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Secretary of Labor Thomas E. Perez
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DOL Annual Report, Fiscal Year 2009
Performance and Accountability Report

Principal Financial Statements and Notes

NOTE 2 — FUNDS WITH U.S. TREASURY

Funds with U.S. Treasury at September 30, 2009 consisted of the following:

 

Entity Assets

 

 

(Dollars in thousands)

Unobligated Balance Available

Unobligated Balance Unavailable

Obligated Balance Not Yet Disbursed

Total Entity Assets

Non-entity Assets

Total

Revolving funds

$16,351

$-

$61,785

$78,136

$-

$78,136

Trust funds

2,340,232

-

(298,848)

2,041,384

(687)

2,040,697

General funds

2,742,223

637,147

8,902,843

12,282,213

-

12,282,213

Other

-

-

-

-

5,705

5,705

 

$5,098,806

$637,147

$8,665,780

$14,401,733

$5,018

$14,406,751




Funds with U.S. Treasury at September 30, 2008 consisted of the following:

 

Entity Assets

 

 

(Dollars in thousands)

Unobligated Balance Available

Unobligated Balance Unavailable

Obligated Balance Not Yet Disbursed

Total Entity Assets

Non-entity Assets

Total

Revolving funds

$13,388

$-

$45,518

$58,906

$-

$58,906

Trust funds

192,605

-

(285,620)

(93,015)

(503)

(93,518)

General funds

2,489,715

1,340,149

5,555,362

9,385,226

-

9,385,226

Other

-

-

-

-

78,316

78,316

 

$2,695,708

$1,340,149

$5,315,260

$9,351,117

$77,813

$9,428,930




The negative fund balances reported as of September 30, 2009 and 2008 relate to the Unemployment Trust Fund (UTF) and are the result of the timing of processing the investments and redemptions of UTF. The investments and redemptions relating to the last business day of the month are not processed until the first day of the next month. This could result in a negative cash position for the preceding business day if the disbursements are greater than the receipts to the fund. Unobligated Balance Available at September 30, 2009 includes $558 million of funds apportioned for use in the subsequent year.




NOTE 3 — INVESTMENTS

Investments at September 30, 2009 consisted of the following:

(Dollars in thousands)

Face Value

Premium (Discount)

Interest Receivable

Net Value

Market Value

Unemployment Trust Fund

 

 

 

 

 

Non-marketable

 

 

 

 

 

Special issue U.S. Treasury Bonds

 

 

 

 

 

3.250% maturing June 30, 2010

$334,382

$-

$32

$334,414

$334,382

4.500% maturing June 30, 2011

19,293,800

-

217,055

19,510,855

19,293,800

 

19,628,182

-

217,087

19,845,269

19,628,182

Panama Canal Commission Compensation Fund

 

 

 

 

 

Marketable

 

 

 

 

 

U.S. Treasury Notes

 

 

 

 

 

3.500% to 4.625% various maturities

66,664

44

1,103

67,811

67,268

U.S. Treasury Bonds

 

 

 

 

 

11.750% to be called November 15, 2009

5,163

52

228

5,443

5,234

 

71,827

96

1,331

73,254

72,502

Energy Employees Occupational Illness Compensation Fund

 

 

 

 

 

Non-marketable

 

 

 

 

 

One Day Certificate

 

 

 

 

 

0.070% maturing October 1, 2009

192,823

-

-

192,823

192,823

 

$19,892,832

$96

$218,418

$20,111,346

$19,893,507

Entity investments

$19,856,989

$96

$218,022

$20,075,107

$19,857,665

Non-entity investments

35,843

-

396

36,239

35,842

 

$19,892,832

$96

$218,418

$20,111,346

$19,893,507




Investments at September 30, 2008 consisted of the following:

(Dollars in thousands)

Face Value

Premium (Discount)

Interest Receivable

Net Value

Market Value

Unemployment Trust Fund

 

 

 

 

 

 

Non-marketable

 

 

 

 

 

 

Special issue U.S. Treasury Bonds

 

 

 

 

 

 

4.875% maturing June 30, 2009

$3,304,955

$-

$40,279

$3,345,234

$3,304,955

 

5.000% maturing June 30, 2009

11,000,000

-

137,500

11,137,500

11,000,000

 

5.000% maturing June 30, 2010

24,855,747

-

310,697

25,166,444

24,855,747

 

4.500% maturing June 30, 2010

5,000,000

-

56,250

5,056,250

5,000,000

 

4.500% maturing June 30, 2011

28,271,737

-

318,057

28,589,794

28,271,737

 

 

72,432,439

-

862,783

73,295,222

72,432,439

Panama Canal Commission Compensation Fund

 

 

 

 

 

 

Marketable

 

 

 

 

 

 

U.S. Treasury Notes

 

 

 

 

 

 

3.500% to 4.750% various maturities

70,089

5

1,166

71,260

71,247

 

U.S. Treasury Bonds

 

 

 

 

 

 

11.750% various maturities

5,163

472

228

5,863

5,729

 

 

75,252

477

1,394

77,123

76,976

Longshore and Harbor Workers' Compensation Act Trust Fund

 

 

 

 

 

 

Non-marketable

 

 

 

 

 

 

One Day Certificate

 

 

 

 

 

 

0.330% maturing October 1, 2008

61,905

-

-

61,905

61,905

District of Columbia Workmen's Compensation Act Trust Fund

 

 

 

 

 

 

Non-marketable

 

 

 

 

 

 

One Day Certificate

 

 

 

 

 

 

0.330% maturing October 1, 2008

5,160

-

-

5,160

5,160

Energy Employees Occupational Illness Compensation Fund

 

 

 

 

 

 

Non-marketable

 

 

 

 

 

 

One Day Certificate

 

 

 

 

 

 

0.330% maturing October 1, 2008

125,265

-

-

125,265

125,265

 

 

$72,700,021

$477

$864,177

$73,564,675

$72,701,745

Entity investments

$72,590,369

$477

$862,871

$73,453,717

$72,592,093

Non-entity investments

109,652

-

1,306

110,958

109,652

 

 

$72,700,021

$477

$864,177

$73,564,675

$72,701,745




NOTE 4 — ACCOUNTS RECEIVABLE, NET OF ALLOWANCE

Accounts receivable at September 30, 2009 consisted of the following:

(Dollars in thousands)

Gross Receivables

Allowance

Net Receivables

Entity intra-governmental assets

     

Due for UCFE and UCX benefits

$474,770

$-

$474,770

Due for workers' compensation benefits

4,982,929

-

4,982,929

Other

9,798

-

9,798

 

5,467,497

-

5,467,497

Entity assets

     

State unemployment taxes

945,324

(682,354)

262,970

Due from reimbursable employers

733,404

(46,191)

687,213

Benefit overpayments

1,989,258

(1,640,575)

348,683

Other

5,247

(841)

4,406

 

3,673,233

(2,369,961)

1,303,272

Non-entity assets

     

Fines and penalties

91,143

(40,574)

50,569

 

3,764,376

(2,410,535)

1,353,841

 

$9,231,873

$(2,410,535)

$6,821,338




Accounts receivable at September 30, 2008 consisted of the following:

(Dollars in thousands)

Gross Receivables

Allowance

Net Receivables

Entity intra-governmental assets

     

Due for UCFE and UCX benefits

$292,833

$-

$292,833

Due for workers' compensation benefits

3,771,775

-

3,771,775

Other

12,269

-

12,269

 

4,076,877

-

4,076,877

Entity assets

 

 

 

State unemployment taxes

823,667

(639,682)

183,985

Due from reimbursable employers

502,342

(28,540)

473,802

Benefit overpayments

1,935,897

(1,678,795)

257,102

Other

13,126

(2,127)

10,999

 

3,275,032

(2,349,144)

925,888

Non-entity assets

 

 

 

Fines and penalties

76,778

(32,605)

44,173

Backwages

16,785

(10,418)

6,367

 

93,563

(43,023)

50,540

 

3,368,595

(2,392,167)

976,428

 

$7,445,472

$(2,392,167)

$5,053,305




NOTE 5 — PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

Property, plant and equipment at September 30, 2009 consisted of the following:

 

2009

(Dollars in thousands)

Cost

Accumulated Depreciation/Amortization

Net Book Value

Structures, facilities and improvements

     

Structures and facilities

$1,111,949

$(468,889)

$643,060

Improvements to leased facilities

420,863

(244,674)

176,189

 

$1,532,812

(713,563)

819,249

Furniture and equipment

   

 

Equipment held by contractors

170,681

(162,628)

8,053

Furniture and equipment

33,248

(22,614)

10,634

 

203,929

(185,242)

18,687

Internal use software

196,561

(73,408)

123,153

Construction-in-progress

97,377

-

97,377

Land

95,774

-

95,774

 

$2,126,453

$(972,213)

$1,154,240




Property, plant and equipment at September 30, 2008 consisted of the following:

 

2008

(Dollars in thousands)

Cost

Accumulated Depreciation/Amortization

Net Book Value

Structures, facilities and improvements

     

Structures and facilities

$1,067,982

$(437,047)

$630,935

Improvements to leased facilities

423,580

(233,798)

189,782

 

1,491,562

(670,845)

820,717

Furniture and equipment

   

 

Equipment held by contractors

166,504

(159,612)

6,892

Furniture and equipment

51,777

(36,132)

15,645

 

218,281

(195,744)

22,537

Internal use software

206,369

(92,110)

114,259

Construction-in-progress

90,233

-

90,233

Land

93,253

-

93,253

 

$2,099,698

$(958,699)

$1,140,999




NOTE 6 — ADVANCES

Advances at September 30, 2009 and 2008 consisted of the following:

(Dollars in thousands)

2009

2008

Advances to states for UI benefit payments

$1,583,858

$706,556

Advances to grantees and contractors to finance future DOL program expenditures

16,298

35,947

Other

90,942

13,907

 

$1,691,098

$756,410




NOTE 7 — NON-ENTITY ASSETS

Non-entity assets consisted of the following at September 30, 2009 and 2008:

(Dollars in thousands)

2009

2008

Intra-governmental

 

 

Funds with U.S. Treasury

$5,018

$77,813

Investments

36,239

110,958

 

41,257

188,771

Accounts receivable, net of allowance

50,569

50,540

 

$91,826

$239,311




NOTE 8 — DEBT

DOLís debt during 2009 consisted of the following:

(Dollars in thousands)

Balance at September 30, 2008

Refinancing

Net Borrowing

Balance at September 30, 2009

Intra-governmental

 

 

 

 

Debt to Treasury

 

 

 

 

 

Black Lung Disability Trust Fund

 

 

 

 

Advances from U.S. Treasury

$10,483,557

$(10,483,557)

$-

$-

 

 

Borrowing from U.S. Treasury

-

6,495,717

(125,137)

6,370,580

 

 

Unemployment Trust Fund

 

 

 

 

 

Advances from U.S. Treasury

-

-

7,981,387

7,981,387

 

 

 

$10,483,557

$(3,987,840)

$7,856,250

$14,351,967




DOLís debt during 2008 consisted of the following:

(Dollars in thousands)

 

Balance at September 30, 2007

Refinancing

Net Borrowing

Balance at September 30, 2008

Intra-governmental

 

 

 

 

 

Debt to Treasury

 

 

 

 

 

 

Black Lung Disability Trust Fund

 

 

 

Advances from U.S. Treasury

$10,057,557

$-

$426,000

$10,483,557




Refinancing includes the replacement of high interest rate Advances from U.S. Treasury with borrowings in the form of discounted instruments, similar to zero coupon bonds. Net borrowing includes capitalized interest of $212,335 and repaid debt of $337,472 for the Black Lung Disability Trust fund and new advances of $7,950,000 and accrued interest of $31,387 for the Unemployment Trust Fund. (See Note 1-J)




NOTE 9 — OTHER LIABILITIES

Other liabilities at September 30, 2009 and 2008 consisted of the following current liabilities:

(Dollars in thousands)

2009

2008

Intra-governmental

 

 

Accrued payroll benefits

$15,222

$13,055

 

Unearned FECA assessments

18

52,724

 

Non-entity receivables due to U.S. Treasury

50,332

42,803

 

Amounts held for the Railroad Retirement Board

35,552

110,455

 

Advances from other Federal agencies

300

300

Total intra-governmental

101,424

219,337

 

 

 

 

Accrued payroll and benefits

69,124

59,043

Due to Backwage recipients

-

84,925

Unearned assessment revenue

-

41,217

Deposit and clearing accounts

5,944

1,127

Readjustment allowances and other Job Corps liabilities

75,374

54,537

 

 

150,442

240,849

 

 

$251,866

$460,186




NOTE 10 — ACCRUED BENEFITS Accrued benefits at September 30, 2009 and 2008 consisted of the following:

(Dollars in thousands)

2009

2008

State regular and extended unemployment benefits payable

$1,775,266

$966,415

Federal extended unemployment benefits payable

520,503

39,144

Federal emergency unemployment benefits payable, 2008

1,230,920

324,534

Federal emergency unemployment benefits payable, other

69,505

70,710

Federal employees' unemployment benefits payable

28,104

25,431

Federal employees' unemployment benefits for existing

 

claims due in the subsequent year

614,451

202,759

Federal additional unemployment benefits payable

231,361

-

Total unemployment benefits payable

4,470,110

1,628,993

Black lung disability benefits payable

36,017

40,003

Federal employees' disability and 10(h) benefits payable

90,017

76,952

Energy employees occupational illness compensation benefits payable

31,106

24,712

Longshore and harbor workers disability benefits payable

-

4,571

District of Columbia disability benefits payable

-

345

 

$4,627,250

$1,775,576




NOTE 11 — FUTURE WORKERS' COMPENSATION BENEFITS

DOLís liability for future workersí compensation benefits at September 30, 2009 and 2008 consisted of the following:

(Dollars in thousands)

2009

2008

Projected gross liability of the Federal government for future FECA benefits

$26,953,702

$27,589,632

Less liabilities attributed to other agencies:

   

U.S. Postal Service

(9,507,251)

(9,543,798)

Department of Navy

(2,425,587)

(2,685,911)

Department of Army

(1,790,270)

(1,980,257)

Department of Veterans Affairs

(1,734,929)

(1,905,472)

Department of Air Force

(1,286,935)

(1,395,449)

Department of Transportation

(970,738)

(985,336)

Department of Homeland Security

(1,826,221)

(1,795,351)

Tennessee Valley Authority

(505,491)

(532,499)

Department of Treasury

(525,430)

(593,196)

Department of Agriculture

(845,995)

(832,013)

Department of Justice

(1,233,899)

(1,136,570)

Department of Interior

(697,210)

(692,389)

Department of Defense, Other

(815,854)

(800,883)

Department of Health and Human Services

(253,312)

(282,517)

Social Security Administration

(310,636)

(297,932)

General Services Administration

(135,953)

(163,826)

Department of Commerce

(171,187)

(169,580)

Department of Energy

(95,897)

(104,734)

Department of State

(71,621)

(68,892)

Department of Housing and Urban Development

(69,058)

(84,529)

Department of Education

(16,199)

(16,554)

National Aeronautics and Space Administration

(56,912)

(63,977)

Environmental Protection Agency

(44,122)

(44,615)

Small Business Administration

(29,640)

(27,061)

Office of Personnel Management

(21,695)

(22,139)

National Science Foundation

(1,319)

(1,198)

Nuclear Regulatory Commission

(7,628)

(7,059)

Agency for International Development

(26,885)

(23,137)

Other

(586,569)

(569,922)

 

(26,064,443)

(26,826,796)

 

$889,259

$762,836

Projected liability of the Department of Labor for future FECA benefits

FECA benefits not chargeable to other Federal agencies payable by

DOL's Federal Employees' Compensation Act Special Benefit Fund

$616,541

$473,892

FECA benefits due to eligible workers of DOL and Job Corps enrollees

216,793

235,382

FECA benefits due to eligible workers of the Panama Canal Commission

55,925

53,562

 

$889,259

$762,836




NOTE 12 — LIABILITIES NOT COVERED BY BUDGETARY RESOURCES

Liabilities not covered by budgetary resources at September 30, 2009 and 2008 consisted of the following:

(Dollars in thousands)

2009

2008

Intra-governmental

 

 

Debt

$14,320,580

$10,483,557

Accrued benefits

515,593

-

Future workers' compensation benefits

296,339

231,965

Accrued annual leave

99,737

105,763

Readjustment allowances and other Job Corps liabilities

74,699

54,537

 

 

986,368

392,265

 

 

$15,306,948

$10,875,822




NOTE 13 — CONTINGENCIES

The Department is involved in various lawsuits incidental to its operations. Judgments resulting from litigation against the Department are generally paid by the Department of Justice. In the opinion of management, the ultimate resolution of pending litigation will not have a material effect on the Departmentís financial position.




NOTE 14 — PENSION EXPENSE

Pension expense in 2009 consisted of the following:

(Dollars in thousands)

Employer Contributions

Costs Imputed by OPM

Total Pension Expense

Civil Service Retirement System

$21,938

$36,392

$58,330

Federal Employees' Retirement System

110,402

2,849

113,251

Thrift Savings Plan

41,613

-

41,613

 

$173,953

$39,241

$213,194




Pension expense in 2008 consisted of the following:

(Dollars in thousands)

Employer Contributions

Costs Imputed by OPM

Total Pension Expense

Civil Service Retirement System

$22,251

$36,925

$59,176

Federal Employees' Retirement System

103,805

-

103,805

Thrift Savings Plan

39,286

-

39,286

 

$165,342

$36,925

$202,267

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