BULLETIN

MARCH2019

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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March 2019 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators ........................................................................................................................ 3

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 8 

Analysis—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source .......................... 9

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 18 

FD-1—Summary of Federal Debt ....................................................................................................................................... 19 

FD-2—Debt Held by the Public .......................................................................................................................................... 20 

FD-3—Government Account Series .................................................................................................................................... 21 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 22 

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 23 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 24 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 25

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 27 

TREASURY FINANCING ................................................................................................................................................. 27 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 36 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 37 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 38 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 39 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 40

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 41 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 41 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 42

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 45 
March 2019 

IV 

Table of Contents 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 46 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 47 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 47 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 48 

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 49 

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 49 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 50 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 51 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 51 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 52 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 53 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 53 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 54 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 55 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 55 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 56 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 57 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 57 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 58 

ESF-1—Balance Sheet ........................................................................................................................................................ 58 

ESF-2—Income and Expense .............................................................................................................................................. 59

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction—Financial Report Excerpt .............................................................................................................................. 63 

Financial Report Excerpt ..................................................................................................................................................... 64 

TRUST FUNDS 

Introduction—Airport and Airway Trust Fund .................................................................................................................... 84 

TF-1—Airport and Airway Trust Fund ............................................................................................................................... 85 

Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 86 

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 87 

Introduction—Black Lung Disability Trust Fund ................................................................................................................ 88 

TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 89 

Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 90 

TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 91 

Introduction—Hazardous Substance Superfund .................................................................................................................. 92 

TF-5—Hazardous Substance Superfund .............................................................................................................................. 93 
March 2019 

V 

Table of Contents 

Introduction—Highway Trust Fund .................................................................................................................................... 95 

TF-6—Highway Trust Fund ................................................................................................................................................ 96 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 98 

Introduction—Inland Waterways Trust Fund ...................................................................................................................... 99 

TF-7—Inland Waterways Trust Fund .................................................................................................................................. 99 

Introduction—Leaking Underground Storage Tank Trust Fund ........................................................................................ 100 

TF-8—Leaking Underground Storage Tank Trust Fund ................................................................................................... 101 

Introduction—Nuclear Waste Fund ................................................................................................................................... 102 

TF-9—Nuclear Waste Fund ............................................................................................................................................... 102 

TF-A—Chart: Major Trust Funds, Interest on Investments ............................................................................................... 103 

TF-B—Chart: Major Trust Funds, Receipts and Expenses................................................................................................ 103 

Introduction—Reforestation Trust Fund ............................................................................................................................ 104 

TF-10—Reforestation Trust Fund ..................................................................................................................................... 104 

Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................. 105 

TF-11—Sport Fish Restoration and Boating Safety Trust Fund ........................................................................................ 106 

Introduction—Oil Spill Liability Trust Fund ..................................................................................................................... 107 

TF-12—Oil Spill Liability Trust Fund .............................................................................................................................. 108 

Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................. 109 

TF-13—Vaccine Injury Compensation Trust Fund ........................................................................................................... 109 

Introduction—Wool Research, Development, and Promotion Trust Fund ........................................................................ 110 

TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................. 111 

Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 112 

TF-15—Agricultural Disaster Relief Trust Fund ............................................................................................................... 112 

Introduction—Patient Centered Outcomes Research Trust Fund ...................................................................................... 114 

TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 115 

Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 116 

TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 117 

 

GLOSSARY ...................................................................................................................................................................... 118

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. 
VI

March 2019

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.

Issues

March June Sept. Dec.

Federal Fiscal Operations

FFO-5.—Internal Revenue Receipts by State................................................................................................. √

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

by Districts and Ports..................................................................................................................... √

Special Reports

Financial Report of the United States Government excerpt................................................................ √ ............

Trust Fund Reports:

Agriculture Disaster Relief Trust Fund................................................................................................ √ ...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
March 2019 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of February 13, 2019 

Introduction 

Over the first three quarters of 2018, the U.S. economy 

grew at an annualized rate of 3.2 percent, the fastest pace for

the first three quarters of a year since 2005. Real GDP grew 

by 3.4 percent at an annualized rate in 2018 Q3, according to 

the third estimate. Initial data for the fourth quarter indicate 

the economy continued to perform well, although a 

slowdown in the housing sector and in global growth could 

present headwinds. Private forecasters estimate that real 

GDP growth slowed to 2.6 percent in the fourth quarter, and 

will slow further to 2.0 percent in the first quarter of 2019. 

(Data on real GDP growth for the fourth quarter are due for 

release on February 28, 2019.) 

Strong private consumption and a sizeable build in 

private inventory drove growth in the third quarter, followed 

by a positive contribution from government spending. The 

contribution from private non-residential fixed investment 

was positive, though smaller, while residential investment 

continued to decline. Net exports also subtracted from 

growth in Q3. Altogether, private domestic final purchases 

(the sum of consumption, business fixed investment, and 

residential investment) advanced by 3.0 percent in the third 

quarter, following 4.3 percent growth in the second quarter. 

Although labor markets have continued to tighten, the 

unemployment rate has edged higher from recent 49-year 

lows, reflecting an upward trend in labor force participation. 

In 2018 Q2, for the first time in history, the number of job 

openings climbed above the number of job seekers, and this 

configuration, considered indicative of a tight labor market, 

continued through the rest of 2018. Job creation averaged 

223,000 per month during 2018, well above the monthly 

averages seen in 2017 as well as 2016. The unemployment 

rate rose to 4.0 percent in January 2019 owing to an increase 

in the labor force participation rate, which grew by three 

tenths of a percentage point in two months. Growth of 

nominal as well as real wages and personal income continued 

to trend higher. Despite recent small declines, measures of 

consumer and business sentiment remain near multi-year 

highs. 

Economic Growth 

According to the third estimate, real GDP grew at an 

annual rate of 3.4 percent in the third quarter, well above 

2016 and 2017 rates, even if at a somewhat slower pace than 

the second quarter’s 4.2 percent surge. Private domestic final 

purchases – the sum of personal consumption, business fixed 

investment, and residential investment – grew in the third 

quarter at an annual rate of 3.0 percent, following a 4.3 

percent rise in the second quarter. This measure of private 

demand has held above 3 percent in all but two of the last 

seven quarters. Over the first three quarters of 2018, the 

economy grew at an annualized rate of 3.2 percent. 

Growth in real personal consumption expenditures 

continued at a solid pace of 3.5 percent in the third quarter, 

building on the second quarter’s strong 3.8 percent advance. 

Consumer spending on services drove total expenditures, 

rising 3.2 percent at an annual rate and accounting for almost 

two-thirds of consumers’ contribution to GDP growth. 

Spending on durables increased 3.7 percent in the third 

quarter, while consumption of nondurables rose 4.6 percent. 

The latter was the fastest growth in nondurables 

consumption since early 2013. On balance, real personal 

consumption expenditures added 2.4 percentage points to 

growth in the third quarter. 

Business fixed investment increased 2.5 percent at an 

annual rate in the third quarter after increasing 8.7 percent in 

the second quarter, and added 0.4 percentage point to overall 

growth. Since the end of 2017, real private nonresidential 

fixed investment has grown 7.5 percent at an annual rate, 

indicating a healthy environment for business investment 

that has been aided by deregulation and the Tax Cuts and 

Jobs Act. Fixed investment in intellectual property products 

and equipment increased in the third quarter, rising 5.6 

percent and 3.4 percent, respectively. Intellectual property 

investment has grown 10.0 percent since the end of 2017, 

the strongest pace through the third quarter since 1999, 

while equipment investment has risen 5.5 percent through 

the third quarter. Although investment in structures declined 

1.0

0.4

1.5

2.3

1.9 1.8 1.8

3.0 2.8

2.3 2.2

4.2

3.4

-2.0

0.0

2.0

4.0

6.0

III

2015

IV I II III

2016

IV I II III

2017

IV I II

2018

III

(Quarterly percent change at annual rate)

Growth of Real GDP
4 PROFILE OF THE ECONOMY 

March 2019 

3.4 percent in the third quarter after growing at double-digit 

paces in each of the previous two quarters, the level of 

investment in structures remains 8.0 percent above its level 

at the end of 2017. Meanwhile, the cycle of inventory 

accumulation turned strongly positive in the third quarter, 

adding 2.3 percentage points to real GDP growth. 

Residential investment retrenched for the third 

consecutive quarter in the third quarter, declining 3.6 percent

at an annual rate and was down 2.8 percent since the end of 

2017. Signs of slowing in the housing sector persist against a 

backdrop of low inventories and the rising trend in mortgage 

rates. Existing home sales, which account for 90 percent of 

all home sales, declined in 8 of the past 12 months, including 

a 6.4 percent drop in December, and were down 10.3 percent 

since the end of 2017. Similarly, new home sales have fallen 

six times in 2018, but as of November, were up 3.3 percent 

since the end of 2017. Total housing starts increased 3.2 

percent in November and were up 3.8 percent since the end 

of 2017. However, the gain solely reflected growth in the 

volatile multi-family sector. Single-family units decreased 

4.6 percent in November and were down 2.7 percent since 

December 2017. The story is similar for building permits. 

Total building permits rose 4.5 percent in November and 

were 0.2 percent higher since December 2017, but permits 

for single-family homes have fallen 3.3 percent since the end 

of 2017. Confidence for builders of single-family homes 

softened toward the end of 2018: the NAHB’s home builder 

confidence index was down 18 points over the year through 

December. However, the index picked up 2 points to 58 in 

January 2019, indicating a positive outlook, even as demand 

has moderated. House price appreciation remains relatively 

strong, exceeding core inflation and income measures, 

although the pace has slowed relative to a year ago, likely 

due to notably higher mortgage rates in recent months. 

Total government spending rose 2.6 percent at an annual 

rate in the third quarter, similar to the 2.5 percent pace in the 

second quarter. After making an essentially neutral 

contribution to growth in most of 2016 and 2017, 

government spending contributed 0.4 percentage point on 

average to GDP growth in each of the past three quarters. 

Federal outlays grew 3.5 percent in the third quarter after a 

3.7 percent rise in the previous quarter, while state and local

government spending growth stepped up to a 2.0 percent rate 

in the third quarter – the fastest pace in more than two years.

Measures of manufacturing and services production in 

the economy have recently risen to multi-year highs and 

remain very strong. The Institute of Supply Management’s 

(ISM) manufacturing index increased 2.3 points in January, 

up from a two-year low in December, signaling growth and 

remaining within roughly 4 points of the 14-year high 

reached last August. The ISM’s non-manufacturing index 

declined 1.3 points in January to 56.7, still pointing to 

continued growth in services and standing about 4 points 

below the 13-year high reached last September. 

The U.S. trade deficit widened in the third quarter, as 

import growth accelerated to an annual rate of 9.3 percent. 

U.S. economic growth continued to outpace that of 

economies in the rest of the world, boosting domestic 

demand for imports. Export growth reversed sharply, 

however, declining 4.9 percent in the third quarter (from a 

9.3 percent surge in the second quarter). Overall, net exports 

subtracted 2.0 percentage points from growth in the third 

quarter, after adding 1.2 percentage points to growth in the 

second quarter. 

Labor Markets and Wages 

During 2018, monthly job growth averaged 223,000, 

well above the 179,000 monthly average for 2017 as well as 

the 193,000 monthly average for 2016. After reaching a 

nearly 50-year low of 3.7 percent in September and again in 

November 2018, the unemployment rate moved higher, 

reaching 4.0 percent in January 2019. The increase was 

entirely due to a rise in the labor force participation rate, 

which reached 63.2 percent in January 2019, its highest level 

since September 2013. The most comprehensive measure of 

labor market slack, the U-6 unemployment rate, which 

includes those marginally attached to the labor force and 

those working part-time for economic reasons, declined to a 

17-year low of 7.4 percent in August 2018, but since then 

has increased, and stood at 8.1 percent as of January 2019 – 

still a full percentage point below the pre-recession average 

of 9.1 percent. 

The pace of nominal wage growth has been accelerating 

on a more consistent basis, and these gains, coupled with the 

recent slowdown in inflation, have helped boost growth of 

real wages, too. Nominal average hourly earnings for private 

production and nonsupervisory workers grew 3.4 percent 

over the 12 months through January 2019, following a 3.5 

percent gain over the year through December 2018, the latter 

being the fastest yearly rate since February 2009. Nominal 

average hourly earnings for all private industry workers 

grew 3.2 percent over the year through January 2019. Using 

the CPI-W to deflate these nominal rates, real average 

hourly earnings for private production and nonsupervisory 

workers grew 2.1 percent over the year through January 

2019, the fastest gain since July 2016. Real average hourly 

earnings for all private industry workers rose 1.7 percent 

over the last year, the largest increase since July 2016. 

Deflating nominal earnings by the PCE price index, which 

allows for substitution of cheaper goods, suggests that 

average hourly earnings for private production and 

nonsupervisory workers grew by an estimated 1.8 percent 

over the year through January.   
PROFILE OF THE ECONOMY 5 

March 2019 

Prices

Price inflation has slowed in recent months according to 

several measures, as oil prices have declined. Over the 12 

months through January 2019, the consumer price index 

(CPI) for all items rose 1.6 percent, a marked deceleration 

from the 2.9 percent 12-month readings seen in June and 

July of 2018, and also slower than the 2.1 percent pace over 

the year ending in January 2018. Energy price inflation 

continues to slow on a monthly and year-over-year basis 

from the double-digit 12-month readings seen in the late 

spring and summer of 2018. Food price inflation, which had 

accelerated in 2017 and part of 2018, has remained relatively 

stable in the past few months. As oil prices decreased, the 

energy price index declined 4.8 percent over the year 

through January 2019, reversing from the 5.5 percent yearearlier advance. Food prices rose 1.6 percent over the year 

through January 2019, close to the 1.7 percent pace over the 

12 months through January 2018. For the third consecutive 

month, the core CPI, which excludes food and energy, 

registered a 12-month reading of 2.2 percent over the year 

through January 2019, accelerating from the 1.8 percent 

year-earlier pace. 

The PCE price index has held roughly steady on a yearover-year basis, but has slowed in the past few months, 

whereas the core measure has slightly accelerated. The PCE 

price index rose 1.8 percent over the 12 months through 

November 2018 (latest data available), down from a yearly 

rate of 2.4 percent through July 2018, but close to the 1.9 

percent pace seen over the year through November 2017. 

Core PCE price inflation picked up to 1.9 percent over the 

year through November from the 1.6 percent pace observed 

a year earlier. 

The pace of home price inflation, while strong, has been 

slowing for the past several months. However, the pace 

remains well above the increases in core measures of 

consumer prices. The FHFA purchase-only home price 

index rose 5.8 percent over the year ending in November 

2018, 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 4.7 percent over 

the year ending in November 2018, a pace roughly one-third 

the peak rate of 13.8 percent in November 2013. 

Consumer and Business Sentiment 

Despite some recent small declines, measures of 

consumer and business sentiment remain at elevated levels 

and within range of the multi-year or all-time highs reached 

last year. In January, the Reuters/Michigan consumer 

sentiment index declined 7.1 points to 91.2, but remains 

roughly only 10 points below the 14-year high of 101.4 

reached in March 2018. Notably, this index averaged 98.4 

per month in 2018, the highest monthly average reading for 

any year since 2000. The Conference Board’s confidence 

index declined 6.4 points in January to 120.2, about 18 

points below the 18-year high of 137.9 reached in 

October 2018. The National Federation of Independent 

Business’s (NFIB) small business optimism index declined 

3.2 points to 101.2 in January, roughly 8 points below the 

record high of 108.8 reached in August 2018.
6 PROFILE OF THE ECONOMY 

March 2019 

Federal Budget and Debt 

The Federal Government posted a deficit of $779 billion 

(3.9 percent of GDP) at the end of the fiscal year for 2018, 

rising from $666 billion (3.5 percent of GDP) in FY 2017. 

The primary deficit (which excludes net interest payments) 

was 2.2 percent of GDP in FY 2018, up 0.1 percentage point 

from FY 2017. Federal receipts totaled $3.33 trillion (16.4 

percent of GDP) in FY 2018, declining from 17.2 percent of 

GDP in FY 2017. Net outlays for FY 2018 were $4.11 

trillion (20.3 percent of GDP), down from 20.7 percent of 

GDP in FY 2017. Excluding net interest payments, outlays 

were equivalent to 18.7 percent of GDP in FY 2018, down 

from 19.3 percent in FY 2017. Federal debt held by the 

public, or federal debt less that held in government accounts, 

rose 7.4 percent to $15.75 trillion by the end of FY 2018. 

Publicly-held debt as a share of GDP increased by 

1.7 percentage points to 77.8 percent of GDP. 

According to the Mid-Session Review, the 

Administration estimates that the federal deficit will rise to 

$1.085 billion (5.1 percent of GDP) in FY 2019. From FY 

2019 to FY 2023, the deficit would total $5.06 trillion 

(4.4 percent of GDP on average), $485 billion higher than 

estimated in February. Implementation of the 

Administration’s budget proposals – including cuts to nondefense discretionary spending, elimination of the 

Affordable Care Act, and reform of multiple welfare 

programs – would gradually decrease the deficit to $539 

billion (1.6 percent of GDP) by FY 2028. President Trump 

has asked all agencies to cut their spending by five percent 

over the next fiscal year. The Budget projects that the 

primary deficit (which excludes net interest outlays) will be 

3.3 percent of GDP in FY 2019 but will turn into a small 

primary surplus by FY 2024. The Administration expects 

debt held by the public to peak at 82.7 percent of GDP in 

FY 2022 before gradually declining to 74.8 percent of GDP 

by FY 2028. 

Economic Policy 

In December 2017, the United States enacted the first 

major tax reform in three decades. The new tax code is 

designed to strengthen markedly incentives for economic 

growth and to deliver tax relief to households. The new tax 

law lowered the U.S. corporate tax rate from one of the 

highest in the developed world to near the average of other 

advanced economies; it allows businesses to deduct 

immediately 100 percent of the cost of most of their new 

capital investments for the next five years; and it reduces 

individual taxes through lower tax rates, a larger standard 

deduction, and an expanded child tax credit. Combined with 

regulatory reforms and infrastructure initiatives, tax reform 

has encouraged people to start new businesses and workers 

to re-enter the labor market. The new tax law may also 

support a sustained increase in productivity. 

On the monetary policy side, the Federal Reserve began 

the current cycle of monetary policy tightening in December 

2015. At its most recent meeting on January 29-30, 2019, the 

Federal Open Market Committee (FOMC) left the target 

range of the federal funds rate at 2.25 to 2.50 percent. 

In addition to raising the federal funds rate target at 

recent FOMC meetings, the Federal Reserve has also sought 

to normalize long-term interest rates. At its meeting on 

September 19-20, 2017, the FOMC announced it would 

initiate a balance sheet normalization program in October 

2017, a program intended to reduce the Federal Reserve’s 

holdings of securities on a gradual basis through a decrease 

in the reinvestment of principal payments from those 

securities. At its meeting on October 31-November 1, 2017, 

the FOMC indicated that the normalization program “is 

proceeding” but no further mention of the program was 

made in subsequent accompanying statements until January 

2019. At that time, the FOMC revised its earlier guidance on 

this program, stating it would be “prepared to adjust” 

normalization “in light of economic and financial 

developments.”  
PROFILE OF THE ECONOMY 7 

March 2019 

Interest Rates and Credit Risk

The level and stability of long-term interest rates are key 

to the economy’s growth. 

As of January, the 10-year Treasury Nominal CouponIssue (TNC) yield stood at 2.72 percent, roughly 1.2 

percentage points above the record low of 1.55 percent 

reached in July 2012 as well as 12 basis points lower on the 

year thus far. This yield rose 43 basis points over the course 

of 2018. The spread of the TNC 10-year yield to the TNC 

2-year yield, one measure of the steepness of the yield curve, 

narrowed from 56 basis points at the end of 2017 to 15 basis 

points by the end of 2018. This spread currently stands at 17 

basis points, or 2 basis points higher on the year thus far. 

Measures of longer-term credit risks have also improved. 

The spread between the 10-year Treasury BBB (TBBB) 

corporate bond yield and the 10-year Treasury TNC yield 

averaged 209 basis points as of September 2016, and then 

narrowed for the next two years, before widening again in 

late 2018. This spread stood at an average of 223 basis 

points as of January 2019. The spread between the 10-year 

Treasury High Quality Market (HQM) corporate bond yield 

and the 10-year TNC yield averaged 134 basis points in 

September 2016, and subsequently narrowed until the end of 

2018. As of January 2019, this spread has risen back to 134 

basis points. (The TNC, TBBB, and HQM yield curves are 

produced in Treasury’s Office of Macroeconomic Analysis. 

The TNC yield is for off-the-run Treasury nominal notes and 

bonds. The 10-year yields from the TBBB and HQM curves 

correspond to the 10-year Treasury yield, so the spreads 

provide an accurate measure of credit risk.) 
March 2019 

8

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
FEDERAL FISCAL OPERATIONS 

March 2019 

9

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 2019 

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 $372.8 billion for the first 

quarter of fiscal year 2019. This is a decrease of $13.6 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $16.7 billion and non-withheld 

receipts increased by $4.1 billion during this period. 

Refunds increased by $1.0 billion over the comparable fiscal 

year 2018 quarter. There was a decrease of $6.4 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2018. 

Corporate income taxes— Net corporate income tax 

receipts were $53.1 billion for the first quarter of fiscal year 

2019. This is a decrease of $11.1 billion compared to the 

prior year first quarter. The $11.1 billion change is 

comprised of a decrease of $16.5 billion in estimated and 

final payments, and a decrease of $5.4 billion in corporate 

refunds. 

Employment taxes and contributions— Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2019 were $267.0 billion, an increase of $15.3 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $9.6 billion, $2.1 billion, and $3.7 billion 

respectively. There was a -$2.4 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of fiscal year 2019, while there was a 

-$8.8 billion adjustment in the first quarter of fiscal year 

2018. 

Unemployment insurance— Unemployment insurance 

receipts, net of refunds, for the first quarter of fiscal year 

2019 were $5.9 billion, a decrease of $0.3 billion over the 

comparable quarter of fiscal year 2018. Net State taxes 

deposited in the U.S. Treasury decreased by $0.3 billion to 

$5.1 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.7 billion. 
FEDERAL FISCAL OPERATIONS 

March 2019 

10 

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 

first quarter of fiscal year 2019. This was an increase of $0.1

billion from the comparable quarter of fiscal year 2018. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2019 were $29.4 billion, an increase of 

$7.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $3.0 billion, an 

increase of $2.5 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.0 billion for the first quarter of fiscal year 2019. 

These receipts represent a decrease of $0.2 billion over the 

same quarter in fiscal year 2018. 

Customs duties— Customs duties net of refunds were 

$17.8 billion for the first quarter of fiscal year 2019. This is 

an increase of $8.4 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2019 were $18.9 billion, a

decrease of $4.7 billion over the comparable prior year 

quarter. This change is due to deposits of earnings by 

Federal Reserve banks decreasing by $4.7 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”] 

 First quarter 2019 

October – December 

 Fiscal year 2019 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 771,237 771,237

On-budget receipts .................................................. 573,250 573,250

Off-budget receipts .................................................. 197,987 197,987

Total outlays ................................................................. 1,090,170 1,090,170

On-budget outlays.................................................... 892,355 892,355

Off-budget outlays.................................................... 197,815 197,815

Total surplus or deficit (-) ............................................. -318,933 -318,933

On-budget surplus or deficit (-) ................................ -319,105 -319,105

Off-budget surplus or deficit (-) ................................ 172 172

Means of financing: 

Borrowing from the public ............................................ 339,629 339,629

Reduction of operating cash ........................................ -17,425 -17,425

Other means ................................................................ -3,271 -3,271

Total on- and off-budget financing ........................... 318,933 318,933

First-Quarter Net Budget Receipts by Source, Fiscal Year 2019 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source October November December 

Individual income taxes...................................................... 128.9 93.4 150.6 

Corporate income taxes..................................................... 8.0 -1.6 46.8 

Employment and general retirement.................................. 83.3 89.8 93.9 

Unemployment insurance .................................................. 2.9 2.7 0.3 

Contributions for other insurance and retirement .............. 0.4 0.4 0.4 

Excise taxes ....................................................................... 14.7 7.5 7.2 

Estate and gift taxes .......................................................... 2.0 1.4 1.7 

Customs duties .................................................................. 5.6 6.3 6.0 

Miscellaneous receipts....................................................... 7.1 6.1 5.8

Total budget receipts ..................................................... 252.7 206.0 312.6

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

March 2019 

11

 
FEDERAL FISCAL OPERATIONS 

March 2019 

12 

TABLE FFO-1—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10) 

Fiscal year 

or Month 

Total 

Receipts 

(1) 

On-budget 

receipts 

(2) 

Off-budget 

receipts 

(3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus 

deficit (-) 

(7) 

On-budget 

surplus 

deficit (-) 

(8) 

Off-budget 

surplus 

deficit (-) 

(9) 

 

2014 ............................ 3,020,847 2,285,246 735,602 3,504,199 2,798,105 706,095 -483,353 -512,857 29,507 1,076,474 

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601 

2016 ............................ 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 

2017 ............................ 3,314,893 2,464,275 850,617 3,980,720 3,179,518 801,202 -665,826 -715,242 49,416 666,472 

2018 ............................ 3,328,745 2,473,999 854,747 4,107,741 3,259,170 848,573 -778,995 -785,172 6,175 1,258,348 

 2018 - Est.................... 3,321,924 2,467,372 854,552 4,171,026 3,320,421 850,605 -849,102 -853,049 3,947 1,271,215 

2019 - Est.................... 3,424,384 2,513,323 911,061 4,509,641 3,599,751 909,890 -1,085,257 -1,086,428 1,171 1,342,210 

 2017 - Dec................... 325,797 263,995 61,801 348,989 311,314 37,676 -23,192 -47,318 24,126 -98,062 

2018 - Jan ................... 361,038 278,535 82,503 311,801 241,614 70,186 49,237 36,920 12,317 -846 

Feb .................. 155,623 87,178 68,445 370,862 291,226 79,636 -215,239 -204,049 -11,191 360,521 

Mar .................. 210,832 135,369 75,464 419,576 339,599 79,977 -208,744 -204,230 -4,514 231,945 

Apr................... 510,447 418,983 91,464 296,192 223,977 72,215 214,255 195,006 19,249 -22,707 

May.................. 217,075 146,723 70,352 363,871 283,419 80,452 -146,796 -136,696 -10,100 74,976 

June................. 316,278 245,056 71,222 391,136 344,954 46,182 -74,858 -99,899 25,041 50,078 

July .................. 225,266 158,870 66,396 302,131 228,731 73,401 -76,865 -69,861 -7,005 118,154 

Aug .................. 219,115 151,335 67,780 433,263 327,487 105,776 -214,148 -176,151 -37,996 144,334 

Sept................. 343,559 268,757 74,803 224,443 167,661 56,783 119,116 101,096 18,020 57,121 

Oct................... 252,692 190,915 61,777 353,183 279,122 74,061 -100,491 -88,207 -12,284 182,430 

Nov .................. 205,961 139,336 66,625 410,864 328,697 82,166 -204,903 -189,361 -15,541 145,837 

Dec .................. 312,584 242,999 69,585 326,123 284,536 41,588 -13,539 -41,537 27,997 125,473 

 Fiscal year 2019 to date ... 771,237 573,250 197,987 1,090,170 892,355 197,815 -318,933 -319,105 172 453,740 

 

Means of financing—net transactions, continued 

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct) 

Other 

(18) 

Transaction

s not 

applied to 

year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

2014 ...................................... -1,234 277,668 797,573 69,916 -1,817 188 -4,994 -250,098 -834 483,348 

2015 ...................................... 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887 

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -310,961 -171 587,416 

2017 ...................................... 3 168,172 498,301 -193,988 1,390 -935 1,938 -24,443 259 665,714 

2018 ...................................... -1,545 172,343 1,084,458 225,390 -527 -2,661 3,857 -79,242 -160 778,997 

 

2018 - Est .............................. -363 143,523 1,127,330 190,678 - - - -87,550 - 849,101 

2019 - Est .............................. -685 156,271 1,185,254 - - - - -99,997 - 1,085,257 

 2017 - Dec ............................ -90 6,161 -104,313 45,777 317 -601 7 172,982 25 23,194 

2018 - Jan ............................. -56 12,473 -13,375 46,861 1,201 -439 355 11,855 262 -49,236 

Feb ............................ -307 14,278 345,936 -76,405 -377 495 -21 -206,911 -94 215,239 

Mar............................ 620 -43,637 276,202 90,258 290 -651 166 22,545 59 208,743 

Apr............................. -856 66,466 -90,029 129,728 -577 1,108 -64 6,110 -141 -214,255 

May ........................... -86 -18,877 93,766 -64,983 -746 -701 22 -13,186 -192 146,796 

June .......................... -199 10,530 39,349 -21,588 -368 163 3,006 16,817 -95 74,858 

July............................ -73 14,751 103,330 25,354 -62 -414 1 -1,550 -36 76,865 

Aug............................ -386 -70,312 214,260 -40,189 -84 -23 190 -40,165 -53 214,148 

Sept........................... -230 81,327 -24,436 66,742 -224 -501 21 -28,814 172 -119,116 

Oct............................. 25 101,558 80,897 -18,116 -479 -354 1,058 1,866 -163 100,491 

Nov............................ 149 -54,151 200,137 -21,723 87 60 185 -16,616 -9 204,903 

Dec............................ -55 66,822 58,595 57,264 276 -839 1,947 13,567 25 13,539 

 

Fiscal year 2019 to date ....... 119 114,229 339,629 17,425 -116 -1,133 3,190 -1,183 -147 318,933 

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and 

Budget on July 13, 2018. 
FEDERAL FISCAL OPERATIONS 

March 2019 

13

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

 2014 .................. 1,149,709 476,591 231,733 1,394,567 353,553 32,822 320,729 1,715,296 962,237 2,529 959,708 

2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584 

2016 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,646 1,060,162 3,159 1,056,993 

2017 .................. 1,309,265 539,528 261,678 1,587,120 338,978 41,929 297,048 1,884,168 1,109,837 3,290 1,106,547 

2018 .................. 1,325,106 626,555 268,126 1,683,536 263,168 58,433 204,734 1,888,270 1,118,641 3,234 1,115,407 

 2018 - Est.......... 1,685,422 - - 1,685,422 204,252 - 204,252 1,889,674 1,115,234 - 1,115,234 

2019 - Est.......... 1,705,230 - - 1,705,230 225,472 - 225,472 1,930,702 1,187,808 - 1,187,808 

 2017 - Dec......... 144,523 18,089 2,736 159,877 65,713 2,930 62,783 222,660 83,617 - 83,617 

2018 - Jan ......... 137,338 81,673 2,698 216,313 13,700 2,374 11,326 227,639 106,578 - 106,578 

Feb ........ 110,667 10,611 75,890 45,388 4,333 6,325 -1,992 43,396 87,263 - 87,263 

Mar ........ 132,319 17,036 61,195 88,160 11,290 6,224 5,066 93,226 96,261 - 96,261 

Apr......... 99,447 277,803 62,923 314,327 48,369 6,201 42,168 356,495 118,723 - 118,723 

May........ 95,919 18,631 22,010 92,539 6,738 3,806 2,932 95,471 90,022 - 90,022 

June....... 99,337 70,784 7,773 162,349 41,027 3,025 38,001 200,350 93,678 - 93,678 

July ........ 104,792 9,779 4,911 109,660 7,524 3,228 4,296 113,956 85,934 - 85,934 

Aug ........ 101,508 9,343 4,412 106,439 3,987 7,440 -3,453 102,986 87,815 - 87,815 

Sept....... 84,133 81,610 3,794 161,949 44,831 2,649 42,182 204,131 102,012 3,234 98,778 

Oct......... 111,264 29,008 11,407 128,866 8,962 962 8,000 136,866 82,775 - 82,775 

Nov ........ 94,390 8,078 9,097 93,371 3,996 5,642 -1,646 91,725 89,430 - 89,430 

Dec ........ 137,260 16,327 3,030 150,557 51,888 5,133 46,755 197,312 93,490 - 93,490 

 144,523 18,089 2,736 159,877 65,713 2,930 62,783 222,660 83,617 - 83,617 

Fiscal year 

2019 to date........ 342,914 53,413 23,534 372,794 64,846 11,737 53,109 425,903 265,695 - 265,695 

 

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

2014 ............................ 5,374 16 5,359 965,067 55,536 142 55,394 3,447 27 3,472 

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652 

2016 ............................ 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 

2017 ............................ 5,349 1 5,349 1,111,896 45,961 154 45,810 4,158 34 4,191 

2018 ............................ 5,753 4 5,749 1,121,156 45,161 121 45,041 4,471 31 4,501 

 2019 - Est.................... 5,686 - 5,686 1,120,920 45,213 - 45,213 4,641 37 4,678 

2019 - Est.................... 5,760 - 5,760 1,193,568 44,598 - 44,598 4,905 39 4,944 2017 - Dec .................. 456 - 456 84,073 314 5 309 420 2 422 

2018 - Jan ................... 602 - 602 107,180 5,145 4 5,142 387 3 389 

Feb.................. 679 - 680 87,943 2,793 2 2,791 334 2 336 

Mar.................. 600 - 601 96,861 402 16 385 356 3 359 

Apr................... 505 - 505 119,228 9,647 21 9,626 342 2 344 

May ................. 506 4 502 90,525 12,528 10 12,518 349 3 352 

June ................ -53 - -53 93,625 327 14 313 432 2 434 

July.................. 581 1 580 86,514 4,004 25 3,979 387 2 389 

Aug.................. 519 -1 521 88,335 3,828 12 3,817 368 3 371 

Sept................. 465 - 465 99,243 258 10 248 428 3 431 

Oct................... 480 - 480 83,255 2,941 - 2,941 355 3 357 

Nov.................. 395 - 395 89,824 2,650 - 2,650 444 2 446 

Dec.................. 438 - 438 93,928 292 - 292 422 2 424 

 Fiscal year 

2019 to date...................... 1,313 - 1,313 267,007 5,883 - 5,883 1,221 7 1,227 

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

March 2019 

14 

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

 

2014 ....................... 93,367 20,153 854 19,301 35,348 1,423 33,927 99,233 35,788 135,023 2,285,245 735,602 

2015 ....................... 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 770,394 

2016 ....................... 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 

2017 ....................... 83,821 23,779 1,012 22,770 36,260 1,686 34,573 81,288 46,380 127,666 2,464,275 850,617 

2018 ....................... 94,987 23,864 883 22,982 43,097 1,796 41,298 70,751 39,755 110,505 2,473,999 854,747 

 2018 - Est............... 92,039 22,519 - 22,519 38,246 - 38,246 71,966 36,669 108,635 2,467,372 854,552 

2019 - Est............... 97,502 17,320 - 17,320 40,007 - 40,007 52,666 43,077 95,743 2,513,323 911,061 

 2017 - Dec.............. 6,867 1,791 70 1,721 3,210 104 3,107 5,076 1,561 6,636 263,995 61,801 

2018 - Jan .............. 6,168 2,377 94 2,283 3,323 135 3,188 7,222 1,828 9,049 278,535 82,503 

Feb ............. 5,878 2,198 94 2,104 2,812 137 2,674 7,655 2,845 10,500 87,178 68,445 

Mar............. 7,849 1,561 100 1,461 3,269 185 3,084 6,097 1,509 7,606 135,369 75,464 

Apr.............. 6,905 2,686 86 2,600 3,455 7 3,448 5,286 6,515 11,801 418,983 91,464 

May ............ 7,325 1,720 69 1,650 3,156 187 2,968 5,629 636 6,265 146,723 70,352 

June ........... 7,343 1,699 87 1,612 3,616 106 3,510 5,575 3,515 9,090 245,056 71,222 

July............. 7,716 1,862 79 1,783 4,252 93 4,159 4,683 2,086 6,769 158,870 66,396 

Aug............. 8,154 2,010 78 1,932 4,627 377 4,249 5,897 3,375 9,271 151,335 67,780 

Sept............ 16,079 2,361 72 2,290 4,768 195 4,572 4,595 11,970 16,566 268,757 74,803 

Oct.............. 14,715 2,037 84 1,954 5,826 276 5,551 4,541 2,512 7,053 190,915 61,777 

Nov............. 7,535 1,483 77 1,405 6,459 175 6,285 4,479 1,611 6,091 139,336 66,625 

Dec............. 7,179 1,744 69 1,675 6,129 138 5,992 4,400 1,383 5,783 242,999 69,585 

 Fiscal year 

2019 to date................ 29,429 5,264 230 5,034 18,414 589 17,828 13,420 5,506 18,927 573,250 197,987 

 

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2019 Budget, released by the Office of 

Management and Budget on July 13, 2018. 

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) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 2014.............................. 1,023,933 13,467 16 13,451 573 - 573 39,036 - 39,036 44,716 4,405 40,310 

2015.............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217 

2016.............................. 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 

2017.............................. 1,161,897 14,952 15 14,936 426 - 426 41,555 431 41,126 32,495 5,162 27,334 

2018.............................. 1,170,699 15,532 15 15,516 394 - 394 42,979 438 42,541 39,650 3,116 36,535 

 2018 - Est ..................... 1,170,811 15,479 - 15,479 427 - 427 41,354 - 41,354 34,779 - 34,779 

2019 - Est ..................... 1,243,110 16,231 - 16,231 253 - 253 41,651 - 41,651 39,367 - 39,367 

 2017 - Dec .................... 84,805 1,267 - 1,267 42 - 42 3,553 29 3,524 2,202 168 2,034 

2018 - Jan..................... 112,711 807 - 807 27 - 27 2,263 30 2,234 3,773 672 3,100 

Feb.................... 91,070 1,751 8 1,743 42 - 42 4,880 31 4,850 -682 75 -756 

Mar.................... 97,605 1,286 - 1,286 37 - 37 3,367 31 3,336 3,398 208 3,190 

Apr .................... 129,198 1,323 - 1,323 38 - 38 3,463 37 3,426 2,505 388 2,118 

May ................... 103,395 1,367 3 1,364 33 - 33 3,537 44 3,493 2,572 138 2,435 

June .................. 94,372 1,684 - 1,684 12 - 12 4,296 44 4,252 1,566 171 1,395 

July.................... 90,882 1,370 - 1,370 33 - 33 3,547 43 3,504 3,216 407 2,808 

Aug.................... 92,523 841 3 838 9 - 9 2,524 42 2,481 4,942 117 4,826 

Sept................... 99,922 2,144 1 2,142 65 - 65 6,733 63 6,669 7,707 504 7,202 

Oct .................... 86,553 254 - 254 8 - 8 801 15 786 16,250 2,583 13,667 

Nov.................... 92,921 1,548 - 1,548 38 - 38 4,290 29 4,261 1,877 190 1,687 

Dec.................... 94,643 1,338 - 1,338 33 - 33 3,785 29 3,756 2,209 157 2,052 

 Fiscal year 

2019 to date...................... 274,117 3,140 - 3,140 79 - 79 8,876 73 8,803 20,336 2,930 17,406 
FEDERAL FISCAL OPERATIONS 

March 2019 

15

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart- 

 ment of 

 Labor 

 (13) 

 

2014 ....................... 4,156 6,900 141,806 6,675 578,013 59,609 23,630 936,030 43,259 38,524 11,273 28,617 57,199

2015 ....................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218

2016 ....................... 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

2017 ....................... 4,499 7,565 127,563 10,303 568,905 111,703 25,794 1,116,763 50,502 55,623 12,141 30,979 40,121

2018 ....................... 4,670 7,780 136,713 8,561 600,705 63,706 26,479 1,120,503 68,374 54,666 13,210 34,522 39,637

 2018 - Est............... 5,477 8,370 140,863 9,373 592,569 63,884 28,443 1,151,628 78,117 55,087 14,405 37,017 39,027

2019 - Est............... 5,223 8,033 123,688 13,694 657,660 77,276 30,638 1,234,392 63,128 46,519 14,147 36,523 39,342

 2017 - Dec.............. 411 731 13,338 156 56,665 4,553 1,923 89,174 6,397 3,868 1,603 2,229 4,493

2018 - Jan .............. 482 633 11,725 875 37,288 9,610 2,074 90,398 6,600 3,616 1,391 3,505 5,894

Feb ............. 333 603 9,155 722 46,451 7,846 1,991 90,079 4,996 3,409 874 3,104 4,505

Mar ............. 348 633 9,951 707 55,815 6,908 2,304 126,184 5,803 3,679 965 2,344 4,340

Apr.............. 372 600 9,584 573 41,658 6,049 1,962 67,687 4,130 3,612 839 2,973 3,810

May............. 387 619 9,856 782 50,128 5,106 2,236 100,140 4,076 16,921 999 3,186 2,302

June............ 354 755 9,588 1,062 59,813 -2,269 2,556 119,364 4,855 3,749 1,582 2,671 3,383

July ............. 447 644 9,719 1,151 43,165 4,194 2,075 67,867 5,052 3,971 1,180 3,213 3,765

Aug ............. 393 690 8,785 581 58,844 7,391 2,351 131,579 4,701 3,739 1,120 2,709 3,693

Sept ............ 368 624 6,438 546 48,986 5,417 2,712 69,967 4,782 1,140 367 2,138 2,373

Oct.............. 444 672 18,311 660 63,386 5,097 2,919 97,165 5,338 3,782 2,130 1,612 -2,167

Nov ............. 372 777 17,103 2,110 57,096 5,630 1,808 120,606 4,663 3,664 478 3,279 3,286

Dec ............. 461 628 15,246 1,013 51,445 6,256 1,895 71,256 6,527 3,954 1,063 3,947 4,046

 Fiscal year 

2019 to date................ 1,277 2,077 50,660 3,783 171,927 16,983 6,622 289,027 16,528 11,400 3,671 8,838 5,165

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(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 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

2014 ....................... 27,504 76,154 429,568 17,361 149,074 6,533 57,372 9,400 373 -765 18,609 

2015 ....................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976 

2016 ....................... 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 

2017 ....................... 27,061 79,440 456,953 89,445 176,050 6,452 58,695 8,087 412 -664 18,925 

2018 ....................... 26,386 78,494 521,553 107,894 178,508 5,083 55,367 8,085 383 -590 21,628 2018 - Est............... 28,806 79,300 518,174 105,865 178,729 7,343 56,226 8,023 422 -269 22,660 

2019 - Est............... 27,678 83,520 591,442 106,324 202,160 8,602 62,144 5,921 407 1,005 27,272 

 2017 - Dec.............. 2,201 6,154 83,827 2,933 23,636 922 10,091 951 38 15 861 

2018 - Jan .............. 2,008 5,466 27,815 6,241 7,695 409 1,010 690 33 -234 464 

Feb ............. 1,741 4,972 27,950 52,633 14,867 612 4,640 579 26 -53 777 

Mar ............. 2,078 5,432 38,504 29,366 23,816 771 9,532 588 30 53 495 

Apr.............. 1,655 4,701 41,941 11,844 5,731 -104 -1,143 587 33 -142 1,716 

May............. 2,193 6,416 35,599 8,981 16,023 419 4,937 566 32 66 3,276 

June............ 2,374 6,903 95,594 6,381 23,843 570 9,443 716 37 -124 3,254 

July ............. 1,726 8,816 40,559 7,224 7,965 320 261 618 28 -106 1,474 

Aug ............. 2,852 8,844 38,357 6,928 23,773 132 8,818 668 33 162 2,299 

Sept ............ 2,830 8,287 28,981 -35,182 8,225 350 1,089 666 32 -303 2,105 

Oct.............. 3,000 6,400 31,648 6,097 16,840 641 4,747 730 32 47 2,109 

Nov ............. 3,268 6,466 35,371 6,791 25,577 771 9,715 761 45 139 1,838 

Dec ............. 2,038 6,353 97,203 258 16,062 264 5,406 808 33 -307 -449 

 Fiscal year 

2019 to date................ 8,306 19,219 164,222 13,146 58,479 1,676 19,868 2,299 110 -121 3,498 

 

See footnotes at end of table 
FEDERAL FISCAL OPERATIONS 

March 2019 

16 

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

 

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 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 

2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 

2018 19,756 7,167 98,803 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573 

 

2018 - Est.......... 19,796 7,240 99,363 133 1,040,486 165,084 -87,620 -146,576 -4,844 -151,575 3,320,421 850,605 

2019 - Est.......... 21,115 7,495 100,942 1,182 1,104,614 205,127 -95,351 -146,655 -5,137 -150,429 3,599,751 909,890 

 

2017 - Dec ........ 2,123 497 7,086 150 89,022 -1,199 -6,165 -59,536 -160 - 311,314 37,676 

2018 - Jan ......... 1,322 576 8,252 183 82,258 2,085 -5,914 -2,102 -549 - 241,614 70,186 

Feb ........ 1,379 522 8,238 151 86,288 1,350 -6,250 -3,264 -363 - 291,226 79,636 

Mar........ 1,621 535 8,177 -1,457 91,401 -1,885 -6,115 -3,231 -115 - 339,599 79,977 

Apr......... 1,472 523 8,734 127 82,842 4,623 -5,924 -6,110 -760 - 223,977 72,215 

May ....... 1,441 538 8,820 147 87,610 -471 -5,955 -3,033 -475 - 283,419 80,452 

June ...... 2,210 648 7,144 123 97,060 -4,091 -6,464 -61,857 -93 - 344,954 46,182 

July........ 1,553 650 8,482 134 83,485 3,820 -6,247 -4,465 -612 - 228,731 73,401 

Aug........ 1,655 819 8,476 122 117,047 2,904 -6,216 -4,610 -480 -5,895 327,487 105,776 

Sept....... 1,792 656 8,556 111 58,638 -2,090 -5,862 -266 -25 -1 167,661 56,783 

Oct......... 1,787 632 9,161 100 88,652 3,357 -21,629 1,329 -1,848 - 279,122 74,061 

Nov........ 1,707 502 8,108 111 92,638 4,790 -6,389 -2,538 321 - 328,697 82,166 

Dec........ 1,992 601 7,746 131 88,752 -189 -6,224 -61,702 -389 - 284,536 41,588 

Fiscal year 

2019 to date ....... 5,486 1,735 25,015 342 270,042 7,958 -34,242 -62,911 -1,916 - 892,355 197,815 

 

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2019 Budget, released by the Office of 

Management and Budget on July 13, 2018. 

-No transactions. 
FEDERAL FISCAL OPERATIONS 

March 2019 

17

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

December 2018 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 372,775 20 - 372,794 386,520 -108 - 386,413

Corporation income taxes........................................... 53,109 - - 53,109 64,208 - - 64,208

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 197,987 197,987 - - 186,318 186,318

Employment and general retirement (on-budget)... 18 - 69,002 69,020 28 - 65,355 65,383

Unemployment insurance ....................................... 12 - 5,871 5,883 -6 - 6,229 6,222

Other retirement...................................................... - - 1,227 1,227 - - 1,097 1,097

Excise taxes ................................................................ 16,768 290 12,371 29,429 9,632 263 11,675 21,570

Estate and gift taxes ................................................... 5,033 - - 5,033 5,267 - - 5,267

Customs duties ........................................................... 11,940 5,433 454 17,827 6,220 2,821 405 9,446

Miscellaneous receipts................................................ 14,244 4,434 250 18,927 19,254 4,190 143 23,588

Total receipts....................................................... 473,900 10,176 287,161 771,237 491,122 7,167 271,223 769,512

(On-budget)..................................................... 473,900 10,176 89,174 573,250 491,122 7,167 84,904 583,193

(Off-budget)..................................................... - - 197,987 197,987 - - 186,318 186,318

 

Budget outlays: 

Legislative branch ....................................................... 1,277 4 -4 1,278 1,162 24 1 1,187

Judicial branch ............................................................ 1,852 237 -11 2,077 1,837 167 -25 1,978

Department of Agriculture ........................................... 30,887 19,774 * 50,660 32,578 19,339 -4 51,913

Department of Commerce........................................... 2,297 1,484 2 3,783 2,160 -599 2 1,563

Department of Defense-military .................................. 168,501 3,376 50 171,926 155,832 2,710 15 158,556

Department of Education ............................................ 17,012 -29 * 16,983 13,400 54 * 13,453

Department of Energy................................................. 7,053 -432 * 6,622 6,415 -198 * 6,218

Department of Health and Human Services ............... 211,532 3,636 73,859 289,027 203,659 1,401 52,178 257,238

Department of Homeland Security.............................. 16,420 71 36 16,527 17,777 5,564 38 23,379

Department of Housing and Urban Development....... 11,432 -52 20 11,400 10,861 -36 4 10,829

Department of the Interior........................................... 2,837 732 102 3,671 2,555 1,239 99 3,893

Department of Justice ................................................. 6,383 2,441 14 8,838 6,648 2,021 11 8,680

Department of Labor................................................... 1,175 -3,279 7,268 5,164 1,517 -3,587 7,643 5,573

Department of State.................................................... 8,220 -132 217 8,305 6,235 450 244 6,929

Department of Transportation..................................... 2,171 104 16,944 19,220 1,506 130 17,022 18,657

Department of the Treasury: 

Interest on the public debt....................................... 164,221 - - 164,221 146,253 - - 146,253

Other ....................................................................... 13,604 -466 8 13,146 13,442 16 19 13,478

Department of Veterans Affairs .................................. 59,178 -863 166 58,481 47,175 -777 173 46,570

Corps of Engineers ..................................................... 1,666 36 -26 1,676 1,771 29 -196 1,604

Other defense civil programs...................................... 93,788 -5,473 -68,447 19,868 89,498 -4,490 -68,228 16,780

Environmental Protection Agency............................... 2,251 -2 51 2,299 2,389 -9 28 2,408

Executive Office of the President................................ 109 * 1 110 99 * - 99

General Services Administration ................................ 52 -172 - -120 50 41 - 91

International Assistance Program............................... 6,859 -30 -3,330 3,498 5,268 -55 556 5,770

National Aeronautics and Space Administration ........ 5,464 22 * 5,486 5,291 19 * 5,311

National Science Foundation...................................... 1,697 34 4 1,735 1,663 31 5 1,699

Office of Personnel Management ............................... 3,631 -252 21,635 25,015 3,222 -307 21,009 23,924

Small Business Administration ................................... 339 3 - 342 439 -36 - 403

Social Security Administration .................................... 27,356 * 242,687 270,043 23,432 * 229,842 253,274

Other independent agencies....................................... 3,518 379 4,061 7,958 3,338 -3,855 2,042 1,525

Undistributed offsetting receipts: 

Interest .................................................................... - - -62,912 -62,912 - - -61,213 -61,213

Other ....................................................................... -1,392 -8,287 -26,480 -36,159 -811 -8,696 -24,050 -33,557

Total outlays........................................................ 871,388 12,866 205,915 1,090,170 806,662 10,589 177,215 994,466

(On-budget)..................................................... 871,330 12,396 8,629 892,355 806,601 10,810 -6,910 810,502

(Off-budget)..................................................... 58 471 197,286 197,815 61 -221 184,125 183,964

Surplus or deficit (-)............................................. -397,489 -2,691 81,246 -318,933 -315,540 -3,422 94,008 -224,954

(On-budget)..................................................... -397,430 -2,220 80,545 -319,105 -315,479 -3,643 91,814 -227,308

(Off-budget)..................................................... -58 -471 701 172 -61 221 2,194 2,354

 -No Transactions 

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
March 2019 

18 

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. 
FEDERAL DEBT 

March 2019 

19 

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 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

2014 ............................... 17,847,931 17,824,071 23,860 5,039,265 5,039,262 3 12,808,666 12,784,809 23,857 

2015 ............................... 18,174,718 18,150,618 24,100 5,026,867 5,026,862 5 13,147,851 13,123,756 24,095 

2016 ............................... 19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363 

2017 ............................... 20,269,269 20,244,900 24,369 5,563,074 5,563,073 1 14,706,195 14,681,827 24,368 

2018 ............................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

 

2017 - Dec. .................... 20,517,143 20,492,747 24,396 5,669,642 5,669,641 1 14,847,501 14,823,106 24,395 

2018 - Jan...................... 20,518,069 20,493,730 24,339 5,682,204 5,682,203 1 14,835,865 14,811,527 24,338 

Feb..................... 20,879,713 20,855,672 24,041 5,696,585 5,696,585 - 15,183,128 15,159,087 24,041 

Mar..................... 21,114,305 21,089,643 24,662 5,652,861 5,652,861 - 15,461,444 15,436,782 24,662 

 Apr ..................... 21,091,997 21,068,200 23,797 5,719,586 5,719,586 - 15,372,411 15,348,614 23,797 

May .................... 21,168,926 21,145,215 23,711 5,700,977 5,700,977 - 15,467,949 15,444,238 23,711 

June ................... 21,218,581 21,195,070 23,511 5,711,522 5,711,522 - 15,507,059 15,483,548 23,511 

 July .................... 21,336,499 21,313,061 23,438 5,726,291 5,726,291 - 15,610,208 15,586,770 23,438 

Aug..................... 21,481,902 21,458,850 23,052 5,655,997 5,655,997 - 15,825,905 15,802,853 23,052 

Sept.................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

Oct. .................... 21,725,216 21,702,370 22,846 5,840,466 5,840,466 - 15,884,750 15,861,904 22,846 

Nov..................... 21,873,089 21,850,094 22,995 5,786,563 5,786,563 - 16,086,526 16,063,531 22,995 

Dec..................... 21,997,036 21,974,096 22,940 5,853,354 5,853,354 - 16,143,682 16,120,742 22,940 

 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

2014 ............................... 17,847,931 55,907 17,792,023 5,039,265 26,678 5,012,587 12,808,666 29,229 12,779,436 

2015 ............................... 18,174,718 56,852 18,117,866 5,026,867 25,603 5,001,264 13,147,851 31,249 13,116,602 

2016 ............................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425 

2017 ............................... 20,269,269 65,378 20,203,891 5,563,074 25,909 5,537,165 14,706,195 39,469 14,666,725 

2018 ............................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

 

2017 - Dec. .................... 20,517,141 68,451 20,448,690 5,669,641 27,132 5,642,509 14,847,499 41,319 14,806,180 

2018 - Jan ...................... 20,518,069 70,281 20,447,787 5,682,203 27,222 5,654,982 14,835,866 43,059 14,792,805 

Feb ..................... 20,879,713 71,701 20,808,011 5,696,585 27,325 5,669,260 15,183,128 44,376 15,138,750 

Mar..................... 21,114,305 73,728 21,040,576 5,652,861 27,238 5,625,623 15,461,444 46,490 15,414,953 

 Apr ..................... 21,091,997 74,993 21,017,004 5,719,586 27,496 5,692,089 15,372,411 47,497 15,324,915 

May .................... 21,168,926 77,032 21,091,893 5,700,977 27,764 5,673,213 15,467,949 49,268 15,418,681 

June ................... 21,218,581 76,808 21,141,772 5,711,522 27,779 5,683,742 15,507,059 49,029 15,458,030 

 July..................... 21,336,499 76,646 21,259,853 5,726,291 27,797 5,698,494 15,610,208 48,849 15,561,359 

Aug..................... 21,481,902 78,100 21,403,801 5,655,997 27,815 5,628,182 15,825,905 50,285 15,775,619 

Sept.................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

Oct...................... 21,725,216 82,068 21,643,147 5,840,466 29,399 5,811,067 15,884,750 52,669 15,832,080 

Nov..................... 21,873,089 83,956 21,789,133 5,786,563 29,647 5,756,916 16,086,526 54,309 16,032,217 

Dec..................... 21,997,036 82,484 21,914,550 5,853,354 29,616 5,823,738 16,143,682 52,868 16,090,812 

 
FEDERAL DEBT 

March 2019

20 

 Nonmarketable, continued 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

 

2014 .......................... 176,762 - 2,986 196,520 105,668 29,995 1,489 

2015 .......................... 172,826 - 264 9,138 78,115 29,995 1,642 

2016 .......................... 167,524 - 264 226,349 109,211 29,995 1,777 

2017 .......................... 161,705 - 264 223,787 80,359 29,995 1,641 

2018 .......................... 156,809 - 264 250,680 71,753 29,995 1,575 

 

2017 - Dec ................ 160,476 - 264 73,658 92,447 29,995 1,813 

2018 - Jan ................. 159,902 - 264 34,070 86,570 29,995 1,797 

Feb ................ 159,475 - 264 221,169 83,390 29,995 1,787 

Mar................ 159,040 - 264 231,471 84,595 29,995 1,692 

 Apr ................ 158,606 - 264 238,954 82,219 29,995 1,645 

May ............... 158,233 - 264 242,282 83,595 29,995 1,635 

June .............. 157,866 - 264 242,251 79,115 29,995 1,648 

 July ................ 157,527 - 264 246,257 76,082 29,995 1,654 

Aug................ 157,088 - 264 250,565 72,124 29,995 1,669 

Sept............... 156,809 - 264 250,680 71,753 29,995 1,575 

Oct................. 156,484 - 264 254,063 72,050 29,995 1,571 

Nov................ 156,225 - 264 255,971 68,985 29,995 1,630 

Dec................ 155,795 - 264 258,083 66,197 29,995 1,660 

 

 TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

 

2014 .......................... 12,784,971 12,271,552 1,409,628 8,160,196 1,534,069 1,044,676 122,985 513,419 

2015 .......................... 13,123,847 12,831,867 1,355,231 8,366,026 1,688,208 1,135,363 287,039 291,980 

2016 .......................... 14,173,424 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120 

2017 .......................... 14,673,429 14,175,677 1,799,570 8,798,940 1,948,414 1,286,124 342,630 497,752 

2018 .......................... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

 

2017 - Dec................. 14,814,721 14,456,067 1,952,521 8,844,128 1,989,231 1,327,160 343,027 358,654 

2018 - Jan ................. 14,803,170 14,490,571 1,963,109 8,884,060 2,001,727 1,322,714 318,959 312,599 

Feb ................ 15,150,589 14,654,508 2,074,218 8,894,907 2,020,733 1,330,682 333,968 496,081 

Mar................ 15,428,010 14,920,952 2,284,417 8,920,300 2,033,787 1,348,479 333,968 507,058 

 Apr................. 15,335,128 14,823,445 2,166,346 8,970,018 2,042,166 1,319,120 325,794 511,683 

May ............... 15,426,913 14,910,909 2,183,405 8,997,905 2,052,473 1,335,332 341,794 516,004 

June .............. 15,466,564 14,955,425 2,157,412 9,028,003 2,066,743 1,345,473 357,794 511,139 

 July ................ 15,569,493 15,057,714 2,205,355 9,090,754 2,080,147 1,347,525 333,932 511,780 

Aug................ 15,785,389 15,273,684 2,340,414 9,116,174 2,099,970 1,364,984 352,142 511,705 

Sept............... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

Oct................. 15,843,329 15,328,902 2,257,391 9,213,591 2,129,633 1,382,053 346,235 514,427 

Nov................ 16,044,318 15,531,248 2,388,456 9,236,034 2,145,313 1,395,634 365,811 513,070 

Dec................ 16,101,667 15,589,671 2,339,374 9,292,753 2,161,472 1,412,256 383,815 511,995 
FEDERAL DEBT 

March 2019 

21 

 

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) 

 

2014 ..................... 2,712,805 827 68,391 10,696 5,611 5,450 803 35,919 1,110,924 

2015 ..................... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215 

2016 ..................... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888 

2017 ..................... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004 

2018 ..................... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817 

 

2017 - Dec. .......... 2,820,369 842 87,369 49,311 3,502 11,001 438 59,896 1,332,003 

2018 - Jan ............ 2,828,550 843 90,182 48,381 3,441 11,077 676 57,962 1,292,486 

Feb ........... 2,815,903 844 93,958 50,347 3,383 11,297 733 60,988 1,480,432 

Mar........... 2,808,362 845 78,357 49,477 3,314 11,916 712 58,331 1,485,024 

 Apr ........... 2,812,319 846 98,752 49,698 3,238 12,293 704 58,666 1,510,497 

May .......... 2,809,249 848 98,970 49,754 3,175 12,848 599 74,145 1,504,029 

June ......... 2,832,803 848 81,579 48,324 3,178 11,766 592 72,857 1,501,002 

 July ........... 2,825,363 850 101,279 47,111 3,122 11,535 776 70,869 1,508,159 

Aug........... 2,791,813 851 89,400 42,248 3,063 12,346 750 74,231 1,511,576 

Sept.......... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,514,907 

Oct............ 2,789,345 854 102,342 39,405 2,949 10,290 676 71,703 1,638,535 

Nov........... 2,772,982 856 84,762 37,976 2,904 9,812 657 73,577 1,634,325 

Dec........... 2,797,974 857 104,159 37,649 2,901 9,918 387 72,164 1,633,615 

 

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

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

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) 

 

2014 .................. 5,212,466 12,759 48,750 43,213 22,649 70,113 861,349 202,207 - 

2015 .................. 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 - 

2016 .................. 5,604,069 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

2017 .................. 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

2018 .................. 5,977,617 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

 

2017 - Dec. ....... 5,727,513 13,604 83,172 45,867 22,127 71,624 891,604 201,781 33,003 

2018 - Jan ......... 5,700,656 13,004 85,348 45,911 22,153 75,800 884,601 206,699 33,542 

Feb ........ 5,902,818 13,710 85,422 46,236 22,147 77,183 904,506 201,537 34,192 

Mar........ 5,869,320 14,103 87,634 46,215 22,176 79,475 900,250 188,445 34,684 

 Apr ........ 5,945,577 14,016 89,034 46,197 22,208 85,490 895,568 210,426 35,625 

May ....... 5,932,098 14,210 89,890 46,165 22,209 86,925 891,146 204,373 23,563 

June ...... 5,943,775 14,640 91,530 46,215 22,241 89,410 901,488 200,132 25,170 

 July ........ 5,962,236 14,927 93,173 46,256 22,278 89,856 897,266 203,664 25,752 

Aug........ 5,895,873 14,380 93,285 46,574 22,277 84,852 892,972 188,915 26,340 

Sept....... 5,977,617 14,212 96,341 46,616 22,311 93,401 931,838 202,805 26,975 

Oct......... 6,084,109 14,796 96,608 46,655 22,355 93,338 927,143 199,614 27,501 

Nov........ 6,032,885 15,036 96,736 46,742 22,353 94,351 923,394 188,324 28,098 

Dec........ 6,101,877 15,117 99,339 46,805 22,399 97,201 932,693 200,116 28,583 

 
FEDERAL DEBT 

March 2019

22 

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”] 

End of fiscal 

year or month 

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) 

 

2014 ........................... 23,860 19 105 23,620 116 * 

2015 ........................... 24,100 19 107 23,878 96 * 

2016 ........................... 24,367 19 98 24,175 75 * 

2017 ........................... 24,369 19 89 24,209 52 * 

2018 ........................... 22,822 19 80 22,696 27 * 

 

2017 - Dec. ................ 24,396 19 91 24,233 52 * 

2018 - Jan .................. 24,339 19 92 24,176 52 * 

Feb ................. 24,041 19 93 23,890 40 * 

Mar................. 24,662 19 93 24,510 40 * 

 April................. 23,797 19 85 23,653 40 * 

May ................ 23,711 19 86 23,566 40 * 

June ............... 23,511 19 87 23,366 40 * 

 July ................. 23,438 19 87 23,292 40 * 

Aug................. 23,052 19 79 22,927 27 * 

Sept................ 22,822 19 80 22,696 27 * 

Oct.................. 22,846 19 80 22,720 27 * 

Nov................. 22,995 19 81 22,869 27 * 

Dec................. 22,940 19 81 22,813 27 * 

 

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

March 2019 

23 

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] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

 10-20 

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

 

2014 ............................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56 

2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 

2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 

2017 ............................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66 

2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 

 

2017 - Dec...................... 11,940,545 3,401,357 4,821,693 2,368,229 142,802 1,206,463 65 

2018 - Jan ...................... 12,066,806 3,428,088 4,892,999 2,400,852 126,409 1,218,457 65 

Feb ..................... 12,242,168 3,559,888 4,944,288 2,370,341 133,209 1,234,443 65 

Mar ..................... 12,442,216 3,776,495 4,907,194 2,376,859 133,487 1,248,181 64 

 Apr ...................... 12,442,945 3,654,231 4,963,054 2,444,080 119,751 1,261,828 65 

May..................... 12,550,113 3,688,168 5,031,029 2,431,911 127,495 1,271,510 65 

June.................... 12,529,613 3,670,219 5,012,734 2,427,862 127,650 1,291,149 65 

 July ..................... 12,738,042 3,730,067 5,121,739 2,452,655 127,815 1,305,766 65 

Aug ..................... 12,978,235 3,888,670 5,205,685 2,438,557 121,314 1,324,010 64 

Sept.................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 

Oct...................... 13,077,091 3,818,212 5,276,404 2,501,914 121,341 1,359,221 65 

Nov..................... 13,309,195 3,969,497 5,352,897 2,495,378 113,027 1,378,396 64 

Dec..................... 13,385,360 3,927,279 5,426,079 2,524,238 113,097 1,394,666 64 

 

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

March 2019

24 

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) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

2014 ....................................... - 17,781,107 17,781,107 - 17,824,071 - 42,964 

2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

 

2017 - Dec.1 ........................... 20,456,000 20,455,975 20,455,975 - 20,492,747 - 36,772 

2018 - Jan.1 ............................ 20,456,000 20,455,975 20,455,975 - 20,493,730 - 37,755 

Feb.2 ........................... - 20,816,719 20,816,719 - 20,855,672 - 38,953 

Mar.2 ........................... - 21,049,524 21,049,524 - 21,089,643 - 40,119 

 Apr.2 ........................... - 21,027,545 21,027,545 - 21,068,200 - 40,656 

May2 ........................... - 21,104,039 21,104,039 - 21,145,215 - 41,176 

June2 .......................... - 21,155,086 21,155,086 - 21,195,070 - 39,983 

 July2............................ - 21,272,706 21,272,706 - 21,313,061 - 40,354 

Aug.2........................... - 21,417,956 21,417,956 - 21,458,850 - 40,893 

Sept.2.......................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

Oct.2............................ - 21,661,035 21,661,035 - 21,702,370 - 41,335 

Nov.2........................... - 21,808,202 21,808,202 - 21,850,094 - 41,892 

Dec.2........................... - 21,933,738 21,933,738 - 21,974,096 - 40,358 

 

(1) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental 

Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory 

Debt Limit was suspended through December 8, 2017. The Statutory Debt Limit in 31 U.S.C. 

3101(b) was permanently increased effective December 9, 2017, to $20,455,999,906,400.12. 

(2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and 

Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019.
FEDERAL DEBT 

March 2019 

25 

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) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2014 ....................................... 1,223,498 19,064 26,203 22,126 575 748 

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688 

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636 

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601 

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453 

 

2017 - Dec. ............................ 1,524,298 34,224 22,226 27,676 662 601 

2018 - Jan .............................. 1,516,518 23,605 22,286 27,905 664 601 

Feb ............................. 1,517,724 23,499 22,510 28,052 665 601 

Mar............................. 1,535,644 22,958 20,494 26,112 565 601 

 Apr ............................. 1,536,644 22,803 20,583 26,306 568 601 

May ............................ 1,568,440 22,532 20,662 26,515 573 601 

June ........................... 1,566,178 22,359 21,139 27,018 580 601 

 July ............................. 1,555,879 22,093 21,139 27,018 580 601 

Aug............................. 1,570,955 23,268 19,225 26,193 519 453 

Sept............................ 1,512,469 23,005 19,325 26,797 583 453 

Oct.............................. 1,569,160 28,758 19,433 26,947 586 453 

Nov............................. 1,569,709 27,494 19,639 27,302 591 453 

Dec............................. 1,595,896 30,276 19,639 27,302 591 453 

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2014 ....................................... 965,394 4,242 27,528 133 56,528 

2015 ....................................... 1,050,374 4,649 26,921 127 58,050 

2016 ....................................... 1,126,370 4,759 30,318 128 59,043 

2017 ....................................... 1,178,495 5,009 27,954 128 61,270 

2018 ....................................... 1,258,499 5,531 24,709 134 61,584 

 

2017 - Dec. ............................ 1,248,630 5,009 27,979 127 61,536 

2018 - Jan.............................. 1,249,821 4,953 27,979 127 61,518 

Feb............................. 1,249,831 4,953 27,979 127 61,983 

Mar............................. 1,271,327 4,953 27,979 127 62,317 

 Apr ............................. 1,271,327 4,953 27,979 127 62,331 

May ............................ 1,302,135 4,953 27,979 127 62,675 

June ........................... 1,302,135 5,086 27,979 128 62,971 

 July ............................ 1,291,360 5,086 27,979 128 63,030 

Aug............................. 1,312,682 5,225 27,979 128 63,241 

Sept............................ 1,258,499 5,531 24,709 134 61,584 

Oct.............................. 1,308,416 5,508 24,709 134 61,640 

Nov............................. 1,307,269 5,478 24,734 134 62,219 

Dec............................. 1,329,918 5,398 24,734 134 62,355 

 
FEDERAL DEBT 

March 2019

26 

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”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

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 

2017 ...................................... 24,645 3,712 7,693 63,739 

2018 ...................................... 20,213 3,725 11,212 56,699 

 

2017 - Dec ............................ 24,760 4,790 11,081 54,997 

2018 - Jan ............................. 24,760 5,175 11,081 56,043 

Feb ............................ 24,789 5,442 11,081 56,212 

Mar............................ 24,789 5,785 11,195 56,443 

 Apr ............................ 24,789 6,123 11,407 56,747 

May ........................... 24,818 6,433 11,407 57,029 

Jun ............................ 24,818 2,715 11,407 57,239 

 July ............................ 24,818 3,088 11,407 57,552 

Aug............................ 20,208 3,361 11,934 56,537 

Sept........................... 20,213 3,725 11,212 56,699 

Oct............................. 20,223 4,093 11,212 57,048 

Nov............................ 20,223 4,417 12,604 57,152 

Dec............................ 20,229 4,799 12,604 57,464 

 

Note—Detail may not add to totals due to rounding. 
27 

March 2019 

 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 13-

week 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]

O C T O B E R 

Auction of 2-Year Notes 

On September 20, 2018, Treasury announced it 

would auction $37,000 million of 2-year notes. The 

issue was to refund $73,480 million of securities 

maturing September 30 and to raise new cash of 

approximately $32,520 million. 

The 2-year notes of Series BG-2020 were dated 

September 30 and issued October 1. They are due 

September 30, 2020, with interest payable on March 

31 and September 30 until maturity. Treasury set an 

interest rate of 2-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon eastern time (e.t.) for noncompetitive 

tenders and before 1:00 p.m. e.t. for competitive 

tenders on September 24. Tenders totaled $90,162 

million; Treasury accepted $37,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 2.829 

percent with an equivalent price of $99.847531. 

Treasury accepted in full all competitive tenders at 

yields lower than 2.829 percent. Tenders at the high 

yield were allotted 44.96 percent. The median yield 

was 2.800 percent, and the low yield was 2.700 

percent. Noncompetitive tenders totaled $391 million. 

Competitive tenders accepted from private investors 

totaled $36,509 million. Accrued interest of $0.07555 

per $1,000 must be paid for the period from September 

30 to October 1. The minimum par amount required 

for Separate Trading of Registered Interest and 

Principal Securities (STRIPS) of notes of Series BG2020 is $100. 

Auction of 5-Year Notes 

On September 20, 2018, Treasury announced it 

would auction $38,000 million of 5-year notes. The 

issue was to refund $73,480 million of securities 

maturing September 30 and to raise new cash of 

approximately $32,520 million. 

The 5-year notes of Series AD-2023 were dated 

September 30 and issued October 1. They are due 

September 30, 2023, with interest payable on March 

31 and September 30 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 notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on September 25. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

28 

Tenders totaled $90,948 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.997 percent with an equivalent price of 

$99.437571. Treasury accepted in full all competitive 

tenders at yields lower than 2.997 percent. Tenders at 

the high yield were allotted 44.70 percent. The median 

yield was 2.966 percent, and the low yield was 2.880 

percent. Noncompetitive tenders totaled $39 million. 

Competitive tenders accepted from private investors 

totaled $37,961 million. Accrued interest of $0.07898 

per $1,000 must be paid for the period from September 

30 to October 1. The minimum par amount required 

for STRIPS of notes of Series AD-2023 is $100. 

Auction of 7-Year Notes 

On September 20, 2018, Treasury announced it 

would auction $31,000 million of 7-year notes. The 

issue was to refund $73,480 million of securities 

maturing September 30 and to raise new cash of 

approximately $32,520 million. 

The 7-year notes of Series Q-2025 were dated 

September 30 and issued October 1. They are due 

September 30, 2025, with interest payable on March 

31 and September 30 until maturity. Treasury set an 

interest rate of 3 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on September 27. 

Tenders totaled $75,915 million; Treasury accepted 

$31,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.034 percent with an equivalent price of 

$99.786973. Treasury accepted in full all competitive 

tenders at yields lower than 3.034 percent. Tenders at 

the high yield were allotted 15.76 percent. The median 

yield was 2.985 percent, and the low yield was 2.588 

percent. Noncompetitive tenders totaled $23 million. 

Competitive tenders accepted from private investors 

totaled $30,977 million. Accrued interest of $0.08242 

per $1,000 must be paid for the period from September 

30 to October 1. The minimum par amount required 

for STRIPS of notes of Series Q-2025 is $100. 

Auction of 52-Week Bills 

On October 4, 2018, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued October 11 and will mature October 

10, 2019. The issue was to refund $154,972 million of 

all maturing bills and to raise new cash of 

approximately $1,028 million. Treasury auctioned the 

bills on October 9. Tenders totaled $90,534 million; 

Treasury accepted $26,000 million, including $684 

million of noncompetitive tenders from the public. The 

high bank discount rate was 2.580 percent. 

Auction of 3-Year Notes 

On October 4, 2018, Treasury announced it would 

auction $36,000 million of 3-year notes. The issue was 

to refund $24,000 million of securities maturing 

October 15 and to raise new cash of approximately 

$50,000 million. 

The 3-year notes of Series AS-2021 were dated 

and issued October 15. They are due October 15, 2021, 

with interest payable on April 15 and October 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 notes before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on October 10. 

Tenders totaled $92,303 million; Treasury accepted 

$36,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.989 percent with an equivalent price of 

$99.675199. Treasury accepted in full all competitive 

tenders at yields lower than 2.989 percent. Tenders at 

the high yield were allotted 32.32 percent. The median 

yield was 2.955 percent, and the low yield was 2.890 

percent. Noncompetitive tenders totaled $96 million. 

Competitive tenders accepted from private investors 

totaled $35,704 million. The minimum par amount 

required for STRIPS of notes of Series AS-2021 is 

$100. 

Auction of 9-Year 10-Month 2-7/8 Percent 

Notes 

On October 4, 2018, Treasury announced it would 

auction $23,000 million of 9-year 10-month 2-7/8 

percent notes. The issue was to refund $24,000 million 

of securities maturing October 15 and to raise new 

cash of approximately $50,000 million. 

The 9-year 10-month 2-7/8 percent notes of Series 

E-2028 were dated August 15 and issued October 15. 

They are due August 15, 2028, 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 10. 

Tenders totaled $54,886 million; Treasury accepted 

$23,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.225 percent with an equivalent price of 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

29 

$97.065145. Treasury accepted in full all competitive 

tenders at yields lower than 3.225 percent. Tenders at 

the high yield were allotted 45.89 percent. The median 

yield was 3.180 percent, and the low yield was 3.120 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors 

totaled $22,974 million. Accrued interest of $4.76563 

per $1,000 must be paid for the period from August 15 

to October 15. The minimum par amount required for 

STRIPS of notes of Series E-2028 is $100. 

Auction of 29-Year 10-Month Percent Bonds 

On October 4, 2018, Treasury announced it would 

auction $15,000 million of 29-year 10-month 3 percent 

bonds. The issue was to refund $24,000 million of 

securities maturing October 15 and to raise new cash 

of approximately $50,000 million. 

The 29-year 10-month 3 percent bonds of August 

2048 were dated August 15 and issued October 15. 

They are due August 15, 2048, 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 11. 

Tenders totaled $36,292 million; Treasury accepted 

$15,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.344 percent with an equivalent price of 

$93.532007. Treasury accepted in full all competitive 

tenders at yields lower than 3.344 percent. Tenders at 

the high yield were allotted 5.26 percent. The median 

yield was 3.309 percent, and the low yield was 3.230 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $14,998 million. Accrued interest of $4.97283 

per $1,000 must be paid for the period from August 15 

to October 15. The minimum par amount required for 

STRIPS of bonds of August 2048 is $100. 

Auction of 29-Year 4-Month 1 Percent 

Treasury Inflation Protected Security (TIPS) 

On October 11, 2018, Treasury announced it would 

auction $5,000 million of 29-year 4-month 1 percent 

TIPS. The issue was to refund $110,747 million of 

securities maturing October 31 and to raise new cash 

of approximately $21,253 million. 

The 29-year 4-month 1 percent TIPS of February 

2048 were dated August 15 and issued October 31. 

They are due February 15, 2048, 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 18. 

Tenders totaled $11,584 million; Treasury accepted 

$5,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.235 percent with an equivalent adjusted 

price of $96.357546. Treasury accepted in full all 

competitive tenders at yields lower than 1.235 percent. 

Tenders at the high yield were allotted 47.98 percent. 

The median yield was 1.170 percent, and the low yield 

was 0.888 percent. Noncompetitive tenders totaled $2 

million. Competitive tenders accepted from private 

investors totaled $4,998 million. Adjusted accrued 

interest of $2.13945 per $1,000 must be paid for the 

period from August 15 to October 31. Both the 

unadjusted price of $94.238130 and the unadjusted 

accrued interest of $2.09239 were adjusted by an index 

ratio of 1.02249, for the period from August 15 to 

October 31. The minimum par amount required for 

STRIPS of TIPS of February 2048 is $100. 

Auction of 2-Year Notes 

On October 18, 2018, Treasury announced it would 

auction $38,000 million of 2-year notes. The issue was 

to refund $110,747 million of securities maturing 

October 31 and to raise new cash of approximately 

$21,253 million. 

The 2-year notes of Series BH-2020 were dated 

and issued October 31. They are due October 31, 2020, 

with interest payable on April 30 and October 31 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 notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on October 23. 

Tenders totaled $101,490 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.880 percent with an equivalent price of 

$99.990350. Treasury accepted in full all competitive 

tenders at yields lower than 2.880 percent. Tenders at 

the high yield were allotted 54.21 percent. The median 

yield was 2.859 percent, and the low yield was 2.770 

percent. Noncompetitive tenders totaled $427 million. 

Competitive tenders accepted from private investors 

totaled $37,473 million. The minimum par amount 

required for STRIPS of notes of Series BH-2020 is 

$100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

30 

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 18, 2018, Treasury announced it would 

auction $19,000 million of 2-year FRNs. The issue 

was to refund $110,747 million of securities maturing 

October 31 and to raise new cash of approximately 

$21,253 million. 

The 2-year FRNs of Series BJ-2020 were dated 

and issued October 31. They are due October 31, 2020, 

with interest payable on January 31, April 30, July 31, 

and October 31 until maturity. Treasury set a spread of 

0.045 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 24. 

Tenders totaled $63,109 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.045 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.045 percent. Tenders at the high discount margin 

were allotted 88.76 percent. The median discount 

margin was 0.040 percent, and the low discount 

margin was 0.020 percent. Noncompetitive tenders 

totaled $37 million. Competitive tenders accepted from 

private investors totaled $18,963 million. 

Auction of 5-Year Notes 

On October 18, 2018, Treasury announced it would 

auction $39,000 million of 5-year notes. The issue was 

to refund $110,747 million of securities maturing 

October 31 and to raise new cash of approximately 

$21,253 million. 

The 5-year notes of Series AE-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 2-7/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on October 24. 

Tenders totaled $89,827 million; Treasury accepted 

$39,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.977 percent with an equivalent price of 

$99.529382. Treasury accepted in full all competitive 

tenders at yields lower than 2.977 percent. Tenders at 

the high yield were allotted 48.65 percent. The median 

yield was 2.940 percent, and the low yield was 2.850 

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors 

totaled $38,859 million. The minimum par amount 

required for STRIPS of notes of Series AE-2023 is 

$100. 

Auction of 7-Year Notes 

On October 18, 2018, Treasury announced it would 

auction $31,000 million of 7-year notes. The issue was 

to refund $110,747 million of securities maturing 

October 31 and to raise new cash of approximately 

$21,253 million. 

The 7-year notes of Series R-2025 were dated and 

issued October 31. They are due October 31, 2025, 

with interest payable on April 30 and October 31 until 

maturity. Treasury set an interest rate of 3 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 $74,181 million; Treasury accepted 

$31,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.074 percent with an equivalent price of 

$99.537120. Treasury accepted in full all competitive 

tenders at yields lower than 3.074 percent. Tenders at 

the high yield were allotted 16.21 percent. The median 

yield was 3.024 percent, and the low yield was 2.688 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors 

totaled $30,980 million. The minimum par amount 

required for STRIPS of notes of Series R-2025 is 

$100. 

N O V E M B E R 

November Quarterly Financing 

On October 31, 2018, Treasury announced it would 

auction $37,000 million of 3-year notes. The issue was 

to refund $54,344 million of securities maturing 

November 15 and to raise new cash of approximately 

$28,656 million. 

The 3-year notes of Series AT-2021 were dated 

and issued November 15. They are due November 15, 

2021, 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 notes before 

12:00 noon e.t. for noncompetitive tenders and before 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

31 

1:00 p.m. e.t. for competitive tenders on November 5. 

Tenders totaled $93,989 million; Treasury accepted 

$37,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.983 percent with an equivalent price of 

$99.692263. Treasury accepted in full all competitive 

tenders at yields lower than 2.983 percent. Tenders at 

the high yield were allotted 51.29 percent. The median 

yield was 2.960 percent, and the low yield was 2.860 

percent. Noncompetitive tenders totaled $97 million. 

Competitive tenders accepted from private investors 

totaled $36,703 million. 

In addition to the $37,000 million of tenders 

accepted in the auction process, Treasury accepted 

$7,545 million from Federal Reserve Banks (FRBs) 

for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AT-2021 is 

$100. 

On October 31, 2018, Treasury announced it would 

auction $27,000 million of 10-year notes. The issue 

was to refund $54,344 million of securities maturing 

November 15 and to raise new cash of approximately 

$28,656 million. 

The 10-year notes of Series F-2028 were dated and 

issued November 15. They are due November 15, 

2028, with interest payable on May 15 and November 

15 until maturity. Treasury set an interest rate of 3-1/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on November 6. 

Tenders totaled $68,446 million; Treasury accepted 

$27,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.209 percent with an equivalent price of 

$99.286291. Treasury accepted in full all competitive 

tenders at yields lower than 3.209 percent. Tenders at 

the high yield were allotted 18.43 percent. The median 

yield was 3.165 percent, and the low yield was 3.100 

percent. Noncompetitive tenders totaled $47 million. 

Competitive tenders accepted from private investors 

totaled $26,953 million. 

In addition to the $27,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,506 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series F-2028 is $100. 

On October 31, 2018, Treasury announced it would 

auction $19,000 million of 30-year bonds. The issue 

was to refund $54,344 million of securities maturing 

November 15 and to raise new cash of approximately 

$28,656 million. 

The 30-year bonds of November 2048 were dated 

and issued November 15. They are due November 15, 

2048, with interest payable on May 15 and November 

15 until maturity. Treasury set an interest rate of 3-3/8 

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 7. 

Tenders totaled $39,096 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.418 percent with an equivalent price of 

$99.197082. Treasury accepted in full all competitive 

tenders at yields lower than 3.418 percent. Tenders at 

the high yield were allotted 72.32 percent. The median 

yield was 3.360 percent, and the low yield was 3.270 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $18,993 million. 

In addition to the $19,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,875 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

November 2048 is $100. 

Auction of 52-Week Bills 

On November 1, 2018, Treasury announced it 

would auction $26,000 million of 364-day Treasury 

bills. They were issued November 8 and will mature 

November 7, 2019. The issue was to refund $152,965 

million of all maturing bills and to raise new cash of 

approximately $37,035 million. Treasury auctioned the 

bills on November 6. Tenders totaled $79,284 million; 

Treasury accepted $26,000 million, including $605 

million of noncompetitive tenders from the public. The 

high bank discount rate was 2.645 percent. 

Auction of 9-Year 8-Month 0-3/4 Percent TIPS 

On November 15, 2018, Treasury announced it 

would auction $11,000 million of 9-year 8-month 0-

3/4 percent TIPS. The issue was to refund $69,157 

million of securities maturing November 30 and to 

raise new cash of approximately $70,843 million. 

The 9-year 8-month 0-3/4 percent TIPS of Series 

D-2028 were dated July 15 and issued November 30. 

They are due July 15, 2028, with interest payable on 

January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on November 

21. Tenders totaled $28,520 million; Treasury 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

32 

accepted $11,000 million. All noncompetitive and 

successful competitive bidders were allotted securities 

at the high yield of 1.109 percent with an equivalent 

adjusted price of $97.275351. Treasury accepted in full 

all competitive tenders at yields lower than 1.109 

percent. Tenders at the high yield were allotted 80.47 

percent. The median yield was 1.070 percent, and the 

low yield was 1.000 percent. Noncompetitive tenders 

totaled $11 million. Competitive tenders accepted from 

private investors totaled $10,989 million. Adjusted 

accrued interest of $2.82833 per $1,000 must be paid 

for the period from July 15 to November 30. Both the 

unadjusted price of $96.730757 and the unadjusted 

accrued interest of $2.81250 were adjusted by an index 

ratio of 1.00563, 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 

$966 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series D-2028 is $100. 

Auction of 2-Year Notes 

On November 21, 2018, Treasury announced it 

would auction $39,000 million of 2-year notes. The 

issue was to refund $69,157 million of securities 

maturing November 30 and to raise new cash of 

approximately $70,843 million. 

The 2-year notes of Series BK-2020 were dated 

and issued November 30. They are due November 30, 

2020, with interest payable on May 31 and November 

30 until maturity. Treasury set an interest rate of 2-3/4 

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 26. 

Tenders totaled $103,443 million; Treasury accepted 

$39,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.836 percent with an equivalent price of 

$99.833929. Treasury accepted in full all competitive 

tenders at yields lower than 2.836 percent. Tenders at 

the high yield were allotted 2.49 percent. The median 

yield was 2.816 percent, and the low yield was 2.720 

percent. Noncompetitive tenders totaled $337 million. 

Competitive tenders accepted from private investors 

totaled $38,563 million. 

In addition to the $39,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,425 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BK-2020 is $100. 

Auction of 5-Year Notes 

On November 21, 2018, Treasury announced it 

would auction $40,000 million of 5-year notes. The 

issue was to refund $69,157 million of securities 

maturing November 30 and to raise new cash of 

approximately $70,843 million. 

The 5-year notes of Series AF-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 2-7/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on November 27. 

Tenders totaled $99,795 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.880 percent with an equivalent price of 

$99.976871. Treasury accepted in full all competitive 

tenders at yields lower than 2.880 percent. Tenders at 

the high yield were allotted 71.92 percent. The median 

yield was 2.849 percent, and the low yield was 2.780 

percent. Noncompetitive tenders totaled $47 million. 

Competitive tenders accepted from private investors 

totaled $39,853 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,513 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AF-2023 is $100.

Auction of 1-Year 11-Month 0.045 FRNs 

On November 21, 2018, Treasury announced it 

would auction $18,000 million of 1-year 11-month 

0.045 percent FRNs. The issue was to refund $69,157 

million of securities maturing November 30 and to 

raise new cash of approximately $70,843 million. 

The 1-year 11-month 0.045 percent FRNs of Series 

BJ-2020 were dated October 31 and issued November 

30. They are due October 31, 2020, 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 

28. Tenders totaled $47,129 million; Treasury 

accepted $18,000 million. All noncompetitive and 

successful competitive bidders were allotted securities 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

33 

at the high discount margin of 0.050 percent with an 

equivalent price of $99.989687. Treasury accepted in 

full all competitive tenders at discount margins lower 

than 0.050 percent. Tenders at the high discount 

margin were allotted 93.01 percent. The median 

discount margin was 0.040 percent, and the low 

discount margin was 0.020 percent. Noncompetitive 

tenders totaled $24 million. Competitive tenders 

accepted from private investors totaled $17,976 

million. Accrued interest of $0.199204643 per $100 

must be paid for the period from October 31 to 

November 30. 

In addition to the $18,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,581 million from FRBs for their own accounts. 

Auction of 7-Year Notes 

On November 21, 2018, Treasury announced it 

would auction $32,000 million of 7-year notes. The 

issue was to refund $69,157 million of securities 

maturing November 30 and to raise new cash of 

approximately $70,843 million. 

The 7-year notes of Series S-2025 were dated and 

issued November 30. They are due November 30, 

2025, with interest payable on May 31 and November 

30 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 notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on November 28. 

Tenders totaled $81,636 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.974 percent with an equivalent price of 

$99.378525. Treasury accepted in full all competitive 

tenders at yields lower than 2.974 percent. Tenders at 

the high yield were allotted 21.73 percent. The median 

yield was 2.939 percent, and the low yield was 2.488 

percent. Noncompetitive tenders totaled $22 million. 

Competitive tenders accepted from private investors 

totaled $31,978 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,810 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series S-2025 is $100. 

D E C E M B E R 

Auction of 52-Week Bills 

On November 29, 2018, Treasury announced it 

would auction $26,000 million of 364-day Treasury 

bills. They were issued December 6 and will mature 

December 5, 2019. The issue was to refund $160,005 

million of all maturing bills and to raise new cash of 

approximately $10,995 million. Treasury auctioned the 

bills on December 4. Tenders totaled $79,283 million; 

Treasury accepted $26,000 million, including $647 

million of noncompetitive tenders from the public. The 

high bank discount rate was 2.635 percent. 

Auction of 3-Year Notes 

On December 6, 2018, Treasury announced it 

would auction $38,000 million of 3-year notes. The 

issue was to refund $23,994 million of securities 

maturing December 15 and to raise new cash of 

approximately $54,006 million. 

The 3-year notes of Series AU-2021 were dated 

December 15 and issued December 17. They are due 

December 15, 2021, with interest payable on June 15 

and December 15 until maturity. Treasury set an 

interest rate of 2-5/8 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 December 11. 

Tenders totaled $98,485 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.748 percent with an equivalent price of 

$99.648536. Treasury accepted in full all competitive 

tenders at yields lower than 2.748 percent. Tenders at 

the high yield were allotted 84.56 percent. The median 

yield was 2.709 percent, and the low yield was 2.630 

percent. Noncompetitive tenders totaled $106 million. 

Competitive tenders accepted from private investors 

totaled $37,794 million. Accrued interest of $0.14423 

per $1,000 must be paid for the period from December 

15 to December 17. The minimum par amount 

required for STRIPS of notes of Series AU-2021 is 

$100. 

Auction of 9-Year 11-Month 3-1/8 Percent 

Notes 

On December 6, 2018, Treasury announced it 

would auction $24,000 million of 9-year 11-month 3-

1/8 percent notes. The issue was to refund $23,994 

million of securities maturing December 15 and to 

raise new cash of approximately $54,006 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

34 

The 9-year 11-month 3-1/8 percent notes of Series 

F-2028 were dated November 15 and issued December 

17. They are due November 15, 2028, 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 $56,517 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.915 percent with an equivalent price of 

$101.793273. Treasury accepted in full all competitive 

tenders at yields lower than 2.915 percent. Tenders at 

the high yield were allotted 13.03 percent. The median 

yield was 2.870 percent, and the low yield was 2.488 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors 

totaled $23,988 million. Accrued interest of $2.76243 

per $1,000 must be paid for the period from November 

15 to December 17. The minimum par amount 

required for STRIPS of notes of Series F-2028 is $100. 

Auction of 29-Year 11-Month 3-3/8 Percent 

Bonds

On December 6, 2018, Treasury announced it 

would auction $16,000 million of 29-year 11-month 3-

3/8 percent bonds. The issue was to refund $23,994 

million of securities maturing December 15 and to 

raise new cash of approximately $54,006 million. 

The 29-year 11-month 3-3/8 percent bonds of 

November 2048 were dated November 15 and issued 

December 17. They are due November 15, 2048, 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 $36,923 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.165 percent with an equivalent price of 

$104.037595. Treasury accepted in full all competitive 

tenders at yields lower than 3.165 percent. Tenders at 

the high yield were allotted 5.35 percent. The median 

yield was 3.110 percent, and the low yield was 2.688 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors 

totaled $15,996 million. Accrued interest of $2.98343 

per $1,000 must be paid for the period from November 

15 to December 17. The minimum par amount 

required for STRIPS of bonds of November 2048 is 

$100. 

Auction of 4-Year 4-Month 0-5/8 Percent TIPS 

On December 13, 2018, Treasury announced it 

would auction $14,000 million of 4-year 4-month 0-

5/8 percent TIPS. The issue was to refund $76,180 

million of securities maturing December 31 and to 

raise new cash of approximately $50,820 million. 

The 4-year 4-month 0-5/8 percent TIPS of Series 

X-2023 were dated October 15 and issued December 

31. They are due April 15, 2023, 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 20. 

Tenders totaled $39,135 million; Treasury accepted 

$14,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.129 percent with an equivalent adjusted 

price of $99.660353. Treasury accepted in full all 

competitive tenders at yields lower than 1.129 percent. 

Tenders at the high yield were allotted 80.29 percent. 

The median yield was 1.100 percent, and the low yield 

was 1.000 percent. Noncompetitive tenders totaled $30 

million. Competitive tenders accepted from private 

investors totaled $13,970 million. Adjusted accrued 

interest of $1.34596 per $1,000 must be paid for the 

period from October 15 to December 31. Both the 

unadjusted price of $97.895301 and the unadjusted 

accrued interest of $1.32212 were adjusted by an index 

ratio of 1.01803, for the period from October 15 to 

December 31. The minimum par amount required for 

STRIPS of TIPS of Series X-2023 is $100. 

Auction of 2-Year Notes 

On December 20, 2018, Treasury announced it 

would auction $40,000 million of 2-year notes. The 

issue was to refund $76,180 million of securities 

maturing December 31 and to raise new cash of 

approximately $50,820 million. 

The 2-year notes of Series BL-2020 were dated 

and issued December 31. They are due December 31, 

2020, with interest payable on June 30 and December 

31 until maturity. Treasury set an interest rate of 2-1/2 

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 

24. Tenders totaled $92,289 million; Treasury 

accepted $40,000 million. All noncompetitive and 

successful competitive bidders were allotted securities 

at the high yield of 2.619 percent with an equivalent 

price of $99.769592. Treasury accepted in full all 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2019 

35 

competitive tenders at yields lower than 2.619 percent. 

Tenders at the high yield were allotted 12.56 percent. 

The median yield was 2.582 percent, and the low yield 

was 2.400 percent. Noncompetitive tenders totaled 

$377 million. Competitive tenders accepted from 

private investors totaled $39,523 million. The 

minimum par amount required for STRIPS of notes of 

Series BL-2020 is $100. 

Auction of 1-Year 10-Month 0.045 Percent 

FRNs 

On December 20, 2018, Treasury announced it 

would auction $18,000 million of 1-year 10-month 

0.045 percent FRNs. The issue was to raise new cash 

of approximately $18,000 million. 

The 1-year 10-month 0.045 percent FRNs of Series 

BJ-2020 were dated October 31 and issued December 

28. They are due October 31, 2020, 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 

26. Tenders totaled $48,770 million; Treasury 

accepted $18,000 million. All noncompetitive and 

successful competitive bidders were allotted securities 

at the high discount margin of 0.150 percent with an 

equivalent price of $99.808012. Treasury accepted in 

full all competitive tenders at discount margins lower 

than 0.150 percent. Tenders at the high discount 

margin were allotted 52.82 percent. The median 

discount margin was 0.120 percent, and the low 

discount margin was 0.080 percent. Noncompetitive 

tenders totaled $10 million. Competitive tenders 

accepted from private investors totaled $17,990 

million. Accrued interest of $0.388626925 per $100 

must be paid for the period from October 31 to 

December 28. 

Auction of 5-Year Notes 

On December 20, 2018, Treasury announced it 

would auction $41,000 million of 5-year notes. The 

issue was to refund $76,180 million of securities 

maturing December 31 and to raise new cash of 

approximately $50,820 million. 

The 5-year notes of Series AG-2023 were dated 

and issued December 31. They are due December 31, 

2023, with interest payable on June 30 and December 

31 until maturity. Treasury set an interest rate of 2-5/8 

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 December 26. 

Tenders totaled $85,779 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.652 percent with an equivalent price of 

$99.874345. Treasury accepted in full all competitive 

tenders at yields lower than 2.652 percent. Tenders at 

the high yield were allotted 86.01 percent. The median 

yield was 2.599 percent, and the low yield was 2.400 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors 

totaled $40,965 million. The minimum par amount 

required for STRIPS of notes of Series AG-2023 is 

$100. 

Auction of 7-Year Notes 

On December 20, 2018, Treasury announced it 

would auction $32,000 million of 7-year notes. The 

issue was to refund $76,180 million of securities 

maturing December 31 and to raise new cash of 

approximately $50,820 million. 

The 7-year notes of Series T-2025 were dated and 

issued December 31. They are due December 31, 

2025, with interest payable on June 30 and December 

31 until maturity. Treasury set an interest rate of 2-5/8 

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 December 27. 

Tenders totaled $78,695 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.680 percent with an equivalent price of 

$99.651077. Treasury accepted in full all competitive 

tenders at yields lower than 2.680 percent. Tenders at 

the high yield were allotted 27.75 percent. The median 

yield was 2.640 percent, and the low yield was 2.288 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors 

totaled $31,988 million. The minimum par amount 

required for STRIPS of notes of Series T-2025 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

March 2019 

36 

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 Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

 

Regular weekly: 

(4 week, 8 week, 13 week, and 26 week) 

 

2018 – Oct. 04............................................... 2018-Nov. 01 28 124,764.9 40,000.1 38,935.1 1,065.0 99.836278 2.105 2.138

 2019-Jan. 03 91 140,836.8 48,000.0 46,380.1 1,163.0 99.450208 2.175 2.217

 Apr. 04 182 121,403.8 42,000.0 40,654.8 880.2 98.819528 2.335 2.396

Oct. 11 2018-Nov. 08 28 126,971.0 40,026.0 38,800.9 1,174.2 99.833944 2.135 2.168

 2019-Jan. 10 91 130,714.1 48,000.7 46,242.8 1,284.9 99.438833 2.220 2.264

Apr. 11 182 117,141.7 42,000.2 40,645.2 855.0 98.796778 2.380 2.442

Oct. 18 2018-Nov. 15 28 112,487.5 40,000.0 38,959.4 1,040.7 99.832389 2.155 2.189

 Dec. 11 54 78,333.1 25,000.2 24,912.1 83.1 99.674500 2.170 2.207

 2019-Jan. 17 91 133,171.9 45,000.4 43,618.6 1,057.8 99.426194 2.270 2.315

Apr. 18 182 112,023.6 39,000.1 37,685.6 814.4 98.779083 2.415 2.479

Oct. 25 2018-Nov. 23 29 114,316.5 40,000.2 38,966.2 1,034.0 99.824389 2.180 2.214

 Dec. 18 54 85,735.9 25,000.1 24,894.2 88.9 99.673000 2.180 2.218

 2019-Jan. 24 91 137,778.0 45,000.1 42,911.1 1,088.9 99.418611 2.300 2.346

Apr. 25 182 122,154.5 39,000.1 37,110.9 889.2 98.774028 2.425 2.489

Nov. 01 2018-Nov. 29 28 128,451.2 45,000.2 43,858.9 1,110.3 99.831611 2.165 2.199

 Dec. 26 55 77,108.9 25,000.1 24,879.2 120.9 99.663125 2.205 2.243

 2019-Jan. 31 91 130,471.4 45,000.6 43,258.2 1,160.4 99.417347 2.305 2.351

 May 02 182 117,428.2 39,000.7 37,775.9 824.8 98.771500 2.430 2.494

Nov. 08 2018-Dec. 06 28 145,531.0 50,000.4 48,728.1 1,147.3 99.828889 2.200 2.234

 2019-Jan. 02 55 92,578.0 30,000.4 29,878.3 122.1 99.657778 2.240 2.279

 Feb. 07 91 137,983.4 45,000.2 43,685.8 1,114.5 99.413556 2.320 2.366

 May 09 182 121,480.9 39,000.2 37,875.6 824.6 98.761389 2.450 2.515

Nov. 15 2018-Dec. 11 26 138,911.2 50,000.8 49,032.9 967.9 99.841111 2.200 2.234

 2019-Jan. 08 54 93,893.9 30,000.1 29,826.8 173.3 99.657250 2.285 2.325

 Feb. 14 91 141,202.9 45,000.1 43,601.4 1,088.7 99.408500 2.340 2.387

 May 16 182 127,185.4 39,000.0 37,875.3 824.7 98.753806 2.465 2.531

Nov. 23 2018-Dec. 18 25 145,049.3 50,000.7 48,855.2 1,145.5 99.847222 2.200 2.234

 2019-Jan. 15 53 104,302.7 30,000.2 29,878.3 121.9 99.661389 2.300 2.340

 Feb. 21 90 128,637.9 42,000.0 40,614.0 1,013.1 99.413750 2.345 2.392

 May 23 181 113,903.3 36,000.0 34,838.4 786.6 98.765681 2.455 2.520

Nov. 29 2018-Dec. 26 27 137,292.8 50,000.3 48,968.5 1,031.8 99.829750 2.270 2.305

 2019-Jan. 22 54 97,023.2 30,000.1 29,872.3 127.8 99.652750 2.315 2.355

 Feb. 28 91 146,024.1 39,001.4 37,147.8 861.6 99.400917 2.370 2.417

 May 30 182 129,807.3 36,000.7 34,642.3 587.4 98.748750 2.475 2.541

Dec. 06 Jan. 02 27 122,853.2 40,000.3 38,718.2 1,157.2 99.826000 2.320 2.356

 Jan. 29 54 97,265.6 30,000.1 29,889.5 110.6 99.646000 2.360 2.401

 Mar. 07 91 127,105.5 39,000.1 37,680.1 1,035.0 99.402181 2.365 2.412

 June 06 182 109,976.3 36,000.1 34,765.1 835.0 98.738639 2.495 2.562

Dec. 11 Jan. 08 28 121,777.0 40,000.0 39,294.6 705.4 99.816056 2.365 2.402

 Feb. 05 56 90,448.0 30,000.1 29,959.0 41.0 99.628222 2.390 2.432

Dec. 13 Mar. 14 91 114,940.4 39,000.1 37,822.8 977.3 99.399653 2.375 2.423

 June 13 182 110,603.8 36,000.0 34,933.7 766.3 98.746222 2.480 2.546

Dec. 18 Jan. 15 28 116,988.7 40,000.1 38,678.8 1,181.3 99.819167 2.325 2.362

 Feb. 12 56 114,255.6 30,000.7 29,839.2 161.6 99.632889 2.360 2.402

Dec. 20 Mar. 21 91 137,230.6 39,000.0 37,834.3 965.7 99.399653 2.375 2.423

 June 20 182 112,779.3 36,000.0 34,917.7 782.3 98.743694 2.485 2.552

Dec. 26 Jan. 22 27 107,172.1 40,000.5 38,613.2 1,120.3 99.823000 2.360 2.397

 Feb. 19 55 89,537.1 30,000.1 29,824.0 146.1 99.637153 2.375 2.417

Dec. 27 Mar. 28 91 114,645.3 39,000.1 37,721.5 1,058.6 99.389542 2.415 2.464

 June 27 182 109,571.2 36,000.0 34,216.1 783.9 98.746222 2.480 2.546

1 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 

52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity 

of 52 weeks. All 4-week bills represent additional issues of bills with an original maturity of 

8 weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

March 2019 

37 

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) 

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) 

 

09/24/18 10/01/18 2.750% note—09/30/20-BG 2y 90,162 37,000 2.829 - 99.847531 

09/25/18 10/01/18 2.875% note—09/30/23-AD 5y 90,948 38,000 2.997 - 99.437571 

09/27/18 10/01/18 3.000% note—09/30/25-Q 7y 75,915 31,000 3.034 - 99.786973 

10/09/18 10/11/18 2.580% bill—10/10/19 364d 90,534 26,000 

10/10/18 10/15/18 2.875% note—10/15/21-AS 3y 92,303 36,000 2.989 - 99.675199 

10/10/18 10/15/18 2.875% note—08/15/28-E 9y 10m 54,886 23,000 3.225 - 97.065145 

10/11/18 10/15/18 3.000% bond—08/15/48 29y 10m 36,292 15,000 3.344 - 93.532007 

10/18/18 10/31/18 1.000% TIPS—02/15/48 29y 4m 11,584 5,000 1.235 - 96.357546 

10/23/18 10/31/18 2.875% note—10/31/20-BH 2y 101,490 38,000 2.880 - 99.990350 

10/24/18 10/31/18 0.045% FRN—10/31/20-BJ 2y 63,109 19,000 0.000 - 100.000000 

10/24/18 10/31/18 2.875% note—10/31/23-AE 5y 89,827 39,000 2.977 - 99.529382 

10/25/18 10/31/18 3.000% note—10/31/25-R 7y 74,181 31,000 3.074 - 99.537120 

11/05/18 11/15/18 2.875% note—11/15/21-AT 3y 101,534 44,546 2.983 - 99.692263 

11/06/18 11/08/18 2.645% bill—11/07/19 364d 79,284 26,000 

11/06/18 11/15/18 3.125% note—11/15/28-F 10y 73,953 32,506 3.209 - 99.286291 

11/07/18 11/15/18 3.375% bond—11/15/48 30y 42,970 22,875 3.418 - 99.197082 

11/21/18 11/30/18 0.750% TIPS—07/15/28-D 9y 8m 29,486 11,966 1.109 - 97.275351 

11/26/18 11/30/18 2.750% note—11/30/20-BK 2y 106,868 42,425 2.836 - 99.833929 

11/27/18 11/30/18 2.875% note—11/30/23-AF 5y 103,308 43,513 2.880 - 99.976871 

11/28/18 11/30/18 0.050% FRN—10/31/20-BJ 1y 11m 48,710 19,581 0.000 - 99.989687 

11/28/18 11/30/18 2.875% note—11/30/25-S 7y 84,446 34,810 2.974 - 99.378525 

12/04/18 12/06/18 2.635% bill—12/05/19 364d 79,283 26,000 

12/11/18 12/17/18 2.625% note—12/15/21-AU 3y 98,485 38,000 2.748 - 99.648536 

12/12/18 12/17/18 3.125% note—11/15/28-F 9y 11m 56,517 24,000 2.915 - 101.793273 

12/13/18 12/17/18 3.375% bond—11/15/48 29y 11m 36,923 16,000 3.165 - 104.037595 

12/20/18 12/31/18 0.625% TIPS—04/15/23-X 4y 4m 39,135 14,000 1.129 - 99.660353 

12/24/18 12/31/18 2.500% note—12/31/20-BL 2y 92,289 40,000 2.619 - 99.769592 

12/26/18 12/28/18 0.150% FRN—10/31/20-BJ 1y 10m 48,770 18,000 0.000 - 99.808012 

12/26/18 12/31/18 2.625% note—12/31/23-AG 5y 85,779 41,000 2.652 - 99.874345 

12/27/18 12/31/18 2.625% note—12/31/25-T 7y 78,695 32,000 2.680 - 99.651077 

 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. 

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. 
38 

March 2019 

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.) 
 OWNERSHIP OF FEDERAL SECURITIES 39 

March 2019 

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] 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

 Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288 

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

 

2017 - Dec ....................................... 20,517,143 20,492,747 5,669,642 - 5,669,642 2,858,136 

2018 - Jan ....................................... 20,518,069 20,493,730 5,682,204 - 5,682,204 2,839,847 

Feb ...................................... 20,879,713 20,855,672 5,696,585 - 5,696,585 2,830,029 

Mar ...................................... 21,114,305 21,089,643 5,652,861 - 5,652,861 2,828,463 

 Apr ....................................... 21,091,997 21,068,200 5,719,586 - 5,719,586 2,796,522 

May ...................................... 21,168,926 21,145,215 5,700,977 - 5,700,977 2,775,643 

June ..................................... 21,218,581 21,195,070 5,711,522 - 5,711,522 2,772,949 

 July ...................................... 21,336,499 21,313,061 5,726,291 - 5,726,291 2,728,190 

Aug ...................................... 21,481,902 21,458,850 5,655,997 - 5,655,997 2,702,008 

Sept ..................................... 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

Oct. ...................................... 21,725,216 21,702,370 5,840,466 - 5,840,466 2,651,466 

Nov. ..................................... 21,873,089 21,850,094 5,786,563 - 5,786,563 2,617,246 

Dec. ..................................... 21,997,036 21,974,096 5,853,354 - 5,853,354 2,594,652 

 

 Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

 

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3 

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5 

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4 

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1 

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

 

2017 – Dec. ..................................... 11,964,969 11,622,102 342,867 24,396 24,395 1 

2018 - Jan ....................................... 11,971,679 11,674,698 296,981 24,339 24,339 1 

Feb ...................................... 12,329,058 11,847,913 481,145 24,041 24,041 - 

Mar ...................................... 12,608,319 12,116,273 492,046 24,662 24,662 - 

 Apr ....................................... 12,552,092 12,053,371 498,721 23,797 23,797 - 

May ...................................... 12,668,595 12,163,752 504,844 23,711 23,711 - 

June ..................................... 12,710,599 12,209,457 501,142 23,511 23,511 - 

 July ...................................... 12,858,580 12,357,112 501,468 23,438 23,438 - 

Aug ...................................... 13,100,845 12,599,830 501,015 23,052 23,052 - 

Sept ..................................... 13,080,946 12,580,185 500,761 22,822 22,822 - 

Oct. ...................................... 13,210,438 12,706,430 504,008 22,846 22,846 - 

Nov. ..................................... 13,446,285 12,942,863 503,422 22,995 22,995 - 

Dec. ..................................... 13,526,090 13,023,655 502,435 22,940 22,940 - 

 

 

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. 
40 

March 2019 

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] 

 

Federal 

Reserve and 

Government 

accounts 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

 

2018 - Dec......... 21,974.1 8,095.0 13,879.1 - 155.7 - - - - - - - 

 Sept........ 21,516.1 8,068.1 13,447.9 690.1 156.8 613.6 279.5 223.6 1,795.9 678.8 6,225.6 2,784.1 

 June ....... 21,195.3 8,106.9 13,088.5 670.0 157.8 593.9 277.3 223.8 1,760.7 699.0 6,214.0 2,491.9 

 Mar. ........ 21,089.9 8,086.6 13,003.3 635.2 159.0 571.4 280.9 360.4 1,880.6 675.2 6,223.2 2,217.4 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 634.4 160.4 404.8 277.3 372.6 1,713.2 687.4 6,211.3 1,899.3 

 Sept........ 20,244.9 8,036.9 12,208.0 604.5 161.7 546.6 261.2 359.7 1,616.4 670.5 6,301.9 1,685.6 

 June ....... 19,844.6 7,943.4 11,901.1 622.7 162.8 408.5 262.8 348.4 1,438.1 685.4 6,151.9 1,820.5 

 Mar......... 19,846.4 7,941.1 11,905.3 660.4 164.2 436.9 238.1 338.4 1,575.0 712.1 6,075.3 1,705.0 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 666.8 165.8 536.4 217.8 330.2 1,593.3 717.9 6,006.3 1,736.7 

 Sept........ 19,573.4 7,863.5 11,709.9 620.4 167.5 544.3 203.3 341.2 1,506.5 721.6 6,155.9 1,449.1 

 June ....... 19,381.6 7,911.2 11,470.4 570.3 169.0 537.1 185.0 329.8 1,336.0 710.0 6,279.1 1,354.2 

 Mar......... 19,264.9 7,801.4 11,463.6 555.3 170.3 524.0 170.4 315.5 1,321.7 691.9 6,284.4 1,430.2 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 504.7 174.5 306.7 1,318.3 680.2 6,146.2 1,361.9 

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 305.3 171.0 306.6 1,195.1 648.4 6,105.9 1,243.3 

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 373.8 185.7 304.3 1,139.8 658.2 6,163.1 1,101.2 

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 447.8 176.7 305.1 1,170.4 676.9 6,172.6 994.7 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 507.1 199.2 307.0 1,121.8 657.3 6,157.7 922.8 

 Sept........ 17,824.1 7,490.8 10,333.2 469.6 176.7 490.7 198.7 298.1 1,075.8 628.8 6,069.2 925.5 

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 482.6 198.3 287.7 986.2 638.7 6,018.7 974.5 

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5 

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1 

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8 

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9 

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4 

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1 

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1 

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1 

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3 

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2 

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7 

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9 

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9 1 Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value. 

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States” from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund".

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
March 2019 

41 

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, Dec. 31, 2018 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $1,911,529,583,898 $1,862,244,117,592 $1,861,767,688,562 $239,243,266 $237,185,764

Less amounts held by: 

The Treasury ....................................... 288,436,355 52,306,355 52,065,129 7,505 233,721

FRBs ................................................... 192,056,485,385 190,330,589,990 190,330,585,463 1 4,526

Amounts in circulation ............................. $1,719,184,662,158 $1,671,861,221,247 $1,671,385,037,970 $239,235,760 $236,947,517

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,285,466,306 $6,546,924,108 $42,738,542,198 

Less amounts held by: 

The Treasury ....................................... 236,130,000 48,770,000 187,360,000 

FRBs ................................................... 1,725,895,395 1,121,000,066 604,895,329 

Amounts in circulation ............................. $47,323,440,911 $5,377,154,042 $41,946,286,869 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

March 2019

42 

TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2018 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $12,373,624,285 $12,233,512,775 $143,502 $139,968,008 

$2 ................................................................................ 2,548,950,452 2,417,436,620 131,501,318 12,514 

$5 ................................................................................ 15,336,699,450 15,206,133,585 107,569,710 22,996,155 

$10 .............................................................................. 20,106,721,650 20,086,835,330 6,300 19,880,020 

$20 .............................................................................. 188,522,206,360 188,502,104,660 3,840 20,097,860

$50 .............................................................................. 89,152,967,950 89,141,475,700 500 11,491,750 

$100 ............................................................................ 1,343,507,870,000 1,343,485,904,800 -6 21,965,200 

$500 ............................................................................ 141,781,500 141,591,500 5,500 184,500 

$1,000 ......................................................................... 165,184,000 164,983,000 5,000 196,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,671,861,221,247 $1,671,385,037,970 $239,235,760 $236,947,517 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

Dec. 31, 2018 ....................................................................................... 1,719,185 5,236 

Nov. 30, 2018 ....................................................................................... 1,703,351 5,175 

Oct. 31, 2018 ....................................................................................... 1,695,850 5,156 

Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 

Sept. 30, 2010 ...................................................................................... 954,719 3,074 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000 ...................................................................................... 568,614 2,061 

Sept. 30, 1995 ...................................................................................... 409,272 1,553 

Sept. 30, 1990 ...................................................................................... 278,903 1,105 

Sept. 30, 1985 ...................................................................................... 187,337 782 

Sept. 30, 1980 ...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

 

 1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 6 Represents current FRB adjustment. 

 
ForeignCurrencyPositions

ExchangeStabilizationFund
45 

March 2019 

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. 

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 
FOREIGN CURRENCY POSITIONS 

March 2019 

46 

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 Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

07/04/18 ................................................................. n.a. n.a. n.a. n.a. 

07/11/18 ................................................................. 1,777,541 1,876,447 -193 1.3127 

07/18/18 ................................................................. 1,725,592 1,820,785 -218 1.3203 

07/25/18 ................................................................. 1,788,890 1,888,761 -206 1.3104 

 

08/01/18 ................................................................. 1,861,460 1,960,675 -183 1.3006 

08/08/18 ................................................................. 1,825,697 1,938,358 -173 1.3061 

08/15/18 ................................................................. 1,809,065 1,911,683 -129 1.3155 

08/22/18 ................................................................. 1,878,219 1,972,693 -157 1.3014 

08/29/18 ................................................................. 2,077,030 2,177,313 -165 1.2941 

 

09/05/18 ................................................................. 2,079,583 2,174,187 -152 1.3191 

09/12/18 ................................................................. 2,120,729 2,219,959 -165 1.3005 

09/19/18 ................................................................. 1,760,630 1,854,343 -153 1.2939 

09/26/18 ................................................................. 1,496,210 1,926,302 -132 1.2963 

 

10/03/18 ................................................................. 1,820,081 1,913,135 -180 1.2826 

10/10/18 ................................................................. 1,816,207 1,916,685 -168 1.2985 

10/17/18 ................................................................. 1,809,539 1,908,357 134 1.2985 

10/24/18 ................................................................. 1,897,342 1,992,789 130 1.2994 

10/31/18 ................................................................. 1,997,724 2,095,395 -149 1.3129 

 

11/07/18 ................................................................. 1,942,748 2,033,284 -180 1.3108 

11/14/18 ................................................................. 2,009,411 2,101,841 -145 1.3237 

11/21/18 ................................................................. 1,941,862 2,034,328 -122 1.3274 

11/28/18 ................................................................. 2,029,473 2,125,386 -81 1.3328 

 

12/05/18 ................................................................. 2,054,326 2,150,709 -70 1.3382 

12/12/18 ................................................................. 2,139,326 2,230,841 -84 1.3336 

12/19/18 ................................................................. 1,802,642 1,879,950 -44 1.3434 

12/26/18 ................................................................. 1,759,174 1,841,807 -12 1.3576 

 

 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

47 

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 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec ................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 – Dec.. ................ 1,486,798 1,561,949 288,642 241,105 46,476 40,264 70,094 67,555 -29 1.2517 

2018 – Jan. ................. 1,697,370 1,805,258 305,843 257,784 50,819 43,955 81,624 79,783 -27 1.2293 

Feb .................. 1,835,429 1,970,647 269,382 258,599 48,868 42,713 84,517 81,011 -170 1.2806 

Mar .................. 1,582,891 1,668,031 273,192 250,913 66,022 60,512 86,779 82,811 -205 1.2891 

 Apr. .................. 1,782,649 2,024,178 274,548 240,606 67,065 61,604 89,063 86,306 -193 1.2818 

May .................. 2,174,822 2,388,409 292,735 279,317 62,754 60,827 90,218 88,094 -222 1.2970 

June ................. 1,810,272 1,915,998 299,409 284,120 54,515 54,810 94,545 85,542 -193 1.3140 

 July. ................. 1,884,877 1,981,259 296,260 254,517 49,901 50,570 76,698 78,006 -229 1.3017 

Aug .................. 2,125,841 2,224,277 280,179 239,972 57,510 57,096 85,577 79,616 -170 1.3072 

Sept ................. 1,849,013 1,936,396 314,166 246,791 59,463 61,565 84,217 77,795 -118 1.2922 

Oct. .................. 1,972,301 2,072,212 285,055 264,304 56,086 56,524 86,202 81,502 -128 1.3129 

Nov. ................. 2,103,350 2,193,152 303,939 289,533 49,143 46,292 84,522 79,770 -90 1.3282 

Dec. ................. 1,731,255 1,811,762 297,543 302,762 43,008 38,443 76,598 72,266 -5 1.3644 

 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2015 - Dec ................... 27,111 58,789 125,044 94,957 209 134 n.a. n.a. n.a. 1.3839 

2016 - Mar ................... 30,905 60,896 128,290 93,436 270 373 1,834 n.a. n.a. 1.2969 

June ................. 35,984 65,340 139,604 105,496 363 349 726 461 7 1.3010 

Sept .................. 36,858 66,979 155,579 102,711 242 285 2,316 1,180 n.a. 1.3115 

Dec ................... 38,266 68,203 154,935 124,039 401 397 2,393 n.a. n.a. 1.3426 

2017 - Mar ................... 38,456 72,918 163,394 117,313 482 393 946 563 n.a. 1.3321 

June ................. 36,779 75,076 146,175 112,640 1,726 827 790 823 n.a. 1.2982 

Sept .................. 35,092 64,307 145,296 93,483 1,179 785 587 345 12 1.2509 

Dec ................... 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517 

2018 - Mar ................... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891 

June ................. 35,482 69,299 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.3140 

Sept. ................. 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

48 

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] 

 Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/04/18 .................................................................. n.a. n.a. n.a. n.a. 

07/11/18 .................................................................. 542,677 554,918 97 111.52 

07/18/18 .................................................................. 535,032 548,792 85 112.82 

07/25/18 .................................................................. 541,042 556,293 96 111.02 

 

08/01/18 .................................................................. 571,185 584,225 87 111.72 

08/08/18 .................................................................. 542,561 553,286 103 110.96 

08/15/18 .................................................................. 555,324 569,026 121 110.62 

08/22/18 .................................................................. 558,923 574,507 129 110.54 

08/29/18 .................................................................. 568,678 583,498 124 111.80 

 

09/05/18 .................................................................. 593,210 609,224 133 111.47 

09/12/18 .................................................................. 580,394 595,071 130 111.29 

09/19/18 .................................................................. 545,549 558,634 115 112.21 

09/26/18 .................................................................. 446,397 460,982 119 112.92 

 

10/03/18 .................................................................. 561,257 574,956 106 114.19 

10/10/18 .................................................................. 562,035 573,945 124 112.71 

10/17/18 .................................................................. 563,214 575,851 9 112.21 

10/24/18 .................................................................. 585,121 598,134 -111 112.58 

10/31/18 .................................................................. 612,270 625,157 105 112.86 

 

11/07/18 .................................................................. 610,430 624,921 91 113.32 

11/14/18 .................................................................. 620,650 634,013 68 113.70 

11/21/18 .................................................................. 599,048 612,691 67 113.06 

11/28/18 .................................................................. 627,388 642,113 42 113.96 

 

12/05/18 .................................................................. 635,590 648,454 54 113.13 

12/12/18 .................................................................. 635,552 678,268 54 113.28 

12/19/18 .................................................................. 575,114 588,683 55 112.15 

12/26/18 .................................................................. 546,976 561,366 69 110.45 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

49 

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] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2016 - Dec .................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 – Dec. ................ 504,078 520,500 122,567 108,990 24,445 23,589 44,445 45,720 -88 112.69 

2018 – Jan. ................ 588,620 602,701 125,195 116,372 29,346 28,819 49,700 51,177 -35 109.31 

Feb ................. 597,476 606,019 123,923 115,900 33,591 32,265 51,836 53,681 23 106.62 

Mar ................. 544,766 550,324 117,155 109,890 34,148 33,305 51,268 52,625 44 106.20 

 Apr. ................. 562,214 568,783 129,932 116,837 34,788 33,591 52,709 54,648 126 109.28 

May ................. 616,279 634,441 125,108 111,849 34,893 35,115 55,273 57,983 135 108.73 

June ................ 563,198 573,868 138,416 126,361 34,497 34,604 56,164 58,106 120 110.71 

 July. ................ 564,657 580,989 133,566 121,835 35,421 35,630 58,684 60,380 102 111.88 

Aug ................. 586,192 600,428 113,116 92,199 36,955 36,419 60,463 62,735 158 110.98 

Sept ................ 573,132 585,026 127,174 102,773 35,355 36,283 59,034 61,085 131 113.48 

Oct. ................. 608,157 616,642 120,163 97,247 36,998 37,630 60,341 61,993 139 112.86 

Nov. ................ 654,425 667,269 120,171 97,991 34,311 34,655 56,115 57,034 76 113.54 

Dec. ................ 561,307 574,950 146,900 116,844 32,495 33,337 53,035 53,747 122 109.70 

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2015 - Dec ................... 5,669 3,980 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,220 4,862 7,169 5,275 n.a. 340 670 486 -7 112.42 

June ................. 8,200 4,638 7,120 5,684 n.a. 367 723 581 -5 102.77 

Sept .................. 7,804 4,284 7,662 6,006 n.a. 382 588 488 -18 101.21 

Dec ................... 7,108 5,182 7,472 6,167 352 303 1,006 912 n.a. 116.78 

2017 - Mar ................... 9,579 6,990 8,034 6,134 420 486 841 554 -1 111.41 

June ................. 8,848 7,755 6,915 6,245 n.a. 438 539 386 -1 112.40 

Sept .................. 6,536 6,008 7,693 6,769 800 670 609 n.a. 46 112.64 

Dec ................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69 

2018 - Mar ................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.20 

 June ................. 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 

 Sept. ................. 8,632 8,294 9,056 6,455 431 518 387 145 -9 113.48 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

50 

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] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/04/18 .................................................................. n.a. n.a. n.a. n.a. 

07/11/18 .................................................................. 874,214 912,398 294 0.9932 

07/18/18 .................................................................. 882,252 919,909 289 0.9994 

07/25/18 .................................................................. 879,699 916,224 390 0.9942 

 

08/01/18 .................................................................. 954,355 996,240 295 0.9923 

08/08/18 .................................................................. 907,942 938,118 255 0.9943 

08/15/18 .................................................................. 931,861 960,091 228 0.9942 

08/22/18 .................................................................. 921,460 946,325 235 0.9836 

08/29/18 .................................................................. 995,998 1,028,052 233 0.9732 

 

09/05/18 .................................................................. 1,022,943 1,059,130 383 0.9716 

09/12/18 .................................................................. 1,050,950 1,085,081 280 0.9704 

09/19/18 .................................................................. 874,187 906,165 271 0.9670 

09/26/18 .................................................................. 881,949 734,838 257 0.9681 

 

10/03/18 .................................................................. 880,869 924,060 243 0.9894 

10/10/18 .................................................................. 890,587 924,824 223 0.9908 

10/17/18 .................................................................. 874,186 913,782 198 0.9926 

10/24/18 .................................................................. 910,573 943,287 n.a. 0.9982 

10/31/18 .................................................................. 977,209 1,013,441 223 1.0057 

 

11/07/18 .................................................................. 962,756 996,349 n.a. 0.9998 

11/14/18 .................................................................. 1,001,753 1,039,694 223 1.0067 

11/21/18 .................................................................. 972,207 1,020,339 n.a. 0.9952 

11/28/18 .................................................................. 1,039,350 1,081,054 n.a. 0.9994 

 

12/05/18 .................................................................. 1,052,053 1,090,151 203 0.9977 

12/12/18 .................................................................. 1,144,715 1,182,602 n.a. 0.9920 

12/19/18 .................................................................. 915,642 959,507 n.a. 0.9918 

12/26/18 .................................................................. 881,662 929,640 n.a. 0.9908 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

51 

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 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec ................... 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.0160 

2017 - Dec. .................. 802,799 840,898 108,582 88,094 45,995 44,470 76,767 76,436 139 0.9738 

2018 – Jan. ................. 986,853 1,057,383 114,352 100,346 53,071 51,196 81,081 82,257 182 0.9321 

Feb .................. 980,873 1,043,662 132,497 94,894 53,428 50,515 80,861 81,485 187 0.9430 

Mar .................. 846,745 903,195 117,390 93,755 53,822 53,278 77,405 77,097 147 0.9532 

 Apr. .................. 993,006 1,057,904 124,462 101,852 56,570 59,035 79,987 76,849 n.a. 0.9911 

May .................. 1,149,220 1,214,031 111,260 88,167 59,619 61,102 80,828 79,330 n.a. 0.9844 

June ................. 946,554 989,667 98,550 76,326 60,921 60,271 79,902 77,891 n.a. 0.9922 

 July. ................. 946,543 999,710 107,330 78,980 50,592 50,248 75,432 73,429 n.a. 0.9895 

Aug .................. 1,058,787 1,114,088 94,730 65,061 51,345 47,781 81,763 81,517 129 0.9698 

Sept ................. 945,254 993,633 89,891 60,365 51,886 49,328 88,816 88,404 198 0.9758 

Oct. .................. 1,005,618 1,041,500 99,519 71,698 52,459 49,815 88,865 85,246 n.a. 1.0057 

Nov. ................. 1,117,061 1,162,679 93,743 68,314 47,492 47,209 80,272 74,321 n.a. 0.9987 

Dec. ................. 902,768 955,907 138,169 74,241 41,436 40,906 71,023 66,935 n.a. 0.9832 

 

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 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 13,943 15,262 73,096 14,811 - - n.a. n.a. n.a. 1.0017 

2016 - Mar ................... 12,481 16,654 46,075 13,859 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,441 14,838 n.a. 13,966 n.a. n.a. 158 n.a. n.a. 0.9792 

Sept .................. 12,760 13,661 72,188 14,251 - n.a. n.a. n.a. n.a. 0.9694 

Dec ................... 14,939 14,888 98,271 16,029 - n.a. n.a. n.a. n.a. 1.0160 

2017 - Mar ................... 16,299 18,151 73,924 16,435 n.a. n.a. n.a. n.a. n.a. 0.9998 

June ................. 14,015 16,797 n.a. 15,161 - n.a. n.a. n.a. - 0.9586 

Sept .................. 16,715 14,386 n.a. 18,437 47 25 n.a. n.a. n.a. 0.9688 

Dec ................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738 

2018 - Mar ................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532 

 June ................. 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922 

 Sept. ................. 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

52 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/04/18 .................................................................. n.a. n.a. n.a. n.a. 

07/11/18 .................................................................. 2,780,448 2,988,516 -61 1.3241 

07/18/18 .................................................................. 2,778,894 2,970,699 218 1.3050 

07/25/18 .................................................................. 2,823,870 3,009,239 62 1.3150 

 

08/01/18 .................................................................. 2,987,989 3,171,374 179 1.3120 

08/08/18 .................................................................. 2,845,332 3,029,231 -14 1.2880 

08/15/18 .................................................................. 2,876,207 3,065,191 89 1.2685 

08/22/18 .................................................................. 2,836,497 3,009,383 124 1.2910 

08/29/18 .................................................................. 3,019,185 3,201,533 124 1.3006 

 

09/05/18 .................................................................. 2,968,872 3,154,403 -11 1.2903 

09/12/18 .................................................................. 3,108,279 3,308,077 164 1.3029 

09/19/18 .................................................................. 2,736,531 2,920,109 267 1.3162 

09/26/18 .................................................................. 2,888,055 2,575,082 83 1.3182 

 

10/03/18 .................................................................. 2,807,579 2,989,101 15 1.2993 

10/10/18 .................................................................. 2,874,187 3,049,113 5 1.3206 

10/17/18 .................................................................. 2,822,681 2,986,647 n.a. 1.3137 

10/24/18 .................................................................. 2,843,480 3,023,421 n.a. 1.2898 

10/31/18 .................................................................. 3,035,804 3,230,535 -111 1.2779 

 

11/07/18 .................................................................. 2,924,116 3,106,203 -73 1.3144 

11/14/18 .................................................................. 3,011,465 3,185,315 -89 1.3011 

11/21/18 .................................................................. 2,865,313 3,042,308 -159 1.2776 

11/28/18 .................................................................. 3,079,291 3,256,046 -142 1.2766 

 

12/05/18 .................................................................. 3,094,510 3,252,504 -127 1.2746 

12/12/18 .................................................................. 3,262,337 3,426,886 -141 1.2658 

12/19/18 .................................................................. 2,736,311 2,918,084 -199 1.2669 

12/26/18 .................................................................. 2,676,939 2,867,102 -195 1.2676 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

53 

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 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec ................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 - Dec. .................. 2,423,244 2,623,676 926,696 893,568 111,989 115,312 75,795 83,179 n.a. 1.3529 

2018 – Jan. ................. 2,821,376 3,048,648 904,368 844,973 136,127 139,245 78,651 86,169 n.a. 1.4190 

Feb .................. 2,929,302 3,173,541 852,317 795,166 132,548 138,361 82,391 87,587 n.a. 1.3794 

Mar .................. 2,662,360 2,857,271 910,959 851,220 136,289 140,329 77,591 78,519 n.a. 1.4027 

 Apr. .................. 2,958,979 3,133,692 905,121 854,856 142,471 145,902 79,657 80,208 283 1.3751 

May .................. 3,181,688 3,373,798 953,505 911,941 120,659 127,518 78,553 82,447 n.a. 1.3289 

June ................. 2,881,883 3,092,444 942,772 908,663 127,873 128,901 81,869 87,774 50 1.3197 

 July. ................. 2,967,834 3,159,403 957,533 917,466 120,152 119,606 78,482 83,620 83 1.3125 

Aug .................. 3,041,722 3,228,784 861,939 786,260 124,074 121,435 98,738 99,182 4 1.2964 

Sept ................. 2,856,448 3,044,326 861,721 789,295 138,367 128,428 109,498 110,203 79 1.3053 

Oct. .................. 3,049,957 3,242,052 867,443 801,628 156,715 151,212 105,926 99,342 -25 1.2779 

Nov. ................. 3,194,276 3,390,525 869,880 836,790 188,752 188,296 117,814 111,546 -42 1.2772 

Dec. ................. 2,686,362 2,888,267 996,373 949,369 140,972 136,378 113,520 106,109 -94 1.2763 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 23,362 40,924 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar ................... 24,863 48,599 161,265 64,422 460 958 5,159 2,545 76 1.4381 

June ................. 32,617 59,001 167,539 68,674 n.a. n.a. 3,488 1,337 131 1.3242 

Sept .................. 27,626 58,581 162,968 65,554 406 432 2,465 727 63 1.3015 

Dec ................... 28,041 50,392 166,414 66,551 n.a. 428 2,686 1,577 4 1.2337 

2017 - Mar ................... 32,627 57,900 173,010 73,491 1,446 n.a. 2,643 1,825 -20 1.2537 

June ................. 31,555 58,169 200,516 65,150 1,498 1,355 2,837 1,910 50 1.2995 

Sept .................. 34,429 63,757 199,533 58,382 1,369 1,380 2,032 1,755 81 1.3402 

Dec ................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529 

2018 - Mar ................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027 

 June ................. 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 

 Sept. ................. 41,040 58,126 201,492 60,050 1,700 1,556 2,737 2,481 33 1.3053 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

54 

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 Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

07/04/18 ................................................................ n.a. n.a. n.a. n.a. 

07/11/18 ................................................................ 26,862,503 26,044,894 -1,248 n.a. 

07/18/18 ................................................................ 26,614,633 25,893,714 -1,262 n.a. 

07/25/18 ................................................................ 26,729,391 25,918,549 -1,634 n.a. 

 

08/01/18 ................................................................ 27,670,913 26,899,191 -1,630 n.a. 

08/08/18 ................................................................ 26,730,346 25,991,221 -2,195 n.a. 

08/15/18 ................................................................ 27,179,828 26,440,660 -1,631 n.a. 

08/22/18 ................................................................ 27,306,790 26,575,269 -1,348 n.a. 

08/29/18 ................................................................ 28,320,493 27,592,291 -1,139 n.a. 

 

09/05/18 ................................................................ 28,638,690 27,871,603 -755 n.a. 

09/12/18 ................................................................ 29,077,723 28,354,476 -776 n.a. 

09/19/18 ................................................................ 26,125,747 25,456,987 -295 n.a. 

09/26/18 ................................................................ 26,694,331 25,948,756 -1,050 n.a. 

 

10/03/18 ................................................................ 25,790,647 25,097,022 -1 n.a. 

10/10/18 ................................................................ 26,263,911 25,557,943 -246 n.a. 

10/17/18 ................................................................ 26,136,486 25,466,549 -464 n.a. 

10/24/18 ................................................................ 26,439,402 25,739,664 70 n.a. 

10/31/18 ................................................................ 27,776,949 27,029,725 585 

 

11/07/18 ................................................................ 27,382,905 26,635,543 -302 n.a. 

11/14/18 ................................................................ 28,068,179 27,341,935 359 n.a. 

11/21/18 ................................................................ 27,173,263 26,450,097 - n.a. 

11/28/18 ................................................................ 28,662,732 27,911,325 28 n.a. 

 

12/05/18 ................................................................ 28,707,112 28,037,906 357 n.a. 

12/12/18 ................................................................ 29,804,062 29,101,302 564 n.a. 

12/19/18 ................................................................ 25,971,447 25,275,402 867 n.a. 

12/26/18 ................................................................ 25,005,969 24,348,769 728 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

55 

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 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 

2017 – Dec. 22,947,777 22,020,668 - - 1,342,990 1,344,134 1,100,000 1,074,915 -217 n.a. 

2018 – Jan. 27,792,524 26,632,221 - - 1,467,101 1,453,027 1,291,155 1,283,372 1,708 n.a. 

Feb 28,690,487 27,547,965 - - 1,487,746 1,471,377 1,337,489 1,318,162 1,250 n.a. 

Mar 25,837,850 24,838,886 - - 1,439,353 1,667,740 1,268,555 1,224,051 595 n.a. 

 Apr. 27,262,601 26,287,757 - - 1,509,411 1,743,124 1,248,143 1,221,839 286 n.a. 

May 30,701,662 29,547,709 - - 1,628,637 1,874,265 1,348,236 1,328,962 564 n.a. 

June 27,726,499 26,853,431 - - 1,679,682 1,926,681 1,381,331 1,363,295 238 n.a. 

 July. 27,744,921 26,834,815 - - 1,714,099 1,908,042 1,387,762 1,325,103 -436 n.a. 

Aug 28,609,702 27,808,885 - - 1,731,046 1,974,902 1,419,554 1,389,786 44 n.a. 

Sept 26,791,475 25,978,559 - - 1,644,201 1,625,698 1,423,775 1,368,325 372 n.a. 

Oct. 28,034,953 27,250,201 - - 1,773,495 1,747,672 1,423,172 1,394,294 654 n.a. 

Nov. 30,070,310 29,297,565 - - 1,719,231 1,696,534 1,457,850 1,435,961 477 n.a. 

Dec. 25,359,522 24,567,124 - - 1,523,807 1,488,381 1,299,720 1,276,301 889 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 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

 

2015 - Dec .................. 390,948 328,746 - - 28,177 20,380 6,992 9,361 1,846 n.a. 

2016 - Mar .................. 385,412 337,120 - - 30,532 20,846 7,380 11,457 1,436 n.a. 

June ................ 405,363 341,101 - - 19,972 13,480 10,695 12,325 1,056 n.a. 

Sept ................. 394,533 357,468 - - 17,282 11,021 11,927 14,172 1,089 n.a. 

Dec .................. 389,471 318,849 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

2017 - Mar .................. 431,337 407,589 - - 28,169 17,729 20,518 20,835 1,350 n.a. 

June ................ 425,050 402,427 - - 21,559 14,688 16,157 19,475 1,982 n.a. 

Sept ................. 409,209 386,483 - - 23,061 17,456 25,252 25,799 5,034 n.a. 

Dec .................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a. 

2018 - Mar .................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a. 

 June ................ 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a. 

 Sept. ................ 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

56 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/04/18 ............................................................................. n.a. n.a. n.a. n.a. 

07/11/18 ............................................................................. 7,294,589 7,468,321 -455 0.8531 

07/18/18 ............................................................................. 7,209,216 7,368,010 -586 0.8587 

07/25/18 ............................................................................. 7,112,756 7,303,839 -495 0.8564 

 

08/01/18 ............................................................................. 7,475,439 7,637,960 -499 0.8572 

08/08/18 ............................................................................. 7,160,503 7,323,471 -564 0.8622 

08/15/18 ............................................................................. 7,355,767 7,524,224 -790 0.8825 

08/22/18 ............................................................................. 7,234,940 7,412,282 -480 0.8624 

08/29/18 ............................................................................. 7,677,927 7,837,804 -395 0.8548 

 

09/05/18 ............................................................................. 7,637,588 7,825,939 -650 0.8606 

09/12/18 ............................................................................. 7,907,775 8,057,186 -499 0.8601 

09/19/18 ............................................................................. 7,063,100 7,236,685 -453 0.8558 

09/26/18 ............................................................................. 7,115,176 5,961,263 -282 0.8505 

 

10/03/18 ............................................................................. 6,948,630 7,135,401 -412 0.8677 

10/10/18 ............................................................................. 7,195,640 7,394,687 -223 0.8665 

10/17/18 ............................................................................. 6,981,751 7,175,398 n.a. 0.8666 

10/24/18 ............................................................................. 7,096,309 7,274,637 n.a. 0.8780 

10/31/18 ............................................................................. 7,552,412 7,730,029 -70 0.8825 

 

11/07/18 ............................................................................. 7,351,063 7,549,127 -67 0.8727 

11/14/18 ............................................................................. 7,672,710 7,881,571 -83 0.8840 

11/21/18 ............................................................................. 7,277,109 7,470,767 14 0.8777 

11/28/18 ............................................................................. 7,686,326 7,895,595 36 0.8861 

 

12/05/18 ............................................................................. 7,719,756 7,924,275 55 0.8811 

12/12/18 ............................................................................. 8,081,822 8,286,630 -27 0.8801 

12/19/18 ............................................................................. 7,052,617 7,255,207 -52 0.8755 

12/26/18 ............................................................................. 7,082,715 7,011,019 -4 0.8766 

 
FOREIGN CURRENCY POSITIONS 

March 2019 

57 

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 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec ................... 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

2017 - Dec ................... 6,140,523 6,462,865 2,184,607 2,013,841 489,182 476,486 333,795 341,768 1,078 0.8318 

2018 – Jan. ................. 7,574,924 7,898,327 2,179,433 1,996,007 577,392 576,206 359,874 359,831 1,355 0.8046 

Feb .................. 7,917,099 8,400,309 2,014,358 1,890,759 582,861 575,417 382,664 377,419 977 0.8189 

Mar .................. 6,920,112 7,302,877 2,102,036 1,947,767 555,863 548,110 355,962 353,214 918 0.8117 

 Apr. .................. 7,373,506 7,667,890 2,372,634 2,196,888 529,331 520,418 371,398 372,934 520 0.8282 

May .................. 8,494,312 8,722,333 2,468,268 2,279,608 582,475 574,748 441,429 442,282 261 0.8569 

June ................. 7,757,244 7,921,592 2,432,964 2,215,903 590,402 582,345 455,948 460,854 78 0.8564 

 July. ................. 7,504,964 7,720,309 2,413,861 2,158,422 548,457 535,644 453,668 464,533 225 0.8543 

Aug .................. 7,876,139 8,058,243 1,992,299 1,771,150 579,034 567,646 476,687 489,139 293 0.8624 

Sept ................. 7,374,345 7,548,078 1,932,331 1,752,645 559,485 560,544 451,211 457,444 461 0.8604 

Oct. .................. 7,623,833 7,854,980 2,001,726 1,851,558 553,657 549,015 452,209 442,960 706 0.8825 

Nov. ................. 8,223,877 8,417,443 2,140,096 1,977,647 548,728 550,915 437,902 431,385 534 0.8832 

Dec. ................. 6,846,078 7,067,591 2,309,727 2,797,037 504,551 499,154 365,534 351,179 649 0.8729 

 

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 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 123,913 118,281 283,422 184,201 5,153 1,869 11,254 7,154 -52 0.9209 

2016 - Mar ................... 133,823 116,435 292,421 186,750 5,602 3,244 5,273 3,128 n.a. 0.8780 

June ................. 128,292 121,569 309,243 201,482 6,232 3,385 7,230 3,149 n.a. 0.9064 

Sept .................. 133,269 115,694 317,349 209,436 5,011 3,212 5,513 2,647 n.a. 0.8898 

Dec ................... 132,047 123,382 352,547 221,574 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar ................... 145,378 146,517 374,527 245,027 9,239 7,718 15,482 8,084 197 0.9347 

June ................. 170,683 151,125 421,092 237,263 9,781 8,505 9,977 4,992 n.a. 0.8763 

Sept .................. 138,547 134,715 418,632 224,298 13,624 13,030 11,161 6,860 n.a. 0.8465 

Dec ................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar ................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

 June ................. 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 

 Sept. ................. 148,337 150,159 420,886 233,535 6,137 6,305 13,161 7,092 n.a. 0.8604 

 
58 

March 2019 

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, 2018, and Dec. 31, 2018 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2018 

Oct. 1, 2018, 

through 

Dec. 31, 2018 Dec. 31, 2018 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance ................................................................... - - - 

U.S. Government securities ............................................. 22,311,288 87,558 22,398,846 

Special drawing rights 1 ........................................................... 50,917,816 (115,260) 50,802,556 

Foreign exchange and securities: 

European euro ..................................................................... 12,581,676 (167,439) 12,414,237 

Japanese yen ....................................................................... 8,239,212 284,581 8,523,793 

Accounts receivable ................................................................. 142,741 20,651 163,392 

Total assets .......................................................................... 94,192,733 110,091 94,302,824 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 79,728 8,734 88,462 

Total current liabilities ...................................................... 79,728 8,734 88,462 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,274,204 (157,508) 49,116,696 

Total other liabilities ......................................................... 54,474,204 (157,508) 54,316,696 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... 23,168 235,696 258,864 

Total capital ...................................................................... 39,638,801 258,865 39,897,666 

Total liabilities and capital ............................................ 94,192,733 110,091 94,302,824 

See footnote on the following page. 
 EXCHANGE STABILIZATION FUND 59 

March 2019 

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, 2018, 

through 

Dec. 31, 2018 

Fiscal year to date 

Oct. 1, 2018 

through 

Dec. 31, 2018 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... 138,163 138,163 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... (4,977) (4,977) 

Net income (+) or loss (-): 

SDRs .............................................................................. 4,403 4,403 

U.S. Government securities ........................................... 128,153 128,153 

Foreign exchange .......................................................... (6,878) (6,878) 

Income from operations ................................................. 258,864 258,864 

Net income (+) or loss (-) ........................................... 258,864 258,864 

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.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
63

March 2019

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 2018 

Report also discusses important financial topics, including 

continuing economic recovery efforts and fiscal 

sustainability. The related Executive Summary 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/reports-statements/financialreport/current-report.html
64 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Financial Statements

of the United States Government

for the Fiscal Years Ended September 30, 

2018, and 2017

The consolidated financial statements of the U.S. government were prepared using 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 balance 

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 2018 and 2017, including the 

operations related to funds from dedicated collections. Costs and earned revenues are categorized on the Statement of Net 

Cost by significant entity, providing greater accountability by showing the relationship of the entities’ net cost to the 

governmentwide net cost. Costs and earned revenues are presented in this Financial Report on an accrual basis, while the 

budget presents outlays and receipts, generally on a cash basis. The focus of the budget of the U.S. is by entity. Budgets are

prepared, defended, and monitored by entity. In reporting by entity, we are assisting the external users in assessing the budget 

integrity, operating performance, stewardship, and systems and controls of the government.

The Statements of Net Cost contain the following four components:

x 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.

x Earned revenue—is exchange revenue resulting from the government providing goods and services to the public at a 

price.

x (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.

x Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in 

assumptions.

Individual entity net cost amounts will differ from the entity’s financial statements primarily because of reallocations 

completed at the governmentwide level which are listed below. 

x Employee benefit costs.

x Intragovernmental eliminations, as adjusted for buy/sell costs and related revenues.

x Imputed costs.

Because of its specific function, most of the employee benefit costs originally associated with the OPM have been 

reallocated to the user entities 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. 

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 65

GSA is the primary provider of goods and services to federal entities. 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 

administrative operating costs. With regard to intragovernmental buy/sell costs and related revenues, the amounts recognized 

by each entity are added to, and subtracted from, respectively, the individual entity non-federal net cost amounts. 

In addition, the intragovernmental imputed costs recognized for the receipt of goods and services, financed in whole or 

part by the providing entities, are added to the individual entity non-federal net cost amounts. The most significant types of 

imputed costs that are recorded relate to post-retirement and health benefits, FECA, and the Treasury Judgment Fund. The 

consolidated Statements of Net Cost is intended to show the full cost for each entity, therefore, the amount of these imputed 

costs are added back to the reporting entities’ gross cost line item and subtracted from the applicable administering entities’ 

gross cost line item. These imputed costs have a net effect of zero on the Statements of Net Cost in the Financial Report.

The interest on securities issued by the 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 Statements 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,

corporate 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 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.

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66 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

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 and intragovernmental net cost associated with funds

from dedicated collections activities are separately reported.

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 72 percent and 70

percent of 2018 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 Note 1.R—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

adjustments to beginning net position 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.R—Unmatched Transactions and Balances for detailed

information.

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.

Adjustments to beginning net position may include corrections of material errors or changes in accounting principles.

See Note 1.S—Adjustments to Beginning Net Position 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.

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 67

Reconciliations of Net Operating Cost and Budget Deficit

These statements reconcile the results of operations (net operating cost) on the Statements of Operations and Changes in

Net Position to the budget deficit (result of outlays exceeding receipts during a particular fiscal year). 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 budget deficit differ.

Some presentations of the budget deficit make the distinction between on-budget and off-budget totals. On-budget totals

reflect the transactions of all government entities, except those excluded from the budget by law. Off-budget totals reflect the

transactions of government entities that are excluded from the on-budget totals by law. Under current law, the off-budget

totals include the Social Security trust funds and the United States Postal Service (USPS). The budget deficit, as presented in

the Financial Report, combines the on-budget and off-budget totals to derive consolidated totals for federal activity.

In fiscal year 2018, additional lines were included in the presentation of these statements to provide a further breakdown

of certain categories of transactions.

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 Budget and Other

Activities

The primary purpose of these statements is to report how the annual 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 budget deficit normally

would not result in an equivalent change in the government’s cash and other monetary assets.

These statements reconcile the 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. 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.

The budget deficit is primarily financed through borrowings from the public. When receipts exceed outlays, the

difference is a surplus. The budget treats borrowing and debt repayment as a means of financing, not as receipts and

outlays. The budget records outlays for the interest on the public issues of Treasury debt securities as the interest accrues,

not when the cash is paid.

Non-cash flow amounts in the budget related to loan financing account activity also reflect intragovernmental

transactions such as interest expense paid or interest revenue received from Treasury, agency year-end credit reform

subsidy reestimates, and the receipt of subsidy expense from program accounts. Cash flow from non-budget activities

related to loan financing account activity includes all cash flows to and from the public, including direct loan

disbursements/default payments to lenders, fees collected, principal and interest repayments, collections on defaulted

guarantee loans, and sale proceeds of foreclosed property. The budget totals exclude the transactions of the financing

March 2019
68 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

accounts because they are not a cost to the government. However, since loan financing accounts record all credit cash

flows to and from the public, they affect the means of financing a budget deficit.

In fiscal year 2018, additional lines were included in the presentation of these statements to provide a further breakdown

of certain categories of transactions.

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; 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.

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 unaudited 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.

Contingencies and commitments 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.”

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 69

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 In preparing the sustainability financial statements, management

selects assumptions and data that it believes provide a reasonable basis to illustrate whether current policy is sustainable.

Current policy is based on current law, but includes several adjustments. In the Statement of Long-Term Fiscal Projections,

notable adjustments to current law are: (1) projected spending, receipts, and borrowing levels assume raising or suspending

the current statutory limit on Federal debt, (2) continued discretionary appropriations are assumed throughout the projections

period, (3) scheduled Social Security and Medicare Part A benefit payments are assumed to occur beyond the projected point

of trust fund depletion, (4) discretionary spending after 2019 is assumed to not be limited by caps established by the BCA, (5)

many mandatory programs with expiration dates prior to the end of the 75-year projection period are assumed to be

reauthorized, and (6) tax changes under the TCJA of 2017 are assumed to continue beyond 2025. In the Statement of Social

Insurance, the one adjustment to current law is that scheduled Social Security and Medicare part A benefit payments are

assumed to occur beyond the projected point of trust fund depletions. Assumptions underlying such sustainability information

do not consider changes in policy or all potential future events that could affect future income, future expenditures, and,

hence, sustainability. The projections do not reflect any adverse economic consequences resulting from continuously rising

debt levels. A large number of factors affect the sustainability financial statements and future events and circumstances

cannot be estimated with certainty. Therefore, even if current policy is continued, there will be differences between the

estimates in the sustainability financial statements and actual results, and those differences may be material. The unaudited

Required Supplementary Information section of this report includes present value projections using different assumptions to

illustrate the sensitivity of the sustainability financial statements to changes in certain assumptions. 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.

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 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. These statements also display the fiscal gap, which

is a summary measure of the change in receipts or non-interest spending necessary to hold the ratio of debt held by the public

to GDP at the end of the projection period to its value at the beginning of the period. Note 23—Long-Term Fiscal

Projections, further explains the methods used to prepare these projections and provides additional information. Unaudited

1 With the exception of the Black Lung program, which has a rolling 25-year projection period that begins on the September 30 valuation date each year.

March 2019
70 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

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 debt-to-GDP 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 Lung2

. They are administered by SSA, HHS, the Railroad

Retirement Board (RRB), and DOL, respectively. The SSA and HHS projections are based on the economic and

demographic assumptions representing the Trustees’ reasonable estimates of likely future economic and demographic

conditions, as set forth in the applicable Social Security and Medicare Trustees’ reports as well as in the agency financial

reports of HHS and SSA. RRB’s projections are based on assumptions from the 27th Valuation on the Assets and Liabilities

Under the Railroad Retirement Acts of December 31, 2016 with Technical Supplement, which was published in September

2018, as well as in RRB’s performance and accountability report. DOL’s (Black Lung) projections are based on assumptions

included in its agency financial report. The SOSI projections, with one exception related to Medicare Part A and OASDI, are

based on current law; that is, they assume that scheduled social insurance benefit payments would continue after related trust

funds are projected to be depleted, contrary to current law. By law, once assets are depleted, expenditures cannot be made

except to the extent covered by ongoing tax receipts and other trust fund income.

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 show two reconciliations: (1) change from the period beginning on

January 1, 2017 to the period beginning on January 1, 2018; and (2) change from the period beginning on January 1, 2016 to

the period beginning on January 1, 2017.

2 In relation to the amounts presented in the Statements of Social Insurance and Changes in Social Insurance Amounts, the combined Railroad Retirement

and Black Lung programs account for less than a quarter of one percent of the statement totals, and therefore, are not material from the consolidated

perspective.

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 71

United States Government

Statement of Net Cost

for the Year Ended September 30, 2018 (Gain)/Loss

from

Gross Earned Changes in Net

(In billions of dollars) Cost Revenue Subtotal Assumptions Cost

Department of Health and Human Services ............. 1,252.6 110.5 1,142.1 0.4 1,142.5

Social Security Administration............................... 1,038.5 0.2 1,038.3 - 1,038.3

Department of Defense ....................................... 719.8 38.2 681.6 16.8 698.4

Interest on Treasury Securities Held by the Public .... 357.3 - 357.3 - 357.3

Department of Veterans Affairs ............................. 272.5 4.8 267.7 79.2 346.9

Department of Energy ......................................... 147.0 6.1 140.9 - 140.9

Department of Agriculture .................................... 137.0 6.6 130.4 - 130.4

Department of the Treasury.................................. 150.5 21.9 128.6 - 128.6

Office of Personnel Management .......................... 101.3 23.4 77.9 26.2 104.1

Department of Transportation ............................... 79.0 1.1 77.9 - 77.9

Department of Homeland Security ......................... 78.3 14.8 63.5 1.1 64.6

Department of Education ..................................... 79.2 31.4 47.8 - 47.8

Department of Housing and Urban Development ...... 43.3 1.8 41.5 - 41.5

Department of Labor........................................... 41.1 - 41.1 - 41.1

Security Assistance Accounts ............................... 37.9 - 37.9 - 37.9

Department of Justice ......................................... 35.4 1.9 33.5 - 33.5

Department of State ........................................... 32.3 4.8 27.5 1.5 29.0

National Aeronautics and Space Administration........ 20.3 0.2 20.1 - 20.1

Department of the Interior .................................... 20.4 2.9 17.5 - 17.5

U.S. Agency for International Development ............. 13.1 - 13.1 - 13.1

Railroad Retirement Board................................... 13.1 - 13.1 - 13.1

Federal Communications Commission.................... 10.8 0.4 10.4 - 10.4

Department of Commerce.................................... 11.8 3.6 8.2 - 8.2

Environmental Protection Agency .......................... 8.3 0.4 7.9 - 7.9

National Science Foundation................................ 7.3 - 7.3 - 7.3

U.S. Postal Service ............................................ 71.4 69.7 1.7 - 1.7

Smithsonian Institution ........................................ 1.5 0.5 1.0 - 1.0

Millennium Challenge Corporation ......................... 0.8 - 0.8 - 0.8

Small Business Administration.............................. 0.7 0.3 0.4 - 0.4

National Credit Union Administration...................... 0.9 0.6 0.3 - 0.3

U.S. Nuclear Regulatory Commission..................... 0.9 0.7 0.2 - 0.2

Farm Credit System Insurance Corporation ............. 0.2 0.2 - - -

Overseas Private Investment Corporation ............... - 0.1 (0.1) - (0.1)

Export-Import Bank of the U.S. ............................. - 0.5 (0.5) - (0.5)

Securities and Exchange Commission.................... 1.8 2.3 (0.5) - (0.5)

General Services Administration ........................... - 0.8 (0.8) - (0.8)

Tennessee Valley Authority.................................. 9.9 11.2 (1.3) - (1.3)

National Railroad Retirement Investment Trust......... 0.1 1.9 (1.8) - (1.8)

Federal Deposit Insurance Corporation................... 1.3 10.8 (9.5) - (9.5)

Pension Benefit Guaranty Corporation.................... (7.8) 16.7 (24.5) - (24.5)

All other entities ................................................. 18.7 1.5 17.2 - 17.2

Total................................................................ 4,808.5 392.8 4,415.7 125.2 4,540.9

The accompanying notes are an integral part of these financial statements.

March 2019
72 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Statement of Net Cost

for the Year Ended September 30, 2017 (Restated) (Gain)/Loss

from

Gross Earned Changes in Net

(In billions of dollars) Cost Revenue Subtotal Assumptions Cost

Department of Health and Human Services ............. 1,186.8 101.1 1,085.7 0.4 1,086.1

Social Security Administration............................... 999.1 0.3 998.8 - 998.8

Department of Defense ....................................... 718.7 77.4 641.3 24.1 665.4

Interest on Treasury Securities Held by the Public .... 296.3 - 296.3 - 296.3

Department of Veterans Affairs ............................. 254.8 4.8 250.0 229.7 479.7

Department of Energy ......................................... 46.9 5.6 41.3 - 41.3

Department of Agriculture .................................... 142.9 8.1 134.8 - 134.8

Department of the Treasury.................................. 179.5 37.9 141.6 - 141.6

Office of Personnel Management .......................... 90.1 22.3 67.8 102.5 170.3

Department of Transportation ............................... 79.6 0.9 78.7 - 78.7

Department of Homeland Security ......................... 77.3 12.3 65.0 (0.5) 64.5

Department of Education ..................................... 84.4 30.6 53.8 - 53.8

Department of Housing and Urban Development ...... 69.1 1.7 67.4 - 67.4

Department of Labor........................................... 43.5 - 43.5 - 43.5

Security Assistance Accounts ............................... 36.7 - 36.7 - 36.7

Department of Justice ......................................... 34.2 1.6 32.6 - 32.6

Department of State ........................................... 31.3 4.8 26.5 0.3 26.8

National Aeronautics and Space Administration........ 19.6 0.2 19.4 - 19.4

Department of the Interior .................................... 20.2 2.7 17.5 - 17.5

U.S. Agency for International Development ............. 13.2 - 13.2 - 13.2

* Railroad Retirement Board................................. 13.0 3.8 9.2 - 9.2

Federal Communications Commission.................... 20.7 0.4 20.3 - 20.3

Department of Commerce.................................... 12.9 3.3 9.6 - 9.6

Environmental Protection Agency .......................... 8.8 0.4 8.4 - 8.4

National Science Foundation................................ 7.1 - 7.1 - 7.1

U.S. Postal Service ............................................ 71.9 68.7 3.2 - 3.2

Smithsonian Institution ........................................ 0.9 - 0.9 - 0.9

Millennium Challenge Corporation ......................... 0.7 - 0.7 - 0.7

Small Business Administration.............................. 0.1 0.3 (0.2) - (0.2)

National Credit Union Administration...................... (0.1) 0.7 (0.8) - (0.8)

U.S. Nuclear Regulatory Commission..................... 0.9 0.8 0.1 - 0.1

Farm Credit System Insurance Corporation ............. - 0.4 (0.4) - (0.4)

Overseas Private Investment Corporation ............... - 0.1 (0.1) - (0.1)

Export-Import Bank of the U.S. ............................. 0.4 1.2 (0.8) - (0.8)

Securities and Exchange Commission.................... 1.9 2.1 (0.2) - (0.2)

General Services Administration ........................... 0.2 0.6 (0.4) - (0.4)

Tennessee Valley Authority.................................. 9.9 10.7 (0.8) - (0.8)

Federal Deposit Insurance Corporation................... 1.5 10.6 (9.1) - (9.1)

Pension Benefit Guaranty Corporation.................... 9.8 14.1 (4.3) - (4.3)

All other entities ................................................. 21.4 1.4 20.0 - 20.0

Total................................................................ 4,606.2 431.9 4,174.3 356.5 4,530.8

* Includes amounts from National Railroad Retirement Investment Trust (NRRIT) in 2017. In 2018, NRRIT amounts are reported separately.

The accompanying notes are an integral part of these financial statements.

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 73

United States Government

Statement of Operations and Changes in Net Position

for the Year Ended September 30, 2018

Funds other than Funds from

those from Dedicated

Dedicated Collections

Collections (Note 20)

(Combined) (Combined) Eliminations Consolidated

(In billions of dollars) 2018

Revenue (Note 17):

Individual income tax and tax withholdings ........ 1,655.5 1,137.7 - 2,793.2

Corporate income taxes ................................ 208.9 - - 208.9

Excise taxes ............................................... 31.9 64.9 - 96.8

Unemployment taxes.................................... - 43.2 - 43.2

Customs duties ........................................... 41.5 - - 41.5

Estate and gift taxes..................................... 23.0 - - 23.0

Other taxes and receipts ............................... 133.4 30.7 - 164.1

Miscellaneous earned revenues...................... 9.2 4.4 - 13.6

Intragovernmental interest ............................. - 98.5 (98.5) -

Total Revenue ............................................ 2,103.4 1,379.4 (98.5) 3,384.3

Net Cost of Government Operations:

Net cost ..................................................... 2,838.4 1,702.5 - 4,540.9

Intragovernmental net cost ............................ (9.8) 9.8 - -

Intragovernmental interest ............................. 98.5 - (98.5) -

Total net cost .............................................. 2,927.1 1,712.3 (98.5) 4,540.9

Intragovernmental transfers........................... (372.8) 372.8 - -

Unmatched transactions and balances

(Note 1.R) ................................................. (2.4) - - (2.4)

Net operating (cost)/revenue.......................... (1,198.9) 39.9 - (1,159.0)

Net position, beginning of period.................... (23,781.4) 3,419.5 - (20,361.9)

Adjustments to beginning net position

(Note 1.S) ............................................... (2.5) 2.6 - 0.1

Net operating (cost)/revenue .......................... (1,198.9) 39.9 - (1,159.0)

Net position, end of period............................. (24,982.8) 3,462.0 - (21,520.8)

The accompanying notes are an integral part of these financial statements.

March 2019
74 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, 2017 (Restated)

Funds other than Funds from

those from Dedicated

Dedicated Collections

Collections (Note 20)

(Combined) (Combined) Eliminations Consolidated

(In billions of dollars) 2017

Revenue (Note 17):

Individual income tax and tax withholdings ........ 1,560.1 1,127.8 - 2,687.9

Corporate income taxes ................................ 299.1 - - 299.1

Excise taxes ............................................... 24.7 62.6 - 87.3

Unemployment taxes.................................... - 44.1 - 44.1

Customs duties ........................................... 33.2 - - 33.2

Estate and gift taxes..................................... 22.8 - - 22.8

Other taxes and receipts ............................... 135.9 36.2 - 172.1

Miscellaneous earned revenues...................... 24.0 4.1 - 28.1

Intragovernmental interest ............................. - 99.6 (99.6) -

Total Revenue ............................................ 2,099.8 1,374.4 (99.6) 3,374.6

Net Cost of Government Operations:

Net cost ..................................................... 2,882.7 1,648.1 - 4,530.8

Intragovernmental net cost ............................ (8.5) 8.5 - -

Intragovernmental interest ............................. 99.6 - (99.6) -

Total net cost .............................................. 2,973.8 1,656.6 (99.6) 4,530.8

Intragovernmental transfers........................... (327.2) 327.2 - -

Unmatched transactions and balances

(Note 1.R) ................................................. 2.6 - - 2.6

Net operating (cost)/revenue.......................... (1,198.6) 45.0 - (1,153.6)

Net position, beginning of period.................... (22,619.9) 3,374.3 - (19,245.6)

Adjustments to beginning net position

(Note 1.S) ............................................... 37.1 0.2 - 37.3

Net operating (cost)/revenue.......................... (1,198.6) 45.0 - (1,153.6)

Net position, end of period............................. (23,781.4) 3,419.5 - (20,361.9)

The accompanying notes are an integral part of these financial statements.

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 75

United States Government

Reconciliations of Net Operating Cost and Budget Deficit

for the Years Ended September 30, 2018, and 2017

Restated

(In billions of dollars) 2018 2017

Net operating cost ...................................................................................................... (1,159.0) (1,153.6)

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

Pension and accrued benefits ............................................................................... 88.4 180.5

Veterans compensation and burial benefits .............................................................. 146.3 313.7

Post-retirement health and accrued benefits............................................................. 33.0 5.3

Other benefits .................................................................................................... 14.5 (8.8)

Subtotal - federal employee and veteran benefits payable ........................................ 282.2 490.7

* Insurance and guarantee program liabilities ............................................................... (32.3) 15.5

* Environmental and disposal liabilities......................................................................... 112.8 17.9

* Accounts payable ................................................................................................. 15.9 8.4

* Benefits due and payable ....................................................................................... (7.7) 0.6

* Other liabilities ..................................................................................................... 5.9 4.4

Subtotal - excess of accrual-basis expenses over budget outlays ............................... 376.8 537.5

Amortized expenses not included in budget outlays

Property, plant, and equipment depreciation expense .................................................. 72.7 33.6

Other expenses that are not reported as budget outlays

Property, plant, and equipment disposals and revaluations ........................................... (4.0) (10.0)

Excess of accrual-basis revenue over budget receipts

Accounts receivable, net ........................................................................................ 6.2 (7.3)

Taxes receivable, net ............................................................................................. (7.8) (2.8)

Other losses/(gains) and cost/(revenue) that are not budget receipts

* Investments in government-sponsored enterprises ...................................................... (20.6) 16.0

Subtotal - components of net operating cost not part of budget deficit ......................... 423.3 567.0

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 ....................................................................... 5.0 (9.5)

Budget outlays not included in net operating cost

Acquisition of capital assets..................................................................................... (72.2) (79.9)

* Debt and equity securities ...................................................................................... 5.9 (8.0)

* Inventories and related property .............................................................................. (10.8) (12.4)

* Other assets ........................................................................................................ 34.0 (2.2)

Subtotal - components of the budget deficit that are not part of net operating cost ......... (38.1) (112.0)

Adjustments to beginning net position 0.1 37.3

Other

All other reconciling items ....................................................................................... (5.3) (4.4)

Budget deficit............................................................................................................. (779.0) (665.7)

* 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 2019
76 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Statements of Changes in Cash Balance from Budget and Other Activities

for the Years Ended September 30, 2018, and 2017

Reclassed

(In billions of dollars) 2018 2017

Cash flow from budget activities

Total budget receipts .......................................................................................... 3,328.7 3,314.9

Total budget outlays .......................................................................................... (4,107.7) (3,980.6)

Budget deficit.................................................................................................... (779.0) (665.7)

Adjustments for non-cash outlays included in the budget

Non-cash flow amounts in the budget related to federal debt securities

Accrued interest ................................................................................................ 268.5 248.4

Net amortization ................................................................................................ 41.9 19.0

Other .............................................................................................................. 1.1 22.1

Subtotal - adjustments for non-cash flow amounts in the budget related to federal debt 

securities ......................................................................................................... 311.5 289.5

Non-cash flow amounts in the budget related to loan financing account activity

Interest revenue on uninvested funds..................................................................... 7.9 8.4

Interest expense on entity borrowings .................................................................... (42.1) (41.6)

Entities' downward reestimates/negative subsidy payments........................................ (37.3) (34.6)

Entities' subsidy expense/upward reestimates ......................................................... 35.8 84.9

Subtotal - adjustments for non-cash flow amounts in the budget related to loan financing 

account activity ................................................................................................. (35.7) 17.1

Total of adjustments for non-cash outlays included in the budget ................................... 275.8 306.6

Cash flow from activities not included in the budget

Cash flow from non-budget activities related to federal debt securities

Interest paid ..................................................................................................... (260.4) (240.0)

Subtotal - cash flow from non-budget activities related to federal debt securities ............. (260.4) (240.0)

Cash flow from non-budget activities related to loan financing account activity

Loan disbursements/default payments ................................................................... (194.9) (213.2)

Fees ............................................................................................................... 25.0 26.3

Principal & interest repayments ............................................................................ 117.7 121.0

Other collections on defaulted loans receivable and sale of foreclosed property.............. 5.7 8.1

Other loan financing account activities ................................................................... 0.6 -

Subtotal - cash flow from non-budget activities related to loan financing account activity... (45.9) (57.8)

Cash flow from financing federal debt securities

Borrowings ....................................................................................................... 10,080.1 8,700.8

Repayments ..................................................................................................... (8,993.5) (8,222.9)

Discount/premium.............................................................................................. (54.7) (24.0)

Subtotal - cash flow from financing federal debt securities .......................................... 1,031.9 453.9

Total cash flow from activities not included in the budget .............................................. 725.6 156.1

Other

Total other .......................................................................................................... 13.9 6.3

Change in cash and other monetary assets balance ................................................... 236.3 (196.7)

Beginning cash and other monetary assets balance .................................................... 271.2 467.9

Ending cash and other monetary assets balance ....................................................... 507.5 271.2

The accompanying notes are an integral part of these financial statements.

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 77

United States Government

Balance Sheets

as of September 30, 2018, and 2017

Restated

(In billions of dollars) 2018 2017

Assets:

Cash and other monetary assets (Note 2).......................................................... 507.5 271.2

Accounts and taxes receivable, net (Note 3)....................................................... 144.9 143.3

Loans receivable, net (Note 4)......................................................................... 1,419.1 1,350.2

Inventories and related property, net (Note 5) ..................................................... 337.5 326.7

Property, plant and equipment, net (Note 6) ....................................................... 1,090.5 1,087.0

Debt and equity securities (Note 7)................................................................... 110.3 116.2

Investments in government-sponsored enterprises (Note 8)................................... 113.2 92.6

Other assets (Note 9) .................................................................................... 113.7 147.7

Total assets .............................................................................................. 3,836.7 3,534.9

Stewardship land and heritage assets (Note 24)

Liabilities:

Accounts payable (Note 10)............................................................................ 86.7 70.8

Federal debt securities held by the public and accrued interest (Note 11) ................. 15,812.7 14,724.1

Federal employee and veteran benefits payable (Note 12) .................................... 7,982.3 7,700.1

Environmental and disposal liabilities (Note 13)................................................... 577.3 464.5

Benefits due and payable (Note 14).................................................................. 211.1 218.8

Insurance and guarantee program liabilities (Note 15) .......................................... 170.2 202.5

Loan guarantee liabilities (Note 4) .................................................................... 38.2 42.9

Other liabilities (Note 16)................................................................................ 479.0 473.1

Total liabilities............................................................................................ 25,357.5 23,896.8

Contingencies (Note 18) and Commitments (Note 19)

Net Position:

Funds from Dedicated Collections (Note 20)....................................................... 3,462.0 3,419.5

Funds other than those from Dedicated Collections ............................................. (24,982.8) (23,781.4)

Total net position........................................................................................ (21,520.8) (20,361.9)

Total liabilities and net position...................................................................... 3,836.7 3,534.9

The accompanying notes are an integral part of these financial statements.

March 2019
78 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, 2018 and 20171

In trillions of dollars Percent of GDP2

2018 2017 Change 2018 2017 Change

Receipts:

Social Security payroll taxes ................. 60.6 58.0 2.6 4.3 4.3 -

Medicare payroll taxes......................... 20.3 19.4 0.9 1.4 1.4 -

Individual income taxes ....................... 143.8 141.9 1.9 10.2 10.5 (0.3)

Corporate income taxes....................... 18.8 - 3 - 3 1.3 - 3 - 3

Other receipts3................................... 18.5 49.0 (11.7) 1.3 3.6 (1.0)

Total receipts.......................................... 262.0 268.4 (6.4) 18.6 19.9 (1.3)

Non-interest spending:

Social Security................................... 82.5 78.7 3.9 5.9 5.8 -

Medicare Part A4 ................................ 29.1 26.6 2.5 2.1 2.0 0.1

Medicare Parts B & D5......................... 35.7 32.3 3.4 2.5 2.4 0.1

Medicaid........................................... 34.1 32.1 2.0 2.4 2.4 -

Other mandatory ................................ 41.0 40.5 0.4 2.9 3.0 (0.1)

Defense discretionary.......................... 42.9 39.1 3.8 3.0 2.9 0.1

Non-defense discretionary ................... 42.9 35.3 7.6 3.1 2.6 0.4

Total non-interest spending ....................... 308.2 284.6 23.6 21.9 21.1 0.8

Receipts less non-interest spending........ (46.2) (16.2) (30.0) (3.3) (1.2) (2.1)

Fiscal gap6.................................................................................................. (4.1) (2.0) (2.1)

1

75-year present value projections for 2018 are as of 9/30/2018 for fiscal years 2019-2093; projections for 2017 are as of 9/30/2017 for fiscal

years 2018-2092.

2

The 75-year present value of nominal Gross Domestic Product (GDP), which drives the calculations above is $1,406.3 trillion starting in fiscal

year 2019, and was $1,347.0 trillion starting in fiscal year 2018.

3

In fiscal year 2017, Corporate Income Taxes were included as part of Other Receipts. To incorporate the effects of the Tax Cuts and Jobs Act

of 2017, Corporate Income Taxes are modeled separately in fiscal year 2018. Directly comparable data are not available for fiscal year 2017.

The $11.7 trillion decrease in Other Receipts is the total of 2018 Corporate Income Taxes ($18.8 trillion) and Other Receipts ($18.5 trillion)

less the 2017 Other Receipts ($49.0 trillion).

4

Represents portions of Medicare supported by payroll taxes.

5

Represents portions of Medicare supported by general revenues. Consistent with the President's Budget, outlays for Parts B & D are

presented net of premiums.

6

To prevent the debt-to-GDP ratio from rising over the next 75 years, a combination of non-interest spending reductions and receipts increases

that amounts to 4.1 percent of GDP on average is needed (2.0 percent of GDP on average in 2017). See Note 23—Long-Term Fiscal

Projections.

Totals may not equal the sum of components due to rounding.

The accompanying notes are an integral part of these financial statements.

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 79

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) 2018 2017 2016 2015 2014

Federal Old-Age, Survivors and Disability Insurance (Social 

Security):11

Revenue (Contributions and Dedicated Taxes) from:

Participants who have attained eligibility age (age 62 and over) .. 1.5 1.4 1.3 1.2 1.0

Participants who have not attained eligibility age...................... 31.8 30.3 29.3 27.8 25.4

Future participants............................................................. 31.8 30.5 29.7 26.6 24.6

All current and future participants ......................................... 65.1 62.1 60.3 55.5 51.0

Expenditures for Scheduled Future Benefits for:

Participants who have attained eligibility age (age 62 and over) .. (15.9) (14.7) (13.6) (12.8) (11.9)

Participants who have not attained eligibility age...................... (52.2) (50.2) (48.4) (45.3) (42.4)

Future participants............................................................. (13.0) (12.6) (12.4) (10.9) (10.0)

All current and future participants ......................................... (81.1) (77.5) (74.4) (69.0) (64.3)

Present value of future expenditures in excess of future

revenue ............................................................................. (16.1)1 (15.4)2 (14.1)3 (13.4)4 (13.3)5

Federal Hospital Insurance (Medicare Part A):11

Revenue (Contributions and Dedicated Taxes) from:

Participants who have attained eligibility age (age 65 and over) .. 0.5 0.5 0.5 0.4 0.3

Participants who have not attained eligibility age...................... 11.3 10.7 10.3 9.1 8.4

Future participants............................................................. 11.0 10.6 10.0 8.4 7.8

All current and future participants ......................................... 22.8 21.7 20.7 17.9 16.5

Expenditures for Scheduled Future Benefits for:

Participants who have attained eligibility age (age 65 and over) .. (5.0) (4.5) (4.3) (3.8) (3.5)

Participants who have not attained eligibility age...................... (18.6) (17.2) (16.8) (14.5) (14.1)

Future participants............................................................. (3.9) (3.5) (3.4) (2.8) (2.8)

All current and future participants ......................................... (27.5) (25.3) (24.5) (21.1) (20.4)

Present value of future expenditures in excess of future 

revenue ............................................................................. (4.7)1 (3.5)2 (3.8)3 (3.2)4 (3.8)5

Federal Supplementary Medical Insurance (Medicare Part B):11

Revenue (Premiums) from:

Participants who have attained eligibility age (age 65 and over) .. 1.3 1.1 1.0 0.9 0.8

Participants who have not attained eligibility age...................... 6.6 5.9 5.3 4.6 4.5

Future participants............................................................. 1.5 1.4 1.2 1.0 1.1

All current and future participants ......................................... 9.4 8.4 7.5 6.5 6.5

Expenditures for Scheduled Future Benefits for:

Participants who have attained eligibility age (age 65 and over) .. (5.2) (4.5) (4.0) (3.6) (3.2)

Participants who have not attained eligibility age...................... (23.8) (21.4) (19.2) (16.8) (17.0)

Future participants............................................................. (5.4) (4.9) (4.3) (3.5) (4.1)

All current and future participants ......................................... (34.4) (30.8) (27.5) (24.0) (24.3)

Present value of future expenditures in excess of future 

revenue 6 ........................................................................... (25.0)1 (22.4)2 (20.0)3 (17.5)4 (17.9)5

Totals may not equal the sum of components due to rounding.

The accompanying notes are an integral part of these financial statements.

March 2019
80 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) 2018 2017 2016 2015 2014

Federal Supplementary Medical Insurance (Medicare Part D):11

Revenue (Premiums and State Transfers) from:

Participants who have attained eligibility age (age 65 and over) .. 0.3 0.3 0.3 0.3 0.2

Participants who have not attained eligibility age...................... 2.1 2.0 2.2 1.8 1.6

Future participants............................................................. 0.8 0.8 1.0 0.8 0.7

All current and future participants ......................................... 3.2 3.1 3.5 2.9 2.5

Expenditures for Scheduled Future Benefits for:

Participants who have attained eligibility age (age 65 and over) .. (1.0) (1.0) (1.0) (0.9) (0.8)

Participants who have not attained eligibility age...................... (7.2) (6.9) (7.7) (6.4) (5.9)

Future participants............................................................. (2.9) (2.9) (3.6) (2.8) (2.6)

All current and future participants ......................................... (11.1) (10.8) (12.2) (10.2) (9.3)

Present value of future expenditures in excess of future 

revenue 6 ........................................................................... (7.9)1 (7.6)2 (8.7)3 (7.3)4 (6.8)5

Other:7

Present value of future expenditures in excess of future 

revenues 8, 9, 10.................................................................. (0.1) (0.1) (0.1) (0.1) (0.1)

Total present value of future expenditures in excess of future 

revenue ............................................................................. (53.8) (49.0) (46.7) (41.5) (41.9)

Totals may not equal the sum of components due to rounding.

The accompanying notes are an integral part of these financial statements.

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 81

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) 2018 2017 2016 2015 2014

Social Insurance Summary11

Participants who have attained eligibility age:

Revenue (e.g., contributions and dedicated taxes) ................. 3.6 3.3 3.1 2.8 2.3

Expenditures for scheduled future benefits ........................... (27.1) (24.7) (22.9) (21.3) (19.4)

Present value of future expenditures in excess of 

future revenue.............................................................. (23.5) (21.4) (19.8) (18.5) (17.1)

Participants who have not attained eligibility age:

Revenue (e.g., contributions and dedicated taxes) ................. 51.8 48.9 47.1 43.4 40.0

Expenditures for scheduled future benefits ........................... (101.8) (95.7) (92.2) (83.1) (79.6)

Present value of future expenditures in excess of 

future revenue.............................................................. (50.0) (46.8) (45.1) (39.7) (39.6)

 Closed-group - Total present value of future expenditures 

in excess of future revenue............................................. (73.5) (68.2) (64.9) (58.2) (56.7)

Future participants:

Revenue (e.g., contributions and dedicated taxes) ................. 45.1 43.3 41.9 36.8 34.3

Expenditures for scheduled future benefits ........................... (25.2) (24.0) (23.7) (20.1) (19.6)

Present value of future revenue in excess of future 

expenditure ................................................................. 19.9 19.3 18.2 16.8 14.8

Open-group - Total present value of future expenditures in 

excess of future revenue ..................................................... (53.8) (49.0) (46.7) (41.5) (41.9)

1 The projection period for Social Security and Medicare is 1/1/2018-12/31/2092 and the valuation date is 1/1/2018. 2 The projection period for Social Security and Medicare is 1/1/2017-12/31/2091 and the valuation date is 1/1/2017. 3 The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016. 4 The projection period for Social Security and Medicare is 1/1/2015-12/31/2089 and the valuation date is 1/1/2015. 5 The projection period for Social Security and Medicare is 1/1/2014-12/31/2088 and the valuation date is 1/1/2014. 6 These amounts represent the present value of the future transfers from the General Fund to the SMI Trust 

Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare and Medicaid Services’ 

Financial Reports but, by accounting convention, are not income from the governmentwide perspective of this report. 7 Includes Railroad Retirement and Black Lung. 8 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). 9 Does not include interest expense accruing on the outstanding debt of the Black Lung Disability Trust Fund. 10 For information on the projection periods and valuation dates for the Railroad Retirement and Black Lung programs, refer to the financial

statements of RRB and DOL, respectively. 11 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.

Totals may not equal the sum of components due to rounding.

The accompanying notes are an integral part of these financial statements.

March 2019
82 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Statement of Changes in Social Insurance Amounts

for the Year Ended September 30, 2018 (Note 22)

Social Medicare Medicare

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total

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 ................................. (15.4) (3.5) (30.0) (0.1) (49.0)

Reasons for changes in the NPV during the year:

Changes in valuation period.................................. (0.6) (0.2) (1.1) - (1.9)

Changes in demographic data, assumptions, and 

methods ........................................................... 0.1 0.4 0.2 - 0.7

Changes in economic data, assumptions, and 

methods ........................................................... (0.5) - - - (0.5)

Changes in law or policy ...................................... - (0.5) (0.5) - (1.0)

Changes in methodology and programmatic data ...... 0.2 - - - 0.2

Changes in economic and other health care 

assumptions ................................................... - - (1.5) - (1.5)

Change in projection base .................................... - (0.9) - - (0.9)

Net change in open group measure ........................ (0.8) (1.2) (2.9) - (4.8)

Open group measure, end of year............................. (16.1) (4.7) (32.9) (0.1) (53.8)

1 Amounts represent changes between valuation dates 1/1/2017 and 1/1/2018.

2 Includes Railroad Retirement changes between valuation dates 10/1/2016 and 10/1/2017 and Black Lung changes between 9/30/2017 and 

9/30/2018.

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 

March 2019
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 83

United States Government

Statement of Changes in Social Insurance Amounts

for the Year Ended September 30, 2017 (Note 22)

Social Medicare Medicare

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total

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 ................................. (14.1) (3.8) (28.7) (0.1) (46.7)

Reasons for changes in the NPV during the year:

Changes in valuation period.................................. (0.6) (0.2) (1.2) - (2.0)

Changes in demographic data, assumptions, and

methods ........................................................... (0.1) (0.1) - - (0.2)

Changes in economic data, assumptions, and ..........

methods ........................................................... (0.6) - - - (0.6)

Changes in law or policy ...................................... -----

Changes in economic and other health care 

assumptions ..................................................... - 0.2 (0.5) - (0.3)

Change in projection base .................................... - 0.3 0.4 - 0.7

Net change in open group measure ........................ (1.2) 0.3 (1.4) - (2.3)

Open group measure, end of year............................. (15.4) (3.5) (30.0) (0.1) (49.0)

1 Amounts represent changes between valuation dates 1/1/2016 and 1/1/2017.

2 Includes Railroad Retirement changes between valuation dates 10/1/2015 and 10/1/2016 and Black Lung changes between 9/30/2016 and 

9/30/2017.

Totals may not equal the sum of components due to rounding.

The accompanying notes are an integral part of these financial statements.

March 2019
 

TRUST FUNDS 

March 2019 

84 

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of the Department 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 Reauthorization Act of 2018 (Public Law 115-254), 

effective October 5, 2018, extended the aviation excise 

taxes until 2023. The Act included provisions that: 

 Retained the existing passenger ticket, flight 

segment, and freight waybill taxes. The domestic flight 

segment tax is indexed to the Consumer Price Index; 

effective calendar year 2019, the tax is $4.20. 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 2019, the tax is $9.30. 

 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 2019, the tax is $18.60. 

 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. The tax on mileage 

awards is 7.5% of the value of the miles. 

 Retained the commercial aviation fuel tax and the 

general aviation jet fuel/gas taxes. The current tax rate for 

commercial aviation fuel is 4.3 cents per gallon and 19.3 

cents per gallon for general aviation gas. General aviation 

jet fuel is 21.8 cents per gallon. 

The FAA Modernization and Reform Act 2012 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. Currently this is a 14.1 cents 

per gallon surcharge of fuel used in fractional ownership 

flights. It also changed the classification of transportation as 

part of a fractional ownership program from commercial 

aviation to noncommercial aviation. 

The FAA Modernization and Reform Act 2012 also 

repealed the excise tax exemption for transportation by 

small jet aircraft operating on non- established lines. (IRS 

defines the term “operated on an established line” to mean 

operated with some degree of regularity between definite 

points). 

More recently, however, P.L. 115-97 exempts certain 

payments related to the management of private aircraft from 

the excise taxes imposed on taxable transportation by air. 

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. 
TRUST FUNDS 

 March 2019 

85 

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2018 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2017 ...................................................................................................................................................................................................... $15,086,280,945

Receipts: 

Grants-in-aid for Airports funding from General Fund............................ ........................................................................................................... 1,000,000,000

Excise taxes (transferred from general fund): Liquid fuel in a fractional ownership flight ............................................. 4043 ...................................................................................... 18,247,910

Liquid fuel other than gasoline .............................................................. 4041 ...................................................................................... 218,822,438

Gasoline ................................................................................................ 4081 ...................................................................................... 452,178,958

Transportation by airseats, berths, etc. ................................................ 4261 (a) (b) ........................................................................... 10,484,955,140

Use of international travel facilities ....................................................... 4261 (c) ................................................................................. 4,093,269,231

Transportation of property, cargo ......................................................... 4271 ...................................................................................... 540,402,864

Gross excise taxes ............................................................................................................................................................................................. 15,807,876,542

Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline .................................................................. 4041 ...................................................................................... 10,916,343

Gasoline ...................................................................................................................................................................................................................... 4,437,142

Total refunds of taxes ............................................................................................................................................................................................. 15,353,485

Net taxes ................................................................................................................................................................................................................. 15,792,523,056

Refunds on Federal Payments (DOT) ........................................................................................................................................................................ 25,685,590

Interest on investments ............................................................................................................................................................................................... 287,544,711

 CMIA interest income ................................................................................................................................................................................................. 4,604

Total receipts .......................................................................................................................................................................................................... 17,105,757,961

Expenses: Operations .................................................................................................................................................................................................................. 9,128,994,529

Grants in aid for Airports ............................................................................................................................................................................................. 3,110,000,000

Facilities and equipment ............................................................................................................................................................................................. 2,466,118,996

Research, engineering, and development .................................................................................................................................................................. 137,499,788

Air carriers ................................................................................................................................................................................................................... 155,000,000

CMIA Interest Expense ............................................................................................................................................................................................... 919

Total expenses ........................................................................................................................................................................................................ 14,997,614,232

Offsetting collections ....................................................................................................................................................................................................... 131,000,000

Balance Sept. 30, 2018 .................................................................................................................................................................................................. $17,325,424,675

 

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

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In millions of dollars. Source: DOT] 

2019 2020 2021 2022 2023

Balance Oct. 1 ............................................................................ 17,325 17,739 17,920 18,535 19,789

Receipts: 

Excise taxes, net of refunds.................................................... 17,309 17,176 18,066 19,004 19,945

Interest on investments ........................................................... 382 466 515 556 618

Offsetting collections ............................................................... 131 132 134 136 139

Total receipts ...................................................................... 17,822 17,774 18,715 19,696 20,702

Expenses: 

Gross Outlays ......................................................................... 17,408 17,593 18,100 18,442 18,932

Balance Sept. 30......................................................................... 17,739 17,920 18,535 19,789 21,559

 
TRUST FUNDS 

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86 

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 (FY) 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 (FY) 2007. 

Between FYs 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 FY 2009 

contribution, the overall shortfall (after adjusting for 

inflation) was $40.6 million. Also, during FY 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-fordollar 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 FY 2018. 

At that time, Congress appropriated $840,000,000 million. 
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87 

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2018 

[Source: DOE] 

Balance Oct. 1, 2017 ................................................................................................................................................................................. $34,596,910.00 

Receipts: 

Fees collected ........................................................................................................................................................................................ - 

Penalties collected ................................................................................................................................................................................. - 

Interest on investments .......................................................................................................................................................................... 50,846,308.31 

Total receipts ...................................................................................................................................................................................... 50,846,308.31 

Nonexpenditure transfers: 

Transfers in (+) ....................................................................................................................................................................................... 860,578,087.85 

Transfers out (-) ..................................................................................................................................................................................... - 

Net nonexpenditure transfers............................................................................................................................................................. 860,578,087.85 

Outlays: 

DOE, decontamination and decommissioning activities ........................................................................................................................ 818,074,092.01 

Cost of investments................................................................................................................................................................................ 118,241,240.78 

Total outlays ....................................................................................................................................................................................... 936,315,332.79 

Balance Sept. 30, 2018 .............................................................................................................................................................................. $9,705,973 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In thousands of dollars. Source: DOE] 

 2019 2020 2021 2022 2023

Balance Oct. 1 ......................................................................... 9,706 9,706 9,706 9,706 -

Receipts: 

Fees collected ...................................................................... - - - - -

Interest collected .................................................................. 54,467 35,747 16,171 650 -

Total receipts ................................................................... 54,467 35,747 16,171 650 -

Outlays: 

DOE, decontamination and decommissioning fund ............ 841,129 715,112 797,521 231,164 -

Investments redeemed ........................................................ -786,662 -679,365 -781,350 -220,808 -

Total outlays net of investments redeemed ..................... 54,467 35,747 16,171 10,356 -

Balance Sept. 30...................................................................... 9,706 9,706 9,706 - -
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88 

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 95-

227). 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. 
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89 

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2018 

[Source: DOL] 

Balance Oct. 1, 2017 ........................................................................................................................................................................................... $122,022,891 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 188,611,001 

$0.55 tax on surface coal ............................................................................................................................................................................. 90,371,788 

4.4 percent tax on underground coal ........................................................................................................................................................... 180,721 

4.4 percent tax on surface coal .................................................................................................................................................................... 105,211,179 

Fines, penalties, and interest ....................................................................................................................................................................... 1,547,381 

Collection—responsible mine operators ...................................................................................................................................................... 33,004,462 

Recovery of prior year funds ........................................................................................................................................................................ - 

Repayable advances from the general fund ................................................................................................................................................ 1,900,000,000 

Total receipts ............................................................................................................................................................................................ 2,318,926,532 

Net receipts .............................................................................................................................................................................................. 2,318,926,532 

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 474,210 

Salaries and expenses—DOL—Departmental Management .......................................................................................................................... 29,882,396 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 308,220 

Salaries and expenses—DOL—Employment Standards Administration ........................................................................................................ 35,721,764 

Total outlays ................................................................................................................................................................................................. 66,386,590 

Expenses: 

Program expenses—DOL ................................................................................................................................................................................ 176,554,298 

Repayable advances and interest ................................................................................................................................................................... 1,301,846,350 

Repayment of bond principal ........................................................................................................................................................................... 386,048,000 

Interest on principal debt .................................................................................................................................................................................. 174,600,000 

Total expenses ............................................................................................................................................................................................. 2,039,048,648 

Balance Sept. 30, 2018 ........................................................................................................................................................................................ 335,514,184.26 

Cumulative debt, end of year ............................................................................................................................................................................... $2,666,386,389 

 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In thousands of dollars. Source: DOL] 

 2019 2020 2021 2022 2023

Balance Oct. 1 ........................................................................................ 335,514 335,514 335,514 335,514 335,514

Receipts: 

Excise taxes ....................................................................................... 238,000 194,000 192,000 188,000 188,000

Advances from the general fund ........................................................ 2,101,945 2,390,080 2,713,418 3,069,483 3,453,482

Fines, penalties, and interest ............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 2,341,945 2,586,080 2,907,418 3,259,483 3,643,482

Outlays: 

Benefit payments ............................................................................... 154,761 153,629 153,426 153,044 152,040

Administrative expenses .................................................................... 66,550 71,776 72,943 74,130 75,337

Repayable advances ......................................................................... 1,900,000 2,101,945 2,390,080 2,713,418 3,069,483

Interest on repayable advances ........................................................ 39,140 63,058 80,785 93,884 106,511

Repayment of principal debt .............................................................. 117,606 118,895 120,015 121,786 123,663

Interest on principal debt ................................................................... 63,888 76,777 90,169 103,221 116,448

Total outlays ................................................................................... 2,341,945 2,586,080 2,907,418 3,259,483 3,643,482

Balance Sept. 30.................................................................................... 335,514 335,514 335,514 335,514 335,514

Cumulative debt, end of year ................................................................. 2,548,780 2,429,885 2,309,870 2,188,084 2,064,420

 

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

 
TRUST FUNDS 

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90 

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 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriations 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 the 

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 tax 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. 
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91 

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2018 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2017 ............................................................................................................................................................................................................... $9,100,142,434 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,244,767,633 

Exports ............................................................................................................................................................................................................................... - 

Domestic ............................................................................................................................................................................................................................ 79,486,242 

Passengers ........................................................................................................................................................................................................................ 15,521,010 

Foreign trade ...................................................................................................................................................................................................................... 173,384,457 

Interest on investments ...................................................................................................................................................................................................... 144,495,175 

Total receipts ............................................................................................................................................................................................................... 1,657,654,517 

Expenses: 

Corps of Engineers ............................................................................................................................................................................................................. 1,392,877,028 

Saint Lawrence Seaway Development Corporation/DOT .................................................................................................................................................. 40,000,000 

Administrative cost for Department of Homeland Security (Customs) ............................................................................................................................... 3,274,000 

Operating expenses, miscellaneous returns....................................................................................................................................................................... - 

Total expenses ................................................................................................................................................................................................................... 1,436,151,028 

Balance Sept. 30, 2018 ............................................................................................................................................................................................................. $9,321,645,923 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2019 2020 2021 2022 2023

Balance Oct. 1 ..................................................................................................... 9,321.6 9,415.6 10,198.7 11,035.6 11,928.6

Receipts: 

Harbor maintenance fee .................................................................................. 1,566.1 1,620.9 1,677.7 1,736.4 1,797.2

Interest on investments .................................................................................... 143.3 158.9 175.4 192.9 211.4

Total receipts ............................................................................................... 1,709.4 1,779.8 1,853.1 1,929.3 2,008.6

Total available .............................................................................................. 11,031.0 11,195.4 12,051.8 12,964.9 13,937.2

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo ..................................................................................... ---- -

Corps of Engineers operation, maintenance, 

and administrative expenses ....................................................................... 1,503.1 934.1 941.4 961.0 975.7

Corps of Engineers construction ..................................................................... 68.6 18.3 30.0 30.0 35.0

Saint Lawrence Seaway Development Corporation/DOT ............................... 40.5 41.0 41.5 42.0 42.5

Administrative expenses for Department of Homeland Security 

(Customs Service) ...................................................................................................

3.3 3.3 3.3 3.3 3.3

Total outlays ................................................................................................. 1,615.5 996.7 1,016.2 1,036.3 1,056.5

Balance Sept. 30.................................................................................................. 9,415.6 10,198.7 11,035.6 11,928.6 12,880.7

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

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92 

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 (supplemented 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. 
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93 

TABLE TF-5.—Hazardous Substance Superfund 1,2 

Results of Operations, Fiscal Year 2018 

[Source: EPA] 

Balance Oct. 1, 2017 ...................................................................................................................................................................................... $65,000,000 

Reconciliation Adjustment............................................................................................................................................. 

Receipts: 

11,000,000 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals ........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ - 

General fund appropriation ......................................................................................................................................................................... 1,094,000,000 

Cost recoveries ........................................................................................................................................................................................... 41,000,000 

Fines and penalties ..................................................................................................................................................................................... 1,000,000 

Interest on investments ............................................................................................................................................................................... 63,000,000 

Special Accounts ......................................................................................................................................................................................... 199,000,000 

Agency for Toxic Substance and Disease Registry.................................................................................................................................... - 

Total receipts ........................................................................................................................................................................................... 1,398,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,161,000,000 

Other expenses ........................................................................................................................................................................................... 120,000,000 

Rounding adjustment .................................................................................................................................................................................. 1,000,000 

 Total expenses..................................................................................................................................................... 

Balance Sept. 30, 2018 ...................................................................................................................................................................................

1,282,000,000 

$192,000,000 

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 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. 
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94 

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 1, 2, 3

[In millions of dollars. Source: EPA] 

2019 2020 2021 2022 2023

Balance Oct. 1 ................................................................................................. 192 119 120 120 120

Receipts: 

Interest ......................................................................................................... 64 65 66 66 68

Recoveries ................................................................................................... 94 94 94 94 94

Fines and penalties ...................................................................................... 2 2 2 2 2

Taxes .......................................................................................................... - --- -

Special Accounts ......................................................................................... 250 250 250 250 250

General revenues ........................................................................................ 963 926 925 925 925

Total receipts ........................................................................................... 1,373 1,337 1,337 1,337 1,339

Appropriations 2................................................................................................ 1,155 1,045 1,045 1,045 1,045

Other expenses 3 ............................................................................................. 291 291 292 292 293

Balance Sept. 30.............................................................................................. 119 120 120 120 121

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 FY 2019 Appropriation amount is estimated for the full year based upon the 

Department of Defense and Labor, Health and Human Services Appropriations Act, 2019 

and Continuing Appropriations Act, 2019, as amended (P.L. 115-245). FY 2020 - FY 2023 

Appropriation amounts are straight-lined from FY 2020 President’s Budget. 

3 Other Expenses include Special Accounts. 
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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 

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 

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TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2018 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2017 ........................................................................................................................................................................................... $56,293,488,273 

Receipts: Excise taxes (transferred from general fund): Gasoline ....................................................................................................... 4081 .......................................................................... 26,686,290,892 

Diesel and special motor fuels ..................................................................... 4041 .......................................................................... 11,086,447,600 

Highway tires ................................................................................................ 4071 .......................................................................... 540,039,314 

Retail tax on trucks....................................................................................... 4051 .......................................................................... 4,337,216,000 

Heavy vehicle use ........................................................................................ 4481 .......................................................................... 1,247,078,524 

Total excise taxes .................................................................................................................................................................................... 43,897,072,330 

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

To Aquatic Resources Trust Fund ............................................................................................................................................................... 435,754,000 

To Airport and Airway Trust Fund ................................................................................................................................................................ 873,387,018 

Total transfers .......................................................................................................................................................................................... 1,310,141,018 

Other income: 

Fines and penalties ...................................................................................................................................................................................... 27,036,407 

Interest ......................................................................................................................................................................................................... 745,609,320 

Transfer from the General Fund 1 ................................................................................................................................................................ 93,400,000 

Total other income ................................................................................................................................................................................... 866,045,727 

Net receipts .......................................................................................................................................................................................... 43,452,977,040 

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 43,704,511,738 

Right-of-way revolving fund ......................................................................................................................................................................... - 

Appalachian Development Highway System ............................................................................................................................................... 360 

Other ............................................................................................................................................................................................................ 8,510,811 

Total ......................................................................................................................................................................................................... 43,713,022,910 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 580,662,681 

Federal Transit Administration ..................................................................................................................................................................... 10,106,692,263 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 152,037,720 

Highway traffic safety grants .................................................................................................................................................................... 686,615,408 

National driver register ............................................................................................................................................................................. - 

Total ..................................................................................................................................................................................................... 838,653,128 

Federal Railroad Administration ...................................................................................................................................................................... - 

Other agencies ............................................................................................................................................................................................. - 

Total expenses ......................................................................................................................................................................................... 55,239,030,981 

Balance Sept. 30, 2018 ........................................................................................................................................................................................ $44,507,434,333 

1 Transfer of $93,400,000 from Leaking Underground Storage Tank Trust Fund per 

 P.L. 114-94 (net of sequester). 

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

 March 2019 

97 

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2019 2020 2021 2022 2023

Balance Oct. 1 ............................................................... 45 31 16 1 -13

Receipts: 

Excise taxes, net of refunds....................................... 43 43 43 43 43

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 43 43 43 43 43

Adjustments 1 ......................................................... - - - - -

Outlays ........................................................................... 57 58 58 58 58

Balance Sept. 30............................................................ 31 16 1 -13 -28

 

Mass Transit Account 

 2019 2020 2021 2022 2023

 

Balance Oct. 1 .................................................................... 12 8 4 -1 -6

Receipts: 

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5 5 5 5 5

Flex fund transfers .......................................................... 1 1 1 1 1

Adjustments 1 .................................................................. - - - - -

Outlays ................................................................................ 10 11 11 11 11

Balance Sept. 30................................................................. 8 4 -1 -6 -11

 

Highway Account 

 2019 2020 2021 2022 2023

 

Balance Oct. 1 ......................................................................... 33 23 12 2 -8

Receipts: 

Excise taxes, net of refunds................................................. 37 38 38 38 38

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 37 38 38 38 38

Flex fund transfers ............................................................... -1 -1 -1 -1 -1

Adjustments 1 ....................................................................... - - - - -

Outlays ..................................................................................... 46 47 47 47 47

Balance Sept. 30...................................................................... 23 12 2 -8 -17

Unfunded authorizations (EOY) ............................................... 64 74 85 87 88

Forty-eight-month revenue estimate ........................................ 148 148 149 149 150

 

Assumes the revenues and spending levels prescribed in the Public Law 114-94. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

March 2019 

98 

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 2018. 

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 2018. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 87 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 12 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 74 

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024) ............................................................................................................................ 148 

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 31 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 4 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 27 

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024) ............................................................................................................................ 26 

Assumes the revenues and spending levels prescribed in the Public Law 114-94. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

 March 2019 

99 

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 2018 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2017 ........................................................................................................................................................................................... $63,395,863

Receipts: 

Fuel taxes/revenues ......................................................................................................................................................................................... 115,002,687

Interest on investments ................................................................................................................................................................................... 1,808,304

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts ................................................................................................................................................................................................

116,810,991

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 49,273,204

Balance Sept. 30, 2018........................................................................................................................................................................................ $130,933,650

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2019 2020 2021 2022 2023

 

Balance Oct. 1 ....................................................................................................... 131 42 44 45 46

Receipts: 

Fuel taxes .......................................................................................................... 115 112 113 114 115

Interest on investments .................................................................................... 2 1 1 1 2

Total receipts ................................................................................................. 117 113 114 115 117

Transfers: 

Corps of Engineers ........................................................................................... 205 112 113 114 115

Balance Sept. 30 .................................................................................................. 42 44 45 46 48

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

March 2019 

100

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 a .01 cent per 

gallon tax on motor fuels, through September 30, 2022. 

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 

five fiscal years. 
TRUST FUNDS 

 March 2019 

101

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 2018 1

[Source: EPA] 

Balance Oct. 1, 2017 ..................................................................................................................................................................................... $505,000,000 

Receipts: 

Taxes .......................................................................................................................................................................................................... 223,000,000 

Interest ........................................................................................................................................................................................................ 9,000,000 

Gross tax receipts .................................................................................................................................................................................. 232,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 92,000,000 

Other expenses .......................................................................................................................................................................................... 100,000,000 

Total expenses ....................................................................................................................................................................................... 192,000,000 

Balance Sept. 30, 2018 .................................................................................................................................................................................. $545,000,000 

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 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 2019-2023 1, 2 

[In millions of dollars. Source: EPA] 

 2019 2020 2021 2022 2023 

 

Balance Oct. 1 ................................................................................................................. 545 677 854 1,029 1,204 

Receipts: 

Taxes 3 ........................................................................................................................ 215 216 214 213 210 

Interest 3 ...................................................................................................................... 9 9 9 10 10 

Total receipts ........................................................................................................... 224 225 223 223 220 

Appropriations ................................................................................................................. 92 48 48 48 48 

Other Expenses .............................................................................................................. - - - - - 

Balance Sept. 30 ............................................................................................................. 677 854 1,029 1,204 1,376 

 

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. 

2 The FY 2019 Appropriation amount is estimated for the full year based upon the 

Department of Defense and Labor, Health and Human Services Appropriations Act, 2019 

and Continuing Appropriations Act, 2019, as amended (P.L. 115-245). FY 2020 - FY 2023 

Appropriation amounts are straight-lined from FY 2020 President’s Budget levels. 

3 Taxes and interest are estimated. 
TRUST FUNDS 

March 2019 

102

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 2018 

[Source: DOE] 

Balance Oct. 1, 2017 ........................................................................................................................................................................................... $3,419,000 

Receipts: 

Fees Collected ................................................................................................................................................................................................. - 

Sale of asset at Yucca Mountain ..................................................................................................................................................................... 3,732 

Penalties and interest on fee payments........................................................................................................................................................... - 

Interest on investments .................................................................................................................................................................................... 1,538,922,209 

Total receipts ................................................................................................................................................................................................ 1,538,925,941 

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 ....................................................................................................................................................... 2,950,701 

Cost investments .............................................................................................................................................................................................. 1,532,371,566 

Total outlays ................................................................................................................................................................................................. 1,535,322,267 

Balance Sept. 30, 2018 ........................................................................................................................................................................................ $3,422,674 

 

 
TRUST FUNDS 

 March 2019 

103

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.] 
TRUST FUNDS 

March 2019 

104

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 96-

451, 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 2018 

[Source: Department of Agriculture] 

Balance Oct. 1, 2017 1 ......................................................................................................................................................................................... $6,874,472 

Receipts: 

Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts ................................................................................................................................................................................................ 30,000,000 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 29,145,284 

Total expenses ............................................................................................................................................................................................. 29,145,284 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2018 ........................................................................................................................................................................................ $7,729,188 

1 Minor difference to beginning balance due to rounding. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2019 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1 ..................................................................................................................................................................................................... 7,729 

Receipts: 

Excise taxes (tariffs) ........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts ............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 29,505 

Balance Sept. 30 ................................................................................................................................................................................................. 8,224 
TRUST FUNDS 

 March 2019 

105

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 109-

59, 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 

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 

March 2019 

106

TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2018 

[Source: Department of the Interior] 

Balance Oct. 1, 2017 .............................................................................................................................................................................................. $1,932,718,053

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 312,747,000.00

Fish equipment ............................................................................................................................................................................................... 93,269,515

Tackle boxes .................................................................................................................................................................................................. 1,693,480

Rods and poles .............................................................................................................................................................................................. 24,965,721

Electric outboard motors ................................................................................................................................................................................ 5,924,053

Customs/import duties ................................................................................................................................................................................... 63,575,908

Gas, motorboat small engines ....................................................................................................................................................................... 123,007,000

Total, tax revenue ...................................................................................................................................................................................... 625,182,678

Investment revenue: 

Interest on investments (accrual basis) ......................................................................................................................................................... 24,809,632

Loss on sale of securities ............................................................................................................................................................................... -

Total, investment revenue .......................................................................................................................................................................... 24,809,632

Total revenue ............................................................................................................................................................................................. 649,992,310

Nonexpenditure appropriations: 

Interior ............................................................................................................................................................................................................ -425,800,000

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -121,462,902

Interior (Corps of Engineers) .......................................................................................................................................................................... -85,350,000

Total appropriations ................................................................................................................................................................................... -632,612,902

Balance Sept. 30, 2018 .......................................................................................................................................................................................... $1,950,097,461

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In thousands of dollars. Source: Department of the Interior] 

2019 2020 2021 2022 2023

Balance Oct. 1 ..................................................................................... 1,950,097,461 1,950,095,101 1,950,103,359 1,950,109,544 1,950,118,644

Receipts/revenue: 

Taxes ............................................................................................ 634,000 642,000 648,000 657,000 667,000

Interest .......................................................................................... 12,998 13,256 13,441 13,541 13,569

Transfers ....................................................................................... - - - - -

Total receipts ............................................................................646,998 655,256 661,441 670,541 680,569

Expenses: 

Expenses/transfers ....................................................................... 649,358 646,998 655,256 661,441 670,541

Total expenses .......................................................................... 649,358 646,998 655,256 661,441 670,541

Balance Sept. 30............................................................................... 1,950,095,101 1,950,103,359 1,950,109,544 1,950,118,644 1,950,128,672
TRUST FUNDS 

 March 2019 

107

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. The barrel 

tax expired on December 31, 2018 and was not re-authorized 

by the Congress. 

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 

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 

March 2019 

108

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2018 

[Source: Bureau of the Fiscal Service, Funds Management Branch]

Balance Oct. 1, 2017 1 ................................................................................................................................................................................................... $5,730,704,621 

Revenue: 

Drawback claims ........................................................................................................................................................................................................ (25,780,128) 

Return of Funds—DOT .............................................................................................................................................................................................. 131,222 

Return of Funds—USCG ........................................................................................................................................................................................... 68,567 

Cost recoveries .......................................................................................................................................................................................................... 80,318,015 

Fines and penalties .................................................................................................................................................................................................... 298,523,058 

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 529,704,660 

Net revenue before interest ................................................................................................................................................................................... 882,965,394 

Investment income: 

Interest on investments .............................................................................................................................................................................................. 97,846,625 

Realized gain ............................................................................................................................................................................................................. - 

Total investment income ........................................................................................................................................................................................ 97,846,625 

Total revenue ......................................................................................................................................................................................................... 980,812,019 

Expenditures: 

Treasury administrative expense—Fiscal Service .................................................................................................................................................... (96,859) 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. (2,193,172) 

Transfer to Interior ...................................................................................................................................................................................................... (14,899,000) 

Transfer to EPA .......................................................................................................................................................................................................... (18,209,000) 

Transfer to PHMSA .................................................................................................................................................................................................... (20,123,000) 

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... (11,902,863) 

Transfer to U.S. Coast Guard-70X8349 (Emer Fund) ............................................................................................................................................... (28,387,029) 

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... (45,000,000) 

Total nonexpenditure transfers .............................................................................................................................................................................. (140,714,063) 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... (140,810,922) 

Balance Sept. 30, 2018 .................................................................................................................................................................................................. $6,570,705,717 

1 The Balances as of October 1, 2017, and September 30, 2018, 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 2019-2023 

[In millions of dollars. Source: Department of Homeland Security] 

2019 2020 2021 2022 2023

Balance Oct. 1 ............................................................................................... 6,571 6,773 6,824 6,870 6,935

Estimated receipts ......................................................................................... 404 253 248 267 262

Estimated expenses ...................................................................................... 202 202 202 202 202

Balance Sept. 30............................................................................................ 6,773 6,824 6,870 6,935 6,995
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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 2018 

[Source: Department of the Treasury] 

Balance Oct. 1, 2017 ........................................................................................................................................................................................... $3,710,215,677 

Receipts: 

Excise tax ........................................................................................................................................................................................................ $304,341,862 

Interest on investments .................................................................................................................................................................................... $69,318,571 

Refund of Prior Year Authority $4,738,788 

Total receipts ............................................................................................................................................................................................... $378,399,221 

Expenditure appropriations: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... $6,508,063 

U.S. Department of Justice expenses ............................................................................................................................................................. $4,937,406 

Subtotal outlays ........................................................................................................................................................................................... $11,445,469 

Nonexpenditure transfers: 

Transfer to HRSA ............................................................................................................................................................................................ $219,425,575 

Total outlays/transfers ................................................................................................................................................................................. $230,871,044 

Balance Sept. 30, 2018 1 ..................................................................................................................................................................................... $3,857,743,854 

1 Balance for September 30, 2018: Balance does not tie to the 3310 ending balance in the 

September 30, 2018 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, 2018 reflects 

the net activity for FY 2018 and adjusting/closing entries made in October 2018. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In thousands of dollars. Source: Department of Health and Human Services] 

2019 2020 2021 2022 2023

Balance Oct. 1 ...................................................................................................... 3,857,744 4,005,160 4,157,343 4,314,434 4,476,581

Receipts (from tax) ............................................................................................... 313,472 322,876 332,563 342,539 352,816

Interest on investments ..................................................................................... 71,398 73,540 75,746 78,019 80,359

Total receipts ................................................................................................ 384,870 396,416 408,309 420,558 433,175

Outlays: 

U.S. Court of Federal Claims expenses ........................................................... 6,508 6,508 6,508 6,508 6,508

U.S. Department of Justice expenses .............................................................. 4,937 4,937 4,937 4,937 4,937

Subtotal outlays ................................................................................................ 11,445 11,445 11,445 11,445 11,445

Nonexpenditure transfers: 

HRSA ................................................................................................................ 226,008 232,789 239,772 246,965 254,374

Total outlays/transfers .................................................................................. 237,454 244,234 251,218 258,411 265,820

Balance Sept. 30................................................................................................... 4,005,160 4,157,343 4,314,434 4,476,581 4,643,936
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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 and 

switched the source of funds from Treasury to the 

Commodity Credit Corporation. Title XII, Section 12604 of 

(Public Law 115-334) extends the sunset provision to 2023. 

The Act of 2014 provides that, of the funds of the 

Commodity Credit Corporation, the Secretary [of 

Agriculture] shall use to provide grants described in section 

506(d) of the Trade and Development Act of 2000 (7 U.S.C. 

7101 note) [section 506(d) of Pub. L. 106-200] $2,250,000. 

The funds remain available until expended. 

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. 
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TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2018 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2017 ................................................................................................................................................................................................ 153 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return fiscal year 2017 ................................................................................................................................................................... 155 

Sequestration ........................................................................................................................................................................................................ -149 

Total receipts ..................................................................................................................................................................................................... 2,256 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,256 

Total expenses .................................................................................................................................................................................................. 2,256 

Balance Sept. 30, 2018 ............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2019 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2018 ................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return fiscal year 18 ....................................................................................................................................................................... 149 

Sequestration ........................................................................................................................................................................................................ -140 

Total receipts ..................................................................................................................................................................................................... 2,259 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,259 

Total expenses .................................................................................................................................................................................................. 2,259 

Balance Sept. 30 ...................................................................................................................................................................................................... - 
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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 2018 obligations, including adjustments to 

prior year obligations, totaled $251,495. Total outlays were 

$244,922 including outlays from prior year obligations, as 

shown in the table below. The outlays reported in fiscal year 

2018 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 2018 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year 2018 ......................................................................................................................................................................... $2,610,773 

Borrowing authority ............................................................................................................................................................................................. - 

Repayment of debt ............................................................................................................................................................................................... -641 

Cumulative debt, end of year ................................................................................................................................................................................... 2,610,132 

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. - 

Mandatory appropriation...................................................................................................................................................................................... 47 

Other offsetting collections .................................................................................................................................................................................. - 

Total budgetary resources .............................................................................................................................................................................. 15,363 

Obligated balance, Oct. 1, 2017 .............................................................................................................................................................................. 130 

Fiscal Year 2018 obligations .................................................................................................................................................................................... 251 

Outlays: 

Supplemental Revenue Assistance Payments Program ..................................................................................................................................... 188 

Livestock Forage Disaster Program .................................................................................................................................................................... 56 

Livestock Indemnity Program............................................................................................................................................................................... - 

Tree Assistance Program .................................................................................................................................................................................... 1 

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program ......................................................................................... - 

Total outlays ..................................................................................................................................................................................................... 245 

Recoveries of Prior Year Obligations 116 

Obligated balance, Sept. 30, 2018 ........................................................................................................................................................................... $20

. 
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Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In thousands of dollars. Source: Department of Agriculture ] 

2019 2020 2021 2022 2023

Cumulative debt, start of year ............................................................................. 2,610,132 2,609,532 2,609,532 2,609,532 2,609,532

Borrowing authority ......................................................................................... - - -- -

Repayment of debt 1 ....................................................................................... -600 -500 - - -

Cumulative debt, end of year .............................................................................. 2,609,532 2,609,032 2,609,532 2,609,532 2,609,532

Budgetary Resources: 

Borrowing authority ........................................................................................ - - -- -

Mandatory appropriations ............................................................................... - - -- -

Other offsetting collections ............................................................................. - - - - -

Total budgetary resources .......................................................................... - - - - -

Obligated balance, Oct. 1 ................................................................................... 20 20 - - -

New obligations ................................................................................................... 150 130 - - -

Recoveries of prior year obligations - - - - -

Outlays: 

Supplemental revenue assistance payments program ................................. 150 150 - - -

Total outlays ................................................................................................ 150 150 - - -

Obligated balance, Sept. 30 .......................................................................... 20 - - - -

1 Requires congressional authority to write off debt or appropriations action to repay debt. Note.—Detail may not add to totals due to rounding. 
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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 2018 

[Source: Bureau of the Fiscal Service] 

Balance Oct. 1, 2017 ............................................................................................................................................................................................... $41,179,714 

Receipts: 

General Fund Appropriation................................................................................................................................................................................. 150,000,000 

Transfers from FHI and FSMI .............................................................................................................................................................................. 144,408,000 

IRS Health Insurance Fees .................................................................................................................................................................................. 319,226,481 

Interest on Investments ........................................................................................................................................................................................ 613,191 

Total receipts .................................................................................................................................................................................................... 614,247,672 

Expenditure appropriations: 

Transfers to PCORI.............................................................................................................................................................................................. -491,730,361 

Transfers to HHS ................................................................................................................................................................................................. -123,055,298 

Total outlays ..................................................................................................................................................................................................... -614,785,659 

Balance Sept. 30, 2018 1 ......................................................................................................................................................................................... $40,641,727 

1 Balance September 30, 2018: Balance does not tie to the 3310 ending balance in the 

September 30, 2018, 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, 2018, 

reflects the net activity for FY 2018 and adjusting/closing entries made in October 2018. 
TRUST FUNDS 

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Patient Centered Outcomes Research Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2022 

[In thousands of dollars. Source: Bureau of the Fiscal Service]

2019 2020 2021 2022

Balance Oct. 1 ........................................................................................................... 40,642 - - -

Receipts: 

General Fund Appropriation ................................................................................... 150,000 - - -

Transfers from FHI and FSMI ................................................................................. 145,000 - - -

IRS Health Insurance Fees ..................................................................................... 416,000 - - -

Interest on Investments .......................................................................................... - - - -

Total receipts ..................................................................................................... 711,000 - - -

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -569,000 - - -

Transfers to HHS ................................................................................................... -142,000 - - -

Total outlays ....................................................................................................... -711,000 - - -

Balance Sept. 30.................................................................................................... 40,642 - - -
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INTRODUCTION: United States Victims of State Sponsored Terrorism Fund

The Justice for United States Victims of State Sponsored 

Terrorism Act, 34 U.S.C. § 20144, formerly codified at 42 

U.S.C. § 10609 (2015) (the “Act”), established the U.S. 

Victims of State Sponsored Terrorism Fund (the “Fund”). 

The Act provides for the establishment and administration of 

the Fund to provide compensation to certain U.S. persons 

who were injured in acts of state-sponsored terrorism. In 

general, the Fund awards compensation to those victims of 

international state-sponsored terrorism who (1) have secured 

final judgments in a United States district court against a 

state sponsor of terrorism under the Foreign Sovereign 

Immunities Act, or (2) were held hostage at the United 

States Embassy in Tehran, Iran from 1979 to 1981 (and their 

spouses and children). 

The Act established the Fund and established funding for 

it, including a single appropriation of $1.025 billion for the 

Fund in fiscal year 2017. 34 U.S.C. § 20144(e)(5). Further, 

amounts in the Fund shall be available, without further 

appropriation, for the payment of eligible claims and 

compensation of the Special Master in accordance with the 

Act and that the Fund shall be managed and invested in the 

same manner as a trust fund under section 9602 of the 

Internal Revenue Code of 1986. 34 U.S.C. §§ 20144(e)(3) & 

(e)(4). 

In addition, the Act mandates that certain penalties and 

fines, including forfeiture proceeds, be deposited into the 

Fund if “forfeited or paid to the United States after the date 

of [the Act’s] enactment.” 34 U.S.C. § 20144(e)(2). The Act 

provides that the following shall be deposited or transferred 

into the Fund: (1) All funds, and the net proceeds from the 

sale of property, forfeited or paid to the United States after 

the date of enactment of this Act as a criminal penalty or 

fine arising from a violation of any license, order, regulation, 

or prohibition issued under the International Emergency 

Economic Powers Act (50 U.S.C. 1701 et seq.) or the 

Trading with the Enemy Act (50 U.S.C. App. 1 et seq.), or 

any related criminal conspiracy, scheme, or other Federal 

offense arising from the actions of, or doing business with or 

acting on behalf of, a state sponsor of terrorism. (2) One-half

of all funds, and one-half of the net proceeds from the sale of

property, forfeited or paid to the United States after the date 

of enactment of this Act as a civil penalty or fine arising 

from a violation of any license, order, regulation, or 

prohibition issued under the International Emergency 

Economic Powers Act (50 U.S.C.1701 et seq.) or the 

Trading with the Enemy Act (50 U.S.C. App. 1 et seq.), or 

any related conspiracy, scheme, or other Federal offense 

arising from the actions of, or doing business with or acting 

on behalf of, a state sponsor of terrorism. (3) Except as 

provided in sub-clause (II), if the United States receives a 

final judgment forfeiting the properties and related assets 

identified in the proceedings captioned as In Re 650 Fifth 

Avenue & Related Properties, No. 08 Civ. 10934 (S.D.N.Y. 

filed Dec. 17, 2008), the net proceeds (not including the 

litigation expenses and sales costs incurred by the United 

States) resulting from the sale of such properties and related 

assets by the United States shall be deposited into the Fund. 

34 U.S.C. § 20144(e)(2)(A). 

The Act further provides that the Fund will make its last 

obligations no later than January 2, 2026. 34 U.S.C. § 

20144(e)(6)(A). Thus, the Fund may continue to accumulate 

funds over its ten-year life. 

Effective on the day after all amounts authorized to be 

paid from the Fund under [the Act] that were obligated 

before January 2, 2026 are expended, any unobligated 

balances in the Fund shall be transferred, as appropriate, to 

either the Department of the Treasury Forfeiture Fund 

established under section 9705 of title 31, United States 

Code, or to the Department of Justice Assets Forfeiture 

Fund, established under section 524(c)(1) of title 28, United 

States Code. 34 U.S.C. § 20144(e)(6)(B). 

Annual reports to Congress, required by 26 U.S.C. 

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. 
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TABLE TF-17.—United States Victims of State Sponsored Terrorism Fund 

Results of Operations, Fiscal Year 2018 

[Source: Department of Justice] 

Balance Oct. 1, 2017 ................................................................................................................................................................................................ $520,199,043 

Receipts: 

Appropriation ......................................................................................................................................................................................................... - 

Fines/Penalties ...................................................................................................................................................................................................... 634,206,974 

Forfeitures ............................................................................................................................................................................................................. 3,044,712 

Interest on investments ......................................................................................................................................................................................... 6,717,312 

Total receipts ..................................................................................................................................................................................................... 643,968,997 

Outlays: 

Salaries & Expenses ............................................................................................................................................................................................. 1,372,419 

Victim Payments ................................................................................................................................................................................................... - 

Total expenses .................................................................................................................................................................................................. 1,372,419 

Balance Sept. 30, 2018 ............................................................................................................................................................................................ $1,162,795,621 

United States Victims of State Sponsored Terrorism Fund 

Expected Condition and Results of Operations, Fiscal Years 2019-2023 

[In thousands of dollars. Source: Department of Justice] 

2019 2020 2021 2022 2023

Balance Oct. 1 ...................................................................................................... 1,162,796 40,839 74,393 108,292 142,539

Receipts: 

Appropriation .................................................................................................... - - - - -

Fines/Penalties ................................................................................................. 34,216 34,216 34,216 34,216 34,216

Forfeitures ........................................................................................................ - - - - -

Interest on investments .................................................................................... 2,195 868 1,244 1,623 2,136

Total receipts ................................................................................................ 36,411 35,084 35,460 35,839 36,352

Outlays: 

DOJ, Salaries & Expenses ............................................................................... 1,500 1,530 1,561 1,592 1,624

Victim Payments .............................................................................................. 1,156,868 - - - -

Total Outlays net of Investments Redeemed .................................................. 1,158,368 1,530 1,561 1,592 1,624

Balance Sept. 30 .................................................................................................. 40,839 74,393 108,292 142,539 177,267
March 2019 

118 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

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 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

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 
GLOSSARY 

March 2019 

119

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

March 2019 

120 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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