{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

FINANCIAL_MANAGEMENT_AND_ANALYSIS

FINANCIAL_MANAGEMENT_AND_ANALYSIS - FINANCIAL MANAGEMENT...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
FINANCIAL MANAGEMENT AND ANALYSIS In order to strengthen the integrity for the financial operations and data reliability, DOT produces audited financial statements. The principal financial statements include: the Consolidated Balance Sheets; Consolidated Statement of Net Cost of Operations; Combined Statement of Budgetary Resources; and the Consolidated Statement of Financing. These principal financial statements, in addition to the financial information in the Other Supplemental Information section of the report, summarized the financial activities of the Department. Analysis of Financial Statements An unqualified audit opinion reflects that the agency’s information is reliable, and DOT attained an unqualified audit in FY 2002 from the Office of Inspector General (OIG). DOT had one beginning and four new material weaknesses related to the audit on the financial statements, resulting in 5 ending material weaknesses for FY 2002. The Department made efforts to comply with the requirements of the Federal Managers Financial Integrity Act (FMFIA) and regulations to improve its financial management system. DOT’s management takes responsibility for the objectivity and integrity of the financial information presented in the financial statements contained in this report. Ongoing operations of the Department are subjected to enactment of appropriations. In the previous year, FY 2001, the Department obtained an unqualified audit opinion. Total Consolidated Statements of Net Cost The net cost of DOT operations for FY 2002 was $63 billion, as reflected in the Consolidated Statement of Net Cost as of September 30, 2002. This figure was an increase of over 5 percent compared to FY 2001 cost of operations. The increase was due to a rise in cost for surface and air transportation. However, the cost of maritime transportation decreased by 44 percent or $5.5 billion in FY 2002 compared to FY 2001. From the $63 billion for DOT’s net cost of operations, 63 percent was from surface transportation, 21 percent from air transportation, 11 percent from maritime transportation, about 0.2 percent from crosscutting programs, and four percent from costs not assigned to any particular program.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern