procedures to ensure that the consolidated financial statements are consistent with the underlying audited agency financial statements, balanced, and in conformity with GAAP. During our fiscal year 2003 audit, we found the following:¹⁵\n\n- The process for compiling the consolidated financial statements does not directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements, and therefore does not ensure that the information in the consolidated financial statements is consistent with the underlying information in federal agencies’ audited financial statements and other financial data.\n\n12In some agencies’ fiscal year 2003 financial statements, the comparable fiscal year 2002 amounts were restated.\n\n13Offsetting receipts are collections that are credited to general fund, special fund, or trust fund receipt accounts and that offset gross outlays at the agency or governmentwide level.\n\n14These two agencies did not adequately explain their fiscal year 2002 differences between the net outlays reported on the SBR and the budget of the U.S. government in their notes to the fiscal year 2003 financial statements.\n\n15The same issues we identified in fiscal year 2003 existed in fiscal year 2002, and some have existed for a number of years. In October 2003, we reported in greater detail on the issues we identified, in U.S. General Accounting Office, Financial Audit: Process for Preparing the Consolidated Financial Statements of the U.S. Government Needs Improvement, GAO-04-45 (Washington, D.C.: Oct. 30, 2003). This report included 44 recommendations to address weaknesses we identified. It also included recommendations related to 16 disclosure areas that are required by GAAP. We recommended that the 16 disclosures that are not included in the consolidated financial statements either be included or that the rationale for their exclusion be documented.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 49, + "text": "44 GENERAL ACCOUNTING OFFICE REPORT\n • Internal control weaknesses exist in Treasury’s process for preparing the\n consolidated financial statements, such as a lack of (1) segregation of duties and\n (2) appropriate documentation of certain policies and procedures for preparing the\n consolidated financial statements.\n • The net position reported in the consolidated financial statements is derived by\n subtracting liabilities from assets, rather than through balanced accounting entries.\n To make the fiscal years 2003 and 2002 consolidated financial statements\n balance, Treasury recorded a net $24.5 billion and a net $17.1 billion decrease,\n respectively, to net operating cost on the Statements of Operations and Changes in\n Net Position, which it labeled “Unreconciled Transactions Affecting the Change\n in Net Position.”¹⁶ An additional net $11.3 billion and $12.5 billion of\n unreconciled transactions were recorded in the Statements of Net Cost for fiscal\n years 2003 and 2002, respectively. Treasury does not identify and quantify all\n components of these unreconciled activities, nor does Treasury perform\n reconciliation procedures, which would aid in understanding and controlling the\n net position balance as well as eliminating the unreconciled transactions\n associated with compiling the consolidated financial statements.\n • Significant differences in other intragovernmental accounts, primarily related to\n appropriations, still remain unresolved. Intragovernmental activity and balances\n are “dropped” or “offset” in the preparation of the consolidated financial\n statements rather than eliminated through balanced accounting entries. This\n contributes to the federal government’s inability to determine the impact of these\n differences on amounts reported in the consolidated financial statements.\n • The federal government did not have an adequate process to identify and report\n items needed to reconcile the operating results, which for fiscal year 2003 showed\n a net operating cost of $665 billion, to the budget results, which for the same\n period showed a unified budget deficit of $374.8 billion.\n • The consolidated financial statements include certain financial information for the\n executive, legislative, and judicial branches, to the extent that federal agencies\n within those branches have provided Treasury such information. However, there\n are undetermined amounts of assets, liabilities, costs, and revenues that are not\n included, and the federal government did not provide evidence or disclose in the\n consolidated financial statements that such excluded financial information was\n immaterial.\n • Treasury lacks an adequate process to ensure that the financial statements, related\n notes, Stewardship Information, and Supplemental Information are presented in\n 16Although Treasury was unable to determine how much of the unreconciled transactions, if any, relate to\n operations, it reported unreconciled transactions as a component of net operating cost in the accompanying\n consolidated financial statements.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n• Internal control weaknesses exist in Treasury’s process for preparing the consolidated financial statements, such as a lack of (1) segregation of duties and (2) appropriate documentation of certain policies and procedures for preparing the consolidated financial statements.\n\n• The net position reported in the consolidated financial statements is derived by subtracting liabilities from assets, rather than through balanced accounting entries. To make the fiscal years 2003 and 2002 consolidated financial statements balance, Treasury recorded a net $24.5 billion and a net $17.1 billion decrease, respectively, to net operating cost on the Statements of Operations and Changes in Net Position, which it labeled “Unreconciled Transactions Affecting the Change in Net Position.”16 An additional net $11.3 billion and $12.5 billion of unreconciled transactions were recorded in the Statements of Net Cost for fiscal years 2003 and 2002, respectively. Treasury does not identify and quantify all components of these unreconciled activities, nor does Treasury perform reconciliation procedures, which would aid in understanding and controlling the net position balance as well as eliminating the unreconciled transactions associated with compiling the consolidated financial statements.\n\n• Significant differences in other intragovernmental accounts, primarily related to appropriations, still remain unresolved. Intragovernmental activity and balances are “dropped” or “offset” in the preparation of the consolidated financial statements rather than eliminated through balanced accounting entries. This contributes to the federal government’s inability to determine the impact of these differences on amounts reported in the consolidated financial statements.\n\n• The federal government did not have an adequate process to identify and report items needed to reconcile the operating results, which for fiscal year 2003 showed a net operating cost of $665 billion, to the budget results, which for the same period showed a unified budget deficit of $374.8 billion.\n\n• The consolidated financial statements include certain financial information for the executive, legislative, and judicial branches, to the extent that federal agencies within those branches have provided Treasury such information. However, there are undetermined amounts of assets, liabilities, costs, and revenues that are not included, and the federal government did not provide evidence or disclose in the consolidated financial statements that such excluded financial information was immaterial.\n\n• Treasury lacks an adequate process to ensure that the financial statements, related notes, Stewardship Information, and Supplemental Information are presented in\n\n16 Although Treasury was unable to determine how much of the unreconciled transactions, if any, relate to operations, it reported unreconciled transactions as a component of net operating cost in the accompanying consolidated financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "• Internal control weaknesses exist in Treasury’s process for preparing the consolidated financial statements, such as a lack of (1) segregation of duties and (2) appropriate documentation of certain policies and procedures for preparing the consolidated financial statements.\n\n• The net position reported in the consolidated financial statements is derived by subtracting liabilities from assets, rather than through balanced accounting entries. To make the fiscal years 2003 and 2002 consolidated financial statements balance, Treasury recorded a net $24.5 billion and a net $17.1 billion decrease, respectively, to net operating cost on the Statements of Operations and Changes in Net Position, which it labeled “Unreconciled Transactions Affecting the Change in Net Position.”16 An additional net $11.3 billion and $12.5 billion of unreconciled transactions were recorded in the Statements of Net Cost for fiscal years 2003 and 2002, respectively. Treasury does not identify and quantify all components of these unreconciled activities, nor does Treasury perform reconciliation procedures, which would aid in understanding and controlling the net position balance as well as eliminating the unreconciled transactions associated with compiling the consolidated financial statements.\n\n• Significant differences in other intragovernmental accounts, primarily related to appropriations, still remain unresolved. Intragovernmental activity and balances are “dropped” or “offset” in the preparation of the consolidated financial statements rather than eliminated through balanced accounting entries. This contributes to the federal government’s inability to determine the impact of these differences on amounts reported in the consolidated financial statements.\n\n• The federal government did not have an adequate process to identify and report items needed to reconcile the operating results, which for fiscal year 2003 showed a net operating cost of $665 billion, to the budget results, which for the same period showed a unified budget deficit of $374.8 billion.\n\n• The consolidated financial statements include certain financial information for the executive, legislative, and judicial branches, to the extent that federal agencies within those branches have provided Treasury such information. However, there are undetermined amounts of assets, liabilities, costs, and revenues that are not included, and the federal government did not provide evidence or disclose in the consolidated financial statements that such excluded financial information was immaterial.\n\n• Treasury lacks an adequate process to ensure that the financial statements, related notes, Stewardship Information, and Supplemental Information are presented in\n\n16 Although Treasury was unable to determine how much of the unreconciled transactions, if any, relate to operations, it reported unreconciled transactions as a component of net operating cost in the accompanying consolidated financial statements.", + "md": "• Internal control weaknesses exist in Treasury’s process for preparing the consolidated financial statements, such as a lack of (1) segregation of duties and (2) appropriate documentation of certain policies and procedures for preparing the consolidated financial statements.\n\n• The net position reported in the consolidated financial statements is derived by subtracting liabilities from assets, rather than through balanced accounting entries. To make the fiscal years 2003 and 2002 consolidated financial statements balance, Treasury recorded a net $24.5 billion and a net $17.1 billion decrease, respectively, to net operating cost on the Statements of Operations and Changes in Net Position, which it labeled “Unreconciled Transactions Affecting the Change in Net Position.”16 An additional net $11.3 billion and $12.5 billion of unreconciled transactions were recorded in the Statements of Net Cost for fiscal years 2003 and 2002, respectively. Treasury does not identify and quantify all components of these unreconciled activities, nor does Treasury perform reconciliation procedures, which would aid in understanding and controlling the net position balance as well as eliminating the unreconciled transactions associated with compiling the consolidated financial statements.\n\n• Significant differences in other intragovernmental accounts, primarily related to appropriations, still remain unresolved. Intragovernmental activity and balances are “dropped” or “offset” in the preparation of the consolidated financial statements rather than eliminated through balanced accounting entries. This contributes to the federal government’s inability to determine the impact of these differences on amounts reported in the consolidated financial statements.\n\n• The federal government did not have an adequate process to identify and report items needed to reconcile the operating results, which for fiscal year 2003 showed a net operating cost of $665 billion, to the budget results, which for the same period showed a unified budget deficit of $374.8 billion.\n\n• The consolidated financial statements include certain financial information for the executive, legislative, and judicial branches, to the extent that federal agencies within those branches have provided Treasury such information. However, there are undetermined amounts of assets, liabilities, costs, and revenues that are not included, and the federal government did not provide evidence or disclose in the consolidated financial statements that such excluded financial information was immaterial.\n\n• Treasury lacks an adequate process to ensure that the financial statements, related notes, Stewardship Information, and Supplemental Information are presented in\n\n16 Although Treasury was unable to determine how much of the unreconciled transactions, if any, relate to operations, it reported unreconciled transactions as a component of net operating cost in the accompanying consolidated financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 50, + "text": " GENERAL ACCOUNTING OFFICE REPORT 45\n conformity with GAAP. We found that certain financial information required by\n GAAP was not disclosed in the consolidated financial statements. Treasury did\n not provide us with documentation of its rationale for excluding this information.\n As a result of this and certain material deficiencies noted above, we were unable\n to determine if the missing information was material to the consolidated financial\n statements.\nBeginning with fiscal year 2004, Treasury is planning on using a new system and\nprocedures that will collect agency financial statement information directly from federal\nagencies’ audited financial statements rather than using federal agencies’ Standard\nGeneral Ledger data. Treasury has stated that these actions are intended to, among other\nthings, directly link information from federal agencies’ audited financial statements to\namounts reported in the consolidated financial statements and resolve many of the\nweaknesses we identified in the process for preparing the consolidated financial\nstatements.\nOPINION ON INTERNAL CONTROL\nIn addition to the material weaknesses noted above, we found four other material\nweaknesses in internal control as of September 30, 2003, which are described below.\nBecause of the effects of the material weaknesses discussed in this report, in our opinion,\nthe federal government did not maintain effective internal control to meet the following\nobjectives: (1) transactions are properly recorded, processed, and summarized to permit\nthe preparation of the financial statements and stewardship information in conformity\nwith GAAP, and assets are safeguarded against loss from unauthorized acquisition, use,\nor disposition; and (2) transactions are executed in accordance with laws governing the\nuse of budget authority and with other laws and regulations that could have a direct and\nmaterial effect on the financial statements and stewardship information. Individual\nfederal agency financial statement audit reports identify additional reportable conditions¹⁷\nin internal control, some of which were reported by agency auditors as being material\nweaknesses at the individual agency level. These matters do not represent material\nweaknesses at the governmentwide level. Also, due to the issues noted throughout this\nreport, additional material weaknesses may exist that have not been reported.\nLoans Receivable and Loan Guarantee Liabilities\nIn general, federal agencies continue to make progress in reducing the number of material\nweaknesses and reportable conditions related to their lending activities. However,\nsignificant deficiencies in the processes and procedures used to estimate the costs of\ncertain lending programs and value the related loans receivable still remain. The most\n17Reportable conditions are matters coming to our attention that, in our judgment, should be communicated\nbecause they represent significant deficiencies in the design or operation of internal control that could\nadversely affect the federal government’s ability to meet the internal control objectives described in this\nreport.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nconformity with GAAP. We found that certain financial information required by GAAP was not disclosed in the consolidated financial statements. Treasury did not provide us with documentation of its rationale for excluding this information. As a result of this and certain material deficiencies noted above, we were unable to determine if the missing information was material to the consolidated financial statements.\n\nBeginning with fiscal year 2004, Treasury is planning on using a new system and procedures that will collect agency financial statement information directly from federal agencies’ audited financial statements rather than using federal agencies’ Standard General Ledger data. Treasury has stated that these actions are intended to, among other things, directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements and resolve many of the weaknesses we identified in the process for preparing the consolidated financial statements.\n\n# OPINION ON INTERNAL CONTROL\n\nIn addition to the material weaknesses noted above, we found four other material weaknesses in internal control as of September 30, 2003, which are described below. Because of the effects of the material weaknesses discussed in this report, in our opinion, the federal government did not maintain effective internal control to meet the following objectives: (1) transactions are properly recorded, processed, and summarized to permit the preparation of the financial statements and stewardship information in conformity with GAAP, and assets are safeguarded against loss from unauthorized acquisition, use, or disposition; and (2) transactions are executed in accordance with laws governing the use of budget authority and with other laws and regulations that could have a direct and material effect on the financial statements and stewardship information. Individual federal agency financial statement audit reports identify additional reportable conditions17 in internal control, some of which were reported by agency auditors as being material weaknesses at the individual agency level. These matters do not represent material weaknesses at the governmentwide level. Also, due to the issues noted throughout this report, additional material weaknesses may exist that have not been reported.\n\n# Loans Receivable and Loan Guarantee Liabilities\n\nIn general, federal agencies continue to make progress in reducing the number of material weaknesses and reportable conditions related to their lending activities. However, significant deficiencies in the processes and procedures used to estimate the costs of certain lending programs and value the related loans receivable still remain. The most 17Reportable conditions are matters coming to our attention that, in our judgment, should be communicated because they represent significant deficiencies in the design or operation of internal control that could adversely affect the federal government’s ability to meet the internal control objectives described in this report.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "conformity with GAAP. We found that certain financial information required by GAAP was not disclosed in the consolidated financial statements. Treasury did not provide us with documentation of its rationale for excluding this information. As a result of this and certain material deficiencies noted above, we were unable to determine if the missing information was material to the consolidated financial statements.\n\nBeginning with fiscal year 2004, Treasury is planning on using a new system and procedures that will collect agency financial statement information directly from federal agencies’ audited financial statements rather than using federal agencies’ Standard General Ledger data. Treasury has stated that these actions are intended to, among other things, directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements and resolve many of the weaknesses we identified in the process for preparing the consolidated financial statements.", + "md": "conformity with GAAP. We found that certain financial information required by GAAP was not disclosed in the consolidated financial statements. Treasury did not provide us with documentation of its rationale for excluding this information. As a result of this and certain material deficiencies noted above, we were unable to determine if the missing information was material to the consolidated financial statements.\n\nBeginning with fiscal year 2004, Treasury is planning on using a new system and procedures that will collect agency financial statement information directly from federal agencies’ audited financial statements rather than using federal agencies’ Standard General Ledger data. Treasury has stated that these actions are intended to, among other things, directly link information from federal agencies’ audited financial statements to amounts reported in the consolidated financial statements and resolve many of the weaknesses we identified in the process for preparing the consolidated financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "OPINION ON INTERNAL CONTROL", + "md": "# OPINION ON INTERNAL CONTROL", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In addition to the material weaknesses noted above, we found four other material weaknesses in internal control as of September 30, 2003, which are described below. Because of the effects of the material weaknesses discussed in this report, in our opinion, the federal government did not maintain effective internal control to meet the following objectives: (1) transactions are properly recorded, processed, and summarized to permit the preparation of the financial statements and stewardship information in conformity with GAAP, and assets are safeguarded against loss from unauthorized acquisition, use, or disposition; and (2) transactions are executed in accordance with laws governing the use of budget authority and with other laws and regulations that could have a direct and material effect on the financial statements and stewardship information. Individual federal agency financial statement audit reports identify additional reportable conditions17 in internal control, some of which were reported by agency auditors as being material weaknesses at the individual agency level. These matters do not represent material weaknesses at the governmentwide level. Also, due to the issues noted throughout this report, additional material weaknesses may exist that have not been reported.", + "md": "In addition to the material weaknesses noted above, we found four other material weaknesses in internal control as of September 30, 2003, which are described below. Because of the effects of the material weaknesses discussed in this report, in our opinion, the federal government did not maintain effective internal control to meet the following objectives: (1) transactions are properly recorded, processed, and summarized to permit the preparation of the financial statements and stewardship information in conformity with GAAP, and assets are safeguarded against loss from unauthorized acquisition, use, or disposition; and (2) transactions are executed in accordance with laws governing the use of budget authority and with other laws and regulations that could have a direct and material effect on the financial statements and stewardship information. Individual federal agency financial statement audit reports identify additional reportable conditions17 in internal control, some of which were reported by agency auditors as being material weaknesses at the individual agency level. These matters do not represent material weaknesses at the governmentwide level. Also, due to the issues noted throughout this report, additional material weaknesses may exist that have not been reported.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Loans Receivable and Loan Guarantee Liabilities", + "md": "# Loans Receivable and Loan Guarantee Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In general, federal agencies continue to make progress in reducing the number of material weaknesses and reportable conditions related to their lending activities. However, significant deficiencies in the processes and procedures used to estimate the costs of certain lending programs and value the related loans receivable still remain. The most 17Reportable conditions are matters coming to our attention that, in our judgment, should be communicated because they represent significant deficiencies in the design or operation of internal control that could adversely affect the federal government’s ability to meet the internal control objectives described in this report.", + "md": "In general, federal agencies continue to make progress in reducing the number of material weaknesses and reportable conditions related to their lending activities. However, significant deficiencies in the processes and procedures used to estimate the costs of certain lending programs and value the related loans receivable still remain. The most 17Reportable conditions are matters coming to our attention that, in our judgment, should be communicated because they represent significant deficiencies in the design or operation of internal control that could adversely affect the federal government’s ability to meet the internal control objectives described in this report.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 51, + "text": "46 GENERAL ACCOUNTING OFFICE REPORT\n notable deficiencies existed at the Small Business Administration (SBA), which, while\n improved from last year, continues to have a material weakness related to this area. For\n example, SBA did not adequately document its estimation methodologies, lacked the\n management controls necessary to ensure that appropriate estimates were prepared and\n reported based on complete and accurate data, and could not fully support the\n reasonableness of the costs of its lending programs and valuations of its loan portfolio.\n SBA’s material weakness plus deficiencies at other federal credit agencies relating to the\n processes and procedures for estimating credit program costs continue to adversely affect\n the government’s ability to support annual budget requests for these programs, make\n future budgetary decisions, manage program costs, and measure the performance of\n lending activities.\n Improper Payments\n Across the federal government, improper payments occur in a variety of programs and\n activities, including those related to health care, contract management, federal financial\n assistance, and tax refunds.¹⁸ While complete information on the magnitude of improper\n payments is not yet available, based on available data, OMB has estimated that improper\n payments exceed $35 billion annually. Many improper payments occur in federal\n programs that are administered by entities other than the federal government, such as\n states. Improper payments often result from a lack of or an inadequate system of internal\n controls. Although the President’s Management Agenda includes an initiative to reduce\n improper payments, most federal agencies have not reported the magnitude of improper\n payments in their programs and activities.\n The Improper Payments Information Act of 2002 provides for federal agencies to\n estimate and report on their improper payments.¹⁹ It requires federal agencies to (1)\n annually review programs and activities that they administer to identify those that may be\n susceptible to significant improper payments, (2) estimate improper payments in\n susceptible programs and activities, and (3) provide reports to the Congress that discuss\n the causes of improper payments identified and the status of actions to reduce them. In\n accordance with the legislation, OMB issued guidance for federal agencies’ use in\n implementing the act. Among other things, the guidance requires federal agencies to\n report on their improper payment-related activities in the Management Discussion and\n Analysis section of their annual Performance and Accountability Reports (PAR). While\n the act does not require such reporting by all federal agencies until fiscal year 2004,\n OMB required 44 programs and 14 CFO Act agencies to report improper payment\n information in their fiscal year 2003 PARs. Our preliminary review of the PARs found\n 18Improper payments include inadvertent errors, such as duplicate payments and miscalculations, payments\n for unsupported or inadequately supported claims, payments for services not rendered, payments to\n ineligible beneficiaries, and payments resulting from fraud and abuse by program participants and/or\n federal employees.\n 19Pub. L. No. 107-300, 116 Stat. 2350. The act’s reporting requirement applies only to an agency program\n or activity with estimated improper payments exceeding $10 million.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nNotable deficiencies existed at the Small Business Administration (SBA), which, while improved from last year, continues to have a material weakness related to this area. For example, SBA did not adequately document its estimation methodologies, lacked the management controls necessary to ensure that appropriate estimates were prepared and reported based on complete and accurate data, and could not fully support the reasonableness of the costs of its lending programs and valuations of its loan portfolio. SBA’s material weakness plus deficiencies at other federal credit agencies relating to the processes and procedures for estimating credit program costs continue to adversely affect the government’s ability to support annual budget requests for these programs, make future budgetary decisions, manage program costs, and measure the performance of lending activities.\n\n# Improper Payments\n\nAcross the federal government, improper payments occur in a variety of programs and activities, including those related to health care, contract management, federal financial assistance, and tax refunds.18 While complete information on the magnitude of improper payments is not yet available, based on available data, OMB has estimated that improper payments exceed $35 billion annually. Many improper payments occur in federal programs that are administered by entities other than the federal government, such as states. Improper payments often result from a lack of or an inadequate system of internal controls. Although the President’s Management Agenda includes an initiative to reduce improper payments, most federal agencies have not reported the magnitude of improper payments in their programs and activities.\n\nThe Improper Payments Information Act of 2002 provides for federal agencies to estimate and report on their improper payments.19 It requires federal agencies to (1) annually review programs and activities that they administer to identify those that may be susceptible to significant improper payments, (2) estimate improper payments in susceptible programs and activities, and (3) provide reports to the Congress that discuss the causes of improper payments identified and the status of actions to reduce them. In accordance with the legislation, OMB issued guidance for federal agencies’ use in implementing the act. Among other things, the guidance requires federal agencies to report on their improper payment-related activities in the Management Discussion and Analysis section of their annual Performance and Accountability Reports (PAR). While the act does not require such reporting by all federal agencies until fiscal year 2004, OMB required 44 programs and 14 CFO Act agencies to report improper payment information in their fiscal year 2003 PARs. Our preliminary review of the PARs found that:\n\nImproper payments include inadvertent errors, such as duplicate payments and miscalculations, payments for unsupported or inadequately supported claims, payments for services not rendered, payments to ineligible beneficiaries, and payments resulting from fraud and abuse by program participants and/or federal employees.\n\nPub. L. No. 107-300, 116 Stat. 2350. The act’s reporting requirement applies only to an agency program or activity with estimated improper payments exceeding $10 million.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Notable deficiencies existed at the Small Business Administration (SBA), which, while improved from last year, continues to have a material weakness related to this area. For example, SBA did not adequately document its estimation methodologies, lacked the management controls necessary to ensure that appropriate estimates were prepared and reported based on complete and accurate data, and could not fully support the reasonableness of the costs of its lending programs and valuations of its loan portfolio. SBA’s material weakness plus deficiencies at other federal credit agencies relating to the processes and procedures for estimating credit program costs continue to adversely affect the government’s ability to support annual budget requests for these programs, make future budgetary decisions, manage program costs, and measure the performance of lending activities.", + "md": "Notable deficiencies existed at the Small Business Administration (SBA), which, while improved from last year, continues to have a material weakness related to this area. For example, SBA did not adequately document its estimation methodologies, lacked the management controls necessary to ensure that appropriate estimates were prepared and reported based on complete and accurate data, and could not fully support the reasonableness of the costs of its lending programs and valuations of its loan portfolio. SBA’s material weakness plus deficiencies at other federal credit agencies relating to the processes and procedures for estimating credit program costs continue to adversely affect the government’s ability to support annual budget requests for these programs, make future budgetary decisions, manage program costs, and measure the performance of lending activities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Improper Payments", + "md": "# Improper Payments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Across the federal government, improper payments occur in a variety of programs and activities, including those related to health care, contract management, federal financial assistance, and tax refunds.18 While complete information on the magnitude of improper payments is not yet available, based on available data, OMB has estimated that improper payments exceed $35 billion annually. Many improper payments occur in federal programs that are administered by entities other than the federal government, such as states. Improper payments often result from a lack of or an inadequate system of internal controls. Although the President’s Management Agenda includes an initiative to reduce improper payments, most federal agencies have not reported the magnitude of improper payments in their programs and activities.\n\nThe Improper Payments Information Act of 2002 provides for federal agencies to estimate and report on their improper payments.19 It requires federal agencies to (1) annually review programs and activities that they administer to identify those that may be susceptible to significant improper payments, (2) estimate improper payments in susceptible programs and activities, and (3) provide reports to the Congress that discuss the causes of improper payments identified and the status of actions to reduce them. In accordance with the legislation, OMB issued guidance for federal agencies’ use in implementing the act. Among other things, the guidance requires federal agencies to report on their improper payment-related activities in the Management Discussion and Analysis section of their annual Performance and Accountability Reports (PAR). While the act does not require such reporting by all federal agencies until fiscal year 2004, OMB required 44 programs and 14 CFO Act agencies to report improper payment information in their fiscal year 2003 PARs. Our preliminary review of the PARs found that:\n\nImproper payments include inadvertent errors, such as duplicate payments and miscalculations, payments for unsupported or inadequately supported claims, payments for services not rendered, payments to ineligible beneficiaries, and payments resulting from fraud and abuse by program participants and/or federal employees.\n\nPub. L. No. 107-300, 116 Stat. 2350. The act’s reporting requirement applies only to an agency program or activity with estimated improper payments exceeding $10 million.", + "md": "Across the federal government, improper payments occur in a variety of programs and activities, including those related to health care, contract management, federal financial assistance, and tax refunds.18 While complete information on the magnitude of improper payments is not yet available, based on available data, OMB has estimated that improper payments exceed $35 billion annually. Many improper payments occur in federal programs that are administered by entities other than the federal government, such as states. Improper payments often result from a lack of or an inadequate system of internal controls. Although the President’s Management Agenda includes an initiative to reduce improper payments, most federal agencies have not reported the magnitude of improper payments in their programs and activities.\n\nThe Improper Payments Information Act of 2002 provides for federal agencies to estimate and report on their improper payments.19 It requires federal agencies to (1) annually review programs and activities that they administer to identify those that may be susceptible to significant improper payments, (2) estimate improper payments in susceptible programs and activities, and (3) provide reports to the Congress that discuss the causes of improper payments identified and the status of actions to reduce them. In accordance with the legislation, OMB issued guidance for federal agencies’ use in implementing the act. Among other things, the guidance requires federal agencies to report on their improper payment-related activities in the Management Discussion and Analysis section of their annual Performance and Accountability Reports (PAR). While the act does not require such reporting by all federal agencies until fiscal year 2004, OMB required 44 programs and 14 CFO Act agencies to report improper payment information in their fiscal year 2003 PARs. Our preliminary review of the PARs found that:\n\nImproper payments include inadvertent errors, such as duplicate payments and miscalculations, payments for unsupported or inadequately supported claims, payments for services not rendered, payments to ineligible beneficiaries, and payments resulting from fraud and abuse by program participants and/or federal employees.\n\nPub. L. No. 107-300, 116 Stat. 2350. The act’s reporting requirement applies only to an agency program or activity with estimated improper payments exceeding $10 million.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 52, + "text": " GENERAL ACCOUNTING OFFICE REPORT 47\nthat 12 of the 14 agencies reported improper payment amounts for 27 of the 44 programs\nidentified in the guidance. We also found that, for the programs where improper\npayments were identified, the reports often contained information on the causes of the\npayments but little information that addressed the other reporting requirements cited in\nthe legislation.\nInformation Security\nAlthough progress has been made, serious and widespread information security\nweaknesses continue to place federal assets at risk of inadvertent or deliberate misuse,\nfinancial information at risk of unauthorized modification or destruction, sensitive\ninformation at risk of inappropriate disclosure, and critical operations at risk of\ndisruption. GAO has reported information security as a high-risk area across government\nsince February 1997. Such information security weaknesses could result in compromising\nthe reliability and availability of data that are recorded in or transmitted by federal\nfinancial management systems. A primary reason for these weaknesses is that federal\nagencies have not yet fully institutionalized comprehensive security management\nprograms, which are critical to identifying information security weaknesses, resolving\ninformation security problems, and managing information security risks on an ongoing\nbasis. The Congress has shown continuing interest in addressing these risks, as evidenced\nby recent hearings on information security and enactment of the Federal Information\nSecurity Management Act of 2002²⁰ and the Cyber Security Research and Development\nAct.²¹ In addition, the administration has taken important actions to improve information\nsecurity, such as integrating information security into the Executive Branch Management\nScorecard.²²\nTax Collection Activities\nMaterial internal control weaknesses and systems deficiencies continue to affect the\nfederal government’s ability to effectively manage its tax collection activities.²³ Due to\nerrors and delays in recording activity in taxpayer accounts, taxpayers were not always\ncredited for payments made on their taxes owed, which could result in undue taxpayer\nburden. In addition, the federal government did not always follow up on potential\nunreported or underreported taxes and did not always pursue collection efforts against\ntaxpayers owing taxes to the federal government.\n20Title III of the E-Government Act of 2002, Pub. L. No. 107-347, 116 Stat. 2899.\n21Pub. L. No. 107-305, 116 Stat. 2367 (2002).\n22The Executive Branch Management Scorecard highlights agencies’ progress in achieving management\nand performance improvements embodied in the President’s Management Agenda.\n23U.S. General Accounting Office, Financial Audit: IRS’s Fiscal Years 2003 and 2002 Financial\nStatements, GAO-04-126 (Washington, D.C.: Nov. 13, 2003).", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nthat 12 of the 14 agencies reported improper payment amounts for 27 of the 44 programs identified in the guidance. We also found that, for the programs where improper payments were identified, the reports often contained information on the causes of the payments but little information that addressed the other reporting requirements cited in the legislation.\n\n# Information Security\n\nAlthough progress has been made, serious and widespread information security weaknesses continue to place federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption. GAO has reported information security as a high-risk area across government since February 1997. Such information security weaknesses could result in compromising the reliability and availability of data that are recorded in or transmitted by federal financial management systems. A primary reason for these weaknesses is that federal agencies have not yet fully institutionalized comprehensive security management programs, which are critical to identifying information security weaknesses, resolving information security problems, and managing information security risks on an ongoing basis. The Congress has shown continuing interest in addressing these risks, as evidenced by recent hearings on information security and enactment of the Federal Information Security Management Act of 200220 and the Cyber Security Research and Development Act.21 In addition, the administration has taken important actions to improve information security, such as integrating information security into the Executive Branch Management Scorecard.22\n\n# Tax Collection Activities\n\nMaterial internal control weaknesses and systems deficiencies continue to affect the federal government’s ability to effectively manage its tax collection activities.23 Due to errors and delays in recording activity in taxpayer accounts, taxpayers were not always credited for payments made on their taxes owed, which could result in undue taxpayer burden. In addition, the federal government did not always follow up on potential unreported or underreported taxes and did not always pursue collection efforts against taxpayers owing taxes to the federal government.\n\n# Footnotes\n\n20 Title III of the E-Government Act of 2002, Pub. L. No. 107-347, 116 Stat. 2899.\n\n21 Pub. L. No. 107-305, 116 Stat. 2367 (2002).\n\n22 The Executive Branch Management Scorecard highlights agencies’ progress in achieving management and performance improvements embodied in the President’s Management Agenda.\n\n23 U.S. General Accounting Office, Financial Audit: IRS’s Fiscal Years 2003 and 2002 Financial Statements, GAO-04-126 (Washington, D.C.: Nov. 13, 2003).", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "that 12 of the 14 agencies reported improper payment amounts for 27 of the 44 programs identified in the guidance. We also found that, for the programs where improper payments were identified, the reports often contained information on the causes of the payments but little information that addressed the other reporting requirements cited in the legislation.", + "md": "that 12 of the 14 agencies reported improper payment amounts for 27 of the 44 programs identified in the guidance. We also found that, for the programs where improper payments were identified, the reports often contained information on the causes of the payments but little information that addressed the other reporting requirements cited in the legislation.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Information Security", + "md": "# Information Security", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Although progress has been made, serious and widespread information security weaknesses continue to place federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption. GAO has reported information security as a high-risk area across government since February 1997. Such information security weaknesses could result in compromising the reliability and availability of data that are recorded in or transmitted by federal financial management systems. A primary reason for these weaknesses is that federal agencies have not yet fully institutionalized comprehensive security management programs, which are critical to identifying information security weaknesses, resolving information security problems, and managing information security risks on an ongoing basis. The Congress has shown continuing interest in addressing these risks, as evidenced by recent hearings on information security and enactment of the Federal Information Security Management Act of 200220 and the Cyber Security Research and Development Act.21 In addition, the administration has taken important actions to improve information security, such as integrating information security into the Executive Branch Management Scorecard.22", + "md": "Although progress has been made, serious and widespread information security weaknesses continue to place federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption. GAO has reported information security as a high-risk area across government since February 1997. Such information security weaknesses could result in compromising the reliability and availability of data that are recorded in or transmitted by federal financial management systems. A primary reason for these weaknesses is that federal agencies have not yet fully institutionalized comprehensive security management programs, which are critical to identifying information security weaknesses, resolving information security problems, and managing information security risks on an ongoing basis. The Congress has shown continuing interest in addressing these risks, as evidenced by recent hearings on information security and enactment of the Federal Information Security Management Act of 200220 and the Cyber Security Research and Development Act.21 In addition, the administration has taken important actions to improve information security, such as integrating information security into the Executive Branch Management Scorecard.22", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Tax Collection Activities", + "md": "# Tax Collection Activities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Material internal control weaknesses and systems deficiencies continue to affect the federal government’s ability to effectively manage its tax collection activities.23 Due to errors and delays in recording activity in taxpayer accounts, taxpayers were not always credited for payments made on their taxes owed, which could result in undue taxpayer burden. In addition, the federal government did not always follow up on potential unreported or underreported taxes and did not always pursue collection efforts against taxpayers owing taxes to the federal government.", + "md": "Material internal control weaknesses and systems deficiencies continue to affect the federal government’s ability to effectively manage its tax collection activities.23 Due to errors and delays in recording activity in taxpayer accounts, taxpayers were not always credited for payments made on their taxes owed, which could result in undue taxpayer burden. In addition, the federal government did not always follow up on potential unreported or underreported taxes and did not always pursue collection efforts against taxpayers owing taxes to the federal government.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Footnotes", + "md": "# Footnotes", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "20 Title III of the E-Government Act of 2002, Pub. L. No. 107-347, 116 Stat. 2899.\n\n21 Pub. L. No. 107-305, 116 Stat. 2367 (2002).\n\n22 The Executive Branch Management Scorecard highlights agencies’ progress in achieving management and performance improvements embodied in the President’s Management Agenda.\n\n23 U.S. General Accounting Office, Financial Audit: IRS’s Fiscal Years 2003 and 2002 Financial Statements, GAO-04-126 (Washington, D.C.: Nov. 13, 2003).", + "md": "20 Title III of the E-Government Act of 2002, Pub. L. No. 107-347, 116 Stat. 2899.\n\n21 Pub. L. No. 107-305, 116 Stat. 2367 (2002).\n\n22 The Executive Branch Management Scorecard highlights agencies’ progress in achieving management and performance improvements embodied in the President’s Management Agenda.\n\n23 U.S. General Accounting Office, Financial Audit: IRS’s Fiscal Years 2003 and 2002 Financial Statements, GAO-04-126 (Washington, D.C.: Nov. 13, 2003).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 53, + "text": "48 GENERAL ACCOUNTING OFFICE REPORT\n COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS\n Our work to determine compliance with selected provisions of applicable laws and\n regulations related to financial reporting was limited by the material weaknesses\n discussed above. U.S. generally accepted government auditing standards and OMB\n Bulletin No. 01-02, Audit Requirements for Federal Financial Statements, require\n auditors to report on the agency’s compliance with laws and regulations. Individual\n agency audit reports contain instances of noncompliance. None of these instances were\n material to the accompanying consolidated financial statements.\n We caution that other noncompliance may have occurred and not been detected. Further,\n the results of our limited procedures may not be sufficient for other purposes. Our\n objective was not to, and we do not, express an opinion on compliance with applicable\n laws and regulations.\n AGENCY FINANCIAL MANAGEMENT SYSTEMS\n To achieve the financial management improvements envisioned by the CFO Act, FFMIA,\n and, more recently, the President’s Management Agenda, federal agencies need to\n modernize their financial management systems to generate reliable, useful, and timely\n financial and performance information throughout the year and at year-end. As discussed\n throughout this report, serious financial management systems weaknesses have\n contributed significantly to our inability to determine the reliability of the consolidated\n financial statements. FFMIA requires auditors, as part of CFO Act agencies’ financial\n statement audits, to report whether agencies’ financial management systems substantially\n comply with (1) federal financial management systems requirements, (2) applicable\n federal accounting standards (GAAP), and (3) the federal government’s Standard General\n Ledger at the transaction level. For fiscal year 2003, auditors for 17 of the 23 CFO Act\n agencies²⁴ reported that the agencies’ financial management systems did not comply\n substantially with one or more of these three FFMIA requirements. A 24th agency, DHS,\n is not subject to the requirements of the CFO Act and, consequently, is not required to\n comply with FFMIA. Accordingly, DHS’s auditor did not report on DHS’s compliance\n with FFMIA. However, the auditors identified and reported deficiencies that related to\n the three requirements of FFMIA noted above. Meeting the requirements of FFMIA has\n presented long-standing, significant challenges. These challenges will be resolved only\n through time, investment, and sustained emphasis on correcting deficiencies in federal\n financial management systems.\n - - - - -\n 24For the remaining 6 CFO Act agencies, auditors provided negative assurance, meaning that nothing came\n to their attention indicating that the agencies’ financial management systems did not substantially meet\n FFMIA requirements. The auditors for these 6 agencies did not definitively state whether the agencies’\n systems substantially complied with FFMIA requirements, as is required under the statute.", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n# COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS\n\nOur work to determine compliance with selected provisions of applicable laws and regulations related to financial reporting was limited by the material weaknesses discussed above. U.S. generally accepted government auditing standards and OMB Bulletin No. 01-02, Audit Requirements for Federal Financial Statements, require auditors to report on the agency’s compliance with laws and regulations. Individual agency audit reports contain instances of noncompliance. None of these instances were material to the accompanying consolidated financial statements.\n\nWe caution that other noncompliance may have occurred and not been detected. Further, the results of our limited procedures may not be sufficient for other purposes. Our objective was not to, and we do not, express an opinion on compliance with applicable laws and regulations.\n\n# AGENCY FINANCIAL MANAGEMENT SYSTEMS\n\nTo achieve the financial management improvements envisioned by the CFO Act, FFMIA, and, more recently, the President’s Management Agenda, federal agencies need to modernize their financial management systems to generate reliable, useful, and timely financial and performance information throughout the year and at year-end. As discussed throughout this report, serious financial management systems weaknesses have contributed significantly to our inability to determine the reliability of the consolidated financial statements. FFMIA requires auditors, as part of CFO Act agencies’ financial statement audits, to report whether agencies’ financial management systems substantially comply with (1) federal financial management systems requirements, (2) applicable federal accounting standards (GAAP), and (3) the federal government’s Standard General Ledger at the transaction level. For fiscal year 2003, auditors for 17 of the 23 CFO Act agencies24 reported that the agencies’ financial management systems did not comply substantially with one or more of these three FFMIA requirements. A 24th agency, DHS, is not subject to the requirements of the CFO Act and, consequently, is not required to comply with FFMIA. Accordingly, DHS’s auditor did not report on DHS’s compliance with FFMIA. However, the auditors identified and reported deficiencies that related to the three requirements of FFMIA noted above. Meeting the requirements of FFMIA has presented long-standing, significant challenges. These challenges will be resolved only through time, investment, and sustained emphasis on correcting deficiencies in federal financial management systems.\n\n24 For the remaining 6 CFO Act agencies, auditors provided negative assurance, meaning that nothing came to their attention indicating that the agencies’ financial management systems did not substantially meet FFMIA requirements. The auditors for these 6 agencies did not definitively state whether the agencies’ systems substantially complied with FFMIA requirements, as is required under the statute.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS", + "md": "# COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Our work to determine compliance with selected provisions of applicable laws and regulations related to financial reporting was limited by the material weaknesses discussed above. U.S. generally accepted government auditing standards and OMB Bulletin No. 01-02, Audit Requirements for Federal Financial Statements, require auditors to report on the agency’s compliance with laws and regulations. Individual agency audit reports contain instances of noncompliance. None of these instances were material to the accompanying consolidated financial statements.\n\nWe caution that other noncompliance may have occurred and not been detected. Further, the results of our limited procedures may not be sufficient for other purposes. Our objective was not to, and we do not, express an opinion on compliance with applicable laws and regulations.", + "md": "Our work to determine compliance with selected provisions of applicable laws and regulations related to financial reporting was limited by the material weaknesses discussed above. U.S. generally accepted government auditing standards and OMB Bulletin No. 01-02, Audit Requirements for Federal Financial Statements, require auditors to report on the agency’s compliance with laws and regulations. Individual agency audit reports contain instances of noncompliance. None of these instances were material to the accompanying consolidated financial statements.\n\nWe caution that other noncompliance may have occurred and not been detected. Further, the results of our limited procedures may not be sufficient for other purposes. Our objective was not to, and we do not, express an opinion on compliance with applicable laws and regulations.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "AGENCY FINANCIAL MANAGEMENT SYSTEMS", + "md": "# AGENCY FINANCIAL MANAGEMENT SYSTEMS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "To achieve the financial management improvements envisioned by the CFO Act, FFMIA, and, more recently, the President’s Management Agenda, federal agencies need to modernize their financial management systems to generate reliable, useful, and timely financial and performance information throughout the year and at year-end. As discussed throughout this report, serious financial management systems weaknesses have contributed significantly to our inability to determine the reliability of the consolidated financial statements. FFMIA requires auditors, as part of CFO Act agencies’ financial statement audits, to report whether agencies’ financial management systems substantially comply with (1) federal financial management systems requirements, (2) applicable federal accounting standards (GAAP), and (3) the federal government’s Standard General Ledger at the transaction level. For fiscal year 2003, auditors for 17 of the 23 CFO Act agencies24 reported that the agencies’ financial management systems did not comply substantially with one or more of these three FFMIA requirements. A 24th agency, DHS, is not subject to the requirements of the CFO Act and, consequently, is not required to comply with FFMIA. Accordingly, DHS’s auditor did not report on DHS’s compliance with FFMIA. However, the auditors identified and reported deficiencies that related to the three requirements of FFMIA noted above. Meeting the requirements of FFMIA has presented long-standing, significant challenges. These challenges will be resolved only through time, investment, and sustained emphasis on correcting deficiencies in federal financial management systems.\n\n24 For the remaining 6 CFO Act agencies, auditors provided negative assurance, meaning that nothing came to their attention indicating that the agencies’ financial management systems did not substantially meet FFMIA requirements. The auditors for these 6 agencies did not definitively state whether the agencies’ systems substantially complied with FFMIA requirements, as is required under the statute.", + "md": "To achieve the financial management improvements envisioned by the CFO Act, FFMIA, and, more recently, the President’s Management Agenda, federal agencies need to modernize their financial management systems to generate reliable, useful, and timely financial and performance information throughout the year and at year-end. As discussed throughout this report, serious financial management systems weaknesses have contributed significantly to our inability to determine the reliability of the consolidated financial statements. FFMIA requires auditors, as part of CFO Act agencies’ financial statement audits, to report whether agencies’ financial management systems substantially comply with (1) federal financial management systems requirements, (2) applicable federal accounting standards (GAAP), and (3) the federal government’s Standard General Ledger at the transaction level. For fiscal year 2003, auditors for 17 of the 23 CFO Act agencies24 reported that the agencies’ financial management systems did not comply substantially with one or more of these three FFMIA requirements. A 24th agency, DHS, is not subject to the requirements of the CFO Act and, consequently, is not required to comply with FFMIA. Accordingly, DHS’s auditor did not report on DHS’s compliance with FFMIA. However, the auditors identified and reported deficiencies that related to the three requirements of FFMIA noted above. Meeting the requirements of FFMIA has presented long-standing, significant challenges. These challenges will be resolved only through time, investment, and sustained emphasis on correcting deficiencies in federal financial management systems.\n\n24 For the remaining 6 CFO Act agencies, auditors provided negative assurance, meaning that nothing came to their attention indicating that the agencies’ financial management systems did not substantially meet FFMIA requirements. The auditors for these 6 agencies did not definitively state whether the agencies’ systems substantially complied with FFMIA requirements, as is required under the statute.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 54, + "text": " GENERAL ACCOUNTING OFFICE REPORT 49\nWe provided a draft of this report to Treasury and OMB officials, who provided technical\ncomments, which have been incorporated as appropriate. Treasury and OMB officials\nexpressed their continuing commitment to address the problems this report outlines.\nDavid M. Walker\nComptroller General\nof the United States\nFebruary 20, 2004", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\nWe provided a draft of this report to Treasury and OMB officials, who provided technical comments, which have been incorporated as appropriate. Treasury and OMB officials expressed their continuing commitment to address the problems this report outlines.\n\nDavid M. Walker\n\nComptroller General\n\nof the United States\n\nFebruary 20, 2004", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "We provided a draft of this report to Treasury and OMB officials, who provided technical comments, which have been incorporated as appropriate. Treasury and OMB officials expressed their continuing commitment to address the problems this report outlines.\n\nDavid M. Walker\n\nComptroller General\n\nof the United States\n\nFebruary 20, 2004", + "md": "We provided a draft of this report to Treasury and OMB officials, who provided technical comments, which have been incorporated as appropriate. Treasury and OMB officials expressed their continuing commitment to address the problems this report outlines.\n\nDavid M. Walker\n\nComptroller General\n\nof the United States\n\nFebruary 20, 2004", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 55, + "text": "50 GENERAL ACCOUNTING OFFICE REPORT\n APPENDIX I\n SCOPE AND METHODOLOGY\n The Government Management Reform Act of 1994 expanded the requirements of the\n Chief Financial Officers (CFO) Act by making the inspectors general of 24 major federal\n agencies²⁵ responsible for annual audits of agencywide financial statements prepared by\n these agencies and GAO responsible for the audit of the U.S. government’s consolidated\n financial statements.²⁶ Our work was performed in coordination and cooperation with the\n inspectors general to achieve our joint audit objectives. This work included separate\n GAO audits of certain significant federal agency components, as discussed below. Our\n audit approach focused primarily on determining the current status of the material\n deficiencies and the other material weaknesses affecting internal control that we had\n previously reported in our report on the consolidated financial statements for fiscal year\n 2002.²⁷ We performed sufficient audit work to provide this report on the consolidated\n financial statements, internal control, and the results of our assessment of compliance\n with applicable laws and regulations.\n We separately audited the following significant federal agency components:\n • We audited and expressed an unqualified opinion on the Internal Revenue\n Service’s (IRS) fiscal years 2003 and 2002 financial statements, which included\n approximately $2 trillion of tax revenue for both fiscal years; $300 billion and\n $281 billion of tax refunds for fiscal years 2003 and 2002, respectively; and $20\n billion of net federal taxes receivable each year.²⁸ In fiscal year 2003, we\n continued to report numerous material internal control weaknesses, which resulted\n in ineffective internal controls. Our tests of compliance with selected provisions\n of laws and regulations disclosed two areas of noncompliance. We also found that\n IRS’s financial management systems did not substantially comply with the\n requirements of the Federal Financial Management Improvement Act of 1996.\n • We audited and expressed an unqualified opinion on the Schedules of Federal\n Debt managed by the Department of the Treasury’s (Treasury) Bureau of the\n Public Debt (BPD) for the fiscal years ended September 30, 2003 and 2002.²⁹ The\n schedules reported for these 2 fiscal years (1) approximately $3.9 trillion (2003)\n and $3.6 trillion (2002) of federal debt held by the public, comprising individuals,\n 2531 U.S.C. 901(b), 3521(e), but see footnote 4.\n 26The 1994 act authorized the Office of Management and Budget to designate agency components that also\n would receive a financial statement audit. 31 U.S.C. 3515(c).\n 27For our report on the U.S. government’s consolidated financial statements for fiscal year 2002, see U.S.\n Department of the Treasury, Financial Report of the United States Government (Washington, D.C.: March\n 2003), pp. 37-45, which can be found on GAO’s Internet site at www.gao.gov.\n 28GAO-04-126.\n 29U.S. General Accounting Office, Financial Audit: Bureau of the Public Debt’s Fiscal Years 2003 and\n 2002 Schedules of Federal Debt, GAO-04-177 (Washington, D.C.: Nov. 7, 2003).", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\n# APPENDIX I\n\n# SCOPE AND METHODOLOGY\n\nThe Government Management Reform Act of 1994 expanded the requirements of the Chief Financial Officers (CFO) Act by making the inspectors general of 24 major federal agencies25 responsible for annual audits of agencywide financial statements prepared by these agencies and GAO responsible for the audit of the U.S. government’s consolidated financial statements.26 Our work was performed in coordination and cooperation with the inspectors general to achieve our joint audit objectives. This work included separate GAO audits of certain significant federal agency components, as discussed below. Our audit approach focused primarily on determining the current status of the material deficiencies and the other material weaknesses affecting internal control that we had previously reported in our report on the consolidated financial statements for fiscal year 2002.27 We performed sufficient audit work to provide this report on the consolidated financial statements, internal control, and the results of our assessment of compliance with applicable laws and regulations.\n\nWe separately audited the following significant federal agency components:\n\n- We audited and expressed an unqualified opinion on the Internal Revenue Service’s (IRS) fiscal years 2003 and 2002 financial statements, which included approximately $2 trillion of tax revenue for both fiscal years; $300 billion and $281 billion of tax refunds for fiscal years 2003 and 2002, respectively; and $20 billion of net federal taxes receivable each year.28 In fiscal year 2003, we continued to report numerous material internal control weaknesses, which resulted in ineffective internal controls. Our tests of compliance with selected provisions of laws and regulations disclosed two areas of noncompliance. We also found that IRS’s financial management systems did not substantially comply with the requirements of the Federal Financial Management Improvement Act of 1996.\n- We audited and expressed an unqualified opinion on the Schedules of Federal Debt managed by the Department of the Treasury’s (Treasury) Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2003 and 2002.29 The schedules reported for these 2 fiscal years (1) approximately $3.9 trillion (2003) and $3.6 trillion (2002) of federal debt held by the public, comprising individuals,\n\n2531 U.S.C. 901(b), 3521(e), but see footnote 4.\n\nThe 1994 act authorized the Office of Management and Budget to designate agency components that also would receive a financial statement audit. 31 U.S.C. 3515(c).\n\nFor our report on the U.S. government’s consolidated financial statements for fiscal year 2002, see U.S. Department of the Treasury, Financial Report of the United States Government (Washington, D.C.: March 2003), pp. 37-45, which can be found on GAO’s Internet site at www.gao.gov.\n\nGAO-04-126.\n\nU.S. General Accounting Office, Financial Audit: Bureau of the Public Debt’s Fiscal Years 2003 and 2002 Schedules of Federal Debt, GAO-04-177 (Washington, D.C.: Nov. 7, 2003).", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "APPENDIX I", + "md": "# APPENDIX I", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "SCOPE AND METHODOLOGY", + "md": "# SCOPE AND METHODOLOGY", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government Management Reform Act of 1994 expanded the requirements of the Chief Financial Officers (CFO) Act by making the inspectors general of 24 major federal agencies25 responsible for annual audits of agencywide financial statements prepared by these agencies and GAO responsible for the audit of the U.S. government’s consolidated financial statements.26 Our work was performed in coordination and cooperation with the inspectors general to achieve our joint audit objectives. This work included separate GAO audits of certain significant federal agency components, as discussed below. Our audit approach focused primarily on determining the current status of the material deficiencies and the other material weaknesses affecting internal control that we had previously reported in our report on the consolidated financial statements for fiscal year 2002.27 We performed sufficient audit work to provide this report on the consolidated financial statements, internal control, and the results of our assessment of compliance with applicable laws and regulations.\n\nWe separately audited the following significant federal agency components:\n\n- We audited and expressed an unqualified opinion on the Internal Revenue Service’s (IRS) fiscal years 2003 and 2002 financial statements, which included approximately $2 trillion of tax revenue for both fiscal years; $300 billion and $281 billion of tax refunds for fiscal years 2003 and 2002, respectively; and $20 billion of net federal taxes receivable each year.28 In fiscal year 2003, we continued to report numerous material internal control weaknesses, which resulted in ineffective internal controls. Our tests of compliance with selected provisions of laws and regulations disclosed two areas of noncompliance. We also found that IRS’s financial management systems did not substantially comply with the requirements of the Federal Financial Management Improvement Act of 1996.\n- We audited and expressed an unqualified opinion on the Schedules of Federal Debt managed by the Department of the Treasury’s (Treasury) Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2003 and 2002.29 The schedules reported for these 2 fiscal years (1) approximately $3.9 trillion (2003) and $3.6 trillion (2002) of federal debt held by the public, comprising individuals,\n\n2531 U.S.C. 901(b), 3521(e), but see footnote 4.\n\nThe 1994 act authorized the Office of Management and Budget to designate agency components that also would receive a financial statement audit. 31 U.S.C. 3515(c).\n\nFor our report on the U.S. government’s consolidated financial statements for fiscal year 2002, see U.S. Department of the Treasury, Financial Report of the United States Government (Washington, D.C.: March 2003), pp. 37-45, which can be found on GAO’s Internet site at www.gao.gov.\n\nGAO-04-126.\n\nU.S. General Accounting Office, Financial Audit: Bureau of the Public Debt’s Fiscal Years 2003 and 2002 Schedules of Federal Debt, GAO-04-177 (Washington, D.C.: Nov. 7, 2003).", + "md": "The Government Management Reform Act of 1994 expanded the requirements of the Chief Financial Officers (CFO) Act by making the inspectors general of 24 major federal agencies25 responsible for annual audits of agencywide financial statements prepared by these agencies and GAO responsible for the audit of the U.S. government’s consolidated financial statements.26 Our work was performed in coordination and cooperation with the inspectors general to achieve our joint audit objectives. This work included separate GAO audits of certain significant federal agency components, as discussed below. Our audit approach focused primarily on determining the current status of the material deficiencies and the other material weaknesses affecting internal control that we had previously reported in our report on the consolidated financial statements for fiscal year 2002.27 We performed sufficient audit work to provide this report on the consolidated financial statements, internal control, and the results of our assessment of compliance with applicable laws and regulations.\n\nWe separately audited the following significant federal agency components:\n\n- We audited and expressed an unqualified opinion on the Internal Revenue Service’s (IRS) fiscal years 2003 and 2002 financial statements, which included approximately $2 trillion of tax revenue for both fiscal years; $300 billion and $281 billion of tax refunds for fiscal years 2003 and 2002, respectively; and $20 billion of net federal taxes receivable each year.28 In fiscal year 2003, we continued to report numerous material internal control weaknesses, which resulted in ineffective internal controls. Our tests of compliance with selected provisions of laws and regulations disclosed two areas of noncompliance. We also found that IRS’s financial management systems did not substantially comply with the requirements of the Federal Financial Management Improvement Act of 1996.\n- We audited and expressed an unqualified opinion on the Schedules of Federal Debt managed by the Department of the Treasury’s (Treasury) Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2003 and 2002.29 The schedules reported for these 2 fiscal years (1) approximately $3.9 trillion (2003) and $3.6 trillion (2002) of federal debt held by the public, comprising individuals,\n\n2531 U.S.C. 901(b), 3521(e), but see footnote 4.\n\nThe 1994 act authorized the Office of Management and Budget to designate agency components that also would receive a financial statement audit. 31 U.S.C. 3515(c).\n\nFor our report on the U.S. government’s consolidated financial statements for fiscal year 2002, see U.S. Department of the Treasury, Financial Report of the United States Government (Washington, D.C.: March 2003), pp. 37-45, which can be found on GAO’s Internet site at www.gao.gov.\n\nGAO-04-126.\n\nU.S. General Accounting Office, Financial Audit: Bureau of the Public Debt’s Fiscal Years 2003 and 2002 Schedules of Federal Debt, GAO-04-177 (Washington, D.C.: Nov. 7, 2003).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 56, + "text": " GENERAL ACCOUNTING OFFICE REPORT 51\n corporations, state and local governments, the Federal Reserve Banks, and foreign\n governments and central banks; (2) about $2.9 trillion (2003) and $2.7 trillion\n (2002) of intragovernmental debt holdings, which represent federal debt issued by\n Treasury and held by certain federal government accounts such as the Social\n Security and Medicare trust funds; and (3) nearly $157 billion (2003) and $172\n billion (2002) of interest on federal debt held by the public.³⁰ We reported that as\n of September 30, 2003, BPD had effective internal control over financial\n reporting and compliance with applicable laws and regulations relevant to the\n Schedule of Federal Debt. Further, we reported that there was no reportable\n noncompliance in fiscal year 2003 with laws we tested.\n • We audited and expressed unqualified opinions on the December 31, 2003 and\n 2002, financial statements of the funds administered by the Federal Deposit\n Insurance Corporation (FDIC), including the Bank Insurance Fund, the Savings\n Association Insurance Fund, and the FSLIC Resolution Fund.³¹ We reported that\n as of December 31, 2003, FDIC had effective internal control over financial\n reporting and compliance with laws and regulations. In addition, we performed\n audit procedures and tests of internal control over certain material balances of the\n funds administered by FDIC as of September 30, 2003.\n We considered the CFO Act agencies’ and certain other federal agencies’ fiscal years\n2003 and 2002 financial statements and the related auditors’ reports prepared by the\ninspectors general or their contractors. Financial statements and audit reports for these\nagencies provide information about the operations of each of these entities. We did not\naudit, and we do not express an opinion on, any of these individual federal agency\nfinancial statements. We also considered the Department of Defense (DOD) assertion\nprovided to the DOD inspector general that DOD management prepared and submitted\npursuant to the provisions of the National Defense Authorization Act for Fiscal Year\n2002. We performed our work in accordance with U.S. generally accepted government\nauditing standards.\n30On May 27, 2003, legislation was enacted to raise the statutory debt limit by $984 billion to $7.384\ntrillion. Pub. L. No. 108-24, 117 Stat. 710 (2003). In early February 2004, Treasury's acting Under\nSecretary for Domestic Finance noted that the government will reach its legally authorized debt ceiling\nbetween June and October 2004.\n31U.S. General Accounting Office, Financial Audit: Federal Deposit Insurance Corporation Funds’ 2003\nand 2002 Financial Statements, GAO 04-429 (Washington, D.C.: Feb. 13, 2004).", + "md": "# GENERAL ACCOUNTING OFFICE REPORT\n\ncorporations, state and local governments, the Federal Reserve Banks, and foreign governments and central banks; (2) about $2.9 trillion (2003) and $2.7 trillion (2002) of intragovernmental debt holdings, which represent federal debt issued by Treasury and held by certain federal government accounts such as the Social Security and Medicare trust funds; and (3) nearly $157 billion (2003) and $172 billion (2002) of interest on federal debt held by the public.30 We reported that as of September 30, 2003, BPD had effective internal control over financial reporting and compliance with applicable laws and regulations relevant to the Schedule of Federal Debt. Further, we reported that there was no reportable noncompliance in fiscal year 2003 with laws we tested.\n\nWe audited and expressed unqualified opinions on the December 31, 2003 and 2002, financial statements of the funds administered by the Federal Deposit Insurance Corporation (FDIC), including the Bank Insurance Fund, the Savings Association Insurance Fund, and the FSLIC Resolution Fund.31 We reported that as of December 31, 2003, FDIC had effective internal control over financial reporting and compliance with laws and regulations. In addition, we performed audit procedures and tests of internal control over certain material balances of the funds administered by FDIC as of September 30, 2003.\n\nWe considered the CFO Act agencies’ and certain other federal agencies’ fiscal years 2003 and 2002 financial statements and the related auditors’ reports prepared by the inspectors general or their contractors. Financial statements and audit reports for these agencies provide information about the operations of each of these entities. We did not audit, and we do not express an opinion on, any of these individual federal agency financial statements. We also considered the Department of Defense (DOD) assertion provided to the DOD inspector general that DOD management prepared and submitted pursuant to the provisions of the National Defense Authorization Act for Fiscal Year 2002. We performed our work in accordance with U.S. generally accepted government auditing standards.\n\n30On May 27, 2003, legislation was enacted to raise the statutory debt limit by $984 billion to $7.384 trillion. Pub. L. No. 108-24, 117 Stat. 710 (2003). In early February 2004, Treasury's acting Under Secretary for Domestic Finance noted that the government will reach its legally authorized debt ceiling between June and October 2004.\n\n31U.S. General Accounting Office, Financial Audit: Federal Deposit Insurance Corporation Funds’ 2003 and 2002 Financial Statements, GAO 04-429 (Washington, D.C.: Feb. 13, 2004).", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "GENERAL ACCOUNTING OFFICE REPORT", + "md": "# GENERAL ACCOUNTING OFFICE REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "corporations, state and local governments, the Federal Reserve Banks, and foreign governments and central banks; (2) about $2.9 trillion (2003) and $2.7 trillion (2002) of intragovernmental debt holdings, which represent federal debt issued by Treasury and held by certain federal government accounts such as the Social Security and Medicare trust funds; and (3) nearly $157 billion (2003) and $172 billion (2002) of interest on federal debt held by the public.30 We reported that as of September 30, 2003, BPD had effective internal control over financial reporting and compliance with applicable laws and regulations relevant to the Schedule of Federal Debt. Further, we reported that there was no reportable noncompliance in fiscal year 2003 with laws we tested.\n\nWe audited and expressed unqualified opinions on the December 31, 2003 and 2002, financial statements of the funds administered by the Federal Deposit Insurance Corporation (FDIC), including the Bank Insurance Fund, the Savings Association Insurance Fund, and the FSLIC Resolution Fund.31 We reported that as of December 31, 2003, FDIC had effective internal control over financial reporting and compliance with laws and regulations. In addition, we performed audit procedures and tests of internal control over certain material balances of the funds administered by FDIC as of September 30, 2003.\n\nWe considered the CFO Act agencies’ and certain other federal agencies’ fiscal years 2003 and 2002 financial statements and the related auditors’ reports prepared by the inspectors general or their contractors. Financial statements and audit reports for these agencies provide information about the operations of each of these entities. We did not audit, and we do not express an opinion on, any of these individual federal agency financial statements. We also considered the Department of Defense (DOD) assertion provided to the DOD inspector general that DOD management prepared and submitted pursuant to the provisions of the National Defense Authorization Act for Fiscal Year 2002. We performed our work in accordance with U.S. generally accepted government auditing standards.\n\n30On May 27, 2003, legislation was enacted to raise the statutory debt limit by $984 billion to $7.384 trillion. Pub. L. No. 108-24, 117 Stat. 710 (2003). In early February 2004, Treasury's acting Under Secretary for Domestic Finance noted that the government will reach its legally authorized debt ceiling between June and October 2004.\n\n31U.S. General Accounting Office, Financial Audit: Federal Deposit Insurance Corporation Funds’ 2003 and 2002 Financial Statements, GAO 04-429 (Washington, D.C.: Feb. 13, 2004).", + "md": "corporations, state and local governments, the Federal Reserve Banks, and foreign governments and central banks; (2) about $2.9 trillion (2003) and $2.7 trillion (2002) of intragovernmental debt holdings, which represent federal debt issued by Treasury and held by certain federal government accounts such as the Social Security and Medicare trust funds; and (3) nearly $157 billion (2003) and $172 billion (2002) of interest on federal debt held by the public.30 We reported that as of September 30, 2003, BPD had effective internal control over financial reporting and compliance with applicable laws and regulations relevant to the Schedule of Federal Debt. Further, we reported that there was no reportable noncompliance in fiscal year 2003 with laws we tested.\n\nWe audited and expressed unqualified opinions on the December 31, 2003 and 2002, financial statements of the funds administered by the Federal Deposit Insurance Corporation (FDIC), including the Bank Insurance Fund, the Savings Association Insurance Fund, and the FSLIC Resolution Fund.31 We reported that as of December 31, 2003, FDIC had effective internal control over financial reporting and compliance with laws and regulations. In addition, we performed audit procedures and tests of internal control over certain material balances of the funds administered by FDIC as of September 30, 2003.\n\nWe considered the CFO Act agencies’ and certain other federal agencies’ fiscal years 2003 and 2002 financial statements and the related auditors’ reports prepared by the inspectors general or their contractors. Financial statements and audit reports for these agencies provide information about the operations of each of these entities. We did not audit, and we do not express an opinion on, any of these individual federal agency financial statements. We also considered the Department of Defense (DOD) assertion provided to the DOD inspector general that DOD management prepared and submitted pursuant to the provisions of the National Defense Authorization Act for Fiscal Year 2002. We performed our work in accordance with U.S. generally accepted government auditing standards.\n\n30On May 27, 2003, legislation was enacted to raise the statutory debt limit by $984 billion to $7.384 trillion. Pub. L. No. 108-24, 117 Stat. 710 (2003). In early February 2004, Treasury's acting Under Secretary for Domestic Finance noted that the government will reach its legally authorized debt ceiling between June and October 2004.\n\n31U.S. General Accounting Office, Financial Audit: Federal Deposit Insurance Corporation Funds’ 2003 and 2002 Financial Statements, GAO 04-429 (Washington, D.C.: Feb. 13, 2004).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 57, + "text": "52 GENERAL ACCOUNTING OFFICE REPORT\n APPENDIX II\n PRIMARY EFFECTS CAUSED BY THE MATERIAL WEAKNESSES\n DESCRIBED IN THIS REPORT\n Areas Involving Material Primary Effects on the Fiscal Years 2003 and 2002 Consolidated\n Weaknesses Financial Statements and the Management of Government Operations\n Property, plant, and Without accurate asset information, the federal government does not fully\n equipment and know the assets it owns and their location and condition and cannot\n inventories and related effectively (1) safeguard assets from physical deterioration, theft, or loss,\n property (2) account for acquisitions and disposals of such assets, (3) ensure the\n assets are available for use when needed, (4) prevent unnecessary\n storage and maintenance costs or purchase of assets already on hand,\n Liabilities and and (5) determine the full costs of programs that use these assets.\n commitments and Problems in accounting for liabilities affect the determination of the full cost\n contingencies of the federal government’s current operations and the extent of its\n liabilities. Also, improperly stated environmental and disposal liabilities and\n weak internal control supporting the process for their estimation affect the\n federal government’s ability to determine priorities for cleanup and disposal\n activities and to allow for appropriate consideration of future budgetary\n resources needed to carry out these activities. In addition, when\n disclosures of commitments and contingencies are incomplete or incorrect,\n reliable information is not available about the extent of the federal\n Cost of government government’s obligations.\n operations and Inaccurate cost information affects the federal government’s ability to\n disbursement activity control and reduce costs, assess performance, evaluate programs, and set\n fees to recover costs where required. Improperly recorded disbursements\n could result in misstatements in the financial statements and in certain data\n provided by federal agencies for inclusion in the President's budget\n concerning obligations and outlays.\n Accounting for and Problems in accounting for and reconciling intragovernmental activity and\n reconciliation of balances impair the government’s ability to account for billions of dollars of\n intragovernmental transactions between governmental entities.\n activity and balances\n Net outlays Until the differences between the total net outlays reported in federal\n agencies’ Statements of Budgetary Resources and the records used by the\n Department of the Treasury to prepare the Statement of Changes in Cash\n Balance are reconciled, the effect that these differences may have on the\n Preparation of U.S. government’s consolidated financial statements will be unknown.\n consolidated financial Because the federal government did not have adequate systems, controls,\n statements and procedures to prepare its consolidated financial statements, the federal\n government's ability to ensure that the consolidated financial statements\n are consistent with the underlying audited agency financial statements,\n balanced, and in conformity with U.S. generally accepted accounting\n principles was impaired.\n Improper payments Without a systematic measurement of the extent of improper payments,\n federal agency management cannot determine (1) if improper payment\n problems exist that require corrective action, (2) mitigation strategies and\n the appropriate amount of investments to reduce them, and (3) the success\n Loans receivable and of efforts implemented to reduce improper payments.\n loan guarantee liabilities Weaknesses in the processes and procedures for estimating credit\n program costs affect the government’s ability to support annual budget\n requests for these programs, make future budgetary decisions, manage\n Information security program costs, and measure the performance of lending activities.\n weaknesses Information security weaknesses over computerized operations are placing\n enormous amounts of federal assets at risk of inadvertent or deliberate\n misuse, financial information at risk of unauthorized modification or\n destruction, sensitive information at risk of inappropriate disclosure, and\n critical operations at risk of disruption.\n Tax collection activities Weaknesses in controls over tax collection activities continue to affect the\n federal government’s ability to efficiently and effectively account for and\n collect revenue. Additionally, weaknesses in financial reporting affect the\n federal government’s ability to make informed decisions about collection\n efforts. As a result, the federal government is vulnerable to loss of tax\n revenue and exposed to potentially billions of dollars in losses due to\n inappropriate refund disbursements.\n (198207)", + "md": "# APPENDIX II\n\n# PRIMARY EFFECTS CAUSED BY THE MATERIAL WEAKNESSES DESCRIBED IN THIS REPORT\n\n|Areas Involving Material Weaknesses|Primary Effects on the Fiscal Years 2003 and 2002 Consolidated Financial Statements and the Management of Government Operations|\n|---|---|\n|Property, plant, and equipment and inventories and related property|Without accurate asset information, the federal government does not fully know the assets it owns and their location and condition and cannot effectively (1) safeguard assets from physical deterioration, theft, or loss, (2) account for acquisitions and disposals of such assets, (3) ensure the assets are available for use when needed, (4) prevent unnecessary storage and maintenance costs or purchase of assets already on hand.|\n|Liabilities and commitments and contingencies|Problems in accounting for liabilities affect the determination of the full cost of the federal government’s current operations and the extent of its liabilities. Also, improperly stated environmental and disposal liabilities and weak internal control supporting the process for their estimation affect the federal government’s ability to determine priorities for cleanup and disposal activities and to allow for appropriate consideration of future budgetary resources needed to carry out these activities. In addition, when disclosures of commitments and contingencies are incomplete or incorrect, reliable information is not available about the extent of the federal government’s obligations.|\n|Cost of government operations and disbursement activity|Inaccurate cost information affects the federal government’s ability to control and reduce costs, assess performance, evaluate programs, and set fees to recover costs where required. Improperly recorded disbursements could result in misstatements in the financial statements and in certain data provided by federal agencies for inclusion in the President's budget concerning obligations and outlays.|\n|Accounting for and reconciliation of intragovernmental activity and balances|Problems in accounting for and reconciling intragovernmental activity and balances impair the government’s ability to account for billions of dollars of transactions between governmental entities.|\n|Net outlays|Until the differences between the total net outlays reported in federal agencies’ Statements of Budgetary Resources and the records used by the Department of the Treasury to prepare the Statement of Changes in Cash Balance are reconciled, the effect that these differences may have on the U.S. government’s consolidated financial statements will be unknown.|\n|Preparation of consolidated financial statements|Because the federal government did not have adequate systems, controls, and procedures to prepare its consolidated financial statements, the federal government's ability to ensure that the consolidated financial statements are consistent with the underlying audited agency financial statements, balanced, and in conformity with U.S. generally accepted accounting principles was impaired.|\n|Improper payments|Without a systematic measurement of the extent of improper payments, federal agency management cannot determine (1) if improper payment problems exist that require corrective action, (2) mitigation strategies and the appropriate amount of investments to reduce them, and (3) the success of efforts implemented to reduce improper payments.|\n|Loans receivable and loan guarantee liabilities|Weaknesses in the processes and procedures for estimating credit program costs affect the government’s ability to support annual budget requests for these programs, make future budgetary decisions, manage program costs, and measure the performance of lending activities.|\n|Information security weaknesses|Information security weaknesses over computerized operations are placing enormous amounts of federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption.|\n|Tax collection activities|Weaknesses in controls over tax collection activities continue to affect the federal government’s ability to efficiently and effectively account for and collect revenue. Additionally, weaknesses in financial reporting affect the federal government’s ability to make informed decisions about collection efforts. As a result, the federal government is vulnerable to loss of tax revenue and exposed to potentially billions of dollars in losses due to inappropriate refund disbursements.|\n\n(198207)", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "APPENDIX II", + "md": "# APPENDIX II", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "PRIMARY EFFECTS CAUSED BY THE MATERIAL WEAKNESSES DESCRIBED IN THIS REPORT", + "md": "# PRIMARY EFFECTS CAUSED BY THE MATERIAL WEAKNESSES DESCRIBED IN THIS REPORT", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Areas Involving Material Weaknesses", + "Primary Effects on the Fiscal Years 2003 and 2002 Consolidated Financial Statements and the Management of Government Operations" + ], + [ + "Property, plant, and equipment and inventories and related property", + "Without accurate asset information, the federal government does not fully know the assets it owns and their location and condition and cannot effectively (1) safeguard assets from physical deterioration, theft, or loss, (2) account for acquisitions and disposals of such assets, (3) ensure the assets are available for use when needed, (4) prevent unnecessary storage and maintenance costs or purchase of assets already on hand." + ], + [ + "Liabilities and commitments and contingencies", + "Problems in accounting for liabilities affect the determination of the full cost of the federal government’s current operations and the extent of its liabilities. Also, improperly stated environmental and disposal liabilities and weak internal control supporting the process for their estimation affect the federal government’s ability to determine priorities for cleanup and disposal activities and to allow for appropriate consideration of future budgetary resources needed to carry out these activities. In addition, when disclosures of commitments and contingencies are incomplete or incorrect, reliable information is not available about the extent of the federal government’s obligations." + ], + [ + "Cost of government operations and disbursement activity", + "Inaccurate cost information affects the federal government’s ability to control and reduce costs, assess performance, evaluate programs, and set fees to recover costs where required. Improperly recorded disbursements could result in misstatements in the financial statements and in certain data provided by federal agencies for inclusion in the President's budget concerning obligations and outlays." + ], + [ + "Accounting for and reconciliation of intragovernmental activity and balances", + "Problems in accounting for and reconciling intragovernmental activity and balances impair the government’s ability to account for billions of dollars of transactions between governmental entities." + ], + [ + "Net outlays", + "Until the differences between the total net outlays reported in federal agencies’ Statements of Budgetary Resources and the records used by the Department of the Treasury to prepare the Statement of Changes in Cash Balance are reconciled, the effect that these differences may have on the U.S. government’s consolidated financial statements will be unknown." + ], + [ + "Preparation of consolidated financial statements", + "Because the federal government did not have adequate systems, controls, and procedures to prepare its consolidated financial statements, the federal government's ability to ensure that the consolidated financial statements are consistent with the underlying audited agency financial statements, balanced, and in conformity with U.S. generally accepted accounting principles was impaired." + ], + [ + "Improper payments", + "Without a systematic measurement of the extent of improper payments, federal agency management cannot determine (1) if improper payment problems exist that require corrective action, (2) mitigation strategies and the appropriate amount of investments to reduce them, and (3) the success of efforts implemented to reduce improper payments." + ], + [ + "Loans receivable and loan guarantee liabilities", + "Weaknesses in the processes and procedures for estimating credit program costs affect the government’s ability to support annual budget requests for these programs, make future budgetary decisions, manage program costs, and measure the performance of lending activities." + ], + [ + "Information security weaknesses", + "Information security weaknesses over computerized operations are placing enormous amounts of federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption." + ], + [ + "Tax collection activities", + "Weaknesses in controls over tax collection activities continue to affect the federal government’s ability to efficiently and effectively account for and collect revenue. Additionally, weaknesses in financial reporting affect the federal government’s ability to make informed decisions about collection efforts. As a result, the federal government is vulnerable to loss of tax revenue and exposed to potentially billions of dollars in losses due to inappropriate refund disbursements." + ] + ], + "md": "|Areas Involving Material Weaknesses|Primary Effects on the Fiscal Years 2003 and 2002 Consolidated Financial Statements and the Management of Government Operations|\n|Property, plant, and equipment and inventories and related property|Without accurate asset information, the federal government does not fully know the assets it owns and their location and condition and cannot effectively (1) safeguard assets from physical deterioration, theft, or loss, (2) account for acquisitions and disposals of such assets, (3) ensure the assets are available for use when needed, (4) prevent unnecessary storage and maintenance costs or purchase of assets already on hand.|\n|Liabilities and commitments and contingencies|Problems in accounting for liabilities affect the determination of the full cost of the federal government’s current operations and the extent of its liabilities. Also, improperly stated environmental and disposal liabilities and weak internal control supporting the process for their estimation affect the federal government’s ability to determine priorities for cleanup and disposal activities and to allow for appropriate consideration of future budgetary resources needed to carry out these activities. In addition, when disclosures of commitments and contingencies are incomplete or incorrect, reliable information is not available about the extent of the federal government’s obligations.|\n|Cost of government operations and disbursement activity|Inaccurate cost information affects the federal government’s ability to control and reduce costs, assess performance, evaluate programs, and set fees to recover costs where required. Improperly recorded disbursements could result in misstatements in the financial statements and in certain data provided by federal agencies for inclusion in the President's budget concerning obligations and outlays.|\n|Accounting for and reconciliation of intragovernmental activity and balances|Problems in accounting for and reconciling intragovernmental activity and balances impair the government’s ability to account for billions of dollars of transactions between governmental entities.|\n|Net outlays|Until the differences between the total net outlays reported in federal agencies’ Statements of Budgetary Resources and the records used by the Department of the Treasury to prepare the Statement of Changes in Cash Balance are reconciled, the effect that these differences may have on the U.S. government’s consolidated financial statements will be unknown.|\n|Preparation of consolidated financial statements|Because the federal government did not have adequate systems, controls, and procedures to prepare its consolidated financial statements, the federal government's ability to ensure that the consolidated financial statements are consistent with the underlying audited agency financial statements, balanced, and in conformity with U.S. generally accepted accounting principles was impaired.|\n|Improper payments|Without a systematic measurement of the extent of improper payments, federal agency management cannot determine (1) if improper payment problems exist that require corrective action, (2) mitigation strategies and the appropriate amount of investments to reduce them, and (3) the success of efforts implemented to reduce improper payments.|\n|Loans receivable and loan guarantee liabilities|Weaknesses in the processes and procedures for estimating credit program costs affect the government’s ability to support annual budget requests for these programs, make future budgetary decisions, manage program costs, and measure the performance of lending activities.|\n|Information security weaknesses|Information security weaknesses over computerized operations are placing enormous amounts of federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption.|\n|Tax collection activities|Weaknesses in controls over tax collection activities continue to affect the federal government’s ability to efficiently and effectively account for and collect revenue. Additionally, weaknesses in financial reporting affect the federal government’s ability to make informed decisions about collection efforts. As a result, the federal government is vulnerable to loss of tax revenue and exposed to potentially billions of dollars in losses due to inappropriate refund disbursements.|", + "isPerfectTable": true, + "csv": "\"Areas Involving Material Weaknesses\",\"Primary Effects on the Fiscal Years 2003 and 2002 Consolidated Financial Statements and the Management of Government Operations\"\n\"Property, plant, and equipment and inventories and related property\",\"Without accurate asset information, the federal government does not fully know the assets it owns and their location and condition and cannot effectively (1) safeguard assets from physical deterioration, theft, or loss, (2) account for acquisitions and disposals of such assets, (3) ensure the assets are available for use when needed, (4) prevent unnecessary storage and maintenance costs or purchase of assets already on hand.\"\n\"Liabilities and commitments and contingencies\",\"Problems in accounting for liabilities affect the determination of the full cost of the federal government’s current operations and the extent of its liabilities. Also, improperly stated environmental and disposal liabilities and weak internal control supporting the process for their estimation affect the federal government’s ability to determine priorities for cleanup and disposal activities and to allow for appropriate consideration of future budgetary resources needed to carry out these activities. In addition, when disclosures of commitments and contingencies are incomplete or incorrect, reliable information is not available about the extent of the federal government’s obligations.\"\n\"Cost of government operations and disbursement activity\",\"Inaccurate cost information affects the federal government’s ability to control and reduce costs, assess performance, evaluate programs, and set fees to recover costs where required. Improperly recorded disbursements could result in misstatements in the financial statements and in certain data provided by federal agencies for inclusion in the President's budget concerning obligations and outlays.\"\n\"Accounting for and reconciliation of intragovernmental activity and balances\",\"Problems in accounting for and reconciling intragovernmental activity and balances impair the government’s ability to account for billions of dollars of transactions between governmental entities.\"\n\"Net outlays\",\"Until the differences between the total net outlays reported in federal agencies’ Statements of Budgetary Resources and the records used by the Department of the Treasury to prepare the Statement of Changes in Cash Balance are reconciled, the effect that these differences may have on the U.S. government’s consolidated financial statements will be unknown.\"\n\"Preparation of consolidated financial statements\",\"Because the federal government did not have adequate systems, controls, and procedures to prepare its consolidated financial statements, the federal government's ability to ensure that the consolidated financial statements are consistent with the underlying audited agency financial statements, balanced, and in conformity with U.S. generally accepted accounting principles was impaired.\"\n\"Improper payments\",\"Without a systematic measurement of the extent of improper payments, federal agency management cannot determine (1) if improper payment problems exist that require corrective action, (2) mitigation strategies and the appropriate amount of investments to reduce them, and (3) the success of efforts implemented to reduce improper payments.\"\n\"Loans receivable and loan guarantee liabilities\",\"Weaknesses in the processes and procedures for estimating credit program costs affect the government’s ability to support annual budget requests for these programs, make future budgetary decisions, manage program costs, and measure the performance of lending activities.\"\n\"Information security weaknesses\",\"Information security weaknesses over computerized operations are placing enormous amounts of federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption.\"\n\"Tax collection activities\",\"Weaknesses in controls over tax collection activities continue to affect the federal government’s ability to efficiently and effectively account for and collect revenue. Additionally, weaknesses in financial reporting affect the federal government’s ability to make informed decisions about collection efforts. As a result, the federal government is vulnerable to loss of tax revenue and exposed to potentially billions of dollars in losses due to inappropriate refund disbursements.\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "(198207)", + "md": "(198207)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 58, + "text": " FINANCIAL STATEMENTS 53\nFinancial Statements\nof the United States Government\nfor the Years Ended September 30, 2003,\nand September 30, 2002\n Statements of Net Cost\n These statements present the net cost of fiscal years 2003 and 2002 Government operations. For the purposes\nof this document, “Government” refers to the United States Government. It categorizes costs by Chief Financial\nOfficer Act entities and other significant entities. Costs are presented by department on an accrual basis, while the\nbudget presents costs by obligations and outlays based on functions on a cash basis. In the Statements of Net Cost,\nthe costs are divided between the corresponding departments and entities mentioned above, providing greater\naccountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. The focus of\nthe budget of the United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting\nby agency, we are assisting the external users in assessing the budget integrity, operating performance, stewardship,\nand systems and control of the Federal Government.\n These statements contain the following three components:\n • Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-and-\n effect basis, or reasonably allocated to the corresponding departments and entities.\n • Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price.\n • Net cost—This is computed by subtracting earned revenue from gross cost.\n Because of their specific functions, most of the costs originally associated with the General Services\nAdministration (GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the\ncosts of their user agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the\nadministrative operating costs, the expenses from prior and past costs from health and pension plan amendments,\nand the actuarial gains and losses for these agencies. $123.4 billion has been allocated out of OPM to the agencies.\nThis represents health and pension benefits that are not reported in the individual agency statements. The interest on\nTreasury securities held by the public is part of the Department of the Treasury’s (Treasury) responsibilities, but\nbecause of its importance, and the dollar amounts, it is reported separately in these statements. Net cost for\nGovernmentwide reporting purposes includes GSA and OPM agency allocations, and is net of intragovernmental\neliminations. For this reason, individual agency net cost amounts will not agree with the agency’s financial\nstatements.\n The Department of Homeland Security (DHS) Reorganization Plan was enacted on November 25, 2002,\nand beginning with this 2003 Financial Report of the United States Government (Financial Report), DHS is\nreported as a separate entity. Refer to Note 1A—Reporting Entity for further information. Also, refer to the\nManagement’s Discussion and Analysis section for information concerning DHS and the mission and\norganization of the components of the Government of the United States.\n Statements of Operations and Changes in Net Position\n These statements report the results of Government operations. They include unearned revenues that are generated\nprincipally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These statements\nalso cover the cost of Government operations, net of revenue earned from the sale of goods and services to the public\n(earned revenues). They further include any adjustments and unreconciled transactions that affect the net position.", + "md": "# FINANCIAL STATEMENTS\n\n# Financial Statements of the United States Government for the Years Ended September 30, 2003, and September 30, 2002\n\n# Statements of Net Cost\n\nThese statements present the net cost of fiscal years 2003 and 2002 Government operations. For the purposes of this document, “Government” refers to the United States Government. It categorizes costs by Chief Financial Officer Act entities and other significant entities. Costs are presented by department on an accrual basis, while the budget presents costs by obligations and outlays based on functions on a cash basis. In the Statements of Net Cost, the costs are divided between the corresponding departments and entities mentioned above, providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. The focus of the budget of the United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems and control of the Federal Government.\n\nThese statements contain the following three components:\n\n- Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding departments and entities.\n- Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price.\n- Net cost—This is computed by subtracting earned revenue from gross cost.\n\nBecause of their specific functions, most of the costs originally associated with the General Services Administration (GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the costs of their user agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the expenses from prior and past costs from health and pension plan amendments, and the actuarial gains and losses for these agencies. $123.4 billion has been allocated out of OPM to the agencies. This represents health and pension benefits that are not reported in the individual agency statements. The interest on Treasury securities held by the public is part of the Department of the Treasury’s (Treasury) responsibilities, but because of its importance, and the dollar amounts, it is reported separately in these statements. Net cost for Governmentwide reporting purposes includes GSA and OPM agency allocations, and is net of intragovernmental eliminations. For this reason, individual agency net cost amounts will not agree with the agency’s financial statements.\n\nThe Department of Homeland Security (DHS) Reorganization Plan was enacted on November 25, 2002, and beginning with this 2003 Financial Report of the United States Government (Financial Report), DHS is reported as a separate entity. Refer to Note 1A—Reporting Entity for further information. Also, refer to the Management’s Discussion and Analysis section for information concerning DHS and the mission and organization of the components of the Government of the United States.\n\n# Statements of Operations and Changes in Net Position\n\nThese statements report the results of Government operations. They include unearned revenues that are generated principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These statements also cover the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned revenues). They further include any adjustments and unreconciled transactions that affect the net position.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Financial Statements of the United States Government for the Years Ended September 30, 2003, and September 30, 2002", + "md": "# Financial Statements of the United States Government for the Years Ended September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Net Cost", + "md": "# Statements of Net Cost", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "These statements present the net cost of fiscal years 2003 and 2002 Government operations. For the purposes of this document, “Government” refers to the United States Government. It categorizes costs by Chief Financial Officer Act entities and other significant entities. Costs are presented by department on an accrual basis, while the budget presents costs by obligations and outlays based on functions on a cash basis. In the Statements of Net Cost, the costs are divided between the corresponding departments and entities mentioned above, providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. The focus of the budget of the United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems and control of the Federal Government.\n\nThese statements contain the following three components:\n\n- Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding departments and entities.\n- Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price.\n- Net cost—This is computed by subtracting earned revenue from gross cost.\n\nBecause of their specific functions, most of the costs originally associated with the General Services Administration (GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the costs of their user agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the expenses from prior and past costs from health and pension plan amendments, and the actuarial gains and losses for these agencies. $123.4 billion has been allocated out of OPM to the agencies. This represents health and pension benefits that are not reported in the individual agency statements. The interest on Treasury securities held by the public is part of the Department of the Treasury’s (Treasury) responsibilities, but because of its importance, and the dollar amounts, it is reported separately in these statements. Net cost for Governmentwide reporting purposes includes GSA and OPM agency allocations, and is net of intragovernmental eliminations. For this reason, individual agency net cost amounts will not agree with the agency’s financial statements.\n\nThe Department of Homeland Security (DHS) Reorganization Plan was enacted on November 25, 2002, and beginning with this 2003 Financial Report of the United States Government (Financial Report), DHS is reported as a separate entity. Refer to Note 1A—Reporting Entity for further information. Also, refer to the Management’s Discussion and Analysis section for information concerning DHS and the mission and organization of the components of the Government of the United States.", + "md": "These statements present the net cost of fiscal years 2003 and 2002 Government operations. For the purposes of this document, “Government” refers to the United States Government. It categorizes costs by Chief Financial Officer Act entities and other significant entities. Costs are presented by department on an accrual basis, while the budget presents costs by obligations and outlays based on functions on a cash basis. In the Statements of Net Cost, the costs are divided between the corresponding departments and entities mentioned above, providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. The focus of the budget of the United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems and control of the Federal Government.\n\nThese statements contain the following three components:\n\n- Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding departments and entities.\n- Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price.\n- Net cost—This is computed by subtracting earned revenue from gross cost.\n\nBecause of their specific functions, most of the costs originally associated with the General Services Administration (GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the costs of their user agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the expenses from prior and past costs from health and pension plan amendments, and the actuarial gains and losses for these agencies. $123.4 billion has been allocated out of OPM to the agencies. This represents health and pension benefits that are not reported in the individual agency statements. The interest on Treasury securities held by the public is part of the Department of the Treasury’s (Treasury) responsibilities, but because of its importance, and the dollar amounts, it is reported separately in these statements. Net cost for Governmentwide reporting purposes includes GSA and OPM agency allocations, and is net of intragovernmental eliminations. For this reason, individual agency net cost amounts will not agree with the agency’s financial statements.\n\nThe Department of Homeland Security (DHS) Reorganization Plan was enacted on November 25, 2002, and beginning with this 2003 Financial Report of the United States Government (Financial Report), DHS is reported as a separate entity. Refer to Note 1A—Reporting Entity for further information. Also, refer to the Management’s Discussion and Analysis section for information concerning DHS and the mission and organization of the components of the Government of the United States.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Operations and Changes in Net Position", + "md": "# Statements of Operations and Changes in Net Position", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "These statements report the results of Government operations. They include unearned revenues that are generated principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These statements also cover the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned revenues). They further include any adjustments and unreconciled transactions that affect the net position.", + "md": "These statements report the results of Government operations. They include unearned revenues that are generated principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These statements also cover the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned revenues). They further include any adjustments and unreconciled transactions that affect the net position.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 59, + "text": " 54 FINANCIAL STATEMENTS\n Revenue\n Individual income tax and tax withholdings consist of Federal Insurance Contributions Act (FICA)/Self-\nEmployment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies.\n Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled\nspirits and imported liquor, tobacco, firearms, and others.\n Miscellaneous earned revenues consist of earned revenues received from the public with virtually no\nassociated cost. This category includes revenues generated by the Federal Communications Commission\nfrom the sale of spectrum licenses to promote open-air communication services to the public (spectrum\nauctions). It also includes rents and royalties on the Outer Continental Shelf Lands resulting from the leasing\nand development of mineral resources on public lands.\n Net Cost of Government Operations\n The net cost of Government operations (which is gross cost less earned revenue) flows through from the\nStatements of Net Cost.\n Unreconciled Transactions Affecting the Change\n in Net Position\n Unreconciled transactions are adjustments needed to bring the change in net position into balance due to\nunreconciled and unaccounted for differences in the consolidated financial statements. Refer to Note 16—\nUnreconciled Transactions Affecting the Change in Net Position for detailed information.\n Net Position, Beginning of Period\n The net position, beginning of period reflects the net position reported on the prior year’s balance sheet as of\n the end of that fiscal year.\n Prior Period Adjustments\n Prior period adjustments are revisions to adjust the beginning net position. Refer to Note 1B—Basis of\nAccounting and Revenue Recognition, and Note 17—Change in Accounting Principle and Prior Period Adjustments\nfor detailed information.\n Net Position, End of Period\n The net position, end of period amount reflects the net position as of the end of the fiscal year.\n Reconciliations of Net Operating Cost and Unified Budget\n Deficit\n The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget\ndeficit relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share\ntransaction data.\n These statements report the reconciliation of the results of operations (net operating cost) on the Statements of\nOperations and Changes in Net Position to the unified budget deficit in the President’s budget.", + "md": "# FINANCIAL STATEMENTS\n\n# Revenue\n\nIndividual income tax and tax withholdings consist of Federal Insurance Contributions Act (FICA)/Self-Employment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies.\n\nExcise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and others.\n\nMiscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. This category includes revenues generated by the Federal Communications Commission from the sale of spectrum licenses to promote open-air communication services to the public (spectrum auctions). It also includes rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands.\n\n# Net Cost of Government Operations\n\nThe net cost of Government operations (which is gross cost less earned revenue) flows through from the Statements of Net Cost.\n\n# Unreconciled Transactions Affecting the Change in Net Position\n\nUnreconciled transactions are adjustments needed to bring the change in net position into balance due to unreconciled and unaccounted for differences in the consolidated financial statements. Refer to Note 16—Unreconciled Transactions Affecting the Change in Net Position for detailed information.\n\n# Net Position, Beginning of Period\n\nThe net position, beginning of period reflects the net position reported on the prior year’s balance sheet as of the end of that fiscal year.\n\n# Prior Period Adjustments\n\nPrior period adjustments are revisions to adjust the beginning net position. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Change in Accounting Principle and Prior Period Adjustments for detailed information.\n\n# Net Position, End of Period\n\nThe net position, end of period amount reflects the net position as of the end of the fiscal year.\n\n# Reconciliations of Net Operating Cost and Unified Budget Deficit\n\nThe purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget deficit relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share transaction data.\n\nThese statements report the reconciliation of the results of operations (net operating cost) on the Statements of Operations and Changes in Net Position to the unified budget deficit in the President’s budget.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Revenue", + "md": "# Revenue", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Individual income tax and tax withholdings consist of Federal Insurance Contributions Act (FICA)/Self-Employment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies.\n\nExcise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and others.\n\nMiscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. This category includes revenues generated by the Federal Communications Commission from the sale of spectrum licenses to promote open-air communication services to the public (spectrum auctions). It also includes rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands.", + "md": "Individual income tax and tax withholdings consist of Federal Insurance Contributions Act (FICA)/Self-Employment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies.\n\nExcise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and others.\n\nMiscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. This category includes revenues generated by the Federal Communications Commission from the sale of spectrum licenses to promote open-air communication services to the public (spectrum auctions). It also includes rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Cost of Government Operations", + "md": "# Net Cost of Government Operations", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The net cost of Government operations (which is gross cost less earned revenue) flows through from the Statements of Net Cost.", + "md": "The net cost of Government operations (which is gross cost less earned revenue) flows through from the Statements of Net Cost.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Unreconciled Transactions Affecting the Change in Net Position", + "md": "# Unreconciled Transactions Affecting the Change in Net Position", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Unreconciled transactions are adjustments needed to bring the change in net position into balance due to unreconciled and unaccounted for differences in the consolidated financial statements. Refer to Note 16—Unreconciled Transactions Affecting the Change in Net Position for detailed information.", + "md": "Unreconciled transactions are adjustments needed to bring the change in net position into balance due to unreconciled and unaccounted for differences in the consolidated financial statements. Refer to Note 16—Unreconciled Transactions Affecting the Change in Net Position for detailed information.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Position, Beginning of Period", + "md": "# Net Position, Beginning of Period", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The net position, beginning of period reflects the net position reported on the prior year’s balance sheet as of the end of that fiscal year.", + "md": "The net position, beginning of period reflects the net position reported on the prior year’s balance sheet as of the end of that fiscal year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Prior Period Adjustments", + "md": "# Prior Period Adjustments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Prior period adjustments are revisions to adjust the beginning net position. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Change in Accounting Principle and Prior Period Adjustments for detailed information.", + "md": "Prior period adjustments are revisions to adjust the beginning net position. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Change in Accounting Principle and Prior Period Adjustments for detailed information.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Position, End of Period", + "md": "# Net Position, End of Period", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The net position, end of period amount reflects the net position as of the end of the fiscal year.", + "md": "The net position, end of period amount reflects the net position as of the end of the fiscal year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Reconciliations of Net Operating Cost and Unified Budget Deficit", + "md": "# Reconciliations of Net Operating Cost and Unified Budget Deficit", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget deficit relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share transaction data.\n\nThese statements report the reconciliation of the results of operations (net operating cost) on the Statements of Operations and Changes in Net Position to the unified budget deficit in the President’s budget.", + "md": "The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget deficit relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share transaction data.\n\nThese statements report the reconciliation of the results of operations (net operating cost) on the Statements of Operations and Changes in Net Position to the unified budget deficit in the President’s budget.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 60, + "text": " FINANCIAL STATEMENTS 55\n Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis\nof accounting measures used in the Financial Report. These statements begin with the net results of operations (net\noperating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of\nGovernment operations on an accrual basis of accounting. Reconciling items to (1) operating revenues include net\naccrual related to taxes receivables and (2) net cost of Government operations include items such as changes in\nliabilities for military, veteran and civilian benefits, as well as depreciation expenses on fixed assets and changes in\nenvironmental liabilities.\n Components of Net Operating Cost Not Part of the\n Budget Deficit\n This information includes the operating components, such as the changes of benefits payable for veterans,\nmilitary and civilian employees, and the environmental liabilities and depreciation expense not included in the\nbudget results.\n Components of the Budget Deficit Not Part of\n Net Operating Cost\n This information includes the budget components, such as capitalized fixed assets, changes in accounts\nreceivable, and increases in other assets not included in the operating results. These items are typically part of the\nbalance sheets only, and are not part of the operating results.\n Statements of Changes in Cash Balance from Unified\n Budget and Other Activities\n The primary purpose of these statements is to report how the annual unified budget deficit relates to the change\nin the Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit\nnormally would not result in an equivalent change in the Government’s operating cash balance.\n These statements reconcile the unified budget deficit to the change in operating cash during the fiscal year, and\nexplain how the budget deficits (fiscal years 2003 and 2002) are financed. A budget deficit is the result of\nexpenditures exceeding receipts (revenue) during a particular fiscal year.\n In depicting how the unified budget deficits were financed, these statements show that in fiscal years 2003 and\n2002, the greatest amounts were net new borrowings from the public. Other transactions also required cash\ndisbursements and are not part of the repayments of the debt. These other transactions, such as the issuance of\nstudent loans or premiums on early buyback of public debt, required cash payments and contributed to the use of the\nsurplus or deficit. These statements show the differences between accrual and cash budgetary basis, mainly because\nof timing differences in the financial statements.\n Balance Sheets\n The balance sheets show the Government’s assets and liabilities. When combined with stewardship\ninformation, this information presents a more comprehensive understanding of the Government’s financial position.\nAll of the line items on the balance sheets are described in the Notes to the Financial Statements.\n Assets\n Assets included on the balance sheets are resources of the Government that remain available to meet future\nneeds. The most significant assets that are reported on the balance sheets are property, plant, and equipment,\ninventories, and loans receivable. There are, however, other significant resources available to the Government that", + "md": "# FINANCIAL STATEMENTS\n\nReceipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis of accounting measures used in the Financial Report. These statements begin with the net results of operations (net operating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of Government operations on an accrual basis of accounting. Reconciling items to (1) operating revenues include net accrual related to taxes receivables and (2) net cost of Government operations include items such as changes in liabilities for military, veteran and civilian benefits, as well as depreciation expenses on fixed assets and changes in environmental liabilities.\n\n# Components of Net Operating Cost Not Part of the Budget Deficit\n\nThis information includes the operating components, such as the changes of benefits payable for veterans, military and civilian employees, and the environmental liabilities and depreciation expense not included in the budget results.\n\n# Components of the Budget Deficit Not Part of Net Operating Cost\n\nThis information includes the budget components, such as capitalized fixed assets, changes in accounts receivable, and increases in other assets not included in the operating results. These items are typically part of the balance sheets only, and are not part of the operating results.\n\n# Statements of Changes in Cash Balance from Unified Budget and Other Activities\n\nThe primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit normally would not result in an equivalent change in the Government’s operating cash balance.\n\nThese statements reconcile the unified budget deficit to the change in operating cash during the fiscal year, and explain how the budget deficits (fiscal years 2003 and 2002) are financed. A budget deficit is the result of expenditures exceeding receipts (revenue) during a particular fiscal year.\n\nIn depicting how the unified budget deficits were financed, these statements show that in fiscal years 2003 and 2002, the greatest amounts were net new borrowings from the public. Other transactions also required cash disbursements and are not part of the repayments of the debt. These other transactions, such as the issuance of student loans or premiums on early buyback of public debt, required cash payments and contributed to the use of the surplus or deficit. These statements show the differences between accrual and cash budgetary basis, mainly because of timing differences in the financial statements.\n\n# Balance Sheets\n\nThe balance sheets show the Government’s assets and liabilities. When combined with stewardship information, this information presents a more comprehensive understanding of the Government’s financial position. All of the line items on the balance sheets are described in the Notes to the Financial Statements.\n\n# Assets\n\nAssets included on the balance sheets are resources of the Government that remain available to meet future needs. The most significant assets that are reported on the balance sheets are property, plant, and equipment, inventories, and loans receivable. There are, however, other significant resources available to the Government that", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis of accounting measures used in the Financial Report. These statements begin with the net results of operations (net operating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of Government operations on an accrual basis of accounting. Reconciling items to (1) operating revenues include net accrual related to taxes receivables and (2) net cost of Government operations include items such as changes in liabilities for military, veteran and civilian benefits, as well as depreciation expenses on fixed assets and changes in environmental liabilities.", + "md": "Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis of accounting measures used in the Financial Report. These statements begin with the net results of operations (net operating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of Government operations on an accrual basis of accounting. Reconciling items to (1) operating revenues include net accrual related to taxes receivables and (2) net cost of Government operations include items such as changes in liabilities for military, veteran and civilian benefits, as well as depreciation expenses on fixed assets and changes in environmental liabilities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Components of Net Operating Cost Not Part of the Budget Deficit", + "md": "# Components of Net Operating Cost Not Part of the Budget Deficit", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This information includes the operating components, such as the changes of benefits payable for veterans, military and civilian employees, and the environmental liabilities and depreciation expense not included in the budget results.", + "md": "This information includes the operating components, such as the changes of benefits payable for veterans, military and civilian employees, and the environmental liabilities and depreciation expense not included in the budget results.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Components of the Budget Deficit Not Part of Net Operating Cost", + "md": "# Components of the Budget Deficit Not Part of Net Operating Cost", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This information includes the budget components, such as capitalized fixed assets, changes in accounts receivable, and increases in other assets not included in the operating results. These items are typically part of the balance sheets only, and are not part of the operating results.", + "md": "This information includes the budget components, such as capitalized fixed assets, changes in accounts receivable, and increases in other assets not included in the operating results. These items are typically part of the balance sheets only, and are not part of the operating results.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Changes in Cash Balance from Unified Budget and Other Activities", + "md": "# Statements of Changes in Cash Balance from Unified Budget and Other Activities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit normally would not result in an equivalent change in the Government’s operating cash balance.\n\nThese statements reconcile the unified budget deficit to the change in operating cash during the fiscal year, and explain how the budget deficits (fiscal years 2003 and 2002) are financed. A budget deficit is the result of expenditures exceeding receipts (revenue) during a particular fiscal year.\n\nIn depicting how the unified budget deficits were financed, these statements show that in fiscal years 2003 and 2002, the greatest amounts were net new borrowings from the public. Other transactions also required cash disbursements and are not part of the repayments of the debt. These other transactions, such as the issuance of student loans or premiums on early buyback of public debt, required cash payments and contributed to the use of the surplus or deficit. These statements show the differences between accrual and cash budgetary basis, mainly because of timing differences in the financial statements.", + "md": "The primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit normally would not result in an equivalent change in the Government’s operating cash balance.\n\nThese statements reconcile the unified budget deficit to the change in operating cash during the fiscal year, and explain how the budget deficits (fiscal years 2003 and 2002) are financed. A budget deficit is the result of expenditures exceeding receipts (revenue) during a particular fiscal year.\n\nIn depicting how the unified budget deficits were financed, these statements show that in fiscal years 2003 and 2002, the greatest amounts were net new borrowings from the public. Other transactions also required cash disbursements and are not part of the repayments of the debt. These other transactions, such as the issuance of student loans or premiums on early buyback of public debt, required cash payments and contributed to the use of the surplus or deficit. These statements show the differences between accrual and cash budgetary basis, mainly because of timing differences in the financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Balance Sheets", + "md": "# Balance Sheets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The balance sheets show the Government’s assets and liabilities. When combined with stewardship information, this information presents a more comprehensive understanding of the Government’s financial position. All of the line items on the balance sheets are described in the Notes to the Financial Statements.", + "md": "The balance sheets show the Government’s assets and liabilities. When combined with stewardship information, this information presents a more comprehensive understanding of the Government’s financial position. All of the line items on the balance sheets are described in the Notes to the Financial Statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Assets", + "md": "# Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The most significant assets that are reported on the balance sheets are property, plant, and equipment, inventories, and loans receivable. There are, however, other significant resources available to the Government that", + "md": "Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The most significant assets that are reported on the balance sheets are property, plant, and equipment, inventories, and loans receivable. There are, however, other significant resources available to the Government that", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 61, + "text": "56 FINANCIAL STATEMENTS\nextend beyond the assets presented in these financial statements. Those resources include stewardship assets,\nincluding natural resources (see Stewardship Information section), and the Government’s sovereign powers to tax,\nregulate commerce, and set monetary policy.\n In May 2003, SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment,\nremoved national defense assets from Stewardship Information and included it on the balance sheet as part of\ninventories and related property, net and property, plant, and equipment, net. Refer to Note 1B—Basis of\nAccounting and Revenue Recognition; Note 6—Inventories and Related Property, Net; and Note 7—Property, Plant,\nand Equipment, Net for further information.\n Selected assets are highlighted in the Stewardship Information section of this report to demonstrate the\nGovernment’s accountability for these assets. Stewardship assets include stewardship land and heritage assets.\n Liabilities and Net Position\n Liabilities are obligations of the Government resulting from prior actions that will require financial resources.\nThe most significant liabilities reported on the balance sheets are Federal debt securities held by the public and\naccrued interest and Federal employee and veteran benefits payable. Liabilities also include social insurance benefits\ndue and payable as of the reporting date.\n As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much\nbroader than these reported balance sheet liabilities. They include the social insurance programs disclosed in the\nStatements of Social Insurance in the Stewardship Information section, and a wide range of other programs under\nwhich the Government provides benefits and services to the people of this Nation, and certain future loss\ncontingencies.\n The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of\nprojections relating to the many assumptions of the programs, produce a wide range of possible results. The\nStewardship Responsibilities section describes the social insurance programs, reports long-range estimates that can\nbe used to assess the financial condition of the programs, and explains some of the factors that impact the various\nprograms. Using this information, readers can apply their own judgment as to the condition and sustainability of the\nindividual programs.\n Each of the social insurance programs has an associated trust fund to account for its activity. The taxes\ncollected for specific use are credited to the corresponding trust fund that will use these funds to meet a particular\nGovernment purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the\nexcess collections are invested in Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust\nfund balances do not represent cash. An explanation of the trust funds for social insurance and many of the other\nlarge trust funds is included in Note 20—Dedicated Collections. That note also contains information about trust fund\nreceipts, disbursements, and assets.\n The Government has entered into contractual commitments requiring the future use of financial resources and\nhas unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future\nlosses. Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the\nbalance sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in\nNote 18—Contingent Liabilities and Note 19—Commitments.\n Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has\nunique access to financial resources through generating tax revenues and issuing Federal debt securities. This\nprovides the Government with the ability to meet present obligations and those that are anticipated from future\noperations and are not reflected in net position.", + "md": "# 56 FINANCIAL STATEMENTS\n\nextend beyond the assets presented in these financial statements. Those resources include stewardship assets, including natural resources (see Stewardship Information section), and the Government’s sovereign powers to tax, regulate commerce, and set monetary policy.\n\nIn May 2003, SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, removed national defense assets from Stewardship Information and included it on the balance sheet as part of inventories and related property, net and property, plant, and equipment, net. Refer to Note 1B—Basis of Accounting and Revenue Recognition; Note 6—Inventories and Related Property, Net; and Note 7—Property, Plant, and Equipment, Net for further information.\n\nSelected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s accountability for these assets. Stewardship assets include stewardship land and heritage assets.\n\n# Liabilities and Net Position\n\nLiabilities are obligations of the Government resulting from prior actions that will require financial resources. The most significant liabilities reported on the balance sheets are Federal debt securities held by the public and accrued interest and Federal employee and veteran benefits payable. Liabilities also include social insurance benefits due and payable as of the reporting date.\n\nAs with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader than these reported balance sheet liabilities. They include the social insurance programs disclosed in the Statements of Social Insurance in the Stewardship Information section, and a wide range of other programs under which the Government provides benefits and services to the people of this Nation, and certain future loss contingencies.\n\nThe magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to the many assumptions of the programs, produce a wide range of possible results. The Stewardship Responsibilities section describes the social insurance programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers can apply their own judgment as to the condition and sustainability of the individual programs.\n\nEach of the social insurance programs has an associated trust fund to account for its activity. The taxes collected for specific use are credited to the corresponding trust fund that will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the excess collections are invested in Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance and many of the other large trust funds is included in Note 20—Dedicated Collections. That note also contains information about trust fund receipts, disbursements, and assets.\n\nThe Government has entered into contractual commitments requiring the future use of financial resources and has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingent Liabilities and Note 19—Commitments.\n\nBecause of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the Government with the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net position.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "56 FINANCIAL STATEMENTS", + "md": "# 56 FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "extend beyond the assets presented in these financial statements. Those resources include stewardship assets, including natural resources (see Stewardship Information section), and the Government’s sovereign powers to tax, regulate commerce, and set monetary policy.\n\nIn May 2003, SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, removed national defense assets from Stewardship Information and included it on the balance sheet as part of inventories and related property, net and property, plant, and equipment, net. Refer to Note 1B—Basis of Accounting and Revenue Recognition; Note 6—Inventories and Related Property, Net; and Note 7—Property, Plant, and Equipment, Net for further information.\n\nSelected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s accountability for these assets. Stewardship assets include stewardship land and heritage assets.", + "md": "extend beyond the assets presented in these financial statements. Those resources include stewardship assets, including natural resources (see Stewardship Information section), and the Government’s sovereign powers to tax, regulate commerce, and set monetary policy.\n\nIn May 2003, SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, removed national defense assets from Stewardship Information and included it on the balance sheet as part of inventories and related property, net and property, plant, and equipment, net. Refer to Note 1B—Basis of Accounting and Revenue Recognition; Note 6—Inventories and Related Property, Net; and Note 7—Property, Plant, and Equipment, Net for further information.\n\nSelected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s accountability for these assets. Stewardship assets include stewardship land and heritage assets.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Liabilities and Net Position", + "md": "# Liabilities and Net Position", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most significant liabilities reported on the balance sheets are Federal debt securities held by the public and accrued interest and Federal employee and veteran benefits payable. Liabilities also include social insurance benefits due and payable as of the reporting date.\n\nAs with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader than these reported balance sheet liabilities. They include the social insurance programs disclosed in the Statements of Social Insurance in the Stewardship Information section, and a wide range of other programs under which the Government provides benefits and services to the people of this Nation, and certain future loss contingencies.\n\nThe magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to the many assumptions of the programs, produce a wide range of possible results. The Stewardship Responsibilities section describes the social insurance programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers can apply their own judgment as to the condition and sustainability of the individual programs.\n\nEach of the social insurance programs has an associated trust fund to account for its activity. The taxes collected for specific use are credited to the corresponding trust fund that will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the excess collections are invested in Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance and many of the other large trust funds is included in Note 20—Dedicated Collections. That note also contains information about trust fund receipts, disbursements, and assets.\n\nThe Government has entered into contractual commitments requiring the future use of financial resources and has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingent Liabilities and Note 19—Commitments.\n\nBecause of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the Government with the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net position.", + "md": "Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most significant liabilities reported on the balance sheets are Federal debt securities held by the public and accrued interest and Federal employee and veteran benefits payable. Liabilities also include social insurance benefits due and payable as of the reporting date.\n\nAs with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader than these reported balance sheet liabilities. They include the social insurance programs disclosed in the Statements of Social Insurance in the Stewardship Information section, and a wide range of other programs under which the Government provides benefits and services to the people of this Nation, and certain future loss contingencies.\n\nThe magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to the many assumptions of the programs, produce a wide range of possible results. The Stewardship Responsibilities section describes the social insurance programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers can apply their own judgment as to the condition and sustainability of the individual programs.\n\nEach of the social insurance programs has an associated trust fund to account for its activity. The taxes collected for specific use are credited to the corresponding trust fund that will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the excess collections are invested in Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance and many of the other large trust funds is included in Note 20—Dedicated Collections. That note also contains information about trust fund receipts, disbursements, and assets.\n\nThe Government has entered into contractual commitments requiring the future use of financial resources and has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingent Liabilities and Note 19—Commitments.\n\nBecause of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the Government with the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net position.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 62, + "text": " FINANCIAL STATEMENTS 57\nThis page is intentionally blank.", + "md": "# FINANCIAL STATEMENTS\n\nThis page is intentionally blank.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This page is intentionally blank.", + "md": "This page is intentionally blank.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 63, + "text": "58 FINANCIAL STATEMENTS\nUnited States Government\nStatements of Net Cost\nfor the Years Ended September 30, 2003, and September 30, 2002\n Gross Earned Net Gross Earned Net\n Cost Revenue Cost Cost Revenue Cost\n(In billions of dollars) 2003 2002\nDepartment of Agriculture¹........................... 95.6 10.7 84.9 80.5 9.6 70.9\nDepartment of Commerce¹ .......................... 8.8 1.3 7.5 7.4 1.2 6.2\nDepartment of Defense¹............................... 562.4 12.5 549.9 420.4 13.9 406.5\nDepartment of Education ............................. 59.0 5.0 54.0 49.9 4.8 45.1\nDepartment of Energy¹................................. 2.0 5.3 (3.3) (3.0) 4.8 (7.8)\nDepartment of Health & Human Services¹... 542.6 29.7 512.9 499.9 27.0 472.9\nDepartment of Homeland Security............... 27.5 2.6 24.9 * * *\nDepartment of Housing & Urban Development... 44.1 2.0 42.1 36.3 2.2 34.1\nDepartment of the Interior ............................ 16.0 4.7 11.3 15.0 0.7 14.3\nDepartment of Justice¹................................. 30.7 1.3 29.4 29.5 2.3 27.2\nDepartment of Labor .................................... 68.1 - 68.1 64.7 - 64.7\nDepartment of State ..................................... 12.7 1.4 11.3 10.9 0.9 10.0\nDepartment of Transportation¹..................... 64.2 1.2 63.0 65.4 1.6 63.8\nDepartment of the Treasury¹........................ 75.0 2.6 72.4 66.0 3.6 62.4\nInterest on Treasury securities held by the\n public ......................................................... 156.8 - 156.8 175.4 - 175.4\nDepartment of Veterans Affairs.................... 175.7 2.1 173.6 218.4 2.6 215.8\nU.S. Agency for International Development ... 10.3 0.1 10.2 8.0 - 8.0\nEnvironmental Protection Agency................ 9.5 0.4 9.1 8.2 0.5 7.7\nFederal Emergency Management Agency¹... 2.5 0.8 1.7 6.2 1.8 4.4\nGeneral Services Administration¹ ................ 0.8 0.3 0.5 (0.1) 0.3 (0.4)\nNational Aeronautics & Space Administration.. 12.9 0.1 12.8 14.7 0.1 14.6\nNational Science Foundation ....................... 4.8 - 4.8 4.2 - 4.2\nU.S. Nuclear Regulatory Commission ......... 0.7 0.5 0.2 0.6 0.4 0.2\nOffice of Personnel Management ................ 0.3 - 0.3 0.2 - 0.2\nSmall Business Administration..................... 3.8 0.7 3.1 1.3 0.5 0.8\nSocial Security Administration ..................... 512.6 0.3 512.3 492.9 0.3 492.6\nExport-Import Bank of the United States ..... 0.1 0.3 (0.2) (1.2) 0.3 (1.5)\nFederal Communications Commission ........ 7.1 1.2 5.9 6.8 1.1 5.7\nFederal Deposit Insurance Corporation ....... (0.2) 0.2 (0.4) 1.8 0.7 1.1\nNational Credit Union Administration ........... 0.2 0.5 (0.3) 0.2 0.5 (0.3)\nPension Benefit Guaranty Corporation ........ 12.3 1.2 11.1 12.7 0.9 11.8\nRailroad Retirement Board .......................... 9.6 - 9.6 9.3 - 9.3\nTennessee Valley Authority ......................... 8.2 7.0 1.2 7.9 6.8 1.1\nUnited States Postal Service ....................... 81.5 67.6 13.9 83.1 66.4 16.7\nAll other entities............................................ 32.1 1.2 30.9 22.8 0.8 22.0\n Total ........................................................ 2,650.3 164.8 2,485.5 2,416.3 156.6 2,259.7\n1 These agencies reorganized and transferred various programs and operations to the newly created Department of Homeland Security.\n* 2002 numbers have not been restated (see Note 1A—Reporting Entity).\nThe accompanying notes are an integral part of these financial statements.", + "md": "# FINANCIAL STATEMENTS\n\n# United States Government\n\n# Statements of Net Cost\n\n# for the Years Ended September 30, 2003, and September 30, 2002\n\n|Department|2003|2003|2003|2002|2002|2002| | | | | | |\n|---|---|---|---|---|---|---|---|---|\n|Gross Cost|Earned Revenue|Net Cost|Gross Cost|Earned Revenue|Net Cost| | | |\n|Department of Agriculture¹|95.6|10.7|84.9|80.5|9.6|70.9| | |\n|Department of Commerce¹|8.8|1.3|7.5|7.4|1.2|6.2| | |\n|Department of Defense¹|562.4|12.5|549.9|420.4|13.9|406.5| | |\n|Department of Education|59.0|5.0|54.0|49.9|4.8|45.1| | |\n|Department of Energy¹|2.0|5.3|(3.3)|(3.0)|4.8|(7.8)| | |\n|Department of Health & Human Services¹|542.6|29.7|512.9|499.9|27.0|472.9| | |\n|Department of Homeland Security|27.5|2.6|24.9|*|*|*| | |\n|Department of Housing & Urban Development|44.1|2.0|42.1|36.3|2.2|34.1| | |\n|Department of the Interior|16.0|4.7|11.3|15.0|0.7|14.3| | |\n|Department of Justice¹|30.7|1.3|29.4|29.5|2.3|27.2| | |\n|Department of Labor|68.1|-|68.1|64.7|-|64.7| | |\n|Department of State|12.7|1.4|11.3|10.9|0.9|10.0| | |\n|Department of Transportation¹|64.2|1.2|63.0|65.4|1.6|63.8| | |\n|Department of the Treasury¹|75.0|2.6|72.4|66.0|3.6|62.4| | |\n|Interest on Treasury securities held by the public|156.8|-|156.8|175.4|-|175.4| | |\n|Department of Veterans Affairs|175.7|2.1|173.6|218.4|2.6|215.8| | |\n|U.S. Agency for International Development|10.3|0.1|10.2|8.0|-|8.0| | |\n|Environmental Protection Agency|9.5|0.4|9.1|8.2|0.5|7.7| | |\n|Federal Emergency Management Agency¹|2.5|0.8|1.7|6.2|1.8|4.4| | |\n|General Services Administration¹|0.8|0.3|0.5|(0.1)|0.3|(0.4)| | |\n|National Aeronautics & Space Administration|12.9|0.1|12.8|14.7|0.1|14.6| | |\n|National Science Foundation|4.8|-|4.8|4.2|-|4.2| | |\n|U.S. Nuclear Regulatory Commission|0.7|0.5|0.2|0.6|0.4|0.2| | |\n|Office of Personnel Management|0.3|-|0.3|0.2|-|0.2| | |\n|Small Business Administration|3.8|0.7|3.1|1.3|0.5|0.8| | |\n|Social Security Administration|512.6|0.3|512.3|492.9|0.3|492.6| | |\n|Export-Import Bank of the United States|0.1|0.3|(0.2)|(1.2)|0.3|(1.5)| | |\n|Federal Communications Commission|7.1|1.2|5.9|6.8|1.1|5.7| | |\n|Federal Deposit Insurance Corporation|(0.2)| |0.2|(0.4)| |1.8|0.7|1.1|\n|National Credit Union Administration|0.2|0.5|(0.3)| |0.2|0.5|(0.3)| |\n|Pension Benefit Guaranty Corporation|12.3|1.2|11.1|12.7|0.9|11.8| | |\n|Railroad Retirement Board|9.6|-|9.6|9.3|-|9.3| | |\n|Tennessee Valley Authority|8.2|7.0|1.2|7.9|6.8|1.1| | |\n|United States Postal Service|81.5|67.6|13.9|83.1|66.4|16.7| | |\n|All other entities|32.1|1.2|30.9|22.8|0.8|22.0| | |\n|Total|2,650.3|164.8|2,485.5|2,416.3|156.6|2,259.7| | |\n\n1 These agencies reorganized and transferred various programs and operations to the newly created Department of Homeland Security.\n\n* 2002 numbers have not been restated (see Note 1A—Reporting Entity).\n\nThe accompanying notes are an integral part of these financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Net Cost", + "md": "# Statements of Net Cost", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "for the Years Ended September 30, 2003, and September 30, 2002", + "md": "# for the Years Ended September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Department", + "2003", + "2003", + "2003", + "2002", + "2002", + "2002", + "", + "", + "", + "", + "", + "" + ], + [ + "Gross Cost", + "Earned Revenue", + "Net Cost", + "Gross Cost", + "Earned Revenue", + "Net Cost", + "", + "", + "" + ], + [ + "Department of Agriculture¹", + "95.6", + "10.7", + "84.9", + "80.5", + "9.6", + "70.9", + "", + "" + ], + [ + "Department of Commerce¹", + "8.8", + "1.3", + "7.5", + "7.4", + "1.2", + "6.2", + "", + "" + ], + [ + "Department of Defense¹", + "562.4", + "12.5", + "549.9", + "420.4", + "13.9", + "406.5", + "", + "" + ], + [ + "Department of Education", + "59.0", + "5.0", + "54.0", + "49.9", + "4.8", + "45.1", + "", + "" + ], + [ + "Department of Energy¹", + "2.0", + "5.3", + "(3.3)", + "(3.0)", + "4.8", + "(7.8)", + "", + "" + ], + [ + "Department of Health & Human Services¹", + "542.6", + "29.7", + "512.9", + "499.9", + "27.0", + "472.9", + "", + "" + ], + [ + "Department of Homeland Security", + "27.5", + "2.6", + "24.9", + "*", + "*", + "*", + "", + "" + ], + [ + "Department of Housing & Urban Development", + "44.1", + "2.0", + "42.1", + "36.3", + "2.2", + "34.1", + "", + "" + ], + [ + "Department of the Interior", + "16.0", + "4.7", + "11.3", + "15.0", + "0.7", + "14.3", + "", + "" + ], + [ + "Department of Justice¹", + "30.7", + "1.3", + "29.4", + "29.5", + "2.3", + "27.2", + "", + "" + ], + [ + "Department of Labor", + "68.1", + "-", + "68.1", + "64.7", + "-", + "64.7", + "", + "" + ], + [ + "Department of State", + "12.7", + "1.4", + "11.3", + "10.9", + "0.9", + "10.0", + "", + "" + ], + [ + "Department of Transportation¹", + "64.2", + "1.2", + "63.0", + "65.4", + "1.6", + "63.8", + "", + "" + ], + [ + "Department of the Treasury¹", + "75.0", + "2.6", + "72.4", + "66.0", + "3.6", + "62.4", + "", + "" + ], + [ + "Interest on Treasury securities held by the public", + "156.8", + "-", + "156.8", + "175.4", + "-", + "175.4", + "", + "" + ], + [ + "Department of Veterans Affairs", + "175.7", + "2.1", + "173.6", + "218.4", + "2.6", + "215.8", + "", + "" + ], + [ + "U.S. Agency for International Development", + "10.3", + "0.1", + "10.2", + "8.0", + "-", + "8.0", + "", + "" + ], + [ + "Environmental Protection Agency", + "9.5", + "0.4", + "9.1", + "8.2", + "0.5", + "7.7", + "", + "" + ], + [ + "Federal Emergency Management Agency¹", + "2.5", + "0.8", + "1.7", + "6.2", + "1.8", + "4.4", + "", + "" + ], + [ + "General Services Administration¹", + "0.8", + "0.3", + "0.5", + "(0.1)", + "0.3", + "(0.4)", + "", + "" + ], + [ + "National Aeronautics & Space Administration", + "12.9", + "0.1", + "12.8", + "14.7", + "0.1", + "14.6", + "", + "" + ], + [ + "National Science Foundation", + "4.8", + "-", + "4.8", + "4.2", + "-", + "4.2", + "", + "" + ], + [ + "U.S. Nuclear Regulatory Commission", + "0.7", + "0.5", + "0.2", + "0.6", + "0.4", + "0.2", + "", + "" + ], + [ + "Office of Personnel Management", + "0.3", + "-", + "0.3", + "0.2", + "-", + "0.2", + "", + "" + ], + [ + "Small Business Administration", + "3.8", + "0.7", + "3.1", + "1.3", + "0.5", + "0.8", + "", + "" + ], + [ + "Social Security Administration", + "512.6", + "0.3", + "512.3", + "492.9", + "0.3", + "492.6", + "", + "" + ], + [ + "Export-Import Bank of the United States", + "0.1", + "0.3", + "(0.2)", + "(1.2)", + "0.3", + "(1.5)", + "", + "" + ], + [ + "Federal Communications Commission", + "7.1", + "1.2", + "5.9", + "6.8", + "1.1", + "5.7", + "", + "" + ], + [ + "Federal Deposit Insurance Corporation", + "(0.2)", + "", + "0.2", + "(0.4)", + "", + "1.8", + "0.7", + "1.1" + ], + [ + "National Credit Union Administration", + "0.2", + "0.5", + "(0.3)", + "", + "0.2", + "0.5", + "(0.3)", + "" + ], + [ + "Pension Benefit Guaranty Corporation", + "12.3", + "1.2", + "11.1", + "12.7", + "0.9", + "11.8", + "", + "" + ], + [ + "Railroad Retirement Board", + "9.6", + "-", + "9.6", + "9.3", + "-", + "9.3", + "", + "" + ], + [ + "Tennessee Valley Authority", + "8.2", + "7.0", + "1.2", + "7.9", + "6.8", + "1.1", + "", + "" + ], + [ + "United States Postal Service", + "81.5", + "67.6", + "13.9", + "83.1", + "66.4", + "16.7", + "", + "" + ], + [ + "All other entities", + "32.1", + "1.2", + "30.9", + "22.8", + "0.8", + "22.0", + "", + "" + ], + [ + "Total", + "2,650.3", + "164.8", + "2,485.5", + "2,416.3", + "156.6", + "2,259.7", + "", + "" + ] + ], + "md": "|Department|2003|2003|2003|2002|2002|2002| | | | | | |\n|Gross Cost|Earned Revenue|Net Cost|Gross Cost|Earned Revenue|Net Cost| | | |\n|Department of Agriculture¹|95.6|10.7|84.9|80.5|9.6|70.9| | |\n|Department of Commerce¹|8.8|1.3|7.5|7.4|1.2|6.2| | |\n|Department of Defense¹|562.4|12.5|549.9|420.4|13.9|406.5| | |\n|Department of Education|59.0|5.0|54.0|49.9|4.8|45.1| | |\n|Department of Energy¹|2.0|5.3|(3.3)|(3.0)|4.8|(7.8)| | |\n|Department of Health & Human Services¹|542.6|29.7|512.9|499.9|27.0|472.9| | |\n|Department of Homeland Security|27.5|2.6|24.9|*|*|*| | |\n|Department of Housing & Urban Development|44.1|2.0|42.1|36.3|2.2|34.1| | |\n|Department of the Interior|16.0|4.7|11.3|15.0|0.7|14.3| | |\n|Department of Justice¹|30.7|1.3|29.4|29.5|2.3|27.2| | |\n|Department of Labor|68.1|-|68.1|64.7|-|64.7| | |\n|Department of State|12.7|1.4|11.3|10.9|0.9|10.0| | |\n|Department of Transportation¹|64.2|1.2|63.0|65.4|1.6|63.8| | |\n|Department of the Treasury¹|75.0|2.6|72.4|66.0|3.6|62.4| | |\n|Interest on Treasury securities held by the public|156.8|-|156.8|175.4|-|175.4| | |\n|Department of Veterans Affairs|175.7|2.1|173.6|218.4|2.6|215.8| | |\n|U.S. Agency for International Development|10.3|0.1|10.2|8.0|-|8.0| | |\n|Environmental Protection Agency|9.5|0.4|9.1|8.2|0.5|7.7| | |\n|Federal Emergency Management Agency¹|2.5|0.8|1.7|6.2|1.8|4.4| | |\n|General Services Administration¹|0.8|0.3|0.5|(0.1)|0.3|(0.4)| | |\n|National Aeronautics & Space Administration|12.9|0.1|12.8|14.7|0.1|14.6| | |\n|National Science Foundation|4.8|-|4.8|4.2|-|4.2| | |\n|U.S. Nuclear Regulatory Commission|0.7|0.5|0.2|0.6|0.4|0.2| | |\n|Office of Personnel Management|0.3|-|0.3|0.2|-|0.2| | |\n|Small Business Administration|3.8|0.7|3.1|1.3|0.5|0.8| | |\n|Social Security Administration|512.6|0.3|512.3|492.9|0.3|492.6| | |\n|Export-Import Bank of the United States|0.1|0.3|(0.2)|(1.2)|0.3|(1.5)| | |\n|Federal Communications Commission|7.1|1.2|5.9|6.8|1.1|5.7| | |\n|Federal Deposit Insurance Corporation|(0.2)| |0.2|(0.4)| |1.8|0.7|1.1|\n|National Credit Union Administration|0.2|0.5|(0.3)| |0.2|0.5|(0.3)| |\n|Pension Benefit Guaranty Corporation|12.3|1.2|11.1|12.7|0.9|11.8| | |\n|Railroad Retirement Board|9.6|-|9.6|9.3|-|9.3| | |\n|Tennessee Valley Authority|8.2|7.0|1.2|7.9|6.8|1.1| | |\n|United States Postal Service|81.5|67.6|13.9|83.1|66.4|16.7| | |\n|All other entities|32.1|1.2|30.9|22.8|0.8|22.0| | |\n|Total|2,650.3|164.8|2,485.5|2,416.3|156.6|2,259.7| | |", + "isPerfectTable": false, + "csv": "\"Department\",\"2003\",\"2003\",\"2003\",\"2002\",\"2002\",\"2002\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Gross Cost\",\"Earned Revenue\",\"Net Cost\",\"Gross Cost\",\"Earned Revenue\",\"Net Cost\",\"\",\"\",\"\"\n\"Department of Agriculture¹\",\"95.6\",\"10.7\",\"84.9\",\"80.5\",\"9.6\",\"70.9\",\"\",\"\"\n\"Department of 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Corporation\",\"12.3\",\"1.2\",\"11.1\",\"12.7\",\"0.9\",\"11.8\",\"\",\"\"\n\"Railroad Retirement Board\",\"9.6\",\"-\",\"9.6\",\"9.3\",\"-\",\"9.3\",\"\",\"\"\n\"Tennessee Valley Authority\",\"8.2\",\"7.0\",\"1.2\",\"7.9\",\"6.8\",\"1.1\",\"\",\"\"\n\"United States Postal Service\",\"81.5\",\"67.6\",\"13.9\",\"83.1\",\"66.4\",\"16.7\",\"\",\"\"\n\"All other entities\",\"32.1\",\"1.2\",\"30.9\",\"22.8\",\"0.8\",\"22.0\",\"\",\"\"\n\"Total\",\"2,650.3\",\"164.8\",\"2,485.5\",\"2,416.3\",\"156.6\",\"2,259.7\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 These agencies reorganized and transferred various programs and operations to the newly created Department of Homeland Security.\n\n* 2002 numbers have not been restated (see Note 1A—Reporting Entity).\n\nThe accompanying notes are an integral part of these financial statements.", + "md": "1 These agencies reorganized and transferred various programs and operations to the newly created Department of Homeland Security.\n\n* 2002 numbers have not been restated (see Note 1A—Reporting Entity).\n\nThe accompanying notes are an integral part of these financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 64, + "text": " FINANCIAL STATEMENTS 59\n United States Government\n Statements of Operations and Changes in Net Position\n for the Years Ended September 30, 2003, and September 30, 2002\n (In billions of dollars) 2003 2002\n Revenue:\n Individual income tax and tax withholdings .................................................... 1,481.3 1,538.6\n Corporation income taxes............................................................................... 128.2 143.7\n Unemployment taxes ...................................................................................... 31.2 26.2\nExcise taxes.................................................................................................... 67.6 67.9\n Estate and gift taxes ....................................................................................... 21.9 26.4\n Customs duties ............................................................................................... 19.0 18.3\n Other taxes and receipts................................................................................. 39.8 49.3\n Miscellaneous earned revenues ..................................................................... 7.0 7.3\n Total revenue ............................................................................................... 1,796.0 1,877.7\n Less net cost of Government operations................................................ 2,485.5 2,259.7\n Unreconciled transactions affecting the change in\n net position (Note 16)................................................................................... 24.5 17.1\n Net operating cost........................................................................................... (665.0) (364.9)\n Net position, beginning of period.................................................................. (6,820.2) (6,458.8)\n Change in accounting principle (Note 17) ...................................................... 383.1\n Prior period adjustments (Note 17)................................................................. (2.6) 3.5\n Net operating cost........................................................................................... (665.0) (364.9)\n Net position, end of period............................................................................. (7,104.7) (6,820.2)\n The accompanying notes are an integral part of these financial statements.", + "md": "# FINANCIAL STATEMENTS\n\n# United States Government\n\n# Statements of Operations and Changes in Net Position\n\n# for the Years Ended September 30, 2003, and September 30, 2002\n\n# (In billions of dollars)\n\n| |2003|2002| |\n|---|---|---|---|\n|Revenue:| | | |\n|Individual income tax and tax withholdings|1,481.3|1,538.6| |\n|Corporation income taxes|128.2|143.7| |\n|Unemployment taxes|31.2|26.2| |\n|Excise taxes|67.6|67.9| |\n|Estate and gift taxes|21.9|26.4| |\n|Customs duties|19.0|18.3| |\n|Other taxes and receipts|39.8|49.3| |\n|Miscellaneous earned revenues|7.0|7.3| |\n|Total revenue|1,796.0|1,877.7| |\n|Less net cost of Government operations|2,485.5|2,259.7| |\n|Unreconciled transactions affecting the change in net position (Note 16)| |24.5| |\n|Net operating cost|(665.0)|(364.9)| |\n|Net position, beginning of period|(6,820.2)|(6,458.8)| |\n|Change in accounting principle (Note 17)| |383.1| |\n|Prior period adjustments (Note 17)| |(2.6)|3.5|\n|Net operating cost| |(665.0)|(364.9)|\n|Net position, end of period|(7,104.7)|(6,820.2)| |\n\nThe accompanying notes are an integral part of these financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Operations and Changes in Net Position", + "md": "# Statements of Operations and Changes in Net Position", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "for the Years Ended September 30, 2003, and September 30, 2002", + "md": "# for the Years Ended September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(In billions of dollars)", + "md": "# (In billions of dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "2003", + "2002", + "" + ], + [ + "Revenue:", + "", + "", + "" + ], + [ + "Individual income tax and tax withholdings", + "1,481.3", + "1,538.6", + "" + ], + [ + "Corporation income taxes", + "128.2", + "143.7", + "" + ], + [ + "Unemployment taxes", + "31.2", + "26.2", + "" + ], + [ + "Excise taxes", + "67.6", + "67.9", + "" + ], + [ + "Estate and gift taxes", + "21.9", + "26.4", + "" + ], + [ + "Customs duties", + "19.0", + "18.3", + "" + ], + [ + "Other taxes and receipts", + "39.8", + "49.3", + "" + ], + [ + "Miscellaneous earned revenues", + "7.0", + "7.3", + "" + ], + [ + "Total revenue", + "1,796.0", + "1,877.7", + "" + ], 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|\n|Total revenue|1,796.0|1,877.7| |\n|Less net cost of Government operations|2,485.5|2,259.7| |\n|Unreconciled transactions affecting the change in net position (Note 16)| |24.5| |\n|Net operating cost|(665.0)|(364.9)| |\n|Net position, beginning of period|(6,820.2)|(6,458.8)| |\n|Change in accounting principle (Note 17)| |383.1| |\n|Prior period adjustments (Note 17)| |(2.6)|3.5|\n|Net operating cost| |(665.0)|(364.9)|\n|Net position, end of period|(7,104.7)|(6,820.2)| |", + "isPerfectTable": true, + "csv": "\"\",\"2003\",\"2002\",\"\"\n\"Revenue:\",\"\",\"\",\"\"\n\"Individual income tax and tax withholdings\",\"1,481.3\",\"1,538.6\",\"\"\n\"Corporation income taxes\",\"128.2\",\"143.7\",\"\"\n\"Unemployment taxes\",\"31.2\",\"26.2\",\"\"\n\"Excise taxes\",\"67.6\",\"67.9\",\"\"\n\"Estate and gift taxes\",\"21.9\",\"26.4\",\"\"\n\"Customs duties\",\"19.0\",\"18.3\",\"\"\n\"Other taxes and receipts\",\"39.8\",\"49.3\",\"\"\n\"Miscellaneous earned 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612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 65, + "text": " 60 FINANCIAL STATEMENTS\n United States Government\n Reconciliations of Net Operating Cost and Unified Budget Deficit\n for the Years Ended September 30, 2003, and September 30, 2002\n (In billions of dollars) 2003 2002\n Net operating cost..................................................................................... (665.0) (364.9)\n Components of Net Operating Cost Not Part of the Budget Deficit:\n Increase in Liability for Military Employee Benefits (Note 11):\n Increase in military pension liabilities ....................................................... 9.0 21.7\n Increase in military health liabilities .......................................................... 91.0 11.1\n Increase/(decrease) in other military benefits........................................... 1.1 (0.4)\n Increase in liability for military employee benefits .................................... 101.1 32.4\n Increase in Liability for Veterans Compensation and Burial Benefits (Note 11):\n Increase in liability for veterans ................................................................ 93.3 147.7\n Increase in liability for survivors................................................................ 12.5 9.0\n (Decrease)/increase in liability for burial benefits ..................................... (0.2) 0.6\n Increase in liability for veterans compensation......................................... 105.6 157.3\n Increase in Liability for Civilian Employee Benefits (Note 11):\n Increase in civilian pension liabilities ........................................................ 56.6 16.9\n Increase in civilian health liabilities........................................................... 23.0 16.2\n Increase in other civilian benefits ............................................................. 0.3 5.8\n Increase in liability for civilian employee benefits ..................................... 79.9 38.9\n Decrease in Environmental Liabilities (Note 12):\n (Decrease) in energy's environmental liabilities ....................................... (26.2) (28.7)\n Increase/(decrease) in all others' environmental liabilities ....................... 3.1 (5.1)\n (Decrease) in environmental liabilities...................................................... (23.1) (33.8)\n Depreciation expense.................................................................................. 71.2 20.5\n Property, plant, and equipment disposals and revaluations ....................... 13.0 -\n Increase in benefits due and payable (Note 13) ......................................... 4.7 9.3\n (Increase) in taxes receivable (Note 5) ....................................................... (1.5) (0.3)\n Increase in other liabilities (Note 14)........................................................... 25.1 13.8\n Premium on early buyback of public debt ................................................... - 3.8\n Seigniorage and sale of gold....................................................................... (0.6) (1.0)\n Increase/(decrease) in accounts payable (Note 9) ..................................... 6.4 (0.4)\n Components of the Budget Deficit Not Part of Net Operating Cost:\n Capitalized Fixed Assets:\n Department of Defense............................................................................. (67.5) (18.1)\nCivilian agencies....................................................................................... (34.5) (22.8)\n Total capitalized fixed assets ................................................................. (102.0) (40.9)\n (Increase)/decrease in accounts receivable (Note 3) ................................. (1.8) 2.2\n Decrease/(increase) in inventory (Note 6) .................................................. 17.5 (8.4)\n Increase in other assets (Note 8) ................................................................ (12.3) (2.0)\n Principal repayments of precredit reform loans........................................... 9.1 8.2\n Net amount of all other differences ............................................................. (3.5) 1.0\n Other:\n Prior period adjustments (Note 17) ............................................................. 1.4 6.6\n Unified budget deficit................................................................................ (374.8) (157.7)\n The accompanying notes are an integral part of these financial statements.", + "md": "# FINANCIAL STATEMENTS\n\n# United States Government\n\n# Reconciliations of Net Operating Cost and Unified Budget Deficit\n\n# for the Years Ended September 30, 2003, and September 30, 2002\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Net operating cost|(665.0)|(364.9)|\n|Components of Net Operating Cost Not Part of the Budget Deficit:|Components of Net Operating Cost Not Part of the Budget Deficit:|Components of Net Operating Cost Not Part of the Budget Deficit:|\n|Increase in Liability for Military Employee Benefits (Note 11):| | |\n|Increase in military pension liabilities|9.0|21.7|\n|Increase in military health liabilities|91.0|11.1|\n|Increase/(decrease) in other military benefits|1.1|(0.4)|\n|Increase in liability for military employee benefits|101.1|32.4|\n|Increase in Liability for Veterans Compensation and Burial Benefits (Note 11):| | |\n|Increase in liability for veterans|93.3|147.7|\n|Increase in liability for survivors|12.5|9.0|\n|(Decrease)/increase in liability for burial benefits|(0.2)|0.6|\n|Increase in liability for veterans compensation|105.6|157.3|\n|Increase in Liability for Civilian Employee Benefits (Note 11):| | |\n|Increase in civilian pension liabilities|56.6|16.9|\n|Increase in civilian health liabilities|23.0|16.2|\n|Increase in other civilian benefits|0.3|5.8|\n|Increase in liability for civilian employee benefits|79.9|38.9|\n|Decrease in Environmental Liabilities (Note 12):| | |\n|(Decrease) in energy's environmental liabilities|(26.2)|(28.7)|\n|Increase/(decrease) in all others' environmental liabilities|3.1|(5.1)|\n|(Decrease) in environmental liabilities|(23.1)|(33.8)|\n|Depreciation expense|71.2|20.5|\n|Property, plant, and equipment disposals and revaluations|13.0|-|\n|Increase in benefits due and payable (Note 13)|4.7|9.3|\n|(Increase) in taxes receivable (Note 5)|(1.5)|(0.3)|\n|Increase in other liabilities (Note 14)|25.1|13.8|\n|Premium on early buyback of public debt|-|3.8|\n|Seigniorage and sale of gold|(0.6)|(1.0)|\n|Increase/(decrease) in accounts payable (Note 9)|6.4|(0.4)|\n|Components of the Budget Deficit Not Part of Net Operating Cost:|Components of the Budget Deficit Not Part of Net Operating Cost:|Components of the Budget Deficit Not Part of Net Operating Cost:|\n|Capitalized Fixed Assets:| | |\n|Department of Defense|(67.5)|(18.1)|\n|Civilian agencies|(34.5)|(22.8)|\n|Total capitalized fixed assets|(102.0)|(40.9)|\n|(Increase)/decrease in accounts receivable (Note 3)|(1.8)|2.2|\n|Decrease/(increase) in inventory (Note 6)|17.5|(8.4)|\n|Increase in other assets (Note 8)|(12.3)|(2.0)|\n|Principal repayments of precredit reform loans|9.1|8.2|\n|Net amount of all other differences|(3.5)|1.0|\n|Other:| | |\n|Prior period adjustments (Note 17)|1.4|6.6|\n|Unified budget deficit|(374.8)|(157.7)|\n\nThe accompanying notes are an integral part of these financial statements.", + "images": [], 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"4.7", + "9.3" + ], + [ + "(Increase) in taxes receivable (Note 5)", + "(1.5)", + "(0.3)" + ], + [ + "Increase in other liabilities (Note 14)", + "25.1", + "13.8" + ], + [ + "Premium on early buyback of public debt", + "-", + "3.8" + ], + [ + "Seigniorage and sale of gold", + "(0.6)", + "(1.0)" + ], + [ + "Increase/(decrease) in accounts payable (Note 9)", + "6.4", + "(0.4)" + ], + [ + "Components of the Budget Deficit Not Part of Net Operating Cost:", + "Components of the Budget Deficit Not Part of Net Operating Cost:", + "Components of the Budget Deficit Not Part of Net Operating Cost:" + ], + [ + "Capitalized Fixed Assets:", + "", + "" + ], + [ + "Department of Defense", + "(67.5)", + "(18.1)" + ], + [ + "Civilian agencies", + "(34.5)", + "(22.8)" + ], + [ + "Total capitalized fixed assets", + "(102.0)", + "(40.9)" + ], + [ + "(Increase)/decrease in accounts receivable (Note 3)", + "(1.8)", + "2.2" + ], + [ + "Decrease/(increase) in inventory (Note 6)", + "17.5", + "(8.4)" + ], + [ + "Increase in other assets (Note 8)", + "(12.3)", + "(2.0)" + ], + [ + "Principal repayments of precredit reform loans", + "9.1", + "8.2" + ], + [ + "Net amount of all other differences", + "(3.5)", + "1.0" + ], + [ + "Other:", + "", + "" + ], + [ + "Prior period adjustments (Note 17)", + "1.4", + "6.6" + ], + [ + "Unified budget deficit", + "(374.8)", + "(157.7)" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Net operating cost|(665.0)|(364.9)|\n|Components of Net Operating Cost Not Part of the Budget Deficit:|Components of Net Operating Cost Not Part of the Budget Deficit:|Components of Net Operating Cost Not Part of the Budget Deficit:|\n|Increase in Liability for Military Employee Benefits (Note 11):| | |\n|Increase in military pension liabilities|9.0|21.7|\n|Increase in military health liabilities|91.0|11.1|\n|Increase/(decrease) in other military benefits|1.1|(0.4)|\n|Increase in liability for military employee benefits|101.1|32.4|\n|Increase in Liability for Veterans Compensation and Burial Benefits (Note 11):| | |\n|Increase in liability for veterans|93.3|147.7|\n|Increase in liability for survivors|12.5|9.0|\n|(Decrease)/increase in liability for burial benefits|(0.2)|0.6|\n|Increase in liability for veterans compensation|105.6|157.3|\n|Increase in Liability for Civilian Employee Benefits (Note 11):| | |\n|Increase in civilian pension liabilities|56.6|16.9|\n|Increase in civilian health liabilities|23.0|16.2|\n|Increase in other civilian benefits|0.3|5.8|\n|Increase in liability for civilian employee benefits|79.9|38.9|\n|Decrease in Environmental Liabilities (Note 12):| | |\n|(Decrease) in energy's environmental liabilities|(26.2)|(28.7)|\n|Increase/(decrease) in all others' environmental liabilities|3.1|(5.1)|\n|(Decrease) in environmental liabilities|(23.1)|(33.8)|\n|Depreciation expense|71.2|20.5|\n|Property, plant, and equipment disposals and revaluations|13.0|-|\n|Increase in benefits due and payable (Note 13)|4.7|9.3|\n|(Increase) in taxes receivable (Note 5)|(1.5)|(0.3)|\n|Increase in other liabilities (Note 14)|25.1|13.8|\n|Premium on early buyback of public debt|-|3.8|\n|Seigniorage and sale of gold|(0.6)|(1.0)|\n|Increase/(decrease) in accounts payable (Note 9)|6.4|(0.4)|\n|Components of the Budget Deficit Not Part of Net Operating Cost:|Components of the Budget Deficit Not Part of Net Operating Cost:|Components of the Budget Deficit Not Part of Net Operating Cost:|\n|Capitalized Fixed Assets:| | |\n|Department of Defense|(67.5)|(18.1)|\n|Civilian agencies|(34.5)|(22.8)|\n|Total capitalized fixed assets|(102.0)|(40.9)|\n|(Increase)/decrease in accounts receivable (Note 3)|(1.8)|2.2|\n|Decrease/(increase) in inventory (Note 6)|17.5|(8.4)|\n|Increase in other assets (Note 8)|(12.3)|(2.0)|\n|Principal repayments of precredit reform loans|9.1|8.2|\n|Net amount of all other differences|(3.5)|1.0|\n|Other:| | |\n|Prior period adjustments (Note 17)|1.4|6.6|\n|Unified budget deficit|(374.8)|(157.7)|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Net operating cost\",\"(665.0)\",\"(364.9)\"\n\"Components of Net Operating Cost Not Part of the Budget Deficit:\",\"Components of Net Operating Cost Not Part of the Budget Deficit:\",\"Components of Net Operating Cost Not Part of the Budget Deficit:\"\n\"Increase in Liability for Military Employee Benefits (Note 11):\",\"\",\"\"\n\"Increase in military pension liabilities\",\"9.0\",\"21.7\"\n\"Increase in military health liabilities\",\"91.0\",\"11.1\"\n\"Increase/(decrease) in other military benefits\",\"1.1\",\"(0.4)\"\n\"Increase in liability for military employee benefits\",\"101.1\",\"32.4\"\n\"Increase in Liability for Veterans Compensation and Burial Benefits (Note 11):\",\"\",\"\"\n\"Increase in liability for veterans\",\"93.3\",\"147.7\"\n\"Increase in liability for survivors\",\"12.5\",\"9.0\"\n\"(Decrease)/increase in liability for burial benefits\",\"(0.2)\",\"0.6\"\n\"Increase in liability for veterans compensation\",\"105.6\",\"157.3\"\n\"Increase in Liability for Civilian Employee Benefits (Note 11):\",\"\",\"\"\n\"Increase in civilian pension liabilities\",\"56.6\",\"16.9\"\n\"Increase in civilian health liabilities\",\"23.0\",\"16.2\"\n\"Increase in other civilian benefits\",\"0.3\",\"5.8\"\n\"Increase in liability for civilian employee benefits\",\"79.9\",\"38.9\"\n\"Decrease in Environmental Liabilities (Note 12):\",\"\",\"\"\n\"(Decrease) in energy's environmental liabilities\",\"(26.2)\",\"(28.7)\"\n\"Increase/(decrease) in all others' environmental liabilities\",\"3.1\",\"(5.1)\"\n\"(Decrease) in environmental liabilities\",\"(23.1)\",\"(33.8)\"\n\"Depreciation expense\",\"71.2\",\"20.5\"\n\"Property, plant, and equipment disposals and revaluations\",\"13.0\",\"-\"\n\"Increase in benefits due and payable (Note 13)\",\"4.7\",\"9.3\"\n\"(Increase) in taxes receivable (Note 5)\",\"(1.5)\",\"(0.3)\"\n\"Increase in other liabilities (Note 14)\",\"25.1\",\"13.8\"\n\"Premium on early buyback of public debt\",\"-\",\"3.8\"\n\"Seigniorage and sale of gold\",\"(0.6)\",\"(1.0)\"\n\"Increase/(decrease) in accounts payable (Note 9)\",\"6.4\",\"(0.4)\"\n\"Components of the Budget Deficit Not Part of Net Operating Cost:\",\"Components of the Budget Deficit Not Part of Net Operating Cost:\",\"Components of the Budget Deficit Not Part of Net Operating Cost:\"\n\"Capitalized Fixed Assets:\",\"\",\"\"\n\"Department of Defense\",\"(67.5)\",\"(18.1)\"\n\"Civilian agencies\",\"(34.5)\",\"(22.8)\"\n\"Total capitalized fixed assets\",\"(102.0)\",\"(40.9)\"\n\"(Increase)/decrease in accounts receivable (Note 3)\",\"(1.8)\",\"2.2\"\n\"Decrease/(increase) in inventory (Note 6)\",\"17.5\",\"(8.4)\"\n\"Increase in other assets (Note 8)\",\"(12.3)\",\"(2.0)\"\n\"Principal repayments of precredit reform loans\",\"9.1\",\"8.2\"\n\"Net amount of all other differences\",\"(3.5)\",\"1.0\"\n\"Other:\",\"\",\"\"\n\"Prior period adjustments (Note 17)\",\"1.4\",\"6.6\"\n\"Unified budget deficit\",\"(374.8)\",\"(157.7)\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The accompanying notes are an integral part of these financial statements.", + "md": "The accompanying notes are an integral part of these financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 66, + "text": " FINANCIAL STATEMENTS 61\n United States Government\n Statements of Changes in Cash Balance from Unified Budget and Other Activities\n for the Years Ended September 30, 2003, and September 30, 2002\n (In billions of dollars) 2003 2002\n Budget receipts—actual ............................ 1,782.1 1,853.3\n Budget outlays—actual ............................. (2,156.9) (2,011.0)\n Unified budget deficit .............................. (374.8) (157.7)\n Adjustments for Noncash Outlays Included in the Budget:\n Interest accrued by Treasury on debt held\n by the public ............................................... (143.3) (152.0)\n Subsidy expense (Note 4) ...................... 11.8 4.9\n Items Affecting the Cash Balance Not Included in the Budget:\n Net Transactions from Financing Activity:\n Repayment of debt held by the public..... 3,914.7 3,570.2\n Borrowings from the public................... (4,289.1) (3,791.0)\n Total................................................... (374.4) (220.8)\n Net Transactions from Monetary Activity:\n Increase in special drawing rights........ 0.4 0.8\n Increase/(decrease) in other 1\n monetary assets ................................ (4.3) 14.2\n Increase in loans to the IMF......................... 3.2 2.4¹\nTotal............................................................. (0.7) 17.4\n Net Transactions from Other Activities:\n Net direct loan activity.......................... 1.2 13.7\n Interest paid by Treasury on debt\n held by the public .............................. 144.4 158.6\n Premium on early buyback of public debt.. - 3.8\n Net guaranteed loan activity ................ (5.8) (2.3)\n Decrease in miscellaneous assets ...... (0.4) (0.9)\n Increase in allocations of special\n drawing rights .................................... (0.5) (0.2)¹\n Increase in deposit fund balances ....... (2.8) (0.4)\n Decrease in miscellaneous liabilities....... .8 3.3¹\n Seigniorage and other equity............... (.6) (1.0)\n Reclassification of aged unreconciled\n accounts ............................................ 0.1 -\n NRRIT non-Federal securities²............ 21.3 1.5¹\n Total................................................... 157.7 176.1\n Disposition of Deficit .............................. (348.9) (174.4)\n Increase/(decrease) in operating cash\n balance................................................. (25.9) 16.7\n Operating Cash: (Note 2)\n Operating cash balance beginning of\n period ................................................... 60.9 44.2\n Operating cash balance end of period ... 35.0 60.9\n 1 Reclassified/restated.\n 2For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n The accompanying notes are an integral part of these financial statements.", + "md": "# FINANCIAL STATEMENTS\n\n# United States Government\n\n# Statements of Changes in Cash Balance from Unified Budget and Other Activities\n\n# for the Years Ended September 30, 2003, and September 30, 2002\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Budget receipts—actual|1,782.1|1,853.3|\n|Budget outlays—actual|(2,156.9)|(2,011.0)|\n|Unified budget deficit|(374.8)|(157.7)|\n|Adjustments for Noncash Outlays Included in the Budget:|Adjustments for Noncash Outlays Included in the Budget:|Adjustments for Noncash Outlays Included in the Budget:|\n|Interest accrued by Treasury on debt held by the public|(143.3)|(152.0)|\n|Subsidy expense (Note 4)|11.8|4.9|\n|Items Affecting the Cash Balance Not Included in the Budget:|Items Affecting the Cash Balance Not Included in the Budget:|Items Affecting the Cash Balance Not Included in the Budget:|\n|Net Transactions from Financing Activity:| | |\n|Repayment of debt held by the public|3,914.7|3,570.2|\n|Borrowings from the public|(4,289.1)|(3,791.0)|\n|Total|(374.4)|(220.8)|\n|Net Transactions from Monetary Activity:| | |\n|Increase in special drawing rights|0.4|0.8|\n|Increase/(decrease) in other monetary assets|(4.3)|14.2|\n|Increase in loans to the IMF|3.2|2.4¹|\n|Total|(0.7)|17.4|\n|Net Transactions from Other Activities:| | |\n|Net direct loan activity|1.2|13.7|\n|Interest paid by Treasury on debt held by the public|144.4|158.6|\n|Premium on early buyback of public debt|-|3.8|\n|Net guaranteed loan activity|(5.8)|(2.3)|\n|Decrease in miscellaneous assets|(0.4)|(0.9)|\n|Increase in allocations of special drawing rights|(0.5)|(0.2)¹|\n|Increase in deposit fund balances|(2.8)|(0.4)|\n|Decrease in miscellaneous liabilities|0.8|3.3¹|\n|Seigniorage and other equity|(0.6)|(1.0)|\n|Reclassification of aged unreconciled accounts|0.1|-|\n|NRRIT non-Federal securities²|21.3|1.5¹|\n|Total|157.7|176.1|\n|Disposition of Deficit|(348.9)|(174.4)|\n|Increase/(decrease) in operating cash balance|(25.9)|16.7|\n|Operating Cash: (Note 2)| | |\n|Operating cash balance beginning of period|60.9|44.2|\n|Operating cash balance end of period|35.0|60.9|\n\n1 Reclassified/restated.\n\n2 For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n\nThe accompanying notes are an integral part of these financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Changes in Cash Balance from Unified Budget and Other Activities", + "md": "# Statements of Changes in Cash Balance from Unified Budget and Other Activities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "for the Years Ended September 30, 2003, and September 30, 2002", + "md": "# for the Years Ended September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "Budget receipts—actual", + "1,782.1", + "1,853.3" + ], + [ + "Budget outlays—actual", + "(2,156.9)", + "(2,011.0)" + ], + [ + "Unified budget deficit", + "(374.8)", + "(157.7)" + ], + [ + "Adjustments for Noncash Outlays Included in the Budget:", + "Adjustments for Noncash Outlays Included in the Budget:", + "Adjustments for Noncash Outlays Included in the Budget:" + ], + [ + "Interest accrued by Treasury on debt held by the public", + "(143.3)", + "(152.0)" + ], + [ + "Subsidy expense (Note 4)", + "11.8", + "4.9" + ], + [ + "Items Affecting the Cash Balance Not Included in the Budget:", + "Items Affecting the Cash Balance Not Included in the Budget:", + "Items Affecting the Cash Balance Not Included in the Budget:" + ], + [ + "Net Transactions from Financing Activity:", + "", + "" + ], + [ + "Repayment of debt held by the public", + "3,914.7", + "3,570.2" + ], + [ + "Borrowings from the public", + "(4,289.1)", + "(3,791.0)" + ], + [ + "Total", + "(374.4)", + "(220.8)" + ], + [ + "Net Transactions from Monetary Activity:", + "", + "" + ], + [ + "Increase in special drawing rights", + "0.4", + "0.8" + ], + [ + "Increase/(decrease) in other monetary assets", + "(4.3)", + "14.2" + ], + [ + "Increase in loans to the IMF", + "3.2", + "2.4¹" + ], + [ + "Total", + "(0.7)", + "17.4" + ], + [ + "Net Transactions from Other Activities:", + "", + "" + ], + [ + "Net direct loan activity", + "1.2", + "13.7" + ], + [ + "Interest paid by Treasury on debt held by the public", + "144.4", + "158.6" + ], + [ + "Premium on early buyback of public debt", + "-", + "3.8" + ], + [ + "Net guaranteed loan activity", + "(5.8)", + "(2.3)" + ], + [ + "Decrease in miscellaneous assets", + "(0.4)", + "(0.9)" + ], + [ + "Increase in allocations of special drawing rights", + "(0.5)", + "(0.2)¹" + ], + [ + "Increase in deposit fund balances", + "(2.8)", + "(0.4)" + ], + [ + "Decrease in miscellaneous liabilities", + "0.8", + "3.3¹" + ], + [ + "Seigniorage and other equity", + "(0.6)", + "(1.0)" + ], + [ + "Reclassification of aged unreconciled accounts", + "0.1", + "-" + ], + [ + "NRRIT non-Federal securities²", + "21.3", + "1.5¹" + ], + [ + "Total", + "157.7", + "176.1" + ], + [ + "Disposition of Deficit", + "(348.9)", + "(174.4)" + ], + [ + "Increase/(decrease) in operating cash balance", + "(25.9)", + "16.7" + ], + [ + "Operating Cash: (Note 2)", + "", + "" + ], + [ + "Operating cash balance beginning of period", + "60.9", + "44.2" + ], + [ + "Operating cash balance end of period", + "35.0", + "60.9" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Budget receipts—actual|1,782.1|1,853.3|\n|Budget outlays—actual|(2,156.9)|(2,011.0)|\n|Unified budget deficit|(374.8)|(157.7)|\n|Adjustments for Noncash Outlays Included in the Budget:|Adjustments for Noncash Outlays Included in the Budget:|Adjustments for Noncash Outlays Included in the Budget:|\n|Interest accrued by Treasury on debt held by the public|(143.3)|(152.0)|\n|Subsidy expense (Note 4)|11.8|4.9|\n|Items Affecting the Cash Balance Not Included in the Budget:|Items Affecting the Cash Balance Not Included in the Budget:|Items Affecting the Cash Balance Not Included in the Budget:|\n|Net Transactions from Financing Activity:| | |\n|Repayment of debt held by the public|3,914.7|3,570.2|\n|Borrowings from the public|(4,289.1)|(3,791.0)|\n|Total|(374.4)|(220.8)|\n|Net Transactions from Monetary Activity:| | |\n|Increase in special drawing rights|0.4|0.8|\n|Increase/(decrease) in other monetary assets|(4.3)|14.2|\n|Increase in loans to the IMF|3.2|2.4¹|\n|Total|(0.7)|17.4|\n|Net Transactions from Other Activities:| | |\n|Net direct loan activity|1.2|13.7|\n|Interest paid by Treasury on debt held by the public|144.4|158.6|\n|Premium on early buyback of public debt|-|3.8|\n|Net guaranteed loan activity|(5.8)|(2.3)|\n|Decrease in miscellaneous assets|(0.4)|(0.9)|\n|Increase in allocations of special drawing rights|(0.5)|(0.2)¹|\n|Increase in deposit fund balances|(2.8)|(0.4)|\n|Decrease in miscellaneous liabilities|0.8|3.3¹|\n|Seigniorage and other equity|(0.6)|(1.0)|\n|Reclassification of aged unreconciled accounts|0.1|-|\n|NRRIT non-Federal securities²|21.3|1.5¹|\n|Total|157.7|176.1|\n|Disposition of Deficit|(348.9)|(174.4)|\n|Increase/(decrease) in operating cash balance|(25.9)|16.7|\n|Operating Cash: (Note 2)| | |\n|Operating cash balance beginning of period|60.9|44.2|\n|Operating cash balance end of period|35.0|60.9|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Budget receipts—actual\",\"1,782.1\",\"1,853.3\"\n\"Budget outlays—actual\",\"(2,156.9)\",\"(2,011.0)\"\n\"Unified budget deficit\",\"(374.8)\",\"(157.7)\"\n\"Adjustments for Noncash Outlays Included in the Budget:\",\"Adjustments for Noncash Outlays Included in the Budget:\",\"Adjustments for Noncash Outlays Included in the Budget:\"\n\"Interest accrued by Treasury on debt held by the public\",\"(143.3)\",\"(152.0)\"\n\"Subsidy expense (Note 4)\",\"11.8\",\"4.9\"\n\"Items Affecting the Cash Balance Not Included in the Budget:\",\"Items Affecting the Cash Balance Not Included in the Budget:\",\"Items Affecting the Cash Balance Not Included in the Budget:\"\n\"Net Transactions from Financing Activity:\",\"\",\"\"\n\"Repayment of debt held by the public\",\"3,914.7\",\"3,570.2\"\n\"Borrowings from the public\",\"(4,289.1)\",\"(3,791.0)\"\n\"Total\",\"(374.4)\",\"(220.8)\"\n\"Net Transactions from Monetary Activity:\",\"\",\"\"\n\"Increase in special drawing rights\",\"0.4\",\"0.8\"\n\"Increase/(decrease) in other monetary assets\",\"(4.3)\",\"14.2\"\n\"Increase in loans to the IMF\",\"3.2\",\"2.4¹\"\n\"Total\",\"(0.7)\",\"17.4\"\n\"Net Transactions from Other Activities:\",\"\",\"\"\n\"Net direct loan activity\",\"1.2\",\"13.7\"\n\"Interest paid by Treasury on debt held by the public\",\"144.4\",\"158.6\"\n\"Premium on early buyback of public debt\",\"-\",\"3.8\"\n\"Net guaranteed loan activity\",\"(5.8)\",\"(2.3)\"\n\"Decrease in miscellaneous assets\",\"(0.4)\",\"(0.9)\"\n\"Increase in allocations of special drawing rights\",\"(0.5)\",\"(0.2)¹\"\n\"Increase in deposit fund balances\",\"(2.8)\",\"(0.4)\"\n\"Decrease in miscellaneous liabilities\",\"0.8\",\"3.3¹\"\n\"Seigniorage and other equity\",\"(0.6)\",\"(1.0)\"\n\"Reclassification of aged unreconciled accounts\",\"0.1\",\"-\"\n\"NRRIT non-Federal securities²\",\"21.3\",\"1.5¹\"\n\"Total\",\"157.7\",\"176.1\"\n\"Disposition of Deficit\",\"(348.9)\",\"(174.4)\"\n\"Increase/(decrease) in operating cash balance\",\"(25.9)\",\"16.7\"\n\"Operating Cash: (Note 2)\",\"\",\"\"\n\"Operating cash balance beginning of period\",\"60.9\",\"44.2\"\n\"Operating cash balance end of period\",\"35.0\",\"60.9\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 Reclassified/restated.\n\n2 For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n\nThe accompanying notes are an integral part of these financial statements.", + "md": "1 Reclassified/restated.\n\n2 For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n\nThe accompanying notes are an integral part of these financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 67, + "text": " 62 FINANCIAL STATEMENTS\n United States Government\n Balance Sheets\n as of September 30, 2003, and September 30, 2002\n (In billions of dollars) 2003 2002\n Assets:\n Cash and other monetary assets (Note 2) ..................................... 119.6 141.6\n Accounts receivable, net (Note 3) .................................................. 33.8 32.0\n Loans receivable, net (Note 4) ....................................................... 221.1 219.2\n Taxes receivable, net (Note 5) ....................................................... 22.9 21.4\n Inventories and related property, net (Note 6)................................ 241.2 192.2\n Property, plant, and equipment, net (Note 7) ................................. 658.2 324.7\n Other assets (Note 8) ..................................................................... 97.1 65.4\n Total assets.................................................................................. 1,393.9 996.5\n Liabilities:\n Accounts payable (Note 9) ............................................................. 62.2 55.8\n Federal debt securities held by the public and accrued interest\n(Note 10) ...................................................................................... 3,944.9 3,573.2\n Federal employee and veteran benefits payable (Note 11) ........... 3,880.0 3,589.4\n Environmental and disposal liabilities (Note 12)............................. 249.9 273.0\n Benefits due and payable (Note 13)............................................... 100.0 95.3\n Loan guarantee liabilities (Note 4).................................................. 34.6 28.1\n Other liabilities (Note 14) ................................................................ 227.0 201.9\nTotal liabilities .............................................................................. 8,498.6 7,816.7\n Contingent liabilities (Note 18) and Commitments (Note 19)\n Net position...................................................................................... (7,104.7) (6,820.2)\n Total liabilities and net position ................................................. 1,393.9 996.5\n The accompanying notes are an integral part of these financial statements.", + "md": "# FINANCIAL STATEMENTS\n\n# United States Government\n\n# Balance Sheets\n\n# as of September 30, 2003, and September 30, 2002\n\n# (In billions of dollars)\n\n| |2003|2002|\n|---|---|---|\n|Assets:| | |\n|Cash and other monetary assets (Note 2)|119.6|141.6|\n|Accounts receivable, net (Note 3)|33.8|32.0|\n|Loans receivable, net (Note 4)|221.1|219.2|\n|Taxes receivable, net (Note 5)|22.9|21.4|\n|Inventories and related property, net (Note 6)|241.2|192.2|\n|Property, plant, and equipment, net (Note 7)|658.2|324.7|\n|Other assets (Note 8)|97.1|65.4|\n|Total assets|1,393.9|996.5|\n|Liabilities:| | |\n|Accounts payable (Note 9)|62.2|55.8|\n|Federal debt securities held by the public and accrued interest (Note 10)|3,944.9|3,573.2|\n|Federal employee and veteran benefits payable (Note 11)|3,880.0|3,589.4|\n|Environmental and disposal liabilities (Note 12)|249.9|273.0|\n|Benefits due and payable (Note 13)|100.0|95.3|\n|Loan guarantee liabilities (Note 4)|34.6|28.1|\n|Other liabilities (Note 14)|227.0|201.9|\n|Total liabilities|8,498.6|7,816.7|\n|Contingent liabilities (Note 18) and Commitments (Note 19)| | |\n|Net position|(7,104.7)|(6,820.2)|\n|Total liabilities and net position|1,393.9|996.5|\n\nThe accompanying notes are an integral part of these financial statements.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "FINANCIAL STATEMENTS", + "md": "# FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Balance Sheets", + "md": "# Balance Sheets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "as of September 30, 2003, and September 30, 2002", + "md": "# as of September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(In billions of dollars)", + "md": "# (In billions of dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "2003", + "2002" + ], + [ + "Assets:", + "", + "" + ], + [ + "Cash and other monetary assets (Note 2)", + "119.6", + "141.6" + ], + [ + "Accounts receivable, net (Note 3)", + "33.8", + "32.0" + ], + [ + "Loans receivable, net (Note 4)", + "221.1", + "219.2" + ], + [ + "Taxes receivable, net (Note 5)", + "22.9", + "21.4" + ], + [ + "Inventories and related property, net (Note 6)", + "241.2", + "192.2" + ], + [ + "Property, plant, and equipment, net (Note 7)", + "658.2", + "324.7" + ], + [ + "Other assets (Note 8)", + "97.1", + "65.4" + ], + [ + "Total assets", + "1,393.9", + "996.5" + ], + [ + "Liabilities:", + "", + "" + ], + [ + "Accounts payable (Note 9)", + "62.2", + "55.8" + ], + [ + "Federal debt securities held by the public and accrued interest (Note 10)", + "3,944.9", + "3,573.2" + ], + [ + "Federal employee and veteran benefits payable (Note 11)", + "3,880.0", + "3,589.4" + ], + [ + "Environmental and disposal liabilities (Note 12)", + "249.9", + "273.0" + ], + [ + "Benefits due and payable (Note 13)", + "100.0", + "95.3" + ], + [ + "Loan guarantee liabilities (Note 4)", + "34.6", + "28.1" + ], + [ + "Other liabilities (Note 14)", + "227.0", + "201.9" + ], + [ + "Total liabilities", + "8,498.6", + "7,816.7" + ], + [ + "Contingent liabilities (Note 18) and Commitments (Note 19)", + "", + "" + ], + [ + "Net position", + "(7,104.7)", + "(6,820.2)" + ], + [ + "Total liabilities and net position", + "1,393.9", + "996.5" + ] + ], + "md": "| |2003|2002|\n|Assets:| | |\n|Cash and other monetary assets (Note 2)|119.6|141.6|\n|Accounts receivable, net (Note 3)|33.8|32.0|\n|Loans receivable, net (Note 4)|221.1|219.2|\n|Taxes receivable, net (Note 5)|22.9|21.4|\n|Inventories and related property, net (Note 6)|241.2|192.2|\n|Property, plant, and equipment, net (Note 7)|658.2|324.7|\n|Other assets (Note 8)|97.1|65.4|\n|Total assets|1,393.9|996.5|\n|Liabilities:| | |\n|Accounts payable (Note 9)|62.2|55.8|\n|Federal debt securities held by the public and accrued interest (Note 10)|3,944.9|3,573.2|\n|Federal employee and veteran benefits payable (Note 11)|3,880.0|3,589.4|\n|Environmental and disposal liabilities (Note 12)|249.9|273.0|\n|Benefits due and payable (Note 13)|100.0|95.3|\n|Loan guarantee liabilities (Note 4)|34.6|28.1|\n|Other liabilities (Note 14)|227.0|201.9|\n|Total liabilities|8,498.6|7,816.7|\n|Contingent liabilities (Note 18) and Commitments (Note 19)| | |\n|Net position|(7,104.7)|(6,820.2)|\n|Total liabilities and net position|1,393.9|996.5|", + "isPerfectTable": true, + "csv": "\"\",\"2003\",\"2002\"\n\"Assets:\",\"\",\"\"\n\"Cash and other monetary assets (Note 2)\",\"119.6\",\"141.6\"\n\"Accounts receivable, net (Note 3)\",\"33.8\",\"32.0\"\n\"Loans receivable, net (Note 4)\",\"221.1\",\"219.2\"\n\"Taxes receivable, net (Note 5)\",\"22.9\",\"21.4\"\n\"Inventories and related property, net (Note 6)\",\"241.2\",\"192.2\"\n\"Property, plant, and equipment, net (Note 7)\",\"658.2\",\"324.7\"\n\"Other assets (Note 8)\",\"97.1\",\"65.4\"\n\"Total assets\",\"1,393.9\",\"996.5\"\n\"Liabilities:\",\"\",\"\"\n\"Accounts payable (Note 9)\",\"62.2\",\"55.8\"\n\"Federal debt securities held by the public and accrued interest (Note 10)\",\"3,944.9\",\"3,573.2\"\n\"Federal employee and veteran benefits payable (Note 11)\",\"3,880.0\",\"3,589.4\"\n\"Environmental and disposal liabilities (Note 12)\",\"249.9\",\"273.0\"\n\"Benefits due and payable (Note 13)\",\"100.0\",\"95.3\"\n\"Loan guarantee liabilities (Note 4)\",\"34.6\",\"28.1\"\n\"Other liabilities (Note 14)\",\"227.0\",\"201.9\"\n\"Total liabilities\",\"8,498.6\",\"7,816.7\"\n\"Contingent liabilities (Note 18) and Commitments (Note 19)\",\"\",\"\"\n\"Net position\",\"(7,104.7)\",\"(6,820.2)\"\n\"Total liabilities and net position\",\"1,393.9\",\"996.5\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The accompanying notes are an integral part of these financial statements.", + "md": "The accompanying notes are an integral part of these financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 68, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 63\nUnited States Government\nStewardship Information (Unaudited)\nfor the Years Ended September 30, 2003,\nand September 30, 2002\n Stewardship Responsibilities\n The social insurance programs were developed to provide income security and health care coverage to citizens\nunder specific circumstances as a responsibility of the Government. Because taxpayers rely on social insurance in\ntheir long-term planning, social insurance programs should show their sustainability as currently constructed, as well\nas what their effect will be on the Government’s financial condition. The resources needed to run these programs are\nraised through taxes and fees. Eligibility for benefits rests in part on earnings and time worked by the individuals. Social\ninsurance program benefits sometimes are redistributed intentionally toward lower-wage workers. In addition, each social\ninsurance program has a uniform set of entitling events and schedules that apply to all participants.\n Statements of Social Insurance\n These statements present estimates for several key indicators of the status of the Social Security and Medicare\nprograms.¹ These estimates are based on long-range actuarial projections for persons who are participants or\neventually will participate in the programs as contributors (workers) or beneficiaries (retired workers, survivors, and\ndisabled) during a 75-year time period. Refer to the footnotes at the bottom of these statements for the projection\nvaluation date.\n1 In our 2002 report, we were able to include an update of selected key data elements from the 2003 Annual Reports of the Boards of Trustees of\nthe OASDI and Medicare Trust Funds that became available subsequent to the detailed social insurance disclosures in that report. Due to the\naccelerated issuance of our report this year, updated information from the 2004 Annual Reports of the Trustees is not available. Data from those\nreports will be used to prepare the social insurance disclosures in our 2004 report.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# United States Government\n\n# Stewardship Information (Unaudited)\n\n# for the Years Ended September 30, 2003, and September 30, 2002\n\n# Stewardship Responsibilities\n\nThe social insurance programs were developed to provide income security and health care coverage to citizens under specific circumstances as a responsibility of the Government. Because taxpayers rely on social insurance in their long-term planning, social insurance programs should show their sustainability as currently constructed, as well as what their effect will be on the Government’s financial condition. The resources needed to run these programs are raised through taxes and fees. Eligibility for benefits rests in part on earnings and time worked by the individuals. Social insurance program benefits sometimes are redistributed intentionally toward lower-wage workers. In addition, each social insurance program has a uniform set of entitling events and schedules that apply to all participants.\n\n# Statements of Social Insurance\n\nThese statements present estimates for several key indicators of the status of the Social Security and Medicare programs.1 These estimates are based on long-range actuarial projections for persons who are participants or eventually will participate in the programs as contributors (workers) or beneficiaries (retired workers, survivors, and disabled) during a 75-year time period. Refer to the footnotes at the bottom of these statements for the projection valuation date.\n\n1 In our 2002 report, we were able to include an update of selected key data elements from the 2003 Annual Reports of the Boards of Trustees of the OASDI and Medicare Trust Funds that became available subsequent to the detailed social insurance disclosures in that report. Due to the accelerated issuance of our report this year, updated information from the 2004 Annual Reports of the Trustees is not available. Data from those reports will be used to prepare the social insurance disclosures in our 2004 report.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Information (Unaudited)", + "md": "# Stewardship Information (Unaudited)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "for the Years Ended September 30, 2003, and September 30, 2002", + "md": "# for the Years Ended September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Responsibilities", + "md": "# Stewardship Responsibilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The social insurance programs were developed to provide income security and health care coverage to citizens under specific circumstances as a responsibility of the Government. Because taxpayers rely on social insurance in their long-term planning, social insurance programs should show their sustainability as currently constructed, as well as what their effect will be on the Government’s financial condition. The resources needed to run these programs are raised through taxes and fees. Eligibility for benefits rests in part on earnings and time worked by the individuals. Social insurance program benefits sometimes are redistributed intentionally toward lower-wage workers. In addition, each social insurance program has a uniform set of entitling events and schedules that apply to all participants.", + "md": "The social insurance programs were developed to provide income security and health care coverage to citizens under specific circumstances as a responsibility of the Government. Because taxpayers rely on social insurance in their long-term planning, social insurance programs should show their sustainability as currently constructed, as well as what their effect will be on the Government’s financial condition. The resources needed to run these programs are raised through taxes and fees. Eligibility for benefits rests in part on earnings and time worked by the individuals. Social insurance program benefits sometimes are redistributed intentionally toward lower-wage workers. In addition, each social insurance program has a uniform set of entitling events and schedules that apply to all participants.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Social Insurance", + "md": "# Statements of Social Insurance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "These statements present estimates for several key indicators of the status of the Social Security and Medicare programs.1 These estimates are based on long-range actuarial projections for persons who are participants or eventually will participate in the programs as contributors (workers) or beneficiaries (retired workers, survivors, and disabled) during a 75-year time period. Refer to the footnotes at the bottom of these statements for the projection valuation date.\n\n1 In our 2002 report, we were able to include an update of selected key data elements from the 2003 Annual Reports of the Boards of Trustees of the OASDI and Medicare Trust Funds that became available subsequent to the detailed social insurance disclosures in that report. Due to the accelerated issuance of our report this year, updated information from the 2004 Annual Reports of the Trustees is not available. Data from those reports will be used to prepare the social insurance disclosures in our 2004 report.", + "md": "These statements present estimates for several key indicators of the status of the Social Security and Medicare programs.1 These estimates are based on long-range actuarial projections for persons who are participants or eventually will participate in the programs as contributors (workers) or beneficiaries (retired workers, survivors, and disabled) during a 75-year time period. Refer to the footnotes at the bottom of these statements for the projection valuation date.\n\n1 In our 2002 report, we were able to include an update of selected key data elements from the 2003 Annual Reports of the Boards of Trustees of the OASDI and Medicare Trust Funds that became available subsequent to the detailed social insurance disclosures in that report. Due to the accelerated issuance of our report this year, updated information from the 2004 Annual Reports of the Trustees is not available. Data from those reports will be used to prepare the social insurance disclosures in our 2004 report.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 69, + "text": " 64 STEWARDSHIP INFORMATION (UNAUDITED)\n United States Government\n Statements of Social Insurance\n Present Value of Long-Range Actuarial Projections\n (In billions of dollars) 2003 2002 2001 2000\n Federal Old-Age, Survivors and Disability Insurance (Social Security):\n Contributions and Earmarked Taxes from:\n Participants who have attained age 62............................... 359 348 309 266\n Participants ages 15-61 ...................................................... 13,576 13,048 12,349 11,335\n Future participants (under age 15 and births during period) ... 12,213 11,893 11,035 10,088\n All current and future participants .................................... 26,147 25,289 23,693 21,689\n Expenditures for Scheduled Future Benefits for:\n Participants who have attained age 62............................... 4,662 4,401 4,256 4,020\n Participants ages 15-61 ...................................................... 21,015 20,210 18,944 17,217\n Future participants (under age 15 and births during period) ... 5,398 5,240 4,700 4,297\n All current and future participants .................................... 31,075 29,851 27,900 25,534\n Present value of future expenditures less future revenue .. 4,927¹ 4,562² 4,207³ 3,845⁴\n Federal Hospital Insurance (Medicare Part A):\n Contributions and Earmarked Taxes from:\n Participants who have attained eligibility age ..................... 128 125 113 97\n Participants who have not attained eligibility age ............... 4,510 4,408 4,136 3,757\nFuture participants .................................................................... 3,773 3,753 3,507 3,179\n All current and future participants .................................... 8,411 8,286 7,756 7,033\n Expenditures for Scheduled Future Benefits for:\n Participants who have attained eligibility age ..................... 1,897 1,747 1,693 1,681\n Participants who have not attained eligibility age ............... 10,028 9,195 8,568 6,702\nFuture participants .................................................................... 2,653 2,470 2,225 1,349\n All current and future participants .................................... 14,577 13,412 12,487 9,732\n Present value of future expenditures less future revenue .. 6,166¹ 5,126² 4,730³ 2,699⁴\n Federal Supplementary Medical Insurance (Medicare Part B):\n Premiums:\n Participants who have attained eligibility age ..................... 284 252 258 234\n Participants who have not attained eligibility age ............... 2,148 1,856 1,845 1,527\nFuture participants .................................................................... 688 600 593 404\n All current and future participants .................................... 3,120 2,708 2,696 2,165\n Expenditures for Scheduled Future Benefits for:\n Participants who have attained eligibility age ..................... 1,306 1,132 1,159 1,051\n Participants who have not attained eligibility age ............... 8,845 7,463 7,415 6,094\nFuture participants .................................................................... 2,622 2,238 2,206 1,514\n All current and future participants .................................... 12,773 10,833 10,780 8,659\n Present value of future expenditures less future revenue .. 9,653¹ 8,125² 8,084³ 6,494⁴\n Railroad Retirement present value of future expenditures 22¹ 20² 19⁵ 8⁶\n less future revenue...................................................................\n Black Lung (Part C) present value of future expenditures (4)⁷ (5)⁸ (4)⁹ (4)¹⁰\n less future revenue ..................................................................\n 1 The projection period is 1/1/2003 - 12/31/2077 and the valuation date is 1/1/2003.\n 2 The projection period is 1/1/2002 - 12/31/2076 and the valuation date is 1/1/2002.\n 3 The projection period is 1/1/2001 - 12/31/2075 and the valuation date is 1/1/2001.\n 4 The projection period is 1/1/2000 - 12/31/2074 and the valuation date is 1/1/2000.\n 5 The projection period is 1/1/2001 - 12/31/2076 and the valuation date is 1/1/2001.\n 6 The projection period is 9/30/2000 - 12/31/2073 and the valuation date is 12/31/1998.\n 7 The projection period is 9/30/2003 - 9/30/2040 and the valuation date is 6/30/2003.\n 8 The projection period is 9/30/2002 - 9/30/2040 and the valuation date is 6/30/2002.\n 9 The projection period is 9/30/2001 - 9/30/2040 and the valuation date is 6/30/2001.\n 10The projection period is 9/30/2000 - 9/30/2040 and the valuation date is 6/30/2000.\n Note: Details may not add to totals due to rounding.\n The following notes are an integral part of this statement.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# United States Government\n\n# Statements of Social Insurance\n\n# Present Value of Long-Range Actuarial Projections\n\n|(In billions of dollars)|2003|2002|2001|2000|\n|---|---|---|---|---|\n|Federal Old-Age, Survivors and Disability Insurance (Social Security):| | | | |\n|Contributions and Earmarked Taxes from:| | | | |\n|Participants who have attained age 62|359|348|309|266|\n|Participants ages 15-61|13,576|13,048|12,349|11,335|\n|Future participants (under age 15 and births during period)|12,213|11,893|11,035|10,088|\n|All current and future participants|26,147|25,289|23,693|21,689|\n|Expenditures for Scheduled Future Benefits for:| | | | |\n|Participants who have attained age 62|4,662|4,401|4,256|4,020|\n|Participants ages 15-61|21,015|20,210|18,944|17,217|\n|Future participants (under age 15 and births during period)|5,398|5,240|4,700|4,297|\n|All current and future participants|31,075|29,851|27,900|25,534|\n|Present value of future expenditures less future revenue|4,927¹|4,562²|4,207³|3,845⁴|\n|Federal Hospital Insurance (Medicare Part A):| | | | |\n|Contributions and Earmarked Taxes from:| | | | |\n|Participants who have attained eligibility age|128|125|113|97|\n|Participants who have not attained eligibility age|4,510|4,408|4,136|3,757|\n|Future participants|3,773|3,753|3,507|3,179|\n|All current and future participants|8,411|8,286|7,756|7,033|\n|Expenditures for Scheduled Future Benefits for:| | | | |\n|Participants who have attained eligibility age|1,897|1,747|1,693|1,681|\n|Participants who have not attained eligibility age|10,028|9,195|8,568|6,702|\n|Future participants|2,653|2,470|2,225|1,349|\n|All current and future participants|14,577|13,412|12,487|9,732|\n|Present value of future expenditures less future revenue|6,166¹|5,126²|4,730³|2,699⁴|\n|Federal Supplementary Medical Insurance (Medicare Part B):| | | | |\n|Premiums:| | | | |\n|Participants who have attained eligibility age|284|252|258|234|\n|Participants who have not attained eligibility age|2,148|1,856|1,845|1,527|\n|Future participants|688|600|593|404|\n|All current and future participants|3,120|2,708|2,696|2,165|\n|Expenditures for Scheduled Future Benefits for:| | | | |\n|Participants who have attained eligibility age|1,306|1,132|1,159|1,051|\n|Participants who have not attained eligibility age|8,845|7,463|7,415|6,094|\n|Future participants|2,622|2,238|2,206|1,514|\n|All current and future participants|12,773|10,833|10,780|8,659|\n|Present value of future expenditures less future revenue|9,653¹|8,125²|8,084³|6,494⁴|\n|Railroad Retirement present value of future expenditures|22¹|20²|19⁵|8⁶|\n|less future revenue| | | | |\n|Black Lung (Part C) present value of future expenditures|(4)⁷|(5)⁸|(4)⁹|(4)¹⁰|\n|less future revenue| | | | |\n\n1 The projection period is 1/1/2003 - 12/31/2077 and the valuation date is 1/1/2003.\n\n2 The projection period is 1/1/2002 - 12/31/2076 and the valuation date is 1/1/2002.\n\n3 The projection period is 1/1/2001 - 12/31/2075 and the valuation date is 1/1/2001.\n\n4 The projection period is 1/1/2000 - 12/31/2074 and the valuation date is 1/1/2000.\n\n5 The projection period is 1/1/2001 - 12/31/2076 and the valuation date is 1/1/2001.\n\n6 The projection period is 9/30/2000 - 12/31/2073 and the valuation date is 12/31/1998.\n\n7 The projection period is 9/30/2003 - 9/30/2040 and the valuation date is 6/30/2003.\n\n8 The projection period is 9/30/2002 - 9/30/2040 and the valuation date is 6/30/2002.\n\n9 The projection period is 9/30/2001 - 9/30/2040 and the valuation date is 6/30/2001.\n\n10 The projection period is 9/30/2000 - 9/30/2040 and the valuation date is 6/30/2000.\n\nNote: Details may not add to totals due to rounding.\n\nThe following notes are an integral part of this statement.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statements of Social Insurance", + "md": "# Statements of Social Insurance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Present Value of Long-Range Actuarial Projections", + "md": "# Present Value of Long-Range Actuarial Projections", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002", + "2001", + "2000" + ], + [ + "Federal Old-Age, Survivors and Disability Insurance (Social Security):", + "", + "", + "", + "" + ], + [ + "Contributions and Earmarked Taxes from:", + "", + "", + "", + "" + ], + [ + "Participants who have attained age 62", + "359", + "348", + "309", + "266" + ], + [ + "Participants ages 15-61", + "13,576", + "13,048", + "12,349", + "11,335" + ], + [ + "Future participants (under age 15 and births during period)", + "12,213", + "11,893", + "11,035", + "10,088" + ], + [ + "All current and future participants", + "26,147", + "25,289", + "23,693", + "21,689" + ], + [ + "Expenditures for Scheduled Future Benefits for:", + "", + "", + "", + "" + ], + [ + "Participants who have attained age 62", + "4,662", + "4,401", + "4,256", + "4,020" + ], + [ + "Participants ages 15-61", + "21,015", + "20,210", + "18,944", + "17,217" + ], + [ + "Future participants (under age 15 and births during period)", + "5,398", + "5,240", + "4,700", + "4,297" + ], + [ + "All current and future participants", + "31,075", + "29,851", + "27,900", + "25,534" + ], + [ + "Present value of future expenditures less future revenue", + "4,927¹", + "4,562²", + "4,207³", + "3,845⁴" + ], + [ + "Federal Hospital Insurance (Medicare Part A):", + "", + "", + "", + "" + ], + [ + "Contributions and Earmarked Taxes from:", + "", + "", + "", + "" + ], + [ + "Participants who have attained eligibility age", + "128", + "125", + "113", + "97" + ], + [ + "Participants who have not attained eligibility age", + "4,510", + "4,408", + "4,136", + "3,757" + ], + [ + "Future participants", + "3,773", + "3,753", + "3,507", + "3,179" + ], + [ + "All current and future participants", + "8,411", + "8,286", + "7,756", + "7,033" + ], + [ + "Expenditures for Scheduled Future Benefits for:", + "", + "", + "", + "" + ], + [ + "Participants who have attained eligibility age", + "1,897", + "1,747", + "1,693", + "1,681" + ], + [ + "Participants who have not attained eligibility age", + "10,028", + "9,195", + "8,568", + "6,702" + ], + [ + "Future participants", + "2,653", + "2,470", + "2,225", + "1,349" + ], + [ + "All current and future participants", + "14,577", + "13,412", + "12,487", + "9,732" + ], + [ + "Present value of future expenditures less future revenue", + "6,166¹", + "5,126²", + "4,730³", + "2,699⁴" + ], + [ + "Federal Supplementary Medical Insurance (Medicare Part B):", + "", + "", + "", + "" + ], + [ + "Premiums:", + "", + "", + "", + "" + ], + [ + "Participants who have attained eligibility age", + "284", + "252", + "258", + "234" + ], + [ + "Participants who have not attained eligibility age", + "2,148", + "1,856", + "1,845", + "1,527" + ], + [ + "Future participants", + "688", + "600", + "593", + "404" + ], + [ + "All current and future participants", + "3,120", + "2,708", + "2,696", + "2,165" + ], + [ + "Expenditures for Scheduled Future Benefits for:", + "", + "", + "", + "" + ], + [ + "Participants who have attained eligibility age", + "1,306", + "1,132", + "1,159", + "1,051" + ], + [ + "Participants who have not attained eligibility age", + "8,845", + "7,463", + "7,415", + "6,094" + ], + [ + "Future participants", + "2,622", + "2,238", + "2,206", + "1,514" + ], + [ + "All current and future participants", + "12,773", + "10,833", + "10,780", + "8,659" + ], + [ + "Present value of future expenditures less future revenue", + "9,653¹", + "8,125²", + "8,084³", + "6,494⁴" + ], + [ + "Railroad Retirement present value of future expenditures", + "22¹", + "20²", + "19⁵", + "8⁶" + ], + [ + "less future revenue", + "", + "", + "", + "" + ], + [ + "Black Lung (Part C) present value of future expenditures", + "(4)⁷", + "(5)⁸", + "(4)⁹", + "(4)¹⁰" + ], + [ + "less future revenue", + "", + "", + "", + "" + ] + ], + "md": "|(In billions of dollars)|2003|2002|2001|2000|\n|Federal Old-Age, Survivors and Disability Insurance (Social Security):| | | | |\n|Contributions and Earmarked Taxes from:| | | | |\n|Participants who have attained age 62|359|348|309|266|\n|Participants ages 15-61|13,576|13,048|12,349|11,335|\n|Future participants (under age 15 and births during period)|12,213|11,893|11,035|10,088|\n|All current and future participants|26,147|25,289|23,693|21,689|\n|Expenditures for Scheduled Future Benefits for:| | | | |\n|Participants who have attained age 62|4,662|4,401|4,256|4,020|\n|Participants ages 15-61|21,015|20,210|18,944|17,217|\n|Future participants (under age 15 and births during period)|5,398|5,240|4,700|4,297|\n|All current and future participants|31,075|29,851|27,900|25,534|\n|Present value of future expenditures less future revenue|4,927¹|4,562²|4,207³|3,845⁴|\n|Federal Hospital Insurance (Medicare Part A):| | | | |\n|Contributions and Earmarked Taxes from:| | | | |\n|Participants who have attained eligibility age|128|125|113|97|\n|Participants who have not attained eligibility age|4,510|4,408|4,136|3,757|\n|Future participants|3,773|3,753|3,507|3,179|\n|All current and future participants|8,411|8,286|7,756|7,033|\n|Expenditures for Scheduled Future Benefits for:| | | | |\n|Participants who have attained eligibility age|1,897|1,747|1,693|1,681|\n|Participants who have not attained eligibility age|10,028|9,195|8,568|6,702|\n|Future participants|2,653|2,470|2,225|1,349|\n|All current and future participants|14,577|13,412|12,487|9,732|\n|Present value of future expenditures less future revenue|6,166¹|5,126²|4,730³|2,699⁴|\n|Federal Supplementary Medical Insurance (Medicare Part B):| | | | |\n|Premiums:| | | | |\n|Participants who have attained eligibility age|284|252|258|234|\n|Participants who have not attained eligibility age|2,148|1,856|1,845|1,527|\n|Future participants|688|600|593|404|\n|All current and future participants|3,120|2,708|2,696|2,165|\n|Expenditures for Scheduled Future Benefits for:| | | | |\n|Participants who have attained eligibility age|1,306|1,132|1,159|1,051|\n|Participants who have not attained eligibility age|8,845|7,463|7,415|6,094|\n|Future participants|2,622|2,238|2,206|1,514|\n|All current and future participants|12,773|10,833|10,780|8,659|\n|Present value of future expenditures less future revenue|9,653¹|8,125²|8,084³|6,494⁴|\n|Railroad Retirement present value of future expenditures|22¹|20²|19⁵|8⁶|\n|less future revenue| | | | |\n|Black Lung (Part C) present value of future expenditures|(4)⁷|(5)⁸|(4)⁹|(4)¹⁰|\n|less future revenue| | | | |", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\",\"2001\",\"2000\"\n\"Federal Old-Age, Survivors and Disability Insurance (Social Security):\",\"\",\"\",\"\",\"\"\n\"Contributions and Earmarked Taxes from:\",\"\",\"\",\"\",\"\"\n\"Participants who have attained age 62\",\"359\",\"348\",\"309\",\"266\"\n\"Participants ages 15-61\",\"13,576\",\"13,048\",\"12,349\",\"11,335\"\n\"Future participants (under age 15 and births during period)\",\"12,213\",\"11,893\",\"11,035\",\"10,088\"\n\"All current and future participants\",\"26,147\",\"25,289\",\"23,693\",\"21,689\"\n\"Expenditures for Scheduled Future Benefits for:\",\"\",\"\",\"\",\"\"\n\"Participants who have attained age 62\",\"4,662\",\"4,401\",\"4,256\",\"4,020\"\n\"Participants ages 15-61\",\"21,015\",\"20,210\",\"18,944\",\"17,217\"\n\"Future participants (under age 15 and births during period)\",\"5,398\",\"5,240\",\"4,700\",\"4,297\"\n\"All current and future participants\",\"31,075\",\"29,851\",\"27,900\",\"25,534\"\n\"Present value of future expenditures less future revenue\",\"4,927¹\",\"4,562²\",\"4,207³\",\"3,845⁴\"\n\"Federal Hospital Insurance (Medicare Part A):\",\"\",\"\",\"\",\"\"\n\"Contributions and Earmarked Taxes from:\",\"\",\"\",\"\",\"\"\n\"Participants who have attained eligibility age\",\"128\",\"125\",\"113\",\"97\"\n\"Participants who have not attained eligibility age\",\"4,510\",\"4,408\",\"4,136\",\"3,757\"\n\"Future participants\",\"3,773\",\"3,753\",\"3,507\",\"3,179\"\n\"All current and future participants\",\"8,411\",\"8,286\",\"7,756\",\"7,033\"\n\"Expenditures for Scheduled Future Benefits for:\",\"\",\"\",\"\",\"\"\n\"Participants who have attained eligibility age\",\"1,897\",\"1,747\",\"1,693\",\"1,681\"\n\"Participants who have not attained eligibility age\",\"10,028\",\"9,195\",\"8,568\",\"6,702\"\n\"Future participants\",\"2,653\",\"2,470\",\"2,225\",\"1,349\"\n\"All current and future participants\",\"14,577\",\"13,412\",\"12,487\",\"9,732\"\n\"Present value of future expenditures less future revenue\",\"6,166¹\",\"5,126²\",\"4,730³\",\"2,699⁴\"\n\"Federal Supplementary Medical Insurance (Medicare Part B):\",\"\",\"\",\"\",\"\"\n\"Premiums:\",\"\",\"\",\"\",\"\"\n\"Participants who have attained eligibility age\",\"284\",\"252\",\"258\",\"234\"\n\"Participants who have not attained eligibility age\",\"2,148\",\"1,856\",\"1,845\",\"1,527\"\n\"Future participants\",\"688\",\"600\",\"593\",\"404\"\n\"All current and future participants\",\"3,120\",\"2,708\",\"2,696\",\"2,165\"\n\"Expenditures for Scheduled Future Benefits for:\",\"\",\"\",\"\",\"\"\n\"Participants who have attained eligibility age\",\"1,306\",\"1,132\",\"1,159\",\"1,051\"\n\"Participants who have not attained eligibility age\",\"8,845\",\"7,463\",\"7,415\",\"6,094\"\n\"Future participants\",\"2,622\",\"2,238\",\"2,206\",\"1,514\"\n\"All current and future participants\",\"12,773\",\"10,833\",\"10,780\",\"8,659\"\n\"Present value of future expenditures less future revenue\",\"9,653¹\",\"8,125²\",\"8,084³\",\"6,494⁴\"\n\"Railroad Retirement present value of future expenditures\",\"22¹\",\"20²\",\"19⁵\",\"8⁶\"\n\"less future revenue\",\"\",\"\",\"\",\"\"\n\"Black Lung (Part C) present value of future expenditures\",\"(4)⁷\",\"(5)⁸\",\"(4)⁹\",\"(4)¹⁰\"\n\"less future revenue\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 The projection period is 1/1/2003 - 12/31/2077 and the valuation date is 1/1/2003.\n\n2 The projection period is 1/1/2002 - 12/31/2076 and the valuation date is 1/1/2002.\n\n3 The projection period is 1/1/2001 - 12/31/2075 and the valuation date is 1/1/2001.\n\n4 The projection period is 1/1/2000 - 12/31/2074 and the valuation date is 1/1/2000.\n\n5 The projection period is 1/1/2001 - 12/31/2076 and the valuation date is 1/1/2001.\n\n6 The projection period is 9/30/2000 - 12/31/2073 and the valuation date is 12/31/1998.\n\n7 The projection period is 9/30/2003 - 9/30/2040 and the valuation date is 6/30/2003.\n\n8 The projection period is 9/30/2002 - 9/30/2040 and the valuation date is 6/30/2002.\n\n9 The projection period is 9/30/2001 - 9/30/2040 and the valuation date is 6/30/2001.\n\n10 The projection period is 9/30/2000 - 9/30/2040 and the valuation date is 6/30/2000.\n\nNote: Details may not add to totals due to rounding.\n\nThe following notes are an integral part of this statement.", + "md": "1 The projection period is 1/1/2003 - 12/31/2077 and the valuation date is 1/1/2003.\n\n2 The projection period is 1/1/2002 - 12/31/2076 and the valuation date is 1/1/2002.\n\n3 The projection period is 1/1/2001 - 12/31/2075 and the valuation date is 1/1/2001.\n\n4 The projection period is 1/1/2000 - 12/31/2074 and the valuation date is 1/1/2000.\n\n5 The projection period is 1/1/2001 - 12/31/2076 and the valuation date is 1/1/2001.\n\n6 The projection period is 9/30/2000 - 12/31/2073 and the valuation date is 12/31/1998.\n\n7 The projection period is 9/30/2003 - 9/30/2040 and the valuation date is 6/30/2003.\n\n8 The projection period is 9/30/2002 - 9/30/2040 and the valuation date is 6/30/2002.\n\n9 The projection period is 9/30/2001 - 9/30/2040 and the valuation date is 6/30/2001.\n\n10 The projection period is 9/30/2000 - 9/30/2040 and the valuation date is 6/30/2000.\n\nNote: Details may not add to totals due to rounding.\n\nThe following notes are an integral part of this statement.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 70, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 65\n Notes to the Statements of Social Insurance\n Actuarial present values of the projections are computed based on the economic and demographic assumptions\n believed most likely to occur (the intermediate assumptions) as set forth in the relevant Trustees’ reports and in the\n relevant agency performance and accountability reports for Railroad Retirement and Black Lung.\n Contributions and earmarked taxes consist of payroll taxes from employers, employees, and self-employed\n persons; revenue from Federal income taxation of OASDI and railroad retirement benefits; railroad work-hour tax;\n excise tax on coal (Black Lung); and premiums from participants in Medicare Part B. Income for all programs is\n presented from a consolidated perspective. Interest payments and other intragovernmental transfers have been\n eliminated. The Centers for Medicare & Medicaid Services’ (CMS) 2003 Financial Report presents income from the\n trust fund’s perspective, not a Governmentwide perspective. Therefore, CMS’ Financial Report includes $9,653\n billion for the present value of transfers from the general fund of the Treasury to the Medicare Part B Trust Fund\n that have been eliminated in this Financial Report. Expenditures include scheduled benefit payments and\n administrative expenses. The term “scheduled” is used to signify that projected benefits are those intended under\n current program rules if financing were adequate to pay those benefits in full. Current Social Security law does not\n provide for full benefit payments after the trust funds are exhausted.\n Future participants include births during the period and individuals below age 15 as of January 1 of the\n valuation year.\n The present values of future expenditures less future revenues is the current amount of funds needed to cover\n projected shortfalls, excluding the starting trust fund balances, over the projection period. They are calculated by\n subtracting the actuarial present values of future scheduled contributions and tax income by and on behalf of current\n and future participants from the actuarial present value of the future scheduled benefit payments to them or on their\n behalf. For these calculations, the trust fund balances at the beginning of the valuation period are not included. The\n trust fund balances at the beginning of 2003, 2002, 2001, and 2000, respectively, were (in billions of dollars):\n $1,378, $1,213, $1,049, and $896—Social Security; $234.8, $208.7, $177.5, and $141.4—Medicare Part A; $34.3,\n $41.3, $44.0, and $44.8—Medicare Part B; $22, $24, $19, and $17—Railroad Retirement, and the Black Lung Trust\n Fund, which had negative balances of $8.2, $7.7, $7.2, and $6.7.\n The projection period for future participants covers the next 75 years for the Social Security and Medicare\n programs. The projection period for current participants (i.e., those age 15 and over on January 1 of the valuation\n year, referred to as the “closed group”) would theoretically cover all of their working and retirement years, a period\n that could be greater than 75 years in a few instances.\n For Social Security and Medicare, further information can be obtained from the Social Security Administration\n (SSA) (The 2003 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and\n Disability Insurance Trust Funds)and from the Department of Health and Human Services (HHS) (The 2003\n Annual Report of the Boards of the Trustees of the Federal Hospital Insurance and the Federal Supplementary\n Medical Insurance Trust Funds).\n Social Security and Medicare\n Social Security\n The Federal Old-Age and Survivors Insurance (OASI) Trust Fund was established on January 1, 1940, as a\nseparate account in the United States Treasury. The Federal Disability Insurance (DI) Trust Fund, another separate\n account in the United States Treasury was established on August 1, 1956. OASI pays cash retirement benefits to\n eligible retirees and their eligible dependents and survivors and the much smaller DI fund pays cash benefits to\n eligible individuals who are unable to work due to medical conditions. Though the events that trigger benefit\n payments are quite different, both trust funds have the same earmarked financing structure: primarily payroll taxes\n and income taxes on benefits. All financial operations of the OASI and DI programs are handled through these\n respective funds. The two funds are often referred to as simply the combined OASDI Trust Funds.\n The primary receipts of these two funds are taxes paid by workers, their employers, and individuals with self-\n employment income, based on work covered by the OASDI program. Since 1990, employer and employee have\n each paid 6.2 percent of covered earnings. The self-employed pay 12.4 percent of covered earnings. Payroll taxes\n are computed on wages and net earnings from self-employment up to a specified maximum annual amount ($87,000\n in 2003) that increases each year with economy-wide wages.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Notes to the Statements of Social Insurance\n\nActuarial present values of the projections are computed based on the economic and demographic assumptions believed most likely to occur (the intermediate assumptions) as set forth in the relevant Trustees’ reports and in the relevant agency performance and accountability reports for Railroad Retirement and Black Lung.\n\nContributions and earmarked taxes consist of payroll taxes from employers, employees, and self-employed persons; revenue from Federal income taxation of OASDI and railroad retirement benefits; railroad work-hour tax; excise tax on coal (Black Lung); and premiums from participants in Medicare Part B. Income for all programs is presented from a consolidated perspective. Interest payments and other intragovernmental transfers have been eliminated. The Centers for Medicare & Medicaid Services’ (CMS) 2003 Financial Report presents income from the trust fund’s perspective, not a Governmentwide perspective. Therefore, CMS’ Financial Report includes $9,653 billion for the present value of transfers from the general fund of the Treasury to the Medicare Part B Trust Fund that have been eliminated in this Financial Report. Expenditures include scheduled benefit payments and administrative expenses. The term “scheduled” is used to signify that projected benefits are those intended under current program rules if financing were adequate to pay those benefits in full. Current Social Security law does not provide for full benefit payments after the trust funds are exhausted.\n\nFuture participants include births during the period and individuals below age 15 as of January 1 of the valuation year.\n\nThe present values of future expenditures less future revenues is the current amount of funds needed to cover projected shortfalls, excluding the starting trust fund balances, over the projection period. They are calculated by subtracting the actuarial present values of future scheduled contributions and tax income by and on behalf of current and future participants from the actuarial present value of the future scheduled benefit payments to them or on their behalf. For these calculations, the trust fund balances at the beginning of the valuation period are not included. The trust fund balances at the beginning of 2003, 2002, 2001, and 2000, respectively, were (in billions of dollars): $1,378, $1,213, $1,049, and $896—Social Security; $234.8, $208.7, $177.5, and $141.4—Medicare Part A; $34.3, $41.3, $44.0, and $44.8—Medicare Part B; $22, $24, $19, and $17—Railroad Retirement, and the Black Lung Trust Fund, which had negative balances of $8.2, $7.7, $7.2, and $6.7.\n\nThe projection period for future participants covers the next 75 years for the Social Security and Medicare programs. The projection period for current participants (i.e., those age 15 and over on January 1 of the valuation year, referred to as the “closed group”) would theoretically cover all of their working and retirement years, a period that could be greater than 75 years in a few instances.\n\nFor Social Security and Medicare, further information can be obtained from the Social Security Administration (SSA) (The 2003 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds) and from the Department of Health and Human Services (HHS) (The 2003 Annual Report of the Boards of the Trustees of the Federal Hospital Insurance and the Federal Supplementary Medical Insurance Trust Funds).\n\n# Social Security and Medicare\n\n# Social Security\n\nThe Federal Old-Age and Survivors Insurance (OASI) Trust Fund was established on January 1, 1940, as a separate account in the United States Treasury. The Federal Disability Insurance (DI) Trust Fund, another separate account in the United States Treasury was established on August 1, 1956. OASI pays cash retirement benefits to eligible retirees and their eligible dependents and survivors and the much smaller DI fund pays cash benefits to eligible individuals who are unable to work due to medical conditions. Though the events that trigger benefit payments are quite different, both trust funds have the same earmarked financing structure: primarily payroll taxes and income taxes on benefits. All financial operations of the OASI and DI programs are handled through these respective funds. The two funds are often referred to as simply the combined OASDI Trust Funds.\n\nThe primary receipts of these two funds are taxes paid by workers, their employers, and individuals with self-employment income, based on work covered by the OASDI program. Since 1990, employer and employee have each paid 6.2 percent of covered earnings. The self-employed pay 12.4 percent of covered earnings. Payroll taxes are computed on wages and net earnings from self-employment up to a specified maximum annual amount ($87,000 in 2003) that increases each year with economy-wide wages.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Notes to the Statements of Social Insurance", + "md": "# Notes to the Statements of Social Insurance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Actuarial present values of the projections are computed based on the economic and demographic assumptions believed most likely to occur (the intermediate assumptions) as set forth in the relevant Trustees’ reports and in the relevant agency performance and accountability reports for Railroad Retirement and Black Lung.\n\nContributions and earmarked taxes consist of payroll taxes from employers, employees, and self-employed persons; revenue from Federal income taxation of OASDI and railroad retirement benefits; railroad work-hour tax; excise tax on coal (Black Lung); and premiums from participants in Medicare Part B. Income for all programs is presented from a consolidated perspective. Interest payments and other intragovernmental transfers have been eliminated. The Centers for Medicare & Medicaid Services’ (CMS) 2003 Financial Report presents income from the trust fund’s perspective, not a Governmentwide perspective. Therefore, CMS’ Financial Report includes $9,653 billion for the present value of transfers from the general fund of the Treasury to the Medicare Part B Trust Fund that have been eliminated in this Financial Report. Expenditures include scheduled benefit payments and administrative expenses. The term “scheduled” is used to signify that projected benefits are those intended under current program rules if financing were adequate to pay those benefits in full. Current Social Security law does not provide for full benefit payments after the trust funds are exhausted.\n\nFuture participants include births during the period and individuals below age 15 as of January 1 of the valuation year.\n\nThe present values of future expenditures less future revenues is the current amount of funds needed to cover projected shortfalls, excluding the starting trust fund balances, over the projection period. They are calculated by subtracting the actuarial present values of future scheduled contributions and tax income by and on behalf of current and future participants from the actuarial present value of the future scheduled benefit payments to them or on their behalf. For these calculations, the trust fund balances at the beginning of the valuation period are not included. The trust fund balances at the beginning of 2003, 2002, 2001, and 2000, respectively, were (in billions of dollars): $1,378, $1,213, $1,049, and $896—Social Security; $234.8, $208.7, $177.5, and $141.4—Medicare Part A; $34.3, $41.3, $44.0, and $44.8—Medicare Part B; $22, $24, $19, and $17—Railroad Retirement, and the Black Lung Trust Fund, which had negative balances of $8.2, $7.7, $7.2, and $6.7.\n\nThe projection period for future participants covers the next 75 years for the Social Security and Medicare programs. The projection period for current participants (i.e., those age 15 and over on January 1 of the valuation year, referred to as the “closed group”) would theoretically cover all of their working and retirement years, a period that could be greater than 75 years in a few instances.\n\nFor Social Security and Medicare, further information can be obtained from the Social Security Administration (SSA) (The 2003 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds) and from the Department of Health and Human Services (HHS) (The 2003 Annual Report of the Boards of the Trustees of the Federal Hospital Insurance and the Federal Supplementary Medical Insurance Trust Funds).", + "md": "Actuarial present values of the projections are computed based on the economic and demographic assumptions believed most likely to occur (the intermediate assumptions) as set forth in the relevant Trustees’ reports and in the relevant agency performance and accountability reports for Railroad Retirement and Black Lung.\n\nContributions and earmarked taxes consist of payroll taxes from employers, employees, and self-employed persons; revenue from Federal income taxation of OASDI and railroad retirement benefits; railroad work-hour tax; excise tax on coal (Black Lung); and premiums from participants in Medicare Part B. Income for all programs is presented from a consolidated perspective. Interest payments and other intragovernmental transfers have been eliminated. The Centers for Medicare & Medicaid Services’ (CMS) 2003 Financial Report presents income from the trust fund’s perspective, not a Governmentwide perspective. Therefore, CMS’ Financial Report includes $9,653 billion for the present value of transfers from the general fund of the Treasury to the Medicare Part B Trust Fund that have been eliminated in this Financial Report. Expenditures include scheduled benefit payments and administrative expenses. The term “scheduled” is used to signify that projected benefits are those intended under current program rules if financing were adequate to pay those benefits in full. Current Social Security law does not provide for full benefit payments after the trust funds are exhausted.\n\nFuture participants include births during the period and individuals below age 15 as of January 1 of the valuation year.\n\nThe present values of future expenditures less future revenues is the current amount of funds needed to cover projected shortfalls, excluding the starting trust fund balances, over the projection period. They are calculated by subtracting the actuarial present values of future scheduled contributions and tax income by and on behalf of current and future participants from the actuarial present value of the future scheduled benefit payments to them or on their behalf. For these calculations, the trust fund balances at the beginning of the valuation period are not included. The trust fund balances at the beginning of 2003, 2002, 2001, and 2000, respectively, were (in billions of dollars): $1,378, $1,213, $1,049, and $896—Social Security; $234.8, $208.7, $177.5, and $141.4—Medicare Part A; $34.3, $41.3, $44.0, and $44.8—Medicare Part B; $22, $24, $19, and $17—Railroad Retirement, and the Black Lung Trust Fund, which had negative balances of $8.2, $7.7, $7.2, and $6.7.\n\nThe projection period for future participants covers the next 75 years for the Social Security and Medicare programs. The projection period for current participants (i.e., those age 15 and over on January 1 of the valuation year, referred to as the “closed group”) would theoretically cover all of their working and retirement years, a period that could be greater than 75 years in a few instances.\n\nFor Social Security and Medicare, further information can be obtained from the Social Security Administration (SSA) (The 2003 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds) and from the Department of Health and Human Services (HHS) (The 2003 Annual Report of the Boards of the Trustees of the Federal Hospital Insurance and the Federal Supplementary Medical Insurance Trust Funds).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Social Security and Medicare", + "md": "# Social Security and Medicare", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Social Security", + "md": "# Social Security", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Federal Old-Age and Survivors Insurance (OASI) Trust Fund was established on January 1, 1940, as a separate account in the United States Treasury. The Federal Disability Insurance (DI) Trust Fund, another separate account in the United States Treasury was established on August 1, 1956. OASI pays cash retirement benefits to eligible retirees and their eligible dependents and survivors and the much smaller DI fund pays cash benefits to eligible individuals who are unable to work due to medical conditions. Though the events that trigger benefit payments are quite different, both trust funds have the same earmarked financing structure: primarily payroll taxes and income taxes on benefits. All financial operations of the OASI and DI programs are handled through these respective funds. The two funds are often referred to as simply the combined OASDI Trust Funds.\n\nThe primary receipts of these two funds are taxes paid by workers, their employers, and individuals with self-employment income, based on work covered by the OASDI program. Since 1990, employer and employee have each paid 6.2 percent of covered earnings. The self-employed pay 12.4 percent of covered earnings. Payroll taxes are computed on wages and net earnings from self-employment up to a specified maximum annual amount ($87,000 in 2003) that increases each year with economy-wide wages.", + "md": "The Federal Old-Age and Survivors Insurance (OASI) Trust Fund was established on January 1, 1940, as a separate account in the United States Treasury. The Federal Disability Insurance (DI) Trust Fund, another separate account in the United States Treasury was established on August 1, 1956. OASI pays cash retirement benefits to eligible retirees and their eligible dependents and survivors and the much smaller DI fund pays cash benefits to eligible individuals who are unable to work due to medical conditions. Though the events that trigger benefit payments are quite different, both trust funds have the same earmarked financing structure: primarily payroll taxes and income taxes on benefits. All financial operations of the OASI and DI programs are handled through these respective funds. The two funds are often referred to as simply the combined OASDI Trust Funds.\n\nThe primary receipts of these two funds are taxes paid by workers, their employers, and individuals with self-employment income, based on work covered by the OASDI program. Since 1990, employer and employee have each paid 6.2 percent of covered earnings. The self-employed pay 12.4 percent of covered earnings. Payroll taxes are computed on wages and net earnings from self-employment up to a specified maximum annual amount ($87,000 in 2003) that increases each year with economy-wide wages.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 71, + "text": "66 STEWARDSHIP INFORMATION (UNAUDITED)\n Since 1984, up to one-half of OASDI benefits has been subject to Federal income taxation. Effective for\ntaxable years beginning after 1993, the maximum percentage of benefits subject to taxation was increased from 50\npercent to 85 percent. The revenue from income taxes on 50 percent of benefits is allocated to the OASDI Trust\nFunds and the rest is allocated to the Hospital Insurance (HI) Trust Fund.\n That portion of each trust fund not required to pay benefits and administration is invested, on a daily basis, in\ninterest-bearing obligations of the U.S. Government. The Social Security Act authorizes the issuance of special\npublic-debt obligations for purchase exclusively by the trust funds. Although the special issues cannot be bought or\nsold in the open market, they are redeemable at any time at face value and thus bear no risk of fluctuations in\nprincipal value due to changes in market yield rates. Interest on the bonds is credited to the trust funds and becomes\nan asset to the funds and a liability to the general Government fund.\nMedicare\n The Medicare program, created in 1965, also has two components, each with its own trust fund: the Hospital\nInsurance (HI, Medicare Part A) and Supplementary Medical Insurance (SMI, Medicare Part B) Trust Funds.² HI\npays for inpatient acute hospital services and major alternatives to hospitals (skilled nursing services, for example)\nand SMI pays for hospital outpatient services, physician services, and assorted other services and products. Though\nthe events that trigger benefit payments are quite similar, HI and SMI have very different earmarked financing\nstructures. Like OASDI, HI is financed primarily by payroll contributions. Employers and employees each pay 1.45\npercent of earnings, while self-employed workers pay 2.9 percent of their net income. Other income includes a small\namount of premium income from voluntary enrollees, a portion of the Federal income taxes that beneficiaries pay on\nSocial Security benefits (as explained above), and interest credited on the U. S. Treasury securities held in the HI\nTrust Fund.\n For SMI, transfers from the general fund of the Treasury represent the largest source of income, covering about\n75 percent of program costs. Beneficiaries pay monthly premiums that finance about 25 percent of costs. As with\nHI, interest due on the U. S. Treasury securities held in the SMI Trust Fund is credited to the fund, although in the\ncase of SMI, this is quite small.\nSocial Security, Medicare, and Governmentwide Finances\n The current and future financial status of the separate Social Security and Medicare Trust Funds is the focus of\nthe Trustees’ Reports, a focus that may appropriately be referred to as the “trust fund perspective.” In contrast, the\nFederal Government primarily uses the unified budget concept as the framework for budgetary analysis and\npresentation. It represents a comprehensive display of all Federal activities, regardless of fund type or on- and off-\nbudget status, a broader focus than the trust fund perspective that may appropriately be referred to as the “budget\nperspective” or the “Governmentwide perspective.” Social Security and Medicare are among the largest expenditure\ncategories of the U.S. Federal budget. Together, they now account for more than a third of all Federal spending and\nthe percentage is projected to rise dramatically for the reasons discussed below. This section describes in detail the\nimportant relationship between the trust fund perspective and the Governmentwide perspective.\n Figure 1 shows a simplified graphical depiction of the interaction of the Social Security and Medicare Trust\nFunds with the rest of the Federal budget.³ The boxes on the left show sources of funding, those in the middle\nrepresent the trust funds and other Government accounts (of which the general fund is a part) into which that\nfunding flows, and the boxes on the right show simplified expenditure categories. The figure is intended to explain\nhow the various sources of program revenue flow through the budget to beneficiaries. The general approach is to\ngroup revenues and expenditures that are linked specifically to Social Security and/or Medicare separately from\nthose for other Federal programs. (For ease of understanding, these other Federal programs are referred to here as\nother Government programs.)\n2 Recent Medicare legislation (see page 76) creates a new account (Medicare Part D) in the SMI Trust Fund to track the finances of a new\nprescription drug benefit that will begin in 2006. As in the case of Medicare Part B, approximately three-quarters of revenues to the Part D\naccount will come from general revenues. Consequently, the nature of the relationship between the SMI Trust Fund and the Federal budget\ndescribed below will be largely unaffected by the presence of the Part D account.\n3 The Federal unified budget encompasses all Federal Government financing and is synonymous with a Governmentwide perspective.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nSince 1984, up to one-half of OASDI benefits has been subject to Federal income taxation. Effective for taxable years beginning after 1993, the maximum percentage of benefits subject to taxation was increased from 50 percent to 85 percent. The revenue from income taxes on 50 percent of benefits is allocated to the OASDI Trust Funds and the rest is allocated to the Hospital Insurance (HI) Trust Fund.\n\nThat portion of each trust fund not required to pay benefits and administration is invested, on a daily basis, in interest-bearing obligations of the U.S. Government. The Social Security Act authorizes the issuance of special public-debt obligations for purchase exclusively by the trust funds. Although the special issues cannot be bought or sold in the open market, they are redeemable at any time at face value and thus bear no risk of fluctuations in principal value due to changes in market yield rates. Interest on the bonds is credited to the trust funds and becomes an asset to the funds and a liability to the general Government fund.\n\n# Medicare\n\nThe Medicare program, created in 1965, also has two components, each with its own trust fund: the Hospital Insurance (HI, Medicare Part A) and Supplementary Medical Insurance (SMI, Medicare Part B) Trust Funds.² HI pays for inpatient acute hospital services and major alternatives to hospitals (skilled nursing services, for example) and SMI pays for hospital outpatient services, physician services, and assorted other services and products. Though the events that trigger benefit payments are quite similar, HI and SMI have very different earmarked financing structures. Like OASDI, HI is financed primarily by payroll contributions. Employers and employees each pay 1.45 percent of earnings, while self-employed workers pay 2.9 percent of their net income. Other income includes a small amount of premium income from voluntary enrollees, a portion of the Federal income taxes that beneficiaries pay on Social Security benefits (as explained above), and interest credited on the U. S. Treasury securities held in the HI Trust Fund.\n\nFor SMI, transfers from the general fund of the Treasury represent the largest source of income, covering about 75 percent of program costs. Beneficiaries pay monthly premiums that finance about 25 percent of costs. As with HI, interest due on the U. S. Treasury securities held in the SMI Trust Fund is credited to the fund, although in the case of SMI, this is quite small.\n\n# Social Security, Medicare, and Governmentwide Finances\n\nThe current and future financial status of the separate Social Security and Medicare Trust Funds is the focus of the Trustees’ Reports, a focus that may appropriately be referred to as the “trust fund perspective.” In contrast, the Federal Government primarily uses the unified budget concept as the framework for budgetary analysis and presentation. It represents a comprehensive display of all Federal activities, regardless of fund type or on- and off-budget status, a broader focus than the trust fund perspective that may appropriately be referred to as the “budget perspective” or the “Governmentwide perspective.” Social Security and Medicare are among the largest expenditure categories of the U.S. Federal budget. Together, they now account for more than a third of all Federal spending and the percentage is projected to rise dramatically for the reasons discussed below. This section describes in detail the important relationship between the trust fund perspective and the Governmentwide perspective.\n\nFigure 1 shows a simplified graphical depiction of the interaction of the Social Security and Medicare Trust Funds with the rest of the Federal budget.³ The boxes on the left show sources of funding, those in the middle represent the trust funds and other Government accounts (of which the general fund is a part) into which that funding flows, and the boxes on the right show simplified expenditure categories. The figure is intended to explain how the various sources of program revenue flow through the budget to beneficiaries. The general approach is to group revenues and expenditures that are linked specifically to Social Security and/or Medicare separately from those for other Federal programs. (For ease of understanding, these other Federal programs are referred to here as other Government programs.)\n\n² Recent Medicare legislation (see page 76) creates a new account (Medicare Part D) in the SMI Trust Fund to track the finances of a new prescription drug benefit that will begin in 2006. As in the case of Medicare Part B, approximately three-quarters of revenues to the Part D account will come from general revenues. Consequently, the nature of the relationship between the SMI Trust Fund and the Federal budget described below will be largely unaffected by the presence of the Part D account.\n\n³ The Federal unified budget encompasses all Federal Government financing and is synonymous with a Governmentwide perspective.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Since 1984, up to one-half of OASDI benefits has been subject to Federal income taxation. Effective for taxable years beginning after 1993, the maximum percentage of benefits subject to taxation was increased from 50 percent to 85 percent. The revenue from income taxes on 50 percent of benefits is allocated to the OASDI Trust Funds and the rest is allocated to the Hospital Insurance (HI) Trust Fund.\n\nThat portion of each trust fund not required to pay benefits and administration is invested, on a daily basis, in interest-bearing obligations of the U.S. Government. The Social Security Act authorizes the issuance of special public-debt obligations for purchase exclusively by the trust funds. Although the special issues cannot be bought or sold in the open market, they are redeemable at any time at face value and thus bear no risk of fluctuations in principal value due to changes in market yield rates. Interest on the bonds is credited to the trust funds and becomes an asset to the funds and a liability to the general Government fund.", + "md": "Since 1984, up to one-half of OASDI benefits has been subject to Federal income taxation. Effective for taxable years beginning after 1993, the maximum percentage of benefits subject to taxation was increased from 50 percent to 85 percent. The revenue from income taxes on 50 percent of benefits is allocated to the OASDI Trust Funds and the rest is allocated to the Hospital Insurance (HI) Trust Fund.\n\nThat portion of each trust fund not required to pay benefits and administration is invested, on a daily basis, in interest-bearing obligations of the U.S. Government. The Social Security Act authorizes the issuance of special public-debt obligations for purchase exclusively by the trust funds. Although the special issues cannot be bought or sold in the open market, they are redeemable at any time at face value and thus bear no risk of fluctuations in principal value due to changes in market yield rates. Interest on the bonds is credited to the trust funds and becomes an asset to the funds and a liability to the general Government fund.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Medicare", + "md": "# Medicare", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Medicare program, created in 1965, also has two components, each with its own trust fund: the Hospital Insurance (HI, Medicare Part A) and Supplementary Medical Insurance (SMI, Medicare Part B) Trust Funds.² HI pays for inpatient acute hospital services and major alternatives to hospitals (skilled nursing services, for example) and SMI pays for hospital outpatient services, physician services, and assorted other services and products. Though the events that trigger benefit payments are quite similar, HI and SMI have very different earmarked financing structures. Like OASDI, HI is financed primarily by payroll contributions. Employers and employees each pay 1.45 percent of earnings, while self-employed workers pay 2.9 percent of their net income. Other income includes a small amount of premium income from voluntary enrollees, a portion of the Federal income taxes that beneficiaries pay on Social Security benefits (as explained above), and interest credited on the U. S. Treasury securities held in the HI Trust Fund.\n\nFor SMI, transfers from the general fund of the Treasury represent the largest source of income, covering about 75 percent of program costs. Beneficiaries pay monthly premiums that finance about 25 percent of costs. As with HI, interest due on the U. S. Treasury securities held in the SMI Trust Fund is credited to the fund, although in the case of SMI, this is quite small.", + "md": "The Medicare program, created in 1965, also has two components, each with its own trust fund: the Hospital Insurance (HI, Medicare Part A) and Supplementary Medical Insurance (SMI, Medicare Part B) Trust Funds.² HI pays for inpatient acute hospital services and major alternatives to hospitals (skilled nursing services, for example) and SMI pays for hospital outpatient services, physician services, and assorted other services and products. Though the events that trigger benefit payments are quite similar, HI and SMI have very different earmarked financing structures. Like OASDI, HI is financed primarily by payroll contributions. Employers and employees each pay 1.45 percent of earnings, while self-employed workers pay 2.9 percent of their net income. Other income includes a small amount of premium income from voluntary enrollees, a portion of the Federal income taxes that beneficiaries pay on Social Security benefits (as explained above), and interest credited on the U. S. Treasury securities held in the HI Trust Fund.\n\nFor SMI, transfers from the general fund of the Treasury represent the largest source of income, covering about 75 percent of program costs. Beneficiaries pay monthly premiums that finance about 25 percent of costs. As with HI, interest due on the U. S. Treasury securities held in the SMI Trust Fund is credited to the fund, although in the case of SMI, this is quite small.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Social Security, Medicare, and Governmentwide Finances", + "md": "# Social Security, Medicare, and Governmentwide Finances", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The current and future financial status of the separate Social Security and Medicare Trust Funds is the focus of the Trustees’ Reports, a focus that may appropriately be referred to as the “trust fund perspective.” In contrast, the Federal Government primarily uses the unified budget concept as the framework for budgetary analysis and presentation. It represents a comprehensive display of all Federal activities, regardless of fund type or on- and off-budget status, a broader focus than the trust fund perspective that may appropriately be referred to as the “budget perspective” or the “Governmentwide perspective.” Social Security and Medicare are among the largest expenditure categories of the U.S. Federal budget. Together, they now account for more than a third of all Federal spending and the percentage is projected to rise dramatically for the reasons discussed below. This section describes in detail the important relationship between the trust fund perspective and the Governmentwide perspective.\n\nFigure 1 shows a simplified graphical depiction of the interaction of the Social Security and Medicare Trust Funds with the rest of the Federal budget.³ The boxes on the left show sources of funding, those in the middle represent the trust funds and other Government accounts (of which the general fund is a part) into which that funding flows, and the boxes on the right show simplified expenditure categories. The figure is intended to explain how the various sources of program revenue flow through the budget to beneficiaries. The general approach is to group revenues and expenditures that are linked specifically to Social Security and/or Medicare separately from those for other Federal programs. (For ease of understanding, these other Federal programs are referred to here as other Government programs.)\n\n² Recent Medicare legislation (see page 76) creates a new account (Medicare Part D) in the SMI Trust Fund to track the finances of a new prescription drug benefit that will begin in 2006. As in the case of Medicare Part B, approximately three-quarters of revenues to the Part D account will come from general revenues. Consequently, the nature of the relationship between the SMI Trust Fund and the Federal budget described below will be largely unaffected by the presence of the Part D account.\n\n³ The Federal unified budget encompasses all Federal Government financing and is synonymous with a Governmentwide perspective.", + "md": "The current and future financial status of the separate Social Security and Medicare Trust Funds is the focus of the Trustees’ Reports, a focus that may appropriately be referred to as the “trust fund perspective.” In contrast, the Federal Government primarily uses the unified budget concept as the framework for budgetary analysis and presentation. It represents a comprehensive display of all Federal activities, regardless of fund type or on- and off-budget status, a broader focus than the trust fund perspective that may appropriately be referred to as the “budget perspective” or the “Governmentwide perspective.” Social Security and Medicare are among the largest expenditure categories of the U.S. Federal budget. Together, they now account for more than a third of all Federal spending and the percentage is projected to rise dramatically for the reasons discussed below. This section describes in detail the important relationship between the trust fund perspective and the Governmentwide perspective.\n\nFigure 1 shows a simplified graphical depiction of the interaction of the Social Security and Medicare Trust Funds with the rest of the Federal budget.³ The boxes on the left show sources of funding, those in the middle represent the trust funds and other Government accounts (of which the general fund is a part) into which that funding flows, and the boxes on the right show simplified expenditure categories. The figure is intended to explain how the various sources of program revenue flow through the budget to beneficiaries. The general approach is to group revenues and expenditures that are linked specifically to Social Security and/or Medicare separately from those for other Federal programs. (For ease of understanding, these other Federal programs are referred to here as other Government programs.)\n\n² Recent Medicare legislation (see page 76) creates a new account (Medicare Part D) in the SMI Trust Fund to track the finances of a new prescription drug benefit that will begin in 2006. As in the case of Medicare Part B, approximately three-quarters of revenues to the Part D account will come from general revenues. Consequently, the nature of the relationship between the SMI Trust Fund and the Federal budget described below will be largely unaffected by the presence of the Part D account.\n\n³ The Federal unified budget encompasses all Federal Government financing and is synonymous with a Governmentwide perspective.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 72, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 67\n Each of the trust funds has its own sources and types of revenue. With the exception of general fund transfers\nto SMI, each of these revenue sources is earmarked specifically for the respective trust fund, and cannot be used for\nother purposes. In contrast, personal income taxes go into the general fund of the Treasury and are drawn down for\nany Government program for which Congress has approved spending.⁴ The arrows from the boxes on the left\nrepresent the flow of these revenues into the trust funds and other Government accounts.\n The Medicare SMI Trust Fund is shown separately in the center column from the two Social Security trust\nfunds (OASI and DI) and the Medicare HI Trust Fund to highlight the unique financing of SMI. SMI is currently the\nonly one of the four programs that receives large transfers from the general fund of the Treasury, which is part of the\nother Government accounts. (This transfer is represented by the arrow marked Other Government Transfers in the\ndiagram.) These funds make up roughly three-fourths of SMI program expenses. The transfers are automatic; their\nsize depends on how much the program spends, not on how much revenue comes into the Treasury. All the\nnondedicated sources of revenue contribute to the transfer: personal and corporate income taxes, custom duties,\nexcise taxes, etc. If nondedicated revenues become insufficient to cover both the mandated transfer to SMI and\nexpenditures on other general Government programs, Treasury would have to borrow to make up the difference. In\nthe longer run, if transfers to SMI are increasing––and as shown below, they are projected to increase significantly\nin coming years—then Congress must either raise taxes, cut other Government spending, or reduce SMI benefits.\n Interest credited to the trust funds arises when the excess of program income over expenses is loaned to the\ngeneral fund. The vertical lines labeled Surplus Borrowed represent these flows from the trust funds to the other\nGovernment accounts. These loans reduce the amount that the general fund has to borrow from the public to finance\na deficit (or likewise increase the amount of debt paid off if there is a surplus). But the general fund has to credit\ninterest on the loans from the trust fund programs, just as if it borrowed the money from the public. The credits lead\nto future obligations for the general fund (which is part of the other Government accounts). These transactions are\nindicated in Figure 1 by the vertical arrows labeled Interest Credited. The credits increase trust fund income exactly\nas much as they increase credits (future obligations) in the general fund. So from the standpoint of the Government\nas a whole, at least in an accounting sense, these interest credits are a wash.\n It is important to understand the additional implications of this borrowing from the trust funds. When the trust\nfunds loan excess revenue to the general fund, they in turn receive additional authority to spend on benefits and\nother program expenses. (This additional authority takes the form of an increase in the assets in the trust funds and\nan increase in liability for the general fund.) The general fund, in turn, has taken on the obligation of repaying the\nprincipal of those loans with interest when trust fund income from other sources falls below expenditures—the loans\nwill be called in and the general fund will have to reduce other spending, raise taxes, or borrow more from the public\nto finance the benefits paid by the trust funds.\n4 Other programs also have dedicated revenues in the form of taxes and fees (and other forms of receipt) and there are a large number of\nearmarked trust funds in the Federal budget. Total trust fund receipts account for about 40 percent of total Government receipts with the Social\nSecurity and Medicare Trust Funds accounting for about two-thirds of trust fund receipts. For further discussion see Federal Trust and Other\nEarmarked Funds, GAO-01-199SP, January 2001. In the figure and the discussion that follows, we group all other programs, including these\nother earmarked trust fund programs, under “Other Government Accounts” to simplify the description and maintain the focus on Social Security\nand Medicare.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nEach of the trust funds has its own sources and types of revenue. With the exception of general fund transfers to SMI, each of these revenue sources is earmarked specifically for the respective trust fund, and cannot be used for other purposes. In contrast, personal income taxes go into the general fund of the Treasury and are drawn down for any Government program for which Congress has approved spending.4 The arrows from the boxes on the left represent the flow of these revenues into the trust funds and other Government accounts.\n\nThe Medicare SMI Trust Fund is shown separately in the center column from the two Social Security trust funds (OASI and DI) and the Medicare HI Trust Fund to highlight the unique financing of SMI. SMI is currently the only one of the four programs that receives large transfers from the general fund of the Treasury, which is part of the other Government accounts. (This transfer is represented by the arrow marked Other Government Transfers in the diagram.) These funds make up roughly three-fourths of SMI program expenses. The transfers are automatic; their size depends on how much the program spends, not on how much revenue comes into the Treasury. All the nondedicated sources of revenue contribute to the transfer: personal and corporate income taxes, custom duties, excise taxes, etc. If nondedicated revenues become insufficient to cover both the mandated transfer to SMI and expenditures on other general Government programs, Treasury would have to borrow to make up the difference. In the longer run, if transfers to SMI are increasing––and as shown below, they are projected to increase significantly in coming years—then Congress must either raise taxes, cut other Government spending, or reduce SMI benefits.\n\nInterest credited to the trust funds arises when the excess of program income over expenses is loaned to the general fund. The vertical lines labeled Surplus Borrowed represent these flows from the trust funds to the other Government accounts. These loans reduce the amount that the general fund has to borrow from the public to finance a deficit (or likewise increase the amount of debt paid off if there is a surplus). But the general fund has to credit interest on the loans from the trust fund programs, just as if it borrowed the money from the public. The credits lead to future obligations for the general fund (which is part of the other Government accounts). These transactions are indicated in Figure 1 by the vertical arrows labeled Interest Credited. The credits increase trust fund income exactly as much as they increase credits (future obligations) in the general fund. So from the standpoint of the Government as a whole, at least in an accounting sense, these interest credits are a wash.\n\nIt is important to understand the additional implications of this borrowing from the trust funds. When the trust funds loan excess revenue to the general fund, they in turn receive additional authority to spend on benefits and other program expenses. (This additional authority takes the form of an increase in the assets in the trust funds and an increase in liability for the general fund.) The general fund, in turn, has taken on the obligation of repaying the principal of those loans with interest when trust fund income from other sources falls below expenditures—the loans will be called in and the general fund will have to reduce other spending, raise taxes, or borrow more from the public to finance the benefits paid by the trust funds.\n\nOther programs also have dedicated revenues in the form of taxes and fees (and other forms of receipt) and there are a large number of earmarked trust funds in the Federal budget. Total trust fund receipts account for about 40 percent of total Government receipts with the Social Security and Medicare Trust Funds accounting for about two-thirds of trust fund receipts. For further discussion see Federal Trust and Other Earmarked Funds, GAO-01-199SP, January 2001. In the figure and the discussion that follows, we group all other programs, including these other earmarked trust fund programs, under “Other Government Accounts” to simplify the description and maintain the focus on Social Security and Medicare.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Each of the trust funds has its own sources and types of revenue. With the exception of general fund transfers to SMI, each of these revenue sources is earmarked specifically for the respective trust fund, and cannot be used for other purposes. In contrast, personal income taxes go into the general fund of the Treasury and are drawn down for any Government program for which Congress has approved spending.4 The arrows from the boxes on the left represent the flow of these revenues into the trust funds and other Government accounts.\n\nThe Medicare SMI Trust Fund is shown separately in the center column from the two Social Security trust funds (OASI and DI) and the Medicare HI Trust Fund to highlight the unique financing of SMI. SMI is currently the only one of the four programs that receives large transfers from the general fund of the Treasury, which is part of the other Government accounts. (This transfer is represented by the arrow marked Other Government Transfers in the diagram.) These funds make up roughly three-fourths of SMI program expenses. The transfers are automatic; their size depends on how much the program spends, not on how much revenue comes into the Treasury. All the nondedicated sources of revenue contribute to the transfer: personal and corporate income taxes, custom duties, excise taxes, etc. If nondedicated revenues become insufficient to cover both the mandated transfer to SMI and expenditures on other general Government programs, Treasury would have to borrow to make up the difference. In the longer run, if transfers to SMI are increasing––and as shown below, they are projected to increase significantly in coming years—then Congress must either raise taxes, cut other Government spending, or reduce SMI benefits.\n\nInterest credited to the trust funds arises when the excess of program income over expenses is loaned to the general fund. The vertical lines labeled Surplus Borrowed represent these flows from the trust funds to the other Government accounts. These loans reduce the amount that the general fund has to borrow from the public to finance a deficit (or likewise increase the amount of debt paid off if there is a surplus). But the general fund has to credit interest on the loans from the trust fund programs, just as if it borrowed the money from the public. The credits lead to future obligations for the general fund (which is part of the other Government accounts). These transactions are indicated in Figure 1 by the vertical arrows labeled Interest Credited. The credits increase trust fund income exactly as much as they increase credits (future obligations) in the general fund. So from the standpoint of the Government as a whole, at least in an accounting sense, these interest credits are a wash.\n\nIt is important to understand the additional implications of this borrowing from the trust funds. When the trust funds loan excess revenue to the general fund, they in turn receive additional authority to spend on benefits and other program expenses. (This additional authority takes the form of an increase in the assets in the trust funds and an increase in liability for the general fund.) The general fund, in turn, has taken on the obligation of repaying the principal of those loans with interest when trust fund income from other sources falls below expenditures—the loans will be called in and the general fund will have to reduce other spending, raise taxes, or borrow more from the public to finance the benefits paid by the trust funds.\n\nOther programs also have dedicated revenues in the form of taxes and fees (and other forms of receipt) and there are a large number of earmarked trust funds in the Federal budget. Total trust fund receipts account for about 40 percent of total Government receipts with the Social Security and Medicare Trust Funds accounting for about two-thirds of trust fund receipts. For further discussion see Federal Trust and Other Earmarked Funds, GAO-01-199SP, January 2001. In the figure and the discussion that follows, we group all other programs, including these other earmarked trust fund programs, under “Other Government Accounts” to simplify the description and maintain the focus on Social Security and Medicare.", + "md": "Each of the trust funds has its own sources and types of revenue. With the exception of general fund transfers to SMI, each of these revenue sources is earmarked specifically for the respective trust fund, and cannot be used for other purposes. In contrast, personal income taxes go into the general fund of the Treasury and are drawn down for any Government program for which Congress has approved spending.4 The arrows from the boxes on the left represent the flow of these revenues into the trust funds and other Government accounts.\n\nThe Medicare SMI Trust Fund is shown separately in the center column from the two Social Security trust funds (OASI and DI) and the Medicare HI Trust Fund to highlight the unique financing of SMI. SMI is currently the only one of the four programs that receives large transfers from the general fund of the Treasury, which is part of the other Government accounts. (This transfer is represented by the arrow marked Other Government Transfers in the diagram.) These funds make up roughly three-fourths of SMI program expenses. The transfers are automatic; their size depends on how much the program spends, not on how much revenue comes into the Treasury. All the nondedicated sources of revenue contribute to the transfer: personal and corporate income taxes, custom duties, excise taxes, etc. If nondedicated revenues become insufficient to cover both the mandated transfer to SMI and expenditures on other general Government programs, Treasury would have to borrow to make up the difference. In the longer run, if transfers to SMI are increasing––and as shown below, they are projected to increase significantly in coming years—then Congress must either raise taxes, cut other Government spending, or reduce SMI benefits.\n\nInterest credited to the trust funds arises when the excess of program income over expenses is loaned to the general fund. The vertical lines labeled Surplus Borrowed represent these flows from the trust funds to the other Government accounts. These loans reduce the amount that the general fund has to borrow from the public to finance a deficit (or likewise increase the amount of debt paid off if there is a surplus). But the general fund has to credit interest on the loans from the trust fund programs, just as if it borrowed the money from the public. The credits lead to future obligations for the general fund (which is part of the other Government accounts). These transactions are indicated in Figure 1 by the vertical arrows labeled Interest Credited. The credits increase trust fund income exactly as much as they increase credits (future obligations) in the general fund. So from the standpoint of the Government as a whole, at least in an accounting sense, these interest credits are a wash.\n\nIt is important to understand the additional implications of this borrowing from the trust funds. When the trust funds loan excess revenue to the general fund, they in turn receive additional authority to spend on benefits and other program expenses. (This additional authority takes the form of an increase in the assets in the trust funds and an increase in liability for the general fund.) The general fund, in turn, has taken on the obligation of repaying the principal of those loans with interest when trust fund income from other sources falls below expenditures—the loans will be called in and the general fund will have to reduce other spending, raise taxes, or borrow more from the public to finance the benefits paid by the trust funds.\n\nOther programs also have dedicated revenues in the form of taxes and fees (and other forms of receipt) and there are a large number of earmarked trust funds in the Federal budget. Total trust fund receipts account for about 40 percent of total Government receipts with the Social Security and Medicare Trust Funds accounting for about two-thirds of trust fund receipts. For further discussion see Federal Trust and Other Earmarked Funds, GAO-01-199SP, January 2001. In the figure and the discussion that follows, we group all other programs, including these other earmarked trust fund programs, under “Other Government Accounts” to simplify the description and maintain the focus on Social Security and Medicare.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 73, + "text": " 68 STEWARDSHIP INFORMATION (UNAUDITED)\n Figure 1\n Social Security, Medicare, and Governmentwide Finances\n M Supplementary SMI Trust\n E Medical Insurance\n A Premiums Fund E\n N Account General X\n S Other Surplus Interest Government P\n Government Borrowed Credited Expenditures, E\n Transfers\n O Income Taxes Net Interest N\n F Benefit Taxes Other D\n Other Revenues Government I\n F Borrowing from Accounts T\n I Public Surplus U\n N Borrowed Benefit R\n Interest Taxes HI, OASDI, SMI E\n A Credited Benefits S\n N Payroll HI, OASDI\n C Taxes Trust Fund\n E Hospital Insurance Accounts\n Premiums\n Actual dollar amounts for the flows presented in Figure 1 are shown in Table 1 for fiscal year 2003. Income for\neach account is shown as a positive number and expenditures as negative (shown in parentheses). The rightmost\ncolumn has column totals. The unified, or Governmentwide, deficit is the sum of the trust fund and other\nGovernment account figures shown in the last column. Note that in the combined column, transfers of $81.4 billion\nand interest of $101.4 billion each appear twice, once as revenue (credits) to the trust funds and again as\nexpenditures/credits to the other Government accounts, and are thus offsetting. These two intragovernmental\ntransfers are key to the differences between the two perspectives.\n The trust fund perspective is captured in each of the three trust fund columns that contain data from the\nrespective trustees’ reports. For HI, total revenues exceeded total expenditures by $22.1 billion in 2003, as shown at\nthe bottom of the first column. This surplus would be added to the beginning trust fund (not shown) that creates\nbudget obligations in future years. For SMI, total revenues of $110.2 billion ($26.8+$83.4), including $80.9 billion\ntransferred from other Government accounts (the general fund), fell short of total expenditures by $13.9 billion.\nTransfers to the SMI program from other Government accounts (the general fund) amounting to about 75 percent of\nprogram costs are obligated under current law and therefore appropriately viewed as revenue from the trust fund\nperspective. For OASDI, total revenues of $630.2 billion ($546.7+$83.5), including interest and a small amount of\nother Government transfers, exceeded total expenditures of $474.7 billion by $155.5 billion.\n From the Governmentwide perspective, only revenues received from the public and expenditures made to the\npublic are important for the final balance. Trust fund revenue from the public consists of payroll taxes, benefit taxes,\nand premiums. For HI, the difference between such revenues ($160.6 billion) and total expenditures made to the\npublic ($153.8 billion) was $6.8 billion in 2003, indicating that HI had a positive effect on the overall budget\noutcome in that year. For the SMI account, revenues from the public (premiums) were relatively small, representing\nabout a quarter of total expenditures made to the public in 2003. The difference, -$97.3 billion, resulted in a net\ndraw on the overall budget balance in that year. For OASDI, the difference between revenues from the public\n($546.7 billion) and total expenditures was $72.0 billion in 2003, indicating that OASDI had a positive effect on the\noverall budget outcome in that year.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Figure 1\n\n# Social Security, Medicare, and Governmentwide Finances\n\n|M|Supplementary|SMI Trust| | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|\n| | | | | |E|Medical Insurance|Premiums|Fund|E|\n|A| |Other|Surplus|Interest|Government|X| | | |\n|N|Government|Borrowed|Credited|Expenditures,|P| | | | |\n|O|Income Taxes| | |Net Interest|N| | | | |\n|F|Benefit Taxes|Other| |Government|I| | | | |\n|F|Borrowing from|Public|Surplus| |U| | | | |\n|N| |Borrowed|Interest|Taxes|HI, OASDI, SMI|E| | | |\n|A| |Credited| |Benefits|S| | | | |\n|N|Payroll|Taxes|HI, OASDI| | | | | | |\n|C| |Trust Fund|Accounts| | | | | | |\n| | | | | |E|Hospital Insurance|Premiums| | |\n\nActual dollar amounts for the flows presented in Figure 1 are shown in Table 1 for fiscal year 2003. Income for each account is shown as a positive number and expenditures as negative (shown in parentheses). The rightmost column has column totals. The unified, or Governmentwide, deficit is the sum of the trust fund and other Government account figures shown in the last column. Note that in the combined column, transfers of $81.4 billion and interest of $101.4 billion each appear twice, once as revenue (credits) to the trust funds and again as expenditures/credits to the other Government accounts, and are thus offsetting. These two intragovernmental transfers are key to the differences between the two perspectives.\n\nThe trust fund perspective is captured in each of the three trust fund columns that contain data from the respective trustees’ reports. For HI, total revenues exceeded total expenditures by $22.1 billion in 2003, as shown at the bottom of the first column. This surplus would be added to the beginning trust fund (not shown) that creates budget obligations in future years. For SMI, total revenues of $110.2 billion ($26.8+$83.4), including $80.9 billion transferred from other Government accounts (the general fund), fell short of total expenditures by $13.9 billion. Transfers to the SMI program from other Government accounts (the general fund) amounting to about 75 percent of program costs are obligated under current law and therefore appropriately viewed as revenue from the trust fund perspective. For OASDI, total revenues of $630.2 billion ($546.7+$83.5), including interest and a small amount of other Government transfers, exceeded total expenditures of $474.7 billion by $155.5 billion.\n\nFrom the Governmentwide perspective, only revenues received from the public and expenditures made to the public are important for the final balance. Trust fund revenue from the public consists of payroll taxes, benefit taxes, and premiums. For HI, the difference between such revenues ($160.6 billion) and total expenditures made to the public ($153.8 billion) was $6.8 billion in 2003, indicating that HI had a positive effect on the overall budget outcome in that year. For the SMI account, revenues from the public (premiums) were relatively small, representing about a quarter of total expenditures made to the public in 2003. The difference, -$97.3 billion, resulted in a net draw on the overall budget balance in that year. For OASDI, the difference between revenues from the public ($546.7 billion) and total expenditures was $72.0 billion in 2003, indicating that OASDI had a positive effect on the overall budget outcome in that year.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Figure 1", + "md": "# Figure 1", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Social Security, Medicare, and Governmentwide Finances", + "md": "# Social Security, Medicare, and Governmentwide Finances", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "M", + "Supplementary", + "SMI Trust", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "", + "E", + "Medical Insurance", + "Premiums", + "Fund", + "E" + ], + [ + "A", + "", + "Other", + "Surplus", + "Interest", + "Government", + "X", + "", + "", + "" + ], + [ + "N", + "Government", + "Borrowed", + "Credited", + "Expenditures,", + "P", + "", + "", + "", + "" + ], + [ + "O", + "Income Taxes", + "", + "", + "Net Interest", + "N", + "", + "", + "", + "" + ], + [ + "F", + "Benefit Taxes", + "Other", + "", + "Government", + "I", + "", + "", + "", + "" + ], + [ + "F", + "Borrowing from", + "Public", + "Surplus", + "", + "U", + "", + "", + "", + "" + ], + [ + "N", + "", + "Borrowed", + "Interest", + "Taxes", + "HI, OASDI, SMI", + "E", + "", + "", + "" + ], + [ + "A", + "", + "Credited", + "", + "Benefits", + "S", + "", + "", + "", + "" + ], + [ + "N", + "Payroll", + "Taxes", + "HI, OASDI", + "", + "", + "", + "", + "", + "" + ], + [ + "C", + "", + "Trust Fund", + "Accounts", + "", + "", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "", + "E", + "Hospital Insurance", + "Premiums", + "", + "" + ] + ], + "md": "|M|Supplementary|SMI Trust| | | | | | | |\n| | | | | |E|Medical Insurance|Premiums|Fund|E|\n|A| |Other|Surplus|Interest|Government|X| | | |\n|N|Government|Borrowed|Credited|Expenditures,|P| | | | |\n|O|Income Taxes| | |Net Interest|N| | | | |\n|F|Benefit Taxes|Other| |Government|I| | | | |\n|F|Borrowing from|Public|Surplus| |U| | | | |\n|N| |Borrowed|Interest|Taxes|HI, OASDI, SMI|E| | | |\n|A| |Credited| |Benefits|S| | | | |\n|N|Payroll|Taxes|HI, OASDI| | | | | | |\n|C| |Trust Fund|Accounts| | | | | | |\n| | | | | |E|Hospital Insurance|Premiums| | |", + "isPerfectTable": true, + "csv": "\"M\",\"Supplementary\",\"SMI Trust\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"\",\"\",\"\",\"\",\"\",\"E\",\"Medical Insurance\",\"Premiums\",\"Fund\",\"E\"\n\"A\",\"\",\"Other\",\"Surplus\",\"Interest\",\"Government\",\"X\",\"\",\"\",\"\"\n\"N\",\"Government\",\"Borrowed\",\"Credited\",\"Expenditures,\",\"P\",\"\",\"\",\"\",\"\"\n\"O\",\"Income Taxes\",\"\",\"\",\"Net Interest\",\"N\",\"\",\"\",\"\",\"\"\n\"F\",\"Benefit Taxes\",\"Other\",\"\",\"Government\",\"I\",\"\",\"\",\"\",\"\"\n\"F\",\"Borrowing from\",\"Public\",\"Surplus\",\"\",\"U\",\"\",\"\",\"\",\"\"\n\"N\",\"\",\"Borrowed\",\"Interest\",\"Taxes\",\"HI, OASDI, SMI\",\"E\",\"\",\"\",\"\"\n\"A\",\"\",\"Credited\",\"\",\"Benefits\",\"S\",\"\",\"\",\"\",\"\"\n\"N\",\"Payroll\",\"Taxes\",\"HI, OASDI\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"C\",\"\",\"Trust Fund\",\"Accounts\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"\",\"\",\"\",\"\",\"\",\"E\",\"Hospital Insurance\",\"Premiums\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Actual dollar amounts for the flows presented in Figure 1 are shown in Table 1 for fiscal year 2003. Income for each account is shown as a positive number and expenditures as negative (shown in parentheses). The rightmost column has column totals. The unified, or Governmentwide, deficit is the sum of the trust fund and other Government account figures shown in the last column. Note that in the combined column, transfers of $81.4 billion and interest of $101.4 billion each appear twice, once as revenue (credits) to the trust funds and again as expenditures/credits to the other Government accounts, and are thus offsetting. These two intragovernmental transfers are key to the differences between the two perspectives.\n\nThe trust fund perspective is captured in each of the three trust fund columns that contain data from the respective trustees’ reports. For HI, total revenues exceeded total expenditures by $22.1 billion in 2003, as shown at the bottom of the first column. This surplus would be added to the beginning trust fund (not shown) that creates budget obligations in future years. For SMI, total revenues of $110.2 billion ($26.8+$83.4), including $80.9 billion transferred from other Government accounts (the general fund), fell short of total expenditures by $13.9 billion. Transfers to the SMI program from other Government accounts (the general fund) amounting to about 75 percent of program costs are obligated under current law and therefore appropriately viewed as revenue from the trust fund perspective. For OASDI, total revenues of $630.2 billion ($546.7+$83.5), including interest and a small amount of other Government transfers, exceeded total expenditures of $474.7 billion by $155.5 billion.\n\nFrom the Governmentwide perspective, only revenues received from the public and expenditures made to the public are important for the final balance. Trust fund revenue from the public consists of payroll taxes, benefit taxes, and premiums. For HI, the difference between such revenues ($160.6 billion) and total expenditures made to the public ($153.8 billion) was $6.8 billion in 2003, indicating that HI had a positive effect on the overall budget outcome in that year. For the SMI account, revenues from the public (premiums) were relatively small, representing about a quarter of total expenditures made to the public in 2003. The difference, -$97.3 billion, resulted in a net draw on the overall budget balance in that year. For OASDI, the difference between revenues from the public ($546.7 billion) and total expenditures was $72.0 billion in 2003, indicating that OASDI had a positive effect on the overall budget outcome in that year.", + "md": "Actual dollar amounts for the flows presented in Figure 1 are shown in Table 1 for fiscal year 2003. Income for each account is shown as a positive number and expenditures as negative (shown in parentheses). The rightmost column has column totals. The unified, or Governmentwide, deficit is the sum of the trust fund and other Government account figures shown in the last column. Note that in the combined column, transfers of $81.4 billion and interest of $101.4 billion each appear twice, once as revenue (credits) to the trust funds and again as expenditures/credits to the other Government accounts, and are thus offsetting. These two intragovernmental transfers are key to the differences between the two perspectives.\n\nThe trust fund perspective is captured in each of the three trust fund columns that contain data from the respective trustees’ reports. For HI, total revenues exceeded total expenditures by $22.1 billion in 2003, as shown at the bottom of the first column. This surplus would be added to the beginning trust fund (not shown) that creates budget obligations in future years. For SMI, total revenues of $110.2 billion ($26.8+$83.4), including $80.9 billion transferred from other Government accounts (the general fund), fell short of total expenditures by $13.9 billion. Transfers to the SMI program from other Government accounts (the general fund) amounting to about 75 percent of program costs are obligated under current law and therefore appropriately viewed as revenue from the trust fund perspective. For OASDI, total revenues of $630.2 billion ($546.7+$83.5), including interest and a small amount of other Government transfers, exceeded total expenditures of $474.7 billion by $155.5 billion.\n\nFrom the Governmentwide perspective, only revenues received from the public and expenditures made to the public are important for the final balance. Trust fund revenue from the public consists of payroll taxes, benefit taxes, and premiums. For HI, the difference between such revenues ($160.6 billion) and total expenditures made to the public ($153.8 billion) was $6.8 billion in 2003, indicating that HI had a positive effect on the overall budget outcome in that year. For the SMI account, revenues from the public (premiums) were relatively small, representing about a quarter of total expenditures made to the public in 2003. The difference, -$97.3 billion, resulted in a net draw on the overall budget balance in that year. For OASDI, the difference between revenues from the public ($546.7 billion) and total expenditures was $72.0 billion in 2003, indicating that OASDI had a positive effect on the overall budget outcome in that year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 74, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 69\nTable 1\nAnnual Revenues and Expenditures for Medicare and Social Security\nTrust Funds and the Federal Budget, Fiscal Year 2003\n Trust Funds\n Other\n 1 1 2 Govern-\n(In billions of dollars) HI SMI OASDI ment³ Total\nTrust Fund:\nRevenues from public ....................... 160.6 26.8 546.7 734.1\n Payroll & benefit taxes.................... 158.2 - 546.7 704.9\n Premiums, other ............................. 2.4 26.8 - 29.2\nRevenues/credits from other\n Government accounts .................... 15.3 83.4 83.5 182.2\n Transfers ........................................ 0.5 80.9 - 81.4\n Interest credits ................................ 14.8 2.5 83.5 100.8\nExpenditures to Public:\n Benefits & admin. costs .................. (153.8) (124.1) (474.7) (752.6)\nOther Government:\nRevenues from public ....................... 1,048.0 1,048.0\nExpenditures to public⁴ ..................... (1,404.3) (1,404.3)\n General Government ...................... (1,251.3) (1,251.3)\n Interest on debt held....................... (153.0) (153.0)\nExpenditures/credits to trust fund\n Accounts......................................... (182.8) (182.8)\n Transfers ........................................ (81.4) (81.4)\n Interest credits ................................ (101.4) (101.4)\n Net Results for Governmentwide (Budget) Perspective\nRevenues from public less\n expenditures to public .................... 6.8 (97.3) 72.0 (356.3) (374.8)\n Net Results for Trust Fund Perspective\nRevenues from public plus\n revenues/credits from other\n Government less expenditures to\n public .............................................. 22.1 (13.9) 155.5 163.7\nData sources:\n1 Data from the 2003 Medicare Trustees’ Report.\n2 Data from the 2003 OASDI Trustees’ Report.\n3 Financial Management Service’s, Final Monthly Treasury Statement of Receipts and Outlays of the United States\nGovernment, September 2003, Tables 1 and 9.\n4 The OASDI number includes $3.7 billion in transfers to the Railroad Retirement Board.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Table 1\n\n# Annual Revenues and Expenditures for Medicare and Social Security Trust Funds and the Federal Budget, Fiscal Year 2003\n\n|Trust Funds|1|1|2|Govern-|Total| |\n|---|---|---|---|---|---|---|\n|(In billions of dollars)|HI|SMI|OASDI|ment³| | |\n|Trust Fund:|Revenues from public|160.6|26.8|546.7| |734.1|\n|Payroll & benefit taxes|158.2|-|546.7| |704.9| |\n|Premiums, other|2.4|26.8|-| |29.2| |\n|Revenues/credits from other Government accounts|15.3|83.4|83.5| |182.2| |\n|Transfers|0.5|80.9|-| |81.4| |\n|Interest credits|14.8|2.5|83.5| |100.8| |\n|Expenditures to Public:|Benefits & admin. costs|(153.8)|(124.1)|(474.7)| |(752.6)|\n|Other Government:|Revenues from public| | | |1,048.0|1,048.0|\n|Expenditures to public⁴| | | |(1,404.3)|(1,404.3)| |\n|General Government| | | |(1,251.3)|(1,251.3)| |\n|Interest on debt held| | | |(153.0)|(153.0)| |\n|Expenditures/credits to trust fund Accounts| | | |(182.8)|(182.8)| |\n|Transfers| | | |(81.4)|(81.4)| |\n|Interest credits| | | |(101.4)|(101.4)| |\n|Net Results for Governmentwide (Budget) Perspective|Revenues from public less expenditures to public|6.8|(97.3)|72.0|(356.3)|(374.8)|\n|Net Results for Trust Fund Perspective|Revenues from public plus revenues/credits from other Government less expenditures to public|22.1|(13.9)|155.5| |163.7|\n\nData sources:\n\n1. Data from the 2003 Medicare Trustees’ Report.\n2. Data from the 2003 OASDI Trustees’ Report.\n3. Financial Management Service’s, Final Monthly Treasury Statement of Receipts and Outlays of the United States Government, September 2003, Tables 1 and 9.\n4. The OASDI number includes $3.7 billion in transfers to the Railroad Retirement Board.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 1", + "md": "# Table 1", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Annual Revenues and Expenditures for Medicare and Social Security Trust Funds and the Federal Budget, Fiscal Year 2003", + "md": "# Annual Revenues and Expenditures for Medicare and Social Security Trust Funds and the Federal Budget, Fiscal Year 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Trust Funds", + "1", + "1", + "2", + "Govern-", + "Total", + "" + ], + [ + "(In billions of dollars)", + "HI", + 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debt held", + "", + "", + "", + "(153.0)", + "(153.0)", + "" + ], + [ + "Expenditures/credits to trust fund Accounts", + "", + "", + "", + "(182.8)", + "(182.8)", + "" + ], + [ + "Transfers", + "", + "", + "", + "(81.4)", + "(81.4)", + "" + ], + [ + "Interest credits", + "", + "", + "", + "(101.4)", + "(101.4)", + "" + ], + [ + "Net Results for Governmentwide (Budget) Perspective", + "Revenues from public less expenditures to public", + "6.8", + "(97.3)", + "72.0", + "(356.3)", + "(374.8)" + ], + [ + "Net Results for Trust Fund Perspective", + "Revenues from public plus revenues/credits from other Government less expenditures to public", + "22.1", + "(13.9)", + "155.5", + "", + "163.7" + ] + ], + "md": "|Trust Funds|1|1|2|Govern-|Total| |\n|(In billions of dollars)|HI|SMI|OASDI|ment³| | |\n|Trust Fund:|Revenues from public|160.6|26.8|546.7| |734.1|\n|Payroll & benefit taxes|158.2|-|546.7| |704.9| |\n|Premiums, other|2.4|26.8|-| |29.2| |\n|Revenues/credits from other Government accounts|15.3|83.4|83.5| |182.2| |\n|Transfers|0.5|80.9|-| |81.4| |\n|Interest credits|14.8|2.5|83.5| |100.8| |\n|Expenditures to Public:|Benefits & admin. costs|(153.8)|(124.1)|(474.7)| |(752.6)|\n|Other Government:|Revenues from public| | | |1,048.0|1,048.0|\n|Expenditures to public⁴| | | |(1,404.3)|(1,404.3)| |\n|General Government| | | |(1,251.3)|(1,251.3)| |\n|Interest on debt held| | | |(153.0)|(153.0)| |\n|Expenditures/credits to trust fund Accounts| | | |(182.8)|(182.8)| |\n|Transfers| | | |(81.4)|(81.4)| |\n|Interest credits| | | |(101.4)|(101.4)| |\n|Net Results for Governmentwide (Budget) Perspective|Revenues from public less expenditures to public|6.8|(97.3)|72.0|(356.3)|(374.8)|\n|Net Results for Trust Fund Perspective|Revenues from public plus revenues/credits from other Government less expenditures to public|22.1|(13.9)|155.5| |163.7|", + "isPerfectTable": true, + "csv": "\"Trust Funds\",\"1\",\"1\",\"2\",\"Govern-\",\"Total\",\"\"\n\"(In billions of dollars)\",\"HI\",\"SMI\",\"OASDI\",\"ment³\",\"\",\"\"\n\"Trust Fund:\",\"Revenues from public\",\"160.6\",\"26.8\",\"546.7\",\"\",\"734.1\"\n\"Payroll & benefit taxes\",\"158.2\",\"-\",\"546.7\",\"\",\"704.9\",\"\"\n\"Premiums, other\",\"2.4\",\"26.8\",\"-\",\"\",\"29.2\",\"\"\n\"Revenues/credits from other Government accounts\",\"15.3\",\"83.4\",\"83.5\",\"\",\"182.2\",\"\"\n\"Transfers\",\"0.5\",\"80.9\",\"-\",\"\",\"81.4\",\"\"\n\"Interest credits\",\"14.8\",\"2.5\",\"83.5\",\"\",\"100.8\",\"\"\n\"Expenditures to Public:\",\"Benefits & admin. costs\",\"(153.8)\",\"(124.1)\",\"(474.7)\",\"\",\"(752.6)\"\n\"Other Government:\",\"Revenues from public\",\"\",\"\",\"\",\"1,048.0\",\"1,048.0\"\n\"Expenditures to public⁴\",\"\",\"\",\"\",\"(1,404.3)\",\"(1,404.3)\",\"\"\n\"General Government\",\"\",\"\",\"\",\"(1,251.3)\",\"(1,251.3)\",\"\"\n\"Interest on debt held\",\"\",\"\",\"\",\"(153.0)\",\"(153.0)\",\"\"\n\"Expenditures/credits to trust fund Accounts\",\"\",\"\",\"\",\"(182.8)\",\"(182.8)\",\"\"\n\"Transfers\",\"\",\"\",\"\",\"(81.4)\",\"(81.4)\",\"\"\n\"Interest credits\",\"\",\"\",\"\",\"(101.4)\",\"(101.4)\",\"\"\n\"Net Results for Governmentwide (Budget) Perspective\",\"Revenues from public less expenditures to public\",\"6.8\",\"(97.3)\",\"72.0\",\"(356.3)\",\"(374.8)\"\n\"Net Results for Trust Fund Perspective\",\"Revenues from public plus revenues/credits from other Government less expenditures to public\",\"22.1\",\"(13.9)\",\"155.5\",\"\",\"163.7\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Data sources:\n\n1. Data from the 2003 Medicare Trustees’ Report.\n2. Data from the 2003 OASDI Trustees’ Report.\n3. Financial Management Service’s, Final Monthly Treasury Statement of Receipts and Outlays of the United States Government, September 2003, Tables 1 and 9.\n4. The OASDI number includes $3.7 billion in transfers to the Railroad Retirement Board.", + "md": "Data sources:\n\n1. Data from the 2003 Medicare Trustees’ Report.\n2. Data from the 2003 OASDI Trustees’ Report.\n3. Financial Management Service’s, Final Monthly Treasury Statement of Receipts and Outlays of the United States Government, September 2003, Tables 1 and 9.\n4. The OASDI number includes $3.7 billion in transfers to the Railroad Retirement Board.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 75, + "text": "70 STEWARDSHIP INFORMATION (UNAUDITED)\nCashflow Projections\nBackground\n Economic and Demographic Assumptions. The Boards of Trustees⁵ of the OASDI and Medicare Trust Funds\nprovide in their annual reports to Congress short-range (10-year) and long-range (75-year) actuarial estimates of\neach trust fund. Because of the inherent uncertainty in estimates for 75 years into the future, the Boards use three\nalternative sets of economic and demographic assumptions to show a range of possibilities. Assumptions are made\nabout many economic and demographic factors, including gross domestic product (GDP), earnings, the consumer\nprice index (CPI), the unemployment rate, the fertility rate, immigration, mortality, disability incidence and\nterminations and, for the Medicare projections, health care cost growth. The assumptions used for the most recent\nset of projections shown in Table 2 are generally referred to as the “intermediate assumptions,” and reflect the best\nestimate of expected future experience.\nTable 2\nSocial Security and Medicare Demographic and Economic Assumptions\n Demographic Assumptions Economic Assumptions\n Product-\n ivity, Real Average\n Age-Sex Life Life Net total Wage Annual\n Total Adjusted Expect Expect Immi- economy Differ- CPI⁵ Interest\n Fertility Death At Birth At Birth gration (percent ential⁴ (percent Rate⁶\n Year Rate¹ Rate² Male³ Female³ (persons) change) (percent) change) (percent)\n 2003 2.04 796.0 74.3 79.5 1,200,000 1.9 1.5 2.4 5.1\n 2005 2.03 786.6 74.6 79.6 1,150,000 2.1 1.6 2.7 6.3\n 2010 2.01 758.1 75.2 80.0 1,025,000 1.7 1.2 3.0 6.0\n 2020 1.98 697.1 76.3 80.9 950,000 1.6 1.1 3.0 6.0\n 2030+ 1.95 641.5 77.3 81.8 900,000 1.6 1.1 3.0 6.0\n1The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she were to\nexperience the birth rates by age observed in, or assumed for, the selected year, and if she were to survive the entire childbearing\nperiod. The ultimate total fertility rate is assumed to be reached in 2027.\n2 The age-sex-adjusted death rate is a weighted average of age-sex-specific death rates in a year where the weights are the number\nof people in the corresponding age-sex group as of April 1, 1990. The death rate is a summary measure and not a basic assumption.\nNote that after 2030, the death rate continues to fall, to 447.9 by 2080.\n3The period life expectancy for a group of persons born in a given year is the average that would be attained by such persons if the\ngroup were to experience in succeeding years the death rates by age observed in, or assumed for, the given year. It is a summary\nmeasure and not a basic assumption; it summarizes the effects of the basic assumptions from which it is derived. Life expectancy\ncontinues to increase, to 81.6 for males and 85.5 for females by 2080.\n4The real-wage differential is the difference between the percentage increases, before rounding, in the average annual wage in\ncovered employment, and the average annual CPI.\n5The CPI is the annual average value for the calendar year of the CPI for urban wage earners and clerical workers.\n6The average annual interest rate is the average of the nominal interest rates, which, in practice, are compounded semiannually, for\nspecial-issue Treasury obligations sold only to the trust funds in each of the 12 months of the year.\n Beneficiary-to-Worker Ratio. Underlying the pattern of expenditure projections for both the OASDI and\nMedicare programs is the impending demographic change that will occur as the large baby-boom generation, born in\nthe years 1946 to 1964, retires or reaches eligibility age. The consequence is that the number of beneficiaries will\nincrease much faster than the number of workers who pay taxes that are used to pay benefits. The pattern is\nillustrated in Chart 1 which shows the ratio of OASDI beneficiaries to workers for the historical period and\n5 There are six trustees: the Secretaries of Treasury (managing trustee), Health and Human Services, and Labor; the Commissioner of the Social\nSecurity Administration; and two public trustees who are appointed by the President and confirmed by the Senate for a 4-year term. By law, the\npublic trustees are members of two different political parties. The two current public trustees are John Palmer, Syracuse University, and Thomas\nSaving, Texas A&M University. Palmer and Saving began their term on 10/28/2000.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Cashflow Projections\n\n# Background\n\nEconomic and Demographic Assumptions. The Boards of Trustees⁵ of the OASDI and Medicare Trust Funds provide in their annual reports to Congress short-range (10-year) and long-range (75-year) actuarial estimates of each trust fund. Because of the inherent uncertainty in estimates for 75 years into the future, the Boards use three alternative sets of economic and demographic assumptions to show a range of possibilities. Assumptions are made about many economic and demographic factors, including gross domestic product (GDP), earnings, the consumer price index (CPI), the unemployment rate, the fertility rate, immigration, mortality, disability incidence and terminations and, for the Medicare projections, health care cost growth. The assumptions used for the most recent set of projections shown in Table 2 are generally referred to as the “intermediate assumptions,” and reflect the best estimate of expected future experience.\n\n# Table 2\n\n# Social Security and Medicare Demographic and Economic Assumptions\n\n| | | |Demographic Assumptions| |Economic Assumptions| | | | |\n|---|---|---|---|---|---|---|---|---|---|\n|Age-Sex Adjusted|Productivity,| | | | | | | | |\n|Life Expectancy|Real Wage| | | | | | | | |\n|Life Expectancy|Average Annual| | | | | | | | |\n|Total Fertility Rate¹|Interest Rate⁶| | | | | | | | |\n|Year|Net Immigration|Total economy (percent change)|Differential⁴ (percent change)|CPI⁵ (percent)| | | | | |\n|2003|2.04|796.0|74.3|79.5|1,200,000|1.9|1.5|2.4|5.1|\n|2005|2.03|786.6|74.6|79.6|1,150,000|2.1|1.6|2.7|6.3|\n|2010|2.01|758.1|75.2|80.0|1,025,000|1.7|1.2|3.0|6.0|\n|2020|1.98|697.1|76.3|80.9|950,000|1.6|1.1|3.0|6.0|\n|2030+|1.95|641.5|77.3|81.8|900,000|1.6|1.1|3.0|6.0|\n\n1 The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she were to experience the birth rates by age observed in, or assumed for, the selected year, and if she were to survive the entire childbearing period. The ultimate total fertility rate is assumed to be reached in 2027.\n\n2 The age-sex-adjusted death rate is a weighted average of age-sex-specific death rates in a year where the weights are the number of people in the corresponding age-sex group as of April 1, 1990. The death rate is a summary measure and not a basic assumption. Note that after 2030, the death rate continues to fall, to 447.9 by 2080.\n\n3 The period life expectancy for a group of persons born in a given year is the average that would be attained by such persons if the group were to experience in succeeding years the death rates by age observed in, or assumed for, the given year. It is a summary measure and not a basic assumption; it summarizes the effects of the basic assumptions from which it is derived. Life expectancy continues to increase, to 81.6 for males and 85.5 for females by 2080.\n\n4 The real-wage differential is the difference between the percentage increases, before rounding, in the average annual wage in covered employment, and the average annual CPI.\n\n5 The CPI is the annual average value for the calendar year of the CPI for urban wage earners and clerical workers.\n\n6 The average annual interest rate is the average of the nominal interest rates, which, in practice, are compounded semiannually, for special-issue Treasury obligations sold only to the trust funds in each of the 12 months of the year.\n\n# Beneficiary-to-Worker Ratio\n\nUnderlying the pattern of expenditure projections for both the OASDI and Medicare programs is the impending demographic change that will occur as the large baby-boom generation, born in the years 1946 to 1964, retires or reaches eligibility age. The consequence is that the number of beneficiaries will increase much faster than the number of workers who pay taxes that are used to pay benefits. The pattern is illustrated in Chart 1 which shows the ratio of OASDI beneficiaries to workers for the historical period and.\n\n5 There are six trustees: the Secretaries of Treasury (managing trustee), Health and Human Services, and Labor; the Commissioner of the Social Security Administration; and two public trustees who are appointed by the President and confirmed by the Senate for a 4-year term. By law, the public trustees are members of two different political parties. The two current public trustees are John Palmer, Syracuse University, and Thomas Saving, Texas A&M University. Palmer and Saving began their term on 10/28/2000.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Cashflow Projections", + "md": "# Cashflow Projections", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Background", + "md": "# Background", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Economic and Demographic Assumptions. The Boards of Trustees⁵ of the OASDI and Medicare Trust Funds provide in their annual reports to Congress short-range (10-year) and long-range (75-year) actuarial estimates of each trust fund. Because of the inherent uncertainty in estimates for 75 years into the future, the Boards use three alternative sets of economic and demographic assumptions to show a range of possibilities. Assumptions are made about many economic and demographic factors, including gross domestic product (GDP), earnings, the consumer price index (CPI), the unemployment rate, the fertility rate, immigration, mortality, disability incidence and terminations and, for the Medicare projections, health care cost growth. The assumptions used for the most recent set of projections shown in Table 2 are generally referred to as the “intermediate assumptions,” and reflect the best estimate of expected future experience.", + "md": "Economic and Demographic Assumptions. The Boards of Trustees⁵ of the OASDI and Medicare Trust Funds provide in their annual reports to Congress short-range (10-year) and long-range (75-year) actuarial estimates of each trust fund. Because of the inherent uncertainty in estimates for 75 years into the future, the Boards use three alternative sets of economic and demographic assumptions to show a range of possibilities. Assumptions are made about many economic and demographic factors, including gross domestic product (GDP), earnings, the consumer price index (CPI), the unemployment rate, the fertility rate, immigration, mortality, disability incidence and terminations and, for the Medicare projections, health care cost growth. The assumptions used for the most recent set of projections shown in Table 2 are generally referred to as the “intermediate assumptions,” and reflect the best estimate of expected future experience.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 2", + "md": "# Table 2", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Social Security and Medicare Demographic and Economic Assumptions", + "md": "# Social Security and Medicare Demographic and Economic Assumptions", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "", + "", + "Demographic Assumptions", + "", + "Economic Assumptions", + "", + "", + "", + "" + ], + [ + "Age-Sex Adjusted", + "Productivity,", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "Life Expectancy", + "Real Wage", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "Life Expectancy", + "Average Annual", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "Total Fertility Rate¹", + "Interest Rate⁶", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "Year", + "Net Immigration", + "Total economy (percent change)", + "Differential⁴ (percent change)", + "CPI⁵ (percent)", + "", + "", + "", + "", + "" + ], + [ + "2003", + "2.04", + "796.0", + "74.3", + "79.5", + "1,200,000", + "1.9", + "1.5", + "2.4", + "5.1" + ], + [ + "2005", + "2.03", + "786.6", + "74.6", + "79.6", + "1,150,000", + "2.1", + "1.6", + "2.7", + "6.3" + ], + [ + "2010", + "2.01", + "758.1", + "75.2", + "80.0", + "1,025,000", + "1.7", + "1.2", + "3.0", + "6.0" + ], + [ + "2020", + "1.98", + "697.1", + "76.3", + "80.9", + "950,000", + "1.6", + "1.1", + "3.0", + "6.0" + ], + [ + "2030+", + "1.95", + "641.5", + "77.3", + "81.8", + "900,000", + "1.6", + "1.1", + "3.0", + "6.0" + ] + ], + "md": "| | | |Demographic Assumptions| |Economic Assumptions| | | | |\n|Age-Sex Adjusted|Productivity,| | | | | | | | |\n|Life Expectancy|Real Wage| | | | | | | | |\n|Life Expectancy|Average Annual| | | | | | | | |\n|Total Fertility Rate¹|Interest Rate⁶| | | | | | | | |\n|Year|Net Immigration|Total economy (percent change)|Differential⁴ (percent change)|CPI⁵ (percent)| | | | | |\n|2003|2.04|796.0|74.3|79.5|1,200,000|1.9|1.5|2.4|5.1|\n|2005|2.03|786.6|74.6|79.6|1,150,000|2.1|1.6|2.7|6.3|\n|2010|2.01|758.1|75.2|80.0|1,025,000|1.7|1.2|3.0|6.0|\n|2020|1.98|697.1|76.3|80.9|950,000|1.6|1.1|3.0|6.0|\n|2030+|1.95|641.5|77.3|81.8|900,000|1.6|1.1|3.0|6.0|", + "isPerfectTable": true, + "csv": "\"\",\"\",\"\",\"Demographic Assumptions\",\"\",\"Economic Assumptions\",\"\",\"\",\"\",\"\"\n\"Age-Sex Adjusted\",\"Productivity,\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Life Expectancy\",\"Real Wage\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Life Expectancy\",\"Average Annual\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Total Fertility Rate¹\",\"Interest Rate⁶\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Year\",\"Net Immigration\",\"Total economy (percent change)\",\"Differential⁴ (percent change)\",\"CPI⁵ (percent)\",\"\",\"\",\"\",\"\",\"\"\n\"2003\",\"2.04\",\"796.0\",\"74.3\",\"79.5\",\"1,200,000\",\"1.9\",\"1.5\",\"2.4\",\"5.1\"\n\"2005\",\"2.03\",\"786.6\",\"74.6\",\"79.6\",\"1,150,000\",\"2.1\",\"1.6\",\"2.7\",\"6.3\"\n\"2010\",\"2.01\",\"758.1\",\"75.2\",\"80.0\",\"1,025,000\",\"1.7\",\"1.2\",\"3.0\",\"6.0\"\n\"2020\",\"1.98\",\"697.1\",\"76.3\",\"80.9\",\"950,000\",\"1.6\",\"1.1\",\"3.0\",\"6.0\"\n\"2030+\",\"1.95\",\"641.5\",\"77.3\",\"81.8\",\"900,000\",\"1.6\",\"1.1\",\"3.0\",\"6.0\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she were to experience the birth rates by age observed in, or assumed for, the selected year, and if she were to survive the entire childbearing period. The ultimate total fertility rate is assumed to be reached in 2027.\n\n2 The age-sex-adjusted death rate is a weighted average of age-sex-specific death rates in a year where the weights are the number of people in the corresponding age-sex group as of April 1, 1990. The death rate is a summary measure and not a basic assumption. Note that after 2030, the death rate continues to fall, to 447.9 by 2080.\n\n3 The period life expectancy for a group of persons born in a given year is the average that would be attained by such persons if the group were to experience in succeeding years the death rates by age observed in, or assumed for, the given year. It is a summary measure and not a basic assumption; it summarizes the effects of the basic assumptions from which it is derived. Life expectancy continues to increase, to 81.6 for males and 85.5 for females by 2080.\n\n4 The real-wage differential is the difference between the percentage increases, before rounding, in the average annual wage in covered employment, and the average annual CPI.\n\n5 The CPI is the annual average value for the calendar year of the CPI for urban wage earners and clerical workers.\n\n6 The average annual interest rate is the average of the nominal interest rates, which, in practice, are compounded semiannually, for special-issue Treasury obligations sold only to the trust funds in each of the 12 months of the year.", + "md": "1 The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she were to experience the birth rates by age observed in, or assumed for, the selected year, and if she were to survive the entire childbearing period. The ultimate total fertility rate is assumed to be reached in 2027.\n\n2 The age-sex-adjusted death rate is a weighted average of age-sex-specific death rates in a year where the weights are the number of people in the corresponding age-sex group as of April 1, 1990. The death rate is a summary measure and not a basic assumption. Note that after 2030, the death rate continues to fall, to 447.9 by 2080.\n\n3 The period life expectancy for a group of persons born in a given year is the average that would be attained by such persons if the group were to experience in succeeding years the death rates by age observed in, or assumed for, the given year. It is a summary measure and not a basic assumption; it summarizes the effects of the basic assumptions from which it is derived. Life expectancy continues to increase, to 81.6 for males and 85.5 for females by 2080.\n\n4 The real-wage differential is the difference between the percentage increases, before rounding, in the average annual wage in covered employment, and the average annual CPI.\n\n5 The CPI is the annual average value for the calendar year of the CPI for urban wage earners and clerical workers.\n\n6 The average annual interest rate is the average of the nominal interest rates, which, in practice, are compounded semiannually, for special-issue Treasury obligations sold only to the trust funds in each of the 12 months of the year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Beneficiary-to-Worker Ratio", + "md": "# Beneficiary-to-Worker Ratio", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Underlying the pattern of expenditure projections for both the OASDI and Medicare programs is the impending demographic change that will occur as the large baby-boom generation, born in the years 1946 to 1964, retires or reaches eligibility age. The consequence is that the number of beneficiaries will increase much faster than the number of workers who pay taxes that are used to pay benefits. The pattern is illustrated in Chart 1 which shows the ratio of OASDI beneficiaries to workers for the historical period and.\n\n5 There are six trustees: the Secretaries of Treasury (managing trustee), Health and Human Services, and Labor; the Commissioner of the Social Security Administration; and two public trustees who are appointed by the President and confirmed by the Senate for a 4-year term. By law, the public trustees are members of two different political parties. The two current public trustees are John Palmer, Syracuse University, and Thomas Saving, Texas A&M University. Palmer and Saving began their term on 10/28/2000.", + "md": "Underlying the pattern of expenditure projections for both the OASDI and Medicare programs is the impending demographic change that will occur as the large baby-boom generation, born in the years 1946 to 1964, retires or reaches eligibility age. The consequence is that the number of beneficiaries will increase much faster than the number of workers who pay taxes that are used to pay benefits. The pattern is illustrated in Chart 1 which shows the ratio of OASDI beneficiaries to workers for the historical period and.\n\n5 There are six trustees: the Secretaries of Treasury (managing trustee), Health and Human Services, and Labor; the Commissioner of the Social Security Administration; and two public trustees who are appointed by the President and confirmed by the Senate for a 4-year term. By law, the public trustees are members of two different political parties. The two current public trustees are John Palmer, Syracuse University, and Thomas Saving, Texas A&M University. Palmer and Saving began their term on 10/28/2000.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 76, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 71\nestimated for the next 75 years. In 2002, there were about 30 beneficiaries for every 100 workers. By 2030, there\nwill be about 46 beneficiaries for every 100 workers. A similar demographic pattern confronts the Medicare\nprogram. For example, for the HI program, there were about 26 beneficiaries for every 100 workers in 2002; by\n2030 there are expected to be about 42 beneficiaries for every 100 workers. This ratio will continue to increase after\nthe baby-boom generation has moved through the Social Security system due to declining birth rates and increasing\nlongevity.\n Chart 1—Beneficiaries per 100 Covered Workers\n 1970-2077\n 60\n 55\n Projected data\n 50\n 45\n Historical data\n 40\n 35\n 30\n 25\n 20\n 15\n 10\n 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080\n Calendar years\n Source: Social Security Administration", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nEstimated for the next 75 years. In 2002, there were about 30 beneficiaries for every 100 workers. By 2030, there will be about 46 beneficiaries for every 100 workers. A similar demographic pattern confronts the Medicare program. For example, for the HI program, there were about 26 beneficiaries for every 100 workers in 2002; by 2030 there are expected to be about 42 beneficiaries for every 100 workers. This ratio will continue to increase after the baby-boom generation has moved through the Social Security system due to declining birth rates and increasing longevity.\n\n# Chart 1—Beneficiaries per 100 Covered Workers\n\n# 1970-2077\n\n| |60| |55| |50| |45| |40| |35| |30| |25| |20| |15| |10| |\n|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|\n|1970| |1980| |1990| |2000| |2010| |2020| |2030| |2040| |2050| |2060| |2070| |2080|\n\nSource: Social Security Administration", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Estimated for the next 75 years. In 2002, there were about 30 beneficiaries for every 100 workers. By 2030, there will be about 46 beneficiaries for every 100 workers. A similar demographic pattern confronts the Medicare program. For example, for the HI program, there were about 26 beneficiaries for every 100 workers in 2002; by 2030 there are expected to be about 42 beneficiaries for every 100 workers. This ratio will continue to increase after the baby-boom generation has moved through the Social Security system due to declining birth rates and increasing longevity.", + "md": "Estimated for the next 75 years. In 2002, there were about 30 beneficiaries for every 100 workers. By 2030, there will be about 46 beneficiaries for every 100 workers. A similar demographic pattern confronts the Medicare program. For example, for the HI program, there were about 26 beneficiaries for every 100 workers in 2002; by 2030 there are expected to be about 42 beneficiaries for every 100 workers. This ratio will continue to increase after the baby-boom generation has moved through the Social Security system due to declining birth rates and increasing longevity.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 1—Beneficiaries per 100 Covered Workers", + "md": "# Chart 1—Beneficiaries per 100 Covered Workers", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "1970-2077", + "md": "# 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "60", + "", + "55", + "", + "50", + "", + "45", + "", + "40", + "", + "35", + "", + "30", + "", + "25", + "", + "20", + "", + "15", + "", + "10", + "" + ], + [ + "1970", + "", + "1980", + "", + "1990", + "", + "2000", + "", + "2010", + "", + "2020", + "", + "2030", + "", + "2040", + "", + "2050", + "", + "2060", + "", + "2070", + "", + "2080" + ] + ], + "md": "| |60| |55| |50| |45| |40| |35| |30| |25| |20| |15| |10| |\n|1970| |1980| |1990| |2000| |2010| |2020| |2030| |2040| |2050| |2060| |2070| |2080|", + "isPerfectTable": true, + "csv": "\"\",\"60\",\"\",\"55\",\"\",\"50\",\"\",\"45\",\"\",\"40\",\"\",\"35\",\"\",\"30\",\"\",\"25\",\"\",\"20\",\"\",\"15\",\"\",\"10\",\"\"\n\"1970\",\"\",\"1980\",\"\",\"1990\",\"\",\"2000\",\"\",\"2010\",\"\",\"2020\",\"\",\"2030\",\"\",\"2040\",\"\",\"2050\",\"\",\"2060\",\"\",\"2070\",\"\",\"2080\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: Social Security Administration", + "md": "Source: Social Security Administration", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 77, + "text": "72 STEWARDSHIP INFORMATION (UNAUDITED)\nSocial Security Projections\n Nominal Income and Expenditures. Chart 2 shows actuarial estimates of combined OASDI annual income\n(excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for the open-group\npopulation. That is, the estimates include taxes paid from, and on behalf of, workers who will enter covered\nemployment during the period, as well as those already in covered employment at the beginning of that period.\nThese estimates also include scheduled benefit payments made to, and on behalf of, such workers during that period.\n Chart 2—OASDI Income (Excluding Interest) and Expenditures\n 1970-2077\n (In billions of nominal dollars)\n25,000\n20,000\n Historical data\n15,000\n Expenditures\n10,000\n 5,000 2018: Crossover point\n Income\n 0\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Calendar years\n Source: http://www.ssa.gov/OACT/TR/TR03/index.html\n Currently, Social Security tax revenues exceed benefit payments and will continue to do so until 2018, when\nrevenues are projected to fall below benefit payments, after which the gap between expenditures and revenues\ncontinues to widen.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Social Security Projections\n\nNominal Income and Expenditures. Chart 2 shows actuarial estimates of combined OASDI annual income (excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for the open-group population. That is, the estimates include taxes paid from, and on behalf of, workers who will enter covered employment during the period, as well as those already in covered employment at the beginning of that period. These estimates also include scheduled benefit payments made to, and on behalf of, such workers during that period.\n\n# Chart 2—OASDI Income (Excluding Interest) and Expenditures\n\n# 1970-2077\n\n|(In billions of nominal dollars)|(In billions of nominal dollars)|\n|---|\n|25,000|Historical data|\n|20,000|Expenditures|\n|15,000| |\n|10,000| |\n|5,000|2018: Crossover point|\n|0|Income|\n\n1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n\nSource: http://www.ssa.gov/OACT/TR/TR03/index.html\n\nCurrently, Social Security tax revenues exceed benefit payments and will continue to do so until 2018, when revenues are projected to fall below benefit payments, after which the gap between expenditures and revenues continues to widen.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Social Security Projections", + "md": "# Social Security Projections", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Nominal Income and Expenditures. Chart 2 shows actuarial estimates of combined OASDI annual income (excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for the open-group population. That is, the estimates include taxes paid from, and on behalf of, workers who will enter covered employment during the period, as well as those already in covered employment at the beginning of that period. These estimates also include scheduled benefit payments made to, and on behalf of, such workers during that period.", + "md": "Nominal Income and Expenditures. Chart 2 shows actuarial estimates of combined OASDI annual income (excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for the open-group population. That is, the estimates include taxes paid from, and on behalf of, workers who will enter covered employment during the period, as well as those already in covered employment at the beginning of that period. These estimates also include scheduled benefit payments made to, and on behalf of, such workers during that period.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 2—OASDI Income (Excluding Interest) and Expenditures", + "md": "# Chart 2—OASDI Income (Excluding Interest) and Expenditures", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "1970-2077", + "md": "# 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of nominal dollars)", + "(In billions of nominal dollars)" + ], + [ + "25,000", + "Historical data" + ], + [ + "20,000", + "Expenditures" + ], + [ + "15,000", + "" + ], + [ + "10,000", + "" + ], + [ + "5,000", + "2018: Crossover point" + ], + [ + "0", + "Income" + ] + ], + "md": "|(In billions of nominal dollars)|(In billions of nominal dollars)|\n|25,000|Historical data|\n|20,000|Expenditures|\n|15,000| |\n|10,000| |\n|5,000|2018: Crossover point|\n|0|Income|", + "isPerfectTable": true, + "csv": "\"(In billions of nominal dollars)\",\"(In billions of nominal dollars)\"\n\"25,000\",\"Historical data\"\n\"20,000\",\"Expenditures\"\n\"15,000\",\"\"\n\"10,000\",\"\"\n\"5,000\",\"2018: Crossover point\"\n\"0\",\"Income\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n\nSource: http://www.ssa.gov/OACT/TR/TR03/index.html\n\nCurrently, Social Security tax revenues exceed benefit payments and will continue to do so until 2018, when revenues are projected to fall below benefit payments, after which the gap between expenditures and revenues continues to widen.", + "md": "1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n\nSource: http://www.ssa.gov/OACT/TR/TR03/index.html\n\nCurrently, Social Security tax revenues exceed benefit payments and will continue to do so until 2018, when revenues are projected to fall below benefit payments, after which the gap between expenditures and revenues continues to widen.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 78, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 73\n Income and Expenditures as Percent of Taxable Payroll. Chart 3 shows estimated annual income (excluding\ninterest but including both payroll and benefit taxes) and expenditures expressed as percentages of taxable payroll,\ncommonly referred to as the income rate and cost rate, respectively. The amount by which income exceeds payroll\ntax income reflects revenue from the Federal income-taxation of OASDI benefits that is transferred to the trust\nfunds.\n The OASDI cost rate is projected to decline slightly and then remain flat for the next several years. It then\nbegins to increase rapidly and first exceeds the income rate in 2018, producing cashflow deficits thereafter. As\ndescribed above, surpluses that occur prior to 2018 are “loaned” to the general fund and accumulate, with interest,\nreserve spending authority for the trust fund. The reserve spending authority represents an obligation for the general\nfund. Beginning in 2018, Social Security will start using interest credits to meet full benefit obligations. The\nGovernment will need to raise taxes, reduce benefits, increase borrowing from the public, and/or cut spending for\nother programs to meet its obligations to the trust fund. By 2042, the trust fund reserves (and thus reserve spending\nauthority) are projected to be exhausted. Even if a trust fund's assets are exhausted, however, tax income will\ncontinue to flow into the fund. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after\ntrust fund exhaustion in 2042 and 65 percent of scheduled benefits in 2077.\n Chart 3—OASDI Income (Excluding Interest) and Expenditures\n as a Percent of Taxable Payroll\n 1970-2077\n 25%\n 20% Cash deficit covered by Expenditures\n interest and trust fund assets\n Historical data\n 15%\n Income\n 10%\n 2018: First year expenditures 2042: Trust fund exhausted\n exceed income\n 5%\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Source: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Income and Expenditures as Percent of Taxable Payroll\n\nChart 3 shows estimated annual income (excluding interest but including both payroll and benefit taxes) and expenditures expressed as percentages of taxable payroll, commonly referred to as the income rate and cost rate, respectively. The amount by which income exceeds payroll tax income reflects revenue from the Federal income-taxation of OASDI benefits that is transferred to the trust funds.\n\nThe OASDI cost rate is projected to decline slightly and then remain flat for the next several years. It then begins to increase rapidly and first exceeds the income rate in 2018, producing cashflow deficits thereafter. As described above, surpluses that occur prior to 2018 are “loaned” to the general fund and accumulate, with interest, reserve spending authority for the trust fund. The reserve spending authority represents an obligation for the general fund. Beginning in 2018, Social Security will start using interest credits to meet full benefit obligations. The Government will need to raise taxes, reduce benefits, increase borrowing from the public, and/or cut spending for other programs to meet its obligations to the trust fund. By 2042, the trust fund reserves (and thus reserve spending authority) are projected to be exhausted. Even if a trust fund's assets are exhausted, however, tax income will continue to flow into the fund. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after trust fund exhaustion in 2042 and 65 percent of scheduled benefits in 2077.\n\n# Chart 3—OASDI Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll\n\n1970-2077\n\n|25%| | | | | | | | | | | | | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|\n|20%| | | | | | | | | | | | | | | | | | |\n|15%| | | | | | | | | | | | | | | | | | |\n|10%| | | | | | | | | | | | | | | | | | |\n|5%| | | | | | | | | | | | | | | | | | |\n|1970|1976|1982|1988|1994|2000|2006|2012|2018|2024|2030|2036|2042|2048|2054|2060|2066|2072|2078|\n\nSource: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Income and Expenditures as Percent of Taxable Payroll", + "md": "# Income and Expenditures as Percent of Taxable Payroll", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Chart 3 shows estimated annual income (excluding interest but including both payroll and benefit taxes) and expenditures expressed as percentages of taxable payroll, commonly referred to as the income rate and cost rate, respectively. The amount by which income exceeds payroll tax income reflects revenue from the Federal income-taxation of OASDI benefits that is transferred to the trust funds.\n\nThe OASDI cost rate is projected to decline slightly and then remain flat for the next several years. It then begins to increase rapidly and first exceeds the income rate in 2018, producing cashflow deficits thereafter. As described above, surpluses that occur prior to 2018 are “loaned” to the general fund and accumulate, with interest, reserve spending authority for the trust fund. The reserve spending authority represents an obligation for the general fund. Beginning in 2018, Social Security will start using interest credits to meet full benefit obligations. The Government will need to raise taxes, reduce benefits, increase borrowing from the public, and/or cut spending for other programs to meet its obligations to the trust fund. By 2042, the trust fund reserves (and thus reserve spending authority) are projected to be exhausted. Even if a trust fund's assets are exhausted, however, tax income will continue to flow into the fund. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after trust fund exhaustion in 2042 and 65 percent of scheduled benefits in 2077.", + "md": "Chart 3 shows estimated annual income (excluding interest but including both payroll and benefit taxes) and expenditures expressed as percentages of taxable payroll, commonly referred to as the income rate and cost rate, respectively. The amount by which income exceeds payroll tax income reflects revenue from the Federal income-taxation of OASDI benefits that is transferred to the trust funds.\n\nThe OASDI cost rate is projected to decline slightly and then remain flat for the next several years. It then begins to increase rapidly and first exceeds the income rate in 2018, producing cashflow deficits thereafter. As described above, surpluses that occur prior to 2018 are “loaned” to the general fund and accumulate, with interest, reserve spending authority for the trust fund. The reserve spending authority represents an obligation for the general fund. Beginning in 2018, Social Security will start using interest credits to meet full benefit obligations. The Government will need to raise taxes, reduce benefits, increase borrowing from the public, and/or cut spending for other programs to meet its obligations to the trust fund. By 2042, the trust fund reserves (and thus reserve spending authority) are projected to be exhausted. Even if a trust fund's assets are exhausted, however, tax income will continue to flow into the fund. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after trust fund exhaustion in 2042 and 65 percent of scheduled benefits in 2077.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 3—OASDI Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll", + "md": "# Chart 3—OASDI Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1970-2077", + "md": "1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "25%", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---" + ], + [ + "20%", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "15%", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "10%", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "5%", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "1970", + "1976", + "1982", + "1988", + "1994", + "2000", + "2006", + "2012", + "2018", + "2024", + "2030", + "2036", + "2042", + "2048", + "2054", + "2060", + "2066", + "2072", + "2078" + ] + ], + "md": "1970-2077\n|25%| | | | | | | | | | | | | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|\n|20%| | | | | | | | | | | | | | | | | | |\n|15%| | | | | | | | | | | | | | | | | | |\n|10%| | | | | | | | | | | | | | | | | | |\n|5%| | | | | | | | | | | | | | | | | | |\n|1970|1976|1982|1988|1994|2000|2006|2012|2018|2024|2030|2036|2042|2048|2054|2060|2066|2072|2078|", + "isPerfectTable": false, + "csv": "\n\"25%\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\"\n\"20%\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"15%\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"10%\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"5%\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"1970\",\"1976\",\"1982\",\"1988\",\"1994\",\"2000\",\"2006\",\"2012\",\"2018\",\"2024\",\"2030\",\"2036\",\"2042\",\"2048\",\"2054\",\"2060\",\"2066\",\"2072\",\"2078\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years", + "md": "Source: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 79, + "text": "74 STEWARDSHIP INFORMATION (UNAUDITED)\n Income and Expenditures as a Percent of GDP. Chart 4 shows estimated annual income (excluding interest)\nand expenditures, expressed as percentages of GDP, the total value of goods and services produced in the United\nStates. This alternative perspective shows the size of the OASDI program in relation to the capacity of the national\neconomy to sustain it. The gap between expenditures and income widens continuously with expenditures growing as\na share of GDP and income declining slightly relative to GDP. Social Security’s expenditures are projected to grow\nfrom 4.4 percent of GDP in 2002 to 7.0 percent of GDP by 2077. In 2077, expenditures are projected to exceed\nincome by 2.3 percent of GDP.\n Chart 4—OASDI Income (Excluding Interest) and Expenditures\n as a Percent of GDP\n 1970-2077\n 8%\n 7% Expenditures\n Historical data\n 6%\n 5%\n Income\n 4%\n 2018: First year expenditures\n exceed income\n 3%\n 2%\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Source: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years\n Sensitivity Analysis. Actual future income from OASDI payroll taxes and other sources and actual future\nexpenditures for scheduled benefits and administrative expenses will depend upon a large number of factors: the size\nand composition of the population that is receiving benefits, the level of monthly benefit amounts, the size and\ncharacteristics of the work force covered under OASDI, and the level of workers’ earnings. These factors will\ndepend, in turn, upon future marriage and divorce rates, birth rates, death rates, migration rates, labor force\nparticipation and unemployment rates, disability incidence and termination rates, retirement age patterns,\nproductivity gains, wage increases, cost-of-living increases, and many other economic and demographic factors.\n This section presents estimates that illustrate the sensitivity of long-range expenditures and income for the\nOASDI program to changes in selected individual assumptions. In this analysis, the intermediate assumption is used\nas the reference point, and one assumption at a time is varied. The variation used for each individual assumption\nreflects the levels used for that assumption in the low cost (Alternative I) and high cost (Alternative III) projections.\nThe low cost alternative is characterized by assumptions that generally improve the financial status of the program\n(relative to the intermediate assumption) such as slower improvement in mortality (beneficiaries die younger). In\ncontrast, assumptions under the high cost alternative generally worsen the financial outlook.\n Table 3 shows the effects of changing various assumptions on the present value of estimated OASDI\nexpenditures in excess of income (the shortfall of income relative to expenditures in present value terms).⁶ The\nassumptions are shown in parentheses. For example, the intermediate assumption for the annual rate of reduction in\n6 Present values recognize that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s-worth\nof interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed.\nThe resulting present value is the amount that would have to be put in the bank today at the assumed interest rate to fund the future cashflows.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nIncome and Expenditures as a Percent of GDP. Chart 4 shows estimated annual income (excluding interest) and expenditures, expressed as percentages of GDP, the total value of goods and services produced in the United States. This alternative perspective shows the size of the OASDI program in relation to the capacity of the national economy to sustain it. The gap between expenditures and income widens continuously with expenditures growing as a share of GDP and income declining slightly relative to GDP. Social Security’s expenditures are projected to grow from 4.4 percent of GDP in 2002 to 7.0 percent of GDP by 2077. In 2077, expenditures are projected to exceed income by 2.3 percent of GDP.\n\n# Chart 4—OASDI Income (Excluding Interest) and Expenditures as a Percent of GDP 1970-2077\n\n8%7%6%5%4%3%2%1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\nSource: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years\n\n# Sensitivity Analysis\n\nActual future income from OASDI payroll taxes and other sources and actual future expenditures for scheduled benefits and administrative expenses will depend upon a large number of factors: the size and composition of the population that is receiving benefits, the level of monthly benefit amounts, the size and characteristics of the work force covered under OASDI, and the level of workers’ earnings. These factors will depend, in turn, upon future marriage and divorce rates, birth rates, death rates, migration rates, labor force participation and unemployment rates, disability incidence and termination rates, retirement age patterns, productivity gains, wage increases, cost-of-living increases, and many other economic and demographic factors.\n\nThis section presents estimates that illustrate the sensitivity of long-range expenditures and income for the OASDI program to changes in selected individual assumptions. In this analysis, the intermediate assumption is used as the reference point, and one assumption at a time is varied. The variation used for each individual assumption reflects the levels used for that assumption in the low cost (Alternative I) and high cost (Alternative III) projections. The low cost alternative is characterized by assumptions that generally improve the financial status of the program (relative to the intermediate assumption) such as slower improvement in mortality (beneficiaries die younger). In contrast, assumptions under the high cost alternative generally worsen the financial outlook.\n\n# Table 3\n\nshows the effects of changing various assumptions on the present value of estimated OASDI expenditures in excess of income (the shortfall of income relative to expenditures in present value terms).6 The assumptions are shown in parentheses. For example, the intermediate assumption for the annual rate of reduction in\n\n6 Present values recognize that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s-worth of interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. The resulting present value is the amount that would have to be put in the bank today at the assumed interest rate to fund the future cashflows.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Income and Expenditures as a Percent of GDP. Chart 4 shows estimated annual income (excluding interest) and expenditures, expressed as percentages of GDP, the total value of goods and services produced in the United States. This alternative perspective shows the size of the OASDI program in relation to the capacity of the national economy to sustain it. The gap between expenditures and income widens continuously with expenditures growing as a share of GDP and income declining slightly relative to GDP. Social Security’s expenditures are projected to grow from 4.4 percent of GDP in 2002 to 7.0 percent of GDP by 2077. In 2077, expenditures are projected to exceed income by 2.3 percent of GDP.", + "md": "Income and Expenditures as a Percent of GDP. Chart 4 shows estimated annual income (excluding interest) and expenditures, expressed as percentages of GDP, the total value of goods and services produced in the United States. This alternative perspective shows the size of the OASDI program in relation to the capacity of the national economy to sustain it. The gap between expenditures and income widens continuously with expenditures growing as a share of GDP and income declining slightly relative to GDP. Social Security’s expenditures are projected to grow from 4.4 percent of GDP in 2002 to 7.0 percent of GDP by 2077. In 2077, expenditures are projected to exceed income by 2.3 percent of GDP.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 4—OASDI Income (Excluding Interest) and Expenditures as a Percent of GDP 1970-2077", + "md": "# Chart 4—OASDI Income (Excluding Interest) and Expenditures as a Percent of GDP 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "8%7%6%5%4%3%2%1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\nSource: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years", + "md": "8%7%6%5%4%3%2%1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\nSource: http://www.ssa.gov/OACT/TR/TR03/index.html Calendar years", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Sensitivity Analysis", + "md": "# Sensitivity Analysis", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Actual future income from OASDI payroll taxes and other sources and actual future expenditures for scheduled benefits and administrative expenses will depend upon a large number of factors: the size and composition of the population that is receiving benefits, the level of monthly benefit amounts, the size and characteristics of the work force covered under OASDI, and the level of workers’ earnings. These factors will depend, in turn, upon future marriage and divorce rates, birth rates, death rates, migration rates, labor force participation and unemployment rates, disability incidence and termination rates, retirement age patterns, productivity gains, wage increases, cost-of-living increases, and many other economic and demographic factors.\n\nThis section presents estimates that illustrate the sensitivity of long-range expenditures and income for the OASDI program to changes in selected individual assumptions. In this analysis, the intermediate assumption is used as the reference point, and one assumption at a time is varied. The variation used for each individual assumption reflects the levels used for that assumption in the low cost (Alternative I) and high cost (Alternative III) projections. The low cost alternative is characterized by assumptions that generally improve the financial status of the program (relative to the intermediate assumption) such as slower improvement in mortality (beneficiaries die younger). In contrast, assumptions under the high cost alternative generally worsen the financial outlook.", + "md": "Actual future income from OASDI payroll taxes and other sources and actual future expenditures for scheduled benefits and administrative expenses will depend upon a large number of factors: the size and composition of the population that is receiving benefits, the level of monthly benefit amounts, the size and characteristics of the work force covered under OASDI, and the level of workers’ earnings. These factors will depend, in turn, upon future marriage and divorce rates, birth rates, death rates, migration rates, labor force participation and unemployment rates, disability incidence and termination rates, retirement age patterns, productivity gains, wage increases, cost-of-living increases, and many other economic and demographic factors.\n\nThis section presents estimates that illustrate the sensitivity of long-range expenditures and income for the OASDI program to changes in selected individual assumptions. In this analysis, the intermediate assumption is used as the reference point, and one assumption at a time is varied. The variation used for each individual assumption reflects the levels used for that assumption in the low cost (Alternative I) and high cost (Alternative III) projections. The low cost alternative is characterized by assumptions that generally improve the financial status of the program (relative to the intermediate assumption) such as slower improvement in mortality (beneficiaries die younger). In contrast, assumptions under the high cost alternative generally worsen the financial outlook.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 3", + "md": "# Table 3", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "shows the effects of changing various assumptions on the present value of estimated OASDI expenditures in excess of income (the shortfall of income relative to expenditures in present value terms).6 The assumptions are shown in parentheses. For example, the intermediate assumption for the annual rate of reduction in\n\n6 Present values recognize that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s-worth of interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. The resulting present value is the amount that would have to be put in the bank today at the assumed interest rate to fund the future cashflows.", + "md": "shows the effects of changing various assumptions on the present value of estimated OASDI expenditures in excess of income (the shortfall of income relative to expenditures in present value terms).6 The assumptions are shown in parentheses. For example, the intermediate assumption for the annual rate of reduction in\n\n6 Present values recognize that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s-worth of interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. The resulting present value is the amount that would have to be put in the bank today at the assumed interest rate to fund the future cashflows.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 80, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 75\nage-sex-adjusted death rates is 0.76 percent. For the low cost alternative, a slower reduction rate (0.35 percent) is\nassumed as it means that beneficiaries die at a younger age relative to the intermediate assumption resulting in lower\nexpenditures. Under the low cost assumption, the shortfall drops from $4,927 billion to $3,635 billion, a 26 percent\nsmaller shortfall. The high cost death rate assumption (1.33 percent) results in an increase in the shortfall, from\n$4,927 billion to $6,478 billion, a 31 percent increase in the shortfall. Clearly, alternative death rate assumptions\nhave a substantial impact on estimated future cashflows in the OASDI program.\n A higher fertility rate means more workers relative to beneficiaries over the projection period, thereby\nlowering the shortfall relative to the intermediate assumption. An increase in the rate from 1.95 to 2.2 results in a 10\npercent smaller shortfall (i.e., expenditures less income), from $4,927 billion to $4,457 billion.\n Higher real wage growth results in faster income growth relative to expenditure growth. Table 3 shows that a\nreal wage differential that is 0.5 greater than the intermediate assumption of 1.1 results in a drop in the shortfall from\n$4,927 billion to $4,219 billion, a 14 percent decline.\n The CPI change assumption operates in a somewhat counterintuitive manner, as seen in Table 3. A lower rate\nof change results in a higher shortfall. This arises as a consequence of holding the real wage assumption constant\nwhile varying the CPI so that wages (the income base) are affected sooner than benefits. If the rate is assumed to be\n2 percent rather than 3 percent, the shortfall rises about 7 percent, from $4,927 billion to $5,290 billion. The effect of\nnet immigration is similar to fertility in that, over the 75-year projection period, higher immigration results in\nproportionately more workers (taxpayers) than beneficiaries. The low-cost assumption for net immigration results in an\n8 percent drop in the shortfall, from $4,927 billion to $4,526 billion, relative to the intermediate case; and the high-cost\nassumption results in a 6 percent higher shortfall.\n Finally, Table 3 shows the sensitivity of the shortfall to variations in the real interest rate or, in present value\nterminology, the sensitivity to alternative discount rates. A higher discount rate reduces future values relative to a\nlower rate. As seen in the table, the shortfall is $1,379 billion lower (28 percent lower) if the real interest rate is 3.7\npercent rather than 3.0 percent and $2,253 billion higher (46 percent higher) if the real interest rate is 2.2 percent\nrather than 3.0 percent.\n Table 3\n Present Values of Estimated OASDI Expenditures in Excess of Income\n Under Various Assumptions, 2003-2077\n (In billions of dollars) Low Cost Intermediate High Cost\n Assumption (Alternative I) (Alternative II) (Alternative III)\n Average annual reduction in death rates .. 3,635 4,927 6,478\n (0.35) (0.76) (1.33)\n Total fertility rate........................................ 4,457 4,927 5,397\n (2.2) (1.95) (1.7)\n Real wage differential................................ 4,219 4,927 5,418\n (1.6) (1.1) (0.6)\n CPI change................................................ 5,290 4,927 4,522\n (2.0) (3.0) (4.0)\n Net immigration ......................................... 4,526 4,927 5,217\n (1,300,000) (900,000) (672,500)\n Real interest rate ....................................... 3,548 4,927 7,180\n (3.7) (3.0) (2.2)\n Source: 2003 OASDI Trustees Report and SSA. Numbers in parentheses are the values of the assumptions used in the\n respective scenario.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nage-sex-adjusted death rates is 0.76 percent. For the low cost alternative, a slower reduction rate (0.35 percent) is assumed as it means that beneficiaries die at a younger age relative to the intermediate assumption resulting in lower expenditures. Under the low cost assumption, the shortfall drops from $4,927 billion to $3,635 billion, a 26 percent smaller shortfall. The high cost death rate assumption (1.33 percent) results in an increase in the shortfall, from $4,927 billion to $6,478 billion, a 31 percent increase in the shortfall. Clearly, alternative death rate assumptions have a substantial impact on estimated future cashflows in the OASDI program.\n\nA higher fertility rate means more workers relative to beneficiaries over the projection period, thereby lowering the shortfall relative to the intermediate assumption. An increase in the rate from 1.95 to 2.2 results in a 10 percent smaller shortfall (i.e., expenditures less income), from $4,927 billion to $4,457 billion.\n\nHigher real wage growth results in faster income growth relative to expenditure growth. Table 3 shows that a real wage differential that is 0.5 greater than the intermediate assumption of 1.1 results in a drop in the shortfall from $4,927 billion to $4,219 billion, a 14 percent decline.\n\nThe CPI change assumption operates in a somewhat counterintuitive manner, as seen in Table 3. A lower rate of change results in a higher shortfall. This arises as a consequence of holding the real wage assumption constant while varying the CPI so that wages (the income base) are affected sooner than benefits. If the rate is assumed to be 2 percent rather than 3 percent, the shortfall rises about 7 percent, from $4,927 billion to $5,290 billion. The effect of net immigration is similar to fertility in that, over the 75-year projection period, higher immigration results in proportionately more workers (taxpayers) than beneficiaries. The low-cost assumption for net immigration results in an 8 percent drop in the shortfall, from $4,927 billion to $4,526 billion, relative to the intermediate case; and the high-cost assumption results in a 6 percent higher shortfall.\n\nFinally, Table 3 shows the sensitivity of the shortfall to variations in the real interest rate or, in present value terminology, the sensitivity to alternative discount rates. A higher discount rate reduces future values relative to a lower rate. As seen in the table, the shortfall is $1,379 billion lower (28 percent lower) if the real interest rate is 3.7 percent rather than 3.0 percent and $2,253 billion higher (46 percent higher) if the real interest rate is 2.2 percent rather than 3.0 percent.\n\n# Table 3\n\n# Present Values of Estimated OASDI Expenditures in Excess of Income Under Various Assumptions, 2003-2077\n\n|(In billions of dollars)|Low Cost|Intermediate|High Cost|\n|---|---|---|---|\n|Assumption|(Alternative I)|(Alternative II)|(Alternative III)|\n|Average annual reduction in death rates ..|3,635|4,927|6,478|\n| |(0.35)|(0.76)|(1.33)|\n|Total fertility rate........................................|4,457|4,927|5,397|\n| |(2.2)|(1.95)|(1.7)|\n|Real wage differential................................|4,219|4,927|5,418|\n| |(1.6)|(1.1)|(0.6)|\n|CPI change................................................|5,290|4,927|4,522|\n| |(2.0)|(3.0)|(4.0)|\n|Net immigration .........................................|4,526|4,927|5,217|\n| |(1,300,000)|(900,000)|(672,500)|\n|Real interest rate .......................................|3,548|4,927|7,180|\n| |(3.7)|(3.0)|(2.2)|\n\nSource: 2003 OASDI Trustees Report and SSA. Numbers in parentheses are the values of the assumptions used in the respective scenario.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "age-sex-adjusted death rates is 0.76 percent. For the low cost alternative, a slower reduction rate (0.35 percent) is assumed as it means that beneficiaries die at a younger age relative to the intermediate assumption resulting in lower expenditures. Under the low cost assumption, the shortfall drops from $4,927 billion to $3,635 billion, a 26 percent smaller shortfall. The high cost death rate assumption (1.33 percent) results in an increase in the shortfall, from $4,927 billion to $6,478 billion, a 31 percent increase in the shortfall. Clearly, alternative death rate assumptions have a substantial impact on estimated future cashflows in the OASDI program.\n\nA higher fertility rate means more workers relative to beneficiaries over the projection period, thereby lowering the shortfall relative to the intermediate assumption. An increase in the rate from 1.95 to 2.2 results in a 10 percent smaller shortfall (i.e., expenditures less income), from $4,927 billion to $4,457 billion.\n\nHigher real wage growth results in faster income growth relative to expenditure growth. Table 3 shows that a real wage differential that is 0.5 greater than the intermediate assumption of 1.1 results in a drop in the shortfall from $4,927 billion to $4,219 billion, a 14 percent decline.\n\nThe CPI change assumption operates in a somewhat counterintuitive manner, as seen in Table 3. A lower rate of change results in a higher shortfall. This arises as a consequence of holding the real wage assumption constant while varying the CPI so that wages (the income base) are affected sooner than benefits. If the rate is assumed to be 2 percent rather than 3 percent, the shortfall rises about 7 percent, from $4,927 billion to $5,290 billion. The effect of net immigration is similar to fertility in that, over the 75-year projection period, higher immigration results in proportionately more workers (taxpayers) than beneficiaries. The low-cost assumption for net immigration results in an 8 percent drop in the shortfall, from $4,927 billion to $4,526 billion, relative to the intermediate case; and the high-cost assumption results in a 6 percent higher shortfall.\n\nFinally, Table 3 shows the sensitivity of the shortfall to variations in the real interest rate or, in present value terminology, the sensitivity to alternative discount rates. A higher discount rate reduces future values relative to a lower rate. As seen in the table, the shortfall is $1,379 billion lower (28 percent lower) if the real interest rate is 3.7 percent rather than 3.0 percent and $2,253 billion higher (46 percent higher) if the real interest rate is 2.2 percent rather than 3.0 percent.", + "md": "age-sex-adjusted death rates is 0.76 percent. For the low cost alternative, a slower reduction rate (0.35 percent) is assumed as it means that beneficiaries die at a younger age relative to the intermediate assumption resulting in lower expenditures. Under the low cost assumption, the shortfall drops from $4,927 billion to $3,635 billion, a 26 percent smaller shortfall. The high cost death rate assumption (1.33 percent) results in an increase in the shortfall, from $4,927 billion to $6,478 billion, a 31 percent increase in the shortfall. Clearly, alternative death rate assumptions have a substantial impact on estimated future cashflows in the OASDI program.\n\nA higher fertility rate means more workers relative to beneficiaries over the projection period, thereby lowering the shortfall relative to the intermediate assumption. An increase in the rate from 1.95 to 2.2 results in a 10 percent smaller shortfall (i.e., expenditures less income), from $4,927 billion to $4,457 billion.\n\nHigher real wage growth results in faster income growth relative to expenditure growth. Table 3 shows that a real wage differential that is 0.5 greater than the intermediate assumption of 1.1 results in a drop in the shortfall from $4,927 billion to $4,219 billion, a 14 percent decline.\n\nThe CPI change assumption operates in a somewhat counterintuitive manner, as seen in Table 3. A lower rate of change results in a higher shortfall. This arises as a consequence of holding the real wage assumption constant while varying the CPI so that wages (the income base) are affected sooner than benefits. If the rate is assumed to be 2 percent rather than 3 percent, the shortfall rises about 7 percent, from $4,927 billion to $5,290 billion. The effect of net immigration is similar to fertility in that, over the 75-year projection period, higher immigration results in proportionately more workers (taxpayers) than beneficiaries. The low-cost assumption for net immigration results in an 8 percent drop in the shortfall, from $4,927 billion to $4,526 billion, relative to the intermediate case; and the high-cost assumption results in a 6 percent higher shortfall.\n\nFinally, Table 3 shows the sensitivity of the shortfall to variations in the real interest rate or, in present value terminology, the sensitivity to alternative discount rates. A higher discount rate reduces future values relative to a lower rate. As seen in the table, the shortfall is $1,379 billion lower (28 percent lower) if the real interest rate is 3.7 percent rather than 3.0 percent and $2,253 billion higher (46 percent higher) if the real interest rate is 2.2 percent rather than 3.0 percent.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 3", + "md": "# Table 3", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Present Values of Estimated OASDI Expenditures in Excess of Income Under Various Assumptions, 2003-2077", + "md": "# Present Values of Estimated OASDI Expenditures in Excess of Income Under Various Assumptions, 2003-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Low Cost", + "Intermediate", + "High Cost" + ], + [ + "Assumption", + "(Alternative I)", + "(Alternative II)", + "(Alternative III)" + ], + [ + "Average annual reduction in death rates ..", + "3,635", + "4,927", + "6,478" + ], + [ + "", + "(0.35)", + "(0.76)", + "(1.33)" + ], + [ + "Total fertility rate........................................", + "4,457", + "4,927", + "5,397" + ], + [ + "", + "(2.2)", + "(1.95)", + "(1.7)" + ], + [ + "Real wage differential................................", + "4,219", + "4,927", + "5,418" + ], + [ + "", + "(1.6)", + "(1.1)", + "(0.6)" + ], + [ + "CPI change................................................", + "5,290", + "4,927", + "4,522" + ], + [ + "", + "(2.0)", + "(3.0)", + "(4.0)" + ], + [ + "Net immigration .........................................", + "4,526", + "4,927", + "5,217" + ], + [ + "", + "(1,300,000)", + "(900,000)", + "(672,500)" + ], + [ + "Real interest rate .......................................", + "3,548", + "4,927", + "7,180" + ], + [ + "", + "(3.7)", + "(3.0)", + "(2.2)" + ] + ], + "md": "|(In billions of dollars)|Low Cost|Intermediate|High Cost|\n|Assumption|(Alternative I)|(Alternative II)|(Alternative III)|\n|Average annual reduction in death rates ..|3,635|4,927|6,478|\n| |(0.35)|(0.76)|(1.33)|\n|Total fertility rate........................................|4,457|4,927|5,397|\n| |(2.2)|(1.95)|(1.7)|\n|Real wage differential................................|4,219|4,927|5,418|\n| |(1.6)|(1.1)|(0.6)|\n|CPI change................................................|5,290|4,927|4,522|\n| |(2.0)|(3.0)|(4.0)|\n|Net immigration .........................................|4,526|4,927|5,217|\n| |(1,300,000)|(900,000)|(672,500)|\n|Real interest rate .......................................|3,548|4,927|7,180|\n| |(3.7)|(3.0)|(2.2)|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Low Cost\",\"Intermediate\",\"High Cost\"\n\"Assumption\",\"(Alternative I)\",\"(Alternative II)\",\"(Alternative III)\"\n\"Average annual reduction in death rates ..\",\"3,635\",\"4,927\",\"6,478\"\n\"\",\"(0.35)\",\"(0.76)\",\"(1.33)\"\n\"Total fertility rate........................................\",\"4,457\",\"4,927\",\"5,397\"\n\"\",\"(2.2)\",\"(1.95)\",\"(1.7)\"\n\"Real wage differential................................\",\"4,219\",\"4,927\",\"5,418\"\n\"\",\"(1.6)\",\"(1.1)\",\"(0.6)\"\n\"CPI change................................................\",\"5,290\",\"4,927\",\"4,522\"\n\"\",\"(2.0)\",\"(3.0)\",\"(4.0)\"\n\"Net immigration .........................................\",\"4,526\",\"4,927\",\"5,217\"\n\"\",\"(1,300,000)\",\"(900,000)\",\"(672,500)\"\n\"Real interest rate .......................................\",\"3,548\",\"4,927\",\"7,180\"\n\"\",\"(3.7)\",\"(3.0)\",\"(2.2)\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: 2003 OASDI Trustees Report and SSA. Numbers in parentheses are the values of the assumptions used in the respective scenario.", + "md": "Source: 2003 OASDI Trustees Report and SSA. Numbers in parentheses are the values of the assumptions used in the respective scenario.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 81, + "text": "76 STEWARDSHIP INFORMATION (UNAUDITED)\nMedicare Projections\n New Medicare Legislation. On December 8, 2003, President Bush signed into law the Medicare Prescription\nDrug, Improvement, and Modernization Act of 2003. The new law will have a major impact on the operations and\nfinances of Medicare. The new law adds a prescription drug benefit to Medicare beginning in 2006 and a new\nprescription drug account in the SMI Trust Fund. The benefit could be obtained through a private drug-only plan, a\nprivate preferred-provider organization or health maintenance organization, or through an employer-sponsored\nretiree health plan. The preferred-provider organizations will be new to the Medicare program and will operate on a\nregional basis. The Federal Government will assume some of the costs of providing prescription drug coverage to\npeople eligible for both Medicare and Medicaid.\n The legislation also includes provisions not related to the prescription drug benefit. It includes increases in\nMedicare provider reimbursements, an income-related Medicare Part B premium, and an expansion of tax-\ndeductible health savings accounts. The new bill is expected to have a significant effect on future Medicare finances.\nThis will be reflected in the next Medicare Trustees Report and the next Financial Report.\n Health Care Cost Growth. In addition to the growth in the number of beneficiaries per worker, the Medicare\nprogram has the added pressure of expected growth in the use and cost of health care per person. Continuing\ndevelopment and use of new technology is expected to cause health care expenditures to grow faster than GDP in\nthe long run. For the intermediate assumption, health care expenditures per beneficiary are assumed to grow one\npercentage point faster than per capita GDP over the long range.\n Total Medicare. It is important to recognize the rapidly increasing long-range cost of Medicare and the large\nrole of general revenues and beneficiary premiums in financing the SMI program. Chart 5 shows expenditures and\ncurrent law noninterest revenue sources for HI and SMI combined as a percentage of GDP. The total expenditure\nline shows Medicare costs rising to 9.3 percent of GDP by 2077. Revenues from taxes and premiums are expected to\nincrease from 1.8 percent to only 2.6 percent of GDP, while general revenue contributions are projected to rise from\n0.8 percent to 3.2 percent of GDP. Thus, revenues from taxes and premiums will fall substantially as a share of total\nnoninterest Medicare income (from 69 percent to 45 percent) while general revenues will rise (from 31 percent to 55\npercent). Payroll tax income declines gradually as a percent of GDP as growth in the number of workers paying such\ntaxes slows. The gap between total noninterest Medicare income and expenditures steadily continues to widen,\nreaching 3.5 percent of GDP by 2077.\n Chart 5—Total Medicare (HI and SMI) Expenditures and Noninterest Income\n as a Percent of GDP\n 1970-2077\n 10%\n 9% Shortfall of noninterest income\n to total expenditures\n 8%\n 7%\n 6% Historical data Total Medicare expenditures\n 5% Total noninterest income\n 4%\n General revenue\n 3% transfers\n 2% Premiums\n 1% Payroll taxes Tax on benefits\n 0%\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Calendar years\n Source: http://www.ssa.gov/OACT/TRSUM", + "md": "# 76 STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Medicare Projections\n\nNew Medicare Legislation. On December 8, 2003, President Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. The new law will have a major impact on the operations and finances of Medicare. The new law adds a prescription drug benefit to Medicare beginning in 2006 and a new prescription drug account in the SMI Trust Fund. The benefit could be obtained through a private drug-only plan, a private preferred-provider organization or health maintenance organization, or through an employer-sponsored retiree health plan. The preferred-provider organizations will be new to the Medicare program and will operate on a regional basis. The Federal Government will assume some of the costs of providing prescription drug coverage to people eligible for both Medicare and Medicaid.\n\nThe legislation also includes provisions not related to the prescription drug benefit. It includes increases in Medicare provider reimbursements, an income-related Medicare Part B premium, and an expansion of tax-deductible health savings accounts. The new bill is expected to have a significant effect on future Medicare finances. This will be reflected in the next Medicare Trustees Report and the next Financial Report.\n\nHealth Care Cost Growth. In addition to the growth in the number of beneficiaries per worker, the Medicare program has the added pressure of expected growth in the use and cost of health care per person. Continuing development and use of new technology is expected to cause health care expenditures to grow faster than GDP in the long run. For the intermediate assumption, health care expenditures per beneficiary are assumed to grow one percentage point faster than per capita GDP over the long range.\n\nTotal Medicare. It is important to recognize the rapidly increasing long-range cost of Medicare and the large role of general revenues and beneficiary premiums in financing the SMI program. Chart 5 shows expenditures and current law noninterest revenue sources for HI and SMI combined as a percentage of GDP. The total expenditure line shows Medicare costs rising to 9.3 percent of GDP by 2077. Revenues from taxes and premiums are expected to increase from 1.8 percent to only 2.6 percent of GDP, while general revenue contributions are projected to rise from 0.8 percent to 3.2 percent of GDP. Thus, revenues from taxes and premiums will fall substantially as a share of total noninterest Medicare income (from 69 percent to 45 percent) while general revenues will rise (from 31 percent to 55 percent). Payroll tax income declines gradually as a percent of GDP as growth in the number of workers paying such taxes slows. The gap between total noninterest Medicare income and expenditures steadily continues to widen, reaching 3.5 percent of GDP by 2077.\n\n# Chart 5—Total Medicare (HI and SMI) Expenditures and Noninterest Income as a Percent of GDP\n\n# 1970-2077\n\n| | |10%| |\n|---|---|---|\n| |9%| |\n| |8%| |\n| |7%| |\n| |6%| |\n| |5%| |\n| |4%| |\n| |3%| |\n| |2%| |\n| |1%| |\n|Payroll taxes|Tax on benefits|0%|\n\nSource: http://www.ssa.gov/OACT/TRSUM", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "76 STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# 76 STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Medicare Projections", + "md": "# Medicare Projections", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "New Medicare Legislation. On December 8, 2003, President Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. The new law will have a major impact on the operations and finances of Medicare. The new law adds a prescription drug benefit to Medicare beginning in 2006 and a new prescription drug account in the SMI Trust Fund. The benefit could be obtained through a private drug-only plan, a private preferred-provider organization or health maintenance organization, or through an employer-sponsored retiree health plan. The preferred-provider organizations will be new to the Medicare program and will operate on a regional basis. The Federal Government will assume some of the costs of providing prescription drug coverage to people eligible for both Medicare and Medicaid.\n\nThe legislation also includes provisions not related to the prescription drug benefit. It includes increases in Medicare provider reimbursements, an income-related Medicare Part B premium, and an expansion of tax-deductible health savings accounts. The new bill is expected to have a significant effect on future Medicare finances. This will be reflected in the next Medicare Trustees Report and the next Financial Report.\n\nHealth Care Cost Growth. In addition to the growth in the number of beneficiaries per worker, the Medicare program has the added pressure of expected growth in the use and cost of health care per person. Continuing development and use of new technology is expected to cause health care expenditures to grow faster than GDP in the long run. For the intermediate assumption, health care expenditures per beneficiary are assumed to grow one percentage point faster than per capita GDP over the long range.\n\nTotal Medicare. It is important to recognize the rapidly increasing long-range cost of Medicare and the large role of general revenues and beneficiary premiums in financing the SMI program. Chart 5 shows expenditures and current law noninterest revenue sources for HI and SMI combined as a percentage of GDP. The total expenditure line shows Medicare costs rising to 9.3 percent of GDP by 2077. Revenues from taxes and premiums are expected to increase from 1.8 percent to only 2.6 percent of GDP, while general revenue contributions are projected to rise from 0.8 percent to 3.2 percent of GDP. Thus, revenues from taxes and premiums will fall substantially as a share of total noninterest Medicare income (from 69 percent to 45 percent) while general revenues will rise (from 31 percent to 55 percent). Payroll tax income declines gradually as a percent of GDP as growth in the number of workers paying such taxes slows. The gap between total noninterest Medicare income and expenditures steadily continues to widen, reaching 3.5 percent of GDP by 2077.", + "md": "New Medicare Legislation. On December 8, 2003, President Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. The new law will have a major impact on the operations and finances of Medicare. The new law adds a prescription drug benefit to Medicare beginning in 2006 and a new prescription drug account in the SMI Trust Fund. The benefit could be obtained through a private drug-only plan, a private preferred-provider organization or health maintenance organization, or through an employer-sponsored retiree health plan. The preferred-provider organizations will be new to the Medicare program and will operate on a regional basis. The Federal Government will assume some of the costs of providing prescription drug coverage to people eligible for both Medicare and Medicaid.\n\nThe legislation also includes provisions not related to the prescription drug benefit. It includes increases in Medicare provider reimbursements, an income-related Medicare Part B premium, and an expansion of tax-deductible health savings accounts. The new bill is expected to have a significant effect on future Medicare finances. This will be reflected in the next Medicare Trustees Report and the next Financial Report.\n\nHealth Care Cost Growth. In addition to the growth in the number of beneficiaries per worker, the Medicare program has the added pressure of expected growth in the use and cost of health care per person. Continuing development and use of new technology is expected to cause health care expenditures to grow faster than GDP in the long run. For the intermediate assumption, health care expenditures per beneficiary are assumed to grow one percentage point faster than per capita GDP over the long range.\n\nTotal Medicare. It is important to recognize the rapidly increasing long-range cost of Medicare and the large role of general revenues and beneficiary premiums in financing the SMI program. Chart 5 shows expenditures and current law noninterest revenue sources for HI and SMI combined as a percentage of GDP. The total expenditure line shows Medicare costs rising to 9.3 percent of GDP by 2077. Revenues from taxes and premiums are expected to increase from 1.8 percent to only 2.6 percent of GDP, while general revenue contributions are projected to rise from 0.8 percent to 3.2 percent of GDP. Thus, revenues from taxes and premiums will fall substantially as a share of total noninterest Medicare income (from 69 percent to 45 percent) while general revenues will rise (from 31 percent to 55 percent). Payroll tax income declines gradually as a percent of GDP as growth in the number of workers paying such taxes slows. The gap between total noninterest Medicare income and expenditures steadily continues to widen, reaching 3.5 percent of GDP by 2077.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 5—Total Medicare (HI and SMI) Expenditures and Noninterest Income as a Percent of GDP", + "md": "# Chart 5—Total Medicare (HI and SMI) Expenditures and Noninterest Income as a Percent of GDP", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "1970-2077", + "md": "# 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "", + "10%", + "" + ], + [ + "", + "9%", + "" + ], + [ + "", + "8%", + "" + ], + [ + "", + "7%", + "" + ], + [ + "", + "6%", + "" + ], + [ + "", + "5%", + "" + ], + [ + "", + "4%", + "" + ], + [ + "", + "3%", + "" + ], + [ + "", + "2%", + "" + ], + [ + "", + "1%", + "" + ], + [ + "Payroll taxes", + "Tax on benefits", + "0%" + ] + ], + "md": "| | |10%| |\n| |9%| |\n| |8%| |\n| |7%| |\n| |6%| |\n| |5%| |\n| |4%| |\n| |3%| |\n| |2%| |\n| |1%| |\n|Payroll taxes|Tax on benefits|0%|", + "isPerfectTable": false, + "csv": "\"\",\"\",\"10%\",\"\"\n\"\",\"9%\",\"\"\n\"\",\"8%\",\"\"\n\"\",\"7%\",\"\"\n\"\",\"6%\",\"\"\n\"\",\"5%\",\"\"\n\"\",\"4%\",\"\"\n\"\",\"3%\",\"\"\n\"\",\"2%\",\"\"\n\"\",\"1%\",\"\"\n\"Payroll taxes\",\"Tax on benefits\",\"0%\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: http://www.ssa.gov/OACT/TRSUM", + "md": "Source: http://www.ssa.gov/OACT/TRSUM", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 82, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 77\n Medicare, Part A (Hospital Insurance)─Nominal Income and Expenditures. Chart 6 shows actuarial estimates\nof HI annual income (excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for\nthe open-group population. The figure reveals a widening gap between income and expenditures after 2013.\n Chart 6—Medicare Part A Income (Excluding Interest) and Expenditures\n 1970-2077\n (In billions of nominal dollars)\n18,000\n16,000\n14,000\n12,000\n Historical data\n10,000\n 8,000 Shortfall\n 6,000 Expenditures\n 4,000\n 2,000\n 0 Income\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Medicare, Part A (Hospital Insurance)─Nominal Income and Expenditures\n\nChart 6 shows actuarial estimates of HI annual income (excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for the open-group population. The figure reveals a widening gap between income and expenditures after 2013.\n\n# Chart 6—Medicare Part A Income (Excluding Interest) and Expenditures\n\n# 1970-2077\n\n|(In billions of nominal dollars)|Income|Expenditures|Shortfall|\n|---|---|---|---|\n|1970|0|0|0|\n|1976|2,000|4,000|2,000|\n|1982|4,000|6,000|2,000|\n|1988|6,000|8,000|2,000|\n|1994|8,000|10,000|2,000|\n|2000|10,000|12,000|2,000|\n|2006|12,000|14,000|2,000|\n|2012|14,000|16,000|2,000|\n|2018|16,000|18,000|2,000|\n|2024|18,000|20,000|2,000|\n|2030|20,000|22,000|2,000|\n|2036|22,000|24,000|2,000|\n|2042|24,000|26,000|2,000|\n|2048|26,000|28,000|2,000|\n|2054|28,000|30,000|2,000|\n|2060|30,000|32,000|2,000|\n|2066|32,000|34,000|2,000|\n|2072|34,000|36,000|2,000|\n|2078|36,000|38,000|2,000|\n\nSource: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Medicare, Part A (Hospital Insurance)─Nominal Income and Expenditures", + "md": "# Medicare, Part A (Hospital Insurance)─Nominal Income and Expenditures", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Chart 6 shows actuarial estimates of HI annual income (excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for the open-group population. The figure reveals a widening gap between income and expenditures after 2013.", + "md": "Chart 6 shows actuarial estimates of HI annual income (excluding interest) and expenditures for 1970-2077 in nominal dollars. The estimates are for the open-group population. The figure reveals a widening gap between income and expenditures after 2013.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 6—Medicare Part A Income (Excluding Interest) and Expenditures", + "md": "# Chart 6—Medicare Part A Income (Excluding Interest) and Expenditures", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "1970-2077", + "md": "# 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of nominal dollars)", + "Income", + "Expenditures", + "Shortfall" + ], + [ + "1970", + "0", + "0", + "0" + ], + [ + "1976", + "2,000", + "4,000", + "2,000" + ], + [ + "1982", + "4,000", + "6,000", + "2,000" + ], + [ + "1988", + "6,000", + "8,000", + "2,000" + ], + [ + "1994", + "8,000", + "10,000", + "2,000" + ], + [ + "2000", + "10,000", + "12,000", + "2,000" + ], + [ + "2006", + "12,000", + "14,000", + "2,000" + ], + [ + "2012", + "14,000", + "16,000", + "2,000" + ], + [ + "2018", + "16,000", + "18,000", + "2,000" + ], + [ + "2024", + "18,000", + "20,000", + "2,000" + ], + [ + "2030", + "20,000", + "22,000", + "2,000" + ], + [ + "2036", + "22,000", + "24,000", + "2,000" + ], + [ + "2042", + "24,000", + "26,000", + "2,000" + ], + [ + "2048", + "26,000", + "28,000", + "2,000" + ], + [ + "2054", + "28,000", + "30,000", + "2,000" + ], + [ + "2060", + "30,000", + "32,000", + "2,000" + ], + [ + "2066", + "32,000", + "34,000", + "2,000" + ], + [ + "2072", + "34,000", + "36,000", + "2,000" + ], + [ + "2078", + "36,000", + "38,000", + "2,000" + ] + ], + "md": "|(In billions of nominal dollars)|Income|Expenditures|Shortfall|\n|1970|0|0|0|\n|1976|2,000|4,000|2,000|\n|1982|4,000|6,000|2,000|\n|1988|6,000|8,000|2,000|\n|1994|8,000|10,000|2,000|\n|2000|10,000|12,000|2,000|\n|2006|12,000|14,000|2,000|\n|2012|14,000|16,000|2,000|\n|2018|16,000|18,000|2,000|\n|2024|18,000|20,000|2,000|\n|2030|20,000|22,000|2,000|\n|2036|22,000|24,000|2,000|\n|2042|24,000|26,000|2,000|\n|2048|26,000|28,000|2,000|\n|2054|28,000|30,000|2,000|\n|2060|30,000|32,000|2,000|\n|2066|32,000|34,000|2,000|\n|2072|34,000|36,000|2,000|\n|2078|36,000|38,000|2,000|", + "isPerfectTable": true, + "csv": "\"(In billions of nominal dollars)\",\"Income\",\"Expenditures\",\"Shortfall\"\n\"1970\",\"0\",\"0\",\"0\"\n\"1976\",\"2,000\",\"4,000\",\"2,000\"\n\"1982\",\"4,000\",\"6,000\",\"2,000\"\n\"1988\",\"6,000\",\"8,000\",\"2,000\"\n\"1994\",\"8,000\",\"10,000\",\"2,000\"\n\"2000\",\"10,000\",\"12,000\",\"2,000\"\n\"2006\",\"12,000\",\"14,000\",\"2,000\"\n\"2012\",\"14,000\",\"16,000\",\"2,000\"\n\"2018\",\"16,000\",\"18,000\",\"2,000\"\n\"2024\",\"18,000\",\"20,000\",\"2,000\"\n\"2030\",\"20,000\",\"22,000\",\"2,000\"\n\"2036\",\"22,000\",\"24,000\",\"2,000\"\n\"2042\",\"24,000\",\"26,000\",\"2,000\"\n\"2048\",\"26,000\",\"28,000\",\"2,000\"\n\"2054\",\"28,000\",\"30,000\",\"2,000\"\n\"2060\",\"30,000\",\"32,000\",\"2,000\"\n\"2066\",\"32,000\",\"34,000\",\"2,000\"\n\"2072\",\"34,000\",\"36,000\",\"2,000\"\n\"2078\",\"36,000\",\"38,000\",\"2,000\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "md": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 83, + "text": "78 STEWARDSHIP INFORMATION (UNAUDITED)\n Medicare, Part A Income and Expenditures as a Percent of Taxable Payroll. Chart 7 illustrates income\n(excluding interest) and expenditures as a percentage of taxable payroll over the next 75 years. The chart shows that\nthe income rate exceeds the expenditure rate until 2013, and cash deficits continue thereafter. Trust fund interest\nearnings and assets authorize continuation of full benefit payments until 2026 with general revenues making up the\ndifference between cash income and expenditures during that period. Pressures on the Federal budget will thus\nemerge well before 2026. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after trust\nfund exhaustion in 2026 and 30 percent of scheduled benefits in 2077.\n Chart 7—Medicare Part A Income (Excluding Interest) and Expenditures\n as a Percent of Taxable Payroll\n 1970-2077\n 14%\n 12%\n 10%\n Historical data Expenditures\n 8%\n 6% Deficit covered by trust fund\n interest and assets\n 4% 2026: Trust fund exhausted\n 2% Income\n 2013: First year expenditures\n 0% exceed income\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nMedicare, Part A Income and Expenditures as a Percent of Taxable Payroll. Chart 7 illustrates income (excluding interest) and expenditures as a percentage of taxable payroll over the next 75 years. The chart shows that the income rate exceeds the expenditure rate until 2013, and cash deficits continue thereafter. Trust fund interest earnings and assets authorize continuation of full benefit payments until 2026 with general revenues making up the difference between cash income and expenditures during that period. Pressures on the Federal budget will thus emerge well before 2026. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after trust fund exhaustion in 2026 and 30 percent of scheduled benefits in 2077.\n\n# Chart 7—Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll\n\n# 1970-2077\n\n| |Income|Expenditures| | | | | |\n|---|---|---|---|---|---|---|---|\n|Historical data|Deficit covered by trust fund interest and assets|2026: Trust fund exhausted|2013: First year expenditures exceed income| | | | |\n|14%|12%|10%|8%|6%|4%|2%|0%|\n|1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078| | | | | | | |\n\nSource: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Medicare, Part A Income and Expenditures as a Percent of Taxable Payroll. Chart 7 illustrates income (excluding interest) and expenditures as a percentage of taxable payroll over the next 75 years. The chart shows that the income rate exceeds the expenditure rate until 2013, and cash deficits continue thereafter. Trust fund interest earnings and assets authorize continuation of full benefit payments until 2026 with general revenues making up the difference between cash income and expenditures during that period. Pressures on the Federal budget will thus emerge well before 2026. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after trust fund exhaustion in 2026 and 30 percent of scheduled benefits in 2077.", + "md": "Medicare, Part A Income and Expenditures as a Percent of Taxable Payroll. Chart 7 illustrates income (excluding interest) and expenditures as a percentage of taxable payroll over the next 75 years. The chart shows that the income rate exceeds the expenditure rate until 2013, and cash deficits continue thereafter. Trust fund interest earnings and assets authorize continuation of full benefit payments until 2026 with general revenues making up the difference between cash income and expenditures during that period. Pressures on the Federal budget will thus emerge well before 2026. Present tax rates would be sufficient to pay 73 percent of scheduled benefits after trust fund exhaustion in 2026 and 30 percent of scheduled benefits in 2077.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 7—Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll", + "md": "# Chart 7—Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of Taxable Payroll", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "1970-2077", + "md": "# 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "Income", + "Expenditures", + "", + "", + "", + "", + "" + ], + [ + "Historical data", + "Deficit covered by trust fund interest and assets", + "2026: Trust fund exhausted", + "2013: First year expenditures exceed income", + "", + "", + "", + "" + ], + [ + "14%", + "12%", + "10%", + "8%", + "6%", + "4%", + "2%", + "0%" + ], + [ + "1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078", + "", + "", + "", + "", + "", + "", + "" + ] + ], + "md": "| |Income|Expenditures| | | | | |\n|Historical data|Deficit covered by trust fund interest and assets|2026: Trust fund exhausted|2013: First year expenditures exceed income| | | | |\n|14%|12%|10%|8%|6%|4%|2%|0%|\n|1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078| | | | | | | |", + "isPerfectTable": true, + "csv": "\"\",\"Income\",\"Expenditures\",\"\",\"\",\"\",\"\",\"\"\n\"Historical data\",\"Deficit covered by trust fund interest and assets\",\"2026: Trust fund exhausted\",\"2013: First year expenditures exceed income\",\"\",\"\",\"\",\"\"\n\"14%\",\"12%\",\"10%\",\"8%\",\"6%\",\"4%\",\"2%\",\"0%\"\n\"1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "md": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 84, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 79\n Medicare Part A Income and Expenditures as a Percent of GDP. Chart 8 shows estimated annual income\n(excluding interest) and expenditures, expressed as percentages of GDP. Medicare Part A’s expenditures are\nprojected to grow from 1.5 percent of GDP in 2002 to 5.0 percent of GDP by 2077.\n Chart 8—Medicare Part A Income (Excluding Interest) and Expenditures\n as a Percent of GDP\n 1970-2077\n 6%\n 5%\n 4% Expenditures\n Historical data\n 3%\n 2%\n 1% Income\n 0%\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# 79\n\nMedicare Part A Income and Expenditures as a Percent of GDP. Chart 8 shows estimated annual income (excluding interest) and expenditures, expressed as percentages of GDP. Medicare Part A’s expenditures are projected to grow from 1.5 percent of GDP in 2002 to 5.0 percent of GDP by 2077.\n\n# Chart 8—Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of GDP\n\n# 1970-2077\n\n|6%|6%|\n|---|\n|5%|5%|\n|4%|4%|\n|3%|3%|\n|2%|2%|\n|1%|1%|\n|0%|0%|\n|1970|1976|\n|1982|1988|\n|1994|2000|\n|2006|2012|\n|2018|2024|\n|2030|2036|\n|2042|2048|\n|2054|2060|\n|2066|2072|\n|2078|2078|\n\nSource: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "79", + "md": "# 79", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Medicare Part A Income and Expenditures as a Percent of GDP. Chart 8 shows estimated annual income (excluding interest) and expenditures, expressed as percentages of GDP. Medicare Part A’s expenditures are projected to grow from 1.5 percent of GDP in 2002 to 5.0 percent of GDP by 2077.", + "md": "Medicare Part A Income and Expenditures as a Percent of GDP. Chart 8 shows estimated annual income (excluding interest) and expenditures, expressed as percentages of GDP. Medicare Part A’s expenditures are projected to grow from 1.5 percent of GDP in 2002 to 5.0 percent of GDP by 2077.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 8—Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of GDP", + "md": "# Chart 8—Medicare Part A Income (Excluding Interest) and Expenditures as a Percent of GDP", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "1970-2077", + "md": "# 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "6%", + "6%" + ], + [ + "5%", + "5%" + ], + [ + "4%", + "4%" + ], + [ + "3%", + "3%" + ], + [ + "2%", + "2%" + ], + [ + "1%", + "1%" + ], + [ + "0%", + "0%" + ], + [ + "1970", + "1976" + ], + [ + "1982", + "1988" + ], + [ + "1994", + "2000" + ], + [ + "2006", + "2012" + ], + [ + "2018", + "2024" + ], + [ + "2030", + "2036" + ], + [ + "2042", + "2048" + ], + [ + "2054", + "2060" + ], + [ + "2066", + "2072" + ], + [ + "2078", + "2078" + ] + ], + "md": "|6%|6%|\n|5%|5%|\n|4%|4%|\n|3%|3%|\n|2%|2%|\n|1%|1%|\n|0%|0%|\n|1970|1976|\n|1982|1988|\n|1994|2000|\n|2006|2012|\n|2018|2024|\n|2030|2036|\n|2042|2048|\n|2054|2060|\n|2066|2072|\n|2078|2078|", + "isPerfectTable": true, + "csv": "\"6%\",\"6%\"\n\"5%\",\"5%\"\n\"4%\",\"4%\"\n\"3%\",\"3%\"\n\"2%\",\"2%\"\n\"1%\",\"1%\"\n\"0%\",\"0%\"\n\"1970\",\"1976\"\n\"1982\",\"1988\"\n\"1994\",\"2000\"\n\"2006\",\"2012\"\n\"2018\",\"2024\"\n\"2030\",\"2036\"\n\"2042\",\"2048\"\n\"2054\",\"2060\"\n\"2066\",\"2072\"\n\"2078\",\"2078\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "md": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 85, + "text": "80 STEWARDSHIP INFORMATION (UNAUDITED)\n Medicare, Part B (Supplementary Medical Insurance). Chart 9 shows the actuarial estimates of Medicare Part\nB premiums and expenditures for each of the next 75 years, in nominal dollars. The gap between premiums and\nexpenditures, a gap that will be filled with transfers from general revenues, grows throughout the projection period.\n Chart 9—Medicare Part B Premium Income and Expenditures\n 1970-2077\n (In billions of nominal dollars)\n 16,000\n 14,000\n 12,000\n Historical data\n 10,000\n 8,000\n 6,000 Expenditures General fund\n transfers\n 4,000\n 2,000\n 0 Premium income\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Calendar years\n Source: http://www.cms.hhs.gov/publications/trusteesreport/2003", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nMedicare, Part B (Supplementary Medical Insurance). Chart 9 shows the actuarial estimates of Medicare Part B premiums and expenditures for each of the next 75 years, in nominal dollars. The gap between premiums and expenditures, a gap that will be filled with transfers from general revenues, grows throughout the projection period.\n\n# Chart 9—Medicare Part B Premium Income and Expenditures\n\n# 1970-2077\n\n(In billions of nominal dollars)\n\n| |16,000| |14,000| |12,000| |10,000| |8,000| |6,000| |4,000| |2,000| |0| |\n|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|\n| | |Expenditures| |General fund transfers| |Premium income| | | | | | | | | | | | |\n|1970|1976|1982|1988|1994|2000|2006|2012|2018|2024|2030|2036|2042|2048|2054|2060|2066|2072|2078|\n\nSource: http://www.cms.hhs.gov/publications/trusteesreport/2003", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Medicare, Part B (Supplementary Medical Insurance). Chart 9 shows the actuarial estimates of Medicare Part B premiums and expenditures for each of the next 75 years, in nominal dollars. The gap between premiums and expenditures, a gap that will be filled with transfers from general revenues, grows throughout the projection period.", + "md": "Medicare, Part B (Supplementary Medical Insurance). Chart 9 shows the actuarial estimates of Medicare Part B premiums and expenditures for each of the next 75 years, in nominal dollars. The gap between premiums and expenditures, a gap that will be filled with transfers from general revenues, grows throughout the projection period.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 9—Medicare Part B Premium Income and Expenditures", + "md": "# Chart 9—Medicare Part B Premium Income and Expenditures", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "1970-2077", + "md": "# 1970-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "(In billions of nominal dollars)", + "md": "(In billions of nominal dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "", + "16,000", + "", + "14,000", + "", + "12,000", + "", + "10,000", + "", + "8,000", + "", + "6,000", + "", + "4,000", + "", + "2,000", + "", + "0", + "" + ], + [ + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---" + ], + [ + "", + "", + "Expenditures", + "", + "General fund transfers", + "", + "Premium income", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "1970", + "1976", + "1982", + "1988", + "1994", + "2000", + "2006", + "2012", + "2018", + "2024", + "2030", + "2036", + "2042", + "2048", + "2054", + "2060", + "2066", + "2072", + "2078" + ] + ], + "md": "(In billions of nominal dollars)\n| |16,000| |14,000| |12,000| |10,000| |8,000| |6,000| |4,000| |2,000| |0| |\n|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|\n| | |Expenditures| |General fund transfers| |Premium income| | | | | | | | | | | | |\n|1970|1976|1982|1988|1994|2000|2006|2012|2018|2024|2030|2036|2042|2048|2054|2060|2066|2072|2078|", + "isPerfectTable": false, + "csv": "\n\"\",\"16,000\",\"\",\"14,000\",\"\",\"12,000\",\"\",\"10,000\",\"\",\"8,000\",\"\",\"6,000\",\"\",\"4,000\",\"\",\"2,000\",\"\",\"0\",\"\"\n\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\"\n\"\",\"\",\"Expenditures\",\"\",\"General fund transfers\",\"\",\"Premium income\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"1970\",\"1976\",\"1982\",\"1988\",\"1994\",\"2000\",\"2006\",\"2012\",\"2018\",\"2024\",\"2030\",\"2036\",\"2042\",\"2048\",\"2054\",\"2060\",\"2066\",\"2072\",\"2078\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003", + "md": "Source: http://www.cms.hhs.gov/publications/trusteesreport/2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 86, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 81\n Medicare Part B Premium Income and Expenditures as a Percent of GDP. Chart 10 shows expenditures for\nthe Medicare Part B program over the next 75 years expressed as a percentage of GDP. In 2002, Medicare Part B\nexpenditures were $113.2 billion, which was 1.1 percent of GDP. After 2005, this percentage is projected to increase\nsteadily, reflecting growth in the volume and intensity of Medicare Part B services provided per beneficiary\nthroughout the projection period, together with the effects of the baby boom retirement.\n Chart 10—Medicare Part B Premium Income and Expenditures\n as a Percent of GDP\n 1970-2077\n 5%\n 4%\n Historical data Expenditures\n 3%\n 2% General fund\n transfers\n 1%\n Premium income\n 0%\n 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n Source: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years\n Medicare Sensitivity Analysis. This section presents estimates that illustrate the sensitivity of long-range cost\nand income long-range estimates for the Medicare program to changes in selected individual assumptions. As with\nthe OASDI analysis, the intermediate assumption is used as the reference point, and one assumption at a time is\nvaried. The variation used for each individual assumption reflects the levels used for that assumption in the low cost\n(Alternative I) and high cost (Alternative III) projections.\n Table 4 shows the effects of changing various assumptions on the present value of estimated HI expenditures\nin excess of income (the shortfall of income relative to expenditures in present value terms). The assumptions are\nshown in parentheses. Clearly, net HI expenditures are extremely sensitive to alternative assumptions about the\ngrowth in health care cost. For the low cost alternative, the slower growth in health costs causes the shortfall to drop\nfrom $6,166 billion to $1,583 billion, an almost 75 percent smaller shortfall. The high cost assumption results in a\nmore than doubling of the shortfall, from $6,166 billion to $13,684 billion.\n Variations in the next four assumptions in Table 4 result in relatively minor changes in net HI expenditures.\nThe higher or lower fertility assumptions cause a roughly 2-1/2 percent change in the shortfall relative to the\nintermediate case. Higher or lower real wage growth results in about a 6 percent change in the expenditure shortfall\nand CPI changes have very little effect on net HI expenditures.\n The low-cost assumption for net immigration results in a 5 percent drop in net expenditures, from $6,166\nbillion to $5,849 billion, relative to the intermediate case and the high-cost assumption results in a 3-1/2 percent\nhigher shortfall.\n Table 4 also shows that net HI expenditures are $1,665 billion lower (27 percent lower) if the real interest rate\nis 3.6 percent rather than 2.9 percent and $2,796 billion higher (45 percent higher) if the real interest rate is 2.1\npercent rather than 2.9 percent.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Medicare Part B Premium Income and Expenditures as a Percent of GDP\n\nChart 10 shows expenditures for the Medicare Part B program over the next 75 years expressed as a percentage of GDP. In 2002, Medicare Part B expenditures were $113.2 billion, which was 1.1 percent of GDP. After 2005, this percentage is projected to increase steadily, reflecting growth in the volume and intensity of Medicare Part B services provided per beneficiary throughout the projection period, together with the effects of the baby boom retirement.\n\n# Chart 10—Medicare Part B Premium Income and Expenditures as a Percent of GDP (1970-2077)\n\n|5%| | |\n|---|---|---|\n|4%| | |\n|3%| | |\n|2%|General fund transfers| |\n|1%|Premium income| |\n|0%| | |\n\n1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n\nSource: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years\n\n# Medicare Sensitivity Analysis\n\nThis section presents estimates that illustrate the sensitivity of long-range cost and income long-range estimates for the Medicare program to changes in selected individual assumptions. As with the OASDI analysis, the intermediate assumption is used as the reference point, and one assumption at a time is varied. The variation used for each individual assumption reflects the levels used for that assumption in the low cost (Alternative I) and high cost (Alternative III) projections.\n\n# Table 4\n\nTable 4 shows the effects of changing various assumptions on the present value of estimated HI expenditures in excess of income (the shortfall of income relative to expenditures in present value terms). The assumptions are shown in parentheses. Clearly, net HI expenditures are extremely sensitive to alternative assumptions about the growth in health care cost. For the low cost alternative, the slower growth in health costs causes the shortfall to drop from $6,166 billion to $1,583 billion, an almost 75 percent smaller shortfall. The high cost assumption results in a more than doubling of the shortfall, from $6,166 billion to $13,684 billion.\n\nVariations in the next four assumptions in Table 4 result in relatively minor changes in net HI expenditures. The higher or lower fertility assumptions cause a roughly 2-1/2 percent change in the shortfall relative to the intermediate case. Higher or lower real wage growth results in about a 6 percent change in the expenditure shortfall and CPI changes have very little effect on net HI expenditures.\n\nThe low-cost assumption for net immigration results in a 5 percent drop in net expenditures, from $6,166 billion to $5,849 billion, relative to the intermediate case and the high-cost assumption results in a 3-1/2 percent higher shortfall.\n\nTable 4 also shows that net HI expenditures are $1,665 billion lower (27 percent lower) if the real interest rate is 3.6 percent rather than 2.9 percent and $2,796 billion higher (45 percent higher) if the real interest rate is 2.1 percent rather than 2.9 percent.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Medicare Part B Premium Income and Expenditures as a Percent of GDP", + "md": "# Medicare Part B Premium Income and Expenditures as a Percent of GDP", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Chart 10 shows expenditures for the Medicare Part B program over the next 75 years expressed as a percentage of GDP. In 2002, Medicare Part B expenditures were $113.2 billion, which was 1.1 percent of GDP. After 2005, this percentage is projected to increase steadily, reflecting growth in the volume and intensity of Medicare Part B services provided per beneficiary throughout the projection period, together with the effects of the baby boom retirement.", + "md": "Chart 10 shows expenditures for the Medicare Part B program over the next 75 years expressed as a percentage of GDP. In 2002, Medicare Part B expenditures were $113.2 billion, which was 1.1 percent of GDP. After 2005, this percentage is projected to increase steadily, reflecting growth in the volume and intensity of Medicare Part B services provided per beneficiary throughout the projection period, together with the effects of the baby boom retirement.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 10—Medicare Part B Premium Income and Expenditures as a Percent of GDP (1970-2077)", + "md": "# Chart 10—Medicare Part B Premium Income and Expenditures as a Percent of GDP (1970-2077)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "5%", + "", + "" + ], + [ + "4%", + "", + "" + ], + [ + "3%", + "", + "" + ], + [ + "2%", + "General fund transfers", + "" + ], + [ + "1%", + "Premium income", + "" + ], + [ + "0%", + "", + "" + ] + ], + "md": "|5%| | |\n|4%| | |\n|3%| | |\n|2%|General fund transfers| |\n|1%|Premium income| |\n|0%| | |", + "isPerfectTable": true, + "csv": "\"5%\",\"\",\"\"\n\"4%\",\"\",\"\"\n\"3%\",\"\",\"\"\n\"2%\",\"General fund transfers\",\"\"\n\"1%\",\"Premium income\",\"\"\n\"0%\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n\nSource: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "md": "1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 2036 2042 2048 2054 2060 2066 2072 2078\n\nSource: http://www.cms.hhs.gov/publications/trusteesreport/2003 Calendar years", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Medicare Sensitivity Analysis", + "md": "# Medicare Sensitivity Analysis", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This section presents estimates that illustrate the sensitivity of long-range cost and income long-range estimates for the Medicare program to changes in selected individual assumptions. As with the OASDI analysis, the intermediate assumption is used as the reference point, and one assumption at a time is varied. The variation used for each individual assumption reflects the levels used for that assumption in the low cost (Alternative I) and high cost (Alternative III) projections.", + "md": "This section presents estimates that illustrate the sensitivity of long-range cost and income long-range estimates for the Medicare program to changes in selected individual assumptions. As with the OASDI analysis, the intermediate assumption is used as the reference point, and one assumption at a time is varied. The variation used for each individual assumption reflects the levels used for that assumption in the low cost (Alternative I) and high cost (Alternative III) projections.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 4", + "md": "# Table 4", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Table 4 shows the effects of changing various assumptions on the present value of estimated HI expenditures in excess of income (the shortfall of income relative to expenditures in present value terms). The assumptions are shown in parentheses. Clearly, net HI expenditures are extremely sensitive to alternative assumptions about the growth in health care cost. For the low cost alternative, the slower growth in health costs causes the shortfall to drop from $6,166 billion to $1,583 billion, an almost 75 percent smaller shortfall. The high cost assumption results in a more than doubling of the shortfall, from $6,166 billion to $13,684 billion.\n\nVariations in the next four assumptions in Table 4 result in relatively minor changes in net HI expenditures. The higher or lower fertility assumptions cause a roughly 2-1/2 percent change in the shortfall relative to the intermediate case. Higher or lower real wage growth results in about a 6 percent change in the expenditure shortfall and CPI changes have very little effect on net HI expenditures.\n\nThe low-cost assumption for net immigration results in a 5 percent drop in net expenditures, from $6,166 billion to $5,849 billion, relative to the intermediate case and the high-cost assumption results in a 3-1/2 percent higher shortfall.\n\nTable 4 also shows that net HI expenditures are $1,665 billion lower (27 percent lower) if the real interest rate is 3.6 percent rather than 2.9 percent and $2,796 billion higher (45 percent higher) if the real interest rate is 2.1 percent rather than 2.9 percent.", + "md": "Table 4 shows the effects of changing various assumptions on the present value of estimated HI expenditures in excess of income (the shortfall of income relative to expenditures in present value terms). The assumptions are shown in parentheses. Clearly, net HI expenditures are extremely sensitive to alternative assumptions about the growth in health care cost. For the low cost alternative, the slower growth in health costs causes the shortfall to drop from $6,166 billion to $1,583 billion, an almost 75 percent smaller shortfall. The high cost assumption results in a more than doubling of the shortfall, from $6,166 billion to $13,684 billion.\n\nVariations in the next four assumptions in Table 4 result in relatively minor changes in net HI expenditures. The higher or lower fertility assumptions cause a roughly 2-1/2 percent change in the shortfall relative to the intermediate case. Higher or lower real wage growth results in about a 6 percent change in the expenditure shortfall and CPI changes have very little effect on net HI expenditures.\n\nThe low-cost assumption for net immigration results in a 5 percent drop in net expenditures, from $6,166 billion to $5,849 billion, relative to the intermediate case and the high-cost assumption results in a 3-1/2 percent higher shortfall.\n\nTable 4 also shows that net HI expenditures are $1,665 billion lower (27 percent lower) if the real interest rate is 3.6 percent rather than 2.9 percent and $2,796 billion higher (45 percent higher) if the real interest rate is 2.1 percent rather than 2.9 percent.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 87, + "text": "82 STEWARDSHIP INFORMATION (UNAUDITED)\n Table 4\n Present Values of Estimated Medicare Part A Expenditures in Excess of\n Income Under Various Assumptions, 2003-2077\n (In billions of dollars)Assumption1 Low Cost Intermediate High Cost\n (Alternative I) (Alternative II) (Alternative III)\n Average annual growth in health costs²........... 1,583 6,166 13,684\n Total fertility rate³.............................................. 6,014 6,166 6,323\n (2.2) (1.95) (1.7)\n Real wage differential....................................... 5,816 6,166 6,538\n (1.6) (1.1) (0.6)\n CPI change....................................................... 6,189 6,166 6,182\n (2.0) (3.0) (4.0)\n Net immigration ................................................ 5,849 6,166 6,379\n (1,300,000) (900,000) (672,500)\n Real interest rate .............................................. 4,501 6,166 8,962\n (3.6) (2.9) (2.1)\n 1 The sensitivity of the projected HI net cashflow to variations in future mortality rates is also of interest. At this time,\n however, relatively little is known about the relationship between improvements in life expectancy and the associated\n changes in health status and per beneficiary health expenditures. As a result, it is not possible at present to prepare\n meaningful estimates of the Part A mortality sensitivity.\n 2 Annual growth rate in the aggregate cost of providing covered health care services to beneficiaries. The low cost and\n high cost alternatives assume that costs increase 1 percent slower or faster, respectively, than the intermediate\n assumption, relative to growth in taxable payroll.\n 3 The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she\n were to experience the birth rates by age observed in, or assumed for, the selected year and if she were to survive the\n entire childbearing period.\n Table 5 shows the effects of various assumptions about the growth in health care costs on the present value of\nestimated SMI expenditures in excess of income.⁷ As with HI, net SMI expenditures are very sensitive to changes in\nthe health care cost growth assumption. For the low cost alternative, the slower growth in health costs causes the\nshortfall to drop from $9,653 billion to $6,746 billion, an almost 30 percent smaller shortfall. The high cost\nassumption results in a shortfall of $14,303 billion, an almost 50 percent increase.\n7 The SMI sensitivity analysis should cover the same set of assumptions as the HI sensitivity analysis. Next year’s report is expected to satisfy\nthis requirement.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Table 4\n\nPresent Values of Estimated Medicare Part A Expenditures in Excess of Income Under Various Assumptions, 2003-2077 (In billions of dollars)\n\n|Assumption|Low Cost (Alternative I)|Intermediate (Alternative II)|High Cost (Alternative III)|\n|---|---|---|---|\n|Average annual growth in health costs²|1,583|6,166|13,684|\n|Total fertility rate³|6,014|6,166|6,323|\n| |(2.2)|(1.95)|(1.7)|\n|Real wage differential|5,816|6,166|6,538|\n| |(1.6)|(1.1)|(0.6)|\n|CPI change|6,189|6,166|6,182|\n| |(2.0)|(3.0)|(4.0)|\n|Net immigration|5,849|6,166|6,379|\n| |(1,300,000)|(900,000)|(672,500)|\n|Real interest rate|4,501|6,166|8,962|\n| |(3.6)|(2.9)|(2.1)|\n\n1 The sensitivity of the projected HI net cashflow to variations in future mortality rates is also of interest. At this time, however, relatively little is known about the relationship between improvements in life expectancy and the associated changes in health status and per beneficiary health expenditures. As a result, it is not possible at present to prepare meaningful estimates of the Part A mortality sensitivity.\n\n2 Annual growth rate in the aggregate cost of providing covered health care services to beneficiaries. The low cost and high cost alternatives assume that costs increase 1 percent slower or faster, respectively, than the intermediate assumption, relative to growth in taxable payroll.\n\n3 The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she were to experience the birth rates by age observed in, or assumed for, the selected year and if she were to survive the entire childbearing period.\n\n# Table 5\n\nshows the effects of various assumptions about the growth in health care costs on the present value of estimated SMI expenditures in excess of income.⁷ As with HI, net SMI expenditures are very sensitive to changes in the health care cost growth assumption. For the low cost alternative, the slower growth in health costs causes the shortfall to drop from $9,653 billion to $6,746 billion, an almost 30 percent smaller shortfall. The high cost assumption results in a shortfall of $14,303 billion, an almost 50 percent increase.\n\n7 The SMI sensitivity analysis should cover the same set of assumptions as the HI sensitivity analysis. Next year’s report is expected to satisfy this requirement.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 4", + "md": "# Table 4", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Present Values of Estimated Medicare Part A Expenditures in Excess of Income Under Various Assumptions, 2003-2077 (In billions of dollars)", + "md": "Present Values of Estimated Medicare Part A Expenditures in Excess of Income Under Various Assumptions, 2003-2077 (In billions of dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "Assumption", + "Low Cost (Alternative I)", + "Intermediate (Alternative II)", + "High Cost (Alternative III)" + ], + [ + "---", + "---", + "---", + "---" + ], + [ + "Average annual growth in health costs²", + "1,583", + "6,166", + "13,684" + ], + [ + "Total fertility rate³", + "6,014", + "6,166", + "6,323" + ], + [ + "", + "(2.2)", + "(1.95)", + "(1.7)" + ], + [ + "Real wage differential", + "5,816", + "6,166", + "6,538" + ], + [ + "", + "(1.6)", + "(1.1)", + "(0.6)" + ], + [ + "CPI change", + "6,189", + "6,166", + "6,182" + ], + [ + "", + "(2.0)", + "(3.0)", + "(4.0)" + ], + [ + "Net immigration", + "5,849", + "6,166", + "6,379" + ], + [ + "", + "(1,300,000)", + "(900,000)", + "(672,500)" + ], + [ + "Real interest rate", + "4,501", + "6,166", + "8,962" + ], + [ + "", + "(3.6)", + "(2.9)", + "(2.1)" + ] + ], + "md": "Present Values of Estimated Medicare Part A Expenditures in Excess of Income Under Various Assumptions, 2003-2077 (In billions of dollars)\n|Assumption|Low Cost (Alternative I)|Intermediate (Alternative II)|High Cost (Alternative III)|\n|---|---|---|---|\n|Average annual growth in health costs²|1,583|6,166|13,684|\n|Total fertility rate³|6,014|6,166|6,323|\n| |(2.2)|(1.95)|(1.7)|\n|Real wage differential|5,816|6,166|6,538|\n| |(1.6)|(1.1)|(0.6)|\n|CPI change|6,189|6,166|6,182|\n| |(2.0)|(3.0)|(4.0)|\n|Net immigration|5,849|6,166|6,379|\n| |(1,300,000)|(900,000)|(672,500)|\n|Real interest rate|4,501|6,166|8,962|\n| |(3.6)|(2.9)|(2.1)|", + "isPerfectTable": false, + "csv": "\n\"Assumption\",\"Low Cost (Alternative I)\",\"Intermediate (Alternative II)\",\"High Cost (Alternative III)\"\n\"---\",\"---\",\"---\",\"---\"\n\"Average annual growth in health costs²\",\"1,583\",\"6,166\",\"13,684\"\n\"Total fertility rate³\",\"6,014\",\"6,166\",\"6,323\"\n\"\",\"(2.2)\",\"(1.95)\",\"(1.7)\"\n\"Real wage differential\",\"5,816\",\"6,166\",\"6,538\"\n\"\",\"(1.6)\",\"(1.1)\",\"(0.6)\"\n\"CPI change\",\"6,189\",\"6,166\",\"6,182\"\n\"\",\"(2.0)\",\"(3.0)\",\"(4.0)\"\n\"Net immigration\",\"5,849\",\"6,166\",\"6,379\"\n\"\",\"(1,300,000)\",\"(900,000)\",\"(672,500)\"\n\"Real interest rate\",\"4,501\",\"6,166\",\"8,962\"\n\"\",\"(3.6)\",\"(2.9)\",\"(2.1)\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 The sensitivity of the projected HI net cashflow to variations in future mortality rates is also of interest. At this time, however, relatively little is known about the relationship between improvements in life expectancy and the associated changes in health status and per beneficiary health expenditures. As a result, it is not possible at present to prepare meaningful estimates of the Part A mortality sensitivity.\n\n2 Annual growth rate in the aggregate cost of providing covered health care services to beneficiaries. The low cost and high cost alternatives assume that costs increase 1 percent slower or faster, respectively, than the intermediate assumption, relative to growth in taxable payroll.\n\n3 The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she were to experience the birth rates by age observed in, or assumed for, the selected year and if she were to survive the entire childbearing period.", + "md": "1 The sensitivity of the projected HI net cashflow to variations in future mortality rates is also of interest. At this time, however, relatively little is known about the relationship between improvements in life expectancy and the associated changes in health status and per beneficiary health expenditures. As a result, it is not possible at present to prepare meaningful estimates of the Part A mortality sensitivity.\n\n2 Annual growth rate in the aggregate cost of providing covered health care services to beneficiaries. The low cost and high cost alternatives assume that costs increase 1 percent slower or faster, respectively, than the intermediate assumption, relative to growth in taxable payroll.\n\n3 The total fertility rate for any year is the average number of children who would be born to a woman in her lifetime if she were to experience the birth rates by age observed in, or assumed for, the selected year and if she were to survive the entire childbearing period.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 5", + "md": "# Table 5", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "shows the effects of various assumptions about the growth in health care costs on the present value of estimated SMI expenditures in excess of income.⁷ As with HI, net SMI expenditures are very sensitive to changes in the health care cost growth assumption. For the low cost alternative, the slower growth in health costs causes the shortfall to drop from $9,653 billion to $6,746 billion, an almost 30 percent smaller shortfall. The high cost assumption results in a shortfall of $14,303 billion, an almost 50 percent increase.\n\n7 The SMI sensitivity analysis should cover the same set of assumptions as the HI sensitivity analysis. Next year’s report is expected to satisfy this requirement.", + "md": "shows the effects of various assumptions about the growth in health care costs on the present value of estimated SMI expenditures in excess of income.⁷ As with HI, net SMI expenditures are very sensitive to changes in the health care cost growth assumption. For the low cost alternative, the slower growth in health costs causes the shortfall to drop from $9,653 billion to $6,746 billion, an almost 30 percent smaller shortfall. The high cost assumption results in a shortfall of $14,303 billion, an almost 50 percent increase.\n\n7 The SMI sensitivity analysis should cover the same set of assumptions as the HI sensitivity analysis. Next year’s report is expected to satisfy this requirement.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 88, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 83\n Table 5\n Present Values of Estimated Medicare Part B Future Expenditures Less\n Premium Income Under Various Assumptions, 2003-2077\n (In billions of dollars)\n Low Cost Intermediate High Cost\n Assumption (Alternative I) (Alternative II) (Alternative III)\n Average annual growth in health costs¹ 6,746 9,653 14,303\n 1 Annual growth rate is the aggregate cost of providing covered health care services to beneficiaries. The low cost and high\n cost alternatives assume that costs increase one percent slower or faster, respectively, than the intermediate assumption.\n Source: Centers for Medicare & Medicaid Services.\nSustainability of Social Security and Medicare\n75-Year Horizon\n According to the 2003 Medicare Trustees Report, the HI Trust Fund is projected to remain solvent until 2026\nand, according to the 2003 Social Security Trustees Report, the OASDI Trust Funds are projected to remain solvent\nuntil 2042. In each case, some general revenues must be used to satisfy the authorization of full benefit payments\nuntil the year of exhaustion. This occurs when the trust funds are drawn down to pay benefits which leads to a\ntransfer from general revenues to the trust funds. Moreover, under current law, general fund transfers to the SMI\nTrust Fund will occur into the indefinite future and will continue to grow with the growth in health care\nexpenditures.\n The potential magnitude of future financial obligations under these three social insurance programs is therefore\nimportant from a unified budget perspective as well as for understanding generally the growing resource demands of\nthe programs. A common way to present future cashflows is in terms of their present value. This approach\nrecognizes that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a\nyear’s-worth of interest (see footnote 5).\n Table 6 shows the magnitudes of the primary expenditures and sources of financing for the three major trust\nfunds computed on an open-group basis for the next 75 years and expressed in present values. The data are\nconsistent with the Statement of Social Insurance. For HI, revenues from the public are projected to fall short of total\nexpenditures by $6,166 billion in present value terms.⁸ From the budget or Governmentwide perspective, that is the\nadditional amount needed in order to pay scheduled benefits over the next 75 years. From the trust fund perspective,\nthe amount needed is smaller by the value of the existing trust fund (an asset to the trust fund account but an\nintragovernmental transfer to the overall budget). For SMI, revenues from the public are $9,653 billion less than\ntotal expenditures, an amount that, from a budget perspective, will be needed to keep the program solvent for the\nnext 75 years. From the trust fund perspective, however, the present values of total revenues and total expenditures\nfor the SMI program are equal.⁹ For OASDI, revenues from the public fall short of total expenditures by $4,927\nbillion in present value dollars and, from the trust fund perspective, by $3,550 billion.\n From the Governmentwide perspective, the present value of the total resources needed for the three programs\nequals $20,747 billion. These resources needed from the budget are in addition to payroll taxes, benefit taxes, and\npremium payments. From the trust fund perspective, which counts the trust funds and the general revenue transfers\nto the SMI program as dedicated funding sources, in order to meet projected costs for the next 75 years the three\nprograms will require additional resources of $9,447 billion in present value terms, beyond the $9,653 billion in\npresent value of required general revenue transfers to the SMI program.\n8 Interest income is not a factor in this table as dollar amounts are in present value terms.\n9 The SMI Trust Fund also has a very small amount of existing assets.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Table 5\n\n# Present Values of Estimated Medicare Part B Future Expenditures Less Premium Income Under Various Assumptions, 2003-2077\n\n|Assumption|Low Cost (Alternative I)|Intermediate (Alternative II)|High Cost (Alternative III)|\n|---|---|---|---|\n|Average annual growth in health costs¹|6,746|9,653|14,303|\n\n¹ Annual growth rate is the aggregate cost of providing covered health care services to beneficiaries. The low cost and high cost alternatives assume that costs increase one percent slower or faster, respectively, than the intermediate assumption.\n\nSource: Centers for Medicare & Medicaid Services.\n\n# Sustainability of Social Security and Medicare\n\n75-Year Horizon\n\nAccording to the 2003 Medicare Trustees Report, the HI Trust Fund is projected to remain solvent until 2026 and, according to the 2003 Social Security Trustees Report, the OASDI Trust Funds are projected to remain solvent until 2042. In each case, some general revenues must be used to satisfy the authorization of full benefit payments until the year of exhaustion. This occurs when the trust funds are drawn down to pay benefits which leads to a transfer from general revenues to the trust funds. Moreover, under current law, general fund transfers to the SMI Trust Fund will occur into the indefinite future and will continue to grow with the growth in health care expenditures.\n\nThe potential magnitude of future financial obligations under these three social insurance programs is therefore important from a unified budget perspective as well as for understanding generally the growing resource demands of the programs. A common way to present future cashflows is in terms of their present value. This approach recognizes that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s-worth of interest (see footnote 5).\n\n# Table 6\n\nshows the magnitudes of the primary expenditures and sources of financing for the three major trust funds computed on an open-group basis for the next 75 years and expressed in present values. The data are consistent with the Statement of Social Insurance. For HI, revenues from the public are projected to fall short of total expenditures by $6,166 billion in present value terms.⁸ From the budget or Governmentwide perspective, that is the additional amount needed in order to pay scheduled benefits over the next 75 years. From the trust fund perspective, the amount needed is smaller by the value of the existing trust fund (an asset to the trust fund account but an intragovernmental transfer to the overall budget). For SMI, revenues from the public are $9,653 billion less than total expenditures, an amount that, from a budget perspective, will be needed to keep the program solvent for the next 75 years. From the trust fund perspective, however, the present values of total revenues and total expenditures for the SMI program are equal.⁹ For OASDI, revenues from the public fall short of total expenditures by $4,927 billion in present value dollars and, from the trust fund perspective, by $3,550 billion.\n\nFrom the Governmentwide perspective, the present value of the total resources needed for the three programs equals $20,747 billion. These resources needed from the budget are in addition to payroll taxes, benefit taxes, and premium payments. From the trust fund perspective, which counts the trust funds and the general revenue transfers to the SMI program as dedicated funding sources, in order to meet projected costs for the next 75 years the three programs will require additional resources of $9,447 billion in present value terms, beyond the $9,653 billion in present value of required general revenue transfers to the SMI program.\n\n8 Interest income is not a factor in this table as dollar amounts are in present value terms.\n\n9 The SMI Trust Fund also has a very small amount of existing assets.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 5", + "md": "# Table 5", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Present Values of Estimated Medicare Part B Future Expenditures Less Premium Income Under Various Assumptions, 2003-2077", + "md": "# Present Values of Estimated Medicare Part B Future Expenditures Less Premium Income Under Various Assumptions, 2003-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Assumption", + "Low Cost (Alternative I)", + "Intermediate (Alternative II)", + "High Cost (Alternative III)" + ], + [ + "Average annual growth in health costs¹", + "6,746", + "9,653", + "14,303" + ] + ], + "md": "|Assumption|Low Cost (Alternative I)|Intermediate (Alternative II)|High Cost (Alternative III)|\n|Average annual growth in health costs¹|6,746|9,653|14,303|", + "isPerfectTable": true, + "csv": "\"Assumption\",\"Low Cost (Alternative I)\",\"Intermediate (Alternative II)\",\"High Cost (Alternative III)\"\n\"Average annual growth in health costs¹\",\"6,746\",\"9,653\",\"14,303\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "¹ Annual growth rate is the aggregate cost of providing covered health care services to beneficiaries. The low cost and high cost alternatives assume that costs increase one percent slower or faster, respectively, than the intermediate assumption.\n\nSource: Centers for Medicare & Medicaid Services.", + "md": "¹ Annual growth rate is the aggregate cost of providing covered health care services to beneficiaries. The low cost and high cost alternatives assume that costs increase one percent slower or faster, respectively, than the intermediate assumption.\n\nSource: Centers for Medicare & Medicaid Services.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Sustainability of Social Security and Medicare", + "md": "# Sustainability of Social Security and Medicare", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "75-Year Horizon\n\nAccording to the 2003 Medicare Trustees Report, the HI Trust Fund is projected to remain solvent until 2026 and, according to the 2003 Social Security Trustees Report, the OASDI Trust Funds are projected to remain solvent until 2042. In each case, some general revenues must be used to satisfy the authorization of full benefit payments until the year of exhaustion. This occurs when the trust funds are drawn down to pay benefits which leads to a transfer from general revenues to the trust funds. Moreover, under current law, general fund transfers to the SMI Trust Fund will occur into the indefinite future and will continue to grow with the growth in health care expenditures.\n\nThe potential magnitude of future financial obligations under these three social insurance programs is therefore important from a unified budget perspective as well as for understanding generally the growing resource demands of the programs. A common way to present future cashflows is in terms of their present value. This approach recognizes that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s-worth of interest (see footnote 5).", + "md": "75-Year Horizon\n\nAccording to the 2003 Medicare Trustees Report, the HI Trust Fund is projected to remain solvent until 2026 and, according to the 2003 Social Security Trustees Report, the OASDI Trust Funds are projected to remain solvent until 2042. In each case, some general revenues must be used to satisfy the authorization of full benefit payments until the year of exhaustion. This occurs when the trust funds are drawn down to pay benefits which leads to a transfer from general revenues to the trust funds. Moreover, under current law, general fund transfers to the SMI Trust Fund will occur into the indefinite future and will continue to grow with the growth in health care expenditures.\n\nThe potential magnitude of future financial obligations under these three social insurance programs is therefore important from a unified budget perspective as well as for understanding generally the growing resource demands of the programs. A common way to present future cashflows is in terms of their present value. This approach recognizes that a dollar next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s-worth of interest (see footnote 5).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 6", + "md": "# Table 6", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "shows the magnitudes of the primary expenditures and sources of financing for the three major trust funds computed on an open-group basis for the next 75 years and expressed in present values. The data are consistent with the Statement of Social Insurance. For HI, revenues from the public are projected to fall short of total expenditures by $6,166 billion in present value terms.⁸ From the budget or Governmentwide perspective, that is the additional amount needed in order to pay scheduled benefits over the next 75 years. From the trust fund perspective, the amount needed is smaller by the value of the existing trust fund (an asset to the trust fund account but an intragovernmental transfer to the overall budget). For SMI, revenues from the public are $9,653 billion less than total expenditures, an amount that, from a budget perspective, will be needed to keep the program solvent for the next 75 years. From the trust fund perspective, however, the present values of total revenues and total expenditures for the SMI program are equal.⁹ For OASDI, revenues from the public fall short of total expenditures by $4,927 billion in present value dollars and, from the trust fund perspective, by $3,550 billion.\n\nFrom the Governmentwide perspective, the present value of the total resources needed for the three programs equals $20,747 billion. These resources needed from the budget are in addition to payroll taxes, benefit taxes, and premium payments. From the trust fund perspective, which counts the trust funds and the general revenue transfers to the SMI program as dedicated funding sources, in order to meet projected costs for the next 75 years the three programs will require additional resources of $9,447 billion in present value terms, beyond the $9,653 billion in present value of required general revenue transfers to the SMI program.\n\n8 Interest income is not a factor in this table as dollar amounts are in present value terms.\n\n9 The SMI Trust Fund also has a very small amount of existing assets.", + "md": "shows the magnitudes of the primary expenditures and sources of financing for the three major trust funds computed on an open-group basis for the next 75 years and expressed in present values. The data are consistent with the Statement of Social Insurance. For HI, revenues from the public are projected to fall short of total expenditures by $6,166 billion in present value terms.⁸ From the budget or Governmentwide perspective, that is the additional amount needed in order to pay scheduled benefits over the next 75 years. From the trust fund perspective, the amount needed is smaller by the value of the existing trust fund (an asset to the trust fund account but an intragovernmental transfer to the overall budget). For SMI, revenues from the public are $9,653 billion less than total expenditures, an amount that, from a budget perspective, will be needed to keep the program solvent for the next 75 years. From the trust fund perspective, however, the present values of total revenues and total expenditures for the SMI program are equal.⁹ For OASDI, revenues from the public fall short of total expenditures by $4,927 billion in present value dollars and, from the trust fund perspective, by $3,550 billion.\n\nFrom the Governmentwide perspective, the present value of the total resources needed for the three programs equals $20,747 billion. These resources needed from the budget are in addition to payroll taxes, benefit taxes, and premium payments. From the trust fund perspective, which counts the trust funds and the general revenue transfers to the SMI program as dedicated funding sources, in order to meet projected costs for the next 75 years the three programs will require additional resources of $9,447 billion in present value terms, beyond the $9,653 billion in present value of required general revenue transfers to the SMI program.\n\n8 Interest income is not a factor in this table as dollar amounts are in present value terms.\n\n9 The SMI Trust Fund also has a very small amount of existing assets.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 89, + "text": "84 STEWARDSHIP INFORMATION (UNAUDITED)\n Table 6\n Present Values of Revenue and Expenditure Components of\n 75-Year Open Group Obligations HI, SMI, and OASDI\n (In billions of dollars as of 1/1/2003) HI SMI OASDI Total\n Revenues from the Public:\n Taxes.................................................... 8,411 - 26,147 34,558\n Premiums ............................................. - 3,120 - 3,120\n Revenues from other Government\n transfers................................................ - 9,653 - 9,653\n Total revenues ........................................ 8,411 12,773 26,147 47,331\n Total expenditures .................................. 14,577 12,773 31,075 58,425\n Net Results for Governmentwide (Budget) Perspective\n Revenues from the public less total\n expenditures......................................... (6,166) (9,653) (4,927) (20,747)\n Net Results for Trust Fund Perspective\n Trust fund in 1/1/2003 ............................. 235 34 1,378 1,647\n Total revenues less total expenditures\n plus trust fund....................................... (5,931) 34 (3,550) (9,447)\nInfinite Horizon\n The 75-year horizon represented in Table 6 is consistent with the focus of the Social Security and Medicare\nTrustees’ Reports. For the OASDI program, for example, an additional $4.9 trillion in present value will be needed\nabove currently scheduled taxes to pay for scheduled benefits ($3.5 trillion from the trust fund perspective). Yet, a\n75-year projection does not portray the financial status of the program for the infinite future. For example, when\ncalculating unfunded obligations, a 75-year horizon includes revenue from some future workers but only a fraction\nof their future benefits. In order to provide a complete and unbiased estimate of the long-run unfunded obligations of\nthe programs, estimates can be extended to the infinite horizon. The open-group infinite horizon obligation is, in\ncurrent dollars, the present value of all expected future program outlays less the present value of all expected future\nprogram tax revenues. Such a measure is provided in Table 7 for the OASDI program (the data in Table 7 are from\nthe 2003 OASDI Report).\n The first line of Table 7 shows, from a budget perspective, the present value of future expenditures less future\ntaxes over the infinite horizon for all current, past, and future participants. The $11.9 trillion obligation is the value\nof resources needed to finance the current system into the infinite future. This resource need can be satisfied only\nthrough increased borrowing, higher taxes, reduced program spending, or some combination.\n The second and third lines of Table 7 reveal that the shortfall is due to current and past participants since future\nparticipants (under age 15 and births during period), as a whole, are projected to pay, in present value, taxes that are\napproximately equal to the cost of providing the benefits that they are scheduled to receive over the infinite future.\n The fourth line shows the value of the trust fund at the beginning of 2003, which, from the trust fund\nperspective, represents the extent to which the program is funded. From that perspective, when the trust fund is\nsubtracted, an additional $10.5 trillion is needed to sustain the program into the infinite future. This can be\naccomplished through program changes that raise additional revenue or reduce benefits (or some combination) for\ncurrent and future participants so that the present value of the additional revenue or reduced benefits for the infinite\nfuture equals $10.5 trillion.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Table 6\n\n# Present Values of Revenue and Expenditure Components of 75-Year Open Group Obligations HI, SMI, and OASDI\n\n# (In billions of dollars as of 1/1/2003)\n\n| |HI|SMI|OASDI|Total|\n|---|---|---|---|---|\n|Revenues from the Public:|8,411|-|26,147|34,558|\n|Premiums|-|3,120|-|3,120|\n|Revenues from other Government transfers|-|9,653|-|9,653|\n|Total revenues|8,411|12,773|26,147|47,331|\n|Total expenditures|14,577|12,773|31,075|58,425|\n\n# Net Results for Governmentwide (Budget) Perspective\n\nRevenues from the public less total expenditures\n(6,166)\n(9,653)\n(4,927)\n(20,747)\n# Net Results for Trust Fund Perspective\n\n|Trust fund in 1/1/2003|235|34|1,378|1,647|\n|---|---|---|---|---|\n|Total revenues less total expenditures plus trust fund|(5,931)|34|(3,550)|(9,447)|\n\n# Infinite Horizon\n\nThe 75-year horizon represented in Table 6 is consistent with the focus of the Social Security and Medicare Trustees’ Reports. For the OASDI program, for example, an additional $4.9 trillion in present value will be needed above currently scheduled taxes to pay for scheduled benefits ($3.5 trillion from the trust fund perspective). Yet, a 75-year projection does not portray the financial status of the program for the infinite future. For example, when calculating unfunded obligations, a 75-year horizon includes revenue from some future workers but only a fraction of their future benefits. In order to provide a complete and unbiased estimate of the long-run unfunded obligations of the programs, estimates can be extended to the infinite horizon. The open-group infinite horizon obligation is, in current dollars, the present value of all expected future program outlays less the present value of all expected future program tax revenues. Such a measure is provided in Table 7 for the OASDI program (the data in Table 7 are from the 2003 OASDI Report).\n\nThe first line of Table 7 shows, from a budget perspective, the present value of future expenditures less future taxes over the infinite horizon for all current, past, and future participants. The $11.9 trillion obligation is the value of resources needed to finance the current system into the infinite future. This resource need can be satisfied only through increased borrowing, higher taxes, reduced program spending, or some combination.\n\nThe second and third lines of Table 7 reveal that the shortfall is due to current and past participants since future participants (under age 15 and births during period), as a whole, are projected to pay, in present value, taxes that are approximately equal to the cost of providing the benefits that they are scheduled to receive over the infinite future.\n\nThe fourth line shows the value of the trust fund at the beginning of 2003, which, from the trust fund perspective, represents the extent to which the program is funded. From that perspective, when the trust fund is subtracted, an additional $10.5 trillion is needed to sustain the program into the infinite future. This can be accomplished through program changes that raise additional revenue or reduce benefits (or some combination) for current and future participants so that the present value of the additional revenue or reduced benefits for the infinite future equals $10.5 trillion.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 6", + "md": "# Table 6", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Present Values of Revenue and Expenditure Components of 75-Year Open Group Obligations HI, SMI, and OASDI", + "md": "# Present Values of Revenue and Expenditure Components of 75-Year Open Group Obligations HI, SMI, and OASDI", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(In billions of dollars as of 1/1/2003)", + "md": "# (In billions of dollars as of 1/1/2003)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "HI", + "SMI", + "OASDI", + "Total" + ], + [ + "Revenues from the Public:", + "8,411", + "-", + "26,147", + "34,558" + ], + [ + "Premiums", + "-", + "3,120", + "-", + "3,120" + ], + [ + "Revenues from other Government transfers", + "-", + "9,653", + "-", + "9,653" + ], + [ + "Total revenues", + "8,411", + "12,773", + "26,147", + "47,331" + ], + [ + "Total expenditures", + "14,577", + "12,773", + "31,075", + "58,425" + ] + ], + "md": "| |HI|SMI|OASDI|Total|\n|Revenues from the Public:|8,411|-|26,147|34,558|\n|Premiums|-|3,120|-|3,120|\n|Revenues from other Government transfers|-|9,653|-|9,653|\n|Total revenues|8,411|12,773|26,147|47,331|\n|Total expenditures|14,577|12,773|31,075|58,425|", + "isPerfectTable": true, + "csv": "\"\",\"HI\",\"SMI\",\"OASDI\",\"Total\"\n\"Revenues from the Public:\",\"8,411\",\"-\",\"26,147\",\"34,558\"\n\"Premiums\",\"-\",\"3,120\",\"-\",\"3,120\"\n\"Revenues from other Government transfers\",\"-\",\"9,653\",\"-\",\"9,653\"\n\"Total revenues\",\"8,411\",\"12,773\",\"26,147\",\"47,331\"\n\"Total expenditures\",\"14,577\",\"12,773\",\"31,075\",\"58,425\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Results for Governmentwide (Budget) Perspective", + "md": "# Net Results for Governmentwide (Budget) Perspective", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Revenues from the public less total expenditures\n(6,166)\n(9,653)\n(4,927)\n(20,747)", + "md": "Revenues from the public less total expenditures\n(6,166)\n(9,653)\n(4,927)\n(20,747)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Net Results for Trust Fund Perspective", + "md": "# Net Results for Trust Fund Perspective", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Trust fund in 1/1/2003", + "235", + "34", + "1,378", + "1,647" + ], + [ + "Total revenues less total expenditures plus trust fund", + "(5,931)", + "34", + "(3,550)", + "(9,447)" + ] + ], + "md": "|Trust fund in 1/1/2003|235|34|1,378|1,647|\n|Total revenues less total expenditures plus trust fund|(5,931)|34|(3,550)|(9,447)|", + "isPerfectTable": true, + "csv": "\"Trust fund in 1/1/2003\",\"235\",\"34\",\"1,378\",\"1,647\"\n\"Total revenues less total expenditures plus trust fund\",\"(5,931)\",\"34\",\"(3,550)\",\"(9,447)\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Infinite Horizon", + "md": "# Infinite Horizon", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The 75-year horizon represented in Table 6 is consistent with the focus of the Social Security and Medicare Trustees’ Reports. For the OASDI program, for example, an additional $4.9 trillion in present value will be needed above currently scheduled taxes to pay for scheduled benefits ($3.5 trillion from the trust fund perspective). Yet, a 75-year projection does not portray the financial status of the program for the infinite future. For example, when calculating unfunded obligations, a 75-year horizon includes revenue from some future workers but only a fraction of their future benefits. In order to provide a complete and unbiased estimate of the long-run unfunded obligations of the programs, estimates can be extended to the infinite horizon. The open-group infinite horizon obligation is, in current dollars, the present value of all expected future program outlays less the present value of all expected future program tax revenues. Such a measure is provided in Table 7 for the OASDI program (the data in Table 7 are from the 2003 OASDI Report).\n\nThe first line of Table 7 shows, from a budget perspective, the present value of future expenditures less future taxes over the infinite horizon for all current, past, and future participants. The $11.9 trillion obligation is the value of resources needed to finance the current system into the infinite future. This resource need can be satisfied only through increased borrowing, higher taxes, reduced program spending, or some combination.\n\nThe second and third lines of Table 7 reveal that the shortfall is due to current and past participants since future participants (under age 15 and births during period), as a whole, are projected to pay, in present value, taxes that are approximately equal to the cost of providing the benefits that they are scheduled to receive over the infinite future.\n\nThe fourth line shows the value of the trust fund at the beginning of 2003, which, from the trust fund perspective, represents the extent to which the program is funded. From that perspective, when the trust fund is subtracted, an additional $10.5 trillion is needed to sustain the program into the infinite future. This can be accomplished through program changes that raise additional revenue or reduce benefits (or some combination) for current and future participants so that the present value of the additional revenue or reduced benefits for the infinite future equals $10.5 trillion.", + "md": "The 75-year horizon represented in Table 6 is consistent with the focus of the Social Security and Medicare Trustees’ Reports. For the OASDI program, for example, an additional $4.9 trillion in present value will be needed above currently scheduled taxes to pay for scheduled benefits ($3.5 trillion from the trust fund perspective). Yet, a 75-year projection does not portray the financial status of the program for the infinite future. For example, when calculating unfunded obligations, a 75-year horizon includes revenue from some future workers but only a fraction of their future benefits. In order to provide a complete and unbiased estimate of the long-run unfunded obligations of the programs, estimates can be extended to the infinite horizon. The open-group infinite horizon obligation is, in current dollars, the present value of all expected future program outlays less the present value of all expected future program tax revenues. Such a measure is provided in Table 7 for the OASDI program (the data in Table 7 are from the 2003 OASDI Report).\n\nThe first line of Table 7 shows, from a budget perspective, the present value of future expenditures less future taxes over the infinite horizon for all current, past, and future participants. The $11.9 trillion obligation is the value of resources needed to finance the current system into the infinite future. This resource need can be satisfied only through increased borrowing, higher taxes, reduced program spending, or some combination.\n\nThe second and third lines of Table 7 reveal that the shortfall is due to current and past participants since future participants (under age 15 and births during period), as a whole, are projected to pay, in present value, taxes that are approximately equal to the cost of providing the benefits that they are scheduled to receive over the infinite future.\n\nThe fourth line shows the value of the trust fund at the beginning of 2003, which, from the trust fund perspective, represents the extent to which the program is funded. From that perspective, when the trust fund is subtracted, an additional $10.5 trillion is needed to sustain the program into the infinite future. This can be accomplished through program changes that raise additional revenue or reduce benefits (or some combination) for current and future participants so that the present value of the additional revenue or reduced benefits for the infinite future equals $10.5 trillion.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 90, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 85\n In comparison to the analogous 75-year number for OASDI in Table 6, $4.9 trillion, extending the calculations\n beyond 2077 captures the full lifetime benefits and taxes of all current and future participants. The $7 trillion\n difference ($11.9-$4.9) indicates that a significant financing gap is not captured by the 75-year horizon. The shorter\n horizon understates the gap by capturing relatively more of the revenues from current and future workers and not\n capturing all of the benefits that are scheduled to be paid to them.\n Table 7\n Present Values of OASDI Expenditures Less Tax Revenue through the\n Infinite Horizon (Present values as of January 1, 2003)\n (In trillions of dollars)\n Present value of future expenditures less future taxes (net obligations) over the infinite\nhorizon .................................................................................................................................. 11.9\n Equals net obligations for past and current participants¹ .................................................. 11.9\n Plus net obligations for future participants ......................................................................... 0.0\n Current trust fund .................................................................................................................. 1.4\n Net obligations for the infinite future less the current trust fund ........................................... 10.5\n 1 This concept is also referred to as the closed-group obligation. The number is slightly higher than the closed-group number in the\n Statement of Social Insurance (SOSI) because the computation is done over a 100-year time horizon in the table above and a 75-year\n horizon for SOSI.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nIn comparison to the analogous 75-year number for OASDI in Table 6, $4.9 trillion, extending the calculations beyond 2077 captures the full lifetime benefits and taxes of all current and future participants. The $7 trillion difference ($11.9-$4.9) indicates that a significant financing gap is not captured by the 75-year horizon. The shorter horizon understates the gap by capturing relatively more of the revenues from current and future workers and not capturing all of the benefits that are scheduled to be paid to them.\n\n# Table 7\n\n# Present Values of OASDI Expenditures Less Tax Revenue through the Infinite Horizon (Present values as of January 1, 2003)\n\n|(In trillions of dollars)| |\n|---|---|\n|Present value of future expenditures less future taxes (net obligations) over the infinite horizon|11.9|\n|Equals net obligations for past and current participants¹|11.9|\n|Plus net obligations for future participants|0.0|\n|Current trust fund|1.4|\n|Net obligations for the infinite future less the current trust fund|10.5|\n\n¹ This concept is also referred to as the closed-group obligation. The number is slightly higher than the closed-group number in the Statement of Social Insurance (SOSI) because the computation is done over a 100-year time horizon in the table above and a 75-year horizon for SOSI.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In comparison to the analogous 75-year number for OASDI in Table 6, $4.9 trillion, extending the calculations beyond 2077 captures the full lifetime benefits and taxes of all current and future participants. The $7 trillion difference ($11.9-$4.9) indicates that a significant financing gap is not captured by the 75-year horizon. The shorter horizon understates the gap by capturing relatively more of the revenues from current and future workers and not capturing all of the benefits that are scheduled to be paid to them.", + "md": "In comparison to the analogous 75-year number for OASDI in Table 6, $4.9 trillion, extending the calculations beyond 2077 captures the full lifetime benefits and taxes of all current and future participants. The $7 trillion difference ($11.9-$4.9) indicates that a significant financing gap is not captured by the 75-year horizon. The shorter horizon understates the gap by capturing relatively more of the revenues from current and future workers and not capturing all of the benefits that are scheduled to be paid to them.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 7", + "md": "# Table 7", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Present Values of OASDI Expenditures Less Tax Revenue through the Infinite Horizon (Present values as of January 1, 2003)", + "md": "# Present Values of OASDI Expenditures Less Tax Revenue through the Infinite Horizon (Present values as of January 1, 2003)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In trillions of dollars)", + "" + ], + [ + "Present value of future expenditures less future taxes (net obligations) over the infinite horizon", + "11.9" + ], + [ + "Equals net obligations for past and current participants¹", + "11.9" + ], + [ + "Plus net obligations for future participants", + "0.0" + ], + [ + "Current trust fund", + "1.4" + ], + [ + "Net obligations for the infinite future less the current trust fund", + "10.5" + ] + ], + "md": "|(In trillions of dollars)| |\n|Present value of future expenditures less future taxes (net obligations) over the infinite horizon|11.9|\n|Equals net obligations for past and current participants¹|11.9|\n|Plus net obligations for future participants|0.0|\n|Current trust fund|1.4|\n|Net obligations for the infinite future less the current trust fund|10.5|", + "isPerfectTable": true, + "csv": "\"(In trillions of dollars)\",\"\"\n\"Present value of future expenditures less future taxes (net obligations) over the infinite horizon\",\"11.9\"\n\"Equals net obligations for past and current participants¹\",\"11.9\"\n\"Plus net obligations for future participants\",\"0.0\"\n\"Current trust fund\",\"1.4\"\n\"Net obligations for the infinite future less the current trust fund\",\"10.5\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "¹ This concept is also referred to as the closed-group obligation. The number is slightly higher than the closed-group number in the Statement of Social Insurance (SOSI) because the computation is done over a 100-year time horizon in the table above and a 75-year horizon for SOSI.", + "md": "¹ This concept is also referred to as the closed-group obligation. The number is slightly higher than the closed-group number in the Statement of Social Insurance (SOSI) because the computation is done over a 100-year time horizon in the table above and a 75-year horizon for SOSI.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 91, + "text": "86 STEWARDSHIP INFORMATION (UNAUDITED)\n Railroad Retirement, Black Lung, and\n Unemployment Insurance\nRailroad Retirement\n Railroad retirement pays full annuities at age 60 to workers with 30 years of service. For those with less than\n30 years of service, reduced annuities are payable at age 62 and unreduced annuities are payable at full retirement\nage, which is gradually rising from 65 to 67, depending on year of birth. The Railroad Retirement program pays\ndisability annuities based on total or occupational disability. It also pays annuities to spouses, divorced spouses,\nwidow(er)s, remarried widow(er)s, surviving divorced spouses, children, and parents of deceased railroad workers.\nMedicare covers qualified railroad retirement beneficiaries in the same way as Social Security beneficiaries.\n The Railroad Retirement Board (RRB) and SSA share jurisdiction over the payment of retirement and survivor\nbenefits. RRB has jurisdiction over the payment of retirement benefits if the employee had at least 5 years (if\nperformed after 1995) of railroad service. Additionally, for survivor benefits, RRB requires that the employee’s last\nregular employment before retirement or death be in the railroad industry. If a railroad employee or his or her\nsurvivors do not qualify for railroad retirement benefits, the RRB transfers the employee’s railroad retirement credits\nto SSA. SSA treats them as Social Security credits.\n Payroll taxes paid by railroad employers and their employees provide the primary source of income for the\nRailroad Retirement and Survivor Benefit program. By law, railroad retirement taxes are coordinated with Social\nSecurity taxes. Employees and employers pay tier I taxes at the same rate as Social Security taxes. Tier II taxes\nfinance railroad retirement benefit payments that are higher than Social Security levels.\n Other sources of program income include: financial interchanges with the Social Security and Medicare trust\nfunds, earnings on investments, Federal income taxes on railroad retirement benefits, and appropriations (provided after\n1974 as part of a phase out of certain vested dual benefits). The financial interchange income is trust fund income\n(intragovernmental income) derived from the financial interchange with the Social Security trust funds. This\ntransaction is intended to put the Federal Old-Age, Survivors, and Disability Insurance Trust Funds and the Centers for\nMedicare & Medicaid Services’ Federal Hospital Insurance Trust Fund in the same position they would have been had\nrailroad employment been covered under the Social Security Act and FICA.\n The Railroad Retirement and Survivors Improvement Act (RRSIA), enacted into law on December 21, 2001,\nprovided several changes in benefit and financing provisions, including the transfer of investment responsibility\nfrom the Railroad Retirement System trust funds managed by the RRB to the newly-created National Railroad\nRetirement Investment Trust (NRRIT).\n The sole purpose of the NRRIT is to manage and invest railroad retirement assets. The trust is a tax-exempt\nentity independent from the Federal Government. It is domiciled in and subject to the laws of the District of\nColumbia. The RRSIA authorizes the trust to invest the assets of the Railroad Retirement Account in a diversified\ninvestment portfolio in the same manner as those of private sector retirement plans. Prior to the Act, investment of\nRailroad Retirement Account assets was limited to U.S. Government securities. In addition, to carry out its mandate,\nthe trust’s Board of Trustees is authorized to make rules to govern its operations, to employ professional staff, and to\ncontract with outside advisors to provide legal, accounting, investment advisory or other services necessary for the\nproper administration of the trust. Administrative expenses of the trust are paid out of trust assets. The Board of\nTrustees is comprised of seven trustees, three selected by railroad labor unions and three by railroad companies. The\nseventh trustee is an independent trustee selected by the other six trustees. The trustees' terms are for 3 years and are\nstaggered. The Act provides that on the initial Board, one each of the Labor and Management members would be\nselected for 3-year terms, one each for 2-year terms, and one each for a 1-year term. Thereafter, all terms are 3\nyears. The independent trustees’ initial and succeeding terms are 3 years.\n During fiscal year 2003, the RRB transferred $19.2 billion to the NRRIT for investment.\n Chart 11 shows the estimated railroad retirement income (excluding interest and financial interchange income)\nand expenditures for the period 2003-2077. The estimates are for the open-group population, which includes all\npersons projected to participate in the Railroad Retirement program as railroad workers or beneficiaries during the\nperiod. Thus, the estimates include payments from, and on behalf of, those who will be employed by the railroads\nduring the period as well as those already employed at the beginning of the period. They also include expenditures\nmade to, and on behalf of, such workers during that period.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Railroad Retirement, Black Lung, and Unemployment Insurance\n\n# Railroad Retirement\n\nRailroad retirement pays full annuities at age 60 to workers with 30 years of service. For those with less than 30 years of service, reduced annuities are payable at age 62 and unreduced annuities are payable at full retirement age, which is gradually rising from 65 to 67, depending on year of birth. The Railroad Retirement program pays disability annuities based on total or occupational disability. It also pays annuities to spouses, divorced spouses, widow(er)s, remarried widow(er)s, surviving divorced spouses, children, and parents of deceased railroad workers. Medicare covers qualified railroad retirement beneficiaries in the same way as Social Security beneficiaries.\n\nThe Railroad Retirement Board (RRB) and SSA share jurisdiction over the payment of retirement and survivor benefits. RRB has jurisdiction over the payment of retirement benefits if the employee had at least 5 years (if performed after 1995) of railroad service. Additionally, for survivor benefits, RRB requires that the employee’s last regular employment before retirement or death be in the railroad industry. If a railroad employee or his or her survivors do not qualify for railroad retirement benefits, the RRB transfers the employee’s railroad retirement credits to SSA. SSA treats them as Social Security credits.\n\nPayroll taxes paid by railroad employers and their employees provide the primary source of income for the Railroad Retirement and Survivor Benefit program. By law, railroad retirement taxes are coordinated with Social Security taxes. Employees and employers pay tier I taxes at the same rate as Social Security taxes. Tier II taxes finance railroad retirement benefit payments that are higher than Social Security levels.\n\nOther sources of program income include: financial interchanges with the Social Security and Medicare trust funds, earnings on investments, Federal income taxes on railroad retirement benefits, and appropriations (provided after 1974 as part of a phase out of certain vested dual benefits). The financial interchange income is trust fund income (intragovernmental income) derived from the financial interchange with the Social Security trust funds. This transaction is intended to put the Federal Old-Age, Survivors, and Disability Insurance Trust Funds and the Centers for Medicare & Medicaid Services’ Federal Hospital Insurance Trust Fund in the same position they would have been had railroad employment been covered under the Social Security Act and FICA.\n\nThe Railroad Retirement and Survivors Improvement Act (RRSIA), enacted into law on December 21, 2001, provided several changes in benefit and financing provisions, including the transfer of investment responsibility from the Railroad Retirement System trust funds managed by the RRB to the newly-created National Railroad Retirement Investment Trust (NRRIT).\n\nThe sole purpose of the NRRIT is to manage and invest railroad retirement assets. The trust is a tax-exempt entity independent from the Federal Government. It is domiciled in and subject to the laws of the District of Columbia. The RRSIA authorizes the trust to invest the assets of the Railroad Retirement Account in a diversified investment portfolio in the same manner as those of private sector retirement plans. Prior to the Act, investment of Railroad Retirement Account assets was limited to U.S. Government securities. In addition, to carry out its mandate, the trust’s Board of Trustees is authorized to make rules to govern its operations, to employ professional staff, and to contract with outside advisors to provide legal, accounting, investment advisory or other services necessary for the proper administration of the trust. Administrative expenses of the trust are paid out of trust assets. The Board of Trustees is comprised of seven trustees, three selected by railroad labor unions and three by railroad companies. The seventh trustee is an independent trustee selected by the other six trustees. The trustees' terms are for 3 years and are staggered. The Act provides that on the initial Board, one each of the Labor and Management members would be selected for 3-year terms, one each for 2-year terms, and one each for a 1-year term. Thereafter, all terms are 3 years. The independent trustees’ initial and succeeding terms are 3 years.\n\nDuring fiscal year 2003, the RRB transferred $19.2 billion to the NRRIT for investment.\n\nChart 11 shows the estimated railroad retirement income (excluding interest and financial interchange income) and expenditures for the period 2003-2077. The estimates are for the open-group population, which includes all persons projected to participate in the Railroad Retirement program as railroad workers or beneficiaries during the period. Thus, the estimates include payments from, and on behalf of, those who will be employed by the railroads during the period as well as those already employed at the beginning of the period. They also include expenditures made to, and on behalf of, such workers during that period.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Railroad Retirement, Black Lung, and Unemployment Insurance", + "md": "# Railroad Retirement, Black Lung, and Unemployment Insurance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Railroad Retirement", + "md": "# Railroad Retirement", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Railroad retirement pays full annuities at age 60 to workers with 30 years of service. For those with less than 30 years of service, reduced annuities are payable at age 62 and unreduced annuities are payable at full retirement age, which is gradually rising from 65 to 67, depending on year of birth. The Railroad Retirement program pays disability annuities based on total or occupational disability. It also pays annuities to spouses, divorced spouses, widow(er)s, remarried widow(er)s, surviving divorced spouses, children, and parents of deceased railroad workers. Medicare covers qualified railroad retirement beneficiaries in the same way as Social Security beneficiaries.\n\nThe Railroad Retirement Board (RRB) and SSA share jurisdiction over the payment of retirement and survivor benefits. RRB has jurisdiction over the payment of retirement benefits if the employee had at least 5 years (if performed after 1995) of railroad service. Additionally, for survivor benefits, RRB requires that the employee’s last regular employment before retirement or death be in the railroad industry. If a railroad employee or his or her survivors do not qualify for railroad retirement benefits, the RRB transfers the employee’s railroad retirement credits to SSA. SSA treats them as Social Security credits.\n\nPayroll taxes paid by railroad employers and their employees provide the primary source of income for the Railroad Retirement and Survivor Benefit program. By law, railroad retirement taxes are coordinated with Social Security taxes. Employees and employers pay tier I taxes at the same rate as Social Security taxes. Tier II taxes finance railroad retirement benefit payments that are higher than Social Security levels.\n\nOther sources of program income include: financial interchanges with the Social Security and Medicare trust funds, earnings on investments, Federal income taxes on railroad retirement benefits, and appropriations (provided after 1974 as part of a phase out of certain vested dual benefits). The financial interchange income is trust fund income (intragovernmental income) derived from the financial interchange with the Social Security trust funds. This transaction is intended to put the Federal Old-Age, Survivors, and Disability Insurance Trust Funds and the Centers for Medicare & Medicaid Services’ Federal Hospital Insurance Trust Fund in the same position they would have been had railroad employment been covered under the Social Security Act and FICA.\n\nThe Railroad Retirement and Survivors Improvement Act (RRSIA), enacted into law on December 21, 2001, provided several changes in benefit and financing provisions, including the transfer of investment responsibility from the Railroad Retirement System trust funds managed by the RRB to the newly-created National Railroad Retirement Investment Trust (NRRIT).\n\nThe sole purpose of the NRRIT is to manage and invest railroad retirement assets. The trust is a tax-exempt entity independent from the Federal Government. It is domiciled in and subject to the laws of the District of Columbia. The RRSIA authorizes the trust to invest the assets of the Railroad Retirement Account in a diversified investment portfolio in the same manner as those of private sector retirement plans. Prior to the Act, investment of Railroad Retirement Account assets was limited to U.S. Government securities. In addition, to carry out its mandate, the trust’s Board of Trustees is authorized to make rules to govern its operations, to employ professional staff, and to contract with outside advisors to provide legal, accounting, investment advisory or other services necessary for the proper administration of the trust. Administrative expenses of the trust are paid out of trust assets. The Board of Trustees is comprised of seven trustees, three selected by railroad labor unions and three by railroad companies. The seventh trustee is an independent trustee selected by the other six trustees. The trustees' terms are for 3 years and are staggered. The Act provides that on the initial Board, one each of the Labor and Management members would be selected for 3-year terms, one each for 2-year terms, and one each for a 1-year term. Thereafter, all terms are 3 years. The independent trustees’ initial and succeeding terms are 3 years.\n\nDuring fiscal year 2003, the RRB transferred $19.2 billion to the NRRIT for investment.\n\nChart 11 shows the estimated railroad retirement income (excluding interest and financial interchange income) and expenditures for the period 2003-2077. The estimates are for the open-group population, which includes all persons projected to participate in the Railroad Retirement program as railroad workers or beneficiaries during the period. Thus, the estimates include payments from, and on behalf of, those who will be employed by the railroads during the period as well as those already employed at the beginning of the period. They also include expenditures made to, and on behalf of, such workers during that period.", + "md": "Railroad retirement pays full annuities at age 60 to workers with 30 years of service. For those with less than 30 years of service, reduced annuities are payable at age 62 and unreduced annuities are payable at full retirement age, which is gradually rising from 65 to 67, depending on year of birth. The Railroad Retirement program pays disability annuities based on total or occupational disability. It also pays annuities to spouses, divorced spouses, widow(er)s, remarried widow(er)s, surviving divorced spouses, children, and parents of deceased railroad workers. Medicare covers qualified railroad retirement beneficiaries in the same way as Social Security beneficiaries.\n\nThe Railroad Retirement Board (RRB) and SSA share jurisdiction over the payment of retirement and survivor benefits. RRB has jurisdiction over the payment of retirement benefits if the employee had at least 5 years (if performed after 1995) of railroad service. Additionally, for survivor benefits, RRB requires that the employee’s last regular employment before retirement or death be in the railroad industry. If a railroad employee or his or her survivors do not qualify for railroad retirement benefits, the RRB transfers the employee’s railroad retirement credits to SSA. SSA treats them as Social Security credits.\n\nPayroll taxes paid by railroad employers and their employees provide the primary source of income for the Railroad Retirement and Survivor Benefit program. By law, railroad retirement taxes are coordinated with Social Security taxes. Employees and employers pay tier I taxes at the same rate as Social Security taxes. Tier II taxes finance railroad retirement benefit payments that are higher than Social Security levels.\n\nOther sources of program income include: financial interchanges with the Social Security and Medicare trust funds, earnings on investments, Federal income taxes on railroad retirement benefits, and appropriations (provided after 1974 as part of a phase out of certain vested dual benefits). The financial interchange income is trust fund income (intragovernmental income) derived from the financial interchange with the Social Security trust funds. This transaction is intended to put the Federal Old-Age, Survivors, and Disability Insurance Trust Funds and the Centers for Medicare & Medicaid Services’ Federal Hospital Insurance Trust Fund in the same position they would have been had railroad employment been covered under the Social Security Act and FICA.\n\nThe Railroad Retirement and Survivors Improvement Act (RRSIA), enacted into law on December 21, 2001, provided several changes in benefit and financing provisions, including the transfer of investment responsibility from the Railroad Retirement System trust funds managed by the RRB to the newly-created National Railroad Retirement Investment Trust (NRRIT).\n\nThe sole purpose of the NRRIT is to manage and invest railroad retirement assets. The trust is a tax-exempt entity independent from the Federal Government. It is domiciled in and subject to the laws of the District of Columbia. The RRSIA authorizes the trust to invest the assets of the Railroad Retirement Account in a diversified investment portfolio in the same manner as those of private sector retirement plans. Prior to the Act, investment of Railroad Retirement Account assets was limited to U.S. Government securities. In addition, to carry out its mandate, the trust’s Board of Trustees is authorized to make rules to govern its operations, to employ professional staff, and to contract with outside advisors to provide legal, accounting, investment advisory or other services necessary for the proper administration of the trust. Administrative expenses of the trust are paid out of trust assets. The Board of Trustees is comprised of seven trustees, three selected by railroad labor unions and three by railroad companies. The seventh trustee is an independent trustee selected by the other six trustees. The trustees' terms are for 3 years and are staggered. The Act provides that on the initial Board, one each of the Labor and Management members would be selected for 3-year terms, one each for 2-year terms, and one each for a 1-year term. Thereafter, all terms are 3 years. The independent trustees’ initial and succeeding terms are 3 years.\n\nDuring fiscal year 2003, the RRB transferred $19.2 billion to the NRRIT for investment.\n\nChart 11 shows the estimated railroad retirement income (excluding interest and financial interchange income) and expenditures for the period 2003-2077. The estimates are for the open-group population, which includes all persons projected to participate in the Railroad Retirement program as railroad workers or beneficiaries during the period. Thus, the estimates include payments from, and on behalf of, those who will be employed by the railroads during the period as well as those already employed at the beginning of the period. They also include expenditures made to, and on behalf of, such workers during that period.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 92, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 87\n Chart 11—Estimated Railroad Retirement Income\n (Excluding Interest and Financial Interchange Income) and Expenditures\n 2003-2077\n (In billions of nominal dollars)\n 50\n 45\n 40\n 35\n 30\n 25 Expenditures\n 20\n 15\n 10\n Income excluding interest and financial interchange income\n 5\n 0\n 2000 2010 2020 2030 2040 2050 2060 2070 2080\n Calendar years\n As Chart 11 shows, expenditures exceed the income the entire projection period. Without financial interchange\nincome and interest, annual expenditures are expected to always be greater than annual income. Reasons for this\npattern include participant demographics, the assumed drop in railroad employment, and the automatic tier II tax\nrate adjustment mechanism. The combined balance of the NRRIT, Railroad Retirement Account and SSEB Account\nnever becomes negative largely because (1) a sufficient balance exists at the beginning of the projection period, and\n(2) tier II tax rates respond automatically to changing account balances.\n Table 8 presents an actuarial analysis of the financial position of the Railroad Retirement Program as of\nJanuary 1, 2003. The figures in the table are based on the Twenty-Second Actuarial Valuation extended through\ncalendar year 2077. The present values in the table are based on estimates of contributions and expenditures through\nthe year 2077. The estimates include contributions and expenditures related to future participants as well as to\nformer and present railroad employees. The present values are computed on the basis of economic and demographic\nassumptions and employment assumption 2, the intermediate employment assumption, as used in the Twenty-\nSecond Actuarial Valuation.\n The economic assumptions include a cost-of-living increase of 3.0 percent, an interest rate of 8.0 percent, and a\nwage increase of 4 percent. The demographic assumptions include rates of mortality and total termination rates,\nremarriage rates for widows, retirement rates, and withdrawal rates. For details on the demographic assumptions and\nother assumptions, refer to the RRB 2003 Annual Report, Twenty-Second Actuarial Valuation Technical\nSupplement. The average railroad employment is assumed to be 227,000 in 2002. The employment assumption 2,\nbased on a model developed by the Association of American Railroads, assumes that (1) passenger employment will\nremain at the level of 44,000 and (2) the employment base, excluding passenger employment, will decline at a\nconstant 3.0 percent annual rate for 25 years, at a reducing rate over the next 25 years, and remain level thereafter.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Chart 11—Estimated Railroad Retirement Income\n\n# (Excluding Interest and Financial Interchange Income) and Expenditures\n\n# 2003-2077\n\n# (In billions of nominal dollars)\n\n| |50|45|40|35|30|25|20|15|10|5|0|\n|---|---|---|---|---|---|---|---|---|---|---|---|\n|2000| | | | | | | | | | | |\n|2010| | | | | | | | | | | |\n|2020| | | | | | | | | | | |\n|2030| | | | | | | | | | | |\n|2040| | | | | | | | | | | |\n|2050| | | | | | | | | | | |\n|2060| | | | | | | | | | | |\n|2070| | | | | | | | | | | |\n|2080| | | | | | | | | | | |\n\nAs Chart 11 shows, expenditures exceed the income the entire projection period. Without financial interchange income and interest, annual expenditures are expected to always be greater than annual income. Reasons for this pattern include participant demographics, the assumed drop in railroad employment, and the automatic tier II tax rate adjustment mechanism. The combined balance of the NRRIT, Railroad Retirement Account and SSEB Account never becomes negative largely because (1) a sufficient balance exists at the beginning of the projection period, and (2) tier II tax rates respond automatically to changing account balances.\n\nTable 8 presents an actuarial analysis of the financial position of the Railroad Retirement Program as of January 1, 2003. The figures in the table are based on the Twenty-Second Actuarial Valuation extended through calendar year 2077. The present values in the table are based on estimates of contributions and expenditures through the year 2077. The estimates include contributions and expenditures related to future participants as well as to former and present railroad employees. The present values are computed on the basis of economic and demographic assumptions and employment assumption 2, the intermediate employment assumption, as used in the Twenty-Second Actuarial Valuation.\n\nThe economic assumptions include a cost-of-living increase of 3.0 percent, an interest rate of 8.0 percent, and a wage increase of 4 percent. The demographic assumptions include rates of mortality and total termination rates, remarriage rates for widows, retirement rates, and withdrawal rates. For details on the demographic assumptions and other assumptions, refer to the RRB 2003 Annual Report, Twenty-Second Actuarial Valuation Technical Supplement. The average railroad employment is assumed to be 227,000 in 2002. The employment assumption 2, based on a model developed by the Association of American Railroads, assumes that (1) passenger employment will remain at the level of 44,000 and (2) the employment base, excluding passenger employment, will decline at a constant 3.0 percent annual rate for 25 years, at a reducing rate over the next 25 years, and remain level thereafter.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 11—Estimated Railroad Retirement Income", + "md": "# Chart 11—Estimated Railroad Retirement Income", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(Excluding Interest and Financial Interchange Income) and Expenditures", + "md": "# (Excluding Interest and Financial Interchange Income) and Expenditures", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "2003-2077", + "md": "# 2003-2077", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(In billions of nominal dollars)", + "md": "# (In billions of nominal dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "50", + "45", + "40", + "35", + "30", + "25", + "20", + "15", + "10", + "5", + "0" + ], + [ + "2000", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2010", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2020", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2030", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2040", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2050", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2060", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2070", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "2080", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ] + ], + "md": "| |50|45|40|35|30|25|20|15|10|5|0|\n|2000| | | | | | | | | | | |\n|2010| | | | | | | | | | | |\n|2020| | | | | | | | | | | |\n|2030| | | | | | | | | | | |\n|2040| | | | | | | | | | | |\n|2050| | | | | | | | | | | |\n|2060| | | | | | | | | | | |\n|2070| | | | | | | | | | | |\n|2080| | | | | | | | | | | |", + "isPerfectTable": true, + "csv": "\"\",\"50\",\"45\",\"40\",\"35\",\"30\",\"25\",\"20\",\"15\",\"10\",\"5\",\"0\"\n\"2000\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2010\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2020\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2030\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2040\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2050\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2060\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2070\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2080\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "As Chart 11 shows, expenditures exceed the income the entire projection period. Without financial interchange income and interest, annual expenditures are expected to always be greater than annual income. Reasons for this pattern include participant demographics, the assumed drop in railroad employment, and the automatic tier II tax rate adjustment mechanism. The combined balance of the NRRIT, Railroad Retirement Account and SSEB Account never becomes negative largely because (1) a sufficient balance exists at the beginning of the projection period, and (2) tier II tax rates respond automatically to changing account balances.\n\nTable 8 presents an actuarial analysis of the financial position of the Railroad Retirement Program as of January 1, 2003. The figures in the table are based on the Twenty-Second Actuarial Valuation extended through calendar year 2077. The present values in the table are based on estimates of contributions and expenditures through the year 2077. The estimates include contributions and expenditures related to future participants as well as to former and present railroad employees. The present values are computed on the basis of economic and demographic assumptions and employment assumption 2, the intermediate employment assumption, as used in the Twenty-Second Actuarial Valuation.\n\nThe economic assumptions include a cost-of-living increase of 3.0 percent, an interest rate of 8.0 percent, and a wage increase of 4 percent. The demographic assumptions include rates of mortality and total termination rates, remarriage rates for widows, retirement rates, and withdrawal rates. For details on the demographic assumptions and other assumptions, refer to the RRB 2003 Annual Report, Twenty-Second Actuarial Valuation Technical Supplement. The average railroad employment is assumed to be 227,000 in 2002. The employment assumption 2, based on a model developed by the Association of American Railroads, assumes that (1) passenger employment will remain at the level of 44,000 and (2) the employment base, excluding passenger employment, will decline at a constant 3.0 percent annual rate for 25 years, at a reducing rate over the next 25 years, and remain level thereafter.", + "md": "As Chart 11 shows, expenditures exceed the income the entire projection period. Without financial interchange income and interest, annual expenditures are expected to always be greater than annual income. Reasons for this pattern include participant demographics, the assumed drop in railroad employment, and the automatic tier II tax rate adjustment mechanism. The combined balance of the NRRIT, Railroad Retirement Account and SSEB Account never becomes negative largely because (1) a sufficient balance exists at the beginning of the projection period, and (2) tier II tax rates respond automatically to changing account balances.\n\nTable 8 presents an actuarial analysis of the financial position of the Railroad Retirement Program as of January 1, 2003. The figures in the table are based on the Twenty-Second Actuarial Valuation extended through calendar year 2077. The present values in the table are based on estimates of contributions and expenditures through the year 2077. The estimates include contributions and expenditures related to future participants as well as to former and present railroad employees. The present values are computed on the basis of economic and demographic assumptions and employment assumption 2, the intermediate employment assumption, as used in the Twenty-Second Actuarial Valuation.\n\nThe economic assumptions include a cost-of-living increase of 3.0 percent, an interest rate of 8.0 percent, and a wage increase of 4 percent. The demographic assumptions include rates of mortality and total termination rates, remarriage rates for widows, retirement rates, and withdrawal rates. For details on the demographic assumptions and other assumptions, refer to the RRB 2003 Annual Report, Twenty-Second Actuarial Valuation Technical Supplement. The average railroad employment is assumed to be 227,000 in 2002. The employment assumption 2, based on a model developed by the Association of American Railroads, assumes that (1) passenger employment will remain at the level of 44,000 and (2) the employment base, excluding passenger employment, will decline at a constant 3.0 percent annual rate for 25 years, at a reducing rate over the next 25 years, and remain level thereafter.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 93, + "text": "88 STEWARDSHIP INFORMATION (UNAUDITED)\n Table 8\n Railroad Retirement Program Actuarial Surplus (or Deficiency) 1, 2\n Under Employment Assumption 2\n 75-Year Projection as of January 1, 2003\n (In billions of present-value dollars)\n Estimated Future Income (Excluding Interest) 3 Received from or on Behalf of:\n Current participants who have attained retirement age............................................. 3.7\n Current participants not yet having attained retirement age...................................... 39.5\n Those expected to become participants .................................................................... 41.4\n All participants............................................................................................................ 84.6\n Estimated Future Expenditures: 4\n Current participants who have attained retirement age............................................. 80.4\n Current participants not yet having attained retirement age...................................... 73.0\n Those expected to become participants .................................................................... 13.8\n All participants............................................................................................................ 167.1\n Estimated future excess of income over expenditures .............................................. 82.6\n Railroad Retirement program assets, stated at market (mostly investments)........... 22.4\n Net estimated future excess of income over expenditures........................................ 60.2\n 1 Represents combined values for the Railroad Retirement Account, SSEB Account, and NRRIT.\n 2 The data used reflect the provisions of RRSIA of 2001.\n 3 Future income (excluding interest) includes tier I taxes, tier II taxes, income taxes on benefits and non-governmental\n 4 investments income.\n Future expenditures include benefit and administrative expenditures.\n Note: The fund balance as of 1/1/2003 was $22 billion.\n Detail may not add to totals due to rounding. Employee and beneficiary status are determined as of 1/1/2002, whereas\n present values are as of 1/1/2003.\nBlack Lung\n The Black Lung Disability Benefit Program provides compensation for medical and survivor benefits for\neligible coal miners who are disabled due to pneumoconiosis (black lung disease) arising out of their coal mine\nemployment. The U.S. Department of Labor (DOL) operates the Black Lung Disability Benefit Program. The Black\nLung Disability Trust Fund (BLDTF) provides benefit payments to eligible coal miners disabled by pneumoconiosis\nwhen no responsible mine operator can be assigned the liability.\n Excise taxes on coal mine operators, based on the sale of coal, partially fund the black lung disability payments\nand the related administrative and interest expenditures. Intragovernmental advances to the BLDTF, which must be\nrepaid with interest, fund the shortfall.\n Under current conditions, analysts project that scheduled reduction in taxes on coal sales will decrease cash inflows\nfor the year 2014 and beyond. Between the years 2013 and 2015, projections estimate a 58 percent decrease in excise tax\ncollections. By the year 2040, the rate reduction is expected to decrease cash inflows by more than $12.5 billion.\n Chart 12 shows the estimated black lung expenditures (excluding interest payments) and excise tax collections\nfor the period 2004-2040. Under the intermediate assumptions for the next 37 years, the Black Lung Trust Fund will\ncollect $15.1 billion in excise taxes on coal and pay $6.1 billion for benefits and administrative expenditures.\nHowever, this favorable cashflow will not be sufficient to repay the intragovernmental debt that resulted from\nprevious deficits. Currently this debt is $8.2 billion. Cumulative net cash outflows including interest payments on\nthe debt are projected to reach $60.6 billion by the year 2040, increasing the debt to $53.8 billion on September 30,\n2040.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Table 8\n\n# Railroad Retirement Program Actuarial Surplus (or Deficiency) 1, 2\n\nUnder Employment Assumption 2\n\n75-Year Projection as of January 1, 2003\n\n(In billions of present-value dollars)\n\n|Estimated Future Income (Excluding Interest) 3 Received from or on Behalf of:| |\n|---|---|\n|Current participants who have attained retirement age|3.7|\n|Current participants not yet having attained retirement age|39.5|\n|Those expected to become participants|41.4|\n|All participants|84.6|\n\n|Estimated Future Expenditures: 4| |\n|---|---|\n|Current participants who have attained retirement age|80.4|\n|Current participants not yet having attained retirement age|73.0|\n|Those expected to become participants|13.8|\n|All participants|167.1|\n|Estimated future excess of income over expenditures|82.6|\n|Railroad Retirement program assets, stated at market (mostly investments)|22.4|\n|Net estimated future excess of income over expenditures|60.2|\n\n1 Represents combined values for the Railroad Retirement Account, SSEB Account, and NRRIT.\n\n2 The data used reflect the provisions of RRSIA of 2001.\n\n3 Future income (excluding interest) includes tier I taxes, tier II taxes, income taxes on benefits and non-governmental investments income.\n\n4 Future expenditures include benefit and administrative expenditures.\n\nNote: The fund balance as of 1/1/2003 was $22 billion.\n\nDetail may not add to totals due to rounding. Employee and beneficiary status are determined as of 1/1/2002, whereas present values are as of 1/1/2003.\n\n# Black Lung\n\nThe Black Lung Disability Benefit Program provides compensation for medical and survivor benefits for eligible coal miners who are disabled due to pneumoconiosis (black lung disease) arising out of their coal mine employment. The U.S. Department of Labor (DOL) operates the Black Lung Disability Benefit Program. The Black Lung Disability Trust Fund (BLDTF) provides benefit payments to eligible coal miners disabled by pneumoconiosis when no responsible mine operator can be assigned the liability.\n\nExcise taxes on coal mine operators, based on the sale of coal, partially fund the black lung disability payments and the related administrative and interest expenditures. Intragovernmental advances to the BLDTF, which must be repaid with interest, fund the shortfall.\n\nUnder current conditions, analysts project that scheduled reduction in taxes on coal sales will decrease cash inflows for the year 2014 and beyond. Between the years 2013 and 2015, projections estimate a 58 percent decrease in excise tax collections. By the year 2040, the rate reduction is expected to decrease cash inflows by more than $12.5 billion.\n\nChart 12 shows the estimated black lung expenditures (excluding interest payments) and excise tax collections for the period 2004-2040. Under the intermediate assumptions for the next 37 years, the Black Lung Trust Fund will collect $15.1 billion in excise taxes on coal and pay $6.1 billion for benefits and administrative expenditures. However, this favorable cashflow will not be sufficient to repay the intragovernmental debt that resulted from previous deficits. Currently this debt is $8.2 billion. Cumulative net cash outflows including interest payments on the debt are projected to reach $60.6 billion by the year 2040, increasing the debt to $53.8 billion on September 30, 2040.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 8", + "md": "# Table 8", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Railroad Retirement Program Actuarial Surplus (or Deficiency) 1, 2", + "md": "# Railroad Retirement Program Actuarial Surplus (or Deficiency) 1, 2", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Under Employment Assumption 2\n\n75-Year Projection as of January 1, 2003\n\n(In billions of present-value dollars)", + "md": "Under Employment Assumption 2\n\n75-Year Projection as of January 1, 2003\n\n(In billions of present-value dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [], + [], + [], + [], + [ + "Estimated Future Income (Excluding Interest) 3 Received from or on Behalf of:", + "" + ], + [ + "---", + "---" + ], + [ + "Current participants who have attained retirement age", + "3.7" + ], + [ + "Current participants not yet having attained retirement age", + "39.5" + ], + [ + "Those expected to become participants", + "41.4" + ], + [ + "All participants", + "84.6" + ] + ], + "md": "Under Employment Assumption 2\n75-Year Projection as of January 1, 2003\n\n(In billions of present-value dollars)\n\n|Estimated Future Income (Excluding Interest) 3 Received from or on Behalf of:| |\n|---|---|\n|Current participants who have attained retirement age|3.7|\n|Current participants not yet having attained retirement age|39.5|\n|Those expected to become participants|41.4|\n|All participants|84.6|", + "isPerfectTable": false, + "csv": "\n\n\n\n\n\"Estimated Future Income (Excluding Interest) 3 Received from or on Behalf of:\",\"\"\n\"---\",\"---\"\n\"Current participants who have attained retirement age\",\"3.7\"\n\"Current participants not yet having attained retirement age\",\"39.5\"\n\"Those expected to become participants\",\"41.4\"\n\"All participants\",\"84.6\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Estimated Future Expenditures: 4", + "" + ], + [ + "Current participants who have attained retirement age", + "80.4" + ], + [ + "Current participants not yet having attained retirement age", + "73.0" + ], + [ + "Those expected to become participants", + "13.8" + ], + [ + "All participants", + "167.1" + ], + [ + "Estimated future excess of income over expenditures", + "82.6" + ], + [ + "Railroad Retirement program assets, stated at market (mostly investments)", + "22.4" + ], + [ + "Net estimated future excess of income over expenditures", + "60.2" + ] + ], + "md": "|Estimated Future Expenditures: 4| |\n|Current participants who have attained retirement age|80.4|\n|Current participants not yet having attained retirement age|73.0|\n|Those expected to become participants|13.8|\n|All participants|167.1|\n|Estimated future excess of income over expenditures|82.6|\n|Railroad Retirement program assets, stated at market (mostly investments)|22.4|\n|Net estimated future excess of income over expenditures|60.2|", + "isPerfectTable": true, + "csv": "\"Estimated Future Expenditures: 4\",\"\"\n\"Current participants who have attained retirement age\",\"80.4\"\n\"Current participants not yet having attained retirement age\",\"73.0\"\n\"Those expected to become participants\",\"13.8\"\n\"All participants\",\"167.1\"\n\"Estimated future excess of income over expenditures\",\"82.6\"\n\"Railroad Retirement program assets, stated at market (mostly investments)\",\"22.4\"\n\"Net estimated future excess of income over expenditures\",\"60.2\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 Represents combined values for the Railroad Retirement Account, SSEB Account, and NRRIT.\n\n2 The data used reflect the provisions of RRSIA of 2001.\n\n3 Future income (excluding interest) includes tier I taxes, tier II taxes, income taxes on benefits and non-governmental investments income.\n\n4 Future expenditures include benefit and administrative expenditures.\n\nNote: The fund balance as of 1/1/2003 was $22 billion.\n\nDetail may not add to totals due to rounding. Employee and beneficiary status are determined as of 1/1/2002, whereas present values are as of 1/1/2003.", + "md": "1 Represents combined values for the Railroad Retirement Account, SSEB Account, and NRRIT.\n\n2 The data used reflect the provisions of RRSIA of 2001.\n\n3 Future income (excluding interest) includes tier I taxes, tier II taxes, income taxes on benefits and non-governmental investments income.\n\n4 Future expenditures include benefit and administrative expenditures.\n\nNote: The fund balance as of 1/1/2003 was $22 billion.\n\nDetail may not add to totals due to rounding. Employee and beneficiary status are determined as of 1/1/2002, whereas present values are as of 1/1/2003.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Black Lung", + "md": "# Black Lung", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Black Lung Disability Benefit Program provides compensation for medical and survivor benefits for eligible coal miners who are disabled due to pneumoconiosis (black lung disease) arising out of their coal mine employment. The U.S. Department of Labor (DOL) operates the Black Lung Disability Benefit Program. The Black Lung Disability Trust Fund (BLDTF) provides benefit payments to eligible coal miners disabled by pneumoconiosis when no responsible mine operator can be assigned the liability.\n\nExcise taxes on coal mine operators, based on the sale of coal, partially fund the black lung disability payments and the related administrative and interest expenditures. Intragovernmental advances to the BLDTF, which must be repaid with interest, fund the shortfall.\n\nUnder current conditions, analysts project that scheduled reduction in taxes on coal sales will decrease cash inflows for the year 2014 and beyond. Between the years 2013 and 2015, projections estimate a 58 percent decrease in excise tax collections. By the year 2040, the rate reduction is expected to decrease cash inflows by more than $12.5 billion.\n\nChart 12 shows the estimated black lung expenditures (excluding interest payments) and excise tax collections for the period 2004-2040. Under the intermediate assumptions for the next 37 years, the Black Lung Trust Fund will collect $15.1 billion in excise taxes on coal and pay $6.1 billion for benefits and administrative expenditures. However, this favorable cashflow will not be sufficient to repay the intragovernmental debt that resulted from previous deficits. Currently this debt is $8.2 billion. Cumulative net cash outflows including interest payments on the debt are projected to reach $60.6 billion by the year 2040, increasing the debt to $53.8 billion on September 30, 2040.", + "md": "The Black Lung Disability Benefit Program provides compensation for medical and survivor benefits for eligible coal miners who are disabled due to pneumoconiosis (black lung disease) arising out of their coal mine employment. The U.S. Department of Labor (DOL) operates the Black Lung Disability Benefit Program. The Black Lung Disability Trust Fund (BLDTF) provides benefit payments to eligible coal miners disabled by pneumoconiosis when no responsible mine operator can be assigned the liability.\n\nExcise taxes on coal mine operators, based on the sale of coal, partially fund the black lung disability payments and the related administrative and interest expenditures. Intragovernmental advances to the BLDTF, which must be repaid with interest, fund the shortfall.\n\nUnder current conditions, analysts project that scheduled reduction in taxes on coal sales will decrease cash inflows for the year 2014 and beyond. Between the years 2013 and 2015, projections estimate a 58 percent decrease in excise tax collections. By the year 2040, the rate reduction is expected to decrease cash inflows by more than $12.5 billion.\n\nChart 12 shows the estimated black lung expenditures (excluding interest payments) and excise tax collections for the period 2004-2040. Under the intermediate assumptions for the next 37 years, the Black Lung Trust Fund will collect $15.1 billion in excise taxes on coal and pay $6.1 billion for benefits and administrative expenditures. However, this favorable cashflow will not be sufficient to repay the intragovernmental debt that resulted from previous deficits. Currently this debt is $8.2 billion. Cumulative net cash outflows including interest payments on the debt are projected to reach $60.6 billion by the year 2040, increasing the debt to $53.8 billion on September 30, 2040.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 94, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 89\n Chart 12—Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest\n 2004-2040\n (In millions of nominal dollars)\n 3,500\n 3,000\n 2,500 Total cash outflow\n including interest\n 2,000\n 1,500\n 1,000\n 500 Total cash inflow\n Benefit payments\n 0\n 2004 2014 2024 2034\n Fiscal years\n The significant assumptions used in the black lung projections are coal production estimates, the tax rate\nstructure, number of beneficiaries, life expectancy, medical costs and the interest rate on new repayable advances\nfrom Treasury. These projections are sensitive to changes in the tax rate and changes in interest rates on repayable\nadvances from Treasury.\n Unemployment Insurance\n The Unemployment Insurance Program was created in 1935 to provide temporary partial wage replacement to\nunemployed workers who lose their jobs. The program is administered through a unique system of Federal and State\npartnerships established in Federal law but administered through conforming State laws by State agencies. DOL\ninterprets and enforces Federal law requirements and provides broad policy guidance and program direction, while\nprogram details such as benefit eligibility, duration, and amount of benefits are established through individual State\nunemployment insurance statutes and administered through State unemployment insurance agencies.\n The program is financed through the collection of Federal and State unemployment taxes that are credited to\nthe Unemployment Trust Fund and reported as Federal tax revenue. The fund was established to account for the\nreceipt, investment, and disbursement of unemployment taxes. Federal unemployment taxes are used to pay for\nFederal and State administration of the Unemployment Insurance Program, veterans’ employment services, State\nemployment services, and the Federal share of extended unemployment insurance benefits. Federal unemployment\ntaxes also are used to maintain a loan account within the Unemployment Trust Fund, from which insolvent State\naccounts may borrow funds to pay unemployment insurance benefits.\n Table 9 shows the Unemployment Trust Fund contributions and expenditures over the next 10 years under\nexpected economic conditions. The significant assumptions used in the projections include total unemployment\nrates, civilian labor force levels, percent of unemployed receiving benefits, total wages, distribution of benefit\npayments by State, State tax rate structures, State taxable wage bases, and interest rates on Unemployment Trust\nFund investments.\n These projections, excluding interest earnings, indicate net cash outflows in fiscal year 2004, then net cash\ninflows for the next 5 years indicating that States have replenished their funds to desired levels. There is a crossover\nback to net outflows in fiscal year 2010. The result is that the fund must rely on interest earnings to keep growing.\nAs indicated in Table 9, net contributions are expected to total $7.9 billion over the next 10 years.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Chart 12—Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest\n\n# 2004-2040\n\n# (In millions of nominal dollars)\n\n|3,500|3,500|3,500|3,500|3,500|\n|---|\n|3,000|3,000|3,000|3,000|3,000|\n|2,500|2,500|2,500|2,500|2,500|\n|Total cash outflow including interest|Total cash outflow including interest|Total cash outflow including interest|Total cash outflow including interest|Total cash outflow including interest|\n|2,000|2,000|2,000|2,000|2,000|\n|1,500|1,500|1,500|1,500|1,500|\n|1,000|1,000|1,000|1,000|1,000|\n|500|500|500|500|500|\n|Total cash inflow|Total cash inflow|Total cash inflow|Total cash inflow|Total cash inflow|\n|Benefit payments|Benefit payments|Benefit payments|Benefit payments|Benefit payments|\n|0|0|0|0|0|\n|2004|2014|2024|2034|Fiscal years|\n\nThe significant assumptions used in the black lung projections are coal production estimates, the tax rate structure, number of beneficiaries, life expectancy, medical costs and the interest rate on new repayable advances from Treasury. These projections are sensitive to changes in the tax rate and changes in interest rates on repayable advances from Treasury.\n\n# Unemployment Insurance\n\nThe Unemployment Insurance Program was created in 1935 to provide temporary partial wage replacement to unemployed workers who lose their jobs. The program is administered through a unique system of Federal and State partnerships established in Federal law but administered through conforming State laws by State agencies. DOL interprets and enforces Federal law requirements and provides broad policy guidance and program direction, while program details such as benefit eligibility, duration, and amount of benefits are established through individual State unemployment insurance statutes and administered through State unemployment insurance agencies.\n\nThe program is financed through the collection of Federal and State unemployment taxes that are credited to the Unemployment Trust Fund and reported as Federal tax revenue. The fund was established to account for the receipt, investment, and disbursement of unemployment taxes. Federal unemployment taxes are used to pay for Federal and State administration of the Unemployment Insurance Program, veterans’ employment services, State employment services, and the Federal share of extended unemployment insurance benefits. Federal unemployment taxes also are used to maintain a loan account within the Unemployment Trust Fund, from which insolvent State accounts may borrow funds to pay unemployment insurance benefits.\n\nTable 9 shows the Unemployment Trust Fund contributions and expenditures over the next 10 years under expected economic conditions. The significant assumptions used in the projections include total unemployment rates, civilian labor force levels, percent of unemployed receiving benefits, total wages, distribution of benefit payments by State, State tax rate structures, State taxable wage bases, and interest rates on Unemployment Trust Fund investments.\n\nThese projections, excluding interest earnings, indicate net cash outflows in fiscal year 2004, then net cash inflows for the next 5 years indicating that States have replenished their funds to desired levels. There is a crossover back to net outflows in fiscal year 2010. The result is that the fund must rely on interest earnings to keep growing. As indicated in Table 9, net contributions are expected to total $7.9 billion over the next 10 years.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 12—Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest", + "md": "# Chart 12—Estimated Black Lung Total Cash Outflow, Inflow, and Outflow Before Interest", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "2004-2040", + "md": "# 2004-2040", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(In millions of nominal dollars)", + "md": "# (In millions of nominal dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "3,500", + "3,500", + "3,500", + "3,500", + "3,500" + ], + [ + "3,000", + "3,000", + "3,000", + "3,000", + "3,000" + ], + [ + "2,500", + "2,500", + "2,500", + "2,500", + "2,500" + ], + [ + "Total cash outflow including interest", + "Total cash outflow including interest", + "Total cash outflow including interest", + "Total cash outflow including interest", + "Total cash outflow including interest" + ], + [ + "2,000", + "2,000", + "2,000", + "2,000", + "2,000" + ], + [ + "1,500", + "1,500", + "1,500", + "1,500", + "1,500" + ], + [ + "1,000", + "1,000", + "1,000", + "1,000", + "1,000" + ], + [ + "500", + "500", + "500", + "500", + "500" + ], + [ + "Total cash inflow", + "Total cash inflow", + "Total cash inflow", + "Total cash inflow", + "Total cash inflow" + ], + [ + "Benefit payments", + "Benefit payments", + "Benefit payments", + "Benefit payments", + "Benefit payments" + ], + [ + "0", + "0", + "0", + "0", + "0" + ], + [ + "2004", + "2014", + "2024", + "2034", + "Fiscal years" + ] + ], + "md": "|3,500|3,500|3,500|3,500|3,500|\n|3,000|3,000|3,000|3,000|3,000|\n|2,500|2,500|2,500|2,500|2,500|\n|Total cash outflow including interest|Total cash outflow including interest|Total cash outflow including interest|Total cash outflow including interest|Total cash outflow including interest|\n|2,000|2,000|2,000|2,000|2,000|\n|1,500|1,500|1,500|1,500|1,500|\n|1,000|1,000|1,000|1,000|1,000|\n|500|500|500|500|500|\n|Total cash inflow|Total cash inflow|Total cash inflow|Total cash inflow|Total cash inflow|\n|Benefit payments|Benefit payments|Benefit payments|Benefit payments|Benefit payments|\n|0|0|0|0|0|\n|2004|2014|2024|2034|Fiscal years|", + "isPerfectTable": true, + "csv": "\"3,500\",\"3,500\",\"3,500\",\"3,500\",\"3,500\"\n\"3,000\",\"3,000\",\"3,000\",\"3,000\",\"3,000\"\n\"2,500\",\"2,500\",\"2,500\",\"2,500\",\"2,500\"\n\"Total cash outflow including interest\",\"Total cash outflow including interest\",\"Total cash outflow including interest\",\"Total cash outflow including interest\",\"Total cash outflow including interest\"\n\"2,000\",\"2,000\",\"2,000\",\"2,000\",\"2,000\"\n\"1,500\",\"1,500\",\"1,500\",\"1,500\",\"1,500\"\n\"1,000\",\"1,000\",\"1,000\",\"1,000\",\"1,000\"\n\"500\",\"500\",\"500\",\"500\",\"500\"\n\"Total cash inflow\",\"Total cash inflow\",\"Total cash inflow\",\"Total cash inflow\",\"Total cash inflow\"\n\"Benefit payments\",\"Benefit payments\",\"Benefit payments\",\"Benefit payments\",\"Benefit payments\"\n\"0\",\"0\",\"0\",\"0\",\"0\"\n\"2004\",\"2014\",\"2024\",\"2034\",\"Fiscal years\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The significant assumptions used in the black lung projections are coal production estimates, the tax rate structure, number of beneficiaries, life expectancy, medical costs and the interest rate on new repayable advances from Treasury. These projections are sensitive to changes in the tax rate and changes in interest rates on repayable advances from Treasury.", + "md": "The significant assumptions used in the black lung projections are coal production estimates, the tax rate structure, number of beneficiaries, life expectancy, medical costs and the interest rate on new repayable advances from Treasury. These projections are sensitive to changes in the tax rate and changes in interest rates on repayable advances from Treasury.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Unemployment Insurance", + "md": "# Unemployment Insurance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Unemployment Insurance Program was created in 1935 to provide temporary partial wage replacement to unemployed workers who lose their jobs. The program is administered through a unique system of Federal and State partnerships established in Federal law but administered through conforming State laws by State agencies. DOL interprets and enforces Federal law requirements and provides broad policy guidance and program direction, while program details such as benefit eligibility, duration, and amount of benefits are established through individual State unemployment insurance statutes and administered through State unemployment insurance agencies.\n\nThe program is financed through the collection of Federal and State unemployment taxes that are credited to the Unemployment Trust Fund and reported as Federal tax revenue. The fund was established to account for the receipt, investment, and disbursement of unemployment taxes. Federal unemployment taxes are used to pay for Federal and State administration of the Unemployment Insurance Program, veterans’ employment services, State employment services, and the Federal share of extended unemployment insurance benefits. Federal unemployment taxes also are used to maintain a loan account within the Unemployment Trust Fund, from which insolvent State accounts may borrow funds to pay unemployment insurance benefits.\n\nTable 9 shows the Unemployment Trust Fund contributions and expenditures over the next 10 years under expected economic conditions. The significant assumptions used in the projections include total unemployment rates, civilian labor force levels, percent of unemployed receiving benefits, total wages, distribution of benefit payments by State, State tax rate structures, State taxable wage bases, and interest rates on Unemployment Trust Fund investments.\n\nThese projections, excluding interest earnings, indicate net cash outflows in fiscal year 2004, then net cash inflows for the next 5 years indicating that States have replenished their funds to desired levels. There is a crossover back to net outflows in fiscal year 2010. The result is that the fund must rely on interest earnings to keep growing. As indicated in Table 9, net contributions are expected to total $7.9 billion over the next 10 years.", + "md": "The Unemployment Insurance Program was created in 1935 to provide temporary partial wage replacement to unemployed workers who lose their jobs. The program is administered through a unique system of Federal and State partnerships established in Federal law but administered through conforming State laws by State agencies. DOL interprets and enforces Federal law requirements and provides broad policy guidance and program direction, while program details such as benefit eligibility, duration, and amount of benefits are established through individual State unemployment insurance statutes and administered through State unemployment insurance agencies.\n\nThe program is financed through the collection of Federal and State unemployment taxes that are credited to the Unemployment Trust Fund and reported as Federal tax revenue. The fund was established to account for the receipt, investment, and disbursement of unemployment taxes. Federal unemployment taxes are used to pay for Federal and State administration of the Unemployment Insurance Program, veterans’ employment services, State employment services, and the Federal share of extended unemployment insurance benefits. Federal unemployment taxes also are used to maintain a loan account within the Unemployment Trust Fund, from which insolvent State accounts may borrow funds to pay unemployment insurance benefits.\n\nTable 9 shows the Unemployment Trust Fund contributions and expenditures over the next 10 years under expected economic conditions. The significant assumptions used in the projections include total unemployment rates, civilian labor force levels, percent of unemployed receiving benefits, total wages, distribution of benefit payments by State, State tax rate structures, State taxable wage bases, and interest rates on Unemployment Trust Fund investments.\n\nThese projections, excluding interest earnings, indicate net cash outflows in fiscal year 2004, then net cash inflows for the next 5 years indicating that States have replenished their funds to desired levels. There is a crossover back to net outflows in fiscal year 2010. The result is that the fund must rely on interest earnings to keep growing. As indicated in Table 9, net contributions are expected to total $7.9 billion over the next 10 years.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 95, + "text": "90 STEWARDSHIP INFORMATION (UNAUDITED)\n Table 9\n Estimated Unemployment Trust Fund Contributions and Expenditures\n September 30, 2003–September 30, 2013\n (Expected Economic Conditions)\n (In billions of nominal dollars)\n Contributions to September 30, 2013 ............................................................................... 478.7\n Expenditures to September 30, 2013................................................................................ 470.8\n Contributions in excess of expenditures .......................................................................... 7.9\n Charts 13 through 15 demonstrate the effect on accumulated Unemployment Trust Fund assets of projected\ncash inflows, excluding interest, and cash outflows over a 10-year period ending September 30, 2013, under\nexpected economic conditions, and mild recessionary and deep recessionary unemployment scenarios. Each scenario\nuses an open group that includes current and future participants of the Unemployment Insurance Program. For\nexpected economic conditions, the estimates are based on an expected unemployment rate of 5.70 percent during\nfiscal year 2004, decreasing to 5.10 percent in fiscal year 2008 and thereafter. Under the mild recessionary scenario,\nthe expected unemployment rate will peak at 7.43 percent in fiscal year 2005, and for the deep recession scenario,\nthe expected unemployment rate will rise to 10.15 percent in fiscal year 2006.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Table 9\n\n# Estimated Unemployment Trust Fund Contributions and Expenditures\n\n# September 30, 2003–September 30, 2013\n\n# (Expected Economic Conditions)\n\n|(In billions of nominal dollars)| |\n|---|---|\n|Contributions to September 30, 2013|478.7|\n|Expenditures to September 30, 2013|470.8|\n|Contributions in excess of expenditures|7.9|\n\nCharts 13 through 15 demonstrate the effect on accumulated Unemployment Trust Fund assets of projected cash inflows, excluding interest, and cash outflows over a 10-year period ending September 30, 2013, under expected economic conditions, and mild recessionary and deep recessionary unemployment scenarios. Each scenario uses an open group that includes current and future participants of the Unemployment Insurance Program. For expected economic conditions, the estimates are based on an expected unemployment rate of 5.70 percent during fiscal year 2004, decreasing to 5.10 percent in fiscal year 2008 and thereafter. Under the mild recessionary scenario, the expected unemployment rate will peak at 7.43 percent in fiscal year 2005, and for the deep recession scenario, the expected unemployment rate will rise to 10.15 percent in fiscal year 2006.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 9", + "md": "# Table 9", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Estimated Unemployment Trust Fund Contributions and Expenditures", + "md": "# Estimated Unemployment Trust Fund Contributions and Expenditures", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "September 30, 2003–September 30, 2013", + "md": "# September 30, 2003–September 30, 2013", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(Expected Economic Conditions)", + "md": "# (Expected Economic Conditions)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of nominal dollars)", + "" + ], + [ + "Contributions to September 30, 2013", + "478.7" + ], + [ + "Expenditures to September 30, 2013", + "470.8" + ], + [ + "Contributions in excess of expenditures", + "7.9" + ] + ], + "md": "|(In billions of nominal dollars)| |\n|Contributions to September 30, 2013|478.7|\n|Expenditures to September 30, 2013|470.8|\n|Contributions in excess of expenditures|7.9|", + "isPerfectTable": true, + "csv": "\"(In billions of nominal dollars)\",\"\"\n\"Contributions to September 30, 2013\",\"478.7\"\n\"Expenditures to September 30, 2013\",\"470.8\"\n\"Contributions in excess of expenditures\",\"7.9\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Charts 13 through 15 demonstrate the effect on accumulated Unemployment Trust Fund assets of projected cash inflows, excluding interest, and cash outflows over a 10-year period ending September 30, 2013, under expected economic conditions, and mild recessionary and deep recessionary unemployment scenarios. Each scenario uses an open group that includes current and future participants of the Unemployment Insurance Program. For expected economic conditions, the estimates are based on an expected unemployment rate of 5.70 percent during fiscal year 2004, decreasing to 5.10 percent in fiscal year 2008 and thereafter. Under the mild recessionary scenario, the expected unemployment rate will peak at 7.43 percent in fiscal year 2005, and for the deep recession scenario, the expected unemployment rate will rise to 10.15 percent in fiscal year 2006.", + "md": "Charts 13 through 15 demonstrate the effect on accumulated Unemployment Trust Fund assets of projected cash inflows, excluding interest, and cash outflows over a 10-year period ending September 30, 2013, under expected economic conditions, and mild recessionary and deep recessionary unemployment scenarios. Each scenario uses an open group that includes current and future participants of the Unemployment Insurance Program. For expected economic conditions, the estimates are based on an expected unemployment rate of 5.70 percent during fiscal year 2004, decreasing to 5.10 percent in fiscal year 2008 and thereafter. Under the mild recessionary scenario, the expected unemployment rate will peak at 7.43 percent in fiscal year 2005, and for the deep recession scenario, the expected unemployment rate will rise to 10.15 percent in fiscal year 2006.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 96, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 91\n Chart 13—Estimated Unemployment Fund Cashflow\n Using Expected Economic Conditions\n 2004-2013\n (In billions of nominal dollars)\n80\n70\n60\n50 Contributions\n40\n Expenditures\n30\n 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013\n Fiscal years\n Chart 14—Estimated Unemployment Fund Cashflow\n Using a Mild Recessionary Unemployment Rate\n 2004-2013\n (In billions of nominal dollars)\n80\n70\n Contributions\n60\n50\n Expenditures\n40\n30\n 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013\n Fiscal years", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Chart 13—Estimated Unemployment Fund Cashflow Using Expected Economic Conditions 2004-2013\n\n| |(In billions of nominal dollars)| | | | | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|---|\n| |2004|2005|2006|2007|2008|2009|2010|2011|2012|2013| |\n| |Contributions|80|70|60|50|40|30| | | | |\n| |Expenditures| | | | | |30| | | | |\n\n# Chart 14—Estimated Unemployment Fund Cashflow Using a Mild Recessionary Unemployment Rate 2004-2013\n\n| |(In billions of nominal dollars)| | | | | | | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|---|\n| |2004|2005|2006|2007|2008|2009|2010|2011|2012|2013| |\n| |Contributions|80|70|60|50| | | | | | |\n|Expenditures| | | | |40|30| | | | | |", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 13—Estimated Unemployment Fund Cashflow Using Expected Economic Conditions 2004-2013", + "md": "# Chart 13—Estimated Unemployment Fund Cashflow Using Expected Economic Conditions 2004-2013", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "(In billions of nominal dollars)", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "", + "2004", + "2005", + "2006", + "2007", + "2008", + "2009", + "2010", + "2011", + "2012", + "2013", + "" + ], + [ + "", + "Contributions", + "80", + "70", + "60", + "50", + "40", + "30", + "", + "", + "", + "" + ], + [ + "", + "Expenditures", + "", + "", + "", + "", + "", + "30", + "", + "", + "", + "" + ] + ], + "md": "| |(In billions of nominal dollars)| | | | | | | | | | |\n| |2004|2005|2006|2007|2008|2009|2010|2011|2012|2013| |\n| |Contributions|80|70|60|50|40|30| | | | |\n| |Expenditures| | | | | |30| | | | |", + "isPerfectTable": true, + "csv": "\"\",\"(In billions of nominal dollars)\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"\",\"2004\",\"2005\",\"2006\",\"2007\",\"2008\",\"2009\",\"2010\",\"2011\",\"2012\",\"2013\",\"\"\n\"\",\"Contributions\",\"80\",\"70\",\"60\",\"50\",\"40\",\"30\",\"\",\"\",\"\",\"\"\n\"\",\"Expenditures\",\"\",\"\",\"\",\"\",\"\",\"30\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 14—Estimated Unemployment Fund Cashflow Using a Mild Recessionary Unemployment Rate 2004-2013", + "md": "# Chart 14—Estimated Unemployment Fund Cashflow Using a Mild Recessionary Unemployment Rate 2004-2013", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "(In billions of nominal dollars)", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ], + [ + "", + "2004", + "2005", + "2006", + "2007", + "2008", + "2009", + "2010", + "2011", + "2012", + "2013", + "" + ], + [ + "", + "Contributions", + "80", + "70", + "60", + "50", + "", + "", + "", + "", + "", + "" + ], + [ + "Expenditures", + "", + "", + "", + "", + "40", + "30", + "", + "", + "", + "", + "" + ] + ], + "md": "| |(In billions of nominal dollars)| | | | | | | | | | |\n| |2004|2005|2006|2007|2008|2009|2010|2011|2012|2013| |\n| |Contributions|80|70|60|50| | | | | | |\n|Expenditures| | | | |40|30| | | | | |", + "isPerfectTable": true, + "csv": "\"\",\"(In billions of nominal dollars)\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"\",\"2004\",\"2005\",\"2006\",\"2007\",\"2008\",\"2009\",\"2010\",\"2011\",\"2012\",\"2013\",\"\"\n\"\",\"Contributions\",\"80\",\"70\",\"60\",\"50\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Expenditures\",\"\",\"\",\"\",\"\",\"40\",\"30\",\"\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 97, + "text": "92 STEWARDSHIP INFORMATION (UNAUDITED)\n Chart 15—Estimated Unemployment Fund Cashflow\n Using a Deep Recessionary Unemployment Rate\n 2004-2013\n (In billions of nominal dollars)\n 100\n 90\n 80 Contributions\n 70\n 60\n 50 Expenditures\n 40\n 30\n 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013\n Fiscal years\nUnemployment Trust Fund Solvency\n Chart 16 shows the adequacy of each State’s accumulated Unemployment Trust Fund assets to provide for\nfuture unemployment benefits. To be considered minimally solvent, a State’s reserve balance should provide for one\nyear’s projected benefit payment needs based on the highest level of benefit payments experienced by the State.\nStates below this level are vulnerable to exhausting their funds in a recession. States exhausting their reserve balance\nmust borrow funds from the Federal Unemployment Account (FUA) to make benefit payments. During periods of\nhigh sustained unemployment, balances in the FUA may be depleted. In these circumstances, FUA is authorized to\nborrow from the Treasury general fund. As Chart 16 illustrates, 32 states failed to maintain minimal solvency at\nSeptember 30, 2003. The solvency is not computed for Texas because the bulk of its fund balance represents\nproceeds from the sale of bonds.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Chart 15—Estimated Unemployment Fund Cashflow Using a Deep Recessionary Unemployment Rate 2004-2013 (In billions of nominal dollars)\n\n| |2004|2005|2006|2007|2008|2009|2010|2011|2012|2013|\n|---|---|---|---|---|---|---|---|---|---|---|\n|Contributions|100|90|80|70|60|50|40|30| | |\n|Expenditures| | | | | | | | | | |\n\n# Unemployment Trust Fund Solvency\n\nChart 16 shows the adequacy of each State’s accumulated Unemployment Trust Fund assets to provide for future unemployment benefits. To be considered minimally solvent, a State’s reserve balance should provide for one year’s projected benefit payment needs based on the highest level of benefit payments experienced by the State. States below this level are vulnerable to exhausting their funds in a recession. States exhausting their reserve balance must borrow funds from the Federal Unemployment Account (FUA) to make benefit payments. During periods of high sustained unemployment, balances in the FUA may be depleted. In these circumstances, FUA is authorized to borrow from the Treasury general fund. As Chart 16 illustrates, 32 states failed to maintain minimal solvency at September 30, 2003. The solvency is not computed for Texas because the bulk of its fund balance represents proceeds from the sale of bonds.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 15—Estimated Unemployment Fund Cashflow Using a Deep Recessionary Unemployment Rate 2004-2013 (In billions of nominal dollars)", + "md": "# Chart 15—Estimated Unemployment Fund Cashflow Using a Deep Recessionary Unemployment Rate 2004-2013 (In billions of nominal dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "2004", + "2005", + "2006", + "2007", + "2008", + "2009", + "2010", + "2011", + "2012", + "2013" + ], + [ + "Contributions", + "100", + "90", + "80", + "70", + "60", + "50", + "40", + "30", + "", + "" + ], + [ + "Expenditures", + "", + "", + "", + "", + "", + "", + "", + "", + "", + "" + ] + ], + "md": "| |2004|2005|2006|2007|2008|2009|2010|2011|2012|2013|\n|Contributions|100|90|80|70|60|50|40|30| | |\n|Expenditures| | | | | | | | | | |", + "isPerfectTable": true, + "csv": "\"\",\"2004\",\"2005\",\"2006\",\"2007\",\"2008\",\"2009\",\"2010\",\"2011\",\"2012\",\"2013\"\n\"Contributions\",\"100\",\"90\",\"80\",\"70\",\"60\",\"50\",\"40\",\"30\",\"\",\"\"\n\"Expenditures\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Unemployment Trust Fund Solvency", + "md": "# Unemployment Trust Fund Solvency", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Chart 16 shows the adequacy of each State’s accumulated Unemployment Trust Fund assets to provide for future unemployment benefits. To be considered minimally solvent, a State’s reserve balance should provide for one year’s projected benefit payment needs based on the highest level of benefit payments experienced by the State. States below this level are vulnerable to exhausting their funds in a recession. States exhausting their reserve balance must borrow funds from the Federal Unemployment Account (FUA) to make benefit payments. During periods of high sustained unemployment, balances in the FUA may be depleted. In these circumstances, FUA is authorized to borrow from the Treasury general fund. As Chart 16 illustrates, 32 states failed to maintain minimal solvency at September 30, 2003. The solvency is not computed for Texas because the bulk of its fund balance represents proceeds from the sale of bonds.", + "md": "Chart 16 shows the adequacy of each State’s accumulated Unemployment Trust Fund assets to provide for future unemployment benefits. To be considered minimally solvent, a State’s reserve balance should provide for one year’s projected benefit payment needs based on the highest level of benefit payments experienced by the State. States below this level are vulnerable to exhausting their funds in a recession. States exhausting their reserve balance must borrow funds from the Federal Unemployment Account (FUA) to make benefit payments. During periods of high sustained unemployment, balances in the FUA may be depleted. In these circumstances, FUA is authorized to borrow from the Treasury general fund. As Chart 16 illustrates, 32 states failed to maintain minimal solvency at September 30, 2003. The solvency is not computed for Texas because the bulk of its fund balance represents proceeds from the sale of bonds.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 98, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 93\n Chart 16—Unemployment Trust Fund Solvency as of September 30, 2003\n Alabama\n Alaska\n Arizona\n Arkansas\n California\n Colorado\n Connecticut\n Delaware\nDistrict of Columbia\n Florida\n Georgia\n Hawaii\n Idaho\n Illinois\n Indiana\n Iowa\n Kansas\n Kentucky\n Louisiana\n Maine\n Maryland\n Massachusetts\n Michigan\n Minnesota\n Mississippi\n Missouri\n Montana\n Nebraska\n Nevada\n New Hampshire\n New Jersey\n New Mexico\n New York\n North Carolina\n North Dakota\n Ohio\n Oklahoma\n Oregon\n Pennsylvania\n Puerto Rico\n Rhode Island\n South Carolina\n South Dakota\n Tennessee\n Texas\n Utah\n Vermont\n Virgin Islands\n Virginia\n Washington\n West Virginia\n Wisconsin\n Wyoming\n -1 0 1 2 3\n Years of benefit payments held in reserve", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Chart 16—Unemployment Trust Fund Solvency as of September 30, 2003\n\nAlabama\nAlaska\nArizona\nArkansas\nCalifornia\nColorado\nConnecticut\nDelaware\nDistrict of Columbia\nFlorida\nGeorgia\nHawaii\nIdaho\nIllinois\nIndiana\nIowa\nKansas\nKentucky\nLouisiana\nMaine\nMaryland\nMassachusetts\nMichigan\nMinnesota\nMississippi\nMissouri\nMontana\nNebraska\nNevada\nNew Hampshire\nNew Jersey\nNew Mexico\nNew York\nNorth Carolina\nNorth Dakota\nOhio\nOklahoma\nOregon\nPennsylvania\nPuerto Rico\nRhode Island\nSouth Carolina\nSouth Dakota\nTennessee\nTexas\nUtah\nVermont\nVirgin Islands\nVirginia\nWashington\nWest Virginia\nWisconsin\nWyoming\n-1 0 1 2 3\n\nYears of benefit payments held in reserve", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chart 16—Unemployment Trust Fund Solvency as of September 30, 2003", + "md": "# Chart 16—Unemployment Trust Fund Solvency as of September 30, 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Alabama\nAlaska\nArizona\nArkansas\nCalifornia\nColorado\nConnecticut\nDelaware\nDistrict of Columbia\nFlorida\nGeorgia\nHawaii\nIdaho\nIllinois\nIndiana\nIowa\nKansas\nKentucky\nLouisiana\nMaine\nMaryland\nMassachusetts\nMichigan\nMinnesota\nMississippi\nMissouri\nMontana\nNebraska\nNevada\nNew Hampshire\nNew Jersey\nNew Mexico\nNew York\nNorth Carolina\nNorth Dakota\nOhio\nOklahoma\nOregon\nPennsylvania\nPuerto Rico\nRhode Island\nSouth Carolina\nSouth Dakota\nTennessee\nTexas\nUtah\nVermont\nVirgin Islands\nVirginia\nWashington\nWest Virginia\nWisconsin\nWyoming\n-1 0 1 2 3\n\nYears of benefit payments held in reserve", + "md": "Alabama\nAlaska\nArizona\nArkansas\nCalifornia\nColorado\nConnecticut\nDelaware\nDistrict of Columbia\nFlorida\nGeorgia\nHawaii\nIdaho\nIllinois\nIndiana\nIowa\nKansas\nKentucky\nLouisiana\nMaine\nMaryland\nMassachusetts\nMichigan\nMinnesota\nMississippi\nMissouri\nMontana\nNebraska\nNevada\nNew Hampshire\nNew Jersey\nNew Mexico\nNew York\nNorth Carolina\nNorth Dakota\nOhio\nOklahoma\nOregon\nPennsylvania\nPuerto Rico\nRhode Island\nSouth Carolina\nSouth Dakota\nTennessee\nTexas\nUtah\nVermont\nVirgin Islands\nVirginia\nWashington\nWest Virginia\nWisconsin\nWyoming\n-1 0 1 2 3\n\nYears of benefit payments held in reserve", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 99, + "text": "94 STEWARDSHIP INFORMATION (UNAUDITED)\n Stewardship Assets\n The Government holds stewardship assets for the benefit of the Nation. Because the Government has been entrusted\nwith, and made accountable for, these resources and responsibilities, they are recognized in this Financial Report.\n When acquired, stewardship assets are generally treated as expenses in the financial statements. This section\nprovides more detailed stewardship information on these resources to highlight their long-term benefit and to\ndemonstrate accountability. This information facilitates the understanding of the operations and financial condition\nof the Government.\n Stewardship Land\n Stewardship land refers to federally-owned land that is set aside for the use and enjoyment of present and\nfuture generations and land on which military bases are located. Except for military bases, this land is not used or\nheld for use in general Government operations. Stewardship land is land that the Government does not expect to use\nto meet its obligations, unlike the assets listed in the balance sheets. Stewardship land is measured in nonfinancial\nunits such as acres of land and lakes, miles of parkways, and miles of wild and scenic rivers. Examples of\nstewardship land include national parks, national forests, wilderness areas, and land used to enhance ecosystems to\nencourage animal and plant species and to conserve nature. This category excludes lands administered by the Bureau\nof Indian Affairs and held in trust.\n Most stewardship land managed by the Government was once part of the 1.8 billion acres of public domain\nland acquired between 1781 and 1867. Stewardship land accounts for 28 percent of the current U.S. landmass.\nStewardship land acquired totaled $329.6 million and $212.4 million for the years ended September 30, 2003, and\n2002, respectively. Table 10 depicts the stewardship land owned by the Government and administered by the\nDepartment of the Interior (DOI), the Department of Defense (DOD), and the Department of Agriculture (USDA).\nDetailed information concerning stewardship land can be obtained in the financial statements of DOI, DOD, and\nUSDA.\n Table 10\n United States Government Stewardship Land as of September 30\n Millions\n Agency Predominate Use of Acres Percentage\n 2003 2002 2003 2002\n Bureau of Land Management........ Public land 262.0 261.5 39.9 40.5\n U.S. Forest Service ....................... National forest system 192.5 192.3 29.3 29.8\n U.S. Fish and Wildlife Service....... National wildlife refuge system 95.9 90.1 14.6 14.0\n National Park Service.................... National park system 84.2 79.0 12.8 12.2\n Department of Defense ................. Defense facilities 16.7 16.8 2.5 2.6\n Bureau of Reclamation.................. Water, power, and recreation 5.9 5.8 0.9 0.9\n Total acres ................................................................................... 657.2 645.5 100.0 100.0", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Stewardship Assets\n\nThe Government holds stewardship assets for the benefit of the Nation. Because the Government has been entrusted\nwith, and made accountable for, these resources and responsibilities, they are recognized in this Financial Report.\nWhen acquired, stewardship assets are generally treated as expenses in the financial statements. This section\nprovides more detailed stewardship information on these resources to highlight their long-term benefit and to\ndemonstrate accountability. This information facilitates the understanding of the operations and financial condition\nof the Government.\n\n# Stewardship Land\n\nStewardship land refers to federally-owned land that is set aside for the use and enjoyment of present and\nfuture generations and land on which military bases are located. Except for military bases, this land is not used or\nheld for use in general Government operations. Stewardship land is land that the Government does not expect to use\nto meet its obligations, unlike the assets listed in the balance sheets. Stewardship land is measured in nonfinancial\nunits such as acres of land and lakes, miles of parkways, and miles of wild and scenic rivers. Examples of\nstewardship land include national parks, national forests, wilderness areas, and land used to enhance ecosystems to\nencourage animal and plant species and to conserve nature. This category excludes lands administered by the Bureau\nof Indian Affairs and held in trust.\n\nMost stewardship land managed by the Government was once part of the 1.8 billion acres of public domain\nland acquired between 1781 and 1867. Stewardship land accounts for 28 percent of the current U.S. landmass.\nStewardship land acquired totaled $329.6 million and $212.4 million for the years ended September 30, 2003, and\n2002, respectively. Table 10 depicts the stewardship land owned by the Government and administered by the\nDepartment of the Interior (DOI), the Department of Defense (DOD), and the Department of Agriculture (USDA).\nDetailed information concerning stewardship land can be obtained in the financial statements of DOI, DOD, and\nUSDA.\n\n# Table 10\n\n# United States Government Stewardship Land as of September 30\n\n|Agency|Predominate Use|2003 Millions of Acres|2002 Millions of Acres|2003 Percentage|2002 Percentage|\n|---|---|---|---|---|---|\n|Bureau of Land Management|Public land|262.0|261.5|39.9|40.5|\n|U.S. Forest Service|National forest system|192.5|192.3|29.3|29.8|\n|U.S. Fish and Wildlife Service|National wildlife refuge system|95.9|90.1|14.6|14.0|\n|National Park Service|National park system|84.2|79.0|12.8|12.2|\n|Department of Defense|Defense facilities|16.7|16.8|2.5|2.6|\n|Bureau of Reclamation|Water, power, and recreation|5.9|5.8|0.9|0.9|\n|Total acres|Total acres|657.2|645.5|100.0|100.0|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Assets", + "md": "# Stewardship Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government holds stewardship assets for the benefit of the Nation. Because the Government has been entrusted\nwith, and made accountable for, these resources and responsibilities, they are recognized in this Financial Report.\nWhen acquired, stewardship assets are generally treated as expenses in the financial statements. This section\nprovides more detailed stewardship information on these resources to highlight their long-term benefit and to\ndemonstrate accountability. This information facilitates the understanding of the operations and financial condition\nof the Government.", + "md": "The Government holds stewardship assets for the benefit of the Nation. Because the Government has been entrusted\nwith, and made accountable for, these resources and responsibilities, they are recognized in this Financial Report.\nWhen acquired, stewardship assets are generally treated as expenses in the financial statements. This section\nprovides more detailed stewardship information on these resources to highlight their long-term benefit and to\ndemonstrate accountability. This information facilitates the understanding of the operations and financial condition\nof the Government.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Land", + "md": "# Stewardship Land", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Stewardship land refers to federally-owned land that is set aside for the use and enjoyment of present and\nfuture generations and land on which military bases are located. Except for military bases, this land is not used or\nheld for use in general Government operations. Stewardship land is land that the Government does not expect to use\nto meet its obligations, unlike the assets listed in the balance sheets. Stewardship land is measured in nonfinancial\nunits such as acres of land and lakes, miles of parkways, and miles of wild and scenic rivers. Examples of\nstewardship land include national parks, national forests, wilderness areas, and land used to enhance ecosystems to\nencourage animal and plant species and to conserve nature. This category excludes lands administered by the Bureau\nof Indian Affairs and held in trust.\n\nMost stewardship land managed by the Government was once part of the 1.8 billion acres of public domain\nland acquired between 1781 and 1867. Stewardship land accounts for 28 percent of the current U.S. landmass.\nStewardship land acquired totaled $329.6 million and $212.4 million for the years ended September 30, 2003, and\n2002, respectively. Table 10 depicts the stewardship land owned by the Government and administered by the\nDepartment of the Interior (DOI), the Department of Defense (DOD), and the Department of Agriculture (USDA).\nDetailed information concerning stewardship land can be obtained in the financial statements of DOI, DOD, and\nUSDA.", + "md": "Stewardship land refers to federally-owned land that is set aside for the use and enjoyment of present and\nfuture generations and land on which military bases are located. Except for military bases, this land is not used or\nheld for use in general Government operations. Stewardship land is land that the Government does not expect to use\nto meet its obligations, unlike the assets listed in the balance sheets. Stewardship land is measured in nonfinancial\nunits such as acres of land and lakes, miles of parkways, and miles of wild and scenic rivers. Examples of\nstewardship land include national parks, national forests, wilderness areas, and land used to enhance ecosystems to\nencourage animal and plant species and to conserve nature. This category excludes lands administered by the Bureau\nof Indian Affairs and held in trust.\n\nMost stewardship land managed by the Government was once part of the 1.8 billion acres of public domain\nland acquired between 1781 and 1867. Stewardship land accounts for 28 percent of the current U.S. landmass.\nStewardship land acquired totaled $329.6 million and $212.4 million for the years ended September 30, 2003, and\n2002, respectively. Table 10 depicts the stewardship land owned by the Government and administered by the\nDepartment of the Interior (DOI), the Department of Defense (DOD), and the Department of Agriculture (USDA).\nDetailed information concerning stewardship land can be obtained in the financial statements of DOI, DOD, and\nUSDA.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 10", + "md": "# Table 10", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government Stewardship Land as of September 30", + "md": "# United States Government Stewardship Land as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Agency", + "Predominate Use", + "2003 Millions of Acres", + "2002 Millions of Acres", + "2003 Percentage", + "2002 Percentage" + ], + [ + "Bureau of Land Management", + "Public land", + "262.0", + "261.5", + "39.9", + "40.5" + ], + [ + "U.S. Forest Service", + "National forest system", + "192.5", + "192.3", + "29.3", + "29.8" + ], + [ + "U.S. Fish and Wildlife Service", + "National wildlife refuge system", + "95.9", + "90.1", + "14.6", + "14.0" + ], + [ + "National Park Service", + "National park system", + "84.2", + "79.0", + "12.8", + "12.2" + ], + [ + "Department of Defense", + "Defense facilities", + "16.7", + "16.8", + "2.5", + "2.6" + ], + [ + "Bureau of Reclamation", + "Water, power, and recreation", + "5.9", + "5.8", + "0.9", + "0.9" + ], + [ + "Total acres", + "Total acres", + "657.2", + "645.5", + "100.0", + "100.0" + ] + ], + "md": "|Agency|Predominate Use|2003 Millions of Acres|2002 Millions of Acres|2003 Percentage|2002 Percentage|\n|Bureau of Land Management|Public land|262.0|261.5|39.9|40.5|\n|U.S. Forest Service|National forest system|192.5|192.3|29.3|29.8|\n|U.S. Fish and Wildlife Service|National wildlife refuge system|95.9|90.1|14.6|14.0|\n|National Park Service|National park system|84.2|79.0|12.8|12.2|\n|Department of Defense|Defense facilities|16.7|16.8|2.5|2.6|\n|Bureau of Reclamation|Water, power, and recreation|5.9|5.8|0.9|0.9|\n|Total acres|Total acres|657.2|645.5|100.0|100.0|", + "isPerfectTable": true, + "csv": "\"Agency\",\"Predominate Use\",\"2003 Millions of Acres\",\"2002 Millions of Acres\",\"2003 Percentage\",\"2002 Percentage\"\n\"Bureau of Land Management\",\"Public land\",\"262.0\",\"261.5\",\"39.9\",\"40.5\"\n\"U.S. Forest Service\",\"National forest system\",\"192.5\",\"192.3\",\"29.3\",\"29.8\"\n\"U.S. Fish and Wildlife Service\",\"National wildlife refuge system\",\"95.9\",\"90.1\",\"14.6\",\"14.0\"\n\"National Park Service\",\"National park system\",\"84.2\",\"79.0\",\"12.8\",\"12.2\"\n\"Department of Defense\",\"Defense facilities\",\"16.7\",\"16.8\",\"2.5\",\"2.6\"\n\"Bureau of Reclamation\",\"Water, power, and recreation\",\"5.9\",\"5.8\",\"0.9\",\"0.9\"\n\"Total acres\",\"Total acres\",\"657.2\",\"645.5\",\"100.0\",\"100.0\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 100, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 95\n Heritage Assets\n Heritage assets are Government-owned assets that have one or more of the following characteristics:\n • Historical or natural significance.\n • Cultural, educational, or artistic importance.\n • Significant architectural characteristics.\n The cost of heritage assets often is not determinable or relevant to their significance. Like stewardship land, the\nGovernment does not expect to use these assets to meet its obligations. The most relevant information about heritage\nassets is nonfinancial. The public entrusts the Government with these assets and holds it accountable for their\npreservation. Examples of heritage assets include Mount Rushmore National Memorial, Yosemite National Park,\nand museum objects on display at the Smithsonian Institution. Other examples of heritage assets include the\nDeclaration of Independence, the U.S. Constitution, and the Bill of Rights preserved by the National Archives. Also\nincluded are national monuments/structures such as the Vietnam Veterans Memorial, the Jefferson Memorial, and\nthe Washington Monument, as well as the Library of Congress. Many other sites such as battlefields, historic\nstructures, and national historic landmarks are placed in this category, as well.\n Some heritage assets are used both to remind us of our heritage and for day-to-day operations. These assets are\nreferred to as multi-use heritage assets. One typical example is the White House. The cost of acquisition, betterment\nor reconstruction of all multi-use heritage assets is capitalized as general property, plant, and equipment and is\ndepreciated.\n The following discussion of the Government’s heritage assets is not all-inclusive. Rather, it highlights\nsignificant heritage assets reported by Federal agencies.\n The Government classifies heritage assets into three broad categories:\n • Collection-type.\n • Natural.\n • Cultural.\n Collection-type heritage assets include objects gathered and maintained for museum and library collections.\nNatural heritage assets include national wilderness areas, wild and scenic rivers, natural landmarks, forests and\ngrasslands. Cultural heritage assets include historic places and structures, memorials and monuments, national\ncemeteries and archeological sites.\n Collection-Type Heritage Assets\n The Smithsonian Institution holds some of the most prominent Federal museum collections. The Smithsonian\nacquires, protects, and preserves approximately 143 million individual objects for public exhibition, education, and\nresearch.\n Similarly, the Library of Congress holds the world’s largest library collection, comprising more than 126\nmillion items. The Library of Congress receives two copies of every book, pamphlet, map, print, photograph, and\npiece of music registered for copyright in the United States.\n The National Archives holds about 2.9 million cubic feet of records. These records ensure ready access to\nessential information documenting the rights of citizens, the actions of Federal officials, and the effects of those\nactions on the national experience. These records include text and legislative records; cartographic and architectural\nrecords; motion picture, sound, and video records; and still pictures and graphics. The National Archives also\nmaintains historically important documents such as the U.S. Constitution and the Louisiana Purchase Treaty.\n Collection-type heritage assets acquired totaled $21.2 million and $187.8 million for the years ended\nSeptember 30, 2003, and 2002, respectively.\n Natural Heritage Assets\n Congress has designated several wilderness areas to preserve their natural conditions. DOI manages\napproximately 70.1 million acres of these wilderness areas comprised of almost 73 percent of the Nation’s more\nthan 96 million wilderness acres. The Cebolla Wilderness in New Mexico is one such area.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Heritage Assets\n\nHeritage assets are Government-owned assets that have one or more of the following characteristics:\n\n- Historical or natural significance.\n- Cultural, educational, or artistic importance.\n- Significant architectural characteristics.\n\nThe cost of heritage assets often is not determinable or relevant to their significance. Like stewardship land, the Government does not expect to use these assets to meet its obligations. The most relevant information about heritage assets is nonfinancial. The public entrusts the Government with these assets and holds it accountable for their preservation. Examples of heritage assets include Mount Rushmore National Memorial, Yosemite National Park, and museum objects on display at the Smithsonian Institution. Other examples of heritage assets include the Declaration of Independence, the U.S. Constitution, and the Bill of Rights preserved by the National Archives. Also included are national monuments/structures such as the Vietnam Veterans Memorial, the Jefferson Memorial, and the Washington Monument, as well as the Library of Congress. Many other sites such as battlefields, historic structures, and national historic landmarks are placed in this category, as well.\n\nSome heritage assets are used both to remind us of our heritage and for day-to-day operations. These assets are referred to as multi-use heritage assets. One typical example is the White House. The cost of acquisition, betterment or reconstruction of all multi-use heritage assets is capitalized as general property, plant, and equipment and is depreciated.\n\nThe following discussion of the Government’s heritage assets is not all-inclusive. Rather, it highlights significant heritage assets reported by Federal agencies.\n\nThe Government classifies heritage assets into three broad categories:\n\n- Collection-type.\n- Natural.\n- Cultural.\n\nCollection-type heritage assets include objects gathered and maintained for museum and library collections. Natural heritage assets include national wilderness areas, wild and scenic rivers, natural landmarks, forests and grasslands. Cultural heritage assets include historic places and structures, memorials and monuments, national cemeteries and archeological sites.\n\n# Collection-Type Heritage Assets\n\nThe Smithsonian Institution holds some of the most prominent Federal museum collections. The Smithsonian acquires, protects, and preserves approximately 143 million individual objects for public exhibition, education, and research.\n\nSimilarly, the Library of Congress holds the world’s largest library collection, comprising more than 126 million items. The Library of Congress receives two copies of every book, pamphlet, map, print, photograph, and piece of music registered for copyright in the United States.\n\nThe National Archives holds about 2.9 million cubic feet of records. These records ensure ready access to essential information documenting the rights of citizens, the actions of Federal officials, and the effects of those actions on the national experience. These records include text and legislative records; cartographic and architectural records; motion picture, sound, and video records; and still pictures and graphics. The National Archives also maintains historically important documents such as the U.S. Constitution and the Louisiana Purchase Treaty.\n\nCollection-type heritage assets acquired totaled $21.2 million and $187.8 million for the years ended September 30, 2003, and 2002, respectively.\n\n# Natural Heritage Assets\n\nCongress has designated several wilderness areas to preserve their natural conditions. DOI manages approximately 70.1 million acres of these wilderness areas comprised of almost 73 percent of the Nation’s more than 96 million wilderness acres. The Cebolla Wilderness in New Mexico is one such area.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Heritage Assets", + "md": "# Heritage Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Heritage assets are Government-owned assets that have one or more of the following characteristics:\n\n- Historical or natural significance.\n- Cultural, educational, or artistic importance.\n- Significant architectural characteristics.\n\nThe cost of heritage assets often is not determinable or relevant to their significance. Like stewardship land, the Government does not expect to use these assets to meet its obligations. The most relevant information about heritage assets is nonfinancial. The public entrusts the Government with these assets and holds it accountable for their preservation. Examples of heritage assets include Mount Rushmore National Memorial, Yosemite National Park, and museum objects on display at the Smithsonian Institution. Other examples of heritage assets include the Declaration of Independence, the U.S. Constitution, and the Bill of Rights preserved by the National Archives. Also included are national monuments/structures such as the Vietnam Veterans Memorial, the Jefferson Memorial, and the Washington Monument, as well as the Library of Congress. Many other sites such as battlefields, historic structures, and national historic landmarks are placed in this category, as well.\n\nSome heritage assets are used both to remind us of our heritage and for day-to-day operations. These assets are referred to as multi-use heritage assets. One typical example is the White House. The cost of acquisition, betterment or reconstruction of all multi-use heritage assets is capitalized as general property, plant, and equipment and is depreciated.\n\nThe following discussion of the Government’s heritage assets is not all-inclusive. Rather, it highlights significant heritage assets reported by Federal agencies.\n\nThe Government classifies heritage assets into three broad categories:\n\n- Collection-type.\n- Natural.\n- Cultural.\n\nCollection-type heritage assets include objects gathered and maintained for museum and library collections. Natural heritage assets include national wilderness areas, wild and scenic rivers, natural landmarks, forests and grasslands. Cultural heritage assets include historic places and structures, memorials and monuments, national cemeteries and archeological sites.", + "md": "Heritage assets are Government-owned assets that have one or more of the following characteristics:\n\n- Historical or natural significance.\n- Cultural, educational, or artistic importance.\n- Significant architectural characteristics.\n\nThe cost of heritage assets often is not determinable or relevant to their significance. Like stewardship land, the Government does not expect to use these assets to meet its obligations. The most relevant information about heritage assets is nonfinancial. The public entrusts the Government with these assets and holds it accountable for their preservation. Examples of heritage assets include Mount Rushmore National Memorial, Yosemite National Park, and museum objects on display at the Smithsonian Institution. Other examples of heritage assets include the Declaration of Independence, the U.S. Constitution, and the Bill of Rights preserved by the National Archives. Also included are national monuments/structures such as the Vietnam Veterans Memorial, the Jefferson Memorial, and the Washington Monument, as well as the Library of Congress. Many other sites such as battlefields, historic structures, and national historic landmarks are placed in this category, as well.\n\nSome heritage assets are used both to remind us of our heritage and for day-to-day operations. These assets are referred to as multi-use heritage assets. One typical example is the White House. The cost of acquisition, betterment or reconstruction of all multi-use heritage assets is capitalized as general property, plant, and equipment and is depreciated.\n\nThe following discussion of the Government’s heritage assets is not all-inclusive. Rather, it highlights significant heritage assets reported by Federal agencies.\n\nThe Government classifies heritage assets into three broad categories:\n\n- Collection-type.\n- Natural.\n- Cultural.\n\nCollection-type heritage assets include objects gathered and maintained for museum and library collections. Natural heritage assets include national wilderness areas, wild and scenic rivers, natural landmarks, forests and grasslands. Cultural heritage assets include historic places and structures, memorials and monuments, national cemeteries and archeological sites.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Collection-Type Heritage Assets", + "md": "# Collection-Type Heritage Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Smithsonian Institution holds some of the most prominent Federal museum collections. The Smithsonian acquires, protects, and preserves approximately 143 million individual objects for public exhibition, education, and research.\n\nSimilarly, the Library of Congress holds the world’s largest library collection, comprising more than 126 million items. The Library of Congress receives two copies of every book, pamphlet, map, print, photograph, and piece of music registered for copyright in the United States.\n\nThe National Archives holds about 2.9 million cubic feet of records. These records ensure ready access to essential information documenting the rights of citizens, the actions of Federal officials, and the effects of those actions on the national experience. These records include text and legislative records; cartographic and architectural records; motion picture, sound, and video records; and still pictures and graphics. The National Archives also maintains historically important documents such as the U.S. Constitution and the Louisiana Purchase Treaty.\n\nCollection-type heritage assets acquired totaled $21.2 million and $187.8 million for the years ended September 30, 2003, and 2002, respectively.", + "md": "The Smithsonian Institution holds some of the most prominent Federal museum collections. The Smithsonian acquires, protects, and preserves approximately 143 million individual objects for public exhibition, education, and research.\n\nSimilarly, the Library of Congress holds the world’s largest library collection, comprising more than 126 million items. The Library of Congress receives two copies of every book, pamphlet, map, print, photograph, and piece of music registered for copyright in the United States.\n\nThe National Archives holds about 2.9 million cubic feet of records. These records ensure ready access to essential information documenting the rights of citizens, the actions of Federal officials, and the effects of those actions on the national experience. These records include text and legislative records; cartographic and architectural records; motion picture, sound, and video records; and still pictures and graphics. The National Archives also maintains historically important documents such as the U.S. Constitution and the Louisiana Purchase Treaty.\n\nCollection-type heritage assets acquired totaled $21.2 million and $187.8 million for the years ended September 30, 2003, and 2002, respectively.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Natural Heritage Assets", + "md": "# Natural Heritage Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Congress has designated several wilderness areas to preserve their natural conditions. DOI manages approximately 70.1 million acres of these wilderness areas comprised of almost 73 percent of the Nation’s more than 96 million wilderness acres. The Cebolla Wilderness in New Mexico is one such area.", + "md": "Congress has designated several wilderness areas to preserve their natural conditions. DOI manages approximately 70.1 million acres of these wilderness areas comprised of almost 73 percent of the Nation’s more than 96 million wilderness acres. The Cebolla Wilderness in New Mexico is one such area.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 101, + "text": " 96 STEWARDSHIP INFORMATION (UNAUDITED)\n The national wild and scenic rivers system includes protected free-flowing rivers. The Government protects\nthese areas because of their fish and wildlife, or for their scenic, recreational, geologic, historic, or cultural value.\nDOI manages 73 percent of these 11,000 river miles, including the Bluestone National Scenic River in West Virginia.\n The Government also sets aside natural landmarks that exemplify a region’s natural characteristics. The U.S.\nFish and Wildlife Service manages 9 national historic landmarks, the Bureau of Land Management manages 22\nnatural historic landmarks, and the National Park Service manages 153 national natural landmarks, such as the\nGrand Coulee Gorge in Washington State.\n The U.S. Forest Service manages 155 national forests and 20 national grasslands on more than 192 million\nacres of public land. These areas encompass significant heritage resources. Examples include the White Mountain\nNational Forest in New Hampshire and the Thunder Basin National Grassland in Wyoming.\n Natural heritage assets acquired totaled $263.1 million and $313.0 million for the years ended September 30,\n2003, and 2002, respectively.\n Any acreage cited above for natural heritage assets, such as wilderness areas, are also included in the acreage\ncited in the Stewardship Land section.\n Cultural Heritage Assets\n The National Register of Historic Places lists historic sites and structures. This is America’s official list of\ncultural resources worthy of preservation. Official properties include districts, sites, buildings, structures, and\nobjects significant to American history. It also includes significant architectural, archaeological engineering, and\ncultural properties. Forest Service land encompasses 2,834 such properties.\n The Nation’s monuments and memorials include the Washington Monument, the Vietnam Veterans Memorial,\nand the Jefferson Memorial in Washington, D.C. The National Park Service manages these. In addition, the\nAmerican Battle Monuments Commission administers, operates, and maintains 24 permanent American Military\nCemeteries on foreign soil and 25 stand-alone memorials, monuments, and markers around the world. This includes\nthe Belleau Wood Marine Monument in France.\n Archeological and historical sites contain the remains of human activity. DOI manages numerous\narchaeological sites. The National Park Service manages approximately 58,000 archeological and historical sites; the\nBureau of Land Management, the U.S. Fish and Wildlife Service and the Bureau of Reclamation manage\napproximately 277,000 archaeological and historical properties. The ancient earthen mounds at the Hopewell\nCulture National Historic Site in Ohio are a notable example.\n National cemeteries include the Arlington National Cemetery in Virginia and the Fort Logan National\nCemetery in Colorado. The Department of the Army (Army) manages the Arlington National Cemetery. The\nDepartment of Veterans Affairs (VA) manages Fort Logan National Cemetery and other cemeteries.\n Stewardship Investments\n Stewardship investments focus on Government programs aimed at providing long-term benefits by improving\nthe Nation’s productivity and enhancing economic growth. These investments can be provided through direct\nFederal spending or grants to State and local governments for certain education and training programs, research and\ndevelopment, and federally financed but not federally-owned property, such as bridges and roads. When incurred,\nthese investments are included as expenses in determining the net cost of operations.\n Non-Federal Physical Property\n The Government makes grants and provides funds for the purchase, construction, and/or major renovation of\nState and local government physical properties. Cost for non-Federal physical property programs are included as\nexpenses in the Statements of Net Cost and are reported as investments in Table 11. They are measured on the same\naccrual basis of accounting used in the Financial Report statements. The amounts reported in fiscal year 2002 for\ninvestments in prior years (fiscal years 2002-1999) have been restated because agencies are continuously reviewing,\ncorrecting, and updating this data.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nThe national wild and scenic rivers system includes protected free-flowing rivers. The Government protects these areas because of their fish and wildlife, or for their scenic, recreational, geologic, historic, or cultural value. DOI manages 73 percent of these 11,000 river miles, including the Bluestone National Scenic River in West Virginia.\n\nThe Government also sets aside natural landmarks that exemplify a region’s natural characteristics. The U.S. Fish and Wildlife Service manages 9 national historic landmarks, the Bureau of Land Management manages 22 natural historic landmarks, and the National Park Service manages 153 national natural landmarks, such as the Grand Coulee Gorge in Washington State.\n\nThe U.S. Forest Service manages 155 national forests and 20 national grasslands on more than 192 million acres of public land. These areas encompass significant heritage resources. Examples include the White Mountain National Forest in New Hampshire and the Thunder Basin National Grassland in Wyoming.\n\nNatural heritage assets acquired totaled $263.1 million and $313.0 million for the years ended September 30, 2003, and 2002, respectively.\n\nAny acreage cited above for natural heritage assets, such as wilderness areas, are also included in the acreage cited in the Stewardship Land section.\n\n# Cultural Heritage Assets\n\nThe National Register of Historic Places lists historic sites and structures. This is America’s official list of cultural resources worthy of preservation. Official properties include districts, sites, buildings, structures, and objects significant to American history. It also includes significant architectural, archaeological engineering, and cultural properties. Forest Service land encompasses 2,834 such properties.\n\nThe Nation’s monuments and memorials include the Washington Monument, the Vietnam Veterans Memorial, and the Jefferson Memorial in Washington, D.C. The National Park Service manages these. In addition, the American Battle Monuments Commission administers, operates, and maintains 24 permanent American Military Cemeteries on foreign soil and 25 stand-alone memorials, monuments, and markers around the world. This includes the Belleau Wood Marine Monument in France.\n\nArcheological and historical sites contain the remains of human activity. DOI manages numerous archaeological sites. The National Park Service manages approximately 58,000 archeological and historical sites; the Bureau of Land Management, the U.S. Fish and Wildlife Service and the Bureau of Reclamation manage approximately 277,000 archaeological and historical properties. The ancient earthen mounds at the Hopewell Culture National Historic Site in Ohio are a notable example.\n\nNational cemeteries include the Arlington National Cemetery in Virginia and the Fort Logan National Cemetery in Colorado. The Department of the Army (Army) manages the Arlington National Cemetery. The Department of Veterans Affairs (VA) manages Fort Logan National Cemetery and other cemeteries.\n\n# Stewardship Investments\n\nStewardship investments focus on Government programs aimed at providing long-term benefits by improving the Nation’s productivity and enhancing economic growth. These investments can be provided through direct Federal spending or grants to State and local governments for certain education and training programs, research and development, and federally financed but not federally-owned property, such as bridges and roads. When incurred, these investments are included as expenses in determining the net cost of operations.\n\n# Non-Federal Physical Property\n\nThe Government makes grants and provides funds for the purchase, construction, and/or major renovation of State and local government physical properties. Cost for non-Federal physical property programs are included as expenses in the Statements of Net Cost and are reported as investments in Table 11. They are measured on the same accrual basis of accounting used in the Financial Report statements. The amounts reported in fiscal year 2002 for investments in prior years (fiscal years 2002-1999) have been restated because agencies are continuously reviewing, correcting, and updating this data.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The national wild and scenic rivers system includes protected free-flowing rivers. The Government protects these areas because of their fish and wildlife, or for their scenic, recreational, geologic, historic, or cultural value. DOI manages 73 percent of these 11,000 river miles, including the Bluestone National Scenic River in West Virginia.\n\nThe Government also sets aside natural landmarks that exemplify a region’s natural characteristics. The U.S. Fish and Wildlife Service manages 9 national historic landmarks, the Bureau of Land Management manages 22 natural historic landmarks, and the National Park Service manages 153 national natural landmarks, such as the Grand Coulee Gorge in Washington State.\n\nThe U.S. Forest Service manages 155 national forests and 20 national grasslands on more than 192 million acres of public land. These areas encompass significant heritage resources. Examples include the White Mountain National Forest in New Hampshire and the Thunder Basin National Grassland in Wyoming.\n\nNatural heritage assets acquired totaled $263.1 million and $313.0 million for the years ended September 30, 2003, and 2002, respectively.\n\nAny acreage cited above for natural heritage assets, such as wilderness areas, are also included in the acreage cited in the Stewardship Land section.", + "md": "The national wild and scenic rivers system includes protected free-flowing rivers. The Government protects these areas because of their fish and wildlife, or for their scenic, recreational, geologic, historic, or cultural value. DOI manages 73 percent of these 11,000 river miles, including the Bluestone National Scenic River in West Virginia.\n\nThe Government also sets aside natural landmarks that exemplify a region’s natural characteristics. The U.S. Fish and Wildlife Service manages 9 national historic landmarks, the Bureau of Land Management manages 22 natural historic landmarks, and the National Park Service manages 153 national natural landmarks, such as the Grand Coulee Gorge in Washington State.\n\nThe U.S. Forest Service manages 155 national forests and 20 national grasslands on more than 192 million acres of public land. These areas encompass significant heritage resources. Examples include the White Mountain National Forest in New Hampshire and the Thunder Basin National Grassland in Wyoming.\n\nNatural heritage assets acquired totaled $263.1 million and $313.0 million for the years ended September 30, 2003, and 2002, respectively.\n\nAny acreage cited above for natural heritage assets, such as wilderness areas, are also included in the acreage cited in the Stewardship Land section.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Cultural Heritage Assets", + "md": "# Cultural Heritage Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The National Register of Historic Places lists historic sites and structures. This is America’s official list of cultural resources worthy of preservation. Official properties include districts, sites, buildings, structures, and objects significant to American history. It also includes significant architectural, archaeological engineering, and cultural properties. Forest Service land encompasses 2,834 such properties.\n\nThe Nation’s monuments and memorials include the Washington Monument, the Vietnam Veterans Memorial, and the Jefferson Memorial in Washington, D.C. The National Park Service manages these. In addition, the American Battle Monuments Commission administers, operates, and maintains 24 permanent American Military Cemeteries on foreign soil and 25 stand-alone memorials, monuments, and markers around the world. This includes the Belleau Wood Marine Monument in France.\n\nArcheological and historical sites contain the remains of human activity. DOI manages numerous archaeological sites. The National Park Service manages approximately 58,000 archeological and historical sites; the Bureau of Land Management, the U.S. Fish and Wildlife Service and the Bureau of Reclamation manage approximately 277,000 archaeological and historical properties. The ancient earthen mounds at the Hopewell Culture National Historic Site in Ohio are a notable example.\n\nNational cemeteries include the Arlington National Cemetery in Virginia and the Fort Logan National Cemetery in Colorado. The Department of the Army (Army) manages the Arlington National Cemetery. The Department of Veterans Affairs (VA) manages Fort Logan National Cemetery and other cemeteries.", + "md": "The National Register of Historic Places lists historic sites and structures. This is America’s official list of cultural resources worthy of preservation. Official properties include districts, sites, buildings, structures, and objects significant to American history. It also includes significant architectural, archaeological engineering, and cultural properties. Forest Service land encompasses 2,834 such properties.\n\nThe Nation’s monuments and memorials include the Washington Monument, the Vietnam Veterans Memorial, and the Jefferson Memorial in Washington, D.C. The National Park Service manages these. In addition, the American Battle Monuments Commission administers, operates, and maintains 24 permanent American Military Cemeteries on foreign soil and 25 stand-alone memorials, monuments, and markers around the world. This includes the Belleau Wood Marine Monument in France.\n\nArcheological and historical sites contain the remains of human activity. DOI manages numerous archaeological sites. The National Park Service manages approximately 58,000 archeological and historical sites; the Bureau of Land Management, the U.S. Fish and Wildlife Service and the Bureau of Reclamation manage approximately 277,000 archaeological and historical properties. The ancient earthen mounds at the Hopewell Culture National Historic Site in Ohio are a notable example.\n\nNational cemeteries include the Arlington National Cemetery in Virginia and the Fort Logan National Cemetery in Colorado. The Department of the Army (Army) manages the Arlington National Cemetery. The Department of Veterans Affairs (VA) manages Fort Logan National Cemetery and other cemeteries.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Investments", + "md": "# Stewardship Investments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Stewardship investments focus on Government programs aimed at providing long-term benefits by improving the Nation’s productivity and enhancing economic growth. These investments can be provided through direct Federal spending or grants to State and local governments for certain education and training programs, research and development, and federally financed but not federally-owned property, such as bridges and roads. When incurred, these investments are included as expenses in determining the net cost of operations.", + "md": "Stewardship investments focus on Government programs aimed at providing long-term benefits by improving the Nation’s productivity and enhancing economic growth. These investments can be provided through direct Federal spending or grants to State and local governments for certain education and training programs, research and development, and federally financed but not federally-owned property, such as bridges and roads. When incurred, these investments are included as expenses in determining the net cost of operations.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Non-Federal Physical Property", + "md": "# Non-Federal Physical Property", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government makes grants and provides funds for the purchase, construction, and/or major renovation of State and local government physical properties. Cost for non-Federal physical property programs are included as expenses in the Statements of Net Cost and are reported as investments in Table 11. They are measured on the same accrual basis of accounting used in the Financial Report statements. The amounts reported in fiscal year 2002 for investments in prior years (fiscal years 2002-1999) have been restated because agencies are continuously reviewing, correcting, and updating this data.", + "md": "The Government makes grants and provides funds for the purchase, construction, and/or major renovation of State and local government physical properties. Cost for non-Federal physical property programs are included as expenses in the Statements of Net Cost and are reported as investments in Table 11. They are measured on the same accrual basis of accounting used in the Financial Report statements. The amounts reported in fiscal year 2002 for investments in prior years (fiscal years 2002-1999) have been restated because agencies are continuously reviewing, correcting, and updating this data.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 102, + "text": " STEWARDSHIP INFORMATION (UNAUDITED) 97\n Table 11\n Stewardship Investments\n for the Years Ended September 30\n Restated Restated Restated Restated\n Fiscal Fiscal Fiscal Fiscal Fiscal\n Year Year Year Year Year\n (In billions of dollars) 2003 2002 2001 2000 1999\n Investments in non-Federal physical\nproperty .............................................. 44.5 44.4 38.8 34.9 30.5\n Investments in human capital ............... 71.8 62.1 50.8 42.8 45.4\n Research and development:\n Investments in basic research............ 22.9 23.2 20.1 18.9 17.8\n Investments in applied research......... 19.4 21.4 19.0 16.8 16.5\n Investments in development............... 46.2 44.7 40.9 39.1 41.0\n Total investments............................. 204.8 195.8 169.6 152.5 151.2\n Human Capital\n The Government runs several programs that invest in human capital. Those investments go toward increasing\n and maintaining a healthy economy by educating and training the general public. Costs do not include training\n expenses for Federal workers.\n Research and Development\n Federal investments in research and development comprise those expenses for basic research, applied research,\n and development that are intended to increase or maintain national economic productive capacity or yield other\n future benefits.\n • Investments in basic research are for systematic studies to gain knowledge or understanding of the fundamental\n aspects of phenomena and of observable facts without specific applications toward processes or products in\n mind.\n • Investments in applied research are for systematic studies to gain knowledge or understanding necessary for\n determining the means by which a recognized and specific need may be met.\n • Investments in development are the systematic use of the knowledge and understanding gained from research for\n the production of useful materials, devices, systems, or methods, including the design and development of\n prototypes and processes.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\n# Table 11\n\n# Stewardship Investments for the Years Ended September 30\n\n|(In billions of dollars)|Fiscal Year 2003|Fiscal Year 2002|Fiscal Year 2001|Fiscal Year 2000|Fiscal Year 1999|\n|---|---|---|---|---|---|\n|Investments in non-Federal physical property|44.5|44.4|38.8|34.9|30.5|\n|Investments in human capital|71.8|62.1|50.8|42.8|45.4|\n|Research and development:| | | | | |\n|Investments in basic research|22.9|23.2|20.1|18.9|17.8|\n|Investments in applied research|19.4|21.4|19.0|16.8|16.5|\n|Investments in development|46.2|44.7|40.9|39.1|41.0|\n|Total investments|204.8|195.8|169.6|152.5|151.2|\n\n# Human Capital\n\nThe Government runs several programs that invest in human capital. Those investments go toward increasing and maintaining a healthy economy by educating and training the general public. Costs do not include training expenses for Federal workers.\n\n# Research and Development\n\nFederal investments in research and development comprise those expenses for basic research, applied research, and development that are intended to increase or maintain national economic productive capacity or yield other future benefits.\n\n- Investments in basic research are for systematic studies to gain knowledge or understanding of the fundamental aspects of phenomena and of observable facts without specific applications toward processes or products in mind.\n- Investments in applied research are for systematic studies to gain knowledge or understanding necessary for determining the means by which a recognized and specific need may be met.\n- Investments in development are the systematic use of the knowledge and understanding gained from research for the production of useful materials, devices, systems, or methods, including the design and development of prototypes and processes.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Table 11", + "md": "# Table 11", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Stewardship Investments for the Years Ended September 30", + "md": "# Stewardship Investments for the Years Ended September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Fiscal Year 2003", + "Fiscal Year 2002", + "Fiscal Year 2001", + "Fiscal Year 2000", + "Fiscal Year 1999" + ], + [ + "Investments in non-Federal physical property", + "44.5", + "44.4", + "38.8", + "34.9", + "30.5" + ], + [ + "Investments in human capital", + "71.8", + "62.1", + "50.8", + "42.8", + "45.4" + ], + [ + "Research and development:", + "", + "", + "", + "", + "" + ], + [ + "Investments in basic research", + "22.9", + "23.2", + "20.1", + "18.9", + "17.8" + ], + [ + "Investments in applied research", + "19.4", + "21.4", + "19.0", + "16.8", + "16.5" + ], + [ + "Investments in development", + "46.2", + "44.7", + "40.9", + "39.1", + "41.0" + ], + [ + "Total investments", + "204.8", + "195.8", + "169.6", + "152.5", + "151.2" + ] + ], + "md": "|(In billions of dollars)|Fiscal Year 2003|Fiscal Year 2002|Fiscal Year 2001|Fiscal Year 2000|Fiscal Year 1999|\n|Investments in non-Federal physical property|44.5|44.4|38.8|34.9|30.5|\n|Investments in human capital|71.8|62.1|50.8|42.8|45.4|\n|Research and development:| | | | | |\n|Investments in basic research|22.9|23.2|20.1|18.9|17.8|\n|Investments in applied research|19.4|21.4|19.0|16.8|16.5|\n|Investments in development|46.2|44.7|40.9|39.1|41.0|\n|Total investments|204.8|195.8|169.6|152.5|151.2|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Fiscal Year 2003\",\"Fiscal Year 2002\",\"Fiscal Year 2001\",\"Fiscal Year 2000\",\"Fiscal Year 1999\"\n\"Investments in non-Federal physical property\",\"44.5\",\"44.4\",\"38.8\",\"34.9\",\"30.5\"\n\"Investments in human capital\",\"71.8\",\"62.1\",\"50.8\",\"42.8\",\"45.4\"\n\"Research and development:\",\"\",\"\",\"\",\"\",\"\"\n\"Investments in basic research\",\"22.9\",\"23.2\",\"20.1\",\"18.9\",\"17.8\"\n\"Investments in applied research\",\"19.4\",\"21.4\",\"19.0\",\"16.8\",\"16.5\"\n\"Investments in development\",\"46.2\",\"44.7\",\"40.9\",\"39.1\",\"41.0\"\n\"Total investments\",\"204.8\",\"195.8\",\"169.6\",\"152.5\",\"151.2\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Human Capital", + "md": "# Human Capital", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government runs several programs that invest in human capital. Those investments go toward increasing and maintaining a healthy economy by educating and training the general public. Costs do not include training expenses for Federal workers.", + "md": "The Government runs several programs that invest in human capital. Those investments go toward increasing and maintaining a healthy economy by educating and training the general public. Costs do not include training expenses for Federal workers.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Research and Development", + "md": "# Research and Development", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Federal investments in research and development comprise those expenses for basic research, applied research, and development that are intended to increase or maintain national economic productive capacity or yield other future benefits.\n\n- Investments in basic research are for systematic studies to gain knowledge or understanding of the fundamental aspects of phenomena and of observable facts without specific applications toward processes or products in mind.\n- Investments in applied research are for systematic studies to gain knowledge or understanding necessary for determining the means by which a recognized and specific need may be met.\n- Investments in development are the systematic use of the knowledge and understanding gained from research for the production of useful materials, devices, systems, or methods, including the design and development of prototypes and processes.", + "md": "Federal investments in research and development comprise those expenses for basic research, applied research, and development that are intended to increase or maintain national economic productive capacity or yield other future benefits.\n\n- Investments in basic research are for systematic studies to gain knowledge or understanding of the fundamental aspects of phenomena and of observable facts without specific applications toward processes or products in mind.\n- Investments in applied research are for systematic studies to gain knowledge or understanding necessary for determining the means by which a recognized and specific need may be met.\n- Investments in development are the systematic use of the knowledge and understanding gained from research for the production of useful materials, devices, systems, or methods, including the design and development of prototypes and processes.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 103, + "text": "98 STEWARDSHIP INFORMATION (UNAUDITED)\n This page is intentionally blank.", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)\n\nThis page is intentionally blank.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "STEWARDSHIP INFORMATION (UNAUDITED)", + "md": "# STEWARDSHIP INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This page is intentionally blank.", + "md": "This page is intentionally blank.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 104, + "text": " NOTES TO THE FINANCIAL STATEMENTS 99\nUnited States Government\nNotes to the Financial Statements\nfor the Years Ended September 30, 2003,\nand September 30, 2002\n Note 1. Summary of Significant Accounting Policies\n A. Reporting Entity\n This Financial Report includes the financial status and activities of the executive branch, the legislative branch\n(the U.S. Senate and the U.S. House of the Representatives report on a cash basis), and the judicial branch (also\nreports on a cash basis) of the Government. The judicial branch reports on a limited basis because they are not\nrequired by law to submit financial statement information to Treasury. The Appendix section of this report contains\na list of significant Government entities included in the Financial Report, as well as examples of entities excluded.\nThe excluded entities are not part of the Financial Report because they are Government sponsored enterprises, such\nas Fannie Mae, Freddie Mac, etc.; or their activities are not included in the Federal budget's totals, such as the Thrift\nSavings Fund, and the Board of Governors of the Federal Reserve System, etc.\n Material intragovernmental transactions are eliminated in consolidation, except as described in Note 16—\nUnreconciled Transactions Affecting the Change in Net Position. The financial reporting period ends September 30\nand is the same as used for the annual budget.\n On November 25, 2002, the DHS Reorganization Plan was enacted. The Reorganization Plan was submitted\npursuant to Section 1502 of the Department of Homeland Security Act of 2002. The new DHS has three primary\nmissions: to prevent terrorist attacks, reduce America’s vulnerability to terrorism, and minimize the damage from\npotential attacks and natural disasters. DHS is funded with prior monies assigned to the entities transferred to DHS,\nas requested by the President, from the fiscal year 2003 budget. Future savings should be achieved through\neliminations of redundancies inherent in the current structure. The reorganization plan submitted includes two basic\ncategories: the transfer of agencies, personnel, assets and obligations to DHS; and the consolidation, reorganization,\nor streamlining of agencies transferred to DHS. The majority of the assets and expenses transfers have taken place in\nfiscal year 2003.Based on this reorganization plan, DHS has established its structure, classifying the transferred\nagencies according to their nature (the list below shows, in parentheses, the starting point of the transferred entities):", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# United States Government\n\n# Notes to the Financial Statements\n\n# for the Years Ended September 30, 2003, and September 30, 2002\n\n# Note 1. Summary of Significant Accounting Policies\n\n# A. Reporting Entity\n\nThis Financial Report includes the financial status and activities of the executive branch, the legislative branch\n(the U.S. Senate and the U.S. House of the Representatives report on a cash basis), and the judicial branch (also\nreports on a cash basis) of the Government. The judicial branch reports on a limited basis because they are not\nrequired by law to submit financial statement information to Treasury. The Appendix section of this report contains\na list of significant Government entities included in the Financial Report, as well as examples of entities excluded.\nThe excluded entities are not part of the Financial Report because they are Government sponsored enterprises, such\nas Fannie Mae, Freddie Mac, etc.; or their activities are not included in the Federal budget's totals, such as the Thrift\nSavings Fund, and the Board of Governors of the Federal Reserve System, etc.\n\nMaterial intragovernmental transactions are eliminated in consolidation, except as described in Note 16—\nUnreconciled Transactions Affecting the Change in Net Position. The financial reporting period ends September 30\nand is the same as used for the annual budget.\n\nOn November 25, 2002, the DHS Reorganization Plan was enacted. The Reorganization Plan was submitted\npursuant to Section 1502 of the Department of Homeland Security Act of 2002. The new DHS has three primary\nmissions: to prevent terrorist attacks, reduce America’s vulnerability to terrorism, and minimize the damage from\npotential attacks and natural disasters. DHS is funded with prior monies assigned to the entities transferred to DHS,\nas requested by the President, from the fiscal year 2003 budget. Future savings should be achieved through\neliminations of redundancies inherent in the current structure. The reorganization plan submitted includes two basic\ncategories: the transfer of agencies, personnel, assets and obligations to DHS; and the consolidation, reorganization,\nor streamlining of agencies transferred to DHS. The majority of the assets and expenses transfers have taken place in\nfiscal year 2003. Based on this reorganization plan, DHS has established its structure, classifying the transferred\nagencies according to their nature (the list below shows, in parentheses, the starting point of the transferred entities):", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Notes to the Financial Statements", + "md": "# Notes to the Financial Statements", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "for the Years Ended September 30, 2003, and September 30, 2002", + "md": "# for the Years Ended September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 1. Summary of Significant Accounting Policies", + "md": "# Note 1. Summary of Significant Accounting Policies", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "A. Reporting Entity", + "md": "# A. Reporting Entity", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This Financial Report includes the financial status and activities of the executive branch, the legislative branch\n(the U.S. Senate and the U.S. House of the Representatives report on a cash basis), and the judicial branch (also\nreports on a cash basis) of the Government. The judicial branch reports on a limited basis because they are not\nrequired by law to submit financial statement information to Treasury. The Appendix section of this report contains\na list of significant Government entities included in the Financial Report, as well as examples of entities excluded.\nThe excluded entities are not part of the Financial Report because they are Government sponsored enterprises, such\nas Fannie Mae, Freddie Mac, etc.; or their activities are not included in the Federal budget's totals, such as the Thrift\nSavings Fund, and the Board of Governors of the Federal Reserve System, etc.\n\nMaterial intragovernmental transactions are eliminated in consolidation, except as described in Note 16—\nUnreconciled Transactions Affecting the Change in Net Position. The financial reporting period ends September 30\nand is the same as used for the annual budget.\n\nOn November 25, 2002, the DHS Reorganization Plan was enacted. The Reorganization Plan was submitted\npursuant to Section 1502 of the Department of Homeland Security Act of 2002. The new DHS has three primary\nmissions: to prevent terrorist attacks, reduce America’s vulnerability to terrorism, and minimize the damage from\npotential attacks and natural disasters. DHS is funded with prior monies assigned to the entities transferred to DHS,\nas requested by the President, from the fiscal year 2003 budget. Future savings should be achieved through\neliminations of redundancies inherent in the current structure. The reorganization plan submitted includes two basic\ncategories: the transfer of agencies, personnel, assets and obligations to DHS; and the consolidation, reorganization,\nor streamlining of agencies transferred to DHS. The majority of the assets and expenses transfers have taken place in\nfiscal year 2003. Based on this reorganization plan, DHS has established its structure, classifying the transferred\nagencies according to their nature (the list below shows, in parentheses, the starting point of the transferred entities):", + "md": "This Financial Report includes the financial status and activities of the executive branch, the legislative branch\n(the U.S. Senate and the U.S. House of the Representatives report on a cash basis), and the judicial branch (also\nreports on a cash basis) of the Government. The judicial branch reports on a limited basis because they are not\nrequired by law to submit financial statement information to Treasury. The Appendix section of this report contains\na list of significant Government entities included in the Financial Report, as well as examples of entities excluded.\nThe excluded entities are not part of the Financial Report because they are Government sponsored enterprises, such\nas Fannie Mae, Freddie Mac, etc.; or their activities are not included in the Federal budget's totals, such as the Thrift\nSavings Fund, and the Board of Governors of the Federal Reserve System, etc.\n\nMaterial intragovernmental transactions are eliminated in consolidation, except as described in Note 16—\nUnreconciled Transactions Affecting the Change in Net Position. The financial reporting period ends September 30\nand is the same as used for the annual budget.\n\nOn November 25, 2002, the DHS Reorganization Plan was enacted. The Reorganization Plan was submitted\npursuant to Section 1502 of the Department of Homeland Security Act of 2002. The new DHS has three primary\nmissions: to prevent terrorist attacks, reduce America’s vulnerability to terrorism, and minimize the damage from\npotential attacks and natural disasters. DHS is funded with prior monies assigned to the entities transferred to DHS,\nas requested by the President, from the fiscal year 2003 budget. Future savings should be achieved through\neliminations of redundancies inherent in the current structure. The reorganization plan submitted includes two basic\ncategories: the transfer of agencies, personnel, assets and obligations to DHS; and the consolidation, reorganization,\nor streamlining of agencies transferred to DHS. The majority of the assets and expenses transfers have taken place in\nfiscal year 2003. Based on this reorganization plan, DHS has established its structure, classifying the transferred\nagencies according to their nature (the list below shows, in parentheses, the starting point of the transferred entities):", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 105, + "text": "100 NOTES TO THE FINANCIAL STATEMENTS\n Chemical, Biological, Radiological, and Nuclear Countermeasures\n Civilian Biodefense Research Programs (HHS)\n Lawrence Livermore National Laboratory (DOE)\n National Bio-Weapons Defense Analysis Center (DOD)\n Plum Island Animal Disease Center (USDA)\n Information Analysis and Infrastructure Protection\n Critical Infrastructure Assurance Office (Commerce)\n Federal Computer Incident Response Center (GSA)\n National Communications System (DOD)\n National Infrastructure Protection Center (DOJ/FBI)\n National Infrastructure Simulation and Analysis Center (DOE)\n Border and Transportation Security\n Immigration and Naturalization Service (DOJ)\n Customs Service (Treasury)\n Animal and Plant Health Inspection Service (USDA)\n Coast Guard (DOT)\n Federal Protective Services (GSA)\n Transportation Security Agency (DOT)\n Emergency Preparedness and Response\n Federal Emergency Management Agency (reported as stand-alone from 8/1/02 to 3/1/03, rest as DHS)\n Chemical, Biological, Radiological, and Nuclear Response Assets (HHS)\n Domestic Emergency Support Team (DOJ)\n Nuclear Incident Response (DOE)\n Office of Domestic Preparedness (DOJ)\n National Domestic Preparedness Office (DOJ/FBI)\n B. Basis of Accounting and Revenue Recognition\n These financial statements were prepared using U.S. generally accepted accounting principles (GAAP),\nprimarily based on Statements of Federal Financial Accounting Standards (SFFAS). Under these principles:\n • Expenses are generally recognized when incurred except that the costs of social insurance programs including\n Social Security, Medicare, Railroad Retirement, Black Lung, and Unemployment are recognized only for\n amounts currently due and payable.\n • Nonexchange (unearned) revenues including taxes, duties, fines, and penalties, are recognized when collected,\n adjusted to the change in net measurable and legally collectable amounts receivable. Related refunds and other\n offsets, including those that are measurable and legally payable, are netted against nonexchange revenue.\n • Exchange (earned) revenues are recognized when the Government provides goods and services to the public for\n a price. Exchange revenues include user charges such as admission to Federal parks and premiums for certain\n Federal insurance.\n This basis of accounting used for budgetary purposes, which is primarily on a cash and obligation basis and\nfollows budgetary concepts and policies, differs from the basis of accounting used for the financial statements. See\nthe Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial Statements section.\n In fiscal year 2003, the Government implemented the provisions of SFFAS No. 25 Reclassification of\nStewardship Responsibilities and Eliminating the Current Services Assessment (CSA). This standard eliminated the\nrequirement for the CSA.\n C. Direct Loans and Loan Guarantees\n Direct loans obligated and loan guarantees committed after fiscal year 1991 are reported based on the present\nvalue of the net cashflows estimated over the life of the loan or guarantee. The difference between the outstanding\nprincipal of the direct loans and the present value of their net cash inflows is recognized as a subsidy cost allowance;\nthe present value of estimated net cash outflows of the loan guarantees is recognized as a liability for loan\nguarantees.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Chemical, Biological, Radiological, and Nuclear Countermeasures\n\n- Civilian Biodefense Research Programs (HHS)\n- Lawrence Livermore National Laboratory (DOE)\n- National Bio-Weapons Defense Analysis Center (DOD)\n- Plum Island Animal Disease Center (USDA)\n\n# Information Analysis and Infrastructure Protection\n\n- Critical Infrastructure Assurance Office (Commerce)\n- Federal Computer Incident Response Center (GSA)\n- National Communications System (DOD)\n- National Infrastructure Protection Center (DOJ/FBI)\n- National Infrastructure Simulation and Analysis Center (DOE)\n\n# Border and Transportation Security\n\n- Immigration and Naturalization Service (DOJ)\n- Customs Service (Treasury)\n- Animal and Plant Health Inspection Service (USDA)\n- Coast Guard (DOT)\n- Federal Protective Services (GSA)\n- Transportation Security Agency (DOT)\n\n# Emergency Preparedness and Response\n\n- Federal Emergency Management Agency (reported as stand-alone from 8/1/02 to 3/1/03, rest as DHS)\n- Chemical, Biological, Radiological, and Nuclear Response Assets (HHS)\n- Domestic Emergency Support Team (DOJ)\n- Nuclear Incident Response (DOE)\n- Office of Domestic Preparedness (DOJ)\n- National Domestic Preparedness Office (DOJ/FBI)\n\n# B. Basis of Accounting and Revenue Recognition\n\nThese financial statements were prepared using U.S. generally accepted accounting principles (GAAP), primarily based on Statements of Federal Financial Accounting Standards (SFFAS). Under these principles:\n\n- Expenses are generally recognized when incurred except that the costs of social insurance programs including Social Security, Medicare, Railroad Retirement, Black Lung, and Unemployment are recognized only for amounts currently due and payable.\n- Nonexchange (unearned) revenues including taxes, duties, fines, and penalties, are recognized when collected, adjusted to the change in net measurable and legally collectable amounts receivable. Related refunds and other offsets, including those that are measurable and legally payable, are netted against nonexchange revenue.\n- Exchange (earned) revenues are recognized when the Government provides goods and services to the public for a price. Exchange revenues include user charges such as admission to Federal parks and premiums for certain Federal insurance.\n\nThis basis of accounting used for budgetary purposes, which is primarily on a cash and obligation basis and follows budgetary concepts and policies, differs from the basis of accounting used for the financial statements. See the Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial Statements section.\n\nIn fiscal year 2003, the Government implemented the provisions of SFFAS No. 25 Reclassification of Stewardship Responsibilities and Eliminating the Current Services Assessment (CSA). This standard eliminated the requirement for the CSA.\n\n# C. Direct Loans and Loan Guarantees\n\nDirect loans obligated and loan guarantees committed after fiscal year 1991 are reported based on the present value of the net cashflows estimated over the life of the loan or guarantee. The difference between the outstanding principal of the direct loans and the present value of their net cash inflows is recognized as a subsidy cost allowance; the present value of estimated net cash outflows of the loan guarantees is recognized as a liability for loan guarantees.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Chemical, Biological, Radiological, and Nuclear Countermeasures", + "md": "# Chemical, Biological, Radiological, and Nuclear Countermeasures", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Civilian Biodefense Research Programs (HHS)\n- Lawrence Livermore National Laboratory (DOE)\n- National Bio-Weapons Defense Analysis Center (DOD)\n- Plum Island Animal Disease Center (USDA)", + "md": "- Civilian Biodefense Research Programs (HHS)\n- Lawrence Livermore National Laboratory (DOE)\n- National Bio-Weapons Defense Analysis Center (DOD)\n- Plum Island Animal Disease Center (USDA)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Information Analysis and Infrastructure Protection", + "md": "# Information Analysis and Infrastructure Protection", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Critical Infrastructure Assurance Office (Commerce)\n- Federal Computer Incident Response Center (GSA)\n- National Communications System (DOD)\n- National Infrastructure Protection Center (DOJ/FBI)\n- National Infrastructure Simulation and Analysis Center (DOE)", + "md": "- Critical Infrastructure Assurance Office (Commerce)\n- Federal Computer Incident Response Center (GSA)\n- National Communications System (DOD)\n- National Infrastructure Protection Center (DOJ/FBI)\n- National Infrastructure Simulation and Analysis Center (DOE)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Border and Transportation Security", + "md": "# Border and Transportation Security", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Immigration and Naturalization Service (DOJ)\n- Customs Service (Treasury)\n- Animal and Plant Health Inspection Service (USDA)\n- Coast Guard (DOT)\n- Federal Protective Services (GSA)\n- Transportation Security Agency (DOT)", + "md": "- Immigration and Naturalization Service (DOJ)\n- Customs Service (Treasury)\n- Animal and Plant Health Inspection Service (USDA)\n- Coast Guard (DOT)\n- Federal Protective Services (GSA)\n- Transportation Security Agency (DOT)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Emergency Preparedness and Response", + "md": "# Emergency Preparedness and Response", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Federal Emergency Management Agency (reported as stand-alone from 8/1/02 to 3/1/03, rest as DHS)\n- Chemical, Biological, Radiological, and Nuclear Response Assets (HHS)\n- Domestic Emergency Support Team (DOJ)\n- Nuclear Incident Response (DOE)\n- Office of Domestic Preparedness (DOJ)\n- National Domestic Preparedness Office (DOJ/FBI)", + "md": "- Federal Emergency Management Agency (reported as stand-alone from 8/1/02 to 3/1/03, rest as DHS)\n- Chemical, Biological, Radiological, and Nuclear Response Assets (HHS)\n- Domestic Emergency Support Team (DOJ)\n- Nuclear Incident Response (DOE)\n- Office of Domestic Preparedness (DOJ)\n- National Domestic Preparedness Office (DOJ/FBI)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "B. Basis of Accounting and Revenue Recognition", + "md": "# B. Basis of Accounting and Revenue Recognition", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "These financial statements were prepared using U.S. generally accepted accounting principles (GAAP), primarily based on Statements of Federal Financial Accounting Standards (SFFAS). Under these principles:\n\n- Expenses are generally recognized when incurred except that the costs of social insurance programs including Social Security, Medicare, Railroad Retirement, Black Lung, and Unemployment are recognized only for amounts currently due and payable.\n- Nonexchange (unearned) revenues including taxes, duties, fines, and penalties, are recognized when collected, adjusted to the change in net measurable and legally collectable amounts receivable. Related refunds and other offsets, including those that are measurable and legally payable, are netted against nonexchange revenue.\n- Exchange (earned) revenues are recognized when the Government provides goods and services to the public for a price. Exchange revenues include user charges such as admission to Federal parks and premiums for certain Federal insurance.\n\nThis basis of accounting used for budgetary purposes, which is primarily on a cash and obligation basis and follows budgetary concepts and policies, differs from the basis of accounting used for the financial statements. See the Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial Statements section.\n\nIn fiscal year 2003, the Government implemented the provisions of SFFAS No. 25 Reclassification of Stewardship Responsibilities and Eliminating the Current Services Assessment (CSA). This standard eliminated the requirement for the CSA.", + "md": "These financial statements were prepared using U.S. generally accepted accounting principles (GAAP), primarily based on Statements of Federal Financial Accounting Standards (SFFAS). Under these principles:\n\n- Expenses are generally recognized when incurred except that the costs of social insurance programs including Social Security, Medicare, Railroad Retirement, Black Lung, and Unemployment are recognized only for amounts currently due and payable.\n- Nonexchange (unearned) revenues including taxes, duties, fines, and penalties, are recognized when collected, adjusted to the change in net measurable and legally collectable amounts receivable. Related refunds and other offsets, including those that are measurable and legally payable, are netted against nonexchange revenue.\n- Exchange (earned) revenues are recognized when the Government provides goods and services to the public for a price. Exchange revenues include user charges such as admission to Federal parks and premiums for certain Federal insurance.\n\nThis basis of accounting used for budgetary purposes, which is primarily on a cash and obligation basis and follows budgetary concepts and policies, differs from the basis of accounting used for the financial statements. See the Reconciliations of Net Operating Cost and Unified Budget Deficit in the Financial Statements section.\n\nIn fiscal year 2003, the Government implemented the provisions of SFFAS No. 25 Reclassification of Stewardship Responsibilities and Eliminating the Current Services Assessment (CSA). This standard eliminated the requirement for the CSA.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "C. Direct Loans and Loan Guarantees", + "md": "# C. Direct Loans and Loan Guarantees", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Direct loans obligated and loan guarantees committed after fiscal year 1991 are reported based on the present value of the net cashflows estimated over the life of the loan or guarantee. The difference between the outstanding principal of the direct loans and the present value of their net cash inflows is recognized as a subsidy cost allowance; the present value of estimated net cash outflows of the loan guarantees is recognized as a liability for loan guarantees.", + "md": "Direct loans obligated and loan guarantees committed after fiscal year 1991 are reported based on the present value of the net cashflows estimated over the life of the loan or guarantee. The difference between the outstanding principal of the direct loans and the present value of their net cash inflows is recognized as a subsidy cost allowance; the present value of estimated net cash outflows of the loan guarantees is recognized as a liability for loan guarantees.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 106, + "text": " NOTES TO THE FINANCIAL STATEMENTS 101\n The subsidy expense for direct or guaranteed loans disbursed during a year is the present value of estimated net\ncash outflows for those loans or guarantees. A subsidy expense also is recognized for modifications made during the\nyear to loans and guarantees outstanding and for reestimates made as of the end of the year to the subsidy\nallowances or loan guarantee liability for loans and guarantees outstanding.\n Direct loans obligated and loan guarantees committed before fiscal year 1992 are valued under two different\nmethodologies within the Government: the allowance-for-loss method and the present-value method. Under the\nallowance-for-loss method, the outstanding principal of direct loans is reduced by an allowance for uncollectible\namounts; the liability for loan guarantees is the amount the agency estimates would more likely than not require\nfuture cash outflow to pay default claims.\n Under the present-value method, the outstanding principal of direct loans is reduced by an allowance equal to\nthe difference between the outstanding principal and the present value of the expected net cashflows. The liability\nfor loan guarantees is the present value of expected net cash outflows due to the loan guarantees.\n D. Accounts and Taxes Receivable\n Accounts receivable represents claims to cash or other assets from entities outside the Government that arise\nfrom the sale of goods or services, duties, fines, certain license fees, recoveries, or other provisions of the law.\n The category taxes receivable consists primarily of uncollected tax assessments, penalties, and interest when\ntaxpayers have agreed the amounts are owed, or a court has determined the assessments are owed. The balance\nsheets do not include unpaid assessments when neither taxpayers nor a court have agreed that the amounts are owed\n(compliance assessments) or the Government does not expect further collections due to factors such as the\ntaxpayer’s death, bankruptcy, or insolvency (writeoffs). Taxes receivable are reported net of an allowance for the\nestimated portion deemed to be uncollectible.\n E. Inventories and Related Property\n Inventories within the Government are valued using historical cost, net realizable value, and latest acquisition\ncost (see Note 6—Inventories and Related Property, Net). Historical cost methods include first-in-first-out, weighted\naverage, and moving average. Estimated repair costs reduce the value of inventory held for repair. Excess, obsolete,\nand unserviceable inventories are valued at estimated net realizable values. When latest acquisition cost is used to\nvalue inventory held for sale, it is adjusted for holding gains and losses in order to approximate historical cost.\n The related property portion of the inventory and related property line includes operating materials and\nsupplies, stockpile materials, commodities, seized and monetary instruments, and forfeited property. Operating\nmaterials and supplies are valued at historical cost, latest acquisition cost, and standard price using the purchase and\nconsumption method of accounting. Operating materials and supplies that are valued at latest acquisition cost and\nstandard pricing are not adjusted for holding gains and losses.\n Effective for accounting periods beginning after September 30, 2002, ( SFFAS) No. 23, Eliminating the\nCategory National Defense Property, Plant, and Equipment removes national defense assets from Stewardship\nInformation and includes them on the balance sheet, some of those assets are now classified as part of inventories\nand related property.\n F. Property, Plant, and Equipment\n Property, plant, and equipment used in Government operations are carried at cost. Depreciation and amortization\nexpense applies to property, plant, and equipment reported on the balance sheets except for land, unlimited duration\nland rights and construction in progress. Depreciation is recognized using the straight-line method over the estimated\nuseful lives of the assets. Effective for accounting periods beginning after September 30, 2002, ( SFFAS) No. 23,\nEliminating the Category National Defense Property, Plant, and Equipment removes national defense assets from\nStewardship Information and includes them on the balance sheet, most national defense assets are now classified as\nproperty, plant, and equipment. Stewardship land and heritage assets remain in the Stewardship Information section.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nThe subsidy expense for direct or guaranteed loans disbursed during a year is the present value of estimated net cash outflows for those loans or guarantees. A subsidy expense also is recognized for modifications made during the year to loans and guarantees outstanding and for reestimates made as of the end of the year to the subsidy allowances or loan guarantee liability for loans and guarantees outstanding.\n\nDirect loans obligated and loan guarantees committed before fiscal year 1992 are valued under two different methodologies within the Government: the allowance-for-loss method and the present-value method. Under the allowance-for-loss method, the outstanding principal of direct loans is reduced by an allowance for uncollectible amounts; the liability for loan guarantees is the amount the agency estimates would more likely than not require future cash outflow to pay default claims.\n\nUnder the present-value method, the outstanding principal of direct loans is reduced by an allowance equal to the difference between the outstanding principal and the present value of the expected net cashflows. The liability for loan guarantees is the present value of expected net cash outflows due to the loan guarantees.\n\n# D. Accounts and Taxes Receivable\n\nAccounts receivable represents claims to cash or other assets from entities outside the Government that arise from the sale of goods or services, duties, fines, certain license fees, recoveries, or other provisions of the law.\n\nThe category taxes receivable consists primarily of uncollected tax assessments, penalties, and interest when taxpayers have agreed the amounts are owed, or a court has determined the assessments are owed. The balance sheets do not include unpaid assessments when neither taxpayers nor a court have agreed that the amounts are owed (compliance assessments) or the Government does not expect further collections due to factors such as the taxpayer’s death, bankruptcy, or insolvency (writeoffs). Taxes receivable are reported net of an allowance for the estimated portion deemed to be uncollectible.\n\n# E. Inventories and Related Property\n\nInventories within the Government are valued using historical cost, net realizable value, and latest acquisition cost (see Note 6—Inventories and Related Property, Net). Historical cost methods include first-in-first-out, weighted average, and moving average. Estimated repair costs reduce the value of inventory held for repair. Excess, obsolete, and unserviceable inventories are valued at estimated net realizable values. When latest acquisition cost is used to value inventory held for sale, it is adjusted for holding gains and losses in order to approximate historical cost.\n\nThe related property portion of the inventory and related property line includes operating materials and supplies, stockpile materials, commodities, seized and monetary instruments, and forfeited property. Operating materials and supplies are valued at historical cost, latest acquisition cost, and standard price using the purchase and consumption method of accounting. Operating materials and supplies that are valued at latest acquisition cost and standard pricing are not adjusted for holding gains and losses.\n\nEffective for accounting periods beginning after September 30, 2002, (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment removes national defense assets from Stewardship Information and includes them on the balance sheet, some of those assets are now classified as part of inventories and related property.\n\n# F. Property, Plant, and Equipment\n\nProperty, plant, and equipment used in Government operations are carried at cost. Depreciation and amortization expense applies to property, plant, and equipment reported on the balance sheets except for land, unlimited duration land rights and construction in progress. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. Effective for accounting periods beginning after September 30, 2002, (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment removes national defense assets from Stewardship Information and includes them on the balance sheet, most national defense assets are now classified as property, plant, and equipment. Stewardship land and heritage assets remain in the Stewardship Information section.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The subsidy expense for direct or guaranteed loans disbursed during a year is the present value of estimated net cash outflows for those loans or guarantees. A subsidy expense also is recognized for modifications made during the year to loans and guarantees outstanding and for reestimates made as of the end of the year to the subsidy allowances or loan guarantee liability for loans and guarantees outstanding.\n\nDirect loans obligated and loan guarantees committed before fiscal year 1992 are valued under two different methodologies within the Government: the allowance-for-loss method and the present-value method. Under the allowance-for-loss method, the outstanding principal of direct loans is reduced by an allowance for uncollectible amounts; the liability for loan guarantees is the amount the agency estimates would more likely than not require future cash outflow to pay default claims.\n\nUnder the present-value method, the outstanding principal of direct loans is reduced by an allowance equal to the difference between the outstanding principal and the present value of the expected net cashflows. The liability for loan guarantees is the present value of expected net cash outflows due to the loan guarantees.", + "md": "The subsidy expense for direct or guaranteed loans disbursed during a year is the present value of estimated net cash outflows for those loans or guarantees. A subsidy expense also is recognized for modifications made during the year to loans and guarantees outstanding and for reestimates made as of the end of the year to the subsidy allowances or loan guarantee liability for loans and guarantees outstanding.\n\nDirect loans obligated and loan guarantees committed before fiscal year 1992 are valued under two different methodologies within the Government: the allowance-for-loss method and the present-value method. Under the allowance-for-loss method, the outstanding principal of direct loans is reduced by an allowance for uncollectible amounts; the liability for loan guarantees is the amount the agency estimates would more likely than not require future cash outflow to pay default claims.\n\nUnder the present-value method, the outstanding principal of direct loans is reduced by an allowance equal to the difference between the outstanding principal and the present value of the expected net cashflows. The liability for loan guarantees is the present value of expected net cash outflows due to the loan guarantees.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "D. Accounts and Taxes Receivable", + "md": "# D. Accounts and Taxes Receivable", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Accounts receivable represents claims to cash or other assets from entities outside the Government that arise from the sale of goods or services, duties, fines, certain license fees, recoveries, or other provisions of the law.\n\nThe category taxes receivable consists primarily of uncollected tax assessments, penalties, and interest when taxpayers have agreed the amounts are owed, or a court has determined the assessments are owed. The balance sheets do not include unpaid assessments when neither taxpayers nor a court have agreed that the amounts are owed (compliance assessments) or the Government does not expect further collections due to factors such as the taxpayer’s death, bankruptcy, or insolvency (writeoffs). Taxes receivable are reported net of an allowance for the estimated portion deemed to be uncollectible.", + "md": "Accounts receivable represents claims to cash or other assets from entities outside the Government that arise from the sale of goods or services, duties, fines, certain license fees, recoveries, or other provisions of the law.\n\nThe category taxes receivable consists primarily of uncollected tax assessments, penalties, and interest when taxpayers have agreed the amounts are owed, or a court has determined the assessments are owed. The balance sheets do not include unpaid assessments when neither taxpayers nor a court have agreed that the amounts are owed (compliance assessments) or the Government does not expect further collections due to factors such as the taxpayer’s death, bankruptcy, or insolvency (writeoffs). Taxes receivable are reported net of an allowance for the estimated portion deemed to be uncollectible.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "E. Inventories and Related Property", + "md": "# E. Inventories and Related Property", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Inventories within the Government are valued using historical cost, net realizable value, and latest acquisition cost (see Note 6—Inventories and Related Property, Net). Historical cost methods include first-in-first-out, weighted average, and moving average. Estimated repair costs reduce the value of inventory held for repair. Excess, obsolete, and unserviceable inventories are valued at estimated net realizable values. When latest acquisition cost is used to value inventory held for sale, it is adjusted for holding gains and losses in order to approximate historical cost.\n\nThe related property portion of the inventory and related property line includes operating materials and supplies, stockpile materials, commodities, seized and monetary instruments, and forfeited property. Operating materials and supplies are valued at historical cost, latest acquisition cost, and standard price using the purchase and consumption method of accounting. Operating materials and supplies that are valued at latest acquisition cost and standard pricing are not adjusted for holding gains and losses.\n\nEffective for accounting periods beginning after September 30, 2002, (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment removes national defense assets from Stewardship Information and includes them on the balance sheet, some of those assets are now classified as part of inventories and related property.", + "md": "Inventories within the Government are valued using historical cost, net realizable value, and latest acquisition cost (see Note 6—Inventories and Related Property, Net). Historical cost methods include first-in-first-out, weighted average, and moving average. Estimated repair costs reduce the value of inventory held for repair. Excess, obsolete, and unserviceable inventories are valued at estimated net realizable values. When latest acquisition cost is used to value inventory held for sale, it is adjusted for holding gains and losses in order to approximate historical cost.\n\nThe related property portion of the inventory and related property line includes operating materials and supplies, stockpile materials, commodities, seized and monetary instruments, and forfeited property. Operating materials and supplies are valued at historical cost, latest acquisition cost, and standard price using the purchase and consumption method of accounting. Operating materials and supplies that are valued at latest acquisition cost and standard pricing are not adjusted for holding gains and losses.\n\nEffective for accounting periods beginning after September 30, 2002, (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment removes national defense assets from Stewardship Information and includes them on the balance sheet, some of those assets are now classified as part of inventories and related property.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "F. Property, Plant, and Equipment", + "md": "# F. Property, Plant, and Equipment", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Property, plant, and equipment used in Government operations are carried at cost. Depreciation and amortization expense applies to property, plant, and equipment reported on the balance sheets except for land, unlimited duration land rights and construction in progress. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. Effective for accounting periods beginning after September 30, 2002, (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment removes national defense assets from Stewardship Information and includes them on the balance sheet, most national defense assets are now classified as property, plant, and equipment. Stewardship land and heritage assets remain in the Stewardship Information section.", + "md": "Property, plant, and equipment used in Government operations are carried at cost. Depreciation and amortization expense applies to property, plant, and equipment reported on the balance sheets except for land, unlimited duration land rights and construction in progress. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. Effective for accounting periods beginning after September 30, 2002, (SFFAS) No. 23, Eliminating the Category National Defense Property, Plant, and Equipment removes national defense assets from Stewardship Information and includes them on the balance sheet, most national defense assets are now classified as property, plant, and equipment. Stewardship land and heritage assets remain in the Stewardship Information section.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 107, + "text": "102 NOTES TO THE FINANCIAL STATEMENTS\n G. Federal Employee and Veteran Benefits Payable\n Federal employee and veteran benefits payable are recorded during the time employee services are rendered.\nThe related liabilities for defined benefit pension plans and post-retirement health benefits are recorded at estimated\npresent value of future benefits, less the estimated present value of future normal cost contributions.\n Normal cost is the portion of the actuarial present value of projected benefits allocated as an expense for\nemployee services rendered in the current year. Actuarial gains and losses (and prior service cost, if any) are\nrecognized immediately in the year they occur, without amortization.\n H. Environmental and Disposal Liabilities\n Environmental and disposal liabilities are recorded at the estimated current cost of removing, containing and/or\ndisposing of hazardous waste and environmental contamination, assuming the use of current technology. Hazardous\nwaste is a solid, liquid, or gaseous waste that, because of its quantity or concentration, presents a potential hazard to\nhuman health or the environment. Remediation consists of removal, decontamination, decommissioning, site\nrestoration, site monitoring, closure and post-closure cost, treatment, and/or safe containment. Where technology\ndoes not exist to clean up hazardous waste, only the estimable portion of the liability, typically safe containment, is\nrecorded.\n I. Deferred Maintenance\n Deferred maintenance is maintenance that was not performed when it should have been or scheduled\nmaintenance that was delayed or postponed. Maintenance is the act of keeping fixed assets in acceptable condition,\nincluding preventative maintenance, normal repairs, and other activities needed to preserve the assets, so they\ncontinue to provide acceptable services and achieve their expected life. Maintenance excludes activities aimed at\nexpanding the capacity of assets or otherwise upgrading them to serve needs different from those originally\nintended. Deferred maintenance expenses are not accrued in the Statements of Net Cost or recognized as liabilities\non the balance sheets. However, deferred maintenance information is disclosed in the Supplemental Information\nsection of this report.\n J. Contingent Liabilities\n Liabilities for contingencies are recognized on the balance sheets when both:\n • A past transaction or event has occurred.\n • A future outflow or other sacrifice of resources is probable and measurable.\n The estimated contingent liability may be a specific amount or a range of amounts. If some amount within the\nrange is a better estimate than any other amount within the range, then that amount is recognized. If no amount\nwithin the range is a better estimate than any other amount, then the minimum amount in the range is recognized.\n Contingent liabilities that do not meet the above criteria for recognition, but for which there is at least a\nreasonable possibility that a loss may have been incurred, are disclosed in Note 18—Contingent Liabilities.\n K. Commitments\n In the normal course of business, the Government has a number of unfulfilled commitments that may require\nthe use of its financial resources. Note 19—Commitments describes the components of the Government’s actual\ncommitments that need to be disclosed because of their nature and/or their amount. They include long-term leases,\nundelivered orders, and other commitments.\n Discussion of treaties and other international agreements entered into by the United States Government are\nincluded in the Commitments section.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# G. Federal Employee and Veteran Benefits Payable\n\nFederal employee and veteran benefits payable are recorded during the time employee services are rendered.\nThe related liabilities for defined benefit pension plans and post-retirement health benefits are recorded at estimated\npresent value of future benefits, less the estimated present value of future normal cost contributions.\n\nNormal cost is the portion of the actuarial present value of projected benefits allocated as an expense for\nemployee services rendered in the current year. Actuarial gains and losses (and prior service cost, if any) are\nrecognized immediately in the year they occur, without amortization.\n\n# H. Environmental and Disposal Liabilities\n\nEnvironmental and disposal liabilities are recorded at the estimated current cost of removing, containing and/or\ndisposing of hazardous waste and environmental contamination, assuming the use of current technology. Hazardous\nwaste is a solid, liquid, or gaseous waste that, because of its quantity or concentration, presents a potential hazard to\nhuman health or the environment. Remediation consists of removal, decontamination, decommissioning, site\nrestoration, site monitoring, closure and post-closure cost, treatment, and/or safe containment. Where technology\ndoes not exist to clean up hazardous waste, only the estimable portion of the liability, typically safe containment, is\nrecorded.\n\n# I. Deferred Maintenance\n\nDeferred maintenance is maintenance that was not performed when it should have been or scheduled\nmaintenance that was delayed or postponed. Maintenance is the act of keeping fixed assets in acceptable condition,\nincluding preventative maintenance, normal repairs, and other activities needed to preserve the assets, so they\ncontinue to provide acceptable services and achieve their expected life. Maintenance excludes activities aimed at\nexpanding the capacity of assets or otherwise upgrading them to serve needs different from those originally\nintended. Deferred maintenance expenses are not accrued in the Statements of Net Cost or recognized as liabilities\non the balance sheets. However, deferred maintenance information is disclosed in the Supplemental Information\nsection of this report.\n\n# J. Contingent Liabilities\n\nLiabilities for contingencies are recognized on the balance sheets when both:\n\n- A past transaction or event has occurred.\n- A future outflow or other sacrifice of resources is probable and measurable.\n\nThe estimated contingent liability may be a specific amount or a range of amounts. If some amount within the\nrange is a better estimate than any other amount within the range, then that amount is recognized. If no amount\nwithin the range is a better estimate than any other amount, then the minimum amount in the range is recognized.\n\nContingent liabilities that do not meet the above criteria for recognition, but for which there is at least a\nreasonable possibility that a loss may have been incurred, are disclosed in Note 18—Contingent Liabilities.\n\n# K. Commitments\n\nIn the normal course of business, the Government has a number of unfulfilled commitments that may require\nthe use of its financial resources. Note 19—Commitments describes the components of the Government’s actual\ncommitments that need to be disclosed because of their nature and/or their amount. They include long-term leases,\nundelivered orders, and other commitments.\n\nDiscussion of treaties and other international agreements entered into by the United States Government are\nincluded in the Commitments section.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "G. Federal Employee and Veteran Benefits Payable", + "md": "# G. Federal Employee and Veteran Benefits Payable", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Federal employee and veteran benefits payable are recorded during the time employee services are rendered.\nThe related liabilities for defined benefit pension plans and post-retirement health benefits are recorded at estimated\npresent value of future benefits, less the estimated present value of future normal cost contributions.\n\nNormal cost is the portion of the actuarial present value of projected benefits allocated as an expense for\nemployee services rendered in the current year. Actuarial gains and losses (and prior service cost, if any) are\nrecognized immediately in the year they occur, without amortization.", + "md": "Federal employee and veteran benefits payable are recorded during the time employee services are rendered.\nThe related liabilities for defined benefit pension plans and post-retirement health benefits are recorded at estimated\npresent value of future benefits, less the estimated present value of future normal cost contributions.\n\nNormal cost is the portion of the actuarial present value of projected benefits allocated as an expense for\nemployee services rendered in the current year. Actuarial gains and losses (and prior service cost, if any) are\nrecognized immediately in the year they occur, without amortization.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "H. Environmental and Disposal Liabilities", + "md": "# H. Environmental and Disposal Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Environmental and disposal liabilities are recorded at the estimated current cost of removing, containing and/or\ndisposing of hazardous waste and environmental contamination, assuming the use of current technology. Hazardous\nwaste is a solid, liquid, or gaseous waste that, because of its quantity or concentration, presents a potential hazard to\nhuman health or the environment. Remediation consists of removal, decontamination, decommissioning, site\nrestoration, site monitoring, closure and post-closure cost, treatment, and/or safe containment. Where technology\ndoes not exist to clean up hazardous waste, only the estimable portion of the liability, typically safe containment, is\nrecorded.", + "md": "Environmental and disposal liabilities are recorded at the estimated current cost of removing, containing and/or\ndisposing of hazardous waste and environmental contamination, assuming the use of current technology. Hazardous\nwaste is a solid, liquid, or gaseous waste that, because of its quantity or concentration, presents a potential hazard to\nhuman health or the environment. Remediation consists of removal, decontamination, decommissioning, site\nrestoration, site monitoring, closure and post-closure cost, treatment, and/or safe containment. Where technology\ndoes not exist to clean up hazardous waste, only the estimable portion of the liability, typically safe containment, is\nrecorded.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "I. Deferred Maintenance", + "md": "# I. Deferred Maintenance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Deferred maintenance is maintenance that was not performed when it should have been or scheduled\nmaintenance that was delayed or postponed. Maintenance is the act of keeping fixed assets in acceptable condition,\nincluding preventative maintenance, normal repairs, and other activities needed to preserve the assets, so they\ncontinue to provide acceptable services and achieve their expected life. Maintenance excludes activities aimed at\nexpanding the capacity of assets or otherwise upgrading them to serve needs different from those originally\nintended. Deferred maintenance expenses are not accrued in the Statements of Net Cost or recognized as liabilities\non the balance sheets. However, deferred maintenance information is disclosed in the Supplemental Information\nsection of this report.", + "md": "Deferred maintenance is maintenance that was not performed when it should have been or scheduled\nmaintenance that was delayed or postponed. Maintenance is the act of keeping fixed assets in acceptable condition,\nincluding preventative maintenance, normal repairs, and other activities needed to preserve the assets, so they\ncontinue to provide acceptable services and achieve their expected life. Maintenance excludes activities aimed at\nexpanding the capacity of assets or otherwise upgrading them to serve needs different from those originally\nintended. Deferred maintenance expenses are not accrued in the Statements of Net Cost or recognized as liabilities\non the balance sheets. However, deferred maintenance information is disclosed in the Supplemental Information\nsection of this report.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "J. Contingent Liabilities", + "md": "# J. Contingent Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Liabilities for contingencies are recognized on the balance sheets when both:\n\n- A past transaction or event has occurred.\n- A future outflow or other sacrifice of resources is probable and measurable.\n\nThe estimated contingent liability may be a specific amount or a range of amounts. If some amount within the\nrange is a better estimate than any other amount within the range, then that amount is recognized. If no amount\nwithin the range is a better estimate than any other amount, then the minimum amount in the range is recognized.\n\nContingent liabilities that do not meet the above criteria for recognition, but for which there is at least a\nreasonable possibility that a loss may have been incurred, are disclosed in Note 18—Contingent Liabilities.", + "md": "Liabilities for contingencies are recognized on the balance sheets when both:\n\n- A past transaction or event has occurred.\n- A future outflow or other sacrifice of resources is probable and measurable.\n\nThe estimated contingent liability may be a specific amount or a range of amounts. If some amount within the\nrange is a better estimate than any other amount within the range, then that amount is recognized. If no amount\nwithin the range is a better estimate than any other amount, then the minimum amount in the range is recognized.\n\nContingent liabilities that do not meet the above criteria for recognition, but for which there is at least a\nreasonable possibility that a loss may have been incurred, are disclosed in Note 18—Contingent Liabilities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "K. Commitments", + "md": "# K. Commitments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "In the normal course of business, the Government has a number of unfulfilled commitments that may require\nthe use of its financial resources. Note 19—Commitments describes the components of the Government’s actual\ncommitments that need to be disclosed because of their nature and/or their amount. They include long-term leases,\nundelivered orders, and other commitments.\n\nDiscussion of treaties and other international agreements entered into by the United States Government are\nincluded in the Commitments section.", + "md": "In the normal course of business, the Government has a number of unfulfilled commitments that may require\nthe use of its financial resources. Note 19—Commitments describes the components of the Government’s actual\ncommitments that need to be disclosed because of their nature and/or their amount. They include long-term leases,\nundelivered orders, and other commitments.\n\nDiscussion of treaties and other international agreements entered into by the United States Government are\nincluded in the Commitments section.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 108, + "text": " NOTES TO THE FINANCIAL STATEMENTS 103\n L. Social Insurance\n A liability for social insurance programs (Social Security, Medicare, railroad retirement, black lung, and\n unemployment) is recognized for any unpaid amounts due as of the reporting date. No liability is recognized for\n future benefit payments not yet due. For further information, see the Stewardship Information section on\n Stewardship Responsibilities, and Note 20—Dedicated Collections.\n M. Related Party Transactions\n Federal Reserve banks (FRBs), and private banks, which are not part of the reporting entity, serve as the\n Government’s depositary and fiscal agent. They process Federal payments and deposits to Treasury’s account and\n service Treasury securities. FRBs owned $654 billion and $603 billion of Treasury securities held by the public as of\n September 30, 2003, and 2002, respectively. FRB earnings that exceed statutory amounts of surplus established for\n FRBs are paid to the Government and are recognized as nonexchange revenue. Those earnings totaled $21.9 billion\n and $23.7 billion for the years ended September 30, 2003, and 2002, respectively. The primary source of these\n earnings is from interest earned on Treasury securities held by the FRBs. Also, as described in Note 14—Other\n Liabilities, the FRB holds certificates and special drawing rights certificates.\n FRBs issue Federal Reserve notes, the circulating currency of the United States. Specific assets owned by\n FRBs, typically Treasury securities, collateralize these notes. Federal Reserve notes are backed by the full faith and\n credit of the Government.\n The Government does not guarantee payment of the liabilities of Government-sponsored enterprises such as\n the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, which are privately\n owned. These enterprises also are excluded from the reporting entity.\n Note 2. Cash and Other Monetary Assets\n Cash and Other Monetary Assets as of September 30\n (In billions of dollars) 2003 2002\n Operating cash ...................................................................................... 35.0 60.9\n Other cash ............................................................................................. 27.2 28.3\nTotal cash ........................................................................................... 62.2 89.2\n International monetary assets ............................................................... 46.2 41.0\n Gold ....................................................................................................... 10.9 10.9\n Domestic monetary assets .................................................................... 0.3 0.5\n Total cash and other monetary assets................................................ 119.6 141.6\n Cash\n Total cash consists of:\n • Operating cash of the Government representing balances from tax collections; customs duties; other revenues;\n Federal debt receipts; and other various receipts, net of checks outstanding that are held in the Federal Reserve\n banks, foreign and domestic financial institutions, and in the U.S. Treasury tax and loan accounts.\n • Other cash representing the balances of petty cash and other funds held in agencies’ books, plus time deposits in\n financial institutions.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# L. Social Insurance\n\nA liability for social insurance programs (Social Security, Medicare, railroad retirement, black lung, and unemployment) is recognized for any unpaid amounts due as of the reporting date. No liability is recognized for future benefit payments not yet due. For further information, see the Stewardship Information section on Stewardship Responsibilities, and Note 20—Dedicated Collections.\n\n# M. Related Party Transactions\n\nFederal Reserve banks (FRBs), and private banks, which are not part of the reporting entity, serve as the Government’s depositary and fiscal agent. They process Federal payments and deposits to Treasury’s account and service Treasury securities. FRBs owned $654 billion and $603 billion of Treasury securities held by the public as of September 30, 2003, and 2002, respectively. FRB earnings that exceed statutory amounts of surplus established for FRBs are paid to the Government and are recognized as nonexchange revenue. Those earnings totaled $21.9 billion and $23.7 billion for the years ended September 30, 2003, and 2002, respectively. The primary source of these earnings is from interest earned on Treasury securities held by the FRBs. Also, as described in Note 14—Other Liabilities, the FRB holds certificates and special drawing rights certificates.\n\nFRBs issue Federal Reserve notes, the circulating currency of the United States. Specific assets owned by FRBs, typically Treasury securities, collateralize these notes. Federal Reserve notes are backed by the full faith and credit of the Government.\n\nThe Government does not guarantee payment of the liabilities of Government-sponsored enterprises such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, which are privately owned. These enterprises also are excluded from the reporting entity.\n\n# Note 2. Cash and Other Monetary Assets\n\nCash and Other Monetary Assets as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Operating cash|35.0|60.9|\n|Other cash|27.2|28.3|\n|Total cash|62.2|89.2|\n|International monetary assets|46.2|41.0|\n|Gold|10.9|10.9|\n|Domestic monetary assets|0.3|0.5|\n|Total cash and other monetary assets|119.6|141.6|\n\n# Cash\n\nTotal cash consists of:\n\n- Operating cash of the Government representing balances from tax collections; customs duties; other revenues; Federal debt receipts; and other various receipts, net of checks outstanding that are held in the Federal Reserve banks, foreign and domestic financial institutions, and in the U.S. Treasury tax and loan accounts.\n- Other cash representing the balances of petty cash and other funds held in agencies’ books, plus time deposits in financial institutions.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "L. Social Insurance", + "md": "# L. Social Insurance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "A liability for social insurance programs (Social Security, Medicare, railroad retirement, black lung, and unemployment) is recognized for any unpaid amounts due as of the reporting date. No liability is recognized for future benefit payments not yet due. For further information, see the Stewardship Information section on Stewardship Responsibilities, and Note 20—Dedicated Collections.", + "md": "A liability for social insurance programs (Social Security, Medicare, railroad retirement, black lung, and unemployment) is recognized for any unpaid amounts due as of the reporting date. No liability is recognized for future benefit payments not yet due. For further information, see the Stewardship Information section on Stewardship Responsibilities, and Note 20—Dedicated Collections.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "M. Related Party Transactions", + "md": "# M. Related Party Transactions", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Federal Reserve banks (FRBs), and private banks, which are not part of the reporting entity, serve as the Government’s depositary and fiscal agent. They process Federal payments and deposits to Treasury’s account and service Treasury securities. FRBs owned $654 billion and $603 billion of Treasury securities held by the public as of September 30, 2003, and 2002, respectively. FRB earnings that exceed statutory amounts of surplus established for FRBs are paid to the Government and are recognized as nonexchange revenue. Those earnings totaled $21.9 billion and $23.7 billion for the years ended September 30, 2003, and 2002, respectively. The primary source of these earnings is from interest earned on Treasury securities held by the FRBs. Also, as described in Note 14—Other Liabilities, the FRB holds certificates and special drawing rights certificates.\n\nFRBs issue Federal Reserve notes, the circulating currency of the United States. Specific assets owned by FRBs, typically Treasury securities, collateralize these notes. Federal Reserve notes are backed by the full faith and credit of the Government.\n\nThe Government does not guarantee payment of the liabilities of Government-sponsored enterprises such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, which are privately owned. These enterprises also are excluded from the reporting entity.", + "md": "Federal Reserve banks (FRBs), and private banks, which are not part of the reporting entity, serve as the Government’s depositary and fiscal agent. They process Federal payments and deposits to Treasury’s account and service Treasury securities. FRBs owned $654 billion and $603 billion of Treasury securities held by the public as of September 30, 2003, and 2002, respectively. FRB earnings that exceed statutory amounts of surplus established for FRBs are paid to the Government and are recognized as nonexchange revenue. Those earnings totaled $21.9 billion and $23.7 billion for the years ended September 30, 2003, and 2002, respectively. The primary source of these earnings is from interest earned on Treasury securities held by the FRBs. Also, as described in Note 14—Other Liabilities, the FRB holds certificates and special drawing rights certificates.\n\nFRBs issue Federal Reserve notes, the circulating currency of the United States. Specific assets owned by FRBs, typically Treasury securities, collateralize these notes. Federal Reserve notes are backed by the full faith and credit of the Government.\n\nThe Government does not guarantee payment of the liabilities of Government-sponsored enterprises such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, which are privately owned. These enterprises also are excluded from the reporting entity.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 2. Cash and Other Monetary Assets", + "md": "# Note 2. Cash and Other Monetary Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Cash and Other Monetary Assets as of September 30", + "md": "Cash and Other Monetary Assets as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "---", + "---", + "---" + ], + [ + "Operating cash", + "35.0", + "60.9" + ], + [ + "Other cash", + "27.2", + "28.3" + ], + [ + "Total cash", + "62.2", + "89.2" + ], + [ + "International monetary assets", + "46.2", + "41.0" + ], + [ + "Gold", + "10.9", + "10.9" + ], + [ + "Domestic monetary assets", + "0.3", + "0.5" + ], + [ + "Total cash and other monetary assets", + "119.6", + "141.6" + ] + ], + "md": "Cash and Other Monetary Assets as of September 30\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Operating cash|35.0|60.9|\n|Other cash|27.2|28.3|\n|Total cash|62.2|89.2|\n|International monetary assets|46.2|41.0|\n|Gold|10.9|10.9|\n|Domestic monetary assets|0.3|0.5|\n|Total cash and other monetary assets|119.6|141.6|", + "isPerfectTable": false, + "csv": "\n\"(In billions of dollars)\",\"2003\",\"2002\"\n\"---\",\"---\",\"---\"\n\"Operating cash\",\"35.0\",\"60.9\"\n\"Other cash\",\"27.2\",\"28.3\"\n\"Total cash\",\"62.2\",\"89.2\"\n\"International monetary assets\",\"46.2\",\"41.0\"\n\"Gold\",\"10.9\",\"10.9\"\n\"Domestic monetary assets\",\"0.3\",\"0.5\"\n\"Total cash and other monetary assets\",\"119.6\",\"141.6\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Cash", + "md": "# Cash", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Total cash consists of:\n\n- Operating cash of the Government representing balances from tax collections; customs duties; other revenues; Federal debt receipts; and other various receipts, net of checks outstanding that are held in the Federal Reserve banks, foreign and domestic financial institutions, and in the U.S. Treasury tax and loan accounts.\n- Other cash representing the balances of petty cash and other funds held in agencies’ books, plus time deposits in financial institutions.", + "md": "Total cash consists of:\n\n- Operating cash of the Government representing balances from tax collections; customs duties; other revenues; Federal debt receipts; and other various receipts, net of checks outstanding that are held in the Federal Reserve banks, foreign and domestic financial institutions, and in the U.S. Treasury tax and loan accounts.\n- Other cash representing the balances of petty cash and other funds held in agencies’ books, plus time deposits in financial institutions.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 109, + "text": "104 NOTES TO THE FINANCIAL STATEMENTS\n The Government maintains formal arrangements with numerous financial institutions for holding time deposits\nknown as “compensating balances.” These balances, which are included in other cash, totaled $22.2 billion and\n$27.4 billion as of September 30, 2003, and 2002, respectively. The earnings from the investment of these balances\ncompensate financial institutions for services provided to the Government, such as maintaining zero-balance\naccounts for the collection of public monies.\n As of September 30, 2003, $15.0 billion of the total time deposit balances are invested by Treasury in\nnonmarketable Depositary Compensation Securities. The remainder of the balances of the time deposit accounts, in\nthe amount of $7.2 billion, are invested at the financial institutions’ discretion.\n Operating cash and the other cash of the Government are either insured (for balances up to $100,000) by the\nFederal Deposit Insurance Corporation (FDIC), or collateralized by securities pledged by financial institutions.\n International Monetary Assets\n International monetary assets include the U.S. reserve position in the International Monetary Fund (IMF), U.S.\nholdings of Special Drawing Rights (SDRs), and official reserves of foreign currency and gold.\n The U.S. reserve position in the IMF reflects the reserve asset portion of the financial subscription that the\nUnited States has paid in as part of its participation in the IMF. The IMF promotes international monetary\ncooperation and a stable payments system to facilitate growth in the world economy. Its primary activities are\nsurveillance of member economies, financial assistance as appropriate, and technical assistance.\n Only a portion of the U.S. financial subscriptions to the IMF is made in the form of reserve assets; the\nremainder is provided in the form of a letter of credit from the United States to the IMF.\n The balance available under the letter of credit totaled $28.9 billion and $28.2 billion for the years ended\nSeptember 30, 2003, and 2002, respectively. The U.S. reserve position in the IMF has a U.S. dollar equivalent of\n$24.1 billion and $20.9 billion for the years ended September 30, 2003, and 2002, respectively.\n SDRs are international monetary reserves issued by the IMF. These interest-bearing assets can be obtained by\nIMF allocations, transactions with IMF member countries, interest earnings on SDR holdings, or U.S. reserve\nposition in the IMF. SDR holdings are an asset of Treasury’s Exchange Stabilization Fund (ESF), which held SDRs\ntotaling $12.1 billion and $11.7 billion equivalent for the years ended September 30, 2003, and 2002, respectively.\n The IMF allocates SDRs to its members in proportion to each member’s quota in the IMF. The SDR Act of\n1968 authorized the Secretary of the Treasury to issue SDR Certificates (SDRCs) to the Federal Reserve in\nexchange for dollars. The amount of SDRCs outstanding cannot exceed the dollar value of SDR holdings. The\nSecretary of the Treasury determines when Treasury will issue or redeem SDRCs. SDRCs outstanding totaled $2.2\nbillion for the years ended September 30, 2003, and 2002, respectively, and are included in Note 14—Other\nLiabilities.\n As of September 30, 2003, and 2002, other liabilities included $7 billion and $6.5 billion, respectively, of\ninterest-bearing liability to the IMF for SDR allocations. The SDR allocation item represents the cumulative total of\nSDRs distributed by the IMF to the United States in allocations that occurred in 1970, 1972, 1979, 1980, and 1981.\n Gold\n Gold is valued at the statutory price of $42.2222 per fine troy ounce. The number of fine troy ounces was\n258,713,310 as of September 30, 2003, and 2002. The market value of gold on the London Fixing as of the reporting\ndate was $388.0 and $323.70 per fine troy ounce for the years ended September 30, 2003, and 2002, respectively.\nGold totaling $10.9 billion for each year ended September 30, 2003, and 2002, was pledged as collateral for gold\ncertificates issued and authorized to the FRBs by the Secretary of the Treasury. Treasury may redeem the gold\ncertificates at any time. See Note 14—Other Liabilities.\n Domestic Monetary Assets\n Domestic monetary assets consist of liquid assets, other than cash, that are based on the U.S. dollar, including\ncoins, silver bullion, and other coinage metals.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nThe Government maintains formal arrangements with numerous financial institutions for holding time deposits known as “compensating balances.” These balances, which are included in other cash, totaled $22.2 billion and $27.4 billion as of September 30, 2003, and 2002, respectively. The earnings from the investment of these balances compensate financial institutions for services provided to the Government, such as maintaining zero-balance accounts for the collection of public monies.\n\nAs of September 30, 2003, $15.0 billion of the total time deposit balances are invested by Treasury in nonmarketable Depositary Compensation Securities. The remainder of the balances of the time deposit accounts, in the amount of $7.2 billion, are invested at the financial institutions’ discretion.\n\nOperating cash and the other cash of the Government are either insured (for balances up to $100,000) by the Federal Deposit Insurance Corporation (FDIC), or collateralized by securities pledged by financial institutions.\n\n# International Monetary Assets\n\nInternational monetary assets include the U.S. reserve position in the International Monetary Fund (IMF), U.S. holdings of Special Drawing Rights (SDRs), and official reserves of foreign currency and gold.\n\nThe U.S. reserve position in the IMF reflects the reserve asset portion of the financial subscription that the United States has paid in as part of its participation in the IMF. The IMF promotes international monetary cooperation and a stable payments system to facilitate growth in the world economy. Its primary activities are surveillance of member economies, financial assistance as appropriate, and technical assistance.\n\nOnly a portion of the U.S. financial subscriptions to the IMF is made in the form of reserve assets; the remainder is provided in the form of a letter of credit from the United States to the IMF.\n\nThe balance available under the letter of credit totaled $28.9 billion and $28.2 billion for the years ended September 30, 2003, and 2002, respectively. The U.S. reserve position in the IMF has a U.S. dollar equivalent of $24.1 billion and $20.9 billion for the years ended September 30, 2003, and 2002, respectively.\n\nSDRs are international monetary reserves issued by the IMF. These interest-bearing assets can be obtained by IMF allocations, transactions with IMF member countries, interest earnings on SDR holdings, or U.S. reserve position in the IMF. SDR holdings are an asset of Treasury’s Exchange Stabilization Fund (ESF), which held SDRs totaling $12.1 billion and $11.7 billion equivalent for the years ended September 30, 2003, and 2002, respectively.\n\nThe IMF allocates SDRs to its members in proportion to each member’s quota in the IMF. The SDR Act of 1968 authorized the Secretary of the Treasury to issue SDR Certificates (SDRCs) to the Federal Reserve in exchange for dollars. The amount of SDRCs outstanding cannot exceed the dollar value of SDR holdings. The Secretary of the Treasury determines when Treasury will issue or redeem SDRCs. SDRCs outstanding totaled $2.2 billion for the years ended September 30, 2003, and 2002, respectively, and are included in Note 14—Other Liabilities.\n\nAs of September 30, 2003, and 2002, other liabilities included $7 billion and $6.5 billion, respectively, of interest-bearing liability to the IMF for SDR allocations. The SDR allocation item represents the cumulative total of SDRs distributed by the IMF to the United States in allocations that occurred in 1970, 1972, 1979, 1980, and 1981.\n\n# Gold\n\nGold is valued at the statutory price of $42.2222 per fine troy ounce. The number of fine troy ounces was 258,713,310 as of September 30, 2003, and 2002. The market value of gold on the London Fixing as of the reporting date was $388.0 and $323.70 per fine troy ounce for the years ended September 30, 2003, and 2002, respectively. Gold totaling $10.9 billion for each year ended September 30, 2003, and 2002, was pledged as collateral for gold certificates issued and authorized to the FRBs by the Secretary of the Treasury. Treasury may redeem the gold certificates at any time. See Note 14—Other Liabilities.\n\n# Domestic Monetary Assets\n\nDomestic monetary assets consist of liquid assets, other than cash, that are based on the U.S. dollar, including coins, silver bullion, and other coinage metals.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government maintains formal arrangements with numerous financial institutions for holding time deposits known as “compensating balances.” These balances, which are included in other cash, totaled $22.2 billion and $27.4 billion as of September 30, 2003, and 2002, respectively. The earnings from the investment of these balances compensate financial institutions for services provided to the Government, such as maintaining zero-balance accounts for the collection of public monies.\n\nAs of September 30, 2003, $15.0 billion of the total time deposit balances are invested by Treasury in nonmarketable Depositary Compensation Securities. The remainder of the balances of the time deposit accounts, in the amount of $7.2 billion, are invested at the financial institutions’ discretion.\n\nOperating cash and the other cash of the Government are either insured (for balances up to $100,000) by the Federal Deposit Insurance Corporation (FDIC), or collateralized by securities pledged by financial institutions.", + "md": "The Government maintains formal arrangements with numerous financial institutions for holding time deposits known as “compensating balances.” These balances, which are included in other cash, totaled $22.2 billion and $27.4 billion as of September 30, 2003, and 2002, respectively. The earnings from the investment of these balances compensate financial institutions for services provided to the Government, such as maintaining zero-balance accounts for the collection of public monies.\n\nAs of September 30, 2003, $15.0 billion of the total time deposit balances are invested by Treasury in nonmarketable Depositary Compensation Securities. The remainder of the balances of the time deposit accounts, in the amount of $7.2 billion, are invested at the financial institutions’ discretion.\n\nOperating cash and the other cash of the Government are either insured (for balances up to $100,000) by the Federal Deposit Insurance Corporation (FDIC), or collateralized by securities pledged by financial institutions.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "International Monetary Assets", + "md": "# International Monetary Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "International monetary assets include the U.S. reserve position in the International Monetary Fund (IMF), U.S. holdings of Special Drawing Rights (SDRs), and official reserves of foreign currency and gold.\n\nThe U.S. reserve position in the IMF reflects the reserve asset portion of the financial subscription that the United States has paid in as part of its participation in the IMF. The IMF promotes international monetary cooperation and a stable payments system to facilitate growth in the world economy. Its primary activities are surveillance of member economies, financial assistance as appropriate, and technical assistance.\n\nOnly a portion of the U.S. financial subscriptions to the IMF is made in the form of reserve assets; the remainder is provided in the form of a letter of credit from the United States to the IMF.\n\nThe balance available under the letter of credit totaled $28.9 billion and $28.2 billion for the years ended September 30, 2003, and 2002, respectively. The U.S. reserve position in the IMF has a U.S. dollar equivalent of $24.1 billion and $20.9 billion for the years ended September 30, 2003, and 2002, respectively.\n\nSDRs are international monetary reserves issued by the IMF. These interest-bearing assets can be obtained by IMF allocations, transactions with IMF member countries, interest earnings on SDR holdings, or U.S. reserve position in the IMF. SDR holdings are an asset of Treasury’s Exchange Stabilization Fund (ESF), which held SDRs totaling $12.1 billion and $11.7 billion equivalent for the years ended September 30, 2003, and 2002, respectively.\n\nThe IMF allocates SDRs to its members in proportion to each member’s quota in the IMF. The SDR Act of 1968 authorized the Secretary of the Treasury to issue SDR Certificates (SDRCs) to the Federal Reserve in exchange for dollars. The amount of SDRCs outstanding cannot exceed the dollar value of SDR holdings. The Secretary of the Treasury determines when Treasury will issue or redeem SDRCs. SDRCs outstanding totaled $2.2 billion for the years ended September 30, 2003, and 2002, respectively, and are included in Note 14—Other Liabilities.\n\nAs of September 30, 2003, and 2002, other liabilities included $7 billion and $6.5 billion, respectively, of interest-bearing liability to the IMF for SDR allocations. The SDR allocation item represents the cumulative total of SDRs distributed by the IMF to the United States in allocations that occurred in 1970, 1972, 1979, 1980, and 1981.", + "md": "International monetary assets include the U.S. reserve position in the International Monetary Fund (IMF), U.S. holdings of Special Drawing Rights (SDRs), and official reserves of foreign currency and gold.\n\nThe U.S. reserve position in the IMF reflects the reserve asset portion of the financial subscription that the United States has paid in as part of its participation in the IMF. The IMF promotes international monetary cooperation and a stable payments system to facilitate growth in the world economy. Its primary activities are surveillance of member economies, financial assistance as appropriate, and technical assistance.\n\nOnly a portion of the U.S. financial subscriptions to the IMF is made in the form of reserve assets; the remainder is provided in the form of a letter of credit from the United States to the IMF.\n\nThe balance available under the letter of credit totaled $28.9 billion and $28.2 billion for the years ended September 30, 2003, and 2002, respectively. The U.S. reserve position in the IMF has a U.S. dollar equivalent of $24.1 billion and $20.9 billion for the years ended September 30, 2003, and 2002, respectively.\n\nSDRs are international monetary reserves issued by the IMF. These interest-bearing assets can be obtained by IMF allocations, transactions with IMF member countries, interest earnings on SDR holdings, or U.S. reserve position in the IMF. SDR holdings are an asset of Treasury’s Exchange Stabilization Fund (ESF), which held SDRs totaling $12.1 billion and $11.7 billion equivalent for the years ended September 30, 2003, and 2002, respectively.\n\nThe IMF allocates SDRs to its members in proportion to each member’s quota in the IMF. The SDR Act of 1968 authorized the Secretary of the Treasury to issue SDR Certificates (SDRCs) to the Federal Reserve in exchange for dollars. The amount of SDRCs outstanding cannot exceed the dollar value of SDR holdings. The Secretary of the Treasury determines when Treasury will issue or redeem SDRCs. SDRCs outstanding totaled $2.2 billion for the years ended September 30, 2003, and 2002, respectively, and are included in Note 14—Other Liabilities.\n\nAs of September 30, 2003, and 2002, other liabilities included $7 billion and $6.5 billion, respectively, of interest-bearing liability to the IMF for SDR allocations. The SDR allocation item represents the cumulative total of SDRs distributed by the IMF to the United States in allocations that occurred in 1970, 1972, 1979, 1980, and 1981.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Gold", + "md": "# Gold", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Gold is valued at the statutory price of $42.2222 per fine troy ounce. The number of fine troy ounces was 258,713,310 as of September 30, 2003, and 2002. The market value of gold on the London Fixing as of the reporting date was $388.0 and $323.70 per fine troy ounce for the years ended September 30, 2003, and 2002, respectively. Gold totaling $10.9 billion for each year ended September 30, 2003, and 2002, was pledged as collateral for gold certificates issued and authorized to the FRBs by the Secretary of the Treasury. Treasury may redeem the gold certificates at any time. See Note 14—Other Liabilities.", + "md": "Gold is valued at the statutory price of $42.2222 per fine troy ounce. The number of fine troy ounces was 258,713,310 as of September 30, 2003, and 2002. The market value of gold on the London Fixing as of the reporting date was $388.0 and $323.70 per fine troy ounce for the years ended September 30, 2003, and 2002, respectively. Gold totaling $10.9 billion for each year ended September 30, 2003, and 2002, was pledged as collateral for gold certificates issued and authorized to the FRBs by the Secretary of the Treasury. Treasury may redeem the gold certificates at any time. See Note 14—Other Liabilities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Domestic Monetary Assets", + "md": "# Domestic Monetary Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Domestic monetary assets consist of liquid assets, other than cash, that are based on the U.S. dollar, including coins, silver bullion, and other coinage metals.", + "md": "Domestic monetary assets consist of liquid assets, other than cash, that are based on the U.S. dollar, including coins, silver bullion, and other coinage metals.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 110, + "text": " NOTES TO THE FINANCIAL STATEMENTS 105\n Note 3. Accounts Receivable, Net\n The category of accounts receivable that includes related interest receivable of $4.6 billion and $3.9 billion for\nthe years ended September 30, 2003, and 2002, respectively, represents claims to cash or other assets from entities\noutside the Government. An allowance for estimated losses due to uncollectible amounts is established when it is\nmore likely than not the receivables will not be totally collected. The allowance method varies among the agencies\nin the Government. Methods include statistical sampling of receivables, specific identification and intensive analysis\nof each case, aging methodologies, and percentage of total receivables based on historical collection. Accounts\nreceivable are net of an allowance for uncollectible accounts. The allowance amounts are $16.1 billion and $15.3\nbillion for the years ended September 30, 2003, and 2002, respectively.\n Accounts Receivable as of September 30\n (In billions of dollars) 2003 2002\n Department of Defense ........................................................................ 7.3 6.4\n Social Security Administration .............................................................. 5.8 5.7\n Department of Energy .......................................................................... 4.4 4.4\n Department of Health and Human Services......................................... 2.8 4.1\n Department of Agriculture..................................................................... 1.9 1.9\n Department of the Interior..................................................................... 1.2 1.3\n Export-Import Bank of the United States.............................................. 1.0 -\n Tennessee Valley Authority.................................................................. 1.0 0.6\n Department of Veterans Affairs ............................................................ 0.9 1.2\n United States Postal Service ................................................................ 0.8 0.7\n Department of Labor............................................................................. 0.8 0.6\n Department of Housing and Urban Development ................................ 0.8 0.8\n Federal Communications Commission................................................. 0.7 0.5\n Pension Benefit Guaranty Corporation................................................. 0.5 0.4\n Environmental Protection Agency ........................................................ 0.5 0.5\n Department of Homeland Security ....................................................... 0.3 -\n All other departments ........................................................................... 3.1 2.9\n Total accounts receivable, net ............................................................ 33.8 32.0\n Note 4. Loans Receivable and Loan Guarantee Liabilities, Net\n The Government uses two methods, direct loans and loan guarantee programs, to accomplish the same goals.\nThese goals are to promote the Nation’s welfare by making direct Federal loans and guaranteeing non-Federal loans\nto segments of the population not served adequately by non-Federal institutions. For those unable to afford credit at\nthe market rate, Federal credit programs provide subsidies in the form of direct loans offered at an interest rate lower\nthan the market rate. For those to whom non-Federal financial institutions are reluctant to grant credit because of the\nhigh risk involved, Federal credit programs guarantee the payment of these non-Federal loans and absorb the cost of\ndefaults.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 3. Accounts Receivable, Net\n\nThe category of accounts receivable that includes related interest receivable of $4.6 billion and $3.9 billion for\nthe years ended September 30, 2003, and 2002, respectively, represents claims to cash or other assets from entities\noutside the Government. An allowance for estimated losses due to uncollectible amounts is established when it is\nmore likely than not the receivables will not be totally collected. The allowance method varies among the agencies\nin the Government. Methods include statistical sampling of receivables, specific identification and intensive analysis\nof each case, aging methodologies, and percentage of total receivables based on historical collection. Accounts\nreceivable are net of an allowance for uncollectible accounts. The allowance amounts are $16.1 billion and $15.3\nbillion for the years ended September 30, 2003, and 2002, respectively.\n\n# Accounts Receivable as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Department of Defense|7.3|6.4|\n|Social Security Administration|5.8|5.7|\n|Department of Energy|4.4|4.4|\n|Department of Health and Human Services|2.8|4.1|\n|Department of Agriculture|1.9|1.9|\n|Department of the Interior|1.2|1.3|\n|Export-Import Bank of the United States|1.0|-|\n|Tennessee Valley Authority|1.0|0.6|\n|Department of Veterans Affairs|0.9|1.2|\n|United States Postal Service|0.8|0.7|\n|Department of Labor|0.8|0.6|\n|Department of Housing and Urban Development|0.8|0.8|\n|Federal Communications Commission|0.7|0.5|\n|Pension Benefit Guaranty Corporation|0.5|0.4|\n|Environmental Protection Agency|0.5|0.5|\n|Department of Homeland Security|0.3|-|\n|All other departments|3.1|2.9|\n|Total accounts receivable, net|33.8|32.0|\n\n# Note 4. Loans Receivable and Loan Guarantee Liabilities, Net\n\nThe Government uses two methods, direct loans and loan guarantee programs, to accomplish the same goals.\nThese goals are to promote the Nation’s welfare by making direct Federal loans and guaranteeing non-Federal loans\nto segments of the population not served adequately by non-Federal institutions. For those unable to afford credit at\nthe market rate, Federal credit programs provide subsidies in the form of direct loans offered at an interest rate lower\nthan the market rate. For those to whom non-Federal financial institutions are reluctant to grant credit because of the\nhigh risk involved, Federal credit programs guarantee the payment of these non-Federal loans and absorb the cost of\ndefaults.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 3. Accounts Receivable, Net", + "md": "# Note 3. Accounts Receivable, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The category of accounts receivable that includes related interest receivable of $4.6 billion and $3.9 billion for\nthe years ended September 30, 2003, and 2002, respectively, represents claims to cash or other assets from entities\noutside the Government. An allowance for estimated losses due to uncollectible amounts is established when it is\nmore likely than not the receivables will not be totally collected. The allowance method varies among the agencies\nin the Government. Methods include statistical sampling of receivables, specific identification and intensive analysis\nof each case, aging methodologies, and percentage of total receivables based on historical collection. Accounts\nreceivable are net of an allowance for uncollectible accounts. The allowance amounts are $16.1 billion and $15.3\nbillion for the years ended September 30, 2003, and 2002, respectively.", + "md": "The category of accounts receivable that includes related interest receivable of $4.6 billion and $3.9 billion for\nthe years ended September 30, 2003, and 2002, respectively, represents claims to cash or other assets from entities\noutside the Government. An allowance for estimated losses due to uncollectible amounts is established when it is\nmore likely than not the receivables will not be totally collected. The allowance method varies among the agencies\nin the Government. Methods include statistical sampling of receivables, specific identification and intensive analysis\nof each case, aging methodologies, and percentage of total receivables based on historical collection. Accounts\nreceivable are net of an allowance for uncollectible accounts. The allowance amounts are $16.1 billion and $15.3\nbillion for the years ended September 30, 2003, and 2002, respectively.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Accounts Receivable as of September 30", + "md": "# Accounts Receivable as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "Department of Defense", + "7.3", + "6.4" + ], + [ + "Social Security Administration", + "5.8", + "5.7" + ], + [ + "Department of Energy", + "4.4", + "4.4" + ], + [ + "Department of Health and Human Services", + "2.8", + "4.1" + ], + [ + "Department of Agriculture", + "1.9", + "1.9" + ], + [ + "Department of the Interior", + "1.2", + "1.3" + ], + [ + "Export-Import Bank of the United States", + "1.0", + "-" + ], + [ + "Tennessee Valley Authority", + "1.0", + "0.6" + ], + [ + "Department of Veterans Affairs", + "0.9", + "1.2" + ], + [ + "United States Postal Service", + "0.8", + "0.7" + ], + [ + "Department of Labor", + "0.8", + "0.6" + ], + [ + "Department of Housing and Urban Development", + "0.8", + "0.8" + ], + [ + "Federal Communications Commission", + "0.7", + "0.5" + ], + [ + "Pension Benefit Guaranty Corporation", + "0.5", + "0.4" + ], + [ + "Environmental Protection Agency", + "0.5", + "0.5" + ], + [ + "Department of Homeland Security", + "0.3", + "-" + ], + [ + "All other departments", + "3.1", + "2.9" + ], + [ + "Total accounts receivable, net", + "33.8", + "32.0" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Department of Defense|7.3|6.4|\n|Social Security Administration|5.8|5.7|\n|Department of Energy|4.4|4.4|\n|Department of Health and Human Services|2.8|4.1|\n|Department of Agriculture|1.9|1.9|\n|Department of the Interior|1.2|1.3|\n|Export-Import Bank of the United States|1.0|-|\n|Tennessee Valley Authority|1.0|0.6|\n|Department of Veterans Affairs|0.9|1.2|\n|United States Postal Service|0.8|0.7|\n|Department of Labor|0.8|0.6|\n|Department of Housing and Urban Development|0.8|0.8|\n|Federal Communications Commission|0.7|0.5|\n|Pension Benefit Guaranty Corporation|0.5|0.4|\n|Environmental Protection Agency|0.5|0.5|\n|Department of Homeland Security|0.3|-|\n|All other departments|3.1|2.9|\n|Total accounts receivable, net|33.8|32.0|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Department of Defense\",\"7.3\",\"6.4\"\n\"Social Security Administration\",\"5.8\",\"5.7\"\n\"Department of Energy\",\"4.4\",\"4.4\"\n\"Department of Health and Human Services\",\"2.8\",\"4.1\"\n\"Department of Agriculture\",\"1.9\",\"1.9\"\n\"Department of the Interior\",\"1.2\",\"1.3\"\n\"Export-Import Bank of the United States\",\"1.0\",\"-\"\n\"Tennessee Valley Authority\",\"1.0\",\"0.6\"\n\"Department of Veterans Affairs\",\"0.9\",\"1.2\"\n\"United States Postal Service\",\"0.8\",\"0.7\"\n\"Department of Labor\",\"0.8\",\"0.6\"\n\"Department of Housing and Urban Development\",\"0.8\",\"0.8\"\n\"Federal Communications Commission\",\"0.7\",\"0.5\"\n\"Pension Benefit Guaranty Corporation\",\"0.5\",\"0.4\"\n\"Environmental Protection Agency\",\"0.5\",\"0.5\"\n\"Department of Homeland Security\",\"0.3\",\"-\"\n\"All other departments\",\"3.1\",\"2.9\"\n\"Total accounts receivable, net\",\"33.8\",\"32.0\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 4. Loans Receivable and Loan Guarantee Liabilities, Net", + "md": "# Note 4. Loans Receivable and Loan Guarantee Liabilities, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government uses two methods, direct loans and loan guarantee programs, to accomplish the same goals.\nThese goals are to promote the Nation’s welfare by making direct Federal loans and guaranteeing non-Federal loans\nto segments of the population not served adequately by non-Federal institutions. For those unable to afford credit at\nthe market rate, Federal credit programs provide subsidies in the form of direct loans offered at an interest rate lower\nthan the market rate. For those to whom non-Federal financial institutions are reluctant to grant credit because of the\nhigh risk involved, Federal credit programs guarantee the payment of these non-Federal loans and absorb the cost of\ndefaults.", + "md": "The Government uses two methods, direct loans and loan guarantee programs, to accomplish the same goals.\nThese goals are to promote the Nation’s welfare by making direct Federal loans and guaranteeing non-Federal loans\nto segments of the population not served adequately by non-Federal institutions. For those unable to afford credit at\nthe market rate, Federal credit programs provide subsidies in the form of direct loans offered at an interest rate lower\nthan the market rate. For those to whom non-Federal financial institutions are reluctant to grant credit because of the\nhigh risk involved, Federal credit programs guarantee the payment of these non-Federal loans and absorb the cost of\ndefaults.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 111, + "text": "106 NOTES TO THE FINANCIAL STATEMENTS\n The amount of the long-term cost of post-1991 direct loans and loan guarantees outstanding equals the subsidy\ncost allowance for direct loans and the liability for loan guarantees as of the fiscal yearend. The amount of the long-\nterm cost of pre-1992 direct loans and loan guarantees equals the allowance for uncollectible amounts (or present\nvalue allowance) for direct loans and the liability for loan guarantees. The long-term cost is based on all direct loans\nand guaranteed loans disbursed in this fiscal year and previous years that are outstanding as of the end of this fiscal\nyear. It includes the subsidy cost of these loans and guarantees estimated as of the time of loan disbursement and\nsubsequent adjustments such as modifications, reestimates, amortizations, and writeoffs.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nThe amount of the long-term cost of post-1991 direct loans and loan guarantees outstanding equals the subsidy\ncost allowance for direct loans and the liability for loan guarantees as of the fiscal yearend. The amount of the long-\nterm cost of pre-1992 direct loans and loan guarantees equals the allowance for uncollectible amounts (or present\nvalue allowance) for direct loans and the liability for loan guarantees. The long-term cost is based on all direct loans\nand guaranteed loans disbursed in this fiscal year and previous years that are outstanding as of the end of this fiscal\nyear. It includes the subsidy cost of these loans and guarantees estimated as of the time of loan disbursement and\nsubsequent adjustments such as modifications, reestimates, amortizations, and writeoffs.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The amount of the long-term cost of post-1991 direct loans and loan guarantees outstanding equals the subsidy\ncost allowance for direct loans and the liability for loan guarantees as of the fiscal yearend. The amount of the long-\nterm cost of pre-1992 direct loans and loan guarantees equals the allowance for uncollectible amounts (or present\nvalue allowance) for direct loans and the liability for loan guarantees. The long-term cost is based on all direct loans\nand guaranteed loans disbursed in this fiscal year and previous years that are outstanding as of the end of this fiscal\nyear. It includes the subsidy cost of these loans and guarantees estimated as of the time of loan disbursement and\nsubsequent adjustments such as modifications, reestimates, amortizations, and writeoffs.", + "md": "The amount of the long-term cost of post-1991 direct loans and loan guarantees outstanding equals the subsidy\ncost allowance for direct loans and the liability for loan guarantees as of the fiscal yearend. The amount of the long-\nterm cost of pre-1992 direct loans and loan guarantees equals the allowance for uncollectible amounts (or present\nvalue allowance) for direct loans and the liability for loan guarantees. The long-term cost is based on all direct loans\nand guaranteed loans disbursed in this fiscal year and previous years that are outstanding as of the end of this fiscal\nyear. It includes the subsidy cost of these loans and guarantees estimated as of the time of loan disbursement and\nsubsequent adjustments such as modifications, reestimates, amortizations, and writeoffs.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 112, + "text": " NOTES TO THE FINANCIAL STATEMENTS 107\n Direct Loans and Loan Guarantees as of September 30\n Long-term Subsidy\n Cost of Loans Amount Expense for\n Face Value and Guaranteed the Fiscal Year\n of Loans Guarantees Net Loans by the Ended\n Outstanding Outstanding Receivable Government September 30\n (In billions of dollars) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002\n Direct Loan Programs:\n Federal Direct Student Loans .... 84.5 80.0 (2.1) (4.8) 86.6 84.8 4.7 0.9\n Rural Utilities Service................. 40.1 39.5 4.1 3.1 36.0 36.4 0.6 0.2\n Rural Housing Service ............... 27.3 28.2 7.5 7.2 19.8 21.0 - (0.3)\n Federal Family Education Loans... 17.7 17.8 6.9 11.5 10.8 6.3 - -\n Housing and Urban\n Development ........................... 7.5 8.5 - 0.5 7.5 8.0 - -\n Export-Import Bank Loans ......... 7.8 7.5 1.2 (0.2) 6.6 7.7 - 0.1\n U.S. Agency for International\n Development ........................... 8.5 9.0 3.2 3.3 5.3 5.7 - -\n Food for Progress credits .......... 9.8 10.2 5.3 5.5 4.5 4.7 0.2 (0.3)\n Direct Loans for Spectrum\n auction sales ........................... 5.1 5.3 0.7 - 4.4 5.3 0.4 -\n Agricultural Credit Insurance\n Fund ........................................ 4.6 4.4 0.7 1.4 3.9 3.0 (0.6) 0.1\n Export Credit Guarantees .......... 6.7 6.9 3.2 3.2 3.5 3.7 - -\n Disaster Loan programs ............ 3.0 3.2 0.4 (0.6) 2.6 3.8 0.3 0.1\n All other programs...................... 28.7 28.4 (0.9) (0.4) 29.6 28.8 (0.3) 0.3\n Total ........................................ 251.3 248.9 30.2 29.7 221.1 219.2 5.3 1.1\n Guaranteed Loan Programs:\n Federal Family Education Loans... 213.0 182.0 15.4 11.7 209.0 179.0 2.5 4.5\n Veterans Housing Benefit\nprogram ........................................ 213.2 216.1 4.8 5.6 67.6 69.5 (1.5) (0.1)\n Subsidized Federal Housing\n Administration Loans............... 101.2 106.8 4.1 5.5 85.6 95.8 0.1 (0.6)\n Small Business Loans ............... 53.6 50.1 2.5 1.5 43.4 40.4 2.2 0.7\n Unsubsidized Federal Housing\n Administration Loans .............. 434.0 501.3 2.1 (1.7) 404.4 467.7 2.5 (2.6)\n Export-Import Bank guarantees ... 32.9 30.3 1.8 1.7 32.9 30.3 0.3 1.8\n Israeli Loan Guarantee program .. 10.8 9.2 0.7 0.7 10.8 9.2 - -\n Overseas Private Investment\n Corporation Credit program .... 3.0 3.0 0.6 0.5 3.0 3.0 - -\n Urban and Environmental\n program ................................... 2.0 2.1 0.5 0.4 2.0 2.1 - -\n Rural Housing Service ............... 13.8 13.9 0.4 0.3 12.4 12.5 0.1 (0.1)\n Health Education Assistance\n Loans....................................... 2.5 2.7 0.4 0.3 2.5 2.7 0.2 -\n Export Credit Guarantee\n programs ................................ 4.8 4.9 - 0.4 4.7 4.7 (0.1) -\n All other programs...................... 23.0 22.0 1.3 1.2 20.1 19.3 0.2 0.2\n Total ........................................ 1,107.8 1,144.4 34.6 28.1 898.4 936.2 6.5 3.8", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Direct Loans and Loan Guarantees as of September 30\n\n|Direct Loan Programs:|Face Value of Loans Outstanding|Net Loans Receivable|Subsidy Expense for the Fiscal Year Ended September 30| | | | | | |\n|---|---|---|---|---|---|---|---|---|---|\n|2003|2002|2003|2002|2003|2002| | | | |\n|Federal Direct Student Loans|84.5|80.0|(2.1)|(4.8)|86.6|84.8| |4.7|0.9|\n|Rural Utilities Service|40.1|39.5|4.1|3.1|36.0|36.4| |0.6|0.2|\n|Rural Housing Service|27.3|28.2|7.5|7.2|19.8|21.0| |-|(0.3)|\n|Federal Family Education Loans|17.7|17.8|6.9|11.5|10.8|6.3| |-|-|\n|Housing and Urban Development|7.5|8.5|-|0.5|7.5|8.0| |-|-|\n|Export-Import Bank Loans|7.8|7.5|1.2|(0.2)|6.6|7.7| |-|0.1|\n|U.S. Agency for International Development|8.5|9.0|3.2|3.3|5.3|5.7| |-|-|\n|Food for Progress credits|9.8|10.2|5.3|5.5|4.5|4.7| |0.2|(0.3)|\n|Direct Loans for Spectrum auction sales|5.1|5.3|0.7|-|4.4|5.3| |0.4|-|\n|Agricultural Credit Insurance Fund|4.6|4.4|0.7|1.4|3.9|3.0| |(0.6)|0.1|\n|Export Credit Guarantees|6.7|6.9|3.2|3.2|3.5|3.7| |-|-|\n|Disaster Loan programs|3.0|3.2|0.4|(0.6)|2.6|3.8| |0.3|0.1|\n|All other programs|28.7|28.4|(0.9)|(0.4)|29.6|28.8| |(0.3)|0.3|\n|Total|251.3|248.9|30.2|29.7|221.1|219.2| |5.3|1.1|\n\n|Guaranteed Loan Programs:|Face Value of Loans Outstanding|Net Loans Receivable|Subsidy Expense for the Fiscal Year Ended September 30| | | | | | |\n|---|---|---|---|---|---|---|---|---|---|\n| |2003|2002|2003|2002|2003|2002| | | |\n|Federal Family Education Loans|213.0|182.0|15.4|11.7| |209.0|179.0|2.5|4.5|\n|Veterans Housing Benefit program|213.2|216.1|4.8|5.6| |67.6|69.5|(1.5)|(0.1)|\n|Subsidized Federal Housing Administration Loans|101.2|106.8|4.1|5.5| |85.6|95.8|0.1|(0.6)|\n|Small Business Loans|53.6|50.1|2.5|1.5| |43.4|40.4|2.2|0.7|\n|Unsubsidized Federal Housing Administration Loans|434.0|501.3|2.1|(1.7)| |404.4|467.7|2.5|(2.6)|\n|Export-Import Bank guarantees|32.9|30.3|1.8|1.7| |32.9|30.3|0.3|1.8|\n|Israeli Loan Guarantee program|10.8|9.2|0.7|0.7| |10.8|9.2|-|-|\n|Overseas Private Investment Corporation Credit program|3.0|3.0|0.6|0.5| |3.0|3.0|-|-|\n|Urban and Environmental program|2.0|2.1|0.5|0.4| |2.0|2.1|-|-|\n|Rural Housing Service|13.8|13.9|0.4|0.3| |12.4|12.5|0.1|(0.1)|\n|Health Education Assistance Loans|2.5|2.7|0.4|0.3| |2.5|2.7|0.2|-|\n|Export Credit Guarantee programs|4.8|4.9|-|0.4| |4.7|4.7|(0.1)|-|\n|All other programs|23.0|22.0|1.3|1.2| |20.1|19.3|0.2|0.2|\n|Total|1,107.8|1,144.4|34.6|28.1| |898.4|936.2|6.5|3.8|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Direct Loans and Loan Guarantees as of September 30", + "md": "# Direct Loans and Loan Guarantees as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Direct Loan Programs:", + "Face Value of Loans Outstanding", + "Net Loans Receivable", + "Subsidy Expense for the Fiscal Year Ended September 30", + "", + "", + "", + "", + "", + "" + ], + [ + "2003", + "2002", + "2003", + "2002", + "2003", + "2002", + "", + "", + "", + "" + ], + [ + "Federal Direct Student Loans", + "84.5", + "80.0", + "(2.1)", + "(4.8)", + "86.6", + "84.8", + "", + "4.7", + "0.9" + ], + [ + "Rural Utilities Service", + "40.1", + "39.5", + "4.1", + "3.1", + "36.0", + "36.4", + "", + "0.6", + "0.2" + ], + [ + "Rural Housing Service", + "27.3", + "28.2", + "7.5", + "7.2", + "19.8", + "21.0", + "", + "-", + "(0.3)" + ], + [ + "Federal Family Education Loans", + "17.7", + "17.8", + "6.9", + "11.5", + "10.8", + "6.3", + "", + "-", + "-" + ], + [ + "Housing and Urban Development", + "7.5", + "8.5", + "-", + "0.5", + "7.5", + "8.0", + "", + "-", + "-" + ], + [ + "Export-Import Bank Loans", + "7.8", + "7.5", + "1.2", + "(0.2)", + "6.6", + "7.7", + "", + "-", + "0.1" + ], + [ + "U.S. Agency for International Development", + "8.5", + "9.0", + "3.2", + "3.3", + "5.3", + "5.7", + "", + "-", + "-" + ], + [ + "Food for Progress credits", + "9.8", + "10.2", + "5.3", + "5.5", + "4.5", + "4.7", + "", + "0.2", + "(0.3)" + ], + [ + "Direct Loans for Spectrum auction sales", + "5.1", + "5.3", + "0.7", + "-", + "4.4", + "5.3", + "", + "0.4", + "-" + ], + [ + "Agricultural Credit Insurance Fund", + "4.6", + "4.4", + "0.7", + "1.4", + "3.9", + "3.0", + "", + "(0.6)", + "0.1" + ], + [ + "Export Credit Guarantees", + "6.7", + "6.9", + "3.2", + "3.2", + "3.5", + "3.7", + "", + "-", + "-" + ], + [ + "Disaster Loan programs", + "3.0", + "3.2", + "0.4", + "(0.6)", + "2.6", + "3.8", + "", + "0.3", + "0.1" + ], + [ + "All other programs", + "28.7", + "28.4", + "(0.9)", + "(0.4)", + "29.6", + "28.8", + "", + "(0.3)", + "0.3" + ], + [ + "Total", + "251.3", + "248.9", + "30.2", + "29.7", + "221.1", + "219.2", + "", + "5.3", + "1.1" + ] + ], + "md": "|Direct Loan Programs:|Face Value of Loans Outstanding|Net Loans Receivable|Subsidy Expense for the Fiscal Year Ended September 30| | | | | | |\n|2003|2002|2003|2002|2003|2002| | | | |\n|Federal Direct Student Loans|84.5|80.0|(2.1)|(4.8)|86.6|84.8| |4.7|0.9|\n|Rural Utilities Service|40.1|39.5|4.1|3.1|36.0|36.4| |0.6|0.2|\n|Rural Housing Service|27.3|28.2|7.5|7.2|19.8|21.0| |-|(0.3)|\n|Federal Family Education Loans|17.7|17.8|6.9|11.5|10.8|6.3| |-|-|\n|Housing and Urban Development|7.5|8.5|-|0.5|7.5|8.0| |-|-|\n|Export-Import Bank Loans|7.8|7.5|1.2|(0.2)|6.6|7.7| |-|0.1|\n|U.S. Agency for International Development|8.5|9.0|3.2|3.3|5.3|5.7| |-|-|\n|Food for Progress credits|9.8|10.2|5.3|5.5|4.5|4.7| |0.2|(0.3)|\n|Direct Loans for Spectrum auction sales|5.1|5.3|0.7|-|4.4|5.3| |0.4|-|\n|Agricultural Credit Insurance Fund|4.6|4.4|0.7|1.4|3.9|3.0| |(0.6)|0.1|\n|Export Credit Guarantees|6.7|6.9|3.2|3.2|3.5|3.7| |-|-|\n|Disaster Loan programs|3.0|3.2|0.4|(0.6)|2.6|3.8| |0.3|0.1|\n|All other programs|28.7|28.4|(0.9)|(0.4)|29.6|28.8| |(0.3)|0.3|\n|Total|251.3|248.9|30.2|29.7|221.1|219.2| |5.3|1.1|", + "isPerfectTable": true, + "csv": "\"Direct Loan Programs:\",\"Face Value of Loans Outstanding\",\"Net Loans Receivable\",\"Subsidy Expense for the Fiscal Year Ended September 30\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"2003\",\"2002\",\"2003\",\"2002\",\"2003\",\"2002\",\"\",\"\",\"\",\"\"\n\"Federal Direct Student Loans\",\"84.5\",\"80.0\",\"(2.1)\",\"(4.8)\",\"86.6\",\"84.8\",\"\",\"4.7\",\"0.9\"\n\"Rural Utilities Service\",\"40.1\",\"39.5\",\"4.1\",\"3.1\",\"36.0\",\"36.4\",\"\",\"0.6\",\"0.2\"\n\"Rural Housing Service\",\"27.3\",\"28.2\",\"7.5\",\"7.2\",\"19.8\",\"21.0\",\"\",\"-\",\"(0.3)\"\n\"Federal Family Education Loans\",\"17.7\",\"17.8\",\"6.9\",\"11.5\",\"10.8\",\"6.3\",\"\",\"-\",\"-\"\n\"Housing and Urban Development\",\"7.5\",\"8.5\",\"-\",\"0.5\",\"7.5\",\"8.0\",\"\",\"-\",\"-\"\n\"Export-Import Bank Loans\",\"7.8\",\"7.5\",\"1.2\",\"(0.2)\",\"6.6\",\"7.7\",\"\",\"-\",\"0.1\"\n\"U.S. Agency for International Development\",\"8.5\",\"9.0\",\"3.2\",\"3.3\",\"5.3\",\"5.7\",\"\",\"-\",\"-\"\n\"Food for Progress credits\",\"9.8\",\"10.2\",\"5.3\",\"5.5\",\"4.5\",\"4.7\",\"\",\"0.2\",\"(0.3)\"\n\"Direct Loans for Spectrum auction sales\",\"5.1\",\"5.3\",\"0.7\",\"-\",\"4.4\",\"5.3\",\"\",\"0.4\",\"-\"\n\"Agricultural Credit Insurance Fund\",\"4.6\",\"4.4\",\"0.7\",\"1.4\",\"3.9\",\"3.0\",\"\",\"(0.6)\",\"0.1\"\n\"Export Credit Guarantees\",\"6.7\",\"6.9\",\"3.2\",\"3.2\",\"3.5\",\"3.7\",\"\",\"-\",\"-\"\n\"Disaster Loan programs\",\"3.0\",\"3.2\",\"0.4\",\"(0.6)\",\"2.6\",\"3.8\",\"\",\"0.3\",\"0.1\"\n\"All other programs\",\"28.7\",\"28.4\",\"(0.9)\",\"(0.4)\",\"29.6\",\"28.8\",\"\",\"(0.3)\",\"0.3\"\n\"Total\",\"251.3\",\"248.9\",\"30.2\",\"29.7\",\"221.1\",\"219.2\",\"\",\"5.3\",\"1.1\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Guaranteed Loan Programs:", + "Face Value of Loans Outstanding", + "Net Loans Receivable", + "Subsidy Expense for the Fiscal Year Ended September 30", + "", + "", + "", + "", + "", + "" + ], + [ + "", + "2003", + "2002", + "2003", + "2002", + "2003", + "2002", + "", + "", + "" + ], + [ + "Federal Family Education Loans", + "213.0", + "182.0", + "15.4", + "11.7", + "", + "209.0", + "179.0", + "2.5", + "4.5" + ], + [ + "Veterans Housing Benefit program", + "213.2", + "216.1", + "4.8", + "5.6", + "", + "67.6", + "69.5", + "(1.5)", + "(0.1)" + ], + [ + "Subsidized Federal Housing Administration Loans", + "101.2", + "106.8", + "4.1", + "5.5", + "", + "85.6", + "95.8", + "0.1", + "(0.6)" + ], + [ + "Small Business Loans", + "53.6", + "50.1", + "2.5", + "1.5", + "", + "43.4", + "40.4", + "2.2", + "0.7" + ], + [ + "Unsubsidized Federal Housing Administration Loans", + "434.0", + "501.3", + "2.1", + "(1.7)", + "", + "404.4", + "467.7", + "2.5", + "(2.6)" + ], + [ + "Export-Import Bank guarantees", + "32.9", + "30.3", + "1.8", + "1.7", + "", + "32.9", + "30.3", + "0.3", + "1.8" + ], + [ + "Israeli Loan Guarantee program", + "10.8", + "9.2", + "0.7", + "0.7", + "", + "10.8", + "9.2", + "-", + "-" + ], + [ + "Overseas Private Investment Corporation Credit program", + "3.0", + "3.0", + "0.6", + "0.5", + "", + "3.0", + "3.0", + "-", + "-" + ], + [ + "Urban and Environmental program", + "2.0", + "2.1", + "0.5", + "0.4", + "", + "2.0", + "2.1", + "-", + "-" + ], + [ + "Rural Housing Service", + "13.8", + "13.9", + "0.4", + "0.3", + "", + "12.4", + "12.5", + "0.1", + "(0.1)" + ], + [ + "Health Education Assistance Loans", + "2.5", + "2.7", + "0.4", + "0.3", + "", + "2.5", + "2.7", + "0.2", + "-" + ], + [ + "Export Credit Guarantee programs", + "4.8", + "4.9", + "-", + "0.4", + "", + "4.7", + "4.7", + "(0.1)", + "-" + ], + [ + "All other programs", + "23.0", + "22.0", + "1.3", + "1.2", + "", + "20.1", + "19.3", + "0.2", + "0.2" + ], + [ + "Total", + "1,107.8", + "1,144.4", + "34.6", + "28.1", + "", + "898.4", + "936.2", + "6.5", + "3.8" + ] + ], + "md": "|Guaranteed Loan Programs:|Face Value of Loans Outstanding|Net Loans Receivable|Subsidy Expense for the Fiscal Year Ended September 30| | | | | | |\n| |2003|2002|2003|2002|2003|2002| | | |\n|Federal Family Education Loans|213.0|182.0|15.4|11.7| |209.0|179.0|2.5|4.5|\n|Veterans Housing Benefit program|213.2|216.1|4.8|5.6| |67.6|69.5|(1.5)|(0.1)|\n|Subsidized Federal Housing Administration Loans|101.2|106.8|4.1|5.5| |85.6|95.8|0.1|(0.6)|\n|Small Business Loans|53.6|50.1|2.5|1.5| |43.4|40.4|2.2|0.7|\n|Unsubsidized Federal Housing Administration Loans|434.0|501.3|2.1|(1.7)| |404.4|467.7|2.5|(2.6)|\n|Export-Import Bank guarantees|32.9|30.3|1.8|1.7| |32.9|30.3|0.3|1.8|\n|Israeli Loan Guarantee program|10.8|9.2|0.7|0.7| |10.8|9.2|-|-|\n|Overseas Private Investment Corporation Credit program|3.0|3.0|0.6|0.5| |3.0|3.0|-|-|\n|Urban and Environmental program|2.0|2.1|0.5|0.4| |2.0|2.1|-|-|\n|Rural Housing Service|13.8|13.9|0.4|0.3| |12.4|12.5|0.1|(0.1)|\n|Health Education Assistance Loans|2.5|2.7|0.4|0.3| |2.5|2.7|0.2|-|\n|Export Credit Guarantee programs|4.8|4.9|-|0.4| |4.7|4.7|(0.1)|-|\n|All other programs|23.0|22.0|1.3|1.2| |20.1|19.3|0.2|0.2|\n|Total|1,107.8|1,144.4|34.6|28.1| |898.4|936.2|6.5|3.8|", + "isPerfectTable": true, + "csv": "\"Guaranteed Loan Programs:\",\"Face Value of Loans Outstanding\",\"Net Loans Receivable\",\"Subsidy Expense for the Fiscal Year Ended September 30\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"\",\"2003\",\"2002\",\"2003\",\"2002\",\"2003\",\"2002\",\"\",\"\",\"\"\n\"Federal Family Education Loans\",\"213.0\",\"182.0\",\"15.4\",\"11.7\",\"\",\"209.0\",\"179.0\",\"2.5\",\"4.5\"\n\"Veterans Housing Benefit program\",\"213.2\",\"216.1\",\"4.8\",\"5.6\",\"\",\"67.6\",\"69.5\",\"(1.5)\",\"(0.1)\"\n\"Subsidized Federal Housing Administration Loans\",\"101.2\",\"106.8\",\"4.1\",\"5.5\",\"\",\"85.6\",\"95.8\",\"0.1\",\"(0.6)\"\n\"Small Business Loans\",\"53.6\",\"50.1\",\"2.5\",\"1.5\",\"\",\"43.4\",\"40.4\",\"2.2\",\"0.7\"\n\"Unsubsidized Federal Housing Administration Loans\",\"434.0\",\"501.3\",\"2.1\",\"(1.7)\",\"\",\"404.4\",\"467.7\",\"2.5\",\"(2.6)\"\n\"Export-Import Bank guarantees\",\"32.9\",\"30.3\",\"1.8\",\"1.7\",\"\",\"32.9\",\"30.3\",\"0.3\",\"1.8\"\n\"Israeli Loan Guarantee program\",\"10.8\",\"9.2\",\"0.7\",\"0.7\",\"\",\"10.8\",\"9.2\",\"-\",\"-\"\n\"Overseas Private Investment Corporation Credit program\",\"3.0\",\"3.0\",\"0.6\",\"0.5\",\"\",\"3.0\",\"3.0\",\"-\",\"-\"\n\"Urban and Environmental program\",\"2.0\",\"2.1\",\"0.5\",\"0.4\",\"\",\"2.0\",\"2.1\",\"-\",\"-\"\n\"Rural Housing Service\",\"13.8\",\"13.9\",\"0.4\",\"0.3\",\"\",\"12.4\",\"12.5\",\"0.1\",\"(0.1)\"\n\"Health Education Assistance Loans\",\"2.5\",\"2.7\",\"0.4\",\"0.3\",\"\",\"2.5\",\"2.7\",\"0.2\",\"-\"\n\"Export Credit Guarantee programs\",\"4.8\",\"4.9\",\"-\",\"0.4\",\"\",\"4.7\",\"4.7\",\"(0.1)\",\"-\"\n\"All other programs\",\"23.0\",\"22.0\",\"1.3\",\"1.2\",\"\",\"20.1\",\"19.3\",\"0.2\",\"0.2\"\n\"Total\",\"1,107.8\",\"1,144.4\",\"34.6\",\"28.1\",\"\",\"898.4\",\"936.2\",\"6.5\",\"3.8\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 113, + "text": "108 NOTES TO THE FINANCIAL STATEMENTS\n Net loans receivable includes related interest and foreclosed property, and is included in the assets section of\nthe balance sheets.\n The total subsidy expense is the cost of direct loans and loan guarantees recognized during the fiscal year. It\nconsists of the subsidy expense incurred for direct and guaranteed loans disbursed during the fiscal year, for\nmodifications made during the fiscal year of loans and guarantees outstanding, and for reestimates as of the end of\nthe fiscal year of the cost of loans and guarantees outstanding. This expense is included in the Statements of Net\nCost.\nMajor Loan Programs\n The Department of Education has two major education loan programs. The first major education loan program,\nthe Federal Direct Student Loan Program, established in fiscal year 1994, offers four types of education loans:\nStafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans. Evidence of financial need is required\nfor a student to receive a subsidized Stafford loan. The other three types of loans are available to borrowers at all\nincome levels. These loans usually mature 9 to 13 years after the student is no longer enrolled. They are unsecured.\nThe second major education loan program, the Federal Family Education Loan Program established in fiscal year\n1965, has guaranteed loan programs. Like the Federal Direct Student Loan Program, it offers four types of loans:\nStafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans.\n USDA, Rural Utilities Service loans are for the construction and operation of electric generating plants,\ntransmission and distribution lines, telecommunication lines, and related systems. These loans carry an average\nmaturity of greater than 20 years and are usually secured.\n The major Federal rural housing programs are funded through the Rural Housing Insurance Fund Program\naccount. These programs include:\n • Very low- and low-to-moderate-income home ownership loans and guarantees.\n • Very low-income housing repair loans.\n • Multifamily housing loans and guarantees.\n • Domestic farm labor housing loans.\n • Housing site loans.\n • Credit sales of acquired property.\n Loan programs are limited to rural areas that include towns, villages, and other places not part of an urban area.\nThe majority of these loans mature in excess of 25 years and are secured by the property of the borrower.\n The Department of Housing and Urban Development, Federal Housing Administration (FHA) provides\nmortgage insurance to encourage lenders to make credit available to expand home ownership. FHA predominately\nserves borrowers that the conventional market does not serve adequately. This includes first-time homebuyers,\nminorities, lower-income families, and residents of under-served areas.\n The VA’s Veterans Housing Benefit Program provides partial guarantee of residential mortgage loans issued to\neligible veterans, reservists and service members by private lenders. This guarantee allows veterans, reservists, and\nservice members to purchase a home without a substantial down payment.\n The Export-Import Bank aids in financing and promoting U.S. exports. To accomplish its objectives, the\nbank’s authority and resources are used to:\n • Assume commercial and political risk that exporters or private institutions are unwilling or are unable to\n undertake.\n • Overcome maturity and other limitations in private sector financing.\n • Assist U.S. exports to meet foreign officially sponsored export credit competition.\n • Provide leadership and guidance in export financing to the U.S. exporting and banking communities and to\n foreign borrowers.\n Repayment terms for these loans are usually 1 to 7 years.\n The U.S. Agency for International Development (USAID) provides economic assistance to selected countries\nin support of U.S. efforts to promote stability and security interests in strategic regions of the world.\n Other loan programs include the Small Business Administration (SBA) general business loan guarantees and\ndisaster loans; and the Farm Service Agency’s farm ownership, emergency, and disaster loans.\n Government-sponsored enterprises have the authority to request borrowings totaling $10 billion, subject to the\napproval of the Secretary of the Treasury.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nNet loans receivable includes related interest and foreclosed property, and is included in the assets section of the balance sheets.\n\nThe total subsidy expense is the cost of direct loans and loan guarantees recognized during the fiscal year. It consists of the subsidy expense incurred for direct and guaranteed loans disbursed during the fiscal year, for modifications made during the fiscal year of loans and guarantees outstanding, and for reestimates as of the end of the fiscal year of the cost of loans and guarantees outstanding. This expense is included in the Statements of Net Cost.\n\n# Major Loan Programs\n\nThe Department of Education has two major education loan programs. The first major education loan program, the Federal Direct Student Loan Program, established in fiscal year 1994, offers four types of education loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans. Evidence of financial need is required for a student to receive a subsidized Stafford loan. The other three types of loans are available to borrowers at all income levels. These loans usually mature 9 to 13 years after the student is no longer enrolled. They are unsecured.\n\nThe second major education loan program, the Federal Family Education Loan Program established in fiscal year 1965, has guaranteed loan programs. Like the Federal Direct Student Loan Program, it offers four types of loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans.\n\nUSDA, Rural Utilities Service loans are for the construction and operation of electric generating plants, transmission and distribution lines, telecommunication lines, and related systems. These loans carry an average maturity of greater than 20 years and are usually secured.\n\nThe major Federal rural housing programs are funded through the Rural Housing Insurance Fund Program account. These programs include:\n\n- Very low- and low-to-moderate-income home ownership loans and guarantees.\n- Very low-income housing repair loans.\n- Multifamily housing loans and guarantees.\n- Domestic farm labor housing loans.\n- Housing site loans.\n- Credit sales of acquired property.\n\nLoan programs are limited to rural areas that include towns, villages, and other places not part of an urban area. The majority of these loans mature in excess of 25 years and are secured by the property of the borrower.\n\nThe Department of Housing and Urban Development, Federal Housing Administration (FHA) provides mortgage insurance to encourage lenders to make credit available to expand home ownership. FHA predominately serves borrowers that the conventional market does not serve adequately. This includes first-time homebuyers, minorities, lower-income families, and residents of under-served areas.\n\nThe VA’s Veterans Housing Benefit Program provides partial guarantee of residential mortgage loans issued to eligible veterans, reservists and service members by private lenders. This guarantee allows veterans, reservists, and service members to purchase a home without a substantial down payment.\n\nThe Export-Import Bank aids in financing and promoting U.S. exports. To accomplish its objectives, the bank’s authority and resources are used to:\n\n- Assume commercial and political risk that exporters or private institutions are unwilling or are unable to undertake.\n- Overcome maturity and other limitations in private sector financing.\n- Assist U.S. exports to meet foreign officially sponsored export credit competition.\n- Provide leadership and guidance in export financing to the U.S. exporting and banking communities and to foreign borrowers.\n\nRepayment terms for these loans are usually 1 to 7 years.\n\nThe U.S. Agency for International Development (USAID) provides economic assistance to selected countries in support of U.S. efforts to promote stability and security interests in strategic regions of the world.\n\nOther loan programs include the Small Business Administration (SBA) general business loan guarantees and disaster loans; and the Farm Service Agency’s farm ownership, emergency, and disaster loans.\n\nGovernment-sponsored enterprises have the authority to request borrowings totaling $10 billion, subject to the approval of the Secretary of the Treasury.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Net loans receivable includes related interest and foreclosed property, and is included in the assets section of the balance sheets.\n\nThe total subsidy expense is the cost of direct loans and loan guarantees recognized during the fiscal year. It consists of the subsidy expense incurred for direct and guaranteed loans disbursed during the fiscal year, for modifications made during the fiscal year of loans and guarantees outstanding, and for reestimates as of the end of the fiscal year of the cost of loans and guarantees outstanding. This expense is included in the Statements of Net Cost.", + "md": "Net loans receivable includes related interest and foreclosed property, and is included in the assets section of the balance sheets.\n\nThe total subsidy expense is the cost of direct loans and loan guarantees recognized during the fiscal year. It consists of the subsidy expense incurred for direct and guaranteed loans disbursed during the fiscal year, for modifications made during the fiscal year of loans and guarantees outstanding, and for reestimates as of the end of the fiscal year of the cost of loans and guarantees outstanding. This expense is included in the Statements of Net Cost.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Major Loan Programs", + "md": "# Major Loan Programs", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Department of Education has two major education loan programs. The first major education loan program, the Federal Direct Student Loan Program, established in fiscal year 1994, offers four types of education loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans. Evidence of financial need is required for a student to receive a subsidized Stafford loan. The other three types of loans are available to borrowers at all income levels. These loans usually mature 9 to 13 years after the student is no longer enrolled. They are unsecured.\n\nThe second major education loan program, the Federal Family Education Loan Program established in fiscal year 1965, has guaranteed loan programs. Like the Federal Direct Student Loan Program, it offers four types of loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans.\n\nUSDA, Rural Utilities Service loans are for the construction and operation of electric generating plants, transmission and distribution lines, telecommunication lines, and related systems. These loans carry an average maturity of greater than 20 years and are usually secured.\n\nThe major Federal rural housing programs are funded through the Rural Housing Insurance Fund Program account. These programs include:\n\n- Very low- and low-to-moderate-income home ownership loans and guarantees.\n- Very low-income housing repair loans.\n- Multifamily housing loans and guarantees.\n- Domestic farm labor housing loans.\n- Housing site loans.\n- Credit sales of acquired property.\n\nLoan programs are limited to rural areas that include towns, villages, and other places not part of an urban area. The majority of these loans mature in excess of 25 years and are secured by the property of the borrower.\n\nThe Department of Housing and Urban Development, Federal Housing Administration (FHA) provides mortgage insurance to encourage lenders to make credit available to expand home ownership. FHA predominately serves borrowers that the conventional market does not serve adequately. This includes first-time homebuyers, minorities, lower-income families, and residents of under-served areas.\n\nThe VA’s Veterans Housing Benefit Program provides partial guarantee of residential mortgage loans issued to eligible veterans, reservists and service members by private lenders. This guarantee allows veterans, reservists, and service members to purchase a home without a substantial down payment.\n\nThe Export-Import Bank aids in financing and promoting U.S. exports. To accomplish its objectives, the bank’s authority and resources are used to:\n\n- Assume commercial and political risk that exporters or private institutions are unwilling or are unable to undertake.\n- Overcome maturity and other limitations in private sector financing.\n- Assist U.S. exports to meet foreign officially sponsored export credit competition.\n- Provide leadership and guidance in export financing to the U.S. exporting and banking communities and to foreign borrowers.\n\nRepayment terms for these loans are usually 1 to 7 years.\n\nThe U.S. Agency for International Development (USAID) provides economic assistance to selected countries in support of U.S. efforts to promote stability and security interests in strategic regions of the world.\n\nOther loan programs include the Small Business Administration (SBA) general business loan guarantees and disaster loans; and the Farm Service Agency’s farm ownership, emergency, and disaster loans.\n\nGovernment-sponsored enterprises have the authority to request borrowings totaling $10 billion, subject to the approval of the Secretary of the Treasury.", + "md": "The Department of Education has two major education loan programs. The first major education loan program, the Federal Direct Student Loan Program, established in fiscal year 1994, offers four types of education loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans. Evidence of financial need is required for a student to receive a subsidized Stafford loan. The other three types of loans are available to borrowers at all income levels. These loans usually mature 9 to 13 years after the student is no longer enrolled. They are unsecured.\n\nThe second major education loan program, the Federal Family Education Loan Program established in fiscal year 1965, has guaranteed loan programs. Like the Federal Direct Student Loan Program, it offers four types of loans: Stafford, Unsubsidized Stafford, PLUS for parents, and consolidation loans.\n\nUSDA, Rural Utilities Service loans are for the construction and operation of electric generating plants, transmission and distribution lines, telecommunication lines, and related systems. These loans carry an average maturity of greater than 20 years and are usually secured.\n\nThe major Federal rural housing programs are funded through the Rural Housing Insurance Fund Program account. These programs include:\n\n- Very low- and low-to-moderate-income home ownership loans and guarantees.\n- Very low-income housing repair loans.\n- Multifamily housing loans and guarantees.\n- Domestic farm labor housing loans.\n- Housing site loans.\n- Credit sales of acquired property.\n\nLoan programs are limited to rural areas that include towns, villages, and other places not part of an urban area. The majority of these loans mature in excess of 25 years and are secured by the property of the borrower.\n\nThe Department of Housing and Urban Development, Federal Housing Administration (FHA) provides mortgage insurance to encourage lenders to make credit available to expand home ownership. FHA predominately serves borrowers that the conventional market does not serve adequately. This includes first-time homebuyers, minorities, lower-income families, and residents of under-served areas.\n\nThe VA’s Veterans Housing Benefit Program provides partial guarantee of residential mortgage loans issued to eligible veterans, reservists and service members by private lenders. This guarantee allows veterans, reservists, and service members to purchase a home without a substantial down payment.\n\nThe Export-Import Bank aids in financing and promoting U.S. exports. To accomplish its objectives, the bank’s authority and resources are used to:\n\n- Assume commercial and political risk that exporters or private institutions are unwilling or are unable to undertake.\n- Overcome maturity and other limitations in private sector financing.\n- Assist U.S. exports to meet foreign officially sponsored export credit competition.\n- Provide leadership and guidance in export financing to the U.S. exporting and banking communities and to foreign borrowers.\n\nRepayment terms for these loans are usually 1 to 7 years.\n\nThe U.S. Agency for International Development (USAID) provides economic assistance to selected countries in support of U.S. efforts to promote stability and security interests in strategic regions of the world.\n\nOther loan programs include the Small Business Administration (SBA) general business loan guarantees and disaster loans; and the Farm Service Agency’s farm ownership, emergency, and disaster loans.\n\nGovernment-sponsored enterprises have the authority to request borrowings totaling $10 billion, subject to the approval of the Secretary of the Treasury.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 114, + "text": " NOTES TO THE FINANCIAL STATEMENTS 109\n Note 5. Taxes Receivable, Net\n Taxes receivable are the gross tax receivables net of allowance for doubtful accounts. The allowance for\n doubtful accounts is based on projections of collectibility from a statistical sample of taxes receivable. The interest\n receivable related to taxes receivable totaled $1.6 billion and $0.1 billion for the years ended September 30, 2003,\n and 2002, respectively.\n Taxes Receivable as of September 30\n (In billions of dollars) 2003 2002\n Gross taxes receivable ..................................................................... 94.4 89.4\n Allowance for doubtful accounts ....................................................... (71.5) (68.0)\n Taxes receivable, net ..................................................................... 22.9 21.4\n Note 6. Inventories and Related Property, Net\n Inventories and Related Property as of September 30\n All All\n Defense Others Total Defense Others Total\n (In billions of dollars) 2003 2002\n Inventory purchased for resale ................. 70.2 0.5 70.7 59.4 0.5 59.9\n Inventory held in reserve for future sale ... - - - 2.8 - 2.8\n Inventory and operating material and\n supplies held for repair ........................... 45.9 0.4 46.3 42.0 0.8 42.8\n Inventory—excess, obsolete and\n unserviceable ......................................... 3.8 - 3.8 4.5 - 4.5\n Operating materials and supplies held\nfor use..................................................... 117.8 4.8 122.6 74.9 4.6 79.5\n Operating materials and supplies held\n in reserve for future use ......................... 5.1 0.1 5.2 5.1 0.1 5.2\n Operating materials and supplies—\n excess, obsolete and unserviceable ...... 3.7 0.1 3.8 1.9 0.1 2.0\n Stockpile materials .................................... 1.8 40.0 41.8 2.1 38.3 40.4\n Other related property............................... 1.9 3.0 4.9 2.3 3.7 6.0\n Total allowance for inventories and\n related property ...................................... (56.0) (1.9) (57.9) (48.9) (2.0) (50.9)\n Total inventories and related property, net .. 194.2 47.0 241.2 146.1 46.1 192.2\n Inventory is tangible personal property that is (1) held for sale, principally to Federal agencies, (2) in the\n process of production for sale, or (3) to be consumed in the production of goods for sale or in the provision of\n services for a fee.\n The inventory and related property for DOD had a net increase this year of $48.6 billion ($66.5 billion due to\n the transfer of operating materials and supplies from stewardship’s national defense assets to the balance sheet,\n minus $17.9 billion of operating materials and supplies used during the year). These transfers are not a reconciling\n item on the Reconciliations of Net Operating Cost and Unified Budget Deficit.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 5. Taxes Receivable, Net\n\nTaxes receivable are the gross tax receivables net of allowance for doubtful accounts. The allowance for doubtful accounts is based on projections of collectibility from a statistical sample of taxes receivable. The interest receivable related to taxes receivable totaled $1.6 billion and $0.1 billion for the years ended September 30, 2003, and 2002, respectively.\n\n# Taxes Receivable as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Gross taxes receivable|94.4|89.4|\n|Allowance for doubtful accounts|(71.5)|(68.0)|\n|Taxes receivable, net|22.9|21.4|\n\n# Note 6. Inventories and Related Property, Net\n\n# Inventories and Related Property as of September 30\n\n|(In billions of dollars)|All Defense|All Others|Total|Defense|Others|Total|\n|---|---|---|---|---|---|---|\n|Inventory purchased for resale|70.2|0.5|70.7|59.4|0.5|59.9|\n|Inventory held in reserve for future sale|-|-|-|2.8|-|2.8|\n|Inventory and operating material and supplies held for repair|45.9|0.4|46.3|42.0|0.8|42.8|\n|Inventory—excess, obsolete and unserviceable|3.8|-|3.8|4.5|-|4.5|\n|Operating materials and supplies held for use|117.8|4.8|122.6|74.9|4.6|79.5|\n|Operating materials and supplies held in reserve for future use|5.1|0.1|5.2|5.1|0.1|5.2|\n|Operating materials and supplies—excess, obsolete and unserviceable|3.7|0.1|3.8|1.9|0.1|2.0|\n|Stockpile materials|1.8|40.0|41.8|2.1|38.3|40.4|\n|Other related property|1.9|3.0|4.9|2.3|3.7|6.0|\n|Total allowance for inventories and related property|(56.0)|(1.9)|(57.9)|(48.9)|(2.0)|(50.9)|\n|Total inventories and related property, net|194.2|47.0|241.2|146.1|46.1|192.2|\n\nInventory is tangible personal property that is (1) held for sale, principally to Federal agencies, (2) in the process of production for sale, or (3) to be consumed in the production of goods for sale or in the provision of services for a fee.\n\nThe inventory and related property for DOD had a net increase this year of $48.6 billion ($66.5 billion due to the transfer of operating materials and supplies from stewardship’s national defense assets to the balance sheet, minus $17.9 billion of operating materials and supplies used during the year). These transfers are not a reconciling item on the Reconciliations of Net Operating Cost and Unified Budget Deficit.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 5. Taxes Receivable, Net", + "md": "# Note 5. Taxes Receivable, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Taxes receivable are the gross tax receivables net of allowance for doubtful accounts. The allowance for doubtful accounts is based on projections of collectibility from a statistical sample of taxes receivable. The interest receivable related to taxes receivable totaled $1.6 billion and $0.1 billion for the years ended September 30, 2003, and 2002, respectively.", + "md": "Taxes receivable are the gross tax receivables net of allowance for doubtful accounts. The allowance for doubtful accounts is based on projections of collectibility from a statistical sample of taxes receivable. The interest receivable related to taxes receivable totaled $1.6 billion and $0.1 billion for the years ended September 30, 2003, and 2002, respectively.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Taxes Receivable as of September 30", + "md": "# Taxes Receivable as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "Gross taxes receivable", + "94.4", + "89.4" + ], + [ + "Allowance for doubtful accounts", + "(71.5)", + "(68.0)" + ], + [ + "Taxes receivable, net", + "22.9", + "21.4" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Gross taxes receivable|94.4|89.4|\n|Allowance for doubtful accounts|(71.5)|(68.0)|\n|Taxes receivable, net|22.9|21.4|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Gross taxes receivable\",\"94.4\",\"89.4\"\n\"Allowance for doubtful accounts\",\"(71.5)\",\"(68.0)\"\n\"Taxes receivable, net\",\"22.9\",\"21.4\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 6. Inventories and Related Property, Net", + "md": "# Note 6. Inventories and Related Property, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Inventories and Related Property as of September 30", + "md": "# Inventories and Related Property as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "All Defense", + "All Others", + "Total", + "Defense", + "Others", + "Total" + ], + [ + "Inventory purchased for resale", + "70.2", + "0.5", + "70.7", + "59.4", + "0.5", + "59.9" + ], + [ + "Inventory held in reserve for future sale", + "-", + "-", + "-", + "2.8", + "-", + "2.8" + ], + [ + "Inventory and operating material and supplies held for repair", + "45.9", + "0.4", + "46.3", + "42.0", + "0.8", + "42.8" + ], + [ + "Inventory—excess, obsolete and unserviceable", + "3.8", + "-", + "3.8", + "4.5", + "-", + "4.5" + ], + [ + "Operating materials and supplies held for use", + "117.8", + "4.8", + "122.6", + "74.9", + "4.6", + "79.5" + ], + [ + "Operating materials and supplies held in reserve for future use", + "5.1", + "0.1", + "5.2", + "5.1", + "0.1", + "5.2" + ], + [ + "Operating materials and supplies—excess, obsolete and unserviceable", + "3.7", + "0.1", + "3.8", + "1.9", + "0.1", + "2.0" + ], + [ + "Stockpile materials", + "1.8", + "40.0", + "41.8", + "2.1", + "38.3", + "40.4" + ], + [ + "Other related property", + "1.9", + "3.0", + "4.9", + "2.3", + "3.7", + "6.0" + ], + [ + "Total allowance for inventories and related property", + "(56.0)", + "(1.9)", + "(57.9)", + "(48.9)", + "(2.0)", + "(50.9)" + ], + [ + "Total inventories and related property, net", + "194.2", + "47.0", + "241.2", + "146.1", + "46.1", + "192.2" + ] + ], + "md": "|(In billions of dollars)|All Defense|All Others|Total|Defense|Others|Total|\n|Inventory purchased for resale|70.2|0.5|70.7|59.4|0.5|59.9|\n|Inventory held in reserve for future sale|-|-|-|2.8|-|2.8|\n|Inventory and operating material and supplies held for repair|45.9|0.4|46.3|42.0|0.8|42.8|\n|Inventory—excess, obsolete and unserviceable|3.8|-|3.8|4.5|-|4.5|\n|Operating materials and supplies held for use|117.8|4.8|122.6|74.9|4.6|79.5|\n|Operating materials and supplies held in reserve for future use|5.1|0.1|5.2|5.1|0.1|5.2|\n|Operating materials and supplies—excess, obsolete and unserviceable|3.7|0.1|3.8|1.9|0.1|2.0|\n|Stockpile materials|1.8|40.0|41.8|2.1|38.3|40.4|\n|Other related property|1.9|3.0|4.9|2.3|3.7|6.0|\n|Total allowance for inventories and related property|(56.0)|(1.9)|(57.9)|(48.9)|(2.0)|(50.9)|\n|Total inventories and related property, net|194.2|47.0|241.2|146.1|46.1|192.2|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"All Defense\",\"All Others\",\"Total\",\"Defense\",\"Others\",\"Total\"\n\"Inventory purchased for resale\",\"70.2\",\"0.5\",\"70.7\",\"59.4\",\"0.5\",\"59.9\"\n\"Inventory held in reserve for future sale\",\"-\",\"-\",\"-\",\"2.8\",\"-\",\"2.8\"\n\"Inventory and operating material and supplies held for repair\",\"45.9\",\"0.4\",\"46.3\",\"42.0\",\"0.8\",\"42.8\"\n\"Inventory—excess, obsolete and unserviceable\",\"3.8\",\"-\",\"3.8\",\"4.5\",\"-\",\"4.5\"\n\"Operating materials and supplies held for use\",\"117.8\",\"4.8\",\"122.6\",\"74.9\",\"4.6\",\"79.5\"\n\"Operating materials and supplies held in reserve for future use\",\"5.1\",\"0.1\",\"5.2\",\"5.1\",\"0.1\",\"5.2\"\n\"Operating materials and supplies—excess, obsolete and unserviceable\",\"3.7\",\"0.1\",\"3.8\",\"1.9\",\"0.1\",\"2.0\"\n\"Stockpile materials\",\"1.8\",\"40.0\",\"41.8\",\"2.1\",\"38.3\",\"40.4\"\n\"Other related property\",\"1.9\",\"3.0\",\"4.9\",\"2.3\",\"3.7\",\"6.0\"\n\"Total allowance for inventories and related property\",\"(56.0)\",\"(1.9)\",\"(57.9)\",\"(48.9)\",\"(2.0)\",\"(50.9)\"\n\"Total inventories and related property, net\",\"194.2\",\"47.0\",\"241.2\",\"146.1\",\"46.1\",\"192.2\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Inventory is tangible personal property that is (1) held for sale, principally to Federal agencies, (2) in the process of production for sale, or (3) to be consumed in the production of goods for sale or in the provision of services for a fee.\n\nThe inventory and related property for DOD had a net increase this year of $48.6 billion ($66.5 billion due to the transfer of operating materials and supplies from stewardship’s national defense assets to the balance sheet, minus $17.9 billion of operating materials and supplies used during the year). These transfers are not a reconciling item on the Reconciliations of Net Operating Cost and Unified Budget Deficit.", + "md": "Inventory is tangible personal property that is (1) held for sale, principally to Federal agencies, (2) in the process of production for sale, or (3) to be consumed in the production of goods for sale or in the provision of services for a fee.\n\nThe inventory and related property for DOD had a net increase this year of $48.6 billion ($66.5 billion due to the transfer of operating materials and supplies from stewardship’s national defense assets to the balance sheet, minus $17.9 billion of operating materials and supplies used during the year). These transfers are not a reconciling item on the Reconciliations of Net Operating Cost and Unified Budget Deficit.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 115, + "text": "110 NOTES TO THE FINANCIAL STATEMENTS\n Inventory purchased for resale is the cost or value of tangible personal property purchased by an agency for\nresale. DOD, which accounts for nearly all of the inventory purchased for resale and future sale in the Government,\ngenerally uses the Latest Acquisition Cost (LAC) method, which is revalued for holding gains and losses.\n Inventory held in reserve for future sale is inventory not readily available, or inventory that will be needed in\nthe future.\n Inventory and operating materials and supplies held for repair are damaged inventory that require repair to make\nthem suitable for sale (inventory) or is more economic to repair than to dispose of (operating materials and supplies).\n Inventory—excess, obsolete, and unserviceable:\n • Excess inventory is that which exceeds the demand expected in the normal course of operations and which does\n not meet management’s criteria to be held in reserve for future sale.\n • Obsolete inventory is that which no longer is needed due to changes in technology, laws, customs, or operations.\n • Unserviceable inventory is inventory damaged beyond economic repair.\n Excess, obsolete, and unserviceable inventory is reported at net realizable value.\n Operating materials and supplies held for use are tangible personal property to be consumed in normal operations.\n Operating materials and supplies held in reserve for future use are materials retained because they are not\nreadily available in the market or because they will not be used in the normal course of operations, but there is more\nthan a remote chance that they will eventually be needed. DOD, which accounts for most of the reported operating\nmaterials and supplies held for use, uses LAC and Standard Price under the purchase and consumption methods of\naccounting and does not adjust for holding gains and losses, which does not approximate historical cost. A net\naddition of $48.6 billion was added to operating materials and supplies, the majority of this increase as a result of\nSFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment effective in May 2003.\n Operating materials and supplies—excess, obsolete, and unserviceable:\n • Excess operating materials and supplies are materials that exceed the demand expected in the normal course of\n operations, and do not meet management’s criteria to be held in reserve for future use.\n • Obsolete operating materials and supplies are materials no longer needed due to changes in technology, laws,\n customs, or operations.\n • Unserviceable operating materials and supplies are materials damaged beyond economic repair.\n DOD, which accounts for most of the reported excess, obsolete, and unserviceable operating materials and\nsupplies, does not value excess, obsolete, and unserviceable operating materials and supplies at net realizable value.\n Stockpile materials include strategic and critical materials held in reserve for use in national defense,\nconservation, or national emergencies due to statutory requirements; for example, nuclear materials and oil, and\nstockpile materials that are authorized to be sold. The amount reported by the DOD is stockpile materials held for\nsale, and the amount reported in all others is stockpile materials held in reserve, and is reported by the Department\nof Energy (DOE).\n Other related property:\n • Commodities include items of commerce or trade that have an exchange value used to stabilize or support\n market prices.\n • Seized monetary instruments are comprised of only monetary instruments that are awaiting judgment to\n determine ownership. The related liability is included in other liabilities. Other property seized by the\n Government, such as real property and tangible personal property, is not included as a Government asset. It is\n accounted for in agency property-management records until the property is forfeited, returned, or otherwise\n liquidated.\n • Forfeited property is comprised of monetary instruments, intangible property, real property, and tangible\n personal property acquired through forfeiture proceedings; property acquired by the Government to satisfy a tax\n liability; and unclaimed and abandoned merchandise.\n • Other property not classified above.\n Note 7. Property, Plant, and Equipment, Net\n The category of property, plant, and equipment consists of tangible assets including land, buildings, structures,\nautomated data processing software, and other assets used to provide goods and services.\n SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment was effective in\nMay 2003. This standard, which is effective for accounting periods beginning after September 30, 2002, establishes\ngenerally accepted accounting principles for valuing and reporting DOD’s military equipment (e.g., ships, aircraft,\ncombat vehicles, weapons) in Federal financial statements. The standard requires the capitalization and depreciation", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nInventory purchased for resale is the cost or value of tangible personal property purchased by an agency for resale. DOD, which accounts for nearly all of the inventory purchased for resale and future sale in the Government, generally uses the Latest Acquisition Cost (LAC) method, which is revalued for holding gains and losses.\n\nInventory held in reserve for future sale is inventory not readily available, or inventory that will be needed in the future.\n\nInventory and operating materials and supplies held for repair are damaged inventory that require repair to make them suitable for sale (inventory) or is more economic to repair than to dispose of (operating materials and supplies).\n\n# Inventory—excess, obsolete, and unserviceable:\n\n- Excess inventory is that which exceeds the demand expected in the normal course of operations and which does not meet management’s criteria to be held in reserve for future sale.\n- Obsolete inventory is that which no longer is needed due to changes in technology, laws, customs, or operations.\n- Unserviceable inventory is inventory damaged beyond economic repair.\n\nExcess, obsolete, and unserviceable inventory is reported at net realizable value.\n\nOperating materials and supplies held for use are tangible personal property to be consumed in normal operations.\n\nOperating materials and supplies held in reserve for future use are materials retained because they are not readily available in the market or because they will not be used in the normal course of operations, but there is more than a remote chance that they will eventually be needed. DOD, which accounts for most of the reported operating materials and supplies held for use, uses LAC and Standard Price under the purchase and consumption methods of accounting and does not adjust for holding gains and losses, which does not approximate historical cost. A net addition of $48.6 billion was added to operating materials and supplies, the majority of this increase as a result of SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment effective in May 2003.\n\n# Operating materials and supplies—excess, obsolete, and unserviceable:\n\n- Excess operating materials and supplies are materials that exceed the demand expected in the normal course of operations, and do not meet management’s criteria to be held in reserve for future use.\n- Obsolete operating materials and supplies are materials no longer needed due to changes in technology, laws, customs, or operations.\n- Unserviceable operating materials and supplies are materials damaged beyond economic repair.\n\nDOD, which accounts for most of the reported excess, obsolete, and unserviceable operating materials and supplies, does not value excess, obsolete, and unserviceable operating materials and supplies at net realizable value.\n\nStockpile materials include strategic and critical materials held in reserve for use in national defense, conservation, or national emergencies due to statutory requirements; for example, nuclear materials and oil, and stockpile materials that are authorized to be sold. The amount reported by the DOD is stockpile materials held for sale, and the amount reported in all others is stockpile materials held in reserve, and is reported by the Department of Energy (DOE).\n\n# Other related property:\n\n- Commodities include items of commerce or trade that have an exchange value used to stabilize or support market prices.\n- Seized monetary instruments are comprised of only monetary instruments that are awaiting judgment to determine ownership. The related liability is included in other liabilities. Other property seized by the Government, such as real property and tangible personal property, is not included as a Government asset. It is accounted for in agency property-management records until the property is forfeited, returned, or otherwise liquidated.\n- Forfeited property is comprised of monetary instruments, intangible property, real property, and tangible personal property acquired through forfeiture proceedings; property acquired by the Government to satisfy a tax liability; and unclaimed and abandoned merchandise.\n- Other property not classified above.\n\n# Note 7. Property, Plant, and Equipment, Net\n\nThe category of property, plant, and equipment consists of tangible assets including land, buildings, structures, automated data processing software, and other assets used to provide goods and services.\n\nSFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment was effective in May 2003. This standard, which is effective for accounting periods beginning after September 30, 2002, establishes generally accepted accounting principles for valuing and reporting DOD’s military equipment (e.g., ships, aircraft, combat vehicles, weapons) in Federal financial statements. The standard requires the capitalization and depreciation.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Inventory purchased for resale is the cost or value of tangible personal property purchased by an agency for resale. DOD, which accounts for nearly all of the inventory purchased for resale and future sale in the Government, generally uses the Latest Acquisition Cost (LAC) method, which is revalued for holding gains and losses.\n\nInventory held in reserve for future sale is inventory not readily available, or inventory that will be needed in the future.\n\nInventory and operating materials and supplies held for repair are damaged inventory that require repair to make them suitable for sale (inventory) or is more economic to repair than to dispose of (operating materials and supplies).", + "md": "Inventory purchased for resale is the cost or value of tangible personal property purchased by an agency for resale. DOD, which accounts for nearly all of the inventory purchased for resale and future sale in the Government, generally uses the Latest Acquisition Cost (LAC) method, which is revalued for holding gains and losses.\n\nInventory held in reserve for future sale is inventory not readily available, or inventory that will be needed in the future.\n\nInventory and operating materials and supplies held for repair are damaged inventory that require repair to make them suitable for sale (inventory) or is more economic to repair than to dispose of (operating materials and supplies).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Inventory—excess, obsolete, and unserviceable:", + "md": "# Inventory—excess, obsolete, and unserviceable:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Excess inventory is that which exceeds the demand expected in the normal course of operations and which does not meet management’s criteria to be held in reserve for future sale.\n- Obsolete inventory is that which no longer is needed due to changes in technology, laws, customs, or operations.\n- Unserviceable inventory is inventory damaged beyond economic repair.\n\nExcess, obsolete, and unserviceable inventory is reported at net realizable value.\n\nOperating materials and supplies held for use are tangible personal property to be consumed in normal operations.\n\nOperating materials and supplies held in reserve for future use are materials retained because they are not readily available in the market or because they will not be used in the normal course of operations, but there is more than a remote chance that they will eventually be needed. DOD, which accounts for most of the reported operating materials and supplies held for use, uses LAC and Standard Price under the purchase and consumption methods of accounting and does not adjust for holding gains and losses, which does not approximate historical cost. A net addition of $48.6 billion was added to operating materials and supplies, the majority of this increase as a result of SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment effective in May 2003.", + "md": "- Excess inventory is that which exceeds the demand expected in the normal course of operations and which does not meet management’s criteria to be held in reserve for future sale.\n- Obsolete inventory is that which no longer is needed due to changes in technology, laws, customs, or operations.\n- Unserviceable inventory is inventory damaged beyond economic repair.\n\nExcess, obsolete, and unserviceable inventory is reported at net realizable value.\n\nOperating materials and supplies held for use are tangible personal property to be consumed in normal operations.\n\nOperating materials and supplies held in reserve for future use are materials retained because they are not readily available in the market or because they will not be used in the normal course of operations, but there is more than a remote chance that they will eventually be needed. DOD, which accounts for most of the reported operating materials and supplies held for use, uses LAC and Standard Price under the purchase and consumption methods of accounting and does not adjust for holding gains and losses, which does not approximate historical cost. A net addition of $48.6 billion was added to operating materials and supplies, the majority of this increase as a result of SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment effective in May 2003.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Operating materials and supplies—excess, obsolete, and unserviceable:", + "md": "# Operating materials and supplies—excess, obsolete, and unserviceable:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Excess operating materials and supplies are materials that exceed the demand expected in the normal course of operations, and do not meet management’s criteria to be held in reserve for future use.\n- Obsolete operating materials and supplies are materials no longer needed due to changes in technology, laws, customs, or operations.\n- Unserviceable operating materials and supplies are materials damaged beyond economic repair.\n\nDOD, which accounts for most of the reported excess, obsolete, and unserviceable operating materials and supplies, does not value excess, obsolete, and unserviceable operating materials and supplies at net realizable value.\n\nStockpile materials include strategic and critical materials held in reserve for use in national defense, conservation, or national emergencies due to statutory requirements; for example, nuclear materials and oil, and stockpile materials that are authorized to be sold. The amount reported by the DOD is stockpile materials held for sale, and the amount reported in all others is stockpile materials held in reserve, and is reported by the Department of Energy (DOE).", + "md": "- Excess operating materials and supplies are materials that exceed the demand expected in the normal course of operations, and do not meet management’s criteria to be held in reserve for future use.\n- Obsolete operating materials and supplies are materials no longer needed due to changes in technology, laws, customs, or operations.\n- Unserviceable operating materials and supplies are materials damaged beyond economic repair.\n\nDOD, which accounts for most of the reported excess, obsolete, and unserviceable operating materials and supplies, does not value excess, obsolete, and unserviceable operating materials and supplies at net realizable value.\n\nStockpile materials include strategic and critical materials held in reserve for use in national defense, conservation, or national emergencies due to statutory requirements; for example, nuclear materials and oil, and stockpile materials that are authorized to be sold. The amount reported by the DOD is stockpile materials held for sale, and the amount reported in all others is stockpile materials held in reserve, and is reported by the Department of Energy (DOE).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other related property:", + "md": "# Other related property:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Commodities include items of commerce or trade that have an exchange value used to stabilize or support market prices.\n- Seized monetary instruments are comprised of only monetary instruments that are awaiting judgment to determine ownership. The related liability is included in other liabilities. Other property seized by the Government, such as real property and tangible personal property, is not included as a Government asset. It is accounted for in agency property-management records until the property is forfeited, returned, or otherwise liquidated.\n- Forfeited property is comprised of monetary instruments, intangible property, real property, and tangible personal property acquired through forfeiture proceedings; property acquired by the Government to satisfy a tax liability; and unclaimed and abandoned merchandise.\n- Other property not classified above.", + "md": "- Commodities include items of commerce or trade that have an exchange value used to stabilize or support market prices.\n- Seized monetary instruments are comprised of only monetary instruments that are awaiting judgment to determine ownership. The related liability is included in other liabilities. Other property seized by the Government, such as real property and tangible personal property, is not included as a Government asset. It is accounted for in agency property-management records until the property is forfeited, returned, or otherwise liquidated.\n- Forfeited property is comprised of monetary instruments, intangible property, real property, and tangible personal property acquired through forfeiture proceedings; property acquired by the Government to satisfy a tax liability; and unclaimed and abandoned merchandise.\n- Other property not classified above.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 7. Property, Plant, and Equipment, Net", + "md": "# Note 7. Property, Plant, and Equipment, Net", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The category of property, plant, and equipment consists of tangible assets including land, buildings, structures, automated data processing software, and other assets used to provide goods and services.\n\nSFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment was effective in May 2003. This standard, which is effective for accounting periods beginning after September 30, 2002, establishes generally accepted accounting principles for valuing and reporting DOD’s military equipment (e.g., ships, aircraft, combat vehicles, weapons) in Federal financial statements. The standard requires the capitalization and depreciation.", + "md": "The category of property, plant, and equipment consists of tangible assets including land, buildings, structures, automated data processing software, and other assets used to provide goods and services.\n\nSFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment was effective in May 2003. This standard, which is effective for accounting periods beginning after September 30, 2002, establishes generally accepted accounting principles for valuing and reporting DOD’s military equipment (e.g., ships, aircraft, combat vehicles, weapons) in Federal financial statements. The standard requires the capitalization and depreciation.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 116, + "text": " NOTES TO THE FINANCIAL STATEMENTS 111\n of the cost of DOD’s military equipment, including the cost of modifications and upgrades. National defense assets\n have been removed from Stewardship Information and most are included on the balance sheet as part of property,\n plant, and equipment. Due to DOD’s large asset increase from last year, the total property, plant, and equipment\n information has been separated into two tables by fiscal year.\n Property, plant, and equipment increased by $333.5 billion (102.71 percent) from yearend fiscal year 2002,\n mostly due to military equipment transferred from Stewardship that increased by $316.6 billion (book value) and\n equipment with a book value of $8.5 billion added during the year. DOD has estimated the total acquisition cost of\n military equipment at $1,123.5 billion with an accumulated depreciation of $798.4 billion, for a net book value of\n $325.1 billion.\n Property, Plant, and Equipment as of September 30, 2003\n Accumulated\n Depreciation/\n Cost Amortization Net\n All All All\n (In billions of dollars) Defense Others Defense Others Defense Others\n Buildings, structures, and\nfacilities.................................... 159.5 168.0 83.1 80.3 76.4 87.7\n Furniture, fixtures, and\n equipment................................ 1,163.1 152.3 825.2 82.6 337.9 69.7\n Construction in progress ............ 19.4 37.5 N/A N/A 19.4 37.5\n Land ........................................... 9.7 10.1 N/A N/A 9.7 10.1\n Automated data processing\n software ................................... 5.0 5.2 2.6 1.5 2.4 3.7\n Assets under capital lease ......... 0.6 1.4 0.3 0.4 0.3 1.0\n Leasehold improvements........... 0.2 3.4 0.1 1.7 0.1 1.7\n Other property, plant, and 0.1 0.5 - - 0.1 0.5\n equipment................................\n Subtotal ................................... 1,357.6 378.4 911.3 166.5 446.3 211.9\n Total property, plant, and\n equipment, net ...................... 1,736.0 1,077.8 658.2", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nof the cost of DOD’s military equipment, including the cost of modifications and upgrades. National defense assets have been removed from Stewardship Information and most are included on the balance sheet as part of property, plant, and equipment. Due to DOD’s large asset increase from last year, the total property, plant, and equipment information has been separated into two tables by fiscal year.\n\nProperty, plant, and equipment increased by $333.5 billion (102.71 percent) from yearend fiscal year 2002, mostly due to military equipment transferred from Stewardship that increased by $316.6 billion (book value) and equipment with a book value of $8.5 billion added during the year. DOD has estimated the total acquisition cost of military equipment at $1,123.5 billion with an accumulated depreciation of $798.4 billion, for a net book value of $325.1 billion.\n\n# Property, Plant, and Equipment as of September 30, 2003\n\n|(In billions of dollars)|Cost|Accumulated Depreciation/Amortization| |Net| | |\n|---|---|---|---|---|---|---|\n|All Defense|Others|All Defense|Others|All Defense|Others| |\n|Buildings, structures, and facilities|159.5|168.0|83.1|80.3|76.4|87.7|\n|Furniture, fixtures, and equipment|1,163.1|152.3|825.2|82.6|337.9|69.7|\n|Construction in progress|19.4|37.5|N/A|N/A|19.4|37.5|\n|Land|9.7|10.1|N/A|N/A|9.7|10.1|\n|Automated data processing software|5.0|5.2|2.6|1.5|2.4|3.7|\n|Assets under capital lease|0.6|1.4|0.3|0.4|0.3|1.0|\n|Leasehold improvements|0.2|3.4|0.1|1.7|0.1|1.7|\n|Other property, plant, and equipment|0.1|0.5|-|-|0.1|0.5|\n|Subtotal|1,357.6|378.4|911.3|166.5|446.3|211.9|\n|Total property, plant, and equipment, net|1,736.0| |1,077.8| |658.2| |", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "of the cost of DOD’s military equipment, including the cost of modifications and upgrades. National defense assets have been removed from Stewardship Information and most are included on the balance sheet as part of property, plant, and equipment. Due to DOD’s large asset increase from last year, the total property, plant, and equipment information has been separated into two tables by fiscal year.\n\nProperty, plant, and equipment increased by $333.5 billion (102.71 percent) from yearend fiscal year 2002, mostly due to military equipment transferred from Stewardship that increased by $316.6 billion (book value) and equipment with a book value of $8.5 billion added during the year. DOD has estimated the total acquisition cost of military equipment at $1,123.5 billion with an accumulated depreciation of $798.4 billion, for a net book value of $325.1 billion.", + "md": "of the cost of DOD’s military equipment, including the cost of modifications and upgrades. National defense assets have been removed from Stewardship Information and most are included on the balance sheet as part of property, plant, and equipment. Due to DOD’s large asset increase from last year, the total property, plant, and equipment information has been separated into two tables by fiscal year.\n\nProperty, plant, and equipment increased by $333.5 billion (102.71 percent) from yearend fiscal year 2002, mostly due to military equipment transferred from Stewardship that increased by $316.6 billion (book value) and equipment with a book value of $8.5 billion added during the year. DOD has estimated the total acquisition cost of military equipment at $1,123.5 billion with an accumulated depreciation of $798.4 billion, for a net book value of $325.1 billion.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Property, Plant, and Equipment as of September 30, 2003", + "md": "# Property, Plant, and Equipment as of September 30, 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Cost", + "Accumulated Depreciation/Amortization", + "", + "Net", + "", + "" + ], + [ + "All Defense", + "Others", + "All Defense", + "Others", + "All Defense", + "Others", + "" + ], + [ + "Buildings, structures, and facilities", + "159.5", + "168.0", + "83.1", + "80.3", + "76.4", + "87.7" + ], + [ + "Furniture, fixtures, and equipment", + "1,163.1", + "152.3", + "825.2", + "82.6", + "337.9", + "69.7" + ], + [ + "Construction in progress", + "19.4", + "37.5", + "N/A", + "N/A", + "19.4", + "37.5" + ], + [ + "Land", + "9.7", + "10.1", + "N/A", + "N/A", + "9.7", + "10.1" + ], + [ + "Automated data processing software", + "5.0", + "5.2", + "2.6", + "1.5", + "2.4", + "3.7" + ], + [ + "Assets under capital lease", + "0.6", + "1.4", + "0.3", + "0.4", + "0.3", + "1.0" + ], + [ + "Leasehold improvements", + "0.2", + "3.4", + "0.1", + "1.7", + "0.1", + "1.7" + ], + [ + "Other property, plant, and equipment", + "0.1", + "0.5", + "-", + "-", + "0.1", + "0.5" + ], + [ + "Subtotal", + "1,357.6", + "378.4", + "911.3", + "166.5", + "446.3", + "211.9" + ], + [ + "Total property, plant, and equipment, net", + "1,736.0", + "", + "1,077.8", + "", + "658.2", + "" + ] + ], + "md": "|(In billions of dollars)|Cost|Accumulated Depreciation/Amortization| |Net| | |\n|All Defense|Others|All Defense|Others|All Defense|Others| |\n|Buildings, structures, and facilities|159.5|168.0|83.1|80.3|76.4|87.7|\n|Furniture, fixtures, and equipment|1,163.1|152.3|825.2|82.6|337.9|69.7|\n|Construction in progress|19.4|37.5|N/A|N/A|19.4|37.5|\n|Land|9.7|10.1|N/A|N/A|9.7|10.1|\n|Automated data processing software|5.0|5.2|2.6|1.5|2.4|3.7|\n|Assets under capital lease|0.6|1.4|0.3|0.4|0.3|1.0|\n|Leasehold improvements|0.2|3.4|0.1|1.7|0.1|1.7|\n|Other property, plant, and equipment|0.1|0.5|-|-|0.1|0.5|\n|Subtotal|1,357.6|378.4|911.3|166.5|446.3|211.9|\n|Total property, plant, and equipment, net|1,736.0| |1,077.8| |658.2| |", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Cost\",\"Accumulated Depreciation/Amortization\",\"\",\"Net\",\"\",\"\"\n\"All Defense\",\"Others\",\"All Defense\",\"Others\",\"All Defense\",\"Others\",\"\"\n\"Buildings, structures, and facilities\",\"159.5\",\"168.0\",\"83.1\",\"80.3\",\"76.4\",\"87.7\"\n\"Furniture, fixtures, and equipment\",\"1,163.1\",\"152.3\",\"825.2\",\"82.6\",\"337.9\",\"69.7\"\n\"Construction in progress\",\"19.4\",\"37.5\",\"N/A\",\"N/A\",\"19.4\",\"37.5\"\n\"Land\",\"9.7\",\"10.1\",\"N/A\",\"N/A\",\"9.7\",\"10.1\"\n\"Automated data processing software\",\"5.0\",\"5.2\",\"2.6\",\"1.5\",\"2.4\",\"3.7\"\n\"Assets under capital lease\",\"0.6\",\"1.4\",\"0.3\",\"0.4\",\"0.3\",\"1.0\"\n\"Leasehold improvements\",\"0.2\",\"3.4\",\"0.1\",\"1.7\",\"0.1\",\"1.7\"\n\"Other property, plant, and equipment\",\"0.1\",\"0.5\",\"-\",\"-\",\"0.1\",\"0.5\"\n\"Subtotal\",\"1,357.6\",\"378.4\",\"911.3\",\"166.5\",\"446.3\",\"211.9\"\n\"Total property, plant, and equipment, net\",\"1,736.0\",\"\",\"1,077.8\",\"\",\"658.2\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 117, + "text": "112 NOTES TO THE FINANCIAL STATEMENTS\n Property, Plant, and Equipment as of September 30, 2002\n Accumulated\n Depreciation/\n Cost Amortization Net\n All All All\n (In billions of dollars) Defense Others Defense Others Defense Others\n Buildings, structures, and 1 1 1 1 1 1\n facilities.................................... 151.8 166.8 78.3 76.3 73.5 90.5\n Furniture, fixtures, and\n equipment................................ 33.4 144.0 22.8 76.2 10.6 67.8\n Construction in progress ............ 26.8 34.7 - - 26.8 34.7\n Land ........................................... 9.5¹ 4.2¹ -¹ -¹ 9.5¹ 4.2¹\n Automated data processing\n software ................................... 3.5 3.4 2.1 1.1 1.4 2.3\n Assets under capital lease ......... 0.6 1.3 0.3 0.4 0.3 0.9\n Leasehold improvements........... 0.2 3.1 0.1 1.5 0.1 1.6\n Other property, plant, and\n equipment................................ 0.1 0.4 - - 0.1 0.4\n Subtotal ................................... 225.9 357.9 103.6 155.5 122.3 202.4\n Total property, plant, and\n equipment, net ...................... 583.8 259.1 324.7\n 1 Reclassified.\n Note 8. Other Assets\n Other Assets as of September 30\n (In billions of dollars) 2003 2002\n Securities and investments: .................................................................\n All other ................................................................................................. 37.7 28.5¹\n NRRIT² .................................................................................................. 19.4 -\n Advances and prepayments .................................................................... 26.1 22.9\n Other ........................................................................................................ 13.9 14.0¹\n Total other assets.................................................................................. 97.1 65.4\n 1Reclassified.\n 2For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n Securities and investments are presented at cost, net of unamortized premiums and discounts. The increase in\nsecurities and investments was primarily related to the transfer of Railroad Retirement Program funds to the NRRIT\nand the conversion of nonmarketable intragovernmental securities to public securities purchased on the open market.\nAs discussed in the Stewardship Information section of this report, the NRRIT manages and invests railroad\nretirement assets that are to be used to pay retirement benefits to the Nation’s railroad workers under the Railroad\nRetirement Program, a social insurance program.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Property, Plant, and Equipment as of September 30, 2002\n\n|(In billions of dollars)|Defense|Others|Net| | | |\n|---|---|---|---|---|---|---|\n| |Cost|Accumulated Depreciation/Amortization|Cost|Accumulated Depreciation/Amortization|Cost|Accumulated Depreciation/Amortization|\n|Buildings, structures, and facilities|151.8|78.3|166.8|76.3|73.5|90.5|\n|Furniture, fixtures, and equipment|33.4|22.8|144.0|76.2|10.6|67.8|\n|Construction in progress|26.8|-|34.7|-|26.8|34.7|\n|Land|9.51|-1|4.21|-1|9.51|4.21|\n|Automated data processing software|3.5|2.1|3.4|1.1|1.4|2.3|\n|Assets under capital lease|0.6|0.3|1.3|0.4|0.3|0.9|\n|Leasehold improvements|0.2|0.1|3.1|1.5|0.1|1.6|\n|Other property, plant, and equipment|0.1|-|0.4|-|0.1|0.4|\n|Subtotal|225.9|103.6|357.9|155.5|122.3|202.4|\n|Total property, plant, and equipment, net|583.8|259.1|324.7| | | |\n\n1 Reclassified.\n\n# Note 8. Other Assets\n\n# Other Assets as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Securities and investments:| | |\n|All other|37.7|28.51|\n|NRRIT2|19.4|-|\n|Advances and prepayments|26.1|22.9|\n|Other|13.9|14.01|\n|Total other assets|97.1|65.4|\n\n1 Reclassified.\n\n2 For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n\nSecurities and investments are presented at cost, net of unamortized premiums and discounts. The increase in securities and investments was primarily related to the transfer of Railroad Retirement Program funds to the NRRIT and the conversion of nonmarketable intragovernmental securities to public securities purchased on the open market. As discussed in the Stewardship Information section of this report, the NRRIT manages and invests railroad retirement assets that are to be used to pay retirement benefits to the Nation’s railroad workers under the Railroad Retirement Program, a social insurance program.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Property, Plant, and Equipment as of September 30, 2002", + "md": "# Property, Plant, and Equipment as of September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Defense", + "Others", + "Net", + "", + "", + "" + ], + [ + "", + "Cost", + "Accumulated Depreciation/Amortization", + "Cost", + "Accumulated Depreciation/Amortization", + "Cost", + "Accumulated Depreciation/Amortization" + ], + [ + "Buildings, structures, and facilities", + "151.8", + "78.3", + "166.8", + "76.3", + "73.5", + "90.5" + ], + [ + "Furniture, fixtures, and equipment", + "33.4", + "22.8", + "144.0", + "76.2", + "10.6", + "67.8" + ], + [ + "Construction in progress", + "26.8", + "-", + "34.7", + "-", + "26.8", + "34.7" + ], + [ + "Land", + "9.51", + "-1", + "4.21", + "-1", + "9.51", + "4.21" + ], + [ + "Automated data processing software", + "3.5", + "2.1", + "3.4", + "1.1", + "1.4", + "2.3" + ], + [ + "Assets under capital lease", + "0.6", + "0.3", + "1.3", + "0.4", + "0.3", + "0.9" + ], + [ + "Leasehold improvements", + "0.2", + "0.1", + "3.1", + "1.5", + "0.1", + "1.6" + ], + [ + "Other property, plant, and equipment", + "0.1", + "-", + "0.4", + "-", + "0.1", + "0.4" + ], + [ + "Subtotal", + "225.9", + "103.6", + "357.9", + "155.5", + "122.3", + "202.4" + ], + [ + "Total property, plant, and equipment, net", + "583.8", + "259.1", + "324.7", + "", + "", + "" + ] + ], + "md": "|(In billions of dollars)|Defense|Others|Net| | | |\n| |Cost|Accumulated Depreciation/Amortization|Cost|Accumulated Depreciation/Amortization|Cost|Accumulated Depreciation/Amortization|\n|Buildings, structures, and facilities|151.8|78.3|166.8|76.3|73.5|90.5|\n|Furniture, fixtures, and equipment|33.4|22.8|144.0|76.2|10.6|67.8|\n|Construction in progress|26.8|-|34.7|-|26.8|34.7|\n|Land|9.51|-1|4.21|-1|9.51|4.21|\n|Automated data processing software|3.5|2.1|3.4|1.1|1.4|2.3|\n|Assets under capital lease|0.6|0.3|1.3|0.4|0.3|0.9|\n|Leasehold improvements|0.2|0.1|3.1|1.5|0.1|1.6|\n|Other property, plant, and equipment|0.1|-|0.4|-|0.1|0.4|\n|Subtotal|225.9|103.6|357.9|155.5|122.3|202.4|\n|Total property, plant, and equipment, net|583.8|259.1|324.7| | | |", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Defense\",\"Others\",\"Net\",\"\",\"\",\"\"\n\"\",\"Cost\",\"Accumulated Depreciation/Amortization\",\"Cost\",\"Accumulated Depreciation/Amortization\",\"Cost\",\"Accumulated Depreciation/Amortization\"\n\"Buildings, structures, and facilities\",\"151.8\",\"78.3\",\"166.8\",\"76.3\",\"73.5\",\"90.5\"\n\"Furniture, fixtures, and equipment\",\"33.4\",\"22.8\",\"144.0\",\"76.2\",\"10.6\",\"67.8\"\n\"Construction in progress\",\"26.8\",\"-\",\"34.7\",\"-\",\"26.8\",\"34.7\"\n\"Land\",\"9.51\",\"-1\",\"4.21\",\"-1\",\"9.51\",\"4.21\"\n\"Automated data processing software\",\"3.5\",\"2.1\",\"3.4\",\"1.1\",\"1.4\",\"2.3\"\n\"Assets under capital lease\",\"0.6\",\"0.3\",\"1.3\",\"0.4\",\"0.3\",\"0.9\"\n\"Leasehold improvements\",\"0.2\",\"0.1\",\"3.1\",\"1.5\",\"0.1\",\"1.6\"\n\"Other property, plant, and equipment\",\"0.1\",\"-\",\"0.4\",\"-\",\"0.1\",\"0.4\"\n\"Subtotal\",\"225.9\",\"103.6\",\"357.9\",\"155.5\",\"122.3\",\"202.4\"\n\"Total property, plant, and equipment, net\",\"583.8\",\"259.1\",\"324.7\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 Reclassified.", + "md": "1 Reclassified.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 8. 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Other Assets", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other Assets as of September 30", + "md": "# Other Assets as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "Securities and investments:", + "", + "" + ], + [ + "All other", + "37.7", + "28.51" + ], + [ + "NRRIT2", + "19.4", + "-" + ], + [ + "Advances and prepayments", + "26.1", + "22.9" + ], + [ + "Other", + "13.9", + "14.01" + ], + [ + "Total other assets", + "97.1", + "65.4" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Securities and investments:| | |\n|All other|37.7|28.51|\n|NRRIT2|19.4|-|\n|Advances and prepayments|26.1|22.9|\n|Other|13.9|14.01|\n|Total other assets|97.1|65.4|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Securities and investments:\",\"\",\"\"\n\"All other\",\"37.7\",\"28.51\"\n\"NRRIT2\",\"19.4\",\"-\"\n\"Advances and prepayments\",\"26.1\",\"22.9\"\n\"Other\",\"13.9\",\"14.01\"\n\"Total other assets\",\"97.1\",\"65.4\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 Reclassified.\n\n2 For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n\nSecurities and investments are presented at cost, net of unamortized premiums and discounts. The increase in securities and investments was primarily related to the transfer of Railroad Retirement Program funds to the NRRIT and the conversion of nonmarketable intragovernmental securities to public securities purchased on the open market. As discussed in the Stewardship Information section of this report, the NRRIT manages and invests railroad retirement assets that are to be used to pay retirement benefits to the Nation’s railroad workers under the Railroad Retirement Program, a social insurance program.", + "md": "1 Reclassified.\n\n2 For more information, see Railroad Retirement in the Stewardship Information section (page 86).\n\nSecurities and investments are presented at cost, net of unamortized premiums and discounts. The increase in securities and investments was primarily related to the transfer of Railroad Retirement Program funds to the NRRIT and the conversion of nonmarketable intragovernmental securities to public securities purchased on the open market. As discussed in the Stewardship Information section of this report, the NRRIT manages and invests railroad retirement assets that are to be used to pay retirement benefits to the Nation’s railroad workers under the Railroad Retirement Program, a social insurance program.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 118, + "text": " NOTES TO THE FINANCIAL STATEMENTS 113\n Note 9. Accounts Payable\n Accounts Payable as of September 30\n (In billions of dollars) 2003 2002\n Department of Defense................................................................................ 28.4 24.9\n Department of Agriculture ............................................................................ 3.6 3.1\n United States Postal Service ....................................................................... 3.3 2.3\n Department of Energy.................................................................................. 3.1 3.3\n Department of Veterans Affairs.................................................................... 3.0 2.6\n National Aeronautics and Space Administration.......................................... 2.2 2.4\n General Services Administration.................................................................. 2.2 2.0\n Department of Justice .................................................................................. 2.1 2.4\n Department of Homeland Security............................................................... 2.0 -\n Agency for International Development......................................................... 1.8 1.1\n Department of Housing and Urban Development........................................ 1.5 1.4\n Department of Transportation ...................................................................... 1.0 2.5\n Tennessee Valley Authority ......................................................................... 1.0 1.3\n Department of Health and Human Services ................................................ 0.9 0.7\n Department of the Treasury - excluding interest on debt ............................ 0.5 1.2\n Executive Office of the President................................................................. 0.1 0.1\n All other departments................................................................................... 5.5 4.5\n Total accounts payable............................................................................ 62.2 55.8\n The accounts payable table includes accounts payable for goods and property ordered and received, services\nrendered by other than Federal employees, and accounts payable for cancelled appropriations.\n Note 10. Federal Debt Securities Held by the Public and\n Accrued Interest\n Definitions of Debt\n Debt Held by the Public Federal debt held outside the Government by individuals,\n corporations, State or local governments, Federal Reserve banks, and foreign governments and\n central banks.\n Intragovernmental Debt Holdings Federal debt held by Government trust funds, revolving\n funds, and special funds.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 9. Accounts Payable\n\nAccounts Payable as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Department of Defense|28.4|24.9|\n|Department of Agriculture|3.6|3.1|\n|United States Postal Service|3.3|2.3|\n|Department of Energy|3.1|3.3|\n|Department of Veterans Affairs|3.0|2.6|\n|National Aeronautics and Space Administration|2.2|2.4|\n|General Services Administration|2.2|2.0|\n|Department of Justice|2.1|2.4|\n|Department of Homeland Security|2.0|-|\n|Agency for International Development|1.8|1.1|\n|Department of Housing and Urban Development|1.5|1.4|\n|Department of Transportation|1.0|2.5|\n|Tennessee Valley Authority|1.0|1.3|\n|Department of Health and Human Services|0.9|0.7|\n|Department of the Treasury - excluding interest on debt|0.5|1.2|\n|Executive Office of the President|0.1|0.1|\n|All other departments|5.5|4.5|\n|Total accounts payable|62.2|55.8|\n\nThe accounts payable table includes accounts payable for goods and property ordered and received, services rendered by other than Federal employees, and accounts payable for cancelled appropriations.\n\n# Note 10. Federal Debt Securities Held by the Public and Accrued Interest\n\n# Definitions of Debt\n\nDebt Held by the Public Federal debt held outside the Government by individuals, corporations, State or local governments, Federal Reserve banks, and foreign governments and central banks.\n\nIntragovernmental Debt Holdings Federal debt held by Government trust funds, revolving funds, and special funds.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 9. Accounts Payable", + "md": "# Note 9. Accounts Payable", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Accounts Payable as of September 30", + "md": "Accounts Payable as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "---", + "---", + "---" + ], + [ + "Department of Defense", + "28.4", + "24.9" + ], + [ + "Department of Agriculture", + "3.6", + "3.1" + ], + [ + "United States Postal Service", + "3.3", + "2.3" + ], + [ + "Department of Energy", + "3.1", + "3.3" + ], + [ + "Department of Veterans Affairs", + "3.0", + "2.6" + ], + [ + "National Aeronautics and Space Administration", + "2.2", + "2.4" + ], + [ + "General Services Administration", + "2.2", + "2.0" + ], + [ + "Department of Justice", + "2.1", + "2.4" + ], + [ + "Department of Homeland Security", + "2.0", + "-" + ], + [ + "Agency for International Development", + "1.8", + "1.1" + ], + [ + "Department of Housing and Urban Development", + "1.5", + "1.4" + ], + [ + "Department of Transportation", + "1.0", + "2.5" + ], + [ + "Tennessee Valley Authority", + "1.0", + "1.3" + ], + [ + "Department of Health and Human Services", + "0.9", + "0.7" + ], + [ + "Department of the Treasury - excluding interest on debt", + "0.5", + "1.2" + ], + [ + "Executive Office of the President", + "0.1", + "0.1" + ], + [ + "All other departments", + "5.5", + "4.5" + ], + [ + "Total accounts payable", + "62.2", + "55.8" + ] + ], + "md": "Accounts Payable as of September 30\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Department of Defense|28.4|24.9|\n|Department of Agriculture|3.6|3.1|\n|United States Postal Service|3.3|2.3|\n|Department of Energy|3.1|3.3|\n|Department of Veterans Affairs|3.0|2.6|\n|National Aeronautics and Space Administration|2.2|2.4|\n|General Services Administration|2.2|2.0|\n|Department of Justice|2.1|2.4|\n|Department of Homeland Security|2.0|-|\n|Agency for International Development|1.8|1.1|\n|Department of Housing and Urban Development|1.5|1.4|\n|Department of Transportation|1.0|2.5|\n|Tennessee Valley Authority|1.0|1.3|\n|Department of Health and Human Services|0.9|0.7|\n|Department of the Treasury - excluding interest on debt|0.5|1.2|\n|Executive Office of the President|0.1|0.1|\n|All other departments|5.5|4.5|\n|Total accounts payable|62.2|55.8|", + "isPerfectTable": false, + "csv": "\n\"(In billions of dollars)\",\"2003\",\"2002\"\n\"---\",\"---\",\"---\"\n\"Department of Defense\",\"28.4\",\"24.9\"\n\"Department of Agriculture\",\"3.6\",\"3.1\"\n\"United States Postal Service\",\"3.3\",\"2.3\"\n\"Department of Energy\",\"3.1\",\"3.3\"\n\"Department of Veterans Affairs\",\"3.0\",\"2.6\"\n\"National Aeronautics and Space Administration\",\"2.2\",\"2.4\"\n\"General Services Administration\",\"2.2\",\"2.0\"\n\"Department of Justice\",\"2.1\",\"2.4\"\n\"Department of Homeland Security\",\"2.0\",\"-\"\n\"Agency for International Development\",\"1.8\",\"1.1\"\n\"Department of Housing and Urban Development\",\"1.5\",\"1.4\"\n\"Department of Transportation\",\"1.0\",\"2.5\"\n\"Tennessee Valley Authority\",\"1.0\",\"1.3\"\n\"Department of Health and Human Services\",\"0.9\",\"0.7\"\n\"Department of the Treasury - excluding interest on debt\",\"0.5\",\"1.2\"\n\"Executive Office of the President\",\"0.1\",\"0.1\"\n\"All other departments\",\"5.5\",\"4.5\"\n\"Total accounts payable\",\"62.2\",\"55.8\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The accounts payable table includes accounts payable for goods and property ordered and received, services rendered by other than Federal employees, and accounts payable for cancelled appropriations.", + "md": "The accounts payable table includes accounts payable for goods and property ordered and received, services rendered by other than Federal employees, and accounts payable for cancelled appropriations.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 10. Federal Debt Securities Held by the Public and Accrued Interest", + "md": "# Note 10. Federal Debt Securities Held by the Public and Accrued Interest", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Definitions of Debt", + "md": "# Definitions of Debt", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Debt Held by the Public Federal debt held outside the Government by individuals, corporations, State or local governments, Federal Reserve banks, and foreign governments and central banks.\n\nIntragovernmental Debt Holdings Federal debt held by Government trust funds, revolving funds, and special funds.", + "md": "Debt Held by the Public Federal debt held outside the Government by individuals, corporations, State or local governments, Federal Reserve banks, and foreign governments and central banks.\n\nIntragovernmental Debt Holdings Federal debt held by Government trust funds, revolving funds, and special funds.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 119, + "text": " 114 NOTES TO THE FINANCIAL STATEMENTS\n Federal Debt Securities Held by the Public and Accrued Interest\n Net\n Change Average Average\n Balance During Balance Interest Interest\n September Fiscal Year September Rate Rate\n (In billions of dollars) 30, 2002 2003 30, 2003 2003 2002\n Treasury Securities (Public):\n Marketable securities\nTreasury bills.............................. 868.2 50.0 918.2 1.0% 1.7%\n Treasury notes ........................... 1,615.3 304.2 1,919.5 3.8% 4.7%\n Treasury bonds .......................... 637.8 (15.1) 622.7 7.8% 8.0%\n Total marketable Treasury\n securities............................... 3,121.3 339.1 3,460.4\n Non-marketable securities............ 431.8 31.9 463.7 5.3% 6.0%\n Net unamortized premium/\n (discounts) ............................... (39.3) 2.5 (36.8)\n Total Treasury securities, net\n (public) .................................. 3,513.8 373.5 3,887.3\n Agency Securities:\n Tennessee Valley Authority.......... 24.9 (0.3) 24.6\nAll other agencies ......................... 1.6 (0.4) 1.2\n Total agency securities, net of\n unamortized premiums and\n discounts ................................. 26.5 (0.7) 25.8\n Accrued interest payable 32.9 (1.1) 31.8\n Total Federal debt securities\n held by the public and 3,573.2 371.7 3,944.9\n accrued interest .......................\n Types of marketable securities:\n Bills – Short-term obligations issued with a term of 1 year or less.\n Notes – Medium-term obligations issued with a term of at least 1 year, but not more than 10 years.\n Bonds – Long-term obligations of more than 10 years.\n This table details Government borrowing to finance operations and shows marketable and non-marketable\n securities at face value less net unamortized discounts including accrued interest.\n Securities that represent Federal debt held by the public are issued primarily by the Treasury and include:\n • Interest-bearing marketable securities (bills, notes, and bonds).\n • Interest-bearing nonmarketable securities (foreign series, State and local government series, domestic series,\n depositary compensation securities, and savings bonds).\n • Non interest-bearing marketable and nonmarketable securities (matured and other).\n Section 3111 of Title 31, U.S.C., authorizes the Secretary of the Treasury to use money received from the sale\n of an obligation and other money in the general fund of the Treasury to buy, redeem, or refund, at or before\n maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the\n Government. During fiscal year 2002, the Secretary of the Treasury authorized the redemption of $12.5 billion of\n outstanding unmatured marketable Treasury securities at a premium of $3.8 billion. These early redemption\n transactions are known as Treasury “buybacks.” There were no buyback operations in fiscal year 2003. The net\n change of the Federal debt securities held by the public and accrued interest includes $12.5 billion during fiscal year 2002,\n related to these buybacks.\n As of September 30, 2003, and 2002, respectively, $6,737.6 billion and $6,161.4 billion of debt was subject to a\n statutory limit (31 U.S.C. § 3101). That limit was $7,384 billion and $6,400 billion as of September 30, 2003, and 2002,", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Federal Debt Securities Held by the Public and Accrued Interest\n\n|Net Change|Average Interest Rate|Average Interest Rate| | | |\n|---|---|---|---|---|---|\n| |Balance|During Fiscal Year|Balance| | |\n|(In billions of dollars)|September 30, 2002|2003|September 30, 2003|2003|2002|\n|Treasury Securities (Public):| | | | | |\n|Marketable securities| | | | | |\n|Treasury bills|868.2|50.0|918.2|1.0%|1.7%|\n|Treasury notes|1,615.3|304.2|1,919.5|3.8%|4.7%|\n|Treasury bonds|637.8|(15.1)|622.7|7.8%|8.0%|\n|Total marketable Treasury securities|3,121.3|339.1|3,460.4| | |\n|Non-marketable securities|431.8|31.9|463.7|5.3%|6.0%|\n|Net unamortized premium/discounts|(39.3)|2.5|(36.8)| | |\n|Total Treasury securities, net (public)|3,513.8|373.5|3,887.3| | |\n|Agency Securities:| | | | | |\n|Tennessee Valley Authority|24.9|(0.3)|24.6| | |\n|All other agencies|1.6|(0.4)|1.2| | |\n|Total agency securities, net of unamortized premiums and discounts|26.5|(0.7)|25.8| | |\n|Accrued interest payable|32.9|(1.1)|31.8| | |\n|Total Federal debt securities held by the public and accrued interest|3,573.2|371.7|3,944.9| | |\n\n# Types of marketable securities:\n\n- Bills – Short-term obligations issued with a term of 1 year or less.\n- Notes – Medium-term obligations issued with a term of at least 1 year, but not more than 10 years.\n- Bonds – Long-term obligations of more than 10 years.\n\nThis table details Government borrowing to finance operations and shows marketable and non-marketable securities at face value less net unamortized discounts including accrued interest.\n\nSecurities that represent Federal debt held by the public are issued primarily by the Treasury and include:\n\n- Interest-bearing marketable securities (bills, notes, and bonds).\n- Interest-bearing nonmarketable securities (foreign series, State and local government series, domestic series, depositary compensation securities, and savings bonds).\n- Non interest-bearing marketable and nonmarketable securities (matured and other).\n\nSection 3111 of Title 31, U.S.C., authorizes the Secretary of the Treasury to use money received from the sale of an obligation and other money in the general fund of the Treasury to buy, redeem, or refund, at or before maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the Government. During fiscal year 2002, the Secretary of the Treasury authorized the redemption of $12.5 billion of outstanding unmatured marketable Treasury securities at a premium of $3.8 billion. These early redemption transactions are known as Treasury “buybacks.” There were no buyback operations in fiscal year 2003. The net change of the Federal debt securities held by the public and accrued interest includes $12.5 billion during fiscal year 2002, related to these buybacks.\n\nAs of September 30, 2003, and 2002, respectively, $6,737.6 billion and $6,161.4 billion of debt was subject to a statutory limit (31 U.S.C. § 3101). That limit was $7,384 billion and $6,400 billion as of September 30, 2003, and 2002.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Debt Securities Held by the Public and Accrued Interest", + "md": "# Federal Debt Securities Held by the Public and Accrued Interest", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Net Change", + "Average Interest Rate", + "Average Interest Rate", + "", + "", + "" + ], + [ + "", + "Balance", + "During Fiscal Year", + "Balance", + "", + "" + ], + [ + "(In billions of dollars)", + "September 30, 2002", + "2003", + "September 30, 2003", + "2003", + "2002" + ], + [ + "Treasury Securities (Public):", + "", + "", + "", + "", + "" + ], + [ + "Marketable 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"25.8", + "", + "" + ], + [ + "Accrued interest payable", + "32.9", + "(1.1)", + "31.8", + "", + "" + ], + [ + "Total Federal debt securities held by the public and accrued interest", + "3,573.2", + "371.7", + "3,944.9", + "", + "" + ] + ], + "md": "|Net Change|Average Interest Rate|Average Interest Rate| | | |\n| |Balance|During Fiscal Year|Balance| | |\n|(In billions of dollars)|September 30, 2002|2003|September 30, 2003|2003|2002|\n|Treasury Securities (Public):| | | | | |\n|Marketable securities| | | | | |\n|Treasury bills|868.2|50.0|918.2|1.0%|1.7%|\n|Treasury notes|1,615.3|304.2|1,919.5|3.8%|4.7%|\n|Treasury bonds|637.8|(15.1)|622.7|7.8%|8.0%|\n|Total marketable Treasury securities|3,121.3|339.1|3,460.4| | |\n|Non-marketable securities|431.8|31.9|463.7|5.3%|6.0%|\n|Net unamortized premium/discounts|(39.3)|2.5|(36.8)| | |\n|Total Treasury securities, net (public)|3,513.8|373.5|3,887.3| | |\n|Agency Securities:| | | | | |\n|Tennessee Valley Authority|24.9|(0.3)|24.6| | |\n|All other agencies|1.6|(0.4)|1.2| | |\n|Total agency securities, net of unamortized premiums and discounts|26.5|(0.7)|25.8| | |\n|Accrued interest payable|32.9|(1.1)|31.8| | |\n|Total Federal debt securities held by the public and accrued interest|3,573.2|371.7|3,944.9| | |", + "isPerfectTable": true, + "csv": "\"Net Change\",\"Average Interest Rate\",\"Average Interest Rate\",\"\",\"\",\"\"\n\"\",\"Balance\",\"During Fiscal Year\",\"Balance\",\"\",\"\"\n\"(In billions of dollars)\",\"September 30, 2002\",\"2003\",\"September 30, 2003\",\"2003\",\"2002\"\n\"Treasury Securities (Public):\",\"\",\"\",\"\",\"\",\"\"\n\"Marketable securities\",\"\",\"\",\"\",\"\",\"\"\n\"Treasury bills\",\"868.2\",\"50.0\",\"918.2\",\"1.0%\",\"1.7%\"\n\"Treasury notes\",\"1,615.3\",\"304.2\",\"1,919.5\",\"3.8%\",\"4.7%\"\n\"Treasury bonds\",\"637.8\",\"(15.1)\",\"622.7\",\"7.8%\",\"8.0%\"\n\"Total marketable Treasury securities\",\"3,121.3\",\"339.1\",\"3,460.4\",\"\",\"\"\n\"Non-marketable securities\",\"431.8\",\"31.9\",\"463.7\",\"5.3%\",\"6.0%\"\n\"Net unamortized premium/discounts\",\"(39.3)\",\"2.5\",\"(36.8)\",\"\",\"\"\n\"Total Treasury securities, net (public)\",\"3,513.8\",\"373.5\",\"3,887.3\",\"\",\"\"\n\"Agency Securities:\",\"\",\"\",\"\",\"\",\"\"\n\"Tennessee Valley Authority\",\"24.9\",\"(0.3)\",\"24.6\",\"\",\"\"\n\"All other agencies\",\"1.6\",\"(0.4)\",\"1.2\",\"\",\"\"\n\"Total agency securities, net of unamortized premiums and discounts\",\"26.5\",\"(0.7)\",\"25.8\",\"\",\"\"\n\"Accrued interest payable\",\"32.9\",\"(1.1)\",\"31.8\",\"\",\"\"\n\"Total Federal debt securities held by the public and accrued interest\",\"3,573.2\",\"371.7\",\"3,944.9\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Types of marketable securities:", + "md": "# Types of marketable securities:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- Bills – Short-term obligations issued with a term of 1 year or less.\n- Notes – Medium-term obligations issued with a term of at least 1 year, but not more than 10 years.\n- Bonds – Long-term obligations of more than 10 years.\n\nThis table details Government borrowing to finance operations and shows marketable and non-marketable securities at face value less net unamortized discounts including accrued interest.\n\nSecurities that represent Federal debt held by the public are issued primarily by the Treasury and include:\n\n- Interest-bearing marketable securities (bills, notes, and bonds).\n- Interest-bearing nonmarketable securities (foreign series, State and local government series, domestic series, depositary compensation securities, and savings bonds).\n- Non interest-bearing marketable and nonmarketable securities (matured and other).\n\nSection 3111 of Title 31, U.S.C., authorizes the Secretary of the Treasury to use money received from the sale of an obligation and other money in the general fund of the Treasury to buy, redeem, or refund, at or before maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the Government. During fiscal year 2002, the Secretary of the Treasury authorized the redemption of $12.5 billion of outstanding unmatured marketable Treasury securities at a premium of $3.8 billion. These early redemption transactions are known as Treasury “buybacks.” There were no buyback operations in fiscal year 2003. The net change of the Federal debt securities held by the public and accrued interest includes $12.5 billion during fiscal year 2002, related to these buybacks.\n\nAs of September 30, 2003, and 2002, respectively, $6,737.6 billion and $6,161.4 billion of debt was subject to a statutory limit (31 U.S.C. § 3101). That limit was $7,384 billion and $6,400 billion as of September 30, 2003, and 2002.", + "md": "- Bills – Short-term obligations issued with a term of 1 year or less.\n- Notes – Medium-term obligations issued with a term of at least 1 year, but not more than 10 years.\n- Bonds – Long-term obligations of more than 10 years.\n\nThis table details Government borrowing to finance operations and shows marketable and non-marketable securities at face value less net unamortized discounts including accrued interest.\n\nSecurities that represent Federal debt held by the public are issued primarily by the Treasury and include:\n\n- Interest-bearing marketable securities (bills, notes, and bonds).\n- Interest-bearing nonmarketable securities (foreign series, State and local government series, domestic series, depositary compensation securities, and savings bonds).\n- Non interest-bearing marketable and nonmarketable securities (matured and other).\n\nSection 3111 of Title 31, U.S.C., authorizes the Secretary of the Treasury to use money received from the sale of an obligation and other money in the general fund of the Treasury to buy, redeem, or refund, at or before maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the Government. During fiscal year 2002, the Secretary of the Treasury authorized the redemption of $12.5 billion of outstanding unmatured marketable Treasury securities at a premium of $3.8 billion. These early redemption transactions are known as Treasury “buybacks.” There were no buyback operations in fiscal year 2003. The net change of the Federal debt securities held by the public and accrued interest includes $12.5 billion during fiscal year 2002, related to these buybacks.\n\nAs of September 30, 2003, and 2002, respectively, $6,737.6 billion and $6,161.4 billion of debt was subject to a statutory limit (31 U.S.C. § 3101). That limit was $7,384 billion and $6,400 billion as of September 30, 2003, and 2002.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 120, + "text": " NOTES TO THE FINANCIAL STATEMENTS 115\n respectively. The debt subject to the limit includes Treasury securities held by the public and Government guaranteed debt\n of Federal agencies (shown in the table above) and intragovernmental debt holdings (shown in the table below).\n Intragovernmental debt holdings represent the portion of the gross Federal debt held as investments by\n Government entities. This includes major trust funds. For more information on trust funds, see Note 20─Dedicated\n Collections. These intragovernmental debt holdings are eliminated in the consolidation of these financial statements.\n Intragovernmental Debt Holdings: Federal Debt Securities\n Held as Investments by Government Accounts as of September 30\n Net\n Change\n During\n Balance Fiscal Year Balance\n (In billions of dollars) 2002 2003 2003\n Social Security Administration, Federal Old-Age and\n Survivors Insurance .................................................... 1,173.7 139.7 1,313.4\n Office of Personnel Management, civil service\n retirement and disability.............................................. 573.7 28.0 601.7\n Department of Health and Human Services, Federal\n Hospital Insurance ...................................................... 228.9 22.4 251.3\n Department of Defense, military retirement ................. 162.4 10.0 172.4\n Social Security Administration, Federal Disability\n Insurance .................................................................... 155.3 15.5 170.8\n Department of Labor, unemployment............................ 68.3 (20.1) 48.2\n Federal Deposit Insurance Corporation funds .............. 44.5 0.9 45.4\n Office of Personnel Management, Employees’ Life\n Insurance .................................................................... 25.3 1.5 26.8\n Department of Energy, nuclear waste disposal ................ 23.4 2.5 25.9\n Department of Health and Human Services, Federal\n Supplementary Medical Insurance ............................. 38.8 (13.9) 24.9\n Housing and Urban Development, Federal Housing...... 21.3 2.5 23.8\n Department of Veterans Affairs ....................................... 13.9 (0.2) 13.7\n Department of Transportation, Highway Trust Fund..... 18.8 (5.2) 13.6\n Department of Transportation, Airport and Airway\n Trust Fund .................................................................. 11.0 (0.5) 10.5\n Railroad Retirement Board............................................ 25.3 (24.1) 1.2\n All other programs and funds ........................................ 90.4 25.2 115.6\nSubtotal....................................................................... 2,675.0 184.2 2,859.2\n Unamortized net (discounts)/premiums ........................ (1.5) 1.2 (0.3)\n Total intragovernmental debt holdings, net ................ 2,673.5 185.4 2,858.9\n Note 11. Federal Employee and Veteran Benefits Payable\n The Government offers its employees life and health insurance, as well as retirement and other benefits. These\n benefits apply to civilian and military employees.\n The Federal Government administers more than 40 pension plans. OPM administers the largest civilian plan.\n DOD, meanwhile, administers the largest military plan. Other significant pension plans with more than $10 billion\n in accrued benefits payable include those of the Coast Guard and the Foreign Service. The changes in the accrued\n post-retirement pension and health benefit liability and components of related expense for the years ended\n September 30, 2003, and 2002, respectively, are presented below.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nrespectively. The debt subject to the limit includes Treasury securities held by the public and Government guaranteed debt of Federal agencies (shown in the table above) and intragovernmental debt holdings (shown in the table below).\n\nIntragovernmental debt holdings represent the portion of the gross Federal debt held as investments by Government entities. This includes major trust funds. For more information on trust funds, see Note 20─Dedicated Collections. These intragovernmental debt holdings are eliminated in the consolidation of these financial statements.\n\n# Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government Accounts as of September 30\n\n|(In billions of dollars)|Balance 2002|Net Change During Fiscal Year|Balance 2003|\n|---|---|---|---|\n|Social Security Administration, Federal Old-Age and Survivors Insurance|1,173.7|139.7|1,313.4|\n|Office of Personnel Management, civil service retirement and disability|573.7|28.0|601.7|\n|Department of Health and Human Services, Federal Hospital Insurance|228.9|22.4|251.3|\n|Department of Defense, military retirement|162.4|10.0|172.4|\n|Social Security Administration, Federal Disability Insurance|155.3|15.5|170.8|\n|Department of Labor, unemployment|68.3|(20.1)|48.2|\n|Federal Deposit Insurance Corporation funds|44.5|0.9|45.4|\n|Office of Personnel Management, Employees’ Life Insurance|25.3|1.5|26.8|\n|Department of Energy, nuclear waste disposal|23.4|2.5|25.9|\n|Department of Health and Human Services, Federal Supplementary Medical Insurance|38.8|(13.9)|24.9|\n|Housing and Urban Development, Federal Housing|21.3|2.5|23.8|\n|Department of Veterans Affairs|13.9|(0.2)|13.7|\n|Department of Transportation, Highway Trust Fund|18.8|(5.2)|13.6|\n|Department of Transportation, Airport and Airway Trust Fund|11.0|(0.5)|10.5|\n|Railroad Retirement Board|25.3|(24.1)|1.2|\n|All other programs and funds|90.4|25.2|115.6|\n|Subtotal|2,675.0|184.2|2,859.2|\n|Unamortized net (discounts)/premiums|(1.5)|1.2|(0.3)|\n|Total intragovernmental debt holdings, net|2,673.5|185.4|2,858.9|\n\n# Note 11. Federal Employee and Veteran Benefits Payable\n\nThe Government offers its employees life and health insurance, as well as retirement and other benefits. These benefits apply to civilian and military employees.\n\nThe Federal Government administers more than 40 pension plans. OPM administers the largest civilian plan. DOD, meanwhile, administers the largest military plan. Other significant pension plans with more than $10 billion in accrued benefits payable include those of the Coast Guard and the Foreign Service. The changes in the accrued post-retirement pension and health benefit liability and components of related expense for the years ended September 30, 2003, and 2002, respectively, are presented below.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "respectively. The debt subject to the limit includes Treasury securities held by the public and Government guaranteed debt of Federal agencies (shown in the table above) and intragovernmental debt holdings (shown in the table below).\n\nIntragovernmental debt holdings represent the portion of the gross Federal debt held as investments by Government entities. This includes major trust funds. For more information on trust funds, see Note 20─Dedicated Collections. These intragovernmental debt holdings are eliminated in the consolidation of these financial statements.", + "md": "respectively. The debt subject to the limit includes Treasury securities held by the public and Government guaranteed debt of Federal agencies (shown in the table above) and intragovernmental debt holdings (shown in the table below).\n\nIntragovernmental debt holdings represent the portion of the gross Federal debt held as investments by Government entities. This includes major trust funds. For more information on trust funds, see Note 20─Dedicated Collections. These intragovernmental debt holdings are eliminated in the consolidation of these financial statements.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government Accounts as of September 30", + "md": "# Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government Accounts as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Balance 2002", + "Net Change During Fiscal Year", + "Balance 2003" + ], + [ + "Social Security Administration, Federal Old-Age and Survivors Insurance", + "1,173.7", + "139.7", + "1,313.4" + ], + [ + "Office of Personnel Management, civil service retirement and disability", + "573.7", + "28.0", + "601.7" + ], + [ + "Department of Health and Human Services, Federal Hospital Insurance", + "228.9", + "22.4", + "251.3" + ], + [ + "Department of Defense, military retirement", + "162.4", + "10.0", + "172.4" + ], + [ + "Social Security Administration, Federal Disability Insurance", + "155.3", + "15.5", + "170.8" + ], + [ + "Department of Labor, unemployment", + "68.3", + "(20.1)", + "48.2" + ], + [ + "Federal Deposit Insurance Corporation funds", + "44.5", + "0.9", + "45.4" + ], + [ + "Office of Personnel Management, Employees’ Life Insurance", + "25.3", + "1.5", + "26.8" + ], + [ + "Department of Energy, nuclear waste disposal", + "23.4", + "2.5", + "25.9" + ], + [ + "Department of Health and Human Services, Federal Supplementary Medical Insurance", + "38.8", + "(13.9)", + "24.9" + ], + [ + "Housing and Urban Development, Federal Housing", + "21.3", + "2.5", + "23.8" + ], + [ + "Department of Veterans Affairs", + "13.9", + "(0.2)", + "13.7" + ], + [ + "Department of Transportation, Highway Trust Fund", + "18.8", + "(5.2)", + "13.6" + ], + [ + "Department of Transportation, Airport and Airway Trust Fund", + "11.0", + "(0.5)", + "10.5" + ], + [ + "Railroad Retirement Board", + "25.3", + "(24.1)", + "1.2" + ], + [ + "All other programs and funds", + "90.4", + "25.2", + "115.6" + ], + [ + "Subtotal", + "2,675.0", + "184.2", + "2,859.2" + ], + [ + "Unamortized net (discounts)/premiums", + "(1.5)", + "1.2", + "(0.3)" + ], + [ + "Total intragovernmental debt holdings, net", + "2,673.5", + "185.4", + "2,858.9" + ] + ], + "md": "|(In billions of dollars)|Balance 2002|Net Change During Fiscal Year|Balance 2003|\n|Social Security Administration, Federal Old-Age and Survivors Insurance|1,173.7|139.7|1,313.4|\n|Office of Personnel Management, civil service retirement and disability|573.7|28.0|601.7|\n|Department of Health and Human Services, Federal Hospital Insurance|228.9|22.4|251.3|\n|Department of Defense, military retirement|162.4|10.0|172.4|\n|Social Security Administration, Federal Disability Insurance|155.3|15.5|170.8|\n|Department of Labor, unemployment|68.3|(20.1)|48.2|\n|Federal Deposit Insurance Corporation funds|44.5|0.9|45.4|\n|Office of Personnel Management, Employees’ Life Insurance|25.3|1.5|26.8|\n|Department of Energy, nuclear waste disposal|23.4|2.5|25.9|\n|Department of Health and Human Services, Federal Supplementary Medical Insurance|38.8|(13.9)|24.9|\n|Housing and Urban Development, Federal Housing|21.3|2.5|23.8|\n|Department of Veterans Affairs|13.9|(0.2)|13.7|\n|Department of Transportation, Highway Trust Fund|18.8|(5.2)|13.6|\n|Department of Transportation, Airport and Airway Trust Fund|11.0|(0.5)|10.5|\n|Railroad Retirement Board|25.3|(24.1)|1.2|\n|All other programs and funds|90.4|25.2|115.6|\n|Subtotal|2,675.0|184.2|2,859.2|\n|Unamortized net (discounts)/premiums|(1.5)|1.2|(0.3)|\n|Total intragovernmental debt holdings, net|2,673.5|185.4|2,858.9|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Balance 2002\",\"Net Change During Fiscal Year\",\"Balance 2003\"\n\"Social Security Administration, Federal Old-Age and Survivors Insurance\",\"1,173.7\",\"139.7\",\"1,313.4\"\n\"Office of Personnel Management, civil service retirement and disability\",\"573.7\",\"28.0\",\"601.7\"\n\"Department of Health and Human Services, Federal Hospital Insurance\",\"228.9\",\"22.4\",\"251.3\"\n\"Department of Defense, military retirement\",\"162.4\",\"10.0\",\"172.4\"\n\"Social Security Administration, Federal Disability Insurance\",\"155.3\",\"15.5\",\"170.8\"\n\"Department of Labor, unemployment\",\"68.3\",\"(20.1)\",\"48.2\"\n\"Federal Deposit Insurance Corporation funds\",\"44.5\",\"0.9\",\"45.4\"\n\"Office of Personnel Management, Employees’ Life Insurance\",\"25.3\",\"1.5\",\"26.8\"\n\"Department of Energy, nuclear waste disposal\",\"23.4\",\"2.5\",\"25.9\"\n\"Department of Health and Human Services, Federal Supplementary Medical Insurance\",\"38.8\",\"(13.9)\",\"24.9\"\n\"Housing and Urban Development, Federal Housing\",\"21.3\",\"2.5\",\"23.8\"\n\"Department of Veterans 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Federal Employee and Veteran Benefits Payable", + "md": "# Note 11. Federal Employee and Veteran Benefits Payable", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government offers its employees life and health insurance, as well as retirement and other benefits. These benefits apply to civilian and military employees.\n\nThe Federal Government administers more than 40 pension plans. OPM administers the largest civilian plan. DOD, meanwhile, administers the largest military plan. Other significant pension plans with more than $10 billion in accrued benefits payable include those of the Coast Guard and the Foreign Service. The changes in the accrued post-retirement pension and health benefit liability and components of related expense for the years ended September 30, 2003, and 2002, respectively, are presented below.", + "md": "The Government offers its employees life and health insurance, as well as retirement and other benefits. These benefits apply to civilian and military employees.\n\nThe Federal Government administers more than 40 pension plans. OPM administers the largest civilian plan. DOD, meanwhile, administers the largest military plan. Other significant pension plans with more than $10 billion in accrued benefits payable include those of the Coast Guard and the Foreign Service. The changes in the accrued post-retirement pension and health benefit liability and components of related expense for the years ended September 30, 2003, and 2002, respectively, are presented below.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 121, + "text": "116 NOTES TO THE FINANCIAL STATEMENTS\n Federal Employee and Veteran Benefits Payable as of September 30\n Civilian¹ Military Total¹\n (In billions of dollars) 2003 2002 2003 2002 2003 2002\n Pension and accrued\n benefits .............................. 1,190.4 1,129.8 739.0 730.0 1,929.4 1,859.8\n Post-retirement health\n benefits .............................. 244.4 221.4 683.0 592.0 927.4 813.4\n Veterans compensation\n and burial benefits ............. N/A N/A 954.8 849.2 954.8 849.2\n Liability for other benefits ..... 47.2 46.9 21.2 20.1 68.4 67.0\n Total Federal employee\n and veteran benefits 1,482.0 1,398.1 2,398.0 2,191.3 3,880.0 3,589.4\n payable............................\n 1 Does not include U.S. Tax Court and judicial branch.\n Change in Actuarial Accrued Pension Liability\n and Components of Related Expenses\n (In billions of dollars) Civilian¹ Military Total¹\n Actuarial accrued pension liability\n as of September 30, 2002 .......................................... 1,129.8 730.0 1,859.8\n Prior period adjustments² ........................................... 4.0 - 4.0\n Adjusted accrued pension liability ................................. 1,133.8 730.0 1,863.8\n Pension Expense:\n Normal costs............................................................... 25.0 13.5 38.5\n Plan amendment and assumption change liability ..... (3.7) (3.7)\n Interest on liability ....................................................... 70.0 44.8 114.8\n Actuarial (gains)/losses............................................... 11.9 (9.9) 2.0\n Total pension expense ............................................. 106.9 44.7 151.6\n Less benefits paid....................................................... 50.3 35.7 86.0\n Actuarial accrued pension liability 1,190.4 739.0 1,929.4\n as of September 30, 2003 .....................................\n 1 Does not include U.S. Tax Court and judicial branch.\n 2 See Note 17—Change in Accounting Principle and Prior Period Adjustments.\n Significant Long-Term Assumptions Used in Determining Pension\n Liability and the Related Expense\n Civilian Military\n (In percentages) 2003 2002 2003 2002\n Rate of interest ................................................................... 6.25% 6.75% 6.25% 6.25%\n Rate of inflation .................................................................. 3.25% 3.75% 1.40% 3.0%\n Projected salary increases ................................................. 4.00% 4.25% 4.10% 3.5%", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Federal Employee and Veteran Benefits Payable as of September 30\n\n|Civilian¹|2003|2003|2002|2002|Military|Total¹|Total¹| | | |\n|---|---|---|---|---|---|---|---|\n|In billions of dollars|2003|2002|2003|2002| | | |\n|Pension and accrued benefits| |1,190.4|1,129.8|739.0|730.0|1,929.4|1,859.8|\n|Post-retirement health benefits| |244.4|221.4|683.0|592.0|927.4|813.4|\n|Veterans compensation and burial benefits|N/A|N/A|954.8|849.2|954.8|849.2| |\n|Liability for other benefits| |47.2|46.9|21.2|20.1|68.4|67.0|\n|Total Federal employee and veteran benefits payable| |1,482.0|1,398.1|2,398.0|2,191.3|3,880.0|3,589.4|\n\n1 Does not include U.S. Tax Court and judicial branch.\n\n# Change in Actuarial Accrued Pension Liability and Components of Related Expenses\n\n|Civilian¹| | |Military| |Total¹| | |\n|---|---|---|---|---|---|---|---|\n|In billions of dollars|2003|2002| | | | | |\n|Actuarial accrued pension liability as of September 30, 2002|1,129.8| |730.0| |1,859.8| | |\n|Prior period adjustments²| | | |4.0|-|4.0| |\n|Adjusted accrued pension liability| | | |1,133.8|730.0|1,863.8| |\n|Pension Expense:| | | | | | | |\n|Normal costs| | | |25.0|13.5|38.5| |\n|Plan amendment and assumption change liability| | | | |(3.7)|(3.7)| |\n|Interest on liability| | | |70.0|44.8|114.8| |\n|Actuarial (gains)/losses| | | |11.9|(9.9)|2.0| |\n|Total pension expense| | | |106.9|44.7|151.6| |\n|Less benefits paid| | | |50.3|35.7|86.0| |\n|Actuarial accrued pension liability as of September 30, 2003|1,190.4|739.0| |1,929.4| | | |\n\n1 Does not include U.S. Tax Court and judicial branch.\n\n2 See Note 17—Change in Accounting Principle and Prior Period Adjustments.\n\n# Significant Long-Term Assumptions Used in Determining Pension Liability and the Related Expense\n\n|Civilian| |Military| | |\n|---|---|---|---|---|\n|Rate of interest| | |6.25%|6.25%|\n|Rate of inflation| | |3.25%|1.40%|\n|Projected salary increases| | |4.00%|4.10%|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Employee and Veteran Benefits Payable as of September 30", + "md": "# Federal Employee and Veteran Benefits Payable as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Civilian¹", + "2003", + "2003", + "2002", + "2002", + "Military", + "Total¹", + "Total¹", + "", + "", + "" + ], + [ + "In billions of dollars", + "2003", + "2002", + "2003", + "2002", + "", + "", + "" + ], + [ + "Pension and accrued benefits", + "", + "1,190.4", + "1,129.8", + "739.0", + "730.0", + "1,929.4", + 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(9.5) 9.5 -\n Adjusted beginning post-retirement health benefits 211.9 601.5 813.4\nliability ............................................................................\n Post-Retirement Health Benefits Expense:\n Normal costs..................................................................... 9.5 14.4 21.1\n Interest on liability............................................................. 14.4 37.5 51.9\n Actuarial (gains)/losses .................................................... 17.6 41.4 61.8\n Total post-retirement health benefits expense .............. 41.5 93.3 134.8\n Less claims paid ............................................................... 9.0 11.8 20.8\n Actuarial accrued post-retirement health benefits 244.4 683.0 927.4\n liability, as of September 30, 2003 ..............................\n Significant Assumptions Used in Determining Post-Retirement\n Health Benefits and the Related Expense\n Civilian Military\n (In percentages) 2003 2002 2003 2002\n Rate of interest................................................ 6.25% 6.75% 6.25% 6.25%\n Rate of health care cost inflation..................... 7.00% 7.00% 6.25% 2.1-16.73%\n Separate boards of actuaries for OPM and DOD determine the actuarial assumptions used in calculating the\n pension liability and the post-retirement health benefit liability for the civilian and military personnel. Both boards\n use generally accepted actuarial methodologies. The board for OPM uses a fixed rate of inflation and projected\n salary increases over all years for both the pension and post-retirement health benefit liabilities. These rates are\n shown in the tables above. The board for DOD uses a range of rates for the inflation and the projected salary\n increases, with an ultimate rate for the long term. The board for DOD also uses different health care cost inflation\n rates for inpatient, outpatient, and prescription drugs. The long-term ultimate rate is shown in the tables above.\n The long-term ultimate rate for fiscal year 2003 of 6.25 percent is shown in the tables above. For disclosure\n and comparison purposes, DOD’s estimate of a single equivalent fixed rate of health care cost inflation for fiscal\n year 2003 is 7.0 percent, which is an approximation of the single equivalent rate that would produce that same\n actuarial liability as the actual rates used.\n Civilian Employees\n Pensions\n OPM administers the largest civilian pension plan, which covers approximately 90 percent of all Federal\n civilian employees. This plan includes two components of defined benefits. These are the Civil Service Retirement\n System (CSRS) and the Federal Employees’ Retirement System (FERS). The basic benefit components of the CSRS\n and the FERS are financed and operated through the Civil Service Retirement and Disability Fund (CSRDF).", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Change in Actuarial Accrued Post-Retirement Health Benefits Liability and Components of Related Expenses\n\n|(In billions of dollars)|Civilian|Military|Total|\n|---|---|---|---|\n|Actuarial accrued post-retirement health benefits liability, as of September 30, 2002|221.4|592.0|813.4|\n|Liability transfer|(9.5)|9.5|-|\n|Adjusted beginning post-retirement health benefits liability|211.9|601.5|813.4|\n|Post-Retirement Health Benefits Expense:| | | |\n|Normal costs|9.5|14.4|21.1|\n|Interest on liability|14.4|37.5|51.9|\n|Actuarial (gains)/losses|17.6|41.4|61.8|\n|Total post-retirement health benefits expense|41.5|93.3|134.8|\n|Less claims paid|9.0|11.8|20.8|\n|Actuarial accrued post-retirement health benefits liability, as of September 30, 2003|244.4|683.0|927.4|\n\n# Significant Assumptions Used in Determining Post-Retirement Health Benefits and the Related Expense\n\n|(In percentages)|Civilian| |Military| |\n|---|---|---|---|---|\n|Rate of interest|2003|2002|2003|2002|\n| |6.25%|6.75%|6.25%|6.25%|\n|Rate of health care cost inflation|7.00%| |7.00%|6.25%|\n| | | |2.1-16.73%| |\n\nSeparate boards of actuaries for OPM and DOD determine the actuarial assumptions used in calculating the pension liability and the post-retirement health benefit liability for the civilian and military personnel. Both boards use generally accepted actuarial methodologies. The board for OPM uses a fixed rate of inflation and projected salary increases over all years for both the pension and post-retirement health benefit liabilities. These rates are shown in the tables above. The board for DOD uses a range of rates for the inflation and the projected salary increases, with an ultimate rate for the long term. The board for DOD also uses different health care cost inflation rates for inpatient, outpatient, and prescription drugs. The long-term ultimate rate is shown in the tables above.\n\nThe long-term ultimate rate for fiscal year 2003 of 6.25 percent is shown in the tables above. For disclosure and comparison purposes, DOD’s estimate of a single equivalent fixed rate of health care cost inflation for fiscal year 2003 is 7.0 percent, which is an approximation of the single equivalent rate that would produce that same actuarial liability as the actual rates used.\n\n# Civilian Employees\n\n# Pensions\n\nOPM administers the largest civilian pension plan, which covers approximately 90 percent of all Federal civilian employees. This plan includes two components of defined benefits. These are the Civil Service Retirement System (CSRS) and the Federal Employees’ Retirement System (FERS). The basic benefit components of the CSRS and the FERS are financed and operated through the Civil Service Retirement and Disability Fund (CSRDF).", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Change in Actuarial Accrued Post-Retirement Health Benefits Liability and Components of Related Expenses", + "md": "# Change in Actuarial Accrued Post-Retirement Health Benefits Liability and Components of Related Expenses", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Civilian", + "Military", + "Total" + ], + [ + "Actuarial accrued post-retirement health benefits liability, as of September 30, 2002", + "221.4", + "592.0", + "813.4" + ], + [ + "Liability transfer", + "(9.5)", + "9.5", + "-" + ], + [ + "Adjusted beginning post-retirement health benefits liability", + "211.9", + "601.5", + "813.4" + ], + [ + "Post-Retirement Health Benefits Expense:", + "", + "", + "" + ], + [ + "Normal costs", + "9.5", + "14.4", + "21.1" + ], + [ + "Interest on liability", + "14.4", + "37.5", + "51.9" + ], + [ + "Actuarial (gains)/losses", + "17.6", + "41.4", + "61.8" + ], + [ + "Total post-retirement health benefits expense", + "41.5", + "93.3", + "134.8" + ], + [ + "Less claims paid", + "9.0", + "11.8", + "20.8" + ], + [ + "Actuarial accrued post-retirement health benefits liability, as of September 30, 2003", + "244.4", + "683.0", + "927.4" + ] + ], + "md": "|(In billions of dollars)|Civilian|Military|Total|\n|Actuarial accrued post-retirement health benefits liability, as of September 30, 2002|221.4|592.0|813.4|\n|Liability transfer|(9.5)|9.5|-|\n|Adjusted beginning post-retirement health benefits liability|211.9|601.5|813.4|\n|Post-Retirement Health Benefits Expense:| | | |\n|Normal costs|9.5|14.4|21.1|\n|Interest on liability|14.4|37.5|51.9|\n|Actuarial (gains)/losses|17.6|41.4|61.8|\n|Total post-retirement health benefits expense|41.5|93.3|134.8|\n|Less claims paid|9.0|11.8|20.8|\n|Actuarial accrued post-retirement health benefits liability, as of September 30, 2003|244.4|683.0|927.4|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Civilian\",\"Military\",\"Total\"\n\"Actuarial accrued post-retirement health benefits liability, as of September 30, 2002\",\"221.4\",\"592.0\",\"813.4\"\n\"Liability transfer\",\"(9.5)\",\"9.5\",\"-\"\n\"Adjusted beginning post-retirement health benefits liability\",\"211.9\",\"601.5\",\"813.4\"\n\"Post-Retirement Health Benefits Expense:\",\"\",\"\",\"\"\n\"Normal costs\",\"9.5\",\"14.4\",\"21.1\"\n\"Interest on liability\",\"14.4\",\"37.5\",\"51.9\"\n\"Actuarial (gains)/losses\",\"17.6\",\"41.4\",\"61.8\"\n\"Total post-retirement health benefits expense\",\"41.5\",\"93.3\",\"134.8\"\n\"Less claims paid\",\"9.0\",\"11.8\",\"20.8\"\n\"Actuarial accrued post-retirement health benefits liability, as of September 30, 2003\",\"244.4\",\"683.0\",\"927.4\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Significant Assumptions Used in Determining Post-Retirement Health Benefits and the Related Expense", + "md": "# Significant Assumptions Used in Determining Post-Retirement Health Benefits and the Related Expense", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In percentages)", + "Civilian", + "", + "Military", + "" + ], + [ + "Rate of interest", + "2003", + "2002", + "2003", + "2002" + ], + [ + "", + "6.25%", + "6.75%", + "6.25%", + "6.25%" + ], + [ + "Rate of health care cost inflation", + "7.00%", + "", + "7.00%", + "6.25%" + ], + [ + "", + "", + "", + "2.1-16.73%", + "" + ] + ], + "md": "|(In percentages)|Civilian| |Military| |\n|Rate of interest|2003|2002|2003|2002|\n| |6.25%|6.75%|6.25%|6.25%|\n|Rate of health care cost inflation|7.00%| |7.00%|6.25%|\n| | | |2.1-16.73%| |", + "isPerfectTable": true, + "csv": "\"(In percentages)\",\"Civilian\",\"\",\"Military\",\"\"\n\"Rate of interest\",\"2003\",\"2002\",\"2003\",\"2002\"\n\"\",\"6.25%\",\"6.75%\",\"6.25%\",\"6.25%\"\n\"Rate of health care cost inflation\",\"7.00%\",\"\",\"7.00%\",\"6.25%\"\n\"\",\"\",\"\",\"2.1-16.73%\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Separate boards of actuaries for OPM and DOD determine the actuarial assumptions used in calculating the pension liability and the post-retirement health benefit liability for the civilian and military personnel. Both boards use generally accepted actuarial methodologies. The board for OPM uses a fixed rate of inflation and projected salary increases over all years for both the pension and post-retirement health benefit liabilities. These rates are shown in the tables above. The board for DOD uses a range of rates for the inflation and the projected salary increases, with an ultimate rate for the long term. The board for DOD also uses different health care cost inflation rates for inpatient, outpatient, and prescription drugs. The long-term ultimate rate is shown in the tables above.\n\nThe long-term ultimate rate for fiscal year 2003 of 6.25 percent is shown in the tables above. For disclosure and comparison purposes, DOD’s estimate of a single equivalent fixed rate of health care cost inflation for fiscal year 2003 is 7.0 percent, which is an approximation of the single equivalent rate that would produce that same actuarial liability as the actual rates used.", + "md": "Separate boards of actuaries for OPM and DOD determine the actuarial assumptions used in calculating the pension liability and the post-retirement health benefit liability for the civilian and military personnel. Both boards use generally accepted actuarial methodologies. The board for OPM uses a fixed rate of inflation and projected salary increases over all years for both the pension and post-retirement health benefit liabilities. These rates are shown in the tables above. The board for DOD uses a range of rates for the inflation and the projected salary increases, with an ultimate rate for the long term. The board for DOD also uses different health care cost inflation rates for inpatient, outpatient, and prescription drugs. The long-term ultimate rate is shown in the tables above.\n\nThe long-term ultimate rate for fiscal year 2003 of 6.25 percent is shown in the tables above. For disclosure and comparison purposes, DOD’s estimate of a single equivalent fixed rate of health care cost inflation for fiscal year 2003 is 7.0 percent, which is an approximation of the single equivalent rate that would produce that same actuarial liability as the actual rates used.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Civilian Employees", + "md": "# Civilian Employees", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Pensions", + "md": "# Pensions", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "OPM administers the largest civilian pension plan, which covers approximately 90 percent of all Federal civilian employees. This plan includes two components of defined benefits. These are the Civil Service Retirement System (CSRS) and the Federal Employees’ Retirement System (FERS). The basic benefit components of the CSRS and the FERS are financed and operated through the Civil Service Retirement and Disability Fund (CSRDF).", + "md": "OPM administers the largest civilian pension plan, which covers approximately 90 percent of all Federal civilian employees. This plan includes two components of defined benefits. These are the Civil Service Retirement System (CSRS) and the Federal Employees’ Retirement System (FERS). The basic benefit components of the CSRS and the FERS are financed and operated through the Civil Service Retirement and Disability Fund (CSRDF).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 123, + "text": " 118 NOTES TO THE FINANCIAL STATEMENTS\n CSRDF monies are generated primarily from employees’ contributions, agency contributions, payments from\nthe general fund, and interest on investments in Treasury securities. See Note 20—Dedicated Collections.\n The Federal Retirement Thrift Investment Board, an independent Government agency, administers the Thrift\nSavings Plan (TSP) Fund. The TSP Fund includes the C-Fund, S-Fund, F-Fund, I-Fund, and G-Fund. These\nfinancial statements exclude this fund because the CSRS and FERS employees own its assets.\n Treasury securities held in the G-Fund are included and classified as Treasury securities held by the public.\nFERS employees may contribute up to 13 percent of base pay to the plan, which the Government matches up to 5\npercent. CSRS employees may contribute up to 8 percent of base pay with no Government match.\n The G-Fund held $51.1 billion and $44.9 billion in nonmarketable Treasury securities on September 30, 2003,\nand 2002, respectively. The Federal Government’s related liability is included in total Federal debt securities held by\nthe public and accrued interest in the balance sheets.\nHealth Benefits\n The post-retirement civilian health benefit liability is an estimate of the Government’s future cost of providing\npost-retirement health benefits to current employees and retirees. Although active and retired employees pay an\ninsurance premium under the Federal Employees Health Benefits Program, these premiums cover only a portion of\nthe costs. The OPM actuary applies economic assumptions to historical cost information to estimate the liability,\nwhich is then reduced by certain operating costs and premiums received during the year.\nOther Benefits\n One of the largest other employee benefits is the Federal Employee Group Life Insurance Program. Employee\nand annuitant contributions and interest on investments fund a portion of this liability. The actuarial life insurance\nliability is the expected present value of future benefits to pay to, or in behalf of, existing Life Insurance Program\nparticipants. The OPM actuary uses interest rate, inflation, and salary increase assumptions that are consistent with\nthe pension liability.\n Military Employees (Including Veterans)\nPensions\n The DOD Military Retirement Fund finances military retirement and survivor benefit programs.\n The military retirement system consists of a funded, noncontributory, defined benefit plan. It applies to the\nDepartments of the Army, Navy, Air Force, and Marine Corps. This system includes non-disability retirement pay,\ndisability retirement pay, and retirement pay for reserve service and survivor annuity programs.\n Military personnel (Army, Navy, Marine Corps, and Air Force) who remain on active duty for 20 years or\nlonger are eligible for retirement. There are three different retirement systems that are currently being used by the\nmilitary: Final Pay, High–3 Year Average, and the Military Retirement Reform Act of 1986 (REDUX). The date\neach individual enters the military determines which retirement system they would fall under and if they have the\noption to pick their retirement system.\n Final Pay Retirement System: Final Pay applies to individuals who entered the Service before September 8,\n1980. Each year of service is worth 2.5 percent towards the retirement multiplier. The longer an individual stays on\nactive duty, the higher the multiplier and the higher the retirement income, up to the maximum of 75 percent. This\nmultiplier is applied against the final basic pay of the individual’s career. A cost of living adjustment (COLA) is\ngiven annually based on the increase in the CPI.\n High–3 Year Average Retirement System: High–3 Year Average applies to members who first entered the\nService after September 8, 1980, but before August 1, 1986. It also applies to individuals who entered on or after\nAugust 1, 1986, who do not elect the REDUX retirement system with the $30,000 career status bonus (CSB) at their\n15ᵗʰ year of service. The High–3 Year Average calculation is similar to the Final Pay except the High–3 Year\nAverage uses the multiplier against basic pay for the highest 36 months of the individual’s career. A COLA is given\nannually based on the increase in the CPI.\n CSB/REDUX Retirement System: The REDUX applies to those who entered the Service on or after August 1,\n1986, and who elected to receive the $30,000 CSB at their 15ᵗʰ year of service. Under the CSB/REDUX retirement\nsystem, each of the first 20 years of service is worth 2.0 percent towards the retirement multiplier and each year after\n20 years of service is worth 3.5 percent. The retirement multiplier under this retirement system is applied against the\naverage basic pay for the highest 36 months of the individual’s basic pay. A COLA is given annually based on the\nincrease in the CPI minus 1 percent.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nCSRDF monies are generated primarily from employees’ contributions, agency contributions, payments from the general fund, and interest on investments in Treasury securities. See Note 20—Dedicated Collections.\n\nThe Federal Retirement Thrift Investment Board, an independent Government agency, administers the Thrift Savings Plan (TSP) Fund. The TSP Fund includes the C-Fund, S-Fund, F-Fund, I-Fund, and G-Fund. These financial statements exclude this fund because the CSRS and FERS employees own its assets.\n\nTreasury securities held in the G-Fund are included and classified as Treasury securities held by the public. FERS employees may contribute up to 13 percent of base pay to the plan, which the Government matches up to 5 percent. CSRS employees may contribute up to 8 percent of base pay with no Government match.\n\nThe G-Fund held $51.1 billion and $44.9 billion in nonmarketable Treasury securities on September 30, 2003, and 2002, respectively. The Federal Government’s related liability is included in total Federal debt securities held by the public and accrued interest in the balance sheets.\n\n# Health Benefits\n\nThe post-retirement civilian health benefit liability is an estimate of the Government’s future cost of providing post-retirement health benefits to current employees and retirees. Although active and retired employees pay an insurance premium under the Federal Employees Health Benefits Program, these premiums cover only a portion of the costs. The OPM actuary applies economic assumptions to historical cost information to estimate the liability, which is then reduced by certain operating costs and premiums received during the year.\n\n# Other Benefits\n\nOne of the largest other employee benefits is the Federal Employee Group Life Insurance Program. Employee and annuitant contributions and interest on investments fund a portion of this liability. The actuarial life insurance liability is the expected present value of future benefits to pay to, or in behalf of, existing Life Insurance Program participants. The OPM actuary uses interest rate, inflation, and salary increase assumptions that are consistent with the pension liability.\n\n# Military Employees (Including Veterans)\n\n# Pensions\n\nThe DOD Military Retirement Fund finances military retirement and survivor benefit programs.\n\nThe military retirement system consists of a funded, noncontributory, defined benefit plan. It applies to the Departments of the Army, Navy, Air Force, and Marine Corps. This system includes non-disability retirement pay, disability retirement pay, and retirement pay for reserve service and survivor annuity programs.\n\nMilitary personnel (Army, Navy, Marine Corps, and Air Force) who remain on active duty for 20 years or longer are eligible for retirement. There are three different retirement systems that are currently being used by the military: Final Pay, High–3 Year Average, and the Military Retirement Reform Act of 1986 (REDUX). The date each individual enters the military determines which retirement system they would fall under and if they have the option to pick their retirement system.\n\n# Final Pay Retirement System\n\nFinal Pay applies to individuals who entered the Service before September 8, 1980. Each year of service is worth 2.5 percent towards the retirement multiplier. The longer an individual stays on active duty, the higher the multiplier and the higher the retirement income, up to the maximum of 75 percent. This multiplier is applied against the final basic pay of the individual’s career. A cost of living adjustment (COLA) is given annually based on the increase in the CPI.\n\n# High–3 Year Average Retirement System\n\nHigh–3 Year Average applies to members who first entered the Service after September 8, 1980, but before August 1, 1986. It also applies to individuals who entered on or after August 1, 1986, who do not elect the REDUX retirement system with the $30,000 career status bonus (CSB) at their 15ᵗʰ year of service. The High–3 Year Average calculation is similar to the Final Pay except the High–3 Year Average uses the multiplier against basic pay for the highest 36 months of the individual’s career. A COLA is given annually based on the increase in the CPI.\n\n# CSB/REDUX Retirement System\n\nThe REDUX applies to those who entered the Service on or after August 1, 1986, and who elected to receive the $30,000 CSB at their 15ᵗʰ year of service. Under the CSB/REDUX retirement system, each of the first 20 years of service is worth 2.0 percent towards the retirement multiplier and each year after 20 years of service is worth 3.5 percent. The retirement multiplier under this retirement system is applied against the average basic pay for the highest 36 months of the individual’s basic pay. A COLA is given annually based on the increase in the CPI minus 1 percent.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "CSRDF monies are generated primarily from employees’ contributions, agency contributions, payments from the general fund, and interest on investments in Treasury securities. See Note 20—Dedicated Collections.\n\nThe Federal Retirement Thrift Investment Board, an independent Government agency, administers the Thrift Savings Plan (TSP) Fund. The TSP Fund includes the C-Fund, S-Fund, F-Fund, I-Fund, and G-Fund. These financial statements exclude this fund because the CSRS and FERS employees own its assets.\n\nTreasury securities held in the G-Fund are included and classified as Treasury securities held by the public. FERS employees may contribute up to 13 percent of base pay to the plan, which the Government matches up to 5 percent. CSRS employees may contribute up to 8 percent of base pay with no Government match.\n\nThe G-Fund held $51.1 billion and $44.9 billion in nonmarketable Treasury securities on September 30, 2003, and 2002, respectively. The Federal Government’s related liability is included in total Federal debt securities held by the public and accrued interest in the balance sheets.", + "md": "CSRDF monies are generated primarily from employees’ contributions, agency contributions, payments from the general fund, and interest on investments in Treasury securities. See Note 20—Dedicated Collections.\n\nThe Federal Retirement Thrift Investment Board, an independent Government agency, administers the Thrift Savings Plan (TSP) Fund. The TSP Fund includes the C-Fund, S-Fund, F-Fund, I-Fund, and G-Fund. These financial statements exclude this fund because the CSRS and FERS employees own its assets.\n\nTreasury securities held in the G-Fund are included and classified as Treasury securities held by the public. FERS employees may contribute up to 13 percent of base pay to the plan, which the Government matches up to 5 percent. CSRS employees may contribute up to 8 percent of base pay with no Government match.\n\nThe G-Fund held $51.1 billion and $44.9 billion in nonmarketable Treasury securities on September 30, 2003, and 2002, respectively. The Federal Government’s related liability is included in total Federal debt securities held by the public and accrued interest in the balance sheets.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Health Benefits", + "md": "# Health Benefits", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The post-retirement civilian health benefit liability is an estimate of the Government’s future cost of providing post-retirement health benefits to current employees and retirees. Although active and retired employees pay an insurance premium under the Federal Employees Health Benefits Program, these premiums cover only a portion of the costs. The OPM actuary applies economic assumptions to historical cost information to estimate the liability, which is then reduced by certain operating costs and premiums received during the year.", + "md": "The post-retirement civilian health benefit liability is an estimate of the Government’s future cost of providing post-retirement health benefits to current employees and retirees. Although active and retired employees pay an insurance premium under the Federal Employees Health Benefits Program, these premiums cover only a portion of the costs. The OPM actuary applies economic assumptions to historical cost information to estimate the liability, which is then reduced by certain operating costs and premiums received during the year.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other Benefits", + "md": "# Other Benefits", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "One of the largest other employee benefits is the Federal Employee Group Life Insurance Program. Employee and annuitant contributions and interest on investments fund a portion of this liability. The actuarial life insurance liability is the expected present value of future benefits to pay to, or in behalf of, existing Life Insurance Program participants. The OPM actuary uses interest rate, inflation, and salary increase assumptions that are consistent with the pension liability.", + "md": "One of the largest other employee benefits is the Federal Employee Group Life Insurance Program. Employee and annuitant contributions and interest on investments fund a portion of this liability. The actuarial life insurance liability is the expected present value of future benefits to pay to, or in behalf of, existing Life Insurance Program participants. The OPM actuary uses interest rate, inflation, and salary increase assumptions that are consistent with the pension liability.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Military Employees (Including Veterans)", + "md": "# Military Employees (Including Veterans)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Pensions", + "md": "# Pensions", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The DOD Military Retirement Fund finances military retirement and survivor benefit programs.\n\nThe military retirement system consists of a funded, noncontributory, defined benefit plan. It applies to the Departments of the Army, Navy, Air Force, and Marine Corps. This system includes non-disability retirement pay, disability retirement pay, and retirement pay for reserve service and survivor annuity programs.\n\nMilitary personnel (Army, Navy, Marine Corps, and Air Force) who remain on active duty for 20 years or longer are eligible for retirement. There are three different retirement systems that are currently being used by the military: Final Pay, High–3 Year Average, and the Military Retirement Reform Act of 1986 (REDUX). The date each individual enters the military determines which retirement system they would fall under and if they have the option to pick their retirement system.", + "md": "The DOD Military Retirement Fund finances military retirement and survivor benefit programs.\n\nThe military retirement system consists of a funded, noncontributory, defined benefit plan. It applies to the Departments of the Army, Navy, Air Force, and Marine Corps. This system includes non-disability retirement pay, disability retirement pay, and retirement pay for reserve service and survivor annuity programs.\n\nMilitary personnel (Army, Navy, Marine Corps, and Air Force) who remain on active duty for 20 years or longer are eligible for retirement. There are three different retirement systems that are currently being used by the military: Final Pay, High–3 Year Average, and the Military Retirement Reform Act of 1986 (REDUX). The date each individual enters the military determines which retirement system they would fall under and if they have the option to pick their retirement system.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Final Pay Retirement System", + "md": "# Final Pay Retirement System", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Final Pay applies to individuals who entered the Service before September 8, 1980. Each year of service is worth 2.5 percent towards the retirement multiplier. The longer an individual stays on active duty, the higher the multiplier and the higher the retirement income, up to the maximum of 75 percent. This multiplier is applied against the final basic pay of the individual’s career. A cost of living adjustment (COLA) is given annually based on the increase in the CPI.", + "md": "Final Pay applies to individuals who entered the Service before September 8, 1980. Each year of service is worth 2.5 percent towards the retirement multiplier. The longer an individual stays on active duty, the higher the multiplier and the higher the retirement income, up to the maximum of 75 percent. This multiplier is applied against the final basic pay of the individual’s career. A cost of living adjustment (COLA) is given annually based on the increase in the CPI.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "High–3 Year Average Retirement System", + "md": "# High–3 Year Average Retirement System", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "High–3 Year Average applies to members who first entered the Service after September 8, 1980, but before August 1, 1986. It also applies to individuals who entered on or after August 1, 1986, who do not elect the REDUX retirement system with the $30,000 career status bonus (CSB) at their 15ᵗʰ year of service. The High–3 Year Average calculation is similar to the Final Pay except the High–3 Year Average uses the multiplier against basic pay for the highest 36 months of the individual’s career. A COLA is given annually based on the increase in the CPI.", + "md": "High–3 Year Average applies to members who first entered the Service after September 8, 1980, but before August 1, 1986. It also applies to individuals who entered on or after August 1, 1986, who do not elect the REDUX retirement system with the $30,000 career status bonus (CSB) at their 15ᵗʰ year of service. The High–3 Year Average calculation is similar to the Final Pay except the High–3 Year Average uses the multiplier against basic pay for the highest 36 months of the individual’s career. A COLA is given annually based on the increase in the CPI.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "CSB/REDUX Retirement System", + "md": "# CSB/REDUX Retirement System", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The REDUX applies to those who entered the Service on or after August 1, 1986, and who elected to receive the $30,000 CSB at their 15ᵗʰ year of service. Under the CSB/REDUX retirement system, each of the first 20 years of service is worth 2.0 percent towards the retirement multiplier and each year after 20 years of service is worth 3.5 percent. The retirement multiplier under this retirement system is applied against the average basic pay for the highest 36 months of the individual’s basic pay. A COLA is given annually based on the increase in the CPI minus 1 percent.", + "md": "The REDUX applies to those who entered the Service on or after August 1, 1986, and who elected to receive the $30,000 CSB at their 15ᵗʰ year of service. Under the CSB/REDUX retirement system, each of the first 20 years of service is worth 2.0 percent towards the retirement multiplier and each year after 20 years of service is worth 3.5 percent. The retirement multiplier under this retirement system is applied against the average basic pay for the highest 36 months of the individual’s basic pay. A COLA is given annually based on the increase in the CPI minus 1 percent.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 124, + "text": " NOTES TO THE FINANCIAL STATEMENTS 119\nHealth Benefits\n Military benefits entitle retirees and their dependents to health care in military medical facilities if a facility can\nprovide the needed care. Until they reach age 65, military retirees and their dependents also are entitled to be\nreimbursed for the cost of health care from civilian providers. A premium is charged to enroll in DOD’s civilian care\nprogram. In addition, there are deductible and copayment requirements for civilian care. Medicare, and since fiscal\nyear 2002, Tricare as secondary payer, covers military retirees after they reach 65 years of age.\n Military retiree health care figures include the cost of education and training, staffing, buildings and\nequipment, as well as the operation and maintenance of medical facilities. They also include claims paid to civilian\nproviders and the cost of administering the program.\n Chapter 56 of Title 10, United States Code created the DOD Medicare-Eligible Retiree Health Care Fund\neffective October 1, 2002. The purpose of this fund is to account for the health benefits of Medicare-eligible\nmembers and former members of the DOD Uniformed Services who are entitled to retire or retainer pay, and their\neligible dependents who are Medicare eligible.\n In addition to the health care benefits for civilian and military retirees and their dependents, the VA also\nprovides medical care to veterans on an “as available” basis, subject to the limits of the annual appropriations. In\naccordance with 38 CFR 17.36 (c), VA’s Secretary makes an annual enrollment decision that defines the veterans,\nby priority, who will be treated for that fiscal year subject to change based on funds appropriated, estimated\ncollections, usage, the severity index of enrolled veterans, and changes in cost. VA recognizes the medical care\nexpenses in the period the medical care services are provided. For the time period 2000-2003, the average medical\ncost per year was $21.2 billion.\nCompensation and Burial Benefits\n The Government compensates disabled veterans and their survivors. Veterans compensation is payable as a\ndisability benefit or a survivor’s benefit. Entitlement to compensation depends on the veteran’s disabilities having\nbeen incurred in, or aggravated during, active military service; death while on duty; or death resulting from service-\nconnected disabilities, if not in active duty.\n Burial benefits include a burial and plot or interment allowance payable for a veteran who, at the time of death,\nqualified to receive compensation or a pension, or whose death occurred in a VA facility.\n The liability for veteran’s compensation and burial benefits payable increased by $105.6 billion and $157.3\nbillion in fiscal years 2003 and 2002, respectively. The primary factors contributing to this increase were changes in\ninterest rate and other actuarial assumptions.\n Veterans Compensation and Burial Benefits as of September 30\n (In billions of dollars) 2003 2002\n Veterans................................................................................................ 815.0 721.7\n Survivors ............................................................................................... 136.6 124.1\n Burial benefits ....................................................................................... 3.2 3.4\n Total compensation and burial benefits payable ............................... 954.8 849.2\nOther Benefits\n Veterans insurance includes the following programs:\n • United States Government Life Insurance, established in 1919 to handle new issues and the conversion of World\n War I Risk Term Insurance.\n • National Service Life Insurance, established in 1940 to meet the needs of World War II service personnel.\n • Veterans Special Life Insurance, established in 1951 for Korean veterans who did not have service-connected\n disabilities.\n • Service-Disabled Veterans Insurance, established in 1951 for veterans with service-connected disabilities.\n • Veterans Reopened Insurance, which established a 1-year reopening in 1965 of National Service Life Insurance\n for certain disabled World War II and Korean veterans.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Health Benefits\n\nMilitary benefits entitle retirees and their dependents to health care in military medical facilities if a facility can provide the needed care. Until they reach age 65, military retirees and their dependents also are entitled to be reimbursed for the cost of health care from civilian providers. A premium is charged to enroll in DOD’s civilian care program. In addition, there are deductible and copayment requirements for civilian care. Medicare, and since fiscal year 2002, Tricare as secondary payer, covers military retirees after they reach 65 years of age.\n\nMilitary retiree health care figures include the cost of education and training, staffing, buildings and equipment, as well as the operation and maintenance of medical facilities. They also include claims paid to civilian providers and the cost of administering the program.\n\nChapter 56 of Title 10, United States Code created the DOD Medicare-Eligible Retiree Health Care Fund effective October 1, 2002. The purpose of this fund is to account for the health benefits of Medicare-eligible members and former members of the DOD Uniformed Services who are entitled to retire or retainer pay, and their eligible dependents who are Medicare eligible.\n\nIn addition to the health care benefits for civilian and military retirees and their dependents, the VA also provides medical care to veterans on an “as available” basis, subject to the limits of the annual appropriations. In accordance with 38 CFR 17.36 (c), VA’s Secretary makes an annual enrollment decision that defines the veterans, by priority, who will be treated for that fiscal year subject to change based on funds appropriated, estimated collections, usage, the severity index of enrolled veterans, and changes in cost. VA recognizes the medical care expenses in the period the medical care services are provided. For the time period 2000-2003, the average medical cost per year was $21.2 billion.\n\n# Compensation and Burial Benefits\n\nThe Government compensates disabled veterans and their survivors. Veterans compensation is payable as a disability benefit or a survivor’s benefit. Entitlement to compensation depends on the veteran’s disabilities having been incurred in, or aggravated during, active military service; death while on duty; or death resulting from service-connected disabilities, if not in active duty.\n\nBurial benefits include a burial and plot or interment allowance payable for a veteran who, at the time of death, qualified to receive compensation or a pension, or whose death occurred in a VA facility.\n\nThe liability for veteran’s compensation and burial benefits payable increased by $105.6 billion and $157.3 billion in fiscal years 2003 and 2002, respectively. The primary factors contributing to this increase were changes in interest rate and other actuarial assumptions.\n\n# Veterans Compensation and Burial Benefits as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Veterans|815.0|721.7|\n|Survivors|136.6|124.1|\n|Burial benefits|3.2|3.4|\n|Total compensation and burial benefits payable|954.8|849.2|\n\n# Other Benefits\n\nVeterans insurance includes the following programs:\n\n- United States Government Life Insurance, established in 1919 to handle new issues and the conversion of World War I Risk Term Insurance.\n- National Service Life Insurance, established in 1940 to meet the needs of World War II service personnel.\n- Veterans Special Life Insurance, established in 1951 for Korean veterans who did not have service-connected disabilities.\n- Service-Disabled Veterans Insurance, established in 1951 for veterans with service-connected disabilities.\n- Veterans Reopened Insurance, which established a 1-year reopening in 1965 of National Service Life Insurance for certain disabled World War II and Korean veterans.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Health Benefits", + "md": "# Health Benefits", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Military benefits entitle retirees and their dependents to health care in military medical facilities if a facility can provide the needed care. Until they reach age 65, military retirees and their dependents also are entitled to be reimbursed for the cost of health care from civilian providers. A premium is charged to enroll in DOD’s civilian care program. In addition, there are deductible and copayment requirements for civilian care. Medicare, and since fiscal year 2002, Tricare as secondary payer, covers military retirees after they reach 65 years of age.\n\nMilitary retiree health care figures include the cost of education and training, staffing, buildings and equipment, as well as the operation and maintenance of medical facilities. They also include claims paid to civilian providers and the cost of administering the program.\n\nChapter 56 of Title 10, United States Code created the DOD Medicare-Eligible Retiree Health Care Fund effective October 1, 2002. The purpose of this fund is to account for the health benefits of Medicare-eligible members and former members of the DOD Uniformed Services who are entitled to retire or retainer pay, and their eligible dependents who are Medicare eligible.\n\nIn addition to the health care benefits for civilian and military retirees and their dependents, the VA also provides medical care to veterans on an “as available” basis, subject to the limits of the annual appropriations. In accordance with 38 CFR 17.36 (c), VA’s Secretary makes an annual enrollment decision that defines the veterans, by priority, who will be treated for that fiscal year subject to change based on funds appropriated, estimated collections, usage, the severity index of enrolled veterans, and changes in cost. VA recognizes the medical care expenses in the period the medical care services are provided. For the time period 2000-2003, the average medical cost per year was $21.2 billion.", + "md": "Military benefits entitle retirees and their dependents to health care in military medical facilities if a facility can provide the needed care. Until they reach age 65, military retirees and their dependents also are entitled to be reimbursed for the cost of health care from civilian providers. A premium is charged to enroll in DOD’s civilian care program. In addition, there are deductible and copayment requirements for civilian care. Medicare, and since fiscal year 2002, Tricare as secondary payer, covers military retirees after they reach 65 years of age.\n\nMilitary retiree health care figures include the cost of education and training, staffing, buildings and equipment, as well as the operation and maintenance of medical facilities. They also include claims paid to civilian providers and the cost of administering the program.\n\nChapter 56 of Title 10, United States Code created the DOD Medicare-Eligible Retiree Health Care Fund effective October 1, 2002. The purpose of this fund is to account for the health benefits of Medicare-eligible members and former members of the DOD Uniformed Services who are entitled to retire or retainer pay, and their eligible dependents who are Medicare eligible.\n\nIn addition to the health care benefits for civilian and military retirees and their dependents, the VA also provides medical care to veterans on an “as available” basis, subject to the limits of the annual appropriations. In accordance with 38 CFR 17.36 (c), VA’s Secretary makes an annual enrollment decision that defines the veterans, by priority, who will be treated for that fiscal year subject to change based on funds appropriated, estimated collections, usage, the severity index of enrolled veterans, and changes in cost. VA recognizes the medical care expenses in the period the medical care services are provided. For the time period 2000-2003, the average medical cost per year was $21.2 billion.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Compensation and Burial Benefits", + "md": "# Compensation and Burial Benefits", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government compensates disabled veterans and their survivors. Veterans compensation is payable as a disability benefit or a survivor’s benefit. Entitlement to compensation depends on the veteran’s disabilities having been incurred in, or aggravated during, active military service; death while on duty; or death resulting from service-connected disabilities, if not in active duty.\n\nBurial benefits include a burial and plot or interment allowance payable for a veteran who, at the time of death, qualified to receive compensation or a pension, or whose death occurred in a VA facility.\n\nThe liability for veteran’s compensation and burial benefits payable increased by $105.6 billion and $157.3 billion in fiscal years 2003 and 2002, respectively. The primary factors contributing to this increase were changes in interest rate and other actuarial assumptions.", + "md": "The Government compensates disabled veterans and their survivors. Veterans compensation is payable as a disability benefit or a survivor’s benefit. Entitlement to compensation depends on the veteran’s disabilities having been incurred in, or aggravated during, active military service; death while on duty; or death resulting from service-connected disabilities, if not in active duty.\n\nBurial benefits include a burial and plot or interment allowance payable for a veteran who, at the time of death, qualified to receive compensation or a pension, or whose death occurred in a VA facility.\n\nThe liability for veteran’s compensation and burial benefits payable increased by $105.6 billion and $157.3 billion in fiscal years 2003 and 2002, respectively. The primary factors contributing to this increase were changes in interest rate and other actuarial assumptions.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Veterans Compensation and Burial Benefits as of September 30", + "md": "# Veterans Compensation and Burial Benefits as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "Veterans", + "815.0", + "721.7" + ], + [ + "Survivors", + "136.6", + "124.1" + ], + [ + "Burial benefits", + "3.2", + "3.4" + ], + [ + "Total compensation and burial benefits payable", + "954.8", + "849.2" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Veterans|815.0|721.7|\n|Survivors|136.6|124.1|\n|Burial benefits|3.2|3.4|\n|Total compensation and burial benefits payable|954.8|849.2|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Veterans\",\"815.0\",\"721.7\"\n\"Survivors\",\"136.6\",\"124.1\"\n\"Burial benefits\",\"3.2\",\"3.4\"\n\"Total compensation and burial benefits payable\",\"954.8\",\"849.2\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other Benefits", + "md": "# Other Benefits", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Veterans insurance includes the following programs:\n\n- United States Government Life Insurance, established in 1919 to handle new issues and the conversion of World War I Risk Term Insurance.\n- National Service Life Insurance, established in 1940 to meet the needs of World War II service personnel.\n- Veterans Special Life Insurance, established in 1951 for Korean veterans who did not have service-connected disabilities.\n- Service-Disabled Veterans Insurance, established in 1951 for veterans with service-connected disabilities.\n- Veterans Reopened Insurance, which established a 1-year reopening in 1965 of National Service Life Insurance for certain disabled World War II and Korean veterans.", + "md": "Veterans insurance includes the following programs:\n\n- United States Government Life Insurance, established in 1919 to handle new issues and the conversion of World War I Risk Term Insurance.\n- National Service Life Insurance, established in 1940 to meet the needs of World War II service personnel.\n- Veterans Special Life Insurance, established in 1951 for Korean veterans who did not have service-connected disabilities.\n- Service-Disabled Veterans Insurance, established in 1951 for veterans with service-connected disabilities.\n- Veterans Reopened Insurance, which established a 1-year reopening in 1965 of National Service Life Insurance for certain disabled World War II and Korean veterans.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 125, + "text": " 120 NOTES TO THE FINANCIAL STATEMENTS\n The VA also provides certain veterans and/or their dependents with pension benefits, based on annual\n eligibility reviews, if the veteran died or was disabled for nonservice-connected causes. The actuarial present value\n of the liability for future pension benefits is a non-exchange transaction and is not required to be recorded on the\n balance sheet. The projected amounts of future payments for pension benefits as of September 30, 2003, and 2002\n were $102.7 and $91.6 billion, respectively.\n Note 12. Environmental and Disposal Liabilities\n Environmental and Disposal Liabilities as of September 30\n (In billions of dollars) 2003 2002\n Department of Energy:\n Environmental management baseline estimates................................. 134.8 161.8\n Active and surplus facilities—other programs ..................................... 27.5 26.6\n High-level waste and spent nuclear fuel disposition............................ 14.9 14.8\nOther .................................................................................................... 6.2 6.5\n Total Department of Energy.............................................................. 183.4 209.7\n Department of Defense:\n Training ranges and non-range unexploded ordnance ....................... 18.8 13.6¹\n Active installations ............................................................................... 12.5 13.6¹\n Chemicals weapons disposal .............................................................. 10.8 12.8\n Nuclear powered aircraft carriers and submarines.............................. 10.7 10.0¹\nOther .................................................................................................... 8.7 9.3¹\n Total Department of Defense............................................................ 61.5 59.3\n All other agencies ................................................................................ 5.0 4.0\n Total environmental and disposal liabilities....................................... 249.9 273.0\n 1Reclassified.\n During World War II and the Cold War, the United States developed a massive industrial complex to research,\n produce, and test nuclear weapons. The nuclear weapons complex included nuclear reactors, chemical-processing\n buildings, metal machining plants, laboratories, and maintenance facilities.\n At all the sites where these activities took place, some environmental contamination occurred. This\n contamination was caused by the production, storage, and use of radioactive materials and hazardous chemicals,\n which resulted in contamination of soil, surface water, and groundwater. The environmental legacy of nuclear\n weapons production also includes thousands of contaminated areas and buildings, and large volumes of waste and\n special nuclear materials requiring treatment, stabilization, and disposal.\n Of those environmental liabilities, this report presents only cleanup costs from Federal operations known to\n result in hazardous waste that the Government is required to clean up by Federal, State, or local statutes and/or\n regulations. Two of these statutes are the Nuclear Waste Policy Act of 1992, which provides for permanent disposal\n of the Nation’s high-level radioactive waste and spent nuclear fuel; and Public Law 105-204, which requires a plan\n for the conversion of depleted uranium hexaflouride.\n DOE is responsible for managing the legacy of contamination from the nuclear weapons complex. The\n environmental management baseline estimate includes projections of the technical scope, schedule, and costs for\n environmental restoration; managing nuclear materials waste treatment, storage and disposal activities; and post-\n cleanup monitoring and stewardship at each installation. The baseline estimate includes costs for related activities\n such as landlord responsibilities, program management, and legally prescribed grants for participation and oversight\n by Native American tribes, regulatory agencies, and other stakeholders. Active and surplus facilities represent", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nThe VA also provides certain veterans and/or their dependents with pension benefits, based on annual eligibility reviews, if the veteran died or was disabled for nonservice-connected causes. The actuarial present value of the liability for future pension benefits is a non-exchange transaction and is not required to be recorded on the balance sheet. The projected amounts of future payments for pension benefits as of September 30, 2003, and 2002 were $102.7 and $91.6 billion, respectively.\n\n# Note 12. Environmental and Disposal Liabilities\n\nEnvironmental and Disposal Liabilities as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Department of Energy:| | |\n|Environmental management baseline estimates|134.8|161.8|\n|Active and surplus facilities—other programs|27.5|26.6|\n|High-level waste and spent nuclear fuel disposition|14.9|14.8|\n|Other|6.2|6.5|\n|Total Department of Energy|183.4|209.7|\n|Department of Defense:| | |\n|Training ranges and non-range unexploded ordnance|18.8|13.6¹|\n|Active installations|12.5|13.6¹|\n|Chemicals weapons disposal|10.8|12.8|\n|Nuclear powered aircraft carriers and submarines|10.7|10.0¹|\n|Other|8.7|9.3¹|\n|Total Department of Defense|61.5|59.3|\n|All other agencies|5.0|4.0|\n|Total environmental and disposal liabilities|249.9|273.0|\n\n1Reclassified.\n\nDuring World War II and the Cold War, the United States developed a massive industrial complex to research, produce, and test nuclear weapons. The nuclear weapons complex included nuclear reactors, chemical-processing buildings, metal machining plants, laboratories, and maintenance facilities.\n\nAt all the sites where these activities took place, some environmental contamination occurred. This contamination was caused by the production, storage, and use of radioactive materials and hazardous chemicals, which resulted in contamination of soil, surface water, and groundwater. The environmental legacy of nuclear weapons production also includes thousands of contaminated areas and buildings, and large volumes of waste and special nuclear materials requiring treatment, stabilization, and disposal.\n\nOf those environmental liabilities, this report presents only cleanup costs from Federal operations known to result in hazardous waste that the Government is required to clean up by Federal, State, or local statutes and/or regulations. Two of these statutes are the Nuclear Waste Policy Act of 1992, which provides for permanent disposal of the Nation’s high-level radioactive waste and spent nuclear fuel; and Public Law 105-204, which requires a plan for the conversion of depleted uranium hexaflouride.\n\nDOE is responsible for managing the legacy of contamination from the nuclear weapons complex. The environmental management baseline estimate includes projections of the technical scope, schedule, and costs for environmental restoration; managing nuclear materials waste treatment, storage and disposal activities; and post-cleanup monitoring and stewardship at each installation. The baseline estimate includes costs for related activities such as landlord responsibilities, program management, and legally prescribed grants for participation and oversight by Native American tribes, regulatory agencies, and other stakeholders. Active and surplus facilities represent", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The VA also provides certain veterans and/or their dependents with pension benefits, based on annual eligibility reviews, if the veteran died or was disabled for nonservice-connected causes. The actuarial present value of the liability for future pension benefits is a non-exchange transaction and is not required to be recorded on the balance sheet. The projected amounts of future payments for pension benefits as of September 30, 2003, and 2002 were $102.7 and $91.6 billion, respectively.", + "md": "The VA also provides certain veterans and/or their dependents with pension benefits, based on annual eligibility reviews, if the veteran died or was disabled for nonservice-connected causes. The actuarial present value of the liability for future pension benefits is a non-exchange transaction and is not required to be recorded on the balance sheet. The projected amounts of future payments for pension benefits as of September 30, 2003, and 2002 were $102.7 and $91.6 billion, respectively.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 12. Environmental and Disposal Liabilities", + "md": "# Note 12. Environmental and Disposal Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Environmental and Disposal Liabilities as of September 30", + "md": "Environmental and Disposal Liabilities as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "---", + "---", + "---" + ], + [ + "Department of Energy:", + "", + "" + ], + [ + "Environmental management baseline estimates", + "134.8", + "161.8" + ], + [ + "Active and surplus facilities—other programs", + "27.5", + "26.6" + ], + [ + "High-level waste and spent nuclear fuel disposition", + "14.9", + "14.8" + ], + [ + "Other", + "6.2", + "6.5" + ], + [ + "Total Department of Energy", + "183.4", + "209.7" + ], + [ + "Department of Defense:", + "", + "" + ], + [ + "Training ranges and non-range unexploded ordnance", + "18.8", + "13.6¹" + ], + [ + "Active installations", + "12.5", + "13.6¹" + ], + [ + "Chemicals weapons disposal", + "10.8", + "12.8" + ], + [ + "Nuclear powered aircraft carriers and submarines", + "10.7", + "10.0¹" + ], + [ + "Other", + "8.7", + "9.3¹" + ], + [ + "Total Department of Defense", + "61.5", + "59.3" + ], + [ + "All other agencies", + "5.0", + "4.0" + ], + [ + "Total environmental and disposal liabilities", + "249.9", + "273.0" + ] + ], + "md": "Environmental and Disposal Liabilities as of September 30\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Department of Energy:| | |\n|Environmental management baseline estimates|134.8|161.8|\n|Active and surplus facilities—other programs|27.5|26.6|\n|High-level waste and spent nuclear fuel disposition|14.9|14.8|\n|Other|6.2|6.5|\n|Total Department of Energy|183.4|209.7|\n|Department of Defense:| | |\n|Training ranges and non-range unexploded ordnance|18.8|13.6¹|\n|Active installations|12.5|13.6¹|\n|Chemicals weapons disposal|10.8|12.8|\n|Nuclear powered aircraft carriers and submarines|10.7|10.0¹|\n|Other|8.7|9.3¹|\n|Total Department of Defense|61.5|59.3|\n|All other agencies|5.0|4.0|\n|Total environmental and disposal liabilities|249.9|273.0|", + "isPerfectTable": false, + "csv": "\n\"(In billions of dollars)\",\"2003\",\"2002\"\n\"---\",\"---\",\"---\"\n\"Department of Energy:\",\"\",\"\"\n\"Environmental management baseline estimates\",\"134.8\",\"161.8\"\n\"Active and surplus facilities—other programs\",\"27.5\",\"26.6\"\n\"High-level waste and spent nuclear fuel disposition\",\"14.9\",\"14.8\"\n\"Other\",\"6.2\",\"6.5\"\n\"Total Department of Energy\",\"183.4\",\"209.7\"\n\"Department of Defense:\",\"\",\"\"\n\"Training ranges and non-range unexploded ordnance\",\"18.8\",\"13.6¹\"\n\"Active installations\",\"12.5\",\"13.6¹\"\n\"Chemicals weapons disposal\",\"10.8\",\"12.8\"\n\"Nuclear powered aircraft carriers and submarines\",\"10.7\",\"10.0¹\"\n\"Other\",\"8.7\",\"9.3¹\"\n\"Total Department of Defense\",\"61.5\",\"59.3\"\n\"All other agencies\",\"5.0\",\"4.0\"\n\"Total environmental and disposal liabilities\",\"249.9\",\"273.0\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1Reclassified.\n\nDuring World War II and the Cold War, the United States developed a massive industrial complex to research, produce, and test nuclear weapons. The nuclear weapons complex included nuclear reactors, chemical-processing buildings, metal machining plants, laboratories, and maintenance facilities.\n\nAt all the sites where these activities took place, some environmental contamination occurred. This contamination was caused by the production, storage, and use of radioactive materials and hazardous chemicals, which resulted in contamination of soil, surface water, and groundwater. The environmental legacy of nuclear weapons production also includes thousands of contaminated areas and buildings, and large volumes of waste and special nuclear materials requiring treatment, stabilization, and disposal.\n\nOf those environmental liabilities, this report presents only cleanup costs from Federal operations known to result in hazardous waste that the Government is required to clean up by Federal, State, or local statutes and/or regulations. Two of these statutes are the Nuclear Waste Policy Act of 1992, which provides for permanent disposal of the Nation’s high-level radioactive waste and spent nuclear fuel; and Public Law 105-204, which requires a plan for the conversion of depleted uranium hexaflouride.\n\nDOE is responsible for managing the legacy of contamination from the nuclear weapons complex. The environmental management baseline estimate includes projections of the technical scope, schedule, and costs for environmental restoration; managing nuclear materials waste treatment, storage and disposal activities; and post-cleanup monitoring and stewardship at each installation. The baseline estimate includes costs for related activities such as landlord responsibilities, program management, and legally prescribed grants for participation and oversight by Native American tribes, regulatory agencies, and other stakeholders. Active and surplus facilities represent", + "md": "1Reclassified.\n\nDuring World War II and the Cold War, the United States developed a massive industrial complex to research, produce, and test nuclear weapons. The nuclear weapons complex included nuclear reactors, chemical-processing buildings, metal machining plants, laboratories, and maintenance facilities.\n\nAt all the sites where these activities took place, some environmental contamination occurred. This contamination was caused by the production, storage, and use of radioactive materials and hazardous chemicals, which resulted in contamination of soil, surface water, and groundwater. The environmental legacy of nuclear weapons production also includes thousands of contaminated areas and buildings, and large volumes of waste and special nuclear materials requiring treatment, stabilization, and disposal.\n\nOf those environmental liabilities, this report presents only cleanup costs from Federal operations known to result in hazardous waste that the Government is required to clean up by Federal, State, or local statutes and/or regulations. Two of these statutes are the Nuclear Waste Policy Act of 1992, which provides for permanent disposal of the Nation’s high-level radioactive waste and spent nuclear fuel; and Public Law 105-204, which requires a plan for the conversion of depleted uranium hexaflouride.\n\nDOE is responsible for managing the legacy of contamination from the nuclear weapons complex. The environmental management baseline estimate includes projections of the technical scope, schedule, and costs for environmental restoration; managing nuclear materials waste treatment, storage and disposal activities; and post-cleanup monitoring and stewardship at each installation. The baseline estimate includes costs for related activities such as landlord responsibilities, program management, and legally prescribed grants for participation and oversight by Native American tribes, regulatory agencies, and other stakeholders. Active and surplus facilities represent", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 126, + "text": " NOTES TO THE FINANCIAL STATEMENTS 121\nanticipated remediation costs for those facilities that are conducting ongoing operations but ultimately will require\nstabilization, deactivation, and decommissioning.\n Estimated cleanup costs at sites for which there are no current feasible remediation approach are excluded from\nthe baseline estimates, although applicable stewardship and monitoring costs for these sites are included. Significant\nprojects not included are:\n • Nuclear explosion test areas (e.g., Nevada test site).\n • Large surface water bodies (e.g., Clinch and Columbia Rivers).\n • Most ground water (even with treatment, future use will be restricted).\n Estimating the department’s environmental cleanup liability requires making assumptions about future\nactivities and is inherently uncertain (see the decrease in environmental management baseline estimates for fiscal\nyear 2003). The future course of the department’s environmental management program will depend on a number of\nfundamental technical and policy choices to be made in the future. The sites and facilities could be restored to a\npristine condition suitable for any desirable use, or could be restored to a point where they pose no near-term health\nrisks. Achieving pristine conditions would have a higher cost but may, or may not, warrant the costs and potential\necosystem disruption, or be legally required. The environmental liability estimates are dependent on annual funding\nlevels and achievement of work as scheduled.\n DOD is required to clean up contamination resulting from waste disposal practices, leaks, spills, and other\nactivities that have created a public health or environmental risk. The department is also required to recognize\nclosure and post closure costs for its general property, plant, and equipment and environmental corrective action\ncosts for current operations. DOD must restore active installations, installations affected by base realignment and\nclosure, and other areas formerly used as defense sites. DOD also bears responsibility for disposal of chemical\nweapons and environmental costs associated with the disposal of weapons systems (primarily nuclear powered\naircraft carriers and submarines). DOD is responsible, as well, for training range and other non-range unexploded\nordnance cleanup.\n DOD is required by law to adhere to the Comprehensive Environmental Response, Compensation Liability Act\n(CERCLA) and Superfund Amendment and Reauthorization Act to clean up contamination resulting from past\nwaste disposal practices, leaks, spills, and other activities which have created a risk to public health or the\nenvironment. The Army is DOD’s executive agent for cleaning up contamination at sites formerly used by DOD.\nCERCLA requires the Army to cleanup contamination in coordination with regulatory agencies, other responsible\nparties, and current property owners.\n DOD is currently using two independently validated estimating models, in addition to engineering estimates, to\nreport its environmental liabilities. The models are the Remedial Action Cost Engineering Requirements and the\nDepartment of Navy Cost to Complete module. These two methods of valuation are used in this note’s table.\n DOD has not identified any unamortized portion of the estimated total cleanup cost associated with general\nproperty, plant, and equipment. The department’s financial management regulation requires the unamortized cleanup\ncost associated with property, plant, and equipment to be recognized. The department is working with the military\ndepartments to ensure the regulation is properly implemented.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nanticipated remediation costs for those facilities that are conducting ongoing operations but ultimately will require stabilization, deactivation, and decommissioning.\n\nEstimated cleanup costs at sites for which there are no current feasible remediation approach are excluded from the baseline estimates, although applicable stewardship and monitoring costs for these sites are included. Significant projects not included are:\n\n- Nuclear explosion test areas (e.g., Nevada test site).\n- Large surface water bodies (e.g., Clinch and Columbia Rivers).\n- Most ground water (even with treatment, future use will be restricted).\n\nEstimating the department’s environmental cleanup liability requires making assumptions about future activities and is inherently uncertain (see the decrease in environmental management baseline estimates for fiscal year 2003). The future course of the department’s environmental management program will depend on a number of fundamental technical and policy choices to be made in the future. The sites and facilities could be restored to a pristine condition suitable for any desirable use, or could be restored to a point where they pose no near-term health risks. Achieving pristine conditions would have a higher cost but may, or may not, warrant the costs and potential ecosystem disruption, or be legally required. The environmental liability estimates are dependent on annual funding levels and achievement of work as scheduled.\n\nDOD is required to clean up contamination resulting from waste disposal practices, leaks, spills, and other activities that have created a public health or environmental risk. The department is also required to recognize closure and post closure costs for its general property, plant, and equipment and environmental corrective action costs for current operations. DOD must restore active installations, installations affected by base realignment and closure, and other areas formerly used as defense sites. DOD also bears responsibility for disposal of chemical weapons and environmental costs associated with the disposal of weapons systems (primarily nuclear powered aircraft carriers and submarines). DOD is responsible, as well, for training range and other non-range unexploded ordnance cleanup.\n\nDOD is required by law to adhere to the Comprehensive Environmental Response, Compensation Liability Act (CERCLA) and Superfund Amendment and Reauthorization Act to clean up contamination resulting from past waste disposal practices, leaks, spills, and other activities which have created a risk to public health or the environment. The Army is DOD’s executive agent for cleaning up contamination at sites formerly used by DOD. CERCLA requires the Army to cleanup contamination in coordination with regulatory agencies, other responsible parties, and current property owners.\n\nDOD is currently using two independently validated estimating models, in addition to engineering estimates, to report its environmental liabilities. The models are the Remedial Action Cost Engineering Requirements and the Department of Navy Cost to Complete module. These two methods of valuation are used in this note’s table.\n\nDOD has not identified any unamortized portion of the estimated total cleanup cost associated with general property, plant, and equipment. The department’s financial management regulation requires the unamortized cleanup cost associated with property, plant, and equipment to be recognized. The department is working with the military departments to ensure the regulation is properly implemented.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "anticipated remediation costs for those facilities that are conducting ongoing operations but ultimately will require stabilization, deactivation, and decommissioning.\n\nEstimated cleanup costs at sites for which there are no current feasible remediation approach are excluded from the baseline estimates, although applicable stewardship and monitoring costs for these sites are included. Significant projects not included are:\n\n- Nuclear explosion test areas (e.g., Nevada test site).\n- Large surface water bodies (e.g., Clinch and Columbia Rivers).\n- Most ground water (even with treatment, future use will be restricted).\n\nEstimating the department’s environmental cleanup liability requires making assumptions about future activities and is inherently uncertain (see the decrease in environmental management baseline estimates for fiscal year 2003). The future course of the department’s environmental management program will depend on a number of fundamental technical and policy choices to be made in the future. The sites and facilities could be restored to a pristine condition suitable for any desirable use, or could be restored to a point where they pose no near-term health risks. Achieving pristine conditions would have a higher cost but may, or may not, warrant the costs and potential ecosystem disruption, or be legally required. The environmental liability estimates are dependent on annual funding levels and achievement of work as scheduled.\n\nDOD is required to clean up contamination resulting from waste disposal practices, leaks, spills, and other activities that have created a public health or environmental risk. The department is also required to recognize closure and post closure costs for its general property, plant, and equipment and environmental corrective action costs for current operations. DOD must restore active installations, installations affected by base realignment and closure, and other areas formerly used as defense sites. DOD also bears responsibility for disposal of chemical weapons and environmental costs associated with the disposal of weapons systems (primarily nuclear powered aircraft carriers and submarines). DOD is responsible, as well, for training range and other non-range unexploded ordnance cleanup.\n\nDOD is required by law to adhere to the Comprehensive Environmental Response, Compensation Liability Act (CERCLA) and Superfund Amendment and Reauthorization Act to clean up contamination resulting from past waste disposal practices, leaks, spills, and other activities which have created a risk to public health or the environment. The Army is DOD’s executive agent for cleaning up contamination at sites formerly used by DOD. CERCLA requires the Army to cleanup contamination in coordination with regulatory agencies, other responsible parties, and current property owners.\n\nDOD is currently using two independently validated estimating models, in addition to engineering estimates, to report its environmental liabilities. The models are the Remedial Action Cost Engineering Requirements and the Department of Navy Cost to Complete module. These two methods of valuation are used in this note’s table.\n\nDOD has not identified any unamortized portion of the estimated total cleanup cost associated with general property, plant, and equipment. The department’s financial management regulation requires the unamortized cleanup cost associated with property, plant, and equipment to be recognized. The department is working with the military departments to ensure the regulation is properly implemented.", + "md": "anticipated remediation costs for those facilities that are conducting ongoing operations but ultimately will require stabilization, deactivation, and decommissioning.\n\nEstimated cleanup costs at sites for which there are no current feasible remediation approach are excluded from the baseline estimates, although applicable stewardship and monitoring costs for these sites are included. Significant projects not included are:\n\n- Nuclear explosion test areas (e.g., Nevada test site).\n- Large surface water bodies (e.g., Clinch and Columbia Rivers).\n- Most ground water (even with treatment, future use will be restricted).\n\nEstimating the department’s environmental cleanup liability requires making assumptions about future activities and is inherently uncertain (see the decrease in environmental management baseline estimates for fiscal year 2003). The future course of the department’s environmental management program will depend on a number of fundamental technical and policy choices to be made in the future. The sites and facilities could be restored to a pristine condition suitable for any desirable use, or could be restored to a point where they pose no near-term health risks. Achieving pristine conditions would have a higher cost but may, or may not, warrant the costs and potential ecosystem disruption, or be legally required. The environmental liability estimates are dependent on annual funding levels and achievement of work as scheduled.\n\nDOD is required to clean up contamination resulting from waste disposal practices, leaks, spills, and other activities that have created a public health or environmental risk. The department is also required to recognize closure and post closure costs for its general property, plant, and equipment and environmental corrective action costs for current operations. DOD must restore active installations, installations affected by base realignment and closure, and other areas formerly used as defense sites. DOD also bears responsibility for disposal of chemical weapons and environmental costs associated with the disposal of weapons systems (primarily nuclear powered aircraft carriers and submarines). DOD is responsible, as well, for training range and other non-range unexploded ordnance cleanup.\n\nDOD is required by law to adhere to the Comprehensive Environmental Response, Compensation Liability Act (CERCLA) and Superfund Amendment and Reauthorization Act to clean up contamination resulting from past waste disposal practices, leaks, spills, and other activities which have created a risk to public health or the environment. The Army is DOD’s executive agent for cleaning up contamination at sites formerly used by DOD. CERCLA requires the Army to cleanup contamination in coordination with regulatory agencies, other responsible parties, and current property owners.\n\nDOD is currently using two independently validated estimating models, in addition to engineering estimates, to report its environmental liabilities. The models are the Remedial Action Cost Engineering Requirements and the Department of Navy Cost to Complete module. These two methods of valuation are used in this note’s table.\n\nDOD has not identified any unamortized portion of the estimated total cleanup cost associated with general property, plant, and equipment. The department’s financial management regulation requires the unamortized cleanup cost associated with property, plant, and equipment to be recognized. The department is working with the military departments to ensure the regulation is properly implemented.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 127, + "text": "122 NOTES TO THE FINANCIAL STATEMENTS\n Note 13. Benefits Due and Payable\n These amounts are the benefits owed to program recipients or medical service providers as of the fiscal\nyearend that have not been paid. For a description of the programs, see the Stewardship Responsibilities section\nunder Stewardship Information.\n Benefits Due and Payable as of September 30\n (In billions of dollars) 2003 2002\n Federal Old-Age and Survivors Insurance ................................................ 35.9 34.1\n Grants to States for Medicaid .................................................................... 17.8 16.3\n Federal Disability Insurance ...................................................................... 12.0 12.2\n Federal Supplementary Medical Insurance (Medicare Part B).................. 15.3 14.1\n Federal Hospital Insurance (Medicare Part A) .......................................... 15.0 14.1\n Unemployment insurance .......................................................................... 1.5 2.1\n Supplemental security income................................................................... 1.5 1.4\n Railroad retirement .................................................................................... 0.8 0.8\n Other benefits ............................................................................................ 0.2 0.2\n Total benefits due and payable............................................................... 100.0 95.3", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 13. Benefits Due and Payable\n\nThese amounts are the benefits owed to program recipients or medical service providers as of the fiscal yearend that have not been paid. For a description of the programs, see the Stewardship Responsibilities section under Stewardship Information.\n\n# Benefits Due and Payable as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Federal Old-Age and Survivors Insurance|35.9|34.1|\n|Grants to States for Medicaid|17.8|16.3|\n|Federal Disability Insurance|12.0|12.2|\n|Federal Supplementary Medical Insurance (Medicare Part B)|15.3|14.1|\n|Federal Hospital Insurance (Medicare Part A)|15.0|14.1|\n|Unemployment insurance|1.5|2.1|\n|Supplemental security income|1.5|1.4|\n|Railroad retirement|0.8|0.8|\n|Other benefits|0.2|0.2|\n|Total benefits due and payable|100.0|95.3|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 13. Benefits Due and Payable", + "md": "# Note 13. Benefits Due and Payable", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "These amounts are the benefits owed to program recipients or medical service providers as of the fiscal yearend that have not been paid. For a description of the programs, see the Stewardship Responsibilities section under Stewardship Information.", + "md": "These amounts are the benefits owed to program recipients or medical service providers as of the fiscal yearend that have not been paid. For a description of the programs, see the Stewardship Responsibilities section under Stewardship Information.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Benefits Due and Payable as of September 30", + "md": "# Benefits Due and Payable as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "Federal Old-Age and Survivors Insurance", + "35.9", + "34.1" + ], + [ + "Grants to States for Medicaid", + "17.8", + "16.3" + ], + [ + "Federal Disability Insurance", + "12.0", + "12.2" + ], + [ + "Federal Supplementary Medical Insurance (Medicare Part B)", + "15.3", + "14.1" + ], + [ + "Federal Hospital Insurance (Medicare Part A)", + "15.0", + "14.1" + ], + [ + "Unemployment insurance", + "1.5", + "2.1" + ], + [ + "Supplemental security income", + "1.5", + "1.4" + ], + [ + "Railroad retirement", + "0.8", + "0.8" + ], + [ + "Other benefits", + "0.2", + "0.2" + ], + [ + "Total benefits due and payable", + "100.0", + "95.3" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Federal Old-Age and Survivors Insurance|35.9|34.1|\n|Grants to States for Medicaid|17.8|16.3|\n|Federal Disability Insurance|12.0|12.2|\n|Federal Supplementary Medical Insurance (Medicare Part B)|15.3|14.1|\n|Federal Hospital Insurance (Medicare Part A)|15.0|14.1|\n|Unemployment insurance|1.5|2.1|\n|Supplemental security income|1.5|1.4|\n|Railroad retirement|0.8|0.8|\n|Other benefits|0.2|0.2|\n|Total benefits due and payable|100.0|95.3|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Federal Old-Age and Survivors Insurance\",\"35.9\",\"34.1\"\n\"Grants to States for Medicaid\",\"17.8\",\"16.3\"\n\"Federal Disability Insurance\",\"12.0\",\"12.2\"\n\"Federal Supplementary Medical Insurance (Medicare Part B)\",\"15.3\",\"14.1\"\n\"Federal Hospital Insurance (Medicare Part A)\",\"15.0\",\"14.1\"\n\"Unemployment insurance\",\"1.5\",\"2.1\"\n\"Supplemental security income\",\"1.5\",\"1.4\"\n\"Railroad retirement\",\"0.8\",\"0.8\"\n\"Other benefits\",\"0.2\",\"0.2\"\n\"Total benefits due and payable\",\"100.0\",\"95.3\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 128, + "text": " NOTES TO THE FINANCIAL STATEMENTS 123\n Note 14. Other Liabilities\n Other Liabilities as of September 30\n (In billions of dollars) 2003 2002\n Insurance Programs:\n Pension Benefit Guaranty Corporation ............................................... 44.7 28.6¹\n All other insurance programs .............................................................. 25.2 25.3¹\n Deferred revenue ................................................................................... 27.3 26.0\n Accrued wages and benefits.................................................................. 27.3 28.2\n Gold certificates ..................................................................................... 10.9 10.9\n Exchange stabilization fund ................................................................... 9.2 8.7\n Other debt .............................................................................................. 8.6 9.3\n Deposit funds and undeposited collections ........................................... 8.2 6.6\n Advances from foreign governments ..................................................... 5.2 5.4\n Accrued grant liability............................................................................. 3.7 2.3\n Contractual services .............................................................................. 3.6 3.9\n Carriers claim payable ........................................................................... 2.9 2.6\n Advances from others ............................................................................ 2.4 3.7\n Federal aid highway grant accruals ....................................................... 2.3 2.1\n Energy Employees Occupational Illness Compensation Act................. 2.2 2.8\n Nuclear waste fund ................................................................................ 2.0 2.0\n Other miscellaneous liabilities................................................................ 41.3 33.5\n Total other liabilities............................................................................. 227.0 201.9\n 1Reclassified.\n Insurance programs include bank and savings and loan institutions (thrifts) deposit insurance, guarantees of\npension benefits, and life and medical insurance. They also include insurance against damage to property (home, crops,\nand airplanes) caused by perils such as flooding and other natural disasters, risk of war, and insolvency. The increase in\nPension Benefit Guaranty Corporation insurance programs in fiscal year 2003 is due to employment terminations\nduring the current year, and future benefits payable for probable employment terminations as a result of industry\nclosings and bankruptcies. Fiscal year 2002’s all other insurance programs was restated to classify bank deposits and\ncrop insurance originally included in “Other miscellaneous liabilities.”\n The following are descriptions of some of the other categories (i.e., those under $5 billion) classified as other liabilities:\n • Deferred revenue refers to revenue received but not yet earned, such as payments received in advance from\n outside sources for future delivery of products or services.\n • Accrued wages and benefits consist of the estimated liability for civilian and military salaries and wages\n earned but unpaid. They also include funded annual leave and other employee benefits that have been earned\n but are unpaid.\n • Gold certificates include monetized portions of gold and certificates deposited in FRBs.\n • Exchange stabilization fund includes SDR certificates issued to the FRBs and allocations from the IMF.\n • Other debt includes Government obligations, whether secured or unsecured, not included in public debt.\n • Deposit funds are deposits held and maintained by the Government on behalf of a third party and include\n unclassified deposited funds that are amounts offsetting undeposited collections, as well as funds deposited in\n clearing accounts and suspense accounts that await disposition or reclassification.\n • Advances from foreign governments consist of amounts received from foreign governments for goods and\n services to be provided.\n • Other miscellaneous liabilities include amounts accrued for contingent liabilities, mainly from DOL, DOE, DOI,\n DOD and FDIC, and other liabilities from the Department of Transportation (DOT), VA, USDA, and Treasury.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 14. Other Liabilities\n\nOther Liabilities as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Insurance Programs:| | |\n|Pension Benefit Guaranty Corporation|44.7|28.6¹|\n|All other insurance programs|25.2|25.3¹|\n|Deferred revenue|27.3|26.0|\n|Accrued wages and benefits|27.3|28.2|\n|Gold certificates|10.9|10.9|\n|Exchange stabilization fund|9.2|8.7|\n|Other debt|8.6|9.3|\n|Deposit funds and undeposited collections|8.2|6.6|\n|Advances from foreign governments|5.2|5.4|\n|Accrued grant liability|3.7|2.3|\n|Contractual services|3.6|3.9|\n|Carriers claim payable|2.9|2.6|\n|Advances from others|2.4|3.7|\n|Federal aid highway grant accruals|2.3|2.1|\n|Energy Employees Occupational Illness Compensation Act|2.2|2.8|\n|Nuclear waste fund|2.0|2.0|\n|Other miscellaneous liabilities|41.3|33.5|\n|Total other liabilities|227.0|201.9|\n\n1Reclassified.\n\nInsurance programs include bank and savings and loan institutions (thrifts) deposit insurance, guarantees of pension benefits, and life and medical insurance. They also include insurance against damage to property (home, crops, and airplanes) caused by perils such as flooding and other natural disasters, risk of war, and insolvency. The increase in Pension Benefit Guaranty Corporation insurance programs in fiscal year 2003 is due to employment terminations during the current year, and future benefits payable for probable employment terminations as a result of industry closings and bankruptcies. Fiscal year 2002’s all other insurance programs was restated to classify bank deposits and crop insurance originally included in “Other miscellaneous liabilities.”\n\nThe following are descriptions of some of the other categories (i.e., those under $5 billion) classified as other liabilities:\n\n- Deferred revenue refers to revenue received but not yet earned, such as payments received in advance from outside sources for future delivery of products or services.\n- Accrued wages and benefits consist of the estimated liability for civilian and military salaries and wages earned but unpaid. They also include funded annual leave and other employee benefits that have been earned but are unpaid.\n- Gold certificates include monetized portions of gold and certificates deposited in FRBs.\n- Exchange stabilization fund includes SDR certificates issued to the FRBs and allocations from the IMF.\n- Other debt includes Government obligations, whether secured or unsecured, not included in public debt.\n- Deposit funds are deposits held and maintained by the Government on behalf of a third party and include unclassified deposited funds that are amounts offsetting undeposited collections, as well as funds deposited in clearing accounts and suspense accounts that await disposition or reclassification.\n- Advances from foreign governments consist of amounts received from foreign governments for goods and services to be provided.\n- Other miscellaneous liabilities include amounts accrued for contingent liabilities, mainly from DOL, DOE, DOI, DOD and FDIC, and other liabilities from the Department of Transportation (DOT), VA, USDA, and Treasury.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 14. Other Liabilities", + "md": "# Note 14. Other Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Other Liabilities as of September 30", + "md": "Other Liabilities as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "---", + "---", + "---" + ], + [ + "Insurance Programs:", + "", + "" + ], + [ + "Pension Benefit Guaranty Corporation", + "44.7", + "28.6¹" + ], + [ + "All other insurance programs", + "25.2", + "25.3¹" + ], + [ + "Deferred revenue", + "27.3", + "26.0" + ], + [ + "Accrued wages and benefits", + "27.3", + "28.2" + ], + [ + "Gold certificates", + "10.9", + "10.9" + ], + [ + "Exchange stabilization fund", + "9.2", + "8.7" + ], + [ + "Other debt", + "8.6", + "9.3" + ], + [ + "Deposit funds and undeposited collections", + "8.2", + "6.6" + ], + [ + "Advances from foreign governments", + "5.2", + "5.4" + ], + [ + "Accrued grant liability", + "3.7", + "2.3" + ], + [ + "Contractual services", + "3.6", + "3.9" + ], + [ + "Carriers claim payable", + "2.9", + "2.6" + ], + [ + "Advances from others", + "2.4", + "3.7" + ], + [ + "Federal aid highway grant accruals", + "2.3", + "2.1" + ], + [ + "Energy Employees Occupational Illness Compensation Act", + "2.2", + "2.8" + ], + [ + "Nuclear waste fund", + "2.0", + "2.0" + ], + [ + "Other miscellaneous liabilities", + "41.3", + "33.5" + ], + [ + "Total other liabilities", + "227.0", + "201.9" + ] + ], + "md": "Other Liabilities as of September 30\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Insurance Programs:| | |\n|Pension Benefit Guaranty Corporation|44.7|28.6¹|\n|All other insurance programs|25.2|25.3¹|\n|Deferred revenue|27.3|26.0|\n|Accrued wages and benefits|27.3|28.2|\n|Gold certificates|10.9|10.9|\n|Exchange stabilization fund|9.2|8.7|\n|Other debt|8.6|9.3|\n|Deposit funds and undeposited collections|8.2|6.6|\n|Advances from foreign governments|5.2|5.4|\n|Accrued grant liability|3.7|2.3|\n|Contractual services|3.6|3.9|\n|Carriers claim payable|2.9|2.6|\n|Advances from others|2.4|3.7|\n|Federal aid highway grant accruals|2.3|2.1|\n|Energy Employees Occupational Illness Compensation Act|2.2|2.8|\n|Nuclear waste fund|2.0|2.0|\n|Other miscellaneous liabilities|41.3|33.5|\n|Total other liabilities|227.0|201.9|", + "isPerfectTable": false, + "csv": "\n\"(In billions of dollars)\",\"2003\",\"2002\"\n\"---\",\"---\",\"---\"\n\"Insurance Programs:\",\"\",\"\"\n\"Pension Benefit Guaranty Corporation\",\"44.7\",\"28.6¹\"\n\"All other insurance programs\",\"25.2\",\"25.3¹\"\n\"Deferred revenue\",\"27.3\",\"26.0\"\n\"Accrued wages and benefits\",\"27.3\",\"28.2\"\n\"Gold certificates\",\"10.9\",\"10.9\"\n\"Exchange stabilization fund\",\"9.2\",\"8.7\"\n\"Other debt\",\"8.6\",\"9.3\"\n\"Deposit funds and undeposited collections\",\"8.2\",\"6.6\"\n\"Advances from foreign governments\",\"5.2\",\"5.4\"\n\"Accrued grant liability\",\"3.7\",\"2.3\"\n\"Contractual services\",\"3.6\",\"3.9\"\n\"Carriers claim payable\",\"2.9\",\"2.6\"\n\"Advances from others\",\"2.4\",\"3.7\"\n\"Federal aid highway grant accruals\",\"2.3\",\"2.1\"\n\"Energy Employees Occupational Illness Compensation Act\",\"2.2\",\"2.8\"\n\"Nuclear waste fund\",\"2.0\",\"2.0\"\n\"Other miscellaneous liabilities\",\"41.3\",\"33.5\"\n\"Total other liabilities\",\"227.0\",\"201.9\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1Reclassified.\n\nInsurance programs include bank and savings and loan institutions (thrifts) deposit insurance, guarantees of pension benefits, and life and medical insurance. They also include insurance against damage to property (home, crops, and airplanes) caused by perils such as flooding and other natural disasters, risk of war, and insolvency. The increase in Pension Benefit Guaranty Corporation insurance programs in fiscal year 2003 is due to employment terminations during the current year, and future benefits payable for probable employment terminations as a result of industry closings and bankruptcies. Fiscal year 2002’s all other insurance programs was restated to classify bank deposits and crop insurance originally included in “Other miscellaneous liabilities.”\n\nThe following are descriptions of some of the other categories (i.e., those under $5 billion) classified as other liabilities:\n\n- Deferred revenue refers to revenue received but not yet earned, such as payments received in advance from outside sources for future delivery of products or services.\n- Accrued wages and benefits consist of the estimated liability for civilian and military salaries and wages earned but unpaid. They also include funded annual leave and other employee benefits that have been earned but are unpaid.\n- Gold certificates include monetized portions of gold and certificates deposited in FRBs.\n- Exchange stabilization fund includes SDR certificates issued to the FRBs and allocations from the IMF.\n- Other debt includes Government obligations, whether secured or unsecured, not included in public debt.\n- Deposit funds are deposits held and maintained by the Government on behalf of a third party and include unclassified deposited funds that are amounts offsetting undeposited collections, as well as funds deposited in clearing accounts and suspense accounts that await disposition or reclassification.\n- Advances from foreign governments consist of amounts received from foreign governments for goods and services to be provided.\n- Other miscellaneous liabilities include amounts accrued for contingent liabilities, mainly from DOL, DOE, DOI, DOD and FDIC, and other liabilities from the Department of Transportation (DOT), VA, USDA, and Treasury.", + "md": "1Reclassified.\n\nInsurance programs include bank and savings and loan institutions (thrifts) deposit insurance, guarantees of pension benefits, and life and medical insurance. They also include insurance against damage to property (home, crops, and airplanes) caused by perils such as flooding and other natural disasters, risk of war, and insolvency. The increase in Pension Benefit Guaranty Corporation insurance programs in fiscal year 2003 is due to employment terminations during the current year, and future benefits payable for probable employment terminations as a result of industry closings and bankruptcies. Fiscal year 2002’s all other insurance programs was restated to classify bank deposits and crop insurance originally included in “Other miscellaneous liabilities.”\n\nThe following are descriptions of some of the other categories (i.e., those under $5 billion) classified as other liabilities:\n\n- Deferred revenue refers to revenue received but not yet earned, such as payments received in advance from outside sources for future delivery of products or services.\n- Accrued wages and benefits consist of the estimated liability for civilian and military salaries and wages earned but unpaid. They also include funded annual leave and other employee benefits that have been earned but are unpaid.\n- Gold certificates include monetized portions of gold and certificates deposited in FRBs.\n- Exchange stabilization fund includes SDR certificates issued to the FRBs and allocations from the IMF.\n- Other debt includes Government obligations, whether secured or unsecured, not included in public debt.\n- Deposit funds are deposits held and maintained by the Government on behalf of a third party and include unclassified deposited funds that are amounts offsetting undeposited collections, as well as funds deposited in clearing accounts and suspense accounts that await disposition or reclassification.\n- Advances from foreign governments consist of amounts received from foreign governments for goods and services to be provided.\n- Other miscellaneous liabilities include amounts accrued for contingent liabilities, mainly from DOL, DOE, DOI, DOD and FDIC, and other liabilities from the Department of Transportation (DOT), VA, USDA, and Treasury.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 129, + "text": " 124 NOTES TO THE FINANCIAL STATEMENTS\n Note 15. Collections and Refunds of Federal Revenue\n Collections of Federal Revenue for the Year Ended September 30, 2003\n Federal Tax Year to Which Collections Relate\n Revenue Prior\n (In billions of dollars) Collections 2003 2002 2001 Years\n Individual income tax and tax\n withholdings............................. 1,670.2 1,098.0 547.9 13.1 11.2\n Corporation income taxes .......... 194.3 124.3 59.5 .9 9.6\n Estate and gift taxes .................. 22.8 .1 18.7 1.3 2.7\nExcise taxes ............................... 69.6 50.9 18.2 .1 .4\n Customs duties .......................... 20.2 20.2 - - -\n Unemployment taxes ................. 31.4 23.7 7.7 - -\n Railroad retirement taxes........... 4.4 3.3 1.1 - -\n Federal Reserve earnings.......... 21.9 16.0 5.9 - -\n Fines, penalties, interest, and\n other taxes............................... 2.2 1.5 .7 - -\nSubtotal ................................... 2,037.0 1,338.0 659.7 15.4 23.9\n Less: Amounts collected\n for Non-Federal entities...... (.4)\n Total ................................... 2,036.6", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 15. Collections and Refunds of Federal Revenue\n\n# Collections of Federal Revenue for the Year Ended September 30, 2003\n\n| | | | |Federal Revenue|Collections|Tax Year to Which Collections Relate|Prior|\n|---|---|---|---|---|---|---|---|\n|(In billions of dollars)| |2003|2002|2001|Years| | |\n|Individual income tax and tax withholdings|1,670.2|1,098.0|547.9|13.1|11.2| | |\n|Corporation income taxes|194.3|124.3|59.5|.9|9.6| | |\n|Estate and gift taxes|22.8|.1|18.7|1.3|2.7| | |\n|Excise taxes|69.6|50.9|18.2|.1|.4| | |\n|Customs duties|20.2|20.2|-|-|-| | |\n|Unemployment taxes|31.4|23.7|7.7|-|-| | |\n|Railroad retirement taxes|4.4|3.3|1.1|-|-| | |\n|Federal Reserve earnings|21.9|16.0|5.9|-|-| | |\n|Fines, penalties, interest, and other taxes|2.2|1.5|.7|-|-| | |\n|Subtotal|2,037.0|1,338.0|659.7|15.4|23.9| | |\n|Less: Amounts collected for Non-Federal entities|(.4)| | | | | | |\n|Total|2,036.6| | | | | | |", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 15. Collections and Refunds of Federal Revenue", + "md": "# Note 15. Collections and Refunds of Federal Revenue", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Collections of Federal Revenue for the Year Ended September 30, 2003", + "md": "# Collections of Federal Revenue for the Year Ended September 30, 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "", + "", + "", + "Federal Revenue", + "Collections", + "Tax Year to Which Collections Relate", + "Prior" + ], + [ + "(In billions of dollars)", + "", + "2003", + "2002", + "2001", + "Years", + "", + "" + ], + [ + "Individual income tax and tax withholdings", + "1,670.2", + "1,098.0", + "547.9", + "13.1", + "11.2", + "", + "" + ], + [ + "Corporation income taxes", + "194.3", + "124.3", + "59.5", + ".9", + "9.6", + "", + "" + ], + [ + "Estate and gift taxes", + "22.8", + ".1", + "18.7", + "1.3", + "2.7", + "", + "" + ], + [ + "Excise taxes", + "69.6", + "50.9", + "18.2", + ".1", + ".4", + "", + "" + ], + [ + "Customs duties", + "20.2", + "20.2", + "-", + "-", + "-", + "", + "" + ], + [ + "Unemployment taxes", + "31.4", + "23.7", + "7.7", + "-", + "-", + "", + "" + ], + [ + "Railroad retirement taxes", + "4.4", + "3.3", + "1.1", + "-", + "-", + "", + "" + ], + [ + "Federal Reserve earnings", + "21.9", + "16.0", + "5.9", + "-", + "-", + "", + "" + ], + [ + "Fines, penalties, interest, and other taxes", + "2.2", + "1.5", + ".7", + "-", + "-", + "", + "" + ], + [ + "Subtotal", + "2,037.0", + "1,338.0", + "659.7", + "15.4", + "23.9", + "", + "" + ], + [ + "Less: Amounts collected for Non-Federal entities", + "(.4)", + "", + "", + "", + "", + "", + "" + ], + [ + "Total", + "2,036.6", + "", + "", + "", + "", + "", + "" + ] + ], + "md": "| | | | |Federal Revenue|Collections|Tax Year to Which Collections Relate|Prior|\n|(In billions of dollars)| |2003|2002|2001|Years| | |\n|Individual income tax and tax withholdings|1,670.2|1,098.0|547.9|13.1|11.2| | |\n|Corporation income taxes|194.3|124.3|59.5|.9|9.6| | |\n|Estate and gift taxes|22.8|.1|18.7|1.3|2.7| | |\n|Excise taxes|69.6|50.9|18.2|.1|.4| | |\n|Customs duties|20.2|20.2|-|-|-| | |\n|Unemployment taxes|31.4|23.7|7.7|-|-| | |\n|Railroad retirement taxes|4.4|3.3|1.1|-|-| | |\n|Federal Reserve earnings|21.9|16.0|5.9|-|-| | |\n|Fines, penalties, interest, and other taxes|2.2|1.5|.7|-|-| | |\n|Subtotal|2,037.0|1,338.0|659.7|15.4|23.9| | |\n|Less: Amounts collected for Non-Federal entities|(.4)| | | | | | |\n|Total|2,036.6| | | | | | |", + "isPerfectTable": true, + "csv": "\"\",\"\",\"\",\"\",\"Federal Revenue\",\"Collections\",\"Tax Year to Which Collections Relate\",\"Prior\"\n\"(In billions of dollars)\",\"\",\"2003\",\"2002\",\"2001\",\"Years\",\"\",\"\"\n\"Individual income tax and tax withholdings\",\"1,670.2\",\"1,098.0\",\"547.9\",\"13.1\",\"11.2\",\"\",\"\"\n\"Corporation income taxes\",\"194.3\",\"124.3\",\"59.5\",\".9\",\"9.6\",\"\",\"\"\n\"Estate and gift taxes\",\"22.8\",\".1\",\"18.7\",\"1.3\",\"2.7\",\"\",\"\"\n\"Excise taxes\",\"69.6\",\"50.9\",\"18.2\",\".1\",\".4\",\"\",\"\"\n\"Customs duties\",\"20.2\",\"20.2\",\"-\",\"-\",\"-\",\"\",\"\"\n\"Unemployment taxes\",\"31.4\",\"23.7\",\"7.7\",\"-\",\"-\",\"\",\"\"\n\"Railroad retirement taxes\",\"4.4\",\"3.3\",\"1.1\",\"-\",\"-\",\"\",\"\"\n\"Federal Reserve earnings\",\"21.9\",\"16.0\",\"5.9\",\"-\",\"-\",\"\",\"\"\n\"Fines, penalties, interest, and other taxes\",\"2.2\",\"1.5\",\".7\",\"-\",\"-\",\"\",\"\"\n\"Subtotal\",\"2,037.0\",\"1,338.0\",\"659.7\",\"15.4\",\"23.9\",\"\",\"\"\n\"Less: Amounts collected for Non-Federal entities\",\"(.4)\",\"\",\"\",\"\",\"\",\"\",\"\"\n\"Total\",\"2,036.6\",\"\",\"\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 130, + "text": " NOTES TO THE FINANCIAL STATEMENTS 125\n Collections of Federal Revenue for the Year Ended September 30, 2002\n Federal Tax Year to Which Collections Relate\n Revenue Prior\n (In billions of dollars) Collections 2002 2001 2000 Years\n Individual income tax and tax\n withholdings............................... 1,713.4 1,104.1 584.2 15.3 9.8\n Corporation income taxes ............ 211.0 112.9 88.8 1.0 8.3\n Estate and gift taxes .................... 27.2 0.1 23.6 1.4 2.1\nExcise taxes ................................. 69.0 50.6 18.0 0.1 0.3\n Custom duties .............................. 19.8 19.8 - - -\n Unemployment taxes ................... 26.3 19.6 6.6 - 0.1\n Railroad retirement taxes............. 4.6 3.5 1.1 - -\n Federal Reserve earnings............ 23.7 18.1 5.6 - -\n Fines, penalties, interest, and 3.0 2.3 0.7 - -\n other taxes.................................\nSubtotal ..................................... 2,098.0 1,331.0 728.6 17.8 20.6\n Less: Amounts collected for\n Non-Federal entities ............... 0.4\n Total........................................ 2,097.6\n Treasury is the Government’s principal revenue-collecting agency.\n Collections of individual income tax and tax withholdings consist of FICA/SECA and other taxes including\n payroll taxes collected from other agencies.\n Individual income and tax withholdings include refunds and Earned Income Tax Credit (EITC) payments.\n EITC is a refundable credit for taxpayers who work and whose earnings fall below the established ceiling. A\n refundable credit is first used to offset any individual taxes owed; any remaining amounts are issued to the taxpayer.\n In fiscal year 2003, the IRS issued $31.8 billion in EITC refunds; $63 million were applied to advance EITC, and an\n additional $5 billion of the EITC credits were applied to reduce taxpayer liability. (In fiscal year 2002, the IRS\n issued $27.8 billion in EITC refunds; $66 million were applied to advance EITC, and an additional $4.7 billion of\n the EITC credits were applied to reduce taxpayer liability.) All of these EITC amounts are included in gross cost in\n the Statements of Net Cost as a component of Treasury. Amounts reported for corporate income taxes in tax year\n 2003 include corporate taxes of $5 billion for tax year 2003. (Similarly, amounts reported for corporate income taxes\n collected in fiscal year 2002 include corporate taxes of $5 billion for tax year 2002.) Taxes collected are reported in\n the Revenue section of the Statements of Operations and Changes in Net Position, and are presented on a modified\n cash basis. On the other hand, collections reported in the table in Note 15—Collections and Refunds of Federal\n Revenue are reported on a gross cash basis.\n The Statement of Operations and Changes in Net Position reports total revenue of $1,796.0 billion and\n $1,877.7 billion for fiscal years 2003 and 2002, respectively. The difference between collections, net of refunds, and\n total revenue is primarily due to changes in taxes receivable, imputed revenue for the EITC and Child Tax Credit,\n other collecting entities, and other earned revenue.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Collections of Federal Revenue for the Year Ended September 30, 2002\n\n|Federal Revenue|Collections|Tax Year to Which Collections Relate|Prior| | |\n|---|---|---|---|---|---|\n|(In billions of dollars)| |2002|2001|2000|Years|\n|Individual income tax and tax withholdings|1,713.4|1,104.1|584.2|15.3|9.8|\n|Corporation income taxes|211.0|112.9|88.8|1.0|8.3|\n|Estate and gift taxes|27.2|0.1|23.6|1.4|2.1|\n|Excise taxes|69.0|50.6|18.0|0.1|0.3|\n|Custom duties|19.8|19.8|-|-|-|\n|Unemployment taxes|26.3|19.6|6.6|-|0.1|\n|Railroad retirement taxes|4.6|3.5|1.1|-|-|\n|Federal Reserve earnings|23.7|18.1|5.6|-|-|\n|Fines, penalties, interest, and other taxes|3.0|2.3|0.7|-|-|\n|Subtotal|2,098.0|1,331.0|728.6|17.8|20.6|\n|Less: Amounts collected for Non-Federal entities|0.4| | | | |\n|Total|2,097.6| | | | |\n\nTreasury is the Government’s principal revenue-collecting agency.\n\nCollections of individual income tax and tax withholdings consist of FICA/SECA and other taxes including payroll taxes collected from other agencies.\n\nIndividual income and tax withholdings include refunds and Earned Income Tax Credit (EITC) payments. EITC is a refundable credit for taxpayers who work and whose earnings fall below the established ceiling. A refundable credit is first used to offset any individual taxes owed; any remaining amounts are issued to the taxpayer.\n\nIn fiscal year 2003, the IRS issued $31.8 billion in EITC refunds; $63 million were applied to advance EITC, and an additional $5 billion of the EITC credits were applied to reduce taxpayer liability. (In fiscal year 2002, the IRS issued $27.8 billion in EITC refunds; $66 million were applied to advance EITC, and an additional $4.7 billion of the EITC credits were applied to reduce taxpayer liability.) All of these EITC amounts are included in gross cost in the Statements of Net Cost as a component of Treasury. Amounts reported for corporate income taxes in tax year 2003 include corporate taxes of $5 billion for tax year 2003. (Similarly, amounts reported for corporate income taxes collected in fiscal year 2002 include corporate taxes of $5 billion for tax year 2002.) Taxes collected are reported in the Revenue section of the Statements of Operations and Changes in Net Position, and are presented on a modified cash basis. On the other hand, collections reported in the table in Note 15—Collections and Refunds of Federal Revenue are reported on a gross cash basis.\n\nThe Statement of Operations and Changes in Net Position reports total revenue of $1,796.0 billion and $1,877.7 billion for fiscal years 2003 and 2002, respectively. The difference between collections, net of refunds, and total revenue is primarily due to changes in taxes receivable, imputed revenue for the EITC and Child Tax Credit, other collecting entities, and other earned revenue.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Collections of Federal Revenue for the Year Ended September 30, 2002", + "md": "# Collections of Federal Revenue for the Year Ended September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Federal Revenue", + "Collections", + "Tax Year to Which Collections Relate", + "Prior", + "", + "" + ], + [ + "(In billions of dollars)", + "", + "2002", + "2001", + "2000", + "Years" + ], + [ + "Individual income tax and tax withholdings", + "1,713.4", + "1,104.1", + "584.2", + "15.3", + "9.8" + ], + [ + "Corporation income taxes", + "211.0", + "112.9", + "88.8", + "1.0", + "8.3" + ], + [ + "Estate and gift taxes", + "27.2", + "0.1", + "23.6", + "1.4", + "2.1" + ], + [ + "Excise taxes", + "69.0", + "50.6", + "18.0", + "0.1", + "0.3" + ], + [ + "Custom duties", + "19.8", + "19.8", + "-", + "-", + "-" + ], + [ + "Unemployment taxes", + "26.3", + "19.6", + "6.6", + "-", + "0.1" + ], + [ + "Railroad retirement taxes", + "4.6", + "3.5", + "1.1", + "-", + "-" + ], + [ + "Federal Reserve earnings", + "23.7", + "18.1", + "5.6", + "-", + "-" + ], + [ + "Fines, penalties, interest, and other taxes", + "3.0", + "2.3", + "0.7", + "-", + "-" + ], + [ + "Subtotal", + "2,098.0", + "1,331.0", + "728.6", + "17.8", + "20.6" + ], + [ + "Less: Amounts collected for Non-Federal entities", + "0.4", + "", + "", + "", + "" + ], + [ + "Total", + "2,097.6", + "", + "", + "", + "" + ] + ], + "md": "|Federal Revenue|Collections|Tax Year to Which Collections Relate|Prior| | |\n|(In billions of dollars)| |2002|2001|2000|Years|\n|Individual income tax and tax withholdings|1,713.4|1,104.1|584.2|15.3|9.8|\n|Corporation income taxes|211.0|112.9|88.8|1.0|8.3|\n|Estate and gift taxes|27.2|0.1|23.6|1.4|2.1|\n|Excise taxes|69.0|50.6|18.0|0.1|0.3|\n|Custom duties|19.8|19.8|-|-|-|\n|Unemployment taxes|26.3|19.6|6.6|-|0.1|\n|Railroad retirement taxes|4.6|3.5|1.1|-|-|\n|Federal Reserve earnings|23.7|18.1|5.6|-|-|\n|Fines, penalties, interest, and other taxes|3.0|2.3|0.7|-|-|\n|Subtotal|2,098.0|1,331.0|728.6|17.8|20.6|\n|Less: Amounts collected for Non-Federal entities|0.4| | | | |\n|Total|2,097.6| | | | |", + "isPerfectTable": true, + "csv": "\"Federal Revenue\",\"Collections\",\"Tax Year to Which Collections Relate\",\"Prior\",\"\",\"\"\n\"(In billions of dollars)\",\"\",\"2002\",\"2001\",\"2000\",\"Years\"\n\"Individual income tax and tax withholdings\",\"1,713.4\",\"1,104.1\",\"584.2\",\"15.3\",\"9.8\"\n\"Corporation income taxes\",\"211.0\",\"112.9\",\"88.8\",\"1.0\",\"8.3\"\n\"Estate and gift taxes\",\"27.2\",\"0.1\",\"23.6\",\"1.4\",\"2.1\"\n\"Excise taxes\",\"69.0\",\"50.6\",\"18.0\",\"0.1\",\"0.3\"\n\"Custom duties\",\"19.8\",\"19.8\",\"-\",\"-\",\"-\"\n\"Unemployment taxes\",\"26.3\",\"19.6\",\"6.6\",\"-\",\"0.1\"\n\"Railroad retirement taxes\",\"4.6\",\"3.5\",\"1.1\",\"-\",\"-\"\n\"Federal Reserve earnings\",\"23.7\",\"18.1\",\"5.6\",\"-\",\"-\"\n\"Fines, penalties, interest, and other taxes\",\"3.0\",\"2.3\",\"0.7\",\"-\",\"-\"\n\"Subtotal\",\"2,098.0\",\"1,331.0\",\"728.6\",\"17.8\",\"20.6\"\n\"Less: Amounts collected for Non-Federal entities\",\"0.4\",\"\",\"\",\"\",\"\"\n\"Total\",\"2,097.6\",\"\",\"\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Treasury is the Government’s principal revenue-collecting agency.\n\nCollections of individual income tax and tax withholdings consist of FICA/SECA and other taxes including payroll taxes collected from other agencies.\n\nIndividual income and tax withholdings include refunds and Earned Income Tax Credit (EITC) payments. EITC is a refundable credit for taxpayers who work and whose earnings fall below the established ceiling. A refundable credit is first used to offset any individual taxes owed; any remaining amounts are issued to the taxpayer.\n\nIn fiscal year 2003, the IRS issued $31.8 billion in EITC refunds; $63 million were applied to advance EITC, and an additional $5 billion of the EITC credits were applied to reduce taxpayer liability. (In fiscal year 2002, the IRS issued $27.8 billion in EITC refunds; $66 million were applied to advance EITC, and an additional $4.7 billion of the EITC credits were applied to reduce taxpayer liability.) All of these EITC amounts are included in gross cost in the Statements of Net Cost as a component of Treasury. Amounts reported for corporate income taxes in tax year 2003 include corporate taxes of $5 billion for tax year 2003. (Similarly, amounts reported for corporate income taxes collected in fiscal year 2002 include corporate taxes of $5 billion for tax year 2002.) Taxes collected are reported in the Revenue section of the Statements of Operations and Changes in Net Position, and are presented on a modified cash basis. On the other hand, collections reported in the table in Note 15—Collections and Refunds of Federal Revenue are reported on a gross cash basis.\n\nThe Statement of Operations and Changes in Net Position reports total revenue of $1,796.0 billion and $1,877.7 billion for fiscal years 2003 and 2002, respectively. The difference between collections, net of refunds, and total revenue is primarily due to changes in taxes receivable, imputed revenue for the EITC and Child Tax Credit, other collecting entities, and other earned revenue.", + "md": "Treasury is the Government’s principal revenue-collecting agency.\n\nCollections of individual income tax and tax withholdings consist of FICA/SECA and other taxes including payroll taxes collected from other agencies.\n\nIndividual income and tax withholdings include refunds and Earned Income Tax Credit (EITC) payments. EITC is a refundable credit for taxpayers who work and whose earnings fall below the established ceiling. A refundable credit is first used to offset any individual taxes owed; any remaining amounts are issued to the taxpayer.\n\nIn fiscal year 2003, the IRS issued $31.8 billion in EITC refunds; $63 million were applied to advance EITC, and an additional $5 billion of the EITC credits were applied to reduce taxpayer liability. (In fiscal year 2002, the IRS issued $27.8 billion in EITC refunds; $66 million were applied to advance EITC, and an additional $4.7 billion of the EITC credits were applied to reduce taxpayer liability.) All of these EITC amounts are included in gross cost in the Statements of Net Cost as a component of Treasury. Amounts reported for corporate income taxes in tax year 2003 include corporate taxes of $5 billion for tax year 2003. (Similarly, amounts reported for corporate income taxes collected in fiscal year 2002 include corporate taxes of $5 billion for tax year 2002.) Taxes collected are reported in the Revenue section of the Statements of Operations and Changes in Net Position, and are presented on a modified cash basis. On the other hand, collections reported in the table in Note 15—Collections and Refunds of Federal Revenue are reported on a gross cash basis.\n\nThe Statement of Operations and Changes in Net Position reports total revenue of $1,796.0 billion and $1,877.7 billion for fiscal years 2003 and 2002, respectively. The difference between collections, net of refunds, and total revenue is primarily due to changes in taxes receivable, imputed revenue for the EITC and Child Tax Credit, other collecting entities, and other earned revenue.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 131, + "text": " 126 NOTES TO THE FINANCIAL STATEMENTS\n Federal Tax Refunds Disbursed for the Year Ended September 30, 2003\n Tax Year to Which Refunds Relate\n Refunds Prior\n (In billions of dollars) Disbursed 2003 2002 2001 Years\n Individual income tax and tax\n withholdings ................................. 232.4 .6 211.6 13.1 7.1\n Corporation income taxes .............. 66.1 2.0 11.1 10.8 42.2\n Unemployment taxes...................... .1 - .1 - -\n Excise taxes ................................... .9 .2 .3 .1 .3\n Estate and gift taxes ....................... .9 - .2 .4 .3\n Custom duties................................. .7 .7 - - -\nTotal ............................................. 301.1 3.5 223.3 24.4 49.9\n Federal Tax Refunds Disbursed for the Year Ended September 30, 2002\n Tax Year to Which Refunds Relate\n Refunds Prior\n (In billions of dollars) Disbursed 2002 2001 2000 Years\n Individual income tax and tax\n withholdings ................................. 212.4 0.5 194.2 12.5 5.2\n Corporation income taxes .............. 67.4 2.2 15.6 14.3 35.2\n Unemployment taxes...................... 0.1 - 0.1 - -\n Excise taxes ................................... 1.1 0.3 0.5 0.1 0.3\n Estate and gift taxes ....................... 0.8 - 0.2 0.3 0.3\n Custom duties................................. 1.5 0.8 0.2 0.1 0.4\nTotal ............................................. 283.3 3.8 210.8 27.3 41.4\n Note 16. Unreconciled Transactions Affecting the Change\n in Net Position\n The reconciliation of the Change in Net Position requires that the difference between ending and beginning net\n position equals the excess of revenues over net cost, plus or minus prior period adjustments.\n The unreconciled transactions needed to bring the change in net position into balance amounted to a net value\n of $24.5 billion and $17.1 billion for the years ended September 30, 2003, and 2002, respectively.\n The three primary factors affecting this out-of-balance situation are:\n • Improper recording of intragovernmental transactions by agencies.\n • Transactions affecting balance sheet assets and liabilities not identified properly by agencies as prior period\n adjustments.\n • Timing differences and errors in reporting transactions.\n The Federal financial community considers the identification and accurate reporting of these unreconciled\n transactions a priority.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Federal Tax Refunds Disbursed for the Year Ended September 30, 2003\n\n|(In billions of dollars)|Refunds Disbursed|Tax Year to Which Refunds Relate|Prior| | |\n|---|---|---|---|---|---|\n|Individual income tax and tax withholdings|232.4|0.6|211.6|13.1|7.1|\n|Corporation income taxes|66.1|2.0|11.1|10.8|42.2|\n|Unemployment taxes|0.1|-|0.1|-|-|\n|Excise taxes|0.9|0.2|0.3|0.1|0.3|\n|Estate and gift taxes|0.9|-|0.2|0.4|0.3|\n|Custom duties|0.7|0.7|-|-|-|\n|Total|301.1|3.5|223.3|24.4|49.9|\n\n# Federal Tax Refunds Disbursed for the Year Ended September 30, 2002\n\n|(In billions of dollars)|Refunds Disbursed|Tax Year to Which Refunds Relate|Prior| | |\n|---|---|---|---|---|---|\n|Individual income tax and tax withholdings|212.4|0.5|194.2|12.5|5.2|\n|Corporation income taxes|67.4|2.2|15.6|14.3|35.2|\n|Unemployment taxes|0.1|-|0.1|-|-|\n|Excise taxes|1.1|0.3|0.5|0.1|0.3|\n|Estate and gift taxes|0.8|-|0.2|0.3|0.3|\n|Custom duties|1.5|0.8|0.2|0.1|0.4|\n|Total|283.3|3.8|210.8|27.3|41.4|\n\n# Note 16. Unreconciled Transactions Affecting the Change in Net Position\n\nThe reconciliation of the Change in Net Position requires that the difference between ending and beginning net position equals the excess of revenues over net cost, plus or minus prior period adjustments.\n\nThe unreconciled transactions needed to bring the change in net position into balance amounted to a net value of $24.5 billion and $17.1 billion for the years ended September 30, 2003, and 2002, respectively.\n\nThe three primary factors affecting this out-of-balance situation are:\n\n- Improper recording of intragovernmental transactions by agencies.\n- Transactions affecting balance sheet assets and liabilities not identified properly by agencies as prior period adjustments.\n- Timing differences and errors in reporting transactions.\n\nThe Federal financial community considers the identification and accurate reporting of these unreconciled transactions a priority.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Tax Refunds Disbursed for the Year Ended September 30, 2003", + "md": "# Federal Tax Refunds Disbursed for the Year Ended September 30, 2003", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Refunds Disbursed", + "Tax Year to Which Refunds Relate", + "Prior", + "", + "" + ], + [ + "Individual income tax and tax withholdings", + "232.4", + "0.6", + "211.6", + "13.1", + "7.1" + ], + [ + "Corporation income taxes", + "66.1", + "2.0", + "11.1", + "10.8", + "42.2" + ], + [ + "Unemployment taxes", + "0.1", + "-", + "0.1", + "-", + "-" + ], + [ + "Excise taxes", + "0.9", + "0.2", + "0.3", + "0.1", + "0.3" + ], + [ + "Estate and gift taxes", + "0.9", + "-", + "0.2", + "0.4", + "0.3" + ], + [ + "Custom duties", + "0.7", + "0.7", + "-", + "-", + "-" + ], + [ + "Total", + "301.1", + "3.5", + "223.3", + "24.4", + "49.9" + ] + ], + "md": "|(In billions of dollars)|Refunds Disbursed|Tax Year to Which Refunds Relate|Prior| | |\n|Individual income tax and tax withholdings|232.4|0.6|211.6|13.1|7.1|\n|Corporation income taxes|66.1|2.0|11.1|10.8|42.2|\n|Unemployment taxes|0.1|-|0.1|-|-|\n|Excise taxes|0.9|0.2|0.3|0.1|0.3|\n|Estate and gift taxes|0.9|-|0.2|0.4|0.3|\n|Custom duties|0.7|0.7|-|-|-|\n|Total|301.1|3.5|223.3|24.4|49.9|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Refunds Disbursed\",\"Tax Year to Which Refunds Relate\",\"Prior\",\"\",\"\"\n\"Individual income tax and tax withholdings\",\"232.4\",\"0.6\",\"211.6\",\"13.1\",\"7.1\"\n\"Corporation income taxes\",\"66.1\",\"2.0\",\"11.1\",\"10.8\",\"42.2\"\n\"Unemployment taxes\",\"0.1\",\"-\",\"0.1\",\"-\",\"-\"\n\"Excise taxes\",\"0.9\",\"0.2\",\"0.3\",\"0.1\",\"0.3\"\n\"Estate and gift taxes\",\"0.9\",\"-\",\"0.2\",\"0.4\",\"0.3\"\n\"Custom duties\",\"0.7\",\"0.7\",\"-\",\"-\",\"-\"\n\"Total\",\"301.1\",\"3.5\",\"223.3\",\"24.4\",\"49.9\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Tax Refunds Disbursed for the Year Ended September 30, 2002", + "md": "# Federal Tax Refunds Disbursed for the Year Ended September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "Refunds Disbursed", + "Tax Year to Which Refunds Relate", + "Prior", + "", + "" + ], + [ + "Individual income tax and tax withholdings", + "212.4", + "0.5", + "194.2", + "12.5", + "5.2" + ], + [ + "Corporation income taxes", + "67.4", + "2.2", + "15.6", + "14.3", + "35.2" + ], + [ + "Unemployment taxes", + "0.1", + "-", + "0.1", + "-", + "-" + ], + [ + "Excise taxes", + "1.1", + "0.3", + "0.5", + "0.1", + "0.3" + ], + [ + "Estate and gift taxes", + "0.8", + "-", + "0.2", + "0.3", + "0.3" + ], + [ + "Custom duties", + "1.5", + "0.8", + "0.2", + "0.1", + "0.4" + ], + [ + "Total", + "283.3", + "3.8", + "210.8", + "27.3", + "41.4" + ] + ], + "md": "|(In billions of dollars)|Refunds Disbursed|Tax Year to Which Refunds Relate|Prior| | |\n|Individual income tax and tax withholdings|212.4|0.5|194.2|12.5|5.2|\n|Corporation income taxes|67.4|2.2|15.6|14.3|35.2|\n|Unemployment taxes|0.1|-|0.1|-|-|\n|Excise taxes|1.1|0.3|0.5|0.1|0.3|\n|Estate and gift taxes|0.8|-|0.2|0.3|0.3|\n|Custom duties|1.5|0.8|0.2|0.1|0.4|\n|Total|283.3|3.8|210.8|27.3|41.4|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"Refunds Disbursed\",\"Tax Year to Which Refunds Relate\",\"Prior\",\"\",\"\"\n\"Individual income tax and tax withholdings\",\"212.4\",\"0.5\",\"194.2\",\"12.5\",\"5.2\"\n\"Corporation income taxes\",\"67.4\",\"2.2\",\"15.6\",\"14.3\",\"35.2\"\n\"Unemployment taxes\",\"0.1\",\"-\",\"0.1\",\"-\",\"-\"\n\"Excise taxes\",\"1.1\",\"0.3\",\"0.5\",\"0.1\",\"0.3\"\n\"Estate and gift taxes\",\"0.8\",\"-\",\"0.2\",\"0.3\",\"0.3\"\n\"Custom duties\",\"1.5\",\"0.8\",\"0.2\",\"0.1\",\"0.4\"\n\"Total\",\"283.3\",\"3.8\",\"210.8\",\"27.3\",\"41.4\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 16. Unreconciled Transactions Affecting the Change in Net Position", + "md": "# Note 16. Unreconciled Transactions Affecting the Change in Net Position", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The reconciliation of the Change in Net Position requires that the difference between ending and beginning net position equals the excess of revenues over net cost, plus or minus prior period adjustments.\n\nThe unreconciled transactions needed to bring the change in net position into balance amounted to a net value of $24.5 billion and $17.1 billion for the years ended September 30, 2003, and 2002, respectively.\n\nThe three primary factors affecting this out-of-balance situation are:\n\n- Improper recording of intragovernmental transactions by agencies.\n- Transactions affecting balance sheet assets and liabilities not identified properly by agencies as prior period adjustments.\n- Timing differences and errors in reporting transactions.\n\nThe Federal financial community considers the identification and accurate reporting of these unreconciled transactions a priority.", + "md": "The reconciliation of the Change in Net Position requires that the difference between ending and beginning net position equals the excess of revenues over net cost, plus or minus prior period adjustments.\n\nThe unreconciled transactions needed to bring the change in net position into balance amounted to a net value of $24.5 billion and $17.1 billion for the years ended September 30, 2003, and 2002, respectively.\n\nThe three primary factors affecting this out-of-balance situation are:\n\n- Improper recording of intragovernmental transactions by agencies.\n- Transactions affecting balance sheet assets and liabilities not identified properly by agencies as prior period adjustments.\n- Timing differences and errors in reporting transactions.\n\nThe Federal financial community considers the identification and accurate reporting of these unreconciled transactions a priority.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 132, + "text": " NOTES TO THE FINANCIAL STATEMENTS 127\n Note 17. Change in Accounting Principle and Prior Period\n Adjustments\n Change in Accounting Principle and Prior Period Adjustments\n to Fiscal Years 2003 and 2002\n Increases to Reconciliations of\n Net Position Net Operating Cost\n (In billions of dollars) 2003 2002 2003 2002\n Change in Accounting Principle:\n Department of Defense............................................ 383.1\n Prior Period Adjustments:\n Department of Treasury ........................................... (4.0) (3.1) - -\n All other corrections of errors................................... 1.4 6.6 1.4 6.6\n Total corrections of errors ..................................... (2.6) 3.5 1.4 6.6\n Prior period adjustments for fiscal year 2003 consist of $383.1 billion for a change in accounting principle and\n$2.6 billion net adjustments to correct errors in prior periods.\n Significant components of these net adjustments include:\n Change in accounting principle:\n • A $383.1 billion net adjustment by DOD, resulting from changes in accounting principle that eliminated the\n category of national defense property, plant, and equipment in accordance with SFFAS No. 23, and included\n these assets in property, plant, and equipment for $316.6 billion and inventory for $66.5 in the balance sheet.\n Prior period adjustments:\n • A ($4.0) billion adjustment to recognize the pension liability not previously recorded for the Secret Service and\n now transferred to DHS.\n • The other $1.4 billion includes: a $0.9 billion net adjustment by DOT to property, plant, and equipment, $0.2 net\n adjustments by DOD to property, plant, and equipment, and $0.3 billion adjustments from different agencies.\n Prior period adjustments for fiscal year 2002 consist of $3.5 billion in net adjustments to correct errors in prior\nperiods.\n Significant components of these net adjustments include:\n Correction of errors:\n • A ($3.1) billion adjustment by Treasury to operating cash to correct the balance in outstanding checks.\n • The other $6.6 billion includes: a $2.9 billion net correction by the National Aeronautics and Space\n Administration (NASA) to property, plant, and equipment; a $2.0 billion net adjustment by DOD for correction\n of errors to unexpended appropriations, progress payments, environmental liabilities, and inventory valuation; a\n ($1.3) billion net adjustment by USDA for correction of errors to property, plant, and equipment and accounts\n payable; a $1.3 billion net adjustment by DOT for corrections of errors to environmental liabilities and legal\n claims; a $1.2 billion adjustment by DOL for correction of errors to equity; and a $0.5 billion net adjustment\n resulting from corrections of smaller errors from different agencies.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 17. Change in Accounting Principle and Prior Period Adjustments\n\n# Change in Accounting Principle and Prior Period Adjustments to Fiscal Years 2003 and 2002\n\n|Increases to Net Position|Reconciliations of Net Operating Cost| | | | |\n|---|---|---|---|---|---|\n|(In billions of dollars)|2003|2002|2003|2002| |\n|Change in Accounting Principle:|Department of Defense|383.1|383.1|383.1| | | |\n|Prior Period Adjustments:|Department of Treasury|(4.0)|(3.1)|-|-|\n|All other corrections of errors|1.4|6.6|1.4|6.6| |\n|Total corrections of errors|(2.6)|3.5|1.4|6.6| |\n\nPrior period adjustments for fiscal year 2003 consist of $383.1 billion for a change in accounting principle and $2.6 billion net adjustments to correct errors in prior periods.\n\nSignificant components of these net adjustments include:\n\n# Change in accounting principle:\n\n- A $383.1 billion net adjustment by DOD, resulting from changes in accounting principle that eliminated the category of national defense property, plant, and equipment in accordance with SFFAS No. 23, and included these assets in property, plant, and equipment for $316.6 billion and inventory for $66.5 in the balance sheet.\n\n# Prior period adjustments:\n\n- A ($4.0) billion adjustment to recognize the pension liability not previously recorded for the Secret Service and now transferred to DHS.\n- The other $1.4 billion includes: a $0.9 billion net adjustment by DOT to property, plant, and equipment, $0.2 net adjustments by DOD to property, plant, and equipment, and $0.3 billion adjustments from different agencies.\n\nPrior period adjustments for fiscal year 2002 consist of $3.5 billion in net adjustments to correct errors in prior periods.\n\nSignificant components of these net adjustments include:\n\n# Correction of errors:\n\n- A ($3.1) billion adjustment by Treasury to operating cash to correct the balance in outstanding checks.\n- The other $6.6 billion includes: a $2.9 billion net correction by the National Aeronautics and Space Administration (NASA) to property, plant, and equipment; a $2.0 billion net adjustment by DOD for correction of errors to unexpended appropriations, progress payments, environmental liabilities, and inventory valuation; a ($1.3) billion net adjustment by USDA for correction of errors to property, plant, and equipment and accounts payable; a $1.3 billion net adjustment by DOT for corrections of errors to environmental liabilities and legal claims; a $1.2 billion adjustment by DOL for correction of errors to equity; and a $0.5 billion net adjustment resulting from corrections of smaller errors from different agencies.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 17. Change in Accounting Principle and Prior Period Adjustments", + "md": "# Note 17. Change in Accounting Principle and Prior Period Adjustments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Change in Accounting Principle and Prior Period Adjustments to Fiscal Years 2003 and 2002", + "md": "# Change in Accounting Principle and Prior Period Adjustments to Fiscal Years 2003 and 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Increases to Net Position", + "Reconciliations of Net Operating Cost", + "", + "", + "", + "" + ], + [ + "(In billions of dollars)", + "2003", + "2002", + "2003", + "2002", + "" + ], + [ + "Change in Accounting Principle:", + "Department of Defense", + "383.1", + "383.1", + "383.1", + "", + "", + "" + ], + [ + "Prior Period Adjustments:", + "Department of Treasury", + "(4.0)", + "(3.1)", + "-", + "-" + ], + [ + "All other corrections of errors", + "1.4", + "6.6", + "1.4", + "6.6", + "" + ], + [ + "Total corrections of errors", + "(2.6)", + "3.5", + "1.4", + "6.6", + "" + ] + ], + "md": "|Increases to Net Position|Reconciliations of Net Operating Cost| | | | |\n|(In billions of dollars)|2003|2002|2003|2002| |\n|Change in Accounting Principle:|Department of Defense|383.1|383.1|383.1| | | |\n|Prior Period Adjustments:|Department of Treasury|(4.0)|(3.1)|-|-|\n|All other corrections of errors|1.4|6.6|1.4|6.6| |\n|Total corrections of errors|(2.6)|3.5|1.4|6.6| |", + "isPerfectTable": false, + "csv": "\"Increases to Net Position\",\"Reconciliations of Net Operating Cost\",\"\",\"\",\"\",\"\"\n\"(In billions of dollars)\",\"2003\",\"2002\",\"2003\",\"2002\",\"\"\n\"Change in Accounting Principle:\",\"Department of Defense\",\"383.1\",\"383.1\",\"383.1\",\"\",\"\",\"\"\n\"Prior Period Adjustments:\",\"Department of Treasury\",\"(4.0)\",\"(3.1)\",\"-\",\"-\"\n\"All other corrections of errors\",\"1.4\",\"6.6\",\"1.4\",\"6.6\",\"\"\n\"Total corrections of errors\",\"(2.6)\",\"3.5\",\"1.4\",\"6.6\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Prior period adjustments for fiscal year 2003 consist of $383.1 billion for a change in accounting principle and $2.6 billion net adjustments to correct errors in prior periods.\n\nSignificant components of these net adjustments include:", + "md": "Prior period adjustments for fiscal year 2003 consist of $383.1 billion for a change in accounting principle and $2.6 billion net adjustments to correct errors in prior periods.\n\nSignificant components of these net adjustments include:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Change in accounting principle:", + "md": "# Change in accounting principle:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- A $383.1 billion net adjustment by DOD, resulting from changes in accounting principle that eliminated the category of national defense property, plant, and equipment in accordance with SFFAS No. 23, and included these assets in property, plant, and equipment for $316.6 billion and inventory for $66.5 in the balance sheet.", + "md": "- A $383.1 billion net adjustment by DOD, resulting from changes in accounting principle that eliminated the category of national defense property, plant, and equipment in accordance with SFFAS No. 23, and included these assets in property, plant, and equipment for $316.6 billion and inventory for $66.5 in the balance sheet.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Prior period adjustments:", + "md": "# Prior period adjustments:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- A ($4.0) billion adjustment to recognize the pension liability not previously recorded for the Secret Service and now transferred to DHS.\n- The other $1.4 billion includes: a $0.9 billion net adjustment by DOT to property, plant, and equipment, $0.2 net adjustments by DOD to property, plant, and equipment, and $0.3 billion adjustments from different agencies.\n\nPrior period adjustments for fiscal year 2002 consist of $3.5 billion in net adjustments to correct errors in prior periods.\n\nSignificant components of these net adjustments include:", + "md": "- A ($4.0) billion adjustment to recognize the pension liability not previously recorded for the Secret Service and now transferred to DHS.\n- The other $1.4 billion includes: a $0.9 billion net adjustment by DOT to property, plant, and equipment, $0.2 net adjustments by DOD to property, plant, and equipment, and $0.3 billion adjustments from different agencies.\n\nPrior period adjustments for fiscal year 2002 consist of $3.5 billion in net adjustments to correct errors in prior periods.\n\nSignificant components of these net adjustments include:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Correction of errors:", + "md": "# Correction of errors:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "- A ($3.1) billion adjustment by Treasury to operating cash to correct the balance in outstanding checks.\n- The other $6.6 billion includes: a $2.9 billion net correction by the National Aeronautics and Space Administration (NASA) to property, plant, and equipment; a $2.0 billion net adjustment by DOD for correction of errors to unexpended appropriations, progress payments, environmental liabilities, and inventory valuation; a ($1.3) billion net adjustment by USDA for correction of errors to property, plant, and equipment and accounts payable; a $1.3 billion net adjustment by DOT for corrections of errors to environmental liabilities and legal claims; a $1.2 billion adjustment by DOL for correction of errors to equity; and a $0.5 billion net adjustment resulting from corrections of smaller errors from different agencies.", + "md": "- A ($3.1) billion adjustment by Treasury to operating cash to correct the balance in outstanding checks.\n- The other $6.6 billion includes: a $2.9 billion net correction by the National Aeronautics and Space Administration (NASA) to property, plant, and equipment; a $2.0 billion net adjustment by DOD for correction of errors to unexpended appropriations, progress payments, environmental liabilities, and inventory valuation; a ($1.3) billion net adjustment by USDA for correction of errors to property, plant, and equipment and accounts payable; a $1.3 billion net adjustment by DOT for corrections of errors to environmental liabilities and legal claims; a $1.2 billion adjustment by DOL for correction of errors to equity; and a $0.5 billion net adjustment resulting from corrections of smaller errors from different agencies.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 133, + "text": "128 NOTES TO THE FINANCIAL STATEMENTS\n Note 18. Contingent Liabilities\nFinancial Treatment of Contingent Liabilities\n Contingent liabilities that are assessed to be at least reasonably possible are disclosed in this note. Contingent\nliabilities involve situations where there is an uncertainty of a possible loss. The reporting of contingent liabilities\ndepends on the likelihood that a future event or events will confirm the loss or impairment of an asset or the\nincurrence of a liability. Terms used to assess the range for the likelihood of loss are probable, reasonably possible,\nand remote. Contingent liabilities that are assessed as probable and measurable are accrued in the financial\nstatements. Contingent liabilities that are assessed as remote are not reported in the financial statements, nor\ndisclosed in the notes. All other material contingent liabilities are disclosed in this note. For an overview of the\nstandards that provide criteria for how Federal agencies are to account for contingent liabilities, based on the\nlikelihood of the loss and measurability,¹ see table below.\n Likelihood of future Loss amount can be Loss amount or range\n outflow or other reasonably Loss range can be cannot be reasonably\n sacrifice of measured. reasonably measured. measured.\n resources.\n Accrue liability of best\n Probable. Accrue the liability. estimate or minimum Disclose nature of\n Future confirming Reported on Balance amount in loss range if contingency and include\n event(s) are more Sheet & Statement of there is no best a statement that an\n likely to occur than Net Cost. estimate, and disclose estimate cannot be\n not.² nature of contingency made.\n and range of estimated\n liability.\n Reasonably possible. Disclose nature of\n Possibility of future Disclose nature of Disclose nature of contingency and include\n confirming event(s) contingency and contingency and a statement that an\n occurring is more than estimated loss amount. estimated loss range. estimate cannot be\n remote and less than made.\n likely.\n Remote.\n Possibility of future No disclosure. No disclosure. No disclosure.\n event(s) occurring is\n slight.\n The Government is subject to contingent liabilities which include litigation cases. These contingent liabilities arise in\nthe normal course of operations and their ultimate disposition is unknown. Based on information currently available,\nhowever, it is management’s opinion that the expected outcome of these matters, individually or in the aggregate, will not\nhave a material adverse effect on the financial statements, except for litigation described in the next paragraph.\n Numerous litigation cases are pending involving, among many other matters, supervisory goodwill at savings and\nloan institutions, access to and participants in farm programs, individual Native American money accounts and tribal\naccounts revenues. While it is likely that the United States will have to pay some amount of damages on these claims, it is\ndifficult to predict the outcome of litigation and, therefore, the ultimate total costs cannot be reasonably estimated at this time.\n A Federal District Court ruled that DOE’s plan to reclassify a portion of its radioactive waste violated provisions\nof the Nuclear Waste Policy Act of 1982. If DOE is not successful in its appeal of this court ruling or its proposal to\nmodify provisions of the Act, DOE’s increase in environmental liabilities could exceed $100 billion.\n1 In addition, a third condition must be met to be a contingent liability: a past event or an exchange transaction must occur.\n2 For contingent liabilities related to litigation, probable is defined as a future confirming event(s) that are likely to occur.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Note 18. Contingent Liabilities\n\n# Financial Treatment of Contingent Liabilities\n\nContingent liabilities that are assessed to be at least reasonably possible are disclosed in this note. Contingent liabilities involve situations where there is an uncertainty of a possible loss. The reporting of contingent liabilities depends on the likelihood that a future event or events will confirm the loss or impairment of an asset or the incurrence of a liability. Terms used to assess the range for the likelihood of loss are probable, reasonably possible, and remote. Contingent liabilities that are assessed as probable and measurable are accrued in the financial statements. Contingent liabilities that are assessed as remote are not reported in the financial statements, nor disclosed in the notes. All other material contingent liabilities are disclosed in this note. For an overview of the standards that provide criteria for how Federal agencies are to account for contingent liabilities, based on the likelihood of the loss and measurability,¹ see table below.\n\n|Likelihood of future outflow or other sacrifice of resources.|Loss amount can be reasonably measured.|Loss amount or range cannot be reasonably measured.|\n|---|---|---|\n|Probable.|Accrue the liability.|Disclose nature of contingency and include a statement that an estimate cannot be made.|\n|Future confirming event(s) are more likely to occur than not.²|Reported on Balance Sheet & Statement of Net Cost.|Reported on Balance Sheet & Statement of Net Cost.|\n|Reasonably possible.|Disclose nature of contingency and estimated loss amount.|Disclose nature of contingency and include a statement that an estimate cannot be made.|\n|Possibility of future confirming event(s) occurring is more than remote and less than likely.| | |\n|Remote.|No disclosure.|No disclosure.|\n|Possibility of future event(s) occurring is slight.| | |\n\nThe Government is subject to contingent liabilities which include litigation cases. These contingent liabilities arise in the normal course of operations and their ultimate disposition is unknown. Based on information currently available, however, it is management’s opinion that the expected outcome of these matters, individually or in the aggregate, will not have a material adverse effect on the financial statements, except for litigation described in the next paragraph.\n\nNumerous litigation cases are pending involving, among many other matters, supervisory goodwill at savings and loan institutions, access to and participants in farm programs, individual Native American money accounts and tribal accounts revenues. While it is likely that the United States will have to pay some amount of damages on these claims, it is difficult to predict the outcome of litigation and, therefore, the ultimate total costs cannot be reasonably estimated at this time.\n\nA Federal District Court ruled that DOE’s plan to reclassify a portion of its radioactive waste violated provisions of the Nuclear Waste Policy Act of 1982. If DOE is not successful in its appeal of this court ruling or its proposal to modify provisions of the Act, DOE’s increase in environmental liabilities could exceed $100 billion.\n\n1 In addition, a third condition must be met to be a contingent liability: a past event or an exchange transaction must occur.\n\n2 For contingent liabilities related to litigation, probable is defined as a future confirming event(s) that are likely to occur.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 18. Contingent Liabilities", + "md": "# Note 18. Contingent Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Financial Treatment of Contingent Liabilities", + "md": "# Financial Treatment of Contingent Liabilities", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Contingent liabilities that are assessed to be at least reasonably possible are disclosed in this note. Contingent liabilities involve situations where there is an uncertainty of a possible loss. The reporting of contingent liabilities depends on the likelihood that a future event or events will confirm the loss or impairment of an asset or the incurrence of a liability. Terms used to assess the range for the likelihood of loss are probable, reasonably possible, and remote. Contingent liabilities that are assessed as probable and measurable are accrued in the financial statements. Contingent liabilities that are assessed as remote are not reported in the financial statements, nor disclosed in the notes. All other material contingent liabilities are disclosed in this note. For an overview of the standards that provide criteria for how Federal agencies are to account for contingent liabilities, based on the likelihood of the loss and measurability,¹ see table below.", + "md": "Contingent liabilities that are assessed to be at least reasonably possible are disclosed in this note. Contingent liabilities involve situations where there is an uncertainty of a possible loss. The reporting of contingent liabilities depends on the likelihood that a future event or events will confirm the loss or impairment of an asset or the incurrence of a liability. Terms used to assess the range for the likelihood of loss are probable, reasonably possible, and remote. Contingent liabilities that are assessed as probable and measurable are accrued in the financial statements. Contingent liabilities that are assessed as remote are not reported in the financial statements, nor disclosed in the notes. All other material contingent liabilities are disclosed in this note. For an overview of the standards that provide criteria for how Federal agencies are to account for contingent liabilities, based on the likelihood of the loss and measurability,¹ see table below.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "Likelihood of future outflow or other sacrifice of resources.", + "Loss amount can be reasonably measured.", + "Loss amount or range cannot be reasonably measured." + ], + [ + "---", + "---", + "---" + ], + [ + "Probable.", + "Accrue the liability.", + "Disclose nature of contingency and include a statement that an estimate cannot be made." + ], + [ + "Future confirming event(s) are more likely to occur than not.²", + "Reported on Balance Sheet & Statement of Net Cost.", + "Reported on Balance Sheet & Statement of Net Cost." + ], + [ + "Reasonably possible.", + "Disclose nature of contingency and estimated loss amount.", + "Disclose nature of contingency and include a statement that an estimate cannot be made." + ], + [ + "Possibility of future confirming event(s) occurring is more than remote and less than likely.", + "", + "" + ], + [ + "Remote.", + "No disclosure.", + "No disclosure." + ], + [ + "Possibility of future event(s) occurring is slight.", + "", + "" + ] + ], + "md": "Contingent liabilities that are assessed to be at least reasonably possible are disclosed in this note. Contingent liabilities involve situations where there is an uncertainty of a possible loss. The reporting of contingent liabilities depends on the likelihood that a future event or events will confirm the loss or impairment of an asset or the incurrence of a liability. Terms used to assess the range for the likelihood of loss are probable, reasonably possible, and remote. Contingent liabilities that are assessed as probable and measurable are accrued in the financial statements. Contingent liabilities that are assessed as remote are not reported in the financial statements, nor disclosed in the notes. All other material contingent liabilities are disclosed in this note. For an overview of the standards that provide criteria for how Federal agencies are to account for contingent liabilities, based on the likelihood of the loss and measurability,¹ see table below.\n|Likelihood of future outflow or other sacrifice of resources.|Loss amount can be reasonably measured.|Loss amount or range cannot be reasonably measured.|\n|---|---|---|\n|Probable.|Accrue the liability.|Disclose nature of contingency and include a statement that an estimate cannot be made.|\n|Future confirming event(s) are more likely to occur than not.²|Reported on Balance Sheet & Statement of Net Cost.|Reported on Balance Sheet & Statement of Net Cost.|\n|Reasonably possible.|Disclose nature of contingency and estimated loss amount.|Disclose nature of contingency and include a statement that an estimate cannot be made.|\n|Possibility of future confirming event(s) occurring is more than remote and less than likely.| | |\n|Remote.|No disclosure.|No disclosure.|\n|Possibility of future event(s) occurring is slight.| | |", + "isPerfectTable": false, + "csv": "\n\"Likelihood of future outflow or other sacrifice of resources.\",\"Loss amount can be reasonably measured.\",\"Loss amount or range cannot be reasonably measured.\"\n\"---\",\"---\",\"---\"\n\"Probable.\",\"Accrue the liability.\",\"Disclose nature of contingency and include a statement that an estimate cannot be made.\"\n\"Future confirming event(s) are more likely to occur than not.²\",\"Reported on Balance Sheet & Statement of Net Cost.\",\"Reported on Balance Sheet & Statement of Net Cost.\"\n\"Reasonably possible.\",\"Disclose nature of contingency and estimated loss amount.\",\"Disclose nature of contingency and include a statement that an estimate cannot be made.\"\n\"Possibility of future confirming event(s) occurring is more than remote and less than likely.\",\"\",\"\"\n\"Remote.\",\"No disclosure.\",\"No disclosure.\"\n\"Possibility of future event(s) occurring is slight.\",\"\",\"\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government is subject to contingent liabilities which include litigation cases. These contingent liabilities arise in the normal course of operations and their ultimate disposition is unknown. Based on information currently available, however, it is management’s opinion that the expected outcome of these matters, individually or in the aggregate, will not have a material adverse effect on the financial statements, except for litigation described in the next paragraph.\n\nNumerous litigation cases are pending involving, among many other matters, supervisory goodwill at savings and loan institutions, access to and participants in farm programs, individual Native American money accounts and tribal accounts revenues. While it is likely that the United States will have to pay some amount of damages on these claims, it is difficult to predict the outcome of litigation and, therefore, the ultimate total costs cannot be reasonably estimated at this time.\n\nA Federal District Court ruled that DOE’s plan to reclassify a portion of its radioactive waste violated provisions of the Nuclear Waste Policy Act of 1982. If DOE is not successful in its appeal of this court ruling or its proposal to modify provisions of the Act, DOE’s increase in environmental liabilities could exceed $100 billion.\n\n1 In addition, a third condition must be met to be a contingent liability: a past event or an exchange transaction must occur.\n\n2 For contingent liabilities related to litigation, probable is defined as a future confirming event(s) that are likely to occur.", + "md": "The Government is subject to contingent liabilities which include litigation cases. These contingent liabilities arise in the normal course of operations and their ultimate disposition is unknown. Based on information currently available, however, it is management’s opinion that the expected outcome of these matters, individually or in the aggregate, will not have a material adverse effect on the financial statements, except for litigation described in the next paragraph.\n\nNumerous litigation cases are pending involving, among many other matters, supervisory goodwill at savings and loan institutions, access to and participants in farm programs, individual Native American money accounts and tribal accounts revenues. While it is likely that the United States will have to pay some amount of damages on these claims, it is difficult to predict the outcome of litigation and, therefore, the ultimate total costs cannot be reasonably estimated at this time.\n\nA Federal District Court ruled that DOE’s plan to reclassify a portion of its radioactive waste violated provisions of the Nuclear Waste Policy Act of 1982. If DOE is not successful in its appeal of this court ruling or its proposal to modify provisions of the Act, DOE’s increase in environmental liabilities could exceed $100 billion.\n\n1 In addition, a third condition must be met to be a contingent liability: a past event or an exchange transaction must occur.\n\n2 For contingent liabilities related to litigation, probable is defined as a future confirming event(s) that are likely to occur.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 134, + "text": " NOTES TO THE FINANCIAL STATEMENTS 129\n Contingent Liabilities as of September 30\n (In billions of dollars) 2003 2002\n Insurance:\n Pension Benefit Guaranty Corporation ....................................................... 85.6 35.5\n Federal Deposit Insurance Corporation ...................................................... 5.9 7.3\n Other insurance programs........................................................................... 1.0 0.5\n Total insurance programs ...................................................................... 92.5 43.3\n Unadjudicated Claims:\n Department of Homeland Security .............................................................. 3.9 -\n Department of Defense ............................................................................... 3.0 -\n Department of the Interior ........................................................................... 0.4 1.4\n Other unadjudicated claims......................................................................... 1.5 3.5₁\n Total unadjudicated claims..................................................................... 8.8 4.9\n Other Contingent Liabilities:\n Department of Army .................................................................................... 10.3 10.2\nOther contingencies .................................................................................... 0.8 7.1\n Total other contingent liabilities.............................................................. 11.1 17.3\n 1Restated.\n Note 19. Commitments\n The Government has entered into contractual commitments that require future use of financial resources. It has\n significant amounts of long-term lease obligations and undelivered orders as shown in the following table.\n Undelivered orders represent the value of goods and services ordered that have not yet been received.\n The Government has other contractual commitments that may require future use of financial resources. For\n example, the Government has callable subscriptions in the Multilateral Development Banks (MDB), which are\n autonomous international financial entities that finance economic and social development projects in developing\n countries. Callable capital resembles promissory notes to honor MDB debts if the MDB cannot otherwise meet its\n obligations through its other available resources. MDBs are able to use callable capital as backing to obtain very\n favorable financing terms when borrowing from world capital markets. Treasury officials do not anticipate any calls\n on MDB subscriptions. To date, there has never been a call on this capital for any of the major MDBs.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Contingent Liabilities as of September 30\n\n|(In billions of dollars)|2003|2002|\n|---|---|---|\n|Insurance:| | |\n|Pension Benefit Guaranty Corporation|85.6|35.5|\n|Federal Deposit Insurance Corporation|5.9|7.3|\n|Other insurance programs|1.0|0.5|\n|Total insurance programs|92.5|43.3|\n|Unadjudicated Claims:| | |\n|Department of Homeland Security|3.9|-|\n|Department of Defense|3.0|-|\n|Department of the Interior|0.4|1.4|\n|Other unadjudicated claims|1.5|3.51|\n|Total unadjudicated claims|8.8|4.9|\n|Other Contingent Liabilities:| | |\n|Department of Army|10.3|10.2|\n|Other contingencies|0.8|7.1|\n|Total other contingent liabilities|11.1|17.3|\n\n1Restated.\n\n# Note 19. Commitments\n\nThe Government has entered into contractual commitments that require future use of financial resources. It has significant amounts of long-term lease obligations and undelivered orders as shown in the following table. Undelivered orders represent the value of goods and services ordered that have not yet been received.\n\nThe Government has other contractual commitments that may require future use of financial resources. For example, the Government has callable subscriptions in the Multilateral Development Banks (MDB), which are autonomous international financial entities that finance economic and social development projects in developing countries. Callable capital resembles promissory notes to honor MDB debts if the MDB cannot otherwise meet its obligations through its other available resources. MDBs are able to use callable capital as backing to obtain very favorable financing terms when borrowing from world capital markets. Treasury officials do not anticipate any calls on MDB subscriptions. To date, there has never been a call on this capital for any of the major MDBs.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Contingent Liabilities as of September 30", + "md": "# Contingent Liabilities as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "(In billions of dollars)", + "2003", + "2002" + ], + [ + "Insurance:", + "", + "" + ], + [ + "Pension Benefit Guaranty Corporation", + "85.6", + "35.5" + ], + [ + "Federal Deposit Insurance Corporation", + "5.9", + "7.3" + ], + [ + "Other insurance programs", + "1.0", + "0.5" + ], + [ + "Total insurance programs", + "92.5", + "43.3" + ], + [ + "Unadjudicated Claims:", + "", + "" + ], + [ + "Department of Homeland Security", + "3.9", + "-" + ], + [ + "Department of Defense", + "3.0", + "-" + ], + [ + "Department of the Interior", + "0.4", + "1.4" + ], + [ + "Other unadjudicated claims", + "1.5", + "3.51" + ], + [ + "Total unadjudicated claims", + "8.8", + "4.9" + ], + [ + "Other Contingent Liabilities:", + "", + "" + ], + [ + "Department of Army", + "10.3", + "10.2" + ], + [ + "Other contingencies", + "0.8", + "7.1" + ], + [ + "Total other contingent liabilities", + "11.1", + "17.3" + ] + ], + "md": "|(In billions of dollars)|2003|2002|\n|Insurance:| | |\n|Pension Benefit Guaranty Corporation|85.6|35.5|\n|Federal Deposit Insurance Corporation|5.9|7.3|\n|Other insurance programs|1.0|0.5|\n|Total insurance programs|92.5|43.3|\n|Unadjudicated Claims:| | |\n|Department of Homeland Security|3.9|-|\n|Department of Defense|3.0|-|\n|Department of the Interior|0.4|1.4|\n|Other unadjudicated claims|1.5|3.51|\n|Total unadjudicated claims|8.8|4.9|\n|Other Contingent Liabilities:| | |\n|Department of Army|10.3|10.2|\n|Other contingencies|0.8|7.1|\n|Total other contingent liabilities|11.1|17.3|", + "isPerfectTable": true, + "csv": "\"(In billions of dollars)\",\"2003\",\"2002\"\n\"Insurance:\",\"\",\"\"\n\"Pension Benefit Guaranty Corporation\",\"85.6\",\"35.5\"\n\"Federal Deposit Insurance Corporation\",\"5.9\",\"7.3\"\n\"Other insurance programs\",\"1.0\",\"0.5\"\n\"Total insurance programs\",\"92.5\",\"43.3\"\n\"Unadjudicated Claims:\",\"\",\"\"\n\"Department of Homeland Security\",\"3.9\",\"-\"\n\"Department of Defense\",\"3.0\",\"-\"\n\"Department of the Interior\",\"0.4\",\"1.4\"\n\"Other unadjudicated claims\",\"1.5\",\"3.51\"\n\"Total unadjudicated claims\",\"8.8\",\"4.9\"\n\"Other Contingent Liabilities:\",\"\",\"\"\n\"Department of Army\",\"10.3\",\"10.2\"\n\"Other contingencies\",\"0.8\",\"7.1\"\n\"Total other contingent liabilities\",\"11.1\",\"17.3\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1Restated.", + "md": "1Restated.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 19. Commitments", + "md": "# Note 19. Commitments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Government has entered into contractual commitments that require future use of financial resources. It has significant amounts of long-term lease obligations and undelivered orders as shown in the following table. Undelivered orders represent the value of goods and services ordered that have not yet been received.\n\nThe Government has other contractual commitments that may require future use of financial resources. For example, the Government has callable subscriptions in the Multilateral Development Banks (MDB), which are autonomous international financial entities that finance economic and social development projects in developing countries. Callable capital resembles promissory notes to honor MDB debts if the MDB cannot otherwise meet its obligations through its other available resources. MDBs are able to use callable capital as backing to obtain very favorable financing terms when borrowing from world capital markets. Treasury officials do not anticipate any calls on MDB subscriptions. To date, there has never been a call on this capital for any of the major MDBs.", + "md": "The Government has entered into contractual commitments that require future use of financial resources. It has significant amounts of long-term lease obligations and undelivered orders as shown in the following table. Undelivered orders represent the value of goods and services ordered that have not yet been received.\n\nThe Government has other contractual commitments that may require future use of financial resources. For example, the Government has callable subscriptions in the Multilateral Development Banks (MDB), which are autonomous international financial entities that finance economic and social development projects in developing countries. Callable capital resembles promissory notes to honor MDB debts if the MDB cannot otherwise meet its obligations through its other available resources. MDBs are able to use callable capital as backing to obtain very favorable financing terms when borrowing from world capital markets. Treasury officials do not anticipate any calls on MDB subscriptions. To date, there has never been a call on this capital for any of the major MDBs.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 135, + "text": " 130 NOTES TO THE FINANCIAL STATEMENTS\n Commitments as of September 30\n Capital Operating Capital Operating\n Leases Leases Leases Leases\n (In billions of dollars) 2003 2002\n General Services Administration ....................... 0.3 19.9 0.3 17.4\n U.S. Postal Service ........................................... 1.0 8.7 0.8 9.6\n Department of Justice ....................................... 0.1 6.6 0.1 10.9\n Department of Health and Human Services...... 0.1 1.9 0.1 1.7\n Department of Veterans Affairs ......................... - 1.6 - 1.4₁\n Other long-term leases...................................... 1.1 5.4 1.1 4.3₁\n Total long-term leases.................................. 2.6 44.1 2.4 45.3\n Undelivered Orders\n 2003 2002\n Department of Housing and Urban\nDevelopment................................................... 76.8 83.7\n Department of Health and Human Services...... 68.4 51.2\n Department of Transportation ........................... 63.6 63.8\n Department of the Treasury .............................. 47.2 47.7\n Other defense agencies .................................... 45.8 33.1\n Department of the Navy .................................... 45.3 48.6\n Department of the Air Force .............................. 42.2 34.0\n Department of Education................................... 40.7 35.3\n Department of the Army .................................... 33.8 25.2\n Department of Agriculture ................................. 24.6 23.7\n Department of Homeland Security .................... 15.9 -\n Department of Justice ....................................... 11.0 12.4\n Environmental Protection Agency ..................... 10.5 10.9\n Department of Energy ....................................... 9.9 9.1\n U.S. Agency for International Development ...... 9.0 8.8\n General Service Administration......................... 7.4 6.7\n Department of Labor ......................................... 7.0 7.8\n National Science Foundation ............................ 6.3 5.6\n Department of State .......................................... 6.0 5.2\n Other undelivered orders................................... 24.3 26.0\n Total undelivered orders .............................. 595.7 538.8\n Other Commitments\n 2003 2002\n Callable capital subscriptions for multi-lateral\n development banks......................................... 61.5 69.8\n Department of Agriculture ................................. 23.0 23.3\n National Oceanic and Atmospheric\n Administration satellites and weather systems .. 7.0 7.4\n Tennessee Valley Authority............................... 5.0 9.1\n Department of Transportation ........................... 4.5 4.3\n Real property activities ...................................... 3.4 3.2\n All other programs ............................................. 2.6 1.5\n Total other commitments.............................. 107.0 118.6\n 1 Restated.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Commitments as of September 30\n\n| |Capital Leases|Operating Leases|Capital Leases|Operating Leases|\n|---|---|---|---|---|\n|(In billions of dollars)|2003|2003|2002|2002|\n|General Services Administration|0.3|19.9|0.3|17.4|\n|U.S. Postal Service|1.0|8.7|0.8|9.6|\n|Department of Justice|0.1|6.6|0.1|10.9|\n|Department of Health and Human Services|0.1|1.9|0.1|1.7|\n|Department of Veterans Affairs|-|1.6|-|1.41|\n|Other long-term leases|1.1|5.4|1.1|4.31|\n|Total long-term leases|2.6|44.1|2.4|45.3|\n\n# Undelivered Orders\n\n| |2003|2002|\n|---|---|---|\n|Department of Housing and Urban Development|76.8|83.7|\n|Department of Health and Human Services|68.4|51.2|\n|Department of Transportation|63.6|63.8|\n|Department of the Treasury|47.2|47.7|\n|Other defense agencies|45.8|33.1|\n|Department of the Navy|45.3|48.6|\n|Department of the Air Force|42.2|34.0|\n|Department of Education|40.7|35.3|\n|Department of the Army|33.8|25.2|\n|Department of Agriculture|24.6|23.7|\n|Department of Homeland Security|15.9|-|\n|Department of Justice|11.0|12.4|\n|Environmental Protection Agency|10.5|10.9|\n|Department of Energy|9.9|9.1|\n|U.S. Agency for International Development|9.0|8.8|\n|General Service Administration|7.4|6.7|\n|Department of Labor|7.0|7.8|\n|National Science Foundation|6.3|5.6|\n|Department of State|6.0|5.2|\n|Other undelivered orders|24.3|26.0|\n|Total undelivered orders|595.7|538.8|\n\n# Other Commitments\n\n| |2003|2002|\n|---|---|---|\n|Callable capital subscriptions for multi-lateral development banks|61.5|69.8|\n|Department of Agriculture|23.0|23.3|\n|National Oceanic and Atmospheric Administration satellites and weather systems|7.0|7.4|\n|Tennessee Valley Authority|5.0|9.1|\n|Department of Transportation|4.5|4.3|\n|Real property activities|3.4|3.2|\n|All other programs|2.6|1.5|\n|Total other commitments|107.0|118.6|\n\n1 Restated.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Commitments as of September 30", + "md": "# Commitments as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "Capital Leases", + "Operating Leases", + "Capital Leases", + "Operating Leases" + ], + [ + "(In billions of dollars)", + "2003", + "2003", + "2002", + "2002" + ], + [ + "General Services Administration", + "0.3", + "19.9", + "0.3", + "17.4" + ], + [ + "U.S. Postal Service", + "1.0", + "8.7", + "0.8", + "9.6" + ], + [ + "Department of Justice", + "0.1", + "6.6", + "0.1", + "10.9" + ], + [ + "Department of Health and Human Services", + "0.1", + "1.9", + "0.1", + "1.7" + ], + [ + "Department of Veterans Affairs", + "-", + "1.6", + "-", + "1.41" + ], + [ + "Other long-term leases", + "1.1", + "5.4", + "1.1", + "4.31" + ], + [ + "Total long-term leases", + "2.6", + "44.1", + "2.4", + "45.3" + ] + ], + "md": "| |Capital Leases|Operating Leases|Capital Leases|Operating Leases|\n|(In billions of dollars)|2003|2003|2002|2002|\n|General Services Administration|0.3|19.9|0.3|17.4|\n|U.S. Postal Service|1.0|8.7|0.8|9.6|\n|Department of Justice|0.1|6.6|0.1|10.9|\n|Department of Health and Human Services|0.1|1.9|0.1|1.7|\n|Department of Veterans Affairs|-|1.6|-|1.41|\n|Other long-term leases|1.1|5.4|1.1|4.31|\n|Total long-term leases|2.6|44.1|2.4|45.3|", + "isPerfectTable": true, + "csv": "\"\",\"Capital Leases\",\"Operating Leases\",\"Capital Leases\",\"Operating Leases\"\n\"(In billions of dollars)\",\"2003\",\"2003\",\"2002\",\"2002\"\n\"General Services Administration\",\"0.3\",\"19.9\",\"0.3\",\"17.4\"\n\"U.S. Postal Service\",\"1.0\",\"8.7\",\"0.8\",\"9.6\"\n\"Department of Justice\",\"0.1\",\"6.6\",\"0.1\",\"10.9\"\n\"Department of Health and Human Services\",\"0.1\",\"1.9\",\"0.1\",\"1.7\"\n\"Department of Veterans Affairs\",\"-\",\"1.6\",\"-\",\"1.41\"\n\"Other long-term leases\",\"1.1\",\"5.4\",\"1.1\",\"4.31\"\n\"Total long-term leases\",\"2.6\",\"44.1\",\"2.4\",\"45.3\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Undelivered Orders", + "md": "# Undelivered Orders", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "2003", + "2002" + ], + [ + "Department of Housing and Urban Development", + "76.8", + "83.7" + ], + [ + "Department of Health and Human Services", + "68.4", + "51.2" + ], + [ + "Department of Transportation", + "63.6", + "63.8" + ], + [ + "Department of the Treasury", + "47.2", + "47.7" + ], + [ + "Other defense agencies", + "45.8", + "33.1" + ], + [ + "Department of the Navy", + "45.3", + "48.6" + ], + [ + "Department of the Air Force", + "42.2", + "34.0" + ], + [ + "Department of Education", + "40.7", + "35.3" + ], + [ + "Department of the Army", + "33.8", + "25.2" + ], + [ + "Department of Agriculture", + "24.6", + "23.7" + ], + [ + "Department of Homeland Security", + "15.9", + "-" + ], + [ + "Department of Justice", + "11.0", + "12.4" + ], + [ + "Environmental Protection Agency", + "10.5", + "10.9" + ], + [ + "Department of Energy", + "9.9", + "9.1" + ], + [ + "U.S. Agency for International Development", + "9.0", + "8.8" + ], + [ + "General Service Administration", + "7.4", + "6.7" + ], + [ + "Department of Labor", + "7.0", + "7.8" + ], + [ + "National Science Foundation", + "6.3", + "5.6" + ], + [ + "Department of State", + "6.0", + "5.2" + ], + [ + "Other undelivered orders", + "24.3", + "26.0" + ], + [ + "Total undelivered orders", + "595.7", + "538.8" + ] + ], + "md": "| |2003|2002|\n|Department of Housing and Urban Development|76.8|83.7|\n|Department of Health and Human Services|68.4|51.2|\n|Department of Transportation|63.6|63.8|\n|Department of the Treasury|47.2|47.7|\n|Other defense agencies|45.8|33.1|\n|Department of the Navy|45.3|48.6|\n|Department of the Air Force|42.2|34.0|\n|Department of Education|40.7|35.3|\n|Department of the Army|33.8|25.2|\n|Department of Agriculture|24.6|23.7|\n|Department of Homeland Security|15.9|-|\n|Department of Justice|11.0|12.4|\n|Environmental Protection Agency|10.5|10.9|\n|Department of Energy|9.9|9.1|\n|U.S. Agency for International Development|9.0|8.8|\n|General Service Administration|7.4|6.7|\n|Department of Labor|7.0|7.8|\n|National Science Foundation|6.3|5.6|\n|Department of State|6.0|5.2|\n|Other undelivered orders|24.3|26.0|\n|Total undelivered orders|595.7|538.8|", + "isPerfectTable": true, + "csv": "\"\",\"2003\",\"2002\"\n\"Department of Housing and Urban Development\",\"76.8\",\"83.7\"\n\"Department of Health and Human Services\",\"68.4\",\"51.2\"\n\"Department of Transportation\",\"63.6\",\"63.8\"\n\"Department of the Treasury\",\"47.2\",\"47.7\"\n\"Other defense agencies\",\"45.8\",\"33.1\"\n\"Department of the Navy\",\"45.3\",\"48.6\"\n\"Department of the Air Force\",\"42.2\",\"34.0\"\n\"Department of Education\",\"40.7\",\"35.3\"\n\"Department of the Army\",\"33.8\",\"25.2\"\n\"Department of Agriculture\",\"24.6\",\"23.7\"\n\"Department of Homeland Security\",\"15.9\",\"-\"\n\"Department of Justice\",\"11.0\",\"12.4\"\n\"Environmental Protection Agency\",\"10.5\",\"10.9\"\n\"Department of Energy\",\"9.9\",\"9.1\"\n\"U.S. Agency for International Development\",\"9.0\",\"8.8\"\n\"General Service Administration\",\"7.4\",\"6.7\"\n\"Department of Labor\",\"7.0\",\"7.8\"\n\"National Science Foundation\",\"6.3\",\"5.6\"\n\"Department of State\",\"6.0\",\"5.2\"\n\"Other undelivered orders\",\"24.3\",\"26.0\"\n\"Total undelivered orders\",\"595.7\",\"538.8\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other Commitments", + "md": "# Other Commitments", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "2003", + "2002" + ], + [ + "Callable capital subscriptions for multi-lateral development banks", + "61.5", + "69.8" + ], + [ + "Department of Agriculture", + "23.0", + "23.3" + ], + [ + "National Oceanic and Atmospheric Administration satellites and weather systems", + "7.0", + "7.4" + ], + [ + "Tennessee Valley Authority", + "5.0", + "9.1" + ], + [ + "Department of Transportation", + "4.5", + "4.3" + ], + [ + "Real property activities", + "3.4", + "3.2" + ], + [ + "All other programs", + "2.6", + "1.5" + ], + [ + "Total other commitments", + "107.0", + "118.6" + ] + ], + "md": "| |2003|2002|\n|Callable capital subscriptions for multi-lateral development banks|61.5|69.8|\n|Department of Agriculture|23.0|23.3|\n|National Oceanic and Atmospheric Administration satellites and weather systems|7.0|7.4|\n|Tennessee Valley Authority|5.0|9.1|\n|Department of Transportation|4.5|4.3|\n|Real property activities|3.4|3.2|\n|All other programs|2.6|1.5|\n|Total other commitments|107.0|118.6|", + "isPerfectTable": true, + "csv": "\"\",\"2003\",\"2002\"\n\"Callable capital subscriptions for multi-lateral development banks\",\"61.5\",\"69.8\"\n\"Department of Agriculture\",\"23.0\",\"23.3\"\n\"National Oceanic and Atmospheric Administration satellites and weather systems\",\"7.0\",\"7.4\"\n\"Tennessee Valley Authority\",\"5.0\",\"9.1\"\n\"Department of Transportation\",\"4.5\",\"4.3\"\n\"Real property activities\",\"3.4\",\"3.2\"\n\"All other programs\",\"2.6\",\"1.5\"\n\"Total other commitments\",\"107.0\",\"118.6\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "1 Restated.", + "md": "1 Restated.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 136, + "text": " NOTES TO THE FINANCIAL STATEMENTS 131\n Other Commitments and Risks\n Treaties and other international agreements entered into by the United States Government may involve non-\nquantifiable obligations that affect the financial position of the United States Government. The Department of State\nissued a list of such agreements (as of January 1, 2003) in a document entitled Treaties in Force (see the document\nat http://www.state.gov/s/l/18531.htm). The title Treaties in Force uses the term treaty in the generic sense as\ndefined in the Vienna Convention on the Law of Treaties, i.e., an international agreement “governed by international\nlaw, whether embodied in a single instrument or in two or more related instruments and whatever its particular\ndesignation.” The term treaty in its restricted usage in the United States denotes international agreements made by\nthe President with the advice and consent of the Senate in accordance with Article II, Section 2 of the Constitution\nof the United States. In addition to such treaties, the publication Treaties in Force covers international agreements in\nforce for the United States that have been concluded by the Executive (a) pursuant to or in accordance with existing\nlegislation or a prior treaty, (b) subject to congressional approval or implementation, and/or (c) under and in\naccordance with the President’s Constitutional powers.\n In addition, the United States Government has entered into other agreements that could potentially require\nclaims on Government resources in the future. Examples include war risk and terrorism risk insurance.\n Note 20. Dedicated Collections\n Dedicated Collections as of September 30*\n Trust Fund Net Less Intra-\n Receipts Disbursements Assets governmental Consolidated\n Net Assets Assets\n (In billions of dollars) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002\n Federal Old-Age and\n Survivors Insurance\n Trust Fund ................... 543.0 530.4 404.5 389.6 1,334.5 1,193.3 1,332.5 1,192.2 2.0 0.8\n Civil Service Retirement\n and Disability Fund ........ 78.4 80.1 50.4 49.0 611.5 583.7 611.2 583.4 0.3 0.3\n Federal Hospital\n Insurance Trust Fund\n (Medicare Part A) ........ 175.9 177.9 152.8 147.9 257.9 235.3 256.4 233.6 1.5 1.7\n Military Retirement Fund... 42.2 42.4 35.6 35.1 182.6 176.5 182.6 176.5 - -\n Federal Disability\n Insurance Trust Fund.. 88.2 86.2 72.3 66.5 175.7 159.2 173.7 157.6 2.0 1.6\n Unemployment Trust\n Fund............................. 37.8 32.7 57.8 51.1 50.4 70.8 49.1 69.6 1.3 1.2\n Federal Supplementary\n Medical Insurance\n Trust Fund\n (Medicare Part B)....... 110.0 105.6 124.0 108.9 30.3 40.8 28.9 39.5 1.4 1.3\n Medicare-Eligible\n Retiree Health Care\n Fund (MERHCF) ......... 22.8 - 4.3 - 18.5 - 18.5 - - -\n Highway Trust Fund..... 35.1 32.2 39.1 37.7 16.1 22.0 16.1 21.0 - 1.0\n Railroad Retirement\n Trust Fund ................. 4.2 4.7¹ 8.7 8.9 4.9 22.8 4.9 22.8 - -\n Airport and Airway\n Trust Fund ................. 9.4 9.6 10.0 11.3 11.2 11.7 10.5 11.0 0.7 0.7\n Hazardous Substance\n Superfund .................. 0.7 1.0 1.5 1.5 2.5 3.3 2.5 3.3 - -\n Black Lung Disability\n Trust Fund ................. 0.5 0.6 1.0 1.0 - 0.1 - - - 0.1\n *By law, certain expenses (costs) related to the administration of the above funds are not charged to the funds and are\n financed by other sources.\n 1 Restated.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Other Commitments and Risks\n\nTreaties and other international agreements entered into by the United States Government may involve non-quantifiable obligations that affect the financial position of the United States Government. The Department of State issued a list of such agreements (as of January 1, 2003) in a document entitled *Treaties in Force (see the document at http://www.state.gov/s/l/18531.htm). The title Treaties in Force uses the term treaty in the generic sense as defined in the Vienna Convention on the Law of Treaties, i.e., an international agreement “governed by international law, whether embodied in a single instrument or in two or more related instruments and whatever its particular designation.” The term treaty in its restricted usage in the United States denotes international agreements made by the President with the advice and consent of the Senate in accordance with Article II, Section 2 of the Constitution of the United States. In addition to such treaties, the publication Treaties in Force* covers international agreements in force for the United States that have been concluded by the Executive (a) pursuant to or in accordance with existing legislation or a prior treaty, (b) subject to congressional approval or implementation, and/or (c) under and in accordance with the President’s Constitutional powers.\n\nIn addition, the United States Government has entered into other agreements that could potentially require claims on Government resources in the future. Examples include war risk and terrorism risk insurance.\n\n# Note 20. Dedicated Collections\n\nDedicated Collections as of September 30*\n\n| |Receipts|Disbursements|Net Assets|Less Intra-governmental Consolidated Net Assets|Assets| | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|\n|(In billions of dollars)|2003|2002|2003|2002|2003|2002|2003|2002| | |\n|Federal Old-Age and Survivors Insurance Trust Fund|543.0|530.4|404.5|389.6|1,334.5|1,193.3|1,332.5|1,192.2|2.0|0.8|\n|Civil Service Retirement and Disability Fund|78.4|80.1|50.4|49.0|611.5|583.7|611.2|583.4|0.3|0.3|\n|Federal Hospital Insurance Trust Fund (Medicare Part A)|175.9|177.9|152.8|147.9|257.9|235.3|256.4|233.6|1.5|1.7|\n|Military Retirement Fund|42.2|42.4|35.6|35.1|182.6|176.5|182.6|176.5|-|-|\n|Federal Disability Insurance Trust Fund|88.2|86.2|72.3|66.5|175.7|159.2|173.7|157.6|2.0|1.6|\n|Unemployment Trust Fund|37.8|32.7|57.8|51.1|50.4|70.8|49.1|69.6|1.3|1.2|\n|Federal Supplementary Medical Insurance Trust Fund (Medicare Part B)|110.0|105.6|124.0|108.9|30.3|40.8|28.9|39.5|1.4|1.3|\n|Medicare-Eligible Retiree Health Care Fund (MERHCF)|22.8|-|4.3|-|18.5|-|18.5|-|-|-|\n|Highway Trust Fund|35.1|32.2|39.1|37.7|16.1|22.0|16.1|21.0|-|1.0|\n|Railroad Retirement Trust Fund|4.2|4.7¹|8.7|8.9|4.9|22.8|4.9|22.8|-|-|\n|Airport and Airway Trust Fund|9.4|9.6|10.0|11.3|11.2|11.7|10.5|11.0|0.7|0.7|\n|Hazardous Substance Superfund|0.7|1.0|1.5|1.5|2.5|3.3|2.5|3.3|-|-|\n|Black Lung Disability Trust Fund|0.5|0.6|1.0|1.0|-|0.1|-|-|-|0.1|\n\n*By law, certain expenses (costs) related to the administration of the above funds are not charged to the funds and are financed by other sources.\n\n¹ Restated.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other Commitments and Risks", + "md": "# Other Commitments and Risks", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Treaties and other international agreements entered into by the United States Government may involve non-quantifiable obligations that affect the financial position of the United States Government. The Department of State issued a list of such agreements (as of January 1, 2003) in a document entitled *Treaties in Force (see the document at http://www.state.gov/s/l/18531.htm). The title Treaties in Force uses the term treaty in the generic sense as defined in the Vienna Convention on the Law of Treaties, i.e., an international agreement “governed by international law, whether embodied in a single instrument or in two or more related instruments and whatever its particular designation.” The term treaty in its restricted usage in the United States denotes international agreements made by the President with the advice and consent of the Senate in accordance with Article II, Section 2 of the Constitution of the United States. In addition to such treaties, the publication Treaties in Force* covers international agreements in force for the United States that have been concluded by the Executive (a) pursuant to or in accordance with existing legislation or a prior treaty, (b) subject to congressional approval or implementation, and/or (c) under and in accordance with the President’s Constitutional powers.\n\nIn addition, the United States Government has entered into other agreements that could potentially require claims on Government resources in the future. Examples include war risk and terrorism risk insurance.", + "md": "Treaties and other international agreements entered into by the United States Government may involve non-quantifiable obligations that affect the financial position of the United States Government. The Department of State issued a list of such agreements (as of January 1, 2003) in a document entitled *Treaties in Force (see the document at http://www.state.gov/s/l/18531.htm). The title Treaties in Force uses the term treaty in the generic sense as defined in the Vienna Convention on the Law of Treaties, i.e., an international agreement “governed by international law, whether embodied in a single instrument or in two or more related instruments and whatever its particular designation.” The term treaty in its restricted usage in the United States denotes international agreements made by the President with the advice and consent of the Senate in accordance with Article II, Section 2 of the Constitution of the United States. In addition to such treaties, the publication Treaties in Force* covers international agreements in force for the United States that have been concluded by the Executive (a) pursuant to or in accordance with existing legislation or a prior treaty, (b) subject to congressional approval or implementation, and/or (c) under and in accordance with the President’s Constitutional powers.\n\nIn addition, the United States Government has entered into other agreements that could potentially require claims on Government resources in the future. Examples include war risk and terrorism risk insurance.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 20. Dedicated Collections", + "md": "# Note 20. Dedicated Collections", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Dedicated Collections as of September 30*", + "md": "Dedicated Collections as of September 30*", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [ + "", + "Receipts", + "Disbursements", + "Net Assets", + "Less Intra-governmental Consolidated Net Assets", + "Assets", + "", + "", + "", + "", + "" + ], + [ + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---", + "---" + ], + [ + "(In billions of dollars)", + "2003", + "2002", + "2003", + "2002", + "2003", + "2002", + "2003", + "2002", + "", + "" + ], + [ + "Federal Old-Age and Survivors Insurance Trust Fund", + "543.0", + "530.4", + "404.5", + "389.6", + "1,334.5", + "1,193.3", + "1,332.5", + "1,192.2", + "2.0", + "0.8" + ], + [ + "Civil Service Retirement and Disability Fund", + "78.4", + "80.1", + "50.4", + "49.0", + "611.5", + "583.7", + "611.2", + "583.4", + "0.3", + "0.3" + ], + [ + "Federal Hospital Insurance Trust Fund (Medicare Part A)", + "175.9", + "177.9", + "152.8", + "147.9", + "257.9", + "235.3", + "256.4", + "233.6", + "1.5", + "1.7" + ], + [ + "Military Retirement Fund", + "42.2", + "42.4", + "35.6", + "35.1", + "182.6", + "176.5", + "182.6", + "176.5", + "-", + "-" + ], + [ + "Federal Disability Insurance Trust Fund", + "88.2", + "86.2", + "72.3", + "66.5", + "175.7", + "159.2", + "173.7", + "157.6", + "2.0", + "1.6" + ], + [ + "Unemployment Trust Fund", + "37.8", + "32.7", + "57.8", + "51.1", + "50.4", + "70.8", + "49.1", + "69.6", + "1.3", + "1.2" + ], + [ + "Federal Supplementary Medical Insurance Trust Fund (Medicare Part B)", + "110.0", + "105.6", + "124.0", + "108.9", + "30.3", + "40.8", + "28.9", + "39.5", + "1.4", + "1.3" + ], + [ + "Medicare-Eligible Retiree Health Care Fund (MERHCF)", + "22.8", + "-", + "4.3", + "-", + "18.5", + "-", + "18.5", + "-", + "-", + "-" + ], + [ + "Highway Trust Fund", + "35.1", + "32.2", + "39.1", + "37.7", + "16.1", + "22.0", + "16.1", + "21.0", + "-", + "1.0" + ], + [ + "Railroad Retirement Trust Fund", + "4.2", + "4.7¹", + "8.7", + "8.9", + "4.9", + "22.8", + "4.9", + "22.8", + "-", + "-" + ], + [ + "Airport and Airway Trust Fund", + "9.4", + "9.6", + "10.0", + "11.3", + "11.2", + "11.7", + "10.5", + "11.0", + "0.7", + "0.7" + ], + [ + "Hazardous Substance Superfund", + "0.7", + "1.0", + "1.5", + "1.5", + "2.5", + "3.3", + "2.5", + "3.3", + "-", + "-" + ], + [ + "Black Lung Disability Trust Fund", + "0.5", + "0.6", + "1.0", + "1.0", + "-", + "0.1", + "-", + "-", + "-", + "0.1" + ] + ], + "md": "Dedicated Collections as of September 30*\n| |Receipts|Disbursements|Net Assets|Less Intra-governmental Consolidated Net Assets|Assets| | | | | |\n|---|---|---|---|---|---|---|---|---|---|---|\n|(In billions of dollars)|2003|2002|2003|2002|2003|2002|2003|2002| | |\n|Federal Old-Age and Survivors Insurance Trust Fund|543.0|530.4|404.5|389.6|1,334.5|1,193.3|1,332.5|1,192.2|2.0|0.8|\n|Civil Service Retirement and Disability Fund|78.4|80.1|50.4|49.0|611.5|583.7|611.2|583.4|0.3|0.3|\n|Federal Hospital Insurance Trust Fund (Medicare Part A)|175.9|177.9|152.8|147.9|257.9|235.3|256.4|233.6|1.5|1.7|\n|Military Retirement Fund|42.2|42.4|35.6|35.1|182.6|176.5|182.6|176.5|-|-|\n|Federal Disability Insurance Trust Fund|88.2|86.2|72.3|66.5|175.7|159.2|173.7|157.6|2.0|1.6|\n|Unemployment Trust Fund|37.8|32.7|57.8|51.1|50.4|70.8|49.1|69.6|1.3|1.2|\n|Federal Supplementary Medical Insurance Trust Fund (Medicare Part B)|110.0|105.6|124.0|108.9|30.3|40.8|28.9|39.5|1.4|1.3|\n|Medicare-Eligible Retiree Health Care Fund (MERHCF)|22.8|-|4.3|-|18.5|-|18.5|-|-|-|\n|Highway Trust Fund|35.1|32.2|39.1|37.7|16.1|22.0|16.1|21.0|-|1.0|\n|Railroad Retirement Trust Fund|4.2|4.7¹|8.7|8.9|4.9|22.8|4.9|22.8|-|-|\n|Airport and Airway Trust Fund|9.4|9.6|10.0|11.3|11.2|11.7|10.5|11.0|0.7|0.7|\n|Hazardous Substance Superfund|0.7|1.0|1.5|1.5|2.5|3.3|2.5|3.3|-|-|\n|Black Lung Disability Trust Fund|0.5|0.6|1.0|1.0|-|0.1|-|-|-|0.1|", + "isPerfectTable": false, + "csv": "\n\"\",\"Receipts\",\"Disbursements\",\"Net Assets\",\"Less Intra-governmental Consolidated Net Assets\",\"Assets\",\"\",\"\",\"\",\"\",\"\"\n\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\",\"---\"\n\"(In billions of dollars)\",\"2003\",\"2002\",\"2003\",\"2002\",\"2003\",\"2002\",\"2003\",\"2002\",\"\",\"\"\n\"Federal Old-Age and Survivors Insurance Trust Fund\",\"543.0\",\"530.4\",\"404.5\",\"389.6\",\"1,334.5\",\"1,193.3\",\"1,332.5\",\"1,192.2\",\"2.0\",\"0.8\"\n\"Civil Service Retirement and Disability Fund\",\"78.4\",\"80.1\",\"50.4\",\"49.0\",\"611.5\",\"583.7\",\"611.2\",\"583.4\",\"0.3\",\"0.3\"\n\"Federal Hospital Insurance Trust Fund (Medicare Part A)\",\"175.9\",\"177.9\",\"152.8\",\"147.9\",\"257.9\",\"235.3\",\"256.4\",\"233.6\",\"1.5\",\"1.7\"\n\"Military Retirement 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Fund\",\"9.4\",\"9.6\",\"10.0\",\"11.3\",\"11.2\",\"11.7\",\"10.5\",\"11.0\",\"0.7\",\"0.7\"\n\"Hazardous Substance Superfund\",\"0.7\",\"1.0\",\"1.5\",\"1.5\",\"2.5\",\"3.3\",\"2.5\",\"3.3\",\"-\",\"-\"\n\"Black Lung Disability Trust Fund\",\"0.5\",\"0.6\",\"1.0\",\"1.0\",\"-\",\"0.1\",\"-\",\"-\",\"-\",\"0.1\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "*By law, certain expenses (costs) related to the administration of the above funds are not charged to the funds and are financed by other sources.\n\n¹ Restated.", + "md": "*By law, certain expenses (costs) related to the administration of the above funds are not charged to the funds and are financed by other sources.\n\n¹ Restated.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 137, + "text": " 132 NOTES TO THE FINANCIAL STATEMENTS\n The table above depicts selected trust funds that have been chosen based on their financial activity.\nAdditionally, the Federal Government has many other dedicated collections and trust funds.\n In the Federal budget, the term “trust fund” means only that the law requires a particular fund be accounted for\nseparately, used only for a specified purpose, and designated as a trust fund. A change in law may change the future\nreceipts and the terms under which the fund’s resources are spent. In the private sector, trust fund refers to funds of\none party held and managed by a second party (the trustee) in a fiduciary capacity.\n Trust fund net assets represent the unexpended balance from all sources of receipts and amounts due the trust\nfunds, regardless of source, including related Governmental transactions. These are transactions between two\ndifferent entities within the Government (for example, monies received by one entity of the Government from\nanother entity of the Government).\n Intragovernmental net assets are comprised of investments in Federal debt securities, related accrued interest,\nand fund balances with Treasury. These amounts were eliminated in preparing these financial statements.\n Consolidated assets represent only the net assets from activity with individuals and organizations outside the\nGovernment. All related Governmental balances are removed to present the Government’s position as a whole.\n Most of the trust fund assets are invested in intragovernmental debt holdings. These securities require\nredemption if a fund’s disbursements exceeds its receipts. Redeeming these securities will increase the\nGovernment’s financing needs and require more borrowing from the public (or less repayment of debt), or will\nresult in higher taxes than otherwise would have been needed, or less spending on other programs than otherwise\nwould have occurred, or some combination thereof.\n Depicted below is a description of all the funds included in the table Dedicated Collections as of September 30,\nwhich also includes the names of the Government agencies that administer each particular fund. For detailed\ninformation concerning liabilities, revenues by type, program expenses, other expenses, and other financial sources,\nas well as other changes in fund balance, please refer to the financial statements of the corresponding administering\nagencies. For information on the actuarial and other liabilities associated with the funds in this report, see Note 11—\nFederal Employee and Veteran Benefits Payable and Note 13—Benefits Due and Payable.\n Federal Old-Age and Survivors Insurance Trust Fund\n This trust fund provides assistance and protection against the loss of earnings due to retirement or death in the\nform of money payments. SSA administers the Federal Old-Age and Survivors Insurance Trust Fund.\n Payroll and self-employment taxes primarily fund the Federal Old-Age and Survivors Insurance Trust Fund.\nInterest earnings on Treasury securities, Federal agencies’ payments for the Social Security benefits earned by\nmilitary and Federal civilian employees, and Treasury payments for a portion of income taxes paid on Social\nSecurity benefits provide the fund with additional income. The law establishing the Federal Old-Age and Survivors\nInsurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42\nU.S.C. § 401.\n Civil Service Retirement and Disability Fund\n The Civil Service Retirement and Disability Fund covers two Federal civilian retirement systems: CSRS—for\nemployees hired before 1984, and FERS—for employees hired after 1983. OPM administers the CSRS and the\nFERS systems. The laws establishing the Civil Service Retirement and Disability Fund and authorizing the\ndepositing of amounts to the credit of the trust fund are set forth in 5 U.S.C. § 8334-8348. Funding sources include:\n • Federal civilian employees’ contributions.\n • Agencies’ contributions on behalf of employees.\n • Appropriations.\n • Interest earned on investments in Treasury securities.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nThe table above depicts selected trust funds that have been chosen based on their financial activity. Additionally, the Federal Government has many other dedicated collections and trust funds.\n\nIn the Federal budget, the term “trust fund” means only that the law requires a particular fund be accounted for separately, used only for a specified purpose, and designated as a trust fund. A change in law may change the future receipts and the terms under which the fund’s resources are spent. In the private sector, trust fund refers to funds of one party held and managed by a second party (the trustee) in a fiduciary capacity.\n\nTrust fund net assets represent the unexpended balance from all sources of receipts and amounts due the trust funds, regardless of source, including related Governmental transactions. These are transactions between two different entities within the Government (for example, monies received by one entity of the Government from another entity of the Government).\n\nIntragovernmental net assets are comprised of investments in Federal debt securities, related accrued interest, and fund balances with Treasury. These amounts were eliminated in preparing these financial statements.\n\nConsolidated assets represent only the net assets from activity with individuals and organizations outside the Government. All related Governmental balances are removed to present the Government’s position as a whole.\n\nMost of the trust fund assets are invested in intragovernmental debt holdings. These securities require redemption if a fund’s disbursements exceeds its receipts. Redeeming these securities will increase the Government’s financing needs and require more borrowing from the public (or less repayment of debt), or will result in higher taxes than otherwise would have been needed, or less spending on other programs than otherwise would have occurred, or some combination thereof.\n\nDepicted below is a description of all the funds included in the table Dedicated Collections as of September 30, which also includes the names of the Government agencies that administer each particular fund. For detailed information concerning liabilities, revenues by type, program expenses, other expenses, and other financial sources, as well as other changes in fund balance, please refer to the financial statements of the corresponding administering agencies. For information on the actuarial and other liabilities associated with the funds in this report, see Note 11—Federal Employee and Veteran Benefits Payable and Note 13—Benefits Due and Payable.\n\n# Federal Old-Age and Survivors Insurance Trust Fund\n\nThis trust fund provides assistance and protection against the loss of earnings due to retirement or death in the form of money payments. SSA administers the Federal Old-Age and Survivors Insurance Trust Fund.\n\nPayroll and self-employment taxes primarily fund the Federal Old-Age and Survivors Insurance Trust Fund. Interest earnings on Treasury securities, Federal agencies’ payments for the Social Security benefits earned by military and Federal civilian employees, and Treasury payments for a portion of income taxes paid on Social Security benefits provide the fund with additional income. The law establishing the Federal Old-Age and Survivors Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 401.\n\n# Civil Service Retirement and Disability Fund\n\nThe Civil Service Retirement and Disability Fund covers two Federal civilian retirement systems: CSRS—for employees hired before 1984, and FERS—for employees hired after 1983. OPM administers the CSRS and the FERS systems. The laws establishing the Civil Service Retirement and Disability Fund and authorizing the depositing of amounts to the credit of the trust fund are set forth in 5 U.S.C. § 8334-8348. Funding sources include:\n\n- Federal civilian employees’ contributions.\n- Agencies’ contributions on behalf of employees.\n- Appropriations.\n- Interest earned on investments in Treasury securities.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The table above depicts selected trust funds that have been chosen based on their financial activity. Additionally, the Federal Government has many other dedicated collections and trust funds.\n\nIn the Federal budget, the term “trust fund” means only that the law requires a particular fund be accounted for separately, used only for a specified purpose, and designated as a trust fund. A change in law may change the future receipts and the terms under which the fund’s resources are spent. In the private sector, trust fund refers to funds of one party held and managed by a second party (the trustee) in a fiduciary capacity.\n\nTrust fund net assets represent the unexpended balance from all sources of receipts and amounts due the trust funds, regardless of source, including related Governmental transactions. These are transactions between two different entities within the Government (for example, monies received by one entity of the Government from another entity of the Government).\n\nIntragovernmental net assets are comprised of investments in Federal debt securities, related accrued interest, and fund balances with Treasury. These amounts were eliminated in preparing these financial statements.\n\nConsolidated assets represent only the net assets from activity with individuals and organizations outside the Government. All related Governmental balances are removed to present the Government’s position as a whole.\n\nMost of the trust fund assets are invested in intragovernmental debt holdings. These securities require redemption if a fund’s disbursements exceeds its receipts. Redeeming these securities will increase the Government’s financing needs and require more borrowing from the public (or less repayment of debt), or will result in higher taxes than otherwise would have been needed, or less spending on other programs than otherwise would have occurred, or some combination thereof.\n\nDepicted below is a description of all the funds included in the table Dedicated Collections as of September 30, which also includes the names of the Government agencies that administer each particular fund. For detailed information concerning liabilities, revenues by type, program expenses, other expenses, and other financial sources, as well as other changes in fund balance, please refer to the financial statements of the corresponding administering agencies. For information on the actuarial and other liabilities associated with the funds in this report, see Note 11—Federal Employee and Veteran Benefits Payable and Note 13—Benefits Due and Payable.", + "md": "The table above depicts selected trust funds that have been chosen based on their financial activity. Additionally, the Federal Government has many other dedicated collections and trust funds.\n\nIn the Federal budget, the term “trust fund” means only that the law requires a particular fund be accounted for separately, used only for a specified purpose, and designated as a trust fund. A change in law may change the future receipts and the terms under which the fund’s resources are spent. In the private sector, trust fund refers to funds of one party held and managed by a second party (the trustee) in a fiduciary capacity.\n\nTrust fund net assets represent the unexpended balance from all sources of receipts and amounts due the trust funds, regardless of source, including related Governmental transactions. These are transactions between two different entities within the Government (for example, monies received by one entity of the Government from another entity of the Government).\n\nIntragovernmental net assets are comprised of investments in Federal debt securities, related accrued interest, and fund balances with Treasury. These amounts were eliminated in preparing these financial statements.\n\nConsolidated assets represent only the net assets from activity with individuals and organizations outside the Government. All related Governmental balances are removed to present the Government’s position as a whole.\n\nMost of the trust fund assets are invested in intragovernmental debt holdings. These securities require redemption if a fund’s disbursements exceeds its receipts. Redeeming these securities will increase the Government’s financing needs and require more borrowing from the public (or less repayment of debt), or will result in higher taxes than otherwise would have been needed, or less spending on other programs than otherwise would have occurred, or some combination thereof.\n\nDepicted below is a description of all the funds included in the table Dedicated Collections as of September 30, which also includes the names of the Government agencies that administer each particular fund. For detailed information concerning liabilities, revenues by type, program expenses, other expenses, and other financial sources, as well as other changes in fund balance, please refer to the financial statements of the corresponding administering agencies. For information on the actuarial and other liabilities associated with the funds in this report, see Note 11—Federal Employee and Veteran Benefits Payable and Note 13—Benefits Due and Payable.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Old-Age and Survivors Insurance Trust Fund", + "md": "# Federal Old-Age and Survivors Insurance Trust Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This trust fund provides assistance and protection against the loss of earnings due to retirement or death in the form of money payments. SSA administers the Federal Old-Age and Survivors Insurance Trust Fund.\n\nPayroll and self-employment taxes primarily fund the Federal Old-Age and Survivors Insurance Trust Fund. Interest earnings on Treasury securities, Federal agencies’ payments for the Social Security benefits earned by military and Federal civilian employees, and Treasury payments for a portion of income taxes paid on Social Security benefits provide the fund with additional income. The law establishing the Federal Old-Age and Survivors Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 401.", + "md": "This trust fund provides assistance and protection against the loss of earnings due to retirement or death in the form of money payments. SSA administers the Federal Old-Age and Survivors Insurance Trust Fund.\n\nPayroll and self-employment taxes primarily fund the Federal Old-Age and Survivors Insurance Trust Fund. Interest earnings on Treasury securities, Federal agencies’ payments for the Social Security benefits earned by military and Federal civilian employees, and Treasury payments for a portion of income taxes paid on Social Security benefits provide the fund with additional income. The law establishing the Federal Old-Age and Survivors Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 401.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Civil Service Retirement and Disability Fund", + "md": "# Civil Service Retirement and Disability Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Civil Service Retirement and Disability Fund covers two Federal civilian retirement systems: CSRS—for employees hired before 1984, and FERS—for employees hired after 1983. OPM administers the CSRS and the FERS systems. The laws establishing the Civil Service Retirement and Disability Fund and authorizing the depositing of amounts to the credit of the trust fund are set forth in 5 U.S.C. § 8334-8348. Funding sources include:\n\n- Federal civilian employees’ contributions.\n- Agencies’ contributions on behalf of employees.\n- Appropriations.\n- Interest earned on investments in Treasury securities.", + "md": "The Civil Service Retirement and Disability Fund covers two Federal civilian retirement systems: CSRS—for employees hired before 1984, and FERS—for employees hired after 1983. OPM administers the CSRS and the FERS systems. The laws establishing the Civil Service Retirement and Disability Fund and authorizing the depositing of amounts to the credit of the trust fund are set forth in 5 U.S.C. § 8334-8348. Funding sources include:\n\n- Federal civilian employees’ contributions.\n- Agencies’ contributions on behalf of employees.\n- Appropriations.\n- Interest earned on investments in Treasury securities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 138, + "text": " NOTES TO THE FINANCIAL STATEMENTS 133\n Federal Hospital Insurance Trust Fund\n (Medicare Part A)\n The Federal Hospital Insurance Trust Fund finances the Hospital Insurance program (Medicare Part A). This\nprogram funds the cost of inpatient hospital and related care for individuals age 65 or older who meet certain insured\nstatus requirements, and eligible disabled people. HHS administers the program.\n The Federal Hospital Insurance Trust Fund is financed primarily by payroll taxes, including those paid by\nFederal agencies. It also receives income from interest earnings on Treasury securities and a portion of income taxes\npaid on Social Security benefits. The law establishing the Federal Hospital Insurance Trust Fund and authorizing the\ndepositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395i.\n Military Retirement Fund\n The Military Retirement Fund provides retirement benefits for Army, Navy, Marine Corps, and Air Force\npersonnel, and their survivors. The fund is financed by DOD contributions, appropriations, and interest earned on\ninvestments in Federal debt securities. DOD administers the Military Retirement Fund. The laws establishing the\nMilitary Retirement Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 10\nU.S.C. § 1461-1467.\n Federal Disability Insurance Trust Fund\n The Federal Disability Insurance Trust Fund provides assistance and protection against the loss of earnings due\nto a wage earner’s disability in the form of money payments. SSA administers the Federal Disability Insurance Trust\nFund.\n Like the Federal Old-Age and Survivors Insurance Trust Fund, payroll taxes primarily fund the Federal\nDisability Insurance Trust Fund. The fund also receives income from interest earnings on Treasury securities,\nFederal agencies’ payments for the Social Security benefits earned by military and Federal civilian employees, and a\nportion of income taxes paid on Social Security benefits. The law establishing the Federal Disability Insurance Trust\nFund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 401.\n Unemployment Trust Fund\n The Unemployment Trust Fund protects workers who lose their jobs. The program is administered through a\nunique system of Federal and State partnerships, established in Federal law, but executed through conforming State\nlaws by State officials. DOL administers the Federal operations of the program.\n Taxes on employers primarily fund the Unemployment Trust Fund. However, interest earned on investments in\nTreasury securities also provides income to the fund. Appropriations have supplemented the fund’s income during\nperiods of high and extended unemployment. The law establishing the Unemployment Trust Fund and authorizing\nthe depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1104.\n Federal Supplementary Medical Insurance Trust Fund\n (Medicare Part B)\n The Federal Supplementary Medical Insurance Trust Fund finances the Supplementary Medical Insurance\nprogram (Medicare Part B) that provides supplementary medical insurance for enrolled eligible participants to cover\nphysician and outpatient services not covered by Medicare Part A. HHS administers the program.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# Federal Hospital Insurance Trust Fund (Medicare Part A)\n\nThe Federal Hospital Insurance Trust Fund finances the Hospital Insurance program (Medicare Part A). This program funds the cost of inpatient hospital and related care for individuals age 65 or older who meet certain insured status requirements, and eligible disabled people. HHS administers the program.\n\nThe Federal Hospital Insurance Trust Fund is financed primarily by payroll taxes, including those paid by Federal agencies. It also receives income from interest earnings on Treasury securities and a portion of income taxes paid on Social Security benefits. The law establishing the Federal Hospital Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395i.\n\n# Military Retirement Fund\n\nThe Military Retirement Fund provides retirement benefits for Army, Navy, Marine Corps, and Air Force personnel, and their survivors. The fund is financed by DOD contributions, appropriations, and interest earned on investments in Federal debt securities. DOD administers the Military Retirement Fund. The laws establishing the Military Retirement Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 10 U.S.C. § 1461-1467.\n\n# Federal Disability Insurance Trust Fund\n\nThe Federal Disability Insurance Trust Fund provides assistance and protection against the loss of earnings due to a wage earner’s disability in the form of money payments. SSA administers the Federal Disability Insurance Trust Fund.\n\nLike the Federal Old-Age and Survivors Insurance Trust Fund, payroll taxes primarily fund the Federal Disability Insurance Trust Fund. The fund also receives income from interest earnings on Treasury securities, Federal agencies’ payments for the Social Security benefits earned by military and Federal civilian employees, and a portion of income taxes paid on Social Security benefits. The law establishing the Federal Disability Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 401.\n\n# Unemployment Trust Fund\n\nThe Unemployment Trust Fund protects workers who lose their jobs. The program is administered through a unique system of Federal and State partnerships, established in Federal law, but executed through conforming State laws by State officials. DOL administers the Federal operations of the program.\n\nTaxes on employers primarily fund the Unemployment Trust Fund. However, interest earned on investments in Treasury securities also provides income to the fund. Appropriations have supplemented the fund’s income during periods of high and extended unemployment. The law establishing the Unemployment Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1104.\n\n# Federal Supplementary Medical Insurance Trust Fund (Medicare Part B)\n\nThe Federal Supplementary Medical Insurance Trust Fund finances the Supplementary Medical Insurance program (Medicare Part B) that provides supplementary medical insurance for enrolled eligible participants to cover physician and outpatient services not covered by Medicare Part A. HHS administers the program.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Hospital Insurance Trust Fund (Medicare Part A)", + "md": "# Federal Hospital Insurance Trust Fund (Medicare Part A)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Federal Hospital Insurance Trust Fund finances the Hospital Insurance program (Medicare Part A). This program funds the cost of inpatient hospital and related care for individuals age 65 or older who meet certain insured status requirements, and eligible disabled people. HHS administers the program.\n\nThe Federal Hospital Insurance Trust Fund is financed primarily by payroll taxes, including those paid by Federal agencies. It also receives income from interest earnings on Treasury securities and a portion of income taxes paid on Social Security benefits. The law establishing the Federal Hospital Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395i.", + "md": "The Federal Hospital Insurance Trust Fund finances the Hospital Insurance program (Medicare Part A). This program funds the cost of inpatient hospital and related care for individuals age 65 or older who meet certain insured status requirements, and eligible disabled people. HHS administers the program.\n\nThe Federal Hospital Insurance Trust Fund is financed primarily by payroll taxes, including those paid by Federal agencies. It also receives income from interest earnings on Treasury securities and a portion of income taxes paid on Social Security benefits. The law establishing the Federal Hospital Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395i.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Military Retirement Fund", + "md": "# Military Retirement Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Military Retirement Fund provides retirement benefits for Army, Navy, Marine Corps, and Air Force personnel, and their survivors. The fund is financed by DOD contributions, appropriations, and interest earned on investments in Federal debt securities. DOD administers the Military Retirement Fund. The laws establishing the Military Retirement Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 10 U.S.C. § 1461-1467.", + "md": "The Military Retirement Fund provides retirement benefits for Army, Navy, Marine Corps, and Air Force personnel, and their survivors. The fund is financed by DOD contributions, appropriations, and interest earned on investments in Federal debt securities. DOD administers the Military Retirement Fund. The laws establishing the Military Retirement Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 10 U.S.C. § 1461-1467.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Disability Insurance Trust Fund", + "md": "# Federal Disability Insurance Trust Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Federal Disability Insurance Trust Fund provides assistance and protection against the loss of earnings due to a wage earner’s disability in the form of money payments. SSA administers the Federal Disability Insurance Trust Fund.\n\nLike the Federal Old-Age and Survivors Insurance Trust Fund, payroll taxes primarily fund the Federal Disability Insurance Trust Fund. The fund also receives income from interest earnings on Treasury securities, Federal agencies’ payments for the Social Security benefits earned by military and Federal civilian employees, and a portion of income taxes paid on Social Security benefits. The law establishing the Federal Disability Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 401.", + "md": "The Federal Disability Insurance Trust Fund provides assistance and protection against the loss of earnings due to a wage earner’s disability in the form of money payments. SSA administers the Federal Disability Insurance Trust Fund.\n\nLike the Federal Old-Age and Survivors Insurance Trust Fund, payroll taxes primarily fund the Federal Disability Insurance Trust Fund. The fund also receives income from interest earnings on Treasury securities, Federal agencies’ payments for the Social Security benefits earned by military and Federal civilian employees, and a portion of income taxes paid on Social Security benefits. The law establishing the Federal Disability Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 401.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Unemployment Trust Fund", + "md": "# Unemployment Trust Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Unemployment Trust Fund protects workers who lose their jobs. The program is administered through a unique system of Federal and State partnerships, established in Federal law, but executed through conforming State laws by State officials. DOL administers the Federal operations of the program.\n\nTaxes on employers primarily fund the Unemployment Trust Fund. However, interest earned on investments in Treasury securities also provides income to the fund. Appropriations have supplemented the fund’s income during periods of high and extended unemployment. The law establishing the Unemployment Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1104.", + "md": "The Unemployment Trust Fund protects workers who lose their jobs. The program is administered through a unique system of Federal and State partnerships, established in Federal law, but executed through conforming State laws by State officials. DOL administers the Federal operations of the program.\n\nTaxes on employers primarily fund the Unemployment Trust Fund. However, interest earned on investments in Treasury securities also provides income to the fund. Appropriations have supplemented the fund’s income during periods of high and extended unemployment. The law establishing the Unemployment Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1104.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Federal Supplementary Medical Insurance Trust Fund (Medicare Part B)", + "md": "# Federal Supplementary Medical Insurance Trust Fund (Medicare Part B)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Federal Supplementary Medical Insurance Trust Fund finances the Supplementary Medical Insurance program (Medicare Part B) that provides supplementary medical insurance for enrolled eligible participants to cover physician and outpatient services not covered by Medicare Part A. HHS administers the program.", + "md": "The Federal Supplementary Medical Insurance Trust Fund finances the Supplementary Medical Insurance program (Medicare Part B) that provides supplementary medical insurance for enrolled eligible participants to cover physician and outpatient services not covered by Medicare Part A. HHS administers the program.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 139, + "text": " 134 NOTES TO THE FINANCIAL STATEMENTS\n Medicare Part B financing is not based on payroll taxes; it is based on monthly premiums and income from the\ngeneral fund of the Treasury. The law establishing the Federal Supplementary Medical Insurance Trust Fund and\nauthorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395t.\n Medicare-Eligible Retiree Health Care Fund\n The DOD Medicare-Eligible Retiree Health Care Fund, established by 10 U.S.C. § 1111, finances and pays the\nliabilities under the DOD retiree health care programs for Medicare-eligible beneficiaries. Such beneficiaries include\nqualifying members, former members and dependents of the Uniformed Services. The assets of the fund are\ncomprised of any amounts appropriated to the fund, payments to the fund authorized by 10 U.S.C.§ 1116, and\ninterest on investments authorized by 10 U.S.C.§ 1117.\n Highway Trust Fund\n The Highway Trust Fund was established to promote domestic interstate transportation and to move people and\ngoods. The fund provides Federal grants to States for highway construction, certain transit programs and related\ntransportation purposes. DOT administers programs financed by the Highway Trust Fund. The law establishing the\nHighway Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26\nU.S.C. § 9503. Funding sources include earmarked taxes on gasoline and other fuels, certain tires, and vehicle and\ntruck use, and interest on Treasury securities.\n Railroad Retirement Trust Fund\n The Railroad Retirement Trust Fund provides annuities and survivor benefits to eligible railroad employees\nand their survivors. The fund also pays disability annuities based on total or occupational disability. Payroll taxes\npaid by railroad employers and their employees provide the primary source of income for the Railroad Retirement\nSurvivor Benefit program. The law establishing the Railroad Retirement Trust Fund and authorizing the depositing\nof amounts to the credit of the trust fund is set forth in 45 U.S.C. § 231n.\n During fiscal year 2002, RRSIA, enacted on December 21, 2001, provided several changes in benefits and\nfinancing provisions for employees and widow(er)s. RRSIA also created NRRIT to administer the new fund, which\nis allowed to invest in Federal debt securities as well as other investments outside of the U.S. Government (see\nRailroad Retirement in the Stewardship Information section).\n Airport and Airway Trust Fund\n The Airport and Airway Trust Fund provides for airport improvement and airport facilities maintenance. It also\nfunds airport equipment, research, and a portion of the Federal Aviation Administration’s administrative operational\nsupport. DOT administers the Airport and Airway Trust Fund. The law establishing the Airport and Airway Trust\nFund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9502.\nFunding sources include:\n • Taxes received from transportation of persons and property in the air, as well as fuel used in non-commercial\n aircraft.\n • International departure taxes.\n • Interest earned on investments in Treasury securities.\n Hazardous Substance Superfund\n The Hazardous Substance Superfund was authorized to address public health and environmental threats from\nspills of hazardous materials and from sites contaminated with hazardous substances. The Environmental Protection", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nMedicare Part B financing is not based on payroll taxes; it is based on monthly premiums and income from the general fund of the Treasury. The law establishing the Federal Supplementary Medical Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395t.\n\n# Medicare-Eligible Retiree Health Care Fund\n\nThe DOD Medicare-Eligible Retiree Health Care Fund, established by 10 U.S.C. § 1111, finances and pays the liabilities under the DOD retiree health care programs for Medicare-eligible beneficiaries. Such beneficiaries include qualifying members, former members and dependents of the Uniformed Services. The assets of the fund are comprised of any amounts appropriated to the fund, payments to the fund authorized by 10 U.S.C. § 1116, and interest on investments authorized by 10 U.S.C. § 1117.\n\n# Highway Trust Fund\n\nThe Highway Trust Fund was established to promote domestic interstate transportation and to move people and goods. The fund provides Federal grants to States for highway construction, certain transit programs and related transportation purposes. DOT administers programs financed by the Highway Trust Fund. The law establishing the Highway Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9503. Funding sources include earmarked taxes on gasoline and other fuels, certain tires, and vehicle and truck use, and interest on Treasury securities.\n\n# Railroad Retirement Trust Fund\n\nThe Railroad Retirement Trust Fund provides annuities and survivor benefits to eligible railroad employees and their survivors. The fund also pays disability annuities based on total or occupational disability. Payroll taxes paid by railroad employers and their employees provide the primary source of income for the Railroad Retirement Survivor Benefit program. The law establishing the Railroad Retirement Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 45 U.S.C. § 231n.\n\nDuring fiscal year 2002, RRSIA, enacted on December 21, 2001, provided several changes in benefits and financing provisions for employees and widow(er)s. RRSIA also created NRRIT to administer the new fund, which is allowed to invest in Federal debt securities as well as other investments outside of the U.S. Government (see Railroad Retirement in the Stewardship Information section).\n\n# Airport and Airway Trust Fund\n\nThe Airport and Airway Trust Fund provides for airport improvement and airport facilities maintenance. It also funds airport equipment, research, and a portion of the Federal Aviation Administration’s administrative operational support. DOT administers the Airport and Airway Trust Fund. The law establishing the Airport and Airway Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9502. Funding sources include:\n\n- Taxes received from transportation of persons and property in the air, as well as fuel used in non-commercial aircraft.\n- International departure taxes.\n- Interest earned on investments in Treasury securities.\n\n# Hazardous Substance Superfund\n\nThe Hazardous Substance Superfund was authorized to address public health and environmental threats from spills of hazardous materials and from sites contaminated with hazardous substances. The Environmental Protection", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Medicare Part B financing is not based on payroll taxes; it is based on monthly premiums and income from the general fund of the Treasury. The law establishing the Federal Supplementary Medical Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395t.", + "md": "Medicare Part B financing is not based on payroll taxes; it is based on monthly premiums and income from the general fund of the Treasury. The law establishing the Federal Supplementary Medical Insurance Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 42 U.S.C. § 1395t.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Medicare-Eligible Retiree Health Care Fund", + "md": "# Medicare-Eligible Retiree Health Care Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The DOD Medicare-Eligible Retiree Health Care Fund, established by 10 U.S.C. § 1111, finances and pays the liabilities under the DOD retiree health care programs for Medicare-eligible beneficiaries. Such beneficiaries include qualifying members, former members and dependents of the Uniformed Services. The assets of the fund are comprised of any amounts appropriated to the fund, payments to the fund authorized by 10 U.S.C. § 1116, and interest on investments authorized by 10 U.S.C. § 1117.", + "md": "The DOD Medicare-Eligible Retiree Health Care Fund, established by 10 U.S.C. § 1111, finances and pays the liabilities under the DOD retiree health care programs for Medicare-eligible beneficiaries. Such beneficiaries include qualifying members, former members and dependents of the Uniformed Services. The assets of the fund are comprised of any amounts appropriated to the fund, payments to the fund authorized by 10 U.S.C. § 1116, and interest on investments authorized by 10 U.S.C. § 1117.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Highway Trust Fund", + "md": "# Highway Trust Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Highway Trust Fund was established to promote domestic interstate transportation and to move people and goods. The fund provides Federal grants to States for highway construction, certain transit programs and related transportation purposes. DOT administers programs financed by the Highway Trust Fund. The law establishing the Highway Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9503. Funding sources include earmarked taxes on gasoline and other fuels, certain tires, and vehicle and truck use, and interest on Treasury securities.", + "md": "The Highway Trust Fund was established to promote domestic interstate transportation and to move people and goods. The fund provides Federal grants to States for highway construction, certain transit programs and related transportation purposes. DOT administers programs financed by the Highway Trust Fund. The law establishing the Highway Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9503. Funding sources include earmarked taxes on gasoline and other fuels, certain tires, and vehicle and truck use, and interest on Treasury securities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Railroad Retirement Trust Fund", + "md": "# Railroad Retirement Trust Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Railroad Retirement Trust Fund provides annuities and survivor benefits to eligible railroad employees and their survivors. The fund also pays disability annuities based on total or occupational disability. Payroll taxes paid by railroad employers and their employees provide the primary source of income for the Railroad Retirement Survivor Benefit program. The law establishing the Railroad Retirement Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 45 U.S.C. § 231n.\n\nDuring fiscal year 2002, RRSIA, enacted on December 21, 2001, provided several changes in benefits and financing provisions for employees and widow(er)s. RRSIA also created NRRIT to administer the new fund, which is allowed to invest in Federal debt securities as well as other investments outside of the U.S. Government (see Railroad Retirement in the Stewardship Information section).", + "md": "The Railroad Retirement Trust Fund provides annuities and survivor benefits to eligible railroad employees and their survivors. The fund also pays disability annuities based on total or occupational disability. Payroll taxes paid by railroad employers and their employees provide the primary source of income for the Railroad Retirement Survivor Benefit program. The law establishing the Railroad Retirement Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 45 U.S.C. § 231n.\n\nDuring fiscal year 2002, RRSIA, enacted on December 21, 2001, provided several changes in benefits and financing provisions for employees and widow(er)s. RRSIA also created NRRIT to administer the new fund, which is allowed to invest in Federal debt securities as well as other investments outside of the U.S. Government (see Railroad Retirement in the Stewardship Information section).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Airport and Airway Trust Fund", + "md": "# Airport and Airway Trust Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Airport and Airway Trust Fund provides for airport improvement and airport facilities maintenance. It also funds airport equipment, research, and a portion of the Federal Aviation Administration’s administrative operational support. DOT administers the Airport and Airway Trust Fund. The law establishing the Airport and Airway Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9502. Funding sources include:\n\n- Taxes received from transportation of persons and property in the air, as well as fuel used in non-commercial aircraft.\n- International departure taxes.\n- Interest earned on investments in Treasury securities.", + "md": "The Airport and Airway Trust Fund provides for airport improvement and airport facilities maintenance. It also funds airport equipment, research, and a portion of the Federal Aviation Administration’s administrative operational support. DOT administers the Airport and Airway Trust Fund. The law establishing the Airport and Airway Trust Fund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9502. Funding sources include:\n\n- Taxes received from transportation of persons and property in the air, as well as fuel used in non-commercial aircraft.\n- International departure taxes.\n- Interest earned on investments in Treasury securities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Hazardous Substance Superfund", + "md": "# Hazardous Substance Superfund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Hazardous Substance Superfund was authorized to address public health and environmental threats from spills of hazardous materials and from sites contaminated with hazardous substances. The Environmental Protection", + "md": "The Hazardous Substance Superfund was authorized to address public health and environmental threats from spills of hazardous materials and from sites contaminated with hazardous substances. The Environmental Protection", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 140, + "text": " NOTES TO THE FINANCIAL STATEMENTS 135\nAgency (EPA) administers the fund. The law establishing the Hazardous Substance Superfund and authorizing the\ndepositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9507. Funding sources include:\n • Excise taxes collected on petroleum, chemicals, and imported substances (expired in 1995).\n • Environmental taxes from corporations with alternative minimum taxable income in excess of $2 million\n (expired in 1995).\n • Fines, penalties, and cost recoveries from responsible parties.\n • Appropriations.\n • Interest earned on investments in Treasury securities.\n Black Lung Disability Trust Fund\n The Black Lung Disability Trust Fund provides benefits to coal miners who are totally disabled due to\npneumoconiosis (black lung disease). It also covers surviving dependents of miners who died due to\npneumoconiosis.\n Excise taxes on coal mine operators, based on the sale of coal, partially fund black lung disability payments as\nwell as related administrative and interest costs. Intragovernmental advances to the BLDTF, which must be repaid\nwith interest, fund the shortfall. DOL administers the BLDTF. The law establishing the BLDTF and authorizing the\ndepositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9501.\n Note 21. Indian Trust Funds\n The Indian Trust Funds differ from other dedicated collections reported in Note 20—Dedicated Collections.\nDOI has responsibility for the assets held in trust on behalf of American Indian tribes and individuals.\n DOI, through the Office of the Special Trustee’s (OST’s) Office of Trust Funds Management, holds trust funds\nin accounts for Indian tribes. It maintains approximately 1,400 accounts for Tribal and Other Special Trust Funds\n(including the Alaska Native Escrow Fund).\n The balances that have accumulated in the Tribal and Other Special Trust Funds have resulted from judgment\nawards, settlements of claims, land use agreements, royalties on natural resource depletion, and other proceeds\nderived directly from trust resources, and investment income.\n The trust fund balances included in the Trust Funds Held for Indian Tribes and Other Special Trust Funds\ncontain two categories: trust funds held for Indian tribes (considered non-Federal funds) and trust funds held by\nDOI for future transfer to a tribe upon satisfaction of certain conditions or where the corpus of the fund is non-\nexpendable (considered Federal funds).\n The table below depicts the U.S. Government as trustee for Indian Trust Funds held for Indian tribes and other\nspecial trust funds. The trust funds considered Federal funds are included in DOI’s financial statements.\n U.S. Government as Trustee for Indian Trust Funds Held for Indian Tribes\n and Other Special Trust Funds\n Statement of Changes in Trust Fund Balances as of September 30\n (Unaudited)\n (In millions of dollars) 2003 2002\n Receipts ...................................................................................................... 378.5 434.7\n Disbursements ............................................................................................ 354.7 383.4\n Receipts in excess of disbursements.......................................................... 23.8 51.3\n Trust fund balances, beginning of year....................................................... 2,856.3 2,805.0\n Trust fund balances, end of year.............................................................. 2,880.1 2,856.3", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\n# 135\n\n# Agency (EPA) administers the fund.\n\nThe law establishing the Hazardous Substance Superfund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9507. Funding sources include:\n\n- Excise taxes collected on petroleum, chemicals, and imported substances (expired in 1995).\n- Environmental taxes from corporations with alternative minimum taxable income in excess of $2 million (expired in 1995).\n- Fines, penalties, and cost recoveries from responsible parties.\n- Appropriations.\n- Interest earned on investments in Treasury securities.\n\n# Black Lung Disability Trust Fund\n\nThe Black Lung Disability Trust Fund provides benefits to coal miners who are totally disabled due to pneumoconiosis (black lung disease). It also covers surviving dependents of miners who died due to pneumoconiosis.\n\nExcise taxes on coal mine operators, based on the sale of coal, partially fund black lung disability payments as well as related administrative and interest costs. Intragovernmental advances to the BLDTF, which must be repaid with interest, fund the shortfall. DOL administers the BLDTF. The law establishing the BLDTF and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9501.\n\n# Note 21. Indian Trust Funds\n\nThe Indian Trust Funds differ from other dedicated collections reported in Note 20—Dedicated Collections. DOI has responsibility for the assets held in trust on behalf of American Indian tribes and individuals.\n\nDOI, through the Office of the Special Trustee’s (OST’s) Office of Trust Funds Management, holds trust funds in accounts for Indian tribes. It maintains approximately 1,400 accounts for Tribal and Other Special Trust Funds (including the Alaska Native Escrow Fund).\n\nThe balances that have accumulated in the Tribal and Other Special Trust Funds have resulted from judgment awards, settlements of claims, land use agreements, royalties on natural resource depletion, and other proceeds derived directly from trust resources, and investment income.\n\nThe trust fund balances included in the Trust Funds Held for Indian Tribes and Other Special Trust Funds contain two categories: trust funds held for Indian tribes (considered non-Federal funds) and trust funds held by DOI for future transfer to a tribe upon satisfaction of certain conditions or where the corpus of the fund is non-expendable (considered Federal funds).\n\n# U.S. Government as Trustee for Indian Trust Funds Held for Indian Tribes and Other Special Trust Funds\n\n# Statement of Changes in Trust Fund Balances as of September 30\n\n# (Unaudited)\n\n# (In millions of dollars)\n\n| |2003|2002|\n|---|---|---|\n|Receipts|378.5|434.7|\n|Disbursements|354.7|383.4|\n|Receipts in excess of disbursements|23.8|51.3|\n|Trust fund balances, beginning of year|2,856.3|2,805.0|\n|Trust fund balances, end of year|2,880.1|2,856.3|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "135", + "md": "# 135", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Agency (EPA) administers the fund.", + "md": "# Agency (EPA) administers the fund.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The law establishing the Hazardous Substance Superfund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9507. Funding sources include:\n\n- Excise taxes collected on petroleum, chemicals, and imported substances (expired in 1995).\n- Environmental taxes from corporations with alternative minimum taxable income in excess of $2 million (expired in 1995).\n- Fines, penalties, and cost recoveries from responsible parties.\n- Appropriations.\n- Interest earned on investments in Treasury securities.", + "md": "The law establishing the Hazardous Substance Superfund and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9507. Funding sources include:\n\n- Excise taxes collected on petroleum, chemicals, and imported substances (expired in 1995).\n- Environmental taxes from corporations with alternative minimum taxable income in excess of $2 million (expired in 1995).\n- Fines, penalties, and cost recoveries from responsible parties.\n- Appropriations.\n- Interest earned on investments in Treasury securities.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Black Lung Disability Trust Fund", + "md": "# Black Lung Disability Trust Fund", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Black Lung Disability Trust Fund provides benefits to coal miners who are totally disabled due to pneumoconiosis (black lung disease). It also covers surviving dependents of miners who died due to pneumoconiosis.\n\nExcise taxes on coal mine operators, based on the sale of coal, partially fund black lung disability payments as well as related administrative and interest costs. Intragovernmental advances to the BLDTF, which must be repaid with interest, fund the shortfall. DOL administers the BLDTF. The law establishing the BLDTF and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9501.", + "md": "The Black Lung Disability Trust Fund provides benefits to coal miners who are totally disabled due to pneumoconiosis (black lung disease). It also covers surviving dependents of miners who died due to pneumoconiosis.\n\nExcise taxes on coal mine operators, based on the sale of coal, partially fund black lung disability payments as well as related administrative and interest costs. Intragovernmental advances to the BLDTF, which must be repaid with interest, fund the shortfall. DOL administers the BLDTF. The law establishing the BLDTF and authorizing the depositing of amounts to the credit of the trust fund is set forth in 26 U.S.C. § 9501.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 21. Indian Trust Funds", + "md": "# Note 21. Indian Trust Funds", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Indian Trust Funds differ from other dedicated collections reported in Note 20—Dedicated Collections. DOI has responsibility for the assets held in trust on behalf of American Indian tribes and individuals.\n\nDOI, through the Office of the Special Trustee’s (OST’s) Office of Trust Funds Management, holds trust funds in accounts for Indian tribes. It maintains approximately 1,400 accounts for Tribal and Other Special Trust Funds (including the Alaska Native Escrow Fund).\n\nThe balances that have accumulated in the Tribal and Other Special Trust Funds have resulted from judgment awards, settlements of claims, land use agreements, royalties on natural resource depletion, and other proceeds derived directly from trust resources, and investment income.\n\nThe trust fund balances included in the Trust Funds Held for Indian Tribes and Other Special Trust Funds contain two categories: trust funds held for Indian tribes (considered non-Federal funds) and trust funds held by DOI for future transfer to a tribe upon satisfaction of certain conditions or where the corpus of the fund is non-expendable (considered Federal funds).", + "md": "The Indian Trust Funds differ from other dedicated collections reported in Note 20—Dedicated Collections. DOI has responsibility for the assets held in trust on behalf of American Indian tribes and individuals.\n\nDOI, through the Office of the Special Trustee’s (OST’s) Office of Trust Funds Management, holds trust funds in accounts for Indian tribes. It maintains approximately 1,400 accounts for Tribal and Other Special Trust Funds (including the Alaska Native Escrow Fund).\n\nThe balances that have accumulated in the Tribal and Other Special Trust Funds have resulted from judgment awards, settlements of claims, land use agreements, royalties on natural resource depletion, and other proceeds derived directly from trust resources, and investment income.\n\nThe trust fund balances included in the Trust Funds Held for Indian Tribes and Other Special Trust Funds contain two categories: trust funds held for Indian tribes (considered non-Federal funds) and trust funds held by DOI for future transfer to a tribe upon satisfaction of certain conditions or where the corpus of the fund is non-expendable (considered Federal funds).", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "U.S. Government as Trustee for Indian Trust Funds Held for Indian Tribes and Other Special Trust Funds", + "md": "# U.S. Government as Trustee for Indian Trust Funds Held for Indian Tribes and Other Special Trust Funds", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statement of Changes in Trust Fund Balances as of September 30", + "md": "# Statement of Changes in Trust Fund Balances as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(Unaudited)", + "md": "# (Unaudited)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "(In millions of dollars)", + "md": "# (In millions of dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "", + "2003", + "2002" + ], + [ + "Receipts", + "378.5", + "434.7" + ], + [ + "Disbursements", + "354.7", + "383.4" + ], + [ + "Receipts in excess of disbursements", + "23.8", + "51.3" + ], + [ + "Trust fund balances, beginning of year", + "2,856.3", + "2,805.0" + ], + [ + "Trust fund balances, end of year", + "2,880.1", + "2,856.3" + ] + ], + "md": "| |2003|2002|\n|Receipts|378.5|434.7|\n|Disbursements|354.7|383.4|\n|Receipts in excess of disbursements|23.8|51.3|\n|Trust fund balances, beginning of year|2,856.3|2,805.0|\n|Trust fund balances, end of year|2,880.1|2,856.3|", + "isPerfectTable": true, + "csv": "\"\",\"2003\",\"2002\"\n\"Receipts\",\"378.5\",\"434.7\"\n\"Disbursements\",\"354.7\",\"383.4\"\n\"Receipts in excess of disbursements\",\"23.8\",\"51.3\"\n\"Trust fund balances, beginning of year\",\"2,856.3\",\"2,805.0\"\n\"Trust fund balances, end of year\",\"2,880.1\",\"2,856.3\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 141, + "text": "136 NOTES TO THE FINANCIAL STATEMENTS\n OST also maintains about 260,000 open Individual Indian Monies (IIM) accounts. The IIM fund is primarily a\ndeposit fund for individuals who have a beneficial interest in the trust funds. The IIM account-holders realize\nreceipts primarily from royalties on natural resource depletion, land use agreements, and enterprises that have a\ndirect relationship to trust fund resources and investment income. Funds related to the IIM Trust Fund are included\nin the following table.\n U.S. Government as Trustee for Indian Trust Funds Held for Individual\n Indian Monies Trust Funds\n Statement of Changes in Trust Fund Balances as of September 30\n (Unaudited)\n (In millions of dollars) 2003 2002\n Receipts ..................................................................................................... 194.2 191.3\n Disbursements ........................................................................................... 192.5 184.1\n Receipts in excess of disbursements......................................................... 1.7 7.2\n Trust fund balances, beginning of year...................................................... 411.3 404.1\n Trust fund balances, end of year............................................................. 413.0 411.3\n The amounts presented in the above two tables were prepared using a cash basis of accounting, which is a\ncomprehensive basis of accounting other than GAAP. Receivables and payables are not recorded, and investment\npremiums and discounts are not amortized in the Trust Funds Held for Indian Tribes and Other Special Trust Fund.\nReceipts are recorded when received and disbursements when paid, and investments are stated at historical cost. The\nonly basis of accounting difference between the Trust Funds Held for Indian Tribes and Other Special Trust Fund\nand the IIM Trust Fund is that the latter records the receivables and payables related to accrued interest and\ndividends when earned, including amortization of investment discounts and premiums, and investments are stated at\namortized cost.\n Note 22. Subsequent Event/Medicare Prescription Drug\n Benefits (Unaudited)\n On December 8, 2003, President Bush signed into law the Medicare Prescription Drug, Improvement, and\nModernization Act of 2003. The new law will have a major impact on the operations and finances of Medicare. The\nnew law adds a prescription drug benefit to Medicare beginning in 2006 and a new prescription drug account in the\nSMI Trust Fund. The benefit could be obtained through a private drug-only plan, a private preferred-provider\norganization or health maintenance organization, or through an employer-sponsored retiree health plan. The\npreferred-provider organizations will be new to the Medicare program and will operate on a regional basis. The\nFederal Government will assume some of the costs of providing prescription drug coverage to people eligible for\nMedicare and Medicaid. The HHS actuaries estimated that this legislation would result in direct spending outlays\ntotaling $534 billion over the 2004-2013 period.", + "md": "# NOTES TO THE FINANCIAL STATEMENTS\n\nOST also maintains about 260,000 open Individual Indian Monies (IIM) accounts. The IIM fund is primarily a deposit fund for individuals who have a beneficial interest in the trust funds. The IIM account-holders realize receipts primarily from royalties on natural resource depletion, land use agreements, and enterprises that have a direct relationship to trust fund resources and investment income. Funds related to the IIM Trust Fund are included in the following table.\n\n# U.S. Government as Trustee for Indian Trust Funds Held for Individual Indian Monies Trust Funds\n\n# Statement of Changes in Trust Fund Balances as of September 30\n\n(Unaudited)\n\n(In millions of dollars)\n\n| |2003|2002|\n|---|---|---|\n|Receipts|194.2|191.3|\n|Disbursements|192.5|184.1|\n|Receipts in excess of disbursements|1.7|7.2|\n|Trust fund balances, beginning of year|411.3|404.1|\n|Trust fund balances, end of year|413.0|411.3|\n\nThe amounts presented in the above two tables were prepared using a cash basis of accounting, which is a comprehensive basis of accounting other than GAAP. Receivables and payables are not recorded, and investment premiums and discounts are not amortized in the Trust Funds Held for Indian Tribes and Other Special Trust Fund. Receipts are recorded when received and disbursements when paid, and investments are stated at historical cost. The only basis of accounting difference between the Trust Funds Held for Indian Tribes and Other Special Trust Fund and the IIM Trust Fund is that the latter records the receivables and payables related to accrued interest and dividends when earned, including amortization of investment discounts and premiums, and investments are stated at amortized cost.\n\n# Note 22. Subsequent Event/Medicare Prescription Drug Benefits (Unaudited)\n\nOn December 8, 2003, President Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. The new law will have a major impact on the operations and finances of Medicare. The new law adds a prescription drug benefit to Medicare beginning in 2006 and a new prescription drug account in the SMI Trust Fund. The benefit could be obtained through a private drug-only plan, a private preferred-provider organization or health maintenance organization, or through an employer-sponsored retiree health plan. The preferred-provider organizations will be new to the Medicare program and will operate on a regional basis. The Federal Government will assume some of the costs of providing prescription drug coverage to people eligible for Medicare and Medicaid. The HHS actuaries estimated that this legislation would result in direct spending outlays totaling $534 billion over the 2004-2013 period.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "NOTES TO THE FINANCIAL STATEMENTS", + "md": "# NOTES TO THE FINANCIAL STATEMENTS", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "OST also maintains about 260,000 open Individual Indian Monies (IIM) accounts. The IIM fund is primarily a deposit fund for individuals who have a beneficial interest in the trust funds. The IIM account-holders realize receipts primarily from royalties on natural resource depletion, land use agreements, and enterprises that have a direct relationship to trust fund resources and investment income. Funds related to the IIM Trust Fund are included in the following table.", + "md": "OST also maintains about 260,000 open Individual Indian Monies (IIM) accounts. The IIM fund is primarily a deposit fund for individuals who have a beneficial interest in the trust funds. The IIM account-holders realize receipts primarily from royalties on natural resource depletion, land use agreements, and enterprises that have a direct relationship to trust fund resources and investment income. Funds related to the IIM Trust Fund are included in the following table.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "U.S. Government as Trustee for Indian Trust Funds Held for Individual Indian Monies Trust Funds", + "md": "# U.S. Government as Trustee for Indian Trust Funds Held for Individual Indian Monies Trust Funds", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Statement of Changes in Trust Fund Balances as of September 30", + "md": "# Statement of Changes in Trust Fund Balances as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "(Unaudited)\n\n(In millions of dollars)", + "md": "(Unaudited)\n\n(In millions of dollars)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [], + [], + [], + [ + "", + "2003", + "2002" + ], + [ + "---", + "---", + "---" + ], + [ + "Receipts", + "194.2", + "191.3" + ], + [ + "Disbursements", + "192.5", + "184.1" + ], + [ + "Receipts in excess of disbursements", + "1.7", + "7.2" + ], + [ + "Trust fund balances, beginning of year", + "411.3", + "404.1" + ], + [ + "Trust fund balances, end of year", + "413.0", + "411.3" + ] + ], + "md": "(Unaudited)\n(In millions of dollars)\n\n| |2003|2002|\n|---|---|---|\n|Receipts|194.2|191.3|\n|Disbursements|192.5|184.1|\n|Receipts in excess of disbursements|1.7|7.2|\n|Trust fund balances, beginning of year|411.3|404.1|\n|Trust fund balances, end of year|413.0|411.3|", + "isPerfectTable": false, + "csv": "\n\n\n\"\",\"2003\",\"2002\"\n\"---\",\"---\",\"---\"\n\"Receipts\",\"194.2\",\"191.3\"\n\"Disbursements\",\"192.5\",\"184.1\"\n\"Receipts in excess of disbursements\",\"1.7\",\"7.2\"\n\"Trust fund balances, beginning of year\",\"411.3\",\"404.1\"\n\"Trust fund balances, end of year\",\"413.0\",\"411.3\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The amounts presented in the above two tables were prepared using a cash basis of accounting, which is a comprehensive basis of accounting other than GAAP. Receivables and payables are not recorded, and investment premiums and discounts are not amortized in the Trust Funds Held for Indian Tribes and Other Special Trust Fund. Receipts are recorded when received and disbursements when paid, and investments are stated at historical cost. The only basis of accounting difference between the Trust Funds Held for Indian Tribes and Other Special Trust Fund and the IIM Trust Fund is that the latter records the receivables and payables related to accrued interest and dividends when earned, including amortization of investment discounts and premiums, and investments are stated at amortized cost.", + "md": "The amounts presented in the above two tables were prepared using a cash basis of accounting, which is a comprehensive basis of accounting other than GAAP. Receivables and payables are not recorded, and investment premiums and discounts are not amortized in the Trust Funds Held for Indian Tribes and Other Special Trust Fund. Receipts are recorded when received and disbursements when paid, and investments are stated at historical cost. The only basis of accounting difference between the Trust Funds Held for Indian Tribes and Other Special Trust Fund and the IIM Trust Fund is that the latter records the receivables and payables related to accrued interest and dividends when earned, including amortization of investment discounts and premiums, and investments are stated at amortized cost.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Note 22. Subsequent Event/Medicare Prescription Drug Benefits (Unaudited)", + "md": "# Note 22. Subsequent Event/Medicare Prescription Drug Benefits (Unaudited)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "On December 8, 2003, President Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. The new law will have a major impact on the operations and finances of Medicare. The new law adds a prescription drug benefit to Medicare beginning in 2006 and a new prescription drug account in the SMI Trust Fund. The benefit could be obtained through a private drug-only plan, a private preferred-provider organization or health maintenance organization, or through an employer-sponsored retiree health plan. The preferred-provider organizations will be new to the Medicare program and will operate on a regional basis. The Federal Government will assume some of the costs of providing prescription drug coverage to people eligible for Medicare and Medicaid. The HHS actuaries estimated that this legislation would result in direct spending outlays totaling $534 billion over the 2004-2013 period.", + "md": "On December 8, 2003, President Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. The new law will have a major impact on the operations and finances of Medicare. The new law adds a prescription drug benefit to Medicare beginning in 2006 and a new prescription drug account in the SMI Trust Fund. The benefit could be obtained through a private drug-only plan, a private preferred-provider organization or health maintenance organization, or through an employer-sponsored retiree health plan. The preferred-provider organizations will be new to the Medicare program and will operate on a regional basis. The Federal Government will assume some of the costs of providing prescription drug coverage to people eligible for Medicare and Medicaid. The HHS actuaries estimated that this legislation would result in direct spending outlays totaling $534 billion over the 2004-2013 period.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 142, + "text": " SUPPLEMENTAL INFORMATION (UNAUDITED) 137\nUnited States Government\nSupplemental Information (Unaudited)\nfor the Years Ended September 30, 2003,\nand September 30, 2002\n Deferred Maintenance\n Deferred maintenance is the estimated cost to bring Government-owned property to an acceptable condition,\nresulting from not performing maintenance on a timely basis. Deferred maintenance excludes the cost of expanding\nthe capacity of assets or upgrading them to serve needs different from those originally intended. The consequences\nof not performing regular maintenance could include increased safety hazards, poor service to the public, higher\ncosts in the future, and inefficient operations. Estimated deferred maintenance costs are not accrued in the\nStatements of Net Cost or recognized as a liability on the balance sheets.\n The amounts disclosed for deferred maintenance on the table below have been measured using the following\nthree methods:\n • Condition assessment surveys are periodic inspections of the Government-owned property to determine the\n current condition and estimated cost to bring the property to an acceptable condition.\n • Life-cycle cost forecast is an acquisition or procurement technique that considers operation, maintenance, and\n other costs in addition to the acquisition cost of assets.\n • Management analysis method is founded on inflation-adjusted reductions in maintenance funding since the base\n year.\n Some deferred maintenance has been deemed critical. Such amounts and conditions are defined by the\nindividual agencies with responsibility for the safekeeping of these assets. Low and high estimates are based on the\nmateriality of the estimated cost of returning the asset to the acceptable condition versus the total value of the\ncorresponding asset.\n Deferred Maintenance as of September 30\n Deferred Maintenance\n Cost Range\n Low High Critical\n Estimate Estimate Maintenance\n (In billions of dollars) 2003 2002 2003 2002 2003 2002\n Asset Category:\n General property, plant, and equipment................... 12.1 18.3 18.3 26.4 3.6 3.3\n Heritage assets......................................................... - 1.0 0.1 1.1 - -\n Total deferred maintenance................................... 12.1 19.3 18.4 27.5 3.6 3.3", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)\n\n# United States Government\n\n# Supplemental Information (Unaudited) for the Years Ended September 30, 2003, and September 30, 2002\n\n# Deferred Maintenance\n\nDeferred maintenance is the estimated cost to bring Government-owned property to an acceptable condition, resulting from not performing maintenance on a timely basis. Deferred maintenance excludes the cost of expanding the capacity of assets or upgrading them to serve needs different from those originally intended. The consequences of not performing regular maintenance could include increased safety hazards, poor service to the public, higher costs in the future, and inefficient operations. Estimated deferred maintenance costs are not accrued in the Statements of Net Cost or recognized as a liability on the balance sheets.\n\nThe amounts disclosed for deferred maintenance on the table below have been measured using the following three methods:\n\n- Condition assessment surveys are periodic inspections of the Government-owned property to determine the current condition and estimated cost to bring the property to an acceptable condition.\n- Life-cycle cost forecast is an acquisition or procurement technique that considers operation, maintenance, and other costs in addition to the acquisition cost of assets.\n- Management analysis method is founded on inflation-adjusted reductions in maintenance funding since the base year.\n\nSome deferred maintenance has been deemed critical. Such amounts and conditions are defined by the individual agencies with responsibility for the safekeeping of these assets. Low and high estimates are based on the materiality of the estimated cost of returning the asset to the acceptable condition versus the total value of the corresponding asset.\n\n# Deferred Maintenance as of September 30\n\n|Asset Category:|Low Estimate|High Estimate|Critical Maintenance| | | | |\n|---|---|---|---|---|---|---|---|\n| | |2003|2002|2003|2002|2003|2002|\n|General property, plant, and equipment| |12.1|18.3|18.3|26.4|3.6|3.3|\n|Heritage assets| |-|1.0|0.1|1.1|-|-|\n|Total deferred maintenance| |12.1|19.3|18.4|27.5|3.6|3.3|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "SUPPLEMENTAL INFORMATION (UNAUDITED)", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "United States Government", + "md": "# United States Government", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Supplemental Information (Unaudited) for the Years Ended September 30, 2003, and September 30, 2002", + "md": "# Supplemental Information (Unaudited) for the Years Ended September 30, 2003, and September 30, 2002", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Deferred Maintenance", + "md": "# Deferred Maintenance", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Deferred maintenance is the estimated cost to bring Government-owned property to an acceptable condition, resulting from not performing maintenance on a timely basis. Deferred maintenance excludes the cost of expanding the capacity of assets or upgrading them to serve needs different from those originally intended. The consequences of not performing regular maintenance could include increased safety hazards, poor service to the public, higher costs in the future, and inefficient operations. Estimated deferred maintenance costs are not accrued in the Statements of Net Cost or recognized as a liability on the balance sheets.\n\nThe amounts disclosed for deferred maintenance on the table below have been measured using the following three methods:\n\n- Condition assessment surveys are periodic inspections of the Government-owned property to determine the current condition and estimated cost to bring the property to an acceptable condition.\n- Life-cycle cost forecast is an acquisition or procurement technique that considers operation, maintenance, and other costs in addition to the acquisition cost of assets.\n- Management analysis method is founded on inflation-adjusted reductions in maintenance funding since the base year.\n\nSome deferred maintenance has been deemed critical. Such amounts and conditions are defined by the individual agencies with responsibility for the safekeeping of these assets. Low and high estimates are based on the materiality of the estimated cost of returning the asset to the acceptable condition versus the total value of the corresponding asset.", + "md": "Deferred maintenance is the estimated cost to bring Government-owned property to an acceptable condition, resulting from not performing maintenance on a timely basis. Deferred maintenance excludes the cost of expanding the capacity of assets or upgrading them to serve needs different from those originally intended. The consequences of not performing regular maintenance could include increased safety hazards, poor service to the public, higher costs in the future, and inefficient operations. Estimated deferred maintenance costs are not accrued in the Statements of Net Cost or recognized as a liability on the balance sheets.\n\nThe amounts disclosed for deferred maintenance on the table below have been measured using the following three methods:\n\n- Condition assessment surveys are periodic inspections of the Government-owned property to determine the current condition and estimated cost to bring the property to an acceptable condition.\n- Life-cycle cost forecast is an acquisition or procurement technique that considers operation, maintenance, and other costs in addition to the acquisition cost of assets.\n- Management analysis method is founded on inflation-adjusted reductions in maintenance funding since the base year.\n\nSome deferred maintenance has been deemed critical. Such amounts and conditions are defined by the individual agencies with responsibility for the safekeeping of these assets. Low and high estimates are based on the materiality of the estimated cost of returning the asset to the acceptable condition versus the total value of the corresponding asset.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Deferred Maintenance as of September 30", + "md": "# Deferred Maintenance as of September 30", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Asset Category:", + "Low Estimate", + "High Estimate", + "Critical Maintenance", + "", + "", + "", + "" + ], + [ + "", + "", + "2003", + "2002", + "2003", + "2002", + "2003", + "2002" + ], + [ + "General property, plant, and equipment", + "", + "12.1", + "18.3", + "18.3", + "26.4", + "3.6", + "3.3" + ], + [ + "Heritage assets", + "", + "-", + "1.0", + "0.1", + "1.1", + "-", + "-" + ], + [ + "Total deferred maintenance", + "", + "12.1", + "19.3", + "18.4", + "27.5", + "3.6", + "3.3" + ] + ], + "md": "|Asset Category:|Low Estimate|High Estimate|Critical Maintenance| | | | |\n| | |2003|2002|2003|2002|2003|2002|\n|General property, plant, and equipment| |12.1|18.3|18.3|26.4|3.6|3.3|\n|Heritage assets| |-|1.0|0.1|1.1|-|-|\n|Total deferred maintenance| |12.1|19.3|18.4|27.5|3.6|3.3|", + "isPerfectTable": true, + "csv": "\"Asset Category:\",\"Low Estimate\",\"High Estimate\",\"Critical Maintenance\",\"\",\"\",\"\",\"\"\n\"\",\"\",\"2003\",\"2002\",\"2003\",\"2002\",\"2003\",\"2002\"\n\"General property, plant, and equipment\",\"\",\"12.1\",\"18.3\",\"18.3\",\"26.4\",\"3.6\",\"3.3\"\n\"Heritage assets\",\"\",\"-\",\"1.0\",\"0.1\",\"1.1\",\"-\",\"-\"\n\"Total deferred maintenance\",\"\",\"12.1\",\"19.3\",\"18.4\",\"27.5\",\"3.6\",\"3.3\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 143, + "text": "138 SUPPLEMENTAL INFORMATION (UNAUDITED)\n Unexpended Budget Authority\n Unexpended budget authority is the sum of the unobligated and obligated, but unliquidated, budget authority.\n Unobligated budget authority, including trust fund balances, is the cumulative amount of budget authority that\nis not obligated and that remains available for obligation. In 1-year accounts, the unobligated balance is not available\nfor new obligations after the end of the fiscal year. In multiyear accounts, the unobligated balance may be carried\nforward and remains available for obligation for the period specified. In no-year accounts, the unobligated balance is\ncarried forward until specifically rescinded by law or until the purposes for which it was provided have been\naccomplished. The total unobligated budget authority amount balance for fiscal years 2003 and 2002 are $383.0\nbillion and $342.8 billion, respectively.\n Obligated budget authority is the cumulative amount of budget authority that has been obligated but not\nliquidated. This balance can be carried forward for a maximum of 5 years after the appropriation has expired. The\ntotal obligated budget authority amount balance for fiscal years 2003 and 2002 are $789.8 billion and $741.1\nbillion, respectively.\n Tax Burden\n The Internal Revenue Code provides for progressive tax rates, whereby higher incomes are generally subject to\nhigher tax rates. The tables present the latest available information on income tax and related income, deductions,\nand credit for individuals by income level and for corporations by size of assets.\n Individual Income Tax Returns for Tax Year 2001\n Size of Adjusted Gross Income\n $30,000 $75,000 Greater\n Under under under than\n $30,000 $75,000 $150,000 $150,000\n Tax burden, percentage of gross\n income ................................................ 6% 11% 15% 25%\n Average tax per return........................... 748 5,158 14,947 97,149\n Percent of total deductions on taxable\n income ................................................ 29% 31% 22% 18%\n Percent of total credits against tax\n liability ................................................. 23% 43% 17% 17%\n Corporation Income Tax Returns for Tax Year 2000\n Size of Total Assets\n Under $10 million $50 million Greater\n $10 under under than\n million $50 million $250 million $250 million\n Tax burden, percentage of gross\n income ............................................... .32% .47% .87% 1.34%\n Average tax per return.......................... 3,243 148,636 692,552 1,540,014\n Percent of total deductions on\n taxable income................................... 25% 8% 7% 60%\n Percent of total credits against tax\n liability ................................................ 2% 0% 2% 96%", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)\n\n# Unexpended Budget Authority\n\nUnexpended budget authority is the sum of the unobligated and obligated, but unliquidated, budget authority. Unobligated budget authority, including trust fund balances, is the cumulative amount of budget authority that is not obligated and that remains available for obligation. In 1-year accounts, the unobligated balance is not available for new obligations after the end of the fiscal year. In multiyear accounts, the unobligated balance may be carried forward and remains available for obligation for the period specified. In no-year accounts, the unobligated balance is carried forward until specifically rescinded by law or until the purposes for which it was provided have been accomplished. The total unobligated budget authority amount balance for fiscal years 2003 and 2002 are $383.0 billion and $342.8 billion, respectively.\n\nObligated budget authority is the cumulative amount of budget authority that has been obligated but not liquidated. This balance can be carried forward for a maximum of 5 years after the appropriation has expired. The total obligated budget authority amount balance for fiscal years 2003 and 2002 are $789.8 billion and $741.1 billion, respectively.\n\n# Tax Burden\n\nThe Internal Revenue Code provides for progressive tax rates, whereby higher incomes are generally subject to higher tax rates. The tables present the latest available information on income tax and related income, deductions, and credit for individuals by income level and for corporations by size of assets.\n\n# Individual Income Tax Returns for Tax Year 2001\n\n|Size of Adjusted Gross Income|$30,000|$75,000|Greater than| |\n|---|---|---|---|---|\n|Under|$30,000|under $75,000|under $150,000|$150,000|\n|Tax burden, percentage of gross income|6%|11%|15%|25%|\n|Average tax per return|748|5,158|14,947|97,149|\n|Percent of total deductions on taxable income|29%|31%|22%|18%|\n|Percent of total credits against tax liability|23%|43%|17%|17%|\n\n# Corporation Income Tax Returns for Tax Year 2000\n\n|Size of Total Assets|Under $10 million|$10 million|$50 million|Greater than|\n|---|---|---|---|---|\n| |under $50 million|under $250 million|$250 million| |\n|Tax burden, percentage of gross income|.32%|.47%|.87%|1.34%|\n|Average tax per return|3,243|148,636|692,552|1,540,014|\n|Percent of total deductions on taxable income|25%|8%|7%|60%|\n|Percent of total credits against tax liability|2%|0%|2%|96%|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "SUPPLEMENTAL INFORMATION (UNAUDITED)", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Unexpended Budget Authority", + "md": "# Unexpended Budget Authority", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Unexpended budget authority is the sum of the unobligated and obligated, but unliquidated, budget authority. Unobligated budget authority, including trust fund balances, is the cumulative amount of budget authority that is not obligated and that remains available for obligation. In 1-year accounts, the unobligated balance is not available for new obligations after the end of the fiscal year. In multiyear accounts, the unobligated balance may be carried forward and remains available for obligation for the period specified. In no-year accounts, the unobligated balance is carried forward until specifically rescinded by law or until the purposes for which it was provided have been accomplished. The total unobligated budget authority amount balance for fiscal years 2003 and 2002 are $383.0 billion and $342.8 billion, respectively.\n\nObligated budget authority is the cumulative amount of budget authority that has been obligated but not liquidated. This balance can be carried forward for a maximum of 5 years after the appropriation has expired. The total obligated budget authority amount balance for fiscal years 2003 and 2002 are $789.8 billion and $741.1 billion, respectively.", + "md": "Unexpended budget authority is the sum of the unobligated and obligated, but unliquidated, budget authority. Unobligated budget authority, including trust fund balances, is the cumulative amount of budget authority that is not obligated and that remains available for obligation. In 1-year accounts, the unobligated balance is not available for new obligations after the end of the fiscal year. In multiyear accounts, the unobligated balance may be carried forward and remains available for obligation for the period specified. In no-year accounts, the unobligated balance is carried forward until specifically rescinded by law or until the purposes for which it was provided have been accomplished. The total unobligated budget authority amount balance for fiscal years 2003 and 2002 are $383.0 billion and $342.8 billion, respectively.\n\nObligated budget authority is the cumulative amount of budget authority that has been obligated but not liquidated. This balance can be carried forward for a maximum of 5 years after the appropriation has expired. The total obligated budget authority amount balance for fiscal years 2003 and 2002 are $789.8 billion and $741.1 billion, respectively.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Tax Burden", + "md": "# Tax Burden", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "The Internal Revenue Code provides for progressive tax rates, whereby higher incomes are generally subject to higher tax rates. The tables present the latest available information on income tax and related income, deductions, and credit for individuals by income level and for corporations by size of assets.", + "md": "The Internal Revenue Code provides for progressive tax rates, whereby higher incomes are generally subject to higher tax rates. The tables present the latest available information on income tax and related income, deductions, and credit for individuals by income level and for corporations by size of assets.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Individual Income Tax Returns for Tax Year 2001", + "md": "# Individual Income Tax Returns for Tax Year 2001", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Size of Adjusted Gross Income", + "$30,000", + "$75,000", + "Greater than", + "" + ], + [ + "Under", + "$30,000", + "under $75,000", + "under $150,000", + "$150,000" + ], + [ + "Tax burden, percentage of gross income", + "6%", + "11%", + "15%", + "25%" + ], + [ + "Average tax per return", + "748", + "5,158", + "14,947", + "97,149" + ], + [ + "Percent of total deductions on taxable income", + "29%", + "31%", + "22%", + "18%" + ], + [ + "Percent of total credits against tax liability", + "23%", + "43%", + "17%", + "17%" + ] + ], + "md": "|Size of Adjusted Gross Income|$30,000|$75,000|Greater than| |\n|Under|$30,000|under $75,000|under $150,000|$150,000|\n|Tax burden, percentage of gross income|6%|11%|15%|25%|\n|Average tax per return|748|5,158|14,947|97,149|\n|Percent of total deductions on taxable income|29%|31%|22%|18%|\n|Percent of total credits against tax liability|23%|43%|17%|17%|", + "isPerfectTable": true, + "csv": "\"Size of Adjusted Gross Income\",\"$30,000\",\"$75,000\",\"Greater than\",\"\"\n\"Under\",\"$30,000\",\"under $75,000\",\"under $150,000\",\"$150,000\"\n\"Tax burden, percentage of gross income\",\"6%\",\"11%\",\"15%\",\"25%\"\n\"Average tax per return\",\"748\",\"5,158\",\"14,947\",\"97,149\"\n\"Percent of total deductions on taxable income\",\"29%\",\"31%\",\"22%\",\"18%\"\n\"Percent of total credits against tax liability\",\"23%\",\"43%\",\"17%\",\"17%\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Corporation Income Tax Returns for Tax Year 2000", + "md": "# Corporation Income Tax Returns for Tax Year 2000", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Size of Total Assets", + "Under $10 million", + "$10 million", + "$50 million", + "Greater than" + ], + [ + "", + "under $50 million", + "under $250 million", + "$250 million", + "" + ], + [ + "Tax burden, percentage of gross income", + ".32%", + ".47%", + ".87%", + "1.34%" + ], + [ + "Average tax per return", + "3,243", + "148,636", + "692,552", + "1,540,014" + ], + [ + "Percent of total deductions on taxable income", + "25%", + "8%", + "7%", + "60%" + ], + [ + "Percent of total credits against tax liability", + "2%", + "0%", + "2%", + "96%" + ] + ], + "md": "|Size of Total Assets|Under $10 million|$10 million|$50 million|Greater than|\n| |under $50 million|under $250 million|$250 million| |\n|Tax burden, percentage of gross income|.32%|.47%|.87%|1.34%|\n|Average tax per return|3,243|148,636|692,552|1,540,014|\n|Percent of total deductions on taxable income|25%|8%|7%|60%|\n|Percent of total credits against tax liability|2%|0%|2%|96%|", + "isPerfectTable": true, + "csv": "\"Size of Total Assets\",\"Under $10 million\",\"$10 million\",\"$50 million\",\"Greater than\"\n\"\",\"under $50 million\",\"under $250 million\",\"$250 million\",\"\"\n\"Tax burden, percentage of gross income\",\".32%\",\".47%\",\".87%\",\"1.34%\"\n\"Average tax per return\",\"3,243\",\"148,636\",\"692,552\",\"1,540,014\"\n\"Percent of total deductions on taxable income\",\"25%\",\"8%\",\"7%\",\"60%\"\n\"Percent of total credits against tax liability\",\"2%\",\"0%\",\"2%\",\"96%\"", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 144, + "text": " SUPPLEMENTAL INFORMATION (UNAUDITED) 139\n Other Claims for Refunds\n Management has estimated amounts that may be paid out as other claims for tax refunds. This estimate\nrepresents an amount (principal and interest) that may be paid for claims pending judicial review by the Federal\ncourts or, internally, by appeals. The total estimated payout (including principal and interest) for claims pending\njudicial review by the Federal courts is $6.5 billion and $4.7 billion for fiscal years 2003 and 2002, respectively. For\nthose under appeal, the estimated payout is $7.6 billion and $8.4 billion for fiscal years 2003 and 2002, respectively.\nAlthough these refund claims have been deemed to be probable, they do not meet the criteria in SFFAS No. 5 for\nreporting the amounts in the balance sheets or for disclosure in the Notes to the Financial Statements. However, they\nmeet the criteria in SFFAS No. 7 for inclusion as supplemental information. To the extent judgments against the\nGovernment for these claims prompt other similarly situated taxpayers to file similar refund claims, these amounts\ncould become significantly greater.", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)\n\n# Other Claims for Refunds\n\nManagement has estimated amounts that may be paid out as other claims for tax refunds. This estimate represents an amount (principal and interest) that may be paid for claims pending judicial review by the Federal courts or, internally, by appeals. The total estimated payout (including principal and interest) for claims pending judicial review by the Federal courts is $6.5 billion and $4.7 billion for fiscal years 2003 and 2002, respectively. For those under appeal, the estimated payout is $7.6 billion and $8.4 billion for fiscal years 2003 and 2002, respectively.\n\nAlthough these refund claims have been deemed to be probable, they do not meet the criteria in SFFAS No. 5 for reporting the amounts in the balance sheets or for disclosure in the Notes to the Financial Statements. However, they meet the criteria in SFFAS No. 7 for inclusion as supplemental information. To the extent judgments against the Government for these claims prompt other similarly situated taxpayers to file similar refund claims, these amounts could become significantly greater.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "SUPPLEMENTAL INFORMATION (UNAUDITED)", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Other Claims for Refunds", + "md": "# Other Claims for Refunds", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "Management has estimated amounts that may be paid out as other claims for tax refunds. This estimate represents an amount (principal and interest) that may be paid for claims pending judicial review by the Federal courts or, internally, by appeals. The total estimated payout (including principal and interest) for claims pending judicial review by the Federal courts is $6.5 billion and $4.7 billion for fiscal years 2003 and 2002, respectively. For those under appeal, the estimated payout is $7.6 billion and $8.4 billion for fiscal years 2003 and 2002, respectively.\n\nAlthough these refund claims have been deemed to be probable, they do not meet the criteria in SFFAS No. 5 for reporting the amounts in the balance sheets or for disclosure in the Notes to the Financial Statements. However, they meet the criteria in SFFAS No. 7 for inclusion as supplemental information. To the extent judgments against the Government for these claims prompt other similarly situated taxpayers to file similar refund claims, these amounts could become significantly greater.", + "md": "Management has estimated amounts that may be paid out as other claims for tax refunds. This estimate represents an amount (principal and interest) that may be paid for claims pending judicial review by the Federal courts or, internally, by appeals. The total estimated payout (including principal and interest) for claims pending judicial review by the Federal courts is $6.5 billion and $4.7 billion for fiscal years 2003 and 2002, respectively. For those under appeal, the estimated payout is $7.6 billion and $8.4 billion for fiscal years 2003 and 2002, respectively.\n\nAlthough these refund claims have been deemed to be probable, they do not meet the criteria in SFFAS No. 5 for reporting the amounts in the balance sheets or for disclosure in the Notes to the Financial Statements. However, they meet the criteria in SFFAS No. 7 for inclusion as supplemental information. To the extent judgments against the Government for these claims prompt other similarly situated taxpayers to file similar refund claims, these amounts could become significantly greater.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 145, + "text": "140 SUPPLEMENTAL INFORMATION (UNAUDITED)\n This page is intentionally blank.", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)\n\nThis page is intentionally blank.", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "SUPPLEMENTAL INFORMATION (UNAUDITED)", + "md": "# SUPPLEMENTAL INFORMATION (UNAUDITED)", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This page is intentionally blank.", + "md": "This page is intentionally blank.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + } + ], + "status": "OK", + "links": [], + "width": 612, + "height": 792, + "triggeredAutoMode": false, + "parsingMode": "accurate", + "structuredData": null, + "noStructuredContent": false, + "noTextContent": false + }, + { + "page": 146, + "text": " APPENDIX 141\n Appendix: Significant Government Entities Included and\n Excluded from the Financial Statements\n This Financial Report includes the executive branch with their corresponding departments and entities, the\nlegislative and judicial branches, and other independent establishments and Government corporations. Excluded are\nprivately owned Government-sponsored enterprises such as the Federal Home Loan Banks and the Federal National\nMortgage Association. The Federal Reserve System is excluded because organizations and functions pertaining to\nmonetary policy are traditionally separate from, and independent of, other central Government organizations and\nfunctions.\n Significant Entities Included in these Statements:\nDepartment of Agriculture (USDA) Federal Trade Commission (FTC)\n www.usda.gov www.ftc.gov\nDepartment of Commerce (DOC) General Accounting Office (GAO)\n www.doc.gov www.gao.gov\nDepartment of Defense (DOD) General Services Administration (GSA)\n www.defenselink.mil www.gsa.gov\nDepartment of Education (ED) Government Printing Office (GPO)\n www.ed.gov www.gpo.gov\nDepartment of Energy (DOE) Library of Congress (LC)\n www.energy.gov www.loc.gov\nDepartment of Health and Human Services (HHS) National Aeronautics and Space Administration (NASA)\n www.hhs.gov www.nasa.gov\nDepartment of Homeland Security (DHS) National Archives and Records Administration (NARA)\n www.dhs.gov www.nara.gov\nDepartment of Housing and Urban Development (HUD) National Credit Union Administration (NCUA)\n www.hud.gov www.ncua.gov\nDepartment of the Interior (DOI) National Science Foundation (NSF)\n www.doi.gov www.nsf.gov\nDepartment of Justice (DOJ) National Transportation Safety Board (NTSB)\n www.usdoj.gov www.ntsb.gov\nDepartment of Labor (DOL) Nuclear Regulatory Commission (NRC)\n www.dol.gov www.nrc.gov\nDepartment of State (State) Office of Management and Budget (OMB)\n www.state.gov www.whitehouse.gov/omb\nDepartment of Transportation (DOT) Office of Personnel Management (OPM)\n www.dot.gov www.opm.gov\nDepartment of the Treasury (Treasury) Pension Benefit Guaranty Corporation (PBGC)\n www.ustreas.gov www.pbgc.gov\nDepartment of Veterans Affairs (VA) Railroad Retirement Board (RRB)\n www.va.gov www.rrb.gov\nU.S. Agency for International Development (USAID) U.S. Securities and Exchange Commission (SEC)\n www.usaid.gov www.sec.gov\nEnvironmental Protection Agency (EPA) Small Business Administration (SBA)\n www.epa.gov www.sba.gov\nExecutive Office of the President Smithsonian Institution\nExport-Import Bank of the United States (Ex-Im Bank) www.si.edu\n www.exim.gov Social Security Administration (SSA)\nFarm Credit Administration (FCA) www.ssa.gov\n www.fca.gov Tennessee Valley Authority (TVA)\nFederal Communications Commission (FCC) www.tva.gov\n www.fcc.gov U.S. Postal Service (USPS)\nFederal Deposit Insurance Corporation (FDIC) www.usps.gov\n www.fdic.gov\nFederal Emergency Management Agency (FEMA)\n www.fema.gov", + "md": "# APPENDIX\n\n# Appendix: Significant Government Entities Included and Excluded from the Financial Statements\n\nThis Financial Report includes the executive branch with their corresponding departments and entities, the legislative and judicial branches, and other independent establishments and Government corporations. Excluded are privately owned Government-sponsored enterprises such as the Federal Home Loan Banks and the Federal National Mortgage Association. The Federal Reserve System is excluded because organizations and functions pertaining to monetary policy are traditionally separate from, and independent of, other central Government organizations and functions.\n\n# Significant Entities Included in these Statements:\n\n|Department of Agriculture (USDA)|Federal Trade Commission (FTC)|\n|---|---|\n|www.usda.gov|www.ftc.gov|\n|Department of Commerce (DOC)|General Accounting Office (GAO)|\n|www.doc.gov|www.gao.gov|\n|Department of Defense (DOD)|General Services Administration (GSA)|\n|www.defenselink.mil|www.gsa.gov|\n|Department of Education (ED)|Government Printing Office (GPO)|\n|www.ed.gov|www.gpo.gov|\n|Department of Energy (DOE)|Library of Congress (LC)|\n|www.energy.gov|www.loc.gov|\n|Department of Health and Human Services (HHS)|National Aeronautics and Space Administration (NASA)|\n|www.hhs.gov|www.nasa.gov|\n|Department of Homeland Security (DHS)|National Archives and Records Administration (NARA)|\n|www.dhs.gov|www.nara.gov|\n|Department of Housing and Urban Development (HUD)|National Credit Union Administration (NCUA)|\n|www.hud.gov|www.ncua.gov|\n|Department of the Interior (DOI)|National Science Foundation (NSF)|\n|www.doi.gov|www.nsf.gov|\n|Department of Justice (DOJ)|National Transportation Safety Board (NTSB)|\n|www.usdoj.gov|www.ntsb.gov|\n|Department of Labor (DOL)|Nuclear Regulatory Commission (NRC)|\n|www.dol.gov|www.nrc.gov|\n|Department of State (State)|Office of Management and Budget (OMB)|\n|www.state.gov|www.whitehouse.gov/omb|\n|Department of Transportation (DOT)|Office of Personnel Management (OPM)|\n|www.dot.gov|www.opm.gov|\n|Department of the Treasury (Treasury)|Pension Benefit Guaranty Corporation (PBGC)|\n|www.ustreas.gov|www.pbgc.gov|\n|Department of Veterans Affairs (VA)|Railroad Retirement Board (RRB)|\n|www.va.gov|www.rrb.gov|\n|U.S. Agency for International Development (USAID)|U.S. Securities and Exchange Commission (SEC)|\n|www.usaid.gov|www.sec.gov|\n|Environmental Protection Agency (EPA)|Small Business Administration (SBA)|\n|www.epa.gov|www.sba.gov|\n|Executive Office of the President|Smithsonian Institution|\n|Export-Import Bank of the United States (Ex-Im Bank)|www.si.edu|\n|www.exim.gov|Social Security Administration (SSA)|\n|Farm Credit Administration (FCA)|www.ssa.gov|\n|www.fca.gov|Tennessee Valley Authority (TVA)|\n|Federal Communications Commission (FCC)|www.tva.gov|\n|www.fcc.gov|U.S. Postal Service (USPS)|\n|Federal Deposit Insurance Corporation (FDIC)|www.usps.gov|\n|www.fdic.gov| |\n|Federal Emergency Management Agency (FEMA)|www.fema.gov|", + "images": [], + "charts": [], + "items": [ + { + "type": "heading", + "lvl": 1, + "value": "APPENDIX", + "md": "# APPENDIX", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Appendix: Significant Government Entities Included and Excluded from the Financial Statements", + "md": "# Appendix: Significant Government Entities Included and Excluded from the Financial Statements", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "text", + "value": "This Financial Report includes the executive branch with their corresponding departments and entities, the legislative and judicial branches, and other independent establishments and Government corporations. Excluded are privately owned Government-sponsored enterprises such as the Federal Home Loan Banks and the Federal National Mortgage Association. The Federal Reserve System is excluded because organizations and functions pertaining to monetary policy are traditionally separate from, and independent of, other central Government organizations and functions.", + "md": "This Financial Report includes the executive branch with their corresponding departments and entities, the legislative and judicial branches, and other independent establishments and Government corporations. Excluded are privately owned Government-sponsored enterprises such as the Federal Home Loan Banks and the Federal National Mortgage Association. The Federal Reserve System is excluded because organizations and functions pertaining to monetary policy are traditionally separate from, and independent of, other central Government organizations and functions.", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "heading", + "lvl": 1, + "value": "Significant Entities Included in these Statements:", + "md": "# Significant Entities Included in these Statements:", + "bBox": { + "x": 0, + "y": 0, + "w": 612, + "h": 792 + } + }, + { + "type": "table", + "rows": [ + [ + "Department of Agriculture (USDA)", + "Federal Trade Commission (FTC)" + ], + [ + "www.usda.gov", + "www.ftc.gov" + ], + [ + "Department of Commerce (DOC)", + "General Accounting Office (GAO)" + ], + [ + "www.doc.gov", + "www.gao.gov" + ], + [ + "Department of Defense (DOD)", + "General Services Administration (GSA)" + ], + [ + "www.defenselink.mil", + "www.gsa.gov" + ], + [ + "Department of Education (ED)", + "Government Printing Office (GPO)" + ], + [ + "www.ed.gov", + "www.gpo.gov" + ], + [ + "Department of Energy (DOE)", + "Library of Congress (LC)" + ], + [ + "www.energy.gov", + "www.loc.gov" + ], + [ + "Department of Health and Human Services (HHS)", + "National Aeronautics and Space Administration (NASA)" + ], + [ + "www.hhs.gov", + "www.nasa.gov" + ], + [ + "Department of Homeland Security (DHS)", + "National Archives and Records Administration (NARA)" + ], + [ + "www.dhs.gov", + "www.nara.gov" + ], + [ + "Department of Housing and Urban Development (HUD)", + "National Credit Union Administration (NCUA)" + ], + [ + "www.hud.gov", + "www.ncua.gov" + ], + [ + "Department of the Interior (DOI)", + "National Science Foundation (NSF)" + ], + [ + "www.doi.gov", + "www.nsf.gov" + ], + [ + "Department of Justice (DOJ)", + "National Transportation Safety Board (NTSB)" + ], + [ + "www.usdoj.gov", + "www.ntsb.gov" + ], + [ + "Department of Labor (DOL)", + "Nuclear Regulatory Commission (NRC)" + ], + [ + "www.dol.gov", + "www.nrc.gov" + ], + [ + "Department of State (State)", + "Office of Management and Budget (OMB)" + ], + [ + "www.state.gov", + "www.whitehouse.gov/omb" + ], + [ + "Department of Transportation (DOT)", + "Office of Personnel Management (OPM)" + ], + [ + "www.dot.gov", + "www.opm.gov" + ], + [ + "Department of the Treasury (Treasury)", + "Pension Benefit Guaranty Corporation (PBGC)" + ], + [ + "www.ustreas.gov", + "www.pbgc.gov" + ], + [ + "Department of Veterans Affairs (VA)", + "Railroad Retirement Board (RRB)" + ], + [ + "www.va.gov", + "www.rrb.gov" + ], + [ + "U.S. Agency for International Development (USAID)", + "U.S. Securities and Exchange Commission (SEC)" + ], + [ + "www.usaid.gov", + "www.sec.gov" + ], + [ + "Environmental Protection Agency (EPA)", + "Small Business Administration (SBA)" + ], + [ + "www.epa.gov", + "www.sba.gov" + ], + [ + "Executive Office of the President", + "Smithsonian Institution" + ], + [ + "Export-Import Bank of the United States (Ex-Im Bank)", + "www.si.edu" + ], + [ + "www.exim.gov", + "Social Security Administration (SSA)" + ], + [ + "Farm Credit Administration (FCA)", + "www.ssa.gov" + ], + [ + "www.fca.gov", + "Tennessee Valley Authority (TVA)" + ], + [ + "Federal Communications Commission (FCC)", + "www.tva.gov" + ], + [ + "www.fcc.gov", + "U.S. Postal Service (USPS)" + ], + [ + "Federal Deposit Insurance Corporation (FDIC)", + "www.usps.gov" + ], + [ + "www.fdic.gov", + "" + ], + [ + "Federal Emergency Management Agency (FEMA)", + "www.fema.gov" + ] + ], + "md": "|Department of Agriculture (USDA)|Federal Trade Commission (FTC)|\n|www.usda.gov|www.ftc.gov|\n|Department of Commerce (DOC)|General Accounting Office (GAO)|\n|www.doc.gov|www.gao.gov|\n|Department of Defense (DOD)|General Services Administration (GSA)|\n|www.defenselink.mil|www.gsa.gov|\n|Department of Education (ED)|Government Printing Office (GPO)|\n|www.ed.gov|www.gpo.gov|\n|Department of Energy (DOE)|Library of Congress (LC)|\n|www.energy.gov|www.loc.gov|\n|Department of Health and Human Services (HHS)|National Aeronautics and Space Administration (NASA)|\n|www.hhs.gov|www.nasa.gov|\n|Department of Homeland Security (DHS)|National Archives and Records Administration (NARA)|\n|www.dhs.gov|www.nara.gov|\n|Department of Housing and Urban Development (HUD)|National Credit Union Administration (NCUA)|\n|www.hud.gov|www.ncua.gov|\n|Department of the Interior (DOI)|National Science Foundation (NSF)|\n|www.doi.gov|www.nsf.gov|\n|Department of Justice (DOJ)|National Transportation Safety Board (NTSB)|\n|www.usdoj.gov|www.ntsb.gov|\n|Department of Labor (DOL)|Nuclear Regulatory Commission (NRC)|\n|www.dol.gov|www.nrc.gov|\n|Department of State (State)|Office of Management and Budget (OMB)|\n|www.state.gov|www.whitehouse.gov/omb|\n|Department of Transportation (DOT)|Office of Personnel Management (OPM)|\n|www.dot.gov|www.opm.gov|\n|Department of the Treasury (Treasury)|Pension Benefit Guaranty Corporation (PBGC)|\n|www.ustreas.gov|www.pbgc.gov|\n|Department of Veterans Affairs (VA)|Railroad Retirement Board (RRB)|\n|www.va.gov|www.rrb.gov|\n|U.S. Agency for International Development (USAID)|U.S. Securities and Exchange Commission (SEC)|\n|www.usaid.gov|www.sec.gov|\n|Environmental Protection Agency (EPA)|Small Business Administration (SBA)|\n|www.epa.gov|www.sba.gov|\n|Executive Office of the President|Smithsonian Institution|\n|Export-Import Bank of the United States (Ex-Im Bank)|www.si.edu|\n|www.exim.gov|Social Security Administration (SSA)|\n|Farm Credit Administration (FCA)|www.ssa.gov|\n|www.fca.gov|Tennessee Valley Authority (TVA)|\n|Federal Communications Commission (FCC)|www.tva.gov|\n|www.fcc.gov|U.S. Postal Service (USPS)|\n|Federal Deposit Insurance Corporation (FDIC)|www.usps.gov|\n|www.fdic.gov| |\n|Federal Emergency Management Agency (FEMA)|www.fema.gov|", + "isPerfectTable": true, + "csv": "\"Department of Agriculture (USDA)\",\"Federal Trade Commission (FTC)\"\n\"www.usda.gov\",\"www.ftc.gov\"\n\"Department of Commerce (DOC)\",\"General Accounting Office (GAO)\"\n\"www.doc.gov\",\"www.gao.gov\"\n\"Department of Defense (DOD)\",\"General Services Administration (GSA)\"\n\"www.defenselink.mil\",\"www.gsa.gov\"\n\"Department of Education (ED)\",\"Government Printing Office (GPO)\"\n\"www.ed.gov\",\"www.gpo.gov\"\n\"Department of Energy (DOE)\",\"Library of Congress (LC)\"\n\"www.energy.gov\",\"www.loc.gov\"\n\"Department of Health and Human Services (HHS)\",\"National Aeronautics and Space Administration (NASA)\"\n\"www.hhs.gov\",\"www.nasa.gov\"\n\"Department of Homeland Security (DHS)\",\"National Archives and Records Administration (NARA)\"\n\"www.dhs.gov\",\"www.nara.gov\"\n\"Department of Housing and Urban Development (HUD)\",\"National Credit Union Administration (NCUA)\"\n\"www.hud.gov\",\"www.ncua.gov\"\n\"Department of the Interior (DOI)\",\"National Science Foundation (NSF)\"\n\"www.doi.gov\",\"www.nsf.gov\"\n\"Department of 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System Federal Home Loan Mortgage Corporation\n (Including the Federal Reserve Banks) (Freddie Mac)\nFederal National Mortgage Association (Fannie Mae) Marine Corps Exchange\nFarm Credit System Navy Exchange Service Command\nFederal Home Loan Banks Resolution Funding Corporation\nFederal Retirement Thrift Investment Board U.S.A. Education Inc. (Sallie Mae)\n (Including the Thrift Savings Fund)", + "md": "# APPENDIX\n\n# Significant Entities Excluded from these Statements:\n\n|Army and Air Force Exchange Service|Financing Corporation|\n|---|---|\n|Board of Governors of the Federal Reserve System|Federal Home Loan Mortgage Corporation|\n|(Including the Federal Reserve Banks)|(Freddie Mac)|\n|Federal National Mortgage Association (Fannie Mae)|Marine Corps Exchange|\n|Farm Credit System|Navy Exchange Service Command|\n|Federal Home Loan Banks|Resolution Funding Corporation|\n|Federal Retirement Thrift Investment Board|U.S.A. Education Inc. 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