Financial Statements Analysis and Summary
KPMG LLP issued an unqualified “clean” opinion on GSA’s FY 2013 financial statements. Agency management is accountable for the integrity of the financial information presented in the financial statements. The financial statements and financial data presented in this report have been prepared from GSA accounting records in conformity with generally accepted accounting principles (GAAP) as prescribed by the Federal Accounting Standards Advisory Board (FASAB). The Consolidating Statements of Net Cost presents, by major program and activity, the revenues and expenses incurred to provide goods and services to our customers.
Consolidated Financial Results
GSA assets include federal buildings, motor vehicles, and office equipment (Property and Equipment); Fund Balance with Treasury; and accounts receivable to GSA mainly from other federal agencies, primarily for sales transactions or uncollected rent. In FY 2013 GSA reported Total Assets of $40.3 billion compared to FY 2012 Total Asset of $39.4 billion, a net increase of $832 million. The value of GSA-owned buildings increased by $3.6 billion. This increase was mostly due to the transfer of approximately $1.9 billion in completed Construction-in- Progress (CIP), which was transferred to the Buildings account. Many of these were Federal Buildings Fund (FBF) and American Recovery and Reinvestment Act (ARRA) construction projects. The Fund Balance with Treasury also increased by $447 million, due to an increase of $319 million in the Acquisition Services Fund (ASF), mostly as a result of proceeds on the sale of motor vehicles, positive net operating results, and fewer capitalized purchases.
GSA liabilities are primarily amounts owed to commercial vendors but not yet paid (Accounts Payable) and amounts GSA owes to other federal entities (Intragovernmental Liabilities).
In FY 2013, Total Liabilities were $7.6 billion; a net increase of $1.8 billion compared to FY 2012 Total Liabilities of $5.8 billion. Environmental and Disposal Liabilities increased by $1.7 billion due to asbestos cleanup costs. This resulted from the implementation of FASAB Technical Bulletin 2006-1 Recognition and Measurement of Asbestos related clean up costs, which includes the current estimates for cleanup of existing environmental hazards and future costs of asbestos remediation. The focus of Technical Bulletin 2006-1 is the recognition of an unfunded liability and related expense for asbestos related cleanup costs and became effective October 1, 2012.
GSA reported $20.7 billion in revenue during FY 2013 compared to $21.0 billion reported in FY 2012, a decrease of $358 million. FY 2013 Expenses were $20.3 billion compared to FY 2012 Expenses of $20.9 billion, which is a decrease of $528 million. Net Revenues from Operations were $306 million, a $170 million increase compared to FY 2012 Net Revenues from Operations of $136 million.