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TREASURY BULLETIN
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Winter Issue

March 1988
Office of the Secretary

Compiled by

Department of the Treasury
Washington, D.C.

Financial
Service

Management

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Bulletin

TREASURY BULLETIN

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

The Treasury Bulletin is
U.S. Government

for sale by the

Printing Office,

Compiled by
Financial
Service

Management

Superintendent of Documents,
Washington, D.C. 20402

/n this issue

Items of Special Interest:

TAX POLICY
•

Recent Congressional Reports and
Tax Policy (Page 3)
A

listing

Staff

Working Papers by

the Office of

of research studies pertaining to important current and anticipated tax policy issues,

particularly related to the recent tax reform effort.

•

Excerpts from "The Impact of the Tax Reform Act of 1986 on Trade and
Capital Flows" (Page 5)

analysis of the international implications of lax reform, based on a general equilibrium
the rest of the world.

model of the United States and

FEDERAL AGENCIES' FINANCIAL REPORTS
•

Report on Cash Flow (Page

99)

A report reconciling the fund balance with Treasury and cash at the beginning of the fiscal year
with the balances at the end of the fiscal year.
•

Report on
A

Reconciliation (Page 107)

report reconciling operating expenses

and cash outlays for

the fiscal year.

TRUST FUNDS
•

Asbestos Trust Fund (Page 165)

•

Harbor Maintenance Trust Fund

•

Leaking Underground Storage Tank Trust Fund (Page

•

Receipts and Outlays, Airport and Airway Trust Fund, Fiscal Years 1983-87
(Chart, Page 164)

•

Receipts and Outlays, Highway Trust Fund, Fiscal Years 1983-87 (Chart,
Page 171)

•

Receipts and Outlays of Five Major Trust Funds,
Page 162)

(Page 167)

Fiscal

172)

Year 1987 (Chart,

Contents
WINTER ISSUE, MARCH 1988

TREASURY ISSUES
Page

TAX POLICY
Recent congressional reports and

staff

working papers by the Office of Tax Policy

Excerpts from "Tfie Impact of the Tax Reform Act of 1986 on Trade and Capital Flows"

FINANCIAL OPERATIONS
FEDERAL FISCAL OPERATIONS
Analysis. --Budget results for the

FFO-1 -Summary

first

quarter, fiscal

988

of fiscal operations

Chart-Monthly receipts and outlays

FFO-2.-On-budget and off-budget receipts by source

Chart— Budget receipts by source
FFO-3— On-budget and off-budget outlays by agency

FFO-4— Summary

of internal

20
22

revenue collections by States and other areas

FEDERAL OBLIGATIONS
FO-1 .-Gross obligations incurred within and outside the Federal Government by object class

FO-2. -Gross obligations incurred outside the Federal Government by department or agency

Chart.-Gross Federal obligations; gross Federal obligations incurred outside the Federal Government

ACCOUNT OF THE

U.S.

UST-1 -Elements

changes

TREASURY
in

Federal Reserve and tax and loan note account balances

FEDERAL DEBT
FD-1. -Summary of Federal debt

FD-2.-lnterest-bearing public debt

FD-3. -Government account series

FD-4. -Interest-bearing securities Issued by

Government agencies

FD-5.-Maturity distribution and average length of marketable interest-bearing public debt held by private investors

Chart— Average length of the marketable debt
Chart— Private holdings of Treasury marketable debt by maturity
FD-7— Treasury holdings of securities issued by Government corporations and other agencies

32
32
33
34
35

TREASURY FINANCING OPERATIONS

FD-6.-Debt subject

to statutory limitation

PUBLIC DEBT OPERATIONS
PDO-1

.-Maturity schedule of Interest-bearing marketable public debt securities other than regular weekly

Treasury

bills

PDO-2.-Offerings of

PDO-3. -Public

outstanding

bills

offerings of marketable securities other than regular

PDO-4. -Allotments by investor classes

for public

weekly Treasury

marketable securities

bills

and 52-week
40
42
44
46
III

Contents
Page
U.S.

SAVINGS BONDS AND NOTES

SBN-1 --Sales and redemptions by

SBN-2— Sales and

SBN-3 -Sales and redemptions by

series, cumulative

redemptions by period,

all

senes

of savings t>onds

and

period, series E, EE, H,

and notes combined

OWNERSHIP OF FEDERAL SECURITIES
OFS-1. -Distribution

of Federal securities by class of investors

OFS-2— Estimated ownership

of public

and type

of issues

debt securities by private investors

MARKET YIELDS
fv1BY-1

-Treasury market bid yields at constant maturities;

bills,

notes,

53
54
55
56

and bonds

Chart— Yields of Treasury securities
AY- 1. -Average yields of long-term Treasury, corporate, and municipal bonds by period
Chart-Average yields of long-term Treasury, corporate, and municipal bonds

FEDERAL AGENCIES' FINANCIAL REPORTS
FA- 1 --Report on financial position

Chart— Total assets, liabilities, and Government equity
Chart— Accrual financial and operating information
Chan. -Total assets and liabilities
FA-2. --Direct and guaranteed loans
Chart— Direct and guaranteed loans
FA-3 --Report on accounts and loans receivable due from the
Chart— Accounts receivable
Chart-Loans receivable

FA-4.-- Report

67
68
72
73
89
90

public

on operations

FA-5 --Report on cash flow

FA-6. -Report on reconciliation

107

INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1— U.S. reserve assets

113

IFS-2. -Selected U.S. liabilities to foreigners

114

IFS-3— Nonmarketable US. Treasury bonds and notes issued to official
IFS-4 -Weighted average of exchange rate changes for the dollar

institutions

and other residents

of foreign countries

114

115

CAPITAL I^OVEf^^ENTS
LIABILITIES

TO FOREIGNERS REPORTED BY BANKS

CM-l-1. -Total

liabilities

Chart— Liabilities

THE UNITED STATES

by type of holder

118

to foreigners

CI^-l-2— Total

liabilities

-Total

liabilities

by country

121

CI^-l-4— Total

liabilities

by type and country

122

ClVl-l-3.

CLAIf^S

by type, payable

dollars

ON FOREIGNERS REPORTED BY BANKS

Cfi^-ll-1— Total claims by type

THE UNITED STATES
123

Contents
Page
Chart.--Claims on foreigners

CM-ll-2. -Total claims by country

SUPPLEMENTARY

LIABILITIES TO,

and country reported by banks

the United States

AND CUIMS DATA REPORTED BY BANKS

LIABILITIES

CM-lll-1.-Dollar claims on

125

CM-ll-3. -Total claims on foreigners by type

126

THE UNITED STATES

nonbank foreigners

127

AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES

THE UNITED STATES
CM-IV-1. -Total

liabilities

and claims by type

128

CM-IV-2.-Total

liabilities

by country

CM-IV-3. -Total

liabilities

by type and country

CM-IV-4. -Total claims by country

131

CM-IV-5.-Total claims by type and country

132

TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
THE UNITED STATES
CM-V-1. -Foreign purchases and sales of long-term domestic securities by type

CM- V-2. -Foreign purchases and
CM-V-3.-Net

Chart— Net purchases

133

sales of long-term foreign securities by type

foreign transactions

of long-term

133

long-term domestic securities by type and country

134

domestic securities by selected countries

CM-V-4. -Foreign purchases and sales

of long-term securities,

CM-V-5.-Foreign purchases and sales of long-term

securities,

135

by type and country,

latest

date

136

by type and country,

latest year

137

FOREIGN CURRENCY POSITIONS

SUMMARY POSITIONS
FCP-l-1 -Nonbanking firms' positions

139

FCP-l-2.-Weekly bank positions

139

CANADIAN DOLLAR POSITIONS
FCP-ll-1

-Nonbanking

firms' positions

FCP-ll-2.-Weekly bank positions

140
140

GERMAN MARK POSITIONS
FCP-lll-1. -Nonbanking firms' positions

141

FCP-lll-2.-Weekly bank positions

141

JAPANESE YEN POSITIONS
FCP-IV-1 .-Nonbanking

firms' positions

FCP-IV-2. -Weekly bank positions

142

SWISS FRANC POSITIONS
FCP-V-1 —Nonbanking

firms' positions

FCP-V-2.-Weekly bank positions

143
143

Contents
Page

STERLING POSITIONS
FCP-VI-l.-Nonbanking

144

firms' positions

144

FCP-VI-S. --Weekly bank positions

US. DOLLAR POSITIONS ABROAD
FCP-VII-l.-Nonbanking

firms' foreign subsidiaries' positions

145
145

FCP-VII-2 "Weekly bank foreign office positions

EXCHANGE STABILIZATION FUND
148

ESF-1 -Balance sheet
ESF-2.-lncome and expense

148

SPECIAL REPORTS
STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS OF THE UNITED STATES GOVERNMENT
AS OF SEPT. 30, 1987

151

TRUST FUNDS
Chart— Receipts and outlays of five major trust funds, fiscal year 1987
and airway trust fund
Chart-Receipts and outlays, airport and airway trust fund, fiscal years 1983-87
Airport

Asbestos

162
1

164
1

Black lung disability trust fund

Harbor maintenance

trust

fund

trust

fund

Hazardous substance superfund

Highway

trust

168

fund

169

Chart— Receipts and outlays, highway
Inland waterways trust fund
Leaking underground storage tank

trust fund, fiscal

years 1983-87

fund

Nuclear waste fund

Reforestation trust fund

U.S.

trust

CURRENCY AND COIN OUTSTANDING AND

Note.-Detaiis of figures

Abbreviations:

may

not

add

to totals

CIRCULATION

t)ecause of rounding.

represents Revised, p Preliminary, n.a. Not available.

VII

Nonquarterly Tables and Reports
For the convenience of the Treasury
in which they appear.

Bulletin user, nonquarterly tables

and reports are

listed

below along

with

the issues

Issues
Winter

Spring

Summer

Fall

Federal Fiscal Operations
FFO-4. --Summary

of internal

revenue collections by States and other areas

Federal Agencies' Financial Reports
FA-1 .-Report on financial position

FA-3. -Report on accounts and loans receivable due from the public

FA-4. -Report on operations

FA-5.-Report on cash flow

FA-6— Report on

Capital

reconciliation

Movements

CM-lll-2— Dollar

liabilities to,

and

dollar claims on, foreigners in countries

and

areas not regularly reported separately

Special Reports

Consolidated Financial Statements of the United States Government

Statement

of Liabilities

and Other Financial Commitments

of the United

States Government
Trust Fund Reports:
Airport

and airway

Asbestos

trust

V
V
V

fund

Black lung disability trust fund
Civil

and

service retirement

V
V
V
V
V

fund

disability

Federal disability insurance trust fund
Federal hospital insurance trust fund
Federal old-age and survivors insurance trust fund
Federal supplementary medical insurance trust fund

Harbor maintenance

trust

fund

Hazardous substance superfund

Highway
Inland

trust

fund

waterways

trust

fund

Leaking underground storage tank
National service

life

trust

fund

V
V
V

insurance fund

Nuclear waste fund
Railroad retirement account
Reforestation trust fund

Unemployment

trust

fund

Investments of specified

trust

accounts

Treasury Issues

TAX POLICY

RECENT CONGRESSIONAL REPORTS AND STAFF WORKING
PAPERS BY THE OFFICE OF TAX POLICY
Department of the Treasury

Congressional Reports*

•

Evasion of the Federal Gasoline Excise Tax (December 1987)

•

The Use

•

Communication Services Not Subject

•

The Taxation

Tax Deductions

for

Donations

of Social Security

Conservation Easements (December 1987)

to Federal Excise

Tax (August 1987)

and Railroad Retirement Benefits

Calendar Year 1985

(July

1987)
Office of

Tax Analysis Workcing Papers*
Taxation of Foreign Exchange Gains and Losses

•

(OTA Paper #57, October 1987 by Jenny

Bourne Wahl)

Government Forecasts and Budget Projections: An Analysis
October 1987, by George A. Plesko)

•

Recent History (OTA Paper #58,

may be purchased from the National Technical Information Service, 5285 Port
22161. Phone: (703) 487-4660.

"Copies of these publications
Royal Rd., Springfield,

Compendium of Tax Research 1987
The

Tax Analysis, Department of the Treasury, recently released a collection of 1 1 research
of Tax Research 1987. These studies are the result of economic research conducted by the staff of the Office of Tax Analysis in addressing present and anticipated tax policy issues, particularly those issues studied during the recent fundamental tax reform effort. The studies include descriptions of
various models used to analyze the tax reform proposals, analysis of the impact of tax reform on various sectors
of the economy, and discussions of the methodology underlying a number of tax reform analyses. Individual
studies in the Compendium deal with the dynamic elements of revenue estimates, investment incentives and
investment allocation and growth, the family economic income concept, individual income tax, depreciation, and
rental project models, the impact of tax reform on trade and capital flows (see following excerpts) and on banks,
and the impact of the corporate alternative minimum tax. Although the studies are the result of research conducted by the Office of Tax Analysis staff, the views expressed therein are those of the authors and do not
Office of

studies entitled

Compendium

necessarily represent the views of the Department of the Treasury.

Copies
U.S.

of the

Government

Compendium

Printing Office,

1987 are available from the Superintendent of Documents,
20402, as stock number 048-000-00395-8, price $10.00.

of Tax Research

Washington,

TAX POLICY

RESEARCH STUDIES, COMPENDIUM OF TAX RESEARCH

A Guide

to Interpreting the

Dynamic Elements

1987:

Revenue Estimates

Howard W. Nester

The Treasury Individual Income Tax Simulation Model
James M. Cilke and Roy A. Wyscarver
Family Economic Income and Other Income Concepts Used
C. Nelson

Analyzing Tax Reform

Susan

Tabulations from the Treasury Tax Reform Data Base

James

Nunns

Investment Incentives Under the Tax Reform Act of 1986
Don Fullerton, Robert Gillette, and James Mackie
Investment Allocation and Growth Under the Tax Reform Act of 1986
Don Fullerton, Yolanda K. Henderson, and James Mackie

The Treasury Depreciation Model
Geraldine Gerardi, Hudson Mllner, Leslie Whitaker, and Roy Wyscarver
The Impact

of the

Tax Reform Act of 1986 on Trade and Capital Flows

Harry Grubert and John Mutti

Impact of the Corporate Alternative Minimum Tax:
Lowell Dworin

A Monte

Carlo Simulation Study

The Impact of the Tax Reform Act of 1986 on Commercial Banks
Thomas S. Neubig and Martin A. Sullivan
The Use and Abuse
Leonard

of Rental Project

Burman, Thomas

S. Neubig,

Models
and

Gordon Wilson

EXCERPTS FROM "THE IMPACT OF THE TAX REFORM ACT OF 1986 ON
TRADE AND CAPITAL FLOWS"
(from the Compendium of Tax Research 1987)
Harry Grubert and John Mutti

INTRODUCTION

and Grubert, 1984, 1985, and

1986). The purpose of
determine the magnitude of price and output
changes at a rather broad sectoral level. Other attempts to evaluate
the impact of tax reform on trade (International Trade Commission,
1986 and Gravelle, 1986) have used a more detailed array of
taxation (Mutti

the simulations

The effect of tax reform on the international position of the
United States has been the subject of much debate. Some observers
have expressed the concern tliat the United States would become
deindustrialized because oi a decline in international competitiveness. The direction of the change in capital flovjfs has also been
disputed. U.S. commentators have tended to worry about an outflow
of capital from the United States because of higher taxes on
business. In contrast, observers in other countries, such as Canada,
fear a great inflow into the United States from their own countries
because of the lower statutory corporate rates.
This paper evaluates the international implications of tax reform
using a general equilibrium model with both trade and international
A general equilibrium model is necessary because it is

is to

but they have been essentially partial-equilibrium
treatments with an attempt to make a general equilibrium correction
through the use of a balance of payments equation. In particular,
they overlook the nontraded sector entirely because they assume
that consumers only choose between imports and similar competing
domestic goods. In addition, they do not explicitly model changes in
capital flows, rates of return, real wage rates or real income, but
must depend on other analyses to provide information on them. The
model in this paper solves simultaneously for the new trade flows,
capital flows, real wages, rates of return, and relative prices of traded
and nontraded goods.
industries,

capital flows.

impossible to judge the change in a particular sector's competitiveness by looking only at its costs, without paying attention also to
changes of costs in other industries and to changes in real wages
and rates of return. A properly specified general equilibrium model
also maintains a consistent relationship between capital flows and
the current account. In fact, the dependence of the trade balance on
capital flows is one of the major aspects of this analysis, because tax
reform has a very modest direct impact on trade in the absence of
capital mobility and international investment income.

The model used in this paper has two countries: the United
States and the rest of the world. Each country produces four goods:
equipment, a nonequipment net export good (from the U.S. point of
view), a nonequipment net import good, and a nontraded good such
as housing and services. Each good is produced from varying
proportions of three factors: unskilled labor, skilled labor, and
physical capital. Capital used in each country is in turn a composite
made up of domestically produced equipment, foreign-produced
equipment, and the nontraded good, with the proportions depending
on

Before we proceed, it may be helpful to say a word on
competitiveness. Unlike conventional old-fashioned terms used in
trade theory, such as the terms of trade, welfare, comparative
advantage, etc., it is not clear what competitiveness is supposed to
mean. In most people's minds, it seems to mean the trade (merchandise) balance, but why does one focus on certain kinds of U.S.
products to the exclusion of others? Presumably it is the demand for
U.S. output as a whole that it is at issue. MosX discussions of
competitiveness seem to assume that if a foreigner buys a
U.S. -made computer, ships it back to his resident country, and
leases it there, that is desirable; on the other hand if the foreigner
leaves the computer in the United States to be leased here, that is
undesirable because it is a capital inflow and not an export. The
reverse would appear to be true because the computer stays here to
contribute to U.S. productivity. One cannot look at the trade balance
alone to evaluate the impact of tax reform on the international
economy. But, one must look at the capital account as well; the
capital inflow finances both the import surplus and additional capital
spending in the United States. Looking at all demands for U.S.
resources, both from trade and investment flows, gives a better
indication of U.S. welfare.

II.

GENERAL OVERVIEW OF MODEL

The simulation model used in this paper was developed by the
authors to study the impact of export incentives and the significance
and corporate

of capital mobility in altering the effects of personal

relative costs.

Domestic output in an industry is not assumed to be perfectly
in consumption with output from the same industry
abroad. Consumers in each country therefore choose among the
local nontraded good and the four traded consumer goods, of which
two are domestically produced. Similarly, residents in each country
can allocate their saving to the acquisition of capital located either at
home or abroad. The real growth of capital used in each country thus
depends upon savings by both foreign and domestic residents.
Although foreign and domestic investment are not regarded as
perfect substitutes in portfolios, an increase in after-tax returns in
substitutable

location relative to another will attract more investment from
both foreign and domestic savers. Foreign investment is, therefore,
treated as a two-way flow; this pattern may be attributed to the
decision of investors to diversify their asset holdings.

one

The emphasis of the analysis will be on the effect of a
change on long-run steady state income, trade, and the capital

policy
stock.

However, the contrast with short-run results will also be noted This
contrast can be significant because, in the short run, any permanent
shift in the accumulation of foreign assets does not yet yield
significant investment income in relation to the additional expenditure
on foreign assets. Any increase in the acquisition of foreign assets
must therefore t5e financed in the short run by an increase of exports
relative to imports. In the long run, however, investment income from
abroad will increase as a result of the reallocation of assets, and this
service flow can reverse the initial export surplus.

TAX POLICY
We also note that the acquisition price of the composite capital
different in the two countries. One reason is that each
contains a large component of nontraded goods In addition, tariffs
and export incentives can create differences even in the price of

Table

8.1

good can be

Changes
Changes

In
In

Sectoral Tax Rates Resulting from Basic
Domestic Taxation*

traded goods.
Perceni change

Business

ELEMENTS OF THE TAX REFORM ACT MODELED

IV.

Changes

Ssclor

due

Personal

changes

tax

changes

Equipment

The basic simulations

include

domestic taxation usually modeled
e.,

cost o( eapilal

Sectoral Tax Rales at the Corporate and Personal

Level

lax

the reduction

"standard"

changes

the
studies of the cost of capital,
and corporate rates, the
in

the statutory personal

Ncxiequ .'lent net export goods

Imporl-connpetlng goods

elimination of the investment tax credit,

the modification of the
(ACRS), and the repeal of the

Accelerated Cost Recovery System
capital gains exclusion. (Supplemental runs in which an attempt is
made to include other major items are described below.) The
changes in marginal effective tax rates by sector resulting from these
"standard" reforms are based on the tax wedge and effective tax
rates calculations described in the paper by Fullerton, Gillette, and
Mackie (1987) in this volume. Estimates on the cost of capital were
provided for industries at the two-digit level of detail and these were
classified into the four domestic sectors; equipment, nonequipment
net export goods, nonequipment import goods, and nontraded
goods. Sectoral costs of capital were then calculated using industry
capital stocks as weights
The sectoral costs of capital were
available for three situations: pre-tax reform law, fully phased-in
business provisions under the Tax Reform Act but with prereform
personal taxes, and fully phased-in tax reform. It was therefore
possible to divide the percentage change in sectoral cost of capital
into the component attributable to changes in personal taxation and
to changes in business taxation This division is necessary in an

open economy model because foreign investors do not face the
same personal tax rates as domestic investors, and domestic
investors can choose to invest in capital which is unaffected by the
U.S. corporate tax.

Before discussing the changes in the sectoral tax rates it may
be useful to be more specific about the composition of the sectors.
Equipment includes electrical and nonelectrical machinery, aircraft,
and instruments. Nonequipment export goods Includes most of
agriculture, chemicals, and printing and publishing. The importcompeting sector includes a large variety of mainly manufacturing
industries such as textiles, primary metals, and motor vehicles. The
large nontraded good sector includes construction, transportation,
utilities, finance, services, wholesale and retail trade and housing.

The changes in the sectoral costs of capital are given in table
The cost of capital in the import-competing sector increases
somewhat more than in the other sectors. This is due to the tax
changes at the business level and results from the import-competing
sector's heavier dependence on types of capital adversely affected
8.1.

by tax reform, particularly equipment. At the personal level, the
import-competing sector and the equipment sector have virtually
Identical changes, because In both sectors activity is almost
exclusively In corporate form The tax increase In these sectors at
the personal level results from the Increased tax rate on capital
gains. It has a large weight because of the significance attributed to
retained earnings under the "new view" of dividend taxation adopted
by Fullerton, Gillette, and Mackie. The differing personal changes in
the other two sectors are due to the greater significance of
unincorporated business, such as in agriculture, and In owneroccupied housing in the nontraded sector. Finally, It should be noted
that even the largest percentage Increase of the cost of capital In
table 8 1, which Is In the Import-competing sector, is less than 10
percent and translates Into a much smaller relative increase In prices
once the share of capital In total costs Is considered.

Nontraded goods

Note that these are changes

tor

the expression

dt/1-t,

directly attributable lo

percent, not percentage points.

They are

which represents the percentage change

the change

B. Changes In the
ment Income

basically values

the cost of capital

the tax rate.

U.S. Corporate

Tax on International Invest-

The Internal Revenue Code has various provisions governing
the U.S. tax both on foreign income received by US. residents and
tax imposed on payments of U.S. income to nonresident
The Tax Reform Act made changes applying to both types
income. With respect to foreign income earned by
corporations, there were a number of base-broadening changes, such as the
provision on the allocation of Interest expense to foreign income,
(described below, which increase U.S. tax. On the other hand, the
reduction of the U.S. statutory corporate rate has an offsetting effect.
The tentative U.S. corporate tax on foreign source income Is the U.S.
statutory rate applied to the foreign Income. This is then reduced by
the amount of allowable foreign credits. Thus, If the corporation was
not initially In an excess foreign tax credit position, a reduction In the
U.S. statutory rate reduces the residual U.S. tax.

the

Investors.

The impact of these changes In the taxation of foreign Income
was, however, not estimated in a manner entirely comparable to the
Fullerton-Glllette-Mackle calculations for domestic income. The
system of taxing corporation foreign Income, which involves many
specific provisions, has not yet been modeled In a manner parallel to
the hypothetical Hall-Jorgenson type of estimation undertaken by
Fullerton, Gillette, and Mackie, In principle it would iDe possible to do
so, but it would require starting with hypothetical Investments having
very specific characteristics. The additional sources of financing
foreign investment, not relevant for domestic Investment, could also
be included For example, investment abroad can tie financed by
earnings retained abroad, in particular the earnings of foreign
corporations controlled by
taxpayers. Income retained by the
domestic parents can also be invested abroad, both in the form of
new equity or of new foreign lending. There can also be portfolio
Investment abroad, either by U.S. Individuals or through U.S.
corporations. (The most important source of portfolio investment
abroad is overseas lending by US banks.)

As indicated, no attempt was made to make these modeling
extensions tiecause they would have required a major new study by
themselves Instead, the revenue estimates for the foreign provisions
were used In order to convey the long-run impact of the reforms, the
version of the revenue estimates employed were the "fully phasedin" changes at 1986 activity levels estimated by the Treasury
Department These fully phased-in estimates give the revenue
change after all transition rules have expired and all short-run timing
effects no longer play a role.

TAX POLICY
depreciation,

Changes

and the

Exports can be affected because changes in domestic taxation
in the export sector relative to costs in other domestic
In addition, there are specific tax provisions that apply
specifically to export income and reduce the price of U.S. -produced
goods to foreigners for any given level of domestic costs. One of
these provisions is the Foreign Sales Corporation (FSC) rules that
exempt from U.S. tax the portion of export income attributable (by
either administrative pricing mles or actual arm's-length prices) to
marketing activities by the offshore FSC. This generally results in an
exemption from tax of 15 percent of the total corporate income from
FSC exports. Because the value of the provision to exporters
depends upon the statutory tax rate, the reduction of the corporate
rates from 46 to 34 percent reduces the effective FSC benefit.
Specifically, Treasury data Indicate that the average FSC benefit
declines from 1 .08 percent of sales to 0.80 percent.

change costs
sectors.

There is, however, another change in international taxation
which is an indirect consequence of the reduction of statutory
corporate rates and more than offsets the reduction in FSC benefits.
Under the rules for determining the source of income (i.e., whether
domestic or foreign), which were in large part not changed by the
Tax Reform Act, a U.S. producer exporting abroad can arrange to
classify 50.0 percent of the total taxable income from the export as
foreign source. Thus, if the exporter is in an excess foreign tax credit
position, 50.0 percent of the export income can be effectively exempt
from U.S. tax.

However, it would be of interest to know if including items such
as the passive loss rule, the corporate alternative minimum tax, and
uniform capitalization rules would significantly change the
results. The Conference Report indicates that these three items by
themselves account for $92 billion in increased revenue in fiscal
years 1987 through 1991. An attempt was therefore made to test the
sensitivity of the results by using the revenue estimates for the
the

the corporate minimum tax, and the uniform
of these major domestic items relate to the
As a consequence, the long-run fully
phased-in revenue gains or losses may not sufficiently reflect the
significant acceleration of income recognition (or reduced deferral)
that takes place. In order to correct this possible error, two alternative simulations were made. One is based on the fully phased in
estimates and the other uses the average increase in revenue
estimated for the initial 5-year 1987-1991 period (i.e., the revenue
estimates considered during the legislative process). This presumably overstates the actual increase in marginal effective tax rates.

passive loss

rule,

capitalization rules.

Most

deferral of taxable income.

We assume

that the passive loss rules increase taxes only in

the nontraded sector on the grounds that they mainly affect real

estate

partnerships.

minimum

the

amount of

liability,

foreign taxes that

basically

the

most of U.S. exporters who are in
will choose not to use an FSC because
of tax exemption on export income simply
(An exporter who uses an FSC can also

whether

an excess
they can get a higher

level

all

by using the source rules.
get some benefit from the source rules, but on only half of the export
income so that the sum of the benefits [15 plus 25 percent] is less
than the pure 50.0-percent exemption). In this paper, we assume
that all exporters in an excess credit position will avail themselves of
the maximum benefit under the source rules. We also assume that
the percent of exporters in an excess foreign tax credit position is the
above-mentioned 69.2 percent. (In other words, we assume that
weighting by exports and weighting by woridwide income yield the

same

further

assumed

that

the

corporate

them as a percent

of total capital

income

the appropriate sector.

VII.

SUMMARY AND CONCLUSIONS

The Tax Reform Act of 1986 has a relatively small impact on
and trade at the broad aggregate level examined in
It does not have a dramatic effect on relative costs among
sectors, and in the long run there is only a modest change in the

sectoral output
this

paper.

trade balance.
Still,

credit position

all

U.S.

statutory rate applied to foreign source taxable income. In other
words, it is limited to what the U.S. tax would be on the income.
Therefore the reduction of the U.S. statutory corporate rate from 46
percent to 34 percent will greatly increase the number of U.S.
companies in an excess foreign tax credit position. For example,
Treasury data indicate that the percent of U.S. manufacturing
companies (weighted by worldwide income) that are in an excess
foreign tax credit position increases from 20.2 to 69.2 percent.
Therefore, the 50-percent rule becomes much more important at the
lower corporate rate.

The question

and the uniform

capitalization rules increase business
sectors because it is difficult to make
judgments with respect to their sectoral impact. In each case the
revenue increases are translated into percentage point changes in

tax

level taxes uniformly in

tax rate by expressing

The foreign tax credit limitation,
can be credited against U.S. tax

The

elimination of the capital gains exclusion.

reason for excluding the other major provisions is simply that they
have not yet been put into a cost of capital framework.

Specific Tax Provisions Directed at Exports

some

of the

changes are not

insignificant

and seem

fairiy

robust under different assumptions about behavioral parameters. In
the long run output in the import-competing sector declines by from 1
to 2 percent tiecause of a relatively large increase in capital costs,
the (indirect) incentives provided to exports, and the outflow of

The U.S. equipment sector is helped, on the one hand,
because
fares relatively well in terms of domestic business tax
provisions, but on the other hand it suffers from reduced investment
spending in the United States. On net, output declines somewhat,

capital.

but less than the output of the import-competing sector. There is a
in the trade deficit in the short run because of the capital

deaease

outflow in response to lower after-tax returns in the United States. In
the long run, there is a small ($1 to $2 billion) increased trade deficit

because the increased stock of U.S. -owned capital abroad generates
greater investment income and finances more imports.

results.)

When

these two effects, the reduced FSC benefit and the
enhanced value of the source rules, are added together, we
conclude that export costs will fall by 0.50 percent, holding the cost
of the equivalent domestically consumed good constant. In the
model, there is an equivalent reduction in the cost of capital in the
export sector because both the FSC and the source rule benefits are
based on taxable corporate income from exports.
D.

Other Significant Changes

The changes

Domestic Taxation

domestic taxation included in the basic model
runs are those described above: the change in statutory tax rates,
the elimination of the general business credit, the revision of
in

The changes

the

US.

capital

significant for U.S. welfare than the

trade balance.

When

the analysis

stock appear to be more
in sectoral output or the

changes
is

restricted to the "basic" tax

changes, the U.S. capital stock is estimated to decline in the long run
by 1 to 2 percent, depending on whether moderate or very high asset
mobility is assumed. Assuming virtually perfect mobility does not
have a large net effect because any large allocation of assets abroad
by U.S. residents drives down returns in the rest of the world and
induces a large reverse flow of assets by foreign savers. However,
the "nonstandard" tax provisions such as the corporate minimum tax

and the uniform

capitalization ailes

may

capital stock to the 2- to 3-percent range.

increase the decline

the

TAX POLICY
The results demonstrate that the merchandise trade t>alance is
not a good indicator of
welfare or even a good predictor of
sectoral outputs In the short run. the capital outflow leads to a trade
surplus but, since it is the result of an increased demand for foreign

output (in the form of capital goods production) abroad, the
terms of trade decline and real consumption goes down Furthermore, even though the US. equipment industry is normally a
substantial net exporter, its output declines because of reduced

investment spending in the United States, and the reduction
imports does not prevent a decline in the import-competing sector.

the absence of international capital mobility. In the pure case (not
simulated here) in which capital is not mobile and there is no initial
cross-ownership of assets, a change in taxation will only affect trade
to the extent that sectors are not affected uniformly (in terms of
percentage cost changes), or if the overall size of the economy is
altered In addition, any increase in capital taxation in one sector
relative to others translates into a much smaller percentage increase
in price because of the significance of other costs such as wages,
depreciation, and purchases from other sectors In contrast, if capital
is

mobile, a relatively modest change in the tax on US. capital
at the business level can have a significant effect on the
in the short run, and can lead to a visible long-run

income

The simulations demonstrate that changes in taxation are
unlikely to have a significant impact on trade and sectoral output in

trade balance

change

the capital stock.

Financial Operations

FEDERAL FISCAL OPERATIONS
INTRODUCTION
Background

collections.

Section 114 of the Budget and Accounting Procedures Act of
1950 (31 U.S.C. 3513a) requires tfie Secretary of tfie Treasury to
prepare reports on the financial operations of the U.S. Government.

collections.

flece/prs.-Receipts reported in the tables are classi'ied into the
following major categories: (1) budget receipts and (2) offsetting
Budget receipts are collections from the public that result

from the exercise of the Government's sovereign or governmental
powers, excluding receipts offset against outlays. These collections,
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.

The first three Federal fiscal operations (FFO) tables are
published quarterly and cover 5 years of data, estimates for 2 years,
detail for 13 months, and fiscal year-to-date data. The tables are
designed to provide a summary of data relating to Federal fiscal
operations reported by Federal entities and disbursing officers, and
daily reports from the Federal Reserve banks. These reports detail
accounting transactions affecting receipts and outlays of the Federal
Government and off-budget Federal entities, and their related effect

Offsetting collections are from other Government accounts or
the public that are of a business-type or market-oriented nature.

on the assets and

They are

Government. Data used in the
preparation of tables FFO-1, FFO-2, and FEO-3 is derived from the
Monthly Treasury Statement of Receipts and Outlays of the United
States Government.
liabilities of

the U.S.

Budget authority usually takes the form of "appropriations"
permit obligations to be incurred and payments to be made.

vi^hich

Most appropriations
obligation only during

are made available for
year (annual appropriations).

for current operations

a specified

fiscal

Some

are for a specified longer period (multiple-year appropriations).
Others, including most of those for construction, some for research,
and many for trust funds, are made available for obligation until the
amount appropriated has been expended or until the objectives have
been attained (no-year appropriations).

Budget authority can be made available by Congress for
and disbursement during a fiscal year from a succeeding
appropriations (advance funding). For many education
programs. Congress provides forward funding-budget authority
made available for obligation in one fiscal year for the financing of
ongoing grant programs during the succeeding fiscal year. When
advantageous to the Federal Government, an appropriation is
provided by Congress that will become available 1 year or more
beyond the fiscal year for which the appropriation act is passed
(advance appropriations). Included as advance appropriations are
appropriations related to multiyear budget requests.
obligations

year's

classified into two major categories: (1) offsetting
credited to appropriations or fund accounts, and (2)

collections

(i.e., amounts deposited in receipt accounts).
Collections credited to appropriation or fund accounts normally can
be used without appropriation action by Congress. These occur in
two Instances: (1) when authorized by law, amounts collected for

receipts

offsetting

materials or services are treated as reimbursements to appropriaand (2) In the three types of revolving funds (public enterprise,

tions

intragovernmental, and trust); collections are netted
spending, and outlays are reported as the net amount.

Offsetting receipts in receipt accounts cannot be used without
being appropriated. They are subdivided Into two categories: (1)
proprietary receipts-these collections are from the public and they
are offset against outlays by agency and by function, and (2)
intragovernmental funds-these are 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. The
transactions may be Intrabudgetary when the payment and receipt

both occur within the budget or from receipts from off-budget Federal
those cases where payment is made by a Federal entity
whose budget authority and outlays are excluded from the budget
entitles in

totals.

Intrabudgetary

transactions

are

categories: (1) Interfund transactions,

When

budget authority is made available by Congress for a
specific period of time, any part not obligated during that period
expires and cannot be used later. Congressional actions that extend
the availability of unobligated amounts that have expired or would
otherwise expire are known as reappropriations. The amounts
Involved are counted as new budget authority in the fiscal year of the
legislation in which the reappropriation action is included, regardless
of

when

the

amounts were

originally

appropriated or

when

they

would othenvlse lapse.
Ouf/ays. -Obligations generally are liquidated by the issuance of
checks or the disbursement of cash; such payments are called

may be liquidated
(and outlays recorded) by the accrual of interest on public issues of
Treasury debt securities (including an increase in the 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, rather
than as outlays. However, payments for earned-income tax credits in
excess of tax liabilities are treated as outlays rather than as a
reduction in receipts. 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 in part 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
outlays. In lieu of issuing checks, obligations also

against

one fund group
account

subdivided

into

three

where the payments are from

(either Federal funds or trust funds) to

a receipt

the other fund group; (2) Federal intrafund transactions,

where the payments and receipts both occur within the Federal fund
group; and (3) trust intrafund transactions, where the payments and
receipts both occur within the trust fund group.

deducted from budget authority
by subfunction, or by agency. There are four
types of receipts, however, that are deducted from budget totals as
Offsetting receipts are generally

and outlays by

function,

undistributed offsetting receipts. They are: (1) agencies' payments
(including payments by off-budget 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 (le., interest collected on Outer Continental Shelf
money in deposit funds when such money is transferred into the

budget).
entities. -T>ie Federal Government has used
budget concept as the foundation for its budgetary

Off-budget Federal
the

unified

analysis

and presentation since 1969. This concept

calls for the

Government's fiscal transactions with the
however, various laws have been enacted
under which several Federal entities have been removed from the
budget or created outside 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
budget

to include all of the

public. Starting in 1971,

FEDERAL FISCAL OPERATIONS
trust funds,

Federal old-age and survivors insurance and Federal

and net miscellaneous receipts by source.

disability insurance.

entities are federally owned and
transactions are excluded from the budget totals

The off-budget Federal
controlled, but

ttieir

under provisions
outlays,

law

and surplus or

When
deficit

entity

off-budget,

are not included

its

receipts,

budget receipts,

budget outlays, or the budget deficit; its budget authority is not
in the totals of budget authonty for the budget; and its

included

and surplus

receipts, outlays,

or deficit ordinanly are not subject to

Table FFO-3.~On-budget and Off-budget Outlays by Agency
provides
budget authority which is
form of appropriations, then Federal agencies
obligate the Government funds to make outlays The amounts in this
table represent a breakdown of on-budget and off-budget outlays by

Congress

[generally]

[usually]

the

agency

the targets set by the congressional budget resolution.

Nevertheless, the Balanced Budget and Emergency Deficit
Control Act of 1985 (commonly known as the Gramm-RudmanHollings Act) included the off-budget surplus or deficit in calculating
the deficit targets under that act and in calculating the excess deficit

Table FFO-4. -Summary of Internal
Stales and Other Areas

Revenue Collections by

This annual table provides data on internal revenue collections
and other areas and by type of tax. The amounts

purposes of that act Partly because of this reason, attention has
focused on the total receipts, outlays, and deficit of the Federal
Government instead of the on-budget amounts alone.

classified by States

Table FFO-1. -Summary of Fiscal Operations

they consist of prepayments (e.g., estimated tax payments and taxes
withheld by employers for individual income and social security

for

reported are for collections made in a fiscal year beginning
October and ending the following September.
Fiscal year collections

This

table

summarizes the amount

total

receipts,

total

outlays, total surplus or deficit, transactions in Federal securities

monetary

assets,

and transactions and balances

and

Treasury

span several tax

liability

of payments made with tax returns, and
payments made after tax returns are due or are filed
on delinquent accounts).

taxes),

years because

subsequent
payments

(e.g.,

with delinquent returns or

operating cash

also important to note that these data do not necessarily
Federal tax burden of individual States. The amounts are
reported based on the primary filing address furnished by each
taxpayer or reporting entity. For multistate corporations, this address
It

reflect the

Table FFO-2.-On-budget and Off-budget Receipts by Source

Budget receipts are taxes and other collections from the public
that result from the exercise of the Government's sovereign or
governmental powers. The amounts in this table represent income
taxes, social insurance taxes, net contributions for other insurance
and retirement, excise taxes, estate and gift taxes, customs duties.

may reflect only the State where such a corporation reported its
taxes from a principal office rather than other States where income
was earned

or where individual income and social security taxes
were withheld In addition, an individual may reside in one State and
work in another State.

FEDERAL FISCAL OPERATIONS
Budget Results

for the First Quarter, Fiscal

1988

Summary
Because
first

of special factors, the Federal budget for the
quarter of fiscal 1988 was in deficit by $80.4 billion,

about one-fourth more than the deficit in the first quarter of
fiscal 1987. January social security benefit checks, as well
as military pay checks normally paid out in early January,
were recorded in December because of the long New Year's
holiday weekend this year. If those and other similar special
circumstances are taken into account, the deficit for the first
quarter of this fiscal year would have actually narrowed from
the first-quarter figure for the prior year. Because a substantial volume of payments that normally would occur in January
was recorded in the first fiscal quarter, outlays and the deficit
for the second fiscal quarter will be sharply reduced from

what otherwise would occur.
the figures as actually reported for the first quarter of
1988, receipts totaled $204.9 billion, up a sizable 7-3/4
percent from a year earlier. Outlays in the first quarter were
$285.3 billion, up 12-1/2 percent from outlays in the first
fiscal quarter for 1987. Excluding the effects of the special
factors, outlays were up a relatively moderate 3 to 4 percent
from the year earlier figure. At least toward the end of the
quarter. Medicare costs seemed to be moderating as were
farm support payments. A more accurate estimate of the
functional pattern of outlays for fiscal 1988 can be made
when returns are available for the first half of the fiscal year.
In

fiscal

October-December

Actual fiscal

year to date

Total on-budget

and off-budget

Budget estimates
(August 1987)
full fiscal 1988

results:

S204.B66

$204,866

$909,029

On-budget receipts

154.268

154,268

667,849

Off-budget receipts

50,598

241,180

285,252

1,032,294

Total receipts

On-budgei outlays

220,401

285,252
220,401

Off-budget outlays

64,851

202.591

-80.386

-123.266

(•)

-66,133

-66.133

•161,854

deficit (-)

-14.253

-14,253

+38,589

Total outlays

Total surplus (+) or deficit

On-budget surplus

(-)

{+) or deficit

Off-budget surplus {*) or

Means

of financing

Borrowing from the public
Reduction of operating cash. Increase
Otfier

60.651
(-}

means

Total on-budget

and off-budget financing

829.703

FEDERAL FISCAL OPERATIONS

corporate

under the Tax Reform Act

liability

986.

Employment taxes and contrlbutlons.--Employment
taxes and contributions grew from $62.02 billion in the fourth
quarter of fiscal 1986 to $66.13 billion in the fourth quarter of
fiscal 1987. Between fiscal 1986 and fiscal 1987, collections
increased from $255.06 billion to $273.19 billion. The
increase resulted from moderate growth in the PICA and
SECA taxable payrolls.

Unemployment lnsuranc8.--Unemployment

insurance

receipts for the July-September quarter were $7.2 billion, up
28 percent ($1.6 billion) from the same quarter of the

previous year. This increase was primarily the result of an
advance repayment of State unemployment insurance debt
by several States. For fiscal 1987, unemployment insurance
receipts were $25.4 billion, up 5 percent from the prior fiscal
year's total of $24.1 billion, as the effect of lower State tax
rates was slightly more than balanced by higher taxable
wages and the debt repayment.

$700 million over the year earlier level is in part the result of
the reimposition and increase in the Superfund taxes used to
fund the cleanup of hazardous waste sites. Excise tax
collections for the entire fiscal year of $32.5 billion
slightly

below the year

$32.9

billion

were

as the

drop in oil prices in f^arch 1986 resulted in the virtual
disappearance of windfall profits tax collections for current
production.

Estate and gift taxes. --Estate and gift tax receipts were
$1.8 billion for the fourth quarter of fiscal 1987. This is
approximately $0.02 billion more than was collected in the
same quarter of the prior year, and $0.2 billion below the
previous quarter. For fiscal 1987, receipts were $7.49 billion,

a $0.54 billion increase over last year. Much of this gain can
be attributed to the strong stock market performance for the
fiscal year ending in September 1987.

Customs duties.-Customs

receipts net of refunds

$4.1 billion for the fourth quarter of fiscal 1987. This

increase of $0.26

Contributions for other Insurance and retirement.Other retirement contributions for the fourth quarter of fiscal
1987 decreased by $0.1 billion compared with the fourth
quarter of fiscal 1986, to $1.14 billion. A decrease of $0.02
billion in Federal employees' retirement contributions was
offset by an increase of $0.1 billion in other retirement

earlier level of

billion

over the

were
is

same

quarter a year earlier.
from higher duty collections,

Of this increase, $0.01 billion is
and $0.25 billion is collection of customs user fees. (These
user fees were reclassified from miscellaneous receipts to

customs receipts

June 1987.)

Miscellaneous receipts.-Net miscellaneous receipts for
fell by $0.04 billion from the

the fourth quarter of fiscal 1987

contributions.

same
Excise

taxes.-Excise

tax

September quarter were $8.4

collections

billion.

for

The increase

the

July-

of nearly

quarter a year earlier to $5.06 billion. Deposits of
Federal Reserve earnings decreased by $0.36 billion, while

net other miscellaneous receipts increased by $0.30

Fourth-OiMrter Fiscal 1987 Net Budget Receipts, by Source
Pn

IndlviduaJ

income

31.89

lajtes

Corporallon income taxes

Errploymeni taxes and conlritxjtions

Unemployment insurance
Contributions lor other Insurance

and

relireiTient

Excise taxes
Estate and

Customs

gill

taxes

dulies

Miscellaneous receipts

Total budget receipts

blillons ol dollafsl

billion.

FEDERAL FISCAL OPERATIONS
Table FFO-1 .--Summary of Fiscal Operations
rin

millions of dollare. Sourca: Monthly Treasury

Total on-budget
Total
receipts

On-budget

Off-budget

receipts

Total
outlays

Stalemem

Receipts and Outlays o1 the United Slalea

and otf-budget

On-budget
outlays

results

Off-budget

GovernmenH

FEDERAL FISCAL OPERATIONS

MONTHLY RECEIPTS AND OUTLAYS
FISCAL YEARS 1987 AND 1988
Source: Monthly Treasury Statement
of the

Receipts and Outlays

United States Government

FISCAL YEARS 1987

AND

1988

17
FEDERAL FISCAL OPERATIONS
Table
[In millions of dol lars.

FFO— 2. — Onbudget and
So urce:

Off-budget Receipts by Source

Monthly Treas ury Statement of Rec ei pts and Outlays of the United States Government]

Corporation
Employment taxes and contributions
Refunds

Gross

Old-age, disability, and
insurance

h ospital

266,046
281,805
302,554
314,303
322,463

1983
1985

1987

(Est.)

-Dec
-Jan
Feb

Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Fiscal

1988 to date

83,585
81,381
97,720
106,030
142,990

60,692
64,771
65,743
71.874
72,896

288,938
298,415
334,531
348,959
392,557

61,780
74,179
77,413
80,442
102,859

24,758
17,286
16,082
17,298
18,933

37,022
56,893
61,331
63,143
83,926

325,960
355,308
395,862
412,102
476,483

183,390
206,753
231,691
252,299
269,911

429
416
650
737
516
n.a.

n.a.

396,121

n.a.

105,413

501,534

n.a.

30,733
26,375
25,486
27,608
26,943
24,823
25,525
31,596
25,008
24,569
30,122
24,888
34,020

3,585
20,254
1,322
4,116
62,946
7,235
16,578
2,454
3,109
17,127
3,564
1,664
3,309

734
163

4,003
17.482
18,039
22,782
1,583
2,160
1,233
1,899
1,256
1,512
793

33,584
46,466
22,805
14,240
71,850
9,275
40,521
31,889
26,884
39,797
32,429
25,039
36,537

16,531
4,332
2,369
15,948
13,290
2,885
13,572
3,812
2,549

15,693
3,460
936
13,114
11,189
1,844
10,973
2,358
1,566
20,506
1,855
1,667
17,748

49,277
49,926
23,741
27,354
83,039
11,119
51,494
34,247
28,450
60,303
34,284
26,706
54,285

21,527
23,936
22,262
22,751
29,953
22,035
24,522
20,521
21.091
23,469
20,510
20,508
22,480

557

21,636
3,633
2,558
18,633

839
872
1,433
2,834
2,101
1,042
2,599
1,454
983
1,129
1,778
891
884

89,030

8,536

3,561

94,005

24,824

3,553

21,271

115,276

63,497

Social

Employmsnt taxes and co ntribut i ons

182,961
206,337
231,041
251,563
269.394
n.a.

21,527
23,936
22,262
22.751
29,953
22,035
23,965
20,520
21,134
23,469
20,510
20,508
22,430

-42
*
-

63,497

insurance taxes and contributions--Continued

— Con.

Unempl oyment

nsuran ce

Railroad retirement accounts
Gross

Net

Refunds

Net

unemployment

employment

Federal
employees
retirement

contributions

1983

(Est.)
(Est.)

1986-Dec
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Fiscal

1988 to date

2,805
3,321
3,605
3,499
3,791

185,766
209,658
234,646
255.064
273,185

18,909
25,291
25,892
24,343
25,570

110
153
133
246
152

13,799
25,138
25,758
24,097
25,418

4,351
4,494
4,672
4,645
4,613

78
86
87
95
102

4,429
4,580
4,759
4,742
4,715

n.a.
n.a.

306,306

n.a.
n.a.

22,040

n.a.
n.a.

3,500

-1
*

21,625
24,266
22,594
23,128
30,457
22,270
23,981
21,031
21,447
23,788
20,797
20,731
22,723

200
1,030
2,635

4
6

196
1,024

8
8

2,633

204

186

438
367
356
365

446
375
364
375

2,902
7,546
460
1,900
3,915
1.252

64,251

2,807
3,334
3,626
3,506
3,808

n.a.
n.a.

97
330
333
378
505
235
16

510

13
7

1
1

*
•

329
332
377
504
234
16

319
290
243
238

20
-4

510
313
319
288
224
242

771

754

327

See footnotes at end of table.

14
*
2

n.a.

957

2,666

2,827
7,529
456
1,897
3,912
1,246
950
2,661

194

181

411
407
409
344
360
420
355
448

3,817

3,792

1,223

17
4
2

3
6

351

8
10
10
8
8

8
10
8
10

n.a.

361

419
416
417
354

368
430
364
457

1,252

18
FEDERAL FISCAL OPERATIONS
Table

FFO— 2. — Onbudget and
[In

Social Insurance
taxes and
contributions-Con

Source— Continued

of aollars:

Excl

Airport and ..'rvay trust fund

Net

Off-budget Receipts by

Pinions

Gross

Refunds

Net

Highway trust fund

Black lung disability
trus t fund

Gross

Refunds

Net

Gross

Insurance
taxes and
contributions

208.994
239.376
265.163
283.901
303.319
331.846

22,267
26.664
25.590
23,689
33.646
30.218
24,853
23.346
25.712
25.403
22.177
23,756
23,361

2,165
2,501
2,866
2,743
3,066

2,165
2,499
2,851

8.364

Refunds

Miscellaneous

Gross

Refunds

Net

FEDERAL FISCAL OPERATIONS

BUDGET RECEIPTS BY SOURCE THROUGH FIRST
QUARTER OF FISCAL YEARS 1987 AND 1988
Source: Monthly Treasury Statement of Receipts and Outlays
of the United States Government
100

^ 1987
1988

Individual

Income

Corp. Income

Social Insurance

Excise

TAXES

Estate and Gift

Customs Duties

Misc. Receipts

20
FEDERAL FISCAL OPERATIONS
Table
[

million s of dollj rs.

FFO-3. - On-budget and

Off-budget Outlays by Agency

Source: Monthly T re asury Statement of Receipts and Outlays of the United States Government]

21
FEDERAL FISCAL OPERATIONS
Table FFO-3.

- Onbudget and

Off-budget Outlays by Agency-Continued

[In m inions of dollars]

General

seal

198

Table

FFO— 4. — Summary

of Internal Revenue Collections by States and Other Areas, Fiscal Year 1987
[In thousands of dollars.

Source:

tn l ernal

Revenue Service]

Individual Incoaie and emloyacnt taxes
States, etc.

Individual
inco«e tax
not withheld
and 5ECA II

abama

6.789.867

7,544,250
1,421.708
7.271,106
3,861,284
86,683,281
11.759,358
18,355,624
3.936,941
31,706,128
15,144.972
2.479.536
1.879.974
43,334,707
15,838,518
5,235,787
6.152,984
6,238,978
7,479.234
2,341,372
24,351.443
24.064.477
34.095.966
17.279.220
3.108.726
16.865.750
1.210.826
4.516,433
2,934.973
3.165.042
34.920.749
2,322,658
81.539.465
13.917.060
1.173.255
33.149.200
6.643.421
6.087,244
35.289,565
3.154,084
5,749.911
1.112.193
10.631.727
43.165.241
2.906.191
1.123.374
15.571.498
12.347.074
2.604.789
11.829.526
873.724
4.423.606

2.096.974

1.296.674

638.341

595.674

8, 590 ,4 72

A1 aslia

Ariiona
Arkansas
California
Colorado
Connecticut
Del aware
Florida
Georgia

,514 ,239

8.159,163
4 .880.820

101.445.378
13.049.577
21 .616,607
5 .543 .363

35.928.899
19.572.213
2.809.135
2.209.929
53.497.911
17.798.777
6.329.925
6 .9 78.831
8,465 .550
8.197.096
2,678,126
28.048.994

Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana

Maine
Hjr,l and 4/

Massachusetts
Michigan

27 ,969 .097

nnesot a
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New Vork
North Carolina
North Dakota
Ohio
Ok 1 ahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee

20 ,331 ,832

39.886.463

Texas
Utah
Vermont
V

,536. 786

5 .1 75.895
3 .501 .533

3.594.738
41.507.251
2.688.271
97.518.995
19.489.083
1.284.771
40.102,195
8.232.680
7.166.030
41.096.465
3.741,190
6.552.360
1.241.889
12 .549 .265

51 .669 .519

3.367.444
1 ,29 1 . 720
18, 785.244

rgi ni a

Washington
kcst Virginia
Wisconsin
Hyomi ng
International
Undistributed:
Federal tax deposits 6/
Gasoline, lubricating oil, and excess
FICA credits, etc. TJ
Clearing account for excise taxes,
aviation fuel--Air Force and Navy
Presidential election fund ^Z
Earned income credits 9/
Other Wl

Total

3,716.910
21,239,175

13.780,954
2.895,789
14.231.311
9 76 .2 79

7/
J/
hi

Corporation
taxes 3/

5.957,171
1,106.200
5.230.480
2.970.793
63.696.699
9.629.162
14,507.271
3.378.935
19.866.518
11.956.380
1.844.961
1.483.887
34.022.174
13.221.436
3,833.432
4,369.545
4.720.679
5.587.926
1.707.004
20.000.735
18.594.341
29.314.432
14.288.861
2,310.418
13.837.955
853.900
3.166.952
1.962.579
2.225.146
27.579,980
1.736.727
64 553.591
10.902.940
811.375
27.607.808
5.122.141
4.669.457
27.520.341
2.478.177
4.456.891
776.910
8.198.401
32.497,258
2.275.100
801,733
11.571,103
9.494,637
1.988.287
9.612.158
537,920
3.472.571

3,342

307,676
31,968

-12

14,568
289,566
10,323
8,098
281.996
4.710
3.260
4,403
335,484
30.929
62,620
416,186
8,887
32.492

11.798
505.414
1,631
817
1,869
2.539

46,326
2,089
5,484
415.623
1,268
321

7,414

1.257.764

62,698
8.422
57,297
41,111
606,571
63,420
58,408
48,295
171.038
137.776
17,478
16.950
514,172
89.291
39,819
45,761
52.603
107,509
19,791
83,884
204,880
265,106
114,854
31,107
133,189
8,886
27,271
24,430
23,568
181,856
31.294
525,398
132,711
7,700
434,568
48,147
8,613
505,750
28,845
52,868
8,163
21.735
205.640
23.260
9.402
124,331
94.245
40.726
96,282
5,504
48,062

740,065
65,158
606,192
789.291
10,781.385
851.675
2,715,792
1,516,412
2.664.907
2.946.179
254,775
261.231
8,023,360
1.34, ,997

-24,863

559.633

86i.-,«48

566,420
775,239
471,182
248,317
2.675,072
3.228.641
4.817,178
2.403,831
406.900
3.423,682
258,320
491.537
466,955
303.164
4.962,929
208.170
13.535,335
2.579,635
68,055
5,126,866
905.618
789,188
4,644,258
531,062
590,838
78,806
1.390,694
4,124,164
305,736
134,201
1.977.207
1.098.825
155.450
1.917.613
36.364
2.130.969

240.550
22.557
183.006
202.734
2 .929 ,260

369,893
340,092
69.636
1.033.434
1.307.817
45.484
55.199
1.707.009
516.942
173,031
208. 180
1.384.897
150.837
65.416
833.566
441.806
800.785
558.988
176.457
779.623
57.282
131.861
55,854
105,810
1.359.379
133,500
1.368,948
2.858,807
35,003
1,529.881
562.839
234.100
850.169
36.420
163.385
43.941
430.733
3,908.826
139,273
27,068
1,044,478
241.573
106,975
383.639
58.006

213.298

65.607
4.815
98,859
27.511
1.051.452
68.651
204,998
20.374
524.431
173.245
29,340
13,525
432.835
98.320
54.259
51,248
66,437
95,843
23,020
188.913
234.173
172.534
89.792
24 828
170.121
10.357
36.064
43.751
20.723
264.195
23.944
1,075,247
133.579
8.458
296.249
120.801
55.498
312.471
19 .624

48.226
6.949
96.110
471,288
16.244
7.076
192.061
93,482
28.575
100.533
8,184
21,994

240.667

42.667

-9

33,179
63,334
2 ,232 .864

33.179
63.334
-330,062

886,290,590

742.452,955

States do not indicate the Federal tax burden
\] Ttie receipts in the vario
of each since, in many in
nces, taxes are collected in one State from
residents of anottier Stat
For exatrple, withholding taxes reported by
employers located near state
lines may include substantial amounts
St
withheld from sala
of employees who reside in neighboring States.
Also, the taxes of
corporations are paid from a principal office.
although their operations
ns may be located in another State, or throughout

1,521,337
307,087
1,982,802
846,039
22,072.334
2.034.808
3,790,468
509,666
11,184,079
3,048.507
617.109
359.569
8.508.795
2.517.468
1.354.439
1,455.681
1,460,986
1.780.539
610.173
3,931.340
5,234.327
4,453.809
2.459,320
758,314
2,862,114
347,650
844,088
947,953
916,315
7,118,047
554,436
16,273.895
2.880,268
354,135
5,087,859
1,472,700
1,397,376
6,758,062
645.432
1.239.335
325,251
2,409,052
10,416,017
605,742
306,755
3.460.442
2,756,924
575.456
2.113.671
330.280
880,983

Individual

incooe tax
Kithheld and
FICA II

several States.
Collections of individual income tax not withheld include old-age,
survivors, disability, and hospital insurance taxes on self -employment
income (SECA).
Similarly, the collections of individual income tax
withheld Are reported in combined amounts with old-age. survivors.
disability, and hospital insurance taxes (FICA) on salaries and wages.
Includes taxes on unrelated business income of exempt organizations.
Includes District of Columbia collections.
Consists of collections from U.S. taxpayers in Puerto Rico, the virgin
Islands, etc.. and in foreign countries.
Tax payments made to banks, under the Federal tax deposit (FTO) system.

33,179
63.334
-546,081

156.944,748

575,124,673

4,151,534

6,232,000

102,858,985

2.392.070

170.856

33,310,980

7,667,670

are included in the internal revenue collecti
for the period in which
the FTD is purchased.
However, such payments
not classified by
internal revenue districts (nor by tax subcla
to which excise payments
relate) until the FTO payment is applied to t
axpayer's liability from
tax returns filed.
Represents credits allowable on income tax returns for certain gasoline
and special fuels tax payments and for excess payments under the Federal
Insurance Contributions Act (FICA).
Zj Designations by taxpayers of a portion of their taxes to the Presidentia
election campaign fund are not collections, as such, because they do not
Transfers of amounts to this fund are made oi
affect taxpayer liability.
a national basis only and. therefore, have no effect on district and
regional collection data.
9/ Represents amounts offset against outstanding tax liabilities other than
those for Forms 1040 and 1040A on which the credits are claimed.
^/ Includes amounts contained in the national totals but not classified by
Also includes amount transferred to a
State or district as of Sept. 30.
special account for the Northern Mariana Islands.

..
.

FEDERAL OBLIGATIONS
"Obligations" are the basis on which the use of funds is
in the Federal Government. They are recorded at the point
at which the Government makes a firm commitment to acquire goods
or sen/ices and are the first of the four key events-order, delivery,
controlled

order, but the order itself usually
private economy.

payment, and consumption-which characterize the acquisition and
use of resources. In general, they consist of orders placed, contracts
awarded, services received, and similar transactions requiring the
disbursement of money.

Obligations are classified according to a uniform set of
categories based upon the nature of the transaction without regard to
its
ultimate purpose. All payments for salaries and wages, for
example, are reported as personnel compensation, whether the
personal services are used in current operations or in the construc-

causes immediate pressure on the

tion of capital items.

The

obligational stage of Government transactions is a strategic
gauging the impact of the Government's operations on the
national economy, since it frequently represents for business firms
the Government commitment which stimulates business investment,
including inventory purchases and employment of labor. Disbursements may not occur for months after the Government places its

point

Federal agencies often do business with one another; in doing
agency records obligations, and the "performing"
agency records reimbursements. In table FO-1, obligations incurred
within the Government are distinguished from those incurred outside
the Government. Table FO-2 shows only those incurred outside.
so, the "buying"

Table FO-1 .-Gross Obligations Incurred Within and Outside the Federal Government
by Object Class, as of Sept. 30, 1987
fin

millions of dollare. Soureo:

Standard Form 225. Report on Obligations, from agencies]

Gross obliqallons Incurred
Object class

Personal services and benefits:
Personnel compensalion
Personnel benefits
Benefits for former personnel

135.815
8,910

135.818
29,564

775

783

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

4,863
7,039
10,445

734

5,598
8,376
16,098
1,797
164,264
92.205

1,337
5,653

748

1,050
126.651

37.613
24.467

67.739

Acquisition of capital assets:

Equipment
Lands and structures
investments and loans

77,365
17,406
34,374

84,162
19,442
34,423

171.329
375,543
171,465

193,322
376,044
219,233
934

Grants and fixed charges:
Grants, subsidies, and contributions
insurance claims and indemnities
interest and dividends
.

Refunds
Other:

Unvouchersd
Undistributed U.S. obligations

Gross obiigatione incurred

For Federal budget presentation a concept of "net obligations incurred" is generally used.
This concept eliminates transactions wNhin the Government and revenue and reinibursements Irom the public which by statute may be used by Government agencies without
appropriation action by the Congress. Summary figures on this basis follow. (Data are on
the basis of Reports on Obiigatkjns presentation and therefore may differ somewhat from
the Budget of the U.S. Government.)

Gross obligations Incurred

(as above)

Deduct:

Advances, relmburaen^nts, other income,
Offsetting rece^ts

Net obligations Incurred

etc.

)

24
FEDERAL OBLIGATIONS
Table FO-2.

- Gross Obligations Incurred Outside the Federal Government
by Department or Agency, as of Sept. 30, 1987

[

millions of dollar s.

Sou

Standard _Fonn 225, Report on Ofaligat

Perso nal service s and benefits
Benefits

Classification

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

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

Civil

Education Department
Energy Department
Health and Human Services, except Social
Security
Health and Human Services, Social Security
{of f -budget
Housing and Urban Development Department..
Interior Department
Justice Department
Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest on refunds, etc
General revenue sharing
Other
Envi ronmental Protection Agency
General Services Administration
National Aeronautics and Space
Administration
Office of Personnel Management
Small Business Administration
Veterans Administration
Other independent agencies:
Postal Service
Tennessee Valley Authority
Other

Personnel
compensation

Personnel
benefits

for
former
personnel

ns,

rom ag e ncies]

Contractual
Travel and
trans-

Transpor-

portation
of persons

things

tat ion of

sei

ces and supplies

Rent, communi cat ions,
and
utilities

Printing
and
reproduct Ion

Supplies

25
FEDERAL OBLIGATIONS
Table

FO— 2. by

Gross Obligations Incurred Outside the Federal Government
or Agency, as of Sept. 30, 1987-Continued

Department

[In

mniions of dollars]

__^

Grants and fixed charges

Acquisition of
capital assets
CI

assificati

Equipment

Lands
and
struc-

Undistr
claims
and indemnities

FEDERAL OBLIGATIONS

GROSS FEDERAL OBLIGATIONS
ASOFSEPT. 30, 1987

v/,^.^.^^.^.^/.^j
Personal Services & Benefits
I

.}.}.>.>.}.>.>

Contractual Services

.''

,''

-M-

> ,n
- - 'q
i

Outside Government
Within

Government

>.>.>JJA

& Supplies

Acquisition of Capital Assets

Grants & Fixed Charges

400

200

600

$ Billions

GROSS FEDERAL OBLIGATIONS INCURRED
OUTSIDE THE FEDERAL GOVERNMENT
As

of Sept. 30,

1987
ontractual Services

& Supplies

Acquisition of Capital Asset!

11
'ersonal Services

12%

Grants & Fixed Charge:

59%

Benefits

ACCOUNT OF THE

TREASURY

U.S.

SOURCE AND AVAILABILITY OF THE BALANCE IN THE ACCOUNT OF THE U.S. TREASURY

The operating cash of
accounts with the Federal Re
nclude the Daily
accounts.
Major infomiatii
received from the Federal Reserve banks and branches, and elect
transfers through the Treasury Financial Coimiunicat ions System.
A:
balances in the accounts at the Federal Reserve banks become depl
they are restored by calling in {withdrawing) funds from thousan<
throughout the country authorized to maintai

applicable to all
finan
institutions deposit

ions whereby custo
payments and fund'
cases the transact

ncial

erely the transfer of funds

unts

for the

Under authority of Public Law 9S-14/, the Treasury inplemented a
program on Nov. 2, 1978. to invest a portion of its operating cash in
Under
obligations of depositaries maintaining tax and loan accounts.
the Treasury tax and
uin investment program, depositary financial

Table UST-1.

- Elements

Changes

system permits the Treasury to collect funds
institutions and to leave the funds in Note Option
and in the financial coimunities in which they arise until
the Tr
the funds for its operations.
In this
!Utralize the effect of its fluctuating
Note Opti
al
instituti
the
and

loan

incial

Federal Reserve and Tax and Loan Note Account

[in millions of dollars.

Sourc e;

Financia

Hanagement Service]

Credits and withdrawals

1983
1984
1985
1986
1987

ig86-Dcc
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

1,752,320
1,808,415
2.017,708
2,174,675
2.187,404

107,837
125,293
146,759
160,163
176,401

1,854,575
1,941,748
2,168,806
2,331,492
2,362,190

191,9 71
174,552
172,088
195,787
244,242
162,447
194,497
166.133
175,852
162,932

16.189
13,979
12,914
16,722
16,223
13,278
16,574
14,868
13,255
17,190
14,926
13,605
19,365

203,101
180,371
197,264

212,418
234,353
199,027
203,683
189,411
190,706
1

764

197,986
211,110
208,167

352,229
89,581
76,792
53,249

5,664
3,848
3,078
5,221
6,509
3,644
6,079
2,279
3,218
3,732
5,685

4,228
5,275

FEDERAL DEBT
INTRODUCTION

Treasury securities (i.e., public debt securities) comprise most of
the Federal debt, with securities issued by other Federal agencies
accounting for the remainder. In addition to the data on the Federal
debt presented in the tables in this section of the quarteriy Treasury
Bulletin, the Treasury publishes detailed data on the public debt
outstanding in the Monthly Statement of the Public Debt of the
United States and on agency securities and the investments of
Federal Government accounts in Federal securities in the Monthly
Treasury Statement of Receipts and Outlays of the United States

Government.

Federal agency borrowing from the Treasury, which

presented

and Outlays of the
Government. The Government-sponsored entities.

the Monthly Treasury Statement of Receipts

United States

securities are presented in the memorandum section of table
FD-4, are not agencies of the Federal Government, nor are their
presented in table FD-4 guaranteed by the Federal

whose

securities

Government.

Table FD-5. -Maturity Distribution and Average Length of
Marketable Interest-Bearing Public Debt Held by Private
Investors

Table FD-1 .-Summary of Federal Debt

The Federal debt outstanding is summarized as to holdings of
public debt and agency securities by the public, which includes the
Federal Reserve, and by Federal agencies, largely the social
security and other Federal retirement trust funds. Greater detail on
holdings of Federal securities by particular classes of investors is
presented in the ownership tables, OFS-1 and OFS-2, of the

Treasury

Bulletin.

Table FD-2. --Interest-Bearing Public Debt
Interest-bearing
marketable and nonmarketable Treasury
are presented as to type of security. The difference
between interest-bearing and total public debt securities reflects
outstanding matured Treasury securities on which interest has
ceased to accrue. The Federal Financing Bank (FFB) is under the
supervision of the Treasury, and FFB securities shown in this table
securities

The average maturity of the privately held marketable Treasury
debt has increased gradually since it hit a trough of 2 years, 5
months, in December 1975. In March 1971, the Congress enacted a
limited exception to the 4-1/4-percent interest rate ceiling on
Treasury bonds that permitted the Treasury to offer securities
maturing in more than 7 years at current market rates of interest for
the first time since 1965. The exception to the 4-1/4-percent interest
rate ceiling has been expanded since 1971 to authorize the Treasury
to continue to issue long-term securities. The volume of privately
held Treasury marketable securities by maturity class reflects the
remaining period to maturity of Treasury bills, notes, and bonds, and
the average length comprises an average of remaining periods to
maturity, weighted by the amount of each security held by private
investors (i e
excludes the Government accounts and Federal
Reserve banks).
,

Table FD-6.-Debt Subject to Statutory Limitation

are held by a U.S. Government account.

The
Table FD-3. --Government Account Series

Nonmarketable Treasury securities held by U.S. Government
accounts are summarized as to issues to particular funds within the
Government. Many of the funds invest in par-value special series
nonmarketables at statutorily determined interest rates, while others
whose statutes do not prescribe an interest rate formula invest in
market-based special Treasury securities whose terms mirror the
terms of marketable Treasury securities.

limit.

debt that the
debt ceiling.
last

is compared with the outstanding debt
The other debt category includes certain Federal
Congress has designated by statute to be subject to the
The changes in non-interest-bearing debt shown in the

statutory debt ceiling

subject to

column

reflect maturities of

Treasury securities on nonbusiness

days, such as weekends and holidays. In that event. Treasury
securities are redeemed on the first business day following a
nonbusiness day.

Table

FD-7.-Treasury

Holdings

Securities

issued

Government Corporations and Other Agencies
Table FD-4. -Interest-Bearing Securities Issued by Government

Agencies

from

Certain Federal agencies are authorized by statute to borrow
the Treasury, largely to finance direct loan programs. In

agencies such as the Bonneville Power Administration are
authorized to borrow from the Treasury to finance capital projects.
The Treasury finances such loans to the Federal agencies with
issues of public debt securities.
addition,

Federal agency borrowing has been declining in recent years,
in part because the Federal Financing Bank has been providing
financing to other Federal agencies. This table does not cover

FEDERAL DEBT
Table FD-1 .--Summary of Federal Debt
[In

millions

d dollars.

Source: Monthly Treasury Stalemanl

Receipts and Outlays

Amount outstanding
End

year

or montfi

Ihe United Slates Governmenll
Securities field by:

Govemment accounts

fiscal

Tfie public

Public

debt

Public

securi-

debt
securl-

Public

30
FEDERAL DEBT
fable
[In mtlUons of dollars.

Airport and
End of
fiscal year
or month

FD-3. - Government Account Series

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

31
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 and Financial Management Se rvice]

End of
fiscal year
or month

Defense
Department

Housing and Urban
Development Department

Other independent agencies

Total

outstanding

Family housing
and homeowners
assistance

Federal
Housing
Administration

Government
National
Mortgage
Association

Export-Import
Bank of the
United States

1983
1984
1985
1986
1987

4,675
4,481
4,366
4,217
4,009

264

206

153
82
40
22

140
117
117
178

2,165
2,165
2,165
2,165
1,965

64
34

1986-Dec
1987-Jan
Feb
Mar
Apr
Hay
June
July
Aug
Sept
Oct
Nov
Dec

4,034
3,980
3,986
3,994
3,800
3,801
3,801
3,806
4,108
4,009
3,893
3,880
3,518

36
35
30
27
27
25
25

138
136
147
158
165
168
169
175
174
178
182
182
183

2,165
2,165
2,165
2,165
1,965
1,965
1,965
1,965
1,965
1,965
1,965
1,965
1,615

23
21
22
22
23
21

Memorandmi
End of
fiscal year
or month

— Interest-bearing

Banks for
cooperatives

Farm
credit
banks

220
220
220

67.320
68,165
64,135
59,707
53,275

926
926
926
565

58,939
57,243
56,381
54,662
54,822
54,500
53,959
53,761
r54.158
53.295
53,655
53,575
52,652

565
2/-

1983
1984
1985
1986
1987

1986-Dec
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

•
Less than $500,000.
1/ Funds matured Jan. 2, 1986.
7/ Funds matured Jan. 5, 1987.

1/-

Federal

intermediate
credit banks

9
6
*

*
•
*
«

*
*
*

Postal

Service

Tennessee
Valley
Authority

250
250
250
250
250

1,725
1,725
1,725
1,625
1,380

250
250
250
250
250
250
250
250
250
250
250
250
250

1,425
1.380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380

securities of non-Government entities
Federal
land
banks

Federal home
loan banks

Federal
National
Mortgage
Associati

5,015
4,015
3,625
2,773
2,023

110,597
140,194
178,458
249,321
329,295

97,480
113,460
140,859
178,333
223,076

3,145
4,826
7,270
9,569
13,604

2,773
2,773
2.773
2,773
2.423
2,423
2,423
2.023
2,023
2,023
2,023
2.023
2.023

276,015
280,380
287.069
294,070
304,185
308,724
314,558
320,188
325,483
329.295
338,106
343.924

192,267
195,541
197,634
200,423
203,489
208,692
213,450
216,995
219,248
223.076
227.352
229.729
241,736

10,321
10,847
10,934
10,920
11,405
11,411
11,619
12.474
12,676
13,604
14.071
13,960
14.677

n.a.

FEDERAL DEBT
Table FD-5. --Maturity Distribution and Average Length of Marketable
interest-Bearing Public Debt Held by Private Investors
[In

End of

millions ol doHare. Source: Otiloe ol

GovemmenI Finance and Market

Analysis

the Otiioe

Ihe Secrelaryl

FEDERAL DEBT

CD
Ul

o
LU
_l
OQ

<
UJ o

Ci
z
UJ
—I
LU

O
<
cc
LU

>
<
>-

FEDERAL DEBT

(O
CO

O)
TU)

35
FEDERAL DEBT
Table FD-7.

Treasury Holdings of Securities Issued by Government Corporations and Other Agencies

[In millions of dollars.

Source: Monthly Treasury

S tatement

of Receipts and Outlays of the United States Government]

Education

Agriculture Department
End of
fiscal ye
or month

1983
1984
1985
1986
1987

1986-Oec
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

Nov
Dec

Commodity
Credit
Corporatio

Rural

Electrificati
Administratio

198,639
211,833
230,954
210,468
211,875

21,407
18,609
23,811
24,800
20,969

6,821
9.383
11,732
14.202
19,667

199,881

17,348

10.937
10.907
10.907
11,462
12.692
13,602
14.607
15.992
16,642
19,667
15,709

204,783
203,710
206,386
209,667
210,640
211,482
205,138
208,048
211,875
197.043
200,411
196,599

7,929
3,000
0,969

15,9 79

16,389

TREASURY FINANCING OPERATIONS, OCTOBER-DECEMBER

1987

OCTOB ER
Auction of 2-Year Notes

addition to the $9,255 million of tenders accepted

the auction process,

On October 14
auction $9,250

the Treasury announced that it would
of 2-year notes to refund $9,120

million

million of notes maturing October 31, 1987, and to raise
about $125 million of new cash. The notes offered were
Treasury Notes of Series AE-1989, dated November 2,
1987, due October 31, 1989, with interest payable on April
until maturity. An interest rate of 7-7/8
set after the determination as to which tenders

30 and October 31
percent

was

were accepted on a

yield auction basis.

Tenders for the notes were received until 1 p.m. EDST,
October 21, and totaled $22,922 million, of which $9,255
million was accepted at yields ranging from 7.91 percent,
price 99.937, up to 8.00 percent, price 99.774. Tenders at
the high yield were allotted 8 percent. Noncompetitive
tenders were accepted in full at the average yield, 7.95
percent, price 99.864. These totaled $768 million. Competitive tenders accepted from private investors totaled $8,487
million.

$330

million

was awarded

to Federal

Reserve banks as agents for foreign and international
monetary authorities. An additional $1,178 million was
accepted from Government accounts and Federal Reserve
banks for their own account.

52-Week

Bills

On October 16 tenders were invited for approximately
$9,250 million of 364-day Treasury bills to be dated October
29, 1987, and to mature October 27, 1988. As the 52-week
bills maturing on October 29 were outstanding in the amount
of $10,007 million, this issue resulted in a paydown of about
$750 million. Tenders were opened on October 22. They
totaled $21,947 million, of which $9,258 million was
accepted, including $268 million of noncompetitive tenders
from the public and $2,415 million of the bills issued to
Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities. The average
bank discount rate was 6.45 percent.

NOVEMBER
November Quarterly Financing

monetary authorities, and $2,310 million was accepted
from Government accounts and Federal Reserve banks for
their own account.
tional

On October 29 the Treasury announced that it would
auction $9,750 million of 3-year notes of Series V-1990,
$9,250 million of 10-year notes of Series C-1997, and $4,750
million of long-term bonds to refund $13,348 million of
Treasury securities maturing November 15 and to raise
about $10,400 million of new cash. The announcement
stated that the long-term bond would be a reopening of an
outstanding STRIPS-eligible bond with a 30-year original
maturity, and that the specific issue to be reopened would be

The notes of Series C-1997 were dated November 15,
1987, issued November 16, 1987, due November 15, 1997,
with interest payable on May 15 and November 15 until
maturity. An interest rate of 8-7/8 percent was set after the
determination as to which tenders were accepted on a yield
auction basis. Accrued interest of $0.24382 per $1,000,
covering the period from November 15 to November 16,

announced on November

1987,

The notes of Series \/-1990 were dated November 16,
1987, due November 15, 1990, with interest payable on May
15 and November 15 until maturity. An interest rate of 8
percent was set after the determination as to which tenders
were accepted on a yield auction basis.
Tenders

for

the notes were received

until

p.m. EST,

November 3, and totaled $23,271 million, of which $9,765
million was accepted at yields ranging from 8.00 percent,
price 100.000, up to 8.05 percent, price 99.869. Tenders at
Noncompetitive
the high yield were allotted 23 percent.
tenders were accepted in full at the average yield, 8.03
percent, price 99.921. These totaled $742 million. Competitive tenders accepted from private investors totaled $9,023
million.

addition to the $9,765 million of tenders accepted

auction

process,

for

for the

each accepted tender.

notes were received

until

p.m. EST,

November 4, and totaled $17,455 million, of which $9,250
million was accepted at yields ranging from 8.84 percent,
up to 8.93 percent, price 99.640. Tenders at
were allotted 67 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.88
percent, price 99.966. These totaled $422 million. Competiprice 100.228,

the

high

tive

tenders accepted from private investors totaled $8,828

yield

million.

addition to the $9,250 million of tenders accepted

the auction process,

$250

million

was awarded

to Federal

Reserve banks as agents for foreign and international
monetary authorities. An additional $300 million was
accepted from Government accounts and Federal Reserve
banks for their own account.

$1,270 million was accepted from
Federal Reserve banks as agents for foreign and interna-

the

was payable

Tenders

The notes of Series C-1997 may be held in STRIPS
The minimum paramount required is $1,600,000.

form.

TREASURY FINANCING OPERATIONS, OCTOBER-DECEMBER

1987

2017 were an additional
due August 15, 2017,

In addition to the $9,269 million of tenders accepted in
the auction process, $350 million was accepted from Federal

on February 15 and August 15 until
Accrued interest of $22.42867 per $1,000, covering
the period from August 15, 1987, to November 16, 1987,
was payable for each accepted tender.

Reserve banks as agents for foreign and international
monetary authorities, and $968 million was accepted from
Government accounts and Federal Reserve banks for their

The

8-7/8 percent

bonds

issue of bonds dated August 15, 1987,
with interest payable
maturity.

Tenders

for the

bonds were received

November 5, and totaled $20,024
million was accepted at a yield

1 p.m. EST,
which $4,778

8.79 percent,

investors totaled $4,470 million.
addition to the $4,778 million of tenders accepted

the

own

account.

On November 17 the Treasury announced that it would
auction $7,500 million of 5-year 2-month notes to raise new
cash. The notes offered were Treasury notes of Series
J-1993, dated December 1, 1987, due February 15, 1993,
with interest payable on August 15 and February 15 until
maturity. An interest rate of 8-1/4 percent was set after the
determination as to which tenders were accepted on a yield
auction basis.

was accepted from

$150
Government accounts and Federal Reserve banks
process,

auction

Auction of 5-Year 2-Month Notes

price

100.844, which represented the full range of accepted bids.
Competitive tenders for 8.79 percent were allotted 76
percent. Noncompetitive tenders were accepted in full at the
average yield, 8.79 percent, price 100.844. These totaled
$308 million. Competitive tenders accepted from private

account.

until

million, of

own

million

Tenders

for their

for the

notes were received

until

The bonds of 2017 may be
minimum par amount required is

held

STRIPS

form.

The

$1 ,600,000.

up to 8.31 percent, price 99.684. Tenders at the high yield
were allotted 65 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.30 percent, price
99.725. These totaled $291 million. Competitive tenders

Auction of 2-Year Notes

accepted from private investors totaled $7,214

On November 12 the Treasury announced that it would
auction $9,250 million of 2-year notes of Series AF-1989 to
refund $9,841 million of publicly held 2-year notes maturing
November 30, 1987, and to pay down about $600 million.

In addition to the $7,505
the auction process, $730 million

The notes of Series AF-1989 were dated November 30,
1987, due November 30, 1989, with interest payable on May
31 and November 30 until maturity. An interest rate of 7-3/4
percent

was

set after the determination as to which tenders

were accepted on a
Tenders

for

yield auction basis.

the notes were received

until

p.m. EST,

up to 7.78 percent, price 99.945. Tenders at
were allotted 53 percent. Noncompetitive
tenders were accepted in full at the average yield, 7.76
percent, price 99.982. These totaled $848 million. Competitive tenders accepted from private investors totaled $8,421
price 100.018,

high

million of

Reserve banks as agents
monetary authorities.

52-Week

for

million.

tenders accepted in
to Federal

was awarded
foreign

and

international

Bills

On May 1 tenders were invited for approximately $9,250
364-day Treasury bills to be dated November 27,
1987, and to mature November 25, 1988. The issue was to
refund $9,888 million of maturing 52-week bills and to pay
down about $600 million. Tenders were opened on November 19. They totaled $33,039 million, of which $9,252 million
was accepted, including $272 million of noncompetitive
tenders from the public and $2,758 million of the bills issued
to Federal Reserve banks for themselves and as agents for
million of

November 18, and totaled $23,296 million, of which $9,269
million was accepted at yields ranging from 7.74 percent,
the

p.m. EST,

November 24, and totaled $20,149 million, of which $7,505
million was accepted at a yield of 8.29 percent, price 99.767,

yield

foreign

$79

and

million

for foreign

million.

cash.

international

was issued
and

monetary

authorities.

additional

Federal Reserve banks as agents

international

monetary authorities

The average bank discount

rate

was

for

new

6.48 percent.

DECEMBER
Auction of 2-Year and 4- Year Notes

The notes of Series AG-1989 were dated December 31,
987, due December 31,1 989, with interest payable on June
30 and December 31 until maturity. An interest rate of 7-7/8
percent was set after the determination as to which tenders
were accepted on a yield auction basis.
1

On December 16 the Treasury announced that it would
auction $9,250 million of 2-year notes of Series AG-1989
and $7,000 million of 4-year notes of Series Q-1991 to
refund $15,362 million of Treasury notes maturing
$900 million of new cash.

31 and to raise about

December
Tenders

for

the notes were received

until

p.m. EST,

TREASURY FINANCING OPERATIONS, OCTOBER-DECEMBER
December 22, and totaled $30,851 million, of which $9,286
million was accepted at yields ranging from 7.92 percent,
price 99.918,

high

the

yield

Tenders at
23 percent. Noncompetitive
full at the average yield, 7.93

allotted

million.

addition to the $9,286 million of tenders accepted

the auction process,

$265

million

was accepted from Federal

Reserve banks as agents for foreign and international
monetary authorities, and $1,000 million was accepted from
Government accounts and Federal Reserve banks for their

own

account.

to 7.94 percent, price 99.882.

were

tenders were accepted in
percent, price 99.900. These totaled $822 million. Comp)etitive tenders accepted from private investors totaled $8,464

own

1987

account.

The notes of Series Q-1991 were dated December 31,
1987, due December 31, 1991, with interest payable on June
30 and December 31 until maturity. An interest rate of 8-1/4
percent was set after the determination as to which tenders
were accepted on a

yield auction basis.

Auction of 7- Year Notes

On December 29

January 15, 1988, due January
payable on July 15 and January 15
rate of 8-5/8 percent

million.

In addition to the $7,006 million of tenders accepted in
the auction process, $304 million was accepted from Federal

Reserve banks as agents for foreign and international
monetary authorities, and $742 million was accepted from
Government accounts and Federal Reserve banks for their

announced

that

would

was

15,

1995,

W'th

until maturity.

interest
interest

set after the determination as to

which tenders were accepted on a yield auction basis.

Tenders for the notes were received until 1 p.m. EST,
January 6, 1988, and totaled $15,851 million, of which
$6,513 million was accepted at yields ranging from 8.65
percent, price 99.871, up to 8.68 percent, price 99.716.
Tenders at the high yield were allotted 63 percent. Noncompetitive tenders were accepted in full at the average yield,
8.67 percent, price 99.768. These totaled $283 million.
Competitive tenders accepted from private investors totaled

$6,230

Tenders for the notes were received until 1 p.m. EST,
December 23 and totaled $20,276 million, of which $7,006
million was accepted at yields ranging from 8.32 percent,
price 99.766, up to 8.34 percent, price 99.699. Tenders at
the high yield were allotted 79 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.33
percent, price 99.733. These totaled $434 million. Competitive tenders accepted from private .nvestors totaled $6,572

the Treasury

auction $6,500 million of 7-year notes to raise new cash. The
notes offered were Treasury notes of Series E-1995, dated

million.

52-Week

Bills

On December

1 1 tenders were invited for approximately
364-day Treasury bills to be dated December 24, 1987, and to mature December 22, 1988. The issue
was to refund $9,764 million of maturing 52-week bills and to
pay down about $525 million. Tenders were opened on
December 17. They totaled $22,734 million, of which $9,252
million was accepted, including $246 million of noncompetitive tenders from the public and $2,758 million of the bills
issued to Federal Reserve banks for themselves as agents
for foreign
and international monetary authorities. The
average bank discount rate was 6.74 percent.

$9,250

million of

PUBLIC DEBT OPERATIONS
INTRODUCTION

Background

52-week bill is a reopening of the existing 52-week bill. The
and average yields on accepted tenders and the dollar
value of total bids Is presented, along with the dollar value of awards
on a competitive and a noncompetitive basis. The Treasury accepts
noncompetitive tenders of up to $1 million in each auction of
Treasury securities in order to assure that individuals and smaller
existing

high, low,

The Second Liberty Bond Act (31 U.S.C. 3101, et seq.)
provides the Secretary of the Treasury with broad authority to borrow
and to determine the terms and conditions of issue, conversion,
payment, and interest rate on Treasury securities. Data in
have been published in
Treasury Bulletin in some form since its inception in 1939,
pertain only to marketable Treasury securities, currently bills, notes,
and bonds. Treasury bills are discount securities that mature in 1
year or less, while Treasury notes and bonds have semiannual
interest payments. New issues of Treasury notes mature in 2 to 10
years, and bonds mature in over 10 years from the issue date. Each
marketable Treasury security is listed in the Monthly Statement of
the Public Debt of the United States.
maturity,

the "Public Debt Operations" section, which
the

Table PDO-1 .--Maturity Schedule of Interest-Bearing Marketable
Public Debt Securities Other than Regular Weekly and S2-Week
Treasury Bills
All

unmatured Treasury notes and bonds are

listed in maturity

separate breakout is
provided for the combined holdings of the Government accounts and
Federal Reserve banks, so that the "All other investors" category

order, beginning with the earliest maturity.

includes

all

Table PD0-3.~Public Offerings of Marketable Securities Other
than Regular Weekly Treasury Bills

The results of auctions of marketable Treasury securities, other
than weekly bills, are listed in the chronological order of the auction
dates over approximately the most recent 2 years. This table
Includes notes and bonds presented in table PDO-1 52-week bills in
table PDO-2, and data for cash management bills. Treasury offers
cash management bills from time to time to bridge temporary or
seasonal declines in the cash balance. Cash management bill
maturities generally coincide with the maturities of regular issues of
Treasury bills.
,

Table PDO-4."Allotments by Investor
Marketable Securities, Parts A and B

private holdings.

Table PD0-2.~0fferlngs of

institutions are able to participate in offerings of new marketable
Treasury securities. Noncompetitive bids are awarded at the average
yield on accepted competitive bids.

Data on

Bills

allotments

The

auctions of 52-week

bills

every fourth

and 26-week

bliis

week are presented

and
table

New issues of
PDO-2. Treasury bills mature each Thursday.
13-week bills are reopenings of 26-week bills. The 26-week bill
issued every fourth week to mature on the same Thursday as an

for

Public

marketable Treasury

securities by
chronological order of the auction
date for approximately the most recent 2 years. These data have
of

investor class are presented

results of weekly auctions of 13-

Classes

appeared

in the Treasury Bulletin since 1956. Tenders in each
Treasury auction of marketable securities other than weekly auctions
13of
and 26-week bills are tallied by the Federal Reserve banks
into investor classes described in the footnotes to the table.

PUBLIC DEBT OPERATIONS
Table PDO-1. "Maturity Schedule of Interest-Beai

i.g

Regular Weekly and 52-Week Treasury
[In

millions ol (iollars. Source:

Monthly Sraiemeni

ihe Public Debt ol Ihe Uniled Slates, and Otiioe of
Amount 01 malunties

Held by

Dale

Marketable Public Debt Securities Other than
Bills Outstanding, Dec. 31, 1987
Governmeni Finance and Market Analysis

the Oftice dl

Amount

Itie

Segalaryl

ol maturities

Held by

PUBLIC DEBT OPERATIONS
Table PDO-1 .--Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than
Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1987~Continued

42
PUBLIC DEBT OPERATIONS
Table
[Dpnar amounts

mnilons.

PDO-2. - Offerings

of Bills

Source: Monthly SUtement of the Public Pebt of the United States and allotments]

Description of new Issue

Amounts of bids accepted

PUBLIC DEBT OPERATIONS
Table PDO-2.

On total

Average
price per
hundred

98.435
96.795
98.370
96.603
98.402
96.643
98.334
96.547
98.491
96.642
98.359
96.481
98.241
96.289
98.271
96.355
98.706
96.977
98.534
96.845
98.549
96.845
98.481
96.800
98.575
96.928
98.612
96.906
98.531
96.754
98.483
96.739
98.493
96.724
98.552
96.805

94.353
94.500
94.196
94.257
94.014
93.367
93.387
93.711
93.408
93.185
92.599
93.478
93.448
93.185

Offerings of Bills-Continued

bids

On competitive bids accepted

Average
discount

Average
investment

rate
(percent)

rate

6.19

(percent)

44
PUBLIC DEBT OPERATIONS
Table PDO-3.

Public Offerings of Marketable Securities Other than Regular

Weekly Treasury

Bills

[Doll

Description of se

BJturUy
(years, aonths,
lays) 2/

12/17/85
12/18/85
12/19/85
1/07/36
1/08/86
1/16/86
1/22/86
2/04/86
2/05/86
2/05/86
2/06/86
2/13/86
2/19/86
2/26/86
3/13/86
3/19/86
3/25/86
3/26/86
4/01/86
4/10/86
4/23/86
5/06/86
5/07/86
5/08/86
5/13/86
5/21/86
5/2 8/86
6/03/86
6/05/86
6/18/86
6/24/86
6/25/86
7/08/86
7/23/86
7/31/86
8/05/86
8/06/86
8/07/86
8/20/86
8/27/86
8/28/86
9/23/86
9/24/86
9/25/86
10/22/86
10/23/86
10/28/86
10/30/86
11/04/86
11/05/86
11/06/86
11/19/86
11/20/86
11/25/86
12/17/86
12/18/86
12/23/86
12/30/86
1/15/87
1/21/87
2/03/87
2/04/87
2/05/87
2/12/87
2/24/87
2/25/87
3/12/87
3/24/87
3/25/87
3/26/87
4/02/87
4/02/87
4/09/87
4/22/87
5/05/87
5/06/87
5/07/87
5/12/87
5/20/87
5/27/87
6/04/87
6/23/87
6/24/87
6/25/87
7/02/87
7/30/87
8/04/87
8/11/87
8/12/87
8/13/87
8/26/87
8/2 7/87

9/01/87
9/29/87
9/30/87
10/06/87
10/07/87

12/31/85
12/31/85
12/26/85
i/is/se
1/15/86
1/23/86
1/31/86
2/18/86

8-3/4
9-3/8

2/2/18/86

8-7/8

7/2/18/86
T/2/18/86
2/20/86
2/28/86
3/05/86
3/20/86
3/31/86
3/31/86
4/03/86
4/03/86
4/17/86
4/30/86
5/15/86

1/8-7/8

5/15/86
5/15/86
5/15/86
6/02/86
6/03/86
6/04/86
6/12/86
6/30/86
6/30/86
7/07/86
7/10/86
7/31/86
8/0 7/86

8/15/86
8/15/86
8/15/86
9/02/86
9/03/86
9/04/86
9/30/86
9/30/86
10/02/86
10/31/86
10/30/86
11/03/86
11/04/86
11/17/86
7/11/17/86
T/1 1/1 7/86
12/01/86
11/28/86
12/03/86
12/31/86
12/31/86
12/26/86
1/05/87
1/22/87
2/02/87
2/17/87
2/17/87
2/17/87
2/19/87
3/02/87
3/03/87
3/19/87
3/31/87
3/31/87
4/01/87
4/07/87
4/03/87
4/16/87
4/30/87
5/15/87
5/15/87
5/15/87
5/14/87
6/01/87
6/03/87
6/11/87
6/30/87
6/30/87
7/06/87
7/09/87
7/31/87
8/06/87
8/17/87
7/8/17/87

7-7/81
8-3/8

12/31/87-AD
12/31/89-P
12/26/86
1/15/93-E
2/15/2006
1/22/87
1/31/88-V
2/15/89-Q
2/15/96-A
2/15/96-8
2/15/2016
2/19/87
2/29/a8-U
5/15/91-J
3/19/87
3/31/88-X
3/31/90-N
4/15/93-F
4/17/86-Reopi
4/16/87
4/30/88-Y
5/15/89-R
5/15/96-C
5/15/2016
5/14/87
5/31/88-2

7.06

7.31

8-1/8
8

9-1/4
7.19

7-1/4
7-3/8
7.22
5.94

6-5/8
6-7/8
7-3/8
7-1/4
6.17
7-1/8
7-1/2
6.71
6.59

8/15/91-1;

7-1/4
7-1/4
5.98

6-5/8
5.82
6-5/8
7-3/8
7-1/4

Note
Note
Bond

6-1/8
6-1/2
5.33
6-3/8
6-3/4
5.47
6-3/8
5.44
7-1/8
5.20
6-3/8
7-1/4
7-1/2
6-1/4
5.45
6-5/8
6-1/4
6-5/8
5.60
7

5.44
6-1/8
6-1/2
7-1/4
7-1/2
5.74
6-1/4
6-5/8
5.68
6-3/8
6-3/4
7

6.04
5.75
5.92
7-1/8
7-7/8
8-1/2
8-3/4
6.56

6/19/86-Reop(
6/11/87
6/30/88-AB
6/30/90-P
7/15/93-G
7/09/87
7/31/88-AC
8/06/87
8/15/89-S
6/15/96-C-Ret
5/15/20I6-Rec
8/31/88-AD
11/15/91-L
9/03/87
9/30/88-AE
9/30/90-Q
10/01/87
10/31/88-AF
10/29/87
10/15/93-H
1/22/87-Reope
11/16/89-T
11/15/96-0
11/15/2016
11/30/88-AG
11/27/87
2/15/92-H
12/31/88-AH
12/31/90-R
12/24/87
1/15/94-D
1/21/88
1/31/89-U
2/15/90-S
11/15/96-0-Re
11/15/2016-Re
2/18/88
2/28/ 89-V
5/15/92-J
3/17/88
3/31/89-U
3/31/91-M
5/15/94-E
4/16/87-Reope
4/23/87-Reope
4/14/88
4/30/89-X
5/15/90-T
5/15/97-A
5/15/2017
5/12/88
5/31/89-y

364d
364d

363d

364d

2y
3y
lOy
30y

Note
8i II

T/8/I7/87
8/31/87
9/03/87
9/03/87
9/30/87

6.221
7-5/8
6.52
7-7/8
8-5/8
8-7/8
7-3/4
8-3/8
6.74
8-1/2

10/01/87
10/15/87
10/15/87

9-1/8
9-1/2

7.32

Note

6/09/88
6/30/89-2
6/30/91
7/15/94-F
7/07/88
7/31/89-AB
8/04/88
8/15/90-U
8/15/97-8
8/15/17
8/31/89-AC
11/15/92-L
9/01/88
9/30/89-AO
10/01/87
9/30/91-P
10/15/94-G

364d
364d

7,59

31,360
19,450
36,843
41,840
31,978
16,374
31,770
43,963
24,940
2

8/15/92-t:

7-7/8

$21,921
14,531
19,693
14,122
12,934
25,448
30,269
14,983
16,326
1,585
18.029
23,832
23,428
19,473
22,515
23,197
2 7,690
16,002
62,826
30,041
19,851
26,423
21,340
19.398
29,380
36,693
18,101
26,364
22,603
28,366
32,581
16,656
24,297
36,176
38,730
27,956
20,327
17,750
32,477
22,917

24,355
27,635
25,276
33,021
19,826
28,514
19,057
35.193
31,008
37,207
22,320
26.968
34,325
37,054
26,910
41,793
33,120
25,588
26,954
34,347
18.594
26,726
26,035
24,952
20,964
20,285
21,046
29,401
23,975
29,524
29,018
26,158
19.096
32,978
30,286
41,783
36.302
25,640
30,138
33,081
19,901
32,216
25,791

29,645
23,299
17,664

$10,523
7,491

9,279
6.514
6/4,753
9,188
10.528
10,295
1/7,574
1,001

6/7,267
9,157
10,638
7,79

9,230
10,878
7,977
6,511
15,055
9,763
11,304
10,472
6/9,527

T/9,318

IT/

22/

24/

9,263
10,905
7,777
5,000
9,418
11,396
8,040
6,757
9,676
11,880
10,168
12,751

32/

1/10,557
1/9,506

73/
IT/

11,432
8,346
9,512
11.541
8.194
9,832
11,542
10,007
7,013
4,011
11,909

1/10,090
1/9,368
11,631
9,887
8,537
11,648
8,393
9,762
7.294
9.824
11,733
14,270
1/10,159

1/9,496
9,716
11,521
8,414
9.549
11,839
8,550
7,336
11,006
6.009

55/

11/

9,788
11,652
11,993
6/9.921

7/9,353

TT/

10,035
11,391
8,494
9,811
11,313
8,365
7,221
9,806
11,351
9.569

64/
65/

60/

121

9,362
9,085
11,473
8,547
9,517
10.678
9,273
7,917
7,073

69/

75/
Til

45
PUBLIC DEBT OPERATIONS
Table

PDO— 3. —

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills— Continued
[Dollar amounts in mil lions]

Auction
date

46
PUBLIC DEBT OPERATIONS
Table

PDO-4. - Allotments

by Investor Classes for Public Marketable Securities

Part A

Other than

Bills

[Jn milMons of dollars]

A llotments by investor classes

Issues

Date of
financing

Description of securities

Total

Federal

Commer-

amount
issued

Reserve
banks

cial

banks

Individuals

Insurance
companies

Mutual
savings
banks

Corporations
3/

Private
pension
and retirement
funds

12/02/85

State and local
overnment s 4/
g
Pension
and re-

tirement
funds

Other
funds

Dealers

and

other

brokers

47
PUBLIC DEBT OPERATIONS
Table PDO-4.

Allotments by Investor Classes
Part 8

Bills

rPollar amounts

12/26/85

for Public

Marketable Securities-Con.

Other than Regular Weekly Series
.In

millions]

48
U.S.

SAVINGS BONDS AND NOTES

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

sold from

May

1952, through Apr. 30, 1957.

May 1. 1967, through June 30.
1970. The notes were eligible for purchase by individuals with the
simultaneous purchase of series E savings bonds. The principal
terms and conditions for purchase and redemption and information
on investment yields of savings notes appear in the Treasury
Bulletins of March 1967 and June 1968; and the Annual Report of
the Secretary of the Treasury for fiscal year 1974.
U.S. savings notes were on sale

Table SBN-1 .--Sales and Redemptions by Series, Cumulative through Dec. 31, 1987
pn millions

ol dollars.

Source: Monihly Statemenl

ol the Public

Debt

of the

United Stales; Markel Analysis Seaion, Unned Slates Savings Bonds Diyision]

Amount outstanding
Sales plus
accrued

Interest-

discount

bearing debt

Matured
non-interest-

bearing debt

Savings bonds:
3,949

Series A-D^

SeriesE, EE, H,
Series F and G
Series

and K

Savings notes
Total

andHH.

49
U.S.

SAVINGS BONDS AND NOTES

Table SBN-3.--Sales and Redemptions by Period, Series
[In

millions ot dollars. Source: Monthly

Siaiem eni

Sales plus
accrued

Sales

discount

price

Series E and

Rscat years:
1941-85

223.106

89,151
5,636
6,129

312,257

10.317

224,470
11.888
7.022

90,510
5.720
6.853

314,980

853
710
646
703
706
602
543
517

'499

'1.352
1.258

'570

Aug

461

'521

Sept

474
486
543
630

'497

'971

550
708

1,036

1986
1987

8.301

13,937
16,446

233,003
4,723
4.587

183,265
2.719
2.717

234.048
4.732
4.793

183.889
2,778
2,998

Calendar years:
1941-85

1986
1987
1986 - Dec
1987- Jan

Feb
Mar
Apr

May
June
July

Oa
Nov
Dec

548
503
'509

491

524
613

17.607
13.875

1.149
'1.212
1,197
1.126
1,055
1

439
337
410
377
350

087
'982

1,251

1.550

Series

'256

438
347
482

H and HH

Rscal years:
1952-85
1986
1987

13,620
-1

-38

Calendar years:
1952-85
1986
1987

1986
1987

Dec
Jan

Feb
Mar
Apr

May
June
July

13.608
21

40
-26
-10
-24
21
-33
-1

-16
21

Aug

-5

Sept
Oct

Nov
Dec

-1

-9

EE, H, and

iha Public Debl ol the United States: Majkel Analysis Section.
Unried Stales Savings

14.633

233
388

HH
Bonds Div

OWNERSHIP OF FEDERAL SECURITIES
INTRODUCTION

Federal securities presented in these tables comprise public
debt securities issued by the Treasury and debt issued by other
Federal agencies under special financing authorities. See the
Federal debt (FD) series of tables for a more complete description of
the Federal debt

Table 0FS-2.~Estimated Ownership of Public Debt Securities
by Private Investors
Privately held Treasury securities are those held by investors

other than the Government accounts and Federal Reserve banks.
Treasury obtains information on private holdings from a variety of

Table OFS-1 .--Distribution of Federal Securities by Class of
Investors and Type of Issues

sources, such as data gathered by the Federal financial institution
regulatory agencies. State and local holdings and foreign holdings
include

special

Holdings of Treasury marketable and nonmarketable securities
and of debt issued by other Federal agencies are presented for
Government accounts, the Federal Reserve banks, and private
investors. Government account holdings largely reflect investment by
the social security and Federal retirement trust funds The Federal
Reserve banks acquire Treasury securities in the market as a means
of executing monetary policy.

entities

and

foreign

securities.

securities

Treasury

issues of nonmarketable securities to municipal
official accounts, as well as municipal and
and private holdings of marketable Treasury
Data on foreign holdings of marketable Treasury
foreign

official

are presented in the capital movements tables in the
See the footnotes for descriptions of the investor

Bulletin.

categories.

OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1.

—

Distribution of Federal Securities by Class of Investors and Type of Issues
[in millions of dollars.

Sojrce:

Financial Management Service]

Help by U.S. Government

Federal

Reserve

1.381.886

1983
1984
1985
1986
1987

1986-Oec..
1987-Jan.
Feb..
Mar..
Apr..
May..
June.
July.
Sept.

MARKET YIELDS
INTRODUCTION

The tables and charts in this section present yields on Treasury
marketable securities and compare long-term Treasury market yields
with yields on long-term corporate and municipal securities.

are discount securities, are the coupon equivalent yields of bank
discount rates at which Treasury bills trade in the market. The Board
of Governors of the Federal Reserve System also publishes the
Treasury constant maturity data series in its weekly H,15 press
release.

Table

MBY-1.--Treasury Market Bid
Bills, Notes, and Bonds

Yields

Constant

Maturities:

The Treasury yield curve, presented in the chart that accompanies table MBY-1, is based on current market bid quotations on
the most actively traded Treasury securities as of 3:30 p m each
business day The Treasury obtains quotations from the Federal
Reserve Bank of New York, which composites quotations provided
by five primary dealers. This yield curve reflects yields based on
semiannual interest payments and is read at constant matunty points
to develop a consistent data series. Yields on Treasury bills, which

Table AY-1 .--Average Yields of Long-Term Treasury, Corporate,
and Municipal Bonds

rate

The long-term Treasury rate is the 30-year constant maturity
The corporate and municipal bond
in table MBY-1

presented

new
See the

series are developed by the Treasury, using reoffering yields on

footnotes for

by Moody's Investors Service.
further explanation

long-term securities rated

MARKET YIELDS
Table MBY-1 .--Treasury Market Bid Yields

Constant Maturities:

[Source: Otiice of Governmenl Finance and Market Analysis
l-yr.

2-yr.

3yr.

Bills,

Notes, and Bonds*

the Office of the Secrelaryl
5-yr.

Monthly average

5.58%

5.67%

5.78"'/l

6.23%

6.41%

6My.

6.92%

7.08%

7.39%

Feb
Mar

5.75
5.76

Apr

5.81

5.84
5.85
5.87
6.23

5.96
6.03
6.50
7.00
6.80
6.68
7.03
7.67
7.59
6.96
7.17

6.40
6.42
7.02
7.76
7.57
7.44
7.75
8.34
8.40
7.69
7.86

6.56
6.58
7.32
8.02
7.82
7.74
8.03
8.67
8.75

6.79
6.79
7.67
8.26
8,02

7.06
7.06
7.83
8.47
8.27
8.27
8.59
9.26
9.37
8.69
8.82

7.25
7.25
8,02

May

S.S3
5.86
6.18
6.34
6.28
6.03
6.45
6.98
7.04
6.49
6.68

7.54
7.56
8.25
8.78
8.57
8.64
8.97

5.83
5.68

5.93
5.90
6.15
6.62

6.33
6.35
6.54
7.38
7.69
7.48
7.63
7.97
8.60
7.58
7.73
7.77

6.51
6.51

6.71
6.71

6.79
7.63
7.94
7.76
7.95
8.27
8.93
8.00
8.06
8.04

7.02
7.82
8.15
8.02

1987 -Jan

June
July

Aug
Sept
Oct

6.61

6.33
5.87
5.95

Nov
Dec

End

8.32
8.94
9.08
8.36
8.46

8.61

8.40
8.45
8.76
9.42
9,62
8.86
8.99

959
9.61

8.95
9.12

month

1987 -Jan

May

5.76
5.60
5.79
5.70
5.86

June

5.91

July

6.26
6.45
6.83
5.43
5.36

Feb
Mar
Apr

Aug
Sept
Oct

Nov
Dec

8.01

Rates are from

tfie

Treasury

yield

cun

6.01

6.25
6.46
6.19
6.45
6.61

7.19
6.26
6.39
6.47

7.23
7.92
6.75
7.00
7.10

8.21

8.62
9.21

8.37
8.43
8.33

6,99
7.00
7.29
8.07
8.35
8.24
8.48
8.83
9.50
8.69
8.82
8.67

7.18
7.19

7.48
7.48

7.61
8.21

7.81

8.49
8.38

8.45
8.66
8.61

8.89
9.17
9,79
9,03
9.10
8.96

54
MARKET YIELDS

o o c

MARKET YIELDS
Table AY-1 .--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds
[Sour;

Treasury

New Aa

Office of

Government Finance and Market Analysis

New Aa

Treasury

New Aa

NewAa

the Ottica of Ihe Secrelaryl

NewAa

Treasury

New Aa

30-yr.

corporate

municipal

30-yr.

corporate

municipal

30-yr.

corporate

municipal

30-yr.

corporate

municipal

bonds'

bonds^

bonds'

bonds^

bonds'

bonds^

bonds''

bonds'

bonds^

Treasury

New Aa

MONTHLY SERIES-AVERAGES OF DAILY OR WEEKLY SERIES

Jan

Feb

n.a.

5.52%

n.a.

5.41

Mar

7.80%

8.33

5.59

Apr

7.73

8.30

6.33

May.

7.80

8.38

5.36

June

7.64

8.08

5.32

July

7.64

8.12

Aug

7.68

8.06

5.39

Sept

7.64

8.11

5.15

Oct

7.77

8.21

5.28

Nov
Doc

7.85

8.26

5.14

7.94

8.39

5.21

Jan

8.18

8.70

Feb

8.25

8.70

5.23

Mar

8.23

8.70

5.25

Apr

8.34

5.33

5.36

May

8.43

5.75

June

8.50

5.91

July

8.65

9.27

5.97

Aug

8.47

8.83

5.81

Sept

8.47

8.78

Oct

8.67

9.14

5.76

Nov

8.75

9.30

6.81

Dec

8.85

9.30

6.08

Jan

8.94

9.47

5.95

Feb

9.00

9.52

5.93

Mar

9.03

9.65

5.96

Apr

9.08

9.69

5.85

May

9.19

9.82

5.95

June

8.92

9.51

5.84

July

8.93

9.47

5.82

Aug

8.98

9.57

5.87

Sept

9.17

9.87

6.16

Oct

9.85

11.17

6.71

Nov

10.30

11.52

6.84

Dec

10.12

11.30

6.67

5.61

10.60%

bonds'

MARKET YIELDS

AVERAGE YIELDS OF LONG-TERM TREASURY,
CORPORATE, AND MUNICIPAL BONDS
Monthly Averages
20

Treasury 30-yr. bonds

municipal bonds

corporate bonds

FEDERAL AGENCIES' FINANCIAL REPORTS
INTRODUCTION
Section 114 of the Budget and Accounting Procedures Act of
1950 (31 use. 3513a) requires the Secretary of the Treasury to
prepare reports on the financial operations of the U.S. Government
and provides that each executive agency must furnish the Secretary
of the Treasury such reports and information relating to the agency's
financial condition and operations as the Secretary may require. The
provisions do not apply to the legislative and judicial branches of the
Federal Government; however, these entities are encouraged to
submit the prescribed reports so the Secretary of the Treasury can
prepare comprehensive reports on all the financial activities of the
U.S. Government.

The Treasury Financial Manual (I TFM 2-4100) sets the criteria
for the submission of annual and quarterly financial reports in
accordance with the Reporting Entities Listing (Bulletin No. 87-07).
Reports are provided

for

six

fund types: Revolving funds,

revolving funds, 15 major trust funds,
activity

The

all

other trust funds,

all

trust

other

combined, and consolidated reports of an organizational

unit.

be
accounted for on the accrual basis. The Report on Operations can
be submitted on a cash basis under certain circumstances (see
TFM 2-4180.20). Reports are to be prepared from a budgeting and
accounting system which contains an integrated data base that is
part of the agency's integrated financial management system as
required by the Office of Management and Budget (OMB) Circular
No. A-127.
financial transactions supporting the required reports are to

public through the Federal Credit Program to support credit activities.
Actual control of credit program levels remains with authorizing
legislation and appropriations acts. The report on Direct and

Loans also provides the Federal Reserve Board
information to monitor the flow of funds. An accompanying chart
Guaranteed

depicts direct loans

close of the

and guaranteed loans as

September

30, the

fiscal year.

Table FA-3.~Report on Accounts
Receivable Due from the Public

and

Loans

The Report on Accounts and Loans Receivable Due from the
Public (SF 220-9) provides information on the status of public
receivables and is required by the Office of Management and
Budget. This report provides accounting and management informanecessary to assist in institutionalizing sound credit management. This requirement is part of OMB Circular No. A-127. Only
selected reporting entities are required to submit SF 220-9's
quarterly due to materiality, but all are required to submit SF 220-9's
annually. The SF 220-9 is comprised of two parts: Status of
receivables, and administrative actions.
Only part one, reflecting
departmental or agency totals, is published annually in the Treasury
tion

Bulletin.

Table FA-4."Report on Operations
The required
equities relating to

reports should include
all

programs and

all

assets,

activities

liabilities,

and

under control of the

reporting entity, except for the assets of disbursing officers, which
are reported by the Treasury. Reports should include transfer
appropriation accounts from other agencies, foreign currencies,
operations conducted in the territories or overseas, and any
monetary assets or property received, spent, or otherwise accounted
for by the reporting entity. Amounts are reported to the dollar.

Requirements provide that Federal agencies submit to Treasury
four financial reports supplemented by three supporting reports
which are consolidated and published annually in the winter issue of
the Treasury Bulletin. These reports are: Report on Financial
Position (SF 220), Report on Operations (SF 221), Report on Cash
Flow (SF 222), and Report on Reconciliation (SF 223). The three
supporting reports are: Direct and Guaranteed Loans Reported by
Agency and Program Due from the Public (SF 220-8), Report on
Accounts and Loans Receivable Due from the Public (SF 220-9),
and Additional Financial Information (SF 220-1). The report on Direct
and Guaranteed Loans is submitted to Treasury quarterly, and
annually for publication in the Treasury Bulletin. The Report on
Accounts and Loans Receivable Due from the Public is submitted
quarterly on a selected basis, and by all entities annually. Information
captured

the reports

shown

The Report on Operations is a compilation of the financial
all Federal programs and activities Preparation of a Report
is required for all entities and should include the
financial results of activities, including revenues and other financing
sources, and operating expenses. The SF 221 should be prepared
using the accrual or cash basis and submitted to Treasury annually.
results of

on Operations

it is prescribed that the reporting entity prepare its reports
under the accrual basis unless the differences between the cash and
accrual basis are insignificant or the capability to do so does not

Generally,

exist at this point.

Table FA-5."Report on Cash Flow
is required for each reporting entity. The Report on
reconciles the fund balance with Treasury and
beginning of the fiscal year with the balances at the end
of the fiscal year by showing all significant sources and uses of
resources during the fiscal year.

This report

Cash Flow (SF 222)

cash

at the

Table FA-6."Report on Reconciliation

the following tables:

The Report on Reconciliation (SF 223) reconciles operating
expenses and cash outlays for the fiscal year. It is required for each

Table FA-1 .--Report on Financial Position

reporting entity.

The Report on Financial Position is a compilation of all assets,
liabilities, and equity of the US. Government. It is required from all
reporting entities within agencies and a consolidated report is
required from each agency. The SF 220 should be prepared on the
accrual basis and submitted to Treasury annually. The report
discloses the financial position of the Federal Government as of
September 30, the close of the fiscal year.

Accompanying Charts
•

This report reflects the direct loans

and guaranteed loans

Equity, Fiscal

•Accrual Financial and Operating Information, Fiscal Year 1987
• Total Assets and Liabilities, Fiscal Year 1987
• Direct and Guaranteed Loans Due from the Public, Fiscal

•

to the

and Government

Years 1978-87

•

Table FA-2.~Direct and Guaranteed Loans

Total Assets, Liabilities,

Year 1987
Accounts Receivable Due from the Public, Fiscal Year 1987
Loans Receivable Due from the Public, Fiscal Year 1987

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30, 1987
(Source: SF 220, compiled Dy Financial Managennent Service]

TOTAL

ASSETS
Fund balance
Cash

with Treasury

Foreign currency, net of allowances
Accounts receivable, net of allowances

Advances and prepayments
Inventories

Investments, net of premium, discounts and
allowance for losses

Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave

Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority
Actuarial

Other

liabilities

Total liabilities

EQUITY
Unexpended financed budget

authority

Invested capital

Revolving fund balance(s)
Trust fund balance(s)
Total equity

Total

liabilities

and equity

$442,931,947,789
7,270,898,876
173,406,184
100,589,141,151
30,433,531,259
181,667,052,453

Legislative

Branch

Executive Office of ttie
President

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.

—

Report on Financial Position, Sept.
Funds appropriated

30,

1987

— Con.

Department of

President

Agriculture

Commerce

E10,664, 000,140

$12,572,250,714
65,108,432

61,151,762,639
8,150

6,769,096,923
874,309,037
8,813,604,852

105,758,886
72,060,502
39.281,864

1,086,929,063
22,257,874,290

299,417,390
110,662,354,448

14,624,600
119,235,703

127,353,900
225,797,000

3,645.521,775
2,731.515,032

582,563,557
6,783

43,238,769,807

146,433,178,603

2,085,302.684

1,652,065,739
220,315,756

16,173,418,799
4,571,532,596

35,742,345
235,250,804
13,873,517
20,000,000

12,293.150
496,989,134
1,007,407,110
140,884,320,218

1.691,920

12,572,383,751

125,400,000
33,701,852

2,178,940,081

175,718,344,758

482,748,609

16,290,801,307
22,288,086,029
2,452,726,583
28,215,807

4,953,508,063
3,600,061,514
-37,844,419,163

1.026.870,326
413,482.289
165,169.327
-2,967.867

41,059,829,726

-29,285,166,155

1,602.554.075

43,238,769,807

146,433,178,603

2,085,302,684

ttie

ASSETS
Fund balance with Treasury

Cash
Foreign currency, net of allowances

Accounts receivable, net of allowances
Advances and prepayments
Inventories

Investments, net of premium, discounts and
allowance for losses

Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets

5,366,741,519
154,440,532
2,307,080,694
574,006,142
474,546,527

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave

Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority
Actuarial

Other

liabilities

Total

liabilities

110.807,469
49,976,327
35,385,857

EQUITY
Unexpended financed budget

authority

Invested capital

Revolving fund balance(s)
Trust fund balance{s)
Total equity
Total liabilities

and equity

5,683,431

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.

—

Report on Financial Position, Sept. 30, 1987
Department of Defense

— Con.

Department of

Department of Energy

Education

ASSETS
Fund balance
Cash

with Treasury

Foreign currency, net of allowances
Accounts receivable, net of allowances
Advances and prepayments
Inventories

Investments, net of premium, discounts and
allowance for losses

Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets

$244,064,354,517
671,034,420

$15,870,013,973

$8,435,470,726
1,128.736

10,326,887,620
4,494,862,259
134,448,296,654

197,259,533
87.225,980

2,644,796,026
166,479,893
29,734,821,645

38,321,113.059
3,589,240

566,758.797
3,316,421.596

2,729,976,497
6,148,269

610,585,342,548
1,018,390,152

156,482.996
245,007.359

21,351,234,926
2,398.303,903

1,043,933,870,469

20.439,170.234

67.468,360,621

39,341,273,914
238,528

5,209,162,628
20,021.018

2,128.607.112
25,970,989

4,966,984,659
4,134,227,706
770,434,422
5,424.893
446.200,000.000
1,584.432.391

18,327,500

39.932.172
2.583.357,595

47,044.065
227,558.710
3.964,935.861
1.847,537,561

920,153

323,900.930

497,003,016.513

7.871.721,066

8.565,555,228

214,068,745,573
668,468,988,695
71,455,278,946
-407,062,159,258

10,914,753,047
1,652,696,121

6.500,742,454
51.026,518,922
1,375,359,950
184.067

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave

Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority
Actuarial

Other

liabilities

Total liabilities

EQUITY
Unexpended financed budget

authority

Invested capital

Revolving fund balance(s)
Trust fund balance(s)
Total equity

Total

liabilities

and equity

546,930,853,956

12,567,449,168

58,902.805,393

1,043,933,870,469

20,439.170.234

67,468.360.621

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.

—

Report on Financial Position, Sept.
Department of

30,

1987

— Con.

Department of Housing
and Urban
Development

Department of the

and Human Services

$9,987,840,076
489,795

614,847,080,550
867.335,043

5,698,271,881
16,423,361,042
108,768,584

2,279,671,978
162,951,104
344,483

$4,373,648,516
2,977,289
2,142,894
2,003,852,994
899,989,642
801,145,397

122,515,872,235
755,695,160

10,468,999.805
11.548,804.506

261,581,637
701,809.752

2,247,029,527
27,526,871.740

1,644.247.136
175.345.827

25.366,159.426
568,546,855

185,264,200,040

41.994.780,432

34,981,854,402

19,733,057,635
2,217,744

5.113,746,787
718,914,754

565.099.554
630,026,752

817,134,704
59,938,899
40,097,220
109,477,000
8,311,310,000
9,870

33,839,945
24,741,320
53,141,029
13,420,520,900

244,306,586
36,259,866
392,236,222
288.993,353

5,284,980,496

2,042,299,190

29,073,243,072

24,649,885,231

4,199,221,523

9,493,857.965
2,035,819.415
32,736,818
144,628,542,770

9,952,505,552
-33,307,862
5,730,768.160
1,694,929,351

19,988,744,500
6,978,295,930
3,791,178,722
24,413,727

156,190,956,968

17,344,895,201

30.782,632,879

185,264,200,040

41,994,780,432

34,981,854,402

Healtli

Interior

ASSETS
Fund balance with Treasury

Cash
Foreign currency, net of allowances

Accounts receivable, net of allowances
Advances and prepayments
Inventories

Investments, net of premium, discounts and
allowance for losses

Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave

Unearned revenue (advances)
Deposit funds
Debt Issued under borrowing authority
Actuarial

Other

liabilities

Total liabilities

EQUITY
Unexpended financed budget

authority

Invested capital

Revolving fund balance(s)
Trust fund balance(s)
Total equity

Total liabilities

and equity

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.

—

Report on Financial Position, Sept.

30,

1987

— Con.

Department of Justice

Department of Labor

Department of Stale

$2,250,761,030
10,726,323

$7,212,319,552
10,000

$2,474,858,101
55.064

232,891,870
107,309,119
90,916,825

4,238,147,009
328,019,263

567.818.002
107,243
1,046.917

23,351,398

28,445,109,462
3,655,649

3.473,411,000
1,166,000

ASSETS
Fund balance
Cash

with Treasury

Foreign currency, net o( allowances
Accounis receivable, net of allowances

Advances and prepayments
Inventories

Investments, net of premium, discounts and
allowance for losses

Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets

4,703,250,840

Total assets

1.432.915,041

1,906,016,688
81,277,587

40.562.343.007

7,951.377,368

4.529,891,207
52,878,723

1,391,584,098

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual

330,275,223

leave

Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority

164,117,470

62,666,359
70,694,437
6,448,800
2,951,779,739

71,279,081

69,287.396

691,948,054

1,885,601,411
30,559,267

504.276

1,752,151,935

9,590,519,943

1.532.654.851

Revolving fund balance(s)
Trust fund balance(s)

1,743,254,597
1,005,346,491
180,379,121
22.118.696

6,284,701,672
180,962,463
-1,836,650,818
26,342,809.747

4.890.970.969
1,521.198.585
7,137,963
-585,000

Total equity

2,951,098,905

30.971,823,064

6,418,722,517

4,703,250,840

40,562,343.007

7,951,377,368

Actuarial

Other

liabilities

Total liabilities

EQUITY
Unexpended financed budget

authority

Invested capital

Total liabilities

and equity

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.

—

Report on Financial Position, Sept.
Department of

30,

1987

Department of

— Con.
ttie

Environmental

Agency

Transportation

Treasury

B12, 290, 504,684

175,108,247

$57,899,733,417
62,604,872

829,418,256
234,600,575
474,913,308

46,745,420,597
192,696,063
70,342,747

511,124,411,711
174,828
1,658,864
99,841,890
12,646,770
13,454,589

23,148,571,475
953.305,480

3,093,159,220
160,278,452,533

687,913,558
63,892,822

4,858,584,553
10,196,573,468

1,752,380,611
61.509,367,394

93,503,135

53,161,580,046

331,604,157,454

12,097,498,167

900,106,155
11,739,502

1,033,202,165
36,529,501,366

183,525,798
147,540,250
64,901,792
597,535,320
9,896,000,000
57,294,349

754,702,196
294,126,718,120
772,611,596
147,548,283,238

11,858,643,166

558,066,380,276

1,301,416,792

40,120,157,403
5,563,085,519
17,488,629
-4,397,794,671

46,900,831,148
-279,834,002,814
6,258,621,000
212,327,844

8,716,632,932
128,975,862
291,946
1,950.180,635

41,302,936,880

-226,462,222,822

10,796.081.375

53,161,580,046

331,604,157,454

12.097.498,167

Protection

ASSETS
Fund balance with Treasury

Cash
Foreign currency, net of allowances
Accounts receivable, net of allowances
Advances and prepayments
Inventories

Investments, net of premium, discounts and
allowance for losses

Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave

Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority
Actuarial

Other

liabilities

Total liabilities

67,782,144
11,924,807
19,295,118
848,000,000

77,301,361,595

EQUITY
Unexpended financed budget

authority

Invested capital

Revolving fund balance(s)
Trust fund balance(s)
Total equity
Total liabilities

and equity

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.

—

Report on Financial Position, Sept.

30,

1987

— Con.

General Services

National Aeronautics

Office of Personnel

Administration

and Space

Management

Administration

ASSETS
$2,784,716,701
535,119

Fund balance with Treasury

Cash
Foreign currency, net of allowances
Accounts receivable, net of allowances

Advances and prepayments
Inventories

Investments, net of premium, discounts and
allowance for losses

Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave

Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority
Actuarial

Other

liabilities

Total liabilities

EQUITY
Unexpended financed budget

authority

Invested capital

Revolving fund balance(s)
Trust fund balance(s)
Total equity
Total liabilities

and equity

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.

—

Report on Financial Position, Sept.
Small Business

30,

1987

— Con.

Veterans Administration

Other independent
agencies

61,211,506,439
141,341

$5,997,027,197
9,616,430

391,526,901
51,678,519

1,501,886,575
310,196,871
144,399,203

$10,721,587,320
37,063,068
15,085.663
6,146,330,572
5,277,431,379
620,097,207

6,945,472,384

12,087,848,862
2,428,693,807

33,172,117,963
14,751,494,968

180,597,911
488,615,768

7,726,848,619
576,288,568

30,776,951,051
32,129,495,228

9,269,539,263

30,782,806,132

133,647,654,419

68,923,838
308,890,290

3,032,149,601

8,667,281,958
814,269,196

20,987,473
71,916,192
549,589
1,667,368,269

924,099,953
157,155,844
67,364,899

2,443,450.253
1,818,043,932
218,694.572
39,859,073,813
38,884,086,365
18,260,987.381

Administration

ASSETS
Fund balance
Cash

with Treasury

Foreign currency, net of allowances

Accounts receivable, net of allowances
Advances and prepayments

Inventones
Investments, net of premium, discounts and
allowance for losses
Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization

Other assets
Total assets

LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave

Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority
Actuarial

Other

liabilities

1,876,124,151
12,456,997,441

liabilities

Total liabilities

2,138.635,651

18,513,891,889

110,965,887,470

74,763,327
-10,834,682
7,066,974,967

3,566,687,395
6,804,711,419
1,126,426,502
771,088,927

25,272,125,487
12,073,537,392
-3.957,218,027
-10.706,677,903

EQUITY
Unexpended financed budget

authority

Invested capital

Revolving fund balance(s)
Trust fund balance(s)
Total equity

Total liabilities

and equity

7,130,903,612

12,268,914,243

22.681,766.949

9,269,539,263

30,782,806,132

133.647.654,419

ASSETS, LIABILITIES, AND GOVERNMENT EQUITY
FISCAL YEARS 1978-87
$100

Millions

1
1983

1982

1981

1984

FISCAL YEARS

ACCRUAL FINANCIAL AND OPERATING INFORMATION, FISCAL

1987

Financing Sources

lOvernmental Receipts

Sources

ederal Sources

ubiic

Expended Appropriations 32%

40%

Operating Expenses

Op./Program Expense

53'

:ost of

lnlflresl-FFB/Tf«as

BtmSq Tf^
1^;^

lnt«fe«t.O0i«

3lher

Expenses

Goods Sold 10%

32%

U.S.

GOVERNMENT ASSETS AND
LIABILITIES
Asof

Sept. 30, 1987

33%

Iher Assets

ASSETS

Fixed Assets (net)

BY TYPE

30°/c

Advances and Prepayments 1%
Accounts Receivable

cans Receivable

(net)

14%

Fund Balance With Treasury 18%'

LIABILITIES

lebt

Issued Under Borrowing Authority 17%

Actuarial Liabilities 53%'

nterest Payable

'Accounts Payable

ther Liabilities

nearned Revenue

FEDERAL AGENCIES' FINANCIAL REPORTS

—

Table FA-2.
[In

thousands

Direct

of dollars.

and Guaranteed Loans, Sept.

Source: SF 220-8, compiled by Financial

Amount

Maximum

Amount

Maximum

outstanding

authority

outstanding

authority

— Wholly owned Government enterprises
U.S. dollar loans

funds appropriated

to Ihe President;

571,597

Guaranty reserve fund
Foreign military sales credit
lylililary sales credit to Israel
Emergency security assistance to Israel
Housing and other credit guaranty programs
Alliance for Progress loan fund

Other programs

Overseas Private Investment Corporation
Total

Department

Funds appropriated

to Ihe President

of Agriculture:

Commodity loans
Loans

to foreign

governments and private trade

entities

Export credit sales program

Storage

facility

and equipment loans

Guaranteed foreign loans
Rescheduled claims on guaranteed loans
Rural electrification and telephone revolving fund
Rural Telephone Bank
Rural communication development fund
Agricultural credit insurance loans

Rural development insurance loans

Rural housing insurance loans

Other Farmers
Total

Department

Home

Administration loans

Department

of Agriculture

Commerce:

Economic Development Administration loan revolving fund
International Trade Administration loans
Coastal energy impact fund
Federal ship financing fund
Other loans
Total

Department

Commerce

Service]

Guarantees or insurance

Direct loans or credit

Agency and program

30, 1987

Management

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.

—

Direct

and Guaranteed Loans, Sept.

30,

Direct loans or credit

Agency and program

Guarantees or insurance

Maximum

Amount

Maximum

outstanding

autliorily

outstanding

authority

3,039

550

U.S. dollar loans

Total

Department

Defense

Department of Education:
College housing loans
Higher education
Other loans
Total

facilities

Department

loan and insurance fund

Education

Energy

1,209,581
218,719
4,893,822

Department of Energy:
Department of Energy
Total

Department

Department of Health and Human Services
Health professions graduate student loan fund
Medical facilities guarantee and loan fund
Student loan program
Other Health Resources and Services Administration loans

Total

Department

of Health

Management and
Guarantees

liquidating functions

mortgage-backed securities

....

Rehabilitation loan fund

Other funds

Department

4,644,838
6.565.844

6.305,000
307
456,626
101,721

658,078
320,011
326,064

Urban renewal programs

Total

48,760
27,112
504,460
7,059

and Human Services

Department of Housing and Urban Development:
Federal Housing Administration fund
Housing for the elderly or handicapped
Low-rent public housing program
Other housing loans

Housing and Urban Development

—Con.

Amount

— Wholly owned Government enterprises

Department of Defense
Ryukyu Islands, construction of power systems
Defense production guarantees

1987

FEDERAL AGENCIES' FINANCIAL REPORTS

—

Table FA-2.

Direct and Guaranteed Loans, Sept. 30, 1987

Guarantees or insurance

Direct loans or credit

Agency and progrann

—Con.

Amount

Maximum

Amount

Maximum

outstanding

authority

outstanding

authority

530.492
108,327
16.086

668,625
108,327

— Wholly owned Government enterprises
U.S. dollar loans

Department of the interior:
Reclamation projects
Revolving lund lor loans
Indian loan guaranty and insurance lur

Guam Power

16,086

36,000
27,159

Authority

Virgin Islands construction

Department

Total

of the Intenor

Department ol Labor:
Pension Benefit Guaranty Corporation
Department

Total

2,342
2,342

Labor

Department of State:
Emergencies in diplomatic and consular service
Loans to the United Nations

Department

Total

of State

783
883

104,186
38,361
50.849

300.000
380,000
50,849

Department of Transportation:
Federal Highway Administration:
Right-of-way revolving fund

Highway
Purchase of

trust

fund

aircraft

Federal Railroad Administration:
Railroad rehabilitation and improvement fund
Urban Mass Transportation:
Washington Metropolitan Area Transit Authority
.

177.535

1.610.921

Maritime Administration:

Federal ship financing fund

Department

Total

Department

of Transportation

19.675.370
3.543.725

Federal Financing Bank

Loans

1,981,854

of the Treasury:

to foreign

Total

governments

Department

of the Treasury

23.219.095

Environmental Protection Agency:

Loans
Total Environmental Protection

Agency

General Services Administration:
Federal buildings fund
Other funds
Total General Services Administration

Small Business Administration:
Business loans
Disaster loan fund
Other loans
Total Small Business Administration

10,209
10,209

4.506.967
3.719.270
42.765

168,937

FEDERAL AGENCIES' FINANCIAL REPORTS

—

Table FA-2.

Direct

and Guaranteed Loans, Sept.

30,

Amount

Maximum

Amount

Maximum

outstanding

authority

outstanding

authority

— Wholly owned Government enterprises
U.S. dollar loans

Veterans Administration;
Loan guaranty revolving fund

,204,002

Direct loan revolving fund

Service-disabled veterans insurance fund
Veterans reopened insurance fund

Education loan fund

Other trust funds
National service

Veterans special
Other Funds

me
life

itiSurance fund

insurance fund

—Con.
Guarantees or insurance

Direct loans or credit

Agency and program

1987

DIRECT AND GUARANTEED LOANS DUE
FROM THE PUBLIC, FISCAL YEAR 1987
UD 15%

AP 11%

Eximbank
Direct

)ther

Loans

ducation

Agriculture

6%
3%

64%

A 9%

ducation

Other

Guaranteed Loans

HUD

85%'

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.

—Report on Accounts and Loans Receivable Due from
[Source:

SF 220-9, compiled by Financial Management
Part
Accounts Receivable
I

—

TOTAL

the Public, Sept. 30, 1987

Service]

Legislative Brancli

Funds appropriated
to ttie

SECTION

A: Outstanding Receivables

Current receivables

Not delinquent
Delinquent
1
days
31
days
61
days
91
180 days
181 —360 days

—30
—60
—90

—

Over 360 days
Noncurrent receivables
Total receivables

$78,227,527,379

President

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans

Table FA-3.

Part

Receivable Due from the Public, Sept. 30, 1987

Department of Agriculture

SECTION

Not delinquent
Delinquent

1—30 days
31— 60 days
61— 90 days

— 180 days

181— 360

days
Over 360 days
Noncurrent receivables

New

Commerce

Department of
Defense

$10,013,693,286

$95,536,322

$1,055,291,267

3,992,929,566
6,020,763,720
111,454,606
33,526,320
93,292,667
161,979,354
1,500,476,779
4,120,033,994

28,469,255
67,067,067
2,907,864
1,790,896
1,253,157
1,344,307
2,901,572
56,869,271

460,431,339
594,859,928
68,907,318
92,570,111
19,077,729
162,173,193
103,265,101
148.866,476

35,238,152

1,739,709

10,048,931,438

Total receivables

SECTION

Department of

A: Outstanding Receivables

Current receivables

— Con.

— Accounts Receivable

B: Activity Fiscal

438,473,137
1,493.764,404

Year to Date

Repayments on receivables

11,530,489,519
-8,867,135,655

133,982,678
128,355,822

3,294,514.563
-2,838,708,156

Reclassified announts

- 1,154,635,047

-281,404,842

-1,152,553
-23,679,893

-52,201,625
-75,537,003

1,227,313,975

- 19,205,590

328,067,779

767,528,345
•281,404,842

26,080,425

94,444.868

23,679,893

- 75,537.003

19.497.304

receivables

Amounts
Net

written off

activity fiscal

SECTION

year to date

Allowances and Writeoffs

Total allowances, beginning of period
Total actual writeoffs during period

Adjustment

allowances for tfie period
[provision for loss expense]
to

Total allowances,

SECTION

end

of period

3,892,011,763

12,231,994

4,378,135,266

14,632,526

8,821,617,463
1,227,313,975

- 19,205,590

1,165,696.625
328,067,779

10,048,931,438

97,276,031

1,493.764,404

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

116,481,621

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans

Table FA-3.

Part

Receivable Due from the Public, Sept. 30, 1987

— Con.

— Accounts Receivable

Department of Education

Department of Energy

Department of

Healtti

and Human Services

SECTION

A: Outstanding Receivables

$417,333,604

$884,840,277

$2,348,792,095

801.325,984
83,514,293
11.397,536
3.810,157
1.827.025
4.649.105
2.827,699
59.002,771

1,823,705,971

Over 360 days

64,621,580
352,712,024
22,543,741
15,958,880
29,448,214
19,978,181
40,754,215
224,028,793

Noncurrent receivables

182,231,163

Current receivables

Not delinquent
Delinquent
1

— 30 days

31—60

61—
91

—

days
90 days
180 days

181— 360days

1,459,706,503

741,920,083

2,344,546,780

3,090,712,178

302.519,336
-201,109,128
-43,723,386
102,975,253

5,742.507,202
-3,721.272,590
-1,732.763,640

10,715,932,482
10,088,152,142
- 139,367,483

-567,296

-229,032,785

-45.288,431

287,903,676

259,380.072

200.631.578
-102.975,253

1,181,577

567,296

571,429.928
-229,032.785

2,056.643,104
287,903,676

2.831.332,106
259,380.072

2,344,546,780

3.090.712,178

Total receivables

SECTION

B: Activity Fiscal

Year to Date

New

receivables
Repayments on receivables
Reclassified amounts

Amounts
Net

written off

activity fiscal

SECTION

year to dale

Allowances and Writeoffs

Total allowances, beginning of period
Total actual writeoffs during period

Adjustment

allowances for tfie period
[provision for loss expense]
to

Total allowances,

SECTION

525,086,124
38,819.580
42,371,826
46,085,807
54,553,092
49,155,384
294,100,435

end

199.715.442

of period

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

644.853,198
-45.288,431

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans Receivable Due from

Table FA-3.

Part

SECTION

the Public, Sept. 30, 1987

— Con.

— Accounts Receivable

Department of Housing
and Urban Development

Department of the

Department of Justice

$522,385,863

$427,938,365

$586,554,416

293,214,768
229,171,095
57,792,560

102,120,744
325,817,621
21,422,605
5.404.873
1.869,475
55,407,454
49,387.613
192.325.601

541.442.087
45.112.329
4.068.828
3.425.315
1,525,694
1,714,385
11,152,986
23,225,121
3,378

Interior

A: Outstanding Receivables

Current receivables

Not delinquent
Delinquent

1—30 days
31— 60 days
61 —90 days

10,968,601
13,400,293
19,583,774

91 — 180 days

181— 360 days
Over 360 days

24,325,359
103,100,508

Noncurrent receivables

3,111.633,583

1,661,805,266

Total receivables

3,634,019,446

2,089,743,631

3,675,159,814

2,567,505,539
-613,215,635
-92,576,897

687.890,732
-372,425,737
-111,662,645
-4,347,533

401,861,743

199,454,817

154,364.606

1,707,179.763

84,711.684
-4,347,533

3,579,203
11.329,869

SECTION

B: Activity Fiscal

Year to Date

New

receivables
Repayments on receivables
Reclassified

Amounts
Net

amounts

w/ritten off

activity fiscal

SECTION

year

date

Total actual writeoffs during period

allowances for the period
[provision for loss expense]

486.669.868
168.037.792
152.937,601
-11,329,869

-92,576,897

Total allowances,

SECTION

Allowances and Writeoffs

Total allovijances. beginning of period

Ad|ustment

end

period

1,206,294,119

8,566,221

10,061,032

2,820.896,985

88,930,372

2,310,366

3,232,157,703
401,861,743

1.890.288,814
199.454,817

432,193,188
154,364,606

3,634,019,446

2,089,743,631

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.

—Report on Accounts and Loans
Part

Receivable Due from the Public, Sept. 30, 1987

— Con.

— Accounts Receivable
Department of Labor

Department of State

Department of
Transportation

SECTION

A: Outstanding Receivables

Current receivables

Not delinquent
Delinquent
1

...

— 30 days

31— 60
61— 90
91

days
days

— 180 days

181— 360 days
Over 360 days

$653,680,137

$42,380,573

$87,467,856

325,919,545
327,760,592
5,418,212
4,670,723
20,395,870
23,280,428
36,688,581
237,306,778

9,986,414
32.394,159
2,360,025
2,014,000
844,000
1,065,424
2,694,710
23,416,000

33,817,273
53,650,583
2,412,705
2,642,423
4,502,889
2,231,442
6,111,845
35.749,279

Noncurrent receivables

2,922,685,084

Total receivables

3,576,365,221

SECTION
New

B: Activity Fiscal

Year to Date
1,873,927,934

receivables

3,511,600,270
-75,076,568

Repayments on receivables
Reclassified amounts
Amounts wntten off
Net

activity fiscal

SECTION

year to date

C: Allowances

Total actual writeoffs during period
to

allowances

Total allowances,

SECTION

end

of period

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

100,395,270
-91,740,221

- 17,431,333

1,730,180,237

618,035,773

114,551,401

-17,431,333

for tfie period

[provision for loss expense]

48,453,203
-45,296,784

612,078,473
-14,612,349

and Writeoffs

Total allowances, beginning of period

Adjustment

1,526,929

28,268,600

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans Receivable Due from

Table FA-3.

Part

Treasury

A: Outstanding Receivables

$53,940,924,708

Current receivables

Not delinquent
Delinquent

1—30

days

— 60 days
days
91 — 180 days
31

61— 90

181— 360 days
Over 360 days
Noncurrent receivables
Total receivables

SECTION
New

B: Activity Fiscal

receivables

Repayments on receivables
Reclassified amounts

Amounts
Net

written off

activity fiscal

year to date

Year to Date

— Con.

— Accounts Receivable
Department of the

SECTION

the Public, Sept. 30, 1987

Environmental

General Services

Agency

Administration

Protection

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans

Table FA-3.

Part

Receivable Due from the Public, Sept. 30, 1987

— Accounts Receivable
and
Space Administration

National Aeronautics

SECTION

A: Outstanding Receivables

$145,882,869

Current receivables

Not delinquent
Delinquent
1

—30 days
—60 days
—90 days

31
61
91

—

180 days
181— 360 days
Over 360 days
Noncurrent receivables
Total receivables

SECTION
New

B: Activity Fiscal

Year to Date

receivables

Repayments on receivables
Reclassified amounts

Amounts
Net

written off

activity fiscal

SECTION

year to date

Allowances and Writeoffs

Total allowances, beginning of period
Total actual writeoffs during period

Adjustment

allowances

for the period

[provision for loss expense]
Total allowances,

SECTION

end

period

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

— Con.

Office of Personnel

Small Business

Management

Administration

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.

—Report on Accounts and Loans
Part

Receivable Due from the Public, Sept. 30, 1987

— Accounts Receivable

Veterans Administration

SECTION

Not delinquent
Delinquent

1— 30days

— eOdays
days
— ISOdays

61— 90
91

181— 360 days
Over 360 days

$2,422,541,020

$1,648,444,455

104,937,341
2.317,603,679
89,527,639
82,043,049
77,412.910
204,386.797
329,940.811
1,534,292.473

846,614,075
801.830.380
174.505.945
30,149.953
23,876,826
77,556,182
122,995,030
372,746,444

2,422,541,020

1.808.567.168

1.325.705.911

9,347.493.663
-9.121.970.598

160.122.713

Noncurrent receivables
Total receivables

SECTION
New

Year to Date

B: Activity Fiscal

receivables

-592,596,927

Repayments on receivables
Reclassified amounts
Amounts written off
Net

activity fiscal

SECTION

12.611.045.901
- 12.189.007

12,397,711,843

year to date

C: Allowances

and Writeoffs

Total allowances, beginning of period
Total actual writeoffs during period

allowances for tfie penod
[provision for loss expense]

Adjustment

874,464,702

6.298.877.322

242,938,713

-12.189.007

610.034,259

•6.249.104.080

Total allowances,

SECTION

independent
agencies

A: Outstanding Receivables

Current receivables

Otlter

end

1,241,560,248

of period

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

1,932,370,749
490,170,271

14.206.279,011
12,397.711,843

2.422,541.020

1,808,567,168

— Con.

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.

—Report on Accounts and Loans
Part

Receivable Due from the Public, Sept. 30, 1987

— Loans Receivable
TOTAL

Legislative

Branch

Funds appropnated
to the

SECTION

President

A: Outstanding Receivables

$37,983,201,198

$990,256,876

21,835,528,451
16,147,672,747
400,296,155
285,612,779
288,845,096
633,859,136
3,815,874,975
10,723,184,606

539,453,323
450,803,553
17,900,637
14,781,377
31,183,833
102,752,439
82,806,361
201,378,906

Noncurrent receivables

200,789,062,341

21,276,238,224

Total receivables

238,772,263,539

22,266,495,100

29,721,016,972
-34,499,672,480
- 10,897,391,178
-2,771,901,316

1,603,174,545
1,011,511,143
17,666,857
- 17,027,210

- 18,447,948,002

592,303,049

29,055,117,099
-2,771,901,316

6,439,894
17,027,210

Current receivables

Not delinquent
Delinquent
1

— 30 days

—60
61— 90
31

days
days

...
..

— 180 days,,

181— 360

days
Over 360 days
,

SECTION

B: Activity Fiscal

Year to Date

New

receivables
Repayments on receivables
Reclassified

Amounts
Net

amounts

written off

activity fiscal

SECTION

year to date

Allowances and Writeoffs

Total allowances, beginning of period

Total actual writeoffs during period

allowances for the period
[provision for loss expense]

Adjustment

Total allowances,

SECTION

end

period

15,146.309,714

41,429,525,497

D: Reconciliation

Beginning receivables
Net activity fiscal year to date

Ending receivables

257,220,211,541
- 18,447,948.002

21,674,192.051
592,303,049

238,772,263,539

22,266,495,100

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans Receivable Due from

Table FA-3.

Part

the Public, Sept. 30, 1987

Department of Agriculture

Department of

Commerce

SECTION

A: Outstanding Receivables

$20,469,518,173

Curreni receivables

Not delinquent
Delinquent

1—30 days
—60 days
—90 days

31
61
91

— 180 days

181— 360

days
Over 360 days
Noncurrent receivables
Total receivables

SECTION
New

B: Activity Fiscal

Year to Date

receivables

Repayments on receivables
Reclassified announts

Amounts
Net

written off

activity fiscal

SECTION

year to date

Allowances and Writeoffs

Total allowances, beginning of period
Total actual writeoffs during period

Adjustment

allowances

for tfie period

[provision for loss expense]
Total allowances,

SECTION

end

of period

0: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

— Con.

— Loans Receivable
Department of
Defense

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans

Table FA-3.

Part

Receivable Due from the Public, Sept. 30, 1987

— Con.

— Loans Receivable

Department of Education

Department of Energy

Department of

Healtti

and Human Services

SECTION

A: Outstanding Receivables

Current receivables

Not delinquent
Delinquent
1

— 30 days

31
61
91

—60
—90

days
days

...
...

— 180 days..

181—360

days
Over 360 days
.

Noncurrent receivables

Total receivables

SECTION
New

B: Activity Fiscal

activity fiscal

SECTION

year to date

$43,984,187

762,624
296,404

13,951.231
30,032.956
141,601
1,817,495
995,233
6,824,002
5,063,542
15,191,083

1,439,255,354

651,009,487

6,267,387,484

694,993.674

897,562,239
1,214,709,909

Total actual writeoffs during period

allowances for tfie period
[provision for loss expense]
to

Total allowances,

end

period

563,453
1,368,800

27.006.779
-32.535,243
17,034

-904.390

-6.044.278

•5,363,664,176
- 128,204,093
-5.809,015,939

Allowances and Writeoffs

Total allowances, beginning of period

Adjustment

$1,059,028

642,788,044
4,185,344,086
95,837,317
40,925,882
52,277,844
44,934,009
917,179,432
3,034,189,602

Year to Date

receivables

Repayments on receivables
Reclassified amounts
Amounts written off
Net

$4,828,132,130

3,245,980,405
- 128,204,093

-532.848

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.

— Report on Accounts and

Loans Receivable Due from the

Part

A: Outstanding Receivables

$514,185,230

Current receivables

Not delinquent
Delinquent

1—30 days
31— 60 days
61— 90 days
91

— 180 days

181— 360

days
Over 360 days
Noncurrent receivables
Total receivables

SECTION

B: Activity Fiscal

New/ receivables
Repayments on receivables
Reclassified

Amounts
Net

amounts

written off

activity fiscal

year to date

Year to Date

— Con.

— Loans Receivable

Department of Housing
and Urban Development

SECTION

Public, Sept. 30, 1987

Department of

ttie

Interior

Department of Justice

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.

— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part

1987

— Con.

— Loans Receivable

Department of Labor

Department of State

Department of
Transportation

SECTION

A: Outstanding Receivables

$2,405,483

Currenl receivables

Not delinquent
Delinquent
1

— 30 days

31— 60
61— 90
91

days
days

...

— 180 days.

181—360

days
Over 360 days
Noncurrent receivables
Total receivables

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.

Report on Accounts and Loans Receivable Due from the Public, Sept.
Part

Treasury

A: Outstanding Receivables

$1,791,918,311

Current receivables

Not delinquent
Delinquent
1

— 30 days

31— 60 days
61— 90 days
91

...
..

— 180 days..

181— 360

days
Over 360 days
.

NoncurrenI receivables
Total receivables

1987

— Con.

— Loans Receivable
Department of the

SECTION

30,

Environmental

General Sen/ices

Agency

Administration

Protection

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans

Table FA-3.

Part

Receivable Due from the Public, Sept. 30, 1987

— Loans Receivable

National Aeronautics and
Space Administration

SECTION

— Con.

Office of Personnel

Small Business

Ivlanagement

Administration

$3.127,790,970

A: Outstanding Receivables

$175,020,592

Current receivables

Over 360 days

—
-

Noncurrent receivables

639,993,666

Total receivables

815,014,258

—
-

—
—
—

—
^
—

—
—

5i4.t)iJiJ,bia

—

1,323,531,085

8,960,269,281

175,020,592

Not delinquent
Delinquent

1— 30days
31-60days
61-90days
91-180days
181-360days

SECTION
New

B: Activity Fiscal

activity fiscal

SECTION

year to date

Total actual writeoffs during period

allowances for tlie period
[provision for loss expense]
to

Total allowances,

SECTION

5,141,212,499
8,269,003,469

"
~

lllimim
,00^7^1 en

liaVaAa^

-5Jbi,ia-3.4b)j

-691,265,812

Allowances and Writeoffs

Total allowances, beginning of period

Adjustment

39,205,198
49,971,403
146,693,477
282,967,978
1,489,028,401

Year to Date

receivables

Repayments on receivables
Reclassified amounts
Amounts written off
Net

1,098,281,502

^%^A'iVn?:
21,643,011

end

of period

^'^qo'iaq'/QT
bJ9,i9J,4yc(

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

815,014,258
to

date

815,014,258

-b9i,^b5,Bi^
8,269,003,469

.
,

FEDERAL AGENCIES' FINANCIAL REPORTS
—Report on Accounts and Loans Receivable Due from

Table FA-3.

Part

SECTION

Not delinquent
Delinquent

1—30 days
—60 days
—90 days

—

180 days
181— 360 days
Over 360 days
Noncurrent receivables
Total receivables

SECTION

Repayments on receivables
Reclassified amounts
Amounts written off
activity fiscal

SECTION

Other independent
agencies

$1,684,163,530

$2,123,119,526

1,125.609,215
558,554,315
49,995,509
49,483,446
38,392,383
93,806,802
122,126,369
204,749,806

1,327,683,184
795,436,342
81,206,645
41,756,321
47,598,721
88,711,470
122,653,944
413,509,241

744,669,009

14,371,990,028

2,428,832,539

16,495,109,554

1,107,700,049
1,215,368,741

626,944,028
-4,337,104,965
3,174,959,700
4,631,048

Year to Date

B: Activity Fiscal

Nevi( receivables

Net

— Loans Receivable

Veterans Administration

A: Outstanding Receivables

Current receivables

31
61
91

-530, 570. 1£

year to date

Allowances and Writeoffs
-3,880,264

37,765,423
4,631,048

5,635,214

1,700,170,098

Total allowances, beginning of period

Total actual writeoffs during period

allowances for the period
[provision for loss expense]

Adjustment

Total allowances,

SECTION

the Public, Sept. 30, 1987

end

of period

1,742,566,569

D: Reconciliation

Beginning receivables
Net activity fiscal year

Ending receivables

date

2,540,381,495
- 111,548,956

17,025,679,743

2.428,832,539

16,495,109,554

-530,570,189

— Con.

FEDERAL AGENCIES' FINANCIAL REPORTS

ACCOUNTS RECEIVABLE DUE FROM THE PUBLIC
FISCAL YEARS 1985-87
$ MILLIONS

ES3 1985
ESD 1986
1987

r^
FAP

r^^
Agr.

Def.

DOE

HHS

HUD

AGENCY

Ubor

Treas.

SBA

FEDERAL AGENCIES' FINANCIAL REPORTS

LOANS RECEIVABLE DUE FROM THE PUBLIC
FISCAL YEARS 1985-87
140000

120000

100000

EZ3 1985
EIH3 1986

M
80000

1987

60000

40000

20000

FAP

Agr.

Ed.

Com.

HHS

HUD

AGENCY
Includes off-budget activity effective

1986.

DOT

Treas.'

gg^

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.

—

Report on Operations, Oct.
[Source:

SF 221, compiled by

Financial

TOTAL

FINANCING SOURCES
Expended appropriations

$710,478,581,707

Revenue:

134,371,847,439
83,390,830,515
881,341,051,583
409,801,949,770
-877,842,825,705

Federal sources
Public sources
Governmental receipts

Other
Receipts returned

Treasury

Total finartcing sources

OPERATING EXPENSES

—

Cost of goods sold
Operating/program expenses
Interest expense:
Federal Financing Bank/Treasury borrowings
Federal securities
Other

Unfunded expenses
Other
Total operating

expenses

NET RESULTS
Net results including capital expenditures
Capital expenditures

Net results excluding capital expenditures
Extraordinary items

Net results

1986, through Sept. 30, 1987

Management

Service]

Legislative

Branch

Executive Office of the
President

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.

—

Report on Operations, Oct.

1986, through Sept. 30, 1987

Funds appropriated

Department of

the President

Agriculture

Commerce

FINANCING SOURCES
Expended appropriations

$5,982,956,075

Revenue:

190,082,773
61,508,657

Federal sources
Public sources
Governmental receipts

Other
Receipts returned

403,252,099
to

Treasury

Total financing sources

OPERATING EXPENSES
Cost of goods sold
Operating/program expenses
Interest expense:
Federal Financing Bank/Treasury borrovsdngs
Federal securities
Other

Unfunded expenses
Other
Total operating

expenses

NET RESULTS
Net results including .capital expenditures
Capital expenditures

Net results excluding capital expenditures
Extraordinary items

Net results

— Con.

FEDERAL AGENCIES' FINANCIAL REPORTS

—

Table FA-4.

Report on Operations, Oct.

1986, through Sept. 30, 1987

— Con.

Department of
Defense

Department of

$94,136,498,474

$17,691,465,321

$14,339,340,883

50,069,376,055
3,313,857,915

82,577,886
62,606.098

2.080.755,463
4,542,447,136

Department of Energy

Education

FINANCING SOURCES
Expended appropriations
Revenue:
Federal sources
Public sources
Governmental receipts

Other
Receipts returned to Treasury

33,028,628.294

7,604.767
-480,548,985

Total financing sources

180,548,360,738

17.836.649.305

20,489.599,264

39,496,767,238
79,164,324,885

285.287.709
17.870.123.780

129,473,339
13,341,827,279

58.575.619
34.480.351

220,977,527

OPERATING EXPENSES
Cost of goods sold
Operating/program expenses
Interest

expense

Federal Financing Bank/Treasury borrowings
Federal securities
Otfier

Unfunded expenses
Other
Total operating

expenses

143,365,700
-1,671,270,134
19,281.418,581

492,133.856
37.567.487

-13,777,985
1,188,166.644
15.768.238

136,414.606.270

18.778.168.802

14.882.435.042

44.133,754,468
-28,086,391,018
16,047,363,450
-232,784,530

-941,519,497

5,607,164,222
-408,420,067
5.198,744,155

NET RESULTS
Net results including capital expenditures
Capital expenditures

Net results excluding capital expenditures
Extraordinary items

Net results

15,814,578,920

-941,519,497

5,198,744,155

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.

—

Report on Operations, Oct.

1986, through Sept. 30, 1987

— Con.
Department of the

and Human Services

Department of
Housing and Urban
Development

$373,614,079,107

$15,335,776,447

$7,005,875,661

11,287,609,057
2,938,894,207
647,641
307,877,688,448
-4,976,933

1,175,886,492
2,492,838,592

792.290,079
774,019,890
79.944.516
-203.794
-164,368,219

695,713,941,527

21,653,702,136

8,487,558,133

50,861,631,178
324,429,796,656

83,728,319
16,583,510,118

124,437,353
5.926,058.963

108.939,270

-18,401.480
20.684,126
290,266.378,709

1,018,233,362
46,309,691
11,189,100
5,198,738,827
214,707,074

665,560,089,189

23,156,416,491

6,225,103,736

30,153,852,338
-223,189,403
29.930,662,935

-1,502.714,355

2.262,454,397
-2.067.738,536
194.715.861
58.644.216

29.930.662,935

-1,502,714,355

Department of Health

Interior

FINANCING SOURCES
Expended appropriations
Revenue:
Federal sources
Public sources
Governmental receipts

Other
Receipts returned

Treasury

Total financing sources

2.649.200,605

OPERATING EXPENSES
Cost of goods sold
Operating/program expenses
Interest expense:
Federal Financing Bank/Treasury borrowings
Federal securities
Otfier

Unfunded expenses
Other
Total operating

expenses

477,518
62,524.455
2,666,177

NET RESULTS
Net results including capital expenditures
Capital expenditures

Net results excluding capital expenditures

-1,502,714,355

Extraordinary items

Net results

253.360,077

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.

—

Report on Operations, Oct.

1986, through Sept. 30, 1987

Department of Justice

FINANCING SOURCES
Expended appropriations

$1,603,705,615

Revenue:
Federal sources
Public sources
Governmental receipts

Other
Receipts returned

Treasury

Total financing sources

OPERATING EXPENSES
Cost of goods sold
Operating/program expenses
Interest expense:
Federal Financing Bank/Treasury borrowings
Federal securities
Other

Unfunded expenses
Other
Total operating

expenses

NET RESULTS
Net results including capital expenditures
Capital expenditures

Net results excluding capital expenditures
Extraordinary items

Net results

231,259,481
31,505,572
52,357
182,627,804
-157,662

Department of Labor

— Con.
Department of State

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.

—

Report on Operations, Oct.

1986, through Sept. 30, 1987

Department of

ttie

— Con.
Environmental

Agency

Transportation

Treasury

$2,994,624,956

$104,454,908,695

$5,586,532,493

2,575.356,975
150.048,058
20.331.436
16,286,108,646
-20,390,010

15,471,681,707
2,339,828,919
876,763,800,763
120,089,641
-876,663,376,240

19,953,306
121,691,397
1,572,013,313
-56,256,969

22,006,080,061

122,486,933.485

7,243,933,540

9,153,384
3,906,595,832

197,106,583
102,279,114,441

5,586,435,545

107,929,987

15,464,048,151

1,617,097
29,294,982
16.297,406,007

3,361,972,145
229,058,669
238,442,369

22,226,615
531,339,625

20,351,997.289

121,769,742,358

6,140,001,785

1.654.082.772
-1.424,030
1,652.658,742
3,031,810

717,191,127
-282,015,529
435,175,598

1,103,931,755
-37,796,244
1,066,135,511

1,655,690,552

435,175,598

1,066,135,511

Protection

FINANCING SOURCES
Expended appropriations
Revenue:
Federal sources
Public sources

Governmental receipts
Other
Receipts returned

Treasury

Total financing

sources

OPERATING EXPENSES
Cost of goods sold
Operating/program expenses
Interest expense:
Federal Financing Banl</Treasury borrowings
Federal securities
Ottier

Unfunded expenses
Other
Total operating

expenses

NET RESULTS
Net results including capital expenditures
Capital expenditures

Net results excluding capital expenditures
Extraordinary items

Net results

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.

—

Report on Operations, Oct.

1986, through Sept. 30, 1987

— Con.

General Services

Office of Personnel

Small Business

Administration

f^anagement

Administration

FINANCING SOURCES
Expended appropriations

$381,044,892

$95,316,618

$274,107,908

6,029,750.158
330,995,263

34,872,856,582
310,464,849

15,993,568
596,847,503

2,934,276

16,287,576,779

310,405,544
-300,570,741

Revenue;
Federal sources
Public sources
Governmental receipts

Other
Receipts returned to Treasury

-203,492

Total financing sources

6,744,724,589

51,566,011,336

4,524,402,809
1,405,313,354

244,504,409
33,962,161,019

1,168,140
349,009,161
3,631,644

5,210,211
26,000,000,000

263,182,842
708,743,594
36,146,398

60,211,875,639

1,324,356,971

461,199,481
-11,412,628
449,786,853
-16,282,034

-8,645,864,303
-5,200,068
-8,651,064,371
-457,081

-427,573,189

433,504,819

-8,651,521,452

-427,621,343

OPERATING EXPENSES
Cost of goods sold

Operating/program expenses
Interest expense:
Federal Financing Bank/Treasury borrowings
Federal securities
Other

Unfunded expenses
Other
Total operating

expenses

6,283,525,

NET RESULTS
Net results including capital expenditures
Capital expenditures

Net results excluding capital expenditures
Extraordinary items
Net results

^8,154
-427,621,343

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.

—

Report on Operations, Oct.

1986, through Sept. 30, 1987

Veterans
Administration

Other independent
agencies

$26,606,911,580

$5,207,867,551

207,595,890
2,037,390,157

5,411,436,262
41,593,950,739
4,464,994,896
1,660,829,788
-123,905,739

FINANCING SOURCES
Expended appropriations
Revenue:
Federal sources
Public sources
Governmental receipts

Other
Receipts returned

1,874,057,240
to

Treasury

Total financing sources

30,725,954,867

58,215,173,497

810,673,701
28,995,092,518

2,870,967,155
12,373,174,598

36,069,972
928,925,254
1,289,782

3,784,907,797
111,395,347
511,979,654
6,095,662,935
47,097,034,792

30,772,051,227

72,845,122,278

-46,096,360
-966,723,715

-14,629,948,781
-49,825,147
-14,679,773,928

OPERATING EXPENSES
Cost of goods sold
Operating/program expenses
Interest expense:
Federal Financing Bank/Treasury borrowings
Federal securities

Other

Unfunded expenses
Other
Total operating

expenses

NET RESULTS
Net results including capital expenditures
Capital expenditures

Net results excluding capital expenditures
Extraordinary items

Net results

-1,012,820,075

-524,580
-1,013,344,655

-14,679,773,928

— Con.

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash

through Sept. 30, 1987

Flow, Oct. 1, 1986
[Source: SF 222, compiled by Financial Managennent Service]

TOTAL

Fund balance with Treasury
and cash, beginning of period
Sources

...

of funds:

Increase in debt
Appropriations

Revenue
Sale of assets
Increase in payables
Decrease in receivables and advances
Other
Application of funds:

Operating expenses
Less:

Expenses not requiring outlays

Increase
Increase

Purchase

investments

inventory

of property, plant,

Other

Fund balance with Treasury
and cash, end of period

and equipment

$211,989,658,298

Legislative

Branch

Executive Office of tlie
President

100

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash Flow, Oct.

1986 through Sept. 30, 1987
to

Department of

the President

Agriculture

Commerce

$9,222,401,204

$5,204,636,497

$929,251,063

20,000,000
6,135,098,077
21,171,387

58,489,224,174
56,800.436,708
24,229,345,130
-884,537
3,952,878,301
-49,073.567,446
-376,553.888

30.781.500
1.312,830.370
508,967,374
5,482,266
87,191,363
1.013,096
8,043,337
-1,808,963.204
4,178,985
-3.713.452

-12,564,537
-72,428.148

-98,464,297.773
16,581,403.233
-248,476,461
-695.604.323
-307,163.375
-3,742.696.292

9.611.296.564

12,348,679,948

1,009,668.48-

Funds appropriated

Fund balance with Treasutv
and cash, beginning o( period
Sources

—Con.

of funds:

Increase In debl
Appropriations
.

Revenue
Sale of assets
Increase in payables
Decrease in receivables and advances
Ottier

19,919,354
704,342
25,842,049

Application of funds:

Operating expenses
Less: Expenses not requiring outlays
Increase in investnnents
Increase in inventory
Purchase of property, plant, and equipment

Other

Fund balance with Treasury
and cash, end of period

-5,746,868,051
-1,779,113

-200.000

-220
-43,516.014
-21,877.976

101

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash Flow, Oct.

1986 through Sept. 30, 1987

Department of Defense

Department of

—Con.

Department of Energy

Education

Fund balance with Treasury
and cash, beginning of period
Sources

$92,730,363,458

$15,346,661,298

$9,097,448,092

106,735,469
99,578,979,684
54,318,934,882
7,981,082
3,857,971,599
-282,483,252
82,598,148,896

2,717,000,000
16,881,138,975
123,924,776
653,216,819

358,549,456
11,756,469,009
6,024,215,615
23,905,614
-183,220,819
140,052,487
14,231,800

-126,807,120,182
2,455,092,000
-28,255,562,175
-8,312,678,208
-22,401,527,000
-38,530,470,173

-18,778,409,283
492,133,856

-2,243,721,359

-14,882,435,042
-896,752,350
203,313,503
-851,667,152
-872,944,180
-1,494,566,571

111,064,366,080

15,777,415,704

8,436,599,462

of funds:

Increase in debt
Appropriations

Revenue
Sale of assets
Increase in payables
Decrease in receivables and advances
Other

Application of funds:

Operating expenses
Less:

Expenses not

Increase
Increase

Purchase

requiring outlays

investments

inventory

of property, plant,

Other

Fund balance with Treasury
and cash, end of period

.,,

and equipment

102

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash Flow, Oct.

1986 through Sept. 30, 1987
Department of Housing
and Urban
Development

Department of the

and Human Services

$8,683,880,721

$13,917,762,969

4.074.075.82-

5,834,968,547
1,603,025,043
273,363
-96.564,101
-127.071,925
316,842,239

Department of Health

Fund balance with Treasury
and cash, beginning of period
Sources

—Con.

Interior

of funds:

Revenue

291,186,055,134
4,722,332,634

Sale of assets
Increase in payables
Decrease in receivables and advances
Other

474,278,706
-2,223,219,619
401,516,403,117

2,036,879.308
16,960,536.714
3,966,285,251
2,528,728.288
1,251,806,620
733,407,823
521,143,413

-662,479,613,590
1,237,439,550
-30,610,496,605
2,832,453
-266,346,567
-4,282,424,325

-23,162,312.896
5,198,739.495
-776,635.463
-98.971
-4,211,830
-7,434,718.759

-6,218,975,320
227.303,162
-60,912,326
-5,379,380
-660,316,753
-901,857,112

7,961,121,609

15.737.311.962

3,985,411,258

Increase in debt
Appropriations

Application of funds:

Operating expenses
Less: Expenses not requiring outlays
Increase in investments
Increase in inventory

Purchase of property,

plant,

Other

Fund balance with Treasury
and cash, end of period

and equipment

103

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash Flow, Oct.

1986 through Sept. 30, 1987

Department of Justice

Fund balance with Treasury
and cash, beginning of period
Sources

$618,596,638

of funds;

Increase in debt
Appropriations

Revenue
Sale of assets
Increase in payables
Decrease in receivables and advances
Other

Application of funds:

Operating expenses
Less;

Expenses not requinng outlays

Increase
Increase

Purchase

investments

inventory

of property, plant,

Other

Fund balance with Treasury
and cash, end of period

and equipment

Department of Labor

—Con.
Department of State

104

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash Flow, Oct.

Fund balance with Treasury
and cash, beginning of period
Sources

1986 through Sept. 30, 1987

—Con.

Department of

Department of the

Transportation

Treasury

$8,765,845,401

$4,031,178,674

$10,103,701,965

420,000,000
18,866,879,718
567,286,019
47,642,452
-39,396,779
-76,187,158
4,120,816,851

393,967,768
105,010,325.064
17,519,372,344

6.014,187,500
85,387.734

-387.154,482
120,148,954
57,643.003

682,423,323
-49,191,953
921,182,313

-20,216,836,685
33.177,152
-2,568.033,571
-1,244,534
-111,045,140
-1.734,807,255

-121,525,948,263
198,324,259
-25,061,593
-18,016,124
-138,666,348
-367,115,474

-5,646,458,404
22,226,615
-407,463,420
-19,995
-68,389,151
-531,341,125

8,074,096,471

4,869,169,343

11,126,245,402

Environmental
Protection

Agency

of funds:

Increase in debt
Appropriations

Revenue
Sale of assets
Increase in payables
Decrease m receivables and advances
Other

171,561

Application of funds;

Operating expenses
Less: Expenses not requiring outlays
Increase in investments
Increase in inventory

Purchase

of property, plant,

Other

Fund balance with Treasury
and cash, end of period

and equipment

105

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash Flow, Oct.

1986 through Sept. 30, 1987

—Con.

General Services

National Aeronautics

Office of Personnel

Administration

and Space

Management

Administration

Fund balance with Treasury
and cash, beginning of period
Sources

$2,454,651,199

$3,696,999,506

$5,280,195,606

400,695,887
6,216,572.633

10.796.022.761
1.320.261,186

352,259,202
-2,111,159
3,565,282

1,526,826,743

100,129,000
52,994,372,865
4,426
646,728,521
-910,282,695
204,070,659

-6,214,234,702
348,569,826

-8,908,961,386
16,276.745

-88,513.577
-527,551,539
-158,651,233

43,335,411
-711,937,148
-273,450,591

2,785.251.819

6,628,130,659

of funds:

Increase in debt
Appropriations

Revenue
Sale of assets
Increase in payables
Decrease in receivables and advances
Other

-877.293.413
50.845

Application of funds;

Operating expenses
Less:

Expenses

Increase
Increase

Purchase

not requinng outlays
investments

inventory

of property, plant,

Other

Fund balance with Treasury
and cash, end of period

and equipment

-60,772,071,731
25,694,913,588
-23,174,174,497
-1,435,365
-5,517,956

56,932,421

106

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-5.

—

Report on Cash Flow, Oct.

1986 through Sept. 30, 1987

Small Business

Veterans Administration

Administration

Fund balance with Treasury
and cash, beginning of period
Sources

—Con.
Otiier

independent
agencies

$865,087,200

$6,149,968,662

$3,670,900,804

114,905,000
472,675,915
616,172.508
60,072,845
25,453,718
-174,016,128
906,288,231

27.995,913,059
2,369,115,536
29,221
228,485,527
-489,489,340
476,498,493

1,070,499,511
5,547,949,961
52,242,451,694
72,950,481
10,040,876,441
1,561,684,634
304,385,857

-48,154
-1.095,476,377

-30,772,046,995
1,701,917,136
-433,094,000
3,062,790
-969,995.280
-253,721.180

-72,764,847,837
8,683,702,068
85,180,295
-74,534,680
-1,242,134,843
-5,563,631,050

1.211,647,779

6,006,643,629

3,635,433,336

of funds:

Increase in debt
Appropriations

Revenue
Sale of assets
Increase In payables

Decrease

receivables and advances

Other
Application of funds:

Operating expenses
Less: Expenses not requiring outlays
Increase in investments
Increase in inventory
Purchase of property, plant, and equipment

Other

Fund balance with Treasury
and cash, end of period

-1,324,356,971

744,889,992

107

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.

— Report on Reconciliation, Oct.
(Source:

SF 223; compiled by

Financial

TOTAL

Total operating

expenses

$977,399,792,714

Adjustments:

Add:
Capital expenditures

Deduct:
Increase (decrease)

accounts payable

Accrued expenses not requinng outlays
Total gross

disbursements

Less: Offsetting collections credited

Net disbursements

1986, through Sept. 30, 1987

Management

Service)

Legislative Brancli

Executive Office of
ttie President

108

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.

—Report on

Reconciliation, Oct.

1986, through Sept. 30, 1987

Education

Department of
Energy

$131,755,130,594

$18,778,409,283

$14,882,435,040

29,380,873,151

31.630.142

408.420.067

-3,667,497,636

-57.992.651
-560.523.926

192.899.979
-2.631.468,906
12.852.286,180

Department of Defense

Total operating

expenses

Department of

— Con.

Adjustments:

Add:
Capital expenditures

Deduct:
Increase (decrease)

in accounts payable
Accrued expenses not requiring outlays

Total gross disbursements

Less: Offsetting collections credited

Net disbursements

Table FA-6.

—Report on

1,411,808,598

158,880,314,707

18,191,522.848

-45.079,354.265

- 1,311,683,004

1.215.421,791

113.800,960.442

16,879,839,844

14.067.707,971

Reconciliation, Oct.

1986, through Sept. 30, 1987

expenses

Department of

and Human Services

Department of
Housing and Urban
Development

$372,214,595,983

$23,162,312,228

$7,047,737,829

259,844.783

180.899,764

3.770,978.448

2.549.137.324

-1.251.806.619
-5.043.353.945

147,600,872
271.392.854

Department of Health

Total operating

— Con.
ttie

Interior

Adjustments:

Add:
Capital expenditures

Deduct:
Increase (decrease)

accounts payable

Accrued expenses not requiring outlays
Total gross disbursements

Less: Offsetting collections credited

Net disbursements

-67.255.774
374.956.322.316

17.048.051.428

11.237,710.003

-7.681.935.312

-1.552.323.523

- 5,029.028.462

367,274.387,004

15.495.727.905

6.208.681.541

109

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.

—Report on

Reconciliation, Oct.

1986, through Sept. 30, 1987

Department of Justice

Total operating

expenses

$1,638,838,421

Adjustments:

Add:
Capital expenditures

Deduct:
Increase (decrease)

accounts payable

Accrued expenses not requiring outlays
Total gross disbursements

Less: Offsetting collections credited

Net disbursements

Department of Labor

— Con.

Department of State

110

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.

—Report on

Reconciliation, Oct.

1986, through Sept. 30, 1987

— Con.

General Services

National Aeronautics

Office of Personnel

Administration

and Space

t\/lanagement

Administration

Total operating

$6,214,234,702

expenses

$8,908,961,386

$60,772,071,731

-649,584,175
-16,276,745

•25,823,606,315

Adjustments:

Add:

751,571,652

Capital expenditures

Deduct:
Increase (decrease)

accounts payable

Accrued expenses not requiring outlays
Total gross disbursements

Less: Offsetting collections credited

-346,509,203
-351,898,338
6,267,398,813

8,911,702,203

34,344,273,059

6,212,966,179

-1,320,261,186

-9,021,778,455

7,591,441,017

25,322,494,604

Net disbursements

Table FA-6.

Total operating

—Report on

Reconciliation, Oct.

expenses

-607,893,539

1986, through Sept. 30, 1987

— Con.

Small Business

Veterans

Administration

Other independent
agencies

$1,324,356,971

$30,772,046,995

$72,786,866,882

1,104,903,382

969,187.471

3,511,213,275

140,691,364

-228,316,313

- 744,889,992

- 1,704,141,396

-2,036.364,230
14.528.443,147
59.733,272,780

Adjustments:

Add:
Capital expenditures

Deduct:
Increase (decrease)

accounts payable

Accrued expenses not requiring outlays
Total gross disbursements

1,825,061,725

29,808,776.757

Less; Offsetting collections credited

1,896,726,869

- 1,967,764,606

16,052,989,095

71,665,144

27,841,012,151

43,680,283,685

Net disbursements

International Statistics

113
INTERNATIONAL FINANCIAL STATISTICS
The tables in this section are designed to provide data
U.S. reserve assets and liabilities and other statistics
related to the U.S. balance of payments and international

Table lFS-3 shows U.S. Treasu
notes issued to official instituti
foreign countries.

Table IFS-I presents a measure of weighted-average changes
in exchange rates between the U.S. dollar and the currencies of
certain other countries.

Table IFS-1 shows the reserve assets of the United States,
including its gold stock, special drawing rights held in the
Drawing Account in the International Monetary Fund,
holdings of convertible foreign currencies, and reserve position in the International Monetary Fund.
Special

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

Table IFS-1.

U.S.

Reserve Assets

[In mill io ns of dollars

]

Gold stock
Total

reserve
assets 1/
33,747
34,934
43,186
48,511

1983
1984
1985
1986

1987-Jan..
Feb.

2/
3/

11 ,121

11,096
11,090

11,096
11,090
11,064

,064

3,824
S,591
i,913
140
i
1,318

11,076
11,070
11,069

11,062
11,085
11,081
11,076
11,070
11,069

,069

11 ,069

11,068

U ,081
11

,075

11,068
11,075

11,085

11 ,085

,082

11.082
11,076
11,068

11
11
11
11

,078
,068

Beginning July 1974, the International Monetary Fund (IMF)
adopted a technique for valuing the special drawing right
(SDR) based on a weighted-average of exchange rates for the
The U.S. SDR
currencies of selected member countries.
holdings and reserve position in the IMF are also valued on
this basis beginning July 1974.
Includes gold held by the Exchange Stabilization Fund.
Treasury values its gold stock at $42.2222 per fine troy
ounce and pursuant to 31 U.S.C. 5117(b) issues gold
certificates to the Federal Reserve at the same rate against
gold held.
Includes allocations of SDR's in the Special Drawing Account
the International Monetary Fund, plus or minus transactions in SDR's.

all
if

11 ,121

11,062
11 ,085

Mar..
Apr..
May.
June.
July.
Aug..
Sept.
Oct.
Nov. .
Dec.
198B-Jan..

Treasury 21

rights

5,025
5,641
7,293
8,395
8,470
8,615
8,740
8,879
8,904
8,856
8,813
9,174

9,078
9,373
9,937
10,283
9.765

£/

6,656
12,856
17,322

11
11

Fund

,312
,541

11,947
11

,730

17,982
17,959
17,292

,872

14,

11,745
11,517
11,313

14,422
13,902
13,472
14,586
13,999
14,585
14,391
13,088
11,318

11,699
11 ,711

964

11,116
10,918
11,157
11,369
11,349
10,804

Allocations of SDR's on Jan. 1 of respective years are as
follows: 1970, $867 million; 1971, $717 million; 1972, $710
million; 1979, 874 million (in SDR terms); 1980, 874 million
(in SDR terns); and 1981, 857 million (in SDR terms).
^/ Includes holdings of Treasury and Federal Reserve System;
beginning November 1978, these are valued at current market
exchange rates or, where appropriate, as such other rates as
may be agreed upon by the parties to the transactions.
The United States has the right to purchase foreign
6_/
currencies equivalent to its reserve position in the Fund
Under appropriate conditions the
automatically if needed.
United States could purchase additional amounts related to
the U.S. quota.

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

Selected U.S. Liabilities to Foreigners

[In

mm Ions

of doll ars]

LlabHttles

to foreign countries

115
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4.

- Weighted Average

Exchange Rate Changes

for the Dollar

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

Trade-weighted average appreciation (+)
or depreciation (-1 of the U.S. dollar

End of calendar

-14.6
-21.5
-18.4
-15.0
-3.4
+9.2
+21.8
+41.9
35.6
+28.9
+17.7

5,053.9
+5,962.7
n.a.

+23.4
+24.1
+21.2
+20.7
+24.0
+24.8
+29.1
+26.4
+29.1
+25.9
+22.0
+ 17.7
+20.8

July.
Aug.
Sept.

+6.6
+21.3
+58.9
+141.2
+446.4
+1,853.3

+6,335.8
+7.677.1
4/n.a.

esents calculations of weighted average percentage change
This table
the rates o exchange between the dollar and certain foreign currencie
order to pr ide a measure of changes in the dollar's general foreign
broader than a measure provided by any single exchange
exchange va
Calculations are pro ided for two sets of countries that
change.
U.S. bilateral trade patterns in
for a major share of U.S. for. ign trade.
1972 are used as a convenient readily available proxy for the assignment
of relative weights to indivii ual exchange rate changes, although such
weights do not provide a full measure of individual currencies' relative
importance in U.S. internatioi al transactions because they take
esent

I!4fCj/$ *

x,./!:x)

is the weighte
changes in the fo
dollars;
E

U.S.

X^/EX is U.S. exports to country i, as
proportion of total U.S. exports to
countries in the set.

Exchange rate data used
somewhat from those used
end-of-period currency v

all

Equation three combines the above export-weighted and Import-weighted
averages to provide an overall measure of exchange rate change:
(E03)

Mhere:
(EQll

E„

Where:

E(4J/fCi

•

M^/tm

[(E

x)-(-l)]

[E,

is U.S. imports as
m/
m/m+x
of its total trade with a
the set; and

x/m+x is U.S. exports as
its total trade with all

is the weighted average of percentage
Changes in the dollar cost of individual
foreign currencies;
E

fij/fcj

Ij Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France,

imports from country i, as
a proportion of total U.S. imports from
all countries in the set.

3/ The currencies of 46 IMF member countries which account for approximately
*90 percent of U.S. total trade.

1s the percent change in the dollar
cost of foreign currency i; and

Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New
Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and United
Kingdom.

M,-/EH is U.S.

This series has been discontinued pending revision and recalculation.

116

CAPITAL MOVEMENTS
INTRODUCTION

Background

United States, including the branches, agencies, subsidiaries, and
other affiliates in the United States of foreign banking and nonbank-

Data relating

and

to capital

movements between

the United States
some form since 1935.

have been collected in
Reports are filed with district Federal Reserve banks by commercial
banks, other depository institutions, bank holding companies,
securities brokers and dealers, and nonbanking enterprises in the
United States. Statistics on the principal types of data by country or
geographical area are then consolidated and are published in the
foreign countries

Treasury

Bulletin.

have reportable liabilities, claims, or securities
exemption levels are exempt from

specified

reporting.

Banks, other depository institutions, and some brokers and
dealers file monthly reports covering their dollar liabilities to, and
dollar claims on, foreigners in a number of countries Twice a year,
as of June 30 and December 31 they also report the same liabilities
and claims items with respect to foreigners in countries not shown
separately on the monthly reports. Quarterly reports are filed with
respect to liabilities and claims denominated in foreign currencies
ws-a-ws foreigners. Effective January 31, 1984, the specified
exemption level applicable to the monthly and quarterly banking
reports was raised from $10 million to $15 million. There is no
separate exemption level for the semiannual reports.
,

The

reporting forms and instructions
International Capital (TIC) Reporting System

the Treasury
used
have been revised a
changing conditions and to increase the

number

of times to meet
usefulness of the published statistics. The most recent, general
revision of the report forms became effective with the banking
reports as of April 30, 1978, and with the nonbanking reports as of
December 31, 1978. Revised forms and instructions are developed
with the cooperation of other Government agencies and the Federal
Reserve System and in consultations with representatives of banks,

securities firms,

ing firms. Entities that

transactions below

and nonbanking

Banks, securities brokers and dealers, and in some instances
nonbanking enterprises report monthly their transactions in securities
is $500,000 on the
grand total of purchases and on the grand total of sales during the
month covered by the report.

with foreigners; the applicable exemption level

enterprises.

Basic Definitions

The term "foreigner" as used in the Treasury reports covers all
and individuals domiciled outside the United States,
including U.S. citizens domiciled abroad, and the foreign branches,
subsidiaries, and other affiliates abroad of US banks and business
concerns; the central governments, central banks, and other official
institutions of foreign countries, wherever located; and international
and regional organizations, wherever located. The term "foreigner"
institutions

also includes persons

known by

the United States to the extent that they are

reporting institutions to be acting

on behalf

branches or agencies of foreign

official

are reported opposite the country to which the official
institution belongs. Data pertaining to international and regional
organizations are reported opposite the appropriate international or
institutions

regional classification except for the

ments, which

included

Bank

million, up from $2 million. Nonbanking enterprises also report for
each monthend their U.S. dollar-denominated deposit and certificates of deposit claims of $10 million or more on banks abroad.

of foreigners.

In general, data are reported opposite the foreign country or
geographical area in which the foreigner is domiciled, as shown on
the records of reporting institutions. For a number of reasons, the
geographical breakdown of the reported data may not in all cases
reflect the ultimate ownership of the assets. Reporting Institutions
are not expected to go beyond the addresses shown on their
records, and so may not be aware of the country of domicile of the
ultimate beneficiary.
Furthermore. U.S. liabilities arising from
deposits of dollars with foreign banks are reported in the Treasury
statistics as liabilities to foreign banks, whereas the liability of the
foreign bank receiving the deposit may be to foreign official
institutions or to residents of another country.

Data pertaining

Quarterly reports are filed by exporters, importers, industrial
financial institutions other than banks,
other depository institutions and brokers, and other nonbanking
enterprises if their liabilities to, or claims on, unaffiliated foreigners
exceed a specified exemption level on a two quarter-end average
basis. Effective Inarch 31, 1982, this exemption level was set at $10

and commercial concerns,

Description of Statistics
Section
presents data on liabilities to foreigners reported by
banks, other depository institutions, brokers, and dealers in the
United States. Beginning April 1978, the following major changes
were made in the reporting coverage: Amounts due to banks' own
foreign offices are reported separately; a previous distinction
between short-term and long-term liabilities was eliminated; a
separation was provided of the liabilities of the respondents
themselves from their custody liabilities to foreigners; and foreign
currency liabilities are only available quarterly. Also, beginning April
1978, the data on liabilities were made more complete by extending
to securities brokers and dealers the requirement to report certain of
I

own

and all of their custody liabilities to foreigners.
January 31, 1985. savings and loan associations and
other thrift institutions began to file the TIC banking forms. Previously
they had reported on TIC forms for nonbanking enterprises.
their

liabilities

Effective as of

for International Settle-

the classification "Other Europe."

Section
in

presents the claims on foreigners reported by banks

the United States. Beginning with data reported as of the end of
a distinction was made between banks' claims held for

April 1978,

own account and claims held for their domestic customers. The
former are available in a monthly series whereas the latter data are

Reporting Coverage

their

Reports are required from banks, other depository institutions,
bank holding companies. International Banking Facilities (IBF's),
securities brokers and dealers, and nonbanking enterprises in the

collected on a quarterly basis only. Also, the distinction in reporting

Copies

of the reporting

Data Managenoenl, Office

forms and Instructions rnay be obtained from

tfie

Office of

the Assistant Secretary for International Affairs, Department

of long-term and short-term components of banks' claims was
discontinued. Maturity data began to be collected quarterly on a time
remaining to maturity basis as opposed to the historic original
matunty classification. Foreign currency claims are also collected on
a quarterly basis only Beginning March 1981, this claims coverage
was extended to certain items in the hands of brokers and dealers in
above concerning the
the United States. See notes to section
1

of the

Treasury, Washington, D.C. 20220, or from

district

Federal Resen/e banks.

117

CAPITAL MOVEMENTS
reporting of

thrift

institutions.

reported as of December 31, 1978, financial liabilities and claims of
reporting enterprises are distinct from their commercial liabilities and
and items are collected on a time remaining to maturity basis
instead of the original maturity basis used previously.

Anotfier important change in the claims reporting, beginning
with new quarterly data as of June 30, 1978, was the adoption of a
broadened concept of "foreign public borrower," which replaced the

claims;

previous category of "foreign official institution" to produce more
meaningful information on lending to the public sector of foreign
The term "foreign public borrower" encompasses central

Section V contains data on transactions in all types of long-term
domestic and foreign securities by foreigners as reported by banks
and brokers in the United States (except nonmarketable U.S.
Treasury notes, foreign series; and nonmarketable U.S. Treasury
bonds and notes, foreign currency series, which are shown in the

countries.

governments and departments of central governments

of foreign

countries and of their possessions; foreign central banks, stabilization funds, and exchange authorities; corporations and other

governments, including development banks,
development institutions, and other agencies which are majorityowned by the central government or its departments; State,
agencies

provincial,

central

and

local

governments of foreign countries and

their

and agencies; and any international or regional
organization or subordinate or affiliated agency thereof, created by
treaty or convention between sovereign states.
departments

"International

liabilities to,

III

and

includes supplementary statistics on U.S. banks'
claims on, foreigners. The supplementary data on

banks' loans and credits to nonbank foreigners combine selected
information from the TIC reports with data from the monthly Federal
Reserve 2502 reports submitted for major foreign branches of U.S.
banks. Other supplementary data on U.S. banks' dollar liabilities to,
and banks' own dollar claims on, countries not regularly reported
separately are available semiannually in the June and December
issues of the Treasury Bulletin.

The data

reporting of

Section

Financial Statistics" section, table IFS-3).

cover new issues of securities, transactions in outstanding issues,
and redemptions of securities. They include transactions executed in
the United States for the account of foreigners, and transactions
executed abroad for the account of reporting institutions and their
domestic customers. The data include some transactions which are
classified as direct investments in the balance of payments
accounts. Also, see notes for section
above concerning the

The

thrift institutions.

geographical

transactions

shows

differ

some

the

data

securities

the case of outstanding issues, this

and

may

the original issuer. The gross figures
offsetting transactions between foreigners. The net

from the country

contain

breakdown

the country of domicile of the foreign buyers

sellers of the securities;

figures for total transactions represent transactions by foreigners

with U.S. residents; but the net figures for transactions of individual

countries

and areas

may

include

some

transactions

between

foreigners of different countries.

Section IV shows the liabilities to, and claims on, unaffiliated
foreigners by exporters, importers, industrial and commercial
concerns, financial institutions other than banks, other depository
institutions, brokers, and other nonbanking enterprises in the United
States. The data exclude the intercompany accounts of nonbanking
enterprises in the United States with their own branches and
subsidiaries abroad or with their foreign parent companies. (Such
transactions are reported by business enterprises to the Department
of Commerce on its direct investment forms.) The data also exclude
claims held through banks in the United States. Beginning with data

The data published in these sections do not cover all types of
reported capital movements between the United States and foreign
The principal exclusions are the intercompany capital
transactions of nonbanking business enterprises in the United States
with their own branches and subsidiaries abroad or with their foreign
countries.

parent companies, and capital transactions of the U.S. Government.
Consolidated data on all types of international capital transactions
are published by the Department of Commerce in its regular reports
on the U.S. balance of payments.

118
CAPITAL
Section

Liabilities to

Table

MOVEMENTS

Foreigners Reported by Banks

CM-1-1. -

Total Liabilities by

the United States

Type of Holder

Cin mill ions of dolUrs]

International

Foreign countries

r egional

and

Hemora nila

liabilities
foreigners
reported by IBF's

Total
Offi cial

nstitut ions

Ba nlis

and other forei gne rs
'

End of

Total

calendar year

liabillties

or montli

y
«_/

Payable
in

Total

dollars

to all

Payable

foreign
currencies

Payable
Total

Includes Dank for International Settlements.
Principally the International Bank for Reconstruction and
Development and the Inter-American Development Bank.
Data as of preceding quarter for non-quarter-end months.
Establishment of International Banking Facilities (IBF's)
permitted beginning December 1981.

foreign
curren-

dollars

cies ij

Payable
Total

foreign
curren-

Payable

dollars

des

dollars

foreign
currencies

Note. --Total liabilities include liabilities previously classifled as either "short term" or "long term" on the Treasury reports
filed by banks.
The maturity distinction was discontinued with
new reports filed as of Apr. 30, 1978. and historical series adSec introductory text to Capital Movements
justed accordingly.
tables for discussion of changes in reporting.

119

CAPITAL MOVEMENTS

TO FOREIGNERS
CALENDAR YEARS 1982-87

LIABILITIES

Reported by International Banking

Facilities

United States
700 q

500
450
400
350
300

250

200
150

100

and by Banks

the

120

1984
1985
1986

CAPITAL MOVEMENTS
Table

CM-l-3. -

P osition

11.025
4.973
1.553

riands Antillc

Total Liabilities by Country

end of period in millions of dollars] _

8,566

121

122
CAPITAL MOVEMENTS
Table

CM-l-4. -

Total Liabilities by Type and Country, as of Dec. 31, 1987, Preliminary
tPeiltlon In rtllloni of Hollirtl

Total

UdbllUli

123

CAPITAL MOVENflENTS
Section

II.

- Claims

on Foreigners Reported by Banks

Table

CM-ll-1. -

[P osition at end

Type of claim
Total

claims

Payable in dollars
Banks' own claims on forei
Foreign public borrowers
Unaff il iated foreign bar

Deposits
Other
Own foreign offices
All

other foreigners

Claims of banks' domestic
customers
Deposits
Negotiable and readily
transferable instrume
Collections and other.

Payable in foreign currencie
Banks' own claims on forei
Claims of banks' domestic

reported by IBF's
Payable in dollars
Payable in foreign currencies.

laims

447

the United States

Total Claims by Type

period in millions of do llars]

124

CAPITAL MOVEMENTS

CLAIMS ON FOREIGNERS

CALENDAR YEARS
Reported by International Banking

1982-87

Facilities

and by Banks

the

United States
550

3
tiTiTiTiTiTiTiTj

International

Banking

Facilities

Banks

500

450

400

350

300

250

200

150 --

100

-'-'

1982

^ ^ ^ ^ «-'-'

1983

1984

1985

END OF PERIOD

1986

1987, 3dQtr.

125
CAPITAL
Table CM-ll-2.

1.127
1

,275

10,268

German Democratic Republ
Germany
Greece
"u"9a'"y

Italy

Netherlands
Norway
Poland
Portugal
Spain..!;.:.'!!!.;;;!;::;
Sweden
Switzerland
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total

Europe

;anada

atin America and Caribbea

Argentina
Bahamas
Bermuda
Brazil

British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

NetheriandsAntiiics::

Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

China:

Mainland
Taiwan
I

Indonesia
Israel

Japan

Lebanon
!.
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia
.

Total
f r i

c a

Asia

Egypt
Ghana
Liberia

Morocco
South Africa
Zaire
Oil-exporting countries
Other Africa
Total

Africa

then countries:
Austral ia
All other
Total

other countries..

nternational and regional
International
European regional
Latin American regional.

African regional';;;:;:!!
Middle Eastern regional

Total international
and regional

Grand total

MOVEMENTS
Total Claims by Country

1,084

126
CAPITAL

MOVEMENTS

Table CM-ll-3. - Total Claims on Foreigners
by Type and Country Reported by Banks in the United States, as of Sept. 30, 1987

refgn putll
rriwers and

Payable

arrnutcd
dollars

Europe:
Austria

giun-LUKembourg
Bolgarfa
Bel

Cjechoslo»alU
Oenoark
Finland
France

1.045
1.404
15.041

Geriaan DenocraCIc

Reniibl

Gcraany
Greece
Hungary
Italy

fo^tni..... .......
Portugal
Sorania
Spain
Sweden
Switzerland

'.....'.

641
85

2.389
3.102
3.140

United Kingdom
U.S.S.R

603
1.742

Other luroDc'.'.. .........
total

Europe

140jl72

Canada

lattn America and Carlbbea
Argentin
Bahamas
Bermuda
Bra;i1
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

NetherlindsAntiiics!!!!
Trinidad'ind'iobago!!!!!
Uruguay
venejuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean
As t a

Chtna:

Halnland
Taiwan
Hong Kong
India
Indonesia
Israel

Japan

Malaysia!!!!!!!!!!!!!!!!
Pakistan
Phil ippines

Singapore
Syria
Thailand
Other Asia
Total

Asia

Africa:
Egypt
Ghana
South Africa
Zaire
Other Africa
Total

Africa

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

foreign countries

International and regional
International
European regional
Asian regional

African regional
Kiddle Eastern regional.
Total International
and regional

Grand total

2.297
2.812
2.820
1.706
59.944

26.603
50.

6.635

31.633
1.156
5.093

I.SIO
1.513
32,169

337

19,574

128
CAPITAL
Section

IV.

Liabilities to,

MOVEMENTS

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-IV-1. -

Total Liabilities and Claims by

[Position at end of period

Type of Hability or claim
Total

liabilities

Payable in dollars
Financial
Commercial
Trade payables
Advance receipts and other
:

Payable in foreign currencies,
Financial
Commercial
Trade payables
Advance receipts and other
:

Total claims

Payable in dollars
Financi al
Oepos its
Other
Commercial
Trade receivables
Advance payments and other
:

Payable in foreign currencies.
Financial:
Deposits
Other
Commerci al
Trade receivables
Advance payments and other

25.346

1984

the United States

millions of dollars]

Calendar year
1983

Type

1987

19 B6

19B5r

Sept.r

Oec.r

Har.r

June

Sept.p

129
CAPITAL
Table

CM-IV-2. -

MOVEMENTS

Total Liabilities by Country

Position at end of period in millions of dollars]

130
CAPITAL
Table

CM-IV-3. -

MOVEMENTS

Total Liabilities by Type and Country, as of Sept. 30, 1987, Preliminary
tPotltlon at en d of period In

mnnoni

of dollirs]

ftmncul llabllUles
Total

lUbllules
Payable

Europe:

Austria
Bel glum- Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republl

1,011
35

970

Hungar
Italy.

United Kingdom
U.S.S.R

Eur

Chile

Netherlands Anttl
Panama

Peru
Trinidad and Tobago
Uruguay

Venezuela
Other Latin America

India

Malaysia

Singapore
Syria....
Thailand.

Egypt.

Total

Sfric
Afri

131

CAPITAL MOVEMENTS
Table

CM-IV-4. -

Total Claims by Country

on at end of period

Less than $500.00

in aiillio ns

of dollars]

132
CAPITAL MOVEMENTS
Table CM-IV-5.

Total Claims by

position

Type and Country, as

at end of period

nUllons

of Sept. 30,

1987

dolUri]

Flmnctal clalmi
Denomlnaced

(3)

Cic licpubl

Italy.

Turkey
United Kingdom.

Europe

13.450

In foreign

(4)

ComnercUl
(5)

133
MOVEMENTS

CAPITAL
V.

Transactions

Long-Term Securities by Foreigners Reported by Banks and Brokers

CM-V-1. -

Table

Il!_9l dollars;

Foreign Purchases and Sales of Long-Term Domestic

negative fisur e s indicate net sales by foreig ners or

"Tke table Treasury

bonds and notes

net outflow of capital

U.S. Gov't corporations
and federally sponsored
agenci es

Net foreign purchases

the United States

Securities by Type
from the United State

Corporate and other securities

Foreign countries
Offi-

Inte

Gross
foreign foreign Gross
purforeign
chases
sales
Net

ign pur-

Total
(1)

tutio

779

21 ,499

29,208
19,388
1987-Jan-Decp25,936

507
8,135
14,214
31,181

948
-451

1,477

149

834

6,992
-2,985

5,906
2,4 89
4,447
3,719
2,251
2,612
1,360
2,437
1,857
1.794

July
Aug..
Sept.

12,281
807
1,110
523
-1,262
6,380
2.675

Net
Gross
Net
Gross
fore gn foreign Gross
foreign foreign Gro
purpurforeign purpurfor
chas js
chases
sales
chases
chases
sal

(2)

5,427

1983
1984
1985
1986r

chases

4,117
15,989
20,633
6,278

309

129,681
124,254
236,338
214,838
498,587
469,379
1,103 1,084,326 1,064,938
5,092 1,337,335 1,311,399
531

-15

5,003

1,175
4.340
6,976
4,983

14,046
16.844
24,960
37,105
42,849

14,062
15,669
20,620
30,130
37,865

918
11,721
39,792
43,672
22,703

9,953
22,452
61.627
86.06 3
62,954

9,035
10,730
21,835
42.391
40.251

5.410
-2.980

530
224
959
-469

3,773

3.244
4.374
3,094
4,843
2,958
2,410
3,786
2,880
2,608
2,687
3,214
2,587
2,426

3,709
1,904
1,461
4,322
3,257
1,753
1.535
2.320
1,324
3,061
1,270

8,207
4,710
4,253
7,752
6,859
6,201
6.060
5,972
4,354
5.160
5.330
2,913
3,387

4,498

4,598
4,052
4,375

1.780
1.676
3.09 7
5.061
3,343
3.676
1.634
1.763
220
3.040
2.438
-6.687
-2.988

440

,479

-912 -1,016
,018 -1 ,703
-1 ,804
2,891
- 3
89 4 -1,579
-717 -4,013
4,927 3,635
1,359 -2,802
176 -1,677
-657
-181
1

-7,964 4,265
5,819 -1,296
2,496 -1.615

83,425
76,705
100,815
133,222
115,246
106,449
146,198
113,038
112,731
109,549
127,873
111,189
84,319

82,478
77,156
100,666
126,230
118,231
106,733
133,917
112,230

360
586
561

111. 621

109.026
129,135
104,809
81.644

3,010
2,771
4,371
3,441
2,673
3,502
3,828
2,778
3,451

154
343

,431
,602
.448
.525
.653
.030
.099
.060

69.770 64.360
59.834 62,814
4,941
81,996
77,054
18.719 148,114 129,395
16,273 248,887 232,613
14.100
17.643
20.737
23,066
20,774
19,632
18,687
23,645
24,774
22,473
30,207
13,616
13,632

!,320
i,967
?,640
3,006
7,431
j,956
7,054
1,883
1,554
(,433

^768
1.302
>.620

/Data include transacti
by U.S. corporal ions a

Table
[In milli ons

of dolla

CM-V-2. -

Foreign Purchases and Sales of Long-Term Foreign Securities by Type

negative figures indicate net sales by foreigners or

net

outflow of capital from the United States]

Foreign bonds
Net
f orei gn

purchase

Gross
foreign
purchases

Foreign stocks
Gross
f

orei

Gross

(4)

1983
1984
1985
1986r

1987-Jan-O
1986-Oec.r
1987-Jan.r
Feb.r
Har.r
Apr.r
May

June
July
Aug..
Sept.
Oct.

-7,004
-5,031
-7,940
-5,915
-5,629

-3,239
-3,930
-3,999
-3,555
-7,051

-931

-1,848
-500
2,028
-602
-614
-226
-513
-1,204
-225

-632
-674
-1,137
2,285
-674
-2.566
-1,929
-1,153

36,333
56,017
81,216
166,992
198,564

f orei

sales

39.5 72

59.948
85,214
170.548
205.615

16,414

16.885

11 ,489

11 .179

15,851
16.650
19.018
20.050
25,797
16,303
12,292
12.923
18,118
17.674
12.399

15,904
17,282
19,692
21,186
23,512
16,891
12,532
13,597

rchases
(5)

purchases

Gross
foreign
sales

(6)

-3,765
-1,101
-3,941
-2.360
1,422

13,281
14,316
20,861
49,587
94.231

17,046
15.917
24.803
51.947
92.809

-460
-206
-560
-784
-1,174
637
-257
-15
-373
448
2.053

5.010
4.908

5.470
5,114
7,740
7.802
8.298
7.380
9.038
8.599
9.047
8,208
10,804
6,809
3,970

725

928

7.180
7.017
7.124
8.017
8,781
8,585
8,674
8,657
12,857
7,534

134
CAPITAL MOVEMENTS
Table

CM-V— 3. -

Net Foreign Transactions

Long-Term Domestic Securities by Type and Country

Corporate bonds

Calendar Jan.
Oct.
Calenda
through through year
1986r
1986r
Deep
Deep

yar

13.295

Corporate stocfcs

Calendar Jan.
Calendar Jan.
Oct.
Oct.
Oct.
through through year
through through year
through throug
1966r
Deep
1986r
Deep
Deep
Deep
Deep
Deep
Jan.

2.973

-2.021

1,925

Turkey..
Unfted K (ngdo
.S.S.8.
lugosla
Other Europe
Total Europ

3,955

16,326

23,610

6,667

1.566

512

32,852

18.413

1.656

4.826

683

37,747

20.333

1,221

9,559

1,864

-8,136

-66

3,03 1

1,318

-4,987

Canada

Guatemala
Jamaica..
Mexico...

Halaysl
Paklsta
Phlllpp
SIngapo

Egypt,.
Chana..
Liberia

1.120

135

CAPITAL MOVEMENTS

NET PURCHASES OF LONG-TERM DOMESTIC
SECURITIES BY SELECTED COUNTRIES
Calendar Years 1984 through 1987
50

..'^

\
\
\

Canada
Germa_n^
Japan_ . _

Swit zerla nd

United Kingdom

1987

(Prelim.)

136

CAPITAL MOVEMENTS
Table

CM-V-4. -

Foreign Purchases and Sales of Long Term Securities,

by Type and Country During Fourth Quarter 1987, Preliminary
P"'-'!

les Dy

Bonds Stocks
111)

Austria

Bonds
(13)

391

Belgluai-lUK

Bulgaria
Ciechoslovakla.
Denmark
Finland
France
German Dem Rep.
Germany
Greece
Hungary
Italy

Netnerlands
Noraay
Poland
Portugal
nomanla
Spain
Sneden
SitUzerland
Turkey
United Kingdom.
U.S.S.R
Vugoslavia
Other Europe.
Total

(12)

1.317

4.405
3.084
S.603

480

Brazil
Brtt West Ind..
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Neth Antilles..
Panama

5.085

1.277

1.105

3,379

2,722

1.922

5,025

•

199

1,353
7,599
1,507

1.289
7,303
1.524
4

1,713
2,159
11,253

1,077
1,774
3,185

10,999

2.396
5.533
1,599
1,543
51

88
26
8
1

427
2.951
1,244

7,922

5.900

125,656

at Amer t Carlb

Bermuda

1.711
20

854

•

1.9(9

2.501

1.424

117

Europe.

Saliamas. .!!.'!!!

222

20.747

3,672
2.513
3.043

20.546

8.618

74.742

1.536

4.325

137

CAPITAL MOVEMENTS
Table

CM-V-5. -

Foreign Purchases and Sales of Long-Term Securities

by Type and Country, During Calendar Year
[

mlinons

agencies Bonds Stocks
(3)

Europe:

Austr
Bclgi

2.229

(4)

(5)

1986

of aoll ars]

Bonds Stocks
(6)

(7)

(5)

(10)

(11)

(12)

(13)

(14)

138

FOREIGN CURRENCY POSITIONS
INTRODUCTION

"Majority-owned

Background
Data have been collected since 1974 on the foreign currency
banks and nonbanking firms in the United States, and on
those of foreign branches, majority-owned foreign partnerships, and
majority-owned foreign subsidiaries of U.S. banks and nonbanking
firms. Reports cover five major foreign exchange market currencies
and U.S. dollars held abroad. Reporting has been required pursuant
of Public Law 93-110, an amendment to the Par Value
to title
Modification Act of September 21, 1973, and implementing Treasury
positions of

regulations. Statistics

foreign

indirectly,

are those organized
which one or more nonbanking

partnerships"

under the laws of a foreign country
concerns or nonprofit institutions

in
in

own more than 50 percent

the United States, directly or
profit interest

foreign subsidiaries" are foreign corporations

nonbanking business concerns or nonprofit

"Majority-owned

which one or more

institutions located in the

United States, directly or indirectly, own stock with more than 50
percent of the total combined voting power of all classes of stock
entitled to vote, or more than 50 percent of the total value of all

classes of stock.

on the positions have been published since

t^arch 1977 beginning with data for

December

1975.

Reporting Threshold

The report forms and instructions used in the collection of bank
data were revised effective with reports as of March 16, 1983, for the
weekly reports. The most recent revision of the nonbank foreign
currency forms (see below)
day of March 1983.

Common

Definitions

became

effective as of the last business

and Concepts

The term "United States" means the States of the United
States, the District of Columbia, the Commonwealth of Puerto Rico,
American Samoa, Midway Island, the Virgin Islands, and Wake
Island. The term "foreign" means locations other than the "United
States." The term "worldwide" is used to describe the sum of "United
States" and "foreign" data.
United States include amounts reported by sole
proprietorships, partnerships, and corporations in the United States
including the U.S. branches and subsidiaries of foreign nonbanking

Data

for the

concerns, in the case of "nonbanking firms' positions," and the
agencies, branches, and subsidianes located in the United States of
foreign banks and banking institutions, in the case of the weekly
"bank positions."
for "foreign branches" and "abroad" include amounts
by the branches, majority-owned partnerships, and
majority-owned subsidiaries of U.S. banking and nonbanking
concerns. In general, these data do not reflect the positions of
foreign parents or foreign parents' subsidiaries located abroad
except tfirough intercompany accounts. The data include the foreign
subsidiaries of a few foreign-owned US. -based corporations.

Data

reported

Assets, liabilities, and foreign exchange contract data are
reported on the basis of time remaining to maturity as of the date of
the report, regardless of the original maturity of the instrument
involved. "Spot" means due for receipt or delivery within 2 business
days from the date of the report. "Short-term" means maturing in 1
year or less from the date of the report.

exemption level applicable to banks and banking
was $10 million equivalent through January 1982, when it
was raised to $100 million. The exemption level applicable to
nonbanking business concerns and nonprofit institutions was $1
million equivalent on all nonbank forms from March 1975 through
November 1976. It was raised to $2 million equivalent on the
monthly reports of positions held in the United States from November 1976 through September 1978. The exemption level was raised
to $3 million on foreign subsidiary positions on June 30, 1977, and
for positions held in the United States on September 30, 1978 The
exemption level for nonbanking firms was raised to $100 million on
positions in the United States in January 1982 and on foreign branch
and subsidiaries positions in March 1982.

The

institutions

Firms must report their entire foreign currency position in a
if a specified US. dollar equivalent value
reached in any category of assets, liabilities, exchange contracts
bought and sold, or the net position in the currency. In general,
exemption levels are applied to the entire firm. In reports on their
partnerships,
and
foreign
majority-owned
branches,
foreign
majority-owned foreign subsidiaries, U.S. banks and nonbanks are
required to report the U.S. dollar-denominated assets, liabilities.
exchange contracts bought and sold, and net positions of those
branches, partnerships, and subsidiaries with reportable positions in
specified foreign currency
is

the specified foreign currencies.

Description of Statistics

Data collected on the Treasury foreign currency forms are
published in the Treasury Bulletin in seven sections The first section
presents a summary of worldwide net positions in all of the
currencies reported. Sections II through VI each present data on a
specified foreign currency. Section VII presents the US. dollar
positions of the foreign

which are required
currencies.

branches and subsidiaries of U.S. firms

to report in

one or more

of the specified foreign

FOREIGN CURRENCY POSITIONS
Section

Table FCP-l-1.
tin

Report
date

— Summary Positions
- Nonbanking Firms' Positions-

mniions of foreign currency units,
except yen, which is in billions]

139

140

FOREIGN CURRENCY POSITIONS
Section

Table

II.

—

Canadian Dollar Positions

FCP-II— 1. - Nonbanking Firms'
of

Positions

dollars]
^1

Exchange sold

Net
posi-

tion 5/

4,84fl

4,692

141
FOREIGN CURRENCY POSITIONS
Section

III.

Table FCP-lll-1.

— German Mark Positions
- Nonbanking Firms' Positions-

[In mil lions

date

marks]

142
FOREIGN CURRENCY POSITIONS
Section

Table

IV.

Japanese Yen Positions

FCP-IV— 1. - Nonbanking

Firms' Positions

[In btlllons of yen]

Assets

(1)

r2,272
330

Liabil ities

(2)

Exchange bought ^J

Exchange sold ^J

posi-

143

FOREIGN CURRENCY POSITIONS

Table

Section V. — Swiss Franc Positions
FOP— V— 1. — Nonbanking Firms' Positions
[In

milHons

francs]
Net

Assets^/
(1)

146

Liatji

(2)

Uies

_3_/

Exchange bought

_4_/

Exchange sold_4_/

position 5/

Exchange
rate 6/

144
FOREIGN CURRENCY POSITIONS
Section

VI.

Table FCP-VI-1.
[In

Assets

(1)

r24.720
1.016

LlabilUles
(2)

Sterling Positions

- Nonbanking

mniloos

Firms' Positions^

pounds]

145
FOREIGN CURRENCY POSITIONS
VII. - U.S. Dollar Positions Abroad
- Nonbanking Firms' Foreign Subsidiaries'
Qn ml 11 ions of dol lars]

Section

Table FCP-VII-1.

date

Positions

146

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

SECTION
'

Excludes receivables and Installment paper sold or discounted before maturity,

Worldwide net positions on the

business concerns

last

business day

the calendar quaner of nonbanKing

the United Stales and their foreign branches and majority -owned

assets

partnerships and subsidiaries. Excludes receivables and InstallmenI paper which have been
sold

discounted

before

maturity.

U.S.

parent

conpanies'

majority-owned foreign subeldlanes. fixed assets (plant

Investment

Includes both spot and forward
1

their foreign

and

liabilitles.

institutions In the

Investment

branches and majority-owned foreign subsidiaries. Excludes

THROUGH

rates.

U.S. dollars per unit of foreign currency,

Positions of

^ Banks and banking institutions
subsidiaries. In

the United States

section

VII,

foreign

subsidiaries only.

^ Excludes

VII

nonbanking business concerns

the

all

others

foreign units per U.S.

capital assets

capital liabilities.

Includes both spot and forward exchange contracts.

United Stales and their foreign
'

branches and majority-owned partnerships and subsidiaries.
foreign branches

fixed

foreign

Excludes capital assets.
II

majority-owned

dollar.

Foreign branches and rrajorlty-owned subskJiaries only.

SECTIONS

United States.

majority-owned
"*

exchange

and 3 less columns 2 and

are expressed

and

parents'

Representative rates on the report date. Canadian dollar and United Kingdom pound rates

Foreign branches and majority-owned partnerships and subsidiaries only.

and banking

and

Capitalized plant and equipment leases are excluded.

their

Columns

of banlts

equipment),

and equipment), and capltaiized

leases for plant and equpment.

* Weekly worldwide net positions

and

(plant

sutisidiarles.

and majority-owned partnerships and subsidiaries

section VII positions of
only.

Columns 3 and 9

See footnote

less

columns 6 and

12.

and

their foreign

branches

and

branches and
n<ajority-owned

147

EXCHANGE STABILIZATION FUND
INTRODUCTION
statements as liabilities, they must be redeemed by the ESF only in
the event of liquidation of, or U.S. withdrawal from, the SDR

Background
The Exchange

Fund (ESF) was established under
January 30, 1934(31 U.S.C. 822a). This act

Stabilization

the Gold Reserve Act of

authorized the establishment in the Department of the Treasury of a
stabilization fund to be operated under the exclusive control of the
Secretary of the Treasury, with the approval of the President, for the
purpose of stabilizing the exchange value of the dollar. Subsequent
amendment of the Gold Reserve Act modified the original purpose
somewhat to reflect termination of the fixed exchange rate system.

Department

SDR

of the

IMF or cancellation

ce/1/y/ca(es. --Issued

the

SDRs.
Federal

Reserve

System

against SDRs when SDRs are "monetized" and the proceeds of the
monetization are deposited in an ESF account at the Federal
Reserve Bank of New York.

Description of Tables

The resources of the fund consist of
in
US. Government securities,
(SDRs), and balances of foreign currencies.

dollar balances, partly

ESF have
SDRs and

Table ESF-1 presents the assets, liabilities, and capital of the
ESF. Data are presented in U.S. dollars or U.S. dollar equivalents
based on current exchange rates computed according to the accrual
method of accounting. The capital account represents the original
capital appropriated to the ESF by Congress of $2 billion, less a
subsequent transfer of $1.8 billion to pay for the initial U.S. quota
subscription to the IMF. Subsequent gains and losses since
inception are reflected in the cumulative net income (loss) account.

Special drawing ng/ifs.--lnternational assets created by the
Monetary Fund (IMF). They serve to increase
international liquidity and provide additional international reserves,
and may be purchased and sold among eligible holders through the

Table ESF-2 presents the results of operations by quarter. Data
are presented in U.S. dollars or U.S. dollar equivalents computed
according to the accrual method of accounting. The "Profit (loss) on
foreign exchange" includes realized profits (losses) on sales of
foreign currencies as well as revaluation gains (losses) on currencies
held. "Adjustment for change in valuation of SDR holdings and

invested

profits or losses

foreign

drawing

principal sources of income or losses for the
on holdings of and transactions in
exchange, and the interest earned on assets.

The
been

special

rights

Definitions

International

IMF.

reflects the net gain (loss)
holdings and allocations for the quarter.

allocations"

SDR

allocations.-Jhe counterpart of SDRs issued by the IMF
based on members' quota in the IMF. Although shown in ESF

on revaluation

SDR

148

EXCHANGE STABILIZATION FUND
Table ESF-1 .--Balances as of June 30, 1987, and Sept. 30, 1987
[In

thousands

ol dollafsl

June 30. 1987,
Assets,

liabilities,

and

capital

June 30, 1987

through
Sept. 30, 1987

Assets
U.S. dollars:
Held at Federal Resen/e Bank of
Held with Treasury:
U.S. Government securities

New York

Other
Special drawing rights
,
Foreign exchange and securities
GerrTian marks

2,469,819

499,879
1,067,000
8,855,788

222.597

507,015
1.067,000
9.078,385

Japanese yen
Pounds sterling
Swiss Irancs
Mexican pesos

3,81 2,045
2,052,574
1 5,208
23,530

324.219
(188,405)

437
(200)

4.136.264
1.864.169
15.645
23.330

225.000
122.758

Argentine australs

Accounts receivable

19.143.601

Total assets

Uabilllles srxl capital

Current

liabilities:

Accounts payable
Advance (lom U.S. Treasury (U.S. drawing
on IMF) '
Total current

Other

59.107

62.610

1.067.000

liabilities

liabilities:

Special drawing rights certificates
Special drawing rights allocatbns

Total other

liabilities

Capital:

Capital account

Net income (loss) (see table ESF-2)

Total capital

Total

liabilities

and

capital

19.143.601

Special Reports

STATEMENT OF LIABILITIES AND OTHER
FINANCIAL COMMITMENTS OF THE
UNITED STATES GOVERNMENT
AS OF SEPT. 30, 1987

152

INTRODUCTION
The Statement

of Liabilities

Government

and Other

Financial

Commitments

accordance with 31
U.S.C. 331 (b). The report discloses the liabilities, commitments, and
Government
of September 30,
lialjilities
of
the
Federal
as
contingent
of the United States

compiled

Annual Report Appendix and table FA-1, Report on Financial
Position, disclose the liabilities for accounts payable and related
transactions

Section

1987.

are shown in section of schedule 1 In reports prior
to September 30, 1986, the individual amounts supporting the totals
for Federal liabilities were contained in separate schedules in the
report. Because the data are contained in other published Treasury
reports, they have been summarized for presentation here with
references provided to where the appropriate detail may be found.
Liabilities

schedule

this

report contains

totals

for

commitments of the Government which represent the value of goods
and services ordered and obligated but which have not yet been
received and other legal commitments against appropnations, all

The categories listed represent existing liabilities to pay (1)
money borrowed (public debt and agency debt including all public

pursuant to section 1311 of the Supplemental Appropriation Act of
1955 (31 U.S.C. 200). These commitments will tjecome a liability
when the goods and services ordered are delivered or when other
performance stipulations have been met and the amounts to be paid
can be determined. Schedule 1 shows the total amount for
undelivered orders; the fund account detail supporting this total may
be found in the Annual Report Appendix.

and agency issues outstanding), (2) goods and services actually
received, and (3) adjudicated claims. The liability for these amounts
is certain and the dollar values are relatively precise. Sources for the

nature that

information supporting these totals follow:

The public debf-The fiscal year information on the public debt
outstanding may be found in the Final N/lonthly Treasury Statement
of Receipts and Outlays of the United States Government (MTS),
table 6, schedule D, Investments of Federal Government Accounts in
Federal Securities The IVIonthly Statement of the Public Debt of the
United States, September 30, 1987, contains a comprehensive
picture of the total public debt outstanding.

Agency

securities oulstanding-MTS, table 6, schedule B, Securities
Issued by Federal Agencies Under Special Financing Authorities,
contains detailed information on agency debt.

contracts represent commitments of a general
will not be due for a comparatively long time (usually
than one fiscal year). These commitments differ from
undelivered orders insofar as (1) they are not legal commitments
against obligations, (2) a longer period of time will elapse before they
become obligations, and (3) they are subject to cancellation or
modification and are not a reliable measure of future liabilities. Detail
supporting the totals in schedule 1 are contained in schedule 2 of
this report. This information is not available from other published
Treasury sources. The financial data contained in this category and
those in schedules 3 through 8 (contingencies), are obtained from
agency financial statements submitted in response to the requirements in TFM 2-4100, Federal Agencies' Financial Reports.

Long-term

Contingencies represent conditional commitments which may
actual liabilities due to future events beyond the control of
These commitments share a basic characteristic of
uncertainty as to a possible loss, and they will be ultimately resolved
when one or more future events occur or fail to occur. The amounts
reported are agency projections and are stated in terms of maximum
theoretical risk exposure (the upper limit of the Government's
financial commitment) without regard to probability of occurrence
and without deduction for existing and contingent assets which would

become

Deposit fund accounts-lhe liabilities for deposit funds may be found
in the United States Government Annual Report Appendix at the
fund account level and in the Treasury Bulletin, winter issue, table
FA-1 Report on Financial Position, at the agency level.
,

Checks and other instruments outstanding: accrued interest on the
public debt: and deferred interest (premium) on public debt
subscriptions-Detailed information on each of these categories of
liabilities may be found in the Annual Report Appendix,
Summary General Ledger Account Balances.

the Government.

be available

to offset potential losses.

Part One,

Accounts payable and accruals of Government agencies-Both the

The data

in
this report are taken from unaudited reports
provided by the agencies and have not been compared with any
other reports submitted to the Treasury.

153
Schedule 1.--Summary Statement of Liabilities and Other Financial Commitments
of the United States Government as of Sept. 30, 1987
[In

millions]

Section

Total

Liabilities:

The

public debt

Agency

$2,350,277

securities outstanding

Total public debt

4.009

and agency

securities

2.354,286

Deposit (und accounts

13.653

Checks and other instruments outstanding
Accrued

Interest

31,712

Deferred interest (premium) on public debt subscriptions

40e

Government agencies

169,142

Accounts payable and accruals
Total
II.

3.633

on the public debt

liabilities

2.582,832

Commitments:
Undelivered orders

581,666

Long-term contracts (schedule2)

13.501

Maximum theoretical
measure

Section

contingency

III.

Contingencies:

Government loan and

credit

guarantees (schedule 3)

$845,0 1

Insurance commitments (schedule4)
Actuarial status of annuity

programs (schedule

Unadjudicated claims (schedule

Commitments

lo multilateral

3,120.602
5)

(i)

75,543

development banks {schedule

4,359

Other contingencies (schedule 8)

'
Because the various annuity programs have been computed on different actuarial bases
and at varying valuation dales, a total has not been corrputed. Details of Individual
prograrr^s are given in schedule 5.

24.563

Note.--Amounts presented In this report were compiled from reports submitted by the
aoencles in accordance with Volume I. Part 2, Chapter 4100 of the Treasury Financial
Manual (Transmittal Letter No. 487). The information furnished by some reporting agencies

was based on estimates.

154
Section
Schedule

II.

"Commitments

-Long-Term Contracts as

of Sept. 30, 1987

Pn rmll'onsl

Agency and program

Funds appropriated to trie President:
Agency (or Iniernallonal Devebpnnent
Overseas Private Investment Corporation
Inter-American Foundation

Department

Commerce

Depanment

ot Defense;
Department of the Army
Corps of Engineers, civil

Depanment

1.817

Energy

329

of Health and Human Sen/Ices:
Food and Drug Administration

Depanment

Deparlment of Housing and Urban Devetopment:
Housing programs

Depanment

of State

Department of Transportation:
Coast Guard
Federal Aviation Administration

Department

of the Treasury:
Comptroller of the Currency
Federal Law Enforcement Training Center

General Sen/Ices Administration
Veterans Administration
Other Independent agencies:
National Credit Union Administration

Tennessee Valley Authority
U.S. Information

Agency

United States Postal Service
National Science Foundation

Railroad Retirement Board
Total

Less than $500,000.
This data

was due

to the

Treasury on Nov. 15. 1987.

(1)

780

155
Section lll.--Contingencies
Schedule 3.-Government Loan and Credit Guarantees as of Sept.
[In

Amount
Guarantees
and Insurance

Agency and program

^^^

Commitments
guarantee or

force

$1,328

Less: Amount
shown as unde-

Department of Agriculture:
Farmers Home Administration
Credit Corporation
Rural ElectrKlcalion Administration

Department

schedule

$580
372

4.277
3,643

Commodily

Net amount
contingency

livered orders

1.459

$1,908
25.551

25.551

307

1987

o< contingency

Funds appropriated lo the President:
Agency for International Development
Defense Security Assistance Agency
Overseas Private Investment Corporation

30,

millionsl

$170

509

4,435

5.919
4.483
1,462

Commerce:

Economic Development Administration
National Oceanic and Atmospheric Administration
International Trade Administration

Department of Defense:
Department of the Navy
Department

Education

Department

Energy

48,516

295

of Health and Human Services:
Health Services Administration

Department

of Housing and Urban Development:
Government National Mortgage Association

Department

Federal Housing Administration

Community planning and development
Department of the Interior:
Bureau of Indian Affairs
Office of Territorial Affairs

Department

of Transportation:
Federal Aviation Administration
Federal Railroad Administration
Maritime Administration
Urban Mass Transportalion Administration

Department

of the

Treasury

General Services Administration
National Aeronautics

and Space Administration

Small Business Adnnin 1st ration

Veterans Administration

9.582

9,582

65,392

65.887

Other independent agencies:
Export-Import Bank of the United States

3.426

7.112

10.540

Federal Savings and Loan Insurance Corporation.

9.196

1.682

10.878

Interstate

Commerce Commission

National Credit Union Administration
Total

156
Schedule 4.-lnsurance Commitments as
Pn

Amounts
Agency and program

rrvllions)

of Sept. 30,

1987

157
Schedule 5.-Actuarial Status of Annuity Programs as

of Sept. 30,

1987

[In millions]

Assumed
Agency and program

Valuation dale

interest

rate (percent)

Legislative branch:

Comptrollers General retirement system

The

judiciary^

9-30-85

6.50

12-31-86

7.00

Department of Commerce:
National Oceanic and Atmospheric Administration
Department

Defense

9-30-86

Department of Health and Human Services:
Health Care Financinci Administration
Public Health Service"

Social Security Administration

Department

0-01-87
9-30-86
9-30-87

of Labor:

Employment Standards Administration:
Federal Errployees' Compensation Act
Longshoremen's and Harbor Worlters'
Compensation Act

9-30*87
9-30-87
9-30-87
9-30-87

Black lung disability trust fund
Pension Benefit Guaranty Corporation

Department

9-30-86

State

9-30-86

Department of Transportation:
^
Coast Guard

9-30-86

General Services Administration

9-30-87

Management:
retirement and disability

Office of Personnel

service
^

Civil

fund '
Federal employees group

Iffe

insurance fund

9-30-86
9-30-87
9-30-87

Veterans Administration

Independent agencies:

Panama Canal Commission

9-30-87

Railroad Retirement Board

9-30-87

Tennessee Valley Authority
United States Tax Court

9-30-86

12-31-85

Off-budget:

Federal Reserve System

'-^

12-31-86

Nonappropriated fund Instrumentalities
Federal

Farm

Home Loan Mortgage Corporation

Credit

System '

Varying
'

12-31-85
Varying

Varying

Actuarial
deliciency (-)
or surplus (+)

158
Schedule e.-UnadJudlcated Claims as of Sept.

30,

1967

[In millions]

Less: Armunt
shown as

Agency and program

unddlivered
orders

Net amount of
contingency

schedule

Funds appropriated to the President;
Agency lor Internalional Development
Overseas Private Investment Corporation

Depanment

ot Agriculture:

Federal Crop Insurance Corporation
Soil

Conservation Service

Farmers

Home

Department

Depanment
Corps

Administratton

Commerce

Defense:

Engineers

Department

Energy

Depanment

Health and

Human

Services;

Health Care Financing Administration
Social Security Administration

Depanment

Housing and Urban Development:
Public and Indian housing
Federal Housing Administration
Fair housing
of

Management and administration
Community planning and development

Depanment of the

Interior:

National Park Service

Department

of Justice

Department

of Labor:

Employment Standards Administration
Department

of Transportation:

Federal Aviation Administration
U.S. Coast Guard

Depanment ot the Treasury:
Customs Service
Internal Revenue Service
General Services Administration
National Aeronautics and

Space

Veterans Administration

Other independent agencies:
Panama Canal Commission
Total

Administration.

10.433

445

159
Schedule 7.»Commltment3

to Multilateral

Development Banks as

of Sept. 30,

1987

[In millions]

Inst 11 ui ion

African

Devetopmeni Fund

5263

Asian Development Bank
Inter-American Development

Internationa!

Bank

654

Bank

592

Reconstruction and Development

for

276

Intemattonal Development Assoclatton

2,526

Special Facility for Sub-Saharan Africa (IDA)

Total

4.359

Schedule 8.»0ther Contingencies as of Sept.
[In

30,

1987

millions]

Agency and program

Funds appropriated to the President:
Agency for International Development
Department of Agriculture:
Farmers Honne Administralton
Department

Energy

Department of Housing and Urban Development:
Federal Housing Administration

Government National Mortgage Association
Department of the Interior:
Bureau of Indian Affairs
Bureau of Reclamation
Department

of Transportation:

Maritime Administration

Federal Aviation Administration

General Services Administration
National Aeronautics

and Space Administration

Small Business Administration

Veterans Administration
Other independent agencies:

Panama Canal Convnission
U.S. Railroad Retirement Board

Total

350
2,399

TRUST FUND REPORTS

162

RECEIPTS AND OUTLAYS

FIVE

MAJOR TRUST FUNDS
Fiscal

Year 1987

[iiii

14
ivvv-j
EUnHJl

Receipts
Outlays

in.
Airport

and Alrwny

BItck Lung Disability

Hazardoua Substance Superfund

TRUST FUNDS

^^^^

m.
Nuclear Waste

163
Airport and Airway Trust Fund

The airport and airway trust fund was originally established on the books of
the Treasury in fiscal 1971, in accordance with provisions of the Airport and
1742(a)). The trust fund has been
Airway Revenue Act of 1970 (49 U.S.C.
reestablished in the Internal Revenue Code (26 U.S.C. 9502 and 9602(b)) as a
result of the Tax Equity and Fiscal Responsibility Act of 1982 (Public Law 97248. dated Sept. 3. 1982), effective as of Sept. 1, 1982. Amounts equivalent to
the taxes received in the Treasury on aviation fuel, transportation by air,
gasoline used in aircraft, and tires and tubes used on aircraft are designated by
the act to be appropriated and transferred from the general fund of the Treasury
to the trust fund. These transfers are made at least quarterly on the basis of
estimates made by the Secretary of the Treasury, subject to adjustments in later
transfers to the amount of actual tax receipts. Uhen the provisions of 26 U.S.C.
9602(b) have been met, amounts available in the fund in excess of outlay requirements shall be invested in public debt securities and interest thereon credited
to the fund. Tiiere are also credited to the fund additional sums from the general

Balance Oct.

meet
of

requ

Annual reports to Congress are required by 26 U.S.C. 9602(a) to be submitted
by the Secretary of the Treasury, after consultation with the Secretary of
Transportation. These reports are required to cover the financial condition and
the results of operations of the fund during the past fiscal year and the
expected condition and operations of the fund during the next 5 fiscal years.

1986

$8,625 , 199,214

Receipts:
Excise taxes (transferred from general fund):
Any liquid fuel other than gasoline
Gasol i ne— commerci al
Gasol i ne--noncommerci al
Transportation by air--seats, berths, etc
Use of international travel facilities
Transportation of property, cargo

4041
4081
4081
4261 (a)
4261 (c)
4271

73,710,000
2 , 700,000
39 ,046,000

2,699,919,000
91,431,000
159,382,000

(b)

Gross excise taxes

3,066,188,0 00

less refunds of taxes (reimbursed to general fund):
Ci vi 1 ai rcraf t
Any liquid fuel other than gasoline
Gasol i ne--retai 1 ers tax
Gasol i ne--manuf acturers tax

6426
4041

61 ,990
3 ,353,050
2,902,180
270

Total refunds of taxes

6,317.490

Net taxes
Interest on i nvestments
Total

outlay

ary.

Amounts required for outlays to carry out t le airport and airway program are
made
available
the
to
Federal
Aviation
Administration,
Department
of
Transportation. Other charges to the trust fund are made by the Secretary of the
Treasury for transfers of certain refunds of tax ;s and certain section 39 credits
of the Internal Revenue Code of 1954.

3,059 ,870,510
880, 371,530

receipts

3,940,242,04

Outlays:
Federal Aviation Administration:
Op erat ons
Grants-in-aid for airports
Facilities and equipment
Research, engineering and development
NOAA weather servl ces
Interest on refunds of taxes

622 ,414 ,990

916,912,137
891,811,237
170,358,791
29 ,000,000
17,200

2,630,514,355

Tot al out 1 ays

9 ,934 .926.899

Balance Sept. 30, 1987

Expected Conditi

and Results of Operati
[In millions]

Fiscal Years 198»-92

164

RECEIPTS AND OUTLAYS
AIRPORT AND AIRWAY TRUST FUND
Fiscal

1983

1984

Years

983-87

1985

FISCAL YEARS

1986

1987

165

Asbestos Trust Fund
The asbesto
fiscal 1987 pur
amounts received
loans made under
1984 (20 U.S.C. 4011 et seq. ),
nder section
educational agenci

Amounts available in tf
invested in interest-be
rest earned and proceeds

stablished on the books of the Treasury in
99-519. Oct 22. 1986.
It consists of
or after Jan. 1, 1987. as repayments of
he Asbestos School Hazard Abatement Act of
unts received as deposits fr
207(a) of the Toxic Substances Control Act.

ut the Asbesto

iw
)n

obi igations

Annual reports to the Congress are required of the Secretary of the
Treasury each year on the financial condition and results of the operations of
the trust fund for the preceding fiscal year and on its expected condition and
operations during the next 5 fiscal years.

current outl ay requi rements
the United States, and any
are credited to the fund.

Results of Operations, Fiscal Year 1987

Balance Oct.

1986

Receipts;
Loan repayments
Interest on investments

5,844

Balance Sept. 30. 1987...

836.844

Expected Condition and Results of Operatii

[In millions]

Loan repayments
Fines and penalties
Interest on investments
Total

receipts

Outlays

Balance Sept. 30

Less than $500,000.

Years 1988-92

166
Black Lung Disability Trust Fund
Amounts available In the fund in excess of current expenditure requirements
are Invested by the Secretary of the Treasury in interest-bearing public debt
securities, and any interest earned is credited to the fund. Also credited to the
fund, if necessary, are repayable advances from the general fund to meet outlay
requirements in excess of available revenues.

The black lung dUablllCy trust fund Mas established on the books of the
Treasury In fiscal 1976 pursuant to the Black Lung Benefits Revenue Act of 1977.
Cubllc La> 97-119, Oeceiifcer 29. 1981. entitled "Trust Fund Code of 1981" (26
U.S.C. 9S01). provides for the continuation of the fund as previously established
Omnibus
The
Consolidated
Budget
of
the
of
1977.
under
section
3
act
Reconciliation Act of 1985 (Public Laa 99-272), enacted April 7. 1986. provided
for an Increase In the coal tax effective April 1, 1986, through December 31,
1995, and a 5-year forgiveness of Interest retroactive to October 1. 19B5. The
Omnibus Budget Reconciliation Act of 1987 (Public Law 100-203) signed December
22, 1987, extends the temporary Increase In the coal tax through December 31.

To carry out the black lung disability program, amounts are made available
to the Department of labor. Other charges to the fund are to pay administrative
expenses incurred by the Department of Health and Human Services and the
Department of the Treasury, and also to repay advances from the general fund and
Interest on advances.

2013.

The Act requires the Secretary of the Treasury to submit an annual report to
Congress after consultation with the Secretary of Labor and the Secretary of
Health and Human Services (26 U.S.C. 9602 (a)). The report must present the
financial condition and results of operations of the fund during the past fiscal
year and the expected condition and operations of the fund during the next S
fiscal years.

The Act designates the following receipts to be appropriated and transferred
from the general fund of the Treasury to the trust fund: excise taxes on mined
taxable expenditures of private black lung benefit trusts;
coal
tonnage;
reimbursements by responsible mine operators; and related fines, penalties, and
Interest charges. Estimates made by the Secretary of the Treasury determine
monthly transfers of amounts for excise taxes to the trust fund, subject to
adjustments in later transfers to actual tax receipts.

Results of Operations, Fiscal Tear 1987

xes (transferred from general fund):
$1.10 per ton on coal from underground mines
$0.55 per ton from surface mi nes
4,4 percent tax limitation collections on coal from underground mines
4.4 percent tax limitation collections on coal from surface mines

308.896,000
156 ,215,000
58.899,000
48.285.000

Section 4952 taxes

Benef
Relmbur
Payment of admin
Department of Labor
Department of Health and Human Services
Department of the Treasury
Interest on advances from general fund
Inte
refunds of taxes.

49 ,053,000

519,469

Expected Condlti

and Results of Operatli
Cln thousands]

Balance Oct.

Receipts:
Excise taxes
Interest
Advances from general fund
Section 4952 taxes
Fines, penalties, and Interest
Total receipts

Outlays:
Benefit payments
Adml ni strati ve expenses
Interest on repayable advances
Repayment of advances
Total outlays

Balance Sept. 30

$2,608

578.000

$603,000

$619,000

$640,000

$664,000

30,000

124,000

57,000

369,000

361,000

.000

2,000

2 ,000

2,000

729,000

678,000

1,011,000

1,027,000

620,865
58,135
332,000

614,757
59,243
353,000

2,000
610 ,000

557.394
55 ,214

612,608

167
Harbor Maintenance Trust Fund
subchapter A of chapter 36 (relating to harbor maintenance tax), but not in
excess of $5,000,000 for any fiscal year and for periods during which no fee
applies under paragraph (9) or (10) of section 13031(a) of the Consolidated
Omnibus Budget Reconciliation Act of 1985.

The harbor maintenance trust fund was establish
reasury on April 1, 1987, in accordance with the Watt,
U.S.C. 9505).
ct of 1986 (Public Law 99-66?, Nov. 17, 1986) (26

trust fund consists of such amounts as may be
The harbo
'Ction 9505(b), transferred by the Saint Lawrence
'ided
s pr
ppropriated
(SLSDC) pursuant to section 13(a) of the Act of
jay Development Corp
9602(b). Amounts
or credited
1954,
13,
ay
the Treasury unde
ppropriated equivalent to t
mair
harbor
»61 (relating to

tore financing of the SLSOC's operation and
Legislation is proposed t
passage of Public Law 99-662. Pursuant to
tenance to its status prii
tolls to finance
the SLSDC would retain its
proposed legii
Rebates would continue to be paid out of this trust

tenance trust fund
Amounts in the harbor
expendituri
ir making
rovided by appropriation ac
for payments of rebates
lopment Act of 1986,
IS
10(a)
a) of- the Water Resources Development
oils or charges pursuant to section 13(b) of the Act of May 13, 1954 (as
and
for
the payment of all expenses of
April
1987).
on
1,
effect
the
Treasury
in administering
nistration incurred by the Department of
-

fund.

Annual reports to Congress are required by 26 U.S.C. 9505 to be submitted
These reports are required to cover the
the Secretary of the Treasury.
financial condition and the results of operations of the fund during the past
fiscal year and its expected condition and operations during the next 5 fiscal
by

Results of Operations. Fiscal Year 1987

alance Oct.

1986

eceipts:
Excise taxes:
Imports
Exports

,000,000
,000,000
,000,000
,000,000
,643,003
553,696

Domestic
Zones and missions
Transfer of tolls from SLSDC.
Interest on investments
Total

receipts

utlays:
Corps of Engineers
SLSDC
Toll rebates
Total

,000,000
,000,000
.997,792

outlays

alance Sept. 30, 1987

Expected Condition and Results of Operations, Fiscal Years 1988-92
[In millions]

1989

lalance Oct.

$14.1

1990

1991

$0.8

$0.'

$2.7

156.0

168.0

178.0

188.0

10.4

10.7

11.3

11.8

'eceipts:

Excise taxes
Transfer of tolls from SLSDC.
Interest on investments
Total

receipts

lutlays:

Corps of Engineers
SLSDC
Toll rebates

Administration of rebates
Total outlays
:alance Sept.

Includes unreali2ed discounts on investments as represented
in the Budget of the United States Government, fiscal year 1989.

168
Hazardous Substance Superfund
The hazardous substance response trust fund was established on the books of
the Treasury in fiscal 1981. fn accordance with provisions of the Hazardous
Substance Response Revenue Act of 1980 {42 U.S.C. 9631 (a)). Effective in fiscal
1987, this trust fund was reestablished as the hazardous substance superfund in
accordance Mtth provisions of the Superfund Amendnents and Reauthorization Act of
1986 (Public Law 99-499. dated Oct. 17, 1986).
The Internal Revenue Seri ice collects excise taxes >n petroleum and certain
based on the corporate
as an environmental ta
chemical feed stocks as wel
alternative minimum taxable ir come (AMTI). In addition, m appropriation from the
recoveries
and other
the
superfund.
Co<
fund
is
authorized
to
general
substance
rdous
are
deposited directly to the
miscellaneous
receipts
Superfund.

securities, and any Interest earned is credited to the fund. Also credited to the
fund, if necessary, «re repayable advances fron the general fund to meet outlay
requirements in excess of available revenues.

substance response program, amounts are ta
To carry out the hazard)
Jtection Agency. Other charges to the fund
available to the Environmental
to pay certain ddminlstrativ£ expenses incurred and repay advances from
general fund and Interest on adva
An annual report to Congress by the Secretary of the Treasury is required by
9633(b)(1). These reports must present the financial condition and the
of operations of the fund for the past fiscal year and its expected
ooerations durina the next S vears.
condition
idition and operatio
:tlon
iults

Amounts available in the fund in excess of current expenditure requirements
invested by the Secretary of the Treasury In interest-bearing public debt

Results of Operati

5495,170,227

Balance Oct. 1, 1986
Receipts:
Excise taxes, pursuant to Internal Revenue Code (26 U.S.C. 4611, 4661)
Advances from the general fund
Interest income
Recoverl es

830.537,000
650,000,000
16.856.338
16,917.31 4

K516. 310,652

Total receipts

Outlays:
Envl ronmental Protect ion Agency

541.305.004
541,305.004

Total outl ays

1,470.175.875

Balance Sept. 30, 1987

Expected Conditi

and Results of Operatii
[In millio ns]

Balance Oct.

Receipts:
Petroleum excise taxes, net of refunds
Feed stock excise taxes, net of refunds
Corporate envi ronmental taxes
Interest on investments U
Payments to trust fund
Fines and penalties
Recoveries
Total receipts

Outlays

Balance Sept. 30

$1.470

585
290
333
72
239
1

52_
1.572
875

2.167

Interest is accounted for differently from the budget. The budget counts the
unamortized discount received on investment as a receipt In the year invested.
Treasury counts the discount as a receipt only when it is realized
and available for appropriation.

Fiscal Years 1988-92

169
Highway Trust Fund
i

fund

ghway

established on the books of the
the Highway Revenue Act of 1957, as
ished on the books of the Treasury by
1982, as modified by the Deficit
-369
approved July 18,
and
1984),
Uniform Relocation Assistance Act
line, diesel fuel, special motor
y

amended (23 U.S.C. 12 note). It was reesl
the Surface Transportation Assistance ^
(Public
Reduction Act of
1984
Law
subsequently by the Surface Transportati
Amounts equivalent to taxes
of 1987.
rubber,
tires,
tubes,
tread
fuels,
and
parts
and
lubricating oil.
acce*
designated by the act to be appropr
ury
fund. These tr
the Tr
'.

later transfers

Sec

ary

for
general

fund of

170
Highway Trust Fund-Continued
Fiscal

letn

1988-92

Combined Statement (HighMay dnd Mass Transit Accounts)

1988

Balance Oct,

Receipts:
Excise taxes net of refunds
Interest, net
Total

receipts

Outlays

Balance Sept, 30

$13,607,2

1989

1990

171

RECEIPTS AND OUTLAYS

HIGHWAY TRUST FUND
Fiscal

Years

983-87

15.5

14.5

13.5

9
12.5

11.5
Receipts

Outlays

10.5

9.5

1983

1984

1985

FISCAL YEARS

1986

1987

172
Inland

Waterways Trust Fund

The inland waterways trust fund was originally established on the books of
in
the Treasury In fiscal
accordance Mich provisions of the Inland
1981,
Haterways Revenue Act of 1978 (33 U.S.C. 1801(a)) and continued pursuant to the
Hater Resources Oevelopnont Act of 1986 (26 U.S.C. 9506). Amounts determined by
the Secretary of th
ry to be equivalent to the amount of taxes received in
the Treasury under sectu n 4042 of the Internal Revenue Code of 1954 (relating to
tax on fuel used in co rmercial transportation on inland waterways) shall be
appropriated to the tru it fund. These amounts shal 1 be transferred at least
quarterly from the gener 1 fund on the basis of estimates made by the Secretary,
subject to adjustnents in later transfers to the amounts of actual tax receipts.

required to meet current Hithdrawals. The interest on, and the
Judgflient not
proceeds from the sale or redemption of. any obligation held in the trust fund
shall be credited to and form a part of Che trust fund.
The act provides that amounts in the crust fund shall be available, by
appropriations acCs, for making construction and rehabilitation expendiCures for
navigation on the inland and intracoastal waterways of the United States
described in 33 U.S.C. 1804. Expenditures must be otherwise authorized by law.

Annual
reports to Congress are required by 26 U.S.C. 9602(a) of the
Secretary of the Treasury. These reports ire required to cover the financial
condition and the results of operations of the fund during the past fiscal year
and its expected condition and operations during the next 5 fiscal years.

Results of Operati

^260. 168.078

Receipts;
Excise taxes (transferred from the general fund):
Tax on liquid used as fuel In commercial transportation on inland waterways (26 U.S.C. 4042)
Interest income

48.334,000
16,533,171

Total recc i pts

64 .867,171

Outlays:
Corps of Engineers

24,468.243

Balance Sept. 30. 1987

i,,

Years 1988-92

Includes accrued interest purchased and net premium or discount on investments
as represented in the Budget of the United States Government, fiscal year 1989.
and funds considered by Office of Management and Budget to be unrealized

300,667,006

173
Leaking Underground Storage Tank Trust Fund
g undergound storage tank trust fund was established in f
and Reauthorization Act of 1986 {Publi
on gasoline, diesel fuel, special motor fuels
aviation, and fuels used in commercial transportation on inlan
Revenue Service and appropriated from the genera
/s by the Internal
the trust fund.
All other receipts are deposited directly to the trus

the

Amendments
I..,.Taxes perfund
are collected
19-499

sed

:\iei

in
le
the
fund
in
excess
of
current
exper
sted by the Secretary of the Treasury in interest-b
and any interest earned is credited to the fund.

To carry out the leaking underground storage tank program amounts are made
available to the Environmental Protection Agency.
Other charges to the fund
are to pay certain administrative expenses incurred and repay advances from the
general fund and interest on advances.

An annual
report to Congress by the Secretary of the Treasury is
required.
These reports must present the financial condition and the results
of operations of the fund for the past fiscal year and its expected condition
and operations during the next 5 years.

Results of Operati

Balance Oct. 1, 1986
Receipts:

Excise taxes, pursuant to Internal Revenue Code
Interest income
Total

receipts

Outlays:

Environmental Protection Agency
Total outlays

Balance Sept. 30, 1987

Expected Condition and Results of Operati
[In millions]

Balance Oct.

73.1

Receipts:
Tax
Interest on investments
Total

receipts

Outlays

Balance Sept. 30

198.1

general

Year 1988-92

174
Nuclear Waste Fund

The nuclear waste fund was established on the books of the Treasury In
fiscal 1983, in accordance with provisions of the Nuclear Waste Policy Act of
1982 (42 U.S.C. 10222 (c)). Receipts represent fees collected from public
utilities based on electricity generated by nuclear power reactors and spent
nuclear fuel. Expenditures from the fund are for purposes of radioactive waste
disposal activities.

interest at rates determined appropriate, taking into consideration the
current average market yield on outstanding marketable obi gat ions of the
United States with remaining periods to maturity comparable to the maturities
of such investments, except that the interest rate on such investments shall
not exceed the average interest rate applicable to existing borrowings.

Amounts available in the fund in excess of current needs may be invested
the Secretary of the Treasury in obligations of the United States (1)
having maturities In tandem with the needs of the waste fund, and (2) bearing

consultation with

annual report to Congress by the Secretary of the Treasury, after
the Secretary of Energy, Is required by 42 U.S.C. 1022<
This report must present the financial condition and the results of
operations of the waste fund during the preceding fiscal year.

{e)(l)-

Results of Operations, Fiscal Year 1987

Balance Oct.

1986

$500,057

Receipts:
Fees collected
Penalties and interest on fee payments
Interest on investments
Total receipts

Outlays:
Department of Energy radioactive waste disposal acti
Cost of investments
Total outlays

Balance Sept. 30, 1987

446.054.753
175.559,735

175

Reforestation Trust Fund

The reforestation trust fund was established on the books of tne Treasury in
in
accordance with
year 1981 to continue through Sept.
30.
1985.
fiscal
provisions of Title 11 l--Reforestation, of the Recreational Boating Safety and
Facilities Improvement Act of 1980 (16 U.S.C. 1606a (a)). The act provides that
the Secretary of the Treasury shall transfer to the trust fund tariffs, limited
to not more than S30 million for any fiscal year, received in the Treasury from
Oct. 1. 1979, through Sept. 30. 1986. on {!) rough and primary wood products, and
wood waste; [2] lumber, flooring, and moldings; and (3) wood veneers, plywood,
and other wood-veneer assemblies, and building boards. Public Law 99-190 extended
the receipts for the reforestation trust fund.

Amounts available in the trust fund in excess of current withdrawals are
invested in interest-bearing obligations of the United States or in obligations
guaranteed as to both principal and interest by the United States. The interest
and the proceeds from the sale or redemption of, any obligations are credited
to the trust fund.
on.

For

Results of Operati

8a 1 ance Oct .

out of any amounts in the trust fund, an amount equal to the sum of the amount by
which the sum estimated by the Secretary of Agriculture for the fiscal year under
section 3(d)(2} of the Forest and Rangeland Renewable Resources Planning Act of
1974
(16
U.S.C.
1601
(d)(2)) to be necessary for reforestation and other
treatment of acreage, as set forth in the report transmitted by the Secretary to
the Congress under that section for the fiscal year, exceeds the sum of the
amounts appropriated for the fiscal year under the authorization contained in
section 3(d)(3) of such act and under any other provision of law to carry out the
same purpose; and such sums as are determined by the Secretary of Agriculture to
be properly allocable to administrative costs of the Federal Government incurred
for the fiscal year in connection with the reforestation program carried out
under that act.

Annual reports are
Secretary of the Treasi
on the financial condi
during the past fiscal
the next fiscal year.

required by 16 U.S.C. 1606a (c)(1) to be submitted by the
after consultation with the Secretary of Agriculture,
and the results of the operations of the trust fund
year and on its expected condition and operations during
ry,

ion

Year 1987

$5.007,215

19 86

Receipts:
Excise taxes, pursuant to 19 U.S.C. 1202
Interest on investments
Total

30.000,000
865,413

receipts

Outlays:
Transfer to Agriculture

30.865.413

33,159,401

Total outl ays

33.159.401

Balance Sept. 30. 1987

2.713.227

Expected Condition and Results of Operati

(In thousands)
Bal ance Oct.

1987

Receipts:
Excise taxes, net of refunds
Interest on investments
Total

receipts

30,000
-^

30.000
32,713

Outlays
Bal ance Sept.

$2,713

30. 1988

U.S.

CURRENCY AND COIN OUTSTANDING

AND IN CIRCULATION

178
U.S.

CURRENCY AND COIN OUTSTANDING AND

CIRCULATION

INTRODUCTION

Purpose and Scope

Definition of

The U.S. Currency and Coin Outstanding and in Circulation
is prepared on a monthly basis to inform the public of the
face value of currency and coin which are used as a medium of
exchange and the total thereof, as of the end of a given accounting
month. End-of-quarter data are then published in the Treasury

The classification "Amounts outstanding and in circulation"
all issues by the Bureau of the Mint which are purposely
intended as a medium of exchange. Therefore, coins sold by the
Bureau of the Mint at premium prices are excluded. However,
uncirculated coin sets, sold by the Mint at face value plus a handling
charge, are included.

Statement

Bulletin.

The statement defines the total amount of currency and coin
outstanding and the portion of which is deemed to be in circulation.
Although It still includes some old and current rare issues of coin and
currency which do not circulate or may do so to a limited extent,
Treasury policy is to continue their inclusion in the statement since
such issues were originally Intended for general circulation. The
statement also provides a brief description of the various Issues of
U.S. paper money and further presents a comparative amount of
money circulated In relation to population

History

Monthly statements of currency and coin outstanding and In
have been published by the Department of the Treasury
1888. These statements were originally prepared by the
Division of Loans and Currency, which was then under the Office of
the Secretary of the Treasury but later became part of the Public
Debt Service (currently known as the Bureau of the Public Debt) in
1929. The statement was published with the title "Circulation
Statement of United States Money" from 1923 through December
31, 1965. Concurrently, from December 31, 1919, to September 30,
1951, the Office of the U.S. Treasurer published a statement entitled
"Monthly Statement-Paper Currency of Each
Denomination
Outstanding." Two months after the Office of the U.S. Treasurer
assumed publication of the "Circulation Statement of United States
Money," a revision was made to the statement to include denomination detail of the currency in circulation. Publication of the "Monthly
Statement -Paper Currency of Each Denomination Outstanding" was
discontinued, and the revised version which combines Information
from both statements Is now known as the United States Currency
and Coin Outstanding and in Circulation Statement. The statement In
1983 ceased to be published as a separate, monthly release and
instead was incorporated into the quarterly Treasury Bulletin as a

Terms

includes

The term "Federal Reserve notes" refers to issues by the U.S.
Government to the public through the Federal Reserve banks and
their member banks
These notes represent US Government
obligations Currently, the item "Federal Reserve notes-amounts
outstanding" consists of new series issues. The Federal Reserve
note

the only class of currency currently Issued.

known as legal tender notes and were
issued in five different issues; namely, (a) First lssue--1862 ($5 to
$1,000 notes), (b) Second issue-1862 ($1 to $2 notes), (c) Third
lssue-1863 ($5 to $1,000 notes), (d) Fourth lssue-1863 ($1 to
$10,000 notes), and (e) Fifth Issue -1901 ($10 notes).
"U.S. notes" are also

The column for "Currency no longer issued" consists of gold
(old and new series), silver certificates (old and new
Reserve notes (old and new series), national bank
notes (old and new series), and Treasury notes (1890 series).

circulation

certificates

since

series), Federal

special report.

"Dollar coins' include standard silver coins

"Fractional coins" include subsidiary coins

and nonsilver
in

coins.

denominations

50 cents, 25 cents, and 10 cents and minor coins

(5 cents

and

of
1

cent).

Reporting Sources
Data used in the preparation of the U.S. Currency and Coin
Outstanding and in Circulation Statement is derived from monthly
reports required from Treasury offices, various
Mint offices, the
Federal Reserve banks, and the Federal Reserve Board Such
reports convey Information alx)ut the amount, class, and denomination of new Issues of currency and/or coin, of destroyed and replaced
currency, and of currency and coins withdrawn from circulation.
Estimates of population from the Bureau of the Census are used in
the calculation of money circulated per capita.

179
U.S. Currency

and Coin Outstanding and
[Source: Financial

Management

Circulation

Sefvice)

AMOUNTS OUTSTANDING AND IN CIRCULATION

Currency
Total

currency and

Currency no

U.S. notes

coin

Amounts outstanding
Less amounts held by:
The Treasury
TheFederalReservebaniffi.

Amounts

in circulation

Dollars

longer issued

$271,462,048,896

$253,904,186,998

$253,312,513,538

$322,539,016

$269,134,444

$17,557,861,898

$2,024,703,898

$15,533,158,000

439.291.797
40.830.656.683

36.392.065
40.421.666.245

5.257.971

30.926.439

40.421.642.996

207.655
23.249

402.899,732
408.990.338

340.700.132
146.147.828

62.199.600
262,842.510

230192.100.516

213.446.128.688

212.885,612.571

268.903.540

16.745.971,828

1,537,855,938

15,208,115,890

291.612.577

CURRENCY IN CIRCULATION BY DENOMINATION

Amount
Federal

Currency
no longer

Reserve

(in

notes

$1,398,735,505
750,907,986
5,642,486.365
12.389.428.530
61 .31 7.508.000
28,240.123.800
100.374.474.900
151.509.000
175.709.000
1.785,000
3.460.000

$2
$5
$10

$20
$50
$100
$500
$1.000
$5,000
$10,000
Fractional
Partial

Issued on and after July

$143,481
132,871,966
112,065,410
5,950
3,380

46,522,300

$152,168,343
12.970
37.516.725
24.673.440
20.176.200
11.595.150
22.217.700
189.500
208.000
45.000
100.000

487

paps

213,446.128.688

1929.

Excludes coin sold to collectors at premium prices.
Includes $481 .781 .898 in standard silver dollars.

Dec. 31, 1987
Nov. 30, 1987
Dec. 31, 1986
Sept. 30, 1985
Sept. 30. 1980
June 30. 1975
June 30. 1970
June 30. 1965
June 30. 1960
June 30. 1955
June 30. 1950

$230,192.1
225,084.3
211,971.4
187,337.4
129.916.9
81,196.4
54.351.0
39,719.8
32,064.6
30,229.3
27,156.3

$939.82
'919.55
'873.24

782.45
581.48
380.08
265.39
204.14
177.47
182.90
179.03

487

115

notes

Total currency

$4,246,423,681
618,023.050
5.492,904.230
12,364.749.140
61.297.328.420
28.228.528.650
100.305.734,900
151,319,500
175,501,000
1,740,000
3,360,000

25
212,885,612.571

291.612.577

Census estimates

Based on Bureau

of the

Represents value

of certain partial

of population.

denominations not presented

tor rederrption.

THIS

FORM CAN BE REPRODUCED.

Superintendent of Documents Subscriptions Order
e.

Prating Code

bl9l

Form

Charge yout order.
It's

easy!

ma
^ii°^'">o^

Full text of Treasury Bulletin : March 1988

FRASER