Full text of Treasury Bulletin : December 2016
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BULLETIN DECEMBER 2016 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 of the Fiscal Service, Governmentwide Accounting, Budget Reports Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9939 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fiscal.treasury.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Bureau of the Fiscal Service’s home page. www.fiscal.treasury.gov 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 2016 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; Detail may not add to totals due to rounding; n.a. = Not available. December 2016 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 2016 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 4, 2016 Introduction Economic growth accelerated noticeably in the third quarter of 2016, as solid boosts from consumer spending, net exports, and private investment, as well as positive contributions from federal government spending and nonresidential fixed investment were partly offset by negative contributions from residential fixed investment and State and local government spending. Labor market conditions continued to improve, and the unemployment rate stood at 4.9 percent in October 2016, close to full employment. Inflation has edged up a bit, as the effects of past declines in energy prices have dissipated, but it remains relatively low. The Administration has taken a number of steps in recent years to promote stronger economic growth in the near term and put the deficit and debt on a sustainable path over the longer term. Since 2009, the budget deficit has been reduced by nearly $4 trillion (including the deep cuts imposed by sequestration). The federal budget deficit fell from a peak of 9.8 percent of GDP in fiscal year 2009 to an 8-year low of 2.5 percent in fiscal year 2015. It rose a bit to 3.2 percent of GDP in fiscal year 2016. The Mid-Session Review of the FY2017 Budget projects the deficit will decline to 1.7 percent of GDP in fiscal year 2018 and then stabilize at 2.3 percent of GDP through the end of the forecast period in fiscal year 2026. At its latest meeting in November 2016, the Federal Reserve’s Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate at 0.25 to 0.50 percent. At that meeting, the FOMC announced it would maintain existing programs for reinvestment of principal payments and roll-overs of maturing Treasuries at auction. The Committee noted the “current shortfall of inflation from 2 percent” and reiterated that, “the stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.” Economic Growth Since the current expansion began in mid-2009, the economy has grown by 16.3 percent and, as of the third quarter of 2016, real GDP was 11.4 percent above its level at the end of 2007, when the recession began. According to the advance estimate, real GDP rose 2.9 percent at an annual rate in the third quarter of 2016, picking up from a 1.4 percent increase in the second quarter. Consumer spending and net exports grew solidly in the third quarter, making sizeable contributions to overall GDP growth. Residential investment declined for the second-straight quarter, posing a small drag on real GDP growth. Business fixed investment grew modestly, reflecting a pick-up in nonresidential investment in structures (which had fallen in five of the previous six quarters due to earlier drops in oil and gas drilling). After making a negative contribution in the second quarter to real GDP growth, total government spending made a small addition to growth, although State and local government spending declined for the second-straight quarter. Net exports contributed to GDP growth, reflecting much stronger growth in exports than in imports. After posing a large drag on GDP growth for five straight quarters, private inventory accumulation added solidly to growth in the third quarter. Real personal consumption expenditures—which account for about 68 percent of GDP—rose at a 2.1 percent annual rate in the third quarter, slowing from a 4.3 percent rate in the second quarter. Across spending categories, consumption growth was notably faster for durables; consumer durables purchases grew 9.5 percent, comparable to the 9.8 percent surge in the second quarter, while consumption of nondurables declined 1.4 percent in the third quarter, after growing 5.7 percent in the previous quarter. Services consumption rose 2.1 percent (after the second quarter’s 3.0 percent advance). Altogether, consumption contributed 1.5 percentage points to real GDP growth in the third quarter. December 2016 4 PROFILE OF THE ECONOMY Housing activity fell in the third quarter, as it had in the second quarter, but these back-to-back declines occurred after eight straight quarters of very strong growth. Residential investment declined 6.2 percent at an annual rate in the third quarter, somewhat less than the 7.8 percent drop in the second quarter. Residential activity accounts for just over 3-½ percent of GDP and posed a drag of 0.2 percentage point on third-quarter real GDP growth. Home building and home sales remain on a gradual upward trend. Single-family housing starts gained 5.4 percent over the year through September 2016 to an annual rate of 783,000 units. However, single-family starts remain 57 percent below their January 2006 peak and well below the 1.1 million unit average observed from 1980 to 2004. Multi-family starts plunged 40.8 percent over the year through September 2016, and are 38.0 percent below prerecession levels. Sales of new single-family homes rose 29.8 percent over the year through September 2016 to a 593,000 annual rate. Sales of existing homes (94 percent of all home sales, including single-family, condos and co-ops) increased 0.6 percent over the year to a 5.5 million rate in September 2016. Nonresidential fixed investment—nearly 13 percent of GDP—rose 1.1 percent at an annual rate in the third quarter of 2016, following a 1.0 percent advance in the second quarter. Growth of business spending on intellectual property products—including outlays for software, research and development, and entertainment, literary and artistic originals—advanced 4.0 percent on top of a 9.0 percent gain in the second quarter. In contrast, equipment investment fell 2.7 percent in the third quarter, extending a 3.0 percent decline in the second quarter. Business outlays for structures advanced 5.4 percent, after falling 2.1 percent in the second quarter. Altogether, nonresidential fixed investment added nearly 0.2 percentage point to real GDP growth in the third quarter, roughly comparable to the 0.1 percentage point contribution in the second quarter. Finally, businesses added to inventories in the third quarter, after liquidating them in the second quarter. The resulting change in private inventories added 0.6 percentage point to thirdquarter real GDP growth, after subtracting 1.2 percentage points in the second quarter. Exports account for about 12-½ percent of GDP, while imports (which are subtracted from total domestic spending to calculate GDP) account for about 15-½ percent. In the third quarter of 2016, exports jumped 10.0 percent and imports grew 2.4 percent. The net export deficit improved, contributing 0.8 percentage point to real GDP growth in the third quarter after adding 0.2 percent point in the second quarter. 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 December 2016 recession to $384 billion (2.7 percent of GDP) in 2009. It has widened somewhat since then but remains well below its 2006 peak. In the second quarter of 2016 (latest data available), the current account deficit narrowed to $480 billion (annualized), or 2.6 percent of GDP. Government purchases—which account for close to 18 percent of GDP—contributed modestly on net to economic growth in 2015 after subtracting from GDP growth in each of the previous 4 years. However, in the third quarter, government outlays increased 0.5 percent, after declining 1.7 percent in the second quarter, and added 0.1 percentage point to real GDP growth. At the federal level, spending advanced 2.5 percent, after a 0.4 percent decline in the second quarter. State and local government spending declined 0.7 percent, following a 2.5 percent decline in the second quarter. State and local government spending declined for 13 straight quarters from the fourth quarter of 2009 through the fourth quarter of 2012, but has risen in all but five quarters since then. 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 February 2010 was the low point and employment rose in March of that year. Since then, through October 2016, total nonfarm payroll employment has increased by 15.2 million. Privatesector employment has risen 15.5 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 3.9 million, and the leisure and hospitality industry’s employment has increased by more than 2.6 million through October 2016. Employment in the manufacturing sector has expanded by 805,000 since early 2010 and the construction sector has added 1.2 million workers to its payrolls. A few sectors added jobs throughout the recession and continue to hire new workers: since early 2010, the health care and social assistance sector has added an additional 2.6 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 January 2014 through October 2016, the government sector has added just 428,000 jobs. Much of that growth occurred at the local level with the addition of 271,000 positions. Federal government employment has risen by 82,000 during this period and state government employment has increased by 75,000. 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 PROFILE OF THE ECONOMY the recession began. Since then, the unemployment rate has trended lower and in October 2016 stood at 4.9 percent. Broader measures of unemployment have also declined but are still elevated compared with pre-recession levels. The broadest measure, which includes workers who are underemployed and 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 late 2009 and early 2010 to 9.5 percent in October 2016. The U-6 unemployment rate averaged 8.3 percent in the 2 years prior to the last recession. 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 2016, 25.2 percent of unemployed workers were included in this category compared with readings around 17.5 percent before the recession. Inflation Over the past year, headline and core inflation rates have accelerated somewhat, as the effects of earlier declines in energy prices have started to recede, but rates remain relatively low nonetheless. Headline consumer prices rose 1.5 percent over the 12 months ending in September 2016, after a flat reading during the previous year. Energy prices fell 2.9 percent over the year through September 2016, a smaller decline than the 18.4 percent plunge over the year through September 2015. Food and beverage prices fell 0.3 percent over the year through September 2016, in contrast with a 1.6 percent increase over the 12 months ending in September 2015. On a 12-month basis, core consumer prices (excluding food and energy) rose 2.2 percent through September 2016, higher than the 1.9 percent advance in the year ending in September 2015. Core inflation had been near 5 or below 2 percent from early 2013 through late 2015, but over the past several months has been higher. Oil and gasoline prices fell sharply between mid-2014 and early 2015. They trended higher in the spring and early summer of 2015, but resumed a declining trend through early 2016, reaching their lowest levels since early 2009. Since then, prices have trended broadly higher. The frontmonth futures price of West Texas Intermediate (WTI) crude oil averaged $49.94 per barrel in October 2016, roughly $3.65 above its October 2015 average, and $4.75 above its September 2016 average. The retail price of regular gasoline averaged $2.23 per gallon in October 2016, unchanged from a year earlier, but 1 cent higher than its September 2016 average. The retail price of regular gasoline averaged $2.23 per gallon in October 2016, unchanged from a year earlier, but 1 cent higher than its September 2016 average. Home prices have continued to rise. While the pace of increase remains below that observed in mid-2013, it far exceeds the increases in broad measures of consumer prices. The FHFA purchase-only home price index rose 6.4 percent over the year ending in August 2016, down from peak rates of around 8 percent in mid-2013. 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 2016, down from a peak of 13.8 percent in November 2013. Federal Budget and Debt The federal budget deficit declined to $438 billion (2.5 percent of GDP) in fiscal year 2015, reaching an eight-year low, but rose to $587 billion (3.2 percent of GDP) in fiscal year 2016. The deficit is now 6.6 percentage points below the peak of 9.8 percent reached in fiscal year 2009. Debt held by the public rose to $14.2 trillion at the end of fiscal December 2016 6 PROFILE OF THE ECONOMY year 2016. As a share of the economy, publicly held debt rose to 77.1 percent of GDP in fiscal year 2016, from 73.7 percent at the end of fiscal year 2015. In February 2016, the Administration released its Fiscal Year 2017 Budget. The Mid-Session Review of the FY2017 Budget, released in July 2016, projected the federal budget deficit in fiscal year 2017 would fiscal year 2007). The deficit will continue to narrow in 2018, falling to 1.7 percent of GDP before starting to rise again. Over the projection period fiscal year 2019 to 2026, the Administration estimates that the deficit will average 2.3 percent of GDP, down from 2.6 percent estimated in February, and below the 40-year average of 3.2 percent of GDP. The primary deficit–the deficit excluding net interest outlays–will decline to a neutral share of GDP by fiscal year 2018 and then hover around that level for the rest of the projection period. The debt-to-GDP ratio is projected to decline gradually from 77.1 percent of GDP to 73.0 percent by fiscal year 2026. Economic Policy Key fiscal and monetary policy actions taken over the past few years aided the recovery and have helped reinforce the expansion. 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 December 2016 unemployment benefits and refundable tax credits, and a 2year extension of the 2001 tax cuts. In late 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 American Taxpayer Relief Act of 2012 (ATRA) was signed into law. The 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. At the end of October 2015, Congress passed and the President signed the Bipartisan Budget Act of 2015. The Act suspended the debt ceiling through March 15, 2017, established budgetary guidelines for the 2016 and 2017 fiscal years and lessened the burden of sequestration in those years. Congress passed an omnibus bill in December 2015, funding the government through September 2016. On September 28, Congress passed a continuing resolution (CR) that will fund the federal government through December 9, 2016. The Senate used H.R. 5325, the appropriations bill for the Legislative Branch, as the vehicle to advance the CR and included appropriations for Military Construction and Veterans affairs, as well as emergency appropriations to respond to the spread of the Zika virus. The CR maintains funding levels for other government functions and agencies, for which appropriations bills have not passed, at fiscal year 2016 levels. The Bipartisan Budget Act of 2015 suspended the debt ceiling from November 2, 2015, through March 15, 2017. On March 16, 2017, the debt ceiling will be raised to accommodate interim borrowing. If no new debt ceiling is passed or suspended, the Treasury will resort to extraordinary measures to fund the government’s obligation. Partly in response to rising financial market stress, as well as to signs of slowing in the broader economy, the Federal Reserve began its last cycle of monetary policy easing in September 2007. By December 2008, the Federal Open Market Committee (FOMC) had lowered the federal funds target interest rate to an historically low range of 0 to 0.25 percent. The FOMC maintained this range until December 2015 and then raised the target range by 25 basis points to 0.25 to 0.5 percent. At its most recent meeting in November 2016, the FOMC maintained this range and reiterated its view, first expressed at the December 2015 meeting, that it “expects economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, PROFILE OF THE ECONOMY for some time, below levels that are expected to prevail in the longer run.” During the Great Recession, in addition to lowering the federal funds rate target, 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 Treasury securities (6 to 30 years) and selling an equal amount of shorter-term Treasury securities (3 years or less), 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 its most recent meeting in November 2016, the Committee indicated that it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities, and of rolling over maturing Treasury securities at auction.” It added that, “it anticipates doing so until normalization of the level of the federal funds rate is well under way,” and reiterated that, “this policy, by keeping the Committee’s holdings of longer-term securities at sizeable levels, should help maintain accommodative financial conditions.” 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, and measures of risk tolerance and volatility have all improved, on net. Equity markets have more than recovered from the steep losses incurred in 2008, when the S&P 500 index suffered its largest annual loss since the Great Depression. Although the index is currently 33 percent above its October 2007 peak, it declined by 0.7 percent during 2015, and thus far in 2016, is 2.0 percent higher through early November. Volatility has also declined markedly: the S&P Stock Market Volatility Index (VIX) often used as a measure of financial market uncertainty, stood at about 22 as of early November 2016– down sharply from an all-time high of 80 in late October 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 global growth. After falling by nearly 90 basis points during 2014, the yield on the 10-year Treasury note rose by about 10 basis points over the course of 2015. As of early November 2016, the 10-year yield was 48 basis points lower on the year at 1.79 percent, but was still above the record low of 1.43 percent reached in late July 2012. The 3- month Treasury bill yield dipped below 0.1 percent between January 2012 and November 2015, but since then has trended higher, and stood at about 0.4 percent as of early November 2016. The 2- to 10-year Treasury yield spread, one measure of the steepness of the yield curve, has narrowed significantly since November 2013 and stood at about 99 basis points as of early November 2016. 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 60 basis points as of early October 2016. 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, widened very December 2016 8 PROFILE OF THE ECONOMY gradually to about 360 basis points as of early 2016. Since then, the spread has narrowed on trend, and stood at 263 basis points as of early October, 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 2016 averaged 3.47 percent. Foreign Exchange Rates The value of the U.S. dollar compared with the currencies of seven major trading partners (the euro area December 2016 countries, Japan, Canada, the United Kingdom, Australia, 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 2016 by about 33 percent. From August 2011 through October 2016, the dollar has appreciated by about 35 percent against the yen and by about 30 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 26 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 2016 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 2016 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 $374.5 billion for the fourth quarter of fiscal year 2016. This is an increase of $1.2 billion over the comparable prior year quarter. Withheld receipts increased by $5.6 billion and non-withheld receipts decreased by $2.2 billion during this period. Refunds increased by $2.3 billion over the comparable fiscal year 2015 quarter. There was a decrease of $0.6 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2015. Corporate income taxes—Net corporate income tax receipts were $76.2 billion for the fourth quarter of fiscal year 2016. This is a decrease of $12.2 billion compared to the prior year fourth quarter. The $12.2 billion change is December 2016 comprised of a decrease of $11.8 billion in estimated and final payments, and an increase of $0.4 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the fourth quarter of fiscal year 2016 were $254.7 billion, an increase of $15.3 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 $1.6 billion, $10.8 billion, and $3.3 billion respectively. There was a negligible accounting adjustment for prior years employment tax liabilities made in the fourth quarter of fiscal year 2016, while there was a -0.6 billion adjustment in the fourth quarter of fiscal year 2015. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the fourth quarter of fiscal year 2016 were $9.1 billion, a negligible change over the comparable quarter of fiscal year 2015. Net State taxes deposited in the U.S. Treasury did not change significantly from $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 Third-Quarter Receipts by Source, continued Contributions for other insurance and retirement— Contributions for other retirement were $1.1 billion for the fourth quarter of fiscal year 2016. This was a negligible change from the comparable quarter of fiscal year 2015. Excise taxes—Net excise tax receipts for the fourth quarter of fiscal year 2016 were $36.1 billion, a decrease of $2.1 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $3.2 billion, an increase of $1.4 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $4.8 billion for the fourth quarter of fiscal year 2016. These receipts represent an increase of $0.7 billion over the same quarter in fiscal year 2015. Customs duties—Customs duties net of refunds were $9.2 billion for the fourth quarter of fiscal year 2016. This is an increase of $0.5 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the fourth quarter of fiscal year 2016 were $32.3 billion, a decrease of $7.4 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $4.5 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 2016 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 2016 year to date 797,862 604,123 193,739 984,433 766,870 217,563 -186,572 -162,748 -23,824 3,266,690 2,456,509 810,180 3,854,101 3,077,750 776,354 -587,413 -621,241 33,826 241,019 10,351 -64,803 186,567 1,051,824 -154,593 -309,828 587,421 Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2016 [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 99.9 8.6 80.2 1.9 0.4 6.1 1.6 3.1 8.5 210.0 115.0 1.1 82.1 6.7 0.4 7.4 1.8 3.0 13.9 231.3 September 159.6 66.5 92.5 0.5 0.3 22.6 1.5 3.1 9.9 356.5 Note.—Detail may not add to totals due to independent rounding. December 2016 12 December 2016 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) 2,449,092 2,773,979 3,020,847 3,248,722 356,537 1,879,592 2,100,705 2,285,246 2,478,328 287,022 569,500 673,274 735,602 770,394 69,515 3,538,447 3,454,254 3,504,199 3,687,623 323,178 3,030,856 2,820,439 2,798,105 2,944,526 248,402 507,589 633,815 706,095 743,097 74,776 -1,089,353 -680,276 -483,353 -438,900 33,359 -1,151,263 -719,738 -512,857 -466,197 38,620 61,913 39,460 29,507 27,297 -5,261 1,286,476 667,974 1,076,474 325,601 62,470 2016 - Est .................... 3,276,172 2017 - Est .................... 3,632,248 2,465,992 2,791,385 810,180 840,863 3,875,970 4,073,170 3,099,879 3,259,631 776,091 813,539 -599,798 -440,922 -633,887 -468,246 34,089 27,324 1,331,294 691,771 365,473 211,046 204,968 349,631 313,579 169,147 227,848 438,432 224,604 329,572 209,998 231,327 356,537 300,235 155,934 145,440 292,239 237,261 108,015 154,634 354,420 160,264 244,179 148,604 168,497 287,022 65,238 55,112 59,528 57,392 76,318 61,132 73,213 84,012 64,340 85,394 61,394 62,830 69,515 274,412 347,604 269,517 364,075 258,416 361,757 335,891 331,977 277,111 323,320 322,817 338,438 323,178 201,767 282,113 195,506 309,049 215,987 287,570 262,546 266,592 202,110 289,404 255,219 263,249 248,402 72,645 65,492 74,011 55,026 42,428 74,187 73,345 65,385 75,001 33,916 67,598 75,189 74,776 91,061 -136,558 -64,549 -14,444 55,163 -192,610 -108,043 106,455 -52,507 6,252 -112,819 -107,112 33,359 98,468 -126,178 -50,066 -16,810 21,274 -179,555 -107,912 87,828 -41,846 -45,225 -106,615 -94,753 38,620 -7,407 -10,380 -14,483 2,366 33,890 -13,055 -131 18,627 -10,661 51,477 -6,204 -12,359 -5,261 -1,541 -43 673,595 94,513 91,319 111,746 138,536 -77,271 77,881 116,057 47,779 82,704 62,470 Fiscal year 2017 to date ... 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2012 ............................ 2013 ............................ 2014 ............................ 2015 ............................ 2016 ............................ 2015 - Sept .................. Oct ................... Nov .................. Dec .................. 2016 - 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) 2012 ...................................... 2013 ...................................... 2014 ...................................... 2015 ...................................... 2016 ...................................... -589 703 -1,234 241 -15 133,641 -33,340 277,668 -10,027 -6,025 1,152,249 702,019 797,573 335,867 68,480 27,356 2,939 69,916 40,415 64,365 -643 -267 -1,817 -2,815 53 5,955 42 188 -3,114 -11 819 -3,658 -4,994 -6,425 1,376 -29,408 -23,503 -359,628 127,111 -36,056 0 816 -834 970 1,170 1,089,353 680,276 483,348 435,887 -33,359 2016 - Est .............................. 2017 - Est .............................. 445 -3 320,779 119,576 1,010,960 572,192 101,284 - - - - -309,878 -131,269 - 599,798 440,923 2015 - Sept ........................... Oct............................. Nov ............................ Dec ............................ 2016 - Jan ............................. Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ............................ Aug ............................ Sept ........................... -196 14 271 185 58 -185 12 -53 119 42 -9 -170 -15 -4,629 55,951 149,071 11,305 106,131 -15,497 -150 6,382 32,779 70,019 -19,008 -23,227 -6,025 2,892 -55,980 524,796 83,393 -14,755 127,058 138,698 -83,706 45,221 46,080 66,778 105,761 68,480 66,929 -175,824 230,381 80,174 36,734 -97,823 41,476 25,256 -40,675 65,245 -29,914 -44,802 64,365 -2 -246 2,853 -3,250 -188 31 986 303 -516 -145 -196 36 53 -39 352 -251 -1,026 184 -450 -27 113 -460 263 17 28 -11 -1,275 -38 -225 -736 3 -917 313 144 42 71 77 120 1,376 -29,311 17,414 -227,485 7,056 -3,675 -33,607 12,093 3,070 -34,323 12,968 16,021 -43,267 -36,056 971 -632 0 -843 134 1,170 -91,061 136,558 64,553 14,444 -55,163 192,610 108,043 -106,452 52,507 -6,252 112,815 107,112 -33,359 Fiscal year 2017 to date .......... 269 367,731 1,051,824 154,593 -279 -1,268 230 -309,791 -171 587,416 These estimates are based on the Mid-Session Review Update to the President's Fiscal Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016. -No transactions. Detail may not add to totals due to rounding. December 2016 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) 238,251 229,992 231,733 234,352 4,162 1,132,207 1,316,405 1,394,567 1,540,802 159,628 281,841 312,477 353,553 390,291 69,807 39,552 38,970 32,822 46,495 3,315 242,290 273,505 320,729 343,798 66,492 - - 1,544,623 1,746,647 298,158 409,898 - 89,445 93,493 95,330 131,673 101,620 127,806 124,470 93,258 103,306 77,281 96,844 109,872 90,745 75,605 23,771 7,448 19,461 80,315 7,743 15,621 231,326 12,283 63,909 8,006 8,732 73,045 3,504 8,044 9,162 2,408 705 70,819 62,948 58,412 18,633 7,362 4,983 3,648 4,162 161,547 109,220 93,615 148,727 181,230 64,732 77,144 266,172 96,956 133,828 99,867 114,957 159,628 78,778 10,156 6,603 79,733 9,577 5,202 38,892 40,382 7,736 63,863 9,259 4,771 69,807 1,245,698 551,660 251,286 1,546,076 345,981 Withheld (1) Other (2) 2012 .................. 2013 .................. 2014 .................. 2015 .................. 2016 .................. 1,018,104 1,102,745 1,149,709 1,220,161 90,745 352,355 443,651 476,591 554,993 73,045 2016 - Est .......... 2017 - Est .......... 1,544,623 1,746,647 2015 - Sept ........ Oct ......... Nov ........ Dec ........ 2016 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... July ........ Aug ........ Sept ....... Fiscal year 2017 to date........ Fiscal year or month Refunds (3) Net income taxes (8) Gross (9) Refunds (10) Net (11) 1,374,497 1,589,910 1,715,296 1,884,598 226,120 772,948 884,988 962,237 1,007,385 95,196 2,305 2,443 2,529 2,801 3,159 770,643 882,545 959,708 1,004,584 92,037 298,158 409,898 1,842,781 2,156,545 1,056,955 1,097,407 - 1,056,955 1,097,407 3,367 5,900 2,930 2,762 2,383 8,659 5,622 4,715 3,195 2,591 705 3,634 3,315 75,411 4,256 3,673 76,971 7,194 -3,457 33,271 35,667 4,542 61,272 8,554 1,137 66,492 236,958 113,476 97,288 225,698 188,424 61,275 110,415 301,839 101,498 195,100 108,421 116,094 226,120 89,613 73,923 79,989 77,426 98,747 78,186 93,411 109,042 82,336 110,743 79,602 81,551 95,196 2,801 3,159 86,812 73,923 79,989 77,426 98,747 78,186 93,411 109,042 82,336 110,743 79,602 81,551 92,037 46,411 299,572 1,845,648 1,060,152 3,159 1,056,993 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) 2012 ............................ 2013 ............................ 2014 ............................ 2015 ............................ 2016 ............................ 4,289 4,963 5,374 5,868 444 6 63 16 1 - 4,283 4,900 5,359 5,868 444 774,926 887,445 965,067 1,010,449 92,481 66,747 56,958 55,536 51,359 506 99 149 142 182 19 66,647 56,811 55,394 51,177 487 3,712 3,539 3,447 3,629 314 30 25 27 23 3 3,739 3,564 3,472 3,652 317 2016 - Est .................... 2017 - Est .................... 5,239 5,522 - 5,239 5,522 1,062,194 1,102,929 49,407 51,312 - 49,407 51,312 3,794 4,254 22 21 3,816 4,275 2015 - Sept ................. Oct................... Nov .................. Dec .................. 2016 - Jan ................... Feb .................. Mar .................. Apr .................. May ................. June ................ July .................. Aug .................. Sept ................. 453 459 453 447 451 664 527 488 526 -170 483 544 444 1 2 82 -82 - 453 459 453 446 451 664 527 487 524 -254 567 544 444 87,264 74,382 80,442 77,872 99,198 78,850 93,938 109,529 82,860 110,489 80,169 82,095 92,481 220 2,160 4,833 343 2,218 6,272 506 5,426 17,798 359 1,884 6,738 506 12 4 4 4 3 39 12 80 19 7 19 208 2,156 4,830 343 2,214 6,269 467 5,426 17,786 279 1,865 6,731 487 302 309 294 368 297 328 331 303 302 303 373 355 314 2 2 2 2 1 1 2 3 2 3 3 4 3 304 311 297 370 298 329 333 306 304 306 376 359 317 Fiscal year 2017 to date ... 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 See footnotes at end of table. December 2016 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”] Social insurance and retirement receipts, con. Net social insurance and retirement receipts (22) Fiscal year or month 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) 2012 .............................. 845,312 2013 .............................. 947,820 2014 .............................. 1,023,933 2015 .............................. 1,065,278 2016 .............................. 93,285 12,184 12,677 13,467 13,401 2,036 23 19 16 18 1 12,161 12,658 13,451 13,383 2,035 664 529 573 546 78 - 664 529 573 546 78 41,159 36,410 39,036 38,132 6,390 63 41,159 36,410 39,036 38,132 6,327 29,551 38,423 44,716 50,802 15,143 4,476 4,015 4,405 4,585 1,018 25,076 34,409 40,310 46,217 14,125 2016 - Est ..................... 1,115,417 2017 - Est ..................... 1,158,516 14,247 14,667 - 14,247 14,667 523 524 - 523 524 41,525 48,608 - 41,525 48,608 40,606 46,977 - 40,606 46,977 87,776 76,849 85,569 78,585 101,710 85,448 94,738 115,261 100,950 111,074 82,410 89,184 93,285 1,210 260 1,355 1,117 1,103 1,365 1,177 1,268 1,131 1,229 1,290 1,048 2,036 2 7 2 3 3 1 1,208 260 1,355 1,117 1,103 1,358 1,177 1,268 1,129 1,229 1,287 1,045 2,035 52 11 60 49 49 38 46 50 4 38 40 2 78 - 52 11 60 49 49 38 46 50 4 38 40 2 78 3,699 797 4,053 3,337 3,293 4,030 3,249 3,495 2,785 3,311 3,478 3,214 6,390 63 3,699 797 4,053 3,337 3,293 4,030 3,249 3,495 2,785 3,311 3,478 3,214 6,327 18,965 4,773 2,157 2,383 2,353 1,316 2,326 2,650 3,019 2,619 3,192 3,353 15,143 377 265 56 163 676 80 199 1,476 132 288 1,921 166 1,018 18,588 4,508 2,101 2,220 1,677 1,237 2,128 1,174 2,887 2,331 1,271 3,187 14,125 Fiscal year 2017 to date ..... 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 2015 - Sept ................... Oct .................... Nov.................... Dec.................... 2016 - Jan ..................... Feb .................... Mar .................... Apr .................... May ................... June .................. July ................... Aug.................... Sept................... Fiscal year or month 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 2016 ....................... 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) 79,062 84,008 93,367 98,278 22,566 14,451 19,830 20,153 20,043 1,538 477 919 854 811 59 13,971 18,910 19,301 19,232 1,479 32,079 33,119 35,348 37,704 3,309 1,774 1,305 1,423 2,666 164 30,306 31,814 33,927 35,042 3,145 81,955 75,766 99,233 96,469 6,379 23,991 25,750 35,788 49,827 3,562 105,943 101,514 135,023 146,294 9,942 1,879,592 2,100,706 2,285,245 2,478,328 287,022 569,500 673,274 735,602 770,394 69,515 2016 - Est ............... 96,901 2017 - Est ............... 110,776 21,103 22,274 - 21,103 22,274 36,405 37,264 - 36,405 37,264 120,485 87,566 43,080 58,307 163,565 145,873 2,465,992 2,791,385 810,180 840,863 2015 - Sept ............ Oct.............. Nov ............. Dec ............. 2016 - Jan .............. Feb ............. Mar ............. Apr ............. May ............ June ........... July ............. Aug ............. Sept ............ 23,547 5,577 7,568 6,723 6,122 6,661 6,600 5,987 6,805 6,910 6,077 7,448 22,566 1,610 2,182 1,794 2,265 1,322 1,484 1,674 3,170 1,592 1,750 1,707 1,859 1,538 66 50 82 77 52 164 73 22 99 71 136 98 59 1,544 2,132 1,713 2,188 1,270 1,320 1,601 3,148 1,492 1,678 1,571 1,762 1,479 3,438 3,556 3,019 3,021 3,187 2,715 3,015 2,993 2,596 2,874 3,191 2,992 3,309 241 120 132 130 139 175 142 195 169 93 132 39 164 3,198 3,435 2,887 2,891 3,047 2,540 2,873 2,798 2,427 2,781 3,059 2,953 3,145 9,830 7,489 6,668 29,271 7,539 7,176 9,557 7,519 7,634 9,674 6,950 9,815 6,379 2,620 2,088 3,276 4,275 5,466 4,726 2,064 1,880 3,797 2,354 1,511 4,071 3,562 12,450 9,577 9,944 33,546 13,005 11,902 11,622 9,400 11,431 12,028 8,461 13,886 9,942 300,235 155,934 145,440 292,239 237,261 108,015 154,634 354,420 160,263 244,179 148,604 168,497 287,022 65,238 55,112 59,528 57,392 76,318 61,132 73,213 84,012 64,340 85,394 61,394 62,830 69,515 Fiscal year 2017 to date . 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 These estimates are based on the Mid-Session Review Update to the President's Fiscal Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016. -No transactions. Detail may not add to totals due to rounding. December 2016 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) 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 2016 ....................... 4,438 4,328 4,156 4,328 357 7,228 7,066 6,900 7,130 723 139,712 155,897 141,806 139,112 6,548 10,267 9,137 6,675 8,955 823 650,869 607,801 578,013 562,506 57,596 57,248 40,910 59,609 90,031 6,153 32,485 24,677 23,630 25,425 3,288 848,055 886,293 936,030 1,027,420 113,568 47,423 57,220 43,259 42,563 4,955 49,591 56,577 38,524 35,522 -3 12,886 9,605 11,273 12,348 1,137 31,161 29,740 28,617 26,910 2,330 104,742 80,309 57,199 45,218 2,655 2016 - Est ............... 2017 - Est ............... 4,730 4,868 7,729 7,749 144,699 150,810 10,225 10,718 565,655 588,027 75,663 69,302 25,333 30,447 1,108,457 1,139,843 44,301 49,292 27,656 40,875 12,937 14,514 31,979 37,134 44,246 51,112 2015 - Sept ............. Oct .............. Nov ............. Dec ............. 2016 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............ 356 405 338 372 342 392 344 343 334 347 352 418 357 629 611 584 702 559 613 644 589 576 606 695 595 723 9,218 17,388 15,988 14,332 10,966 11,114 10,916 9,337 10,171 10,278 8,997 12,126 6,548 911 644 748 781 662 980 695 652 829 686 689 973 823 52,457 57,705 41,427 54,075 37,363 42,591 51,039 47,001 39,797 46,273 44,688 45,810 57,596 9,457 3,470 5,500 5,063 8,668 9,016 5,640 4,882 5,122 12,096 3,980 7,391 6,153 2,558 2,544 1,389 2,399 1,838 1,671 2,485 2,344 2,209 2,185 1,573 1,927 3,288 82,199 116,914 60,941 87,914 82,622 85,514 96,298 109,497 65,762 87,030 95,261 101,645 113,568 3,811 3,812 3,158 4,083 3,011 4,461 3,545 3,531 2,779 3,700 3,363 4,796 4,955 -1,149 3,216 3,406 3,554 3,334 3,151 3,578 -6,689 3,325 3,294 3,240 2,987 -3 1,590 915 780 939 888 927 1,364 957 776 1,489 1,075 1,337 1,137 2,551 2,167 2,381 1,684 2,099 2,864 2,630 -632 5,536 2,750 2,477 3,237 2,330 3,780 -3,149 3,821 5,032 4,725 4,177 5,048 4,014 4,172 4,033 2,888 3,955 2,655 Fiscal year 2017 to date ............................ 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371 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) 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 2016 ....................... 26,948 25,928 27,504 26,494 7,021 75,148 76,317 76,154 75,451 9,627 359,240 415,671 429,568 402,183 19,109 105,456 -16,618 17,361 83,447 -34,983 124,127 138,463 149,074 159,220 21,226 7,777 6,301 6,533 6,684 826 77,316 56,811 57,372 62,966 10,140 12,794 9,485 9,400 7,006 692 405 380 373 392 32 1,754 -368 -765 -889 -193 20,060 19,745 18,609 20,976 755 2016 - Est ............... 2017 - Est ............... 29,170 29,830 78,288 85,794 431,059 471,077 90,237 91,330 176,401 180,158 6,444 6,416 66,112 59,193 8,700 8,693 400 409 -817 1,284 16,104 26,417 2015 - Sept ............ Oct.............. Nov ............. Dec ............. 2016 - Jan .............. Feb ............. Mar ............. Apr ............. May ............ June ........... July ............. Aug ............. Sept ............ 4,461 2,583 2,220 2,165 1,664 1,726 1,427 1,215 3,159 2,327 2,024 1,916 7,021 9,693 4,199 7,458 6,966 4,583 5,298 6,102 5,136 6,198 7,468 6,690 8,696 9,627 20,838 16,790 21,391 85,679 21,311 18,785 25,135 28,211 32,818 95,662 32,458 32,615 19,109 -35,383 4,497 6,441 3,321 6,206 61,077 15,699 11,007 7,173 5,250 5,888 4,577 -34,983 14,038 20,633 6,702 21,131 6,891 13,569 14,228 20,075 7,098 13,582 14,629 14,255 21,226 626 86 665 596 516 514 611 492 523 540 590 430 826 5,404 9,508 1,266 9,818 1,297 5,420 5,283 8,321 186 4,585 4,641 4,040 10,140 751 848 828 801 812 672 626 686 674 720 676 694 692 35 31 30 39 30 33 33 30 31 31 40 35 32 12 -34 -188 178 -251 -221 113 -38 -116 142 -168 42 -193 1,523 -317 2,682 2,041 2,010 1,335 3,551 1,763 -439 761 1,276 824 755 Fiscal year 2017 to date............................ 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 See footnotes at end of table. December 2016 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) 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 0 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 2016 .................. 1,701 647 8,093 124 85,797 -1,771 -5,934 475 -338 - 248,402 74,776 2016 - Est .......... 19,153 6,895 93,223 -378 978,606 18,842 -84,161 -146,717 -2,776 -12,425 3,099,879 776,091 2017 - Est .......... 19,256 7,026 96,360 960 1,012,127 23,352 -88,756 -144,674 -3,676 -4,097 3,259,631 813,539 2015 - Sept ....... 1,756 698 8,164 100 79,365 224 -5,763 -287 -212 - 201,767 72,645 Oct......... 1,318 538 8,129 68 83,791 3,913 -19,208 3,580 12 - 282,113 65,492 Nov ........ 1,560 540 7,339 66 75,057 1,894 -5,420 -1,015 -457 - 195,506 74,011 Dec ........ 2,265 510 7,090 74 110,718 666 -5,970 -64,689 -255 - 309,049 55,026 2016 - Jan ......... 1,206 467 7,827 70 50,089 3,239 -5,486 -1,195 56 - 215,987 42,428 Feb ........ 1,473 579 7,350 79 80,423 3,310 -6,068 -718 -353 - 287,570 74,187 Mar ........ 1,478 552 7,758 -1,303 80,412 -3,032 -6,033 -824 -152 - 262,546 73,345 Apr ........ 1,711 512 8,105 67 85,349 1,046 -5,750 -3,585 -100 -8,101 266,592 65,385 May ....... 1,319 493 7,420 74 76,970 1,748 -5,757 -3,503 -347 - 202,110 75,001 June ...... 1,595 670 7,286 70 85,286 -4,528 -5,778 -66,775 -339 - 289,404 33,916 July ........ 1,520 651 7,362 76 81,434 4,449 -6,453 -3,818 -97 -329 255,219 67,598 Aug ........ 1,682 745 7,559 91 81,457 2,226 -6,173 -4,051 -413 -6 263,249 75,189 Sept ....... 1,701 647 8,093 124 85,797 -1,771 -5,934 475 -338 - 248,402 74,776 Fiscal year 2017 to date ....... 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 These estimates are based on the Mid-Session Review Update to the President's Fiscal Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016. -No transactions. Detail may not add to totals due to rounding. December 2016 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, September 2016 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 1,546,046 Corporation income taxes ........................................... 299,571 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... 12 Unemployment insurance ....................................... -2 Other retirement ...................................................... Excise taxes ................................................................ 32,694 Estate and gift taxes ................................................... 21,354 Customs duties ........................................................... 22,891 Miscellaneous receipts ................................................ 125,781 Total receipts ....................................................... 2,048,348 (On-budget) ..................................................... 2,048,348 (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... 4,440 Judicial branch ............................................................ 7,552 Department of Agriculture ........................................... 125,000 Department of Commerce........................................... 8,763 Department of Defense-military .................................. 565,225 Department of Education ............................................ 76,654 Department of Energy ................................................. 26,938 Department of Health and Human Services ............... 821,422 Department of Homeland Security.............................. 48,196 Department of Housing and Urban Development....... 26,905 Department of the Interior ........................................... 12,367 Department of Justice ................................................. 26,823 Department of Labor ................................................... 10,315 Department of State .................................................... 28,760 Department of Transportation ..................................... 80,286 Department of the Treasury: Interest on the public debt....................................... 429,963 Other ....................................................................... 95,998 Department of Veterans Affairs .................................. 176,562 Corps of Engineers ..................................................... 4,920 Other defense civil programs ...................................... 82,823 Environmental Protection Agency............................... 8,210 Executive Office of the President................................ 395 General Services Administration ................................ 90 International Assistance Program ............................... 20,699 National Aeronautics and Space Administration ........ 18,837 National Science Foundation ...................................... 6,805 Office of Personnel Management ............................... 48,941 Small Business Administration ................................... -438 Social Security Administration .................................... 93,235 Other independent agencies ....................................... 9,799 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -1,866 Total outlays ........................................................ 2,864,620 (On-budget) ..................................................... 2,864,356 (Off-budget) ..................................................... 264 Surplus or deficit (-) ............................................. -816,272 (On-budget) ..................................................... -816,008 (Off-budget) ..................................................... -264 Note.—Detail may not add to totals due to rounding. December 2016 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) 29 - - 1,546,075 299,571 1,540,696 343,797 106 - - 1,540,802 343,797 1,315 -. 10,549 27,363 39,257 39,257 - 810,180 252,114 48,854 3,905 61,036 1,396 1,599 1,179,170 368,904 810,180 810,180 252,125 48,853 3,905 95,045 21,354 34,837 154,743 3,266,688 2,456,509 810,180 36,606 19,232 22,546 112,585 2,075,463 2,075,463 - 1,153 10,981 32,288 44,528 44,528 - 770,372 240,055 51,177 3,651 60,520 1,514 1,421 1,128,710 358,339 770,372 770,372 240,055 51,177 3,651 98,279 19,232 35,041 146,295 3,248,701 2,478,330 770,372 -95 -38 13,320 -281 -107 327 -1,086 9,863 -3,096 -326 -294 2,703 -5,056 -114 15 -2 -18 -159 681 247 1 * 271,680 96 -187 511 -2 36,112 802 -1,882 4,344 7,497 138,162 9,162 565,364 76,981 25,852 1,102,965 45,195 26,393 12,584 29,523 41,371 29,448 78,419 4,338 7,128 124,782 8,574 565,588 90,171 26,612 757,196 46,725 35,944 11,826 24,712 10,161 26,163 16,882 -19 32 13,848 -6,269 -3,242 -139 -1,187 8,647 -4,244 -422 175 2,198 -905 -303 107 9 -28 482 6,648 160 * * 261,586 83 -1 347 1 35,962 635 58,464 4,329 7,131 139,112 8,954 562,506 90,031 25,424 1,027,428 42,563 35,521 12,347 26,911 45,218 26,495 75,453 239 -3,392 18 -866 -72 * -825 -654 -10 95 -3,874 -7 3 -2,822 -84 848 1,450 -17,452 591 -3,804 1 4 46,249 883,545 6,185 429,963 96,153 174,018 6,388 64,505 8,729 395 -735 16,241 18,829 6,904 91,316 -444 976,783 13,162 402,184 84,033 161,721 5,689 79,752 8,669 393 108 25,485 18,290 6,778 47,882 -734 87,359 11,238 -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 45,736 856,760 7,621 402,184 83,443 159,217 6,683 62,966 7,006 394 -889 21,161 18,272 6,837 91,735 -746 944,121 13,579 -7,750 -4,182 -4,236 55 43,438 43,493 -55 -146,117 -85,635 993,662 217,628 776,034 185,508 151,362 34,146 -146,117 -95,251 3,854,100 3,077,747 776,353 -587,412 -621,239 33,827 -2,899 2,692,750 2,692,491 258 -617,287 -617,028 -258 -20,385 -22,984 -21,014 -1,970 67,512 65,542 1,970 -141,793 -92,519 1,018,025 273,240 744,785 110,686 85,099 25,587 -141,793 -115,804 3,687,790 2,944,716 743,074 -439,089 -466,387 27,298 FEDERAL FISCAL OPERATIONS 19 TABLE FFO-5—Internal Revenue Receipts by State, 2016 [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 ................... 3,333,449,083 345,552,427 2,889,726,850 2,267,921,604 577,728,172 Alabama ........................................ 25,769,798 1,571,713 23,701,732 18,668,398 4,822,703 Alaska............................................ 5,585,614 187,371 5,320,151 3,952,383 1,292,043 Arizona .......................................... 42,036,980 2,563,871 37,748,900 28,700,261 8,454,187 Arkansas ....................................... 32,041,729 6,346,477 24,855,286 21,404,551 3,175,202 California ....................................... 422,679,255 48,416,393 365,225,572 271,091,555 89,631,845 Colorado ........................................ 54,750,471 3,595,318 50,033,279 38,426,037 11,226,106 Connecticut ................................... 62,910,820 11,877,254 49,258,145 37,055,737 11,394,471 Delaware ....................................... 19,970,924 4,111,383 15,540,053 13,031,874 1,217,169 District of Columbia ....................... 27,255,713 2,251,996 24,909,535 21,875,893 2,433,654 Florida ........................................... 188,417,969 11,773,302 172,450,572 123,546,111 45,487,666 Georgia.......................................... 90,808,049 12,567,697 74,344,840 61,052,717 12,625,381 1,957,572 Hawaii............................................ 8,811,882 581,689 7,864,419 5,816,880 Idaho ............................................. 10,083,241 278,643 9,710,649 7,500,331 2,097,055 Illinois ............................................ 161,938,790 19,034,595 138,434,275 110,274,246 24,858,102 Indiana........................................... 57,138,639 4,245,518 51,035,537 43,151,482 7,485,387 Iowa ............................................... 23,946,703 1,540,230 22,025,777 17,709,384 4,177,922 Kansas .......................................... 25,291,646 1,283,159 22,315,786 17,270,628 4,532,168 Kentucky........................................ 34,250,551 2,482,345 30,386,590 25,993,780 4,149,460 Louisiana ....................................... 41,543,677 1,239,175 39,746,817 33,466,949 6,052,664 Maine............................................. 7,851,996 393,879 7,232,445 5,694,187 1,458,058 Maryland........................................ 67,700,772 4,040,984 62,904,457 51,727,786 10,478,858 Massachusetts .............................. 108,818,811 8,117,082 98,880,648 78,299,858 19,479,258 Michigan ........................................ 81,235,365 6,539,155 73,520,578 59,996,257 12,807,216 Minnesota ...................................... 103,696,439 19,774,489 80,723,820 70,641,452 9,555,407 Mississippi ..................................... 12,585,739 659,542 11,657,976 9,157,650 2,413,021 Missouri ......................................... 66,485,775 9,975,985 54,754,718 46,021,398 7,973,483 Montana ........................................ 5,972,785 181,396 5,738,218 4,025,817 1,625,938 Nebraska ....................................... 25,179,346 6,722,660 18,243,763 14,027,343 2,875,052 Nevada .......................................... 19,911,272 767,939 18,734,870 11,652,634 5,796,265 New Hampshire............................. 11,477,991 236,307 10,917,982 8,312,416 2,297,337 New Jersey ................................... 143,011,905 25,566,668 114,953,108 93,635,822 19,883,839 New Mexico ................................... 8,738,963 200,103 8,390,557 6,376,023 1,956,246 New York ....................................... 265,989,543 28,810,484 232,171,654 173,208,393 55,712,922 North Carolina ............................... 83,714,348 10,574,820 72,377,782 59,927,664 11,894,670 North Dakota ................................. 6,925,658 285,640 6,534,589 4,720,875 1,775,994 Ohio ............................................... 141,113,704 11,673,464 124,675,836 109,550,088 13,687,372 Oklahoma ...................................... 27,953,499 1,379,289 22,768,650 17,148,147 4,909,320 See footnotes at end of table. December 2016 FEDERAL FISCAL OPERATIONS 20 TABLE FFO-5—Internal Revenue Receipts by State, 2016, 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 .......................................... 31,955,480 1,074,218 29,749,545 23,513,596 6,012,017 Pennsylvania ................................. 135,924,018 14,231,262 117,342,049 96,124,083 19,689,517 Rhode Island ................................. 14,607,467 3,462,554 10,897,975 9,249,999 1,472,705 South Carolina .............................. 25,486,880 1,708,414 23,241,146 17,736,666 5,282,486 South Dakota ................................ 7,779,688 434,629 7,268,145 4,112,939 1,904,922 Tennessee .................................... 65,002,725 6,940,458 56,406,412 47,695,227 8,275,048 Texas............................................. 261,128,693 19,021,716 218,950,277 164,916,329 49,325,367 Utah ............................................... 21,129,551 1,252,583 19,194,605 14,902,351 4,088,522 Vermont ......................................... 4,460,846 200,000 4,202,276 3,258,578 884,050 Virginia .......................................... 83,616,961 12,845,576 70,011,653 54,977,133 13,866,471 Washington ................................... 77,083,460 5,250,717 70,468,914 54,423,061 15,394,250 West Virginia ................................. 6,915,238 220,567 6,620,799 5,240,263 1,332,957 Wisconsin ...................................... 52,468,187 4,749,321 46,893,577 37,780,323 8,295,559 Wyoming ....................................... 4,475,631 152,712 4,173,281 2,437,497 1,573,784 141,568 U.S. Armed Services overseas and Territories other than Puerto Rico ............................... 695,586 2,660 688,498 533,855 Puerto Rico ................................... 3,479,709 80,126 3,262,845 2,851,970 384,070 International .................................. 11,055,471 1,291,880 9,257,255 4,916,510 4,300,217 Undistributed 5 ............................... 2,587,129 785,016 1,008,033 -861,785 1,853,651 See footnotes at end of table. December 2016 FEDERAL FISCAL OPERATIONS 21 TABLE FFO-5—Internal Revenue Receipts by State, 2016, 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 ........................ 8,440,229 5,941,448 29,695,397 19,879,671 2,457,466 75,832,669 Alabama ............................................. 63,044 2,912 144,675 173,517 9,613 313,223 Alaska................................................. 11,483 2,135 62,108 27,166 27 50,899 Arizona ............................................... 124,348 1,784 468,321 145,362 20,128 1,558,718 State Excise taxes 1 (11) Arkansas ............................................ 141,408 2,708 131,417 47,059 5,047 787,860 California ............................................ 1,961,191 16,998 2,523,983 3,642,572 346,248 5,048,470 Colorado ............................................. 111,015 17,548 252,573 288,453 25,825 807,596 Connecticut ........................................ 206,358 6,342 595,236 425,396 48,486 1,301,539 Delaware ............................................ 27,181 46,274 1,217,554 14,899 1,113 303,476 District of Columbia ............................ 16,219 505,004 78,765 50,924 4,880 38,379 Florida ................................................ 454,144 749,202 2,213,448 2,269,432 265,333 1,659,329 Georgia............................................... 242,460 2,768 421,513 448,706 20,961 3,425,846 Hawaii................................................. 17,281 - 72,686 120,717 14,151 230,906 Idaho .................................................. 38,290 736 74,237 21,681 3,899 68,369 Illinois ................................................. 316,040 324,384 2,661,502 772,860 92,205 3,604,854 Indiana................................................ 113,742 32,409 252,517 102,187 8,330 1,747,067 Iowa .................................................... 50,671 7,762 80,038 72,787 7,746 300,163 Kansas ............................................... 66,478 156,659 289,852 171,039 11,467 1,510,194 Kentucky............................................. 78,255 14,373 150,722 77,453 46,539 1,257,625 Louisiana ............................................ 66,694 5,582 154,929 125,377 4,258 428,050 Maine.................................................. 18,005 3,753 58,442 60,914 1,980 162,777 Maryland............................................. 112,547 17,355 567,910 309,812 82,740 362,778 Massachusetts ................................... 183,718 39,183 878,631 418,464 66,337 1,336,280 Michigan ............................................. 199,376 18,950 498,779 518,227 29,507 627,898 Minnesota ........................................... 199,240 87,826 239,895 232,289 24,053 2,941,788 Mississippi .......................................... 31,061 1,117 55,127 82,683 25,987 159,550 Missouri .............................................. 134,326 86,162 539,348 333,279 138,956 1,282,837 Montana ............................................. 42,681 21,649 2,700 28,823 16,163 27,620 Nebraska ............................................ 37,848 1,194,563 108,957 89,264 4,289 119,370 Nevada ............................................... 48,246 79 1,237,646 266,354 6,308 135,802 New Hampshire.................................. 22,251 104 285,873 80,161 12,837 230,704 New Jersey ........................................ 230,464 159,011 1,043,972 451,462 116,492 1,924,174 New Mexico ........................................ 20,507 79 37,703 51,925 856 95,521 New York ............................................ 362,091 479,810 2,408,437 2,237,718 344,857 2,424,831 North Carolina .................................... 201,066 7,492 346,889 378,177 50,436 333,133 North Dakota ...................................... 14,152 6,973 16,595 45,321 411 59,698 Ohio .................................................... 603,229 26,027 809,122 378,960 49,334 4,336,110 Oklahoma ........................................... 62,704 3,093 645,387 164,977 2,436 3,638,146 See footnotes at end of table. December 2016 FEDERAL FISCAL OPERATIONS 22 TABLE FFO-5—Internal Revenue Receipts by State, 2016, 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 ............................................... 79,658 896 143,378 208,511 4,482 918,724 Pennsylvania ...................................... 281,420 71,571 1,175,458 989,300 115,724 3,245,683 Rhode Island ...................................... 32,874 13 142,383 141,988 5,849 99,102 South Carolina ................................... 60,166 2,131 159,697 191,829 20,101 325,389 South Dakota ..................................... 12,269 1,353 1,236,661 26,058 454 50,403 Tennessee ......................................... 183,128 2,746 250,264 202,347 10,402 1,443,107 Texas.................................................. 538,422 1,086,660 3,083,500 1,318,116 140,191 21,698,393 Utah .................................................... 58,005 4,958 140,769 24,277 2,959 655,127 Vermont .............................................. 9,318 2,611 47,720 25,538 1,425 31,607 Virginia ............................................... 167,504 697,856 302,689 482,079 47,281 230,371 Washington ........................................ 203,925 10,689 436,989 250,966 83,066 1,029,797 West Virginia ...................................... 15,886 781 30,912 19,786 2,448 51,637 Wisconsin ........................................... 134,762 2,389 680,544 252,294 25,519 547,476 Wyoming ............................................ 7,407 840 153,753 44,414 35,535 69,689 U.S. Armed Services overseas and Territories other than Puerto Rico .................................... 3,802 - 9,273 - - 4,428 Puerto Rico ....................................... 25,297 - 1,507 1,414 53 135,271 International ...................................... 6,795 1,302 32,430 113,176 7,373 385,788 Undistributed 5 ................................... 16,296 -129 - 468,354 57,831 267,896 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 2016 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 Collection Fiscal Year 2016 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 .............. Searsport, ME .................................. 10152 .............. Manchester Airport, NH ...................... 10182 .............. Total District ........................................................... $3,082,613,920.90 106,001.05 841,681.48 1,160,371.14 686,554.90 938,197.82 2,191,468.70 225,338.35 287,448.16 81,373.00 77,077.44 312,092.24 16,266.10 70,641.31 5,579.00 108,137.18 151,505.23 90,364.88 3,834.31 7,353,932.29 38,061,406.10 253,106.69 88,420.83 809,383.33 12,961,724.76 5,246,408.53 20,339.27 104,678.29 113,080.30 16,656.02 6,107,812.99 21,630.59 12,580.74 1,139,848.65 2,723,611.57 1,827.13 173,403.83 67,855,919.62 District and Port of Collection Port Code Collection Fiscal Year 2016 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 ........................................................... 4,074,914.77 31,517.37 57,564.98 69,734.70 4,709,046.90 1,352,496.71 50,631,937.19 60,927,212.62 Boston, Massachusetts: Boston, MA ....................................... 10401 .............. Springfield, MA ................................. 10402 .............. Worcester, MA ................................. 10403 .............. Gloucester, MA ................................ 10404 .............. New Bedford, MA ............................. 10405 .............. Plymouth, MA ................................... 10406 .............. 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 ........................................................... 245,872,618.76 2,291.68 15,271,960.70 7,637.50 34,900,145.71 1,168.26 378,390.63 5,135,370.45 2,221,263.15 8,746,713.22 5,037,009.29 5,418,758.65 212,015.91 84,486,931.06 287,284.19 407,979,559.16 Providence, Rhode Island: Newport, RI ...................................... 10501 .............. Providence, RI.................................. 10502 .............. Total District ........................................................... 40,005.30 159,997,487.20 160,037,492.50 Ogdensburg, New York: Ogdensburg, NY .............................. 10701 .............. Massena, NY.................................... 10704 .............. Alexandria Bay, NY .......................... 10708 .............. Champlain-Rouses Point, NY .......... 10712 .............. Trout River, NY ................................ 10715 .............. Total District ........................................................... 4,537,350.86 2,214,883.67 22,714,244.37 208,623,921.66 26,310,550.13 264,400,950.69 Buffalo, New York: Buffalo-Niagara Falls, NY ................ 10901 .............. Rochester, NY .................................. 10903 .............. Oswego, NY ..................................... 10904 .............. Syracuse, NY ................................... 10906 .............. Binghamton Regional Airport, NY .... 10981 .............. Griffiss International Airport, NY ...... 10982 .............. Total District ........................................................... 362,215,041.75 4,394,555.66 249,581.98 3,680,203.14 129,569.89 5,623.78 370,674,576.20 Philadelphia, Pennsylvania: Philadelphia, PA ............................... Chester, PA ...................................... Wilmington, DE ................................ Pittsburgh, PA .................................. Wilkes-Barre/Scranton, PA .............. Philadelphia International Airport, PA ..................................... Harrisburg, PA .................................. Allentown, PA ................................... 11101 .............. 11102 .............. 11103 .............. 11104 .............. 11106 .............. 204,144,418.17 73,881,790.49 23,826,835.50 57,506,195.32 3,288,270.71 11108 .............. 11109 .............. 11119 .............. 39,477,338.93 39,947,969.92 11,152,417.14 December 2016 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 2016 Philadelphia, Pennsylvania, continued: Atlantic City Airport, NJ .................. 11182 ...................... Trenton/Mercer CTY Airport, PA .... 11183 ...................... UPS HUB, Philadelphia, PA........... 11195 ...................... Total District ............................................................... 127,115.43 160,320.22 40,368,077.50 493,880,749.33 Baltimore, Maryland: Baltimore, MD ................................ 11303 ...................... BWI Airport, MD ............................. 11305 ...................... Total District ............................................................... 817,398,083.76 15,302,709.40 832,700,793.16 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 ...................... NYACC, NY .................................... 24771 ...................... DHL Airways, NY ........................... 24772 ...................... Emery Worldwide, NY .................... 24773 ...................... Air France, Jamaica, NY ................ 24774 ...................... TNT Skypak., NY ........................... 24778 ...................... Total District ............................................................... 313,204,881.41 2,688,267.80 5,343,563,930.90 10,786,731.46 29,234,293.41 35,400,466.36 218,455.49 1,066,131,522.27 6,311,314.60 28,628,301.02 3,042,696.64 205.59 7,296,979.87 6,846,508,046.82 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 .................................. Portal, ND ....................................... Neche, ND ...................................... St. John, ND ................................... Northgate, ND ................................ Walhalla, ND .................................. December 2016 33401...................... 33403...................... 33404...................... 33405...................... 33406...................... 33407...................... 571,266.18 7,072,426.50 79,662,818.28 1,535,658.34 62,018.19 16,182.58 101,784,212.39 919,243.17 3,553.04 23,484,832.93 220,170.14 2,481.45 128,648.19 337,177.05 65.25 21,306.41 881,813.38 25.00 344.07 152,640.32 172,490.62 154,366.55 134,585.66 217,318,325.69 22,212,264.89 8,004,356.91 20,331.28 2,457.25 14,545.50 26,770.44 District and Port of Collection Port Code Collection Fiscal Year 2016 Pembina, North Dakota, continued: Hannah, ND ................................... 33408 ...................... Sarles, ND ...................................... 33409 ...................... Ambrose, ND .................................. 33410 ...................... Fargo International 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 ...................... Minot Airport, ND............................ 33434 ...................... Total District ............................................................... 51.50 1,444.25 56.00 90,607.75 1,802.00 251,979.16 6,255.90 1,384.20 9,245.04 11,670.80 9,783.90 6,535.80 827,348.76 40,264.48 47,153.44 1,072.75 137,622.46 16,796.04 173,333.16 684.14 31,915,817.80 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 ............................................................... 197,547,111.33 10,016.71 1,472,159.98 66,029,490.96 3,526,197.21 150,993.21 268,735,969.40 International Falls, Minnesota: International Falls, MN ................... 33604 ...................... Grand Portage, MN ........................ 33613 ...................... Total District ............................................................... 15,481,743.56 341,717.25 15,823,460.81 Milwaukee, Wisconsin: Milwaukee, WI ................................ 33701 ...................... Marinette, WI .................................. 33702 ...................... Green Bay, WI................................ 33703 ...................... Racine, WI ...................................... 33708 ...................... Appleton International Airport, WI .... 33781 ...................... Total District ............................................................... 32,746,762.92 847.23 204,388.96 236,983.80 2,440.11 33,191,423.02 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 International Airport, MI ......................................... 33881 ...................... Willow Run Airport, MI ................... 33882 ...................... Capital Region International Airport, MI .................................... 33883 ...................... Total District ............................................................... 564,880,833.18 147,475,466.80 1,663,769.03 518,140.49 1,262,331.26 37,216,082.88 57,004,006.26 4,980.00 295,391.44 379,303.68 334,790.85 811,035,095.87 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 2016 Chicago, Illinois Chicago, IL ..................................... 33901................... Peoria, IL ........................................ 33902................... O’Hare International Airport, IL ...... 33906................... Davenport-Rock Island, IL ................ 33908................... Rockford Airport, IL ........................ 33909................... Midway International Airport, IL ..... 33910................... TNT ECCF, Chicago, IL ................. 33971................... Waukegan Airport, IL ..................... 33981................... Chicago Executive Airport, IL......... 33983................... Dupage Airport Authority, IL........... 33984................... Decatur Airport, IL .......................... 33985................... Total District ............................................................. 2,067,508,108.16 25,340,778.75 4,441.48 47,186.64 37,534,799.81 241,257.21 157,973.02 147,606.13 166,907.36 150,602.81 128,611.53 2,131,428,272.90 Cleveland, Ohio: Cleveland, OH ................................ 34101................... Cincinnati, OH.................................... 34102................... Columbus, OH................................ 34103................... Dayton, OH .................................... 34104................... Toledo, OH ..................................... 34105................... Erie, PA .......................................... 34106................... Northern KY (ICE) .......................... 34107................... Indianapolis, IN .............................. 34110................... Louisville, KY .................................. 34115................... Owensboro-Evansville, IN.............. 34116................... Ashtabula/Conneaut, OH ............... 34122................... Fort Wayne Airport, IN ................... 34183................... Blue Grass Airport, KY ................... 34184................... Hulman Regional Airport, IN .......... 34185................... DHL Express, OH........................... 34194................... UPS Courier Louisville, KY ............ 34196................... DHL Courier, OH ............................ 34197................... Federal Express Hub, IN................ 34198................... Total District ......................................................... 199,992,235.61 210,553,011.68 832,884,184.27 12,843,668.49 7,844,312.11 2,288,562.90 10,555.00 133,596,095.38 199,903,178.74 37,743,331.99 250,453.90 143,236.88 145,431.69 485.00 553.10 284,477,848.10 132,691,199.13 39,677,162.87 2,095,045,506.84 St. Louis, Missouri: Kansas City, MO ............................ 34501................... St. Louis, MO ................................. 34503................... Wichita, KS ..................................... 34504................... Springfield, MO .............................. 34505................... MidAmerica Airport, MO ................. 34581................... Total District ............................................................. San Juan, Puerto Rico: Aguadilla, PR ................................. 44901................... Fajardo, PR .................................... 44904................... Mayaguez, PR................................ 44907................... Ponce, PR ...................................... 44908................... San Juan, PR ................................. 44909................... San Juan International Airport, PR .... 44913................... Total District ............................................................. Virgin Islands of the United States: Charlotte Amalie, VI ....................... 45101................... Cruz Bay, VI ................................... 45102................... Christiansted, VI ............................. 45104................... Frederiksted, VI .............................. 45105................... Total District ............................................................. 230,887,965.71 160,922,419.79 140,762,360.67 8,378,349.25 123,438.00 541,074,533.42 750,014.81 4,588,152.37 86,200.47 4,903,197.60 95,108,163.11 7,916,969.76 113,352,698.12 8,029,910.35 220,571.68 4,006,826.89 314.58 12,257,623.50 District and Port of Collection Port Code Collection Fiscal Year 2016 Miami, Florida: Miami, FL........................................ 45201................... Key West, FL .................................. 45202................... Port Everglades, FL ....................... 45203................... West Palm Beach, FL .................... 45204................... Fort Pierce, FL ............................... 45205................... Miami International Airport, FL ....... 45206................... Fort Lauderdale International Airport, FL ................................... 45210................... Miami International Airport UPS, FL (Inactive) ................................ 45273................... TNT Miami ECCF ........................... 45274................... UPS Miami International 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 ............................................................. 386,224.59 5,158,449.15 2,428,582.67 105,024.35 2,697,370.60 1,033,174,984.46 Washington, DC: Washington, DC ............................. 45401................... Total District ............................................................. 61,000,756.22 61,000,756.22 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 ............................................................. 1,039,618,170.43 1,233.73 13,170,759.14 18,624,049.16 115.02 17,494,378.13 1,088,908,705.61 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 ............................................................. 145,504,341.85 33,200,909.35 17,514,855.57 2,848,745.23 100,160,182.76 172,096.57 299,401,131.33 662,722,474.02 69,679.91 218,170,966.29 5,252,653.32 1,036,771.85 134,497,542.65 614,993.36 611.55 33,640.15 Charleston, South Carolina: Charleston, SC ............................... 41601................... Georgetown, SC............................. 41602................... Greenville-Spartanburg, SC ............. 41603................... Columbia, SC ................................. 41604................... Myrtle Beach International Airport, SC ...................................... 41681................... Total District ............................................................. 135,156.63 1,225,047,982.53 Savannah, Georgia: Brunswick, GA................................ 41701................... Savannah, GA ................................ 41703................... Atlanta, GA ..................................... 41704................... Total District ............................................................. 213,418,129.49 1,952,603,518.18 549,905,712.97 2,715,927,360.64 987,536,755.79 8,458.80 235,807,245.71 1,560,365.60 December 2016 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 2016 Tampa, Florida: Tampa, FL ...................................... 41801........................ Jacksonville, FL.............................. 41803........................ Fernandina Beach, FL ................... 41805........................ Orlando, FL .................................... 41808........................ Orlando Sanford Airport, FL ........... 41809........................ St. Petersburg, FL .......................... 41814........................ Port Canaveral, FL ......................... 41816........................ Panama City, FL ............................ 41818........................ Pensacola, FL ................................ 41819........................ Port Manatee, FL ........................... 41821........................ Ft. Myers, FL .................................. 41822........................ Naples Municipal Airport, FL .......... 41880........................ Sarasota Bradenton Airport, FL ..... 41883........................ Daytona Beach, International 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 .................................................................. 154,623.78 200,779.89 131,263.65 153,307.98 140,026.76 578,649,943.16 Mobile, Alabama: Mobile, AL ...................................... 51901........................ Gulfport, MS ................................... 51902........................ Pascagoula, MS ............................. 51903........................ Birmingham, AL.............................. 51904........................ Huntsville, AL ................................. 51910........................ Total District .................................................................. 113,365,057.48 26,701,183.26 6,691,435.75 55,271,578.67 27,908,582.18 229,937,837.34 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........................ Rogers Municipal Airport, AR......... 52084........................ FEDEX Courier, Memphis, TN .......... 52095........................ Memphis, TN Cartage-CNTL ............. 52098........................ Total District .................................................................. 5,726,181.77 208,160,453.16 1,829,585.71 12,441,615.87 430,981,188.96 126,474,760.51 5,227,040.81 15,785,663.69 38,464,338.90 49,050,593.99 3,916,673.43 175,847.29 25,648.98 135,061.07 403,347,117.25 9,898.97 1,301,751,670.36 Port Arthur, Texas: Port Arthur, TX ............................... 62101........................ Sabine, TX ..................................... 62102........................ Orange, TX ..................................... 62103........................ Beaumont, TX ................................ 62104........................ Blythe Border Patrol, CA ................ 62151........................ Yuma Border Patrol, AZ ................. 62152........................ Wellton Border Patrol, AZ .............. 62153........................ Total District .................................................................. 18,559,819.16 2.00 6,864.05 2,227,545.51 111,294.00 47,252.65 8,519.73 20,961,297.10 December 2016 64,300,162.35 466,004,056.42 109,073.75 17,906,124.10 116,631.99 19,853.66 8,061,312.04 6,582,525.19 405,107.97 13,750,095.68 177,673.86 270,101.86 167,222.23 District and Port of Collection Port Code Collection Fiscal Year 2016 Laredo, Texas: Border Patrol Sector HQ, Laredo, TX .................................. 62250........................ Brownsville, TX .............................. 62301........................ Del Rio, TX ..................................... 62302........................ Eagle Pass, TX .............................. 62303........................ Laredo, TX ..................................... 62304........................ Hidalgo, TX .................................... 62305........................ Rio Grande City, TX ....................... 62307........................ Progreso, TX .................................. 62309........................ Roma, TX ....................................... 62310........................ Border Patrol Sector HQ, TX ......... 62350........................ Comstock Border Patrol, TX .......... 62351........................ 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........................ Rocksprings, TX ............................. 62357........................ Border Patrol Sector HQ, TX ......... 62361........................ Valley International Airport UFA, TX....................................... 62383........................ Total District .................................................................. 392,729.01 899,725,737.44 El Paso, Texas: El Paso District, TX ........................ 62401........................ El Paso, TX .................................... 62402........................ Presidio, TX .................................... 62403........................ Fabens, TX ..................................... 62404........................ Columbus, NM ............................... 62406........................ Albuquerque, NM ........................... 62407........................ Santa Teresa, NM .......................... 62408........................ Total District .................................................................. 1.76 174,007,406.08 497,845.11 38,416.95 261,802.91 613,801.98 23,740,595.06 199,159,869.85 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 .................................................................. 3,147,832.60 186,403.01 121,608.40 75,692,625.22 33,367,312.20 12,185.95 7,229,436.60 3,171,223.94 76,984.37 6,722.62 21,028.75 65,497.43 27,837.00 4,134.00 23,070.76 4,861.00 9,886.39 137,534.84 139,445.58 123,445,630.66 88,646.93 25,288,066.68 9,567,485.10 269,144,162.41 505,523,580.92 87,327,996.41 306,059.33 1,485,988.61 294,821.53 206,912.57 20,100.00 41,341.41 6,000.00 2,750.00 4,150.00 3,400.00 700.00 20,846.53 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: Houston, TX ...................................... 65301...................... Houston George Bush Interchange, TX ............................. 65309...................... Galveston, TX ................................... 65310...................... Freeport, TX...................................... 65311...................... Corpus Christi, TX ............................ 65312...................... Port Lavaca, TX ................................ 65313...................... Hobby Airport, TX ............................. 65314...................... Border Patrol Sector HQ, TX ............ 65350...................... Mercedes (Weslaco) Border Patrol, TX ....................................... 65351...................... Falfurrias Border Patrol, TX .............. 65352...................... Rio Grande City Border Patrol, TX ... 65353...................... McAllen Border Patrol, TX ................ 65354...................... Brownsville Border Patrol, TX .......... 65355...................... Harlingen Border Patrol, TX ............. 65356...................... Kingsville Border Patrol, TX ............. 65357...................... Corpus Christi Border Patrol, TX (Inactive) ........................................ 65359...................... Sugar Land Regional Airport, TX ..... 65381...................... Total District ................................................................... Collection Fiscal Year 2016 1,044,892,314.94 70,530,153.65 13,126,358.36 8,505,444.51 8,659,251.60 1,090,911.82 13,490.82 195,629.31 69,991.00 371,817.11 68,313.54 42,918.00 5,738.00 7,986.00 101,737.00 200.00 170,879.77 1,147,853,135.43 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...................... Presidio Border Patrol, TX ................ 65553...................... Marfa Border Patrol, TX.................... 65554...................... Fort Stockton, TX .............................. 65556...................... Sanderson Border Patrol, TX ........... 65557...................... Alpine Border Patrol, TX ................... 65558...................... Sierra Blanca Border Patrol, TX ....... 65560...................... Van Horn Border Patrol, TX ............. 65561...................... Midland, TX....................................... 65562...................... Midland International 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 ................................................................... 645,829,064.56 20,576.95 151,580.38 9,173,608.97 12,264,053.67 2,457,313.80 17,732,085.40 24,609.85 3,212.12 5,039.00 4,512.50 575.50 12,226.00 14,956.50 1,145.00 637.50 143,956.21 136,106.20 168,984.35 135,595.20 123,438.00 288,439.75 688,691,717.41 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 ................................................................... 173,418,876.06 180,297.59 67,682.70 3,502,185.38 1,623,031.32 131,195,157.97 23,403,466.06 264,958.42 333,655,655.50 Los Angeles, California: Los Angeles, CA ............................... 72704...................... 10,619,696,685.58 District and Port of Collection Port Code Collection Fiscal Year 2016 Los Angeles, California, continued: Santa Ana/Orange (ICE) .................. 72705...................... San Luis Harbor, CA......................... 72707...................... Long Beach, CA ............................... 72709...................... Port Hueneme, CA ........................... 72713...................... Los Angeles International Airport, CA..... 72720...................... Ontario International Airport, CA ...... 72721...................... Las Vegas, NV .................................. 72722...................... DHL Los Angeles, CA....................... 72770...................... TNT Express Worldwide, CA ............ 72775...................... International Bonded Couriers, CA ..... 72776...................... Micom, CA ........................................ 72777...................... Palm Springs User Fee, CA ............. 72781...................... San Bernardino User Fee Airport, CA .... 72782...................... So. California Logistics Airport, CA..... 72783...................... Meadows Field Airport, CA ............... 72786...................... 72787 Los Angeles, CA .................... 72787...................... Van Nuys, CA ................................... 72788...................... DHL HUB, CA ................................... 72791...................... UPS Ontario, Los Angeles, CA ........ 72795...................... Total District ............................................................. 737.16 1,884.94 1,375,714.00 106,110,267.55 701,712,552.19 3,366,031.15 24,184,621.74 43.76 623,213.82 202,789.85 1,489,401.68 179,036.93 135,411.16 2,670,928.21 1,308,879.19 1,370,183.95 195,570.47 36,990,298.88 26,443,658.02 11,528,057,910.23 San Francisco, California: San Francisco International Airport, CA .................................... 72801...................... Eureka, CA ....................................... 72802...................... Fresno, CA........................................ 72803...................... San Francisco, CA............................ 72809...................... Stockton, A ....................................... 72810...................... Oakland, CA ..................................... 72811...................... Reno, NV .......................................... 72833...................... San Jose International Airport, CA ... 72834...................... Sacramento International Airport, CA ..... 72835...................... DHL Worldwide Express, CA ........... 72870...................... Fresno Yosemite Airport, CA ............ 72882...................... FEDEX Courier Facility, CA ............. 72895...................... Total District ................................................................... 128,417,579.12 9,368.86 95,737,921.76 1,230,254,191.55 15,852.73 249,723.58 1,758,426.33 492,719.02 9,641,741.41 1,431.55 721,406.24 37,811,440.53 1,505,111,802.68 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 International Airport, OR .... 72910...................... Hillsboro Airport, OR......................... 72983...................... Total District ................................................................... 819,291.43 322.00 136,855.47 306,053,952.41 5,695,781.06 461,966.88 58,136.23 12,914.20 141,114.66 313,380,334.34 Seattle, Washington: Seattle, WA ....................................... Tacoma, WA ..................................... Aberdeen, WA .................................. Blaine, WA ........................................ Bellingham, WA ................................ Everett, WA....................................... Port Angeles, WA ............................. Port Townsend, WA.......................... Sumas, WA ....................................... Anacortes, WA .................................. 537,227,873.17 736,113,526.39 506,981.39 68,414,758.54 4,432,117.78 2,714,746.45 176,201.27 12,413.31 5,328,265.64 3,921,345.59 73001...................... 73002...................... 73003...................... 73004...................... 73005...................... 73006...................... 73007...................... 73008...................... 73009...................... 73010...................... December 2016 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 [Source: U.S. Customs and Border Protection] Collection Fiscal Year District and Port 2016 of Collection Seattle, Washington, continued: 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 International Airport, WA .................................... 73029 ................... UPS, Seattle, WA ............................. 73071 ................... Grant County Airport, Moses Lake, WA ....................................... 73082 ................... Total District ................................................................ 1,894,899.22 1,421,186,428.85 Anchorage, Alaska: Juneau, AK ....................................... 73101 ................... Ketchikan, AK ................................... 73102 ................... 54,494.80 146,126.80 December 2016 179.25 4,459.85 5,669.13 197,909.92 4,893.83 6,592.65 227,155.96 1,076,223.57 6,207.37 195,736.27 342,186.62 14,091.98 19,387.98 56,205,842.87 2,136,762.85 Port Code Collection Fiscal Year 2016 Anchorage, Alaska, continued: Skagway, AK .................................... 73103 ................... Anchorage, Alaska, continue: 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 ................................................................ 588,886.56 6,155.84 14,967.04 26,429.42 23,236.61 6,557,180.67 644.03 95,431,512.15 298,174.00 103,200,845.83 Honolulu, Hawaii: Honolulu, HI ...................................... 73201 ................... Hilo, HI .............................................. 73202 ................... Kahului, HI ........................................ 73203 ................... Honolulu Airport, HI .......................... 73205 ................... Kona, HI ............................................ 73206 ................... Total District ................................................................ 39,989,751.88 77,643.45 103,172.46 5,794,854.52 72,501.70 46,037,924.01 Total Customs and Border Protection Collections for fiscal year 2016 ..................................................... 45,730,380,541.64 53,037.91 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 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 2016 ................................................ 2015 - Sept ............................. Oct .............................. Nov ............................. Dec ............................. 2016 - Jan .............................. Feb ............................. Mar ............................. Apr ............................... May............................. June............................ July .............................. Aug ............................. Sept ............................ 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) 9,656,367 9,451,987 8,666,563 8,447,393 925,208 1,357,452 2,297,190 2,474,752 2,660,727 270,614 10,984,657 11,746,237 11,071,400 11,067,706 1,131,457 700,687 - 702,492 - 673,726 473,723 848,508 804,914 660,410 915,171 931,884 717,775 863,670 853,436 624,501 921,310 925,208 272,810 178,920 182,452 294,524 210,223 213,175 256,211 280,041 193,785 252,261 184,426 196,843 270,614 879,607 828,467 800,578 1,019,264 833,898 1,226,168 1,146,619 972,559 1,098,129 1,040,452 838,841 1,162,954 1,131,457 - - See footnotes at end of table. December 2016 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 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) 2012 ....................... 85,446 - - 166,619 - - 13,680 - - 65,396 - - 2013 ....................... 88,386 - - 213,863 - - 11,476 - - 59,950 - - 2014 ....................... 158,302 - - 162,399 - - 17,249 - - 65,510 - - 2015 ....................... 198,716 - - 273,869 - - 27,237 - - 141,621 - - 2016 ....................... 353,312 - - 364,589 - - 231,405 - - 296,992 - - 2015 - Sept ............. 198,716 - - 198,716 - - 76,256 - - 125,049 - - 22,892 - - 97,527 - - 22,892 - - 60,547 - - Nov ............. 253,274 - - 253,274 - - 22,892 - - 133,966 - - Dec ............. 333,447 - - 333,447 - - 160,711 - - 237,077 - - 2016 - Jan .............. 370,182 - - 370,182 - - 265,074 - - 321,834 - - Feb ............. 272,359 - - 339,636 - - 216,862 - - 273,896 - - Mar ............. 313,835 - - 313,835 - - 196,297 - - 257,309 - - Apr ............... 339,091 - - 382,887 - - 223,174 - - 284,896 - - May............. 298,416 - - 343,705 - - 251,273 - - 293,464 - - June............ 363,662 - - 363,668 - - 209,485 - - 282,471 - - July .............. 333,748 - - 335,807 - - 290,469 - - 318,532 - - Aug ............. 288,946 - - 288,946 - - 241,426 - - 261,810 - - Sept ............ 353,312 - - 364,589 - - 231,405 - - 296,992 - - Oct .............. 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 2016 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 2016 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) 2012 ............................... 2013 ............................... 2014 ............................... 2015 ............................... 2016 ............................... 16,090,640 16,763,286 17,847,931 18,174,718 19,597,812 16,066,241 16,738,183 17,824,071 18,150,618 19,573,445 24,399 25,103 23,860 24,100 24,367 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 4,791,845 4,757,205 5,039,262 5,026,862 5,395,695 5 5 3 5 4 11,298,790 12,006,076 12,808,666 13,147,851 14,202,113 11,274,396 11,980,978 12,784,809 13,123,756 14,177,750 24,394 25,098 23,857 24,095 24,363 2015 - Sept .................... Oct ..................... Nov..................... Dec..................... 2016 - Jan ...................... Feb ..................... Mar ..................... Apr ...................... May .................... June ................... July ..................... Aug..................... Sept.................... 18,174,718 18,177,087 18,851,699 18,946,739 19,037,446 19,149,887 19,289,383 19,211,778 19,289,971 19,406,152 19,452,247 19,534,678 19,597,812 18,150,618 18,152,982 18,827,323 18,922,179 19,012,828 19,125,455 19,264,939 19,187,387 19,265,452 19,381,591 19,427,695 19,510,296 19,573,445 24,100 24,105 24,376 24,560 24,618 24,432 24,444 24,391 24,519 24,561 24,552 24,382 24,367 5,026,867 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 5,425,190 5,401,852 5,395,699 5,026,862 5,081,914 5,230,951 5,222,311 5,350,995 5,335,422 5,335,177 5,341,475 5,374,358 5,444,282 5,425,185 5,401,847 5,395,695 5 2,691 2,691 6 6 5 5 5 5 5 5 5 4 13,147,851 13,092,482 13,618,057 13,701,775 13,686,445 13,814,460 13,954,201 13,870,298 13,915,609 13,961,865 14,027,057 14,132,826 14,202,113 13,123,756 13,071,068 13,596,372 13,699,868 13,661,833 13,790,033 13,929,762 13,845,912 13,891,094 13,937,309 14,002,510 14,108,449 14,177,750 24,095 21,414 21,685 24,554 24,612 24,427 24,439 24,386 24,514 24,556 24,547 24,377 24,363 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) 2012 ............................... 2013 ............................... 2014 ............................... 2015 ............................... 2016 ............................... 16,090,640 16,763,286 17,847,931 18,174,718 19,597,812 42,529 46,496 55,907 56,852 60,393 16,048,111 16,716,791 17,792,023 18,117,866 19,537,417 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 23,592 22,292 26,678 25,603 26,706 4,768,258 4,734,919 5,012,587 5,001,264 5,368,993 11,298,790 12,006,076 12,808,666 13,147,851 14,202,113 18,937 24,203 29,229 31,249 33,687 11,279,854 11,981,872 12,779,436 13,116,602 14,168,425 2015 - Sept .................... Oct...................... Nov ..................... Dec ..................... 2016 - Jan ...................... Feb ..................... Mar ..................... Apr ...................... May .................... June ................... July ...................... Aug ..................... Sept .................... 18,174,718 18,177,087 18,851,699 18,946,739 19,037,446 19,149,887 19,289,383 19,211,778 19,289,971 19,406,152 19,452,247 19,534,678 19,597,812 56,852 59,259 60,004 60,347 59,677 60,559 61,506 61,227 61,409 61,492 59,817 59,715 60,393 18,117,866 18,117,827 18,791,694 18,886,391 18,977,767 19,089,328 19,227,876 19,150,552 19,228,560 19,344,659 19,392,428 19,474,962 19,537,417 5,026,867 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 5,425,190 5,401,852 5,395,699 25,603 27,391 27,357 27,374 27,280 27,203 27,109 27,024 27,128 27,034 26,945 26,834 26,706 5,001,264 5,057,214 5,206,285 5,217,589 5,323,721 5,308,224 5,308,073 5,314,456 5,347,234 5,417,253 5,398,245 5,375,017 5,368,993 13,147,851 13,092,482 13,618,057 13,701,775 13,686,445 13,814,460 13,954,201 13,870,298 13,915,609 13,961,865 14,027,057 14,132,826 14,202,113 31,249 31,868 32,647 32,973 32,397 33,356 34,397 34,203 34,281 34,458 32,872 32,881 33,687 13,116,602 13,060,613 13,585,409 13,668,801 13,654,047 13,781,104 13,919,802 13,836,096 13,881,325 13,927,406 13,994,184 14,099,945 14,168,425 End of fiscal year or month December 2016 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) 2012 .......................... 2013 .......................... 2014 .......................... 2015 .......................... 2016 .......................... 11,269,586 11,976,279 12,784,971 13,123,847 14,173,424 10,730,170 11,577,400 12,271,552 12,831,867 13,638,303 1,613,026 1,527,909 1,409,628 1,355,231 1,644,759 7,114,960 7,750,336 8,160,196 8,366,026 8,624,253 1,194,715 1,363,114 1,534,069 1,688,208 1,825,338 807,469 936,041 1,044,676 1,135,363 1,209,814 122,985 287,039 334,139 539,415 398,879 513,419 291,980 535,120 2015 - June ............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2016 - Jan ................. Feb ................ Mar ................ Apr ................. May ............... June .............. 13,123,847 13,060,657 13,588,989 13,672,522 13,657,155 13,785,189 13,924,878 13,841,195 13,886,303 13,932,743 13,998,220 14,104,114 14,173,424 12,831,867 12,775,371 13,098,316 13,182,271 13,164,556 13,288,187 13,421,616 13,330,568 13,369,129 13,408,515 13,472,060 13,576,679 13,638,303 1,355,231 1,269,906 1,503,010 1,511,030 1,475,291 1,548,363 1,614,378 1,522,780 1,520,213 1,504,987 1,547,124 1,630,685 1,644,759 8,366,026 8,378,696 8,416,433 8,450,686 8,463,348 8,510,277 8,537,559 8,550,339 8,582,308 8,600,641 8,615,474 8,612,474 8,624,253 1,688,208 1,699,231 1,711,698 1,724,692 1,737,698 1,748,435 1,760,427 1,772,500 1,772,075 1,784,038 1,796,814 1,813,340 1,825,338 1,135,363 1,140,503 1,152,135 1,167,828 1,160,180 1,165,798 1,180,938 1,156,635 1,175,223 1,186,562 1,180,357 1,199,842 1,209,814 287,039 287,036 315,039 328,035 328,041 315,314 328,314 328,314 319,310 332,287 332,290 320,337 334,139 291,980 285,285 490,673 490,252 492,600 497,002 503,262 510,627 517,173 524,227 526,160 527,435 535,120 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) 2012 .......................... 2013 .......................... 2014 .......................... 2015 .......................... 2016 .......................... 183,661 180,022 176,762 172,826 167,524 - 2,986 2,986 2,986 264 264 162,880 60,445 196,520 9,138 226,349 158,514 124,079 105,668 78,115 109,211 29,995 29,995 29,995 29,995 29,995 1,380 1,353 1,489 1,642 1,777 2015 - Sept ............... Oct................. Nov ................ Dec ................ 2016 - Jan ................. Feb ................ Mar ................ Apr ................. May ............... June .............. July ................. Aug ................ Sept ............... 172,826 172,537 172,187 171,630 171,160 170,824 170,370 169,956 169,501 169,053 168,626 168,017 167,524 - 264 264 264 264 264 264 264 264 264 264 264 264 264 9,138 5,859 212,348 211,479 216,187 218,635 218,157 218,709 220,189 221,407 223,700 224,452 226,349 78,115 74,963 74,169 75,154 73,300 75,618 82,799 90,016 95,502 101,784 101,841 102,946 109,211 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 1,642 1,667 1,710 1,729 1,694 1,665 1,677 1,686 1,721 1,723 1,734 1,760 1,777 End of fiscal year or month December 2016 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) 2012 .................. 2013 .................. 2014 .................. 2015 .................. 2016 .................. 4,939,455 4,803,100 5,212,466 5,013,530 5,604,069 10,245 11,808 12,759 12,716 13,400 35,248 36,864 48,750 60,096 71,524 41,250 41,951 43,213 43,958 45,167 22,680 22,669 22,649 20,773 2,268 132,345 100,791 70,113 41,638 45,880 836,336 731,125 861,349 737,096 874,141 228,292 206,010 202,207 195,458 192,209 2,777 3 36,441 2015 - Sept ....... Oct......... Nov ........ Dec ........ 2016 - Jan ......... Feb ........ Mar ........ Apr ......... May ....... June ...... July ......... Aug ........ Sept ....... 5,013,530 5,070,498 5,426,315 5,436,812 5,547,416 5,534,318 5,533,654 5,540,299 5,574,935 5,647,975 5,631,012 5,608,243 5,604,069 12,716 13,033 13,299 13,312 12,687 12,974 12,924 13,245 13,185 13,091 12,871 12,851 13,400 60,096 59,668 60,538 62,973 62,295 62,806 66,541 65,878 66,811 69,311 67,973 69,052 71,524 43,958 43,981 44,298 44,382 44,462 44,581 44,555 44,553 44,902 44,888 44,964 45,151 45,167 20,773 22,644 22,643 22,647 22,650 22,653 22,658 22,662 22,664 22,668 22,673 22,677 2,268 41,638 38,284 35,207 26,101 33,872 33,553 35,366 39,243 39,646 43,886 44,281 44,433 45,880 737,096 727,502 866,257 877,006 872,496 868,589 864,587 860,043 855,873 867,683 863,686 859,941 874,141 195,458 186,317 192,788 193,749 199,997 194,221 189,782 197,018 198,398 208,967 202,380 195,410 192,209 36,441 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) 2012 ..................... 2013 ..................... 2014 ..................... 2015 ..................... 2016 ..................... 2,586,697 2,655,599 2,712,805 2,766,649 2,796,712 3,424 825 827 828 828 69,324 67,385 68,391 66,128 63,336 9,970 1,957 10,696 7,667 64,629 6,912 6,256 5,611 4,903 4,246 1,533 2,860 5,450 7,163 8,527 704 788 803 874 685 20,673 29,478 35,919 44,368 53,776 931,045 886,731 1,110,924 1,003,215 1,330,300 2015 - Sept .......... Oct............ Nov ........... Dec ........... 2016 - Jan ............ Feb ........... Mar ........... Apr ............ May .......... June ......... July ............ Aug ........... Sept .......... 2,766,649 2,760,147 2,749,344 2,760,518 2,787,040 2,774,328 2,771,358 2,785,873 2,775,166 2,821,674 2,816,521 2,804,269 2,796,712 828 828 828 828 828 828 828 828 828 828 828 828 828 66,128 55,062 63,235 69,205 69,570 69,841 85,093 70,904 85,105 86,766 84,912 80,047 63,336 7,667 7,524 6,737 5,856 75,032 76,120 75,839 75,591 74,680 73,069 70,916 68,688 64,629 4,903 4,841 4,784 4,805 4,739 4,677 4,586 4,519 4,439 4,456 4,397 4,327 4,246 7,163 6,788 7,558 7,942 7,960 7,985 8,833 9,162 9,208 9,532 8,229 8,145 8,527 874 754 541 670 645 630 682 688 556 535 649 549 685 44,368 43,252 45,903 43,395 41,617 45,030 41,949 42,804 57,794 53,041 51,818 56,094 53,776 1,003,215 1,099,873 1,312,355 1,303,423 1,311,526 1,315,502 1,308,073 1,307,288 1,325,680 1,327,580 1,333,914 1,335,781 1,330,300 Note—Detail may not add to totals due to rounding. December 2016 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) 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 * 2016 ............................ 24,367 19 98 24,175 75 * 2015 - Sept ................. 24,100 19 107 23,878 96 * Oct................... 24,105 19 99 23,891 97 * Nov .................. 24,376 19 100 24,161 97 * Dec .................. 24,560 19 100 24,345 97 * 2016 - Jan ................... 24,618 19 101 24,401 97 * Feb .................. 24,432 19 93 24,234 86 * Mar .................. 24,444 19 94 24,246 86 * Apr ................... 24,391 19 95 24,192 86 * May ................. 24,519 19 104 24,310 86 * June ................ 24,561 19 105 24,351 86 * July ................... 24,552 19 106 24,341 86 * Aug .................. 24,382 19 98 24,190 75 * Sept ................. 24,367 19 98 24,175 75 * End of fiscal year or month Note—Detail may not add to totals due to rounding. * Less than $500,000. December 2016 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) 2012 ............................... 9,039,954 2,896,780 3,851,873 2013 ............................... 9,518,102 2,939,037 2014 ............................... 9,828,787 2015 ............................... Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 1,487,726 270,921 532,654 55 4,134,968 1,647,954 230,758 565,384 55 2,931,581 4,216,746 1,813,563 223,276 643,620 56 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 2015 - Sept ..................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 Oct ...................... 10,258,432 2,899,467 4,245,995 2,076,803 184,170 851,998 62 Nov ..................... 10,645,957 3,148,974 4,352,293 2,092,839 184,006 867,845 61 Dec ..................... 10,729,926 3,170,545 4,375,239 2,119,389 183,956 880,798 61 2016 - Jan ...................... 10,605,765 3,150,326 4,283,352 2,114,372 164,106 893,609 62 Feb ..................... 10,836,495 3,235,473 4,403,245 2,126,941 170,080 900,756 62 Mar ..................... 10,969,737 3,310,836 4,414,738 2,161,064 170,202 912,897 61 Apr ....................... 10,768,975 3,234,985 4,284,063 2,154,678 170,272 924,977 63 May..................... 10,916,722 3,232,053 4,387,232 2,186,412 170,618 940,407 63 June.................... 10,955,381 3,211,462 4,405,469 2,209,501 171,009 957,940 63 July ...................... 10,890,920 3,236,214 4,334,949 2,178,048 171,339 970,370 63 Aug ..................... 11,122,337 3,319,187 4,459,973 2,189,639 167,789 985,750 63 Sept .................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 End of fiscal year or month Note—Detail may not add to totals due to rounding. December 2016 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) 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 2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 2015 – Sept. 1......................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 Oct. 1........................... 18,113,000 18,112,975 18,112,975 - 18,152,982 - 40,007 Nov. 2 .......................... - 18,787,182 18,787,182 - 18,827,323 - 40,141 Dec. 2 .......................... - 18,881,744 18,881,744 - 18,922,179 - 40,435 2016 – Jan. 2 .......................... - 18,973,438 18,973,438 - 19,012,828 - 39,390 Feb. 2 .......................... - 19,086,780 19,086,780 - 19,125,455 - 38,675 Mar. 2 .......................... - 19,225,991 19,225,991 - 19,264,939 - 38,947 Apr. 2 ........................... - 19,148,684 19,148,684 - 19,187,387 - 38,704 May 2 .......................... - 19,227,001 19,227,001 - 19,265,452 - 38,452 June 2 ......................... - 19,346,540 19,346,540 - 19,381,591 - 35,052 July 2 ............................ - 19,392,962 19,392,962 - 19,427,695 - 34,733 Aug. 2 .......................... - 19,475,468 19,475,468 - 19,510,296 - 34,828 Sept. 2 ......................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 1 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. 2 Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the Statutory Debt Limit has been suspended through March 15, 2017. December 2016 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) 2012 ....................................... 2013 ....................................... 2014 ....................................... 2015 ....................................... 2016 ....................................... 979,021 1,115,182 1,223,498 1,306,402 1,389,173 9,009 12,135 19,064 19,261 25,620 24,759 26,069 26,203 26,261 24,585 20,523 22,111 22,126 23,057 24,130 495 554 575 626 654 1,001 908 748 688 636 2015 - Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2016 - Jan .............................. Feb ............................. Mar ............................. Apr .............................. May ............................ June ........................... July .............................. Aug ............................. Sept ............................ 1,306,402 1,329,693 1,335,511 1,360,786 1,388,510 1,398,301 1,408,738 1,402,817 1,407,725 1,412,849 1,441,228 1,430,830 1,389,173 19,261 23,478 29,029 31,202 32,219 32,707 33,411 26,286 26,021 25,846 25,849 25,448 25,620 26,261 26,346 26,453 26,594 26,687 26,777 22,757 22,824 22,898 23,708 23,020 24,574 24,585 23,057 23,207 23,395 23,694 24,020 24,190 23,323 23,500 23,698 23,854 23,854 24,119 24,130 626 632 634 644 643 648 537 541 555 562 562 646 654 688 688 688 688 688 688 688 688 688 688 688 635 636 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) 2012 ....................................... 2013 ....................................... 2014 ....................................... 2015 ....................................... 2016 ....................................... 714,368 851,295 965,394 1,050,374 1,126,370 3,421 3,885 4,242 4,649 4,759 11,527 25,940 27,528 26,921 30,318 40 139 133 127 128 57,134 63,061 56,528 58,050 59,043 2015 - Sept ............................ Oct ............................. Nov............................. Dec............................. 2016 - Jan .............................. Feb ............................. Mar ............................. Apr .............................. May ............................ June ........................... July ............................. Aug............................. Sept ............................ 1,050,374 1,070,801 1,069,878 1,089,686 1,115,131 1,123,264 1,142,880 1,142,885 1,148,885 1,151,255 1,179,654 1,168,031 1,126,370 4,649 4,761 4,761 4,799 4,812 4,865 4,883 4,664 4,704 4,704 4,789 4,779 4,759 26,921 26,941 26,941 26,981 26,981 26,981 26,981 26,981 26,981 31,481 31,481 31,481 30,318 127 127 127 127 127 127 127 127 127 127 127 127 128 58,050 55,489 55,611 56,302 56,597 57,087 57,169 57,471 57,641 58,430 58,656 59,172 59,043 December 2016 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) 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 2016 ...................................... 25,022 3,577 8,020 56,308 2015 - Sept ........................... 22,725 3,498 7,176 62,989 Oct............................. 22,725 3,843 7,336 63,319 Nov ............................ 22,915 4,130 7,336 63,613 Dec ............................ 24,892 4,483 7,336 63,358 2016 - Jan ............................. 24,941 4,837 7,347 63,480 Feb ............................ 25,002 5,065 7,347 63,553 Mar ............................ 25,080 5,380 7,649 57,873 Apr ............................. 25,158 5,701 7,831 58,160 May ........................... 25,266 5,996 7,908 56,357 June .......................... 25,598 2,519 7,908 56,169 July ............................. 25,598 2,900 7,908 56,142 Aug ............................ 24,270 3,203 8,037 56,308 Sept ........................... 25,022 3,577 8,020 56,308 End of fiscal year or month Note—Detail may not add to totals due to rounding. December 2016 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 7, 2016, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $52,092 million of securities maturing July 15 and to raise new cash of approximately $3,908 million. The 3-year notes of Series AP-2019 were dated and issued July 15. They are due July 15, 2019, with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 0-3/4 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 11. Tenders totaled $64,453 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.765 percent with an equivalent price of $99.955596. Treasury accepted in full all competitive tenders at yields lower than 0.765 percent. Tenders at the high yield were allotted 63.62 percent. The median yield was 0.730 percent, and the low yield was 0.600 percent. Noncompetitive tenders totaled $48 million. December 2016 Competitive tenders accepted from private investors totaled $23,952 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,563 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AP-2019 is $100. Auction of 9-Year 10-Month 1-5/8 Percent Notes On July 7, 2016, Treasury announced it would auction $20,000 million of 9-year 10-month 1-5/8 percent notes. The issue was to refund $52,092 million of securities maturing July 15 and to raise new cash of approximately $3,908 million. The 9-year 10-month 1-5/8 percent notes of Series C-2026 were dated May 15 and issued July 15. They are due May 15, 2026, 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 12. Tenders totaled $46,573 BUREAU OF THE FISCAL SERVICE OPERATIONS 41 TREASURY FINANCING: JULY-SEPTEMBER, continued million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.516 percent with an equivalent price of $100.991052. Treasury accepted in full all competitive tenders at yields lower than 1.516 percent. Tenders at the high yield were allotted 93.85 percent. The median yield was 1.470 percent, and the low yield was 1.395 percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors totaled $19,995 million. Accrued interest of $2.69361 per $1,000 must be paid for the period from May 15 to July 15. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $1,303 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2026 is $100. Auction of 29-Year 10-Month 2-1/2 Percent Bonds On July 7, 2016, Treasury announced it would auction $12,000 million of 29-year 10-month 2-1/2 percent bonds. The issue was to refund $52,092 million of securities maturing July 15 and to raise new cash of approximately $3,908 million. The 29-year 10-month 2-1/2 percent bonds of May 2046 were dated May 15 and issued July 15. They are due May 15, 2046, 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 13. Tenders totaled $29,817 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.172 percent with an equivalent price of $107.171412. Treasury accepted in full all competitive tenders at yields lower than 2.172 percent. Tenders at the high yield were allotted 93.96 percent. The median yield was 2.130 percent, and the low yield was 2.000 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $11,997 million. Accrued interest of $4.14402 per $1,000 must be paid for the period from May 15 to July 15. In addition to the $12,000 million of tenders accepted in the auction process, Treasury accepted $782 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2046 is $100. Auction of 52-Week Bills On July 14, 2016, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued July 21 and will mature July 20, 2017. The issue was to refund $128,988 million of all maturing bills and to raise new cash of approximately $5,012 million. Treasury auctioned the bills on July 19. Tenders totaled $72,967 million; Treasury accepted $20,000 million, including $157 million of noncompetitive tenders from the public. The high bank discount rate was 0.550 percent. Auction of 10-Year Treasury Inflation Protected Security (TIPS) On July 14, 2016, Treasury announced it would auction $13,000 million of 10-year TIPS. The issue was to raise new cash of approximately $13,000 million. The 10-year TIPS of Series D-2026 were dated July 15 and issued July 29. They are due July 15, 2026, with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 0-1/8 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 21. Tenders totaled $31,131 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.045 percent with an equivalent adjusted price of $100.980546. Treasury accepted in full all competitive tenders at yields lower than 0.045 percent. Tenders at the high yield were allotted 89.36 percent. The median yield was -0.012 percent, and the low yield was 0.100 percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled $12,965 million. Adjusted accrued interest of $0.04764 per $1,000 must be paid for the period from July 15 to July 29. Both the unadjusted price of $100.795083 and the unadjusted accrued interest of $0.04755 were adjusted by an index ratio of 1.00184, for the period from July 15 to July 29. The minimum par amount required for STRIPS of TIPS of Series D-2026 is $100. AUGUST Auction of 7-Day Cash Management Bills On August 17, 2016, Treasury announced it would auction $25 million of 7-day bills. They were issued August 17 and matured August 24. The issue was to raise new cash of approximately $25 million. Treasury auctioned the bills on August 17. Tenders totaled $126 million; Treasury accepted $25 million, the high bank discount rate was 0.200 percent. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $957 million from Federal Reserve Banks FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2021 is $100. December 2016 BUREAU OF THE FISCAL SERVICE OPERATIONS 42 TREASURY FINANCING: JULY-SEPTEMBER, continued Auction of 2-Year Notes On July 21, 2016, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $127,559 million of securities maturing July 31 and to pay down approximately $24,559 million. The 2-year notes of Series BD-2018 were dated July 31 and issued August 1. They are due July 31, 2018, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 0-3/4 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 July 25. Tenders totaled $65,527 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.760 percent with an equivalent price of $99.980208. Treasury accepted in full all competitive tenders at yields lower than 0.760 percent. Tenders at the high yield were allotted 97.06 percent. The median yield was 0.727 percent, and the low yield was 0.600 percent. Noncompetitive tenders totaled $173 million. Competitive tenders accepted from private investors totaled $25,827 million. Accrued interest of $0.02038 per $1,000 must be paid for the period from July 31 to August 1. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $1,816 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BD-2018 is $100. Auction of 5-Year Notes On July 21, 2016, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $127,559 million of securities maturing July 31 and to pay down approximately $24,559 million. The 5-year notes of Series AB-2021 were dated July 31 and issued August 1. They are due July 31, 2021, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 1-1/8 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 26. Tenders totaled $77,113 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.180 percent with an equivalent price of $99.733839. Treasury accepted in full all competitive tenders at yields lower than 1.180 percent. Tenders at the high yield were allotted 59.67 percent. The median yield was 1.130 percent, and the low yield was 1.040 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled December 2016 $33,970 million. Accrued interest of $0.03057 per $1,000 must be paid for the period from July 31 to August 1. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $2,374 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AB-2021 is $100. Auction of 2-Year Floating Rates Notes (FRNs) On July 21, 2016, Treasury announced it would auction $15,000 million of 2-year FRNs. The issue was to refund $127,559 million of securities maturing July 31 and to pay down approximately $24,559 million. The 2-year FRNs of Series BE-2018 were dated July 31 and issued August 1. They are due July 31, 2018, with interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury set a spread of 0.174 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 27. Tenders totaled $57,314 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.174 percent with an equivalent price of $99.999999. Treasury accepted in full all competitive tenders at discount margins lower than 0.174 percent. Tenders at the high discount margin were allotted 80.41 percent. The median discount margin was 0.165 percent, and the low discount margin was 0.130 percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled $14,993 million. Accrued interest of $0.001372942 per $100 must be paid for the period from July 31 to August 1. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $1,048 million from FRBs for their own accounts. Auction of 7-Year Notes On July 21, 2016, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $127,559 million of securities maturing July 31 and to pay down approximately $24,559 million. The 7-year notes of Series N-2023 were dated July 31 and issued August 1. They are due July 31, 2023, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 1-1/4 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 July 28. Tenders totaled $70,383 million; Treasury accepted $28,000 million. All BUREAU OF THE FISCAL SERVICE OPERATIONS 43 TREASURY FINANCING: JULY-SEPTEMBER, continued noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.340 percent with an equivalent price of $99.400756. Treasury accepted in full all competitive tenders at yields lower than 1.340 percent. Tenders at the high yield were allotted 55.12 percent. The median yield was 1.297 percent, and the low yield was 1.200 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $27,986 million. Accrued interest of $0.03397 per $1,000 must be paid for the period from July 31 to August 1. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $1,955 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series N-2023 is $100. Auction of 3-Year Notes On August 3, 2016, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $48,206 million of securities maturing August 15 and to raise new cash of approximately $13,794 million. The 3-year notes of Series AQ-2019 were dated and issued August 15. They are due August 15, 2019, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 0-3/4 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 August 9. Tenders totaled $71,607 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.850 percent with an equivalent price of $99.704412. Treasury accepted in full all competitive tenders at yields lower than 0.850 percent. Tenders at the high yield were allotted 54.18 percent. The median yield was 0.800 percent, and the low yield was 0.688 percent. Noncompetitive tenders totaled $41 million. Competitive tenders accepted from private investors totaled $23,959 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,458 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AQ-2019 is $100. Auction of 10-Year Notes On August 3, 2016, Treasury announced it would auction $23,000 million of 10-year notes. The issue was to refund $48,206 million of securities maturing August 15 and to raise new cash of approximately $13,794 million. The 10-year notes of Series E-2026 were dated and issued August 15. They are due August 15, 2026, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 1-1/2 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 10. Tenders totaled $55,906 million; Treasury accepted $23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.503 percent with an equivalent price of $99.972242. Treasury accepted in full all competitive tenders at yields lower than 1.503 percent. Tenders at the high yield were allotted 20.45 percent. The median yield was 1.450 percent, and the low yield was 1.388 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $22,983 million. In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $2,356 million from s FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2026 is $100. Auction of 30-Year Bonds On August 3, 2016, Treasury announced it would auction $15,000 million of 30-year bonds. The issue was to refund $48,206 million of securities maturing August 15 and to raise new cash of approximately $13,794 million. The 30-year bonds of August 2046 were dated and issued August 15. They are due August 15, 2046, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 2-1/4 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 11. Tenders totaled $33,533 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.274 percent with an equivalent price of $99.480162. Treasury accepted in full all competitive tenders at yields lower than 2.274 percent. Tenders at the high yield were allotted 51.98 percent. The median yield was 2.205 percent, and the low yield was 2.088 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $14,994 million. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $1,536 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2046 is $100. December 2016 BUREAU OF THE FISCAL SERVICE OPERATIONS 44 TREASURY FINANCING: JULY-SEPTEMBER, continued Auction of 52-Week Bills On August 11, 2016, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued August 18 and will mature August 17, 2017. The issue was to refund $127,988 million of all maturing bills and to raise new cash of approximately $21,012 million. Treasury auctioned the bills on August 16. Tenders totaled $71,853 million; Treasury accepted $20,000 million, including $200 million of noncompetitive tenders from the public. The high bank discount rate was 0.570 percent. Auction of 4-Year 8-Month 0-1/8 Percent TIPS On August 11, 2016, Treasury announced it would auction $14,000 million of 4-year 8-month 0-1/8 percent TIPS. The issue was to refund $86,934 million of securities maturing August 31 and to raise new cash of approximately $15,066 million. The 4-year 8-month 0-1/8 percent TIPS of Series X-2021 were dated April 15 and issued August 31. They are due April 15, 2021, 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 18. Tenders totaled $33,128 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.209 percent with an equivalent adjusted price of $103.268595. Treasury accepted in full all competitive tenders at yields lower than -0.209 percent. Tenders at the high yield were allotted 96.30 percent. The median yield was -0.260 percent, and the low yield was -0.310 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $13,981 million. Adjusted accrued interest of $0.47928 per $1,000 must be paid for the period from April 15 to August 31. Both the unadjusted price of $101.552360 and the unadjusted accrued interest of $0.47131 were adjusted by an index ratio of 1.0169, for the period from April 15 to August 31. 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 23. Tenders totaled $73,601 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.760 percent with an equivalent price of $99.980189. Treasury accepted in full all competitive tenders at yields lower than 0.760 percent. Tenders at the high yield were allotted 80.11 percent. The median yield was 0.710 percent, and the low yield was 0.650 percent. Noncompetitive tenders totaled $178 million. Competitive tenders accepted from private investors totaled $25,822 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $1,778 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BF-2018 is $100. Auction of 1-Year 11-Month 0.174 Percent FRNs On August 18, 2016, Treasury announced it would auction $13,000 million of 1-year 11-month 0.174 percent FRNs. The issue was to raise new cash of approximately $13,000 million. The 1-year 11-month 0.174 percent FRNs of Series BE2018 were dated July 31 and issued August 26. They are due July 31, 2018, 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 24. Tenders totaled $44,931 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.165 percent with an equivalent price of $100.017478. Treasury accepted in full all competitive tenders at discount margins lower than 0.165 percent. Tenders at the high discount margin were allotted 99.12 percent. The median discount margin was 0.157 percent, and the low discount margin was 0.130 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $12,994 million. Accrued interest of $0.034249818 per $100 must be paid for the period from July 31 to August 26. Auction of 2-Year Notes Auction of 5-Year Notes On August 18, 2016, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $86,934 million of securities maturing August 31 and to raise new cash of approximately $15,066 million. The 2-year notes of Series BF-2018 were dated and issued August 31. They are due August 31, 2018, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 0-3/4 percent after determining which tenders were accepted on a yield auction basis. December 2016 On August 18, 2016, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $86,934 million of securities maturing August 31 and to raise new cash of approximately $15,066 million. The 5-year notes of Series AC-2021 were dated and issued August 31. They are due August 31, 2021, with interest payable on February 28 and August 31 until maturity. BUREAU OF THE FISCAL SERVICE OPERATIONS 45 TREASURY FINANCING: JULY-SEPTEMBER, continued Treasury set an interest rate of 1-1/8 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 24. Tenders totaled $86,449 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.125 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 1.125 percent. Tenders at the high yield were allotted 75.09 percent. The median yield was 1.080 percent, and the low yield was 1.030 percent. Noncompetitive tenders totaled $43 million. Competitive tenders accepted from private investors totaled $33,957 million. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $2,325 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AC-2021 is $100. Auction of 7-Year Notes On August 18, 2016, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $86,934 million of securities maturing August 31 and to raise new cash of approximately $15,066 million. The 7-year notes of Series P-2023 were dated and issued August 31. They are due August 31, 2023, with interest payable on February 28 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 25. Tenders totaled $66,732 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.423 percent with an equivalent price of $99.681269. Treasury accepted in full all competitive tenders at yields lower than 1.423 percent. Tenders at the high yield were allotted 1.65 percent. The median yield was 1.370 percent, and the low yield was 1.288 percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled $27,987 million. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $1,915 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series P-2023 is $100. SEPTEMBER Auction of 3-Year Notes On September 8, 2016, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $31,000 million of securities maturing September 15 and to raise new cash of approximately $25,000 million. The 3-year notes of Series AR-2019 were dated and issued September 15. They are due September 15, 2019, with interest payable on March 15 and September 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 e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on September 12. Tenders totaled $66,550 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.947 percent with an equivalent price of $99.787535. Treasury accepted in full all competitive tenders at yields lower than 0.947 percent. Tenders at the high yield were allotted 34.98 percent. The median yield was 0.919 percent, and the low yield was 0.800 percent. Noncompetitive tenders totaled $48 million. Competitive tenders accepted from private investors totaled $23,952 million. The minimum par amount required for STRIPS of notes of Series AR-2019 is $100. Auction of 9-Year 11-Month 1-1/2 Percent Notes On September 8, 2016, Treasury announced it would auction $20,000 million of 9-year 11-month 1-1/2 percent notes. The issue was to refund $31,000 million of securities maturing September 15 and to raise new cash of approximately $25,000 million. The 9-year 11-month 1-1/2 percent notes of Series E-2026 were dated August 15 and issued September 15. They are due August 15, 2026, 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 12. Tenders totaled $47,010 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.699 percent with an equivalent price of $98.190133. Treasury accepted in full all competitive tenders at yields lower than 1.699 percent. December 2016 BUREAU OF THE FISCAL SERVICE OPERATIONS 46 TREASURY FINANCING: JULY-SEPTEMBER, continued Tenders at the high yield were allotted 31.81 percent. The median yield was 1.640 percent, and the low yield was 1.590 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $19,983 million. Accrued interest of $1.26359 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-2026 is $100. Auction of 29-Year 11-Month 2-1/4 Percent Bonds On September 8, 2016, Treasury announced it would auction $12,000 million of 29-year 11-month 2-1/4 percent bonds. The issue was to refund $31,000 million of securities maturing September 15 and to raise new cash of approximately $25,000 million. The 29-year 11-month 2-1/4 percent bonds of August 2046 were dated August 15 and issued September 15. They are due August 15, 2046, 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 13. Tenders totaled $25,547 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.475 percent with an equivalent price of $95.262459. Treasury accepted in full all competitive tenders at yields lower than 2.475 percent. Tenders at the high yield were allotted 87.33 percent. The median yield was 2.400 percent, and the low yield was 2.188 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $11,981 million. Accrued interest of $1.89538 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 2046 is $100. Auction of 52-Week Bills On September 8, 2016, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued September 15 and will mature September 14, 2017. The issue was to refund $135,996 million of all maturing bills and to pay down approximately $4,996 million. Treasury auctioned the bills on September 13. Tenders totaled $69,530 million; Treasury accepted $20,000 million, including $181 million of noncompetitive tenders from the public. The high bank discount rate was 0.630 percent. Auction of 9-Year 10-Month 0-1/8 (TIPS) On September 15, 2016, Treasury announced it would auction $11,000 million of 9-year 10-month 0-1/8 percent December 2016 TIPS. The issue was to refund $87,776 million of securities maturing September 30 and to raise new cash of approximately $24,224 million. The 9-year 10-month 0-1/8 percent TIPS of Series D-2026 were dated July 15 and issued September 30. They are due July 15, 2026, with interest payable on January 15 and July 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 September 22. Tenders totaled $28,443 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.052 percent with an equivalent adjusted price of $101.115665. Treasury accepted in full all competitive tenders at yields lower than 0.052 percent. Tenders at the high yield were allotted 14.04 percent. The median yield was 0.010 percent, and the low yield was 0.050 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $10,983 million. Adjusted accrued interest of $0.26260 per $1,000 must be paid for the period from July 15 to September 30. Both the unadjusted price of $100.712814 and the unadjusted accrued interest of $0.26155 were adjusted by an index ratio of 1.004, for the period from July 15 to September 30. In addition to the $11,000 million of tenders accepted in the auction process, Treasury accepted $671 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2026 is $100. Auction of 2-Year Notes On September 22, 2016, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $87,776 million of securities maturing September 30 and to raise new cash of approximately $24,224 million. The 2-year notes of Series BG-2018 were dated and issued September 30. They are due September 30, 2018, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 0-3/4 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 26. Tenders totaled $68,965 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.750 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 0.750 percent. Tenders at the high yield were allotted 98.65 percent. The median yield was 0.725 percent, and the low yield was 0.650 percent. Noncompetitive tenders totaled $174 million. BUREAU OF THE FISCAL SERVICE OPERATIONS 47 TREASURY FINANCING: JULY-SEPTEMBER, continued Competitive tenders accepted from private investors totaled $25,826 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $1,585 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BG-2018 is $100. Auction of 5-Year Notes On September 22, 2016, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $87,776 million of securities maturing September 30 and to raise new cash of approximately $24,224 million. The 5-year notes of Series AD-2021 were dated and issued September 30. They are due September 30, 2021, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 1-1/8 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 27. Tenders totaled $81,289 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.129 percent with an equivalent price of $99.980607. Treasury accepted in full all competitive tenders at yields lower than 1.129 percent. Tenders at the high yield were allotted 15.58 percent. The median yield was 1.090 percent, and the low yield was 1.030 percent. Noncompetitive tenders totaled $38 million. Competitive tenders accepted from private investors totaled $33,962 million. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $2,073 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AD-2021 is $100. Auction of 1-Year 10-Month 0.174 Percent FRNs On September 22, 2016, Treasury announced it would auction $13,000 million of 1-year 10-month 0.174 percent FRNs. The issue was to refund $87,776 million of securities maturing September 30 and to raise new cash of approximately $24,224 million. The 1-year 10-month 0.174 percent FRNs of Series BE2018 were dated July 31 and issued September 30. They are due July 31, 2018, 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 28. Tenders totaled $40,227 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.180 percent with an equivalent price of $99.988870. Treasury accepted in full all competitive tenders at discount margins lower than 0.180 percent. Tenders at the high discount margin were allotted 84.93 percent. The median discount margin was 0.175 percent, and the low discount margin was 0.150 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $12,994 million. Accrued interest of $0.082970848 per $100 must be paid for the period from July 31 to September 30. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $792 million from FRBs for their own accounts. Auction of 7-Year Notes On September 22, 2016, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $87,776 million of securities maturing September 30 and to raise new cash of approximately $24,224 million. The 7-year notes of Series Q-2023 were dated and issued September 30. They are due September 30, 2023, 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 28. Tenders totaled $69,260 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.389 percent with an equivalent price of $99.906921. Treasury accepted in full all competitive tenders at yields lower than 1.389 percent. Tenders at the high yield were allotted 96.45 percent. The median yield was 1.347 percent, and the low yield was 1.250 percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled $27,987 million. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $1,707 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Q-2023 is $100. December 2016 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) 99.978611 99.931750 99.828111 99.977444 99.921639 99.802833 99.978611 99.919111 99.782611 99.979000 99.919111 99.785139 99.979778 99.927958 99.800306 99.979000 99.922903 99.777556 99.978611 99.924167 99.775028 99.978611 99.920778 99.772500 99.980167 99.915319 99.757333 99.980556 99.915319 99.762389 99.980556 99.905208 99.727000 99.986000 99.922903 99.747222 99.987556 99.936806 99.787667 0.275 0.270 0.340 0.290 0.310 0.390 0.275 0.320 0.430 0.270 0.320 0.425 0.260 0.285 0.395 0.270 0.305 0.440 0.275 0.300 0.445 0.275 0.310 0.450 0.255 0.335 0.480 0.250 0.335 0.470 0.250 0.375 0.540 0.180 0.305 0.500 0.160 0.250 0.420 0.279 0.274 0.345 0.294 0.315 0.396 0.279 0.325 0.437 0.274 0.325 0.432 0.264 0.289 0.401 0.274 0.309 0.447 0.279 0.304 0.452 0.279 0.315 0.457 0.259 0.340 0.488 0.254 0.340 0.478 0.254 0.381 0.549 0.183 0.309 0.508 0.162 0.254 0.427 Regular weekly: (4 week, 13 week, and 26 week) 2016 - July 07.................. July 14 ................. July 21 ................. July 28 ................. Aug. 04 ................ Aug. 11 ................ Aug. 18 ................ Aug. 25 ................ Sept. 01 ............... Sept. 08 ............... Sept. 15 ............... Sept. 22 ............... Sept. 29 ............... 1 2016 - Aug. 04 Oct. 06 2017 - Jan. 05 2016 - Aug. 11 Oct. 13 2017 - Jan. 12 2016 - Aug. 18 Oct. 20 2017 - Jan. 19 2016 - Aug. 25 Oct. 27 2017 - Jan. 26 2016 - Sep. 01 Nov. 03 2017 - Feb. 02 2016 - Sep. 08 Nov. 10 2017 - Feb. 09 Sep. 15 Nov. 17 2017 - Feb. 16 2016 - Sep. 22 Nov. 25 2017 - Feb. 23 2016 - Sep. 29 Dec. 01 2017 - Mar. 02 2016 - Oct. 06 Dec. 08 2017 - Mar. 09 2016 - Oct. 13 Dec. 15 2017 - Mar. 16 2016 - Oct. 20 Dec. 22 2017 - Mar. 23 2016 - Oct. 27 Dec. 29 2017 - Mar. 30 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 28 91 182 145,100.7 115,153.1 106,413.9 152,302.3 110,227.5 98,354.6 151,644.2 118,766.5 105,102.3 176,232.6 123,709.3 122,842.6 173,290.6 123,078.0 112,047.3 185,718.9 136,957.5 129,835.9 185,847.9 127,857.8 109,967.2 174,574.6 132,172.9 109,906.2 153,984.8 132,195.6 129,214.6 151,876.4 132,014.8 117,723.0 131,533.8 129,374.9 118,787.5 128,768.8 135,973.9 122,799.7 143,972.7 136,693.7 131,534.0 45,000.4 34,000.4 29,000.3 45,000.2 37,000.1 32,000.4 45,000.1 37,000.4 32,000.6 45,000.1 37,000.6 32,000.1 50,000.0 37,000.2 32,000.2 55,000.5 40,000.3 34,000.1 55,000.7 40,000.1 34,000.1 55,000.6 40,000.1 34,000.2 45,000.2 40,000.3 34,000.0 40,000.9 40,000.4 36,000.5 35,000.4 40,000.3 36,000.0 35,000.1 40,000.1 36,000.0 40,000.0 40,000.4 36,000.3 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 2016 44,679.4 33,475.5 28,531.4 44,686.2 36,630.6 31,550.1 44,570.0 36,527.9 31,331.7 44,648.0 35,651.8 30,581.8 49,656.9 36,426.1 31,434.3 54,633.0 39,416.2 33,248.4 54,564.4 39,403.0 33,362.7 54,647.7 39,443.0 33,423.0 44,639.7 39,321.7 32,672.3 39,641.0 39,521.5 35,470.9 34,561.8 39,405.0 35,473.6 34,631.6 39,417.6 35,416.7 39,718.2 39,345.2 34,633.8 221.0 424.9 342.2 314.0 369.4 350.4 330.1 372.5 468.8 252.0 348.8 418.3 243.2 374.2 365.9 267.5 384.1 451.7 336.3 397.1 457.4 252.9 357.1 377.2 260.5 378.6 327.8 259.9 378.8 329.5 338.6 395.3 326.4 263.4 382.5 383.3 281.9 405.2 366.5 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] Amount accepted 3, 4 (5) Accepted yield/discount margin and equivalent price for notes and bonds (6) 66,016 25,563 0.765 - 99.955596 47,876 21,303 1.516 - 100.991052 30,598 12,782 2.172 - 107.171412 72,967 20,000 10y 31,131 13,000 0.045 - 100.980546 0.750% note—07/31/18-BD 2y 67,343 27,816 0.760 - 99.980208 1.125% note—07/31/21-AB 5y 79,487 36,374 1.180 - 99.733839 08/01/16 0.174% FRN—07/31/18-BE 2y 58,361 16,048 0.000 - 99.999999 07/28/16 08/01/16 1.250% note—07/31/23-N 7y 72,338 29,955 1.340 - 99.400756 08/09/16 08/15/16 0.750% note—08/15/19-AQ 3y 74,065 26,458 0.850 - 99.704412 08/10/16 08/15/16 1.500% note—08/15/26-E 10y 58,262 25,356 1.503 - 99.972242 08/11/16 08/15/16 2.250% bond—08/15/46 30y 35,069 16,536 2.274 - 99.480162 08/17/16 08/17/16 0.000% cmb—08/24/16 7d 126 25 08/16/16 08/18/16 0.570% bill—08/17/17 364d 71,853 20,000 08/24/16 08/26/16 0.165% FRN—07/31/18-BE 1y 11m 44,931 13,000 8m Period to final maturity (years, months, days) 2 (3) Issue date (1) Description of securities 1 (2) 07/11/16 07/15/16 0.750% note—07/15/19-AP 3y 07/12/16 07/15/16 1.625% note—05/15/26-C 9y 10m 07/13/16 07/15/16 2.500% bond—05/15/46 29y 10m 07/19/16 07/21/16 0.550% bill—07/20/17 07/21/16 07/29/16 0.125% TIPS—07/15/26-D 07/25/16 08/01/16 07/26/16 08/01/16 07/27/16 Auction date Amount tendered (4) 364d 0.000 - 100.017478 08/18/16 08/31/16 0.125% TIPS—04/15/21-X 4y 34,085 14,957 -103.477595 08/23/16 08/31/16 0.750% note—08/31/18-BF 5y 75,379 27,778 0.760 - 99.980189 08/24/16 08/31/16 1.125% note—08/31/21-AC 2y 88,774 36,325 1.125 - 100.000000 08/25/16 08/31/16 1.375% note—08/31/23-P 7y 68,647 29,915 1.423 - 99.681269 09/12/16 09/15/16 0.875% note—09/15/19-AR 3y 66,550 24,000 0.947 - 99.787535 09/12/16 09/15/16 1.500% note—08/15/26-E 9y 47,010 20,000 1.699 - 98.190133 09/13/16 09/15/16 0.630% bill—09/14/17 69,530 20,000 11m 364d 09/13/16 09/15/16 2.250% bond—08/15/46 29y 11m 25,547 12,000 2.475 - 95.262459 09/22/16 09/30/16 0.125% TIPS—07/15/26-D 9y 10m 29,113 11,671 0.052 - 101.115665 09/26/16 09/30/16 0.750% note—09/30/18-BG 2y 70,550 27,585 0.750 - 100.000000 09/27/16 09/30/16 1.125% note—09/30/21-AD 5y 83,362 36,073 1.129 - 99.980607 09/28/16 09/30/16 0.180% FRN—07/31/18-BE 1y 41,020 13,792 0.000 - 99.988870 09/28/16 09/30/16 1.375% note—09/30/23-Q 7y 70,967 29,707 1.389 - 99.906921 1 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 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 2016 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 2016 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) 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 2016 ................................................ 16,090,640 16,763,286 17,847,931 18,174,718 19,597,812 16,066,241 16,738,183 17,824,071 18,150,618 19,573,445 2015 - Sept ...................................... Oct ....................................... Nov ...................................... Dec ...................................... 2016 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 18,174,718 18,177,087 18,851,699 18,946,739 19,037,446 19,149,887 19,289,383 19,211,778 19,289,971 19,406,152 19,452,247 19,534,678 19,597,812 18,150,618 18,152,982 18,827,323 18,922,179 19,012,828 19,125,455 19,264,939 19,187,387 19,265,452 19,381,591 19,427,695 19,510,296 19,573,445 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) 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 - 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 1,744,275 2,315,023 2,767,288 2,802,101 2,830,115 5,076,967 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 5,341,480 5,374,362 5,444,287 - 5,026,867 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 5,425,190 5,401,852 5,395,699 2,802,101 2,804,479 2,806,337 2,810,057 2,809,575 2,813,201 2,815,313 2,815,146 2,816,340 2,819,062 2,821,881 2,827,017 2,830,115 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) 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 2016 ................................................ 9,530,116 9,665,949 10,017,518 10,321,650 11,347,631 9,005,483 9,281,132 9,526,925 10,051,650 10,830,489 524,634 384,818 490,594 270,000 517,142 24,399 25,103 23,860 24,100 24,367 24,394 25,098 23,857 24,095 24,363 5 5 3 5 4 2015 - Sept ...................................... Oct ....................................... Nov ...................................... Dec ...................................... 2016 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 10,321,650 10,263,898 10,787,344 10,867,158 10,852,253 10,976,827 11,114,444 11,030,761 11,074,750 11,118,242 11,180,624 11,281,427 11,347,631 10,051,650 9,998,540 10,316,306 10,396,498 10,379,385 10,499,530 10,630,827 10,540,025 10,577,192 10,611,734 10,672,341 10,772,054 10,830,489 270,000 265,358 471,038 470,660 472,868 477,297 483,616 490,737 497,557 506,508 508,282 509,373 517,142 24,100 24,105 24,376 24,560 24,618 24,432 24,444 24,391 24,519 24,561 24,552 24,382 24,367 24,095 21,414 21,685 24,554 24,612 24,427 24,439 24,386 24,514 24,556 24,547 24,377 24,363 5 2,691 2,691 6 6 5 5 5 5 5 5 5 4 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 2016 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 2016 - Sept ........ June ...... Mar ........ 2015 - Dec ......... 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 ......... 1 Total public debt 1 (1) SOMA and Intragovernmental Holdings 2,3 (2) 19,573.4 19,381.6 19,264.9 18,922.2 18,150.6 18,152.0 18,152.1 18,141.4 17,824.1 17,632.6 17,601.2 17,352.0 16,738.2 16,738.2 16,771.6 16,432.7 16,066.2 15,855.5 15,582.3 15,222.8 14,790.3 14,343.1 14,270.0 14,025.2 13,561.6 13,201.8 12,773.1 12,311.3 11,909.8 11,545.3 11,126.9 10,699.8 10,024.7 9,492.0 9,437.6 9,229.2 9,007.7 8,867.7 8,849.7 8,680.2 8,507.0 8,420.0 8,371.2 7,863.5 7,911.2 7,801.4 7,711.2 7,488.7 7,536.5 7,521.3 7,578.9 7,490.8 7,461.0 7,301.5 7,205.3 6,834.2 6,773.3 6,656.8 6,523.7 6,446.8 6,475.8 6,397.2 6,439.6 6,328.0 6,220.4 5,958.9 5,656.2 5,350.5 5,345.1 5,259.8 5,276.9 5,127.1 5,026.8 4,785.2 4,806.4 4,692.7 4,685.8 4,694.7 4,833.5 4,738.0 4,715.1 4,576.6 4,558.1 4,432.8 4,389.2 4,257.2 Total U.S. privately Depository savings held institutions 4, 5 bonds 6 (3) (4) (5) 11,709.9 11,470.4 11,463.6 11,211.0 10,661.9 10,615.5 10,630.8 10,562.6 10,333.2 10,171.6 10,299.7 10,146.6 9,904.0 9,964.9 10,114.8 9,909.1 9,619.4 9,379.7 9,185.1 8,783.3 8,462.4 8,122.7 8,311.1 8,368.9 8,211.1 7,856.7 7,513.3 7,034.4 6,782.7 6,518.5 6,341.7 5,893.4 5,332.0 4,806.2 4,742.9 4,395.7 4,269.7 4,152.6 4,273.1 4,122.1 4,074.2 4,030.8 4,114.0 n.a. 570.3 555.3 546.8 513.6 515.4 511.7 513.7 470.9 407.2 368.3 321.1 293.2 300.2 338.9 347.7 338.2 303.2 317.0 279.7 293.8 279.4 321.0 319.3 322.8 266.1 269.3 202.5 198.2 140.8 125.7 105.0 130.0 112.7 125.0 129.8 119.7 110.4 119.8 114.8 113.6 119.5 113.0 167.5 169.0 170.3 171.6 172.8 173.9 174.9 175.9 176.7 177.6 178.3 179.2 180.0 180.9 181.7 182.5 183.8 184.7 184.8 185.2 185.1 186.0 186.7 187.9 188.7 189.6 190.2 191.3 192.5 193.6 194.0 194.1 194.3 195.0 195.4 196.5 197.1 198.6 200.3 202.4 203.7 205.2 206.0 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 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. Current accrual value. 2 December 2016 Private 7 (6) n.a. 544.4 538.0 529.2 318.8 382.9 442.8 492.1 485.5 481.1 480.1 478.1 358.6 454.0 464.6 467.5 447.0 427.4 406.6 391.9 373.6 251.8 215.8 206.8 198.2 190.8 183.0 175.6 167.2 164.1 155.4 147.4 147.0 145.0 143.7 141.0 140.5 139.9 139.7 139.8 125.8 117.7 116.8 7 State and Insurance compalocal nies 4 governments (8) (7) n.a. 173.9 175.6 174.8 173.5 178.0 176.4 181.3 187.1 189.3 189.0 188.3 182.8 178.7 173.9 172.9 171.4 171.2 169.4 160.7 155.7 158.0 157.9 153.7 145.2 150.1 153.6 151.4 145.6 144.6 137.0 129.9 136.7 135.5 135.4 144.2 153.2 162.3 156.3 153.4 149.3 149.6 152.9 n.a. 304.1 301.5 298.3 297.8 293.2 292.7 285.4 280.0 273.6 266.7 264.7 262.3 262.6 266.6 270.6 269.5 268.6 271.5 271.8 259.6 254.8 253.5 248.4 240.6 231.8 225.7 222.0 210.2 200.0 191.0 171.4 163.4 159.4 152.1 141.9 155.1 168.9 185.4 197.9 196.8 196.1 200.3 Mutual funds 4, 8 (9) n.a. 1,378.9 1,390.7 1,315.3 1,186.6 1,135.9 1,156.8 1,108.3 1,067.6 977.9 1,050.1 975.3 976.2 1,000.1 1,066.7 1,031.8 1,080.7 997.8 1,015.4 927.9 788.7 753.7 749.4 721.7 671.0 676.8 678.5 668.8 668.5 711.8 721.1 758.2 631.4 440.3 466.7 343.5 292.7 257.6 263.2 248.2 234.2 243.4 254.2 State and Foreign local govern- and interments 4 national 9 (10) (11) n.a. 700.0 680.1 666.4 643.6 630.8 640.6 623.1 602.6 605.9 586.7 586.7 584.1 608.7 610.7 606.7 593.7 585.1 567.2 562.2 557.9 572.2 585.3 595.7 586.0 584.4 585.0 585.6 583.6 588.5 588.2 601.4 614.0 635.1 646.4 647.8 643.1 637.8 608.3 570.5 542.3 531.6 515.7 n.a. 6,281.0 6,287.0 6,146.8 6,106.3 6,163.1 6,172.6 6,157.7 6,069.2 6,018.7 5,948.3 5,792.6 5,652.8 5,595.0 5,725.0 5,573.8 5,476.1 5,310.9 5,145.1 5,006.9 4,912.1 4,690.6 4,481.4 4,435.6 4,324.2 4,070.0 3,877.9 3,685.1 3,570.6 3,460.8 3,265.7 3,077.2 2,802.4 2,587.4 2,506.3 2,353.2 2,235.3 2,192.0 2,194.8 2,103.1 2,025.3 1,977.8 2,082.1 Other investors 10 (12) n.a. 1,348.8 1,365.1 1,361.8 1,248.9 1,142.2 1,062.4 1,025.1 993.5 1,040.3 1,232.2 1,360.6 1,414.1 1,384.6 1,286.7 1,255.6 1,058.9 1,130.8 1,108.1 997.0 935.8 976.1 1,360.1 1,499.9 1,534.4 1,497.1 1,350.1 1,152.1 1,046.3 914.2 963.7 708.9 512.9 395.9 371.9 297.8 332.9 285.1 405.2 392.0 483.2 490.1 473.0 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 8 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. 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, 2016 [Source: Bureau of the Fiscal Service] Total currency and coin (1) Currency no longer issued (5) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) $1,663,210,428,652 $1,615,319,137,604 $1,614,840,622,847 $239,666,566 $238,848,191 The Treasury ....................................... 251,537,415 50,800,838 50,556,616 7,505 236,717 FRBs ................................................... 192,637,128,603 190,703,873,799 190,703,870,215 - 3,584 Amounts in circulation ............................. $1,470,321,762,634 $1,424,564,462,967 $1,424,086,196,016 $239,659,061 $238,607,890 Currency Amounts outstanding .............................. Less amounts held by: Total (1) Dollars 2, 3 (2) Fractional coins (3) $47,891,291,048 $6,546,784,108 $ 41,344,506,940 The Treasury ....................................... 200,736,577 57,954,518 142,782,059 FRBs ................................................... 1,933,254,804 1,263,155,530 670,099,274 Amounts in circulation ............................. $45,757,299,667 $5,225,674,060 $ 40,531,625,607 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. December 2016 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 54 TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2016 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $11,366,268,526 $143,503 $140,501,364 Federal Reserve notes 1 (2) $11,506,913,393 $2 ................................................................................ 2,284,047,924 2,152,392,640 131,642,818 12,466 $5 ................................................................................ 13,658,263,890 13,526,513,320 107,851,510 23,899,060 $10 .............................................................................. 18,464,439,230 18,444,326,770 6,300 20,106,160 $20 .............................................................................. 170,223,987,780 170,203,883,460 3,840 20,100,480 $50 .............................................................................. 79,779,827,650 79,768,337,100 500 11,490,050 $100 ............................................................................ 1,128,334,483,000 1,128,312,519,200 - 4 21,963,800 $500 ............................................................................ 141,970,500 141,781,000 5,500 184,000 $1,000 ......................................................................... 165,314,000 165,114,000 5,000 195,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 Fractional notes 5 ........................................................ 600 - 90 510 Total currency ......................................................... $1,424,564,462,967 $1,424,086,196,016 $239,659,061 $238,607,890 Amounts (in millions) (1) Per capita 6 (2) Sept. 30, 2016 ...................................................................................... 1,470,322 4,530 Aug. 31, 2016....................................................................................... 1,468,750 4,528 Comparative totals of currency and coins in circulation—selected dates July 31, 2016........................................................................................ 1,462,020 4,511 Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 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 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 2016 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 2016 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) 04/06/2016 ............................................................. 1,175,559 1,244,227 n.a. 1.3073 04/13/2016 ............................................................. 1,226,107 1,286,567 n.a. 1.2789 04/20/2016 ............................................................. 1,217,796 1,282,840 1,085 1.2623 04/27/2016 ............................................................. 1,249,516 1,316,008 171 1.2637 05/06/2016 ............................................................. 1,175,559 1,244,227 n.a. 1.3073 05/11/2016 ............................................................. 1,226,107 1,286,567 n.a. 1.2789 05/18/2016 ............................................................. 1,217,796 1,282,840 1,085 1.2623 05/25/2016 ............................................................. 1,249,516 1,316,008 171 1.2637 06/01/2016 ............................................................. 1,369,208 1,421,268 n.a. 1.3089 06/08/2016 ............................................................. 1,428,201 1,465,316 n.a. 1.2694 06/15/2016 ............................................................. 1,197,340 1,238,816 n.a. 1.2912 06/22/2016 ............................................................. 1,194,074 1,239,523 n.a. 1.2820 06/29/2016 ............................................................. 1,219,090 1,278,469 n.a. 1.2990 07/06/2016 ............................................................. 1,194,724 1,245,168 n.a. 1.3003 07/13/2016 ............................................................. 1,206,626 1,264,479 n.a. 1.2962 07/20/2016 ............................................................. 1,186,814 1,238,549 n.a. 1.3037 07/27/2016 ............................................................. 1,212,020 1,266,427 n.a. 1.3221 08/03/2016 ............................................................. 1,266,822 1,321,189 -60 1.3078 08/10/2016 ............................................................. 1,272,238 1,326,584 n.a. 1.3059 08/17/2016 ............................................................. 1,287,084 1,338,526 n.a. 1.2885 08/24/2016 ............................................................. 1,307,438 1,355,982 n.a. 1.2939 08/31/2016 ............................................................. 1,380,869 1,431,905 n.a. 1.3122 09/07/2016 ............................................................. 1,383,082 1,437,230 n.a. 1.2895 09/14/2016 ............................................................. 1,414,749 1,476,705 n.a. 1.3187 09/21/2016 ............................................................. 1,173,224 1,243,030 n.a. 1.3186 09/28/2016 ............................................................. 1,259,376 1,320,714 n.a. 1.3237 December 2016 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) 2013 - Dec ................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637 2014 - Dec ................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601 2015 - Oct ................... 1,113,981 1,149,212 167,289 135,325 67,566 97,006 144,961 116,843 n.a. 1.3082 Nov .................. 1,142,278 1,165,258 159,177 129,624 66,935 86,967 113,196 92,059 n.a. 1.3332 Dec .................. 1,041,022 1,099,522 189,596 130,841 69,496 103,445 130,520 96,399 -33 1.3839 2016 - Jan ................... 1,282,502 1,344,853 217,901 137,025 106,456 n.a. 209,820 148,433 43 1.4074 Feb .................. 1,344,917 1,402,772 224,762 138,546 116,584 160,123 187,925 135,828 n.a. 1.3522 Mar .................. 1,225,422 1,286,911 226,067 132,471 108,590 160,368 192,731 135,979 n.a. 1.2969 Apr ................... 1,313,456 1,380,357 210,103 154,278 98,218 n.a. 184,228 125,373 674 1.2549 May.................. 1,419,469 1,472,381 198,326 147,510 96,646 n.a. 211,242 143,227 n.a. 1.3097 June................. 1,308,456 1,363,847 179,635 128,921 76,791 n.a. 158,364 108,352 n.a. 1.3010 July .................. 1,254,201 1,315,080 179,426 143,258 116,013 112,500 97,367 94,138 n.a. 1.3040 Aug .................. 1,397,344 1,449,810 192,565 155,708 95,827 92,388 87,358 84,353 n.a. 1.3122 Sept ................. 1,294,969 1,362,930 170,046 141,774 93,983 88,639 93,305 90,083 n.a. 1.3115 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 Foreign currency denominated Written (6) Bought (7) Written (8) n.a. 1,831 5,630 4,362 n.a. n.a. 3,387 1,551 n.a. 1.1053 960 2,789 4,141 1,136 n.a. 1.0676 1,629 1,789 2,666 1,585 n.a. 1.1207 n.a. n.a. 1,034 n.a. -15 1.1601 n.a. 1,831 5,630 4,362 52 1.0637 n.a. 1,831 5,630 4,362 52 1.0637 50,955 n.a. 1,831 5,630 4,362 52 1.0637 50,955 n.a. 1,831 5,630 4,362 52 1.0637 n.a. 1,831 5,630 4,362 52 1.0637 n.a. 1,831 5,630 4,362 52 1.0637 Sold (2) Assets (3) Liabilities (4) 18,183 37,339 94,712 50,955 2014 - Mar ................... 21,444 36,135 101,443 56,942 June.................. 21,683 33,223 99,792 53,898 Sept .................. 20,112 34,835 96,687 49,460 Dec ................... 19,820 35,885 94,153 50,754 2015 - Mar ................... 18,183 37,339 94,712 50,955 June ................. 18,183 37,339 94,712 50,955 Sept .................. 18,183 37,339 94,712 Dec ................... 18,183 37,339 94,712 2016 - Mar ................... 18,183 37,339 94,712 50,955 June ................. 18,183 37,339 94,712 50,955 2013 - Dec ................... Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) Bought (5) Purchased (1) Report date Options positions Puts Calls 52 1.0637 December 2016 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] Spot, forward and future contracts Purchased (1) Sold (2) 04/06/2016 .............................................................. 552,789 552,866 11 109.63 04/13/2016 .............................................................. 534,956 540,123 186 109.21 04/20/2016 .............................................................. 556,891 558,917 n.a. 109.51 04/27/2016 .............................................................. 571,038 570,333 38 111.26 05/04/2016 .............................................................. 604,187 608,890 119 107.12 05/11/2016 .............................................................. 519,467 524,886 299 108.48 05/18/2016 .............................................................. 522,118 528,520 n.a. 109.65 05/25/2016 .............................................................. 528,836 534,977 n.a. 110.22 06/01/2016 .............................................................. 563,123 569,258 n.a. 109.55 06/08/2016 .............................................................. 560,830 568,647 n.a. 106.68 06/15/2016 .............................................................. 529,883 536,147 n.a. 105.87 06/22/2016 .............................................................. 525,957 533,344 n.a. 104.56 06/29/2016 .............................................................. 564,170 570,984 n.a. 102.68 07/06/2016 .............................................................. 515,993 537,085 n.a. 101.12 07/13/2016 .............................................................. 533,045 545,323 n.a. 104.10 07/20/2016 .............................................................. 509,792 522,232 n.a. 106.65 07/27/2016 .............................................................. 543,766 555,532 n.a. 105.65 08/03/2016 .............................................................. 537,049 548,290 122 101.34 08/10/2016 .............................................................. 530,175 540,593 n.a. 101.27 08/17/2016 .............................................................. 540,415 546,377 n.a. 100.24 08/24/2016 .............................................................. 525,870 537,917 n.a. 100.50 08/31/2016 .............................................................. 549,535 562,308 n.a. 103.38 09/07/2016 .............................................................. 543,845 556,555 n.a. 101.72 09/14/2016 .............................................................. 547,663 559,793 n.a. 102.33 09/21/2016 .............................................................. 514,208 527,071 n.a. 100.62 09/28/2016 .............................................................. 522,051 534,589 n.a. 100.57 Report date December 2016 Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 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) 2013 - Dec .................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25 2014 - Dec .................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85 2015 - Oct .................. 553,897 558,893 146,988 138,049 50,315 58,996 79,081 73,814 30 120.70 Nov ................. 622,040 625,963 145,721 136,464 48,349 53,111 68,567 65,645 -32 123.22 Dec ................. 531,482 536,367 138,871 129,149 43,087 44,780 58,483 58,347 4 120.27 2016 - Jan .................. 599,927 603,793 140,249 133,004 49,786 52,448 66,011 66,310 -19 121.05 Feb ................. 589,830 594,323 145,011 136,596 56,883 58,446 68,723 70,164 45 112.90 Mar ................. 561,664 562,025 148,756 138,244 54,695 56,259 69,347 69,988 -44 112.42 Apr .................. 608,509 607,845 143,092 135,723 57,436 58,436 71,339 72,809 118 106.90 May................. 568,549 572,000 149,059 140,626 54,268 54,880 71,005 71,781 n.a. 110.75 June................ 563,920 570,207 151,106 143,579 53,090 52,972 68,821 69,484 n.a. 102.77 July ................. 560,104 568,585 156,424 148,233 61,490 59,444 70,191 73,096 n.a. 102.32 Aug ................. 550,336 563,164 155,179 153,238 52,693 51,094 62,896 66,143 n.a. 103.38 Sept ................ 551,680 558,984 158,858 157,568 52,508 51,043 61,597 64,097 n.a. 101.21 TABLE FCP-II-3—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date 2013 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) 4,238 5,807 Foreign currency denominated Assets Liabilities (4) (3) 10,272 4,750 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) n.a. 965 2,510 1,335 75 105.25 2014 - Mar ................... 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 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 ................... 6,835 6,172 7,243 4,951 179 531 1,474 587 -46 119.96 June ................. 6,721 6,611 6,947 5,995 355 666 1,084 428 n.a. 122.10 Sept .................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81 Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 2016 - Mar ................... 7,220 4,862 7,169 5,275 n.a. 340 670 486 -7 112.42 June ................. 8,200 4,638 7,120 5,684 n.a. 367 723 581 -5 102.77 December 2016 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) 04/06/2016 .............................................................. 941,584 974,723 374 0.9537 04/13/2016 .............................................................. 945,112 975,462 283 0.9651 04/20/2016 .............................................................. 939,542 967,487 353 0.9671 04/27/2016 .............................................................. 969,239 1,001,513 n.a. 0.9710 05/06/2016 .............................................................. 926,459 959,786 n.a. 0.9574 05/11/2016 .............................................................. 920,594 951,330 n.a. 0.9699 05/18/2016 .............................................................. 907,416 936,272 n.a. 0.9822 05/25/2016 .............................................................. 906,155 936,958 n.a. 0.9908 06/01/2016 .............................................................. 931,614 964,243 940 0.9892 06/08/2016 .............................................................. 994,749 1,025,563 1,130 0.9594 06/15/2016 .............................................................. 892,650 925,682 1,068 0.9647 06/22/2016 .............................................................. 901,165 936,876 n.a. 0.9584 06/29/2016 .............................................................. 893,956 920,743 n.a. 0.9794 07/06/2016 .............................................................. 826,128 852,385 n.a. 0.9778 07/13/2016 .............................................................. 849,988 875,361 n.a. 0.9834 07/20/2016 .............................................................. 810,812 836,456 814 0.9872 07/27/2016 .............................................................. 846,733 873,790 804 0.9936 08/03/2016 .............................................................. 851,214 879,232 n.a. 0.9716 08/10/2016 .............................................................. 839,303 867,968 n.a. 0.9759 08/17/2016 .............................................................. 857,381 886,850 543 0.9640 08/24/2016 .............................................................. 843,573 869,807 n.a. 0.9673 08/31/2016 .............................................................. 913,290 937,205 n.a. 0.9830 09/07/2016 .............................................................. 853,127 877,978 n.a. 0.9702 09/14/2016 .............................................................. 880,138 911,773 n.a. 0.9708 09/21/2016 .............................................................. 771,590 798,086 n.a. 0.9758 09/28/2016 .............................................................. 821,859 849,830 n.a. 0.9724 December 2016 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 Foreign currency denominated Assets Liabilities (4) (3) Spot, forward and future contracts Purchased Sold (1) (2) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 2013 - Dec ................... 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904 2014 - Dec ................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934 2015 - Oct ................... 912,030 946,229 84,413 58,526 76,656 89,218 131,736 117,584 n.a. 0.9858 Nov .................. 1,080,695 1,112,940 87,602 59,422 82,709 98,220 149,346 129,932 n.a. 1.0282 Dec .................. 891,361 931,195 82,111 58,489 77,874 89,785 124,418 111,241 n.a. 1.0017 2016 - Jan ................... 996,992 1,036,737 78,866 54,589 73,231 87,259 120,702 105,625 n.a. 1.0226 Feb .................. 1,007,332 1,039,917 84,553 60,915 76,378 88,522 122,776 109,580 n.a. 0.9960 Mar .................. 965,337 1,000,584 77,259 54,245 71,734 84,327 112,604 101,090 532 0.9583 Apr ................... 964,627 998,481 81,240 59,089 71,628 83,335 113,696 101,380 n.a. 0.9598 May.................. 934,462 966,280 76,203 54,574 71,569 83,919 113,307 101,739 n.a. 0.9934 June................. 906,161 932,437 78,517 56,992 71,058 82,776 106,993 95,619 n.a. 0.9792 July .................. 850,015 877,876 76,210 55,156 79,886 80,698 95,062 94,159 n.a. 0.9690 Aug .................. 914,207 937,753 82,885 62,624 77,370 77,831 92,964 92,545 n.a. 0.9830 Sept ................. 808,152 833,331 99,893 79,359 73,675 73,637 90,162 89,726 n.a. 0.9694 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) 2013 - Dec ................... 22,699 23,164 n.a. 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 0.8840 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 ................... 24,395 27,813 90,329 13,567 n.a. n.a. n.a. 596 n.a. 0.9712 June ................. 20,333 22,935 82,573 12,529 n.a. n.a. 116 n.a. -10 0.9346 Sept .................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773 Dec ................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 2016 - Mar ................... 12,976 16,654 46,077 13,861 n.a. - n.a. n.a. n.a. 0.9583 June ................. 13,978 14,946 n.a. 13,968 n.a. n.a. 158 n.a. n.a. 0.9792 December 2016 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) 04/06/2016 .............................................................. 2,214,763 2,316,497 754 1.4162 04/13/2016 .............................................................. 2,236,780 2,341,682 n.a. 1.4223 04/20/2016 .............................................................. 2,231,639 2,342,671 n.a. 1.4375 04/27/2016 .............................................................. 2,415,149 2,525,179 n.a. 1.4554 05/06/2016 .............................................................. 2,339,282 2,450,051 n.a. 1.4475 05/11/2016 .............................................................. 2,319,632 2,437,680 n.a. 1.4480 05/18/2016 .............................................................. 2,412,540 2,512,107 n.a. 1.4615 05/25/2016 .............................................................. 2,473,858 2,576,942 n.a. 1.4694 06/01/2016 .............................................................. 2,539,168 2,648,194 n.a. 1.4395 06/08/2016 .............................................................. 2,235,384 2,643,957 n.a. 1.4546 06/15/2016 .............................................................. 2,355,327 2,457,981 n.a. 1.4185 06/22/2016 .............................................................. 2,327,077 2,431,543 -84 1.4682 06/29/2016 .............................................................. 2,540,472 2,655,240 218 1.3510 07/06/2016 .............................................................. 2,531,879 2,648,040 n.a. 1.2921 07/13/2016 .............................................................. 2,575,324 2,694,838 n.a. 1.3180 07/20/2016 .............................................................. 2,475,833 2,591,096 n.a. 1.3179 07/27/2016 .............................................................. 2,590,391 2,688,410 n.a. 1.3094 08/03/2016 .............................................................. 2,497,735 2,612,795 -251 1.3335 08/10/2016 .............................................................. 2,580,392 2,692,089 -1,350 1.2998 08/17/2016 .............................................................. 2,693,346 2,811,189 n.a. 1.3012 08/24/2016 .............................................................. 2,643,834 2,758,862 -698 1.3236 08/31/2016 .............................................................. 2,807,165 2,920,954 n.a. 1.3129 09/07/2016 .............................................................. 2,768,304 2,882,342 n.a. 1.3339 09/14/2016 .............................................................. 2,851,442 2,968,260 n.a. 1.3204 09/21/2016 .............................................................. 2,508,977 2,632,113 n.a. 1.2978 09/28/2016 .............................................................. 2,624,395 2,743,348 n.a. 1.2996 December 2016 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) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2013 - Dec ................... 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574 2014 - Dec ................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578 2015 - Oct ................... 2,086,683 2,157,545 642,429 656,344 79,955 81,072 87,008 85,102 -249 1.5445 Nov .................. 2,360,516 2,469,653 664,148 673,940 83,441 90,095 105,205 96,226 -181 1.5044 Dec .................. 2,097,242 2,195,891 663,775 689,139 78,769 88,691 110,325 99,992 -536 1.4746 2016 - Jan ................... 2,242,437 2,331,409 710,275 735,878 98,347 112,901 143,993 131,101 -429 1.4184 Feb .................. 2,289,024 2,377,171 753,517 789,732 104,509 124,895 172,178 148,214 21 1.3926 Mar .................. 2,239,307 2,345,456 719,273 749,772 111,379 131,861 184,228 162,080 556 1.4381 Apr ................... 2,332,459 2,441,202 708,435 747,051 131,823 148,164 199,086 184,093 n.a. 1.4625 May.................. 2,528,692 2,637,088 702,822 730,453 147,533 169,789 229,916 214,284 n.a. 1.4530 June................. 2,549,272 2,674,243 762,839 790,046 155,764 182,365 232,457 209,815 n.a. 1.3242 July .................. 2,557,221 2,672,053 829,231 850,055 165,470 160,505 231,617 227,557 n.a. 1.3270 Aug .................. 2,814,334 2,927,659 887,534 880,127 131,293 126,872 179,111 177,955 n.a. 1.3129 Sept .................2,616,448 2,738,989 860,051 826,327 120,207 117,731 164,545 163,770 n.a. 1.3015 TABLE FCP-IV-3—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date 2013 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) 38,670 Calls Bought (5) 34,365 29,425 156,665 1,861 2014 - Mar ................... 24,285 20,785 159,297 38,963 n.a. June.................. 28,452 25,936 159,978 38,559 1,500 Sept .................. 25,003 25,045 154,483 36,431 2,021 Dec ................... 25,098 28,006 157,560 39,245 n.a. Otions positions Puts Written Bought Written (6) (7) (8) n.a. Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 172 1.6574 2,360 1,364 n.a. n.a. 404 - 1.6675 1,381 2,464 866 194 1.7105 1,243 3,789 1,232 n.a. 1.6220 796 3,544 930 n.a. 1.5578 2015 - Mar ................... 30,264 42,342 160,656 61,050 n.a. 745 5,418 3,293 -85 1.4850 June ................. 29,155 39,283 162,972 61,154 1,163 1,191 1,602 1,018 57 1.5727 Sept .................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116 Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 2016 - Mar ................... 25,197 48,655 161,265 64,422 460 958 5,159 2,545 76 1.4381 June ................. 32,956 59,097 167,540 68,674 n.a. n.a. 3,488 1,337 131 1.3242 December 2016 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) 04/06/2016 ............................................................ 24,554,723 24,045,865 -3,395 n.a. 04/13/2016 ............................................................ 24,399,083 23,846,271 n.a. n.a. 04/20/2016 ............................................................ 24,347,429 23,829,002 n.a. n.a. 04/27/2016 ............................................................ 25,178,052 24,921,029 -2,679 n.a. 05/06/2016 ............................................................ 25,227,202 24,668,812 n.a. n.a. 05/11/2016 ............................................................ 24,571,381 24,030,063 n.a. n.a. 05/18/2016 ............................................................ 24,727,025 24,215,423 n.a. n.a. 05/25/2016 ............................................................ 25,128,597 24,595,101 n.a. n.a. 06/01/2016 ............................................................ 25,954,692 25,395,153 n.a. n.a. 06/08/2016 ............................................................ 26,538,186 25,988,149 n.a. n.a. 06/15/2016 ............................................................ 24,267,521 23,734,298 n.a. n.a. 06/22/2016 ............................................................ 24,214,957 23,677,718 n.a. n.a. 06/29/2016 ............................................................ 25,400,110 24,801,171 n.a. n.a. 07/06/2016 ............................................................ 24,304,014 23,663,325 n.a. n.a. 07/13/2016 ............................................................ 24,788,005 24,139,113 n.a. n.a. 07/20/2016 ............................................................ 24,147,433 23,516,475 n.a. n.a. 07/27/2016 ............................................................ 24,917,158 24,303,939 23 n.a. 08/03/2016 ............................................................ 24,791,705 24,154,051 170 n.a. 08/10/2016 ............................................................ 25,131,424 24,529,253 n.a. n.a. 08/17/2016 ............................................................ 25,465,914 24,880,087 -4,087 n.a. 08/24/2016 ............................................................ 25,097,187 24,515,189 n.a. n.a. 08/31/2016 ............................................................ 26,085,013 25,474,902 n.a. n.a. 09/07/2016 ............................................................ 25,452,493 24,868,397 n.a. n.a. 09/14/2016 ............................................................ 26,172,573 25,587,898 n.a. n.a. 09/21/2016 ............................................................ 23,928,661 23,283,129 n.a. n.a. 09/28/2016 ............................................................ 24,888,350 24,270,341 n.a. n.a. December 2016 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) 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 - Dec .............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a. 2015 - Oct .............. 24,477,244 23,329,751 - - 2,549,232 2,291,490 1,557,318 1,842,031 -5,509 n.a. Nov ............. 26,886,275 25,760,439 - - 2,592,734 2,373,038 1,579,841 1,829,914 -5,256 n.a. Dec ............. 23,238,718 22,612,482 - - 2,123,663 1,977,186 1,356,847 1,514,472 -7,248 n.a. 2016 - Jan .............. 25,234,746 24,741,304 - - 2,370,298 2,137,037 1,491,971 1,747,546 -14,299 n.a. Feb ............. 25,776,570 25,258,980 - - 2,463,137 2,213,088 1,597,951 1,865,640 -6,115 n.a. Mar ............. 24,853,887 24,371,205 - - 2,497,827 2,251,147 1,738,244 1,994,478 n.a. n.a. Apr .............. 25,819,959 25,309,671 - - 2,464,483 2,226,566 1,708,525 1,961,781 -2,108 n.a. May............. 25,750,475 25,241,261 - - 2,567,032 2,230,210 1,651,792 1,972,493 -4,428 n.a. June............ 25,490,336 24,878,561 - - 2,480,461 2,155,087 1,620,127 1,929,426 n.a. n.a. July ............. 26,852,297 26,247,554 - - 2,590,300 2,615,761 1,821,089 1,779,134 -1,785 n.a. Aug ............. 26,449,920 25,822,922 - - 2,270,867 2,240,778 1,628,824 1,617,632 n.a. n.a. Sept ............ 25,323,215 24,753,681 - - 2,117,553 2,124,156 1,611,985 1,574,083 -1,335 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) 2013 - 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 13,105 n.a. 2015 - Mar ................... 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a. June ................. 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a. Sept .................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a. Dec ................... 394,957 340,085 - - 28,177 18,640 6,330 8,699 1,846 n.a. 2016 - Mar ................... 388,976 345,432 - - 29,718 19,337 6,875 10,952 1,436 n.a. June ................. 421,872 328,263 - - 20,279 13,173 10,712 12,342 1,056 n.a. December 2016 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) 04/06/2016 ......................................................................... 7,091,458 7,252,587 519 0.8749 04/13/2016 ......................................................................... 7,193,783 7,371,740 1,557 0.8864 04/20/2016 ......................................................................... 6,954,064 7,136,468 1,555 0.8826 04/27/2016 ......................................................................... 7,248,347 7,417,181 -643 0.8832 05/06/2016 ......................................................................... 7,150,388 7,319,505 -848 0.8706 05/11/2016 ......................................................................... 7,164,286 7,322,452 -1,466 0.8738 05/18/2016 ......................................................................... 7,184,317 7,329,815 n.a. 0.8868 05/25/2016 ......................................................................... 7,351,222 7,509,349 n.a. 0.8965 06/01/2016 ......................................................................... 7,591,576 7,752,412 n.a. 0.8957 06/08/2016 ......................................................................... 7,668,215 7,833,294 n.a. 0.8772 06/15/2016 ......................................................................... 7,179,662 7,349,790 -3,046 0.8898 06/22/2016 ......................................................................... 7,014,265 7,183,566 -426 0.8861 06/29/2016 ......................................................................... 7,300,107 7,460,608 -2,299 0.8995 07/06/2016 ......................................................................... 6,982,501 7,054,484 -3,279 0.9028 07/13/2016 ......................................................................... 7,194,319 7,351,580 -2,045 0.8999 07/20/2016 ......................................................................... 7,113,582 7,271,539 -796 0.9085 07/27/2016 ......................................................................... 7,326,694 7,475,581 -3,001 0.9101 08/03/2016 ......................................................................... 7,221,319 7,386,357 -1,193 0.8953 08/10/2016 ......................................................................... 7,344,777 7,502,229 641 0.8952 08/17/2016 ......................................................................... 7,396,863 7,549,265 392 0.8879 08/24/2016 ......................................................................... 7,298,773 7,399,557 761 0.8884 08/31/2016 ......................................................................... 7,521,674 7,661,094 1,104 0.8972 09/07/2016 ......................................................................... 7,304,370 7,439,052 592 0.8898 09/14/2016 ......................................................................... 7,559,513 7,692,155 602 0.8872 09/21/2016 ......................................................................... 6,818,579 6,967,159 582 0.8957 09/28/2016 ......................................................................... 7,260,439 7,401,189 -2,046 0.8929 December 2016 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) 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 - 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 - Oct ................... 7,504,507 7,695,131 2,068,710 1,991,753 536,147 608,360 813,123 761,260 n.a. 0.9056 Nov .................. 8,618,765 8,824,919 1,972,307 1,931,985 590,818 659,267 965,633 923,923 n.a. 0.9468 Dec .................. 7,266,999 7,435,516 1,918,196 1,844,155 504,161 532,803 716,194 693,323 n.a. 0.9209 2016 - Jan ................... 7,780,221 7,954,619 2,029,674 1,956,982 540,241 574,056 695,531 664,448 n.a. 0.9232 Feb .................. 7,791,652 7,968,756 2,089,901 2,044,871 553,654 589,449 728,915 696,928 n.a. 0.9201 Mar .................. 7,232,255 7,393,836 2,086,812 2,020,750 535,503 554,854 649,039 624,914 712 0.8780 Apr ................... 7,359,297 7,529,536 2,035,984 1,983,631 499,976 523,257 609,634 586,599 -1,498 0.8740 May.................. 7,371,305 7,525,525 2,022,486 1,974,254 489,887 518,113 623,712 583,584 n.a. 0.8981 June................. 7,262,942 7,422,625 2,052,020 2,008,197 481,255 509,286 614,420 580,517 -2,899 0.9064 July .................. 7,372,716 7,528,301 2,157,931 2,109,142 482,181 469,391 599,725 597,447 -1,216 0.8954 Aug .................. 7,552,615 7,692,892 2,299,016 2,246,796 456,381 447,189 552,241 552,908 1,111 0.8972 Sept ................. 7,216,951 7,341,162 2,388,542 2,341,295 464,875 457,007 539,759 537,665 -679 0.8898 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) 2013 - 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 n.a. 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 ................... 150,385 138,996 284,817 183,576 7,240 3,962 15,297 9,179 1,582 0.9310 June ................. 146,038 136,974 297,381 183,030 3,264 3,244 14,458 8,048 1,222 0.8965 Sept .................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959 Dec ................... 126,355 121,422 283,432 184,306 5,153 1,869 10,724 6,624 -40 0.9209 2016 - Mar ................... 133,865 119,404 292,432 185,595 4,902 2,544 4,868 2,723 n.a. 0.8780 June ................. 128,988 124,258 309,255 201,488 6,232 3,385 7,355 3,274 n.a. 0.9064 December 2016 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, 2016, and Sept. 30, 2016 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 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 ................................................................. June 30, 2016 July 1, 2016, through Sept. 30, 2016 Sept. 30, 2016 22,668,375 50,160,401 11,865 -106,801 22,680,240 50,053,600 12,062,824 9,119,394 64,545 955,613 -598,828 -1,836 13,018,437 8,520,566 62,709 Total assets.......................................................................... 94,075,539 260,013 94,335,552 Liabilities and capital Current liabilities: Accounts payable................................................................. 4,117 717 4,834 Total current liabilities ...................................................... 4,117 717 4,834 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 5,200,000 49,400,987 - -107,007 - 5,200,000 49,293,980 - Total other liabilities ......................................................... 54,600,987 -107,007 54,493,980 Capital: Capital account .................................................................... Net income (+) or loss (-) (see Table ESF-2) ...................... 200,000 1,182,904 371,802 200,000 1,554,706 Total capital...................................................................... 39,470,435 366,303 39,836,738 Total liabilities and capital ............................................ 94,075,539 260,013 94,335,552 See footnote on the following page. December 2016 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, 2016, through Sept. 30, 2016 Fiscal year to date Oct. 1, 2015, through Sept. 30, 2016 Foreign exchange ........................................................................ 364,808 1,515,682 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. -1,642 -4,271 SDRs ............................................................................................ -631 -2,084 U.S. Government securities ......................................................... 13,617 44,038 Foreign exchange ........................................................................ -4,350 1,341 Income from operations ............................................................... 371,802 1,554,706 Net income (+) or loss (-) ............................................................. 371,802 1,554,706 Income and expense Profit (+) or loss(-) on: 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 2016 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 2017) .............................................................................................................. 89 less: Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 43 Unfunded authorizations (fiscal year 2017) ........................................................................................................................................................................ 46 48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021) ............................................................................................................................ 142 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 29 less: Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 15 Unfunded authorizations (fiscal year 2017) ........................................................................................................................................................................ 13 48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021) ........................................................................................................................... 26 Note—Detail may not add due to rounding. Note—Estimates are based on Fiscal Year 2017 MSR revenue assumptions and currently authorized contract authority under public law 114-94. December 2016 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 2016 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 2016 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. 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. 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. 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. Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the Statutory Debt Limit has been suspended through March 15, 2017. Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) 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. 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. 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). Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). 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. 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 2016 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). 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 GLOSSARY outstanding Treasury obligations, and they may be redeemed 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 79 from the public (budget receipts), such as taxes, fines, duties, and fees. 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. December 2016 80 GLOSSARY Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway December 2016 Island, Virgin Islands, Wake Island, and all other territories and possessions. 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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