Financial Results by Major Fund - Federal Buildings Fund
The Federal Buildings Fund (FBF) is the primary fund of the Public Buildings Service (PBS). PBS provides workplaces for federal agencies and their employees. FBF is primarily supported by rent paid to GSA from other federal entities.
|Revenues ($ in Millions)||Percentage of Total Revenues|
|FBF Top 5 Customers|
|Dept. of Justice||$1,854||16%|
|Dept. of Homeland Security||$1,822||16%|
|Social Security Administration||$820||7%|
|Dept. of the Treasury||$818||7%|
FY 2012 FBF gross revenue was $11.5 billion, with over half the revenue from five federal customer agencies as shown in the FBF Top 5 Customers table.
FBF Net Revenues from Operations
FBF Net Revenues from Operations represents the amounts remaining after the costs of operating GSA owned and leased buildings are subtracted from revenue. Net Revenues from Operations are used to invest in major repairs and alterations to federal buildings and to partially offset costs of constructing new federal buildings.
Revenues and expenses in FBF are primarily from building operations and rent. FBF also operates a Reimbursable Work Authorization (RWA) program, which provides customer agencies with alterations and improvements in GSA space, above what is specified in the base rental agreement. FBF reported net revenue of $310 million. Overall net revenues increased by $169 million, from $141 million in FY 2011. This was due to a $103 million increase in net revenue from owned building operations and a $66 million decrease in the net cost of leased building operations.
FBF Obligations and Outlays
In the FBF, obligations are primarily the value of contracts awarded to commercial vendors for the construction of new federal buildings; for repairs, cleaning, utilities, and other maintenance of GSA-owned federal buildings; and lease and related payments to commercial landlords for space leased by GSA for federal agencies.
|FBF Obligations and Outlays ($ in Millions)||FY 2012||FY 2011||Change ($)||Change (%)|
FBF Obligations Incurred decreased by more than $450 million between FY 2011 and FY 2012. This significant reduction in obligations is the direct result of the depletion of ARRA resources and reduced ordering as the initiation of projects is winding down. Outlays and Collections increased during FY 2012. Outlays are payments made by the government, once goods and services are received at an acceptable level of quality and completeness. Offsetting collections increased which, represent revenues collected from other federal agencies that offset expenditures made by GSA on behalf of other federal agencies also increased.