This is the accessible text file for GAO report number GAO-04-177 entitled 'Financial Audit: Bureau of the Public Debt's Fiscal Years 2003 and 2002 Schedules of Federal Debt' which was released on November 07, 2003. This text file was formatted by the U.S. General Accounting Office (GAO) to be accessible to users with visual impairments, as part of a longer term project to improve GAO products' accessibility. Every attempt has been made to maintain the structural and data integrity of the original printed product. Accessibility features, such as text descriptions of tables, consecutively numbered footnotes placed at the end of the file, and the text of agency comment letters, are provided but may not exactly duplicate the presentation or format of the printed version. The portable document format (PDF) file is an exact electronic replica of the printed version. We welcome your feedback. Please E-mail your comments regarding the contents or accessibility features of this document to Webmaster@gao.gov. This is a work of the U.S. government and is not subject to copyright protection in the United States. It may be reproduced and distributed in its entirety without further permission from GAO. Because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately. GAO Highlights: Highlights of GAO-04-177, a report to Secretary of the Treasury Why GAO Did This Study: GAO is required to audit the consolidated financial statements of the U.S. government. Due to the significance of the federal debt held by the public to the governmentwide financial statements, GAO has also been auditing the Bureau of the Public Debt’s (BPD) Schedules of Federal Debt annually. The audit of these schedules 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, referred to as 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. What GAO Found: In GAO’s opinion, BPD’s Schedules of Federal Debt for fiscal years 2003 and 2002 were fairly presented in all material respects and BPD maintained effective internal control related to the Schedule of Federal Debt as of September 30, 2003. GAO also found no instances of noncompliance in fiscal year 2003 with selected provisions of the statutory debt limit and debt issuance suspension period laws we tested. As of September 30, 2003 and 2002, federal debt managed by BPD totaled about $6,783 billion and $6,213 billion, respectively. In fiscal year 2003, debt held by the public as a percentage of the annual size of the U.S. economy increased by approximately 2.3 percentage points to an estimated 36.5 percent. Further, certain trust funds (e.g., Social Security and Medicare) 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 2003, a debt issuance suspension period was invoked to avoid breaching the statutory debt limit. On May 27, 2003, legislation was enacted to raise the debt limit by $984 billion to $7,384 billion. The Congressional Budget Office recently projected that this new debt limit will be reached during fiscal year 2004. 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 first 2 years of this period, but increased during fiscal years 2002 and 2003, with the return of annual deficits. Intragovernmental debt holdings steadily increased during this 4-year period primarily due to excess receipts over disbursements in federal trust funds. What GAO Recommends: www.gao.gov/cgi-bin/getrpt?GAO-04-177. For a fuller understanding of GAO’s opinion on BPD’s fiscal years 2003 and 2002 Schedules of Federal Debt, readers should refer to the complete audit report, available by clicking the link above, which includes information on audit objectives, scope, and methodology. For more information, contact Gary T. Engel at (202) 512-3406. [End of section] Report to the Secretary of the Treasury: November 2003: FINANCIAL AUDIT: Bureau of the Public Debt's Fiscal Years 2003 and 2002 Schedules of Federal Debt: [Hyperlink, http://www.gao.gov/cgi-bin/getrpt?GAO-04-177] GAO-04-177: 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 Acknowledgements: GAO Contact: Acknowledgments: BPD: Bureau of the Public Debt: OMB: Office of Management and Budget: Letter November 7, 2003: The Honorable John W. Snow: 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, 2003 and 2002. 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, 2003 and 2002, (2) opinion on the effectiveness of related internal control as of September 30, 2003, (3) conclusion on the bureau's compliance in fiscal year 2003 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, 2003 and 2002, federal debt managed by the bureau totaled about $6,783 billion and $6,213 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) $3,924 billion as of September 30, 2003, and $3,553 billion as of September 30, 2002, of debt held by the public and about (2) $2,859 billion as of September 30, 2003, and $2,660 billion as of September 30, 2002, 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 deficits, in fiscal years 2002 and 2003, debt held by the public increased by $585 billion, with about $371 billion of this increase occurring in fiscal year 2003. Treasury issued more debt by increasing the number of auctions and the size of new debt issues. During fiscal year 2003, Treasury reintroduced the 3-year note, which will be offered every quarter. In addition, Treasury increased the offerings of the 5-year note from quarterly to monthly offerings; the 10-year note from an offering every quarter to eight offerings a year; and the 10-year inflation indexed note from three offerings a year to an offering every quarter. Notwithstanding the increases in fiscal years 2002 and 2003, 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 58 percent as of September 30, 2003. 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 $1,276 billion during fiscal years 1998 through 2003, from $1,583 billion as of September 30, 1997, to $2,859 billion as of September 30, 2003, with about $199 billion of this increase occurring in fiscal year 2003. Intragovernmental debt holdings as a percentage of total federal debt have increased from approximately 29 percent as of September 30, 1997, to approximately 42 percent as of September 30, 2003. 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 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 do 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 2003, Treasury again faced the challenge of managing the debt within the statutory debt limit. On February 20, 2003, Treasury entered into a debt issuance suspension period 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, the Civil Service Retirement and Disability Trust Fund (Civil Service fund), and the Exchange Stabilization Fund; redeeming Civil Service fund securities early; suspending the sales of State and Local Government Series nonmarketable Treasury securities; exchanging Treasury securities for Federal Financing Bank 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 this period, Treasury turned to issuing bills with maturity dates of 14 days or less to manage short-term financing needs. On May 27, 2003, legislation was enacted to raise the statutory debt limit by $984 billion to $7,384 billion. Subsequently, Treasury restored all losses to the G-Fund and Civil Service fund in accordance with legal authorities provided to the Secretary of the Treasury. The Congressional Budget Office recently projected that this new debt limit will be reached during fiscal year 2004.[Footnote 3] The challenge of managing the federal debt is not likely to diminish any time soon. In fiscal year 2003 alone, debt held by the public increased by approximately 2.3 percent of gross domestic product (GDP)- -from 34.2 percent at the start of the fiscal year to an estimated 36.5 percent at the end. Although the recession of 2001 has been over for almost 2 years, the federal budget deficit for fiscal year 2003 is the largest (in nominal dollars) on record, and projections suggest that the deficit for fiscal year 2004 will be even larger. Budget controls instituted to achieve balance in the past have expired, and no agreement has been reached on the appropriate structure or process for focusing on the large and growing fiscal challenges that now face the federal government. These large deficits come as the squeeze on the federal budget from the impending retirement of the baby boom generation is becoming more apparent in the fiscal outlook. Under the Congressional Budget Office's most recent 10-year budget outlook, economic growth is projected to be about half a percentage point lower on average after 2008 when the leading edge of the baby boom generation becomes eligible for early retirement. At the same time, growth in Social Security and Medicare spending is projected to accelerate while Medicaid spending is projected to continue growing even faster than these two programs. Under current law, spending for these three programs will account for nearly half of all federal spending in 2013. Indeed, GAO's long-term budget simulations continue to show that without changes to the major entitlement programs for the elderly, the nation will ultimately have to choose between escalating federal deficits and debt, significant tax increases, and/or dramatic budget cuts in other areas. Acting sooner rather than later is essential to ease these building fiscal pressures. : 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 Transportation, 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 Transportation, Treasury, and Independent Agencies, House Committee on Appropriations; and the Subcommittee on Government Efficiency and Financial Management, 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 [Hyperlink, http://www.gao.gov.] 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. Signed by: Sincerely yours, 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 4] 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, 2003 and 2002. 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 5] In our audits of the Schedules of Federal Debt for the fiscal years ended September 30, 2003 and 2002, 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, 2003; and: * no reportable noncompliance in fiscal year 2003 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, 2003, 2002, and 2001, 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, 2003 and 2002. 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, 2003. 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, 2003, would be prevented or detected on a timely basis. Our opinion is based on criteria established under 31 U.S.C. sec. 3512 (c), (d) (2000) (commonly referred to as the Federal Managers' Financial Integrity Act) and the Office of Management and Budget (OMB) Circular A-123, revised June 21, 1995, Management Accountability and Control. We found matters involving computer controls that we do not consider to be reportable conditions.[Footnote 6] 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 2003 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, 2003, 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, 2003, 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, 2003, 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, 2003, 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, 2003, 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, 2003; * 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 2003 with selected provisions of the following laws: statutory debt limit (31 U.S.C. sec. 3101(b) (2000), as amended by Pub. L. No. 107-199, sec. 1, 116 Stat. 734 (2002) and Pub. L. 108-24, 117 Stat. 710 (2003)), suspension and early redemption of investments from the Civil Service Retirement and Disability Trust Fund (5 U.S.C. sec. 8348(j)(k) (2000)), and suspension of investments from the G-Fund (5 U.S.C. sec. 8438(g) (2000)). 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, 2003. 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 Comptroller General of the United States: October 24, 2003: : [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] [End of section] Appendixes: Appendix I: Comments from the Bureau of the Public Debt: DEPARTMENT OF THE TREASURY: BUREAU OF THE PUBLIC DEBT WASHINGTON, DC 20239-0001: November 3, 2003: 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, 2003 and 2002. We agree with your audit report's conclusions. We appreciate the expertise and professionalism of your audit team and would like to thank you and your staff for conducting a thorough audit of these schedules. Although we continue to work under accelerated time frames, the audit process grows more efficient each year. Additionally, through combined efforts, the usability of these reports continues to develop, making their practical application more valuable. We look forward to continuing this productive and successful relationship. Sincerely, Signed by: Van Zeck: Commissioner: www.treasurydirect.gov: [End of section] Appendix II: GAO Contact and Acknowledgements: GAO Contact: Louise DiBenedetto, (202) 512-6921: Acknowledgments: In addition to the individual named above, Dawn B. Simpson, Dean D. Carpenter, Dennis L. Clarke, Chau L. Dinh, Martin J. Eble, Mickie E. Gray, Nichole Harrington, Jay McTigue, Kara M. Scott, Stacey L. Volis, and LaShawnda K. Wilson made key contributions to this report. (198166): 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] Congressional Budget Office, The Budget and Economic Outlook: An Update (Washington, D.C.: August 2003). [4] 31 U.S.C. sec. 331(e) (2000). [5] 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. [6] 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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