Acquisition Services Fund
Financial Results By Major Fund — Acquisition Services Fund
The ASF is a revolving fund that operates from the reimbursable revenue generated by its business portfolios rather than from an appropriation received from Congress. The operations of the ASF are organized into seven business portfolios: General Supplies and Services (GSS); TTL; ITC; AAS; PSHC; and Technology Transformation Services. By leveraging the buying power of the Federal Government, FAS consolidates requirements across multiple agencies and uses its acquisition expertise to acquire goods and services at the best available prices.
In FY 2019 the ASF realized $14.7 billion in revenues with 81.5 percent of the revenue generated from five Federal customer agencies as shown in the table below:
Table 3. ASF Top Five Federal Customers
||Revenues ($ in Millions)
||% of Total Revenues
|U.S. Department of Defense
|U.S. Department of Homeland Security
|U.S. Department of Justice
|U.S. Department of Agriculture
|U.S. Department of Health and Human Services
ASF Net Revenues from Operations
ASF Net Revenue from Operations represents the revenue remaining after deducting the costs of goods and services sold against the cost of operations. Net Revenues from Operations are invested in the GSA Fleet, IT systems, other programs to improve FAS service levels, and to comply with regulatory and statutory requirements. In FY 2019, the ASF reported improved financial results across business portfolios, producing net results of $220 million compared to net results of $87 million in FY 2018. AAS programs have continued to experience significantly increased revenue of over 30 percent in the past fiscal year, earning $9.2 billion in FY 2019, due to higher business volume. This additional business volume combined with cost containment measures, produced an increase of $19 million in AAS net results compared to FY 2018. The Federal Systems Integration and Management Center’s increase is responsible for more than half of the AAS growth. In the TTL business portfolio, revenues and expenses, as well as net operating results, have increased due to strong performance within the Fleet Leasing program, providing an increase of over $50 million in the bottom line net results compared to FY 2018. Another significant improvement in net results is seen in the IT Category, which improved net results by $39 million compared to FY 2018, reflecting reduced spending on initiatives funded by business reserves.
ASF Obligations and Outlays
ASF obligations and outlays are primarily driven by contracts awarded to commercial vendors providing goods and services in support of the ASF portfolios. New Obligations and Upward Adjustments increased by $2.3 billion between FY 2019 and FY 2018, due to the large increase in ASF business volumes. Consequently in FY 2019, Gross Outlays from disbursements grew by $1.8 billion and collections from sales increased $2.2 billion, compared to FY 2018. This additional amount of collections exceeding disbursements is reflected in the decrease in Net Outlays of $399 million.
Table 4. ASF Obligations and Outlays ( Dollars in Millions)
|New Obligations and Upward Adjustments
|Net Outlays from Operating Activity