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BULLETIN

DECEMBER 2019

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, Cash Accounting and Reporting 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 to inquire about any
of the published information. Suggestions are welcome.
The publication staff can be reached by e-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 ............................................................................................................................... 8
Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ....................... 9
FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11
FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11
FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12
FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13
FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15
FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17
FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 18
FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 22
FEDERAL DEBT
Introduction—Federal Debt ................................................................................................................................................. 28
FD-1—Summary of Federal Debt ....................................................................................................................................... 29
FD-2—Debt Held by the Public .......................................................................................................................................... 30
FD-3—Government Account Series .................................................................................................................................... 31
FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 32
FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by
Private Investors .................................................................................................................................................... 33
FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 34
FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 35
FISCAL SERVICE OPERATIONS
Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 37
TREASURY FINANCING ................................................................................................................................................. 37
PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 47
PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 48
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

INTERNATIONAL STATISTICS
FOREIGN CURRENCY POSITIONS

December 2019

IV

Table of Contents
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
GLOSSARY ........................................................................................................................................................................ 76
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 2019

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

√

United States Victims of State Sponsored Terrorism Fund ..............................

√

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

√

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

√

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

√

Decemeber 2019

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

3

Profile of the Economy
[Source: Office of Macroeconomic Analysis]
As of November 6, 2019

Introduction
Even with global headwinds and domestic manufacturing
disruptions, the U.S. economy continues to grow at a steady
pace. In November, the current, record-long expansion
entered its 125th month, and recent economic reports have
signaled solid job creation and strong wage gains, subdued
inflationary pressures, and a firmer footing in the housing
sector. The advance estimate for real GDP in the third
quarter of 2019 showed the economy grew at an annual rate
of 1.9 percent, very close to the 2.0 percent annual rate in the
second quarter. Since the end of 2018, real GDP has grown
2.3 percent at an annual rate, and private forecasters
predicted in October that growth in 2019 will be 2.2 percent
on a Q4-over-Q4 basis, before slowing to 1.6 percent in
2020. In contrast, the Administration has a strong belief in
the resilience of the American economy. After temporary
headwinds fade, it expects that enactment of its pro-growth
policies will spur economic growth to near 3 percent as
investment recovers and productivity accelerates.

Growth of Real GDP
(Quarterly percent change at annual rate)

Economic Growth
According to the advance estimate, real GDP grew at an
annual rate of 1.9 percent in the third quarter of 2019,
following the second quarter’s 2.0 percent pace. However,
the Council of Economic Advisors estimates that growth
would have been 0.3 percentage point higher in the third
quarter, but for the ongoing problems at Boeing in
connection with the grounding of the Boeing 737 MAX
airplane as well as the now-resolved United Auto Workers
strike at General Motors. Slowing global growth also partly
restrained the domestic expansion. Private domestic final
purchases – the sum of personal consumption, business fixed
investment, and residential investment – increased by 2.0
percent at an annual rate in the third quarter, after
accelerating sharply to 3.3 percent in the second quarter.
Real personal consumption expenditures grew at a solid
2.9 percent annual rate in the third quarter, following an
advance of 4.6 percent in the second quarter. The latter rate
represented a quadrupling of these expenditures from the
first quarter’s 1.1 percent annual rate, and marked the fastest
rate of consumer spending since 2017 Q4. Outlays on goods
drove consumption in the third quarter, rising 5.5 percent at
an annual rate: spending on durable goods increased 7.6
percent while nondurable goods expenditures were up 4.4
percent. Expenditures on services rose 1.7 percent in the
third quarter. On balance, real personal consumption
expenditures in Q3 made the largest contribution to growth,
adding 1.9 percentage points.

Business fixed investment declined 3.0 percent at an
annual rate in the third quarter, after a 1.0 percent decline in
the second quarter. Decreased investment on oil and gas
drilling rigs has partly driven double-digit declines in
structures investment in each of these quarters. Spending on
structures fell 15.3 percent at an annual rate in the third
quarter, following an 11.1 percent decline in the second
quarter. Equipment investment decreased 3.8 percent in the
third quarter, partly reflecting the continued grounding of the
Boeing 737 MAX airplane, after rising at a modest 0.8
percent pace in the second quarter.
However, fixed
investment in intellectual property products accelerated to a
6.6 percent annual rate in the third quarter from a 3.6 percent
pace in the second quarter.
Overall, business fixed
investment subtracted 0.4 percentage point from growth in
the third quarter. Inventory accumulation posed only a
modest drag on growth in the third quarter, subtracting 0.1
percentage point from real GDP, after subtracting 0.9
percentage point in the second quarter.
Residential investment expenditures have been driven
lower in the six quarters ending in 2019 Q2, reflecting a
sharp reduction in the value of residential construction put in
place since Spring 2018. However, residential investment

December 2019

4

PROFILE OF THE ECONOMY

rose 5.1 percent at an annual rate in the third quarter,
reversing sharply from the 2.9 percent decline in the second
quarter. The reversal was due to an ongoing improvement in
the housing sector as reflected in sales, starts and permits,
builder confidence, and affordability. Existing home sales,
which account for 90 percent of all home sales, are almost
4.0 percent higher over the 12 months through September,
and new single-family home sales have grown by 15.5
percent over the same period. Total housing starts are up 1.6
percent over the 12 months ending in September, and for
eight of the past nine months, total building permits have
remained above total housing starts, pointing to a further
pickup in homebuilding in coming quarters. Consistent with
these signs, the National Association of Home Builder’s
home builder confidence index ticked up to 71 points in
October, a 20-month high. Although inventories of homes
for sale have firmed from 2018 average levels, they remain
relatively low compared to historical averages.
Affordability has improved as well: monthly and 12-month
measures of house prices have slowed considerably, though
12-month growth rates continue to exceed core inflation and
income gains. In addition to slower growth in home prices,
mortgage rates have declined nearly 1¼ percentage points
from levels seen last fall, also contributing to greater
affordability.
Total government spending rose 2.0 percent at an annual
rate in the third quarter, following a 4.8 percent advance in
the second quarter.
Over the past seven quarters,
government spending has added 0.4 percentage points, on
average, to GDP growth. Federal outlays rose 3.4 percent in
the third quarter, after surging in the second quarter by 8.3
percent – the latter was the fastest pace in 10 years. State
and local government spending has been growing a bit faster
this year, increasing 1.1 percent in the third quarter of 2019
after rising 2.7 percent in the second quarter and 3.4 percent
in the first quarter. Altogether, government spending added
0.4 percentage point to real GDP growth in the third quarter.
The bipartisan budget deal that was signed at the beginning
of August has helped reduce fiscal uncertainty and should
provide stimulus in the next two years.
The U.S. trade deficit widened modestly in the third
quarter of 2019. Exports rose 0.7 percent, while import
growth accelerated to 1.2 percent. After posing a drag on
growth of 0.7 percentage point in the second quarter, net
exports posed only a slight drag in the third quarter,
subtracting 0.1 percentage point from real GDP.

Labor Markets and Wages
In the fall of 2019, the unemployment rate fell to its
lowest level since December 1969. After reaching a 49-year
low of 3.5 percent in September, the unemployment rate
edged up to 3.6 percent in October, entirely due to rising
labor force participation. The Tax Cuts and Jobs Act
(TCJA) has helped draw workers back into the labor force,
and in numbers that have helped offset the downward
pressure on participation from the aging population. In

December 2019

October, the overall labor force participation rate (LFPR)
rose to 63.3 percent, a six-year high, and the prime-age
LFPR increased to 82.8 percent, a 10-year high.

Payroll Employment
(Average monthly change in thousands between quarters)

Broader measures of unemployment have also continued
to improve in recent labor reports. The most comprehensive
measure of labor market slack, the U-6 unemployment rate,
which includes those marginally attached to the labor force
and those working part-time for economic reasons, stood at
7.0 percent in October, just above September’s 18-year low
of 6.9 percent. The unemployment rate of those unemployed
for 27 weeks or more, as a share of the unemployed, stood at
21.5 percent in October, a bit higher than the 11-year low of
19.2 percent reached in July.
Meanwhile, job creation has continued at a solid
pace. In October, employers added 128,000 new jobs,
even with downward pressures from the UAW strike at
GM and the layoff of temporary Census workers.
Although job creation thus far in 2019 has slowed
somewhat from last year, the average growth of 167,000
jobs per month is more than sufficient to maintain full
employment in the economy.
Rapid wage gains have been a consistent feature of the
economy for well over a year and, more recently, have
ramped up to a sustained pace around 3½ percent for
nearly a half year. Private-sector production and
nonsupervisory workers have seen nominal wage
growth at or above 3 percent for the past 15 months;
for the past six months, nominal wage gains have
fluctuated between 3.4 percent and 3.5 percent. Over the 12
months through October, nominal wages for these workers
grew 3.5 percent, accelerating from the 3.2 percent pace a
year earlier. Using the CPI-W to deflate the nominal
rate, real average hourly earnings for private production
and nonsupervisory workers grew 1.9 percent over the
year through September 2019 (latest data

PROFILE OF THE ECONOMY

available), much faster than the 0.7 percent gain over the
previous 12-month period.

Unemployment Rate
(Percent)

5

all civilian workers rose 2.8 percent in the 12 months
through September 2019. Wages and salaries were up 2.9
percent through September 2019 from a year earlier, while
costs of non-wage benefits rose 2.3 percent over the year
through September 2019.

Industrial Production, Manufacturing, and
Services

Nonfarm Productivity of Labor
For the past twelve quarters, four-quarter nonfarm labor
productivity growth rates have remained above 1 percent, a
consistency not seen since 2004. Over the four quarters
through 2019 Q3, productivity growth rose by 1.4 percent, in
line with average annual productivity growth realized since
2005. Quarterly productivity gains were strong in the first
and second quarters of 2019, rising by 3.5 percent and 2.5
percent, respectively, at an annual rate. In the third quarter,
however, productivity growth declined by 0.3 percent at an
annual rate, as real output grew 2.1 percent but hours
worked jumped up by 2.4 percent. The rise in hours worked
reflected an unusually large jump in a volatile component,
self-employed hours, which contributed about 2 percentage
points to overall hours worked in the third quarter, which in
turn drove the decline in productivity.
Hourly compensation costs in the nonfarm business
sector rose 3.3 percent at an annual rate in the third quarter,
building on the second quarter’s 4.9 percent pace. Over the
most recent four quarters, hourly compensation costs rose
4.5 percent, the fastest four-quarter advance since 2012 Q4.
Unit labor costs, defined as the average cost of labor per unit
of output, rose 3.6 percent at an annual rate in the third
quarter, following a 2.4 percent increase in the second
quarter. These costs were up 3.1 percent over the latest four
quarters.
Although the nonfarm compensation measure does not
provide detailed data on how its components have moved
recently, the Employment Cost Index (ECI) provides
perspective on growth of the main components of
compensation. The ECI for total nominal compensation for

A variety of measures of industrial production,
manufacturing, and services reached multi-year highs in
2018, but have trended lower this year.
Industrial output at factories, mines, and utilities
advanced 1.2 percent at an annual rate in the third quarter of
2019, following a 2.2 percent decline in the second quarter.
However, over the 12 months ending in September, output
was down 0.1 percent.
Manufacturing production, which accounts for about 75
percent of all industrial output, rose 1.1 percent at an annual
rate in the third quarter of 2019, after declining 3.2 percent
in the second quarter. The third quarter was noteworthy for
strong gains in the production of durable goods including
motor vehicles and parts, high-technology goods, and
aerospace and other transportation equipment. During the
third quarter of 2019, motor vehicle production – which can
be very volatile – advanced 6.2 percent at an annual rate.
The UAW strike at General Motors in September and
October had a modest impact on automotive output in the
third quarter. Meanwhile, the output of selected high tech
manufacturing increased 7.3 percent at an annual rate.
However despite the quarterly increase, manufacturing
output was down 0.9 percent over the 12 months through
September. Excluding motor vehicles and parts and hightechnology industries, manufacturing increased 0.5 percent
at an annual rate during the third quarter but was down 0.6
percent over the year through September.
Output at mines, which includes crude oil extraction and
accounts for 15 percent of industrial output, declined 4.4
percent in the third quarter of 2019, following an 8.1 percent
surge in the second quarter. Over the 12 months through
September, mining output rose 2.6 percent.
Utilities output, the remaining 10 percent of total
industrial output, jumped 10.8 percent at an annual rate in
the third quarter, following an 8.5 percent decline in the
second quarter of 2019. Weather is usually a factor
contributing to swings in this sector; unseasonable weather
in quarters often causes sharp swings in output from one
period to the next. Over the 12 months through September,
utilities production was up 1.2 percent.
Other measures of manufacturing and services
production in the economy have declined noticeably from
last year’s multi-year highs. In 2018, the Institute of Supply
Management’s (ISM) manufacturing index averaged 58.8.
Yet in October 2019, it was 48.3, below the 50-point growth
threshold for the third consecutive month. Indeed, recent

December 2019

6

PROFILE OF THE ECONOMY

reports have indicated the first multi-month contraction
signal for the manufacturing sector since early 2016. In the
service sector, the ISM’s non-manufacturing index averaged
58.9 points in 2018. In October, the non-manufacturing
index rebounded 2.1 points to 54.7, pointing to continued
expansion in business service activity, albeit at a slower pace
than in 2018.

Prices
According to several measures, consumer price inflation
has been slowing at the headline level for well over one
year. Over the 12 months through September 2019, the
consumer price index (CPI) for all items rose 1.7 percent,
slowing from the 2.3 percent, 12-month reading over the
year through September 2018. Energy prices have declined
significantly since the summer of 2018; over the year
through September 2019, energy prices dropped 4.8 percent,
reversing the 4.8 percent advance a year earlier. Food price
inflation has trended higher thus far in 2019: food prices
advanced 1.8 percent over the 12 months through September
2019, accelerating from the year-earlier pace of 1.4 percent.
The core CPI (which excludes food and energy) rose by 2.4
percent over the year through September, also accelerating
from the 2.2 percent increase over the year through
September 2018.

Consumer Prices
(Percent change from a year earlier)

percent reading of a year earlier. Meanwhile, core PCE
inflation has edged up in recent months, reaching 1.7 percent
over the year through September 2019, but still slower than
the 2.0 percent pace over the year-earlier period.
In the housing sector, house price appreciation remains
relatively strong despite significant deceleration to multiyear lows; growth in house prices still exceeds core inflation
and income growth measures. The FHFA purchase-only
home price index rose 4.6 percent over the year ending in
August 2019, the slowest 12-month pace in four years. The
Standard and Poor’s (S&P)/Case-Shiller composite 20-city
home price index rose 2.0 percent over the year ending in
August 2019, matching July’s pace as the slowing 12-month
advance since August 2012.

Consumer and Business Sentiment
Measures of consumer and business sentiment remain
elevated, if still below last year’s multi-year highs. In
October, the Reuters/Michigan consumer sentiment index
rose 2.3 points to 95.5, or within 6 points of the 14-year high
of 101.4 reached in March 2018. Notably, this index
averaged 98.4 per month in 2018, the highest monthly
average reading for any year since 2000. The Conference
Board’s confidence index edged down 0.4 point in October
to 125.9, or 12 points below the 18-year high of 137.9
reached in October 2018. The National Federation of
Independent Business’s (NFIB) small business optimism
index declined 1.3 points to 101.8 in September, but it
remains just 7 points below the record high of 108.8 reached
in August 2018.

Federal Budget and Debt

Headline inflation, as measured by the Personal
Consumption Expenditures (PCE) price index (the Federal
Reserve’s preferred measure of inflation), has run below the
Federal Reserve’s 2 percent target for 11 consecutive
months. Over the year ending in September 2019, PCE
inflation was 1.3 percent, markedly slower than the 2.0

December 2019

The Federal Government posted a deficit of $984 billion
(4.6 percent of GDP) in Fiscal Year (FY) 2019, rising from
$779 billion (3.8 percent of GDP) in FY 2018. The primary
deficit (which excludes net interest payments) was 2.9
percent of GDP in FY 2019, up 0.7 percentage point from
FY 2018. Federal receipts totaled $3.46 trillion (16.3
percent of GDP) in FY 2019. Although the level of receipts
was $133 billion higher than last year, receipts’ share of the
economy declined from 16.4 percent of GDP in FY 2018.
Net outlays for FY 2019 were $4.45 trillion (21.0 percent of
GDP), up from 20.2 percent of GDP in FY 2018. Federal
debt held by the public, or federal debt less the debt held in
government accounts, rose from $15.76 trillion at the end of
FY 2018 to $16.81 trillion by the end of FY 2019, or about
79 percent of GDP.
The Administration’s Mid-Session Review for Fiscal
Year 2020 was released in July 2019. The Administration
projects the federal deficit will rise to $1.05 trillion (4.7
percent of GDP) in FY 2020. From FY 2021 to FY 2025,
the deficit would total $4.06 trillion (3.2 percent of GDP, on
average). The projection assumes the Administration’s
proposals – including increased spending on national
defense, cuts to non-defense discretionary outlays,

PROFILE OF THE ECONOMY

elimination of the Affordable Care Act, and reform of
multiple welfare programs – will be implemented. On net,
these proposals would gradually reduce the deficit to $218
billion (0.6 percent of GDP) by FY 2029. The Budget
expects that the primary deficit (which excludes net interest
outlays) will be 2.8 percent of GDP in FY 2020, which will
turn into a small primary surplus by FY 2025. Debt held by
the public would peak at 81.3 percent of GDP in FY 2022
but would gradually decline to 70.0 percent of GDP by FY
2029.
On August 2, President Trump signed the Bipartisan
Budget Act of 2019 into law. The legislation forestalled a
debt crisis by suspending Treasury’s borrowing limit until
July 31, 2021. As of September 2019, federal debt held by
the public totaled $16,809.1 billion. The Bipartisan Budget
Act also lifted spending caps established in 2011 and
allowed for $1.3 trillion in defense and non-defense
discretionary spending over the next two fiscal years, which
should provide a boost to economic growth in the near term.
As of October 1, the federal government is operating on a
continuing resolution in order to give the House, Senate, and
the Administration more time to pass appropriations bills.

Economic Policy
In December 2017, the United States enacted TCJA, the
first major tax reform in three decades. Combined with
regulatory reforms, the revised tax code is designed to
strengthen incentives for economic growth through

7

investment, which should support a sustained increase in
productivity, and improved labor force participation. The
tax law lowered the U.S. corporate tax rate from one of the
highest in the developed world to near the average of other
advanced economies; it allowed businesses to deduct
immediately 100 percent of the cost of most of their new
capital investments for the next five years. TCJA also
delivered tax relief to households by reducing individual tax
rates, allowing a larger standard deduction, and expanding
the child tax credit, all of which have encouraged workers to
re-enter the labor market and entrepreneurs to start
businesses.
On the monetary policy side, the Federal Reserve’s
Federal Open Market Committee (FOMC) pursued a cycle
of monetary tightening from December 2015 until June
2019, a period that saw the Federal funds rate target raised
from the historically low range of 0 to 0.25 percent to a
range of 2.25 to 2.50 percent. On July 31, 2019, however,
the FOMC cut the target range for the first time in over 10
years, reducing the target range by 25 basis points to 2.0 to
2.25 percent. In the following two meetings, the FOMC has
cut the target range by another 50 basis points, bringing the
range to 1.50 to 1.75 percent as of late October. Although in
its October statement, the FOMC signaled a pause on rate
cuts, Chair Powell also stated that only “a really significant
move up in inflation that is persistent” would prompt a Fed
rate hike. This should allay business concerns of a quick
reversal of monetary policy, and support economic
expansion in the near term.

December 2019

8

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.

December 2019

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

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.

9

 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 2019
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 $416.4 billion for the fourth
quarter of fiscal year 2019. This is an increase of $38.3
billion over the comparable prior year quarter. Withheld
receipts increased by $35.0 billion and non-withheld
receipts increased by $2.3 billion during this period.
Refunds decreased by $1.0 billion over the comparable
fiscal year 2018 quarter. There was a negligible change in
accounting adjustments between individual income tax
receipts and the Social Security and Medicare trust funds
over the comparable quarter in fiscal year 2018.
Corporate income taxes—Net corporate income tax
receipts were $65.9 billion for the fourth quarter of fiscal
year 2019. This is an increase of $22.9 billion compared to
the prior year fourth quarter. The $22.9 billion change is
comprised of an increase of $19.0 billion in estimated and

final payments, and a decrease of $3.9 billion in corporate
refunds.
Employment taxes and contributions—Employment
taxes and contributions receipts for the fourth quarter of
fiscal year 2019 were $284.4 billion, an increase of $10.3
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 $16.9 billion, -$8.5 billion, and $2.3
billion respectively. There was a negligible accounting
adjustment for prior year’s employment tax liabilities made
in the fourth quarter of fiscal year 2019. There was a
negligible adjustment in the fourth quarter of fiscal year
2018.
Unemployment insurance—Unemployment insurance
receipts, net of refunds, for the fourth quarter of fiscal year
2019 were $7.7 billion, a decrease of $0.4 billion over the
comparable quarter of fiscal year 2018. Net State taxes
deposited in the U.S. Treasury decreased by $0.3 billion to
$6.8 billion. Net Federal Unemployment Tax Act taxes
decreased by $0.1 billion to $0.9 billion.
Contributions for other insurance and retirement—
Contributions for other retirement were $1.2 billion for the

December 2019

FEDERAL FISCAL OPERATIONS

10

fourth quarter of fiscal year 2019. This was an increase of
$0.1 billion from the comparable quarter of fiscal year 2018.
Excise taxes—Net excise tax receipts for the fourth
quarter of fiscal year 2019 were $27.7 billion, a decrease of
$4.2 billion over the comparable prior year quarter. Total
excise tax refunds for the quarter were $1.1 billion, not a
significant change over the comparable prior year quarter.
Estate and gift taxes—Net estate and gift tax receipts
were $4.2 billion for the fourth quarter of fiscal year 2019.
These receipts represent a decrease of $1.8 billion over the
same quarter in fiscal year 2018.

Customs duties—Customs duties net of refunds were
$20.3 billion for the fourth quarter of fiscal year 2019. This
is an increase of $7.3 billion over the comparable prior year
quarter.
Miscellaneous receipts—Net miscellaneous receipts
for the fourth quarter of fiscal year 2019 were $25.5 billion,
a decrease of $7.1 billion over the comparable prior year
quarter. This change is due in part to deposits of earnings
by Federal Reserve banks decreasing by $2.4 billion.

Budget Results and Financing of the U.S. Government
and Fourth-Quarter Receipts by Source, continued

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 2019
July – Sept.
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 2019
year to date

853,341
636,342
216,999
1,090,613
840,790
249,822
-237,272
-204,448
-32,823

3,462,196
2,547,892
914,302
4,446,582
3,539,967
906,616
-984,388
-992,071
7,686

623,227
-118,774
-267,180
237,273

1,051,605
2,230
-69,449
984,386

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2019
[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 .....................................................
Note.—Detail may not add to totals due to independent rounding.

December 2019

July
127.4
7.0
89.6
3.8
0.4
7.9
1.2
6.5
7.6
251.3

August
106.0
(1.4)
91.8
3.6
0.4
7.9
1.9
7.0
10.8
228.0

September
183.0
60.3
103.0
0.2
0.4
12.0
1.2
6.8
7.1
374.0

FEDERAL FISCAL OPERATIONS

11

December 2019

FEDERAL FISCAL OPERATIONS

12

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
Fiscal year
or Month

2015 ............................
2016 ............................
2017 ............................
2018 ............................
2019 ............................

Total
Receipts
(1)

On-budget
receipts
(2)

3,248,722
3,266,689
3,314,893
3,328,745

2019 – Est1 .................. 3,631,874
2020 – Est1 .................. 3,833,374
2018 - Sept ..................
Oct ...................
Nov ..................
Dec ..................
2019 - Jan ...................
Feb ..................
Mar ..................
Apr ...................
May..................
June.................
July ..................
Aug ..................
Sept .................

2,478,328
2,456,509
2,464,275
2,473,999

Off-budget
receipts
(3)

Total
outlays
(4)

On-budget
outlays
(5)

Off-budget
outlays
(6)

Total
surplus
deficit (-)
(7)

On-budget
surplus
deficit (-)
(8)

Off-budget
surplus
deficit (-)
(9)

Means of
financing
-net transactions
Borrowing from
the publicFederal securities
Public debt
securities
(10)

770,394
810,180
850,617
854,747

3,687,623
3,854,101
3,980,720
4,107,741

2,944,526
3,077,747
3,179,518
3,259,170

743,097
776,354
801,202
848,573

-438,900
-587,413
-665,826
-778,995

-466,197
-621,238
-715,242
-785,172

27,297
33,826
49,416
6,175

325,601
1,419,286
666,472
1,258,348

2,685,416 946,458
2,831,699 1,001,675

4,676,957
4,849,037

3,714,389
3,828,794

962,568
1,020,243

-1,045,083
-1,015,663

-1,028,973
-997,095

-16,110
-18,568

1,221,986
1,232,225

343,559
252,692
205,961
312,584
339,980
167,265
228,811
535,545
232,064
333,952
251,348
227,965
374,028

268,757
190,915
139,336
242,999
253,837
95,390
149,414
439,736
158,229
241,695
182,519
157,490
296,333

74,803
61,777
66,625
69,585
86,143
71,875
79,397
95,809
73,835
92,257
68,829
70,475
77,695

224,443
353,183
410,864
326,123
331,299
401,243
375,756
375,240
439,833
342,429
371,044
428,309
291,260

167,661
279,122
328,697
284,536
256,096
316,103
290,479
299,230
352,744
292,170
293,461
342,318
205,011

56,783
74,061
82,166
41,588
75,203
85,140
85,278
76,011
87,089
50,259
77,582
85,991
86,249

119,116
-100,491
-204,903
-13,539
8,681
-233,977
-146,945
160,305
-207,768
-8,476
-119,695
-200,344
82,768

101,096
-88,207
-189,361
-41,537
-2,259
-220,713
-141,064
140,506
-194,514
-50,475
-110,942
-184,828
91,322

18,020
-12,284
-15,541
27,997
10,940
-13,265
-5,881
19,798
-13,254
41,999
-8,753
-15,516
-8,554

57,121
182,430
145,837
125,473
9,784
132,191
-86,093
981
-1,439
7
1,338
438,890
259,291

Fiscal year 2019 to date ... 3,462,195

2,547,893

914,302

4,446,583

3,539,967

906,617

-984,384

-992,072

7,686

1,208,690

Borrowing from the publicFederal securities, continued

Fiscal year
or month

Agency
securities
(11)

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

Means of financing—net transactions, continued
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)

Other
(18)

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

Total
Financing
(20)

2015 ......................................
2016 ......................................
2017 ......................................
2018 ......................................
2019 ......................................

241
269
3
-1,545
-1,366

-10,027
367,731
168,172
172,343
155,715

335,867
1,051,824
498,301
1,084,458
1,051,606

40,415
154,593
-193,988
225,390
-2,230

-2,815
-279
1,390
-527
-941

-3,114
-1,268
-935
-2,661
-1,210

-6,425
230
1,938
3,857
7,593

127,111
-310,961
-24,443
-79,242
-432,023

970
-171
259
-160
-62

435,887
587,416
665,714
778,997
616,309

2019 – Est1............................
2020 – Est1............................

-1,245
-1,144

108,409
148,789

1,112,332
1,082,292

-

-

-

-

-67,249
-66,629

-

1,045,083
1,015,663

2018 - Sept ...........................
Oct.............................
Nov ............................
Dec ............................
2019 - Jan .............................
Feb ............................
Mar ............................
Apr.............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................

-230
25
149
-55
-142
-297
-299
4
-55
-152
-112
-198
-234

81,327
101,558
-54,151
66,822
9,538
-17,719
-40,460
13,179
-10,992
12,192
-23,196
52,505
46,439

-24,436
80,897
200,137
58,595
103
149,613
-45,932
-12,194
9,497
-12,337
24,422
386,186
212,619

66,742
-18,116
-21,723
57,264
1,459
-112,933
43,348
88,573
-189,711
30,835
-87,047
-43,571
249,392

-224
-479
87
276
362
-42
-356
-92
-237
461
-541
-196
-184

-501
-354
60
-839
-62
-202
58
-334
271
137
183
336
-464

21
1,058
185
1,947
39
401
-38
2,367
21
273
1,733
-160
-233

-28,814
1,866
-16,616
13,567
-7,121
-28,345
236,022
-57,560
-359,288
52,322
9,842
-229,313
-47,399

172
-163
-9
25
133
-67
-133
-37
-170
197
-241
-120
523

-119,116
100,491
204,903
13,539
-8,683
233,977
146,945
-160,305
-160,305
8,476
119,695
200,344
-82,768

Fiscal year 2019 to date .......

-1,366

155,715

1,051,606

-2,230

-941

-1,210

7,593

-432,023

-62

616,309

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and
Budget on July 13, 2018.

December 2019

FEDERAL FISCAL OPERATIONS

13

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

Fiscal year
or month

Individual

Corporation
Gross
(5)

Refunds
(6)

Net
(7)

Gross
(9)

Refunds
(10)

Net
(11)

Other
(2)

Refunds
(3)

2015 ..................
2016 ..................
2017 ..................
2018 ..................
2019 ..................

1,220,161
1,245,698
1,309,265
1,325,106

554,993
551,660
539,528
626,555

234,352
251,286
261,678
268,126

1,540,802
1,546,076
1,587,120
1,683,536

390,291
345,981
338,978
263,168

46,495
46,411
41,929
58,433

343,798
299,572
297,048
204,734

1,884,598
1,845,646
1,884,168
1,888,270

1,007,385
1,060,162
1,109,837
1,118,641

2,801
3,159
3,290
3,234

1,004,584
1,056,993
1,106,547
1,115,407

2019 – Est1 ........
2020 – Est1 ........

1,805,420
1,911,676

-

-

1,805,420
1,911,676

253,076
281,867

-

253,076
281,867

2,058,496
2,193,543

1,233,642
1,306,762

-

1,233,642
1,306,762

2018 - Sept ........
Oct .........
Nov ........
Dec ........
2019 - Jan .........
Feb ........
Mar ........
Apr .........
May........
June.......
July ........
Aug ........
Sept .......

84,133
111,264
94,390
137,260
109,148
116,736
135,770
113,857
108,285
76,127
120,690
100,795
103,949

81,610
29,008
8,078
16,327
89,548
7,926
16,889
283,508
10,611
69,403
11,414
8,854
82,773

3,794
11,407
9,097
3,030
1,560
68,001
55,422
64,556
15,204
4,383
4,678
3,667
3,750

161,949
128,866
93,371
150,557
197,136
56,661
97,236
332,809
103,692
141,149
127,427
105,982
182,972

44,831
8,962
3,996
51,888
8,363
3,774
13,605
51,095
6,291
54,129
9,522
3,172
62,619

2,649
962
5,642
5,133
1,610
4,442
4,812
6,407
5,880
2,860
2,555
4,568
2,301

42,182
8,000
-1,646
46,755
6,754
-669
8,793
44,688
411
51,269
6,967
-1,396
60,318

204,131
136,866
91,725
197,312
203,890
55,992
106,029
377,497
104,103
192,418
134,394
104,586
243,290

102,012
82,775
89,430
93,490
111,255
91,623
101,253
124,379
94,545
120,240
89,025
91,242
106,249

3,234
3,632

98,778
82,775
89,430
93,490
111,255
91,623
101,253
124,379
94,545
120,240
89,025
91,242
102,617

Fiscal year
2019 to date........

1,328,271

634,339

244,755

1,717,858

277,416

47,171

23,024

1,740,882

1,195,506

3,632

1,191,874

Fiscal year
or month

Net
(4)

Net income
taxes
(8)

Withheld
(1)

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

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

2015 ............................
2016 ............................
2017 ............................
2018 ............................
2019 ............................

5,868
5,316
5,349
5,753

1
3
1
4

5,868
5,312
5,349
5,749

1,010,449
1,062,305
1,111,896
1,121,156

51,359
49,043
45,961
45,161

182
191
154
121

51,177
48,853
45,810
45,041

3,629
3,877
4,158
4,471

23
28
34
31

3,652
3,906
4,191
4,501

2019 – Est1..................
2020 – Est1..................

5,591
6,065

-

5,591
6,065

1,239,233
1,312,827

45,772
46,853

-

45,772
46,853

5,203
7,579

31
30

5,234
7,609

2018 - Sept .................
Oct...................
Nov ..................
Dec ..................
2019 - Jan ...................
Feb ..................
Mar ..................
Apr...................
May .................
June ................
July ..................
Aug ..................
Sept .................

465
480
395
438
514
712
537
533
521
-121
546
556
500

4
7
0
7
72

465
480
395
438
514
712
537
533
516
-129
545
549
429

99,243
83,255
89,824
93,928
111,769
92,335
101,791
124,912
95,061
120,112
89,571
91,791
103,046

258
2,941
2,650
292
3,038
2,427
348
9,916
11,578
268
3,876
3,642
211

10
6
73
77
25
18
27
13
14

248
2,941
2,650
292
3,038
2,421
275
9,839
11,553
249
3,849
3,629
197

428
355
444
422
254
467
357
376
466
382
425
399
384

3
3
2
2
2
2
3
2
2
3
2
2

431
357
446
424
256
467
359
378
468
385
428
402
386

Fiscal year
2019 to date ......................

5,610

91

5,519

1,197,394

41,193

259

40,934

4,730

29

4,759

See footnotes at end of table.

December 2019

FEDERAL FISCAL OPERATIONS

14

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

Fiscal year
or month

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

Excise taxes
Black Lung Disability
Trust Fund
Gross Refunds Net
(26)
(27)
(28)

Airport and Airway Trust Fund
Gross Refunds
Net
(23)
(24)
(25)

Highway Trust Fund
Gross Refunds
Net
(29)
(30)
(31)

Gross
(32)

Miscellaneous
Refunds
(33)

Net
(34)

2015 .............................. 1,065,278
2016 .............................. 1,115,063
2017 .............................. 1,161,897
2018 .............................. 1,170,699
2019 .............................. 1,243,087

13,401
14,379
14,952
15,532
15,825

18
16
15
15
14

13,383
14,363
14,936
15,516
15,811

546
465
426
394
213

-

546
465
426
394
213

38,132
41,432
41,555
42,979
44,186

0
63
431
438
440

38,132
41,369
41,126
42,541
43,746

50,802
45,284
32,495
39,650
44,773

4,585
6,440
5,162
3,116
5,629

46,217
38,846
27,334
36,535
39,144

2019 – Est1 ................... 1,290,239
2020 – Est1 ................... 1,367,289

17,056
18,038

-

17,056
18,038

170
164

-

170
164

43,121
43,575

-

43,121
43,575

48,303
50,165

-

48,303
50,165

99,922
86,553
92,921
94,643
115,064
95,225
102,424
135,129
107,082
120,746
93,848
95,822
103,629

2,144
254
1,548
1,338
1,209
1,418
1,169
1,399
1,558
1,524
1,507
896
2,005

1
8
1
5
-

2,142
254
1,548
1,338
1,209
1,418
1,161
1,399
1,556
1,524
1,507
891
2,005

65
8
38
33
30
17
6
16
11
14
14
27

-

65
8
38
33
30
17
6
16
11
14
14
0
27

6,733
801
4,290
3,785
3,351
3,610
3,919
3,537
3,279
3,725
3,683
3,266
6,941

63
15
29
29
30
31
31
37
44
44
43
43
64

6,669
786
4,261
3,756
3,321
3,579
3,889
3,499
3,235
3,681
3,640
3,224
6,877

7,707
16,250
1,877
2,209
2,262
893
3,001
2,667
2,940
2,160
3,174
3,912
3,428

504
2,583
190
157
46
554
216
488
150
268
466
160
351

7,202
13,667
1,687
2,052
2,216
339
2,786
2,179
2,791
1,891
2,707
3,752
3,077

Fiscal year
2019 to date ...................... 1,243,087

15,825

14

15,811

213

0

213

44,186

440

43,746

44,773

5,629

39,144

2018 - Sept ...................
Oct ....................
Nov....................
Dec....................
2019 - Jan .....................
Feb ....................
Mar ....................
Apr ....................
May ...................
June ..................
July....................
Aug....................
Sept...................

Net miscellaneous receipts

Fiscal year
or month
2015 .........................
2016 .........................
2017 .........................
2018 .........................
2019 .........................

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)

Deposits of Universal
service
earnings by
Federal Reserve fund and all
banks
other
(42)
(43)

Total receipts
Total
(44)

On-budget
(45)

Off-budget
(46)

98,278
95,044
83,821
94,987
98,915

20,043
22,337
23,779
23,864
17,565

811
983
1,012
883
894

19,232
21,354
22,770
22,982
16,672

37,704
36,468
36,260
43,097
73,461

2,666
1,630
1,686
1,796
2,677

35,042
34,836
34,573
41,298
70,784

96,469
115,671
81,288
70,751
52,793

49,827
39,070
46,380
39,755
31,843

146,294
154,744
127,666
110,505
84,637

2,478,328
2,456,508
2,464,275
2,473,999
2,547,893

770,394
810,180
850,617
854,747
914,302

2019 – Est1 ............... 108,650
2020 – Est1 ............... 111,942

19,284
19,997

-

19,284
19,997

64,336
43,324

-

64,336
43,324

49,474
52,781

42,417
45,334

91,891
98,115

2,685,416
2,831,699

946,458
1,001,675

2018 - Sept...............
Oct ................
Nov ...............
Dec ...............
2019 - Jan ................
Feb ...............
Mar ...............
Apr ................
May ..............
June .............
July ...............
Aug ...............
Sept ..............

16,079
14,715
7,535
7,179
6,776
5,353
7,841
7,093
7,593
7,110
7,868
7,866
11,986

2,361
2,037
1,483
1,744
1,151
1,296
1,003
2,391
909
1,144
1,201
1,988
1,220

72
84
77
69
58
67
67
121
121
57
43
111
18

2,290
1,954
1,405
1,675
1,092
1,229
935
2,270
788
1,087
1,158
1,877
1,201

4,768
5,826
6,459
6,129
6,662
5,418
5,382
5,509
5,099
5,822
6,751
7,228
7,174

195
276
175
138
34
342
220
272
165
216
278
223
341

4,572
5,551
6,285
5,992
6,628
5,076
5,163
5,237
4,934
5,606
6,473
7,005
6,833

4,595
4,541
4,479
4,400
4,854
2,893
4,206
4,070
5,860
4,741
5,203
3,622
3,924

11,970
2,512
1,611
1,383
1,677
1,496
2,212
4,251
1,709
2,246
2,404
7,186
3,164

16,566
7,053
6,091
5,783
6,530
4,389
6,418
8,319
7,566
6,985
7,606
10,809
7,088

268,757
190,915
139,336
242,999
253,837
95,390
149,414
439,736
158,229
241,695
182,519
157,490
296,333

74,803
61,777
66,625
69,585
86,143
71,875
79,397
95,809
73,835
92,257
68,829
70,475
77,695

Fiscal year
2019 to date..................

98,915

17,565

894

16,672

73,461

2,677

70,784

52,793

31,843

84,637

2,547,893

914,302

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2019 Budget Mid-Session Review, released by the Office of
Management and Budget on July 13, 2018.

December 2019

2 Includes allowance for repeal and replacement of Obamacare of -$3,390

FEDERAL FISCAL OPERATIONS

15

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
Defense,
military
(5)

Department of
Education
(6)

Department of
Energy
(7)

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)

2015 .........................
2016 .........................
2017 .........................
2018 .........................
2019 .........................

4,328
4,344
4,499
4,670
4,955

7,130
7,497
7,565
7,780
7,958

139,112
138,161
127,563
136,713
150,120

8,955
9,162
10,303
8,561
11,326

562,506
565,365
568,905
600,705
653,972

90,031
76,981
111,703
63,706
104,365

25,425
25,852
25,794
26,479
28,936

1,027,420
1,102,966
1,116,763
1,120,503
1,213,807

42,563
45,194
50,502
68,374
56,328

35,522
26,393
55,623
54,666
29,188

12,348
12,584
12,141
13,210
13,907

26,910
29,523
30,979
34,522
35,107

45,218
41,371
40,121
39,637
35,810

2019 – Est1 ...............
2020 – Est1 ...............

5,545
5,551

8,668
8,784

132,362
124,038

15,523
11,323

696,928
726,760

82,878
72,501

30,810
28,418

1,287,078
1,287,964

62,006
56,449

48,830
47,642

14,894 38,288
15,344 37,394

38,454
37,290

2018 - Sept ...............
Oct ................
Nov ...............
Dec ...............
2019 - Jan ................
Feb ...............
Mar ...............
Apr ................
May ...............
June ..............
July ...............
Aug ...............
Sept ..............

368
444
372
461
419
371
355
420
411
381
501
368
452

624
672
777
628
512
745
605
620
814
584
686
656
659

6,438
18,311
17,103
15,246
13,122
11,313
10,544
9,940
9,603
9,911
9,975
12,161
12,891

546
660
2,110
1,013
432
921
844
816
959
821
1,046
983
721

48,986
63,393
57,096
51,445
46,828
51,368
55,396
51,969
61,801
48,481
52,665
60,702
52,835

5,417
5,097
5,630
6,256
9,708
7,942
6,052
6,658
4,980
34,107
4,962
6,800
6,173

2,712
2,919
1,808
1,895
2,566
2,200
2,246
2,456
2,663
1,992
2,447
2,729
3,015

69,967
97,165
120,606
71,256
96,085
98,154
100,225
104,302
146,552
67,523
104030
132,560
75,349

4,782
5,338
4,663
6,527
3,243
4,893
4,963
4,662
4,362
3,970
5,204
4,373
4,130

1,140
3,782
3,664
3,954
3,797
3,861
3,446
3,437
-12,605
3,988
3,608
3,655
4,601

Fiscal year
2019 to date..................

4,955

7,958

150,120

11,326

653,979

104,365

28,936

1,213,807

56,328

29,188

Fiscal year
or month

Department of
State
(14)

Department of
Transportation
(15)

Department
of the
Treasury,
interest on
Treasury
Departdebt
ment
securities of the Treasury,
other
(gross)
(17)
(16)

Department of
Veterans
Affairs
(18)

Corps of
Engineers
(19)

Other
Defense,
civil
programs
(20)

367
2,130
478
1,063
725
1,359
796
854
1,213
1,433
1,282
1,215
1,359

2,138
1,612
3,279
3,947
2,461
3,137
2,692
2,703
3,332
2,829
3,123
2,802
3,190

2,373
-2,167
3,286
4,046
4,983
4,315
2,526
3,486
3,167
3,294
3,870
3,149
1,855

13,907 35,107

35,810

EnvironGeneral
mental
Executive Office Services
Protection
of the
AdminAgency
President
istration
(21)
(22)
(23)

International
Assistance
Program
(24)

2015 .........................
2016 .........................
2017 .........................
2018 .........................
2019 .........................

26,494
29,447
27,061
26,386
28,002

75,451
78,421
79,440
78,494
80,716

402,183
429,964
456,953
521,553
572,914

83,447
96,153
89,445
107,894
116,584

159,220
174,019
176,050
178,508
199,571

6,684
6,389
6,452
5,083
6,456

62,966
64,505
58,695
55,367
60,930

7,006
8,729
8,087
8,085
8,064

392
395
412
383
423

-889
-734
-664
-590
-1,093

20,976
16,242
18,925
21,628
23,578

2019 – Est1 ...............
2020 – Est1 ...............

25,295
24,578

86,561
87,517

618,226
662,889

108,678
101,095

217,506
234,214

5,785
7,922

62,851
64,839

7,028
6,879

409
410

107,034
106,973

26,135
21,875

2018 - Sept ...............
Oct ................
Nov ...............
Dec ...............
2019 - Jan ................
Feb ...............
Mar ...............
Apr ................
May ...............
June ..............
July ...............
Aug ...............
Sept ..............

2,830
3,000
3,268
2,038
1,668
1,412
2,729
2,221
2,720
1,485
2,013
2,222
3,226

8,287
6,400
6,466
6,353
4,377
6,555
4,812
5,091
6,400
8,522
8,008
8,329
9,403

28,981
31,648
35,371
97,203
27,811
28,717
38,938
46,552
47,829
102,800
40,342
39,728
35,975

-35,182
6,097
6,791
258
5,229
55,820
24,443
13,195
11,118
5,989
7,860
9,067
-29,283

8,225
16,840
25,577
16,062
8,614
16,155
13,382
17,175
27,120
8,019
16,630
24,943
9,054

350
641
771
264
593
608
553
547
296
524
457
683
519

1,089
4,747
9,715
5,406
1,747
5,378
5,606
3,600
9,039
173
5,337
9,356
826

666
730
761
808
622
914
580
560
646
644
602
515
682

32
32
45
33
9
49
28
37
40
26
56
31
37

-303
40
139
-307
656
-939
-137
-98
132
-175
-17
71
-465

2,105
2,109
1,838
-449
832
2,095
174
1,806
8,073
3,113
762
1,693
1,532

Fiscal year
2019 to date..................

28,002

80,716

572,914

116,584

199,571

6,456

60,930

8,064

423

-1,100

23,578

See footnotes at end of table

December 2019

FEDERAL FISCAL OPERATIONS

16

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
National Office of
and
Science Personnel
Space
ManageFounAdminisment
dation
tration
(27)
(26)
(25)

Small
Business
Administration
(28)

Social
Security
Administration
(29)

Independent
agencies
(30)

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

Total outlays
OffOnbudget
budget
(36)
(35)

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

18,828

6,904

91,318

-444

976,783

13,160

-84,030

-146,118

-2,783

-8,436

3,077,747

776,354

2017 ..................

18,698

7,213

95,462

439

1,000,812

11,658

-84,970

-147,057

-3,106

-1,750

3,179,518

801,202

2018 ..................

19,756

7,167

98,803

44

1,039,903

7,770

-87,382

-150,151

-4,594

-5,896

3,259,170

848,573

2019 ..................

20,180

7,253

103,138

456

1,101,833

19,609

-90,811

-149,605

-6,225

-1,156

3,539,965

906,617

2019 – Est1........

23,289

7,394

-

796

1,156,311

20,057

-102,699

-143,957

-5,327

-5,629

3,714,389

962,568

2020 – Est1........

22,922

7,723

-

682

1,215,870

21,935

-96,661

-143,481

-5,275

-1,003

3,828,794

1,020,243

2018 - Sept ......

1,792

656

8,556

111

58,638

-2,090

-5,862

-266

-25

-1

167,661

56,783

Oct.........

1,787

632

9,161

100

88,652

3,357

-21,629

1,329

-1,848

-

279,122

74,061

Nov ........

1,707

502

8,108

111

92,638

4,790

-6,389

-2,538

321

-

328,697

82,166

Dec ........

1,992

601

7,746

131

88,752

-189

-6,224

-61,702

-389

-

284,536

41,588

2019 - Jan .........

878

461

9,378

90

86,767

2,899

-5,632

-130

-448

-

256,094

75,203

Feb ........

1,899

653

8,044

112

91,568

1,739

-6,114

-2,054

-789

-1,155

316,103

85,140

Mar ........

1,478

509

8,414

-640

92,049

28

-6,383

-1,395

-100

-

290,479

85,278

Apr ........

1,548

518

9,374

87

92,350

1,409

-6,131

-6,213

-713

-

299,230

76,011

May .......

1,844

589

8,388

98

97,224

3,597

-6,800

-5,159

-614

-

352,744

87,089

June ......

1,611

616

8,263

80

92,993

-2,739

-6,191

-62,360

-272

-

292,170

50,259

July ........

1,654

693

8,937

103

92,782

2,626

-6,678

-3,697

-827

-

293,461

77,582

Aug ........

1,775

785

8,424

99

97,400

1,680

-6,265

-4,307

-70

-

342,318

85,991

Sept .......

2,007

694

8,901

85

88,658

412

-6,375

-1,379

-476

-1

205,011

86,249

Fiscal year
2019 to date .......

20,180

7,253

103,138

456

1,101,833

19,609

-90,811

-149,605

-6,225

-1,156

3,539,965

906,617

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and
Budget on July 13, 2018.

December 2019

FEDERAL FISCAL OPERATIONS

17

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency,
September 2019 and Other Periods
[In millions of dollars. Source: Bureau of the Fiscal Service]

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

Total
funds
(4)

General
funds
(5)

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

Total
funds
(8)

Classification

General
funds
(1)

Budget receipts:
Individual income taxes .........................................................
Corporation income taxes ......................................................
Social insurance and retirement receipts:
Employment and general retirement (off-budget) ..............
Employment and general retirement (on-budget) ..............
Unemployment insurance..................................................
Other retirement ................................................................
Excise taxes ..........................................................................
Estate and gift taxes ..............................................................
Customs duties ......................................................................
Miscellaneous receipts ..........................................................
Total receipts ................................................................
(On-budget) ..............................................................
(Off-budget) ..............................................................

1,717,735
230,245
33,623
16,672
47,591
59,971
2,105,836
2,105,836
-

122
1,207
21,545
23,024
45,897
45,897
-

914,302
283,092
40,934
4,759
64,085
1,648
1,642
1,310,462
396,160
914,302

1,717,857
230,245
914,302
283,092
40,934
4,759
98,915
16,672
70,784
84,637
3,462,196
2,547,893
914,302

1,683,476
204,733
28,813
22,983
27,137
87,739
2,054,882
2,054,882
-

61
1,255
12,555
21,016
34,887
34,887
-

854,747
266,408
45,042
4,503
64,921
1,607
1,752
1,238,979
384,232
854,747

1,683,537
204,733
854,747
266,408
45,042
4,503
94,988
22,983
41,299
110,508
3,328,748
2,474,001
854,747

Budget outlays:
Legislative branch ..................................................................
Judicial branch.......................................................................
Department of Agriculture ......................................................
Department of Commerce .....................................................
Department of Defense-military .............................................
Department of Education .......................................................
Department of Energy............................................................
Department of Health and Human Services...........................
Department of Homeland Security .........................................
Department of Housing and Urban Development ..................
Department of the Interior ......................................................
Department of Justice ............................................................
Department of Labor ..............................................................
Department of State ..............................................................
Department of Transportation ................................................
Department of the Treasury:
Interest on the public debt .................................................
Other .................................................................................
Department of Veterans Affairs..............................................
Corps of Engineers ................................................................
Other defense civil programs .................................................
Environmental Protection Agency ..........................................
Executive Office of the President ...........................................
General Services Administration............................................
International Assistance Program ..........................................
National Aeronautics and Space Administration ....................
National Science Foundation .................................................
Office of Personnel Management ..........................................
Small Business Administration...............................................
Social Security Administration ...............................................
Other independent agencies ..................................................
Undistributed offsetting receipts:
Interest ..............................................................................
Other .................................................................................
Total Outlays
(On-Budget)
(Off-Budget)
Surplus (+) or Deficit (-)
(On-Budget)
(Off-Budget)

4,967
7,833
114,668
9,967
648,598
104,384
30,337
915,770
59,373
29,423
13,285
29,794
9,895
28,565
9,100
572,913
116,289
203,225
4,666
93,960
8,159
403
156
22,707
20,213
7,129
56,920
461
93,553
12,038
-4,348
3,224,405
3,224,139
265
1,118,568
1,118,303
-265

-11
215
35,689
1,349
5,123
-19
-1,400
5,639
-3,265
-69
188
5,295
-5,361
-1,377
36
197
-4,305
-131
-5,767
-35
25
-1,257
-200
-36
133
1,047
-5
*
-213
-9,642
21,844
23,213
1,369
24,053
22,684
1,369

*
-89
-236
8
258
*
*
292,396
219
-167
433
18
31,276
811
71,579
97
654
1,919
-27,263
-60
-6
1,072
1
-7
45,170
1,008,280
7,784
-149,608
-84,205
1,200,335
292,614
907,721
110,127
103,546
6,581

4,957
7,959
150,121
11,324
653,979
104,364
28,936
1,213,805
56,327
29,188
13,907
35,107
35,810
28,000
80,715
572,913
116,583
199,573
6,454
60,931
8,064
422
-1,101
23,578
20,179
7,255
103,138
456
1,101,833
19,609
-149,608
-98,195
4,446,583
3,539,966
906,617
984,388
992,073
7,685

4,711
7,753
118,791
9,077
597,723
63,800
27,557
873,591
64,438
55,061
12,960
29,170
9,869
25,675
8,892
521,553
107,786
181,103
4,168
89,659
7,921
392
97
22,670
19,764
7,028
55,837
53
87,863
11,552
-3,093
3,023,420
3,023,160
260
968,539
968,279
260

-43
86
17,777
-581
2,818
-92
-1,076
1,853
3,774
-152
-203
5,341
-2,491
170
204
52
-3,317
-93
-5,961
-50
*
-680
-515
-12
124
-97
-7
*
-9,122
-9,885
2,179
-453
1,726
37,066
35,340
1,726

3
-60
147
66
135
*
*
245,056
161
-244
454
10
32,259
540
69,399
56
723
1,008
-28,330
214
-10
-499
1
14
43,063
952,039
5,341
-150,150
-84,892
1,086,502
236,465
850,037
152,477
147,767
4,710

4,670
7,779
136,715
8,562
600,675
63,707
26,481
1,120,500
68,374
54,665
13,210
34,521
39,638
26,385
78,494
521,553
107,894
178,509
5,082
55,368
8,085
382
-583
21,656
19,754
7,166
98,802
46
1,039,902
7,770
-150,150
-97,870
4,107,744
3,259,172
848,572
778,996
785,172
6,175

-No Transactions
* Less than $500,000

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

December 2019

18

FEDERAL FISCAL OPERATIONS

TABLE FFO-5—Internal Revenue Receipts by State, 2019
[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income taxes, employment taxes, and estate and trust income taxes
Total
Internal
Revenue
collections 1
(1)

Business
income
taxes 2
(2)

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

3,564,583,961

277,057,735

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

26,511,031

1,244,563

State

Individual
Income taxes
withheld and
FICA taxes 3
(4)

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

3,189,204,558

2,480,089,706

656,989,277

24,948,240

19,664,138

5,034,483

Total
(3)

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

5,395,473

102,408

5,189,641

3,971,000

1,106,397

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

47,743,166

1,823,250

44,189,000

33,434,415

10,225,373

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

30,572,215

3,078,329

26,777,410

22,905,341

3,512,368

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

472,027,235

43,719,692

420,403,688

307,298,189

109,141,126

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

59,961,429

2,861,406

55,910,716

42,183,355

13,242,365

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

57,092,781

8,147,245

46,881,692

33,919,865

12,069,402

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

20,073,979

2,695,077

17,070,582

13,628,407

1,244,959

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

27,529,823

1,077,475

26,380,804

22,789,343

2,939,420

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

210,024,433

7,482,590

198,665,316

140,899,776

53,759,174

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

94,305,868

7,226,773

82,755,803

67,314,313

14,785,992

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

9,246,293

539,647

8,416,640

6,155,481

2,161,253

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

11,343,181

439,295

10,808,466

8,152,352

2,531,433

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

143,245,780

113,055,032

26,338,529
7,432,396

162,274,617

14,505,041

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

60,627,045

3,375,797

54,731,995

46,910,428

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

24,914,602

886,122

23,686,410

19,516,647

4,034,125

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

26,337,911

1,083,129

23,498,175

18,368,939

4,575,657

2,272,751

31,878,272

27,062,936

4,584,269
5,995,736

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

35,595,050

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

39,430,322

772,790

38,147,635

31,894,083

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

8,130,883

280,065

7,788,657

6,015,574

1,677,172

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

78,473,276

3,118,966

74,964,029

60,938,725

12,200,799

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

120,035,203

7,282,280

111,057,418

86,406,498

23,228,333

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

81,583,480

3,643,278

77,145,580

62,880,721

13,379,617

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

102,642,589

12,029,819

86,818,585

76,262,199

9,957,468

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

11,273,202

311,847

10,793,355

8,378,685

2,313,748

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

64,149,074

3,481,376

58,855,463

49,397,832

8,416,902

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

6,356,727

171,363

6,144,650

4,334,533

1,722,469

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

25,551,082

6,106,588

19,060,391

14,965,698

2,822,321
7,714,953

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

23,769,524

703,842

22,652,148

12,792,163

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

12,208,656

171,650

11,649,628

8,596,398

2,774,528

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

140,258,435

15,843,745

121,182,533

96,711,998

23,022,723

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

9,270,398

102,441

9,129,376

6,768,407

2,270,662

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

304,992,923

38,738,872

261,973,367

192,968,830

64,655,540

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

87,778,099

6,376,046

80,886,490

66,771,092

13,472,454

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

6,639,943

256,862

6,317,666

4,665,005

1,604,666

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

144,704,811

9,458,745

130,490,389

114,549,867

14,758,617

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

29,133,375

1,659,832

23,676,853

18,248,870

4,887,573

See footnotes at end of table.

December 2019

FEDERAL FISCAL OPERATIONS

19

TABLE FFO-5—Internal Revenue Receipts by State, 2019, continued
[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)

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

35,041,125

1,361,731

32,523,662

25,108,632

7,148,396

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

141,973,579

11,302,691

127,018,609

103,715,218

21,285,041

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

14,325,645

2,407,033

11,778,588

9,940,957

1,633,244

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

27,885,047

1,268,721

26,088,772

19,569,499

6,283,425

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

8,029,363

187,711

7,787,418

4,690,703

1,794,064

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

69,769,299

4,682,812

63,270,862

52,581,420

10,001,825

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

292,330,171

18,470,193

249,429,935

187,311,391

56,314,415

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

24,335,082

890,527

22,727,184

17,611,625

4,892,467

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

4,505,097

146,603

4,328,706

3,259,085

1,008,660

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

83,574,427

6,968,807

76,143,051

58,818,709

15,979,499

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

100,609,767

9,877,503

88,564,816

69,714,987

18,070,877

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

7,039,939

187,042

6,740,010

5,364,221

1,319,274

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

52,872,510

3,525,739

48,510,116

39,099,606

8,487,779

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

4,743,997

106,419

4,393,033

2,373,696

1,682,110

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

770,480

2,658

766,064

593,745

161,329

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

3,528,739

10,138

3,468,344

2,958,456

480,832

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

12,611,648

1,880,743

10,207,233

5,687,052

4,491,685

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

2,679,913

709,663

1,285,312

913,571

359,355

See footnotes at end of table.

December 2019

20

FEDERAL FISCAL OPERATIONS

TABLE FFO-5—Internal Revenue Receipts by State, 2019, continued
[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income and employment taxes-continued

State
United States, total...........................

Unemployment
insurance
taxes
(6)

Railroad
retirement
taxes
(7)

Estate
and trust
income
taxes
(8)

6,437,704

6,219,355

39,468,515

Estate
taxes
(9)

Gift
taxes
(10)

Excise
taxes 4
(11)

16,001,974

1,563,070

80,756,624

181,169

85,180

2,070

230,978

98,628

44,025

26

59,374

410,999

175,680

14,609

1,540,627

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

65,554

2,896

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

10,834

2,782

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

116,446

1,767

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

120,949

3,070

235,682

30,637

610

685,229

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

806,208

7,737

3,150,428

2,617,891

416,197

4,869,767

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

102,351

19,608

363,038

405,949

2,180

781,178

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

62,833

5,602

823,991

223,234

31,544

1,809,066

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

26,281

56,301

2,114,634

24,142

6

284,172

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

16,055

534,132

101,854

19,157

18,171

34,216

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

429,499

661,517

2,915,349

1,639,023

156,481

2,081,023

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

223,539

1,888

430,070

265,387

13,790

4,044,115

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

17,798

-

82,107

50,037

16

239,953

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

34,996

25

89,659

29,870

109

65,442

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

269,939

404,417

3,177,863

623,399

33,484

3,866,913

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

102,866

34,688

251,618

238,903

6,154

2,274,196

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

74,524

43,439

5,367

293,265

51,252

9,862

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

62,346

167,929

323,305

159,399

2,660

1,594,548

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

63,717

15,090

152,260

135,016

10,854

1,298,157

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

70,772

5,239

181,804

138,025

21,604

350,267

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

18,396

3,910

73,604

30,091

2,049

30,022

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

104,171

18,132

1,702,203

280,475

12,306

97,499

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

164,178

33,461

1,224,948

521,637

49,082

1,124,785

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

193,739

10,496

681,008

452,591

22,897

319,133

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

173,731

94,015

331,173

151,786

1,409

3,640,990

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

30,543

1,659

68,720

17,270

4,738

145,992

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

118,212

117,685

804,832

182,033

6,061

1,624,140

35,958

15,532

528

24,655

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

15,803

35,885

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

35,589

1,158,393

78,389

287,388

220

96,495

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

48,741

83

2,096,209

241,518

3,741

168,276

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

21,055

55

257,591

33,381

169

353,828

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

195,647

169,002

1,083,164

437,672

53,573

2,740,911

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

20,432

68

69,807

18,118

3,513

16,950

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

348,256

545,772

3,454,969

1,686,183

94,657

2,499,845

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

184,153

10,001

448,789

190,279

69,913

255,371

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

13,520

8,222

26,253

19,681

-

45,734

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

261,441

29,366

891,097

197,241

54,380

4,504,056

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

62,556

3,347

474,508

98,896

3,939

3,693,854

See footnotes at end of table.

December 2019

FEDERAL FISCAL OPERATIONS

21

TABLE FFO-5—Internal Revenue Receipts by State, 2019, continued
[In thousands of dollars. Source: Chief Financial Officer, 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 ...............................................

71,837

2,420

192,378

93,669

22,709

1,039,354

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

263,098

82,775

1,672,476

482,266

28,262

3,141,750

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

27,903

7

176,478

51,013

1,340

87,671

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

61,898

2,143

171,807

124,511

5,311

397,731

1,581

1,288,284

10,120

214

43,899

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

12,786

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

176,696

2,933

507,988

53,434

21,026

1,741,165

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

544,537

1,190,778

4,068,815

1,620,965

148,057

22,661,021

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

59,905

4,330

158,858

37,687

1,319

678,365

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

8,658

3,203

49,099

9,393

446

19,951

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

155,579

736,221

453,043

255,976

17,439

189,155

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

196,226

12,385

570,341

511,924

101,340

1,554,184

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

14,512

842

41,161

57,782

3

55,103

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

121,556

2,403

798,771

126,292

9,922

700,442

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

7,449

810

328,967

159,924

32,878

51,742

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

4,945

-

6,046

400

-

1,358

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

27,731

-

1,326

1,406

-

48,850

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

5,613

2,414

20,469

76,169

3,571

443,932

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

12,376

10

-

518,878

50,128

115,932

1 Gross

collections include penalties and interest in addition to taxes.
taxes on corporation income (Form 1120 series) and unrelated business income
from tax-exempt organizations (Form 990–T).
3 Collections of withheld 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 Table 1 shows these amounts separately for the United States total, separate
amounts are not available by State.
4 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol
and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on
alcohol and tobacco until Fiscal Year 1988, and taxes on firearms until Fiscal Year 1991.
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.
2 Includes

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 equal
net collections. See Table 1 for refunds and net collections.
Note— 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 2017 may result in
negative amounts when such adjustments exceed current-year collections. See
Table 8 for refund data.
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 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 2019

22

FEDERAL FISCAL OPERATIONS

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
Port
of Collection
Code
Headquarters:
Revenue Division, Indianapolis, IN .............................

Collection
Fiscal Year
2018
4,058,879,952.53

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

3,997.61
9,058,563.91

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

31,256,374.91
400,073.94
88,550.45
11,579,273.61
1,144,207.78
12,127,204.96
17,821.50
3,788,620.68
48,483.25
296,162.56
4,262,538.28
1,226.03
26,273.91
869,862.17
17,432.73
2,562.20
184,339.09
66,111,008.05

December 2019

295,215.32
1,013,940.85
1,903,401.33
753,350.93
1,183,371.73
2,291,692.20
200,251.51
270,816.72
169,966.00
117,444.43
232,576.21
43,787.48
65,793.35
214,896.61
78,512.64
219,548.99

Collection
Fiscal Year
2018

District and Port
Port
of Collection
Code
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 ..........................................................

422,859.75
215,083.26
586,234.49
504,543.67
29,694,057.48
10,992,832.67
78,675,194.64
121,090,805.96

Boston, Massachusetts:
Boston, MA ....................................... 10401 .............
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 ..........................................................

304,839,658.99
34,189,276.61
27,428.39
36,070,132.71
508.70
605,543.58
29,236,927.43
1,714,514.65
10,850,842.09
30,356,821.08
15,225,280.68
74,284.14
151,136,998.32
316,047.89
614,644,265.26

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

77,832.37
147,751,476.72
147,829,309.09

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

25,209,787.50
5,912,255.21
98,368,905.16
239,876,049.11
47,191,694.35
416,558,691.33

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

645,848,203.40
5,767,343.57
6,490,320.79
16,076,247.50
127,886.26
124,636.68
674,434,638.20

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

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

491,086,569.43
169,959,338.36
34,820,044.47
132,013,092.16
15,028,109.78

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

48,033,783.19
30,458,990.26
21,899,922.14
128,346.51

FEDERAL FISCAL OPERATIONS

23

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
2018

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

170,840.32
59,023,572.28
1,002,622,608.90

Baltimore, Maryland:
Annapolis, MD .................................. 11301 ......................
Baltimore, MD ................................ 11303 ......................
Crisfield, MD…………………….. ... 11304…………… ....
BWI Airport, MD ............................. 11305 ......................
Total District ...............................................................

340,066.17
1,377,241,600.72
9,782.86
20,009,161.12
1,397,600,610.87

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 ......................
Stewart International Airport, NY ... 24682 ......................
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 ...............................................................

345,151,895.62
5,048,569.39
7,907,283,750.40
1,848,892.27
31,047,341.38
42,650,149.63
244,684.85
2,398,336.29
1,338,241,399.51
1,306,480.64
53,103,426.57
108,265.94
711,486.63
16,716.79
9,729,161,395.91

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

33401......................
33403......................
33404......................
33405......................

2,343,140.18
27,614,597.61
224,790,262.90
1,959,694.60
21,976.52
23,505.40
202,560,093.35
599,190.23
47,622.53
48,687,297.41
300,287.04
2,645.70
6,067,835.49
505,481.49
20,122.59
16,167.27
581.90
614.40
162,255.24
303,072.86
162,433.63
135,582.32
516,324,460.66
92,519,621.83
186,619,768.43
58,610.96
3,461.90

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2018

Pembina, North Dakota, continued
Northgate, ND ................................ 33406......................
Walhalla, ND .................................. 33407......................
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 ......................
Total District ...............................................................

120,288.05
31,790.31
12.00
1,623.70
183.97
1,977,443.42
3,685.40
523,787.30
4,888.10
2,063.70
14,627.81
7,615.60
10,501.48
6,097.55
2,036,689.50
676,237.02
40,587.80
462.90
67,582.90
679.64
610,835.56
285,339,146.83

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

501,261,742.25
162,332.64
1,421,869.27
116,293,242.84
4,193,532.09
153,298.38
623,486,017.47

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

324,115,453.08
1,312,492.61
325,427,945.69

Milwaukee, Wisconsin:
Milwaukee, WI ................................ 33701 ......................
Marinette, WI .................................. 33702 ......................
Green Bay, WI................................ 33703 ......................
Manitowoc, WI................................ 33706 ......................
Racine, WI ...................................... 33708 ......................
Appleton International Airport, WI .... 33781 ......................
Total District ...............................................................

107,479,582.78
1,776.06
281,450.32
1,221.48
346,927.95
99,477.02
108,210,435.61

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 ......................
Alpena, MI ...................................... 33843.. ....................
Oakland County Intl Airport, MI .......... 33881 ......................
Willow Run Airport, MI ................... 33882 ......................
Capital Region Intl Airport, MI ........ 33883 ......................
Total District ................................................................

1,464,377,925.03
554,073,021.65
126,452,668.27
111,373.54
310,600.35
29,444,542.22
131,301,368.00
4,866.60
26.22
292,741.47
383,377.65
547,178.70
2,307,299,689.70

December 2019

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
2018

District and Port
of Collection

Port
Code

Miami, FL - continued
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...................
FEDEX Corp Miami ECCF ............. 45274...................
Marathon International Airport, FL ..... 45281...................
Boca Raton Airport ............................. 45282...................
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 .............................................................

874,380.44
10,747,570.38
4,485,473.09
69,430.30
2,810,393.51
1,543,157,732.48

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

99,280,886.86
99,280,886.86

Norfolk, Virginia:
Norfolk, VA ..................................... 41401...................
Norfolk Subport, VA ....................... 41403...................
Richmond-Petersburg, VA ............. 41404...................
Charleston, WV .............................. 41409...................
Front Royal, VA .............................. 41410...................
New River Valley Airport, VA ......... 41412...................
Total District .............................................................

1,674,710,243.18
11,210.00
32,755,007.20
10,936,459.56
260,020.21
1,608.48
1,718,674,548.63

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

228,588,547.61
106,529,863.17
36,990,303.74
12,332,912.67
196,468,395.09
123,608.57
581,033,630.85

Chicago, Illinois
Chicago, IL ..................................... 33901...................
Peoria, IL ........................................ 33902...................
Davenport-Rock Island, IL ................ 33908...................
Rockford Airport, IL ........................ 33909...................
Midway International Airport, IL ..... 33910...................
Waukegan Airport, IL ..................... 33981...................
Chicago Executive Airport, IL......... 33983...................
Dupage Airport Authority, IL........... 33984...................
Decatur Airport, IL .......................... 33985...................
South Bend International
Airport, IN ....................................... 33986...................
Total District .............................................................

136,782.24
5,519,815,552.07

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...................
UPS Courier Louisville, KY ............ 34196...................
DHL Courier, OH ............................ 34197...................
Federal Express Hub, IN................ 34198...................
Total District .........................................................

537,473,113.69
455,320,175.07
1,140,102,853.43
15,591,624.54
53,789,555.70
20,712,947.14
204,817.89
332,919,184.81
328,162,956.17
71,464,574.64
254,005.51
251,215.35
161,027.45
585,320,721.68
375,976,880.28
79,768,618.78
3,997,474,272.13

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

593,796,112.93
336,115,634.42
138,549,393.54
11,897,104.09
123,438.00
1,080,481,682.98

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

506,596.42
4,856,935.36
107,302.95
5,200,342.50
249,234,056.85
11,582,633.49
271,487,867.57

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

Virgin Islands of the United States:
Charlotte Amalie, VI ....................... 45101...................
Cruz Bay, VI ................................... 45102...................
Christiansted, VI ............................. 45104...................
Total District .............................................................

12,303,204.90
165,528.10
4,853,724.34
17,322,457.34

Miami, Florida:
Miami, FL........................................ 45201...................
Key West, FL .................................. 45202...................

1,102,869,165.27
80,413.82

Savannah, Georgia:
Brunswick, GA................................ 41701...................
Savannah, GA ................................ 41703...................
Atlanta, GA ..................................... 41704...................
COBB County International
Airport .......................................... 41781...................
Total District .............................................................

December 2019

5,390,399,017.88
40,231,498.01
156,441.56
88,066,808.80
242,062.93
139,771.96
168,639.85
143,057.43
131,471.41

Collection
Fiscal Year
2018
234,222,685.08
9,783,536.30
16,334.91
174,308,804.78
2,474,569.38
31,180.82
153.22
126,483.24
257,157.94

1,828,748,460.31
273.31
328,984,479.22
17,385,712.50
132,229.29
2,175,251,154.63
245,417,772.41
3,849,222,347.87
1,220,054,362.40
125,093.89
5,314,819,576.57

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
2018

Tampa, Florida:
Tampa, FL ...................................... 41801........................
Jacksonville, FL.............................. 41803........................
Fernandina Beach, FL ................... 41805........................
Boca Grande, FL ............................ 41807........................
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........................
Lakeland Linder Airport, FL............ 41881........................
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 ..................................................................

154,178.62
239,756.79
128,985.00
170,468.13
110,615.44
1,094,189,382.83

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

392,409,553.29
23,248,539.69
5,779,982.87
47,998,306.05
48,243,115.75
517,679,497.65

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........................
Greenville, MS ................................ 52011........................
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........................
Total District ..................................................................

34,108,110.35
571,411,672.62
9,462,486.67
10,977,704.40
1,197,866,245.38
284,927,520.08
21,074,392.83
17,719,455.05
715.20
38,730,244.64
65,624,382.33
8,141,575.41
716,335.62
2,356.07
171,980.84
736,805,807.86
2,997,740,985.35

Port Arthur, Texas:
Port Arthur, TX ............................... 62101........................
Sabine, TX ..................................... 62102........................
Beaumont, TX ................................ 62104........................
Blythe Border Patrol, CA ................ 62151........................
Yuma Border Patrol, AZ ................. 62152........................
Wellton Border Patrol, AZ .............. 62153........................
Total District ..................................................................

30,618,453.30
2,343.33
631,617.17
166,722.00
9,357.72
12,750.00
31,441,243.52

163,237,501.39
767,843,844.25
622,468.88
26.22
26,646,724.06
433,380.38
15,646.86
9,696,413.36
6,005,020.36
89,841,296.22
28,308,804.02
146,143.67
292,384.13
125,475.36
170,249.69

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2018

Laredo, Texas:
Border Patrol Sector HQ,
Laredo, TX .................................. 62250........................
Laredo Del Mar, TX Border
Patrol .............................................. 62251........................
Cotulla, TX Border Patrol ............... 62252........................
Hebbronville, TX Border Patrol ...... 62253........................
Laredo South Border Patrol ........... 62254........................
Freer, TX Border Patrol.................. 62256........................
Zapata, TX Border Patrol ............... 62258........................
Laredo West Station ...................... 62259........................
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........................
Border Patrol Sector HQ, TX ......... 62361........................
Edinburg, TX (Inactive) .................. 62381........................
Valley International Airport
UFA, TX....................................... 62383........................
Total District ..................................................................

397,495.08
1,651,137,327.72

El Paso, Texas:
El Paso, TX (Inactive) .................... 62401........................
El Paso, TX .................................... 62402........................
Presidio, TX .................................... 62403........................
Fabens, TX ..................................... 62404........................
Columbus, NM ............................... 62406........................
Albuquerque, NM ........................... 62407........................
Santa Teresa, NM .......................... 62408........................
Total District ..................................................................

518.95
298,612,976.07
1,588,024.68
140,635.02
355,945.42
1,925,730.37
78,745,742.48
381,369,572.99

Nogales, Arizona:
Douglas, AZ ...................................
Lukeville, AZ ...................................
Naco, AZ ........................................
Nogales, AZ ...................................
Phoenix, AZ ....................................
Sasabe, AZ ....................................
San Luis, AZ ...................................
Tucson, AZ .....................................
Border Patrol Sector HQ, AZ .........
Casa Grande Border Patrol, AZ .....
Tucson Border Patrol, AZ ..............
Nogales Border Patrol, AZ .............
Willcox Border Patrol, AZ ...............
Douglas Border Patrol, AZ .............
Ajo Border Patrol, AZ .....................

2,499,173.98
193,053.26
64,529.49
141,577,915.94
93,364,513.01
34,993.40
6,357,413.93
4,564,766.45
-92,132.60
52,154.10
68,332.00
47,348.00
66,168.50
23,568.00
44,555.50

62601........................
62602........................
62603........................
62604........................
62605........................
62606........................
62608........................
62609........................
62650........................
62651........................
62652........................
62653........................
62654........................
62655........................
62656........................

53,619.66
221,944.30
7,600.00
43,469.00
28,707.00
24,914.00
33,703.00
18,812.00
62,282,133.16
10,243,754.96
431,202,687.01
957,257,776.93
176,391,676.83
10,799,198.76
1,089,438.75
590,798.38
65,318.24
18,200.00
33,714.09
13,350.00
2,320.00
5,049.41
16,735.00
14,600.00
280,312.16

December 2019

26

FEDERAL FISCAL OPERATIONS

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

Nogales, AZ - continued
Naco Border Patrol, AZ .................... 62657......................
Sonoita Border Patrol, AZ ................ 62658......................
Scottsdale User Fee Airport, AZ....... 62681......................
Williams Gateway Airport, AZ ........... 62682......................
Total District……………………………………………..
Houston, Texas:
Houston, TX ...................................... 65301......................
Texas City, TX .................................. 65306......................
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......................
Fort Brown Border Patrol, TX ........... 65358......................
Corpus Christi Border Patrol, TX
(Inactive) ........................................ 65359......................
Sugar Land Regional Airport, TX ..... 65381......................
Midland, TX (Inactive)....................... 65382......................
Total District ...................................................................

Collection
Fiscal Year
2018
16,508.23
48,206.70
269,546.09
133,070.10
249,333,684.08
3,501,599,316.58
1,252,899.99
145,048,709.97
32,974,334.56
59,793,502.75
166,211,398.63
9,637,971.72
24,816.56
-47,219.41
403,628.66
195,137.00
22,750.00
39,997.03
3,757.00
4,000.00
93,668.88
3,250.00
3,143.07
171,998.27
155,219.32
3,917,592,280.58

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 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......................
Meacham INTL Airport ..................... 65589......................
Total District ...................................................................

1,776,061,462.91
5,583.58
1,653,708.46
20,820,067.12
20,597,118.55
9,529,321.49
22,827,617.34
77,152.20
500.00
13,200.00
28,198.29
1,500.00
3,750.00
6,810.00
6,000.00
138,901.13
1,180,131.48
173,856.18
146,286.59
123,438.00
363,007.17
80,131.74
1,853,837,742.23

San Diego, California:
San Diego, CA .................................. 72501......................
Andrade, CA ..................................... 72502......................
Calexico, CA ..................................... 72503......................

156,490,426.64
252,958.03
22,251.73

December 2019

District and Port
of Collection

Port
Code

San Ysidro, CA ................................. 72504......................
Tecate, CA ........................................ 72505......................
Otay Mesa, CA ................................. 72506......................
Calexico-East, CA ............................ 72507......................
McClellan-Palomar Airport, CA ....... 72581......................
Total District ...................................................................

Collection
Fiscal Year
2018
4,322,134.27
1,720,915.36
182,728,962.22
48,093,819.04
210,343.88
393,841,811.17

Los Angeles, California:
Los Angeles, CA ............................... 72704...................... 17,781,384,417.30
Long Beach, CA ............................... 72709......................
33,486,798.49
100,803,096.88
Port Hueneme, CA ........................... 72713......................
Morro Bay, CA ........................................... 72719......................
12,358.23
Los Angeles International Airport, CA..... 72720...................... 1,242,085,652.32
2,400,335.12
Ontario International Airport, CA.............. 72721......................
Las Vegas, NV .................................. 72722......................
36,505,456.22
TNT Express Worldwide, CA............ 72775......................
573,391.64
219,314.79
International Bonded Couriers, CA ..... 72776......................
Micom, CA ........................................ 72777......................
455,183.36
Palm Springs User Fee, CA ............. 72781......................
182,541.04
San Bernardino User Fee Airport, CA .... 72782......................
179,580.01
So. California Logistics Airport, CA..... 72783......................
687,584.21
Meadows Field Airport, CA ............... 72786......................
223,822.04
72787 Los Angeles, CA .................... 72787......................
1,299,079.58
Van Nuys, CA (UFA) ........................ 72788......................
302,475.78
DHL HUB, CA ................................... 72791......................
126,370,302.62
UPS Ontario, Los Angeles, CA ........ 72795......................
78,691,813.18
Total District .............................................................
19,405,863,202.81
San Francisco, California:
San Francisco International
Airport, CA .................................... 72801......................
Eureka, CA ....................................... 72802......................
Fresno, CA........................................ 72803......................
San Francisco, CA............................ 72809......................
Stockton, CA ..................................... 72810......................
Oakland, CA ..................................... 72811......................
Richmond, CA................................... 72812......................
Martinez, CA ..................................... 72820......................
San Juaquin River, CA ..................... 72828......................
Carquinez Strait, CA ......................... 72830......................
Reno, NV .......................................... 72833......................
San Jose International Airport, CA ... 72834......................
Sacramento International Airport, CA ..... 72835......................
Fresno Yosemite Airport, CA ............ 72882......................
FEDEX Courier Facility, CA ............. 72895......................
Total District ...................................................................

493,447,687.26
16,921.35
43,255,332.11
2,311,236,186.11
4,380,260.89
37,673,349.70
1,923,785.50
359,154.20
1,283.79
1,728.48
3,153,411.48
424,128.38
6,957,271.92
1,025,821.26
166,096,841.67
3,069,953,164.10

Portland, Oregon:
Astoria, OR ....................................... 72901......................
Newport, OR ..................................... 72902......................
Coos Bay, OR ................................... 72903......................
Portland, OR ..................................... 72904......................
Longview, WA ................................... 72905......................
Boise, ID ........................................... 72907......................
Vancouver, WA ................................. 72908......................
Kalama, WA ...................................... 72909......................
Portland International Airport, OR .... 72910......................
Medford, OR, (Inactive) .................... 72982......................
Hillsboro Airport, OR......................... 72983......................
Total District ...................................................................

956,412.25
832.22
151,118.90
550,363,801.43
28,619,819.21
346,958.30
1,374,474.11
317,981.89
1,088,432.92
1,510,646.11
150,457.73
584,880,935.07

FEDERAL FISCAL OPERATIONS

27

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

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

[Source: U.S. Customs and Border Protection]
Collection
District and Port
Fiscal Year
of Collection
2018

Port
Code

Collection
Fiscal Year
2018

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

130,410.31
280,103.91
53,827.44
1,684,247.28
8,849.70
34,875.50
77,948.80
36,068.98
17,929,234.36
275,155,053.39
988,475.98
296,379,095.65

Honolulu, Hawaii:
Honolulu, HI ...................................... 73201 ...................
Hilo, HI .............................................. 73202 ...................
Kahului, HI ........................................ 73203 ...................
Nawiliwili-Port Allen, HI..................... 73204 ...................
Honolulu Airport, HI .......................... 73205 ...................
Kona, HI ............................................ 73206 ...................
Honolulu FEDEX Corp
73279 ...................
Total District ................................................................

57,448,173.38
85,485.27
132,353.23
49,557.88
8,825,330.31
31,533.77
3,739,085.05
70,311,518.89

119,276,941.00
4,515,828.91

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

34,160.00
34,160.00

2,067,176.88
3,013,531,864.46

Total Customs and Border Protection Collections
for fiscal year 2019 .....................................................

84,251,996,377.18

1,189,141,035.13
1,310,050,019.40
4,872,840.62
241,761,633.06
5,011,475.76
10,463,156.05
502,678.46
2,297.23
84,051,666.47
4,187,745.47
1,721.81
80,070.54
518,338.23
134,806.82
2,687,999.41
9,768,717.42
425,521.65
20,828,340.32
500,820.53
1,011,728.58
414,226.10
1,221,411.96
33,666.65

December 2019

28

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

December 2019

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.

FEDERAL DEBT

29

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
Agency
Public debt
securities
Total
securities
(6)
(7)
(5)

The public
Public debt
securities
(8)

Agency
securities
(9)

2015 ...............................
2016 ...............................
2017 ...............................
2018 ...............................
2019 ...............................

18,174,718
19,597,812
20,269,269
21,538,880
22,740,857

18,150,618
19,573,445
20,244,900
21,516,058
22719402

24,100
24,367
24,369
22,822
21,455

5,026,867
5,395,699
5,563,074
5,737,252
5,893,424

5,026,862
5,395,695
5,563,073
5,737,252
5,893,424

5
4
1
-

13,147,851
14,202,113
14,706,195
15,801,628
16,847,433

13,123,756
14,177,750
14,681,827
15,778,806
16,825,978

24,095
24,363
24,368
22,822
21,455

2018 - Sept ....................
Oct .....................
Nov.....................
Dec.....................
2019 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July ....................
Aug.....................
Sept....................

21,538,880
21,725,216
21,873,089
21,997,036
22,005,220
22,138,026
22,050,081
22,049,873
22,048,574
22,045,280
22,044,255
22,482,155
22,740,857

21,516,058
21,702,370
21,850,094
21,974,096
21,982,423
22,115,526
22,027,880
22,027,668
22,026,424
22,023,283
22,022,369
22,460,467
22,719,402

22,822
22,846
22,995
22,940
22,797
22,500
22,201
22,205
22,150
21,997
21,886
21,688
21,455

5,737,252
5,840,466
5,786,563
5,853,354
5,862,428
5,845,051
5,804,029
5,816,978
5,806,506
5,818,564
5,795,177
5,847,510
5,893,424

5,737,252
5,840,466
5,786,563
5,853,354
5,862,428
5,845,051
5,804,029
5,816,978
5,806,506
5,818,564
5,795,177
5,847,510
5,893,424

-

15,801,628
15,884,750
16,086,526
16,143,682
16,142,792
16,292,975
16,246,052
16,232,895
16,242,068
16,226,716
16,249,078
16,634,645
16,847,433

15,778,806
15,861,904
16,063,531
16,120,742
16,119,995
16,270,475
16,223,851
16,210,690
16,219,918
16,204,719
16,227,192
16,612,957
16,825,978

22,822
22,846
22,995
22,940
22,797
22,500
22,201
22,205
22,150
21,997
21,886
21,688
21,455

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

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

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

2015 ...............................
2016 ...............................
2017 ...............................
2018 ...............................
2019 ...............................

18,174,718
19,597,812
20,269,269
21,538,880
22,740,857

56,852
60,393
65,378
78,187
72,840

18,117,866
19,537,417
20,203,891
21,460,692
22,668,015

5,026,867
5,395,699
5,563,074
5,737,252
5,893,424

25,603
26,706
25,909
27,744
28,201

5,001,264
5,368,993
5,537,165
5,709,509
5,865,224

13,147,851
14,202,113
14,706,195
15,801,628
16,847,433

31,249
33,687
39,469
50,443
44,639

13,116,602
14,168,425
14,666,725
15,751,183
16,802,792

2018 - Sept ....................
Oct ......................
Nov .....................
Dec .....................
2019 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July .....................
Aug .....................
Sept ....................

21,538,880
21,336,499
21,873,089
21,997,036
22,005,220
22,138,026
22,050,081
22,049,873
22,048,574
22,045,280
22,044,255
22,482,155
22,740,857

78,187
82,068
83,956
82,484
81,028
81,940
80,387
79,194
79,389
76,241
73,988
73,196
72,840

21,460,692
21,643,147
21,789,133
21,914,550
21,924,191
22,056,085
21,969,694
21,970,679
21,969,184
21,969,038
21,970,265
22,408,957
22,668,015

5,737,252
5,726,291
5,655,997
5,737,252
5,840,466
5,786,563
5,853,354
5,862,428
5,845,051
5,804,029
5,795,177
5,847,510
5,893,424

27,744
29,399
29,647
29,616
29,152
29,494
28,933
28,703
29,223
29,089
28,897
28,725
28,201

5,709,509
5,811,067
5,756,916
5,823,738
5,833,276
5,815,557
5,775,097
5,788,276
5,777,284
5,789,475
5,766,279
5,818,785
5,865,224

15,801,628
15,610,208
16,217,092
16,259,784
16,164,754
16,351,463
16,196,727
16,187,445
16,203,523
16,241,251
16,249,078
16,634,645
16,847,433

50,443
52,669
54,309
52,868
51,876
52,446
51,454
50,491
50,166
47,152
45,091
44,471
44,639

15,751,183
15,832,080
16,032,217
16,090,812
16,090,915
16,240,529
16,194,597
16,182,403
16,191,900
16,179,563
16,203,986
16,590,173
16,802,792

End of fiscal
year or month

December 2019

FEDERAL DEBT

30

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)

Total public
debt securities
outstanding
(1)

Total
(2)

Bills
(3)

Notes
(4)

Bonds
(5)

2015 ..........................
2016 ..........................
2017 ..........................
2018 ..........................
2019 ..........................

13,123,847
14,173,424
14,673,429
15,761,155
16,809,092

12,831,867
13,638,303
14,175,677
15,250,078
16,322,637

1,355,231
1,644,759
1,799,570
2,239,473
2,376,370

8,366,026
8,624,253
8,798,940
9,150,301
9,755,985

1,688,208
1,825,338
1,948,414
2,114,982
2,311,517

1,135,363
1,209,814
1,286,124
1,376,180
1,454,698

287,039
334,139
342,630
369,142
424,067

291,980
535,120
497,752
511,077
486,455

2018 - Sept ...............
Oct.................
Nov ................
Dec ................
2019 - Jan .................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ................
Aug ................
Sept ...............

15,761,155
15,843,329
16,044,318
16,101,667
16,101,227
16,250,898
16,204,392
16,192,789
16,202,283
16,188,422
16,211,185
16,596,816
16,809,092

15,250,078
15,328,902
15,531,248
15,589,671
15,591,458
15,740,600
15,910,365
15,853,656
15,914,391
15,906,333
15,944,073
16,122,309
16,322,637

2,239,473
2,257,391
2,388,456
2,339,374
2,298,360
2,395,382
2,479,407
2,383,330
2,353,292
2,250,354
2,205,307
2,331,300
2,376,370

9,150,301
9,213,591
9,236,034
9,292,753
9,351,632
9,371,585
9,410,162
9,485,849
9,511,363
9,548,047
9,636,337
9,650,801
9,755,985

2,114,982
2,129,633
2,145,313
2,161,472
2,177,715
2,187,909
2,203,850
2,222,584
2,247,949
2,266,020
2,282,191
2,294,496
2,311,517

1,376,180
1,382,053
1,395,634
1,412,256
1,403,461
1,407,439
1,420,671
1,389,990
1,409,990
1,432,115
1,432,181
1,439,650
1,454,698

369,142
346,235
365,811
383,815
360,290
378,285
396,275
371,903
391,797
409,798
388,058
406,062
424,067

511,077
514,427
513,070
511,995
509,769
510,298
294,027
339,133
287,892
282,089
267,112
474,507
486,455

End of fiscal
year or month

Floating
rate
notes
(7)

Nonmarketable
Total
(8)

Nonmarketable, continued
End of fiscal
year or month

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)

2015 ..........................
2016 ..........................
2017 ..........................
2018 ..........................
2019 ..........................

172,826
167,524
161,705
156,809
152,355

-

264
264
264
264
264

9,138
226,349
223,787
250,680
248,052

78,115
109,211
80,359
71,753
53,809

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

1,642
1,777
1,641
1,575
1,981

2018 - Sept ...............
Oct.................
Nov ................
Dec ................
2019 - Jan .................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ................
Aug ................
Sept ...............

156,809
156,484
156,225
155,795
155,254
154,933
154,533
154,146
153,752
153,407
153,029
152,642
152,355

-

264
264
264
264
264
264
264
264
264
264
264
264
264

250,680
254,063
255,971
258,083
261,183
262,304
45,624
94,942
49,279
48,751
38,352
244,960
248,052

71,753
72,050
68,985
66,197
61,438
61,179
61,975
58,030
52,845
47,865
43,643
44,786
53,809

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

1,575
1,571
1,630
1,660
1,634
1,623
1,635
1,755
1,756
1,806
1,827
1,859
1,981

December 2019

FEDERAL DEBT

31

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)

2015 ..................
2016 ..................
2017 ..................
2018 ..................
2019 ..................

5,013,530
5,604,069
5,771,144
5,977,617
6,133,658

12,716
13,400
13,404
14,212
15,018

60,096
71,524
78,486
94,431
104,015

43,958
45,167
45,680
46,616
48,199

20,773
22,680
22,090
22,311
22,622

41,638
45,880
69,669
93,401
96,520

737,096
874,141
912,438
931,838
950,211

195,458
192,209
197,835
202,805
198,625

36,441
30,879
26,975
50,601

2018 - Sept .......
Oct.........
Nov ........
Dec ........
2019 - Jan .........
Feb ........
Mar ........
Apr ........
May .......
June ......
July ........
Aug ........
Sept .......

5,977,617
6,084,109
6,032,885
6,101,877
6,113,990
6,097,856
5,840,580
5,902,566
5,846,560
5,859,045
5,825,469
6,084,613
6,133,658

14,212
14,796
15,036
15,117
14,817
15,219
15,220
15,407
15,620
16,149
16,073
15,468
15,018

96,341
96,608
96,736
99,339
99,302
99,553
101,002
101,662
101,776
101,584
102,729
101,846
104,015

46,616
46,655
46,742
46,805
46,842
47,530
47,535
47,535
47,555
47,578
47,624
48,142
48,199

22,311
22,355
22,353
22,399
22,445
22,435
22,480
22,528
22,519
22,558
22,603
22,583
22,622

93,401
93,338
94,351
97,201
99,035
97,494
96,856
99,655
98,158
101,029
99,379
97,511
96,520

931,838
927,143
923,394
932,693
927,196
923,064
894,471
894,422
887,071
815,093
807,540
911,025
950,211

202,805
199,614
188,324
200,116
205,557
199,611
195,317
208,041
186,892
206,307
200,956
185,480
198,625

26,975
27,501
28,098
28,583
26,729
29,091
29,396
47,720
48,299
48,901
49,847
50,601

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)

2015 .....................
2016 .....................
2017 .....................
2018 .....................
2019 .....................

2,766,649
2,796,712
2,820,200
2,801,254
2,804,396

828
828
839
852
872

66,128
63,336
70,589
98,197
104,716

7,667
64,629
52,332
41,212
28,192

4,903
4,246
3,604
3,015
2,456

7,163
8,527
10,965
10,493
9,341

874
685
419
612
698

44,368
53,776
60,711
72,576
84,361

1,003,215
1,309,888
1,381,004
1,516,817
1,612,815

2018 - Sept ..........
Oct............
Nov ...........
Dec ...........
2019 - Jan ............
Feb ...........
Mar ...........
Apr ...........
May ..........
June .........
July ...........
Aug ...........
Sept ..........

2,801,254
2,789,345
2,772,982
2,797,974
2,806,515
2,794,748
2,789,289
2,805,586
2,794,787
2,833,813
2,826,907
2,812,668
2,804,396

852
854
856
857
859
861
862
864
866
868
869
871
872

98,197
102,342
84,762
104,159
107,463
110,773
110,133
112,260
85,660
105,918
105,837
87,227
104,716

41,212
39,405
37,976
37,649
37,807
37,736
37,778
38,418
37,047
35,824
34,556
31,168
28,192

3,015
2,949
2,904
2,901
2,850
2,796
2,731
2,670
2,611
2,612
2,554
2,512
2,456

10,493
10,290
9,812
9,918
10,608
8,461
8,830
9,643
8,588
8,676
8,530
8,992
9,341

612
676
657
387
583
676
666
754
738
537
656
579
698

72,576
71,703
73,577
72,164
70,038
70,989
68,357
69,311
84,580
83,776
82,780
86,140
84,361

1,508,159
1,511,576
1,514,907
1,638,535
1,634,325
1,633,615
1,635,344
1,636,819
1,419,657
1,473,810
1,416,975
1,622,554
1,612,815

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

December 2019

32

FEDERAL DEBT

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)

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

24,100

19

107

23,878

96

*

2016 ............................

24,367

19

98

24,175

75

*

2017 ............................

24,369

19

89

24,209

52

*

2018 ............................

22,822

19

80

22,696

27

*

2019 ............................

21,455

19

69

21,367

*

*

2018 - Sept .................

22,822

19

80

22,696

27

*

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

22,846

19

80

22,720

27

*

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

22,995

19

81

22,869

27

*

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

22,940

19

81

22,813

27

*

2019 - Jan ...................

22,797

19

82

22,670

27

*

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

22,500

19

74

22,394

14

*

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

22,201

19

75

22,094

14

*

April ..................

22,205

19

75

22,097

14

*

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

22,150

19

76

22,042

14

*

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

21,997

19

75

21,890

14

*

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

21,886

19

77

21,777

14

*

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

21,688

19

69

21,601

*

*

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

21,455

19

69

21,367

*

*

End of fiscal
year or month

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

December 2019

* Less than $500,000.

Other/Federal
Communications
Commission
(6)

FEDERAL DEBT

33

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)

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

10,379,413

2,922,734

4,356,051

2016 ...............................

11,184,046

3,321,283

2017 ...............................

11,642,870

2018 ...............................

Maturity classes
5-10
years
(4)

10-20
years
(5)

20 years
or more
(6)

Average length
(months)
(7)

2,084,293

184,306

832,030

61

4,478,458

2,219,048

167,666

997,590

63

3,263,065

4,746,209

2,320,739

151,686

1,161,170

66

12,880,947

3,794,461

5,181,488

2,444,652

121,319

1,339,027

65

2019 ...............................

14,225,142

4,147,209

5,821,560

2,625,077

104,901

1,526,394

65

2018 - Sept .....................

12,880,947

3,794,461

5,181,488

2,444,652

121,319

1,339,027

65

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

13,077,091

3,818,212

5,276,404

2,501,914

121,341

1,359,221

65

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

13,309,195

3,969,497

5,352,897

2,495,378

113,027

1,378,396

64

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

13,385,360

3,927,279

5,426,079

2,524,238

113,097

1,394,666

64

2019 - Jan ......................

13,403,618

3,899,283

5,461,802

2,535,614

96,751

1,410,168

65

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

13,583,882

4,013,313

5,521,894

2,521,411

103,143

1,424,121

65

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

13,681,505

4,108,702

5,500,058

2,529,183

103,183

1,440,379

64

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

13,746,594

4,045,610

5,549,483

2,608,424

86,014

1,457,062

65

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

13,821,207

4,037,791

5,631,335

2,589,055

97,685

1,465,341

65

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

13,739,980

3,948,429

5,623,904

2,587,748

97,719

1,482,180

66

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

13,878,573

3,947,861

5,715,596

2,618,804

97,735

1,498,577

66

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

13,966,170

4,094,512

5,699,342

2,554,760

105,240

1,512,317

66

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

14,225,142

4,147,209

5,821,560

2,625,077

104,901

1,526,394

65

End of fiscal
year or month

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

December 2019

FEDERAL DEBT

34

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)

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

2017 .......................................

19,808,772

20,208,638

20,208,638

-

20,244,900

-

36,262

2018 .......................................

-

21,474,848

21,474,848

-

21,516,058

-

41,209

2019 .......................................

-

22,686,617

22,686,617

-

22,719,402

-

32,785

2018 – Sept2...........................

-

21,474,848

21,474,848

-

21,516,058

-

41,209

Oct2.............................

-

21,661,035

21,661,035

-

21,702,370

-

41,335

Nov2 ............................

-

21,808,202

21,808,202

-

21,850,094

-

41,892

Dec3 ............................

-

21,933,738

21,933,738

-

21,974,096

-

40,358

2019 – Jan3 ............................

-

21,941,179

21,941,179

-

21,982,423

-

41,244

Feb4 ............................

-

22,074,156

22,074,156

-

22,115,526

-

41,371

Mar4 ............................

21,987,706

21,987,681

21,987,681

-

22,027,880

-

40,200

Apr4 ............................

21,987,706

21,987,681

21,987,681

-

22,027,668

-

39,988

May4 ...........................

21,987,706

21,987,681

21,987,681

-

22,026,424

-

38,743

June4 ..........................

21,987,706

21,987,681

21,987,681

-

22,023,283

-

35,602

July4............................

21,987,706

21,987,681

21,987,681

-

22,022,369

-

34,688

Aug4 ............................

-

22,427,545

22,427,545

-

22,460,467

-

32,922

Sept4 ...........................

-

22,686,617

22,686,617

-

22,719,402

-

32,785

(1) 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. The Statutory Debt Limit in
31 U.S.C. 3101(b) was permanently increased effective March 16, 2017 to
$19,808,772,381,624.74.
(2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental
Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory
Debt Limit was suspended through December 8, 2017.

December 2019

(3) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and
Supplemental Appropriations for the Disaster Relief Requirements Act 2017,
Public Law 115-56, the Statutory Debt Limit was suspended through December 8,
2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased
effective December 9, 2017, to $20,455,999,906,400.12.
(4) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and
Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was
suspended through March 1, 2019.

FEDERAL DEBT

35

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

Foreign
Agricultural
Service
(6)

2015 .......................................
2016 .......................................
2017 .......................................
2018 .......................................
2019 .......................................

1,306,402
1,389,173
1,442,633
1,512,469
1,570,919

19,261
25,620
19,810
23,005
39,017

26,261
24,585
21,940
19,325
21,473

23,057
24,130
26,992
26,797
29,605

626
654
645
583
660

688
636
601
453
432

2018 - Sept ............................
Oct..............................
Nov .............................
Dec .............................
2019 - Jan ..............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July .............................
Aug .............................
Sept ............................

1,512,469
1,569,160
1,569,709
1,595,896
1,603,858
1,605,765
1,606,124
1,621,331
1,634,029
1,632,530
1,633,877
1,623,098
1,570,919

23,005
28,758
27,494
30,276
36,297
33,357
31,653
32,077
32,207
33,759
33,414
35,815
39,017

19,325
19,433
19,639
19,639
19,658
20,016
19,900
19,959
20,041
20,098
20,551
21,362
21,473

26,797
26,947
27,302
27,302
27,359
27,920
27,913
28,216
28,215
28,450
28,450
29,354
29,605

583
586
591
591
591
611
566
571
575
578
578
633
660

453
453
453
453
453
453
453
453
453
453
453
431
432

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)

2015 .......................................
2016 .......................................
2017 .......................................
2018 .......................................
2019 .......................................

1,050,374
1,126,370
1,178,495
1,258,499
1,287,510

4,649
4,759
5,009
5,531
5,280

26,921
30,318
27,954
24,709
30,386

127
128
128
134
24

58,050
59,043
61,270
61,584
63,751

2018 - Sept ............................
Oct .............................
Nov.............................
Dec.............................
2019 - Jan ..............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July ............................
Aug.............................
Sept ............................

1,258,499
1,308,416
1,307,269
1,329,918
1,330,500
1,335,506
1,335,506
1,349,299
1,351,646
1,351,664
1,352,731
1,340,866
1,287,510

5,531
5,508
5,478
5,398
5,374
5,299
5,299
5,299
5,299
5,294
5,294
5,451
5,280

24,709
24,709
24,734
24,734
24,734
24,734
24,734
24,734
33,334
33,334
33,334
33,334
30,386

134
134
134
134
134
134
134
134
134
135
134
30
24

61,584
61,640
62,219
62,355
62,883
61,474
62,880
62,961
63,545
63,587
63,427
63,700
63,751

December 2019

FEDERAL DEBT

36

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)

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

21,634

3,532

7,757

68,034

2016 ......................................

22,725

3,498

7,176

62,989

2017 ......................................

25,022

3,577

8,020

56,308

2018 ......................................

24,645

3,712

7,693

63,739

2019 ......................................

20,213

3,725

11,212

56,699

2018 - Sept ...........................

20,213

3,725

11,212

56,699

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

20,223

4,093

11,212

57,048

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

20,223

4,417

12,604

57,152

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

20,229

4,799

12,604

57,464

2019 - Jan .............................

20,250

5,182

12,604

57,839

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

20,257

5,468

12,604

57,932

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

20,257

5,821

12,700

58,308

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

20,259

6,178

12,369

58,822

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

20,259

6,502

12,500

59,319

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

20,259

2,802

12,500

59,617

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

20,259

3,199

12,534

59,519

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

16,946

3,533

12,639

59,004

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

16,946

3,934

11,810

60,091

End of fiscal
year or month

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

December 2019

37

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 2-Year Notes
On June 20, 2019, Treasury announced it would
auction $40,000 million of 2-year notes. The issue was
to refund $71,993 million of securities maturing June
30 and to raise new cash of approximately $41,007
million.
The 2-year notes of Series BC-2021 were dated
June 30 and issued July 1. They are due June 30, 2021,
with interest payable on December 31 and June 30
until maturity. Treasury set an interest rate of 1-5/8
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon Eastern Time (ET) for noncompetitive
tenders and before 1:00 p.m. ET for competitive
tenders on June 25. Tenders totaled $103,020 million;
Treasury
accepted
$40,000
million.
All
noncompetitive and successful competitive bidders
were allotted securities at the high yield of 1.695
percent with an equivalent price of $99.863062.
Treasury accepted in full all competitive tenders at
yields lower than 1.695 percent. Tenders at the high
yield were allotted 25.35 percent. The median yield

was 1.664 percent, and the low yield was 1.570
percent. Noncompetitive tenders totaled $154 million.
Competitive tenders accepted from private investors
totaled $39,646 million. Accrued interest of $0.04416
per $1,000 must be paid for the period from June 30 to
July 1.
In addition to the $40,000 million of tenders
accepted in the auction process, Treasury accepted
$2,288 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
BC-2021 is $100.
Auction of 5-Year Notes
On June 20, 2019, Treasury announced it would
auction $41,000 million of 5-year notes. The issue was
to refund $71,993 million of securities maturing June
30 and to raise new cash of approximately $41,007
million.
The 5-year notes of Series AA-2024 were dated
June 30 and issued July 1. They are due June 30, 2024,
with interest payable on December 31 and June 30
until maturity. Treasury set an interest rate of 1-3/4

December 2019

38

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on June 26.
Tenders totaled $96,172 million; Treasury accepted
$41,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.791 percent with an equivalent price of
$99.804805. Treasury accepted in full all competitive
tenders at yields lower than 1.791 percent. Tenders at
the high yield were allotted 88.23 percent. The median
yield was 1.750 percent, and the low yield was 1.630
percent. Noncompetitive tenders totaled $26 million.
Competitive tenders accepted from private investors
totaled $40,974 million. Accrued interest of $0.04755
per $1,000 must be paid for the period from June 30 to
July 1.
In addition to the $41,000 million of tenders
accepted in the auction process, Treasury accepted
$2,345 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AA-2024 is $100.
Auction of 7-Year Notes
On June 20, 2019, Treasury announced it would
auction $32,000 million of 7-year notes. The issue was
to refund $71,993 million of securities maturing June
30 and to raise new cash of approximately $41,007
million.
The 7-year notes of Series M-2026 were dated
June 30 and issued July 1. They are due June 30, 2026,
with interest payable on December 31 and June 30
until maturity. Treasury set an interest rate of 1-7/8
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on June 27.
Tenders totaled $78,094 million; Treasury accepted
$32,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.889 percent with an equivalent price of
$99.908592. Treasury accepted in full all competitive
tenders at yields lower than 1.889 percent. Tenders at
the high yield were allotted 49.06 percent. The median
yield was 1.855 percent, and the low yield was 1.750
percent. Noncompetitive tenders totaled $9 million.
Competitive tenders accepted from private investors
totaled $31,991 million. Accrued interest of $0.05095
per $1,000 must be paid for the period from June 30 to
July 1.

December 2019

In addition to the $32,000 million of tenders
accepted in the auction process, Treasury accepted
$1,830 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series M-2026 is $100.
Auction of 3-Year Notes
On July 3, 2019, Treasury announced it would
auction $38,000 million of 3-year notes. The issue was
to refund $41,549 million of securities maturing July
15 and to raise new cash of approximately $36,451
million. T
The 3-year notes of Series AP-2022 were dated
and issued July 15. They are due July 15, 2022, with
interest payable on January 15 and July 15 until
maturity. Treasury set an interest rate of 1-3/4 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on July 9.
Tenders totaled $90,905 million; Treasury accepted
$38,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.857 percent with an equivalent price of
$99.689179. Treasury accepted in full all competitive
tenders at yields lower than 1.857 percent. Tenders at
the high yield were allotted 45.35 percent. The median
yield was 1.821 percent, and the low yield was 1.700
percent. Noncompetitive tenders totaled $29 million.
Competitive tenders accepted from private investors
totaled $37,971 million.
In addition to the $38,000 million of tenders
accepted in the auction process, Treasury accepted
$324 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AP-2022 is $100.
Auction of 9-Year 10-Month 2-7/8 Percent
Notes
On July 3, 2019, Treasury announced it would
auction $24,000 million of 9-year 10-month 2-3/8
percent notes. The issue was to refund $41,549 million
of securities maturing July 15 and to raise new cash of
approximately $36,451 million.
The 9-year 10-month 2-3/8 percent notes of Series
C-2029 were dated May 15 and issued July 15. They
are due May 15, 2029, with interest payable on
November 15 and May 15 until maturity.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before

BUREAU OF THE FISCAL SERVICE OPERATIONS

39

TREASURY FINANCING: JULY-SEPTEMBER, continued
1:00 p.m. ET for competitive tenders on July 10.
Tenders totaled $57,786 million; Treasury accepted
$24,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 2.064 percent with an equivalent price of
$102.752671. Treasury accepted in full all competitive
tenders at yields lower than 2.064 percent. Tenders at
the high yield were allotted 2.74 percent. The median
yield was 2.030 percent, and the low yield was 1.950
percent. Noncompetitive tenders totaled $5 million.
Competitive tenders accepted from private investors
totaled $23,995 million. Accrued interest of $3.93682
per $1,000 must be paid for the period from May 15 to
July 15.
In addition to the $24,000 million of tenders
accepted in the auction process, Treasury accepted
$204 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series C-2029 is $100.
Auction of 29-Year 10-Month 2-7/8 Percent
Bonds
On July 3, 2019, Treasury announced it would
auction $16,000 million of 29-year 10-month 2-7/8
percent bonds. The issue was to refund $41,549
million of securities maturing July 15 and to raise new
cash of approximately $36,451 million.
The 29-year 10-month 2-7/8 percent bonds of May
2049 were dated May 15 and issued July 15. They are
due May 15, 2049, with interest payable on November
15 and May 15 until maturity.
Treasury received tenders for the bonds before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on July 11.
Tenders totaled $34,067 million; Treasury accepted
$16,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 2.644 percent with an equivalent price of
$104.742265. Treasury accepted in full all competitive
tenders at yields lower than 2.644 percent. Tenders at
the high yield were allotted 19.72 percent. The median
yield was 2.570 percent, and the low yield was 1.888
percent. Noncompetitive tenders totaled $7 million.
Competitive tenders accepted from private investors
totaled $15,993 million. Accrued interest of $4.76563
per $1,000 must be paid for the period from May 15 to
July 15.
In addition to the $16,000 million of tenders
accepted in the auction process, Treasury accepted
$136 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of bonds of
May 2049 is $100.

Auction of 52-Week Bills
On July 11, 2019, Treasury announced it would
auction $26,000 million of 364-day Treasury bills.
They were issued July 18 and will mature July 16,
2020. The issue was to refund $104,009 million of all
maturing bills and to pay down approximately $6,009
million. Treasury auctioned the bills on July 16.
Tenders totaled $74,507 million; Treasury accepted
$26,000 million, including $510 million of
noncompetitive tenders from the public. The high bank
discount rate was 1.915 percent.
Auction of 10-Year Treasury
Protected Security (TIPS)

Inflation

On July 11, 2019, Treasury announced it would
auction $14,000 million of 10-year TIPS. The issue
was to refund $115,866 million of securities maturing
July 31 and to raise new cash of approximately
$31,134 million.
The 10-year TIPS of Series D-2029 were dated
July 15 and issued July 31. They are due July 15,
2029, with interest payable on January 15 and July 15
until maturity. Treasury set an interest rate of 0-1/4
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the TIPS before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on July 18.
Tenders totaled $31,901 million; Treasury accepted
$14,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 0.282 percent with an equivalent adjusted
price of $99.795681. Treasury accepted in full all
competitive tenders at yields lower than 0.282 percent.
Tenders at the high yield were allotted 76.06 percent.
The median yield was 0.218 percent, and the low yield
was 0.088 percent. Noncompetitive tenders totaled $23
million. Competitive tenders accepted from private
investors totaled $13,977 million. Adjusted accrued
interest of $0.10882 per $1,000 must be paid for the
period from July 15 to July 31. Both the unadjusted
price of $99.686026 and the unadjusted accrued
interest of $0.10870 were adjusted by an index ratio of
1.0011, for the period from July 15 to July 31.
In addition to the $14,000 million of tenders
accepted in the auction process, Treasury accepted
$556 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of TIPS of
Series D-2029 is $100.

December 2019

40

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued
Auction of 2-Year Notes
On July 18, 2019, Treasury announced it would
auction $40,000 million of 2-year notes. The issue was
to refund $115,866 million of securities maturing July
31 and to raise new cash of approximately $31,134
million.
The 2-year notes of Series BD-2021 were dated
and issued July 31. They are due July 31, 2021, with
interest payable on January 31 and July 31 until
maturity. Treasury set an interest rate of 1-3/4 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on July 23.
Tenders totaled $99,988 million; Treasury accepted
$40,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.825 percent with an equivalent price of
$99.853360. Treasury accepted in full all competitive
tenders at yields lower than 1.825 percent. Tenders at
the high yield were allotted 32.14 percent. The median
yield was 1.800 percent, and the low yield was 1.588
percent. Noncompetitive tenders totaled $185 million.
Competitive tenders accepted from private investors
totaled $39,710 million.
In addition to the $40,000 million of tenders
accepted in the auction process, Treasury accepted
$1,589 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series BD-2021 is $100.
Auction of 2-Year Floating Rate Notes (FRNs)
On July 18, 2019, Treasury announced it would
auction $20,000 million of 2-year FRNs. The issue
was to refund $115,866 million of securities maturing
July 31 and to raise new cash of approximately
$31,134 million.
The 2-year FRNs of Series BE-2021 were dated
and issued July 31. They are due July 31, 2021, with
interest payable on October 31, January 31, April 30,
and July 31 until maturity. Treasury set a spread of
0.220 percent after determining which tenders were
accepted on a discount margin basis.
Treasury received tenders for the FRNs before
11:00 a.m. ET for noncompetitive tenders and before
11:30 a.m. ET for competitive tenders on July 24.
Tenders totaled $54,511 million; Treasury accepted
$20,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
discount margin of 0.220 percent with an equivalent

December 2019

price of $100.000000. Treasury accepted in full all
competitive tenders at discount margins lower than
0.220 percent. Tenders at the high discount margin
were allotted 54.37 percent. The median discount
margin was 0.190 percent, and the low discount
margin was 0.170 percent. Noncompetitive tenders
totaled $20 million. Competitive tenders accepted from
private investors totaled $19,981 million.
In addition to the $20,000 million of tenders
accepted in the auction process, Treasury accepted
$795 million from FRBs for their own accounts.
Auction of 5-Year Notes
On July 18, 2019, Treasury announced it would
auction $41,000 million of 5-year notes. The issue was
to refund $115,866 million of securities maturing July
31 and to raise new cash of approximately $31,134
million.
The 5-year notes of Series AB-2024 were dated
and issued July 31. They are due July 31, 2024, with
interest payable on January 31 and July 31 until
maturity. Treasury set an interest rate of 1-3/4 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on July 24.
Tenders totaled $92,680 million; Treasury accepted
$41,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.824 percent with an equivalent price of
$99.647902. Treasury accepted in full all competitive
tenders at yields lower than 1.824 percent. Tenders at
the high yield were allotted 82.71 percent. The median
yield was 1.779 percent, and the low yield was 1.700
percent. Noncompetitive tenders totaled $46 million.
Competitive tenders accepted from private investors
totaled $40,950 million.
In addition to the $41,000 million of tenders
accepted in the auction process, Treasury accepted
$1,629 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AB-2024 is $100.
Auction of 7-Year Notes
On July 18, 2019, Treasury announced it would
auction $32,000 million of 7-year notes. The issue was
to refund $115,866 million of securities maturing July
31 and to raise new cash of approximately $31,134
million.

BUREAU OF THE FISCAL SERVICE OPERATIONS

41

TREASURY FINANCING: JULY-SEPTEMBER, continued
The 7-year notes of Series N-2026 were dated and
issued July 31. They are due July 31, 2026, with
interest payable on January 31 and July 31 until
maturity. Treasury set an interest rate of 1-7/8 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on July 25.
Tenders totaled $72,783 million; Treasury accepted
$32,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.967 percent with an equivalent price of
$99.401112. Treasury accepted in full all competitive
tenders at yields lower than 1.967 percent. Tenders at
the high yield were allotted 6.34 percent. The median
yield was 1.920 percent, and the low yield was 1.488
percent. Noncompetitive tenders totaled $18 million.
Competitive tenders accepted from private investors
totaled $31,982 million.
In addition to the $32,000 million of tenders
accepted in the auction process, Treasury accepted
$1,271 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series N-2026 is $100.

AUGUST
August Quarterly Financing
On Jul 31, 2019, Treasury announced it would
auction $38,000 million of 3-year notes, $27,000
million of 10-year notes, and $19,000 million of 30year bonds to refund $57,338 million of securities
maturing August 15, 2019 and to raise new cash of
approximately $26,662 million.
The 3-year notes of Series AQ-2022 were dated
and issued August 15. They are due August 15, 2022,
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 ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on August 6.
Tenders totaled $91,590 million; Treasury accepted
$38,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.562 percent with an equivalent price of
$99.818980. Treasury accepted in full all competitive
tenders at yields lower than 1.562 percent. Tenders at
the high yield were allotted 52.08 percent. The median

yield was 1.530 percent, and the low yield was 1.088
percent. Noncompetitive tenders totaled $47 million.
Competitive tenders accepted from private investors
totaled $37,953 million.
In addition to the $38,000 million of tenders
accepted in the auction process, Treasury accepted
$24,797 million from FRBs for their own accounts.
The minimum par amount required for STRIPS of
notes of Series AQ-2022 is $100.
The 10-year notes of Series E-2029 were dated and
issued August 15. They are due August 15, 2029, with
interest payable on February 15 and August 15 until
maturity. Treasury set an interest rate of 1-5/8 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on August 7.
Tenders totaled $59,323 million; Treasury accepted
$27,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.670 percent with an equivalent price of
$99.587149. Treasury accepted in full all competitive
tenders at yields lower than 1.670 percent. Tenders at
the high yield were allotted 52.07 percent. The median
yield was 1.595 percent, and the low yield was 1.510
percent. Noncompetitive tenders totaled $27 million.
Competitive tenders accepted from private investors
totaled $26,973 million.
In addition to the $27,000 million of tenders
accepted in the auction process, Treasury accepted
$17,619 million from FRBs for their own accounts.
The minimum par amount required for STRIPS of
notes of Series E-2029 is $100.
The 30-year bonds of August 2049 were dated and
issued August 15. They are due August 15, 2049, 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 ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on August 8.
Tenders totaled $42,522 million; Treasury accepted
$19,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 2.335 percent with an equivalent price of
$98.173884. Treasury accepted in full all competitive
tenders at yields lower than 2.335 percent. Tenders at
the high yield were allotted 46.20 percent. The median
yield was 2.265 percent, and the low yield was 1.888
percent. Noncompetitive tenders totaled $9 million.

December 2019

42

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued
Competitive tenders accepted from private investors
totaled $18,991 million.
In addition to the $19,000 million of tenders
accepted in the auction process, Treasury accepted
$12,398 million from FRBs for their own accounts.
The minimum par amount required for STRIPS of
bonds of August 2049 is $100.
Auction of 45-Day Cash Management Bills
On July 31, 2019, Treasury announced it would
auction $35,000 million of 45-day bills. They were
issued August 2 and matured September 16. Treasury
auctioned the bills on August 1. Tenders totaled
$90,429 million; Treasury accepted $35,000 million,
including $3 million of noncompetitive tenders from
the public. The high bank discount rate was 2.110
percent.
Auction of 52-Week Bills
On August 8, 2019, Treasury announced it would
auction $28,000 million of 364-day Treasury bills.
They were issued August 15 and will mature August
13, 2020. The issue was to refund $103,988 million of
all maturing bills and to raise new cash of
approximately $8,012 million. Treasury auctioned the
bills on August 13. Tenders totaled $74,615 million;
Treasury accepted $28,000 million, including $420
million of noncompetitive tenders from the public. The
high bank discount rate was 1.800 percent.
Auction of 29-Year 6-Month 1 Percent TIPS
On August 15, 2019, Treasury announced it would
auction $7,000 million of 29-year 6-month 1 percent
TIPS. The issue was to raise new cash of
approximately $25,000 million.
The 29-year 6-month 1 percent TIPS of February
2049 were dated August 15 and issued August 30.
They are due February 15, 2049, with interest payable
on February 15 and August 15 until maturity.
Treasury received tenders for the TIPS before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on August 22.
Tenders totaled $18,927 million; Treasury accepted
$7,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 0.501 percent with an equivalent adjusted
price of $115.685230. Treasury accepted in full all
competitive tenders at yields lower than 0.501 percent.
Tenders at the high yield were allotted 48.33 percent.
The median yield was 0.460 percent, and the low yield
was 0.088 percent. Noncompetitive tenders totaled $11
million. Competitive tenders accepted from private

December 2019

investors totaled $6,989 million. Adjusted accrued
interest of $0.41491 per $1,000 must be paid for the
period from August 15 to August 30. Both the
unadjusted price of $113.650879 and the unadjusted
accrued interest of $0.40761 were adjusted by an index
ratio of 1.0179, for the period from August 15 to
August 30. The minimum par amount required for
STRIPS of TIPS of February 2049 is $100.
Auction of 1-Year 11-Month 0.22 Percent
FRNs
On August 22, 2019, Treasury announced it would
auction $18,000 million of 1-year 11-month 0.22
percent FRNs. The issue was to raise new cash of
approximately $25,000 million.
The 1-year 11-month 0.22 percent FRNs of Series
BE-2021 were dated July 31 and issued August 30.
They are due July 31, 2021, 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. ET for noncompetitive tenders and before
11:30 a.m. ET for competitive tenders on August 28.
Tenders totaled $52,570 million; Treasury accepted
$18,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
discount margin of 0.238 percent with an equivalent
price of $99.965088. Treasury accepted in full all
competitive tenders at discount margins lower than
0.238 percent. Tenders at the high discount margin
were allotted 7.21 percent. The median discount
margin was 0.225 percent, and the low discount
margin was 0.190 percent. Noncompetitive tenders
totaled $6 million. Competitive tenders accepted from
private investors totaled $17,994 million. Accrued
interest of $0.183575661 per $100 must be paid for the
period from July 31 to August 30.

SEPTEMBER
Auction of 2-Year Notes
On August 22, 2019, Treasury announced it would
auction $40,000 million of 2-year notes. The issue was
to refund $76,142 million of securities maturing
August 31 and to raise new cash of approximately
$36,858 million.
The 2-year notes of Series BF-2021 were dated
August 31 and issued September 3. They are due
August 31, 2021, with interest payable on February 29
and August 31 until maturity. Treasury set an interest

BUREAU OF THE FISCAL SERVICE OPERATIONS

43

TREASURY FINANCING: JULY-SEPTEMBER, continued
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 ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on August 27.
Tenders totaled $103,932 million; Treasury accepted
$40,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.516 percent with an equivalent price of
$99.968632. Treasury accepted in full all competitive
tenders at yields lower than 1.516 percent. Tenders at
the high yield were allotted 9.83 percent. The median
yield was 1.489 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $155 million.
Competitive tenders accepted from private investors
totaled $39,740 million. Accrued interest of $0.12363
per $1,000 must be paid for the period from August 31
to September 3.
In addition to the $40,000 million of tenders
accepted in the auction process, Treasury accepted
$5,194 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series BF-2021 is $100.
Auction of 5-Year Notes
On August 22, 2019, Treasury announced it would
auction $41,000 million of 5-year notes. The issue was
to refund $76,142 million of securities maturing
August 31 and to raise new cash of approximately
$36,858 million.
The 5-year notes of Series AC-2024 were dated
August 31 and issued September 3. They are due
August 31, 2024, with interest payable on February 29
and August 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 ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on August 28.
Tenders totaled $101,599 million; Treasury accepted
$41,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.365 percent with an equivalent price of
$99.446819. Treasury accepted in full all competitive
tenders at yields lower than 1.365 percent. Tenders at
the high yield were allotted 56.75 percent. The median
yield was 1.320 percent, and the low yield was 1.250
percent. Noncompetitive tenders totaled $20 million.
Competitive tenders accepted from private investors
totaled $40,975 million. Accrued interest of $0.10302
per $1,000 must be paid for the period from August 31
to September 3.

In addition to the $41,000 million of tenders
accepted in the auction process, Treasury accepted
$5,324 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AC-2024 is $100.
Auction of 7-Year Notes
On August 22, 2019, Treasury announced it would
auction $32,000 million of 7-year notes. The issue was
to refund $76,142 million of securities maturing
August 31 and to raise new cash of approximately
$36,858 million.
The 7-year notes of Series P-2026 were dated
August 31 and issued September 3. They are due
August 31, 2026, with interest payable on February 29
and August 31 until maturity. Treasury set an interest
rate of 1-3/8 percent after determining which tenders
were accepted on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on August 29.
Tenders totaled $69,095 million; Treasury accepted
$32,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.489 percent with an equivalent price of
$99.245602. Treasury accepted in full all competitive
tenders at yields lower than 1.489 percent. Tenders at
the high yield were allotted 93.52 percent. The median
yield was 1.420 percent, and the low yield was 1.350
percent. Noncompetitive tenders totaled $11 million.
Competitive tenders accepted from private investors
totaled $31,989 million. Accrued interest of $0.11332
per $1,000 must be paid for the period from August 31
to September 3.
In addition to the $32,000 million of tenders
accepted in the auction process, Treasury accepted
$4,155 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series P-2026 is $100.
Auction of 3-Year Notes
On September 5, 2019, Treasury announced it
would auction $38,000 million of 3-year notes. The
issue was to refund $24,000 million of securities
maturing September 15 and to raise new cash of
approximately $54,000 million.
The 3-year notes of Series AR-2022 were dated
September 15 and issued September 16. They are due
September 15, 2022, with interest payable on March
15 and September 15 until maturity. Treasury set an

December 2019

44

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued
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 ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on September 10.
Tenders totaled $92,117 million; Treasury accepted
$38,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.573 percent with an equivalent price of
$99.787062. Treasury accepted in full all competitive
tenders at yields lower than 1.573 percent. Tenders at
the high yield were allotted 74.98 percent. The median
yield was 1.540 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $33 million.
Competitive tenders accepted from private investors
totaled $37,917 million. Accrued interest of $0.04121
per $1,000 must be paid for the period from September
15 to September 16. The minimum par amount
required for STRIPS of notes of Series AR-2022 is
$100.
Auction of 52-Week Bills
On September 5, 2019, Treasury announced it
would auction $28,000 million of 364-day Treasury
bills. They were issued September 12 and will mature
September 10, 2020. The issue was to refund $101,002
million of all maturing bills and to raise new cash of
approximately $13,998 million. Treasury auctioned the
bills on September 10. Tenders totaled $78,782
million; Treasury accepted $28,000 million, including
$375 million of noncompetitive tenders from the
public. The high bank discount rate was 1.740 percent.
Auction of 9-Year 11-Month 1-5/8 Percent
Notes
On September 5, 2019, Treasury announced it
would auction $24,000 million of 9-year 11-month 15/8 percent notes. The issue was to refund $24,000
million of securities maturing September 15 and to
raise new cash of approximately $54,000 million.
The 9-year 11-month 1-5/8 percent notes of Series
E-2029 were dated August 15 and issued September
16. They are due August 15, 2029, with interest
payable on February 15 and August 15 until maturity.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on September 11.
Tenders totaled $59,124 million; Treasury accepted
$24,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.739 percent with an equivalent price of

December 2019

$98.965031. Treasury accepted in full all competitive
tenders at yields lower than 1.739 percent. Tenders at
the high yield were allotted 46.67 percent. The median
yield was 1.700 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $2 million.
Competitive tenders accepted from private investors
totaled $23,998 million. Accrued interest of $1.41304
per $1,000 must be paid for the period from August 15
to September 16. The minimum par amount required
for STRIPS of notes of Series E-2029 is $100.
Auction of 29-Year 11-Month 2-1/4 Percent
Bonds
On September 5, 2019, Treasury announced it
would auction $16,000 million of 29-year 11-month 21/4 percent bonds. The issue was to refund $24,000
million of securities maturing September 15 and to
raise new cash of approximately $54,000 million.
The 29-year 11-month 2-1/4 percent bonds of
August 2049 were dated August 15 and issued
September 16. They are due August 15, 2049, with
interest payable on February 15 and August 15 until
maturity.
Treasury received tenders for the bonds before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on September 12.
Tenders totaled $35,542 million; Treasury accepted
$16,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 2.270 percent with an equivalent price of
$99.565627. Treasury accepted in full all competitive
tenders at yields lower than 2.270 percent. Tenders at
the high yield were allotted 43.24 percent. The median
yield was 2.205 percent, and the low yield was 2.000
percent. Noncompetitive tenders totaled $18 million.
Competitive tenders accepted from private investors
totaled $15,982 million. Accrued interest of $1.95652
per $1,000 must be paid for the period from August 15
to September 16. The minimum par amount required
for STRIPS of bonds of August 2049 is $100.
Auction of 9-Year 10-Month 0-1/4 Percent TIPS
On September 12, 2019, Treasury announced it
would auction $12,000 million of 9-year 10-month 01/4 percent TIPS. The issue was to refund $80,250
million of securities maturing September 30 and to
raise new cash of approximately $44,750 million.
The 9-year 10-month 0-1/4 percent TIPS of Series
D-2029 were dated July 15 and issued September 30.
They are due July 15, 2029, with interest payable on
January 15 and July 15 until maturity.

BUREAU OF THE FISCAL SERVICE OPERATIONS

45

TREASURY FINANCING: JULY-SEPTEMBER, continued
Treasury received tenders for the TIPS before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on September 19.
Tenders totaled $28,971 million; Treasury accepted
$12,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 0.174 percent with an equivalent adjusted
price of $101.037653. Treasury accepted in full all
competitive tenders at yields lower than 0.174 percent.
Tenders at the high yield were allotted 52.36 percent.
The median yield was 0.128 percent, and the low yield
was 0.075 percent. Noncompetitive tenders totaled $9
million. Competitive tenders accepted from private
investors totaled $11,991 million. Adjusted accrued
interest of $0.52466 per $1,000 must be paid for the
period from July 15 to September 30. Both the
unadjusted price of $100.737455 and the unadjusted
accrued interest of $0.52310 were adjusted by an index
ratio of 1.00298, for the period from July 15 to
September 30.
In addition to the $12,000 million of tenders
accepted in the auction process, Treasury accepted
$1,247 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of TIPS of
Series D-2029 is $100.
Auction of 2-Year Notes
On September 19, 2019, Treasury announced it
would auction $40,000 million of 2-year notes. The
issue was to refund $80,250 million of securities
maturing September 30 and to raise new cash of
approximately $44,750 million.
The 2-year notes of Series BG-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 1-1/2 percent after determining which tenders
were accepted on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on September 24.
Tenders totaled $105,455 million; Treasury accepted
$40,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.612 percent with an equivalent price of
$99.780442. Treasury accepted in full all competitive
tenders at yields lower than 1.612 percent. Tenders at
the high yield were allotted 20.87 percent. The median
yield was 1.585 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $147 million.
Competitive tenders accepted from private investors
totaled $39,853 million.

In addition to the $40,000 million of tenders
accepted in the auction process, Treasury accepted
$4,155 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series BG-2021 is $100.
Auction of 1-Year 10-Month 0.22 Percent
FRNs
On September 19, 2019, Treasury announced it
would auction $18,000 million of 1-year 10-month
0.22 percent FRNs. The issue was to raise new cash of
approximately $18,000 million.
The 1-year 10-month 0.22 percent FRNs of Series
BE-2021 were dated July 31 and issued September 27.
They are due July 31, 2021, 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. ET for noncompetitive tenders and before
11:30 a.m. ET for competitive tenders on September
25. Tenders totaled $47,823 million; Treasury
accepted $18,000 million. All noncompetitive and
successful competitive bidders were allotted securities
at the high discount margin of 0.290 percent with an
equivalent price of $99.871407. Treasury accepted in
full all competitive tenders at discount margins lower
than 0.290 percent. Tenders at the high discount
margin were allotted 75.71 percent. The median
discount margin was 0.255 percent, and the low
discount margin was 0.210 percent. Noncompetitive
tenders totaled $4 million. Competitive tenders
accepted from private investors totaled $17,996
million. Accrued interest of $0.351703636 per $100
must be paid for the period from July 31 to September
27.
Auction of 5-Year Notes
On September 19, 2019, Treasury announced it
would auction $41,000 million of 5-year notes. The
issue was to refund $80,250 million of securities
maturing September 30 and to raise new cash of
approximately $44,750 million.
The 5-year notes of Series AD-2024 were dated
and issued September 30. They are due September 30,
2024, with interest payable on March 31 and
September 30 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 ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on September 25.

December 2019

46

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued
Tenders totaled $94,917 million; Treasury accepted
$41,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.600 percent with an equivalent price of
$99.521314. Treasury accepted in full all competitive
tenders at yields lower than 1.600 percent. Tenders at
the high yield were allotted 30.48 percent. The median
yield was 1.540 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $17 million.
Competitive tenders accepted from private investors
totaled $40,983 million.
In addition to the $41,000 million of tenders
accepted in the auction process, Treasury accepted
$4,259 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AD-2024 is $100.
Auction of 7-Year Notes
On September 19, 2019, Treasury announced it
would auction $32,000 million of 7-year notes. The
issue was to refund $80,250 million of securities
maturing September 30 and to raise new cash of
approximately $44,750 million.
The 7-year notes of Series Q-2026 were dated and
issued September 30. They are due September 30,
2026, with interest payable on March 31 and
September 30 until maturity. Treasury set an interest
rate of 1-5/8 percent after determining which tenders
were accepted on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on September 26.
Tenders totaled $79,751 million; Treasury accepted
$32,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.633 percent with an equivalent price of
$99.947285. Treasury accepted in full all competitive
tenders at yields lower than 1.633 percent. Tenders at
the high yield were allotted 61.62 percent. The median
yield was 1.590 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $6 million.
Competitive tenders accepted from private investors
totaled $31,994 million.
In addition to the $32,000 million of tenders
accepted in the auction process, Treasury accepted
$3,324 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series Q-2026 is $100.

December 2019

BUREAU OF THE FISCAL SERVICE OPERATIONS

47

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
Number Amount
of days to of bids
Maturity
maturity 1 tendered
date
(1)
(2)
(3)

Amounts of bids accepted
On nonOn
competitive competitive
Total
basis 3
basis
amount 2
(5)
(4)
(6)

High
price per
hundred
(7)

High
discount High investrate
ment rate
(percent) (percent) 4
(8)
(9)

Regular weekly:
(4 week, 13 week, and 26 week)
2019-July 02……………………………………
July 05…………………………………………..
July 09………………………………………….
July 11………………………………………….
July 16………………………………………….
July 18………………………………………….
July 23………………………………………….
July 25………………………………………….
July 30………………………………………….
Aug. 01………………………………………….
Aug. 06………………………………………….
Aug. 08………………………………………….
Aug. 13………………………………………….
Aug. 15…………………………………………
Aug. 20…………………………………………
Aug. 22…………………………………………
Aug. 27…………………………………………
Aug. 29…………………………………………
Sep. 03…………………………………………
Sep. 05…………………………………………
Sep. 10…………………………………………
Sep. 12…………………………………………

2019-July 30
Aug. 27
Oct. 03
2020-Jan. 02
2019-Aug. 06
Sep. 03
Oct. 10
2020-Jan. 09
2019-Aug. 13
Sep. 10
Oct. 17
2020-Jan. 16
2019-Aug. 20
Sep. 17
Oct. 24
2020-Jan. 23
2019-Aug. 27
Sep. 24
Oct. 31
2020-Jan. 30
2019-Sep. 03
Oct. 01
Nov. 07
2020-Feb. 06
2019-Sep. 10
Oct. 08
Nov. 14
2020-Feb. 13
2019-Sep. 17
Oct. 15
Nov. 21
2020-Feb. 20
2019-Sep. 24
Oct. 22
Nov. 29
2020-Feb. 27
2019-Oct. 01
Oct. 29
Dec. 05
2020-Mar. 05
2019-Oct. 08
Nov. 05
Dec. 12
2020-Mar. 12

28
56
90
181
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
92
182
28
56
91
182
28
56
91
182

109,674.5
110,936.7
95,765.3
104,682.6
98,633.7
96,593.2
93,220.6
106,090.0
106,270.4
104,505.1
103,722.2
115,959.4
102,462.0
85,626.1
106,711.8
96,781.5
101,801.4
97,008.0
108,876.9
109,526.0
111,377.3
93,320.9
112,324.4
90,095.7
131,949.9
129,588.2
125,633.3
128,689.2
135,749.3
121,819.7
112,770.6
119,994.4
142,702.0
114,300.0
123,078.6
128,308.5
139,257.2
127,329.0
132,840.0
130,059.8
147,865.5
127,270.9
137,370.4
125,266.0

40,000.0
35,000.4
36,000.1
36,000.1
40,000.1
35,000.1
36,000.2
36,000.3
35,000.3
35,000.1
36,000.1
36,000.4
35,000.1
35,000.1
36,000.2
36,000.5
35,000.3
35,000.2
36,000.3
36,000.0
35,000.1
35,000.2
39,000.4
39,000.4
50,000.2
40,001.1
42,000.5
42,000.4
55,000.2
40,000.2
45,000.3
42,000.0
55,000.5
40,000.0
45,000.0
42,000.6
55,000.1
40,000.2
45,000.1
42,000.2
55,000.2
40,000.7
45,000.7
42,000.3

38,577.1
34,748.5
35,000.4
35,012.1
38,551.8
34,836.5
34,873.3
35,042.4
33,310.9
34,766.1
34,748.6
34,792.4
33,456.7
34,621.1
34,746.0
34,947.8
33,437.8
34,631.2
34,729.8
34,949.1
33,528.5
34,628.7
37,802.5
37,893.9
48,251.3
39,575.6
40,794.0
40,810.5
53,563.0
39,637.5
44,018.1
40,929.6
53,462.7
39,770.1
43,780.8
41,049.5
53,302.6
39,658.2
43,828.1
41,070.5
53,326.2
39,779.8
43,806.4
41,155.9

1,422.9
251.8
989.6
759.6
1,448.2
163.7
1,126.9
757.9
1,589.4
234.0
1,251.5
1,007.9
1,443.4
279.0
1,154.1
952.7
1,462.5
269.0
1,070.6
850.9
1,471.5
271.5
997.9
906.5
1,548.9
275.5
1,106.5
1,009.9
1,437.3
262.7
882.2
870.4
1,537.8
230.0
994.2
751.1
1,527.4
242.0
1,071.9
729.7
1,674.0
220.9
1,094.3
744.4

99.833167
99.670222
99.463750
98.974333
99.828111
99.664778
99.441361
98.950972
99.833944
99.668667
99.465375
98.983833
99.837444
99.670222
99.484333
98.983833
99.835889
99.667111
99.476750
98.971194
99.838222
99.673333
99.496972
99.014167
99.839389
99.681111
99.504556
99.044500
99.841333
99.696667
99.519722
99.069778
99.839778
99.691222
99.501667
99.069778
99.839778
99.690444
99.512139
99.077361
99.842500
99.695111
99.514667
99.077361

2.145
2.120
2.145
2.040
2.210
2.155
2.210
2.075
2.135
2.130
2.115
2.010
2.090
2.120
2.040
2.010
2.110
2.140
2.070
2.035
2.080
2.100
1.990
1.950
2.065
2.050
1.960
1.890
2.040
1.950
1.900
1.840
2.060
1.985
1.950
1.840
2.060
1.990
1.930
1.825
2.025
1.960
1.920
1.825

2.184
2.162
2.193
2.095
2.251
2.198
2.259
2.132
2.174
2.173
2.162
2.064
2.128
2.162
2.085
2.064
2.149
2.183
2.116
2.090
2.118
2.142
2.033
2.002
2.103
2.091
2.003
1.940
2.077
1.989
1.941
1.888
2.098
2.024
1.992
1.888
2.098
2.029
1.972
1.873
2.062
1.999
1.962
1.873

December 2019

48

BUREAU OF THE FISCAL SERVICE OPERATIONS

Table PDO – 1 - continued
Sep. 17…………………………………………
Sep. 19…………………………………………
Sep. 24…………………………………………
Sep. 26…………………………………………

2019-Oct. 15
Nov. 12
Dec. 19
2020-Mar. 19
2019-Oct. 22
Nov. 19
Dec. 26
2020-Mar. 26

28
56
91
182
28
56
91
182

140,736.7
114,635.8
120,503.3
115,189.5
119,715.4
103,793.6
136,586.6
116,227.2

1

All 4-week bills represent additional issues of bills with an original maturity of 8 weeks. All
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.

50,028.3
40,022.3
45,000.1
42,000.0
45,000.3
40,000.3
45,000.0
42,000.2

48,400.0
39,740.3
43,807.4
41,025.8
43,333.4
39,739.7
43,744.7
40,971.9

1,600.5
259.8
1,092.7
770.9
1,567.0
260.6
1,105.3
828.3

99.849111
99.701333
99.508347
99.054611
99.848333
99.696667
99.518458
99.059667

1.940
1.920
1.945
1.870
1.950
1.950
1.905
1.860

1.975
1.958
1.987
1.919
1.986
1.989
1.946
1.909

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.

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]

Period to final maturity
(years, months, days) 2
(3)

Issue date
(1)

Description of securities 1
(2)

06/25/19

07/01/19

1.625% note—06/30/21-BC

2y

06/26/19

07/01/19

1.750% note—06/30/24-AA

5y

06/27/19

07/01/19

1.875% note—06/30/26-M

7y

07/09/19

07/15/19

1.750% note—07/15/22-AP

3y

07/10/19

07/15/19

2.375% note—05/15/29-C

9y

10m

07/11/19

07/15/19

2.875% bond—05/15/49

29y

10m

Auction date

Amount
accepted 3, 4
(5)

Accepted
yield/discount
margin and
equivalent price
for notes and
bonds
(6)

105,308

42,288

1.695 - 99.863062

98,517

43,345

1.791 - 99.804805

79,924

33,830

1.889 - 99.908592

91,229

38,324

1.857 - 99.689179

57,990

24,204

2.064 - 102.752671

34,203

16,136

2.644 - 104.742265

Amount
tendered
(4)

07/16/19

07/18/19

1.915% bill—07/16/20

74,507

26,000

07/18/19

07/31/19

0.250% TIPS—07/15/29-D

10y

32,457

14,556

0.282 - 99.795681

07/23/19

07/31/19

1.750% note—07/31/21-BD

2y

101,577

41,589

1.825 - 99.853360

07/24/19

07/31/19

0.220% FRN—07/31/21-BE

2y

55,305

20,795

0.220 - 100.000000

07/24/19

07/31/19

1.750% note—07/31/24-AB

5y

94,308

42,629

1.824 - 99.647902

07/25/19

07/31/19

1.875% note—07/31/26-N

7y

1.967 - 99.401112

08/01/19

08/02/19

2.110% CMB—09/16/19

364d

45d

74,054

33,271

90,429

35,000

08/06/19

08/15/19

1.500% note—08/15/22-AQ

3y

116,387

62,797

1.562 - 99.818980

08/07/19

08/15/19

1.625% note—08/15/29-E

10y

76,942

44,619

1.670 - 99.587149

08/08/19

08/15/19

2.250% bond—08/15/49

30y

54,920

31,399

2.335 - 98.173884

08/13/19

08/15/19

1.800% bill—08/13/20

08/22/19

08/30/19

1.000% TIPS—02/15/49

29y

08/27/19

09/03/19

1.500% note—08/31/21-BF

2y

08/28/19

08/30/19

0.220% FRN—07/31/21-BE

1y

08/28/19

09/03/19

1.250% note—08/31/24-AC

08/29/19

09/03/19

1.375% note—08/31/26-P

09/10/19

09/12/19

1.740% bill—09/10/20

09/10/19

09/16/19

1.500% note—09/15/22-AR

December 2019

364d

74,615

28,000

18,927

7,000

0.501 - 115.685230

109,126

45,194

1.516 - 99.968632

52,570

18,000

0.238 - 99.965088

5y

106,923

46,324

1.365 - 99.446819

7y

73,251

36,155

1.489 - 99.245602

6m
11m

364d
3y

78,782

28,000

92,117

38,000

1.573 - 99.787062

BUREAU OF THE FISCAL SERVICE OPERATIONS

49

Table PDO-2 - continued

1

09/12/19

09/16/19

2.250% bond—08/15/49

29y

11m

35,542

16,000

2.270 - 99.565627

09/19/19

09/30/19

0.250% TIPS—07/15/29-D

9y

10m

30,218

13,247

0.174 - 101.037653

109,611

44,155

1.612 - 99.780442

47,823

18,000

0.290 - 99.871407

09/24/19

09/30/19

1.500% note—09/30/21-BG

2y

09/25/19

09/27/19

0.220% FRN—07/31/21-BE

1y

09/25/19

09/30/19

1.500% note—09/30/24-AD

5y

99,176

45,259

1.600 - 99.521314

09/26/19

09/30/19

1.625% note—09/30/26-Q

7y

83,075

35,324

1.633 - 99.947285

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 2019

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 2019

 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.)

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]

Public debt securities
Held by U.S. Government accounts

Total
Federal
securities
outstanding
(1)

Total
outstanding
(2)

2015 ................................................
2016 ................................................
2017 ................................................
2018 ................................................
2019 ................................................

18,174,718
19,597,812
20,269,269
21,538,880

18,150,618
19,573,445
20,244,900
21,516,058

2018 - Sept ......................................
Oct .......................................
Nov ......................................
Dec ......................................
2019 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................

21,538,880
21,725,216
21,873,089
21,997,036
22,005,220
22,138,026
22,050,081
22,049,873
22,048,574
22,045,280

End of
fiscal year
or month

Marketable
(4)

Nonmarketable
(5)

Public issues
held by Federal
Reserve banks
(6)

5,026,867
5,395,699
5,563,074
5,737,252

-

5,026,867
5,395,699
5,563,074
5,737,252

2,802,101
2,830,115
2,867,555
2,697,860

21,516,058
21,702,370
21,850,094
21,974,096
21,982,423
22,115,526
22,027,880
22,027,668
22,026,424
22,023,283

5,737,252
5,840,466
5,786,563
5,853,354
5,862,428
5,845,051
5,804,029
5,816,978
5,806,506
5,818,564

-

5,737,252
5,840,466
5,786,563
5,853,354
5,862,428
5,845,051
5,804,029
5,816,978
5,806,506
5,818,564

2,697,860
2,651,466
2,617,246
2,594,652
2,574,546
2,540,780
2,536,673
2,479,643
2,459,105
2,452,784

22,044,255

22,022,369

5,795,177

-

5,795,177

2,416,844

22,482,155

22,460,467

5,847,510

-

5,847,510

2,424,708

22,740,857

22,719,402

5,893,424

-

5,893,424

2,436,438

Total
(3)

Aug ......................................
Sept .....................................

Public debt securities, continued

Agency securities1

Held by private investors
End of
fiscal year
or month

Nonmarketable
(9)

Total
outstanding
(10)

Held by
private
investors
(11)

Held by
Government
accounts
(12)

Total
(7)

Marketable
(8)

2015 ................................................
2016 ................................................
2017 ................................................
2018 ................................................
2019 ................................................

10,321,650
11,347,631
11,814,271
13,080,946

10,051,650
10,830,489
11,332,237
12,580,185

270,000
517,142
482,034
500,761

24,100
24,367
24,369
22,822

24,095
24,363
24,368
22,822

5
4
1
-

2018 - Sept ......................................
Oct .......................................
Nov ......................................
Dec ......................................
2019 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................

13,080,946
13,210,438
13,446,285
13,526,090
13,545,449
13,729,695
13,687,178
13,731,047
13,760,813
13,751,935
13,810,348
14,188,249
14,389,540

12,580,185
12,706,430
12,942,863
13,023,655
13,045,301
13,228,897
13,402,225
13,401,269
13,482,146
13,478,115
13,551,296
13,721,599
13,910,902

500,761
504,008
503,422
502,435
500,148
500,799
284,953
329,779
278,667
273,819
259,051
466,650
478,637

22,822
22,846
22,995
22,940
22,797
22,500
22,201
22,205
22,150
21,997
21,886
21,688
21,455

22,822
22,846
22,995
22,940
22,797
22,500
22,201
22,205
22,150
21,997
21,886
21,688
21,455

-

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 2019

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
2019 - Sept ........
June .......
Mar .........
2018 - Dec .........
Sept ........
June .......
Mar .........
2017 - Dec .........
Sept ........
June .......
Mar .........
2016 - Dec .........
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 .........
1

Total
public
debt 1
(1)

Federal
Reserve and
Government
accounts 2
(2)

22,719.4
22,023.5
22,028.0
21,974.1
21,516.1
21,195.3
21,089.9
20,492.7
20,244.9
19,844.6
19,846.4
19,976.9
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

8,023.6
7,945.2
7,999.1
8,095.0
8,068.1
8,106.9
8,086.6
8,132.1
8,036.9
7,943.4
7,941.1
8,005.6
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

Total
U.S.
privately Depository savings
held
institutions 3, 4 bonds 5
(3)
(4)
(5)
14,695.8
14,078.4
14,028.9
13,879.1
13,447.9
13,088.5
13,003.3
12,360.6
12,208.0
11,901.1
11,905.3
11,971.3
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

n.a.
810.5
771.3
771.5
683.9
665.3
639.7
638.3
611.8
621.9
658.6
663.9
627.6
580.6
562.9
547.4
519.1
518.5
518.1
516.8
471.1
409.5
368.4
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

152.3
153.4
154.5
155.7
156.8
157.8
159.0
160.4
161.7
162.8
164.2
165.8
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

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. As of February 2005, the debt held by Government
Accounts was renamed to Intragovernmental holdings.
3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210.
4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in
U.S. affiliated areas, credit unions and bank holding companies.
5 Sources: “Monthly Statement of the Public Debt of the United States (MSPD)” from
January 1996. From December 2014 to September 2018, includes savings bonds issued
to myRA accounts. Current accrual value.
2

December 2019

Private 6
(6)

State and Insurance
local
compagovernments
nies 3
(7)
(8)

n.a.
508.1
478.2
670.9
644.0
622.5
597.7
432.0
570.8
425.9
444.2
538.0
545.6
537.9
524.4
504.7
305.3
373.8
447.8
507.1
490.7
482.6
474.3
464.9
347.8
444.5
463.4
468.0
453.9
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
6 Includes

n.a.
439.6
405.1
372.8
304.7
307.3
300.1
289.4
266.5
262.8
239.5
218.8
203.8
185.0
170.4
174.5
171.0
185.7
176.7
199.2
198.7
198.3
184.3
181.3
187.5
187.7
193.4
183.6
181.7
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

n.a.
202.1
201.1
203.7
226.1
225.9
361.8
372.6
359.7
348.4
338.4
330.2
341.2
329.8
315.5
306.7
306.6
304.3
305.1
307.0
298.1
287.7
276.8
271.2
273.2
276.2
284.3
292.7
292.6
293.6
298.1
297.3
259.6
254.8
253.5
248.4
240.6
231.8
225.7
222.0
210.2
200.0
191.0

Mutual
funds 3, 7
(9)
n.a.
1,892.2
2,001.6
1,973.8
1,889.4
1,842.5
1,975.2
1,804.9
1,697.0
1,607.6
1,667.8
1,702.9
1,597.7
1,428.4
1,398.9
1,318.3
1,195.1
1,139.8
1,170.4
1,121.8
1,075.8
986.2
1,060.4
983.3
986.1
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

State and
Foreign
local
govern- and international 8
ments 3
(10)
(11)
n.a.
621.1
641.1
642.3
671.3
676.5
662.2
681.6
665.3
685.7
713.1
718.9
721.4
710.0
693.5
682.0
648.9
658.2
677.5
657.8
628.7
638.8
632.0
633.6
624.3
612.6
615.6
599.6
596.9
585.4
567.4
562.2
557.9
572.2
585.3
595.7
586.0
584.4
585.0
585.6
583.6
588.5
588.2

n.a.
6,638.1
6,474.9
6,269.8
6,225.9
6,225.0
6,223.4
6,211.3
6,301.9
6,151.9
6,075.3
6,006.3
6,155.9
6,279.1
6,284.4
6,146.2
6,105.9
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

Other
investors 9
(12)
n.a.
2,813.4
2,901.1
2,818.6
2,645.9
2,365.5
2,084.3
1,770.1
1,573.4
1,634.1
1,604.2
1,626.6
1,349.3
1,250.5
1,343.3
1,359.5
1,237.3
1,098.1
987.7
919.1
924.1
972.1
1,177.0
1,319.5
1,359.1
1,367.8
1,245.7
1,229.4
1,015.4
1,105.4
1,081.2
971.4
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

U.S. Treasury securities held by the Federal Employees Retirement System
Thrift Savings Plan "G Fund".
7Includes money market mutual funds, mutual funds, and closed-end investment
companies.
8Source: 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.
9 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, 2019
[Source: Bureau of the Fiscal Service]

Currency
Amounts outstanding ..............................

Total
currency
and coin
(1)

Total currency
(2)

Federal Reserve notes 1
(3)

U.S. notes
(4)

Currency no
longer issued
(5)

$1,980,490,505,418

$1,930,971,839,850

$1,930,496,229,782

$239,096,266

$236,513,802

The Treasury .......................................

263,318,696

53,096,696

52,820,369

7,505

268,822

FRBs ...................................................

217,887,973,373

216,180,513,751

216,180,510,491

10

3,250

Amounts in circulation .............................

$1,762,339,213,349

$1,714,738,229,403

$1,714,262,898,922

$239,088,751

$236,241,730

Less amounts held by:

Coins 2
Amounts outstanding ..............................

Total
(1)

Dollars 2, 3
(2)

Fractional
coins
(3)

$49,518,665,568

6,547,064,108

42,971,601,460

The Treasury .......................................

210,222,000

48,770,000

161,452,000

FRBs ...................................................

1,707,459,622

1,098,758,231

608,701,391

$47,600,983,946

$5,399,535,877

$ 42,201,448,069

Less amounts held by:

Amounts in circulation .............................

See footnotes following table USCC-2.

December 2019

54

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2019
[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination
$1 ................................................................................

Total
(1)

U.S. notes
(3)

Currency no
longer issued
(4)

$12,306,286,456

$143,503

$139,710,136

Federal Reserve notes 1
(2)

$12,446,140,095

$2 ................................................................................

2,586,417,628

2,454,945,416

131,459,718

12,494

$5 ................................................................................

15,154,938,030

15,024,815,720

107,464,310

22,658,000

$10 ..............................................................................

19,965,781,100

19,945,972,040

6,290

19,802,770

$20 ..............................................................................

183,078,152,300

183,058,053,240

3,840

20,095,220

$50 ..............................................................................

87,982,813,950

87,971,328,150

500

11,485,300

$100 ............................................................................

1,393,211,833,700

1,393,189,889,900

-

21,943,800

$500 ............................................................................

141,770,000

141,581,000

5,500

183,500

$1,000 .........................................................................

165,167,000

164,967,000

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

$ 1,714,738,229,403

$ 1,714,262,898,922

$ 239,088,751

$ 236,241,730

Amounts (in millions)
(1)

Comparative totals of currency and coins in circulation—selected dates
Sept. 30, 2019 ......................................................................................

1,762,339

Per capita 4
(2)
5,344

Aug. 31, 2019.......................................................................................

1,759,799

5,339

July 31, 2019........................................................................................

1,747,639

5,306

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

Issued on or after July 1, 1929.
Excludes coins sold to collectors at premium prices.
3 Includes $481,781,898 in standard silver dollars.
2

December 2019

4

Based on Bureau of the Census estimates of population.
value of certain partial denominations not presented for redemption.
current FRB adjustment.

5 Represents
6 Represents

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 2019

58

FOREIGN CURRENCY POSITIONS

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)

04/03/19 .................................................................

1,878,210

1,990,144

-131

1.3315

04/10/19 .................................................................

1,921,829

2,035,464

-71

1.3322

04/17/19 .................................................................

1,934,881

2,052,942

-49

1.3345

04/24/19 .................................................................

1,936,385

2,050,560

-4

1.3465

05/01/19 .................................................................

2,021,147

2,137,589

-15

1.3417

05/08/19 .................................................................

1,977,007

2,095,853

6

1.3458

05/15/19 .................................................................

1,993,609

2,111,802

2

1.3432

05/22/19 .................................................................

2,036,781

2,159,983

4

1.3417

05/29/19 .................................................................

2,085,536

2,212,497

-6

1.3533

06/05/19 .................................................................

2,160,780

2,283,173

25

1.3409

06/12/19 .................................................................

2,236,980

2,366,617

5

1.3298

06/19/19 .................................................................

1,926,183

2,050,658

-75

1.3362

06/26/19 .................................................................

2,024,538

2,151,849

-114

1.3109

07/03/19 .................................................................

1,974,322

2,093,885

-102

1.3070

07/10/19 .................................................................

2,066,456

2,182,576

-102

1.3099

07/17/19 .................................................................

1,984,337

2,096,849

-74

1.3041

07/24/19 .................................................................

2,004,821

2,115,417

n.a.

1.3134

07/31/19 .................................................................

2,091,749

2,197,628

-94

1.3143

08/07/19 .................................................................

2,063,320

2,168,726

-136

1.3330

08/14/19 .................................................................

2,058,467

2,151,315

-167

1.3320

08/21/19 .................................................................

2,088,262

2,189,435

-109

1.3275

08/28/19 .................................................................

2,200,298

2,289,870

-94

1.3299

09/04/19 .................................................................

2,245,328

2,425,336

-94

1.3248

09/11/19 .................................................................

2,297,242

2,508,967

-74

1.3199

09/18/19 .................................................................

1,959,927

2,148,529

-194

1.3283

09/25/19 .................................................................

1,984,776

2,128,300

-163

1.3279

December 2019

59

FOREIGN CURRENCY POSITIONS

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
Assets
Liabilities
(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)

2016 - Dec ...................

1,231,903

1,297,321

185,126

142,307

76,907

74,036

87,315

88,353

95

1.3426

2017 - Dec ...................

1,486,798

1,561,949

288,642

241,105

46,583

40,354

70,598

67,895

-29

1.2517

2018 - Oct. ..................

1,972,301

2,072,212

285,055

264,304

56,299

56,691

87,297

82,433

-128

1.3129

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

2,103,350

2,193,152

303,939

289,533

49,370

46,490

85,672

80,753

-90

1.3282

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

1,738,245

1,819,509

313,369

302,946

43,236

38,625

76,598

72,266

-5

1.3644

2019 – Jan. .................

2,008,147

2,191,117

344,037

268,174

50,531

44,893

87,861

83,410

-112

1.3140

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

2,136,468

2,232,228

349,319

274,883

52,447

42,902

84,833

80,561

-134

1.3166

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

1,932,204

2,026,074

485,689

473,294

49,833

41,370

85,649

79,112

-103

1.3360

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

2,021,461

2,136,768

319,065

296,271

60,011

42,893

91,248

83,485

-21

1.3427

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

2,182,404

2,299,272

344,574

324,548

65,434

47,715

96,213

89,375

-37

1.3523

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

2,022,692

2,135,708

373,241

290,861

67,300

49,043

90,126

83,223

-84

1.3091

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

2,101,493

2,197,443

367,436

281,004

58,534

50,862

87,426

79,284

-78

1.3143

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

2,225,830

2,308,280

331,241

287,894

53,891

47,801

88,109

81,851

-30

1.3290

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

1,923,578

1,994,423

332,378

281,130

51,543

46,348

75,631

67,715

-95

1.3243

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
Bought
(5)

38,266

68,203

154,935

124,039

2017 - Mar ...................

38,456

72,918

163,394

117,313

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

36,779

75,076

146,175

112,640

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

35,092

64,307

145,296

93,483

1,179

785

587

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

33,411

65,839

131,559

88,031

534

483

n.a.

2018 - Mar ...................

30,951

67,926

138,067

96,580

1,522

1,210

1,761

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

35,482

69,299

150,243

n.a.

920

1,052

3,455

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

36,139

66,217

154,540

107,071

608

493

2,173

n.a.

n.a.

1.2922

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

30,046

61,338

139,329

98,110

696

346

3,017

1,941

18

1.3644

2019 - Mar ...................

28,766

61,640

135,230

n.a.

326

276

2,650

471

2

1.3360

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

40,921

72,421

140,006

n.a.

1,254

661

n.a.

427

n.a.

1.3091

401

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Sold
(2)

2016 - Dec ...................

Liabilities
(4)

Exchange rate
(Canadian
dollars per
U.S. dollar)
(10)

Purchased
(1)

Report date

Assets
(3)

Options positions
Puts

Calls

397

2,393

n.a.

n.a.

1.3426

482

393

946

563

n.a.

1.3321

1,726

827

790

823

n.a.

1.2982

345

12

1.2509

1,372

n.a.

1.2517

n.a.

-374

1.2891

2,751

n.a.

1.3140

December 2019

60

FOREIGN CURRENCY POSITIONS

SECTION II—Japanese Yen Positions
TABLE FCP-II-1—Weekly Report of Major Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Purchased
(1)

Sold
(2)

Net options positions
(3)

Exchange
rate
(Japanese
yen per
U.S. dollar)
(4)

Spot, forward and future contracts
Report date
04/03/19 ..................................................................

562,483

574,739

31

111.48

04/10/19 ..................................................................

556,747

567,640

39

110.92

04/17/19 ..................................................................

550,783

562,000

29

112.00

04/24/19 ..................................................................

578,625

587,614

24

111.81

05/01/19 ..................................................................

589,057

600,467

31

111.18

05/08/19 ..................................................................

573,203

584,018

51

110.12

05/15/19 ..................................................................

549,702

561,592

50

109.58

05/22/19 ..................................................................

555,978

566,825

40

110.28

05/29/19 ..................................................................

571,068

580,701

39

109.24

06/05/19 ..................................................................

587,974

599,033

40

108.20

06/12/19 ..................................................................

578,271

588,891

22

108.42

06/19/19 ..................................................................

541,710

554,270

26

108.36

06/26/19 ..................................................................

576,989

588,788

15

107.64

07/03/19 ..................................................................

545,936

556,951

7

107.84

07/10/19 ..................................................................

569,502

575,748

9

108.44

07/17/19 ..................................................................

558,151

565,590

7

108.10

07/24/19 ..................................................................

568,683

573,714

-

108.08

07/31/19 ..................................................................

598,459

606,462

-8

108.58

08/07/19 ..................................................................

612,844

622,783

-

105.62

08/14/19 ..................................................................

612,877

620,193

16

105.79

08/21/19 ..................................................................

604,818

612,851

13

106.52

08/28/19 ..................................................................

629,076

637,962

15

105.86

09/04/19 ..................................................................

647,373

656,314

23

106.28

09/11/19 ..................................................................

642,859

650,106

-5

107.73

09/18/19 ..................................................................

607,542

613,624

-1

108.17

09/25/19 ..................................................................

634,086

640,417

-3

107.78

December 2019

61

FOREIGN CURRENCY POSITIONS

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)

2016 - Dec ..................

544,393

555,836

165,963

161,306

53,736

51,991

66,242

69,150

101

116.78

2017 - Dec ..................

504,078

520,500

122,567

108,990

24,449

23,590

46,603

47,891

-88

112.69

2018 - Oct. .................

608,157

616,642

120,163

97,247

37,029

37,669

61,992

63,642

139

112.86

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

654,425

667,269

120,171

97,991

34,359

34,711

57,627

58,544

76

113.54

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

563,910

575,977

148,629

116,910

32,541

33,380

53,035

53,747

122

109.70

2019 – Jan. ................

605,134

611,246

143,459

112,211

33,906

34,999

57,953

57,340

123

108.84

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

614,469

624,963

154,848

115,624

34,037

34,501

55,716

55,745

107

111.38

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

576,499

588,375

138,745

119,149

34,184

33,947

57,532

59,442

81

110.68

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

582,292

593,294

148,804

118,428

31,483

31,046

55,195

57,116

80

111.40

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

594,183

605,407

147,694

123,962

35,930

35,432

59,775

61,455

106

108.66

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

571,660

584,948

145,197

126,866

35,444

34,475

56,015

58,105

76

107.84

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

605,719

615,544

141,232

117,120

35,056

35,194

54,776

55,999

48

108.58

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

628,311

637,786

148,876

126,595

38,487

40,331

59,132

59,722

61

106.30

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

625,867

633,319

164,472

128,867

34,556

36,283

56,576

57,269

25

108.11

TABLE FCP-II-3—Quarterly Report of Large Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date
2016 - Dec ...................

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)
7,108

5,182

Foreign currency
denominated
Assets
Liabilities
(3)
(4)
7,472

6,167

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)

352

303

1,006

912

n.a.

116.78

2017 - Mar ...................

9,579

6,990

8,034

6,134

420

486

841

554

-1

111.41

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

8,848

7,755

6,915

6,245

n.a.

438

539

386

-1

112.40

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

6,536

6,008

7,693

6,769

800

670

609

n.a.

46

112.64

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

6,451

6,017

7,824

6,224

n.a.

373

537

n.a.

3

112.69

2018 - Mar ...................

7,528

5,557

8,133

5,332

n.a.

568

568

312

-1

106.20

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

8,528

6,807

8,813

6,062

371

432

446

259

-4

110.71

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

8,632

8,294

9,056

6,455

432

518

387

145

-9

113.48

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

8,255

5,873

8,065

6,269

489

505

440

153

49

109.70

2019 - Mar ...................

7,770

7,173

9,217

6,776

276

500

423

120

3

110.68

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

7,926

6,568

9,292

6,476

480

495

618

179

-38

107.84

December 2019

62

FOREIGN CURRENCY POSITIONS

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)

04/03/19 ..................................................................

907,760

944,329

175

0.9970

04/10/19 ..................................................................

873,258

917,455

208

1.0019

04/17/19 ..................................................................

868,634

910,216

296

1.0099

04/24/19 ..................................................................

861,957

903,056

290

1.0184

05/01/19 ..................................................................

924,618

967,241

313

1.0137

05/08/19 ..................................................................

884,603

920,804

303

1.0181

05/15/19 ..................................................................

890,404

938,100

299

1.0090

05/22/19 ..................................................................

903,847

946,669

306

1.0090

05/29/19 ..................................................................

912,860

961,425

296

1.0066

06/05/19 ..................................................................

1,004,106

1,049,197

260

0.9919

06/12/19 ..................................................................

1,035,731

1,080,540

272

0.9944

06/19/19 ..................................................................

896,539

943,293

234

0.9960

06/26/19 ..................................................................

981,208

1,041,842

210

0.9760

07/03/19 ..................................................................

940,941

1,005,122

219

0.9864

07/10/19 ..................................................................

973,751

1,041,787

256

0.9892

07/17/19 ..................................................................

941,110

999,049

272

0.9870

07/24/19 ..................................................................

985,319

1,038,109

294

0.9854

07/31/19 ..................................................................

1,001,043

1,057,742

293

0.9902

08/07/19 ..................................................................

1,019,811

1,081,320

354

0.9708

08/14/19 ..................................................................

1,046,516

1,112,291

322

0.9736

08/21/19 ..................................................................

1,086,333

1,140,166

322

0.9816

08/28/19 ..................................................................

1,118,837

1,178,469

316

0.9807

09/04/19 ..................................................................

1,176,143

1,232,435

n.a.

0.9817

09/11/19 ..................................................................

1,219,615

1,272,201

n.a.

0.9933

09/18/19 ..................................................................

1,051,577

1,108,981

n.a.

0.9950

09/25/19 ..................................................................

1,087,234

1,142,869

n.a.

0.9909

December 2019

63

FOREIGN CURRENCY POSITIONS

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
2016 - Dec ...................

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)
856,367

886,180

95,226

75,142

Calls
Bought
(5)
71,537

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Exchange rate
Net delta (Swiss francs per
equivalent
U.S. dollar)
(9)
(10)

71,228

91,631

91,542

n.a.

1.0160

2017 - Dec ...................

802,799

840,898

108,582

88,094

46,025

44,500

79,500

79,164

139

0.9738

2018 - Oct. ..................

1,005,618

1,041,500

99,519

71,698

52,501

49,847

91,974

88,355

n.a.

1.0057

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

1,117,061

1,162,679

93,743

68,314

47,514

47,221

82,957

77,005

n.a.

0.9987

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

903,658

958,551

140,373

74,358

41,440

40,908

71,023

66,935

n.a.

0.9832

2019 – Jan. .................

952,015

1,036,320

110,522

74,672

41,418

38,629

76,378

73,015

n.a.

0.9938

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

1,018,227

1,069,995

123,326

86,978

40,250

37,296

76,260

73,824

n.a.

0.9974

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

975,496

1,023,289

115,202

89,181

43,406

40,066

77,792

74,693

n.a.

0.9962

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

934,384

991,240

118,813

83,548

44,305

41,186

78,202

75,617

198

1.0200

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

1,028,678

1,085,179

110,214

80,443

45,064

42,094

78,182

74,937

211

1.0034

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

1,034,100

1,092,763

121,387

84,378

46,932

44,671

78,949

76,146

196

0.9758

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

1,044,955

1,110,099

108,481

80,955

45,803

43,353

81,783

78,713

n.a.

0.9902

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

1,176,726

1,236,996

117,737

86,107

47,361

45,022

85,064

81,028

n.a.

0.9899

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

1,103,273

1,162,940

127,727

99,564

45,236

41,885

78,832

75,036

n.a.

0.9978

TABLE FCP-III-3—Quarterly Report of Large Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date
2016 - Dec ...................

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

14,939

14,888

98,271

2017 - Mar ...................

16,299

18,151

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

14,015

16,797

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

16,715

Calls
Bought
(5)

16,029

-

73,924

16,435

n.a.

15,161

14,386

n.a.

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(Swiss francs per
U.S. dollar)
(10)

n.a.

n.a.

1.0160

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

0.9998

-

n.a.

n.a.

n.a.

-

0.9586

18,437

47

25

n.a.

n.a.

n.a.

0.9688

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

13,981

15,244

137,271

21,087

n.a.

n.a.

n.a.

n.a.

n.a.

0.9738

2018 - Mar ...................

16,766

16,882

n.a.

16,258

n.a.

n.a.

n.a.

n.a.

n.a.

0.9532

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

16,890

20,470

142,369

20,256

447

n.a.

n.a.

18

8

0.9922

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

19,130

19,387

123,956

18,990

1,571

n.a.

n.a.

n.a.

n.a.

0.9758

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

15,097

18,571

n.a.

21,413

n.a.

n.a.

n.a.

n.a.

n.a.

0.9832

2019 - Mar ...................

22,347

25,493

116,641

17,824

n.a.

n.a.

1,002

n.a.

n.a.

0.9962

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

16,719

25,523

111,497

16,828

n.a.

n.a.

n.a.

n.a.

n.a.

0.9758

December 2019

64

FOREIGN CURRENCY POSITIONS

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)

04/03/19 ..................................................................

2,977,041

3,140,080

-118

1.3181

04/10/19 ..................................................................

2,989,616

3,144,862

-194

1.3100

04/17/19 ..................................................................

2,896,526

3,053,362

-249

1.3036

04/24/19 ..................................................................

2,914,780

3,063,655

-124

1.2947

05/01/19 ..................................................................

3,126,335

3,275,274

-99

1.3091

05/08/19 ..................................................................

2,968,793

3,111,362

-134

1.3014

05/15/19 ..................................................................

2,918,933

3,065,344

-176

1.2878

05/22/19 ..................................................................

3,073,930

3,204,071

-193

1.2674

05/29/19 ..................................................................

3,093,536

3,233,150

-203

1.2631

06/05/19 ..................................................................

3,060,936

3,205,210

-158

1.2706

06/12/19 ..................................................................

3,214,096

3,359,608

-187

1.2693

06/19/19 ..................................................................

2,934,397

3,078,121

-127

1.2625

06/26/19 ..................................................................

3,110,831

3,254,398

-136

1.2697

07/03/19 ..................................................................

2,947,977

3,112,877

-125

1.2568

07/10/19 ..................................................................

3,030,488

3,204,374

-132

1.2507

07/17/19 ..................................................................

2,963,782

3,129,409

-112

1.2438

07/24/19 ..................................................................

3,071,831

3,231,558

-153

1.2498

07/31/19 ..................................................................

3,300,706

3,465,120

-226

1.2220

08/07/19 ..................................................................

3,110,674

3,247,678

-228

1.2158

08/14/19 ..................................................................

3,206,810

3,347,768

-251

1.2068

08/21/19 ..................................................................

3,169,692

3,323,138

-185

1.2142

08/28/19 ..................................................................

3,387,442

3,547,104

-177

1.2248

09/04/19 ..................................................................

3,396,040

3,566,566

-152

1.2190

09/11/19 ..................................................................

3,494,735

3,657,458

-143

1.2329

09/18/19 ..................................................................

3,257,520

3,443,761

-184

1.2478

09/25/19 ..................................................................

3,374,786

3,546,099

-177

1.2363

December 2019

65

FOREIGN CURRENCY POSITIONS

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
(3)
(4)

Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Calls

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

2016 - Dec ................... 2,634,404

2,776,318

843,327

802,250

93,749

86,150

122,705

123,603

289

1.2337

2017 - Dec ................... 2,423,244

2,623,676

926,696

893,568

117,539

122,752

76,952

84,254

n.a.

1.3529

2018 - Oct. .................. 3,049,957

3,242,052

867,443

801,628

159,596

154,111

107,455

100,852

-25

1.2779

Nov .................. 3,194,276

3,390,525

869,880

836,790

193,216

192,777

120,934

114,656

-42

1.2772

Dec .................. 2,689,988

2,890,865

1,007,091

949,828

140,974

136,398

113,570

106,149

-93

1.2763

2019 – Jan. ................. 3,045,921

3,254,190

997,584

955,082

n.a.

n.a.

137,273

131,860

-50

1.3135

Feb .................. 3,275,482

3,442,418

970,893

965,259

199,014

199,124

139,245

135,702

-137

1.3274

Mar .................. 3,227,245

3,419,644

1,000,478

996,831

198,387

199,967

141,230

140,648

-133

1.3032

Apr. .................. 3,169,915

3,315,090

1,002,569

993,808

140,329

142,290

93,057

91,047

-171

1.3030

May.................. 3,315,203

3,454,978

1,042,948

1,003,506

116,239

116,843

96,352

85,658

-226

1.2620

June................. 3,105,878

3,303,765

991,342

967,864

105,432

105,933

95,688

84,616

-158

1.2704

July. ................. 3,370,422

3,555,791

1,072,131

1,098,415

123,623

120,031

104,045

108,105

-247

1.2220

Aug .................. 3,427,619

3,610,873

1,098,181

1,092,586

133,180

131,394

103,300

108,108

-160

1.2166

Sept ................. 3,334,161

3,542,552

1,119,621

1,069,620

158,814

159,851

105,636

103,805

-194

1.2305

TABLE FCP-IV-3—Quarterly Report of Large Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

2016 - Dec ...................

28,041

50,392

166,414

66,551

n.a.

428

2,686

1,577

4

1.2337

2017 - Mar ...................

32,627

57,900

173,010

73,491

1,446

n.a.

2,643

1,825

-20

1.2537

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

31,555

58,169

200,516

65,150

1,498

1,355

2,837

1,910

50

1.2995

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

34,429

63,757

199,533

58,382

1,369

1,380

2,032

1,755

81

1.3402

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

25,399

53,184

191,984

55,362

n.a.

n.a.

n.a.

n.a.

47

1.3529

2018 - Mar ...................

30,475

53,016

199,384

59,382

981

1,011

2,162

n.a.

41

1.4027

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

29,048

52,235

194,834

55,851

1,208

1,396

2,551

n.a.

-26

1.3197

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

41,040

58,126

201,492

60,050

1,700

1,559

2,739

2,481

33

1.3053

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

35,192

56,491

196,698

56,905

7,323

5,123

2,941

2,060

118

1.2763

2019 - Mar ...................

34,141

55,988

212,271

66,402

5,781

4,704

1,953

1,594

39

1.3032

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

32,571

58,991

204,636

61,026

1,313

1,600

1,822

1,184

-35

1.2704

December 2019

66

FOREIGN CURRENCY POSITIONS

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
Purchased
Sold
(1)
(2)

Net options
positions
(3)

Exchange
rate
(4)

04/03/19 ................................................................

27,343,001

26,606,566

206

n.a.

04/10/19 ................................................................

27,609,878

26,835,335

152

n.a.

04/17/19 ................................................................

27,169,574

26,455,675

379

n.a.

04/24/19 ................................................................

27,420,449

26,696,183

231

n.a.

05/01/19 ................................................................

28,321,071

27,635,420

619

n.a.

05/08/19 ................................................................

27,394,490

26,757,696

64

n.a.

05/15/19 ................................................................

27,229,242

26,598,312

7

n.a.

05/22/19 ................................................................

27,947,769

27,234,512

127

n.a.

05/29/19 ................................................................

28,622,824

27,902,713

-100

n.a.

06/05/19 ................................................................

29,465,422

28,722,062

-563

n.a.

06/12/19 ................................................................

30,418,785

29,624,115

-356

n.a.

06/19/19 ................................................................

27,329,070

26,559,040

-1,125

n.a.

06/26/19 ................................................................

28,706,737

27,880,463

-1,263

n.a.

07/03/19 ................................................................

27,490,156

26,661,818

-3,042

n.a.

07/10/19 ................................................................

28,630,121

27,835,927

-3,427

n.a.

07/17/19 ................................................................

27,889,504

27,124,715

-7,143

n.a.

07/24/19 ................................................................

28,237,712

27,529,760

n.a.

n.a.

07/31/19 ................................................................

29,190,026

28,431,513

n.a.

n.a.

08/07/19 ................................................................

29,130,358

28,422,037

n.a.

n.a.

08/14/19 ................................................................

29,341,011

28,666,998

n.a.

n.a.

08/21/19 ................................................................

29,255,754

28,511,962

n.a.

n.a.

08/28/19 ................................................................

30,439,649

29,684,422

n.a.

n.a.

09/04/19 ................................................................

31,270,866

30,406,838

n.a.

n.a.

09/11/19 ................................................................

31,768,527

30,906,311

n.a.

n.a.

09/18/19 ................................................................

28,380,532

27,498,510

n.a.

n.a.

09/25/19 ................................................................

28,832,045

28,025,451

n.a.

n.a.

December 2019

67

FOREIGN CURRENCY POSITIONS

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
(3)
(4)

Options positions
Puts
Bought
Written
(7)
(8)

Calls
Bought
(5)

Written
(6)
2,263,923

1,522,790

2016 - Dec .............. 24,428,323

23,781,344

-

-

2,238,378

Net delta
equivalent
(9)

Exchange
rate
(10)

1,502,724

-8,477

n.a.

2017 - Dec .............. 22,947,777

22,020,668

-

-

1,381,708

1,385,483

1,129,488

1,104,281

-217

n.a.

2018 - Oct. ............. 28,034,953

27,250,201

-

-

1,808,732

1,782,706

1,466,629

1,437,620

654

n.a.

Nov ............. 30,070,310

29,297,565

-

-

1,751,890

1,729,057

1,505,681

1,483,572

477

n.a.

Dec ............. 25,392,480

24,612,467

-

-

1,523,947

1,488,815

1,300,684

1,276,938

1,281

n.a.

2019 – Jan. ............ 28,153,345

26,817,450

-

-

1,581,411

1,519,164

1,388,454

1,354,611

281

n.a.

Feb ............. 29,141,143

28,325,390

-

-

1,612,538

1,562,054

1,436,922

1,403,943

505

n.a.

Mar ............. 27,788,010

26,936,972

-

-

1,630,632

1,581,428

1,465,592

1,412,243

434

n.a.

Apr. ............. 27,616,883

26,839,549

-

-

1,582,336

1,839,408

1,356,414

1,316,661

312

n.a.

May............. 29,276,005

28,458,773

-

-

1,754,795

1,686,563

1,357,582

1,319,015

213

n.a.

June............ 28,149,837

27,217,934

-

-

1,664,320

1,612,362

1,349,305

1,298,206

-1,095

n.a.

July. ............ 28,974,200

28,087,963

-

-

1,611,605

1,564,197

1,337,246

1,303,182

-1,208

n.a.

Aug ............. 29,993,056

29,138,644

-

-

1,745,063

1,661,092

1,352,157

1,352,572

-654

n.a.

Sept ............ 28,535,400

27,699,856

-

-

1,614,940

1,602,966

1,281,671

1,251,777

-948

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
Assets
Liabilities
(3)
(4)

Calls
Bought
Written
(5)
(6)

Options positions
Puts
Bought
Written
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)
n.a.

2016 - Dec ..................

389,471

318,849

-

-

31,554

21,574

15,484

23,106

4,224

2017 - Mar ..................

431,337

407,589

-

-

28,169

17,729

20,518

20,835

1,350

n.a.

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

425,050

402,427

-

-

21,559

14,688

16,157

19,475

1,982

n.a.

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

409,209

386,483

-

-

23,061

17,456

25,252

25,799

5,034

n.a.

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

413,086

391,712

-

-

22,767

13,886

11,689

15,952

3,468

n.a.

2018 - Mar ..................

409,805

388,908

-

-

22,041

14,030

17,127

23,531

2,909

n.a.

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

453,783

396,708

-

-

27,521

21,915

18,996

22,059

3,559

n.a.

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

460,821

345,464

-

-

23,367

20,128

14,757

15,794

3,811

n.a.

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

427,106

370,983

-

-

23,014

25,224

26,202

25,804

2,684

n.a.

2019 - Mar ..................

433,583

325,132

-

-

21,089

21,385

21,276

20,719

1,955

n.a.

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

453,672

345,806

-

-

21,824

18,975

21,406

18,710

2,436

n.a.

December 2019

68

FOREIGN CURRENCY POSITIONS

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)

04/03/19 .............................................................................

7,246,647

7,398,087

-326

0.8895

04/10/19 .............................................................................

7,294,947

7,462,305

-573

0.8876

04/17/19 .............................................................................

7,109,290

7,274,039

-446

0.8852

04/24/19 .............................................................................

7,119,299

7,291,530

-564

0.8935

05/01/19 .............................................................................

7,593,632

7,776,290

-511

0.8892

05/08/19 .............................................................................

7,112,117

7,254,810

-569

0.8924

05/15/19 .............................................................................

7,091,967

7,269,213

-603

0.8922

05/22/19 .............................................................................

7,237,618

7,418,911

-596

0.8964

05/29/19 .............................................................................

7,343,142

7,515,655

-661

0.8980

06/05/19 .............................................................................

7,507,394

7,687,811

-325

0.8895

06/12/19 .............................................................................

7,812,664

8,019,739

-430

0.8842

06/19/19 .............................................................................

7,049,521

7,213,831

-632

0.8917

06/26/19 .............................................................................

7,381,935

7,565,704

-265

0.8780

07/03/19 .............................................................................

7,002,065

7,211,708

-446

0.8869

07/10/19 .............................................................................

7,457,138

7,656,818

-458

0.8881

07/17/19 .............................................................................

7,295,161

7,483,293

-391

0.8903

07/24/19 .............................................................................

7,433,476

7,618,070

-419

0.8976

07/31/19 .............................................................................

7,712,821

7,903,873

-390

0.8985

08/07/19 .............................................................................

7,473,375

7,640,076

-262

0.8900

08/14/19 .............................................................................

7,549,299

7,707,380

-342

0.8973

08/21/19 .............................................................................

7,661,248

7,858,104

-433

0.9011

08/28/19 .............................................................................

7,943,691

8,147,325

-187

0.9022

09/04/19 .............................................................................

8,397,582

8,633,313

-160

0.9070

09/11/19 .............................................................................

8,471,961

8,698,635

-150

0.9090

09/18/19 .............................................................................

8,033,979

8,230,540

-160

0.9041

09/25/19 .............................................................................

8,189,631

8,369,529

-280

0.9133

December 2019

69

FOREIGN CURRENCY POSITIONS

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
(3)
(4)

Bought
(5)

Written
(6)

Calls

Options positions
Puts
Bought
Written
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2016 - Dec ................... 7,257,059

7,454,411

2,288,818

2,253,384

424,184

420,117

671,763

677,997

2,729

0.9477

2017 - Dec ................... 6,140,523

6,462,865

2,184,607

2,013,841

514,987

502,218

334,292

341,940

1,078

0.8318

2018 - Oct. .................. 7,623,833

7,854,980

2,001,726

1,851,558

580,474

575,787

452,874

443,859

706

0.8825

Nov .................. 8,223,877

8,417,443

2,140,096

1,977,647

585,145

587,287

438,586

432,353

534

0.8832

Dec .................. 6,855,887

7,081,645

2,342,011

2,797,839

504,551

499,156

366,025

351,874

654

0.8729

2019 – Jan. ................. 7,614,568

7,785,062

2,408,851

2,860,784

533,299

527,125

399,161

381,167

644

0.8731

Feb .................. 7,969,397

8,194,567

2,285,143

2,908,559

511,692

503,844

429,346

416,955

348

0.8788

Mar .................. 7,656,329

7,863,511

2,449,565

3,107,815

527,745

510,394

445,727

435,873

341

0.8906

Apr. .................. 7,505,497

7,742,184

2,468,047

3,084,871

516,150

506,554

433,560

414,440

247

0.8928

May.................. 7,782,004

7,995,132

2,548,407

2,720,992

517,166

506,370

423,223

402,692

242

0.8969

June................. 7,488,424

7,703,732

2,503,573

2,452,292

549,949

536,835

396,163

385,268

352

0.8792

July. ................. 7,902,432

8,132,971

2,646,626

2,932,669

535,896

523,093

421,509

411,597

129

0.8985

Aug .................. 8,235,457

8,458,187

2,865,272

3,145,743

533,084

519,600

431,265

424,325

76

0.9100

Sept ................. 8,125,696

8,312,707

2,720,954

2,936,079

515,802

542,956

442,940

436,676

-48

0.9170

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
(3)
(4)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2016 - Dec ...................

132,047

123,382

352,547

221,574

5,059

3,453

17,431

9,210

-392

0.9477

2017 - Mar ...................

145,378

146,517

374,527

245,027

9,239

7,718

15,482

8,084

197

0.9347

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

170,683

151,125

421,092

237,263

9,781

8,505

9,977

4,992

n.a.

0.8763

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

138,547

134,715

418,632

224,298

13,624

13,030

11,161

6,860

n.a.

0.8465

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

132,848

141,002

424,027

221,785

7,219

5,647

6,446

3,750

1,410

0.8318

2018 - Mar ...................

121,906

133,637

438,501

239,147

7,782

8,243

11,826

7,446

n.a.

0.8117

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

127,433

149,132

420,024

228,919

9,337

9,142

15,583

10,718

-38

0.8564

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

148,337

150,159

420,886

233,535

6,139

6,305

13,161

7,093

n.a.

0.8604

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

120,771

151,638

403,637

243,374

9,724

9,224

14,938

10,156

219

0.8729

2019 - Mar ...................

111,748

142,999

389,681

221,676

6,158

6,074

12,830

8,899

n.a.

0.8906

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

135,915

150,900

408,853

240,502

7,475

5,406

7,338

4,434

n.a.

0.8792

December 2019

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, 2019, and September 30, 2019
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

June 30, 2019

July 1, 2019,
through
Sept. 30, 2019

22,558,264
50,898,119

64,179
(921,761)

22,622,443
49,976,358

12,438,687
8,670,524
153,688
94,719,282

(491,866)
(21,549)
(25,986)
(1,396,983)

11,946,821
8,648,975
127,702
93,322,299

Liabilities and capital
Current liabilities:
Accounts payable.................................................................
Total current liabilities ......................................................

90,508
90,508

(15,539)
(15,539)

74,969
74,969

Other liabilities:
SDR certificates ...................................................................
SDR allocations ...................................................................
Total other liabilities .........................................................

5,200,000
49,096,213
54,296,213

(949,992)
(949,992)

5,200,000
48,146,221
53,346,221

Capital:
Capital account ....................................................................
Net income -+ or loss -- -see Table ESF-2 ..........................
Total capital......................................................................
Total liabilities and capital ............................................

200,000
693,760
40,332,561
94,719,282

(431,452)
(431,452)
(1,396,983)

200,000
262,308
39,901,109
93,322,299

Assets, liabilities, and capital
Assets
U.S. dollars:
Held with Treasury:
Fund Balance ...................................................................
U.S. Government securities .............................................
Special drawing rights 1 ...........................................................
Foreign exchange and securities:
European euro .....................................................................
Japanese yen.......................................................................
Accounts receivable .................................................................
Total assets..........................................................................

See footnote on the following page.

December 2019

Sept. 30, 2019

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, 2019,
through
Sept. 30, 2019

Fiscal year to date
Oct. 1, 2018
through
Sept. 30, 2019

Income and expense

Profit -+ or loss-- on:

Foreign exchange ..........................................................

(511,935)

(203,000)

Adjustment for change in valuation
of SDR holdings and allocations 1 ....................................

(35,481)

(41,376)

SDRs ..............................................................................

4,135

17,874

U.S. Government securities ...........................................

120,301

518,893

Foreign exchange ..........................................................

(8,472)

(30,083)

Income from operations .................................................

(431,452)

262,308

Net income (+) or loss (-) ...........................................

(431,452)

262,308

Net income (+) or loss (-):

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 2019

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 2020) ..............................................................................................................

80

less:
Cash balance (fiscal year 2020) .........................................................................................................................................................................................

14

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................

66

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024) ............................................................................................................................

151

Mass Transit Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) ..............................................................................................................

31

less:
Cash balance (fiscal year 2020) .........................................................................................................................................................................................

4

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................

27

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024) ...........................................................................................................................

26

Note—Detail may not add due to rounding.

Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94.

December 2019

76

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.
The basic forms of budget authority are appropriations,
authority to borrow, contract authority, and authority to
obligate and expend offsetting receipts and collections. The
period of time during which Congress makes funds available
may be specified as 1-year, multiple-year, or no-year. The
available amount may be classified as either definite or
indefinite; a specific amount or an unspecified amount can
be made available. Authority also may be classified as
current or permanent. Permanent authority requires no
current action by Congress.
Budget deficit—The total, cumulative amount by which
budget outlays (spending) exceed budget receipts (income).
Cash management bills (PDO-1)—Marketable Treasury
bills of irregular maturity lengths, sold periodically to fund
short-term cash needs of Treasury. Their sale, having higher
minimum and multiple purchase requirements than those of
other issues, is generally restricted to competitive bidders.
Competitive tenders (“Treasury Financing Operations”)—
A bid to purchase a stated amount of one issue of Treasury
securities at a specified yield or discount. The bid is accepted
if it is within the range accepted in the auction. (See
Noncompetitive tenders.)

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 Continuing
Appropriations Act, 2018 and Bipartisan Budget Act, 2018,
Public Law 115-119, the Statutory Debt Limit was suspended
through March 1, 2019.
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.
Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to
the Resolution Funding Corporation (RFC) for investment of
funds authorized under section 21B of the Federal Home Loan
Bank Act (12 United States Code 1441b).
Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and
receipts both occur within the same Federal fund group
(Federal funds or trust funds).
Federal Reserve notes (USCC)—Issues by the U.S.
Government to the public through the Federal Reserve banks
and their member banks. They represent money owed by the
Government to the public. Currently, the item “Federal
Reserve notes—amounts outstanding” consists of new series
issues. The Federal Reserve note is the only class of currency
currently issued.

Currency no longer issued (USCC)—Old and new series
gold and silver certificates, Federal Reserve notes, national
bank notes, and 1890 Series Treasury notes.

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.

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

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

December 2019

GLOSSARY

Treasury to a specific Government agency, trust fund, or
account. Their rate is based on an average of market yields on
outstanding Treasury obligations, and they may be redeemed
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).

77

Receipts (“Federal Fiscal Operations”)—Funds collected
from selling land, capital, or services, as well as collections
from the public (budget receipts), such as taxes, fines, duties,
and fees.
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.

December 2019

78

GLOSSARY

Treasury bills—The shortest term Federal security (maturity
dates normally varying from 3 to 12 months), are sold at a
discount.
Trust fund transaction (“Federal Fiscal Operations”)—
An intrabudgetary transaction in which both payments and
receipts occur within the same trust fund group.

December 2019

United States—Includes the 50 States, District of Columbia,
Commonwealth of Puerto Rico, American Samoa, Midway
Island, Virgin Islands, Wake Island, and all other territories
and possessions.
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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