FY 2007 Performance and Financial Highlights

PERFORMANCE HIGHLIGHTS

Overall performance results for the Department show that of the 131 performance targets, 92 percent were at or above target, one percent slightly below target, and seven percent not on target. These results are better than last year, when 86 percent were at or above target. Below are the performance results by strategic goal and financial highlights. Achieving results in each of the strategic goals furthers the Department’s mission. This summary provides a snapshot of the targeted achievements. Discussions and highlights of successes can be found in the performance discussions of each performance goal.

OBLIGATIONS AND FULL TIME EQUIVALENTS (FTEs) BY STRATEGIC GOAL
For the Years Ending September 30, 2007 and 2006
(Dollars In Millions) ¹

	Percentage Change	FY 2007	FY 2006
Obligations by Strategic Goal:
Strategic Goal 1: Provide the Information and Tools to Maximize U.S. Competitiveness and Enable Economic Growth for American Industries, Workers, and Consumers	-1.3%	$ 1,970.9	$1,997.0
Strategic Goal 2: Foster Science and Technological Leadership by Protecting Intellectual Property, Enhancing Technical Standards, and Advancing Measurement Science	+39.9%	3,803.5	2,719.5
Strategic Goal 3: Observe, Protect, and Manage the Earth’s Resources to Promote Environmental Stewardship	-4.1%	4,321.2	4,507.3
Management Integration Goal: Achieve Organizational and Management Excellence	+0.6%	72.2	71.8
TOTAL OBLIGATIONS	+9.4%	$10,167.8	$9,295.6
Full Time Equivalents (FTEs) by Strategic Goal:
Strategic Goal 1: Provide the Information and Tools to Maximize U.S. Competitiveness and Enable Economic Growth for American Industries, Workers, and Consumers	-9.8%	10,963	12,156
Strategic Goal 2: Foster Science and Technological Leadership by Protecting Intellectual Property, Enhancing Technical Standards, and Advancing Measurement Science	+8.1%	11,457	10,590
Strategic Goal 3: Observe, Protect, and Manage the Earth’s Resources to Promote Environmental Stewardship	-7.5%	11,933	12,896
Management Integration Goal: Achieve Organizational and Management Excellence	-0.3%	294	295
TOTAL FTEs	-3.6%	34,647	35,937
1Performance obligations may differ from obligations shown in financial reports because they do not include one-time funds for unexpected events (e.g., Katrina) or reimbursable work that cannot be planned. In these cases, these obligations are not factored into bureau performance amounts. (back)

FINANCIAL HIGHLIGHTS

CONDENSED BALANCE SHEETS
As of September 30, 2007 and 2006
(Dollars in Thousands)

	Percentage Change	FY 2007	FY 2006
ASSETS:
Fund Balance with Treasury	+5%	$ 7,596,655	$ 7,231,997
General Property, Plant, and Equipment, Net	+8%	5,729,764	5,299,093
Loans Receivable and Related Foreclosed Property, Net	+11%	519,854	467,985
Accounts Receivable, Net	-30%	102,340	145,906
Other	-17%	252,110	215,437
TOTAL ASSETS	+6%	$14,200,723	$13,360,418
LIABILITIES:
Unearned Revenue	+3%	$ 1,427,165	$ 1,390,284
Federal Employee Benefits	+6%	625,816	589,964
Accounts Payable	+19%	432,194	364,250
Accrued Grants	-4%	404,939	420,588
Debt to Treasury	+53%	645,997	422,071
Accrued Payroll and Annual Leave	+7%	396,444	370,240
Other	-11%	295,541	333,519
TOTAL LIABILITIES	+9%	$ 4,228,096	$ 3,890,916
NET POSITION:
Unexpended Appropriations	+5%	$ 4,528,905	$ 4,306,421
Cumulative Results of Operations	+5%	5,443,722	5,163,081
TOTAL NET POSITION	+5%	$ 9,972,627	$ 9,469,502
TOTAL LIABILITIES AND NET POSITION	+6%	$14,200,723	$13,360,418

CONDENSED STATEMENTS OF NET COST
For the Years Ended September 30, 2007 and 2006
(Dollars in Thousands)

	Percentage Change	FY 2007	FY 2006
Strategic Goal 1: Provide the Information and Tools to Maximize U.S. Competitiveness and Enable Economic Growth for American Industries, Workers, and Consumers	+1%	$1,834,941	$1,816,282
Strategic Goal 2: Foster Science and Technological Leadership by Protecting Intellectual Property, Enhancing Technical Standards, and Advancing Measurement Science	+15%	814,164	707,220
Strategic Goal 3: Observe, Protect, and Manage the Earth’s Resources to Promote Environmental Stewardship	-3%	3,785,802	3,893,386
TOTAL NET COST OF OPERATIONS	0%	$6,434,907	$6,416,888
Total Gross Costs	+2%	$8,977,486	$8,824,389
Total Earned Revenue	+6%	(2,542,579)	(2,407,501)
Total Net Cost of Operations	0%	$6,434,907	$6,416,888

REVIEW OF FINANCIAL POSITION AND RESULTS

Assets

The Department had total assets of $14.2 billion as of September 30, 2007. This represents an increase of $840 million (six percent) over the previous year’s total assets of $13.4 billion. The increase is primarily the result of Fund Balance with Treasury increasing by $365 million, which primarily resulted from an increase of $368 million in obligated balance not yet disbursed; and General Property, Plant, and Equipment, Net increased by $431 million, which is primarily due to an increase of $302 million in the National Oceanic and Atmospheric Administration’s (NOAA) Satelittes/Weather Systems Personal Property, Net. Loans Receivable and Related Foreclosed Property, Net increased by $52 million, which is primarily due to NOAA’s Fisheries Finance Traditional Loans, and Bering Sea and Aleutian Islands Non-Pollock Buyback Loans.

Liabilities

The Department had total liabilities of $4.2 billion as of September 30, 2007. This represents an increase of $337 million (eight percent) over the previous year’s total liabilities of $3.9 billion. The increase is primarily the result of Debt to Treasury increased $224 million, which is mainly due to net borrowings increase of $164 million in the National Telecommunications and Information Administration’s (NTIA) grant programs and $63 million for NOAA’s direct loan programs; Accounts Payable increased $68 million, primarily related to NOAA’s program support activities and transactions with the National Aeronautics and Space Administration (NASA); Unearned Revenue increased $37 million, primarily due to increased unearned revenue from patent and trademark application and user fees that are pending action.

Net Cost of Operations

In FY 2007, Net Cost of Operations amounted to $6.4 billion, which consists of Gross Costs of $8.9 billion less Earned Revenue of $2.5 billion. Strategic Goal 1 includes Gross Costs of $2.1 billion related to providing information and tools to maximize U.S. competitiveness and enable economic growth for American industries, workers, and consumers. Strategic Goal 2 includes Gross Costs of $2.8 billion related to fostering science and technological leadership by protecting intellectual property, enhancing technical standards, and advancing measurement science. Strategic Goal 3 includes Gross Costs of $4.0 billion related to observing, protecting, and managing the Earth’s resources to promote environmental stewardship.

U.S Department of Commerce Home Page | Office of Budget Home | Privacy Policy
DOC Budget Submissions, Performance and Strategic Plans
Budget Handbook | Contact Us | Weblinks | Disclaimer |Comments

Search all Commerce web sites at USAGov Enter search terms: