Full text of Treasury Bulletin : March 1989
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
r.
f
LIBRARY
ROOM 5030
JUN
06
1990
TREASURY OEPARfMENT
'5^0
s^
^!
TREASURY BULLETIN
Qi
a
u
'^
frtPisi11^.
Winter Issue
March 1989
Office of the Secretary
Department of the Treasury
Compiled and Published
by Financial Management
Washington, D.C.
Service
?3I0
ADDITIONAL FINANCIAL MANAGEMENT SERVICE
RELEASES ON FEDERAL FINANCES
Sold on a subscription basis only (exceptions noted) by the Superintendent of Documents,
U.S.
Government Printing
• Daily
Office, Washington,
D.C. 20402 (phone orders: (202) 783-3238):f
Treasury Statement. Provides summary data on
the Treasury's cash
and debt
operations for the Federal Government. Published each Federal working day. Subscription price:
$152 per year (domestic), $190 per year
(foreign).
Monthly Treasury Statement of Receipts and Outlays of the United States Government. Provides Federal budget
the surplus or deficit, and the
surplus. Preparation based
results, including receipts
means of financing
and outlays of funds,
the deficit or disposing of the
on agency reporting. Subscription
price:
$22 per year
(domestic), $27.50 per year (foreign).
Consolidated Financial Statements of the United States Government (annual).
Provides information about Government financial operations on a consolidated
basis. Single
copy
price: $2.25.
United States Government Annual Report and Appendix. Annual Report presents
budgetary results
at the
summary
level.
Appendix presents
the individual receipt
and
appropriation accounts at the detail level. Annual Report single copy price: $2.50;
Appendix
t
free
from Financial Management Service.
Treasury Bulletin subscription order form on inside back cover of this issue.
TREASURY BULLETIN
Office of the Secretary
Department of the Treasury
Compiled and Published
by Financial Management
Washington, D.C.
Service
The Treasury Bulletin is
U.S. Government
for sale
by the Superintendent of Documents,
Washington, D.C. 20402
Printing Office,
.
/n this issue
.
Items of Special Interest:
TAX POLICY
• Excerpts
from "The Tax Expenditure Budget Before and After the Tax Reform Act
of 1986" (Page 3)
Findings from a recent study showing changes made by the Tax Reform Act of 1986 led
to significant re-
ductions in Government subsidies provided through tax expenditures.
SPECIAL REPORTS
Statement of Liabilities and Other Financial Commitments of the United States
Government (Page
159)
Contents
WINTER ISSUE, MARCH 1989
TREASURY ISSUES
Page
TAX POLICY
Excerpts from
The Tax Expenditure Budget
Before and After
tfie
Tax Reform Act of 1986"
3
FINANCIAL OPERATIONS
FEDERAL FISCAL OPERATIONS
Analysls.-Budget results
FFO-1.-Summary
for the first quarter, fiscal
15
1989
17
of fiscal operations
18
Chart.-Monthly receipts and outlays
FFO-2.-On-budget and off-budget receipts by source
19
Chart.-Budget receipts by source
21
FFO-3.-On-budget and off-budget outlays by agency
FFO-4. -Summary of internal revenue collections by States and other areas
22
24
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
26
Government
28
TREASURY
ACCOUNT OF THE
U.S.
UST-1 .-Elements
changes
of
25
in
29
Federal Reserve and tax and loan note account balances
FEDERAL DEBT
32
32
33
34
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-7.-Treasury holdings of securities issued by Government corporations and other agencies
35
35
36
37
38
TREASURY FINANCING OPERATIONS
39
FD-5.-Maturity distribution and average length of marketable interest-bearing public debt held by private investors
FD-6.-Debt subject
to statutory limitation
Chart.-Average length of the marketable debt
Chart-Private holdings
of
Treasury marketable debt by maturity
PUBLIC DEBT OPERATIONS
PDO-1 .-Maturity schedule
Treasury
bills
PDO-2.-Offerings of
of interest-bearing marketable public debt securities other than regular
45
bills
PDO-3.-Public offerings
weekly and 52-week
43
outstanding
of
marketable securities other than regular weekly Treasury
PDO-4. -Allotments by investor classes
for public
marketable securities
bills
47
50
IV
Contents
Page
U.S.
SAVINGS BONDS AND NOTES
CO
SBN-1. -Sales and redemptions by series, cumulative
notes combined
SBN-2.-Sales and redemptions by period, all series of savings bonds and
HH
and
SBN-3.--Sales and redemptions by period, series E, EE, H,
52
53
OWNERSHIP OF FEDERAL SECURITIES
55
of issues
OFS-1. --Distribution of Federal securities by class of investors and type
0FS-2.-Estimated ownership of public debt securities by private investors
56
MARKET YIELDS
MY-1 -Treasury market
bid yields at constant maturities:
notes,
bills,
58
59
and bonds
Chart. -Yields of Treasury secunties
MY-2.-Average yields
Chart. -Average yields
60
and municipal bonds by period
long-term Treasury, corporate, and municipal bonds
of long-term Treasury, corporate,
of
61
FEDERAL AGENCIES' FINANCIAL REPORTS
CO
°^
FA-1 .-Report on financial position
71
Chart-Combined assets, liabilities, and Government equity
Chart-US. Government assets and liabilities by type
FA-2. -Direct and guaranteed loans
Chart.-Direct and guaranteed loans
FA-3. -Report on accounts and loans receivable due from the
^2
'^
''
78
public
Chart— Accounts receivable
Chan.-Loans receivable
FA-4. -Report on operations
Chart. -Accrual financial and operating information
Chart.-Combined fiscal results
FA-5.-Report on cash Wov/
for
^^
^°
^^
''°5
major agencies
^^
''^
FA-6.-Report on reconciliation
INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
''21
IFS-1.-U.S. reserve assets
IFS-2. -Selected U.S.
liabilities to
foreigners
lFS-3.-Nonmarketable U.S. Treasury bonds and notes issued
IFS-4— Trade-Vi(eighted index
of foreign
to official institutions
and other residents
currency value of the dollar
of foreign countries
1
22
1
22
1
23
1
26
1
27
CAPITAL MOVEMENTS
LIABILITIES
TO FOREIGNERS REPORTED BY BANKS
CM-l-1 .-Total
liabilities
Chart— Liabilities
CM-1-2. -Total
by type of holder
to foreigners
liabilities
by type, payable
in
dollars
IN
THE UNITED STATES
128
CIVI-1-3. -Total liabilities
by country
1
29
CIVl-l-4.-Total liabilities
by type and country
1
30
Contents
Page
CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN
THE UNITED STATES
CM-ll-1. -Total claims by type
131
Chart-Claims on foreigners
132
133
CM-ll-2. -Total claims by country
CM-ll-3.-Total claims on foreigners by type and country reported by banks
in tfie
SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS
134
United States
IN
THE UNITED STATES
on nonbank foreigners
CM-lll-1 .-Dollar claims
1
AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES
THE UNITED STATES
LIABILITIES TO,
35
IN
CM-lV-1 -Total
liabilities
and claims by type
136
CM-IV-2. -Total
liabilities
by country
137
CM-IV-3.-Total
liabilities
by type and country
138
CM-IV-4. -Total claims by country
139
CM-lV-5. -Total claims by type and country
140
TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
THE UNITED STATES
CM-V-1 .-Foreign purchases and sales
CM-V-2.-Foreign purchases and sales
CM-V-3.~Net
foreign transactions
Chart-Net purchases
in
of long-term
of long-term
141
domestic securities by type
of long-term foreign securities
IN
141
by type
long-term domestic securities by type and country
142
143
domestic securities by selected countries
CM-V-4.-Foreign purchases and sales
of long-term securities,
by type and country,
latest date
144
CM-V-5. -Foreign purchases and sales
of long-term securities,
by type and country,
latest yeeir
145
FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS
FCP-l-1.~Nonbanking
firms' positions
FCP-l-2.-Weekly bank positions
147
1
47
CANADIAN DOLLAR POSITIONS
FCP-ll-1.-Nonbanking
FCP-ll-2. -Weekly
firms' positions
bank positions
148
148
GERMAN MARK POSITIONS
FCP-lll-1.-Nonbanking
firms' positions
FCP-lll-2.-Weekly bank positions
149
149
JAPANESE YEN POSITIONS
FCP-IV-1 .-Nonbanking
firms' positions
FCP-IV-2.-Weekly bank positions
1
50
150
SWISS FRANC POSITIONS
FCP-V-1. -Nonbanking
firms' positions
FCP-V-2.-Weekly bank positions
151
151
VI
Contents
Page
STERLING POSITIONS
FCP-VI-1
-Nonbanking
152
firms' positions
152
FCP-VI-2.-Weekly bank positions
U.S.
DOLLAR POSITIONS ABROAD
FCP-VII-1. -Nonbanking firms' foreign subsidiaries' positions
153
FCP-VII-2.-Weekly bank foreign
153
office positions
EXCHANGE STABILIZATION FUND
ESF-1. -Balance sfieet
156
ESF-2.-lncome and expense
1
56
SPECIAL REPORTS
STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS OF THE UNITED STATES GOVERNMENT
AS OF SEPT. 30, 1988
159
TRUST FUNDS
Chart. --Receipts
Airport
and outlays
and airway
of five
major
trust funds, fiscal
year 1 988
Chart-Receipts and outlays,
1
68
169
fund
trust
airport
and ainway
trust fund, fiscal
years 1984-88
170
Astiestos trust fund
1
Black lung disability trust fund
172
Harbor maintenance
173
trust
fund
71
74
Hazardous substance superf und
1
Highway
175
trust
fund
Chart-Receipts and outlays, highway
trust fund, fiscal
years 1984-88
177
178
Inland waterways trust fund
Leaking underground storage tank
trust
179
fund
Nuclear waste fund
180
Reforestation trust fund
181
U.S.
CURRENCY AND COIN OUTSTANDING AND
Nota.-Details of figures
Abbreviations:
r
may
not
add
to totals
because
IN
CIRCULATION
of rounding.
represents Revised, p Preliminary, n.a. Not available.
185
VII
Nonquarterly Tables and Reports
For the convenience of the Treasury
with the issues in which they
Bulletin user, nonquarterly tables
and
reports are listed below along
appear
Issues
Winter
Spring
Summer
Fall
Federal Fiscal Operations
FFO-4.-Summary
revenue collections by States and other areas
of internal
V
Federal Agencies' Financial Reports
V
V
V
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
v
FA-6.-Report on reconciliation
V
Capital
Movements
CM-lll-2.~Dollar
and
liabilities to,
dollar claims on, foreigners in countries
and
V
areas not regulariy reported separately
Special Reports
Consolidated Financial Statements of the United States Government
Statement
of Liabilities
and Other
Financial
Commitments
States Government
Trust
of the United
"V
Fund Reports:
Airport
and airway
Asbestos
trust
Black lung
Civil
V
fund
trust
v
fund
service retirement
V
fund
disability trust
and
disability
fund
Federal disability insurance trust fund
Federal hospital insurance trust fund
Federal old-age and survivors insurance trust fund
Federal supplementary medical insurance trust fund
Hartjor
maintenance
trust
V
V
fund
Hazardous substance superfund
Highway
trust
v
fund
Inland waterways trust fund
v
Leaking underground storage tank
National service
life
trust
fund
V
insurance fund
V
Nuclear waste fund
Railroad retirement account
Reforestation trust fund
"V
Unemployment trust fund
Investments of specified
tnjst
accounts
Treasury Issues
Excerpts from "The Tax Expenditure Budget Before and After the
Tax Reform Act of 1986"
by Thomas
.
S.
Neubig and David Joulfaian
INTRODUCTION
approximately 40 percent of what they would have been
in
60 percent
One
was
of the goals of tfie
Tax Reform Act
1986 (1986
of
act)
reduce the role of the Federal tax system in the U.S.
economy. The lack of a comprehensive income tax base resulted in
higher marginal tax rates which discouraged saving, investment, and
work effort and encouraged unproductive investment in tax shelters.
Tax prefen-ed activities were favored relative to other activities. The
1986 act enhanced the neutrality of the tax system and reduced distortions. One measure of the effect of the 1986 act on the reduction
in economic distortions caused by the Federal tax system is the
change in the Federal tax expenditure budget.
to
marginal tax rates accounted
tax expenditure
budget
lists
"provisions of the Federal tax
laws which allow a special exclusion, exemption, or deduction from
gross income or which provide a special
tax,
or a
included
deferral
in
of
liability."
the tax expenditure budget
a preferential rate of
credit,
Although
and
the
specific
their
subject to considerable controversy, they provide
provisions
indication of
achieved through the Tax Code or alternatively through a direct
expenditure program. The 1986 act had a dramatic effect on the
Federal Government's influence on these activities.
and the exclusion
This paper
of Social Security benefits.
divided into four sections. Section
is
in
directly
expenditures. But,
marginal
tax
rates
numerous
section,
final
discuss
effects of the
986
1
some
A.
mortgage
50 percent
interest
issues
in
involved
in
quantifying the
The Tax Expenditure Budget
U.S. Department of the Treasury published the
liability.
the
deductions
The
remaining
from
G
in
tax
in
the top marginal
in
the
U.S.
Congressional Budget
expenditure baselines,
Act
of
now
budget,
1974.
measurement
in
is
special
credits,
deferral of
income
published annually as
as
mandated by
Descriptions
issues,
and
the
the
tax
specific
tax
of
special analysis G.
year (FY) 1988. As described
in
section IV, the total
value of tax expenditures does not necessarily equal the
value of individual tax expenditures due to interaction
provisions.
We
provide
some
sum of
among
the
the
estimates of the extent of interactions
between different provisions. The total value of tax expenditures may
be misleading in its absolute value, and, thus, we present it only for
purposes of giving the reader the general order of magnitude.
B. Different Effects of the 1986 Act on
28 percent lowered the value of the
deduction by 44 percent for high-income
Under current law, the simple summation of tax expenditures
for calendar year 1988 totals $315 billion. Under pre-tax reform law,
total tax expenditures in 1988 would have been $510 billion. The
1986 act reduced aggregate tax expenditures by $190 billion, or by
tax ex-
The Treasury's tax expenditure budget includes 1 20 provisions
an outlay equivalent value summing individually to over $450
to
taxpayers.
income,
gross
and provisions providing
tax expenditure budget
analysis
first
1967. The budget included special exclusions,
in
the taxpayers' marginal tax rate, lower tax rates reduce the value of
tax rate from
the
II. BACKGROUND ON THE TAX EXPENDITURE BUDGET AND
THE TAX REFORM ACT OF 1986
billion in fiscal
expenditures. Because most tax expenditures are directly related to
the tax expenditures. For example, the reduction
of
act.
expenditures are included
marginal tax rates of
of
we
measuring tax expenditures that were raised
special
tax ex-
importantly, the significant reductions
decreased the value
some
the
tax
reduced the number and amount of tax
more
well as
of the distributional effects of several tax expenditures. In
preferential rates of tax,
both individuals and corporations. Repeal and scalebacks of tax
expenditures
present estimates of the differential
and base broadening, as
examples
with
penditures permitted significant reductions
we
after tax reform. In addition,
exemptions,
The 1986 act reduced aggregate tax expenditures by $190 billion, or by approximately 40 percent of what they
would have been in 1988.
of
describes the
II
budget and how the 1986 act changed it. We identify
provisions that were repealed, scaled back, reduced in value by
lower marginal tax rates, and expanded by the 1986 act. In section
III, we present estimates of the tax expenditure budget before and
The
base broadening and repeal
1988. The
tax expenditure
penditure budget
tax
in
billion,
measurement are
some
Federal economic assistance to particular activities that could be
Income
for
of this decline
effects of rate reduction
The
$115
or almost
as shown in summary table 1. Almost half
of the rate reduction effect occurred among provisions otherwise
unchanged by tax reform, such as the mortgage interest deduction
reduction
The 1986
act
penditure budget.
*
had a number
*
Tax Expenditures
of different effects
on the tax ex-
*
Tax reform broadened the tax base by repealing 14 provisions
back the eligible activity of 16 other provisions. The largest provisions repealed were the investment tax credit, the capital
gains exclusion, and the deduction for two-earner married couples.
and
scaling
TAX POLICY
The
back
largest provisions scaled
in their
scope were the
individual
retirement accounts, the deductibility of nonbusiness State
and
slightly,
while the rate reduction effect
was
several times larger.
local
taxes (due to repeal of the sales tax deduction), and the deductibility
of interest
percent
in
The
on consumer credit (which was phased down
1988 and repealed by 1990).
largest
the reduction
number
the level of eligible activity
many
the value of
Although the 1986 act did not
were only affected by
and corporate marginal tax rates. Even if
of tax expenditures remained unchanged,
of tax expenditures
individual
in
40
to
expenditures was reduced by the lower
teix
marginal tax rates. For example, a taxpayer subject to the pre-tax
reform top 50-percent marginal tax rate and the post-tax reform top
28-percent marginal tax rate had a 44-percent reduction
in
directly re-
a number of "sacred" provisions,
strict
the reduction in marginal tax rates re-
duced their value considerably.
the value
such as deductions and tax exemptions.
If
that taxpayer's mortgage interest deduction was $20,000, the
after-tax cost of the interest expenses rose from $10,000 to $14,400
($20,000 times one minus the marginal tax rate). The value of tax
of certain tax expenditures,
whose marginal
expenditures increased for certain taxpayers
rates increased,
ginal tax rate of
tax
taxpayers subject to the lowest positive marpercent before tax reform who might be subject to
i.e.,
1 1
a 15-percent marginal rate after tax reform.
Although the 1986 act did not directly restrict a number of
in marginal tax rates reduced their
"sacred" provisions, the reduction
value
For
considerably.
instance,
the
largest
changes
tax
in
expenditures subject to only the tax rate effect were the exclusion of
pension contributions and earnings on employer plans, the exclusion
employer contributions for medical insurance premiums and
of
medical
care,
and
exclusion
the
mortgage
of
on
interest
owner-occupied homes.
The 1986
act took
many
steps forward
base, and a few steps backward.
and
expenditures
tax
created
The
9
act
in
the distinction between provisions repealed, scaled
of tax
expenditures used
would
picture
occur
disaggregated or the
special analysis G.
in
several
if
fully
phased
in
A somewhat
different
more
were
expenditures
tax
law were applied. For instance,
and local sales taxes is grouped with nonbusiness State and local taxes other than on owner-occupied homes.
Thus, State sales, personal property, and income tax deductions are
the repeal of State
included together
in
the provisions scaled back. Alternatively, the
sales tax deduction could be grouped with the provisions repealed,
and the personal property and income tax deductions could be
grouped with the provisions affected by rate reduction only. In
addition, the gradual repeal of the deductibility of interest
on con-
sumer credit is grouped with the provisions scaled back, because in
1988 40 percent of the deduction was still allowed. If the comparison
were made after the full phase-in of the 1986 act, the provisions
repealed would show a larger effect.
broadening the tax
expanded the scope
additional
In addition,
back, and affected by rate reduction only uses the existing grouping
of
*
1
expenditures.
tax
and experimentation credit and the
and were extended
2 additional years. The 1986 act did not create any entirely new
provisions; most of the new tax expenditures are exceptions from
Provisions, such as the research
*
*
.
In
section
III,
we
describe the stacking rules used to
disaggregate the effect of tax reform into the separate effects from
rate reduction
and base broadening.
targeted jobs tax credit, were scheduled to expire
for
tax
new
general rules or substitutes for other tax expenditures. For
instance, the additional deductions for the blind
and the
5-year
deductions
for
amortization
of
tax-exempt bond financing
for
rehabilitation
period
construction
interest
low-income
expenses,
and
special
and
taxes,
rental housing.
some
cases, the new and expanded tax expenditures already
Tax Code but became tax expenditures due to other
changes. For instance, the capital gains exclusion at death and on
the first $125,000 of home sales increased in value due to the repeal
of the 60-percent exclusion of long-term capital gains. The exception
for $25,000 of rental losses from the passive loss limitation mies and
In
were
the
in
the expensing
of
multiperiod
expenditures because the
limiting
timber growing costs
1986
ON THE TAX
elderly re-
placed special exemptions tor the same individuals. The low-income
housing tax aedit replaced special accelerated cost recovery deductions,
EFFECTS OF THE TAX REFORM ACT OF
EXPENDITURE BUDGET
ni.
became
1986 act created new general
tax
rules
passive lossesi and requiring the capitalization of multiperiod
The tax expenditure budget in the FY 1989 budget reflects the
changes of the 1986 tax act, but does not separately identify
the important changes due to tax reform. For example, the tax
expenditure budget shows a decline in the value of the net exclusion
of pension contributions and earnings from employer plans in FY
1987 of $64.1 billion to $58 7 billion in FY 1989. Similariy, the tax
expenditure for the exclusion of contributions and earnings from inditax law
vidual retirement
$12.0
the
billion in
1986
act,
the published
most
accounts
FY
1989.
In
falls
from $19.3
billion
FY 1987
in
to
both cases, the declines are a result of
but the act's effect can not be separately identified
numbers
tax expenditures
for
is
two reasons.
First,
generally higher
in
in
the level of activity for
FY 1989
than
in
FY
1987. Second, the use of fiscal years encompassing different taxable
years,
i.e.,
FY 1987
includes parts of taxable years 1986 and 1987
with their different tax rates,
confounds the measurement.
expenses.
The
The
distinction
made
arbitrary.
The 1986
act
here tsetween provisions that were scaled
back, expanded, and affected only by rate reductions is somewhat
eligible activity that
effect
was considerably
cases, the provision
in
many cases made minor changes
changed the
in
the
tax base, but the rate reduction
base change. In those
under the rate reduction only effect. For
larger than the tax
is listed
instance, the deductibility of charitable contributions
was
tightened
Office of
Tax Analysis
staff
prepared additional estimates
expenditure budget that separately identity the effects of
the 1986 act in January 1988. Outlay equivalent estimates2 were
of the tax
made
of
all
provisions using 1986 (pre-tax reform)
tax reform) law
In
assuming the same
and 1988
level of activity (at
1988
addition, the staff estimated the value of tax expenditures
ing
1988 law but with 1986 tax
measure
of
rates.
the separate effects of
(post-
levels)
assum-
Using these estimates, one
base broadening and rate
TAX POLICY
reduction for each provision
of the distributional
is
effects
Table
presented. Finally, several examples
of
the tax expenditure changes are
shown.
1
shows
the total effect on tax expenditures of tax reform
by the type of changes made. Approximately one-fourth of the $190
billion net reduction in the value of tax expenditures due to tax reform
occurred on provisions that were unchanged except
for the reduction
marginal tax rates. Provisions with predominant rate effects were
reduced in value by $58 billion by tax reform. About 40 percent of the
A. General Issues
in
We
use the same baseline and methodology for estimating tax
in the FY 1989 budget special analysis G. The
individual and corporate minimum taxes are included as part of the
tax expenditure baseline. For purposes of separating the tax rate
expenditures as used
encompasses
effects, the tax rate structure
the tax rate schedule,
personal exemptions, the standard deduction, and the
minimum
tax.
net reduction
billion,
in
the value of tax expenditures, approximately $81
resulted from the repeal of various tax expenditures. Another
40 percent, $79 billion, occurred from the combination of rate
reduction and base broadening on provisions scaled back by the
1986 act. Expanded and new provisions increased total tax
expenditures by $25 billion.
It is important to note that tax expenditure estimates assume no
behavior effects unlike revenue estimates of specific tax legislation.
Thus, the tax expenditure estimates hold constant the level of
activity
For instance, complete repeal of the consumer
borrow^ing
against
w^ould
shift
more
interest
deduction
owner-occupied homes in the form of larger first or second
mortgages or home-equity loans. The tax expenditure estimates take
at
the
1988
C. Effects of Rate Reduction and Base Broadening
levels.
amount
of
consumer and mortgage debt
1988 as
in
and
fixed,
estimates the tax expenditure for consumer interest assuming that
it
no longer deductible and no additional deductible borrowing
occurs. The revenue estimates of the 1986 act had a smaller
revenue effect than the tax expenditure estimate due to the expected
is
rearrangements.
financial
In order to separately identify the effects of rate reduction and
base broadening on the tax expenditure budget, the Office of Tax
Analysis staff prepared additional estimates of all tax expenditures.
The staff estimated the value of tax expenditures assuming the 1988
base, but with the 1986 tax rate structure. The difference
between the tax expenditure estimates under prior law rules and the
1988 law/1986 rate estimates is one measure of the separate effect
of the 1986 act's base-broadening provisions. The difference
between the 1988 law/1986 rate estimates and the current law
estimates is one measure of the separate effect of the marginal rate
tax
reductions.
About 40 percent of the net reduction
in
the value of tax expenditures, apbillion, resulted from the
proximately $81
repeal of various tax expenditures.
These estimates stack the base-broadening provisions before
more of the tax
reform effect to base broadening and less to tax rate reduction. The
interaction tietween the rate reduction and tax base changes is
explained more fully in the next subsection. Alternative measures of
the separate effects were computed for several important provisions
and do not alter the relative importance of the effects of rate reduction and tax base changes.
the marginal rate reductions, which tends to allocate
shows the simple summation of the effects of rate re1
and base broadening by type of tax reform change. Base
Table
Some
change
in tax expenditures when the level of activity is held constant. The
1986 act, for example, increased marginal tax rates on long-term
caution
is
necessary
the
in
measurement
capital gains. Pre-tax reform tax expenditures in this
mated using 1988
levels of realizations.
long-term capital gains, however,
higher marginal tax rates.
exclusion were
be
larger
due
measured
to
lower
in
paper are
esti-
level of realizations of
1988 as a
result of the
at
1986
levels, the tax
expenditure would
level of realizations. Capital gains also
raises the general issue of the appropriate baseline from which to
measure
IV,
duction
broadening reduced the tax expenditure budget by approximately
$77 billion, or about 40 percent of the total reduction. Tax rate reduction reduced the value of all tax expenditures by approximately $115
billion in
tax expenditures, which
is
discussed more
since one of the justifications for the exclusion
fully in
was a proxy
section
for the
lack of inflation indexing of nominal capital gains.
estimates are stated
in
the reason for presenting outlay equivalents
of tax reform,
are discussed
due
to the
ment
in
in
reduction of
$190
billion in
effect),
$77
etfect.3
The
of tax expenditures by $49 billion (before the rate reduction
so that the net base-broadening effect was approximately
billion.
Rate reduction reduced the value of the remaining tax expendioccurred
1986
staff
base-broadening
scaleback of tax expenditures contributed an additional $45 billion
reduction. Expanded and new tax expenditures increased the
section IV.
Tax Analysis
billion of
evaluating the effects
B. Estimates of the Effects of the 1986 Act
Office of
total
act.
gains exclusion, and the two-earner
tax credit, the capital
deduction, accounted for $81
tures by approximately
The
1986
Table 1 also shows the breakdown by the type of tax reform
change. Repeal of various tax expenditures, particularly the invest-
amount
terms of outlay equivalent subsidies.
The difference between outlay equivalents and revenue losses, and
All
1988, or 60 percent of the
tax expenditures
the lax expenditure for the capital gains
If
a higher
is
The
of the
estimated
all
tax expenditures
under pre-tax reform law (1986 law) and current law (1988 law) for
calendar year 1988. Using these estimates we provide a summary of
the effects of the 1986 act in table 1.
among
$115
Most of the rate reduction effect
were otherwise unchanged by the
billion.
provisions that
act. Fifty-eight billion dollars of rate reduction
occurred
among
provisions affected only by rate reduction.4 Rate reduction reduced
the value of provisions scaled
billion
from scaling back these
duced the value
of
back by $34
same
billion,
compared
to
$45
provisions. Rate reduction re-
expanded provisions by $23
billion.
The
rate
TAX POLICY
reduction reduced the value of both the
as the existing
here, rate reduction
is
tax rates reduced the value of the
of their value
new
eligible activity
as well
Because of the stacking order used
also shown for the new provisions. The lower
eligible activity.
had the 1986
new
tax rates
provisions by about 9 percent
been
distribution
prior law to
$25.0
billion
on tax expenditures
effect
after tax
reform. This reduction
lower marginal tax rates. Although the
to the
lower marginal
of
tax
rates
of the remaining
tax expenditures.
is
well
recognized, higher standard deductions and tax thresholds also
reduce the value of tax expenditures for many low-income
as exemplified by the mortgage interest deduction.
in effect.
Lower marginal tax rates and a broader
tax base reduced tax expenditures and
changed the
under
occun-ed principally due
MEASURING TAX EXPENDITURES AFTER TAX
ISSUES IN
rv.
families.
REFORM
The tax expenditure budget does not have a clearly defined
conceptual basis and the empirical implementation of the budget is
not always consistent internally or with other aspects of the budget.
The 1986
changes raised a host
act
expenditure budget.
A. Definition of
tlie
We note several
Tax Expenditure
of issues underiying the tax
of these issues below.
Baseline
E. Distributional Effects
Several of the provisions
Lower marginal tax rates and a broader tax base reduced tax
expenditures and changed the distribution of the remaining tax ex-
conceptual baseline
penditures. With the significant reduction
and
in
the top marginal tax rate,
many expected that tax expenditures would be disproportionately
reduced for higher income taxpayers. To illustrate the distributional
effects of the 1986 act on tax expenditures, we present two
examples: contributions to individual retirement plans and the
mortgage interest deduction. It should be noted that the distributional
effect of the 1986 act on tax expenditures differs from the final
incidence of the 1986 act, primarily because no behavioral effects
are included
In
the tax expenditure analysis.
these include
(3)
1.
(1)
in
for the tax
the 1986 act raised issues of the
expenditure budget. Examples of
uniform capitalization rules, (2) the
the treatment of passive losses,
among
minimum
tax,
others.
Uniform Capitalization Rules. Under pre-tax reform
law,
businesses were not required to capitalize interest expenses
associated with most production activity occurring over several
The 1986 act required that multiperiod production
expenses are required to be capitalized and deducted over
the life of the contract. The 1986 act, however, exempted timber
producers from this requirement and allowed them to continue to
expense such costs.
taxable years.
interest
OTA and OMB
treat the exception of timber
producers from the
Retirement Plans. Under prior law, a working taxpayer could
deduct up to $2,000 (plus $250 for a nonworking spouse) of
uniform capitalization rules as a
contributions to individual retirement accounts (IRAs) from taxable
rule for capitalizing interest
income. The 1986 act scaled back this deduction reported by
taxpayers covered under employer-provided retirement plans. The
deduction is phased out for taxpayers with adjusted gross income
timber t>ecame a special provision rather than part of a general tax
1.
(AGI) between $40,000 and $50,000 for joint filers and $25,000 and
$35,000 for single taxpayers. 5 The deduction of contributions to IRAs
by the remaining taxpayers is retained under the act.
tax treatment of timber
new
tax expenditure. Although the
was unchanged by the 1986 act. the general
was tightened. Thus, the exemption for
provision.
2.
Alternative
minimum
minimum
Minimum
Tax.
The 1986
act
toughened the
both individuals and corporations. The
tax
system
tax
could be treated three different ways
for
in
the
tax
minimum tax could be
included as part of the tax expenditure baseline, and part of the tax
rate structure. This is the way the minimum tax was treated in the
expenditure budget baseline.
The
effect of the rate reduction also disproportionately
the remaining tax expenditures of high-income taxpayers.
reduced
The
rate
OTA/OMB
minimum
reduction effect, stacked after the base-broadening provisions, re-
of the Federal
duced the value of tax expenditures by 16 percent for taxpayers with
economic income below $30,000, while reducing the tax expenditures by 36 percent for the highest income taxpayers. A similar
credit carryover
distributional effect
occurs
when
the rate reduction
was stacked
before the base broadeners.
Mortgage Interest Deduction. The 1986 act retained the full
owner-occupied home mortgage interest expenses.
The deduction's tax expenditures, however, were reduced by lower
marginal tax rates and the expansion of the standard deduction.
2.
deductibility of
the
budget, with the value of tax expenditures reduced by the
effect of the
tax
First,
payments,
income
it
tax.
Since the minimum tax
tax system, with
its
mechanism simply smoothing
is
is
an
alternative
integral part
minimum
tax
the timing of income
considered part of the tax rate structure.
Second, the minimum tax could be excluded from the tax exand viewed as a penalty tax imposed as part of
the income tax structure. Tax preferences scaled back by the minimum tax might be viewed as negative tax expenditures. The net effect of the positive tax expenditure from the regular income tax and
the negative tax expenditure from the minimum tax would give the
same estimate as when the minimum tax is included as part of the
penditure baseline
baseline.
Although not directly affected by the 1986 act, the value of
mortgage interest deductions fell by 27 percent in 1988 as a result of
the act. Tax expenditures for mortgage interest fell from $34.2 billion
Finally, the
system with
its
minimum tax could be defined as a separate
own tax expenditure budget. Deviations from
tax
the
TAX POLICY
R&E
be identified in a separate tax expendiFor instance, the exception of public purpose taxexempt bonds from the minimum tax base would be such a tax
vides a 20-percent tax credit to companies that increase their
ture budget.
spending.
expenditure.
would be subject to tax. The R&E tax credit, however, is not included
in the taxable income of the company, and, thus, Is the equivalent of
a tax-free grant. Each $1 of R&E tax aedit provides the equivalent of
$1.33 of equivalent taxable outlay for a taxpayer in the 25-percent
marginal tax rate. The revenue loss estimate only Includes the $1 of
minimum
tax baseline could
The alternative minimum tax also raises a number of measurement issues as well. The corporate bool< Income provision Indirectly
scales back many tax expenditures. It Is difficult to attribute the
additional tax liability from the book income provision to specific tax
expenditures. Also, the alternative minimum tax credit carryover
affects the present value of
many
If
direct grant,
companies making R&E expenditures were provided a
the grant would be Included in their taxable income and
the tax credit, while the outlay equivalent Includes the additional "tax
saving" resulting from the exemption.
tax expenditures.
An example
Passive Loss Limitation. Passive loss limitation rules enacted
in 1986 prevent taxpayers from offsetting losses from "passive"
activities against Income from "active" activities. This raises the
question of whether the passive loss limitation Is a new general tax
3.
should be included as part of the baseline. Some could
argue that it was intended as a new general rule and should be part
of the baseline. Others could argue that it is a targeted provision limited to a particular type of economic activity and should not be part of
rule that
the baseline.
then
it
is
If
the passive loss limitation
not part of the baseline,
Is
the equivalent to an exception to the general tax rules that
penalizes targeted activities or the equivalent of a negative tax
expenditure.
The passive loss limitation itself has a special exception for oil
and gas activity. If the passive loss limitation is part of the baseline,
Is not
then the oil and gas exception would be a tax expenditure. If
part of the baseline, then the oil and gas exception would not be a
It
benefit
is
a provision with a
partially offsetting loss of tax
The TJTC
is
equivalent
a taxable grant because companies must include the amount of
the tax credit earned in their taxable income by reducing the amount
of wage deductions by the amount of the credit. The TJTC revenue
loss estimate assumes that the companies' taxable Income
Increases due to the lower wage deductions, which partially offset
the amount of credits received. Direct outlays which are taxable,
however, are not assumed to Increase total taxable Income In the
economy. Thus, If an equivalent targeted jobs program paid out $100
million, then the budget outlay would show $100 million, even though
the equivalent tax credit program would show a revenue loss of $75
million for taxpayers subject to a 25-percent marginal tax rate.
to
measuring the effects of tsix reform on tax expenditures, the
revenue loss estimates can lead to the peculiar result of lower
tax rates increasing tax expenditures. For Instance, assume that the
TJTC program was unchanged by tax reform with credits equal to
In
use
of
approximately
tax expenditure.
of
the targeted jobs tax credit (TJTC).
$100
million
annually.
Before
reform,
tax
with
corporations subject to a marginal tax rate of 46 percent, the revenue
Special analysis
G
treats the passive loss limitation
as part
of
does not include the oil and gas exception
In the FY 1989 budget because the Code does not provide sufficient
guidelines for measuring the exception's tax expenditure value. The
Code does not specify whether taxpayers In oil and gas activity
would be treated like partnerships and other businesses with
"passive" and "active" activities, or treated like taxpayers with rental
property where all activities are designated as "passive." One
possible approach, albeit arbitrary, would be to apply the general
passive loss limitation rules and designate royalty Interests as
passive and working Interests as active. Depending on the way these
ventures are financed and interests are "fractloned," however, the
working Interest may consist of active as well as passive activities.
the baseline. However,
It
B. Outlay Equivalents Versus
Revenue Losses
would be $54
loss estimate
marginal tax
of the cost of tax expenditures are
employed
comparing outlay equivalent estimates before and
C. Interaction
Among Tax
These are the revenue loss or forgone revenue
approach and the outlay equivalent approach. The revenue loss estimates equal the amount by which taxes are reduced by the tax expenditure provision. The outlay equivalent estimates, on the other
hand, equal the budget cost of a comparable, substitute direct
expenditure program valued In pre-tax dollars. As described below,
measure
of the
change
after tax reform.
Expenditure Provisions
The values of tax expenditure provisions are Interrelated due to
and progressive tax rate structure of the current law
system. If one provision is repealed or modified, the value of other
Items in the budget may change as a result of taxpayers pushed into
higher marginal tax rate brackets, becoming subject to the minimum
the nonlinear
standard deduction.
in
special analysis G.
outlay equivalent estimates are the best
($100
revenue loss estimate for
million, or 20 percent higher. In contrast, the outlay equivalent
estimate would remain unchanged at $100 million without the
misleading rate reduction effect. This anomaly is avoided by
tax, or switching to the
Two measures
million times one minus the
a lower 34-percent rate, the
an unchanged program would be $66
million
rate). After tax reform, with
in
The interaction among tax expenditures may cause significant
measurement problems. Each taix expenditure is estimated assuming
its
stant.
repeal while holding
While
all
other provisions
the inherent deficiency of this procedure
overstating
the
in
the tax system con-
the estimation of Individual tax expenditures,
facilitating
value
of
deductions
is
that
and,
it
to
generally leads to
a
lesser
extent,
understating the value of exclusions.
the value of tax expenditures resulting from tax reform.
To demonstrate
Outlay equivalent and revenue loss estimates
differ for
two
types of tax expenditures: (1) provisions equivalent to tax-free grants
and (2) provisions with revenue losses partially offset through the
An example
of
a provision equivalent
research and experimentation (R&E) tax
to
a tax-free grant
credit.
The R&E
Is
the
credit pro-
among
provisions,
we
Income
and
the deduction for medical expenses. Exclusions Include employer
contributions to pension plans, employer contributions to medical
deductions Include
taxes, State
loss of other tax benefits.
the strong interaction
estimated the marginal effects of repealing five deductions and five
exclusions from Income and present the results In table 5. The
and
home mortgage
Interest, State
and
local
local real estate taxes, charitable contributions,
and health insurance plans, contributions
to
individual retirement
TAX POLICY
when
accounts, Social Security benefits, and tax-exempt interest.
the trees are harvested. This acceleration has a favorable
on the present value of deductions for taxpayers. The deferral
of taxable income is equivalent to an interest-free loan from the Government in the amount of the deferred income.
effect
Under pre-tax reform
effects of the exclusions
together for the
total
law, the simple
is
summation
estimated at $93
combined
effect, their
billion.
of the marginal
When
estimated
value rises to $95
billion,
an increase of $2 billion or about 2 percent of the total. The
combined effect is greater than the sum of the individual provisions
because the combination of multiple base broadeners pushes some
taxpayers
into
higher marginal tax brackets.
Due
to growth in production levels, the
amount
of accelerated
years from recent investments usually exceeds income recognized in later years from prior investments. As
long as the activity level is growing, the amount of tax-deferred
deductions
in
the
initial
income keeps growing.
If
a
tax deferral activity reaches a period of
repayment of
The simple summation of the marginal effects of the five deductions is estimated at $89 billion under prior law. When estimated
declining investment, however, the
together, after accounting tor possible interaction effects, their value
income). If the level of activity diminishes, then repayments will
exceed deferrals. This actually occurred in FY 1987-89 with oil and
gas exploration and development costs. The tax expenditure
estimates for oil and gas exploration and development costs are
negative because the steep decline in activity resulted in a larger
amount of old loans being repaid (deferred income becoming subject
to tax) than new loans be'mg created (new income being deferred).
falls to
$81
billion,
The repeal
a reduction
of multiple
of
$8
billion
or 9 percent of the
total.
deductions has two different effects. The
repeal of several deductions increases taxpayers' taxable income
and pushes them
into
higher marginal tax brackets, similar to that of
repealing multiple exemptions. This causes the
provisions to be lower than the
deductions also
lowers
combined
many
effect.
taxpayers'
sum
of individual
The combination
effect
will
outweighs the higher marginal tax rate
amount
of
new
prior interest-free
bon-owing (deferred
of
deductions below the
cause the sum of individual provisions
to be larger than the combined effect. When people shift to the
standard deduction, further cutbacks on itemized deductions have no
revenue effect. For these five provisions, the standard deduction
standard deduction. This
loans can be greater than the
effect.
Because the tax expenditure budget is on a net cash flow basis,
shows the tax expenditure for oil and gas exploration as a negative
due to the repayment of old "loans." This is misleading in two
respects. First, the smaller level of new oil and gas exploration still
t)enefits
from tax deferral with an associated positive tax
expenditure. Second, due to the tower tax rates after tax reform, the
value of the tax deferral on the old loans increased. The tax deferral
it
under
prior
law
was
the equivalent of borrowing 46 cents for each
repayments will only be
each dollar of deferred income. Thus, the tax
expenditure budget does not include the forgone revenue of
companies paying back previously deferred income at lower
dollar of deduction, but after tax reform the
D. Timing Issues
The
34 cents
tax expenditure budget generally uses the net cash flow
estimates of tax expenditures. Dollars are counted as spent
in
the
year the receipts are forgone, even when there are additional commitments to future tax expenditures or offsetting tax receipt changes
in later years. This can lead to potentially misleading statistics and
apparent anomalies in tax expenditure estimates.
Use
cash flow receipts understates the effects of tax provisions with large future year tax consequences. For instance, the
new low-income housing tax credit is spread over a 10-year period.
Although the FY 1989 budget tax expenditure estimate for 1988 was
$425 million, the total cost of the program for the investment done in
1988 will be several multiples of the first-year cost. Changes in other
of net
for
marginal tax rates.
V.
CONCLUSION
The dramatic reduction in tax rates and the broadening of the
base under tax reform significantly reduced the value of Federal
resource allocation programs run through the Tax Code. The repeal
and scaleback of numerous tax expenditure provisions facilitated the
transition into a lower tax rate environment. Lower tax rates, in turn,
reduced the value of tax expenditure provisions otherwise untouched
by the 1986 act.
tax
multiyear tax commitments, such as tighter limitations on tax-exempt
bond
financing, will reduce tax expenditures for 20-30 years in the
on the smaller level of tax-exempt twnds issued in 1988. Thus,
comparisons of the tax expenditure value and the effect of tax reform
on provisions involving multiyear commitments with provisions
having only a single year effect, such as the child-care wedit, are
future
1986 act reduced the amount of Government subsystem by $190 billion, or 40 percent
of what they would have been in 1988 in the absence of tax reform.
The reduction in marginal tax rates accounted for 60 percent of this
Overall, the
sidies provided through the tax
reduction.
misleading.
Many
of
tax expenditures arise from the acceleration
expense deductions or the
tion of
deferral of taxable income.
in
the timing
The exemp-
timber production from the uniform capitalization rules, for
instance, enables companies to accelerate deductions. Companies
can deduct their timber production costs immediately (expensing)
rather than capitalizing the costs
and
effectively deducting the cost
The Tax Reform Act of 1986, and more specifically the accountchanges it brought about, have added an additional layer of ambiguity and complexity to the tax expenditure estimation process.
Further wori< in the identification and measurement of tax
expenditures is needed to make the tax expenditure budget more
useful for budget and economic analyses.
ing
TAX POLICY
Table 1-Effect of Tax Reform on Outlay Equivalent Estimates for Tax Expenditures by Type of Effect
Types
of
tax reform
change
80.690
Provisions repealed
Provisions scaled back
Provisions
witti rale effects
only 2
Expanded provisions
New provisions
Total
t
Includes rale effect on a small
2 Includes provisions
Tax reform
base effect
witfi
amount
of transition activity of
repealed provisions.
predominant rate effects not included elsewtiere.
amount of base-broadening effect.
3 Includes provisions wUfi very small
($ millions at
1988 levels)
Tax reform
rate effect
Total effect
10
TAX POLICY
FOOTNOTES
As noted In section III, some would argue that the passive loss limitation rules should not
be part of the tax expenditure baseline, since they are targeted to only passive actlvlttes. In
ment tax
that case, the passive loss limitation rutes might
*
<
and the
!
The
section
3
A
rental
be considered a negative tax expenditure
exemption no longer a tax expenditure.
difference
between outlay equivalent and revenue
loss estimates
Is
descrbed
In
small amount of rate reduaion effect
S.
of Tax Analysis,
Is
shown
for the transition relief of
some
Invest-
Neubig is Director and Chief Economist of the Office
and David Joulfaian is a financial economist, Office
of Tax Analysis. This article originally
was published as OTA Paper
60 (October 1988). The views expressed are those of the authors
and do not necessarily reflect those of the Department of the
Treasury.
The small amount of base-broadening affect Is shown for several provisions which had
minor base broadening relative to the rale reduction effect.
5
The
exclusion of current Investment earnings on IRAs continues and existing IRAs are
in addition, nondeductble IRAs with tax-deferred Investment income were
grandfathered,
III.
Thomas
credits.
Financial Operations
13
FEDERAL FISCAL OPERATIONS
INTRODUCTION
Background
collections.
Section 114 of the Budget and Accounting Procedures Act of
(31 use. 3513a) requires the Secretary of the Treasury to
prepare reports on the financial operations of the U.S. Government.
following major categories: (1) budget receipts and (2) offsetting
collections. Budget receipts are collections from the public that result
1950
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
on the assets and liabilities of the U.S. Government. Data used in the
preparation of tables FFO-1, FFO-2, and FFO-3 is derived from the
Monthly Treasury Statement of Receipts and Outlays of the United
The
first
three
flece/pfs.-Receipts reported
in
the tables are classified into the
from the exercise of the Government's sovereign or governmental
powers, excluding receipts offset against outiays. 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.
Offsetting collections are from otiier
tine
Budget authority usually takes the form of "appropriations"
which permit obligations to be incurred and payments to be made.
Most appropriations for current operations are made available for
obligation only during a specified fiscal year (annual appropriations).
Some are tor 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
year's 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
appropriafions related to multiyear budget requests.
obligations
They
are
classified
into
two
major
collections credited to appropriations
receipts
offsetting
When
budget authority Is made available by Congress for a
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
specific period of time,
the
amounts were
originailly
appropriated or
when
they
would otherwise lapse.
Oof/ays.-Obligations generally are liquidated by the issuance of
checks or the disbursement of cash; such payments are called
outlays. In lieu of issuing checks, obligations also 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 collecfions, 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 obligafions incurred in prior years or in the
same
year.
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, therefore, flow
categories:
(1)
offsetting
and
or fund accounts,
amounts deposited
(i.e.,
in
(2)
receipt accounts).
be used without appropriation action by Congress. These occur in
two instances: (1) when authorized by law, amounts collected for
materials or services are treated as reimbursements to appropria-
and
types of revolving funds (public enterprise,
trust);
collections are
netted against
spending, and outiays are reported as tiie net amount.
tions
(2) in tiie three
intragovernmental,
and
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 outiays 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
may be inti'abudgetary when the payment and receipt
both occur within the budget or from receipts from off-budget Federal
entities in those cases where payment is made by a Federal entity
whose budget authority and outiays are excluded from the budget
ti'ansactions
totals.
Intrabudgetary
are
transactions
categories: (1) interfund transactions,
when
or
Collections credited to appropriation or fund accounts normally can
States Government.
of
Government accounts
public that are of a business-type or market-oriented nature.
one fund group
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 ti'ansactions, where the payments and
account
in
receipts both occur within the
tixjst
fund group.
deducted from budget authority
by subfunction, or by agency. There are four
receipts, however, that are deducted from budget totals as
Offsetting receipts are generally
and outiays by
function,
types of
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 (i.e., interest collected on Outer Continental Shelf
money
in
deposit funds
when such money
is
transferred into the
budget).
entities. -The
Federal Government has used
foundation for its budgetary
analysis and presentation since 1969. This concept calls for the
Off-budget Federal
the unified
budget concept as
tiie
Government's fiscal transactions with the
however, various laws have been enacted
under which several Federal entities have been removed from the
budget or aeated 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 tiie
public. Starting in 1971,
14
FEDERAL FISCAL OPERATIONS
trust funds,
Federal old-age and survivors insurance and Federal
and net miscellaneous
receipts by source.
disability insurance.
The off-budget Federal
entities
controlled, but their transactions are
under provisions of law.
outlays,
and surplus or
When an
deficit
are
federally
owned and
excluded from the budget
entity is off-budget,
are not included
in
its
Table FFO-3.--On-budget and Off-budget Outlays by Agency
totals
receipts,
budget receipts,
Congress
[generally]
in
[usually]
provides budget authority which is
the form of appropriations, then Federal agencies
Government funds to make outlays. The amounts in this
a breakdown of on-budget and off-budget outlays by
budget outlays, or the budget deficit; its budget authority is not
included in the totals of budget authority for the budget; and its
obligate the
receipts, outlays,
and surplus or deficit ordinarily are not subject to
the targets set by the congressional budget resolution.
agency.
Nevertheless, the Balanced Budget and Emergency Deficit
1985 (commonly known as the Gramm-RudmanHollings Act) included the off-budget surplus or deficit in calculating
Table FFO-4."Sumniary of Internal Revenue Collections by States and
Other Areas
Control Act of
and in calculating the excess deficit
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.
the deficit targets under that act
for
Table FFO-l.-Summary of Fiscal Operations
This
table
summarizes the amount
of
total
receipts,
outlays, total surplus or deficit, transactions in Federal securities
monetary
assets,
and transactions and balances
in
total
and
Treasury
table represent
This annual table provides data on internal revenue collections
and other areas and by type of tax. The amounts
reported are for collections made in a fiscal year beginning in
classified by States
October and ending the following September.
Fiscal year collections span several tax liability years because
they consist of prepayments (e.g., estimated tax payments and taxes
withheld by employers for individual income and social security
taxes), of payments made with tax returns, and of subsequent
payments made after tax returns are due or are filed (e.g.,
with delinquent returns or on delinquent accounts).
payments
operating cash.
It
is
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
reflect the
Table FFO-2.--On-budgct and Off-budget Receipts by Source
Budget receipts are taxes and other collections from the public
from the exercise of the Government's sovereign or
governmental powers. The amounts in this table represent income
that result
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.
15
FEDERAL FISCAL OPERATIONS
Budget Results for the
First Quarter, Fiscal 1989
Summary
The Federal budget
1
989
the
deficit for
first
quarter of fiscal
totaled $67.6 billion, off from $82.2 billion
quarter of fiscal 1988. This sizable decline
in
in
the
the
first
deficit
largely reflected technical factors. Last year, Social Security
checks normally paid out in early January were recorded in December. This year the more normal pattern in
Social Security payments prevailed, and, as a consequence,
the deficit in the second quarter of fiscal 1989 may be correspondingly higher than in the comparable period last year.
For fiscal 1989 as a whole, the Reagan administration
projected a deficit of $161.5 billion, compared with $155.1
benefit
billion for fiscal
1988.
Receipts totaled $221.9 billion in the first quarter of fiscal
1989, up 8-1/4 percent from a year earlier. Outlays of $289.4
billion in the first quarter were up less than 1 percent from a
year earlier, held down by the shift in the payment date of
Social Security benefit checks. Among outlays in terms of
[In
functional category
in the first quarter of fiscal 1989, health
costs were up by 14-1/2 percent from a year earlier, spending for national defense was up 4-1/4 percent, while outlays
over 25 percent. Outlays for the commerce and housing credit function (includes Federal Savings
and Loan Insurance Corporation) more than tripled, reflecting end of calendar year efforts to shore up troubled savings
and loan institutions.
for agriculture declined
The first-quarter deficit of $67.6 billion
was down, from $82.2 billion a year
earlier.
mllllona)
October-December
Actual fiscal
Budget eat
year to date
(January 1989)
full flscsl
*nd
Total on-budget
1989
off -budget result*:
$221,850
167,552
$221,850
167,552
$975,534
On-budget receipts
Off-budget receipts
54,297
54,297
266.872
Total receipts
708.662
289,444
289.444
1,137,030
On-budget outlays
240,672
240,672
926,169
Off-budget outlays
48,772
48.772
210,861
•67,595
-67,595
-161.496
-73.120
-73,120
-217.507
5.525
+5,525
+56.01
53.841
53,841
143,622
10.698
10.698
14,398
3.055
3.055
3,476
67,595
67.595
161.496
Total outlays
Total surplus
(-r)
or deficit
On-budget surplus
(-)
{>) or deficit
Off-budget surplus () or
Mearw
of financing
Borrowing from
Reduction
deficit
(-)
.
.
(-)...
;
tfie
public
of operating casfi.
Increase
(-)
Other nneans
Total on-budget
and
off -budget
financing
Fourth-Quarter Receipts
The following capsule analysis of budget receipts, by source, for the fourth quarter of fiscal 1988 supplements fiscal data earlier reported in the fall Issue of the Treasury Bulletin. At the time of that issue's release, not
enough data was available to analyze adequately collections for the quarter.
Individual
income
taxes.-lndividual income tax receipts
through September of 1988 were $0.9
billion higher than the prior year comparable period. Withheld
receipts were up $1.9 billion, nonwithheld receipts down $0.6
billion, and refunds were up $0.4 billion. Individual receipts
were relatively unchanged from the prior year, despite an
underlying increase in personal income. The effects of the
for the period July
growth in personal income were apparently mitigated by the
rate decrease associated with the second year of the Tax
Reform Act
of
1
986.
Corporate income taxes.~Net corporate income tax
1988 totaled $23.63
billion, a decline of $0.8 billion from the same quarter 1 year
receipts for the fourth quarter of fiscal
16
FEDERAL FISCAL OPERATIONS
ago. This quarterly decline took place even though total net
receipts for fiscal 1988 were $10.27 billion greater than the
prior fiscal year. The relative decline in fourth-quarter
receipts was the result of last year's safe-harbor rules for
corporate estimated payments which increased the share of
fourth-quarter corporate receipts for 1987. Total net receipts
1988 were $94.16
for fiscal
billion.
Employment taxes and contributions.-During
the
same
$305.09
1
Employment taxes and conincreased from $273.03 billion in fiscal 1987 to
quarter of fiscal 1987.
tributions
billion
in
fiscal
1988. This growth
was
partly
at-
tributable to increases in several payroll tax rates, effective
1988. As a consequence of the Social Security
of 1983, the Social Security rate was increased
from 5.7 percent to 6.06 percent. In addition, the Omnibus
Budget Reconciliation Act of 1987 included an increase in
January
1,
Amendments
the combined employer-employee contribution for
tier
2
rail-
road retirement from 19 percent to 21 percent.
Unemployment insurance.-Unemployment
tax receipts for the July-September quarter
compared
reduction
insurance
were $6.43
billion
The
compared
with $7.21 billion for the year earlier period.
in
tax collections for the recent quarter
Contributions for other Insurance and retirement.-Retirement contributions for the fourth quarter of fiscal 1988
totaled $1.12 billion, a decrease of $0.02 billion from the
same quarter a year earlier. Total contributions for the fiscal
year were $4.66 billion.
Excise
the
988, employment taxes and contributions were $76.43 billion-an increase of $10.32 billion over
fourth quarter of fiscal
year.
ago quarter is the result of exceptionally high
September of 1987, due to an accelerated payment of State unemployment insurance (Ul) debt. The reduction in State Ul debt and the improved economy has caused
a reduction in the average unemployment insurance tax rate.
Wage increases have approximately balanced the drop in
average tax rate; however, total Ul collections for fiscal 1988
are below the fiscal 1987 level due to the 1987 payment
acceleration. Collections for fiscal 1988 were $24.58 billion,
in
down $1.0
billion
from the $25.58
billion for
the prior fiscal
receipts
billion,
for
compared
the
July-
with $8.38
Estate and gift taxes.-Estate and gift tax receipts were
$1.97 billion in the fourth quarter of 1988. This represents a
reduction of 8.3 percent from the previous quarter and an
increase of 6.5 percent over the same quarter in the previous
year. The continued slowdown in receipts growth reflects the
stock market performance in the fall of 1987 as well as the
phaseout of several law changes.
Customs duties.—Customs
were $4.36
billion for
receipts, net of refunds,
the fourth quarter of fiscal 1988. This is
an increase of $0.29
billion
over the
same
quarter a year
earlier.
Miscellaneous receipts.-Net miscellaneous receipts for
1 988 fell by $0,438 billion from the
the fourth quarter of fiscal
same
quarter a year earlier to $4.62 billion. Deposits of FedReserve earnings decreased by $0,499 billion, while net
other miscellaneous receipts increased by $0.06 billion.
eral
Fourth-Quarter Rscal 1988 Net Budget Receipts, by Source
[In billions of
Source
tax
billion for the same quarter of 1987. Collections for the fiscal
year ended September 30, 1988, totaled $35.54 billion, compared with $32.46 for the fiscal year ended September 30,
1987. Increased fuel tax collections, due to the change in
point of collection of these taxes, as well as to growth in consumption of fuel, were important factors in the growth of collections from year earlier levels.
with the year
receipts
taxes.-Excise
September quarter were $9.90
dollars]
July
17
FEDERAL FISCAL OPERATIONS
Table FFO-1 .--Summary of Fiscal Operations
[In
millions o( dollars.
Source: Monlhly Treasury Statemenl
Total on-budflet
Fiscal year
or
month
Total
On-budget
Otf-budget
receipts
receipts
receipts
(1)
(2)
(3)
Total
outlays
(1)
of
Recelpis and Outlays of the United Slates
and otf-budget
On-budget
outlays
(5)
results
Off-budget
Govemment]
18
FEDERAL FISCAL OPERATIONS
MONTHLY RECEIPTS AND OUTLAYS
FISCAL YEARS 1988 AND 1989
Source: Monthly Treasury Statement of Receipts and Outlays
of the
United States Government
I
n
B
I
I
I
i
o
n
s
f
D
I
I
a
r
M
J
FISCAL YEARS 1988
AND
1989
19
FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source
[In
millions of dollare. Source: Monthly Treasury
Stalemeni
ot
Receipis and Oullays of Ihe United Stales Governmeni]
Income taxes
Social insurance
taxes and contnbutions
Individual
Fiscal year
Of month
Corporation
Net
Refunds
taxes
income
Withheld
Net
Gross
Errployment taxes and contrbuttons
Old-age,
drsability,
and
hospital insurance
Gross
1984
1985
1986
1987
1988
1989
1990
(Esl.)
(Est.)
1987 -Dec
1988 -Jan
Feb
Mar
Apr
May
81.381
97.720
106.030
142.990
132.232
366,240
392,466
168,956
160,843
34.020
24.979
28.046
33,296
24,913
3.309
19.262
1.183
4.322
50.484
July
27,071
30,995
25,567
Aug
X,330
Sept
Oct
27,209
28,824
30,092
37.578
9,721
16,670
2,302
2,957
16,794
3.430
1.367
3.034
96.494
7.831
June
Nov
Dec
Fiscal
281,805
302,554
314,803
322.463
341.435
1989
to date
64.771
Refunds
Net
20
FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source-Continued
[In
millions of dollars]
Exdse taxes
Social Insurance
taxes and
conuibut Ions-
Airport
and ainway
trust
fund
Con.
Fiscal year
or month
Refunds
t^et
Net
Black lung
tmst fund
Gross
Highway
disability
Net
socbl
Insurance
taxes and
contri-
butions
1984
1985
1986
1987
1988
989
239.376
265.163
283.901
303.319
334.335
2.501
2.856
2,499
518
2,851
581
2.743
3.066
3,195
2,736
3,060
3.189
547
572
594
3.688
3,934
3.688
3,934
606
627
230
252
265
229
252
265
360
46
49
46
(Est.)
363.871
1990(Est.)
391.509
1987 -Dec
1988 -Jan
23.361
28.162
28.500
25.676
37.357
33.396
27.967
26,915
28,373
28,694
23,848
25,075
24,698
115
115
279
236
246
279
368
273
260
477
277
236
246
278
368
273
477
52
73,620
1,010
930
152
1
Feb
Mar
Apr
May
June
July
Aug
Sepi
Oct
Nov
Doc
Fiscal
1989
to date
361
180
76
26
55
75
26
47
45
51
49
518
Gross
trust
fund
Refunds
Miscellaneous
Net
21
FEDERAL FISCAL OPERATIONS
BUDGET RECEIPTS BY SOURCE THROUGH FIRST
QUARTER OF FISCAL YEARS 1988 AND 1989
Source: Monthly Treasury Statement of Receipts and Outlays
of the
United States Government
I
n
B
i
I
I
i
o
n
s
o
f
D
I
I
a
r
s
Individual
Income
Corp. Income
Social Insurance
Excise
Estate and Gift
Customs Duties
TAXES AND OTHER RECEIPTS
Misc. Receipts
22
FEDERAL FISCAL OPERATIONS
Table FF0-3.--0n-budget and Off-budget Outlays by Agency
[In
Fiscal19Bgtodate.
millions ot dollars. Source: Monthly Treasury
SlalemenI
ol
Receipts and Outlays ol Ihe United Slates
Govemment]
23
FEDERAL FISCAL OPERATIONS
Table FFO-S.-On-budget and Off-budget Outlays by Agency-Continued
[In
millions of dollars]
24
FEDERAL FISCAL OPERATIONS
Table FF0-4.--Summary of Internal Revenue Collections by States and Other Areas, Fiscal Year 1988
[In
thousands
ol dollars.
Source: Inlernal Revenue Service]
Individual
States, etc.
Total
collections
Alabama
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland <
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
3,859,486
3,117,019
973,147
875,104
176
33,422
118.990
33.422
118.990
(383.247)
(597.373)
45,732.072
3.795.395
7.103.718
Pennsylvania
Island
South Carolina
South Dakota
1.384,061
1 3,777,348
57,579,171
3,582.029
1,429.292
19.322.569
16.209.653
3.077.728
15.222,006
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
International 5
Undistributed:
Federal tax deposits 6
Gasoline, lubricating
FICA
993,836
5,109,263
1
Caiilornia
oil,
Total
7,925,343
1,436,487
7,391,897
4.162.248
92.090.778
11.850.524
19.258.324
3,354.809
33.160,893
16,602,656
2,890,569
2,232.429
46.452.295
16.799.691
5.851.261
6.675.980
6.608.109
7.451.972
2,615,448
26,853,167
25,984,743
36.036,294
17.764.041
3.477.964
18.236.087
1.416.174
4.627.958
3.082.817
3,365,434
37,425,852
2.414.714
84.709.286
15.487,628
1,193,511
35,443,847
6.880.031
6.777.000
38.867.575
3.334.242
6,281,668
1,247,796
12,021,004
45,080,428
3.018.589
1 .270.420
16.860.003
13.649.045
2.770.604
13.095.135
850.887
3,923,938
1 .394
.548.725
8.039.770
5.040.515
108.332.486
12.886.778
22,697.038
5,227,664
36,805,983
21.001,050
3,310,750
2.571.286
57,783.661
18.607,580
6,773,672
7,711,606
8,059,183
8,362,902
2.909,082
29.967,415
29.374,759
42.341 .282
20.953.509
3.932.743
22.495.321
1,582.305
5,366,499
3,506,421
3,641 ,465
43,647,798
2,660.065
101,392.932
18,226,567
1,299,027
42,533,96i
8,764.005
7,829.290
9.01
Alaska
Arizona
Arkansas
Rhode
Income and employment taxes
Individual
t
Individual
Income lax
income
not withheld
and SECA 2
withheld and
1.443.387
336.282
1,827.796
825.279
21.831.829
1.839,446
3.565.393
407.398
9.865.716
2.894.987
689.415
381.648
8.259,081
2,392,647
1,429,973
1 ,448,783
1,418.866
1.603.045
623.989
3.716.964
5.066.573
4.210.415
2.314,803
767,198
2.654.709
362.623
842.531
875.368
842.887
6,792,408
524,964
15.0M,870
2.816.157
327.641
6,271,800
1,371,619
1,406,098
6,767.980
618.114
1.182.164
352.005
2.142.618
9,565,686
668,049
312,923
3,418,994
2.768,448
531 ,578
2.170.023
248.816
781.672
PICA
tax
Railroad
retirement
UnemptoymenI
Corporation
Insurance
income
Estate and
taxes
Excise
taxes
gift
taxes 3
2
6,418,957
1,091,139
5.508.937
3.293.750
69.401.861
9.918.685
16,637,723
2,925.645
22.477,622
13.588.478
2.180.900
1.711.315
37.629.579
14.304.405
4.373.041
4,887,330
5,133,946
5,789,950
1.966.266
22.800.278
20.717.323
31.534.543
14,816,079
2,672,089
15,441.648
1.035.871
3.409.843
2.182.873
2.492.069
30.423.738
1,872,162
68,960,792
12.537,328
858.626
29.965.699
5.463,441
6,362,964
31,086,166
2,689,557
5.045.512
885.477
9.811.759
35.197.592
2.424.063
941,502
12,918,302
10,682,889
2,219,209
10,822,606
596,546
3.080.376
2,883.505
60.054
8.480
54.656
39.534
523,482
58,412
54,788
21,717
175,882
116,139
20,265
2.945
686
508
3.685
333.606
33.982
420
49
641,672
3,051
122,416
292.708
12.679
9.276
294,334
4,870
2.699
4.667
229.409
16.188
61.973
528.246
8,698
17,051
270.926
89.960
38.971
45.533
60.427
66.278
20.525
106.516
185.659
229.363
105.915
29.980
121.966
8.687
28,830
24,564
17,775
8,093
346.755
11
7,158
46,967
23,321
162.740
17.358
230
507,448
132,940
6,796
186,165
44,169
15,648
553,861
24,674
53,038
8,077
68,683
268,764
210,176
1.102
448
225.724
32.222
135.174
247,977
2.705,185
266,872
261,324
64.844
1.433
125.662
27,628
1.307,649
76,697
1,751,151
96,021
2.380.020
3.394.885
333.528
288,374
9,340,742
662.672
830.587
48.497
40.336
25.683
602.398
172,923
38,156
796,483
78,582
387,036
602.663
12.228,874
692,686
2,982,840
314,768
146,902
275,220
436,484
135,894
1,398,021
716,032
699.963
959.101
702,642
216,690
2,348,259
2,662,260
5,724,733
2,588.703
51,781
683,707
467,784
431.409
498.151
124.025
704.325
42.709
289.535
3.404.249
109.304
663.231
337.938
219,152
4,616,312
137,993
14,839,990
2,189,766
64,244
5,449,784
771,906
143.941
40.487
31,623
1,368.692
78.928
919.627
447.050
35,124
6,735
33
9.990
24,141
10,066
113,722
96.352
19.481
95.871
5,492
61,900
1.328,940
6,068,172
391,524
131.624
1.940.856
2.340.987
162.609
1 .793.528
35.605
1,088,443
39.514
194,000
613,263
129,204
802
2.290
460,579
1,896
854
2,237
7,944
48.386
2.336
6.938
408.986
1,367
336
10,147
347.310
95.099
69,477
60,443
55,489
72,394
26.263
182.282
259.972
148,846
102,614
41.218
150.660
15.119
31.368
45.179
26.265
236.942
28.430
924.029
102.223
6,148
266,773
73,436
49,336
358,437
29.158
42.464
3.579
129.872
483.486
31.709
6,759
1.643.314
1,374,548
1,038.634
127.173
1.064.138
42.901
136.568
39.214
297.631
5.957,085
140.206
20.488
353.240
234.219
111.682
247.704
96.303
58,488
20.183
2M.550
875,782
5.441.921
389.094
643.119
93.472
168,471
85,402
32,833
85.639
11.042
38.392
and excess
credits, etc. 7
98,043
875.104
Clearing account for excise taxes,
aviation fuel--Air Force
and Navy
PresWentiai election fund 8
Earned income credits
Other to
9
935,106,594
Total
The
1
many
receipts in the various Stales
do
Instances, taxes are collected
176
one State from reskjents
of
Also, the taxes of
operations
employees who reside
some oorporations are paid from a principal
amounts withheld from
may be
located
in
salaries of
In
149.889.222
each
since, in
another State. For
example, withholding taxes reported by employers located near State
substantial
(695,438)
791.705.556
not Indicate the Federal tax burden of
In
33.422
118.990
lines
may
Include
neighboring States.
offtee,
although their
another State, or throughout several Stales.
income tax not wlthhekj 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 salahes and wages.
3 Includes taxes on unrelated business Income of exempt organizalbns.
* Includes Districl of Columbia collections.
5 Consists of collections from U.S. taxpayers in Puerto Rico, the Virgin Islands, etc., and In
2 Collections of individual
foreign countries.
6
Tax payments made
631.371.559
under the Federal tax deposit (FTD) system, are included
4,266,776
6,178,000
109,682.654
25.934.040
7.784,445
the inlernal revenue collectkins for the perkxi In whk:h the FTD Is purchased. However,
such payments are not classified by internai revenue districts (nor by tax subclasses to
in
which excise paynwms relate) until the IRS applies them to taxpayers' liabilities.
7 Represents credits alkjwable on Income tax returns for certain gasoline and special fuels
tax payments and for excess payments under the Federal Insurance Contributions Act
(FICA).
8 Deslgnattons by taxpayers
of
a portion
of their taxes to the PreskJential election
fund are not ooiiectlons. as such, because they do not affect taxpayer
amounts to this fund are made on a
district and regional collection data.
whch
liability.
national basis only and. therefore,
9 Represents anxjunts offset against outstanding tax
1040 and 1040A on
liabilities
campaign
Transfers
have no
effect
ol
on
other than those for Forms
the credits were claimed.
10 Includes arriounts contained In the natronal totals but not classified
of
to banks,
938,764
(840.699)
by State or
district
as
the end of the fiscal year on Sept. 30. Also Includes arrxjunt transferred to a special
account
for the
Northern Mariana Islands.
25
FEDERAL OBLIGATIONS
the basis on wliich the use of funds is
the Federal Government. They are recorded at the point
"Obligations" are
controlled
in
which the Government makes a firm commitment to acquire goods
or services and are the first of the four key events-order, delivery,
payment, and consumption-wrhich characterize the acquisition and
use of resources. In general, they consist of orders placed, contracts
awarded, services received, and similar transactions requiring the
order, but the order itself usually
private
causes immediate pressure on
the
economy.
at
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 construction of capital items.
The
point
in
obligational stage of
Government transactions
gauging the impact of
a strategic
the Government's operations on the
is
economy, since
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
national
it
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, 1988
[In
millions of dollars. Source:
Standard Form 225. Report on Obliqaltons. Irom agencies]
Gross obligations Incurred
Object class
Outside
Total
Personal services and benefits:
Personnel compensation
Personnel benefits
Benefits for former personnel
139,751
8.499
1.395
139.751
24.568
3
33.067
1.398
Contractual services and auppliss:
Travel and transportation of persons
Transportation of tilings
Rent, communications, and utilities
Printing and reproduction
Otfier services
Supplies and materials
5,112
7,124
11,273
.
.
330
138,121
63.148
649
5,761
1,405
5,552
1,176
39.906
23,986
8.529
16.825
1.506
178.027
87.134
Acquisition of capital assets:
Equipment
Lands and structures
Investments and loans
74,846
17,319
32,032
5,131
1,955
192,008
394.660
188.000
871
27,328
6
79.977
19,274
32,038
Grants and fixed charges
Grants, subsidies, and contributions
Insurance claims and indemnities
Interest and dividends
.
Refunds
.
.
106
52,030
219,336
394.766
240.030
871
Other:
Unvouctiered
Gross obllgatbns incurred
^
3
108
9.734
6,046
111
15.780
1.284.331
189,850
1.474.181
Undistributed U.S. obligations
* Less tfian $500,000.
For Federal budget presentation a concept of "net obligations incurred" Is generally used.
Tills concept eliminates transactions wlttiin ttie Government and revenue and reimbursements from ttie public which by statute may be used by Govemment agencies v»ithout
approphation action by the Congress. Summary figures on this basis follow. (Data are on
tfie basis of Reports on Obligations presentation and therefore may differ somewhat from
the Budget of the U.S. Government.)
Gross obllgatbns Incurred (as above)
1.474,181
Deduct:
Advances, reimbursements, other Income, etc.
Offsetting receipts
fslet
obligations Incurred
-192,380
-181,881
1.099.920
26
FEDERAL OBLIGATIONS
Table FO-2.--Gross Obligations Incurred Outside the Federal Government by
Department or Agency, as of Sept. 30, 1988
[In
millions of dollars. Source:
Standard Form 225. Repon on Obllgalons. Irom aaencles]
Personal services and benefits
ClaBsHlcallon
Contractual services and supplies
27
FEDERAL OBLIGATIONS
Table FO-2.-Gross Obligations Incurred Outside the Federal Government by
Department or Agency, as of Sept. 30, l988--Continued
[In
millions of dollars]
28
FEDERAL OBLIGATIONS
GROSS FEDERAL OBLIGATIONS AS OF SEPT.
Personal Services
&
Benefits
30,
1988
;-5^^5$$$5«^$«;
Outside Government
Contractual Services
& Supplies
Acquisition of Capital Assets
Grants & Fixed Ctiarges
:-5'S^»»?«»$»5«K>
Within Government
I
i
W!iWVWWV!l
|ggiSg<Sg<iSoSa
^XXXXXXXXXXXXXXXXXX>«XXXXX^^
i
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
200
400
600
I
$ Billions
GROSS FEDERAL OBLIGATIONS INCURRED
OUTSIDE THE FEDERAL GOVERNMENT
As
of Sept. 30,
1
988
ontractual Services
and Supplies
Acquisition of Capital Asset:
ersonal Services and Benefits
Grants and Fixed Charge:
I
I
I
I
I
800
29
ACCOUNT OF THE
U.S.
TREASURY
SOURCE AND AVAILABILITY OF THE BALANCE IN THE ACCOUNT OF THE
The operating cash of the Treasury is maintained in Treasury's
accounts with the Federal Reserve banks and branches and in tax
and loan accounts. Major information sources include the Daily
Balance Wire received from the Federal Reserve banks and
branches, and electronic transfers through the Treasury Financial
Communications System. As the balances in the accounts at the
Federal Reserve banks become depleted, they are restored by
calling in (withdrawing) funds from thousands of financial institutions
throughout the country authorized to maintain tax and loan accounts.
Law 95-147, the Treasury implemented
1978, to invest a portion of its operating cash
in obligations of depositaries maintaining tax and loan accounts.
Under the Treasury tax and loan investment program, depositary
financial institutions select the manner in which they will participate
in the program. Depositaries that wish to retain funds deposited in
their tax and loan accounts in interest-bearing obligations participate
under the Note Option; depositaries that wish to remit the funds to
the Treasury's account at Federal Reserve banks participate under
the Remittance Option.
Under authority
a program on Nov.
of Public
U.S.
TREASURY
Deposits to tax and loan accounts occur in the normal course of
business under a uniform procedure applicable to all financial
whereby customers of financial institutions deposit with
them tax payments and funds for the purchase of Government
securities. In most cases the transaction involves merely the transfer
of funds from a customer's account to the tax and loan account in the
institutions
same
financial institution.
On
occasion, to the extent authorized by
the Treasury, financial institutions are pennitted to deposit in these
accounts proceeds from subscriptions to public debt securities
entered for their own account as well as for the accounts of their
customers.
2,
Table UST-1. -Elements of Changes
[In
In
The tax and loan system permits the Treasury to collect funds
through financial institutions and to leave the funds in Note Option
depositaries and in the financial communities in which they arise until
such time as the Treasury needs the funds for its operations. In this
way the Treasury is able to neutralize the effect of its fluctuating
operations on Note Option financial institution reserves and the
economy.
Federal Reserve and Tax and Loan Note Account Balances
millions of dollars. Source: Financial
Management
Service]
30
ACCOUNT OF THE
Table UST-1. -Elements of Changes
In
U.S.
TREASURY
Federal Reserve and Tax and Loan Note Account Balances--Con.
[In
millions ol dollars)
31
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 quarterly Treasury
Bulletin, the Treasury publishes detailed data on the public debt
outstanding in the fk^onthly 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
does not cover Fedagency borrowing from the Treasury, which is presented in the
Monthly Treasury Statement of Receipts and Outlays of the United
States Government. The Government-sponsored entities, whose
financing to other Federal agencies. This table
eral
securities are presented in the memorandum section of table FD-4,
are not agencies of the Federal Government, nor are their securities
presented in table FD-4 guaranteed by the Federal Government.
Table
Government.
FD-5.--Maturlty
Distribution
and
Average
Lengtli
of
Marketable Interest-Bearing Public Debt Held by Private Investors
Table FD-l.-Summary of Federal Debt
The Federal debt outstanding is summarized as to holdings of
and agency securities by the public, which includes the
Federal Reserve, and by Federal agencies, largely the social secu-
public debt
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
rity
Bulletin.
Table FD-2."Interest-Bearlng Public Debt
marketable and nonmarketable Treasury
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 are held
by a U.S. Government account.
Interest-bearing
securities are presented
Table FD-3.--Government Account Series
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 lx)nds 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 SUtutory Limitation
The statutory debt ceiling is compared with the outstanding debt
subject to limit. The other debt category includes certain Federal
debt that the Congress has designated by statute to be subject to the
debt ceiling. The changes in non-interest-bearing debt shown in the
last
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.
Table
FD-4.--Interest-Bearlng
Securities
Issued
b;
Government
Agencies
in
Federal agency borrowing has been declining in recent years,
because the Federal Financing Bank has been providing
part
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 of Securities Issued by Government
Corporations and Other Agencies
Certain Federal agencies are authorized by statute to borrow
from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are
authorized to borrow from the Treasury to finance capital projects.
The Treasury finances such loans to the Federal agencies with is-
sues of public debt securities.
32
FEDERAL DEBT
Table FD-1 .--Summaty of Federal Debt
[In
millions of dollars. Source: Monthly Treasury
Statemenl
ol
Recalpts and Outlays o( the United Stales Governmenl]
33
FEDERAL DEBT
Table FD-3.--Government Account Series
[In
millions of dollars. Source: Monthly
Statement
of the Public
Debt of the Unlled States]
34
FEDERAL DEBT
Table FD-4."lnterest-Bearlng Securities Issued by Government Agencies
In
millions ot dollars.
Source: Monthly Treasury Slalemeni
ot
Recalpts and Outlays of Ihe United Stales Government and Financial
Managemenl
Servlcel
35
FEDERAL DEBT
Table FD-5.--Maturlty Distribution and Average Length of Marketable
Interest-Bearing Public Debt Held by Private Investors
[In millions ot dollars.
Endol
Source: Oftica
ot
Governmenl Finance and Market Analysis
In
the Office ol Iha SecfSlary]
36
FEDERAL DEBT
37
FEDERAL DEBT
00
38
FEDERAL DEBT
Table FD-7."Treasury Holdings of Securities Issued by Government Corporations and Other Agencies
[In
End
millions of dollars. Source:
of
fiscal
year
or rrxjnth
Total
Monthly Treasury Slalemeni
o(
Recelpis and Oullays of Ihe United Stales
Govemmenll
39
TREASURY FINANCING OPERATIONS, OCTOBER-DECEMBER
OCTOBER
maturing on October 27 were outstanding in the amount
million, this issue resulted in a paydown of about
bills
of
$9,284
$275
Auction of
7- Year
On October 5
announced
would auction $6,750 million of 7-year notes to refund $3,198 million of
notes maturing October 15, 1988, and to raise about $3,550
million of new cash. The notes offered were Treasury Notes
of Series H-1995, dated October 17, 1988, due October 15,
1995, with interest payable on April 15 and October 15 until
the Treasury
that
it
Tenders were opened on October 20. They
$27,507 million, of which $9,018 million was ac-
million.
totaled
Notes
1988
cepted, including $442 million of noncompetitive tenders
from the public and $2,315 million of the bills issued to Fed-
Reserve banks for themselves and as agents for foreign
international monetary authorities. An additional $538
million was issued to Federal Reserve banks as agents for
foreign and international monetary authorities for new cash.
The average bank discount rate was 7.57 percent.
eral
and
maturity. An interest rate of 8-5/8 percent was set after the
determination as to which tenders were accepted on a yield
NOVEMBER
auction basis.
Tenders for the notes were received until 1 p.m. EDST,
October 12, 1988, and totaled $16,138 million, of which
$6,754 million was accepted at yields ranging from 8.72 percent, price 99.510, up to 8.75 percent, price 99.356. Tenders
at the high yield were allotted 61 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.73 percent, price 99.459.
These
accepted from
tenders
totaled
private
$306
million.
investors
Competitive
$6,448
totaled
million.
Auction of 2- Year Notes
On October 19 the Treasury announced that it would
auction $9,000 million of 2-year notes to refund $10,904
million of notes maturing October 31 1988, and to pay down
,
were Treasury Notes
of Series AG-1 990, dated October 31,1 988, due October 31
1990, with interest payable on April 30 and October 31 until
about $1,900
million.
The notes
offered
maturity. An interest rate of 8-1/4 percent was set after the
determination as to which tenders were accepted on a yield
November Quarterly Financing
On November 2 the Treasury announced that it would
auction $9,500 million of 3-year notes of Series U-1991,
$9,500 million of 10-year notes of Series D-1998, and
$11,000 million of 37-day cash management bills to refund
$16,756 million of Treasury securities maturing November 15
and to raise about $13,250 million of new cash. The Treasury also announced that a 30-year bond would not be offered
at that time. This resulted from the continued inaction by
Congress on the Treasury's request to eliminate the $270
billion limitation on bonds with a coupon rate of more than
4-1/4 percent that could be held by the public.
The notes of Series U-1991 were dated November 15,
1988, due November 15, 1991, with interest payable on May
15 and November 15 until maturity. An interest rate of 8-1/2
percent was set after the determination as to which tenders
were accepted on a yield auction basis.
Tenders
auction basis.
Tenders for the notes were received until 1 p.m. EDST,
October 26, and totaled $25,136 million, of which $9,014
million was accepted at yields ranging from 8.31 percent,
price 99.891, up to 8.34 percent, price 99.837. Tenders at
the high yield were allotted 88 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.33 percent, price 99.855. These totaled $1,146 million. Competitive
tenders accepted from private investors totaled $7,868
million.
In
addition to the $9,014 million of tenders accepted
the auction process, $980 million
was awarded
to
in
Federal
Reserve banks as agents for foreign and international
monetary authorities. An additional $639 million was accepted from Government accounts and Federal Reserve
banks for their own account.
52-Week
Bills
for the notes
were received
until
1
p.m. EST,
November 8, and totaled $28,326 million, of which $9,513
million was accepted at yields ranging from 8.58 percent,
price 99.792,
up
to 8.60 percent, price 99.740.
Tenders
at
Noncompetitive
tenders were accepted in full at the average yield, 8.59 percent, price 99.766. These totaled $1,049 million. Competitive
tenders accepted from private investors totaled $8,464 milthe
high
yield
were
allotted
3
percent.
lion.
In addition to the $9,513 million of tenders accepted in
the auction process, $340 million was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $1,596 million was accepted from
Government accounts and Federal Reserve banks for their
own
account.
The notes of Series D-1998 were dated November 15,
1988, due November 15, 1998, 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.
On October
14 tenders were invited for approximately
364-day Treasury bills to be dated October
27. 1988, and to mature October 26, 1989. As the 52-week
$9,000
million of
Tenders
November
for the
9,
and
notes were received
totaled
$28,912
until
million,
of
p.m. EST,
1
which $9,593
40
TREASURY FINANCING OPERATIONS, OCTOBER-DECEMBER
was accepted
million
at yields
ranging from 8.93 percent,
up to 8.94 percent, price 99.576. Tenders at
the high yield were allotted 43 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.94 per-
1988
Auction of 2-Year and 5-Year 2-Month Notes
price 99.641,
cent, price 99.576.
accepted
tenders
These
from
totaled
private
$457
million.
investors
Competitive
$9,136
totaled
million.
On November
16 the Treasury announced that
it
would
auction $9,000 million of 2-year notes of Series AH-1990 and
$7,500 million of 5-year 2-month notes of Series H-1994 to
refund $1 1,140 million of publicly held 2-year notes maturing
November 30, 1988, and to raise abxjut $5,350 million of new
cash.
Legislation enacted on November 10,
1988, repealed the statutory limitation
Treasury long-term bond authority.
The notes of Series AH-1990 were dated November 30,
1988, due November 30, 1990, with interest payable on tvlay
31 and November 30 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.
on
Tenders
In
addition to the $9,593 million of tenders accepted
in
was accepted from Government accounts and Federal Reserve banks for their own
the auction process, $300 million
account.
The notes of Series D-1998 may be held in STRIPS
form. The minimum par amount required is $1,600,000.
The 37-day cash management bills were dated November 15, 1988, due December 22, 1988. Tenders were
opened on November 10, 1988. They totaled $48,660 million, of which $11,025 million was accepted. The average
bank discount rate was 8.07 percent.
Auction of 30- Year Bonds
on November 10, 1988, repealed the
on Treasury long-term bond authority.
Legislation enacted
statutory limitation
On November
14 the Treasury announced that
it
would
auction $9,000 million of 30-year bonds of 2018 to raise new
cash. The bonds of 2018 were dated November 15, 1988,
issued November 22, 1988, due November 15, 2018, with
interest
An
payable on
May 15 and November 15
9 percent was set after the
until maturity.
interest rate of
determination
as to which tenders were accepted on a yield auction basis.
Accrued interest of $1 .74033 per $1 ,000, covering the period
from November 15 to November 22, 1988, was payable with
each accepted tender.
Tenders for the bonds were received until 12:00 noon
EST, November 17, and totaled $21,580 million, of which
$9,026 million was accepted at yields ranging from 9.09 percent, price 99.072, up to 9.1 1 percent, price 98.869. Tenders
at the high yield were allotted 37 percent. Noncompetitive
tenders were accepted in full at the average yield, 9.10 percent, price 98.970. These totaled $413 million. Competitive
tenders accepted from private investors totaled $8,613
million.
The bonds of 2018 may be held in STRIPS
minimum par amount required is $200,000.
form.
for the notes
were received
until
p.m. EST,
1
November 22, and totaled $27,081 million, of which $9,027
million was accepted at yields ranging from 8.86 percent,
The
up to 8.89 percent, price 99.973. Tenders at
were allotted 85 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.88 percent, price 99.991. These totaled $1,275 million. Competitive
price 100.027,
the
high yield
accepted
tenders
from
private
investors
totaled
$7,752
million.
In
addition to the $9,027 million of tenders accepted
the auction process, $970 million
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $495 million was accepted from
Government accounts and Federal Reserve banks for their
own
account.
The notes of Series H-1994 were dated December 1,
1988, due February 15, 1994, with interest payable on
August 15 and February 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.
Tenders
for the
notes were received
until
1
p.m. EST,
November 23, and totaled $21,793 million, of which $7,504
million was accepted at a yield of 8.95 percent, price 99.616,
up to 8.98 percent, price 99.493. Tenders at the high yield
were allotted 3 percent. Noncompetitive tenders were accepted in full at the average yield, 8.97 percent, price
99.534. These totaled $551 million. Competitive tenders
accepted from private investors totaled $6,953
million.
In addition to the $7,504 million of tenders accepted in
the auction process, $260 million was awarded to Federal
Reserve banks as agents
monetary authorities.
52-Week
for
foreign
and
international
Bills
On November
10 tenders were invited for approximately
364-day Treasury bills to be dated November 25, 1988, and to mature November 24, 1989. The issue
was to refund $9,373 million of maturing 52-week bills and to
pay down about $375 million. Tenders were opened on
November 17. They totaled $28,998 million, of which $9,052
$9,000
million of
41
TREASURY FINANCING OPERATIONS, OCTOBER-DECEMBER
was accepted, including $442 million of noncompetitenders from the public and $3,279 million of the bills
issued to Federal Reserve banks for themselves and as
agents for foreign and international monetary authorities. An
additional $52 million was issued to Federal Reserve banks
as agents for foreign and international monetary authorities
for new cash. The average bank discount rate was 7.92
million
1988
own account.
tive
The notes of Series Q-1992 were dated January 3, 1989,
due December 31, 1992, with interest payable on June 30
and December 31 until maturity. An interest rate of 9-1/8
percent
was
set after the determination as to which tenders
were accepted on a
yield auction basis.
percent.
Tenders
for the
notes were received
until
1
p.m. EST,
December 29, and totaled $23,026 million, of which $7,258
million was accepted at yields ranging from 9.19 percent,
DECEMBER
up to 9.22 percent, price 99.689. Tenders at
were allotted 62 percent. Noncompetitive
tenders were accepted in full at the average yield, 9.22 percent, price 99.689. These totaled $1,042 million. Competitive
price 99.787,
high yield
the
Auction of
2- Year
and
4- Year
Notes
On December 21 the Treasury announced that it would
auction $9,000 million of 2-year notes of Series AJ-1990 and
$7,250 million of 4-year notes of Series Q-1992 to refund
$16,753 million of Treasury notes maturing December 31
and
to
pay down about $500
million.
The notes of Series AJ-1990 were dated January 3,
1989, due December 31, 1990, with interest payable on June
30 and December 31 until maturity. An interest rate of 9-1/8
percent was set after the determination as to which tenders
were accepted on a
tenders accepted from private investors totaled $6,216 million.
In addition to the $7,258 million of tenders accepted in
the auction process, $365 million was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $603 million was accepted from
Government accounts and Federal Reserve banks for their
own
account.
yield basis.
S2-Week
Tenders
for the
notes were received
until
1
December 28, and totaled $24,243 million, of which $9,030
million was accepted at yields ranging from 9.21 percent,
to 9.24 percent, price 99.795. Tenders at
were allotted 33 percent. Noncompetitive
tenders were accepted in full at the average yield, 9.23 percent, price 99.813. These totaled $1,724 million. Competitive
tenders accepted from private investors totaled $7,306 mil-
price 99.848,
the
high
up
yield
lion.
In
Bills
p.m. EST,
addition to the $9,030 million of tenders accepted in
$765 million was accepted from F^ederal
the auction process,
Reserve banks as agents for foreign and international
monetary authorities, and $1,100 million was accepted from
Government accounts and Federal Reserve banks for their
On December
9 tenders were invited for approximately
364-day Treasury bills to be dated December 22, 1988, and to mature December 21, 1989. The issue
was to refund $9,275 million of maturing 52-week bills and to
pay down about $275 million. Tenders were opened on
December 15. They totaled $27,248 million, of which $9,040
million was accepted, including $535 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 foreign and international monetary authorities. An
additional $37 million was issued to Federal Reserve banks
as agents for foreign and international monetary authorities
for new cash. The average bank discount rate was 8.49 per-
$9,000
cent.
million of
V
42
PUBLIC DEBT OPERATIONS
INTRODUCTION
52-week bill is a reopening of the existing 52-week
low, and average yields on accepted tenders and the
Background
The Second Liberty Bond Act (31 U.S.C. 3101, et seq.) provides ihe Secretary of the Treasury with broad authority to borrow
and to determine the terms and conditions of issue, conversion,
and
maturity, payment,
interest rate
on Treasury
securities.
Data
in
the "Public Debt Operations' section, which have been published in
the 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
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.
bonds mature
in
Table PDO-l.--Maturlty Schedule of Interest- Bearing Marketable
Public Debt Securities Other than Regular Weekly and 52-Week
Treasury
All
Bills
unmatured Treasury notes and bonds are
listed in maturity
A
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 eariiest maturity.
includes
all
private holdings.
weekly auctions of 13- and 26-week bills and
bills every fourth week are presented in table
PDO-2. Treasury bills mature each Thursday. New issues of 13week bills are reopenings of 26-week bills. The 26-week bill issued
every fourth week to mature on the same Thursday as an existing
The
results of
high,
accepted competitive bids.
Table PDO-3.-Publlc Offerings of MarkeUble 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 Classes for Public Marketable
A and B
Data on allotments of marketable Treasury securities by invesare presented in chronological order of the auction date for
approximately the most recent 2 years. These data have appeared in
the Treasury Bulletin since 1 956. Tenders in each Treasury auction
of marketable securities other than weekly auctions of 13- and 26week bills are tallied by the Federal Reserve banks into investor
classes described in the footnotes to the table.
tor class
auctions of 52-week
The
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 institutions
are able to participate in offerings of new marketable Treasury
securities. Noncompetitive bids are awarded at the average yield on
Securities, Parts
Table PDO-2.-Ofrerings of Bills
bill.
dollar value of
43
PUBLIC DEBT OPERATIONS
Table PDO-1 .--Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other tlian
Regular Weeldy and 52-Week Treasury Bills Outstanding, Dec. 31, 1988
[In
mllltons ot dollars.
Source: Monthly SlalamenI
o( Ihe Public
Amount
Debt
ot the
United Slates, and Office ol Government Finance and Market Analysis
In
the Office of the Secretary]
Amount
ot maturities
Held by
Dale
U.S.
Description
ol iinal
Issue
date
maturity
Dec.31
Dec. 31
'lO-5/8%-Q
'6-1/4%-AH
Note
Note
Total
1989
Jan. 15
Jan. 31
Feb.
Feb.
Feb.
Mar.
Mar.
15
15
28
31
31
Apr. 15
Apr. 30
May 15
May 15
May 15
May 31
June 30
June 30
July 15
July 31
Aug. 15
Aug. 15
Aug. 31
Sept. 30
Sept. 30
Oct. 15
Oct. 31
Nov. 15
Nov. 15
Nov. 1
Nov. 30
Dec. 31
Dec. 31
U-5/8%-G
Note
6-1/8%-U
Note
11-3/8%-G Note
8%-Q
Note
Note
6-1/4%-V
Note
11-1/4%-L
6-3/8%-W
Note
14-3/8%-D
Note
Note
7-1/8%-X
9-1/4%-A
Note
11-3/4%-H
Note
6-7/8%-R
Note
8%-Y
Note
9-5/8%-M
Note
Note
7-3/8%-Z
14-1/2%-E
Note
7-5/8%-AB Note
13-7/8%-J
Note
6-5/8%-S
Note
7-3/4%-AC Note
Note
9-3/8%-N
8-1/2%-AD Note
11-7/8%-F
Note
7-7/8%-AE Note
1 Z-yw^K
Note
10-»4%-B Note
6-3/8''/.rT
Note
7-3/4%-AF
Note
8-3/8%-P
Note
7-7/8%-AG Note
Total
1990
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
15
10-1/2%-C
31
7-3/8%-W
15
15
15
15
11%-G
Feb. 28
Mar. 31
Mar. 31
Apr. 15
Apr. 30
May 15
May 15
May 15
May 31
X
June
June 30
July 15
July 31
Aug.
Aug.
Aug.
Aug.
Aug.
15
15
1
15
31
Sept. 30
Sept. 30
Oct. 15
IDct. 31
Nov.
Nov.
Nov.
Nov.
Dec.
15
15
15
30
31
^11%-H
6-1/2%-S
3-1/2%
7-1/8%-X
7-3/8%-Y
7-1/4%-N
10-1/2%-D
7-5/8%-Z
11-3/8%-J
8-1/4%
7-7/8%-T
e-1/8%-AB
7-1/4%-P
8%-AC
10-3/4%-E
8-3«%-AD
10-3'4%-A
9-7/8%-K
^7/e%-L
7-7/8%-U
8-5/8%-AE
8-1/2°/.rAF
6-3/4%-Q
11-1/2%-F
8-1/4%-AG
13%-B
9-5/8%-M
8%-V
8-7/8%-AH
6-5/8%-R
Note
Note
Note
Note
Note
Bond
Note
Note
Note
Note
Note
Note
Bond
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Total
1991
Jan. 15
Feb. 15
Feb. 15
Mar. 31
Apr. 15
May 15
May 15
June
X
July 15
Aug. 15
1-3/4%-D
9-1/8%-H
7-3/8%-R
6-3/4%-M
12-3'8%-E
1
14-1/2°/<^A
8-1/8%-J
7-7/8%-N
13-3/4%-F
14-7/8%-B
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
12/31/84
Total
Govl
accounts and
Federal Reserve banlts
ot maturities
Held by
All
Date
other
investors
of final
maturity
Description
Issue
date
Total
U.S. Govl
accounts and
Federal Reserve banlis
All
other
investors
44
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, 1988-Continued
[In
Amount
millions ol dollars]
Amount
01 maturiti
Held by
Held by
U.S.
Dale
of final
Issue
date
Descrlplion
maturity
May 15
?7-3/8%-C
Nov. IS
^-t/4%-0
Total
1997
May
15
Aug. 15
Nov. 15
>1/2y,^A
>5/8%-B
^8-7/8%-C
Total..
Note
Note
Total
Govl
accounts and
Federal Reserve t>ankE
ol maturities
All
Date
other
investors
of final
maturity
Description
Issue
date
Total
U.S. Govl
accounts and
Federal Reserve banks
All
other
Investors
45
PUBLIC DEBT OPERATIONS
Table PD0-2.-0fferings of
[Dollar
amounts
In millions.
Description of
new
Maturity
Number of
date
days
to
maturity
Issue
Source: Monthly SlalemenI
ot Ihe Public
Bills
Debt of the United Slates and altotmenls]
Amounts
of bids
accepted
46
PUBLIC DEBT OPERATIONS
Table PD0-2.--0fferlngs of Bills-Continued
47
PUBLIC DEBT OPERATIONS
Table PD0-3.--Publlc Offerings of Marketable Securities Other than Regular Weekly Treasury
[Dollaf
amounls
In millions.
Source: Bureau
Period to
Auction
data
leeue
Description of securities
'
days)
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
6/27/87
6/04/87
6/23/87
6/24/87
6/25/87
7/02/87
7/30/87
8/04/87
8/1 1/87
8/12/87
8/13/87
8/26/87
8/27/87
9/01/87
9/29/87
9/30/87
10/06/87
10/07/87
10/21/87
10/22/87
11/03/87
11/04/87
11/05/87
11/18/87
11/19/87
11/24/87
12/17/87
12/22/87
12/23/87
1/06/88
1/14/88
1/27/88
2/02/88
2/03/88
2/04/88
2/11/88
2/24/88
2/2S/88
3/10/88
3/23/88
3/24/88
3/25/88
3/30/88
4/07/88
4/12/88
4/27/88
5/05/88
5/10/88
5/11/88
5/12/88
5/25/88
S/26/88
6/01/88
6/02/88
6/22/88
6/23/Se
6/30/88
7/12/88
7/27/88
7/28/88
8/09/88
8/10/88
8/11/88
12/31/86
12^1/86
12«6/8e
1/05/87
1/S2/87
2A)2/87
2/17/87
2/17/87
2/17/87
2/19/87
3A)2/87
3ffl3/87
3/19/87
3/31/87
3/31/87
4A)1/87
4AD7/87
4/03/87
4/16/87
4/30/87
5/15/87
5/15/87
5/15/87
5/14/87
6A)1/87
6/03/87
6/1 1/87
6/30/87
6/30/87
7/06/87
7/09/87
7/31/87
BA)6/87
.8/17/87
,8/17/87
'8/17/87
8A31/87
9«3/B7
9/03/87
9/30/87
10A)1/87
10/15/87
10/15/87
11/02/87
10/29/87
11/16/87
°1 1/16/87
11/16/87
11/30/87
11/27/87
12A)1/87
12/24/87
12/31/87
12/31/87
1/15/88
1/21/88
2rt31/88
„ 2/1 6/88
« 2/1 6/88
2/16/88
2/18/88
2/29/88
3A)3/88
3/17/88
3«1/88
3/31/88
3«0/88
4/04/88
4/14/88
4/15/88
5A)2/88
5/12/88
„ 5/1 6/88
"5/16/88
* 5/1 6/88
5/31/88
601/88
6«7/88
6A)9/88
6«0/88
6/30/88
7/07/88
7/15/88
8A31/88
at)4/88
8/15/88
8/15/88
8/15/88
final
maturity
(years.jnonths,
date
6-1/4% note- 12/3 1/88- AH
Bills
ol the Public Debt]
Amount
tendered
Amount
.
*
Issued ^
Range
ol
accepted bids
for notes
and bonds
48
PUBLIC DEBT OPERATIONS
Table PD0-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Con.
[Dollar
amoums
Period to
Auction
date
Issue
date
Description of securities
final
nnaturity
(years, months.
days)
B/23/B8
In mllllonsl
2
Arrwunt
tendered
Amount,
*
issued ^
Range
of
accepted bids
for notes
and bonds
49
PUBLIC DEBT OPERATIONS
Table PD0-3.--Pubiic Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Con.
Yields accepted ranged from
8.04%
(price 99.927)
up to 8.06%
(price 99.891)
wKh
the
at 8.05% (price 99.909).
*^ Yields accepted ranged from 8.35% (price 99.666) up to
8.37%
(price 99.599) with the
at 8.36% (price 99.632).
^^ Yields accepted ranged from 8.90% (price
99.872) up to
8.92%
(price 99.769) with the
average
average
average
at
8.91%
ranged from 8.40% (price 99.955) up to 8.42% (price 99.919) with the
at 8.41% (price 99.937).
^^ Yields accepted ranged from 8.76% (price
99.974) up to
8.77%
(price 99.948) with the
at 8.77% (price 99.948).
** Yields accepted ranged from 9.24% (price 100.064) up to
9.29%
(price 99.743) with the
at
'* Yields
average
average
8.33%
8.59%
8.31%
(price 99.891)
up
to
8.34%
from 8.58% (price 99.792) up to 8.60%
8.94%
(price 99.740)
wHh the
(price 99.576)
wHh the
(price 99.766).
accepted ranged from 8.93% (pflce 99.641) up to 8.94%
at
(price 99.837) with the
(price 99.855).
(price 99.576).
^ Yields accepted
ranged from 9.09% (price 99.072) up to
at 9.10% (price 98.970).
'' Yields
accepted ranged from 8.86% (price 100.027)
9.1
1%
(price 98.869) with the
average
average
average
at 9.27% (price 99.871).
^' The low. high, and average yield
average
was 8.72% (price 99.829).
accepted ranged from 9.03% (price 99.800) up to 9.04% (price 99.759)
average at 9.04% (price 99.759).
^' Yields accepted ranged from 8.52% (price 99.964) up to 8.53% (price
99.946)
average at 8.53% (price 99.946).
™ Yields accepted ranged from 8.74% (price 100.033) up to 8.77% (price 99.934)
average at 8.76% (price 99.967).
''
Yields accepted ranged (rom 8.72% (price 99.510) up to 8.75% (price 99.356)
average at 8.73% (price 99.459).
" Yields
at
" Yields accepted ranged
average
(price 99.821).
" Yields accepted
Yields accepted ranged (rom
average
at
8.88%
average
at
8.97%
up to 8.89%
(price 99.973) wfth the
up to 8.98%
(price 99.493) with the
(price 99.991).
^ Yields accepted ranged from 8.95% (price 99.616)
(price 99.534).
™ Yields accepted
ranged from 9.21% (price 99.848) up to 9.24% (price 99.795) with the
with the
average
at
9.23%
(price 99.813).
with the
average
at
9.22%
(price 99.689).
with the
Note.-AII notes and bonds, except for foreign-targeted Issues, were sold at auction
through competitive and noncorrpetitlve bidding. Foreign-targeted issues were sold at
auction through corrpetitlve bidding only.
with the
^ Yields accepted
ranged from 9.19% (price 99.787) up to 9.22% (price 99.689) with the
50
PUBLIC DEBT OPERATIONS
Table PDO-4.--Allotments by Investor Classes for Public Marketable Securities
Part A-Other than Bills
[In
millions of dollare]
51
PUBLIC DEBT OPERATIONS
Table PDO-4.--Allotments by Investor Classes for Public Marketable Securities--Con.
Part B-Bllls Other than Regular Weekly Series
[Dollar
amounts
In
millions]
52
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
1,
1952, through Apr. 30, 1957.
U.S. savings notes were on sale 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.
Table SBN-1 .--Sales and Redemptions by Series, Cumulative through Dec. 31, 1988
[In
millions of dollars. Source:
Monlhly Siaemenl
ol
Ihe Public Debt of the United Slates: Market Analysis Section, United Slates Savings Bonds Dlvlslonl
Amount outstanding
Sales'
Accrued
Sales plus
discount
acaued
discount
Redemptions
^
Interest-
Matured
bearing debt
non-Interest-
bearing debt
Savings bonds:
Series A-D^
Series E.EE.H,
Series F and G
Series J and K
Savings notes
Total
3.949
and HH.
53
U.S.
SAVINGS BONDS AND NOTES
Table SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and
Pn
millions ol dollars. Source: Monthly
Statement
of the Public
Deb<
of the Uniled Stales:
Redsmplions
Sales
Accrued
discount
Period
HH
Markel Analysts Section, United States Savings Bonds Division]
Sales plus
accrued
Sales
Accrued
discount
price
discount
Exchange of
E bonds for
H and HH bonds
Anrount outstanding
Interest-
Matured
bearing debt
non-interest-
bearing debt
Series
FHscal yenra:
1941-86
1987
1988
231,407
10.317
7,264
Calendar yeare:
1941-86
1987
1988
1987 -Dec
1988 -Jan
236.358
7.022
7,407
Feb
Mar
630
645
658
706
Apr
661
May
655
615
563
582
519
548
587
667
June
July
Aug
Sept
Oct
Nov
Doc
94.787
EwidEE
54
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.
Tabic OFS-1.--Distribution of Federal Securities by Class of Investors
and Type of Issues
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.
Table OFS-2.--Estiniated 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
sources, such as data gathered by the Federal financial Institution
regulatory agencies. State and local holdings and foreign holdings
Include special Issues of nonmarketable securities to municipal entities and foreign official accounts, as well as municipal and foreign
official and private holdings of marketable Treasury securities. Data
on foreign holdings
in
the capital
of
marketable Treasury securities are presented
tables in the Treasury Bulletin. See the
movements
footnotes for descriptions of the Investor categories.
55
OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1 .--Distribution of Federal Securities by Class of Investors and Type of Issues
[In
millions ol dollars. Source: Financial
Management
Service]
Interest-bearing public debt securities
Total
End
of
fiscal
or
year
month
56
OWNERSHIP OF FEDERAL SECURITIES
Table 0FS-2.--Estimated Ownership of Public Debt Securities by Private investors
57
MARKET YIELDS
INTRODUCTION
The tables and charts in this section present yields on Treasury
marlotable securities and compare long-term Treasury market yields
with yields on long-term corporate and municipal securities.
a consistent data
on Treasury
which are discount
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.I 5 press release.
securities, are the
series. Yields
coupon equivalent
bills,
yields of
Table MY-l.-Treasury Market Bid Yields at Constant Maturities:
Bills,
Notes,
and Bonds
The Treasury
presented in the chart that accompanies table MY-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 maturity points to develop
yield curve,
Table MY-2.--Average Yields of Long-Term Treasury, Corporate, and
Municipal Bonds
The long-term Treasury
rate is the 30-year constant maturity
MY-1. The corporate and municipal bond
series are developed by the Treasury, using reoffering yields on new
long-term securities rated Aa by Mootiy's Investors Service. See the
rate presented in table
footnotes for further explanation.
58
MARKET YIELDS
Table MY-1 .--Treasury Market Bid Yields
[Source: Otilce ol
Date
at
Constant Maturities:
GovernmenI Finance and Maikex Analysis
1-yr.
Z-yr.
3-yf.
In
Bills,
Notes, and Bonds*
Ihe Office o( Ihe Secretary]
6-yr.
7-yr.
10-yr.
30-yr.
Monthly (verage
6.00%
6.56%
6.99%
7.63%
7.87%
8.18%
8.48%
8.67%
8.83%
5.84
5.87
6.08
6.44
6.66
6.94
7.29
7.47
7.59
8.02
8.34
6.21
6.64
7.38
7.60
7.83
8.24
8.22
8.44
8.77
8.57
8.43
8.72
6.02
8.19
8.52
8.89
8.78
8.21
6.71
7.18
7.27
7.59
8.00
8.03
8.28
8.63
8.46
8.35
8.67
9.09
7.71
6.17
6.50
6.88
7.04
7.35
7.78
7.82
7.90
8.37
8.72
9.09
8.92
9.08
9.26
8.98
8.80
8.96
8.43
8.63
8.95
9.23
9.00
9.14
9.32
9.06
8.89
9.02
9.11
9.01
1988 -Jan
5.81
Feb
Mar
Apr
5.79
5.87
6.15
6.62
6.76
7.17
7.54
7.48
7.60
8.10
8.37
6.32
6.05
6.32
6.66
7.18
7.04
7.49
7.89
7.85
7.88
8.42
7.22
7.13
7.48
7.33
7.66
7.98
8.44
8.18
8.57
8.83
8.52
8.32
8.87
9.18
8.26
8.16
8.57
8.87
9.20
8.82
9.12
9.25
8.87
8.65
9.06
9.14
8.42
8.39
8.82
1988- Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
End
of
7.40
7.49
7.75
8.17
8.09
8.11
8.48
8.99
9.11
8.91
9.13
8.87
8.69
8.69
9.13
month
May
June
July
Aug
Sept
Oct
Nov
Dec
'
e.x
7.01
7.83
8.19
8.58
8.49
8.66
8.94
8.69
8.51
8.79
9.09
Rates are from the Treasury yield curve.
9.01
6.66
6.63
6.78
7.14
7.66
7.50
7.90
8.28
8.13
8.06
8.62
9.02
7.41
7.73
8.21
8.02
8.39
3.71
8.43
8.25
8.84
9.14
7.76
7.64
8.04
8.33
8.73
8.41
8.75
8.9S
8.61
8.37
8.91
9.14
8.06
7.95
8.40
8.65
9.03
8.70
8.98
9.13
8.78
8.52
9.02
9.18
9.11
9.30
8.87
9.23
9.31
8.98
8.74
9.07
9.00
59
MARKET YIELDS
00
CX)
00
05
CO
d
LU
Q
(O
LU
DC
§
LU
E
col
L>
DCe
co"°
<
LU
DC
CO
Q
—I
LU
>-
60
MARKET YIELDS
Table MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds
[Source: Office of
Govemmenl Finance and Market
Analysis
In
the Oftice of the Secretafy]
Treasury
New Aa
New Aa
Treasury
New Aa
New Aa
Treasury
New Aa
30-yr,
corporate
munictoal
30-yr.
corporate
municipal
30-yr
corporate
bonds '
bonds^
bonds
bonds
bonds'
bonds ^
bonds^
MONTHLY SERIES-AVERAGES OF DAILY OR WEEKLY SERIES
1977
Jan
n.a.
7.96%
5.52%
Feb
n.a.
8.18
5.41
Mar
7.80%
8.33
5.59
Apr
7.73
8.x
5.33
May
7.80
8.38
5.36
June
7.64
8.08
5.32
July
7.M
8.12
5.33
Aug
7.68
8.06
5.39
Sepi
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
1878
Jan
8.18
8.70
5.36
Feb
8.25
8.70
5.23
Mar
8.23
8.70
5.25
Apr
8.34
8.88
5.33
May
8.43
9.00
5.75
June
8.50
9.15
5.91
July
8.65
9.27
5.97
Aug
8.47
8.83
5.81
SepI
8.47
8.78
5.61
Oct
8.67
9.14
5.76
Nov
Doc
8.75
9.30
5.81
8.85
9.M
6.08
Jan
8.94
9.47
5.95
Feb
Mar
9.00
9.52
5.93
9.03
9.65
5.96
Apr
9.08
9.69
5.85
May
9.19
9.82
5.9S
June
8.92
9.51
5.84
July
8.93
9.47
5.82
Aug
8.98
9.57
5.37
SepI
9.17
9.87
6.16
Oct
9.85
11.17
6.71
Nov
Dec
10.30
11.52
6.84
10.12
11.30
6.67
10.60%
New Aa
i
bonds'
New Aa
Treasury
30-yr.
.1
bonds'
corporate
munlctoal
Knnf4p3
61
MARKET YIELDS
AVERAGE YIELDS OF LONG-TERM TREASURY,
CORPORATE, AND MUNICIPAL BONDS
Monthly Averages
iiiiijiiiiriiiiii|i i iiiiii
ii
i|iiii iiiiiii)iiiii iiii
iiiiiiiiiii|iiiiiiiiiii iiiiiiiiiii|iiii i iiiiii
i i
|
|
78
79
80
81
82
83
84
CALENDAR YEARS
85
i i
ii
i
iii
i
ii|iiiiiiiiiii|iiiiii
|
86
87
88
62
FEDERAL AGENCIES' FINANCIAL REPORTS
INTRODUCTION
Section 114 of the Budget and Accounting Procedures Act of
(31 U.S.C. 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 Seaetary of the Treasury can
prepare comprehensive reports on all the financial activities of the
U.S. Government.
1950
submission
Table FA-3.--Report on Accounts and Loans Receivable
Due from
the Public
Financial f\^anual
of
report provides accounting
I
The required
monitor the flow of funds. An accompanying chart depicts direct
loans and guaranteed loans as of September 30.
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
(I TFM 2-4100) sets the criteria
annual and quarterly financial reports in accordance with the Reporting Entities Listing (Bulletin No. 88-11). Reports are provided for six fund types: Revolving funds, trust revolving
funds, 15 major trust funds, all other trust funds, all other activity
combined, and consolidated reports of an organizational unit. The
financial transactions supporting the required reports are to 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.
The Treasury
for the
Actual control of credit program levels remains with authorizing legislation and appropriations acts. The report on Direct and Guaranteed
Loans also provides the Federal Reserve Board information to
reports should include
equities relating to
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.
to assist in institutionalizing
and management information necessary
sound credit management. This require-
OMB Circular No. A-127. Only selected reporting
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 Bulletin.
ment
is
part of
entities
Table FA-4."Report on Operations
The Report on Operations is a compilation of the financial reFederal programs and activities. Preparation of a Report
on Operations 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 accnjal or cash basis and submitted to Treasury annually.
sults of all
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.
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 in
the reports
is
shown
in
the following tables:
Table FA-5.--Report on Cash Flow
This report
is
required for each reporting entity.
Cash Flow (SF 222) reconciles the fund balance
The Report on
and
cash at the 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.
with Treasury
Table FA-6.-Report on Reconciliation
The Report on Reconciliation (SF 223) reconciles operating
expenses and cash outlays for the fiscal year. It is required for each
reporting entity.
Table FA-l.-Report on Financial Position
Accompanying Charts
The Report on Financial Position is a compilation of all assets,
liabilities, and equity of the U.S. 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 Sep-
•
•
and Government
Equity, Fiscal
U.S.
Government Assets and
Liabilities
by Type, Fiscal Year
1988
•
•
•
•
This report reflects the direct loans and guaranteed loans to the
public through the Federal Credit Program to support credit activities.
Liabilities,
Years 1979-88
temtier 30, the close of the fiscal year.
Table FA-2.-Direct and Guaranteed Loans
Combined Assets,
•
and Guaranteed Loans Due from the Public, Fiscal
Year 1988
Accounts Receivable Due from the Public, Fiscal Years
1986-88
Loans Receivable Due from the Public, Fiscal Years 1986-88
Accrual Financial and Operating information. Fiscal Year 1 988
Combined Fiscal Results for Major Agencies, Fiscal Year
1988
Direct
63
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30, 1988
[Source:
SF 220, compiled by
Financial
Management
TOTAL
ASSETS
Fund balance
with Treasury
Service]
Legislative
Branch
Executive Office
of ttie President
64
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30,
1988— Con.
Funds
Department of
Department of
appropriated to
the President
Agriculture
Commerce
$22,113,297,441
7,370,114,359
120,208,137
1,875,020,209
683,184,924
592,915,901
$9,930,353,180
67,096,456
61,530,934,456
2,987,445
6,594,211,983
10,997,622,711
4,491,522,407
118,295,591
81,925,459
39,858,620
1,210,475,463
24,485,032,004
795,426,188
97,886,393,362
17,718,223
271,276,458
91,223.154
208,855,000
58,750,326,592
4,183,693.033
1,935,733,865
730,758,512
19,019,888
136,882,053.185
2,812,774,652
2,980,963,802
1,485,440
14,370,626,867
4,018,494,566
176,121,002
40,828,595
30,136,601
11,567,492,894
12,649,874
45,000,000
12,172,762
1,712,203,877
4,050,328,060
124,689,458,689
121,125,824
9,831,587
32,753,472
34,212
23,916,786,944
127,190,276
43,513,557
14,637,762,823
172,770,071,765
551,364,313
11,057,050,687
45.491,567,475
36,319,166
1,370,063,618
754,639,777
140,564,677
- 3,857,733
35,888,018,580
2,261,410,339
136,882,053,185
2,812,774,652
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
allowances 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
liabilities
Total liabilities
EQUITY
Unexpended financed budget
Invested capital
Revolving fund balance(s)
Trust fund balance(s)
20,893,974,371
20,040,141,331
3,165,664,179
12,783,888
Total equity
44,112,563,769
Total
liabilities
authority
and equity
58,750,326,592
- 1.489,820,958
-
-
65
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30,
1988— Con.
Department of
Defense
Department of
$249,502,413,586
283,689,904
$20,005,776,696
$8,148,080,501
1,045,174
0,946,248,063
4,709,305,531
171 ,763,508,819
112,732,631
32,997
3,738,925,842
203,412,294
30,354,262,061
52,395,577, 1 32
3,1 79,360
899,236
3,038,481,476
3,094,013,146
55,641,460
568,491,256,101
6,821,533,009
155,164,080
173,719,147
22,117,249,355
2.473,388,867
1,064,916,711,505
23,486,806,263
70,186,018,700
42,160,111,667
287,000
7,092,578,886
14,832,445
2,100,016,919
30,788,370
5,834,999,093
4,427,375,361
801,031,087
4,179,526
457,100,000,000
4,905,616,276
26,338,083
926,960,691
78,166,250
1,073,990,267
4,362,742,348
1,842,479,000
515,233,600,010
8,060,710,105
9,897,743,900
221,416,567,955
657,415,836,474
73,806,424,718
- 402,955,717,652
10,324,377,327
5,101,718,831
6,292,422,265
52,221,687,770
1,774,049,816
114,949
549,683,111,495
15,426,096,158
60,288,274,800
1,064,916,711,505
23,486,806,263
70,186,018,700
Education
Department of
Energy
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
allowances for losses
Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Otfier assets
Total assets
—
1
LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave
Unearned revenue (advances)
Deposit funds
Debt issued under borrowing auttiority
Actuarial
Other
liabilities
liabilities
Total liabilities
409,560,746
EQUITY
Unexpended financed budget
authority
Invested capital
Revolving fund balance(s)
Trust fund balance(s)
Total equity
Total liabilities
and equity
66
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30,
Department of
Health and
Human Services
1988— Con.
Department of
Housing and
Urban
Development
Department of
thie
Interior
ASSETS
Fund balance with Treasury
Cash
Foreign currency, net of ailowances
Accounts receivable, net of allowances
Advances and prepayments
Inventories
Investments, net of premium, discounts and
allowances for losses
Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets
$11,955,290,070
357,081
$22,400,489,604
6,590,519,467
22,015,116,722
108,206,047
1,217,233,321
176,893,676,386
781,237,049
8.115,038,127
13,642,248,110
1.334,399,233
244,304,578
2,499,080,125
21.902,037,037
1,711,897,901
91,894,974
26,388,119,755
568,012,143
242,745,519,984
47,215,224,513
36,716.035.303
22.027,758,630
399
3,164,261,924
785,602,914
719,183,216
728,484.710
578,260,592
66,894,530
27,122,525
35,103,070
5,583,394,663
74,840,221
12,693,709,106
270,854,595
60,363,313
436,680,642
288.993,353
36,422,476
$4,076,067,757
2,782,922
2,444,810
2,334,838.228
898,290,838
866,775.039
LIABILITIES
Accounts payable
Interest payable
Accrued payroll and benefits and unfunded annual
leave
Unearned revenue (advances)
Deposit funds
Debt issued under borrowing authority
Actuarial
liabilities
217,364,763
404,772,056
3,210,299,412
22.917,401,439
22.741,683,954
5,714.859,241
Invested capital
Revolving fund balance(s)
Trust fund balance(s)
16,401,635,088
2,860,662,767
114,462,898
200.451,357,792
16.992,227,952
- 34,459,636
7,506,313,645
9,458,598
15,861,961,405
11,302,149,188
3,690.213.826
146,851,643
Total equity
219.828,118,545
24,473,540,559
31.001,176,062
242.745,519,984
47,215,224,513
36,716,035,303
Other
liabilities
Total liabilities
EQUITY
Unexpended financed budget
Total liabilities
authority
and equity
67
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30,
1988— Con.
Department of
Labor
Department of
Justice
$2,651,483,482
10,721,323
$7,350,621,245
10,000
$2,229,625,103
55,064
296,969,871
163,428,534
102,622,693
2,574,068,675
616,630,424
495,069,974
33,594,872
1.108,000
69,101,881
37,004,803,231
4,532,782
3,924,177,000
460,000
1,868,374,192
1,163,853,964
252,766,104
2,222,815,035
6,332,000,000
6,326,555,940
47,803,432,461
15,238,905,048
786,517,193
2,315,068,001
7,285,953
1,785,147,304
335,039,511
7,015,671
396,008,267
88,985,292
1,355,351,919
72,947,193
150,094,000
8,729,199
2,993,053,671
3,429,613,839
54,433,706
6,332,000,000
755,034
2,879,932,561
9,031,225,562
8,257,998,551
1,786,096,332
1,471,994,028
188,533,019
6,090,454,679
158,488,876
- 2,777,604,423
35,300,867,767
5,013,214.199
1,959,055,426
8,636,872
3,446,623,379
38,772,206,899
6,980,906,497
6,326,555,940
47,803,432,461
15,238,905,048
Department of
State
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
allowances 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
liabilities
Total
liabilities
51,110,921
EQUITY
Unexpended financed budget
authority
Invested capital
Revolving fund balance(s)
Trust fund balance(s)
Total equity
Total liabilities
and equity
.
68
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30,
1988— Con.
Department of
Department of the
Transportation
Treasury
S1 1,462,420,308
823,462,835
410,003,746
1,356,567,787
$33,044,736,346
9,696,737
118,098,216
50,368,035,770
304,895,845
74,527,858
511,081,961,785
150,250
1,160,074
43,776,998
22,265,732
25,184,404,252
808,166,829
1,667,435,356
149,106,257,133
1,365,251,839
71,919,234
9,543,962,115
9,288,701,895
1,748,835,835
10,360,120,709
156,267,985
62,174,225,535
246,802,639,805
12,742,753,897
1,398,112,154
16,083,529
1,316,339,194
38,864,927,834
539,686,669
488,294,193
124,546,304
14,054,362
800,123,985
8,031,000,000
26,630,466
828,897,190
331,216,236,717
421,801,941
133,437,695,617
77,661,839
37,633,295
8,869,237
733,955,348
85,074,066,406
- 2,000
10,898,844,993
591,159,964,899
1,397,804,388
5,164,527,728
6,292,595,371
282,481,786
8,326,084,214
228,187,219
526,980
2,790,151,096
51,275,380,542
- 344,357,325,094
11,344,949,509
62,174,225,535
246,802,639,805
12,742,753,897
Environmental
Protection
Agency
ASSETS
Fund balance
Cash
with Treasury
3,296,535,768
Foreign currency, net of allowances
Accounts receivable, net of allowances
Advances and prepayments
Inventories
Investments, net of premium, discounts and
allowances 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
liabilities
Total liabilities
EQUITY
Unexpended financed budget
authority
Invested capital
Revolving fund balance(s)
Trust fund balance(s)
Total equity
Total liabilities
and equity
.
40,129,202,994
10,258,057,431
58,642,826
829,477,291
- 356,096,929,979
69
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30,
1988— Con.
General Services
National
Office of
Administration
Aeronautics and
Personnel
Space
Management
Administration
ASSETS
$2,486,842,392
300.992
$6,370,696,724
$91,050,022
449,402
712,398,662
15.588,438
887,529.470
114,093,665
164,986,437
1,112,361,175
5,665,992,000
30,606,394
16,130,582
49,793,625
898,803,304
5,318.272.573
43.283.555
16,002,669,491
28,677,300
40,185,693
65,999,163
9.514.009,707
24,692,288,096
211,344,003,546
976.905,405
100,822
2,864,171,221
4,366,307,696
46,160,973
764,865,795
102,554,628
79,899,151
22,180,929
71,169,236
366,384,115
4.431.476
1.122,563.361
926,471,225
580,000,000,000
- 22,900
3,017,582,460
4,236,925,712
584,459,634,961
Invested capital
Revolving fund balance(s)
Trust fund balance(s)
964,295,319
4.224,625,703
1.307.451,884
54,341
3,675,184,804
16,780,177,580
11,259,391
45,998,259
62,111
373,172,951,176
Total equity
6,496,427,247
20,455,362,384
373,115,631,415
9,514,009,707
24,692,288,096
211,344,003,546
Fund balance
Cash
with Treasury
Foreign currency, net of allowances
Accounts receivable, net of allowances
Advances and prepayments
Inventories
Investments, net of premium, discounts
allowances
for
and
205,433,590,290
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
liabilities
Total liabilities
EQUITY
Unexpended financed budget
Total liabilities
authority
and equity
70
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Report on Financial Position, Sept. 30,
Small Business
1988— Con.
Administration
Veterans
Administration
Other independent
agencies
;1, 527, 550,465
$5,386,884,117
1.650,674.659
187,147,850
157,581,914
$4,462,874,247
15,770,038
14,670,874
6.203.591.677
1.582.779,888
542.526,745
12.687,560,626
2.220.181,949
33.353,596,614
14.048.531,425
8.789,527.573
468,750.008
32.978.263,772
36.705,951.731
31.548,308,696
129.908,557.011
55.822.397
245.924.469
3.011.779.810
7.812.474,234
896.461,424
22.137.487
88.196.715
- 43.502
1,520.691.087
650.169.973
167.733.175
47.651.847
1.730.077.996
12,939,256,796
267,476
2,134,196.350
2.052.955,546
133,542,718
49.377,766,507
36,350,039,460
33.068,821,006
1.932.728.653
18,546,937.073
131,826,257,245
76.103.226
13,231.398.313
- 2.883.973.451
2,083.121,885
570,824,876
15,226,621,560
13,927 219,171
- 26,681.700.289
- 4.389.840.676
ASSETS
Fund balance
Cash
with Treasury
288,209
Foreign currency, net of allowances
Accounts receivable, net of allowances
Advances and prepayments
344,903,284
42.590,011
Inventories
Investments, net of premium, discounts
allowances
and
for losses
Loans receivable, net of allowances
Property, plant and equipment, net of accumulated
depreciation and amortization
Other assets
Total assets
6,202,923,040
160,310,106
519,637,627
8.798,202,742
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
liabilities
Total liabilities
EQUITY
Unexpended financed budget
authority
.
- 10.407,553
Invested capital
Revolving fund balance(s)
Trust fund balance(s)
6,799,778,416
Total equity
6,865,474,089
13,001,371,623
- 1,917.700,234
8.798,202,742
31,548,308,696
129,908.557,011
Total liabilities
and equity
71
FEDERAL AGENCIES' FINANCIAL REPORTS
COMBINED ASSETS,
EQUITY,
$100
Millions
2500
2025
1550
1075
-I
1979
1980
AND GOVERNMENT
FISCAL YEARS 1979-88
LIABILITIES,
72
FEDERAL AGENCIES' FINANCIAL REPORTS
U.S.
GOVERNMENT ASSETS AND
As
Fund Balance With
of Sept. 30,
LIABILITIES
BY TYPE
1988
Treasury"^
oans Receivable
(net)
ASSETS
'Accounts Receivable (net)
Fixed Assets
'Advances and Prepayments
(net)'
ther Assets
ebt Issued Under Borrowing Authority
Unearned Revenue'
ther Liabilities
Accounts Payable
LIABILITIES
merest Payable
Actuarial Liabilities
73
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.— Direct and Guaranteed Loans, Sept. 30, 1988
[In
thousands
of dollars.
Source: SF 220-8, compiled by Financial
Management
Direct loans or credit
Agency and program
I— Wholly owned Government
Maximum
Amount
Maximum
outstanding
authority
outstanding
authority
enterprises
to the President:
1,464,670
Guaranty reserve fund
Foreign military sales credit
Military sales credit to Israel
Emergency security assistance to Israel
Housing and ottier credit guaranty programs
Alliance for Progress loan fund
programs
Overseas Private Investment Corporation
Total Funds appropriated to the President
Ottier
Department
of Agriculture:
Commodity 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
Self help housing development loans
Rural development loans
Other Farmers Home Administration loans
Total
Department
of Agriculture
of Commerce:
Economic Development loans
Department
Coastal energy impact fund
Federal ship financing fund
Other loans
Total
Department
of
Commerce
Guarantees or insurance
Amount
U.S. dollar loans
Funds appropriated
Service]
74
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.— Direct and Guaranteed Loans, Sept. 30,
Guarantees or insurance
Direct loans or credit
Agency and program
I— Wholly owned Government
Amount
Maximum
Amount
Maximum
outstanding
auttiority
outstanding
authority
3,179
3,179
enterprises
U.S. dollar loans
Department of Defense:
Ryukyu Isiands, construction
Total
Department
of
of
power systems
Defense
3,179
Department
of Education:
College housing loans
Higher education facilities loan and insurance fund
Other loans
Total
...
Department oi Education
Department
of Energy:
Bonneville Power Administration loans
Other loans
Total
Department
of
Energy
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
Department
Nurse
training fund
Health maintenance organization loan fund
Total
Department
of Health
and Human Services
Department of Housing and Urban Development:
Housing Programs
flexible subsidy fund
Federal Housing Administration fund
Housing for the elderly or handicapped
Low-rent public housing program
—
Other housing loans
Management and
Guarantees
of
liquidating functions
mortgage-backed securities
Rehabilitation loan fund
Urban renewal programs
Community disposal operations fund
Community planning and development loans
Nonprofit sponsor assistance
Department
Development
Total
of
Housing and Urban
.
1988— Con.
75
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.— Direct and Guaranteed Loans, Sept. 30,
Direct loans or credit
Agency and program
I— Wholly owned Government
Amount
Maximum
Amount
IVIaximum
authority
outstanding
authority
enterprises
Indian affairs revolving fund for loans
Indian loan guaranty and insurance fund
Guam Power Authority
Virgin Islands construction
Total
Department
of the Interior
Department of Labor:
Pension Benefit Guaranty Corporation
Total Department of Labor
Department of State:
Emergencies in diplomatic and consular service
Loans to the United Nations
Total Department of State
Department
of Transportation:
——
purchase of aircraft
Federal Aviation Administration
right-of-way
Federal Highway Administration
revolving fund
Highway trust fund
Federal Railroad Administration loans
Urban Mass Transportation loans
Federal ship financing fund.
Maritime Administration
—
Total
Department
of Transportation
Department
of the Treasury:
Federal Financing Bank
Loans
to foreign
Total
governments
Department
of the
Treasury
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
Guarantees or insurance
outstanding
U.S. dollar loans
Department of the Interior:
Reclamation projects
1988— Con.
69,647
101,058
15,244
76
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.— Direct and Guaranteed Loans, Sept. 30,
Direct loans or credit
Agency and program
I— Wholly owned Government
Maximum
Amount
Maximum
outstanding
auttiority
outstanding
authority
enterprises
Direct loan revolving fund
Service-disabled veterans insurance fund
Veterans reopened insurance fund
Vocational refiabilitation revolving fund
Education loan fund
Ottier trust funds
National service life insurance fund
Veterans special life insurance fund
Compensation and benefits
Other loans
Total Veterans Administration
Other independent agencies:
Loans
DC. Government
to
Export-Import Bank of the United States
Federal Savings and Loan Insurance Corporation...
National Credit Union Administration
Tennessee Valley Authority
Total Other
Total
Pan
independent agencies
I
II— Wholly owned Government enterprises
Loans repayable in foreign currencies
Loans Repayable
Agency
in
Foreign Currencies:
for International
Development
Agency
United States Information
Total Part
Ill— Privately
II
owned Government-sponsored
enterprises
Privately
Ow/ned Government
-
Sponsored Enterprises:
Student Loan Marketing Association
Federal National Mortgage Association
Banks tor cooperatives
Federal land banks
Federal home loan banks
Federal Home Loan Mortgage Corporation
Total Part
Grand
III
total, all
parts
Guarantees or insurance
Amount
U.S. dollar loans
Veterans Administration:
Loan guaranty revolving fund
1988— Con.
1,091,461
77
FEDERAL AGENCIES' FINANCIAL REPORTS
DIRECT AND GUARANTEED LOANS, SEPT.
30, 1988
Wholly owned Government Enterprises--U.S. Dollar Loans
Agriculture
Direct
Loans
ther
ducation
Agriculture
Guaranteed Loans
ther
78
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30, 1988
[Source; SF 220-9; compiled by Financial
Part
I
Management
Service]
— Accounts Receivable
TOTAL
Legislative Brancli
Funds
appropriated to
the President
SECTION
A: Outstanding Receivables
Current receivables
Not delinquent
Delinquent
1
-
30 days
31-60 days
61
90 days
91 - 180 days
181
360 days
-
Over 360 days
B: Activity Fiscal
activity fiscal
t71, 143, 931, 597
5,255,594,454
2,930,775,384
2,147,008,670
7,506,276,472
9,529,633,156
43,774,643,461
251,109
9,682
42,453
555,651,045
881,984,390
208,269,152
56,879,684
66,279,595
196,679,560
253,294,956
100,581,443
49,582,686
Year to Date
90,744,911,163
receivables
Repayments on receivables
Reclassified amounts
Amounts written off
Net
$1,437,635,435
144,916
95,407,726,097
Total receivables
New
$396,025
15,171.308.725
year
to
15,558
54,530
17,858
111,028
9,092,485,775
Noncurrent receivables
SECTION
$86,315,240.322
date
396,025
1,487,218,121
79
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
SECTION
I
— Accounts Receivable
Department of
Department of
Agriculture
Commerce
Department of
Defense
A: Outstanding Receivables
Current receivables
$10,813,769,862
1,772,135
$1,231,123,050
Not delinquent
5,176,044,876
25,220,386
Delinquent
5,637,724,986
115,752,791
32,350,587
50,987,140
90,728,699
938,188,030
4,409,717,739
63,551,749
3,285,360
1,229,255
1,243,740
3,595,396
3,385,784
50,812,214
561,478,163
669,644,887
48,656,822
64,567,278
30,428,045
86,778,405
60,347,440
378,866,897
30 days
days
61 - 90 days
91 - 180 days
181 - 360 days
Over 360 days
Noncurrent receivables
1
-
31-60
59,279,903
527,158
420,381,734
10,873,049,765
89,299,293
1,651,504,784
11,458,214,696
8,312,654,925
- 1,799,132,958
- 522,308,486
164,435,043
- 135,061,991
- 1,397,738
- 35,952,052
3,663,112,659
3,402,475,206
51,336,679
- 124,337,173
824,118,327
7,976,738
187,636,959
4,379,165,350
- 522,308,486
14,632,526
35,952,052
38,951,006
124,337,173
Total receivables
SECTION
New
B: Activity Fiscal
Year to Date
receivables
Repayments on receivables
Reclassified amounts
Amounts written oft
Net
1988— Con.
activity fiscal
SECTION
C:
-
year to date
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances
for loss expense)
Total allowances,
SECTION
end
for the period (provision
of period
1,540,146,064
52,915,397
172,191,079
5,397,002,928
31,595,871
86,804,912
10.048,931,438
824,118,327
97,276,031
- 7,976,738
1,463,867,825
187,636,959
10,873,049,765
89,299,293
1,651,504,784
D: Reconciliation
Beginning receivables
Net activity fiscal year
Ending receivables
to
date
.
.
.
80
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
I
1988— Con.
— Accounts Receivable
Department of
Education
Department of
Energy
Department of
Healtfi
Human
SECTION
A: Outstanding Receivables
Current receivables
Not delinquent
Delinquent
30 days
31-60 days
61 - 90 days
91 - 180 days
181 - 360 days
Over 360 days
Noncurrent receivables
1
-
New
receivables
activity fiscal
SECTION
C:
year to date
$2,428,218,949
782,827.235
1,924,441,700
322,035,326
17,539,202
19,753,983
1,419,763,165
10,376.290
74,623,301
2,039,943
2,599,000
14,630,160
1,315,494,471
503,777,249
32,581,832
31,081,947
62,828,592
41,339,056
53,323,759
282,622,063
170,898,646
542,513,706
2,126,129,055
816,199,763
4,328,719,455
3,244,418,712
309,024.366
- 219.397.096
- 92.694.595
- 53,983,736
4,820,783,100
4,409,035,329
1,598,323,573
- 27,884,985
13,392,734,203
12.729.166,740
- 273,567,731
- 238,648,665
57,051,061
1,982,186,359
151,351,067
297.371,767
- 53,983,736
278,067,712
- 27,884,985
557,116,943
238,648,665
10.921.998
254.310,029
1,112,623,740
1,362,806,467
413,419,654
731,887,932
599.564,767
- 57.051.061
542.513.706
2.346.533.096
1,982,186,359
3,093,067,645
151,351,067
4,328,719,455
3,244,418,712
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances
for loss expense)
Total allowances,
SECTION
$2,202,590,400
Year to Date
B: Activity Fiscal
Repayments on receivables
Reclassified amounts
Amounts written off
Net
$371,615,060
49,579,734
19,799,921
9,815,670
35,128,036
219,998,514
Total receivables
SECTION
and
Services
end
for the
of period
period (provision
D: Reconciliation
Beginning receivables
Net activity fiscal year
Ending receivables
to
date
.
.
.
81
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
I
— Accounts Receivable
Department of
Housing and
Urban
Development
SECTION
Not delinquent
$561,275,584
304,242,798
Delinquent
1
-
30 days
31 - 60 days
61 - 90 days
91 - 180 days
181 - 360 days
Over 360 days
Noncurrent receivables
Total receivables
SECTION
Reclassified
Net
B: Activity Fiscal
SECTION
3,538,484,102
2,110,941,591
- 36,262,180
3,837,846,646
amounts
C:
year to date
Total allowances,
end
to
date
....
llgurs differe
$753,373,554
724,661,941
233,420,724
415,570,327
7,676,624
12,316,342
5,272,894
24,188,657
97,928,542
268,187,268
1,522,652,967
2,171,644,018
28,711,613
4,026,928
1,876,759
2,739,861
2,693,620
2,802,022
14,572,423
32,210
753,405,764
1,041,583,389
- 8,030,750
2,446,566,315
82,031,461
166,834,889
2,820,896,985
3,837,846,646
88,917,268
- 8,030,750
2,310,366
15,078,694
1,311,664,799
- 8,115,560
15,748,412
294,715,138
72,770,958
2,980,084
3,634,019,446
2,446,566,315
2,089,612,557
82,031,461
1,187,453,131
2,171,644,018
586,570,875
166,834,889
753,405,764
by $5,187,496 from kilomulian shown In the PV 1968 0MB Manageat a reclassHlcatbn by 0MB Irofn noncurrent to current-delinquent
ment Report because
Involving
$648,991,051
635,254,339
- 336,841,183
- 116,499,573
- 15,078,694
of period
Ending receivables
Thk
Justice
- 807,447,444
- 144,073,734
D: Reconciliation
Beginning receivables
Net activity fiscal year
^
Department of
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances for the period (provision
for loss expense)
SECTION
ttie
Interior
Year to Date
written off
activity fiscal
257,032,786
61,648,788
15,568,347
17,255,003
32,498,231
37,382,203
92,680,214
626,177.547
1,187,453,131
New/ receivables
Repayments on receivables
Amounts
Department of
A: Outstanding Receivables
Current receivables
1
1988— Con.
HUO's FHA
rehabHllation loan lund.
82
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
I
—
1988— Con.
Accounts Receivable
Department of
Labor
Department of
Department of
State
Transportation
$457,067,053
216,816,702
$38,924,376
11,745,198
$114,154,527
40,186,865
30 days
31-60 days
61 - 90 days
91 - 180 days
181 - 360 days
Over 360 days
240,250,351
2,030,716
2,657,741
1,036,935
11,965,753
136,256,180
86,303,026
27,179,178
1,800,000
1,142,178
1,109,000
1,225,000
1,793,000
20,110,000
73,967,662
3,940,405
2,782,359
3,535,715
6,453,883
12,311,509
44,943,791
Noncurrent receivables
1,157,517,486
Total receivables
1,614,584,539
38,924,376
115,703,151
566,052,002
2,336,731,303
- 165,341,344
- 25,760,037
45,335,322
48,780,519
167,170,212
250,883,366
114,117,677
- 11,000
- 3,696,151
1,961,780,682
3,456,197
26,708,372
SECTION
A: Outstanding Receivables
Current receivables
Not delinquent
Delinquent
1
-
SECTION
New
B: Activity Fiscal
Year to Date
receivables
Repayments on receivables
Reclassified amounts
Amounts written off
Net
activity fiscal
SECTION
C:
year
to
date
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances for the period (provision
for loss
expense)
Total allowances,
end
of period
1,548,624
125,388,668
- 25,760,037
83
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
I
— Accounts Receivable
Department of the
Environmental
General Services
Agency
Administration
2,445,421,514
$93,240,010
35,495,401
56,836,551,374
4,545,675,912
2,435,167,189
1,731,125,257
6,604.866,079
7,351,258,163
34,168,458,774
57.744,609
2,916,352
5,498,022
1,456,303
13,897,493
1,932,948
32,043,491
$17,121,592
2,525,593
14,595,999
Treasury
SECTION
$59,281,972,888
Not delinquent
Delinquent
-
30 days
31 - 60 days
61 - 90 days
91 - 180 days
181
360 days
Over 360 days
Noncurrent receivables
New
B: Activity Fiscal
receivables
activity fiscal
SECTION
C:
year to date
Total allowances, beginning of period
Total actual writeoffs during period
Total allowances,
end
1,495,870
10,091,206
for the
of period
3,033,622
60,953,759,571
93,240,010
36,254,331.905
28,279,156,734
- 306,474,033
- 2,225,870,795
129,959,772
- 119,186,887
- 277,583
21,872,673
20,624,529
- 1,942,795
- 693,282
5,442,830,343
10,495,302
1,387,933
Allowances and Writeoffs
Adjustment to allowances
for loss expense)
599,568
585,049
752,336
20.155,214
Year to Date
Repayments on receivables
Reclassified amounts
Amounts written off
Net
1,071,970
1.671,786,683
Total receivables
SECTION
Protection
A: Outstanding Receivables
Current receivables
1
1988— Con.
period (provision
13,490,640,881
- 2,225,870,795
-
84
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
I
— Accounts Receivable
National
Office of
Small Business
Aeronautics and
Personnei
Administration
Space
Management
Administration
SECTION
A: Outstanding Receivables
$99,592,464
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
New
B: Activity Fiscal
Year to Date
receivables
Repayments on receivables
Reclassified amounts
Amounts written off
Net
activity fiscal
SECTION
C:
year to date
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances
for loss expense)
Total allowances,
SECTION
end
for tfie period (provision
of period
D: Reconciliation
Beginning receivables
Net activity fiscal year to date
Ending receivables
1988— Con.
85
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
I
—
Accounts Receivable
Administration
Other independent
agencies
$2.972.613,905
$1,979,065,403
180.059,895
1,471,083,622
2.792.554.010
84.931.829
97.325,137
106,393,594
304,943,867
442,742,093
1,756,217,490
507,981,781
47,647,737
25,022.588
10,526,693
45,466,919
50,192,579
329,125.265
2,972,613,905
2,134.765,823
Veterans
SECTION
A: Outstanding Receivables
Current receivables
Not delinquent
Delinquent
30 days
31 - 60 days
61 - 90 days
91 - 180 days
181 - 360 days
Over 360 days
Noncurrent receivables
1
-
155,700.420
Total receivables
SECTION
Year to Date
B: Activity Fiscal
New/ receivables
Repayments on receivables
Reclassified
Amounts
Net
1,438,118.389
activity fiscal
C:
year to date
326,151.749
1.241.560.248
37.837.460
- 9.712.621
-
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances for the period (provision
for loss expense)
Total allowances,
SECTION
550.072.885
amounts
written off
SECTION
- 320,326,215
10.332,354,586
9,577,125,751
- 419,364.465
- 9,712.621
- 567,719.289
end
of period
- 320.326.215
826.919.930
16.070.926
1.748,153,963
44.195.765
2,422,541.020
550,072,885
1.808.614.074
326.151.749
2.972.613.905
2,134.765.823
D: Reconciliation
Beginning receivables
Net activity fiscal year
Ending receivables
to
date
....
1988— Con.
86
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
II
—
1988— Con.
Loans Receivable
TOTAL
Legislative Branct)
Funds
appropriated to
the President
SECTION
A: Outstanding Receivables
$39,054,186,329
22,732,775,699
16,321,410,630
561,396,732
277,894,837
268,577,964
683,295,386
2,819,878,941
11,710,366,770
$1.367,562,447
Noncurrent receivables
173,888,241,169
23.132,681.807
Total receivables
212,942,427,498
24.500,244,254
31,122,514,439
- 39,123,489,240
208,746,783
- 20,951,930,281
- 28,744,158,299
1.250.365.322
- 722.516.008
1.376.338,085
- 50,402,344
41,444,778,144
20,951.930,281
6,224.988
50.402.344
Current receivables
Not delinquent
Delinquent
1
-
30 days
31 - 60 days
61 - 90 days
91 - 180 days
181 - 360 days
Over 360 days
SECTION
New
B: Activity Fiscal
Year to Date
receivables
Repayments on receivables
Reclassified amounts
Amounts written off
Net
activity fiscal
SECTION
C:
year to date
1,853.785,055
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances for the period (provision
for loss expense)
Total allowances,
SECTION
923.148,076
444.414,371
25.759,355
17,437.759
27.417.770
89.767.552
91.043.797
192.988.138
end
8,894,255,296
55.420.218
29,387,103,159
11.242.862
241,686,585,797
- 28,744,158,299
22,646,459,199
1,853,785.055
212,942,427,498
24,500.244.254
of period
D: Reconciliation
Beginning receivables
Net activity fiscal year to date
Ending receivables
men
* Thte figure
by $1,269,270,601 Irom Inlormalion shown ki the FV 1968
agemsnl Rapod because of a reclasHk^lon by 0MB Irom noncurrenl
dellnquanl Involving HUD'8 FHA tingle-lamlly, mulWamlly. and title 1 programs.
0MB
to
Man-
currenl-
87
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
SECTION
Delinquent
30 days
days
61 - 90 days
91 - 180 days
181 - 360 days
Over 360 days
-
31-60
Noncurrent receivables
Total receivables
New
B: Activity Fiscal
Year to Date
receivables
Repayments on receivables
Reclassified amounts
Amounts written off
Net
activity fiscal
SECTION
C:
year
to
date
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances
for loss expense)
Total allowances,
SECTION
Loans Receivable
Department of
Department of
Agriculture
Commerce
$14,698,116,815
Not delinquent
SECTION
—
A: Outstanding Receivables
Current receivables
1
II
end
for tfie
of period
D: Reconciliation
Beginning receivables
Net activity fiscal year to date
Ending receivables
period (provision
1988— Con.
Department of
Defense
88
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
II
—
1988— Con.
Loans Receivable
Department of
Education
Department of
Energy
Department of
Healtti
Human
SECTION
A: Outstanding Receivables
Delinquent
30 days
60 days
61-90 days
91 - 180 days
181 - 360 days
Over 360 days
-
-
Noncurrent receivables
New
B: Activity Fiscal
receivables
activity fiscal
SECTION
C:
year to date
803,883,011
1,440,570,984
- 975,649,353
77,940,896
- 409,038,196
49,980,210
- 440,188
- 334,770
42,282,934
33,522,422
- 1,420,863
- 691,809
133,824,331
49,205,252
6,647,840
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances
for loss expense)
Total allowances,
end
for tfie
of period
$51,012,176
50,381,839
630,337
44,818
585,519
Year to Date
Repayments on receivables
Reclassified amounts
Amounts v*/ritten off
Net
5,147,891
56,160,067
1,140,574,561
4,021,039,721
Total receivables
SECTION
815,884,240
7,045,600,552
754,355,256
5,475,361,056
134,969,769
49,079,426
74,125,408
55,572,171
Not delinquent
1
$80,557,288
25,360,412
55,196,876
5,740,106
4,415,436
3,778,390
8,507,770
9,483,198
23,271,976
723,325,723
$6,229,716,312
Current receivables
31
and
Services
period (provision
3,285,978,867
- 409,038,196
-
89
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
SECTION
Not delinquent
Delinquent
-
—
Loans Receivable
Department of
Housing and
Urban
Development
Department of the
Department of
Interior
Justice
$646,895,852
329,008,402
$83,239.686
$16,210
A: Outstanding Receivables
Current receivables
1
II
1988— Con.
30 days
31 - 60 days
61 - 90 days
91 - 180 days
181 -360 days
Over 360 days
Noncurrent receivables
Total receivables
90
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
II
—
Loans Receivable
Department of
Labor
SECTION
A: Outstanding Receivables
$2,867,400
Current receivables
Not delinquent
2,867,400
Delinquent
30 days
31-60 days
61
90 days
91 - 180 days
181 - 360 days
Over 360 days
Noncurrent receivables
1
-
-
2,867,400
Total receivables
SECTION
New
B: Activity Fiscal
Year to Date
receivables
Repayments on receivables
Reclassified amounts
Amounts w^ritten off
Net
activity fiscal
SECTION
C:
year to date
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances for the period (provision
for loss expense)
Total allowances,
SECTION
end
of period
D: Reconciliation
Beginning receivables
Net activity fiscal year to date
Ending receivables
1988— Con.
Department of
Department of
State
Transportation
91
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
II
—
Loans Receivable
Department of the
Treasury
SECTION
Environmental
Genera! Services
Agency
Administration
$281,031
$752,668
Protection
A: Outstanding Receivables
$1,935,906,464
Current receivables
1,835,944,274
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
New
B: Activity Fiscal
Year to Date
receivables
Repayments on receivables
Reclassified amounts
Amounts written off
Net
activity fiscal
SECTION
C:
year
to
date
Allowances and Writeoffs
Total allowances, beginning of period
Total actual writeoffs during period
Adjustment to allowances for the period (provision
tor loss expense)
Total allowances,
SECTION
1988— Con.
end
of period
D: Reconciliation
Beginning receivables
Net activity fiscal year to date
Ending receivables
22,183,963,614
- 3,216,504,450
18,967,459,164
29,750
71,889,484
92
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
II
—
1988— Con.
Loans Receivable
National
Office of
Small Business
Aeronautics and
Personnel
Administration
Space
Management
Administration
SECTION
A: Outstanding Receivables
$472,547,267
472,547,267
Current receivables
Not delinquernt
Delinquent
$2,781,700,209
981,422,800
1,800,277,409
18,029,529
42,375,456
49,827,546
151,188,514
221,565,620
1,317,290,744
30 days
days
61 - 90 days
91 - 180 days
181 -360 days
Over 360 days
Noncurrent receivables
426,256,037
4,680,842,918
Total receivables
898,803,304
7,462,543,127
315,855,153
745,981,345
- 936,130,366
- 123,030,573
- 493,280,748
1
-
31-60
SECTION
New
B: Activity Fiscal
Year to Date
receivables
- 232,066,107
Repayments on receivables
Reclassified amounts
Amounts written off
Net
activity fiscal
SECTION
C:
year
to
83,789,046
date
Allowances and Writeoffs
Total allowances, beginning of period
1,323,531,085
- 493,280,748
Total actual writeoffs during period
Adjustment to allowances
for loss expense)
Total allowances,
SECTION
806,460,342
end
for tfie period (provision
429,369,749
of period
1,259,620,086
D: Reconciliation
Beginning receivables
Net activity fiscal year to date
Ending receivables
....
815,014,258
83,789,046
898,803,304
8,269,003,469
- 806,460,342
7,462,543,127
93
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-3.— Report on Accounts and Loans Receivable Due from the Public, Sept. 30,
Part
II
—
Loans Receivable
Administration
Other independent
agencies
$1,623,484,898
$5,686,888,828
1,064,813,280
4,830,050,491
558,671,618
46,412,507
48,283,847
37,430,420
93,245,819
117,134,877
216,164,148
856,838,337
26,331,994
31,705,115
21,794,797
83,766,144
126.122,702
567,117,585
Veterans
SECTION
A: Outstanding Receivables
Current receivables
Not delinquent
Delinquent
30 days
31 - 60 days
61
90 days
91 - 180 days
181
360 days
Over 360 days
1
-
Noncurrent receivables
Total receivables
SECTION
New
B: Activity Fiscal
receivables
activity fiscal
SECTION
C:
year to date
expense)
Total allowances,
SECTION
15,738,910,814
950,587,287
1,136,629,899
- 7,366,912
2,883,276,651
2,584,962,539
1,051,261,457
- 3,251,395
- 193,409,524
- 756,198,740
1,754,950
- 7,366,912
1,742,564,241
- 3,251,395
Allowances and Writeoffs
Total allowances, beginning of period
Total actual w^riteoffs during period
Adjustment to allov^^ances for the period (provision
for loss
10,052,021,986
Year to Date
Repayments on receivables
Reclassified amounts
Amounts w^ritten off
Net
611,938,117
2,235,423,015
end
of period
20,853,028
- 48,088,496
15,241,066
1,691,224,350
2,428,832,539
- 193,409,524
16,495,109,554
- 756,198,740
2,235,423,015
15,738,910,814
D: Reconciliation
Beginning receivables
Net activity fiscal year
Ending receivables
to
date
1988— Con.
94
FEDERAL AGENCIES' FINANCIAL REPORTS
ACCOUNTS RECEIVABLE DUE FROM THE PUBLIC
FISCAL YEARS 1986-88
$ MILLIONS
65000
60000
55000
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
95
FEDERAL AGENCIES' FINANCIAL REPORTS
LOANS RECEIVABLE DUE FROM THE PUBLIC
FISCAL YEARS 1986-88
140000
120000
100000
$
M
80000
i
I
I
i
60000
n
s
40000
20000
96
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.— Report on Operations, Oct.
[Source:
SF 221; compiled by
Financial
1,
1987, through Sept. 30, 1988
Management
TOTAL
Service]
Branch
Executive Office
of the President
$892,067,956,171
$256,849,329
$5,307,653
220,515,025,693
91,875,800,210
988,990,446,724
88,578,845,494
- 969.802,517,693
106,212,304
20,366,649
152,978
1,199,123
- 152,978
1,208,486
1,312,225,556,599
384,627,405
6,516,139
150,721,732,316
883,274,601,770
346,941,050
1,208,486
5,307,653
31,808,573,506
156,762,702
5,820,317.485
88,350,410,276
61,392,340.393
19,938
85,846
1.221,524,738,448
347.046,834
Net results before adjustments
Less: Capital expenditures
Less: Extraordinary items
90.700,818,151
39.944.550,048
- 292.221,231
37,580.571
36.884.995
Net results
50.464.046,872
695.576
Legislative
FINANCING SOURCES
Accrued expenditures
Revenue:
Federal sources
Public sources
Governmental receipts
Otiier
Less: Receipts returned to Treasury
Total financing sources
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
Ottier
funded expenses
Unfunded expenses
Total operating expenses
Otfier,
NET RESULTS
6,516,139
97
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.— Report on Operations, Oct.
1,
1987, through Sept. 30,
1988— Con.
Funds
Department of
Department of
appropriated to
the President
Agriculture
Commerce
$6,309,343,072
$27,726,866,957
$1,865,069,547
302,514,474
112,931.894
16,446,217,280
20,447.858,192
16,936,984
- 44,012,669
274.298,549
- 2,637.286
586,187.710
379.483.827
4,444.400
38,333,453
- 19,276,228
6,697,713,755
64,892,603,692
2,854,242,709
FINANCING SOURCES
Accrued expenditures
Revenue;
Federal sources
Public sources
Governmental receipts
Other
Less: Receipts returned to Treasury
Total financing sources
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
Otfier
expenses
Unfunded expenses
Total operating expenses
Other, funded
166,473.348
6,052.577.115
98
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.-- Report on Operations, Oct.
1,
1987, through Sept. 30,
1988— Con.
Department of
Defense
Department of
Education
Department of
Energy
$207,204,731,817
$23,436,010,407
$14,690,162,343
60,933,353,794
5,376,204,079
178,175,006
159,460,144
2,228,238,780
3,021,986,764
35,089,150,728
- 5,598,224
399,666,407
- 355,756,276
93,872,658
- 119,196,255
308,597,842,194
23,817,555,688
19,915,064,290
46,227,871,662
195,691,393,758
24,067,728,760
110,614,034
13,371,477,660
FINANCING SOURCES
Accrued expenditures
Revenue:
Federal sources
Public sources
Governmental receipts
Other
Less: Receipts returned to Treasury
Total financing sources
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
37,657,569
17,868,058
1,500,030
1,414,799,940
- 9,246,586
2,273,960
2,576,515,011
25,539,554,357
16,273,816,673
30,399,596,023
34,568,848,844
- 24,045,996
1,721,998,669
- 4,225,000
- 513,527,278
- 4,193,298,817
1,726,223,669
3,127,720,339
Otfier
expenses
Unfunded expenses
Total operating expenses
Other, funded
222,182,594
504,832,196
35,774,148,555
278,198,246,171
NET RESULTS
Net results before adjustments
Less: Capital expenditures
Less: Extraordinary items
Net results
3,641,247,617
99
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.— Report on Operations, Oct.
1,
1987, through Sept. 30,
Department of
1988— Con.
Health and
Human Services
Department of
Housing and
Urban
Development
Department of
$403,457,720,744
$16,138,409,072
$6,153,677,331
62,355,396,878
1,143,104,097
2,832,667,987
ttie
Interior
FINANCING SOURCES
Accrued expenditures
Revenue:
140,783
42,888,611
- 353,848,154
4,592,974,702
468,864,714,543
24,707,155,858
414,895,320
951,263,959
2,891,889,005
30,816,307
- 2,654,424,533
7,788,117,389
71,877,238,811
339,961,488,596
61,033,583
17,607,276,558
138,223,514
5,967,732,904
120,057,980
1,171
37,568,147
81,033,485
1,041,156,744
37,338,326
130,902,003
115,300,106
6,474,674,926
411,957,330,210
25,467,682,246
6,342,657,543
Net results before adjustments
Less: Capital expenditures
Less: Extraordinary items
56,907,384,333
- 253,672,275
- 3,280,015
760,526,388
101,170,791
- 19,122,517
Net results
56,650,432,043
861,697,179
667,322,013
Federal sources
Public sources
Governmental receipts
Other
Less: Receipts returned to Treasury
Total financing sources
3,362,4 1 5,68
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
Other
expenses
Unfunded expenses
Total operating expenses
Other, funded
10,155,446
932
106,486,767
NET RESULTS
1,445,459,846
- 759,015,316
100
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.— Report on Operations, Oct.
1,
1987, through Sept. 30,
Department of
1988— Con.
Department of
Labor
Department of
Justice
$4,630,713,217
$9,831,063,709
$4,083,713,559
749,556,319
261,649,754
28,498,650
249,866,952
- 47,415,586
5,872,869,306
2,583,698,292
504,032,490
- 262,531,736
24,817,037.457
- 92,658,239
46,206,954
3,868.800
37,380.641,973
4.125,887,535
1,343.135,169
3,581,129,419
63,877,342
9,856,230,933
38.991,312
1,209,920,148
416,417
121,665,072
23,102,619
16,130,114,441
1,867,205,868
6,338,193,469
5,046,346,077
27,940,531.203
7,587,104.929
826.523.229
139.870.791
- 150,660
686,501,778
9,440.110.770
- 7.045,157
3,461,217,394
- 4.228,183
9,433,065,613
3,465,445,577
State
FINANCING SOURCES
Accrued expenditures
Revenue:
Federal sources
Public sources
Governmental receipts
Other
Less: Receipts returned to Treasury
Total financing sources
-
3,618.977
11,520.755
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
Otfier
expenses
Unfunded expenses
Total operating expenses
Other, funded
NET RESULTS
Net results before adjustments
Less: Capital expenditures
Less: Extraordinary Items
Net results
101
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.— Report on Operations, Oct.
1,
1987, through Sept. 30,
1988— Con.
Department of
Department of the
Transportation
Treasury
$13,099,845,873
$103,252,778,104
$5,273,042,297
2,632,853,550
382,928,157
64,281,782
5,081,382
- 50,663,835
15,209,342,371
3,791,441,875
981,255,901,340
426,710,474
- 965,533,034,298
589,720,705
132,465,254
- 98.592,633
16,134,326,909
138,403,139,866
5,914,919.628
Environmental
Protection
Agency
FINANCING SOURCES
Accrued expenditures
Revenue:
Federal sources
Public sources
Governmental receipts
Other
Less: Receipts returned to Treasury
Total financing sources
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
Other
expenses
Unfunded expenses
Total operating expenses
Other, funded
NET RESULTS
418,846,234
13,590,019,579
18,284,005
102
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.— Report on Operations, Oct.
1,
1987, through Sept. 30,
1988— Con.
General Services
National
Office of
Administration
Aeronautics and
Personnel
Space
Management
Administration
FINANCING SOURCES
Accrued expenditures
Revenue;
Federal sources
Public sources
Governmental receipts
Other
$288,643,249
$9,922,553,587
$99,343,094
4,328,300,951
2,452,723,212
1,445,245,094
37,014,513
39,033,396,835
93,284,875
23,868,357
Total financing sources
18,569,255,351
- 1,679,162
Less: Receipts returned to Treasury
7,093.535,769
11,403,134,032
57,795,280,^
4,483,479,778
1,221,344,862
11,067,240,580
150,016,147
38,611,494,936
474,174,080
- 6,512,587
7,531,000,000
5,561,671
6,194,953,311
11,060,727,993
46,298,072,754
898,582,458
- 20,432.369
434,802
342,406,039
342,406,039
11,497,207,401
- 8,584,685
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
Other
Other, funded expenses
Unfunded expenses
Total operating
expenses
15,954,591
NET RESULTS
Net results before adjustments
Less: Capital expenditures
Less: Extraordinary items
Net results
878,584,891
11,488,622,716
103
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-4.-- Report on Operations, Oct.
1,
1987, through Sept. 30,
1988— Con.
Administration
Veterans
Administration
Other independent
agencies
$306,990,676
$27,425,348,760
$6,609,771,774
5,111,667
483,044,440
265,437,813
- 257,299,279
1,054,857,527
1,308,524,134
3,293,861
1,652,610,820
100,000
8,141,231,299
45,760,183,530
5,004,375,661
1,966,936,384
- 154,851,303
803,285,317
31,444,735,102
67,327,647,345
351,264,611
1,312,020,059
30.121,628,727
2,990,425,481
14,736,267,259
197,852,234
41,599,431
579,804,518
21,547,608
26,491,079
346,219,927
3,824,590,123
101,251,318
530,962,763
62,826,708,514
920,450,771
1,170,520,794
31,827,907,400
85,930,656,229
367,235,477
- 434,940
- 138,600
- 367,809,017
- 383,172,298
1,064,240,754
- 154,769
18,603,008,884
- 63,149,854
- 147,235,707
1,447,567,821
18,813,394,445
Small Business
FINANCING SOURCES
Accrued expenditures
Revenue:
Federal sources
Public sources
Governmental receipts
Other
Less: Receipts returned to Treasury
Total financing sources
OPERATING EXPENSES
Cost of goods sold
Operating/program expenses, funded
Interest
expense, funded
Federal Financing Bank/Treasury borrowings.
Federal securities
Other
expenses
Unfunded expenses
Total operating expenses
Other, funded
NET RESULTS
Net results before adjustments
Less: Capital expenditures
Less: Extraordinary items
Net results
104
FEDERAL AGENCIES' FINANCIAL REPORTS
ACCRUAL FINANCIAL AND OPERATING INFORMATION
FISCAL YEAR 1988
overnmental Receipts
FINANCING SOURCES
Other
ubilc
Sources
Accrued Expenditures'
ederal Sources
Operating/Program Expenses'
OPERATING EXPENSES
%
nterest: Other 1
nterest: FFB/Treasury
nfunded Expenses
ither
Expenses
Borrowings
105
FEDERAL AGENCIES' FINANCIAL REPORTS
COMBINED FISCAL RESULTS FOR MAJOR AGENCIES
FISCAL YEAR 1988
500
-r
450
400
i
I
350
i
T WiwiW l
i
i
I
Revenues
Expenses
Results
-
$ 300
B
I
I
200
n
s
Agr.
DOD
HHS
HUD
Ubor
DOT
AGENCY
Treas.
OPM
VA
Indep.
106
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
[Source:
Flow, Oct.
SF 222; compiled by
Financial
1,
1987 through Sept. 30, 1988
Management
TOTAL
Fund balance
with Treasury
and cash, beginning
Branch
Executive Office
of ttie President
$295,422,904,462
$118,897,382
S70.557
877,361,529,847
258,269,138,388
270.186,000
126,579,047
7,403,000
1,208,486
7,085,276,571
6,717,958,650
1,361,466
-25.276,707
24,882
132,230
1,187,934,790,811
347.046,834
6,516,139
Legislative
of
period
Sources
Service]
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
in
investments
in
inventory
Purchase
of property, plant,
and equipment
Other
Fund balance
with Treasury
and cash, end
of period,
61,946,660,139
8,322,076
18,256
300,350,911,143
135,263,689
2,304,760
107
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
Fund balance with Treasury and cash, beginning
1,
1987 through Sept. 30,
1988— Con.
Funds
Department of
Department of
appropriated to
the President
Agriculture
Commerce
$10,799,854,413
$12,312,817,552
$1,294,121,983
25,000,000
6,521,649,273
164,118,153
259,426,130
167,537,586
- 607,428,341
- 61,643,414
- 16,140,967,529
58,445,968,744
8,926,573,284
7,696,311,140
1,707,389,732
11,734,302,147
1,333,179,672
2,074,852,786
915,518,154
9,281,384
- 54,823,261
36,759,671
- 13,178,676
6,378,158,449
- 13,933,692
123,540,760
119,622,970
14,865,729
75,877,139
83,697,513,293
- 4,074,961,215
18,870,188
- 4,288,390,677
608,925,300
351,754,039
2,735,206,372
- 52,359,965
3,093,621
- 377,827
82,000,716
20,273,874
10,570,382,445
9,701,863,814
1,474,695,250
of
period
Sources
Flow, Oct.
of funds:
Increase in debt
Appropriations
Revenue
Sale of assets
Increase in payables
Decrease in receivables and advances
Otfier
Application of funds:
Operating expenses
Less:
Expenses not
requiring outlays
in investments
Increase in inventory
Purctiase of property, plant, and equipment
Increase
Othier
Fund balance
with Treasury
and cash, end
of period.
108
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
Flow, Oct.
1,
1987 through Sept. 30,
1988— Con.
Department of
Defense
Department of
Education
Department of
Energy
$148,329,932,994
$18,331,094,025
$8,436,598,540
Revenue
- 2,825,213
92,555,473,580
54, 1 54,335,658
Sale of assets
Increase in payables
Decrease in receivables and advances
Other
2,162,721,086
380,278,928
34,239,818,769
6,000,000
23,816,508,159
274,263,422
292,551,349
1,354,179,109
156,636,312
631,217,234
15,328,000
13,548,510,266
5,222,681,125
26,610,216
1,316,557,566
- 1,151,454,233
- 88.073,224
25,538,471,723
- 1,414,799,940
- 2,576,515,011
14,088,801,635
472,188,961
37,038,732,778
20,136,498,801
733,001,113
364,036,648
704,940,327
998,504,568
3,412,849,376
144,326,414,074
20,005,776,714
8,149,125,675
Fund balance
penod
Sources
with Treasury
and cash, beginning
of
of funds:
Increase in debt
Appropriations
1
—
Application of funds:
Operating expenses
Less:
Expenses not
Increase
Increase
Purchase
252,312,381,801
- 36,555,282,248
requiring outlays
in
investments
in
inventory
of property, plant,
and equipment
Other
Fund balance with Treasury and cash, end
of period,
16,273,816,673
109
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
Flow, Oct.
1,
1987 through Sept. 30,
Department of
Housing and
Urban
Development
Department of the
Health and
Human Services
$9,928,609,241
$15,714,415,594
$4,325,915,299
217,361,123
380,821,929,477
5,492,412,025
12,180,000
2,289,978,815
- 5,667,279,879
87,872,724,582
1,801,458,376
23,557,968,688
4,203,824,969
3,422,463,655
- 1,305,804,672
1,017,975,693
910,527,025
5,691,402,810
1,303,956,127
614,659
94,534,353
- 63,329,503
181,662,257
411,093,041,594
- 135,978,682
54,405,532,694
13,042,590
664,196,648
2,972,199,703
25,467,682,245
- 6,474,674,925
- 2,353,961,680
1,610,324
10,281,683,760
6,325,416,732
- 121,921,198
98,541,258
- 3,036,885
736,357,659
418,302,206
11,955,880,837
22,400,489,604
4,081,096,230
Department of
Fund balance
with Treasury
and cash, beginning
Interior
of
period
Sources
1988— Con.
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
Increase
Increase
not requiring outlays
in
investments
in
inventory
Purchase
of property, plant,
and equipment
Other
Fund balance
w/ith
Treasury and cash, end of period.
110
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
Flow, Oct.
1,
1987 through Sept. 30,
Department of
Fund balance
with Treasury
and cash, beginning
Department of
Labor
Department of
Justice
$1,946,104,201
$7,212,329,547
$2,475,174,595
State
of
period
Sources
1988— Con.
of funds:
- 2,229.726,068
Increase In debt
Appropriations
Revenue
4,174,395,261
861,785,077
Sale of assets
Increase in payables
Decrease in receivables and advances
Other
126,019,521
- 169,271,767
468,459,893
6,354,758,471
27,518,607,845
568,048
158,302,725
- 346,465,132
3,791,629,517
4,269,749,876
46,249,182
7,726
413,808,057
58,741,553
27,940,531,204
528,382
476,231,792
1,247,634,940
1,044,485
450,445,308
3,330,116,832
4,096,996
712,260
7,350,631,245
2,229,680,168
Application of funds:
Operating expenses
Less:
Expenses not
Increase
Increase
requiring outlays
in
investments
in
inventory
Purchase
of property, plant,
and equipment
Other
Fund balance
v\/ith
Treasury and cash, end
of
period
4,950,955,902
- 100.026,664
45,750,483
11,620,744
154,199,673
117,710,314
2,227,281,734
- 1,867,291,146
8,559,373,476
111
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
Flow, Oct.
1,
1987 through Sept. 30,
Department of
Fund balance
with Treasury
and cash, beginning
ttie
Environmental
Agency
Transportation
Treasury
$12,992,979,821
$8,599,720,418
$11,126,245,403
105,533,041
14,924,199,266
1,069,137,621
74,090,520
23,573,983
256,084,099
- 96,383,878
9,361,345,658
102,992,084,844
18,952,918.956
22,988,403
217,941,624
543,644,143
2,367,653,449
- 114,044,652
5,936,191,113
67,991,744
14,060,225,240
- 11,221,713
2,077,393,883
696,639,767
- 177,547,742
166,341,481
122,100,418,162
- 35,772,848
79,991
8,908,002
192,044,326
8,999,493,629
12,537,383,557
11,793,126,233
Protection
of
period
Sources
Department of
1988— Con.
of funds:
Increase In debt
Appropriations
Revenue
Sale of assets
Increase in payables
Decrease in receivables and advances
Other
210,432,249
- 43,248,908
18,107,450
Application of funds:
Operating expenses
Less: Expenses not requiring outlays
Increase
Increase
Purchase
In
investments
in
Inventory
of property, plant,
and equipment
Other
Fund balance with Treasury and cash, end
of period.
5.254,132,878
- 100,515,030
669,732,057
107,266,717
187,785,669
11,083,272,108
112
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
Flow, Oct.
1,
1987 through Sept. 30,
1988— Con.
General Services
National
Office of
Administration
Aeronautics and
Personnel
Space
l\/lanagement
Administration
Fund balance with Treasury and cash, beginning
of
$2,785,246,990
$6,628,130,659
$56,932,421
Revenue
298,790,316
6,799,348,746
9,016,658,972
1,480,580,505
Sale of assets
Increase in payables
Decrease In receivables and advances
Other
15,485,725
- 109,736,840
- 670,832,042
287,944,880
542,926,570
101,834,000
57,695,937,061
- 34.904,399
458,347,018
- 171,042,300
11,760,685
6,194,953,311
- 433,863,465
11,067,240,580
- 6,512,587
110,808,027
625,743,864
133,517,774
- 113,911,636
456,317,735
182,410,770
19,234,188,923
16,208,720
9,340,040
82,194
2,487,143,384
6,370,696,724
91,499,424
period
Sources
of funds:
Increase in debt
Appropriations
Application of funds;
Operating expenses
Less:
Expenses not requiring outlays
Increase
Increase
in
investments
in
inventory
Purchase
of property, plant,
and equipment
Other
Fund balance
with Treasury
and cash, end
of period.
46,298,072,754
- 7,530,527,569
113
FEDERAL AGENCIES' FINANCIAL REPORTS
TABLE FA-5.— Report on Cash
Fund balance with Treasury and cash, beginning
1,
1987 through Sept. 30,
1988— Con.
Small Business
Veterans
Administration
Administration
Other independent
agencies
$1,211,647,780
$6,006,643,628
$4,789,421,419
- 146,677,182
408.955,575
490,810,617
60,194,778
- 58,145,373
- 69,558,296
987,068,874
14,764,887,000
14,705,676,332
2,240,894,338
80,498
- 185,331,527
- 517,325,577
450,079,989
3,455,250,920
6,866,383,038
60,259,406,246
344,599,591
- 2,316,758,973
931,894,787
6,260,914,932
1,170.520,794
- 621,403,949
434,940
806,906,313
31,827,881,184
- 1,548,445,336
607,919,702
13,182,710
1,090,663,698
87,518,609
85,646,972,007
24,869,371,607
- 168,544,785
- 77,440,764
3,220,147,433
12,377,168,991
1.527,838,675
5,386,884,114
4,462,180,685
of
period
Sources
Flow, Oct.
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 in investments
Increase
in
Purchase
inventory
of property, plant,
and equipment
Other
Fund balance
with Treasury
and cash, end
of period.
114
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.— Report on Reconciliation, Oct.
SF 223; compiled by
(Source:
Financial
1,
TOTAL
Total operating
expenses
$1,167,819,174,424
Adjustments:
Add:
Capital expenditures
Deduct:
Increase (decrease)
in accounts payable
Decrease (increase) in inventories
Accrued expenses not requiring outlays ..
Subtotal
Less: Offsetting collections credited
Net disbursements
.
1987, through Sept. 30, 1988
Management
Service]
Legislative Brancli
Executive Office
of the President
115
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.— Report on Reconciliation, Oct.
Total operating
expenses
1,
1987, through Sept. 30,
1988— Con.
Department of
Defense
Department of
Education
Department of
Energy
$271,726,867,445
$25,539,554,357
$16,273,816,673
36,446,373,965
38,955,150
513,527,278
- 1,805,538.406
- 7,215,717,715
- 35,259,005,545
- 1,459,777,240
-
1,220,850,528
- 856.629
- 1,421,638,518
-
2,576,515.011
Ad|ustments:
Add:
Capital expenditures
Deduct:
Increase (decrease)
In accounts payable
Decrease (increase) in inventories
Accrued expenses not requiring outlays ..
.
Subtotal
Less: Offsetting collections credited
Net disbursements
263,892,979,744
22,697,093,749
12,989,121,783
- 56,070,452,282
- 1,270,788,301
1.660,514.520
207,822,527,462
21.426,305,448
14.649,636.303
Table FA-6.— Report on Reconciliation, Oct.
1,
1987, through Sept. 30,
Department of
Healtti
Human
Total operating
expenses
,
and
Department of
l-lousing
and
1988— Con.
Department of
ttie
Interior
Services
Urban
Development
$405,533,013,252
$25,467,682,245
$6,306,055,394
635,635,537
8,133,215,871
818.454,181
3,261,471,548
687,817
- 146,640.290
129,329,738
135,103
- 6.474,674,925
84,413,375
- 71.713,349
67,627,395
Adjustments:
Add:
Capital expenditures
Deduct:
Increase (decrease)
in accounts payable
Decrease (increase) in inventories
Accrued expenses not requiring outlays ..
.
Subtotal
409,284,167,864
27,255,688,032
7,204,836,996
Less: Offsetting collections credited
- 7,705,667,847
- 8.310,014,500
- 691,130,132
Net disbursements
401,578,500,017
18,945,673,532
6,513,706,864
116
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.— Report on Reconciliation, Oct.
1,
1987, through Sept. 30,
Department of
Labor
Department of
Justice
$5,046,240,772
$11,733,244,143
31,250,113,857
135,058,044
7,115,647
723,636,198
- 2,271,995
- 10,735,615
- 116,247,643
- 13,991,183
- 1,867,291,147
- 440,441,341
- 523,441
- 6,193,469
Department of
Total operating
expenses
1988— Con.
State
Adjustments:
Add;
Capital expenditures
Deduct:
Increase (decrease)
in accounts payable
Decrease (increase) in inventories
Accrued expenses not requiring outlays ..
.
Subtotal
5,052,043,563
9,859,077,460
1,526,591,804
Less; Offsetting collections credited
- 387,924,021
- 3,867,513,797
- 38.310,858
Net disbursements
4,664,119,542
5,991,563,663
1,488.280,946
Table FA-6.— Report on Reconciliation, Oct.
Total operating
expenses
1,
1987, through Sept. 30,
1988— Con.
Department of
Department of the
Transportation
Treasury
$14,053,236,319
$104,468,913,871
$5,254,132,878
947,619,479
190,065,680
107,370,308
132.489,177
- 799,837.176
- 18.640.309
- 18,132,293
7,271,508
- 99,043,863
- 167,183,340
- 440,929
- 100,515.031
Environmental
Protection
Agency
Adjustments;
Add:
Capital expenditures
Deduct;
Increase (decrease)
in
accounts payable
Decrease (increase) in inventories
Accrued expenses not requiring outlays
Subtotal
Less; Offsetting collections credited
Net disbursements
,
.
..
14.314.867.490
104.549.074.903
5,093,363,886
- 1.685,386.055
- 2.672.317,039
- 51,814,745
12.629,481,435
101.876,757,864
5,041,549,141
117
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-6.— Report on Reconciliation, Oct.
1,
1987, through Sept. 30,
1988— Con.
General Services
National
Office of
Administration
Aeronautics and
Personnel
Space
Management
Administration
Total operating
expenses
$6,194,953,311
$11,067,240,580
$46,298,072,754
920,019,238
456,317,735
6,931,351
- 1,848,267
- 830,871,450
- 113,911,636
- 6,512,587
- 448,879,086
- 16,130,582
- 7,609,283,299
Adjustments:
Add;
Capital expenditures
Deduct:
Increase (decrease)
in
accounts payable
.
Decrease (Increase) in inventories
Accrued expenses not requiring outlays
110,811,153
- 634,119,674
.
Subtotal
6,589,815,761
Less; Offsetting collections credited
-
6,807,610,073
- 217,794,312
Net disbursements
Table FA-6.— Report on Reconciliation, Oct.
1,
Administration
expenses
$1,170,520,794
Adjustments;
Add;
Capital expenditures
Deduct;
Increase (decrease)
in
accounts payable
Decrease (increase) In inventories
Accrued expenses not requiring outlays
Subtotal
Less; Offsetting collections credited
Net disbursements
.
.
1,480,580,505
9,091,682,137
1987, through Sept. 30,
Small Business
Total operating
10,572,262,642
-
Veterans
Administration
38,230,711,138
-
11,134,841,255
27,095,869,883
1988— Con.
Other independent
agencies
International Statistics
121
INTERNATIONAL FINANCIAL STATISTICS
The tables in this section are designed to provide data
and liabilities and other statistics
U.S. reserve assets
related to the U.S. balance of payments and international
other foreigners, which are used in the U.S. balance of payments
stati sties.
financial position.
Table IFS-3 shows U.S. Treasury nonmarketable bonds and
notes issued to official institutions and other residents of
f orei gn countr es
on
Table IFS-1 shows the reserve assets of the United States,
including its gold stock, special drawing rights held in the
Special Drawing Account in the International Monetary Fund,
holHinqs of convertible foreign currencies, and reserve position in the International Monetary Fund.
i
Table IFS-2 brings together statistics on liabilities to
foreign official institutions, and selected liabilities to all
Table IFS-1.
-
U.S.
Reserve Assets
[In millions of dollars]
End of cal endar
year or month
.
Table IFS-4 presents a measure of the general
exchange value of the U.S. dollar.
foreign
122
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.
-
Selected U.S. Liabilities to Foreigners
[In mill Ions of dpi
1
ars]
Liabilities to foreign countries
Official
End of
calendar
year or
month
1984.
1985..
1986..
19e7r.
1987-Dec.
1988-Jan.
r
r
Feb. r
Mar. r
Apr. r
May r.
June r
July r
Aug.
Sept.
Oct...
.
Nov.
Dec.
p
p
Total
Total
(1)
(2)
institutions
(3)
(4)
(5)
545.799
606,077
740.909
869,297
174,580 86,065
172,493 79,985
205,210 103,569
253,491 120,667
69,019
77,154
91,368
122,431
5,800
3,550
1,300
300
869 ,297
857 ,925
871 ,929
883 ,327
892 ,317
920 ,882
926 ,740
944 ,695
947 ,541
952 ,023
948 ,829
983 ,760
990 ,749
253,491
260,934
270,462
279,211
122,431
127,535
134,700
142,835
145,910
150,972
149,314
146,952
145,502
144,021
144,598
146,794
149,007
300
300
300
792
795
499
502
506
509
513
516
520
523
281 ,431
289,444
285,996
286,295
285,624
284,174
291,409
296,882
296,127
Liabilities to
other foreigners
1/
MarketOther
Liabili- able U.S. Nonmarket- readily
Treasury able U.S.
marketties
LiabiliTreasury
able
reported bonds
bonds and
liabili- ties to
by banks and
banks
notes 2/
notes 3/
ties 4/
in U.S.
_5_/
120,667
123,260
125,681
125,690
124.813
128,097
126,093
128,817
129,542
129,067
135,408
138,562
135,300
(6)
13
(7)
Li
abilities
to nonmone-
tary
MarketNonmarketable U.S. abl e U.S.
Gov't
Treasury
bonds
bonds and
in U.S. 2/ 6/
notes 7/
Liabilities
reported
by banks
Total
(8)
(9)
(10)
(11)
1
n-
ternationand regional or-
al
ganizations
8/
(12)
123
INTERNATIONAL FINANCIAL STATISTICS
These indices are presented to provide measures of the general
exchange value of the dollar that are broader than those
provided by single exchange rate levels. They do not purport to
represent a guide to measuring the impact of exchange rate levels
on U.S. international transactions. The indices are computed as
during 1982-83.
geometric averages of individual currency levels with weights
derived from the share of each country's trade with the United States
the
foreign
These
series replace indices previously appearing
in
the Treasury Bulletin which calculated the trade-weighted arithmetic
in exchange rates. The current
more robust than previous ones although for small
smooth changes in exchange rates the two sets of calculations yield
average
of
percentage changes
series should be
same
information.
Table IFS-4.--Trade-Welghted Index of Foreign Currency Value of the Dollar
[Source: Office o( Forelfln
Exchange Operallons-lnlernallonal
AWalrs]
Index of Industrial
country currencies
Dale
Annual average
(1980= 100)2
1979
1980
98.8
100.0
1981
109.1
1982
1983
1984
1985
1986
1987
1988
119.7
125.2
133.5
139.2
119.9
107.5
P100.4
End
of period
(i}ec.
1980 = 100)
98.4
100.0
109.5
119.5
127.9
140.8
127.8
114.4
97.8
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
P98.4
99.8
99.7
97.7
97.5
98.5
101.4
102.2
103.5
1988 -Jan
Feb
Mar
Apr
May
...
June
July
Aug
Sept
.
.
.
.
.
'103.0
Od
'99.3
Nov ....
P96.8
P98.4
P9e.8
t3ec
1989 -Jan
'
Eacfi Index covers (a) 22 currencies of countries represented in the Organization for
Economic Cooperation and Development (OECD): Australia. Austria, BetalurrvLuxembourg,
Canada, Denn^rk, Finland, France, Germany, Greece, Iceland, Ireland^ Italy, Japan, the
Netherlands, New Zealand, Norway, Portugal, Spain. Sweden, Switzerland, Turl(ey, and the
United Kingdom; and (b) currencies of 4 major trading economies outside the OECD: Hong
Kong. Korea, Singapore, and Taiwan. Exchange rates are drawn from the International
Monetary Fund's "Tnternatlonai Financial Statistics" when available.
average annual rates as reported In 'International Financial Statistics."
2 Index Includes
124
CAPITAL MOVEMENTS
INTRODUCTION
Background
Data relating to capital movements between the United States
and foreign countries have been collected in some form since 1935.
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
Treasury
Bulletin.
The reporting forms and instructions
International Capital (TIC) Reporting System
used in the Treasury
have been revised a
of times to meet changing conditions and to increase the
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,
number
securities firms,
and nonbanking
United States, including the branches, agencies, subsidiaries, and
other affiliates in the United States of foreign banking and nonbanking firms. Entities that have reportable liabilities, claims, or securities
transactions below specified exemption
levels
are exempt from
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
vis-a-vis 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.
Banks, other depository
dealers,
institutions,
and other enterprises
securities
brokers and
report monthly their transactions
in
The applicable exemption level
is $500,000 with respect to the grand total of purchases and to the
grand total of sales during the month covered by the report.
long-term securities with foreigners.
enterprises.
Basic Definitions
Quarterly reports are
The term "foreigner" as used in the Treasury reports covers all
institutions and individuals domiciled outside the United States,
including U.S. citizens domiciled abroad, and the foreign branches,
subsidiaries, and other affiliates abroad of U.S. 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"
also includes persons
known
the United States to the extent that they are
by reporting institutions to be acting on behalf of foreigners.
in
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
to
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
regional classification except for the Bank for International Settlements, which is included in the classification "Other Europe."
institutions
and commercial concerns,
other
depository
enterprises
if
filed
by exporters, importers,
institutions,
their liabilities to, or
and other nonbanking
claims on, unaffiliated foreigners at
brokers,
quarterend exceed specified exempfion levels. Effecfive March 31,
1982, this exemption level was set at $10 million, up from $2 million.
Nonbanking enterprises also report
for
each monthend
Reports are required from banks, other depository
institutions,
Copies
of the reporting
forms and instructions
Data f^anagement. Office of the Assistant Secretary
of the
Treasury. Washington, D.C. 20220, or from
may be obtained from
for International Affairs.
district
the Office
of
Department
Federal Reserve banks.
of
$10
Description of Statistics
Secfion
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 liabilifies to foreigners; and foreign
currency liabilities are only available quarterly. Also, beginning April
1978, the data on liabilifies were made more complete by extending
to securities brokers and dealers the requirement to report certain of
I
their
own
Effective
other
liabilifies
thrift
and
all
of their
custody
liabilities
to foreigners
1985, savings and loan associations and
insfitufions began to file the TIC banking forms. Previously
as
of
January 31
,
they had reported on TIC forms for nonbanking enterprises.
Secfion II presents the claims on foreigners reported by banks,
other depository insfitutions, and brokers and dealers in the United
end
of April 1978, a
held for their own
account and claims held for their domesfic customers. The former
are available in a monthly series whereas the latter data are
collected on a quarterly basis only Also, the disfincfion in reporting
of long-term and short-term components of banks' claims was
disconfinued. /Maturity data began to be collected quarterly on a fime
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
disfincfion
bank holding companies. International Banking Facilities (IBF's),
securities brokers and dealers, and nonbanking enterprises in the
their U.S.
dollar-denominated deposit and certificates of deposit claims
million or more on banks abroad.
States. Beginning with data reported as of the
Reporting Coverage
industrial
financial institutions other than banks,
was made between banks' claims
125
CAPITAL MOVEMENTS
was extended
to certain items in the
hands
the United States. See notes to section
reporting of thrift institutions.
and dealers In
above concerning the
of brokers
I
claims held through banks in the United States. Beginning with data
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.
claims;
Another Important change In the claims reporting, tieginning
with new quarterly data as of June 30, 1978, was the adoption of a
broadened concept of "foreign public borrower," which replaced the
previous category of "foreign official institution" to produce more
meaningful information on lending to the public sector of foreign
countries.
The term
"foreign public borrower'
encompasses
central
governments and departments of central governments of foreign
countries and of their possessions; foreign central banks, stabilization funds, and exchange authorities; corporations and other
agencies of central governments, including development banks,
development institutions, and other agencies which are majorityowned by the central government or its departments; State,
provincial, and local governments of foreign countries and their
departments and agencies; and any international or regional
organization or subordinate or affiliated agency thereof, created by
treaty or convention between sovereign states.
III
includes supplementary statistics on U.S. banks'
and claims on, foreigners. The supplementary data on
banks' loans and credits to nonbank foreigners combine selected
information from the TIC reports witii 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
Section V contains data on ti-ansactions in all types of long-term
domestic and foreign securities by foreigners as reported by banks,
brokers, and other entities in tiie 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 "International Financial Statistics" section, table IFS-3).
The data 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
executed abroad for the account of reporting institutions
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
ti-ansactions
and
their
I
the reporting of
The
Section
liabilities to,
issues of the Treasury
by
exporters,
liabilities to,
importers,
institutions.
breakdown of the data on securities
shows the countiy of domicile of the foreign buyers and
geographical
ti-ansactions
case of outstanding issues, tills may
from the country of the original issuer. The gross tigures
sellers of the securities; in the
differ
contain
some
offsetting transactions
between foreigners
The
net
figures for total ti-ansactions represent ti-ansactions by foreigners
with U.S. residents; but the net figures for transactions of individual
countiies
and areas may
include
some
ti-ansactions
between
foreigners of different countries.
Bulletirt.
Section IV shows the
foreigners
thrift
and claims on, unaffiliated
and commercial
industi-ial
concerns, tinanciai 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
ti-ansactions are reported by business enterprises to ttie Departinent
of Commerce on its direct investinent forms.) The data also exclude
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 tiie United States
with their own branches and subsidiaries abroad or witti their foreign
parent companies, and capital transactions of tiie U.S. Government.
countiies.
Consolidated data on all types of Internationa] capital transactions
are published by the Department of Commerce in its regular reports
on Hie U.S. balance of payments.
126
CAPITAL
Section
I.
-
Liabilities to
Table
MOVEMENTS
Foreigners Reported by Banks
CM-l-1. -
Total Liabilities by
in
the United States
Type of Holder
[In milli'onsof dollars]
In terna t onal and
regional 2/
i
Foreign countries
Off
1
c
i
a
]
institutions
1/
Memoranda
Total liabilities
to all foreigners
reported by
BF s 4/
Banks and other foreigners
I
Payable
End of
Payabl
e
Payable
'
Payable
127
CAPITAL MOVEMENTS
TO FOREIGNERS
CALENDAR YEARS 1983-88
LIABILITIES
Reported by International Banking
Facilities
and by Banks
in
the
United States
750
I
n
B
i
I
I
i
n
s
f
D
I
I
a
r
1983
1984
1985
1986
END OF PERIOD
1987
1
988
(Prallmlraiy)
128
CAPITAL
Table
CM-l-2. -
MOVEMENTS
Total Liabilities by Type, Payable
Part
A
[In
—
Foreign Countries
millions of dollars]
in
Dollars
129
CAPITAL MOVEMENTS
Table CM-l-3. - Total Liabilities by Country
[Position at end of period in millions of dollars]
Calendar year
Aug.
Europe:
Austria
711
5.781
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
44
78
620
513
16,401
113
5,300
fi«?r'nany
Greece
Hungary
Irel and
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
667
171
n. a
49
661
69
2,135
1,438
Swi tzerl and
29.486
429
79.757
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
.
10.116
4,383
952
105
673
9.697
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
6,039
58.001
2,856
5.393
43,925
2.061
3,111
1
British West Indies
Chile
Col ombi
a
Cuba
Ecuador
Guatenal a
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Cari bbean
11
1,239
1,072
iP^^
122
14.564
4,987
7.604
1,167
342
1,554
12.066
Total Lati n America
and Caribbean
Asi
a
China:
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Mai aysi
1,608
7,792
9.294
717
1.470
1.604
27.181
1,670
a
Paki Stan
Phi 1 1 ppi nes
Si ngapore
Syri
a
Thailand
Oi 1 -export ing countries
Other Asia
_!_/
325
794
572
1 ,216
7.065
45
1,359
14.562
651
77,923
Total Asia
Africa:
Egypt
Ghana
1,363
33
Li beri a
Morocco
South Africa
Zaire
Oi -export! ng count
Other Africa
1
ri es
_2_/
1
375
163
401
163
,512
907
Total Africa
Other countries
Australia
All other
:
Total
other countries....
Total
foreign countries..
International and regional:
International
European regional
Latin Am er lean regional...
Asian regional
African regional
Middle Eastern regional...
Total international
and regi onal
Grand total
4.806
33
897
54
33
1
1,281
Sept.
130
CAPITAL
MOVEMENTS
Table CM-l-4. - Total Liabilities by Type and Country, as of Doc.
1988, Preliminary
31,
[Position In .nmiof^s of dollars]
Total
llaomtles
Llaomtles payaole
in aollars
foreign official
Liabilities to
HemoLiabilall otner foreigners
randum
ities to'
Banks'
Custody
banks'
Deposits
ShortOtner
Negotiforeign own 11a- llabllDeposits
SnortOtner
oxn
term U.S. llabll- able
curren- bllltles Itles
term U.S. llabll- foreign Demand Time 2/ Treasury Itles
CD's
cles ~
Demand Tlme_2/ Treasury Itles
offices
obllgaHeld
obligetlons
for all
tlons
foreigners
To
Instltiitlons and
Total
Country
Payable
dollars
Payable'
unaffiliated foreign banks
U
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
Europe
Canada
Latin America and Caribbean;
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatema
Jamica
He«lco
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean
«53
11,506
167
23
35
1
10,001
1,50<
270
3,469
479
1,639
106
145
158
66
71
9,079
69
922
71
-52
2
51
}\
-
1
16
15
1
1
1
1
1
2
746
1,998
1,434
223
16,883
125
5,770
9
696
257,139 236,367
22,113
-
101
14
2,278
19
«
(4)
(H)
(2)
52
52
2,281
2,180
296
284
27,014 24,736
147
128
8,725
6,727
729
720
157
156
819
890
15,846 14,614
5,726
5,306
1,614
1,558
73
73
922
903
110
110
5,559
5,507
1,304
1,276
36,155 34,320
1,167
1,014
125,396 116,231
138
138
529
529
9,437
7,716
(3)
(U)
(1)
(5)
'
(6)
(')
1
(3)
(9)
4
239
10
•
111
465
68
3,977
7,503
3
*
"
958
24
532
61
1,097
122
696
61
152
411
4
31
73
1,232
420
56
9,832
3,588
742
408
4,783
1,718
816
-
70
3
44
431
183
88
26
19
854
-
108
1
14
2,442
848
1,835
9,864
153
849
9,165 103,857
3,065
428
24,455
220
49
77
593
1
34
3,042
1,649
138
338
4,494
1,520
636
17
32
14
1,159
2,823
89
80
9,484
117
35
2
2
2,085
1.469
231
41
120
76
153
49
2.971
524
536
23
296
963
109
37,018
92,607
1,884
5,741
7,970
402
3,406
7,955
7,751
88,005 86,499
2,690
2,622
5,170
5,148
114,235 110,471
2,987
2,919
4,319
4,314
204
1,506
68
22
3,764
68
6,329
75,106
2,182
4,296
88,256
2,563
3,154
1,423
11,392
440
852
22,215
355
1,160
95
58
40
352
43
154
86
6
1,235
1,151
7,716
760
435
13,675
92
466
61
76
-
9
•
•
•
-
7
1,337
1,181
23
90
28
38
224
60
52
39
37
33
285
80
15
13
1,011
206
195
40
2
274,048 266,851
366
44,492
1,257
5,446
19
94
3,339
3,471
5,566
5
45,245
2,384
296
1,893
9,628
1
70
117
397
7,003
4,431
1,624
34
370
245
23
4,732
5
6
*
6
183
3
746
353
499
14,376
6,321
3,758
1.556
268
1,646
8,896
120
370
329
201
13
2
15
472
55
25
232
233
12
15
298
263
5,674
65
65,796
10
23
33
51
137
21
12
16
12
155
79
20
2
1
93
12
21
134
9
737
837
50
1,437
33
31
1
1
504
262
1.993
10
2,694
31
819
109
2.746
130
1,617
1,513
5,456
2
26
172
556
131
695
•
66
1
•
47
171
372
248
402
159
40,358
1,961
25,342
2,963
97
37
337
491
121
2,081
669
255
326
6,152
17
21,048
351
396
1,379
1,665
74
21,143
1,020
238
360
128
58
600
1,750
53
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
181
123
806
169
224
7,760
192
337
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
Total Africa
Other countries:
Australia
All other
Total other countries....
64
25
1,846
719
710
1,189
1,498
73,770
2,546
318
772
321
1,143
9,993
68
1,235
13,377
9
1,194
1,513
103.072
2,551
319
799
625
1,154
10,229
69
1,237
13,591
178,661 147,094
919
41,961 137,58
Total international
and regional
Grand total
29,302
5
1
27
4
11
267
262
461
29,531
1,270
3
309
416
67
555
135
165
427
25,609
903
76
14
66
54
159
330
129
86
33
263
403
2,090
1,932
7
192
106
31
219
250
237
4,197
424
80
231
107
72
526
21
79
31,933
486
23
60
332
28
15
53
58
18
10
14
320
4,647
129
50
2,122
52
3,793
196
19
98
365
193
22
105
867
1,582
5.259
'68
214
446
8.549
789
4.828
833
31,767
84,549
62,545
3,837
16,494
55,990
11,727
48,524
8
810
101
186
8
100
65
285
91
51
147
23
3
2
9
•
3
1
35
320
6
24
2
'IS
146
3
73
781
1.577 3/3.686
57
7
20
429
68
458
3
371
65
50
3
-
45
5
3
1,944
38
45
125
1
1.932
434
25
1,819
5
12
71
20
143
9
27
22
71
483
397
i/93
180
108
4,043
3,968
76
3,576
392
835
634
303
5,377
5,279
98
1,236
3,993
97
95
3,850
1,029
869
160
595
274
34
31
237
6,406
6,143
256
1,881
4,267
131
126
4,087
U7
-
'65
3
3
61.150 510.240 171.222 11.893
2.410
60
648
2.381
55
589
29
13
59
13
-
59
-
1
1
-
3,195
3,102
93
745,807 684.564
181
326
407
47
106
2,076
236
911
117
421
67
437
Total foreign countries.. 742.611 631.462
International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
5
15
1,794
4,896
10,704
442
927
1,037
44,239
1,276
310
463
405
1,076
7,917
240
15
90.225 111.326
2.226
155
29
6
13
59
SB
42
501
18
-
59
-
30
7
1
•
1
-
2,405
698
71
1,106
15
4
•
42
5
70
•
-
1
61.243 512.644 171,919 11,964
1,183
371
57
91,408 111,383
7
1
2
10
12
830
1,347
128
1
9
1
1
57
220
1
3-/"
226
6
-JiL.
1.001
199
123
9,352
59,562
16
21
-__
1
50
82
12
93.408 287.973
514
25
6
6
3
231
5,074
1,392
26.039
11,724
3
3
7,197 226,493
1,956
26.064
13,570
1
25
3
Asia:
China:
Mainland
Taiwan
Hong Kong
(15)
20
3
16
118
114
33
181
399
19,284
146
5,420
3,309
186
15,122
6,675
4,230
1,612
294
1,878
9,129
28
430
271
59,350
1,721
2
8
2,825
16,^35
10
2
255
3,022
899
22
306
IS
7,536
135
521
(13)
U
20,772 177,017
-
•
165
12,374
105
597
194
830
98
63
555
109
1,909
179
24,817
1,079
1,360
1,186
16
IS
63
516
359
5,118
359
14,326
29
SO
3,245
52
28
;i,034
10
1,367
1,192
186
15,492
(12)
1
54
36
7,853
(10)
3.593
13.523
131
CAPITAL MOVEMENTS
Section
II.
- Claims
on Foreigners Reported by Banks
Table
CM-ll-1. -
in
the United States
Total Claims by Type
[Position at end of period In milHons of dollars]
Cal endar
year
1986r
Sept.
Sept.
p
Type of claim
Total
487,101
509,974
526,834
549,457
533,746
546,132
574,228
450,303
474.099
483,736
497,635
480,765
493,994
512,378
444,745
64,095
418,883
65,737
441,039
64,880
449,926
68,196
459,877
64.605
443,790
62.011
458,680
62,758
477.077
63,778
57,484
65,462
211,533
46,171
54,846
62.617
190.622
45,061
61.837
64.724
205,174
44,424
60.999
67.187
210.533
43.012
60.687
66.922
224.727
42.936
55.758
61.734
222,916
41 ,371
69,111
64.108
229.946
42.756
61,250
63,181
245,424
43,445
33,905
4,413
31,420
3,382
33,059
3,474
33.809
3,168
37,758
3,692
36,975
5.011
35.314
4.843
35,801
5,391
24,044
5.448
20.551
7,488
21,384
8.202
22,006
8.636
26.696
7.370
23.339
8.625
24.002
6.468
20,916
9,494
28,978
26,470
36,797
34.785
35.875
34.952
43.098
42.031
51.822
51.271
52.981
52.171
52,139
51,135
61,350
60,957
2.012
923
238,001
212,147
25,854
252,296
225,409
26,887
25,435
23,582
claims
Payable in dollars
own claims on foreigners.
Foreign public borrowers
Unaffiliated foreign banks:
Deposits
Other
Own foreign offices
All other foreigners
Banks'
Claims of banks' domestic
customers
Deposits
Negotiable and readily
transferable instruments...
Collections and other
Payable in foreign currencies
Banks' own claims on foreigners.
Claims of banks' domestic
customers
Memoranda
Claims reported by IBF's
Payable in dollars
Payable in foreign currencies
1,004
;
234,544
216,974
17,570
Customer liability on acceptances...
Claims with remaining
maturity of 1 year or less:
On foreign public borrowers
On all other unaffiliated
foreigners
Claims with remaining
maturity of more than 1 year:
On foreign public borrowers
On all other unaffiliated
foreigners
24.842
266.795
233,688
33,107
278,700
237,817
40,883
267.141
224.401
42,740
18,709
277,218
234,304
42,914
293,577
242,046
51.531
132
CAPITAL MOVEMENTS
CLAIMS ON FOREIGNERS
CALENDAR YEARS
Reported by International Banking
1983-88
Facilities
and by Banks
in
the
United States
600
1983
1984
1985
1986
END OF PERIOD
1987
1988, 3dQtr.
133
CAPITAL
Table CM-ll-2.
-
MOVEMENTS
Total Claims by Country
[Position at end of period
Cal endar
Country
in
mlliions of dollars]
134
CAPITAL
MOVEMENTS
Table CM-ll-3. - Total Claims on Foreigners
Dy Type and Country Reported by Banks
[Position
a I
in
the United States, as of Sept. 30. 1988
end of period in millions of dollars]
CI aims of banks'
domesti c customers
Reporting banks' own claims
Claims on
Total
banks'
Total
cl aims
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democrat c Republ
i
10.259
i
c
6e rmany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Roman)
Spai
n
Sweden
Switicrland
Turkey
United Kingdom
U.S.S.R
Yugosl avia
Other Europe
Total
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
British West Indies
Chile
1
Col omb 1a
Cuba
Ecuador
Guatemal a
Jama ca
Hex ico
i
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other La ti n Ameri ca
and Caribbean
,
Total Latin America
and Cari bbean
As
i
a
:
China:
Mainland
Taiwan
Hong Kong
Indi
a
,
,
Indonesia
Israel
,
Japan
Korea
Lebanon
Malaysia
Pakistan
Phi
1
,
,
ippi nes
Singapore
Syria
,
Thai land
Other As1
Tota
I
,
a
Asia
Africa:
Egypt
Ghana
Li beria
Morocco
South Africa
Zaire
Other Africa
Total
,
,
,
Africa
Other countries:
Austral i a
Al
other
I
Total
other countries....,
Total
foreign countries...
International and regional:
International
European regional
Latin American regional...,
Asian regional
African regional
Middle Eastern regional....
,
,
Total i nternat ional
and regional
Grand total
,
orei gn publ
i
c
1
aims
(2)
Europe:
Austria
f
i
borrowers and
unaf f
iated
f orei gners
(3)
On own
f orei gn
Total
cl alms
payabl e
in foreign
offices
currencies
c
(5)
Customers
Payable
Payable
iabil ity
on accept1
ances
(6)
Total
(7)
orei gn
in
f
dollars
currencies
(8}
135
CAPITAL MOVEMENTS
Section
III.
- Supplementary
Liabilities
Table CM-lll-1.
-
and Claims Data Reported by Banks
Dollar Claims on
in
the United States
Nonbank Foreigners
[Position at end of period In .nMMons of dollars]
Pol
1
ar claims
of
U.S.
offices
Dol
dollar
on nonbank foreigners
Total
End of calendar
year or montti
cl alms
banks
(1)
1983
1984
1985
1986
1987r
1987-Nov.
r.
Dec.
r.
r.
r.
r.
r.
1988-Jan.
Feb.
Mar.
Apr.
May r..
June
July
Aug.
r.
..
.
Sept...
Oct. p.
Nov.
1/
Federal
p
Reserve Board data.
agencies
1
ar cl alms
of
and branches of
foreign bank s
U.S. -based banks'
major f ore1 gn
branches _1_/
(3)
(4)
U.S
U.S. -based
.
199,950
191,928
176,160
166,711
157.978
76,113
75,952
63,880
68,454
66,152
44,970
43,062
46,812
41,812
41,389
78,867
72,914
65,468
56,445
50,437
166.012
157,978
156,102
154,204
154,079
153,196
152,732
154,056
150,647
149,587
152,205
152,505
153,131
71,249
66,152
65,532
63,928
63,517
63,650
63,106
65,084
64,170
64,077
67,434
67,356
68,551
42,119
41,389
40,243
40,598
39,770
40,066
39,884
40,412
39,661
39,708
39,466
39,195
38,788
52,644
50,437
50,327
49,678
50,792
49,480
49,742
48,560
46,816
45,802
45,305
45,954
45,792
136
CAPITAL
Section
IV.
—
Liabilities to,
MOVEMENTS
and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table
CM-IV-L -
in
the United States
Total Liabilities and Claims by Type
[Position at end of period 1n milHons of dollars]
Calendar year
1985
1987
1988
1986r
Sept.r
Deer
Mar.r
25.587
28.571
27,8 52
28,877
June
Type of liability or claim
Total
liabilities
Payable in dollars
Financial
Commerci a
Trade payables
Advance receipts and other
1
Payable in foreign currencies
Financial
Commerci al
Trade payables
Advance receipts and other
Total
claims
Payable in dollars
Financial:
Deposits
Other
Commerc al
Trade receivables
Advance payments and other
i
Payable in foreign currencies
Financial
Deposits
Other
Commerci al
Trade receivables
Advance payments and other
;
29,374
26,389
12,553
27,825
29,387
Sept.p
CAPITAL
Table
CM-IV-2. -
137
MOVEMENTS
Total Liabilities by Country
[Position at end of period in millions of dollars]
Cal
endar year
1987
Country
Sept.r
Europe:
Aost ri a
Bel gi urn-Luxembourg
Bulgaria
Czeciioslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Norway
Portugal
Romania
n
Sweden
53
411
1
2
Turkey
United Kingdom
U.S.S.R
Yugosl avia
Other Europe
Europe
81
1
2
20
78
53
317
1.280
1,433
26
370
32
19
14
21
27
289
336
397
419
529
4
5
1
4
1
1
1
1
42
71
78
236
1,309
224
259
1,053
283
815
68
242
806
41
201
1
3
18
19
13
5
11
4
929
1,127
983
1,083
1,179
1,499
1,424
1,913
22
34
70
19
186
192
1,403
228
4
1
9
7
1
1
1
1
1
512
352
1,224
236
342
966
201
369
841
180
384
1,313
136
401
1,347
423
1,415
162
487
835
182
136
140
401
1,545
160
2
2
2
1
1
1
6
6
6
16
79
137
4
2
8
8
14
111
116
124
58
41
19
37
19
37
220
157
151
1,031
39
197
167
10
39
181
145
224
234
1,189
194
287
1,207
69
8,512
826
136
1,013
38
169
222
1,179
765
173
13
24
9
24
3,571
4,392
6,481
7,830
1,052
38
7,014
3
3
4
6
1
2
6
4
2
22
24
21
30
97
22
145
26
100
46
49
105
32
103
27
102
23
113
72
29
1,933
1.135
81
87
646
160
76
127
159
1.046
2,136
1,887
1,196
57
33
166
10
77
34
21
1,241
26
101
7,871
7,620
8,987
I
84
753
80
125
93
40
303
252
62
666
51
31
30
297
168
265
325
83
321
269
272
70
45
47
23
*
*
71
478
68
35
73
907
36
25
28
36
26
8
12
9
5
11
9
4
5
3
2
3
2
7
3
13
2
3
6
2
798
953
136
446
239
22
41
179
28
46
28
259
86
26
22
247
64
28
203
115
49
12
10
2
3
7
127
92
61
114
55
32
11
33
9
43
12
10
10
11
5
4
6
556
773
216
216
178
HI
40
185
150
28
137
187
106
203
159
232
140
175
264
204
249
210
32
191
39
224
238
261
80
69
187
295
4,623
7
8
2
Total Latin America
and Caribbean
Asi
a
China:
Mai nl and
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Mai aysi
,238
356
a
Pakistan
Philippines
Singapore
Syri
a
Thailand
-export ng count
Other Asia
Oi
1
1
ri
es
_!_/
274
,465
499
130
198
,997
631
6
4
1
14
10
55
42
50
14
Zai re
-export ng countries
Other Africa
Oi
I
i
_2/
113
112
25
79
198
92
14
163
328
347
148
28
295
4,497
808
222
347
335
125
31
303
3,440
572
4,252
369
I
1
1
4
13
14
17
12
13
68
79
18
785
4,725
341
53
36
6
7
5
302
356
22
184
39
17
15
215
307
259
295
295
4
2
2
2
2
3
3
78
,348
29
54
,527
49
40
,911
101
131
31
17
33
1,686
34
2,111
46
1,971
192
1,073
221
1,329
208
6,885
J12
9,002
3,314
3,903
209
206
1
1
103
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
1
1
2
14
2
3
147
162
141
21
3
185
2
2
1
5
1
1
4
3
165
176
158
176
178
1
1
8
9
1
1
1
1
1
2
167
234
43
238
198
59
42
151
36
136
64
143
69
115
114
347
443
547
593
599
606
616
94
18
42
73
38
15
46
46
Total Africa
Other countries:
Austral ia
AT
other
I
Total
other countries....
TotaT foreign countries..
International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total international
and regional
Grand total
192
989
25
5,281
Canada
Latin America and Caribbean
Argentina
Bahamas
Bermuda
Brazi
British West Indies
Chile
Colombi a
Cuba
Ecuador
Guatemal a
Jamai ca
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
4
1
21
49
202
799
13
80
727
Swi tzerl and
Total
519
1
889
Pol and
Spai
46
364
Sept .p
229
208
1
138
CAPITAL MOVEMENTS
Table CM-IV-3. - Total Liabilities by Type and Country, as of Sept. 30, 1988, Preliminary
[Position at end of period in millions of dollars]
Financi
Total
Country
liabnuies
139
CAPITAL MOVEMENTS
CM-IV-4. -
Table
Total Claims by Country
[Position at end of period In millions of dollars]
Cal endar year
Count ry
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czeciioslowalcia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spai
1985
27
173
25
180
55
185
24
174
195
185
207
2
3
5
7
3
5
Sweden
Switzerl and
Turitey
United Kingdom
U.5.S.R
Yugosl avi a
Other Europe
Europe
Canada
5
3
4
1
2
7
53
40
56
30
62
83
34
55
66
55
62
38
611
568
633
1,012
889
4
65
43
566
18
513
130
598
120
Brazi
1
16
749
110
77
70
71
13
73
15
10
6
472
486
511
488
134
618
510
821
509
143
9
7
486
130
30
69
117
16
5
7
7
8
7
6
9
49
10
9
54
15
21
85
84
9
9
4
22
15
9
5
7
7
259
196
105
337
58
179
111
205
201
97
206
184
152
189
10,862
39
52
113
81
102
10,854
11,302
10,093
10,293
14
64
159
53
177
75
48
144
70
40
144
63
75
14,469
14.951
14,372
14,515
17,478
15,387
158
,099
299
302
,443
84
191
41
105
29
10.158
9,563
10,462
6,818
5.009
129
130
,314
121
314
406
1
69
42
44
72
36
74
41
93
47
47
587
65
48
543
44
42
97
45
52
540
65
528
48
42
126
18
47
102
799
30
690
29
248
6
33
75
28
10
204
258
277
261
38
27
10,268
9,600
106
180
179
211
60
116
221
1,491
178
289
,454
76
17
188
6
2
54
681
48
642
3,827
97
45
45
546
69
45
142
51
19
15
9
6
6
6
317
349
371
298
339
133
187
173
82
83
196
,787
159
152
196
1
1
217
110
91
186
1,881
248
234
91
73
186
,764
246
97
41
46
595
47
39
187
18
248
133
192
138
84
76
185
1,817
271
150
208
177
87
78
226
1,380
250
120
287
240
119
96
199
,380
272
7
9
41
35
72
41
37
52
145
179
10
9
9
53
26
53
160
55
44
40
10
37
41
46
17
37
210
296
203
42
24
44
164
4
10
36
10
32
8
7
54
39
36
42
570
444
461
415
451
84
100
106
82
414
98
4.035
4,072
3,731
3,448
81
115
94
5
12
17
3
5
43
55
:
29
4
3
4
8
10
12
16
62
147
97
.
97
7
86
6
5
4
U
12
9
9
17
95
85
34
92
13
146
108
106
20
145
129
251
40
245
33
38,716
37,497
6
11
9
3
3
17
14
16
193
178
219
160
117
138
118
151
114
133
137
166
136
229
189
109
206
183
46
206
270
208
52
33
34
99
_
Other countries:
Australia
other
Al
_
1
Total
other countries.
Total
foreign count ries.
..
Total international
and regional
Grand total
Less than $500,000.
Includes Bahrain, Iran,
155
36
.__
31,436
33,238
.__
International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional. .._
1/
6,102
210
120
165
131
121
8
•
300
280
3,544
58
741
73
Africa
100
178
1
113
Total
70
215
1
70
55
86
197
94
36
10
331
65
208
1
*
Thailand
Oil -exporting countries
Other Asia
158
62
173
1
119
63
193
Philippines
Singapore
Syria
i
58
138
4,158
181
54
,050
99
1/8
13
76
37
74
_
267
115
174
141
,823
177
127
2,656
198
320
6,113
27
52
19
68
Africa
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oi -export ng countries^/
Other Africa
_
182
2,363
213
300
3,584
133
3,311
145
345
3,725
68
81
2,711
99
284
4,577
282
_
229
268
250
402
200
206
60
99
328
,543
281
1,410
147
4,224
334
54
179
183
65
174
321
135
6,906
5,927
12
127
178
166
343
86
12,707
80
139
117
358
39
116
347
124
141
95
355
36
,626
38
82
35
38
371
87
19
\J
723
55
458
315
123
90
1,177
Total Asia
6
8
685
6
1
Mai aysi a
Paicistan
747
30
653
472
446
150
81
56
Japan
Korea
Lebanon
871
54
951
69
22
560
6
206
a
7
6
Asia:
China:
i
7
525
400
Total Latin America
and Caribbean
India
Indones
Israel
52
37
8
92
Mainland
Taiwan
Hong Kong
84
220
11
12
45
35
426
405
4,779
292
545
4.213
British West Indies
Chile
Col ombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
66
175
569
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
55
26
9
8
608
n
Total
1984
5
3
2
3
27
16
33
18
21
2
1
_
31,967
36,265
31,445
(Trucial States).
Includes Algeria, Gabon, Libya, and Nigeria.
and the United Arab Emirates
Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
2/
140
CAPITAL
MOVEMENTS
Table CM-IV-5. - Total Claims by Type and Country, as of Sept. 30. 1988
[Position at end of period in millions of dollars]
Financial
claims
Total
Country
Total
claims
(I)
Europe;
Austria
financial
claims
Oenomi nated
In dollars
i2)
84
56
220
49
6
*
*
Italy
821
509
143
243
364
45
Spai
171
7
7
7
52
10
37
5
S
747
212
179
10
42
32
33
535
39
604
6
21
1
242
578
356
41
7
146
6
*
*
723
119
33
80
27
6
6
4
n
9
23
7
189
182
267
115
29
63
84
58
10.862
9,675
9.077
12
31
16
31
27
58
138
62
Europe
Latin America and Caribbean:
Brazi
158
.099
299
302
,443
1
British West
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Indies
27
.088
138
65
.421
26
4.084
135
65
6,420
1
1
52
47
97
41
46
47
24
Mexi CO
595
Netherlands Antilles
Panama
47
39
187
13
133
41
47
24
18
127
40
Peru
Trinidad and Tobago
Uruguay
19
5
1
30
29
3
1
Venezuela
Other Latin America and Caribbean
Total
Asi
Latin America and Caribbean
a
China:
Mainland
Taiwan
Hong Kong
India
Indonesia
120
287
240
119
96
1
*
Israel
199
43
319
2
3
1
1
38
34
4
8
4
4
7
2
9
Japan
Korea
Lebanon
Malaysia
Pak istan
Philippines
Singapore
Syria
Thailand
Other Asia
1,380
46
425
272
2
9
*
Total Asia
3,591
Total
1
17
15
1
6
5
17
1
Total
other countries
Total
foreign countries
International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
international
3
179
86
Africa
Grand total
7
42
511
Other countries:
Australia
Al
other
Total
41
37
52
7
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
and
regional
160
119
182
114
1,187
57
Canada
Arqentina
Bahamas
Bermuda
97
9
84
7
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
28
56
31
7
55
Commerci
claims
(4)
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Netherlands
Norway
Poland
Portugal
Romania
Oenomi nated
in foreign
currenci es
106
20
14
*
14
275
65
64
*
2
106
al
CAPITAL
Section
V.
-
Transactions
Table
[In
mnilons
in
141
MOVEMENTS
Long-Term Securities by Foreigners Reported by Banks and Brokers
CM— V-1. —
Foreign Purchases and Sales of Long-Term Domestic
dollars; negative figures indicate net sales by foreigners or
of
Marketable Treasury bonds and notes
Net
a
net outflow of capital
U.S. Gov't corporations
and federally sponsored
foreign purchases
in
the United States
Securities by Type
from the United States]
Corporate and other securities
agencies
Bonds
Stocks
1/
Foreign countries
Offi-
Calendar
year
or month
Total
(1)
21,499
29,208
19,388
25,587
1988-Jan-DecP48,629
1984
1985
1986
1987
1987-Dec..
1988-Jan.r
Feb.r
Mar..
No V.
p
2,507
4,634
12,084
9,980
3,435
11,062
-2,161
905
-333
-1,937
2,193
8,582
Dec
p
133
Apr. r
May..
June
July.
Aug.
Sept.
Oct..
\l
.
InternaOther
tional
instiforand retutions eigners gional
cial
(2)
(3)
507
8,135
14,214
31,064
26,536
1.670
5,118
7,169
8,135
3.075
5,062
-1,668
-2,362
-1,450
-1,502
15,989
20,633
6,278
-176
21,306
(4)
(5)
5,003
440
236,338
4g8,587
,302
6,051
-234
322
2,437
335
-32
2,012
-757
-821
2,196
2,176
(7)
(6)
214,838
469,379
•5,302 1,337,447 1,311,861
686 1,559,428 1,510,899
1,615
1,095
1
Net
Gross
Net
foreign foreign Gross
foreign
purpurforeign purchases
chases
sales
chases
1,103 1,084,326 1,064,938
2,452
612
5,663
883
655
4,910
-1,678
4,518
577
Gross
foreign Gross
purforeign
chases
sales
-748
963
-295
1,091
1,175
1,251
84,420
107,472
157,269
140,787
113,098
123,070
180.215
114,608
137.839
124,506
133,482
132,933
94,149
81,913
102,837
145,185
130,806
109,663
112,008
182,377
113,703
138,222
126,442
131,288
124,351
94,016
(8)
(9)
Gross
foreign Gross
purforeign
chases
sales
(11)
(12)
(13)
-2,980 59,834 62,814
4,941
81,995 77,054
18,719 148,114 129,395
16,272 249,122 232,849
-2,062 180,951 183,014
16,844
24,960
37,105
42,827
31,395
15,669
20,620
30,130
37.780
24,668
11,721
39,792
43,672
22,497
21,914
22,452
61,627
86,063
63,029
54,967
10,730
21,835
42,391
40,533
33,053
1,068
-388
-66
598
133
1,278
1,240
228
1,071
748
509
1,211
1,457
3,028
2,792
2,485
2,817
2,348
2,610
2,759
2,306
2,263
2,015
1,699
2,204
1,230
1,957
2,044
1,976
307
218
478
1,607
1,052
164
3,415
2,222
2,692
2,904
2,396
3,293
2,939
2,368
3,391
2,802
3,769
4,896
3,222
4.517
5.402
5,909
4,509
4,422
4,760
5,165
5,606
3,084
2,583
3,281
3,288
2,170
1,685
2,891
2,860
2,914
3,091
2,630
2,819
2,841
,606
Gross
foreign Gross
purforeign
chases
sales
(10)
1,175
4,340
6,976
5,047
6,727
1
Net
foreign
purchases
2,832
2,510
3,049
1,595
1,330
2,130
2,347
2,765
(14)
3,004
32
-376
-414
1,378
1,069
329
824
572
-581
1,620
112
1,249
(15)
13,627
12,923
16,344
18,068
15,082
13,654
20,007
19,207
17,275
11,971
13,232
11,973
11,215
,630
,891
,720
,482
,705
,723
,678
,383
,704
,552
,852
,861
,464
Data include transactions in directly placed issues abroad
by U.S. corporations and issues of States and municipalities.
Table
[In millions of dollars;
CM-V-2. -
Foreign Purchases and Sales of Long-Term Foreign Securities by Type
negative figures indicate net sales by foreigners or
foreign
purchases
Calendar year
or month
of
f orei
-5
1988-Jan-Dec.p.
1987-Dec. r
1988-Jan. r
Feb.r
Mar.r
Apr r
May r
June r .
July
Aug
.
Sept
Oct
No V. p
Deep
. .
gn
securi ties
(1)
1984
1985
1986
1987
a
net outflow of capital
Foreign bonds
Net
Net
foreign
purchases
from the United States]
Foreign stocks
Gross
foreign
purchases
Gross
foreign
(3)
(4)
sal es
Net
foreign
purchases
(5)
Gross
foreign
purchases
Gross
f
orei gn
sales
(7)
142
CAPITAL MOVEMENTS
Table
CM-V-3. -
Net Foreign Transactions
in
Long-Term Domestic Securities
indicate net sales by foreigners or
[In millions of dollars; negative figures
Marketable Treasury
bonds and notes
a
U.S. Gov't corporations
and Federal agency bonds
1986
by
Type and Country
net oulflow of capital
from the United States]
Corporate bonds
Corporate stocks
1988
1988
1988
Calendar Jan.
Calendar Jan.
Calendar Jan.
Calendar Jan.
Oct.
Oct.
Oct.
Oct.
year
through through year
through through year
through through year
through through
Deep
1987
Europe:
Austria
BelgiuBi-Luxenbourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portuga
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
1
Total
Europe
-280
653
Deep
145
923
-10
40
-45
-
-
-
2,186
1,059
390
1,911
-974
-318
305
22
290
•
'
-
13,330
-5,348
-1,144
142
26
24
144
-11
-10
671
-356
1,232
-26
449
62
355
-913
792
*
*
'
-1
-
*
661
210
1,917
5,309
-323
-1,074
15
2
3,975
9,667
*
3
•
2,421
311
-341
...
695
*
23,7 16
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Am erica
and Caribbean
Deep
1987
157
119
-15
123
258
-16
-77
8
5
11
6
-1
-31
-394
291
-84
-239
-87
-12
306
359
-
*
5
3
1
2
•
2
1
9
182
50
1.200
-648
-308
-411
-51
-41
5
2
1
-31
-5
150
•
*
13
4
-109
1
46
30
14
-1
Deep
1987
Deep
Deep
1987r
Deep
Deep
143
CAPITAL MOVEMENTS
NET PURCHASES OF LONG-TERM DOMESTIC
SECURITIES BY SELECTED COUNTRIES
Calendar Years 1984 through 1988
45
40
-
Canada
GermaVi^"
JaparT
I
n
_
'J 'J
^
[
7_|
'"
Switzerland
35
United kingdom
B
i
30
I
I
i
25
/
n
s
20
-
15 f
\
D
10
...--rr
I
I
a
r
s
1984
1985
1986
YEARS
1987
1988
(Prelim.)
144
MOVEMENTS
CAPITAL
Table
CM-V-4.
- Foreign Purchases
and Sales
of
Long-Term
Securities,
by Type and Country During Fourth Quarter 1988, Preliminary
[In millions
__^
of dpi Idrs]
Gross purchases by foreigners
Gross sales by foreigners
Domestic securities
Domestic securities
Marketable
Bonds
Treas- of U.S.
Country
Total
pur-
chases
(')
Europe
Austria
1.181
4.330
Bclgtum-Lu)(
Bulgaria
Czechoslovakia.
Denmark
Finland
France
German Dem Rep.
Germany
Greece
Hungary
Ireland
Italy
Netherlands
"orway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom.
U.S.S.R
Yugoslavia...
Other Europe.
Total
ury S
Gov't
Federal Corp.
Financ- and fed- Corporate
ing
erally
8 other
Bank
sponbonds & sored
notes
agencies Bonds Stocks
(3)
(2)
:
•
3,623
3,318
10.484
'
10,391
66
94
1,264
1.623
10.205
1.791
*
6
*
4,796
12.034
10,294
7
145,163
5
1
Marketable
Bonds
Ircas- of U.S.
(4)
(5)
Gov't
ry i
Federal Corp.
Financ- and fedu
Foreign
securities
ing
Bank
Bonds Stocks
sales
bonds
notes
17)
(81
(9)
Total
(61
----._
--•*-.
--•-..
--••-.
•••23*
---•-_
••15''
---•5_
274
2.212
4
17
66
184
2.023
2,750
4,908
346
90
2,761
172
7
699
934
162
792
25
143
151
34
56
1,286
101
13
171
3
253
1,517
2,977
738
542
1,021
7,777
.
•
3,241
3,407
10,339
•
&
Corporate
erally
A other
sponsored
agencies Bonds Stocks
(10)
(11)
(12)
Amer
i
1
49
50
261
498
1,012
Brazil
Brit West Ind..
23
167
165
115
--•__
•
3,067
231
95
32
32
321
11
54
11
4,603
1,541
3,134
646
69
88
54
468
11,108
3,905
309
413
1.365
4,523
583
6
1
1,393
40
5,055
11
6
2
2
2
-
-
5
-
•
13
22
95
46
11
77
97
1
63
1,085
707
•
2
-
-
6
51
18
2
•
321
9
17
5,389
1,421
22
138
843
207
599
56
1,033
258
5,327
1.066
54
37
1,472
1.172
9,460
1.384
3
2
103
581
14
15
119
142
266
612
418
942
213
446
42
2.072
11,147
2,376
17
35
76
173
354
286
•
54
258
4,820
2.145
829
96,693
1,905
2.694
9,411
25 312
4,493
11,458
2,035
97,388
2
2.611
89
742
58
116
15
4
7
16
30
100
67
397
186
56
140
607
4.063
2,514
935
2,420
7,126
8.368
22,263
7.599
•
4
_
2,667
11,650
10.483
8
144,044
4
10
4
598
96
59
10
93
47
331
2.528
212
823
586
1,587
14
41
3
13
7
16
163
826
139
100
36
4
92
232
420
81
185
1.325
3.865
680
3,119
-
--••__
.••3..
---__.
.-.8-'
----A,
1
101
73
Caribbean:
112
1.431
4
2.997
1,405
4.227
639
2.911
(14)
-...__
---•..
284
2,172
Eu rope.
Argentina
Bahamas
Bermuda
Bonds Stocks
(13)
Canada
Lat
Foreign
securities
25
3
6
51
476
96
15
HI
2.270
370
835
603
1.664
12
3
13
63
147
355
184
2
45
57
8
029
CAPITAL
Table
CM-V-5.
145
MOVEMENTS
- Foreign Purchases and Sales of
Long-Term
Securttie
by Type and Country, During Calendar Year 1987
[In millions of dollars]
Gross pjrchases by foreigners
Dooiest ic
Gross sales
securities
Oomest
Marketable
Bonds
Treasof U.S.
ury 4
Gow't
Federal corp.
Fi nanc- and fed1
Corporate
& other
y
sponsored
agencies Bonds Stocics
eral
ng
Sank
purbonds
chases notes
Total
&
{4}
Europe:
Austria
Bel gi um-Lu X. . .
Bulgaria
Czechosl ovakia,
Denmark
Finland
France
German Oem Rep.
Ge rmany
Greece
Hungary
Italy
Netherlands...
Norway
Poland
Portugal
Roman] a
Spain
Sweden
Swi tzerl and. .
Turkey
United Kingdom
Vugosi avia.
Total
Canada
.
Total
(6)
(7)
42
14,707
9.632
30,488
12,138
8,353
10,054
227
454
268
188
143
685
61
1,287
531
182
90
1,214
10,480
5,310
3,163
51,500
796
2,338
8,069
17,817
4,525
158
492
891
16
10
34
27
334
e
6
13
17,204
8,271
294
215
1,637
1.981
176
455
2,566
1
46
410
22
85,045
555
544
4,368
29.663
9,763
79
1,082
securities
c
i
1 1
y
sponsored
agenci es
(10)
securities
onds Stocks
tends Stocks
(11)
CM)
(13)
(12)
439
5,649
1,442
10,348
87
12,518
9.154
30,179
9,952
8.331
9,765
308
185
283
1.005
1
*
22
38.170
560
2.541
8,139
16,517
16
84
4
315
70,053
455
490
3,567
29,183
8,899
1,224
6,085
619
2
2
1
19
29
181
Forei gn
1he r
87
24
4
Corporate
&
2,008
23.240
302
126
1
14
59
,361
20
31
2
26
3,986
12,017
54,311
128
512,917
458
6,083
1
1,532
era
(9)
1,161
11,001
351
ng
bonds
notes
sales
onds Stocks
(5)
42
. .
Europe.
i
Bank
1,801
22.288
U.S.S.R
Other Europe.
Forei gn
securi ti
1
i
Marketable
Bonds
of U.S.
Treasury S
Gov't
Federal corp.
Financ- and fed-
466
868
18,116
7,478
617
14
92
285
185
1,273
239
37
1.296
465
141
46
9,575
6,567
2,985
1.136
22
10
1,104
5,193
1,712
622
101
4,126
343
2,604
274
2
1
18
1
2,391
9,180
15,098
34
10
18
432
351
64
3,988
29,205
9,480 37,020
52,270
298
316
1,973
2,936
796
440
2,787
16
304,403
77,436 32,309
3,856
9,731
52,926
1,729
8,970
13,181
31
8
373
317
546
42
333
2,365
30,328
3,193
10
*
1
8
1
16
92
1,161
302
3,526
7
3'
146
FOREIGN CURRENCY POSITIONS
INTRODUCTION
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 cun-encies
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
regulations. Statistics on the positions have been published since
March 1977 beginning with data for December 1975.
positions of
II
"Majority-owned foreign partnerships" are those organized under the laws of a foreign country in which one or more nonbanking
concerns or nonprofit Institutions in the United States, directly or
indirectly, own more than 50 percent profit interest. "Majority-owned
foreign subsidiaries" are foreign corporafions In which one or more
nonbanking business concerns or nonprofit 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.
Reporting Threshold
The report forms and Instnjctions 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) became effective as of the last business
day
of
March 1983.
Common
Definitions
and Concepts
The term "United States" means
the States of the
United
States, the District of Columbia, the Commonwealth of Puerto Rico,
American Samoa, Midway Island, the Virgin Islands, and Wake Is-
The term "foreign" means locations other than the "United
The term "worldwide" Is used to describe the sum of "United
States" and "foreign" data.
land.
States."
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
concerns, in the case of "nonbanking firms' positions," and the
agencies, branches, and subsidiaries located in the United States of
foreign banks and banking Institutions, in the case of the weekly
"bank positions."
Data
for the
Data for "foreign branches" and "abroad" include amounts reported by the branches, majority-owned partnerships, and majorityowned 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 through intercompany accounts. The data include the foreign subsidiaries of a
few foreign-owned U.S.-based corporations.
The exemption level applicable to beinks and banking instituwas $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.
tions
Firms must report their entire foreign currency position in a
If a specified U.S. dollar equivalent value
reached in any category of assets, liabilities, exchange contracts
specified foreign currency
is
bought and sold, or the net position In the currency. In general, exemption levels are applied to the entire firm. In reports on their foreign branches, majority-owned foreign partnerships, and majorityowned 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
the speci-
fied foreign currencies.
Description of Statistics
Data collected on the Treasury foreign currency forms are pubin the Treasury Bulletin in seven sections. The first section
presents a summary of woridwide net positions In all of tiie curthrough VI each present data on a
rencies reported. Sections
lished
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 instalment 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.
II
specified foreign cun-ency. Section VII presents the U.S. dollar positions of the foreign branches and subsidiaries of U.S. firms which are
required to report
in
one or more
of the specified foreign currencies.
147
FOREIGN CURRENCY POSITIONS
Section
I,
Table FCP-l-1.
— Summary Positions
- Nonbanking Firms'
Posltlons-
foreign currency units,
except yen, which is in billions)
(In millions of
Report
date
6/30/88
9/30/88
Canad an
dollars
Ge rman
mark s
yen
Swiss
francs
British
pounds
dollars 4/
(1)
(2)
(3)
(4)
(5)
(6)
rl,623
-47
r7,970
10,402
i
no, 638
r-3,235
8,967
1,333
Japanese
r870
1.221
Table FCP-l-2.
-
r-2,459
-1,133
U.S.
Weekly Bank Positions-
millions of foreign currency units,
except yen, which is in billions)
(In
Report
date
Canadian
dollars
German
mark s
Japanese
yen
Swiss
francs
British
pounds
U.S.
dol lars 4/
(1)
(2)
(3)
(4)
(5)
(6)
r-4,167
r-4,308
r-3,072
r-4,166
122
-23
451
463
r402
r412
r-718
r-1,213
307
r747
239
142
-58
189
165
r-1,466
r-827
r-3,256
r-4,335
473
479
270
375
r-1,343
r-1,802
-3,023
-2,899
67
r383
-227
-163
6/01/8
6/08/8
6/15/8
6/22/8
6/29/8
511
614
833
132
276
143
114
-152
-148
-1,502
-1,211
-1,929
-1,834
-1,538
-170
-9
r-5,284
r-4,941
r-4,537
r-3,626
r-2,301
7/06/8
7/13/8
7/20/8
7/27/B
395
1,582
2,642
2,464
-3,459
-3,694
-5,523
-6,393
79
49
158
321
-939
-536
-927
-167
954
478
1,000
580
8/03/8
8/10/8
8/17/8
8/24/8
8/31/8
1,889
1,274
1,422
1,807
1,641
-6,549
-6,360
-5,469
-3,474
-5,083
257
228
198
156
4
-1,311
-545
-704
-312
-456
S42
918
1.023
727
183
1,859
2,289
2,977
3,249
-3,682
-3,670
-7,535
-6,278
271
171
200
316
-599
-1,083
-1,345
-1,068
-45
-645
-769
263
4/06/8
4/13/8
4/20/8
4/27/8
-255
5/04/8
5/11/8
5/18/8
5/25/8
9/07/8
9/14/8
9/21/8
9/28/8
151
81
-25
15
40
-112
4
148
FOREIGN CURRENCY POSITIONS
Section
II.
Table FCP — II —
— Canadian
1.
Dollar Positions
- Nonbanking
Firms' Positions
(In millions of dollars)
Report
-1/
149
FOREIGN CURRENCY POSITIONS
Section
- German Mark Positions
- Nonbanking Firms' Positions^'
III.
Table FCP-lll-1.
millions of marks)
(In
Report
date
Liabilities
Assets 7J
Exchange bought
_3_/
Exchange sold
_£/
_4_/
Net
posit
(2)
(1)
(3)
(4)
ion 5/
~
Position
held
n:
Exchange
rate 6/
(5)
i
(6)
4/29/88
5/31/88
rl,548
rl,648
r5,576
r5,630
r47,499
r46,009
r38.823
r45,064
r4,648
r-3,037
1.6740
1.7285
United States
United States
6/30/88
r51,633
rl,866
r51,953
r5,e99
r5,195
r37.190
r6,944
r34.323
r-2,069
r-1.166
1.8167
1.8167
Abroad
United States
r42.385
r41.267
r.3.235
1.8167
Uorldwide
49.757
53,485
356
7,724
1.8745
1.8780
United States
United States
7/29/88
8/31/88
2,491
1,950
6,268
5,621
53,890
64,880
9/30/88
52,146
1,745
51,559
7,431
7,781
7,241
37,352
31,460
1,127
206
1.8723
1.8723
Abroad
United States
53,891
58,990
45.133
38,701
1,333
1.8723
Uorldwide
Table FCP-lll-2.
-
Weekly Bank Positions
7/
(In millions of marks)
Hon
liabilities 9/
Assets 8/
Report
date
Exchange bought 10/
Exchange sold 10/
d-
wide
Exchange
net
United Foreign
States branch
(1)
(2)
Worldwide
(3)
United Foreign
States branch
(4)
(5)
Worldwide
(6)
United Foreign
States branch
(7)
(8)
Worldwide
(9)
United Foreign
States branch
(10)
Worldwide
rate 12/
posit
ion
11/
(11)
(12)
(13)
(14)
4/06/88.. r7.334
4/13/88.. r7,270
4/20/88.. r7,012
4/27/88.. r6,740
90,168
90,740
91,441
92,073
r97,502
r98,010
r98,453
r98,813
r8,881
r8,976
r8,709
r8,786
85,733
86,527
86,488
86,752
r516,963
r523,004
r505,142
r509,000
r274,301
r273,275
r262.733
r268,336
249.717
256,544
248,682
248,105
r524,018
r529,819
r511,470
r516,441
r-4,167
r-4.308
r-3,072
r-4,166
1.6730
1.6930
1.6634
1.6745
5/04/88.. r6,801
5/11/88.. r6,676
5/18/88.. r6,898
5/25/88.. r6,711
99,951 rl06,752
99,745 rl06,421
r96,566
89,668
r98,923
92,212
r8,567
r8,406
r9.063
r9,455
94,968 rl03,535 r260,362 236,540 r496,902
93,935 rl02,341 r262,829 247,409 r510,238
r93,540 r285,414 250,941 r536,355
84,477
86,870 r96.325 r261,485 238,128 r499,613
r260,380
r262,283
r286,673
r262,187
241,205
252,862
255,964
244,359
r501,585 r-1,466
r-827
r515,145
r542,637 r-3,256
r506,546 r-4,335
1.6796
1.6770
1.7050
1.7053
r98.523 r279,343
88,327
88,166 r98,490 r289.767
r98,136 r292,406
87,823
90,923 rl01,231 r294,123
90,802 rl00,923 r312,292
296,962
279,181
283,164
301,402
333,431
r576.305
r568,948
r575,570
r595,525
r645,723
r281,305
r290,860
r293,445
r294,886
r312,686
302,285
285.186
238,882
306,184
336,352
r583,590
r576,046
r582,327
r601.070
r649,538
r-5,284
r-4,941
r-4,537
r-3,626
r-2,301
1.7255
1.7180
1.7527
1.7780
1.8290
r94,614
r95,503
r95,197
r95,538
r272,535
r271,023
r262,140
r266,939
244,428
251,981
243,002
242,061
6/01/88..
6/08/88..
6/15/88..
6/22/38..
6/29/88..
r7,464
r7,621
r7,726
r7,563
r7,489
93,060
93,026
92,630
95,537
94,948
rl00,524
rl00,647
rl00,356
rl03,150
rl02,437
rl0,196
rl0,324
rlO,313
rl0,308
rlO,121
7/06/83..
7/13/88..
7/20/88..
7/27/88..
7,991
8,988
9,302
9,715
95,374
94,681
93,435
93,197
103,365
103,569
102,737
102,912
10,492
10,263
10,982
11,499
91,240
91,955
91,989
90,994
101,732
102,218
102,971
102,493
286,727
298,109
315,278
310,329
317,928
315,606
363,984
345,062
604,655
613,715
679,262
655,391
287,817
299,039
316,121
312,284
321,930
319,721
368,430
349,919
609,747
618,760
684,551
662,203
-3,459
-3,694
-5,523
-6,393
1.8213
1.8465
1.3503
1.8485
8/03/88..
8/10/88..
8/17/88..
8/24/88..
8/31/88..
10,108
10,919
10,966
10,171
10,035
92,852
92,135
92,931
93,203
94,784
102,960
103,054
103,897
103,374
104,819
12,065
13,191
13,129
12.483
12,019
91,138
90,749
92,646
92,635
93,751
103,203
103,940
105,775
105,118
105,770
311,556
326,640
343,515
334,239
319,509
354,495
349,623
377,846
374,257
343,643
666,051
676,263
721,361
708,496
663,152
314,212
329,117
344,269
334,216
320,605
358,145
352,620
380,683
376,010
346,679
672,357
681,737
724,952
710,226
667,284
-6,549
-6,360
-5,469
-3,474
-5,083
1.8750
1.9155
1.9120
1.8905
1.8780
9/07/88..
9/14/88..
9/21/83..
9/28/88..
10,656 93,133
95,600
10,381
10,765 105,298
11,294
95,611
103,794
105,931
116,063
106,905
12,296
12,487
12,935
13,306
90,507
92,244
96,688
92,473
102,803
104,731
109,623
105,779
334,640
330,835
294,127
294,138
356,395
329,404
328,583
321,208
691,035
660,239
622,710
615,346
334,630
330,903
295,151
296,653
361,073
334,251
341,534
326,097
695,708
665,159
636,685
622,750
-3,682
-3,670
-7,535
-6,278
1.8432
1.8785
1.8742
1.8775
See footnotes following table FCP-VII-2.
150
FOREIGN CURRENCY POSITIONS
Section
IV.
Table FCP-IV-1.
- Japanese Yen Positions
- Nonbanking FIrnns' Positions
(In
Report
date
Assets
Liabi
_2/
1
1ties
Exchange bought
_3_/
(2)
(1)
billions of yen)
Exchange sold
_4/
(3)
^J
position 5/
(5)
(4)
-
Exchange
rate 6/
Position
held in;
(6)-
4/29/88
5/31/88
r452
r435
r968
r977
r3.184
r2.453
r2,354
rl,501
r314
r409
124.8500
125.0900
United States
United States
6/30/88
r2,913
r493
r2,372
r273
r2.926
172
r2,173
r642
r228
133.4800
133.4800
Abroad
United States
r870
133.4800
Worldwide
rl .017
r3,199
r3,406
7/29/88
8/31/88
601
534
1,164
,063
2,826
2.920
1,791
1,995
471
395
133.0000
136.4700
United States
United States
9/30/88
3,312
2,824
1,139
437
2,608
287
1,478
639
582
133.8500
133.8500
Abroad
United States
1,221
133.8500
WorldMide
1
591
3,045
Table FCP-IV-2.
(In
- Weekly Bank
Positions
-
billions of yen)
Worl d-
Liabi
Report
date
Un ted Forei gn
Worl d-
States branch
wide
i
(1)
4/06/88.
(3)
1
I
United Foreign
States branch
(4)
Exchange bought 10/
ties 9/
(5)
Worldwide
(6)
United Foreign
States branch
(8)
Worldwide
(9)
wide
Exchange
net
World- posirate 12/
wide
tion 11/
Exchange sold 10/
United Foreign
States branch
(10)
(11)
(12)
(13)
(14)
151
FOREIGN CURRENCY POSITIONS
Section
Table
(In
Report
date
Liabilities
Assets TJ
V.
-
Swiss Franc Positions
FCP-V-1. - Nonbanking
V
Firms' Positions^
millions of francs)
Exchange bought
Net
V
Exchange sold
_£/
Exchange
rate 6/
(6)-
positlon 5/
-
Position
held In;
(1)
(2)
393
392
r4,229
r4,340
11,627
13,661
12,144
13,008
-4,353
-3,295
1.3925
1.4433
United States
United States
3,071
388
2,287
r4,260
n.a.
n.a.
n.a.
n.a.
732
r-3,191
1.5050
1.5050
Abroad
United States
3,459
r6,547
10,494
9,865
r-2.459
1.5050
Worldwide
7/29/88
8/31/88
401
400
4,285
4,742
13,601
14.738
11,400
12,128
-1,683
-1,732
1.5610
1.5845
United States
United States
9/30/88
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
339
-1,472
1.5825
1.5825
Abroad
United States
1,133
1.5825
Worldwide
4/29/88
5/31/88
6/30/88....
(3)
Table
(4)
FCP-V-2. - Weekly Bank Positions^
[In millions
Assets 8/
Report
date
United Foreign
States branch
(1)
4/06/88.
(2)
llabll 1t1es
Worldwide
(3)
United Foreign
States branch
[4)
(5)
(5)
of francs]
Exchange bought 10/
9/
Worldwide
(6)
United Foreign
States branch
(7)
(8)
Worldwide
(9)
Exchange sol
United Foreign
States branch
(10)
(11)
d
10/
Worldwide
net
Exchange
World- posirate 12/
wide
tlon 11/
(12)
(13)
(14)
152
FOREIGN CURRENCY POSITIONS
Section
VI.
Table FCP-VI-1.
(In
Report
date
- Sterling Positions
- Nonbanking Firms'
Positions-'
millions of pounds)
Net
Liabilities
Assets 2J
(I)
V
Exchange sold
Exchange bought ^J
(2)
(3)
(4)
position 5/
_4/
(5)
Exchange
rate_6^/
(6)
Position
held in:
775
794
r762
r786
rl3,397
12,659
rl4.167
12,814
r-757
r-!47
1.8785
1.8382
United States
United States
r26,355
774
r23,696
r645
rl,569
10,232
rl,892
11,174
r2,436
r-813
1.7085
1.7085
Abroad
United States
r27,129
r24,241
rll.301
rl3,066
rl,623
1.7085
Worldwide
7/29/88
8/31/88
2,000
900
910
862
13,542
16,968
12,789
16,030
1,843
976
1.7100
1.6825
United States
United States
9/30/88
27,656
818
25,378
732
2,288
10,447
2,327
12,319
1,739
-1,786
1.6910
1.6910
Abroad
United States
26,110
12,735
15,146
-47
1.6910
Uorldwide
4/29/88
5/31/8B
6/30/88....
Table FCP-VI-2.
-
Weekly Bank Positions
7/
(In millions of pounds)
United Foreign
States branch
(1)
4/06/88.
(2)
Exchange bought 10/
Liabilities 9/
Assets 8/
Report
date
Worldwide
(3)
United Foreign
States branch
(4)
(5)
Worldwide
(6)
United Foreign
States branch
(7)
(8)
Worldwide
(9)
Exchange sold 10/
United Foreign
States branch
(10)
(U)
Uorldwide
net
Exchange
rate 12/
World- posiwide
tion 11/
(12)
(13)
(14)
153
FOREIGN CURRENCY POSITIONS
Section
Table
-
VII.
(!n
Report
date
Firms' Foreign Subsidiaries' Positions-'
millions of dollars)
Net
Liabilities
Assets ~
2/
(1)
6/30/88
9/30/88
U.S. Dollar Positions Abroad
FCP— VII — 1. - Nonbanking
r41,082
45,838
Exchange bought 4/
~3/
Exchange sold_£/
posit
(2)
(3)
(4)
r34.279
36,768
r6,222
7,447
r5,055
6.115
i
n _5^/
Pos
1
1
i
on
held in:
(5)
r7,970
10,402
Abroad
Ab road
Table FCP-VII-2. - Weekly Bank Foreign Subsidiaries' Positions
[
In
millions of dollars)
Uorl d-
Assets 8/
ities 9/
Exchange bought 10/
Exchange sol
d
10 /
wi de
net
pos i-
Report
Date
tion
(1)
(2)
(3)
(«)
(5)
4/06/88
4/13/88
4/20/88
4/27/88
328,257
326,710
325,825
334,183
337,659
335,141
334,381
341,297
666,274
673,661
673,760
678,278
652,044
659,992
659,321
664,319
4,828
5,238
5,883
6,845
5/04/88
5/11/88
5/18/88
5/25/88
326,785
326,241
331,655
332,568
333,415
332,335
337,917
339,543
661,710
663,862
679,265
661,499
649,198
652,739
666,137
648,516
5,882
4,979
6,866
6,008
6/01/88
6/08/88
6/15/88
6/22/88
6/29/88
342,432
336,786
342,690
338,233
341,794
348,455
343,222
349,951
343,820
346,880
728,620
722,872
732,015
772,816
841,299
714,919
711,624
715,779
757,716
824,795
7,728
4,812
8,975
9,513
11,418
7/06/88
7/13/88
7/20/88
7/27/88
347,111
332,295
332,924
341,484
349,836
333,994
335,329
344,391
851,354
770,885
328,660
840,468
839,030
757,454
815,915
827,068
9,599
11,732
9,840
10,493
8/03/88
8/10/88
8/17/38
8/24/88
8/31/88
334,000
340,661
356,196
345,457
341,039
336,482
345,901
358,702
346,718
340,686
792,705
801,524
312,807
813,567
808,448
779,846
737,533
799,166
801,984
797,224
10,377
8,751
11,135
10,322
11,577
9/07/88
9/14/88
9/21/38
9/28/38
343,936
339,938
343,407
337,113
348,062
344,253
387,663
339,839
853,250
794,761
824,481
807,320
838,417
780,490
780,439
793,882
10,707
10,001
-214
10,712
See footnotes on following page.
154
FOREIGN CURRENCY POSITIONS
FCP-Vn
Footnotes to Tables FCP-I through
SECTION
'
Excludes receivables and Installment paper sokf or discounted before maturity, fixed
I
Worldwide net positions on the
business concerns
in
last
business dajf ot the calendar quarter ot nonbanking
the Untied States and their foreign branches and maiority-owned
assets
partnerships and subsidiaries. Excludes receivables and Installment paper which have been
sold
or
discounted
before
maturity,
U.S.
parent
corrpanies'
investment
In
and equipment),
(plant
and parents'
investment
in
majority-owned
foreign
subsidiaries.
and equipment leases are excluded.
Capitalized plant
their
Includes both spot
and fonward exchange
rates.
majority-owned foreign subsidiaries, fixed assets (plant and equipment), and capitalized
Columns
leases for plant and equipment.
^ Foreign branches and majority-owned partnerships and subsidiaries only.
1
and 3
and
their foreign
and
liabilities.
In
columns 2 and
4.
^ Representative rates on the report date. Canadian
are expressed
^ Weeidy worldwide net positions of banks and banking institutions
less
the United States.
dollar.
In
dollar
U.S. dollars per unit of foreign currency,
The source
of
and United Kingdom pound
all
others
in
rates
foreign units per U.S.
the automated representative rates changed as of June 30. 1988.
branches and majority-owned foreign subsidiaries. Excludes capital assets
Banks and banking
majority-owned
^ Foreign branches and majority-owned subskjiarles
only.
10
in
VII.
foreign
liabilities.
Includes both spot and fonward exchange contracts.
the United States and their foreign
branches and majority-owned partnerships and subsidiaries.
foreign branches and majority-owned
the United States and their foreign branches and
Excludes capital assets.
Excludes capital
VII
Positions of nonbanking business concerns
in
sectbn
subsidiaries only.
8
SECTIONS II THROUGH
institutions
subsidiaries. In
In
partnersh^ and subskJiaries
Columns 3 and 9
sectton VII positions of
only.
"
See
footnote 6.
less
columns 6 and
1
2.
branches
and
majority-owned
155
EXCHANGE STABILIZATION FUND
INTRODUCTION
Background
ments as liabilities, they must be redeemed by the ESF only in the
event of liquidation of, or U.S. withdrawal from, the SDR Department
The Exchange Stabilization Fund (ESF) was established under
the Gold Reserve Act ot January 30, 1934 (31 U.S.C. 822a). This act
authorized the establishment in the Department of the Treasury of a
stabilization fund to be operated under the exclusive control of the
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.
IMF
or cancellation of
SDRs.
SDR cert/Y/cates.-lssued to the 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
invested in U.S. Government securities,
dollar balances, partly
special
drawing rights
(SDRs), and balances of foreign currencies.
The
been
principal
sources of income or losses
foreign
for the
and transactions
exchange, and the interest earned on assets.
profits or losses
on holdings
of
in
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.
Definitions
Special drawing r/ghfs.-lnternational assets created by the
International 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 IMF.
SDR
allocations.-Jhe counterpart of SDRs issued by the IMF
in the IMF. Although shown in ESF state-
based on members' quota
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 accmal 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 allocations" reflects the net gain (loss) on revaluation of SDR holdings
and allocations
for the quarter.
156
EXCHANGE STABILIZATION FUND
Table ESF-1 .--Balances as of June 30, 1988, and Sept. 30, 1988
[In
thousands
of dollars]
June
Assets,
liabilities,
and
capital
June 30, 1988
30, 1988,
through
Sept. 30, 1988
Sept. 30. 1988
Assets
U.S. dollars:
Held at Federal Reserve Bank ot
Held with Treasury:
U.S.
Government
New YorK
4.788.963
528.565
securities
1,067,000
9,180,071
Other
Special drawing rights i
Foreign exchange and securities
3,979,570
558.724
17,459
24,323
Swiss francs
Mexican pesos
Argentine australs
Ecuadorean sucres
Yugoslavian dinars
Accounts receivable
Total assets
end
932,745
537,184
1,067,000
9,073.764
2.435,630
1 .442,830
377
(1,075)
(50.000)
20.327.974
(97.510)
28.634
6,415,200
2,001,554
17,836
23.248
161.933
20.230.464
cspital
liabilities:
Accounts payable
Advance from U.S. Treasury (U.S. drawing
on II^F) 3
Total current
Other
(106.307)
50.000
33.299
1
Liabilities
8.619
2:
German marks
Japanese yen
Pounds sterling
Current
(3,856.218)
liabilities
liabilities:
Special drawing rights certificates
Special drawing rights allocations
Total other
liabU'ities
Capital:
Capital account
Na income (loss)
(see table ESF-2)
Total capital
Total
liabilities
and
capital
62.026
1
.067.000
1,129,026
10,296
72,322
1,067,000
Special Reports
STATEMENT OF LIABILITIES AND OTHER
FINANCIAL COMMITMENTS OF THE
UNITED STATES GOVERNMENT
AS OF SEPT. 30, 1988
160
INTRODUCTION
and Other Financial Commitments
is compiled in accordance with 31
U.S.C. 331 (b). The report discloses the liabilities, commitments, and
contingent liabilities of the Federal Government as of September 30,
The Statement
of the United States
of Liabilities
Government
1988.
represent existing liabilities to pay (1)
and agency debt including all public
and agency issues outstanding), (2) goods and services actually
received, and (3) adjudicated claims. The liability for these amounts
The categories
money borrowed
listed
(public debt
certain and the dollar values are relatively precise. Sources for the
information supporting these totals follow:
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 appropriations, all
pursuant to section 1311 of the Supplemental Appropriation Act of
1955 (31 U.S.C. 200). These commitments will become 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
be found in the Annual Report Appendix.
this total
may
is
The public debf-Final Ivlonthly 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 Monthly Statement of the Public Debt of the United
States, September 30, 1988, contains a comprehensive picture of
the total public debt outstanding.
securities outstanding-MTS, table 6, schedule B, Securities
Issued by Federal Agencies Under Special Financing Authorities,
contains detailed information on agency debt.
Agency
Long-term contracts represent commitments of a general
will not be due for a comparatively long time (usually
nature that
more 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 5 (contingencies) are obtained from
agency financial statements submitted in response to the requirements in TFM 2-4100, Federal Agencies' Financial Reports.
I
Deposit fund accoonfs-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
Report Appendix, Part One, Summary
subscr/pf/'ons-Annual
General Ledger Account Balances.
Accounts payable and accruals of Government agencies-Annuai
Report Appendix and table FA-1, Report on Financial Position, which
disclose the liabilities for accounts payable and related transactions.
Section
II
of schedule
1
of
this
report contains totals
for
Contingencies represent conditional commitments which may
actual liabilities due to future events beyond the control of
the Government. 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
be available
to offset potential losses.
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.
161
Schedule
1.
"Summary Statement
and Other Financial Commitments
Government as of Sept. 30, 1988
of Liabilities
of the United States
[In mjlllons]
Section
I.
Total
Llabiliiiss:
The
public debt
Agency
$2,602,338
securities outstanding
Total public debt
12.398
and agency
securities
2.614,736
Deposit fund accounts
18.402
Checks and other instruments outstanding
Accrued
Interest
34,067
Deferred interest (premium) on public debt subscriptions
642
Accounts payable and accruals of Government agencies
218,432
Total
II.
9,726
on the public debt
liabilities
2,896,005
Commitments:
Undelivered orders
588.413
Long-term contracts (schedule
17,308
2)
Maximum theoretical
measure
Section
of
contingency
II.
Contingencies:
Government loan and aedK guarantees, and Insurance commitments (schedule
Actuarial status of annuity
programs (schedule
$4,180,839
3)
4)
(i)
Unadjudicated clairre and other contingencies (schedules)
Because the various annuity programs have been computed on different actuarial bases
and at varying valuation dates, a total has not been computed. Details of Individual
programs are given in schedule 4.
389.243
Nole.-Amounls presented In this report were compiled from reports submitted by the
in accordance with Volume
Part 2. Chapter 4100 of the Treasury Financial
Manual (Transmittal Letter No. 492). The information furnished by some reporting agencies
was based on estimates.
agencies
I.
162
COMMITMENTS AND CONTINGENCIES
FISCAL YEARS
1986-88
$4.5
4.0
3.5
I
N
3.0
B
2.5
I
L
L
2.0
I
O
N
1.5
S
1.0
GOVERNMENT LOAN AND CREDIT GUARANTEES
I—J AND INSURANCE COMMITMENTS
I
I
H UNDELIVERED ORDERS
UNADJUDICATED CLAIMS AND OTHER
COMMITMENTS
LONG-TERM CONTRACTS
163
Section ll.-Commltments
Schedule 2.-Long-Term Contracts as of Sept.
30,
1988
[In millions]
Agency and program
Funds appropriated to the President:
Agency for internationai Development
Overseas Private Investment Corporation
Current rental
or cost
$17
2
Cost
of
noncurrent
portion of contracts
$39
8
Intef-American Foundation
Department
of
Commerce
21
Department of Defense:
Department of the Army
Corps of Engineers, civil
Department
of
5.458
23
Energy
133
Department of Health and Human Services:
Food and Drug Administration
Social Security Admintetratlon--oiher tnjst funds
1
36
Department of Housing and Urtjan Development:
Housing programs
Department
4
491
56
of the Interior
Department of Transportation:
Coast Guard
23
12
136
7S8
3.021
National Credit Union Administration
2
11
National Science Foundation
7
7
Federal Aviation Administration
Department
Federal
of the Treasury:
Law Enforcement
Training Center
General Services Administration
Other Independent agencies:
Export- Import
Bank of
the United States
Railroad Retlrerttent Board
Tennessee Valley Authority
United Slates Postal Service
Total
*
Less than $500,000.
•
1
47
5.667
434
1.931
1,511
17.308
164
Section Ill.-Contlngencles
Schedule 3.-Government Loan and Credit Guarantees, and Insurance Commitments as of Sept.
30,
1988
[In millionsl
Agency and program
Loan
CommitmGnts
guarantees
and Insurance
guarantee or
In
Funds appropriated to the President:
Agency for International Development
Defense Security Assistance Agerx:y
Overseas Private Investment Corporation
Department of Agriculture:
Farmers Home Administration
Commodity
Credit Corporation
Rural Electrification Administration
Federal Crop Insurance Corporation
Department
of
In
force
force
Less:Annount
Net amount
shown as unde-
of contingency
livered orders
In
$1,409
18.732
$567
366
4.390
5,626
4.777
2,915
4.842
1,245
$4,520
schedule
$183
4,340
2
14,250
Economic Development Administration
and Atmospheric Administration
Department
of
Education
Department
of
Energy
6,928
.
88
315
t
$1,976
18.732
9.093
6,128
6,022
2.917
21.178
88
315
53,170
238
Department of Health and Human Services:
1-leatth Resources Services Administration
Health Care Financing Admlnistra''on
Housing and Urban Development:
Government National Mortgage Association
Federal Housing Administration
Community planning and development
Public and Indian housing
53,170
533
771
2.504
2.504
78
78
of
Department of the Interior:
Bureau of Indian Affairs
Office of Territorial Affairs
Department
Anrounts
of Insurance
Commerce:
National Oceanic
Department
to
333,193
297,061
34.011
94
221
367.204
297,061
315
6,019
6.019
170
170
60
60
of Transportation:
Federal Aviation Administration
Federal Railroad Administration
Maritime Administration
Urban Mass Transportation Administration
103
201,779
23
3,873
937
997
978
General Services Administration
Small Business Administration
9,973
Veierans Administration
201,882
23
3,8R4
978
1.462
65,194
1,168
12,312
22,872
88,132
Other independent agencies:
Exponlmport Bank
of the
United States
3,500
14,202
Fedeial Deposit Insurance Corporation
Federal emergency
Management Agency
Federal Savings and Loan Insurance Corporation.
National Credit Union Administratior
Nudaar Regulatonr Commlsaior
Total
.
.
1.025
18,727
1,682,799
1,682.799
168.812
168,812
1,736
2,993
972,491
977,220
3
1.480
157,300
158,783
.
80,273
72.500
72,500
3,292.194
4,180,839
165
Schedule 4.~Actuarial Status of Annuity Programs as of Sept.
30,
1988
[In millions]
Agency and program
Valuation date
Assumed
Actuarial
Interest
liabilities
Actuarial
rate (percent)
Legislative branch:
Comptrollers General retirement system
United States Tax Court
Ttie judiciary
3-30-87
12-31-86
'
12-31-B6
Department of Commerce:
National Oceanic and Atmospheric Administration
Department
of
Defense ^
Public Health Sendee
Social Security Administration
12
$2
269
139
6.60
10-01-88
9-30-87
9-30-88
,
of Labor:
Employment Standards Administration:
Federal Employees' Compensation Act
Longshoremen's and Harbor Workers"
Compensation Act
9-30-88
9-30-88
9-30-88
9-30-88
Black lung disability trust fund
Pension Benefit Guaranty Corporation
Department
9-30-86
$1
9-30-88
Department of Health and Human Services:
Health Care Financing_Administration
Department
6.50
7.00
of
Stale
14.106
4.10
4.10
8.25
9-30-86
'
Department of Transportation:
Coast Guard ^
General Services Administration
'
Office of Personnel Management:
Civil service retirement and disability fund
Federal employees group
life
insurance fund
39
7.804
3.430
6.332
9-30-87
6.60
8,031
9-30-87
7.00
4
9-30-87
9-30-88
7.00
6.50
548.100
9.700
Veterans Administration
9-30-88
Independent agencies:
Panama Canal Commisston
9-30-88
7
9-30-88
51,450
Railroad Retirerrienl Board
Tennessee Valley Authority
Off-budget:
Federal Reserve
System
•
°
Nonappropriated fund instrumentalities
Federal
Honw Loan
Farm Credit System
Federal
9-30-87
'
'
'
Mortgage Corporation
'
'
Home Loan BanK System ' '
'
74.652
7.50
1,701
12-31-87
7.50
1,056
Varying
Varying
1,616
12-31-87
7.50
10
Varying
Varying
274
12-31-86
8.00
2
Actuarial
deficiency (-)
or surplus (+)
166
Schedule 5.--Unadjudlcated Claims and Other Contingencies as of Sept.
30,
1988
[In millions]
Agency and program
Unadjudlcated
claims
Funds appropriated to the President:
Agency for International Development
Overseas Private Investment Corporation
$5
5
Department of Agriculture:
Federal Crop Insurance Corporation
Soil
Home Administration
3,B66
Rural Electrification Admlnlstratlan
Department
of
Commerce
Department
of
Defense:
$3,183
83
4
Conservation Service
Farmers
Other
ConllngencJe
of
Department
11
3,897
1
1
3
Engineers
418
Energy
304,202
of
Department of Health and Human Services:
Health Resources and Services Administration
Health Care Financing Admlnlstratton
Social Security Administration
Department of Housinc and Urban Development:
Public and Indian housing
Federal Housing Administration
Fair housing
Government National Mortgage Association
of Justice
Department
of Labor:
.
418
6
6
14,113
14.113
576
576
101
2,036
20
202
1,299
Management and administration
Community planning and development
Department
$3,188
5
83
4
Army stock fund
Corps
Net amount of
contingency
176
36
.
.
2,137
222
1,299
327
187
363
2
3,406
42,971
11
2
1
Employment Standards Administration
Department
of Transportation:
Federal Aviation Administration
39,565
U.S. Coast Guard
Department
66
of the Treasury:
Customs Service
Internal Revenue Service
General Services Administration
National Aeronautics and
Space Administration
.
.
167
167
2
2
143
31
174
15
26
41
47
47
160
10,138
10,298
20
11
31
1
1
Small Business Administration
Veterans Administration
Other independent agencies:
Panama Canal Commission
U.S. Railroad Retirement Board
Multilateral
Total
developmem banks
4,262
4,262
23,700
389,243
TRUST FUND REPORTS
168
RECEIPTS AND OUTLAYS
OF
FIVE
MAJOR TRUST FUNDS
Fiscal
Year 1 988
16
w
I
14
Emu
n
Receipts
v9
oBeta Outlays
B
12
w9
9
v9
v9
I
I
v9
v9
v9
vv
Sv
10
i
w
o
n
s
v9
v9
v9
v9
v9
w
w
f
D
v9
vt*
I
v9
v9
99
v9
a
vv
I
vl*
vv-
.ftV
wSof
r
s
Airport
and Airway
Blacit
Lung
Diaability
Hazaidous Substance Superfund
TRUST FUNDS
Highway
Nuclear Waste
169
Airport
and Airway Trust Fund
trust fund was originally established on
Treasury in fiscal 1971, in accordance with
provisions of the Airport and Airway Revenue Act of 1970 (49 U.S.C.
1742(a)). The trust fund has been 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 97-248,
also credited to the fund additional
as of Sept. 1, 1982. Amounts
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
the
and airway
airport
books
of
dated Sept.
authorized and
the
3,
in
Amounts required
Revenue Code
amounts available
if
the general fund, as
outlay requirements
necessary.
for outlays to carry out the airport
and airway
of 1954.
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
and the results of operations of the fund during
and the expected condition and operations of the
the financial condition
the past fiscal year
later transfers
provisions of 26 U.S.C. 9602(b) have been met,
revenues,
meet
the Secretary of the Treasury for transfers of certain
refunds of taxes and certain section 39 credits of the Internal
in
the Secretary of the Treasury, subject to adjustments in
to the amount of actual tax receipts. When the
made by
of available
sums from
available by law, to
program are made available to the Federal Aviation Administration,
Department of Transportation. Other charges to the trust fund are
effective
1982),
equivalent to the taxes received
excess
made
fund during the next 5
in
fiscal years.
be invested in public
debt securities and interest thereon credited to the fund. There are
the fund
excess of outlay requirements
in
shall
Results of Operations, Fiscal Year 1988
[Source: Financial
Internal
1.
Sefvicel
Amount
Code
section
(26 U.S.C.)
Description
Balance Oct.
Management
Revenue
$9.934.926.699
1987
Receipts:
Excise taxes (transferred Irom general fund);
Any liquid fuel other ttian gasoline
Gasoline-commercial
Gasoline--noncommercial
Transportalion by air-seats, berths, etc
Use
of International travel facilities
Transportation of property, cargo
*041
4081
^081
4261
4261
4271
(a) (b)
74,585,000
4,259.000
38,412,000
2.815.009,000
94,779.000
167.692.000
.
(c)
....
3.194.736.000
Civil aircraft
6426
Any
4041
-9,320
-2,395.960
-3,700,000
Gross excise taxes
Less refunds of taxes (reimbursed to general fund):
other than gasoline
Gasoline-retailers tax
Gasoline-manufacturers lax
liquid fuel
Total refunds of taxes
Net taxes
on Investments
Interest
....
....
•6.105.280
.
3,188,630,720
892,625.997
.
4.0B1. 256.71
Total receipts.
Outlays:
Federal Aviation Administration:
829.704.925
825.223.364
1,043,039.948
169.683.157
28,291,000
68.720
Operations
Grants-in-aid for airports
Facilities
and equipment
Research, engineering and development
.
NOAA v»eather services
Interest
on refunds
of
taxes
2.896.011,114
Total outlays
11,120,172,502
Balance Sept. 30. 1988
Expected Condition and Results of Operations, Fiscal Years 1989-93
[In millions]
Balance Oct.
1
1990
$11,120
$13,020
$13.545
3.688
1.002
3,934
1,140
4.262
4.600
1,132
1.055
956
4.690
5.074
5.394
5.655
5.900
13.919
14.350
Receipts:
Excise taxes, net of refunds
Interest on investments
Total receipts
Outlays
'
.
1992
1989
$13,919
'
Outlays include $29 million for 1989 and $30 million for 1990 through 1993, for the Department of Commerce. National Oceanic and Atmospheric Administration.
2 Large portions of the unexpended balance are committed to liquidate outstanding
4.944
5.353
2.790
Balance Sept. 30 ^
$14.350
13,545
unfunded obligations (contract authority) and
to liquidate
unexpended appropriations.
170
RECEIPTS AND OUTLAYS
AIRPORT AND AIRWAY TRUST FUND
Fiscal
'4.Z -
I
n
B
i
I
I
i
o
n
s
o
f
D
I
I
a
r
s
1984
Years
1
984-88
171
Asbestos Trust Fund
fund was established on the books of the
1987 pursuant to Public Law 99-519, Oct. 22,
1986. It consists of amounts received in the Treasury on or after
Jan, 1, 1987, as repayments of loans made under section 505 of the
Asbestos School Hazard Abatement Act of 1984 (20 U.S.C. 401 1 et
seq.), and amounts received as deposits from local educational
agencies under section 207(a) of the Toxic Substances Control Act.
Amounts available in the fund in excess of current outlay requirements are invested in interest-bearing obligations of the United
States, and any interest earned and proceeds from sale or redemp-
The asbestos
Treasury
in
trust
fiscal
tion
are credited to the fund.
Amounts are made available to the Environmental Protection
Agency for the purpose of carrying out the school loan and grant
program under section 505 of the Asbestos School Hazards Abatement Act
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.
Results of Operations, Fiscal Year 1988
[Source; Financial
Balance Oct.
1.
1987
Management
Service]
$836.644
Receipts:
Loan repayments
Interest on Investments
Amortized discount. ...
Total receipts
Balance Sept. 30. 1988
2,453.000
1 14.075
22,563
172
Black Lung Disability Trust Fund
The black lung
Treasury
of the
disability trust
in fiscal
fund
was
1978 pursuant
entitled
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
for the
credited to the fund. Also credited to the fund,
established on the books
to the
Black Lung Benefits
Revenue Act of 1977. Public Law 97-119, Dec. 29, 1981,
Fund Code of 1981" (26 U.S.C. 9501), provides
"Trust
continuation of the fund as previously established under section 3 of
The Consolidated Omnibus Budget Reconciliation
1985 (Public Law 99-272), enacted Apr. 7, 1986, provided for
the act of 1977.
Act of
an increase
in
the coal tax effective Apr.
1,
Oct.
Law
100-203), signed Dec. 22, 1987, extends the temporary increase
To
carry out the black lung disability program,
to
The
and
act requires the Secretary of the Treasury to submit an
Congress
excise taxes on mined coal tonnage; taxable expenditures of private
Labor and the Secretary of Health and
operators;
and
Estimates
made
related
reimbursements by responsible mine
fines,
and
penalties,
interest
9602
charges.
amounts
adjustments
in later
for
(a)).
to
The
report
of operations of the
by the Secretary of the Treasury determine monthly
transfers of
amounts are
and Human Services and the Department of the Treasury,
repay advances from the general fund and interest on
of Health
annual report
trusts;
require-
available to the Department of Labor. Other charges to the
transferred from the general fund of the Treasury to the trust fund:
benefit
necessary, are
advances.
act designates the following receipts to be appropriated
black lung
if
meet outlay
excess of available revenues.
and also
in
the coal tax through Dec. 31,2013.
The
in
to
fund are to pay administrative expenses incurred by the Department
1985.
1,
(Public
ments
made
1986, through Dec. 31,
1995, and a 5-year forgiveness of interest retroactive to
The Omnibus Budget Reconciliation Act of 1987
repayable advances from the general fund
condition
after consultation with the Secretary of
must present the
fund during the past
and operations
Human
Services (26 U.S.C.
financial condition
fiscal
and
results
year and the expected
of the fund during the next 5 fiscal years.
excise taxes to the trust fund, subject to
transfers to actual tax receipts.
Results of Operations, Fiscal Year 1988
[Source: Financial
Balance Oct.
1,
Management
Service]
1987
$2,607,919
Receipts:
Excise taxes (transferred trom general fund):
$1.10 per ton on coal from underground mines
$0.55 per ton trom surface mines
4.4-percent tax limitation collections on coal from underground mines
4.4-percent tax limitation collections on coal from surface mines
Section
315.476.000
1 70,850.000
58.335.000
49,814.000
4952 taxes on taxable expenditures
Gross tax receipts
Less: Reimbursement
-
594,475,000
to general
fund
for
refunds of taxes
-
Net tax receipts
594.475.000
Co.'daions from responsible coal operators
17.718.216
4,079,361
and Interest
and profit on investments
Advances trom the general fund
Less: Repayment of advances to the general fund
Fines, penalties,
Interest
41 ,273.932
-
Total receipts
657.546,509
Outlays:
Benefit payments
601,972.127
Reimbursement to mine or}erators
Payment ot administrative expenses:
Department of Labor
Department of Health and Human Services
Department of the Treasury
Interest on advances from general fund
Interest
54,458,000
646,752
on refunds of taxes
Total outlays
657.076,879
Balance Sept. 30, 1988
3.077.549
Expected Condition and Results of Operations, Fiscal Years 1989-93
[In
1989
Balance Oct.
1
1990
thousands]
1992
1991
1993
3,077
Receipts:
Excise taxes
$606,000
$627,000
$632,000
$647,000
$666,000
72.000
33,000
357,000
367.000
344,000
2.000
2,000
2.000
2.000
2.000
680,000
662.000
991.000
,006.000
1.012.000
625.687
57.390
611.404
50.596
609,622
51.378
330,000
Interest
Advances from general fund
Section 4952 taxes
Fines, penalties, and interest
Total receipts
Outlays:
Benefit payments
Administrative expenses
on repayable advances
Repayment of advances
Interest
Total outlays
Balance Sept. 30
1
603.946
52.054
350.000
590.338
52.662
369.000
-_
683,077
662.000
1.012.000
173
Harbor Maintenance Trust Fund
trust fund was established on the books
Treasury on Apr. 1, 1987, in accordance with the Water Resources Development Act of 1986 (Public Law 99-662, Nov. 17,
The harbor maintenance
of the
1986) (26 U.S.C. 9505).
The harbor maintenance trust fund consists of such amounts as
may be appropriated as provided in section 9505(b), transferred by
the Saint Lawrence Seaway Development Corporation (SLSDC)
pursuant to section 13(a) of the Act of May 13, 1954, or credited as
provided
in
section 9602(b).
the taxes received
harbor maintenance
in
Amounts are appropriated equivalent
to
the Treasury under section 4461 (relating to
tax).
Amounts in the harbor maintenance trust fund shall be available
as provided by appropriation acts for making expenditures to carry
out section 2 1 0(a) of the Water Resources Development Act of 1 986,
for payments of rebates of tolls or charges pursuant to section 13(b)
of the Act of May 13, 1954 (as in effect on Apr. 1, 1987), and for the
payment of all expenses of administration incurred by the Depart-
Treasury in administering subchapter A of chapter 36
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 Om-
ment
of the
(relating to
nibus Budget Reconciliation Act of 1985.
Legislation
eration
is
proposed
and maintenance
to restore financing of
to its status prior to
the
passage
SLSDC's
of Public
op-
Law
SLSDC would
and maintenance. Rebates would
99-662. Pursuant to the proposed legislation, the
retain
its tolls
to finance operation
continue to be paid out of
this trust fund.
Annual reports to Congress are required by 26 U.S.C. 9505 to
be submitted by the Secretary of the Treasury. These reports are
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 Operations, Fiscal Year 1988
[Source: Financial
Balance Od.
Managamenl
Service]
1987
1.
$15,198.907
Receipts:
Excise taxes:
Imports
Exports
78.001.000
38.000.000
22.000,000
6,000.000
10,447.52t
6,528.231
36,641
Domestic
Zones and missions
lolls from SLSDC
Interest on investments
Amortized discount
Transler ol
161.013.392
Total receipts
Outlays:
Corps
of
Engineers
148.000,000
9.335,464
8.894,657
142,093
SLSDC
Toll rebates
Treasury administration
Total outlays
Balance Sept. 30. 1988
Expected Condition and Results of Operations, Fiscal Years 1989-93
[In millions]
1990
Balance Oct.
1
'
$8.2
Receipts:
Excise taxes
Transfer of tolls from SLSDC
Interest on Investments ....
Total receipts
180.0
Outlays
Corps
of
Engineers
156.0
SLSDC
Toll rebates
Administration of rebates
Total outlays
Balance Sept. 30
177.8
10.4
1991
1992
1993
174
Hazardous Substance Superfund
The hazardous substance response trust fund was established
on the books of the Treasury in fiscal 1981 in 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
with provisions of the Superfund Amendments and Reauthorization
Act of 1986 (Public Law 99-499, dated Oct. 17, 1986).
The Internal Revenue Service collects excise taxes on petroleum
and certain chemical feed stocks as well as an environmental tax
based on the corporate alternative minimum taxable income (AMTI).
In addition, an appropriation from the general fund is authorized to
the superfund. Cost recoveries and other miscellaneous receipts are
deposited directly to the hazardous substance superfund.
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
credited to the fund. Also credited to the fund,
,
interest
if
earned
is
necessary, are
repayable advances from the general fund to meet outlay requirements in excess of available revenues.
To carry out the hazardous substance response 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 by section 9633(b)(1). These reports must present the fi-
and the results of operations of the fund for
and its expected condition and operations during
nancial condition
the
past fiscal year
the
next 5 years.
Results of Operations, Fiscal Year 1988
[Source: Financial
Balance Oct.
1,
1987
Management
Servica]
'
$1,469.661,257
Receipts:
Advances
Amonized discount
61.657,192
55.653,505
1.011,461,000
239,100,000
-1 14,044,652
7.278.979
Total receipts
1.261.106.024
Interest
Recoveries, tines and penalties
Taxes
General revenues
Outlays:
Envtronniental Protection
Agency
826.911.888
828.911.888
Total outlays
Balance Sept. 30, 1988
Balance
reflects
1,901,855,393
an adjustment
of
$514,617 to unamortized discount
for fiscal
year 1987.
Expected Condition and Results of Operations, Fiscal Years 1989-93
[In millions]
Balance Oct.
$1,902
1
1990
1991
1992'
$2,283
$2,395
$2,736
Receipts:
Interest
Recoveries, fines and penalties
Taxes
General revenues
88
70
1,223
150
Total receipts
Outlays
Balance Sept. 30
'
The forecasts
Congress.
for fiscal
2,283
years 1992 and 1993
assume
reautfiorlzatlon of the
2.395
program by
$2.648
175
Highway Trust Fund
trust fund was originally established on the books
Treasury in accordance with provisions of the Highway
Revenue Act of 1957, as amended (23 U.S.C. 12 note). It was
reestablished on the books of the Treasury by the Surface
Transportation Assistance Act of 1982. as modified by the Deficit
Reduction Act of 1984 (Public Law 98-369. approved July 18, 1984).
and subsequently by the Surface Transportation and Uniform
The highway
Within the trust fund
of the
Amounts equivalent
Relocation Assistance Act of 1987.
gasoline, diesel fuel, special motor fuels,
commercial motor vehicles, truck use,
tires,
to taxes
on
account
oil,
the trust fund.
These
and parts and
made
at least
monthly on the
basis of estimates by the Secretary of the Treasury, subject to
adjustments in later transfers to the amount of actual tax receipts.
Amounts
invested
available
in
the fund
in
in
public debt securities
excess
and
of outlay
requirements are
interest thereon
is
credited to
the fund. There are also credited to the fund repayable advances
from the general fund, as authorized and
meet
outlay requirements
portion of
The
as a
a
fiscal year,
if
in
excess
made
available by law, to
of available
transit account, funded by one-ninth
under sections 4041 and 4081 of the
be made
in
required
for
accordance with the provisions
outlays
to
of Public
caoy out the Federal-aid
highway program are made available to the Federal Highway
Administration. Department of Transportation. Other charges to the
trust fund are made by the Secretary of the Treasury for transfers of
certain taxes to the land and water conservation fund and to the
aquatic resources trust fund, refunds of certain taxes, repayments of
advances from the general fund, and the interest on advances.
Annual reports to Congress are required by 26 U.S.C. 9602 (a).
Internal Revenue Code as amended, to be submitted by the
etc.,
transfers are
shall
Law 97-424.
Amounts
tubes, tread rubber,
lubricating
a mass
Internal Revenue Code (26 U.S.C.) imposed after Mar. 31. 1983.
The funds from this account shall be used for expenditures in
accordance with section 21(a)(2) of the Urban Mass Transportation
Act of 1964. The remaining excise taxes collected shall be included
in a highway account within the trust fund, and expenditures for this
are designated by the act to be
appropriated and transferred from the general fund of the Treasury to
accessories for trucks, buses,
is
of the excise tax collections
Secretary of the Treasury, after consultation with the Secretary of
revenues during a
Transportation.
necessary.
These
reports cover the financial condition
results of operations of the fund for the past fiscal year
was extended
termination date of the fund
expected condition and operations during the next 5
to Sept. 30. 1993.
fiscal
and the
and its
years.
Surface Transportation and Uniform Relocation
result of the
Assistance Act of 1987 (Public
Law
100-17, approved Apr.
2.
1987).
Results of Operations, Fiscal Year 1988
[Source: Financial
Management
Internal
Code
Description
Sefvlce]
Revenue
section
Amount
(26 U.S.C.)
Balance Oct.
1.
1987
$13.613.615.016
Receipts:
Excise taxes (transferred from general lund):
Trucks, buses, and trailers
4061 (a) (1)
4041 (a) (b)
4051 (a).
4081
4071(a)(1).
4071 (a) (3)
4481
Diesel and special motor fuels
Trucks
Gasoline
,
on highway vehicles
Repealed taxes {2)
Tires used
Use
.
of certain vehicles
Fines and penalties
2.768.270.880
1.277.156.455
9.551,568.830
334.074.174
-3.254.393
581.292.710
3.461.264
14.512.569.920
Total taxes
Less: Transfer to land and water conservatnn fund
Transfer to national boating safety
fadlrties improvement fund
Gross taxes
Less refunds of taxes (reimbursed to general fund):
Gasoline used on farns
Gasoline used for nonhighway purposes of k>cal transit
Fuel-taxicabs
4081
4041
1.000.000
105.451.000
(b).
14.406.118.920
.
39&6420.
8421
6427.
.
.
150.152.720
.
20.501.560
.
Commercial fishing vessels
Gasohol (tax paid gasoline)
4081(a).
4081(C).
Gasoline, other
6412...
4041
4041
4081...
Aviatbn fueb-larms
Diesel fuels
Gas/diesel/alcohol mixtures
Total refunds of taxes
.
.
.
.
3.081.480
14.678.690
14.163,780
114.283.350
1.922.310
13.739.500
741.540
292.261.810
.
14.113.857.110
Net taxes
Interest on Investments
Miscellaneous interest
1.192.733.064
.
.
15.306.590.174
Total receipts
Outlays:
Highway proaram:
Federal- Aid Highway Act
of
13.829.076.817
1956
Right-of-way revolving fund
National highway traffc safety program ....
Trust fund share of other highway programs
Baltirrrare-Washington Parkway
Highway safety research and development .
Acceleraton of projects
Highway-related safety grants
Highland scenic highway-Forest Service.
Intermodal urban derrronstratran projects
.
Traffic control signal
demonstraton project
Carpool and vanpool grants
Bicycle programs
National Park Service construclton
Motor carrier safety grants
Mass transit
.
.
.
2.946.653
115.536.127
8.253.177
4.584.058
7.255.021
-7.540
8.373.812
850.572
625.700
436.355
187.993
22.246
9.356.292
47.293.239
695.675,179
176
Highway Trust Fund
Results of Operations, Fiscal Year 1988-Con.
Description
Internal
Revenue
Code
section
(26 U.S.C.)
Amount
Outlays "Con.
Highway prograrrv-Con.
Safety Improvement
Safety economic development demonstration project.
$1,211,354
4.798.407
2.860.000
104.970
access derrronstratlon
Theodore Roosevelt Bridge
Airport
Total outlays
14.733.537.126
Balance Sept. 30. 1988
14.186,668.062
Expected Condition and Results of Operations, Fiscal Years 1989-93
pn millions]
Combined Stalement (Highway
Balance Oct.
$14.186.9
1
atid
Maes
Tranelt Accounts)
$15,744.6
$17,254.4
$19,325.2
Receipts:
Excise taxes, net
of
refunds
Interest, net
14.919.0
1.223.6
Total receipts
Outlays
Balance Oct.
1
Receipts:
Excise taxes, net of refunds
Interest, net
Total receipts
Outlays
Balance Sept. 30
870.0
1.358.6
1.61 1.7
5.916.2
7.115.8
7.356.0
$21,547.8
177
RECEIPTS AND OUTLAYS
HIGHWAY TRUST FUND
Fiscal
15.5
'
I
n
14.5
B
I
13.5
o
n
s
o
12.5
f
D
o
I
I
11.5
a
r
s
10.5
1984
1985
Years
1
984-88
178
Inland
The
inland waterways trust fund
was
Waterways Trust Fund
on
accordance with
provisions of the Inland Waterways Revenue Act of 1978 (33 U.S.C.
1801(a)) and continued pursuant to the Water Resources
Development Act of 1986 (26 U.S.C. 9506). Amounts determined by
the Secretary of the Treasury to be equivalent to the amount of taxes
received in the Treasury under section 4042 of the Internal Revenue
Code of 1954 (relating to tax on fuel used in commercial
transportation on inland waterways) shall be appropriated to the trust
fund. These amounts shall be transferred at least quarterly from the
general fund on the basis of estimates made by the Secretary,
subject to adjustments in later transfers to the amounts of actual tax
the
books
the
of
Treasury
in
fiscal
judgment not required to meet current withdrawals.
and the proceeds from the sale or redemption of,
any obligation held in the trust fund shall be credited to and form a
originally established
1981,
in
shall
be the duty
of the Secretary of the Treasury to invest
fund
The
interest on,
in
his
part of the trust fund.
The act provides
amounts
the trust fund shall be
making construction and
rehabilitation expenditures 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 are 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.
available,
receipts.
It
tnjst
in
by
that
appropriations
acts,
in
for
interest-bearing obligations of the United States that portion of the
Results of Operations, Fiscal Year 1988
[Source: Financial
Balance Oct.
1,
Management
Service]
1987
$300.567.007
Receipts:
Excise taxes (transferred from the general fund):
Tax on liquid used as fuel in commercial transportation on Inland watenways (26 U.S.C. 4042)
Interest
48,054,000
41 ,935i855
16,398,428
-9]021 [562
income
Accrued
interest
income
Net amortized discount/premium
Total receipts
97,366,720
Outlays:
Corps
ol
Engineers
58,598.461
Balance Sept. 30. 1988
339.335,266
Expected Condition and Results of Operations, Fiscal Years 1989-93
Amounts Available
for
Appropriation
[In mlllionsl
1991
Balance Oct.
1
$31 5.2
$315.2
Receipts:
Excise taxes, net of refunds
Interest on investments
Total receipts
Appropriation
Balance Sept. 30
31 7.4
1993
179
Leaking Underground Storage Tank Trust Fund
The
leaking underground storage tank trust fund
was
established
1987 by the Superfund Amendments and Reauthorization
Act of 1986 (Public Law 99-499). Taxes are collected on gasoline,
diesel fuel, special motor fuels, fuels used in aviation, and fuels used
in commercial transportation on inland waterways by the Internal
Revenue Service and appropriated from the general fund to the trust
in
fiscal
fund. All other receipts are deposited directly to the trust fund.
Amounts
available
in
the fund
in
excess
of current
expenditure
requirements are invested by the Secretary of the Treasury
interest-bearing public debt securities,
credited to the fund.
advances
repayable
and any
Also credited to the fund,
from
the
general
fund
interest
if
to
earned
requirements
In
excess
To carry out the
amounts are made
of available
revenues.
leaking underground storage tank program,
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
year and
in
results of operations of the fund for the past fiscal
is
expected condition and operations during the next 5 years.
necessary, are
meet
outlay
Results of Operations, Fiscal Year 1988
[Source: Financial
Balance Oct.
1.
Management
Service]
1987
$73,076,863
Receipts:
Excise taxes, pursuant to Internal Revenue
Interest
Code
125,322,000
8.561,745
1.170.539
Income
Amortized discount
Gross tax receipts
135,054.284
Less reimbursements to genera! fund:
Refund of taxes and estimated tax credits
12.120
Net receipts
135.042,164
Total receipts
135.042.164
Outlays:
Environmental Protection Agency
13.838.259
13.838.259
Total outlays
Balance Sept. 30, 1988
194,280,769
Expected Condition and Results of Operations, Fiscal Years 1989-93
[In millions]
Balance Oct.
1
$194.2
$314.5
$430.4
131.0
21.0
132.0
27.2
38.7
26.7
1992
1993
$428.6
$356.8
Receipts:
Taxes
Interest
on Investments
Total receipts
Outlays
Balance Sept. 30
370.4
346.3
31.8
43.3
314.5
430.4
92.5
428.6
56.8
the
its
180
Nuclear Waste Fund
The nuclear waste fund was established on the books
of the
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
Treasury
in fiscal
1983,
in
nuclear power reactors and spent nuclear
fuel.
Expenditures from
the fund are for purposes of radioactive waste disposal activities.
Amounts
available
in
the fund
in
excess of current needs may be
invested by 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 interest at rates determined appropriate, taking
into consideration the current
average market
yield
marketable obligations 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.
An annual
report to
Congress by the Secretary
after consultation with the Secretary of
Energy,
is
of the Treasury,
required by 42
U.S.C. 10222 (e)(1). This report must present the financial condition
and the
results of operations of the
waste fund during the preceding
fiscal year.
on outstanding
Results of Operations, Fiscal Year 1988
[Sourca: Financial
Balance Ocl.
1
,
Receipts:
Fees collected
Penalties and Interest on fee
Interest
Managemenl
Service!
1987
payments
on Investments
683.188.273
Total receipts
Outlays:
Department of Energy radioactive waste disposal
Cost of Investments
activities
405.053.455
277,405.837
Total outlays
Balance Sept. 30. 1988
1.024,871
181
Reforestation Trust Fund
The
reforestation trust fund
Treasury
in fiscal
accordance
year 1981
to
provisions
with
was
established on the books of the
continue through Sept. 30, 1985,
of
Title
lll--Reforestation.
of
in
the
Recreational Boating Safety and Facilities Improvement Act of 1980
(16
use.
1606a
(a)).
Treasury shall transfer
The
act provides that the Secretary of the
to the trust
fund
tariffs,
limited to not
more
than $30 million for any fiscal year, received in the Treasury from
Oct. 1 1979, through Sept. 30, 1985, on (1) rough and primary wood
,
and wood waste;
products,
(3)
wood
(2)
lumber, flooring, and moldings; and
veneers, plywood, and other wood-veneer assemblies, and
building boards. Public
Law 99-190 extended
the receipts for the
available
withdrawals are invested
sums
in
(2)
amounts not obligated in previand timber stand improvement and
the Federal Government for these
the trust fund (including any
ous years)
for (1) reforestation
administrative
costs
of
activities.
Annual reports are required by 16 U.S.C. 1606a (c)(1) to be
submitted by the Secretary of the Treasury, after consultation with
the Secretary of Agriculture, on the financial condition and the results
of the operations of the tixist fund during the past fiscal
reforestation trust fund.
Amounts
in obligations guaranteed as to both principal and interest
by the United States. The interest on, and the proceeds from the sale
or redemption of, any obligations are credited to the trust fund.
The Secretary of Agriculture is authorized to obligate available
States or
in
in
the
trust
fund
in
excess
of
cun-ent
its
expected condition and operations during the next
year and on
fiscal year.
interest-bearing obligations of the United
Results of Operations, Fiscal Year 1988
[Source: Financial
Balance Od.
1,
Managemeni
Servicel
1987
$2,713.227
pursuant to 19 U.S.C. 1202
30,000,000
1.086.396
Receipts:
Excise
la;<es,
Interest
on investments
31.086.396
Total fsoeipls
Outlays:
Transfer to Agriculture
Total outlays
Balance Sept. 30, 1988
Expected Condition and Results of Operations, Fiscal Year 1989
(In
Balance
Oa
1.
1988
thousands)
S366
Receipts:
Excise taxes, net of refunds.
Interest on investments
Total receipts
Outlays
Balance Sept. 30. 1989
X.OOO
U.S.
CURRENCY AND COIN OUTSTANDING
AND IN CIRCULATION
184
U.S.
CURRENCY AND COIN OUTSTANDING AND
IN
CIRCULATION
INTRODUCTION
Definition of Terms
Purpose and Scope
The U.S. Currency and Coin Outstanding and
in
Circulation
prepared 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.
Statement
is
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
money and
circulated
in
further presents
a comparative amount
of
"Amounts outstanding and in circulation"
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.
The
includes
classification
ail
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 U.S. Government
obligations. Currently, the item "Federal Reserve notes-amounts
outstanding" consists of new series issues. The Federal Reserve
note
is
the only class of currency currently issued.
relation to population.
"U.S. notes" are also known as legal tender notes and were
in five different issues; namely, (a) First lssue-1862 ($5 to
$1,CX30 notes), (b) Second lssue-1862 ($1 to $2 notes), (c) Third
Issued
History
Statements of currency and coin outstanding and in circulation
have been published by the Department of the Treasury since 1888.
These statements were originally prepared monthly 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. Con-
December
September
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
currently, from
31, 1919, to
Currency
report.
in circulation.
($1
to
The column for "Cun-ency no longer issued" consists of gold
and new series), silver certificates (old and new
series). Federal Reserve notes (old and new series), national bank
notes (old and new series), and Treasury notes (1890 series).
certificates (old
"Dollar coins" include standard silver coins
and nonsilver coins.
30,
Publication of the "Monthly Statement-Paper
Each Denomination Outstanding" was discontinued, and
the revised version which combines information from both statements became 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 special
currency
lssue-1863 ($5 to $1,000 notes), (d) Fourth lssue-1863
$10,000 notes), and (e) Fifth lssue-1901 ($10 notes).
"Fractional coins" include subsidiary coins in denominations of
50 cents, 25 cents, and 10 cents and minor coins (5 cents and 1
cent).
Reporting Sources
of
Data used in the preparation of the US. Currency and Coin
Outstanding and in Circulation Statement is derived from monthly
reports required from Treasury offices, various U.S. Mint offices, the
Federal Reserve banks, and the Federal Reserve Board. Such reports convey information about 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.
185
U.S. Currency
and Coin Outstanding and
[Source: Financial
Managemenl
AMOUNTS OUTSTANDING AND
IN
In
Circulation
Service]
CIRCULATION
Dec. 31.1988
Currency
Coin'=
Total
currency and
Amounts outstanding
Less amounts held by:
The Treasury
The Federal Reserve
Amounts
ijanks
in circulation
Federal Reserve notes
Total
U.S. notes
Currency no
Fractranal
coin
longer Issued
$290,325,839,659
$272,082,292,761
$271,491,790,720
$322,539,016
$267,963,025
$18,243,546,898
$2,024,703,898
$16.218,84-,000
411.614.436
42.249.279.171
36.258.129
41.852.686.367
4,502,886
41.852,653,318
31.564,339
213
190,904
32.836
375.356.307
396.592.804
333.843.050
122,689.602
41.513.257
273.903.202
247,664,946.052
230.193.348.265
229.634,634,516
290.974,464
267.739.285
17,471.597.787
1.568.171.246
15,903,426,541
COMPARATIVE TOTALS OF CURRENCY AND COIN
IN CIRCULATION-SELECTED DATES
CURRENCY IN CIRCULATION BY DENOMINATION
Dec. 31,1988
Date
Denomination
Federal
Total
notes
$4,688,067,168
777,629,890
5,964,324,665
12,530,278,210
64,680,887,980
30,544,345,650
1 10,677,135,100
150,724,000
174.715.000
1.790.000
3.450.000
$1
$2
$5
$10
$20
$50
$100
$500
$1,000
$5,000
$10.000
$4,536,160,970
644,762,366
5,815,311,020
12,505,807,140
64,660,719.420
30.532,761,700
110,608,975,400
150,534,500
174,507,000
1.745,000
3.350.000
Partial notes 5
230.193.348.265
Total currency
Issued on and after July 1 1 929.
^ Excludes coin sold to collectors at premium prices.
Includes $481,781,898 in standard silver dollars.
,
229,634,634,516
Amount
(in
Per
capita*
millions)
Issued
1
$143,481
132.854.558
111.991.505
5.950
3.380
45.975,500
487
115
Fractional parts
Currency
no longer
U.S.
notes
Reserve
$151,762,717
12,966
37,022,140
24,465,120
20,165,180
11.583,950
22.184.200
189.500
208.000
45.000
100.000
90
487
25
290,974,464
267,739,285
^
Dec. 31,1988
Nov. 30,1988
1988
Dec. 31,1987
Sept. 30,1985
Sept. 30,1980
June 30,1975
June 30,1970
June 30.1965
June 30.1960
June 30. 1955
June 30. 1950
Oct. 31,
Census estimates
Based on Bureau
of the
Represents value
of certain partial
$247,664.9
242,509.9
237,092.2
230,192.1
187,337.4
129.916.4
81.196.4
54.351.0
39.719.8
32.064.6
30229.3
27,156.3
$1,000.90
981,70
960.58
r 939.79
782,45
581.48
380.08
265.39
204.14
177.47
182.90
179.03
of population.
denominations not presented for redeirptlon.
Information about the Superintendent of Documents Subscription Service
Current Subscribers
to expect your renewal notice and keep a good thing coming ... to keep subscription prices down, the
Government Printing Office mails each subscriber only one renewal notice You can learn when you will get your renewal
notice by checking the number that follows ISSDUE on the top line of your label as shown in this example
To know when
.
:
When this digit is
0.
ISSDUEOOO
.
TRBU SMITH212J
JOHN SMITH
212 MAIN ST
.
FORESTVILLE MD
20747
,
.
When
that
a
7..
/
R
renewal notice
will be sent.
1
number reads ISSDUEOOO, you have received your last issue unless you renew. You should receive your renewal
same time that you receive the issue with ISSDUEOOO on the top line.
notice around the
sure that your service continues without interruption, please return your renewal notice promptly. If your subscription
To be
service
is
discontinued, simply send your mailing label from any issue to the Superintendent of Documents, Washington,
20402-9372 with the proper remittance, and your service
To change your address
.
.
.
please
will
be
DC
reinstated.
SEND YOUR MAILING LABEL, along with your new address,
SSOM, Washington, DC 20402-9373.
to the Superintendent of
Documents, Attn: Chief, Mail List Branch, Mail Stop:
To
inquire about your subscription service
the Superintendent of
.
.
.
please
SEND YOUR MAILING LABEL, along with your correspondence,
SSOM, Washington, DC 20402-9375.
to
Documents, Attn: Chief, Mail List Branch, Mail Stop:
New Subscribers
To
order a
new
subscription
.
.
.
please use the order form provided below.
Superintendent of Documents Subscriptions Order
Charge your order.
Ofdef Processing Code:
*6191
It's
DYES,
1.
The
total cost
of
please send
my
order
is
me
$_
International customers please add
Please
TREASURY BULLETIN
subscriptions to the
.
VISA
easy!
at
CHOICE
$20 each per year.
All prices include regular domestic postage and handling and are subject to change.
25%.
Type or Print
3. Please
2.
(Company or personal name)
(Additional address/attention line)
I
I
I
I
choose method of payment:
Check payable
GPO
to the Superintendent of
(City, State,
)
ZIP Code)
Documents
Deposit Account
EH VISA, CHOICE
(Street address)
(
Form
or MasterCard Account
n
@FedFRASER