BULLETIN

MARCH2017

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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March 2017 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 9 

Analysis—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ........................ 11 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 12 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 12 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 13 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 14 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 16 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 18

ACCOUNT OF THE U.S. TREASURY 

Introduction— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 19 

UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 19

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 21 

FD-1—Summary of Federal Debt ....................................................................................................................................... 22 

FD-2—Debt Held by the Public .......................................................................................................................................... 23 

FD-3—Government Account Series .................................................................................................................................... 24 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 25 

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

 Private Investors .................................................................................................................................................... 26 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 27 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 28

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 30 

TREASURY FINANCING ................................................................................................................................................. 30 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 37 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 38 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 39 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 40 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 41

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 42 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 42 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 43
March 2017 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 47 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 60 

ESF-1—Balance Sheet ........................................................................................................................................................ 60 

ESF-2—Income and Expense .............................................................................................................................................. 61

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction—Financial Report Excerpt .............................................................................................................................. 65 

Financial Report Excerpt ..................................................................................................................................................... 66 

TRUST FUNDS 

Introduction—Airport and Airway Trust Fund .................................................................................................................... 85 

TF-1—Airport and Airway Trust Fund ............................................................................................................................... 86 

Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 87 

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 88 
March 2017 

V

Table of Contents 

Introduction—Black Lung Disability Trust Fund ................................................................................................................ 89 

TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 90 

Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 91 

TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 92 

Introduction—Hazardous Substance Superfund .................................................................................................................. 93 

TF-5—Hazardous Substance Superfund .............................................................................................................................. 94 

Introduction—Highway Trust Fund .................................................................................................................................... 96 

TF-6—Highway Trust Fund ................................................................................................................................................ 97 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 99 

Introduction—Inland Waterways Trust Fund .................................................................................................................... 100 

TF-7—Inland Waterways Trust Fund ................................................................................................................................ 100 

Introduction—Leaking Underground Storage Tank Trust Fund ........................................................................................ 101 

TF-8—Leaking Underground Storage Tank Trust Fund ................................................................................................... 102 

Introduction—Nuclear Waste Fund ................................................................................................................................... 103 

TF-9—Nuclear Waste Fund ............................................................................................................................................... 103 

TF-A—Chart: Major Trust Funds, Interest on Investments ............................................................................................... 104 

TF-B—Chart: Major Trust Funds, Receipts and Expenses................................................................................................ 104 

Introduction—Reforestation Trust Fund ............................................................................................................................ 105 

TF-10—Reforestation Trust Fund ..................................................................................................................................... 105 

Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................. 106 

TF-11—Sport Fish Restoration and Boating Safety Trust Fund ........................................................................................ 107 

Introduction—Oil Spill Liability Trust Fund ..................................................................................................................... 108 

TF-12—Oil Spill Liability Trust Fund .............................................................................................................................. 109 

Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................. 110 

TF-13—Vaccine Injury Compensation Trust Fund ........................................................................................................... 110 

Introduction—Wool Research, Development, and Promotion Trust Fund ........................................................................ 111 

TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................. 112 

Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 113 

TF-15—Agriculture Disaster Relief Trust Fund ................................................................................................................ 113

Introduction— Patient Centered Outcomes Research Trust Fund ..................................................................................... 115

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

RESEARCH PAPER SERIES ........................................................................................................................................... 117

GLOSSARY ...................................................................................................................................................................... 119

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to 

rounding; n.a. = Not available. 
V

March 2017

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

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 ............................... √
OPERATIONS

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
March 2017 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of February 3, 2017 

Introduction 

The economy continued to expand in the final quarter of 

2016, if at a slower rate than in the previous quarter, 

supported by moderate growth in consumer spending and a 

build-up in inventories. However, a reversal in net exports 

emerged as a significant headwind. Labor market conditions 

continued to improve, and the unemployment rate stood at 

4.8 percent in January 2017, close to full employment. 

Headline inflation has continued to edge higher, but it 

remains relatively low and core inflation remains stable. 

The federal budget deficit fell from a peak of 9.8 percent 

of GDP in fiscal year 2009 to an 8-year low of 2.5 percent in 

fiscal year 2015 before rising a bit to 3.2 percent of GDP in 

fiscal year 2016. In its January 2017 assessment of the 

outlook for the economy and budget, the Congressional 

Budget Office (CBO) projected the budget deficit would 

decline to 2.9 percent of GDP in fiscal year 2017, and to fall 

to 2.4 percent of GDP in fiscal year 2018. 

At its latest meeting on January 31-February 1, 2017, the 

Federal Reserve’s Federal Open Market Committee (FOMC) 

maintained the target range for the federal funds rate at 0.50 

to 0.75 percent. At that meeting, the FOMC announced it 

would maintain existing programs for reinvestment of 

principal payments and roll-overs of maturing Treasuries at 

auction. The Committee noted the “current shortfall of 

inflation from 2 percent” and also asserted that “the stance 

of monetary policy remains accommodative, thereby 

supporting some further strengthening in labor market 

conditions and a return to 2 percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 17.1 percent and, as of the fourth 

quarter of 2016, real GDP was 12.1 percent above its level at 

the end of 2007, when the recession began. According to the 

advance estimate, real GDP rose 1.9 percent at an annual 

rate in the fourth quarter of 2016, slowing from a 3.5 percent 

advance in the third quarter. Consumer spending grew 

moderately and private inventory investment also boosted 

growth. After declining for two quarters, residential 

investment grew strongly, adding to GDP growth, and 

business fixed investment improved for the third-straight 

quarter. Total government spending also made a small 

positive contribution to growth, as a rebound in State and 

local government spending more than offset a decline in 

federal outlays. Much stronger growth of imports, combined 

with a decline in exports, caused a large swing in net 

exports, which posed a sizable drag on GDP growth in the 

latest quarter. 

Real personal consumption expenditures—which 

account for about 69 percent of GDP—rose at a 2.5 percent 

annual rate in the fourth quarter, slowing from a 3.0 percent 

pace in the third quarter (which itself was a slowdown from 

the 4.3 percent rate in the second quarter). Across spending 

categories, consumption growth for consumer durables 

remained at a double-digit pace rising 10.9 percent in the 

fourth quarter, after advancing 11.6 percent in the third 

quarter. Consumption of nondurables rose 2.3 percent in the 

latest quarter, after declining by 0.5 percent in the third 

quarter. Services consumption rose 1.3 percent in the fourth 

quarter, slowing from the third quarter’s 2.7 percent 

increase. Altogether, consumption led real GDP growth in 

the fourth quarter, contributing 1.7 percentage points. 

After two consecutive quarters of decline, housing 

activity rebounded at a double-digit pace in the fourth 

quarter. Residential investment jumped 10.2 percent, 

following declines in the second and third quarters of 7.8 

percent and 4.1 percent, respectively. Residential activity 

accounts for 3.8 percent of GDP and contributed 0.4 

percentage point to fourth-quarter real GDP growth. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts grew 3.9 percent 

over the year through December 2016 to an annual rate of 

795,000 units. However, single-family starts remain 56.4 

percent below their January 2006 peak and well below the 
4 PROFILE OF THE ECONOMY 

March 2017 

1.1 million unit average observed from 1980 to 2004. Multifamily starts advanced 9.1 percent over the year through 

December 2016, and are just 4.2 percent below the prerecession peak. Sales of new single-family homes fell 0.4 

percent over the year through December 2016 to a 536,000 

annual rate. Sales of existing homes (94 percent of all home 

sales, including single-family, condos and co-ops) increased 

0.7 percent over the year through December 2016, to a 5.5 

million annual rate. 

Nonresidential fixed investment—12.4 percent of 

GDP—rose 2.4 percent at an annual rate in the fourth quarter 

of 2016, following a 1.4 percent increase in the third quarter. 

Growth of business spending on intellectual property 

products—including outlays for software, research and 

development, and entertainment, literary and artistic 

originals—advanced 6.4 percent on top of a 3.2 percent gain 

in the third quarter. Equipment investment was up 3.1 

percent in the fourth quarter, after a 4.5 percent decline in 

the third quarter. Business outlays for structures fell 4.9 

percent, after surging 12.0 percent in the third quarter. 

Altogether, nonresidential fixed investment added 0.3 

percentage point to real GDP growth in the fourth quarter, 

building on a 0.2 percent contribution in the third quarter. 

Finally, businesses added to inventories for the second 

consecutive quarter. The resulting change in private 

inventories added 1.0 percentage point to fourth-quarter real 

GDP growth, after a 0.5 percentage point contribution in the 

third quarter. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for nearly 15 percent. In the 

fourth quarter of 2016, exports fell by 4.3 percent (after 

jumping 10.0 percent in the previous quarter) and imports 

surged 8.2 percent (after growing 2.2 percent in the third 

quarter). The net export deficit deteriorated markedly, 

subtracting 1.7 percentage points from real GDP growth in 

the fourth quarter after adding 0.9 percent point in the third 

quarter. 

The current account balance (reflecting international 

trade in goods and services as well as investment income 

flows and unilateral transfers) has been in deficit almost 

continuously since the early 1980s and in 2006 reached a 

record $807 billion, equivalent to 5.8 percent of GDP. The 

current account deficit narrowed sharply during the 

recession to $384 billion (2.7 percent of GDP) in 2009. It 

has widened somewhat since then but remains well below its 

2006 peak. In the third quarter of 2016 (latest data 

available), the current account deficit narrowed to $452 

billion (annualized), or 2.4 percent of GDP. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.4 million jobs. Job losses 

continued even after the recovery began, but February 2010 

was the low point and employment rose in March of that 

year. Since then, through January 2017, total nonfarm 

payroll employment has increased by 15.8 million. Privatesector employment has risen 16.0 million. Job losses during the recession were spread broadly 

across most sectors but, with the resumption of job growth, 

all of these sectors have added jobs. Since the labor market 

recovery began in early 2010, through January 2017, 

payrolls in professional and business services have risen by 

3.9 million, and the leisure and hospitality industry’s 

employment has increased by about 2.9 million. 

Employment in the manufacturing sector has expanded by 

888,000 since early 2010 and the construction sector has 

added 1.3 million workers to its payrolls. However, 

employment in both of these sectors remains below prerecession levels. A few sectors added jobs throughout the 

recession and still continue to hire new workers: since early 

2010, the health care and social assistance sector has added 

an additional 2.6 million jobs. On a net basis, the 

government sector also added workers to payrolls during the 

recession, although payrolls began declining late in 2008 and 

trended lower until early 2014. Government employment has 

increased since then but growth has been uneven. From 

January 2014 through January 2017, the government sector 

has added just 471,000 jobs. Much of that growth occurred 

at the local level with the addition of 359,000 positions. 

Federal government employment has risen by 87,000 during 

this period and state government employment has increased 

by 25,000. 

The unemployment rate peaked in October 2009 at a 26- 

year high of 10.0 percent—5.4 percentage points above the 

4.6 percent average that prevailed in 2006 and 2007, before 

the recession began. Since then, the unemployment rate has 

trended lower and in January 2017, stood at 4.8 percent. 

Broader measures of unemployment have also declined 

but are still elevated compared with pre-recession levels. 

The broadest measure, which includes workers who are 

underemployed and those who are only marginally attached 

to the labor force (the U-6 unemployment rate), has fallen 

from a record high of 17.1 percent in late 2009 and early 

2010 to 9.4 percent in January 2017. The U-6 unemployment 

rate averaged 8.3 percent in the 2 years prior to the last 

recession. The percentage of the unemployed who have been 

out of work for 27 weeks or more also remains elevated 

relative to its pre-recession average. In January 2017, 24.4 

percent of unemployed workers were included in this 

category compared with readings of about 17.5 percent 

before the recession. 

Inflation

Over the past year, headline inflation rates have 

accelerated, reflecting rising energy prices, while core 

inflation rates have remained stable, but both measures 

remain relatively low. Headline consumer prices rose 

2.1percent over the 12 months ending in December 2016, 

accelerating after a 0.7 percent increase during the previous 

year. Energy prices advanced 5.4 percent over the year 
PROFILE OF THE ECONOMY 5 

March 2017 

through December 2016, in sharp contrast with the 12.6 

percent plunge over the year through December 2015. On a 

year-over-year basis, food prices have declined for four 

consecutive months; over the year through December 2016, 

this index fell 0.2 percent, reversing from the 0.8 percent 

increase over the 12 months ending in December 2015. On a 

12-month basis, core consumer prices (excluding food and 

energy) rose 2.2 percent through December 2016, 

comparable to the 2.1 percent advance in the year ending in 

December 2015. Core inflation had been near or below 2 

percent from early 2013 through late 2015, but hovered 

around 2-1⁄4 percent throughout 2016. 

Oil and gasoline prices fell sharply between mid-2014 

and early 2015. They trended higher in the spring and early 

summer of 2015, but resumed a declining trend through 

early 2016, reaching their lowest levels since early 2009. 

Since then, prices have trended higher. The front- month 

futures price of West Texas Intermediate (WTI) crude oil 

averaged $52.50 per barrel in January 2017, roughly $20.80 

above its January 2016 average, and about 50 cents above its 

December 2016 average. The retail price of regular gasoline 

averaged $2.30 per gallon in January 2017, 44 cents higher 

than a year earlier, but 1 cent lower than its December 2016 

average. 

Home prices have continued to rise. While the pace of 

increase remains below that observed in mid-2013, it far 

exceeds the increases in broad measures of consumer prices. 

The FHFA purchase-only home price index rose 6.1 percent 

over the year ending in November 2016, lower than the peak 

rates of around 8 percent observed in mid-2013. The 

Standard and Poor’s (S&P)/Case-Shiller composite 20-city 

home price index rose 5.3 percent over the year ending in 

November 2016, a pace less than half the peak rate of 13.8 

percent in November 2013. 

Federal Budget and Debt

The federal budget deficit declined to $438 billion (2.5 

percent of GDP) in fiscal year 2015, reaching an 8-year low, 

but rose to $587 billion (3.2 percent of GDP) in fiscal year 

2016. The deficit is now 6.6 percentage points below the 

peak of 9.8 percent reached in fiscal year 2009. Debt held by 

the public rose to $14.2 trillion at the end of fiscal year 

2016. As a share of the economy, publicly held debt rose to 

77.0 percent of GDP in fiscal year 2016, from 73.7 percent 

at the end of fiscal year 2015. 

In its January 2017 assessment of the outlook for the 

economy and budget, the CBO projected the budget deficit 

would decline to 2.9 percent of GDP in fiscal year 2017, and 

would fall to 2.4 percent of GDP in fiscal year 2018, before 

starting to rise again. Over the projection period from fiscal 

year 2019 to fiscal year 2027, the CBO estimates that the 

deficit will average nearly 4.1 percent, above the 40-year 

average of 3.2 percent of GDP. The debt-to-GDP ratio is 

projected to increase over that period from 77.9 percent of 

GDP in fiscal year 2019 to 88.9 percent by fiscal year 2027. 

Economic Policy

Key fiscal and monetary policy actions taken in past 

years aided the recovery and helped reinforce the expansion. 

On the fiscal policy side, these measures included the 

American Recovery and Reinvestment Act (ARRA) of 2009, 

a variety of selected tax cuts and credits for individuals and 

businesses, the American Taxpayer Relief Act of 2012 

(ATRA), financial support for State and local Governments, 

and extensions of Emergency Unemployment benefits. 

On September 28, 2016, Congress passed a continuing 

resolution (CR) that funded the federal government through 

December 9, 2016. On December 8, Congress passed a 

continuing resolution (CR) that will fund the federal 

government through April 28, 2017. The CR also reduced 

the across-the-board reductions in spending from fiscal year 
6 PROFILE OF THE ECONOMY 

March 2017 

2016 levels. Congress has only passed one of twelve 

appropriations bills for fiscal year 2017. (The Department of 

Veterans Affairs and military construction for the 

Department of Defense have been appropriated for the year). 

The Bipartisan Budget Act of 2015 suspended the debt 

ceiling from November 2, 2015, through March 15, 2017. 

On March 16, 2017, the debt ceiling will be raised to 

accommodate interim borrowing. If no new debt ceiling is 

passed or suspended, the Treasury will resort to 

extraordinary measures to fund the government’s 

obligations. 

On the monetary policy side, the Federal Reserve began 

its last cycle of monetary policy easing in September 2007, 

partly in response to rising financial market stress, as well as 

to signs of slowing in the broader economy. By December 

2008, the FOMC had lowered the federal funds target 

interest rate to an historically low range of 0 to 0.25 percent. 

The FOMC maintained this range until December 2015 and 

then raised the rate by 25 basis points to 0.25 to 0.50 

percent, then raised the rate by another 25 basis points in 

December 2016 to 0.50 to 0.75 percent. At its most 

recent meeting on January 31,-February 1, 2017, the 

FOMC maintained this range and reiterated its view, first 

expressed at the December 2015 meeting, that it “expects 

economic conditions will evolve in a manner that will 

warrant only gradual increases in the federal funds rate; 

the federal funds rate is likely to remain, for some time, 

below levels that are expected to prevail in the longer run.” 

In addition to lowering the federal funds rate target to 

respond to the financial crisis and slower economic growth, 

the Federal Reserve significantly expanded its tools to 

increase liquidity in credit markets, and eased lending terms 

to sectors in need of liquidity, including a variety of facilities 

and funds directed at specific financial markets. As of June 

30, 2010, all of these special facilities had expired. At the 

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and continue rolling over the 

Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 

purchases of $600 billion of longer-term Treasury securities. 

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term Treasury securities (6 to 30 years) and selling an 

equal amount of shorter-term Treasury securities (3 years or 

less), all by the end of June 2012. The Committee also 

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. 

The FOMC announced additional monetary 

accommodation at the December 2012 meeting, including 

the completion of short-term securities sales (which drain 

liquidity) and the continuation of purchases of long-term 

Treasury securities at a rate of $45 billion per month beyond 

the end of 2012. The FOMC also indicated that monthly 

purchases of mortgage-backed securities at a pace of $40 

billion per month would continue, and affirmed its existing 

policy of reinvesting principal payments. At its most recent 

meeting on January 31-February 1, 2017, the Committee 

indicated that it is “maintaining its existing policy of 

reinvesting principal payments from its holdings of agency 

debt and agency mortgage-backed securities, and of rolling 

over maturing Treasury securities at auction.” It added that, 

“it anticipates doing so until normalization of the level of the 

federal funds rate is well under way,” and reiterated that, 

“this policy, by keeping the Committee’s holdings of longerterm securities at sizeable levels, should help maintain 

accommodative financial conditions.” 

At the December 2013 meeting, the FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

purchases to $40 billion and $35 billion, respectively. At 

each subsequent meeting in January, March, April, June, 

July, and September 2014, the Committee announced further 

tapering of asset purchases of $5 billion in each category. At 

its meeting in October 2014, the Committee announced the 

conclusion of its asset purchase program at the end of 

October 2014. 
PROFILE OF THE ECONOMY 7 

March 2017 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008. Credit 

flows have increased substantially, and measures of risk 

tolerance and volatility have all improved, on net. 

Equity markets have more than recovered from the steep 

losses incurred in 2008, when the S&P 500 index suffered its 

largest annual loss since the Great Depression. After 

advancing 9.5 percent in 2016, the index has risen 2.6 

percent thus far in 2017 through early February, and is 

currently 47 percent above its October 2007 peak. Volatility 

has also declined markedly: the S&P Stock Market 

Volatility Index (VIX) often used as a measure of financial 

market uncertainty, stood at about 11 as of early February 

2017–down sharply from an all-time high of 80 in late 

October 2008. 

A variety of factors have buffeted long-term Treasury 

interest rates over the past several years, including flight-toquality flows in response to a variety of specific risk events, 

as well as supply concerns related to funding of the 

Government’s debt, and concerns about global financial 

markets and global growth. More recently, yields have been 

affected by expectations for more government spending and 

higher inflation. After falling by nearly 90 basis points 

during 2014, the yield on the 10-year Treasury note rose by 

about 10 basis points over the course of 2015 and by about 

18 basis points over 2016. Currently, the 10-year yield 

stands at 2.49 percent, well above the record low of 1.43 

percent reached in late July 2012, and 4 basis points higher 

on the year through early February. The 3-month Treasury 

bill yield dipped below 0.1 percent between January 2012 

and November 2015, but since then has trended higher, and 

stood at about 0.5 percent as of early February 2017. The 2- 

to 10-year Treasury yield spread, one measure of the 

steepness of the yield curve, narrowed significantly from 

November 2013 to July 2016 when it stood at 76 basis 

points. However, since then, the spread has widened, 

reaching 128 basis points as of early February 2017. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (also known as 

the TED spread, a measure of inter-bank liquidity and credit 

risk) rose to an all-time high of nearly 460 basis points in 

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread, 

which stood at 53 basis points as of early February 2017. 

Measures of longer-term credit risk have improved. The 

spread between the 10-year Treasury BBB (TBBB) 

corporate bond yield and the 10-year Treasury Constant 

Maturity yield averaged 211 basis points as of September 

2016, and since then has narrowed, standing at an average 

182 basis points in January 2017. The spread between the 

10-year Treasury High Quality Market (HQM) corporate 

bond yield and the 10-year Treasury Constant Maturity yield 

averaged 135 basis points in September 2016, and since then 

has narrowed to an average of 117 basis points as of January 

2017. (The HQM and TBBB yield curves are produced in 

Treasury’s Office of Economic Policy. The 10-year yields 

from these curves match the 10-year Treasury yield, and 

provide a more accurate measure of credit risk.) 
8 PROFILE OF THE ECONOMY 

March 2017 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages. The interest 

rate for a 30-year conforming fixed-rate mortgage fell to a 

record low of 3.31 percent in November 2012. In the spring 

of 2013, however, it moved sharply higher, peaking at 4.58 

percent in August 2013. After that, this rate moved lower, to 

3.41 percent in July 2016. Since then, the rate has trended 

higher, and in January 2017 averaged 4.15 percent. 

Foreign Exchange Rates

The value of the U.S. dollar compared with the 

currencies of seven major trading partners (the euro area 

countries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

next several years. From its peak in February 2002, to the 

recent low in August 2011, the exchange value of the dollar 

compared to an index of these currencies fell by about 39 

percent. Although the dollar’s exchange value against this 

index remains well below the February 2002 peak, it has 

appreciated between August 2011 and January 2017 by 

about 37 percent. From August 2011 through January 2017, 

the dollar has appreciated by about 49 percent against the 

yen and by about 35 percent against the euro. Against an 

index of currencies of 19 other important trading partners 

(including China, India, and Mexico), the dollar has 

appreciated by about 32 percent. 
March 2017

9

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments.

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections.

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit.

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount.

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions.

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group.

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service.

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

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

March 2017

10

on both on- and off-budget receipts, outlays and deficit of 

the Government.

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

• Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash.

• Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts.

• Table FFO-3 details on- and off-budget outlays by 

agency.

• Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date.

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts).

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another.

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source

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

First-Quarter Receipts

The following capsule analysis of budget receipts, by 

source, for the first quarter of fiscal year 2017

supplements fiscal data reported in the December issue of 

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

release, not enough data were available to analyze 

adequately collections for the quarter.

Individual income taxes—Individual income tax 

receipts, net of refunds, were $352.8 billion for the first 

quarter of fiscal year 2017. This is an increase of $1.3 

billion over the comparable prior year quarter. Withheld 

receipts increased by $5.5 billion and non-withheld receipts 

decreased by $1.5 billion during this period. Refunds 

increased by $2.8 billion over the comparable fiscal year 

2016 quarter. There was a decrease of $7.5 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2016.

Corporate income taxes—Net corporate income tax 

receipts were $75.7 billion for the first quarter of fiscal year 

2017. This is a decrease of $9.2 billion compared to the 

prior year first quarter. The $9.2 billion change is comprised 

of a decrease of $7.4 billion in estimated and final 

payments, and an increase of $1.8 billion in corporate 

refunds.

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2017 were $244.6 billion, an increase of $11.9 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by -$0.7 billion, $9.6 billion, and $3.0 billion 

respectively. There was a -$0.9 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of fiscal year 2017, while there was a 

-$8.5 billion adjustment in the first quarter of fiscal year 

2016.

Unemployment insurance—Unemployment insurance 

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

2017 were $6.5 billion, a decrease of $0.8 billion over the 

comparable quarter of fiscal year 2016. Net State taxes 

deposited in the U.S. Treasury decreased by $0.9 billion to 

$5.7 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.7 billion.
FEDERAL FISCAL OPERATIONS

March 2017

11

Budget Results and Financing of the U.S. Government

and Third-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

first quarter of fiscal year 2017. This was a negligible 

change from the comparable quarter of fiscal year 2016.

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2017 were $19.4 billion, a decrease of 

$0.5 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.5 billion, an 

increase of $0.1 billion over the comparable prior year 

quarter.

Estate and gift taxes—Net estate and gift tax receipts 

were $4.8 billion for the first quarter of fiscal year 2017. 

These receipts represent a decrease of $1.2 billion over the 

same quarter in fiscal year 2016.

Customs duties—Customs duties net of refunds were 

$8.8 billion for the first quarter of fiscal year 2017. This is a 

decrease of $0.4 billion over the comparable prior year 

quarter.

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2017 were $27.1 billion, a 

decrease of $26.0 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks decreasing by $24.0 billion.

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

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

 Fourth quarter 2017

October - December

 Fiscal year 2017

 year to date

Total on- and off-budget results:

Total receipts ................................................................ 740,771 740,771

On-budget receipts ................................................... 559,761 559,761

Off-budget receipts ................................................... 181,010 181,010

Total outlays.................................................................. 949,130 949,130

On-budget outlays..................................................... 775,558 775,558

Off-budget outlays..................................................... 173,572 173,572

Total surplus or deficit (-).............................................. -208,359 -208,359

On-budget surplus or deficit (-)................................. -215,796 -215,796

Off-budget surplus or deficit (-)................................. 7,438 7,438

Means of financing:

Borrowing from the public............................................. 259,268 259,268

Reduction of operating cash......................................... -45,879 -45,879

Other means ................................................................. -5,030 -5,030

Total on- and off-budget financing............................ 208,359 208,359

First-Quarter Net Budget Receipts by Source, Fiscal Year 2017

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

Source October November December

Individual income taxes...................................................... 121.6 91.7 139.5

Corporate income taxes..................................................... 2.3 0.6 72.8

Employment and general retirement.................................. 76.3 81.9 86.4

Unemployment insurance .................................................. 2.7 3.4 0.4

Contributions for other insurance and retirement.............. 0.3 0.3 0.4

Excise taxes ....................................................................... 5.7 7.2 6.4

Estate and gift taxes .......................................................... 1.3 1.6 1.9

Customs duties .................................................................. 3.1 2.9 2.8

Miscellaneous receipts....................................................... 8.4 10.3 8.4

Total budget receipts ..................................................... 221.7 199.9 319.2

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

March 2017

12
FEDERAL FISCAL OPERATIONS

March 2017

13

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 public–

Federal 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 or

deficit (-)

(7)

On-budget 

surplus or

deficit (-)

(8)

Off-budget 

surplus or

deficit (-)

(9)

2012 ............................ 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,476

2013 ............................ 2,773,979 2,100,705 673,274 3,454,254 2,820,439 633,815 -680,276 -719,738 39,460 667,974

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 ............................ 356,537 287,022 69,515 323,178 248,402 74,776 33,359 38,620 -5,261 62,470

2017 - Est.................... 3,276,172 2,465,992 810,180 3,875,970 3,099,879 776,091 -599,798 -633,887 34,089 1,331,294

2018 - Est.................... 3,632,248 2,791,385 840,863 4,073,170 3,259,631 813,539 -440,922 -468,246 27,324 691,771

2015 - Dec................... 349,631 292,239 57,392 364,075 309,049 55,026 -14,444 -16,810 2,366 94,513

2016 - Jan ................... 313,579 237,261 76,318 258,416 215,987 42,428 55,163 21,274 33,890 91,319

Feb .................. 169,147 108,015 61,132 361,757 287,570 74,187 -192,610 -179,555 -13,055 111,746

Mar .................. 227,848 154,634 73,213 335,891 262,546 73,345 -108,043 -107,912 -131 138,536

 Apr................... 438,432 354,420 84,012 331,977 266,592 65,385 106,455 87,828 18,627 -77,271

May.................. 224,604 160,264 64,340 277,111 202,110 75,001 -52,507 -41,846 -10,661 77,881

June................. 329,572 244,179 85,394 323,320 289,404 33,916 6,252 -45,225 51,477 116,057

 July.................. 209,998 148,604 61,394 322,817 255,219 67,598 -112,819 -106,615 -6,204 47,779

Aug .................. 231,327 168,497 62,830 338,438 263,249 75,189 -107,112 -94,753 -12,359 82,704

Sept................. 356,537 287,022 69,515 323,178 248,402 74,776 33,359 38,620 -5,261 62,470

 Oct................... 221,692 165,322 56,370 265,884 199,910 65,974 -44,192 -34,588 -9,604 231,774

Nov .................. 199,875 139,453 60,422 336,526 261,988 74,538 -136,651 -122,535 -14,116 141,869

Dec .................. 319,204 254,986 64,218 346,720 313,660 33,060 -27,516 -58,673 31,158 27,460

Fiscal year 2017 to date ... 740,771 559,761 181,010 949,130 775,558 173,572 -208,359 -215,796 7,438 401,103

Means of financing—net transactions, continued

Borrowing from the publicFederal securities, continued 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)

2012 ...................................... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 - 1,089,353

2013 ...................................... 703 -33,340 702,019 2,939 -267 42 -3,658 -23,503 816 680,276

2014 ...................................... -1,234 277,668 797,573 69,916 -1,817 188 -4,994 -359,628 -834 483,348

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

2016 ...................................... -15 -6,025 68,480 64,365 53 -11 1,376 -36,056 1,170 -33,359

2017 - Est.............................. 445 320,779 1,010,960 101,284 - - - -309,878 - 599,798

2018 - Est.............................. -3 119,576 572,192 - - - - -131,269 - 440,923

2015 - Dec ............................ 185 11,305 83,393 80,174 -3,250 -1,026 -736 7,056 -843 14,444

2016 - Jan ............................. 58 106,131 -14,755 36,734 -188 184 3 -3,675 - -55,163

Feb ............................ -185 -15,497 127,058 -97,823 31 -450 -917 -33,607 - 192,610

Mar............................ 12 -150 138,698 41,476 986 -27 313 12,093 - 108,043

 Apr ............................ -53 6,382 -83,706 25,256 303 113 144 3,070 - -106,452

May ........................... 119 32,779 45,221 -40,675 -516 -460 42 -34,323 - 52,507

June .......................... 42 70,019 46,080 65,245 -145 263 71 12,968 134 -6,252

 July............................ -9 -19,008 66,778 -29,914 -196 17 77 16,021 - 112,815

Aug............................ -170 -23,227 105,761 -44,802 36 28 120 -43,267 - 107,112

Sept........................... -15 -6,025 68,480 64,365 53 -11 1,376 -36,056 1,170 -33,359

 Oct ............................ 14 119,132 112,656 68,256 -787 228 802 35 - 44,192

Nov............................ 26 -14,832 156,727 467 -41 -179 -383 -20,212 - 136,651

Dec............................ 56 37,631 -10,115 -22,844 -343 42 -78 14,408 - 27,516

Fiscal year 2017 to date.......... 96 141,931 259,268 45,879 -1,171 91 341 -5,769 - 208,359

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

-No transactions.

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

March 2017

14

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 

Individual Corporation hospital insurance

Withheld

(1)

Other

(2)

Refunds

(3)

 Net

 (4)

 Gross

 (5)

Refunds

(6)

Net

(7)

Net income 

taxes

(8)

 Gross

 (9)

 

Refunds

 (10)

Net

(11)

2012 .................. 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643

2013 .................. 1,102,745 443,651 229,992 1,316,405 312,477 38,970 273,505 1,589,910 884,988 2,443 882,545

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 .................. 90,745 73,045 4,162 159,628 69,807 3,315 66,492 226,120 95,196 3,159 92,037

2017 -Est........... 1,544,623 - - 1,544,623 298,158 - 298,158 1,842,781 1,056,955 - 1,056,955

2018 -Est........... 1,746,647 - - 1,746,647 409,898 - 409,898 2,156,545 1,097,407 - 1,097,407

2015 -Dec.......... 131,673 19,461 2,408 148,727 79,733 2,762 76,971 225,698 77,426 - 77,426

2016 -Jan .......... 101,620 80,315 705 181,230 9,577 2,383 7,194 188,424 98,747 - 98,747

Feb ........ 127,806 7,743 70,819 64,732 5,202 8,659 -3,457 61,275 78,186 - 78,186

Mar ........ 124,470 15,621 62,948 77,144 38,892 5,622 33,271 110,415 93,411 - 93,411

 Apr......... 93,258 231,326 58,412 266,172 40,382 4,715 35,667 301,839 109,042 - 109,042

May........ 103,306 12,283 18,633 96,956 7,736 3,195 4,542 101,498 82,336 - 82,336

June....... 77,281 63,909 7,362 133,828 63,863 2,591 61,272 195,100 110,743 - 110,743

 July........ 96,844 8,006 4,983 99,867 9,259 705 8,554 108,421 79,602 - 79,602

Aug ........ 109,872 8,732 3,648 114,957 4,771 3,634 1,137 116,094 81,551 - 81,551

Sept....... 90,745 73,045 4,162 159,628 69,807 3,315 66,492 226,120 95,196 3,159 92,037

 Oct......... 105,715 24,186 8,325 121,576 10,043 7,766 2,277 123,853 75,832 - 75,832

Nov ........ 95,856 7,331 11,464 91,724 3,776 3,133 643 92,367 81,471 - 81,471

Dec ........ 124,453 17,663 2,578 139,537 75,319 2,508 72,811 212,348 86,015 - 86,015

Fiscal year 

2017 to date........ 326,024 49,180 22,367 352,837 89,138 13,407 75,731 428,568 243,318 - 243,318

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)

2012 ............................ 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739

2013 ............................ 4,963 63 4,900 887,445 56,958 149 56,811 3,539 25 3,564

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 ............................ 544 - 544 82,095 6,738 7 6,731 355 4 359

2017 -Est..................... 5,239 - 5,239 1,062,194 49,407 - 49,407 3,794 22 3,816

2018 -Est..................... 5,522 - 5,522 1,102,929 51,312 - 51,312 4,254 21 4,275

2015 -Dec ................... 447 - 446 77,872 343 - 343 368 2 370

2016 -Jan .................... 451 - 451 99,198 2,218 4 2,214 297 1 298

Feb.................. 664 - 664 78,850 6,272 3 6,269 328 1 329

Mar.................. 527 - 527 93,938 506 39 467 331 2 333

 Apr .................. 488 1 487 109,529 5,426 - 5,426 303 3 306

May ................. 526 2 524 82,860 17,798 12 17,786 302 2 304

June ................ -170 82 -254 110,489 359 80 279 303 3 306

 July.................. 483 -82 567 80,169 1,884 19 1,865 373 3 376

Aug.................. 544 - 544 82,095 6,738 7 6,731 355 4 358

Sept................. 544 - 544 82,095 6,738 7 6,731 355 4 359

 Oct .................. 479 - 479 76,312 2,723 - 2,723 324 2 326

Nov.................. 384 - 384 81,855 3,402 1 3,401 318 3 321

Dec.................. 406 - 406 86,421 379 5 375 396 3 399

Fiscal year 2017 to date... 1,269 - 1,269 244,588 6,504 6 6,499 1,038 8 1,046

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS

March 2017

15

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)

2012 ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500

2013 ....................... 84,008 19,830 919 18,910 33,119 1,305 31,814 75,766 25,750 101,514 2,100,706 673,274

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 ....................... 22,566 1,538 59 1,479 3,309 164 3,145 6,379 3,562 9,942 287,022 69,515

2017 -Est................ 96,901 21,103 - 21,103 36,405 - 36,405 120,485 43,080 163,565 2,465,992 810,180

2018 -Est................ 110,776 22,274 - 22,274 37,264 - 37,264 87,566 58,307 145,873 2,791,385 840,863

2015 -Dec............... 6,723 2,265 77 2,188 3,021 130 2,891 29,271 4,275 33,546 292,239 57,392

2016 -Jan ............... 6,122 1,322 52 1,270 3,187 139 3,047 7,539 5,466 13,005 237,261 76,318

Feb ............. 6,661 1,484 164 1,320 2,715 175 2,540 7,176 4,726 11,902 108,015 61,132

Mar............. 6,600 1,674 73 1,601 3,015 142 2,873 9,557 2,064 11,622 154,634 73,213 Apr ............. 5,987 3,170 22 3,148 2,993 195 2,798 7,519 1,880 9,400 354,420 84,012

May ............ 6,805 1,592 99 1,492 2,596 169 2,427 7,634 3,797 11,431 160,263 64,340

June ........... 6,910 1,750 71 1,678 2,874 93 2,781 9,674 2,354 12,028 244,179 85,394 July............. 6,077 1,707 136 1,571 3,191 132 3,059 6,950 1,511 8,461 148,604 61,394

Aug............. 7,448 1,859 98 1,762 2,992 39 2,953 9,815 4,071 13,886 168,497 62,830

Sept............ 22,566 1,538 59 1,479 3,309 164 3,145 6,379 3,562 9,942 287,022 69,515 Oct ............. 5,707 1,405 79 1,326 3,190 121 3,069 6,278 2,098 8,376 165,322 56,370

Nov............. 7,231 1,642 92 1,550 3,072 175 2,897 7,264 2,991 10,255 139,453 60,422

Dec............. 6,438 2,013 82 1,931 2,960 114 2,846 5,908 2,538 8,446 254,986 64,218

Fiscal year 2017 to date. 19,376 5,060 253 4,807 9,222 410 8,812 19,450 7,627 27,077 559,761 181,010

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

-No transactions.

Detail may not add to totals due to rounding.

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)

2012.............................. 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076

2013.............................. 947,820 12,677 19 12,658 529 - 529 36,410 - 36,410 38,423 4,015 34,409

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

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

2016.............................. 93,285 2,036 1 2,035 78 - 78 6,390 63 6,327 15,143 1,018 14,125

2017 -Est ...................... 1,115,417 14,247 - 14,247 523 - 523 41,525 - 41,525 40,606 - 40,606

2018 -Est ...................... 1,158,516 14,667 - 14,667 524 - 524 48,608 - 48,608 46,977 - 46,977

2015 -Dec ..................... 78,585 1,117 - 1,117 49 - 49 3,337 - 3,337 2,383 163 2,220

2016 -Jan...................... 101,710 1,103 - 1,103 49 - 49 3,293 - 3,293 2,353 676 1,677

Feb.................... 85,448 1,365 7 1,358 38 - 38 4,030 - 4,030 1,316 80 1,237

Mar.................... 94,738 1,177 - 1,177 46 - 46 3,249 - 3,249 2,326 199 2,128 Apr .................... 115,261 1,268 - 1,268 50 - 50 3,495 - 3,495 2,650 1,476 1,174

May ................... 100,950 1,131 2 1,129 4 - 4 2,785 - 2,785 3,019 132 2,887

June .................. 111,074 1,229 - 1,229 38 - 38 3,311 - 3,311 2,619 288 2,331 July ................... 82,410 1,290 3 1,287 40 - 40 3,478 - 3,478 3,192 1,921 1,271

Aug.................... 89,184 1,048 3 1,045 2 - 2 3,214 - 3,214 3,353 166 3,187

Sept................... 93,285 2,036 1 2,035 78 - 78 6,390 63 6,327 15,143 1,018 14,125 Oct .................... 79,361 290 - 290 11 - 11 920 14 906 4,601 100 4,500

Nov.................... 85,577 1,314 - 1,314 47 - 47 3,844 29 3,815 2,204 150 2,054

Dec.................... 87,195 1,212 - 1,212 43 - 43 3,546 29 3,518 1,884 218 1,665

Fiscal year 2017 to date..... 252,133 2,816 - 2,816 101 - 101 8,310 72 8,239 8,689 468 8,219
FEDERAL FISCAL OPERATIONS

March 2017

16

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)

2012 ....................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742

2013 ....................... 4,328 7,066 155,897 9,137 607,801 40,910 24,677 886,293 57,220 56,577 9,605 29,740 80,309

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 ....................... 357 723 6,548 823 57,596 6,153 3,288 113,568 4,955 -3 1,137 2,330 2,655

2017 -Est................ 4,730 7,729 144,699 10,225 565,655 75,663 25,333 1,108,457 44,301 27,656 12,937 31,979 44,246

2018 -Est................ 4,868 7,749 150,810 10,718 588,027 69,302 30,447 1,139,843 49,292 40,875 14,514 37,134 51,112

2015 -Dec............... 372 702 14,332 781 54,075 5,063 2,399 87,914 4,083 3,554 939 1,684 5,032

2016 -Jan ............... 342 559 10,966 662 37,363 8,668 1,838 82,622 3,011 3,334 888 2,099 4,725

Feb ............. 392 613 11,114 980 42,591 9,016 1,671 85,514 4,461 3,151 927 2,864 4,177

Mar ............. 344 644 10,916 695 51,039 5,640 2,485 96,298 3,545 3,578 1,364 2,630 5,048 Apr.............. 343 589 9,337 652 47,001 4,882 2,344 109,497 3,531 -6,689 957 -632 4,014

May............. 334 576 10,171 829 39,797 5,122 2,209 65,762 2,779 3,325 776 5,536 4,172

June............ 347 606 10,278 686 46,273 12,096 2,185 87,030 3,700 3,294 1,489 2,750 4,033 July............. 352 695 8,997 689 44,688 3,980 1,573 95,261 3,363 3,240 1,075 2,477 2,888

Aug ............. 418 595 12,126 973 45,810 7,391 1,927 101,645 4,796 2,987 1,337 3,237 3,955

Sept ............ 357 723 6,548 823 57,596 6,153 3,288 113,568 4,955 -3 1,137 2,330 2,655 Oct.............. 372 569 21,441 641 49,556 1,445 2,243 63,696 4,422 2,971 1,062 2,285 -3,005

Nov ............. 429 571 14,974 731 45,663 4,717 2,143 100,319 4,104 3,063 900 2,723 4,232

Dec ............. 371 721 12,904 837 54,172 5,320 2,085 93,941 4,590 4,923 1,182 2,364 4,601

Fiscal year 2017 to 

date............................ 1,172 1,861 49,319 2,209 149,391 11,482 6,471 257,956 13,116 10,957 3,144 7,372 5,828

Fiscal year

or month

Department of

State

(14)

Department of 

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)

2012 ....................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060

2013 ....................... 25,928 76,317 415,671 -16,618 138,463 6,301 56,811 9,485 380 -368 19,745

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 ....................... 7,021 9,627 19,109 -34,983 21,226 826 10,140 692 32 -193 755

2017 -Est................ 29,170 78,288 431,059 90,237 176,401 6,444 66,112 8,700 400 -817 16,104

2018 -Est................ 29,830 85,794 471,077 91,330 180,158 6,416 59,193 8,693 409 1,284 26,417

2015 -Dec .............. 2,165 6,966 85,679 3,321 21,131 596 9,818 801 39 178 2,041

2016 -Jan ............... 1,664 4,583 21,311 6,206 6,891 516 1,297 812 30 -251 2,010

Feb............. 1,726 5,298 18,785 61,077 13,569 514 5,420 672 33 -221 1,335

Mar............. 1,427 6,102 25,135 15,699 14,228 611 5,283 626 33 113 3,551 Apr ............. 1,215 5,136 28,211 11,007 20,075 492 8,321 686 30 -38 1,763

May ............ 3,159 6,198 32,818 7,173 7,098 523 186 674 31 -116 -439

June ........... 2,327 7,468 95,662 5,250 13,582 540 4,585 720 31 142 761 July............. 2,024 6,690 32,458 5,888 14,629 590 4,641 676 40 -168 1,276

Aug............. 1,916 8,696 32,615 4,577 14,255 430 4,040 694 35 42 824

Sept............ 7,021 9,627 19,109 -34,983 21,226 826 10,140 692 32 -193 755 Oct ............. 1,863 6,131 23,043 5,784 7,339 470 156 727 31 -199 2,192

Nov............. 2,868 6,607 28,653 5,404 14,084 618 4,865 802 30 17 2,549

Dec............. 1,872 6,612 87,429 631 22,276 639 9,642 878 42 40 667

Fiscal year 2017 to 

date............................ 6,603 19,350 139,125 11,819 43,699 1,727 14,663 2,407 103 -142 5,408

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS

March 2017

17

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)

2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589

2013 .................. 16,978 7,418 83,868 473 867,395 25,906 -81,321 -156,676 -8,874 -2,588 2,820,440 633,815

2014 .................. 17,093 7,054 87,919 194 905,807 4,192 -79,349 -158,115 -7,473 - 2,798,103 706,095

2015 .................. 18,272 6,836 91,736 -747 944,144 13,575 -81,120 -141,791 -4,555 -30,128 2,944,526 743,097

2016 .................. 1,701 647 8,093 124 85,797 -1,771 -5,934 475 -338 - 248,402 74,776

2017 -Est........... 19,153 6,895 93,223 -378 978,606 18,842 -84,161 -146,717 -2,776 -12,425 3,099,879 776,091

2018 -Est........... 19,256 7,026 96,360 960 1,012,127 23,352 -88,756 -144,674 -3,676 -4,097 3,259,631 813,539

2015 -Dec.......... 2,265 510 7,090 74 110,718 666 -5,970 -64,689 -255 - 309,049 55,026

2016 -Jan .......... 1,206 467 7,827 70 50,089 3,239 -5,486 -1,195 56 - 215,987 42,428

Feb ........ 1,473 579 7,350 79 80,423 3,310 -6,068 -718 -353 - 287,570 74,187

Mar........ 1,478 552 7,758 -1,303 80,412 -3,032 -6,033 -824 -152 - 262,546 73,345

 Apr ........ 1,711 512 8,105 67 85,349 1,046 -5,750 -3,585 -100 -8,101 266,592 65,385

May ....... 1,319 493 7,420 74 76,970 1,748 -5,757 -3,503 -347 - 202,110 75,001

June ...... 1,595 670 7,286 70 85,286 -4,528 -5,778 -66,775 -339 - 289,404 33,916

 July........ 1,520 651 7,362 76 81,434 4,449 -6,453 -3,818 -97 -329 255,219 67,598

Aug........ 1,682 745 7,559 91 81,457 2,226 -6,173 -4,051 -413 -6 263,249 75,189

Sept....... 1,701 647 8,093 124 85,797 -1,771 -5,934 475 -338 - 248,402 74,776

 Oct ........ 1,276 623 8,386 75 77,890 444 -19,507 1,521 -61 - 199,910 65,974

Nov........ 1,702 544 8,364 96 81,471 1,837 -5,378 -2,884 -297 - 261,988 74,538

Dec........ 2,212 534 6,917 94 86,046 497 -6,029 -62,195 -94 - 313,660 33,060

Fiscal year 

2017 to date ....... 5,190 1,701 23,667 265 245,407 2,778 -30,914 -63,558 -452 - 775,558 173,572

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

-No transactions.

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

March 2017 

18 

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

December 2016 and Other Periods 

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

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............................................... 352,833 4 - 352,837 351,567 -5 - 351,562

Corporation income taxes........................................... 75,731 - - 75,731 84,899 - - 84,899

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 181,010 181,010 - - 172,032 172,032

Employment and general retirement (on-budget)... -9 - 63,587 63,578 40 - 60,624 60,664

Unemployment insurance ....................................... -2 - 6,500 6,498 -52 - 7,380 7,329

Other retirement...................................................... - - 1,046 1,046 - - 977 977

Excise taxes ................................................................ 7,392 352 11,632 19,376 8,248 254 11,367 19,869

Estate and gift taxes ................................................... 4,806 - - 4,806 6,033 - - 6,033

Customs duties ........................................................... 5,789 2,634 389 8,812 6,081 2,768 365 9,213

Miscellaneous receipts................................................ 21,000 5,861 216 27,077 44,610 8,328 129 53,067

Total receipts....................................................... 467,540 8,852 264,380 740,771 501,427 11,344 252,874 765,645

(On-budget)..................................................... 467,540 8,852 83,370 559,762 501,427 11,344 80,842 593,613

(Off-budget)..................................................... - - 181,010 181,010 - - 172,032 172,032

Budget outlays: 

Legislative branch ....................................................... 1,102 69 * 1,172 1,116 3 -3 1,115

Judicial branch ............................................................ 1,735 136 -10 1,862 1,920 102 -125 1,897

Department of Agriculture ........................................... 31,117 18,208 -5 49,319 32,020 15,692 -5 47,707

Department of Commerce........................................... 2,081 127 1 2,209 2,053 118 4 2,174

Department of Defense-military .................................. 147,217 2,119 55 149,392 151,775 1,399 32 153,206

Department of Education ............................................ 11,397 85 * 11,482 14,010 23 * 14,032

Department of Energy................................................. 7,067 -596 * 6,471 6,803 -472 * 6,331

Department of Health and Human Services ............... 220,863 1,239 35,854 257,956 197,241 1,205 67,323 265,769

Department of Homeland Security.............................. 12,138 923 55 13,116 12,098 -1,078 33 11,053

Department of Housing and Urban Development....... 10,999 -40 -2 10,958 10,290 -115 1 10,175

Department of the Interior........................................... 2,613 420 111 3,144 2,452 63 120 2,634

Department of Justice ................................................. 7,111 315 -54 7,372 5,782 499 -49 6,232

Department of Labor................................................... 1,637 -3,899 8,089 5,828 1,443 -4,272 8,533 5,704

Department of State.................................................... 6,157 425 21 6,603 6,500 227 241 6,968

Department of Transportation..................................... 2,623 -5 16,732 19,350 2,505 3 16,114 18,622

Department of the Treasury: 

Interest on the public debt....................................... 139,126 - - 139,126 123,860 - . 123,860

Other ....................................................................... 11,228 576 15 11,819 14,387 -131 2 14,259

Department of Veterans Affairs .................................. 44,413 -900 188 43,701 49,115 -847 197 48,465

Corps of Engineers ..................................................... 1,662 4 61 1,727 1,109 157 81 1,347

Other defense civil programs...................................... 86,933 -5,544 -66,726 14,663 82,651 -1,506 -60,553 20,592

Environmental Protection Agency............................... 2,190 17 199 2,406 2,172 -29 333 2,477

Executive Office of the President................................ 103 * * 103 101 * - 100

General Services Administration ................................ 52 -193 - -141 48 -93 - -44

International Assistance Program............................... 6,108 -89 -596 5,405 5,087 -249 -432 4,407

National Aeronautics and Space Administration ........ 5,194 -5 * 5,190 5,109 34 * 5,143

National Science Foundation...................................... 1,679 25 -3 1,701 1,563 23 2 1,589

Office of Personnel Management ............................... 3,147 -259 20,779 23,667 2,982 -1,069 20,644 22,558

Small Business Administration ................................... 264 1 - 265 209 * - 208

Social Security Administration .................................... 22,854 -10 222,564 245,408 26,944 -10 242,633 269,566

Other independent agencies....................................... 3,562 -3,619 2,836 2,778 3,067 874 2,530 6,471

Undistributed offsetting receipts: 

Interest .................................................................... - - -63,559 -63,559 - - -62,124 -62,124

Other ....................................................................... -683 -6,934 -23,748 -31,365 -777 -6,749 -23,773 -31,299

Total outlays........................................................ 793,690 2,597 152,860 949,130 765,634 3,802 211,760 981,196

(On-budget)..................................................... 793,682 4,745 -22,851 775,557 765,583 2,940 18,144 786,667

(Off-budget)..................................................... 9 -2,148 175,712 173,573 51 862 193,616 194,528

Surplus or deficit (-)............................................. -326,151 6,254 111,520 -208,359 -264,207 7,542 41,114 -215,551

(On-budget)..................................................... -326,142 4,107 106,222 -215,796 -264,156 8,404 62,698 -193,055

(Off-budget)..................................................... -9 2,148 5,298 7,437 -51 -862 -21,584 -22,496

Note.—Detail may not add to totals due to rounding. 
March 2017 

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

accounts are depleted, funds are called in (withdrawn) from 

thousands of tax and loan accounts at financial institutions 

throughout the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals

 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) 

 

2012 ................................................ 9,656,367 1,357,452 10,984,657 700,687 702,492 

2013 ................................................ 9,451,987 2,297,190 11,746,237 - -

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 - -

 

2015 - Dec.............................. 804,914 294,524 1,019,264 - -

2016 - Jan .............................. 660,410 210,223 833,898 - -

Feb ............................. 915,171 213,175 1,226,168 - -

Mar ............................. 931,884 256,211 1,146,619 - -

 Apr.............................. 717,775 280,041 972,559 - -

May............................. 863,670 193,785 1,098,129 - -

June............................ 853,436 252,261 1,040,452 - -

 July............................. 624,501 184,426 838,841 - -

Aug ............................. 921,310 196,843 1,162,954 - -

Sept............................ 925,208 270,614 1,131,457 - -

 Oct.............................. 774,742 194,969 901,455 - -

Nov ............................. 850,468 180,444 1,030,445 - -

Dec ............................. 746,085 290,052 1,058,982 - -

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

March 2017 

20 

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) 

 

2012 ....................... 85,446 - - 166,619 - - 13,680 - - 65,396 - -

2013 ....................... 88,386 - - 213,863 - - 11,476 - - 59,950 - -

2014 ....................... 158,302 - - 162,399 - - 17,249 - - 65,510 - -

2015 ....................... 198,716 - - 273,869 - - 27,237 - - 141,621 - -

2016 ....................... 353,312 - - 382,887 - - 22,892 - - 251,900 - -

 

2015 - Dec.............. 333,447 - - 333,447 - - 160,711 - - 237,077 - -

2016 - Jan .............. 370,182 - - 370,182 - - 265,074 - - 321,834 - -

Feb ............. 272,359 - - 339,636 - - 216,862 - - 273,896 - -

Mar ............. 313,835 - - 313,835 - - 196,297 - - 257,309 - -

 Apr.............. 339,091 - - 382,887 - - 223,174 - - 284,896 - -

May............. 298,416 - - 343,705 - - 251,273 - - 293,464 - -

June............ 363,662 - - 363,668 - - 209,485 - - 282,471 - -

 July............. 333,748 - - 335,807 - - 290,469 - - 318,532 - -

Aug ............. 288,946 - - 288,946 - - 241,426 - - 261,810 - -

Sept............ 353,312 - - 364,589 - - 231,405 - - 296,992 - -

 Oct.............. 421,567 - - 440,383 - - 342,875 - - 391,846 - -

Nov ............. 422,034 - - 422,034 - - 365,454 - - 394,737 - -

Dec ............. 399,190 - - 399,190 - - 319,507 - - 362,429 - -

 

 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. 
March 2017 

21

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

March 2017

22 

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) 

 

2012............................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

2013............................... 16,763,286 16,738,183 25,103 4,757,211 4,757,205 5 12,006,076 11,980,978 25,098

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

 

2015 - Dec ..................... 18,946,739 18,922,179 24,560 5,244,964 5,222,311 6 13,701,775 13,699,868 24,554

2016 - Jan...................... 19,037,446 19,012,828 24,618 5,351,001 5,350,995 6 13,686,445 13,661,833 24,612

Feb..................... 19,149,887 19,125,455 24,432 5,335,427 5,335,422 5 13,814,460 13,790,033 24,427

Mar..................... 19,289,383 19,264,939 24,444 5,335,182 5,335,177 5 13,954,201 13,929,762 24,439

 Apr ..................... 19,211,778 19,187,387 24,391 5,341,480 5,341,475 5 13,870,298 13,845,912 24,386

May .................... 19,289,971 19,265,452 24,519 5,374,362 5,374,358 5 13,915,609 13,891,094 24,514

June ................... 19,406,152 19,381,591 24,561 5,444,287 5,444,282 5 13,961,865 13,937,309 24,556

 July .................... 19,452,247 19,427,695 24,552 5,425,190 5,425,185 5 14,027,057 14,002,510 24,547

Aug..................... 19,534,678 19,510,296 24,382 5,401,852 5,401,847 5 14,132,826 14,108,449 24,377

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

 Oct ..................... 19,830,096 19,805,715 24,381 5,514,763 5,514,763 4 14,315,333 14,290,952 24,377

Nov..................... 19,972,472 19,948,065 24,407 5,499,924 5,499,924 4 14,472,548 14,448,141 24,403

Dec..................... 20,001,290 19,976,827 24,463 5,537,501 5,537,501 4 14,463,789 14,439,326 24,459 

 

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) 

 

2012 ............................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

2013 ............................... 16,763,286 46,496 16,716,791 4,757,211 22,292 4,734,919 12,006,076 24,203 11,981,872

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

 

2015 - Dec ..................... 18,946,739 60,347 18,886,391 5,244,964 27,374 5,217,589 13,701,775 32,973 13,668,801

2016 - Jan ...................... 19,037,446 59,677 18,977,767 5,351,001 27,280 5,323,721 13,686,445 32,397 13,654,047

Feb ..................... 19,149,887 60,559 19,089,328 5,335,427 27,203 5,308,224 13,814,460 33,356 13,781,104

Mar..................... 19,289,383 61,506 19,227,876 5,335,182 27,109 5,308,073 13,954,201 34,397 13,919,802

 Apr ..................... 19,211,778 61,227 19,150,552 5,341,480 27,024 5,314,456 13,870,298 34,203 13,836,096

May .................... 19,289,971 61,409 19,228,560 5,374,362 27,128 5,347,234 13,915,609 34,281 13,881,325

June ................... 19,406,152 61,492 19,344,659 5,444,287 27,034 5,417,253 13,961,865 34,458 13,927,406

 July..................... 19,452,247 59,817 19,392,428 5,425,190 26,945 5,398,245 14,027,057 32,872 13,994,184

Aug..................... 19,534,678 59,715 19,474,962 5,401,852 26,834 5,375,017 14,132,826 32,881 14,099,945

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

 Oct ..................... 19,830,096 60,890 19,769,206 5,514,763 26,638 5,488,125 14,315,333 34,252 14,281,081

Nov..................... 19,972,472 61,370 19,911,100 5,499,924 26,631 5,473,293 14,472,548 34,739 14,437,807

Dec..................... 20,001,290 62,673 19,938,616 5,537,501 26,577 5,510,924 14,463,789 36,096 14,427,692

 
FEDERAL DEBT 

March 2017 

23

 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) 

2012 .......................... 183,661 - 2,986 162,880 158,514 29,995 1,380

2013 .......................... 180,022 - 2,986 60,445 124,079 29,995 1,353

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

 

2015 - Dec ................ 171,630 - 264 211,479 75,154 29,995 1,729

2016 - Jan ................. 171,160 - 264 216,187 73,300 29,995 1,694

Feb ................ 170,824 - 264 218,635 75,618 29,995 1,665

Mar................ 170,370 - 264 218,157 82,799 29,995 1,677

 Apr ................ 169,956 - 264 218,709 90,016 29,995 1,686

May ............... 169,501 - 264 220,189 95,502 29,995 1,721

June .............. 169,053 - 264 221,407 101,784 29,995 1,723

 July................ 168,626 - 264 223,700 101,841 29,995 1,734

Aug................ 168,017 - 264 224,452 102,946 29,995 1,760

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

 Oct ................ 166,892 - 264 226,763 113,221 29,995 1,780

Nov................ 166,412 - 264 231,723 114,568 29,995 1,773

Dec................ 165,853 - 264 228,406 109,779 29,995 1,737

 

 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) 

 

2012 .......................... 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 - 539,415

2013 .......................... 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 - 398,879

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

 

2015 - Dec ................ 13,672,522 13,182,271 1,511,030 8,450,686 1,724,692 1,167,828 328,035 490,252

2016 - Jan ................. 13,657,155 13,164,556 1,475,291 8,463,348 1,737,698 1,160,180 328,041 492,600

Feb ................ 13,785,189 13,288,187 1,548,363 8,510,277 1,748,435 1,165,798 315,314 497,002

Mar................ 13,924,878 13,421,616 1,614,378 8,537,559 1,760,427 1,180,938 328,314 503,262

 Apr ................ 13,841,195 13,330,568 1,522,780 8,550,339 1,772,500 1,156,635 328,314 510,627

May ............... 13,886,303 13,369,129 1,520,213 8,582,308 1,772,075 1,175,223 319,310 517,173

June .............. 13,932,743 13,408,515 1,504,987 8,600,641 1,784,038 1,186,562 332,287 524,227

 July................ 13,998,220 13,472,060 1,547,124 8,615,474 1,796,814 1,180,357 332,290 526,160

Aug................ 14,104,114 13,576,679 1,630,685 8,612,474 1,813,340 1,199,842 320,337 527,435

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

 Oct ................ 14,286,501 13,747,584 1,750,597 8,634,478 1,837,331 1,216,140 309,038 538,917

Nov................ 14,443,700 13,898,964 1,870,617 8,638,259 1,836,816 1,231,234 322,038 544,736

Dec................ 14,434,842 13,898,806 1,815,667 8,652,238 1,848,817 1,247,054 335,030 536,035
FEDERAL DEBT 

March 2017

24 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

2012 ..................... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

2013 ..................... 2,655,599 825 67,385 1,957 6,256 2,860 788 29,478 886,731

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 1,330,300

 

2015 - Dec ........... 2,760,518 828 69,205 5,856 4,805 7,942 670 43,395 1,285,891

2016 - Jan ............ 2,787,040 828 69,570 75,032 4,739 7,960 645 41,617 1,293,349

Feb ........... 2,774,328 828 69,841 76,120 4,677 7,985 630 45,030 1,296,642

Mar........... 2,771,358 828 85,093 75,839 4,586 8,833 682 41,949 1,288,565

 Apr ........... 2,785,873 828 70,904 75,591 4,519 9,162 688 42,804 1,287,059

May .......... 2,775,166 828 85,105 74,680 4,439 9,208 556 57,794 1,292,709

June ......... 2,821,674 828 86,766 73,069 4,456 9,532 535 53,041 1,293,848

 July........... 2,816,521 828 84,912 70,916 4,397 8,229 649 51,818 1,299,377

Aug........... 2,804,269 828 80,047 68,688 4,327 8,145 549 56,094 1,300,358

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

 Oct ........... 2,786,445 831 89,883 63,436 4,187 8,197 568 51,496 1,397,177

Nov........... 2,771,538 831 94,608 63,069 4,131 8,995 488 53,915 1,399,639

Dec........... 2,801,406 831 95,642 61,696 4,141 8,871 424 51,571 1,392,739

 

 

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) 

 

2012 .................. 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

2013 .................. 4,803,100 11,808 36,864 41,951 22,669 100,791 731,125 206,010 3

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 2,268 45,880 874,141 192,209 36,441

 

2015 - Dec ........ 5,436,812 13,312 62,973 44,382 22,647 26,101 877,006 193,749 17,532

2016 - Jan ......... 5,547,416 12,687 62,295 44,462 22,650 33,872 872,496 199,997 18,177

Feb ........ 5,534,318 12,974 62,806 44,581 22,653 33,553 868,589 194,221 18,860

Mar........ 5,533,654 12,924 66,541 44,555 22,658 35,366 864,587 189,782 19,508

 Apr ........ 5,540,299 13,245 65,878 44,553 22,662 39,243 860,043 197,018 20,229

May ....... 5,574,935 13,185 66,811 44,902 22,664 39,646 855,873 198,398 32,971

June ...... 5,647,975 13,091 69,311 44,888 22,668 43,886 867,683 208,967 33,732

 July........ 5,631,012 12,871 67,973 44,964 22,673 44,281 863,686 202,380 34,537

Aug........ 5,608,243 12,851 69,052 45,151 22,677 44,433 859,941 195,410 35,423

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

 Oct ........ 5,723,507 14,146 71,459 45,209 22,685 45,280 888,200 196,948 37,360

Nov........ 5,713,582 14,003 71,761 45,206 22,006 45,138 883,926 195,934 38,394

Dec........ 5,747,933 13,878 70,900 45,273 22,014 46,481 893,862 198,806 39,398

 
FEDERAL DEBT 

March 2017 

25

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) 

 

2012 ............................ 24,399 19 128 24,103 151 *

2013 ............................ 25,103 19 130 24,821 134 *

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

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

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

 

2015 - Dec .................. 24,560 19 100 24,345 97 *

2016 - Jan ................... 24,618 19 101 24,401 97 *

Feb .................. 24,432 19 93 24,234 86 *

Mar.................. 24,444 19 94 24,246 86 *

 Apr .................. 24,391 19 95 24,192 86 *

May ................. 24,519 19 104 24,310 86 *

June ................ 24,561 19 105 24,351 86 *

 July.................. 24,552 19 106 24,341 86 *

Aug.................. 24,382 19 98 24,190 75 *

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

 Oct .................. 24,381 19 99 24,188 75 *

Nov.................. 24,407 19 100 24,213 75 *

Dec.................. 24,463 19 101 24,268 75 *

 

 

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

March 2017

26 

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) 

2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

2013 ............................... 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55 

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 

 

2015 - Dec...................... 10,729,926 3,170,545 4,375,239 2,119,389 183,956 880,798 61 

2016 - Jan ...................... 10,605,765 3,150,326 4,283,352 2,114,372 164,106 893,609 62

Feb ..................... 10,836,495 3,235,473 4,403,245 2,126,941 170,080 900,756 62

Mar ..................... 10,969,737 3,310,836 4,414,738 2,161,064 170,202 912,897 61 

 Apr...................... 10,768,975 3,234,985 4,284,063 2,154,678 170,272 924,977 63

May..................... 10,916,722 3,232,053 4,387,232 2,186,412 170,618 940,407 63

June.................... 10,955,381 3,211,462 4,405,469 2,209,501 171,009 957,940 63 

 July..................... 10,890,920 3,236,214 4,334,949 2,178,048 171,339 970,370 63

Aug ..................... 11,122,337 3,319,187 4,459,973 2,189,639 167,789 985,750 63

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

 Oct...................... 11,293,399 3,415,659 4,456,858 2,238,393 167,731 1,014,757 63

Nov ..................... 11,444,518 3,516,272 4,508,019 2,227,400 162,803 1,030,024 63

Dec ..................... 11,360,224 3,445,952 4,489,802 2,219,388 162,911 1,042,171 63

 

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

March 2017 

27

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) 

 

2012 ....................................... 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221

2013 ....................................... 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787

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

 

2015 – Dec. 1.......................... - 18,881,744 18,881,744 - 18,922,179 - 40,435

2016 – Jan. 1 .......................... - 18,973,438 18,973,438 - 19,012,828 - 39,390

Feb. 1 .......................... - 19,086,780 19,086,780 - 19,125,455 - 38,675

Mar. 1 .......................... - 19,225,991 19,225,991 - 19,264,939 - 38,947

 Apr. 1 .......................... - 19,148,684 19,148,684 - 19,187,387 - 38,704

May 1 .......................... - 19,227,001 19,227,001 - 19,265,452 - 38,452

June 1 ......................... - 19,346,540 19,346,540 - 19,381,591 - 35,052

 July 1........................... - 19,392,962 19,392,962 - 19,427,695 - 34,733

Aug. 1.......................... - 19,475,468 19,475,468 - 19,510,296 - 34,828

Sept. 1......................... - 19,538,456 19,538,456 - 19,573,445 - 34,989

 Oct. 1 .......................... - 19,769,751 19,769,751 - 19,805,715 - 35,965

Nov. 1.......................... - 19,910,795 19,910,795 - 19,948,065 - 37,270

Dec. 1.......................... - 19,939,042 19,939,042 - 19,976,827 - 37,785

 

1 Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the 

Statutory Debt Limit has been suspended through March 15, 2017. 
FEDERAL DEBT 

March 2017

28 

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) 

 

2012 ....................................... 979,021 9,009 24,759 20,523 495 1,001

2013 ....................................... 1,115,182 12,135 26,069 22,111 554 908

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

 

2015 - Dec ............................. 1,360,786 31,202 26,594 23,694 644 688

2016 - Jan .............................. 1,388,510 32,219 26,687 24,020 643 688

Feb ............................. 1,398,301 32,707 26,777 24,190 648 688

Mar............................. 1,408,738 33,411 22,757 23,323 537 688

 Apr ............................. 1,402,817 26,286 22,824 23,500 541 688

May ............................ 1,407,725 26,021 22,898 23,698 555 688

June ........................... 1,412,849 25,846 23,708 23,854 562 688

 July............................. 1,441,228 25,849 23,020 23,854 562 688

Aug............................. 1,430,830 25,448 24,574 24,119 646 635

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

 Oct ............................. 1,448,803 25,710 24,705 24,480 660 636

Nov............................. 1,451,558 28,732 24,795 24,734 661 636

Dec............................. 1,480,202 30,729 25,029 25,350 719 636

 

 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) 

 

2012 ....................................... 714,368 3,421 11,527 40 57,134

2013 ....................................... 851,295 3,885 25,940 139 63,061

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

 

2015 - Dec ............................. 1,089,686 4,799 26,981 127 56,302

2016 - Jan.............................. 1,115,131 4,812 26,981 127 56,597

Feb............................. 1,123,264 4,865 26,981 127 57,087

Mar............................. 1,142,880 4,883 26,981 127 57,169

 Apr ............................. 1,142,885 4,664 26,981 127 57,471

May ............................ 1,148,885 4,704 26,981 127 57,641

June ........................... 1,151,255 4,704 31,481 127 58,430

 July ............................ 1,179,654 4,789 31,481 127 58,656

Aug............................. 1,168,031 4,779 31,481 127 59,172

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

 Oct ............................. 1,185,225 4,759 30,353 128 59,249

Nov............................. 1,183,938 4,759 30,353 128 59,386

Dec............................. 1,207,274 4,759 30,353 128 60,005

 
FEDERAL DEBT 

March 2017 

29

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) 

 

2012 ...................................... 11,301 3,402 7,920 114,117

2013 ...................................... 18,102 3,587 8,088 79,308

2014 ...................................... 21,634 3,532 7,757 68,034

2015 ...................................... 22,725 3,498 7,176 62,989

2016 ...................................... 25,022 3,577 8,020 56,308

 

2015 - Dec ............................ 24,892 4,483 7,336 63,358

2016 - Jan ............................. 24,941 4,837 7,347 63,480

Feb ............................ 25,002 5,065 7,347 63,553

Mar............................ 25,080 5,380 7,649 57,873

 Apr ............................ 25,158 5,701 7,831 58,160

May ........................... 25,266 5,996 7,908 56,357

June .......................... 25,598 2,519 7,908 56,169

 July............................ 25,598 2,900 7,908 56,142

Aug............................ 24,270 3,203 8,037 56,308

Sept........................... 25,022 3,577 8,020 56,308

 Oct ............................ 25,101 3,956 8,520 55,319

Nov............................ 25,220 4,255 8,520 55,438

Dec............................ 25,220 4,627 8,520 56,850

 

Note—Detail may not add to totals due to rounding. 
30 

March 2017 

INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: OCTOBER-DECEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

O C T O B E R 

Auction of 52-Week Bills 

On October 6, 2016, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 

October 13 and will mature October 12, 2017. The issue was 

to refund $106,000 million of all maturing bills and to raise 

new cash of approximately $32,000 million. Treasury 

auctioned the bills on October 11. Tenders totaled $69,279 

million; Treasury accepted $20,000 million, including $170 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.680 percent. 

Auction of 3-Year Notes 

On October 6, 2016, Treasury announced it would auction 

$24,000 million of 3-year notes. The issue was to refund 

$30,000 million of securities maturing October 15 and to raise 

new cash of approximately $26,000 million. 

The 3-year notes of Series AS-2019 were dated October 

15 and issued October 17. They are due October 15, 2019, 

with interest payable on April 15 and October 15 until 

maturity. Treasury set an interest rate of 1 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 11:00 a.m. 

Eastern Time (e.t.) for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on October 12. Tenders 

totaled $70,122 million; Treasury accepted $24,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.045 percent with an 

equivalent price of $99.867644. Treasury accepted in full all 

competitive tenders at yields lower than 1.045 percent. 

Tenders at the high yield were allotted 56.64 percent. The 

median yield was 1.000 percent, and the low yield was 0.900 

percent. Noncompetitive tenders totaled $40 million. 

Competitive tenders accepted from private investors totaled 

$23,961 million. Accrued interest of $0.05495 per $1,000 

must be paid for the period from October 15 to October 17. 

The minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AS-2019 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2017 

31

Auction of 9-Year 10-Month 1-1/2 Percent Notes 

On October 6, 2016, Treasury announced it would auction 

$20,000 million of 9-year 10-month 1-1/2 percent notes. The 

issue was to refund $30,000 million of securities maturing 

October 15 and to raise new cash of approximately $26,000 

million. 

The 9-year 10-month 1-1/2 percent notes of Series E-2026 

were dated August 15 and issued October 17. They are due 

August 15, 2026, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on October 12. Tenders totaled $50,553 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.793 percent with an 

equivalent price of $97.368781. Treasury accepted in full all 

competitive tenders at yields lower than 1.793 percent. 

Tenders at the high yield were allotted 45.15 percent. The 

median yield was 1.749 percent, and the low yield was 1.650 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$19,992 million. Accrued interest of $2.56793 per $1,000 

must be paid for the period from August 15 to October 17. 

The minimum par amount required for STRIPS of notes of 

Series E-2026 is $100. 

Auction of 29-Year 10-Month 2-1/4 Percent Bonds 

On October 6, 2016, Treasury announced it would auction 

$12,000 million of 29-year 10-month 2-1/4 percent bonds. 

The issue was to refund $30,000 million of securities 

maturing October 15 and to raise new cash of approximately 

$26,000 million. 

The 29-year 10-month 2-1/4 percent bonds of August 

2046 were dated August 15 and issued October 17. They are 

due August 15, 2046, with interest payable on February 15 

and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on October 13. Tenders totaled $29,268 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.470 percent with an 

equivalent price of $95.372563. Treasury accepted in full all 

competitive tenders at yields lower than 2.470 percent. 

Tenders at the high yield were allotted 48.90 percent. The 

median yield was 2.425 percent, and the low yield was 2.300 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors totaled 

$11,993 million. Accrued interest of $3.85190 per $1,000 

must be paid for the period from August 15 to October 17. 

The minimum par amount required for STRIPS of bonds of 

August 2046 is $100. 

Auction of 29-Year 4-Month 1 Percent Treasury 

Inflated-Protective Security (TIPS) 

On October 13, 2016, Treasury announced it would 

auction $5,000 million of 29-year 4-month 1 percent TIPS. 

The issue was to refund $131,557 million of securities 

maturing October 31 and to pay down approximately $23,557 

million. 

The 29-year 4-month 1 percent TIPS of February 2046 

were dated August 15 and issued October 31. They are due 

February 15, 2046, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on October 20. Tenders totaled $11,410 

million; Treasury accepted $5,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.666 percent with an 

equivalent adjusted price of $110.667461. Treasury accepted 

in full all competitive tenders at yields lower than 0.666 

percent. Tenders at the high yield were allotted 99.76 percent. 

The median yield was 0.599 percent, and the low yield was 

0.388 percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$4,992 million. Adjusted accrued interest of $2.12685 per 

$1,000 must be paid for the period from August 15 to October 

31. Both the unadjusted price of $108.874301 and the 

unadjusted accrued interest of $2.09239 were adjusted by an 

index ratio of 1.01647, for the period from August 15 to 

October 31. 

In addition to the $5,000 million of tenders accepted in the 

auction process, Treasury accepted $302 million from Federal 

Reserve banks (FRBs) for their own accounts. The minimum 

par amount required for STRIPS of TIPS of February 2046 is 

$100. 

Auction of 2-Year Notes 

On October 20, 2016, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $131,557 million of securities maturing October 31 

and to pay down approximately $23,557 million. 

The 2-year notes of Series BH-2018 were dated and issued

October 31. They are due October 31, 2018, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 0-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on October 25. Tenders totaled $65,861 

million; Treasury accepted $26,000 million. All 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2017 

32 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.855 percent with an 

equivalent price of $99.792225. Treasury accepted in full all 

competitive tenders at yields lower than 0.855 percent. 

Tenders at the high yield were allotted 28.78 percent. The 

median yield was 0.829 percent, and the low yield was 0.750 

percent. Noncompetitive tenders totaled $184 million. 

Competitive tenders accepted from private investors totaled 

$25,816 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $1,572 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BH-2018 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 20, 2016, Treasury announced it would 

auction $15,000 million of 2-year FRNs. The issue was to 

refund $131,557 million of securities maturing October 31 

and to pay down approximately $23,557 million. 

The 2-year FRNs of Series BJ-2018 were dated and issued 

October 31. They are due October 31, 2018, with interest 

payable on January 31, April 30, July 31, and October 31 until 

maturity. Treasury set a spread of 0.170 percent after 

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on October 26. Tenders totaled $50,301 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.170 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.170 percent. Tenders at the high discount margin were 

allotted 12.68 percent. The median discount margin was 0.155 

percent, and the low discount margin was 0.140 percent. 

Noncompetitive tenders totaled $8 million. Competitive 

tenders accepted from private investors totaled $14,992 

million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $907 million from 

FRBs for their own accounts. 

Auction of 5-Year Notes 

On October 20, 2016, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $131,557 million of securities maturing October 31 

and to pay down approximately $23,557 million. 

 

The 5-year notes of Series AE-2021 were dated and issued 

October 31. They are due October 31, 2021, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 1-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on October 26. Tenders totaled $84,509 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.303 percent with an 

equivalent price of $99.744253. Treasury accepted in full all 

competitive tenders at yields lower than 1.303 percent. 

Tenders at the high yield were allotted 6.51 percent. The 

median yield was 1.260 percent, and the low yield was 1.195 

percent. Noncompetitive tenders totaled $34 million. 

Competitive tenders accepted from private investors totaled 

$33,966 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $2,055 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AE-2021 is $100. 

Auction of 7-Year Notes 

On October 20, 2016, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $131,557 million of securities maturing October 31 

and to pay down approximately $23,557 million. 

The 7-year notes of Series R-2023 were dated and issued 

October 31. They are due October 31, 2023, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 1-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on October 27. Tenders totaled $69,749 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.653 percent with an 

equivalent price of $99.815632. Treasury accepted in full all 

competitive tenders at yields lower than 1.653 percent. 

Tenders at the high yield were allotted 23.26 percent. The 

median yield was 1.600 percent, and the low yield was 1.535 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled 

$27,984 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $1,693 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series R-2023 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2017 

33

N O V E M B E R 

Auction of 52-Week Bills 

On November 3, 2016, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued November 10 and will mature November 9, 2017. The 

issue was to refund $117,992 million of all maturing bills and 

to raise new cash of approximately $45,008 million. Treasury 

auctioned the bills on November 8. Tenders totaled $67,054 

million; Treasury accepted $20,000 million, including $151 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.695 percent. 

November Quarterly Financing 

On November 2, 2016, Treasury announced it would 

auction $24,000 million of 3-year notes. The issue was to 

refund $58,508 million of securities maturing November 15 

and to raise new cash of approximately $3,492 million. 

The 3-year notes of Series AT-2019 were dated and issued 

November 15. They are due November 15, 2019, with interest 

payable on May 15 and November 15 until maturity. Treasury 

set an interest rate of 1 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 8. Tenders totaled $64,672 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.034 percent with an 

equivalent price of $99.899821. Treasury accepted in full all 

competitive tenders at yields lower than 1.034 percent. 

Tenders at the high yield were allotted 58.67 percent. The 

median yield was 1.000 percent, and the low yield was 0.895 

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors totaled 

$23,959 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $5,254 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AT-2019 is $100. 

On November 2, 2016, Treasury announced it would 

auction $23,000 million of 10-year notes. The issue was to 

refund $58,508 million of securities maturing November 15 

and to raise new cash of approximately $3,492 million. 

The 10-year notes of Series F-2026 were dated and issued 

November 15. They are due November 15, 2026, with interest 

payable on May 15 and November 15 until maturity. Treasury 

set an interest rate of 2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 9. Tenders totaled $51,014 

million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.020 percent with an 

equivalent price of $99.819726. Treasury accepted in full all 

competitive tenders at yields lower than 2.020 percent. 

Tenders at the high yield were allotted 15.58 percent. The 

median yield was 1.950 percent, and the low yield was 1.850 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$22,980 million. 

In addition to the $23,000 million of tenders accepted in 

the auction process, Treasury accepted $5,035 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2026 is $100. 

On November 2, 2016, Treasury announced it would 

auction $15,000 million of 30-year bonds. The issue was to 

refund $58,508 million of securities maturing November 15 

and to raise new cash of approximately $3,492 million. 

The 30-year bonds of November 2046 were dated and 

issued November 15. They are due November 15, 2046, with 

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 2-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on November 10. Tenders totaled $31,602 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.902 percent with an 

equivalent price of $99.461607. Treasury accepted in full all 

competitive tenders at yields lower than 2.902 percent. 

Tenders at the high yield were allotted 35.56 percent. The 

median yield was 2.826 percent, and the low yield was 2.688 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$14,990 million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $3,284 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of November 2046 is $100. 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On November 10, 2016, Treasury announced it would 

auction $11,000 million of 9-year 8-month 0-1/8 percent 

TIPS. The issue was to refund $87,010 million of securities 

maturing November 30 and to raise new cash of 

approximately $11,990 million. 

The 9-year 8-month 0-1/8 percent TIPS of Series D-2026 

were dated July 15 and issued November 30. They are due 

July 15, 2026, with interest payable on January 15 and July 15 

until maturity. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2017 

34 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on November 17. Tenders totaled $26,288 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.369 percent with an 

equivalent adjusted price of $98.390349. Treasury accepted in 

full all competitive tenders at yields lower than 0.369 percent. 

Tenders at the high yield were allotted 62.71 percent. The 

median yield was 0.294 percent, and the low yield was 0.210 

percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$10,976 million. Adjusted accrued interest of $0.47209 per 

$1,000 must be paid for the period from July 15 to November 

30. Both the unadjusted price of $97.694762 and the 

unadjusted accrued interest of $0.46875 were adjusted by an 

index ratio of 1.00712, for the period from July 15 to 

November 30. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $1,171 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2026 is $100. 

Auction of 2-Year Notes 

On November 17, 2016, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $87,010 million of securities maturing November 30 

and to raise new cash of approximately $11,990 million. 

The 2-year notes of Series BK-2018 were dated and issued 

November 30. They are due November 30, 2018, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 1 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 21. Tenders totaled $71,044 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.085 percent with an 

equivalent price of $99.832281. Treasury accepted in full all 

competitive tenders at yields lower than 1.085 percent. 

Tenders at the high yield were allotted 44.73 percent. The 

median yield was 1.050 percent, and the low yield was 0.888 

percent. Noncompetitive tenders totaled $155 million. 

Competitive tenders accepted from private investors totaled 

$25,845 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $2,767 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BK-2018 is $100. 

Auction of 1-Year 11-Month 0.170 Percent FRNs 

On November 17, 2016, Treasury announced it would 

auction $13,000 million of 1-year 11-month 0.170 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 11-month 0.17 percent FRNs of Series BJ2018 were dated October 31 and issued November 25. They 

are due October 31, 2018, with interest payable on January 31, 

April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on November 22. Tenders totaled $43,205 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.169 percent 

with an equivalent price of $100.001890. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.169 percent. Tenders at the high discount margin were 

allotted 1.50 percent. The median discount margin was 0.160 

percent, and the low discount margin was 0.139 percent. 

Noncompetitive tenders totaled $10 million. Competitive 

tenders accepted from private investors totaled $12,990 

million. Accrued interest of $0.042061947 per $100 must be 

paid for the period from October 31 to November 25. 

Auction of 5-Year Notes 

On November 17, 2016, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $87,010 million of securities maturing November 30 

and to raise new cash of approximately $11,990 million. 

The 5-year notes of Series AF-2021 were dated and issued 

November 30. They are due November 30, 2021, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 1-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 22. Tenders totaled $82,841 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.760 percent with an 

equivalent price of $99.952337. Treasury accepted in full all 

competitive tenders at yields lower than 1.760 percent. 

Tenders at the high yield were allotted 98.57 percent. The 

median yield was 1.710 percent, and the low yield was 1.620 

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors totaled 

$33,959 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2017 

35

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $3,619 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AF-2021 is $100. 

Auction of 7-Year Notes 

On November 17, 2016, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $87,010 million of securities maturing November 30 

and to raise new cash of approximately $11,990 million. 

The 7-year notes of Series S-2023 were dated and issued 

November 30. They are due November 30, 2023, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 2-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on November 23. Tenders totaled $75,114 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.215 percent with an 

equivalent price of $99.419378. Treasury accepted in full all 

competitive tenders at yields lower than 2.215 percent. 

Tenders at the high yield were allotted 1.80 percent. The 

median yield was 2.170 percent, and the low yield was 2.041 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled 

$27,984 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $2,980 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2023 is $100. 

D E C E M B E R 

Auction of 52-Week Bills 

On December 1, 2016, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued December 8 and will mature December 7, 2017. The 

issue was to refund $144,994 million of all maturing bills and 

to pay down approximately $17,994 million. Treasury 

auctioned the bills on December 6. Tenders totaled $71,530 

million; Treasury accepted $20,000 million, including $183 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.830 percent. 

Auction of 3-Year Notes 

On December 8, 2016, Treasury announced it would 

auction $24,000 million of 3-year notes. The issue was to 

refund $30,000 million of securities maturing December 15 

and to raise new cash of approximately $26,000 million. 

The 3-year notes of Series AU-2019 were dated and issued 

December 15. They are due December 15, 2019, with interest 

payable on June 15 and December 15 until maturity. Treasury 

set an interest rate of 1-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on December 12. Tenders totaled $63,668

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.452 percent with an 

equivalent price of $99.774758. Treasury accepted in full all 

competitive tenders at yields lower than 1.452 percent. 

Tenders at the high yield were allotted 78.93 percent. The 

median yield was 1.430 percent, and the low yield was 1.320 

percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$23,948 million. The minimum par amount required for 

STRIPS of notes of Series AU-2019 is $100. 

Auction of 9-Year 11-Month 2 Percent Notes 

On December 8, 2016, Treasury announced it would 

auction $20,000 million of 9-year 11-month 2 percent notes. 

The issue was to refund $30,000 million of securities 

maturing December 15 and to raise new cash of 

approximately $26,000 million. 

The 9-year 11-month 2 percent notes of Series F-2026 

were dated November 15 and issued December 15. They are 

due November 15, 2026, with interest payable on May 15 and 

November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on December 12. Tenders totaled $47,707 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.485 percent with an 

equivalent price of $95.758350. Treasury accepted in full all 

competitive tenders at yields lower than 2.485 percent. 

Tenders at the high yield were allotted 11.51 percent. The 

median yield was 2.440 percent, and the low yield was 2.380 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$19,981 million. Accrued interest of $1.65746 per $1,000 

must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of notes of 

Series F-2026 is $100. 

Auction of 29-Year 11-Month 2-7/8 Percent Bonds 

On December 8, 2016, Treasury announced it would 

auction $12,000 million of 29-year 11-month 2-7/8 percent 

bonds. The issue was to refund $30,000 million of securities 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2017 

36 

maturing December 15 and to raise new cash of 

approximately $26,000 million. 

The 29-year 11-month 2-7/8 percent bonds of November 

2046 were dated November 15 and issued December 15. They 

are due November 15, 2046, with interest payable on May 15 

and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on December 13. Tenders totaled $28,703 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.152 percent with an 

equivalent price of $94.656663. Treasury accepted in full all 

competitive tenders at yields lower than 3.152 percent. 

Tenders at the high yield were allotted 72.53 percent. The 

median yield was 3.100 percent, and the low yield was 2.888 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$11,995 million. Accrued interest of $2.38260 per $1,000 

must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of bonds 

of November 2046 is $100. 

Auction of 4-Year 4-Month 0-1/8 Percent TIPS 

On December 15, 2016, Treasury announced it would 

auction $14,000 million of 4-year 4-month 0-1/8 percent 

TIPS. The issue was to raise new cash of approximately 

$27,000 million. 

The 4-year 4-month 0-1/8 percent TIPS of Series X-2021 

were dated October 15 and issued December 30. They are due 

April 15, 2021, with interest payable on April 15 and October 

15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on December 22. Tenders totaled $37,586 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.120 percent with an 

equivalent adjusted price of $102.005809. Treasury accepted 

in full all competitive tenders at yields lower than 0.120 

percent. Tenders at the high yield were allotted 29.80 percent. 

The median yield was 0.050 percent, and the low yield was 

0.000 percent. Noncompetitive tenders totaled $37 million. 

Competitive tenders accepted from private investors totaled 

$13,963 million. Adjusted accrued interest of $0.26617 per 

$1,000 must be paid for the period from October 15 to 

December 30. Both the unadjusted price of $100.021385 and 

the unadjusted accrued interest of $0.26099 were adjusted by 

an index ratio of 1.01984, for the period from October 15 to 

December 30. The minimum par amount required for STRIPS 

of TIPS of Series X-2021 is $100. 

Auction of 1-Year 10-Month 0.170 Percent FRNs 

On December 22, 2016, Treasury announced it would 

auction $13,000 million of 1-year 10-month 0.17 percent 

FRNs. The issue was to raise new cash of approximately 

$27,000 million. 

The 1-year 10-month 0.170 percent FRNs of Series BJ2018 were dated October 31 and issued December 30. They 

are due October 31, 2018, with interest payable on January 31, 

April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 

a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. 

for competitive tenders on December 28. Tenders totaled 

$49,345 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.169 percent 

with an equivalent price of $100.001782. Treasury accepted 

in full all competitive tenders at discount margins lower than 

0.169 percent. Tenders at the high discount margin were 

allotted 82.27 percent. The median discount margin was 0.160 

percent, and the low discount margin was 0.125 percent. 

Noncompetitive tenders totaled $16 million. Competitive 

tenders accepted from private investors totaled $12,984 

million. Accrued interest of $0.107749718 per $100 must be 

paid for the period from October 31 to December 30. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

March 2017 

37

 

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) 

 

 2016 - Oct. 06 ................. 2016 - Nov. 03 28 165,341.0 40,000.5 39,706.2 294.3 99.979778 0.260 0.264

 2017 - Jan. 05 91 141,517.1 42,000.1 41,521.7 378.4 99.921639 0.310 0.315

 Apr. 06 182 128,720.8 36,000.0 35,231.1 368.9 99.752278 0.490 0.498

Oct. 13................. 2016 - Nov. 10 28 134,895.6 40,000.2 39,550.3 349.9 99.979389 0.265 0.269

 2017 - Jan. 12 91 133,698.5 42,000.5 41,513.5 386.9 99.909000 0.360 0.365

 Apr. 13 182 126,027.5 36,000.0 35,166.2 333.8 99.749750 0.495 0.503

Oct. 20................. 2016 - Nov. 17 28 164,841.7 45,000.1 44,593.1 307.1 99.980944 0.245 0.248

 2017 - Jan. 19 91 137,292.1 42,000.0 41,494.9 405.1 99.914056 0.340 0.345

 Apr. 20 182 118,672.4 36,000.2 35,358.2 342.1 99.762389 0.470 0.478

Oct. 27................. 2016 - Nov. 25 29 187,680.5 50,000.0 49,646.4 253.6 99.980667 0.240 0.243

 2017 - Jan. 26 91 146,230.0 42,000.5 40,636.5 364.0 99.914056 0.340 0.345

 Apr. 27 182 126,101.1 36,000.0 34,671.5 328.5 99.759861 0.475 0.483

Nov. 03 ................ 2016 - Dec. 01 28 189,598.2 55,000.3 54,602.2 298.1 99.981333 0.240 0.243

 2017 - Feb. 02 91 138,688.5 42,000.3 41,424.5 375.8 99.911528 0.350 0.355

 May 04 182 125,200.9 36,000.3 35,247.8 352.6 99.747222 0.500 0.508

Nov. 10 ................ 2016 - Dec. 08 28 220,323.8 65,000.3 64,519.6 380.7 99.979000 0.270 0.274

 2017 - Feb. 09 91 138,078.6 42,000.1 41,401.5 398.6 99.893833 0.420 0.426

 May 11 182 122,787.6 36,000.2 35,463.6 336.6 99.729528 0.535 0.544

Nov. 17 ................ 2016 - Dec. 15 28 213,699.7 65,000.3 64,624.6 275.6 99.976278 0.305 0.309

 2017 - Feb. 16 91 131,503.1 42,000.0 41,383.3 416.7 99.869819 0.515 0.523

 May 18 182 112,505.8 36,000.0 35,488.2 311.8 99.684028 0.625 0.636

Nov. 25 ................ 2016 - Dec. 22 27 178,115.2 55,000.4 54,648.3 252.1 99.974500 0.340 0.345

 2017 - Feb. 23 90 137,738.1 39,000.4 38,440.4 360.0 99.880000 0.480 0.487

 May 25 181 126,777.9 33,000.5 32,396.8 328.7 99.695819 0.605 0.615

Dec. 01 ................ 2016 - Dec. 29 28 160,737.1 45,000.0 43,729.6 270.4 99.971611 0.365 0.370

 2017 - Mar. 02 91 138,206.5 36,000.0 34,663.6 336.5 99.876139 0.490 0.497

 June 01 182 128,110.2 30,000.6 28,833.4 267.2 99.691611 0.610 0.620

Dec. 08 ................ Jan. 05 28 145,163.2 45,000.1 44,530.6 369.5 99.973556 0.340 0.345

 Mar. 09 91 123,717.4 34,000.1 33,512.3 387.8 99.876139 0.490 0.497

 June 08 182 104,107.6 28,000.1 27,602.1 298.0 99.689083 0.615 0.625

Dec. 15 ................ Jan. 12 28 144,577.8 45,000.2 44,593.1 307.1 99.962667 0.480 0.487

 Mar. 16 91 126,063.2 34,000.6 33,357.9 442.6 99.866028 0.530 0.538

 June 15 182 101,745.6 28,000.1 27,532.6 367.6 99.673917 0.645 0.656

Dec. 22 ................ Jan. 19 28 165,455.4 55,000.2 54,622.8 277.4 99.961889 0.490 0.497

 Mar. 23 91 108,493.7 34,000.1 33,349.1 451.0 99.869819 0.515 0.523

 June 22 182 93,919.0 28,000.0 27,510.7 389.3 99.673917 0.645 0.656

Dec. 29 ................ Jan. 26 28 173,767.1 50,000.1 49,609.2 291.0 99.962278 0.485 0.492

 Mar. 30 91 117,089.6 34,000.0 32,589.2 410.9 99.859708 0.555 0.564

 June 29 182 107,289.3 28,000.2 26,650.3 349.8 99.666333 0.660 0.671

 

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 

March 2017 

38 

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) 

 

10/11/2016 10/13/2016 0.680% bill—10/12/17 364d 69,279 20,000 

10/12/2016 10/17/2016 1.000% note—10/15/19-AS 3y 70,122 24,000 1.045 - 99.867644 

10/12/2016 10/17/2016 1.500% note—08/15/26-E 9y 10m 50,553 20,000 1.793 - 97.368781 

10/13/2016 10/17/2016 2.250% bond—08/15/46 29y 10m 29,268 12,000 2.470 - 95.372563 

10/20/2016 10/31/2016 1.000% TIPS—02/15/46 29y 4m 11,712 5,302 0.666 - 110.667461 

10/25/2016 10/31/2016 0.750% note—10/31/18-BH 2y 67,432 27,572 0.855 - 99.792225 

10/26/2016 10/31/2016 0.170% FRN—10/31/18-BJ 2y 51,208 15,907 0.000 - 100.000000 

10/26/2016 10/31/2016 1.250% note—10/31/21-AE 5y 86,564 36,055 1.303 - 99.744253 

10/27/2016 10/31/2016 1.625% note—10/31/23-R 7y 71,442 29,693 1.653 - 99.815632 

11/08/2016 11/10/2016 0.695% bill—11/09/17 364d 67,054 20,000 

11/08/2016 11/15/2016 1.000% note—11/15/19-AT 3y 69,926 29,254 1.034 - 99.899821 

11/09/2016 11/15/2016 2.000% note—11/15/26-F 10y 56,049 28,035 2.020 - 99.819726 

11/10/2016 11/15/2016 2.875% bond—11/15/46 30y 34,886 18,284 2.902 - 99.461607 

11/22/2016 11/25/2016 0.169% FRN—10/31/18-BJ 1y 11m 43,205 13,000 0.000 - 100.001890 

11/17/2016 11/30/2016 0.125% TIPS—07/15/26-D 9y 8m 27,459 12,171 0.369 - 98.390349 

11/21/2016 11/30/2016 1.000% note—11/30/18-BK 2y 73,811 28,767 1.085 - 99.832281 

11/22/2016 11/30/2016 1.750% note—11/30/21-AF 5y 86,460 37,619 1.760 - 99.952337 

11/23/2016 11/30/2016 2.125% note—11/30/23-S 7y 78,094 30,980 2.215 - 99.419378 

12/06/2016 12/08/2016 0.830% bill—12/07/17 364d 71,530 20,000 

12/12/2016 12/15/2016 1.375% note—12/15/19-AU 3y 63,668 24,000 1.452 - 99.774758 

12/12/2016 12/15/2016 2.000% note—11/15/26-F 9y 11m 47,707 20,000 2.485 - 95.758350 

12/13/2016 12/15/2016 2.875% bond—11/15/46 29y 11m 28,703 12,000 3.152 - 94.656663 

12/22/2016 12/30/2016 0.125% TIPS—04/15/21-X 4y 4m 37,586 14,000 0.120 - 102.005809 

12/28/2016 12/30/2016 0.169% FRN—10/31/18-BJ 1y 10m 49,345 13,000 0.000 - 100.001782 

 

 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

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. 
March 2017 

39

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

March 2017 

40 

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) 

 

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

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

 

2015 - Dec....................................... 18,946,739 18,922,179 5,244,964 - 5,244,964 2,810,057

2016 - Jan ....................................... 19,037,446 19,012,828 5,351,001 - 5,351,001 2,809,575

Feb ...................................... 19,149,887 19,125,455 5,335,427 - 5,335,427 2,813,201

Mar ...................................... 19,289,383 19,264,939 5,335,182 - 5,335,182 2,815,313

Apr....................................... 19,211,778 19,187,387 5,341,480 - 5,341,480 2,815,146

May...................................... 19,289,971 19,265,452 5,374,362 - 5,374,362 2,816,340

June..................................... 19,406,152 19,381,591 5,444,287 - 5,444,287 2,819,062

July ...................................... 19,452,247 19,427,695 5,425,190 - 5,425,190 2,821,881

Aug ...................................... 19,534,678 19,510,296 5,401,852 - 5,401,852 2,827,017

Sept..................................... 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

Oct....................................... 19,830,096 19,805,715 5,514,763 - 5,514,763 2,833,661

Nov ...................................... 19,972,472 19,948,065 5,499,924 - 5,499,924 2,840,508

Dec ...................................... 20,001,290 19,976,827 5,537,501 - 5,537,501 2,843,701

 

 Public debt securities, continued Agency securities 

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) 

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

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

 

2015 - Dec....................................... 10,867,158 10,396,498 470,660 24,560 24,554 6

2016 - Jan ....................................... 10,852,253 10,379,385 472,868 24,618 24,612 6

Feb ...................................... 10,976,827 10,499,530 477,297 24,432 24,427 5

Mar ...................................... 11,114,444 10,630,827 483,616 24,444 24,439 5

Apr....................................... 11,030,761 10,540,025 490,737 24,391 24,386 5

May...................................... 11,074,750 10,577,192 497,557 24,519 24,514 5

June..................................... 11,118,242 10,611,734 506,508 24,561 24,556 5

July ...................................... 11,180,624 10,672,341 508,282 24,552 24,547 5

Aug ...................................... 11,281,427 10,772,054 509,373 24,382 24,377 5

Sept..................................... 11,347,631 10,830,489 517,142 24,367 24,363 4

Oct....................................... 11,457,291 10,936,394 520,897 24,381 24,377 4

Nov ...................................... 11,607,633 11,080,962 526,671 24,407 24,403 4

Dec ...................................... 11,595,625 11,077,564 518,061 24,463 24,459 4

 

 

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System. 
 OWNERSHIP OF FEDERAL SECURITIES 41 

March 2017 

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] 

 

SOMA and 

Intragovernmental 

Holdings 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 4, 5

 (4) 

U.S.

savings

bonds 6

(5) 

 Private 7

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 4

 (8) 

Mutual 

funds 4, 8

(9) 

 State and 

 local 

 govern- 

 ments 4

 (10) 

 Foreign

 and inter-

 national 9

 (11) 

Other 

 investors 10

 (12) 

 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 n.a. 165.8 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 Sept....... 19,573.4 7,863.5 11,709.9 620.3 167.5 549.1 186.4 344.8 1,524.8 713.0 6,154.9 1,449.1

 June ...... 19,381.6 7,911.2 11,470.4 570.3 169.0 542.4 182.2 333.9 1,402.3 698.0 6,280.0 1,292.4

 Mar ........ 19,264.9 7,801.4 11,463.6 555.3 170.3 536.4 175.6 324.4 1,384.3 680.5 6,284.8 1,352.0

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 529.2 174.8 310.7 1,315.3 666.7 6,146.2 1,349.7

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 318.8 173.5 311.7 1,192.3 643.6 6,105.9 1,229.7

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 382.9 178.0 308.4 1,135.9 630.3 6,163.1 1,127.5

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 442.8 176.4 309.3 1,156.8 640.1 6,172.6 1,046.3

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 492.1 181.3 303.2 1,108.3 622.0 6,157.7 1,008.4

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 485.5 187.1 293.9 1,067.6 601.6 6,069.2 980.7

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 481.1 189.3 283.6 977.9 605.4 6,018.7 1,030.8

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 480.1 189.0 272.9 1,050.1 586.3 5,948.3 1,226.4

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 478.1 188.3 267.3 975.3 586.8 5,792.6 1,358.0

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 358.6 182.8 269.1 976.2 584.1 5,652.8 1,407.2

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 454.0 178.7 273.5 1,000.1 608.7 5,595.0 1,373.7

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 464.6 173.9 281.7 1,066.7 610.7 5,725.0 1,271.6

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 467.5 172.9 290.2 1,031.8 606.7 5,573.8 1,236.0

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 447.0 171.4 290.5 1,080.7 593.7 5,476.1 1,038.0

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 290.9 997.8 585.1 5,310.9 1,108.5

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 295.9 1,015.4 567.2 5,145.1 1,083.7

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

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 141.0 144.2 141.9 343.5 647.8 2,353.2 297.8

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 140.5 153.2 155.1 292.7 643.1 2,235.3 332.9

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 139.9 162.3 168.9 257.6 637.8 2,192.0 285.1

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 139.7 156.3 185.4 263.2 608.3 2,194.8 405.2

2006 - Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 139.8 153.4 197.9 248.2 570.5 2,103.1 392.0

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 125.8 149.3 196.8 234.2 542.3 2,025.3 483.2

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 117.7 149.6 196.1 243.4 531.6 1,977.8 490.1

 Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 116.8 152.9 200.3 254.2 515.7 2,082.1 473.0

 

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. 

3

As of February 2005, the debt held by Government Accounts was renamed to 

Intragovernmental holdings. 

4

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

5

 Includes U.S. chartered depository institutions, foreign banking offices in the United 

States, banks in U.S. affiliated areas, credit unions, and bank holding companies. 

6

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. Current accrual value. 

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
March 2017

42

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation.

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board.

TABLE USCC-1—Amounts Outstanding and in Circulation, December 31, 2016

[Source: Bureau of the Fiscal Service] 

Currency

Total 

currency

and coin

(1)

Total currency

(2)

Federal Reserve notes 1

(3)

U.S. notes

(4)

Currency no

longer issued

(5)

Amounts outstanding .............................. $1,686,528,367,366 $1,638,471,092,384 $1,637,992,787,218 $239,620,566 $238,684,600

Less amounts held by:

The Treasury....................................... 264,505,108 55,199,547 55,006,464 7,505 185,578

FRBs ................................................... 176,926,821,545 175,053,780,991 175,053,767,750 5 13,236

Amounts in circulation............................. $1,509,337,040,713 $1,463,362,111,846 $1,462,884,013,004 $239,613,056 $238,485,786

Coins 2

Total

(1)

Dollars 2, 3

(2)

Fractional

coins

(3)

Amounts outstanding .............................. $48,057,274,982 $6,546,784,108 $ 41,510,490,874 

Less amounts held by:

The Treasury....................................... 209,305,561 57,534,518 151,771,043

FRBs ................................................... 1,873,040,554 1,254,054,991 618,985,563

Amounts in circulation............................. $45,974,928,867 $5,235,194,599 $ 40,739,734,268 

See footnotes following table USCC-2.
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

March 2017

43

TABLE USCC-2—Amounts Outstanding and in Circulation, December 31, 2016

[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 ................................................................................ $11,739,671,315 $11,599,076,127 $143,503 $140,451,685

$2 ................................................................................ 2,346,193,016 2,214,556,272 131,624,218 12,526

$5 ................................................................................ 14,216,890,325 14,085,255,005 107,824,105 23,811,215

$10 .............................................................................. 19,241,310,650 19,221,222,790 6,300 20,081,560

$20 .............................................................................. 177,238,170,740 177,218,063,660 3,840 20,103,240

$50 .............................................................................. 83,493,859,800 83,482,361,350 500 11,497,950

$100 ............................................................................ 1,154,773,543,400 1,154,751,560,300 - 4 21,983,100

$500 ............................................................................ 141,959,000 141,770,500 5,500 183,000

$1,000 ......................................................................... 165,308,000 165,097,000 5,000 206,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,440,000 3,340,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510

Total currency ......................................................... $1,463,362,111,846 $1,462,884,013,004 $239,613,056 $238,485,786 

Comparative totals of currency and coins in circulation—selected dates

 Amounts (in millions)

 (1)

 Per capita 6 

 (2)

Dec. 31, 2016....................................................................................... 1,509,337 4,653

Nov. 30, 2016....................................................................................... 1,495,032 4,612

Oct. 31, 2016 ....................................................................................... 1,479,783 4,555

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

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 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption.

6 Based on Bureau of the Census’ estimates of population.
ForeignCurrencyPositions

ExchangeStabilizationFund
March 2017 

47

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 

March 2017 

48 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

07/06/2016 ............................................................. 1,194,724 1,245,168 n.a. 1.3003

07/13/2016 ............................................................. 1,206,626 1,264,479 n.a. 1.2962

07/20/2016 ............................................................. 1,186,814 1,238,549 n.a. 1.3037

07/27/2016 ............................................................. 1,212,020 1,266,427 n.a. 1.3221

08/03/2016 ............................................................. 1,266,822 1,321,189 -60 1.3078

08/10/2016 ............................................................. 1,272,238 1,326,584 n.a. 1.3059

08/17/2016 ............................................................. 1,287,084 1,338,526 n.a. 1.2885

08/24/2016 ............................................................. 1,307,438 1,355,982 n.a. 1.2939

08/31/2016 ............................................................. 1,380,869 1,431,905 n.a. 1.3122

09/07/2016 ............................................................. 1,384,422 1,439,862 n.a. 1.2895

09/14/2016 ............................................................. 1,416,089 1,479,416 n.a. 1.3187

09/21/2016 ............................................................. 1,174,564 1,245,741 n.a. 1.3186

09/28/2016 ............................................................. 1,260,717 1,323,425 n.a. 1.3237

10/05/2016 ............................................................. 1,250,337 1,320,059 n.a. 1.3177

10/12/2016 ............................................................. 1,238,255 1,309,891 155 1.3277

10/19/2016 ............................................................. 1,283,124 1,347,320 -246 1.3105

10/26/2016 ............................................................. 1,326,703 1,393,169 n.a. 1.3361

11/02/2016 ............................................................. 1,402,527 1,463,309 n.a. 1.3387

11/09/2016 ............................................................. 1,458,606 1,526,336 n.a. 1.3406

11/16/2016 ............................................................. 1,441,609 1,507,185 n.a. 1.3415

11/23/2016 ............................................................. 1,419,856 1,489,858 -216 1.3467

11/30/2016 ............................................................. 1,519,280 1,583,478 55 1.3425

12/07/2016 ............................................................. 1,430,754 1,489,699 n.a. 1.3251

12/14/2016 ............................................................. 1,557,039 1,620,245 n.a. 1.3123

12/21/2016 ............................................................. 1,279,190 1,343,370 n.a. 1.3401

12/28/2016 ............................................................. 1,196,626 1,256,714 -41 1.3555

 
FOREIGN CURRENCY POSITIONS 

March 2017 

49

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) 

 

2014 - Dec ................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601 

2015 - Dec ................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839 

2016 - Jan ................... 1,282,069 1,344,416 225,153 140,171 106,380 n.a. 209,764 148,377 42 1.4074 

Feb .................. 1,344,491 1,402,341 234,740 142,811 116,542 160,081 187,872 135,775 n.a. 1.3522 

Mar .................. 1,225,356 1,286,854 236,521 139,978 108,570 160,348 192,725 135,972 n.a. 1.2969 

 Apr ................... 1,313,456 1,380,357 220,132 163,794 98,218 n.a. 184,228 125,373 676 1.2549 

May .................. 1,419,469 1,472,381 207,358 156,602 96,646 n.a. 211,242 143,227 n.a. 1.3097 

June ................. 1,308,456 1,363,847 188,011 137,836 76,791 n.a. 158,364 108,352 n.a. 1.3010 

 July .................. 1,254,201 1,315,080 189,095 151,502 116,013 112,500 97,367 94,138 n.a. 1.3040 

Aug .................. 1,397,344 1,449,810 192,565 155,708 95,827 92,388 87,358 84,353 n.a. 1.3122 

Sept ................. 1,296,309 1,365,694 174,148 143,656 93,983 88,639 93,305 90,083 n.a. 1.3115 

Oct ................... 1,418,178 1,483,175 201,637 162,780 94,135 89,506 90,568 90,766 -394 1.3403 

Nov .................. 1,537,629 1,601,204 187,963 145,522 90,311 86,032 99,716 100,003 58 1.3425 

 Dec .................. 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

 

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) 

 

2013 - Dec ................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

2014 - Mar .................. 21,444 36,135 101,443 56,942 n.a. n.a. 3,387 1,551 n.a. 1.1053 

June ................. 21,683 33,223 99,792 53,898 960 2,789 4,141 1,136 n.a. 1.0676 

Sept .................. 20,112 34,835 96,687 49,460 1,629 1,789 2,666 1,585 n.a. 1.1207 

Dec ................... 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -15 1.1601 

2015 - Mar .................. 78,372 106,869 127,608 102,875 n.a. 539 4,168 n.a. -14 1.2681 

June ................. 71,356 97,532 133,157 95,771 453 296 3,071 1,191 n.a. 1.2473 

Sept .................. 67,133 98,724 137,280 101,046 n.a. 260 4,831 1,110 -33 1.3396 

Dec ................... 27,142 59,087 124,805 94,853 209 134 n.a. n.a. n.a. 1.3839 

2016 - Mar .................. 30,905 61,123 128,141 93,297 270 373 1,834 n.a. n.a. 1.2969 

June ................. 35,993 65,777 139,605 105,497 363 349 726 461 7 1.3010 

Sept .................. 36,878 67,335 155,580 102,712 242 285 2,316 1,180 n.a. 1.3115 

 

 
FOREIGN CURRENCY POSITIONS 

March 2017 

50 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

07/06/2016 .............................................................. 515,993 537,085 n.a. 101.12

07/13/2016 .............................................................. 533,045 545,323 n.a. 104.10

07/20/2016 .............................................................. 509,792 522,232 n.a. 106.65

07/27/2016 .............................................................. 543,766 555,532 n.a. 105.65

08/03/2016 .............................................................. 537,049 548,290 122 101.34

08/10/2016 .............................................................. 530,175 540,593 n.a. 101.27

08/17/2016 .............................................................. 540,415 546,377 n.a. 100.24

08/24/2016 .............................................................. 525,870 537,917 n.a. 100.50

08/31/2016 .............................................................. 549,535 562,308 n.a. 103.38

09/07/2016 .............................................................. 545,606 556,903 n.a. 101.72

09/14/2016 .............................................................. 549,483 560,189 n.a. 102.33

09/21/2016 .............................................................. 515,990 527,422 n.a. 100.62

09/28/2016 .............................................................. 523,864 534,961 n.a. 100.57

10/05/2016 .............................................................. 523,295 533,377 n.a. 103.53

10/12/2016 .............................................................. 532,083 538,220 n.a. 104.48

10/19/2016 .............................................................. 498,418 507,226 n.a. 103.30

10/26/2016 .............................................................. 503,357 512,645 n.a. 104.42

11/02/2016 .............................................................. 550,093 556,259 n.a. 103.22

11/09/2016 .............................................................. 582,070 592,767 n.a. 104.84

11/16/2016 .............................................................. 563,570 569,715 n.a. 109.16

11/23/2016 .............................................................. 559,092 560,517 -46 112.58

11/30/2016 .............................................................. 592,239 602,291 n.a. 114.34

12/07/2016 .............................................................. 563,508 572,354 n.a. 113.50

12/14/2016 .............................................................. 596,213 605,026 n.a. 115.06

12/21/2016 .............................................................. 544,586 552,910 69 117.79

12/28/2016 .............................................................. 525,451 537,596 45 117.66
FOREIGN CURRENCY POSITIONS 

March 2017 

51

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) 

 

2014 - Dec .................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85 

2015 - Dec .................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27 

2016 - Jan .................. 599,417 603,264 144,892 144,472 49,727 52,390 65,953 66,253 -2 121.05 

Feb ................. 589,313 593,776 159,872 157,460 56,793 58,356 68,647 70,087 60 112.90 

Mar ................. 561,749 562,095 162,529 158,340 54,680 56,244 69,336 69,978 -29 112.42 

 Apr .................. 608,507 607,842 163,030 161,259 57,436 58,436 71,339 72,809 127 106.90 

May ................. 568,549 572,000 154,369 152,005 54,268 54,880 71,005 71,781 n.a. 110.75 

June ................ 563,914 570,200 170,801 170,250 53,090 52,972 68,821 69,484 n.a. 102.77 

 July ................. 560,321 568,843 172,329 171,033 61,490 59,444 70,191 73,096 n.a. 102.32 

Aug ................. 550,336 563,164 155,179 153,238 52,693 51,094 62,896 66,143 n.a. 103.38 

Sept ................ 553,483 559,349 163,928 162,154 52,508 51,043 62,919 64,302 n.a. 101.21 

 Oct ................... 540,425 546,482 173,878 171,803 51,633 50,402 63,775 64,929 n.a. 105.07 

Nov ................. 592,885 602,968 174,780 174,758 60,784 59,998 75,464 76,880 n.a. 114.34 

Dec ................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

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) 

 

2013 - Dec ................... 4,238 5,807 10,272 4,750 n.a. 965 2,510 1,335 75 105.25 

2014 - Mar ................... 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 

June ................. 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 

Sept .................. 6,122 7,795 9,921 5,408 127 491 2,075 1,162 n.a. 109.66 

Dec ................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a. 119.85 

2015 - Mar ................... 6,835 6,172 7,243 4,951 179 531 1,474 587 -46 119.96 

June ................. 6,721 6,611 6,947 5,995 355 666 1,084 428 n.a. 122.10 

Sept .................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81 

Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,220 4,862 7,169 5,275 n.a. 340 670 486 -7 112.42 

June ................. 8,200 4,638 7,120 5,684 n.a. 367 723 581 -5 102.77 

Sept .................. 7,804 4,285 7,662 6,006 n.a. 382 588 488 -18 101.21 

 
FOREIGN CURRENCY POSITIONS 

March 2017 

52 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

07/06/2016 .............................................................. 826,128 852,385 n.a. 0.9778

07/13/2016 .............................................................. 849,988 875,361 n.a. 0.9834

07/20/2016 .............................................................. 810,812 836,456 814 0.9872

07/27/2016 .............................................................. 846,733 873,790 804 0.9936

08/03/2016 .............................................................. 851,214 879,232 n.a. 0.9716

08/10/2016 .............................................................. 839,303 867,968 n.a. 0.9759

08/17/2016 .............................................................. 857,381 886,850 543 0.9640

08/24/2016 .............................................................. 843,573 869,807 n.a. 0.9673

08/31/2016 .............................................................. 913,290 937,205 n.a. 0.9830

09/07/2016 .............................................................. 853,977 878,173 n.a. 0.9702

09/14/2016 .............................................................. 880,988 911,968 n.a. 0.9708

09/21/2016 .............................................................. 772,447 798,289 n.a. 0.9758

09/28/2016 .............................................................. 822,709 850,026 n.a. 0.9724

10/05/2016 .............................................................. 835,473 859,786 n.a. 0.9770

10/12/2016 .............................................................. 834,212 861,338 n.a. 0.9902

10/19/2016 .............................................................. 857,479 882,214 n.a. 0.9894

10/26/2016 .............................................................. 889,811 921,125 n.a. 0.9927

11/02/2016 .............................................................. 936,857 969,395 n.a. 0.9701

11/09/2016 .............................................................. 949,655 976,142 n.a. 0.9812

11/16/2016 .............................................................. 916,737 944,533 n.a. 1.0019

11/23/2016 .............................................................. 861,599 899,620 n.a. 1.0156

11/30/2016 .............................................................. 961,132 989,814 n.a. 1.0187

12/07/2016 .............................................................. 987,233 1,024,694 n.a. 1.0065

12/14/2016 .............................................................. 1,066,146 1,103,916 n.a. 1.0099

12/21/2016 .............................................................. 916,937 955,123 n.a. 1.0262

12/28/2016 .............................................................. 874,618 903,724 n.a. 1.0313
FOREIGN CURRENCY POSITIONS 

March 2017 

53

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) 

 

2014 - Dec ................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934 

2015 - Dec ................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a. 1.0017 

2016 - Jan ................... 996,888 1,036,633 89,699 66,685 73,230 87,257 120,692 105,615 n.a. 1.0226 

Feb .................. 1,007,214 1,039,799 92,525 69,755 76,376 88,520 122,767 109,571 n.a. 0.9960 

Mar .................. 965,512 1,000,759 87,455 64,905 71,734 84,327 112,604 101,090 158 0.9583 

 Apr ................... 964,626 998,481 90,539 69,423 71,628 83,335 113,696 101,380 238 0.9598 

May .................. 934,462 966,280 85,592 65,075 71,569 83,919 113,307 101,739 n.a. 0.9934 

June ................. 906,161 932,437 86,456 65,839 71,058 82,776 106,993 95,619 n.a. 0.9792 

 July .................. 850,015 877,876 84,611 64,450 79,886 80,698 95,062 94,159 772 0.9690 

Aug .................. 914,207 937,753 82,885 62,624 77,370 77,831 92,964 92,545 n.a. 0.9830 

Sept ................. 809,002 833,527 100,213 80,209 73,675 73,637 90,162 89,726 n.a. 0.9694 

 Oct ................... 884,917 915,199 107,821 87,263 69,303 71,437 84,145 81,695 n.a. 0.9890 

Nov .................. 961,646 990,511 110,339 88,029 72,062 73,248 88,917 85,043 n.a. 1.0187 

Dec .................. 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.0160 

 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

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) 

 

2013 - Dec ................... 22,699 23,164 n.a. 9,538 n.a. n.a. 1,951 n.a. n.a. 0.8904 

2014 - Mar ................... 17,733 17,832 99,179 8,969 n.a. n.a. 1,012 290 -2 0.8840 

June ................. 18,188 18,726 101,146 9,451 n.a. n.a. 879 436 n.a. 0.8868 

Sept .................. 22,420 22,430 88,531 13,999 n.a. n.a. n.a. 1,269 -319 0.9554 

Dec ................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934 

2015 - Mar ................... 24,395 27,813 90,329 13,567 n.a. n.a. n.a. 596 n.a. 0.9712 

June ................. 20,333 22,935 82,573 12,529 n.a. n.a. 116 n.a. -10 0.9346 

Sept .................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773 

Dec ................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 

2016 - Mar ................... 12,976 16,654 46,077 13,861 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,978 14,946 n.a. 13,968 n.a. n.a. 158 n.a. n.a. 0.9792 

Sept .................. 13,175 13,807 72,190 14,253 - n.a. n.a. n.a. n.a. 0.9694 

 
FOREIGN CURRENCY POSITIONS 

March 2017 

54 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

07/06/2016 .............................................................. 2,531,879 2,648,040 n.a. 1.2921

07/13/2016 .............................................................. 2,575,324 2,694,838 n.a. 1.3180

07/20/2016 .............................................................. 2,475,833 2,591,096 n.a. 1.3179

07/27/2016 .............................................................. 2,590,391 2,688,410 n.a. 1.3094

08/03/2016 .............................................................. 2,497,735 2,612,795 -251 1.3335

08/10/2016 .............................................................. 2,580,392 2,692,089 -1,350 1.2998

08/17/2016 .............................................................. 2,693,346 2,811,189 n.a. 1.3012

08/24/2016 .............................................................. 2,643,834 2,758,862 -698 1.3236

08/31/2016 .............................................................. 2,807,165 2,920,954 n.a. 1.3129

09/07/2016 .............................................................. 2,770,841 2,890,941 n.a. 1.3339

09/14/2016 .............................................................. 2,853,880 2,976,770 n.a. 1.3204

09/21/2016 .............................................................. 2,511,446 2,640,699 n.a. 1.2978

09/28/2016 .............................................................. 2,626,830 2,751,950 n.a. 1.2996

10/05/2016 .............................................................. 2,586,351 2,723,041 n.a. 1.2745

10/12/2016 .............................................................. 2,630,250 2,768,057 n.a. 1.2195

10/19/2016 .............................................................. 2,646,999 2,765,687 n.a. 1.2279

10/26/2016 .............................................................. 2,753,397 2,886,019 n.a. 1.2234

11/02/2016 .............................................................. 2,785,232 2,922,071 n.a. 1.2315

11/09/2016 .............................................................. 2,767,328 2,885,324 n.a. 1.2474

11/16/2016 .............................................................. 2,732,942 2,851,782 -336 1.2450

11/23/2016 .............................................................. 2,739,340 2,877,316 -394 1.2458

11/30/2016 .............................................................. 2,864,216 2,993,448 -453 1.2481

12/07/2016 .............................................................. 2,879,797 3,025,295 -51 1.2604

12/14/2016 .............................................................. 3,244,000 3,191,745 -100 1.2706

12/21/2016 .............................................................. 2,863,062 2,885,997 n.a. 1.2348

12/28/2016 .............................................................. 2,784,361 2,811,465 276 1.2222
FOREIGN CURRENCY POSITIONS 

March 2017 

55

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) 

 

2014 - Dec ................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578 

2015 - Dec ................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746 

2016 - Jan ................... 2,241,872 2,330,876 782,208 803,197 98,217 112,772 143,887 130,996 -431 1.4184 

Feb .................. 2,288,338 2,376,520 825,861 859,627 104,379 124,765 172,085 148,121 23 1.3926 

Mar .................. 2,241,858 2,348,006 774,658 802,753 111,291 131,773 184,067 161,920 550 1.4381 

 Apr ................... 2,332,459 2,441,203 780,946 815,609 131,823 148,164 199,086 184,093 n.a. 1.4625 

May .................. 2,528,692 2,637,088 767,054 792,261 147,533 169,789 229,916 214,284 n.a. 1.4530 

June ................. 2,549,235 2,674,206 848,274 872,640 155,764 182,365 232,457 209,815 n.a. 1.3242 

 July .................. 2,557,400 2,672,258 901,277 917,494 165,470 160,505 231,617 227,557 n.a. 1.3270 

Aug .................. 2,814,334 2,927,659 887,534 880,127 131,293 126,872 179,111 177,955 n.a. 1.3129 

Sept ................. 2,618,883 2,747,565 869,051 828,784 120,207 117,731 164,545 163,770 n.a. 1.3015 

 Oct ................... 2,745,019 2,880,821 829,418 781,724 115,226 110,065 177,757 177,916 n.a. 1.2212 

Nov .................. 2,871,185 3,000,437 820,971 779,232 112,863 106,019 165,405 165,117 -449 1.2481 

Dec .................. 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Otions 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) 

 

2013 - Dec ................... 34,365 29,425 156,665 38,670 1,861 n.a. 2,360 1,364 172 1.6574 

2014 - Mar ................... 24,285 20,785 159,297 38,963 n.a. n.a. n.a. 404 - 1.6675 

June ................. 28,452 25,936 159,978 38,559 1,500 1,381 2,464 866 194 1.7105 

Sept .................. 25,003 25,045 154,483 36,431 2,021 1,243 3,789 1,232 n.a. 1.6220 

Dec ................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578 

2015 - Mar ................... 30,264 42,342 160,656 61,050 n.a. 745 5,418 3,293 -85 1.4850 

June ................. 29,155 39,283 162,972 61,154 1,163 1,191 1,602 1,018 57 1.5727 

Sept .................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116 

Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar ................... 25,197 48,655 161,265 64,422 460 958 5,159 2,545 76 1.4381 

June ................. 32,956 59,097 167,540 68,674 n.a. n.a. 3,488 1,337 131 1.3242 

Sept .................. 27,871 58,608 162,969 65,554 406 432 2,465 727 63 1.3015 

 
FOREIGN CURRENCY POSITIONS 

March 2017 

56 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

07/06/2016 ............................................................ 24,304,014 23,663,325 n.a. n.a.

07/13/2016 ............................................................ 24,788,005 24,139,113 n.a. n.a.

07/20/2016 ............................................................ 24,147,433 23,516,475 n.a. n.a.

07/27/2016 ............................................................ 24,917,158 24,303,939 23 n.a.

08/03/2016 ............................................................ 24,791,705 24,154,051 170 n.a.

08/10/2016 ............................................................ 25,131,424 24,529,253 n.a. n.a.

08/17/2016 ............................................................ 25,465,914 24,880,087 -4,087 n.a.

08/24/2016 ............................................................ 25,097,187 24,515,189 n.a. n.a.

08/31/2016 ............................................................ 26,085,013 25,474,902 n.a. n.a.

09/07/2016 ............................................................ 25,482,816 24,898,054 n.a. n.a.

09/14/2016 ............................................................ 26,203,318 25,617,943 n.a. n.a.

09/21/2016 ............................................................ 23,958,955 23,312,614 n.a. n.a.

09/28/2016 ............................................................ 24,919,045 24,300,089 n.a. n.a.

10/05/2016 ............................................................ 24,582,602 23,954,805 n.a. n.a.

10/12/2016 ............................................................ 25,194,997 24,589,663 n.a. n.a.

10/19/2016 ............................................................ 24,662,731 23,961,424 n.a. n.a.

10/26/2016 ............................................................ 24,983,823 24,358,871 n.a. n.a.

11/02/2016 ............................................................ 25,899,271 25,285,558 n.a. n.a.

11/09/2016 ............................................................ 26,219,511 25,685,780 n.a. n.a.

11/16/2016 ............................................................ 26,001,749 25,561,266 n.a. n.a.

11/23/2016 ............................................................ 25,901,062 25,262,535 n.a. n.a.

11/30/2016 ............................................................ 27,458,464 26,813,058 n.a. n.a.

12/07/2016 ............................................................ 26,796,059 26,085,379 n.a. n.a.

12/14/2016 ............................................................ 28,144,091 27,439,517 n.a. n.a.

12/21/2016 ............................................................ 25,112,480 24,373,520 -7,314 n.a.

12/28/2016 ............................................................ 24,239,129 23,481,068 -6,744 n.a.
FOREIGN CURRENCY POSITIONS 

March 2017 

57

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) 

 

2014 - Dec .............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a. 

2015 - Dec .............. 23,238,723 22,612,485 - - 2,124,406 1,978,028 1,357,603 1,515,284 -7,263 n.a. 

2016 - Jan .............. 25,089,673 24,590,745 - - 2,368,556 2,135,380 1,490,976 1,746,613 -14,309 n.a. 

Feb ............. 25,631,597 25,109,663 - - 2,459,923 2,209,874 1,595,887 1,863,576 -6,093 n.a. 

Mar ............. 24,892,918 24,410,829 - - 2,498,541 2,251,506 1,739,028 1,995,472 n.a. n.a. 

 Apr .............. 25,819,119 25,308,715 - - 2,464,483 2,226,566 1,708,525 1,961,781 -2,091 n.a. 

May ............. 25,750,475 25,241,261 - - 2,567,032 2,230,210 1,651,792 1,972,493 -4,427 n.a. 

June ............ 25,490,001 24,878,219 - - 2,480,461 2,155,087 1,620,127 1,929,426 N/A n.a. 

 July ............. 27,129,821 26,506,848 - - 2,590,300 2,615,761 1,821,089 1,779,134 -1,785 n.a. 

Aug ............. 26,449,920 25,822,922 - - 2,270,867 2,240,778 1,628,824 1,617,632 n.a. n.a. 

Sept ............ 25,353,418 24,783,019 - - 2,129,618 2,126,408 1,612,644 1,574,536 -1,156 n.a. 

 Oct .............. 25,487,936 24,881,480 - - 2,188,089 2,190,906 1,639,433 1,610,256 n.a. n.a. 

Nov ............. 27,576,354 26,932,500 - - 2,540,013 2,536,790 1,749,543 1,727,774 n.a. n.a. 

Dec ............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

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) 

 

2013 - Dec ................... 357,382 377,984 - - 54,936 34,030 34,942 35,389 4,121 n.a. 

2014 - Mar ................... 391,996 400,511 - - 36,072 18,155 20,269 16,834 n.a. n.a. 

June ................. 411,412 415,310 - - 56,218 29,924 20,610 26,265 3,106 n.a. 

Sept .................. 470,994 427,001 - - 77,178 42,620 23,410 26,139 10,422 n.a. 

Dec ................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,105 n.a. 

2015 - Mar ................... 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a. 

June ................. 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a. 

Sept .................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a. 

Dec ................... 394,957 340,085 - - 28,177 18,640 6,330 8,699 1,846 n.a. 

2016 - Mar ................... 388,976 345,432 - - 29,718 19,337 6,875 10,952 1,436 n.a. 

June ................. 421,872 328,263 - - 20,279 13,173 10,712 12,342 1,056 n.a. 

Sept .................. 420,492 344,490 - - 17,282 11,021 11,927 14,172 1,089 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2017 

58 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

07/06/2016 ......................................................................... 6,982,501 7,054,484 -3,279 0.9028

07/13/2016 ......................................................................... 7,194,319 7,351,580 -2,045 0.8999

07/20/2016 ......................................................................... 7,113,582 7,271,539 -796 0.9085

07/27/2016 ......................................................................... 7,326,694 7,475,581 -3,001 0.9101

08/03/2016 ......................................................................... 7,221,319 7,386,357 -1,193 0.8953

08/10/2016 ......................................................................... 7,344,777 7,502,229 641 0.8952

08/17/2016 ......................................................................... 7,396,863 7,549,265 392 0.8879

08/24/2016 ......................................................................... 7,298,773 7,399,557 761 0.8884

08/31/2016 ......................................................................... 7,521,674 7,661,094 1,104 0.8972

09/07/2016 ......................................................................... 7,308,330 7,447,623 593 0.8898

09/14/2016 ......................................................................... 7,563,556 7,700,803 603 0.8872

09/21/2016 ......................................................................... 6,822,652 6,975,903 583 0.8957

09/28/2016 ......................................................................... 7,264,477 7,410,006 -2,045 0.8929

10/05/2016 ......................................................................... 7,179,856 7,331,254 -540 0.8932

10/12/2016 ......................................................................... 7,369,063 7,509,444 -356 0.9079

10/19/2016 ......................................................................... 7,298,382 7,456,737 -119 0.9119

10/26/2016 ......................................................................... 7,359,924 7,518,214 515 0.9161

11/02/2016 ......................................................................... 7,493,321 7,650,113 636 0.8994

11/09/2016 ......................................................................... 7,736,227 7,910,682 582 0.9131

11/16/2016 ......................................................................... 7,694,900 7,861,258 4,957 0.9347

11/23/2016 ......................................................................... 7,524,611 7,708,857 2,233 0.9470

11/30/2016 ......................................................................... 8,075,379 8,256,949 2,486 0.9454

12/07/2016 ......................................................................... 7,761,878 7,971,461 3,010 0.9295

12/14/2016 ......................................................................... 8,434,023 8,592,849 3,156 0.9384

12/21/2016 ......................................................................... 7,497,261 7,657,008 1,801 0.9592

12/28/2016 ......................................................................... 7,303,658 7,447,591 1,660 0.9626
FOREIGN CURRENCY POSITIONS 

March 2017 

59

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) 

 

2014 - Dec ................... 6,034,361 6,176,703 2,069,681 1,999,146 451,487 500,726 678,531 639,243 2,694 0.8264 

2015 - Dec ................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,846 694,070 n.a. 0.9209 

2016 - Jan ................... 7,774,467 7,949,023 2,320,476 2,232,920 540,616 574,480 695,766 664,762 n.a. 0.9232 

Feb .................. 7,786,181 7,963,358 2,398,321 2,337,520 553,319 589,114 728,301 696,314 n.a. 0.9201 

Mar .................. 7,236,385 7,398,249 2,464,910 2,379,589 535,335 554,685 648,882 624,759 843 0.8780 

 Apr ................... 7,359,201 7,529,440 2,404,924 2,338,019 499,976 523,257 609,634 586,599 -1,423 0.8740 

May .................. 7,371,305 7,525,525 2,319,710 2,258,758 489,887 518,113 623,712 583,584 n.a. 0.8981 

June ................. 7,262,803 7,422,486 2,374,855 2,317,155 481,255 509,286 614,420 580,517 -2,860 0.9064 

 July .................. 7,382,517 7,538,238 2,446,363 2,379,400 482,181 469,391 599,725 597,447 -1,233 0.8954 

Aug .................. 7,552,615 7,692,892 2,299,016 2,246,796 456,381 447,189 552,241 552,908 1,111 0.8972 

Sept ................. 7,220,989 7,349,806 2,398,068 2,346,015 464,875 457,030 540,037 537,809 -676 0.8898 

 Oct ................... 7,408,312 7,557,139 2,332,495 2,266,764 461,910 454,661 559,673 558,888 -780 0.9122 

Nov .................. 8,097,253 8,277,228 2,343,980 2,273,163 494,972 492,605 716,999 720,634 2,481 0.9454 

Dec .................. 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

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) 

 

2013 - Dec ................... 93,606 107,641 295,577 138,564 8,848 3,866 7,004 6,196 939 0.7257 

2014 - Mar ................... 85,631 68,576 310,459 141,879 9,177 n.a. 6,401 3,759 765 0.7258 

June ................. 87,542 83,012 318,085 145,765 10,853 8,432 18,099 11,116 -709 0.7305 

Sept .................. 93,517 97,958 314,618 150,292 12,042 7,750 27,163 13,965 -3,350 0.7919 

Dec ................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264 

2015 - Mar ................... 150,385 138,996 284,817 183,576 7,240 3,962 15,297 9,179 1,582 0.9310 

June ................. 146,038 136,974 297,381 183,030 3,264 3,244 14,458 8,048 1,222 0.8965 

Sept .................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959 

Dec ................... 126,355 121,422 283,432 184,306 5,153 1,869 10,724 6,624 -40 0.9209 

2016 - Mar ................... 133,865 119,404 292,432 185,595 4,902 2,544 4,868 2,723 n.a. 0.8780 

June ................. 128,988 124,258 309,255 201,488 6,232 3,385 7,355 3,274 n.a. 0.9064 

Sept .................. 133,735 117,752 317,362 209,443 5,011 3,212 5,513 2,647 n.a. 0.8898 

 
March 2017 

60 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund -ESF was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 -codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of Sept. 30, 2016, and Dec. 31, 2016 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2016 

Oct. 1, 2016, 

through 

Dec. 31, 2016 Dec. 31, 2016 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,680,240 -666,545 22,013,695

Special drawing rights 1 ........................................................... 50,053,600 -1,171,153 48,882,447 

Foreign exchange and securities: 

European euro ..................................................................... 13,018,437 -1,538,745 11,479,692 

Japanese yen....................................................................... 8,520,566 -508,180 8,012,386 

Accounts receivable................................................................. 62,709 33,586 96,295 

Total assets.......................................................................... 94,335,552 -3,851,037 90,484,515 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 4,834 12,874 17,708 

Total current liabilities ...................................................... 4,834 12,874 17,708 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,293,980 -1,818,051 47,475,929 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 54,493,980 -1,818,051 52,675,929 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2.......................... 1,554,706 -3,555,632 -2,000,926

Total capital...................................................................... 39,836,738 -2,045,860 37,790,878 

Total liabilities and capital............................................ 94,335,552 -3,851,037 90,484,515 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

March 2017 

61

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

Oct. 1, 2016, 

through 

Dec. 31, 2016 

Fiscal year to date

Oct. 1, 2016, 

through 

Dec. 31, 2016 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange ........................................................................ -1,978,661 -1,978,661

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -36,937 -36,937

Interest -+ or net charges -- on: 

SDRs............................................................................................ 520 520 

U.S. Government securities......................................................... 17,389 17,389 

Foreign exchange ........................................................................ -3,237 -3,237

Income from operations ............................................................... -2,000,926 -2,000,926

Net income -+ or loss -- ............................................................... -2,000,926 -2,000,926

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
65 

March 2017 

INTRODUCTION: Financial Report of the United States Government

The Financial Report of the United States Government 

(Report) provides the President, Congress, and the American 

People with a comprehensive view of the Federal 

Government's finances, i.e., its financial position and 

condition, its revenues and costs, assets and liabilities, and 

other obligations and commitments. The Fiscal Year 2016 

Report also discusses important financial topics, including 

continuing economic recovery efforts and fiscal 

sustainability. The related Citizen’s Guide provides a 

concise overview of the information contained in the full 

Financial Report.

The Department of the Treasury, in coordination with the 

Office of Management and Budget (OMB), prepares the 

Report, which includes the financial statements for the U.S. 

Government. The United States Government Accountability 

Office (GAO) is required to audit these statements. The 

Report is compiled primarily from individual federal 

agencies' audited financial statements and related 

information included in the agencies' financial reports. 

Inspectors General are generally responsible for annually 

auditing the financial statements for their respective 

agencies. The agency and Government wide financial 

statements are generally required to be prepared in 

conformity with U.S.’ generally accepted accounting 

principles as promulgated by the Federal Accounting 

Standards Advisory Board (FASAB). 

The complete Financial Report, can be accessed easily 

through the internet at: 

https://fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm 
66 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2016, 

and 2015 

The consolidated financial statements of the United States Government (Government) were prepared using U.S. 

Generally Accepted Accounting Principles (GAAP). The consolidated financial statements include the accrual-based 

financial statements and the sustainability financial statements, which are discussed in more detail below, and the related 

notes to the consolidated financial statements. Collectively, the accrual-based financial statements, the sustainability financial 

statements, and the notes represent basic information that is deemed essential for the consolidated financial statements to be 

presented in conformity with GAAP. 

ACCRUAL-BASED FINANCIAL STATEMENTS 

The accrual-based financial statements present historical information on what the federal government owns (assets) and 

owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how 

accrual-based net operating costs of the federal government reconcile to the budget deficit and changes in its cash balances 

during the year. The following sections discuss each of the accrual-based financial statements. 

Statements of Net Cost 

These statements present the net cost of the Government operations for fiscal years 2016 and 2015, including the 

operations related to funds from dedicated collections (funds financed by specifically identified revenues, often supplemented 

by other financing sources, which remain available over time). The Government’s fiscal year begins October 1 and ends 

September 30. Costs and earned revenues are categorized on the Statement of Net Cost by significant entity, providing 

greater accountability by showing the relationship of the agencies’ net cost to the governmentwide net cost. Costs and earned 

revenues are presented in this Financial Report by significant entity on an accrual basis, while the budget presents costs and 

revenues by outlays and receipts, generally on a cash basis. The focus of the budget of the United States is by agency. 

Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in 

assessing the budget integrity, operating performance, stewardship, and systems and controls of the Government. 

These statements contain the following four components: 

 Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions. 

These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding entities. 

 Earned revenue—is exchange revenue resulting from the Government providing goods and services to the public at 

a price. 

 (Gain)/loss from changes in assumptions—is the gain or loss from changes in long-term assumptions used to 

measure the liabilities reported for federal civilian and military employee pensions, other post-employment benefits, 

and other retirement benefits, including veterans’ compensation. 

 Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in 

assumptions. 

Individual agency net cost amounts will differ from the agency’s financial statements primarily because of allocations 

of Office of Personnel Management (OPM) benefit program costs and intragovernmental eliminations, as adjusted for 

buy/sell costs, buy/sell revenues, and imputed costs. Because of its specific function, most of the costs originally associated

with OPM have been allocated to their user agencies for governmentwide reporting purposes. The remaining costs for OPM 

on the Statements of Net Cost are the administrative operating costs, the expenses from prior costs from health and pension 

plan amendments, and the actuarial gains and losses, if applicable. With regard to intragovernmental buy/sell costs and 

related revenues, the amounts recognized by each agency are added to, and subtracted from, respectively, the individual 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 67

 

March 2017 

agency non-federal net cost amounts. Because of the specific functions of the General Services Administration (GSA), as the 

primary provider of goods and services to federal agencies, once GSA’s net cost is adjusted for its intragovernmental buy/sell 

costs and related revenues, the remaining costs for GSA on the Statements of Net Cost are its administrative operating costs. 

In addition, the intragovernmental imputed costs recognized for the receipt of goods and services, financed in whole or part 

by the providing agencies, are added to the individual agency non-federal net cost amounts. The interest on securities issued 

by the Department of the Treasury (Treasury) and held by the public is reported on Treasury’s financial statements, but, 

because of its importance and the dollar amounts involved, it is reported separately in these statements. 

Statements of Operations and Changes in Net Position 

These statements report the results of Government operations, net operating costs, which include the results of 

operations for funds from dedicated collections. They include non-exchange revenues, which are generated from transactions 

that do not require a Government entity to give value directly in exchange for the inflow of resources. The Government does 

not “earn” the non-exchange revenue. These are generated principally by the Government’s sovereign power to tax, levy 

duties, and assess fines and penalties. These statements also include the net cost reported in the Statement of Net Cost. They 

further include certain adjustments and unreconciled transactions that affect the net position. 

Revenue 

Inflows of resources to the government that the government demands or that it receives by donations are identified as 

non-exchange revenue. The inflows that it demands include individual income tax and tax withholdings, excise taxes, 

corporation income taxes, unemployment taxes, custom duties, and estate and gift taxes. The non-exchange revenue is 

recognized when collected and adjusted for the change in net measurable and legally collectable amounts receivable. 

Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/Self-Employment 

Contributions Act (SECA) taxes and other taxes. 

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and 

imported liquor, tobacco, firearms, and other items. 

Other taxes and receipts include Federal Reserve Banks (FRBs) earnings, tax related fines, penalties and interest, and 

railroad retirement taxes. 

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. 

These revenues include rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development 

of mineral resources on public lands. 

Generally, funds from dedicated collections are financed by specifically identified revenues, provided to the 

government by non-federal sources, often supplemented by other financing sources, which remain available over time. These 

specifically identified revenues and other financing sources are required by statute to be used for designated activities, 

benefits or purposes, and must be accounted for separately from the Government’s general revenue. See Note 20—Funds 

from Dedicated Collections for detailed information. 

Intragovernmental interest represents interest earned from the investment of surplus dedicated collections, which 

finance the deficit spending of all other fund’s non-dedicated operations. These investments are recorded as 

intragovernmental debt holdings and are included in Note 11—Federal Debt Securities Held by the Public and Accrued 

Interest, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government 

Accounts. These interest earnings and the associated investments are eliminated in the consolidation process. 

Net Cost of Government Operations 

The net cost of Government operations—gross cost (including gains/losses from changes in assumptions) less earned 

revenue—flows through from the Statements of Net Cost. The net cost associated with funds from dedicated collections 

activities is separately reported and starting in fiscal year 2015, the intragovernmental net cost associated with funds from 

dedicated collections was separately reported. 
68 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

Intragovernmental Transfers 

Intragovernmental transfers reflect budgetary and other financing sources for funds from dedicated collections, 

excluding financing sources related to non-exchange revenues, intragovernmental interest, and miscellaneous revenues. 

These intragovernmental transfers include appropriations, transfers, and other financing sources. These amounts are labeled 

as “other changes in fund balance” in Note 20—Funds from Dedicated Collections. Some transfers reflect amounts required 

by statute to be transferred from the General Fund of the U.S. Government (General Fund) to funds from dedicated 

collections. For Supplementary Medical Insurance (SMI), transfers from the General Fund financed 76 percent and 78 

percent of 2016 program costs to Part B and D, respectively. 

Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due 

primarily to unreconciled intragovernmental differences. See Note1.S—Unmatched Transactions and Balances for detailed 

information. 

The unmatched transactions and balances are included in net operating cost to make the sum of net operating costs and 

prior period adjustments for the year equal to the change in the net position balance. 

Net Operating Cost 

 The net operating cost equals revenue less net cost of Government operations (that flows from the Statement of Net 

Cost) adjusted by unmatched transactions and balances (see Note 1.S—Unmatched Transactions and Balances). 

Net Position, Beginning of Period 

The net position, beginning of period, reflects the amount reported on the prior year’s balance sheet as of the end of that 

fiscal year. The net position for funds from dedicated collections is shown separately. 

Prior-period adjustments are revisions to the beginning net position presented on the prior year financial statements due 

to corrections of material errors or certain changes in accounting principles. See Note 1.T—Prior-Period Adjustments for 

detailed information. 

Net Position, End of Period 

The net position, end of period, reflects the amount as of the end of the fiscal year. The net position for funds from 

dedicated collections is separately shown. 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

These statements reconcile the results of operations (net operating cost) on the Statements of Operations and Changes in 

Net Position (SOCNP) to the unified budget deficit. The premise of the reconciliation is that the accrual and budgetary 

accounting basis share transaction data. 

Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of 

accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for details. 

These statements begin with the net results of operations (net operating cost) and report activities where the basis of 

accounting for the components of net operating cost and the unified budget deficit differ. 

 In fiscal year 2016, the presentation for the Reconciliation of Net Operating Cost and Unified Budget Deficit was 

changed, and fiscal year 2015 amounts were reclassified to conform with the new presentation. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 69

 

March 2017 

Components of Net Operating Cost Not Part of the Budget Deficit 

This information includes the operating components, such as the changes in benefits payable for veterans, military and 

civilian employees, environmental and disposal liabilities, and depreciation expense, not included in the budget results. 

Components of the Budget Deficit Not Part of Net Operating Cost 

This information includes the budget components, such as capitalized fixed assets (that are recorded as outlays in the budget 

when purchased and reflected in net operating cost through depreciation expense over the useful life of the asset) and 

increases in other assets that are not included in the operating results. 

Statements of Changes in Cash Balance from Unified Budget 

and Other Activities 

The primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the 

Government’s cash and other monetary assets, as well as debt held by the public. It explains why the unified budget deficit 

normally would not result in an equivalent change in the Government’s cash and other monetary assets. 

These statements reconcile the unified budget deficit to the change in cash and other monetary assets during the fiscal 

year. They also serve to explain how the budget deficits were financed. A budget deficit is the result of outlays (expenditures) 

exceeding receipts (revenue) during a particular fiscal year. 

The budget deficit is primarily financed through borrowings from the public. Other transactions, such as the payment 

of interest on Treasury securities held by the public, also require cash disbursements and are not part of the deficit. 

Additionally, the budget deficit includes certain amounts that are recognized in the budget, but will be disbursed in a 

future period, or are adjustments that did not affect the cash balance. These amounts include interest accrued on Treasury 

securities held by the public, as well as subsidy expense related to direct and guaranteed loans. 

These statements show the adjustments for non-cash outlays included in the budget, and items affecting the cash 

balance not included in the budget, to explain the change in cash and other monetary assets. 

In fiscal year 2016, the presentation for the Statements of Changes in Cash Balance from Unified Budget and Other 

Activities was changed, and fiscal year 2015 amounts were reclassified to conform with the new presentation. 

 

Balance Sheets 

The balance sheets show the Government’s assets, liabilities, and net position. When combined with stewardship 

information, this information presents a more comprehensive understanding of the Government’s financial position. The net 

position for funds from dedicated collections is shown separately. 

Assets 

Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The 

most significant assets that are reported on the balance sheets are loans receivable, net; property, plant, and equipment 

(PP&E), net; inventories and related property, net; and cash and other monetary assets. There are, however, other significant 

resources available to the Government that extend beyond the assets presented in these balance sheets. Those resources 

include Stewardship Land and Heritage Assets in addition to the Government’s sovereign powers to tax and set monetary 

policy. 
70 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

Liabilities and Net Position 

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most 

significant liabilities reported on the balance sheets are federal debt securities held by the public and accrued interest, and

federal employee and veteran benefits payable. Liabilities also include environmental and disposal liabilities, benefits due 

and payable, as well as insurance and guarantee program liabilities. 

As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader 

than these reported balance sheet liabilities. They include the social insurance programs reported in the Statements of Social 

Insurance and disclosed in the Required Supplementary Information (RSI)—Social Insurance section, fiscal long-term 

projections of non-interest spending reported in the Statements of Long-Term Fiscal Projections, and a wide range of other 

programs under which the Government provides benefits and services to the people of this Nation, as well as certain future 

loss contingencies. 

The Government has entered into contractual commitments requiring the future use of financial resources and has 

unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. 

Commitments and contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for 

which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingencies and 

Note 19—Commitments. 

The collection of certain taxes and other revenue is credited to the corresponding funds from dedicated collections that 

will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the 

payments to the beneficiaries, the excess revenue is invested in Treasury securities or deposited in the General Fund; 

therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance is included in

Note 20—Funds from Dedicated Collections. That note also contains information about trust fund receipts, disbursements, 

and assets. 

Due to its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access 

to financial resources through generating tax revenues and issuing federal debt securities. This provides the Government with 

the ability to meet present obligations and those that are anticipated from future operations, and are not reflected in net 

position. 

The net position is the residual difference between assets and liabilities and is the cumulative results of operations since 

inception. For detailed components that comprise the net position, refer to the section “Statement of Operations and Changes 

in Net Position.” 

 

 SUSTAINABILITY FINANCIAL STATEMENTS 

The sustainability financial statements are comprised of the Statements of Long-Term Fiscal Projections, covering all 

federal government programs, and the Statements of Social Insurance and the Statement of Changes in Social Insurance 

Amounts, covering social insurance programs (Social Security, Medicare, Railroad Retirement, and Black Lung programs). 

The sustainability financial statements are designed to illustrate the relationship between projected receipts and expenditures

if current policy is continued over a 75 year time horizon.1

 For this purpose, the projections assume that scheduled social 

insurance benefit payments would continue after related trust funds are projected to be exhausted, contrary to current law, 

and that debt could continue to rise indefinitely without severe economic consequences. The sustainability financial 

statements are intended to help citizens understand current policy and the importance and magnitude of policy reforms 

necessary to make it sustainable. 

By accounting convention, the Statements of Social Insurance do not include projected general revenues that, under 

current law, would be used to finance the remainder of the expenditures in excess of revenues for Medicare Parts B and D 

reported in the Statements of Social Insurance. The Statements of Long-Term Fiscal Projections include all revenues 

(including general revenues) of the federal government. 

 

 

1

 With the exception of the Black Lung program, which has a projection period through September 30, 2040. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 71

 

March 2017 

Statements of Long-Term Fiscal Projections 

The Statements of Long-Term Fiscal Projections are intended to assist readers of the Government’s financial statements in 

assessing the financial condition of the federal government and how the Government’s financial condition has changed 

(improved or deteriorated) during the year and may change in the future. They are also intended to assist readers in assessing 

whether future budgetary resources of the Government will likely be sufficient to sustain public services and to meet obligations 

as they come due, assuming that current policy for Federal Government public services and taxation is continued without 

change. 

The Statements of Long-Term Fiscal Projections display the present value of 75-year projections by major category of the 

Federal Government’s receipts and non-interest spending. These projections show the extent to which future receipts of the 

Government exceed or fall short of the Government’s non-interest spending. The projections are presented both in terms of 

present value dollars and in terms of present value dollars as a percent of present value Gross Domestic Product (GDP). The 

projections are on the basis of policies currently in place and are neither forecasts nor predictions. These projections are 

consistent with the projections for Social Security and Medicare presented in the Statements of Social Insurance and are based 

on the same economic and demographic assumptions as underlie the Statements of Social Insurance. Note 23, Long-Term Fiscal 

Projections, further explains the methods used to prepare these projections and provides additional information such as the fiscal 

gap. Unaudited required supplementary information further assesses the sustainability of current fiscal policy and provides 

results based on alternative assumptions to those used in the basic statement. 

As discussed further in Note 23, a sustainable policy is one where the ratio of debt held by the public to GDP (the debt-toGDP ratio) is stable or declining over the long term. GDP measures the size of the Nation’s economy in terms of the total value

of all final goods and services that are produced in a year. Considering financial results relative to GDP is a useful indicator of 

the economy’s capacity to sustain the Government’s many programs. 

 

Statements of Social Insurance and Changes in Social Insurance 

Amounts 

The Statements of Social Insurance provide estimates of the status of the most significant social insurance programs: Social 

Security, Medicare, Railroad Retirement, and Black Lung. They are administered by the Social Security Administration (SSA), 

U.S. Department of Health and Human Services (HHS), the Railroad Retirement Board (RRB), and the Department of Labor 

(DOL), respectively. The estimates are actuarial present values2

 of the projections and are based on the economic and 

demographic assumptions representing the trustees’ reasonable estimates as set forth in the relevant Social Security and 

Medicare trustees’ reports as well as in the agency financial reports of HHS, SSA, and DOL (Black Lung) and in the relevant 

agency performance and accountability report for the RRB. The projections in this year’s report, with one exception related to 

Medicare Part A, are based on current law; that is, they assume that laws on the books will be implemented and adhered to with 

respect to scheduled taxes, premium revenues, and payments to providers and health plans. The one exception is that the 

projections disregard payment reductions that would result from the projected depletion of the Medicare Hospital Insurance (Part 

A) Trust Fund. Under current law, payments would be reduced to levels that could be covered by incoming tax and premium 

revenues when the Medicare Hospital Insurance (Part A) Trust Fund is depleted. 

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to 

the many assumptions of the programs, produce a wide range of possible results. In preparing the Statements of Social 

Insurance, Government management considers and selects assumptions and data that it believes provide a reasonable basis for 

the assertions in the statements. However, because of the large number of factors that affect the Statements of Social Insurance 

plus the fact that such assumptions are inherently subject to substantial uncertainty (arising from the likelihood of future events, 

significant uncertainties, and contingencies), there will be differences between the estimates in the Statements of Social 

Insurance and the actual results, and those differences may be material. Note 22—Social Insurance describes the social insurance 

programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of

the factors that impact the various programs. The Statements of Changes in Social Insurance Amounts reconcile the change 

between the current valuation period and the prior valuation period. 

 

2

 Present values recognize that a dollar paid or collected in the future is worth less than a dollar today, because a dollar today could be invested and earn 

interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. 
72 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2016 (Gain)/Loss 

 from 

Gross Earned Changes in Net 

 (In billions of dollars) Cost Revenue Subtotal Assumptions Cost 

 

 Department of Health and Human Services ................ 1,170.0 96.1 1,073.9 0.4 1,074.3

 Social Security Administration ..................................... 982.1 0.3 981.8 - 981.8

 Department of Veterans Affairs .................................... 276.5 4.9 271.6 377.5 649.1

 Department of Defense ................................................ 721.9 55.1 666.8 (57.6) 609.2

 Interest on Treasury Securities Held by the Public ...... 273.0 - 273.0 - 273.0

 Department of Agriculture ............................................ 142.1 8.5 133.6 - 133.6

 Department of the Treasury ......................................... 148.7 19.4 129.3 - 129.3

 Department of Transportation ...................................... 80.7 0.9 79.8 - 79.8

 Department of Education ............................................. 103.1 29.9 73.2 - 73.2

 Department of Energy .................................................. 68.6 4.3 64.3 - 64.3

 Department of Homeland Security ............................... 66.5 13.1 53.4 0.2 53.6

 Department of Labor .................................................... 46.4 - 46.4 - 46.4

 Department of Justice .................................................. 38.7 1.6 37.1 - 37.1

 Defense Security Cooperation Agency ........................ 36.0 - 36.0 - 36.0

 Department of Housing and Urban Development ........ 31.2 1.7 29.5 - 29.5

 Department of State ..................................................... 32.6 4.7 27.9 (0.1) 27.8

 National Aeronautics and Space Administration .......... 20.0 0.2 19.8 - 19.8

 Department of the Interior ............................................ 19.2 2.5 16.7 - 16.7

 U.S. Agency for International Development ................. 12.6 - 12.6 - 12.6

 Railroad Retirement Board .......................................... 15.3 3.9 11.4 - 11.4

 Federal Communications Commission ........................ 10.4 0.5 9.9 - 9.9

 Department of Commerce............................................ 12.5 3.3 9.2 - 9.2

 Environmental Protection Agency ................................ 9.0 0.4 8.6 - 8.6

 National Science Foundation ....................................... 7.0 - 7.0 - 7.0

 U.S. Postal Service ...................................................... 77.2 70.4 6.8 - 6.8

 Pension Benefit Guaranty Corporation ........................ 11.4 6.7 4.7 - 4.7

 Smithsonian Institution ................................................. 0.8 - 0.8 - 0.8

 Millennium Challenge Corporation ............................... 0.6 - 0.6 - 0.6

 Small Business Administration ..................................... 0.5 0.3 0.2 - 0.2

 U.S. Nuclear Regulatory Commission ......................... 0.9 0.8 0.1 - 0.1

 General Services Administration .................................. 0.6 0.7 (0.1) - (0.1)

 Overseas Private Investment Corporation ................... - 0.1 (0.1) - (0.1)

 Securities and Exchange Commission ........................ 1.7 2.0 (0.3) - (0.3)

 Farm Credit System Insurance Corporation................. - 0.3 (0.3) - (0.3)

 National Credit Union Administration ........................... (0.7) 0.1 (0.8) - (0.8)

 Tennessee Valley Authority ......................................... 9.3 10.6 (1.3) - (1.3)

 Export-Import Bank of the United States ..................... (0.2) 1.2 (1.4) - (1.4)

 Office of Personnel Management ................................ 60.2 21.3 38.9 (47.1) (8.2)

 Federal Deposit Insurance Corporation ....................... 0.2 9.5 (9.3) - (9.3)

All other entities ........................................................... 21.1 1.3 19.8 - 19.8

 Total ............................................................................. 4,507.7 376.6 4,131.1 273.3 4,404.4

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 73

 

March 2017 

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2015 (Restated) (Gain)/Loss

from 

Gross Earned Changes in Net 

 (In billions of dollars) Cost Revenue Subtotal Assumptions Cost 

 

 Department of Health and Human Services ................ 1,130.9 101.3 1,029.6 (0.1) 1,029.5

 Social Security Administration ..................................... 945.0 0.3 944.7 - 944.7

 Department of Veterans Affairs .................................... 193.1 4.8 188.3 (13.0) 175.3

 Department of Defense ................................................ 634.9 45.5 589.4 (27.5) 561.9

 Interest on Treasury Securities Held by the Public ...... 250.8 - 250.8 - 250.8

 Department of Agriculture ............................................ 147.7 9.1 138.6 - 138.6

 Department of the Treasury ......................................... 146.0 29.3 116.7 - 116.7

 Department of Transportation ...................................... 76.1 0.8 75.3 - 75.3

 Department of Education ............................................. 71.3 26.6 44.7 - 44.7

 Department of Energy .................................................. 76.5 4.6 71.9 - 71.9

 Department of Homeland Security ............................... 60.2 12.1 48.1 4.1 52.2

 Department of Labor .................................................... 45.8 - 45.8 - 45.8

 Department of Justice .................................................. 32.3 1.7 30.6 - 30.6

 Defense Security Cooperation Agency ........................ 38.8 - 38.8 - 38.8

 Department of Housing and Urban Development ........ 32.7 1.5 31.2 - 31.2

 Department of State ..................................................... 30.2 4.3 25.9 0.1 26.0

 National Aeronautics and Space Administration .......... 19.8 0.2 19.6 - 19.6

 Department of the Interior ............................................ 19.2 2.7 16.5 - 16.5

 U.S. Agency for International Development ................. 12.7 0.1 12.6 - 12.6

 Railroad Retirement Board .......................................... 16.3 3.4 12.9 - 12.9

 Federal Communications Commission ........................ 9.6 0.3 9.3 - 9.3

 Department of Commerce............................................ 12.3 3.2 9.1 - 9.1

 Environmental Protection Agency ................................ 9.3 0.7 8.6 - 8.6

 National Science Foundation ....................................... 7.0 - 7.0 - 7.0

 U.S. Postal Service ...................................................... 73.8 67.9 5.9 - 5.9

 Pension Benefit Guaranty Corporation ........................ 23.7 8.0 15.7 - 15.7

 Smithsonian Institution ................................................. 0.8 - 0.8 - 0.8

 Millennium Challenge Corporation ............................... 0.8 - 0.8 - 0.8

 Small Business Administration ..................................... (0.5) 0.4 (0.9) - (0.9)

 U.S. Nuclear Regulatory Commission ......................... 1.0 0.8 0.2 - 0.2

 General Services Administration .................................. 0.3 0.6 (0.3) - (0.3)

 Overseas Private Investment Corporation ................... (0.1) 0.1 (0.2) - (0.2)

 Securities and Exchange Commission ........................ 1.5 2.0 (0.5) - (0.5)

 Farm Credit System Insurance Corporation................. - 0.2 (0.2) - (0.2)

 National Credit Union Administration ........................... - 0.3 (0.3) - (0.3)

 Tennessee Valley Authority ......................................... 9.8 10.9 (1.1) - (1.1)

 Export-Import Bank of the United States ..................... (0.6) 1.3 (1.9) - (1.9)

 Office of Personnel Management ................................ 104.9 20.3 84.6 17.1 101.7

 Federal Deposit Insurance Corporation ....................... (6.5) 8.6 (15.1) - (15.1)

All other entities ........................................................... 20.8 1.7 19.1 - 19.1

 Total ............................................................................. 4,248.2 375.6 3,872.6 (19.3) 3,853.3

 

The accompanying notes are an integral part of these financial statements. 
74 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

United States Government 

Statement of Operations and Changes in Net Position

for the Year Ended September 30, 2016

 

 Funds other than Funds from 

 those from Dedicated 

 Dedicated Collections 

 Collections (Note 20) 

 (Combined) (Combined) Eliminations Consolidated

(In billions of dollars) 2016

 

Revenue (Note 17): 

Individual income tax and tax withholdings ......... 1,525.5 1,077.7 - 2,603.2

Corporation income taxes ................................... 294.3 - - 294.3

Excise taxes ........................................................ 42.1 58.3 - 100.4

Unemployment taxes ........................................... - 46.9 - 46.9

Customs duties ................................................... 33.3 - - 33.3

Estate and gift taxes ............................................ 21.0 - - 21.0

Other taxes and receipts ..................................... 185.1 42.9 - 228.0

Miscellaneous earned revenues .......................... 15.3 2.9 - 18.2

Intragovernmental interest ................................... - 102.8 (102.8) -

Total Revenue ..................................................... 2,116.6 1,331.5 (102.8) 3,345.3

 

Net Cost of Government Operations: 

Net cost ............................................................... 2,798.7 1,605.7 - 4,404.4

Intragovernmental net cost .................................. (8.7) 8.7 - -

Intragovernmental interest ................................... 102.8 - (102.8) -

Total net cost ....................................................... 2,892.8 1,614.4 (102.8) 4,404.4

 

Intragovernmental transfers ................................ (409.5) 409.5 - -

 

Unmatched transactions and balances 

(Note 1.S) ............................................................ 11.7 - - 11.7

 

Net operating (cost)/revenue ............................... (1,174.0) 126.6 - (1,047.4)

 

Net position, beginning of period ....................... (21,491.3) 3,247.7 - (18,243.6)

Prior period adjustments–changes in 

 accounting principles (Note 1.T) ....................... (1.4) - - (1.4)

Net operating (cost)/revenue ............................... (1,174.0) 126.6 - (1,047.4)

Net position, end of period .................................. (22,666.7) 3,374.3 - (19,292.4)

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 75

 

March 2017 

United States Government 

Statement of Operations and Changes in Net Position

for the Year Ended September 30, 2015 (Restated)

 

 Funds other than Funds from 

 those from Dedicated 

 Dedicated Collections 

 Collections (Note 20) 

 (Combined) (Combined) Eliminations Consolidated

(In billions of dollars) 2015

 

Revenue (Note 17): 

Individual income tax and tax withholdings ......... 1,521.1 1,024.1 - 2,545.2

Corporation income taxes ................................... 339.8 - - 339.8

Excise taxes ........................................................ 44.2 57.5 - 101.7

Unemployment taxes ........................................... ‐ 49.1 ‐   49.1

Customs duties ................................................... 33.6 - - 33.6

Estate and gift taxes ............................................ 19.1 - - 19.1

Other taxes and receipts ..................................... 165.6 37.3 - 202.9

Miscellaneous earned revenues .......................... 38.8 3.8 - 42.6

Intragovernmental interest ................................... - 108.4 (108.4) -

Total Revenue ..................................................... 2,162.2 1,280.2 (108.4) 3,334.0

 

Net Cost of Government Operations: 

Net cost ............................................................... 2,294.9 1,558.4 - 3,853.3

Intragovernmental net cost .................................. (7.2) 7.2 - -

Intragovernmental interest ................................... 108.4 - (108.4) -

Total net cost ....................................................... 2,396.1 1,565.6 (108.4) 3,853.3

 

Intragovernmental transfers ................................ (335.2) 335.2 - -

 

Unmatched transactions and balances         

(Note 1.S) ........................................................... 5.1 - - 5.1

 

Net operating (cost)/revenue ............................... (564.0) 49.8 - (514.2)

 

Net position, beginning of period ....................... (20,898.3) 3,197.6 - (17,700.7)

Prior period adjustments 

 (Note 1.T, 1.V and 20) ..................................... (29.0) 0.3 - (28.7)

Net operating (cost)/revenue ............................... (564.0) 49.8 - (514.2)

Net position, end of period .................................. (21,491.3) 3,247.7 - (18,243.6)

The accompanying notes are an integral part of these financial statements. 
76 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit

for the Years Ended September 30, 2016, and 2015 Restated

(In billions of dollars) 2016 2015

Net operating cost .......................................................................................................................... (1,047.4) (514.2)

Components of net operating cost not part of the budget deficit 

 Excess of accrual-basis expenses over budget outlays 

* Federal employee and veteran benefits payable 

    Pensions and accrued benefits ............................................................................................. (106.9) 37.9

    Veterans compensation and burial benefits .......................................................................... 477.7 11.5

    Post-retirement health and accrued benefits ........................................................................ 56.8 (2.1)

    Other benefits ....................................................................................................................... 9.4 52.5

       Subtotal - federal employee and veteran benefits payable ................................................ 437.0 99.8

 Insurance and guarantee program liabilities ............................................................................ 9.9 2.1

 * Environmental and disposal liabilities ...................................................................................... 35.0 42.5

 Other liabilities ......................................................................................................................... 9.8 45.8

 * Accounts payable ..................................................................................................................... (5.9) (0.7)

* Benefits due and payable ....................................................................................................... 4.3 22.3

 Subtotal - excess of accrual-basis expenses over budget outlays ..................................... 490.1 211.8

Amortized expenses not included in budget outlays 

 Property, plant, and equipment depreciation expense ............................................................. 52.2 54.5

Other expenses that are not reported as budget outlays 

 Property, plant, and equipment disposals and revaluations ..................................................... (24.9) (47.0)

 Agencies year-end credit reform subsidy re-estimates ............................................................ 10.4 (2.3)

Excess of accrual-basis revenue over budget receipts 

 * Accounts receivable, net .......................................................................................................... (7.4) (12.5)

 * Taxes receivable, net ............................................................................................................... (8.1) (1.3)

Other revenue and gains that are not budget receipts 

 * Investments in government-sponsored enterprises ................................................................ (2.3)    (10.5)

 Deposit fund balances ............................................................................................................. (0.7) (19.1)

 Subtotal - components of net operating cost not part of budget deficit .............................. 509.3 173.6

Components of the budget deficit that are not part of net operating cost 

Budget receipts not included in net operating cost 

 Credit reform and other loan activities ..................................................................................... 9.5 4.8

Budget outlays not included in net operating cost 

 Acquisition of capital assets ..................................................................................................... (81.5) (54.5)

 Debt and equity securities ........................................................................................................ 0.5 11.0

 * Other assets............................................................................................................................. 21.3 (2.9)

 * Inventories and related property .............................................................................................. 6.3 (2.2)

 Effect of prior year agencies credit reform subsidy re-estimates ............................................. 2.3 (24.5)

 Subtotal - components of the budget deficit that are not part of net operating cost ........... (41.6)    (68.3)

Other 

 All other reconciling items ........................................................................................................ (7.7) (30.0)

Unified budget deficit..................................................................................................................... (587.4) (438.9)

* The amounts represent the year over year net change in the Balance Sheet line items. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 77

 

March 2017 

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2016, and 2015 

Reclass

(In billions of dollars) 2016 2015

 

Cash flow from unified budget activities 

 Total unified budgetary receipts .......................................................................................... 3,266.7 3,248.7

 Total unified budgetary outlays .......................................................................................... (3,854.1) (3,687.6)

 Unified budget deficit ........................................................................................................... (587.4) (438.9)

Adjustments for non-cash outlays included in the unified budget 

 Interest accrued on Treasury securities held by the public .................................................. 264.1 245.4

 Agencies year-end credit reform subsidy re-estimates ........................................................ (12.7) 26.8

 Subsidy expense accrued under direct loan & guarantee programs .................................. 11.8 (22.0)

 Subtotal - adjustments for non-cash transactions in unified budget .................................... 263.2 250.2

 

Cash flow from activities not included in unified budget 

 Cash flow from non-budget activities 

 Interest paid on Treasury securities held by the public ........................................................ (262.7) (243.5)

 Other direct loan transactions ............................................................................................. (80.3) (119.9)

Repayment of principal on direct loans ............................................................................... (11.6) 17.4

Other guaranteed loan transactions .................................................................................... (10.2) 9.8

Miscellaneous liabilities ....................................................................................................... 1.6 (0.3)

Deposit fund liability balances ............................................................................................. (0.7) 20.5

 Seignorage .......................................................................................................................... 0.6 0.6

 Subtotal - cash flow from non-budget activities ................................................................... (363.3) (315.4)

Cash flow from monetary transactions 

Loans to the IMF ................................................................................................................. 0.9 3.0

Other monetary assets ........................................................................................................ 1.9 0.6

Special drawing rights ......................................................................................................... (0.3) (2.9)

 Subtotal - cash flow from monetary transactions ................................................................. 2.5 0.7

Cash flow from financing 

Borrowing from the public ................................................................................................... 8,390.4 7,037.5

Repayment of debt held by the public ................................................................................. (7,343.3) (6,700.6)

Effect of uninvested principal from the Thrift Savings Plan (TSP) G Fund .......................... (203.2) 203.2

Agency securities ................................................................................................................ 0.1 0.1

 Subtotal - cash flow from financing ...................................................................................... 844.0 540.2

Other...................................................................................................................................... 0.5 3.4

 Change in cash balance ........................................................................................................ 159.5 40.2

 Beginning cash balance ......................................................................................................... 305.1 264.9

 Ending cash balance .............................................................................................................. 464.6 305.1

        

The accompanying notes are an integral part of these financial statements. 

 

    

    
78 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

United States Government    

Balance Sheets    

as of September 30, 2016, and 2015    

    

(In billions of dollars) 2016 2015

Assets: 

 Cash and other monetary assets (Note 2) ..................................................................... 464.6 305.1

Accounts and taxes receivable, net (Note 3) ................................................................. 133.3 117.8

 Loans receivable, net (Note 4) ...................................................................................... 1,277.6 1,216.0

 Inventories and related property, net (Note 5) ............................................................... 314.3 320.6

 Property, plant and equipment, net (Note 6) ................................................................. 979.5 925.3

 Debt and equity securities (Note 7) ............................................................................... 48.2 104.4

 Investments in government-sponsored enterprises (Note 8) ......................................... 108.6 106.3

 Other assets (Note 9) .................................................................................................... 144.4 165.7

 Total assets ................................................................................................................ 3,470.5 3,261.2

 Stewardship land and heritage assets (Note 24) 

Liabilities: 

Accounts payable (Note 10) .......................................................................................... 62.4 68.3

 Federal debt securities held by the public and accrued interest (Note 11) .................... 14,221.1 13,172.5

 Federal employee and veteran benefits payable (Note 12) ........................................... 7,209.4 6,772.4

 Environmental and disposal liabilities (Note 13) ............................................................ 446.6 411.6

 Benefits due and payable (Note 14) .............................................................................. 218.2 213.9

 Insurance and guarantee program liabilities (Note 15) .................................................. 122.3 170.3

 Loan guarantee liabilities (Note 4) ................................................................................. 18.2 36.3

 Other liabilities (Note 16) ............................................................................................... 464.7 659.5

 Total liabilities ............................................................................................................. 22,762.9 21,504.8

 Contingencies (Note 18) and Commitments (Note 19) 

Net Position: 

 Funds from Dedicated Collections (Note 20) ................................................................. 3,374.3 3,247.7

 Funds other than those from Dedicated Collections ...................................................... (22,666.7) (21,491.3)

 Total net position ........................................................................................................ (19,292.4) (18,243.6)

 Total liabilities and net position .................................................................................. 3,470.5 3,261.2

       

The accompanying notes are an integral part of these financial statements.    
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 79

 

March 2017 

United States Government 

Statements of Long-Term Fiscal Projections (Note 23) 

Present Value of 75 Year Projections as of September 30, 2016 and 20151 

    Dollars in Trillions Percent of GDP2

2016 2015 Change 2016 2015 Change

   

Receipts: 

 Social Security Payroll Taxes ................... 56.3 52.4 3.9 4.3 4.4 (0.1)

 Medicare Payroll Taxes ............................ 18.8 17.4 1.4 1.4 1.5 -

 Individual Income Taxes ........................... 139.0 127.8 11.2 10.7 10.7 -

 Other Receipts ......................................... 47.5 43.5 3.9 3.6 3.6 -

Total Receipts ................................................ 261.6 241.2 20.4 20.1 20.2 (0.1)

Non-interest Spending: 

 Social Security.......................................... 75.6 70.0 5.6 5.8 5.9 -

 Medicare Part A3

 ...................................... 26.5 24.0 2.5 2.0 2.0 -

 Medicare Parts B & D4 ............................. 31.3 28.7 2.6 2.4 2.4 -

 Medicaid ................................................... 31.7 27.3 4.4 2.4 2.3 0.1

 Other Mandatory ...................................... 41.6 36.8 4.8 3.2 3.1 0.1

 Defense Discretionary .............................. 32.0 28.6 3.4 2.5 2.4 0.1

 Non-defense Discretionary ....................... 33.6 30.0 3.7 2.6 2.5 0.1

Total Non-interest Spending ........................... 272.2 245.3 26.9 20.9 20.5 0.4

 

Non-interest Spending less Receipts ......... 10.6 4.1 6.5 0.8 0.3 0.5

1

75-year present value projections for 2016 are as of 9/30/2016 for the period FY 2017-2091; projections for 2015 are as of 09/30/2015 for the 

period FY 2016-2090. 

2

The 75-year present value of nominal Gross Domestic Product (GDP), which drives the calculations above is $1,302.8 trillion starting in FY 

2017, and was $1,196.3 trillion starting in FY 2016. 

3

Represents portions of Medicare supported by payroll taxes. 

4

Represents portions of Medicare supported by general revenues. Consistent with the President's Budget, outlays for Parts B & D are 

presented net of premiums. 

Totals may not equal the sum of components due to rounding. 

 

The accompanying notes are an integral part of these financial statements. 

 
80 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

United States Government 

Statements of Social Insurance (Note 22)

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2016 2015 2014 2013 2012

Federal Old-age, Survivors and Disability Insurance (Social 

Security):16 Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 62 and over) ... 1.3 1.2 1.0 0.9 0.8

 Participants who have not attained eligibility age .......................... 29.3 27.8 25.4 24.6 22.7

 Future participants ......................................................................... 29.7 26.6 24.6 23.4 21.6

 All current and future participants .................................................. 60.3 55.5 51.0 48.9 45.2

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 62 and over) ... (13.6) (12.8) (11.9) (11.0) (9.8)

 Participants who have not attained eligibility age .......................... (48.4) (45.3) (42.4) (40.6) (37.8)

 Future participants ......................................................................... (12.4) (10.9) (10.0) (9.6) (8.9)

 All current and future participants .................................................. (74.4) (69.0) (64.3) (61.2) (56.5)

Present value of future expenditures in excess of future 

Revenue ........................................................................................... (14.1)1 (13.4)2 (13.3)3

 (12.3)4 (11.3)5

Federal Hospital Insurance (Medicare Part A):16

Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 65 and over) ... 0.5 0.4 0.3 0.3 0.3

 Participants who have not attained eligibility age .......................... 10.3 9.1 8.4 8.1 7.9

 Future participants ......................................................................... 10.0 8.4 7.8 7.7 7.4

All current and future participants .................................................. 20.7 17.9 16.5 16.2 15.6

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ... (4.3) (3.8) (3.5) (3.4) (3.4)

 Participants who have not attained eligibility age .......................... (16.8) (14.5) (14.1) (14.6) (14.9)

 Future participants ......................................................................... (3.4) (2.8) (2.8) (2.9) (2.9)

All current and future participants .................................................. (24.5) (21.1) (20.4) (21.0) (21.2)

Present value of future expenditures in excess of future 

Revenue ........................................................................................... (3.8)1 (3.2)2 (3.8)3

 (4.8)4 (5.6)5

Federal Supplementary Medical Insurance (Medicare Part B):16

Revenue (Premiums) from: 

 Participants who have attained eligibility age (age 65 and over) ... 1.0 0.9 0.8 0.7 0.6

 Participants who have not attained eligibility age .......................... 5.3 4.6 4.5 4.1 3.8

 Future participants ......................................................................... 1.2 1.0 1.1 0.9 0.9

All current and future participants .................................................. 7.5 6.5 6.5 5.7 5.3

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ... (4.0) (3.6) (3.2) (2.9) (2.6)

 Participants who have not attained eligibility age .......................... (19.2) (16.8) (17.0) (15.1) (14.3)

 Future participants ......................................................................... (4.3) (3.5) (4.1) (3.4) (3.2)

All current and future participants .................................................. (27.5) (24.0) (24.3) (21.4) (20.2)

Present value of future expenditures in excess of future 

revenue 6 .......................................................................................... (20.0)1 (17.5)2 (17.9)3 (15.7)4 (14.8)5

Totals may not equal the sum of components due to rounding. 

Prior to fiscal year 2016, the amounts in these statements were presented in billions of dollars. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 81

 

March 2017 

United States Government 

Statements of Social Insurance (Note 22), continued

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2016 2015 2014 2013 2012

Federal Supplementary Medical Insurance (Medicare Part D):16

Revenue (Premiums and State Transfers) from: 

 Participants who have attained eligibility age (age 65 and over) ... 0.3 0.3 0.2 0.2 0.2

 Participants who have not attained eligibility age .......................... 2.2 1.8 1.6 1.5 1.5

 Future participants ......................................................................... 1.0 0.8 0.7 0.7 0.7

All current and future participants .................................................. 3.5 2.9 2.5 2.3 2.3

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ... (1.0) (0.9) (0.8) (0.7) (0.7)

 Participants who have not attained eligibility age .......................... (7.7) (6.4) (5.9) (5.9) (5.9)

 Future participants ......................................................................... (3.6) (2.8) (2.6) (2.6) (2.6)

All current and future participants .................................................. (12.2) (10.2) (9.3) (9.2) (9.1)

Present value of future expenditures in excess of future 

revenue 6 .......................................................................................... (8.7)1 (7.3)2 (6.8)3 (6.9)4 (6.8)5

Other:7

Present value of future expenditures in excess of future 

 revenues 8, 9 .................................................................................. (0.1)10, 15 (0.1)11, 2 (0.1)12, 3 (0.1)13, 4 (0.1)14, 5

Total present value of future expenditures in excess of future 

Revenue ........................................................................................... (46.7) (41.5) (41.9) (39.7) (38.6)

Totals may not equal the sum of components due to rounding. 

Prior to fiscal year 2016, the amounts in these statements were presented in billions of dollars. 

The accompanying notes are an integral part of these financial statements. 
82 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

United States Government 

Statements of Social Insurance (Note 22), continued

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2016 2015 2014 2013 2012

Social Insurance Summary16

Participants who have attained eligibility age: 

 Revenue (e.g., contributions and dedicated taxes) ..................... 3.1 2.8 2.3 2.1 2.0

 Expenditures for scheduled future benefits ................................. (22.9) (21.3) (19.4) (18.2) (16.7)

 Present value of future expenditures in excess of 

 future revenue .......................................................................... (19.8) (18.5) (17.1) (16.1) (14.7)

Participants who have not attained eligibility age: 

 Revenue (e.g., contributions and dedicated taxes) ..................... 47.1 43.4 40.0 38.4 36.0

 Expenditures for scheduled future benefits ................................. (92.2) (83.1) (79.6) (76.3) (72.9)

 Present value of future expenditures in excess of 

 future revenue .......................................................................... (45.1) (39.7) (39.6) (37.9) (36.9)

    Closed-group - Total present value of future expenditures 

in excess of future revenue ...................................................... (64.9) (58.2) (56.7) (54.0) (51.6)

Future participants: 

 Revenue (e.g., contributions and dedicated taxes) ..................... 41.9 36.8 34.3 32.9 30.6

 Expenditures for scheduled future benefits ................................. (23.7) (20.1) (19.6) (18.6) (17.6)

 Present value of future revenue in excess of future 

 Expenditure .............................................................................. 18.2 16.8 14.8 14.3 13.1

Open-group - Total present value of future expenditures in 

excess of future revenue ................................................................ (46.7) (41.5) (41.9) (39.7) (38.6)

1

 The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016. 2

 The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2015-12/31/2089 and the valuation date is 1/1/2015. 3

 The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2014-12/31/2088 and the valuation date is 1/1/2014. 4

 The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2013-12/31/2087 and the valuation date is 1/1/2013. 5

 The projection period for Social Security, Medicare, and Railroad Retirement is 1/1/2012-12/31/2086 and the valuation date is 1/1/2012. 6

 These amounts represent the present value of the future transfers from the General Fund to the Supplementary Medical Insurance Trust 

 Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & Medicaid Services’ 

 Financial Reports but are not income from the governmentwide perspective of this report. 7

 Includes Railroad Retirement and Black Lung. 

8

 These amounts do not include the present value of the financial interchange between the railroad retirement and social security systems, 

 which is included as income in the Railroad Retirement Financial Report, but is not included from the governmentwide perspective of this 

 report. (See discussion of Railroad Retirement Program in the unaudited required supplementary information section of this report). 9

 Does not include interest expense accruing on the outstanding debt. 

10 The projection period for Black Lung is 9/30/2016-9/30/2040 and the valuation date is 9/30/2016. 11 The projection period for Black Lung is 9/30/2015-9/30/2040 and the valuation date is 9/30/2015. 12 The projection period for Black Lung is 9/30/2014-9/30/2040 and the valuation date is 9/30/2014. 13 The projection period for Black Lung is 9/30/2013-9/30/2040 and the valuation date is 9/30/2013. 14 The projection period for Black Lung is 9/30/2012-9/30/2040 and the valuation date is 9/30/2012. 15 The projection period for Railroad Retirement is 10/1/2015-9/30/2090 and the valuation date is 10/1/2015. 16 Current participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 15 

 years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both. 

 Totals may not equal the sum of components due to rounding.

Prior to fiscal year 2016, the amounts in these statements were presented in billions of dollars.

The accompanying notes are an integral part of these financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 83

 

March 2017 

United States Government 

Statement of Changes in Social Insurance Amounts

for the Year Ended September 30, 2016 (Note 22) 

 

 Social Medicare Medicare 

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total 

 

Net present value (NPV) of future revenue less 

 future expenditures for current and future 

 participants (the “open group”) over the next 75 

 years, beginning of the year ......................................... (13.4) (3.2) (24.8) (0.1) (41.5)

Reasons for changes in the NPV during the year: 

Changes in valuation period ......................................... (0.5) (0.1) (1.1) - (1.7)

Changes in demographic data, assumptions, and 

Methods ....................................................................... 0.6 0.2 0.3 - 1.1

Changes in economic data, assumptions, and 

Methods ....................................................................... (0.9) - - - (0.9)

Changes in law or policy .............................................. 0.1 - 0.2 - 0.3

Changes in methodology and programmatic data ........ - - - - -

Changes in economic and other health care 

Assumptions .............................................................. - (0.4) (3.0) - (3.4)

Change in projection base ............................................ - (0.3) (0.3) - (0.6)

 Net change in open group measure ............................. (0.7) (0.6) (3.9) - (5.2)

Open group measure, end of year .................................. (14.1) (3.8) (28.7) (0.1) (46.7)

1

 Amounts represent changes between valuation dates 1/1/2015 and 1/1/2016. 

2

 Includes Railroad Retirement changes between valuation dates 1/1/2015 and 10/1/2015 and Black Lung changes between 9/30/2015 and 

 9/30/2016. 

Totals may not equal the sum of components due to rounding. 

 

Prior to fiscal year 2016, the amounts in this statement were presented in billions of dollars. 

The accompanying notes are an integral part of these financial statements. 
84 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2017 

United States Government 

Statement of Changes in Social Insurance Amounts 

for the Year Ended September 30, 2015 (Note 22) 

 

 Social Medicare Medicare 

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total 

 Net present value (NPV) of future revenue less 

 future expenditures for current and future 

 participants (the “open group”) over the next 75 

 years, beginning of the year ......................................... (13.3) (3.8) (24.7) (0.1) (41.9)

Reasons for changes in the NPV during the year: 

 Changes in valuation period ......................................... (0.6) (0.2) (1.1) - (1.9)

 Changes in demographic data, assumptions, and 

Methods ....................................................................... (0.1) - (0.1) - (0.2)

Changes in economic data, assumptions, and 

Methods ....................................................................... (0.1) - - - (0.1)

Changes in law or policy .............................................. - 0.2 (0.3) - -

Changes in methodology and programmatic data ........ 0.7 - - - 0.7

Changes in economic and other health care 

 Assumptions ................................................................ - 0.8 2.5 - 3.2

 Change in projection base ............................................ - (0.1) (1.1) - (1.2)

Net change in open group measure ............................. (0.1) 0.6 (0.1) - 0.4

Open group measure, end of year .................................. (13.4) (3.2) (24.8) (0.1) (41.5)

 

1

 Amounts represent changes between valuation dates 1/1/2014 and 1/1/2015. 

2

 Includes Railroad Retirement changes between valuation dates 1/1/2014 and 1/1/2015 and Black Lung changes between 9/30/2014 and 

 9/30/2015. 

 

Totals may not equal the sum of components due to rounding. 

Prior to fiscal year 2016, the amounts in this statement were presented in billions of dollars. 

The accompanying notes are an integral part of these financial statements. 
 

TRUST FUNDS 

March 2017 

85

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal year 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. The 

FAA Modernization and Reform Act 2012 (Public Law 

112-095), effective February 14, 2012, extended the 

aviation excise taxes until September 30, 2015, an d 

subsequent legislation extended these taxes until September 

30, 2017. The Act included provisions that: 

 Retained the existing passenger ticket, flight 

segment, and freight waybill taxes. The flight segment tax 

is indexed to the Consumer Price Index; effective calendar 

year 2017, the tax is $4.10. It also retained a special rule 

applied to flights between the continental United States and 

Alaska or Hawaii. This departure tax is indexed to the 

Consumer Price Index; effective calendar year 2016, the tax 

is $9.00. 

 Retained the existing tax per person for 

international flights that begin or end in the United States. 

The tax is indexed to the Consumer Price Index; effective 

calendar year 2016, the tax is $18.00. 

 Retained the existing tax on payments to airlines 

for frequent flyer and similar awards by banks and credit 

card companies, merchants and frequent flyer program 

partners, such as other airlines, hotels and rental car 

companies, and other businesses. 

 Retained the commercial aviation fuel tax and the 

general aviation jet fuel/gas taxes. 

 Imposed a new surtax on fuel used in aircraft that is 

part of a fractional ownership program; the surtax applies to 

fuel used after March 31, 2012. It also changed the 

classification of transportation as part of a fractional 

ownership program from commercial aviation to 

noncommercial aviation. 

 Repealed the excise tax exemption for 

transportation by small aircraft operating on nonestablished 

lines. (IRS defines the term “operated on an established 

line” to mean operated with some degree of regularity 

between definite points). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the trust fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the trust fund during the past fiscal 

year and those expected during the next five fiscal years. 
TRUST FUNDS 

March 2017 

86 

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: DOT] 

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 2015 ...................................................................................................................................................................................................... $14,071,562,153

Receipts: Excise taxes (transferred from general fund): Liquid fuel in a fractional ownership flight............................................. 4043...................................................................................... 15,081,058

Liquid fuel other than gasoline.............................................................. 4041...................................................................................... 592,522,926

Gasoline................................................................................................ 4081...................................................................................... 29,574,401

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)........................................................................... 9,910,134,254

Use of international travel facilities ....................................................... 4261 (c)................................................................................. 3,396,370,605

Transportation of property, cargo ......................................................... 4271...................................................................................... 475,958,440

Gross excise taxes ............................................................................................................................................................................................. 14,419,641,684

Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline.................................................................. 4041...................................................................................... 9,210,169

Gasoline...................................................................................................................................................................................................................... 4,231,464

Total refunds of taxes ............................................................................................................................................................................................. 13,441,633

Net taxes................................................................................................................................................................................................................. 14,406,200,051

Refunds on Federal Payments (DOT)........................................................................................................................................................................ 21,751,659

Interest on investments............................................................................................................................................................................................... 266,740,607

Total receipts .......................................................................................................................................................................................................... 14,694,692,317

Offsetting collections....................................................................................................................................................................................................... 54,009,747

Expenses: Operations .................................................................................................................................................................................................................. 7,922,000,000

Grants in aid for Airports............................................................................................................................................................................................. 3,127,585,803

Facilities and equipment............................................................................................................................................................................................. 2,669,287,400

Research, engineering, and development.................................................................................................................................................................. 160,115,411

Air carriers................................................................................................................................................................................................................... 169,000,000

Total expenses........................................................................................................................................................................................................ 14,047,988,614

Offsetting collections....................................................................................................................................................................................................... 54,009,747

Balance Sept. 30, 2016 .................................................................................................................................................................................................. $14,772,275,603

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

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In millions of dollars. Source: DOT] 

2017 2018 2019 2020 2021

Balance Oct. 1 ............................................................................ 14,772 - - - -

Receipts: 

Excise taxes, net of refunds.................................................... 14,818 15,824 17,043 18,223 19,299

Interest on investments........................................................... - - - --

Offsetting collections............................................................... - - - - -

Total receipts ...................................................................... 14,818 15,824 17,043 18,223 19,299

Expenses: 

Gross Outlays ......................................................................... - - - - -

Balance Sept. 30......................................................................... - - - - -

 
TRUST FUNDS 

 March 2017 

87

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning (D&D) Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year 1993, in accordance with provisions 

of the Energy Policy Act of 1992 (42 United States Code 

2297g). Receipts represent (1) fees collected from domestic 

public utilities based on their pro rata share of purchases of 

separative work units from the Department of Energy (DOE) 

and (2) appropriations toward the Government contribution 

based on the balance of separative work unit purchases. 

Expenditures from the fund include (1) decontaminating 

and decommissioning three gaseous diffusion plants (Oak 

Ridge, Tennessee; Paducah, Kentucky; and Portsmouth, 

Ohio), (2) remedial actions and related environmental 

restoration cost at the gaseous diffusion plants, and (3) 

reimbursement to uranium/thorium producers for the cost of 

decontamination, decommissioning, reclamation, and 

remedial action of uranium/thorium sites that are incident to 

sales to the U. S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

consistent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments.

Annually, the Secretary of the Treasury, after 

consultation with the Secretary of Energy, is required to 

provide a report to Congress (see 42 USC 2297g(b)(1)). This 

report must present the financial condition and the results of 

operations of the fund during the preceding fiscal year. 

The Energy Policy Act of 1992 (42 USC 2297g-1, as 

amended) authorized funding to ensure annual deposits to 

the fund of $518.2 million before adjustments for inflation. 

Funding was provided by domestic public utilities that 

purchased enriched uranium and the Government. The Act 

specified annual assessments from domestic public utilities 

(before adjustment for inflation) shall not exceed $150 

million. The Government was responsible for the remainder 

($369.6 million), adjusted for inflation. The assessments 

were authorized for 15 years with the final assessment 

occurring in fiscal year 2007. 

Between fiscal years 1993 and 2007, the Government 

contributed $5,362.4 million of the $6,281.0 million 

specified in the Act. This was a shortfall in authorized 

Government contributions of $918.6 million. 

The Government continued to make annual contributions 

to eliminate this shortfall. Through the fiscal year 2009 

contribution, the overall shortfall (after adjusting for 

inflation) was $40.6 million. Also, during fiscal year 2009, 

the Government designated $390 million of American 

Recovery and Reinvestment Act (ARRA) funding for the 

Fund’s mission. While ARRA funding was not an actual 

deposit into the fund’s invested balances, it provided a 

dollar-for-dollar reduction in the required outlays from the 

invested balances. The Department of Energy recognized the 

ARRA funding as an offset to the Government’s 

contribution shortfall, thereby, satisfying the Government’s 

contribution responsibility. 

The last appropriation to the fund occurred in fiscal year 

2015. At that time, Congress appropriated $463 million. 

 
TRUST FUNDS 

March 2017 

88 

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

Results of Operations, Fiscal Year 2016 

[Source: DOE] 

Balance Oct. 1, 2015 ................................................................................................................................................................................. $33,641,733

Receipts: 

Fees collected ........................................................................................................................................................................................ -

Penalties collected ................................................................................................................................................................................. -

Interest on investments .......................................................................................................................................................................... 71,573,060

Total receipts ...................................................................................................................................................................................... 71,573,060

Nonexpenditure transfers: 

Transfers in (+) ....................................................................................................................................................................................... -

Transfers out (-) ..................................................................................................................................................................................... -

Net nonexpenditure transfers............................................................................................................................................................. -

Outlays: 

DOE, decontamination and decommissioning activities ........................................................................................................................ 762,916,787 

Cost of investments................................................................................................................................................................................ -686,312,497

Total outlays ....................................................................................................................................................................................... 76,604,290

Balance Sept. 30, 2016 .............................................................................................................................................................................. $28,610,503

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In thousands of dollars. Source: DOE] 

 2017 2018 2019 2020 2021

Balance Oct. 1 ......................................................................... 28,611 28,611 28,611 28,611 -

Receipts: 

Fees collected ...................................................................... - - - - -

Interest collected .................................................................. 43,194 29,623 15,771 4,670 -

Total receipts ................................................................... 43,194 29,623 15,771 4,670 -

Outlays: 

DOE, decontamination and decommissioning fund ............ 673,749 769,727 674,724 500,249 -

Investments redeemed ........................................................ (630,555) (740,104) (658,953) (466,968) -

Total outlays net of investments redeemed ..................... 43,194 29,623 15,771 33,281 -

Balance Sept. 30...................................................................... 28,611 28,611 28,611 - -
TRUST FUNDS 

 March 2017 

89

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established on 

the books of the Treasury in fiscal year 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year moratorium 

on interest payments ended on September 30, 1990. Payment 

of interest on advances resumed in fiscal year 1991. The 

Omnibus Budget Reconciliation Act of 1987 (Public Law 

100-203, title X, section 10503), signed December 22, 1987, 

extended the temporary increase in the coal tax through 

December 31, 2013. 

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a one-time appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to the 

trust fund subject to adjustments in later transfers to actual tax 

receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the Treasury 

in interest-bearing public debt securities. Any interest earned 

will be credited to the fund. Also credited, if necessary, will 

be repayable advances from the general fund to meet outlay 

requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund are 

administrative expenses incurred by the Department of Health 

and Human Services (HHS) and the Treasury, repayments of 

advances from the general fund and interest on advances. 

The Code requires the Secretary of the Treasury to submit 

an annual report to Congress after consultation with the 

Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the past 

fiscal year and the expected condition and operations of the 

fund during the next five fiscal years. 
TRUST FUNDS 

March 2017 

90 

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: DOL] 

Balance Oct. 1, 2015 ........................................................................................................................................................................................... $37,192,000

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 225,632,689

$0.55 tax on surface coal............................................................................................................................................................................. 143,788,883

4.4 percent tax on underground coal........................................................................................................................................................... -1,392,766

4.4 percent tax on surface coal.................................................................................................................................................................... 71,587,152

Fines, penalties, and interest....................................................................................................................................................................... 867,284

Collection—responsible mine operators...................................................................................................................................................... 49,074,532

Recovery of prior year funds........................................................................................................................................................................ 0

Repayable advances from the general fund ................................................................................................................................................ 910,000,000

Total receipts ............................................................................................................................................................................................ 1,399,557,774

Net receipts .............................................................................................................................................................................................. 1,399,557,774

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 518,394

Salaries and expenses—DOL—Departmental Management.......................................................................................................................... 28,220,028

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 304,764

Salaries and expenses—DOL—Employment Standards Administration ........................................................................................................ 32,847,408

Total outlays ................................................................................................................................................................................................. 61,890,594

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 177,336,959

Repayable advances and interest ................................................................................................................................................................... 586,930,500

Repayment of bond principal ........................................................................................................................................................................... 396,212,845

Interest on principal debt .................................................................................................................................................................................. 121,295,155

Total expenses ............................................................................................................................................................................................. 1,281,775,459

Balance Sept. 30, 2016 ........................................................................................................................................................................................ 93,083,721

Cumulative debt, end of year ............................................................................................................................................................................... $5,634,578,630

 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In thousands of dollars. Source: DOL] 

 2017 2018 2019 2020 2021

Balance Oct. 1 ........................................................................................ 93,083 93,083 93,083 93,083 93,083

Receipts: 

Excise taxes....................................................................................... 402,000 420,000 265,000 201,000 201,000

Advances from the general fund........................................................ 1,276,646 1,655,688 1,819,537 2,072,594 2,354,117

Fines, penalties, and interest ............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 1,680,646 2,077,688 2,086,537 2,275,594 2,557,117

Outlays: 

Benefit payments ............................................................................... 160,480 158,553 152,979 148,174 143,267

Administrative expenses.................................................................... 64,729 71,627 73,693 75,821 78,014

Repayable advances ......................................................................... 910,000 1,276,646 1,655,688 1,819,537 2,072,594

Interest on repayable advances ........................................................ 4,914 10,213 22,683 36,391 53,058

Repayment of principal debt.............................................................. 393,126 385,968 117,606 118,895 120,015

Interest on principal debt ................................................................... 147,397 174,680 63,888 76,777 90,169

Total outlays ................................................................................... 1,680,646 2,077,688 2,086,537 2,275,594 2,557,117

Balance Sept. 30.................................................................................... 93,083 93,083 93,083 93,083 93,083

Cumulative debt, end of year ................................................................. 3,052,354 2,666,386 2,548,780 2,429,885 2,309,870

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

 March 2017 

91

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs and Border Protection from 

collecting the fee on exports. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next five fiscal years. 
TRUST FUNDS 

March 2017 

92 

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2015*............................................................................................................................................................................................................. $8,683,597,362 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,076,579,154

Exports............................................................................................................................................................................................................................... -

Domestic ............................................................................................................................................................................................................................ 60,358,594

Passengers ........................................................................................................................................................................................................................ 13,430,762

Foreign trade...................................................................................................................................................................................................................... 160,142,719

Interest on investments...................................................................................................................................................................................................... 76,666,664 

Total receipts............................................................................................................................................................................................................... 1,387,177,893 

Expenses: 

Corps of Engineers ............................................................................................................................................................................................................. 1,262,914,000

Saint Lawrence Seaway Development Corporation/DOT .................................................................................................................................................. 28,400,000

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................... 3,274,000

Operating expenses, miscellaneous returns....................................................................................................................................................................... - 

Total expenses................................................................................................................................................................................................................... 1,294,588,000 

Balance Sept. 30, 2016 ............................................................................................................................................................................................................. $8,776,187,255 

* The October 1, 2015, balance of $8,683,597,362 is from the U.S. Treasury Harbor 

Maintenance Trust Fund, October 31, 2015, statement, and reflects the U.S. Treasury 

adjustments from the U.S. Treasury Harbor Maintenance Trust Fund on the September 30, 

2015, statement, which reflected a September 30, 2015, ending balance of $8,406,983,992. 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2017 2018 2019 2020 2021

Balance Oct. 1 ..................................................................................................... 8,776.2 9,065.9 9,748.0 10,522.6 11,373.0

Receipts: 

Harbor maintenance fee .................................................................................. 1,492.0 1,585.0 1,667.0 1,730.0 1,803.0

Interest on investments.................................................................................... 81.9 98.7 119.8 142.1 168.5

Total receipts ............................................................................................... 1,573.9 1,683.7 1,786.8 1,872.1 1,971.5

Total available.............................................................................................. 10,350.1 10,749.6 11,534.8 12,394.7 13,344.5

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo .....................................................................................

---- -

Corps of Engineers operation, maintenance, 

and administrative expenses .......................................................................

1,157.0 904.0 911.0 918.0 936.0

Corps of Engineers construction ..................................................................... 95.0 65.0 68.0 70.0 72.0

Saint Lawrence Seaway Development Corporation/DOT............................... 28.9 29.4 29.9 30.4 30.9

Administrative expenses for Department of Homeland Security

(Customs Service) ...................................................................................................

3.3 3.3 3.3 3.3 3.3

Total outlays................................................................................................. 1,284.2 1,001.7 1,012.2 1,021.7 1,042.2

Balance Sept. 30.................................................................................................. 9,065.9 9,748.0 10,522.6 11,373.0 12,302.3

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

 March 2017 

93

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million expired in 1995. To implement the Superfund 

program, amounts are appropriated from the start of year 

balance of the Superfund (augmented as necessary by 

general revenues) to the Environmental Protection Agency 

(EPA) for programmatic and administrative expenses. 

In 2015 the EPA implemented a Hazardous Substance 

Superfund Trust Fund Receipt Account for Special Accounts 

that were previously accounted for as off-setting collections. 

Settlement funds received by the Agency now flow through 

the receipt account to be placed in EPA interest bearing 

special accounts to perform response actions at the site in 

accordance with the supporting settlement agreement. Due 

to large settlements EPA received in fiscal year 2015, the 

EPA developed this new process for managing its Special 

Accounts. The Special Account subaccount to the Superfund 

Trust Fund was established as a mechanism for Special 

Account funds to be placed directly into the trust fund, and 

begin earning interest upon receipt. Monthly, the U.S. 

Department of the Treasury’s Bureau of the Fiscal Services 

will prepare separate financial statements for the Special 

Accounts subaccount within the Superfund Trust Fund 

financial statements. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 
TRUST FUNDS 

March 2017 

94 

TABLE TF-5.—Hazardous Substance Superfund 1, 2, 3

Results of Operations, Fiscal Year 2016 

[Source: EPA] 

Balance Oct. 1, 2015 ...................................................................................................................................................................................... $283,000,000

Receipts: 

Crude and petroleum .................................................................................................................................................................................. -

Certain chemicals........................................................................................................................................................................................ -

Corporate environmental ............................................................................................................................................................................ -

General fund appropriation ......................................................................................................................................................................... 812,000,000

Cost recoveries ........................................................................................................................................................................................... 31,000,000

Fines and penalties..................................................................................................................................................................................... 7,000,000 

Interest on investments............................................................................................................................................................................... 34,000,000

Special Accounts......................................................................................................................................................................................... 165,000,000

Agency for Toxic Substance and Disease Registry.................................................................................................................................... -

Total receipts ........................................................................................................................................................................................... 1,049,000,000

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,094,000,000

Other expenses ........................................................................................................................................................................................... 190,000,000

Total expenses ........................................................................................................................................................................................ 1,284,000,000

Balance Sept. 30, 2016 ................................................................................................................................................................................... $48,000,000

1

 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

 2 The start of year available balance has been revised from $282 million to $283 million 

due to a reconciliation adjustment made in fiscal year 2015 that was not reported in the 

previous table. 

3

 In 2015, EPA implemented a Hazardous Substance Superfund Trust Fund Receipt 

Account for Special Accounts. Settlement funds received by the agency may be placed in 

EPA interest bearing special accounts to perform response actions at the site in 

accordance with the supporting settlement agreement. These accounts are mandatory 

accounts and are included in the “Other expenses” line. 
TRUST FUNDS 

 March 2017 

95

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 1, 2, 3, 4

[In millions of dollars. Source: EPA] 

2017 2018 2019 2020 2021

Balance Oct. 1 ................................................................................................. 48 106 107 108 110

Receipts: 

Interest ......................................................................................................... 41 45 50 55 61

Recoveries ................................................................................................... 93 93 93 93 93

Fines and penalties...................................................................................... 2 2 2 2 2

Taxes 2 ......................................................................................................... - --- -

Special Accounts ......................................................................................... 250 250 250 250 250

General revenues ........................................................................................ 1,046 988 987 986 984

Total receipts ........................................................................................... 1,432 1,378 1,382 1,386 1,390

Appropriations 3................................................................................................ 1,094 1,094 1,094 1,094 1,094

Other expenses 4 ............................................................................................. 280 283 287 290 295

Balance Sept. 30.............................................................................................. 106 107 108 110 111

1

 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

2

 Tax policy decisions have not been made as of January 25, 2017. 

3

 The Fiscal Year 2017 appropriation amount is estimated for the full year based upon the 

Further Continuing and Security Assistance Appropriations Act (P.L.114-233). Fiscal years 

2018 – 2021 appropriations amounts are straight-lined from fiscal year 2017 levels. 

4 Other expenses include Special Accounts. 
TRUST FUNDS 

March 2017 

96 

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to 

provisions of the Highway Revenue Act of 1956 (Act of 

June 29, 1956, chapter 462, section 209). It has been 

amended and extended by various highway surface 

transportation and other acts since 1959. The FAST Act 

extends through September 30, 2020, the authority to make 

expenditures from the Highway Trust Fund for authorized 

purposes. After that date, expenditures from the Trust Fund 

are authorized only to liquidate obligations made before that 

date. Any other expenditure will cause the cessation of 

deposits of highway-user taxes to the Trust Fund. [FAST 

Act § 31101, 26 U.S.C. 9503]. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to Highway Account of the trust fund. These 

transfers are made twice monthly based on estimates by the 

Secretary of the Treasury, subject to later adjustments to 

reflect the amount of actual tax receipts. Amounts available 

in the fund exceeding outlay requirements are invested in 

non-interest-bearing public debt securities. 

The Highway Trust Fund’s Mass Transit Account is 

funded by a portion of the excise tax collections under 

sections 4041 and 4081 of the IRC (title 26 United States 

Code). The funds from this account are used for 

expenditures in accordance with chapter 53 of title 49 

United States Code, the Intermodal Surface Transportation 

Efficiency Act of 1991 (Public Law 102-240), the 

Transportation Equity Act for the 21st Century (TEA-21), 

SAFETEA-LU, Moving Ahead for Progress in the 21st 

Century Act (MAP-21) and as amended by Fixing America’s 

Surface Transportation (FAST) Act. The remaining excise 

taxes are included in a separate account within the trust 

fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next five fiscal 

years. 

In addition, the Secretary of the Treasury is required by 

26 U.S.C. 9503(d)(7) to report to specified Congressional 

Committees any estimate which he, in consultation with the 

Secretary of Transportation, makes pursuant to 26 U.S.C. 

9503(d)(1) or any determination which he makes pursuant to 

26 U.S.C. 9503(d)(2). The congressional committees are the 

Committee on Ways and Means of the House of 

Representatives, the Committee on Finance of the Senate, 

the Committees on the Budget of both Houses, the 

Committee on Transportation and Infrastructure of the 

House of Representatives, and the Committee on 

Environment and Public Works of the Senate. 
TRUST FUNDS 

 March 2017 

97

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: DOT] 

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 2015 ........................................................................................................................................................................................... $11,909,748,626

Receipts: Excise taxes (transferred from general fund): Gasoline ....................................................................................................... 4081.......................................................................... 26,137,754,943

Diesel and special motor fuels ..................................................................... 4041.......................................................................... 10,260,122,506

Highway tires ................................................................................................ 4071.......................................................................... 478,090,440

Retail tax on trucks....................................................................................... 4051.......................................................................... 4,265,611,187

Heavy vehicle use ........................................................................................ 4481.......................................................................... 1,187,832,325

Total excise taxes .................................................................................................................................................................................... 42,329,411,402

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel..................................................................................................................................................................................................... -

Gasoline ....................................................................................................................................................................................................... -

Total refunds and tax credits.................................................................................................................................................................... -

Less transfers: 

To Land and Water Conservation Fund....................................................................................................................................................... 1,000,000

To Aquatic Resources Trust Fund ............................................................................................................................................................... 429,254,000

To Airport and Airway Trust Fund ................................................................................................................................................................ 675,056,543

Total transfers .......................................................................................................................................................................................... 1,105,310,543

Other income: 

Fines and penalties ...................................................................................................................................................................................... 119,512,749

Interest ......................................................................................................................................................................................................... 123,866,853

Transfer from the General Fund 1 ................................................................................................................................................................ 70,100,000,000

Total other income ................................................................................................................................................................................... 70,343,379,602

Net receipts .......................................................................................................................................................................................... 111,567,480,461

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 43,421,077,419

Right-of-way revolving fund ......................................................................................................................................................................... -

Appalachian Development Highway System ............................................................................................................................................... 25,449

Other ............................................................................................................................................................................................................ -330,080

Total ......................................................................................................................................................................................................... 43,420,772,788

Federal Motor Carrier Safety Administration ............................................................................................................................................... 550,220,606

Federal Transit Administration ..................................................................................................................................................................... 9,472,175,836

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 127,359,253

Highway traffic safety grants .................................................................................................................................................................... 688,893,831

National driver register ............................................................................................................................................................................. -39,029

Total ..................................................................................................................................................................................................... 816,214,056

Federal Railroad Administration ...................................................................................................................................................................... -

Other agencies ............................................................................................................................................................................................. 169,925

Total expenses ......................................................................................................................................................................................... 54,259,553,211

Balance Sept. 30, 2016 ........................................................................................................................................................................................ $69,217,675,876

1 Transfer from General Fund of $70,000,000,000 per P.L. 114-94; transfer $100,000,000 

from Leaking Underground Storage Tank Trust Fund per P.L. 114-94. 

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

March 2017 

98 

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2017 2018 2019 2020 2021

Balance Oct. 1 ............................................................... 69 58 46 33 21

Receipts: 

Excise taxes, net of refunds....................................... 42 42 43 43 44

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 42 42 43 43 44

Adjustments 1 ......................................................... - - - - -

Outlays........................................................................... 53 54 55 56 57

Balance Sept. 30............................................................ 57 46 33 21 8

 

Mass Transit Account 

 2017 2018 2019 2020 2021

 

Balance Oct. 1 .................................................................... 18 15 11 8 4

Receipts: 

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5 5 5 5 5

Flex fund transfers .......................................................... 1 1 1 1 1

Adjustments 1 .................................................................. - - - - -

Outlays................................................................................ 10 10 10 10 10

Balance Sept. 30................................................................. 15 11 8 4 1

 

Highway Account 

 2017 2018 2019 2020 2021

 

Balance Oct. 1 ......................................................................... 51 43 34 25 16

Receipts: 

Excise taxes, net of refunds................................................. 36 37 38 38 38

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 36 37 38 38 38

Flex fund transfers ............................................................... -1 -1 -1 -1 -1

Adjustments 1 ....................................................................... - - - - -

Outlays..................................................................................... 44 45 45 46 47

Balance Sept. 30...................................................................... 43 34 25 16 7

Unfunded authorizations (EOY)............................................... 46 55 65 67 77

Forty-eight-month revenue estimate ........................................ 147 148 150 151 152

 

Assumes the revenues and spending levels prescribed in the Public Law 114-94. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

 March 2017 

99

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2016. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2016. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2018) .............................................................................................................. 90

less: 

Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 34 

Unfunded authorizations (fiscal year 2018)........................................................................................................................................................................ 55

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022)............................................................................................................................ 148

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2018) .............................................................................................................. 29

less: 

Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 11 

Unfunded authorizations (fiscal year 2018)........................................................................................................................................................................ 17 

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022)............................................................................................................................ 26

Assumes the revenues and spending levels prescribed in the Public Law 114-94. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

March 2017 

100

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury, pursuant to section 203 of the Inland Waterways 

Revenue Act of 1978 (Public Law 95-502) and continued 

pursuant to section 1405 of the Water Resources Development 

Act of 1986 (Public Law 99-662, codified at 26 United States 

Code 9506). Under 26 United States Code 9506(b), amounts 

from taxes on fuel used in commercial transportation on 

inland waterways, as determined by the Secretary of the 

Treasury, are appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. The passage 

of the Achieving a Better Life Experience Act (Public Law 

113-295) in December 2014 increased the tax from 20 cents to 

29 cents per gallon effective April 1, 2015. These amounts are 

transferred quarterly from the general fund based on estimates 

made by the Secretary, subject to adjustments in later transfers 

to the amounts of actual tax receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. The 

interest on, and proceeds from, the sale or redemption of any 

obligation held in the trust fund is credited to the trust fund. 

The Inland Waterways Revenue Act of 1978 (Public Law 

95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for construction 

and rehabilitation expenditures for navigation on the inland 

and intracoastal waterways of the United States described in 

33 United States Code 1804. Expenditures must be otherwise 

authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next five fiscal years. 

TABLE TF-7.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2015 ........................................................................................................................................................................................... $54,223,049

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 110,901,747

Interest on investments ................................................................................................................................................................................... 225,706

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts ................................................................................................................................................................................................ 111,127,453

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 108,000,000

Balance Sept. 30, 2016........................................................................................................................................................................................ $57,350,502

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2017 2018 2019 2020 2021

Balance Oct. 1....................................................................................................... 57 55 55 55 55

Receipts: 

Fuel taxes.......................................................................................................... 106 104 103 102 100

Interest on investments 1 ................................................................................... - - - - -

Total receipts ................................................................................................. 106 104 103 102 100

Transfers: 

Corps of Engineers ........................................................................................... 109 104 103 102 100

Balance Sept. 30 2 ................................................................................................ 55 55 55 55 55

1

 Interest on investments is projected to be $200,000/year based on Fiscal Year 2016 

data, which rounds down to zero. 

2

 Fiscal Year 2017 ending balance reflects actual beginning balance of $57.35 million. plus 

tax receipts of $106 million, plus $200,000, for a total of $54.33 million, which rounds to $55 

million. 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

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101

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-510, 

codified at 26 United States Code 9508), as amended by the 

Superfund Amendments and Re-authorization Act of 1986 

(Public Law 99-499, dated October 17, 1986), sections 13163I 

and 13242(d)(42) of the Omnibus Budget Reconciliation Act 

of 1993 (Public Law 103-66, dated August 10, 1993), section 

1033 of the Taxpayer Relief Act of 1997 (Public Law 105-34, 

dated August 5, 1997), section 1362 of the Energy Policy Act 

of 2005 (Public Law 109-058, dated August 8, 2005) section 

141 (c) of the Surface and Air Transportation Programs 

Extension Act of 2011 (Public Law 112-30, dated September 

11, 2011), sections 40101(c) and 40201 of the Moving Ahead 

for Progress in the 21st Century Act (Public Law 112-141, 

dated July 6, 2012), sections 2001(c), 2002(b) and 2002(c) of 

the Highway and Transportation Funding Act of 2014 (Public 

Law 113-159, dated August 8, 2014), and section 31203 of the 

Fixing America’s Surface Transportation (FAST) Act of 

2015 (Public Law 114-94, dated December 4, 2015). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 
TRUST FUNDS 

March 2017 

102

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

Results of Operations, Fiscal Year 2016 1

[Source: EPA] 

Balance Oct. 1, 2016 ..................................................................................................................................................................................... $450,000,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 202,000,000

Interest........................................................................................................................................................................................................ 1,000,000 

Gross tax receipts .................................................................................................................................................................................. 203,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... -

Total undisbursed balances ................................................................................................................................................................... -

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 92,000,000

Other expenses .......................................................................................................................................................................................... 100,000,000 

Total expenses ....................................................................................................................................................................................... 192,000,000 

Balance Sept. 30, 2016.................................................................................................................................................................................. $461,000,000 

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of this trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 1, 2 

[In millions of dollars. Source: EPA] 

2017 2018 2019 2020 2021

Balance Oct. 1................................................................................................................. 461 483 507 634 763 

Receipts: 

Taxes 3 ........................................................................................................................ 213 215 218 220 221 

Interest 3 ...................................................................................................................... 1 1 1 1 1 

Total receipts........................................................................................................... 214 216 219 221 222 

Appropriations ................................................................................................................. 92 92 92 92 92 

Other Expenses .............................................................................................................. 100 100

Balance Sept. 30............................................................................................................. 483 507 634 763 893 

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of the trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

2 Fiscal Year 2017 appropriation amount is estimated for the full year based upon the 

Further Continuing and Security Assistance Appropriations Act (P.L. 114-223). Fiscal 

years 2018 – 2021 the appropriations amounts are straight-lined from fiscal year 2017 

levels. 

3 Taxes and interest are estimated. 
TRUST FUNDS 

 March 2017 

103

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222I]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel, receipts from sale of asset, and Interest on 

investment. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate. The interest rates 

take into consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2016 

[Source: DOE] 

Balance Oct. 1, 2014 ........................................................................................................................................................................................... $6,890,871

Receipts: 

Fees Collected ................................................................................................................................................................................................. 301,950,742 

Sale of asset at Yucca Mountain ..................................................................................................................................................................... 15,845 

Penalties and interest on fee payments........................................................................................................................................................... -

Interest on investments.................................................................................................................................................................................... 1,432,583,518 

Total receipts................................................................................................................................................................................................ 1,734,550,105

Nonexpenditure transfers: 

SF-1151 transfers in (+)................................................................................................................................................................................... -

SF-1151 transfers out (-).................................................................................................................................................................................. -3,600,000

Net nonexpenditure transfers....................................................................................................................................................................... -3,600,000

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 2,156,330

Cost investments.............................................................................................................................................................................................. 1,733,769,385

Total outlays................................................................................................................................................................................................. 1,735,925,715

Balance Sept. 30, 2015 ........................................................................................................................................................................................ $1,915,261
TRUST FUNDS 

March 2017 

104

CHARTS TF-A and B.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.] 
TRUST FUNDS 

 March 2017 

105

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606aI (1) to be submitted by the Secretary of the Treasury, 

after consultation with the Secretary of Agriculture, on the 

financial condition and the results of the operations of the 

trust fund during the past fiscal year and on its expected 

condition and operations during the next fiscal year. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: Department of Agriculture] 

Balance Oct. 1, 2015 1 ......................................................................................................................................................................................... $7,068,176

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,000

Redemption of investment ............................................................................................................................................................................... -

Total receipts................................................................................................................................................................................................ 30,000,000

Expenses: 

Expenditure ...................................................................................................................................................................................................... 30,582,197

Total expenses............................................................................................................................................................................................. 30,582,197

Adjustment ........................................................................................................................................................................................................... -

Balance Sept. 30, 2016........................................................................................................................................................................................ $6,485,979

1 Minor difference to beginning balance due to rounding. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2017 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 6,486

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000

Redemption of investment .............................................................................................................................................................................. -

Total receipts............................................................................................................................................................................................... 30,000

Outlays ................................................................................................................................................................................................................ 30,366

Balance Sept. 30 ................................................................................................................................................................................................. 6,120
TRUST FUNDS 

March 2017 

106

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund 

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. 

Section 3 of the Dingell-Johnson Sport Fish Restoration 

Act, 16 United States Code 777, provides authorization of 

appropriations to the states to carry out the provisions of the 

act, and Section 4 provides the division of the remaining 

annual appropriation not authorized in Section 3. 

SAFETEA-LU comprehensively amended Section 3 and 

reauthorized the Sport Fish Restoration Program (for fiscal 

years 2006-2009) to permanently appropriate boating safety 

funds; to modify distribution of funds whereby all accounts 

receive a fixed percentage of the total fund annually; and to 

modify the excise tax on certain sport fishing equipment. 

From October 1, 2010, through June 30, 2012, the authority 

for SAFETEA-LU was extended via several public laws. In 

June 2012, Public Law 112-141, Moving Ahead for Progress 

in the 21st Century Act (MAP-21), established new authority 

for Section 4 through September 30, 2014. From October 1, 

2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4, 

2015, Public Law 114-94, Fixing America's Surface 

Transportation (FAST) Act, Sec. 10001, amended Section 3 

and Section 4 to provide the division of appropriations for 

each of the Fiscal Years 2016 thru 2021. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, sections 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950; Section 7404(d) of the Transportation 

Equity Act for the 21st Century; and the Coastal Wetlands 

Planning, Protection and Restoration Act (each as in effect 

on the date of enactment of the FAST Act). 

The general provisions of 26 United States Code 9602(b) 

are responsible for making amounts available in the fund 

exceeding outlay requirements to be invested in public debt 

securities with the interest credited to the fund. 

As required by 26 United States Code 9602(a), annual 

reports to Congress must be submitted by the Secretary of 

the Treasury. These reports will cover the financial condition 

and results of operations of the fund during the past fiscal 

year and those expected during the next five fiscal years. 
TRUST FUNDS 

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107

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

Sport Fish Restoration Results of Operations, Fiscal Year 2016 

[Source: Department of the Interior] 

Balance Oct. 1, 2015.............................................................................................................................................................................................. $1,956,350,854

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 309,498,000

Fish equipment ............................................................................................................................................................................................... 107,632,575

Tackle boxes .................................................................................................................................................................................................. 1,374,499

Rods and poles .............................................................................................................................................................................................. 19,086,999

Electronic outboard motors ............................................................................................................................................................................ 3,838,317

Customs/import duties ................................................................................................................................................................................... 55,889,170

Gas, motorboat small engines ....................................................................................................................................................................... 119,756,000

Total, tax revenue ...................................................................................................................................................................................... 617,075,561

Investment revenue: 

Interest on investments (accrual basis) ......................................................................................................................................................... 12,579,690

Loss on sale of securities ............................................................................................................................................................................... -

Total, investment revenue .......................................................................................................................................................................... 12,579,690

Total revenue ............................................................................................................................................................................................. 629,655,251

Nonexpenditure appropriations: 

Interior ............................................................................................................................................................................................................ -466,500,000

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -114,000,000

Interior (Corps of Engineers) .......................................................................................................................................................................... -81,162,054

Total appropriations ................................................................................................................................................................................... -661,662,054

Balance Sept. 30, 2016 .......................................................................................................................................................................................... $1,924,344,051

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In thousands of dollars. Source: Department of the Interior] 

2017 2018 2019 2020 2021

Balance Oct. 1 ..................................................................................... 1,924,344,051 1,924,320,900 1,924,326,702 1,924,330,736 1,924,334,752

Receipts/revenue: 

Taxes ............................................................................................ 595,000 600,000 604,000 608,000 613,000

Interest .......................................................................................... 9,590 10,392 10,426 10,442 10,531

Transfers....................................................................................... - - - - -

Total receipts ............................................................................604,590 610,392 614,426 618,442 623,531

Expenses: 

Expenses/transfers ....................................................................... 627,741 604,590 610,392 614,426 618,442

Total expenses .......................................................................... 627,741 604,590 610,392 614,426 618,442

Balance Sept. 30............................................................................... 1,924,320,900 1,924,326,702 1,924,330,736 1,924,334,752 1,924,339,841
TRUST FUNDS 

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108

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Improvement 

and Extension Act of 2008 (Public Law 110-343) increased 

the barrel tax on petroleum from five cents per barrel to eight 

cents from 2009 through 2016, and to nine cents in 2017. The 

act also repeals the requirement that the tax be suspended 

when the unobligated balance exceeds $2.7 billion. 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next five fiscal years. 
TRUST FUNDS 

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109

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2015 1 ................................................................................................................................................................................................... $4,319,537,124 

Revenue: 

Drawback claims........................................................................................................................................................................................................ -22,623,075

Return of Funds—DOT.............................................................................................................................................................................................. 148,066 

Return of Funds—USCG........................................................................................................................................................................................... 75,330,306 

Cost recoveries .......................................................................................................................................................................................................... 46,765,892 

Fines and penalties.................................................................................................................................................................................................... 173,491,500 

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 530,915,740 

Net revenue before interest ................................................................................................................................................................................... 804,028,429 

Investment income: 

Interest on investments.............................................................................................................................................................................................. 28,460,169 

Realized gain ............................................................................................................................................................................................................. - 

Total investment income ........................................................................................................................................................................................ 28,460,169 

Total revenue ......................................................................................................................................................................................................... 832,488,598 

Expenditures: 

Treasury administrative expense—Fiscal Service .................................................................................................................................................... -127,749

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. -6,223,410

Transfer to Interior...................................................................................................................................................................................................... -14,899,000

Transfer to EPA.......................................................................................................................................................................................................... -18,209,000

Transfer to PHMSA.................................................................................................................................................................................................... -22,573,000

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... -6,990,112

Transfer to U.S. Coast Guard-70X8349 (Emer Fund)............................................................................................................................................... -40,735,532

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... -45,000,000

Total nonexpenditure transfers .............................................................................................................................................................................. -154,630,054

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... -154,757,803

Balance Sept. 30, 2016 .................................................................................................................................................................................................. $4,997,267,919

1 The Balances as of October 1, 2015, and September 30, 2016, tie to the published 

financial statements by Treasury/FMB and are posted at: 

http://www.federalinvestments.gov/govt/reports/ tfmp/oilspill/oilspill.htm. 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In millions of dollars. Source: Department of Homeland Security] 

2017 2018 2019 2020 2021

Balance Oct. 1 ............................................................................................... 4,997 5,665 6,397 6,995 7,608

Estimated receipts ......................................................................................... 865 929 795 810 819

Estimated expenses ...................................................................................... 197 197 197 197 197

Balance Sept. 30............................................................................................ 5,665 6,397 6,995 7,608 8,230
TRUST FUNDS 

March 2017 

110

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was created 

on the books of the Treasury by Section 9202 of the Revenue 

Act of 1987 (Public Law 100-203, approved December 22, 

1987). Excise taxes on diphtheria, pertussis, tetanus, measles, 

mumps, rubella, polio, hepatitis B, haemophilus influenza type 

b, varicella, rotavirus, pneumococcal conjugate, hepatitis A, 

meningococcal, human papillomavirus, and seasonal influenza 

vaccines (26 United States Code 4131), are appropriated into 

the trust fund, which is the source of funds to pay 

compensation awards for a vaccine-related injury or death 

occurring after October 1, 1988, as well as program 

administrative expenses. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the past 

fiscal year and those expected during the next five fiscal 

years. 

TABLE TF-13.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2016 

[Source: Department of the Treasury] 

Balance Oct. 1, 2015 ........................................................................................................................................................................................... $3,611,617,144

Receipts: 

Excise tax ........................................................................................................................................................................................................ 290,925,707

Interest on investments.................................................................................................................................................................................... 55,071,625

Refund of Prior Year Authority 4,216,659

Total receipts ............................................................................................................................................................................................... 350,213,991

Expenditure appropriations: 

U.S. Court of Federal Claims expenses.......................................................................................................................................................... 5,184,368

U.S. Department of Justice expenses ............................................................................................................................................................. 8,631,515

Subtotal outlays ........................................................................................................................................................................................... 13,815,883

Nonexpenditure transfers: 

Transfer to HRSA ............................................................................................................................................................................................ 260,378,723

Total outlays/transfers ................................................................................................................................................................................. 274,194,606

Balance Sept. 30, 2016 1 ..................................................................................................................................................................................... $3,687,636,529

1 Balance for September 30, 2016: Balance does not tie to the 3310 ending balance in the 

September 30, 2016, published financial statement. The equity balance is not affected 

throughout the entire fiscal year but changes after adjusting/closing entries are made at the 

beginning of the following fiscal year. The balance shown here for September 30, 2016, reflects 

the net activity for fiscal year 2016 and adjusting/closing entries made in October 2016. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In thousands of dollars. Source: Department of Health and Human Services] 

2017 2018 2019 2020 2021

Balance Oct. 1 ...................................................................................................... 3,687,636 3,762,008 3,839,025 3,918,767 4,001,316

Receipts (from tax) ............................................................................................... 299,653 308,642 317,902 327,439 337,262

Interest on investments ..................................................................................... 56,723 58,425 60,178 61,983 63,842

Total receipts ................................................................................................ 356,376 367,067 378,079 389,422 401,104

Outlays: 

U.S. Court of Federal Claims expenses ........................................................... 5,184 5,184 5,184 5,184 5,184

U.S. Department of Justice expenses .............................................................. 8,631 8,631 8,631 8,631 8,631

Subtotal outlays ................................................................................................ 13,815 13,815 13,815 13,815 13,815

Nonexpenditure transfers: 

HRSA ................................................................................................................ 268,189 276,235 284,522 293,058 301,849

Total outlays/transfers .................................................................................. 282,004 290,050 298,337 306,873 315,664

Balance Sept. 30................................................................................................... 3,762,008 3,839,025 3,918,767 4,001,316 4,086,755
TRUST FUNDS 

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111

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. The Miscellaneous 

Trade and Technical Corrections Act of 2004 (Public Law 

108-429, signed December 3, 2004) extended the sunset 

provision to 2008. The Pension Protection Act of 2006 

(Public Law 109-280, signed August 17, 2006) extended the 

sunset provision to 2010. The Emergency Economic 

Stabilization Act of 2008 (Public Law 110-343, signed 

October 3, 2008) extended the sunset provision to 2015. The 

Agriculture Act of 2014 (Public Law 113-79, signed 

February 7, 2014) extended the sunset provision to 2019. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,250,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide grants 

to a nationally recognized council established for the 

development of the United States wool market for the 

following purposes: 

 Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

 Disseminate information on improvements to United 

States wool producers. 

 Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 
TRUST FUNDS 

March 2017 

112

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

Results of Operations, Fiscal Year 2016 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2015 ................................................................................................................................................................................................ -

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250

Sequestration return fiscal year 2015 ................................................................................................................................................................... 162

Sequestration ........................................................................................................................................................................................................ -164

Total receipts ..................................................................................................................................................................................................... 2,248

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,248

Total expenses .................................................................................................................................................................................................. 2,248

Balance Sept. 30, 2016 ............................................................................................................................................................................................ -

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2017 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2016 ................................................................................................................................................................................................ -

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250

Sequestration return fiscal year 16 ....................................................................................................................................................................... 153

Sequestration ........................................................................................................................................................................................................ -155

Total receipts ..................................................................................................................................................................................................... 2,248

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,248

Total expenses .................................................................................................................................................................................................. 2,248

Balance Sept. 30 ...................................................................................................................................................................................................... -
TRUST FUNDS 

 March 2017 

113

INTRODUCTION: Agriculture Disaster Relief Trust Fund 

The Food, Conservation, and Energy Act of 2008, P.L. 

110-246, authorized the implementation of the Supplemental 

Agricultural Disaster Assistance Program under Sections 

12033 and 15001. The Taxpayer Relief Act of 2012 

provided authority for discretionary funds to be used to 

execute several of the disaster programs for fiscal year 2013, 

but no funds were appropriated. Using funds from the 

Agricultural Disaster Relief Trust Fund, established under 

section 902 of the Trade Act of 1974, the program is 

administered by the USDA Farm Service Agency (FSA). 

Funds from the Agricultural Disaster Relief Trust Fund 

were used to make payments to farmers and ranchers under 

the following five disaster assistance programs: 

Supplemental Revenue Assistance Payments (SURE) 

Program; Livestock Forage Disaster Program (LFP); 

Livestock Indemnity Program (LIP); Tree Assistance 

Program (TAP); and Emergency Assistance for Livestock, 

Honey Bees, and Farm-Raised Fish (ELAP) Program. 

Fiscal Year 2016 obligations, including adjustments to 

prior year obligations, totaled $1,122,050. Total outlays 

were $1,540,604 including outlays from prior year 

obligations, as shown in the table below. In 2016, the 

amount of customs receipts credited to the Agricultural 

Disaster Relief Trust Fund receipt account totaled $72,531. 

The outlays reported in fiscal year 2016 are due to residual 

payments, corrections, and/or appeals to obligations incurred 

for crop years 2008 – 2011. 

The Agriculture Act of 2014 shifted the funding 

authority for disaster programs from the Agricultural 

Disaster Relief Trust Fund to USDA’s Commodity Credit 

Corporation. 

TABLE TF-15.—Agriculture Disaster Relief Trust Fund 

Results of Operations, Fiscal Year 2016 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year.................................................................................................................................................................................. $2,634,089

Borrowing authority ............................................................................................................................................................................................. -

Repayment of debt............................................................................................................................................................................................... -22,067

Cumulative debt, end of year................................................................................................................................................................................... 2,612,022

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. -

Mandatory appropriation...................................................................................................................................................................................... 73

Other offsetting collections .................................................................................................................................................................................. -

Total budgetary resources.............................................................................................................................................................................. 16,798

Obligated balance, Oct. 1, 2015 .............................................................................................................................................................................. 22,325

Fiscal Year 2016 obligations.................................................................................................................................................................................... 1,122

Outlays: 

Supplemental Revenue Assistance Payments Program..................................................................................................................................... 1,343

Livestock Forage Disaster Program .................................................................................................................................................................... 167

Livestock Indemnity Program............................................................................................................................................................................... 22

Tree Assistance Program .................................................................................................................................................................................... -

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program......................................................................................... 9

Total outlays..................................................................................................................................................................................................... 1,541

Recoveries of Prior Year Obligations -21,124

Obligated balance, Sept. 30, 2016........................................................................................................................................................................... $782

. 
TRUST FUNDS 

March 2017 

114

Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2017-2021 

[In thousands of dollars. Source: Department of Agriculture ] 

2017 2018 2019 2020 2021

Cumulative debt, start of year............................................................................. 2,612,021 2,612,021 2,612,021 2,612,021 2,612,021

Borrowing authority......................................................................................... - - -- -

Repayment of debt 1 ....................................................................................... - - - - -

Cumulative debt, end of year.............................................................................. 2,612,021 2,612,021 2,612,021 2,612,021 2,612,021

Budgetary Resources: 

Borrowing authority ........................................................................................ - - -- -

Mandatory appropriations............................................................................... - - -- -

Other offsetting collections ............................................................................. - - - - -

Total budgetary resources.......................................................................... - - - - -

Obligated balance, Oct. 1 ................................................................................... 782 782 282 82 -

New obligations................................................................................................... 2,000 - - - -

Recoveries of prior year obligations - - - - -

Outlays: 

Supplemental revenue assistance payments program ................................. 2,000 500 200 82 -

Total outlays................................................................................................ 2,000 500 200 82 -

Obligated balance, Sept. 30 .......................................................................... 782 282 82 - -

1

 Requires congressional authority to write off debt or appropriations action to repay debt. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

 March 2017 

115

INTRODUCTION: Patient Centered Outcomes Research Trust Fund 

The Patient Centered Outcomes Research Trust Fund 

(PCORTF) was created on the books of the Treasury by 

section 9511 of the Internal Revenue Act of 1986 (Public 

Law 111-148, 124 STAT 742, approved March 23, 2010). 

General fund appropriations, transfers from the Federal 

Hospital Insurance Trust Fund and the Federal 

Supplementary Medical Insurance Trust Fund, and Fees 

related to health insurance and self-insurance plans are 

appropriated into the trust fund until fiscal year 2019. These 

appropriations are the source of funds for the established 

nonprofit corporation known as the “Patient-Centered 

Outcomes Research Institute” which is neither an agency nor 

establishment of the United States Government.

For fiscal year 2010, and each subsequent fiscal year to 

2019, amounts in the PCORTF are available without further 

appropriation, to the Institute to carry out clinical 

effectiveness research. The purpose of the Institute is to 

assist patients, clinicians, purchasers, and policy makers in 

making informed health decisions by advancing the quality 

and relevance of evidence concerning the manner in which 

diseases, disorders, and other health conditions can 

effectively, and appropriately be prevented, diagnosed, 

treated, monitored, and managed through research and 

evidence synthesis that considers variations in patient 

subpopulations, and the dissemination of research findings 

with respect to the relative health outcomes, clinical 

effectiveness, and appropriateness of the medical treatments, 

and services.

Twenty percent of the amounts appropriated or credited 

to the PCORTF shall be transferred for each of the fiscal 

years 2011 through 2019 to the Secretary of Health and 

Human Services to carry out section 937 of the Public 

Health Services Act. Of the amounts transferred, with 

respect to a fiscal year, the Secretary of Health and Human 

Services shall distribute:

 80 percent to the Office of Communication and 

Knowledge Transfer of the Agency for Healthcare Research 

and Quality to carry out activities described in section 937 of 

the Public Health Services Act, and

 20 percent to the Secretary to carry out the activities 

described in section 937.

No amounts shall be available for expenditure from the 

PCORTF after September 30, 2019, and any amounts 

remaining in the trust fund after such date shall be 

transferred to the general fund of the Treasury.

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next five fiscal 

years. 

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

Results of Operations, Fiscal Year 2016 

[Source: Bureau of the Fiscal Service] 

Balance Oct. 1, 2015 ............................................................................................................................................................................................... $805,039,956

Receipts: 

General Fund Appropriation................................................................................................................................................................................. 150,000,000

Transfers from FHI and FSMI .............................................................................................................................................................................. 123,373,000

IRS Health Insurance Fees.................................................................................................................................................................................. 315,388,362

Interest on Investments........................................................................................................................................................................................ 1,726,283

Total receipts.................................................................................................................................................................................................... 590,487,645

Expenditure appropriations: 

Transfers to PCORI.............................................................................................................................................................................................. -354,050,000

Transfers to HHS ................................................................................................................................................................................................. -116,848,342

Total outlays..................................................................................................................................................................................................... -470,898,342

Balance Sept. 30, 2016 1 ......................................................................................................................................................................................... $924,629,258

1 Balance September 30, 2016: Balance does not tie to the 3310 ending balance in the 

September 30, 2016, published financial statement. The equity balance is not affected 

throughout the entire fiscal year but changes after adjusting/closing entries are made at the 

beginning of the following fiscal year. The balance shown here for September 20, 2016, 

reflects the net activity for fiscal year 2016 and adjusting/closing entries made in October 

2016. 
TRUST FUNDS 

March 2017 

116

Patient Centered Outcomes Research Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2019 

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

2017 2018 2019 2020

Balance Oct. 1 ........................................................................................................... 924,629 43,000 - -

Receipts: 

General Fund Appropriation ................................................................................... 150,000 150,000 150,000 -

Transfers from FHI and FSMI................................................................................. 131,000 142,000 157,000 -

IRS Health Insurance Fees..................................................................................... 334,000 350,000 371,000 -

Interest on Investments .......................................................................................... 3,000 3,000 - -

Total receipts ..................................................................................................... 618,000 645,000 678,000 -

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -1,376,629 -550,000 -542,000 -

Transfers to HHS ................................................................................................... -123,000 -138,000 -136,000 -

Total outlays....................................................................................................... -1,499,629 -688,000 -678,000 -

Balance Sept. 30.................................................................................................... 43,000 - - -
117 

March 2017 

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 

March 2017 

118

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
March 2017 

119

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

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 Bipartisan Budget 

Act of 2015, Public Law 114-74, the Statutory Debt Limit has 

been suspended through March 15, 2017. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

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 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 
GLOSSARY 

March 2017 

120

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. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 
GLOSSARY 

March 2017 

121

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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