The Citizen’s Guide to the Financial Report of the U. S The Citizen’s Guide to the Financial Report of the U.S. Government Ten Years of Transparency Scott Bell Senior Staff Accountant Department of the Treasury . JFMIP Conference May 8, 2017

Connecting with the Citizens

2007 Dow Jones – 13,264.82 Cost of new house (avg) $313,600 Cost of gallon of gas (avg) $2.23 Cost of new car (avg) $23,900 Cost of movie ticket (avg) $6.88

Financial Report of the U.S. Government Then & Now Financial Report of the U.S. Government Selected Data 2007 2016 Budget Deficit $319 b $587 b Tax and Other Revenue $2.7 t $3.3 t Net Operating Cost $276 b $1.04 t Total Assets $1.6 t $3.5 t Public Debt + Accd Int $5.1 t $14.2 t Total Liabilities $10.8 t $22.8 t Social Insurance Net Expenditures $45.1t $46.7 t *Required Supplementary Stewardship Information Unmodified Audit Opinion? No

Drivers of Change Housing & Financial Crisis Recession Baby Boom Retirement Affordable Care Act Student Loans Tax Law Changes Overseas Contingency Operations “Extraordinary Measures” Budget Control Act FEBVP SFFAS 33: Pensions & OPEB SFFAS 36: Fiscal Sustainability SFFAS 45 - audit SFFAS 37: One-Stop Shop

The U.S. Government first incurred debt as a sovereign nation for the amount of… A. $75 million B. $80 million $100 million $200 million $1.2 billion

A) Two B) Three C) Five D) Six Before FY 2016, the Government’s Budget Deficit had decreased for how many consecutive years? A) Two B) Three C) Five D) Six

Fiscal Sustainability FY 2007 Fiscal Sustainability FY 2016 (aka Long-Term Fiscal Projections)

7. The federal government’s fiscal path could be described as: Sustainable B) Unsustainable C) Laughable D) Forgettable

Social Insurance and Fiscal Sustainability estimates are considered: Predictions B) Forecasts C) Projections D) Bullseyes

Word Gets Around C C C AP Govt (DE, VA) C C C C C C C C C C C

OECD Accruals Conference Austria Belgium Canada Chile China Czech Republic Denmark Estonia Finland France Germany Greece Hungary Iceland Ireland Italy Japan Latvia Lithuania Mexico Netherlands New Zealand Norway Poland Portugal Slovak Republic South Africa Spain Sweden Switzerland Turkey U.K. U.S.A European Central Bank IASB IMF IPSASB UN World Bank

On The Page and On The Screen Interactive Website & ePub Video http://www.aicpa.org/Advocacy/Pages/CPAsInsight.aspx Articles http://www.journalofaccountancy.com/issues/2016/oct/federal-government-financial-report.html Journal of Government Financial Management http://www.ey.com/Publication/vwLUAssets/EY-citizen-today-g20-special-edition/$FILE/EY-citizen-today-g20-special-edition.pdf

What’s Next? Taking transparency to the next level DATA Act Operationalizing Data Decision Framework [Topic/Issue] Summary Decision Effects Accounting Effects Outcomes Impacts Budgetary Proprietary Sample Risk Areas:

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 Websites where the Guide and the full report can be accessed. Includes interactive version of the full report including links to other related resources such as individual agency reports and Social Security and Medicare Trustees Reports.  Additional copies of the Citizen’s Guide are available upon request. Send an email to scott.bell@treasury.gov if interested.