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GAO-23-105837 1 (2023-02-16)

handle is hein.gao/gaoogv0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 February 16, 2023 The President The President of the Senate The Speaker of the House of Representatives Financial Audit: FY 2022 and FY 2021 Consolidated Financial Statements of the U.S. Government This report transmits the results of GAO's audit of the U.S. government's fiscal years 2022 and 2021 consolidated financial statements. GAO's audit report is incorporated on page 222 in the enclosed Fiscal Year 2022 Financial Report of the United States Government (2022 Financial Report) that the Secretary of the Treasury prepared in coordination with the Director of the Office of Management and Budget (OMB). To operate as effectively and efficiently as possible, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information- both for individual federal entities and for the federal government as a whole. Our report on the U.S. government's consolidated financial statements for fiscal years 2022 and 2021 discusses progress that has been made, but also underscores that much work remains to improve federal financial management and that the federal government continues to face an unsustainable long-term fiscal path. 1 Beginning in fiscal year 2020, the federal government has taken unprecedented actions in response to the COVID-19 pandemic to protect public health and reduce economic impacts on individuals and businesses. These efforts are reflected in the net cost, assets, liabilities, and budget deficit reported in the U.S. government's consolidated financial statements for fiscal years 2022 and 2021. The ultimate cost of these actions and any future actions in response to the pandemic and their impact on the federal government's financial condition will not be fully known for some time. The federal government's COVI D-19-related cumulative appropriations totaled $4.5 trillion2 and budget expenditures totaled $4.0 trillion, as of September 30, 2022.3 1As discussed later in this report, an unsustainable long-term fiscal path is a situation where federal debt held by the public grows faster than gross domestic product (GDP) over the long term. 2The $4.5 trillion of cumulative appropriations reflects enacted rescissions, returns of unused permanent and indefinite authority, and obligation adjustments that reduced appropriations. 3Amounts presented are from the Department of the Treasury's Governmentwide Treasury Account Symbol Adjusted Trial Balance System. GAO-23-105837 U.S. Government's 2022 and 2021 Consolidated Financial Statements Page 1

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