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JUM

/9B5

UNITED STATES

GOVERNMENT PRINTING OFFICE
SUPERINTENDENT OF DOCUMENTS
WASHINGTON, D.C. 20402

POSTAGE AND FEES PAID
DEPARTMENT OF THE TREASURY
TREAS B53
-

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE. »300
FIRST CLASS

Fall

Issue

(^TrH
Djhr
Fiscal

1984

TREASURY

Office of the Secretary
Department of the Treasury
Washington, D.C.

Compiled by
Financial
Service

Management

TREASURY
[i[U][L[L[lirDK]

Compiled by

Office of the Secretary
Department of the Treasury
Washington, D.C.

The Treasury Bulletin Is
U.S. Government

Financial
Service

for sale

by the Superintendent of Documents,
Washington,
20402

Printing Office,

Management

FINANCIAL

FALL ISSUEOFOURTH QUARTER, FISCAL 1984

OPERATIONS

^^^^^^"^^^^^^^^^^^^^^^^^'^^^^'^^^^^^^^^^^^"^"

Page

FEDERAL FISCAL OPERATIONS

Chart

3
4

FFO-2.

Chart

Summary of fiscal operations

Budget and off-6udget results

FFO-1.

Budget receipts by source

FFO-3.

Budget outlays by agency

FEDERAL OBLIGATIONS
FO-1.

FO-2.

FO-1.

FO-2.

Gross obligations Incurred within and outside the Federal Government by object class,
Gross obligations Incurred outside the Federal Governirent by department or agency, as
Gross obligations incurred within and outside the Federal Government by object class,
Gross obligations Incurred outside the Federal Government by department or agency, as

as of Har.
of Mar.

31,

1984

31,

June 30.

1984

as of June 30.

1964

1984

ACCOUNT OF THE U.S. TREASURY
UST-1.

Elements of changes in Federal Reserve and ta« and loan note account balances

FEDERAL DEBT
FD-I.

Summary of Federal debt

FD-2.

Interest-bearing public debt

FD-3.

Government account series

FD-4.

FD-5.

FD-6.

Interest-bearing securities Issued by Government agencies
Maturity distribution and average length of marketable interest-bearing public debt held by private investors
Debt subject to statutory limitation

FD-7.

Treasury holdings of securities issued by Government corporations and other agencies

PUBLIC DEBT OPERATIONS

Article

Treasury financing operations

PDO-I.

Maturity schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week
Treasury bills outstanding

PDO-2.

Offerings of bills

PDO-3.

POO-4.

Public offerings of marketable securities other than regular weekly Treasury bills
Allotments by Investor classes on subscriptions for public marketable securities

U.S. SAVINGS BONOS AND NOTES
SBN-1.

Sales and redemptions by series, cumulative

SBN-2.

Sales and redemptions by period, all

SBN-3.

Sales and redemptions by period,

series of savings bonds and notes combined

series E. EE. H. and HH

OMNERSHIP OF FEDERAL SECURITIES
OFS-1.

QFS-2.

Distribution of Federal securities by class of Investors and type of Issues
Estimated ownership of public debt securities by private Investors

MARKET BID TIELDS ON TREASURY SECURITIES
MBY-1.

Chart

Treasury market bid yields at constant maturities, bills, notes, and bonds

Yields of Treasury securities

AVERAGE YIELDS OF LONG-TERM BONDS
AY-1.

Average yields of long-term Treasury, corporate, and municipal bonds by period
Average yields of long-term Treasury, corporate, and municipal bonds

Chart

INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
41

IFS-1.

reserve assets
Selected U.S. liabilities to foreigner
official Instltuti
Nonmarketable U.S. Treasury bonds and notes issued to
dollar
Weighted average of e. change rate changes for the

IFS-2.

IFS-3.

IFS-4.

U.S.

BSidents of foreign

CAPITAL MOVEMENTS
UNITED STATES
LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE
- Total liabilities by type of holder
In dollars
CM-I-2. - Total liabilities by type, payable

CM-I-I.

CH-I-3.

Total

••

liabilities by country

47
'

liabilities by type and country
STATES
CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED
CH-II-1. - Total claims by type
CM-II-2. - Total claims by country
country reported by banks in the United States
CH-II-3. - Total claims on foreigners by type and
IN THE UNITED STATES
SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS
CM-III-1. - Dollar claims on nonbank foreigners
CN-I-4.

""!!!!

Total

•

^^^

III

- Dollar lUbilUtes to. and dollar claims on, foreigners In countries and areas not regularly reported separately..
LIABILITIES TO, AND CLAIMS ON. FOREIGNERS REPORTED BY N0N6ANKING BUSINESS ENTERPRISES IN THE UNITED STATES
- Total liabilities and claims by type

CH-III-2.
CH-IV-I.

CM-IV-2.

Total

liabilities by country

CH-IV-3.

Total

liabilities by type and country

CM-IV-4.

Total claims by country

CM-IV-5.

Total claims by type and country

CM-V-1.

CM-V-2.

IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS IN THE UNITED STATES
Foreign purchases and sales of long-term domestic securities by type
Foreign purchases and sales of long-term foreign securities by type

CM-V-3.

Net foreign transactions In long-term domestic securities by

CM-V-4.

CM-V-5.

Foreign purchases and sales of long-term securities, by type and country, latest date
Foreign purchases and sales of long-term securities, by type and country, latest year

TRANSACTIONS

type and country

59
59

60
61
62

FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS

positions

FCP-I-1.

Nonbanking firms'

FCP-I-2.

Weekly bank positions

CANADIAN DOLLAR POSITIONS
positions

FCP-II-l.

Nonbanking firms'

FCP-II-2.

Weekly bank positions

65
65

GERMAN MARK POSITIONS

positions

FCP-III-I.

Nonbanking firms'

FCP-III-2.

Weekly bank positions

JAPANESE YEN POSITIONS

positions

FCP-IV-1.

Nonbanking firms'

FCP-IV-2.

Weekly bank positions

67
67

SWISS FRANC POSITIONS

positions

FCP-V-1.

Nonbanking firms'

FCP-V-2.

Weekly bank positions

68
68

STERLING POSITIONS

positions

FCP-VI-1.

Nonbanking firms'

FCP-VI-2.

Weekly bank positions

U.S.

69
69

DOLLAR POSITIONS ABROAD

FCP-VII-1.

Nonbanking firms'

FCP-VII-2.

Weekly bank foreign office positions

foreign subsidiaries'

positions

70
70

EXCHANGE STABILIZATION FUND
ESF-1.

Balance sheet

7 2

ESF-2.

Income and expense

CASH MANAGEMENT/DEBT COLLECTION
CASH MANAGEMENT INITIATIVES

Collection and Deposit Legislation
Cash Management Information System

Reform '88 Cash Management

REPORTS

SPECIAL

CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT. FISCAL YEAR 1983 (PROTOTYPE)

TRUST FUNDS
Civil

service retirement and disability fund

Federal

hospital

108

disability Insurance trust fund

109

Insurance trust fund

110

Federal old-age and survivors Insurance trust fund

Ill

Federal

112

National

supplementary medical Insurance trust fund
service life insurance fund

112

Railroad retirement account

113

Unemployment trust fund

114

Investments of specified trust accounts 1n public debt securities and agency securities by Issues

115

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Note.--0eta1

118

figures may not add to totals because of rounding.

Abbreviations and symbol:

represents Revised,

Preliminary, n.a. Not available.

Includes funds transferred from others.

FEDERAL FISCAL OPERATIONS
Table FFO-1.

- Summary

of Fiscal

Operations

mrce: Monthly Treasury Statement of Receipts and Outlays of the United States Gov
Budget and off-budne

Budget

suits

CDOOOOOOOO

Q
m

=
CQ

00000
00

-"t

FEDERAL FISCAL OPERATIONS
Table FFO-2.
urcc:

- Budget

Receipts by Source

Monthly Treasury Statement of Receipts and Outlays of the United States Government]
Social (n
taxes and

Corporatio

FEDERAL FISCAL OPERATIONS
Table FFO-2.

Budget Receipts by Source-Continued
[In millions of dollars]

Social 1
taxes and

contributions—

Airport and airway trust fund

Refunds

taxes and

1984-Ja

July.
Sept.

Fiscal

198

Net

Highway trust fu

Black lung disability

Gross

Refunds

Net

Gross

Refunds

Net

Gross

Refunds

FEDERAL FISCAL OPERATIONS

FEDERAL FISCAL OPERATIONS
Table FFO-3.
[In rotlHons of dollars.

— Budget

Outlays by Agency

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

FEDERAL FISCAL OPERATIONS
Table FFO-3.

Budget Outlays by Agency-Continued
[In

mtinons of dollars]

—

10
FEDERAL OBLIGATIONS

"ObUgatlons"
tn the Federal

the use of funds Is contr
They are recorded at the point at whic
Itment to acquire goods or services ar
events order, delivery, payment, and
the acquisition and use of resources
placed, contracts a* rded, services
ctio
requiring the disburs Ttent of money.
isis on which

Gove

Government makes a
the first of the f
sumption whtch character!
gen

tran

—

The obllgatlonal stage of Government t ansactlons Is a strategic
point In gauging the Impact of the Cover ment's operations on the
national economy, since It frequently repres< Its for business firms the
Government commitment which stimulates busi ess Investment. Including
Disbursements may not
Inventory purchases and employment of labo
its order, but the
after the Government pi
diate pressure on the private economy.
Itself usually

ding to

Obligation

FO-1

Table

uniform set of catego

- Gross

based upon the nature
All payment
purpose.
as personnel compens
current operations or

transaction without regard to Its ultimate
ilarles and wages, for example, are reported
whether the personal services are used In
construction of capital Items.

Federal agencies often do business with one another; In doing so,
ederal
auying" agency records obligations, and the "performing" agency
the "buyin
In table FO-1, obligations Incurred within the
recordIs reimbursements.
from
those
Incurred
outside
the
distinguished
ment
are
Table FO-2 shows only those Incurred outside.
iment.

Obligation data for the administrative budget fund accounts were
first published in the September 1967 Treasury Bulletin, and the trust
fund accounts were first published in the October 1967 Bulletin.
Beginning with the April 1968 Bulletin, the data are on the basis of the
pursuant
the
recommendations of
the
budget
concepts
adopted
to
President's Coirmission on Budget Concepts.

Obligations Incurred Within and Outside the Federal Governnnent
by Object Class, as of Mar. 31, 1984

[In millions of dollars.

Source:

Standard Form 225, Report on Obligations, from agencies]
Gross obligations Incurred

Personal services and benefits
Personnel compensation
Personne 1 benef i ts
Benefits for former personnel

47,631
871
14,395
1,914
1,494
4,322

Contractual services and supplies
Travel and transportation of persons.
Transportation of things
Rent, communications, and utilities..
Printing and reproduction
Other servi ces
Supplies and materials

47,631
5,438
14,395

2,337
2,875
7,021

Acquisition of capital assets
tquipment
Lands and structures
Investments and loans

35,258
5,134
14,608

45,228
6,536
15,730

57,863
142,368
65,725

Grants and fixed charges
Grants, subsidies, and contributions.
Insurance claims and Indemnities
Interest and dividends
Refunds

9.970
1,402
1,122
9,520
2,753
14,238

67,382
145,121
79,963

Other :
Unvouchered
Undistributed U.S. obligations

Gross obligations Incurred

For Federal budget presentation a
This
incurred" is generally used.
within the Government and revenue
which by statute may be used by Gov

ncept of "net obligations
oncept eliminates transactions
d reimbursements from the publl
rnment agencies without appro-

presentation and therefore may differ somewhat from the Budget of the U.S. Goveri
ment.)
565.015
Gross obligations incurred {as above)
Deduct:
Advances, reimbursements, other Income, etc
Of f setti ng rccei pts

Net obligations Incurred

-90.778
-60.479

413.758

11
FEDERAL OBLIGATIONS
Table

FO-2.

[In

Gross Obligations Incurred
Department or Agency, as

mllHons of dollars.

Source:

Outside
of

Mar.

Federal

the
31,

Standarcl Form !Zi, Report on Obligations,

Personal services and benefits

Government

1984
from agencies]

Contractual

12
FEDERAL OBLIGATIONS
Table FO-2.

- Gross Obligations

Incurred Outside the Federal Government

by Department or Agency, as of Mar. 31,

1984-Con.

[In millions of dollars]

Grants and fixed charges

Acquisit
capital
Interest
and

dividends

Legislative
1/.
The judiciary
Executive Office of the President
Funds appropriated to the President:
International security assist-

International development assistance
Other
Agriculture Department:
Commodity Credit Corporation
Other
Commerce Department

Defense Department:
Military:
Department of the Army
Department of the Navy
Department of the Air Force
Defense agencies
.

Total military

Civil
Education Department
Energy Department
Health and Human Services Department...
Housing and Urban Development Dept.
Government National Mortgage

Association
Housing for the elderly or
handicapped 2/
Other
Interior Department
Justice Department
Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest on refunds, etc
General revenue sharing
Other
Environmental Protection Agency
General Services Administration
National Aeronautics and Space
Administration
Small Business Administration
Veterans Administration
Other independent agencies;
Export-Import Bank of the United
States
Tennessee Valley Authority
Other
Total

Off-budget Federal agencies V:
Strategic petroleum reserve account..
Postal Service
Rural Electrification Administration revolving funds

agencies

Total

gross
obligations
incurred

603

25
1

1.609

4,319
13,704
15,405
428

507
628

33.855

1.822

27.785
51,689
39.874
22,968

641
47

1,292
4,991
11,964
30,364

491

1,412
57

...
-

488
453

395

35
40

10
3.031
2,741
1,400
4,213
1.399
3.284

3
14

210

103

...
...
_

50
*

51
*

174

447
65

83
22

-13
25

639
53
479

35.258

5.134

14.608

200

345

200

345

...

Total off-budget Federal

•

Undistributed U.S.
obliga-

Less than S500.000.
1/ Includes reports for Library of Congress, Governm
and General Accounting Office only.
21 This fund was reclassified from an off-budget to
pursuant to an act approved Oct. 4. 1977.

56,763
660
3,485

56,763
668
3,485
130.141
1,619
2,502

13
FEDERAL OBLIGATIONS
Table

FO— 1. - Gross

Obligations Incurred Within and Outside the Federal Government
by Object Class, as of June 30,

[In millions of dollars.

Source:

1984

Standard Form 225, Report on Obligaticins. from agencies]

70,646
7,918
26.177

Personnel benef i ts
Benefits for former personnel

Contractual services and supplies :
Travel and transportation of perso
Transportation of things
Rent, communications, and utilitie
Printing and reproduction
Other services
Supplies and materials

Acquisition of capital assets
tquipment.

3,599
4,270
10.261
1.326
99,030
77.540

56,117
9.546
27,087

Lands nd stru
Investments and loans.

Grants and fixed charges

104,789
218,908
126,777

12.547
3.534
23,896

St and di vidends

Other :

Undistributed U.S. obligati

Gross obligations incurred II.

For Federal budget presentation a concept of "net obligations
This concept eliminates transactions
incurred" is generally used.
within the Government and revenue and reimbursements from the publ
which by statute may be used by Government agencies without approSummary figures on this basis
priation action by the Congress.
follow.
(Data are on the basis of Reports on Obligations

resentation and therefore may differ somewhat

Budget of the U.S. Goveri

lent.)

Gross obligations incurred {as above)
Deduct:
Advances, reimbursements, other income, etc
Of f setti ng recei pts

et obligations incurred

859,400
-148,274
-100.787
610.339

14
FEDERAL OBLIGATIONS
- Gross Obligations Incurred Outside the Federal Government
by Department or Agency, as of June 30, 1984
f

dollars.

Source:

Standard Form 22S, Report on Obligations, from agencies]
Contractual
Travel and
trans-

portatlon
of persons

Transportatlon of
things

and supplies

Printing

Other

Legislative branch U
The judiciary
Executive Office of the President
Funds appropriated to the President:
International security assistance
International development assistance....
Other
Agriculture Department:
Commodity Credit Corporation
Other
Comnierce Department
,

Defense Department:
Military:
Department of the Army
Department of the Navy
Departjnent of the Air Force
Defense agencies
Total ml

1 1

8,347

17,252
16,360
13.056
1,607

tary

Civil

Education Department
Energy Department
Health and Human Services Department
Housing and Urban Development Department:
Government National Mortgage
Association
Housing for the elderly or
handicapped 2/
Other
Interior Department
Jus t1 ce Department
Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest on refunds, etc
General revenue sharing
Other
Environmental Protection Agency
General Services Administration
National Aeronautics and Space
Admi ni strati on
Small Business Administration

Veterans Administration
Other independent agencies:
Export-Import Bank of the United States
Tennessee Valley Authority
Other
Total

Off-budget Federal agencies VStrategic petroleum reserve account..,.
Postal Service
Rural Electrification Administration
revolving funds
Total off-budget Federal

70.646

1,304

15
FEDERAL OBLIGATIONS

- Gross Obligations Incurred Outside the Federal Government
by Department or Agency, as of June 30, 1984-Con.

Table FO-2.

[In

minions

of dollars]

Grants and fixed charges

Acquisition of
capital assets
Equipment

Legislative branch _1_/
The judiciary
Executive Office of the President
Funds appropriated to the President:
International security assistInternational development assistance
Other
Agriculture Department;
Coimodity Credit Corporation
Other
Commerce Department

Defense Department:
Military:
Department of the Army
Department of the Navy
Department of the Air Force
Defense agencies
Total military

Civil
Education Department
Energy Department
Health and Human Services Department...
Housing and Urban Development Dept.
Government National Mortgage

Association
Housing for the elderly or
handicapped 2/
Other
Interior Department
Justice Department
Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest on refunds, etc
General revenue sharing
Other
Environmental Protection Agency
General Services Administration
National Aeronautics and Space
Administration
Small Business Administration
Veterans Administration
Other independent agencies:
Export-Import Bank of the United
States
Tennessee Valley Authority
Other
Total

Off-budget Federal agencies _3/;
Strategic petroleum reserve account..
Postal Service
Rural Electrification Administration revolving funds

Lands
and
struc-

Investments
and

Grants.
subsidies,
and con-

Insurance
claims
and indem-

Interest
and
dividends

•
1/

Unvouch-

ered

29
*

1.955

73
1

43
27

78
4

6.046
17.894
15,724
830

839
907
894
150

40,494

2,791

34.979
36.020
1.370

8.283
12,157

677

42.246
72.207
50.216
39.455

•

1.866
8.079
13,749
49,189

160

574
112

1.586

904

585

67
74

545

6.471
4.143
2.319
6,331
2.062
6,073

9-1
...
...
...

29
217

66
6

19
3

•

165

283

89,613
981

4.993
195,652
2.182
3,920

261

714
101

5,841
1,027
7,527

196

129

101

117

121

923

184
41

16
40

539

42.455

7,443

25,964

146

290

651

146

290

651

Total off -budget Federal

agencies

Refunds

Less than J500.000.
Includes reports for Library of Congress. Government Printing Offic
and General Accounting Office only.
reclassified from an off-budget to a budgetary accoun
pursuant to an act approved Oct. 4. 1977,

2/ This fund was

Note.— Agency shifts
of such shifts.
that time.

The

16
ACCOUNT OF THE

U.S.

TREASURY

SOURCE AND AV*IUBILITr OF THE BALAMCE IN THE ACCOUHT OF THE U.S. TREASURY

The operating cash of the Treasury 1s maintained In Treasury s
accounts with the Federal Reserve banks and branches and 1n tax and loan
Major Information sources Include the Dally Balance Hire
accounts.
received from the Federal Reserve banks and branches, and electronic
As the
transfers through the Treasury Financial Communications System.
balances in the accounts at the Federal Reserve banks become depleted,
they are restored by calling In (withdrawing) funds from thousands of
financial institutions throughout the country authorized to maintain tax
and loan accounts.

Deposits to tax and loan accounts occur in the normal course of
all
financial
uniform procedure applicable
to
under
a
business
institutions whereby customers of financial Institutions deposit with
them tax payments and funds for the purchase of Government securities.
transfer of funds from
In most cases the transaction Involves merely the
a customer's account to the tax and loan account in the same financial
On occasions, to the extent authorized by the Treasury,
institution.
institutions are permitted to deposit In these accounts
financial
proceeds from subscriptions to public debt securities entered for their
own account as well as for the accounts of their customers.

Under authority of Public Law 95-147, the Treasury Implemented a
program on Nov. 2, 1978, to Invest a portion of its operating cash in
Under
obligations of depositaries maintaining tax and loan accounts.
the Treasury tax and loan investment program, depositary financial
institutions select the manner in which they will participate in the
In their tax
Depositaries that wish to retain funds deposited
program.
and loan accounts in Interest-bearing obligations participate under the
Note Option; depositaries that wish to remit the funds to the Treasury's
account at Federal Reserve banks participate under the Remittance

The tax and loan system permits the Treasury to collect funds
through financial institutions and to leave the funds in Note Option
depositaries and in the financial communities in which they arise until
In this
such time as the Treasury needs the funds for Its operations.
way the Treasury Is able to neutralize the effect of its fluctuation
institution reserves and the
operations on Note Option financial
economy.

Option.

Table UST-1.

Elements

Changes

Federal Reserve and Tax and Loan Note Account Balances

[In millions of dollars.

Source:

Financial Management Service]

Credits and withdrawals

Withdrawals
(transfers to

Proceeds from sales of securltle

Credits 1/

Withdrawals 2/
Received
directly

Federal Reservi
accounts)

Nonmarketable

through remi ttan

OptK

tax and 1
deposi ta

1,165,226
1,372,394
1,512,662
1,752,320
1,808,415

1980
1981
1982
1983
1964

1983-Sept.
Oct..,
Nov..
Dec...

1984-Jan..
Feb,.,
Mar..
Apr,.,

Hay..
June.
July.
Aug..
Sept.

64,047
80,177
94,732
107,837
125,293

157,993

10,066
8,790
8,686
10,948
9,617
9,276
11.705
11,219
10,393
11,984
10,523
10,455
11,697

155,691
137,775
154,043
161,534
164,319
157,376
158,903
177,736
192.603
162,471
159,507
181,413
134,063

329,555

1,231.660
1,453,153
1,599.939
1,854,575
1,941,748

1,407
5,350
5,368
7,211
8,702
4,443

17
FEDERAL DEBT
Table FD-1.
jrce:

Amount

- Summary

of Federal

Debt

Monthly Treasury Statement of Receipts and Outlays of the United States

Gov.

18
FEDERAL DEBT
Table FD-3.
of dollars.

Total

Airport and
alrvay
trust fund

— Government

Account Series

Source: Monthly Statement of the Public Debt of the United States]

Employees
life
Insurance
fund

Exchange
Stabilization
Fund

Federal
Deposit
Insurance

Federal
disability
Insurance

Federal

employees
retirement

Federal
hospital
Insurance

Federal
Housing
Admlnlst

1980
1981
1982
1983
1984

169.848
201.052
210.462
234,684
259,534

5.423
4.712
3,868
4,794
6,434

3,161
3,646
4.191
4,770
5,638

3.544
3,130
3,011
2,514
3,268

9,379
11,232
13,249
13,867
14,195

7.377
3,095
6,456
4,992
4,374

71,055
81.768
94,205
108.089
111,181

14.606
18,141
20.800
13.059
16,527

1.315
1,488
1.944
2,009
2,763

20.565
20,742
9.519
25.503
27,224

1983-Sept
Oct
Nov

234,684
230,324
226,214
231,887
235,045
236,988
234,640
240,864
243,217
253,182
254,915
252,197
259,534

4,794
5,140
4,758
5,101
5,195
5,245
5,357
5,480
5,602
6,027
6,136
6,313
6,434

4,770
4,773
4,912
4,941
4,961
5,123
5,153
5.154
5,315
5,327
5,341
5,649
5,638

2,514
2,533
2,421
3,785
3,643
3,539
3,575
3,602
3,439
3,468
3,399
3,255
3,268

13,867
13.381
13,651
13,701
14,178
14,813
14.313
14,683
13,078
13,024
13,438
13,754
14,195

4,992
4.880
4,693
4,894
4,787
4,799
4,590
4,742
4,530
4,867
4,770
3,979
4,374

108,089
107,015
105,969
110.094
109,139
108,158
107,113
106,027
105,047
109,463
108,791
107,618
111,181

13,059
12,500
11,950
12,382
12,526
13.119
13,809
14,365
14,218
15.652
15.792
15,410
16,527

2,009
2,009
2,077
2,135
2,158
2,159
2,155
2,206
2,287
2.323
2,403
2,770
2,763

25.503
23,824
19.832
18,436
20,736
19,893
20,048
24,084
24,056
26,149
26,882
21,110
27.224

Dec
19e4-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

Federal Sav-

1980
1981
1982
1983
1984

1983-Scpt.

1984-Jan.

July.
Aug..
Sept.

FEDERAL DEBT
Table FD-4.

Interest-Bearing Securities Issued by

Government Agencies

'"'[In -"lions of dollars.
mil
Source: Monthly Imsury Statement of Receipts and Outlays
of the United States Government and Financial Management Service]

End of
fiscal year
or month

Housing and Urban
Development Department

Defense
Department

Other independent agencie

Total

outstanding

Family housing
and homeowners

Federal
Housing
Administration

assistance

Government
National
Mortgage
Association

Export-Import
Bank of the

United States

1980
1981
1982
1983
1984

6.616
6,086
4,952
4,675
4,481

641
516
388
264
153

495
432
335
206
140

2.842
2.715
2,165
2,165
2,165

661

1983-Sept
Oct
Nov

4,675
4,666
4,654
4,641
4.610
4.582
4.563
4.547
4.532
4,525
4,515
4,492
4.481

264
258
253
243
234
215
206

206
203

2.165
2,165
2,165
2.165
2.165
2.165
2.165
2,165
2,165
2,165
2,165
2,165
2,165

64
64
64
64
63
57

Dec
1984-Jan
Feb

Har
Apr
Hay
June
July
Aug
Sept

197
194
173
169
166
162
156
155
154
146
140

197
188
181
172
162
153

Memorandum
End of
fiscal year
or month

Banks for
cooperatives

Farm
credit
banks

— Interest-bearing

Federal
intermediate
credit banks

446
88
64
34

48
46
48
48
43
34

Federal
land
banks

45.950
59.024
65.553
67,320
68,165

1.821
1,388
926
926
926

12.765
10,317
7.652
5,015
4.015

54.101
76.799
98.911
111,012

1983-Sept
Oct

220
220
220
220
220
220
220
220
220
220
220
220
220

67,320
68.898
68,533
67,684
68.045
67.725
68,039
68,157
68,238
68,040
68,551
68,144
68,165

926
926
926
926
926
926
926
926
926
926
926
926
926

5,015
4,015
4,015
4,015
4,015
4,015
4,015
4.015
4,015
4,015
4.015
4,015
4,015

111.012
115.496
115,767
114.471
115,152
115,815
117,406
118,693
122,231
126,032
129,226
135,854

Hay
June
July
Aug
Sept

Less than $500,000.

1.725
1,725
1,725
1,725
1,725
1.725
1.725
1.725
1,725
1,725
1,725
1.725
1,725

n.a.

Federal
National

Student
Loan

Mortgage
Association

Federal home
loan banks

584
220
220
220
220

Har
Apr

1,725
1.725
1,725
1,725
1,725

securities of non-Government agencies

1980
1981
1982
1983
1984

Nov
Dec
1984-Jan
Feb

Tennessei
Valley
Authorit:

Marketing
Associate.

52.382
56,688
76,263
97,480
113,460

1,611
3,145
4,952

97.480
96.494
98,311
100.028
100,146
102,299
104,248
107,071
108.566
109,506
111,637
112,404
113,460

3.145
3.050
3.050
3,050
3,231
3.342
3,518
3,749
3,996
4.184
4,609
4,817
4,952

20
FEDERAL DEBT
Table FD-5.

Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors
[In

mnUons

of dollars.

Amount

1980
1981
1982
1983
1984

1983-Sept.
Oct..
Nov..

Dec.
1984-Jan..
Feb..
Mar..
Apr..
Hay..
June.
July.
Sept.

Source:

Office of Government Finance and Market Analysis in the Office of the Secretary]

21
FEDERAL DEBT
Table
[In

FD— 7. —

milHons

Treasury Holdings of Securities Issued by Government Corporations and Other Agencies

of dolla

Monthly Treasury Statement of Receipts and Outlays of the United St

22
TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER 1984

Auction of 2-Vear notes
18 the Treasury announced that it would auction J8.500 million of
2-year notes to refund $5,994 milUon of notes maturing July 31, 1984, and to
The notes offered were Treasury Notes of
raise S2.S00 million new cash.
On July

Series W-19e6, dated July 31, 1984, due July 31, 1986, with interest payable
An interest rate of
31 and July 31 in each year until maturity.
12-5/8 percent was set after the determination as to which tenders were
accepted on a yield auction basis.

banks as agents for foreign and international monetary authorities, and $1,183
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account In exchange for maturing securities.

S2-Meek Bills

on January

and

Tenders for the notes were received u ntil 1 p.m. EDST, July 25.
totaled $15,732 million, of which $8,500 million was accepted at yields
ranging from 12.63 percent, price 99.991, u[ to 12.75 percent, price 99.785.
Noncompetitive tenders were accepted in full at the average yield of accepted
$1,610 million.
These totaled
price 99.888.
tenders,
12.69 percent,
illio
Competitive tenders accepted from private investors totaled $6
In

process,

addition to the $8,500 million of tenders
$410 million was accepted at the average p

On June 29 tenders were invited for approximately $8,250 million of 364Treasury bills to be dated July 12, 1984, and to mature July 11, 1985.
The issue was to refund $7,846 million of 364-day bills maturing July 12 and
Tenders were opened on July 10.
to raise about $400 million new cash.
They
totaled $20,108 million, of which $8,261 million was accepted, including $604
million of noncompetitive tenders from the public and $1,855 million of the
bills issued at the average price to Federal Reserve banks for themselves and
An additional
as agents for foreign and international monetary authorities.
$120 million was issued to Federal Reserve banks as agents for foreign and
international monetary authorities for new cash.
The average bank discount
rate was 10.99 percent.

day

August Quarterly Fir

Auction of 2-rear Notes

Treasury announced that it would sell to the public at
live and noncompetitive bidding, up to $6,500 million of
3-year notes of
s P-1987,
$5,500 million of 10-year notes of Series B..
30-year bonds of 2009-14 to refund $7,224 million
.
1994, and $4,750
maturing August 15, and to raise $9,525
of publicly held Treasury sec

On August 15 the Treasury announced that it would auction $8,500 million
2-year notes to refund $6,849 million of publicly held notes maturing
August 31, 1984, and to raise about $1,650 million new cash.
The notes
offered were Treasury Notes of Series X-1986, to be dated August 31, 1984, due
August 31, 1986, with interest payable on February 28 and August 31 in each
year until maturity.
An interest rate of 12-3/8 percent was set after the
determination as to which tenders were accepted on a yield auction basis.

August

with
maturity.
1987,

ate of 12-3/8 percent was set on the notes of Series P-1987
iers were accepted on a yield auction
e dated August 15, 1984, due August 15,
ry 15 and August 15 in each year until

interest payable on Febr

'-1987 were received until 1 p.m. EDST,
Tenders for the notes of Serie
August 7, and totaled $16,071 millio
of which $6,507 million was accepted at
yields ranging from 12.42 percent,
ice 99.890, up to 12.48 percent, price
99.744.
Noncompetitive tenders wer
iccepted in full at the average yield,
Competitive
The
totaled $1,347 million.
12.46 percent, price 99.793.
tenders accepted from private in
tors totaled $5,160 million.
In addition to the $6,507 million of tenders accepted in the auction
process, $300 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $800
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account in exchange for maturing securities.

Tenders for the notes were received until 1 p.m. EDST, August 22, and
totaled $21,822 million, of which $8,513 million was accepted at yields
ranging from 12.41 percent, price 99.940. up to 12.45 percent, price 99.871.
Noncompetitive tenders were accepted in full at the average yield, 12.43
These totaled $1,428 million.
Competitive tenders
percent, price 99.905.
accepted from private investors totaled $7,085 million.
In addition to the $8,513 million of tenders accepted in the auction
process, $575 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $643
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account in exchange for maturing securities.

Auction of 5-Tear 2-t1onth Notes
On August 21 the Treasury announced that it w luld auction $6,500 million
5-year 2-month notes to raise new cash.
The
otes offered were Treasury
Notes of Series K-1989, dated September 4, 1984, lue November 15, 1989, with
An
interest payable on May 15 and November 15 in eac 1 year until maturity.
interest rate of 12-3/4 percent was set after th( determination as to which
tenders were accepted on a yield auction basis.

of
An interest rate of 12-5/8 percent was set on the notes of Series B-1994
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series 8-1994 were dated August 15, 1984, due August 15,
1994, with interest payable on February 15 and August 15 in each year until
maturity.

Tenders for the notes of Series B-1994 were received until 1 p.m. EDST,
August 8, and totaled $11,401 million, of which $5,502 million was accepted at
yields ranging from 12.61 percent, price 100.084, up to 12.68 percent, price
99.693.
Noncompetitive tenders were accepted in full at the average yield,
These totaled $525 million.
Competitive tenders
12.65 percent, price 99.860.
accepted from private investors totaled $4,977 million.
In addition to the $5,502 million of tenders accepted in the auction
process, $300 million was accepted from Federal Reserve banks as agents for
foreign and international monetary authorities, and $500 million was accepted
at the average price from Government accounts and Federal Reserve banks for
their own account in exchange for maturing securities.

An Interest rate of 12-1/2 percent was set on bonds of 2009-14 after the
determination as to which tenders were accepted on a yield auction basis. The
bonds of 2009-14 were dated August 15, 1984, callable August 15, 2009, and due
August 15, 2014, with interest payable on February 15 and August 15 in each
year until call or maturity.

Tenders for the bonds were received until 1 [ .m. EDST, August 9, and
totaled $16,667 million, of which $4,798 million was accepted at 12.52
percent, price 99.844, which represented the full range of accepted bids.
Noncompetitive tenders were accepted in full at the verage yield of accepted
tenders,
percent,
price
99.844.
These
totaled
12.52
$291
million.
Competitive tenders accepted from private
stors totaled $4,507
i 1 1
In addition to the $4,798 milli
process, $332 million was accepted
accounts and Federal Reserve banks foi
maturing securities.

of tenders accepted in the auction
the average price from Government
;he1r own account and in exchange for

Tenders for the notes
totaled $16,738 million, o
ranging from 12.77 percent.
Noncompetitive tenders were
tenders, 12.78 percent, pr
petitive tenders accepted fr

received until 1 p.m. EOST, August 29, and
which $6,531 million was accepted at yields
price 99.780, up to 12.78 percent, price 99.742.
ccepted in full at the average yield of accepted
These totaled $522 million.
Comce 99.742.
m private investors totaled $6,009 million.
•ere

52-Heek Bills

The Issue was to refund $7,777 milli.
to provide about $475 million new <
They totaled $22,184 million, of whi(
$518 million of noncompetitive tende
the bills issued at the average prici
and as agents for foreign and ir
additional $190 million of the bill;
agents for foreign and international
age bank discount rate

of 364-day bi
naturing August 9 and
opened on August 2.
Tenders v
accepted. Including
$8,275 milHoi
nd $1,575 million of
from the publ
to Federal Reserve banks for themselves
ernational monetary
thoritie
An
banks
was issued to Federal Re
lonetary authorities for
sh.

;

Cash Manageoent Bills
On August 24 tenders were invited for approximately $8,000 million of 20day bills to be Issued August 31, 1984, representing an additional amount of
The issue was to
bills dated March 22, 1984, maturing September 20, 1984.
Tenders were opened on August 28.
They totaled $30,986
raise new cash.
The average bank discount rate
million, of which $8,004 million was accepted.
was 11.28 percent.

TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER 1984

SEPTEMBER
Auction of 2-Year Notes
On September 12 the Treasury announced that ft would auction $8,500
million of 2-year notes to refund $10,044 million of publicly held 4-year
notes, originally issued on September 30, 1980, and reopened on September 30,
1982, maturing September 30, 1984, and to pay down $1,550 million.
The notes
offered were Treasury Notes of Series Y-1986, dated October 1, 1984, due
September 30, 1986, with Interest payable on March 31 and September 30 In each
year until maturity.
At the same time. It was announced that the auction of
the 4-year note, which would have normally been Issued on September 30, was
An Interest rate of 11-7/8 percent was set after the
being postponed.
determination as to which tenders were accepted on a yield auction basis.

Tenders for the notes were received until 1 p.m. EDST, September 19, and
totaled $18,159 million, of which $8,510 million was accepted at yields
ranging from 11.91 percent, price 99.939, up to 11.97 percent, price 99.836.
Noncompetitive tenders were accepted in full at the average yield of accepted
tenders,
11.94
percent,
price
These totaled
99.887.
$1,192 million.
Conpetitive tenders accepted from private investors totaled $7,318 million.
In addition to the $8,510 millioi
of tenders accepted in the auction
process, $370 million was accepted at t e average price from Federal Reserve
banks as agents for foreign and ^nte^n^ tonal monetary authorities, and $668
million was accepted at the average pric from Government accounts and Federal
Reserve banks for their own account in e change for maturing securities.

additional $300 million of maturing notes held by Federal Res
s refunded by the issuance of short-term Treasury bills, which
changed for a like amount of 3-year 11-fnonth domestic notes.

An Interest rate of 11-5/8 percent was set on the bonds of 2004 after the
determination as to which tenders were accepted on a yield auction basis. The
bonds of 2004 were dated October 30, 1984. due November 15, 2004, with
Interest payable on May 15 and November 15 in each year until maturity.

Tenders for the bonds of 2004 were received until 1 p.m. EDST, October
23, and totaled $8,260 million, of which $4,005 million was accepted at yields
ranging from 11.55 percent, price 100.554, up to 11.75 percent, price
Noncompetitive tenders were accepted in full at the average yield of
99.016.
These totaled $184 million.
accepted tenders, 11.69 percent, price 99.473.
Competitive tenders accepted from private investors totaled $3,821 million.

Auction of 3-Vear ll-Month Notes
in
On August 16 Secretary Regan announced that the Treasury would,
regularly
scheduled
conjunction with
securities
auctions,
provide
for
additional amounts of certain issues of Treasury notes or bonds that would be
targeted to foreign purchasers.
He said that the initial sale of such
securities could take place in conjunction with the auction of regular
(domestic) 4-year notes scheduled for September.
The purpose of the new issue
the market for Treasury
was to reduce financing costs and to expand
securities.
On September 12 the Treasury announced that the auction and issue
of the regular 4-year notes were being postponed.
On October 12 the Treasury announced that it would auction $6,000 million
3-year 11-month domestic notes and $1,000 million of 3-year 11-month
foreign-targeted notes to raise new cash.

The domestic notes were Treasury Notes of Series N-1988, dated October
1984, due September 30, 1988, with Interest payable on March 31 and
September 30 in each year until maturity.
The foreign-targeted notes were
Treasury Notes of Series P-1988, dated October 31, 1984, due September 30,
An
1988, with Interest payable on September 30 in each year until maturity.
interest rate of 11-3/8 percent was set on both issues after the determination
as to which tenders were accepted on a yield auction basis.
31,

SZ-Neek Bills
On August 24 tenders were invited for approximately $8,250 million of
364-day Treasury bills to be dated September 6, 1984, and to mature September
The issue was to refund $7,773 million of 364-day bills maturing
5, 1985.
September 6 and to provide about $475 million new cash.
Tenders were opened
They totaled $20,007 million, of which $8,267 million was
on August 30.
accepted, including $496 million of noncompetitive tenders from the public and
$1,975 million of the bills issued at the average price to Federal Reserve
banks for themselves and as agents for foreign and international monetary
authorities.
The average bank discount rate was 10.84 percent.

Auctions of 7-Vear Notes and ZO-Vear 1-Month Bonds
September 18 the Treasury announced that the
and 20-year 1-month bonds, which normally would have
Meek, were being postponed pending congressional ai
raise the statutory debt limit.
On

On October 4 the Treasury
auction, under competitive and
7-year notes of Series G-199I
2002 to raise new cash.

ons of 7-year n
held the folio
on legislatior

nnounced that it would sell to the publt
ncompetitive bidding, up to $5,500 millio
d $4,000 million of 20-year 1-month bond

The auction of the 7-year notes was originally
heduled for October 10
with settlement to be made on October 17.
The auctic
of the 20-year l-month
bonds was originally scheduled for October 11 with
ttlement to be made on
October 18.
On October 10 the auction of the 7-year r ote
rescheduled for
October 16 with settlement to be made on October
October 11 the
auction of the 20-ye
nth bonds was rescheduled for October 23 with
The postponements were made necessary by
settlement to be made n October 30.
the failure of Congres to raise the debt limit.
An interest rate of 12-1/4 percent was set on the notes of Series G-I991
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series G-1991 were dated October 23, 1984, due October
15, 1991, with interest payable on April 15 and October 15 in each year until
maturity.

Tenders for the notes of Series G-1991 were received until 1 p.m. EOST,
October 16, and totaled $11,537 million, of which $5,513 million was accepted
at yields ranging from 12.30 percent, price 99.770, up to 12.35 percent, price
99.541.
Noncompetitive tenders were accepted in full at the average yield of
accepted tenders, 12.34 percent, price 99.587.
These totaled $516 million.
Competitive tenders accepted from private investors totaled $4,997 million.

The foreign-targeted notes were
foreign institutions or to foreign
The notes were issued in book-entry
registered notes of the companion

sold, under competitive bidding only, to
branches of U.S. financial institutions.
form and were eligible for exchange into
domestic issue. Series N-1988, or for
conversion into registered foreign-targeted notes after December 8, 1984.

Tenders for the domestic notes were received until 1 p.m. EDST, October
24, and totaled $15,962 million, of which $6,015 million was accepted at
yields ranging from 11.38 percent, price 99.985, up to 11.44 percent, price
Noncompetitive tenders were accepted in full at the average yield,
99.799.
These totaled $625 million.
Competitive tenders
11.42 percent, price 99.861.
accepted from private investors totaled $5,390 million.
In addition to the $6,015 million of tenders accepted in the auction
process, $220 million was awarded at the average price to Federal Reserve
An
banks as agents for foreign and international monetary authorities.
additional $300 million was also accepted at the average price from Federal
Reserve banks for their own account in exchange for special issue Treasury
bills Issued to refund notes that had matured September 30, 1984.

Tenders for the foreign-targeted notes were received until 1 p.m. EDST,
October 24, at the Federal Reserve Bank of New York and totaled $3,996
million, of which $1,001 million was accepted.
The interest rate of 11-3/8
percent was established in the auction of the companion domestic issue.
Accepted yields, based on an annual Interest payment, ranged from 11.30
percent, price 100.271, up to 11.46 percent, price 99.788.
The average yield
of
the
accepted competitive tenders was
11.41
percent,
price
99.939.
Noncompetitive tenders were not accepted.

Public Debt Llalt
Public Law 98-475, signed by the President on October 13, raised the
The auctions of 7-year notes and 20public debt limit to $1,823.8 billion.
year 1-fionth bonds were originally postponed and twice rescheduled to avoid
exceeding the previous debt ceiling of $1,573 billion.
Also, the offering
amount for the weekly Treasury bill issues auctioned October 9 was reduced by
$800 million for the same reason.

24
PUBLIC
Table

PDO-1. -

DEBT OPERATIONS

Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than

and 52-Week Treasury

Bills

Outstanding, Sept. 30,
;

...
...
...
...

9-3/4J-X
16«-L
H-3/8I-i
9-7/8t-Y

11/01/82
8/17/81
11/16/ei
11/30/82
12/31/80
12/31/82

Total

"Jtn.
Feb.
Feb.
Feb.
Nar.
Bar.
Apr.
Kay
Hay
May
Hay

31....
15
15
28
31
31

30....
15....
15

15....
15

"ay 15,75-85
Hay
31
June 30
June
30
July 31
Aug.
15
AU9.
15
Aug.
15
Aug.
15
5cpt. 30
Sept. 30....
Oct.
31
Nov.
15....
Nov.
«oy.

30....

9-1/41-0
8X-A
14-5/et-L
9-5/81-R
13-3/81-0
9-S/81-S
9-l/2t-T
14-3/81-0
10-3/et-C
3-1/41
14-1/ei-n
4-1/41
9-7/8
14S-H
lOt-V
10-5/8t-W
8-1/41-8
9-5/ei-E
13-1/81-N
10-S/81-X
15-7/81-J
10-7/ai-y
10-1/21-2
11-3/41-F
9-3/41-P
10-1/21-A

Total

10-5/ai-O
13-1/21-C
9-7/81-L
10-7/81-R
141-G
11-1/21-5
ll-3/4t-T
13-3/41-0
7-7/81-A
9-3/81-B
12-5/et-U
14-7/81-H
131-V
12-5/ai-W
ll-3/81-»
Aug.
15.
Aug.
31.
Sept. 30.

81-B

12-3/at-X
12-1/41-J
16-1/8I-F
6-1/81
13-7/ei-E

Ul-P
lOt-K

91-8

10-7/ei-H
12-3/41-0
10-I/41-K
121-C
12-1/21-K
141-E
10-1/21-J

13-3/41-F
12-3/8J-P
11-1/Bl-K
7-5/ei-A
12-5/81-G
11-1/41-L

121-L

15....

13-1/41-0
9-7/81-H
e-l/41-A
13-S/Sl-M

is
15
30
15
15

141-E

10-1/21-J

1/31/84
12/08/80
2/15/83
2/29/84
3/31/82
4/02/84
4/30/84
3/04/81
5/17/76
5/16/83
6/31/84
7/06/82
7/02/84
7/31/84
8/15/83
8/16/76
8/31/84
9/30/82
9/08/81
11/15/71
6/03/81
11/15/83
12/31/82

2/15/79
2/15/84
12/02/81
3/31/83
2/15/80
5/15/84
3/03/82
6/30/83
6/02/82
B/15/84
9/30/83
11/15/77
9/07/82
1/03/84

1/05/81
12/02/82
4/02/84
4/06/81
3/01/83
5/15/78
7/02/84
7/07/81
6/03/83
10/14/81

9.228
3,188
8.116
9,141
4.215
9,337
9.208
3,460

9,192
4,758
9,933
10,230
8,862
9,515
9,857
5,813
3,469
1,196
3,206
7,650
5,908

6,238
9,166
3.437
6,522
2,472
7,831
3,519
6,435
4.078
7,717
6,539
2,387

5,040
6,837
2.972

6,723
3,469
5,783
3,474

Total....
14-5/et-C
11-3/81-0
14-3/81-0
9-l/4t-A
11-3/41-H
I4-1/21-E
13-7/81-J

n-7/81-F
12-3/41-K
10-3/41-8

10-1/213-1/21
10-1/21-

1/13/82
12/01/83
4/07/82
5/15/79
3/05/84
7/08/82
6/01/84
9/29/82
9/04/84
11/15/79

1/04/83
2/14/58
4/04/83
4/07/75
7/05/83
8/15/80

3,508
6,244
3,348
2,628
6,068
4.723
6,283
4,237

5,054
1,203
5.013
3.762

1,183
2,100
2,000

8,668
3,138
6,846
8,480
3,891
8,487
8,382
3,357
4,061
6,801
8,742
4,355
9,033
9,047
6,762
7,515
9,214
5,595
3,192
332
3,131
6,550
5,565

Feb.

Regular Weekly

1984

the Public Debt of

the unltea

States.

25
PUBLIC DEBT OPERATIONS
Table
unts <n millions.

Source:

PDO-2. -

HortMy Statement

Offerings of Bills
of the Public Debt of the United States and allotments]

Amounts of bids accepted

Maturity
date

number of
days to

maturity 1/

Amount of
bids
tendered

PUBLIC DEBT OPERATIONS
Table PDO-2.

Offerings of Bills-Continued

PUBLIC DEBT OPERATIONS
Table

PDO-3. -

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills

[DolU
Date subscrip
tlon books

PUBLIC DEBT OPERATIONS
Table

PDO-3. -

Public Offerings of lillarketable Securities Other than Regular Weekly Treasury Bills-Continued
[Dollar amounts In millions]

7/03/84

29
PUBLIC DEBT OPERATIONS
Table

PDO-4. - Allotments

by Investor Classes on Subscriptions for Public Marketable Securities
Part A

Other than

Bills 1/

Allotments by inyi

U.S. Govlanc-

Descripti(

Commer-

eminent
accounts
and

banks

viduals

£/

Federal
Reserve

9/07/82

cial

Indi-

Irsurance
companies

Mutual

Cori

sav-

rat

ings
banks

Pension

Other

Oeale

PUBLIC DEBT OPERATIONS
Table

PDO-4. -

Allotments by Investor Classes on Subscriptions for Public Marketable Securities-Continued
Part 8 - Bills Ott)er than Regular Weekly Series
tOollar aniounti In Billllons.

Soiiret:

Subscription ana allotmnt reportt]

Allotawnts b> Investor classes

ToUl amount
LS. Gov't
nd Federal

9/09/e

31
U.S.

SAVINGS BONDS AND NOTES

Series EE bonds, on sale since Jan. 1, 1980, are the only savings
Series HH bonds are Issued In exchange for series
bonds currently sold.
Series A-D were sold from
E and EE savings bonds and savings notes.
Series E was on sale from Hay 1,
Mar. 1, 1935, through Apr. 30, 1941.
through Dec.
1979 (through June 1980 to payroll
31,
savers
1941,
Series F and G were sold from Hay 1, 1941, through Apr. 30,
only).
Series H was sold from June 1, 1952, through Dec. 31, 1979.
1952.
Series HH bonds were sold for cash from Jan. 1, 1980, through Oct. 31,
1982. Series J and K were sold from May 1, 1952, through Apr. 30, 1957.

Table SBN-1.

Sales and

were on sale Hay 1, 1967, through June 30,
eligible for purchase by Individuals with the
The principal terms
simultaneous purchase of series E savings bonds.
and conditions for purchase and redemption and Information on Investment
yields of savings notes appear In the Treasury Bulletins of March 1967
and June 1968; and the Annual Report of the Secretary of the Treasury
for fiscal year 1974.

Redemptions by

[In millions of dollars.

Soui

United States; Market Analys

Series,

Cumulative through Sept. 30, 1984

Honthly Statement of the Public Debt of the
Section, United States Savings Bonds Division]

Amount outstanding
Sales plus
accrued
discount

Sav ngs bonds
Series A-D 2/
Series £, ET, H, and HH
Series F and G

3,949
230,747
28,396
3,556

Series J and K
Savings notes

1,054
83,652
1,125

Interestbearing debt

5,002
240,976
29,517
3,753

5,003
314,399
29,521
3,754
1,240

Total

bonds beginning January 1972; however, they exclude excha

Sales and redemption figures Include exchange of
(11 matured series E bonds for series G and K bon
through April 1957; (2) series F and J bonds for
beginning January 1960; and (3) U.S. savings note

E bonds for series H and HH bonds.
21 Details by series on a cumulative basis and by period of
bined will be found in the February 1952 and previous issi

Treasury Bulletin.

Table

SBN-2

Sales

and

Redemptions

Period,

All

Series

Savings

Bonds

and

Notes

Combined

Source: Honthly Statement of the Public Debt of the
United States; Harket Analysis Section. United States Savings Bonds Division]

[In millions of dollars.

Accrued

Sales plus

Amount outstanding

Redemptions
Accrued

32
U.S.

Table

SBN-3. -

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period, Series

EE, H, and

Source: Monthly Statement of the PubHc Debt of the
[In mnitors of dolUrs.
United States; Market Antlysli Section, United States Savings Bonils Division]

Redemptions

Exchange of
bonds for
H and HH bonds

Amount outstanding

—

Fiscal years :
1941-82...
1983
1984

210,222
3,952
3,907

Calendar years:
1941-61...
1982
1983

207.930
3,182
3,926

Months

nST-Sept
Oct
Nov
Dec
1984-Jtn
Feb
Mar

Apr
Hay
June
July
Aug
Sept

306
306
239
325
378
350
356
354
348
316
318
333
285

Interestbearing debt

Matured
non-1 nterestbearlng debt

OWNERSHIP OF FEDERAL SECURITIES
Tible OFS-1.

Distribution of Federal Securities by Class of Investors and Type of Issues
tin rmilloti! of dolliri.

Source: Flrnnclil Hanageront Service]

Public
helo by

Fedenl

914,317
1,003.942
1,146,967
l,381,eS6
l,S7t,748

IMl
1M2
1M3
1994

198]-S<pt
Oct

Wv
Dec
1984-Jtn
F<b

Htr
Apr
Hay

JUM
July
Aug
Sept

906.402
996,495
1.140.663
1.375.751
1.559,570

197,743
206,076
216,404
239,023
263,084

10.078
9,016
7.944
5,887
4,994

1,361,686
1,369,236
1.393,616
1,415.343
1,441,993
1,462,127
1,466,303
1,490,663
1,501,656
1.517.221
1.543.117
1,565.140
1.576.746

1.375.751
1.383.265
1,387,660
1,400,906
1,435,612
1,455,761
1,452,099
1,484,392
1,495,393
1,501,131
1,536,894
1,558,969
1.559,570

239.023
234,642
230,431
236,277
239,271
241,233
239,843
245,164
247,553
257,597
256,953
255.640
263,084

5,887
5,901
5,840
6,078
5,927
5,952
5,922
5,916
5,832
5,833

187,665

MARKET BID YIELDS ON TREASURY SECURITIES
Table

Date

3-mo.

MBY-1. - Treasury Market

6-mo.

1-yr.

Bid Yields at Constant Maturities,

2-yr.

3-yr.

5-yr.

Bills,

7-yr.

Notes, and Bonds'

10-yr.

20-yr.

30-yr.

35
MARKET BID YIELDS ON TREASURY SECURITIES,

SEPT. 28,

1984

.
.

AVERAGE YIELDS OF LONG-TERM BONDS
Table

AY— 1. — Average
[Source:

Treasury

New Aa

20-yr.
bonds

corporate
bonds 21

Yields of Long-Term Trea:'jry, Corporate, and Municipal

Hew Aa
municipal
bonds 2/

Treasury

New Aa

20-yr.
bonds

corporate
bonds 21

New Aa
municipal
bonds

Treasury
20-yr.
bonds

New Aa

corporate
bonds 2J

municipal
bonds 2/

MONTHLY SERIES— AVERAGES OF DAILY OR WEEKLY SERIES

1973

7.611
7.67
7.75
7.70
7.69
7.73

Jan..
Feb..
Mar..
Apr.
Hay..
June.
July.
Aug.
Sept.
Oct..
Nov..

7.29
7.62
7.25

Dec.

Jan..
Feb..
Mar..
Apr..
Hay..
June.

7.48

July.
Aug..
Sept.
Oct..
Nov..

Dec.

Jan..
Feb..
Har..
Apr..
Hay..
June.

7.71
7.99
8.36

July.
Sept.

8.57
8.35
8.28
8.23

Bonds

Office of Government Finance and Market Analysts in the Office of the Secretary]

Treasury
20-yr.
bonds

New Aa

corporate
bonds 21

37
AVERAGE YIELDS OF LONG-TERM BONDS

Dmft^FlJQIliiDOOQflD ©iiSllSDgGD©!

41
INTERNATIONAL FINANCIAL STATISTICS

The tables In this section are destgned to provide data
reserve assets and lUbtlitles and other statistics
related to the U.S. balance of payments and International
financial position.

Table IFS-3 sho
otes Issued to offi

on U.S.

Table IFS-4 presents
Table IFS-1 shoKS the reserve assets of the United States.
Including its gold stock, special drawing rights held In the
Special Draxlng Account In the International Monetary Fund,
holdings of convertible foreign currencies, and reserve position In the International Monetary Fund.

Table IFS-2 brings together statistics on liabilities to
foreign official Institutions, and selected liabilities to all
other foreigners, vhlch are used in the U.S. balance of payments
statistics.

Table IFS-1.

U.S.

Reserve Assets

[In millions of dollars]

1960
1981
19S2
1963

19e3-0ct..
Nov.

Dec.
19e4-Jan..
Feb..
Mar.
Apr..
May..
June.
July.
Aug..
Sept.
Oct..

42
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

Selected U.S. Liabilities to Foreigners
[In mi

lUons

of dollars]

43
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4,

Weighted Average of Exchange Rate Changes

for the Dollar

[Percent change relattve to exchange rates as of end-Hay 1970]

Trade-weighted average appreciation (+)
or depreciation I-) of the U.S. dollar

-14.6
-16.0
-10.9
-10.3
-14.6
-21.5
-18.4
-15.0
-3.4

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983

21.3
58.9

9.2
18.4

1983-Oct..
Nov..

141.2
446.4
388.7
426.5
446.4
516.4
552.9
625.8
700.4
768.0
860.9
977.3
1,098.2
1,199.8
1,444.3

*19.8

1984 -Jan..

21.8
25.0

Feb..
Mar..
Apr..
May..
June.
July.
*U9..
Sept.

22.3
25.4
27.5
30.6
33.7
33.0
35.4

Dec.

21.8

36.6

ade-welghted average of changes

This table presents calculations of weighted average percentage changes
the rates of exchange between the dollar and certain foreign currencies. In
order to provide a measure of changes In the dollar's general foreign
exchange value broader than a measure provided by any single exchange rate
Calculations are provided for two sets of countries that account
change.
for a major share of U.S. foreign trade.
U.S. bilateral trade patterns \r:
1972 are used as a convenient, readily available proxy for the assignment
of relative weights to Individual exchange rate changes, although such
weights do not provide a full measure of Individual currencies' relative
Importance In U.S. International transactions because they take no account
The calculations do not purport to represent
of factors other than trade.
a guide to measuring the Impact of exchange rate changes on U.S.
International transactions.
In

(E02)

X^/rx Is U.S. exports to country 1, as
proportion of total U.S. exports to
countries In the set.

all

The equations used irs as follows:

E„

t(4j/fc,

•

(E03)

Where

M,/tM)

foreign currencies;

/IM Is U.S. Imports from country 1, as
proportion of total U.S. Imports from
all countries In the set.

m/m*x)'(.l):

. [E, •

x/m.x]

m/m+x Is U.S. Imports as a proportion
of Its total trade with all countries (n
the set; and

Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France,
Germany, Greece, Iceland, Ireland, Italy. Japan, the Netherlands. New
Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and United
Kingdom.
The currencies of 46 IMF member countries which account for approximately
90 percent of U.S. total trade.

21 Australia,

. [(E,

x/m+x 1s U.S. exports as a proportion of
Its total trade with all countries In the
set.

E_ Is the weighted average of percentage
changes 1n the dollar cost of Individual

A$/fCf is the percent change In the dollar
cost of foreign currency 1 ; and

x,/rx)

4fCj/$ Is the percent change In the
foreign currency 1 cost of dollars; and

Equation one Is used to calculate a trade-weighted average of changes In
the dollar cost of foreign currencies:

Where:

E_ Is the weighted average of percentage
changes In the foreign currency cost of
dollars;

Exchange rate data used In constructing the Indices reported here differ
somewhat from those used In earlier calculations to more accurately reflect
end-of-perlod currency values.

(EQl)

=r(4fCj/S

44
CAPITAL

MOVEMENTS

to capital movements between the United States and foreign
collected in some form since 1935.
Reports are filed with
Reserve banks by banks, bank holding companies, securities
Statisare then
ire published in the Treasury Bulletin,
g

district Federal
brokers and deale
tics on the prin
consolidated and

-$, and nonbanking enterprises in the United States.
;ipal types of data by country or geographical area

InternaThe reporting forms and instructi
1/ used in the Treasury
"Been revised a number of times to
tional Capital (TIC) Reporting System t
the usefulness of the published
meet changing conditions and to inert
Ttie most
statistics.
recent, general
vision of the report forms became
of April
effective with the banking reports i
1978.
30.
nonbanking reports as c f December 31. 1978,
Revised forms and instructions
cooperation of other Government agencies and the
are developed with thi
Federal Reserve System and in consultations with representatives of banks,
securities firms, and ni inbanking enterprises.
!

;

Basic Definitions
The term "foreigner" as used in the Treasury reports covers all institutions and individuals domiciled outside the United States, including U.S.
citizens domiciled abroad, and the foreign branches, subsidiaries, and other
the
central
abroad
of
business
concerns;
affiliates
U.S.
banks
and
institutions of foreign
governments, central
banks, and other official
countries, wherever located; and international and regional organizations,
wherever located.
The term "foreigner" also includes persons in the United
States to the extent that they are known by reporting institutions to be
acting on behalf of foreigners.
In general, data are reported opposite the foreign
area in which the foreigner is domic i led, as shown on ti"
reporting institutions.
For a number of reasons, the geographical breakdown
of the reported data may not in all cases reflect the ultimate ownership of
Reporting institutions are not expected to go beyond the adthe assets.
dresses shown on their records, and so may not be aware of the country of
domicile of the ultimate beneficiary.
Furthermore, U.S. liabilities arising
from deposits of dollars with foreign banks are reported in the Treasury
statistics as liabilities to foreign banks,
whereas the liability of the
foreign bank receiving the deposit may be to foreign official institutions or
to residents of another country.

ical

Data pertaining to branches or agencies of foreign official institutions
are reported opposite the country to which the official institution belongs.
Data pertaining to international
and regional organizations are reported
opposite the appropriate international or regional classification except for
the Bank for International Settlements which is included in the classification
"Other Europe."

Reporting Cov
are required from bai
(IBF's), securi
the United States,
other affiliates in the United State
firms.
Entities that have reportable
peci fied exemption

lities
in

reporting.

Banks and some brokers and dealers file reports monthly covering their
dollar liabilities to, and dollar claims on, foreigners in a number of countries.
Twice a year, as of June 30 and December 31, they also report the same
liabilities and claims items with respect to foreigners in countries not shown
separately on the monthly reports.
Beginning with reports due as of June 30,
1978. quarterly reports are filed with respect to liabilities and claims denominated in foreign currencies vis-a-vis foreigners.
Effective January 31,
1982, the specified exemption level applicable to the monthly and quarterly
banking reports was raised from %2 million to $10 million and is based on the
average for the report dates during a 6-month period, including the current
report date.
There is no separate exemption level for the semiannual reports.
Banks, securities brokers and dealers, and in some instances nonbanking
enterprises report monthly their transactions in securities with foreigners;
the applicable exemption level is $500,000 on the grand total of purchases and
on the grand total of sales during the month covered by the report.

Quarterly reports are filed by exporters, importers,
mercial concerns, financial institutions other than ban
other nonbanking enterprises if their liabilities to, or
ated foreigners exceed a specified exemption level on
average basis.
Effective March 31, 1982, this exemption
million, up from $2 million.
Nonbanking enterprises a
U,S. doll a -deno
illion or mi

ndust
and
aims

CAPITAL MOVEMENTS
Section

—

Liabilities to

Table

Foreigners Reported by Banks

CM-l-1. -

the United States

Total Liabilities by Type of Holder

[In

llions of dollars]

46
CAPITAL MOVEMENTS
Table

CM-l-2. -

Total Liabilities by Type. Payable in Dollars

Part A

Foreign Countries

47
CAPITAL
Table

Austria
Belgium-Luxembourg
Bulgarta
Czechoslovakia
Denmark
Finlana
France
German Democratic Republic
Germany
Greece
Hungary
Italy

Netherlands
Poland.".'.!!'.'.'.!'.'.'.!'.

! ! ! ! !

Portugal

Spain..!!!!!!!!!!!;;!!!;;!
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Other Europe
Total

Europe

anada
atin America and Caribbean:

Argentina
Bahamas
Bermuda

Brazil

British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamai ca

Netherlands Antilles
Panama

Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

China:

Taiwan..!!
Hong Kong
India
Indonesia
Israel
Japan

Malaysia

Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia

Total Asia
frica:
Egypt
Ghana
Liberia

Morocco
South Africa
Zaire
Oil-exporting countries 1/.
Other Africa
Total Africa
ther countries:

Australia
All other
Total other countri.
Total

foreign counti

International
European regional...
Latin American regioi
Asian regional
African regional. ...
Total international
and regional

Grand total

CM-l-3. -

MOVEMENTS

Total Liabilities by Country

CAPITAL
Table

CM-l-4. -

MOVEMENTS

Total Liabilities by Type and Country, as of Sept. 30, 1984, Preliminary
[Position In unilons of dollars]

Hatlllttes payable In aollars

Total liabilities

Liabilities to
all other foreigners

To foreign off

Totals
Total

Payable
In

dollars

Payabl
In

Banks*
Custody
foreign own 11a- llabll-

curren- bllltles
cles 1/

6,178

6,071

Institutions
unaffiliated

abll-

.S.

Depo
Deman.

foreign
offices

Demand

randur

Other

Deposit

Ules

Hemo-

ties to

Time 2/ Treasury
obligetlons

Nego

Habll- able
Ules
CD's
held
for all
for-

49
CAPITAL
Section

II.

- Claims on

Foreigners Reported by Banks

Table CM-ll-1.

[foiUlon

MOVEMENTS

the United States

Total Claims by Type

It eiU or period

ulinoni

dolliri]

50
CAPITAL
Table CM-ll-2.

MOVEMENTS
Total Claims by Country

ostt<on at end of period In milHons of dollar
dar

Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Ceruiany

Greece
Hungary
Italy
Nettierlands
Norway

Poland
Portugal
Spain. .!!.;!.'!!;.;!..;..'.'.'
Sweden

Switzerland
Turkey
United Kingdom
U.S.S.R
"ugoslavla
Other Europe
Total

Europe

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British Uest Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean
Asia:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan

Malaysia;.'!!!.';!.'.".'.'!!!.'.'.'

Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia

Total Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire

Oil-exporting countries
Other Africa

Total Africa

Other countries:
Australia
All other
Total other countries
Total

foreign countries..

International and regional
International
European regional
Latin American regional.

African reg onai .!;!!.. .'.
Middle Eastern regional...
1

Total International
and regional

;

5,719

1982

1983

51
CAPITAL

Table CM-ll-3.

MOVEMENTS

Total Claims on Foreigners by Type and Country Reported by

[Position at end

off

Banks

the United States, as of June 30, 1984

period in m11Hons of dollars]

Total
claims

Payable

payable
foreign

Europe:
Austria

Belglum-Luxenbourg.
Bulgaria
Czecboslovakla
Denmark
Finland
c

Herman Denocra
Germany
Greece
Hungary

1.509

Italy

Ketherlands
Poland.'!'. '.!!!!!'.

'.!!'.

Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United KIngdoB
U.S.S.R
>U90slavla
Other Europe
Total

Europe

Canada
Latin America and Carl

Argentina
Bahamas
Bermuda
Braill
British West Indies.
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Hc«lco
Netherlands Antilles
Panama
Trinidad and Tobago.'
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

Mainland
Taiwan
"0"9 Kong
India
Indonesia
Israel
Oapan

Philippine^.';.'.'.';.'.';

Singapore
Syria
Thailand
Other Asia
Total

Asia

Africa:
Egypt
Ghana
South Africa
Zaire
Other Africa
Total

Africa

Other countries:
Australia
All other
Total

other countri

Total

foreign count

International
European regional...
latin American regie
Asian regional
African regional
Middle Eastern regie
Total international
and regional

52
CAPITAL
Section

III.

- Supplementary

Liabilities

Table CM-ill-1.

MOVEMENTS

and Claims Data Reported by Banks
Dollar Claims on Nonbank Foreigners

the United States

[Position at end of period In mill ions of dollars]

End of calend

1980
1981
1982
1983

1983-Aug.
Sept.

Dec.

1984-Oan.

Feb.
Har.

1/
~

Beginning December
established by for
Federal Reserve Bo

71,112
71,503
71.564
74.000
76,087
74,003
73,766

80.648
79,155
79,875
79,310
78,863
77.983
76,221
76,513
77,092
75,790
75,539

53
CAPITAL
Table CM-lll-2
in

MOVEMENTS

Dollar Liabilities to, and Dollar Claims on, Foreigners

Countries and Areas Not Regularly Reported Separately
[Position at end of period in millions of dollars]
Total

Hab

1 i

He5

Total

r1y Cambodia).

Ethiopia. Including Er
Guinea
Ivory Coast
Kenya
Madagascar
Hauritania
Haurttius

Ne« Zealand
Papua New Guinea
U.S. Trust Territory of
the Pacific Islands

1982

54
CAPITAL MOVEMENTS
Section

IV.

Liabilities to,

and Claims
Table

on, Foreigners

CM-IV-1 -

Reported by Nonbanking Business Enterprises

Total Liabilities and Claims by Type

1981

Type

Total

Ifabtmtes

Payable in dollars.
Ftnanctal
Commercial
Trade payables.
Advance receipt

Payable 1n foreign
Financial
Commercial:
Trade payables.
Advance receipt
Total claims

Payable in dollars.
Financial:
Deposits
Other

Trade receivabl
Advance payment
Payable in foreign

,434

198

the United States

55
CAPITAL
Table

CM-IV-2. -

MOVEMENTS
Total Liabilities by Country

[Position at end of period in millions of dollars]

Calendar year

Austria
Belgium

5*132-3

8u1 gdr1

Finland.

1,282

1,382

1,420

1,308

1,257

1,421

1,402

1.036

935

896

911

925

942

1,072

Hunga

1,156
15

3.981

Eur

Trtntdad and Tobago.
Uruguay
Venezuela
Otner Latin America

Philippi
Singapor
Syria...

Total

Africa:

Oi 1-e

732

and regional:

nal

eglonal
lean regional...
Africa
Middle

atlonal

•

Less than SSOO.OOO.

Includes Bahrain, Iran,
the United Arab Emir

and

66
CAPITAL

CM-IV-3. -

Table

Total Liabilities by

[PjlUlon It tim

MOVEMENTS

Type and Country, as

period In ullHoni of

June 30, 1984, Preliminary

aolUn]

rintnclll

Europe
Auitrd
BclgfuafLuHCinbourg

Bulgirlt..,
C:ecKoilo<iklt
Oonnirt
rinljnil

Frince
Ger«an Dtaocritlc RepuDHc...
C«r»in)f

Greece
Kungtry
Itily
HetherltiKli

"or..,

Pound
Portugll
Ronanla
Spl<n
Soeden

Suloerltnd
Turkey
United Kingdom
U.S.J.H

rugo>tt>U
other Europe
Totel Europe

10.4(S

Cinide
littn AnerUi end Carlbbeen:
Argentlni
Bahaiiti

Bermuda
Sratll
British Uelt Indies
Chile
Colombia
Cuba
Ecuador

Gua tena la

Oamalc
Metico
Netherlands Antllle
Panama
.'.'.".'

Trinidad and Tobago.' ."."!!.'
Uruguay
Venetuela
Other Latin America and Carlo
Total

Latin America and Carl

Asia:
China:

Mainland
Talaan
iSd?a. ???!.'

!."!.'! !;.'.'!!,'. .",'.'.'

Indonesia
Israel
Japan
Le ba non

',!

'.,'.',!'.'.',!

Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
Total Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Afric
Total Africa
Other countries:

Australia
All other
Total

other countries

Total

foreign countries

International and regional:
International
European regional
latin American regional
Asian regional
African regional
Middle Eastern regional
Total

International and regl

Grand total

lliblHt1«»

57
CAPITAL

MOVEMENTS

Table CM-IV-4. - Total Claims by Country
'osUUn it end of perloj In mnilons of dollar

_H
Europe
Belgl
Buljl

Finland.
France..
German D
Germany.
Greece..
Hungary.
Italy...
Netherla
Noritay..

Poland.

Kingdom

Eur

Amerl

India

Philippine
Singapore.
Syria

Total

Africa:

Afr

8og

eign

European regional
Latin American regional.

African regional!!'.'.'.'.'.'.
Middle Eastern regional.
Total International

CAPITAL MOVEMENTS
Table

CM-IV-5. -

1984
Total Claims by Type and Country, as of June 30,

Austria
Belgiui.

Flnla

Portugal.

Spain..!!

.S.S.R.

2.g74
83

3,666

Colom

Trinidad and Tol
Uruguay
Venezuela
Other Latin Ame

Philippine
Singapore.

Total

5500,000.

59
CAPITAL
Section
[In

»IIHQns

MOVEMENTS

- Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in
Table CM-V-1. - Foreign Purchases and Sales of Long-Term Domestic Securities by Type
of dollars^

negatl»e rigures Indicate net sales by foreigners or

Marketable Treasury Ponds and notes

U.S.

Bet foreign purchases

aoencles

(1)

(2)

15,054
17.319
r
5,445
I9e4-Jan-Sep p6,448
Oct.

1,133
2.361
-1,402
-612

-703
6.596
-3.817

1.366

net oiitno» of capital

Gov't corporations

4.210

the United States

fro» the United States]

Corporate and other securities
Bonds

Stocks

(121

-841

1960
1981
19S2
1983

19e3-Sept

(13)

60
CAPITAL

CM-V-3. -

Table

Net Foreign Transactions

Calen
July
through through year
1983r
Sept.p Sept.p

Cale
year
1983

MOVEMENTS
Long-Term Domestic Securities by Type and Country

Jan.

Sept.p

19e3r

Europe:

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
Cernan Democratic Republic
Germany
Greece
Hungary

-4

-2
3

3.7

Italy

Netherlands
Norway
Poland
Portugal
Romania

3
7

Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Vugoslavia
Other Europe
Total

-1,077
1

3.466

l,9i

-540

2,767

296

Europe

960

Canada
Latin America and Caribbean:

Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

Netherlands Antiiics
Peru
Trinidad and Tobago
Uruguay

Other Latin America
and Caribbean
Total Latin America
and Caribbean

China:

Mainland
Taiwan
"ong Kong
India
Indonesia
Israel
Japan
Lebanon.'.

2
..'.'.

..'..'.'.'.

Malaysia
Philippine;;.'.".'.'.'!.'.'.'!.".';.'

Singapore
Syria
Thailand
Oil-exporting countries 1/
Other Asia
T.
Total

Asia

-1

-5

-807

-3.80
295

387

Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries 2/
Other Africa
T.
Total Africa

Other countries:
Australia
All other
Total other countries..
Total

foreign countries

International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total international
and regional

Grand total
Less than $500,000.
1/ Includes Bahrain, Iran.

-64

-72

-1

•

-1,520

-413

-1.755

;3^

-14

-2

-13

61
CAPITAL MOVEMENTS
Table

CM-V-4.

Foreign

Purchases and Sales of Long-Term Securities, by Type and Country, During Third Quarter 1984, Preliminary

other

62
CAPITAL
Table

CM-V-5. -

MOVEMENTS

Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1983
[

lHotis of dollars]

Ireas- of U.S.
ury i
Gov't
Federal Corp.
and fed-

63
FOREIGN CURRENCY POSITIONS

Background

organized under the laws
"Majority-owned foreign partnerships" are t^
ng concerns or nonprofit
foreign country in which one or more nonb.
a
rectly. own more than 50
institutions in the United States, directly or
"Majority-owned foreii
ubsidiaries" are foreign
percent profit interest.
corporations in which one or more nonbanking business concerns o:
institutions located in the United States, directly or indirectly
with more than 50 percent of the total combined voting power of all
stock entitled to vote, or more than 50 percent of the total v3
classes of stock.
of

Data have been collected since 1974 on the foreign currency positions of
banks and nonbanking firms 1n the United States, and on those of foreign
branches, majority-owned foreign partnerships, and majority-owned foreign
subsidiaries of U.S. banks and nonbanking firms.
Reports cover five major
foreign exchange market currencies and U.S. dollars held abroad.
Reporting
has been required pursuant to title II of Public Law 93-110. an amendment to
and implementing
1973.
the Par Value Modification Act of September 21,
Statistics on the positions have been published since
Treasury regulations.
March 1977 beginning with data for December 1975.
report forms and instructions used
were revised effective with reports as of ^
The most recent revision of the nont
reports.
below) became effective as of the last busines
The

the collection of bank data
rch 16. 1983, for the weekly
ink foreign currency forms (see
day of March 1983.
n

Coninon Definitions and Concepts

The term "United States" means the States of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Midway
the Virgin Islands, and Wake Island.
The term "foreign" means
Island,
The term "worldwide" is used to
locations other than the "United States."
describe the sum of "United States" and "foreign" data.
Data for the United States incl ude amounts reported by sole proprietorships, partnerships, and corporations in the United States including the
U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of
"nonbanking firms' positions." and the agencies, branches, and subsidiaries
institutions, in
located in the United States of foreign banks and banking
the case of the weekly "bank positions."

Data for "foreign branches " and "abroad" include amounts reported by the
branches, majority-owned partnei •ships, and majority-owned subsidiaries of U.S.
In general, these data do not reflect the
banking and nonbanking concern* ;.
positions of foreign parents oi foreign parents' subsidiaries located abroad
The
include
the
foreign
interconpany accounts.
data
through
except
of a few foreign-ov med U.S. -based corporations.
subsidiaries
Assets, liabilities,
the basis of time remai
regardless of the origina'
due for receipt or del i
"Short-term" tnes
report.
report.

change
maturity

ct data are reported on
e
date of the report.
.

from the date of the
from the date of the

Reporting Threshold
The exemption level applicable to banks and banking i ;titutfons
to $100 u
million equivalent through January 1982, when it was rais
The exemption level applicable to nonbanking business con
institutions was SI million equivalent on all nonbank fo
It was raised to $2 million equive
through November 1976.
reports of positions held in the United States from November
The exemption level was raised to $3 millic
September 1978.
subsidiary positions on June 30, 1977, and for positions held
The exemption level for nonbank
States on September 30, 1978.
raised to $100 million on positions in the United States in Jan
on foreign branch and subsidiaries positions in March 1982.

FOREIGN CURRENCY POSITIONS
Section

Table FCP-l-1.

- Summary Positions
- Nontunkjng Firms' Positions

[In millions of

foreign currency units,
except yen, which Is In billions]

Table FCP-l-2.

WeeKly Bank Positions 11

tin millions of foreign currency units.
except yen, which Is In billions]

1/04/84
1/11/84
1/18/84
1/25/84

93
-72
-40
-87

1.794
427
758
1.246

-44
-10
-19

2/01/84
2/08/84
2/15/84
2/22/84
2/29/84

-26
117
82
-37
-138

2.292
2.800
3.041
2.796
2.405

3/07/84
3/14/84
3/21/84
3/28/84

-290
-341
-171
-216

4/04/84
4/11/84
4/18/84
4/25/84

-1.327
-988
-1,280
-866

-435
-445
-152
-337

4.808
5,093
5,238
4,925

-64
-46
-48
-49
-17

-836
-345
-405
-360
-521

-193
-282
-61
-138
120

4.958
4,578
4.012
4.206
4,686

2.515
2.198
2.179
3.236

48
50
-42

340
-595
-495
-811

-211
-78
-214
-174

4,281
4,594
4,919
4,166

-121
-244
-181
-81

1.984
2,155
1.583
1.720

-6
160

-373
-696
-1.015
-1.013

-192
-304
-407
-291

3,839
3,859
4,507
4.646

5/02/84
5/09/84
5/16/84
5/23/84
5/30/84

-332
-408
-132
-365
-268

1.317
-504
948
892
76

-49

-1.300
-1,174
-879
-708
-329

-224
-322
-34
-106
-230

5,741
4,761
4,472
4,376
4.163

6/06/84
6/13/84
6/20/84
6/27/84

-118
-457
-465
-202

1.519
1.088
150

-25
-30
-47
-123

-457
-747
-619
-768

101

-60
-266
-301

4.374
4.823
5.205
8.846

following table FCP-vn-2.

92
1

-83

-118
-137
-120

65
FOREIGN CURRENCY POSITIONS
Section

II.

Table FCP-ll-1.
[In

LlabiliHe

Canadian Dollar Positions

- Nonbanking
mUHons

Firms' Positions!/

of dollars]

Exchange bought 4/

(2)

Table FCP-ll-2.
[In

- Weekly Bank

minions

of doll

Positions-'

no. 822

0.7816

Worldwide

10.627

r3.459

0.7581

Worldwide

FOREIGN CURRENCY POSITIONS

III. — German Mark
FCP— III— 1. — Nonbanking

Section

Table

[In

LiabiHties

Positions

Firms' Positions iJ

millions of marks]

ange bought 4/

Exchange

3,240

[In

Worldwide

13,115

Table FCP-lll-2.

2.5843

2.7843

Worldwide

Weekly Bank Positions-

millions of marks]
Exchange bought 10/

Exchange sold 10/

(12)

1/04/84

ion 21/
(13)

FOREIGN CURRENCY POSITIONS

- Japanese Yen Positions
FCP-IV-1. - Nonbanking Firms' Positions!/

Section

Table

IV.

[In

llions of yen]

bought 4/

1,533
192

68
FOREIGN CURRENCY POSITIONS
Section

Table

—

Swiss Franc Positions

FCP-V-1. - Nonbanking
[In

mtinons

ange bought 4/

Firms' Positions!/

francs]

Exchang

2.1450

468

Table FCP-V-2.

1/04/84

Worldwide

francs]

Exchange bought 10/
World- United Foreign
wide
States branch

2.3330

Weekly Bank Positions^

[In millions

Report
United Foreign
date
States branch

Uorldwfde

United Foreign
States branch

Worldwide

Exchange sold 10/
United Foreign
States branch

Worldwide

Exchange
net
rate 12/
position 11/

FOREIGN CURRENCY POSITIONS
Section

Table

[In

Liabilities

VI.

—

Sterling Positions

FCP-VI-1. - Nonbanking
mtlHons

Firms' Positions

pounds]

Exchange bought 4/

jnge sold

843

Weekly Bank Positions

[In millions of pounds]

Worldwide

-1,068

Table FCP-VI-2.

1.4480

1.3576

Worldwide

70
FOREIGN CURRENCY POSITIONS
Section

Table

VII.

U.S. Dollar Positions Abroad

FOP— VII— 1. — Nonbanking
[In ml

Liabtntles

dollars]

bought 4/

Table FCP-Vll-2.

Firms' Foreign Subsidiaries' Positions 1/

inons

- Weekly Bank
[

mtinons

arge

Foreign Office Positions^'

of dollars]

EKCtiange bought _1£/

1/04/84
1/11/84
1/18/84
1/25/84

291,369
291,320
288.993
289,512

306,529
305,710
303,059
303,755

276,152
288.789
266.858
253.519

256,184
269,306
247,554
234.351

4,808
5,093
5,238
4,925

2/01/84
2/08/84
2/15/84
2/22/84
2/29/84

286,230
283,675
287,625
280,688
289,586

300.869
299,483
303,394
295,642
304,037

252.982
275,807
273,234
282,533
277.846

233.385
255,421
253,453
263.373
258,709

4.9S8
4,578
4,012
4,206
4,686

3/07/84
3/14/84
3/21/84
3/28/84

286,846
296,401
322,477
298,995

302,387
310,291
343,278
313,417

294.568
300.206
318.099
297. Ill

274,746
281,722
292,379
278,523

4,281
4,594
4,919
4,iee

4/04/84
4/11/84
4/18/84
4/25/84

299,560
297,857
301,240
302,154

316,008
312,890
316,140
315,713

295.290
290.987
284.722
279.342

275,003
272,095
265,315
261,137

3,839
3.659
4,507
4,646

5/02/84
5/09/84
5/16/84
5/23/84
5/30/84

300,774
303,368
304,943
311,398
324,710

314,062
318,072
319,591
325,865
340,407

286.320
292.960
303.262
303,970
295.686

267,291
273.495
284.142
285.127
275,826

5,741
4,761
4,472
4.376
4,163

6/06/84
6/13/84
6/20/84
6/27/84

307,795
307,720
310,018
310,954

322,881
323,302
326.380
323,035

305.605
300.245
300,939
308,053

286,145
279,840
279,372
287,126

4,374
4,823
5,205
8,846

footnotes on following page

71
FOREIGN CURRENCY POSITIONS
Footnotes to Tables FCP-I through FCP-VII

positions on the last business day of the calendar quarter
nonbanking business concerns in the United States and their foreign
branches and majority-owned partnerships and subsidiaries.
Excludes
receivables and instal Iment paper which have been sold or discounted
before maturity, U.S. parent conpanies* investment in thei r majorityowned foreign subsidiaries, f xed assets (plant and equipment), and
capitalized leases for plant and equipment.

majority-owned foreign subsidiaries.

1/ WorlAi^ide net

1/ Foreign br nche

and majority-owned partn

Weekly worldwide net positions of banks and banking i
and thei r f orei gn branches and ma jo ity-owned
Uni ted States ,
subsidiaries. Excludes capital assets and liabilities,

4/ Foreign branches ani

SECTIONS

nd subsidi

nly.

foreign

y
y
y
6^/

THROUGH VII

Includes both spot and forward exchange rates.

Columns

and 3 less columns 2 and 4.

Canadian dollar
Representative rates on the report date.
Kingdom pound rates are expressed in U.S. dollars per unit
currency, all others in foreign units per U.S. dollar.

Banks and banking institutions in the United States and thei
In
section VII
majority-owned subsidiaries.
and
branches
branches and majority-owned subsidiaries only.

y
y

Excludes capital assets.

ity-owned subsidiaries only.

Positions of nonbanking business concerns in the United States and
foreign branches and majority-owned partnerships and subsidiaries
section VII positions of foreign branches and majority-owned partne
and subsidiaries only.

Capitalized plant and equipment leases are excluded.

Excludes capital

liabilities.

10/ Includes both spot and fon

U_/ Columns

and

12/ See footnote 6.

less columi

exchange contracts

6 and

12.

72
EXCHANGE STABILIZATION FUND
Table ESF-1.

Balances as of Mar. 31,

1984, and June 30, 1984

[In thousands of dollars]

Assets, liabilities, and capital

Mar. 31,

June 30,

1984

Assets
U.S. dollars:

Held at Federal Reserve Bank of New York.
Held with Treasury:
U.S. Government securities
Other
Special drawing rights _i/
Foreign exchange and securities 2J:
German marks
Japanese yen
Pounds sterling
Swiss francs
Accounts receivable

(19,900)

3.574,570
1,067,000
5,340,710

(106,875)

118,259

3,467,695
1.067,000
5,458,969

Total assets

Liabilities and capital

Current liabilities:
Accounts payable
Advance from U.S. Treasury {U.S. drawing

187,162

76.556

1.067.000

on IMF) 2/

1,067,000

Total current liabilities

Other liabilities:
Special drawing right certificates
Special drawing rights allocations

Total other liabilities

Capital:
Capital account
Net Income (loss)
Tota

Total

(see table ESF-2)

capl ta

liabilities and capital

See footnotes at end of table ESF-2.

Table

ESF— 2. - Income and Expense
[In thousands of dollars]

Current quarter
Apr. 1, 1984.
through
June 30. 1984

Profit (loss) on:
Foreign exchange

1983.

through
June 30,

1984

(83,479)

Adjustment for change in valuation of SDR holdings
and allocations \l
Interest (net charges) on:
Special drawing rights
U.S. Government securities
Foreign exchange

Year to date
Oct.

(13,546)

6,687
79,933
39,819

19,309
211,610
131,004

Income from operations
ESF prior year administrative expenses
Net

ncome

Beginning July 1974, the International Monetary Fund (IMF) adopted
technique for valuing the special drawing rights (SDR's) based on
weighted average of exchange rates for the currencies of selected
member countries. The U.S. SDR holdings and allocations are valued
on this basis beginning July 1974.
2/ Excludes foreign exchange transactions for future and spot delivery.
7/ A non-interest-bearing liability to the U.S. Treasury resulting from
the transfer to the Exchange Stabilization Fund of foreign currencies
drawn from the IMF by the United States.
a

Note. --Annual balance sheets for fiscal years 1934 through 1940 appear
in the 1940 Annual Report of the Secretary of the Treasury and those for
Quarterly
succeeding years appear in subsequent reports through 1980.
balance sheets beginning with Dec. 31. 1938, have been published in the
Treasury Bulletin.
Data from Inception to Sept. 30. 1978, may be found
on the statements published in the January 1979 Treasury Bulletin.

©©©to

[MliimfigdoifDciOQii/

CASH MANAGEMENT INITIATIVES

76
Collection

and Deposit Legislation

On July 18, 1984» President Reagan signed into law the Deficit Reduction
This legislation was enacted to amend tax
Act of 1984 (Public Law 98-369).
Section 2652 of
laws and make management improvements to reduce the deficit.
this act. entitled "Collection and Deposit of Payments to Executive Agencies,"
gives the Secretary of the Treasury the authority to prescribe the timing and
which agencies will collect and deposit money to the
the methods by
Treasury.
It also gives the Secretary the authority to i mpose charges for
noncompliance in the amount determi ned to be the loss to
These charges will be deposited into the cash management
Monies i
which is a revolving fund established by the act.
available without fiscal year limitation for the payment of
In developing and carrying out improved methods of col lectio
1

Treasury's Fiscal Assistant Secretary, Carole Jones Dini
responsibility and authority under this legislation to
Financial Management Service (formerly the Bureau of Gov
In addition to issuing regulations to Imple
Operations) .
Financial Management Service plans to substantially revise
all

Treasury Fiscal Requirements Manual (TFRM), Chapter 6-8000 (Cash Management),
Executive agencies, the Office
and to publish a "Cash Management Guideboolc."
of Management and Budget, and the General Accounting Office will be given the
opportunity to comment on the regulations, the revision of I TFRM 6-8000. and
the guidebook during the drafting phase.

77
Reform '88 Cash Management

Treasury's Fi na
responsibility for
management Initiativ
goal
of
t
overall
collections systems,
additional applicati
of other mechanisms.

Management Service/Federal Finance has lead agency
nonitoring and reporting progress on Reform '88 cash
s undertaken by 20 Federal departments and agencies.
The
te
project is
to
improve
Government's payments and
with special attention being directed toward identifying
ns for state-of-the-art technology and expanding the use
such as lockboxes.
icial

Fiscal

ncies are providing monthly
eports to Treasury on the status of
For fi cal 1983, interest savings totaled $176
while acceleration/deferral an unts totaled $879 million.

lately 340 initiatives.

fiscal

1984

for each

the

1984 Interest Savings

[In thousands of dollars]

Department /agency

Educa ti on
Energy
Environmental Protection Agency
General Services Administration
Health and Human Services
Housing and Urban Development
Interior
Jus ti ce
Labor
National Aeronautics and Space Administrati
Railroad Retirement Board
Small Business Administration
State
Transportation
Treasury
Veterans Admini stration
Total

Actual

goal
{full year

Agency for International Development
Agriculture
Commerce
Defense

Original

interest

1,660
13,074
7,044
1,373
881
15,067
7,877

4,600
1,990
10,925
4,000
14,151
1,639
654
4,044
85,000
3,196

(1st, 2d, ai
3d quarters

42,901
12,395
5,284
1,960
259
73,757
8,585
5.861
2,132
10,701
5,670
13,958
1,770
595
2,042
83,602
4,678

31,793
9,671
4,107
1,465
120

72,336
15,719
3,220
1,008
7,295
4,331
13,460
947
259
1,705
87,569
3,480

partici-

CONSOLIDATED FINANCIAL STATEMENTS
OF THE UNITED STATES GOVERNMENT
FISCAL YEAR 1983/PROTOTYPE

THE SECRETARY OF THE TREASURY
WASHINGTON

August 27, 1984

Statement of the
Secretary of the Treasury

The Department of the Treasury is continuing its effort
to improve financial reporting with the publication of these
consolidated financial statements.
This report is not meant
to compete with the budget of the U.S. Government.
Rather,
it is an attempt to improve financial reporting and decision
making information.
The Bureau of Government Financial
Operations (BGFO) is currently working with the General
Accounting Office (GAO) to assess the need for changes consistent with their recent revision of accounting principles
and standards.

At the same time, we are pi anning future improvement
efforts to enhance the effective ness of financial management
These efforts wi 11 focus on development of a
in Government.
new Governmentwide consolidated financial accounting and reWith more effec tive information systems to
porting system.
support central management funct ions, we expect to manage the
Government's assets and liabilit ies in a more efficient manner,
Treasury efforts in this area wi 11 be coordinated with 0MB and
GAO initiatives directed towards our common goal of managing
the taxpayer's dollar wisely.
Reader reactions and comments on this prototype report
are welcome.

Donald T. Regan

COMPTROLLER GENERAL OF THE UNITED STATES
WASHINGTON

D.C.

20548

August 27, 1984

STATEMENT OF THE UNITED STATES

GENERAL ACCOUNTING OFFICE
This consolidated financial report for fiscal year 1983
provides useful information about the financial condition of the
federal government as a whole.
The federal government's activities are vast in scope and have a significant impact on the
Nation.
The consolidated financial statements provide the
full scope of those activities and present the magnitude and
distribution of assets and future claims on resources. This
information is essential to understanding the overall federal
government's financial situation. Although this report is a
prototype, it demonstrates the value of a goal we strongly
support the annual publication of formal consolidated financial
statements of the United States government.

—

Many organizations, such as publicly owned corporations,
are required to present comprehensive financial reports to the
public.
Additionally, many state and local governments have
already published formal annual financial reports containing
audited financial statements for a number of years.
Just as
share holders expect management to report on the financial
condition of such companies, taxpayers should also have access
to information about the financial condition of the federal

government
Consolidated financial statements of the United States
government present a picture of the government's overall financial condition that is not available elsewhere.
For example,
consolidated financial statements disclose the magnitude of the
government's pension liabilities, public debt, and estimated
losses on guarantee and insurance programs.
Consolidated financial statements are important not only
because of the usefulness of the information contained in them
but also because of the discipline required of the accounting
systems necessarv to compile them. Agencies' accounting systems
must have effective internal controls to ensure reliable information is captured, maintained, and reported.
Since the enactment of the Federal Managers' Financial Integrity Act of 1982,
improvements have been made. Agencies are implementing stronger
internal controls and more reliable accounting systems.

The General Accounting Office will soon issue new requirements for federal aqencies to refine their accounting and finanSince the agencies' statements form
cial reporting practices.
the basis for preparing the consolidated financial statements of
the United States government, these improvements are a critical
step towards enhancing the integrity and creditability of
federal financial management.
We did not audit the accompanying consolidated financial
statements for the fiscal years ended September 30, 1982 and
In the
1983; accordingly, we do not express an opinion on them.
near future, however, the General Accounting Office hopes to
begin auditing federal agency financial statements and eventually the consolidated financial statements to determine
whether they are reliable and in compliance with generally
accepted accounting principles for federal agencies.

-M^
Charles A. Bowsher
Comptroller General
of the United States

Introduction
During the past year, one schedule was added to the Consolidated Financial Statements of
the U.S. Government: Schedule IX entitled "Reconciliation Schedule of Accrual Operating Results to the Cash Basis Budget as of September 30, 1983 and 1982."

30,

To support Schedule VII entitled "Analysis of Pension and Retirement Plans as of September
983," two line graphs have been added depicting the number, in thousands, receiving benefits

and the average yearly dollar benefits per person, segregated by social security
and civilian employees.

military

personnel

This year's report discontinues the presentation of alternative financial statements.

experimental set of summary-level statements was
of

first

introduced

these statements was to focus on selected current assets and

significant feature

liabilities of

the Government.

978.

ANNOUNCEMENT
Due to the amount of interest shown after last year's
announcement, the CFS will remain a separate publication in addition to
Bulletin.

being published

The

the Treasury

86
United States Government Consolidated Statement
of Financial Position as of

September

30,

1983 and 1982

[In billions]

Assets

{

—

What the Government owns resources that are available
pay liabilities or to provide public services in the future)

1983

Cash and monetary reserves
Operating cash

the Treasury

$37.1

monetary reserves (Note

International

2).

Other cash (Note 3)

Receivables (net of allowances)

Accounts receivable
Accrued taxes receivable (Note
Loans receivable (Note 5)
Advances and prepayments

Inventories (at cost) (Note 6)

Goods for sale
Work in process

Raw

materials

Materials

and supplies

for

Government use

Stockpiled materials and commodities

Property and equipment

Land (Note

(at cost)

Buildings, structures,

and

facilities

hardware
Equipment
Military

in progress
Leasehold improvements
Other

Construction

Accumulated depreciation (Note

Deferred charges and other assets
Total

(Note

8).

1982

87
United States Government Consolidated Statement
of Financial Position as of

September

30,

1983 and 1982

[In billions]

Liabilities

(

What

the

past that

will

Government owes

—

liabilities

incurred in the

require cash or other resources in the future)

1983
$143.5

Accounts payable

Unearned revenue

1982
$105.7

28.5

Borrowing from the public {Note

10)

Accrued pension, retirement, and

disability

plans

(Note 11)
Military personnel
Civilian

employees

Social security

Veterans compensation
Federal employees compensation

Other pension plans

Contingent

liabilities for

programs [Note
Other

guarantee and insurance

12)

liabilities
"Total

Accumulated Position
Accumulated position beginning

of period

(3,070.6)

(2,756.6)

(233.6)

Current period results

(127.4)

Current noncash provision for social security
(161.7)

(Note 13)

Accumulated position end
Total

of period

(186.6)

(3,465.9)

(3,070.6)

$883.1

$795.0

88
United States Government Consolidated Statement of Operations for
the Years Ended September 30, 1983 and 1982
[In billions]

1983

Revenues
Levied under the Government's sovereign power
Individual inconne taxes
Corporate income taxes
Social insurance taxes and contributions
Excise taxes

Estate and

Customs

gift

taxes

duties

Miscellaneous

Earned through Government business-type
operations

Sale

Interest

Other

Total

goods and services

$288.9

1982

.
.

89
Summary

expenses by object and agency

1983

Expenses by object
Salaries and employee benefits
Vendor services and supplies

$91.0

Depreciation

Pensions, health and life insurance.
Casualty insurance and indemnities

Grants, subsidies, and contributions.
interest
Total

Expenses by agency
branch
branch
Executive branch
Legislative

Judicial

Office of the President

Departments
Agriculture

Commerce
Defense
Education

Energy
Health and

Human

Services

Housing and Urban Development
Interior

Justice

Labor
State

Transportation
Treasury: Interest

Other
Independent agencies
Total

1982

90
United States Government Consolidated Statement
of Changes in Financial Position
for the Years

Ended September

30,

1983 and 1982

[In billions]

1983

Cash and monetary reserves beginning

of period

Sources

of funds:
Taxes and other levies
Other Government operations
Net increase in borrowing

Depreciation
Provision for accrued pension, retirement,
disability

Sale

and

plans

property and equipment

Increase
Total

in liabilities

sources

funds

Uses

of funds:
Spending on Government programs
Purchase of property and equipment

receivables

Increase

inventories

Increase

deferred charges and other assets.

Total

uses

funds

Cash and monetary reserves end

of period

Notes to Financial Statements
1.

Summary

of general accounting policies

Principal financial statements.

statement

of financial position,

—These consist

a statement

a
opera-

and a statement of changes in financial posiBecause of their developmental nature, only the
most significant changes in format are disclosed in

tions,

Accrued taxes receivable
The September 30, 1 983,

represents $20.3

$4.4

billion of

total for

billion (net) for

taxes receivable

delinquent taxes and

accrued corporate taxes.

tion.

Loans receivable

the Notes.
Principles of consolidation.— The statements

clude the accounts of

in-

agencies and
funds included in the budget of the U.S. Government.
Agencies such as the U.S. Postal Service and the
Federal Financing Bank, classified as off-budget (not
included

significant

all

calculating the budget surplus or

have also been included
they are wholly

owned and

days

consolidation.

fiscal

Reclassification

inventories

erty

and are generally stated

30.

1982, were $91.4

— For com-

1982 data are reclassified
conform to the financial state-

for fiscal

agencies.

The amounts as of September 30,
billion

prises the following items; $11.1 billion

Land
Land

gold, re-

The cost

valued at the cost paid by the Government.
of land acquired through donation, ex-

change, bequest, forfeiture, or judicial process is estimated by the General Services Administration at
amounts the Government would have paid if purchased at the date of acquisition. Pending study of

Other cash
This category as of September 30, 1983, com-

prises the following items: Other U.S. Treasury

monand

other offshore land,
public

domain

land,

fiscal officers,

$7.0

billion;

con-

House

of Representatives esti-

mated the value of public domain land (92 percent of
the total onshore acreage owned by the Federal Government) to be $29.9 billion.

etary assets, $1 .6 billion; accountability for cash

other assets held outside the Treasury by disbursing,

and
and the 672.4 million acres of
have not been included. In 1972

valuation methods, the Outer Continental Shelf

a committee of the

and other

respec-

classified information.

monetary reserves

corded at $42.22 per ounce, the statutory price at
which gold is monetized by the issuance of gold
certificates to the Federal Reserve System; $5.6 billion of special drawing rights, an international reserve
asset; and $9.4 billion representing the U.S. reserve
position in the International Monetary Fund.

collecting,

billion,

1983.

This category, as of September 30, 1983, com-

and $33.1

The inventory accounts do not include the
weapons stockpile since the extent of this inventory is
tively.

International

The September

comprises $101.9 bilDefense and $41 .6 billion

the Department of

for other

and adjustment.

at cost.

30, 1983, total for inventories

year of the U.S. Govern-

parability, certain fiscal

where appropriate
ment presentation

40 years.

Inventories include nondepreciable personal prop-

lion for

—The

ment ends on September

to well over

are clearly within the

scope of Government operations. Government-sponsored enterprises such as the Federal land banks are
excluded because they are privately owned. Intragovernmental transactions were eliminated in
Fiscal year

outstanding loans, with terms from as short as 90

deficit),

the statements because

Outstanding loans and allowances for losses have
been recorded as reported by the various lending
agencies. The allowances for losses are presumed to
be understated and they are under study. Interest
rates and loan repayment terms vary considerably for

Buildings, structures,

and

This category consists of

all

facilities
real

property

owned

vertible foreign currencies, at

by the Federal Government except land. The

$1.0

and the cost
of acquiring or erecting dams, utility systems, monuments, roads, and bridges. The September 30, 1 983,
total represents $56.5 billion for the Department of

market value, $6.9 billion, and balances of nonpurchased foreign currencies, $1 .0 billion. The amounts as of September 30,
1982, were $1 .4 billion, $8.7 billion, $8.6 billion, and
billion, respectively.

reflects the acquisition cost of buildings

total

92
Defense and $83.1 billion for othier agencies. The
amounts as of September 30, 1982, were $55.6 billion and $83.2 billion, respectively.

Accumulated depreciation

Most Government agencies do not calculate depreciation on property and equipment; therefore, accumulated depreciation is estimated on a straightline
basis, from available information.

The

useful lives

applied to each classification of asset are as follows:

and

Buildings, structures,

and service craft
ment 20 years;

—

—50 years; ships
depreciable assets — 10

facilities

—30 years;
other

all

industrial plant equip-

under the system.
Veterans compensation: Represents the present
value of projected annual benefit payments.
Federal employees compensation: Represents estimated future costs for approved Federal Employees

Compensation Act cases.
Other annual pension reports received from plans
covered by Public Law 95-595 are reported in the

same manner as

military personnel and civilian employees described above.
For additional information on accrued pensions,

see Analysis

years.

schedule
10.

System due to the uniqueness of the
methods used for measuring benefits

Social Security
actuarial cost

Pension and Retirement Plans

the supplemental section (page 10

2).

Borrowing from the public

12.
of

September

30, 1983, the gross

amount

Contingent liabilities for guarantee and
insurance programs

Federal debt outstanding net of unamortized pre-

miums and discounts was $1,371.2 billion. This
amount was reduced by $240.8 billion for intragovernmental holdings. The amount of Federal debt
outstanding net of unamortized premiums and discounts, as of September 30, 1982, was $1,136.8
billion. This amount was reduced by $21 8.0 billion for
intragovernmental holdings. As of September 30,
1983, foreign and international investors held approximately $160.0
with the public.

billion of

billion.

September

13.

disability

plans

The accounting
disability

for

plans

accrued pension, retirement,

subject to several different

assumptions, definitions, and methods

of calculation.

major plans is summarized below.
personnel and civilian employees:
Accrued pension liabilities for September 30, 1983,
of the

Military

represent the actuarial present value of accumulated
plan benefits under the two plans and were calcu-

accordance with instructions developed
jointly by the General Accounting Office and the Office of Management and Budget under the provisions
of Public Law 95-595. The liabilities under these two
plans represent a major portion of the total unfunded
liability which is to be reported under Public Law
lated in

95-595.
Social security:

Based on the present value

of the

projected excess of benefits over contributions for

present participants for the next 75 years.

has not yet been determined whether the requirements for Federal pension plans, established as a
result of Public Law 95-595, should be applied to the
It

guarantee and insurance programs, see the Commitments and Contingencies of the U.S. Government
schedule in the supplemental section (page 100).

Current noncash provision for social
security

The noncash
sents changes

provision for social security repre-

the social security accrued

liability

between periods based on a 30-year amortization of
the actuarial deficit. Accounting methods for this

Accrued pension, retirement, and

Each

of losses.

For additional information on estimated losses for

30,

101).

and

mates

For additional information

on borrowing from the public, see the Federal Debt
Maturity schedule in the supplemental section (page

11.

agencies do not make any provision

estimated losses on loan guarantees and insurance, while others do not provide reasonable esti-

the debt outstanding

The amount as

1982, was $146.4

A number
for

provision require additional study.

The noncash amount is not included in the Statement of Operations because a substantial but indeterminate portion

not applicable to the current

The Statement

of Operations does include
cash benefit payments. The current noncash provision for social security is $161.7 billion in 1983.

period.

14.

Contingencies

Several Government agencies insure businesses
and individuals against various types of risks. The
amount of insurance coverage in force, representing
the maximum risk exposure to the Government, is
$2,330.6 billion as of September 30, 1983.
The Government also guarantees loans by nonGovernment enterprises to businesses and individuals. These guarantees become liabilities of the Government only when is required to honor its guarantees. Loan guarantees in force at September 30,
1983, are $556.2 billion. For further information on
contingencies, see the Commitments and Contingencies of the U.S. Government schedule in the
it

supplemental section (page 100).

93
15.

Open-ended programs and

fixed costs

1983
n billions]

The Government commits itself to provide services
by passing laws that make spending mandatory.
Since a significant amount of future spending is fixed
by law, it is very probable that the Government will pay
for these programs in future years. Listed below are
the programs for fiscal 1983 that can be terminated
only if the laws are changed.

Payments

for individuals

Social security

and

railroad

retirement

$171.8

Federal employees retirement

and insurance

47.3

Unemployment assistance

29.7

Assistance to students

4.4

Food and

3.3

All

nutrition

assistance

other

Medicare and Medicaid

2.9

73.5

Public-assistance-related

programs

20.9

353.8
Net interest

General revenue sharing

89.8
4.6

Other open-ended programs and
fixed costs
Total

I6.6

$464.8

Introductory Statement to the Supplemental Schedules
The following schedules present information which in some cases is unique to the Federal
Government or is not generally shown as a part of published financial statements. The information
in the schedules reflects various operations of the Government under laws passed by the
Congress, and in some cases shows the financial costs to the Government of providing benefits
through the tax system or through other indirect means as opposed to direct Federal revenue
collection or spending.

There are certain schedules that are incomplete. As a prototype, this report attempts to show
what is planned with regard to providing a comprehensive overview of Federal financial operations.
In some cases, the schedules support the financial results shown in the consolidated financial
statements; in others, there is little relationship between the schedules and the statements.
Consequently, each of the tables should be considered individually as a specialized Information

The
I

following schedules are presented

Flow

in this

section:

Funds Projections

The information in this schedule was obtained from the 1985 Budget of the U.S.
Government prepared by the Office of Management and Budget.
presents actual and
projected 1 984-87 cash receipts and outlays. Although the consolidated financial statements
are prepared on an accrual basis and reflect historical financial data, no attempt has been
made here to develop projections on an accrual basis. The data presented here also differ
It

from the statements

conventions adopted

that certain receipts are treated as reductions of outlays, according to

for

budgeting purposes.

These projections are not forecasts of future receipts and outlays, nor are they recommendations for policy-setting purposes. They simply reflect what may happen to cash
basis revenues and expenditures considering certain basic assumptions reflected in the
budget. The receipts projections are consistent with the continuation of current tax laws as
modified in the 1 985 Budget. Outlay estimates indicate the degree to which resources would
be committed by the continuation of existing and currently proposed programs through fiscal
1987.

Financial Statements of the U.S.

Government Restated

for

General Price-Level Changes

developed from the Statement of Financial Position and Statement of
Operations. Historical values have been restated to account for changes in the general
purchasing power of the dollar. Accounting for inflation by this method provides comparability
between years, since all dollars are equivalent to the current level of purchasing power. This
restatement generally follows the Financial Accounting Standards Board Statement No. 33,
"Financial Reporting and Changing Prices."
Derived from the Consumer Price Index for All Urban Consumers (CPI-U), the average
conversion factors used here are: fiscal 1983 1.011 and fiscal 1982 1.034. Monetary
assets and liabilities as of September 30, 1983, are not restated because they already
represent dollars of current general purchasing power
This schedule

—

Effect of Individual

The

—

and Corporate Tax Benefits on Federal Revenues

and Corporate Tax Benefits on Federal Revenues schedule is
designed to show the revenue losses attributable to tax law provisions that allow special
Effect of Individual

95
exclusions, exemptions, or deductions from gross income or provide special credits, tax rates,
or deferrals. The schedule shows the approximate cost of tax benefits.
It should be noted that the effect on revenues of adding or deleting a particular tax benefit
would not be the same as the dollar amount currently associated with the benefit. Consequently, it is not possible to say what the effects of increasing or decreasing selected
benefits would be without considering a number of variables.
Some minor distortions may have occurred since data presented have been condensed
for purposes of this report.

Commitments and Contingencies

of the U.S.

Government

The Commitments and Contingencies schedule is designed to show two basic types of
financial information. These are the maximum potential liabilities and the anticipated liabilities
which
is reasonably certain, based on experience and other factors, will occur. The
it

anticipated

liabilities

As used

are the equivalent to allowance for losses.

commercial accounting, a commitment represents an obligation to pay for
goods or services upon delivery under a contractual arrangement. Commitments shown here
are represented by long-term contracts for which appropriations have not yet been provided
by the Congress, and undelivered orders representing obligations of currently available
in

appropriations.

A contingency

represents a possible exposure to a liability depending upon the outcome
events or circumstances. Contingencies are stated in terms of the maxexposure without regard to existing contingent assets which would be available to

of uncertain future

imum

risk

offset potential losses.

The

"ratio of

losses incurred to premiums written" represents the

probability of incurring those losses. "Contingent liabilities" supports the
liability

"contingent

anticipated

liabilities for

balance sheet
guarantee and insurance programs" and represents the

liability

Federal Debt Maturity

The Federal Debt Maturity schedule reflects information on the borrowing of the Federal
Government needed to finance the Government's operations.
Information on the debt is provided by type of debt instrument, average interest rate
charged for each type, and maturity This schedule directly supports the balance sheet
caption, "Borrowing from the public," which is shown net of intragovernmental holdings and
unamortized premium or discount. Intragovernmental holdings represent that portion of the
total

Federal debt held by Federal entities, including the major trust funds.

Additions to Non-Federal

Economic Resources

This schedule indicates the ways
the physical

and human resources

which the Government uses

of the

its resources to add to
Nation without acquiring physical assets. Some of

these investment-type expenditures, while not adding to the Federal assets, add to the assets
of State

and

local

governments or

private institutions,

and

all

enhance the

future productivity

of the Nation.

While

this

schedule does not provide a precise measure of the difference between capital
it does indicate a useful general magnitude.

and current items,

Additions to State, local, and private assets include construction grants for highways,
and airports, subsidies to the merchant fleet, and conservation projects, which

hospitals,

increase the value of private farmland and water resources. Other developmental expen-

and grants which will benefit the Nation in future
years by increasing productivity or well-being. These include research and development costs
and education and training.
ditures reflect current Federal expenditures

96
VII

Analysis of Pension and Retirement Plans

The Analysis of Pension and Retirement Plans schedule is designed to provide an insight
these programs and associated future financing requirements as of September
30, 1983, for all plans for which the Government may have a contingent liability Amounts for
social security, military personnel, civilian employees, and other plans support the liabilities
on the Consolidated Statement of Financial Position. The graph depicts a 10-year comparison of beneficiaries and average benefits..
To the extent that information for this schedule was available, was obtained from direct
into the size of

contact with actuaries for the respective agencies, from published Department of the Treasury

under Public Law 95-595. The schedule is incomplete
be included in the schedule is not yet resolved as
many as 38 separate plans might be included. GAO has developed instructions regarding the
information to be contained, and the format to be used, in the annual reports. Figures
developed under the GAO guidelines have been used in this schedule for 1 983.
reports,
in

VIII

and from annual reports

that the

Summary

number

filed

—

of plans ultimately to

Accounts and Loans Receivable Due from the Public

The Debt Collection Act of 1 982 (Public Law 97-365) requires the Director of the Office of
Management and Budget (0MB), in consultation with the Secretary of the Treasury and the
Comptroller General of the United States, to establish regulations requiring each agency with
outstanding debts to prepare and transmit to 0MB and the Treasury a report which summarizes the status of accounts and loans receivable managed by each agency These
receivables result from a wide range of Federal activities including tax assessments; sale of

Government services such as

satellite

launchings; sale of

resources from Federal lands; overpayments to people

Government goods such as natural
lil<e annuitants; and various loan

programs such as student and housing loans. The data in the reports will enable the Federal
Government to improve collection activity.
This schedule supports the balance sheet receivables, "Accounts receivable" and "Loans
receivable" which are shown net of allowances, taxes receivable and intragovernmental
holdings. The information in this schedule is based on data submitted by Federal agencies to
the Treasury and published annually in the Treasury Bulletin.

Reconciliation Schedule of Accrual Operating Results to the

The

Cash Basis Budget

Cash Basis Budget
The Consolidated
basis and, accordingly are more com-

Reconciliation Schedule of Accrual Operating Results to the

deficit reflects

the separate bases used to prepare each (accrual vs. cash).

Financial Statements are prepared on the accrual

prehensive because they recognize revenues and expenses
they relate rather than

when

the accounting period to which

the receipts or outlays take place.

The Budget

of the United

States Government reflects only cash received or spent.

The items shown as additions represent additional expenses not recognized under the
budget concept, while deductions are adjustments for redistribution items.

Federal Facts and Figures

The schedule

designed to provide readers of the financial statements and schedules a
benchmarks to use in making comparisons and identifying any relationships. Major emphasis has been given to providing information on the gross national
product, the Consumer Price Index, employment, Federal debt. Federal expenses, and
personal income taxes. In all cases, the most current data available have been provided.
is

set of recognizable

Supplemental

Schedules

SCHEDULE

Funds Projections
for the Years Ended
September 30, 1983-87

Flow

[In billions]

1983
Actual

Cash

receipts

Taxes
Individual

$288.9

Corporation
Social insurance taxes

and contributions

Excise taxes
Estate and gift taxes
Customs duties

Miscellaneous

Rents and

royalties

cash receipts

Total

Cash outlays by function
Administration of justice
Agriculture

Allowances and

pay raises and contingencies.

civilian

Commerce and housing
Community and

regional

credit

development

Education, training, employment, and social services.

Energy
General government
General science, space, and technology
General purpose

fiscal

assistance

Health

Income security
Interest

International affairs

National defense

Natural resources and environment

Transportation

Veterans benefits and services

Total

cash outlays

Total

budget surplus

Deficit,

(deficit)

off-budget Federal entities

Total surplus (deficit)

1985

1986
Estimate

98
SCHEDULE

Financial Statements of the U.S.

Government

Restated for General Price-Level Changes
(Restated to September 30, 1983, Dollars)
[In billions]

Sept.

Financial position
Assets

Cash and monetary reserves

$79.7

Receivables (net of allowances)
Inventones (at cost)
Property and equipment (net of accumulated depreciation)
Deferred cfiarges and other assets

Total assets
Liabilities

Accounts payable
Unearned revenue
Borrowing from the public
Accrued pension, retirement, and disability plans
Contingent liabilities for guarantee and insurance programs
Other liabilities

Total liabilities

Accumulated position
Accumulated position beginning

of period

Current period results
Current noncash provision for social security

Accumulated position end

period

and accumulated position

Total liabilities

Operating results

Revenues
Taxes and duties
Business-type operations
Total

revenues

Expenses
Administration of justice
Agriculture

Commerce and housing
Community and

regional

credit

development

Education, training, employment, and social services

Energy
General government
General purpose fiscal assistance
General science, space, and technology
Health

Income security
Interest

International affairs

National defense
Natural resources

and environment

Transportation

Veterans benefits and services
Total

expenses

General price-level gain
Current period results

1983

1982

Sept. 30

99
SCHEDULE
Effect of Individual

III

and Corporate Tax Benefits on Federal Revenues
for Tax Years 1983 and 1982
[In billions]

Estimated amount
of

revenue loss

Income exclusion
Capital gains at death
Disability

$3.5

and retirement benefits

(social security

and

private)

Education allowances (scholarstiips and Gl benefits)
Foreign earnings and investment incentives (income earned abroad)
Interest and dividends (State and local bonds and debt, and life insurance)
Medical care and insurance (employer premiums paid)

and allowances (group life, accident, and unemployment)
55 or over credit on home sales)

Payroll benefits

Olfier (age

Income deferrals
Interest on US- savings bonds
Real estate (home sales)
Foreign earnings (domestic international sales corporations)

Other deferrals

Taxes (shipping companies)
Deductions and credits
Agriculture related (capital outlays

and gains on certain income)

Contributions (charitable and political)

Earned income
Employee stock ownership plans (funded through investment and tax
Excess bad debt reserves (financial institutions)
Exemptions (credit unions)
Foreign earnings (corporations doing business
Interest

credits)

US. possessions)

(mortgage and consumer)

Investments (commercial capital gains, credits, other investment incentives, construction period

interest,

and expensing

developmental costs)
Medical
Mining and timber (capital gains treatment of royalties and certain income)
Old-age,

disability,

Other (deductions
Property

and other personal exemptions
of

motor carrier

damages and

rights, certain

adoption expenses, and energy credit

for intercity

buses)

losses (casualty losses)

State and local property tax and other taxes

Work

incentives

(employment

credits

under work programs) and dependent care

Accelerated depreciation (rental housing, buildings other than rental housing, and machinery and equipment)

.
.
.

100
SCHEDULE

Commitments and Contingencies
of the U.S. Government
as

September

30,

1983

[In billions]

Amounts
outstanding

Commitments
Long-term contracts

GSA

building construction

$3,1

Tennessee Valley Authority

7.8

Other

18.2

Subtotal

Undelivered orders
Legislative branch
Judicial

branch

Executive Office of the President

Funds appropriated
Defense

33.3

to the President

66.4

Education

8.3

Human

Health and

Services

15.4

Housing and Urban Development.

202.8

29.4

Transportation

Environmental Protection Agency

...

34.4

Other agencies
Off-budget agencies
Subtotal
Total

commitments

$434.5

Contingent

Contingencies
Government loan and
Housing

credit

guarantees

Export-Import Bank of the United States

Business loan and investment fund

Farm ownership
Rural development
Shipbuilding and operations
Transportation

Veterans benefits
Education

Other
Subtotal

Insurance

force

Federal Deposit Insurance Corp
Federal Savings and Loan Insurance Corp.
Federal

Emergency Management Agency.

Nuclear Regulatory Commission
National Credit Union Administration

Veterans Administration

Department

of Transportation

Other
Subtotal

Unadjudicated claims
Transportation

Other
Subtotal

Other contingencies
Veterans readjustment benefits

Other
Subtotal
Total

contingencies

Total contingent liabilities

101

SCHEDULE V
Federal Debt Maturity

as of September 30, 1983

Marketable
Bills

Notes

Bonds

Nonmarketable
Foreign government series
Government account series.
U.S. savings bonds

Other

Agency

securities

Other

Net borrowing from the public
Current period
Prior period

Net increase

102

SCHEDULE

VII

Analysis of Pension and Retirement Plans
as of September 30, 1983
[In billions]
Social

Military

Civilian

security

personnel

employees

Liabilities

Accrued

liability.

September

1982

30.

$1,616,7

$418,5

$491 9

41,7

438

Add:

331

Accruals

Deduct:

170

Benefits paid

15J

21,1

Accrued

liability.

September

30.

1983

$1,778,4

$444,3

$514,6

Accrued

liability.

September

30.

1983

$1,778,4

$444.3

$514,6

Cumulative

trust

fund transactions througti end of period

Receipts

1.489,1

274,5

Outlays (net of unamortized discount and premium on investments)

1.468,6

1649

Total

assets of the trust fund

Liability

20,3

net of trust fund balance,

September

30,

1983

$1,758,1

$444,3

Other plans
Liabilities

Accrued

liability

beginning of plan year

Add:
Accruals

8,2

Deduct:
Benefits paid

Accrued

liability

end

of plan

year

Number Receiving Benefits
(In

36.000-

thousands)

103
SCHEDULE
Summary

VIII

Accounts and Loans Receivable
Due from the Public as of September 30, 1983 and 1982
of

[In billions]

Accounts and Loans Receivable
by Agency
Accounts receivable

Loans receivable

Legislative branch

Executive brancti

Funds appropriated
Departments

to the President

Agriculture

25.6

Commerce

Defense
Education

Energy
Health and

Human

Services

2.2

Housing and Urban Development
Interior

Justice

Labor
State

Transportation

Treasury

Veterans Administration

Other independent agencies
Off-budget agencies

Gross receivables
Less taxes receivable, allowances and intragovernmental transfers
Net receivables due from the public

.8
.2

104

SCHEDULE VIII— Continued
Summary of Accounts and Loans Receivable
Due from the

Public as of September 30, 1983 and 1982
[In billions]

Accounts and Loans Receivable
by Function

Accounts

Administration of justice
Agriculture

Commerce and

fiousing credit

Community and

regional

development

Education, training, employment, and social services.

Energy
General government'
General purpose

fiscal

assistance

General science, space, and technology
Health

Income security
International affairs

National defense
Natural resources

and environment

Transportation

Veterans benefits and services
Total

105
SCHEDULE

Reconciliation Schedule of Accrual Operating Results to
the Cash Basis Budget

as of September 30, 1983 and 1982
[In billions]

1983
Reported budget outlays over receipts (cash basis)
Add:

Noncash provisions

for retirement

and

disability benefits

Depreciation

Net expenses of off-budget agencies

Deduct:
Capital outlays

Net loan disbursements

Decrease

contingent

liabilities for

guarantees and insurance programs

Seigniorage

Net effect of other accnjal adjustments

Current period fiscal deficit per consolidated statement of operations (accrual basis).

106

SCHEDULE X
Federal Facts and Figures
Unit of

Gross national product
Current dollars

Per capita

1972 dollars
Per capita

Population (Includes

Consumer

Armed Forces)

Price Index

items (1967 = 100)
Purchasing power (1967 = $1 00)

All

Employment
Total labor force

Total

employed

Federal employment
Military
Civilian

Federal employment as a percent of

total

U.S. employment

Federal debt

Gross debt
1972 dollars
Held by public (current dollars)
Percent

GNP

Per capita
1

972

dollars

Interest

on the Federal debt (current dollars)

Per capita

Percent of

GNP

Percent of

total

Federal expenses

1972 dollars

expenses (accrual)

Total Federal

Current dollars

GNP

Percent of

Per capita

Personal Income
Current dollars

Percent of

GNP

Per capita

1972

dollars

Percent of

GNP

Per capita
Total

Income taxes paid for adjusted income

levels

Under $6.000

Number

taxpayers

$6,000-$9,999

Number

taxpayers

$10,00O-$1 5,999

Number

taxpayers

$16,00&-$24.999

Number

taxpayers

$25,000-$49,999

Number

taxpayers

$50,000-$99,999

Number

taxpayers

$100.000-$999.999

Number

taxpayers

and over

$1 million

Number

taxpayers

Federal participation In domestic credit markets
Total

funds advanced

Totals funds

in U.S. credit markets (nonfinancial sectors)
advanced under Federal guidance (direct and guaranteed loans)

Federal participation rate
Total

funds raised

Total funds raised
public,

U.S. credit markets (nonfinancial sectors)

under Federal guidance (includes Federal borrowing from the

guaranteed borrowing, and sponsored agency borrowing)

Federal participation rale

TRUST FUND

REPORTS

108
civil Service

[In millions of dollars.

Source:

Retirement and Disability Fund

HontMy Treasury Statement

•

of Receipts and Outlays of the

Receipts

UnUed States Government]

109
Federal Disability Insurance Trust Fund
of

doHa

urce:

Monthly Treasury Statement of Receipts and Outlays of the UtiUed States Government]

Receipts
Total

1980
1981
1982
1983
1984

17,388

1985 (Est.).

1983-Oct
Nov
Dec
1984-Jan

July...
Sept...
al

1984.

Appropriations

Deposits
by States

Expenditures other than investments
Interest
and profits on

Other

Total

Benefit
payments

110
Federal Hospital Insurance Trust Fund
Monthly Treasury Statement of Receipts and Outlays of the United St

111
Federal Old-Age and Survivors Insurance Trust Fund
Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Receipts
Total

112
Federal Supplementary Medical Insurance Trust Fund
[In

mllHons

of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Govi

Expenditures other than investmen
Federal

contributions

10,276
12.451
17.627
19,147
22,526

1980
1981
1982
1983
1984
1985 (Est.)

1983-Oct
Nov
Dec

1984-Jan
Feb
Har
Apr
Hay
June
July
Aug
Sept

Fiscal 1984

24,992
1.727
1.651

2.228
1.884
1,795
1.907
1.807
1.841
2.270
1.809
3.478
130

22.526

2.987

113
Railroad Retirement Account
[In

mllHons

of dollars.

Source: Monthly Trttsury Stlttiiant of Receipts «nd Outlays of the United States Government]

Receipts

From FOASI

July...
Aug. . .
Sept...

Fiscal

1984.

1984-Jan.
Feb.
Mar.
Apr.

Expenditures other than Investments

114

state

115
Investments of Specified Trust Accounts

Public Debt Securities and Agency Securities by Issues, as of Sept. 30, 1984
[In millions of dollars]

Investment securlt
Federal old-age
and survivors

trust fund

Public Is
Bonds:

4-1/41
3-1/4
6-1/8
3-1/2
4-1/4

5/15/75-85
5/15/85
11/15/86
2/15/90
8/15/87-92
2/15/88-93
8/15/88-93
5/15/89-94
11/15/98
8/15/96-01
5/15/00-05
2/15/02-07
2/15/05-10

6/30/85
6/30/85
6/30/85
6/30/85
6/30/85
6/30/85

8-1/4
7-5/8
11-3/4

6/30/77
6/30/75
6/30/76
6/30/74
6/30/78
6/30/79
6/30/80
6/30/83
6/30/81
6/30/82
6/30/84

4/06/87
12/11/87
2/01/88
4/08/88
8/12/88

7-1/2
4-1/8
3-1/2

6/30/84
8/01/84
9/11/84
7/02/84
8/01/84
7/02/84

6/30/86-92
6/30/86-90
6/30/86-91
6/30/86-89
6/30/86-93
6/30/86-94
6/30/93-95
6/30/85-98
6/30/93-96
6/30/85-97
6/30/85-99

4/05/60
6/03/58
11/15/71
2/14/58
8/15/62
1/17/63
8/15/73
4/18/63
10/03/60
8/16/76
5/15/75
2/15/77
2/15/80

4/05/67
12/11/67
1/30/68
4/08/68

Total

Governaent account series:
Certificates:
10-3/4J
10-7/8
11

12-3/4
12-7/8
13-3/4
Bonds:

7-l/8t
7-3/8
7-1/2
7-5/8
8-1/4
8-3/4
9-3/4
10-3/4
13

13-1/4
13-3/4
Total

Agency securltle
rtificates
5. lot

6.40
6.05
6.45
6.20
Total
Total

securities

8/ 12/ 68

237

trust fund

Federal
supplementary

trust fund

insurance
trust fund

Railroad
retirement

Unemployment
trust fund

U.S.

CURRENCY AND COIN
IN CIRCUUTION

OUTSTANDING AND

118

U.S. Currency

and Coin Outstanding and

Circulation

[Source: Financial Management Service]

AMOUNTS OUTSTANDING AND

CIRCULATION

Sept. 30. 1984

Amounts outstanding
Less amounts held by:
The Treasury
The Federal Reserve banks

Amounts In circulation

$206,119,414,228 $190,477,883,330 $189,882,251,044 $322,539,016 $273,093,270

175.330,636,769

160,609,888,332

160,043,377,305

293,640,577

272,870,450

513,616,827,000

$15,641,530.8

14,720,748,437

1,530,775,177

13,189,973,260

CURRENCY IN CIRCULATION BY DENOHINATION

Sept. 30, 1984

$1
$2
$5
$10
$20
$50

$100
$500
$1,000
$5,000
$10.000
Fractional parts
Partial notes ^Z
Total currency

$3,605,643,887
703,117,288
4,732,411,695
11,180,340,320
48,719,623,840
20,000,006,400
71,326,676,800
155,877,500
180,885,000
1.825,000
3,480.000
487

$3,452,074,930
570,097,780
4,580,886.605
11,155,033,490
48,699.344,900
19,988,284,300
71.256,139,800
155.686.500
180,674,000
1,775,000
3,380,000

$153,425,476
13.042
39,046,480
25,300,880
20,275,560
11,722,100
22,535,400
191,000
211,000
50,000
100,000

$143,481
133,006,466
112,479,610
5,950
3,380

48,001,600

1/ Issued on and after July 1, 1929.
7/ Excludes coin sold to collectors at premium pr1c
7/ Includes $481,781,898 In standard silver dollars

30, 1984
31, 1984
30, 1983
30. 1980
30, 1975
30, 1970
30, 1965
30, 1960
30, 1955
30. 1960

$175,330.6
176,759.1
162,813.6
127,097.2
81.196.4
54,351.0
39,719.8
32.064.6
30,229.3
27,156.3

$739.10
745.69
692.46
558.28
380.08
265.39
204.14
177.47
182.90
179.03

487
25

115

160.609.688.332

Sept.
Aug.
Sept.
June
June
June
June
June
June
June

160,043.377,305

293.640,577

the Ce
tes of population.
Ions not presented for
lue of certain partial di

4/ 8ased on Bureau of

T/ Represents
redemption.

GOVERNMENT PRINTINC OFFICE

DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

POSTAGE AND FEES PAID
DEPARTMENT OF THE TREASURY
TREAS-553

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300
FIRST CLASS

JRSI
1985

Full text of Treasury Bulletin : December 1984

FRASER