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The FY 2017 Financial Report of the U.S. Government Part II

This report provides a comprehensive analysis of the FY 2017 financial status of the U.S. Government, including audits, projections, and performance summaries. It covers traditional and non-traditional reporting, long-term fiscal projections, and challenges and benefits of the DATA Act implementation.

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The FY 2017 Financial Report of the U.S. Government Part II

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  1. The FY 2017 Financial Report of the U.S. GovernmentPart II AGA - New Mexico April 5, 2018 R. Scott Bell Senior Staff Accountant Department of the Treasury

  2. Agency Financial Reports Performance & Accountability Reports 39 Significant Reporting Entities 115 Other Reporting Entities Audited By Inspectors General & Contract Auditors Audits Report & Financial Statements Fiscal Projections Analysis & Summary

  3. Recap - “Traditional” Reporting

  4. FRUSG: Then & Now *Required Supplementary Stewardship Information

  5. “Non-Traditional” Reporting Social Insurance

  6. “Non-Traditional” Reporting Trust Fund Status

  7. Projected revenues and spending are impacted in the long-run by: • The retirement of the baby boom generation B) Rising health care costs C) Longevity and birth rates D) A, B, and C E) None of the above

  8. “Non-Traditional” Reporting Long-Term Fiscal Projections

  9. Fiscal Sustainability Sustainability Definition: Debt/GDP remains stable/declines over the long term. • Key Assumptions: • Current Law & Policy • 75-Year Projections = Uncertainty • Projections, NOT Predictions. • *UNCERTAINTY

  10. The federal government’s fiscal path could be described as: • Sustainable B) Unsustainable C) Impossible D) Unchangeable

  11. Historical and Projected Trends - Debt as Percent of GDP FY 2007

  12. “Non-Traditional” Reporting Fiscal Gap • Reduction of primary deficits over 75 years to to keep/make fiscal policy sustainable. • Keep Debt/GDP at current level (76%). • Some combination of revenue/spending changes. • Longer delay = bigger changes needed.

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

  14. DATA Act Overview Goal Track $3.8 trillion dollars in annual spending on a quarterly basis and link data from the budget, accounting, procurement and financial assistance databases into one common format Challenge Collect, store, and display more than 400 data elements from over 100 federal agencies Procurements and Contracts Grants $3.8 Trillion in Federal Spending Loans and Other Financial Assistance Other Agency Expenditures Better Data. Better Decisions. Better Government

  15. DATA Act Challenges & Benefits BENEFITS CHALLENGES Large, Intricate Data Sets Improved Data Quality Lack of data standards, multiple stakeholders managing different data sets, multiple vendor solutions Increase access to searchable and reliable Federal spending data Strict Mandated Timelines BetterOversight Short, legislatively-mandated timelines outlined in the law Encourage better tracking of how the Federal government spends funds Data–CentricDecisionMaking One-Size Fits All Approach Requirements and solutions must work for 100+ federal agencies Promote data–driven decision making due to access of reliable agency data Diverse Data Users Researchand Innovation Federal agencies, journalist, oversight bodies, industry, state/local governments, and the public Promote research and innovation both inside and outside of government

  16. usaspending.gov Homepage

  17. usaspending.gov Homepage (Continued)

  18. Spending Explorer (By Agency)

  19. Federal Account Profile: Child Nutrition Programs(Fiscal Year Snapshot)

  20. Federal Account Profile: Child Nutrition Programs(Spending Over Time & By Category)

  21. Federal Account Profile: Child Nutrition Programs(Spending by Award)

  22. Contract Profile: Department of Agriculture, Food and Nutrition Service

  23. Contract Profile: Department of Agriculture, Food and Nutrition Service

  24. usaspending.gov Data Download Options

  25. Find Out More! http://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm http://www.whitehouse.gov/omb/financial/index.html www.gao.gov scott.bell@treasury.gov

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