KPMG LLP issued an unqualified “clean” opinion [PDF - 7 MB] on the GSA FY 2010 financial statements [PDF - 901 KB]. GSA’s financial statements and the audit opinion results demonstrate the agency’s commitment to accountability and integrity in financial management. The online GSA FY 2010 Agency Financial Report allows users to explore financial data in a user-friendly way through Interactive Financial Data and features a Schedule of Spending that provides detail on agency costs.
Federal Buildings Fund
The Federal Buildings Fund (FBF) funds GSA’s Public Buildings Service (PBS). PBS provides workplaces for federal agencies and their employees. The FBF is primarily supported by rent paid to GSA from other federal entities. It also operates a reimbursable work authorization program that provides alterations and lease improvements above those in the agencies’ base rental agreements.
In FY 2010, FBF revenue totaled $10.5 billion, with more than half the revenue from the five federal agencies shown in the “FBF Top 5 Federal Customers” table. 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. FBF net revenues increased 14.3 percent, or $53 million, to $423 million in FY 2010. The net revenue for FY 2010 included $548 million in net revenues for owned properties and $125 million in net costs for leased-building operations. The Recovery Act increased leased expenses as GSA added swing space to house clients while owned properties are renovated. Roughly $39 million in leasing costs were attributable to Recovery Act projects. These costs have no matching revenue, as they are not charged to GSA customers.
|FBF Top 5 Federal Customers||Revenues
(Dollars in Millions)
|Department of Justice||$1,653||16%|
|Department of Homeland Security||$1,555||15%|
|Department of the Treasury||$799||8%|
|Social Security Administration||$727||7%|
In the FBF, obligations are primarily the cost 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 increased by more than $3.2 billion between FY 2009 and FY 2010. Approximately $2.4 billion of this increase is attributable to the orders GSA placed with Recovery Act funds.
Acquisition Services Fund
The Acquisition Services Fund (ASF) is a revolving fund that operates on the revenue generated from its business and is the primary fund of GSA’s Federal Acquisition Service (FAS). FAS consolidates common requirements from multiple federal agencies and uses its negotiating expertise to acquire products and services at better prices and terms than agencies could obtain individually. In FY 2010, the ASF realized more than $9.4 billion in revenues. Of these revenues, 75 percent were from the five agencies shown in the “ASF Top 5 Federal Customers” table. Net revenues from operations are used to invest in the GSA fleet, as well as information systems and other investments necessary to improve FAS responsiveness to its customers and to comply with new regulatory and statutory requirements. ASF net revenues decreased by 40.7 percent to $137 million in FY 2010. The Travel, Motor Vehicle, and Card Services portfolio net revenues decreased because of an increase in petroleum costs, which increased by roughly $50 million, and $37 million in increased depreciation expense on motor vehicles because of fewer vehicle replacements, lower salvage values, and accelerated depreciation on vehicles in Iraq. In the Integrated Technology Services portfolio net revenues decreased by $44 million because of higher costs associated with the transition to the Networx contracts for long distance telecommunications and related services.
|ASF Top 5 Federal Customers||Revenues
(Dollars in Millions)
|Department of Defense||$5,478||59%|
|Department of Homeland Security||$566||6%|
|Department of Agriculture||$361||4%|
|Department of Justice||$320||3%|
|Department of Health||$298||3%|
If GSA were a publicly traded company, our $19.5 billion in revenues would place us 121st on the Fortune 500.
For more information about GSA's FY 2010 financial results, please visit the Financial Section of the FY 2010 Agency Financial Report.