Note 12. Reconciliation to the President’s Budget

In accordance with FASAB SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting, if there are differences between amounts reported in these financial statements versus those reported in the most recent Budget of the United States Government (President’s Budget), they must be disclosed. With the President’s Budget generally released in February each year, the most current comparable data is the FY 2008 President’s Budget, which contains FY 2006 financial statement results. The FY 2009 President’s Budget, containing FY 2007 actual results is expected to be released in February 2008 on OMB’s Web site. The portion of the President’s Budget relating specifically to GSA can be found in the appendix. Balances submitted to the U.S. Treasury constitute the basis for reporting of actual results in the President’s Budget.

Differences between the CSBR and the President’s Budget can be due to adjustments identified by GSA during the preparation of the CSBR, which occurred after the U.S. Treasury’s deadline for reporting of fund balances and budget execution results. Such adjustments to the balances reported to the U.S. Treasury were made on the CSBR to more fully reflect the activity for the fiscal year ended, and for balances as of September 30, 2006.

The basis of the CSBR is data reported to the U.S. Treasury on the Reports on Budget Execution and Budgetary Resources (SF 133’s). However, as the CSBR is being developed, items may be identified that require adjustment to the data originally submitted on the SF 133’s, which would create differences between the CSBR and the President’s Budget. Generally, such items are identified after the deadlines for reporting to the U.S. Treasury, and reflect reclassifications of balances to report the proper status of obligations or budgetary resources. For FY 2006, the only significant differences were due to the effect of adjustments recorded in the FBF, based on statistical sampling techniques which were not sufficiently detailed for SF 133 reporting.

Additional reconciling differences are caused by the presentation style of the President’s Budget, which excludes Budgetary Resources, Obligations Incurred, and Unobligated Balances in expired annual funds, as well as offsetting collections, which are required for reporting on the CSBR.

In some instances OMB may require additional changes to actual reported results for pending or known changes in legislation that affect future presentations. Small rounding differences also exist due to differences in display of the CSBR versus the President’s Budget.

Below are two schedules highlighting the most significant comparable amounts reported in the FY 2006 CSBR and FY 2008 President’s Budget (dollars in millions). The first schedule shows the total differences where the CSBR contains balances greater or (less) than amounts reported in the President’s Budget by fund. Following this is a second schedule displaying the components of each difference at the consolidated level.

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