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BULLETIN

MARCH 2017

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

Bureau of the Fiscal Service

BULLETIN
The Treasury Bulletin is for sale
by the Superintendent of Documents
U.S. Government Printing Office
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The Treasury Bulletin is issued quarterly in March, June, September, and December by the Bureau
of the Fiscal Service, Governmentwide Accounting, Budget Reports Division. Statistical data is
compiled from sources within Treasury departmental offices and bureaus, as well as various other
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Table of Contents
FINANCIAL OPERATIONS
PROFILE OF THE ECONOMY
Analysis—Summary of Economic Indicators........................................................................................................................ 3
FEDERAL FISCAL OPERATIONS
Introduction—Federal Fiscal Operations ............................................................................................................................... 9
Analysis—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ........................ 11
FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 12
FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 12
FFO-1—Summary of Fiscal Operations .............................................................................................................................. 13
FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 14
FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 16
FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 18
ACCOUNT OF THE U.S. TREASURY
Introduction— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 19
UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 19
FEDERAL DEBT
Introduction—Federal Debt ................................................................................................................................................. 21
FD-1—Summary of Federal Debt ....................................................................................................................................... 22
FD-2—Debt Held by the Public .......................................................................................................................................... 23
FD-3—Government Account Series .................................................................................................................................... 24
FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 25
FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by
Private Investors .................................................................................................................................................... 26
FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 27
FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 28
BUREAU OF THE FISCAL SERVICE OPERATIONS
Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 30
TREASURY FINANCING ................................................................................................................................................. 30
PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 37
PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 38
OWNERSHIP OF FEDERAL SECURITIES
Introduction—Ownership of Federal Securities .................................................................................................................. 39
OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 40
OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 41
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 42
USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 42
USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 43

March 2017

Table of Contents
INTERNATIONAL STATISTICS
FOREIGN CURRENCY POSITIONS
Introduction—Foreign Currency Positions .......................................................................................................................... 47
SECTION I—Canadian Dollar Positions
FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 48
FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 49
FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 49
SECTION II—Japanese Yen Positions
FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 50
FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 51
FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 51
SECTION III—Swiss Franc Positions
FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 52
FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 53
FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 53
SECTION IV—Sterling Positions
FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 54
FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 55
FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 55
SECTION V—U.S. Dollar Positions
FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 56
FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 57
FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 57
SECTION VI—Euro Positions
FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 58
FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 59
FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 59
EXCHANGE STABILIZATION FUND
Introduction—Exchange Stabilization Fund ........................................................................................................................ 60
ESF-1—Balance Sheet ........................................................................................................................................................ 60
ESF-2—Income and Expense .............................................................................................................................................. 61

SPECIAL REPORTS
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT
Introduction—Financial Report Excerpt.............................................................................................................................. 65
Financial Report Excerpt ..................................................................................................................................................... 66
TRUST FUNDS
Introduction—Airport and Airway Trust Fund .................................................................................................................... 85
TF-1—Airport and Airway Trust Fund ............................................................................................................................... 86
Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 87
TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 88

March 2017

Table of Contents
Introduction—Black Lung Disability Trust Fund ................................................................................................................ 89
TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 90
Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 91
TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 92
Introduction—Hazardous Substance Superfund .................................................................................................................. 93
TF-5—Hazardous Substance Superfund.............................................................................................................................. 94
Introduction—Highway Trust Fund .................................................................................................................................... 96
TF-6—Highway Trust Fund ................................................................................................................................................ 97
TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 99
Introduction—Inland Waterways Trust Fund .................................................................................................................... 100
TF-7—Inland Waterways Trust Fund ................................................................................................................................ 100
Introduction—Leaking Underground Storage Tank Trust Fund........................................................................................ 101
TF-8—Leaking Underground Storage Tank Trust Fund ................................................................................................... 102
Introduction—Nuclear Waste Fund ................................................................................................................................... 103
TF-9—Nuclear Waste Fund............................................................................................................................................... 103
TF-A—Chart: Major Trust Funds, Interest on Investments ............................................................................................... 104
TF-B—Chart: Major Trust Funds, Receipts and Expenses................................................................................................ 104
Introduction—Reforestation Trust Fund............................................................................................................................ 105
TF-10—Reforestation Trust Fund ..................................................................................................................................... 105
Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................. 106
TF-11—Sport Fish Restoration and Boating Safety Trust Fund........................................................................................ 107
Introduction—Oil Spill Liability Trust Fund ..................................................................................................................... 108
TF-12—Oil Spill Liability Trust Fund .............................................................................................................................. 109
Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................. 110
TF-13—Vaccine Injury Compensation Trust Fund ........................................................................................................... 110
Introduction—Wool Research, Development, and Promotion Trust Fund ........................................................................ 111
TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................. 112
Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 113
TF-15—Agriculture Disaster Relief Trust Fund ................................................................................................................ 113
Introduction— Patient Centered Outcomes Research Trust Fund ..................................................................................... 115
TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 115
RESEARCH PAPER SERIES ........................................................................................................................................... 117
GLOSSARY ...................................................................................................................................................................... 119
ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover
NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to
rounding; n.a. = Not available.

March 2017

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

March

Issues
June
Sept.

Dec.

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

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

√

March 2017

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

Profile of the Economy
[Source: Office of Macroeconomic Analysis]
As of February 3, 2017

Introduction
The economy continued to expand in the final quarter of
2016, if at a slower rate than in the previous quarter,
supported by moderate growth in consumer spending and a
build-up in inventories. However, a reversal in net exports
emerged as a significant headwind. Labor market conditions
continued to improve, and the unemployment rate stood at
4.8 percent in January 2017, close to full employment.
Headline inflation has continued to edge higher, but it
remains relatively low and core inflation remains stable.
The federal budget deficit fell from a peak of 9.8 percent
of GDP in fiscal year 2009 to an 8-year low of 2.5 percent in
fiscal year 2015 before rising a bit to 3.2 percent of GDP in
fiscal year 2016. In its January 2017 assessment of the
outlook for the economy and budget, the Congressional
Budget Office (CBO) projected the budget deficit would
decline to 2.9 percent of GDP in fiscal year 2017, and to fall
to 2.4 percent of GDP in fiscal year 2018.
At its latest meeting on January 31-February 1, 2017, the
Federal Reserve’s Federal Open Market Committee (FOMC)
maintained the target range for the federal funds rate at 0.50
to 0.75 percent. At that meeting, the FOMC announced it
would maintain existing programs for reinvestment of
principal payments and roll-overs of maturing Treasuries at
auction. The Committee noted the “current shortfall of
inflation from 2 percent” and also asserted that “the stance
of monetary policy remains accommodative, thereby
supporting some further strengthening in labor market
conditions and a return to 2 percent inflation.”

Economic Growth
Since the current expansion began in mid-2009, the
economy has grown by 17.1 percent and, as of the fourth
quarter of 2016, real GDP was 12.1 percent above its level at
the end of 2007, when the recession began. According to the
advance estimate, real GDP rose 1.9 percent at an annual
rate in the fourth quarter of 2016, slowing from a 3.5 percent
advance in the third quarter. Consumer spending grew
moderately and private inventory investment also boosted
growth. After declining for two quarters, residential
investment grew strongly, adding to GDP growth, and
business fixed investment improved for the third-straight
quarter. Total government spending also made a small
positive contribution to growth, as a rebound in State and
local government spending more than offset a decline in
federal outlays. Much stronger growth of imports, combined
with a decline in exports, caused a large swing in net
exports, which posed a sizable drag on GDP growth in the
latest quarter.

Real personal consumption expenditures—which
account for about 69 percent of GDP—rose at a 2.5 percent
annual rate in the fourth quarter, slowing from a 3.0 percent
pace in the third quarter (which itself was a slowdown from
the 4.3 percent rate in the second quarter). Across spending
categories, consumption growth for consumer durables
remained at a double-digit pace rising 10.9 percent in the
fourth quarter, after advancing 11.6 percent in the third
quarter. Consumption of nondurables rose 2.3 percent in the
latest quarter, after declining by 0.5 percent in the third
quarter. Services consumption rose 1.3 percent in the fourth
quarter, slowing from the third quarter’s 2.7 percent
increase. Altogether, consumption led real GDP growth in
the fourth quarter, contributing 1.7 percentage points.
After two consecutive quarters of decline, housing
activity rebounded at a double-digit pace in the fourth
quarter. Residential investment jumped 10.2 percent,
following declines in the second and third quarters of 7.8
percent and 4.1 percent, respectively. Residential activity
accounts for 3.8 percent of GDP and contributed 0.4
percentage point to fourth-quarter real GDP growth.
Home building and home sales remain on a gradual
upward trend. Single-family housing starts grew 3.9 percent
over the year through December 2016 to an annual rate of
795,000 units. However, single-family starts remain 56.4
percent below their January 2006 peak and well below the

March 2017

PROFILE OF THE ECONOMY

1.1 million unit average observed from 1980 to 2004. Multifamily starts advanced 9.1 percent over the year through
December 2016, and are just 4.2 percent below the prerecession peak. Sales of new single-family homes fell 0.4
percent over the year through December 2016 to a 536,000
annual rate. Sales of existing homes (94 percent of all home
sales, including single-family, condos and co-ops) increased
0.7 percent over the year through December 2016, to a 5.5
million annual rate.
Nonresidential fixed investment—12.4 percent of
GDP—rose 2.4 percent at an annual rate in the fourth quarter
of 2016, following a 1.4 percent increase in the third quarter.
Growth of business spending on intellectual property
products—including outlays for software, research and
development, and entertainment, literary and artistic
originals—advanced 6.4 percent on top of a 3.2 percent gain
in the third quarter. Equipment investment was up 3.1
percent in the fourth quarter, after a 4.5 percent decline in
the third quarter. Business outlays for structures fell 4.9
percent, after surging 12.0 percent in the third quarter.
Altogether, nonresidential fixed investment added 0.3
percentage point to real GDP growth in the fourth quarter,
building on a 0.2 percent contribution in the third quarter.
Finally, businesses added to inventories for the second
consecutive quarter. The resulting change in private
inventories added 1.0 percentage point to fourth-quarter real
GDP growth, after a 0.5 percentage point contribution in the
third quarter.
Exports account for about 12 percent of GDP, while
imports (which are subtracted from total domestic spending
to calculate GDP) account for nearly 15 percent. In the
fourth quarter of 2016, exports fell by 4.3 percent (after
jumping 10.0 percent in the previous quarter) and imports
surged 8.2 percent (after growing 2.2 percent in the third
quarter). The net export deficit deteriorated markedly,
subtracting 1.7 percentage points from real GDP growth in
the fourth quarter after adding 0.9 percent point in the third
quarter.
The current account balance (reflecting international
trade in goods and services as well as investment income
flows and unilateral transfers) has been in deficit almost
continuously since the early 1980s and in 2006 reached a
record $807 billion, equivalent to 5.8 percent of GDP. The
current account deficit narrowed sharply during the
recession to $384 billion (2.7 percent of GDP) in 2009. It
has widened somewhat since then but remains well below its
2006 peak. In the third quarter of 2016 (latest data
available), the current account deficit narrowed to $452
billion (annualized), or 2.4 percent of GDP.

Labor Markets
During the recession (from December 2007 through June
2009), the economy lost 7.4 million jobs. Job losses
continued even after the recovery began, but February 2010
was the low point and employment rose in March of that
year. Since then, through January 2017, total nonfarm

March 2017

payroll employment has increased by 15.8 million. Privatesector employment has risen 16.0 million.
Job losses during the recession were spread broadly
across most sectors but, with the resumption of job growth,
all of these sectors have added jobs. Since the labor market
recovery began in early 2010, through January 2017,
payrolls in professional and business services have risen by
3.9 million, and the leisure and hospitality industry’s
employment has increased by about 2.9 million.
Employment in the manufacturing sector has expanded by
888,000 since early 2010 and the construction sector has
added 1.3 million workers to its payrolls. However,
employment in both of these sectors remains below prerecession levels. A few sectors added jobs throughout the
recession and still continue to hire new workers: since early
2010, the health care and social assistance sector has added
an additional 2.6 million jobs. On a net basis, the
government sector also added workers to payrolls during the
recession, although payrolls began declining late in 2008 and
trended lower until early 2014. Government employment has
increased since then but growth has been uneven. From
January 2014 through January 2017, the government sector
has added just 471,000 jobs. Much of that growth occurred
at the local level with the addition of 359,000 positions.
Federal government employment has risen by 87,000 during
this period and state government employment has increased
by 25,000.
The unemployment rate peaked in October 2009 at a 26year high of 10.0 percent—5.4 percentage points above the
4.6 percent average that prevailed in 2006 and 2007, before
the recession began. Since then, the unemployment rate has
trended lower and in January 2017, stood at 4.8 percent.
Broader measures of unemployment have also declined
but are still elevated compared with pre-recession levels.
The broadest measure, which includes workers who are
underemployed and those who are only marginally attached
to the labor force (the U-6 unemployment rate), has fallen
from a record high of 17.1 percent in late 2009 and early
2010 to 9.4 percent in January 2017. The U-6 unemployment
rate averaged 8.3 percent in the 2 years prior to the last
recession. The percentage of the unemployed who have been
out of work for 27 weeks or more also remains elevated
relative to its pre-recession average. In January 2017, 24.4
percent of unemployed workers were included in this
category compared with readings of about 17.5 percent
before the recession.

Inflation
Over the past year, headline inflation rates have
accelerated, reflecting rising energy prices, while core
inflation rates have remained stable, but both measures
remain relatively low. Headline consumer prices rose
2.1percent over the 12 months ending in December 2016,
accelerating after a 0.7 percent increase during the previous
year. Energy prices advanced 5.4 percent over the year

PROFILE OF THE ECONOMY

Federal Budget and Debt
through December 2016, in sharp contrast with the 12.6
percent plunge over the year through December 2015. On a
year-over-year basis, food prices have declined for four
consecutive months; over the year through December 2016,
this index fell 0.2 percent, reversing from the 0.8 percent
increase over the 12 months ending in December 2015. On a
12-month basis, core consumer prices (excluding food and
energy) rose 2.2 percent through December 2016,
comparable to the 2.1 percent advance in the year ending in
December 2015. Core inflation had been near or below 2
percent from early 2013 through late 2015, but hovered
around 2-¼ percent throughout 2016.
Oil and gasoline prices fell sharply between mid-2014
and early 2015. They trended higher in the spring and early
summer of 2015, but resumed a declining trend through
early 2016, reaching their lowest levels since early 2009.
Since then, prices have trended higher. The front- month
futures price of West Texas Intermediate (WTI) crude oil
averaged $52.50 per barrel in January 2017, roughly $20.80
above its January 2016 average, and about 50 cents above its
December 2016 average. The retail price of regular gasoline
averaged $2.30 per gallon in January 2017, 44 cents higher
than a year earlier, but 1 cent lower than its December 2016
average.
Home prices have continued to rise. While the pace of
increase remains below that observed in mid-2013, it far
exceeds the increases in broad measures of consumer prices.
The FHFA purchase-only home price index rose 6.1 percent
over the year ending in November 2016, lower than the peak
rates of around 8 percent observed in mid-2013. The
Standard and Poor’s (S&P)/Case-Shiller composite 20-city
home price index rose 5.3 percent over the year ending in
November 2016, a pace less than half the peak rate of 13.8
percent in November 2013.

The federal budget deficit declined to $438 billion (2.5
percent of GDP) in fiscal year 2015, reaching an 8-year low,
but rose to $587 billion (3.2 percent of GDP) in fiscal year
2016. The deficit is now 6.6 percentage points below the
peak of 9.8 percent reached in fiscal year 2009. Debt held by
the public rose to $14.2 trillion at the end of fiscal year
2016. As a share of the economy, publicly held debt rose to
77.0 percent of GDP in fiscal year 2016, from 73.7 percent
at the end of fiscal year 2015.
In its January 2017 assessment of the outlook for the
economy and budget, the CBO projected the budget deficit
would decline to 2.9 percent of GDP in fiscal year 2017, and
would fall to 2.4 percent of GDP in fiscal year 2018, before
starting to rise again. Over the projection period from fiscal
year 2019 to fiscal year 2027, the CBO estimates that the
deficit will average nearly 4.1 percent, above the 40-year
average of 3.2 percent of GDP. The debt-to-GDP ratio is
projected to increase over that period from 77.9 percent of
GDP in fiscal year 2019 to 88.9 percent by fiscal year 2027.

Economic Policy
Key fiscal and monetary policy actions taken in past
years aided the recovery and helped reinforce the expansion.
On the fiscal policy side, these measures included the
American Recovery and Reinvestment Act (ARRA) of 2009,
a variety of selected tax cuts and credits for individuals and
businesses, the American Taxpayer Relief Act of 2012
(ATRA), financial support for State and local Governments,
and extensions of Emergency Unemployment benefits.
On September 28, 2016, Congress passed a continuing
resolution (CR) that funded the federal government through
December 9, 2016. On December 8, Congress passed a
continuing resolution (CR) that will fund the federal
government through April 28, 2017. The CR also reduced
the across-the-board reductions in spending from fiscal year

March 2017

PROFILE OF THE ECONOMY

2016 levels. Congress has only passed one of twelve
appropriations bills for fiscal year 2017. (The Department of
Veterans Affairs and military construction for the
Department of Defense have been appropriated for the year).
The Bipartisan Budget Act of 2015 suspended the debt
ceiling from November 2, 2015, through March 15, 2017.
On March 16, 2017, the debt ceiling will be raised to
accommodate interim borrowing. If no new debt ceiling is
passed or suspended, the Treasury will resort to
extraordinary measures to fund the government’s
obligations.
On the monetary policy side, the Federal Reserve began
its last cycle of monetary policy easing in September 2007,
partly in response to rising financial market stress, as well as
to signs of slowing in the broader economy. By December
2008, the FOMC had lowered the federal funds target
interest rate to an historically low range of 0 to 0.25 percent.
The FOMC maintained this range until December 2015 and
then raised the rate by 25 basis points to 0.25 to 0.50
percent, then raised the rate by another 25 basis points in
December 2016 to 0.50 to 0.75 percent. At its most
recent meeting on January 31,-February 1, 2017, the
FOMC maintained this range and reiterated its view, first
expressed at the December 2015 meeting, that it “expects
economic conditions will evolve in a manner that will
warrant only gradual increases in the federal funds rate;
the federal funds rate is likely to remain, for some time,
below levels that are expected to prevail in the longer run.”
In addition to lowering the federal funds rate target to
respond to the financial crisis and slower economic growth,
the Federal Reserve significantly expanded its tools to
increase liquidity in credit markets, and eased lending terms
to sectors in need of liquidity, including a variety of facilities
and funds directed at specific financial markets. As of June
30, 2010, all of these special facilities had expired. At the

March 2017

August 2010 FOMC meeting, the Federal Reserve
announced it would maintain its holdings of securities at
current levels by reinvesting principal payments from
agency debt and agency mortgage-backed securities in
longer-term Treasury securities and continue rolling over the
Federal Reserve’s holdings of Treasury securities as they
mature. At the end of June 2011, the FOMC completed
purchases of $600 billion of longer-term Treasury securities.
At the September 2011 meeting, the FOMC announced it
would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of
longer-term Treasury securities (6 to 30 years) and selling an
equal amount of shorter-term Treasury securities (3 years or
less), all by the end of June 2012. The Committee also
announced the reinvestment of principal payments from its
holdings of agency debt and agency mortgage-backed
securities into the latter securities. At the June 2012 meeting,
the FOMC extended and expanded its program to extend the
average maturity of its holdings (the so-called “twist”
operation announced in September 2011). At the September
2012 meeting, the FOMC announced it would increase
monetary accommodation through $40 billion per month in
additional purchases of mortgage-backed securities through
the end of the year.
The
FOMC
announced
additional
monetary
accommodation at the December 2012 meeting, including
the completion of short-term securities sales (which drain
liquidity) and the continuation of purchases of long-term
Treasury securities at a rate of $45 billion per month beyond
the end of 2012. The FOMC also indicated that monthly
purchases of mortgage-backed securities at a pace of $40
billion per month would continue, and affirmed its existing
policy of reinvesting principal payments. At its most recent
meeting on January 31-February 1, 2017, the Committee
indicated that it is “maintaining its existing policy of
reinvesting principal payments from its holdings of agency
debt and agency mortgage-backed securities, and of rolling
over maturing Treasury securities at auction.” It added that,
“it anticipates doing so until normalization of the level of the
federal funds rate is well under way,” and reiterated that,
“this policy, by keeping the Committee’s holdings of longerterm securities at sizeable levels, should help maintain
accommodative financial conditions.”
At the December 2013 meeting, the FOMC announced a
tapering of long-term Treasury security purchases and
mortgage-backed securities purchases of $5 billion each,
beginning in January 2014. The tapering brought monthly
purchases to $40 billion and $35 billion, respectively. At
each subsequent meeting in January, March, April, June,
July, and September 2014, the Committee announced further
tapering of asset purchases of $5 billion in each category. At
its meeting in October 2014, the Committee announced the
conclusion of its asset purchase program at the end of
October 2014.

PROFILE OF THE ECONOMY

Financial Markets
Financial markets have largely recovered from the
unprecedented strains experienced in the fall of 2008. Credit
flows have increased substantially, and measures of risk
tolerance and volatility have all improved, on net.
Equity markets have more than recovered from the steep
losses incurred in 2008, when the S&P 500 index suffered its
largest annual loss since the Great Depression. After
advancing 9.5 percent in 2016, the index has risen 2.6
percent thus far in 2017 through early February, and is
currently 47 percent above its October 2007 peak. Volatility
has also declined markedly: the S&P Stock Market
Volatility Index (VIX) often used as a measure of financial
market uncertainty, stood at about 11 as of early February
2017–down sharply from an all-time high of 80 in late
October 2008.
A variety of factors have buffeted long-term Treasury
interest rates over the past several years, including flight-toquality flows in response to a variety of specific risk events,
as well as supply concerns related to funding of the
Government’s debt, and concerns about global financial
markets and global growth. More recently, yields have been
affected by expectations for more government spending and
higher inflation. After falling by nearly 90 basis points
during 2014, the yield on the 10-year Treasury note rose by
about 10 basis points over the course of 2015 and by about
18 basis points over 2016. Currently, the 10-year yield
stands at 2.49 percent, well above the record low of 1.43
percent reached in late July 2012, and 4 basis points higher
on the year through early February. The 3-month Treasury

bill yield dipped below 0.1 percent between January 2012
and November 2015, but since then has trended higher, and
stood at about 0.5 percent as of early February 2017. The 2to 10-year Treasury yield spread, one measure of the
steepness of the yield curve, narrowed significantly from
November 2013 to July 2016 when it stood at 76 basis
points. However, since then, the spread has widened,
reaching 128 basis points as of early February 2017.
Key interest rates on private securities, which spiked in
response to financial market turbulence in late 2008, have
since retraced as conditions have stabilized. The spread
between the 3-month London Inter-bank Offered Rate
(LIBOR) and the 3-month Treasury bill rate (also known as
the TED spread, a measure of inter-bank liquidity and credit
risk) rose to an all-time high of nearly 460 basis points in
early October 2008. However, improvements in short-term
credit availability have led to a narrowing of this spread,
which stood at 53 basis points as of early February 2017.
Measures of longer-term credit risk have improved. The
spread between the 10-year Treasury BBB (TBBB)
corporate bond yield and the 10-year Treasury Constant
Maturity yield averaged 211 basis points as of September
2016, and since then has narrowed, standing at an average
182 basis points in January 2017. The spread between the
10-year Treasury High Quality Market (HQM) corporate
bond yield and the 10-year Treasury Constant Maturity yield
averaged 135 basis points in September 2016, and since then
has narrowed to an average of 117 basis points as of January
2017. (The HQM and TBBB yield curves are produced in
Treasury’s Office of Economic Policy. The 10-year yields
from these curves match the 10-year Treasury yield, and
provide a more accurate measure of credit risk.)

March 2017

PROFILE OF THE ECONOMY

Rates for conforming mortgages have trended lower in
recent years, as have rates for jumbo mortgages. The interest
rate for a 30-year conforming fixed-rate mortgage fell to a
record low of 3.31 percent in November 2012. In the spring
of 2013, however, it moved sharply higher, peaking at 4.58
percent in August 2013. After that, this rate moved lower, to
3.41 percent in July 2016. Since then, the rate has trended
higher, and in January 2017 averaged 4.15 percent.

Foreign Exchange Rates
The value of the U.S. dollar compared with the
currencies of seven major trading partners (the euro area
countries, Japan, Canada, the United Kingdom, Australia,
Sweden, and Switzerland) appreciated to a peak level in

March 2017

February 2002, and then depreciated significantly over the
next several years. From its peak in February 2002, to the
recent low in August 2011, the exchange value of the dollar
compared to an index of these currencies fell by about 39
percent. Although the dollar’s exchange value against this
index remains well below the February 2002 peak, it has
appreciated between August 2011 and January 2017 by
about 37 percent. From August 2011 through January 2017,
the dollar has appreciated by about 49 percent against the
yen and by about 35 percent against the euro. Against an
index of currencies of 19 other important trading partners
(including China, India, and Mexico), the dollar has
appreciated by about 32 percent.

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

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

March 2017

FEDERAL FISCAL OPERATIONS

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

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

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

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

First-Quarter Receipts
The following capsule analysis of budget receipts, by
source, for the first quarter of fiscal year 2017
supplements fiscal data reported in the December issue of
the “Treasury Bulletin.” At the time of that issue’s
release, not enough data were available to analyze
adequately collections for the quarter.
Individual income taxes—Individual income tax
receipts, net of refunds, were $352.8 billion for the first
quarter of fiscal year 2017. This is an increase of $1.3
billion over the comparable prior year quarter. Withheld
receipts increased by $5.5 billion and non-withheld receipts
decreased by $1.5 billion during this period. Refunds
increased by $2.8 billion over the comparable fiscal year
2016 quarter. There was a decrease of $7.5 billion in
accounting adjustments between individual income tax
receipts and the Social Security and Medicare trust funds
over the comparable quarter in fiscal year 2016.
Corporate income taxes—Net corporate income tax
receipts were $75.7 billion for the first quarter of fiscal year
2017. This is a decrease of $9.2 billion compared to the
prior year first quarter. The $9.2 billion change is comprised

March 2017

of a decrease of $7.4 billion in estimated and final
payments, and an increase of $1.8 billion in corporate
refunds.
Employment taxes and contributions—Employment
taxes and contributions receipts for the first quarter of fiscal
year 2017 were $244.6 billion, an increase of $11.9 billion
over the comparable prior year quarter. Receipts to the
Federal Old-Age and Survivors Insurance, Federal
Disability Insurance, and Federal Hospital Insurance trust
funds changed by -$0.7 billion, $9.6 billion, and $3.0 billion
respectively. There was a -$0.9 billion accounting
adjustment for prior years employment tax liabilities made
in the first quarter of fiscal year 2017, while there was a
-$8.5 billion adjustment in the first quarter of fiscal year
2016.
Unemployment insurance—Unemployment insurance
receipts, net of refunds, for the first quarter of fiscal year
2017 were $6.5 billion, a decrease of $0.8 billion over the
comparable quarter of fiscal year 2016. Net State taxes
deposited in the U.S. Treasury decreased by $0.9 billion to
$5.7 billion. Net Federal Unemployment Tax Act taxes did
not change significantly from $0.7 billion.

FEDERAL FISCAL OPERATIONS

Budget Results and Financing of the U.S. Government
and Third-Quarter Receipts by Source, continued
Contributions for other insurance and retirement—
Contributions for other retirement were $1.0 billion for the
first quarter of fiscal year 2017. This was a negligible
change from the comparable quarter of fiscal year 2016.
Excise taxes—Net excise tax receipts for the first
quarter of fiscal year 2017 were $19.4 billion, a decrease of
$0.5 billion over the comparable prior year quarter. Total
excise tax refunds for the quarter were $0.5 billion, an
increase of $0.1 billion over the comparable prior year
quarter.
Estate and gift taxes—Net estate and gift tax receipts
were $4.8 billion for the first quarter of fiscal year 2017.

These receipts represent a decrease of $1.2 billion over the
same quarter in fiscal year 2016.
Customs duties—Customs duties net of refunds were
$8.8 billion for the first quarter of fiscal year 2017. This is a
decrease of $0.4 billion over the comparable prior year
quarter.
Miscellaneous receipts—Net miscellaneous receipts
for the first quarter of fiscal year 2017 were $27.1 billion, a
decrease of $26.0 billion over the comparable prior year
quarter. This change is due in part to deposits of earnings by
Federal Reserve banks decreasing by $24.0 billion.

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

Fourth quarter 2017
October - December
Total on- and off-budget results:
Total receipts ................................................................
On-budget receipts ...................................................
Off-budget receipts ...................................................
Total outlays..................................................................
On-budget outlays.....................................................
Off-budget outlays.....................................................
Total surplus or deficit (-) ..............................................
On-budget surplus or deficit (-) .................................
Off-budget surplus or deficit (-) .................................
Means of financing:
Borrowing from the public .............................................
Reduction of operating cash .........................................
Other means .................................................................
Total on- and off-budget financing ............................

Fiscal year 2017
year to date

740,771
559,761
181,010
949,130
775,558
173,572
-208,359
-215,796
7,438

259,268
-45,879
-5,030
208,359

First-Quarter Net Budget Receipts by Source, Fiscal Year 2017
[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

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

October
121.6
2.3
76.3
2.7
0.3
5.7
1.3
3.1
8.4
221.7

November
91.7
0.6
81.9
3.4
0.3
7.2
1.6
2.9
10.3
199.9

December
139.5
72.8
86.4
0.4
0.4
6.4
1.9
2.8
8.4
319.2

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

March 2017

FEDERAL FISCAL OPERATIONS

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

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

Total receipts
(1)

Off-budget
receipts
(3)

Total
outlays
(4)

2,449,092
2,773,979
3,020,847
3,248,722
356,537

1,879,592
2,100,705
2,285,246
2,478,328
287,022

569,500
673,274
735,602
770,394
69,515

3,538,447
3,454,254
3,504,199
3,687,623
323,178

3,030,856
2,820,439
2,798,105
2,944,526
248,402

507,589
633,815
706,095
743,097
74,776

-1,089,353
-680,276
-483,353
-438,900
33,359

-1,151,263
-719,738
-512,857
-466,197
38,620

61,913
39,460
29,507
27,297
-5,261

1,286,476
667,974
1,076,474
325,601
62,470

2017 - Est .................... 3,276,172
2018 - Est .................... 3,632,248

2,465,992
2,791,385

810,180
840,863

3,875,970
4,073,170

3,099,879
3,259,631

776,091
813,539

-599,798
-440,922

-633,887
-468,246

34,089
27,324

1,331,294
691,771

2012 ............................
2013 ............................
2014 ............................
2015 ............................
2016 ............................

Off-budget
outlays
(6)

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

On-budget
receipts
(2)

Fiscal year
or month

On-budget
outlays
(5)

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

2015 - Dec ...................
2016 - Jan ...................
Feb ..................
Mar ..................
Apr ...................
May..................
June.................
July ..................
Aug ..................
Sept .................
Oct ...................
Nov ..................
Dec ..................

349,631
313,579
169,147
227,848
438,432
224,604
329,572
209,998
231,327
356,537
221,692
199,875
319,204

292,239
237,261
108,015
154,634
354,420
160,264
244,179
148,604
168,497
287,022
165,322
139,453
254,986

57,392
76,318
61,132
73,213
84,012
64,340
85,394
61,394
62,830
69,515
56,370
60,422
64,218

364,075
258,416
361,757
335,891
331,977
277,111
323,320
322,817
338,438
323,178
265,884
336,526
346,720

309,049
215,987
287,570
262,546
266,592
202,110
289,404
255,219
263,249
248,402
199,910
261,988
313,660

55,026
42,428
74,187
73,345
65,385
75,001
33,916
67,598
75,189
74,776
65,974
74,538
33,060

-14,444
55,163
-192,610
-108,043
106,455
-52,507
6,252
-112,819
-107,112
33,359
-44,192
-136,651
-27,516

-16,810
21,274
-179,555
-107,912
87,828
-41,846
-45,225
-106,615
-94,753
38,620
-34,588
-122,535
-58,673

2,366
33,890
-13,055
-131
18,627
-10,661
51,477
-6,204
-12,359
-5,261
-9,604
-14,116
31,158

94,513
91,319
111,746
138,536
-77,271
77,881
116,057
47,779
82,704
62,470
231,774
141,869
27,460

Fiscal year 2017 to date ...

740,771

559,761

181,010

949,130

775,558

173,572

-208,359

-215,796

7,438

401,103

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

Fiscal year
or month

Agency
securities
(11)

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

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

Other
(18)

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

Total
Financing
(20)

2012 ......................................
2013 ......................................
2014 ......................................
2015 ......................................
2016 ......................................

-589
703
-1,234
241
-15

133,641
-33,340
277,668
-10,027
-6,025

1,152,249
702,019
797,573
335,867
68,480

27,356
2,939
69,916
40,415
64,365

-643
-267
-1,817
-2,815
53

5,955
42
188
-3,114
-11

819
-3,658
-4,994
-6,425
1,376

-29,408
-23,503
-359,628
127,111
-36,056

816
-834
970
1,170

1,089,353
680,276
483,348
435,887
-33,359

2017 - Est ..............................
2018 - Est ..............................

445
-3

320,779
119,576

1,010,960
572,192

101,284
-

-309,878
-131,269

599,798
440,923

2015 - Dec ............................
2016 - Jan .............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................
Oct ............................
Nov ............................
Dec ............................

185
58
-185
12
-53
119
42
-9
-170
-15
14
26
56

11,305
106,131
-15,497
-150
6,382
32,779
70,019
-19,008
-23,227
-6,025
119,132
-14,832
37,631

83,393
-14,755
127,058
138,698
-83,706
45,221
46,080
66,778
105,761
68,480
112,656
156,727
-10,115

80,174
36,734
-97,823
41,476
25,256
-40,675
65,245
-29,914
-44,802
64,365
68,256
467
-22,844

-3,250
-188
31
986
303
-516
-145
-196
36
53
-787
-41
-343

-1,026
184
-450
-27
113
-460
263
17
28
-11
228
-179
42

-736
3
-917
313
144
42
71
77
120
1,376
802
-383
-78

7,056
-3,675
-33,607
12,093
3,070
-34,323
12,968
16,021
-43,267
-36,056
35
-20,212
14,408

-843
134
1,170
-

14,444
-55,163
192,610
108,043
-106,452
52,507
-6,252
112,815
107,112
-33,359
44,192
136,651
27,516

Fiscal year 2017 to date ..........

141,931

259,268

45,879

-1,171

341

-5,769

208,359

These estimates are based on the Mid-Session Review Update to the President's Fiscal
Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

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

March 2017

FEDERAL FISCAL OPERATIONS

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

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

Income taxes
Individual
Fiscal year
or month

Withheld
(1)

Other
(2)

2012 ..................
2013 ..................
2014 ..................
2015 ..................
2016 ..................

1,018,104
1,102,745
1,149,709
1,220,161
90,745

352,355
443,651
476,591
554,993
73,045

2017 -Est ...........
2018 -Est ...........

1,544,623
1,746,647

2015 -Dec ..........
2016 -Jan ..........
Feb ........
Mar ........
Apr .........
May........
June.......
July ........
Aug ........
Sept .......
Oct .........
Nov ........
Dec ........
Fiscal year
2017 to date........

Corporation
Net
(4)

Gross
(5)

Refunds
(6)

Net
(7)

238,251
229,992
231,733
234,352
4,162

1,132,207
1,316,405
1,394,567
1,540,802
159,628

281,841
312,477
353,553
390,291
69,807

39,552
38,970
32,822
46,495
3,315

242,290
273,505
320,729
343,798
66,492

1,544,623
1,746,647

298,158
409,898

131,673
101,620
127,806
124,470
93,258
103,306
77,281
96,844
109,872
90,745
105,715
95,856
124,453

19,461
80,315
7,743
15,621
231,326
12,283
63,909
8,006
8,732
73,045
24,186
7,331
17,663

2,408
705
70,819
62,948
58,412
18,633
7,362
4,983
3,648
4,162
8,325
11,464
2,578

148,727
181,230
64,732
77,144
266,172
96,956
133,828
99,867
114,957
159,628
121,576
91,724
139,537

79,733
9,577
5,202
38,892
40,382
7,736
63,863
9,259
4,771
69,807
10,043
3,776
75,319

326,024

49,180

22,367

352,837

89,138

Fiscal year
or month

Refunds
(3)

Net income
taxes
(8)

Gross
(9)

Refunds
(10)

Net
(11)

1,374,497
1,589,910
1,715,296
1,884,598
226,120

772,948
884,988
962,237
1,007,385
95,196

2,305
2,443
2,529
2,801
3,159

770,643
882,545
959,708
1,004,584
92,037

298,158
409,898

1,842,781
2,156,545

1,056,955
1,097,407

2,762
2,383
8,659
5,622
4,715
3,195
2,591
705
3,634
3,315
7,766
3,133
2,508

76,971
7,194
-3,457
33,271
35,667
4,542
61,272
8,554
1,137
66,492
2,277
643
72,811

225,698
188,424
61,275
110,415
301,839
101,498
195,100
108,421
116,094
226,120
123,853
92,367
212,348

77,426
98,747
78,186
93,411
109,042
82,336
110,743
79,602
81,551
95,196
75,832
81,471
86,015

3,159
-

77,426
98,747
78,186
93,411
109,042
82,336
110,743
79,602
81,551
92,037
75,832
81,471
86,015

13,407

75,731

428,568

243,318

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

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

2012 ............................
2013 ............................
2014 ............................
2015 ............................
2016 ............................

4,289
4,963
5,374
5,868
544

6
63
16
1
-

4,283
4,900
5,359
5,868
544

774,926
887,445
965,067
1,010,449
82,095

66,747
56,958
55,536
51,359
6,738

99
149
142
182
7

66,647
56,811
55,394
51,177
6,731

3,712
3,539
3,447
3,629
355

30
25
27
23
4

3,739
3,564
3,472
3,652
359

2017 -Est .....................
2018 -Est .....................

5,239
5,522

1,062,194
1,102,929

49,407
51,312

3,794
4,254

22
21

3,816
4,275

2015 -Dec ...................
2016 -Jan ....................
Feb ..................
Mar ..................
Apr ..................
May .................
June ................
July ..................
Aug ..................
Sept .................
Oct ..................
Nov ..................
Dec ..................

447
451
664
527
488
526
-170
483
544
544
479
384
406

1
2
82
-82
-

446
451
664
527
487
524
-254
567
544
544
479
384
406

77,872
99,198
78,850
93,938
109,529
82,860
110,489
80,169
82,095
82,095
76,312
81,855
86,421

343
2,218
6,272
506
5,426
17,798
359
1,884
6,738
6,738
2,723
3,402
379

4
3
39
12
80
19
7
7
1
5

343
2,214
6,269
467
5,426
17,786
279
1,865
6,731
6,731
2,723
3,401
375

368
297
328
331
303
302
303
373
355
355
324
318
396

2
1
1
2
3
2
3
3
4
4
2
3
3

370
298
329
333
306
304
306
376
358
359
326
321
399

Fiscal year 2017 to date ...

1,269

244,588

6,504

6,499

1,038

1,046

See footnotes at end of table.

March 2017

FEDERAL FISCAL OPERATIONS

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

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

Fiscal year
or month

Excise taxes
Airport and Airway Trust Fund
Gross
(23)

Refunds
(24)

Net
(25)

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

Highway Trust Fund

Net
(28)

Gross
(29)

Refunds
(30)

Miscellaneous
Net
(31)

Gross
(32)

Refunds
(33)

Net
(34)

2012 .............................. 845,312
2013 .............................. 947,820
2014 .............................. 1,023,933
2015 .............................. 1,065,278
2016 .............................. 93,285

12,184
12,677
13,467
13,401
2,036

23
19
16
18
1

12,161
12,658
13,451
13,383
2,035

664
529
573
546
78

41,159
36,410
39,036
38,132
6,390

41,159
36,410
39,036
38,132
6,327

29,551
38,423
44,716
50,802
15,143

4,476
4,015
4,405
4,585
1,018

25,076
34,409
40,310
46,217
14,125

2017 -Est ...................... 1,115,417
2018 -Est ...................... 1,158,516

14,247
14,667

523
524

41,525
48,608

40,606
46,977

78,585
101,710
85,448
94,738
115,261
100,950
111,074
82,410
89,184
93,285
79,361
85,577
87,195

1,117
1,103
1,365
1,177
1,268
1,131
1,229
1,290
1,048
2,036
290
1,314
1,212

7
2
3
3
1
-

1,117
1,103
1,358
1,177
1,268
1,129
1,229
1,287
1,045
2,035
290
1,314
1,212

49
49
38
46
50
4
38
40
2
78
11
47
43

3,337
3,293
4,030
3,249
3,495
2,785
3,311
3,478
3,214
6,390
920
3,844
3,546

63
14
29
29

3,337
3,293
4,030
3,249
3,495
2,785
3,311
3,478
3,214
6,327
906
3,815
3,518

2,383
2,353
1,316
2,326
2,650
3,019
2,619
3,192
3,353
15,143
4,601
2,204
1,884

163
676
80
199
1,476
132
288
1,921
166
1,018
100
150
218

2,220
1,677
1,237
2,128
1,174
2,887
2,331
1,271
3,187
14,125
4,500
2,054
1,665

Fiscal year 2017 to date ..... 252,133

2,816

101

8,310

8,239

8,689

468

8,219

2015 -Dec .....................
2016 -Jan ......................
Feb ....................
Mar ....................
Apr ....................
May ...................
June ..................
July ...................
Aug....................
Sept...................
Oct ....................
Nov....................
Dec....................

Fiscal year
or month
2012 .......................
2013 .......................
2014 .......................
2015 .......................
2016 .......................

Excise
taxes, con.
Net excise
taxes
(35)

Estate and gift taxes
Gross
(36)

Customs duties

Refunds
(37)

Net
(38)

Gross
(39)

Refunds
(40)

Net
(41)

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

Total receipts
On-budget
(45)

Off-budget
(46)

79,062
84,008
93,367
98,278
22,566

14,451
19,830
20,153
20,043
1,538

477
919
854
811
59

13,971
18,910
19,301
19,232
1,479

32,079
33,119
35,348
37,704
3,309

1,774
1,305
1,423
2,666
164

30,306
31,814
33,927
35,042
3,145

81,955
75,766
99,233
96,469
6,379

23,991
25,750
35,788
49,827
3,562

105,943
101,514
135,023
146,294
9,942

1,879,592
2,100,706
2,285,245
2,478,328
287,022

569,500
673,274
735,602
770,394
69,515

2017 -Est ................ 96,901
2018 -Est ................ 110,776

21,103
22,274

36,405
37,264

120,485
87,566

43,080
58,307

163,565
145,873

2,465,992
2,791,385

810,180
840,863

2015 -Dec...............
2016 -Jan ...............
Feb .............
Mar .............
Apr .............
May ............
June ...........
July .............
Aug .............
Sept ............
Oct .............
Nov .............
Dec .............

6,723
6,122
6,661
6,600
5,987
6,805
6,910
6,077
7,448
22,566
5,707
7,231
6,438

2,265
1,322
1,484
1,674
3,170
1,592
1,750
1,707
1,859
1,538
1,405
1,642
2,013

77
52
164
73
22
99
71
136
98
59
79
92
82

2,188
1,270
1,320
1,601
3,148
1,492
1,678
1,571
1,762
1,479
1,326
1,550
1,931

3,021
3,187
2,715
3,015
2,993
2,596
2,874
3,191
2,992
3,309
3,190
3,072
2,960

130
139
175
142
195
169
93
132
39
164
121
175
114

2,891
3,047
2,540
2,873
2,798
2,427
2,781
3,059
2,953
3,145
3,069
2,897
2,846

29,271
7,539
7,176
9,557
7,519
7,634
9,674
6,950
9,815
6,379
6,278
7,264
5,908

4,275
5,466
4,726
2,064
1,880
3,797
2,354
1,511
4,071
3,562
2,098
2,991
2,538

33,546
13,005
11,902
11,622
9,400
11,431
12,028
8,461
13,886
9,942
8,376
10,255
8,446

292,239
237,261
108,015
154,634
354,420
160,263
244,179
148,604
168,497
287,022
165,322
139,453
254,986

57,392
76,318
61,132
73,213
84,012
64,340
85,394
61,394
62,830
69,515
56,370
60,422
64,218

Fiscal year 2017 to date .

19,376

5,060

253

4,807

9,222

410

8,812

19,450

7,627

27,077

559,761

181,010

These estimates are based on the Mid-Session Review Update to the President's Fiscal
Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

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

March 2017

FEDERAL FISCAL OPERATIONS

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

Fiscal year
or month

Legislative
branch
(1)

Judicial
branch
(2)

Department of
Agriculture
(3)

Department of
Commerce
(4)

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

Department of
Health
and
Human
Services
(8)

Department of
Homeland
Security
(9)

Department of
Housing
and
Urban
Development
(10)

Department of
the
Interior
(11)

Department of
Justice
(12)

Department of
Labor
(13)

2012 .......................
2013 .......................
2014 .......................
2015 .......................
2016 .......................

4,438
4,328
4,156
4,328
357

7,228
7,066
6,900
7,130
723

139,712
155,897
141,806
139,112
6,548

10,267
9,137
6,675
8,955
823

650,869
607,801
578,013
562,506
57,596

57,248
40,910
59,609
90,031
6,153

32,485
24,677
23,630
25,425
3,288

848,055
886,293
936,030
1,027,420
113,568

47,423
57,220
43,259
42,563
4,955

49,591
56,577
38,524
35,522
-3

12,886
9,605
11,273
12,348
1,137

31,161
29,740
28,617
26,910
2,330

104,742
80,309
57,199
45,218
2,655

2017 -Est ................
2018 -Est ................

4,730
4,868

7,729
7,749

144,699
150,810

10,225
10,718

565,655
588,027

75,663
69,302

25,333
30,447

1,108,457
1,139,843

44,301
49,292

27,656
40,875

12,937
14,514

31,979
37,134

44,246
51,112

2015 -Dec ...............
2016 -Jan ...............
Feb .............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept ............
Oct ..............
Nov .............
Dec .............

372
342
392
344
343
334
347
352
418
357
372
429
371

702
559
613
644
589
576
606
695
595
723
569
571
721

14,332
10,966
11,114
10,916
9,337
10,171
10,278
8,997
12,126
6,548
21,441
14,974
12,904

781
662
980
695
652
829
686
689
973
823
641
731
837

54,075
37,363
42,591
51,039
47,001
39,797
46,273
44,688
45,810
57,596
49,556
45,663
54,172

5,063
8,668
9,016
5,640
4,882
5,122
12,096
3,980
7,391
6,153
1,445
4,717
5,320

2,399
1,838
1,671
2,485
2,344
2,209
2,185
1,573
1,927
3,288
2,243
2,143
2,085

87,914
82,622
85,514
96,298
109,497
65,762
87,030
95,261
101,645
113,568
63,696
100,319
93,941

4,083
3,011
4,461
3,545
3,531
2,779
3,700
3,363
4,796
4,955
4,422
4,104
4,590

3,554
3,334
3,151
3,578
-6,689
3,325
3,294
3,240
2,987
-3
2,971
3,063
4,923

939
888
927
1,364
957
776
1,489
1,075
1,337
1,137
1,062
900
1,182

1,684
2,099
2,864
2,630
-632
5,536
2,750
2,477
3,237
2,330
2,285
2,723
2,364

5,032
4,725
4,177
5,048
4,014
4,172
4,033
2,888
3,955
2,655
-3,005
4,232
4,601

Fiscal year 2017 to
date ............................

1,172

1,861

49,319

2,209

149,391

11,482

6,471

257,956

13,116

10,957

3,144

7,372

5,828

Fiscal year
or month

Department of
State
(14)

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

Department
of the
Treasury,
other
(17)

Department of
Veterans
Affairs
(18)

Corps of
Engineers
(19)

Other
Defense,
civil
programs
(20)

Environmental
Protection
Agency
(21)

Executive
Office
of the
President
(22)

General
InterServices
national
Admin- Assistance
istration
Program
(23)
(24)

2012 .......................
2013 .......................
2014 .......................
2015 .......................
2016 .......................

26,948
25,928
27,504
26,494
7,021

75,148
76,317
76,154
75,451
9,627

359,240
415,671
429,568
402,183
19,109

105,456
-16,618
17,361
83,447
-34,983

124,127
138,463
149,074
159,220
21,226

7,777
6,301
6,533
6,684
826

77,316
56,811
57,372
62,966
10,140

12,794
9,485
9,400
7,006
692

405
380
373
392
32

1,754
-368
-765
-889
-193

20,060
19,745
18,609
20,976
755

2017 -Est ................
2018 -Est ................

29,170
29,830

78,288
85,794

431,059
471,077

90,237
91,330

176,401
180,158

6,444
6,416

66,112
59,193

8,700
8,693

400
409

-817
1,284

16,104
26,417

2015 -Dec ..............
2016 -Jan ...............
Feb .............
Mar .............
Apr .............
May ............
June ...........
July .............
Aug .............
Sept ............
Oct .............
Nov .............
Dec .............

2,165
1,664
1,726
1,427
1,215
3,159
2,327
2,024
1,916
7,021
1,863
2,868
1,872

6,966
4,583
5,298
6,102
5,136
6,198
7,468
6,690
8,696
9,627
6,131
6,607
6,612

85,679
21,311
18,785
25,135
28,211
32,818
95,662
32,458
32,615
19,109
23,043
28,653
87,429

3,321
6,206
61,077
15,699
11,007
7,173
5,250
5,888
4,577
-34,983
5,784
5,404
631

21,131
6,891
13,569
14,228
20,075
7,098
13,582
14,629
14,255
21,226
7,339
14,084
22,276

596
516
514
611
492
523
540
590
430
826
470
618
639

9,818
1,297
5,420
5,283
8,321
186
4,585
4,641
4,040
10,140
156
4,865
9,642

801
812
672
626
686
674
720
676
694
692
727
802
878

39
30
33
33
30
31
31
40
35
32
31
30
42

178
-251
-221
113
-38
-116
142
-168
42
-193
-199
17
40

2,041
2,010
1,335
3,551
1,763
-439
761
1,276
824
755
2,192
2,549
667

Fiscal year 2017 to
date............................

6,603

19,350

139,125

11,819

43,699

1,727

14,663

2,407

103

-142

5,408

See footnotes at end of table.

March 2017

FEDERAL FISCAL OPERATIONS

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

Fiscal year
or month

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

Small
Business
Administration
(28)

Social
Security
Administration
(29)

Independent
agencies
(30)

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

Total outlays
OnOffbudget
budget
(35)
(36)

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

17,190

7,255

79,456

2,937

821,145

34,007

-83,938

-127,142

-6,606

-12,993

3,030,856

507,589

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

16,978

7,418

83,868

473

867,395

25,906

-81,321

-156,676

-8,874

-2,588

2,820,440

633,815

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

17,093

7,054

87,919

194

905,807

4,192

-79,349

-158,115

-7,473

2,798,103

706,095

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

18,272

6,836

91,736

-747

944,144

13,575

-81,120

-141,791

-4,555

-30,128

2,944,526

743,097

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

1,701

647

8,093

124

85,797

-1,771

-5,934

475

-338

248,402

74,776

2017 -Est ...........

19,153

6,895

93,223

-378

978,606

18,842

-84,161

-146,717

-2,776

-12,425

3,099,879

776,091

2018 -Est ...........

19,256

7,026

96,360

960

1,012,127

23,352

-88,756

-144,674

-3,676

-4,097

3,259,631

813,539

2015 -Dec..........

2,265

510

7,090

110,718

666

-5,970

-64,689

-255

309,049

55,026

2016 -Jan ..........

1,206

467

7,827

50,089

3,239

-5,486

-1,195

215,987

42,428

Feb ........

1,473

579

7,350

80,423

3,310

-6,068

-718

-353

287,570

74,187

Mar ........

1,478

552

7,758

-1,303

80,412

-3,032

-6,033

-824

-152

262,546

73,345

Apr ........

1,711

512

8,105

85,349

1,046

-5,750

-3,585

-100

-8,101

266,592

65,385

May .......

1,319

493

7,420

76,970

1,748

-5,757

-3,503

-347

202,110

75,001

June ......

1,595

670

7,286

85,286

-4,528

-5,778

-66,775

-339

289,404

33,916

July ........

1,520

651

7,362

81,434

4,449

-6,453

-3,818

-97

-329

255,219

67,598

Aug ........

1,682

745

7,559

81,457

2,226

-6,173

-4,051

-413

-6

263,249

75,189

Sept .......

1,701

647

8,093

124

85,797

-1,771

-5,934

475

-338

248,402

74,776

Oct ........

1,276

623

8,386

77,890

444

-19,507

1,521

-61

199,910

65,974

Nov ........

1,702

544

8,364

81,471

1,837

-5,378

-2,884

-297

261,988

74,538

Dec ........

2,212

534

6,917

86,046

497

-6,029

-62,195

-94

313,660

33,060

Fiscal year
2017 to date .......

5,190

1,701

23,667

265

245,407

2,778

-30,914

-63,558

-452

775,558

173,572

These estimates are based on the Mid-Session Review Update to the President's Fiscal
Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

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

March 2017

FEDERAL FISCAL OPERATIONS

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency,
December 2016 and Other Periods
[In millions of dollars. Source: Bureau of the Fiscal Service]

Classification
Budget receipts:
Individual income taxes...............................................
Corporation income taxes ...........................................
Social insurance and retirement receipts:
Employment and general retirement (off-budget) ...
Employment and general retirement (on-budget) ...
Unemployment insurance .......................................
Other retirement ......................................................
Excise taxes ................................................................
Estate and gift taxes ...................................................
Customs duties ...........................................................
Miscellaneous receipts ................................................
Total receipts .......................................................
(On-budget) .....................................................
(Off-budget) .....................................................
Budget outlays:
Legislative branch .......................................................
Judicial branch ............................................................
Department of Agriculture ...........................................
Department of Commerce...........................................
Department of Defense-military ..................................
Department of Education ............................................
Department of Energy .................................................
Department of Health and Human Services ...............
Department of Homeland Security..............................
Department of Housing and Urban Development.......
Department of the Interior ...........................................
Department of Justice .................................................
Department of Labor ...................................................
Department of State ....................................................
Department of Transportation .....................................
Department of the Treasury:
Interest on the public debt.......................................
Other .......................................................................
Department of Veterans Affairs ..................................
Corps of Engineers .....................................................
Other defense civil programs ......................................
Environmental Protection Agency...............................
Executive Office of the President................................
General Services Administration ................................
International Assistance Program ...............................
National Aeronautics and Space Administration ........
National Science Foundation ......................................
Office of Personnel Management ...............................
Small Business Administration ...................................
Social Security Administration ....................................
Other independent agencies .......................................
Undistributed offsetting receipts:
Interest ....................................................................
Other .......................................................................
Total outlays ........................................................
(On-budget) .....................................................
(Off-budget) .....................................................
Surplus or deficit (-) .............................................
(On-budget) .....................................................
(Off-budget) .....................................................
Note.—Detail may not add to totals due to rounding.

March 2017

General
funds
(1)

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

Total
funds
(4)

General
funds
(5)

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

Total
funds
(8)

352,833
75,731

4
-

352,837
75,731

351,567
84,899

-5
-

351,562
84,899

-9
-2
7,392
4,806
5,789
21,000
467,540
467,540
-

352
2,634
5,861
8,852
8,852
-

181,010
63,587
6,500
1,046
11,632
389
216
264,380
83,370
181,010

181,010
63,578
6,498
1,046
19,376
4,806
8,812
27,077
740,771
559,762
181,010

40
-52
8,248
6,033
6,081
44,610
501,427
501,427
-

254
2,768
8,328
11,344
11,344
-

172,032
60,624
7,380
977
11,367
365
129
252,874
80,842
172,032

172,032
60,664
7,329
977
19,869
6,033
9,213
53,067
765,645
593,613
172,032

1,102
1,735
31,117
2,081
147,217
11,397
7,067
220,863
12,138
10,999
2,613
7,111
1,637
6,157
2,623

69
136
18,208
127
2,119
85
-596
1,239
923
-40
420
315
-3,899
425
-5

*
-10
-5
1
55
*
*
35,854
55
-2
111
-54
8,089
21
16,732

1,172
1,862
49,319
2,209
149,392
11,482
6,471
257,956
13,116
10,958
3,144
7,372
5,828
6,603
19,350

1,116
1,920
32,020
2,053
151,775
14,010
6,803
197,241
12,098
10,290
2,452
5,782
1,443
6,500
2,505

3
102
15,692
118
1,399
23
-472
1,205
-1,078
-115
63
499
-4,272
227
3

-3
-125
-5
4
32
*
*
67,323
33
1
120
-49
8,533
241
16,114

1,115
1,897
47,707
2,174
153,206
14,032
6,331
265,769
11,053
10,175
2,634
6,232
5,704
6,968
18,622

139,126
11,228
44,413
1,662
86,933
2,190
103
52
6,108
5,194
1,679
3,147
264
22,854
3,562

576
-900
4
-5,544
17
*
-193
-89
-5
25
-259
1
-10
-3,619

15
188
61
-66,726
199
*
-596
*
-3
20,779
222,564
2,836

139,126
11,819
43,701
1,727
14,663
2,406
103
-141
5,405
5,190
1,701
23,667
265
245,408
2,778

123,860
14,387
49,115
1,109
82,651
2,172
101
48
5,087
5,109
1,563
2,982
209
26,944
3,067

-131
-847
157
-1,506
-29
*
-93
-249
34
23
-1,069
*
-10
874

.
2
197
81
-60,553
333
-432
*
2
20,644
242,633
2,530

123,860
14,259
48,465
1,347
20,592
2,477
100
-44
4,407
5,143
1,589
22,558
208
269,566
6,471

-683
793,690
793,682
9
-326,151
-326,142
-9

-6,934
2,597
4,745
-2,148
6,254
4,107
2,148

-63,559
-23,748
152,860
-22,851
175,712
111,520
106,222
5,298

-63,559
-31,365
949,130
775,557
173,573
-208,359
-215,796
7,437

-777
765,634
765,583
51
-264,207
-264,156
-51

-6,749
3,802
2,940
862
7,542
8,404
-862

-62,124
-23,773
211,760
18,144
193,616
41,114
62,698
-21,584

-62,124
-31,299
981,196
786,667
194,528
-215,551
-193,055
-22,496

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

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

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

Credits and withdrawals

Fiscal year or month
2012 ................................................
2013 ................................................
2014 ................................................
2015 ................................................
2016 ................................................
2015 - Dec ..............................
2016 - Jan ..............................
Feb .............................
Mar .............................
Apr ..............................
May.............................
June............................
July .............................
Aug .............................
Sept ............................
Oct ..............................
Nov .............................
Dec .............................

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

Withdrawals 3
(3)

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

9,656,367
9,451,987
8,666,563
8,447,393
9,540,510

1,357,452
2,297,190
2,474,752
2,660,727
2,713,475

10,984,657
11,746,237
11,071,400
11,067,706
12,099,386

700,687
-

702,492
-

804,914
660,410
915,171
931,884
717,775
863,670
853,436
624,501
921,310
925,208
774,742
850,468
746,085

294,524
210,223
213,175
256,211
280,041
193,785
252,261
184,426
196,843
270,614
194,969
180,444
290,052

1,019,264
833,898
1,226,168
1,146,619
972,559
1,098,129
1,040,452
838,841
1,162,954
1,131,457
901,455
1,030,445
1,058,982

See footnotes at end of table.

March 2017

ACCOUNT OF THE U.S. TREASURY

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

Balances
End of period

Fiscal year
or month

Federal
Reserve
(6)

High

SFP
(7)

Tax and
loan
note
accounts
(8)

Federal
Reserve
(9)

SFP
(10)

Tax and
loan
note
accounts
(11)

Federal
Reserve
(12)

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

Average
Federal
Reserve
(15)

SFP
(16)

Tax and
loan
note
accounts
(17)

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

85,446

166,619

13,680

65,396

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

88,386

213,863

11,476

59,950

2014 ....................... 158,302

162,399

17,249

65,510

2015 ....................... 198,716

273,869

27,237

141,621

2016 ....................... 353,312

382,887

22,892

251,900

2015 - Dec .............. 333,447

333,447

160,711

237,077

2016 - Jan .............. 370,182

370,182

265,074

321,834

Feb ............. 272,359

339,636

216,862

273,896

Mar ............. 313,835

313,835

196,297

257,309

Apr .............. 339,091

382,887

223,174

284,896

May............. 298,416

343,705

251,273

293,464

June............ 363,662

363,668

209,485

282,471

July ............. 333,748

335,807

290,469

318,532

Aug ............. 288,946

288,946

241,426

261,810

Sept ............ 353,312

364,589

231,405

296,992

Oct .............. 421,567

440,383

342,875

391,846

Nov ............. 422,034

422,034

365,454

394,737

Dec ............. 399,190

399,190

319,507

362,429

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

March 2017

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

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

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

March 2017

FEDERAL DEBT

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

End of fiscal
year or month

Total
(1)

Amount outstanding
Public debt
securities
(2)

Agency
securities
(3)

Total
(4)

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

The public
Public debt
securities
(8)

Agency
securities
(9)

2012 ...............................
2013 ...............................
2014 ...............................
2015 ...............................
2016 ...............................

16,090,640
16,763,286
17,847,931
18,174,718
19,597,812

16,066,241
16,738,183
17,824,071
18,150,618
19,573,445

24,399
25,103
23,860
24,100
24,367

4,791,850
4,757,211
5,039,265
5,026,867
5,395,699

4,791,845
4,757,205
5,039,262
5,026,862
5,395,695

5
5
3
5
4

11,298,790
12,006,076
12,808,666
13,147,851
14,202,113

11,274,396
11,980,978
12,784,809
13,123,756
14,177,750

24,394
25,098
23,857
24,095
24,363

2015 - Dec .....................
2016 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July ....................
Aug.....................
Sept....................
Oct .....................
Nov.....................
Dec.....................

18,946,739
19,037,446
19,149,887
19,289,383
19,211,778
19,289,971
19,406,152
19,452,247
19,534,678
19,597,812
19,830,096
19,972,472
20,001,290

18,922,179
19,012,828
19,125,455
19,264,939
19,187,387
19,265,452
19,381,591
19,427,695
19,510,296
19,573,445
19,805,715
19,948,065
19,976,827

24,560
24,618
24,432
24,444
24,391
24,519
24,561
24,552
24,382
24,367
24,381
24,407
24,463

5,244,964
5,351,001
5,335,427
5,335,182
5,341,480
5,374,362
5,444,287
5,425,190
5,401,852
5,395,699
5,514,763
5,499,924
5,537,501

5,222,311
5,350,995
5,335,422
5,335,177
5,341,475
5,374,358
5,444,282
5,425,185
5,401,847
5,395,695
5,514,763
5,499,924
5,537,501

6
6
5
5
5
5
5
5
5
4
4
4
4

13,701,775
13,686,445
13,814,460
13,954,201
13,870,298
13,915,609
13,961,865
14,027,057
14,132,826
14,202,113
14,315,333
14,472,548
14,463,789

13,699,868
13,661,833
13,790,033
13,929,762
13,845,912
13,891,094
13,937,309
14,002,510
14,108,449
14,177,750
14,290,952
14,448,141
14,439,326

24,554
24,612
24,427
24,439
24,386
24,514
24,556
24,547
24,377
24,363
24,377
24,403
24,459

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

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

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

2012 ...............................
2013 ...............................
2014 ...............................
2015 ...............................
2016 ...............................

16,090,640
16,763,286
17,847,931
18,174,718
19,597,812

42,529
46,496
55,907
56,852
60,393

16,048,111
16,716,791
17,792,023
18,117,866
19,537,417

4,791,850
4,757,211
5,039,265
5,026,867
5,395,699

23,592
22,292
26,678
25,603
26,706

4,768,258
4,734,919
5,012,587
5,001,264
5,368,993

11,298,790
12,006,076
12,808,666
13,147,851
14,202,113

18,937
24,203
29,229
31,249
33,687

11,279,854
11,981,872
12,779,436
13,116,602
14,168,425

2015 - Dec .....................
2016 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July .....................
Aug .....................
Sept ....................
Oct .....................
Nov .....................
Dec .....................

18,946,739
19,037,446
19,149,887
19,289,383
19,211,778
19,289,971
19,406,152
19,452,247
19,534,678
19,597,812
19,830,096
19,972,472
20,001,290

60,347
59,677
60,559
61,506
61,227
61,409
61,492
59,817
59,715
60,393
60,890
61,370
62,673

18,886,391
18,977,767
19,089,328
19,227,876
19,150,552
19,228,560
19,344,659
19,392,428
19,474,962
19,537,417
19,769,206
19,911,100
19,938,616

5,244,964
5,351,001
5,335,427
5,335,182
5,341,480
5,374,362
5,444,287
5,425,190
5,401,852
5,395,699
5,514,763
5,499,924
5,537,501

27,374
27,280
27,203
27,109
27,024
27,128
27,034
26,945
26,834
26,706
26,638
26,631
26,577

5,217,589
5,323,721
5,308,224
5,308,073
5,314,456
5,347,234
5,417,253
5,398,245
5,375,017
5,368,993
5,488,125
5,473,293
5,510,924

13,701,775
13,686,445
13,814,460
13,954,201
13,870,298
13,915,609
13,961,865
14,027,057
14,132,826
14,202,113
14,315,333
14,472,548
14,463,789

32,973
32,397
33,356
34,397
34,203
34,281
34,458
32,872
32,881
33,687
34,252
34,739
36,096

13,668,801
13,654,047
13,781,104
13,919,802
13,836,096
13,881,325
13,927,406
13,994,184
14,099,945
14,168,425
14,281,081
14,437,807
14,427,692

End of fiscal
year or month

March 2017

FEDERAL DEBT

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

Marketable
Treasury
inflationprotected
securities
(6)

Floating
rate
notes
(7)

Nonmarketable
Total
(8)

Total public
debt securities
outstanding
(1)

Total
(2)

Bills
(3)

Notes
(4)

Bonds
(5)

2012 ..........................
2013 ..........................
2014 ..........................
2015 ..........................
2016 ..........................

11,269,586
11,976,279
12,784,971
13,123,847
14,173,424

10,730,170
11,577,400
12,271,552
12,831,867
13,638,303

1,613,026
1,527,909
1,409,628
1,355,231
1,644,759

7,114,960
7,750,336
8,160,196
8,366,026
8,624,253

1,194,715
1,363,114
1,534,069
1,688,208
1,825,338

807,469
936,041
1,044,676
1,135,363
1,209,814

122,985
287,039
334,139

539,415
398,879
513,419
291,980
535,120

2015 - Dec ................
2016 - Jan .................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ................
Aug ................
Sept ...............
Oct ................
Nov ................
Dec ................

13,672,522
13,657,155
13,785,189
13,924,878
13,841,195
13,886,303
13,932,743
13,998,220
14,104,114
14,173,424
14,286,501
14,443,700
14,434,842

13,182,271
13,164,556
13,288,187
13,421,616
13,330,568
13,369,129
13,408,515
13,472,060
13,576,679
13,638,303
13,747,584
13,898,964
13,898,806

1,511,030
1,475,291
1,548,363
1,614,378
1,522,780
1,520,213
1,504,987
1,547,124
1,630,685
1,644,759
1,750,597
1,870,617
1,815,667

8,450,686
8,463,348
8,510,277
8,537,559
8,550,339
8,582,308
8,600,641
8,615,474
8,612,474
8,624,253
8,634,478
8,638,259
8,652,238

1,724,692
1,737,698
1,748,435
1,760,427
1,772,500
1,772,075
1,784,038
1,796,814
1,813,340
1,825,338
1,837,331
1,836,816
1,848,817

1,167,828
1,160,180
1,165,798
1,180,938
1,156,635
1,175,223
1,186,562
1,180,357
1,199,842
1,209,814
1,216,140
1,231,234
1,247,054

328,035
328,041
315,314
328,314
328,314
319,310
332,287
332,290
320,337
334,139
309,038
322,038
335,030

490,252
492,600
497,002
503,262
510,627
517,173
524,227
526,160
527,435
535,120
538,917
544,736
536,035

End of fiscal
year or month

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

Depositary
compensation
securities
(10)

Foreign
series
(11)

Government
account series
(12)

State and local
government
series
(13)

Domestic
series
(14)

Other
(15)

2012 ..........................
2013 ..........................
2014 ..........................
2015 ..........................
2016 ..........................

183,661
180,022
176,762
172,826
167,524

2,986
2,986
2,986
264
264

162,880
60,445
196,520
9,138
226,349

158,514
124,079
105,668
78,115
109,211

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

1,380
1,353
1,489
1,642
1,777

171,630
171,160
170,824
170,370
169,956
169,501
169,053
168,626
168,017
167,524
166,892
166,412
165,853

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

211,479
216,187
218,635
218,157
218,709
220,189
221,407
223,700
224,452
226,349
226,763
231,723
228,406

75,154
73,300
75,618
82,799
90,016
95,502
101,784
101,841
102,946
109,211
113,221
114,568
109,779

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

1,729
1,694
1,665
1,677
1,686
1,721
1,723
1,734
1,760
1,777
1,780
1,773
1,737

End of fiscal
year or month

March 2017

FEDERAL DEBT

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

Deposit
Insurance
Fund
(3)

Employees
Life
Insurance
Fund
(4)

Exchange
Stabilization
Fund
(5)

Federal
Disability
Insurance
Trust Fund
(6)

Federal
employees
retirement
funds
(7)

Federal
Hospital
Insurance
Trust Fund
(8)

Federal
Housing
Administration
(9)

End of fiscal
year or month

Total
(1)

Airport and
Airway
Trust Fund
(2)

2012 ..................
2013 ..................
2014 ..................
2015 ..................
2016 ..................

4,939,455
4,803,100
5,212,466
5,013,530
5,604,069

10,245
11,808
12,759
12,716
13,400

35,248
36,864
48,750
60,096
71,524

41,250
41,951
43,213
43,958
45,167

22,680
22,669
22,649
20,773
2,268

132,345
100,791
70,113
41,638
45,880

836,336
731,125
861,349
737,096
874,141

228,292
206,010
202,207
195,458
192,209

2,777
3
36,441

2015 - Dec ........
2016 - Jan .........
Feb ........
Mar ........
Apr ........
May .......
June ......
July ........
Aug ........
Sept .......
Oct ........
Nov ........
Dec ........

5,436,812
5,547,416
5,534,318
5,533,654
5,540,299
5,574,935
5,647,975
5,631,012
5,608,243
5,604,069
5,723,507
5,713,582
5,747,933

13,312
12,687
12,974
12,924
13,245
13,185
13,091
12,871
12,851
13,400
14,146
14,003
13,878

62,973
62,295
62,806
66,541
65,878
66,811
69,311
67,973
69,052
71,524
71,459
71,761
70,900

44,382
44,462
44,581
44,555
44,553
44,902
44,888
44,964
45,151
45,167
45,209
45,206
45,273

22,647
22,650
22,653
22,658
22,662
22,664
22,668
22,673
22,677
22,680
22,685
22,006
22,014

26,101
33,872
33,553
35,366
39,243
39,646
43,886
44,281
44,433
45,880
45,280
45,138
46,481

877,006
872,496
868,589
864,587
860,043
855,873
867,683
863,686
859,941
874,141
888,200
883,926
893,862

193,749
199,997
194,221
189,782
197,018
198,398
208,967
202,380
195,410
192,209
196,948
195,934
198,806

17,532
18,177
18,860
19,508
20,229
32,971
33,732
34,537
35,423
36,441
37,360
38,394
39,398

End of fiscal
year or month

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

Federal
Savings
and Loan
Corporation,
Resolution
Fund
(11)

Federal
Supplementary
Medical
Insurance
Trust Fund
(12)

Highway
Trust
Fund
(13)

National
Service Life
Insurance
Fund
(14)

Postal
Service
Fund
(15)

Railroad
Retirement
Account
(16)

Unemployment
Trust
Fund
(17)

Other
(18)

2012 .....................
2013 .....................
2014 .....................
2015 .....................
2016 .....................

2,586,697
2,655,599
2,712,805
2,766,649
2,796,712

3,424
825
827
828
828

69,324
67,385
68,391
66,128
63,336

9,970
1,957
10,696
7,667
64,629

6,912
6,256
5,611
4,903
4,246

1,533
2,860
5,450
7,163
8,527

704
788
803
874
685

20,673
29,478
35,919
44,368
53,776

931,045
886,731
1,110,924
1,003,215
1,330,300

2015 - Dec ...........
2016 - Jan ............
Feb ...........
Mar ...........
Apr ...........
May ..........
June .........
July ...........
Aug ...........
Sept ..........
Oct ...........
Nov ...........
Dec ...........

2,760,518
2,787,040
2,774,328
2,771,358
2,785,873
2,775,166
2,821,674
2,816,521
2,804,269
2,796,712
2,786,445
2,771,538
2,801,406

828
828
828
828
828
828
828
828
828
828
831
831
831

69,205
69,570
69,841
85,093
70,904
85,105
86,766
84,912
80,047
63,336
89,883
94,608
95,642

5,856
75,032
76,120
75,839
75,591
74,680
73,069
70,916
68,688
64,629
63,436
63,069
61,696

4,805
4,739
4,677
4,586
4,519
4,439
4,456
4,397
4,327
4,246
4,187
4,131
4,141

7,942
7,960
7,985
8,833
9,162
9,208
9,532
8,229
8,145
8,527
8,197
8,995
8,871

670
645
630
682
688
556
535
649
549
685
568
488
424

43,395
41,617
45,030
41,949
42,804
57,794
53,041
51,818
56,094
53,776
51,496
53,915
51,571

1,285,891
1,293,349
1,296,642
1,288,565
1,287,059
1,292,709
1,293,848
1,299,377
1,300,358
1,309,888
1,397,177
1,399,639
1,392,739

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

March 2017

FEDERAL DEBT

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

Total
outstanding
(1)

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

Architect
of the
Capitol
(3)

Other
independent
Tennessee
Valley Authority
(4)

National Archives
and Records
Administration
(5)

Other/Federal
Communications
Commission
(6)

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

24,399

128

24,103

151

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

25,103

130

24,821

134

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

23,860

105

23,620

116

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

24,100

107

23,878

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

24,367

24,175

2015 - Dec ..................

24,560

100

24,345

2016 - Jan ...................

24,618

101

24,401

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

24,432

24,234

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

24,444

24,246

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

24,391

24,192

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

24,519

104

24,310

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

24,561

105

24,351

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

24,552

106

24,341

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

24,382

24,190

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

24,367

24,175

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

24,381

24,188

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

24,407

100

24,213

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

24,463

101

24,268

End of fiscal
year or month

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

* Less than $500,000.

March 2017

FEDERAL DEBT

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

Amount
outstanding
privately held
(1)

Within
1 year
(2)

1-5
years
(3)

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

9,039,954

2,896,780

3,851,873

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

9,518,102

2,939,037

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

9,828,787

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

Maturity classes
5-10
years
(4)

10-20
years
(5)

20 years
or more
(6)

Average length
(months)
(7)

1,487,726

270,921

532,654

4,134,968

1,647,954

230,758

565,384

2,931,581

4,216,746

1,813,563

223,276

643,620

10,379,413

2,922,734

4,356,051

2,084,293

184,306

832,030

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

11,184,046

3,321,283

4,478,458

2,219,048

167,666

997,590

2015 - Dec ......................

10,729,926

3,170,545

4,375,239

2,119,389

183,956

880,798

2016 - Jan ......................

10,605,765

3,150,326

4,283,352

2,114,372

164,106

893,609

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

10,836,495

3,235,473

4,403,245

2,126,941

170,080

900,756

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

10,969,737

3,310,836

4,414,738

2,161,064

170,202

912,897

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

10,768,975

3,234,985

4,284,063

2,154,678

170,272

924,977

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

10,916,722

3,232,053

4,387,232

2,186,412

170,618

940,407

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

10,955,381

3,211,462

4,405,469

2,209,501

171,009

957,940

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

10,890,920

3,236,214

4,334,949

2,178,048

171,339

970,370

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

11,122,337

3,319,187

4,459,973

2,189,639

167,789

985,750

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

11,184,046

3,321,283

4,478,458

2,219,048

167,666

997,590

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

11,293,399

3,415,659

4,456,858

2,238,393

167,731

1,014,757

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

11,444,518

3,516,272

4,508,019

2,227,400

162,803

1,030,024

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

11,360,224

3,445,952

4,489,802

2,219,388

162,911

1,042,171

End of fiscal
year or month

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

March 2017

FEDERAL DEBT

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

End of fiscal
year or month

Statutory debt
limit
(1)

Securities outstanding

Debt subject to limit
Total
(2)

Public debt
(3)

Other debt 1
(4)

Public debt
(5)

Other debt
(6)

Securities
not subject
to limit
(7)

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

16,394,000

16,027,021

16,066,241

39,221

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

16,699,421

16,699,396

16,738,184

38,787

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

17,781,107

17,824,071

42,964

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

18,113,000

18,112,975

18,150,618

37,643

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

19,538,456

19,573,445

34,989

2015 – Dec. 1..........................

18,881,744

18,922,179

40,435

2016 – Jan. 1 ..........................

18,973,438

19,012,828

39,390

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

19,086,780

19,125,455

38,675

Mar. 1 ..........................

19,225,991

19,264,939

38,947

Apr. 1 ..........................

19,148,684

19,187,387

38,704

May 1 ..........................

19,227,001

19,265,452

38,452

June 1 .........................

19,346,540

19,381,591

35,052

July 1...........................

19,392,962

19,427,695

34,733

Aug. 1 ..........................

19,475,468

19,510,296

34,828

Sept. 1 .........................

19,538,456

19,573,445

34,989

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

19,769,751

19,805,715

35,965

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

19,910,795

19,948,065

37,270

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

19,939,042

19,976,827

37,785

1
Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the
Statutory Debt Limit has been suspended through March 15, 2017.

March 2017

FEDERAL DEBT

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

End of fiscal
year or month

Total
(1)

Farm-Service
Agency
(2)

Rural Utilities
Service
(3)

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

Foreign
Agricultural
Service
(6)

2012 .......................................
2013 .......................................
2014 .......................................
2015 .......................................
2016 .......................................

979,021
1,115,182
1,223,498
1,306,402
1,389,173

9,009
12,135
19,064
19,261
25,620

24,759
26,069
26,203
26,261
24,585

20,523
22,111
22,126
23,057
24,130

495
554
575
626
654

1,001
908
748
688
636

2015 - Dec .............................
2016 - Jan ..............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July .............................
Aug .............................
Sept ............................
Oct .............................
Nov .............................
Dec .............................

1,360,786
1,388,510
1,398,301
1,408,738
1,402,817
1,407,725
1,412,849
1,441,228
1,430,830
1,389,173
1,448,803
1,451,558
1,480,202

31,202
32,219
32,707
33,411
26,286
26,021
25,846
25,849
25,448
25,620
25,710
28,732
30,729

26,594
26,687
26,777
22,757
22,824
22,898
23,708
23,020
24,574
24,585
24,705
24,795
25,029

23,694
24,020
24,190
23,323
23,500
23,698
23,854
23,854
24,119
24,130
24,480
24,734
25,350

644
643
648
537
541
555
562
562
646
654
660
661
719

688
688
688
688
688
688
688
688
635
636
636
636
636

End of fiscal
year or month

Department of
Education
(7)

Department
of Energy
Bonneville Power
Administration
(8)

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

Department
of the Treasury
Federal
Financing Bank
(11)

714,368
851,295
965,394
1,050,374
1,126,370

3,421
3,885
4,242
4,649
4,759

11,527
25,940
27,528
26,921
30,318

40
139
133
127
128

57,134
63,061
56,528
58,050
59,043

2015 - Dec .............................
2016 - Jan ..............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July ............................
Aug.............................
Sept............................
Oct .............................
Nov.............................
Dec .............................

1,089,686
1,115,131
1,123,264
1,142,880
1,142,885
1,148,885
1,151,255
1,179,654
1,168,031
1,126,370
1,185,225
1,183,938
1,207,274

4,799
4,812
4,865
4,883
4,664
4,704
4,704
4,789
4,779
4,759
4,759
4,759
4,759

26,981
26,981
26,981
26,981
26,981
26,981
31,481
31,481
31,481
30,318
30,353
30,353
30,353

127
127
127
127
127
127
127
127
127
128
128
128
128

56,302
56,597
57,087
57,169
57,471
57,641
58,430
58,656
59,172
59,043
59,249
59,386
60,005

March 2017

FEDERAL DEBT

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

Export-Import
Bank of the
United States
(12)

Railroad
Retirement
Board
(13)

Small Business
Administration
(14)

Other
(15)

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

11,301

3,402

7,920

114,117

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

18,102

3,587

8,088

79,308

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

21,634

3,532

7,757

68,034

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

22,725

3,498

7,176

62,989

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

25,022

3,577

8,020

56,308

2015 - Dec ............................

24,892

4,483

7,336

63,358

2016 - Jan .............................

24,941

4,837

7,347

63,480

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

25,002

5,065

7,347

63,553

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

25,080

5,380

7,649

57,873

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

25,158

5,701

7,831

58,160

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

25,266

5,996

7,908

56,357

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

25,598

2,519

7,908

56,169

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

25,598

2,900

7,908

56,142

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

24,270

3,203

8,037

56,308

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

25,022

3,577

8,020

56,308

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

25,101

3,956

8,520

55,319

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

25,220

4,255

8,520

55,438

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

25,220

4,627

8,520

56,850

End of fiscal
year or month

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

March 2017

INTRODUCTION: Bureau of the Fiscal Service Operations
Chapter 31 of Title 31 of the United States Code allows
the Secretary of Treasury to borrow money by issuing
Treasury securities. The Secretary determines the terms and
conditions of issue, conversion, maturity, payment, and
interest rate. New issues of Treasury notes mature in 2 to 10
years. Bonds mature in more than 10 years from the issue
date. Each outstanding marketable security is listed in the
“Monthly Statement of the Public Debt of the United States.”
The information in this section of the “Treasury Bulletin”
pertains only to marketable Treasury securities.
The Bureau of the Fiscal Service is a new bureau within
the Treasury Department, formed on October 7, 2012, from
the consolidation of the Financial Management Service and
the Bureau of the Public Debt. Our mission is to promote the
financial integrity and operational efficiency of the U.S.
government through exceptional accounting, financing,
collections, payments, and shared services. As one bureau,
the organization is better positioned to help transform
financial management and the delivery of shared services in
the federal government. The bureau will be a valued partner
for agencies as they work to strengthen their own financial
management or as they look for a quality service provider
who can allow them to focus on their missions.

Table PDO-1 presents the results of weekly auctions of 4-,
13-, and 26-week bills. Treasury bills mature each Thursday.
Issues of 4- and 13-week bills are reopenings of 26-week
bills. High rates on accepted tenders and the dollar value of
total bids are presented, with the dollar value of awards made
on both competitive and noncompetitive basis.
To encourage the participation of individuals and smaller
institutions, Treasury accepts noncompetitive tenders of up to
$5 million in each auction of securities.
Table PDO-2 lists the results of auctions of marketable
securities, other than weekly bills, in chronological order over
the past 2 years. Issues of cash management bills also are
presented.
Note: On July 31, 2013, Treasury published amendments
to its marketable securities auction rules to accommodate the
auction and issuance of Floating Rate Notes (FRNs). An FRN
is a security that has an interest payment that can change over
time. Treasury FRNs will be indexed to the most recent 13week Treasury bill auction High Rate, which is the highest
accepted discount rate in a Treasury bill auction. FRNs will
pay interest quarterly.

TREASURY FINANCING: OCTOBER-DECEMBER
[Source: Bureau of the Fiscal Service, Division of Financing Operations]

OCTOBER
Auction of 52-Week Bills
On October 6, 2016, Treasury announced it would auction
$20,000 million of 364-day Treasury bills. They were issued
October 13 and will mature October 12, 2017. The issue was
to refund $106,000 million of all maturing bills and to raise
new cash of approximately $32,000 million. Treasury
auctioned the bills on October 11. Tenders totaled $69,279
million; Treasury accepted $20,000 million, including $170
million of noncompetitive tenders from the public. The high
bank discount rate was 0.680 percent.
Auction of 3-Year Notes
On October 6, 2016, Treasury announced it would auction
$24,000 million of 3-year notes. The issue was to refund
$30,000 million of securities maturing October 15 and to raise
new cash of approximately $26,000 million.
The 3-year notes of Series AS-2019 were dated October
15 and issued October 17. They are due October 15, 2019,
with interest payable on April 15 and October 15 until

March 2017

maturity. Treasury set an interest rate of 1 percent after
determining which tenders were accepted on a yield auction
basis.
Treasury received tenders for the notes before 11:00 a.m.
Eastern Time (e.t.) for noncompetitive tenders and before
11:30 a.m. e.t. for competitive tenders on October 12. Tenders
totaled $70,122 million; Treasury accepted $24,000 million.
All noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.045 percent with an
equivalent price of $99.867644. Treasury accepted in full all
competitive tenders at yields lower than 1.045 percent.
Tenders at the high yield were allotted 56.64 percent. The
median yield was 1.000 percent, and the low yield was 0.900
percent. Noncompetitive tenders totaled $40 million.
Competitive tenders accepted from private investors totaled
$23,961 million. Accrued interest of $0.05495 per $1,000
must be paid for the period from October 15 to October 17.
The minimum par amount required for Separate Trading of
Registered Interest and Principal Securities (STRIPS) of notes
of Series AS-2019 is $100.

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, continued
Auction of 9-Year 10-Month 1-1/2 Percent Notes
On October 6, 2016, Treasury announced it would auction
$20,000 million of 9-year 10-month 1-1/2 percent notes. The
issue was to refund $30,000 million of securities maturing
October 15 and to raise new cash of approximately $26,000
million.
The 9-year 10-month 1-1/2 percent notes of Series E-2026
were dated August 15 and issued October 17. They are due
August 15, 2026, with interest payable on February 15 and
August 15 until maturity.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on October 12. Tenders totaled $50,553
million; Treasury accepted $20,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.793 percent with an
equivalent price of $97.368781. Treasury accepted in full all
competitive tenders at yields lower than 1.793 percent.
Tenders at the high yield were allotted 45.15 percent. The
median yield was 1.749 percent, and the low yield was 1.650
percent. Noncompetitive tenders totaled $8 million.
Competitive tenders accepted from private investors totaled
$19,992 million. Accrued interest of $2.56793 per $1,000
must be paid for the period from August 15 to October 17.
The minimum par amount required for STRIPS of notes of
Series E-2026 is $100.
Auction of 29-Year 10-Month 2-1/4 Percent Bonds
On October 6, 2016, Treasury announced it would auction
$12,000 million of 29-year 10-month 2-1/4 percent bonds.
The issue was to refund $30,000 million of securities
maturing October 15 and to raise new cash of approximately
$26,000 million.
The 29-year 10-month 2-1/4 percent bonds of August
2046 were dated August 15 and issued October 17. They are
due August 15, 2046, with interest payable on February 15
and August 15 until maturity.
Treasury received tenders for the bonds before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on October 13. Tenders totaled $29,268
million; Treasury accepted $12,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.470 percent with an
equivalent price of $95.372563. Treasury accepted in full all
competitive tenders at yields lower than 2.470 percent.
Tenders at the high yield were allotted 48.90 percent. The
median yield was 2.425 percent, and the low yield was 2.300
percent. Noncompetitive tenders totaled $7 million.
Competitive tenders accepted from private investors totaled
$11,993 million. Accrued interest of $3.85190 per $1,000
must be paid for the period from August 15 to October 17.

The minimum par amount required for STRIPS of bonds of
August 2046 is $100.
Auction of 29-Year 4-Month 1 Percent Treasury
Inflated-Protective Security (TIPS)
On October 13, 2016, Treasury announced it would
auction $5,000 million of 29-year 4-month 1 percent TIPS.
The issue was to refund $131,557 million of securities
maturing October 31 and to pay down approximately $23,557
million.
The 29-year 4-month 1 percent TIPS of February 2046
were dated August 15 and issued October 31. They are due
February 15, 2046, with interest payable on February 15 and
August 15 until maturity.
Treasury received tenders for the TIPS before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on October 20. Tenders totaled $11,410
million; Treasury accepted $5,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.666 percent with an
equivalent adjusted price of $110.667461. Treasury accepted
in full all competitive tenders at yields lower than 0.666
percent. Tenders at the high yield were allotted 99.76 percent.
The median yield was 0.599 percent, and the low yield was
0.388 percent. Noncompetitive tenders totaled $8 million.
Competitive tenders accepted from private investors totaled
$4,992 million. Adjusted accrued interest of $2.12685 per
$1,000 must be paid for the period from August 15 to October
31. Both the unadjusted price of $108.874301 and the
unadjusted accrued interest of $2.09239 were adjusted by an
index ratio of 1.01647, for the period from August 15 to
October 31.
In addition to the $5,000 million of tenders accepted in the
auction process, Treasury accepted $302 million from Federal
Reserve banks (FRBs) for their own accounts. The minimum
par amount required for STRIPS of TIPS of February 2046 is
$100.
Auction of 2-Year Notes
On October 20, 2016, Treasury announced it would
auction $26,000 million of 2-year notes. The issue was to
refund $131,557 million of securities maturing October 31
and to pay down approximately $23,557 million.
The 2-year notes of Series BH-2018 were dated and issued
October 31. They are due October 31, 2018, with interest
payable on April 30 and October 31 until maturity. Treasury
set an interest rate of 0-3/4 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on October 25. Tenders totaled $65,861
million; Treasury accepted $26,000 million. All

March 2017

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, continued
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.855 percent with an
equivalent price of $99.792225. Treasury accepted in full all
competitive tenders at yields lower than 0.855 percent.
Tenders at the high yield were allotted 28.78 percent. The
median yield was 0.829 percent, and the low yield was 0.750
percent. Noncompetitive tenders totaled $184 million.
Competitive tenders accepted from private investors totaled
$25,816 million.
In addition to the $26,000 million of tenders accepted in
the auction process, Treasury accepted $1,572 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series BH-2018 is $100.
Auction of 2-Year Floating Rate Notes (FRNs)
On October 20, 2016, Treasury announced it would
auction $15,000 million of 2-year FRNs. The issue was to
refund $131,557 million of securities maturing October 31
and to pay down approximately $23,557 million.
The 2-year FRNs of Series BJ-2018 were dated and issued
October 31. They are due October 31, 2018, with interest
payable on January 31, April 30, July 31, and October 31 until
maturity. Treasury set a spread of 0.170 percent after
determining which tenders were accepted on a discount
margin basis.
Treasury received tenders for the FRNs before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on October 26. Tenders totaled $50,301
million; Treasury accepted $15,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high discount margin of 0.170 percent
with an equivalent price of $100.000000. Treasury accepted in
full all competitive tenders at discount margins lower than
0.170 percent. Tenders at the high discount margin were
allotted 12.68 percent. The median discount margin was 0.155
percent, and the low discount margin was 0.140 percent.
Noncompetitive tenders totaled $8 million. Competitive
tenders accepted from private investors totaled $14,992
million.
In addition to the $15,000 million of tenders accepted in
the auction process, Treasury accepted $907 million from
FRBs for their own accounts.
Auction of 5-Year Notes
On October 20, 2016, Treasury announced it would
auction $34,000 million of 5-year notes. The issue was to
refund $131,557 million of securities maturing October 31
and to pay down approximately $23,557 million.

March 2017

The 5-year notes of Series AE-2021 were dated and issued
October 31. They are due October 31, 2021, with interest
payable on April 30 and October 31 until maturity. Treasury
set an interest rate of 1-1/4 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on October 26. Tenders totaled $84,509
million; Treasury accepted $34,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.303 percent with an
equivalent price of $99.744253. Treasury accepted in full all
competitive tenders at yields lower than 1.303 percent.
Tenders at the high yield were allotted 6.51 percent. The
median yield was 1.260 percent, and the low yield was 1.195
percent. Noncompetitive tenders totaled $34 million.
Competitive tenders accepted from private investors totaled
$33,966 million.
In addition to the $34,000 million of tenders accepted in
the auction process, Treasury accepted $2,055 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series AE-2021 is $100.
Auction of 7-Year Notes
On October 20, 2016, Treasury announced it would
auction $28,000 million of 7-year notes. The issue was to
refund $131,557 million of securities maturing October 31
and to pay down approximately $23,557 million.
The 7-year notes of Series R-2023 were dated and issued
October 31. They are due October 31, 2023, with interest
payable on April 30 and October 31 until maturity. Treasury
set an interest rate of 1-5/8 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on October 27. Tenders totaled $69,749
million; Treasury accepted $28,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.653 percent with an
equivalent price of $99.815632. Treasury accepted in full all
competitive tenders at yields lower than 1.653 percent.
Tenders at the high yield were allotted 23.26 percent. The
median yield was 1.600 percent, and the low yield was 1.535
percent. Noncompetitive tenders totaled $16 million.
Competitive tenders accepted from private investors totaled
$27,984 million.
In addition to the $28,000 million of tenders accepted in
the auction process, Treasury accepted $1,693 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series R-2023 is $100.

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, continued
NOVEMBER
Auction of 52-Week Bills
On November 3, 2016, Treasury announced it would
auction $20,000 million of 364-day Treasury bills. They were
issued November 10 and will mature November 9, 2017. The
issue was to refund $117,992 million of all maturing bills and
to raise new cash of approximately $45,008 million. Treasury
auctioned the bills on November 8. Tenders totaled $67,054
million; Treasury accepted $20,000 million, including $151
million of noncompetitive tenders from the public. The high
bank discount rate was 0.695 percent.
November Quarterly Financing
On November 2, 2016, Treasury announced it would
auction $24,000 million of 3-year notes. The issue was to
refund $58,508 million of securities maturing November 15
and to raise new cash of approximately $3,492 million.
The 3-year notes of Series AT-2019 were dated and issued
November 15. They are due November 15, 2019, with interest
payable on May 15 and November 15 until maturity. Treasury
set an interest rate of 1 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on November 8. Tenders totaled $64,672
million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.034 percent with an
equivalent price of $99.899821. Treasury accepted in full all
competitive tenders at yields lower than 1.034 percent.
Tenders at the high yield were allotted 58.67 percent. The
median yield was 1.000 percent, and the low yield was 0.895
percent. Noncompetitive tenders totaled $41 million.
Competitive tenders accepted from private investors totaled
$23,959 million.
In addition to the $24,000 million of tenders accepted in
the auction process, Treasury accepted $5,254 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series AT-2019 is $100.
On November 2, 2016, Treasury announced it would
auction $23,000 million of 10-year notes. The issue was to
refund $58,508 million of securities maturing November 15
and to raise new cash of approximately $3,492 million.
The 10-year notes of Series F-2026 were dated and issued
November 15. They are due November 15, 2026, with interest
payable on May 15 and November 15 until maturity. Treasury
set an interest rate of 2 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on November 9. Tenders totaled $51,014

million; Treasury accepted $23,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.020 percent with an
equivalent price of $99.819726. Treasury accepted in full all
competitive tenders at yields lower than 2.020 percent.
Tenders at the high yield were allotted 15.58 percent. The
median yield was 1.950 percent, and the low yield was 1.850
percent. Noncompetitive tenders totaled $20 million.
Competitive tenders accepted from private investors totaled
$22,980 million.
In addition to the $23,000 million of tenders accepted in
the auction process, Treasury accepted $5,035 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series F-2026 is $100.
On November 2, 2016, Treasury announced it would
auction $15,000 million of 30-year bonds. The issue was to
refund $58,508 million of securities maturing November 15
and to raise new cash of approximately $3,492 million.
The 30-year bonds of November 2046 were dated and
issued November 15. They are due November 15, 2046, with
interest payable on May 15 and November 15 until maturity.
Treasury set an interest rate of 2-7/8 percent after determining
which tenders were accepted on a yield auction basis.
Treasury received tenders for the bonds before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on November 10. Tenders totaled $31,602
million; Treasury accepted $15,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.902 percent with an
equivalent price of $99.461607. Treasury accepted in full all
competitive tenders at yields lower than 2.902 percent.
Tenders at the high yield were allotted 35.56 percent. The
median yield was 2.826 percent, and the low yield was 2.688
percent. Noncompetitive tenders totaled $10 million.
Competitive tenders accepted from private investors totaled
$14,990 million.
In addition to the $15,000 million of tenders accepted in
the auction process, Treasury accepted $3,284 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of bonds of November 2046 is $100.
Auction of 9-Year 8-Month 0-1/8 Percent TIPS
On November 10, 2016, Treasury announced it would
auction $11,000 million of 9-year 8-month 0-1/8 percent
TIPS. The issue was to refund $87,010 million of securities
maturing November 30 and to raise new cash of
approximately $11,990 million.
The 9-year 8-month 0-1/8 percent TIPS of Series D-2026
were dated July 15 and issued November 30. They are due
July 15, 2026, with interest payable on January 15 and July 15
until maturity.

March 2017

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, continued
Treasury received tenders for the TIPS before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on November 17. Tenders totaled $26,288
million; Treasury accepted $11,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.369 percent with an
equivalent adjusted price of $98.390349. Treasury accepted in
full all competitive tenders at yields lower than 0.369 percent.
Tenders at the high yield were allotted 62.71 percent. The
median yield was 0.294 percent, and the low yield was 0.210
percent. Noncompetitive tenders totaled $24 million.
Competitive tenders accepted from private investors totaled
$10,976 million. Adjusted accrued interest of $0.47209 per
$1,000 must be paid for the period from July 15 to November
30. Both the unadjusted price of $97.694762 and the
unadjusted accrued interest of $0.46875 were adjusted by an
index ratio of 1.00712, for the period from July 15 to
November 30.
In addition to the $11,000 million of tenders accepted in
the auction process, Treasury accepted $1,171 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of TIPS of Series D-2026 is $100.
Auction of 2-Year Notes
On November 17, 2016, Treasury announced it would
auction $26,000 million of 2-year notes. The issue was to
refund $87,010 million of securities maturing November 30
and to raise new cash of approximately $11,990 million.
The 2-year notes of Series BK-2018 were dated and issued
November 30. They are due November 30, 2018, with interest
payable on May 31 and November 30 until maturity. Treasury
set an interest rate of 1 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on November 21. Tenders totaled $71,044
million; Treasury accepted $26,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.085 percent with an
equivalent price of $99.832281. Treasury accepted in full all
competitive tenders at yields lower than 1.085 percent.
Tenders at the high yield were allotted 44.73 percent. The
median yield was 1.050 percent, and the low yield was 0.888
percent. Noncompetitive tenders totaled $155 million.
Competitive tenders accepted from private investors totaled
$25,845 million.
In addition to the $26,000 million of tenders accepted in
the auction process, Treasury accepted $2,767 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series BK-2018 is $100.

March 2017

Auction of 1-Year 11-Month 0.170 Percent FRNs
On November 17, 2016, Treasury announced it would
auction $13,000 million of 1-year 11-month 0.170 percent
FRNs. The issue was to raise new cash of approximately
$13,000 million.
The 1-year 11-month 0.17 percent FRNs of Series BJ2018 were dated October 31 and issued November 25. They
are due October 31, 2018, with interest payable on January 31,
April 30, July 31, and October 31 until maturity.
Treasury received tenders for the FRNs before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on November 22. Tenders totaled $43,205
million; Treasury accepted $13,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high discount margin of 0.169 percent
with an equivalent price of $100.001890. Treasury accepted in
full all competitive tenders at discount margins lower than
0.169 percent. Tenders at the high discount margin were
allotted 1.50 percent. The median discount margin was 0.160
percent, and the low discount margin was 0.139 percent.
Noncompetitive tenders totaled $10 million. Competitive
tenders accepted from private investors totaled $12,990
million. Accrued interest of $0.042061947 per $100 must be
paid for the period from October 31 to November 25.
Auction of 5-Year Notes
On November 17, 2016, Treasury announced it would
auction $34,000 million of 5-year notes. The issue was to
refund $87,010 million of securities maturing November 30
and to raise new cash of approximately $11,990 million.
The 5-year notes of Series AF-2021 were dated and issued
November 30. They are due November 30, 2021, with interest
payable on May 31 and November 30 until maturity. Treasury
set an interest rate of 1-3/4 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on November 22. Tenders totaled $82,841
million; Treasury accepted $34,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.760 percent with an
equivalent price of $99.952337. Treasury accepted in full all
competitive tenders at yields lower than 1.760 percent.
Tenders at the high yield were allotted 98.57 percent. The
median yield was 1.710 percent, and the low yield was 1.620
percent. Noncompetitive tenders totaled $41 million.
Competitive tenders accepted from private investors totaled
$33,959 million.

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, continued
In addition to the $34,000 million of tenders accepted in
the auction process, Treasury accepted $3,619 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series AF-2021 is $100.
Auction of 7-Year Notes
On November 17, 2016, Treasury announced it would
auction $28,000 million of 7-year notes. The issue was to
refund $87,010 million of securities maturing November 30
and to raise new cash of approximately $11,990 million.
The 7-year notes of Series S-2023 were dated and issued
November 30. They are due November 30, 2023, with interest
payable on May 31 and November 30 until maturity. Treasury
set an interest rate of 2-1/8 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on November 23. Tenders totaled $75,114
million; Treasury accepted $28,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.215 percent with an
equivalent price of $99.419378. Treasury accepted in full all
competitive tenders at yields lower than 2.215 percent.
Tenders at the high yield were allotted 1.80 percent. The
median yield was 2.170 percent, and the low yield was 2.041
percent. Noncompetitive tenders totaled $16 million.
Competitive tenders accepted from private investors totaled
$27,984 million.
In addition to the $28,000 million of tenders accepted in
the auction process, Treasury accepted $2,980 million from
FRBs for their own accounts. The minimum par amount
required for STRIPS of notes of Series S-2023 is $100.

DECEMBER
Auction of 52-Week Bills
On December 1, 2016, Treasury announced it would
auction $20,000 million of 364-day Treasury bills. They were
issued December 8 and will mature December 7, 2017. The
issue was to refund $144,994 million of all maturing bills and
to pay down approximately $17,994 million. Treasury
auctioned the bills on December 6. Tenders totaled $71,530
million; Treasury accepted $20,000 million, including $183
million of noncompetitive tenders from the public. The high
bank discount rate was 0.830 percent.
Auction of 3-Year Notes
On December 8, 2016, Treasury announced it would
auction $24,000 million of 3-year notes. The issue was to
refund $30,000 million of securities maturing December 15
and to raise new cash of approximately $26,000 million.

The 3-year notes of Series AU-2019 were dated and issued
December 15. They are due December 15, 2019, with interest
payable on June 15 and December 15 until maturity. Treasury
set an interest rate of 1-3/8 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 11:00 a.m.
e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for
competitive tenders on December 12. Tenders totaled $63,668
million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 1.452 percent with an
equivalent price of $99.774758. Treasury accepted in full all
competitive tenders at yields lower than 1.452 percent.
Tenders at the high yield were allotted 78.93 percent. The
median yield was 1.430 percent, and the low yield was 1.320
percent. Noncompetitive tenders totaled $52 million.
Competitive tenders accepted from private investors totaled
$23,948 million. The minimum par amount required for
STRIPS of notes of Series AU-2019 is $100.
Auction of 9-Year 11-Month 2 Percent Notes
On December 8, 2016, Treasury announced it would
auction $20,000 million of 9-year 11-month 2 percent notes.
The issue was to refund $30,000 million of securities
maturing December 15 and to raise new cash of
approximately $26,000 million.
The 9-year 11-month 2 percent notes of Series F-2026
were dated November 15 and issued December 15. They are
due November 15, 2026, with interest payable on May 15 and
November 15 until maturity.
Treasury received tenders for the notes before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on December 12. Tenders totaled $47,707
million; Treasury accepted $20,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 2.485 percent with an
equivalent price of $95.758350. Treasury accepted in full all
competitive tenders at yields lower than 2.485 percent.
Tenders at the high yield were allotted 11.51 percent. The
median yield was 2.440 percent, and the low yield was 2.380
percent. Noncompetitive tenders totaled $19 million.
Competitive tenders accepted from private investors totaled
$19,981 million. Accrued interest of $1.65746 per $1,000
must be paid for the period from November 15 to December
15. The minimum par amount required for STRIPS of notes of
Series F-2026 is $100.
Auction of 29-Year 11-Month 2-7/8 Percent Bonds
On December 8, 2016, Treasury announced it would
auction $12,000 million of 29-year 11-month 2-7/8 percent
bonds. The issue was to refund $30,000 million of securities

March 2017

BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, continued
maturing December 15 and to raise new cash of
approximately $26,000 million.
The 29-year 11-month 2-7/8 percent bonds of November
2046 were dated November 15 and issued December 15. They
are due November 15, 2046, with interest payable on May 15
and November 15 until maturity.
Treasury received tenders for the bonds before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on December 13. Tenders totaled $28,703
million; Treasury accepted $12,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 3.152 percent with an
equivalent price of $94.656663. Treasury accepted in full all
competitive tenders at yields lower than 3.152 percent.
Tenders at the high yield were allotted 72.53 percent. The
median yield was 3.100 percent, and the low yield was 2.888
percent. Noncompetitive tenders totaled $5 million.
Competitive tenders accepted from private investors totaled
$11,995 million. Accrued interest of $2.38260 per $1,000
must be paid for the period from November 15 to December
15. The minimum par amount required for STRIPS of bonds
of November 2046 is $100.
Auction of 4-Year 4-Month 0-1/8 Percent TIPS
On December 15, 2016, Treasury announced it would
auction $14,000 million of 4-year 4-month 0-1/8 percent
TIPS. The issue was to raise new cash of approximately
$27,000 million.
The 4-year 4-month 0-1/8 percent TIPS of Series X-2021
were dated October 15 and issued December 30. They are due
April 15, 2021, with interest payable on April 15 and October
15 until maturity.
Treasury received tenders for the TIPS before 12:00 noon
e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for
competitive tenders on December 22. Tenders totaled $37,586
million; Treasury accepted $14,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high yield of 0.120 percent with an
equivalent adjusted price of $102.005809. Treasury accepted

March 2017

in full all competitive tenders at yields lower than 0.120
percent. Tenders at the high yield were allotted 29.80 percent.
The median yield was 0.050 percent, and the low yield was
0.000 percent. Noncompetitive tenders totaled $37 million.
Competitive tenders accepted from private investors totaled
$13,963 million. Adjusted accrued interest of $0.26617 per
$1,000 must be paid for the period from October 15 to
December 30. Both the unadjusted price of $100.021385 and
the unadjusted accrued interest of $0.26099 were adjusted by
an index ratio of 1.01984, for the period from October 15 to
December 30. The minimum par amount required for STRIPS
of TIPS of Series X-2021 is $100.
Auction of 1-Year 10-Month 0.170 Percent FRNs
On December 22, 2016, Treasury announced it would
auction $13,000 million of 1-year 10-month 0.17 percent
FRNs. The issue was to raise new cash of approximately
$27,000 million.
The 1-year 10-month 0.170 percent FRNs of Series BJ2018 were dated October 31 and issued December 30. They
are due October 31, 2018, with interest payable on January 31,
April 30, July 31, and October 31 until maturity.
Treasury received tenders for the FRNs before 11:00
a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t.
for competitive tenders on December 28. Tenders totaled
$49,345 million; Treasury accepted $13,000 million. All
noncompetitive and successful competitive bidders were
allotted securities at the high discount margin of 0.169 percent
with an equivalent price of $100.001782. Treasury accepted
in full all competitive tenders at discount margins lower than
0.169 percent. Tenders at the high discount margin were
allotted 82.27 percent. The median discount margin was 0.160
percent, and the low discount margin was 0.125 percent.
Noncompetitive tenders totaled $16 million. Competitive
tenders accepted from private investors totaled $12,984
million. Accrued interest of $0.107749718 per $100 must be
paid for the period from October 31 to December 30.

BUREAU OF THE FISCAL SERVICE OPERATIONS

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills
[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

On total competitive bids accepted

Issue date

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

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

High
price per
hundred
(7)

High
discount
rate
(percent)
(8)

High investment rate
(percent) 4
(9)

99.979778
99.921639
99.752278
99.979389
99.909000
99.749750
99.980944
99.914056
99.762389
99.980667
99.914056
99.759861
99.981333
99.911528
99.747222
99.979000
99.893833
99.729528
99.976278
99.869819
99.684028
99.974500
99.880000
99.695819
99.971611
99.876139
99.691611
99.973556
99.876139
99.689083
99.962667
99.866028
99.673917
99.961889
99.869819
99.673917
99.962278
99.859708
99.666333

0.260
0.310
0.490
0.265
0.360
0.495
0.245
0.340
0.470
0.240
0.340
0.475
0.240
0.350
0.500
0.270
0.420
0.535
0.305
0.515
0.625
0.340
0.480
0.605
0.365
0.490
0.610
0.340
0.490
0.615
0.480
0.530
0.645
0.490
0.515
0.645
0.485
0.555
0.660

0.264
0.315
0.498
0.269
0.365
0.503
0.248
0.345
0.478
0.243
0.345
0.483
0.243
0.355
0.508
0.274
0.426
0.544
0.309
0.523
0.636
0.345
0.487
0.615
0.370
0.497
0.620
0.345
0.497
0.625
0.487
0.538
0.656
0.497
0.523
0.656
0.492
0.564
0.671

Regular weekly:
(4 week, 13 week, and 26 week)
2016 - Oct. 06 .................

Oct. 13 .................

Oct. 20 .................

Oct. 27 .................

Nov. 03 ................

Nov. 10 ................

Nov. 17 ................

Nov. 25 ................

Dec. 01 ................

Dec. 08 ................

Dec. 15 ................

Dec. 22 ................

Dec. 29 ................

2016 - Nov. 03
2017 - Jan. 05
Apr. 06
2016 - Nov. 10
2017 - Jan. 12
Apr. 13
2016 - Nov. 17
2017 - Jan. 19
Apr. 20
2016 - Nov. 25
2017 - Jan. 26
Apr. 27
2016 - Dec. 01
2017 - Feb. 02
May 04
2016 - Dec. 08
2017 - Feb. 09
May 11
2016 - Dec. 15
2017 - Feb. 16
May 18
2016 - Dec. 22
2017 - Feb. 23
May 25
2016 - Dec. 29
2017 - Mar. 02
June 01
Jan. 05
Mar. 09
June 08
Jan. 12
Mar. 16
June 15
Jan. 19
Mar. 23
June 22
Jan. 26
Mar. 30
June 29

28
91
182
28
91
182
28
91
182
29
91
182
28
91
182
28
91
182
28
91
182
27
90
181
28
91
182
28
91
182
28
91
182
28
91
182
28
91
182

165,341.0
141,517.1
128,720.8
134,895.6
133,698.5
126,027.5
164,841.7
137,292.1
118,672.4
187,680.5
146,230.0
126,101.1
189,598.2
138,688.5
125,200.9
220,323.8
138,078.6
122,787.6
213,699.7
131,503.1
112,505.8
178,115.2
137,738.1
126,777.9
160,737.1
138,206.5
128,110.2
145,163.2
123,717.4
104,107.6
144,577.8
126,063.2
101,745.6
165,455.4
108,493.7
93,919.0
173,767.1
117,089.6
107,289.3

40,000.5
42,000.1
36,000.0
40,000.2
42,000.5
36,000.0
45,000.1
42,000.0
36,000.2
50,000.0
42,000.5
36,000.0
55,000.3
42,000.3
36,000.3
65,000.3
42,000.1
36,000.2
65,000.3
42,000.0
36,000.0
55,000.4
39,000.4
33,000.5
45,000.0
36,000.0
30,000.6
45,000.1
34,000.1
28,000.1
45,000.2
34,000.6
28,000.1
55,000.2
34,000.1
28,000.0
50,000.1
34,000.0
28,000.2

All 4-week and 13-week bills represent additional issues of bills with an original maturity
of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an
original maturity of 52 weeks.
2
Includes amount awarded to the Federal Reserve System.

39,706.2
41,521.7
35,231.1
39,550.3
41,513.5
35,166.2
44,593.1
41,494.9
35,358.2
49,646.4
40,636.5
34,671.5
54,602.2
41,424.5
35,247.8
64,519.6
41,401.5
35,463.6
64,624.6
41,383.3
35,488.2
54,648.3
38,440.4
32,396.8
43,729.6
34,663.6
28,833.4
44,530.6
33,512.3
27,602.1
44,593.1
33,357.9
27,532.6
54,622.8
33,349.1
27,510.7
49,609.2
32,589.2
26,650.3

294.3
378.4
368.9
349.9
386.9
333.8
307.1
405.1
342.1
253.6
364.0
328.5
298.1
375.8
352.6
380.7
398.6
336.6
275.6
416.7
311.8
252.1
360.0
328.7
270.4
336.5
267.2
369.5
387.8
298.0
307.1
442.6
367.6
277.4
451.0
389.3
291.0
410.9
349.8

3
Tenders for $5 million or less from any one bidder are accepted in full at the high
price of accepted competitive bids. All Treasury Marketable auctions are conducted
in a single-price format as of November 2, 1998.
4
Equivalent coupon-issue yield.

March 2017

BUREAU OF THE FISCAL SERVICE OPERATIONS

TABLE PDO-2—Offerings of Marketable Securities
Other than Regular Weekly Treasury Bills
[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

Auction date

Issue date
(1)

Description of securities 1
(2)

10/11/2016

10/13/2016

0.680% bill—10/12/17

10/12/2016

10/17/2016

1.000% note—10/15/19-AS

10/12/2016

10/17/2016

10/13/2016
10/20/2016

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

Amount
tendered
(4)

Amount
accepted 3, 4
(5)

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

69,279

20,000

70,122

24,000

1.045 - 99.867644

1.500% note—08/15/26-E

10m

50,553

20,000

1.793 - 97.368781

10/17/2016

2.250% bond—08/15/46

29y

10m

29,268

12,000

2.470 - 95.372563

10/31/2016

1.000% TIPS—02/15/46

29y

11,712

5,302

0.666 - 110.667461

10/25/2016

10/31/2016

0.750% note—10/31/18-BH

67,432

27,572

0.855 - 99.792225

10/26/2016

10/31/2016

0.170% FRN—10/31/18-BJ

51,208

15,907

0.000 - 100.000000

10/26/2016

10/31/2016

1.250% note—10/31/21-AE

86,564

36,055

1.303 - 99.744253

10/27/2016

10/31/2016

1.625% note—10/31/23-R

71,442

29,693

1.653 - 99.815632

364d

11/08/2016

11/10/2016

0.695% bill—11/09/17

67,054

20,000

11/08/2016

11/15/2016

1.000% note—11/15/19-AT

69,926

29,254

1.034 - 99.899821

11/09/2016

11/15/2016

2.000% note—11/15/26-F

10y

56,049

28,035

2.020 - 99.819726

11/10/2016

11/15/2016

2.875% bond—11/15/46

30y

34,886

18,284

2.902 - 99.461607

11/22/2016

11/25/2016

0.169% FRN—10/31/18-BJ

11m

43,205

13,000

0.000 - 100.001890

11/17/2016

11/30/2016

0.125% TIPS—07/15/26-D

27,459

12,171

0.369 - 98.390349

11/21/2016

11/30/2016

1.000% note—11/30/18-BK

73,811

28,767

1.085 - 99.832281

11/22/2016

11/30/2016

1.750% note—11/30/21-AF

86,460

37,619

1.760 - 99.952337

11/23/2016

11/30/2016

2.125% note—11/30/23-S

78,094

30,980

2.215 - 99.419378

12/06/2016

12/08/2016

0.830% bill—12/07/17

71,530

20,000

12/12/2016

12/15/2016

1.375% note—12/15/19-AU

12/12/2016

12/15/2016

2.000% note—11/15/26-F

12/13/2016

12/15/2016

2.875% bond—11/15/46

29y

12/22/2016

12/30/2016

0.125% TIPS—04/15/21-X

12/28/2016

12/30/2016

0.169% FRN—10/31/18-BJ

364d

63,668

24,000

1.452 - 99.774758

11m

47,707

20,000

2.485 - 95.758350

11m

28,703

12,000

3.152 - 94.656663

37,586

14,000

0.120 - 102.005809

10m

49,345

13,000

0.000 - 100.001782

1
Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank
discount rate. For note and bond issues, the rate shown is the interest rate. For details of
bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and
bonds are eligible for STRIPS.
2
From date of additional issue in case of a reopening.
3
In reopenings, the amount accepted is in addition to the amount of original offerings.

March 2017

4
Includes securities issued to the Federal Reserve System; and to foreign and international
monetary authorities, whether in exchange for maturing securities or for new cash.

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on
auction day.

INTRODUCTION: Ownership of Federal Securities
Federal securities presented in the following tables are
public debt securities such as savings bonds, bills, notes, and
bonds that the Treasury issues. The tables also detail debt
issued by other Federal agencies under special financing
authorities. [See the Federal debt (FD) tables for a more
complete description of the Federal debt.]
Effective January 1, 2001, Treasury’s Bureau of the
Fiscal Service revised formats, titles, and column headings
in the “Monthly Statement of the Public Debt of the United
States,” Table I: Summary of Treasury Securities
Outstanding and Table II: Statutory Debt Limit. These
changes should reduce confusion and bring the publication
more in line with the public’s use of terms.
Treasury’s Bureau of the Fiscal Service compiles data in
the “Treasury Bulletin” table OFS-1 from the “Monthly
Statement of the Public Debt of the United States.” Effective
June 2001, Bureau of the Fiscal Service revised procedures
and categories in this table to agree with the Bureau of the
Fiscal Service’s publication changes.

 Table OFS-1 presents Treasury marketable and
nonmarketable securities and debt issued by other Federal
agencies held by Government accounts, the FRBs, and
private investors. Social Security and Federal retirement
trust fund investments comprise much of the Government
account holdings.
The FRBs acquire Treasury securities in the market as a
means of executing monetary policy.
 Table OFS-2 presents the estimated ownership of
U.S. Treasury securities. Information is primarily obtained
from the Federal Reserve Board of Governors Flow of Funds
data, Table L209. State, local, and foreign holdings include
special issues of nonmarketable securities to municipal
entities and foreign official accounts. They also include
municipal, foreign official, and private holdings of
marketable Treasury securities. (See footnotes to the table
for description of investor categories.)

March 2017

OWNERSHIP OF FEDERAL SECURITIES

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues
[In millions of dollars. Source: Bureau of the Fiscal Service]

Total
Federal
securities
outstanding
(1)

Total
outstanding
(2)

2012 ................................................
2013 ................................................
2014 ................................................
2015 ................................................
2016 ................................................

16,090,640
16,763,286
17,847,931
18,174,718
19,597,812

16,066,241
16,738,183
17,824,071
18,150,618
19,573,445

2015 - Dec .......................................
2016 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................
Oct .......................................
Nov ......................................
Dec ......................................

18,946,739
19,037,446
19,149,887
19,289,383
19,211,778
19,289,971
19,406,152
19,452,247
19,534,678
19,597,812
19,830,096
19,972,472
20,001,290

18,922,179
19,012,828
19,125,455
19,264,939
19,187,387
19,265,452
19,381,591
19,427,695
19,510,296
19,573,445
19,805,715
19,948,065
19,976,827

End of
fiscal year
or month

Public debt securities
Held by U.S. Government accounts
Marketable
(4)

Nonmarketable
(5)

Public issues
held by Federal
Reserve banks
(6)

4,791,850
4,757,211
5,039,265
5,026,867
5,395,699

1,744,275
2,315,023
2,767,288
2,802,101
2,830,115

5,244,964
5,351,001
5,335,427
5,335,182
5,341,480
5,374,362
5,444,287
5,425,190
5,401,852
5,395,699
5,514,763
5,499,924
5,537,501

2,810,057
2,809,575
2,813,201
2,815,313
2,815,146
2,816,340
2,819,062
2,821,881
2,827,017
2,830,115
2,833,661
2,840,508
2,843,701

Total
(3)

Public debt securities, continued

Agency securities

Held by private investors
End of
fiscal year
or month

Total
outstanding
(10)

Held by
Government
accounts
(12)

Total
(7)

Marketable
(8)

9,530,116
9,665,949
10,017,518
10,321,650
11,347,631

9,005,483
9,281,132
9,526,925
10,051,650
10,830,489

524,634
384,818
490,594
270,000
517,142

24,399
25,103
23,860
24,100
24,367

24,394
25,098
23,857
24,095
24,363

5
5
3
5
4

10,867,158
10,852,253
10,976,827
11,114,444
11,030,761
11,074,750
11,118,242
11,180,624
11,281,427
11,347,631
11,457,291
11,607,633
11,595,625

10,396,498
10,379,385
10,499,530
10,630,827
10,540,025
10,577,192
10,611,734
10,672,341
10,772,054
10,830,489
10,936,394
11,080,962
11,077,564

470,660
472,868
477,297
483,616
490,737
497,557
506,508
508,282
509,373
517,142
520,897
526,671
518,061

24,560
24,618
24,432
24,444
24,391
24,519
24,561
24,552
24,382
24,367
24,381
24,407
24,463

24,554
24,612
24,427
24,439
24,386
24,514
24,556
24,547
24,377
24,363
24,377
24,403
24,459

6
6
5
5
5
5
5
5
5
4
4
4
4

Note—Public issues held by the Federal Reserve banks have been revised to
include Ginnie Mae and exclude the following Government-Sponsored Enterprises:
Federal National Mortgage Association, Federal Home Loan Mortgage Corporation,
and the Federal Home Loan Bank System.

March 2017

Nonmarketable
(9)

Held by
private
investors
(11)

OWNERSHIP OF FEDERAL SECURITIES

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities
[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Pension funds 3

End of month
2016 - Dec .........
Sept .......
June ......
Mar ........
2015 - Dec .........
Sept ........
June .......
Mar .........
2014 - Dec .........
Sept ........
June .......
Mar .........
2013 - Dec .........
Sept ........
June .......
Mar .........
2012 - Dec .........
Sept ........
June .......
Mar .........
2011 - Dec .........
Sept ........
June .......
Mar .........
2010 - Dec .........
Sept ........
June .......
Mar .........
2009 - Dec .........
Sept ........
June .......
Mar .........
2008 - Dec .........
Sept ........
June .......
Mar .........
2007 - Dec .........
Sept ........
June .......
Mar .........
2006 - Dec .........
Sept ........
June .......
Mar .........
1

Total
public
debt 1
(1)

SOMA and
Intragovernmental
Holdings 2
(2)

19,976.9
19,573.4
19,381.6
19,264.9
18,922.2
18,150.6
18,152.0
18,152.1
18,141.4
17,824.1
17,632.6
17,601.2
17,352.0
16,738.2
16,738.2
16,771.6
16,432.7
16,066.2
15,855.5
15,582.3
15,222.8
14,790.3
14,343.1
14,270.0
14,025.2
13,561.6
13,201.8
12,773.1
12,311.3
11,909.8
11,545.3
11,126.9
10,699.8
10,024.7
9,492.0
9,437.6
9,229.2
9,007.7
8,867.7
8,849.7
8,680.2
8,507.0
8,420.0
8,371.2

8,005.6
7,863.5
7,911.2
7,801.4
7,711.2
7,488.7
7,536.5
7,521.3
7,578.9
7,490.8
7,461.0
7,301.5
7,205.3
6,834.2
6,773.3
6,656.8
6,523.7
6,446.8
6,475.8
6,397.2
6,439.6
6,328.0
6,220.4
5,958.9
5,656.2
5,350.5
5,345.1
5,259.8
5,276.9
5,127.1
5,026.8
4,785.2
4,806.4
4,692.7
4,685.8
4,694.7
4,833.5
4,738.0
4,715.1
4,576.6
4,558.1
4,432.8
4,389.2
4,257.2

Total
U.S.
privately Depository savings
held
institutions 4, 5 bonds 6
(3)
(4)
(5)
11,971.3
11,709.9
11,470.4
11,463.6
11,211.0
10,661.9
10,615.5
10,630.8
10,562.6
10,333.2
10,171.6
10,299.7
10,146.6
9,904.0
9,964.9
10,114.8
9,909.1
9,619.4
9,379.7
9,185.1
8,783.3
8,462.4
8,122.7
8,311.1
8,368.9
8,211.1
7,856.7
7,513.3
7,034.4
6,782.7
6,518.5
6,341.7
5,893.4
5,332.0
4,806.2
4,742.9
4,395.7
4,269.7
4,152.6
4,273.1
4,122.1
4,074.2
4,030.8
4,114.0

n.a.
620.3
570.3
555.3
546.8
513.6
515.4
511.7
513.7
470.9
407.2
368.3
321.1
293.2
300.2
338.9
347.7
338.2
303.2
317.0
279.7
293.8
279.4
321.0
319.3
322.8
266.1
269.3
202.5
198.2
140.8
125.7
105.0
130.0
112.7
125.0
129.8
119.7
110.4
119.8
114.8
113.6
119.5
113.0

165.8
167.5
169.0
170.3
171.6
172.8
173.9
174.9
175.9
176.7
177.6
178.3
179.2
180.0
180.9
181.7
182.5
183.8
184.7
184.8
185.2
185.1
186.0
186.7
187.9
188.7
189.6
190.2
191.3
192.5
193.6
194.0
194.1
194.3
195.0
195.4
196.5
197.1
198.6
200.3
202.4
203.7
205.2
206.0

Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value.
Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of
condition, for System Open Market Accounts; and the U.S. Treasury MSPD for
intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held
under repurchase agreements.
3
As of February 2005, the debt held by Government Accounts was renamed to
Intragovernmental holdings.
4
Source: Federal Reserve Board of Governors, Flow of Funds Table L.209.
5
Includes U.S. chartered depository institutions, foreign banking offices in the United
States, banks in U.S. affiliated areas, credit unions, and bank holding companies.
6
Sources: “Monthly Statement of the Public Debt of the United States from January 1996.
Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977
through December 1995. Current accrual value.
2

Private 7
(6)
n.a.
549.1
542.4
536.4
529.2
318.8
382.9
442.8
492.1
485.5
481.1
480.1
478.1
358.6
454.0
464.6
467.5
447.0
427.4
406.6
391.9
373.6
251.8
215.8
206.8
198.2
190.8
183.0
175.6
167.2
164.1
155.4
147.4
147.0
145.0
143.7
141.0
140.5
139.9
139.7
139.8
125.8
117.7
116.8

State and Insurance
compalocal
nies 4
governments
(8)
(7)
n.a.
186.4
182.2
175.6
174.8
173.5
178.0
176.4
181.3
187.1
189.3
189.0
188.3
182.8
178.7
173.9
172.9
171.4
171.2
169.4
160.7
155.7
158.0
157.9
153.7
145.2
150.1
153.6
151.4
145.6
144.6
137.0
129.9
136.7
135.5
135.4
144.2
153.2
162.3
156.3
153.4
149.3
149.6
152.9

n.a.
344.8
333.9
324.4
310.7
311.7
308.4
309.3
303.2
293.9
283.6
272.9
267.3
269.1
273.5
281.7
290.2
290.5
290.9
295.9
297.3
259.6
254.8
253.5
248.4
240.6
231.8
225.7
222.0
210.2
200.0
191.0
171.4
163.4
159.4
152.1
141.9
155.1
168.9
185.4
197.9
196.8
196.1
200.3

Mutual
funds 4, 8
(9)
n.a.
1,524.8
1,402.3
1,384.3
1,315.3
1,192.3
1,135.9
1,156.8
1,108.3
1,067.6
977.9
1,050.1
975.3
976.2
1,000.1
1,066.7
1,031.8
1,080.7
997.8
1,015.4
927.9
788.7
753.7
749.4
721.7
671.0
676.8
678.5
668.8
668.5
711.8
721.1
758.2
631.4
440.3
466.7
343.5
292.7
257.6
263.2
248.2
234.2
243.4
254.2

State and
Foreign
local
govern- and interments 4
national 9
(10)
(11)
n.a.
713.0
698.0
680.5
666.7
643.6
630.3
640.1
622.0
601.6
605.4
586.3
586.8
584.1
608.7
610.7
606.7
593.7
585.1
567.2
562.2
557.9
572.2
585.3
595.7
586.0
584.4
585.0
585.6
583.6
588.5
588.2
601.4
614.0
635.1
646.4
647.8
643.1
637.8
608.3
570.5
542.3
531.6
515.7

n.a.
6,154.9
6,280.0
6,284.8
6,146.2
6,105.9
6,163.1
6,172.6
6,157.7
6,069.2
6,018.7
5,948.3
5,792.6
5,652.8
5,595.0
5,725.0
5,573.8
5,476.1
5,310.9
5,145.1
5,006.9
4,912.1
4,690.6
4,481.4
4,435.6
4,324.2
4,070.0
3,877.9
3,685.1
3,570.6
3,460.8
3,265.7
3,077.2
2,802.4
2,587.4
2,506.3
2,353.2
2,235.3
2,192.0
2,194.8
2,103.1
2,025.3
1,977.8
2,082.1

Other
investors 10
(12)
n.a.
1,449.1
1,292.4
1,352.0
1,349.7
1,229.7
1,127.5
1,046.3
1,008.4
980.7
1,030.8
1,226.4
1,358.0
1,407.2
1,373.7
1,271.6
1,236.0
1,038.0
1,108.5
1,083.7
971.4
935.8
976.1
1,360.1
1,499.9
1,534.4
1,497.1
1,350.1
1,152.1
1,046.3
914.2
963.7
708.9
512.9
395.9
371.9
297.8
332.9
285.1
405.2
392.0
483.2
490.1
473.0

Includes U.S. Treasury securities held by the Federal Employees Retirement System
Thrift Savings Plan "G Fund."
Includes money market mutual funds, mutual funds, and closed-end investment
companies.
9
Source: Federal Reserve Board Treasury International Capital Survey. Includes
nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes
Treasury securities held under repurchase agreements in custody accounts at the Federal
Reserve Bank of New York. For additional information, see:
http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx.
10
Includes individuals, Government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and non-corporate businesses, and other investors.

March 2017

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation
The U.S. Currency and Coin Outstanding and in
Circulation (USCC) statement informs the public of the total
face value of currency and coin used as a medium of
exchange that is in circulation at the end of a given
accounting month. The statement defines the total amount of
currency and coin outstanding and the portion deemed to be
in circulation. It includes some old and current rare issues
that do not circulate or that may do so to a limited extent.
Treasury includes them in the statement because the issues
were originally intended for general circulation.

The USCC statement provides a description of the
various issues of paper money. It also gives an estimated
average of currency and coin held by each individual, using
estimates of population from the Bureau of the Census.
USCC information has been published by Treasury since
1888, and was published separately until 1983, when it was
incorporated into the “Treasury Bulletin.” The USCC comes
from monthly reports compiled by Treasury offices, U.S.
Mint offices, the Federal Reserve banks (FRBs), and the
Federal Reserve Board.

TABLE USCC-1—Amounts Outstanding and in Circulation, December 31, 2016
[Source: Bureau of the Fiscal Service]

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

Total
currency
and coin
(1)

Total currency
(2)

Currency no
longer issued
(5)

U.S. notes
(4)

Federal Reserve notes 1
(3)

$1,686,528,367,366

$1,638,471,092,384

$1,637,992,787,218

$239,620,566

$238,684,600

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

264,505,108

55,199,547

55,006,464

7,505

185,578

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

176,926,821,545

175,053,780,991

175,053,767,750

13,236

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

$1,509,337,040,713

$1,463,362,111,846

$1,462,884,013,004

$239,613,056

$238,485,786

Less amounts held by:

Fractional
coins
(3)

Total
(1)

Dollars 2, 3
(2)

$48,057,274,982

$6,546,784,108

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

209,305,561

57,534,518

151,771,043

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

1,873,040,554

1,254,054,991

618,985,563

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

$45,974,928,867

$5,235,194,599

Coins 2
Amounts outstanding ..............................

41,510,490,874

Less amounts held by:

See footnotes following table USCC-2.

March 2017

40,739,734,268

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2016
[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination
$1 ................................................................................

Total
(1)

U.S. notes
(3)

Currency no
longer issued
(4)

$11,599,076,127

$143,503

$140,451,685

Federal Reserve notes 1
(2)

$11,739,671,315

$2 ................................................................................

2,346,193,016

2,214,556,272

131,624,218

12,526

$5 ................................................................................

14,216,890,325

14,085,255,005

107,824,105

23,811,215

$10 ..............................................................................

19,241,310,650

19,221,222,790

6,300

20,081,560

$20 ..............................................................................

177,238,170,740

177,218,063,660

3,840

20,103,240

$50 ..............................................................................

83,493,859,800

83,482,361,350

500

11,497,950

$100 ............................................................................

1,154,773,543,400

1,154,751,560,300

21,983,100

$500 ............................................................................

141,959,000

141,770,500

5,500

183,000

$1,000 .........................................................................

165,308,000

165,097,000

5,000

206,000

$5,000 .........................................................................

1,765,000

1,710,000

55,000

$10,000 .......................................................................

3,440,000

3,340,000

100,000

Fractional notes 5 ........................................................

600

510

Total currency .........................................................

$1,463,362,111,846

$1,462,884,013,004

$239,613,056

$238,485,786

Amounts (in millions)
(1)

Per capita 6
(2)

Dec. 31, 2016 .......................................................................................

1,509,337

4,653

Nov. 30, 2016.......................................................................................

1,495,032

4,612

Comparative totals of currency and coins in circulation—selected dates

Oct. 31, 2016 .......................................................................................

1,479,783

4,555

Sept. 30, 2015 ......................................................................................

1,387,552

4,310

Sept. 30, 2010 ......................................................................................

954,719

3,074

Sept. 30, 2005 ......................................................................................

766,487

2,578

Sept. 30, 2000 ......................................................................................

568,614

2,061

Sept. 30, 1995 ......................................................................................

409,272

1,553

Sept. 30, 1990 ......................................................................................

278,903

1,105

Sept. 30, 1985 ......................................................................................

187,337

782

Sept. 30, 1980 ......................................................................................

129,916

581

June 30, 1975 ......................................................................................

81,196

380

June 30, 1970 ......................................................................................

54,351

265

June 30, 1965 ......................................................................................

39,719

204

Issued on or after July 1, 1929.
Excludes coins sold to collectors at premium prices.
3
Includes $481,781,898 in standard silver dollars.

Represents current FRB adjustment.
Represents value of certain partial denominations not presented for redemption.
Based on Bureau of the Census’ estimates of population.

March 2017

Foreign Currency Positions
Exchange Stabilization Fund

INTRODUCTION: Foreign Currency Positions
The “Treasury Bulletin” reports foreign currency holdings of large
foreign exchange market participants. These reports provide information on
positions in derivative instruments, such as foreign exchange futures and
options that are increasingly used in establishing foreign exchange positions
but were not covered in the old reports.
The information is based on reports of large foreign exchange market
participants on holdings of five major foreign currencies (Canadian dollar,
Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar.
Positions in the U.S. dollar, which have been collected since January 1999,
are intended to approximate “all other” currency positions of reporting
institutions. U.S.-based businesses file a consolidated report for their
domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries
of foreign entities file only for themselves, not for their foreign parents.
Filing is required by law (31 United States Code 5315; 31 Code of Federal
Regulations 128, Subpart C).
Weekly and monthly reports must be filed throughout the calendar year
by major foreign exchange market participants, which are defined as market
participants with more than $50 billion equivalent in foreign exchange
contracts on the last business day of any calendar quarter during the
previous year (end March, September, September, or December). Such
contracts include the amounts of foreign exchange spot contracts bought
and sold, foreign exchange forward contracts bought and sold, foreign
exchange futures bought and sold, and one half the notional amount of
foreign exchange options bought and sold.

A quarterly report must be filed throughout the calendar year by each
foreign exchange market participant that had more than $5 billion
equivalent in foreign exchange contracts on the last business day of any
quarter the previous year (end March, June, September, or December).
This information is published in six sections corresponding to each of
the major currencies covered by the reports. Tables I-1 through VI-1 present
the currency data reported weekly by major market participants. Tables I-2
through VI-2 present more detailed currency data of major market
participants, based on monthly reports. Tables I-3 through VI-3 present
quarterly consolidated currency data reported by large market participants
that do not file weekly reports. The information in the tables referenced
above is based on the reports referenced in this Introduction: Foreign
Currency Positions and is not audited by the Federal Reserve banks or the
Treasury Department.
Principal exchanged under cross-currency interest rate swaps is
reported as part of purchases or sales of foreign exchange. Such principal
also was noted separately on monthly and quarterly reports through
December 1998, when this practice was discontinued. The net options
position, or the net delta-equivalent value of an options position, is an
estimate of the relationship between an option’s value and an equivalent
currency hedge. The delta equivalent value is defined as the product of the
first partial derivative of an option valuation formula (with respect to the
price of the underlying currency) multiplied by the notional principal of the
contract.

March 2017

FOREIGN CURRENCY POSITIONS

SECTION I—Canadian Dollar Positions
TABLE FCP-I-1—Weekly Report of Major Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options
positions
(3)

Exchange
rate
(Canadian
dollars per
U.S. dollar)
(4)

07/06/2016 .............................................................

1,194,724

1,245,168

n.a.

1.3003

07/13/2016 .............................................................

1,206,626

1,264,479

n.a.

1.2962

07/20/2016 .............................................................

1,186,814

1,238,549

n.a.

1.3037

07/27/2016 .............................................................

1,212,020

1,266,427

n.a.

1.3221

08/03/2016 .............................................................

1,266,822

1,321,189

-60

1.3078

08/10/2016 .............................................................

1,272,238

1,326,584

n.a.

1.3059

08/17/2016 .............................................................

1,287,084

1,338,526

n.a.

1.2885

08/24/2016 .............................................................

1,307,438

1,355,982

n.a.

1.2939

08/31/2016 .............................................................

1,380,869

1,431,905

n.a.

1.3122

09/07/2016 .............................................................

1,384,422

1,439,862

n.a.

1.2895

09/14/2016 .............................................................

1,416,089

1,479,416

n.a.

1.3187

09/21/2016 .............................................................

1,174,564

1,245,741

n.a.

1.3186

09/28/2016 .............................................................

1,260,717

1,323,425

n.a.

1.3237

10/05/2016 .............................................................

1,250,337

1,320,059

n.a.

1.3177

10/12/2016 .............................................................

1,238,255

1,309,891

155

1.3277

10/19/2016 .............................................................

1,283,124

1,347,320

-246

1.3105

10/26/2016 .............................................................

1,326,703

1,393,169

n.a.

1.3361

11/02/2016 .............................................................

1,402,527

1,463,309

n.a.

1.3387

11/09/2016 .............................................................

1,458,606

1,526,336

n.a.

1.3406

11/16/2016 .............................................................

1,441,609

1,507,185

n.a.

1.3415

11/23/2016 .............................................................

1,419,856

1,489,858

-216

1.3467

11/30/2016 .............................................................

1,519,280

1,583,478

1.3425

12/07/2016 .............................................................

1,430,754

1,489,699

n.a.

1.3251

12/14/2016 .............................................................

1,557,039

1,620,245

n.a.

1.3123

12/21/2016 .............................................................

1,279,190

1,343,370

n.a.

1.3401

12/28/2016 .............................................................

1,196,626

1,256,714

-41

1.3555

March 2017

FOREIGN CURRENCY POSITIONS

SECTION I—Canadian Dollar Positions, continued
TABLE FCP-I-2—Monthly Report of Major Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Liabilities
Assets
(3)
(4)

Options positions
Puts
Calls
Bought
Written
Bought
Written
(5)
(6)
(7)
(8)

Exchange rate
(Canadian
Net delta
dollars per
equivalent
U.S. dollar)
(9)
(10)

2014 - Dec ...................

880,313

877,276

188,092

181,589

65,824

64,872

98,283

87,318

585

1.1601

2015 - Dec ...................

1,041,022

1,099,522

195,815

132,890

69,498

103,448

130,522

96,401

-37

1.3839

2016 - Jan ...................

1,282,069

1,344,416

225,153

140,171

106,380

n.a.

209,764

148,377

1.4074

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

1,344,491

1,402,341

234,740

142,811

116,542

160,081

187,872

135,775

n.a.

1.3522

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

1,225,356

1,286,854

236,521

139,978

108,570

160,348

192,725

135,972

n.a.

1.2969

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

1,313,456

1,380,357

220,132

163,794

98,218

n.a.

184,228

125,373

676

1.2549

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

1,419,469

1,472,381

207,358

156,602

96,646

n.a.

211,242

143,227

n.a.

1.3097

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

1,308,456

1,363,847

188,011

137,836

76,791

n.a.

158,364

108,352

n.a.

1.3010

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

1,254,201

1,315,080

189,095

151,502

116,013

112,500

97,367

94,138

n.a.

1.3040

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

1,397,344

1,449,810

192,565

155,708

95,827

92,388

87,358

84,353

n.a.

1.3122

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

1,296,309

1,365,694

174,148

143,656

93,983

88,639

93,305

90,083

n.a.

1.3115

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

1,418,178

1,483,175

201,637

162,780

94,135

89,506

90,568

90,766

-394

1.3403

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

1,537,629

1,601,204

187,963

145,522

90,311

86,032

99,716

100,003

1.3425

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

1,231,903

1,297,321

185,126

142,307

76,907

74,036

87,315

88,353

1.3426

TABLE FCP-I-3—Quarterly Report of Large Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Spot, forward
and future contracts

Foreign currency
denominated

Written
(6)

Bought
(7)

Written
(8)

n.a.

1,831

5,630

4,362

n.a.

3,387

1,551

n.a.

1.1053

960

2,789

4,141

1,136

n.a.

1.0676

1,629

1,789

2,666

1,585

n.a.

1.1207

n.a.

1,034

n.a.

-15

1.1601

102,875

n.a.

539

4,168

n.a.

-14

1.2681

95,771

453

296

3,071

1,191

n.a.

1.2473

n.a.

260

4,831

1,110

-33

1.3396

209

134

n.a.

1.3839

Sold
(2)

Assets
(3)

Liabilities
(4)

18,183

37,339

94,712

50,955

2014 - Mar ..................

21,444

36,135

101,443

56,942

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

21,683

33,223

99,792

53,898

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

20,112

34,835

96,687

49,460

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

19,820

35,885

94,153

50,754

2015 - Mar ..................

78,372

106,869

127,608

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

71,356

97,532

133,157

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

67,133

98,724

137,280

101,046

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

27,142

59,087

124,805

94,853

2013 - Dec ...................

Net delta
equivalent
(9)

Exchange rate
(Canadian
dollars per
U.S. dollar)
(10)

Bought
(5)

Purchased
(1)

Report date

Options positions
Puts

Calls

1.0637

2016 - Mar ..................

30,905

61,123

128,141

93,297

270

373

1,834

n.a.

1.2969

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

35,993

65,777

139,605

105,497

363

349

726

461

1.3010

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

36,878

67,335

155,580

102,712

242

285

2,316

1,180

n.a.

1.3115

March 2017

FOREIGN CURRENCY POSITIONS

SECTION II—Japanese Yen Positions
TABLE FCP-II-1—Weekly Report of Major Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Purchased
(1)

Sold
(2)

Net options positions
(3)

Exchange
rate
(Japanese
yen per
U.S. dollar)
(4)

07/06/2016 ..............................................................

515,993

537,085

n.a.

101.12

07/13/2016 ..............................................................

533,045

545,323

n.a.

104.10

07/20/2016 ..............................................................

509,792

522,232

n.a.

106.65

07/27/2016 ..............................................................

543,766

555,532

n.a.

105.65

08/03/2016 ..............................................................

537,049

548,290

122

101.34

08/10/2016 ..............................................................

530,175

540,593

n.a.

101.27

08/17/2016 ..............................................................

540,415

546,377

n.a.

100.24

08/24/2016 ..............................................................

525,870

537,917

n.a.

100.50

08/31/2016 ..............................................................

549,535

562,308

n.a.

103.38

09/07/2016 ..............................................................

545,606

556,903

n.a.

101.72

09/14/2016 ..............................................................

549,483

560,189

n.a.

102.33

09/21/2016 ..............................................................

515,990

527,422

n.a.

100.62

09/28/2016 ..............................................................

523,864

534,961

n.a.

100.57

10/05/2016 ..............................................................

523,295

533,377

n.a.

103.53

10/12/2016 ..............................................................

532,083

538,220

n.a.

104.48

10/19/2016 ..............................................................

498,418

507,226

n.a.

103.30

10/26/2016 ..............................................................

503,357

512,645

n.a.

104.42

11/02/2016 ..............................................................

550,093

556,259

n.a.

103.22

11/09/2016 ..............................................................

582,070

592,767

n.a.

104.84

11/16/2016 ..............................................................

563,570

569,715

n.a.

109.16

11/23/2016 ..............................................................

559,092

560,517

-46

112.58

11/30/2016 ..............................................................

592,239

602,291

n.a.

114.34

12/07/2016 ..............................................................

563,508

572,354

n.a.

113.50

12/14/2016 ..............................................................

596,213

605,026

n.a.

115.06

12/21/2016 ..............................................................

544,586

552,910

117.79

12/28/2016 ..............................................................

525,451

537,596

117.66

Spot, forward and future contracts
Report date

March 2017

FOREIGN CURRENCY POSITIONS

SECTION II—Japanese Yen Positions, continued
TABLE FCP-II-2—Monthly Report of Major Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Spot, forward
and future contracts
Report date

Purchased
(1)

Sold
(2)

Foreign currency
denominated
Assets
(3)

Options positions
Puts

Calls

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Exchange rate
(Japanese yen
per U.S. dollar)
(10)

2014 - Dec ..................

510,165

513,709

132,270

125,176

51,990

64,690

106,981

97,813

n.a.

119.85

2015 - Dec ..................

531,482

536,367

145,490

142,158

43,087

44,780

58,483

58,347

120.27

2016 - Jan ..................

599,417

603,264

144,892

144,472

49,727

52,390

65,953

66,253

-2

121.05

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

589,313

593,776

159,872

157,460

56,793

58,356

68,647

70,087

112.90

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

561,749

562,095

162,529

158,340

54,680

56,244

69,336

69,978

-29

112.42

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

608,507

607,842

163,030

161,259

57,436

58,436

71,339

72,809

127

106.90

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

568,549

572,000

154,369

152,005

54,268

54,880

71,005

71,781

n.a.

110.75

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

563,914

570,200

170,801

170,250

53,090

52,972

68,821

69,484

n.a.

102.77

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

560,321

568,843

172,329

171,033

61,490

59,444

70,191

73,096

n.a.

102.32

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

550,336

563,164

155,179

153,238

52,693

51,094

62,896

66,143

n.a.

103.38

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

553,483

559,349

163,928

162,154

52,508

51,043

62,919

64,302

n.a.

101.21

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

540,425

546,482

173,878

171,803

51,633

50,402

63,775

64,929

n.a.

105.07

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

592,885

602,968

174,780

174,758

60,784

59,998

75,464

76,880

n.a.

114.34

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

544,393

555,836

165,963

161,306

53,736

51,991

66,242

69,150

101

116.78

TABLE FCP-II-3—Quarterly Report of Large Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date
2013 - Dec ...................

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)
4,238

5,807

Foreign currency
denominated
Assets
Liabilities
(4)
(3)
10,272

4,750

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(Japanese yen
per U.S. dollar)
(10)

n.a.

965

2,510

1,335

105.25

2014 - Mar ...................

5,622

5,632

9,378

4,754

n.a.

599

1,633

684

101.28

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

5,622

5,632

9,378

4,754

n.a.

599

1,633

684

101.28

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

6,122

7,795

9,921

5,408

127

491

2,075

1,162

n.a.

109.66

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

5,881

6,167

9,879

5,587

214

590

1,755

1,063

n.a.

119.85

2015 - Mar ...................

6,835

6,172

7,243

4,951

179

531

1,474

587

-46

119.96

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

6,721

6,611

6,947

5,995

355

666

1,084

428

n.a.

122.10

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

6,223

4,241

7,277

5,350

477

492

1,151

333

119.81

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

5,669

4,016

7,216

5,365

329

368

491

390

120.27

2016 - Mar ...................

7,220

4,862

7,169

5,275

n.a.

340

670

486

-7

112.42

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

8,200

4,638

7,120

5,684

n.a.

367

723

581

-5

102.77

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

7,804

4,285

7,662

6,006

n.a.

382

588

488

-18

101.21

March 2017

FOREIGN CURRENCY POSITIONS

SECTION III—Swiss Franc Positions
TABLE FCP-III-1—Weekly Report of Major Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate (Swiss
francs per
U.S. dollar)
(4)

07/06/2016 ..............................................................

826,128

852,385

n.a.

0.9778

07/13/2016 ..............................................................

849,988

875,361

n.a.

0.9834

07/20/2016 ..............................................................

810,812

836,456

814

0.9872

07/27/2016 ..............................................................

846,733

873,790

804

0.9936

08/03/2016 ..............................................................

851,214

879,232

n.a.

0.9716

08/10/2016 ..............................................................

839,303

867,968

n.a.

0.9759

08/17/2016 ..............................................................

857,381

886,850

543

0.9640

08/24/2016 ..............................................................

843,573

869,807

n.a.

0.9673

08/31/2016 ..............................................................

913,290

937,205

n.a.

0.9830

09/07/2016 ..............................................................

853,977

878,173

n.a.

0.9702

09/14/2016 ..............................................................

880,988

911,968

n.a.

0.9708

09/21/2016 ..............................................................

772,447

798,289

n.a.

0.9758

09/28/2016 ..............................................................

822,709

850,026

n.a.

0.9724

10/05/2016 ..............................................................

835,473

859,786

n.a.

0.9770

10/12/2016 ..............................................................

834,212

861,338

n.a.

0.9902

10/19/2016 ..............................................................

857,479

882,214

n.a.

0.9894

10/26/2016 ..............................................................

889,811

921,125

n.a.

0.9927

11/02/2016 ..............................................................

936,857

969,395

n.a.

0.9701

11/09/2016 ..............................................................

949,655

976,142

n.a.

0.9812

11/16/2016 ..............................................................

916,737

944,533

n.a.

1.0019

11/23/2016 ..............................................................

861,599

899,620

n.a.

1.0156

11/30/2016 ..............................................................

961,132

989,814

n.a.

1.0187

12/07/2016 ..............................................................

987,233

1,024,694

n.a.

1.0065

12/14/2016 ..............................................................

1,066,146

1,103,916

n.a.

1.0099

12/21/2016 ..............................................................

916,937

955,123

n.a.

1.0262

12/28/2016 ..............................................................

874,618

903,724

n.a.

1.0313

March 2017

FOREIGN CURRENCY POSITIONS

SECTION III—Swiss Franc Positions, continued
TABLE FCP-III-2—Monthly Report of Major Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

2014 - Dec ...................

938,957

2015 - Dec ...................
2016 - Jan ...................
Feb ..................

68,870

Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

103,936

121,455

172,573

155,099

n.a.

Calls

Exchange rate
Net delta (Swiss francs per
equivalent
U.S. dollar)
(9)
(10)

960,295

82,613

0.9934

891,361

931,195

90,954

68,715

77,874

89,785

124,418

111,241

n.a.

1.0017

996,888

1,036,633

89,699

66,685

73,230

87,257

120,692

105,615

n.a.

1.0226

1,007,214

1,039,799

92,525

69,755

76,376

88,520

122,767

109,571

n.a.

0.9960

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

965,512

1,000,759

87,455

64,905

71,734

84,327

112,604

101,090

158

0.9583

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

964,626

998,481

90,539

69,423

71,628

83,335

113,696

101,380

238

0.9598

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

934,462

966,280

85,592

65,075

71,569

83,919

113,307

101,739

n.a.

0.9934

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

906,161

932,437

86,456

65,839

71,058

82,776

106,993

95,619

n.a.

0.9792

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

850,015

877,876

84,611

64,450

79,886

80,698

95,062

94,159

772

0.9690

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

914,207

937,753

82,885

62,624

77,370

77,831

92,964

92,545

n.a.

0.9830

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

809,002

833,527

100,213

80,209

73,675

73,637

90,162

89,726

n.a.

0.9694

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

884,917

915,199

107,821

87,263

69,303

71,437

84,145

81,695

n.a.

0.9890

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

961,646

990,511

110,339

88,029

72,062

73,248

88,917

85,043

n.a.

1.0187

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

856,367

886,180

95,226

75,142

71,537

71,228

91,631

91,542

n.a.

1.0160

TABLE FCP-III-3—Quarterly Report of Large Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Liabilities
Assets
(3)
(4)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(Swiss francs per
U.S. dollar)
(10)

2013 - Dec ...................

22,699

23,164

n.a.

9,538

n.a.

1,951

n.a.

0.8904

2014 - Mar ...................

17,733

17,832

99,179

8,969

n.a.

1,012

290

-2

0.8840

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

18,188

18,726

101,146

9,451

n.a.

879

436

n.a.

0.8868

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

22,420

22,430

88,531

13,999

n.a.

1,269

-319

0.9554

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

23,711

27,078

98,281

13,400

387

1,290

512

610

-70

0.9934

2015 - Mar ...................

24,395

27,813

90,329

13,567

n.a.

596

n.a.

0.9712

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

20,333

22,935

82,573

12,529

n.a.

116

n.a.

-10

0.9346

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

11,532

13,353

81,603

13,273

n.a.

286

n.a.

-10

0.9773

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

13,943

15,327

73,098

14,813

n.a.

1.0017

2016 - Mar ...................

12,976

16,654

46,077

13,861

n.a.

0.9583

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

13,978

14,946

n.a.

13,968

n.a.

158

n.a.

0.9792

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

13,175

13,807

72,190

14,253

n.a.

0.9694

March 2017

FOREIGN CURRENCY POSITIONS

SECTION IV—Sterling Positions
TABLE FCP-IV-1—Weekly Report of Major Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate (U.S.
dollars per
pound)
(4)

07/06/2016 ..............................................................

2,531,879

2,648,040

n.a.

1.2921

07/13/2016 ..............................................................

2,575,324

2,694,838

n.a.

1.3180

07/20/2016 ..............................................................

2,475,833

2,591,096

n.a.

1.3179

07/27/2016 ..............................................................

2,590,391

2,688,410

n.a.

1.3094

08/03/2016 ..............................................................

2,497,735

2,612,795

-251

1.3335

08/10/2016 ..............................................................

2,580,392

2,692,089

-1,350

1.2998

08/17/2016 ..............................................................

2,693,346

2,811,189

n.a.

1.3012

08/24/2016 ..............................................................

2,643,834

2,758,862

-698

1.3236

08/31/2016 ..............................................................

2,807,165

2,920,954

n.a.

1.3129

09/07/2016 ..............................................................

2,770,841

2,890,941

n.a.

1.3339

09/14/2016 ..............................................................

2,853,880

2,976,770

n.a.

1.3204

09/21/2016 ..............................................................

2,511,446

2,640,699

n.a.

1.2978

09/28/2016 ..............................................................

2,626,830

2,751,950

n.a.

1.2996

10/05/2016 ..............................................................

2,586,351

2,723,041

n.a.

1.2745

10/12/2016 ..............................................................

2,630,250

2,768,057

n.a.

1.2195

10/19/2016 ..............................................................

2,646,999

2,765,687

n.a.

1.2279

10/26/2016 ..............................................................

2,753,397

2,886,019

n.a.

1.2234

11/02/2016 ..............................................................

2,785,232

2,922,071

n.a.

1.2315

11/09/2016 ..............................................................

2,767,328

2,885,324

n.a.

1.2474

11/16/2016 ..............................................................

2,732,942

2,851,782

-336

1.2450

11/23/2016 ..............................................................

2,739,340

2,877,316

-394

1.2458

11/30/2016 ..............................................................

2,864,216

2,993,448

-453

1.2481

12/07/2016 ..............................................................

2,879,797

3,025,295

-51

1.2604

12/14/2016 ..............................................................

3,244,000

3,191,745

-100

1.2706

12/21/2016 ..............................................................

2,863,062

2,885,997

n.a.

1.2348

12/28/2016 ..............................................................

2,784,361

2,811,465

276

1.2222

March 2017

FOREIGN CURRENCY POSITIONS

SECTION IV—Sterling Positions, continued
TABLE FCP-IV-2—Monthly Report of Major Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Calls

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

2014 - Dec ................... 1,744,865

1,811,461

656,784

599,908

82,825

76,549

80,689

83,838

-267

1.5578

2015 - Dec ................... 2,097,242

2,195,891

725,684

745,368

78,771

88,693

110,332

99,999

-545

1.4746

2016 - Jan ................... 2,241,872

2,330,876

782,208

803,197

98,217

112,772

143,887

130,996

-431

1.4184

Feb .................. 2,288,338

2,376,520

825,861

859,627

104,379

124,765

172,085

148,121

1.3926

Mar .................. 2,241,858

2,348,006

774,658

802,753

111,291

131,773

184,067

161,920

550

1.4381

Apr ................... 2,332,459

2,441,203

780,946

815,609

131,823

148,164

199,086

184,093

n.a.

1.4625

May.................. 2,528,692

2,637,088

767,054

792,261

147,533

169,789

229,916

214,284

n.a.

1.4530

June................. 2,549,235

2,674,206

848,274

872,640

155,764

182,365

232,457

209,815

n.a.

1.3242

July .................. 2,557,400

2,672,258

901,277

917,494

165,470

160,505

231,617

227,557

n.a.

1.3270

Aug .................. 2,814,334

2,927,659

887,534

880,127

131,293

126,872

179,111

177,955

n.a.

1.3129

Sept ................. 2,618,883

2,747,565

869,051

828,784

120,207

117,731

164,545

163,770

n.a.

1.3015

Oct ................... 2,745,019

2,880,821

829,418

781,724

115,226

110,065

177,757

177,916

n.a.

1.2212

Nov .................. 2,871,185

3,000,437

820,971

779,232

112,863

106,019

165,405

165,117

-449

1.2481

Dec .................. 2,634,404

2,776,318

843,327

802,250

93,749

86,150

122,705

123,603

289

1.2337

TABLE FCP-IV-3—Quarterly Report of Large Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date
2013 - Dec ...................

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)
38,670

Calls
Bought
(5)

34,365

29,425

156,665

1,861

2014 - Mar ...................

24,285

20,785

159,297

38,963

n.a.

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

28,452

25,936

159,978

38,559

1,500

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

25,003

25,045

154,483

36,431

2,021

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

25,098

28,006

157,560

39,245

n.a.

Otions positions
Puts
Written
Bought
Written
(6)
(7)
(8)
n.a.

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

172

1.6574

2,360

1,364

n.a.

404

1.6675

1,381

2,464

866

194

1.7105

1,243

3,789

1,232

n.a.

1.6220

796

3,544

930

n.a.

1.5578

2015 - Mar ...................

30,264

42,342

160,656

61,050

n.a.

745

5,418

3,293

-85

1.4850

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

29,155

39,283

162,972

61,154

1,163

1,191

1,602

1,018

1.5727

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

23,672

37,701

164,511

63,149

1,371

1,101

2,640

753

1.5116

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

23,539

40,934

159,100

61,109

358

351

3,151

1,330

n.a.

1.4746

2016 - Mar ...................

25,197

48,655

161,265

64,422

460

958

5,159

2,545

1.4381

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

32,956

59,097

167,540

68,674

n.a.

3,488

1,337

131

1.3242

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

27,871

58,608

162,969

65,554

406

432

2,465

727

1.3015

March 2017

FOREIGN CURRENCY POSITIONS

SECTION V—U.S. Dollar Positions
TABLE FCP-V-1—Weekly Report of Major Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Sold
Purchased
(1)
(2)

Net options
positions
(3)

Exchange
rate
(4)

07/06/2016 ............................................................

24,304,014

23,663,325

n.a.

07/13/2016 ............................................................

24,788,005

24,139,113

n.a.

07/20/2016 ............................................................

24,147,433

23,516,475

n.a.

07/27/2016 ............................................................

24,917,158

24,303,939

n.a.

08/03/2016 ............................................................

24,791,705

24,154,051

170

n.a.

08/10/2016 ............................................................

25,131,424

24,529,253

n.a.

08/17/2016 ............................................................

25,465,914

24,880,087

-4,087

n.a.

08/24/2016 ............................................................

25,097,187

24,515,189

n.a.

08/31/2016 ............................................................

26,085,013

25,474,902

n.a.

09/07/2016 ............................................................

25,482,816

24,898,054

n.a.

09/14/2016 ............................................................

26,203,318

25,617,943

n.a.

09/21/2016 ............................................................

23,958,955

23,312,614

n.a.

09/28/2016 ............................................................

24,919,045

24,300,089

n.a.

10/05/2016 ............................................................

24,582,602

23,954,805

n.a.

10/12/2016 ............................................................

25,194,997

24,589,663

n.a.

10/19/2016 ............................................................

24,662,731

23,961,424

n.a.

10/26/2016 ............................................................

24,983,823

24,358,871

n.a.

11/02/2016 ............................................................

25,899,271

25,285,558

n.a.

11/09/2016 ............................................................

26,219,511

25,685,780

n.a.

11/16/2016 ............................................................

26,001,749

25,561,266

n.a.

11/23/2016 ............................................................

25,901,062

25,262,535

n.a.

11/30/2016 ............................................................

27,458,464

26,813,058

n.a.

12/07/2016 ............................................................

26,796,059

26,085,379

n.a.

12/14/2016 ............................................................

28,144,091

27,439,517

n.a.

12/21/2016 ............................................................

25,112,480

24,373,520

-7,314

n.a.

12/28/2016 ............................................................

24,239,129

23,481,068

-6,744

n.a.

March 2017

FOREIGN CURRENCY POSITIONS

SECTION V—U.S. Dollar Positions, continued
TABLE FCP-V-2—Monthly Report of Major Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Calls
Bought
(5)

Written
(6)

Options positions
Puts
Bought
Written
(7)
(8)

2014 - Dec .............. 22,315,811

21,203,954

2,398,557

2,286,289

1,665,023

1,794,615

2015 - Dec .............. 23,238,723

22,612,485

2,124,406

1,978,028

1,357,603

2016 - Jan .............. 25,089,673

24,590,745

2,368,556

2,135,380

1,490,976

Feb ............. 25,631,597

25,109,663

2,459,923

2,209,874

Mar ............. 24,892,918

24,410,829

2,498,541

Apr .............. 25,819,119

25,308,715

Net delta
equivalent
(9)

Exchange
rate
(10)

-16,957

n.a.

1,515,284

-7,263

n.a.

1,746,613

-14,309

n.a.

1,595,887

1,863,576

-6,093

n.a.

2,251,506

1,739,028

1,995,472

n.a.

2,464,483

2,226,566

1,708,525

1,961,781

-2,091

n.a.

May............. 25,750,475

25,241,261

2,567,032

2,230,210

1,651,792

1,972,493

-4,427

n.a.

June............ 25,490,001

24,878,219

2,480,461

2,155,087

1,620,127

1,929,426

N/A

n.a.

July ............. 27,129,821

26,506,848

2,590,300

2,615,761

1,821,089

1,779,134

-1,785

n.a.

Aug ............. 26,449,920

25,822,922

2,270,867

2,240,778

1,628,824

1,617,632

n.a.

Sept ............ 25,353,418

24,783,019

2,129,618

2,126,408

1,612,644

1,574,536

-1,156

n.a.

Oct .............. 25,487,936

24,881,480

2,188,089

2,190,906

1,639,433

1,610,256

n.a.

Nov ............. 27,576,354

26,932,500

2,540,013

2,536,790

1,749,543

1,727,774

n.a.

Dec ............. 24,428,323

23,781,344

2,238,378

2,263,923

1,522,790

1,502,724

-8,477

n.a.

TABLE FCP-V-3—Quarterly Report of Large Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Liabilities
Assets
(3)
(4)

Calls
Bought
(5)

Written
(6)

Options positions
Puts
Written
Bought
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2013 - Dec ...................

357,382

377,984

54,936

34,030

34,942

35,389

4,121

n.a.

2014 - Mar ...................

391,996

400,511

36,072

18,155

20,269

16,834

n.a.

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

411,412

415,310

56,218

29,924

20,610

26,265

3,106

n.a.

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

470,994

427,001

77,178

42,620

23,410

26,139

10,422

n.a.

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

441,207

385,894

52,933

32,364

16,077

19,471

13,105

n.a.

2015 - Mar ...................

538,569

478,839

45,587

35,619

15,122

15,943

3,892

n.a.

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

508,264

459,708

28,447

18,680

8,179

11,729

n.a.

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

439,679

389,752

38,463

21,560

10,337

9,624

2,424

n.a.

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

394,957

340,085

28,177

18,640

6,330

8,699

1,846

n.a.

2016 - Mar ...................

388,976

345,432

29,718

19,337

6,875

10,952

1,436

n.a.

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

421,872

328,263

20,279

13,173

10,712

12,342

1,056

n.a.

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

420,492

344,490

17,282

11,021

11,927

14,172

1,089

n.a.

March 2017

FOREIGN CURRENCY POSITIONS

SECTION VI—Euro Positions
TABLE FCP-VI-1—Weekly Report of Major Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate
(Euros per
U.S. dollar)
(4)

07/06/2016 .........................................................................

6,982,501

7,054,484

-3,279

0.9028

07/13/2016 .........................................................................

7,194,319

7,351,580

-2,045

0.8999

07/20/2016 .........................................................................

7,113,582

7,271,539

-796

0.9085

07/27/2016 .........................................................................

7,326,694

7,475,581

-3,001

0.9101

08/03/2016 .........................................................................

7,221,319

7,386,357

-1,193

0.8953

08/10/2016 .........................................................................

7,344,777

7,502,229

641

0.8952

08/17/2016 .........................................................................

7,396,863

7,549,265

392

0.8879

08/24/2016 .........................................................................

7,298,773

7,399,557

761

0.8884

08/31/2016 .........................................................................

7,521,674

7,661,094

1,104

0.8972

09/07/2016 .........................................................................

7,308,330

7,447,623

593

0.8898

09/14/2016 .........................................................................

7,563,556

7,700,803

603

0.8872

09/21/2016 .........................................................................

6,822,652

6,975,903

583

0.8957

09/28/2016 .........................................................................

7,264,477

7,410,006

-2,045

0.8929

10/05/2016 .........................................................................

7,179,856

7,331,254

-540

0.8932

10/12/2016 .........................................................................

7,369,063

7,509,444

-356

0.9079

10/19/2016 .........................................................................

7,298,382

7,456,737

-119

0.9119

10/26/2016 .........................................................................

7,359,924

7,518,214

515

0.9161

11/02/2016 .........................................................................

7,493,321

7,650,113

636

0.8994

11/09/2016 .........................................................................

7,736,227

7,910,682

582

0.9131

11/16/2016 .........................................................................

7,694,900

7,861,258

4,957

0.9347

11/23/2016 .........................................................................

7,524,611

7,708,857

2,233

0.9470

11/30/2016 .........................................................................

8,075,379

8,256,949

2,486

0.9454

12/07/2016 .........................................................................

7,761,878

7,971,461

3,010

0.9295

12/14/2016 .........................................................................

8,434,023

8,592,849

3,156

0.9384

12/21/2016 .........................................................................

7,497,261

7,657,008

1,801

0.9592

12/28/2016 .........................................................................

7,303,658

7,447,591

1,660

0.9626

March 2017

FOREIGN CURRENCY POSITIONS

SECTION VI—Euro Positions, continued
TABLE FCP-VI-2—Monthly Report of Major Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Bought
(5)

Written
(6)

Calls

Options positions
Puts
Bought
Written
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2014 - Dec ................... 6,034,361

6,176,703

2,069,681

1,999,146

451,487

500,726

678,531

639,243

2,694

0.8264

2015 - Dec ................... 7,267,001

7,435,520

2,182,011

2,097,804

504,877

533,564

716,846

694,070

n.a.

0.9209

2016 - Jan ................... 7,774,467

7,949,023

2,320,476

2,232,920

540,616

574,480

695,766

664,762

n.a.

0.9232

Feb .................. 7,786,181

7,963,358

2,398,321

2,337,520

553,319

589,114

728,301

696,314

n.a.

0.9201

Mar .................. 7,236,385

7,398,249

2,464,910

2,379,589

535,335

554,685

648,882

624,759

843

0.8780

Apr ................... 7,359,201

7,529,440

2,404,924

2,338,019

499,976

523,257

609,634

586,599

-1,423

0.8740

May.................. 7,371,305

7,525,525

2,319,710

2,258,758

489,887

518,113

623,712

583,584

n.a.

0.8981

June................. 7,262,803

7,422,486

2,374,855

2,317,155

481,255

509,286

614,420

580,517

-2,860

0.9064

July .................. 7,382,517

7,538,238

2,446,363

2,379,400

482,181

469,391

599,725

597,447

-1,233

0.8954

Aug .................. 7,552,615

7,692,892

2,299,016

2,246,796

456,381

447,189

552,241

552,908

1,111

0.8972

Sept ................. 7,220,989

7,349,806

2,398,068

2,346,015

464,875

457,030

540,037

537,809

-676

0.8898

Oct ................... 7,408,312

7,557,139

2,332,495

2,266,764

461,910

454,661

559,673

558,888

-780

0.9122

Nov .................. 8,097,253

8,277,228

2,343,980

2,273,163

494,972

492,605

716,999

720,634

2,481

0.9454

Dec .................. 7,257,059

7,454,411

2,288,818

2,253,384

424,184

420,117

671,763

677,997

2,729

0.9477

TABLE FCP-VI-3—Quarterly Report of Large Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(4)
(3)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2013 - Dec ...................

93,606

107,641

295,577

138,564

8,848

3,866

7,004

6,196

939

0.7257

2014 - Mar ...................

85,631

68,576

310,459

141,879

9,177

n.a.

6,401

3,759

765

0.7258

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

87,542

83,012

318,085

145,765

10,853

8,432

18,099

11,116

-709

0.7305

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

93,517

97,958

314,618

150,292

12,042

7,750

27,163

13,965

-3,350

0.7919

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

100,113

106,754

285,726

144,805

9,788

7,242

21,936

8,994

n.a.

0.8264

2015 - Mar ...................

150,385

138,996

284,817

183,576

7,240

3,962

15,297

9,179

1,582

0.9310

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

146,038

136,974

297,381

183,030

3,264

3,244

14,458

8,048

1,222

0.8965

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

130,008

114,308

304,860

178,056

6,575

2,397

12,100

7,277

-686

0.8959

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

126,355

121,422

283,432

184,306

5,153

1,869

10,724

6,624

-40

0.9209

2016 - Mar ...................

133,865

119,404

292,432

185,595

4,902

2,544

4,868

2,723

n.a.

0.8780

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

128,988

124,258

309,255

201,488

6,232

3,385

7,355

3,274

n.a.

0.9064

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

133,735

117,752

317,362

209,443

5,011

3,212

5,513

2,647

n.a.

0.8898

March 2017

INTRODUCTION: Exchange Stabilization Fund
To stabilize the exchange value of the dollar, the
Exchange Stabilization Fund -ESF was established pursuant
to chapter 6, section 10 of the Gold Reserve Act of January
30, 1934 -codified at 31 United States Code 5302, which
authorized establishment of a Treasury fund to be operated
under the exclusive control of the Secretary, with approval
of the President.
Subsequent amendment of the Gold Reserve Act
modified the original purpose somewhat to reflect
termination of the fixed exchange rate system.
Resources of the fund include dollar balances, partially
invested in U.S. Government securities, special drawing
rights -SDRs, and balances of foreign currencies. Principal
sources of income -+ or loss -- for the fund are profits -+ or
losses -- on SDRs and foreign exchange, as well as interest
earned on assets.

 Table ESF-1 presents the assets, liabilities, and
capital of the fund. The figures are in U.S. dollars or their
equivalents based on current exchange rates computed
according to the accrual method of accounting. The capital
account represents the original capital appropriated to the fund
by Congress of $2 billion, minus a subsequent transfer of $1.8
billion to pay for the initial U.S. quota subscription to the
International Monetary Fund. Gains and losses are reflected in
the cumulative net income -+ or loss -- account.
 Table ESF-2 shows the results of operations by
quarter. Figures are in U.S. dollars or their equivalents
computed according to the accrual method. “Profit -+ or loss
-- on foreign exchange” includes realized profits or losses.
“Adjustment for change in valuation of SDR holdings and
allocations” reflects net gain or loss on revaluation of SDR
holdings and allocations for the quarter.

TABLE ESF-1—Balances as of Sept. 30, 2016, and Dec. 31, 2016
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital
Assets
U.S. dollars:
Held with Treasury:
Fund Balance ...................................................................
U.S. Government securities .............................................

Sept. 30, 2016

Oct. 1, 2016,
through
Dec. 31, 2016

Dec. 31, 2016

22,680,240

-666,545

22,013,695

Special drawing rights 1 ...........................................................
Foreign exchange and securities:
European euro .....................................................................
Japanese yen.......................................................................
Accounts receivable .................................................................

50,053,600

-1,171,153

48,882,447

13,018,437
8,520,566
62,709

-1,538,745
-508,180
33,586

11,479,692
8,012,386
96,295

Total assets..........................................................................

94,335,552

-3,851,037

90,484,515

Liabilities and capital
Current liabilities:
Accounts payable.................................................................

4,834

12,874

17,708

Total current liabilities ......................................................

4,834

12,874

17,708

Other liabilities:
SDR certificates ...................................................................
SDR allocations ...................................................................
Unearned revenue ..............................................................

5,200,000
49,293,980
-

-1,818,051
-

5,200,000
47,475,929
-

Total other liabilities .........................................................

54,493,980

-1,818,051

52,675,929

Capital:
Capital account ....................................................................
Net income -+ or loss -- -see Table ESF-2 ..........................

200,000
1,554,706

-3,555,632

200,000
-2,000,926

Total capital......................................................................

39,836,738

-2,045,860

37,790,878

Total liabilities and capital ............................................

94,335,552

-3,851,037

90,484,515

See footnote on the following page.

March 2017

EXCHANGE STABILIZATION FUND

TABLE ESF-2—Income and Expense
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter
Oct. 1, 2016,
through
Dec. 31, 2016

Fiscal year to date
Oct. 1, 2016,
through
Dec. 31, 2016

Income and expense

Profit -+ or loss-- on:

Foreign exchange ........................................................................

-1,978,661

Adjustment for change in valuation
of SDR holdings and allocations 1 ..............................................

-36,937

SDRs ............................................................................................

520

U.S. Government securities .........................................................

17,389

Foreign exchange ........................................................................

-3,237

Income from operations ...............................................................

-2,000,926

Net income -+ or loss -- ...............................................................

-2,000,926

Interest -+ or net charges -- on:

1
Beginning July 1974, the International Monetary Fund adopted a technique for valuing the
SDRs based on a weighted average of exchange rates for the currencies of selected
member countries. The U.S. SDR holdings and allocations are valued on this basis
beginning July 1974.

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940
“Annual Report of the Secretary of the Treasury” and those for succeeding years
appeared in subsequent reports through 1980. Quarterly balance sheets beginning with
December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception
to September 30, 1978, may be found on the statements published in the January 1979
“Treasury Bulletin.”

March 2017

Financial Report of the
United States Government
Excerpt
Trust Funds

INTRODUCTION: Financial Report of the United States Government
The Financial Report of the United States Government
(Report) provides the President, Congress, and the American
People with a comprehensive view of the Federal
Government's finances, i.e., its financial position and
condition, its revenues and costs, assets and liabilities, and
other obligations and commitments. The Fiscal Year 2016
Report also discusses important financial topics, including
continuing economic recovery efforts and fiscal
sustainability. The related Citizen’s Guide provides a
concise overview of the information contained in the full
Financial Report.
The Department of the Treasury, in coordination with the
Office of Management and Budget (OMB), prepares the
Report, which includes the financial statements for the U.S.
Government. The United States Government Accountability

Office (GAO) is required to audit these statements. The
Report is compiled primarily from individual federal
agencies' audited financial statements and related
information included in the agencies' financial reports.
Inspectors General are generally responsible for annually
auditing the financial statements for their respective
agencies. The agency and Government wide financial
statements are generally required to be prepared in
conformity with U.S.’ generally accepted accounting
principles as promulgated by the Federal Accounting
Standards Advisory Board (FASAB).
The complete Financial Report, can be accessed easily
through the internet at:
https://fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Financial Statements
of the United States Government
for the Years Ended September 30, 2016,
and 2015
The consolidated financial statements of the United States Government (Government) were prepared using U.S.
Generally Accepted Accounting Principles (GAAP). The consolidated financial statements include the accrual-based
financial statements and the sustainability financial statements, which are discussed in more detail below, and the related
notes to the consolidated financial statements. Collectively, the accrual-based financial statements, the sustainability financial
statements, and the notes represent basic information that is deemed essential for the consolidated financial statements to be
presented in conformity with GAAP.

ACCRUAL-BASED FINANCIAL STATEMENTS
The accrual-based financial statements present historical information on what the federal government owns (assets) and
owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how
accrual-based net operating costs of the federal government reconcile to the budget deficit and changes in its cash balances
during the year. The following sections discuss each of the accrual-based financial statements.

Statements of Net Cost
These statements present the net cost of the Government operations for fiscal years 2016 and 2015, including the
operations related to funds from dedicated collections (funds financed by specifically identified revenues, often supplemented
by other financing sources, which remain available over time). The Government’s fiscal year begins October 1 and ends
September 30. Costs and earned revenues are categorized on the Statement of Net Cost by significant entity, providing
greater accountability by showing the relationship of the agencies’ net cost to the governmentwide net cost. Costs and earned
revenues are presented in this Financial Report by significant entity on an accrual basis, while the budget presents costs and
revenues by outlays and receipts, generally on a cash basis. The focus of the budget of the United States is by agency.
Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in
assessing the budget integrity, operating performance, stewardship, and systems and controls of the Government.
These statements contain the following four components:
 Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions.
These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding entities.
 Earned revenue—is exchange revenue resulting from the Government providing goods and services to the public at
a price.
 (Gain)/loss from changes in assumptions—is the gain or loss from changes in long-term assumptions used to
measure the liabilities reported for federal civilian and military employee pensions, other post-employment benefits,
and other retirement benefits, including veterans’ compensation.
 Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in
assumptions.
Individual agency net cost amounts will differ from the agency’s financial statements primarily because of allocations
of Office of Personnel Management (OPM) benefit program costs and intragovernmental eliminations, as adjusted for
buy/sell costs, buy/sell revenues, and imputed costs. Because of its specific function, most of the costs originally associated
with OPM have been allocated to their user agencies for governmentwide reporting purposes. The remaining costs for OPM
on the Statements of Net Cost are the administrative operating costs, the expenses from prior costs from health and pension
plan amendments, and the actuarial gains and losses, if applicable. With regard to intragovernmental buy/sell costs and
related revenues, the amounts recognized by each agency are added to, and subtracted from, respectively, the individual

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

agency non-federal net cost amounts. Because of the specific functions of the General Services Administration (GSA), as the
primary provider of goods and services to federal agencies, once GSA’s net cost is adjusted for its intragovernmental buy/sell
costs and related revenues, the remaining costs for GSA on the Statements of Net Cost are its administrative operating costs.
In addition, the intragovernmental imputed costs recognized for the receipt of goods and services, financed in whole or part
by the providing agencies, are added to the individual agency non-federal net cost amounts. The interest on securities issued
by the Department of the Treasury (Treasury) and held by the public is reported on Treasury’s financial statements, but,
because of its importance and the dollar amounts involved, it is reported separately in these statements.

Statements of Operations and Changes in Net Position
These statements report the results of Government operations, net operating costs, which include the results of
operations for funds from dedicated collections. They include non-exchange revenues, which are generated from transactions
that do not require a Government entity to give value directly in exchange for the inflow of resources. The Government does
not “earn” the non-exchange revenue. These are generated principally by the Government’s sovereign power to tax, levy
duties, and assess fines and penalties. These statements also include the net cost reported in the Statement of Net Cost. They
further include certain adjustments and unreconciled transactions that affect the net position.

Revenue
Inflows of resources to the government that the government demands or that it receives by donations are identified as
non-exchange revenue. The inflows that it demands include individual income tax and tax withholdings, excise taxes,
corporation income taxes, unemployment taxes, custom duties, and estate and gift taxes. The non-exchange revenue is
recognized when collected and adjusted for the change in net measurable and legally collectable amounts receivable.
Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/Self-Employment
Contributions Act (SECA) taxes and other taxes.
Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and
imported liquor, tobacco, firearms, and other items.
Other taxes and receipts include Federal Reserve Banks (FRBs) earnings, tax related fines, penalties and interest, and
railroad retirement taxes.
Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost.
These revenues include rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development
of mineral resources on public lands.
Generally, funds from dedicated collections are financed by specifically identified revenues, provided to the
government by non-federal sources, often supplemented by other financing sources, which remain available over time. These
specifically identified revenues and other financing sources are required by statute to be used for designated activities,
benefits or purposes, and must be accounted for separately from the Government’s general revenue. See Note 20—Funds
from Dedicated Collections for detailed information.
Intragovernmental interest represents interest earned from the investment of surplus dedicated collections, which
finance the deficit spending of all other fund’s non-dedicated operations. These investments are recorded as
intragovernmental debt holdings and are included in Note 11—Federal Debt Securities Held by the Public and Accrued
Interest, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government
Accounts. These interest earnings and the associated investments are eliminated in the consolidation process.

Net Cost of Government Operations
The net cost of Government operations—gross cost (including gains/losses from changes in assumptions) less earned
revenue—flows through from the Statements of Net Cost. The net cost associated with funds from dedicated collections
activities is separately reported and starting in fiscal year 2015, the intragovernmental net cost associated with funds from
dedicated collections was separately reported.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Intragovernmental Transfers
Intragovernmental transfers reflect budgetary and other financing sources for funds from dedicated collections,
excluding financing sources related to non-exchange revenues, intragovernmental interest, and miscellaneous revenues.
These intragovernmental transfers include appropriations, transfers, and other financing sources. These amounts are labeled
as “other changes in fund balance” in Note 20—Funds from Dedicated Collections. Some transfers reflect amounts required
by statute to be transferred from the General Fund of the U.S. Government (General Fund) to funds from dedicated
collections. For Supplementary Medical Insurance (SMI), transfers from the General Fund financed 76 percent and 78
percent of 2016 program costs to Part B and D, respectively.

Unmatched Transactions and Balances
Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due
primarily to unreconciled intragovernmental differences. See Note1.S—Unmatched Transactions and Balances for detailed
information.
The unmatched transactions and balances are included in net operating cost to make the sum of net operating costs and
prior period adjustments for the year equal to the change in the net position balance.

Net Operating Cost
The net operating cost equals revenue less net cost of Government operations (that flows from the Statement of Net
Cost) adjusted by unmatched transactions and balances (see Note 1.S—Unmatched Transactions and Balances).

Net Position, Beginning of Period
The net position, beginning of period, reflects the amount reported on the prior year’s balance sheet as of the end of that
fiscal year. The net position for funds from dedicated collections is shown separately.
Prior-period adjustments are revisions to the beginning net position presented on the prior year financial statements due
to corrections of material errors or certain changes in accounting principles. See Note 1.T—Prior-Period Adjustments for
detailed information.

Net Position, End of Period
The net position, end of period, reflects the amount as of the end of the fiscal year. The net position for funds from
dedicated collections is separately shown.

Reconciliations of Net Operating Cost and Unified Budget Deficit
These statements reconcile the results of operations (net operating cost) on the Statements of Operations and Changes in
Net Position (SOCNP) to the unified budget deficit. The premise of the reconciliation is that the accrual and budgetary
accounting basis share transaction data.
Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of
accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for details.
These statements begin with the net results of operations (net operating cost) and report activities where the basis of
accounting for the components of net operating cost and the unified budget deficit differ.
In fiscal year 2016, the presentation for the Reconciliation of Net Operating Cost and Unified Budget Deficit was
changed, and fiscal year 2015 amounts were reclassified to conform with the new presentation.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Components of Net Operating Cost Not Part of the Budget Deficit
This information includes the operating components, such as the changes in benefits payable for veterans, military and
civilian employees, environmental and disposal liabilities, and depreciation expense, not included in the budget results.

Components of the Budget Deficit Not Part of Net Operating Cost
This information includes the budget components, such as capitalized fixed assets (that are recorded as outlays in the budget
when purchased and reflected in net operating cost through depreciation expense over the useful life of the asset) and
increases in other assets that are not included in the operating results.

Statements of Changes in Cash Balance from Unified Budget
and Other Activities
The primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the
Government’s cash and other monetary assets, as well as debt held by the public. It explains why the unified budget deficit
normally would not result in an equivalent change in the Government’s cash and other monetary assets.
These statements reconcile the unified budget deficit to the change in cash and other monetary assets during the fiscal
year. They also serve to explain how the budget deficits were financed. A budget deficit is the result of outlays (expenditures)
exceeding receipts (revenue) during a particular fiscal year.
The budget deficit is primarily financed through borrowings from the public. Other transactions, such as the payment
of interest on Treasury securities held by the public, also require cash disbursements and are not part of the deficit.
Additionally, the budget deficit includes certain amounts that are recognized in the budget, but will be disbursed in a
future period, or are adjustments that did not affect the cash balance. These amounts include interest accrued on Treasury
securities held by the public, as well as subsidy expense related to direct and guaranteed loans.
These statements show the adjustments for non-cash outlays included in the budget, and items affecting the cash
balance not included in the budget, to explain the change in cash and other monetary assets.
In fiscal year 2016, the presentation for the Statements of Changes in Cash Balance from Unified Budget and Other
Activities was changed, and fiscal year 2015 amounts were reclassified to conform with the new presentation.

Balance Sheets
The balance sheets show the Government’s assets, liabilities, and net position. When combined with stewardship
information, this information presents a more comprehensive understanding of the Government’s financial position. The net
position for funds from dedicated collections is shown separately.

Assets
Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The
most significant assets that are reported on the balance sheets are loans receivable, net; property, plant, and equipment
(PP&E), net; inventories and related property, net; and cash and other monetary assets. There are, however, other significant
resources available to the Government that extend beyond the assets presented in these balance sheets. Those resources
include Stewardship Land and Heritage Assets in addition to the Government’s sovereign powers to tax and set monetary
policy.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Liabilities and Net Position
Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most
significant liabilities reported on the balance sheets are federal debt securities held by the public and accrued interest, and
federal employee and veteran benefits payable. Liabilities also include environmental and disposal liabilities, benefits due
and payable, as well as insurance and guarantee program liabilities.
As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader
than these reported balance sheet liabilities. They include the social insurance programs reported in the Statements of Social
Insurance and disclosed in the Required Supplementary Information (RSI)—Social Insurance section, fiscal long-term
projections of non-interest spending reported in the Statements of Long-Term Fiscal Projections, and a wide range of other
programs under which the Government provides benefits and services to the people of this Nation, as well as certain future
loss contingencies.
The Government has entered into contractual commitments requiring the future use of financial resources and has
unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses.
Commitments and contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for
which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingencies and
Note 19—Commitments.
The collection of certain taxes and other revenue is credited to the corresponding funds from dedicated collections that
will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the
payments to the beneficiaries, the excess revenue is invested in Treasury securities or deposited in the General Fund;
therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance is included in
Note 20—Funds from Dedicated Collections. That note also contains information about trust fund receipts, disbursements,
and assets.
Due to its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access
to financial resources through generating tax revenues and issuing federal debt securities. This provides the Government with
the ability to meet present obligations and those that are anticipated from future operations, and are not reflected in net
position.
The net position is the residual difference between assets and liabilities and is the cumulative results of operations since
inception. For detailed components that comprise the net position, refer to the section “Statement of Operations and Changes
in Net Position.”

SUSTAINABILITY FINANCIAL STATEMENTS
The sustainability financial statements are comprised of the Statements of Long-Term Fiscal Projections, covering all
federal government programs, and the Statements of Social Insurance and the Statement of Changes in Social Insurance
Amounts, covering social insurance programs (Social Security, Medicare, Railroad Retirement, and Black Lung programs).
The sustainability financial statements are designed to illustrate the relationship between projected receipts and expenditures
if current policy is continued over a 75 year time horizon.1 For this purpose, the projections assume that scheduled social
insurance benefit payments would continue after related trust funds are projected to be exhausted, contrary to current law,
and that debt could continue to rise indefinitely without severe economic consequences. The sustainability financial
statements are intended to help citizens understand current policy and the importance and magnitude of policy reforms
necessary to make it sustainable.
By accounting convention, the Statements of Social Insurance do not include projected general revenues that, under
current law, would be used to finance the remainder of the expenditures in excess of revenues for Medicare Parts B and D
reported in the Statements of Social Insurance. The Statements of Long-Term Fiscal Projections include all revenues
(including general revenues) of the federal government.

With the exception of the Black Lung program, which has a projection period through September 30, 2040.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Statements of Long-Term Fiscal Projections
The Statements of Long-Term Fiscal Projections are intended to assist readers of the Government’s financial statements in
assessing the financial condition of the federal government and how the Government’s financial condition has changed
(improved or deteriorated) during the year and may change in the future. They are also intended to assist readers in assessing
whether future budgetary resources of the Government will likely be sufficient to sustain public services and to meet obligations
as they come due, assuming that current policy for Federal Government public services and taxation is continued without
change.
The Statements of Long-Term Fiscal Projections display the present value of 75-year projections by major category of the
Federal Government’s receipts and non-interest spending. These projections show the extent to which future receipts of the
Government exceed or fall short of the Government’s non-interest spending. The projections are presented both in terms of
present value dollars and in terms of present value dollars as a percent of present value Gross Domestic Product (GDP). The
projections are on the basis of policies currently in place and are neither forecasts nor predictions. These projections are
consistent with the projections for Social Security and Medicare presented in the Statements of Social Insurance and are based
on the same economic and demographic assumptions as underlie the Statements of Social Insurance. Note 23, Long-Term Fiscal
Projections, further explains the methods used to prepare these projections and provides additional information such as the fiscal
gap. Unaudited required supplementary information further assesses the sustainability of current fiscal policy and provides
results based on alternative assumptions to those used in the basic statement.
As discussed further in Note 23, a sustainable policy is one where the ratio of debt held by the public to GDP (the debt-toGDP ratio) is stable or declining over the long term. GDP measures the size of the Nation’s economy in terms of the total value
of all final goods and services that are produced in a year. Considering financial results relative to GDP is a useful indicator of
the economy’s capacity to sustain the Government’s many programs.

Statements of Social Insurance and Changes in Social Insurance
Amounts
The Statements of Social Insurance provide estimates of the status of the most significant social insurance programs: Social
Security, Medicare, Railroad Retirement, and Black Lung. They are administered by the Social Security Administration (SSA),
U.S. Department of Health and Human Services (HHS), the Railroad Retirement Board (RRB), and the Department of Labor
(DOL), respectively. The estimates are actuarial present values2 of the projections and are based on the economic and
demographic assumptions representing the trustees’ reasonable estimates as set forth in the relevant Social Security and
Medicare trustees’ reports as well as in the agency financial reports of HHS, SSA, and DOL (Black Lung) and in the relevant
agency performance and accountability report for the RRB. The projections in this year’s report, with one exception related to
Medicare Part A, are based on current law; that is, they assume that laws on the books will be implemented and adhered to with
respect to scheduled taxes, premium revenues, and payments to providers and health plans. The one exception is that the
projections disregard payment reductions that would result from the projected depletion of the Medicare Hospital Insurance (Part
A) Trust Fund. Under current law, payments would be reduced to levels that could be covered by incoming tax and premium
revenues when the Medicare Hospital Insurance (Part A) Trust Fund is depleted.
The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to
the many assumptions of the programs, produce a wide range of possible results. In preparing the Statements of Social
Insurance, Government management considers and selects assumptions and data that it believes provide a reasonable basis for
the assertions in the statements. However, because of the large number of factors that affect the Statements of Social Insurance
plus the fact that such assumptions are inherently subject to substantial uncertainty (arising from the likelihood of future events,
significant uncertainties, and contingencies), there will be differences between the estimates in the Statements of Social
Insurance and the actual results, and those differences may be material. Note 22—Social Insurance describes the social insurance
programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of
the factors that impact the various programs. The Statements of Changes in Social Insurance Amounts reconcile the change
between the current valuation period and the prior valuation period.

2
Present values recognize that a dollar paid or collected in the future is worth less than a dollar today, because a dollar today could be invested and earn
interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Net Cost
for the Year Ended September 30, 2016
(In billions of dollars)

Gross
Cost

Department of Health and Human Services ................
Social Security Administration .....................................
Department of Veterans Affairs....................................
Department of Defense ................................................
Interest on Treasury Securities Held by the Public ......
Department of Agriculture ............................................
Department of the Treasury .........................................
Department of Transportation ......................................
Department of Education .............................................
Department of Energy ..................................................
Department of Homeland Security ...............................
Department of Labor ....................................................
Department of Justice ..................................................
Defense Security Cooperation Agency ........................
Department of Housing and Urban Development ........
Department of State .....................................................
National Aeronautics and Space Administration ..........
Department of the Interior ............................................
U.S. Agency for International Development .................
Railroad Retirement Board ..........................................
Federal Communications Commission ........................
Department of Commerce............................................
Environmental Protection Agency ................................
National Science Foundation .......................................
U.S. Postal Service ......................................................
Pension Benefit Guaranty Corporation ........................
Smithsonian Institution .................................................
Millennium Challenge Corporation ...............................
Small Business Administration.....................................
U.S. Nuclear Regulatory Commission .........................
General Services Administration..................................
Overseas Private Investment Corporation ...................
Securities and Exchange Commission ........................
Farm Credit System Insurance Corporation.................
National Credit Union Administration ...........................
Tennessee Valley Authority .........................................
Export-Import Bank of the United States .....................
Office of Personnel Management ................................
Federal Deposit Insurance Corporation .......................
All other entities ...........................................................
Total .............................................................................

1,170.0
982.1
276.5
721.9
273.0
142.1
148.7
80.7
103.1
68.6
66.5
46.4
38.7
36.0
31.2
32.6
20.0
19.2
12.6
15.3
10.4
12.5
9.0
7.0
77.2
11.4
0.8
0.6
0.5
0.9
0.6
1.7
(0.7)
9.3
(0.2)
60.2
0.2
21.1
4,507.7

The accompanying notes are an integral part of these financial statements.

March 2017

Earned
Revenue
96.1
0.3
4.9
55.1
8.5
19.4
0.9
29.9
4.3
13.1
1.6
1.7
4.7
0.2
2.5
3.9
0.5
3.3
0.4
70.4
6.7
0.3
0.8
0.7
0.1
2.0
0.3
0.1
10.6
1.2
21.3
9.5
1.3
376.6

Subtotal
1,073.9
981.8
271.6
666.8
273.0
133.6
129.3
79.8
73.2
64.3
53.4
46.4
37.1
36.0
29.5
27.9
19.8
16.7
12.6
11.4
9.9
9.2
8.6
7.0
6.8
4.7
0.8
0.6
0.2
0.1
(0.1)
(0.1)
(0.3)
(0.3)
(0.8)
(1.3)
(1.4)
38.9
(9.3)
19.8
4,131.1

(Gain)/Loss
from
Changes in
Assumptions
0.4
377.5
(57.6)
0.2
(0.1)
(47.1)
273.3

Net
Cost
1,074.3
981.8
649.1
609.2
273.0
133.6
129.3
79.8
73.2
64.3
53.6
46.4
37.1
36.0
29.5
27.8
19.8
16.7
12.6
11.4
9.9
9.2
8.6
7.0
6.8
4.7
0.8
0.6
0.2
0.1
(0.1)
(0.1)
(0.3)
(0.3)
(0.8)
(1.3)
(1.4)
(8.2)
(9.3)
19.8
4,404.4

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Net Cost
for the Year Ended September 30, 2015 (Restated)
(In billions of dollars)

Gross
Cost

1,130.9
945.0
193.1
634.9
250.8
147.7
146.0
76.1
71.3
76.5
60.2
45.8
32.3
38.8
32.7
30.2
19.8
19.2
12.7
16.3
9.6
12.3
9.3
7.0
73.8
23.7
0.8
0.8
(0.5)
1.0
0.3
(0.1)
1.5
9.8
(0.6)
104.9
(6.5)
20.8
4,248.2

Earned
Revenue
101.3
0.3
4.8
45.5
9.1
29.3
0.8
26.6
4.6
12.1
1.7
1.5
4.3
0.2
2.7
0.1
3.4
0.3
3.2
0.7
67.9
8.0
0.4
0.8
0.6
0.1
2.0
0.2
0.3
10.9
1.3
20.3
8.6
1.7
375.6

Subtotal
1,029.6
944.7
188.3
589.4
250.8
138.6
116.7
75.3
44.7
71.9
48.1
45.8
30.6
38.8
31.2
25.9
19.6
16.5
12.6
12.9
9.3
9.1
8.6
7.0
5.9
15.7
0.8
0.8
(0.9)
0.2
(0.3)
(0.2)
(0.5)
(0.2)
(0.3)
(1.1)
(1.9)
84.6
(15.1)
19.1
3,872.6

(Gain)/Loss
from
Changes in
Assumptions
(0.1)
(13.0)
(27.5)
4.1
0.1
17.1
(19.3)

Net
Cost
1,029.5
944.7
175.3
561.9
250.8
138.6
116.7
75.3
44.7
71.9
52.2
45.8
30.6
38.8
31.2
26.0
19.6
16.5
12.6
12.9
9.3
9.1
8.6
7.0
5.9
15.7
0.8
0.8
(0.9)
0.2
(0.3)
(0.2)
(0.5)
(0.2)
(0.3)
(1.1)
(1.9)
101.7
(15.1)
19.1
3,853.3

The accompanying notes are an integral part of these financial statements.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Operations and Changes in Net Position
for the Year Ended September 30, 2016
Funds other than
those from
Dedicated
Collections
(Combined)
(In billions of dollars)

Funds from
Dedicated
Collections
(Note 20)
(Combined)
Eliminations Consolidated
2016

Revenue (Note 17):
Individual income tax and tax withholdings .........
Corporation income taxes ...................................
Excise taxes ........................................................
Unemployment taxes...........................................
Customs duties ...................................................
Estate and gift taxes ............................................
Other taxes and receipts .....................................
Miscellaneous earned revenues ..........................
Intragovernmental interest ...................................
Total Revenue .....................................................

1,525.5
294.3
42.1
33.3
21.0
185.1
15.3
2,116.6

1,077.7
58.3
46.9
42.9
2.9
102.8
1,331.5

(102.8)
(102.8)

2,603.2
294.3
100.4
46.9
33.3
21.0
228.0
18.2
3,345.3

Net Cost of Government Operations:
Net cost ...............................................................
Intragovernmental net cost ..................................
Intragovernmental interest ...................................
Total net cost .......................................................

2,798.7
(8.7)
102.8
2,892.8

1,605.7
8.7
1,614.4

(102.8)
(102.8)

4,404.4
4,404.4

Intragovernmental transfers ................................

(409.5)

409.5

Unmatched transactions and balances
(Note 1.S) ............................................................

11.7

Net operating (cost)/revenue ...............................

(1,174.0)

126.6

(1,047.4)

Net position, beginning of period .......................
Prior period adjustments–changes in
accounting principles (Note 1.T) .......................
Net operating (cost)/revenue ...............................
Net position, end of period ..................................

(21,491.3)

3,247.7

(18,243.6)

(1.4)
(1,174.0)
(22,666.7)

126.6
3,374.3

(1.4)
(1,047.4)
(19,292.4)

The accompanying notes are an integral part of these financial statements.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Operations and Changes in Net Position
for the Year Ended September 30, 2015 (Restated)
Funds other than
those from
Dedicated
Collections
(Combined)
(In billions of dollars)

Funds from
Dedicated
Collections
(Note 20)
(Combined)
Eliminations Consolidated
2015

1,521.1
339.8
44.2
‐
33.6
19.1
165.6
38.8
2,162.2

1,024.1
57.5
49.1
37.3
3.8
108.4
1,280.2

‐
(108.4)
(108.4)

2,545.2
339.8
101.7
49.1
33.6
19.1
202.9
42.6
3,334.0

2,294.9
(7.2)
108.4
2,396.1

1,558.4
7.2
1,565.6

(108.4)
(108.4)

3,853.3
3,853.3

Intragovernmental transfers ................................

(335.2)

335.2

5.1

Unmatched transactions and balances
(Note 1.S) ...........................................................

5.1

Net operating (cost)/revenue ...............................

(564.0)

49.8

(514.2)

Net position, beginning of period .......................
Prior period adjustments
(Note 1.T, 1.V and 20) .....................................
Net operating (cost)/revenue ...............................
Net position, end of period ..................................

(20,898.3)

3,197.6

(17,700.7)

(29.0)
(564.0)
(21,491.3)

0.3
49.8
3,247.7

(28.7)
(514.2)
(18,243.6)

The accompanying notes are an integral part of these financial statements.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Reconciliations of Net Operating Cost and Unified Budget Deficit
for the Years Ended September 30, 2016, and 2015
(In billions of dollars)
Net operating cost ..........................................................................................................................
Components of net operating cost not part of the budget deficit
Excess of accrual-basis expenses over budget outlays
* Federal employee and veteran benefits payable
Pensions and accrued benefits .............................................................................................
Veterans compensation and burial benefits ..........................................................................
Post-retirement health and accrued benefits ........................................................................
Other benefits .......................................................................................................................
Subtotal - federal employee and veteran benefits payable ................................................
Insurance and guarantee program liabilities ............................................................................
* Environmental and disposal liabilities ......................................................................................
Other liabilities .........................................................................................................................
* Accounts payable.....................................................................................................................
* Benefits due and payable .......................................................................................................
Subtotal - excess of accrual-basis expenses over budget outlays .....................................
Amortized expenses not included in budget outlays
Property, plant, and equipment depreciation expense .............................................................
Other expenses that are not reported as budget outlays
Property, plant, and equipment disposals and revaluations .....................................................
Agencies year-end credit reform subsidy re-estimates ............................................................
Excess of accrual-basis revenue over budget receipts
* Accounts receivable, net ..........................................................................................................
* Taxes receivable, net ...............................................................................................................
Other revenue and gains that are not budget receipts
* Investments in government-sponsored enterprises ................................................................
Deposit fund balances .............................................................................................................
Subtotal - components of net operating cost not part of budget deficit ..............................
Components of the budget deficit that are not part of net operating cost
Budget receipts not included in net operating cost
Credit reform and other loan activities .....................................................................................
Budget outlays not included in net operating cost
Acquisition of capital assets .....................................................................................................
Debt and equity securities ........................................................................................................
* Other assets.............................................................................................................................
* Inventories and related property ..............................................................................................
Effect of prior year agencies credit reform subsidy re-estimates .............................................
Subtotal - components of the budget deficit that are not part of net operating cost ...........
Other
All other reconciling items ........................................................................................................
Unified budget deficit.....................................................................................................................
* The amounts represent the year over year net change in the Balance Sheet line items.
The accompanying notes are an integral part of these financial statements.

March 2017

2016

Restated
2015

(1,047.4)

(514.2)

(106.9)
477.7
56.8
9.4
437.0
9.9
35.0
9.8
(5.9)
4.3
490.1

37.9
11.5
(2.1)
52.5
99.8
2.1
42.5
45.8
(0.7)
22.3
211.8

52.2

54.5

(24.9)
10.4

(47.0)
(2.3)

(7.4)
(8.1)

(12.5)
(1.3)

(2.3)
(0.7)
509.3

(10.5)
(19.1)
173.6

9.5

4.8

(81.5)
0.5
21.3
6.3
2.3
(41.6)

(54.5)
11.0
(2.9)
(2.2)
(24.5)
(68.3)

(7.7)
(587.4)

(30.0)
(438.9)

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Changes in Cash Balance from Unified Budget and Other Activities
for the Years Ended September 30, 2016, and 2015
2016

Reclass
2015

Cash flow from unified budget activities
Total unified budgetary receipts ..........................................................................................
Total unified budgetary outlays ..........................................................................................
Unified budget deficit ...........................................................................................................

3,266.7
(3,854.1)
(587.4)

3,248.7
(3,687.6)
(438.9)

Adjustments for non-cash outlays included in the unified budget
Interest accrued on Treasury securities held by the public ..................................................
Agencies year-end credit reform subsidy re-estimates........................................................
Subsidy expense accrued under direct loan & guarantee programs ..................................
Subtotal - adjustments for non-cash transactions in unified budget ....................................

264.1
(12.7)
11.8
263.2

245.4
26.8
(22.0)
250.2

(262.7)
(80.3)
(11.6)
(10.2)
1.6
(0.7)
0.6
(363.3)

(243.5)
(119.9)
17.4
9.8
(0.3)
20.5
0.6
(315.4)

0.9
1.9
(0.3)
2.5

3.0
0.6
(2.9)
0.7

8,390.4
(7,343.3)
(203.2)
0.1
844.0
0.5
159.5
305.1
464.6

7,037.5
(6,700.6)
203.2
0.1
540.2
3.4
40.2
264.9
305.1

(In billions of dollars)

Cash flow from activities not included in unified budget
Cash flow from non-budget activities
Interest paid on Treasury securities held by the public........................................................
Other direct loan transactions .............................................................................................
Repayment of principal on direct loans ...............................................................................
Other guaranteed loan transactions ....................................................................................
Miscellaneous liabilities .......................................................................................................
Deposit fund liability balances .............................................................................................
Seignorage ..........................................................................................................................
Subtotal - cash flow from non-budget activities ...................................................................
Cash flow from monetary transactions
Loans to the IMF .................................................................................................................
Other monetary assets ........................................................................................................
Special drawing rights .........................................................................................................
Subtotal - cash flow from monetary transactions .................................................................
Cash flow from financing
Borrowing from the public ...................................................................................................
Repayment of debt held by the public .................................................................................
Effect of uninvested principal from the Thrift Savings Plan (TSP) G Fund ..........................
Agency securities ................................................................................................................
Subtotal - cash flow from financing......................................................................................
Other......................................................................................................................................
Change in cash balance ........................................................................................................
Beginning cash balance .........................................................................................................
Ending cash balance ..............................................................................................................

The accompanying notes are an integral part of these financial statements.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Balance Sheets
as of September 30, 2016, and 2015
(In billions of dollars)
Assets:
Cash and other monetary assets (Note 2).....................................................................
Accounts and taxes receivable, net (Note 3) .................................................................
Loans receivable, net (Note 4) ......................................................................................
Inventories and related property, net (Note 5) ...............................................................
Property, plant and equipment, net (Note 6) .................................................................
Debt and equity securities (Note 7) ...............................................................................
Investments in government-sponsored enterprises (Note 8) .........................................
Other assets (Note 9) ....................................................................................................
Total assets ................................................................................................................
Stewardship land and heritage assets (Note 24)
Liabilities:
Accounts payable (Note 10) ..........................................................................................
Federal debt securities held by the public and accrued interest (Note 11) ....................
Federal employee and veteran benefits payable (Note 12) ...........................................
Environmental and disposal liabilities (Note 13) ............................................................
Benefits due and payable (Note 14) ..............................................................................
Insurance and guarantee program liabilities (Note 15) ..................................................
Loan guarantee liabilities (Note 4) .................................................................................
Other liabilities (Note 16) ...............................................................................................
Total liabilities .............................................................................................................
Contingencies (Note 18) and Commitments (Note 19)
Net Position:
Funds from Dedicated Collections (Note 20) .................................................................
Funds other than those from Dedicated Collections ......................................................
Total net position ........................................................................................................
Total liabilities and net position ..................................................................................
The accompanying notes are an integral part of these financial statements.

March 2017

2016

2015

464.6
133.3
1,277.6
314.3
979.5
48.2
108.6
144.4
3,470.5

305.1
117.8
1,216.0
320.6
925.3
104.4
106.3
165.7
3,261.2

62.4
14,221.1
7,209.4
446.6
218.2
122.3
18.2
464.7
22,762.9

68.3
13,172.5
6,772.4
411.6
213.9
170.3
36.3
659.5
21,504.8

3,374.3
(22,666.7)
(19,292.4)
3,470.5

3,247.7
(21,491.3)
(18,243.6)
3,261.2

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Long-Term Fiscal Projections (Note 23)
Present Value of 75 Year Projections as of September 30, 2016 and 20151

Dollars in Trillions
2016
2015
Change

Percent of GDP2
2016
2015
Change

Receipts:
Social Security Payroll Taxes ...................
Medicare Payroll Taxes ............................
Individual Income Taxes ...........................
Other Receipts .........................................
Total Receipts ................................................

56.3
18.8
139.0
47.5
261.6

52.4
17.4
127.8
43.5
241.2

3.9
1.4
11.2
3.9
20.4

4.3
1.4
10.7
3.6
20.1

4.4
1.5
10.7
3.6
20.2

(0.1)
(0.1)

Non-interest Spending:
Social Security..........................................
Medicare Part A3 ......................................
Medicare Parts B & D4 .............................
Medicaid ...................................................
Other Mandatory ......................................
Defense Discretionary ..............................
Non-defense Discretionary .......................
Total Non-interest Spending ...........................

75.6
26.5
31.3
31.7
41.6
32.0
33.6
272.2

70.0
24.0
28.7
27.3
36.8
28.6
30.0
245.3

5.6
2.5
2.6
4.4
4.8
3.4
3.7
26.9

5.8
2.0
2.4
2.4
3.2
2.5
2.6
20.9

5.9
2.0
2.4
2.3
3.1
2.4
2.5
20.5

0.1
0.1
0.1
0.1
0.4

Non-interest Spending less Receipts .........

10.6

4.1

6.5

0.8

0.3

0.5

75-year present value projections for 2016 are as of 9/30/2016 for the period FY 2017-2091; projections for 2015 are as of 09/30/2015 for the
period FY 2016-2090.
2
The 75-year present value of nominal Gross Domestic Product (GDP), which drives the calculations above is $1,302.8 trillion starting in FY
2017, and was $1,196.3 trillion starting in FY 2016.
3
Represents portions of Medicare supported by payroll taxes.
4
Represents portions of Medicare supported by general revenues. Consistent with the President's Budget, outlays for Parts B & D are
presented net of premiums.
Totals may not equal the sum of components due to rounding.
The accompanying notes are an integral part of these financial statements.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Social Insurance (Note 22)
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
(In trillions of dollars)
Federal Old-age, Survivors and Disability Insurance (Social
16
Security):
Revenue (Contributions and Dedicated Taxes) from:
Participants who have attained eligibility age (age 62 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 62 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Present value of future expenditures in excess of future
Revenue ...........................................................................................
Federal Hospital Insurance (Medicare Part A):16
Revenue (Contributions and Dedicated Taxes) from:
Participants who have attained eligibility age (age 65 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Present value of future expenditures in excess of future
Revenue ...........................................................................................
Federal Supplementary Medical Insurance (Medicare Part B):16
Revenue (Premiums) from:
Participants who have attained eligibility age (age 65 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Present value of future expenditures in excess of future
revenue 6 ..........................................................................................

2016

2015

2014

2013

2012

1.3
29.3
29.7
60.3

1.2
27.8
26.6
55.5

1.0
25.4
24.6
51.0

0.9
24.6
23.4
48.9

0.8
22.7
21.6
45.2

(13.6)
(48.4)
(12.4)
(74.4)

(12.8)
(45.3)
(10.9)
(69.0)

(11.9)
(42.4)
(10.0)
(64.3)

(11.0)
(40.6)
(9.6)
(61.2)

(9.8)
(37.8)
(8.9)
(56.5)

(14.1)1

(13.4)2

(13.3)3

(12.3)4

(11.3)5

0.5
10.3
10.0
20.7

0.4
9.1
8.4
17.9

0.3
8.4
7.8
16.5

0.3
8.1
7.7
16.2

0.3
7.9
7.4
15.6

(4.3)
(16.8)
(3.4)
(24.5)

(3.8)
(14.5)
(2.8)
(21.1)

(3.5)
(14.1)
(2.8)
(20.4)

(3.4)
(14.6)
(2.9)
(21.0)

(3.4)
(14.9)
(2.9)
(21.2)

(3.8)1

(3.2)2

(3.8)3

(4.8)4

(5.6)5

1.0
5.3
1.2
7.5

0.9
4.6
1.0
6.5

0.8
4.5
1.1
6.5

0.7
4.1
0.9
5.7

0.6
3.8
0.9
5.3

(4.0)
(19.2)
(4.3)
(27.5)

(3.6)
(16.8)
(3.5)
(24.0)

(3.2)
(17.0)
(4.1)
(24.3)

(2.9)
(15.1)
(3.4)
(21.4)

(2.6)
(14.3)
(3.2)
(20.2)

(20.0)1

(17.5)2

(17.9)3

(15.7)4

(14.8)5

Totals may not equal the sum of components due to rounding.
Prior to fiscal year 2016, the amounts in these statements were presented in billions of dollars.
The accompanying notes are an integral part of these financial statements.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Social Insurance (Note 22), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
2016

2015

2014

2013

2012

0.3
2.2
1.0
3.5

0.3
1.8
0.8
2.9

0.2
1.6
0.7
2.5

0.2
1.5
0.7
2.3

(1.0)
(7.7)
(3.6)
(12.2)

(0.9)
(6.4)
(2.8)
(10.2)

(0.8)
(5.9)
(2.6)
(9.3)

(0.7)
(5.9)
(2.6)
(9.2)

(0.7)
(5.9)
(2.6)
(9.1)

(8.7)1

(7.3)2

(6.8)3

(6.9)4

(6.8)5

Other:7
Present value of future expenditures in excess of future
revenues 8, 9 ..................................................................................

(0.1)10, 15

(0.1)11, 2

(0.1)12, 3

(0.1)13, 4

(0.1)14, 5

Total present value of future expenditures in excess of future
Revenue ...........................................................................................

(46.7)

(41.5)

(41.9)

(39.7)

(38.6)

(In trillions of dollars)
Federal Supplementary Medical Insurance (Medicare Part D):16
Revenue (Premiums and State Transfers) from:
Participants who have attained eligibility age (age 65 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) ...
Participants who have not attained eligibility age ..........................
Future participants.........................................................................
All current and future participants ..................................................
Present value of future expenditures in excess of future
revenue 6 ..........................................................................................

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Social Insurance (Note 22), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
(In trillions of dollars)
Social Insurance Summary16
Participants who have attained eligibility age:
Revenue (e.g., contributions and dedicated taxes) .....................
Expenditures for scheduled future benefits .................................
Present value of future expenditures in excess of
future revenue ..........................................................................
Participants who have not attained eligibility age:
Revenue (e.g., contributions and dedicated taxes) .....................
Expenditures for scheduled future benefits .................................
Present value of future expenditures in excess of
future revenue ..........................................................................
Closed-group - Total present value of future expenditures
in excess of future revenue ......................................................
Future participants:
Revenue (e.g., contributions and dedicated taxes) .....................
Expenditures for scheduled future benefits .................................
Present value of future revenue in excess of future
Expenditure ..............................................................................
Open-group - Total present value of future expenditures in
excess of future revenue ................................................................
1
2
3
4
5
6

7
8

9
10
11
12
13
14
15
16

2016

2015

2014

2013

2012

3.1
(22.9)

2.8
(21.3)

2.3
(19.4)

2.1
(18.2)

2.0
(16.7)

(19.8)

(18.5)

(17.1)

(16.1)

(14.7)

47.1
(92.2)

43.4
(83.1)

40.0
(79.6)

38.4
(76.3)

36.0
(72.9)

(45.1)

(39.7)

(39.6)

(37.9)

(36.9)

(64.9)

(58.2)

(56.7)

(54.0)

(51.6)

41.9
(23.7)

36.8
(20.1)

34.3
(19.6)

32.9
(18.6)

30.6
(17.6)

18.2

16.8

14.8

14.3

13.1

(46.7)

(41.5)

(41.9)

(39.7)

(38.6)

The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016.
The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2015-12/31/2089 and the valuation date is 1/1/2015.
The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2014-12/31/2088 and the valuation date is 1/1/2014.
The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2013-12/31/2087 and the valuation date is 1/1/2013.
The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2012-12/31/2086 and the valuation date is 1/1/2012.
These amounts represent the present value of the future transfers from the General Fund to the Supplementary Medical Insurance Trust
Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & Medicaid Services’
Financial Reports but are not income from the governmentwide perspective of this report.
Includes Railroad Retirement and Black Lung.
These amounts do not include the present value of the financial interchange between the railroad retirement and social security systems,
which is included as income in the Railroad Retirement Financial Report, but is not included from the governmentwide perspective of this
report. (See discussion of Railroad Retirement Program in the unaudited required supplementary information section of this report).
Does not include interest expense accruing on the outstanding debt.
The projection period for Black Lung is 9/30/2016-9/30/2040 and the valuation date is 9/30/2016.
The projection period for Black Lung is 9/30/2015-9/30/2040 and the valuation date is 9/30/2015.
The projection period for Black Lung is 9/30/2014-9/30/2040 and the valuation date is 9/30/2014.
The projection period for Black Lung is 9/30/2013-9/30/2040 and the valuation date is 9/30/2013.
The projection period for Black Lung is 9/30/2012-9/30/2040 and the valuation date is 9/30/2012.
The projection period for Railroad Retirement is 10/1/2015-9/30/2090 and the valuation date is 10/1/2015.
Current participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 15
years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Changes in Social Insurance Amounts
for the Year Ended September 30, 2016 (Note 22)

(In trillions of dollars)
Net present value (NPV) of future revenue less
future expenditures for current and future
participants (the “open group”) over the next 75
years, beginning of the year .........................................
Reasons for changes in the NPV during the year:
Changes in valuation period .........................................
Changes in demographic data, assumptions, and
Methods .......................................................................
Changes in economic data, assumptions, and
Methods .......................................................................
Changes in law or policy ..............................................
Changes in methodology and programmatic data ........
Changes in economic and other health care
Assumptions ..............................................................
Change in projection base............................................
Net change in open group measure .............................
Open group measure, end of year ..................................

Social
Security1

Medicare
HI1

Medicare
SMI1

Other2

Total

(13.4)

(3.2)

(24.8)

(0.5)

(0.1)

(1.1)

(1.7)

0.6

0.2

0.3

1.1

0.2
-

(0.9)
0.3
-

(0.9)
0.1
(0.7)
(14.1)

(0.4)
(0.3)
(0.6)
(3.8)

(3.0)
(0.3)
(3.9)
(28.7)

(0.1)

(41.5)

(3.4)
(0.6)
(5.2)
(46.7)

Amounts represent changes between valuation dates 1/1/2015 and 1/1/2016.

Includes Railroad Retirement changes between valuation dates 1/1/2015 and 10/1/2015 and Black Lung changes between 9/30/2015 and
9/30/2016.

Totals may not equal the sum of components due to rounding.
Prior to fiscal year 2016, the amounts in this statement were presented in billions of dollars.
The accompanying notes are an integral part of these financial statements.

March 2017

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Changes in Social Insurance Amounts
for the Year Ended September 30, 2015 (Note 22)

(In trillions of dollars)

Net present value (NPV) of future revenue less
future expenditures for current and future
participants (the “open group”) over the next 75
years, beginning of the year .........................................
Reasons for changes in the NPV during the year:
Changes in valuation period .........................................
Changes in demographic data, assumptions, and
Methods .......................................................................
Changes in economic data, assumptions, and
Methods .......................................................................
Changes in law or policy ..............................................
Changes in methodology and programmatic data ........
Changes in economic and other health care
Assumptions ................................................................
Change in projection base............................................
Net change in open group measure .............................
Open group measure, end of year ..................................

Social
Security1

Medicare
HI1

Medicare
SMI1

Other2

Total

(13.3)

(3.8)

(24.7)

(0.1)

(41.9)

(0.6)

(0.2)

(1.1)

(1.9)

(0.1)

(0.2)

(0.1)
0.7

0.2
-

(0.3)
-

(0.1)
0.7

(0.1)
(13.4)

0.8
(0.1)
0.6
(3.2)

2.5
(1.1)
(0.1)
(24.8)

(0.1)

3.2
(1.2)
0.4
(41.5)

Amounts represent changes between valuation dates 1/1/2014 and 1/1/2015.

Includes Railroad Retirement changes between valuation dates 1/1/2014 and 1/1/2015 and Black Lung changes between 9/30/2014 and
9/30/2015.

March 2017

85
TRUST FUNDS

INTRODUCTION: Airport and Airway Trust Fund
The Airport and Airway Trust Fund was established on
the books of Treasury in fiscal year 1971, according to
provisions of the Airport and Airway Revenue Act of 1970
[49 United States Code 1742(a), repealed]. The Tax Equity
and Fiscal Responsibility Act of 1982 (Public Law 97-248,
dated September 3, 1982) reestablished the trust fund in the
Internal Revenue Code (26 United States Code 9502)
effective September 1, 1982.
Treasury transfers from the general fund to the trust
fund amounts equivalent to the taxes received from
transportation of persons and property by air, gasoline and
jet fuel used in commercial and noncommercial aircraft,
and an international arrival and departure tax. The Omnibus
Budget Reconciliation Act of 1990 (Public Law 101-508,
dated November 5, 1990) increased rates for the excise
taxes transferred to the fund.
Treasury bases these transfers on estimates made by the
Secretary of the Treasury. These are subject to adjustments
in later transfers in the amount of actual tax receipts. The
FAA Modernization and Reform Act 2012 (Public Law
112-095), effective February 14, 2012, extended the
aviation excise taxes until September 30, 2015, an d
subsequent legislation extended these taxes until September
30, 2017. The Act included provisions that:
 Retained the existing passenger ticket, flight
segment, and freight waybill taxes. The flight segment tax
is indexed to the Consumer Price Index; effective calendar
year 2017, the tax is $4.10. It also retained a special rule
applied to flights between the continental United States and
Alaska or Hawaii. This departure tax is indexed to the
Consumer Price Index; effective calendar year 2016, the tax
is $9.00.
 Retained the existing tax per person for
international flights that begin or end in the United States.
The tax is indexed to the Consumer Price Index; effective
calendar year 2016, the tax is $18.00.
 Retained the existing tax on payments to airlines
for frequent flyer and similar awards by banks and credit

card companies, merchants and frequent flyer program
partners, such as other airlines, hotels and rental car
companies, and other businesses.
 Retained the commercial aviation fuel tax and the
general aviation jet fuel/gas taxes.
 Imposed a new surtax on fuel used in aircraft that is
part of a fractional ownership program; the surtax applies to
fuel used after March 31, 2012. It also changed the
classification of transportation as part of a fractional
ownership program from commercial aviation to
noncommercial aviation.
 Repealed the excise tax exemption for
transportation by small aircraft operating on nonestablished
lines. (IRS defines the term “operated on an established
line” to mean operated with some degree of regularity
between definite points).
When the provisions of 26 United States Code 9602(b)
are met, amounts available in the trust fund exceed outlay
requirements, Treasury invests excess amounts in public
debt securities and credits the interest to the fund.
Additional sums from the general fund also are credited as
authorized and made available, by law, if they are needed to
meet outlay requirements.
Treasury makes available to the Federal Aviation
Administration (FAA), Department of Transportation
(DOT), amounts required for outlays to carry out the
Airport and Airway program. The Secretary of the Treasury
makes other charges to the trust fund to transfer certain
refunds of taxes and certain outfits, under section 34 of the
Internal Revenue Code (IRC).
Annual reports to Congress, required by 26 U.S.C. 9602
(a), are submitted by the Secretary of the Treasury, after
consultation with the Secretary of Transportation. These
reports are required to cover the financial condition and
results of operations of the trust fund during the past fiscal
year and those expected during the next five fiscal years.

March 2017

TRUST FUNDS

TABLE TF-1.—Airport and Airway Trust Fund
Results of Operations, Fiscal Year 2016
[Source: DOT]

Description

IRC section (26 United States Code)

Amount

Balance Oct. 1, 2015 ......................................................................................................................................................................................................
Receipts:
Excise taxes (transferred from general fund):
Liquid fuel in a fractional ownership flight.............................................
4043 ......................................................................................
Liquid fuel other than gasoline..............................................................
4041 ......................................................................................
Gasoline ................................................................................................
4081 ......................................................................................
Transportation by airseats, berths, etc .................................................
4261 (a) (b) ...........................................................................
Use of international travel facilities .......................................................
4261 (c).................................................................................
Transportation of property, cargo .........................................................
4271 ......................................................................................
Gross excise taxes .............................................................................................................................................................................................
Less refunds of taxes (reimbursed to general fund):
Liquid fuel other than gasoline..................................................................
4041 ......................................................................................
Gasoline ......................................................................................................................................................................................................................
Total refunds of taxes .............................................................................................................................................................................................
Net taxes .................................................................................................................................................................................................................
Refunds on Federal Payments (DOT) ........................................................................................................................................................................
Interest on investments...............................................................................................................................................................................................
Total receipts ..........................................................................................................................................................................................................
Offsetting collections .......................................................................................................................................................................................................
Expenses:
Operations ..................................................................................................................................................................................................................
Grants in aid for Airports .............................................................................................................................................................................................
Facilities and equipment .............................................................................................................................................................................................
Research, engineering, and development..................................................................................................................................................................
Air carriers ...................................................................................................................................................................................................................
Total expenses........................................................................................................................................................................................................
Offsetting collections .......................................................................................................................................................................................................
Balance Sept. 30, 2016 ..................................................................................................................................................................................................

$14,071,562,153

15,081,058
592,522,926
29,574,401
9,910,134,254
3,396,370,605
475,958,440
14,419,641,684
9,210,169
4,231,464
13,441,633
14,406,200,051
21,751,659
266,740,607
14,694,692,317
54,009,747
7,922,000,000
3,127,585,803
2,669,287,400
160,115,411
169,000,000
14,047,988,614
54,009,747
$14,772,275,603

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

Airport and Airway Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In millions of dollars. Source: DOT]

2017

2018

2019

2020

2021

14,772

Excise taxes, net of refunds....................................................

14,818

15,824

17,043

18,223

19,299

Interest on investments...........................................................

Offsetting collections ...............................................................

Total receipts ......................................................................

14,818

15,824

17,043

18,223

19,299

Gross Outlays .........................................................................

Balance Sept. 30.........................................................................

Balance Oct. 1 ............................................................................
Receipts:

Expenses:

March 2017

TRUST FUNDS

INTRODUCTION: Uranium Enrichment
Decontamination and Decommissioning (D&D) Fund
The Uranium Enrichment Decontamination and
Decommissioning Fund was established on the books of the
Treasury in fiscal year 1993, in accordance with provisions
of the Energy Policy Act of 1992 (42 United States Code
2297g). Receipts represent (1) fees collected from domestic
public utilities based on their pro rata share of purchases of
separative work units from the Department of Energy (DOE)
and (2) appropriations toward the Government contribution
based on the balance of separative work unit purchases.
Expenditures from the fund include (1) decontaminating
and decommissioning three gaseous diffusion plants (Oak
Ridge, Tennessee; Paducah, Kentucky; and Portsmouth,
Ohio), (2) remedial actions and related environmental
restoration cost at the gaseous diffusion plants, and (3)
reimbursement to uranium/thorium producers for the cost of
decontamination, decommissioning, reclamation, and
remedial action of uranium/thorium sites that are incident to
sales to the U. S. Government.
Amounts available in the fund exceeding current needs
may be invested by the Secretary of the Treasury in
obligations of the United States (1) having maturities
consistent with the needs of the fund and (2) bearing interest
at rates determined appropriate, taking into consideration the
current average market yield on outstanding marketable
obligations of the United States with remaining periods to
maturity comparable to these investments.
Annually, the Secretary of the Treasury, after
consultation with the Secretary of Energy, is required to
provide a report to Congress (see 42 USC 2297g(b)(1)). This
report must present the financial condition and the results of
operations of the fund during the preceding fiscal year.

The Energy Policy Act of 1992 (42 USC 2297g-1, as
amended) authorized funding to ensure annual deposits to
the fund of $518.2 million before adjustments for inflation.
Funding was provided by domestic public utilities that
purchased enriched uranium and the Government. The Act
specified annual assessments from domestic public utilities
(before adjustment for inflation) shall not exceed $150
million. The Government was responsible for the remainder
($369.6 million), adjusted for inflation. The assessments
were authorized for 15 years with the final assessment
occurring in fiscal year 2007.
Between fiscal years 1993 and 2007, the Government
contributed $5,362.4 million of the $6,281.0 million
specified in the Act. This was a shortfall in authorized
Government contributions of $918.6 million.
The Government continued to make annual contributions
to eliminate this shortfall. Through the fiscal year 2009
contribution, the overall shortfall (after adjusting for
inflation) was $40.6 million. Also, during fiscal year 2009,
the Government designated $390 million of American
Recovery and Reinvestment Act (ARRA) funding for the
Fund’s mission. While ARRA funding was not an actual
deposit into the fund’s invested balances, it provided a
dollar-for-dollar reduction in the required outlays from the
invested balances. The Department of Energy recognized the
ARRA funding as an offset to the Government’s
contribution shortfall, thereby, satisfying the Government’s
contribution responsibility.
The last appropriation to the fund occurred in fiscal year
2015. At that time, Congress appropriated $463 million.

March 2017

TRUST FUNDS

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund
Results of Operations, Fiscal Year 2016
[Source: DOE]

$33,641,733

Penalties collected .................................................................................................................................................................................

Interest on investments ..........................................................................................................................................................................

71,573,060

Total receipts ......................................................................................................................................................................................

71,573,060

Nonexpenditure transfers:
Transfers in (+) .......................................................................................................................................................................................

Transfers out (-) .....................................................................................................................................................................................

Net nonexpenditure transfers.............................................................................................................................................................

Outlays:
DOE, decontamination and decommissioning activities........................................................................................................................

762,916,787

Cost of investments................................................................................................................................................................................

-686,312,497

Total outlays .......................................................................................................................................................................................

76,604,290

Balance Sept. 30, 2016..............................................................................................................................................................................

$28,610,503

Uranium Enrichment Decontamination and Decommissioning Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In thousands of dollars. Source: DOE]

2017

2018

2019

2020

2021

28,611

Fees collected ......................................................................

Interest collected ..................................................................

43,194

29,623

15,771

4,670

Total receipts ...................................................................

43,194

29,623

15,771

4,670

DOE, decontamination and decommissioning fund ............

673,749

769,727

674,724

500,249

Investments redeemed ........................................................

(630,555)

(740,104)

(658,953)

(466,968)

Total outlays net of investments redeemed.....................

43,194

29,623

15,771

33,281

Balance Sept. 30......................................................................

28,611

Balance Oct. 1 .........................................................................
Receipts:

Outlays:

March 2017

TRUST FUNDS

INTRODUCTION: Black Lung Disability Trust Fund
The Black Lung Disability Trust Fund was established on
the books of the Treasury in fiscal year 1978 according to the
Black Lung Benefits Revenue Act of 1977 (Public Law 95227). The Black Lung Benefits Revenue Act of 1981 (Public
Law 97-119) reestablished the fund in the Internal Revenue
Code (IRC), 26 United States Code 9501.
The Consolidated Omnibus Budget Reconciliation Act of
1985 (Public Law 99-272), enacted April 7, 1986, provided
for an increase in the coal tax rates effective April 1, 1986,
through December 31, 1995, and a 5-year forgiveness of
interest retroactive to October 1, 1985. The 5-year moratorium
on interest payments ended on September 30, 1990. Payment
of interest on advances resumed in fiscal year 1991. The
Omnibus Budget Reconciliation Act of 1987 (Public Law
100-203, title X, section 10503), signed December 22, 1987,
extended the temporary increase in the coal tax through
December 31, 2013.
The Emergency Economic Stabilization Act of 2008
(Public Law 110-343, title I, subtitle B, section 113), enacted
October 3, 2008, restructured the Trust Fund Debt by 1)
refinancing the outstanding principal of the repayable
advances and unpaid interest on such advances and 2)
providing a one-time appropriation to the Trust Fund in an
amount sufficient to pay to the general fund of the Treasury
the difference between the market value of the outstanding
repayable advances, plus accrued interest and the proceeds
from the obligations issued by the Trust Fund to the
Secretary of the Treasury. The Act also extends the
temporary increase in the coal tax through December 31,
2018, and allows the prepayment of the Trust Fund debt
prior to the maturity date.

The Code designates the following receipts to be
appropriated and transferred from the general fund of the
Treasury to the trust fund: excise taxes on coal sold; taxable
expenditures of self-dealing by, and excess contributions to,
private black lung benefit trusts; reimbursements by
responsible mine operators; and related fines, penalties and
interest charges.
Estimates made by the Secretary of the Treasury
determine monthly transfers of amounts for excise taxes to the
trust fund subject to adjustments in later transfers to actual tax
receipts.
After retirement of the current indebtedness, amounts
available in the fund exceeding current expenditure
requirements will be invested by the Secretary of the Treasury
in interest-bearing public debt securities. Any interest earned
will be credited to the fund. Also credited, if necessary, will
be repayable advances from the general fund to meet outlay
requirements exceeding available revenues.
To carry out the program, amounts are made available to
the Department of Labor (DOL). Also charged to the fund are
administrative expenses incurred by the Department of Health
and Human Services (HHS) and the Treasury, repayments of
advances from the general fund and interest on advances.
The Code requires the Secretary of the Treasury to submit
an annual report to Congress after consultation with the
Secretary of Labor and the Secretary of HHS [26 United
States Code 9602(a)]. The report must present the financial
condition and results of operations of the fund during the past
fiscal year and the expected condition and operations of the
fund during the next five fiscal years.

March 2017

TRUST FUNDS

TABLE TF-3.—Black Lung Disability Trust Fund
Results of Operations, Fiscal Year 2016
[Source: DOL]

$37,192,000

225,632,689
143,788,883
-1,392,766
71,587,152
867,284
49,074,532
0
910,000,000
1,399,557,774
1,399,557,774
518,394
28,220,028
304,764
32,847,408
61,890,594
177,336,959
586,930,500
396,212,845
121,295,155
1,281,775,459
93,083,721
$5,634,578,630

Black Lung Disability Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In thousands of dollars. Source: DOL]

Balance Oct. 1 ........................................................................................
Receipts:
Excise taxes .......................................................................................
Advances from the general fund........................................................
Fines, penalties, and interest .............................................................
Total receipts .................................................................................
Outlays:
Benefit payments ...............................................................................
Administrative expenses ....................................................................
Repayable advances .........................................................................
Interest on repayable advances ........................................................
Repayment of principal debt ..............................................................
Interest on principal debt ...................................................................
Total outlays...................................................................................
Balance Sept. 30....................................................................................
Cumulative debt, end of year .................................................................

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

March 2017

2017

2018

2019

2020

2021

93,083

402,000
1,276,646
2,000
1,680,646

420,000
1,655,688
2,000
2,077,688

265,000
1,819,537
2,000
2,086,537

201,000
2,072,594
2,000
2,275,594

201,000
2,354,117
2,000
2,557,117

160,480
64,729
910,000
4,914
393,126
147,397
1,680,646
93,083
3,052,354

158,553
71,627
1,276,646
10,213
385,968
174,680
2,077,688
93,083
2,666,386

152,979
73,693
1,655,688
22,683
117,606
63,888
2,086,537
93,083
2,548,780

148,174
75,821
1,819,537
36,391
118,895
76,777
2,275,594
93,083
2,429,885

143,267
78,014
2,072,594
53,058
120,015
90,169
2,557,117
93,083
2,309,870

TRUST FUNDS

INTRODUCTION: Harbor Maintenance Trust Fund
The Harbor Maintenance Trust Fund was established on
the books of the Treasury on April 1, 1987, according to the
Water Resources Development Act of 1986 (Public Law 99662, November 17, 1986) (26 United States Code 9505).
Amounts in the Harbor Maintenance Trust Fund are
available as provided by appropriation acts for making
expenditures to carry out section 210(a) of the Water
Resources Development Act of 1986. The appropriations act
for the Department of Transportation (DOT) for fiscal year
1995 (Public Law 103-331, September 28, 1994), section
339, waived collection of charges or tolls on the Saint
Lawrence Seaway in accordance with section 13(b) of the
Act of May 13, 1954 (as in effect on April 1, 1987).
Legislation was passed in the North American Free Trade
Agreement Implementation Act (Public Law 103-182,
section 683), which amends paragraph (3) of section 9505(c)
of the IRC of 1986, to authorize payment of up to $5 million
annually to Treasury for all expenses of administration
incurred by the Treasury, the U.S. Army Corps of Engineers
and the Department of Commerce (Commerce) related to the
administration of subchapter A of chapter 36 (relating to
harbor maintenance tax). Section 201 of the Water
Resources Development Act of 1996 (Public Law 104-303)
authorizes use of the Harbor Maintenance Trust Fund for
construction of dredged material disposal facilities

associated with the operation and maintenance of Federal
navigation projects for commercial navigation.
A summary judgment issued October 25, 1995, by the
United States Court of International Trade in the case United
States Shoe Corp. v. United States (Court No. 94-11-00668)
found the Harbor Maintenance fee unconstitutional under the
Export Clause of the Constitution (Article I, section 9, clause
5) and enjoined the Customs and Border Protection from
collecting the fee on exports.
The decision was affirmed by the Supreme Court on
March 31, 1998 (118 Supreme Court 1290). With the tax on
exports no longer collected, revenues have been reduced by
approximately 30 percent.
The Secretary of the Treasury invests in interest-bearing
obligations of the United States that portion of the trust fund,
in his judgment, not required to meet current withdrawals.
The interest on, and proceeds from, the sale or redemption of
any obligation held in the trust fund is credited to the trust
fund.
The Code requires the Secretary of the Treasury to
submit an annual report to Congress [26 United States Code
9602(a)]. The report must present the financial condition and
results of operations of the fund during the past fiscal year
and the expected condition and operations of the fund during
the next five fiscal years.

March 2017

TRUST FUNDS

TABLE TF-4.—Harbor Maintenance Trust Fund
Results of Operations, Fiscal Year 2016
[Source: Department of the Army Corps of Engineers]

Balance Oct. 1, 2015* .............................................................................................................................................................................................................
Receipts:

$8,683,597,362

Excise taxes:
Imports ...............................................................................................................................................................................................................................

1,076,579,154

Exports ...............................................................................................................................................................................................................................

Domestic ............................................................................................................................................................................................................................

60,358,594

Passengers ........................................................................................................................................................................................................................

13,430,762

Foreign trade......................................................................................................................................................................................................................

160,142,719

Interest on investments......................................................................................................................................................................................................

76,666,664

Total receipts ...............................................................................................................................................................................................................
Expenses:

1,387,177,893

Corps of Engineers .............................................................................................................................................................................................................

1,262,914,000

Saint Lawrence Seaway Development Corporation/DOT ..................................................................................................................................................

28,400,000

Administrative cost for Department of Homeland Security (Customs) ...............................................................................................................................

3,274,000

Operating expenses, miscellaneous returns.......................................................................................................................................................................

Total expenses...................................................................................................................................................................................................................

1,294,588,000

Balance Sept. 30, 2016 .............................................................................................................................................................................................................

$8,776,187,255

* The October 1, 2015, balance of $8,683,597,362 is from the U.S. Treasury Harbor
Maintenance Trust Fund, October 31, 2015, statement, and reflects the U.S. Treasury
adjustments from the U.S. Treasury Harbor Maintenance Trust Fund on the September 30,
2015, statement, which reflected a September 30, 2015, ending balance of $8,406,983,992.

Harbor Maintenance Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021 *
[In millions of dollars. Source: Department of the Army Corps of Engineers]

Balance Oct. 1 .....................................................................................................
Receipts:
Harbor maintenance fee ..................................................................................
Interest on investments....................................................................................
Total receipts ...............................................................................................
Total available ..............................................................................................
Outlays:
Harbor Maintenance Trust Fund, legislative proposal
not subject to paygo .....................................................................................
Corps of Engineers operation, maintenance,
and administrative expenses .......................................................................
Corps of Engineers construction .....................................................................
Saint Lawrence Seaway Development Corporation/DOT ...............................
Administrative expenses for Department of Homeland Security
(Customs Service) ...................................................................................................
Total outlays.................................................................................................
Balance Sept. 30..................................................................................................

* Outyear projections are for planning purposes and are based on economic conditions and
agencies’ best projections of revenues and expenses.

March 2017

2017

2018

2019

2020

2021

8,776.2

9,065.9

9,748.0

10,522.6

11,373.0

1,492.0
81.9
1,573.9
10,350.1

1,585.0
98.7
1,683.7
10,749.6

1,667.0
119.8
1,786.8
11,534.8

1,730.0
142.1
1,872.1
12,394.7

1,803.0
168.5
1,971.5
13,344.5

1,157.0

904.0

911.0

918.0

936.0

95.0
28.9
3.3

65.0
29.4
3.3

68.0
29.9
3.3

70.0
30.4
3.3

72.0
30.9
3.3

1,284.2
9,065.9

1,001.7
9,748.0

1,012.2
10,522.6

1,021.7
11,373.0

1,042.2
12,302.3

TRUST FUNDS

INTRODUCTION: Hazardous Substance Superfund
The Hazardous Substance Response Trust Fund was
established on the books of the Treasury in fiscal year 1981,
in accordance with section 221 of the Hazardous Substance
Response Revenue Act of 1980 [42 United States Code
9631(a), repealed]. The trust fund was renamed the
Hazardous Substance Superfund (Superfund) and relocated
in accordance with section 517 of the Superfund
Amendments and Reauthorization Act of 1986 [Public Law
99-499, dated October 17, 1986 (26 United States Code
9507)].
The authority to collect excise taxes on petroleum and
chemicals, and an environmental tax for all corporations
with modified alternative taxable income in excess of $2
million expired in 1995. To implement the Superfund
program, amounts are appropriated from the start of year
balance of the Superfund (augmented as necessary by
general revenues) to the Environmental Protection Agency
(EPA) for programmatic and administrative expenses.
In 2015 the EPA implemented a Hazardous Substance
Superfund Trust Fund Receipt Account for Special Accounts
that were previously accounted for as off-setting collections.

Settlement funds received by the Agency now flow through
the receipt account to be placed in EPA interest bearing
special accounts to perform response actions at the site in
accordance with the supporting settlement agreement. Due
to large settlements EPA received in fiscal year 2015, the
EPA developed this new process for managing its Special
Accounts. The Special Account subaccount to the Superfund
Trust Fund was established as a mechanism for Special
Account funds to be placed directly into the trust fund, and
begin earning interest upon receipt. Monthly, the U.S.
Department of the Treasury’s Bureau of the Fiscal Services
will prepare separate financial statements for the Special
Accounts subaccount within the Superfund Trust Fund
financial statements.
An annual report to Congress by the Secretary of
Treasury is required by 26 United States Code 9602(a).
These reports present the financial condition of the
Superfund and the results of operation for the past fiscal
year, and its expected condition during the next 5 fiscal
years.

March 2017

TRUST FUNDS

TABLE TF-5.—Hazardous Substance Superfund 1, 2, 3
Results of Operations, Fiscal Year 2016
[Source: EPA]

$283,000,000

Receipts:
Crude and petroleum ..................................................................................................................................................................................

Certain chemicals........................................................................................................................................................................................

Corporate environmental ............................................................................................................................................................................

General fund appropriation .........................................................................................................................................................................

812,000,000

Cost recoveries ...........................................................................................................................................................................................

31,000,000

Fines and penalties .....................................................................................................................................................................................

7,000,000

Interest on investments ...............................................................................................................................................................................

34,000,000

Special Accounts.........................................................................................................................................................................................

165,000,000

Agency for Toxic Substance and Disease Registry....................................................................................................................................

1,049,000,000

Expenses:
EPA expense ..............................................................................................................................................................................................

1,094,000,000

Other expenses ...........................................................................................................................................................................................

190,000,000

Total expenses ........................................................................................................................................................................................

1,284,000,000

Balance Sept. 30, 2016...................................................................................................................................................................................

$48,000,000

1
Reporting in this Superfund Trust Fund table is consistent with previously reported
presentations. However, the structure of this table may not accurately reflect the status of
this trust fund. As a result, this table may be revised in future reports and other resources
should be utilized for accurate trust fund reporting.
2
The start of year available balance has been revised from $282 million to $283 million
due to a reconciliation adjustment made in fiscal year 2015 that was not reported in the
previous table.

March 2017

3
In 2015, EPA implemented a Hazardous Substance Superfund Trust Fund Receipt
Account for Special Accounts. Settlement funds received by the agency may be placed in
EPA interest bearing special accounts to perform response actions at the site in
accordance with the supporting settlement agreement. These accounts are mandatory
accounts and are included in the “Other expenses” line.

TRUST FUNDS

Hazardous Substance Superfund
Expected Condition and Results of Operations, Fiscal Years 2017-2021 1, 2, 3, 4
[In millions of dollars. Source: EPA]

2017

2018

2019

2020

2021

106

107

108

110

Interest .........................................................................................................

Recoveries ...................................................................................................

Fines and penalties ......................................................................................

Taxes 2 .........................................................................................................

Special Accounts .........................................................................................

250

General revenues ........................................................................................

1,046

988

987

986

984

Total receipts ...........................................................................................

1,432

1,378

1,382

1,386

1,390

Appropriations 3................................................................................................

1,094

Other expenses 4 .............................................................................................

280

283

287

290

295

Balance Sept. 30..............................................................................................

106

107

108

110

111

Balance Oct. 1 .................................................................................................
Receipts:

Reporting in this Superfund Trust Fund table is consistent with previously reported
presentations. However, the structure of this table may not accurately reflect the status of
this trust fund. As a result, this table may be revised in future reports and other resources
should be utilized for accurate trust fund reporting.
2
Tax policy decisions have not been made as of January 25, 2017.

3
The Fiscal Year 2017 appropriation amount is estimated for the full year based upon the
Further Continuing and Security Assistance Appropriations Act (P.L.114-233). Fiscal years
2018 – 2021 appropriations amounts are straight-lined from fiscal year 2017 levels.
4

Other expenses include Special Accounts.

March 2017

TRUST FUNDS

INTRODUCTION: Highway Trust Fund
The Highway Trust Fund was established on the books
of the Treasury in fiscal year 1957, according to
provisions of the Highway Revenue Act of 1956 (Act of
June 29, 1956, chapter 462, section 209). It has been
amended and extended by various highway surface
transportation and other acts since 1959. The FAST Act
extends through September 30, 2020, the authority to make
expenditures from the Highway Trust Fund for authorized
purposes. After that date, expenditures from the Trust Fund
are authorized only to liquidate obligations made before that
date. Any other expenditure will cause the cessation of
deposits of highway-user taxes to the Trust Fund. [FAST
Act § 31101, 26 U.S.C. 9503].
Amounts equivalent to taxes on gasoline, diesel fuel,
special motor fuels, certain tires, heavy trucks and trailers,
and heavy vehicle use are designated by the Act to be
appropriated and transferred from the general fund of the
Treasury to Highway Account of the trust fund. These
transfers are made twice monthly based on estimates by the
Secretary of the Treasury, subject to later adjustments to
reflect the amount of actual tax receipts. Amounts available
in the fund exceeding outlay requirements are invested in
non-interest-bearing public debt securities.
The Highway Trust Fund’s Mass Transit Account is
funded by a portion of the excise tax collections under
sections 4041 and 4081 of the IRC (title 26 United States
Code). The funds from this account are used for
expenditures in accordance with chapter 53 of title 49
United States Code, the Intermodal Surface Transportation
Efficiency Act of 1991 (Public Law 102-240), the
Transportation Equity Act for the 21st Century (TEA-21),
SAFETEA-LU, Moving Ahead for Progress in the 21st

March 2017

Century Act (MAP-21) and as amended by Fixing America’s
Surface Transportation (FAST) Act. The remaining excise
taxes are included in a separate account within the trust
fund commonly referred to as the highway account.
Expenditures from this account are made according to the
provisions of various transportation acts.
Amounts required for outlays to carry out the eligible
surface transportation programs are made available to the
responsible operating administrations within the Department
of Transportation. Other charges to the trust fund are made
by the Secretary of the Treasury for transfer of certain taxes
to the Land and Water Conservation Fund and the Aquatic
Resources Trust Fund.
The Secretary of the Treasury, in consultation with the
Secretary of Transportation, is required to submit annual
reports to Congress by section 9602(a) of title 26 United
States Code. These reports cover the financial condition and
results of operations of the fund for the past fiscal year and
expected condition and operations during the next five fiscal
years.
In addition, the Secretary of the Treasury is required by
26 U.S.C. 9503(d)(7) to report to specified Congressional
Committees any estimate which he, in consultation with the
Secretary of Transportation, makes pursuant to 26 U.S.C.
9503(d)(1) or any determination which he makes pursuant to
26 U.S.C. 9503(d)(2). The congressional committees are the
Committee on Ways and Means of the House of
Representatives, the Committee on Finance of the Senate,
the Committees on the Budget of both Houses, the
Committee on Transportation and Infrastructure of the
House of Representatives, and the Committee on
Environment and Public Works of the Senate.

TRUST FUNDS

TABLE TF-6.—Highway Trust Fund
Results of Operations, Fiscal Year 2016
[Source: DOT]

Description

IRC section (26 United States Code)

Balance Oct. 1, 2015 ...........................................................................................................................................................................................
Receipts:
Excise taxes (transferred from general fund):
4081 ..........................................................................
Gasoline .......................................................................................................
4041 ..........................................................................
Diesel and special motor fuels .....................................................................
4071 ..........................................................................
Highway tires ................................................................................................
4051 ..........................................................................
Retail tax on trucks.......................................................................................
4481 ..........................................................................
Heavy vehicle use ........................................................................................
Total excise taxes ....................................................................................................................................................................................
Less refunds and tax credits (reimbursed to general fund):
Diesel fuel.....................................................................................................................................................................................................
Gasoline .......................................................................................................................................................................................................
Total refunds and tax credits....................................................................................................................................................................
Less transfers:
To Land and Water Conservation Fund.......................................................................................................................................................
To Aquatic Resources Trust Fund ...............................................................................................................................................................
To Airport and Airway Trust Fund ................................................................................................................................................................
Total transfers ..........................................................................................................................................................................................
Other income:
Fines and penalties ......................................................................................................................................................................................
Interest .........................................................................................................................................................................................................
Transfer from the General Fund 1 ................................................................................................................................................................
Total other income ...................................................................................................................................................................................
Net receipts ..........................................................................................................................................................................................
Expenses:
Federal Highway Administration:
Federal aid to highways ...............................................................................................................................................................................
Right-of-way revolving fund .........................................................................................................................................................................
Appalachian Development Highway System ...............................................................................................................................................
Other ............................................................................................................................................................................................................
Total .........................................................................................................................................................................................................
Federal Motor Carrier Safety Administration ...............................................................................................................................................
Federal Transit Administration .....................................................................................................................................................................
National Highway Traffic Safety Administration:
Operations and research .........................................................................................................................................................................
Highway traffic safety grants ....................................................................................................................................................................
National driver register .............................................................................................................................................................................
Total .....................................................................................................................................................................................................
Federal Railroad Administration ......................................................................................................................................................................
Other agencies .............................................................................................................................................................................................
Total expenses .........................................................................................................................................................................................
Balance Sept. 30, 2016........................................................................................................................................................................................

Transfer from General Fund of $70,000,000,000 per P.L. 114-94; transfer $100,000,000
from Leaking Underground Storage Tank Trust Fund per P.L. 114-94.

Amount
$11,909,748,626

26,137,754,943
10,260,122,506
478,090,440
4,265,611,187
1,187,832,325
42,329,411,402
1,000,000
429,254,000
675,056,543
1,105,310,543
119,512,749
123,866,853
70,100,000,000
70,343,379,602
111,567,480,461

43,421,077,419
25,449
-330,080
43,420,772,788
550,220,606
9,472,175,836
127,359,253
688,893,831
-39,029
816,214,056
169,925
54,259,553,211
$69,217,675,876

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

March 2017

TRUST FUNDS

Highway Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In billions of dollars. Source: DOT]

Combined Statement Highway and Mass Transit Accounts
2017

2018

2019

2020

2021

Excise taxes, net of refunds.......................................

Interest, net ................................................................

Total receipts .........................................................

Adjustments 1 .........................................................

Outlays ...........................................................................

Balance Sept. 30............................................................

Balance Oct. 1 ...............................................................
Receipts:

Mass Transit Account

Balance Oct. 1 ....................................................................

2017

2018

2019

2020

2021

4
5

Receipts:
Excise taxes, net of refunds............................................

Interest, net .....................................................................

Total receipts ..............................................................

Flex fund transfers ..........................................................

Adjustments 1 ..................................................................

Outlays ................................................................................

Balance Sept. 30.................................................................

Highway Account
2017

2018

2019

2020

2021

Excise taxes, net of refunds.................................................

Interest, net ..........................................................................

Total receipts ...................................................................

Flex fund transfers ...............................................................

-1

Adjustments 1 .......................................................................

Outlays .....................................................................................

Balance Sept. 30......................................................................

Unfunded authorizations (EOY)...............................................

Forty-eight-month revenue estimate........................................

147

148

150

151

152

Balance Oct. 1 .........................................................................
Receipts:

Assumes the revenues and spending levels prescribed in the Public Law 114-94.

March 2017

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

TRUST FUNDS

TABLE TF-6A.—Highway Trust Fund
The following information is released according to the
provisions of the Byrd Amendment [codified at 26 United
States Code 9503(d)] and represents data concerning the
Highway Trust Fund. The figure described as “unfunded
authorizations” is the latest estimate received from the DOT
for fiscal year 2016.

The 48-month revenue estimates for the highway and
mass transit accounts, respectively, include the latest
estimates received from Treasury’s Office of Tax Analysis
for excise taxes, net of refunds. They represent net highway
receipts for those periods beginning at the close of fiscal
year 2016.

Highway Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2018) ..............................................................................................................

less:
Cash balance (fiscal year 2018) .........................................................................................................................................................................................

Unfunded authorizations (fiscal year 2018) ........................................................................................................................................................................

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022) ............................................................................................................................

148

Mass Transit Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2018) ..............................................................................................................

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022) ............................................................................................................................

Assumes the revenues and spending levels prescribed in the Public Law 114-94.

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

March 2017

100

TRUST FUNDS

INTRODUCTION: Inland Waterways Trust Fund
The Inland Waterways Trust Fund was established by the
Treasury, pursuant to section 203 of the Inland Waterways
Revenue Act of 1978 (Public Law 95-502) and continued
pursuant to section 1405 of the Water Resources Development
Act of 1986 (Public Law 99-662, codified at 26 United States
Code 9506). Under 26 United States Code 9506(b), amounts
from taxes on fuel used in commercial transportation on
inland waterways, as determined by the Secretary of the
Treasury, are appropriated to the trust fund.
The Technical and Miscellaneous Revenue Act of 1988
(Public Law 100-647, approved November 10, 1988)
increased the tax each year, 1990 through 1995. The passage
of the Achieving a Better Life Experience Act (Public Law
113-295) in December 2014 increased the tax from 20 cents to
29 cents per gallon effective April 1, 2015. These amounts are
transferred quarterly from the general fund based on estimates
made by the Secretary, subject to adjustments in later transfers
to the amounts of actual tax receipts.

The Secretary of the Treasury invests in interest-bearing
obligations of the United States that portion of the trust fund,
in his judgment, not required to meet current withdrawals. The
interest on, and proceeds from, the sale or redemption of any
obligation held in the trust fund is credited to the trust fund.
The Inland Waterways Revenue Act of 1978 (Public Law
95-502) provides that amounts in the trust fund shall be
available as provided, by appropriations acts, for construction
and rehabilitation expenditures for navigation on the inland
and intracoastal waterways of the United States described in
33 United States Code 1804. Expenditures must be otherwise
authorized by law.
Annual reports to Congress are required by 26 United
States Code 9602(a) 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 five fiscal years.

TABLE TF-7.—Inland Waterways Trust Fund
Results of Operations, Fiscal Year 2016
[Source: Department of the Army Corps of Engineers]

$54,223,049
110,901,747
225,706
111,127,453
108,000,000
$57,350,502

Inland Waterways Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021 *
[In millions of dollars. Source: Department of the Army Corps of Engineers]

Balance Oct. 1.......................................................................................................
Receipts:
Fuel taxes ..........................................................................................................
Interest on investments 1...................................................................................
Total receipts .................................................................................................
Transfers:
Corps of Engineers ...........................................................................................
Balance Sept. 30 2 ................................................................................................

1
Interest on investments is projected to be $200,000/year based on Fiscal Year 2016
data, which rounds down to zero.
2
Fiscal Year 2017 ending balance reflects actual beginning balance of $57.35 million. plus
tax receipts of $106 million, plus $200,000, for a total of $54.33 million, which rounds to $55
million.

March 2017

2017

2018

2019

2020

2021

106
106

104
104

103
103

102
102

100
100

109
55

104
55

103
55

102
55

100
55

* Outyear projections are based on economic conditions and agencies’ best projections of
revenues and expenditures.

TRUST FUNDS

101

INTRODUCTION: Leaking Underground Storage Tank Trust Fund
The Leaking Underground Storage Tank (LUST) Trust
Fund was established in fiscal year 1981 according to
provisions of the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (Public Law 96-510,
codified at 26 United States Code 9508), as amended by the
Superfund Amendments and Re-authorization Act of 1986
(Public Law 99-499, dated October 17, 1986), sections 13163I
and 13242(d)(42) of the Omnibus Budget Reconciliation Act
of 1993 (Public Law 103-66, dated August 10, 1993), section
1033 of the Taxpayer Relief Act of 1997 (Public Law 105-34,
dated August 5, 1997), section 1362 of the Energy Policy Act
of 2005 (Public Law 109-058, dated August 8, 2005) section
141 (c) of the Surface and Air Transportation Programs
Extension Act of 2011 (Public Law 112-30, dated September
11, 2011), sections 40101(c) and 40201 of the Moving Ahead
for Progress in the 21st Century Act (Public Law 112-141,
dated July 6, 2012), sections 2001(c), 2002(b) and 2002(c) of
the Highway and Transportation Funding Act of 2014 (Public
Law 113-159, dated August 8, 2014), and section 31203 of the

Fixing America’s Surface Transportation (FAST) Act of
2015 (Public Law 114-94, dated December 4, 2015).
The LUST Trust Fund is financed by taxes collected on
gasoline, diesel fuels, special motor fuels, aviation fuels and
fuels used in commercial transportation on inland
waterways. Amounts available in the LUST Trust Fund,
exceeding current expenditure requirements, are invested by
the Secretary of the Treasury in interest-bearing Government
securities (e.g., Treasury bills). All interest earned is credited
directly to the LUST Trust Fund.
To carry out the LUST program, amounts are
appropriated for the LUST Trust Fund to the EPA for
programmatic and administrative expenses.
An annual report to Congress by the Secretary of the
Treasury is required by 26 United States Code 9602(a).
These reports present the financial condition of the LUST
Trust Fund and results of operations for the past fiscal year
and its expected condition and operations during the next 5
fiscal years.

March 2017

102

TRUST FUNDS

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund
Results of Operations, Fiscal Year 2016 1
[Source: EPA]

Balance Oct. 1, 2016 .....................................................................................................................................................................................
Receipts:
Taxes ..........................................................................................................................................................................................................
Interest........................................................................................................................................................................................................
Gross tax receipts ..................................................................................................................................................................................
Undisbursed balances:
Environmental Protection Agency Leaking Underground Storage Tank balances ...................................................................................
Total undisbursed balances ...................................................................................................................................................................
Expenses:
Environmental Protection Agency Leaking Underground Storage Tank expenses ..................................................................................
Other expenses ..........................................................................................................................................................................................
Total expenses .......................................................................................................................................................................................
Balance Sept. 30, 2016 ..................................................................................................................................................................................

$450,000,000
202,000,000
1,000,000
203,000,000
92,000,000
100,000,000
192,000,000
$461,000,000

Reporting in this trust fund table is consistent with previously reported presentations.
However, the structure of this table may not accurately reflect the status of this trust fund.
As a result, this table may be revised in future reports and other resources should be
utilized for accurate trust fund reporting.

Leaking Underground Storage Tank Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021 1, 2
[In millions of dollars. Source: EPA]

Balance Oct. 1.................................................................................................................
Receipts:
Taxes 3 ........................................................................................................................
Interest 3 ......................................................................................................................
Total receipts ...........................................................................................................
Appropriations .................................................................................................................
Other Expenses ..............................................................................................................
Balance Sept. 30 .............................................................................................................

1
Reporting in this trust fund table is consistent with previously reported presentations.
However, the structure of this table may not accurately reflect the status of the trust fund.
As a result, this table may be revised in future reports and other resources should be
utilized for accurate trust fund reporting.

March 2017

2017

2018

2019

2020

2021

461

483

507

634

763

213
1
214
92
100
483

215
1
216
92
100
507

218
1
219
92

220
1
221
92

221
1
222
92

634

763

893

Fiscal Year 2017 appropriation amount is estimated for the full year based upon the
Further Continuing and Security Assistance Appropriations Act (P.L. 114-223). Fiscal
years 2018 – 2021 the appropriations amounts are straight-lined from fiscal year 2017
levels.
3
Taxes and interest are estimated.

TRUST FUNDS

103

INTRODUCTION: Nuclear Waste Fund
The Nuclear Waste Fund was established on the books of
the Treasury in fiscal year 1983, according to section 302 of
the Nuclear Waste Policy Act of 1982 [Public Law 97-425,
codified at 42 United States Code 10222I]. Receipts
represent fees collected from public utilities based on
electricity generated by nuclear power reactors and spent
nuclear fuel, receipts from sale of asset, and Interest on
investment. Expenditures from the fund are for purposes of
radioactive waste disposal activities.
Amounts available in the fund exceeding 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. The interest rates
take into consideration the current average market yield on
outstanding marketable obligations of the United States with
remaining periods to maturity comparable to the maturities
of such investments, except 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 of the
Treasury, after consultation with the Secretary of the
Department of Energy (DOE), is required by 42 United
States Code 10222(e)(1). This report must present the
financial condition and the results of operations of the waste
fund during the preceding fiscal year.

TABLE TF-9.—Nuclear Waste Fund
Results of Operations, Fiscal Year 2016
[Source: DOE]

Balance Oct. 1, 2014 ...........................................................................................................................................................................................

$6,890,871

Receipts:
Fees Collected .................................................................................................................................................................................................

301,950,742

Sale of asset at Yucca Mountain .....................................................................................................................................................................

15,845

Penalties and interest on fee payments...........................................................................................................................................................

Interest on investments ....................................................................................................................................................................................

1,432,583,518

1,734,550,105

Nonexpenditure transfers:
SF-1151 transfers in (+) ...................................................................................................................................................................................

SF-1151 transfers out (-)..................................................................................................................................................................................

-3,600,000

Net nonexpenditure transfers.......................................................................................................................................................................

-3,600,000

Outlays:
DOE radioactive waste disposal activities .......................................................................................................................................................

2,156,330

Cost investments..............................................................................................................................................................................................

1,733,769,385

Total outlays .................................................................................................................................................................................................

1,735,925,715

Balance Sept. 30, 2015........................................................................................................................................................................................

$1,915,261

March 2017

104

TRUST FUNDS

CHARTS TF-A and B.—Major Trust Funds
[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various
Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.]

March 2017

TRUST FUNDS

105

INTRODUCTION: Reforestation Trust Fund
The Reforestation Trust Fund was established on the
books of the Treasury in fiscal year 1981 to continue
through September 30, 1985, according to provisions of
Title III—Reforestation, of the Recreational Boating Safety
and Facilities Improvement Act of 1980 [Public Law 96451, codified at 16 United States Code 1606a(a)].
The act provides that the Secretary of the Treasury shall
transfer to the trust fund tariffs, limited to not more than $30
million for any fiscal year, received in the Treasury from
October 1, 1979, through September 30, 1985, on (1) rough
and primary wood products and wood waste; (2) lumber,
flooring and moldings; and (3) wood veneers, plywood,
other wood-veneer assemblies and building boards. Public
Law 99-190, title II, 99 Statutes at Large 1245, extended the
receipts for the trust fund. Amounts available in the
reforestation trust fund exceeding current withdrawals are
invested in interest-bearing obligations of the United States

or in obligations guaranteed as to both principal and interest
by the United States. The interest on, and the proceeds from
the sale or redemption of, any obligations are credited to the
trust fund.
The Secretary of the Department of Agriculture is
authorized to obligate available sums in the trust fund
(including any amounts not obligated in previous years) for
(1) reforestation and timber stand improvement and (2)
administrative costs of the Government for these activities.
Annual reports are required by 16 United States Code
1606aI (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
trust fund during the past fiscal year and on its expected
condition and operations during the next fiscal year.

TABLE TF-10.—Reforestation Trust Fund
Results of Operations, Fiscal Year 2016
[Source: Department of Agriculture]

$7,068,176

Receipts:
Excise taxes (tariffs) .........................................................................................................................................................................................

30,000,000

Redemption of investment ...............................................................................................................................................................................

30,000,000

Expenses:
Expenditure ......................................................................................................................................................................................................

30,582,197

Total expenses .............................................................................................................................................................................................

30,582,197

Adjustment ...........................................................................................................................................................................................................

Balance Sept. 30, 2016........................................................................................................................................................................................

$6,485,979

1 Minor

difference to beginning balance due to rounding.

Reforestation Trust Fund
Expected Condition and Results of Operations, Fiscal Year 2017
[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1 .....................................................................................................................................................................................................

6,486

30,000

Redemption of investment ..............................................................................................................................................................................

30,000

Outlays ................................................................................................................................................................................................................

30,366

Balance Sept. 30 .................................................................................................................................................................................................

6,120

March 2017

TRUST FUNDS

106

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund
The Aquatic Resources Trust Fund (ARTF) was
established on the books of the Treasury pursuant to the
Deficit Reduction Act of 1984 [Public Law 98-369, division
A, title X, section 1016(a), approved July 18, 1984]. The
ARTF was restructured and renamed the Sport Fish
Restoration and Boating Trust Fund by the Safe,
Accountable, Flexible, Efficient Transportation Equity Act:
A Legacy for Users or “SAFETEA-LU” [Public Law 10959, title XI, subtitle B, part 2, section 11115, approved
August 10, 2005,] as amended by the Sportfishing and
Recreational Boating Safety Amendments Act of 2005
[Public Law 109-74, approved September 29, 2005].
Section 3 of the Dingell-Johnson Sport Fish Restoration
Act, 16 United States Code 777, provides authorization of
appropriations to the states to carry out the provisions of the
act, and Section 4 provides the division of the remaining
annual appropriation not authorized in Section 3.
SAFETEA-LU comprehensively amended Section 3 and
reauthorized the Sport Fish Restoration Program (for fiscal
years 2006-2009) to permanently appropriate boating safety
funds; to modify distribution of funds whereby all accounts
receive a fixed percentage of the total fund annually; and to
modify the excise tax on certain sport fishing equipment.
From October 1, 2010, through June 30, 2012, the authority
for SAFETEA-LU was extended via several public laws. In
June 2012, Public Law 112-141, Moving Ahead for Progress
in the 21st Century Act (MAP-21), established new authority
for Section 4 through September 30, 2014. From October 1,
2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4,
2015, Public Law 114-94, Fixing America's Surface

March 2017

Transportation (FAST) Act, Sec. 10001, amended Section 3
and Section 4 to provide the division of appropriations for
each of the Fiscal Years 2016 thru 2021.
Effective October 1, 2005, motorboat fuel taxes (less $1
million transferred to the Land and Water Conservation
Fund) and small engine gasoline taxes [pursuant to the
Omnibus Budget Reconciliation Act of 1990, Public Law
101-508, title XI, sections 11211(i)(2) and (3)] were
transferred from the Highway Trust Fund to the Sport Fish
Restoration and Boating Trust Fund. In addition, amounts
equivalent to the excise taxes received on sport fishing
equipment and import duties on fishing tackle, yachts, and
pleasure craft are appropriated into the fund.
Amounts in the trust fund are used, as provided by
appropriation acts, for the purposes of carrying out the
Dingell-Johnson Sport Fish Restoration Act, approved
August 9, 1950; Section 7404(d) of the Transportation
Equity Act for the 21st Century; and the Coastal Wetlands
Planning, Protection and Restoration Act (each as in effect
on the date of enactment of the FAST Act).
The general provisions of 26 United States Code 9602(b)
are responsible for making amounts available in the fund
exceeding outlay requirements to be invested in public debt
securities with the interest credited to the fund.
As required by 26 United States Code 9602(a), annual
reports to Congress must be submitted by the Secretary of
the Treasury. These reports will cover the financial condition
and results of operations of the fund during the past fiscal
year and those expected during the next five fiscal years.

TRUST FUNDS

107

TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund
Sport Fish Restoration Results of Operations, Fiscal Year 2016
[Source: Department of the Interior]

$1,956,350,854

Revenue:
Tax revenue:
Gas, motorboat ..............................................................................................................................................................................................
Fish equipment...............................................................................................................................................................................................
Tackle boxes ..................................................................................................................................................................................................
Rods and poles ..............................................................................................................................................................................................
Electronic outboard motors ............................................................................................................................................................................
Customs/import duties ...................................................................................................................................................................................
Gas, motorboat small engines .......................................................................................................................................................................
Total, tax revenue ......................................................................................................................................................................................

309,498,000
107,632,575
1,374,499
19,086,999
3,838,317
55,889,170
119,756,000
617,075,561

Investment revenue:
12,579,690

Interest on investments (accrual basis) .........................................................................................................................................................
Loss on sale of securities ...............................................................................................................................................................................
Total, investment revenue..........................................................................................................................................................................
Total revenue .............................................................................................................................................................................................
Nonexpenditure appropriations:
Interior ............................................................................................................................................................................................................
Interior (U.S. Coast Guard) ............................................................................................................................................................................
Interior (Corps of Engineers)..........................................................................................................................................................................
Total appropriations ...................................................................................................................................................................................
Balance Sept. 30, 2016 ..........................................................................................................................................................................................

12,579,690
629,655,251
-466,500,000
-114,000,000
-81,162,054
-661,662,054
$1,924,344,051

Sport Fish Restoration and Boating Trust Fund
Sport Fish Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In thousands of dollars. Source: Department of the Interior]

Balance Oct. 1 .....................................................................................
Receipts/revenue:
Taxes ............................................................................................
Interest ..........................................................................................
Transfers .......................................................................................
Total receipts ............................................................................
Expenses:
Expenses/transfers .......................................................................
Total expenses..........................................................................
Balance Sept. 30...............................................................................

2017

2018

2019

2020

2021

1,924,344,051

1,924,320,900

1,924,326,702

1,924,330,736

1,924,334,752

595,000
9,590
604,590

600,000
10,392
610,392

604,000
10,426
614,426

608,000
10,442
618,442

613,000
10,531
623,531

627,741
627,741
1,924,320,900

604,590
604,590
1,924,326,702

610,392
610,392
1,924,330,736

614,426
614,426
1,924,334,752

618,442
618,442
1,924,339,841

March 2017

108

TRUST FUNDS

INTRODUCTION: Oil Spill Liability Trust Fund
The Oil Spill Liability Trust Fund was established on the
books of the Treasury by section 8033 of the Omnibus Budget
Reconciliation Act of 1986 (Public Law 99-509). It was made
effective on January 1, 1990, by section 7811(m)(3) of the
Omnibus Budget Reconciliation Act of 1989 (Public Law
101-239) and amended by section 9001of the Oil Pollution
Act of 1990 (Public Law 101-380). The Energy Improvement
and Extension Act of 2008 (Public Law 110-343) increased
the barrel tax on petroleum from five cents per barrel to eight
cents from 2009 through 2016, and to nine cents in 2017. The
act also repeals the requirement that the tax be suspended
when the unobligated balance exceeds $2.7 billion.
Amounts equivalent to the taxes received from the
environmental tax on petroleum, but only to the extent of the
Oil Spill Liability Trust Fund rate, are appropriated to the
fund.
Certain amounts were transferred from other funds and
were appropriated to the Oil Spill Liability Trust Fund as

March 2017

provided by 26 United States Code 9509(b). Certain paid
penalties and amounts recovered for damages are also
appropriated to the fund.
Amounts in the fund are available for oil spill cleanup
costs and certain other related purposes as provided by
appropriations acts or section 6002(b) of the Oil Pollution Act
of 1990 (Public Law 101-380).
When the provisions of 26 United States Code 9602(b) are
met, amounts available in the fund exceeding outlay
requirements are invested in public debt securities. Interest is
credited to the fund.
Annual reports to Congress, required by 26 United States
Code 9602(a), are submitted by the Secretary of the Treasury.
These reports are required to cover the financial condition and
results of operations of the fund during the past fiscal year and
those expected during the next five fiscal years.

TRUST FUNDS

109

TABLE TF-12.—Oil Spill Liability Trust Fund
Results of Operations, Fiscal Year 2016
[Source: Bureau of the Fiscal Service, Funds Management Branch]

$4,319,537,124

Revenue:
Drawback claims ........................................................................................................................................................................................................
Return of Funds—DOT ..............................................................................................................................................................................................
Return of Funds—USCG ...........................................................................................................................................................................................
Cost recoveries ..........................................................................................................................................................................................................
Fines and penalties ....................................................................................................................................................................................................

-22,623,075
148,066
75,330,306
46,765,892
173,491,500
530,915,740

Excise taxes on crude oil/petroleum products ...........................................................................................................................................................

804,028,429

Net revenue before interest ...................................................................................................................................................................................
Investment income:
Interest on investments ..............................................................................................................................................................................................

28,460,169
-

Realized gain .............................................................................................................................................................................................................
Total investment income ........................................................................................................................................................................................

28,460,169

Total revenue .........................................................................................................................................................................................................
Expenditures:
Treasury administrative expense—Fiscal Service ....................................................................................................................................................
Nonexpenditure transfers:
Transfer to Denali commission ..................................................................................................................................................................................
Transfer to Interior......................................................................................................................................................................................................
Transfer to EPA..........................................................................................................................................................................................................
Transfer to PHMSA ....................................................................................................................................................................................................
Transfer to U.S. Coast Guard-70X8312 (claims).......................................................................................................................................................
Transfer to U.S. Coast Guard-70X8349 (Emer Fund) ...............................................................................................................................................

832,488,598
-127,749

Transfer to U.S. Coast Guard-annual (earmarked) ...................................................................................................................................................

-6,223,410
-14,899,000
-18,209,000
-22,573,000
-6,990,112
-40,735,532
-45,000,000

Total nonexpenditure transfers ..............................................................................................................................................................................

-154,630,054

Total expenditure/nonexpenditure transfers ..........................................................................................................................................................

-154,757,803

Balance Sept. 30, 2016..................................................................................................................................................................................................

$4,997,267,919

The Balances as of October 1, 2015, and September 30, 2016, tie to the published
financial statements by Treasury/FMB and are posted at:
http://www.federalinvestments.gov/govt/reports/ tfmp/oilspill/oilspill.htm.

Oil Spill Liability Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In millions of dollars. Source: Department of Homeland Security]

2017

2018

2019

2020

2021

Balance Oct. 1 ...............................................................................................

4,997

5,665

6,397

6,995

7,608

Estimated receipts .........................................................................................
Estimated expenses ......................................................................................

865
197

929
197

795
197

810
197

819
197

Balance Sept. 30............................................................................................

5,665

6,397

6,995

7,608

8,230

March 2017

110

TRUST FUNDS

INTRODUCTION: Vaccine Injury Compensation Trust Fund
The Vaccine Injury Compensation Trust Fund was created
on the books of the Treasury by Section 9202 of the Revenue
Act of 1987 (Public Law 100-203, approved December 22,
1987). Excise taxes on diphtheria, pertussis, tetanus, measles,
mumps, rubella, polio, hepatitis B, haemophilus influenza type
b, varicella, rotavirus, pneumococcal conjugate, hepatitis A,
meningococcal, human papillomavirus, and seasonal influenza
vaccines (26 United States Code 4131), are appropriated into
the trust fund, which is the source of funds to pay

compensation awards for a vaccine-related injury or death
occurring after October 1, 1988, as well as program
administrative expenses.
Annual reports to Congress, required by 26 United States
Code 9602(a), are submitted by the Secretary of the
Treasury. These reports are required to cover the financial
condition and results of operations of the fund during the past
fiscal year and those expected during the next five fiscal
years.

TABLE TF-13.—Vaccine Injury Compensation Trust Fund
Results of Operations, Fiscal Year 2016
[Source: Department of the Treasury]

$3,611,617,144

290,925,707
55,071,625
4,216,659
350,213,991
5,184,368
8,631,515
13,815,883
260,378,723
274,194,606
$3,687,636,529

Balance for September 30, 2016: Balance does not tie to the 3310 ending balance in the
September 30, 2016, published financial statement. The equity balance is not affected
throughout the entire fiscal year but changes after adjusting/closing entries are made at the
beginning of the following fiscal year. The balance shown here for September 30, 2016, reflects
the net activity for fiscal year 2016 and adjusting/closing entries made in October 2016.

Vaccine Injury Compensation Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In thousands of dollars. Source: Department of Health and Human Services]

Balance Oct. 1 ......................................................................................................
Receipts (from tax) ...............................................................................................
Interest on investments.....................................................................................
Total receipts ................................................................................................
Outlays:
U.S. Court of Federal Claims expenses ...........................................................
U.S. Department of Justice expenses ..............................................................
Subtotal outlays ................................................................................................
Nonexpenditure transfers:
HRSA ................................................................................................................
Total outlays/transfers ..................................................................................
Balance Sept. 30...................................................................................................

March 2017

2017

2018

2019

2020

2021

3,687,636
299,653
56,723
356,376

3,762,008
308,642
58,425
367,067

3,839,025
317,902
60,178
378,079

3,918,767
327,439
61,983
389,422

4,001,316
337,262
63,842
401,104

5,184
8,631
13,815

268,189
282,004
3,762,008

276,235
290,050
3,839,025

284,522
298,337
3,918,767

293,058
306,873
4,001,316

301,849
315,664
4,086,755

TRUST FUNDS

111

INTRODUCTION: Wool Research, Development,
and Promotion Trust Fund
The Wool Research, Development, and Promotion Trust
Fund was established in fiscal year 2000 with a sunset
provision effective January, 1, 2004, according to provisions
of the Trade and Development Act of 2000 (Public Law
106-200, signed May 18, 2000). The Trade Act of 2002
(Public Law 107-210, signed August 6, 2002) extended the
sunset provision to January 1, 2006. The Miscellaneous
Trade and Technical Corrections Act of 2004 (Public Law
108-429, signed December 3, 2004) extended the sunset
provision to 2008. The Pension Protection Act of 2006
(Public Law 109-280, signed August 17, 2006) extended the
sunset provision to 2010. The Emergency Economic
Stabilization Act of 2008 (Public Law 110-343, signed
October 3, 2008) extended the sunset provision to 2015. The
Agriculture Act of 2014 (Public Law 113-79, signed
February 7, 2014) extended the sunset provision to 2019.
The Act provides that the Secretary of the Treasury shall
transfer to the trust fund out of the general fund of the U.S.
Treasury amounts determined to be equivalent to the duty
received on articles under chapters 51 and 52 of the

Harmonized Tariff Schedule of the United States. The
amount to be transferred is limited to $2,250,000 in any
fiscal year and may be invested in U.S. Treasury securities.
The Secretary of Agriculture is authorized to provide grants
to a nationally recognized council established for the
development of the United States wool market for the
following purposes:
 Assist United States wool producers in improving
the quality of wool and wool production methods for wool
produced in the United States.
 Disseminate information on improvements to United
States wool producers.
 Assist United States wool producers in developing
and promoting the wool market.
Annual reports to Congress are required on the financial
condition and the results of the operations of the trust fund
during the past fiscal year and on its expected condition and
operations during the next fiscal year.

March 2017

TRUST FUNDS

112

TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund
Results of Operations, Fiscal Year 2016
[In thousands of dollars. Source: Department of Agriculture]

Receipts:
Harmonized tariff ...................................................................................................................................................................................................

2,250

Sequestration return fiscal year 2015 ...................................................................................................................................................................

162

Sequestration ........................................................................................................................................................................................................

-164

2,248

Total expenses ..................................................................................................................................................................................................

2,248

Wool Research, Development, and Promotion Trust Fund
Expected Condition and Results of Operations, Fiscal Year 2017
[In thousands of dollars. Source: Department of Agriculture]

2,250

Sequestration return fiscal year 16 .......................................................................................................................................................................

153

-155

2,248

Total expenses ..................................................................................................................................................................................................

2,248

March 2017

TRUST FUNDS

113

INTRODUCTION: Agriculture Disaster Relief Trust Fund
The Food, Conservation, and Energy Act of 2008, P.L.
110-246, authorized the implementation of the Supplemental
Agricultural Disaster Assistance Program under Sections
12033 and 15001. The Taxpayer Relief Act of 2012
provided authority for discretionary funds to be used to
execute several of the disaster programs for fiscal year 2013,
but no funds were appropriated. Using funds from the
Agricultural Disaster Relief Trust Fund, established under
section 902 of the Trade Act of 1974, the program is
administered by the USDA Farm Service Agency (FSA).
Funds from the Agricultural Disaster Relief Trust Fund
were used to make payments to farmers and ranchers under
the following five disaster assistance programs:
Supplemental Revenue Assistance Payments (SURE)
Program; Livestock Forage Disaster Program (LFP);
Livestock Indemnity Program (LIP); Tree Assistance

Program (TAP); and Emergency Assistance for Livestock,
Honey Bees, and Farm-Raised Fish (ELAP) Program.
Fiscal Year 2016 obligations, including adjustments to
prior year obligations, totaled $1,122,050. Total outlays
were $1,540,604 including outlays from prior year
obligations, as shown in the table below. In 2016, the
amount of customs receipts credited to the Agricultural
Disaster Relief Trust Fund receipt account totaled $72,531.
The outlays reported in fiscal year 2016 are due to residual
payments, corrections, and/or appeals to obligations incurred
for crop years 2008 – 2011.
The Agriculture Act of 2014 shifted the funding
authority for disaster programs from the Agricultural
Disaster Relief Trust Fund to USDA’s Commodity Credit
Corporation.

TABLE TF-15.—Agriculture Disaster Relief Trust Fund
Results of Operations, Fiscal Year 2016
[In thousands of dollars. Source: Department of Agriculture]

Cumulative debt, start of year ..................................................................................................................................................................................

$2,634,089

Borrowing authority .............................................................................................................................................................................................
Repayment of debt ...............................................................................................................................................................................................
Cumulative debt, end of year ...................................................................................................................................................................................

-22,067
2,612,022

Budgetary resources:
Borrowing Authority .............................................................................................................................................................................................
Mandatory appropriation......................................................................................................................................................................................
Other offsetting collections ..................................................................................................................................................................................
Total budgetary resources ..............................................................................................................................................................................

73
16,798

Obligated balance, Oct. 1, 2015 ..............................................................................................................................................................................

22,325

Fiscal Year 2016 obligations ....................................................................................................................................................................................

1,122

Outlays:
Supplemental Revenue Assistance Payments Program .....................................................................................................................................
Livestock Forage Disaster Program ....................................................................................................................................................................
Livestock Indemnity Program...............................................................................................................................................................................
Tree Assistance Program ....................................................................................................................................................................................
Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program .........................................................................................
Total outlays .....................................................................................................................................................................................................

1,343
167
22
9
1,541

Recoveries of Prior Year Obligations
Obligated balance, Sept. 30, 2016...........................................................................................................................................................................

-21,124
$782

March 2017

TRUST FUNDS

114

Agriculture Disaster Relief Trust Fund Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2017-2021
[In thousands of dollars. Source: Department of Agriculture ]

2017

2018

2019

2020

2021

Cumulative debt, start of year .............................................................................

2,612,021

Borrowing authority .........................................................................................

Repayment of debt 1 .......................................................................................

Cumulative debt, end of year ..............................................................................

2,612,021

Budgetary Resources:
Borrowing authority ........................................................................................

Mandatory appropriations ...............................................................................

Other offsetting collections .............................................................................

Total budgetary resources ..........................................................................

Obligated balance, Oct. 1 ...................................................................................

782

282

New obligations ...................................................................................................

2,000

Supplemental revenue assistance payments program .................................

2,000

500

200

Total outlays................................................................................................

2,000

500

200

Obligated balance, Sept. 30 ..........................................................................

782

282

Recoveries of prior year obligations
Outlays:

Requires congressional authority to write off debt or appropriations action to repay debt.

March 2017

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

TRUST FUNDS

115

INTRODUCTION: Patient Centered Outcomes Research Trust Fund
The Patient Centered Outcomes Research Trust Fund
(PCORTF) was created on the books of the Treasury by
section 9511 of the Internal Revenue Act of 1986 (Public
Law 111-148, 124 STAT 742, approved March 23, 2010).
General fund appropriations, transfers from the Federal
Hospital Insurance Trust Fund and the Federal
Supplementary Medical Insurance Trust Fund, and Fees
related to health insurance and self-insurance plans are
appropriated into the trust fund until fiscal year 2019. These
appropriations are the source of funds for the established
nonprofit corporation known as the “Patient-Centered
Outcomes Research Institute” which is neither an agency nor
establishment of the United States Government.
For fiscal year 2010, and each subsequent fiscal year to
2019, amounts in the PCORTF are available without further
appropriation, to the Institute to carry out clinical
effectiveness research. The purpose of the Institute is to
assist patients, clinicians, purchasers, and policy makers in
making informed health decisions by advancing the quality
and relevance of evidence concerning the manner in which
diseases, disorders, and other health conditions can
effectively, and appropriately be prevented, diagnosed,
treated, monitored, and managed through research and
evidence synthesis that considers variations in patient
subpopulations, and the dissemination of research findings
with respect to the relative health outcomes, clinical

effectiveness, and appropriateness of the medical treatments,
and services.
Twenty percent of the amounts appropriated or credited
to the PCORTF shall be transferred for each of the fiscal
years 2011 through 2019 to the Secretary of Health and
Human Services to carry out section 937 of the Public
Health Services Act. Of the amounts transferred, with
respect to a fiscal year, the Secretary of Health and Human
Services shall distribute:
 80 percent to the Office of Communication and
Knowledge Transfer of the Agency for Healthcare Research
and Quality to carry out activities described in section 937 of
the Public Health Services Act, and
 20 percent to the Secretary to carry out the activities
described in section 937.
No amounts shall be available for expenditure from the
PCORTF after September 30, 2019, and any amounts
remaining in the trust fund after such date shall be
transferred to the general fund of the Treasury.
Annual reports to Congress, required by 26 United States
Code 9602(a), are submitted by the Secretary of the
Treasury. These reports are required to cover the financial
condition and results of operations of the fund during the
past fiscal year and those expected during the next five fiscal
years.

TABLE TF-16.—Patient Centered Outcomes Research Trust Fund
Results of Operations, Fiscal Year 2016
[Source: Bureau of the Fiscal Service]

$805,039,956

Receipts:
General Fund Appropriation.................................................................................................................................................................................
Transfers from FHI and FSMI ..............................................................................................................................................................................
IRS Health Insurance Fees ..................................................................................................................................................................................
Interest on Investments........................................................................................................................................................................................
Total receipts ....................................................................................................................................................................................................

150,000,000
123,373,000
315,388,362
1,726,283
590,487,645

Expenditure appropriations:
Transfers to PCORI..............................................................................................................................................................................................
Transfers to HHS .................................................................................................................................................................................................
Total outlays .....................................................................................................................................................................................................

-354,050,000
-116,848,342
-470,898,342

Balance Sept. 30, 2016 1 .........................................................................................................................................................................................

$924,629,258

Balance September 30, 2016: Balance does not tie to the 3310 ending balance in the
September 30, 2016, published financial statement. The equity balance is not affected
throughout the entire fiscal year but changes after adjusting/closing entries are made at the
beginning of the following fiscal year. The balance shown here for September 20, 2016,
reflects the net activity for fiscal year 2016 and adjusting/closing entries made in October
2016.

March 2017

TRUST FUNDS

116

Patient Centered Outcomes Research Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2016-2019
[In thousands of dollars. Source: Bureau of the Fiscal Service]

2017

2018

2019

2020

924,629

43,000

General Fund Appropriation ...................................................................................

150,000

Transfers from FHI and FSMI .................................................................................

131,000

142,000

157,000

IRS Health Insurance Fees.....................................................................................

334,000

350,000

371,000

Interest on Investments ..........................................................................................

3,000

Total receipts .....................................................................................................

618,000

645,000

678,000

Transfers to PCORI ...............................................................................................

-1,376,629

-550,000

-542,000

Transfers to HHS ...................................................................................................

-123,000

-138,000

-136,000

Total outlays.......................................................................................................

-1,499,629

-688,000

-678,000

Balance Sept. 30....................................................................................................

43,000

Balance Oct. 1 ...........................................................................................................

Receipts:

Expenditure appropriations:

March 2017

117

Research Paper Series
Available through the Office of the Assistant Secretary for Economic Policy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.
9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and
John S. Greenlees. December 1990.
9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly
D. Zieschang. August 1990.
9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert
Gillingham, and John S. Greenlees. February 1991.
9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.
9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.
9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.
9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.
9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”
Michael Cayton. February 1993.
9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees.
April 1993.
9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John
S. Greenlees. Revised April 1995.
9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert
Gillingham, and John S. Greenlees. November 1995.
9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,
Robert Gillingham, and John S. Greenlees. January 1997.
9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John
Navratil. December 1997.
2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D.
Worth. May 2001.
2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and
Christopher J. Soares. June 2001.

March 2017

118

RESEARCH PAPER SERIES

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J.
Soares and Mark Warshawsky. January 2003.
2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and
Ralph M. Monaco. January 2005.
2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005.
2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest
Rate.” James A. Girola. March 2006.
2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham,
and John S. Greenlees. December 2006.
2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel.
June 2007.
2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security
Trust Fund?” Randall P. Mariger. December 2008.
2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger.
December 2008.

Copies may be obtained by writing to:
Ann Bailey, Department of the Treasury
1500 Pennsylvania Ave., NW., Room 4409 MT
Washington, DC 20220
Telephone (202) 622-1519 or fax (202) 622-4112

March 2017

119

Glossary
With References to Applicable Sections and Tables
Source: Bureau of the Fiscal Service

Amounts outstanding and in circulation (USCC)—Includes
all issues by the Bureau of the Mint purposely intended as a
medium of exchange. Coins sold by the Bureau of the Mint at
premium prices are excluded; however, uncirculated coin sets
sold at face value plus handling charge are included.
Average discount rate (PDO-1, -2)—In Treasury bill auctions,
purchasers tender competitive bids on a discount rate basis.
The average discount rate is the weighted, or adjusted,
average of all bids accepted in the auction.
Budget authority (“Federal Fiscal Operations”)—Congress
passes laws giving budget authority to Government entities,
which gives the agencies the power to spend Federal funds.
Congress can stipulate various criteria for the spending of
these funds. For example, Congress can stipulate that a given
agency must spend within a specific year, number of years, or
any time in the future.

Second Liberty Loan Act of 1917, the nature of the limitation
was modified until, in 1941, it developed into an overall limit
on the outstanding Federal debt.
Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget
Act of 2015, Public Law 114-74, the Statutory Debt Limit has
been suspended through March 15, 2017.
Discount—The interest deducted in advance when purchasing
notes or bonds. (See Accrued discount.)
Discount rate (PDO-1)—The difference between par value
and the actual purchase price paid, annualized over a 360-day
year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison
with coupon issue securities.
Dollar coins (USCC)—Include standard silver and nonsilver
coins.

The basic forms of budget authority are appropriations,
authority to borrow, contract authority, and authority to
obligate and expend offsetting receipts and collections. The
period of time during which Congress makes funds available
may be specified as 1-year, multiple-year, or no-year. The
available amount may be classified as either definite or
indefinite; a specific amount or an unspecified amount can
be made available. Authority also may be classified as
current or permanent. Permanent authority requires no
current action by Congress.

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to
the Resolution Funding Corporation (RFC) for investment of
funds authorized under section 21B of the Federal Home Loan
Bank Act (12 United States Code 1441b).

Budget deficit—The total, cumulative amount by which
budget outlays (spending) exceed budget receipts (income).

Federal Reserve notes (USCC)—Issues by the U.S.
Government to the public through the Federal Reserve banks
and their member banks. They represent money owed by the
Government to the public. Currently, the item “Federal
Reserve notes—amounts outstanding” consists of new series
issues. The Federal Reserve note is the only class of currency
currently issued.

Cash management bills (PDO-1)—Marketable Treasury
bills of irregular maturity lengths, sold periodically to fund
short-term cash needs of Treasury. Their sale, having higher
minimum and multiple purchase requirements than those of
other issues, is generally restricted to competitive bidders.
Competitive tenders (“Treasury Financing Operations”)—
A bid to purchase a stated amount of one issue of Treasury
securities at a specified yield or discount. The bid is accepted
if it is within the range accepted in the auction. (See
Noncompetitive tenders.)
Currency no longer issued (USCC)—Old and new series
gold and silver certificates, Federal Reserve notes, national
bank notes, and 1890 Series Treasury notes.
Debt outstanding subject to limitation (FD-6)—The debt
incurred by the Treasury subject to the statutory limit set by
Congress. Until World War I, a specific amount of debt was
authorized to each separate security issue. Beginning with the

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and
receipts both occur within the same Federal fund group
(Federal funds or trust funds).

Foreign-targeted issue (PDO-2)—Foreign-targeted issues
were notes sold between October 1984 and February 1986 to
foreign institutions, foreign branches of U.S. institutions,
foreign central banks or monetary authorities, or to
international organizations in which the United States held
membership. Sold as companion issues, they could be
converted to domestic (normal) Treasury notes with the same
maturity and interest rates. Interest was paid annually.
Government account series (FD-2)—Certain trust fund
statutes require the Secretary of the Treasury to apply monies
held by these funds toward the issuance of nonmarketable
special securities. These securities are sold directly by
Treasury to a specific Government agency, trust fund, or
account. Their rate is based on an average of market yields on

March 2017

120

GLOSSARY

outstanding Treasury obligations, and they may be redeemed
at the option of the holder. Roughly 80 percent of these are
issued to five holders: the Federal Old-Age and Survivors
Insurance Trust Fund; the civil service retirement and
disability fund; the Federal Hospital Insurance Trust Fund; the
military retirement fund; and the Unemployment Trust Fund.
Interfund transactions (“Federal Fiscal Operations”)—
Transactions in which payments are made from one fund
group (either Federal funds or trust funds) to a receipt account
in another group.
International Monetary Fund transactions (“Exchange
Stabilization Fund”, ESF-1)—(IMF) Established by the
United Nations, the IMF promotes international trade, stability
of exchange, and monetary cooperation. Members are allowed
to draw from the fund.
Intrabudgetary transactions (“Federal Fiscal Operations”)—
These occur when payment and receipt both occur within the
budget, or when payment is made from off-budget Federal
entities whose budget authority and outlays are excluded from
the budget totals.
Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par
amount of securities at the highest yield or discount rate
awarded to competitive bidders for a single-price auction.
Obligations (“Federal Fiscal Operations”)—An unpaid
commitment to acquire goods or services.
Off-budget Federal entities (“Federal Fiscal Operations”)—
Federally owned and controlled entities whose transactions are
excluded from the budget totals under provisions of law. Their
receipts, outlays, and surplus or deficit are not included in
budget receipts, outlays, or deficits. Their budget authority is
not included in totals of the budget.
Outlays (“Federal Fiscal Operations”)—Payments on
obligations in the form of cash, checks, the issuance of bonds
or notes, or the maturing of interest coupons.
Par value—The face value of bonds or notes, including
interest.
Quarterly financing (“Treasury Financing Operations”)—
Treasury has historically offered packages of several
“coupon” security issues on the 15th of February, May,
August, and November, or on the next working day. These
issues currently consist of a 3-year note, a 10-year note, and a
30-year bond. Treasury sometimes offers additional amounts
of outstanding long-term notes or bonds, rather than selling
new security issues. (See Reopening.)
Fractional coins (USCC)—Coins minted in denominations
of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).
Receipts (“Federal Fiscal Operations”)—Funds collected
from selling land, capital, or services, as well as collections

March 2017

from the public (budget receipts), such as taxes, fines, duties,
and fees.
Reopening (PDO-2)—The offer for sale of additional
amounts of outstanding issues, rather than an entirely new
issue. A reopened issue will always have the same maturity
date, CUSIP-number, and interest rate as the original issue.
Special drawing rights (“Exchange Stabilization Fund,”
ESF-1)—International assets created by IMF that serve to
increase international liquidity and provide additional
international reserves. SDRs may be purchased and sold
among eligible holders through IMF. (See IMF.)
SDR allocations are the counterpart to SDRs issued by
IMF based on members’ quotas in IMF. Although shown in
Exchange Stabilization Fund (ESF) statements as liabilities,
they must be redeemed by ESF only in the event of
liquidation of, or U.S. withdrawal from, the SDR department
of IMF or cancellation of SDRs.
SDR certificates are issued to the Federal Reserve
System against SDRs when SDRs are legalized as money.
Proceeds of monetization are deposited into an ESF account
at the Federal Reserve Bank of New York.
Spot (“Foreign Currency Positions”)—Due for receipt or
delivery within 2 workdays.
State and local government series (SLGS) (FD-2)—Special
nonmarketable certificates, notes, and bonds offered to State
and local governments as a means to invest proceeds from
their own tax-exempt financing. Interest rates and maturities
comply with IRS arbitrage provisions. SLGS are offered in
both time deposit and demand deposit forms. Time deposit
certificates have maturities of up to 1 year. Notes mature in 1
to 10 years and bonds mature in more than 10 years. Demand
deposit securities are 1-day certificates rolled over with a rate
adjustment daily.
Statutory debt limit (FD-6)—By Act of Congress there is a
limit, either temporary or permanent, on the amount of public
debt that may be outstanding. When this limit is reached,
Treasury may not sell new debt issues until Congress
increases or extends the limit. For a detailed listing of changes
in the limit since 1941, see the Budget of the United States
Government. (See debt outstanding subject to limitation.)
STRIPS (PDO-2)—Separate Trading of Registered Interest
and Principal Securities. Long-term notes and bonds may be
divided into principal and interest-paying components, which
may be transferred and sold in amounts as small as $1,000.
STRIPS are sold at auction at a minimum par amount, varying
for each issue. The amount is an arithmetic function of the
issue’s interest rate.
Treasury bills—The shortest term Federal security (maturity
dates normally varying from 3 to 12 months), are sold at a
discount.

GLOSSARY

Trust fund transaction (“Federal Fiscal Operations”)—
An intrabudgetary transaction in which both payments and
receipts occur within the same trust fund group.
United States—Includes the 50 States, District of Columbia,
Commonwealth of Puerto Rico, American Samoa, Midway

121

Island, Virgin Islands, Wake Island, and all other territories
and possessions.
U.S. notes (USCC)—Legal tender notes of five different
issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

March 2017

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