1. 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

2. Connecting with the Citizens

3. 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

4. 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

5. 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

6. 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

7. 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

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

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

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

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

14. 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

15. On The Page and On The Screen
Interactive Website & ePub
Video
Articles
Journal of Government Financial Management

16. 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:

17. Find Out More!
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 to if interested.