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Balances of Budget Authority Budget of the U.S. Government FISCAL YEAR 2024 O F F IC E O F M A N AG E M E N T A N D B UDGET Balances of Budget Authority Budget of the U.S. Government FISCAL YEAR 2024 O F F IC E O F M A N AG E M E N T A N D B UDGET BALANCES OF BUDGET AUTHORITY Budget for Fiscal Year 2024 Government agencies are permitted to enter into obligations that result in immediate or future outlays only when they have been granted authority to do so by law. This authority is called budget authority. This report presents the balances of budget authority for the end of 2022, 2023 and 2024 as shown in the 2024 Budget. Budget authority is placed in a budget account and is classified in either the “federal” funds group or the “trust” fund group. Trust funds consist of accounts defined in law as a trust fund. The federal fund balances include all balances that are not required by law to pass through trust funds. Budget authority moves through stages. When budget authority is first enacted, it is called “new” budget authority. Thereafter, it is called “balances” of budget authority. Unobligated balances refers to balances that have not yet been committed by contract or other legally binding action by the Government. Obligated balances refers to balances for which there has been legally binding action (for example, contracts signed) and payment has not yet been made but will be required to be made in the future. Unexpended balances of budget authority refers to the sum of the unobligated and obligated balances. At the end of each fiscal year, unobligated balances that remain available for new obligation are carried forward to the start of the next fiscal year. Unobligated balances that are expiring (i.e., are not available for new obligation) are not carried forward to the start of the next fiscal year. By law, obligated balances are either no-year or available to pay old bills normally for five expired years after which the obligated balances are cancelled. Therefore, obligated balances that remain available to pay old bills are carried forward to the start of the next fiscal year. This report provides data on the end of year balances that are not expiring and are carried forward to the start of the next fiscal year in the following tables: TABLE 1. SUMMARY OF UNEXPENDED BALANCES – shows total Federal Government obligated and unobligated balances divided between federal funds and trust funds. TABLE 2. TOTAL UNEXPENDED BALANCES BY AGENCY – shows total obligated and unobligated balances by Department and major agency. TABLE 3. FEDERAL FUND OBLIGATED BALANCES, BY AGENCY – shows federal fund obligated balances by Department and major agency. TABLE 4. FEDERAL FUND UNOBLIGATED BALANCES, BY AGENCY – shows federal fund unobligated balances by Department and major agency. TABLE 5. TRUST FUND OBLIGATED BALANCES, BY MAJOR TRUST FUND – shows obligated balances for the larger trust funds. TABLE 6. TRUST FUND UNOBLIGATED BALANCES, BY MAJOR TRUST FUND – shows unobligated balances for the larger trust funds. TABLE 7. TRUST FUND BRIDGE FROM UNEXPENDED BALANCES TO CASH – provides a bridge from trust funds’ unexpended balances of budget authority to unexpended cash, with a further adjustment for debt outstanding to calculate net position. TABLE 8. CREDIT FINANCING ACCOUNTS UNOBLIGATED BALANCES – shows unobligated balances of credit financing accounts, which are non-budget accounts that record the financing transactions associated with federal lending programs and hold assets to cover estimated losses on direct loans and loan guarantees. TABLE 9. UNOBLIGATED BALANCES BY PROGRAM CATEGORIES – groups unobligated balances of programs with similar characteristics or purposes. Total unexpended balances at the end of 2023 to be carried forward to 2024 is estimated to be $4,405 billion. Of this amount, 55% or $2,416 billion is estimated to be obligated, and 45% or $1,989 billion is estimated to be unobligated. This $1,989 billion in unobligated balances is similar to previous years. To provide more insight on the magnitude and composition of these balances, Table 9 groups unobligated balances into the following major program categories. I. II. III. IV. V. VI. Insurance and other financial reserves – $765 billion or 38% of the total; Programs that require working capital – $88 billion or 4% of the total; Programs funded by earmarked receipts or dedicated taxes – $277 billion or 14% of the total; Prefunding of major appropriated entitlements – $54 billion or 3% of the total; Programs with long lead times to outlay – $200 billion or 10% of the total; and All other programs that account for the remaining $605 billion. These categories are explained in more detail below. I. INSURANCE AND OTHER FINANCIAL RESERVES. This program category accounts for $765 billion of the total estimated unobligated balances to be carried forward to 2024. Of this major program category, 33% is for GSE preferred stock purchase agreements; 21% is for deposit insurance programs; 10% is for health and life insurance funds for Federal employees; 8% is for Pension Benefit Guaranty Corporation; 22% is for other insurance programs; and the last 6% is for international financial reserves. a. GSE Preferred Stock Purchase Agreements. These agreements make up $254 billion of the total unobligated balances. Section 1117 of the Housing and Economic Recovery Act of 2008 (HERA) granted authority for the Treasury to purchase any obligations and other securities issued by Government Sponsored Enterprises (GSEs), specifically Fannie Mae and Freddie Mac. The unobligated balances in the GSE Preferred Stock Agreement (PSPA) account exist in the event that in the future the GSEs need financial support under the PSPAs. b. Deposit Insurance. $163 billion of the unobligated balances are for the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Treasury Department’s Office of the Comptroller of the Currency (OCC). The FDIC has two accounts with large balances, the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). The primary purpose of the DIF is to insure deposits and protect the depositors of failed banking institutions. The FDIC is authorized to charge risk-based premiums on member institutions to restore and maintain adequate DIF reserves, which must be a designated percentage of estimated insured deposits as set by the FDIC before the beginning of each year. The unobligated balance in the DIF is a reserve to resolve failed institutions, if necessary. FDIC, as receiver of the failed institution, must liquidate assets of the failed institution that have declined substantially in value while, at the same time, making good on the institution's deposit obligations. The FRF is the ultimate successor to the Federal Savings and Loan Insurance Corporation (FSLIC) assets and liabilities from thrift resolutions prior to August 1989, as well as Resolution Trust Corporation (RTC) that assumed the FSLIC's unresolved cases through December 31, 1995. The FRF will terminate upon the disposition of all of its assets. Any net proceeds will be deposited into the General Fund of the Treasury for net proceeds from the former FSLIC, while any net proceeds from the former RTC will be paid to the Resolution Funding Corporation. The National Credit Union Administration funds its activities through assessments levied on all federally chartered credit unions and through reimbursements from the Share Insurance Fund (SIF) for its share of administrative activities. The primary purpose of the SIF is to provide insurance for deposits of member accounts (also known as insured member shares) in Federal credit unions and state-chartered credit unions that apply and qualify for insurance as authorized by Public Law 91– 468. The unobligated balances are reserves to pay insured members should a credit union fail The Office of the Comptroller of the Currency (OCC) is funded primarily by assessments and fees paid by national banks, as well as interest on investments in U.S. Government securities and other income. The OCC receives no appropriated funds from Congress. Pursuant to the Comptroller's authority, the OCC's unobligated funds support the bureau's mission by reducing the possible impact on OCC operations in the event of significant fluctuation in revenues and/or expenses, or as a result of changes in risk at banks creating a need to reallocate resources. Within its unobligated balances, the OCC has maintained two receivership contingency funds. c. Health and life insurance funds for Federal employees. This category accounts for $79 billion of the total. It includes: 1. $73 billion for the Office of Personnel Management Employees Life Insurance Fund and Employees and Retired Employees Health Benefits Fund; 2. $4 billion for the Department of Veterans Affairs’ Veterans Special Life, Service Disabled Veterans, Veterans Reopened, and Service members’ Group Life Insurance Funds; and 3. $2 billion for the Department of Defense’s Defense Health Program. In the case of the OPM Employees Life Insurance Fund, insured Federal employees (excluding Postal Service) and Federal retirees under age 65 pay two-thirds of the premium costs for basic coverage; agenciespay the remaining third. Optional and certain post-retirement basic coverage are paid entirely by enrollees. The unobligated balance represents collected premiums and investment proceeds that will be used to pay benefits upon the death of enrollees. The Employees and Retired Employees Heath Benefits Funds are financed by: 1) withholdings from active employees and annuitants; 2) agency contributions for active employees; 3) Government contributions for annuitants appropriated to OPM; and 4) payments from the Postal Service Retiree Health Benefits Fund. The unobligated balance represents funds made available to carriers but not used to pay claims in the current period that are carried forward as reserves for use in subsequent periods. d. Pension Benefit Guaranty Corporation. This account makes up $60 billion of the total. The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation established under the Employee Retirement Income Security Act of 1974, as amended. It guarantees payment of basic pension benefits earned by nearly 33 million of America's workers and retirees participating in more than 25,000 private sector defined benefit pension plans. PBGC’s insurance operations are financed by insurance premiums paid by companies that sponsor defined benefit pension plans, investment income, and assets from terminated plans. The American Rescue Plan (ARP) Act of 2021 established the Special Financial Assistance (SFA) Program for certain financially troubled multiemployer pension plans. The SFA payments are derived from appropriated funds and financed by general tax revenues. e. Credit Liquidating Accounts. These accounts make up $1 billion of the total unobligated balances. Pursuant to the Federal Credit Reform Act of 1990, the cash flows associated with pre-1992 direct loan obligations and loan guarantee commitments are reported on a cash basis in liquidating accounts. Normally at the end of each year, the unobligated balances in credit liquidating accounts are returned to the Treasury because the amounts can only be used to liquidate obligations incurred in the year the amounts are collected. The balances that remain are reserves needed to pay claims should there be a default on a loan that was guaranteed before the end of 1991. f. Other Insurance. This category accounts for $164 billion of the total. It includes: 1. $154 billion for the Department of Housing and Urban Development’s FHA-mutual Mortgage Insurance Capital Reserve and the Guarantees of Mortgage backed Securities Capital account; 2. $7 billion for the Farm Credit System Insurance Fund; 3. $2 billion for the Department of Transportation's Aviation War Risk insurance funds; and 4. $1 billion for the Federal Crop Insurance Corporation Fund. U.S. International Development Finance Corporation (DFC) partners with the private sector to provide financing and insurance solutions for the most critical challenges facing the developing world today. The DFC was created under the BUILD Act of 2018 – consolidating the operations of its predecessor the Overseas Private Investment Corporation (OPIC), and the lending programs of USAID into a modernized new agency. Unobligated balances in DFC’s accounts are amounts available to pay future insurance and reinsurance claims. g. International Financial Reserves. The Exchange Stabilization Fund and the Contribution to the International Bank for Reconstruction and Development (IBRD) account for about $44 billion of the unobligated balances. Exchange Stabilization Fund. Special Drawing Rights (SDRs) assets appear as unobligated balances in the Exchange Stabilization Fund (ESF). These SDRs can be used either in transactions with the IMF, other members of the IMF, or for the purposes of the ESF set forth in the ESF statutory authorization. The Secretary of the Treasury is authorized to use the ESF assets – SDR, dollar and foreign currency assets – consistent with U.S. obligations in the IMF on orderly exchange arrangements and a stable system of exchange rates. The principal sources of the ESF’s income have been SDR allocations, unrealized gains on foreign exchange investments, interest on operations with foreign countries, and interest on investments held by the ESF. Contribution to the International Bank for Reconstruction and Development (IBRD). The unobligated balance reflects reserves that are intended to be obligated and outlayed to meet obligations for funds loaned or for loans guaranteed by the Bank, only if called on by the Bank in the event of insolvency. The funds representing the unobligated balance were appropriated as budget authority under previous law and correspond to IBRD shareholding. The Bank has not made a call on such callable capital to date. II. PROGRAMS THAT REQUIRE WORKING CAPITAL. This category accounts for $88 billion of the total estimated unobligated balances to be carried forward to 2024. It is made up of the public enterprise revolving funds and the intragovernmental revolving funds that collect payments from the public or Federal government accounts in return for providing goods and services. These accounts need working capital to produce the goods and services to sell to customers who will then reimburse the accounts. The unobligated balances are necessary to allow this cycle of operations to continue. III. PROGRAMS FUNDED BY EARMARKED RECEIPTS OR DEDICATED TAXES. This category accounts for $277 billion of the total estimated unobligated balances to be carried forward to 2024. The following make up 99.6% of these balances: $43 billion are in the Department of Transportation. Of this amount, $22 billion is in the Federal-aid Highways account and $18 billion is in the Federal Transit Administration’s Formula Grants account. The unobligated balances in these and other surface transportation accounts are not cash balances. Rather, they are balances of contract authority, which is authority to obligate the Federal government to eventually pay cash derived from either the gas taxes collected or taxpayer dollars from the general fund of the Treasury. A primary reason for the level of unobligated balances is that the vast majority of the spending for the Trust Fund accounts is contract authority capped by annual or multi-year obligation limitations. These limitations have typically been imposed by the appropriations committees and serve to limit the amount of obligations that can be incurred in either a single or multiple years. In prior years, the annual Federal Aid Highways obligation limitation has been set lower than the annual contract authority level (resulting in balances of contract authority in excess of the obligation limitation), while the Federal Transit Administration levels have been set to equal the contract authority level and unobligated transit limitation carries forward exempt from the current year limitation. Both these dynamics result in higher than expected unobligated balances, for both Federal-aid Highways and the Transit Formula grants. In addition to the surface transportation program balances, there is $2 billion in unobligated balances in the Federal Aviation Administration (FAA) facilities and equipment account that are due to the time required to develop and build capital projects for FAA infrastructure. $193 billion is in the International Assistance Program’s Foreign Military Sales Trust Fund; $11 billion is in the Department of the Interior’s Abandoned Mine Reclamation Fund; $6 billion is in the Department of Justice’s United States Victims of State Sponsored Terrorism Fund; $4 billion is in the Environmental Protection Agency’s Hazardous Substance Superfund; $2 billion is in the Department of Health and Human Service’s Child Enrollment Contingency Fund; $2 billion is in the Department of Homeland Security’s Immigration Examinations Fee; $2 billion is in the Department of the Interior’s Permanent Operating Funds; $2 billion is in the Department of Justice’s Assets Forfeiture Fund; $2 billion is in the Department of State’s Consular and Border Security Programs; $2 billion in the Corps of Engineers – Civil Works’ Rivers and Harbors Contributed Funds; $2 billion is in the Bureau of Consumer Financial Protection’s Consumer Financial Civil Penalty Fund; $1 billion is in the Judicial Branch’s Judicial Officers’ Retirement Fund; $1 billion is in the Department of Defense – Military Programs’ Allied Contributions and Cooperation Account; $1 billion is in the Department of Energy’s Construction, Rehabilitation, Operation and Maintenance, Western Area Power Administration $1 billion is in the Department of the Interior’s National Parks and Public Land Legacy Restoration Fund; and $1 billion is in the Department of the Treasury’s Gulf Coast Restoration Trust Fund. IV. PREFUNDING OF MAJOR APPROPRIATED ENTITLEMENTS. This category accounts for $54 billion of the total estimated unobligated balances to be carried forward to 2024. Appropriations for these programs are based on estimates of demand. Congress then frequently appropriates a small cushion of funding above estimated demand to eliminate the need for agencies to ask for supplemental appropriations during the year when actual program need exceeds the estimated demand. This $54 billion of unobligated balances is comprised of: a. b. c. d. $25 billion for the Department of Agriculture’s Supplemental Nutrition Assistance Program and Child Nutrition Programs; $24 billion for the Department of Veterans Affairs’ Compensation and Pensions, and Readjustment Benefits Programs; $4 billion for the Social Security Administration’s Supplemental Security Income Program; and $1 billion for the Department of Labor’s Special Benefits Program. V. PROGRAMS WITH LONG LEAD TIMES TO OUTLAY. This category accounts for $200 billion of the total estimated unobligated balances to be carried forward to 2024. These balances result from a fundamental budget principle that each Congress should fund the full cost of projects that it authorizes agencies to enter into. Because construction, major procurement, and research and development projects can take years to complete, the full-funding requirement means that agencies will hold unobligated balances to cover obligations incurred over the life of the project. The alternative – providing partial funding to cover only work performed during each fiscal year – would lead to procurement inefficiencies and force future Congresses to pay for the sunk costs incurred by past Congresses. VI. All OTHER PROGRAMS. This category accounts for the remaining $600 billion in estimated unobligated balances to be carried over to 2024. Table 9 groups these amounts into Defense and Non-defense functions. ADDITIONAL DETAILS.—An Excel file available at www.budget.gov provides a detailed list of balances by account in each category. TABLE 1. SUMMARY OF UNEXPENDED END‐OF‐YEAR BALANCES, FY 2024 BUDGET (In millions of dollars) 2022 Actual 2023 Estimate 2024 Estimate Federal Funds Obligated Balances Unobligated Balances Total Federal Funds 1,881,434 5,252,934 7,134,368 1,939,373 1,661,981 3,601,354 2,115,728 1,604,231 3,719,959 Trust Funds Obligated Balances Unobligated Balances Total Trust Funds 429,022 976,630 1,405,652 476,454 326,901 803,355 512,551 333,452 846,003 Federal and Trust Funds Obligated Balances Unobligated Balances Federal and Trust Funds Total 2,310,456 6,229,564 8,540,020 2,415,827 1,988,882 4,404,709 2,628,279 1,937,683 4,565,962 ‐18,137 ‐23,030 ‐22,124 ‐19,162 ‐41,167 ‐41,286 Memo: Debt Outstanding/Investments in Non‐Federal Financial Assets, End of Year Federal Funds ‐13,991 Trust Funds ‐32,433 Total Debt Outstanding/Investments in Non‐Federal Assets, End of Year ‐46,424 * Debt must be repaid using unobligated balances or new appropriations, which reduces the amount of resources available for additional obligations. TABLE 2. TOTAL UNEXPENDED BALANCES BY AGENCY, FY 2024 BUDGET (In millions of dollars) Start of 2022 Obligated Unobligated End of 2022 Obligated Unobligated End of 2023 Obligated Unobligated End of 2024 Obligated Unobligated Legislative Branch 1,872 2,326 2,480 4,490 2,259 2,316 2,399 2,170 Judicial Branch 1,366 2,336 1,426 5,033 1,691 2,528 1,397 2,650 83,839 13,736 462,502 272,448 39,365 471,097 103,974 93,269 12,485 20,719 79,842 29,966 143,847 305,877 37,019 2,169,985 52,167 7,896 121,066 37,026 7,867 161,924 53,938 126,574 17,858 9,160 54,749 26,048 97,786 475,842 46,319 1,296,220 80,019 16,771 478,950 214,963 44,868 438,808 115,941 92,421 15,941 23,241 30,570 33,029 168,970 181,834 29,373 1,965,699 171,024 156,325 307,493 35,361 143,224 227,287 77,090 331,388 92,664 16,804 119,429 52,686 212,981 783,455 100,232 2,827,443 98,469 24,070 566,128 144,471 60,999 410,297 121,731 92,201 18,376 17,235 25,141 38,446 178,813 176,701 33,428 2,006,506 67,402 77,996 151,704 15,566 58,024 80,287 17,849 177,213 43,472 15,602 64,265 23,238 124,137 383,116 44,139 1,344,010 99,607 85,730 560,240 224,106 62,376 415,595 106,622 103,728 18,706 22,892 20,933 41,968 191,337 172,315 55,503 2,181,658 52,310 17,755 158,087 13,061 58,100 120,919 19,508 190,534 41,599 9,719 71,974 25,653 131,101 377,347 22,073 1,309,740 Departments: Department of Agriculture Department of Commerce Department of Defense‐‐Military Programs Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Department of Veterans Affairs Subtotal, Departments TABLE 2. TOTAL UNEXPENDED BALANCES BY AGENCY, FY 2024 BUDGET (In millions of dollars) Start of 2022 Obligated Unobligated Major Independent Agencies: Corps of Engineers‐‐Civil Works Other Defense‐‐Civil Programs Environmental Protection Agency Executive Office of the President General Services Administration International Assistance Programs National Aeronautics and Space Administration National Science Foundation Office of Personnel Management Small Business Administration Social Security Administration Subtotal, Major Independent Agencies End of 2022 Obligated Unobligated End of 2023 Obligated Unobligated End of 2024 Obligated Unobligated 9,861 5,706 10,844 69 ‐324 91,236 13,215 16,877 13,771 5,184 117,218 283,657 28,528 250 5,230 320 8,625 216,037 2,533 785 74,481 62,714 5,284 404,787 11,125 951 15,174 106 ‐1,150 97,894 14,483 17,939 16,362 3,422 132,266 308,572 95,000 758 113,714 721 35,335 466,675 4,988 1,015 145,506 12,962 10,167 886,841 11,077 1,201 16,781 90 ‐1,341 123,143 14,603 19,196 16,996 1,545 145,015 348,306 50,048 372 58,665 250 14,974 235,842 3,076 24 73,606 3,181 3,860 443,898 10,271 7,290 16,209 97 5,332 140,811 15,029 20,138 17,517 1,496 154,039 388,229 50,814 389 46,980 125 18,977 233,646 3,525 24 77,965 2,452 2,748 437,645 25,257 185,572 32,279 401,216 39,265 196,130 50,146 184,198 0 0 0 0 17,800 0 4,450 1,280 Total Government 2,482,137 1,891,241 2,310,456 4,125,023 2,415,827 1,988,882 2,628,279 1,937,683 MEMORANDUM: Federal funds Trust funds 2,061,661 420,476 1,586,101 305,140 1,881,434 429,022 3,473,912 651,111 1,939,373 476,454 1,661,981 326,901 2,115,728 512,551 1,604,231 333,452 Other Independent Agencies Allowances TABLE 3. FEDERAL FUND OBLIGATED BALANCES, END OF YEAR, BY AGENCY ‐‐ FY2024 BUDGET (In millions of dollars) Department or Other Unit Total Government Legislative Branch Judicial Branch Department of Agriculture Department of Commerce Department of Defense‐‐Military Programs Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Department of Veterans Affairs Corps of Engineers‐‐Civil Works Other Defense‐‐Civil Programs Environmental Protection Agency Executive Office of the President General Services Administration International Assistance Programs National Aeronautics and Space Administration National Science Foundation Office of Personnel Management Small Business Administration Social Security Administration Other Independent Agencies Allowances Total Government 2022 Actual 2023 Estimate 2024 Estimate 2,464 1,426 79,808 16,769 476,863 214,963 44,868 351,563 115,664 90,860 15,231 23,211 14,658 32,988 54,741 180,353 28,796 9,039 523 12,538 80 ‐1,150 43,931 14,483 17,922 1,647 3,422 3,122 30,651 0 1,881,434 2,248 1,690 98,310 24,064 564,390 144,471 60,999 320,174 121,446 90,361 17,624 17,215 13,904 38,404 55,836 174,942 32,992 8,431 603 12,264 86 ‐1,341 43,102 14,601 19,180 2,156 1,545 3,129 38,747 17,800 1,939,373 2,387 1,396 99,415 85,723 558,613 224,106 62,376 325,301 106,339 102,051 17,995 22,868 12,874 41,921 59,667 170,504 55,167 7,097 689 11,656 79 5,332 45,964 15,028 20,118 2,241 1,496 3,209 49,666 4,450 2,115,728 TABLE 4. FEDERAL FUND UNOBLIGATED BALANCES, END OF YEAR, BY AGENCY ‐‐ 2024 BUDGET (In millions of dollars) Department or Other Unit Legislative Branch Judicial Branch Department of Agriculture Department of Commerce Department of Defense‐‐Military Programs Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Department of Veterans Affairs Corps of Engineers‐‐Civil Works Other Defense‐‐Civil Programs Environmental Protection Agency Executive Office of the President General Services Administration International Assistance Programs National Aeronautics and Space Administration National Science Foundation Office of Personnel Management Small Business Administration Social Security Administration Other Independent Agencies Allowances Grand Total 2022 Actual 2023 Estimate 2024 Estimate 6,537 2,201 269,205 234,506 460,995 53,939 214,845 360,916 115,446 495,995 135,543 24,817 179,036 77,883 194,615 1,165,423 147,915 136,446 1,067 151,749 1,031 53,007 126,047 7,474 1,455 2,076 19,446 14,038 599,281 0 5,252,934 2,246 618 66,759 77,995 150,632 15,566 58,024 79,486 17,843 177,100 42,308 15,470 64,196 22,850 80,770 379,964 43,411 47,933 352 54,323 235 14,974 43,249 3,076 0 504 3,181 3,662 195,254 0 1,661,981 2,099 599 51,841 17,754 157,374 13,061 58,100 119,990 19,502 190,437 40,407 9,587 72,300 25,281 86,425 374,274 21,445 48,598 371 42,214 124 18,977 39,692 3,525 0 482 2,452 2,551 183,489 1,280 1,604,231 TABLE 5. TRUST FUND OBLIGATED BALANCES, END OF YEAR, BY MAJOR TRUST FUND ‐‐ FY 2024 BUDGET (In millions of dollars) TRUST FUND OBLIGATED BALANCES NON‐REVOLVING TRUST FUNDS Airport and Airway Trust Fund Aquatic Resources Trust Fund Civil Service Retirement and Disability Fund Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Old‐age and Survivors Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Foreign Military Sales Trust Fund Foreign National Employees Separation Pay Gulf Coast Restoration Trust Fund Hazardous Substance Superfund Host Nation Support Fund for Relocation Housing Trust Fund Limitation on Administrative Expenses Military Retirement Fund Miscellaneous Trust Funds National Service Life Insurance Fund Oil Spill Liability Trust Fund Patient‐Centered Outcomes Research Trust Fund Rail Industry Pension Fund Railroad Social Security Equivalent Benefit Account Rivers and Harbors Contributed Funds Transportation Trust Fund Unemployment Trust Fund Harbor Maintenance Trust Fund Capital Magnet Fund, Community Development Financial Institution Highway Trust Fund National Service Trust Expenses and Refunds, Inspection and Grading of Farm Products Leaking Underground Storage Tank Trust Fund 2022 Actual 2023 Estimate 2024 Estimate 10,797 978 8,872 24,988 49,453 104,952 37,662 53,853 653 983 2,576 1,110 1,550 ‐796 394 105 303 136 0 379 631 812 103,399 15,911 1,061 117 103,399 540 23 85 8,926 1,013 9,658 25,691 49,297 116,754 40,745 79,955 452 980 4,456 1,013 1,829 ‐559 492 81 210 138 106 0 49 932 114,024 11,235 1,481 320 114,024 344 63 88 7,802 982 10,069 26,465 49,185 124,565 41,047 94,743 283 980 4,487 976 1,658 ‐200 6,535 62 148 127 162 0 49 1,045 123,841 8,056 1,894 280 123,841 256 114 102 TABLE 5. TRUST FUND OBLIGATED BALANCES, END OF YEAR, BY MAJOR TRUST FUND ‐‐ FY 2024 BUDGET (In millions of dollars) TRUST NON‐R Armed Forces Retirement Home Other NON‐REVOLVING TRUST FUNDS Total REVOLVING TRUST FUNDS Assessment Funds Employees and Retired Employees Health Benefits Funds Employees Life Insurance Fund Surcharge Collections, Sales of Commissary Stores, Defense Transportation Trust Fund Veterans Special Life Insurance Fund Highway Trust Fund Other REVOLVING TRUST FUNDS Total TRUST FUND OBLIGATED BALANCES Total 2022 Actual 2023 Estimate 2024 Estimate 34 649 525,609 105 426 584,328 64 449 630,067 381 4,352 1,491 283 4 268 4 33 6,816 458 3,584 1,598 259 0 225 0 26 6,150 549 3,364 1,843 353 0 186 0 30 6,325 532,425 590,478 636,392 TABLE 6. TRUST FUND UNEXPIRED UNOBLIGATED BALANCE, END OF YEAR, BY MAJOR TRUST FUND ‐‐ FY 2024 BUDGET (In millions of dollars) Trust Fund Trust Fund Unobligated Balances Non‐Revolving Trust Funds Airport and Airway Trust Fund Aquatic Resources Trust Fund Capital Magnet Fund, Community Development Financial Institution Federal Hospital Insurance Trust Fund Foreign Military Sales Trust Fund Foreign Service National Separation Liability Trust Fund Forest Service Trust Funds General Post Fund, National Homes Gulf Coast Restoration Trust Fund Hazardous Substance Superfund Host Nation Support Fund for Relocation Housing Trust Fund Judicial Officers' Retirement Fund Judicial Survivors' Annuities Fund Limitation on Administrative Expenses Miscellaneous Trust Funds Oil Spill Liability Trust Fund Rivers and Harbors Contributed Funds Transportation Trust Fund Federal Supplementary Medical Insurance Trust Fund Unemployment Trust Fund Highway Trust Fund Tribal Trust Fund National Service Trust Other Non‐Revolving Trust Funds Total 2022 Actual 2023 Estimate 2024 Estimate 2,674 657 427 372 191,300 349 536 133 997 6,217 1,227 358 1,136 608 374 355 144 1,627 38,924 0 1 38,924 653 653 1,068 289,714 2,660 673 307 372 192,554 340 537 137 1,074 4,279 936 101 1,247 624 198 357 60 1,703 40,685 196 8 40,685 653 653 966 292,005 2,852 728 220 557 193,924 331 420 142 1,162 4,689 566 92 1,364 648 196 359 71 1,782 41,807 127 ‐389 41,807 653 443 910 295,461 TABLE 6. TRUST FUND UNEXPIRED UNOBLIGATED BALANCE, END OF YEAR, BY MAJOR TRUST FUND ‐‐ FY 2024 BUDGET (In millions of dollars) Trust Fund Trust Revolving Trust Funds Assessment Funds Employees and Retired Employees Health Benefits Funds Employees Life Insurance Fund Veterans Special Life Insurance Fund Commissary Funds, Federal Prisons (trust Revolving Fund) Other Revolving Trust Funds Total Trust Fund Unobligated Balances Total Debt Outstanding, End Of Year (‐) Non‐Revolving Trust Funds Black Lung Disability Trust Fund Federal Supplementary Medical Insurance Trust Fund Railroad Social Security Equivalent Benefit Account Unemployment Trust Fund Non‐Revolving Trust Funds Total Debt Outstanding, End Of Year (‐) Total 2022 Actual 2023 Estimate 2024 Estimate 1,834 22,836 49,262 649 132 22 74,735 1,768 22,622 50,480 546 132 47 75,595 1,688 25,387 52,096 445 132 65 79,813 364,449 367,600 375,274 ‐4,751 ‐7,746 ‐4,417 ‐39,500 ‐56,414 ‐4,866 ‐7,746 ‐4,706 ‐30,020 ‐47,338 ‐5,015 ‐7,724 ‐4,955 ‐25,020 ‐42,714 ‐56,414 ‐47,338 ‐42,714 TABLE 7. TRUST FUND BRIDGE FROM UNEXPENDED BALANCES TO CASH, EOY (In millions of dollars) 2022 Actual 2023 Estimate 2024 Estimate 1,325,724 1,410,045 1,485,449 668 649 650 1,326,392 1,410,694 1,486,099 Unappropriated Trust Fund Receipts, EOY 10,670,188 11,089,102 11,494,318 Trust Fund Cash Balances in Expenditure and Receipt Accounts 11,996,580 12,499,796 12,980,417 ‐112,828 46,546 ‐66,282 ‐94,676 47,200 ‐47,476 ‐85,428 45,688 ‐39,740 11,276,048 11,757,374 12,208,480 Trust Fund Unexpired, Unexpended Balances Unfunded Contract Authority and other adjustments Cash Balance in Expenditure Accounts Debt outstanding/Investments in Non‐Federal Securities, EOY Outstanding debt Investments in non‐federal securities Debt outstanding/Investments in Non‐Federal Securities, EOY Total Net position, EOY TABLE 8. CREDIT FINANCING ACCOUNTS UNOBLIGATED BALANCES, EOY, FY 2024 Budget (In millions of dollars) ACCOUNT DIRECT LOAN UNOBLIGATED BALANCES Advanced Technology Vehicles Manufacturing Direct Loan Financing Account Agricultural Credit Insurance Fund Direct Loan Financing Account Carbon Dioxide Transportation Infrastructure Finance and Innovation Direct Loan Financing Account Debt Reduction Financing Account Disaster Direct Loan Financing Account Distance Learning, Telemedicine, and Broadband Direct Loan Financing Account Economic Stabilization Direct Loan Financing Account Export‐Import Bank Direct Loan Financing Account Farm Storage Facility Direct Loan Financing Account Federal Direct Student Loan Program Financing Account FHA‐General and Special Risk Direct Loan Financing Account Historically Black College and University Capital Financing Direct Loan Financing Account Housing Direct Loan Financing Account Railroad Rehabilitation and Improvement Direct Loan Financing Account Rural Community Facility Direct Loans Financing Account Rural Economic Development Direct Loan Financing Account Rural Electrification and Telecommunications Direct Loan Financing Account Rural Housing Insurance Fund Direct Loan Financing Account Rural Water and Waste Disposal Direct Loans Financing Account State HFA Direct Loan Financing Account Student Loan Acquisition Account Temporary Student Loan Purchase Authority Financing Account TIFIA Highway Trust Fund Direct Loan Financing Account Title 17 Innovative Technology Direct Loan Financing Account United States International Development Finance Corporation Direct Loan Financing Account Other DIRECT LOAN UNOBLIGATED BALANCES Total 2022 Actual 650 6,347 ‐‐‐ 818 11,271 277 663 4,441 252 77,163 372 702 348 209 2,475 156 12,129 4,211 3,339 211 6,244 2,664 880 1,895 1,206 532 139,455 2023 Estimate 2024 Estimate 1,145 432 ‐‐‐ 335 54,106 94 183 2,488 ‐‐‐ 526 562 531 ‐‐‐ 52 1,233 ‐‐‐ 2,090 2,764 1,363 51 ‐‐‐ ‐‐‐ 259 1,086 3,056 107 72,463 2,407 1,073 311 396 86,604 94 183 3,898 ‐‐‐ 22,991 885 654 ‐‐‐ 47 203 ‐‐‐ 3,589 4,481 2,375 95 ‐‐‐ ‐‐‐ 7,232 2,805 922 143 141,388 TABLE 8. CREDIT FINANCING ACCOUNTS UNOBLIGATED BALANCES, EOY, FY 2024 Budget (In millions of dollars) ACCOUNT 2022 Actual 2023 Estimate 2024 Estimate LOAN GUARANTEE UNOBLIGATED BALANCES Agricultural Credit Insurance Fund Guaranteed Loan Financing Account Asian Development Bank Loan Guarantees Financing Account Biorefinery Assistance Guaranteed Loan Financing Account Business Guaranteed Loan Financing Account Commodity Credit Corporation Export Guarantee Financing Account Creating Helpful Incentives to Produce Semiconductors (CHIPS) Guaranteed Loan Financing Account Export‐Import Bank Guaranteed Loan Financing Account Federal Family Education Loan Program Financing Account FHA‐General and Special Risk Guaranteed Loan Financing Account FHA‐Mutual Mortgage Insurance Guaranteed Loan Financing Account Food Supply Chain and Agriculture Pandemic Response Guaranteed Loans Financing Account Foreign Military Financing Guaranteed Loan Financing Account Guarantees of Mortgage‐backed Securities Financing Account Housing Guaranteed Loan Financing Account Indian Guaranteed Loan Financing Account Indian Housing Loan Guarantee Fund Financing Account Loan Guarantees to Israel Financing Account Maritime Guaranteed Loan (Title XI) Financing Account MENA Loan Guarantee Financing Account Rural Business and Industry Guaranteed Loans Financing Account Rural Housing Insurance Fund Guaranteed Loan Financing Account Title 17 Innovative Technology Guaranteed Loan Financing Account Ukraine Loan Guarantees Financing Account United States International Development Finance Corporation Guaranteed Loan Financing Account Other LOAN GUARANTEE UNOBLIGATED BALANCES Total 551 ‐‐‐ 577 95,575 16 ‐‐‐ 1,610 109,840 9,568 26,796 19 ‐‐‐ 10,041 32,733 219 273 2,898 339 1,875 831 546 331 ‐‐‐ 2,073 645 297,356 188 ‐‐‐ 241 9,445 157 18 685 37,789 2,589 7,197 83 90 1,341 11,257 46 26 945 234 180 374 1,119 203 28 1,113 203 75,551 220 81 305 6,101 281 91 852 38,254 2,660 12,537 76 188 809 11,106 41 30 1,074 220 219 446 1,904 329 56 1,640 218 79,738 Grand Total 436,811 148,014 221,126 TABLE 9. UNOBLIGATED BALANCES BY PROGRAM CATEGORIES, END OF YEAR, FY 2024 Budget INCLUDES BALANCES OF MANDATORY AND DISCRETIONARY FUNDING (In millions of dollars) 2022 Actual 2023 Estimate 2024 Estimate 762,153 454,751 235,446 161,684 3,411 460,723 129,607 2,207,775 254,051 163,476 79,288 59,820 555 163,721 43,967 764,878 254,051 164,732 83,854 68,389 381 174,139 44,675 790,221 Programs that require working capital 272,070 87,684 86,825 Programs funded by earmarked receipts or dedicated taxes 845,570 277,101 262,700 Prefunding of major appropriated entitlements 185,816 53,465 84,284 Programs with long lead times to outlay DoD Construction and land acquisition Non‐DoD Construction and land acquisition DoD Procurement DoD research and development Non‐DoD Procurement, research, and development Programs with long lead times to outlay Total 66,802 203,902 201,058 78,263 42,853 592,878 17,901 67,052 78,765 23,871 12,850 200,439 16,516 70,831 82,695 26,942 10,970 207,954 All other programs Defense function accounts Non‐defense function accounts All other programs Total 71,559 2,053,896 2,125,455 16,899 588,416 605,315 17,194 488,505 505,699 Total unobligated balances, EOY 6,229,564 1,988,882 1,937,683 Insurance and other financial reserves GSE preferred stock purchase agreements Deposit insurance Health and life insurance funds for Federal employees Pension Benefit Guaranty Corporation Credit liquidating accounts Other insurance International financial reserves Insurance and other financial reserves Total EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF MANAGEMENT AND BUDGET WASHINGTON, D.C. 20503