department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 Figure 10 identifies the unfunded liabilities that will require future resources. The U.S. Treasury is responsible for funding the actuarial liability that existed at the inception of the military retirement and health care programs. This actuarial liability accounts for approximately $1.5 trillion (79 percent) of the total $1.8 trillion in liabilities that are not currently covered by budgetary resources. Additionally, the Department has resources available to cover approximately $610.4 billion of the remaining liabilities, including funds primarily invested in U.S. Treasury securities. Figure 10. Unfunded Liabilities $ in Billions B10-33 Liabilities covered by Budgetary Resource $610.4 25% Liabilities not covered by Budgetary Resources $1,847.6 75% Breakout $1,847.6B NET COST OF OPERATIONS. The Statement of Net Cost presents the net cost of all the Department’s programs, including military retirement benefits. The statement reports total expenses incurred less the revenues earned from external sources to finance those expenses. Generally, the resulting balance of net cost is equivalent to the outlays reported on the SBR, plus accrued liabilities, less the assets purchased and capitalized on the balance sheet. Differences between outlays of budgetary resources and net cost generally arise from the timing of expense recognition. The Department’s costs incurred relate primarily to operations, readiness, and support activities, military personnel cost, and military retirement benefits. These costs were offset with investment earnings and contributions to support retirement and health benefit requirements, as well as earnings from reimbursed activities. This activity resulted in $768.9 billion in net costs of operations during the fiscal year. As depicted in Figure 11, the $768.9 billion represents an $84.7 billion increase (12 percent) since FY 2011. The military retirement benefits accounted for $77.7 billion (92 percent) of the increase, which is largely due to changes in trend and other key assumptions used to calculate the liability for military retirement benefits. 26 $1.8T All Other Unfunded Liabilities $18.2 Unfunded Environmental Liabilities $57.9 DoD Unfunded Military Retirement Benefits $306.8 Unfunded Military Retirement and Benefits funded by Treasury $1,464.3 Management’s Discussion and Analysis
Department of Defense Agency Financial Report for FY 2012 Figure 11. Summary of Net Cost of Operations Trend in Net Cost of Operations $900 $800 $700 $600 $500 $400 $300 $200 $100 B10-34 $0 $670 $652 136 80 534 572 $820 205 $684 69 $769 147 615 615 622 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 DoD Costs Military Retirement Benefit Costs Breakout FY 2012 Net Cost of Operations The Department’s financial performance is summarized in Figure 12. This table represents the Department’s condensed financial position, results of operations, and budgetary resources, and includes comparisons of financial balances from the current year to the prior year. As previously noted, the lack of auditable financial data is a limiting factor in the ability of the Department to explain all material variances presented in the comparative statements. Nevertheless, the data underlying the amounts can be and is effectively used to manage the Department’s operations in support of successful mission accomplishment. 27 Operations, Readiness & Support $251.4 33% Military Personnel $148.9 19% Family Housing & Military Construction $18.6 2% Military Retirement Benefits $146.6 19% Civil Works $8.8 1% $ in Billions Procurement $127.1 17% Research, Development, Test & Evaluation $67.5 9% Management’s Discussion and Analysis
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department of defense agency financial report fiscal year 2012

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