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The level of corporate profits increased in FY 2011, but at a slower pace than in the previous fiscal year. Federal spending grew and tax receipts increased in FY 2011, which resulted in the Federal unified budget deficit remaining essentially flat at $1.3 trillion. However, the deficit narrowed as a share of GDP to 8.7 percent from 9.0 percent in FY 2010. The economy continued to receive significant support during the fiscal year by a wide variety of measures implemented under the American Recovery and Reinvestment Act of 2009 (Recovery Act or ARRA). It was also. | Financial Report of the United States Government 2000 Contents A Message from the Secretary of the Treasury.1 Management s Discussion and Analysis.3 General Accounting Office Report Comptroller General s Statement.23 Auditor s Report.27 Financial Statements Statement of Operations and Changes in Net Position.40 Statement of Net Cost.41 Balance Sheet.43 Stewardship Information Unaudited Stewardship Assets National Defense Assets.45 Stewardship Land.48 Heritage Assets.51 Stewardship Responsibilities Social Insurance Update.53 Social Insurance.55 United States Statement of Social Insurance.55 Notes to the Statement of Social Insurance.57 Program Sustainability.57 Trust Fund Financing.59 Social Security.59 Hospital Insurance - Medicare Part A.70 Federal Supplementary Medical Insurance - Medicare Part B.76 Railroad Retirement.78 Black Lung Part C .81 Unemployment Insurance.82 Stewardship Investments Non-Federal Physical Property.86 Human Capital.87 Research and Development.87 Current Services Assessment.89 Notes to the Financial Statements Note 1 - Summary of Significant Accounting Policies.91 Note 2 - Cash and Other Monetary Assets.94 Note 3 - Accounts Receivable.95 Note 4 - Loans Receivable and Loan Guarantee Liabilities.96 Note 5 - Taxes Receivable .99 Note 6 - Inventories and Related Property.99 Note 7 - Property Plant and Equipment. 100 Note 8 - Other Assets.101 Note 9 - Accounts Payable.101 Note 10 - Federal Debt Securities Held by the Public.102 Note 11 - Federal Employee and Veteran Benefits Payable.105 Note 12 - Environmental and Disposal Liabilities.108 Note 13 - Benefits Due and Payable.110 Note 14 - Other Liabilities.110 Note 15 - Collections and Refunds of Federal Revenue.111 Note 16 - Unreconciled Transactions Affecting the Change in Net Position.113 Note 17 - Prior Period Adjustments.113 Note 18 - Commitments and Contingencies.113 Note 19 - Dedicated Collections.115 Note 20 - Indian Trust Funds.119 Supplemental Information Unaudited Net Cost Detail. 121 .
