B U L L E T I N

DECEMBER 2018

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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by the Superintendent of Documents

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www.fiscal.treasury.gov 
December 2018 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 7 

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ....................... 8 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 10 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 10 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 11 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 12 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 14 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 16

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 17 

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 21 

ACCOUNT OF THE U.S. TREASURY 

Introduction—Source and Availability of the Balance in the Account of the U.S. Treasury .............................................. 27 

UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 27

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 29 

FD-1—Summary of Federal Debt ....................................................................................................................................... 30 

FD-2—Debt Held by the Public .......................................................................................................................................... 31 

FD-3—Government Account Series .................................................................................................................................... 32 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 33 

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

 Private Investors .................................................................................................................................................... 34 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 35 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 36

FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 38 

TREASURY FINANCING ................................................................................................................................................. 38 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 47 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 48 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 49 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 50 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 51

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 52 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 52 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 53
December 2018 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 57 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 58 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 59 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 59 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 60 

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 61 

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 61 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 62 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 63 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 63 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 64 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 65 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 65 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 66 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 67 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 67 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 68 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 69 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 69 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 70 

ESF-1—Balance Sheet ........................................................................................................................................................ 70 

ESF-2—Income and Expense .............................................................................................................................................. 71

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 75 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 75

RESEARCH PAPER SERIES ............................................................................................................................................. 76

GLOSSARY ........................................................................................................................................................................ 78

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. 
V 

December 2018

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 ................................................ √

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

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

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

United States Victims of State Sponsored Terrorism Fund .............................. √
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
December 2018 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of November 9, 2018 

Introduction 

The U.S. economy grew 3.5 percent in the third quarter, 

according to the advance estimate. This pace confirmed the 

economy’s strong growth in the wake of the 

Administration’s tax reforms, deregulatory measures, and 

other policies to support business growth. Real GDP is 

forecast to grow 3.2 percent in 2018, which would be the 

first calendar year of growth above 3 percent since 2005. 

A further acceleration in private consumption and a 

strong build in private inventory were the main drivers of the 

solid economic performance in the third quarter, followed by 

a larger positive contribution from government spending. 

Private non-residential fixed investment made a small 

positive contribution in the third quarter, although residential 

investment continued to decline, and net exports also 

subtracted from growth. Altogether, private domestic final 

purchases (the sum of consumption, business fixed 

investment, and residential investment) advanced by 3.1 

percent in the third quarter, following 4.3 percent growth in 

the second quarter. 

Labor markets have continued to tighten. In the second 

quarter, 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, 

has continued in the third quarter. In fact, the average 

monthly pace of job creation thus far in 2018 continues to 

exceed the monthly average seen in 2017. The 

unemployment rate in October was 3.7 percent, a 49-year 

low, and growth of nominal wages and personal income 

continued to trend higher, with progress also apparent in real 

wage gains. Measures of consumer and business sentiment 

remain near multi-year highs or at record levels. Private 

forecasters are predicting solid growth in the fourth quarter 

as well as for the year as a whole. 

Economic Growth 

According to the advance estimate of real GDP, the U.S. 

economy grew at an annual rate of 3.5 percent in the third 

quarter, a strong pace if slower 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 3.1 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 past four quarters, private domestic final purchases 

have grown by 3.4 percent, well above the 2.9 percent 

average seen over the previous two years. 

Growth in real personal consumption expenditures 

accelerated further in the third quarter, growing at an annual 

rate of 4.0 percent, the fastest quarterly pace in four years, 

after an already strong 3.8 percent advance in the second 

quarter. Outlays on consumer durables drove consumption, 

rising 6.9 percent at an annual rate, extending the 

momentum of the second quarter’s 8.6 percent advance. 

Spending on nondurables was up 5.2 percent in the third 

quarter, accelerating from the 4.0 percent reading in the 

second quarter. Consumption of services also accelerated in 

the third quarter to a 3.2 percent annual rate, after growing 

3.0 percent in the second quarter. On balance, real personal 

consumption expenditures added 2.7 percentage points to 

growth in the third quarter – the largest contribution from 

this component in nearly four years. 

Business fixed investment increased 0.8 percent at an 

annual rate in the third quarter, after increasing 8.7 percent 

in the second quarter, and added 0.1 percentage point to 

overall growth. Since the start of 2017, real private 

nonresidential fixed investment has grown at a quarterly 

average of 6.6 percent, marking a return to the healthy pace 

seen in the early years of the recovery. Fixed investment in 

intellectual property products continued to grow at a healthy, 

 if slower, pace, rising 7.9 percent in the third quarter after a 

10.5 percent increase in the second quarter. Investment in 
4 PROFILE OF THE ECONOMY 

December 2018 

this category has grown at an average annual rate of nearly 

11 percent per quarter over the past three quarters, the fastest 

three-quarter clip in such investment seen in 12 years. 

Although investment in structures declined 7.9 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 almost 8 percent above its level at the 

start of 2017. Outlays for equipment grew 0.4 percent in the 

third quarter, softening after growing an average annual rate 

of nearly 9 percent in each of the previous six quarters. As 

expected, the cycle of inventory accumulation turned 

strongly positive in the third quarter, adding 2.1 percentage 

points to real GDP growth. 

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 declined to 57.7 in October, 

remaining near the 14-year high reached last August. 

Moreover, all five component indices pointed to an 

expanding business environment. The ISM’s nonmanufacturing index rose to a 21-year high in September, 

then declined to 60.3 in October.

Residential investment retrenched for the third 

consecutive quarter, declining 4.0 percent at an annual rate 

in the third quarter and subtracting 0.2 percentage point from 

growth, after making an essentially flat contribution in the 

second quarter. Signs of slowing in the housing sector 

persist against a backdrop of low inventories and rising 

mortgage rates. Existing home sales, which account for 90 

percent of all home sales, have declined in each of the past 

six months, including a 3.4 percent drop in September, and 

these sales were 4.1 percent lower over the past year through 

September. New home sales have fallen in five of the past 

six months, and as of September, were 13.2 percent lower 

than a year ago. Total housing starts declined 5.3 percent in 

September, reflecting a 0.9 percent decrease in the singlefamily sector but also a 15.2 percent decrease in the volatile 

multi-family component. Although building permits fell 

below total starts in August, which may suggest the 

possibility of weaker housing activity in coming months, 

permits did rise back above starts in September. 

Homebuilder confidence remains elevated, and in October, 

stood only six points below the 18-year high reached in 

December 2017, with current as well as forward-looking 

components of the survey strengthening. 

Total government spending rose 3.3 percent at an annual 

rate in the third quarter, accelerating from a 2.5 percent pace

in the previous quarter. After making an essentially neutral 

contribution to growth in most of 2016 and 2017, 

government spending has added to growth in each of the 

past four quarters, including a 0.6 percentage point 

contribution in the third quarter. Federal outlays grew 3.3 

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 3.2 percent rate in the third quarter --

the fastest pace in more than two years. 

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

import growth accelerated to an annual rate of 9.1 percent, 

and export growth slowed to a decline of 3.5 percent annual 

rate. One reason for the widening of the deficit is that the 

U.S. economy is growing faster than the economies of the 

rest of the world, so U.S. domestic demand for imports is 

stronger. As a result, net exports subtracted 1.8 percentage 

points from growth in the third quarter, after adding 1.2 

percentage points to growth in the second quarter. 

Labor Markets and Wages 

This year, through October 2018, monthly job growth 

has averaged 213,000, well above the 182,000 monthly 

average for 2017. The unemployment rate stood at a 49-year 

low of 3.7 percent in October. 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, continues 

to trend lower: as of October, this rate had declined to 7.4 

percent, or 1.7 percentage points below the pre-recession 

average of 9.1 percent. 

The pace of nominal wage growth is accelerating, and 

real wages are also showing solid gains. Nominal average 

hourly earnings for private production and nonsupervisory 

workers grew 3.2 percent over the twelve months through 

October 2018, the fastest yearly rate since April 2009. 

Nominal average hourly earnings for all private industry 

workers grew 3.1 percent over the year through October 

2018, also the fastest pace since April 2009. Measuring 

inflation using the most recent CPI data from September (2.3 

percent) suggests real hourly wages grew 0.9 percent, and 

using the preferred PCE price index (2.0 percent, 
PROFILE OF THE ECONOMY 5 

December 2018 

September) suggests real average hourly earnings were up 

1.2 percent. Nominal average weekly earnings for private 

industry workers rose 3.4 percent over the past 12 months as 

a result of a rise in average working hours, suggesting an 

increase in real average weekly earnings over the past year. 

This is the 6th consecutive month with nominal 12-month 

growth over 3 percent—the longest period with 3 percent 

weekly earnings growth since 2007. 

Prices 

Price inflation has slowed recently, although it continues 

to accelerate on a year over year basis, based on several 

measures. Over the 12 months through September 2018, the 

consumer price index (CPI) for all items rose 2.3 percent, 

slowing from the 2.9 percent, 12-month readings seen this 

past June and July, and only slightly faster than the 2.2 

percent pace over the year through September 2017. Energy 

price inflation recently slowed markedly from the doubledigit paces registered over the summer, and food price 

inflation, though higher over the past two years, has 

stabilized. The energy price index rose 4.8 percent over the 

year through September 2018, slowing from the 10.1 

percent, year-earlier pace. Food prices rose 1.4 percent over 

the past year through September, up modestly from the 1.2 

percent pace over the 12 months through September 2017. 

Excluding food and energy, the CPI increased 2.2 percent 

over the year through September 2018, above the pace of 1.7 

percent through September 2017. 

The PCE price index has also accelerated on a year-overyear basis at both the headline and the core levels. The 

index rose 2.0 percent over the 12 months through 

September, above the 1.8 percent observed a year earlier. 

Similarly, core PCE price inflation picked up to 2.0 percent 

over the year through September 2018, well above the 1.5 

percent pace observed a year earlier. 

 The pace of home price inflation, while strong, has 

slowed in recent months. Still, the pace remains well above 

the increases in core measures of consumer prices. The 

FHFA purchase-only home price index rose 6.1 percent over 

the year ending in August 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 5.5 percent over the year ending in August 2018, a 

pace well under one-half of the peak rate of 13.8 percent in 

November 2013. 

Consumer and Business Sentiment 

Measures of consumer and business sentiment, having 

risen to multi-year or all-time highs, remain at elevated 

levels. The Reuters/Michigan consumer sentiment index 

declined slightly to 98.3 in the preliminary report for 

November, but remains within a few points of the 14-year 

high reached in March 2018. Notably, this index has 

averaged 98.4 per month thus far in 2018, the highest yearto-date reading since 2000. The Conference Board’s 

confidence index rose 2.6 percentage points in October to 

its highest level since September 2000. The National 

Federation of Independent Business’s (NFIB) small business 

optimism index declined 0.9 point to 107.9 in September, 

just below the record high level reached in August. 

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 2.1 percent of GDP in FY 2018, unchanged from last 

year. Federal receipts totaled $3.33 trillion (16.5 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 (20.7 
6 PROFILE OF THE ECONOMY 

December 2018 

percent of GDP), down from 20.9 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. Publicallyheld debt as a share of GDP increased by 1.9 percentage 

points to 78.0 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. However, the Administration expects 

that implementation of its budget proposals – including cuts 

to non-defense 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 November 8-9, 2018, 

the Federal Open Market Committee (FOMC) left the target 

range of the federal funds rate at 2.0 to 2.25 percent. 

In addition to raising the federal funds rate target at 

recent FOMC meetings, the Federal Reserve has also 

recently 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. 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 has 

been made in subsequent accompanying statements. The 

program will gradually reduce the Federal Reserve’s 

holdings of securities by decreasing reinvestment of 

principal payments from those securities. 
December 2018 

7

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 

December 2018 

8

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 Fourth-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Fourth-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the fourth quarter of fiscal year 2018 

supplements fiscal data reported in the September issue 

of the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $378.0 billion for the fourth 

quarter of fiscal year 2018. This is a decrease of $9.8 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $19.9 billion and non-withheld 

receipts increased by $10.9 billion during this period. 

Refunds increased by $0.8 billion over the comparable fiscal 

year 2017 quarter. There was a negligible change in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2017. 

Corporate income taxes—Net corporate income tax 

receipts were $43.0 billion for the fourth quarter of fiscal 

year 2018. This is a decrease of $30.8 billion compared to 

the prior year fourth quarter. The $30.8 billion change is 

comprised of a decrease of $24.8 billion in estimated and 

final payments, and an increase of $6.0 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2018 were $274.1 billion, an increase of $9.6 

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 $5.7 billion, $1.3 billion, and $2.4 billion 

respectively. There was a negligible accounting adjustment 

for prior years employment tax liabilities made in the fourth 

quarter of fiscal year 2018; there was also a negligible 

adjustment in the fourth quarter of fiscal year 2017. 

Unemployment insurance—Unemployment insurance 

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

2018 were $8.0 billion, a decrease of $0.5 billion over the 

comparable quarter of fiscal year 2017. Net State taxes 

deposited in the U.S. Treasury decreased by $0.5 billion to 

$7.1 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.9 billion. 
FEDERAL FISCAL OPERATIONS 

December 2018 

9

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 

fourth quarter of fiscal year 2018. This was a negligible 

change from the comparable quarter of fiscal year 2017. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2018 were $32.0 billion, an increase of 

$5.5 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.2 billion, not a 

significant change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.0 billion for the fourth quarter of fiscal year 2018. 

These receipts represent an increase of $1.2 billion over the 

same quarter in fiscal year 2017. 

Customs duties—Customs duties net of refunds were 

$13.0 billion for the fourth quarter of fiscal year 2018. This

is an increase of $3.6 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2018 were $32.6 billion, 

an increase of $1.8 billion over the comparable prior year 

quarter. Note however that deposits of earnings by Federal 

Reserve banks decreased by $3.5 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government 

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

 Fourth quarter 2018 

July – Sept. 

 Fiscal year 2018 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 787,940 3,328,746

On-budget receipts .................................................. 578,962 2,473,999

Off-budget receipts .................................................. 208,979 854,747

Total outlays ................................................................. 959,837 4,107,741

On-budget outlays.................................................... 723,879 3,259,169

Off-budget outlays.................................................... 235,960 848,573

Total surplus or deficit (-) ............................................. -171,897 -778,995

On-budget surplus or deficit (-) ................................ -144,916 -785,172

Off-budget surplus or deficit (-) ................................ -26,981 6,175

Means of financing: 

Borrowing from the public ............................................ 293,154 1,084,459

Reduction of operating cash ........................................ -51,907 -225,390

Other means ................................................................ -69,349 -80,070

Total on- and off-budget financing ........................... 171,898 778,995

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2018 

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

Source July August September

Individual income taxes...................................................... 109.7 106.4 161.9

Corporate income taxes..................................................... 4.3 -3.5 42.2

Employment and general retirement.................................. 86.5 88.3 99.2

Unemployment insurance .................................................. 4.0 3.8 0.2

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

Excise taxes ....................................................................... 7.7 8.2 16.1

Estate and gift taxes .......................................................... 1.8 1.9 2.3

Customs duties .................................................................. 4.2 4.3 4.6

Miscellaneous receipts....................................................... 6.8 9.3 16.6

Total budget receipts ..................................................... 225.3 219.1 343.6

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

December 2018 

10 

 
 FEDERAL FISCAL OPERATIONS 

December 2018 

11

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 – Est1.................. 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 – Est1.................. 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 - Sept.................. 348,722 276,749 71,973 340,722 263,144 77,578 8,000 13,605 -5,605 400,590 

Oct................... 235,341 175,308 60,033 298,555 229,104 69,451 -63,214 -53,796 -9,418 195,976 

Nov .................. 208,374 143,890 64,484 346,922 270,084 76,838 -138,547 -126,194 -12,354 146,858 

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 

Fiscal year 2018 to date ... 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 

 

Means of financing—net transactions, continued 

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

Other 

(18) 

Transactions 

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 – Est1............................ -363 143,523 1,127,330 190,678 - - - -87,550 - 849,101 

2019 – Est1............................ -685 156,271 1,185,254 - - - - -99,997 - 1,085,257 

2017 - Sept ........................... 275 108,644 292,221 103,921 -3 459 80 -195,999 235 -8,000 

Oct............................. -15 118,510 77,450 17,533 -313 -345 22 2,768 -107 63,214 

Nov............................ 133 -19,327 166,318 6,302 416 -752 152 -21,693 40 138,547 

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 

 

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

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 

December 2018 

12 

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 – Est1........ 1,685,422 - - 1,685,422 204,252 - 204,252 1,889,674 1,115,234 - 1,115,234 

2019 – Est1........ 1,705,230 - - 1,705,230 225,472 - 225,472 1,930,702 1,187,808 - 1,187,808 

2017 - Sept........ 95,920 73,033 3,831 165,123 66,257 2,840 63,417 228,540 98,276 3,290 94,986 

Oct......... 113,715 23,153 9,036 127,832 10,487 6,758 3,729 131,561 80,306 - 80,306 

Nov ........ 101,408 8,043 10,748 98,703 5,169 7,473 -2,304 96,399 86,432 - 86,432 

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 

Fiscal year 

2018 to date........ 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 

 

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 

 

2018 – Est1.................. 5,686 - 5,686 1,120,920 45,213 0 45,213 4,641 37 4,678 

2019 – Est1.................. 5,760 - 5,760 1,193,568 44,598 0 44,598 4,905 39 4,944 

 

2017 - Sept ................. 443 - 443 95,428 396 12 385 329 2 331 

Oct................... 494 - 494 80,800 2,883 0 2,883 332 3 335 

Nov.................. 397 - 397 86,829 3,032 2 3,030 336 3 339 

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 

 

Fiscal year 

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

 

See footnotes at end of table. 
 FEDERAL FISCAL OPERATIONS 

December 2018 

13

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 – Est1............. 92,039 22,519 - 22,519 38,246 - 38,246 71,966 36,669 108,635 2,467,372 854,552 

2019 – Est1............. 97,502 17,320 - 17,320 40,007 - 40,007 52,666 2 43,077 95,743 2,513,323 911,061 

 

2017 - Sept............. 11,219 1,704 108 1,596 3,334 133 3,201 5,142 2,881 8,023 276,749 71,973 

Oct.............. 7,463 1,647 33 1,615 3,365 126 3,239 5,259 2,185 7,445 175,308 60,033 

Nov............. 7,240 1,952 21 1,931 3,244 144 3,100 7,777 1,730 9,507 143,890 64,484 

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 

Fiscal year 

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

 

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

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

Management and Budget on July 13, 2018.

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

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 0 39,036 44,716 4,405 40,310 

2015.............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 0 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 – Est1 ................... 1,170,811 15,479 - 15,479 427 - 427 41,354 0 41,354 34,779 - 34,779 

2019 – Est1 ................... 1,243,110 16,231 - 16,231 253 - 253 41,651 0 41,651 39,367 - 39,367 

2017 - Sept ................... 96,144 2,205 2 2,203 72 - 72 6,282 63 6,219 3,154 429 2,725 

Oct .................... 84,018 273 - 273 9 - 9 839 15 824 6,537 180 6,357 

Nov.................... 90,198 1,419 - 1,419 47 - 47 3,977 29 3,948 1,914 88 1,826 

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 

Fiscal year 

2018 to date...................... 1,170,699 15,532 15 15,516 394 0 394 42,979 438 42,541 39,650 3,116 36,535 
FEDERAL FISCAL OPERATIONS 

December 2018 

14 

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 – Est1 ............. 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 – Est1 ............. 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 - Sept............. 393 669 6,441 725 54,109 10,264 3,277 122,701 7,765 -310 1,167 2,372 1,415

Oct.............. 401 621 21,889 670 57,041 4,622 2,462 69,224 8,294 3,382 1,099 3,046 -2,391

Nov ............. 374 627 16,685 736 44,851 4,279 1,833 98,840 8,688 3,580 1,191 3,404 3,470

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 

Fiscal year 

2018 to date................ 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

 

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 – Est1 ............. 28,806 79,300 518,174 105,865 178,729 7,343 56,226 8,023 422 -269 22,660 

2019 – Est1 ............. 27,678 83,520 591,442 106,324 202,160 8,602 62,144 5,921 407 1,005 27,272 

2017 - Sept............. 4,507 8,328 22,327 -32,888 22,488 405 10,098 647 34 -143 2,592 

Oct.............. 2,031 6,339 24,412 5,483 8,265 117 2,299 752 30 -55 3,007 

Nov ............. 2,697 6,164 38,014 5,062 14,669 565 4,390 704 31 131 1,900 

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 

Fiscal year 

2018 to date................ 26,386 78,494 521,553 107,894 178,508 5,083 55,367 8,085 383 -590 21,628 

See footnotes at end of table 
 FEDERAL FISCAL OPERATIONS 

December 2018 

15

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 – Est1........ 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 – Est1........ 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 - Sept ...... 1,595 687 8,051 96 88,512 -1,541 -5,952 -150 42 - 263,144 77,578 

Oct......... 1,531 642 8,506 111 80,310 2,678 -20,737 3,052 -578 - 229,104 69,451 

Nov........ 1,657 561 8,332 142 83,942 46 -5,533 -4,729 -384 - 270,084 76,838 

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 

Fiscal year 

2018 to date ....... 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 

 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 

December 2018 

16 

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

September 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............................................... 1,683,476 61 - 1,683,537 1,587,085 34 * 1,587,119

Corporation income taxes........................................... 204,733 - - 204,733 297,048 - - 297,048

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 854,747 854,747 - - 850,618 850,618

Employment and general retirement (on-budget)... - - 266,408 266,408 - - 261,279 261,279

Unemployment insurance ....................................... - - 45,042 45,042 - - 45,808 45,808

Other retirement...................................................... - - 4,503 4,503 - - 4,191 4,191

Excise taxes ................................................................ 28,813 1,255 64,921 94,988 19,893 1,299 62,631 83,822

Estate and gift taxes ................................................... 22,983 - - 22,983 22,768 - - 22,768

Customs duties ........................................................... 27,137 12,555 1,607 41,299 22,619 10,479 1,477 34,575

Miscellaneous receipts................................................ 87,727 21,025 1,752 110,505 95,100 31,020 1,546 127,666

Total receipts....................................................... 2,054,870 34,897 1,238,979 3,328,745 2,044,513 42,832 1,227,549 3,314,894

(On-budget)..................................................... 2,054,870 34,897 384,232 2,473,998 2,044,513 42,832 376,931 2,464,276

(Off-budget)..................................................... - - 854,747 854,747 - - 850,618 850,618

Budget outlays: 

Legislative branch ....................................................... 4,711 -43 3 4,670 4,516 -21 4 4,499

Judicial branch ............................................................ 7,753 86 -60 7,779 7,414 195 -42 7,566

Department of Agriculture ........................................... 118,788 17,777 147 136,713 112,664 14,710 189 127,563

Department of Commerce........................................... 9,077 -581 66 8,562 9,129 1,141 34 10,304

Department of Defense-military .................................. 597,753 2,818 135 600,706 568,766 -64 203 568,905

Department of Education ............................................ 63,800 -92 * 63,707 112,627 -926 * 111,702

Department of Energy................................................. 27,557 -1,076 * 26,481 27,642 -1,846 * 25,796

Department of Health and Human Services ............... 873,591 1,853 245,056 1,120,500 844,243 7,755 264,766 1,116,764

Department of Homeland Security.............................. 64,438 3,774 161 68,374 51,268 -967 201 50,502

Department of Housing and Urban Development....... 55,061 -152 -244 54,665 56,090 -243 -224 55,623

Department of the Interior........................................... 12,960 -203 454 13,210 12,873 -1,222 491 12,141

Department of Justice ................................................. 29,170 5,341 10 34,521 29,243 1,739 -5 30,977

Department of Labor................................................... 9,869 -2,491 32,259 39,638 10,097 -4,546 34,569 40,120

Department of State.................................................... 25,675 170 540 26,385 26,560 -19 520 27,061

Department of Transportation..................................... 8,892 204 69,399 78,494 10,105 -14 69,348 79,440

Department of the Treasury: 

Interest on the public debt....................................... 521,553 - - 521,553 456,955 - - 456,955

Other ....................................................................... 107,786 52 56 107,894 89,271 151 22 89,445

Department of Veterans Affairs .................................. 181,103 -3,317 723 178,509 178,856 -3,604 797 176,050

Corps of Engineers ..................................................... 3,985 -93 1,191 5,082 5,305 -118 1,266 6,453

Other defense civil programs...................................... 89,659 -5,961 -28,330 55,368 87,074 -5,153 -23,226 58,695

Environmental Protection Agency............................... 7,921 -50 214 8,085 7,882 -12 217 8,088

Executive Office of the President................................ 392 * -10 382 405 20 -15 411

General Services Administration ................................ 90 -680 - -590 151 -814 - -664

International Assistance Program............................... 22,670 -539 -499 21,632 23,217 -777 -3,518 18,922

National Aeronautics and Space Administration ........ 19,764 -12 1 19,754 18,712 -16 2 18,698

National Science Foundation...................................... 7,028 124 14 7,166 7,111 118 -14 7,215

Office of Personnel Management ............................... 55,837 -97 43,063 98,802 53,387 -1,031 43,105 95,461

Small Business Administration ................................... 53 -7 - 46 444 -5 - 439

Social Security Administration .................................... 87,863 * 952,039 1,039,902 93,326 1 907,486 1,000,812

Other independent agencies....................................... 11,552 -9,122 5,341 7,770 10,477 -4,436 5,618 11,660

Undistributed offsetting receipts: 

Interest .................................................................... - - -150,150 -150,150 - - -147,059 -147,059

Other ....................................................................... -3,093 -9,885 -84,892 -97,870 -2,119 -9,902 -77,804 -89,825

Total outlays........................................................ 3,023,259 -2,203 1,086,686 4,107,741 2,913,693 -9,905 1,076,932 3,980,720

(On-budget)..................................................... 3,022,998 -477 236,648 3,259,170 2,913,423 -7,361 273,456 3,179,518

(Off-budget)..................................................... 260 -1,726 850,037 848,572 270 -2,543 803,475 801,202

Surplus or deficit (-)............................................. -968,389 37,099 152,293 -778,996 -869,180 52,736 150,617 -665,826

(On-budget)..................................................... -968,129 35,373 147,584 -785,172 -868,910 50,193 103,475 -715,242

(Off-budget)..................................................... -260 1,726 4,710 6,175 -270 2,543 47,142 49,416

-No Transactions 

* Less than $500,000 

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

December 2018 

17 

TABLE FFO-5—Internal Revenue Receipts by State, 2018 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total...................... 3,465,466,627 262,742,024 3,105,140,728 2,402,897,198 648,656,961

Alabama ........................................ 26,724,809 1,147,165 25,133,263 19,475,007 5,422,328

Alaska ............................................ 5,287,377 111,474 5,100,023 3,867,475 1,128,043

Arizona .......................................... 46,226,885 2,622,531 41,753,996 31,160,636 10,102,103

Arkansas ....................................... 32,029,540 3,950,818 27,170,278 22,593,664 4,157,843

California ....................................... 456,555,954 46,700,286 400,679,339 293,569,186 101,391,153

Colorado ........................................ 58,707,795 2,869,410 54,748,985 41,548,174 12,720,547

Connecticut ................................... 53,729,155 7,116,335 45,844,226 33,064,354 12,021,647

Delaware ....................................... 19,038,671 2,486,794 16,108,176 13,059,127 1,432,327

District of Columbia ....................... 28,443,717 3,114,062 25,271,452 21,969,336 2,652,273

Florida ........................................... 205,694,126 9,224,023 191,856,807 134,991,830 52,781,449

Georgia .......................................... 92,804,948 8,969,502 79,612,457 64,427,835 14,352,976

Hawaii ............................................ 9,591,724 683,176 8,564,619 6,167,632 2,292,908

Idaho ............................................. 10,858,404 337,959 10,407,218 7,909,209 2,375,209

Illinois ............................................ 161,189,282 13,643,665 141,827,507 111,559,888 26,248,624

Indiana ........................................... 58,698,927 3,879,084 54,074,694 45,892,442 7,841,182

Iowa ............................................... 25,111,982 1,130,801 23,522,559 19,168,516 4,186,428

Kansas .......................................... 25,813,743 1,423,611 22,681,380 17,723,097 4,534,943

Kentucky........................................ 34,754,947 2,866,448 31,441,071 26,645,309 4,569,771

Louisiana ....................................... 41,982,123 1,063,806 40,359,049 34,141,625 5,969,831

Maine ............................................. 7,925,462 197,973 7,676,810 5,922,048 1,661,306

Maryland........................................ 72,561,209 2,936,165 69,039,368 56,927,803 11,325,416

Massachusetts .............................. 117,998,443 7,892,672 108,385,087 84,353,229 22,392,186

Michigan ........................................ 83,256,186 4,039,055 78,223,049 63,121,412 13,814,858

Minnesota ...................................... 99,354,057 12,141,388 85,870,537 75,128,202 10,032,752

Mississippi ..................................... 11,460,401 467,409 10,789,789 8,306,823 2,379,209

Missouri ......................................... 63,139,167 4,857,562 56,792,457 47,453,318 8,071,132

Montana ........................................ 6,229,347 157,799 6,009,686 4,179,367 1,740,667

Nebraska ....................................... 25,312,311 6,096,452 18,992,977 14,708,715 2,859,772

Nevada .......................................... 23,317,912 1,047,600 21,963,043 12,387,618 6,909,374

New Hampshire ............................. 12,291,272 198,895 11,606,329 8,508,499 2,830,334

New Jersey ................................... 138,976,784 14,592,522 120,390,388 96,284,885 22,627,658

New Mexico ................................... 9,002,297 99,218 8,715,321 6,450,244 2,187,475

New York ....................................... 281,220,376 21,597,741 254,472,758 186,350,740 64,371,208

North Carolina ............................... 82,539,491 5,748,918 75,838,061 62,091,962 13,071,566

North Dakota ................................. 6,578,855 207,681 6,263,203 4,617,200 1,604,883

Ohio ............................................... 140,891,209 9,303,929 126,652,169 110,948,859 14,506,737

Oklahoma ...................................... 27,908,169 1,010,159 23,067,396 17,460,908 4,991,873

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2018 

18 

TABLE FFO-5—Internal Revenue Receipts by State, 2018, continued

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 33,802,142 998,183 32,097,454 24,815,679 7,024,399

Pennsylvania ................................. 136,268,950 9,046,083 123,628,377 101,020,850 20,671,697

Rhode Island ................................. 14,725,607 3,024,743 11,557,850 9,670,110 1,638,200

South Carolina .............................. 28,552,567 1,405,691 26,683,279 20,396,037 6,046,798

South Dakota ................................ 8,200,403 296,888 7,819,278 4,468,367 1,718,201

Tennessee .................................... 68,888,235 5,365,333 61,502,290 51,410,226 9,545,324

Texas ............................................. 280,048,364 15,756,288 240,169,156 178,016,216 56,433,977

Utah ............................................... 23,401,402 992,792 21,637,433 16,573,611 4,850,884

Vermont ......................................... 4,417,527 81,587 4,286,720 3,210,332 1,023,301

Virginia .......................................... 84,844,999 9,696,347 74,465,304 57,863,682 15,288,132

Washington ................................... 90,404,108 4,944,899 83,778,554 64,959,436 18,020,229

West Virginia ................................. 6,911,139 201,692 6,624,968 5,226,091 1,352,209

Wisconsin ...................................... 51,992,826 3,275,928 47,765,785 38,359,100 8,465,774

Wyoming ....................................... 4,930,650 78,787 4,486,179 2,348,215 1,825,826

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 722,760 2,087 716,629 540,811 124,973

Puerto Rico ................................... 3,443,334 19,383 3,309,345 2,855,792 430,349

International .................................. 12,328,713 1,561,494 10,112,141 5,543,705 4,541,468

Undistributed 5 ............................... 8,375,844 59,730 7,594,457 1,482,765 6,095,231

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2018 

19 

TABLE FFO-5—Internal Revenue Receipts by State, 2018, continued

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income and employment taxes-continued 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 4

(11) 

United States, total........................... 8,806,553 6,324,061 38,455,955 22,664,503 1,201,166 73,718,206 

Alabama ............................................. 65,906 2,854 167,168 90,298 1,766 352,317 

Alaska ................................................. 12,172 2,204 90,128 19,307 351 56,223 

Arizona ............................................... 136,313 1,773 353,170 339,158 7,312 1,503,889 

Arkansas ............................................ 139,956 2,702 276,114 137,276 2,624 768,544 

California ............................................ 2,535,731 11,720 3,171,549 4,787,146 163,680 4,225,502 

Colorado ............................................. 113,887 18,420 347,956 267,822 17,290 804,289 

Connecticut ........................................ 70,694 6,218 681,313 311,840 56,960 399,794 

Delaware ............................................ 21,647 55,820 1,539,255 52,892 708 390,101 

District of Columbia ............................ 18,387 551,552 79,904 40,182 1,402 16,618 

Florida ................................................ 509,004 700,505 2,874,019 2,645,657 117,670 1,849,968 

Georgia ............................................... 258,771 1,932 570,943 396,256 20,647 3,806,086 

Hawaii ................................................. 18,519 - 85,561 48,381 2,011 293,536 

Idaho .................................................. 39,444 72 83,284 37,594 1,685 73,948 

Illinois ................................................. 310,552 382,032 3,326,411 1,084,136 19,492 4,614,481 

Indiana ................................................ 108,947 35,482 196,641 194,653 3,645 546,851 

Iowa .................................................... 50,984 7,409 109,222 87,195 1,983 369,444 

Kansas ............................................... 69,964 217,610 135,767 121,463 2,313 1,584,977 

Kentucky............................................. 69,962 13,722 142,306 174,287 5,166 267,976 

Louisiana ............................................ 68,144 5,268 174,181 148,693 7,437 403,138 

Maine .................................................. 18,244 1,754 73,458 15,507 2,975 32,196 

Maryland............................................. 115,556 17,502 653,091 244,483 11,504 329,689 

Massachusetts ................................... 183,178 30,635 1,425,860 493,686 46,175 1,180,822 

Michigan ............................................. 199,085 12,000 1,075,694 377,592 38,866 577,624 

Minnesota ........................................... 206,697 93,544 409,342 382,874 12,688 946,570 

Mississippi .......................................... 31,083 1,444 71,230 44,112 711 158,380 

Missouri .............................................. 139,858 105,462 1,022,687 460,352 2,775 1,026,021 

Montana ............................................. 18,357 29,909 41,386 27,736 7,981 26,144 

Nebraska ............................................ 38,410 1,254,808 131,273 80,632 8,924 133,325 

Nevada ............................................... 51,580 81 2,614,390 150,580 5,169 151,520 

New Hampshire .................................. 22,301 87 245,108 101,155 12,476 372,416 

New Jersey ........................................ 227,492 166,614 1,083,739 674,068 103,890 3,215,917 

New Mexico ........................................ 20,923 83 56,596 105,859 9,205 72,695 

New York ............................................ 351,222 534,066 2,865,522 2,441,183 172,516 2,536,177 

North Carolina .................................... 210,312 8,679 455,543 561,810 7,596 383,106 

North Dakota ...................................... 13,861 7,414 19,846 34,253 4,913 68,805 

Ohio .................................................... 280,643 28,178 887,752 423,737 5,697 4,505,676 

Oklahoma ........................................... 65,936 3,517 545,163 92,400 2,693 3,735,522 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2018 

20 

TABLE FFO-5—Internal Revenue Receipts by State, 2018, continued

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income and employment taxes-continued 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 4

(11) 

Oregon ............................................... 89,265 1,927 166,184 242,264 9,644 454,598

Pennsylvania ...................................... 293,605 77,795 1,564,430 690,843 23,755 2,879,892

Rhode Island ...................................... 33,717 15 215,808 83,278 4,822 54,914

South Carolina ................................... 64,800 2,007 173,637 137,256 5,060 321,282

South Dakota ..................................... 12,356 1,609 1,618,745 30,267 356 53,615

Tennessee ......................................... 192,445 2,603 351,693 313,703 19,105 1,687,804

Texas .................................................. 598,532 1,161,931 3,958,501 1,395,067 135,733 22,592,120

Utah .................................................... 63,736 4,052 145,151 79,508 6,195 685,474

Vermont .............................................. 8,858 3,427 40,802 17,669 118 31,433

Virginia ............................................... 169,867 737,110 406,513 469,094 10,213 204,043

Washington ........................................ 261,798 11,404 525,688 274,931 31,639 1,374,084

West Virginia ...................................... 14,283 817 31,569 24,387 154 59,937

Wisconsin ........................................... 131,822 2,573 806,516 250,253 10,549 690,310

Wyoming ............................................ 7,507 794 303,836 307,343 3,985 54,356

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 4,115 - 46,729 - 2 4,042

Puerto Rico ....................................... 22,612 - 593 1,694 51 112,860

International ...................................... 7,352 2,629 16,988 140,018 21,878 493,182

Undistributed 5 ................................... 16,161 299 - 510,673 27,012 183,972

1 Gross collections include penalties and interest in addition to taxes. 2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3 Collections of withheld individual income tax are not reported by taxpayers separately from 

Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). 

Thus, while Table 1 shows these amounts separately for the United States total, separate 

amounts are not available by State. 

4 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol 

and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on 

alcohol and tobacco until Fiscal Year 1988, and taxes on firearms until Fiscal Year 1991. 

5 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts 

may be negative when adjustments to taxpayer accounts have not been completed. 

Note—Partnership, S corporation, regulated investment company, and real estate 

investment trust data are not shown in this table since these entities generally do not have a 

tax liability. Instead, they pass through any profits or losses to the underlying owners, who 

include these profits or losses on their income tax returns. 

Note—This table shows gross collections. Gross collections less refunds equal 

net collections. See Table 1 for refunds and net collections. 

Note— Collection and refund data may not be comparable for a given fiscal year 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2017 may result in 

negative amounts when such adjustments exceed current-year collections. See 

Table 8 for refund data. 

Note— Classification by State is based on the individual’s address (or, in the 

case of businesses, the location of the principal office or place of business). 

However, some individuals may use the address of a tax attorney or accountant. 

Sole proprietors may use their business addresses. Such addresses could have 

been located in a State other than the State in which the individual resided. 

Similarly, taxes withheld and reported by employers located near a State 

boundary might include substantial amounts withheld from salaries of employees 

who reside in a neighboring State. Also, while taxes of corporations may be paid 

from the principal office, the operations of these corporations may be located in 

one or more other State(s). 

Detail may not add to totals because of rounding. 
FEDERAL FISCAL OPERATIONS 

December 2018

21 

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

by Districts and Ports 

[Source: U.S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

Headquarters: 

Revenue Division, Indianapolis, IN ............................. 3,690,724,452.72

 

Preclearance, Washington, DC: 

USCBP Abu Dhabi, Preclearance, 

 Washington, DC ............................. 07543 ............. 236,688.90 

USCBP Vancouver, Preclearance, 

 Washington, DC ............................. 37922 ............. 994,722.97 

USCBP Calgary, Preclearance, 

 Washington, DC ............................ 37923 ............. 1,489,356.82 

USCBP Edmonton, 

 Preclearance, Washington, DC ..... 37924 ............. 674,802.97 

USCBP Montreal, Preclearance, 

 Washington, DC ............................ 37925 ............. 1,168,772.96 

USCBP Toronto, Preclearance, 

 Washington, DC ............................ 37926 ............. 2,148,891.17 

USCBP Winnipeg, Preclearance, 

 Washington, DC ............................ 37928 ............. 262,248.74 

USCBP Ottawa, Preclearance, 

 Washington, DC ............................ 37929 ............. 254,591.77 

USCBP Victoria, Preclearance, 

 Washington, DC ............................ 37930 ............. 144,147.00 

USCBP Halifax NS, 

Preclearance, Washington, DC ....... 37931 ............. 125,123.73 

USCBP St. Thomas, 

 Preclearance, VI............................ 47401 ............. 172,447.06 

USCBP St. Croix, 

 Preclearance, VI............................ 47404 ............. 8,903.11 

USCBP Bermuda, Preclearance, 

 Washington, DC ............................ 47421 ............. 57,814.87 

USCBP Freeport, Preclearance, 

 Washington, DC ............................ 47422 ............. 53.00 

USCBP Nassau, Preclearance, 

 Washington, DC ............................ 47423 ............. 130,662.66 

USCBP Aruba, Preclearance, 

 Washington, DC ............................ 47424 ............. 142,927.76 

Dublin, IE, Preclearance, 

 Washington, DC ............................ 57541 ............. 135,015.65 

Shannon, IE, Preclearance, 

 Washington, DC ............................ 57542 ............. 8,700.01 

Total District .......................................................... 8,155,871.15

 

Portland, Maine: 

Portland, ME .................................... 10101 ............. 32,196,480.20 

Bangor, ME ...................................... 10102 ............. 295,576.34 

Eastport, ME .................................... 10103 ............. 92,999.07 

Jackman, ME ................................... 10104 ............. 13,498,212.22 

Vanceboro, ME ................................ 10105 ............. 7,323,683.96 

Houlton, ME ..................................... 10106 ............. 13,061,368.70 

Fort Fairfield, ME .............................. 10107 ............. 16,640.72 

Van Buren, ME ................................. 10108 ............. 4,852,221.50 

Madawaska, ME ............................... 10109 ............. 50,185.56 

Fort Kent, ME ................................... 10110 ............. 198,640.68 

Bar Harbor, ME ................................ 10112 ............. 16.73 

Calais, ME ........................................ 10115 ............. 4,999,567.17 

Limestone, ME ................................. 10118 ............. 1,125.28 

Bridgewater, ME ............................... 10127 ............. 22,135.38 

Portsmouth, NH ................................ 10131 ............. 822,435.10 

Belfast, ME ....................................... 10132 ............. 131,492.64 

Searsport, ME .................................. 10152 ............. 27,349.85 

Manchester Airport, NH ...................... 10182 ............. 153,653.67 

Total District .......................................................... 77,743,784.77

 

St. Albans, Vermont: 

St. Albans, VT .................................. 10201 ............. 526,991.89 

Richford, VT ..................................... 10203 ............. 283,834.69 

Beecher Falls, VT ............................. 10206 ............. 504,887.54 

Burlington, VT .................................. 10207 ............. 111,918.12 

Derby Line, VT ................................. 10209 ............. 23,135,555.42 

Norton, VT ........................................ 10211 ............. 12,059,551.72 

Highgate Springs/Alburg, VT ........... 10212 ............. 72,903,127.51 

Total District .......................................................... 109,525,866.89

 

Boston, Massachusetts: 

Boston, MA ....................................... 10401 ............. 288,790,181.58 

Springfield, MA ................................. 10402 ............. - 

Worcester, MA ................................. 10403 ............. 23,285,713.67 

Gloucester, MA ................................ 10404 ............. 7,817.86 

New Bedford, MA ............................. 10405 ............. 43,676,559.92 

Fall River, MA ................................... 10407 ............. 752,147.12 

Salem, MA ........................................ 10408 ............. 9,012,755.11 

Bridgeport, CT .................................. 10410 ............. 2,147,329.02 

Hartford, CT ..................................... 10411 ............. 11,269,239.98 

New Haven, CT ................................ 10412 ............. 16,011,671.39 

New London, CT .............................. 10413 ............. 6,476,291.77 

Lawrence, MA .................................. 10416 ............. 83,109.19 

Logan Airport, MA ............................ 10417 ............. 97,284,997.92 

Hanscom User Fee Airport, MA ....... 10481 ............. 281,341.39 

Total District .......................................................... 499,079,155.92

 

Providence, Rhode Island: 

Newport, RI ...................................... 10501 ............. 8,014.71

Providence, RI .................................. 10502 ............. 124,375,279.85 

Total District .......................................................... 124,383,294.56 

 

Ogdensburg, New York: 

Ogdensburg, NY .............................. 10701 ............. 12,323,868.77 

Massena, NY .................................... 10704 ............. 3,828,797.21 

Alexandria Bay, NY .......................... 10708 ............. 60,732,657.63 

Champlain-Rouses Point, NY .......... 10712 ............. 186,963,934.97 

Trout River, NY ................................ 10715 ............. 47,369,361.92 

Total District .......................................................... 311,218,620.50

 

Buffalo, New York: 

Buffalo-Niagara Falls, NY ................ 10901 ............. 477,215,755.55 

Rochester, NY .................................. 10903 ............. 2,861,030.58 

Oswego, NY ..................................... 10904 ............. 4,308,119.86 

Syracuse, NY ................................... 10906 ............. 4,415,286.32 

Binghamton Regional Airport, NY .... 10981 ............. 128,973.07 

Griffiss International Airport, NY ...... 10982 ............. 422,202.56 

Total District .......................................................... 489,351,367.94

 

Philadelphia, Pennsylvania: 

Philadelphia, PA ............................... 11101 ............. 371,494,744.92 

Chester, PA ...................................... 11102 ............. 131,412,636.65 

Wilmington, DE ................................ 11103 ............. 36,381,649.43 

Pittsburgh, PA .................................. 11104 ............. 76,050,270.34 

Wilkes-Barre/Scranton, PA .............. 11106 ............. 5,154,503.18 

Philadelphia International 

 Airport, PA ..................................... 11108 ............. 41,896,238.98 

Harrisburg, PA .................................. 11109 ............. 29,597,235.78 

Cherry Hill, NJ (ICE)............... 11110......... 162,160.00 

Allentown, PA........................... 11119......... 24,138,482.06 
FEDERAL FISCAL OPERATIONS 

December 2018

22 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Philadelphia, Pennsylvania, continued: 

Atlantic City Airport, NJ .................. 11182 ...................... 129,747.61 

Trenton/Mercer CTY Airport, PA .... 11183 ...................... 159,543.24 

UPS HUB, Philadelphia, PA ........... 11195 ...................... 44,476,191.50 

Total District ............................................................... 761,053,403.69

 

Baltimore, Maryland: 

Annapolis, MD .................................. 11301 ...................... 7,358.07 

Baltimore, MD ................................ 11303 ...................... 975,867,432.28 

BWI Airport, MD ............................. 11305 ...................... 15,645,659.30 

Total District ............................................................... 991,520,449.65

 

New York, New York: 

New York, NY ................................. 21001 ...................... 266,721,231.22 

Albany, NY ..................................... 21002 ...................... 4,943,055.44 

New York/Newark Area, NJ ........... 24601 ...................... 5,744,370,056.90 

Perth Amboy, NJ ............................ 24602 ...................... 513,681.75 

UPS, Newark, NJ ........................... 24670 ...................... 27,678,085.56 

Federal Express ECCF, NJ ............ 24671 ...................... 35,205,368.22 

Morristown Airport, NJ ................... 24681 ...................... 196,396.54 

Stewart International Airport, NY ... 24682 ...................... 135,298.55 

John F. Kennedy Airport, NY ......... 24701 ...................... 1,122,687,296.31 

NYACC, NY .................................... 24771 ...................... 1,172,844.13 

DHL Airways, NY ........................... 24772 ...................... 37,498,735.23 

Emery Worldwide, NY .................... 24773 ...................... 169,668.18 

Air France, Jamaica NY ................. 24774 ...................... 645,631.00 

TNT Skypak., NY .............................. 24778 ...................... 6,570.87 

Total District ............................................................... 7,241,943,919.90

 

Great Falls, Montana: 

Raymond, MT ................................. 33301 ...................... 1,766,585.78 

Eastport, ID .................................... 33302 ...................... 29,157,331.30 

Salt Lake City, UT .......................... 33303 ...................... 102,413,370.20 

Great Falls, MT .............................. 33304 ...................... 1,905,170.28 

Butte, MT ........................................ 33305 ...................... 30,487.53 

Turner, MT ..................................... 33306 ...................... 20,947.27 

Denver, CO .................................... 33307 ...................... 99,652,799.37 

Porthill, ID ....................................... 33308 ...................... 546,392.06 

Scoby, MT ...................................... 33309 ...................... 14,051.06 

Sweetgrass, MT ............................. 33310 ...................... 38,292,686.14 

Piegan, MT ..................................... 33316 ...................... 80,188.93 

Opheim, MT ................................... 33317 ...................... 5,374.25 

Roosville, MT ................................. 33318 ...................... 8,655,223.30 

Morgan, MT .................................... 33319 ...................... 435,732.03 

Whitlash, MT .................................. 33321 ...................... 240.25 

Del Bonita, MT ............................... 33322 ...................... 20,326.35 

Wildhorse, MT ................................ 33323 ...................... 15,915.03 

Kalispell, MT ................................... 33324 ...................... 2,489.95 

Willow Creek, MT ........................... 33325 ...................... 57.30 

JEFFCO User Fee Airport, CO ..... 33383 ...................... 155,233.71 

Centennial Airport, CO ................... 33384 ...................... 640,851.64 

Eagle County Regional 

 Airport, CO .................................. 33385 ...................... 158,155.13 

Bozeman Yellowstone, MT ............ 33386 ...................... 136,823.96 

Total District ................................................................ 284,106,432.82

 

Pembina, North Dakota: 

Pembina, ND .................................. 33401 ...................... 66,525,227.19 

Portal, ND ....................................... 33403 ...................... 121,214,943.39 

Neche, ND ...................................... 33404 ...................... 24,485.72 

St. John, ND ................................... 33405 ...................... 2,902.10 

 

Pembina, North Dakota, continued 

Northgate, ND ................................ 33406 ...................... 16,724.47 

Walhalla, ND .................................. 33407 ...................... 27,922.46 

Hannah, ND ................................... 33408 ...................... 339.15 

Sarles, ND ...................................... 33409 ...................... 6,950.75 

Fargo International Airport, ND ...... 33411 ...................... 219,018.42 

Antler, ND ....................................... 33413 ...................... 3,117.38 

Sherwood, ND ................................ 33414 ...................... 237,891.88 

Hansboro, ND ................................ 33415 ...................... 6,271.90 

Maida, ND ...................................... 33416 ...................... 2,299.01 

Fortuna, ND .................................... 33417 ...................... 11,602.88 

Westhope, ND ................................ 33419 ...................... 6,202.52 

Noonan, ND ................................... 33420 ...................... 7,949.62 

Carbury, ND ................................... 33421 ...................... 3,393.60 

Dunseith, ND .................................. 33422 ...................... 1,757,530.75 

Warroad, MN .................................. 33423 ...................... 365,735.80 

Baudette, MN ................................. 33424 ...................... 45,016.70 

Pinecreek, MN ................................ 33425 ...................... 1,842.90 

Roseau, MN ................................... 33426 ...................... 140,280.38 

Grand Forks Airport, ND ................ 33427 ...................... 959.90 

Lancaster, MN ................................ 33430 ...................... 502,097.44 

Total District ............................................................... 191,130,706.31

 

Minneapolis, Minnesota: 

Minneapolis-St. Paul, MN .............. 33501 ...................... 227,085,659.79 

Sioux Falls, SD ............................... 33502 ...................... 104,016.62 

Duluth, MN ..................................... 33510 ...................... 1,066,938.99 

Omaha, NE ................................... 33512 ...................... 57,316,056.88 

Des Moines, IA ............................... 33513 ...................... 3,423,303.52 

Rochester, MN ............................... 33581 ...................... 145,553.27 

Total District ............................................................... 289,141,529.07

 

International Falls, Minnesota: 

International Falls, MN ................... 33604 ...................... 300,892,053.30 

Grand Portage, MN ........................ 33613 ...................... 2,149,760.46 

Total District ............................................................... 303,041,813.76

 

Milwaukee, Wisconsin: 

Milwaukee, WI ................................ 33701 ...................... 29,749,200.18 

Marinette, WI .................................. 33702 ...................... 2,901.95 

Green Bay, WI ................................ 33703 ...................... 227,870.13 

Racine, WI ...................................... 33708 ...................... 238,030.28 

Appleton International Airport, WI .... 33781 ...................... 162,268.96 

Total District ............................................................... 30,380,271.50

 

Detroit, Michigan: 

Detroit, MI ....................................... 33801 ...................... 829,382,872.46 

Port Huron, MI ................................ 33802 ...................... 362,409,821.30 

Sault Sainte Marie, MI .................... 33803 ...................... 55,849,711.11 

Saginaw/Bay City, MI ..................... 33804 ...................... 29,214.39 

Battle Creek, MI ............................. 33805 ...................... 551,372.07 

Grand Rapids, MI ........................... 33806 ...................... 25,085,082.62 

Detroit Metropolitan Airport, MI ...... 33807 ...................... 78,031,417.07 

Algonac, MI .................................... 33814 ...................... 6,846.00 

Oakland County International 

 Airport, MI ......................................... 33881 ...................... 291,620.40 

Willow Run Airport, MI ................... 33882 ...................... 382,932.23 

Capital Region International 

 Airport, MI .................................... 33883 ...................... 598,287.44 

Total District ................................................................ 1,352,619,177.09
FEDERAL FISCAL OPERATIONS 

December 2018

23 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Chicago, Illinois 

Chicago, IL ..................................... 33901 ................... 2,645,897,824.34 

Peoria, IL ........................................ 33902 ................... 31,959,418.96 

Davenport-Rock Island, IL ................ 33908 ................... 318,919.05 

Rockford Airport, IL ........................ 33909 ................... 48,624,159.46 

Midway International Airport, IL ..... 33910 ................... 255,262.56 

Waukegan Airport, IL ..................... 33981 ................... 139,953.71 

Chicago Executive Airport, IL......... 33983 ................... 168,317.30 

Dupage Airport Authority, IL........... 33984 ................... 143,143.23 

Decatur Airport, IL .......................... 33985 ................... 131,010.61 

South Bend International 

Airport, IN ....................................... 33986 ...................

 

187,456.82 

Total District ............................................................. 2,727,825,466.04

 

Cleveland, Ohio: 

Cleveland, OH ................................ 34101 ................... 245,186,653.11 

Cincinnati, OH.................................... 34102 ................... 249,378,711.68 

Columbus, OH................................ 34103................... 858,399,297.51 

Dayton, OH .................................... 34104 ................... 2,976,045.81 

Toledo, OH ..................................... 34105 ................... 21,867,679.37 

Erie, PA .......................................... 34106 ................... 4,379,126.35 

Northern KY (ICE) .......................... 34107 ................... 374,149.00 

Indianapolis, IN .............................. 34110 ................... 210,753,634.37 

Indianapolis, IN (Inactive) .............. 34111 ................... 1,006.00 

Louisville, KY .................................. 34115 ................... 232,493,963.04 

Owensboro-Evansville, IN .............. 34116 ................... 73,378,787.40 

Ashtabula/Conneaut, OH ............... 34122 ................... 231,879.46 

Fort Wayne Airport, IN ................... 34183 ................... 142,553.69 

Blue Grass Airport, KY ................... 34184 ................... 146,050.76 

DHL Express, OH ........................... 34194 ................... 7,670.22 

UPS Courier Louisville, KY ............ 34196 ................... 339,471,697.40 

DHL Courier, OH ............................ 34197 ................... 172,069,147.68 

Federal Express Hub, IN ................ 34198 ................... 48,632,778.86 

Total District ......................................................... 2,459,890,831.71

 

St. Louis, Missouri: 

Kansas City, MO ............................ 34501 ................... 300,325,778.22 

St. Louis, MO ................................. 34503 ................... 154,304,321.56 

Wichita, KS ..................................... 34504 ................... 127,612,114.47 

Springfield, MO .............................. 34505 ................... 7,575,686.73 

MidAmerica Airport, MO ................. 34581 ................... 123,438.00 

Total District ............................................................. 589,941,338.98

 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901 ................... 481,563.13 

Fajardo, PR .................................... 44904 ................... 5,192,991.26 

Mayaguez, PR ................................ 44907 ................... 43,339.68 

Ponce, PR ...................................... 44908 ................... 4,216,088.98 

San Juan, PR ................................. 44909 ................... 141,048,652.43 

San Juan International Airport, PR .... 44913 ................... 7,825,468.50 

Total District ............................................................. 158,808,103.98

 

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101 ................... 8,320,634.75 

Cruz Bay, VI ................................... 45102 ................... 20,796.46 

Christiansted, VI ............................. 45104 ................... 5,430,884.79 

Total District ............................................................. 13,772,316.00

 

 

Miami, Florida: 

 

Miami, FL........................................ 45201 ................... 802,886,871.16 

Key West, FL .................................. 45202 ................... 96,605.37 

Port Everglades, FL ....................... 45203 ................... 255,927,765.55 

West Palm Beach, FL .................... 45204 ................... 8,443,413.21 

Fort Pierce, FL ............................... 45205 ................... 7,441.84 

Miami International Airport, FL ....... 45206 ................... 147,901,426.49 

Fort Lauderdale International 

 Airport, FL ................................... 45210 ................... 1,530,068.24 

Miami International Airport UPS, 

 FL (Inactive) ................................ 45273 ................... 7,252.37 

Marathon International Airport, FL ..... 45281 ................... 129,419.92 

UPS Miami International 

 Airport, FL ................................... 45295 ................... 656,855.06 

DHL Worldwide Express, FL .......... 45296 ................... 6,987,085.72 

FEDEX Courier Hub Miami, FL ...... 45297 ................... 4,071,973.56 

IBC Courier Hub Miami, FL ............ 45298 ................... 91,324.23 

Miami Seaport ALT, FL .................. 45299 ................... 2,841,938.70 

Total District ............................................................. 1,231,579,441.42 

 

Washington, DC: 

Washington, DC ............................. 45401 ................... 76,173,116.47

Total District ............................................................. 76,173,116.47 

 

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401 ................... 943,228,914.11 

Norfolk Subport, VA ....................... 41403 ................... 155.00 

Richmond-Petersburg, VA ............. 41404 ................... 29,475,064.78 

Charleston, WV .............................. 41409 ................... 12,751,282.41 

Front Royal, VA .............................. 41410 ................... 13,622.57 

New River Valley Airport, VA ......... 41412 ................... 10,462,936.06 

Total District ............................................................. 995,931,974.93 

 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501 ................... 125,782,207.43 

Winston Salem, NC ........................ 41502 ................... 55,254,946.79 

Durham, NC ................................... 41503 ................... 26,073,281.69 

Beaufort-Morehead City, NC .......... 41511 ................... 4,140,179.94 

Charlotte, NC ................................. 41512 ................... 111,937,056.74 

Charlotte-Monroe, NC .................... 41581 ................... 123,782.06 

Total District ............................................................. 323,311,454.65 

 

Charleston, South Carolina: 

Charleston, SC ............................... 41601 ................... 1,099,395,108.01 

Georgetown, SC ............................. 41602 ................... 47,409.25 

Greenville-Spartanburg, SC ............. 41603 ................... 291,147,028.14 

Columbia, SC ................................. 41604 ................... 1,804,698.19 

Myrtle Beach International 

 Airport, SC ...................................... 41681 ................... 132,229.78 

Total District ............................................................. 1,392,526,473.37 

Savannah, Georgia: 

Brunswick, GA ................................ 41701 ................... 232,026,132.97 

Savannah, GA ................................ 41703 ................... 2,287,845,999.50 

Atlanta, GA ..................................... 41704 ................... 659,356,104.88 

COBB County International 

 Airport .......................................... 41781 ................... 156,133.21

Total District ............................................................. 3,179,384,370.56 

 
FEDERAL FISCAL OPERATIONS 

December 2018

24 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Tampa, Florida: 

Tampa, FL ...................................... 41801 ........................ 127,616,363.95 

Jacksonville, FL .............................. 41803 ........................ 494,797,861.22 

Fernandina Beach, FL ................... 41805 ........................ 281,975.79 

Orlando, FL .................................... 41808 ........................ 18,404,226.61 

Orlando Sanford Airport, FL ........... 41809 ........................ 210,098.47 

St. Petersburg, FL .......................... 41814 ........................ 215.33 

Port Canaveral, FL ......................... 41816 ........................ 11,653,010.39 

Panama City, FL ............................ 41818 ........................ 8,171,750.06 

Pensacola, FL ................................ 41819 ........................ 3,979,526.58 

Port Manatee, FL ........................... 41821 ........................ 32,274,972.11 

Ft. Myers, FL .................................. 41822 ........................ 86,831.22 

Naples Municipal Airport, FL .......... 41880 ........................ 294,609.50 

Lakeland Linder Airport, FL ............ 41881 ........................ 124,715.38 

Sarasota Bradenton Airport, FL ..... 41883 ........................ 170,378.02 

Daytona Beach, International 

Airport, FL ................................. 41884 ........................ 148,670.72 

Melbourne Airport, FL .................... 41885 ........................ 277,734.27 

Leesburg Regional Airport, FL ....... 41887 ........................ 128,686.26 

Orlando Executive Airport, FL ........ 41888 ........................ 155,244.01 

St. Augustine Airport UFA, FL........ 41889 ........................ 137,158.75 

Total District .................................................................. 698,914,028.64 

 

Mobile, Alabama: 

Mobile, AL ...................................... 51901 ........................ 188,209,438.68 

Gulfport, MS ................................... 51902 ........................ 25,706,703.00 

Pascagoula, MS ............................. 51903 ........................ 4,176,855.74 

Birmingham, AL .............................. 51904 ........................ 38,684,987.40 

Huntsville, AL ................................. 51910 ........................ 31,558,166.62 

Total District .................................................................. 288,336,151.44 

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001 ........................ 9,347,057.91 

New Orleans, LA ............................ 52002 ........................ 423,360,797.94 

Little Rock, AR ............................... 52003 ........................ 1,652,135.80 

Baton Rouge, LA ............................ 52004 ........................ 15,281,721.23 

Memphis, TN .................................. 52006 ........................ 507,259,056.64 

Nashville, TN .................................. 52007 ........................ 133,226,136.99 

Chattanooga, TN ............................ 52008 ........................ 13,086,815.13 

Gramercy, LA ................................. 52010 ........................ 20,411,717.36 

Vicksburg, MS ................................ 52015 ........................ 32,513,256.11 

Knoxville, TN .................................. 52016 ........................ 55,002,998.78 

Lake Charles, LA ............................ 52017 ........................ 10,244,503.47 

Shreveport/Bossier City, LA ........... 52018 ........................ 160,663.98 

Port of Tri-Cities, TN ........................... 52027 ........................ 271,131.28 

Rogers Municipal Airport, AR......... 52084 ........................ 144,089.60 

FEDEX Courier, Memphis, TN .......... 52095 ........................ 453,790,441.62 

Total District .................................................................. 1,675,752,523.84 

 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101 ........................ 18,007,976.02 

Orange, TX ..................................... 62103 ........................ 2,851.98 

Beaumont, TX ................................ 62104 ........................ 1,281,871.40 

Blythe Border Patrol, CA ................ 62151 ........................ 499,831.25 

Yuma Border Patrol, AZ ................. 62152 ........................ 30,344.98 

Wellton Border Patrol, AZ .............. 62153 ........................ 11,729.00 

Total District .................................................................. 19,834,604.63 

 

Laredo, Texas:

Border Patrol Sector HQ, 

 Laredo, TX .................................. 62250 ........................ 43,246.38 

Brownsville, TX .............................. 62301 ........................ 26,119,431.01 

Del Rio, TX ..................................... 62302 ........................ 7,073,054.28 

Eagle Pass, TX .............................. 62303 ........................ 378,211,672.85 

Laredo, TX ..................................... 62304 ........................ 686,089,616.54 

Hidalgo, TX .................................... 62305 ........................ 100,224,646.74 

Rio Grande City, TX ....................... 62307 ........................ 5,223,539.34 

Progreso, TX .................................. 62309 ........................ 686,329.13 

Roma, TX ....................................... 62310 ........................ 320,189.95 

Border Patrol Sector HQ, TX ......... 62350 ........................ 1,102.51 

Comstock Border Patrol, TX .......... 62351 ........................ 500.00 

Carrizo Springs Border 

 Patrol, TX .................................... 62352 ........................ 5,950.00 

Del Rio Border Patrol, TX .............. 62353 ........................ 9,750.00 

Eagle Pass Border Patrol, TX ........ 62354 ........................ 3,708.00 

Brackettville Border Patrol, TX ....... 62355 ........................ 19,713.21 

Uvalde Border Patrol, TX ............... 62356 ........................ 5,987.00 

Border Patrol Sector HQ, TX ......... 62361 ........................ 23,393.48 

Edinburg, TX (Inactive) .................. 62381 ........................ 616,229.49 

Valley International Airport 

 UFA, TX....................................... 62383 ........................ 461,635.87 

Total District .................................................................. 1,205,139,695.78 

 

El Paso, Texas: 

El Paso, TX (Inactive) .................... 62401 ........................ 1,001.00 

El Paso, TX .................................... 62402 ........................ 168,818,269.96 

Presidio, TX .................................... 62403 ........................ 859,897.97 

Fabens, TX ..................................... 62404 ........................ 129,621.24 

Columbus, NM ............................... 62406 ........................ 278,818.37 

Albuquerque, NM ........................... 62407 ........................ 679,493.25 

Santa Teresa, NM .......................... 62408 ........................ 29,719,363.09 

Deming, NM ................................... 62420 ........................ 238.70 

Total District .................................................................. 200,486,703.58 

 

Nogales, Arizona: 

Douglas, AZ ................................... 62601 ........................ 2,603,093.29 

Lukeville, AZ ................................... 62602 ........................ 156,091.74 

Naco, AZ ........................................ 62603 ........................ 90,438.78 

Nogales, AZ ................................... 62604 ........................ 91,282,825.91 

Phoenix, AZ .................................... 62605 ........................ 46,365,445.43 

Sasabe, AZ .................................... 62606 ........................ 17,166.75 

San Luis, AZ ................................... 62608 ........................ 7,115,892.34 

Tucson, AZ ..................................... 62609 ........................ 1,838,439.34 

Border Patrol Sector HQ, AZ ......... 62650 ........................ 58,763.66 

Casa Grande Border Patrol, AZ ..... 62651 ........................ 17,634.92 

Tucson Border Patrol, AZ .............. 62652 ........................ 50,985.75 

Nogales Border Patrol, AZ ............. 62653 ........................ 40,507.02 

Willcox Border Patrol, AZ ............... 62654 ........................ 30,987.50 

Douglas Border Patrol, AZ ............. 62655 ........................ 15,398.83 

Ajo Border Patrol, AZ ..................... 62656 ........................ 39,498.25 

Naco Border Patrol, AZ .................. 62657 ........................ 12,100.00 

Sonoita Border Patrol, AZ .............. 62658 ........................ 2,441.00 

Scottsdale User Fee Airport, AZ .... 62681 ........................ 736,808.06 

Williams Gateway Airport, AZ ........ 62682 ........................ 135,645.50 

Total District .................................................................. 150,610,164.07 

 

 
FEDERAL FISCAL OPERATIONS 

December 2018

25 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Houston, Texas: 

Houston, TX ...................................... 65301 ...................... 1,965,393,994.32 

Texas City, TX .................................. 65306 ...................... 2,603,167.33 

Houston George Bush 

 Interchange, TX ............................. 65309 ...................... 76,312,492.10 

Galveston, TX ................................... 65310 ...................... 17,556,713.03 

Freeport, TX ...................................... 65311 ...................... 28,760,952.53 

Corpus Christi, TX ............................ 65312 ...................... 38,922,403.43 

Port Lavaca, TX ................................ 65313 ...................... 975,798.25 

Hobby Airport, TX ............................. 65314 ...................... 32,922.51 

Border Patrol Sector HQ, TX ............ 65350 ...................... 58,176.77 

Mercedes (Weslaco) Border 

 Patrol, TX ....................................... 65351 ...................... 85,687.00 

Falfurrias Border Patrol, TX .............. 65352 ...................... 252,294.00 

Rio Grande City Border Patrol, TX ... 65353 ...................... 58,230.00 

McAllen Border Patrol, TX ................ 65354 ...................... 50,746.42 

Brownsville Border Patrol, TX .......... 65355 ...................... 14,113.00 

Harlingen Border Patrol, TX ............. 65356 ...................... 4,505.00 

Kingsville Border Patrol, TX ............. 65357 ...................... 253,963.00 

Fort Brown Border Patrol, TX ........... 65358 ...................... 750.00 

Corpus Christi Border Patrol, TX 

 (Inactive) ........................................ 65359 ...................... 1,750.00 

Sugar Land Regional Airport, TX ..... 65381 ...................... 171,611.52 

Midland, TX (Inactive) ....................... 65382 ...................... 319,100.14 

Total District ................................................................... 2,131,829,370.35 

 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX ......................... 65501 ...................... 671,620,131.96 

Amarillo, TX ...................................... 65502 ...................... 963.17 

Lubbock, TX ...................................... 65503 ...................... 551,413.12 

Oklahoma City, OK ........................... 65504 ...................... 10,118,318.21 

Tulsa, OK .......................................... 65505 ...................... 15,201,758.81 

Austin, TX ......................................... 65506 ...................... 4,467,334.70 

San Antonio, TX ............................... 65507 ...................... 17,993,069.21 

Border Patrol Sector HQ, TX ............ 65550 ...................... 29,276.34 

Presidio Border Patrol, TX ................ 65553 ...................... 1,250.00 

Marfa Border Patrol, TX.................... 65554 ...................... 2,390.00 

Fort Stockton, TX .............................. 65556 ...................... 4,388.10 

Sanderson Border Patrol, TX ........... 65557 ...................... 4,132.00 

Alpine Border Patrol, TX ................... 65558 ...................... 500.00 

Sierra Blanca Border Patrol, TX ....... 65560 ...................... 11,250.00 

Van Horn Border Patrol, TX ............. 65561 ...................... 500.00 

Midland International Airport, TX ...... 65582 ...................... 136,912.79 

Fort Worth Alliance Airport, TX ......... 65583 ...................... 145,201.41 

Addison Airport, TX .......................... 65584 ...................... 173,922.22 

Collin County Regional Airport, TX ..... 65585 ...................... 140,097.13 

Kelly Field Annex, TX ....................... 65587 ...................... 123,539.62 

Dallas Love Field (DAL), TX ............. 65588 ...................... 291,608.37 

Total District ................................................................... 721,017,957.16 

 

San Diego, California: 

San Diego, CA .................................. 72501 ...................... 330,177,442.86 

Andrade, CA ..................................... 72502 ...................... 222,372.33 

Calexico, CA ..................................... 72503 ...................... 15,311.22 

San Ysidro, CA ................................. 72504 ...................... 4,061,654.94 

Tecate, CA ........................................ 72505 ...................... 2,462,602.55 

Otay Mesa, CA ................................. 72506 ...................... 145,574,160.92 

Calexico-East, CA ............................ 72507 ...................... 69,071,602.14 

McClellan-Palomar Airport, CA ....... 72581 ...................... 289,373.63 

Total District ................................................................... 551,874,520.59 

 

Los Angeles, California: 

Los Angeles, CA ............................... 72704 ...................... 11,436,425,556.29 

Port San Luis Harbor, CA ................. 72707 ...................... 2,584.55 

Long Beach, CA ............................... 72709 ...................... 5,252,258.91 

Port Hueneme, CA ........................... 72713 ...................... 111,113,669.10 

Morro Bay, CA ........................................... 72719 ...................... 4,878.52 

Los Angeles International Airport, CA ..... 72720 ...................... 834,547,008.44 

Ontario International Airport, CA .............. 72721 ...................... 919,099.57 

Las Vegas, NV .................................. 72722 ...................... 28,551,810.57 

Los Angeles, CA (Inactive) ............... 72770 ...................... 1,055.55 

TNT Express Worldwide, CA ............ 72775 ...................... 475,152.20 

International Bonded Couriers, CA ..... 72776 ...................... 280,624.01 

Micom, CA ........................................ 72777 ...................... 265,842.45 

Palm Springs User Fee, CA ............. 72781 ...................... 195,285.58 

San Bernardino User Fee Airport, CA .... 72782 ...................... 153,909.77 

So. California Logistics Airport, CA..... 72783 ...................... 1,853,809.74 

Meadows Field Airport, CA ............... 72786 ...................... 1,443,013.80 

72787 Los Angeles, CA .................... 72787 ...................... 1,344,957.56 

Van Nuys, CA (UFA) ........................ 72788 ...................... 347,773.64 

DHL HUB, CA ................................... 72791 ...................... 54,037,961.64 

UPS Ontario, Los Angeles, CA ........ 72795 ...................... 33,357,250.82 

Total District ............................................................. 12,510,573,502.71 

San Francisco, California: 

San Francisco International 

 Airport, CA .................................... 72801 ...................... 161,174,798.24 

Eureka, CA ....................................... 72802 ...................... 25,686.78 

Fresno, CA ........................................ 72803 ...................... 47,090,002.60 

San Francisco, CA ............................ 72809 ...................... 1,221,590,260.37 

Stockton, CA ..................................... 72810 ...................... 254,465.28 

Oakland, CA ..................................... 72811 ...................... 2,734,566.90 

Richmond, CA................................... 72812 ...................... 9,613.11 

Martinez, CA ..................................... 72820 ...................... 319,584.25 

Carquinez Strait, CA ......................... 72830 ...................... 891,494.89 

Reno, NV .......................................... 72833 ...................... 1,226,973.53 

San Jose International Airport, CA ... 72834 ...................... 393,894.88 

Sacramento International Airport, CA ..... 72835 ...................... 7,734,194.71 

Fresno Yosemite Airport, CA ............ 72882 ...................... 713,876.96 

FEDEX Courier Facility, CA ............. 72895 ...................... 56,006,276.72 

Total District ................................................................... 1,500,165,689.22 

 

Portland, Oregon: 

Astoria, OR ....................................... 72901 ...................... 1,096,539.10 

Newport, OR ..................................... 72902 ...................... 1,401.00 

Coos Bay, OR ................................... 72903 ...................... 163,639.79 

Portland, OR ..................................... 72904 ...................... 391,555,435.17 

Longview, WA ................................... 72905 ...................... 30,304,899.10 

Boise, ID ........................................... 72907 ...................... 102,602.31 

Vancouver, WA ................................. 72908 ...................... 202,202.51 

Portland International Airport, OR .... 72910 ...................... 35,768.10 

Medford, OR, (Inactive) .................... 72982 ...................... 3,188,045.00 

Hillsboro Airport, OR ......................... 72983 ...................... 145,281.04 

Total District ................................................................... 426,795,813.12 

 

Seattle, Washington: 

Seattle, WA ....................................... 73001 ...................... 653,049,248.79 

Tacoma, WA ..................................... 73002 ...................... 847,212,851.75 

Aberdeen, WA .................................. 73003 ...................... 5,777,479.77 

Blaine, WA ........................................ 73004 ...................... 202,959,341.99 

Bellingham, WA ................................ 73005 ...................... 5,846,015.80 

Everett, WA ....................................... 73006 ...................... 3,652,829.24 
FEDERAL FISCAL OPERATIONS 

December 2018

26 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Seattle, Washington, continued: 

Port Angeles, WA ............................. 73007 ................... 459,608.98 

Port Townsend, WA .......................... 73008 ................... 15,030.36 

Sumas, WA ....................................... 73009 ................... 73,723,920.54 

Anacortes, WA .................................. 73010 ................... 3,955,340.89 

Nighthawk, WA ................................. 73011 ................... 1,248.70 

Danville, WA ..................................... 73012 ................... 99,129.83 

Ferry, WA .......................................... 73013 ................... 880,187.88 

Friday Harbor, WA ............................ 73014 ................... 403,692.11 

Boundary, WA................................... 73015 ................... 2,428,483.46 

Laurier, WA ....................................... 73016 ................... 12,543,056.65 

Point Roberts, WA ............................ 73017 ................... 276,622.28 

Oroville, WA ...................................... 73019 ................... 17,164,605.83 

Frontier, WA ...................................... 73020 ................... 457,990.03 

Spokane, WA .................................... 73022 ................... 234,640.11 

Lynden, WA ...................................... 73023 ................... 354,873.18 

Wenatchee, WA (ICE) ...................... 73024 ................... 960.00 

Metaline Falls, WA ............................ 73025 ................... 938,639.77 

Olympia, WA ..................................... 73026 ................... 31,739.32 

Seattle-Tacoma International 

 Airport, WA .................................... 73029 ................... 66,223,757.08 

Pasco, WA (ICE) .............................. 73030 ................... 43.00 

UPS, Seattle, WA ............................. 73071 ................... 2,333,191.29 

Grant County Airport, Moses 

 Lake, WA ....................................... 73082 ................... 2,607,458.42 

Total District ................................................................ 1,903,631,987.05 

 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101 ................... 95,890.50 

Ketchikan, AK ................................... 73102 ................... 143,223.10

 

 

Anchorage, Alaska, continued: 

Skagway, AK .................................... 73103 ................... 38,217.67 

Alcan, AK .......................................... 73104 ................... 640,561.11 

Wrangell, AK ..................................... 73105 ................... 1,591.00 

Dalton Cache, AK ............................. 73106 ................... 39,578.16 

Fairbanks, AK ................................... 73111 ................... 9,100.33 

Sitka, AK ........................................... 73115 ................... 5,523.30 

Anchorage, AK.................................. 73126 ................... 7,348,277.05 

Federal Express Courier, AK ............ 73195 ................... 94,393,531.15 

UPS Courier Hub, AK ....................... 73196 ................... 717,178.41 

Total District ................................................................ 103,432,671.78 

 

Honolulu, Hawaii: 

Honolulu, HI ...................................... 73201 ................... 40,213,480.33 

Hilo, HI .............................................. 73202 ................... 314,660.90 

Kahului, HI ........................................ 73203 ................... 160,026.51 

Nawiliwili-Port Allen, HI ..................... 73204 ................... 25,684.21 

Honolulu Airport, HI .......................... 73205 ................... 6,326,838.18 

Kona, HI ............................................ 73206 ................... 33,600.33 

Total District ................................................................ 47,074,290.46 

 

Guam 

Guam ................................................ 73207 ................... 22,660.00 

Guam (ICE) ....................................... 73210 ................... 4,530.22 

Total District ................................................................ 27,190.22 

 

Total Customs and Border Protection Collections 

 for fiscal year 2018 ..................................................... 54,039,761,870.99 
December 2018 

27 

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating cash 

is maintained in accounts with the Federal Reserve banks (FRBs)

and branches, as well as in tax and loan accounts in other financial 

institutions. Major information sources include FRBs, Treasury 

Regional Financial Centers, Internal Revenue Service Centers, 

Bureau of the Fiscal Service, and various electronic systems. As the 

FRB accounts are depleted, funds are called in (withdrawn) from

thousands of tax and loan accounts at financial institutions 

throughout the country. 

Under authority of Public Law 95-147 (codified at 31 United 

States Code 323), Treasury implemented a program on November 

2, 1978, to invest a portion of its operating cash in obligations of 

depositaries maintaining tax and loan accounts. Under the Treasury 

tax and loan (TT&L) investment program, depositary financial 

institutions select the manner in which they will participate. 

Financial institutions wishing to retain funds deposited into their 

tax and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds through 

financial institutions and to leave the funds in TT&L depositaries 

and in the financial communities in which they arise until Treasury 

needs the funds for its operations. In this way, Treasury is able to 

neutralize the effect of its fluctuating operations on TT&L financial 

institution reserves and on the economy. Likewise, those 

institutions wishing to remit the funds to the Treasury account at 

FRBs do so as collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most cases, 

this involves a transfer of funds from a customer’s account to the 

tax and loan account in the same financial institution. Also, 

Treasury can direct the FRBs to invest excess funds in tax and loan 

accounts directly from the Treasury account at the FRBs. 

Please note that after the December 2018 issue of the 

Treasury Bulletin, the “Account of the U.S. Treasury” table will 

be discontinued. This data can be obtained using the “Daily 

Treasury Statement” published on the Treasury website: 

https://www.fms.treas.gov/dts/index/html. For questions on the 

data from the “Daily Treasury Statement” needed to calculate 

the table please email the Cash Reporting Branch at 

cash.reporting@fiscal.treasury.gov.

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly (1)

Received through 

remittance option tax 

and loan depositaries (2)

Withdrawals 3 

(3)

Taxes 4 

(4)

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5)

 2014 ...................................... 8,666,563 2,474,752 11,071,400 - - 

2015 ...................................... 8,447,393 2,660,727 11,067,706 - - 

2016 ...................................... 9,540,510 2,713,475 12,099,386 - - 

2017 ...................................... 9,987,969 2,813,834 12,995,790 - - 

2018 ...................................... 11,319,877 2,822,438 13,916,926 - - 

 2017 - Sept............................ 757,116 266,341 919,536 - - 

Oct............................. 841,809 209,509 1,033,786 - - 

Nov ............................ 963,631 193,323 1,150,652 - - 

 Dec............................ 716,751 296,727 967,702 - - 

2018 - Jan ............................. 985,828 266,042 1,205,010 - - 

Feb ............................ 905,208 203,307 1,184,919 - - 

Mar ............................ 1,006,932 242,302 1,158,977 - - 

 Apr............................. 1,198,518 337,284 1,406,073 - - 

May............................ 1,024,353 193,555 1,282,891 - - 

June........................... 738,995 239,133 999,716 - - 

 July............................ 962,634 199,825 1,137,105 - - 

Aug ............................ 1,157,506 194,131 1,391,825 - - 

Sept........................... 817,712 247,300 998,270 - - 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

December 2018 

28 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6)

SFP 

(7)

Tax and 

loan 

note 

accounts 

(8)

Federal 

Reserve 

(9)

SFP 

(10)

Tax and 

loan 

note 

accounts 

(11)

Federal 

Reserve 

(12)

SFP 

(13)

Tax and 

loan 

note 

accounts 

(14)

Federal 

Reserve 

(15)

SFP 

(16)

Tax and 

loan 

note 

accounts 

(17)

 

2014 ....................... 158,302 - - 162,399 - - 17,249 - - 65,510 - - 

2015 ....................... 198,716 - - 273,869 - - 27,237 - - 141,621 - - 

2016 ....................... 353,312 - - 382,887 - - 22,892 - - 251,900 - - 

2017 ....................... 159,322 - - 440,383 - - 23,416 - - 233,336 - - 

2018 ....................... 384,713 - - 419,376 - - 64,734 - - 268,651 - - 

 

2017 - Sept............. 159,322 - - 173,206 - - 32,106 - - 107,642 - - 

Oct.............. 176,885 - - 212,602 - - 149,817 - - 181,566 - - 

Nov ............. 183,157 - - 201,020 - - 148,165 - - 172,761 - - 

 Dec............. 228,933 - - 228,933 - - 64,734 - - 146,990 - - 

2018 - Jan .............. 275,794 - - 278,567 - - 169,957 - - 238,762 - - 

Feb ............. 199,390 - - 228,784 - - 166,297 - - 204,728 - - 

Mar ............. 289,648 - - 333,897 - - 187,515 - - 273,399 - - 

 Apr.............. 419,376 - - 419,376 - - 225,320 - - 324,996 - - 

May............. 354,393 - - 384,961 - - 311,183 - - 339,376 - - 

June............ 332,805 - - 385,423 - - 275,598 - - 325,904 - - 

 July............. 358,159 - - 364,574 - - 308,129 - - 338,183 - - 

Aug ............. 317,971 - - 352,718 - - 310,204 - - 338,424 - - 

Sept............ 384,713 - - 405,806 - - 273,955 - - 338,721 - - 

 

1 This report does not include Supplementary Financing Program (SFP) balances.

2 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
December 2018 

29 

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 

December 2018

30

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

Oct ..................... 20,466,827 20,442,474 24,353 5,682,713 5,682,712 1 14,784,114 14,759,762 24,352 

Nov..................... 20,614,878 20,590,392 24,486 5,663,451 5,663,450 1 14,951,427 14,926,942 24,485 

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 

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

Oct...................... 20,466,827 66,975 20,399,851 5,682,713 27,037 5,655,676 14,784,114 39,938 14,744,176 

Nov..................... 20,614,878 68,036 20,546,842 5,663,451 27,103 5,636,348 14,951,427 40,933 14,910,493 

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 
FEDERAL DEBT 

December 2018 

31 

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

Oct................. 161,189 - 264 226,578 82,149 29,995 1,674

Nov................ 160,902 - 264 227,451 85,018 29,995 1,639

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

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

Oct................. 14,751,446 14,249,596 1,853,165 8,823,959 1,960,410 1,295,052 317,010 501,851 

Nov................ 14,918,736 14,413,466 1,967,577 8,825,124 1,977,263 1,313,480 330,022 505,270 

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 
FEDERAL DEBT 

December 2018

32

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

Oct............ 2,810,934 840 93,047 50,492 3,547 10,585 621 59,653 1,490,150

Nov........... 2,796,854 841 86,412 50,555 3,494 11,443 474 61,722 1,493,915

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 1,516,817

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

Oct......... 5,893,523 13,717 80,448 45,737 22,110 69,745 907,895 202,220 31,782 

Nov........ 5,875,032 13,825 81,786 45,799 22,106 70,453 903,618 199,293 32,442 

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 94,431 46,616 22,311 93,401 931,838 202,805 26,975 
FEDERAL DEBT 

December 2018 

33 

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 - Sept ................. 24,369 19 89 24,209 52 *

Oct................... 24,353 19 90 24,192 52 *

Nov.................. 24,486 19 91 24,325 52 *

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 *

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

December 2018

34

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

Oct...................... 11,802,355 3,302,159 4,800,642 2,369,052 151,883 1,178,620 66 

Nov ..................... 11,971,545 3,415,143 4,841,876 2,377,380 142,829 1,194,317 65 

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 

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

December 2018 

35 

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 – Sept2........................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

Oct2............................. - 20,406,237 20,406,237 - 20,442,474 - 36,237 

Nov2............................ - 20,553,698 20,553,698 - 20,590,392 - 36,694 

Dec3............................ 20,456,000 20,455,975 20,455,975 - 20,492,747 - 36,772 

2018 – Jan3 ............................ 20,456,000 20,455,975 20,455,975 - 20,493,730 - 37,755 

Feb4 ............................ - 20,816,719 20,816,719 - 20,855,672 - 38,953 

Mar4 ............................ - 21,049,524 21,049,524 - 21,089,643 - 40,119 

 Apr4 ............................ - 21,027,545 21,027,545 - 21,068,200 - 40,656 

May4 ........................... - 21,104,039 21,104,039 - 21,145,215 - 41,176 

Jun4 ............................ - 21,155,086 21,155,086 - 21,195,070 - 39,983 

 July4............................ - 21,272,706 21,272,706 - 21,313,061 - 40,354 

Aug4............................ - 21,417,956 21,417,956 - 21,458,850 - 40,893 

Sept4........................... - 21,474,848 21,474,848 - 21,516,058 - 41,209

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the 

Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit in 

31 U.S.C. 3101(b) was permanently increased effective March 16, 2017 to 

$19,808,772,381,624.74.

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

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

Debt Limit was suspended through December 8, 2017.

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

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, 

Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 

2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased 

effective December 9, 2017, to $20,455,999,906,400.12.

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

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

suspended through March 1, 2019.
FEDERAL DEBT 

December 2018

36

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

Oct.............................. 1,486,849 28,857 22,058 27,293 647 601

Nov............................. 1,496,337 31,818 22,124 27,425 656 601

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

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

Oct ............................. 1,227,550 5,009 27,979 127 61,311

Nov............................. 1,227,008 5,009 27,979 127 61,517

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
FEDERAL DEBT 

December 2018 

37 

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 - Sept ........................... 24,645 3,712 7,693 63,739 

Oct............................. 24,645 4,091 8,608 48,073 

Nov............................ 24,678 4,404 8,481 54,510 

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 

 

Note—Detail may not add to totals due to rounding. 
38 

December 2018 

 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: JULY-SEPTEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J U L Y 

Auction of 2-Year Notes 

On June 21, 2018, Treasury announced it would 

auction $34,000 million of 2-year notes. The issue was 

to refund $64,272 million of securities maturing June 

30 and to raise new cash of approximately $35,728 

million. 

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

June 30 and issued July 2. They are due June 30, 2020, 

with interest payable on December 31 and June 30 

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 

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

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

tenders on June 26. Tenders totaled $92,812 million; 

Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 2.538 

percent with an equivalent price of $99.926377. 

Treasury accepted in full all competitive tenders at 

yields lower than 2.538 percent. Tenders at the high 

yield were allotted 89.46 percent. The median yield 

was 2.500 percent, and the low yield was 2.420 

percent. Noncompetitive tenders totaled $324 million. 

Competitive tenders accepted from private investors 

totaled $33,476 million. Accrued interest of $0.13587 

per $1,000 must be paid for the period from June 30 to 

July 2. 

In addition to the $34,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,234 million from Federal Reserve Banks (FRBs) 

for their own accounts. The minimum par amount 

required for Separate Trading of Registered Interest 

and Principal Securities (STRIPS) of notes of Series 

BC-2020 is $100. 

Auction of 5-Year Notes 

On June 21, 2018, Treasury announced it would 

auction $36,000 million of 5-year notes. The issue was 

to refund $64,272 million of securities maturing June 

30 and to raise new cash of approximately $35,728 

million. 

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

June 30 and issued July 2. They are due June 30, 2023, 

with interest payable on December 31 and June 30 

until maturity. Treasury set an interest rate of 2-5/8 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

39 

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 June 27. 

Tenders totaled $91,637 million; Treasury accepted 

$36,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.719 percent with an equivalent price of 

$99.563565. Treasury accepted in full all competitive 

tenders at yields lower than 2.719 percent. Tenders at 

the high yield were allotted 83.93 percent. The median 

yield was 2.680 percent, and the low yield was 2.600 

percent. Noncompetitive tenders totaled $36 million. 

Competitive tenders accepted from private investors 

totaled $35,964 million. Accrued interest of $0.14266 

per $1,000 must be paid for the period from June 30 to 

July 2. 

In addition to the $36,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,483 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AA-2023 is $100. 

Auction of 7-Year Notes 

On June 21, 2018, Treasury announced it would 

auction $30,000 million of 7-year notes. The issue was 

to refund $64,272 million of securities maturing June 

30 and to raise new cash of approximately $35,728 

million. 

The 7-year notes of Series M-2025 were dated 

June 30 and issued July 2. They are due June 30, 2025, 

with interest payable on December 31 and June 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 June 28. 

Tenders totaled $75,862 million; Treasury accepted 

$30,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.809 percent with an equivalent price of 

$99.627486. Treasury accepted in full all competitive 

tenders at yields lower than 2.809 percent. Tenders at 

the high yield were allotted 67.56 percent. The median 

yield was 2.770 percent, and the low yield was 2.700 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors 

totaled $29,984 million. Accrued interest of $0.14946 

per $1,000 must be paid for the period from June 30 to 

July 2. 

In addition to the $30,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,736 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series M-2025 is $100. 

Auction of 3-Year Notes 

On July 5, 2018, Treasury announced it would 

auction $33,000 million of 3-year notes. The issue was 

to refund $40,292 million of securities maturing July 

15 and to raise new cash of approximately $28,708 

million. 

The 3-year notes of Series AP-2021 were dated 

July 15 and issued July 16. They are due July 15, 

2021, with interest payable on January 15 and July 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 July 10. 

Tenders totaled $82,805 million; Treasury accepted 

$33,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.685 percent with an equivalent price of 

$99.828219. Treasury accepted in full all competitive 

tenders at yields lower than 2.685 percent. Tenders at 

the high yield were allotted 37.03 percent. The median 

yield was 2.660 percent, and the low yield was 2.560 

percent. Noncompetitive tenders totaled $63 million. 

Competitive tenders accepted from private investors 

totaled $32,838 million. Accrued interest of $0.07133 

per $1,000 must be paid for the period from July 15 to 

July 16. 

In addition to the $33,000 million of tenders 

accepted in the auction process, Treasury accepted 

$128 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AP-2021 is $100. 

Auction of 9-Year 10-Month 2-7/8 Percent 

Notes 

On July 5, 2018, Treasury announced it would 

auction $22,000 million of 9-year 10-month 2-7/8 

percent notes. The issue was to refund $40,292 million 

of securities maturing July 15 and to raise new cash of 

approximately $28,708 million. 

The 9-year 10-month 2-7/8 percent notes of Series 

C-2028 were dated May 15 and issued July 16. They 

are due May 15, 2028, with interest payable on 

November 15 and May 15 until maturity. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

40 

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 July 11. 

Tenders totaled $56,466 million; Treasury accepted 

$22,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.859 percent with an equivalent price of 

$100.131750. Treasury accepted in full all competitive 

tenders at yields lower than 2.859 percent. Tenders at 

the high yield were allotted 14.27 percent. The median 

yield was 2.820 percent, and the low yield was 2.388 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $21,993 million. Accrued interest of $4.84375 

per $1,000 must be paid for the period from May 15 to 

July 16. 

In addition to the $22,000 million of tenders 

accepted in the auction process, Treasury accepted $86 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series C-2028 is $100. 

Auction of 29-Year 10-Month 3-1/8 Percent 

Bonds 

On July 5, 2018, Treasury announced it would 

auction $14,000 million of 29-year 10-month 3-1/8 

percent bonds. The issue was to refund $40,292 

million of securities maturing July 15 and to raise new 

cash of approximately $28,708 million. 

The 29-year 10-month 3-1/8 percent bonds of May 

2048 were dated May 15 and issued July 16. They are 

due May 15, 2048, with interest payable on November 

15 and May 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 July 12. 

Tenders totaled $32,718 million; Treasury accepted 

$14,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.958 percent with an equivalent price of 

$103.289415. Treasury accepted in full all competitive 

tenders at yields lower than 2.958 percent. Tenders at 

the high yield were allotted 46.90 percent. The median 

yield was 2.914 percent, and the low yield was 2.688 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors 

totaled $13,995 million. Accrued interest of $5.26495 

per $1,000 must be paid for the period from May 15 to 

July 16. 

In addition to the $14,000 million of tenders 

accepted in the auction process, Treasury accepted $54 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2048 is $100.

Auction of 52-Week Bills 

On July 12, 2018, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued July 19 and will mature July 18, 

2019. The issue was to refund $145,003 million of all 

maturing bills and to raise new cash of approximately 

$21,997 million. Treasury auctioned the bills on July 

17. Tenders totaled $78,706 million; Treasury 

accepted $26,000 million, including $590 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.335 percent. 

Auction of 10-Year Treasury Inflation 

Protected Security (TIPS) 

On July 12, 2018, Treasury announced it would 

auction $13,000 million of 10-year TIPS. The issue 

was to refund $105,217 million of securities maturing 

July 31 and to raise new cash of approximately 

$26,783 million. 

The 10-year TIPS of Series D-2028 were dated 

July 15 and issued July 31. They are due July 15, 

2028, with interest payable on January 15 and July 15 

until maturity. Treasury set an interest rate of 0-3/4 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the TIPS before 

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

1:00 p.m. e.t. for competitive tenders on July 19. 

Tenders totaled $28,891 million; Treasury accepted 

$13,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.762 percent with an equivalent adjusted 

price of $100.098792. Treasury accepted in full all 

competitive tenders at yields lower than 0.762 percent. 

Tenders at the high yield were allotted 20.34 percent. 

The median yield was 0.695 percent, and the low yield 

was 0.615 percent. Noncompetitive tenders totaled $29 

million. Competitive tenders accepted from private 

investors totaled $12,971 million. Adjusted accrued 

interest of $0.32679 per $1,000 must be paid for the 

period from July 15 to July 31. Both the unadjusted 

price of $99.885038 and the unadjusted accrued 

interest of $0.32609 were adjusted by an index ratio of 

1.00214, for the period from July 15 to July 31. 

In addition to the $13,000 million of tenders 

accepted in the auction process, Treasury accepted 

$706 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series D-2028 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

41 

Auction of 2-Year Notes 

On July 19, 2018, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was 

to refund $105,217 million of securities maturing July 

31 and to raise new cash of approximately $26,783 

million. 

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

and issued July 31. They are due July 31, 2020, with 

interest payable on January 31 and July 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 July 24. 

Tenders totaled $102,246 million; Treasury accepted 

$35,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.657 percent with an equivalent price of 

$99.938070. Treasury accepted in full all competitive 

tenders at yields lower than 2.657 percent. Tenders at 

the high yield were allotted 19.42 percent. The median 

yield was 2.610 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $438 million. 

Competitive tenders accepted from private investors 

totaled $34,462 million. 

In addition to the $35,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,901 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BD-2020 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On July 19, 2018, Treasury announced it would 

auction $18,000 million of 2-year FRNs. The issue 

was to refund $105,217 million of securities maturing 

July 31 and to raise new cash of approximately 

$26,783 million. 

The 2-year FRNs of Series BE-2020 were dated 

and issued July 31. They are due July 31, 2020, with 

interest payable on October 31, January 31, April 30, 

and July 31 until maturity. Treasury set a spread of 

0.043 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 July 25. 

Tenders totaled $50,286 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.043 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.043 percent. Tenders at the high discount margin 

were allotted 92.77 percent. The median discount 

margin was 0.035 percent, and the low discount 

margin was 0.000 percent. Noncompetitive tenders 

totaled $32 million. Competitive tenders accepted from 

private investors totaled $17,968 million. 

In addition to the $18,000 million of tenders 

accepted in the auction process, Treasury accepted 

$977 million from FRBs for their own accounts. 

Auction of 5-Year Notes 

On July 19, 2018, Treasury announced it would 

auction $36,000 million of 5-year notes. The issue was 

to refund $105,217 million of securities maturing July 

31 and to raise new cash of approximately $26,783 

million. 

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

and issued July 31. They are due July 31, 2023, with 

interest payable on January 31 and July 31 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 July 25. 

Tenders totaled $94,095 million; Treasury accepted 

$36,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.815 percent with an equivalent price of 

$99.698805. Treasury accepted in full all competitive 

tenders at yields lower than 2.815 percent. Tenders at 

the high yield were allotted 71.20 percent. The median 

yield was 2.779 percent, and the low yield was 2.710 

percent. Noncompetitive tenders totaled $34 million. 

Competitive tenders accepted from private investors 

totaled $35,966 million. 

In addition to the $36,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,955 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AB-2023 is $100. 

Auction of 7-Year Notes 

On July 19, 2018, Treasury announced it would 

auction $30,000 million of 7-year notes. The issue was 

to refund $105,217 million of securities maturing July 

31 and to raise new cash of approximately $26,783 

million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

42 

The 7-year notes of Series N-2025 were dated and 

issued July 31. They are due July 31, 2025, with 

interest payable on January 31 and July 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 July 26. 

Tenders totaled $74,663 million; Treasury accepted 

$30,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.930 percent with an equivalent price of 

$99.654192. Treasury accepted in full all competitive 

tenders at yields lower than 2.930 percent. Tenders at 

the high yield were allotted 58.91 percent. The median 

yield was 2.870 percent, and the low yield was 2.820 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $29,993 million. 

In addition to the $30,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,629 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series N-2025 is $100. 

A U G U S T 

August Quarterly Financing 

On August 1, 2018, Treasury announced it would 

auction $34,000 million of 3-year notes. The issue was 

to refund $38,216 million of securities maturing 

August 15 and to raise new cash of approximately 

$39,784 million. 

The 3-year notes of Series AQ-2021 were dated 

and issued August 15. They are due August 15, 2021, 

with interest payable on February 15 and August 15 

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 August 7. 

Tenders totaled $90,108 million; Treasury accepted 

$34,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.765 percent with an equivalent price of 

$99.957100. Treasury accepted in full all competitive 

tenders at yields lower than 2.765 percent. Tenders at 

the high yield were allotted 34.24 percent. The median 

yield was 2.743 percent, and the low yield was 2.630 

percent. Noncompetitive tenders totaled $92 million. 

Competitive tenders accepted from private investors 

totaled $33,808 million. 

In addition to the $34,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,571 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AQ-2021 is $100. 

On August 1, 2018, Treasury announced it would 

auction $26,000 million of 10-year notes. The issue 

was to refund $38,216 million of securities maturing 

August 15 and to raise new cash of approximately 

$39,784 million. 

The 10-year notes of Series E-2028 were dated and 

issued August 15. They are due August 15, 2028, with 

interest payable on February 15 and August 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 

1:00 p.m. e.t. for competitive tenders on August 8. 

Tenders totaled $66,189 million; Treasury accepted 

$26,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.960 percent with an equivalent price of 

$99.268892. Treasury accepted in full all competitive 

tenders at yields lower than 2.960 percent. Tenders at 

the high yield were allotted 35.06 percent. The median 

yield was 2.920 percent, and the low yield was 2.867 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors 

totaled $25,971 million. 

In addition to the $26,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,495 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series E-2028 is $100. 

On August 1, 2018, Treasury announced it would 

auction $18,000 million of 30-year bonds. The issue 

was to refund $38,216 million of securities maturing 

August 15 and to raise new cash of approximately 

$39,784 million. 

The 30-year bonds of August 2048 were dated and 

issued August 15. They are due August 15, 2048, with 

interest payable on February 15 and August 15 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 bonds before 

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

1:00 p.m. e.t. for competitive tenders on August 9. 

Tenders totaled $40,932 million; Treasury accepted 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

43 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.090 percent with an equivalent price of 

$98.248216. Treasury accepted in full all competitive 

tenders at yields lower than 3.090 percent. Tenders at 

the high yield were allotted 57.33 percent. The median 

yield was 3.048 percent, and the low yield was 2.588 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors 

totaled $17,992 million. 

In addition to the $18,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,420 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

August 2048 is $100. 

Auction of 52-Week Bills 

On August 9, 2018, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued August 16 and will mature August 

15, 2019. The issue was to refund $154,996 million of 

all maturing bills and to raise new cash of 

approximately $37,004 million. Treasury auctioned the 

bills on August 14. Tenders totaled $83,519 million; 

Treasury accepted $26,000 million, including $666 

million of noncompetitive tenders from the public. The 

high bank discount rate was 2.365 percent. 

Auction of 4-Year 8-Month 0-5/8 Percent TIPS 

On August 16, 2018, Treasury announced it would 

auction $14,000 million of 4-year 8-month 0-5/8 

percent TIPS. The issue was to refund $71,733 million 

of securities maturing August 31 and to raise new cash 

of approximately $63,267 million. 

The 4-year 8-month 0-5/8 percent TIPS of Series 

X-2023 were dated April 15 and issued August 31. 

They are due April 15, 2023, with interest payable on 

October 15 and April 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 August 23. 

Tenders totaled $38,852 million; Treasury accepted 

$14,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.724 percent with an equivalent adjusted 

price of $100.986989. Treasury accepted in full all 

competitive tenders at yields lower than 0.724 percent. 

Tenders at the high yield were allotted 69.55 percent. 

The median yield was 0.681 percent, and the low yield 

was 0.627 percent. Noncompetitive tenders totaled $35 

million. Competitive tenders accepted from private 

investors totaled $13,965 million. Adjusted accrued 

interest of $2.39057 per $1,000 must be paid for the 

period from April 15 to August 31. Both the 

unadjusted price of $99.550476 and the unadjusted 

accrued interest of $2.35656 were adjusted by an index 

ratio of 1.01443, for the period from April 15 to 

August 31. 

In addition to the $14,000 million of tenders 

accepted in the auction process, Treasury accepted 

$987 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series X-2023 is $100. 

Auction of 2-Year Notes 

On August 23, 2018, Treasury announced it would 

auction $36,000 million of 2-year notes. The issue was 

to refund $71,733 million of securities maturing 

August 31 and to raise new cash of approximately 

$63,267 million. 

The 2-year notes of Series BF-2020 were dated and 

issued August 31. They are due August 31, 2020, with 

interest payable on February 28 and August 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 August 27. 

Tenders totaled $104,183 million; Treasury accepted 

$36,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.655 percent with an equivalent price of 

$99.941940. Treasury accepted in full all competitive 

tenders at yields lower than 2.655 percent. Tenders at 

the high yield were allotted 42.73 percent. The median 

yield was 2.625 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $364 million. 

Competitive tenders accepted from private investors 

totaled $35,536 million. 

In addition to the $36,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,537 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BF-2020 is $100. 

Auction of 5-Year Notes 

On August 23, 2018, Treasury announced it would 

auction $37,000 million of 5-year notes. The issue was 

to refund $71,733 million of securities maturing 

August 31 and to raise new cash of approximately 

$63,267 million. 

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

and issued August 31. They are due August 31, 2023, 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

44 

with interest payable on February 28 and August 31 

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 August 28. 

Tenders totaled $92,257 million; Treasury accepted 

$37,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.765 percent with an equivalent price of 

$99.930401. Treasury accepted in full all competitive 

tenders at yields lower than 2.765 percent. Tenders at 

the high yield were allotted 43.94 percent. The median 

yield was 2.721 percent, and the low yield was 2.600 

percent. Noncompetitive tenders totaled $54 million. 

Competitive tenders accepted from private investors 

totaled $36,946 million. 

In addition to the $37,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,608 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AC-2023 is $100.

Auction of 1-Year 11-Month 0.043 Percent 

FRN 

On August 23, 2018, Treasury announced it would 

auction $17,000 million of 1-year 11-month 0.043 

percent FRNs. The issue was to refund $71,733 

million of securities maturing August 31 and to raise 

new cash of approximately $63,267 million. 

The 1-year 11-month 0.043 percent FRNs of Series 

BE-2020 were dated July 31 and issued August 31. 

They are due July 31, 2020, with interest payable on 

October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on August 29. 

Tenders totaled $50,043 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.047 percent with an equivalent 

price of $99.991756. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.047 percent. Tenders at the high discount margin 

were allotted 66.65 percent. The median discount 

margin was 0.040 percent, and the low discount 

margin was 0.020 percent. Noncompetitive tenders 

totaled $25 million. Competitive tenders accepted from 

private investors totaled $16,975 million. Accrued 

interest of $0.178865084 per $100 must be paid for the 

period from July 31 to August 31. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,198 million from FRBs for their own accounts. 

Auction of 7-Year Notes 

On August 23, 2018, Treasury announced it would 

auction $31,000 million of 7-year notes. The issue was 

to refund $71,733 million of securities maturing 

August 31 and to raise new cash of approximately 

$63,267 million. 

The 7-year notes of Series P-2025 were dated and 

issued August 31. They are due August 31, 2025, with 

interest payable on February 28 and August 31 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 August 29. 

Tenders totaled $82,169 million; Treasury accepted 

$31,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.844 percent with an equivalent price of 

$99.407159. Treasury accepted in full all competitive 

tenders at yields lower than 2.844 percent. Tenders at 

the high yield were allotted 49.68 percent. The median 

yield was 2.807 percent, and the low yield was 2.700 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors 

totaled $30,985 million. 

In addition to the $31,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,185 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series P-2025 is $100. 

S E P T E M B E R 

Auction of 3-Year Notes 

On September 6, 2018, Treasury announced it 

would auction $35,000 million of 3-year notes. The 

issue was to refund $24,000 million of securities 

maturing September 15 and to raise new cash of 

approximately $49,000 million. 

The 3-year notes of Series AR-2021 were dated 

September 15 and issued September 17. They are due 

September 15, 2021, with interest payable on March 

15 and September 15 until maturity. Treasury set an 

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

tenders were accepted on a yield auction basis. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

45 

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 11. 

Tenders totaled $93,918 million; Treasury accepted 

$35,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.821 percent with an equivalent price of 

$99.797279. Treasury accepted in full all competitive 

tenders at yields lower than 2.821 percent. Tenders at 

the high yield were allotted 55.37 percent. The median 

yield was 2.795 percent, and the low yield was 2.600 

percent. Noncompetitive tenders totaled $111 million. 

Competitive tenders accepted from private investors 

totaled $34,790 million. Accrued interest of $0.15193 

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

15 to September 17. The minimum par amount 

required for STRIPS of notes of Series AR-2021 is 

$100. 

Auction of 52-Week Bills 

On September 6, 2018, Treasury announced it 

would auction $26,000 million of 364-day Treasury 

bills. They were issued September 13 and will mature 

September 12, 2019. The issue was to refund $182,998 

million of all maturing bills and to pay down 

approximately $21,998 million. Treasury auctioned the 

bills on September 11. Tenders totaled $97,750 

million; Treasury accepted $26,000 million, including 

$596 million of noncompetitive tenders from the 

public. The high bank discount rate was 2.465 percent. 

Auction of 9-Year 11-Month 2-7/8 Percent 

Notes 

On September 6, 2018, Treasury announced it 

would auction $23,000 million of 9-year 11-month 2-

7/8 percent notes. The issue was to refund $24,000 

million of securities maturing September 15 and to 

raise new cash of approximately $49,000 million. 

The 9-year 11-month 2-7/8 percent notes of Series 

E-2028 were dated August 15 and issued September 

17. 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 September 12. 

Tenders totaled $59,329 million; Treasury accepted 

$23,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.957 percent with an equivalent price of 

$99.296918. Treasury accepted in full all competitive 

tenders at yields lower than 2.957 percent. Tenders at 

the high yield were allotted 19.38 percent. The median 

yield was 2.916 percent, and the low yield was 2.800 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors 

totaled $22,985 million. Accrued interest of $2.57813 

per $1,000 must be paid for the period from August 15 

to September 17. The minimum par amount required 

for STRIPS of notes of Series E-2028 is $100. 

Auction of 29-Year 11-Month 3 Percent Bonds

On September 6, 2018, Treasury announced it 

would auction $15,000 million of 29-year 11-month 3 

percent bonds. The issue was to refund $24,000 

million of securities maturing September 15 and to 

raise new cash of approximately $49,000 million. 

The 29-year 11-month 3 percent bonds of August 

2048 were dated August 15 and issued September 17. 

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 September 13. 

Tenders totaled $35,059 million; Treasury accepted 

$15,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.088 percent with an equivalent price of 

$98.286448. Treasury accepted in full all competitive 

tenders at yields lower than 3.088 percent. Tenders at 

the high yield were allotted 79.43 percent. The median 

yield was 3.050 percent, and the low yield was 2.688 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors 

totaled $14,997 million. Accrued interest of $2.69022 

per $1,000 must be paid for the period from August 15 

to September 

Auction of 9-Year 10-Month 0-3/4 Percent TIPS 

On September 13, 2018, Treasury announced it 

would auction $11,000 million of 9-year 10-month 0-

3/4 percent TIPS. The issue was to raise new cash of 

approximately $28,000 million. 

The 9-year 10-month 0-3/4 percent TIPS of Series 

D-2028 were dated July 15 and issued September 28. 

They are due July 15, 2028, with interest payable on 

January 15 and July 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 September 20. 

Tenders totaled $28,282 million; Treasury accepted 

$11,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.910 percent with an equivalent adjusted 

price of $98.890361. Treasury accepted in full all 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2018 

46 

competitive tenders at yields lower than 0.910 percent. 

Tenders at the high yield were allotted 13.36 percent. 

The median yield was 0.855 percent, and the low yield 

was 0.800 percent. Noncompetitive tenders totaled $14 

million. Competitive tenders accepted from private 

investors totaled $10,986 million. Adjusted accrued 

interest of $1.53454 per $1,000 must be paid for the 

period from July 15 to September 28. Both the 

unadjusted price of $98.503243 and the unadjusted 

accrued interest of $1.52853 were adjusted by an index 

ratio of 1.00393, for the period from July 15 to 

September 28. The minimum par amount required for 

STRIPS of TIPS of Series D-2028 is $100. 

Auction of 1-Year 10-Month 0.043 Percent 

FRN 

On September 20, 2018, Treasury announced it 

would auction $17,000 million of 1-year 10-month 

0.043 percent FRNs. The issue was to raise new cash 

of approximately $28,000 million. 

The 1-year 10-month 0.043 percent FRNs of Series 

BE-2020 were dated July 31 and issued September 28. 

They are due July 31, 2020, with interest payable on 

October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 11:00 

a.m. e.t. for noncompetitive tenders and before 11:30 

a.m. e.t. for competitive tenders on September 25. 

Tenders totaled $52,006 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.050 percent with an equivalent 

price of $99.986524. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.050 percent. Tenders at the high discount margin 

were allotted 33.98 percent. The median discount 

margin was 0.040 percent, and the low discount 

margin was 0.020 percent. Noncompetitive tenders 

totaled $12 million. Competitive tenders accepted from 

private investors totaled $16,988 million. Accrued 

interest of $0.347411365 per $100 must be paid for the 

period from July 31 to September 28. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2018 

47 

 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue 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, 13 week, and 26 week) 

 

 2018 – July 05 ............................................... 2018-Aug. 02 28 85,608.7 35,000.4 34,240.8 759.6 99.855333 1.860 1.889

 Oct. 04 91 125,880.6 48,000.2 47,148.9 851.3 99.509611 1.940 1.977

 2019-Jan. 03 182 118,836.8 42,000.0 40,752.8 774.3 98.945917 2.085 2.136

July 12 ............................................... 2018-Aug. 09 28 110,756.0 35,000.3 34,104.6 895.7 99.856111 1.850 1.878

 Oct. 11 91 136,567.5 48,000.2 47,132.7 867.6 99.508347 1.945 1.982

 2019-Jan. 10 182 116,590.8 42,000.1 40,652.9 752.2 98.938333 2.100 2.152

July 19 ............................................... 2018-Aug. 16 28 130,871.0 45,000.1 44,160.6 839.5 99.853778 1.880 1.909

 Oct. 18 91 140,780.1 51,000.3 49,647.3 901.0 99.499500 1.980 2.018

 2019-Jan. 17 182 133,997.7 45,000.1 43,688.4 925.6 98.918111 2.140 2.193

July 26 ............................................... 2018-Aug. 23 28 156,164.8 55,000.1 54,192.6 807.5 99.853778 1.880 1.909

 Oct. 25 91 148,938.4 51,000.6 49,092.4 917.2 99.502028 1.970 2.007

 2019-Jan. 24 182 130,722.4 45,000.2 43,206.6 793.5 98.918111 2.140 2.193

Aug. 02 .............................................. 2018-Aug. 30 28 175,395.4 65,000.4 64,128.2 872.2 99.851444 1.910 1.939

 Nov. 01 91 146,233.4 51,000.7 49,604.3 896.4 99.494444 2.000 2.038

 2019-Jan. 31 182 141,384.8 45,000.4 43,912.5 787.9 98.908000 2.160 2.214

Aug. 09 .............................................. 2018-Sep. 06 28 185,831.8 70,000.2 69,119.0 881.1 99.851833 1.905 1.934

 Nov. 08 91 129,721.2 51,000.8 49,714.1 898.8 99.491917 2.010 2.048

 2019-Feb. 07 182 119,674.5 45,000.2 43,718.8 932.3 98.897889 2.180 2.235

Aug. 16 .............................................. 2018-Sep. 13 28 185,886.2 70,000.1 69,107.1 893.0 99.851444 1.910 1.939

 Nov. 15 91 144,118.7 51,000.2 49,649.0 1,013.2 99.486861 2.030 2.069

 2019-Feb. 14 182 146,131.4 45,000.3 43,660.3 860.1 98.897889 2.180 2.235

Aug. 23 .............................................. 2018-Sep. 20 28 195,666.6 70,000.7 69,078.3 922.4 99.851444 1.910 1.939

 Nov. 23 92 151,081.6 51,000.2 49,825.9 874.4 99.479944 2.035 2.074

 2019-Feb. 21 182 139,731.3 45,000.2 43,875.9 798.3 98.895361 2.185 2.240

Aug.30 ............................................... 2018-Sep. 27 28 180,044.3 65,000.5 64,042.1 958.3 99.849889 1.930 1.960

 Nov. 29 91 147,878.5 51,000.1 49,049.3 960.8 99.474222 2.080 2.120

 2019-Feb. 28 182 137,744.4 45,000.3 43,268.9 743.4 98.882722 2.210 2.266

Sept. 06 ............................................. 2018-Oct. 04 28 147,584.5 55,000.5 53,755.9 941.6 99.846778 1.970 2.000

 Dec. 06 91 138,390.9 48,000.2 46,967.5 927.6 99.470431 2.095 2.135

 2019-Mar. 07 182 127,459.1 42,000.1 40,981.9 718.2 98.867556 2.240 2.297

Sept.13 .............................................. 2018-Oct. 11 28 133,542.7 45,000.1 43,919.6 980.5 99.846389 1.975 2.006

 Dec. 13 91 144,950.0 48,000.1 46,989.3 910.9 99.466639 2.110 2.151

 2019-Mar. 14 182 131,723.0 42,000.1 41,046.9 653.2 98.854917 2.265 2.323

Sept. 20 ............................................. 2018-Oct. 18 28 135,212.1 40,000.5 38,839.8 970.6 99.842889 2.020 2.051

 Dec. 20 91 141,004.6 48,000.1 46,695.9 1,053.2 99.462847 2.125 2.166

 2019-Mar. 21 182 129,844.8 42,000.2 40,936.3 760.6 98.842278 2.290 2.349

Sept. 27 ............................................. 2018-Oct. 25 28 121,952.1 40,000.1 38,075.4 991.7 99.838222 2.080 2.112

 Dec. 27 91 144,438.6 48,000.2 46,085.7 939.6 99.448944 2.180 2.223

 2019-Mar. 28 182 137,936.0 42,000.5 40,280.9 841.6 98.827111 2.320 2.380

 

1 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 

26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2 Includes amount awarded to the Federal Reserve System. 

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 

December 2018 

48 

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) 

 

06/26/18 07/02/18 2.500% note - 06/30/20–BC 2y 97,046 38,234 2.538 - 99.926377 

06/27/18 07/02/18 2.625% note - 06/30/23-AA 5y 96,120 40,483 2.719 - 99.563565 

06/28/18 07/02/18 2.750% note - 06/30/25-M 7y 79,598 33,736 2.809 - 99.627486 

07/10/18 07/16/18 2.625% note - 07/15/21-AP 3y 82,933 33,128 2.685 - 99.828219 

07/11/18 07/16/18 2.875% note - 05/15/28-C 9y 10m 56,551 22,086 2.859 - 100.131750 

07/12/18 07/16/18 3.125% bond - 05/15/48 29y 10m 32,773 14,054 2.958 - 103.289415 

07/17/18 07/19/18 2.335% bill - 07/18/19 364d 78,706 26,000 

07/19/18 07/31/18 0.750% TIPS - 07/15/28-D 10y 29,597 13,706 0.762 - 100.098792 

07/24/18 07/31/18 2.625% note - 07/31/20-BD 2y 104,146 36,901 2.657 - 99.938070 

07/25/18 07/31/18 0.043% FRN - 07/31/20-BE 2y 51,263 18,978 0.000 - 100.000000 

07/25/18 07/31/18 2.750% note - 07/31/23-AB 5y 96,050 37,955 2.815 - 99.698805 

07/26/18 07/31/18 2.875% note - 07/31/25-N 7y 76,292 31,629 2.930 - 99.654192 

08/07/18 08/15/18 2.750% note - 08/15/21-AQ 3y 94,679 38,571 2.765 - 99.957100 

08/08/18 08/15/18 2.875% note - 08/15/28-E 10y 69,685 29,496 2.960 - 99.268892 

08/09/18 08/15/18 3.000% bond - 08/15/48 30y 43,352 20,420 3.090 - 98.248216 

08/14/18 08/16/18 2.365% bill - 08/15/19 364d 83,519 26,000 

08/23/18 08/31/18 0.625% TIPS - 04/15/23-X 4y 8m 39,839 14,987 0.724 - 100.986989 

08/27/18 08/31/18 2.625% note - 08/31/20-BF 2y 106,721 38,537 2.655 - 99.941940 

08/28/18 08/31/18 2.750% note - 08/31/23-AC 5y 94,865 39,608 2.765 - 99.930401 

08/29/18 08/31/18 0.047% FRN - 07/31/20-BE 1y 11m 51,242 18,198 0.000 - 99.991756 

08/29/18 08/31/18 2.750% note - 08/31/25-P 7y 84,354 33,185 2.844 - 99.407159 

09/11/18 09/13/18 2.465% bill - 09/12/19 364d 97,750 26,000 

09/11/18 09/17/18 2.750% note - 09/15/21-AR 3y 93,918 35,000 2.821 - 99.797279 

09/12/18 09/17/18 2.875% note - 08/15/28-E 9y 11m 59,329 23,000 2.957 - 99.296918 

09/13/18 09/17/18 3.000% bond - 08/15/48 29y 11m 35,059 15,000 3.088 - 98.286448 

09/20/18 09/28/18 0.750% TIPS - 07/15/28-D 9y 10m 28,282 11,000 0.910 - 98.890361 

09/25/18 09/28/18 0.050% FRN - 07/31/20-BE 1y 10m 52,006 17,000 0.000 - 99.986524 

 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. 
 49 

December 2018 

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.) 
50 OWNERSHIP OF FEDERAL SECURITIES 

December 2018 

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 - Sept ...................................... 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

Oct ....................................... 20,466,827 20,442,474 5,682,713 - 5,682,713 2,833,661 

Nov ...................................... 20,614,878 20,590,393 5,663,451 - 5,663,451 2,858,198 

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 

 

 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 - Sept ...................................... 11,814,271 11,332,237 482,034 24,369 24,368 1 

Oct ....................................... 11,926,100 11,440,017 486,083 24,353 24,352 1 

Nov ...................................... 12,068,743 11,579,343 489,400 24,486 24,485 1 

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 - 

 

 

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. 
 51 

December 2018 

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 - Sept........ 21,516.1 8,068.1 13,447.9 n.a. 156.8 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

 June ....... 21,195.3 8,106.9 13,088.5 673.7 157.8 599.6 288.9 226.3 1,829.6 694.8 6,211.7 2,406.0 

 Mar......... 21,089.9 8,086.6 13,003.3 638.8 159.0 572.0 278.7 361.7 1,978.0 693.4 6,216.6 2,105.1 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 634.4 160.4 404.5 277.3 373.2 1,805.5 703.5 6,209.7 1,792.1 

 Sept........ 20,244.9 8,036.9 12,208.0 604.5 161.7 546.7 261.2 353.9 1,696.6 687.0 6,301.9 1,594.6 

 June ....... 19,844.6 7,943.4 11,901.1 622.7 162.8 408.5 262.8 344.9 1,570.5 702.2 6,151.9 1,674.7 

 Mar......... 19,846.4 7,941.1 11,905.3 660.4 164.2 436.9 238.1 336.3 1,659.8 724.8 6,075.3 1,609.6 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 666.8 165.8 536.4 217.8 330.2 1,689.8 728.4 6,006.3 1,629.7 

 Sept........ 19,573.4 7,863.5 11,709.9 620.4 167.5 544.3 203.3 341.2 1,596.6 727.7 6,155.9 1,352.9 

 June ....... 19,381.6 7,911.2 11,470.4 570.3 169.0 537.1 185.0 329.8 1,431.9 710.0 6,279.1 1,258.3 

 Mar......... 19,264.9 7,801.4 11,463.6 555.3 170.3 524.0 170.4 315.5 1,401.7 692.4 6,284.4 1,349.7 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 504.7 174.5 306.7 1,318.3 682.4 6,146.2 1,359.7 

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 305.3 171.0 306.6 1,195.1 651.4 6,105.9 1,240.3 

 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 1,170.4 677.9 6,172.6 993.6 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 507.1 199.2 307.0 1,121.8 657.5 6,157.7 922.5 

 Sept........ 17,824.1 7,490.8 10,333.2 469.6 176.7 490.7 198.7 298.1 1,075.8 628.7 6,069.2 925.6 

 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 1,060.4 631.8 5,948.3 1,177.2 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.8 5,792.6 1,319.3 

 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 (MSPD)” 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. 
December 2018 

52 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 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 .............................. $1,881,518,403,023 $1,832,303,756,507 $1,831,827,082,285 $239,287,666 $237,386,556

Less amounts held by: 

The Treasury ....................................... 290,928,467 50,718,467 50,494,024 7,505 216,938

FRBs ................................................... 195,845,613,800 194,073,863,873 194,073,732,912 - 130,961

Amounts in circulation ............................. $1,685,381,860,756 $1,638,179,174,167 $1,637,702,855,349 $239,280,161 $237,038,657

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,214,646,516 $6,546,924,108 $42,667,722,408 

Less amounts held by: 

The Treasury ....................................... 240,210,000 48,770,000 191,440,000 

FRBs ................................................... 1,771,749,927 1,137,786,305 633,963,622 

Amounts in circulation ............................. $47,202,686,589 $5,360,367,803 $41,842,318,786 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2018 

53 

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 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 ................................................................................ $12,157,265,045 $12,017,076,032 $143,503 $140,045,510 

$2 ................................................................................ 2,477,416,212 2,345,889,022 131,514,618 12,572 

$5 ................................................................................ 14,764,372,070 14,633,675,485 107,600,810 23,095,775 

$10 .............................................................................. 19,310,759,850 19,290,849,630 6,300 19,903,920 

$20 .............................................................................. 180,805,166,340 180,785,064,080 3,840 20,098,420

$50 .............................................................................. 85,845,631,350 85,834,138,200 500 11,492,650 

$100 ............................................................................ 1,322,506,488,200 1,322,484,520,400 -6 21,967,800 

$500 ............................................................................ 141,739,500 141,594,500 5,500 139,500 

$1,000 ......................................................................... 165,120,000 164,988,000 5,000 127,000 

$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 ......................................................... $1,638,179,174,167 $1,637,702,855,349 $239,280,161 $237,038,657 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

Sept. 30, 2018 ...................................................................................... 1,685,382 5,127 

Aug. 31, 2018 ....................................................................................... 1,685,256 5,131 

July 31, 2018 ........................................................................................ 1,668,743 5,084 

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. 
Foreign Currency Positions

Exchange Stabilization Fund
57 

December 2018 

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. 
FOREIGN CURRENCY POSITIONS 

December 2018 

58 

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) 

 

04/04/18 ................................................................. 1,499,072 1,605,092 -165 1.2801 

04/11/18 ................................................................. 1,546,476 1,704,800 -166 1.2581 

04/18/18 ................................................................. 1,590,848 1,700,352 -188 1.2636 

04/25/18 ................................................................. 1,650,529 1,862,989 -186 1.2871 

 

05/02/18 ................................................................. 1,767,582 2,021,873 -213 1.2848 

05/09/18 ................................................................. 1,814,629 1,993,456 -235 1.2852 

05/16/18 ................................................................. 1,839,831 1,967,803 -238 1.2828 

05/23/18 ................................................................. 1,923,952 2,027,527 -206 1.2882 

05/30/18 ................................................................. 2,057,633 2,161,367 -208 1.2842 

 

06/06/18 ................................................................. 1,999,587 2,109,674 -187 1.2907 

06/13/18 ................................................................. 2,088,111 2,132,380 -200 1.2963 

06/20/18 ................................................................. 1,745,672 1,836,908 -236 1.3291 

06/27/18 ................................................................. 1,794,493 1,902,818 -230 1.3300 

 

07/04/18 ................................................................. n.a. n.a. n.a. n.a. 

07/11/18 ................................................................. 1,766,083 1,868,228 -193 1.3127 

07/18/18 ................................................................. 1,714,134 1,812,399 -218 1.3203 

07/25/18 ................................................................. 1,777,457 1,880,475 -206 1.3104 

 

08/01/18 ................................................................. 1,850,027 1,951,939 -183 1.3006 

08/08/18 ................................................................. 1,814,264 1,929,948 -173 1.3061 

08/15/18 ................................................................. 1,797,632 1,902,546 -129 1.3155 

08/22/18 ................................................................. 1,867,025 1,962,956 -157 1.3014 

08/29/18 ................................................................. 2,065,636 2,167,776 -165 1.2941 

 

09/05/18 ................................................................. 2,067,564 2,164,270 -152 1.3191 

09/12/18 ................................................................. 2,108,910 2,210,117 -165 1.3005 

09/19/18 ................................................................. 1,749,211 1,844,601 -153 1.2939 

09/26/18 ................................................................. 1,485,091 1,916,560 -132 1.2963 

 

 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

59 

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) 

 

2015 - Dec ................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839 

2016 - Dec ................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 - Oct. .................. 1,752,513 1,853,868 257,452 234,738 77,217 72,455 74,389 79,998 -169 1.2894 

Nov .................. 1,896,118 2,002,049 267,198 235,996 78,042 73,451 75,691 69,445 -163 1.2884 

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 2,224,277 278,438 238,245 57,510 57,096 85,577 79,616 -170 1.3072 

Sept ................. 1,849,013 1,936,396 313,302 245,913 59,463 61,565 84,217 77,795 -118 1.2922 

 

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 ................... 27,142 59,087 125,045 94,958 209 134 n.a. n.a. n.a. 1.3839 

2016 - Mar ................... 30,905 61,209 129,399 94,163 270 373 1,834 n.a. n.a. 1.2969 

June ................. 35,995 65,904 140,849 106,389 363 349 726 461 7 1.301 

Sept .................. 36,885 67,444 156,802 103,615 242 285 2,316 1,180 n.a. 1.3115 

Dec ................... 38,433 68,593 156,273 124,911 401 397 2,393 n.a. n.a. 1.3426 

2017 - Mar ................... 38,456 73,351 164,569 117,991 482 393 946 563 n.a. 1.3321 

June ................. 36,833 75,342 147,064 113,013 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 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

60 

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) 

 

04/04/18 .................................................................. 542,040 550,339 127 106.56 

04/11/18 .................................................................. 531,921 541,170 128 106.78 

04/18/18 .................................................................. 527,672 537,731 124 107.26 

04/25/18 .................................................................. 544,536 555,127 106 109.33 

 

05/02/18 .................................................................. 537,084 547,144 100 109.89 

05/09/18 .................................................................. 541,198 553,101 117 109.68 

05/16/18 .................................................................. 541,421 551,478 121 110.22 

05/23/18 .................................................................. 550,805 560,046 124 110.05 

05/30/18 .................................................................. 572,632 582,761 113 109.04 

 

06/06/18 .................................................................. 558,154 574,000 107 110.00 

06/13/18 .................................................................. 568,345 582,906 103 110.41 

06/20/18 .................................................................. 540,486 552,291 100 110.14 

06/27/18 .................................................................. 557,564 568,891 108 110.34 

 

07/04/18 .................................................................. n.a. n.a. n.a. n.a. 

07/11/18 .................................................................. 542,448 554,824 97 111.52 

07/18/18 .................................................................. 534,801 548,691 85 112.82 

07/25/18 .................................................................. 540,811 556,125 96 111.02 

 

08/01/18 .................................................................. 570,965 584,061 87 111.72 

08/08/18 .................................................................. 542,338 553,182 103 110.96 

08/15/18 .................................................................. 555,102 568,920 121 110.62 

08/22/18 .................................................................. 558,700 574,403 129 110.54 

08/29/18 .................................................................. 568,464 583,333 124 111.80 

 

09/05/18 .................................................................. 592,997 609,011 133 111.47 

09/12/18 .................................................................. 580,182 594,919 130 111.29 

09/19/18 .................................................................. 545,336 558,485 115 112.21 

09/26/18 .................................................................. 446,185 460,838 119 112.92 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

61 

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) 

 

2015 - Dec .................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27 

2016 - Dec .................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 - Oct. ................. 553,257 560,253 152,978 142,056 49,152 48,042 51,660 54,698 -74 113.63 

Nov ................. 594,779 602,734 105,875 97,640 52,677 50,930 51,579 54,036 -85 112.30 

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 ................. 586,192 600,428 112,001 91,078 36,955 36,419 60,463 62,735 158 110.98 

Sept ................ 573,132 585,026 125,761 101,413 35,355 36,283 59,034 61,085 131 113.48 

 

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 4,016 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,225 4,900 7,184 5,318 n.a. 340 687 486 -7 112.42 

June ................. 8,200 4,667 7,254 5,807 n.a. 367 723 581 -5 102.77 

Sept .................. 7,804 4,314 7,815 6,141 n.a. 382 588 488 -18 101.21 

Dec ................... 7,108 5,211 7,632 6,306 352 303 1,006 912 n.a. 116.78 

2017 - Mar ................... 9,579 7,021 8,182 6,262 420 486 841 554 -1 111.41 

June ................. 8,857 7,788 7,065 6,374 n.a. 438 539 386 -1 112.4 

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 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

62 

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) 

 

04/04/18 .................................................................. 820,122 888,096 189 0.9595 

04/11/18 .................................................................. 845,616 896,012 n.a. 0.9578 

04/18/18 .................................................................. 856,645 904,969 265 0.967 

04/25/18 .................................................................. 903,495 958,578 n.a. 0.9828 

 

05/02/18 .................................................................. 1,013,870 1,075,948 n.a. 0.9975 

05/09/18 .................................................................. 968,734 1,024,663 n.a. 1.0042 

05/16/18 .................................................................. 1,000,549 1,053,615 n.a. 1.0004 

05/23/18 .................................................................. 1,021,370 1,075,085 n.a. 0.9952 

05/30/18 .................................................................. 1,044,500 1,104,942 n.a. 0.9890 

 

06/06/18 .................................................................. 1,045,356 1,104,505 308 0.9844 

06/13/18 .................................................................. 1,085,721 1,125,607 329 0.9844 

06/20/18 .................................................................. 922,133 954,646 333 0.9956 

06/27/18 .................................................................. 907,279 942,503 296 0.9962 

 

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 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

63 

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) 

 

2015 - Dec ................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a. 1.0017 

2016 - Dec ................... 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.0160 

2017 - Oct. .................. 823,804 885,734 98,907 74,392 68,930 67,253 85,392 84,042 n.a. 0.9968 

Nov .................. 967,393 1,020,311 94,314 68,867 74,000 73,301 84,617 84,034 72 0.9838 

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 94,237 63,883 51,345 47,781 81,763 81,517 129 0.9698 

Sept ................. 945,254 993,633 89,756 59,432 51,886 49,328 88,816 88,404 198 0.9758 

 

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 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 

2016 - Mar ................... 12,965 16,654 48,569 16,247 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,961 14,942 38,415 16,235 n.a. n.a. 158 n.a. n.a. 0.9792 

Sept .................. 13,162 13,803 74,616 16,527 - n.a. n.a. n.a. n.a. 0.9694 

Dec ................... 15,062 14,957 100,733 18,341 - n.a. n.a. n.a. n.a. 1.016 

2017 - Mar ................... 16,987 18,151 76,127 18,575 n.a. n.a. n.a. n.a. n.a. 0.9998 

June ................. 14,636 16,877 105,291 17,277 - 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 

 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

64 

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) 

 

04/04/18 .................................................................. 2,526,657 2,728,507 344 1.4076 

04/11/18 .................................................................. 2,545,095 2,749,725 369 1.4194 

04/18/18 .................................................................. 2,638,364 2,844,423 314 1.4227 

04/25/18 .................................................................. 2,775,653 2,960,065 333 1.3941 

 

05/02/18 .................................................................. 2,973,289 3,242,557 n.a. 1.3610 

05/09/18 .................................................................. 2,876,250 3,085,274 n.a. 1.3567 

05/16/18 .................................................................. 2,878,170 3,078,471 n.a. 1.3478 

05/23/18 .................................................................. 2,947,057 3,143,803 n.a. 1.3341 

05/30/18 .................................................................. 3,056,748 3,259,591 n.a. 1.3296 

 

06/06/18 .................................................................. 3,036,631 3,239,955 n.a. 1.3429 

06/13/18 .................................................................. 3,099,750 3,263,387 n.a. 1.3378 

06/20/18 .................................................................. 2,741,703 2,933,962 45 1.3213 

06/27/18 .................................................................. 2,840,482 3,049,008 126 1.3139 

 

07/04/18 .................................................................. n.a. n.a. n.a. n.a. 

07/11/18 .................................................................. 2,777,735 2,987,401 -61 1.3241 

07/18/18 .................................................................. 2,776,177 2,969,427 218 1.3050 

07/25/18 .................................................................. 2,821,141 3,007,160 62 1.3150 

 

08/01/18 .................................................................. 2,985,251 3,169,322 179 1.3120 

08/08/18 .................................................................. 2,842,580 3,027,852 -14 1.2880 

08/15/18 .................................................................. 2,873,446 3,063,781 89 1.2685 

08/22/18 .................................................................. 2,833,694 3,007,954 124 1.2910 

08/29/18 .................................................................. 3,016,432 3,199,395 124 1.3006 

 

09/05/18 .................................................................. 2,966,110 3,151,666 -11 1.2903 

09/12/18 .................................................................. 3,105,544 3,306,026 164 1.3029 

09/19/18 .................................................................. 2,733,781 2,918,123 267 1.3162 

09/26/18 .................................................................. 2,885,293 2,573,122 83 1.3182 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

65 

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) 

 

2015 - Dec ................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746 

2016 - Dec ................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 - Oct. .................. 2,829,670 3,046,396 841,243 796,719 139,103 136,155 136,457 145,243 305 1.3281 

Nov .................. 2,964,748 3,215,150 860,406 815,265 147,952 153,873 156,622 159,284 259 1.3506 

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 3,228,784 828,258 752,789 124,074 121,435 98,738 99,182 4 1.2964 

Sept ................. 2,856,448 3,044,326 827,127 754,874 138,367 128,428 109,498 110,203 79 1.3053 

 

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 ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar ................... 25,097 48,638 161,912 64,787 460 958 5,159 2,545 76 1.4381 

June ................. 32,851 59,068 168,024 68,927 n.a. n.a. 3,488 1,337 131 1.3242 

Sept .................. 27,814 58,602 163,430 65,795 406 432 2,465 727 63 1.3015 

Dec ................... 28,214 50,414 166,901 66,789 n.a. 428 2,686 1,577 4 1.2337 

2017 - Mar ................... 32,757 57,906 173,336 73,570 1,446 n.a. 2,643 1,825 -20 1.2537 

June ................. 31,749 58,195 200,797 65,224 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 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

66 

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) 

 

04/04/18 ................................................................ 24,952,956 24,033,803 1,233 n.a. 

04/11/18 ................................................................ 25,313,646 24,395,459 1,037 n.a. 

04/18/18 ................................................................ 25,359,329 24,470,649 844 n.a. 

04/25/18 ................................................................ 26,401,735 25,493,439 648 n.a. 

 

05/02/18 ................................................................ 27,606,559 26,652,228 617 n.a. 

05/09/18 ................................................................ 27,188,155 26,298,673 563 n.a. 

05/16/18 ................................................................ 27,571,497 26,599,741 560 n.a. 

05/23/18 ................................................................ 27,641,103 26,758,475 828 n.a. 

05/30/18 ................................................................ 29,010,542 28,079,107 958 n.a. 

 

06/06/18 ................................................................ 28,641,986 27,668,979 -643 n.a. 

06/13/18 ................................................................ 29,173,552 28,423,377 -422 n.a. 

06/20/18 ................................................................ 26,563,566 25,810,435 -823 n.a. 

06/27/18 ................................................................ 27,211,022 26,415,117 -1,061 n.a. 

 

07/04/18 ................................................................ n.a. n.a. n.a. n.a. 

07/11/18 ................................................................ 26,839,644 26,015,486 -1,248 n.a. 

07/18/18 ................................................................ 26,590,628 25,863,700 -1,262 n.a. 

07/25/18 ................................................................ 26,703,295 25,888,266 -1,634 n.a. 

 

08/01/18 ................................................................ 27,645,416 26,869,583 -1,630 n.a. 

08/08/18 ................................................................ 26,706,786 25,961,553 -2,195 n.a. 

08/15/18 ................................................................ 27,155,594 26,411,034 -1,631 n.a. 

08/22/18 ................................................................ 27,281,349 26,545,371 -1,348 n.a. 

08/29/18 ................................................................ 28,293,518 27,562,329 -1,139 n.a. 

 

09/05/18 ................................................................ 28,610,174 27,841,427 -755 n.a. 

09/12/18 ................................................................ 29,050,910 28,324,631 -776 n.a. 

09/19/18 ................................................................ 26,099,445 25,427,716 -295 n.a. 

09/26/18 ................................................................ 26,667,988 25,920,295 -1,050 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

67 

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) 

 

2015 - Dec .............. 23,238,723 22,612,485 - - 2,124,407 1,978,064 1,357,669 1,515,285 -7,263 n.a. 

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 - Oct. ............. 26,237,151 25,310,694 - - 1,906,482 1,911,803 1,704,527 1,716,059 -69 n.a. 

Nov ............. 28,055,100 27,082,715 - - 1,874,917 1,882,417 1,664,993 1,633,793 317 n.a. 

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. 

 

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 .................. 394,957 329,092 - - 28,177 20,380 6,992 9,361 1,846 n.a. 

2016 - Mar .................. 386,524 340,914 - - 30,532 20,989 7,380 11,588 1,436 n.a. 

June ................ 406,478 344,699 - - 19,972 13,480 10,695 12,325 1,056 n.a. 

Sept ................. 395,439 360,589 - - 17,282 11,021 11,927 14,172 1,089 n.a. 

Dec .................. 391,396 322,230 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

2017 - Mar .................. 432,581 409,997 - - 28,357 17,729 20,518 21,040 1,350 n.a. 

June ................ 426,181 406,215 - - 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. 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

68 

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) 

 

04/04/18 ............................................................................. 6,530,780 6,994,946 72 0.8135 

04/11/18 ............................................................................. 6,669,145 6,924,625 141 0.8075 

04/18/18 ............................................................................. 6,643,703 6,884,267 196 0.8077 

04/25/18 ............................................................................. 7,064,731 7,297,540 56 0.8212 

 

05/02/18 ............................................................................. 7,622,820 7,948,159 -138 0.8356 

05/09/18 ............................................................................. 7,329,013 7,581,120 -271 0.8437 

05/16/18 ............................................................................. 7,445,430 7,760,236 -310 0.8483 

05/23/18 ............................................................................. 7,429,625 7,716,069 -356 0.8552 

05/30/18 ............................................................................. 8,005,241 8,298,620 -506 0.8573 

 

06/06/18 ............................................................................. 7,737,364 7,959,441 -352 0.8490 

06/13/18 ............................................................................. 7,890,468 8,050,228 -409 0.8486 

06/20/18 ............................................................................. 7,286,345 7,437,198 -528 0.8627 

06/27/18 ............................................................................. 7,404,128 7,565,096 -762 0.8630 

 

07/04/18 ............................................................................. n.a. n.a. n.a. n.a. 

07/11/18 ............................................................................. 7,282,157 7,456,265 -455 0.8531 

07/18/18 ............................................................................. 7,196,274 7,355,333 -586 0.8587 

07/25/18 ............................................................................. 7,099,561 7,290,717 -495 0.8564 

 

08/01/18 ............................................................................. 7,462,565 7,625,435 -499 0.8572 

08/08/18 ............................................................................. 7,147,608 7,311,012 -564 0.8622 

08/15/18 ............................................................................. 7,342,917 7,511,899 -790 0.8825 

08/22/18 ............................................................................. 7,221,873 7,399,548 -480 0.8624 

08/29/18 ............................................................................. 7,664,801 7,824,863 -395 0.8548 

 

09/05/18 ............................................................................. 7,624,228 7,812,563 -650 0.8606 

09/12/18 ............................................................................. 7,894,524 8,043,989 -499 0.8601 

09/19/18 ............................................................................. 7,050,101 7,223,742 -453 0.8558 

09/26/18 ............................................................................. 7,102,676 5,948,230 -282 0.8505 

 
FOREIGN CURRENCY POSITIONS 

December 2018 

69 

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) 

 

2015 - Dec ................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,858 694,076 n.a. 0.9209 

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 - Oct. .................. 6,868,706 7,148,517 2,071,132 1,915,336 583,788 576,004 517,044 516,484 -12 0.8585 

Nov .................. 7,329,380 7,568,045 2,031,462 1,896,864 579,459 567,241 542,522 543,060 257 0.8405 

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 1,977,099 1,759,757 579,034 567,646 476,687 489,139 293 0.8624 

Sept ................. 7,374,345 7,548,078 1,916,848 1,742,343 559,485 560,544 451,211 457,444 461 0.8604 

 

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 ................... 123,963 121,422 283,432 184,211 5,153 1,869 11,254 7,154 -52 0.9209 

2016 - Mar ................... 134,044 119,293 304,147 198,033 5,602 3,244 5,273 3,128 n.a. 0.878 

June ................. 128,496 123,939 319,636 211,312 6,232 3,385 7,230 3,149 n.a. 0.9064 

Sept .................. 133,470 117,747 328,711 220,262 5,011 3,212 5,513 2,647 n.a. 0.8898 

Dec ................... 133,410 125,866 365,321 234,629 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar ................... 145,758 148,204 386,434 256,887 9,239 7,902 15,666 8,084 197 0.9347 

June ................. 170,784 153,986 433,647 249,889 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 

 
70 

December 2018 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of June 30, 2018, and September 30, 2018 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2018 

July 1, 2018, 

through 

Sept. 30, 2018 Sept. 30, 2018 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance ................................................................... - - - 

U.S. Government securities ............................................. 22,241,280 70,008 22,311,288 

Special drawing rights 1 ........................................................... 51,288,302 -370,486 50,917,816 

Foreign exchange and securities: 

European euro ..................................................................... 12,682,672 -100,996 12,581,676 

Japanese yen ....................................................................... 8,446,313 -207,101 8,239,212 

Accounts receivable ................................................................. 143,612 -871 142,741 

Total assets .......................................................................... 94,802,179 -609,446 94,192,733 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 77,920 1,808 79,728 

Total current liabilities ...................................................... 77,920 1,808 79,728 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,673,977 -399,773 49,274,204 

Total other liabilities ......................................................... 54,873,977 -399,773 54,474,204 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... 234,649 -211,481 23,168 

Total capital ...................................................................... 39,850,282 -211,481 39,638,801 

Total liabilities and capital ............................................ 94,802,179 -609,446 94,192,733 

See footnote on the following page. 
 EXCHANGE STABILIZATION FUND 71 

December 2018 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2018, 

through 

Sept. 30, 2018 

Fiscal year to date 

Oct. 1, 2017 

through 

Sept. 30, 2018 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... -9,412,093 -285,575 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... 9,094,929 -22,415 

Net income (+) or loss (-): 

SDRs .............................................................................. 3,615 12,930 

U.S. Government securities ........................................... 110,259 345,882 

Foreign exchange .......................................................... -8,191 -27,654 

Income from operations ................................................. -211,481 23,168 

Net income (+) or loss (-) ........................................... -211,481 23,168 

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.” 
Trust Funds
TRUST FUNDS 

December 2018 

75 

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 87 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 19 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 68 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ............................................................................................................................ 145 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 30 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 22 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ........................................................................................................................... 25 

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
76 

December 2018 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

December 2018 

77 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Holly Posin, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 3127 MT 

Washington, DC 20220 

Telephone (202) 622-2020 or fax (202) 622-2633
December 2018 

78 

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 

December 2018 

79 

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 

December 2018 

80 

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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