Full text of Treasury Bulletin : December 2015

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BULLETIN

DECEMBER 2015

FEATURES
Profile of the Economy
Financial Operations
International Statistics
Special Reports
Produced and Published by
Department of the Treasury

Bureau of the Fiscal Service

BULLETIN
The Treasury Bulletin is for sale
by the Superintendent of Documents
U.S. Government Printing Office
Washington, D.C. 20402.

The Treasury Bulletin is issued quarterly in March, June, September, and December by the Bureau
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compiled from sources within Treasury departmental offices and bureaus, as well as various other
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Table of Contents
FINANCIAL OPERATIONS
PROFILE OF THE ECONOMY
Analysis—Summary of Economic Indicators........................................................................................................................ 3
FEDERAL FISCAL OPERATIONS
Introduction—Federal Fiscal Operations ............................................................................................................................... 9
Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 10
FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 12
FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 12
FFO-1—Summary of Fiscal Operations .............................................................................................................................. 13
FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 14
FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 16
FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 18
FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 19
FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 23
ACCOUNT OF THE U.S. TREASURY
Introduction—Source and Availability of the Balance in the Account of the U.S. Treasury .............................................. 29
UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 29
FEDERAL DEBT
Introduction—Federal Debt ................................................................................................................................................. 31
FD-1—Summary of Federal Debt ....................................................................................................................................... 32
FD-2—Debt Held by the Public .......................................................................................................................................... 33
FD-3—Government Account Series .................................................................................................................................... 34
FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 35
FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by
Private Investors .................................................................................................................................................... 36
FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 37
FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 38
PUBLIC DEBT OPERATIONS
Introduction—Public Debt Operations ................................................................................................................................ 40
TREASURY FINANCING ................................................................................................................................................. 40
PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 48
PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 49
OWNERSHIP OF FEDERAL SECURITIES
Introduction—Ownership of Federal Securities .................................................................................................................. 50
OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 51
OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 52
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 53
USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 53
USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 54

December 2015

IV

Table of Contents
INTERNATIONAL STATISTICS
FOREIGN CURRENCY POSITIONS
Introduction—Foreign Currency Positions .......................................................................................................................... 57
SECTION I—Canadian Dollar Positions
FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 58
FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 59
FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 59
SECTION II—Japanese Yen Positions
FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 60
FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 61
FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 61
SECTION III—Swiss Franc Positions
FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 62
FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 63
FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 63
SECTION IV—Sterling Positions
FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 64
FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 65
FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 65
SECTION V—U.S. Dollar Positions
FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 66
FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 67
FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 67
SECTION VI—Euro Positions
FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 68
FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 69
FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 69
EXCHANGE STABILIZATION FUND
Introduction—Exchange Stabilization Fund ........................................................................................................................ 70
ESF-1—Balance Sheet ........................................................................................................................................................ 70
ESF-2—Income and Expense .............................................................................................................................................. 71

SPECIAL REPORTS
TRUST FUNDS
Introduction—Highway Trust Fund .................................................................................................................................... 75
TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 75
RESEARCH PAPER SERIES ............................................................................................................................................. 76
GLOSSARY ........................................................................................................................................................................ 78
ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover
NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because
of rounding.

December 2015

V

Nonquarterly Tables and Reports
For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports
are listed below along with the issues in which they appear.

March

Issues
June
Sept.

Dec.

Federal Fiscal Operations
FFO-5.—Internal Revenue Receipts by State ...........................................................

√

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees
by Districts and Ports...............................................................................

√

Special Reports
Financial Report of the United States Government excerpt......................................

√

Trust Fund Reports:
Agriculture Disaster Relief Trust Fund .............................................................

√

Airport and Airway Trust Fund ........................................................................

√

Black Lung Disability Trust Fund ....................................................................

√

Harbor Maintenance Trust Fund .......................................................................

√

Hazardous Substance Superfund .......................................................................

√

Highway Trust Fund .........................................................................................

√

Inland Waterways Trust Fund ...........................................................................

√

Leaking Underground Storage Tank Trust Fund ..............................................

√

Nuclear Waste Fund ..........................................................................................

√

Oil Spill Liability Trust Fund ...........................................................................

√

Patient Centered Outcomes Research Trust Fund .............................................

√

Reforestation Trust Fund ..................................................................................

√

Sport Fish Restoration and Boating Trust Fund ................................................

√

Uranium Enrichment Decontamination and Decommissioning Fund...............

√

Vaccine Injury Compensation Trust Fund ........................................................

√

Wool Research, Development, and Promotion Trust Fund...............................

√

December 2015

OPERATIONS
Profile of the Economy
Federal Fiscal Operations
Account of the U.S. Treasury
Federal Debt
Fiscal Service Operations
Ownership of Federal Securities
U.S. Currency and Coin Outstanding
and in Circulation

3

Profile of the Economy
[Source: Office of Macroeconomic Analysis]
As of November 6, 2015

Introduction
Growth of real gross domestic product (GDP) slowed in
the third quarter of 2015, largely due to a marked pullback in
the pace of inventory investment. However, other
components of real GDP continued to grow at a solid pace.
Labor market conditions continued to improve, and the
unemployment rate declined to 5.0 percent in October, its
lowest level since April 2008. Inflation remained low, in part
reflecting the steep decline in energy prices since mid-2014.
Despite some fluctuations, energy prices remained wellbelow year-ago levels as of early November.
The Administration has taken a number of steps in recent
years to promote stronger economic growth in the near term,
but has also pursued deficit reduction measures in the
interests of the nation’s longer-term growth. Since 2011, the
budget deficit has been reduced by more than $4 trillion
(including the deep cuts imposed by sequestration). The
federal budget deficit has fallen from a peak of 9.8 percent
of GDP in fiscal year 2009 to 2.5 percent in fiscal year 2015,
and is expected to fall slightly further on net in the coming
fiscal years.
At its most recent meeting in October 2015, the Federal
Reserve’s Federal Open Market Committee (FOMC)
announced it would maintain the target range for the federal
funds rate of 0 to 0.25 percent as well as existing programs
for reinvestment of principal payments and roll-overs of
maturing Treasuries at auction. The Committee also
observed that it “anticipates that it will be appropriate to
raise the target range for the federal funds rate when it has
seen further improvement in the labor market and is
reasonably confident that inflation will move back to its 2
percent objective over the medium term.”

Economic Growth
Since the current expansion began in mid-2009, the
economy has grown by 14.2 percent and, as of the third
quarter of 2015, real GDP was 9.4 percent above its level at
the end of 2007, when the recession began. According to the
advance estimate, real GDP rose 1.5 percent at an annual
rate during the third quarter of 2015, after advancing 3.9
percent in the second quarter. Consumer spending growth
decelerated somewhat in the third quarter, but was still
relatively strong and made a substantial contribution to
overall GDP growth. Residential investment grew solidly in
the third quarter, if at a slower pace than in the second, and
made a small positive contribution to real GDP growth.
Business fixed investment also grew, as growth in
equipment investment and spending on intellectual property
products helped offset a pull-back in structures investment.

Federal Government outlays rose in the third quarter as did
State and local government spending, although the latter
grew at a slower pace. Overall, the government sector
provided a small boost to growth in the third quarter. The
trade deficit widened slightly, as export growth slowed, but
net exports were essentially neutral for third-quarter GDP
growth, after making a small positive contribution in the
second quarter. In contrast, private inventory accumulation
slowed sharply, holding back overall growth by a substantial
amount.
Private domestic final demand (consumption plus private
fixed investment, considered a better measure of underlying
private demand because it subtracts out government
spending, inventory movements, and net exports) grew at a
3.2 percent annual rate in the third quarter, following a 3.9
percent increase in the second quarter. Real personal
consumption expenditures—which account for about 68
percent of GDP—rose at a 3.2 percent annual rate in the
third quarter, moderating somewhat from a 3.6 percent pace
in the second quarter. Altogether, consumption contributed
2.2 percentage points to real GDP growth in the third
quarter.
Housing activity has stepped up over the past year.
Residential investment—mostly residential home-building—
advanced 6.1 percent at an annual rate in the third quarter,
following a 9.1 percent jump in the second quarter.
Residential activity accounts for just 3 percent of GDP, and
added 0.2 percentage point to third-quarter real GDP growth.

December 2015

4

PROFILE OF THE ECONOMY

Home building and home sales remain on a gradual
upward trend. New residential construction activity has
recovered from weather-related regional slowdowns in early
2015 and advanced 12.0 percent over the year through
September 2015 to an annual rate of 740,000 units. Even so,
single-family starts remain more than 59 percent below their
January 2006 peak, and well below the 1.1 million unit
average observed from 1980 to 2004. In contrast, multifamily starts are well above their pre-recession level. Sales
of new single-family homes rose 2.0 percent over the year
through September to a 468,000 annual rate. Sales of all
existing homes (94 percent of all home sales, including
single-family, condos and co-ops) rose 8.8 percent over the
year to just over 5.5 million at an annual rate in September
2015.
Household formation—a key determinant of demand for
new housing—has risen to a much stronger level in recent
quarters, providing support to overall housing activity. In the
year through the third quarter of 2015, nearly 1.5 million
households were formed, roughly twice the pace observed in
recent years and well above the long-term average of 1.3
million recorded from 1966 to 2007.
Home prices have continued to rise, although the pace of
increase has moderated from the rapid pace observed in mid2013. The FHFA purchase-only home price index rose 5.5
percent over the year ending in August 2015, down from the
July 2013 peak rate of 8.1 percent. The Standard and Poor’s
(S&P)/Case-Shiller composite 20-city home price index rose
5.1 percent over the year ending in August 2015, down from
a peak of 13.7 percent in November 2013. Other house price
measures show a similar pattern of decelerating home price
appreciation.
Growth of nonresidential fixed investment—about 13
percent of GDP—grew by 2.1 percent at an annual rate in
the third quarter of 2015, following a 4.1 percent increase in
the second quarter. Growth of equipment investment
accelerated to 5.3 percent in the third quarter from a modest
0.3 percent gain in the previous quarter. In contrast, business
spending on intellectual property products—including
outlays for software, research and development, and
entertainment, literary and artistic originals—slowed to a 1.8
percent pace from 8.3 percent in the second quarter. In
addition, business outlays for structures fell 4.0 percent.
Altogether, nonresidential fixed investment added 0.3
percentage point to real GDP growth in the third quarter,
after making a 0.5 percentage point contribution in the
second quarter. Finally, businesses accumulated inventories
at a markedly slower pace in the third quarter following a
substantial run-up earlier in the year. The resulting change in
private inventories subtracted 1.4 percentage points from
third-quarter real GDP growth.
Exports account for about 13 percent of GDP, while
imports (which are subtracted from total domestic spending
to calculate GDP) account for just over 16 percent. In the
third quarter of 2015, exports grew 1.9 percent. However,
the small rise in exports was roughly offset by a 1.8 percent

December 2015

increase in imports. As a result, the net export deficit was
little changed in the third quarter compared with its secondquarter average and had a negligible impact on real GDP
growth. Net exports added 0.2 percentage point to GDP
growth in the second quarter after subtracting nearly 2
percentage points from growth in the first quarter of 2015.
The current account balance (reflecting international
trade in goods and services as well as investment income
flows and unilateral transfers) has been in deficit almost
continuously since the early 1980s and in 2006 reached a
record $807 billion, equivalent to 5.8 percent of GDP. The
current account deficit narrowed sharply during the
recession to $384 billion (2.6 percent of GDP) in 2009. It
has widened somewhat since then but remains well below its
2006 peak. In 2014, the current account deficit stood at $390
billion, or 2.2 percent of GDP. In the second quarter of 2015,
the current account deficit widened to $439 billion
(annualized), or 2.5 percent of GDP.
Government purchases—which account for about 18
percent of GDP—have contributed modestly on net to
economic growth thus far in 2015 after subtracting from
GDP growth in each of the past 4 years. In the third quarter,
government outlays advanced 1.7 percent at an annual rate
after growing 2.6 percent in the second quarter. At the
federal level, spending increased by 0.3 percent after a flat
reading in the second quarter. State and local government
spending rose by 2.6 percent following a 4.3 percent
advance in the second quarter. State and local government
spending declined for 14 straight quarters from the fourth
quarter of 2009 through the first quarter of 2013-the longest
period of falling expenditures at this level of government in
postwar history-but has risen almost continuously since the
first quarter of 2013. Similarly, spending cutbacks at the
federal level restrained overall growth from 2011 through
2014.

Labor Markets
During the recession (from December 2007 through June
2009), the economy lost 7.4 million jobs. Job losses
continued even after the recovery began, but in February
2010 employment began to rise again. Since then, through
October 2015, total nonfarm payroll employment has
increased by 13.0 million. Private-sector employment has
grown for 68 consecutive months, the longest string of
increases on record, and has risen by almost 13.5 million.
Job losses during the recession were spread broadly
across most sectors but, with the resumption of job growth,
all of these sectors have added jobs. Since the labor market
recovery began in early 2010, payrolls in professional and
business services have risen by nearly 3.4 million, and the
leisure and hospitality industry’s employment has increased
by almost 2.4 million through October 2015. Employment in
the manufacturing sector has expanded by 864,000 since
early 2010. A few sectors added jobs throughout the
recession and still continue to hire new workers: since early
2010, the health care and social assistance sector has added

PROFILE OF THE ECONOMY

an additional 2.1 million jobs. On a net basis, the
government sector also added workers to payrolls during the
recession, although payrolls began declining late in 2008,
and trended lower until early 2014. Government
employment has increased since then but growth has been
uneven. From early 2014 through October 2015, the
government sector has added just 177,000 jobs. Most of the
growth has occurred at the local level, with the addition of
124,000 positions. Federal government employment has
edged up just 2,000 during this period.
The unemployment rate peaked in October 2009 at a 26year high of 10.0 percent—5.4 percentage points above the
4.6 percent average that prevailed in 2006 and 2007, before
the recession began. Since then, the unemployment rate has
trended lower and in October 2015 stood at 5.0 percent.
Broader measures of unemployment have also declined. The
broadest measure, which includes workers who are
underemployed as well as those who are only marginally
attached to the labor force (the U-6 unemployment rate), has
fallen from a record high of 17.1 percent in early 2010 to 9.8
percent in October 2015. The U-6 unemployment rate is still
above its pre-recession average of 8.3 percent. The
percentage of the unemployed who have been out of work
for 27 weeks or more also remains elevated relative to its
pre-recession average. In October, 26.8 percent of
unemployed workers were included in this category
compared with readings around 17.5 percent before the
recession.

Inflation
Headline and core inflation rates remained relatively low
and stable, due in part to low energy prices. Headline
consumer prices were unchanged over the 12 months ending
in September 2015, after rising 1.7 percent over the same

5

period a year earlier. Energy prices fell 18.4 percent in the
year through September 2015, substantially more than the
0.6 percent decline in the year through September 2014.
Food prices rose 1.6 percent over the year through
September 2015, slowing from the 3.0 percent increase over
the 12 months ending in September 2014. On a 12-month
basis, core consumer prices (a measure that excludes food
and energy) rose 1.9 percent through September 2015,
slightly faster than the 1.7 percent advance in the year
through September 2014. Core inflation has been below 2
percent since early 2013.
Oil and gasoline prices fell sharply between mid-2014
and early 2015. They trended higher in the spring and early
summer but have generally declined since then and remain
well below their year-earlier levels. The front-month futures
price of West Texas Intermediate (WTI) crude oil averaged
$46.29 per barrel in October 2015, more than $38 below its
October 2014 average. The retail price of regular gasoline
averaged $2.23 per gallon in October 2015, 83 cents lower
than in October 2014.

Federal Budget and Debt
The federal budget deficit declined to $439 billion (2.5
percent of GDP) in fiscal year 2015 from $483 billion (2.8
percent of GDP) in fiscal year 2014. The deficit has
declined by 7.3 percentage points from a peak of 9.8 percent
in fiscal year 2009, and is now at its lowest level since fiscal
year 2007. Debt held by the public rose to $13.1 trillion in
fiscal year 2015. As a share of the economy, publicly held
debt declined from 74.4 percent of GDP at the end of fiscal
year 2014 to 73.8 percent at the end of fiscal year 2015.
In February 2015, the Administration released its
Fiscal Year 2016 Budget, which is projected to lower the
budget deficit slightly further in the near term and put the

December 2015

6

PROFILE OF THE ECONOMY

debt-to-GDP ratio on a declining path. The latest budget
proposal would replace sequestration with targeted spending
cuts and loophole closures, pay for all new investments, and
achieve an additional $1.8 trillion in deficit reduction over
the 10-year budget horizon. Deficit reduction would be
achieved primarily through reforms to health programs, the
tax code, and immigration. Updated projections in the MidSession Review of the Fiscal Year 2016 Budget show the
federal budget narrowing to 2.2 percent of GDP by fiscal
year 2017 and stabilizing at 2.7 percent of GDP in the latter
half of the 10-year budget window. The debt-to-GDP ratio is
projected to stabilize at 74.6 percent of GDP in fiscal year
2018 and remain at that level through the end of the 10-year
forecast horizon. The primary deficit is projected to become
a primary surplus in fiscal year 2024, at which point it will
no longer be adding to federal debt.

Economic Policy
Key fiscal and monetary policy actions taken over the
past few years have aided the recovery. On the fiscal policy
side, the American Recovery and Reinvestment Act (ARRA)
of 2009 authorized the Federal Government to spend $787
billion to stimulate domestic demand, an amount that was
increased to $840 billion to be consistent with the
President’s Fiscal Year 2012 Budget. This spending
provided an important boost to economic activity, but the
Administration also proposed and implemented a variety of
additional programs to maintain the recovery’s momentum.
These included an extension and expansion of the first-time
home buyer tax credit, a new Small Business Jobs and
Wages Tax Credit, and additional financial support for State
and local Governments. In December 2010, the 2010 Tax
Relief Act authorized a 2 percentage point payroll tax cut,
extensions of unemployment benefits and refundable tax
credits, and a 2-year extension of the 2001 tax cuts. In late

December 2015

December 2011, the 2 percentage point payroll tax cut and
extended unemployment benefits included in the 2010 tax
legislation were each extended for 2 additional months. In
late February 2012, the extension of the payroll tax cut and
extended unemployment benefits for the remainder of 2012
were signed into law.
In January 2013, the ATRA was signed into law. The
American Taxpayer Relief Act of 2012 (ATRA)
permanently extended tax cuts for the vast majority of
Americans and small businesses, extended Emergency
Unemployment benefits for an additional year, extended a
variety of other tax cuts and credits, postponed the sequester,
originally scheduled to take effect on January 1, until March
1, 2013, and raised tax rates for high-income earners
(representing about 2 percent of taxpayers). Altogether, the
ATRA is projected to reduce the deficit by $737 billion over
the next decade.
Partly in response to rising financial market stress, as
well as to signs of more slowing in the broader economy, the
Federal Reserve began the current cycle of monetary policy
easing in September 2007. By late 2008, the FOMC had
lowered the federal funds target interest rate dramatically,
reducing it to a historically low range of 0 to 0.25 percent at
the December 2008 FOMC meeting. Beginning with the
August 2011 meeting, the FOMC also began identifying an
expected timeframe for maintaining the federal funds rate
target at “exceptionally low levels.” Initially put at mid2013, the timeframe was extended to “at least late 2014” at
the January 2012 FOMC meeting, and then to “at least mid2015” at the September 2012 meeting, a timeframe for the
target range which was maintained at the October 2012
meeting. At the December 2012 meeting, the FOMC
implemented numerical thresholds for its policy rate
guidance. Specifically, the FOMC indicated that it would
maintain the target range at least as long as the
unemployment rate remained above 6.5 percent, inflation
between 1 and 2 years ahead is projected to be no more than
0.5 percentage point above the FOMC’s 2 percent longer-run
goal, and long-term inflation expectations remain well
anchored. At the December 2013 meeting, the FOMC
commented on the role of the numerical thresholds in
formulating monetary policy, indicating that, “it will likely
be appropriate to maintain the current target range for the
federal funds rate well past the time that the unemployment
rate declines below 6-½ percent, especially if projected
inflation continues to run below the Committee’s longer run
goal.” At the FOMC meeting in March 2014, the Committee
replaced the numerical thresholds in favor of qualitative
guidance, noting it will “assess progress-both realized and
expected-towards its objectives of maximum employment
and 2 percent inflation” and that, “it will likely be
appropriate to maintain the current target range … for a
considerable time after the asset purchase program ends,
especially if projected inflation continues to run below the
Committee’s 2 percent longer-run goal, and provided longerterm inflation expectations remain well anchored.”

PROFILE OF THE ECONOMY

At its most recent meeting in October 2015, the FOMC
maintained the qualitative forward guidance adopted at the
March 2014 FOMC meeting and also left out any reference to
a timeframe for maintaining the current target range, which
was dropped at the January 2015 meeting. The Committee
also repeated its view, first expressed at the March 2015
meeting, that, “it will be appropriate to raise the target range
for the federal funds rate when it has seen further
improvement in the labor market and is reasonably confident
that inflation will move back to its 2 percent objective over
the medium term.” At its April 2015 meeting, the FOMC had
added “import prices” to the range of information it assesses
in determining monetary policy, and in July, September, and
October, the Committee maintained previous references to
energy and non-energy import prices.
The Federal Reserve significantly expanded its tools to
increase liquidity in credit markets, and eased lending terms
to sectors in need of liquidity, including a variety of facilities
and funds directed at specific financial markets. As of June
30, 2010, all of these special facilities had expired. At the
August 2010 FOMC meeting, the Federal Reserve
announced it would maintain its holdings of securities at
current levels by reinvesting principal payments from
agency debt and agency mortgage-backed securities in
longer-term Treasury securities, and continue rolling over
the Federal Reserve’s holdings of Treasury securities as they
mature. At the end of June 2011, the FOMC completed
purchases of $600 billion of longer-term Treasury securities.
At the September 2011 meeting, the FOMC announced it
would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of
longer-term (6 to 30 years) Treasury securities and selling an
equal amount of shorter-term (3 years or less) Treasury
securities, all by the end of June 2012. The Committee also
announced the reinvestment of principal payments from its
holdings of agency debt and agency mortgage-backed
securities into the latter securities. At the June 2012 meeting,
the FOMC extended and expanded its program to extend the
average maturity of its holdings (the so-called “twist”
operation announced in September 2011). At the September
2012 meeting, the FOMC announced it would increase
monetary accommodation through $40 billion per month in
additional purchases of mortgage-backed securities through
the end of the year. The FOMC announced additional
monetary accommodation at the December 2012 meeting,
including the completion of short-term securities sales
(which drain liquidity) and the continuation of purchases of
long-term Treasury securities at a rate of $45 billion per
month beyond the end of 2012. The FOMC also indicated
that monthly purchases of mortgage-backed securities at a
pace of $40 billion per month would continue, and affirmed
its existing policy of reinvesting principal payments.
At the December 2013 meeting, the FOMC announced a
tapering of long-term Treasury security purchases and
mortgage-backed securities purchases of $5 billion each,
beginning in January 2014. The tapering brought monthly

7

purchases to $40 billion and $35 billion, respectively. At
each subsequent meeting in January, March, April, June,
July, and September 2014, the Committee announced further
tapering of asset purchases of $5 billion in each category. At
its meeting in October 2014, the Committee announced the
conclusion of its asset purchase program at the end of
October 2014.

Financial Markets
Financial markets have largely recovered from the
unprecedented strains experienced in the fall of 2008. Credit
flows have increased substantially, although in the third
quarter of 2015, fewer banks continued to ease standards and
terms across a variety of lending categories. Nonetheless,
measures of risk tolerance and volatility have all improved.
Equity markets have more than recovered from the steep
losses incurred in 2008, and volatility has declined
markedly. The S&P 500 index, which in 2008 suffered its
largest annual loss since the Great Depression, has increased
2.0 percent so far this year and is currently about 31 percent
above its October 2007 peak. The S&P Stock Market
Volatility Index (VIX), often used as a measure of financial
market uncertainty, stood at 15 as of early November
2015—down sharply from an all-time high of 81 in
November 2008.
A variety of factors have buffeted long-term Treasury
interest rates over the past several years, including flight-toquality flows in response to a variety of specific risk events,
as well as supply concerns related to funding of the
Government’s debt, and more recently, concerns about
global financial markets and slowing global growth. The
yield on the 10-year note has fluctuated around the 2 percent
level during 2015, remaining well above the record low of
1.43 percent reached in late July 2012. Currently, the 10year yield is 17 basis points higher on the year at 2.34
percent, after falling by nearly 90 basis points in 2014. The
3-month Treasury bill yield has fluctuated under 0.1 percent
since January 2012, where it stood as of early November
2015. The 2- to 10-year Treasury yield spread, one measure
of the steepness of the yield curve, has been narrowing
significantly since November 2013 and stood at about 144
basis points as of early November 2015.
Key interest rates on private securities, which spiked in
response to financial market turbulence in late 2008, have
since retraced as conditions have stabilized. The spread
between the 3-month London Inter-bank Offered Rate
(LIBOR) and the 3-month Treasury bill rate (also known as
the TED spread, a measure of inter-bank liquidity and credit
risk) rose to an all-time high of nearly 460 basis points in
early October 2008. However, improvements in short-term
credit availability have led to a narrowing of this spread,
which stood at 29 basis points as of early November 2015.
The spread between the Baa corporate bond yield and the
10-year Treasury yield peaked at nearly 620 basis points in
December 2008. The Baa-10-year spread had narrowed to
213 basis points in April 2014, but thereafter, has widened

December 2015

8

PROFILE OF THE ECONOMY

very gradually to 317 basis points, still very high by
historical standards.
Rates for conforming mortgages have trended lower in
recent years, as have rates for jumbo mortgages. The interest
rate for a 30-year conforming fixed-rate mortgage fell to a
record low of 3.31 percent in November 2012. In the spring
of 2013, however, it moved sharply higher, peaking at 4.58
percent in August 2013. Since then, this rate has eased on
net and in October 2015 averaged 3.78 percent.

Foreign Exchange Rates
The value of the U.S. dollar compared with the
currencies of seven major trading partners (the euro area
countries, Japan, Canada, the United Kingdom, Australia,

December 2015

Sweden, and Switzerland) appreciated to a peak level in
February 2002, and then depreciated significantly over the
next several years. From its peak in February 2002, to the
recent low reached in August 2011, the exchange value of
the dollar compared to an index of these currencies fell by
about 39 percent. Although the dollar’s exchange value
against this index remains well below the February 2002
peak, it has appreciated between August 2011 and October
2015 by about 32 percent. From August 2011 through
October 2015, the dollar has appreciated by about 56 percent
against the yen and by about 28 percent against the euro.
Against an index of currencies of 19 other important trading
partners (including China, India, and Mexico), the dollar has
appreciated by about 20 percent.

9

INTRODUCTION: Federal Fiscal Operations
Budget authority usually takes the form of
appropriations that allow obligations to be incurred and
payments to be made. Reappropriations are Congressional
actions that extend the availability of unobligated amounts
that have expired or would otherwise expire. These are
counted as new budget authority in the fiscal year of the
legislation in which the reappropriation act is included,
regardless of when the amounts were originally appropriated
or when they would otherwise lapse.
Obligations generally are liquidated by the issuance of
checks or the disbursement of cash—outlays. Obligations
may also be liquidated (and outlays recorded) by the accrual
of interest on public issues of Treasury debt securities
(including an increase in redemption value of bonds
outstanding); or by the issuance of bonds, debentures, notes,
monetary credits, or electronic payments.
Refunds of collections generally are treated as
reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as
outlays. Outlays during a fiscal year may be for payment of
obligations incurred in prior years or in the same year.
Outlays, therefore, flow in part from unexpended balances
of prior year budget authority and from budget authority
provided for the year in which the money is spent. Total
outlays include both budget and off-budget outlays and are
stated net of offsetting collections.
Receipts are reported in the tables as either budget
receipts or offsetting collections. They are collections from
the public, excluding receipts offset against outlays. These,
also called governmental receipts, consist mainly of tax
receipts (including social insurance taxes), receipts from
court fines, certain licenses, and deposits of earnings by the
Federal Reserve system. Refunds of receipts are treated as
deductions from gross receipts. Total Government receipts
are compared with total outlays in calculating the budget
surplus or deficit.
Offsetting collections from other Government accounts
or the public are of a business-type or market-oriented
nature. They are classified as either collections credited to
appropriations or fund accounts, or offsetting receipts (i.e.,
amounts deposited in receipt accounts). The former
normally can be used without an appropriation act by
Congress. These occur in two instances: (1) when
authorized by law, amounts collected for materials or
services are treated as reimbursements to appropriations.
For accounting purposes, earned reimbursements are also
known as revenues. These offsetting collections are netted
against gross outlays in determining net outlays from such
appropriations; and (2) in the three types of revolving funds
(public enterprise, intragovernmental, and trust); offsetting
collections are netted against spending, and outlays are
reported as the net amount.

Offsetting receipts in receipt accounts cannot be used
without appropriation. They are subdivided into three
categories: (1) proprietary receipts, or collections from the
public, offset against outlays by agency and by function; (2)
intragovernmental transactions, or payments into receipt
accounts from governmental appropriation or fund accounts.
They finance operations within and between Government
agencies and are credited with collections from other
Government accounts; and (3) offsetting governmental
receipts that include foreign cash contributions.
Intrabudgetary transactions are subdivided into three
categories: (1) interfund transactions—payments are from
one fund group (either Federal funds or trust funds) to a
receipt account in the other fund group; (2) Federal
intrafund transactions—payments and receipts both occur
within the Federal fund group; and (3) trust intrafund
transactions—payments and receipts both occur within the
trust fund group.
Offsetting receipts are generally deducted from budget
authority and outlays by function, subfunction, or agency.
There are four types of receipts, however, that are deducted
from budget totals as undistributed offsetting receipts. They
are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’
retirement funds; (2) interest received by trust funds; (3)
rents and royalties on the Outer Continental Shelf lands; and
(4) other interest (i.e., that collected on Outer Continental
Shelf money in deposit funds when such money is
transferred into the budget).
The Government has used the unified budget concept set
forth in the “Report of the President’s Commission on
Budget Concepts” as a foundation for its budgetary analysis
and presentation since 1969. The concept calls for the
budget to include all of the Government’s fiscal transactions
with the public. Since 1971, however, various laws have
been enacted removing several Federal entities from (or
creating them outside of) the budget. Other laws have
moved certain off-budget Federal entities onto the budget.
Under current law, the off-budget Federal entities consist of
the two Social Security trust funds, Federal Old-Age and
Survivors Insurance and the Federal Disability Insurance
Trust Fund, and the Postal Service.
Although an off-budget Federal entity’s receipts,
outlays, and surplus or deficit ordinarily are not subject to
targets set by the Congressional resolution, the Balanced
Budget and Emergency Deficit Control Act of 1985
[commonly known as the Gramm-Rudman-Hollings Act as
amended by the Budget Enforcement Act of 1990 (2 United
States Code 900-922)] included off-budget surplus or deficit
in calculating deficit targets under that act and in calculating
excess deficit. Partly for this reason, attention has focused

December 2015

10

FEDERAL FISCAL OPERATIONS

on both on - and off-budget receipts, outlays and deficit of
the Government.
Tables FFO-1, FFO-2, and FFO-3 are published
quarterly and cover 5 years of data, estimates for 2 years,
detail for 13 months, and fiscal year-to-date data. They
provide a summary of data relating to Federal fiscal
operations reported by Federal entities and disbursing
officers, and daily reports from the FRBs. They also detail
accounting transactions affecting receipts and outlays of the
Government and off-budget Federal entities and their related
effect on assets and liabilities of the Government. Data are
derived from the “Monthly Treasury Statement of Receipts
and Outlays of the United States Government.”

 Table FFO-1 summarizes the amount of total
receipts, outlays, and surplus or deficit, as well as
transactions in Federal securities, monetary assets, and
balances in Treasury operating cash.
 Table FFO-2 includes on- and off-budget receipts
by source. Amounts represent income taxes, social
insurance taxes, net contributions for other insurance and
retirement, excise taxes, estate and gift taxes, customs
duties, and net miscellaneous receipts.
 Table FFO-3 details on- and off-budget outlays by
agency.

 Table FFO-4 summarizes on- and off-budget
receipts by source and outlays by function as reported to
each major fund group classification for the current fiscal
year to date and prior fiscal year to date.
 Table FFO-5 summarizes internal revenue receipts
by states and by type of tax. Amounts reported are
collections made in a fiscal year. They span several tax
liability years because they consist of prepayments
(estimated tax payments and taxes withheld by employers
for individual income and Social Security taxes), payments
made with tax returns and subsequent payments made after
tax returns are due or are filed (that is, payments with
delinquent returns or on delinquent accounts).
Amounts are reported based on the primary filing
address provided by each taxpayer or reporting entity. For
multistate corporations, the address may reflect only the
district where such a corporation reported its taxes from a
principal office rather than other districts where income was
earned or where individual income and Social Security taxes
were withheld. In addition, an individual may reside in one
district and work in another.
 Table FFO-6 includes customs collection of duties,
taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government
and Fourth-Quarter Receipts by Source
[Source: Office of Tax Analysis, Office of Tax Policy]

Fourth-Quarter Receipts
The following capsule analysis of budget
receipts, by source, for the fourth quarter of fiscal
year 2015 supplements fiscal data reported in the
September issue of the “Treasury Bulletin.” At the
time of that issue’s release, not enough data were
available to analyze adequately collections for the
quarter.
Individual income taxes—Individual income tax
receipts, net of refunds, were $373.3 billion for the fourth
quarter of fiscal year 2015. This is an increase of $24.5
billion over the comparable prior year quarter. Withheld
receipts increased by $17.4 billion and non-withheld
receipts increased by $8.1 billion during this period.
Refunds increased by $1.0 billion over the comparable fiscal
year 2014 quarter. There was a decrease of $2.6 billion in
accounting adjustments between individual income tax
receipts and the Social Security and Medicare trust funds
over the comparable quarter in fiscal year 2014.
Corporate income taxes—Net corporate income tax
receipts were $88.3 billion for the fourth quarter of fiscal
year 2015. This is an increase of $2.6 billion compared to
the prior year fourth quarter. The $2.6 billion change is

December 2015

comprised of an increase of $3.8 billion in estimated and
final payments, and an increase of $1.2 billion in corporate
refunds.
Employment taxes and contributions—Employment
taxes and contributions receipts for the fourth quarter of
fiscal year 2015 were $239.4 billion, an increase of $11.6
billion over the comparable prior year quarter. Receipts to
the Federal Old-Age and Survivors Insurance, Federal
Disability Insurance, and Federal Hospital Insurance trust
funds changed by $7.2 billion, $1.2 billion, and $3.4
billion respectively. There was a -$0.6 billion accounting
adjustment for prior year’s employment tax liabilities
made in the fourth quarter of fiscal year 2015, while there
was a -$3.1 billion adjustment in the fourth quarter of
fiscal year 2014.
Unemployment insurance—Unemployment insurance
receipts, net of refunds, for the fourth quarter of fiscal year
2015 were $9.1 billion, a decrease of $1.7 billion over the
comparable quarter of fiscal year 2014. Net State taxes
deposited in the U.S. Treasury decreased by $1.7 billion to
$8.2 billion. Net Federal Unemployment Tax Act taxes did
not change significantly from $0.9 billion.

FEDERAL FISCAL OPERATIONS

11

Budget Results and Financing of the U.S. Government
and Fourth-Quarter Receipts by Source, continued
Contributions for other insurance and retirement—
Contributions for other retirement were $1.0 billion for the
fourth quarter of fiscal year 2015. This was a negligible
change from the comparable quarter of fiscal year 2014.
Excise taxes—Net excise tax receipts for the fourth
quarter of fiscal year 2015 were $38.2 billion, an increase of
$2.8 billion over the comparable prior year quarter. Total
excise tax refunds for the quarter were $1.8 billion, an
increase of $0.8 billion over the comparable prior year
quarter.
Estate and gift taxes—Net estate and gift tax receipts
were $4.1 billion for the fourth quarter of fiscal year 2015.

These receipts represent a decrease of $1.2 billion over the
same quarter in fiscal year 2014.
Customs duties—Customs duties net of refunds were
$8.7 billion for the fourth quarter of fiscal year 2015. This is
a decrease of $0.5 billion over the comparable prior year
quarter.
Miscellaneous receipts—Net miscellaneous receipts
for the fourth quarter of fiscal year 2015 were $39.78 billion,
an increase of $3.3 billion over the comparable prior year
quarter. This change is due in part to deposits of earnings by
Federal Reserve banks increasing by $2.8 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fourth quarter 2015
July - September
Total on- and off-budget results:
Total receipts ...............................................................
On-budget receipts ..................................................
Off-budget receipts ..................................................
Total outlays .................................................................
On-budget outlays....................................................
Off-budget outlays....................................................
Total surplus or deficit (-) .............................................
On-budget surplus or deficit (-) ................................
Off-budget surplus or deficit (-) ................................
Means of financing:
Borrowing from the public ............................................
Reduction of operating cash ........................................
Other means ................................................................
Total on- and off-budget financing ...........................

Fiscal year 2015
year to date

801,803
620,068
181,735
924,349
712,803
211,547
-122,547
-92,734
-29,812

3,248,723
2,478,328
770,394
3,687,623
2,944,526
743,097
-438,900
-466,196
27,297

44,898
55,624
22,025
122,547

337,166
-40,414
142,147
438,899

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2015
[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Source
Individual income taxes......................................................
Corporate income taxes .....................................................
Employment and general retirement..................................
Unemployment insurance ..................................................
Contributions for other insurance and retirement ..............
Excise taxes .......................................................................
Estate and gift taxes ..........................................................
Customs duties ..................................................................
Miscellaneous receipts.......................................................
Total budget receipts .....................................................

July

August

109.1
10.6
74.7
3.5
0.3
6.9
1.3
3.6
15.4
225.5

102.6
2.3
77.4
5.4
0.3
7.8
1.3
1.9
11.8
210.8

September
161.5
75.4
87.3
0.2
0.3
23.5
1.5
3.2
12.5
365.5

Note.—Detail may not add to totals due to independent rounding.

December 2015

12

December 2015

FEDERAL FISCAL OPERATIONS

FEDERAL FISCAL OPERATIONS

13

TABLE FFO-1—Summary of Fiscal Operations
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Total on-budget and off-budget results
Total
surplus or
deficit (-)
(7)

Total receipts
(1)

Off-budget
receipts
(3)

Total
outlays
(4)

2,302,495
2,449,092
2,773,979
3,020,847
3,248,722

1,736,709
1,879,592
2,100,705
2,285,246
2,478,328

565,787
569,500
673,274
735,602
770,394

3,598,086
3,538,447
3,454,254
3,504,199
3,687,623

3,099,477
3,030,856
2,820,439
2,798,105
2,944,526

498,609
507,589
633,815
706,095
743,097

-1,295,591
-1,089,353
-680,276
-483,353
-438,900

-1,362,769
-1,151,263
-719,738
-512,857
-466,197

67,179
61,913
39,460
29,507
27,297

1,234,576
1,286,476
667,974
1,076,474
325,601

2015 - Est .................... 3,248,469
2016 - Est .................... 3,557,448

2,477,146
2,749,302

771,323
808,146

3,702,980
3,986,800

2,959,432
3,201,423

743,548
785,377

-454,511
-429,352

-482,286
-452,121

27,775
22,769

744,723
695,181

351,722
212,719
191,436
335,327
306,742
139,388
234,187
471,801
212,386
342,933
225,493
210,837
365,473

290,458
160,464
135,169
280,293
233,755
79,456
158,782
390,011
151,023
269,307
168,296
151,537
300,235

61,264
52,255
56,267
55,034
72,987
59,932
75,405
81,790
61,363
73,626
57,197
59,300
65,238

245,912
334,432
248,254
333,463
324,289
331,738
287,105
315,092
296,454
292,447
374,680
275,257
274,412

176,192
271,514
178,516
311,588
257,510
259,778
214,910
251,497
223,306
263,104
309,101
201,935
201,767

69,720
62,918
69,738
21,875
66,779
71,960
72,195
63,595
73,148
29,342
65,579
73,323
72,645

105,810
-121,713
-56,818
1,864
-17,546
-192,350
-52,918
156,709
-84,068
50,487
-149,187
-64,421
91,061

114,266
-111,050
-43,347
-31,295
-23,755
-180,321
-56,128
138,514
-72,283
6,202
-140,804
-50,398
98,468

-8,456
-10,663
-13,471
33,159
6,208
-12,028
3,210
18,195
-11,785
44,284
-8,382
-14,023
-7,407

73,557
114,972
67,642
135,844
-56,783
73,210
-4,729
854
140
-2,494
-984
-530
-1,541

Fiscal year 2015 to date ... 3,248,722

2,478,328

770,394

3,687,623

2,944,526

743,097

-438,900

-466,197

27,297

325,601

Other
(18)

Transactions
not applied
to year’s
surplus or
deficit
(19)

Total
Financing
(20)

2011 ............................
2012 ............................
2013 ............................
2014 ............................
2015 ............................

2014 - Sept ..................
Oct ...................
Nov ..................
Dec ..................
2015 - Jan ...................
Feb ..................
Mar ..................
Apr ...................
May..................
June.................
July ..................
Aug ..................
Sept .................

Off-budget
outlays
(6)

On-budget
surplus or
deficit (-)
(8)

On-budget
receipts
(2)

Fiscal year
or month

On-budget
outlays
(5)

Means of
financing
– net transactions
Borrowing from
the public–
Off-budget Federal securities
surplus or
Public debt
deficit (-)
securities
(10)
(9)

Means of financing—net transactions, continued
Borrowing from the publicFederal securities, continued

Fiscal year
or month

Agency
securities
(11)

Investments
of Government
Total
accounts
10+11-12
(12)
(13)

Cash and monetary assets (deduct)
Reserve
position on the
U.S. Treasury
Special
U.S. quota in
operating
drawing
the IMF
cash
rights
Other
(deduct)
(14)
(15)
(16)
(17)

2011 ......................................
2012 ......................................
2013 ......................................
2014 ......................................
2015 ......................................

1,014
-589
703
-1,234
241

125,742
133,641
-33,340
277,668
-10,027

1,109,849
1,152,249
702,019
797,573
335,867

-251,743
27,356
2,939
69,916
40,415

-1,535
-643
-267
-1,817
-2,815

6,011
5,955
42
188
-3,114

9,719
819
-3,658
-4,994
-6,425

-51,806
-29,408
-23,503
-359,628
127,111

816
-834
970

1,295,591
1,089,353
680,276
483,348
435,887

2015 - Est ..............................
2016 - Est ..............................

990
-208

114,694
131,768

631,019
563,205

41,698
-

-

-

-

-134,810
-133,853

-

454,511
429,352

2014 - Sept ...........................
Oct.............................
Nov ............................
Dec ............................
2015 - Jan .............................
Feb ............................
Mar ............................
Apr.............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................

132
185
48
286
14
-307
58
320
25
167
9
-368
-196

22,589
41,067
2,841
34,577
-19,931
-15,391
-19,994
37,198
1,303
-23,189
-59,168
15,289
-4,629

51,099
74,090
64,849
101,553
-36,839
88,293
15,323
-36,024
-1,138
20,862
58,193
-16,187
2,892

109,637
-40,899
-9,132
115,182
-66,638
-121,885
65,155
173,785
-74,922
55,393
-44,358
-78,195
66,929

-1,283
-152
-502
-553
-1,399
-83
-1,000
965
-568
570
-419
328
-2

30
254
-716
-943
286
-1,226
-865
-90
112
-596
140
569
-39

-719
-4
-363
-1,162
-305
-1,364
-2,430
-100
-194
127
-35
680
-1,275

-49,418
6,822
-18,744
9,104
-13,673
-20,524
98,447
53,871
7,951
-17,144
46,322
3,990
-29,311

174
-1
971

-105,810
121,713
56,818
-1,867
17,544
192,327
52,910
-156,714
82,385
-51,776
149,187
64,421
-91,061

Fiscal year 2015 to date .............

241

-10,027

335,867

40,415

-2,815

-3,114

-6,425

127,111

970

435,887

These estimates are based on the Mid-Session Review of the President's Fiscal Year
2016 Budget, released by the Office of Management and Budget on July 14, 2015.

- No transactions.
Detail may not add to totals due to rounding.

December 2015

FEDERAL FISCAL OPERATIONS

14

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Social insurance
and retirement receipts
Employment and general retirement
Old-age, disability, and
hospital insurance

Income taxes
Individual
Fiscal year
or month

Corporation
Net
(4)

Gross
(5)

Refunds
(6)

Net
(7)

237,827
238,251
229,992
231,733
234,352

1,091,473
1,132,207
1,316,405
1,394,567
1,540,802

243,492
281,841
312,477
353,553
390,291

62,407
39,552
38,970
32,822
46,495

181,085
242,290
273,505
320,729
343,798

-

-

1,540,274
1,701,424

346,895
429,130

-

94,971
93,992
87,059
133,918
103,806
108,211
121,794
95,842
90,789
92,900
104,331
98,074
89,445

69,298
21,571
5,937
14,525
75,228
6,179
16,082
248,157
9,114
66,231
8,986
7,378
75,605

2,975
8,902
7,038
3,414
1,834
73,776
51,903
55,795
14,868
6,304
4,187
2,827
3,504

161,294
106,661
85,958
145,029
177,199
40,614
85,973
288,204
85,035
152,827
109,130
102,625
161,547

76,042
14,848
5,491
87,471
10,458
5,702
39,698
45,656
9,524
75,825
12,031
4,809
78,778

1,220,161

554,993

234,352

1,540,802

390,291

Withheld
(1)

Other
(2)

2011 ..................
2012 ..................
2013 ..................
2014 ..................
2015 ..................

990,952
1,018,104
1,102,745
1,149,709
1,220,161

338,348
352,355
443,651
476,591
554,993

2015 - Est ..........
2016 - Est ..........

1,540,274
1,701,424

2014 - Sept ........
Oct .........
Nov ........
Dec ........
2015 - Jan .........
Feb ........
Mar ........
Apr .........
May........
June.......
July ........
Aug ........
Sept .......
Fiscal year 2015
to date ................

Fiscal year
or month

Refunds
(3)

Net income
taxes
(8)

Gross
(9)

Refunds
(10)

Net
(11)

1,272,559
1,374,497
1,589,910
1,715,296
1,884,598

756,371
772,948
884,988
962,237
1,007,385

2,094
2,305
2,443
2,529
2,801

754,276
770,643
882,545
959,708
1,004,584

346,895
429,130

1,887,169
2,130,554

1,005,825
1,055,170

-

1,005,825
1,055,170

2,511
4,619
2,909
3,240
2,999
8,569
9,218
2,426
2,184
3,057
1,417
2,490
3,367

73,530
10,228
2,582
84,231
7,459
-2,866
30,481
43,230
7,340
72,768
10,615
2,319
75,411

234,824
116,889
88,540
229,260
184,658
37,747
116,453
331,434
92,375
225,595
119,745
104,944
236,958

83,488
69,910
75,417
74,167
94,483
76,505
96,152
106,233
78,416
95,464
74,146
76,879
89,613

2,529
2,801

80,959
69,910
75,417
74,167
94,483
76,505
96,152
106,233
78,416
95,464
74,146
76,879
86,812

46,495

343,798

1,884,598

1,007,385

2,801

1,004,584

Social insurance and retirement receipts, continued
Employment and general retirement, continued
Unemployment insurance
Net employment
Net unRailroad retirement
employment
and general
insurance
retirement
Gross
Refunds
Gross
Refunds
Net
(18)
(15)
(16)
(17)
(12)
(13)
(14)

Net for other insurance and retirement
Federal
employees
Other
retirement
retirement
Total
(19)
(20)
(21)

2011 ............................
2012 ............................
2013 ............................
2014 ............................
2015 ............................

4,240
4,289
4,963
5,374
5,868

2
6
63
16
1

4,238
4,283
4,900
5,359
5,868

758,515
774,926
887,445
965,067
1,010,449

56,335
66,747
56,958
55,536
51,359

95
99
149
142
182

56,241
66,647
56,811
55,394
51,177

4,021
3,712
3,539
3,447
3,629

30
30
25
27
23

4,051
3,739
3,564
3,472
3,652

2015 - Est ....................
2016 - Est ....................

5,956
6,027

-

5,956
6,027

1,011,781
1,061,197

54,980
55,950

-

54,980
55,950

3,635
3,731

25
23

3,660
3,754

2014 - Sept .................
Oct...................
Nov ..................
Dec ..................
2015 - Jan ...................
Feb ..................
Mar ..................
Apr...................
May .................
June ................
July ..................
Aug ..................
Sept .................

488
485
452
456
511
706
646
500
550
-1
567
543
453

1
1
1
-2
-

488
485
451
456
512
705
646
500
549
-1
569
543
453

81,447
70,394
75,868
74,623
94,995
77,210
96,797
106,733
78,965
95,463
74,715
77,422
87,264

820
3,187
3,218
774
2,523
6,834
481
9,538
15,217
421
3,518
5,428
220

17
4
5
3
3
27
42
13
12
20
41
12

803
3,187
3,214
770
2,519
6,831
454
9,496
15,204
409
3,498
5,387
208

314
291
278
283
336
279
326
299
285
287
347
316
302

3
2
1
2
2
2
2
2
2
2
2
2
2

317
293
279
285
338
281
328
301
287
289
349
318
304

Fiscal year 2015 to date ...

5,868

1

5,868

1,010,449

51,359

182

51,177

3,629

23

3,652

See footnotes at end of table.

December 2015

FEDERAL FISCAL OPERATIONS

15

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year
or month

Social
insurance
and retirement
receipts, con.
Net social
insurance and
retirement
receipts
(22)

Excise taxes
Airport and Airway Trust Fund
Gross
(23)

Net
(25)

Refunds
(24)

Black Lung Disability
Trust Fund
Gross Refunds
(26)
(27)

Highway Trust Fund

Net
(28)

Gross
(29)

Refunds
(30)

Miscellaneous
Net
(31)

Gross
(32)

Refunds
(33)

Net
(34)

2011 .............................. 818,807
2012 .............................. 845,312
2013 .............................. 947,820
2014 .............................. 1,023,933
2015 .............................. 1,065,278

11,551
12,184
12,677
13,467
13,401

18
23
19
16
18

11,532
12,161
12,658
13,451
13,383

623
664
529
573
546

-

623
664
529
573
546

36,907
41,159
36,410
39,036
38,132

-

36,907
41,159
36,410
39,036
38,132

27,510
29,551
38,423
44,716
50,802

4,191
4,476
4,015
4,405
4,585

23,320
25,076
34,409
40,310
46,217

2015 - Est ..................... 1,070,421
2016 - Est ..................... 1,120,901

13,125
14,219

-

13,125
14,219

535
525

-

535
525

40,207
40,543

-

40,207
40,543

42,279
55,662

-

42,279
55,662

2014 - Sept ................... 82,567
Oct .................... 73,875
Nov.................... 79,361
Dec.................... 75,678
2015 - Jan ..................... 97,852
Feb .................... 84,321
Mar .................... 97,579
Apr .................... 116,530
May ................... 94,456
June .................. 96,161
July.................... 78,562
Aug.................... 83,127
Sept................... 87,776

1,915
263
1,295
1,065
1,105
1,429
1,131
1,249
1,123
1,194
1,260
1,077
1,210

2
9
3
4
2

1,913
263
1,295
1,065
1,105
1,420
1,131
1,246
1,123
1,194
1,256
1,077
1,208

74
12
57
47
49
51
48
53
45
47
50
35
52

-

74
12
57
47
49
51
48
53
45
47
50
35
52

5,742
831
3,923
3,223
3,344
3,699
3,099
3,418
2,854
3,222
3,406
3,414
3,699

-

5,742
831
3,923
3,223
3,344
3,699
3,099
3,418
2,854
3,222
3,406
3,414
3,699

12,891
4,867
2,067
2,362
2,245
1,728
2,378
3,071
3,486
2,793
3,522
3,318
18,965

303
58
72
130
53
486
97
1,616
105
157
1,355
79
377

12,589
4,809
1,995
2,232
2,192
1,241
2,281
1,455
3,381
2,637
2,167
3,239
18,588

Fiscal year 2015 to date ..... 1,065,278

13,401

18

13,383

546

-

546

38,132

-

38,132

50,802

4,585

46,217

Fiscal year
or month
2011 .......................
2012 .......................
2013 .......................
2014 .......................
2015 .......................

Excise
taxes, con.
Net excise
taxes
(35)

Customs duties

Estate and gift taxes
Gross
(36)

Refunds
(37)

Net
(38)

Gross
(39)

Refunds
(40)

Net
(41)

Net miscellaneous receipts
Deposits of
earnings by Universal
Federal
service fund
and all
Reserve
other
Total
banks
(43)
(44)
(42)

Total receipts
On-budget
(45)

Off-budget
(46)

72,381
79,062
84,008
93,367
98,278

9,079
14,451
19,830
20,153
20,043

1,680
477
919
854
811

7,399
13,971
18,910
19,301
19,232

30,697
32,079
33,119
35,348
37,704

1,178
1,774
1,305
1,423
2,666

29,519
30,306
31,814
33,927
35,042

82,546
81,955
75,766
99,233
96,469

19,284
23,991
25,750
35,788
49,827

101,831
105,943
101,514
135,023
146,294

1,736,708
1,879,592
2,100,706
2,285,245
2,478,328

565,787
569,500
673,274
735,602
770,394

2015 - Est ............... 96,146
2016 - Est ............... 110,949

19,660
21,255

-

19,660
21,255

36,332
35,812

-

36,332
35,812

94,208
94,401

44,533
42,576

138,741
136,977

2,477,146
2,749,302

771,323
808,146

2014 - Sept ............
Oct..............
Nov .............
Dec .............
2015 - Jan ..............
Feb .............
Mar .............
Apr..............
May ............
June ...........
July .............
Aug .............
Sept ............

20,317
5,915
7,270
6,567
6,689
6,412
6,559
6,172
7,403
7,100
6,879
7,765
23,547

1,651
1,476
1,586
2,099
1,387
1,063
1,717
3,308
1,755
1,323
1,386
1,333
1,610

53
58
78
109
43
55
74
63
53
69
75
68
66

1,599
1,418
1,508
1,990
1,344
1,008
1,642
3,245
1,703
1,254
1,311
1,265
1,544

3,148
3,586
3,088
2,945
3,151
2,656
2,822
3,546
2,654
3,101
3,724
2,993
3,438

124
101
124
154
128
131
196
116
106
160
123
1,086
241

3,024
3,485
2,964
2,791
3,023
2,525
2,627
3,430
2,548
2,941
3,602
1,908
3,198

7,223
9,287
6,834
9,296
6,134
5,233
6,676
9,171
8,180
8,021
9,345
8,462
9,830

2,168
1,849
4,960
9,744
7,042
2,142
2,651
1,820
5,722
1,862
6,050
3,365
2,620

9,391
11,136
11,794
19,040
13,176
7,374
9,327
10,990
13,903
9,882
15,395
11,827
12,450

290,458
160,464
135,169
280,293
233,755
79,456
158,782
390,011
151,023
269,307
168,296
151,537
300,235

61,264
52,255
56,267
55,034
72,987
59,932
75,405
81,790
61,363
73,626
57,197
59,300
65,238

Fiscal year 2015 to
date ............................

98,278

20,043

811

19,232

37,704

2,666

35,042

96,469

49,827

146,294

2,478,328

770,394

These estimates are based on the Mid-Session Review of the President's Fiscal Year 2016
Budget, released by the Office of Management and Budget on July 14, 2015.

- No transactions.
Detail may not add to totals due to rounding.

December 2015

FEDERAL FISCAL OPERATIONS

16

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year
or month

Legislative
branch
(1)

Judicial
branch
(2)

Department of
Agriculture
(3)

Department of
Commerce
(4)

Department of
Depart- DepartDefense,
ment of ment of
military Education Energy
(6)
(7)
(5)

Department of
Health
and
Human
Services
(8)

Department of
Homeland
Security
(9)

Department of
Housing
and
Urban
Development
(10)

Department of
the
Interior
(11)

Department of
Justice
(12)

Department of
Labor
(13)

2011 .......................
2012 .......................
2013 .......................
2014 .......................
2015 .......................

4,583
4,438
4,328
4,156
4,328

7,295
7,228
7,066
6,900
7,130

139,394
139,712
155,897
141,806
139,112

9,930
10,267
9,137
6,675
8,955

678,077
650,869
607,801
578,013
562,506

64,271
57,248
40,910
59,609
90,031

31,371
32,485
24,677
23,630
25,425

891,245
848,055
886,293
936,030
1,027,420

45,744
47,423
57,220
43,259
42,563

57,008
49,591
56,577
38,524
35,522

13,529
12,886
9,605
11,273
12,348

30,518
31,161
29,740
28,617
26,910

131,973
104,742
80,309
57,199
45,218

2015 - Est ...............
2016 - Est ...............

4,899
4,791

7,567
7,724

144,654
146,732

9,855
10,508

566,426
586,145

92,295
72,170

25,892
27,469

1,029,859
1,125,966

41,164
46,704

36,378
43,804

13,189
14,807

30,647
35,032

46,548
53,595

2014 - Sept .............
Oct ..............
Nov .............
Dec .............
2015 - Jan ..............
Feb .............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept ............

423
377
337
376
365
305
428
350
320
330
353
431
356

628
574
499
629
662
560
610
563
540
585
715
564
629

8,097
16,185
13,828
14,279
12,342
10,886
11,814
10,286
10,118
10,566
9,839
9,751
9,218

845
590
752
697
735
680
954
634
694
778
617
913
911

47,164
60,908
35,829
57,218
41,648
42,517
46,532
45,442
45,632
47,082
49,104
38,137
52,457

1,411
5,241
4,781
5,504
4,296
8,712
6,925
5,159
5,089
14,706
13,716
6,445
9,457

2,640
2,460
1,863
2,259
1,874
1,719
2,208
2,323
1,891
2,279
2,309
1,682
2,558

82,577
106,457
56,317
88,603
103,661
78,879
68,367
83,515
83,956
85,036
119,939
70,491
82,199

4,579
3,965
3,036
4,753
3,178
2,770
4,270
2,666
2,934
3,460
3,569
4,151
3,811

2,805
2,840
3,022
2,943
2,744
3,452
3,286
7,301
3,167
2,162
2,892
2,862
-1,149

1,231
614
957
944
866
1,232
1,289
858
821
1,319
1,004
854
1,590

3,161
-6,301
2,665
8,825
819
3,575
3,020
2,218
2,395
1,882
2,237
3,024
2,551

4,678
-24
3,295
5,265
5,046
4,516
4,190
4,527
3,700
3,848
3,226
3,849
3,780

Fiscal year 2015
to date ......................

4,328

7,130

139,112

8,955

562,506

90,031

25,425

1,027,420

42,563

35,522

12,348

26,910

45,218

Fiscal year
or month

Department of
State
(14)

Department
of the
Treasury,
interest on
DepartTreasury
ment of
debt
Transpor- securities
tation
(gross)
(15)
(16)

Department
of the
Treasury,
other
(17)

Department of
Veterans
Affairs
(18)

Corps of
Engineers
(19)

Other
Defense,
civil
programs
(20)

Environmental
Protection
Agency
(21)

Executive
Office
of the
President
(22)

InterGeneral
national
Services
Admin- Assistance
Program
istration
(23)
(24)

2011 .......................
2012 .......................
2013 .......................
2014 .......................
2015 .......................

24,334
26,948
25,928
27,504
26,494

77,302
75,148
76,317
76,154
75,451

454,015
359,240
415,671
429,568
402,183

82,720
105,456
-16,618
17,361
83,447

126,917
124,127
138,463
149,074
159,220

10,138
7,777
6,301
6,533
6,684

54,775
77,316
56,811
57,372
62,966

10,770
12,794
9,485
9,400
7,006

484
405
380
373
392

1,889
1,754
-368
-765
-889

20,601
20,060
19,745
18,609
20,976

2015 - Est ...............
2016 - Est ...............

29,310
30,689

77,099
85,526

396,407
450,946

77,376
96,389

157,921
179,139

6,782
7,079

64,742
63,398

7,097
8,627

400
471

-1,556
-641

19,942
25,862

2014 - Sept ............
Oct..............
Nov .............
Dec .............
2015 - Jan ..............
Feb .............
Mar .............
Apr..............
May ............
June ...........
July .............
Aug .............
Sept ............

4,909
1,933
2,410
2,601
1,742
1,702
2,339
1,747
1,321
1,960
2,188
2,090
4,461

8,650
6,727
5,746
5,853
4,563
4,837
5,717
4,947
5,930
6,601
7,526
7,311
9,693

19,594
8,702
23,427
86,460
15,105
13,153
13,889
31,782
32,693
93,014
32,394
30,726
20,838

-31,322
4,563
3,566
-3,429
13,092
48,729
18,697
14,256
6,451
1,923
5,612
5,370
-35,383

7,145
18,791
5,918
18,847
14,221
12,974
7,755
13,351
12,894
12,898
20,305
7,228
14,038

560
682
367
684
513
520
574
575
510
533
580
520
626

1,119
11,057
761
10,213
6,164
5,752
2,142
3,518
4,457
5,002
8,746
-250
5,404

690
835
829
853
803
-650
609
377
479
726
704
690
751

32
27
29
33
40
30
35
34
-11,472
11,531
36
34
35

-151
-19
-218
3
-223
-144
133
-384
136
-41
-119
-25
12

622
2,078
2,198
2,319
3,631
2,648
2,457
399
999
1,261
312
1,151
1,523

Fiscal year 2015
to date ......................

26,494

75,451

402,183

83,447

159,220

6,684

62,966

7,006

392

-889

20,976

See footnotes at end of table.

December 2015

FEDERAL FISCAL OPERATIONS

17

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year
or month

National
Aeronautics
and
National Office of
Space
Science Personnel
AdminisFounManagetration
dation
ment
(25)
(26)
(27)

Small
Business
Administration
(28)

Social
Security
Administration
(29)

Independent
agencies
(30)

Undistributed offsetting receipts
Rents
and
royalties
Employer
on the
share,
Interest
Outer
employee
received Continenretireby trust
tal Shelf
ment
funds
lands
Other
(31)
(32)
(33)
(34)

Total outlays
OnOffbudget
budget
(36)
(35)

2011 ..................

17,617

7,146

74,091

6,162

784,194

14,505

-79,681

-188,017

-6,384

-431

3,099,477

498,609

2012 ..................

17,190

7,255

79,456

2,937

821,145

34,007

-83,938

-127,142

-6,606

-12,993

3,030,856

507,589

2013 ..................

16,978

7,418

83,868

473

867,395

25,906

-81,321

-156,676

-8,874

-2,588

2,820,440

633,815

2014 ..................

17,093

7,054

87,919

194

905,807

4,192

-79,349

-158,115

-7,473

-

2,798,103

706,095

2015 ..................

18,272

6,836

91,736

-747

944,144

13,575

-81,120

-141,791

-4,555

-30,128

2,944,526

743,097

2015 - Est ..........

18,097

7,082

96,508

-571

946,402

17,388

-83,890

-137,811

-4,565

-40,553

2,959,432

743,548

2016 - Est ..........

18,733

7,487

100,324

990

992,465

18,012

-85,889

-144,195

-5,206

-38,853

3,201,423

785,377

2014 - Sept .......

1,570

859

7,673

89

71,956

-1,453

-5,812

-119

-936

-

176,192

69,720

Oct.........

1,415

477

8,202

58

80,641

3,479

-18,819

10,288

-574

-

271,514

62,918

Nov ........

1,330

474

7,066

65

71,862

1,978

-5,325

-1,472

63

-

178,516

69,738

Dec ........

2,329

503

7,358

69

81,620

-1,326

-5,376

-67,500

-946

-

311,588

21,875

2015 - Jan .........

1,276

483

7,280

64

78,131

4,296

-5,306

242

-64

-

257,510

66,779

Feb ........

1,208

495

8,317

-1,550

78,007

1,614

-5,963

531

-275

-

259,778

71,960

Mar ........

1,543

538

7,462

85

74,292

-408

-5,950

1,778

-475

-

214,910

72,195

Apr.........

1,294

551

8,166

69

78,758

671

-5,663

-4,874

-324

-

251,497

63,595

May .......

1,232

531

7,166

59

79,373

1,569

-5,598

-3,452

-81

-

223,306

73,148

June ......

1,937

613

7,294

79

83,449

-4,412

-5,456

-69,213

-1,155

-30,128

263,104

29,342

July ........

1,479

759

7,735

61

83,652

3,835

-6,038

-4,320

-288

-

309,101

65,579

Aug ........

1,473

714

7,526

94

74,994

2,055

-5,863

-3,512

-224

-

201,935

73,323

Sept .......

1,756

698

8,164

100

79,365

224

-5,763

-287

-212

-

201,767

72,645

Fiscal year 2015
to date ................

18,272

6,836

91,736

-747

944,144

13,575

-81,120

-141,791

-4,555

-30,128

2,944,526

743,097

These estimates are based on the Mid-Session Review of the President's Fiscal Year 2016
Budget, released by the Office of Management and Budget on July 14, 2015.

- No transactions.
Detail may not add to totals due to rounding.

December 2015

FEDERAL FISCAL OPERATIONS

18

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency,
September 2015 and Other Periods
[In millions of dollars. Source: Bureau of the Fiscal Service]

General
funds
(1)

Classification
Budget receipts:
Individual income taxes............................................... 1,540,696
Corporation income taxes ...........................................
343,797
Social insurance and retirement receipts:
Employment and general retirement (off-budget) ...
Employment and general retirement (on-budget) ...
Unemployment insurance .......................................
Other retirement ......................................................
Excise taxes ................................................................
36,606
Estate and gift taxes ...................................................
19,232
Customs duties ...........................................................
22,546
Miscellaneous receipts ................................................
112,585
Total receipts ....................................................... 2,075,462
(On-budget) ..................................................... 2,075,462
(Off-budget) .....................................................
Budget outlays:
Legislative branch .......................................................
4,338
Judicial branch ............................................................
7,124
Department of Agriculture ...........................................
124,782
Department of Commerce...........................................
8,574
Department of Defense-military ..................................
565,588
Department of Education ............................................
90,171
Department of Energy .................................................
26,612
Department of Health and Human Services ...............
757,172
Department of Homeland Security..............................
46,726
Department of Housing and Urban Development.......
35,944
Department of the Interior ...........................................
11,826
Department of Justice .................................................
24,712
Department of Labor ...................................................
10,161
Department of State ....................................................
26,163
Department of Transportation .....................................
16,882
Department of the Treasury:
Interest on the public debt.......................................
402,184
Other .......................................................................
84,040
Department of Veterans Affairs ..................................
161,721
Corps of Engineers .....................................................
5,689
Other defense civil programs ......................................
79,752
Environmental Protection Agency...............................
8,668
Executive Office of the President................................
393
General Services Administration ................................
108
International Assistance Program ...............................
25,299
National Aeronautics and Space Administration ........
18,290
National Science Foundation ......................................
6,778
Office of Personnel Management ...............................
47,882
Small Business Administration ...................................
-734
Social Security Administration ....................................
87,359
Other independent agencies .......................................
11,235
Undistributed offsetting receipts:
Interest ....................................................................
Other .......................................................................
-2,899
Total outlays ........................................................ 2,692,541
(On-budget) ..................................................... 2,682,283
(Off-budget) .....................................................
258
Surplus or deficit (-) ............................................. -617,079
(On-budget) ..................................................... -616,820
(Off-budget) .....................................................
-258
- No transactions.
* Less than $500,000.

December 2015

This fiscal year to date
Management,
consolidated,
Trust
revolving and
funds
special funds
(2)
(3)

Total
funds
(4)

General
funds
(5)

Prior fiscal year to date
Management,
consolidated,
revolving and
Trust
special funds
funds
(6)
(7)

Total
funds
(8)

106
-

-

1,540,802
343,797

1,394,580
320,731

-13
-

*

1,394,567
320,731

1,153
10,981
32,288
44,528
44,528
-

770,394
240,055
51,177
3,651
60,520
-.
1,514
1,421
1,128,733
358,339
770,394

770,394
240,055
51,177
3,651
98,279
19,232
35,041
146,294
3,248,723
2,478,329
770,394

33,027
19,300
22,122
112,063
1,901,823
1,901,823
-

1,213
10,215
21,256
32,672
32,672
-

735,565
229,465
54,957
3,472
59,127
1,589
1,702
1,085,876
350,312
735,565

735,565
229,465
54,957
3,472
93,368
19,300
33,926
135,021
3,020,371
2,284,806
735,565

-19
32
13,848
-6,267
-3,242
-139
-1,187
8,664
-4,241
-422
175
2,198
-905
-303
107

9
-28
482
6,648
160
*
*
261,586
79
-1
347
1
35,962
635
58,464

4,329
7,128
139,112
8,956
562,506
90,031
25,424
1,027,422
42,564
35,521
12,347
26,911
45,218
26,495
75,453

4,135
6,880
122,970
7,965
575,204
59,640
25,161
689,054
47,047
39,017
11,389
26,292
15,294
27,692
33,042

22
47
17,921
-95
2,586
-32
-1,523
711
-4,111
-497
-492
2,328
396
-755
-147

-1
-27
915
27
112
1
*
246,267
323
4
378
-3
41,078
549
43,282

4,156
6,900
141,806
7,896
577,902
59,609
23,638
936,032
43,259
38,524
11,275
28,617
56,768
27,486
76,177

-603
-3,441
-78
1,747
-32
1
-997
-351
-19
71
-1,883
-12
2
-5,280

-.
12
936
1,073
-18,534
-1,631
*
*
-3,973
1
-12
45,736
-.
856,782
7,621

402,184
83,449
159,217
6,683
62,966
7,005
394
-889
20,975
18,272
6,837
91,735
-746
944,143
13,576

429,568
16,283
151,174
5,429
77,286
8,504
373
97
22,042
17,096
6,954
46,420
209
81,181
10,823

1,040
-3,013
-131
-2,728
-28
*
-862
-635
-5
87
-3,112
-15
*
-9,380

2
913
1,235
-17,185
924
*
-2,666
1
14
44,611
824,588
2,752

429,568
17,325
149,074
6,533
57,372
9,400
373
-765
18,740
17,093
7,054
87,919
194
905,769
4,195

-20,385
-22,962
-20,992
-1,970
67,490
65,520
1,970

-141,793
-92,519
1,018,043
273,236
744,807
110,689
85,102
25,587

-141,793
-115,804
3,687,622
2,944,526
743,096
-438,899
-466,197
27,298

-6,425
2,557,796
2,557,540
256
-655,973
-655,717
-256

-.
-8,698
-11,124
-8,340
-2,784
43,796
41,011
2,784

-158,115
-72,919
957,060
248,474
708,586
128,816
101,837
26,979

-158,115
-88,043
3,503,732
2,797,675
706,057
-483,361
-512,686
29,507

Note.—Detail may not add to totals due to rounding.

FEDERAL FISCAL OPERATIONS

19

TABLE FFO-5—Internal Revenue Receipts by State, 2015
[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income taxes, employment taxes, and estate and trust income taxes

State

Total
Internal
Revenue
collections 1
(1)

Business
income
taxes 2
(2)

Total
(3)

Individual
Income taxes
withheld and
FICA taxes 3
(4)

Individual
income taxes
not withheld
and SECA
taxes 3
(5)

United States, total 4 ...................

3,302,677,258

389,888,722

2,815,544,615

2,183,608,978

582,949,874

Alabama ........................................

25,070,261

1,465,831

23,160,484

18,254,070

4,687,971

Alaska............................................

5,717,640

194,313

5,462,605

4,079,050

1,294,019

Arizona ..........................................

42,631,316

3,862,387

37,047,410

28,437,845

8,149,122

Arkansas .......................................

32,508,761

7,657,274

23,959,297

20,091,810

3,487,562

California .......................................

405,851,295

51,290,979

345,830,143

253,600,502

87,889,418

Colorado ........................................

47,210,720

-2,051,855

48,125,613

36,546,996

11,092,991

Connecticut ...................................

59,174,581

8,304,111

49,189,122

35,091,938

13,052,649

Delaware .......................................

22,640,853

9,118,702

13,196,278

11,021,260

1,137,079

District of Columbia .......................

25,583,750

4,285,021

21,229,350

18,229,702

2,413,906

Florida ...........................................

177,389,488

10,623,903

163,199,338

116,059,240

43,558,308

Georgia..........................................

86,446,602

12,764,920

70,052,525

56,932,220

12,480,551

Hawaii............................................

8,221,290

476,171

7,468,136

5,501,597

1,875,437

Idaho .............................................

9,785,027

268,962

9,389,727

7,250,674

2,023,777

Illinois ............................................

158,042,273

20,370,821

132,643,232

104,160,944

24,771,174

Indiana...........................................

57,972,825

4,891,553

50,811,098

42,981,848

7,317,638

Iowa ...............................................

23,969,391

1,965,929

21,556,743

17,039,680

4,384,706

Kansas ..........................................

27,019,291

1,965,250

23,284,508

17,528,322

5,319,926

Kentucky........................................

32,708,391

2,629,863

28,811,348

24,164,759

4,337,573

Louisiana .......................................

42,628,150

1,107,876

40,681,260

33,531,985

6,865,820

Maine.............................................

7,464,280

305,706

6,947,573

5,400,186

1,448,181

Maryland........................................

63,936,798

3,616,792

59,638,796

48,468,009

10,452,921

Massachusetts ..............................

108,049,205

8,786,713

97,226,545

75,455,947

20,350,265

Michigan ........................................

77,948,414

6,312,321

70,295,550

56,717,948

12,738,754

Minnesota ......................................

106,927,808

24,329,664

79,347,688

69,141,751

9,573,866

Mississippi .....................................

11,468,660

747,840

10,507,791

7,974,384

2,434,395

Missouri .........................................

64,112,504

8,473,144

54,101,726

45,172,090

8,017,083

Montana ........................................

5,805,098

214,131

5,538,068

3,755,432

1,707,125

Nebraska .......................................

25,103,770

6,870,025

18,026,855

13,212,728

3,317,614

Nevada ..........................................

18,450,072

867,208

17,264,613

10,660,826

5,243,614

New Hampshire.............................

11,314,985

296,413

10,749,228

8,017,216

2,410,430

New Jersey ...................................

153,917,572

36,256,100

114,834,184

93,307,132

20,210,034

New Mexico ...................................

8,969,666

248,014

8,519,028

6,294,578

2,131,010

New York .......................................

269,716,999

30,839,677

233,878,379

171,803,055

57,806,300

North Carolina ...............................

78,736,401

10,807,290

67,278,363

55,372,577

11,123,355

North Dakota .................................

7,711,243

353,450

7,263,315

4,828,692

2,381,894

Ohio ...............................................

140,981,150

14,649,198

121,379,888

106,063,345

13,817,331

Oklahoma ......................................

33,942,286

3,330,908

25,554,628

18,930,641

5,766,006

See footnotes at end of table.

December 2015

FEDERAL FISCAL OPERATIONS

20

TABLE FFO-5—Internal Revenue Receipts by State, 2015, continued
[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management]

Individual income taxes, employment taxes, and estate and trust income taxes

State

Total
Internal
Revenue
collections 1
(1)

Business
income
taxes 2
(2)

Total
(3)

Individual
Income taxes
withheld and
FICA taxes 3
(4)

Individual
income taxes
not withheld
and SECA
taxes 3
(5)

Oregon ..........................................

31,219,148

1,989,938

28,153,829

22,221,724

5,630,003

Pennsylvania .................................

136,108,810

16,095,757

115,272,208

94,451,811

18,909,565

Rhode Island .................................

14,373,318

3,527,526

10,672,687

8,891,464

1,530,086

South Carolina ..............................

24,086,257

1,731,619

21,934,428

16,698,335

5,006,654

South Dakota ................................

7,732,138

552,853

7,118,323

3,945,697

2,085,524

Tennessee ....................................

62,708,662

7,004,232

54,104,159

45,471,936

8,169,341

Texas.............................................

279,904,425

32,083,819

226,945,577

165,876,063

55,270,390

Utah ...............................................

20,178,718

1,312,427

18,109,139

13,899,642

3,961,368

Vermont .........................................

4,495,280

359,193

4,097,342

3,110,771

936,599

Virginia ..........................................

80,242,853

11,776,145

67,798,667

52,692,491

13,734,747

Washington ...................................

73,334,437

6,289,483

65,551,576

50,681,106

14,182,281

West Virginia .................................

7,374,299

349,649

6,892,438

5,294,254

1,537,854

Wisconsin ......................................

51,748,831

5,724,903

45,199,884

36,351,304

8,003,093

Wyoming .......................................

5,284,146

208,550

4,855,460

2,576,916

2,051,428

159,809

U.S. Armed Services overseas
and Territories other than
Puerto Rico ...............................

726,246

4,423

718,698

503,632

Puerto Rico ...................................

3,524,557

119,404

3,314,761

2,928,542

360,799

International ..................................

11,875,848

1,873,812

9,576,681

4,868,656

4,653,888

Undistributed 5 ...............................

2,630,471

388,384

1,778,323

2,063,656

-303,362

See footnotes at end of table.

December 2015

FEDERAL FISCAL OPERATIONS

21

TABLE FFO-5—Internal Revenue Receipts by State, 2015, continued
[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management]

Individual income and employment taxes-continued
Unemployment
insurance
taxes
(6)

Railroad
retirement
taxes
(7)

Estate
and trust
income
taxes
(8)

Estate
taxes
(9)

Gift
taxes
(10)

United States, total 4 ........................

9,107,884

6,432,497

33,445,382

17,952,938

2,089,101

77,201,882

Alabama .............................................

65,454

3,415

149,575

80,705

6,397

356,844

Alaska.................................................

12,246

2,248

75,041

9,809

-

50,913

Arizona ...............................................

116,673

1,989

341,781

216,829

8,996

1,495,694

State

Excise
taxes 1
(11)

Arkansas ............................................

146,877

2,609

230,439

158,846

1,527

731,816

California ............................................

1,648,453

20,912

2,670,857

4,102,218

-57,033

4,684,989

Colorado .............................................

109,190

17,435

359,002

305,579

3,681

827,703

Connecticut ........................................

185,798

4,179

854,559

277,489

72,421

1,331,438

Delaware ............................................

35,100

56,656

946,185

33,383

914

291,575

District of Columbia ............................

17,004

505,035

63,704

51,248

3,202

14,928

Florida ................................................

463,255

862,879

2,255,655

1,614,178

206,345

1,745,724

Georgia...............................................

248,935

2,312

388,506

285,422

49,913

3,293,823

Hawaii.................................................

17,244

-

73,858

35,687

985

240,311

Idaho ..................................................

36,479

866

77,931

51,178

1,696

73,465

Illinois .................................................

333,183

285,348

3,092,583

918,517

124,802

3,984,902

Indiana................................................

284,829

14,492

212,292

126,157

91,074

2,052,943

Iowa ....................................................

51,121

6,442

74,794

89,739

4,444

352,536

Kansas ...............................................

66,719

176,892

192,649

85,477

5,605

1,678,450

Kentucky.............................................

155,505

13,520

139,990

238,317

6,776

1,022,087

Louisiana ............................................

70,766

4,834

207,856

228,782

3,875

606,357

Maine..................................................

20,018

3,620

75,569

23,052

1,178

186,769

Maryland.............................................

109,611

14,519

593,737

246,439

39,259

395,512

Massachusetts ...................................

187,588

36,880

1,195,864

416,687

56,255

1,563,006

Michigan .............................................

207,467

65,641

565,740

439,688

363,211

537,645

Minnesota ...........................................

203,403

100,449

328,218

162,423

18,866

3,069,166

Mississippi ..........................................

29,801

1,330

67,881

49,718

2,745

160,567

Missouri ..............................................

145,699

92,951

673,904

257,948

13,053

1,266,634

Montana .............................................

14,658

27,263

33,589

18,290

680

33,928

Nebraska ............................................

38,746

1,334,281

123,487

71,679

7,588

127,623

Nevada ...............................................

45,323

59

1,314,791

171,421

11,379

135,452

New Hampshire..................................

23,110

67

298,406

65,645

1,444

202,254

New Jersey ........................................

254,994

143,725

918,300

477,943

62,381

2,286,963

New Mexico ........................................

20,093

75

73,271

31,761

1,192

169,672

New York ............................................

813,980

497,613

2,957,431

1,930,823

505,683

2,562,437

North Carolina ....................................

366,967

8,276

407,189

287,094

10,790

352,865

North Dakota ......................................

14,991

6,975

30,764

30,837

223

63,418

Ohio ....................................................

568,581

27,115

903,516

458,442

26,753

4,466,869

Oklahoma ...........................................

72,354

2,986

782,641

147,767

5,193

4,903,789

See footnotes at end of table.

December 2015

FEDERAL FISCAL OPERATIONS

22

TABLE FFO-5—Internal Revenue Receipts by State, 2015, continued
[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management]

Individual income and employment taxes-continued

State

Unemployment
insurance
taxes
(6)

Railroad
retirement
taxes
(7)

Estate
and trust
income
taxes
(8)

Estate
taxes
(9)

Gift
taxes
(10)

Excise
taxes 1
(11)

Oregon ...............................................

79,540

39,353

183,210

77,043

22,434

975,904

Pennsylvania ......................................

302,499

72,876

1,535,457

805,603

69,714

3,865,528

Rhode Island ......................................

33,981

14

217,141

61,478

4,297

107,330

South Carolina ...................................

64,444

1,634

163,361

99,829

1,617

318,765

South Dakota .....................................

12,337

1,372

1,073,393

13,905

672

46,385

Tennessee .........................................

190,507

2,567

269,808

106,739

17,561

1,475,970

Texas..................................................

577,172

1,156,475

4,065,477

1,167,572

115,516

19,591,942

Utah ....................................................

56,298

5,225

186,606

34,006

6,836

716,310

Vermont ..............................................

9,406

2,493

38,074

9,567

17

29,161

Virginia ...............................................

165,538

787,547

418,344

391,048

18,837

258,156

Washington ........................................

194,339

10,875

482,975

160,935

86,854

1,245,589

West Virginia ......................................

17,133

731

42,466

51,035

119

81,058

Wisconsin ...........................................

141,664

3,197

700,626

223,190

19,817

581,036

Wyoming ............................................

8,417

869

217,830

117,277

14,929

87,930

U.S. Armed Services overseas
and Territories other than
Puerto Rico ....................................

3,172

-

52,084

-

3

3,121

Puerto Rico .......................................

24,342

-

1,078

3,083

55

87,254

International ......................................

6,853

1,384

45,900

98,782

7,484

319,089

Undistributed 5 ...................................

18,029

-1

-

334,628

38,846

90,289

1

Excludes excise taxes paid to the U.S. Customs and Border Protection and the Alcohol and
Tobacco Tax and Trade Bureau.
2
Includes taxes on corporation income (Form 1120 series) and unrelated business income
from tax-exempt organizations (Form 990–T).
3
Collections of with-held individual income tax are not reported by taxpayers separately from
Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and
wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA).
Thus, while aggregate figures that show these amounts separately are presented in Table 1,
separate amounts are not available by State.
4
Excludes refunds credited to taxpayer accounts for tax liability in a subsequent year.
5
Includes tax and excess withholding payments not classified by State as of the end of the
fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts
may be negative when adjustments to taxpayer accounts have not been completed.
Note—Partnership, S corporation, regulated investment company, and real estate
investment trust data are not shown in this table since these entities generally do not have a
tax liability. Instead, they pass through any profits or losses to the underlying owners who
include these profits or losses on their income tax returns.

Note—This table shows gross collections. Gross collections less refunds and net
collections. Collection and refund data may not be comparable for a given fiscal
year, because payments made in prior years may be refunded in the current
fiscal year. Adjustments to prior-year refunds made in Fiscal Year 2014 may
result in negative amounts when such adjustments exceed current-year
collections.
Note—Classification by State is based on the individual's address (or, in the
case of businesses, the location of the principal office or place of business).
However, some individuals may use the address of a tax attorney or accountant.
Sole proprietors, partners in a partnership, or shareholders in an S corporation
may use their business addresses. Such addresses could have been located in
a State other than the State in which the individual resided. Similarly, taxes
withheld and reported by employers located near a State boundary might include
substantial amounts withheld from salaries of employees who reside in a
neighboring State. Also, while taxes of corporations may be paid from the
principal office, the operations of these corporations may be located in one or
more other State(s).
Detail may not add to totals because of rounding.

December 2015

FEDERAL FISCAL OPERATIONS

23

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports
[Source: U.S. Customs and Border Protection]

District and Port
of Collection

Port
Code

Headquarters:
Revenue Division, Indianapolis, IN ..............................
Preclearance, Washington, DC:
USCBP Abu Dhabi, Preclearance,
Washington, DC ............................. 07543 ..............
USCBP Vancouver, Preclearance,
Washington, DC ............................. 37922 ..............
USCBP Calgary, Preclearance,
Washington, DC ............................ 37923 ..............
USCBP Edmonton,
Preclearance, Washington, DC ...... 37924 ..............
USCBP Montreal, Preclearance,
Washington, DC ............................ 37925 ..............
USCBP Toronto, Preclearance,
Washington, DC ............................ 37926 ..............
USCBP Winnipeg, Preclearance,
Washington, DC ............................ 37928 ..............
USCBP Ottawa, Preclearance,
Washington, DC ............................ 37929 ..............
USCBP Victoria, Preclearance,
Washington, DC ............................ 37930 ..............
USCBP Halifax NS, Preclearance,
Washington, DC ............................ 37931 ..............
USCBP St. Thomas,
Preclearance, VI............................ 47401 ..............
USCBP St. Croix,
Preclearance, VI............................ 47404 ..............
USCBP Bermuda, Preclearance,
Washington, DC ............................ 47421 ..............
USCBP Freeport Preclearance,
Washington, DC ............................ 47422 ..............
USCBP Nassau, Preclearance,
Washington, DC ............................ 47423 ..............
USCBP Aruba, Preclearance,
Washington, DC ............................ 47424 ..............
Dublin, IE, Preclearance,
Washington, DC ............................ 57541 ..............
Shannon, IE, Preclearance,
Washington, DC ............................ 57542 ..............
Total District ...........................................................
Portland, Maine:
Portland, ME .................................... 10101 ..............
Bangor, ME ...................................... 10102 ..............
Eastport, ME .................................... 10103 ..............
Jackman, ME ................................... 10104 ..............
Vanceboro, ME ................................ 10105 ..............
Houlton, ME ..................................... 10106 ..............
Fort Fairfield, ME.............................. 10107 ..............
Van Buren, ME ................................. 10108 ..............
Madawaska, ME............................... 10109 ..............
Fort Kent, ME ................................... 10110 ..............
Calais, ME ........................................ 10115 ..............
Limestone, ME ................................. 10118 ..............
Bridgewater, ME............................... 10127 ..............
Portsmouth, NH................................ 10131 ..............
Belfast, ME ....................................... 10132 ..............
Manchester Airport, NH ...................... 10182 ..............
Total District ...........................................................

Collection
Fiscal Year
2015

$2,360,926,719.73

77,584.78
869,197.27
1,267,068.98
857,239.05
975,495.94
2,549,032.75
323,390.34
314,635.12
111,630.00
91,331.61
302,554.64
169,032.57
62,460.58
3,396.00
123,511.82
121,921.02
71,913.62
5,339.24
8,296,735.33
45,260,421.94
305,614.02
50,087.10
610,452.95
3,515,221.56
3,257,421.85
25,976.73
122,623.10
72,586.78
15,263.16
4,799,345.74
1,024.22
9,533.27
1,242,747.83
3,643,700.40
218,772.88
63,150,793.53

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2015

St. Albans, Vermont:
St. Albans, VT ........................................ 10201 ..............
Richford, VT ........................................... 10203 ..............
Beecher Falls, VT .................................. 10206 ..............
Burlington, VT ........................................ 10207 ..............
Derby Line, VT ....................................... 10209 ..............
Norton, VT .............................................. 10211 ..............
Highgate Springs/Alburg, VT ................ 10212 ..............
Total District ...........................................................

844,037.49
26,626.01
18,761.93
90,053.14
5,175,696.76
1,537,232.00
48,739,372.36
56,431,779.69

Boston, Massachusetts:
Boston, MA ....................................... 10401 ..............
Springfield, MA ................................. 10402 ..............
Worcester, MA ................................. 10403 ..............
Gloucester, MA ................................ 10404 ..............
New Bedford, MA ............................. 10405 ..............
Fall River, MA................................... 10407 ..............
Salem, MA ........................................ 10408 ..............
Bridgeport, CT .................................. 10410 ..............
Hartford, CT ..................................... 10411 ..............
New Haven, CT ................................ 10412 ..............
New London, CT .............................. 10413 ..............
Lawrence, MA .................................. 10416 ..............
Logan Airport, MA ............................ 10417 ..............
Hanscom User Fee Airport, MA ....... 10481 ..............
Total District ...........................................................

245,454,333.80
8,509.19
13,193,120.41
3,574.69
7,912,222.43
25.00
3,780,503.72
1,991,155.45
9,074,020.97
7,089,127.15
195,365.19
266,409.29
90,836,852.72
288,778.89
380,093,998.90

Providence, Rhode Island:
Newport, RI ...................................... 10501 ..............
Providence, RI.................................. 10502 ..............
Total District ...........................................................

24,436.10
159,952,435.51
159,976,871.61

Ogdensburg, New York:
Ogdensburg, NY .............................. 10701 ..............
Massena, NY.................................... 10704 ..............
Alexandria Bay, NY .......................... 10708 ..............
Champlain-Rouses Point, NY .......... 10712 ..............
Trout River, NY ................................ 10715 ..............
Total District ...........................................................

4,267,236.46
2,282,001.39
22,065,977.70
126,154,705.18
5,125,056.40
159,894,977.13

Buffalo, New York:
Buffalo-Niagara Falls, NY ................ 10901 ..............
Rochester, NY .................................. 10903 ..............
Oswego, NY ..................................... 10904 ..............
Syracuse, NY ................................... 10906 ..............
Binghamton Regional Airport, NY ...... 10981 ..............
Total District ...........................................................

340,010,463.20
4,636,208.12
334,571.93
3,345,923.49
131,796.68
348,458,963.42

Philadelphia, Pennsylvania:
Philadelphia, PA ...............................
Chester, PA ......................................
Wilmington, DE ................................
Pittsburgh, PA ..................................
Wilkes-Barre/Scranton, PA ..............
Philadelphia International
Airport, PA .....................................
Harrisburg, PA ..................................
Allentown, PA ...................................
Atlantic City Airport, NJ ....................

11101 ..............
11102 ..............
11103 ..............
11104 ..............
11106 ..............

284,642,492.78
82,518,001.01
26,192,744.13
54,413,400.10
3,799,720.19

11108 ..............
11109 ..............
11119 ..............
11182 ..............

34,737,208.18
35,452,143.06
14,364,175.12
128,542.90

December 2015

FEDERAL FISCAL OPERATIONS

24

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports, continued
[Source: U.S. Customs and Border Protection]

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2015

Philadelphia, Pennsylvania, continued
Trenton/Mercer CTY Airport, PA .... 11183 ......................
UPS HUB, Philadelphia, PA........... 11195 ......................
Total District ...............................................................

156,075.60
41,852,781.91
578,257,284.98

Baltimore, Maryland:
Baltimore, MD ................................ 11303 ......................
BWI Airport, MD ............................. 11305 ......................
Total District ...............................................................

820,013,889.39
5,505,766.12
825,519,655.51

New York, New York:
New York, NY ................................. 21001 ......................
Albany, NY ..................................... 21002 ......................
New York/Newark Area, NJ ........... 24601 ......................
Perth Amboy, NJ ............................ 24602 ......................
UPS, Newark, NJ ........................... 24670 ......................
Federal Express ECCF, NJ............ 24671 ......................
Morristown Airport, NJ ................... 24681 ......................
John F. Kennedy Airport, NY ......... 24701 ......................
Jamaica, NY (Inactive) ................... 24770 ......................
NYACC, NY .................................... 24771 ......................
DHL Airways, NY ........................... 24772 ......................
Micom, NY ...................................... 24773 ......................
IBC, NY .......................................... 24774 ......................
Jamaica, NY (Inactive) ................... 24775 ......................
Jamaica, NY (Inactive) ................... 24777 ......................
TNT Skypak., NY ........................... 24778 ......................
Total District ...............................................................

368,863,667.20
2,142,993.05
5,755,843,735.68
11,495,099.27
29,449,505.35
47,570,773.07
214,961.73
1,091,441,833.40
102.00
8,243,715.02
20,194,579.38
5,261,643.68
512.95
3,887.91
1,823.83
7,262,738.86
7,347,991,572.38

Great Falls, Montana:
Raymond, MT................................. 33301 ......................
Eastport, ID .................................... 33302 ......................
Salt Lake City, UT .......................... 33303 ......................
Great Falls, MT .............................. 33304 ......................
Butte, MT ........................................ 33305 ......................
Turner, MT ..................................... 33306 ......................
Denver, CO .................................... 33307 ......................
Porthill, ID ....................................... 33308 ......................
Scoby, MT ...................................... 33309 ......................
Sweetgrass, MT ............................. 33310 ......................
Piegan, MT ..................................... 33316 ......................
Opheim, MT ................................... 33317 ......................
Roosville, MT ................................. 33318 ......................
Morgan, MT .................................... 33319 ......................
Whitlash, MT .................................. 33321 ......................
Del Bonita, MT ............................... 33322 ......................
Wildhorse, MT ................................ 33323 ......................
Kalispell, MT ................................... 33324 ......................
Willow Creek, MT ........................... 33325 ......................
JEFFCO User Fee Airport, CO ..... 33383 ......................
Centennial Airport, CO ................... 33384 ......................
Eagle County Regional
Airport, CO .................................. 33385 ......................
Bozeman Yellowstone, MT ............ 33386 ......................
Total District ................................................................
Pembina, North Dakota:
Pembina, ND .................................. 33401......................
Portal, ND ....................................... 33403......................
Neche, ND ...................................... 33404......................

December 2015

550,106.57
9,677,125.54
68,800,346.63
1,669,779.36
40,943.96
26,298.61
104,267,609.28
944,491.46
9,164.94
25,627,267.27
251,549.98
4,122.50
138,915.90
322,956.11
8,163.46
16,957.69
18,565.33
970.00
2,474.96
148,265.34
167,767.95
154,729.58
133,251.99
212,981,824.41
23,488,060.90
10,968,420.16
57,413.65

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2015

Pembina, North Dakota, continued:
St. John, ND ................................... 33405 ......................
Northgate, ND ................................ 33406 ......................
Walhalla, ND .................................. 33407 ......................
Hannah, ND ................................... 33408 ......................
Sarles, ND ...................................... 33409 ......................
Fargo In’tl Airport, ND .................... 33411 ......................
Antler, ND ....................................... 33413 ......................
Sherwood, ND ................................ 33414 ......................
Hansboro, ND ................................ 33415 ......................
Maida, ND ...................................... 33416 ......................
Fortuna, ND .................................... 33417 ......................
Westhope, ND ................................ 33419 ......................
Noonan, ND ................................... 33420 ......................
Carbury, ND ................................... 33421 ......................
Dunseith, ND .................................. 33422 ......................
Warroad, MN .................................. 33423 ......................
Baudette, MN ................................. 33424 ......................
Pinecreek, MN................................ 33425 ......................
Roseau, MN ................................... 33426 ......................
Grand Forks Airport, ND ................ 33427 ......................
Lancaster, MN ................................ 33430 ......................
Total District ...............................................................

2,370.25
19,238.32
45,891.60
227.25
1,371.50
114,728.68
2,217.75
243,027.39
4,934.75
2,282.25
23,745.90
7,907.80
12,576.37
6,762.50
788,383.79
43,044.68
40,806.86
2,238.00
90,956.96
7,581.72
23,093.15
35,997,282.18

Minneapolis, Minnesota:
Minneapolis-St. Paul, MN .............. 33501 ......................
Sioux Falls, SD ............................... 33502 ......................
Duluth, MN ..................................... 33510 ......................
Omaha, NE ................................... 33512 ......................
Des Moines, IA ............................... 33513 ......................
Rochester, MN ............................... 33581 ......................
Total District ...............................................................

203,438,398.31
29,252.75
1,980,998.97
62,163,103.09
3,389,580.29
151,070.44
271,152,403.85

International Falls, Minnesota:
International Falls, MN ................... 33604 ......................
Grand Portage, MN ........................ 33613 ......................
Total District ...............................................................

13,470,501.94
837,309.95
14,307,811.89

Milwaukee, Wisconsin:
Milwaukee, WI ................................ 33701 ......................
Green Bay, WI................................ 33703 ......................
Racine, WI ...................................... 33708 ......................
Total District ...............................................................

42,561,089.06
655,661.29
171,607.07
43,388,357.42

Detroit, Michigan:
Detroit, MI ....................................... 33801 ......................
Port Huron, MI ................................ 33802 ......................
Sault Sainte Marie, MI .................... 33803 ......................
Saginaw Bay City, MI ..................... 33804 ......................
Battle Creek, MI ............................. 33805 ......................
Grand Rapids, MI ........................... 33806 ......................
Detroit Metropolitan Airport, MI ...... 33807 ......................
Algonac, MI .................................... 33814 ......................
Oakland County Int’l Airport, MI ......... 33881 ......................
Willow Run Airport, MI ................... 33882 ......................
Capital Region Int’l Airport, MI ....... 33883 ......................
Total District ...............................................................

551,325,495.97
116,136,927.98
1,515,020.29
35,326.25
3,596,434.90
38,263,637.58
67,140,514.43
4,148.75
301,639.26
386,323.89
390,771.28
779,096,240.58

Chicago, Illinois:
Chicago, IL ..................................... 33901 ......................
Peoria, IL ........................................ 33902 ......................

2,238,317,139.35
21,833,885.58

FEDERAL FISCAL OPERATIONS

25

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports, continued
[Source: U.S. Customs and Border Protection]

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2015

Chicago, Illinois, continued:
Davenport-Rock Island, IL ................ 33908...................
Rockford Airport, IL ........................ 33909...................
Midway Int'l Airport, IL .................... 33910...................
ECCF TNT, Chicago, IL ................. 33971...................
Waukegan Airport, IL ..................... 33981...................
Chicago Executive Airport, IL......... 33983...................
Dupage Airport Authority, IL........... 33984...................
Decatur Airport, IL .......................... 33985...................
Total District .............................................................

139,472.99
30,980,853.74
222,353.87
187,268.42
143,982.73
170,145.49
150,545.17
128,520.93
2,292,274,168.27

Cleveland, Ohio:
Cleveland, OH ................................ 34101...................
Cincinnati, OH.................................... 34102...................
Columbus, OH................................ 34103...................
Dayton, OH .................................... 34104...................
Toledo, OH ..................................... 34105...................
Erie, PA .......................................... 34106...................
Indianapolis, IN .............................. 34110...................
Louisville, KY .................................. 34115...................
Owensboro-Evansville, IN.............. 34116...................
Ashtabula/Conneaut, OH ............... 34122...................
Fort Wayne Airport, IN ................... 34183...................
Blue Grass Airport, KY ................... 34184...................
Toledo, OH (Inactive) ..................... 34192...................
Wilmington, OH (Inactive) .............. 34194...................
Vandalia, OH (Inactive) .................. 34195...................
UPS Courier Louisville, KY ............ 34196...................
DHL Courier, OH ............................ 34197...................
Federal Express Hub, IN................ 34198...................
Total District .........................................................

205,659,739.22
218,130,428.44
832,462,748.10
9,434,027.90
8,196,372.18
2,863,594.02
126,250,741.01
241,974,791.54
32,885,879.12
320,020.47
167,139.58
157,368.74
8,876.31
3,899.41
48,655.00
308,415,751.48
150,920,101.38
41,894,122.20
2,179,794,256.10

St. Louis, Missouri:
Kansas City, MO ............................ 34501...................
St. Louis, MO ................................. 34503...................
Wichita, KS ..................................... 34504...................
Springfield, MO .............................. 34505...................
MidAmerica Airport, MO ................. 34581...................
Total District .............................................................

230,383,649.71
158,553,321.82
150,242,985.99
9,641,002.76
123,438.00
548,944,398.28

San Juan, Puerto Rico:
Aguadilla, PR ................................. 44901...................
Fajardo, PR .................................... 44904...................
Mayaguez, PR................................ 44907...................
Ponce, PR ...................................... 44908...................
San Juan, PR ................................. 44909...................
San Juan Int'l Airport, PR ............... 44913...................
Total District .............................................................

502,716.82
4,280,153.03
132,181.49
4,880,746.74
98,867,505.81
8,519,128.69
117,182,432.58

Virgin Islands of the United States:
Charlotte Amalie, VI ....................... 45101...................
Cruz Bay, VI ................................... 45102...................
Christiansted, VI ............................. 45104...................
Total District .............................................................
Miami, Florida:
Miami, FL........................................
Key West, FL ..................................
Port Everglades, FL .......................
West Palm Beach, FL ....................

45201...................
45202...................
45203...................
45204...................

7,917,966.33
334,353.05
4,063,476.35
12,315,795.73
598,219,868.37
121,846.43
259,510,263.18
3,948,091.01

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2015

Miami, Florida, continued:
Fort Pierce, FL ............................... 45205...................
Miami Int'l Airport, FL ..................... 45206...................
Fort Lauderdale Int'l Airport, FL ..... 45210...................
Miami Int’l Airport UPS, FL (Inactive)....... 45273...................
UPS Miami Int'l Airport, FL ............. 45295...................
DHL Worldwide Express, FL .......... 45296...................
FEDEX Courier Hub Miami, FL ...... 45297...................
IBC Courier Hub Miami, FL ............ 45298...................
Miami Seaport ALT, FL .................. 45299...................
Total District .............................................................

147,598.95
133,656,653.95
483,398.69
2,073.42
394,386.75
4,367,226.64
2,286,594.39
156,721.15
2,090,655.77
1,005,385,378.70

Washington, DC:
Washington, DC ............................. 45401...................
Total District .............................................................

37,790,723.43
37,790,723.43

Norfolk, Virginia:
Norfolk, VA ..................................... 41401...................
Newport News, VA (Inactive) ......... 41402...................
Richmond-Petersburg, VA ............. 41404...................
Charleston, WV .............................. 41409...................
Front Royal, VA .............................. 41410...................
New River Valley Airport, VA ......... 41412...................
Total District .............................................................

1,086,908,394.75
18,351.95
7,437,578.92
16,871,649.91
1,282.24
22,767,118.17
1,134,004,375.94

Charlotte, North Carolina:
Wilmington, NC .............................. 41501...................
Winston Salem, NC ........................ 41502...................
Durham, NC ................................... 41503...................
Beaufort-Morehead City, NC.......... 41511...................
Charlotte, NC ................................. 41512...................
Charlotte-Monroe, NC .................... 41581...................
Total District .............................................................

143,387,055.33
34,700,106.48
17,152,059.67
784,023.13
110,144,131.65
258.52
306,167,634.78

Charleston, South Carolina:
Charleston, SC ............................... 41601...................
Georgetown, SC............................. 41602...................
Greenville-Spartanburg, SC ............. 41603...................
Columbia, SC ................................. 41604...................
Myrtle Beach Int’l Airport, SC ........... 41681...................
Total District .............................................................

1,070,186,769.59
6,231.82
221,614,767.08
1,419,776.44
137,171.12
1,293,364,716.05

Savannah, Georgia:
Brunswick, GA................................ 41701...................
Savannah, GA ................................ 41703...................
Atlanta, GA ..................................... 41704...................
Total District .............................................................

338,946,030.89
2,308,221,946.09
586,451,969.99
3,233,619,946.97

Tampa, Florida:
Tampa, FL ......................................
Jacksonville, FL..............................
Fernandina Beach, FL ...................
Orlando, FL ....................................
Orlando Sanford Airport, FL ...........
St. Petersburg, FL ..........................
Port Canaveral, FL .........................
Panama City, FL ............................
Pensacola, FL ................................
Port Manatee, FL ...........................
Ft. Myers, FL ..................................

41801 ...................
41803 ...................
41805 ...................
41808 ...................
41809 ...................
41814 ...................
41816 ...................
41818 ...................
41819 ...................
41821 ...................
41822...................

64,369,840.99
404,286,260.31
72,963.03
16,852,084.92
273,254.56
17,889.77
6,638,687.45
9,820,257.22
985,566.71
34,190,410.19
157,776.09

December 2015

FEDERAL FISCAL OPERATIONS

26

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports, continued
[Source: U.S. Customs and Border Protection]

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2015

Tampa, Florida, continued:
Naples Municipal Airport, FL .......... 41880........................
Sarasota Bradenton Airport, FL ..... 41883........................
Daytona Beach, Int’l Airport, FL ..... 41884........................
Melbourne Airport, FL .................... 41885........................
Leesburg Regional Airport, FL ....... 41887........................
Orlando Executive Airport, FL ........ 41888........................
St. Augustine Airport UFA, FL........ 41889........................
Total District ..................................................................

268,551.10
165,871.08
151,893.51
157,816.25
130,975.05
149,386.68
140,692.05
538,830,176.96

Mobile, Alabama:
Mobile, AL ...................................... 51901........................
Gulfport, MS ................................... 51902........................
Pascagoula, MS ............................. 51903........................
Birmingham, AL.............................. 51904........................
Huntsville, AL ................................. 51910........................
Total District ..................................................................

76,518,671.74
21,145,535.59
2,780,679.60
61,853,335.77
35,256,392.99
197,554,615.69

New Orleans, Louisiana:
Morgan City, LA ............................. 52001........................
New Orleans, LA ............................ 52002........................
Little Rock, AR ............................... 52003........................
Baton Rouge, LA ............................ 52004........................
Memphis, TN .................................. 52006........................
Nashville, TN .................................. 52007........................
Chattanooga, TN ............................ 52008........................
Gramercy, LA ................................. 52010........................
Vicksburg, MS ................................ 52015........................
Knoxville, TN .................................. 52016........................
Lake Charles, LA............................ 52017........................
Shreveport/Bossier City, LA ........... 52018........................
Port of Tri-Cities, TN ........................... 52027........................
TRI City Airport, Blountville, TN .... 52082........................
Rogers Municipal Airport, AR......... 52084........................
FEDEX Courier, Memphis, TN .......... 52095........................
Memphis, TN Cartage-CNTL ............. 52098........................
Total District ..................................................................

7,231,151.84
230,080,305.54
1,486,146.59
13,194,010.17
438,590,726.75
142,964,302.26
7,427,901.81
18,525,566.06
38,039,182.57
53,187,493.22
2,994,115.97
171,798.39
1,999,572.97
118,926.55
136,688.99
416,492,323.35
5,471.98
1,372,645,685.01

Port Arthur, Texas:
Port Arthur, TX ............................... 62101........................
Orange, TX ..................................... 62103........................
Beaumont, TX ................................ 62104........................
Blythe Border Patrol, CA ................ 62151........................
Yuma Border Patrol, AZ ................. 62152........................
Wellton Border Patrol, AZ .............. 62153........................
Total District ..................................................................

15,332,552.82
65.02
730,272.26
619,576.00
25,957.57
14,276.04
16,722,699.71

Laredo, Texas:
Border Patrol Sector HQ,
Laredo, TX ..................................
Brownsville, TX ..............................
Del Rio, TX .....................................
Eagle Pass, TX ..............................
Laredo, TX .....................................
Hidalgo, TX ....................................
Rio Grande City, TX .......................
Progreso, TX ..................................
Roma, TX .......................................
Border Patrol Sector HQ, TX .........
Comstock Border Patrol, TX ..........

December 2015

62250........................
62301........................
62302........................
62303........................
62304........................
62305........................
62307........................
62309........................
62310........................
62350........................
62351........................

281,032.43
28,964,278.69
7,112,327.45
198,003,228.17
497,635,380.71
83,154,392.66
289,154.37
1,107,645.71
336,286.01
78,536.42
8,525.00

District and Port
of Collection

Port
Code

Laredo, Texas, continued:
Carrizo Springs Border
Patrol, TX .................................... 62352........................
Del Rio Border Patrol, TX .............. 62353........................
Eagle Pass Border Patrol, TX ........ 62354........................
Brackettville Border Patrol, TX ....... 62355........................
Uvalde Border Patrol, TX ............... 62356........................
Border Patrol Sector HQ, TX ......... 62361........................
Valley Int'l Airport UFA, TX ............ 62383........................
Total District ..................................................................
El Paso, Texas:
El Paso, TX .................................... 62402........................
Presidio, TX .................................... 62403........................
Fabens, TX ..................................... 62404........................
Columbus, NM ............................... 62406........................
Albuquerque, NM ........................... 62407........................
Santa Teresa, NM .......................... 62408........................
Truth or Cons Border Patrol
Station, NM .................................... 62452........................
Total District ..................................................................
Nogales, Arizona:
Douglas, AZ ................................... 62601........................
Lukeville, AZ ................................... 62602........................
Naco, AZ ........................................ 62603........................
Nogales, AZ ................................... 62604........................
Phoenix, AZ .................................... 62605........................
Sasabe, AZ .................................... 62606........................
San Luis, AZ ................................... 62608........................
Tucson, AZ ..................................... 62609........................
Border Patrol Sector HQ, AZ ......... 62650........................
Casa Grande Border Patrol, AZ ..... 62651........................
Tucson Border Patrol, AZ .............. 62652........................
Nogales Border Patrol, AZ ............. 62653........................
Willcox Border Patrol, AZ ............... 62654........................
Douglas Border Patrol, AZ ............. 62655........................
Ajo Border Patrol, AZ ..................... 62656........................
Naco Border Patrol, AZ .................. 62657........................
Sonoita Border Patrol, AZ .............. 62658........................
Scottsdale User Fee Airport, AZ .... 62681........................
Williams Gateway Airport, AZ ........ 62682........................
Total District ..................................................................
Houston, Texas:
Houston, TX ...................................
Houston George Bush
Intercontinental Airport, TX .........
Galveston, TX ................................
Freeport, TX ...................................
Corpus Christi, TX ..........................
Port Lavaca, TX .............................
Border Patrol Sector HQ, TX .........
Mercedes (Weslaco) Border
Patrol, TX ....................................
Falfurrias Border Patrol, TX ...........
Rio Grande City Border Patrol, TX ....
McAllen Border Patrol, TX .............
Brownsville Border Patrol, TX ........
Harlingen Border Patrol, TX ...........

Collection
Fiscal Year
2015

23,977.56
6,010.04
1,507.93
5,500.00
8,139.09
30,284.00
312,234.99
817,358,441.23
198,171,654.08
743,157.42
29,625.82
251,438.40
712,251.28
24,318,157.74
443.92
224,226,728.66
2,736,519.23
178,697.43
136,698.80
87,675,780.80
36,568,147.61
8,715.00
8,897,584.51
3,376,173.77
77,983.93
9,805.70
20,141.39
39,884.19
18,708.87
16,782.00
37,994.25
8,920.16
10,029.06
140,088.45
141,102.48
140,099,757.63

65301........................

1,369,562,888.69

65309........................
65310........................
65311........................
65312........................
65313........................
65350........................

79,489,731.95
18,509,846.77
8,193,619.13
11,373,151.79
501,838.06
109,832.60

65351........................
65352........................
65353........................
65354........................
65355........................
65356........................

43,937.00
321,968.55
83,030.00
38,572.00
10,483.96
4,500.00

FEDERAL FISCAL OPERATIONS

27

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports, continued
[Source: U.S. Customs and Border Protection]

District and Port
of Collection

Port
Code

Houston, Texas, continued:
Kingsville Border Patrol, TX ............. 65357......................
Ft. Brown Border Patrol, TX ............. 65358......................
Corpus Christi, TX (Inactive) ............ 65359......................
Sugar Land Regional AP, TX ........... 65381......................
Total District ...................................................................

Collection
Fiscal Year
2015
107,708.47
10,150.00
18,820.00
164,980.95
1,488,545,059.92

Dallas-Ft. Worth, Texas:
Dallas/Ft. Worth, TX ......................... 65501......................
Amarillo, TX ...................................... 65502......................
Lubbock, TX...................................... 65503......................
Oklahoma City, OK ........................... 65504......................
Tulsa, OK .......................................... 65505......................
Austin, TX ......................................... 65506......................
San Antonio, TX ............................... 65507......................
Border Patrol Sector HQ, TX ............ 65550......................
Lubbock Border Patrol, TX ............... 65551......................
Presidio Border Patrol, TX ................ 65553......................
Marfa Border Patrol, TX.................... 65554......................
Fort Stockton, TX .............................. 65556......................
Sanderson Border Patrol, TX ........... 65557......................
Sierra Blanca Border Patrol, TX ....... 65560......................
Van Horn Border Patrol, TX ............. 65561......................
Midland Int’l Airport, TX .................... 65582......................
Fort Worth Alliance Airport, TX......... 65583......................
Addison Airport, TX .......................... 65584......................
Collin County Regional Airport, TX ..... 65585......................
Kelly Field Annex, TX ............................ 65587......................
Dallas Love Field (DAL), TX ................. 65588......................
Total District ...................................................................

647,669,925.12
41,767.58
207,059.98
6,348,472.54
10,628,910.27
3,025,724.76
20,826,586.76
23,429.88
1,500.00
2,587.50
9,900.00
16,450.00
500.00
47,460.31
3,207.50
140,764.75
132,572.68
170,510.13
128,826.21
123,438.00
220,268.45
689,769,862.42

San Diego, California:
San Diego, CA .................................. 72501......................
Andrade, CA ..................................... 72502......................
Calexico, CA ..................................... 72503......................
San Ysidro, CA ................................. 72504......................
Tecate, CA ........................................ 72505......................
Otay Mesa, CA ................................. 72506......................
Calexico-East, CA ............................ 72507......................
McClellan-Palomar Airport, CA ....... 72581......................
Total District ...................................................................

172,221,398.32
176,412.29
50,614.53
4,233,196.85
1,737,020.62
148,220,058.18
27,370,658.44
268,802.99
354,278,162.22

Los Angeles, California:
Los Angeles, CA ...............................
San Luis Harbor, CA.........................
Long Beach, CA ...............................
Port Hueneme, CA ...........................
Los Angeles Int’l Airport, CA ...............
Las Vegas, NV ..................................
DHL Los Angeles, CA ...........................
TNT Express Worldwide, CA ............
Int'l Bonded Couriers, CA .................
Micom, CA ........................................
Palm Springs User Fee, CA .............
San Bernardino U.F. Airport, CA ......
So. California Logistics Airport, CA.......
Meadows Field Airport, CA ...............
72787 Los Angeles, CA ....................

72704...................... 10,287,215,185.00
72707......................
1,039.00
137,445.85
72709......................
72713......................
116,028,373.71
72720......................
767,791,288.50
23,172,057.48
72722......................
72770......................
2,970.34
72775......................
756,064.33
72776......................
894,819.62
72777......................
1,518,867.24
72781......................
182,036.32
72782......................
130,469.45
72783......................
1,661,394.06
72786......................
2,208,724.99
72787......................
1,365,854.01

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2015

Loa Angeles, California, continued:
DHL HUB, CA ................................... 72791......................
33,961,193.33
UPS Ontario, Los Angeles, CA ........ 72795......................
28,427,440.93
Total District .............................................................
11,265,455,224.16
San Francisco, California:
San Francisco Int'l Airport, CA ......... 72801......................
Eureka, CA ....................................... 72802......................
Fresno, CA........................................ 72803......................
San Francisco, CA............................ 72809......................
Oakland, CA ..................................... 72811......................
Reno, NV .......................................... 72833......................
San Jose Int’l Airport, CA ................. 72834......................
Sacramento Int'l Airport, CA ............. 72835......................
DHL Worldwide Express, CA ........... 72870......................
Fresno Yosemite Airport, CA ............ 72882......................
FEDEX Courier Facility, CA ............. 72895......................
Total District ...................................................................

137,904,775.42
10,825.88
108,525,169.12
1,176,317,360.22
7,154.86
1,473,852.57
34,875.43
10,006,620.18
8,384.58
720,750.56
47,675,235.99
1,482,685,004.81

Portland, Oregon:
Astoria, OR ....................................... 72901......................
Newport, OR ..................................... 72902......................
Coos Bay, OR ................................... 72903......................
Portland, OR ..................................... 72904......................
Longview, WA ................................... 72905......................
Boise, ID ........................................... 72907......................
Vancouver, WA ................................. 72908......................
Portland Int'l Airport, OR................... 72910......................
Hillsboro Airport, OR......................... 72983......................
Total District ...................................................................

581,366.89
793.00
96,631.17
335,426,503.36
1,318,609.11
400,190.03
312.38
9,189.86
141,124.54
337,974,720.34

Seattle, Washington:
Seattle, WA ....................................... 73001......................
Tacoma, WA ..................................... 73002......................
Aberdeen, WA .................................. 73003......................
Blaine, WA ........................................ 73004......................
Bellingham, WA ................................ 73005......................
Everett, WA....................................... 73006......................
Port Angeles, WA ............................. 73007......................
Port Townsend, WA.......................... 73008......................
Sumas, WA ....................................... 73009......................
Anacortes, WA .................................. 73010......................
Nighthawk, WA ................................. 73011......................
Danville, WA ..................................... 73012......................
Ferry, WA .......................................... 73013......................
Friday Harbor, WA ............................ 73014......................
Boundary, WA................................... 73015......................
Laurier, WA ....................................... 73016......................
Point Roberts, WA ............................ 73017......................
Oroville, WA ...................................... 73019......................
Frontier, WA...................................... 73020......................
Spokane, WA .................................... 73022......................
Lynden, WA ...................................... 73023......................
Metaline Falls, WA ............................ 73025......................
Olympia, WA ..................................... 73026......................
Seattle-Tacoma Int’l Airport, WA ...... 73029......................
UPS, Seattle, WA ............................. 73071......................
Grant County Airport, Moses
Lake, WA ....................................... 73082......................
Total District ...................................................................

410,065,480.22
793,708,518.00
1,059,311.08
129,278,032.61
4,469,388.61
4,956,063.72
432,647.41
1,888.55
5,466,083.39
3,708,056.90
841.55
9,311.51
2,006.42
275,113.55
14,265.11
13,643.49
159,171.86
1,261,342.16
21,106.49
150,243.06
319,628.11
21,604.34
23,578.02
82,582,770.36
2,261,798.69
996,289.76
1,441,258,184.97

December 2015

FEDERAL FISCAL OPERATIONS

28

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports, continued
District and Port
of Collection

Port
Code

Anchorage, Alaska:
Juneau, AK ....................................... 73101 ...................
Ketchikan, AK ................................... 73102 ...................
Skagway, AK .................................... 73103 ...................
Alcan, AK .......................................... 73104 ...................
Wrangell, AK ..................................... 73105 ...................
Dalton Cache, AK ............................. 73106 ...................
Fairbanks, AK ................................... 73111 ...................
Sitka, AK ........................................... 73115 ...................
Anchorage, AK.................................. 73126 ...................
Kodiak, AK ........................................ 73127 ...................
Federal Express Courier, AK ............ 73195 ...................
UPS Courier Hub, AK ....................... 73196 ...................
Total District ................................................................

December 2015

[Source: U.S. Customs and Border Protection]
Collection
Fiscal Year
District and Port
2015
of Collection
49,482.49
140,830.01
46,629.69
617,018.35
6,740.50
20,811.66
44,633.44
18,795.64
5,012,121.72
11,187.22
99,083,818.11
286,738.68
105,338,807.51

Port
Code

Collection
Fiscal Year
2015

Honolulu, Hawaii:
Honolulu, HI ...................................... 73201 ...................
Hilo, HI .............................................. 73202 ...................
Kahului, HI ........................................ 73203 ...................
Honolulu Airport, HI .......................... 73205 ...................
Kona, HI ............................................ 73206 ...................
Total District ................................................................

32,964,779.91
139,468.82
94,994.15
5,088,542.15
72,119.21
38,359,904.24

Guam:
Guam ................................................ 73207 ...................
Total District ................................................................

3,943.25
3,943.25

Total Customs and Border Protection Collections
for fiscal year 2015 .....................................................

$46,317,874,078.10

29

INTRODUCTION: Source and Availability of the
Balance in the Account of the U.S. Treasury
The Department of the Treasury’s (Treasury’s) operating
cash is maintained in accounts with the Federal Reserve
banks (FRBs) and branches, as well as in tax and loan
accounts in other financial institutions. Major information
sources include FRBs, Treasury Regional Financial Centers,
Internal Revenue Service Centers, Bureau of the Fiscal
Service, and various electronic systems. As the FRB
accounts are depleted, funds are called in (withdrawn) from
thousands of tax and loan accounts at financial institutions
throughout the country.
Under authority of Public Law 95-147 (codified at 31
United States Code 323), Treasury implemented a program
on November 2, 1978, to invest a portion of its operating
cash in obligations of depositaries maintaining tax and loan
accounts. Under the Treasury tax and loan (TT&L)
investment program, depositary financial institutions select
the manner in which they will participate. Financial
institutions wishing to retain funds deposited into their tax

and loan accounts in interest-bearing obligations can
participate. The program permits Treasury to collect funds
through financial institutions and to leave the funds in TT&L
depositaries and in the financial communities in which they
arise until Treasury needs the funds for its operations. In this
way, Treasury is able to neutralize the effect of its
fluctuating operations on TT&L financial institution reserves
and on the economy. Likewise, those institutions wishing to
remit the funds to the Treasury account at FRBs do so as
collector depositaries.
Deposits to tax and loan accounts occur as customers of
financial institutions deposit tax payments that the financial
institutions use to purchase Government securities. In most
cases, this involves a transfer of funds from a customer’s
account to the tax and loan account in the same financial
institution. Also, Treasury can direct the FRBs to invest
excess funds in tax and loan accounts directly from the
Treasury account at the FRBs.

TABLE UST-1—Elements of Change in Federal Reserve
and Tax and Loan Note Account Balances 1
[In millions of dollars. Source: Bureau of the Fiscal Service]

Credits and withdrawals

Fiscal year or month

Federal Reserve accounts
Credits 2
Received through
remittance option tax
Received directly
and loan depositaries
(1)
(2)

Withdrawals 3
(3)

Tax and loan note accounts
Withdrawals
(transfers to Federal
Taxes 4
Reserve accounts)
(4)
(5)

2011 ................................................
2012 ................................................
2013 ................................................
2014 ................................................
2015 ................................................

10,508,615
9,656,367
9,451,987
8,666,563
8,447,393

592,338
1,357,452
2,297,190
2,474,752
2,660,727

11,352,518
10,984,657
11,746,237
11,071,400
11,067,706

1,366,003
700,687
-

1,366,181
702,492
-

2014 - Sept ......................................
Oct .......................................
Nov ......................................
Dec ......................................
2015 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................

802,207
729,833
565,125
775,469
638,787
666,742
777,976
929,374
553,164
762,167
715,473
659,628
673,726

263,273
179,592
167,747
296,938
206,309
192,143
257,105
278,678
177,432
262,287
190,265
179,418
272,810

955,843
950,324
742,004
957,225
911,734
980,770
969,927
1,034,267
805,518
969,061
950,096
917,241
879,607

-

-

See footnotes at end of table.

December 2015

ACCOUNT OF THE U.S. TREASURY

30

TABLE UST-1—Elements of Change in Federal Reserve
and Tax and Loan Note Account Balances, continued 1
[In millions of dollars. Source: Bureau of the Fiscal Service]

Balances
End of period

Fiscal year
or month
2011 .......................

Federal
Reserve
(6)

SFP
(7)

High
Tax and
loan
note
accounts
(8)

Federal
Reserve
(9)

SFP
(10)

Tax and
loan
note
accounts
(11)

Federal
Reserve
(12)

During period
Low
Tax and
loan
note
SFP
accounts
(13)
(14)

Average
Federal
Reserve
(15)

Tax and
loan
note
accounts
(17)

SFP
(16)

56,284

-

1,805

147,189

199,964

3,067

3,302

5,000

113

58,431

83,628

1,982

85,446

-

-

166,619

-

-

13,680

-

-

65,396

-

-

88,386

-

-

213,863

-

-

11,476

-

-

59,950

-

-

158,302

-

-

162,399

-

-

17,249

-

-

65,510

-

-

198,716

-

-

273,869

-

-

27,237

-

-

141,621

-

-

2014 - Sept ............. 158,302

-

-

158,302

-

-

17,249

-

-

78,927

-

-

Oct .............. 117,403

-

-

133,499

-

-

74,726

-

-

106,246

-

-

Nov ............. 108,270

-

-

117,403

-

-

71,901

-

-

97,081

-

-

Dec ............. 223,452

-

-

223,452

-

-

48,807

-

-

129,337

-

-

2015 - Jan .............. 156,815

-

-

223,452

-

-

154,758

-

-

175,763

-

-

34,929

-

-

191,848

-

-

34,929

-

-

114,674

-

-

Mar ............. 100,084

-

-

105,616

-

-

27,237

-

-

64,222

-

-

Apr .............. 273,869

-

-

273,869

-

-

31,288

-

-

122,236

-

-

May............. 198,947

-

-

229,131

-

-

163,581

-

-

196,783

-

-

June............ 254,340

-

-

255,946

-

-

165,516

-

-

209,744

-

-

July ............. 209,982

-

-

212,135

-

-

173,642

-

-

189,849

-

-

Aug ............. 131,787

-

-

209,982

-

-

109,509

-

-

165,459

-

-

Sept ............ 198,716

-

-

198,716

-

-

76,256

-

-

125,049

-

-

2012 .......................
2013 .......................
2014 .......................
2015 .......................

Feb .............

1

This report does not include Supplementary Financing Program (SFP) balances.
Represents transfers from tax and loan note accounts, proceeds from sales of securities
other than Government account series, and taxes.
3
Represents checks paid, wire transfer payments, drawdowns on letters of credit,
redemptions of securities other than Government account series, and investment (transfer)
of excess funds out of this account to the tax and loan note accounts.
2

December 2015

4

Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan
depositaries as follows: withheld income taxes beginning March 1948; taxes on employers
and employees under the Federal Insurance Contributions Act beginning January 1950
and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes
beginning July 1953; estimated corporation income taxes beginning April 1967; all
corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act
taxes beginning April 1970; and individual estimated income taxes beginning October 1988.

31

INTRODUCTION: Federal Debt
Treasury securities (i.e., public debt securities) comprise
most of the Federal debt, with securities issued by other
Federal agencies accounting for the rest. Tables in this
section of the “Treasury Bulletin” reflect the total. Further
detailed information is published in the “Monthly Statement
of the Public Debt of the United States.” Likewise,
information on agency securities and on investments of
Federal Government accounts in Federal securities is
published in the “Monthly Treasury Statement of Receipts
and Outlays of the United States Government.”
Treasury’s Bureau of the Fiscal Service compiles data in
the “Treasury Bulletin” tables FD-2 and FD-6 from the
“Monthly Statement of the Public Debt of the United
States.”
 Table FD-1 summarizes the Federal debt by listing
public debt and agency securities held by the public,
including the Federal Reserve. It also includes debt held by
Federal agencies, largely by the Social Security and other
Federal retirement trust funds. The net unamortized
premium and discount also are listed by total Federal
securities, securities held by Government accounts and
securities held by the public. The difference between the
outstanding face value of the Federal debt and the net
unamortized premium and discount is classified as the
accrual amount. (For greater detail on holdings of Federal
securities by particular classes of investors, see the
ownership tables, OFS-1 and OFS-2.)
 Table FD-2 categorizes by type, that is, marketable
and nonmarketable, the total public debt securities
outstanding that are held by the public.
 In table FD-3, nonmarketable Treasury securities
held by U.S. Government accounts are summarized by
issues to particular funds within Government. Many of the
funds invest in par value special series nonmarketables at
interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those
of marketable securities.
 Table FD-4 presents interest-bearing securities
issued by Government agencies. Federal agency borrowing

has declined in recent years, in part because the Federal
Financing Bank has provided financing to other Federal
agencies. (Federal agency borrowing from Treasury is
presented in the “Monthly Treasury Statement of Receipts
and Outlays of the United States Government.”)
 Table FD-5 illustrates the average length of
marketable interest-bearing public debt held by private
investors and the maturity distribution of that debt.
In March 1971, Congress enacted a limited exception to
the amount of bonds with rates greater than 4-1/4 percent
that could be held by the public. This permitted Treasury to
offer securities maturing in more than 7 years at current
market interest rates for the first time since 1965. In March
1976, the definition of a bond was changed to include those
securities longer than 10 years to maturity. This exception
has expanded since 1971, authorizing Treasury to continue
to issue long-term securities. The ceiling on Treasury bonds
was repealed on November 10, 1988.
The volume of privately held Treasury marketable
securities by maturity class reflects the remaining period to
maturity of Treasury bills, notes and bonds. The average
length is comprised of an average of remaining periods to
maturity, weighted by the amount of each security held by
private investors. In other words, computations of average
length exclude Government accounts and the FRBs.
 In table FD-6, the debt ceiling is compared with the
outstanding debt subject to limitation by law. The other debt
category includes Federal debt Congress has designated as
being subject to the debt ceiling.
 Table FD-7 details Treasury holdings of securities
issued by Government corporations and other agencies.
Certain Federal agencies are authorized to borrow money
from the Treasury, largely to finance direct loan programs.
In addition, agencies such as the Bonneville Power
Administration are authorized to borrow from the Treasury
to finance capital projects. Treasury, in turn, finances these
loans by selling Treasury securities to the public.

December 2015

FEDERAL DEBT

32

TABLE FD-1—Summary of Federal Debt
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal
year or month

Total
(1)

Amount outstanding
Public debt
securities
(2)

Agency
securities
(3)

Total
(4)

Securities held by
Government accounts
Public debt
Agency
Total
securities
securities
(6)
(7)
(5)

The public
Public debt
securities
(8)

Agency
securities
(9)

2011 ...............................
2012 ...............................
2013 ...............................
2014 ...............................
2015 ...............................

14,815,328
16,090,640
16,763,286
17,847,931
18,174,718

14,790,340
16,066,241
16,738,183
17,824,071
18,150,618

24,988
24,399
25,103
23,860
24,100

4,658,307
4,791,850
4,757,211
5,039,265
5,026,867

4,658,301
4,791,845
4,757,205
5,039,262
5,026,862

6
5
5
3
5

10,157,021
11,298,790
12,006,076
12,808,666
13,147,851

10,132,039
11,274,396
11,980,978
12,784,809
13,123,756

24,982
24,394
25,098
23,857
24,095

2014 - Sept ....................
Oct .....................
Nov.....................
Dec.....................
2015 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July.....................
Aug.....................
Sept....................

17,847,931
17,961,205
18,029,642
18,165,823
18,106,687
18,179,940
18,176,192
18,177,024
18,177,341
18,176,653
18,175,987
18,175,446
18,174,718

17,824,071
17,937,160
18,005,549
18,141,444
18,082,294
18,155,854
18,152,056
18,152,560
18,152,852
18,151,998
18,151,323
18,151,150
18,150,618

23,860
24,045
24,093
24,379
24,393
24,086
24,136
24,464
24,489
24,655
24,664
24,296
24,100

5,039,265
5,080,312
5,083,077
5,117,631
5,097,507
5,081,983
5,061,878
5,099,005
5,100,242
5,076,967
5,016,394
5,031,582
5,026,867

5,039,262
5,080,309
5,083,072
5,117,626
5,097,502
5,081,978
5,061,873
5,099,000
5,100,237
5,076,962
5,016,389
5,031,577
5,026,862

3
3
5
5
5
5
5
5
5
5
5
5
5

12,808,666
12,880,893
12,946,565
13,048,192
13,009,180
13,097,957
13,114,314
13,078,019
13,077,099
13,099,686
13,159,593
13,143,864
13,147,851

12,784,809
12,856,851
12,922,477
13,023,818
12,984,792
13,073,876
13,090,183
13,053,560
13,052,615
13,075,036
13,134,934
13,119,573
13,123,756

23,857
24,042
24,088
24,374
24,388
24,081
24,131
24,459
24,484
24,650
24,659
24,291
24,095

Federal debt securities
Net
Amount
unamortized
outstanding
premium
Accrual
face value
and discount
amount
(10)
(11)
(12)

Securities held by Government accounts
Net
Amount
unamortized
Accrual
outstanding
premium
amount
face value
and discount
(14)
(15)
(13)

Securities held by the public
Net
Amount
unamortized
Accrual
outstanding
premium
amount
face value
and discount
(17)
(18)
(16)

2011 ...............................
2012 ...............................
2013 ...............................
2014 ...............................
2015 ...............................

14,815,328
16,090,640
16,763,286
17,847,931
18,174,718

53,105
42,529
46,496
55,907
56,852

14,762,223
16,048,111
16,716,791
17,792,023
18,117,866

4,658,307
4,791,850
4,757,211
5,039,265
5,026,867

23,697
23,592
22,292
26,678
25,603

4,634,610
4,768,258
4,734,919
5,012,587
5,001,264

10,157,021
11,298,790
12,006,076
12,808,666
13,147,851

29,408
18,937
24,203
29,229
31,249

10,127,613
11,279,854
11,981,872
12,779,436
13,116,602

2014 - Sept ....................
Oct......................
Nov .....................
Dec .....................
2015 - Jan ......................
Feb .....................
Mar .....................
Apr......................
May ....................
June ...................
July .....................
Aug .....................
Sept ....................

17,847,931
17,961,205
18,029,642
18,165,823
18,106,687
18,179,940
18,176,192
18,177,024
18,177,341
18,176,653
18,175,987
18,175,446
18,174,718

55,907
54,025
54,771
54,822
52,455
52,806
53,737
53,387
53,539
55,178
55,487
55,844
56,852

17,792,023
17,907,180
17,974,870
18,111,001
18,054,232
18,127,134
18,122,455
18,123,637
18,123,802
18,121,475
18,120,500
18,119,602
18,117,866

5,039,265
5,080,312
5,083,077
5,117,631
5,097,507
5,081,983
5,061,878
5,099,005
5,100,242
5,076,967
5,016,394
5,031,582
5,026,867

26,678
26,658
26,582
26,558
26,366
26,232
26,122
26,050
25,985
25,899
25,791
25,691
25,603

5,012,587
5,053,654
5,056,495
5,091,073
5,071,141
5,055,751
5,035,756
5,072,955
5,074,257
5,051,068
4,990,603
5,005,891
5,001,264

12,808,666
12,880,893
12,946,565
13,048,192
13,009,180
13,097,957
13,114,314
13,078,019
13,077,099
13,099,686
13,159,593
13,143,864
13,147,851

29,229
27,367
28,189
28,264
26,090
26,573
27,615
27,337
27,554
29,279
29,696
30,154
31,249

12,779,436
12,853,526
12,918,375
13,019,929
12,983,090
13,071,384
13,086,699
13,050,682
13,049,545
13,070,407
13,129,897
13,113,710
13,116,602

End of fiscal
year or month

December 2015

FEDERAL DEBT

33

TABLE FD-2—Debt Held by the Public
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Marketable
Treasury
inflationprotected
securities
(6)

Floating
rate
notes
(7)

Nonmarketable
Total
(8)

Total public
debt securities
outstanding
(1)

Total
(2)

Bills
(3)

Notes
(4)

Bonds
(5)

2011 ..........................
2012 ..........................
2013 ..........................
2014 ..........................
2015 ..........................

10,127,031
11,269,586
11,976,279
12,784,971
13,123,847

9,604,300
10,730,170
11,577,400
12,271,552
12,831,867

1,475,557
1,613,026
1,527,909
1,409,628
1,355,231

6,406,983
7,114,960
7,750,336
8,160,196
8,366,026

1,016,407
1,194,715
1,363,114
1,534,069
1,688,208

705,352
807,469
936,041
1,044,676
1,135,363

122,985
287,039

522,731
539,415
398,879
513,419
291,980

2014 - Sept ...............
Oct.................
Nov ................
Dec ................
2015 - Jan .................
Feb ................
Mar ................
Apr.................
May ...............
June ..............
July ................
Aug ................
Sept ...............

12,784,971
12,857,056
12,922,682
13,023,951
12,984,930
13,074,036
13,090,399
13,053,681
13,052,706
13,076,414
13,135,045
13,119,753
13,123,847

12,271,552
12,340,028
12,398,866
12,495,638
12,460,358
12,547,463
12,620,923
12,622,290
12,664,716
12,688,996
12,791,337
12,824,398
12,831,867

1,409,628
1,412,388
1,438,321
1,456,692
1,411,505
1,471,553
1,476,540
1,431,246
1,445,235
1,393,163
1,438,154
1,421,705
1,355,231

8,160,196
8,192,466
8,182,673
8,221,366
8,232,100
8,222,351
8,256,666
8,276,264
8,256,836
8,297,601
8,327,380
8,331,371
8,366,026

1,534,069
1,547,073
1,563,086
1,576,087
1,589,088
1,594,570
1,607,585
1,620,595
1,636,950
1,649,925
1,662,889
1,675,201
1,688,208

1,044,676
1,050,110
1,063,795
1,077,503
1,063,675
1,066,998
1,075,141
1,074,142
1,092,671
1,102,262
1,101,868
1,122,082
1,135,363

122,985
137,991
150,991
163,991
163,989
191,991
204,991
220,043
233,024
246,045
261,046
274,039
287,039

513,419
517,029
523,816
528,313
524,572
526,574
469,476
431,391
387,990
387,418
343,708
295,355
291,980

End of fiscal
year or month

Nonmarketable, continued
U.S. savings
securities
(9)

Depositary
compensation
securities
(10)

Foreign
series
(11)

Government
account series
(12)

State and local
government
series
(13)

Domestic
series
(14)

Other
(15)

2011 ..........................
2012 ..........................
2013 ..........................
2014 ..........................
2015 ..........................

185,187
183,661
180,022
176,762
172,826

-

2,986
2,986
2,986
2,986
264

151,346
162,880
60,445
196,520
9,138

151,831
158,514
124,079
105,668
78,115

29,995
29,995
29,995
29,995
29,995

1,386
1,380
1,353
1,489
1,642

2014 - Sept ...............
Oct.................
Nov ................
Dec ................
2015 - Jan .................
Feb ................
Mar ................
Apr.................
May ...............
June ..............
July ................
Aug ................
Sept ...............

176,762
176,610
176,399
175,970
175,638
175,331
174,958
174,630
174,359
173,981
173,637
173,255
172,826

-

2,986
264
264
264
264
264
264
264
264
264
264
264
264

196,520
201,682
203,272
203,968
203,424
206,692
144,796
107,558
71,171
81,884
49,285
9,148
9,138

105,668
106,915
112,324
116,490
113,684
112,764
117,933
117,427
110,687
99,767
88,986
81,077
78,115

29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995

1,489
1,563
1,560
1,625
1,567
1,528
1,530
1,517
1,514
1,527
1,541
1,616
1,642

End of fiscal
year or month

December 2015

FEDERAL DEBT

34

TABLE FD-3—Government Account Series
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Deposit
Insurance
Fund
(3)

Employees
Life
Insurance
Fund
(4)

Exchange
Stabilization
Fund
(5)

Federal
Disability
Insurance
Trust Fund
(6)

Federal
employees
retirement
funds
(7)

Federal
Hospital
Insurance
Trust Fund
(8)

Federal
Housing
Administration
(9)

End of fiscal
year or month

Total
(1)

Airport and
Airway
Trust Fund
(2)

2011 ..................
2012 ..................
2013 ..................
2014 ..................
2015 ..................

4,793,916
4,939,455
4,803,100
5,212,466
5,013,530

8,641
10,245
11,808
12,759
12,716

34,926
35,248
36,864
48,750
60,096

39,678
41,250
41,951
43,213
43,958

22,721
22,680
22,669
22,649
20,773

161,965
132,345
100,791
70,113
41,638

811,768
836,336
731,125
861,349
737,096

245,939
228,292
206,010
202,207
195,458

4,160
2,777
3
-

2014 - Sept .......
Oct.........
Nov ........
Dec ........
2015 - Jan .........
Feb ........
Mar ........
Apr.........
May .......
June ......
July ........
Aug ........
Sept .......

5,212,466
5,258,745
5,263,111
5,298,211
5,277,355
5,265,153
5,183,075
5,182,728
5,147,519
5,134,875
5,042,973
5,017,900
5,013,530

12,759
13,344
13,542
13,352
13,160
13,481
13,561
14,026
14,337
13,690
12,499
12,208
12,716

48,750
48,922
48,732
50,739
50,481
52,011
53,226
54,678
55,232
57,437
57,591
58,195
60,096

43,213
43,220
43,655
43,681
43,823
43,425
43,452
43,448
43,821
43,815
43,844
43,960
43,958

22,649
22,650
22,647
22,648
22,648
22,645
22,646
22,646
22,644
22,644
22,645
22,644
20,773

70,113
66,533
62,896
60,311
58,614
55,465
54,401
54,646
51,521
50,975
47,578
44,159
41,638

861,349
856,856
852,574
863,391
859,307
854,964
822,407
822,370
822,321
757,929
737,028
737,021
737,096

202,207
191,425
197,284
197,887
192,627
186,048
189,760
202,935
196,937
205,355
188,969
191,742
195,458

-

End of fiscal
year or month

Federal
Old-Age and
Survivors
Insurance
Trust Fund
(10)

Federal
Savings
and Loan
Corporation,
Resolution
Fund
(11)

Federal
Supplementary
Medical
Insurance
Trust Fund
(12)

Highway
Trust
Fund
(13)

National
Service Life
Insurance
Fund
(14)

Postal
Service
Fund
(15)

Railroad
Retirement
Account
(16)

Unemployment
Trust
Fund
(17)

Other
(18)

2011 .....................
2012 .....................
2013 .....................
2014 .....................
2015 .....................

2,492,531
2,586,697
2,655,599
2,712,805
2,766,649

3,374
3,424
825
827
828

70,446
69,324
67,385
68,391
66,128

16,302
9,970
1,957
10,696
7,667

7,541
6,912
6,256
5,611
4,903

1,207
1,533
2,860
5,450
7,163

696
704
788
803
874

16,030
20,673
29,478
35,919
44,368

855,991
931,045
886,731
1,110,924
1,003,215

2014 - Sept ..........
Oct............
Nov ...........
Dec ...........
2015 - Jan ............
Feb ...........
Mar ...........
Apr............
May ..........
June .........
July ...........
Aug ...........
Sept ..........

2,712,805
2,706,081
2,695,604
2,729,270
2,738,583
2,729,687
2,733,614
2,750,918
2,742,560
2,733,614
2,782,592
2,772,129
2,766,649

827
827
827
827
827
827
827
827
827
826
828
828
828

68,391
60,288
69,151
69,099
60,293
61,768
70,823
70,964
68,769
68,642
55,552
63,460
66,128

10,696
8,538
8,857
8,321
8,364
9,083
9,222
9,189
8,297
6,769
3,984
10,898
7,667

5,611
5,514
5,460
5,506
5,430
5,355
5,265
5,171
5,102
5,136
5,053
4,984
4,903

5,450
5,375
5,868
7,659
6,325
6,533
6,662
7,412
7,167
7,684
6,895
6,647
7,163

803
679
477
485
688
705
760
770
618
633
758
593
874

35,919
34,333
37,132
34,471
32,908
37,224
34,249
34,411
49,971
44,388
43,609
48,229
44,368

1,110,924
1,194,160
1,198,405
1,190,564
1,183,277
1,185,932
1,122,200
1,088,317
1,057,395
1,115,338
1,033,548
1,000,203
1,003,215

Note—Detail may not add to totals due to rounding.

December 2015

FEDERAL DEBT

35

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Total
outstanding
(1)

Department of
Housing and
Urban
Development
Federal Housing
Administration
(2)

Architect
of the
Capitol
(3)

Other
independent
Tennessee
Valley Authority
(4)

National Archives
and Records
Administration
(5)

Other/Federal
Communications
Commission
(6)

2011 ............................

24,988

29

133

24,660

166

*

2012 ............................

24,399

19

128

24,103

151

*

2013 ............................

25,103

19

130

24,821

134

*

2014 ............................

23,860

19

105

23,620

116

*

2015 ............................

24,100

19

107

23,878

96

*

2014 - Sept .................

23,860

19

105

23,620

116

*

Oct...................

24,045

19

106

23,804

116

*

Nov ..................

24,093

19

107

23,851

116

*

Dec ..................

24,379

19

107

24,137

116

*

2015 - Jan ...................

24,393

19

108

24,150

116

*

Feb ..................

24,086

19

94

23,867

106

*

Mar ..................

24,136

19

94

23,917

106

*

Apr...................

24,464

19

103

24,236

106

*

May .................

24,489

19

104

24,260

106

*

June ................

24,655

19

104

24,426

106

*

July ..................

24,664

19

105

24,434

106

*

Aug ..................

24,296

19

106

24,075

96

*

Sept .................

24,100

19

107

23,878

96

*

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

* Less than $500,000.

December 2015

FEDERAL DEBT

36

TABLE FD-5—Maturity Distribution and Average Length of Marketable
Interest-Bearing Public Debt Held by Private Investors
[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Amount
outstanding
privately held
(1)

Within
1 year
(2)

1-5
years
(3)

2011 ...............................

7,951,366

2,503,926

3,084,882

2012 ...............................

9,039,954

2,896,780

2013 ...............................

9,518,102

2014 ...............................

Maturity classes
5-10
years
(4)

10-20
years
(5)

20 years
or more
(6)

Average length
(months)
(7)

1,543,847

309,151

509,559

60

3,851,873

1,487,726

270,921

532,654

55

2,939,037

4,134,968

1,647,954

230,758

565,384

55

9,828,787

2,931,581

4,216,746

1,813,563

223,276

643,620

56

2015 ...............................

10,379,413

2,922,734

4,356,051

2,084,293

184,306

832,030

61

2014 - Sept .....................

9,828,787

2,931,581

4,216,746

1,813,563

223,276

643,620

56

Oct ......................

9,887,319

2,925,143

4,234,681

1,844,056

222,861

660,578

57

Nov .....................

9,867,842

2,941,929

4,203,555

1,826,991

218,744

676,623

57

Dec .....................

10,043,339

2,949,067

4,303,202

1,883,185

218,435

689,450

57

2015 - Jan ......................

9,931,147

2,927,280

4,209,167

1,901,699

190,922

702,079

58

Feb .....................

10,018,464

2,942,990

4,271,689

1,890,514

186,596

726,675

58

Mar .....................

10,170,539

2,937,164

4,344,809

1,963,151

186,095

739,320

58

Apr ......................

10,171,783

2,936,328

4,305,686

1,990,659

186,502

752,608

59

May.....................

10,138,180

2,938,639

4,271,851

1,971,539

187,098

769,053

60

June....................

10,237,756

2,890,796

4,335,287

2,035,095

187,318

789,260

60

July .....................

10,339,523

2,989,696

4,310,666

2,048,632

187,827

802,701

60

Aug .....................

10,372,231

2,971,024

4,356,420

2,041,484

184,287

819,015

61

Sept ....................

10,379,413

2,922,734

4,356,051

2,084,293

184,306

832,030

61

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

December 2015

FEDERAL DEBT

37

TABLE FD-6—Debt Subject to Statutory Limit
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal
year or month

Statutory debt
limit
(1)

Securities outstanding

Debt subject to limit
Total
(2)

Public debt
(3)

Other debt 1
(4)

Public debt
(5)

Other debt
(6)

Securities
not subject
to limit
(7)

2011 .......................................

15,194,000

14,746,553

14,746,543

10

14,790,340

10

43,797

2012 .......................................

16,394,000

16,027,021

16,027,021

-

16,066,241

-

39,221

2013 .......................................

16,699,421

16,699,396

16,699,396

-

16,738,184

-

38,787

2014 .......................................

-

17,781,107

17,781,107

-

17,824,071

-

42,964

2015 .......................................

18,113,000

18,112,975

18,112,975

-

18,150,618

-

37,643

2014 - Sept. 1 .........................

-

17,781,107

17,781,107

-

17,824,071

-

42,964

Oct. 1...........................

-

17,895,836

17,895,836

-

17,937,160

-

41,324

Nov. 1 ..........................

-

17,964,694

17,964,694

-

18,005,549

-

40,856

Dec. 1 ..........................

-

18,101,296

18,101,296

-

18,141,444

-

40,148

2015 - Jan. 1 ...........................

-

18,043,707

18,043,707

-

18,082,294

-

38,587

Feb. 1 ..........................

-

18,116,337

18,116,337

-

18,155,854

-

39,517

Mar. 2 ..........................

18,113,000

18,112,975

18,112,975

-

18,152,056

-

39,081

Apr. 2...........................

18,113,000

18,112,975

18,112,975

-

18,152,560

-

39,585

May 2 ..........................

18,113,000

18,112,975

18,112,975

-

18,152,852

-

39,877

June 2 .........................

18,113,000

18,112,975

18,112,975

-

18,151,998

-

39,023

July 2 ...........................

18,113,000

18,112,975

18,112,975

-

18,151,323

-

38,348

Aug. 2 ..........................

18,113,000

18,112,975

18,112,975

-

18,151,150

-

38,175

Sept. 2 .........................

18,113,000

18,112,975

18,112,975

-

18,150,618

-

37,643

1
Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, Public Law 113-83,
the Statutory Debt Limit has been suspended and shall not apply for the period beginning
February 15, 2014, and ending on March 15, 2015.

2

Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act,
Public Law 113-83, Section 2, the Statutory Debt Limitation was increased on
March 16, 2015, to an amount that exceeds face amount of such obligations
outstanding on the date of the enactment of the Act.

December 2015

FEDERAL DEBT

38

TABLE FD-7—Treasury Holdings of Securities Issued
by Government Corporations and Other Agencies
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal
year or month

Total
(1)

Farm-Service
Agency
(2)

Rural Utilities
Service
(3)

Department of Agriculture
Rural Business
Rural Housing
and Community
and Cooperative
Development
Development
Service
Service
(4)
(5)

Foreign
Agricultural
Service
(6)

2011 .......................................
2012 .......................................
2013 .......................................
2014 .......................................
2015 .......................................

937,923
979,021
1,115,182
1,223,498
1,306,402

9,349
9,009
12,135
19,064
19,261

24,883
24,759
26,069
26,203
26,261

19,438
20,523
22,111
22,126
23,057

523
495
554
575
626

1,163
1,001
908
748
688

2014 - Sept ............................
Oct..............................
Nov .............................
Dec .............................
2015 - Jan ..............................
Feb .............................
Mar .............................
Apr..............................
May ............................
June ...........................
July .............................
Aug .............................
Sept ............................

1,223,498
1,250,405
1,273,563
1,263,372
1,299,249
1,307,733
1,309,438
1,325,201
1,325,951
1,375,671
1,358,896
1,352,583
1,306,402

19,064
23,085
25,407
15,083
16,044
16,021
16,373
17,222
17,242
17,789
18,264
18,897
19,261

26,203
26,356
26,453
26,576
26,683
26,776
26,900
25,275
25,381
25,545
25,546
26,184
26,261

22,126
22,368
22,505
22,661
22,765
22,850
23,066
22,757
22,890
22,087
22,087
23,050
23,057

575
584
588
595
598
605
609
565
573
579
579
618
626

748
748
748
748
748
748
748
748
748
748
748
688
688

End of fiscal
year or month

Department of
Education
(7)

Department
of Energy
Bonneville Power
Administration
(8)

Department of Housing
and Urban Development
Federal Housing
Other Housing
Administration
programs
(9)
(10)

Department
of the Treasury
Federal
Financing Bank
(11)

2011 .......................................
2012 .......................................
2013 .......................................
2014 .......................................
2015 .......................................

546,321
714,368
851,295
965,394
1,050,374

2,943
3,421
3,885
4,242
4,649

6,032
11,527
25,940
27,528
26,921

58
40
139
133
127

45,257
57,134
63,061
56,528
58,050

2014 - Sept ............................
Oct .............................
Nov.............................
Dec.............................
2015 - Jan ..............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July.............................
Aug.............................
Sept ............................

965,394
986,246
1,006,706
1,006,716
1,040,239
1,048,254
1,048,257
1,064,256
1,064,256
1,116,112
1,098,646
1,094,234
1,050,374

4,242
4,310
4,368
4,398
4,484
4,569
4,612
4,652
4,698
4,717
4,784
4,746
4,649

27,528
27,538
27,538
27,538
27,538
27,538
27,538
27,538
27,538
27,548
27,548
27,548
26,921

133
133
133
133
133
133
133
133
133
133
133
133
127

56,528
56,727
56,196
56,057
56,260
56,823
56,846
57,088
57,180
59,220
58,815
58,260
58,050

December 2015

FEDERAL DEBT

39

TABLE FD-7—Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies, continued
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Export-Import
Bank of the
United States
(12)

Railroad
Retirement
Board
(13)

Small Business
Administration
(14)

Other
(15)

2011 ......................................

8,279

3,484

11,190

259,006

2012 ......................................

11,301

3,402

7,920

114,117

2013 ......................................

18,102

3,587

8,088

79,308

2014 ......................................

21,634

3,532

7,757

68,034

2015 ......................................

22,725

3,498

7,176

62,989

2014 - Sept ...........................

21,634

3,532

7,757

68,034

Oct.............................

21,718

3,879

7,757

68,956

Nov ............................

21,804

4,175

7,757

69,185

Dec ............................

22,062

4,534

7,907

68,364

2015 - Jan .............................

22,218

4,893

7,951

68,695

Feb ............................

22,218

5,116

7,916

68,166

Mar ............................

22,796

5,437

8,008

68,115

Apr.............................

22,961

5,765

8,008

68,233

May ...........................

23,182

6,061

8,075

67,994

June ..........................

23,303

2,543

8,075

67,272

July ............................

23,303

2,884

8,075

67,484

Aug ............................

22,334

3,158

8,075

64,658

Sept ...........................

22,725

3,498

7,176

62,989

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

December 2015

40

INTRODUCTION: Bureau of the Fiscal Service Operations
Chapter 31 of Title 31 of the United States Code allows
the Secretary of Treasury to borrow money by issuing
Treasury securities. The Secretary determines the terms and
conditions of issue, conversion, maturity, payment, and
interest rate. New issues of Treasury notes mature in 2 to 10
years. Bonds mature in more than 10 years from the issue
date. Each outstanding marketable security is listed in the
“Monthly Statement of the Public Debt of the United States.”
The information in this section of the “Treasury Bulletin”
pertains only to marketable Treasury securities.
The Bureau of the Fiscal Service is a new bureau within
the Treasury Department, formed on October 7, 2012, from
the consolidation of the Financial Management Service and
the Bureau of the Public Debt. Our mission is to promote the
financial integrity and operational efficiency of the U.S.
government through exceptional accounting, financing,
collections, payments, and shared services. As one bureau,
the organization is better positioned to help transform
financial management and the delivery of shared services in
the federal government. The bureau will be a valued partner
for agencies as they work to strengthen their own financial
management or as they look for a quality service provider
who can allow them to focus on their missions.

Table PDO-1 presents the results of weekly auctions of 4-,
13-, and 26-week bills. Treasury bills mature each Thursday.
Issues of 4- and 13-week bills are reopenings of 26-week
bills. High rates on accepted tenders and the dollar value of
total bids are presented, with the dollar value of awards made
on both competitive and noncompetitive basis.
To encourage the participation of individuals and smaller
institutions, Treasury accepts noncompetitive tenders of up to
$5 million in each auction of securities.
Table PDO-2 lists the results of auctions of marketable
securities, other than weekly bills, in chronological order over
the past 2 years. Issues of cash management bills also are
presented.
Note: On July 31, 2013, Treasury published amendments
to its marketable securities auction rules to accommodate the
auction and issuance of Floating Rate Notes (FRNs). An FRN
is a security that has an interest payment that can change over
time. Treasury FRNs will be indexed to the most recent 13week Treasury bill auction High Rate, which is the highest
accepted discount rate in a Treasury bill auction. FRNs will
pay interest quarterly.

TREASURY FINANCING: JULY-SEPTEMBER
[Source: Bureau of the Fiscal Service, Division of Financing Operations]

JULY
Auction of 3-Year Notes
On July 2, 2015, Treasury announced it would auction
$24,000 million of 3-year notes. The issue was to refund
$52,726 million of securities maturing July 15 and to raise
new cash of approximately $5,274 million.
The 3-year notes of Series AP-2018 were dated and issued
July 15. They are due July 15, 2018, with interest payable on
January 15 and July 15 until maturity. Treasury set an interest
rate of 0-7/8 percent after determining which tenders were
accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
eastern time (e.t.) for noncompetitive tenders and before 1:00
p.m. e.t. for competitive tenders on July 7. Tenders totaled
$75,750 million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.932 percent with an
equivalent price of $99.831755. Treasury accepted in full all
competitive tenders at yields lower than 0.932 percent.
Tenders at the high yield were allotted 74.44 percent. The
median yield was 0.890 percent, and the low yield was 0.700
percent. Noncompetitive tenders totaled $39 million.

December 2015

Competitive tenders accepted from private investors totaled
$23,861 million. The minimum par amount required for
Separate Trading of Registered Interest and Principal
Securities (STRIPS) of notes of Series AP-2018 is $100.
Auction of 9-Year 10-Month 2-1/8 Percent Notes
On July 2, 2015, Treasury announced it would auction
$21,000 million of 9-year 10-month 2-1/8 percent notes. The
issue was to refund $52,726 million of securities maturing
July 15 and to raise new cash of approximately $5,274
million.
The 9-year 10-month notes of Series C-2025 were dated
May 15 and issued July 15. They are due May 15, 2025, with
interest payable on November 15 and May 15 until maturity.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on July 8. Tenders totaled $57,141
million; Treasury accepted $21,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.225 percent with an
equivalent price of $99.118448. Treasury accepted in full all
competitive tenders at yields lower than 2.225 percent.

BUREAU OF THE FISCAL SERVICE OPERATIONS

41

TREASURY FINANCING: JULY-SEPTEMBER, continued
Tenders at the high yield were allotted 22.75 percent. The
median yield was 2.190 percent, and the low yield was 2.120
percent. Noncompetitive tenders totaled $38 million.
Competitive tenders accepted from private investors totaled
$20,962 million. Accrued interest of $3.52242 per $1,000
must be paid for the period from May 15 to July 15. The
minimum par amount required for STRIPS of notes of Series
C-2025 is $100.
Auction of 29-Year 10-Month 3 Percent Bonds
On July 2, 2015, Treasury announced it would auction
$13,000 million of 29-year 10-month 3 percent bonds. The
issue was to refund $52,726 million of securities maturing
July 15 and to raise new cash of approximately $5,274
million.
The 29-year 10-month bonds of May 2045 were dated
May 15 and issued July 15. They are due May 15, 2045, with
interest payable on November 15 and May 15 until maturity.
Treasury received tenders for the bonds before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on July 9. Tenders totaled $29,003
million; Treasury accepted $13,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 3.084 percent with an
equivalent price of $98.364175. Treasury accepted in full all
competitive tenders at yields lower than 3.084 percent.
Tenders at the high yield were allotted 49.67 percent. The
median yield was 3.023 percent, and the low yield was 2.934
percent. Noncompetitive tenders totaled $10 million.
Competitive tenders accepted from private investors totaled
$12,990 million. Accrued interest of $4.97283 per $1,000
must be paid for the period from May 15 to July 15. The
minimum par amount required for STRIPS of bonds of May
2045 is $100.
Auction of 52-Week Bills
On July 16, 2015, Treasury announced it would auction
$25,000 million of 364-day Treasury bills. They were issued
July 23 and will mature July 21, 2016. The issue was to
refund $98,006 million of all maturing bills and to raise new
cash of approximately $14,994 million. Treasury auctioned
the bills on July 21. Tenders totaled $84,303 million; Treasury
accepted $25,000 million, including $147 million of
noncompetitive tenders from the public. The high bank
discount rate was 0.330 percent.
Auction of 10-Year Treasury Inflation-Protected
Security (TIPS)
On July 16, 2015, Treasury announced it would auction
$15,000 million of 10-year TIPS. The issue was to refund
$73,213 million of securities maturing July 31 and to raise
new cash of approximately $46,787 million.

The 10-year TIPS of Series D-2025 were dated July 15
and issued July 31. They are due July 15, 2025, with interest
payable on January 15 and July 15 until maturity. Treasury set
an interest rate of 0-3/8 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the TIPS before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on July 23. Tenders totaled $34,601
million; Treasury accepted $15,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.491 percent with an
equivalent adjusted price of $99.133176. Treasury accepted in
full all competitive tenders at yields lower than 0.491 percent.
Tenders at the high yield were allotted 15.14 percent. The
median yield was 0.413 percent, and the low yield was 0.372
percent. Noncompetitive tenders totaled $28 million.
Competitive tenders accepted from private investors totaled
$14,972 million. Adjusted accrued interest of $0.16347 per
$1,000 must be paid for the period from July 15 to July 31.
Both the unadjusted price of $98.874126 and the unadjusted
accrued interest of $0.16304 were adjusted by an index ratio
of 1.00262, for the period from July 15 to July 31.
The minimum par amount required for STRIPS of TIPS of
Series D-2025 is $100.
Auction of 2-Year Notes
On July 23, 2015, Treasury announced it would auction
$26,000 million of 2-year notes. The issue was to refund
$73,213 million of securities maturing July 31 and to raise
new cash of approximately $46,787 million.
The 2-year notes of Series BD-2017 were dated and issued
July 31. They are due July 31, 2017, with interest payable on
January 31 and July 31 until maturity. Treasury set an interest
rate of 0-5/8 percent after determining which tenders were
accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on July 28. Tenders totaled $88,875
million; Treasury accepted $26,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.690 percent with an
equivalent price of $99.871114. Treasury accepted in full all
competitive tenders at yields lower than 0.690 percent.
Tenders at the high yield were allotted 7.97 percent. The
median yield was 0.651 percent, and the low yield was 0.593
percent. Noncompetitive tenders totaled $168 million.
Competitive tenders accepted from private investors totaled
$25,732 million.
The minimum par amount required for STRIPS of notes of
Series BD-2017 is $100.

December 2015

BUREAU OF THE FISCAL SERVICE OPERATIONS

42

TREASURY FINANCING: JULY-SEPTEMBER, continued
Auction of 2-Year Floating Rate Notes (FRNs)

Auction of 7-Year Notes

On July 23, 2015, Treasury announced it would auction
$15,000 million of 2-year FRNs. The issue was to refund
$73,213 million of securities maturing July 31 and to raise
new cash of approximately $46,787 million.
The 2-year FRNs of Series BE-2017 were dated and
issued July 31. They are due July 31, 2017, with interest
payable on October 31, January 31, April 30, and July 31 until
maturity. Treasury set a spread of 0.077 percent after
determining which tenders were accepted on a discount
margin basis.
Treasury received tenders for the FRNs before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on July 29. Tenders totaled $58,951
million; Treasury accepted $15,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high discount margin of 0.077 percent
with an equivalent price of $100.000000. Treasury accepted in
full all competitive tenders at discount margins lower than
0.077 percent. Tenders at the high discount margin were
allotted 34.13 percent. The median discount margin was 0.068
percent, and the low discount margin was 0.055 percent.
Noncompetitive tenders totaled $8 million. Competitive
tenders accepted from private investors totaled $14,992
million.

On July 23, 2015, Treasury announced it would auction
$29,000 million of 7-year notes. The issue was to refund
$73,213 million of securities maturing July 31 and to raise
new cash of approximately $46,787 million.
The 7-year notes of Series N-2022 were dated and issued
July 31. They are due July 31, 2022, with interest payable on
January 31 and July 31 until maturity. Treasury set an interest
rate of 2 percent after determining which tenders were
accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on July 30. Tenders totaled $71,567
million; Treasury accepted $29,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.021 percent with an
equivalent price of $99.863565. Treasury accepted in full all
competitive tenders at yields lower than 2.021 percent.
Tenders at the high yield were allotted 69.25 percent. The
median yield was 1.975 percent, and the low yield was 1.900
percent. Noncompetitive tenders totaled $13 million.
Competitive tenders accepted from private investors totaled
$28,987 million.
The minimum par amount required for STRIPS of notes of
Series N-2022 is $100.

Auction of 5-Year Notes
On July 23, 2015, Treasury announced it would auction
$35,000 million of 5-year notes. The issue was to refund
$73,213 million of securities maturing July 31 and to raise
new cash of approximately $46,787 million.
The 5-year notes of Series AB-2020 were dated and issued
July 31. They are due July 31, 2020, with interest payable on
January 31 and July 31 until maturity. Treasury set an interest
rate of 1-5/8 percent after determining which tenders were
accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on July 29. Tenders totaled $90,204
million; Treasury accepted $35,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.625 percent with an
equivalent price of $100.000000. Treasury accepted in full all
competitive tenders at yields lower than 1.625 percent.
Tenders at the high yield were allotted 2.98 percent. The
median yield was 1.590 percent, and the low yield was 1.500
percent. Noncompetitive tenders totaled $45 million.
Competitive tenders accepted from private investors totaled
$34,855 million.
The minimum par amount required for STRIPS of notes of
Series AB-2020 is $100.

December 2015

AUGUST
August Quarterly Financing
On August 5, 2015, Treasury announced it would auction
$24,000 million of 3-year notes, $24,000 million of 10-year
notes and $16,000 million of 30-year bonds to refund $67,207
million of securities maturing August 15, 2015 and to pay
down approximately $3,207 million.
The 3-year notes of Series AQ-2018 were dated August 15
and issued August 17. They are due August 15, 2018, with
interest payable on February 15 and August 15 until maturity.
Treasury set an interest rate of 1 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on August 11. Tenders totaled $80,104
million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.013 percent with an
equivalent price of $99.961723. Treasury accepted in full all
competitive tenders at yields lower than 1.013 percent.
Tenders at the high yield were allotted 26.89 percent. The
median yield was 0.965 percent, and the low yield was 0.800
percent. Noncompetitive tenders totaled $66 million.
Competitive tenders accepted from private investors totaled

BUREAU OF THE FISCAL SERVICE OPERATIONS

43

TREASURY FINANCING: JULY-SEPTEMBER, continued
$23,834 million. Accrued interest of $0.05435 per $1,000
must be paid for the period from August 15 to August 17.
In addition to the $24,000 million of tenders accepted in
the auction process, Treasury accepted $482 million from
Federal Reserve Banks (FRBs) for their own accounts. The
minimum par amount required for STRIPS of notes of Series
AQ-2018 is $100.
The 10-year notes of Series E-2025 were dated August 15
and issued August 17. They are due August 15, 2025, with
interest payable on February 15 and August 15 until maturity.
Treasury set an interest rate of 2 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on August 12. Tenders totaled $57,507
million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.115 percent with an
equivalent price of $98.968752. Treasury accepted in full all
competitive tenders at yields lower than 2.115 percent.
Tenders at the high yield were allotted 38.64 percent. The
median yield was 2.050 percent, and the low yield was 1.950
percent. Noncompetitive tenders totaled $35 million.
Competitive tenders accepted from private investors totaled
$23,965 million. Accrued interest of $0.10870 per $1,000
must be paid for the period from August 15 to August 17.
In addition to the $24,000 million of tenders accepted in
the auction process, Treasury accepted $482 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series E-2025 is $100.
The 30-year bonds of August 2045 were dated August 15
and issued August 17. They are due August 15, 2045, with
interest payable on February 15 and August 15 until maturity.
Treasury set an interest rate of 2-7/8 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the bonds before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on August 13. Tenders totaled $36,202
million; Treasury accepted $16,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.880 percent with an
equivalent price of $99.899805. Treasury accepted in full all
competitive tenders at yields lower than 2.880 percent.
Tenders at the high yield were allotted 71.47 percent. The
median yield was 2.810 percent, and the low yield was 2.708
percent. Noncompetitive tenders totaled $6 million.
Competitive tenders accepted from private investors totaled
$15,991 million. Accrued interest of $0.15625 per $1,000
must be paid for the period from August 15 to August 17.
In addition to the $16,000 million of tenders accepted in
the auction process, Treasury accepted $322 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of bonds of August 2045 is $100.

Auction of 19-Day Cash Management Bills
On August 10, 2015, Treasury announced it would auction
$25,000 million of 19-day bills. They were issued August 12
and matured August 31. The issue was to raise new cash of
approximately $25,000 million. Treasury auctioned the bills
on August 11. Tenders totaled $86,020 million; Treasury
accepted $25,000 million. The high bank discount rate was
0.075 percent.
52-Week Bills
On August 13, 2015, Treasury announced it would auction
$22,000 million of 364-day Treasury bills. They were issued
August 20 and will mature August 18, 2016. The issue was to
refund $115,001 million of all maturing bills and to pay down
approximately $5,001 million. Treasury auctioned the bills on
August 18. Tenders totaled $83,705 million; Treasury
accepted $22,001 million, including $125 million of
noncompetitive tenders from the public. The high bank
discount rate was 0.410 percent.
Auction of 4-Year 8-Month 0-1/8 Percent TIPS
On August 13, 2015, Treasury announced it would auction
$16,000 million of 4-year 8-month 0-1/8 percent TIPS. The
issue was to refund $70,881 million of securities maturing
August 31 and to raise new cash of approximately $35,119
million.
The 4-year 8-month 0-1/8 percent TIPS of Series X-2020
were dated April 15 and issued August 31. They are due April
15, 2020, with interest payable on October 15 and April 15
until maturity.
Treasury received tenders for the TIPS before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on August 20. Tenders totaled $41,350
million; Treasury accepted $16,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.305 percent with an
equivalent adjusted price of $101.050681. Treasury accepted
in full all competitive tenders at yields lower than 0.305
percent. Tenders at the high yield were allotted 9.23 percent.
The median yield was 0.286 percent, and the low yield was
0.200 percent. Noncompetitive tenders totaled $24 million.
Competitive tenders accepted from private investors totaled
$15,976 million. Adjusted accrued interest of $0.48023 per
$1,000 must be paid for the period from April 15 to August
31. Both the unadjusted price of $99.174303 and the
unadjusted accrued interest of $0.47131 were adjusted by an
index ratio of 1.01892, for the period from April 15 to August
31. The minimum par amount required for STRIPS of TIPS of
Series X-2020 is $100.

December 2015

BUREAU OF THE FISCAL SERVICE OPERATIONS

44

TREASURY FINANCING: JULY-SEPTEMBER, continued
Auction of 2-Year Notes
On August 20, 2015, Treasury announced it would auction
$26,000 million of 2-year notes. The issue was to refund
$70,881 million of securities maturing August 31 and to raise
new cash of approximately $35,119 million.
The 2-year notes of Series AC-2017 were dated and issued
August 31. They are due August 31, 2017, with interest
payable on February 29 and August 31 until maturity.
Treasury set an interest rate of 0-5/8 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on August 25. Tenders totaled $82,273
million; Treasury accepted $26,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.663 percent with an
equivalent price of $99.924626. Treasury accepted in full all
competitive tenders at yields lower than 0.663 percent.
Tenders at the high yield were allotted 30.51 percent. The
median yield was 0.640 percent, and the low yield was 0.530
percent. Noncompetitive tenders totaled $138 million.
Competitive tenders accepted from private investors totaled
$25,762 million. The minimum par amount required for
STRIPS of notes of Series AC-2017 is $100.
Auction of 1-Year 11-Month 0.077 Percent FRNs
On August 20, 2015, Treasury announced it would auction
$13,000 million of 1-year 11-month 0.077 percent FRNs. The
issue was to raise new cash of approximately $13,000 million.
The 1-year 11-month 0.077 percent FRNs of Series BE2017 were dated July 31 and issued August 28. They are due
July 31, 2017, with interest payable on October 31, January
31, April 30, and July 31 until maturity.
Treasury received tenders for the FRNs before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on August 26. Tenders totaled $45,458
million; Treasury accepted $13,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high discount margin of 0.086 percent
with an equivalent price of $99.982448. Treasury accepted in
full all competitive tenders at discount margins lower than
0.086 percent. Tenders at the high discount margin were
allotted 28.84 percent. The median discount margin was 0.075
percent, and the low discount margin was 0.065 percent.
Noncompetitive tenders totaled $3 million. Competitive
tenders accepted from private investors totaled $12,997
million. Accrued interest of $0.012893380 per $100 must be
paid for the period from July 31 to August 28.

$70,881 million of securities maturing August 31 and to raise
new cash of approximately $35,119 million.
The 5-year notes of Series AC-2020 were dated and issued
August 31. They are due August 31, 2020, with interest
payable on February 29 and August 31 until maturity.
Treasury set an interest rate of 1-3/8 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on August 26. Tenders totaled $82,073
million; Treasury accepted $35,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.463 percent with an
equivalent price of $99.577196. Treasury accepted in full all
competitive tenders at yields lower than 1.463 percent.
Tenders at the high yield were allotted 58.27 percent. The
median yield was 1.417 percent, and the low yield was 1.200
percent. Noncompetitive tenders totaled $36 million.
Competitive tenders accepted from private investors totaled
$34,964 million. The minimum par amount required for
STRIPS of notes of Series AC-2020 is $100.
Auction of 7-Year Notes
On August 20, 2015, Treasury announced it would auction
$29,000 million of 7-year notes. The issue was to refund
$70,881 million of securities maturing August 31 and to raise
new cash of approximately $35,119 million.
The 7-year notes of Series P-2022 were dated and issued
August 31. They are due August 31, 2022, with interest
payable on February 29 and August 31 until maturity.
Treasury set an interest rate of 1-7/8 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on August 27. Tenders totaled $73,265
million; Treasury accepted $29,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.930 percent with an
equivalent price of $99.641487. Treasury accepted in full all
competitive tenders at yields lower than 1.930 percent.
Tenders at the high yield were allotted 72.84 percent. The
median yield was 1.890 percent, and the low yield was 1.808
percent. Noncompetitive tenders totaled $15 million.
Competitive tenders accepted from private investors totaled
$28,985 million. The minimum par amount required for
STRIPS of notes of Series P-2022 is $100.

SEPTEMBER

Auction of 5-Year Notes

Auction of 14-Day Cash Management Bills

On August 20, 2015, Treasury announced it would auction
$35,000 million of 5-year notes. The issue was to refund

On August 27, 2015, Treasury announced it would auction
$25,000 million of 14-day bills. They were issued September

December 2015

BUREAU OF THE FISCAL SERVICE OPERATIONS

45

TREASURY FINANCING: JULY-SEPTEMBER, continued
1 and matured September 15. The issue was to raise new cash
of approximately $25,000 million. Treasury auctioned the
bills on August 31. Tenders totaled $91,950 million; Treasury
accepted $25,000 million. The high bank discount rate was
0.075 percent.

Competitive tenders accepted from private investors totaled
$20,991 million. Accrued interest of $1.68478 per $1,000
must be paid for the period from August 15 to September 15.
The minimum par amount required for STRIPS of notes of
Series E-2025 is $100.

Auction of 3-Year Notes

Auction of 29-Year 11-Month 2-7/8 Percent Bonds

On September 3, 2015, Treasury announced it would
auction $24,000 million of 3-year notes. The issue was to
refund $32,000 million of securities maturing September 15
and to raise new cash of approximately $26,000 million.
The 3-year notes of Series AR-2018 were dated and issued
September 15. They are due September 15, 2018, with interest
payable on March 15 and September 15 until maturity.
Treasury set an interest rate of 1 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on September 8. Tenders totaled $77,601
million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.056 percent with an
equivalent price of $99.835061. Treasury accepted in full all
competitive tenders at yields lower than 1.056 percent.
Tenders at the high yield were allotted 30.74 percent. The
median yield was 1.015 percent, and the low yield was 0.800
percent. Noncompetitive tenders totaled $40 million.
Competitive tenders accepted from private investors totaled
$23,960 million. The minimum par amount required for
STRIPS of notes of Series AR-2018 is $100.

On September 3, 2015, Treasury announced it would
auction $13,000 million of 29-year 11-month 2-7/8 percent
bonds. The issue was to refund $32,000 million of securities
maturing September 15 and to raise new cash of
approximately $26,000 million.
The 29-year 11-month 2-7/8 percent bonds of August
2045 were dated August 15 and issued September 15. They
are due August 15, 2045, with interest payable on February 15
and August 15 until maturity.
Treasury received tenders for the bonds before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on September 10. Tenders totaled $32,962
million; Treasury accepted $13,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.980 percent with an
equivalent price of $97.927845. Treasury accepted in full all
competitive tenders at yields lower than 2.980 percent.
Tenders at the high yield were allotted 27.92 percent. The
median yield was 2.950 percent, and the low yield was 2.888
percent. Noncompetitive tenders totaled $13 million.
Competitive tenders accepted from private investors totaled
$12,987 million. Accrued interest of $2.42187 per $1,000
must be paid for the period from August 15 to September 15.
The minimum par amount required for STRIPS of bonds of
August 2045 is $100.

Auction of 9-Year 11-Month 2 Percent Notes
On September 3, 2015, Treasury announced it would
auction $21,000 million of 9-year 11-month 2 percent notes.
The issue was to refund $32,000 million of securities
maturing September 15 and to raise new cash of
approximately $26,000 million.
The 9-year 11-month 2 percent notes of Series E-2025
were dated August 15 and issued September 15. They are due
August 15, 2025, with interest payable on February 15 and
August 15 until maturity.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on September 9. Tenders totaled $56,761
million; Treasury accepted $21,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.235 percent with an
equivalent price of $97.918678. Treasury accepted in full all
competitive tenders at yields lower than 2.235 percent.
Tenders at the high yield were allotted 68.42 percent. The
median yield was 2.190 percent, and the low yield was 2.100
percent. Noncompetitive tenders totaled $9 million.

Auction of 21-Day Cash Management Bills
On September 8, 2015, Treasury announced it would
auction $25,000 million of 21-day bills. They were issued
September 10 and matured October 1. The issue was to raise
new cash of approximately $99,000 million. Treasury
auctioned the bills on September 9. Tenders totaled $79,470
million; Treasury accepted $25,001 million. The high bank
discount rate was 0.015 percent.
52-Week Bills
On September 10, 2015, Treasury announced it would
auction $20,000 million of 364-day Treasury bills. They were
issued September 17 and will mature September 15, 2016.
The issue was to refund $114,997 million of all maturing bills
and to pay down approximately $34,997 million. Treasury
auctioned the bills on September 15. Tenders totaled $63,382
million; Treasury accepted $20,000 million, including $131
million of noncompetitive tenders from the public. The high
bank discount rate was 0.440 percent.

December 2015

BUREAU OF THE FISCAL SERVICE OPERATIONS

46

TREASURY FINANCING: JULY-SEPTEMBER, continued
Auction of 9-Year 10-Month 0-3/8 Percent TIPS
On September 10, 2015, Treasury announced it would
auction $13,000 million of 9-year 10-month 0-3/8 percent
TIPS. The issue was to refund $69,102 million of securities
maturing September 30 and to raise new cash of
approximately $33,898 million.
The 9-year 10-month 0-3/8 percent TIPS of Series D-2025
were dated July 15 and issued September 30. They are due
July 15, 2025, with interest payable on January 15 and July 15
until maturity.
Treasury received tenders for the TIPS before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on September 18. Tenders totaled $30,650
million; Treasury accepted $13,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.600 percent with an
equivalent adjusted price of $98.486859. Treasury accepted in
full all competitive tenders at yields lower than 0.600 percent.
Tenders at the high yield were allotted 59.17 percent. The
median yield was 0.530 percent, and the low yield was 0.450
percent. Noncompetitive tenders totaled $12 million.
Competitive tenders accepted from private investors totaled
$12,988 million. Adjusted accrued interest of $0.78965 per
$1,000 must be paid for the period from July 15 to September
30. Both the unadjusted price of $97.863469 and the
unadjusted accrued interest of $0.78465 were adjusted by an
index ratio of 1.00637, for the period from July 15 to
September 30. The minimum par amount required for STRIPS
of TIPS of Series D-2025 is $100.
Auction of 2-Year Notes
On September 17, 2015, Treasury announced it would
auction $26,000 million of 2-year notes. The issue was to
refund $69,102 million of securities maturing September 30
and to raise new cash of approximately $33,898 million.
The 2-year notes of Series AD-2017 were dated and issued
September 30. They are due September 30, 2017, with interest
payable on March 31 and September 30 until maturity.
Treasury set an interest rate of 0-5/8 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on September 22. Tenders totaled $85,004
million; Treasury accepted $26,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.699 percent with an
equivalent price of $99.853284. Treasury accepted in full all
competitive tenders at yields lower than 0.699 percent.
Tenders at the high yield were allotted 59.32 percent. The
median yield was 0.668 percent, and the low yield was 0.530
percent. Noncompetitive tenders totaled $143 million.
Competitive tenders accepted from private investors totaled

December 2015

$25,857 million. The minimum par amount required for
STRIPS of notes of Series AD-2017 is $100.
Auction of 1-Year 10-Month 0.077 Percent FRNs
On September 17, 2015, Treasury announced it would
auction $13,000 million of 1-year 10-month 0.077 percent
FRNs. The issue was to raise new cash of approximately
$13,000 million.
The 1-year 10-month 0.077 percent FRNs of Series BE2017 were dated July 31 and issued September 25. They are
due July 31, 2017, with interest payable on October 31,
January 31, April 30, and July 31 until maturity.
Treasury received tenders for the FRNs before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on September 23. Tenders totaled $37,318
million; Treasury accepted $13,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high discount margin of 0.120 percent
with an equivalent price of $99.919479. Treasury accepted in
full all competitive tenders at discount margins lower than
0.120 percent. Tenders at the high discount margin were
allotted 4.21 percent. The median discount margin was 0.105
percent, and the low discount margin was 0.075 percent.
Noncompetitive tenders totaled $8 million. Competitive
tenders accepted from private investors totaled $12,992
million. Accrued interest of $0.023911014 per $100 must be
paid for the period from July 31 to September 25.
Auction of 5-Year Notes
On September 17, 2015, Treasury announced it would
auction $35,000 million of 5-year notes. The issue was to
refund $69,102 million of securities maturing September 30
and to raise new cash of approximately $33,898 million.
The 5-year notes of Series AD-2020 were dated and issued
September 30. They are due September 30, 2020, with interest
payable on March 31 and September 30 until maturity.
Treasury set an interest rate of 1-3/8 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on September 23. Tenders totaled $90,015
million; Treasury accepted $35,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.467 percent with an
equivalent price of $99.558026. Treasury accepted in full all
competitive tenders at yields lower than 1.467 percent.
Tenders at the high yield were allotted 78.98 percent. The
median yield was 1.434 percent, and the low yield was 1.350
percent. Noncompetitive tenders totaled $35 million.
Competitive tenders accepted from private investors totaled
$34,965 million. The minimum par amount required for
STRIPS of notes of Series AD-2020 is $100.

BUREAU OF THE FISCAL SERVICE OPERATIONS

47

TREASURY FINANCING: JULY-SEPTEMBER, continued
Auction of 7-Year Notes
On September 17, 2015, Treasury announced it would
auction $29,000 million of 7-year notes. The issue was to
refund $69,102 million of securities maturing September 30
and to raise new cash of approximately $33,898 million.
The 7-year notes of Series Q-2022 were dated and issued
September 30. They are due September 30, 2022, with interest
payable on March 31 and September 30 until maturity.
Treasury set an interest rate of 1-3/4 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for

competitive tenders on September 24. Tenders totaled $72,928
million; Treasury accepted $29,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.813 percent with an
equivalent price of $99.587587. Treasury accepted in full all
competitive tenders at yields lower than 1.813 percent.
Tenders at the high yield were allotted 5.06 percent. The
median yield was 1.776 percent, and the low yield was 1.700
percent. Noncompetitive tenders totaled $16 million.
Competitive tenders accepted from private investors totaled
$28,984 million. The minimum par amount required for
STRIPS of notes of Series Q-2022 is $100.

December 2015

BUREAU OF THE FISCAL SERVICE OPERATIONS

48

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills
[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

On total competitive bids accepted

Issue date

Description of new issue
Amount
Number
Maturity
of bids
of days to
date
tendered
maturity 1
(1)
(2)
(3)

Amounts of bids accepted
On
On nonTotal
competitive competitive
basis
amount 2
basis 3
(4)
(5)
(6)

High
price per
hundred
(7)

High
discount
rate
(percent)
(8)

High investment rate
(percent) 4
(9)

0.015
0.015
0.110
0.015
0.015
0.085
0.020
0.015
0.100
0.035
0.030
0.135
0.050
0.050
0.145
0.050
0.075
0.165
0.050
0.125
0.245
0.040
0.105
0.245
0.045
0.050
0.200
0.000
0.095
0.270
0.005
0.075
0.275
0.000
0.055
0.260
0.000
0.005
0.115

0.015
0.015
0.112
0.015
0.015
0.086
0.020
0.015
0.102
0.036
0.031
0.137
0.051
0.051
0.148
0.051
0.076
0.168
0.051
0.127
0.249
0.041
0.107
0.249
0.046
0.051
0.204
0.000
0.097
0.275
0.005
0.076
0.280
0.000
0.056
0.265
0.000
0.005
0.117

Regular weekly:
(4 week, 13 week, and 26 week)
2015 - July 02..................

July 09 .................

July 16 .................

July 23 .................

July 30 .................

Aug. 06 ................

Aug. 13 ................

Aug. 20 ................

Aug. 27 ................

Sept. 03 ...............

Sept. 10 ...............

Sept. 17 ...............

Sept. 24 ...............

1

2015 - July 30
Oct. 01
Dec.31
2015 - Aug. 06
Oct. 08
2016 - Jan. 07
2015 - Aug. 13
Oct. 15
2016 - Jan. 14
2015 - Aug. 20
Oct. 22
2016 - Jan. 21
2015 - Aug. 27
Oct. 29
2016 - Jan. 28
2015 - Sept. 03
Nov. 05
2016 - Feb. 04
2015 - Sept. 10
Nov. 12
2016 - Feb. 11
2015 - Sept. 17
Nov. 19
2016 - Feb. 18
2015 - Sept. 24
Nov. 27
2016 - Feb. 25
2015 - Oct. 01
Dec. 03
2016 - Mar. 03
2015 - Oct. 08
Dec. 10
2016 - Mar. 10
2015 - Oct. 15
Dec. 17
2016 - Mar. 17
2015 - Oct. 22
Dec. 24
2016 - Mar. 24

28
91
182
28
91
182
28
91
182
28
91
182
28
91
182
28
91
182
28
91
182
28
91
182
28
92
182
28
91
182
28
91
182
28
91
182
28
91
182

112,033.7
95,075.2
92,249.2
135,683.7
91,694.3
96,786.8
134,174.7
97,569.7
93,424.1
140,996.9
92,018.7
88,064.3
138,853.3
88,292.9
95,805.4
144,778.4
98,165.8
93,443.5
125,291.1
87,426.6
84,501.3
133,501.9
91,348.4
88,459.9
130,963.8
83,659.7
84,258.9
121,667.1
89,122.9
89,840.5
106,352.2
85,627.5
83,990.6
81,484.3
76,714.9
79,791.0
142,132.2
78,917.2
77,211.1

30,000.2
24,000.4
24,000.1
40,000.0
24,000.4
24,000.3
45,000.9
24,000.5
24,000.1
40,001.0
24,000.3
24,000.1
40,000.3
24,000.4
24,000.3
40,000.1
24,000.5
24,000.0
40,000.1
24,000.1
24,000.2
40,000.4
24,000.2
24,000.0
40,000.4
24,000.3
24,000.6
35,003.0
24,000.1
24,000.3
30,000.2
22,000.1
22,000.1
20,001.1
20,000.1
20,000.5
15,001.7
20,000.6
20,000.3

All 4-week and 13-week bills represent additional issues of bills with an original maturity
of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an
original maturity of 52 weeks.
2
Includes amount awarded to the Federal Reserve System.

December 2015

29,720.9
23,157.2
23,247.9
39,745.1
23,536.4
23,410.5
44,745.9
23,425.1
23,473.4
39,740.1
23,628.7
23,281.3
39,319.0
22,725.8
22,682.5
39,742.3
23,521.7
23,235.5
39,748.5
23,530.2
23,048.8
39,746.5
23,531.6
23,172.6
38,973.8
22,923.2
22,975.6
34,744.1
23,454.0
23,450.6
29,747.5
21,641.7
21,361.2
19,768.1
19,549.6
19,463.4
14,738.8
19,518.0
19,391.2

279.3
391.6
274.5
255.0
364.0
288.8
255.1
375.4
350.7
261.0
371.7
442.8
289.7
374.6
341.8
257.8
328.8
288.5
251.6
369.9
375.4
253.9
368.5
371.4
295.4
374.2
346.7
259.0
346.1
273.7
252.7
358.5
262.8
233.0
350.6
261.1
262.9
382.6
333.1

99.998833
99.996208
99.944389
99.998833
99.996208
99.957028
99.998444
99.996208
99.949444
99.997278
99.992417
99.931750
99.996111
99.987361
99.926694
99.996111
99.981042
99.916583
99.996111
99.968403
99.876139
99.996889
99.973458
99.876139
99.996500
99.987222
99.898889
100.000000
99.975986
99.863500
99.999611
99.981042
99.860972
100.000000
99.986097
99.868556
100.000000
99.998736
99.941861

3
Tenders for $5 million or less from any one bidder are accepted in full at the high
price of accepted competitive bids. All Treasury Marketable auctions are conducted
in a single-price format as of November 2, 1998.
4
Equivalent coupon-issue yield.

BUREAU OF THE FISCAL SERVICE OPERATIONS

49

TABLE PDO-2—Offerings of Marketable Securities
Other than Regular Weekly Treasury Bills
[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

Description of securities 1
(2)

07/07/15

07/15/15

0.875% note—07/15/18-AP

3y

07/08/15

07/15/15

2.125% note—05/15/25-C

9y

10m

07/09/15

07/15/15

3.000% bond—05/15/45

29y

10m

07/21/15

07/23/15

0.330% bill—07/21/16

07/29/15

07/31/15

0.077% FRN—07/31/17-BE

07/28/15

07/31/15

07/29/15

07/31/15

07/30/15

Auction date

1

Period to final maturity
(years, months, days) 2
(3)

Issue date
(1)

Amount
accepted 3, 4
(5)

Accepted
yield/discount
margin and
equivalent price
for notes and
bonds
(6)

75,750

24,000

0.932 - 99.831755

57,141

21,000

2.225 - 99.118448
3.084 - 98.364175

Amount
tendered
(4)

29,003

13,000

84,303

25,000

2y

58,951

15,000

0.000 - 100.000000

0.625% note—07/31/17-BD

2y

88,875

26,000

0.690 - 99.871114

1.625% note—07/31/20-AB

5y

90,204

35,000

1.625 - 100.000000

07/31/15

2.000% note—07/31/22-N

7y

71,567

29,000

2.021 - 99.863565

07/23/15

07/31/15

0.375% TIPS—07/15/25-D

10y

34,601

15,000

0.491 - 99.133176

08/11/15

08/17/15

1.000% note—08/15/18-AQ

3y

80,587

24,482

1.013 - 99.961723

08/12/15

08/17/15

2.000% note—08/15/25-E

10y

57,990

24,482

2.115 - 98.968752

08/13/15

08/17/15

2.875% bond—08/15/45

30y

36,523

16,322

2.880 - 99.899805

08/18/15

08/20/15

0.410% bill—08/18/16

08/26/15

08/28/15

0.086% FRN—07/31/17-BE

1y

08/25/15

08/31/15

0.625% note—08/31/17-AC

2y

364d

364d
11m

83,705

22,001

45,458

13,000

0.000 - 99.982448

82,273

26,000

0.663 - 99.924626

08/20/15

08/31/15

0.125% TIPS—04/15/20-X

4y

41,350

16,000

0.305 - 101.050681

08/26/15

08/31/15

1.375% note—08/31/20-AC

5y

82,073

35,000

1.463 - 99.577196

08/27/15

08/31/15

1.875% note—08/31/22-P

7y

73,265

29,000

1.930 - 99.641487

09/08/15

09/15/15

1.000% note—09/15/18-AR

3y

77,601

24,000

1.056 - 99.835061

09/09/15

09/15/15

2.000% note—08/15/25-E

9y

11m

56,761

21,000

2.235 - 97.918678

09/10/15

09/15/15

2.875% bond—08/15/45

29y

11m

32,962

13,000

2.980 - 97.927845

09/15/15

09/17/15

0.440% bill—09/15/16

63,382

20,000

09/23/15

09/25/15

0.120% FRN—07/31/17-BE

1y

37,318

13,000

0.000 - 99.919479

09/22/15

09/30/15

0.625% note—09/30/17-AD

2y

85,004

26,000

0.699 - 99.853284

09/23/15

09/30/15

1.375% note—09/30/20-AD

5y

90,015

35,000

1.467 - 99.558026

09/24/15

09/30/15

1.750% note—09/30/22-Q

5y

72,928

29,000

1.813 - 99.587587

09/18/15

09/30/15

0.375% TIPS—07/15/25-D

9y

30,650

13,000

0.600 - 98.486859

8m

364d

Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank
discount rate. For note and bond issues, the rate shown is the interest rate. For details of
bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and
bonds are eligible for STRIPS.
2
From date of additional issue in case of a reopening.
3
In reopenings, the amount accepted is in addition to the amount of original offerings.

10m

10m

4
Includes securities issued to the Federal Reserve System; and to foreign and international
monetary authorities, whether in exchange for maturing securities or for new cash.

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on
auction day.

December 2015

50

INTRODUCTION: Ownership of Federal Securities
Federal securities presented in the following tables are
public debt securities such as savings bonds, bills, notes, and
bonds that the Treasury issues. The tables also detail debt
issued by other Federal agencies under special financing
authorities. [See the Federal debt (FD) tables for a more
complete description of the Federal debt.]
Effective January 1, 2001, Treasury’s Bureau of the
Fiscal Service revised formats, titles, and column headings
in the “Monthly Statement of the Public Debt of the United
States,” Table I: Summary of Treasury Securities
Outstanding and Table II: Statutory Debt Limit. These
changes should reduce confusion and bring the publication
more in line with the public’s use of terms.
Treasury’s Bureau of the Fiscal Service compiles data in
the “Treasury Bulletin” table OFS-1 from the “Monthly
Statement of the Public Debt of the United States.” Effective
June 2001, Bureau of the Fiscal Service revised procedures
and categories in this table to agree with the Bureau of the
Fiscal Service’s publication changes.

December 2015

 Table OFS-1 presents Treasury marketable and
nonmarketable securities and debt issued by other Federal
agencies held by Government accounts, the FRBs, and
private investors. Social Security and Federal retirement
trust fund investments comprise much of the Government
account holdings.
The FRBs acquire Treasury securities in the market as a
means of executing monetary policy.
 Table OFS-2 presents the estimated ownership of
U.S. Treasury securities. Information is primarily obtained
from the Federal Reserve Board of Governors Flow of Funds
data, Table L209. State, local, and foreign holdings include
special issues of nonmarketable securities to municipal
entities and foreign official accounts. They also include
municipal, foreign official, and private holdings of
marketable Treasury securities. (See footnotes to the table
for description of investor categories.)

OWNERSHIP OF FEDERAL SECURITIES

51

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues
[In millions of dollars. Source: Bureau of the Fiscal Service]

Total
Federal
securities
outstanding
(1)

Total
outstanding
(2)

2011 ................................................
2012 ................................................
2013 ................................................
2014 ................................................
2015 ................................................

14,815,328
16,090,640
16,763,286
17,847,931
18,174,718

14,790,340
16,066,241
16,738,183
17,824,071
18,150,618

2014 - Sept ......................................
Oct .......................................
Nov ......................................
Dec ......................................
2015 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................

17,847,931
17,961,205
18,029,642
18,165,823
18,106,687
18,179,940
18,176,192
18,177,024
18,177,341
18,176,653
18,175,987
18,175,446
18,174,718

17,824,071
17,937,160
18,005,549
18,141,444
18,082,294
18,155,854
18,152,056
18,152,560
18,152,852
18,151,998
18,151,323
18,151,150
18,150,618

End of
fiscal year
or month

Public debt securities
Held by U.S. Government accounts
Marketable
(4)

Nonmarketable
(5)

Public issues
held by Federal
Reserve banks
(6)

4,658,307
4,791,850
4,757,211
5,039,265
5,026,867

-

4,658,307
4,791,850
4,757,211
5,039,265
5,026,867

1,689,186
1,744,275
2,315,023
2,767,288
2,802,101

5,039,265
5,080,309
5,083,072
5,117,626
5,097,507
5,081,983
5,061,878
5,099,005
5,100,242
5,076,967
5,016,394
5,031,582
5,026,867

-

5,039,265
5,080,309
5,083,072
5,117,626
5,097,507
5,081,983
5,061,878
5,099,005
5,100,242
5,076,967
5,016,394
5,031,582
5,026,867

2,767,288
2,801,510
2,788,984
2,793,384
2,796,026
2,797,128
2,797,509
2,795,913
2,794,521
2,798,523
2,799,164
2,799,426
2,802,101

Total
(3)

Public debt securities, continued

Agency securities 1

Held by private investors
End of
fiscal year
or month

Total
outstanding
(10)

Held by
Government
accounts
(12)

Total
(7)

Marketable
(8)

2011 ................................................
2012 ................................................
2013 ................................................
2014 ................................................
2015 ................................................

8,442,847
9,530,116
9,665,949
10,017,518
10,321,650

7,935,360
9,005,483
9,281,132
9,526,925
10,051,650

507,488
524,634
384,818
490,594
270,000

24,988
24,399
25,103
23,860
24,100

24,982
24,394
25,098
23,857
24,095

5
5
5
3
5

2014 - Sept ......................................
Oct .......................................
Nov ......................................
Dec ......................................
2015 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................

10,017,518
10,055,341
10,133,493
10,230,434
10,188,761
10,276,743
10,292,669
10,257,642
10,258,089
10,276,508
10,335,765
10,320,142
10,321,650

9,526,925
9,561,064
9,632,417
9,725,010
9,687,271
9,773,197
9,846,298
9,849,592
9,893,497
9,912,571
10,014,268
10,047,123
10,051,650

490,594
494,277
501,076
505,424
501,490
503,546
446,371
408,050
364,592
363,937
321,497
273,019
270,000

23,860
24,045
24,093
24,379
24,393
24,086
24,136
24,464
24,489
24,655
24,664
24,296
24,100

23,857
24,042
24,088
24,374
24,388
24,081
24,131
24,459
24,484
24,650
24,659
24,291
24,095

3
3
5
5
5
5
5
5
5
5
5
5
5

1

Table has been revised to show separate amounts for Agency Securities to include
Held by Private Investors and Held by Government Accounts.

Nonmarketable
(9)

Held by
private
investors
(11)

—

Note
Public issues held by the Federal Reserve banks have been revised to include
Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal
National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal
Home Loan Bank System.

December 2015

OWNERSHIP OF FEDERAL SECURITIES

52

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities
[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Pension funds 3

End of month

Total
public
debt 1
(1)

2015 - Sept ........
June .......
Mar .........
2014 - Dec .........
Sept ........
June .......
Mar .........
2013 - Dec .........
Sept ........
June .......
Mar .........
2012 - Dec .........
Sept ........
June .......
Mar .........
2011 - Dec .........
Sept ........
June .......
Mar .........
2010 - Dec .........
Sept ........
June .......
Mar .........
2009 - Dec .........
Sept ........
June .......
Mar .........
2008 - Dec .........
Sept ........
June .......
Mar .........
2007 - Dec .........
Sept ........
June .......
Mar .........
2006 - Dec .........
Sept ........
June .......
Mar .........
2005 - Dec .........
Sept ........
June .......
Mar .........

18,151
18,152
18,152
18,141
17,824
17,633
17,601
17,352
16,738
16,738
16,772
16,433
16,066
15,855
15,582
15,223
14,790
14,343
14,270
14,025
13,562
13,202
12,773
12,311
11,910
11,545
11,127
10,700
10,025
9,492
9,438
9,229
9,008
8,868
8,850
8,680
8,507
8,420
8,371
8,170
7,933
7,836
7,777

1

SOMA and
Intragovernmental
Holdings 2,3
(2)
7,489
7,537
7,521
7,579
7,491
7,461
7,302
7,205
6,834
6,773
6,657
6,524
6,447
6,476
6,397
6,440
6,328
6,220
5,959
5,656
5,350
5,345
5,260
5,277
5,127
5,027
4,785
4,806
4,693
4,686
4,695
4,834
4,738
4,715
4,577
4,558
4,433
4,389
4,257
4,200
4,068
4,034
3,922

Total
U.S.
privately Depository savings
held
institutions 4, 5 bonds 6
(3)
(4)
(5)
10,662
10,615
10,631
10,563
10,333
10,172
10,300
10,147
9,904
9,965
10,115
9,909
9,619
9,380
9,185
8,783
8,462
8,123
8,311
8,369
8,211
7,857
7,513
7,034
6,783
6,518
6,342
5,893
5,332
4,806
4,743
4,396
4,270
4,153
4,273
4,122
4,074
4,031
4,114
3,971
3,865
3,803
3,855

n.a.
515
512
514
471
407
368
321
293
300
339
348
338
303
317
280
294
279
321
319
323
266
269
202
198
141
126
105
130
113
125
130
120
110
120
115
114
119
113
129
134
136
149

173
174
175
176
177
178
178
179
180
181
182
182
184
185
185
185
185
186
187
188
189
190
190
191
192
194
194
194
194
195
195
196
197
199
200
202
204
205
206
205
204
204
204

Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face
value.
2
Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of
condition, for System Open Market Accounts; and the U.S. Treasury MSPD for
intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held
under repurchase agreements.
3
As of February 2005, the debt held by Government Accounts was renamed to
Intragovernmental holdings.
4
Source: Federal Reserve Board of Governors, Flow of Funds Table L.209.
5
Includes U.S. chartered depository institutions, foreign banking offices in the United
States, banks in U.S. affiliated areas, credit unions, and bank holding companies.
6
Sources: “Monthly Statement of the Public Debt of the United States from January 1996.
Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977
through December 1995. Includes myRA as of December 2014. Current accrual value.

December 2015

Private 7
(6)
n.a.
403
463
517
507
498
493
487
368
464
475
477
458
437
416
401
382
259
350
337
327
316
304
296
286
282
273
260
253
244
240
229
225
221
220
216
202
192
186
184
184
180
177
7

State and Insurance
compalocal
nies 4
governments
(8)
(7)
n.a.
161
162
177
185
189
189
188
183
178
174
173
171
171
169
161
156
158
158
154
145
150
154
151
146
145
137
130
137
135
135
144
153
162
156
153
149
150
153
154
161
166
157

n.a.
293
295
285
280
274
267
265
262
263
267
271
270
269
271
272
260
255
254
248
241
232
226
222
210
200
191
171
163
159
152
142
155
169
185
198
197
196
200
202
201
195
193

Mutual
funds 4, 8
(9)
n.a.
1,056
1,097
1,030
1,024
977
1,123
1,118
1,091
1,080
1,102
1,033
984
964
970
896
815
768
750
722
671
677
678
669
669
712
721
758
631
440
467
344
293
258
263
248
234
243
254
254
247
249
264

State and
Foreign
local
govern- and interments 4
national 9
(10)
(11)
n.a.
642
653
637
616
620
601
600
597
622
619
610
596
585
567
561
558
572
585
596
586
584
585
586
584
589
588
601
614
635
646
648
643
638
608
571
542
532
516
512
494
461
429

n.a.
6,175
6,176
6,156
6,070
6,019
5,948
5,793
5,653
5,595
5,725
5,574
5,476
5,311
5,145
5,007
4,912
4,691
4,481
4,436
4,324
4,070
3,878
3,685
3,571
3,461
3,266
3,077
2,802
2,587
2,506
2,353
2,235
2,192
2,195
2,103
2,025
1,978
2,082
2,034
1,930
1,878
1,952

Other
investors 10
(12)
n.a.
1,198
1,098
1,072
1,003
1,010
1,132
1,196
1,278
1,282
1,233
1,241
1,143
1,155
1,143
1,021
902
955
1,225
1,369
1,405
1,372
1,229
1,032
928
797
847
597
407
297
276
210
248
204
325
316
407
416
404
295
312
334
329

Includes U.S. Treasury securities held by the Federal Employees Retirement System
Thrift Savings Plan "G Fund."
Includes money market mutual funds, mutual funds, and closed-end investment
companies.
9
Source: Federal Reserve Board Treasury International Capital Survey. Includes
nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes
Treasury securities held under repurchase agreements in custody accounts at the Federal
Reserve Bank of New York. For additional information, see:
http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx.
10
Includes individuals, Government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and non-corporate businesses, and other investors.

8

53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation
The U.S. Currency and Coin Outstanding and in
Circulation (USCC) statement informs the public of the total
face value of currency and coin used as a medium of
exchange that is in circulation at the end of a given
accounting month. The statement defines the total amount of
currency and coin outstanding and the portion deemed to be
in circulation. It includes some old and current rare issues
that do not circulate or that may do so to a limited extent.
Treasury includes them in the statement because the issues
were originally intended for general circulation.

The USCC statement provides a description of the
various issues of paper money. It also gives an estimated
average of currency and coin held by each individual, using
estimates of population from the Bureau of the Census.
USCC information has been published by Treasury since
1888, and was published separately until 1983, when it was
incorporated into the “Treasury Bulletin.” The USCC comes
from monthly reports compiled by Treasury offices, U.S.
Mint offices, the Federal Reserve banks (FRBs), and the
Federal Reserve Board.

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2015
[Source: Bureau of the Fiscal Service]

Currency
Amounts outstanding ..............................

Total
currency
and coin
(1)

Total currency
(2)

Federal Reserve notes 1
(3)

U.S. notes
(4)

Currency no
longer issued
(5)

$1,575,415,749,535

$1,528,567,879,170

$1,528,088,349,804

$239,885,266

$239,644,100

The Treasury .......................................

256,170,248

72,746,915

72,497,969

7,505

241,441

FRBs ...................................................

187,607,683,415

185,698,235,513

185,698,217,397

-

18,116

Amounts in circulation .............................

$1,387,551,895,872

$1,342,796,896,742

$1,342,317,634,438

$239,877,761

$239,384,543

Less amounts held by:

Total
(1)

Dollars 2, 3
(2)

Fractional
coins
(3)

$46,847,870,365

$6,535,304,110

$40,312,566,255

The Treasury .......................................

183,423,333

59,807,333

123,616,000

FRBs ...................................................

1,909,447,902

1,303,453,135

605,994,767

Amounts in circulation .............................

$44,754,999,130

$5,172,043,642

$39,582,955,488

Coins 2
Amounts outstanding ..............................

Less amounts held by:

See footnotes following table USCC-2.

December 2015

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

54

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2015
[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination
$1 ................................................................................

Total
(1)

U.S. notes
(3)

Currency no
longer issued
(4)

$10,998,297,937

$143,503

$140,755,013

Federal Reserve notes 1
(2)

$11,139,196,453

$2 ................................................................................

2,199,336,054

2,067,598,226

131,725,418

12,410

$5 ................................................................................

13,194,862,085

13,062,540,325

107,987,610

24,334,150

$10 ..............................................................................

18,275,435,690

18,255,216,910

6,300

20,212,480

$20 ..............................................................................

163,292,808,760

163,272,708,140

3,840

20,096,780

$50 ..............................................................................

76,684,102,700

76,672,617,700

500

11,484,500

$100 ............................................................................

1,057,698,585,400

1,057,676,633,200

4

-

21,952,200

$500 ............................................................................

142,005,000

141,813,000

5,500

186,500

$1,000 .........................................................................

165,349,000

165,139,000

5,000

205,000

$5,000 .........................................................................

1,765,000

1,710,000

-

55,000

$10,000 .......................................................................

3,450,000

3,360,000

-

90,000

Fractional notes 5 ........................................................

600

-

90

510

Total currency .........................................................

$1,342,796,896,742

$1,342,317,634,438

$239,877,761

$239,384,543

Amounts (in millions)
(1)

Per capita 6
(2)

Sept. 30, 2015 ......................................................................................

1,387,552

4,310

Aug. 31, 2015.......................................................................................

1,379,197

4,287

Comparative totals of currency and coins in circulation—selected dates

July 30, 2015........................................................................................

1,372,357

4,269

Sept. 30, 2010 ......................................................................................

954,719

3,074

Sept. 30, 2005 ......................................................................................

766,487

2,578

Sept. 30, 2000 ......................................................................................

568,614

2,061

Sept. 30, 1995 ......................................................................................

409,272

1,553

Sept. 30, 1990 ......................................................................................

278,903

1,105

Sept. 30, 1985 ......................................................................................

187,337

782

Sept. 30, 1980 ......................................................................................

129,916

581

June 30, 1975 ......................................................................................

81,196

380

June 30, 1970 ......................................................................................

54,351

265

June 30, 1965 ......................................................................................

39,719

204

June 30, 1960 ......................................................................................

32,064

177

1

4

2

5

Issued on or after July 1, 1929.
Excludes coins sold to collectors at premium prices.
3
Includes $481,781,898 in standard silver dollars.

December 2015

6

Represents current FRB adjustment.
Represents value of certain partial denominations not presented for redemption.
Based on Bureau of the Census’ estimates of population.

Foreign Currency Positions
Exchange Stabilization Fund

57

INTRODUCTION: Foreign Currency Positions
The “Treasury Bulletin” reports foreign currency
holdings of large foreign exchange market participants.
These reports provide information on positions in derivative
instruments, such as foreign exchange futures and options
that are increasingly used in establishing foreign exchange
positions but were not covered in the old reports.
The information is based on reports of large foreign
exchange market participants on holdings of five major
foreign currencies (Canadian dollar, Japanese yen, Swiss
franc, pound sterling, and euro) and the U.S. dollar.
Positions in the U.S. dollar, which have been collected since
January 1999, are intended to approximate “all other”
currency positions of reporting institutions. U.S.-based
businesses file a consolidated report for their domestic and
foreign subsidiaries, branches, and agencies. U.S.
subsidiaries of foreign entities file only for themselves, not
for their foreign parents. Filing is required by law (31 United
States Code 5315; 31 Code of Federal Regulations 128,
Subpart C).
Weekly and monthly reports must be filed throughout the
calendar year by major foreign exchange market
participants, which are defined as market participants with
more than $50 billion equivalent in foreign exchange
contracts on the last business day of any calendar quarter
during the previous year (end March, September, September,
or December). Such contracts include the amounts of foreign
exchange spot contracts bought and sold, foreign exchange
forward contracts bought and sold, foreign exchange futures
bought and sold, and one half the notional amount of foreign
exchange options bought and sold.

A quarterly report must be filed throughout the calendar
year by each foreign exchange market participant that had
more than $5 billion equivalent in foreign exchange
contracts on the last business day of any quarter the previous
year (end March, June, September, or December).
This information is published in six sections
corresponding to each of the major currencies covered by the
reports. Tables I-1 through VI-1 present the currency data
reported weekly by major market participants. Tables I-2
through VI-2 present more detailed currency data of major
market participants, based on monthly reports. Tables I-3
through VI-3 present quarterly consolidated currency data
reported by large market participants that do not file weekly
reports. The information in the tables referenced above is
based on the reports referenced in this Introduction: Foreign
Currency Positions and is not audited by the Federal Reserve
banks or the Treasury Department.
Principal exchanged under cross-currency interest rate
swaps is reported as part of purchases or sales of foreign
exchange. Such principal also was noted separately on
monthly and quarterly reports through December 1998,
when this practice was discontinued. The net options
position, or the net delta-equivalent value of an options
position, is an estimate of the relationship between an
option’s value and an equivalent currency hedge. The delta
equivalent value is defined as the product of the first partial
derivative of an option valuation formula (with respect to the
price of the underlying currency) multiplied by the notional
principal of the contract.

December 2015

FOREIGN CURRENCY POSITIONS

58

SECTION I—Canadian Dollar Positions
TABLE FCP-I-1—Weekly Report of Major Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options
positions
(3)

Exchange
rate
(Canadian
dollars per
U.S. dollar)
(4)

04/08/2015 .............................................................

951,528

970,491

n.a.

1.2508

04/15/2015 .............................................................

988,511

1,006,372

473

1.2378

04/22/2015 .............................................................

927,720

950,643

424

1.2250

04/29/2015 .............................................................

1,005,680

1,031,450

376

1.1955

05/06/2015 .............................................................

968,445

992,858

n.a.

1.2007

05/13/2015 .............................................................

947,786

974,156

588

1.1950

05/20/2015 .............................................................

981,280

1,005,743

497

1.2212

05/27/2015 .............................................................

1,029,782

1,048,186

336

1.2483

06/03/2015 .............................................................

1,021,002

1,046,542

322

1.2437

06/10/2015 .............................................................

1,043,586

1,065,761

-62

1.2267

06/17/2015 .............................................................

886,920

906,486

n.a.

1.2307

06/24/2015 .............................................................

888,631

907,891

n.a.

1.2413

07/01/2015 .............................................................

1,045,567

1,088,011

n.a.

1.2559

07/08/2015 .............................................................

951,215

972,576

n.a.

1.2724

07/15/2015 .............................................................

966,448

993,888

n.a.

1.2935

07/22/2015 .............................................................

973,449

1,000,682

n.a.

1.3023

07/29/2015 .............................................................

1,038,189

1,059,690

n.a.

1.2893

08/05/2015 .............................................................

1,018,790

1,042,360

n.a.

1.3181

08/12/2015 .............................................................

1,029,974

1,055,962

n.a.

1.2973

08/19/2015 .............................................................

1,029,387

1,063,846

n.a.

1.3165

08/26/2015 .............................................................

1,081,304

1,107,301

-291

1.3301

09/02/2015 .............................................................

1,125,633

1,147,226

-548

1.3308

09/09/2015 .............................................................

1,136,146

1,169,817

-469

1.3221

09/16/2015 .............................................................

957,813

995,261

-95

1.3180

09/23/2015 .............................................................

1,012,989

1,049,542

166

1.3313

09/30/2015 .............................................................

1,039,023

1,069,809

390

1.3396

December 2015

FOREIGN CURRENCY POSITIONS

59

SECTION I—Canadian Dollar Positions, continued
TABLE FCP-I-2—Monthly Report of Major Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Liabilities
Assets
(3)
(4)

Options positions
Puts
Calls
Bought
Written
Bought
Written
(5)
(6)
(7)
(8)

Exchange rate
(Canadian
Net delta
dollars per
equivalent
U.S. dollar)
(9)
(10)

2012 - Dec ...................

723,826

727,471

195,584

177,964

43,124

45,411

52,812

54,827

-821

0.9958

2013 - Dec ...................

777,944

787,202

166,469

162,808

62,802

75,543

122,082

97,404

529

1.0637

2014 - Oct ...................

909,554

912,552

180,827

174,125

90,374

93,794

123,757

107,918

1,464

1.1272

Nov ..................

967,114

966,286

185,731

178,307

94,695

95,487

125,095

109,979

358

1.1426

Dec ..................

880,313

877,276

188,092

181,589

65,824

64,872

98,283

87,318

585

1.1601

2015 - Jan ...................

1,048,711

1,046,428

186,450

180,543

79,723

83,456

140,877

125,889

1,014

1.2716

Feb ..................

1,047,490

1,058,033

189,504

182,216

85,817

120,259

201,081

156,626

400

1.2506

Mar ..................

972,038

987,831

178,200

160,737

80,663

96,352

194,511

167,785

n.a.

1.2681

Apr ...................

997,947

1,019,404

185,157

173,231

77,230

86,527

145,134

129,419

405

1.2116

May..................

1,076,964

1,097,212

194,699

175,179

72,197

83,511

165,239

128,842

242

1.2466

June.................

938,381

961,359

189,910

175,357

63,190

88,506

140,399

113,709

n.a.

1.2473

July ..................

1,045,506

1,069,396

189,725

178,824

67,177

93,389

155,989

125,767

n.a.

1.3047

Aug ..................

1,108,858

1,133,660

197,073

175,201

80,173

n.a.

210,535

167,592

-264

1.3223

Sept .................

1,038,433

1,068,324

202,317

179,735

77,615

116,443

181,646

143,573

420

1.0000

TABLE FCP-I-3—Quarterly Report of Large Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Spot, forward
and future contracts

Net delta
equivalent
(9)

Exchange rate
(Canadian
dollars per
U.S. dollar)
(10)

662

n.a.

0.9958

3,545

2,502

n.a.

1.0174

673

10,749

7,496

n.a.

1.0513

1,285

5,062

3,397

n.a.

1.0284

1,831

5,630

4,362

52

1.0637

n.a.

n.a.

3,387

1,551

n.a.

1.1053

53,898

960

2,789

4,141

1,136

n.a.

1.0676

Foreign currency
denominated

Written
(6)

Bought
(7)

Written
(8)

n.a.

n.a.

869

53,718

276

467

88,990

55,033

737

97,416

56,050

n.a.

37,339

94,712

50,955

n.a.

21,444

36,135

101,443

56,942

21,683

33,223

99,792

Purchased
(1)

Sold
(2)

Assets
(3)

Liabilities
(4)

2012 - Dec ...................

19,395

30,069

73,597

45,417

2013 - Mar ...................

17,015

32,402

88,822

June..................

20,876

43,404

Sept ..................

17,533

35,119

Dec ...................

18,183

2014 - Mar ...................
June .................

Report date

Options positions
Puts

Calls
Bought
(5)

Sept ..................

20,112

34,835

96,687

49,460

1,629

1,789

2,666

1,585

n.a.

1.1207

Dec ...................

19,820

35,885

94,153

50,754

n.a.

n.a.

1,034

n.a.

-14

1.1601

2015 - Mar ...................

66,935

82,242

79,161

61,756

n.a.

n.a.

4,091

n.a.

-14

1.2681

June .................

60,237

74,947

84,008

54,046

290

133

2,856

976

n.a.

1.2473

December 2015

FOREIGN CURRENCY POSITIONS

60

SECTION II—Japanese Yen Positions
TABLE FCP-II-1—Weekly Report of Major Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Purchased
(1)

Sold
(2)

Net options positions
(3)

Exchange
rate
(Japanese
yen per
U.S. dollar)
(4)

04/08/2015 ..............................................................

479,333

483,613

n.a.

119.96

04/15/2015 ..............................................................

487,908

491,410

n.a.

119.23

04/22/2015 ..............................................................

492,525

496,360

348

119.90

04/29/2015 ..............................................................

523,834

526,512

n.a.

118.83

05/06/2015 ..............................................................

576,278

580,124

285

119.42

05/13/2015 ..............................................................

508,546

511,329

-99

119.09

05/20/2015 ..............................................................

526,693

530,317

-56

121.28

05/27/2015 ..............................................................

554,647

557,156

-293

123.76

06/03/2015 ..............................................................

552,623

555,005

-442

124.06

06/10/2015 ..............................................................

574,622

575,985

-412

122.72

06/17/2015 ..............................................................

518,222

521,316

-600

124.25

06/24/2015 ..............................................................

508,941

511,207

-431

124.24

07/01/2015 ..............................................................

534,769

536,285

-349

123.02

07/08/2015 ..............................................................

512,969

512,859

-277

120.54

07/15/2015 ..............................................................

500,063

500,020

-583

123.89

07/22/2015 ..............................................................

502,069

501,404

-524

124.08

07/29/2015 ..............................................................

512,540

512,480

-419

123.86

08/05/2015 ..............................................................

507,000

510,881

-401

124.84

08/12/2015 ..............................................................

519,891

524,440

-470

123.87

08/19/2015 ..............................................................

498,778

503,407

-433

124.10

08/26/2015 ..............................................................

552,710

553,037

-249

119.07

09/02/2015 ..............................................................

543,146

549,982

-442

120.00

09/09/2015 ..............................................................

540,274

541,978

-316

120.94

09/16/2015 ..............................................................

493,854

500,952

-520

120.62

09/23/2015 ..............................................................

557,118

563,833

-502

120.12

09/30/2015 ..............................................................

519,378

526,306

-395

119.81

Spot, forward and future contracts
Report date

December 2015

FOREIGN CURRENCY POSITIONS

61

SECTION II—Japanese Yen Positions, continued
TABLE FCP-II-2—Monthly Report of Major Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Spot, forward
and future contracts
Report date

Purchased
(1)

Sold
(2)

Foreign currency
denominated
Assets
(3)

Options positions
Puts

Calls

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Exchange rate
(Japanese yen
per U.S. dollar)
(10)

2012 - Dec ..................

364,964

399,781

83,896

78,585

36,393

40,545

70,462

66,147

-131

86.64

2013 - Dec ..................

367,919

373,026

100,854

95,824

49,695

56,375

91,674

85,364

424

105.25

2014 - Oct ..................

559,784

561,670

126,275

120,078

52,242

66,476

111,126

100,345

-94

112.09

Nov .................

557,901

559,981

129,637

122,177

58,810

74,852

116,125

116,244

55

118.7

Dec .................

510,165

513,709

132,270

125,176

51,990

64,690

106,981

97,813

n.a.

119.85

2015 - Jan ..................

520,147

526,458

141,649

132,820

52,806

64,934

104,249

95,838

n.a.

117.44

Feb .................

523,312

528,311

140,362

130,982

52,826

61,621

92,123

86,724

n.a.

119.72

Mar .................

496,578

502,296

140,285

129,597

51,460

61,986

91,358

83,671

n.a.

119.96

Apr ..................

543,767

546,495

142,296

131,901

49,139

58,337

87,763

81,852

n.a.

119.86

May.................

564,626

566,681

146,784

134,898

48,840

60,092

108,780

91,400

-333

123.98

June................

534,677

536,078

147,074

133,881

54,380

59,862

86,877

83,995

-455

122.1

July .................

531,223

530,596

141,684

130,001

52,745

58,273

82,194

77,804

-395

123.94

Aug .................

527,679

533,901

144,703

130,838

56,740

63,756

86,276

80,442

-329

121.26

Sept ................

519,455

526,411

148,727

134,765

56,015

63,575

83,665

79,040

-377

119.81

TABLE FCP-II-3—Quarterly Report of Large Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(Japanese yen
per U.S. dollar)
(10)

2012 - Dec ...................

3,576

5,481

5,971

2,412

230

358

1,853

1,175

-47

86.64

2013 - Mar ...................

3,089

5,704

9,256

4,631

n.a.

825

2,923

1,779

24

94.16

June..................

4,222

5,249

9,282

4,576

541

1,048

2,640

1,828

63

99.21

Sept ..................

4,488

5,487

9,447

4,507

n.a.

906

2,077

1,561

24

98.29

Dec ...................

4,238

5,807

10,272

4,750

n.a.

965

2,510

1,335

75

105.25

2014 - Mar ...................

5,230

5,873

9,331

4,487

n.a.

426

1,093

236

n.a.

102.98

June .................

5,622

5,632

9,378

4,754

n.a.

599

1,633

684

14

101.28

Sept ..................

6,122

7,795

9,921

5,408

127

491

2,075

1,162

n.a.

109.66

Dec ...................

5,881

6,167

9,879

5,587

214

590

1,755

1,063

n.a.

119.85

2015 - Mar ...................

6,479

5,804

6,910

4,678

n.a.

506

1,437

550

-46

119.96

June .................

6,361

6,239

6,582

5,709

317

628

1,025

368

n.a.

122.1

December 2015

FOREIGN CURRENCY POSITIONS

62

SECTION III—Swiss Franc Positions
TABLE FCP-III-1—Weekly Report of Major Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate (Swiss
francs per
U.S. dollar)
(4)

04/08/2015 ..............................................................

945,464

979,549

n.a.

0.9634

04/15/2015 ..............................................................

964,944

996,913

n.a.

0.9721

04/22/2015 ..............................................................

1,001,580

1,030,114

n.a.

0.9662

04/29/2015 ..............................................................

1,022,348

1,053,518

n.a.

0.9358

05/06/2015 ..............................................................

962,348

993,875

n.a.

0.9150

05/13/2015 ..............................................................

923,659

953,589

-212

0.9162

05/20/2015 ..............................................................

938,089

967,216

n.a.

0.9395

05/27/2015 ..............................................................

954,055

983,283

n.a.

0.9508

06/03/2015 ..............................................................

986,404

1,016,644

-70

0.9336

06/10/2015 ..............................................................

981,264

1,009,935

-55

0.9292

06/17/2015 ..............................................................

917,200

944,833

324

0.9272

06/24/2015 ..............................................................

926,548

953,967

665

0.9360

07/01/2015 ..............................................................

944,638

971,302

449

0.9456

07/08/2015 ..............................................................

899,160

926,311

68

0.9458

07/15/2015 ..............................................................

901,565

927,684

172

0.9521

07/22/2015 ..............................................................

883,444

909,658

455

0.9613

07/29/2015 ..............................................................

914,988

941,077

n.a.

0.9630

08/05/2015 ..............................................................

891,957

919,542

n.a.

0.9810

08/12/2015 ..............................................................

920,408

949,114

n.a.

0.9691

08/19/2015 ..............................................................

876,713

910,243

n.a.

0.9702

08/26/2015 ..............................................................

939,365

973,147

n.a.

0.9472

09/02/2015 ..............................................................

906,032

938,423

n.a.

0.9690

09/09/2015 ..............................................................

949,239

977,075

n.a.

0.9767

09/16/2015 ..............................................................

863,805

893,469

n.a.

0.9688

09/23/2015 ..............................................................

884,765

915,900

n.a.

0.9780

09/30/2015 ..............................................................

907,198

935,997

n.a.

0.9773

December 2015

FOREIGN CURRENCY POSITIONS

63

SECTION III—Swiss Franc Positions, continued
TABLE FCP-III-2—Monthly Report of Major Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Bought
(5)

683,540

158,819

85,852

86,352

88,023

102,871

101,876

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Calls

2012 - Dec ...................

654,579

2013 - Dec ...................

615,640

639,211

96,480

74,020

105,112

115,954

139,453

2014 - Oct ...................

984,798

1,003,000

82,769

74,559

109,321

129,100

169,627

Nov ..................

1,038,060

1,052,561

80,169

69,629

119,997

140,321

Dec ..................

938,957

960,295

82,613

68,870

103,936

Exchange rate
Net delta (Swiss francs per
equivalent
U.S. dollar)
(9)
(10)
-670

0.9155

127,568

-472

0.8904

153,748

1,595

0.9623

195,387

175,232

n.a.

0.9658

121,455

172,573

155,099

n.a.

0.9934

2015 - Jan ...................

1,063,793

1,083,549

97,747

80,332

101,269

121,608

182,608

154,886

n.a.

0.921

Feb ..................

1,033,390

1,062,131

94,103

76,098

93,590

115,849

171,122

145,948

n.a.

0.9513

Mar ..................

993,365

1,027,879

99,426

81,571

91,124

109,679

154,659

136,442

n.a.

0.9712

Apr ...................

991,077

1,023,244

102,648

85,788

87,068

101,277

144,654

131,432

n.a.

0.941

May..................

957,375

985,246

95,917

79,312

84,289

98,361

142,800

135,172

-312

0.9404

June.................

945,105

973,090

98,076

83,734

82,591

96,938

128,730

113,155

98

0.9346

July ..................

928,245

953,448

90,601

78,993

78,530

89,270

124,029

110,113

n.a.

0.9636

Aug ..................

910,244

943,201

83,490

70,212

85,293

102,159

142,158

123,226

n.a.

0.9681

Sept .................

907,620

936,375

87,152

74,487

80,723

90,877

128,446

117,483

n.a.

0.9773

TABLE FCP-III-3—Quarterly Report of Large Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Liabilities
Assets
(3)
(4)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(Swiss francs per
U.S. dollar)
(10)

2012 - Dec ...................

14,365

16,096

67,992

8,884

n.a.

n.a.

n.a.

n.a.

n.a.

0.9155

2013 - Mar ...................

16,520

21,737

n.a.

9,348

430

1,234

3,684

n.a.

-54

0.9490

June..................

17,279

17,163

n.a.

9,609

730

1,144

5,802

4,085

n.a.

0.9450

Sept ..................

15,013

13,051

91,002

12,620

n.a.

n.a.

4,068

2,400

n.a.

0.9041

Dec ...................

22,699

23,164

126,959

9,538

n.a.

n.a.

1,951

n.a.

n.a.

0.8904

2014 - Mar ...................

17,733

17,832

99,179

8,969

n.a.

n.a.

1,012

290

-2

0.884

June .................

18,188

18,726

101,146

9,451

n.a.

n.a.

879

436

n.a.

0.8868

Sept ..................

22,420

22,430

88,531

13,999

n.a.

n.a.

n.a.

1,269

-319

0.9554

Dec ...................

23,711

27,078

98,281

13,400

387

1,290

512

610

-70

0.9934

2015 - Mar ...................

23,038

26,305

88,393

12,735

n.a.

n.a.

n.a.

596

n.a.

0.9712

June .................

18,941

21,184

80,658

11,726

n.a.

n.a.

116

n.a.

-10

0.9346

December 2015

FOREIGN CURRENCY POSITIONS

64

SECTION IV—Sterling Positions
TABLE FCP-IV-1—Weekly Report of Major Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate (U.S.
dollars per
pound)
(4)

04/08/2015 ..............................................................

2,172,087

2,243,509

n.a.

1.4924

04/15/2015 ..............................................................

1,872,185

1,944,937

n.a.

1.4782

04/22/2015 ..............................................................

1,888,598

1,961,069

n.a.

1.5027

04/29/2015 ..............................................................

1,989,312

2,064,931

n.a.

1.5485

05/06/2015 ..............................................................

1,956,294

2,036,468

n.a.

1.5244

05/13/2015 ..............................................................

1,954,001

2,029,802

n.a.

1.5748

05/20/2015 ..............................................................

1,978,925

2,062,069

n.a.

1.5544

05/27/2015 ..............................................................

2,036,086

2,119,268

n.a.

1.5324

06/03/2015 ..............................................................

1,969,336

2,053,950

n.a.

1.5351

06/10/2015 ..............................................................

2,042,494

2,128,519

n.a.

1.5530

06/17/2015 ..............................................................

1,881,510

1,966,724

n.a.

1.5708

06/24/2015 ..............................................................

1,906,406

1,990,518

n.a.

1.5681

07/01/2015 ..............................................................

2,004,562

2,086,903

n.a.

1.5617

07/08/2015 ..............................................................

1,916,504

2,000,761

n.a.

1.5353

07/15/2015 ..............................................................

1,928,706

2,013,436

1,781

1.5621

07/22/2015 ..............................................................

1,880,170

1,962,242

n.a.

1.5617

07/29/2015 ..............................................................

2,007,786

2,089,042

51

1.5624

08/05/2015 ..............................................................

1,933,372

2,013,842

n.a.

1.5604

08/12/2015 ..............................................................

1,952,652

2,030,376

114

1.5639

08/19/2015 ..............................................................

1,934,240

2,011,298

-303

1.5645

08/26/2015 ..............................................................

2,058,966

2,138,130

n.a.

1.5493

09/02/2015 ..............................................................

2,034,076

2,114,917

-561

1.5310

09/09/2015 ..............................................................

2,086,533

2,167,779

-638

1.5363

09/16/2015 ..............................................................

1,927,282

2,002,714

-54

1.5499

09/23/2015 ..............................................................

1,960,831

2,038,071

-396

1.5243

09/30/2015 ..............................................................

1,959,583

2,040,104

-602

1.5116

December 2015

FOREIGN CURRENCY POSITIONS

65

SECTION IV—Sterling Positions, continued
TABLE FCP-IV-2—Monthly Report of Major Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

46,300

45,013

48,575

Calls

2012 - Dec ................... 1,457,283

1,438,257

658,674

554,948

2013 - Dec ................... 1,560,072

1,549,461

558,331

482,587

68,177

65,277

2014 - Oct ................... 1,852,990

1,929,899

601,388

549,002

102,498

94,097

Nov .................. 1,888,054

1,963,730

631,850

585,542

97,509

Dec .................. 1,744,865

1,811,461

656,784

599,908

2015 - Jan ................... 1,836,217

1,902,000

706,295

Feb .................. 1,873,214

1,938,940

Mar .................. 1,838,394

1,913,197

Apr ................... 1,973,507

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

51,867

n.a.

1.6262

71,494

73,631

-179

1.6574

95,450

100,734

n.a.

1.5999

91,540

95,628

94,189

n.a.

1.5638

82,825

76,549

80,689

83,838

-267

1.5578

651,308

102,425

98,174

104,486

100,432

n.a.

1.5026

683,113

632,367

103,893

101,110

108,866

104,986

n.a.

1.5439

724,336

670,757

102,214

111,168

140,130

125,350

n.a.

1.485

2,061,481

699,352

648,174

98,966

103,701

134,754

128,057

n.a.

1.5328

May.................. 1,998,994

2,084,910

677,345

631,718

105,551

100,115

136,412

129,682

n.a.

1.5286

June................. 1,971,327

2,055,266

661,516

620,141

110,813

106,756

102,382

100,469

n.a.

1.5727

July .................. 1,994,095

2,079,631

678,091

642,795

101,035

98,445

94,215

93,188

86

1.5634

Aug .................. 2,093,576

2,171,882

682,852

652,053

95,422

96,929

104,644

102,015

-349

1.5363

Sept ................. 1,961,581

2,041,920

669,513

680,231

84,652

88,575

97,561

91,658

n.a.

1.5116

TABLE FCP-IV-3—Quarterly Report of Large Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

2012 - Dec ...................

18,837

16,899

57,032

32,581

n.a.

n.a.

n.a.

n.a.

n.a.

1.6262

2013 - Mar ...................

22,023

21,376

68,646

38,456

332

497

3,585

856

-12

1.5193

June..................

25,286

23,953

66,608

37,013

714

977

3,877

1,328

39

1.5210

Sept ..................

23,881

18,501

149,903

36,241

1,006

1,145

n.a.

1,287

155

1.6179

Dec ...................

34,365

29,425

156,665

3,8670

1,861

n.a.

2,360

1,364

172

1.6574

2014 - Mar ...................

24,285

20,785

159,297

38,963

n.a.

n.a.

n.a.

404

n.a.

1.6675

June .................

28,452

25,936

159,978

38,559

1,500

1,381

2,464

866

194

1.7105

Sept ..................

25,003

25,045

154,483

36,431

2,021

1,243

3,789

1,232

n.a.

1.622

Dec ...................

25,098

28,006

157,560

39,245

n.a.

796

3,544

930

n.a.

1.5578

2015 - Mar ...................

21,774

27,278

138,489

44,183

n.a.

710

5,327

3,202

-85

1.485

June .................

20,394

23,833

138,920

42,563

1,130

1,158

1,518

934

57

1.5727

December 2015

FOREIGN CURRENCY POSITIONS

66

SECTION V—U.S. Dollar Positions
TABLE FCP-V-1—Weekly Report of Major Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Sold
Purchased
(1)
(2)

Net options
positions
(3)

Exchange
rate
(4)

04/08/2015 ............................................................

22,172,097

21,285,660

-11,671

n.a.

04/15/2015 ............................................................

22,649,078

21,681,473

-11,047

n.a.

04/22/2015 ............................................................

22,792,130

21,871,993

-8,484

n.a.

04/29/2015 ............................................................

23,933,814

22,969,401

-8,795

n.a.

05/06/2015 ............................................................

23,684,666

22,663,461

-7,648

n.a.

05/13/2015 ............................................................

23,180,427

22,309,053

-4,397

n.a.

05/20/2015 ............................................................

23,482,105

22,615,619

-5,020

n.a.

05/27/2015 ............................................................

23,998,131

23,201,783

-5,230

n.a.

06/03/2015 ............................................................

23,916,220

23,177,043

-3,637

n.a.

06/10/2015 ............................................................

24,498,457

23,699,312

2,186

n.a.

06/17/2015 ............................................................

22,659,375

21,987,511

119

n.a.

06/24/2015 ............................................................

22,664,813

21,972,088

-2,053

n.a.

07/01/2015 ............................................................

23,229,025

22,514,854

651

n.a.

07/08/2015 ............................................................

22,471,848

21,728,748

5,631

n.a.

07/15/2015 ............................................................

22,117,932

21,329,207

7,147

n.a.

07/22/2015 ............................................................

22,199,046

21,418,414

9,486

n.a.

07/29/2015 ............................................................

22,910,132

22,103,093

7,944

n.a.

08/05/2015 ............................................................

22,603,744

21,702,272

3,543

n.a.

08/12/2015 ............................................................

23,269,220

22,350,068

2,660

n.a.

08/19/2015 ............................................................

22,917,317

21,958,196

419

n.a.

08/26/2015 ............................................................

24,508,094

23,553,339

-1,079

n.a.

09/02/2015 ............................................................

24,138,217

23,091,608

1,416

n.a.

09/09/2015 ............................................................

24,233,852

23,212,035

1,133

n.a.

09/16/2015 ............................................................

22,790,784

21,701,412

2,175

n.a.

09/23/2015 ............................................................

23,285,361

22,194,525

991

n.a.

09/30/2015 ............................................................

23,323,482

22,241,859

-898

n.a.

December 2015

FOREIGN CURRENCY POSITIONS

67

SECTION V—U.S. Dollar Positions, continued
TABLE FCP-V-2—Monthly Report of Major Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Calls
Bought
(5)

Written
(6)

Options positions
Puts
Bought
Written
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2012 - Dec .............. 17,398,629

16,771,084

-

-

1,550,821

2,000,809

1,229,560

1,766,978

1,689

n.a.

2013 - Dec .............. 18,146,995

17,569,818

-

-

1,682,472

1,649,879

1,356,942

1,366,251

2,182

n.a.

2014 - Oct .............. 24,611,564

23,508,361

-

-

2,650,599

2,572,127

1,984,882

2,066,205

1,918

n.a.

Nov ............. 24,518,519

23,408,880

-

-

2,817,275

2,676,251

2,091,576

2,126,612

-9,378

n.a.

Dec ............. 22,315,811

21,203,954

-

-

2,398,557

2,286,289

1,665,023

1,794,615

-16,957

n.a.

2015 - Jan .............. 23,481,036

22,558,457

-

-

2,573,211

2,340,447

1,623,925

1,843,806

-5,516

n.a.

Feb ............. 24,092,843

23,108,641

-

-

2,586,689

2,300,965

1,583,539

1,848,882

-11,244

n.a.

Mar ............. 22,929,102

21,957,986

-

-

2,671,283

2,338,677

1,625,575

1,930,310

-11,248

n.a.

Apr .............. 24,221,229

23,281,423

-

-

2,523,577

2,291,357

1,584,348

1,813,633

-10,133

n.a.

May............. 24,128,712

23,327,645

-

-

2,467,809

2,233,891

1,850,041

2,188,982

-3,883

n.a.

June............ 23,084,479

22,367,893

-

-

2,339,302

2,167,095

1,566,843

1,745,101

4,422

n.a.

July ............. 23,412,516

22,582,281

-

-

2,293,536

2,128,226

1,632,556

1,678,632

7,403

n.a.

Aug ............. 24,087,007

23,059,387

-

-

2,539,766

2,328,203

1,770,106

1,863,986

-1,048

n.a.

Sept ............ 23,415,959

22,333,123

-

-

2,526,052

2,280,176

1,710,295

1,852,295

-2,310

n.a.

TABLE FCP-V-3—Quarterly Report of Large Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Liabilities
Assets
(3)
(4)

Calls
Bought
(5)

Written
(6)

Options positions
Puts
Written
Bought
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2012 - Dec ...................

316,746

316,764

-

-

33,820

24,090

27,325

11,864

n.a.

n.a.

2013 - Mar ...................

326,700

307,558

-

-

57,680

33,599

20,709

21,604

n.a.

n.a.

June..................

328,601

311,076

-

-

98,395

64,260

25,319

25,299

1,863

n.a.

Sept ..................

277,343

315,420

-

-

57,525

36,377

29,912

25,091

n.a.

n.a.

Dec ...................

357,382

377,984

-

-

54,936

34,030

34,942

35,389

4,121

n.a.

2014 - Mar ...................

391,996

400,511

-

-

36,072

18,155

20,269

16,834

n.a.

n.a.

June .................

411,412

415,310

-

-

56,218

29,924

20,610

26,265

3,106

n.a.

Sept ..................

470,994

427,001

-

-

77,178

42,620

23,410

26,139

10,422

n.a.

Dec ...................

441,207

385,894

-

-

52,933

32,364

16,077

19,471

13,109

n.a.

2015 - Mar ...................

443,187

408,844

-

-

44,210

34,170

13,692

14,254

3,887

n.a.

June .................

416,021

391,957

-

-

26,747

16,957

5,985

9,541

n.a.

n.a.

December 2015

FOREIGN CURRENCY POSITIONS

68

SECTION VI—Euro Positions
TABLE FCP-VI-1—Weekly Report of Major Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate
(Euros per
U.S. dollar)
(4)

04/08/2015 .........................................................................

6,625,206

6,773,726

n.a.

0.9244

04/15/2015 .........................................................................

6,865,624

7,016,913

n.a.

0.9438

04/22/2015 .........................................................................

6,797,436

6,952,637

n.a.

0.9321

04/29/2015 .........................................................................

7,264,344

7,415,837

n.a.

0.8949

05/06/2015 .........................................................................

7,179,972

7,337,338

n.a.

0.8814

05/13/2015 .........................................................................

7,014,068

7,157,530

n.a.

0.8794

05/20/2015 .........................................................................

7,172,238

7,325,081

n.a.

0.9026

05/27/2015 .........................................................................

7,226,973

7,374,982

n.a.

0.9184

06/03/2015 .........................................................................

7,308,947

7,460,429

n.a.

0.8861

06/10/2015 .........................................................................

7,641,312

7,784,777

n.a.

0.8844

06/17/2015 .........................................................................

7,281,092

7,421,369

n.a.

0.8894

06/24/2015 .........................................................................

7,334,259

7,481,336

n.a.

0.8946

07/01/2015 .........................................................................

7,426,121

7,659,432

n.a.

0.9022

07/08/2015 .........................................................................

7,251,444

7,488,202

n.a.

0.9032

07/15/2015 .........................................................................

6,942,470

7,187,333

n.a.

0.9120

07/22/2015 .........................................................................

7,039,285

7,269,050

n.a.

0.9188

07/29/2015 .........................................................................

7,191,228

7,424,480

n.a.

0.9070

08/05/2015 .........................................................................

7,043,515

7,292,785

n.a.

0.9201

08/12/2015 .........................................................................

7,197,990

7,439,364

n.a.

0.8930

08/19/2015 .........................................................................

6,993,799

7,219,595

n.a.

0.9041

08/26/2015 .........................................................................

7,446,042

7,662,523

n.a.

0.8780

09/02/2015 .........................................................................

7,279,391

7,497,499

n.a.

0.8895

09/09/2015 .........................................................................

7,267,461

7,447,190

n.a.

0.8957

09/16/2015 .........................................................................

6,854,130

7,033,039

n.a.

0.8846

09/23/2015 .........................................................................

6,978,120

7,162,208

n.a.

0.8961

09/30/2015 .........................................................................

7,106,962

7,293,975

n.a.

0.8959

December 2015

FOREIGN CURRENCY POSITIONS

69

SECTION VI—Euro Positions, continued
TABLE FCP-VI-2—Monthly Report of Major Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Bought
(5)

Written
(6)

Calls

Options positions
Puts
Bought
Written
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2012 - Dec ................... 4,742,320

4,617,740

2,124,942

1,995,883

345,564

383,059

431,599

400,556

-3,395

0.7584

2013 - Dec ................... 4,986,374

5,023,973

1,899,825

1,777,323

334,550

358,527

391,263

369,449

6,489

0.7257

2014 - Oct ................... 6,415,852

6,559,286

2,023,493

1,969,328

501,148

584,688

804,117

707,441

2,343

0.7981

Nov .................. 6,450,169

6,602,792

2,057,123

2,001,002

505,294

579,375

783,922

708,797

3,257

0.804

Dec .................. 6,034,361

6,176,703

2,069,681

1,999,146

451,487

500,726

678,531

639,243

2,694

0.8264

2015 - Jan ................... 6,689,954

6,812,088

2,217,617

2,141,149

527,142

625,058

845,395

734,690

n.a.

0.8857

Feb .................. 7,116,917

7,238,087

2,269,855

2,182,571

516,926

594,807

849,522

748,689

n.a.

0.8931

Mar .................. 6,851,980

6,987,827

2,368,745

2,289,519

551,282

644,428

885,934

758,875

n.a.

0.931

Apr ................... 7,421,309

7,566,777

2,352,432

2,266,151

537,758

617,533

848,179

745,470

n.a.

0.8959

May.................. 7,225,011

7,371,812

2,172,351

2,076,742

539,369

624,563

1,023,618

817,625

n.a.

0.9096

June................. 7,449,033

7,679,893

2,114,499

2,011,704

568,012

644,762

874,016

784,087

n.a.

0.8965

July .................. 7,330,022

7,560,493

2,069,987

1,975,645

529,205

591,868

830,488

768,196

n.a.

0.9068

Aug .................. 7,256,131

7,477,753

2,047,441

1,984,991

566,309

615,920

824,558

775,892

n.a.

0.8933

Sept ................. 7,114,985

7,302,180

2,044,063

2,001,516

521,349

565,504

760,618

725,515

n.a.

0.8959

TABLE FCP-VI-3—Quarterly Report of Large Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2012 - Dec ...................

69,920

69,920

203,194

120,619

8,126

2,152

3,662

n.a.

8

0.7584

2013 - Mar ...................

86,922

82,911

226,324

238,669

7,953

6,697

11,137

6,602

n.a.

0.7803

June..................

80,198

71,480

225,064

138,339

10,852

5,750

15,771

12,375

313

0.7686

Sept ..................

72,099

68,918

327,873

157,426

11,714

4,796

7,647

5,601

818

0.7388

Dec ...................

93,606

107,641

295,577

138,564

8,848

3,866

7,004

6,196

939

0.7257

2014 - Mar ...................

85,631

68,576

310,459

141,879

9,177

3,722

6,401

3,759

765

0.7258

June .................

87,542

83,012

318,085

145,765

10,853

8,432

18,099

11,116

-709

0.7305

Sept ..................

93,517

97,958

314,618

150,292

12,042

7,750

27,163

13,965

-3,350

0.7919

Dec ...................

100,113

106,754

285,726

144,805

9,788

7,242

21,936

8,994

n.a.

0.8264

2015 - Mar ...................

113,093

112,445

252,601

151,813

6,626

3,348

14,587

8,469

1,582

0.931

June .................

114,185

108,146

262,504

148,970

2,552

2,532

13,571

7,165

1,222

0.8965

December 2015

70

INTRODUCTION: Exchange Stabilization Fund
To stabilize the exchange value of the dollar, the
Exchange Stabilization Fund -ESF was established pursuant
to chapter 6, section 10 of the Gold Reserve Act of January
30, 1934 -codified at 31 United States Code 5302, which
authorized establishment of a Treasury fund to be operated
under the exclusive control of the Secretary, with approval
of the President.
Subsequent amendment of the Gold Reserve Act
modified the original purpose somewhat to reflect
termination of the fixed exchange rate system.
Resources of the fund include dollar balances, partially
invested in U.S. Government securities, special drawing
rights -SDRs, and balances of foreign currencies. Principal
sources of income -+ or loss -- for the fund are profits -+ or
losses -- on SDRs and foreign exchange, as well as interest
earned on assets.

 Table ESF-1 presents the assets, liabilities, and
capital of the fund. The figures are in U.S. dollars or their
equivalents based on current exchange rates computed
according to the accrual method of accounting. The capital
account represents the original capital appropriated to the fund
by Congress of $2 billion, minus a subsequent transfer of $1.8
billion to pay for the initial U.S. quota subscription to the
International Monetary Fund. Gains and losses are reflected in
the cumulative net income -+ or loss -- account.
 Table ESF-2 shows the results of operations by
quarter. Figures are in U.S. dollars or their equivalents
computed according to the accrual method. “Profit -+ or loss
-- on foreign exchange” includes realized profits or losses.
“Adjustment for change in valuation of SDR holdings and
allocations” reflects net gain or loss on revaluation of SDR
holdings and allocations for the quarter.

TABLE ESF-1—Balances as of June 30, 2015, and Sept. 30, 2015
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

June 30, 2015

July 1, 2015,
through
Sept. 30, 2015

22,644,390
50,424,591

1,870,534
-1,871,167
-92,864

1,870,534
20,773,323
50,331,727

12,152,747
7,649,817
69,043

11,977
146,847
2,556

12,164,724
7,796,664
71,599

92,940,588

67,883

93,008,471

Liabilities and capital
Current liabilities:
Accounts payable.................................................................

4,150

-8

4,142

Total current liabilities ......................................................

4,150

-8

4,142

Other liabilities:
SDR certificates ...................................................................
SDR allocations ...................................................................
Unearned revenue ..............................................................

5,200,000
49,667,620
-

-93,586
-

5,200,000
49,574,034
-

Total other liabilities .........................................................

54,867,620

-93,586

54,774,034

Capital:
Capital account ....................................................................
Net income (+) or loss (-) (see Table ESF-2) ......................

200,000
-2,474,053

161,529

200,000
-2,312,524

Total capital......................................................................

36,068,818

161,477

38,230,295

Total liabilities and capital ............................................

92,940,588

67,883

93,008,471

Assets, liabilities, and capital
Assets
U.S. dollars:
Held with Treasury:
Fund Balance ...................................................................
U.S. Government securities .............................................
Special drawing rights 1 ...........................................................
Foreign exchange and securities:
European euro .....................................................................
Japanese yen.......................................................................
Accounts receivable .................................................................
Total assets..........................................................................

See footnote on the following page.

December 2015

Sept. 30, 2015

EXCHANGE STABILIZATION FUND

71

TABLE ESF-2—Income and Expense
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter
July 1, 2015,
through
Sept. 30, 2015

Fiscal year to date
Oct. 1, 2014,
through
Sept. 30, 2015

Income and expense

Profit (+) or loss(-) on:

Foreign exchange ........................................................................

154,891

-2,316,506

Adjustment for change in valuation
of SDR holdings and allocations 1 ..............................................

-1,413

-42,198

SDRs ............................................................................................

95

-307

U.S. Government securities .........................................................

1,407

4,968

Foreign exchange ........................................................................

6,549

41,519

Income from operations ...............................................................

161,529

-2,312,524

Net income (+) or loss (-) .............................................................

161,529

-2,312,524

Interest (+) or net charges (-) on:

1
Beginning July 1974, the International Monetary Fund adopted a technique for valuing the
SDRs based on a 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.

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940
“Annual Report of the Secretary of the Treasury” and those for succeeding years
appeared in subsequent reports through 1980. Quarterly balance sheets beginning with
December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception
to September 30, 1978, may be found on the statements published in the January 1979
“Treasury Bulletin.”

December 2015

Trust Funds

TRUST FUNDS

75

TABLE TF-6A—Highway Trust Fund
The following information is released according to the
provisions of the Byrd Amendment [codified at 26 United
States Code 9503(d)] and represents data concerning the
Highway Trust Fund. The figure described as “unfunded
authorizations” is the latest estimate received from the DOT.

The 48-month revenue estimates for the highway and
mass transit accounts, respectively, include the latest
estimates received from Treasury’s Office of Tax Analysis
for excise taxes, net of refunds. They represent net highway
receipts for those periods.

Highway Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2016) ..............................................................................................................

64

less:
Cash balance (fiscal year 2016) .........................................................................................................................................................................................

9

Unfunded authorizations (fiscal year 2016) ........................................................................................................................................................................

55

48-month revenue estimate (fiscal years 2017, 2018, 2019, and 2020) ............................................................................................................................

138

Mass Transit Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2016) ..............................................................................................................

20

less:
Cash balance (fiscal year 2016) .........................................................................................................................................................................................

2

Unfunded authorizations (fiscal year 2016) ........................................................................................................................................................................

18

48-month revenue estimate (fiscal years 2017, 2018, 2019, and 2020) ...........................................................................................................................

25

Note—Detail may not add due to rounding.

Note—Estimates are based on Fiscal Year 2016 MSR revenue assumptions and currently
authorized contract authority.

December 2015

76

Research Paper Series
Available through the Office of the Assistant Secretary for Economic Policy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.
9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and
John S. Greenlees. December 1990.
9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly
D. Zieschang. August 1990.
9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert
Gillingham, and John S. Greenlees. February 1991.
9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.
9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.
9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.
9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.
9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”
Michael Cayton. February 1993.
9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees.
April 1993.
9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John
S. Greenlees. Revised April 1995.
9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert
Gillingham, and John S. Greenlees. November 1995.
9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,
Robert Gillingham, and John S. Greenlees. January 1997.
9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John
Navratil. December 1997.
2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D.
Worth. May 2001.
2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and
Christopher J. Soares. June 2001.

December 2015

RESEARCH PAPER SERIES

77

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J.
Soares and Mark Warshawsky. January 2003.
2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and
Ralph M. Monaco. January 2005.
2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005.
2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest
Rate.” James A. Girola. March 2006.
2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham,
and John S. Greenlees. December 2006.
2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel.
June 2007.
2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security
Trust Fund?” Randall P. Mariger. December 2008.
2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger.
December 2008.

Copies may be obtained by writing to:
Ann Bailey, Department of the Treasury
1500 Pennsylvania Ave., NW., Room 4409 MT
Washington, DC 20220
Telephone (202) 622-1519 or fax (202) 622-4112

December 2015

78

Glossary
With References to Applicable Sections and Tables
Source: Bureau of the Fiscal Service

Amounts outstanding and in circulation (USCC)—Includes
all issues by the Bureau of the Mint purposely intended as a
medium of exchange. Coins sold by the Bureau of the Mint at
premium prices are excluded; however, uncirculated coin sets
sold at face value plus handling charge are included.

Second Liberty Loan Act of 1917, the nature of the limitation
was modified until, in 1941, it developed into an overall limit
on the outstanding Federal debt. As of September 2015, the
debt limit was $18,113,000 million; the limit may change
from year to year.

Average discount rate (PDO-1, -2)—In Treasury bill auctions,
purchasers tender competitive bids on a discount rate basis.
The average discount rate is the weighted, or adjusted,
average of all bids accepted in the auction.

Discount—The interest deducted in advance when purchasing
notes or bonds. (See Accrued discount.)

Budget authority (“Federal Fiscal Operations”)—Congress
passes laws giving budget authority to Government entities,
which gives the agencies the power to spend Federal funds.
Congress can stipulate various criteria for the spending of
these funds. For example, Congress can stipulate that a given
agency must spend within a specific year, number of years, or
any time in the future.
The basic forms of budget authority are appropriations,
authority to borrow, contract authority, and authority to
obligate and expend offsetting receipts and collections. The
period of time during which Congress makes funds available
may be specified as 1-year, multiple-year, or no-year. The
available amount may be classified as either definite or
indefinite; a specific amount or an unspecified amount can
be made available. Authority also may be classified as
current or permanent. Permanent authority requires no
current action by Congress.
Budget deficit—The total, cumulative amount by which
budget outlays (spending) exceed budget receipts (income).
Cash management bills (PDO-1)—Marketable Treasury
bills of irregular maturity lengths, sold periodically to fund
short-term cash needs of Treasury. Their sale, having higher
minimum and multiple purchase requirements than those of
other issues, is generally restricted to competitive bidders.
Competitive tenders (“Treasury Financing Operations”)—
A bid to purchase a stated amount of one issue of Treasury
securities at a specified yield or discount. The bid is accepted
if it is within the range accepted in the auction. (See
Noncompetitive tenders.)
Currency no longer issued (USCC)—Old and new series
gold and silver certificates, Federal Reserve notes, national
bank notes, and 1890 Series Treasury notes.
Debt outstanding subject to limitation (FD-6)—The debt
incurred by the Treasury subject to the statutory limit set by
Congress. Until World War I, a specific amount of debt was
authorized to each separate security issue. Beginning with the

December 2015

Discount rate (PDO-1)—The difference between par value
and the actual purchase price paid, annualized over a 360-day
year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison
with coupon issue securities.
Dollar coins (USCC)—Include standard silver and nonsilver
coins.
Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to
the Resolution Funding Corporation (RFC) for investment of
funds authorized under section 21B of the Federal Home Loan
Bank Act (12 United States Code 1441b).
Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and
receipts both occur within the same Federal fund group
(Federal funds or trust funds).
Federal Reserve notes (USCC)—Issues by the U.S.
Government to the public through the Federal Reserve banks
and their member banks. They represent money owed by the
Government to the public. Currently, the item “Federal
Reserve notes—amounts outstanding” consists of new series
issues. The Federal Reserve note is the only class of currency
currently issued.
Foreign-targeted issue (PDO-2)—Foreign-targeted issues
were notes sold between October 1984 and February 1986 to
foreign institutions, foreign branches of U.S. institutions,
foreign central banks or monetary authorities, or to
international organizations in which the United States held
membership. Sold as companion issues, they could be
converted to domestic (normal) Treasury notes with the same
maturity and interest rates. Interest was paid annually.
Government account series (FD-2)—Certain trust fund
statutes require the Secretary of the Treasury to apply monies
held by these funds toward the issuance of nonmarketable
special securities. These securities are sold directly by
Treasury to a specific Government agency, trust fund, or
account. Their rate is based on an average of market yields on
outstanding Treasury obligations, and they may be redeemed

GLOSSARY

at the option of the holder. Roughly 80 percent of these are
issued to five holders: the Federal Old-Age and Survivors
Insurance Trust Fund; the civil service retirement and
disability fund; the Federal Hospital Insurance Trust Fund; the
military retirement fund; and the Unemployment Trust Fund.
Interfund transactions (“Federal Fiscal Operations”)—
Transactions in which payments are made from one fund
group (either Federal funds or trust funds) to a receipt account
in another group.
International Monetary Fund transactions (“Exchange
Stabilization Fund”, ESF-1)—(IMF) Established by the
United Nations, the IMF promotes international trade, stability
of exchange, and monetary cooperation. Members are allowed
to draw from the fund.
Intrabudgetary transactions (“Federal Fiscal Operations”)—
These occur when payment and receipt both occur within the
budget, or when payment is made from off-budget Federal
entities whose budget authority and outlays are excluded from
the budget totals.
Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par
amount of securities at the highest yield or discount rate
awarded to competitive bidders for a single-price auction.
Obligations (“Federal Fiscal Operations”)—An unpaid
commitment to acquire goods or services.
Off-budget Federal entities (“Federal Fiscal Operations”)—
Federally owned and controlled entities whose transactions are
excluded from the budget totals under provisions of law. Their
receipts, outlays, and surplus or deficit are not included in
budget receipts, outlays, or deficits. Their budget authority is
not included in totals of the budget.
Outlays (“Federal Fiscal Operations”)—Payments on
obligations in the form of cash, checks, the issuance of bonds
or notes, or the maturing of interest coupons.
Par value—The face value of bonds or notes, including
interest.
Quarterly financing (“Treasury Financing Operations”)—
Treasury has historically offered packages of several
“coupon” security issues on the 15th of February, May,
August, and November, or on the next working day. These
issues currently consist of a 3-year note, a 10-year note, and a
30-year bond. Treasury sometimes offers additional amounts
of outstanding long-term notes or bonds, rather than selling
new security issues. (See Reopening.)
Fractional coins (USCC)—Coins minted in denominations
of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).
Receipts (“Federal Fiscal Operations”)—Funds collected
from selling land, capital, or services, as well as collections
from the public (budget receipts), such as taxes, fines, duties,
and fees.

79

Reopening (PDO-2)—The offer for sale of additional
amounts of outstanding issues, rather than an entirely new
issue. A reopened issue will always have the same maturity
date, CUSIP-number, and interest rate as the original issue.
Special drawing rights (“Exchange Stabilization Fund,”
ESF-1)—International assets created by IMF that serve to
increase international liquidity and provide additional
international reserves. SDRs may be purchased and sold
among eligible holders through IMF. (See IMF.)
SDR allocations are the counterpart to SDRs issued by
IMF based on members’ quotas in IMF. Although shown in
Exchange Stabilization Fund (ESF) statements as liabilities,
they must be redeemed by ESF only in the event of
liquidation of, or U.S. withdrawal from, the SDR department
of IMF or cancellation of SDRs.
SDR certificates are issued to the Federal Reserve
System against SDRs when SDRs are legalized as money.
Proceeds of monetization are deposited into an ESF account
at the Federal Reserve Bank of New York.
Spot (“Foreign Currency Positions”)—Due for receipt or
delivery within 2 workdays.
State and local government series (SLGS) (FD-2)—Special
nonmarketable certificates, notes, and bonds offered to State
and local governments as a means to invest proceeds from
their own tax-exempt financing. Interest rates and maturities
comply with IRS arbitrage provisions. SLGS are offered in
both time deposit and demand deposit forms. Time deposit
certificates have maturities of up to 1 year. Notes mature in 1
to 10 years and bonds mature in more than 10 years. Demand
deposit securities are 1-day certificates rolled over with a rate
adjustment daily.
Statutory debt limit (FD-6)—By Act of Congress there is a
limit, either temporary or permanent, on the amount of public
debt that may be outstanding. When this limit is reached,
Treasury may not sell new debt issues until Congress
increases or extends the limit. For a detailed listing of changes
in the limit since 1941, see the Budget of the United States
Government. (See debt outstanding subject to limitation.)
STRIPS (PDO-2)—Separate Trading of Registered Interest
and Principal Securities. Long-term notes and bonds may be
divided into principal and interest-paying components, which
may be transferred and sold in amounts as small as $1,000.
STRIPS are sold at auction at a minimum par amount, varying
for each issue. The amount is an arithmetic function of the
issue’s interest rate.
Treasury bills—The shortest term Federal security (maturity
dates normally varying from 3 to 12 months), are sold at a
discount.
Trust fund transaction (“Federal Fiscal Operations”)—
An intrabudgetary transaction in which both payments and
receipts occur within the same trust fund group.

December 2015

80

GLOSSARY

United States—Includes the 50 States, District of Columbia,
Commonwealth of Puerto Rico, American Samoa, Midway
Island, Virgin Islands, Wake Island, and all other territories
and possessions.

December 2015

U.S. notes (USCC)—Legal tender notes of five different
issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

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