DEPARTMENT OF THE TREASURY - U.S. Treasury Fiscal Data

DEPARTMENT OF THE TREASURY

WASHINGTON, D.C SECRETARY OF THE TREASURY

February 17, 2022

A Message from the Secretary

During fiscal year 2021, the American economy continued to recover from the COVID-19 pandemic and its adjacent economic crisis. The unemployment rate saw its sharpest one-year decline on record, while GDP rose to exceed its pre-pandemic levels. The strong recovery is due in large part to rapid vaccine deployment and robust support provided by the American Rescue Plan (ARP).

That support included funding for vaccination efforts, support for households through Economic Impact Payments and the expanded Child Tax Credit, assistance to workers and small businesses recovering from the economic crisis, efforts to expand access to affordable health care coverage and childcare, and help for state, local and tribal governments.

In these pages, you will find information about the critical programs launched by the ARP, as well as related legislative measures like the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). That support included direct payments to citizens and families; forgivable loans for small businesses to encourage employee retention; assistance to especially hard-hit industries; expanded unemployment insurance; help for state, local, and tribal governments; and funding for the development and purchase of vaccines, therapeutic treatment, testing, and medical supplies.

This Financial Report discusses current financial results, including federal debt, which increased during the past year, and interest costs, which as a percent of GDP, remain below historical levels; and also, importantly, long-term trends affecting our critical social insurance programs and fiscal health.

It is my duty and pleasure to present this Financial Report to the American people. This document is a testament to the importance of accountability and transparency in how the nation handles its finances and economic policymaking.

Janet L. Yellen

This page is intentionally blank.

Contents

A Message from the Secretary of the Treasury Executive Summary......................................................................................................1...... Management's Discussion and Analysis ....................................................................1..2..... Statement of the Comptroller General of the United States ....................................4..2.....

Financial Statements Introduction .................................................................................................................5.2 Statement of Net Cost..................................................................................................5.9 Statement of Operations and Changes in Net Position ................................................6.1 Reconciliations of Net Operating Cost and Budget Deficit.........................................6.3 Statements of Changes in Cash Balance from Budget and Other Activities .....................................................................................................................6.4 Balance Sheets.............................................................................................................6.5 Statements of Long-Term Fiscal Projections...............................................................6.6..............................57 Statements of Social Insurance....................................................................................6.7 Statement of Changes in Social Insurance Amounts ...................................................7.0

Notes to the Financial Statements Note 1. Summary of Significant Accounting Policies .................................................7.2 Note 2. Cash and Other Monetary Assets....................................................................8.5 Note 3. Accounts Receivable, Net...............................................................................8.6 Note 4. Loans Receivable, Net and Loan Guarantee Liabilities..................................8.7 Note 5. Inventory and Related Property, Net ..............................................................9.1 Note 6. General Property, Plant, and Equipment, Net.................................................9.3 Note 7. Investments .....................................................................................................9.4 Note 8. Investments in Special Purpose Vehicles........................................................9.7 Note 9. Investments in Government-Sponsored Enterprises ......................................1..00 Note 10. Advances and Prepayments .........................................................................1..03 Note 11. Other Assets.................................................................................................1..04 Note 12. Accounts Payable.........................................................................................1..05 Note 13. Federal Debt and Interest Payable ...............................................................1..06 Note 14. Federal Employee and Veteran Benefits Payable ........................................1..10 Note 15. Environmental and Disposal Liabilities .......................................................1..20 Note 16. Benefits Due and Payable ............................................................................1..22 Note 17. Insurance and Guarantee Program Liabilities ..............................................1..23 Note 18. Advances from Others and Deferred Revenue.............................................1..25 Note 19. Other Liabilities ...........................................................................................1..26 Note 20. Collections and Refunds of Federal Revenue ..............................................1..28 Note 21. Commitments...............................................................................................1..31 Note 22. Contingencies ..............................................................................................1..34 Note 23. Funds from Dedicated Collections...............................................................1..41 Note 24. Fiduciary Activities......................................................................................1..48 Note 25. Social Insurance...........................................................................................1..50 Note 26. Long-Term Fiscal Projections............................................................. 159 Note 27. Stewardship Property, Plant, and Equipment...............................................1..65 Note 28. Disclosure Entities and Related Parties .......................................................1..66 Note 29. Public-Private Partnerships..........................................................................1..72

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download