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OPM.gov / About / 2023 Agency Financial Report / FY 2023 Financial Information – Section 2 / Consolidating Financial Statements /

2023 Agency Financial Report

This Fiscal Year (FY) 2023 Agency Financial Report (AFR), is an overview of how OPM uses it's financial resources to support the mission, services and objectives of human resource management in the Federal government.

Consolidating Financial Statements

U.S. Office of Personnel Management Consolidating Balance Sheet

As of September 30, 2023 (in millions)

Assets		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2023
Intragovernmental:	Fund Balance with Treasury [Note 2]	$1,123	$1,822	$13	$418	$368	-	$3,744
	Investments [Note 3]	1,042,823	57,775	52,551	-	-	-	$1,153,149
	Accounts Receivable [Note 4]	1,861	875	24	22	183	(239)	$2,726
	Advance to Others and Prepayments	-	-	-	3	3	-	$6
	Other Assets [Note 1L]	-	-	1	-	-	-	$1
Total Intragovernmental		1,045,807	60,472	52,589	443	554	(239)	1,159,626
With the Public:	Accounts Receivable, Net [Note 4]	626	1,238	196	-	-	-	2,060
	General Property, Plant, and Equipment, Net	-	-	-	-	-	-	-
	Other Assets [Note 1L]	-	463	751	-	-	-	1,214
Total With the Public		626	1,701	947	-	-	-	3,274
Total Assets		$1,046,433	$62,173	$53,536	$443	$554	($239)	$1,162,900

Liabilities		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2023
Intragovernmental:	Accounts Payable	$109	$109	$16	$7	$4	($239)	$6
	Advances from Others and Deferred Revenues	-	-	-	99	49	-	$148
	Other Liabilities (Notes 6 & 7)	-	260	-	2	10	-	$272
Total Intragovernmental		109	369	16	108	63	(239)	426
With the Public:	Accounts Payable	-	-	-	20	5	-	25
	Advances from Others and Deferred Revenue	-	4	-	(7)	-	-	(3)
	Federal Employee Benefits Payable [Note 5]	2,684,312	386,157	66,151	10	19	-	3,136,649
	Other Liabilities (Notes 6 & 7)	1,421	330	14	95	4	-	1,864
Total With the Public		2,685,733	386,491	66,165	118	28	-	3,138,535
TotalLiabilities		$2,685,842	$386,860	$66,181	$226	$91	($239)	$3,138,961

Net Position		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2023
Unexpended Appropriations-Funds from Other than Dedicated Collections		-	-	-	-	$383	-	$383
Cumulative Results of Operations-Funds from Other than Dedicated Collections		(1,639,409)	(324,687)	(12,645)	217	80	-	(1,976,444)
Total Net Position		($1,639,409)	($324,687)	($12,645)	$217	$463	-	($1,976,061)
Total Liabilities and Net Position		$1,046,433	$62,173	$53,536	$443	$554	($239)	$1,162,900

The accompanying notes are an integral part of the financial statements.

As of September 30, 2022 (in millions)

Assets		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2022
Intragovernmental:	Fund Balance with Treasury [Note 2]	$12	$1,732	$11	$422	$349	-	$2,526
	Investments [Note 3]	1,017,333	63,141	51,178	-	-	-	$1,131,652
	Accounts Receivable [Note 4]	1,712	809	22	4	146	(188)	$2,505
	Advance to Others and Prepayments	-	-	-	2	3	-	5
Total Intragovernmental		1,019,057	65,682	51,211	428	498	(188)	1,136,688
With the Public:	Accounts Receivable, Net [Note 4]	585	1,164	187	-	-	-	1,936
	General Property, Plant, and Equipment, Net	-	-	-	2	-	-	2
	Other Assets [Note 1L]	-	218	701	-	-	-	919
Total With the Public		585	1,382	888	2	-	-	2,857
Total Assets		$1,019,642	$67,064	$52,099	$430	$498	($188)	$1,139,545

Liabilities		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2022
Intragovernmental:	Accounts Payable	$71	$356	$16	$7	$7	($188)	$269
	Advances from Others and Deferred Revenues	-	-	-	105	23	-	128
	Other Liabilities (Notes 6 & 7)	-	-	-	2	5	-	7
Total Intragovernmental		71	356	16	114	35	(188)	404
With the Public:	Accounts Payable	-	-	-	16	7	-	23
	Advances from Others and Deferred Revenue	-	21	-	20	-	-	41
	Federal Employee Benefits Payable [Note 5]	2,486,557	418,203	62,856	10	16	-	2,967,642
	Other Liabilities (Notes 6 & 7)	1,346	208	7	74	7	-	1,642
Total With the Public		2,487,903	418,432	62,863	120	30	-	2,969,348
Total Liabilities		$2,487,974	$418,788	$62,879	$234	$65	($188)	$2,969,752

Net Position		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2023
Unexpended Appropriations-Funds from Other than Dedicated Collections		-	-	-	-	371	-	371
Cumulative Results of Operations-Funds from Other than Dedicated Collections		(1,468,332)	(351,724)	(10,780)	196	62	-	(1,830,578)
Total Net Position		($1,468,332)	($351,724)	($10,780)	$196	$433	-	($1,830,207)
Total Liabilities and Net Position		$1,019,642	$67,064	$52,099	$430	$498	($188)	$1,139,545

The accompanying notes are an integral part of the financial statements.

U.S. Office of Personnel Management Consolidating Statement of Net Cost

As of September 30, 2023 (in millions)

Gross Costs		Retirement Program CSRS	Retirement Program FERS	Retirement Program Total	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2023
Intragovernmental:	With the Public:	$3,023	$1,579	$4,602	$8	-	$213	$249	($185)	$4,887
	Pension Expense [Note 5]	22,927	124,094	147,021	-	-	-	-	-	147,021
	Post-Retirement Health Benefits [Note 5]	-	-	-	12,511	-	-	-	-	12,511
	Future Life Insurance Benefits [Note 5]	-	-	-	-	2,063	-	-	-	2,063
	Current Benefits and Premiums	-	-	-	64,219	3,764	-	-	-	67,983
	Other Gross Costs With the Public	-	-	-	120	7	416	420	-	963
Total Gross Costs With the Public		22,927	124,094	147,021	76,850	5,834	416	420	-	230,541
Total Gross Costs		$25,950	$125,673	$151,623	$76,858	$5,834	$629	$669	($185)	$235,428

Earned Revenues		Retirement Program CSRS	Retirement Program FERS	Retirement Program Total	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2023
Intragovernmental:	Employer Contributions	$6,702	$47,972	$54,674	$24,222	$695	-	-	($78)	$79,513
	Earnings on Investments	17,453	6,965	$24,418	1,650	1,106	-	-	-	27,174
	Collections Transferred In	-	-	-	3	-	-	-	-	3
	Other Intragovernmental Earned Revenue	-	3	3	-	-	636	178	(107)	710
Total Intragovernmental Earned Revenue		24,155	54,940	79,095	25,875	1,801	636	178	(185)	107,400
With the Public:	Participant Contributions	234	6,271	6,505	19,555	3,310	-	-	-	29,370
With the Public:	Other With the Public Earned Revenue	-	-	-	11	-	-	-	-	11
Total Earned Revenue With the Public		234	6,271	6,505	19,566	3,310	-	-	-	29,381
Total Earned Revenue		$24,389	$61,211	$85,600	$45,441	$5,111	$636	$178	($185)	$136,781
Net Cost		$1,561	$64,462	$66,023	$31,417	$723	($7)	$491	-	$98,647
(Gain)/Loss on Pension, ORB, or OPEB Assumption Changes [Note 5]		61,337	93,381	154,718	(44,046)	1,179	-	-	-	111,851
Net Cost of Operations		$62,898	$157,843	$220,741	($12,629)	$1,902	($7)	$491	-	$210,498

The accompanying notes are an integral part of the financial statements.

As of September 30, 2022 (in millions)

Gross Costs		Retirement Program CSRS	Retirement Program FERS	Retirement Program Total	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2022
Intragovernmental:	With the Public:	2,284.00	1,127.00	3,411.00	-	-	$156	$518	($443)	$3,642
	Pension Expense [Note 5]	92,308	116,664	208,972	-	-	-	-	-	208,972
	Post-Retirement Health Benefits [Note 5]	-	-	-	4,687	-	-	-	-	4,687
	Future Life Insurance Benefits [Note 5]	-	-	-	-	1,188	-	-	-	1,188
	Current Benefits and Premiums	-	-	-	43,876	4,142	-	-	-	48,018
	Other Gross Costs With the Public	-	-	-	2,016	23	417	98	-	2,554
Total Gross Costs With the Public		92,308	116,664	208,972	50,579	5,353	417	98	-	265,419
Total Gross Costs		$94,592	$117,491	$212,383	$50,579	$5,353	$573	$616	($443)	$269,061

Earned Revenues		Retirement Program CSRS	Retirement Program FERS	Retirement Program Total	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	Eliminations	FY 2022
Intragovernmental:	Employer Contributions	$4,032	$45,974	$50,006	$23,190	$650	-	-	($71)	$73,775
	Earnings on Investments	2,962	19,590	$22,552	1,230	728	-	-	-	24,510
	Collections Transferred In	-	-	-	35	-	-	-	-	35
	Other Intragovernmental Earned Revenue	(11)	(57)	($68)	(2)	-	517	260	(372)	335
Total Intragovernmental Earned Revenue		6,983	65,507	72,490	24,453	1,378	517	260	(443)	98,655
With the Public:	Participant Contributions	287	5,469	5,756	18,296	3,199	-	-	-	27,251
With the Public:	Other With the Public Earned Revenue	-	-	-	10	3	-	-	-	13
Total Earned Revenue With the Public		287	5,469	5,756	18,306	3,202	-	-	-	27,264
Total Earned Revenue		$7,270	$70,976	$78,246	$42,759	$4,580	$517	$260	($443)	$125,919
Net Cost		$87,332	$46,815	$134,137	$7,820	$773	$56	$356	-	$143,142
(Gain)/Loss on Pension, ORB, or OPEB Assumption Changes [Note 5]		45,524	90,733	136,257	10,656	1,330	-	-	-	148,243
Net Cost of Operations		$132,846	$137,548	$270,394	$18,476	$2,103	$56	$356	-	$291,385

The accompanying notes are an integral part of the financial statements.

U.S. Office of Personnel Management Consolidating Statement of Changes in Net Position

As of September 30, 2023 (in millions)

Unexpended Appropriations		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	FY 2023
Beginning Balance		-	-	-	-	$371	$371
Budgetary Financing Sources:	Appropriations Received	49,889	15,122	43	-	198	65,252
	Other Adjustment	-	(627)	-	-	(3)	(630)
	Appropriations Used	(49,889)	(14,495)	(43)	-	(183)	(64,610)
Total Budgetary Financing Sources		-	-	-	-	12	12
Total Unexpected Appropriations - Ending Balance		-	-	-	-	$383	$383

Cumulative Results of Operations		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	FY 2023
Beginning Balance		($1,468,332)	($351,724)	($10,780)	$196	$62	($1,830,578)
Budgetary Financing Sources:	Appropriations Used	49,889	14,495	43	-	183	64,610
	Transfer-In/Out Without Reimbursement	(222)	(87)	(6)	-	306	(9)
	Other Financing Sources	(3)	-	-	14	20	31
Total Financing Sources		49,664	14,408	37	14	509	64,632
Net Cost of Operations		220,741	(12,629)	1,902	(7)	491	210,498
Net Change		(171,077)	27,037	(1,865)	21	18	(145,866)
Cumulative Results of Operations - Ending Balance		($1,639,409)	($324,687)	($12,645)	$217	$80	($1,976,444)
Net Position		($1,639,409)	($324,687)	($12,645)	$217	$463	($1,976,061)

The accompanying notes are an integral part of the financial statements.

As of September 30, 2022 (in millions)

Unexpended Appropriations		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	FY 2022
Beginning Balance		-	-	-	-	$390	$390
Budgetary Financing Sources:	Appropriations Received	46,380	14,330	43	-	241	60,994
	Other Adjustment	-	(495)	-	-	1	(494)
	Appropriations Used	(46,380)	(13,835)	(43)	-	(261)	(60,519)
Total Budgetary Financing Sources		-	-	-	-	(19)	(19)
Total Unexpected Appropriations - Ending Balance		-	-	-	-	$371	$371

Cumulative Results of Operations		Retirement Program	Health Benefits Program	Life Insurance Program	Revolving Fund Programs	Salaries and Expenses	FY 2022
Beginning Balance		($1,244,319)	($347,083)	($8,720)	$246	$92	($1,599,784)
Budgetary Financing Sources:	Appropriations Used	46,380	13,835	43	-	261	60,519
	Transfer-In/Out Without Reimbursement	-	-	-	-	48	48
	Other Financing Sources	1	-	-	6	17	24
Total Financing Sources		46,381	13,835	43	6	326	60,591
Net Cost of Operations		270,394	18,476	2,103	56	356	291,385
Net Change		(224,013)	(4,641)	(2,060)	(50)	(30)	(230,794)
Cumulative Results of Operations - Ending Balance		($1,468,332)	($351,724)	($10,780)	$196	$62	($1,830,578)
Net Position		($1,468,332)	($351,724)	($10,780)	$196	$433	($1,830,207)

The accompanying notes are an integral part of the financial statements.