|
NOTE 2 — FUNDS WITH U.S. TREASURY
|
Entity Assets |
|
|
|
Unobligated
Balance
Available |
Unobligated
Balance
Unavailable |
Obligated
Balance Not
Yet Disbursed |
Total
Entity Assets |
Non-entity
Assets |
Total |
(Dollars in thousands) |
|
|
|
|
|
|
Revolving funds |
$9,254 |
$- |
$37,715 |
$46,969 |
$- |
$46,969 |
Trust funds |
172,261 |
- |
(28,292) |
143,969 |
(115) |
143,854 |
General funds |
2,415,351 |
1,604,964 |
5,692,427 |
9,712,742 |
- |
9,712,742 |
Other |
- |
- |
- |
- |
79,387 |
79,387 |
|
$2,596,866 |
$1,604,964 |
$5,701,850 |
$9,903,680 |
$79,272 |
$9,982,952 |
Funds with U.S. Treasury at September 30, 2006 consisted of the following:
|
Entity Assets |
|
|
|
Unobligated
Balance
Available |
Unobligated
Balance
Unavailable |
Obligated
Balance Not
Yet Disbursed |
Total
Entity Assets |
Non-entity
Assets |
Total |
(Dollars in thousands) |
|
|
|
|
|
|
Revolving funds |
$3,946 |
$- |
$35,694 |
$39,640 |
$- |
$ 9,640 |
Trust funds |
141,122 |
- |
(41,062) |
100,060 |
(159) |
99,901 |
General funds |
2,446,785 |
1,371,403 |
5,696,774 |
9,514,962 |
- |
9,514,962 |
Other |
- |
- |
- |
- |
62,646 |
62,646 |
|
$2,591,853 |
$1,371,403 |
$5,691,406 |
$9,654,662 |
$62,487 |
$9,717,149 |
The negative fund balances reported as of September 30, 2007 and 2006 relate to the Unemployment Trust Fund (UTF) and are the result of the timing of processing the investments and redemptions of UTF. The investments and redemptions relating to the last business day of the month are not processed until the first day of the next month. This could result in a negative cash position for the preceding business day if the disbursements are greater than the receipts to the fund.
Unobligated Balance Available includes $361 million of funds apportioned for use in the subsequent year.
NOTE 3 — INVESTMENTS
Investments at September 30, 2007 consisted of the following:
| |
|
|
|
|
|
Face
Value |
Premium
(Discount) |
Net
Value |
Market
Value |
(Dollars in thousands) |
|
|
|
|
Unemployment Trust Fund |
|
Non-marketable |
|
|
|
|
|
U.S. Treasury Certificates of Indebtedness |
|
|
|
|
|
5.000% maturing June 30, 2008 |
8,208,313 |
- |
8,208,313 |
8,208,313 |
|
Special issue U.S. Treasury Bonds |
|
|
|
|
|
4.625% maturing June 30, 2008 |
10,879,148 |
- |
10,879,148 |
10,879,148 |
|
4.875% maturing June 30, 2008 |
10,000,000 |
- |
10,000,000 |
10,000,000 |
|
4.875% maturing June 30, 2009 |
9,980,072 |
- |
9,980,072 |
9,980,072 |
|
5.000% maturing June 30, 2009 |
11,000,000 |
- |
11,000,000 |
11,000,000 |
|
5.000% maturing June 30, 2010 |
24,855,747 |
- |
24,855,747 |
24,855,747 |
|
|
74,923,280 |
- |
74,923,280 |
74,923,280 |
Panama Canal Commission |
| Compensation Fund |
|
Marketable |
|
|
|
|
|
U.S. Treasury Bill |
|
|
|
|
|
Maturing November 15, 2007 |
7,170 |
(43) |
7,127 |
7,138 |
|
U.S. Treasury Notes |
|
|
|
|
|
3.625% to 5.625% various maturities |
43,152 |
(142) |
43,010 |
43,418 |
|
U.S. Treasury Bonds |
|
|
|
|
|
10.375% to 11.750% various maturities |
27,078 |
1,013 |
28,091 |
28,054 |
|
|
77,400 |
828 |
78,228 |
78,610 |
Longshore and Harbor Workers' |
| Compensation Act Trust Fund |
|
Non-marketable |
|
|
|
|
|
One Day Certificate |
|
|
|
|
|
3.99% maturing October 1, 2007 |
69,979 |
- |
69,979 |
69,979 |
District of Columbia Workmen's |
| Compensation Act Trust Fund |
|
Non-marketable |
|
|
|
|
|
One Day Certificate |
|
|
|
|
|
3.99% maturing October 1, 2007 |
6,585 |
- |
6,585 |
6,585 |
Energy Employees Occupational Illness |
| Compensation Fund |
|
Non-marketable |
|
|
|
|
|
One Day Certificate |
|
|
|
|
|
3.99% maturing October 1, 2007 |
53,062 |
- |
53,062 |
53,062 |
|
|
$75,130,306 |
$828 |
$75,131,134 |
$75,131,516 |
Entity investments |
$75,022,470 |
$828 |
$75,023,298 |
$75,023,680 |
Non-entity investments |
107,836 |
- |
107,836 |
107,836 |
|
$75,130,306 |
$828 |
$75,131,134 |
$75,131,516 |
Investments at September 30, 2006 consisted of the following:
|
Face
Value |
Premium
(Discount) |
Net
Value |
Market
Value |
(Dollars in thousands) |
|
|
|
|
Unemployment Trust Fund
|
|
Non-marketable |
|
|
|
|
|
U.S. Treasury Certificates of Indebtedness |
|
|
|
|
|
4.875% maturing June 30, 2007 |
$8,662,384 |
$- |
$8,662,384 |
$8,662,384 |
|
5.000% maturing June 30, 2007 |
343,768 |
- |
343,768 |
343,768 |
|
Special issue U.S. Treasury Bonds |
|
|
|
|
|
4.625% maturing June 30, 2007 |
17,927,258 |
- |
17,927,258 |
17,927,258 |
|
4.625% maturing June 30, 2008 |
19,299,158 |
- |
19,299,158 |
19,299,158 |
|
4.875% maturing June 30, 2008 |
10,000,000 |
- |
10,000,000 |
10,000,000 |
|
4.875% maturing June 30, 2009 |
9,980,072 |
- |
9,980,072 |
9,980,072 |
|
|
66,212,640 |
- |
66,212,640 |
66,212,640 |
Panama Canal Commission |
Compensation Fund |
|
Marketable |
|
|
|
|
|
U.S. Treasury Bill |
|
|
|
|
|
Maturing November 16, 2006 |
13,608 |
(85) |
13,523 |
13,016 |
|
U.S. Treasury Notes |
|
|
|
|
|
3.625% to 6.625% various maturities |
24,460 |
30 |
24,490 |
24,315 |
|
U.S. Treasury Bonds |
|
|
|
|
|
10.375% to 11.750% various maturities |
39,738 |
2,597 |
42,335 |
42,233 |
|
|
77,806 |
2,542 |
80,348 |
79,564 |
Longshore and Harbor Workers' |
Compensation Act Trust Fund |
|
Non-marketable |
|
|
|
|
|
One Day Certificate |
|
|
|
|
|
5.030% maturing October 2, 2006 |
73,146 |
- |
73,146 |
73,146 |
District of Columbia Workmen's |
| Compensation Act Trust Fund |
|
Non-marketable |
|
|
|
|
|
One Day Certificate |
|
|
|
|
|
5.030% maturing October 2, 2006 |
5,611 |
- |
5,611 |
5,611 |
Energy Employees Occupational Illness |
| Compensation Fund |
|
Non-marketable |
|
|
|
|
|
One Day Certificate |
83,307 |
- |
83,307 |
83,307 |
|
5.030% maturing October 2, 2006 |
$66,452,510 |
$2,542 |
$66,455,052 |
$66,454,268 |
Entity investments |
$66,351,966 |
$2,542 |
$66,354,508 |
$66,353,724 |
Non-entity investments |
100,544 |
- |
100,544 |
100,544 |
|
$66,452,510 |
$2,542 |
$66,455,052 |
$66,454,268 |
NOTE 4 — ACCOUNTS RECEIVABLE, NET OF ALLOWANCE
Accounts receivable at September 30, 2007 consisted of the following:
|
Gross
Receivables |
Allowance |
Net
Receivables |
(Dollars in thousands) |
|
|
|
Entity intra-governmental assets |
|
Due for UCFE and UCX benefits |
$302,723 |
$- |
$302,723 |
|
Due for workers' compensation benefits |
3,754,382 |
- |
3,754,382 |
|
Other |
11,598 |
- |
11,598 |
|
|
4,068,703 |
- |
4,068,703 |
Entity assets |
|
State unemployment taxes |
922,643 |
(646,571) |
276,072 |
|
Due from reimbursable employers |
489,269 |
(30,077) |
459,192 |
|
Benefit overpayments |
1,907,770 |
(1,656,975) |
250,795 |
|
Other |
8,864 |
(1,727) |
7,137 |
|
|
3,328,546 |
(2,335,350) |
993,196 |
Non-entity assets |
|
Fines and penalties |
92,805 |
(31,820) |
60,985 |
|
Backwages |
10,839 |
(4,797) |
6,042 |
|
|
103,644 |
(36,617) |
67,027 |
|
|
3,432,190 |
(2,371,967) |
1,060,223 |
|
|
$7,500,893 |
$(2,371,967) |
$5,128,926 |
Accounts receivable at September 30, 2006 consisted of the following:
|
Gross
Receivables |
Allowance |
Net
Receivables |
(Dollars in thousands) |
|
|
|
Entity intra-governmental assets |
|
|
|
|
Due for UCFE and UCX benefits |
$334,738 |
$- |
$334,738 |
|
Due for workers' compensation benefits |
3,696,581 |
- |
3,696,581 |
|
Other |
14,869 |
- |
14,869 |
|
|
4,046,188 |
- |
4,046,188 |
Entity assets |
|
State unemployment taxes |
932,626 |
(666,082) |
266,544 |
|
Due from reimbursable employers |
544,016 |
(32,357) |
511,659 |
|
Benefit overpayments |
1,949,362 |
(1,730,343) |
219,019 |
|
Other |
8,079 |
(2,443) |
5,636 |
|
|
3,434,083 |
(2,431,225) |
1,002,858 |
Non-entity assets |
|
Fines and penalties |
81,309 |
(36,808) |
44,501 |
|
Backwages |
23,966 |
(16,169) |
7,797 |
|
|
105,275 |
(52,977) |
52,298 |
|
|
3,539,358 |
(2,484,202) |
1,055,156 |
|
|
$7,585,546 |
$(2,484,202) |
$5,101,344 |
NOTE 5 — ADVANCES
Advances at September 30, 2007 and 2006 consisted of the following:
|
2007 |
2006 |
(Dollars in thousands) |
|
|
Intra-governmental |
|
|
|
Advances to the Department of Justice |
$- |
$4 |
|
- |
4 |
Advances to states for UI benefit payments |
509,848 |
474,153 |
Advances to grantees and contractors to finance future DOL program expenditures |
29,504 |
78,537 |
Other |
2,213 |
2,604 |
|
541,565 |
555,294 |
|
$541,565 |
$555,298 |
NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
Property, plant and equipment at September 30, 2007 consisted of the following:
|
2007 |
|
Cost |
Accumulated
Depreciation/
Amortization |
Net Book
Value |
(Dollars in thousands) |
|
|
|
Structures, facilities and improvements |
|
|
|
|
Structures and facilities |
$1,014,233 |
$(409,570) |
$604,663 |
|
Improvements to leased facilities |
427,769 |
(228,257) |
199,512 |
|
1,442,002 |
(637,827) |
804,175 |
Furniture and equipment |
|
|
|
|
Equipment held by contractors |
168,049 |
(161,300) |
6,749 |
|
Furniture and equipment |
54,067 |
(36,653) |
17,414 |
|
222,116 |
(197,953) |
24,163 |
ADP software |
190,014 |
(74,433) |
115,581 |
Construction-in-progress |
78,651 |
- |
78,651 |
Land |
93,249 |
- |
93,249 |
|
$2,026,032 |
$(910,213) |
$1,115,819 |
Property, plant and equipment at September 30, 2006 consisted of the following:
|
2006 |
|
Cost |
Accumulated
Depreciation/
Amortization |
Net Book
Value |
(Dollars in thousands) |
|
|
|
Structures, facilities and improvements |
|
|
|
|
Structures and facilities |
$862,100 |
$(378,086) |
$484,014 |
|
Improvements to leased facilities |
409,521 |
(222,152) |
187,369 |
|
1,271,621 |
(600,238) |
671,383 |
Furniture and equipment |
|
|
|
|
Equipment held by contractors |
159,771 |
(154,226) |
5,545 |
|
Furniture and equipment |
62,740 |
(39,973) |
22,767 |
|
222,511 |
(194,199) |
28,312 |
ADP software |
192,270 |
(68,640) |
123,630 |
Construction-in-progress |
162,486 |
- |
162,486 |
Land |
90,999 |
- |
90,999 |
|
$1,939,887 |
$(863,077) |
$1,076,810 |
NOTE 7 — NON-ENTITY ASSETS
Non-entity assets consisted of the following at September 30, 2007 and 2006:
| |
2007 |
2006 |
(Dollars in thousands) |
|
|
Intra-governmental |
|
|
|
Funds with U.S. Treasury |
$79,272 |
$62,487 |
|
Investments |
107,836 |
100,544 |
|
Interest receivable from investments |
1,269 |
1,129 |
|
188,377 |
164,160 |
Accounts receivable, net of allowance |
67,027 |
52,298 |
|
$255,404 |
$216,458 |
NOTE 8 — ADVANCES FROM U.S. TREASURY
Advances from U.S. Treasury to the Black Lung Disability Trust Fund during 2007 consisted of the following:
|
Balance at
September 30,
2006 |
Net
Borrowing |
Balance at
September 30,
2007 |
(Dollars in thousands) |
|
|
|
Intra-governmental |
|
|
|
|
Borrowing from the Treasury |
$9,631,557 |
$426,000 |
$10,057,557 |
Advances from U.S. Treasury to the Black Lung Disability Trust Fund during 2006 consisted of the following:
|
Balance at
September 30,
2005 |
Net
Borrowing |
Balance at
September 30,
2006 |
(Dollars in thousands) |
|
|
|
Intra-governmental |
|
|
|
|
Borrowing from the Treasury |
$9,186,557
|
$445,000
|
$9,631,557
|
NOTE 9 — ACCRUED BENEFITS
Accrued benefits at September 30, 2007 and 2006 consisted of the following:
|
2007 |
2006 |
(Dollars in thousands) |
|
|
|
State regular and extended unemployment benefits payable |
$1,053,055 |
$790,745 |
|
Federal extended unemployment benefits payable |
35,945 |
36,615 |
|
Federal temporary extended unemployment benefits |
23,641 |
24,532 |
|
Federal emergency unemployment benefits payable |
44,950 |
42,649 |
|
Federal employees' unemployment benefits payable |
30,432 |
36,725 |
|
Federal employees' unemployment benefits for existing |
|
|
|
claims due in the subsequent year |
123,576 |
137,161 |
|
Total unemployment benefits payable |
1,311,599 |
1,068,427 |
|
Black lung disability benefits payable |
43,277 |
46,329 |
|
Federal employees' disability and 10(h) benefits payable |
65,937 |
59,735 |
|
Energy employees occupational illness compensation benefits payable |
24,006 |
21,492 |
|
Longshore and harbor workers disability benefits payable |
3,655 |
3,382 |
|
District of Columbia disability benefits payable |
298 |
283 |
|
$1,448,772 |
$1,199,648 |
NOTE 10 — FUTURE WORKERS' COMPENSATION BENEFITS
DOL’s liability for future workers’ compensation benefits at September 30, 2007 and 2006 consisted of the following:
|
2007 |
2006 |
|
(Dollars in thousands) |
|
|
|
Projected gross liability of the Federal government for future FECA benefits |
|
|
|
Less liabilities attributed to other agencies: |
$26,306,065 |
$25,851,505 |
|
|
U.S. Postal Service |
(8,923,407) |
(8,662,714) |
|
|
Department of Navy |
(2,694,074) |
(2,698,683) |
|
|
Department of Army |
(1,977,872) |
(1,973,869) |
|
|
Department of Veterans Affairs |
(1,826,564) |
(1,811,947) |
|
|
Department of Air Force |
(1,381,158) |
(1,369,905) |
|
|
Department of Transportation |
(949,465) |
(952,969) |
|
|
Department of Homeland Security |
(1,683,569) |
(1,519,329) |
|
|
Tennessee Valley Authority |
(538,096) |
(553,322) |
|
|
Department of Treasury |
(573,038) |
(600,737) |
|
|
Department of Agriculture |
(775,281) |
(807,652) |
|
|
Department of Justice |
(1,046,480) |
(991,560) |
|
|
Department of Interior |
(659,333) |
(678,923) |
|
|
Department of Defense, Other |
(777,041) |
(813,532) |
|
|
Department of Health and Human Services |
(275,776) |
(273,374) |
|
|
Social Security Administration |
(271,981) |
(274,763) |
|
|
General Services Administration |
(164,883) |
(165,051) |
|
|
Department of Commerce |
(164,416) |
(170,164) |
|
|
Department of Energy |
(105,231) |
(96,386) |
|
|
Department of State |
(68,078) |
(62,669) |
|
|
Department of Housing & Urban Development |
(81,779) |
(79,873) |
|
|
Department of Education |
(16,186) |
(16,952) |
|
|
National Aeronautics and Space Administration |
(64,060) |
(60,217) |
|
|
Environmental Protection Agency |
(39,786) |
(39,408) |
|
|
Small Business Administration |
(26,321) |
(27,045) |
|
|
Office of Personnel Management |
(21,020) |
(20,448) |
|
|
National Science Foundation |
(1,182) |
(1,287) |
|
|
Nuclear Regulatory Commission |
(6,833) |
(7,434) |
|
|
Agency for International Development |
(23,528) |
(23,438) |
|
|
Other |
(533,779) |
(549,540) |
|
|
|
(25,670,217) |
(25,303,191) |
|
|
|
$635,848 |
$548,314 |
|
Projected liability of the Department of Labor for future FECA benefits |
|
|
|
|
FECA benefits not chargeable to other Federal agencies payable by |
|
|
|
|
DOL's Federal Employees' Compensation Act Special Benefit Fund |
$346,299 |
$250,179 |
|
|
FECA benefits due to eligible workers of DOL and Job Corps enrollees |
237,920 |
242,525 |
|
|
FECA benefits due to eligible workers of the Panama Canal Commission |
51,629 |
55,610 |
|
|
|
$635,848 |
$548,314 |
NOTE 11 — OTHER LIABILITIES
Other liabilities at September 30, 2007 and 2006 consisted of the following current liabilities:
|
2007 |
2006 |
(Dollars in thousands) |
|
|
Intra-governmental |
|
|
|
Accrued benefits |
$10,385 |
$10,070 |
|
Unearned FECA assessments |
51,192 |
48,285 |
|
Deposit and clearing accounts |
- |
2 |
|
Non-entity receipts due to U.S. Treasury |
59,615 |
44,501 |
|
Amounts held for the Railroad Retirement Board |
108,990 |
101,514 |
|
Advances from other Federal agencies |
750 |
1,013 |
Total intra-governmental |
230,932 |
205,385 |
Accrued payroll and benefits |
48,280 |
44,968 |
Due to Backwage recipients |
85,583 |
71,235 |
Unearned assessment revenue |
41,965 |
42,751 |
Deposit and clearing accounts |
1,216 |
- |
Readjustment allowances and other Job Corps liabilities |
83,330 |
58,359 |
|
260,374 |
217,313 |
|
$491,306 |
$422,698 |
NOTE 12 — LIABILITIES NOT COVERED BY BUDGETARY RESOURCES
Liabilities not covered by budgetary resources at September 30, 2007 and 2006 consisted of the following:
|
2007 |
2006 |
(Dollars in thousands) |
|
|
Intra-governmental |
|
|
|
Advances from U.S. Treasury |
$10,057,557 |
$9,631,557 |
Future workers' compensation benefits |
237,920 |
242,525 |
Accrued annual leave |
96,014 |
92,506 |
Readjustment allowances and other Job Corps liabilities |
83,330 |
58,359 |
|
417,264 |
393,390 |
|
$10,474,821 |
$10,024,947 |
NOTE 13 — CONTINGENCIES
The Department is involved in various lawsuits incidental to its operations. Judgments resulting from litigation against the Department are paid by the Department of Justice. In the opinion of management, the ultimate resolution of pending litigation will not have a material effect on the Department’s financial position.
NOTE 14 - PENSION EXPENSE
Pension expense in 2007 consisted of the following:
|
Employer
Contributions |
Costs Imputed
by OPM |
Total
Pension
Expense |
(Dollars in thousands) |
|
|
|
Civil Service Retirement System |
$24,503 |
$39,287 |
$63,790 |
Federal Employees' Retirement System |
94,390 |
- |
94,390 |
Thrift Savings Plan |
36,092 |
- |
36,092 |
|
$154,985 |
$39,287 |
$194,272 |
Pension expense in 2006 consisted of the following:
|
Employer
Contributions |
Costs Imputed
by OPM |
Total
Pension
Expense |
(Dollars in thousands) |
|
|
|
Civil Service Retirement System |
$26,506 |
$42,476 |
$68,982 |
Federal Employees' Retirement System |
86,876 |
- |
86,876 |
Thrift Savings Plan |
33,003 |
- |
33,003 |
|
$146,385 |
$42,476 |
$188,861 |
|
