Financial Audit
Bureau of Public Debt's Fiscal Years 2002 and 2001 Schedules of Federal Debt Gao ID: GAO-03-199 November 1, 2002Because of the significance of the federal debt held by the public to the consolidated financial statements of the U.S. government, which GAO is required to audit, GAO audits the Bureau of the Public Debt's (BPD) Schedules of Federal Debt annually. This is done to determine whether, in all material respects, (1)the schedules prepared are reliable, (2) BPD management maintained effective internal control relevant to the Schedule of Federal Debt, and (3) BPD complies with selected provisions of significant laws related to the Schedule of Federal Debt. Federal debt managed by BPD consists of Treasury securities held by the public and by certain federal government accounts (intragovernmental debt holdings). The level of debt held by the public reflects how much of the nation's wealth has been absorbed by the federal government to finance prior federal spending in excess of total federal revenues. Intragovernmental debt holdings represent balances of Treasury securities held by federal government accounts, primarily federal trust funds such as Social Security, that typically have an obligation to invest their excess annual receipts over disbursements in federal securities.
In GAO's opinion, in all material respects, BPD's Schedules of Federal Debt for fiscal years 2002 and 2001 were reliable and BPD maintained effective internal control related to the Schedule of Federal Debt as of September 30, 2002. GAO also found no instances of noncompliance in fiscal year 2002 with selected provisions of the statutory debt limit and debt issuance suspension period laws we tested. As of September 30, 2002 and 2001, federal debt managed by BPD totaled about $6,213 billion and $5,792 billion, respectively. For the first time since fiscal year 1993, as a result of the current weak economy coupled with various tax and spending decisions, debt held by the public as a percentage of the annual size of the U.S. economy increased. Further, certain trust funds continue to run cash surpluses, resulting in increased intragovernmental debt holdings. These debt holdings represent a priority call on future budgetary resources. During fiscal year 2002, two debt issuance suspension periods were invoked to avoid breaching the statutory debt limit. On June 28, legislation was enacted to raise the debt limit by $450 billion to $6.4 trillion. Current projections are that this new limit will be reached in fiscal year 2003. As shown below, total federal debt increased each year over the last 4 years. Debt held by the public decreased as a result of cash surpluses for the 3 fiscal years ended September 30, 2001, but increased during fiscal year 2002, with the return to a deficit. Intragovernmental debt holdings steadily increased during this 4 year period primarily due to excess receipts over disbursements in federal trust funds.
GAO-03-199, Financial Audit: Bureau of Public Debt's Fiscal Years 2002 and 2001 Schedules of Federal Debt
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Report to the Secretary of the Treasury:
November 2002:
Financial Audit:
Bureau of the Public Debt‘s Fiscal Years 2002 and 2001 Schedules of
Federal Debt:
GAO-03-199:
Contents:
Letter:
Auditor‘s Report:
Opinion on Schedules of Federal Debt:
Opinion on Internal Control:
Compliance with Laws and Regulations:
Consistency of Other Information:
Objectives, Scope, and Methodology:
Agency Comments:
Overview, Schedules, and Notes::
Overview on Federal Debt Managed by the Bureau of the Public Debt:
Schedules of Federal Debt:
Notes to the Schedules of Federal Debt:
Appendixes:
Appendix I: Comments from the Bureau of the Public Debt:
Appendix II: GAO Contact and Staff Acknowledgments:
GAO Contact:
Acknowledgments:
BPD: Bureau of the Public Debt:
OMB: Office of Management and Budget:
Lette:
November 1, 2002:
The Honorable Paul H. O‘Neill
The Secretary of the Treasury:
Dear Mr. Secretary:
The accompanying auditor‘s report presents the results of our audits of
the Schedules of Federal Debt Managed by the Bureau of the Public Debt
for the fiscal years ended September 30, 2002 and 2001. The Schedules
of Federal Debt present the beginning balances, increases and
decreases, and ending balances for (1) Federal Debt Held by the Public
and Intragovernmental Debt Holdings, (2) the related Accrued Interest
Payables, and (3) the related Net Unamortized Premiums and Discounts
managed by the bureau.[Footnote 1]
The auditor‘s report contains our (1) opinion on the Schedules of
Federal Debt for the fiscal years ended September 30, 2002 and 2001,
(2) opinion on the effectiveness of related internal control as of
September 30, 2002,
(3) conclusion on the bureau‘s compliance in fiscal year 2002 with laws
we tested, and (4) conclusion on the consistency between information in
the Schedules of Federal Debt and the Overview on Federal Debt Managed
by the Bureau of the Public Debt.
As of September 30, 2002 and 2001, federal debt managed by the bureau
totaled about $6,213 billion and $5,792 billion, respectively, for
moneys borrowed to fund the government‘s operations. As shown on the
Schedules of Federal Debt, these balances consisted of approximately
(1) $3,553 billion as of September 30, 2002, and $3,339 billion as of
September 30, 2001, of debt held by the public and about (2) $2,660
billion as of September 30, 2002, and $2,453 billion as of September
30, 2001, of intragovernmental debt holdings.
The level of debt held by the public reflects how much of the nation‘s
wealth has been absorbed by the federal government to finance prior
federal spending in excess of total federal revenues. It best
represents the cumulative effect of past federal borrowing on today‘s
economy and the federal budget. To finance a cash deficit, the
government borrows from the public. When a cash surplus occurs, the
annual excess funds can then be used to reduce debt held by the public.
In other words, cash deficits or surpluses generally approximate the
annual net change in the amount of government borrowing from the
public.
Cash surpluses during fiscal years 1998 through 2001 enabled Treasury
to reduce debt held by the public by $476 billion, from $3,815 billion
as of September 30, 1997, to $3,339 billion as of September 30, 2001.
Treasury reduced this debt by redeeming maturing debt, reducing the
number of auctions and size of new debt issues, conducting ’buybacks“
of debt before its maturity date, and redeeming callable securities
when the opportunities arose.[Footnote 2] However, because of the
return to a deficit, in fiscal year 2002, debt held by the public
increased by $214 billion. Notwithstanding the increase in fiscal year
2002, debt held by the public as a percentage of total federal debt has
decreased from approximately 71 percent as of September 30, 1997, to
approximately 57 percent as of September 30, 2002.
Intragovernmental debt holdings represent balances of Treasury
securities held by federal government accounts, primarily federal trust
funds, that typically have an obligation to invest their excess annual
receipts over disbursements in federal securities. Most federal trust
funds invest in special U.S. Treasury securities that are guaranteed
for principal and interest by the full faith and credit of the U.S.
government. These securities are nonmarketable; however, they represent
a priority call on future budgetary resources. Certain of these trust
funds, such as the Social Security and federal civilian employee and
military retirement trust funds, have been running cash surpluses,
which are loaned to the Treasury and reduce the current need for the
government to borrow from the public. Primarily as a result of such
trust fund surpluses, intragovernmental debt holdings have increased by
approximately $1,077 billion during fiscal years 1998 through 2002,
from $1,583 billion as of September 30, 1997, to
$2,660 billion as of September 30, 2002, with about $207 billion of
this increase occurring in fiscal year 2002. Intragovernmental debt
holdings as a percentage of total federal debt have increased from
approximately 29 percent as of September 30, 1997, to approximately 43
percent as of September 30, 2002.
The transactions relating to the use of the federal government
accounts‘ surpluses net out on the government‘s consolidated financial
statements because, in effect, they represent loans from one part of
the government to another. Importantly, these intragovernmental debt
holdings also constitute future obligations of the Treasury since the
Treasury must provide cash to redeem these securities in order for the
individual accounts to pay their benefits or other obligations as they
come due. When this occurs, if sufficient cash surpluses are not
available to redeem the securities, the government would either need to
increase borrowing from the public, raise future taxes, reduce future
spending, retire less debt (if the budget as a whole is in surplus), or
some combination thereof.
While both are important, debt held by the public and intragovernmental
debt holdings are very different. Debt held by the public approximates
the federal government‘s competition with other sectors in the credit
markets. Federal borrowing absorbs resources available for private
investment and may put upward pressure on interest rates. In addition,
interest on debt held by the public is paid in cash and represents a
burden on current taxpayers. It reflects the amount the government pays
to its outside creditors. In contrast, intragovernmental debt holdings
perform an accounting function but typically do not require cash
payments from the current budget or represent a burden on the current
economy. In addition, from the perspective of the budget as a whole,
interest payments to the federal government accounts by the Treasury
are entirely offset by the income received by such accounts--in effect,
one part of the government pays the interest and another part receives
it. This intragovernmental debt and the interest on it represents a
claim on future resources and hence a burden on future taxpayers and
the future economy. However, these intragovernmental debt holdings may
not fully reflect the government‘s total future commitment to trust
fund financed programs. They primarily represent the cumulative cash
surpluses of those trust funds and also reflect future priority claims
on the U.S. Treasury. They do not have the current economic effects of
borrowing from the public and do not currently compete with the private
sector for available funds in the credit markets. However, when trust
funds redeem Treasury securities to obtain cash to fund expenditures,
and Treasury borrows from the public to finance these redemptions,
there is competition with the private sector and thus an effect on the
economy.
During fiscal year 2002, Treasury faced the challenge of managing the
debt within the statutory debt limit as a result of an earlier-than-
anticipated return to deficits. Treasury twice from April 4 to April 16
and from May 16 to June 28 announced debt issuance suspension periods
that required it to depart from its normal debt management procedures
and to invoke legal authorities provided to avoid breaching the debt
limit. Actions taken by Treasury included suspending investment of
receipts of the Government Securities Investment Fund (G-Fund) of the
federal employees‘ Thrift Savings Plan and the Civil Service Retirement
and Disability Trust Fund (Civil Service fund), redeeming Civil Service
fund securities early, suspending the sales of State and Local
Government Series nonmarketable Treasury securities, and recalling
compensating balances held at some commercial banks. In addition,
because the debt subject to the limit was so close to the ceiling
during these periods, Treasury turned to issuing bills with maturity
dates of 19 days or less to manage short-term financing needs. On June
28, 2002, legislation was enacted to raise the statutory debt limit by
$450 billion to $6.4 trillion. Subsequently, Treasury restored all
losses to the G-Fund and Civil Service fund. Current projections are
that this new debt limit will be reached in fiscal year 2003.
Today the challenges of combating terrorism and ensuring homeland
security have come to the forefront as urgent claims on the federal
budget. While there are indications that a modest economic recovery may
be under way, the recession of 2001 has had real consequences for the
budget. At the same time, the known long-term fiscal pressures created
by the retirement of the baby boom generation and rising health care
costs remain the same. Absent substantive reform of federal entitlement
programs, a rapid escalation of federal spending for Social Security,
Medicare, and Medicaid beginning less than 10 years from now is
virtually certain to overwhelm the rest of the federal budget. Indeed,
the current weak economy coupled with various tax and spending
decisions have resulted in debt held by the public as a percentage of
the annual size of the U.S. economy increasing in 2002 for the first
time since 1993. Ultimately, restoring our long-term fiscal flexibility
and preventing debt held by the public from rising to unsustainable
levels will involve reforming existing federal entitlement programs and
promoting the saving and investment necessary for robust long-term
economic growth. Correspondingly, the task of addressing today‘s
compelling national needs without unduly exacerbating the long-range
fiscal challenge has become much more difficult.
We are sending copies of this report to the Chairmen and Ranking
Minority Members of the Senate Committee on Appropriations; the Senate
Committee on Governmental Affairs; the Senate Committee on the Budget;
the Subcommittee on Treasury and General Government, Senate Committee
on Appropriations; the House Committee on Appropriations; the House
Committee on Government Reform; the House Committee on the Budget; the
Subcommittee on Treasury, Postal Service, and General Government, House
Committee on Appropriations; and the Subcommittee on Government
Efficiency, Financial Management and Intergovernmental Relations,
House Committee on Government Reform. We are also sending copies of
this report to the Commissioner of the Bureau of the Public Debt, the
Inspector General of the Department of the Treasury, the Director of
the Office of Management and Budget, and other agency officials. In
addition, the report will be available at no charge on the GAO Web site
at http://www.gao.gov.
If I can be of further assistance, please call me at (202) 512-5500.
This report was prepared under the direction of Gary T. Engel,
Director, Financial Management and Assurance. Should you or members of
your staff have any questions concerning this report, please contact
Mr. Engel at (202) 512-3406. Another key contact and staff
acknowledgments are provided in appendix II.
Sincerely yours,
Signed by David M. Walker:
David M. Walker
Comptroller General
of the United States:
Auditor‘s Report:
To the Commissioner of the Bureau of the Public Debt:
In connection with fulfilling our requirement to audit the financial
statements of the U.S. government, we audited the Schedules of Federal
Debt Managed by the Bureau of the Public Debt (BPD) because of the
significance of the federal debt to the federal government‘s financial
statements.[Footnote 3]
This auditor‘s report presents the results of our audits of the
Schedules of Federal Debt Managed by BPD for the fiscal years ended
September 30, 2002 and 2001. The Schedules of Federal Debt present the
beginning balances, increases and decreases, and ending balances for
(1) Federal Debt Held by the Public and Intragovernmental Debt
Holdings, (2) the related Accrued Interest Payables, and (3) the
related Net Unamortized Premiums and Discounts managed by BPD.[Footnote
4]
In our audits of the Schedules of Federal Debt for the fiscal years
ended September 30, 2002 and 2001, we found the following:
* the Schedules of Federal Debt are presented fairly, in all material
respects, in conformity with U.S. generally accepted accounting
principles;
* BPD had effective internal control over financial reporting and
compliance with laws and regulations related to the Schedule of Federal
Debt as of September 30, 2002; and:
* no reportable noncompliance in fiscal year 2002 with laws we tested.
The following sections discuss, in more detail, (1) these conclusions
and our conclusion on the Overview on Federal Debt Managed by the
Bureau of the Public Debt and (2) the scope of our audits.
Opinion on Schedules of Federal Debt:
The Schedules of Federal Debt including the accompanying notes present
fairly, in all material respects, in conformity with U.S. generally
accepted accounting principles, the balances as of September 30, 2002,
2001, and 2000, for Federal Debt Managed by BPD; the related Accrued
Interest Payables and Net Unamortized Premiums and Discounts; and the
related increases and decreases for the fiscal years ended September
30, 2002 and 2001.
Opinion on Internal Control:
BPD maintained, in all material respects, effective internal control
relevant to the Schedule of Federal Debt related to financial reporting
and compliance with applicable laws and regulations as of September 30,
2002. The internal control provided reasonable assurance that
misstatements, losses, or noncompliance material in relation to the
Schedule of Federal Debt for the fiscal year ended September 30, 2002,
would be prevented or detected on a timely basis. Our opinion is based
on criteria established under 31 U.S.C. 3512(c), (d) (commonly referred
to as the Federal Managers‘ Financial Integrity Act) and the Office of
Management and Budget (OMB) Circular A-123, Management Accountability
and Control.
We found matters involving computer controls that we do not consider to
be reportable conditions.[Footnote 5] We will communicate these matters
to BPD‘s management, along with our recommendations for improvement, in
a separate letter to be issued at a later date.
Compliance with Laws and Regulations:
Our tests in fiscal year 2002 disclosed no instances of noncompliance
with selected provisions of laws that would be reportable under U.S.
generally accepted government auditing standards or OMB audit guidance.
However, the objective of our audit of the Schedule of Federal Debt for
the fiscal year ended September 30, 2002, was not to provide an opinion
on overall compliance with laws and regulations. Accordingly, we do not
express such an opinion.
Consistency of Other Information:
BPD‘s Overview on Federal Debt Managed by the Bureau of the Public Debt
contains information, some of which is not directly related to the
Schedules of Federal Debt. We do not express an opinion on this
information. However, we compared this information for consistency with
the schedules and discussed the methods of measurement and presentation
with BPD officials. Based on this limited work, we found no material
inconsistencies with the schedules.
Objectives, Scope, and Methodology:
Management is responsible for the following:
* preparing the Schedules of Federal Debt in conformity with U.S.
generally accepted accounting principles;
* establishing, maintaining, and assessing internal control to provide
reasonable assurance that the broad control objectives of the Federal
Managers‘ Financial Integrity Act are met; and:
* complying with applicable laws and regulations.
We are responsible for obtaining reasonable assurance about whether
(1) the Schedules of Federal Debt are presented fairly, in all material
respects, in conformity with U.S. generally accepted accounting
principles and (2) management maintained effective related internal
control as of September 30, 2002, the objectives of which are the
following:
* Financial reporting: Transactions are properly recorded, processed,
and summarized to permit the preparation of the Schedule of Federal
Debt for the fiscal year ended September 30, 2002, in conformity with
U.S. generally accepted accounting principles.
* Compliance with laws and regulations: Transactions related to the
Schedule of Federal Debt for the fiscal year ended September 30, 2002,
are executed in accordance with laws governing the use of budget
authority and with other laws and regulations that could have a direct
and material effect on the Schedule of Federal Debt.
We are also responsible for testing compliance with selected provisions
of laws and regulations that have a direct and material effect on the
Schedule of Federal Debt. Further, we are responsible for performing
limited procedures with respect to certain other information appearing
with the Schedules of Federal Debt.
In order to fulfill these responsibilities, we:
* examined, on a test basis, evidence supporting the amounts and
disclosures in the Schedules of Federal Debt;
* assessed the accounting principles used and any significant estimates
made by management;
* evaluated the overall presentation of the Schedules of Federal Debt;
* obtained an understanding of internal control relevant to the
Schedule of Federal Debt as of September 30, 2002, related to financial
reporting and compliance with laws and regulations (including execution
of transactions in accordance with budget authority);
* tested relevant internal controls over financial reporting and
compliance, and evaluated the design and operating effectiveness of
internal control related to the Schedule of Federal Debt as of
September 30, 2002;
* considered the process for evaluating and reporting on internal
control and financial management systems under the Federal Managers‘
Financial Integrity Act; and:
* tested compliance in fiscal year 2002 with selected provisions of the
following laws: statutory debt limit (31 U.S.C. 3101(b), as amended),
suspension and early redemption of investments from the Civil Service
Retirement and Disability Trust Fund (5 U.S.C. 8348(j)(k)), and
suspension of investments from the G-Fund (5 U.S.C. 8438(g)).
We did not evaluate all internal controls relevant to operating
objectives as broadly described by the Federal Managers‘ Financial
Integrity Act, such as those controls relevant to preparing statistical
reports and ensuring efficient operations. We limited our internal
control testing to controls over financial reporting and compliance.
Because of inherent limitations in internal control, misstatements due
to error or fraud, losses, or noncompliance may nevertheless occur and
not be detected. We also caution that projecting our evaluation to
future periods is subject to the risk that controls may become
inadequate because of changes in conditions or that the degree of
compliance with controls may deteriorate.
We did not test compliance with all laws and regulations applicable to
BPD. We limited our tests of compliance to selected provisions of laws
and regulations that have a direct and material effect on the Schedule
of Federal Debt for the fiscal year ended September 30, 2002. We
caution that noncompliance may occur and not be detected by these tests
and that such testing may not be sufficient for other purposes.
We performed our work in accordance with U.S. generally accepted
government auditing standards and applicable OMB audit guidance.
Agency Comments:
In commenting on a draft of this report, BPD concurred with the facts
and conclusions in our report. The comments are reprinted in appendix
I.
Signed by David M. Walker:
David M. Walker
Comptroller General
of the United States:
October 24, 2002:
[End of section]
Overview, Schedules, and Notes:
Overview on Federal Debt Managed by the Bureau of the Public Debt:
[See PDF for image]
[End of figure]
Schedules of Federal Debt:
[See PDF for image]
[End of figure]
Notes to the Schedules of Federal Debt:
[See PDF for image]
[End of figure]
[End of section]
Appendixes:
Appendix I: Comments from the Bureau of the Public Debt:
DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT WASHINGTON, OC
20239-0001:
October 29, 2002:
Mr. Gary T. Engel
Director:
U.S. General Accounting Office 441 G Street, NW Washington, DC 20548:
Dear Mr. Engel:
This letter is our response to your audit of the Schedules of Federal
Debt Managed by the Bureau of the Public Debt for the fiscal years
ended September 30, 2002, and 2001. We agree with your audit report‘s
conclusions.
I would like to thank you and your staff for conducting a thorough
audit of these schedules. We appreciate the dedication and commitment
of your audit team. Even with the added challenge of complying with our
Secretary‘s goal of publishing audited departmental financial
statements by November 15, 2002, the overall audit process still
continues to grow less arduous and more streamlined each year. Without
the significant amount of coordination and planning between our offices
that began in April, the burden of condensing our audit completion
timeline by three and one-half months would have been overwhelming.
As always, we look forward to continuing this productive and successful
relationship.
Sincerely,
Signed by Van Zeck:
Van Zeck
Commissioner:
www.publicdebt.treas.gov:
[End of section]
Appendix II: GAO Contact and Staff Acknowledgments:
GAO Contact:
Louise DiBenedetto, (202) 512-6921:
Acknowledgments:
In addition to the individual named above, William E. Boutboul, Dawn B.
Simpson, Dean D. Carpenter, Dennis L. Clarke, Chau L. Dinh, Bronwyn E.
Hughes, Gina K. Ross, and LaShawnda K. Wilson made key contributions to
this report.
FOOTNOTES
[1] Intragovernmental Debt Holdings represent federal debt issued by
Treasury and held by certain federal government accounts, such as the
Social Security and Medicare trust funds.
[2] During this period, Treasury eliminated the 3-year note and the 52-
week bill. On
October 31, 2001, Treasury suspended issuance of the 30-year bond.
[3] 31 U.S.C. 331(e) (2000).
[4] Intragovernmental Debt Holdings represent federal debt issued by
Treasury and held by certain federal government accounts, such as the
Social Security and Medicare trust funds.
[5] Reportable conditions are matters coming to our attention that, in
our judgment, should be communicated because they represent significant
deficiencies in the design or operation of internal control, which
could adversely affect the organization‘s ability to meet the internal
control objectives described in the Objectives, Scope, and Methodology
section of this report.
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