Department Of Defense Agency Financial Report 2007 - Section 2: Financial Information Page 69
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82Section 2: Financial Information
Department of Defense Agency Financial Report 2007
1
Medicare Eligible
BALANCE SHEET
Military Retirement
Other Earmarked
Retiree Health Care
Eliminations
Total
As of September 30, 2007
Fund
Funds
Fund
(amounts in millions)
STATEMENT OF NET COST
For the Year Ended September 30, 2007
Program Costs
$
105,253.0
$
(13,945.8)
$
3,242.8
$
(2,542.8)
$
92,007.2
Less Earned Revenue
(53,311.2)
(31,539.3)
(1,082.0)
70,427.7
(15,504.8)
Net Program Costs
51,941.8
(45,485.1)
2,160.8
67,884.9
76,502.4
Net Cost of Operations
$
51,941.8
$
(45,485.1)
$
2,160.8
$
67,884.9
$
76,502.4
STATEMENT OF CHANGES IN NET POSITION
For the period ended September 30, 2007
Net Position Beginning of the Period
$
(758,661.4)
$
(453,467.9)
$
5,371.4
$
0.0
$
(1,206,757.9)
Net Cost of Operations
51,941.8
(45,485.1)
2,160.8
67,884.9
76,502.4
Budgetary Financing Sources
0.0
186.0
3,154.8
(414.2)
2,926.6
Other Financing Sources
0.0
0.0
221.5
13.1
234.6
Change in Net Position
(51,941.8)
45,671.1
1,215.5
(68,286.0)
(73,341.2)
Net Position End of Period
$
(810,603.2)
$
(407,796.8)
$
6,586.9
$
(68,286.0)
$
(1,280,099.1)
Other Disclosures
The Statement of Federal Financial Accounting Standards (SFFAS) No. 27, “Identifying and Reporting Earmarked Funds,”
requires the disclosure of Earmarked Funds separately from All Other Funds on the Statement of Changes in Net Position
and Balance Sheet. Funds must meet three criteria to be classified as earmarked: (1) a statute committing use of specifically
identified revenues for designated purposes, (2) explicit authority to retain the revenues, and (3) a requirement to account
and report on the revenues. The Department’s earmarked funds are either special or trust funds and use both receipt and
expenditure accounts to report activity to the U.S. Treasury. There have been no changes in legislation during or subsequent
to this reporting period that significantly changed the purposes of any of the following funds.
The Total column is shown as consolidated and relates only to Earmarked Funds. The Eliminations column includes
eliminations associated with Earmarked Funds and excludes the offsetting eliminations from All Other Funds. This exclusion
causes assets to not equal liabilities and net position in the note. However, the amounts in the Total column equal the
amounts reported for Earmarked Funds on the Balance Sheet. The SFFAS No. 27 requires the presentation of gross amounts
of Earmarked Funds separate from All Other (nonearmarked) Funds. Cumulative Results of Operations ending balances for
Earmarked Funds on the Statement of Changes in Net Position do not agree with the Cumulative Results of Operations for
Earmarked Funds reported on the Balance Sheet because the Cumulative Results of Operations on the Balance Sheet are
presented net of eliminations. The summation for Military Retirement Fund (MRF), Medicare-Eligible Retiree Health Care
Fund (MERHCF), and Other Earmarked Funds is equivalent to the gross amount presented on the Statement of Changes in Net
Position.
Military Retirement Fund, 10 United States Code (USC) 1461. The MRF accumulates funds in order to finance, on an
actuarially sound basis, the liabilities of the Department’s military retirement and survivor benefit programs. Financing
sources for the MRF are interest earnings on Fund assets, monthly Department contributions, and annual contributions from
the U.S. Treasury. The monthly Department contributions are calculated as a percentage of basic pay. The contribution
from the U.S. Treasury represents the amortization of the unfunded liability for service performed prior to October 1, 1984,
plus the amortization of actuarial gains and losses that have arisen since then. The U.S. Treasury annual contribution also
includes the normal cost amount for the concurrent receipt provisions of the FY 2004 National Defense Authorization Act.
Medicare-Eligible Retiree Health Care Fund, 10 USC 1111. The MERHCF accumulates funds to finance, on an actuarially
sound basis, liabilities of the Department and the uniformed services health care programs for qualified Medicare-eligible
beneficiaries. Financing sources for MERHCF are provided primarily through an annual actuarial liability payment from
the U.S. Treasury, annual contributions from the Military Services and other Uniformed Services (the U.S. Coast Guard, the
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