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ANNUAL REPORT FY 2001

Principal Financial Statements and Notes

Principal Financial Statements Included in this Report

The principal financial statements included in this report have been prepared in accordance with the requirements of the Chief Financial Officers Act of 1990 (P.L. 101-576), the Government Management Reform Act of 1994 and the Office of Management and Budget's (OMB) Bulletin 97-01, "Form and Content of Agency Financial Statements," as amended. The responsibility for the integrity of the financial information included in these statements rests with management of the U.S. Department of Labor (DOL). The audit of DOL's principal financial statements was performed by the Office of Inspector General (OIG). The auditors' report issued by the Assistant Inspector General accompanies the principal statements.

The Department's principal financial statements for fiscal years (FY) 2001 and 2000 consisted of the following:

  • The Consolidated Balance Sheets, which presents as of September 30, 2001 and 2000 those resources owned or managed by DOL which are available to provide future economic benefits (assets); amounts owed by DOL that will require payments from those resources or future resources (liabilities) and residual amounts retained by DOL, comprising the difference (net position).

  • The Consolidated Statements of Net Cost, which presents the net cost of DOL operations for the years ended September 30, 2001 and 2000. DOL's net cost of operations includes the gross costs incurred by DOL less any exchange revenue earned from DOL activities. Due to the complexity of DOL's operations, the classification of gross cost and exchange revenues by major program and suborganization is presented in Note 15 to the consolidated financial statements.

  • The Consolidated Statements of Changes in Net Position, which presents the change in DOL's net position resulting from the net cost of DOL operations, financing sources other than exchange revenues and the change in DOL's unexpended appropriations during FY 2001 and FY 2000.

  • The Consolidated Statements of Budgetary Resources, which presents the budgetary resources available to DOL during FY 2001and 2000 , the status of these resources at September 30, 2001 and 2000 and the outlay of budgetary resources during FY 2001 and FY 2000.

  • The Consolidated Statements of Financing, which reconciles the net cost of operations with the obligation of budgetary resources for the years ended September 30, 2001 and 2000.

  • The Consolidated Statements of Custodial Activity, which presents the sources and disposition of non-exchange revenues collected or accrued by DOL on behalf of other recipient entities for the years ended September 30, 2001 and 2000.

2001       2000
ASSETS      
     
  Intra-governmental      
           
    Funds with U.S. Treaury (Notes 1-C and 2) $10,964,910       $9,951,706
           
    Investments (Notes 1-D and 3) 89,094,324       86,550,908
           
    Accounts receivable (Notes 1-E and 4) 4,949,842
       4,962,104
  Total intra-governmental 105,019,076       101,464,718
           
     
  Accounts receivable, net of allowance
   (Notes 1-E and 4)		 759,691       783,326
           
  Advances (Notes 1-F and 5) 179,5676       170,997
           
  Property, plant and equipment, net of
   depreciation (Notes 1-G and 6)		 777,686
             738,804
           
Total assets 106,736,020
       $103,157,845
         
          
LIABILITIES AND NET POSITION        
         
  Intra-governmental liabilities        
           
    Accounts payable $ 37,837       $ 12,023
           
    Advances from U.S. Treasury (Notes 1-J and 8) 7,253,557       6,748,557
           
    Other liabilities (Note 11) 107,423
       285,120
  Total intra-governmental 7,398,817       7,045,700
            
  Accounts payable 330,327       354,225
           
  Accrued leave (Note 1-K) 93,238       89,422
           
  Accrued benefits (Notes 1-L and 9) 1,558,846       942,732
           
  Future workers' compensation benefits (Notes 1-M and 10) 586,217       561,106
           
  Energy Employees occupational illness
   compensation benefits (Note 1-N)		 3,200,000       -
           
  Other liabilities (Note 11) 213,029
       207,407
         
           
Total liabilities 13,380,474
       9,200,592
         
Net position (Notes 1-R and 13)        
           
  Unexpended appropriations 11,281,332       10,095,063
           
  Cumulative results of operations 82,074,214
       83,862,190
           
Total net position 93,355,546
       93,957,253
         
           
Total liabilities and net position $106,736,020
       $103,157,845
         
The accompanying notes are an integral part of these statements.
 

  2001       2000
NET COST OF OPERATIONS (Notes 1-S and 15)        
         
CROSSCUTTING PROGRAMS        
         
Income maintenance        
           
 Intra-governmental $ 808,751       $782,781
           
 With the public 36,609,990
       27,312,626
Total cost 37,418,741       28,095,407
           
 Less earned revenue (2,570,342)
       (2,480,333)
  Net program cost 34,848,399
       25,615,074
           
Employment and training      
           
 Intra-governmental 42,361       43,370
           
 With the public 5,823,371
       5,522,606
           
Total cost 5,865,732       5,565,976
           
  Less earned revenue (9,437)
       (1,157)
           
  Net program cost 5,856,295
       5,564,819
           
       
Labor, employment and pension standards        
           
 Intra-governmental 111,264       103,254
           
 With the public 417,709
       405,233
           
Total cost 528,973       508,487
           
 Less earned revenue (12,509)
       (8,644)
           
  Net program cost 516,464
       499,843
           
Worker safety and health        
           
 Intra-governmental 132,066       123,355
           
 With the public 587,521
       583,246
           
Total cost 719,587       706,601
           
 Less earned revenue (3,024)
       (3,199)
           
   Net program cost 716,563
       703,402
           
       
OTHER PROGRAMS        
           
         
Statistics        
           
 Intra-governmental 149,297       138,348
           
 With the public 314,841
       300,585
           
Total cost 464,138       438,933
           
  Less earned revenue (4,829)
       (9,973)
           
   Net program cost 459,309
       428,960
           
       
Costs not assigned to programs 88,448       66,406
           
  Less earned revenue not attributed to programs (25,612)
       (22,827)
           
   Net cost not assigned to programs 62,836
       43,579
           
       
           
Net cost of operations $42,459,866
       $32,855,677
The accompanying notes are an integral part of these statements.
 

2001     2000
CHANGE IN NET POSITION      
       
Net cost of operations $42,459,866
     32,855,677
         
Net financing sources (Note 1-T)        
 Non-exchange revenue (Note 16)        
           
  Employer taxes 27,234,707     27,108,898
           
  Interest 5,775,266     5,367,241
           
   Assessments 146,713     145,751
           
  Reimbursement of unemployment benefits 1,072,686
     1,014,531
           
Total non-exchange revenue 34,229,372     33,636,421
           
       
Appropriations used 7,953,537     7,627,900
           
Imputed financing 86,835     78,039
           
Transfer of Eneergy employees occuaptional illness
 compensation benefits liability		 (1,600,00)     -
           
Transfers (Note 17) 2,146
     2,503
           
         
Total net financing sources 40,671,890
     41,344,863
       
           
 Net results of operations (1,787,976)     8,489,186
           
Increase (decrease) in unexpended appropriations 1,186,269
     (2,119,249)
           
Change in net position (601,707)     6,369,937
           
     
Net position, beginning of period 93,957,253
     87,587,316
           
Net position, end of period $93,355,546
     $93,957,253
         
The accompanying notes are an integral part of these statements.
 

  2001 2000
BUDGETARY RESOURCES (Note 18)        
           
 Budget authority $44,403,052       $40,109,628
           
 Unobligated balances, beginning 2,555,115       3,450,786
           
 Transfers of prior year authority 1,526       7,277
           
 Spending authority from offsetting collections 2,087,500       2,090,577
           
  Adjustments (1,645,805)
       (8,701,550)
           
         
Total budgetary resources $47,401,388
       $36,956,718
           
         
STATUS OF BUDGETARY RESOURCES        
         
 Obligations incurred (Note 18) $44,386,257       $34,401,603
           
 Unobligated balances available 2,382,784       1,780,288
           
 Unobligated balances not available 632,347
       774,827
           
Total status of budgetary resources $47,401,388
       $36,956,718
         
OUTLAYS (Note 18)        
         
 Obligations incurred $44,386,257       $34,401,603
           
 Less spending authority from offsetting collections (2,087,500)       (2,090,577)
           
 Less recoveries of prior year obligations (240,216)       (397,039)
           
 Change in unfilled customer orders 1,901       (1,464)
           
 Obligated balance, net, beginning 8,942,392       9,684,061
           
 Less obligated balance, net, ending (10,281,482)
       (8,942,392)
         
Total outlays $40,721,352
       $32,654,192
         

The accompanying notes are an intergal part of these statements.

2001 2000
OBLIGATIONS AND NON-BUDGETARY RESOURCES
           
 Obligations incurred $44,386,257       $34,401,603
           
 Less spending authority from offsetting collections (2,087,500)       (2,090,577)
           
 Recoveries of prior year obligations (240,216)       (397,039)
           
 Financing imputed for cost subsidies 86,835       78,039
           
 Transfers, net 2,146       2,503
           
 Exchange revenue not in budget (117,400)       (66,253)
           
 Trust fund exchange revenue (389,789)
       (420,144)
         
Total obligations as adjusted and non-budgetary resources 41,640,333
       31,508,132
         
RESOURCES NOT FUNDING NET COST OF OPERATIONS        
         
 Change in amount of goods, services and benefits
  ordered but not yet received or provided		 (743,569)       1,399,540
           
  Capitalized costs (85,598)       (94,741)
           
  Other 656
       (2,036)
       
Total resources not funding net cost of operations (828,511)
       1,302,763
         
COST OF OPERATIONS NOT CONSUMING RESOURCES        
         
 Depreciation and amortization 40,126       41,108
           
 Revaluation of assets and liabilities 207,114       243,161
           
 Benefit overpayments (229,177)       (226,189)
           
 Energy employees occupational illness compensation benefits 1,600,000       -
           
 Other 29,981
       (13,298)
         
Total cost of operations not consuming resources 1,648,044
       44,782
         
Net cost of operations $42,459,866
       $32,855,677
         
The accompanying notes are an integral part of these statements.

2001 2000
SOURCES OF CUSTODIAL REVENUE (Notes 1-U and 19)
           
 Cash collection of fines, penalties, assessments
  and related interest		 $115,521       $114,170
           
 Less refunds 170
       (3,331)
           
 Net cash collections 115,691       110,839
           
 Increase in amounts to be collected (5,413)
       23,832
         
Total sources of custodial revenue 110,278
       134,671
         
DISPOSITION OF CUSTODIAL REVENUE (Note 1-U)        
         
 Net transfers to U.S. Treasury general fund 115,691       110,839
           
 Increase in amounts to be transferred (5,413)
       23,832
       
Total disposition of custodial revenue 110,278
       134,671
Net custodial activity $ -
       $-
The accompanying notes are an integral part of these statements.

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