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Financial Report of the United States Government

Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2018, and 2017

Statements of Changes in Cash Balance from Budget and Other Activities

The primary purpose of these statements is to report how the annual budget deficit relates to the change in the government’s cash and other monetary assets, as well as debt held by the public. It explains why the budget deficit normally would not result in an equivalent change in the government’s cash and other monetary assets.

These statements reconcile the budget deficit to the change in cash and other monetary assets during the fiscal year. They also serve to explain how the budget deficits were financed. These statements show the adjustments for non-cash outlays included in the budget, and items affecting the cash balance not included in the budget, to explain the change in cash and other monetary assets.

The budget deficit is primarily financed through borrowings from the public. When receipts exceed outlays, the difference is a surplus. The budget treats borrowing and debt repayment as a means of financing, not as receipts and outlays. The budget records outlays for the interest on the public issues of Treasury debt securities as the interest accrues, not when the cash is paid.

Non-cash flow amounts in the budget related to loan financing account activity also reflect intragovernmental transactions such as interest expense paid or interest revenue received from Treasury, agency year-end credit reform subsidy reestimates, and the receipt of subsidy expense from program accounts. Cash flow from non-budget activities related to loan financing account activity includes all cash flows to and from the public, including direct loan disbursements/default payments to lenders, fees collected, principal and interest repayments, collections on defaulted guarantee loans, and sale proceeds of foreclosed property. The budget totals exclude the transactions of the financing accounts because they are not a cost to the government. However, since loan financing accounts record all credit cash flows to and from the public, they affect the means of financing a budget deficit.

In fiscal year 2018, additional lines were included in the presentation of these statements to provide a further breakdown of certain categories of transactions.

United States Government
Statements of Changes in Cash Balance from Budget and Other Activities
for the Years Ended September 30, 2018, and 2017

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(In billions of dollars)

2018
Reclassed
2017
Cash flow from budget activities
Total budget receipts  3,328.7 3,314.9
Total budget outlays   (4,107.7) (3,980.6)
Budget deficit  (779.0) (665.7)
Adjustments for non-cash outlays included in the budget
Non-cash flow amounts in the budget related to federal debt securities
Accrued interest  268.5 248.4
Net amortization  41.9 19.0
Other  1.1 22.1
Subtotal - adjustments for non-cash flow amounts in the budget related to federal debt securities  311.5 289.5
Non-cash flow amounts in the budget related to loan financing account activity
Interest revenue on uninvested funds  7.9 8.4
Interest expense on entity borrowings  (42.1) (41.6)
Entities' downward reestimates/negative subsidy payments  (37.3) (34.6)
Entities' subsidy expense/upward reestimates  35.8 84.9
Subtotal - adjustments for non-cash flow amounts in the budget related to loan financing account activity  (35.7) 17.1
Total of adjustments for non-cash outlays included in the budget  275.8 306.6
Cash flow from activities not included in the budget
Cash flow from non-budget activities related to federal debt securities
Interest paid   (260.4) (240.0)
Subtotal - cash flow from non-budget activities related to federal debt securities  (260.4) (240.0)
Cash flow from non-budget activities related to loan financing account activity
Loan disbursements/default payments  (194.9) (213.2)
Fees  25.0 26.3
Principal & interest repayments  117.7 121.0
Other collections on defaulted loans receivable and sale of foreclosed property  5.7 8.1
Other loan financing account activities  0.6 -
Subtotal - cash flow from non-budget activities related to loan financing account activity  (45.9) (57.8)
Cash flow from financing federal debt securities
Borrowings  10,080.1 8,700.8
Repayments  (8,993.5) (8,222.9)
Discount/premium  (54.7) (24.0)
Subtotal - cash flow from financing federal debt securities  1,031.9 453.9
Total cash flow from activities not included in the budget  725.6 156.1
Other
Total other  13.9 6.3
Change in cash and other monetary assets balance   236.3 (196.7)
Beginning cash and other monetary assets balance  271.2 467.9
Ending cash and other monetary assets balance    507.5 271.2

The accompanying notes are an integral part of these financial statements.
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Last modified 06/25/19