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GSA Financials

KPMG LLP issued an unqualified “clean” opinion on the GSA FY 2011 financial statements. GSA’s financial statements and the audit opinion results demonstrate the agency’s commitment to accountability and integrity in financial management. The online GSA FY 2011 Agency Financial Report allows users to explore financial data in a user-friendly way through Interactive Financial Data and features a Schedule of Spending that provides details on agency costs.

GSA Financial Results

Federal Buildings Fund

The Federal Buildings Fund (FBF) funds the GSA Public Buildings Service (PBS). PBS provides workplaces for federal agencies and their employees. The FBF is primarily supported by rent paid to GSA from other federal entities. It also operates a Reimbursable Work Authorization program that provides alterations and lease improvements above those in the agencies’ base rental agreements.

In FY 2011, FBF revenue totaled $11 billion, with more than half of its revenue coming from the five federal agencies shown in the “FBF Top 5 Federal Customers” table. Revenues and expenses in FBF come primarily from rent and building operations. Net revenues from operations are invested in major repairs and alterations to federal buildings and partially offset the costs of constructing new federal buildings.

FBF Top 5 Customers Revenues
(Dollars in Millions)		 Percentage of
Total Revenues
Department of Justice $1,762 16%
Department of Homeland Security $1,735 16%
Federal Judiciary $1,126 10%
Social Security Administration $843 8%
Department of the Treasury $821 7%

 

FBF Obligations and Outlays (Dollars in Millions) FY 2011 FY 2010 Change ($) Change (%)
Obligations Incurred $11,443 $14,886 ($3,443) (23.13)%
Gross Outlays $12,664 $11,232 $1,432 12.75%
Offsetting Collections $10,956 $10,444 $512 4.90%

 

In the FBF, obligations are primarily the value of contracts awarded to commercial vendors for the construction of new federal buildings; for repairs, cleaning, utilities, and other maintenance of GSA-owned federal buildings; and lease and related payments to commercial landlords for space leased by GSA for federal agencies. FBF Obligations decreased by more than $3.4 billion between FY 2010 and FY 2011. This significant reduction is the direct result of the depletion of Recovery Act resources and reduced ordering as the initiation of Recovery Act projects is winding down. Recovery Act obligations in the FBF continued throughout the year until the availability of funds expired at the close of FY 2011. Outlays are payments made by the government, once goods and services are received at an acceptable level of quality and completeness. FBF Outlays increased by $1 billion in FY 2011 as a result of the Recovery Act and payments to vendors as projects are being completed. Offsetting collections represent revenues collected from other federal agencies that “offset” expenditures made by GSA on behalf of other federal agencies.

 

Acquisition Services Fund

The Acquisition Services Fund (ASF) is a revolving fund that operates on the revenue generated from its business and is the primary fund of the GSA Federal Acquisition Service (FAS). FAS consolidates common requirements from multiple federal agencies and uses its negotiating expertise to acquire products and services at better prices and terms than agencies could obtain individually.

In FY 2011, the ASF realized $9.5 billion in revenues. Of these revenues, nearly 75 percent came from the five agencies shown in the “ASF Top 5 Federal Customers” table. Revenues and expenses in ASF come primarily from the sale of goods and services and the respective costs associated with them. Net revenues from Operations are invested in the GSA Fleet, information systems and other investments necessary to improve FAS responsiveness to its customers and compliance with new regulatory and statutory requirements. ASF net revenues increased by 15 percent, or $20 million, to $157 million in FY 2011. The increase in net revenue was primarily attributed to increases of $43 million in the Integrated Technology Services portfolio and $6 million Assisted Acquisition Services Portfolio offset by declines in net revenue among ASF’s other portfolios.

In the ASF, obligations and outlays are primarily driven by contracts awarded to commercial vendors to provide goods and services to federal agencies. From FY 2010 to FY 2011, obligations increased $472 million because of slight growth in overall business volume.

ASF Top 5 Federal Customers Revenues
(Dollars in Millions)		 Percentage of
Total Revenues
Department of Defense $5,552 58%
Department of Homeland Security $508 5%
Department of Agriculture $409 4%
Department of Justice $325 4%
Department of Health $261 3%

 

Chart titled ASF Net Revenues (Costs) From Operations. Global Supply and Services had $35 million in revenues in FY 2010; $4 million in revenues in FY 2011. Travel, Motor Vehicle, and Card Services had $98 million in revenues in FY 2010; $92 million in revenues in FY 2011. IT Acquisition Services had $11 million in revenues in FY 2010; $54 million in revenues in FY 2011. Assisted Acquisition Services had $4 million in revenues in FY 2010; $10 million in revenues in FY 2011. Other Operations had a $11 million loss in FY 2010; there was a loss of #3 million in FY 2011.

 

Thumbnail sized image of Agency Financial Report 2011

For more information about GSA's FY 2011 financial results, please visit the Financial Section of the FY 2011 Agency Financial Report. 

 

 

 

 

 

 

 

 

 

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