department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 Total appropriations of $792.2 billion reported on the Statement of Budgetary Resources consist of enacted appropriations and appropriations that were provided by the U.S. Treasury for DoD retirement and health benefits. DoD also receives appropriations to finance the civil work projects managed by the U.S. Army Corps of Engineers. Current year trust fund receipts, to include the Military Retirement Fund and the Medicare Eligible Retiree Health Care Fund, are also included in the SBR “Total Appropriations” line. Trust fund receipts, labeled as “Temporarily not available,” represent budget authority the Department will execute in future years to pay the current unfunded liabilities carried in these large funds. Additional budgetary resources include $214.9 billion of unobligated balances brought forward from past years, $117.2 billion in spending authority from offsetting collections related to reimbursable work performed for public entities or other Federal agencies, and $80.5 billion of contract authority. Of the $1.2 trillion in total budgetary resources, $1.059 trillion were obligated and $980.1 billion of obligations were disbursed. The remaining balance of unobligated budgetary resources relates to appropriations that are available to cover multi-year investment projects, which require additional time to procure. Additionally, appropriations that are expired for purposes of new obligations remain available for valid upward adjustments to prior year obligations. BALANCE SHEET. The Balance Sheet, which reflects the Department’s financial position as of September 30, 2012, reports amounts available to provide future economic benefits (Assets) owned or managed by the Department, the amounts owed (Liabilities) requiring use of available assets, and the difference between them (Net Position). Figure 8. Summary of Total Assets $2,200 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 B10-31 $1,674.6 Trend in Assets $1,797.5 $1,915.9 $2,031.5 $2,085.7 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 The $2.1 trillion in assets shown in Figure 8 represent amounts the Department owns and manages. Fund Balance with Treasury, Investments, and General Property, Plant, and 24 Breakout FY 2012 Assets Fund Balance with Treasury $512.1 24% Property, Plant, and Equipment $601.4 29% Inventory $243.3 12% $ in Billions Investments $644.9 31% Accounts Receivable $13.0 1% Other Assets $71.0 3% Management’s Discussion and Analysis
Department of Defense Agency Financial Report for FY 2012 Equipment represent 84 percent of the Department’s assets. General Property, Plant, and Equipment is largely comprised of military equipment, buildings, structures, and general equipment used to support the Department’s mission requirements. Assets increased $54.2 billion (3 percent) from FY 2011, largely due to increases in Investments in U.S. Treasury securities which were offset by decreases in the Department’s General Property Plant and Equipment and Fund Balance with Treasury. The $72.4 billion net increase in investments relates to the requirement to cover the expected normal growth of future military retirement and health benefits. Funds that are not needed to cover current benefits are invested in U. S. Treasury Securities. Under the Department’s current strategy, invested balances will continue growing to cover the unfunded portions of future benefits. The $11.3 billion reduction in the Department’s Fund Balance with Treasury is largely related to the overall reduction in the FY 2012 defense budget. The $7.9 billion decrease in the Department’s General Property, Plant, and Equipment is largely the result of the ongoing efforts to validate existence and completeness and improve the valuation of its assets. Figure 9. Summary of Total Liabilities $2,600 $2,400 $2,200 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 B10-32 Trend in Liabilities $2,135.0 $2,161.9 $2,322.4 $2,351.5 $2,458.0 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 As seen in Figure 9, the Department’s liabilities increased $106.5 billion during FY 2012, almost exclusively from normal growth in actuarial liabilities related to military retirement pension and health care benefits. The Department is confident in its ability to meet its financial obligations for the $2.5 trillion of liabilities reported in FY 2012. 25 Breakout FY 2012 Liabilities Military Retirement and Employment Benefits $2,323.9 94% Other Liabilities $50.2 2% Accounts Payable $21.3 1% $ in Billions Environmental and Disposal Liabilities $62.6 3% Management’s Discussion and Analysis
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department of defense agency financial report fiscal year 2012

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