BULLETIN

MARCH2016

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 2016 

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 ........................................................................................................ 38 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 39 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 40 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 41 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 42

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 43 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 43 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 44
March 2016 

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 .................................................................................................................... 86 

TF-1—Airport and Airway Trust Fund ............................................................................................................................... 87 

Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 88 

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 89 
March 2016 

V

Table of Contents 

Introduction—Black Lung Disability Trust Fund ................................................................................................................ 90 

TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 91 

Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 92 

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

Introduction—Hazardous Substance Superfund .................................................................................................................. 94 

TF-5—Hazardous Substance Superfund .............................................................................................................................. 95 

Introduction—Highway Trust Fund .................................................................................................................................... 97 

TF-6—Highway Trust Fund ................................................................................................................................................ 98 

Introduction—Highway Trust Fund .................................................................................................................................. 100 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ....................................................................... 100 

Introduction—Inland Waterways Trust Fund .................................................................................................................... 101 

TF-7—Inland Waterways Trust Fund ................................................................................................................................ 101 

Introduction—Leaking Underground Storage Tank Trust Fund ........................................................................................ 102 

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

Introduction—Nuclear Waste Fund ................................................................................................................................... 104 

TF-9—Nuclear Waste Fund ............................................................................................................................................... 104 

TF-A—Chart: Major Trust Funds, Interest on Investments ............................................................................................... 105 

TF-B—Chart: Major Trust Funds, Receipts and Expenses................................................................................................ 105 

Introduction—Reforestation Trust Fund ............................................................................................................................ 106 

TF-10—Reforestation Trust Fund ..................................................................................................................................... 106 

Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................. 107 

TF-11—Sport Fish Restoration and Boating Safety Trust Fund ........................................................................................ 108 

Introduction—Oil Spill Liability Trust Fund ..................................................................................................................... 109 

TF-12—Oil Spill Liability Trust Fund .............................................................................................................................. 110 

Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................. 111 

TF-13—Vaccine Injury Compensation Trust Fund ........................................................................................................... 111 

Introduction—Wool Research, Development, and Promotion Trust Fund ........................................................................ 112 

TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................. 113 

Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 114 

TF-15—Agriculture Disaster Relief Trust Fund ................................................................................................................ 114

Introduction— Patient Centered Outcomes Research Trust Fund ..................................................................................... 116

TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 116

RESEARCH PAPER SERIES........................................................................................................................................... 118

GLOSSARY ...................................................................................................................................................................... 120

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

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

rounding; n.a. = Not available. 
VI

March 2016

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 2016 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of February 5, 2016 

Introduction 

Growth of real gross domestic product (GDP) slowed in 

the fourth quarter of 2015, mainly reflecting a deceleration 

in the pace of inventory investment, a decline in net exports, 

and cutbacks in business investment in the oil and gas sector. 

Labor market conditions continued to improve, and the 

unemployment rate declined to 4.9 percent in January 2016, 

its lowest level since February 2008. Inflation remained low, 

in part reflecting falling energy prices. 

The Administration has taken a number of steps in recent 

years to promote stronger economic growth in the near term 

and put the deficit and debt on a sustainable path over the 

longer term. Since 2009, the budget deficit has been reduced 

by more than $4 trillion (including the deep cuts imposed by 

sequestration). The federal budget deficit has fallen from a 

peak of 9.8 percent of GDP in fiscal year 2009 to 2.5 percent 

in fiscal year 2015. The Administration’s Fiscal Year 2017 

Budget projects the deficit will decline slightly further to 1.3 

percent of GDP in fiscal year 2018 and then stabilize at 2.6 

percent of GDP through the end of the 10-year forecast 

horizon in 2026. 

At its meeting in December 2015, the Federal Reserve’s 

Federal Open Market Committee (FOMC) tightened 

monetary policy for the first time in 8 years, raising the 

target range for the federal funds rate by 25 basis points to 

0.25 to 0.50 percent. At that meeting, the FOMC announced 

that it would maintain existing programs for reinvestment of 

principal payments and roll-overs of maturing Treasuries at 

auction. At its most recent meeting in January 2016, the 

FOMC maintained the federal funds rate target range of 0.25 

to 0.50 percent as well as existing programs for reinvestment 

and rollovers. The Committee noted the “current shortfall of 

inflation from 2 percent” and reiterated that, “the stance of 

monetary policy remains accommodative, thereby 

supporting further improvement 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 14.5 percent and, as of the fourth 

quarter of 2015, real GDP was 9.7 percent above its level at 

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

advance estimate, real GDP rose 0.7 percent at an annual 

rate during the fourth quarter of 2015, following a 2.0 

percent increase in the third quarter. Consumer spending 

growth moderated in the fourth quarter but still made a 

substantial contribution to overall GDP growth. Residential 

investment remained strong in the fourth quarter, after 

growing solidly in the third quarter, and made a small 

positive contribution to real GDP growth. Business fixed 

investment declined, as equipment investment fell after a 

strong gain in the third quarter and business spending on 

structures continued to fall in response to the drop in oil and 

gas drilling. Growth of federal government outlays 

accelerated in the fourth quarter but State and local 

government spending declined. Overall, however, the 

government sector provided a small boost to growth in the 

fourth quarter. Net exports posed a larger drag on GDP 

growth in the fourth quarter than in the third quarter, largely 

reflecting weak export demand. Private inventory 

accumulation slowed sharply in the fourth quarter, but posed 

a smaller drag on GDP growth than in the third quarter. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

private demand because it subtracts out government 

spending, inventory fluctuations, and net exports) grew at a 

1.8 percent annual rate in the fourth quarter following a 3.2 

percent increase in the third quarter. Real personal 

consumption expenditures—which account for about 68 

percent of GDP—rose at a 2.2 percent annual rate in the 

fourth quarter, after rising at an average annual rate of 31⁄4 

percent over the prior two quarters. The slowdown was 

concentrated in goods purchases, although spending for 

household utilities was also down sharply as a result of 

unseasonably mild weather. Altogether, consumption 

contributed 1.5 percentage points to real GDP growth in the 

fourth quarter. 
4 PROFILE OF THE ECONOMY 

March 2016 

Housing activity has stepped up over the past 18 months. 

Residential investment—mostly residential home-building—

advanced 8.1 percent at an annual rate in the fourth quarter, 

nearly matching the solid 8.2 percent pace in the third 

quarter. Residential activity accounts for 3.5 percent of GDP 

and added 0.3 percentage point to fourth-quarter real GDP 

growth. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts rose 6.1 percent 

over the year through December 2015 to an annual rate of 

768,000 units. Nevertheless, single-family starts remain 

nearly 58 percent below their January 2006 peak, and well 

below the 1.1 million unit average observed from 1980 to 

2004. In contrast, multi-family starts, which increased 7.0 

percent during 2015, are well above their pre-recession 

level. Sales of new single-family homes rose 9.9 percent 

over the year through December to a 544,000 annual rate. 

Sales of all existing homes (94 percent of all home sales, 

including single-family, condos and co-ops) increased 7.7 

percent over the year to nearly 5.5 million at an annual rate 

in December 2015. 

Home prices have continued to rise. While the pace of 

increase remains below the rapid pace observed in mid2013, it has accelerated somewhat over the past year. The 

FHFA purchase-only home price index rose 5.9 percent over 

the year ending in November 2015, down from peak rates of 

around 8 percent in mid-2013. The Standard and Poor’s 

(S&P)/Case-Shiller composite 20-city home price index rose 

5.8 percent over the year ending in November 2015, down 

from a peak of 13.7 percent in November 2013. Other house 

price measures have also pointed to a faster pace of 

appreciation. 

Nonresidential fixed investment—about 13 percent of 

GDP—fell by 1.8 percent at an annual rate in the fourth 

quarter of 2015, following a 2.6 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—rebounded to a 1.6 percent pace from a 0.8 

percent decline in the third quarter. In contrast, equipment 

investment declined by 2.5 percent in the fourth quarter, 

following a strong 9.9 percent gain in the third quarter. In 

addition, business outlays for structures fell 5.3 percent, 

following a 7.2 percent decline in the third quarter. 

Altogether, nonresidential fixed investment subtracted 0.2 

percentage point from real GDP growth in the fourth quarter, 

after making a 0.3 percentage point positive contribution in 

the third quarter. Finally, businesses accumulated 

inventories at a slower pace in the fourth quarter. The 

resulting change in private inventories subtracted 0.5 

percentage point from fourth-quarter real GDP growth, after 

a 0.7 percentage point subtraction in the third quarter. 

Exports account for about 12.5 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for 15.5 percent. In the fourth 

quarter of 2015, exports fell 2.5 percent. Imports grew 1.1 

percent, about half their third-quarter pace. The net export 

deficit deteriorated, subtracting 0.5 percentage point from 

GDP growth in the fourth quarter after subtracting 

0.3 percentage point from growth in the third quarter of 

2015. 

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 $381 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 2015, the current account 

deficit widened to $497 billion (annualized), or 2.7 percent 

of GDP. 

Government purchases—which account for close to 18 

percent of GDP—contributed modestly on net to economic 

growth in 2015 after subtracting from GDP growth in each 

of the previous 4 years. In the fourth quarter, government 

outlays advanced 0.7 percent at an annual rate after growing 

1.8 percent in the third quarter. At the federal level, spending 

increased by 2.7 percent, picking up sharply from a modest 

0.2 percent pace in the third quarter. State and local 

government spending fell 0.6 percent, following a 2.8 

percent advance in the third quarter. State and local 

government spending declined for 14 straight quarters from 

the fourth quarter of 2009 through the first quarter of 2013-

the longest period of falling expenditures at this level of 

government in postwar history-but has risen almost 

continuously since then. Similarly, spending cutbacks at the 

federal level restrained overall growth from 2011 through 

2014. 

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 in February 

2010 employment began to rise again. Since then, through 

January 2016, total nonfarm payroll employment has 

increased by nearly 13.6 million. Private-sector employment 

has risen by 14.0 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, payrolls in professional and 

business services have risen by 3.4 million, and the leisure 

and hospitality industry’s employment has increased by 

almost 2.5 million through January 2016. Employment in the 

manufacturing sector has expanded by 903,000 since early 

2010, and the construction sector has added 1.1 million 

workers to its payrolls. 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 2.2 million jobs. On a net basis, the 

government sector also added workers to payrolls during the 
PROFILE OF THE ECONOMY 5 

March 2016 

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 2016, the government sector 

has added just 225,000 jobs. Most of the growth has 

occurred at the local level, with the addition of 149,000 

positions. Federal government employment has risen by 

25,000 during this period, and state government employment 

has increased by 51,000. 

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 2016 edged down to 

4.9 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 9.9 percent in January 2016. 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 

2016, 26.9 percent of unemployed workers were included in 

this category compared with readings around 17.5 percent 

before the recession. 

Inflation

Headline and core inflation rates remained relatively low 

and stable, due in part to low energy prices. Headline 

consumer prices rose 0.7 percent over the 12 months ending 

in December 2015, after rising 0.8 percent over the same 

period a year earlier. Energy prices fell 12.6 percent over the 

year through December 2015, a bit more than the 10.6 

percent decline over the year through December 2014. Food 

prices rose 0.8 percent over the year through December 

2015, slowing substantially from the 3.4 percent increase 

over the 12 months ending in December 2014. On a 12-

month basis, core consumer prices (excluding food and 

energy) rose 2.1 percent through December 2015, 

accelerating from the 1.6 percent advance in the year 

through December 2014. Core inflation has been near or 

below 2 percent since early 2013. 

Oil and gasoline prices fell sharply between mid-2014 

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

summer but have since declined to their lowest levels since 

early 2009. The front-month futures price of West Texas 

Intermediate (WTI) crude oil averaged $31.66 per barrel in 

January 2016, nearly $16 below its January 2015 average. 

The retail price of regular gasoline averaged $1.95 per 

gallon in January 2016, 17 cents lower than in January 2015. 

Federal Budget and Debt

The federal budget deficit declined to $439 billion (2.5 

percent of GDP) in fiscal year 2015 from $483 billion (2.8 

percent of GDP) in fiscal year 2014. The deficit has 

declined by 7.3 percentage points from a peak of 9.8 

percent in fiscal year 2009, and is now at its lowest level 

since fiscal year 2007. Debt held by the public rose to $13.1 

trillion in fiscal year 2015. As a share of the economy, 

publicly held debt declined from 74.4 percent of GDP at the 

end of fiscal year 2014 to 73.7 percent at the end of fiscal 

year 2015. 

In February 2016, the Administration released its Fiscal 

Year 2017 Budget. Budget projections show a small increase 

in the budget deficit and the debt-to-GDP ratio in the current 

fiscal year. After fiscal year 2016, the deficit is projected to 

fall slightly further to $454 billion (2.3 percent of GDP) in 

fiscal year 2018 but will gradually rise thereafter as 
6 PROFILE OF THE ECONOMY 

March 2016 

mandatory spending and net interest outlays grow as shares 

of GDP. As a share of the economy, the deficit is projected 

to stabilize in the last half of the forecast horizon (fiscal 

years 2021 to 2026) at 2.6 percent of GDP—well below the 

40-year average of 3.2 percent of GDP. The primary deficit 

—the deficit excluding net interest outlays—will decline to a 

negligible share of GDP by fiscal year 2021 and will be 

neutral thereafter. The debt-to-GDP ratio is projected to rise 

to 76.5 percent of GDP in fiscal years 2016 and 2017 and 

then decline gradually to 75.3 percent by the end of the 10-

year forecast horizon in fiscal year 2026. 

Economic Policy

Key fiscal and monetary policy actions taken over the 

past few years aided the recovery and have helped reinforce 

the expansion. On the fiscal policy side, the American 

Recovery and Reinvestment Act (ARRA) of 2009 authorized 

the Federal Government to spend $787 billion to stimulate 

domestic demand, an amount that was increased to $840 

billion to be consistent with the President’s Fiscal Year 2012 

Budget. This spending provided an important boost to 

economic activity, but the Administration also proposed and 

implemented a variety of additional programs to maintain 

the recovery’s momentum. These included an extension and 

expansion of the first-time home buyer tax credit, a new 

Small Business Jobs and Wages Tax Credit, and additional 

financial support for State and local Governments. In 

December 2010, the 2010 Tax Relief Act authorized a 2 

percentage point payroll tax cut, extensions of 

unemployment benefits and refundable tax credits, and a 2-

year extension of the 2001 tax cuts. In late December 2011, 

the 2 percentage point payroll tax cut and extended 

unemployment benefits included in the 2010 tax legislation 

were each extended for 2 additional months. In late February 

2012, the extension of the payroll tax cut and extended 

unemployment benefits for the remainder of 2012 were 

signed into law. 

In January 2013, the American Taxpayer Relief Act of 

2012 (ATRA) was signed into law. The ATRA permanently 

extended tax cuts for the vast majority of Americans and 

small businesses, extended Emergency Unemployment 

benefits for an additional year, extended a variety of other 

tax cuts and credits, postponed the sequester originally 

scheduled to take effect on January 1 until March 1, 2013, 

and raised tax rates for high-income earners (representing 

about 2 percent of taxpayers). Altogether, the ATRA is 

projected to reduce the deficit by $737 billion over the next 

decade. 

At the end of October 2015, Congress passed and the 

President signed the Bipartisan Budget Act of 2015. The 

Act suspended the debt ceiling through March 15, 2017, 

established budgetary guidelines for the 2016 and 2017 

fiscal years and lessened the burden of sequestration in 

those years. Congress passed an omnibus bill in December 

2015, funding the government through September 2016.

Partly in response to rising financial market stress, as 

well as to signs of slowing in the broader economy, the 

Federal Reserve began its last cycle of monetary policy 

easing in September 2007. By December 2008, the Federal 

Open Market Committee (FOMC) had lowered the federal 

funds target interest rate dramatically, reducing it to a 

historically low range of 0 to 0.25 percent. The FOMC 

maintained this range until December 2015, when it 

announced it would raise the target range for the federal 

funds rate by 25 basis points to 0.25 to 0.5 percent. At its 

most recent meeting in January 2016, the FOMC maintained 

this range and reiterated its view, first expressed at the 

December 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, 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 
PROFILE OF THE ECONOMY 7 

March 2016 

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 in January 2016, 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 in 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 longer-term 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. 

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. Although the 

index is currently 20 percent above its October 2007 peak, it 

declined by 0.7 percent during 2015, and has fallen 8 percent 

this year as of early February. Volatility has also declined 

markedly: the S&P Stock Market Volatility Index (VIX), 

often used as a measure of financial market uncertainty, 

stood at 23 as of early February 2015–down sharply from an 

all-time high of 80 in late October 2008, but up a few points 

since the start of 2016. 

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 more recently, concerns about 

global financial markets and slowing global growth. 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. Currently, the 10-year yield is 41 basis 

points lower on the year at 1.86 percent, though still well 

above the record low of 1.43 percent reached in late July 

2012. The 3-month Treasury bill yield dipped below 0.1 

percent between January 2012 and November 2015, but 

since then has been rising and stood at about 0.3 percent as 

of early February 2016. The 2- to 10-year Treasury yield 

spread, one measure of the steepness of the yield curve, has 

narrowed significantly since November 2013 and stood at 

about 112 basis points as of early February 2016. 

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 32 basis points as of early February 2016. 

The spread between the Baa corporate bond yield and the 

10-year Treasury yield peaked at nearly 620 basis points in 

December 2008. The Baa-10-year spread had narrowed to 

213 basis points in April 2014, but thereafter, has widened 

very gradually to 352 basis points as of early February 2016, 

still very high by historical standards. 

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. Since then, this rate has eased on 

net and in January 2016 averaged 3.87 percent. 
8 PROFILE OF THE ECONOMY 

March 2016 

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 reached 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 

2016 by about 38 percent. From August 2011 through 

January 2016, the dollar has appreciated by about 54 percent 

against the yen and by about 32 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 27 percent. 
March 2016 

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 2016 

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 2016 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

time of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $351.6 billion for the first 

quarter of fiscal year 2016. This is an increase of $13.9 

billion over the comparable prior year quarter. Withheld 

receipts increased by $5.5 billion and non-withheld receipts 

increased by $8.6 billion during this period. Refunds 

increased by $0.3 billion over the comparable fiscal year 

2015 quarter. There was an increase of $1.8 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2015. 

Corporate income taxes—Net corporate income tax 

receipts were $84.9 billion for the first quarter of fiscal year 

2016. This is a decrease of $12.1 billion compared to the 

prior year first quarter. The $12.1 billion change is 

comprised of a decrease of $11.3 billion in estimated and 

final payments, and an increase of $0.8 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2016 were $232.7 billion, an increase of $11.8 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 $7.2 billion, $1.2 billion, and $3.4 billion 

respectively. There was a -$8.5 billion accounting adjustment 

for prior years employment tax liabilities made in the first 

quarter of fiscal year 2016, while there was a -$6.6 billion 

adjustment in the first quarter of fiscal year 2015. 

Unemployment insurance—Unemployment insurance 

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

2016 were $7.3 billion, an increase of $0.2 billion over the 

comparable quarter of fiscal year 2015. Net State taxes 

deposited in the U.S. Treasury increased by $0.1 billion to 

$6.6 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.7 billion. 
FEDERAL FISCAL OPERATIONS 

March 2016 

11

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

first quarter of fiscal year 2016. This was a negligible 

change from the comparable quarter of fiscal year 2015. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2016 were $19.9 billion, an increase of 

$0.1 billion over the comparable prior year quarter. Total 

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

increase of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.0 billion for the first quarter of fiscal year 2016. 

These receipts represent an increase of $1.1 billion over the 

same quarter in fiscal year 2015. 

Customs duties—Customs duties net of refunds were 

$9.2 billion for the first quarter of fiscal year 2016. This is 

not a significant change over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2016 were $53.1 billion, an 

increase of $11.1 billion over the comparable prior year 

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

Federal Reserve banks increasing by $18.0 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”] 

 First quarter 2016 

 October - December 

 Fiscal year 2016 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 765,645 765,645

On-budget receipts .................................................. 593,613 593,613

Off-budget receipts .................................................. 172,032 172,032

Total outlays................................................................. 981,191 981,191

On-budget outlays.................................................... 786,663 786,663

Off-budget outlays.................................................... 194,529 194,529

Total surplus or deficit (-)............................................. -215,546 -215,546

On-budget surplus or deficit (-)................................ -193,050 -193,050

Off-budget surplus or deficit (-)................................ -22,497 -22,497

Means of financing: 

Borrowing from the public ............................................ 552,200 552,200

Reduction of operating cash........................................ -134,731 -134,731

Other means ................................................................ -201,941 -201,941

Total on- and off-budget financing........................... 215,546 215,546

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2016 

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

Source October November December

Individual income taxes...................................................... 109.2 93.6 148.7

Corporate income taxes..................................................... 4.3 3.7 77.0

Employment and general retirement.................................. 74.4 80.4 77.9

Unemployment insurance .................................................. 2.2 4.8 0.3

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

Excise taxes ....................................................................... 5.6 7.6 6.7

Estate and gift taxes .......................................................... 2.1 1.7 2.2

Customs duties .................................................................. 3.4 2.9 2.9

Miscellaneous receipts ....................................................... 9.6 9.9 33.5

Total budget receipts ..................................................... 211.0 205.0 349.6

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

March 2016 

12 
FEDERAL FISCAL OPERATIONS 

March 2016 

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) 

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576

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 - Est.................... 3,557,448 2,749,302 808,146 3,986,800 3,201,423 785,377 -429,352 -452,121 22,769 695,181

2017 - Est.................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 - Dec................... 335,327 280,293 55,034 333,463 311,588 21,875 1,864 -31,295 33,159 135,844

2015 - Jan ................... 306,742 233,755 72,987 324,289 257,510 66,779 -17,546 -23,755 6,208 -56,783

Feb .................. 139,388 79,456 59,932 331,738 259,778 71,960 -192,350 -180,321 -12,028 73,210

Mar .................. 234,187 158,782 75,405 287,105 214,910 72,195 -52,918 -56,128 3,210 -4,729

Apr................... 471,801 390,011 81,790 315,092 251,497 63,595 156,709 138,514 18,195 854

May.................. 212,386 151,023 61,363 296,454 223,306 73,148 -84,068 -72,283 -11,785 140

June................. 342,933 269,307 73,626 292,447 263,104 29,342 50,487 6,202 44,284 -2,494

July .................. 225,493 168,296 57,197 374,680 309,101 65,579 -149,187 -140,804 -8,382 -984

Aug .................. 210,837 151,537 59,300 275,257 201,935 73,323 -64,421 -50,398 -14,023 -530

Sept................. 365,473 300,235 65,238 274,412 201,767 72,645 91,061 98,468 -7,407 -1,541

Oct................... 211,046 155,934 55,112 347,596 282,104 65,492 -136,549 -126,170 -10,380 -43

Nov .................. 204,968 145,440 59,528 269,520 195,509 74,011 -64,552 -50,069 -14,483 673,595

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

Fiscal year 2016 to date ... 765,645 593,613 172,032 981,191 786,662 194,529 -215,545 -193,049 -22,497 768,065

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) 

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591

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 - Est.............................. -208 131,768 563,205 - - - - -133,853 - 429,352

2017 - Est.............................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 - Dec ............................ 286 34,577 101,553 115,182 -553 -943 -1,162 9,104 - -1,867

2015 - Jan ............................. 14 -19,931 -36,839 -66,638 -1,399 286 -305 -13,673 - 17,544

Feb ............................ -307 -15,391 88,293 -121,885 -83 -1,226 -1,364 -20,524 - 192,327

Mar............................ 58 -19,994 15,323 65,155 -1,000 -865 -2,430 98,447 - 52,910

Apr............................. 320 37,198 -36,024 173,785 965 -90 -100 53,871 -1 -156,714

May ........................... 25 1,303 -1,138 -74,922 -568 112 -194 7,951 - 82,385

June .......................... 167 -23,189 20,862 55,393 570 -596 127 -17,144 - -51,776

July............................ 9 -59,168 58,193 -44,358 -419 140 -35 46,322 - 149,187

Aug............................ -368 15,289 -16,187 -78,195 328 569 680 3,990 - 64,421

Sept........................... -196 -4,629 2,892 66,929 -2 -39 -1,275 -29,311 971 -91,061

Oct............................. 5 55,951 -55,989 -175,824 -246 352 -38 17,414 -632 136,549

Nov............................ 271 149,071 524,796 230,381 2,853 -251 -225 -227,485 - 64,553

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

Fiscal year 2016 to date.......... 461 216,327 552,200 134,731 -643 -925 -999 -203,015 -1,475 215,546

These estimates are based on the Mid-Session Review of the President's Fiscal Year 

2016 Budget, released by the Office of Management and Budget on July 14, 2015.

- No transactions. 

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

March 2016 

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 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

Refunds 

 (10) 

 Net 

 (11) 

2011 .................. 990,952 338,348 237,827 1,091,473 243,492 62,407 181,085 1,272,559 756,371 2,094 754,276

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 - Est.......... 1,701,424 - - 1,701,424 429,130 - 429,130 2,130,554 1,055,170 - 1,055,170

2017 - Est.......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 – Dec........ 133,918 14,525 3,414 145,029 87,471 3,240 84,231 229,260 74,167 - 74,167

2015 - Jan ......... 103,806 75,228 1,834 177,199 10,458 2,999 7,459 184,658 94,483 - 94,483

Feb ........ 108,211 6,179 73,776 40,614 5,702 8,569 -2,866 37,747 76,505 - 76,505

Mar ........ 121,794 16,082 51,903 85,973 39,698 9,218 30,481 116,453 96,152 - 96,152

Apr......... 95,842 248,157 55,795 288,204 45,656 2,426 43,230 331,434 106,233 - 106,233

May........ 90,789 9,114 14,868 85,035 9,524 2,184 7,340 92,375 78,416 - 78,416

June....... 92,900 66,231 6,304 152,827 75,825 3,057 72,768 225,595 95,464 - 95,464

July ........ 104,331 8,986 4,187 109,130 12,031 1,417 10,615 119,745 74,146 - 74,146

Aug ........ 98,074 7,378 2,827 102,625 4,809 2,490 2,319 104,944 76,879 - 76,879

Sept....... 89,445 75,605 3,504 161,547 78,778 3,367 75,411 236,958 89,613 2,801 86,812

Oct......... 93,493 23,771 8,044 109,220 10,156 5,900 4,256 113,476 73,923 - 73,923

Nov ........ 95,330 7,448 9,162 93,615 6,603 2,930 3,673 97,288 79,989 - 79,989

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

Fiscal year 

2016 to date........ 320,496 50,680 19,614 351,562 96,492 11,592 84,900 436,462 231,338 - 231,338

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) 

2011 ............................ 4,240 2 4,238 758,515 56,335 95 56,241 4,021 30 4,051

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 - Est.................... 6,027 - 6,027 1,061,197 55,950 - 55,950 3,731 23 3,754

2017 - Est.................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 – Dec.................. 456 - 456 74,623 774 5 770 283 2 285

2015 - Jan ................... 511 - 512 94,995 2,523 3 2,519 336 2 338

Feb.................. 706 1 705 77,210 6,834 3 6,831 279 2 281

Mar.................. 646 - 646 96,797 481 27 454 326 2 328

Apr................... 500 - 500 106,733 9,538 42 9,496 299 2 301

May ................. 550 1 549 78,965 15,217 13 15,204 285 2 287

June ................ -1 - -1 95,463 421 12 409 287 2 289

July.................. 567 -2 569 74,715 3,518 20 3,498 347 2 349

Aug.................. 543 - 543 77,422 5,428 41 5,387 316 2 318

Sept................. 453 - 453 87,264 220 12 208 302 2 304

Oct................... 459 - 459 74,382 2,160 4 2,156 309 2 311

Nov.................. 453 - 453 80,442 4,833 4 4,830 294 2 297

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

Fiscal year 2016 to date... 1,359 - 1,358 232,696 7,336 8 7,329 971 6 978

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

March 2016 

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) 

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787

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 - Est............... 110,949 21,255 - 21,255 35,812 - 35,812 94,401 42,576 136,977 2,749,302 808,146

2017 - Est............... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 - Dec ............. 6,567 2,099 109 1,990 2,945 154 2,791 9,296 9,744 19,040 280,293 55,034

2015 - Jan .............. 6,689 1,387 43 1,344 3,151 128 3,023 6,134 7,042 13,176 233,755 72,987

Feb ............. 6,412 1,063 55 1,008 2,656 131 2,525 5,233 2,142 7,374 79,456 59,932

Mar............. 6,559 1,717 74 1,642 2,822 196 2,627 6,676 2,651 9,327 158,782 75,405

Apr.............. 6,172 3,308 63 3,245 3,546 116 3,430 9,171 1,820 10,990 390,011 81,790

May ............ 7,403 1,755 53 1,703 2,654 106 2,548 8,180 5,722 13,903 151,023 61,363

June ........... 7,100 1,323 69 1,254 3,101 160 2,941 8,021 1,862 9,882 269,307 73,626

July............. 6,879 1,386 75 1,311 3,724 123 3,602 9,345 6,050 15,395 168,296 57,197

Aug............. 7,765 1,333 68 1,265 2,993 1,086 1,908 8,462 3,365 11,827 151,537 59,300

Sept............ 23,547 1,610 66 1,544 3,438 241 3,198 9,830 2,620 12,450 300,235 65,238

Oct.............. 5,577 2,182 50 2,132 3,556 120 3,435 7,489 2,088 9,577 155,934 55,112

Nov............. 7,568 1,794 82 1,713 3,019 132 2,887 6,668 3,276 9,944 145,440 59,528

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

Fiscal year 2016 to 

date............................ 19,868 6,241 209 6,033 9,596 382 9,213 43,428 9,639 53,067 593,613 172,032

These estimates are based on the Mid-Session Review of the President's Fiscal Year 2016 

Budget, released by the Office of Management and Budget on July 14, 2015. 

- 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) 

2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320

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 - Est ..................... 1,120,901 14,219 - 14,219 525 - 525 40,543 - 40,543 55,662 - 55,662

2017 - Est ..................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 - Dec .................... 75,678 1,065 - 1,065 47 - 47 3,223 - 3,223 2,362 130 2,232

2015 - Jan..................... 97,852 1,105 - 1,105 49 - 49 3,344 - 3,344 2,245 53 2,192

Feb.................... 84,321 1,429 9 1,420 51 - 51 3,699 - 3,699 1,728 486 1,241

Mar.................... 97,579 1,131 - 1,131 48 - 48 3,099 - 3,099 2,378 97 2,281

Apr .................... 116,530 1,249 3 1,246 53 - 53 3,418 - 3,418 3,071 1,616 1,455

May ................... 94,456 1,123 - 1,123 45 - 45 2,854 - 2,854 3,486 105 3,381

June .................. 96,161 1,194 - 1,194 47 - 47 3,222 - 3,222 2,793 157 2,637

July.................... 78,562 1,260 4 1,256 50 - 50 3,406 - 3,406 3,522 1,355 2,167

Aug.................... 83,127 1,077 - 1,077 35 - 35 3,414 - 3,414 3,318 79 3,239

Sept................... 87,776 1,210 2 1,208 52 - 52 3,699 - 3,699 18,965 377 18,588

Oct .................... 76,849 260 - 260 11 - 11 797 - 797 4,773 265 4,508

Nov.................... 85,569 1,355 - 1,355 60 - 60 4,053 - 4,053 2,157 56 2,101

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

Fiscal year 2016 to date..... 241,003 2,732 - 2,732 120 - 120 8,187 - 8,187 9,313 484 8,829
FEDERAL FISCAL OPERATIONS 

March 2016 

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) 

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973

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 - Est............... 4,791 7,724 146,732 10,508 586,145 72,170 27,469 1,125,966 46,704 43,804 14,807 35,032 53,595

2017 - Est............... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 - Dec.............. 376 629 14,279 697 57,218 5,504 2,259 88,603 4,753 2,943 944 8,825 5,265

2015 - Jan .............. 365 662 12,342 735 41,648 4,296 1,874 103,661 3,178 2,744 866 819 5,046

Feb ............. 305 560 10,886 680 42,517 8,712 1,719 78,879 2,770 3,452 1,232 3,575 4,516

Mar ............. 428 610 11,814 954 46,532 6,925 2,208 68,367 4,270 3,286 1,289 3,020 4,190

Apr.............. 350 563 10,286 634 45,442 5,159 2,323 83,515 2,666 7,301 858 2,218 4,527

May............. 320 540 10,118 694 45,632 5,089 1,891 83,956 2,934 3,167 821 2,395 3,700

June............ 330 585 10,566 778 47,082 14,706 2,279 85,036 3,460 2,162 1,319 1,882 3,848

July ............. 353 715 9,839 617 49,104 13,716 2,309 119,939 3,569 2,892 1,004 2,237 3,226

Aug ............. 431 564 9,751 913 38,137 6,445 1,682 70,491 4,151 2,862 854 3,024 3,849

Sept ............ 356 629 9,218 911 52,457 9,457 2,558 82,199 3,811 -1,149 1,590 2,551 3,780

Oct.............. 397 611 17,388 644 57,705 3,470 2,544 116,914 3,812 3,216 915 2,167 -3,149

Nov ............. 339 584 15,988 748 41,427 5,500 1,389 60,941 3,158 3,406 780 2,381 3,821

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

Fiscal year 2016 to 

date............................ 1,108 1,897 47,708 2,173 153,207 14,033 6,332 265,769 11,053 10,176 2,634 6,232 5,704

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) 

2011 ....................... 24,334 77,302 454,015 82,720 126,917 10,138 54,775 10,770 484 1,889 20,601

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 - Est............... 30,689 85,526 450,946 96,389 179,139 7,079 63,398 8,627 471 -641 25,862

2017 - Est............... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2014 - Dec ............. 2,601 5,853 86,460 -3,429 18,847 684 10,213 853 33 3 2,319

2015 - Jan .............. 1,742 4,563 15,105 13,092 14,221 513 6,164 803 40 -223 3,631

Feb............. 1,702 4,837 13,153 48,729 12,974 520 5,752 -650 30 -144 2,648

Mar............. 2,339 5,717 13,889 18,697 7,755 574 2,142 609 35 133 2,457

Apr.............. 1,747 4,947 31,782 14,256 13,351 575 3,518 377 34 -384 399

May ............ 1,321 5,930 32,693 6,451 12,894 510 4,457 479 -11,472 136 999

June ........... 1,960 6,601 93,014 1,923 12,898 533 5,002 726 11,531 -41 1,261

July............. 2,188 7,526 32,394 5,612 20,305 580 8,746 704 36 -119 312

Aug............. 2,090 7,311 30,726 5,370 7,228 520 -250 690 34 -25 1,151

Sept............ 4,461 9,693 20,838 -35,383 14,038 626 5,404 751 35 12 1,523

Oct.............. 2,583 4,199 16,790 4,497 20,633 86 9,508 848 31 -34 -317

Nov............. 2,220 7,458 21,391 6,441 6,702 665 1,266 828 30 -188 2,682

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

Fiscal year 2016 to 

date............................ 6,968 18,623 123,860 14,259 48,466 1,347 20,592 2,477 100 -44 4,406

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

March 2016 

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) 

 

2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609

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 - Est.......... 18,733 7,487 100,324 990 992,465 18,012 -85,889 -144,195 -5,206 -38,853 3,201,423 785,377

2017 - Est.......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2014 - Dec ........ 2,329 503 7,358 69 81,620 -1,326 -5,376 -67,500 -946 - 311,588 21,875

2015 - Jan ......... 1,276 483 7,280 64 78,131 4,296 -5,306 242 -64 - 257,510 66,779

Feb ........ 1,208 495 8,317 -1,550 78,007 1,614 -5,963 531 -275 - 259,778 71,960

Mar........ 1,543 538 7,462 85 74,292 -408 -5,950 1,778 -475 - 214,910 72,195

Apr......... 1,294 551 8,166 69 78,758 671 -5,663 -4,874 -324 - 251,497 63,595

May ....... 1,232 531 7,166 59 79,373 1,569 -5,598 -3,452 -81 - 223,306 73,148

June ...... 1,937 613 7,294 79 83,449 -4,412 -5,456 -69,213 -1,155 -30,128 263,104 29,342

July........ 1,479 759 7,735 61 83,652 3,835 -6,038 -4,320 -288 - 309,101 65,579

Aug........ 1,473 714 7,526 94 74,994 2,055 -5,863 -3,512 -224 - 201,935 73,323

Sept....... 1,756 698 8,164 100 79,365 224 -5,763 -287 -212 - 201,767 72,645

Oct......... 1,318 538 8,129 68 83,791 3,913 -19,208 3,580 12 - 282,104 65,492

Nov........ 1,560 540 7,339 66 75,057 1,897 -5,420 -1,015 -457 - 195,509 74,011

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

Fiscal year 

2016 to date ....... 5,143 1,588 22,558 208 269,566 6,476 -30,598 -62,124 -700 - 786,662 194,529

These estimates are based on the Mid-Session Review of the President's Fiscal Year 2016 

Budget, released by the Office of Management and Budget on July 14, 2015. 

- No transactions. 

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

March 2016 

18 

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

December 2015 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............................................... 351,567 -5 -. 351,562 337,567 81 - 337,648

Corporation income taxes........................................... 84,899 - -. 84,899 97,042 - - 97,042

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 172,032 172,032 - - 163,556 163,556

Employment and general retirement (on-budget)... 40 - 60,624 60,664 -14 - 57,343 57,329

Unemployment insurance ....................................... -52 - 7,380 7,329 10 - 7,161 7,171

Other retirement...................................................... - - 977 977 - - 858 858

Excise taxes ................................................................ 8,248 254 11,367 19,869 8,467 258 11,026 19,752

Estate and gift taxes ................................................... 6,033 - -. 6,033 4,916 - - 4,916

Customs duties ........................................................... 6,081 2,768 365 9,213 6,045 2,772 424 9,240

Miscellaneous receipts................................................ 44,610 8,328 129 53,067 33,425 8,462 83 41,970

Total receipts....................................................... 501,427 11,344 252,874 765,645 487,458 11,573 240,451 739,482

(On-budget)..................................................... 501,427 11,344 80,482 593,613 487,458 11,573 76,895 575,926

(Off-budget)..................................................... - - 172,032 172,032 - - 163,556 163,556

Budget outlays: 

Legislative branch ....................................................... 1,116 -6 -3 1,106 1,079 7 4 1,090

Judicial branch ............................................................ 1,920 102 -125 1,897 1,623 80 -1 1,701

Department of Agriculture ........................................... 32,020 15,692 -5 47,707 32,262 11,995 36 44,293

Department of Commerce........................................... 2,053 118 4 2,174 2,014 -9 33 2,039

Department of Defense-military .................................. 151,775 1,399 32 153,206 154,379 -430 6 153,955

Department of Education ............................................ 14,010 23 * 14,032 15,516 10 * 15,525

Department of Energy................................................. 6,803 -472 * 6,331 6,667 -86 * 6,581

Department of Health and Human Services ............... 197,241 1,205 67,323 265,769 181,874 -262 69,765 251,377

Department of Homeland Security.............................. 12,098 -1,078 33 11,053 12,827 -1,125 53 11,754

Department of Housing and Urban Development....... 10,290 -115 1 10,175 8,932 -126 * 8,805

Department of the Interior........................................... 2,452 63 120 2,634 2,261 248 5 2,514

Department of Justice ................................................. 5,782 499 -49 6,232 5,659 -410 -59 5,189

Department of Labor................................................... 1,443 -4,272 8,533 5,704 1,449 -1,665 8,752 8,536

Department of State.................................................... 6,500 227 241 6,968 6,351 366 226 6,944

Department of Transportation..................................... 2,505 3 16,114 18,622 2,468 -2 15,861 18,327

Department of the Treasury: 

Interest on the public debt....................................... 123,860 - - 123,860 118,589 - - 118,589

Other ....................................................................... 14,387 -131 2 14,259 5,300 -607 7 4,700

Department of Veterans Affairs .................................. 49,115 -847 197 48,465 44,123 -794 226 43,555

Corps of Engineers ..................................................... 1,109 157 81 1,347 1,685 206 -157 1,733

Other defense civil programs...................................... 82,651 -1,506 -60,553 20,592 79,612 -434 -57,147 22,031

Environmental Protection Agency............................... 2,172 -29 333 2,477 2,416 39 61 2,516

Executive Office of the President................................ 101 * - 100 89 * * 89

General Services Administration ................................ 48 -93 - -44 34 -267 - -233

International Assistance Program............................... 5,087 -249 -432 4,407 6,528 -92 159 6,595

National Aeronautics and Space Administration ........ 5,109 34 * 5,143 5,062 12 * 5,074

National Science Foundation...................................... 1,563 23 2 1,589 1,448 13 -7 1,454

Office of Personnel Management ............................... 2,982 -1,069 20,644 22,558 2,901 -386 20,112 22,627

Small Business Administration ................................... 209 * - 208 199 -6 - 193

Social Security Administration .................................... 26,944 -10 242,633 269,566 25,738 * 208,385 234,122

Other independent agencies....................................... 3,070 874 2,530 6,474 3,390 -2,218 2,960 4,131

Undistributed offsetting receipts: 

Interest .................................................................... - - -62,124 -62,124 - - -58,684 -58,684

Other ....................................................................... -777 -6,749 -23,773 -31,299 -589 -8,097 -22,290 -30,977

Total outlays........................................................ 765,637 3,794 211,760 981,190 731,883 -4,038 188,303 916,148

(On-budget)..................................................... 765,586 2,932 18,144 786,662 731,833 -1,791 31,577 761,618

(Off-budget)..................................................... 51 862 193,616 194,528 50 -2,247 156,726 154,530

Surplus or deficit (-)............................................. -264,210 7,551 41,114 -215,546 -244,425 15,611 52,148 -176,667

(On-budget)..................................................... -264,159 8,412 62,698 -193,049 -244,375 13,364 45,318 -185,692

(Off-budget)..................................................... -51 -862 -21,584 -22,496 -50 2,247 6,829 9,025

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
March 2016 

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) 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

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 - - 

2014 - Dec....................................... 775,469 296,938 957,225 - -

2015 - Jan ....................................... 638,787 206,309 911,734 - -

Feb ...................................... 666,742 192,143 980,770 - -

Mar ...................................... 777,976 257,105 969,927 - -

Apr....................................... 929,374 278,678 1,034,267 - -

May...................................... 553,164 177,432 805,518 - -

June..................................... 762,167 262,287 969,061 - -

July ...................................... 715,473 190,265 950,096 - -

Aug ...................................... 659,628 179,418 917,241 - -

Sept..................................... 673,726 272,810 879,607 - -

Oct....................................... 473,723 178,920 828,467 - -

Nov ...................................... 848,508 182,452 800,578 - -

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

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

March 2016 

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) 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

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 - - 

2014 - Dec.............. 223,452 - - 223,452 - - 48,807 - - 129,337 - -

2015 - Jan .............. 156,815 - - 223,452 - - 154,758 - - 175,763 - -

Feb ............. 34,929 - - 191,848 - - 34,929 - - 114,674 - -

Mar ............. 100,084 - - 105,616 - - 27,237 - - 64,222 - -

Apr.............. 273,869 - - 273,869 - - 31,288 - - 122,236 - -

May............. 198,947 - - 229,131 - - 163,581 - - 196,783 - -

June............ 254,340 - - 255,946 - - 165,516 - - 209,744 - -

July ............. 209,982 - - 212,135 - - 173,642 - - 189,849 - -

Aug ............. 131,787 - - 209,982 - - 109,509 - - 165,459 - -

Sept............ 198,716 - - 198,716 - - 76,256 - - 125,049 - -

Oct.............. 22,892 - - 97,527 - - 22,892 - - 60,547 - -

Nov ............. 253,274 - - 253,274 - - 22,892 - - 133,966 - -

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

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 2016 

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 2016

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) 

 

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

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

 

2014 - Dec ..................... 18,165,823 18,141,444 24,379 5,117,631 5,117,626 5 13,048,192 13,023,818 24,374

2015 - Jan...................... 18,106,687 18,082,294 24,393 5,097,507 5,097,502 5 13,009,180 12,984,792 24,388

Feb..................... 18,179,940 18,155,854 24,086 5,081,983 5,081,978 5 13,097,957 13,073,876 24,081

Mar..................... 18,176,192 18,152,056 24,136 5,061,878 5,061,873 5 13,114,314 13,090,183 24,131

Apr ..................... 18,177,024 18,152,560 24,464 5,099,005 5,099,000 5 13,078,019 13,053,560 24,459

May .................... 18,177,341 18,152,852 24,489 5,100,242 5,100,237 5 13,077,099 13,052,615 24,484

June ................... 18,176,653 18,151,998 24,655 5,076,967 5,076,962 5 13,099,686 13,075,036 24,650

July..................... 18,175,987 18,151,323 24,664 5,016,394 5,016,389 5 13,159,593 13,134,934 24,659

Aug..................... 18,175,446 18,151,150 24,296 5,031,582 5,031,577 5 13,143,864 13,119,573 24,291

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

Oct ..................... 18,177,087 18,152,982 24,105 5,084,605 5,081,914 2,691 13,092,482 13,071,068 21,414

Nov..................... 18,851,699 18,827,323 24,376 5,233,642 5,230,951 2,691 13,618,057 13,596,372 21,685

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

 

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) 

 

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

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

 

2014 - Dec ..................... 18,165,823 54,822 18,111,001 5,117,631 26,558 5,091,073 13,048,192 28,264 13,019,929

2015 - Jan ...................... 18,106,687 52,455 18,054,232 5,097,507 26,366 5,071,141 13,009,180 26,090 12,983,090

Feb ..................... 18,179,940 52,806 18,127,134 5,081,983 26,232 5,055,751 13,097,957 26,573 13,071,384

Mar..................... 18,176,192 53,737 18,122,455 5,061,878 26,122 5,035,756 13,114,314 27,615 13,086,699

Apr...................... 18,177,024 53,387 18,123,637 5,099,005 26,050 5,072,955 13,078,019 27,337 13,050,682

May .................... 18,177,341 53,539 18,123,802 5,100,242 25,985 5,074,257 13,077,099 27,554 13,049,545

June ................... 18,176,653 55,178 18,121,475 5,076,967 25,899 5,051,068 13,099,686 29,279 13,070,407

July..................... 18,175,987 55,487 18,120,500 5,016,394 25,791 4,990,603 13,159,593 29,696 13,129,897

Aug..................... 18,175,446 55,844 18,119,602 5,031,582 25,691 5,005,891 13,143,864 30,154 13,113,710

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

Oct...................... 18,177,087 59,259 18,117,827 5,084,605 27,391 5,057,214 13,092,482 31,868 13,060,613

Nov..................... 18,851,699 60,004 18,791,694 5,233,642 27,357 5,206,285 13,618,057 32,647 13,585,409

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

 
FEDERAL DEBT 

March 2016 

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) 

2011 .......................... 185,187 - 2,986 151,346 151,831 29,995 1,386

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

 

2014 - Dec ................ 175,970 - 264 203,968 116,490 29,995 1,625

2015 - Jan ................. 175,638 - 264 203,424 113,684 29,995 1,567

Feb ................ 175,331 - 264 206,692 112,764 29,995 1,528

Mar................ 174,958 - 264 144,796 117,933 29,995 1,530

Apr................. 174,630 - 264 107,558 117,427 29,995 1,517

May ............... 174,359 - 264 71,171 110,687 29,995 1,514

June .............. 173,981 - 264 81,884 99,767 29,995 1,527

July................ 173,637 - 264 49,285 88,986 29,995 1,541

Aug................ 173,255 - 264 9,148 81,077 29,995 1,616

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

Oct................. 172,537 - 264 5,859 74,963 29,995 1,667

Nov................ 172,187 - 264 212,348 74,169 29,995 1,710

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

 

 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) 

 

2011 .......................... 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 - 522,731

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

 

2014 - Dec ................ 13,023,951 12,495,638 1,456,692 8,221,366 1,576,087 1,077,503 163,991 528,313

2015 - Jan ................. 12,984,930 12,460,358 1,411,505 8,232,100 1,589,088 1,063,675 163,989 524,572

Feb ................ 13,074,036 12,547,463 1,471,553 8,222,351 1,594,570 1,066,998 191,991 526,574

Mar................ 13,090,399 12,620,923 1,476,540 8,256,666 1,607,585 1,075,141 204,991 469,476

Apr................. 13,053,681 12,622,290 1,431,246 8,276,264 1,620,595 1,074,142 220,043 431,391

May ............... 13,052,706 12,664,716 1,445,235 8,256,836 1,636,950 1,092,671 233,024 387,990

June .............. 13,076,414 12,688,996 1,393,163 8,297,601 1,649,925 1,102,262 246,045 387,418

July................ 13,135,045 12,791,337 1,438,154 8,327,380 1,662,889 1,101,868 261,046 343,708

Aug................ 13,119,753 12,824,398 1,421,705 8,331,371 1,675,201 1,122,082 274,039 295,355

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

Oct................. 13,060,657 12,775,371 1,269,906 8,378,696 1,699,231 1,140,503 287,036 285,285

Nov................ 13,588,989 13,098,316 1,503,010 8,416,433 1,711,698 1,152,135 315,039 490,673

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

March 2016

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) 

 

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

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

 

2014 - Dec ........... 2,729,270 827 69,099 8,321 5,506 7,659 485 34,471 1,190,564

2015 - Jan ............ 2,738,583 827 60,293 8,364 5,430 6,325 688 32,908 1,183,277

Feb ........... 2,729,687 827 61,768 9,083 5,355 6,533 705 37,224 1,185,932

Mar........... 2,733,614 827 70,823 9,222 5,265 6,662 760 34,249 1,122,200

Apr............ 2,750,918 827 70,964 9,189 5,171 7,412 770 34,411 1,088,317

May .......... 2,742,560 827 68,769 8,297 5,102 7,167 618 49,971 1,057,395

June ......... 2,733,614 826 68,642 6,769 5,136 7,684 633 44,388 1,115,338

July........... 2,782,592 828 55,552 3,984 5,053 6,895 758 43,609 1,033,548

Aug........... 2,772,129 828 63,460 10,898 4,984 6,647 593 48,229 1,000,203

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

Oct............ 2,760,147 828 55,062 7,524 4,841 6,788 754 43,252 1,099,873

Nov........... 2,749,344 828 63,235 6,737 4,784 7,558 541 45,903 1,312,355

Dec........... 2,760,518 828 69,205 5,856 4,805 7,942 670 43,395 1,303,423

 

 

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) 

 

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

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 -

 

2014 - Dec ........ 5,298,211 13,352 50,739 43,681 22,648 60,311 863,391 197,887 -

2015 - Jan ......... 5,277,355 13,160 50,481 43,823 22,648 58,614 859,307 192,627 -

Feb ........ 5,265,153 13,481 52,011 43,425 22,645 55,465 854,964 186,048 -

Mar........ 5,183,075 13,561 53,226 43,452 22,646 54,401 822,407 189,760 -

Apr......... 5,182,728 14,026 54,678 43,448 22,646 54,646 822,370 202,935 -

May ....... 5,147,519 14,337 55,232 43,821 22,644 51,521 822,321 196,937 -

June ...... 5,134,875 13,690 57,437 43,815 22,644 50,975 757,929 205,355 -

July........ 5,042,973 12,499 57,591 43,844 22,645 47,578 737,028 188,969 -

Aug........ 5,017,900 12,208 58,195 43,960 22,644 44,159 737,021 191,742 -

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

Oct......... 5,070,498 13,033 59,668 43,981 22,644 38,284 727,502 186,317 -

Nov........ 5,426,315 13,299 60,538 44,298 22,643 35,207 866,257 192,788 -

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

 
FEDERAL DEBT 

March 2016 

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) 

 

2011 ............................ 24,988 29 133 24,660 166 *

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 6 *

 

2014 - Dec .................. 24,379 19 107 24,137 116 *

2015 - Jan ................... 24,393 19 108 24,150 116 *

Feb .................. 24,086 19 94 23,867 106 *

Mar.................. 24,136 19 94 23,917 106 *

Apr................... 24,464 19 103 24,236 106 *

May ................. 24,489 19 104 24,260 106 *

June ................ 24,655 19 104 24,426 106 *

July.................. 24,664 19 105 24,434 106 *

Aug.................. 24,296 19 106 24,075 96 *

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

Oct................... 24,105 19 99 23,891 97 *

Nov.................. 24,376 19 100 24,161 97 *

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

 

 

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

March 2016

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) 

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

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 

 

2014 - Dec...................... 10,043,339 2,949,067 4,303,202 1,883,185 218,435 689,450 57 

2015 - Jan ...................... 9,931,147 2,927,280 4,209,167 1,901,699 190,922 702,079 58

Feb ..................... 10,018,464 2,942,990 4,271,689 1,890,514 186,596 726,675 58

Mar ..................... 10,170,539 2,937,164 4,344,809 1,963,151 186,095 739,320 58 

Apr...................... 10,171,783 2,936,328 4,305,686 1,990,659 186,502 752,608 59

May..................... 10,138,180 2,938,639 4,271,851 1,971,539 187,098 769,053 60

June.................... 10,237,756 2,890,796 4,335,287 2,035,095 187,318 789,260 60 

July ..................... 10,339,523 2,989,696 4,310,666 2,048,632 187,827 802,701 60

Aug ..................... 10,372,231 2,971,024 4,356,420 2,041,484 184,287 819,015 61

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

Oct...................... 10,258,432 2,899,467 4,245,995 2,076,803 184,170 851,998 62

Nov ..................... 10,645,957 3,148,974 4,352,293 2,092,839 184,006 867,845 61

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

 

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

March 2016 

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) 

 

2011 ....................................... 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 

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 

 

2014 - Dec 1 ........................... - 18,101,296 18,101,296 - 18,141,444 - 40,148 

2015 - Jan. 1 ........................... - 18,043,707 18,043,707 - 18,082,294 - 38,587 

Feb. 1 .......................... - 18,116,337 18,116,337 - 18,155,854 - 39,517 

Mar. 1 .......................... 18,113,000 18,112,975 18,112,975 - 18,152,056 - 39,081 

Apr. 2........................... 18,113,000 18,112,975 18,112,975 - 18,152,560 - 39,585 

May 2 .......................... 18,113,000 18,112,975 18,112,975 - 18,152,852 - 39,877 

June 2 ......................... 18,113,000 18,112,975 18,112,975 - 18,151,998 - 39,023 

July 2........................... 18,113,000 18,112,975 18,112,975 - 18,151,323 - 38,348 

Aug. 2.......................... 18,113,000 18,112,975 18,112,975 - 18,151,150 - 38,175 

Sept. 2......................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

Oct 2............................ 18,113,000 18,112,975 18,112,975 - 18,152,982 - 40,007 

Nov 3........................... - 18,787,182 18,787,182 - 18,827,323 - 40,141 

Dec 3........................... - 18,881,744 18,881,744 - 18,922,179 - 40,435 

 

1 Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, Public Law 113-83, 

the Statutory Debt Limit has been suspended and shall not apply for the period beginning 

February 15, 2014, and ending on March 15, 2015. 

2 Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, Public Law 113-83, 

Section 2, the Statutory Debt Limitation was increased on March 16, 2015, to an amount that 

exceeds face amount of such obligations outstanding on the date of the enactment of the Act. 

3 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 2016

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) 

 

2011 ....................................... 937,923 9,349 24,883 19,438 523 1,163

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

 

2014 - Dec ............................. 1,263,372 15,083 26,576 22,661 595 748

2015 - Jan .............................. 1,299,249 16,044 26,683 22,765 598 748

Feb ............................. 1,307,733 16,021 26,776 22,850 605 748

Mar............................. 1,309,438 16,373 26,900 23,066 609 748

Apr.............................. 1,325,201 17,222 25,275 22,757 565 748

May ............................ 1,325,951 17,242 25,381 22,890 573 748

June ........................... 1,375,671 17,789 25,545 22,087 579 748

July............................. 1,358,896 18,264 25,546 22,087 579 748

Aug............................. 1,352,583 18,897 26,184 23,050 618 688

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

Oct.............................. 1,329,693 23,478 26,346 23,207 632 688

Nov............................. 1,335,511 29,029 26,453 23,395 634 688

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

 

 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) 

 

2011 ....................................... 546,321 2,943 6,032 58 45,257

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

 

2014 - Dec ............................. 1,006,716 4,398 27,538 133 56,057

2015 - Jan.............................. 1,040,239 4,484 27,538 133 56,260

Feb............................. 1,048,254 4,569 27,538 133 56,823

Mar............................. 1,048,257 4,612 27,538 133 56,846

Apr ............................. 1,064,256 4,652 27,538 133 57,088

May ............................ 1,064,256 4,698 27,538 133 57,180

June ........................... 1,116,112 4,717 27,548 133 59,220

July............................. 1,098,646 4,784 27,548 133 58,815

Aug............................. 1,094,234 4,746 27,548 133 58,260

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

Oct ............................. 1,070,801 4,761 26,941 127 55,489

Nov............................. 1,069,878 4,761 26,941 127 55,611

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

 
FEDERAL DEBT 

March 2016 

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) 

 

2011 ...................................... 8,279 3,484 11,190 259,006

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

 

2014 - Dec ............................ 22,062 4,534 7,907 68,364

2015 - Jan ............................. 22,218 4,893 7,951 68,695

Feb ............................ 22,218 5,116 7,916 68,166

Mar............................ 22,796 5,437 8,008 68,115

Apr............................. 22,961 5,765 8,008 68,233

May ........................... 23,182 6,061 8,075 67,994

June .......................... 23,303 2,543 8,075 67,272

July............................ 23,303 2,884 8,075 67,484

Aug............................ 22,334 3,158 8,075 64,658

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

Oct............................. 22,725 3,843 7,336 63,319

Nov............................ 22,915 4,130 7,336 63,613

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

 

Note—Detail may not add to totals due to rounding. 
30 

March 2016 

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 

Cash Management Bills 

On October 5, 2015, Treasury announced it would auction 

$15,000 million of 25-day bills. They were issued October 8 

and matured November 2. The issue was to raise new cash of 

approximately $15,000 million. Treasury auctioned the bills 

on October 6. Tenders totaled $119,057 million; Treasury 

accepted $15,007 million, the high bank discount rate was 

0.000 percent. 

On October 28, 2015, Treasury announced it would 

auction $35,000 million of 69-day bills. They were issued 

October 30 and matured January 7, 2016. The issue was to 

raise new cash of approximately $35,000 million. Treasury 

auctioned the bills on October 29. Tenders totaled $104,630 

million; Treasury accepted $35,000 million, the high bank 

discount rate was 0.070 percent. 

Auction of 3-Year Notes 

On October 1, 2015, Treasury announced it would auction 

$24,000 million of 3-year notes. The issue was to refund 

$32,000 million of securities maturing October 15 and to raise 

new cash of approximately $26,000 million. 

The 3-year notes of Series AS-2018 were dated and issued 

October 15. They are due October 15, 2018, with interest 

payable on April 15 and October 15 until maturity. Treasury 

set an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on October 6. Tenders totaled 

$75,307 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.895 percent with an 

equivalent price of $99.940929. Treasury accepted in full all 

competitive tenders at yields lower than 0.895 percent. 

Tenders at the high yield were allotted 34.24 percent. The 

median yield was 0.855 percent, and the low yield was 0.700 

percent. Noncompetitive tenders totaled $42 million. 

Competitive tenders accepted from private investors totaled 

$23,958 million. The minimum par amount required for 

Separate Trading of Registered Interest and Principal 

Securities (STRIPS) of notes of Series AS-2018 is $100. 

Auction of 9-Year 10-Month 2 Percent Notes 

On October 1, 2015, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2 percent notes. The issue 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2016 

31

was to refund $32,000 million of securities maturing October 

15 and to raise new cash of approximately $26,000 million. 

The 9-year 10-month 2 percent notes of Series E-2025 

were dated August 15 and issued October 15. They are due 

August 15, 2025, 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 7. Tenders totaled $54,470 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.066 percent with an 

equivalent price of $99.413043. Treasury accepted in full all 

competitive tenders at yields lower than 2.066 percent. 

Tenders at the high yield were allotted 25.03 percent. The 

median yield was 2.020 percent, and the low yield was 1.945 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$20,992 million. Accrued interest of $3.31522 per $1,000 

must be paid for the period from August 15 to October 15. 

The minimum par amount required STRIPS of notes of Series 

E-2025 is $100. 

Auction of 29-Year 10-Month 2-7/8 Percent Bonds 

On October 1, 2015, Treasury announced it would auction 

$13,000 million of 29-year 10-month 2-7/8 percent bonds. 

The issue was to refund $32,000 million of securities 

maturing October 15 and to raise new cash of approximately 

$26,000 million. 

The 29-year 10-month 2-7/8 percent bonds of August 

2045 were dated August 15 and issued October 15. They are 

due August 15, 2045, 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 8. Tenders totaled $31,982 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.914 percent with an 

equivalent price of $99.221618. Treasury accepted in full all 

competitive tenders at yields lower than 2.914 percent. 

Tenders at the high yield were allotted 91.87 percent. The 

median yield was 2.874 percent, and the low yield was 2.795 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors totaled 

$12,998 million. Accrued interest of $4.76563 per $1,000 

must be paid for the period from August 15 to October 15. 

The minimum par amount required for STRIPS of bonds of 

August 2045 is $100. 

52-Week Bills 

On October 8, 2015, Treasury announced it would auction 

$10,000 million of 364-day Treasury bills. They were issued 

October 15 and will mature October 13, 2016. The issue was 

to refund $93,002 million of all maturing bills and to pay 

down approximately $38,002 million. Treasury auctioned the 

bills on October 14. Tenders totaled $41,153 million; 

Treasury accepted $10,000 million, including $155 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.205 percent. 

Auction of 29-Year 4-Month 0-3/4 Percent Treasury 

Inflation-Protected Security (TIPS) 

On October 15, 2015, Treasury announced it would 

auction $7,000 million of 29-year 4-month 0-3/4 percent 

TIPS. The issue was to raise new cash of approximately 

$7,000 million. 

The 29-year 4-month 0-3/4 percent TIPS of February 2045 

were dated August 15 and issued October 30. They are due 

February 15, 2045, 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 22. Tenders totaled 

$18,313 million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.200 percent with an 

equivalent adjusted price of $89.991203. Treasury accepted in 

full all competitive tenders at yields lower than 1.200 percent. 

Tenders at the high yield were allotted 51.51 percent. The 

median yield was 1.125 percent, and the low yield was 1.088 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$6,983 million. Adjusted accrued interest of $1.56770 per 

$1,000 must be paid for the period from August 15 to October 

30. Both the unadjusted price of $88.912692 and the 

unadjusted accrued interest of $1.54891 were adjusted by an 

index ratio of 1.01213, for the period from August 15 to 

October 30. The minimum par amount required for STRIPS 

of TIPS of February 2045 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2016 

32 

N O V E M B E R 

Cash Management Bills 

On October 30, 2015, Treasury announced it would 

auction $45,000 million of 72-day bills. They were issued 

November 3 and matured January 14, 2016. The issue was to 

raise new cash of approximately $45,000 million. Treasury 

auctioned the bills on November 2. Tenders totaled $124,206 

million; Treasury accepted $45,000 million, the high bank 

discount rate was 0.080 percent. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 22, 2015, Treasury announced it would 

auction $15,000 million of 2-year FRNs. The issue was to 

refund $67,717 million of securities maturing October 31 and 

to raise new cash of approximately $11,283 million. 

The 2-year FRNs of Series BJ-2017 were dated October 

31 and issued November 2. They are due October 31, 2017, 

with interest payable on January 31, April 30, July 31, and 

October 31 until maturity. Treasury set a spread of 0.168 

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 28. Tenders totaled $46,460 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.168 percent 

with an equivalent price of $99.999999. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.168 percent. Tenders at the high discount margin were 

allotted 84.66 percent. The median discount margin was 0.144 

percent, and the low discount margin was 0.100 percent. 

Noncompetitive tenders totaled $5 million. Competitive 

tenders accepted from private investors totaled $14,995 

million. Accrued interest of $0.001044450 per $100 must be 

paid for the period from October 31 to November 2. 

Auction of 5-Year Notes 

On October 22, 2015, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $67,717 million of securities maturing October 31 and 

to raise new cash of approximately $11,283 million. 

The 5-year notes of Series AE-2020 were dated October 

31 and issued November 2. They are due October 31, 2020, 

with interest payable on April 30 and October 31 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 12:00 noon 

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

competitive tenders on October 28. Tenders totaled $84,918 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.415 percent with an 

equivalent price of $99.807718. Treasury accepted in full all 

competitive tenders at yields lower than 1.415 percent. 

Tenders at the high yield were allotted 5.82 percent. The 

median yield was 1.360 percent, and the low yield was 1.267 

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors totaled 

$34,959 million. Accrued interest of $0.07555 per $1,000 

must be paid for the period from October 31 to November 2. 

The minimum par amount required for STRIPS of notes of 

Series AE-2020 is $100. 

Auction of 7-Year Notes 

On October 22, 2015, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $67,717 million of securities maturing October 31 and 

to raise new cash of approximately $11,283 million. 

The 7-year notes of Series R-2022 were dated October 31 

and issued November 2. They are due October 31, 2022, with 

interest payable on April 30 and October 31 until maturity. 

Treasury set an interest rate of 1-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on October 29. Tenders totaled $73,854 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.885 percent with an 

equivalent price of $99.934662. Treasury accepted in full all 

competitive tenders at yields lower than 1.885 percent. 

Tenders at the high yield were allotted 44.64 percent. The 

median yield was 1.845 percent, and the low yield was 1.765 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$28,990 million. Accrued interest of $0.10302 per $1,000 

must be paid for the period from October 31 to November 2. 

The minimum par amount required for STRIPS of notes of 

Series R-2022 is $100.

Auction of 2-Year Notes 

On October 30, 2015, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $67,717 million of securities maturing October 31 and 

to pay down approximately $41,717 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2016 

33

The 2-year notes of Series AE-2017 were dated October 

31 and issued November 5. They are due October 31, 2017, 

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 November 4. Tenders totaled $78,327 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.824 percent with an 

equivalent price of $99.854467. Treasury accepted in full all 

competitive tenders at yields lower than 0.824 percent. 

Tenders at the high yield were allotted 73.26 percent. The 

median yield was 0.800 percent, and the low yield was 0.688 

percent. Noncompetitive tenders totaled $67 million. 

Competitive tenders accepted from private investors totaled 

$25,934 million. Accrued interest of $0.10302 per $1,000 

must be paid for the period from October 31 to November 5. 

The minimum par amount required for STRIPS of notes of 

Series AE-2017 is $100. 

November Quarterly Financing 

On November 4, 2015, Treasury announced it would 

auction $24,000 million of 3-year notes, $24,000 million of 

10-year notes and $16,000 million of 30-year bonds to refund 

$60,480 million of securities maturing November 15, and to 

raise new cash of approximately $3,520 million. 

The 3-year notes of Series AT-2018 were dated November 

15 and issued November 16. They are due November 15, 

2018, with interest payable on May 15 and November 15 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 November 9. Tenders 

totaled $67,768 million; Treasury accepted $24,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 1.271 

percent with an equivalent price of $99.938412. Treasury 

accepted in full all competitive tenders at yields lower than 

1.271 percent. Tenders at the high yield were allotted 22.93 

percent. The median yield was 1.234 percent, and the low 

yield was 0.888 percent. Noncompetitive tenders totaled 

$75 million. Competitive tenders accepted from private 

investors totaled $23,925 million. Accrued interest of 

$0.03434 per $1,000 must be paid for the period from 

November 15 to November 16. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $122 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

AT-2018 is $100. 

The 10-year notes of Series F-2025 were dated November 

15 and issued November 16. They are due November 15, 

2025, with interest payable on May 15 and November 15 until 

maturity. Treasury set an interest rate of 2-1/4 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 November 10. Tenders totaled $61,969 

million; Treasury accepted $24,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.304 percent with an equivalent price of 

$99.520193. Treasury accepted in full all competitive tenders at 

yields lower than 2.304 percent. Tenders at the high yield were 

allotted 28.95 percent. The median yield was 2.275 percent, and 

the low yield was 2.195 percent. Noncompetitive tenders 

totaled $63 million. Competitive tenders accepted from private 

investors totaled $23,937 million. Accrued interest of $0.06181 

per $1,000 must be paid for the period from November 15 to 

November 16. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $122 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2025 is $100. 

The 30-year bonds of November 2045 were dated 

November 15 and issued November 16. They are due 

November 15, 2045, with interest payable on May 15 and 

November 15 until maturity. Treasury set an interest rate of 3 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the bonds before 12:00 

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

e.t. for competitive tenders on November 12. Tenders 

totaled $38,545 million; Treasury accepted $16,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 3.070 

percent with an equivalent price of $98.633963. Treasury 

accepted in full all competitive tenders at yields lower than 

3.070 percent. Tenders at the high yield were allotted 95.55 

percent. The median yield was 3.030 percent, and the low 

yield was 2.936 percent. Noncompetitive tenders totaled 

$16 million. Competitive tenders accepted from private 

investors totaled $15,984 million. Accrued interest of 

$0.08242 per $1,000 must be paid for the period from 

November 15 to November 16. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $82 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of bonds of November 2045 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2016 

34 

52-Week Bills 

On November 5, 2015, Treasury announced it would 

auction $12,000 million of 364-day Treasury bills. They were 

issued November 12 and will mature November 10, 2016. The 

issue was to refund $78,000 million of all maturing bills and 

to raise new cash of approximately $44,000 million. Treasury 

auctioned the bills on November 10. Tenders totaled $48,406 

million; Treasury accepted $12,000 million, including $138 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.500 percent. 

Auction of 9-Year 8-Month 0-3/8 Percent TIPS 

On November 12, 2015, Treasury announced it would 

auction $13,000 million of 9-year 8-month 0-3/8 percent 

TIPS. The issue was to refund $68,379 million of securities 

maturing November 30 and to raise new cash of 

approximately $34,621 million. 

The 9-year 8-month 0-3/8 percent TIPS of Series D-2025 

were dated July 15 and issued November 30. They are due 

July 15, 2025, with interest payable on January 15 and July 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on November 19. Tenders totaled $30,938 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.664 percent with an 

equivalent adjusted price of $97.643334. Treasury accepted in 

full all competitive tenders at yields lower than 0.664 percent. 

Tenders at the high yield were allotted 75.83 percent. The 

median yield was 0.585 percent, and the low yield was 0.388 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$12,986 million. Adjusted accrued interest of $1.41107 per 

$1,000 must be paid for the period from July 15 to November 

30. Both the unadjusted price of $97.309562 and the 

unadjusted accrued interest of $1.40625 were adjusted by an 

index ratio of 1.00343, for the period from July 15 to 

November 30. The minimum par amount required for STRIPS 

of TIPS of Series D-2025 is $100. 

Auction of 2-Year Notes 

On November 19, 2015, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $68,379 million of securities maturing November 30 

and to raise new cash of approximately $34,621 million. 

The 2-year notes of Series BK-2017 were dated and issued 

November 30. They are due November 30, 2017, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 23. Tenders totaled $81,998 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.948 percent with an 

equivalent price of $99.855714. Treasury accepted in full all 

competitive tenders at yields lower than 0.948 percent. 

Tenders at the high yield were allotted 53.98 percent. The 

median yield was 0.910 percent, and the low yield was 0.850 

percent. Noncompetitive tenders totaled $163 million. 

Competitive tenders accepted from private investors totaled 

$25,837 million. The minimum par amount required for 

STRIPS of notes of Series BK-2017 is $100. 

Auction of 1-Year 11-Month 0.168 Percent FRNs 

On November 19, 2015, Treasury announced it would 

auction $13,000 million of 1-year 11-month 0.168 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 11-month 0.168 percent FRNs of Series BJ2017 were dated October 31 and issued November 27. They 

are due October 31, 2017, 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 24. Tenders totaled $40,442 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.216 percent 

with an equivalent price of $99.906491. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.216 percent. Tenders at the high discount margin were 

allotted 66.21 percent. The median discount margin was 0.180 

percent, and the low discount margin was 0.165 percent. 

Noncompetitive tenders totaled $10 million. Competitive 

tenders accepted from private investors totaled $12,990 

million. Accrued interest of $0.021561309 per $100 must be 

paid for the period from October 31 to November 27. 

Auction of 5-Year Notes 

On November 19, 2015, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $68,379 million of securities maturing November 30 

and to raise new cash of approximately $34,621 million. 

The 5-year notes of Series AF-2020 were dated and issued 

November 30. They are due November 30, 2020, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 1-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2016 

35

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 24. Tenders totaled $88,246 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.670 percent with an 

equivalent price of $99.784997. Treasury accepted in full all 

competitive tenders at yields lower than 1.670 percent. 

Tenders at the high yield were allotted 55.68 percent. The 

median yield was 1.620 percent, and the low yield was 1.550 

percent. Noncompetitive tenders totaled $42 million. 

Competitive tenders accepted from private investors totaled 

$34,958 million. The minimum par amount required for 

STRIPS of notes of Series AF-2020 is $100. 

Auction of 7-Year Notes 

On November 19, 2015, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $68,379 million of securities maturing November 30 

and to raise new cash of approximately $34,621 million. 

The 7-year notes of Series S-2022 were dated and issued 

November 30. They are due November 30, 2022, with interest 

payable on May 31 and November 30 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 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on November 25. Tenders totaled $72,821 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.013 percent with an 

equivalent price of $99.915516. Treasury accepted in full all 

competitive tenders at yields lower than 2.013 percent. 

Tenders at the high yield were allotted 45.70 percent. The 

median yield was 1.971 percent, and the low yield was 1.895 

percent. Noncompetitive tenders totaled $21 million. 

Competitive tenders accepted from private investors totaled 

$28,979 million. The minimum par amount required for 

STRIPS of notes of Series S-2022 is $100. 

D E C E M B E R 

Auction of 3-Year Notes 

On December 3, 2015, Treasury announced it would 

auction $24,000 million of 3-year notes. The issue was to 

refund $32,000 million of securities maturing December 15 

and to raise new cash of approximately $26,000 million. 

The 3-year notes of Series AU-2018 were dated and issued 

December 15. They are due December 15, 2018, with interest 

payable on June 15 and December 15 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 December 8. Tenders totaled $75,351 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.255 percent with an 

equivalent price of $99.985324. Treasury accepted in full all 

competitive tenders at yields lower than 1.255 percent. 

Tenders at the high yield were allotted 48.33 percent. The 

median yield was 1.220 percent, and the low yield was 1.100 

percent. Noncompetitive tenders totaled $80 million. 

Competitive tenders accepted from private investors totaled 

$23,920 million. The minimum par amount required for 

STRIPS of notes of Series AU-2018 is $100. 

52-Week Bills 

On December 3, 2015, Treasury announced it would 

auction $14,000 million of 364-day Treasury bills. They were 

issued December 10 and will mature December 8, 2016. The 

issue was to refund $122,997 million of all maturing bills and 

to pay down approximately $9,997 million. Treasury 

auctioned the bills on December 8. Tenders totaled $50,111 

million; Treasury accepted $14,000 million, including $146 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.740 percent. 

Auction of 9-Year 11-Month 2-1/4 Percent Notes 

On December 3, 2015, Treasury announced it would 

auction $21,000 million of 9-year 11-month 2-1/4 percent 

notes. The issue was to refund $32,000 million of securities 

maturing December 15 and to raise new cash of 

approximately $26,000 million. 

The 9-year 11-month 2-1/4 percent notes of Series F-2025 

were dated November 15 and issued December 15. They are 

due November 15, 2025, 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 9. Tenders totaled $55,508 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.233 percent with an 

equivalent price of $100.148778. Treasury accepted in full all 

competitive tenders at yields lower than 2.233 percent. 

Tenders at the high yield were allotted 29.93 percent. The 

median yield was 2.180 percent, and the low yield was 2.050 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$20,985 million. Accrued interest of $1.85440 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-2025 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2016 

36 

Auction of 29-Year 11-Month 3 Percent Bonds 

On December 3, 2015, Treasury announced it would 

auction $13,000 million of 29-year 11-month 3 percent bonds. 

The issue was to refund $32,000 million of securities 

maturing December 15 and to raise new cash of 

approximately $26,000 million. 

The 29-year 11-month 3 percent bonds of November 2045 

were dated November 15 and issued December 15. They are 

due November 15, 2045, 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 10. Tenders totaled $31,486 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.978 percent with an 

equivalent price of $100.430635. Treasury accepted in full all 

competitive tenders at yields lower than 2.978 percent. 

Tenders at the high yield were allotted 81.27 percent. The 

median yield was 2.930 percent, and the low yield was 2.850 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$12,990 million. Accrued interest of $2.47253 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 2045 is $100. 

Auction of 4-Year 4-Month 0-1/8 Percent TIPS 

On December 10, 2015, Treasury announced it would 

auction $16,000 million of 4-year 4-month 0-1/8 percent 

TIPS. The issue was to refund $68,752 million of securities 

maturing December 31 and to raise new cash of 

approximately $37,248 million. 

The 4-year 4-month 0-1/8 percent TIPS of Series X-2020 

were dated October 15 and issued December 31. They are due 

April 15, 2020, 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 17. Tenders totaled $38,057 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.472 percent with an 

equivalent adjusted price of $100.068098. Treasury accepted 

in full all competitive tenders at yields lower than 0.472 

percent. Tenders at the high yield were allotted 32.46 percent. 

The median yield was 0.392 percent, and the low yield was 

0.288 percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors totaled 

$15,972 million. Adjusted accrued interest of $0.26709 per 

$1,000 must be paid for the period from October 15 to 

December 31. Both the unadjusted price of $98.528104 and 

the unadjusted accrued interest of $0.26298 were adjusted by 

an index ratio of 1.01563, for the period from October 15 to 

December 31. The minimum par amount required for STRIPS 

of TIPS of Series X-2020 is $100. 

Auction 1-Year 10-Month 0.168 Percent FRNs 

On December 17, 2015, Treasury announced it would 

auction $13,000 million of 1-year 10-month 0.168 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 10-month 0.168 percent FRNs of Series BJ2017 were dated October 31 and issued December 28. They 

are due October 31, 2017, 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 23. Tenders totaled $45,229 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.330 percent 

with an equivalent price of $99.698968. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.330 percent. Tenders at the high discount margin were 

allotted 13.86 percent. The median discount margin was 0.290 

percent, and the low discount margin was 0.250 percent. 

Noncompetitive tenders totaled $12 million. Competitive 

tenders accepted from private investors totaled $12,988 

million. Accrued interest of $0.056846705 per $100 must be 

paid for the period from October 31 to December 28. 

Auction of 2-Year Notes 

On December 24, 2015, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $68,752 million of securities maturing December 31 

and to raise new cash of approximately $37,248 million. 

The 2-year notes of Series BL-2017 were dated and issued 

December 31. They are due December 31, 2017, with interest 

payable on June 30 and December 31 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 December 28. Tenders totaled $72,698 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.056 percent with an 

equivalent price of $99.889463. Treasury accepted in full all 

competitive tenders at yields lower than 1.056 percent. 

Tenders at the high yield were allotted 52.65 percent. The 

median yield was 1.030 percent, and the low yield was 0.888 

percent. Noncompetitive tenders totaled $164 million. 

Competitive tenders accepted from private investors totaled 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2016 

37

$25,836 million. The minimum par amount required for 

STRIPS of notes of Series BL-2017 is $100. 

Auction of 5-Year Notes 

On December 24, 2015, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $68,752 million of securities maturing December 31 

and to raise new cash of approximately $37,248 million. 

The 5-year notes of Series AG-2020 were dated and issued 

December 31. They are due December 31, 2020, with interest 

payable on June 30 and December 31 until maturity. Treasury 

set an interest rate of 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 December 29. Tenders totaled $81,063 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.785 percent with an 

equivalent price of $99.833292. Treasury accepted in full all 

competitive tenders at yields lower than 1.785 percent. 

Tenders at the high yield were allotted 27.37 percent. The 

median yield was 1.734 percent, and the low yield was 1.600 

percent. Noncompetitive tenders totaled $46 million. 

Competitive tenders accepted from private investors totaled 

$34,954 million. The minimum par amount required for 

STRIPS of notes of Series AG-2020 is $100. 

Auction of 7-Year Notes 

On December 24, 2015, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $68,752 million of securities maturing December 31 

and to raise new cash of approximately $37,248 million. 

The 7-year notes of Series T-2022 were dated and issued 

December 31. They are due December 31, 2022, with interest 

payable on June 30 and December 31 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 12:00 noon 

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

competitive tenders on December 30. Tenders totaled $68,003 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.161 percent with an 

equivalent price of $99.767297. Treasury accepted in full all 

competitive tenders at yields lower than 2.161 percent. 

Tenders at the high yield were allotted 69.43 percent. The 

median yield was 2.115 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$28,983 million. The minimum par amount required for 

STRIPS of notes of Series T-2022 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

March 2016 

38 

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) 

 2015 - Oct. 01 ................. 2015 - Oct. 29 28 107,255.4 10,006.3 9,797.6 208.7 100.000000 0.000 0.000

Dec. 31 91 68,874.7 18,000.1 16,831.2 392.6 99.996208 0.015 0.015

2016 - Mar. 31 182 65,542.8 18,000.3 17,005.3 307.1 99.946917 0.105 0.107

Oct. 08................. 2015 - Nov. 05 28 77,939.2 8,005.2 7,754.7 250.5 100.000000 0.000 0.000

2016 - Jan. 07 91 86,941.9 21,002.8 20,596.5 406.3 100.000000 0.000 0.000

Apr. 07 182 80,960.8 21,000.5 20,184.7 339.8 99.967139 0.065 0.066

Oct. 15................. 2015 - Nov. 12 28 48,276.5 5,000.0 4,747.3 252.7 100.000000 0.000 0.000

2016 - Jan. 14 91 82,653.0 20,000.5 19,635.4 365.1 100.000000 0.000 0.000

Apr. 14 182 75,051.4 20,001.0 19,106.9 318.1 99.959556 0.080 0.081

Oct. 22................. 2015 - Nov. 19 28 22,657.0 5,000.0 4,726.6 273.4 99.990667 0.120 0.122

2016 - Jan. 21 91 92,098.9 26,000.1 25,677.5 322.6 99.996208 0.015 0.015

Apr. 21 182 92,607.3 26,000.4 25,328.7 295.7 99.944389 0.110 0.112

Oct. 29................. 2015 - Nov. 27 29 18,740.4 5,000.1 4,765.8 234.3 99.999194 0.010 0.010

2016 - Jan. 28 91 88,163.0 26,000.2 24,757.6 347.4 99.994944 0.020 0.020

Apr. 28 182 86,747.6 26,000.2 24,713.6 310.6 99.921639 0.155 0.158

Nov. 05 ................ 2015 - Dec. 03 28 173,052.1 50,000.8 49,756.7 244.1 99.994556 0.070 0.071

2016 - Feb. 04 91 103,401.1 28,000.2 27,520.8 329.4 99.972194 0.110 0.112

May 05 182 97,396.4 26,000.5 25,289.4 311.1 99.858444 0.280 0.285

Nov. 12 ................ 2015 - Dec. 10 28 173,423.8 52,001.0 51,735.7 265.3 99.994167 0.075 0.076

2016 - Feb. 11 91 99,325.5 30,000.0 29,483.4 386.6 99.965875 0.135 0.137

May 12 182 103,287.6 28,000.4 27,405.3 295.1 99.828111 0.340 0.346

Nov, 19 ................ 2015 - Dec. 07 28 187,800.3 55,000.6 54,721.3 279.3 99.994167 0.075 0.076

2016 - Feb. 18 91 102,734.7 30,000.6 29,542.4 358.2 99.963347 0.145 0.147

May 19 182 109,368.5 28,000.1 27,469.8 330.3 99.833167 0.330 0.336

Nov. 27 ................ 2015 - Dec. 24 27 161,223.8 50,001.0 49,088.2 240.8 99.991000 0.120 0.122

2016 - Feb. 25 90 102,506.9 28,000.5 26,618.3 382.3 99.965000 0.140 0.142

May 26 181 90,089.6 26,000.1 24,949.6 325.6 99.824028 0.350 0.356

Dec. 03 ................ 2015 - Dec. 31 28 140,905.1 45,000.2 44,792.8 207.4 99.985222 0.190 0.193

2016 - Mar. 03 91 93,826.2 28,000.4 27,489.0 311.3 99.945653 0.215 0.219

June 02 182 94,831.3 26,000.1 25,565.8 234.3 99.790194 0.415 0.423

Dec. 10 ................ Jan. 07 28 153,690.4 45,000.2 44,723.0 277.2 99.981722 0.235 0.239

Mar. 10 91 91,812.3 28,000.2 27,628.4 371.8 99.929222 0.280 0.285

June 09 182 89,029.8 26,000.2 25,556.9 343.3 99.729528 0.535 0.545

Dec. 17 ................ Jan. 14 28 138,780.4 45,000.3 44,705.7 294.6 99.984056 0.205 0.208

Mar. 17 91 100,173.8 28,000.2 27,536.1 364.1 99.929222 0.280 0.285

June 16 182 94,328.4 26,000.2 25,586.9 313.3 99.704250 0.585 0.597

Dec. 24 ................ Jan. 21 28 157,336.7 45,000.3 44,621.2 279.1 99.984833 0.195 0.198

Mar. 24 91 101,528.2 28,000.0 27,441.8 358.2 99.936806 0.250 0.254

June 23 182 92,434.0 26,000.0 25,397.5 402.5 99.739639 0.515 0.525

Dec. 31 ................ Jan. 28 28 145,633.0 45,000.1 44,465.9 234.2 99.986778 0.170 0.173

Mar. 31 91 101,804.2 28,000.3 26,682.40 324.6 99.934278 0.260 0.265

June 30 182 107,888.5 26,000.7 24,801.20 299.5 99.721944 0.550 0.561

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 2016 

39

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) 

 

10/06/15 10/08/15 0.000% cmb—11/02/15 25d 119,057 15,007 

10/06/15 10/15/15 0.875% note—10/15/18-AS 3y 75,307 24,000 0.895 - 99.940929 

10/07/15 10/15/15 2.000% note—08/15/25-E 9y 10m 54,470 21,000 2.066 - 99.413043 

10/08/15 10/15/15 2.875% bond—08/15/45 29y 10m 31,982 13,000 2.914 - 99.221618 

10/14/15 10/15/15 0.205% bill—10/13/16 364d 41,153 10,000 

10/22/15 10/30/15 0.750% TIPS—02/15/45 29y 4m 18,313 7,000 1.200 - 89.991203 

10/28/15 11/02/15 0.168% FRN—10/31/17-BJ 2y 46,460 15,000 0.168 - 99.999999 

10/28/15 11/02/15 1.375% note—10/31/20-AE 5y 84,918 35,000 1.415 - 99.807718 

10/29/15 10/30/15 0.070% cmb—01/07/16 69d 104,630 35,000 

10/29/15 11/02/15 1.875% note—10/31/22-R 7y 73,854 29,000 1.885 - 99.934662 

11/02/15 11/03/15 0.080% cmb—01/14/16 72d 124,206 45,000 

11/04/15 11/05/15 0.750% note—10/31/17-AE 2y 78,327 26,000 0.824 - 99.854467 

11/09/15 11/16/15 1.250% note—11/15/18-AT 3y 67,891 24,122 1.271 - 99.938412 

11/10/15 11/12/15 0.500% bill—11/10/16 364d 48,406 12,000 

11/10/15 11/16/15 2.250% note—11/15/25-F 10y 62,091 24,122 2.304 - 99.520193 

11/12/15 11/16/15 3.000% bond—11/15/45 30y 38,626 16,082 3.070 - 98.633963 

11/19/15 11/30/15 0.375% TIPS—07/15/25-D 9y 8m 30,938 13,000 0.664 - 97.643334 

11/23/15 11/30/15 0.875% note—11/30/17-BK 2y 81,998 26,000 0.948 - 99.855714 

11/24/15 11/27/15 0.168% FRN—10/31/17-BJ 1y 11m 40,442 13,000 0.216 - 99.906491 

11/24/15 11/30/15 1.625% note—11/30/20-AF 5y 88,246 35,000 1.670 - 99.784997 

11/25/15 11/30/15 2.000% note—11/30/22-S 7y 72,821 29,000 2.013 - 99.915516 

12/08/15 12/10/15 0.740% bill—12/08/16 364d 50,111 14,000 

12/08/15 12/15/15 1.250% note—12/15/18-AU 3y 75,351 24,000 1.255 - 99.985324 

12/09/15 12/15/15 2.250% note—11/15/25-F 9y 11m 55,508 21,000 2.233 - 100.148778 

12/10/15 12/15/15 3.000% bond—11/15/45 29y 11m 31,486 13,000 2.978 - 100.430635 

12/17/15 12/31/15 0.125% TIPS—04/15/20-X 4y 4m 38,057 16,000 0.472 - 100.068098 

12/23/15 12/28/15 0.168% FRN—10/31/17-BJ 1y 10m 45,229 13,000 0.330 - 99.698968 

12/28/15 12/31/15 1.000% note—12/31/17-BL 2y 72,698 26,000 1.056 - 99.889463 

12/29/15 12/31/15 1.750% note—12/31/20-AG 5y 81,063 35,000 1.785 - 99.833292 

12/30/15 12/31/15 2.125% note—12/31/22-T 7y 68,003 29,000 2.161 - 99.767297 

 

 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 2016 

40 

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 2016 

41

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) 

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

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

2014 - Dec....................................... 18,165,823 18,141,444 5,117,626 - 5,117,626 2,793,384

2015 - Jan ....................................... 18,106,687 18,082,294 5,097,507 - 5,097,507 2,796,026

Feb ...................................... 18,179,940 18,155,854 5,081,983 - 5,081,983 2,797,128

Mar ...................................... 18,176,192 18,152,056 5,061,878 - 5,061,878 2,797,509

Apr....................................... 18,177,024 18,152,560 5,099,005 - 5,099,005 2,795,913

May...................................... 18,177,341 18,152,852 5,100,242 - 5,100,242 2,794,521

June..................................... 18,176,653 18,151,998 5,076,967 - 5,076,967 2,798,523

July ...................................... 18,175,987 18,151,323 5,016,394 - 5,016,394 2,799,164

Aug ...................................... 18,175,446 18,151,150 5,031,582 - 5,031,582 2,799,426

Sept..................................... 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

Oct....................................... 18,177,087 18,152,982 5,084,605 - 5,084,605 2,804,479

Nov ...................................... 18,851,699 18,827,323 5,233,642 - 5,233,642 2,806,337

Dec ...................................... 18,946,739 18,922,179 5,244,964 - 5,244,964 2,810,057

Public debt securities, continued Agency securities 1

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) 

2011 ................................................ 8,442,847 7,935,360 507,488 24,988 24,982 5

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

2014 - Dec....................................... 10,230,434 9,725,010 505,424 24,379 24,374 5

2015 - Jan ....................................... 10,188,761 9,687,271 501,490 24,393 24,388 5

Feb ...................................... 10,276,743 9,773,197 503,546 24,086 24,081 5

Mar ...................................... 10,292,669 9,846,298 446,371 24,136 24,131 5

Apr....................................... 10,257,642 9,849,592 408,050 24,464 24,459 5

May...................................... 10,258,089 9,893,497 364,592 24,489 24,484 5

June..................................... 10,276,508 9,912,571 363,937 24,655 24,650 5

July ...................................... 10,335,765 10,014,268 321,497 24,664 24,659 5

Aug ...................................... 10,320,142 10,047,123 273,019 24,296 24,291 5

Sept..................................... 10,321,650 10,051,650 270,000 24,100 24,095 5

Oct....................................... 10,263,898 9,998,540 265,358 24,105 21,414 2,691

Nov ...................................... 10,787,344 10,316,306 471,038 24,376 21,685 2,691

Dec ...................................... 10,867,158 10,396,498 470,660 24,560 24,554 6

1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

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 

March 2016 

42 

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 2,3

(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) 

2015 - Dec......... 18,922 7,711 11,211 n.a. 172 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 Sept........ 18,151 7,489 10,662 513 173 338 168 297 1,092 634 6,103 1,344

 June ....... 18,152 7,537 10,615 515 174 402 169 293 1,099 627 6,175 1,161

 Mar......... 18,152 7,521 10,631 512 175 462 173 295 1,142 639 6,172 1,060

2014 - Dec......... 18,141 7,579 10,563 514 176 517 177 285 1,061 622 6,156 1,056

 Sept........ 17,824 7,491 10,333 471 177 507 185 280 1,033 602 6,069 1,009

 June ....... 17,633 7,461 10,172 407 178 498 189 274 984 606 6,019 1,016

 Mar......... 17,601 7,302 10,300 368 178 493 189 267 1,128 586 5,948 1,142

2013 - Dec......... 17,352 7,205 10,147 321 179 486 188 265 1,122 586 5,793 1,206

 Sept........ 16,738 6,834 9,904 293 180 368 183 262 1,092 584 5,653 1,290

 June ....... 16,738 6,773 9,965 300 181 464 178 263 1,081 609 5,595 1,294

 Mar......... 16,772 6,657 10,115 339 182 475 174 267 1,104 610 5,725 1,240

2012 - Dec......... 16,433 6,524 9,909 348 182 477 173 271 1,034 604 5,574 1,246

 Sept........ 16,066 6,447 9,619 338 184 458 171 270 985 593 5,476 1,145

 June ....... 15,855 6,476 9,380 303 185 437 171 269 965 585 5,311 1,154

 Mar......... 15,582 6,397 9,185 317 185 416 169 271 971 567 5,145 1,143

2011 - Dec......... 15,223 6,440 8,783 280 185 401 161 272 896 561 5,007 1,021

 Sept........ 14,790 6,328 8,462 294 185 382 156 260 814 558 4,912 902

 June ....... 14,343 6,220 8,123 279 186 259 158 255 767 572 4,691 955

 Mar......... 14,270 5,959 8,311 321 187 350 158 254 749 585 4,481 1,226

2010 - Dec......... 14,025 5,656 8,369 319 188 337 154 248 722 596 4,436 1,370

 Sept........ 13,562 5,350 8,211 323 189 327 145 241 671 586 4,324 1,405

 June ....... 13,202 5,345 7,857 266 190 316 150 232 677 584 4,070 1,372

 Mar......... 12,773 5,260 7,513 269 190 304 154 226 678 585 3,878 1,229

2009 - Dec......... 12,311 5,277 7,034 202 191 296 151 222 669 586 3,685 1,032

 Sept........ 11,910 5,127 6,783 198 192 286 146 210 669 584 3,571 928

 June ....... 11,545 5,027 6,518 141 194 282 145 200 712 589 3,461 797

 Mar......... 11,127 4,785 6,342 126 194 273 137 191 721 588 3,266 847

2008 - Dec......... 10,700 4,806 5,893 105 194 260 130 171 758 601 3,077 597

 Sept........ 10,025 4,693 5,332 130 194 253 137 163 631 614 2,802 407

 June ....... 9,492 4,686 4,806 113 195 244 135 159 440 635 2,587 297

 Mar......... 9,438 4,695 4,743 125 195 240 135 152 467 646 2,506 276

2007 - Dec......... 9,229 4,834 4,396 130 196 229 144 142 344 648 2,353 210

 Sept........ 9,008 4,738 4,270 120 197 225 153 155 293 643 2,235 248

 June ....... 8,868 4,715 4,153 110 199 221 162 169 258 638 2,192 204

 Mar......... 8,850 4,577 4,273 120 200 220 156 185 263 608 2,195 325

2006 - Dec......... 8,680 4,558 4,122 115 202 216 153 198 248 571 2,103 316

 Sept........ 8,507 4,433 4,074 114 204 202 149 197 234 542 2,025 407

 June ....... 8,420 4,389 4,031 119 205 192 150 196 243 532 1,978 416

 Mar......... 8,371 4,257 4,114 113 206 186 153 200 254 516 2,082 404

2005 - Dec......... 8,170 4,200 3,971 129 205 184 154 202 254 512 2,034 295

 Sept........ 7,933 4,068 3,865 134 204 184 161 201 247 494 1,930 312

 June ....... 7,836 4,034 3,803 136 204 180 166 195 249 461 1,878 334

 Mar......... 7,777 3,922 3,855 149 204 177 157 193 264 429 1,952 329

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. Includes myRA as of December 2014. 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 2016 

43

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, 2015 

[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 .............................. $1,597,317,347,463 $1,550,229,581,825 $1,549,750,293,761 $239,833,666 $239,454,398

Less amounts held by: 

The Treasury....................................... 304,063,427 75,564,093 75,378,022 7,505 178,566

FRBs ................................................... 172,088,311,523 170,198,800,228 170,198,794,159 - 6,069

Amounts in circulation............................. $1,424,924,972,513 $1,379,955,217,504 $1,379,476,121,580 $239,826,161 $239,269,763

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

Amounts outstanding .............................. $47,087,765,638 $6,535,164,108 $40,552,601,530

Less amounts held by: 

The Treasury....................................... 228,499,334 67,749,334 160,750,000

FRBs ................................................... 1,889,511,295 1,292,582,293 596,929,002 

Amounts in circulation............................. $44,969,755,009 $5,174,832,481 $39,794,922,528 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

March 2016

44 

TABLE USCC-2—Amounts Outstanding and in Circulation, December 31, 2015 

[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 ................................................................................ $11,388,633,925 $11,247,797,323 $143,503 $140,693,099

$2 ................................................................................ 2,263,682,164 2,131,964,302 131,705,318 12,544

$5 ................................................................................ 13,710,521,375 13,578,331,385 107,956,110 24,233,880

$10 .............................................................................. 18,950,766,680 18,930,573,130 6,300 20,187,250

$20 .............................................................................. 171,284,160,460 171,264,052,540 3,840 20,104,080

$50 .............................................................................. 79,806,114,000 79,794,614,600 500 11,498,900

$100 ............................................................................ 1,082,238,785,300 1,082,216,797,300 -4 21,988,000

$500 ............................................................................ 141,999,000 141,804,000 5,500 189,500

$1,000 ......................................................................... 165,339,000 165,127,000 5,000 207,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,379,955,217,504 $1,379,476,121,580 $239,826,161 $239,269,763 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Dec. 30, 2015....................................................................................... 1,424,925 4,414

Nov. 30, 2015....................................................................................... 1,411,391 4,378

Oct. 30, 2015 ....................................................................................... 1,394,944 4,330

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 2016 

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 2016

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) 

07/29/2015 ............................................................. 1,036,741 1,051,901 n.a. 1.2893

 

08/05/2015 ............................................................. 1,017,280 1,034,542 n.a. 1.3181

08/12/2015 ............................................................. 1,028,491 1,047,391 n.a. 1.2973

08/19/2015 ............................................................. 1,027,939 1,055,026 n.a. 1.3165

08/26/2015 ............................................................. 1,079,843 1,098,978 -291 1.3301

 

09/02/2015 ............................................................. 1,124,176 1,138,903 -548 1.3308

09/09/2015 ............................................................. 1,134,582 1,161,138 -469 1.3221

09/16/2015 ............................................................. 956,247 986,229 -95 1.3180

09/23/2015 ............................................................. 1,010,773 1,039,204 166 1.3313

09/30/2015 ............................................................. 1,050,666 1,078,226 390 1.3396

 

10/07/2015 ............................................................. 1,056,815 1,084,525 n.a. 1.3038

10/14/2015 ............................................................. 1,064,993 1,090,073 n.a. 1.2983

10/21/2015 ............................................................. 1,063,953 1,093,925 n.a. 1.3117

10/28/2015 ............................................................. 1,100,666 1,132,731 n.a. 1.3149

 

11/04/2015 ............................................................. 1,062,192 1,093,722 n.a. 1.3164

11/11/2015 ............................................................. 1,053,237 1,082,123 n.a. 

11/18/2015 ............................................................. 1,078,949 1,099,792 n.a. 1.3351

11/25/2015 ............................................................. 1,121,456 1,139,216 271 1.3298

 

12/02/2015 ............................................................. 1,205,802 1,234,218 n.a. 1.3357

12/09/2015 ............................................................. 1,251,744 1,283,470 n.a. 1.3595

12/16/2015 ............................................................. 1,108,195 1,153,784 -368 1.3805

12/23/2015 ............................................................. 1,039,689 1,089,683 n.a. 1.3860

12/30/2015 ............................................................. 1,065,777 1,119,661 -394 1.3883

 

01/06/2016 ............................................................. 1,100,653 1,152,949 -340 1.4084

01/13/2016 ............................................................. 1,142,893 1,199,349 n.a. 1.4294

01/20/2016 ............................................................. 1,212,898 1,271,751 n.a. 1.4592
FOREIGN CURRENCY POSITIONS 

March 2016 

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) 

 

2013 - Dec................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637

2014 - Dec................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601

2015 - Jan ................... 1,047,164 1,037,119 146,683 143,087 79,723 83,456 140,877 125,889 1,014 1.2716

Feb .................. 1,045,760 1,047,807 149,737 144,760 85,817 120,259 201,081 156,626 400 1.2506

Mar .................. 969,895 977,326 138,433 123,281 80,663 96,352 194,511 167,785 -630 1.2681

Apr................... 996,484 1,010,071 144,222 134,923 77,230 86,527 145,134 129,419 405 1.2116

May.................. 1,075,459 1,088,687 153,764 136,871 72,197 83,511 165,239 128,842 242 1.2466

June................. 936,874 953,213 148,975 137,049 63,190 88,506 140,399 113,709 1,043 1.2473

July .................. 1,043,980 1,061,607 148,790 140,516 67,177 93,389 155,989 125,767 1,024 1.3047

Aug .................. 1,107,353 1,125,337 156,138 136,905 80,173 120,796 210,535 167,592 -264 1.3223

Sept................. 1,051,338 1,076,679 163,103 142,938 77,678 116,506 181,706 143,633 420 1.3396

Oct................... 1,110,381 1,145,307 167,103 136,064 67,566 97,006 144,961 116,843 1,157 1.3082

Nov .................. 1,138,848 1,161,754 159,095 130,383 66,935 86,967 113,196 92,059 1,159 1.3332

Dec .................. 1,037,558 1,095,959 164,396 131,574 69,496 103,445 130,520 96,399 -33 1.3839

 

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) 

 

2012 - Dec................... 19,395 30,069 73,597 45,417 333 51 869 662 -18 0.9958

2013 - Mar................... 17,015 32,402 88,822 53,718 276 467 3,545 2,502 n.a. 1.0174

June.................. 20,876 43,404 88,990 55,033 737 673 10,749 7,496 n.a. 1.0513

Sept.................. 17,533 35,119 97,416 56,050 n.a. 1,285 5,062 3,397 n.a. 1.0284

Dec................... 18,183 37,339 94,712 50,955 459 1,831 5,630 4,362 52 1.0284

2014 - Mar................... 21,444 36,135 101,443 56,942 378 1,357 3,387 1,551 -927 1.0637

June ................. 21,683 33,223 99,792 53,898 960 2,789 4,141 1,136 -863 1.1053

Sept.................. 20,112 34,835 96,687 49,460 1,629 1,789 2,666 1,585 -219 1.0676

Dec................... 19,820 35,885 94,153 50,754 155 95 1,034 910 -15 1.1207

2015 - Mar................... 76,823 102,665 122,791 100,696 430 539 4,168 5,010 -14 1.1601

June ................. 69,805 93,348 128,302 93,572 453 296 3,071 1,191 -24 1.2681

Sept.................. 65,519 94,364 131,735 98,219 2,162 188 4,759 1,038 -33 1.2473

 
FOREIGN CURRENCY POSITIONS 

March 2016

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) 

07/29/2015 .............................................................. 512,539 512,480 -419 123.86

 

08/05/2015 .............................................................. 506,998 510,881 -401 124.84

08/12/2015 .............................................................. 519,889 524,440 -470 123.87

08/19/2015 .............................................................. 498,776 503,407 -433 124.10

08/26/2015 .............................................................. 552,707 553,037 -249 119.07

 

09/02/2015 .............................................................. 543,145 549,982 -442 120.00

09/09/2015 .............................................................. 540,273 541,978 -316 120.94

09/16/2015 .............................................................. 493,851 500,951 -520 120.62

09/23/2015 .............................................................. 557,116 563,833 -502 120.12

09/30/2015 .............................................................. 522,266 529,421 -395 119.81

 

10/07/2015 .............................................................. 498,968 506,734 -394 119.90

10/14/2015 .............................................................. 514,562 522,465 -284 119.21

10/21/2015 .............................................................. 520,939 527,554 -155 119.91

10/28/2015 .............................................................. 543,745 549,495 -154 120.56

 

11/04/2015 .............................................................. 554,315 560,220 49 121.52

11/11/2015 .............................................................. 565,939 572,556 68 

11/18/2015 .............................................................. 550,934 556,585 n.a. 123.51

11/25/2015 .............................................................. 605,175 608,952 n.a. 122.70

 

12/02/2015 .............................................................. 630,116 632,515 165 123.52

12/09/2015 .............................................................. 639,736 643,672 n.a. 121.86

12/16/2015 .............................................................. 596,094 600,690 n.a. 121.88

12/23/2015 .............................................................. 549,340 556,107 22 120.94

12/30/2015 .............................................................. 514,881 520,024 -6 120.60

 

01/06/2016 .............................................................. 553,074 556,984 36 118.54

01/13/2016 .............................................................. 540,394 543,350 8 118.06

01/20/2016 .............................................................. 555,576 559,134 99 116.38
FOREIGN CURRENCY POSITIONS 

March 2016 

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) 

 

2013 - Dec.................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25

2014 - Dec.................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 744 119.85

2015 - Jan .................. 520,145 526,457 141,629 132,806 52,806 64,934 104,249 95,838 648 117.44

Feb ................. 523,310 528,310 140,343 130,968 52,826 61,621 92,123 86,724 415 119.72

Mar ................. 496,576 502,294 140,265 129,582 51,460 61,986 91,358 83,671 412 119.96

Apr.................. 543,765 546,495 142,277 131,887 49,139 58,337 87,763 81,852 483 119.86

May................. 564,624 566,681 146,765 134,884 48,840 60,092 108,780 91,400 -333 123.98

June................ 534,675 536,078 147,056 133,867 54,380 59,862 86,877 83,995 -455 122.10

July ................. 531,221 530,596 141,665 129,987 52,745 58,273 82,194 77,804 -395 123.94

Aug ................. 527,676 533,901 144,686 130,826 56,740 63,756 86,276 80,442 -329 121.26

Sept................ 522,835 530,019 149,163 135,398 56,082 63,638 83,783 79,161 -377 119.81

Oct.................. 553,323 557,781 146,912 138,503 50,315 58,913 79,081 73,814 31 120.70

Nov ................. 621,472 625,305 145,645 136,918 48,349 53,072 68,567 65,645 -32 123.22

Dec ................. 531,042 535,559 138,795 129,602 43,087 44,741 58,483 58,347 5 120.27

 

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) 

 

2012 - Dec................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64

2013 - Mar................... 3,089 5,704 9,256 4,631 n.a. 825 2,923 1,779 24 94.16

June.................. 4,222 5,249 9,282 4,576 541 1,048 2,640 1,828 63 99.21

Sept.................. 4,488 5,487 9,447 4,507 n.a. 906 2,077 1,561 24 98.29

Dec................... 4,238 5,807 10,272 4,750 191 965 2,510 1,335 75 98.29

2014 - Mar................... 5,230 5,873 9,331 4,487 30 426 1,093 236 -138 105.25

June ................. 5,622 5,632 9,378 4,754 198 599 1,633 684 14 102.98

Sept.................. 6,122 7,795 9,921 5,408 127 491 2,075 1,162 -108 101.28

Dec................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 -216 109.66

2015 - Mar................... 6,825 6,167 6,994 4,700 179 531 1,474 587 -46 119.85

June ................. 6,714 6,610 6,684 5,729 355 666 1,084 428 -61 119.96

Sept.................. 6,185 4,180 7,004 5,078 466 484 1,101 278 11 122.1

 
FOREIGN CURRENCY POSITIONS 

March 2016

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) 

07/29/2015 .............................................................. 914,819 940,738 n.a. 0.9630

 

08/05/2015 .............................................................. 891,818 919,256 n.a. 0.9810

08/12/2015 .............................................................. 920,278 948,828 n.a. 0.9691

08/19/2015 .............................................................. 876,578 909,951 n.a. 0.9702

08/26/2015 .............................................................. 939,282 972,898 n.a. 0.9472

 

09/02/2015 .............................................................. 905,938 938,183 n.a. 0.9690

09/09/2015 .............................................................. 949,138 976,833 n.a. 0.9767

09/16/2015 .............................................................. 863,704 893,233 n.a. 0.9688

09/23/2015 .............................................................. 884,651 915,648 n.a. 0.9780

09/30/2015 .............................................................. 910,409 939,277 n.a. 0.9773

 

10/07/2015 .............................................................. 886,566 914,942 n.a. 0.9716

10/14/2015 .............................................................. 920,845 943,267 n.a. 0.9517

10/21/2015 .............................................................. 879,953 908,970 n.a. 0.9570

10/28/2015 .............................................................. 934,799 969,912 n.a. 0.9848

 

11/04/2015 .............................................................. 912,702 947,535 n.a. 0.9933

11/11/2015 .............................................................. 960,345 992,810 n.a. 

11/18/2015 .............................................................. 971,152 1,006,280 n.a. 1.0198

11/25/2015 .............................................................. 1,011,746 1,039,358 n.a. 1.0220

 

12/02/2015 .............................................................. 1,101,458 1,133,227 n.a. 1.0274

12/09/2015 .............................................................. 1,110,039 1,144,014 n.a. 0.9866

12/16/2015 .............................................................. 1,025,152 1,061,237 n.a. 0.9852

12/23/2015 .............................................................. 976,896 1,017,215 n.a. 0.9938

12/30/2015 .............................................................. 922,457 963,443 n.a. 0.9890

 

01/06/2016 .............................................................. 892,691 932,087 n.a. 1.0084

01/13/2016 .............................................................. 938,698 978,903 n.a. 1.0064

01/20/2016 .............................................................. 932,795 972,286 n.a. 1.0032
FOREIGN CURRENCY POSITIONS 

March 2016 

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) 

 

2013 - Dec................... 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904

2014 - Dec................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 -696 0.9934

2015 - Jan ................... 1,063,642 1,083,214 96,027 79,550 101,269 121,608 182,608 154,886 -1,614 0.9210

Feb .................. 1,033,264 1,061,839 92,383 75,316 93,590 115,849 171,122 145,948 -1,425 0.9513

Mar .................. 993,274 1,027,620 97,706 80,789 91,124 109,679 154,659 136,442 -874 0.9712

Apr................... 990,987 1,022,999 100,991 85,044 87,068 101,277 144,654 131,432 -852 0.9410

May.................. 957,265 985,025 94,260 78,568 84,289 98,361 142,800 135,172 -312 0.9404

June................. 944,993 972,796 96,419 82,990 82,591 96,938 128,730 113,155 98 0.9346

July .................. 928,128 953,171 88,944 78,249 78,530 89,270 124,029 110,113 -435 0.9636

Aug .................. 910,160 942,972 81,836 69,471 85,293 102,159 142,158 123,226 10 0.9681

Sept................. 911,898 940,715 85,510 73,765 80,723 90,877 128,446 117,483 263 0.9773

Oct................... 912,030 946,007 84,412 59,170 76,656 89,218 131,736 117,584 225 0.9858

Nov .................. 1,080,303 1,112,800 87,601 60,066 82,709 98,220 149,346 129,932 323 1.0282

Dec .................. 890,895 930,669 82,110 59,133 77,874 89,785 124,418 111,241 269 1.0017

 

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) 

 

2012 - Dec................... 14,365 16,096 67,992 8,884 217 174 428 352 1 0.9155

2013 - Mar................... 16,520 21,737 n.a. 9,348 430 1,234 3,684 n.a. -54 0.9490

June.................. 17,279 17,163 n.a. 9,609 730 1,144 5,802 4,085 n.a. 0.9450

Sept.................. 15,013 13,051 91,002 12,620 n.a. n.a. 4,068 2,400 n.a. 0.9041

Dec................... 22,699 23,164 126,959 9,538 213 744 1,951 627 -130 0.9041

2014 - Mar................... 17,733 17,832 99,179 8,969 137 352 1,012 290 -2 0.8904

June ................. 18,188 18,726 101,146 9,451 470 180 879 436 11 0.8840

Sept.................. 22,420 22,430 88,531 13,999 278 597 3,702 1,269 -319 0.8868

Dec................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9554

2015 - Mar................... 23,984 27,304 90,189 13,537 342 315 715 596 -53 0.9934

June ................. 19,933 22,413 82,404 12,499 154 127 116 114 -10 0.9712

Sept.................. 11,093 12,779 81,396 13,191 12 35 286 216 -10 0.9346

 
FOREIGN CURRENCY POSITIONS 

March 2016

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) 

07/29/2015 .............................................................. 2,006,530 2,083,516 51 1.5624

 

08/05/2015 .............................................................. 1,932,132 2,008,124 n.a. 1.5604

08/12/2015 .............................................................. 1,951,168 2,024,194 114 1.5639

08/19/2015 .............................................................. 1,933,047 2,005,232 -303 1.5645

08/26/2015 .............................................................. 2,057,553 2,131,826 n.a. 1.5493

 

09/02/2015 .............................................................. 2,033,150 2,109,182 -561 1.5310

09/09/2015 .............................................................. 2,085,098 2,161,593 -638 1.5363

09/16/2015 .............................................................. 1,926,619 1,996,379 -54 1.5499

09/23/2015 .............................................................. 1,959,949 2,031,571 -396 1.5243

09/30/2015 .............................................................. 1,968,333 2,043,369 -602 1.5116

 

10/07/2015 .............................................................. 1,968,626 2,038,555 n.a. 1.5315

10/14/2015 .............................................................. 2,011,425 2,081,409 -457 1.5445

10/21/2015 .............................................................. 1,907,900 1,974,143 -391 1.5463

10/28/2015 .............................................................. 2,053,672 2,125,770 -389 1.5319

 

11/04/2015 .............................................................. 2,037,247 2,119,660 -375 1.5377

11/11/2015 .............................................................. 2,176,296 2,254,537 -470 

11/18/2015 .............................................................. 2,102,404 2,188,077 -115 1.5210

11/25/2015 .............................................................. 2,362,407 2,469,067 -190 1.5109

 

12/02/2015 .............................................................. 2,478,919 2,587,896 n.a. 1.4927

12/09/2015 .............................................................. 2,477,553 2,595,333 n.a. 1.5168

12/16/2015 .............................................................. 2,325,217 2,440,901 n.a. 1.5013

12/23/2015 .............................................................. 2,145,513 2,238,965 -549 1.4863

12/30/2015 .............................................................. 2,096,272 2,193,040 -518 1.4832

 

01/06/2016 .............................................................. 2,135,239 2,231,204 n.a. 1.4626

01/13/2016 .............................................................. 2,177,049 2,273,196 n.a. 1.4470

01/20/2016 .............................................................. 2,188,589 2,280,659 n.a. 1.4167
FOREIGN CURRENCY POSITIONS 

March 2016 

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) 

 

2013 - Dec................... 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574

2014 - Dec................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578

2015 - Jan ................... 1,834,617 1,895,655 689,077 637,225 102,425 98,174 104,486 100,432 3,408 1.5026

Feb .................. 1,871,380 1,932,039 665,895 618,284 103,893 101,110 108,866 104,986 6,480 1.5439

Mar .................. 1,836,163 1,906,165 707,118 656,674 102,214 111,168 140,130 125,350 4,870 1.4850

Apr................... 1,972,106 2,055,237 680,219 632,317 98,966 103,701 134,754 128,057 3,582 1.5328

May.................. 1,997,455 2,078,594 658,212 615,861 105,551 100,115 136,412 129,682 2,386 1.5286

June................. 1,969,511 2,049,067 642,383 604,284 110,813 106,756 102,382 100,469 3,755 1.5727

July .................. 1,992,908 2,073,991 658,958 626,938 101,035 98,445 94,215 93,188 86 1.5634

Aug .................. 2,092,773 2,166,158 663,720 636,233 95,422 96,929 104,644 102,015 -349 1.5363

Sept................. 1,980,149 2,054,827 650,708 665,287 84,785 88,676 97,674 91,804 -576 1.5116

Oct................... 2,085,409 2,155,604 641,562 609,441 79,955 81,072 87,008 85,102 -249 1.5445

Nov .................. 2,359,581 2,467,815 663,269 624,691 83,441 90,095 105,205 96,226 -181 1.5044

Dec .................. 2,096,318 2,194,078 662,869 625,521 78,769 88,691 110,325 99,992 -536 1.4746

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 18,837 16,899 57,032 32,581 274 183 1,799 140,213 -106 1.6262

2013 - Mar................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193

June.................. 25,286 23,953 66,608 37,013 714 977 3,877 1,328 39 1.5210

Sept.................. 23,881 18,501 149,903 36,241 1,006 1,145 n.a. 1,287 155 1.6179

Dec................... 34,365 29,425 156,665 38,670 1,861 1,780 2,360 1,364 172 1.6179

2014 - Mar................... 24,285 20,785 159,297 38,963 286 508 1,833 404 - 1.6574

June ................. 28,452 25,936 159,978 38,559 1,500 1,381 2,464 866 194 1.6675

Sept.................. 25,003 25,045 154,483 36,431 2,021 1,243 3,789 1,232 550 1.7105

Dec................... 25,098 28,006 157,560 39,245 412 796 3,544 930 1,113 1.6220

2015 - Mar................... 28,883 39,351 157,837 60,016 438 745 5,418 3,293 -85 1.5578

June ................. 27,100 35,636 160,028 59,926 1,163 1,191 1,602 1,018 57 1.4850

Sept.................. 22,012 34,314 160,296 60,806 1,342 1,079 2,611 731 84 1.5727

 
FOREIGN CURRENCY POSITIONS 

March 2016

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) 

07/29/2015 ............................................................ 22,892,666 22,095,250 7,944 n.a.

 

08/05/2015 ............................................................ 22,586,397 21,694,721 3,543 n.a.

08/12/2015 ............................................................ 23,250,454 22,341,860 2,660 n.a.

08/19/2015 ............................................................ 22,898,149 21,950,586 419 n.a.

08/26/2015 ............................................................ 24,489,658 23,546,039 -1,079 n.a.

 

09/02/2015 ............................................................ 24,119,196 23,083,712 1,416 n.a.

09/09/2015 ............................................................ 24,213,909 23,203,033 1,133 n.a.

09/16/2015 ............................................................ 22,770,462 21,693,306 2,175 n.a.

09/23/2015 ............................................................ 23,263,842 22,185,398 991 n.a.

09/30/2015 ............................................................ 23,417,744 22,342,951 -898 n.a.

 

10/07/2015 ............................................................ 23,183,651 22,085,800 -1,663 n.a.

10/14/2015 ............................................................ 23,577,174 22,490,413 -6,732 n.a.

10/21/2015 ............................................................ 22,993,278 21,893,170 n.a. n.a.

10/28/2015 ............................................................ 24,107,425 23,013,995 -5,618 n.a.

 

11/04/2015 ............................................................ 23,904,603 22,812,875 -6,796 n.a.

11/11/2015 ............................................................ 24,707,032 23,584,753 -7,453 n.a.

11/18/2015 ............................................................ 24,168,587 23,068,144 -8,320 n.a.

11/25/2015 ............................................................ 26,370,776 25,251,024 -6,907 n.a.

 

12/02/2015 ............................................................ 27,235,345 26,043,722 -7,144 n.a.

12/09/2015 ............................................................ 27,632,539 26,761,369 n.a. n.a.

12/16/2015 ............................................................ 25,836,438 25,052,715 -9,084 n.a.

12/23/2015 ............................................................ 23,322,036 22,702,919 -5,440 n.a.

12/30/2015 ............................................................ 22,960,261 22,357,340 -5,053 n.a.

 

01/06/2016 ............................................................ 23,310,029 22,800,343 -6,963 n.a.

01/13/2016 ............................................................ 23,695,190 23,210,561 -4,311 n.a.

01/20/2016 ............................................................ 24,081,435 23,605,486 -7,019 n.a.
FOREIGN CURRENCY POSITIONS 

March 2016 

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) 

2013 - Dec.............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a.

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 - Jan .............. 23,460,883 22,547,905 - - 2,573,211 2,340,447 1,623,925 1,843,806 -5,516 n.a.

Feb ............. 24,071,826 23,097,897 - - 2,586,689 2,300,965 1,583,539 1,848,882 -11,244 n.a.

Mar ............. 22,907,276 21,946,365 - - 2,671,283 2,338,677 1,625,575 1,930,310 -11,248 n.a.

Apr.............. 24,201,652 23,272,405 - - 2,523,577 2,291,357 1,584,348 1,813,633 -10,133 n.a.

May............. 24,110,395 23,318,912 - - 2,467,809 2,233,891 1,850,041 2,188,982 -3,883 n.a.

June............ 23,066,221 22,358,940 - - 2,339,302 2,167,095 1,566,843 1,745,101 4,422 n.a.

July ............. 23,394,671 22,573,947 - - 2,293,536 2,128,226 1,632,556 1,678,632 7,403 n.a.

Aug ............. 24,068,267 23,051,803 - - 2,539,766 2,328,203 1,770,106 1,863,986 -1,048 n.a.

Sept............ 23,563,409 22,486,420 - - 2,526,052 2,280,176 1,710,295 1,852,295 -2,310 n.a.

Oct.............. 24,424,306 23,300,211 - - 2,549,232 2,287,807 1,557,318 1,835,544 -5,509 n.a.

Nov ............. 26,841,461 25,732,951 - - 2,592,734 2,369,727 1,579,841 1,826,673 -5,256 n.a.

Dec ............. 23,186,805 22,584,615 - - 2,123,663 1,973,008 1,356,847 1,513,988 -7,248 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) 

2012 - Dec................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 10,381 n.a.

2013 - Mar................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a.

June.................. 328,601 311,076 - - 98,395 64,260 25,319 25,299 1,863 n.a.

Sept.................. 277,343 315,420 - - 57,525 36,377 28,655 25,091 n.a. n.a.

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 3,068 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................... 515,986 466,249 - - 45,587 35,619 15,122 15,943 3,892 n.a.

June ................. 485,449 448,619 - - 28,447 18,680 8,179 11,729 3,350 n.a.

Sept.................. 416,043 381,262 - - 36,496 20,673 10,030 9,370 1,873 n.a.
FOREIGN CURRENCY POSITIONS 

March 2016

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) 

07/29/2015 ......................................................................... 7,182,633 7,418,278 n.a. 0.9070

 

08/05/2015 ......................................................................... 7,034,897 7,286,529 n.a. 0.9201

08/12/2015 ......................................................................... 7,188,349 7,432,260 n.a. 0.8930

08/19/2015 ......................................................................... 6,984,256 7,212,224 n.a. 0.9041

08/26/2015 ......................................................................... 7,436,489 7,655,284 n.a. 0.8780

 

09/02/2015 ......................................................................... 7,270,177 7,490,490 n.a. 0.8895

09/09/2015 ......................................................................... 7,256,714 7,438,866 n.a. 0.8957

09/16/2015 ......................................................................... 6,843,763 7,025,566 n.a. 0.8846

09/23/2015 ......................................................................... 6,967,420 7,154,705 n.a. 0.8961

09/30/2015 ......................................................................... 7,122,344 7,313,406 n.a. 0.8959

 

10/07/2015 ......................................................................... 6,956,590 7,151,593 n.a. 0.8890

10/14/2015 ......................................................................... 7,075,914 7,717,007 n.a. 0.8744

10/21/2015 ......................................................................... 6,807,129 7,016,712 n.a. 0.8814

10/28/2015 ......................................................................... 7,404,735 7,613,290 n.a. 0.9037

 

11/04/2015 ......................................................................... 7,391,004 7,583,272 n.a. 0.9207

11/11/2015 ......................................................................... 7,753,989 7,953,527 n.a. 

11/18/2015 ......................................................................... 7,403,147 7,600,751 n.a. 0.9400

11/25/2015 ......................................................................... 8,548,663 8,752,036 4,407 0.9420

 

12/02/2015 ......................................................................... 8,857,187 9,102,054 n.a. 0.9458

12/09/2015 ......................................................................... 8,844,705 9,047,002 n.a. 0.9104

12/16/2015 ......................................................................... 8,396,210 8,542,218 n.a. 0.9143

12/23/2015 ......................................................................... 7,262,466 7,429,826 n.a. 0.9195

12/30/2015 ......................................................................... 7,237,284 7,396,269 n.a. 0.9164

 

01/06/2016 ......................................................................... 7,348,079 7,513,044 n.a. 0.9292

01/13/2016 ......................................................................... 7,399,904 7,567,202 n.a. 0.9206

01/20/2016 ......................................................................... 7,500,021 7,667,482 10,017 0.9168
FOREIGN CURRENCY POSITIONS 

March 2016 

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) 

2013 - Dec................... 4,986,374 5,023,973 1,899,825 1,899,825 334,550 358,527 391,263 369,449 6,489 0.7257

2014 - Dec................... 6,034,361 6,176,703 2,069,681 2,069,681 451,487 500,726 678,531 639,243 2,694 0.8264

2015 - Jan ................... 6,681,050 6,806,168 2,217,617 2,195,981 527,142 625,058 845,395 734,690 23,527 0.8857

Feb .................. 7,107,074 7,232,199 2,269,855 2,248,219 516,926 594,807 849,522 748,689 14,539 0.8931

Mar .................. 6,841,464 6,980,901 2,368,745 2,347,109 551,282 644,428 885,934 758,875 33,034 0.9310

Apr................... 7,411,812 7,560,127 2,352,432 2,329,637 537,758 617,533 848,179 745,470 28,879 0.8959

May.................. 7,215,572 7,365,301 2,172,351 2,149,556 539,369 624,563 1,023,618 817,625 27,765 0.9096

June................. 7,438,996 7,672,559 2,114,499 2,091,704 568,012 644,762 874,016 784,087 15,963 0.8965

July .................. 7,320,770 7,553,819 2,069,987 2,047,192 529,205 591,868 830,488 768,196 6,215 0.9068

Aug .................. 7,247,138 7,470,982 2,047,455 2,024,660 566,309 615,920 824,558 775,937 11,511 0.8933

Sept................. 7,141,758 7,331,845 2,045,104 2,022,309 521,770 565,873 761,074 726,021 12,083 0.8959

Oct................... 7,495,341 7,683,904 2,088,561 2,065,766 536,147 604,626 813,123 760,105 7,467 0.9056

Nov .................. 8,612,166 8,817,701 1,992,464 1,969,669 590,818 656,996 965,633 922,768 6,226 0.9468

Dec .................. 7,259,266 7,424,411 1,899,529 1,899,529 504,161 532,803 716,194 692,267 5,745 0.9209

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) 

2012 - Dec................... 69,920 61,111 203,194 120,619 8,126 2,152 3,662 4,104 8 0.7584

2013 - Mar................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803

June.................. 80,198 71,480 225,064 138,339 10,852 5,750 15,771 12,375 313 0.7686

Sept.................. 72,099 68,918 327,873 157,426 11,714 4,796 7,647 5,601 818 0.7388

Dec................... 93,606 107,641 295,577 138,564 8,848 3,866 7,004 6,196 939 0.7388

2014 - Mar................... 85,631 68,576 310,459 141,879 9,177 3,722 6,401 3,759 765 0.7257

June ................. 87,542 83,012 318,085 145,765 10,853 8,432 18,099 11,116 -709 0.7258

Sept.................. 93,517 97,958 314,618 150,292 12,042 7,750 27,163 13,965 -3,350 0.7305

Dec................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 6,547 0.7919

2015 - Mar................... 148,355 134,787 279,883 180,886 7,240 3,962 15,297 9,179 1,582 0.8264

June ................. 143,702 132,151 291,966 180,188 3,264 3,244 14,458 8,048 1,222 0.9310

Sept.................. 127,983 109,511 296,022 172,048 6,341 2,186 11,565 6,857 -733 0.8965
March 2016 

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, 2015, and Dec. 31, 2015 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2015 

Oct. 1, 2015, 

through 

Dec. 31, 2015 Dec. 31, 2015 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... 1,870,534 -1,870,534 -

U.S. Government securities............................................. 20,773,223 1,873,373 22,646,596

Special drawing rights 1 ........................................................... 50,331,727 -643,673 49,688,054

Foreign exchange and securities: 

European euro ..................................................................... 12,164,724 -324,229 11,840,495

Japanese yen....................................................................... 7,796,664 -25,574 7,771,090

Accounts receivable................................................................. 71,599 -3,523 68,076

Total assets.......................................................................... 93,008,471 -994,160 92,014,311

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 4,142 294 4,436

Total current liabilities ...................................................... 4,142 294 4,436

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,574,034 -636,036 48,937,998

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 54,774,034 -636,036 54,137,998

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -2,312,524 1,954,106 -358,418

Total capital...................................................................... 38,230,295 -358,418 37,871,877

Total liabilities and capital............................................ 93,008,471 -994,160 92,014,311

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

March 2016 

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, 2015, 

through 

Dec. 31, 2015 

Fiscal year to date

Oct. 1, 2015, 

through 

Dec 31, 2015 

Income and expense 

 Profit (+) or loss(-) on: 

Foreign exchange ........................................................................ -358,043 -358,043

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -9,738 -9,738

Interest (+) or net charges (-) on: 

SDRs............................................................................................ -252 -252

U.S. Government securities......................................................... 4,844 4,844

Foreign exchange ........................................................................ 4,771 4,771

Income from operations ............................................................... -358,418 -358,418

Net income (+) or loss (-)............................................................. -358,418 -358,418

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 2016 

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 2015 

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

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2015, 

and 2014 

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 2015 and 2014, 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 cost, 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 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 67

related revenues, the amounts recognized by each agency are added to, and subtracted from, respectively, the individual 

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 21—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 is separately reported. 
68 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Intragovernmental Transfers 

Intragovernmental transfers reflect budgetary and other financing sources for funds from dedicated collections, 

excluding financing sources related to non-exchange revenues, intragovernmental interest, and miscellaneous revenues. 

These intragovernmental transfers include appropriations, transfers, and other financing sources. These amounts are labeled 

as “other changes in fund balance” in Note 21—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 75 percent of 2015 

program costs to both Part B and D. 

Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due 

primarily to unreconciled intragovernmental differences. See Note 1.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). 

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 18—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. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 69

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 debt 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 debt issued by Treasury and 

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. 

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

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 Statement 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 19—Contingencies and 

Note 20—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 21—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 comprise the Statement of Long-Term Fiscal Projections, covering all federal 

government programs, and the Statement 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. 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 Statement of Social Insurance does 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 Statement of Social Insurance. The Statement of Long-Term Fiscal Projections includes all revenues 

(including general revenues) of the federal government. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 71

Statements of Long-Term Fiscal Projections 

The new statement of Long-Term Fiscal Projections in 2015 is 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. It is 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). 

Unaudited fiscal year 2014 projections from last year’s Financial Report are included for comparison. 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 24, 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 24, a sustainable policy is one where the ratio of debt held by the public to GDP (the debtto-GDP ratio) is stable or declining over the long term. GDP measures the size of the Nation’s economy in terms of the total 

value of all final goods and services that are produced in a year. Considering financial results relative to GDP is a useful 

indicator of the economy’s capacity to sustain the Government’s many programs. 

Statements of Social Insurance and Changes in Social Insurance 

Amounts 

The Statements of Social Insurance provide estimates of the status of the most significant social insurance programs: 

Social Security, Medicare, Railroad Retirement, and Black 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 values1

 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 basis for the projections has changed since 

last year due to the enactment of the Medicare Access and CHIP Reauthorization Act (MACRA) of 2015. This law repealed 

the sustainable growth rate (SGR) formula that set physician fee schedule payments, which were usually modified and 

replaced it with specified payment updates for physicians. In last year’s report, the income, expenditures, and assets for 

Medicare Part B reflected the projected baseline scenario, which assumed an override of the SGR payment provisions and an 

increase in the physician fee schedule equal to the average of the most recent 10 years of SGR overrides (through March 

2015) or 0.6 percent. Since the new legislation has replaced the SGR system with specified payment updates for physicians, 

the projections in this year’s report are based on the continuation of program provisions contained in current law, with one 

exception in regard to payment reductions that would result from the projected depletion of the Social Security and Medicare 

Hospital Insurance (Part A) Trust Funds; under current law, payments would be reduced to levels that could be covered by 

incoming tax and premium revenues when the Social Security and Medicare Hospital Insurance (Part A) Trust Funds are 

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 

 

1

 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

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 23—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.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 73

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2015 (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 Defense ................................................ 646.6 45.5 601.1 (27.5) 573.6

 Interest on Treasury Securities Held by the Public ...... 250.8 - 250.8 - 250.8

 Department of Veterans Affairs .................................... 186.9 4.8 182.1 (13.0) 169.1

 Department of Agriculture ............................................ 147.7 9.1 138.6 - 138.6

 Department of the Treasury ......................................... 146.0 29.3 116.7 - 116.7

 Office of Personnel Management ................................ 104.9 20.3 84.6 17.1 101.7

 Department of Transportation ...................................... 76.1 0.8 75.3 - 75.3

 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 Education ............................................. 71.3 26.6 44.7 - 44.7

 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 Justice .................................................. 32.3 1.7 30.6 - 30.6

 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

 Pension Benefit Guaranty Corporation ........................ 23.7 8.0 15.7 - 15.7

 Railroad Retirement Board .......................................... 16.3 3.4 12.9 - 12.9

 U.S. Agency for International Development ................. 12.7 0.1 12.6 - 12.6

 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

 Millennium Challenge Corporation ............................... 0.8 - 0.8 - 0.8

 Smithsonian Institution ................................................. 0.8 - 0.8 - 0.8

 U.S. Nuclear Regulatory Commission ......................... 1.0 0.8 0.2 - 0.2

 Farm Credit System Insurance Corporation................. - 0.2 (0.2) - (0.2)

 Overseas Private Investment Corporation ................... (0.1) 0.1 (0.2) - (0.2)

 General Services Administration .................................. 0.3 0.6 (0.3) - (0.3)

 National Credit Union Administration ........................... - 0.3 (0.3) - (0.3)

 Securities and Exchange Commission ........................ 1.5 2.0 (0.5) - (0.5)

 Small Business Administration ..................................... (0.5) 0.4 (0.9) - (0.9)

 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)

 Federal Deposit Insurance Corporation ....................... (6.5) 8.6 (15.1) - (15.1)

All other entities ........................................................... 20.8 1.7 19.1 - 19.1

 Total ............................................................................. 4,253.7 375.6 3,878.1 (19.3) 3,858.8

 

The accompanying notes are an integral part of these financial statements. 
74 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2014 (Gain)/Loss 

 from 

Gross Earned Changes in Net 

 (In billions of dollars) Cost Revenue Subtotal Assumptions Cost 

 

 Department of Health and Human Services ................ 1,029.5 78.1 951.4 0.1 951.5

 Social Security Administration ..................................... 906.8 0.4 906.4 - 906.4

 Department of Defense ................................................ 716.9 61.5 655.4 6.9 662.3

 Interest on Treasury Securities Held by the Public ...... 260.0 - 260.0 - 260.0

 Department of Veterans Affairs .................................... 207.4 4.3 203.1 (22.1) 181.0

 Department of Agriculture ............................................ 150.5 9.3 141.2 - 141.2

 Department of the Treasury ......................................... 182.9 79.9 103.0 - 103.0

 Office of Personnel Management ................................ 85.3 19.5 65.8 21.3 87.1

 Department of Transportation ...................................... 77.2 0.9 76.3 - 76.3

 Department of Energy .................................................. 57.0 5.0 52.0 - 52.0

 Department of Homeland Security ............................... 58.1 10.3 47.8 (1.3) 46.5

 Department of Labor .................................................... 53.6 - 53.6 - 53.6

 Department of Education ............................................. 80.9 24.8 56.1 - 56.1

 Defense Security Cooperation Agency ........................ 34.9 - 34.9 - 34.9

 Department of Housing and Urban Development ........ 44.4 1.6 42.8 - 42.8

 Department of Justice .................................................. 33.0 1.7 31.3 - 31.3

 Department of State ..................................................... 30.6 3.8 26.8 (1.4) 25.4

 National Aeronautics and Space Administration .......... 18.4 0.2 18.2 - 18.2

 Department of the Interior ............................................ 18.7 2.4 16.3 - 16.3

 Pension Benefit Guaranty Corporation ........................ 38.5 11.2 27.3 - 27.3

 Railroad Retirement Board .......................................... 13.9 5.6 8.3 - 8.3

 U.S. Agency for International Development ................. 11.7 - 11.7 - 11.7

 Federal Communications Commission ........................ 9.3 0.4 8.9 - 8.9

 Department of Commerce............................................ 12.0 3.2 8.8 - 8.8

 Environmental Protection Agency ................................ 8.9 0.5 8.4 - 8.4

 National Science Foundation ....................................... 7.2 - 7.2 - 7.2

 U.S. Postal Service ...................................................... 73.6 66.9 6.7 - 6.7

 Millennium Challenge Corporation ............................... 1.0 - 1.0 - 1.0

 Smithsonian Institution ................................................. 0.7 - 0.7 - 0.7

 U.S. Nuclear Regulatory Commission ......................... 1.0 0.8 0.2 - 0.2

 Farm Credit System Insurance Corporation................. - 0.2 (0.2) - (0.2)

 Overseas Private Investment Corporation ................... (0.3) 0.1 (0.4) - (0.4)

 General Services Administration .................................. 0.7 0.6 0.1 - 0.1

 National Credit Union Administration ........................... (1.2) 0.1 (1.3) - (1.3)

 Securities and Exchange Commission ........................ 1.4 1.9 (0.5) - (0.5)

 Small Business Administration ..................................... (0.3) 0.4 (0.7) - (0.7)

 Tennessee Valley Authority ......................................... 10.5 11.1 (0.6) - (0.6)

 Export-Import Bank of the United States ..................... 1.1 1.1 - - -

 Federal Deposit Insurance Corporation ....................... (4.4) 8.8 (13.2) - (13.2)

All other entities ........................................................... 20.0 1.3 18.7 - 18.7

 Total ............................................................................. 4,251.4 417.9 3,833.5 3.5 3,837.0

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 75

United States Government 

Statement of Operations and Changes in Net Position

for the Year Ended September 30, 2015

 

 Funds other than Funds from 

 those from Dedicated 

 Dedicated Collections 

 Collections (Note 21) 

 (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 ............................................................... 2,300.4 1,558.4 - 3,858.8

Intragovernmental net cost .................................. (7.2) 7.2 - -

Intragovernmental interest ................................... 108.4 - (108.4) -

Total net cost ....................................................... 2,401.6 1,565.6 (108.4) 3,858.8

 

Intragovernmental transfers ................................ (335.2) 335.2 - -

 

Unmatched transactions and balances 

(Note 1.S) ............................................................ 5.1 - - 5.1

 

Net operating (cost)/revenue ............................... (569.5) 49.8 - (519.7)

 

Net position, beginning of period ....................... (20,898.3) 3,197.6 - (17,700.7)

Prior period adjustments–changes in 

 accounting principles (Note 18 and 21) ............ (1.8) 0.3 - (1.5)

Net operating (cost)/revenue ............................... (569.5) 49.8 - (519.7)

Net position, end of period .................................. (21,469.6) 3,247.7 - (18,221.9)

The accompanying notes are an integral part of these financial statements. 
76 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government 

Statement of Operations and Changes in Net Position

for the Year Ended September 30, 2014

 

 Funds other than Funds from 

 those from Dedicated 

 Dedicated Collections 

 Collections (Note 21) 

 (Combined) (Combined) Eliminations Consolidated

(In billions of dollars) 2014

 

Revenue (Note 17): 

Individual income tax and tax withholdings ......... 1,374.0 979.0 - 2,353.0

Corporation income taxes ................................... 317.8 - - 317.8

Excise taxes ........................................................ 38.6 56.3 - 94.9

Unemployment taxes ........................................... ‐ 52.6 ‐   52.6

Customs duties ................................................... 32.9 - - 32.9

Estate and gift taxes ............................................ 19.3 - - 19.3

Other taxes and receipts ..................................... 125.8 50.8 - 176.6

Miscellaneous earned revenues .......................... 14.0 5.0 - 19.0

Intragovernmental interest ................................... - 113.8 (113.8) -

Total Revenue ..................................................... 1,922.4 1,257.5 (113.8) 3,066.1

 

Net Cost of Government Operations: 

Net cost ............................................................... 2,333.2 1,503.8 - 3,837.0

Intragovernmental interest ................................... 113.8 - (113.8) -

Total net cost ....................................................... 2,447.0 1,503.8 (113.8) 3,837.0

 

Intragovernmental transfers ................................ (299.9) 299.9 - -

 

Unmatched transactions and balances         

(Note 1.S) ............................................................ (20.4) - - (20.4)

 

Net operating (cost)/revenue ............................... (844.9) 53.6 - (791.3)

 

Net position, beginning of period ....................... (20,053.0) 3,143.7 - (16,909.3)

Prior period adjustments–changes in 

 accounting principles (Note 18 and 21) ............ (0.4) 0.3 - (0.1)

Net operating (cost)/revenue ............................... (844.9) 53.6 - (791.3)

Net position, end of period .................................. (20,898.3) 3,197.6 - (17,700.7)

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 77

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit

for the Year Ended September 30, 2015, and 2014 

(In billions of dollars) 2015 2014

Net operating cost ........................................................................................................................ (519.7) (791.3)

Components of net operating cost not part of the budget deficit: 

Increase/(Decrease) in liability for military employee benefits (Note 12): 

    Military pension liabilities .......................................................................................................... (1.9) 40.9

    Military health liabilities ............................................................................................................. (29.3) 12.9

    Other military benefits .............................................................................................................. (1.7) (0.9)

    Liability for military employee benefits ...................................................................................... (32.9) 52.9

Increase/(Decrease) in liability for veteran's compensation (Note 12) .................................... 11.5 32.3

Increase/(Decrease) in liabilities for civilian employee benefits (Note 12): 

 Civilian pension liabilities .......................................................................................................... 39.8 37.3

 Civilian health liabilities ............................................................................................................ 27.2 10.1

 Other civilian benefits ............................................................................................................... 1.1 1.7

 Liabilities for civilian employee benefits .................................................................................... 68.1 49.1

Increase/(Decrease) in environmental and disposal liabilities (Note 13): 

 Energy's environmental and disposal liabilities ........................................................................ 40.0 19.6

All others' environmental and disposal liabilities ....................................................................... 2.5 0.4

 Environmental and disposal liabilities ....................................................................................... 42.5 20.0

Property, plant, and equipment depreciation expense ................................................................... 54.5 67.7

Property, plant, and equipment disposals and revaluations ........................................................... (15.6) 4.8

Increase/(Decrease) in benefits due and payable .......................................................................... 22.3 17.3

Increase/(Decrease) in insurance and guarantee program liabilities .............................................. 9.3 28.3

Increase/(Decrease) in other liabilities ........................................................................................... 38.6 7.3

(Increase)/Decrease in deposit fund balances ............................................................................... (19.1) (0.8)

Increase/(Decrease) in accounts payable ...................................................................................... (0.7) 2.8

(Increase)/Decrease in net accounts and taxes receivable ............................................................ (13.8) (0.8)

Agencies year-end upward/(downward) credit reform subsidy re-estimates .................................. (2.3) 24.5

Unrealized Valuation Loss/(Gain) on investments in Government-Sponsored Enterprises 

(GSEs) ........................................................................................................................................... (10.5) 44.4

 

Components of the budget deficit not part of net operating cost: 

Capitalized property, plant, and equipment: 

Department of Defense ............................................................................................................... (24.9) (27.7)

All other agencies ........................................................................................................................ (29.6) (26.4)

 Total capitalized property, plant, and equipment ...................................................................... (54.5) (54.1)

Effect of prior year agencies (upward)/downward credit reform subsidy re-estimates ................... (24.5) (1.6)

(Increase)/Decrease in inventory ................................................................................................... (2.2) (7.3)

(Increase)/Decrease in debt and equity securities ......................................................................... 11.0 (7.6)

(Increase)/Decrease in other assets .............................................................................................. (2.9) -

Credit reform and other loan activities ............................................................................................ 4.9 13.1

All other reconciling items .............................................................................................................. (2.9) 15.6

Unified budget deficit................................................................................................................... (438.9) (483.4)

 

The accompanying notes are an integral part of these financial statements. 
78 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2015, and 2014

(In billions of dollars) 2015 2014 

Unified budget deficit.......................................................................... (438.9) (483.4)

 

Adjustments for Noncash Outlays Included in the budget: 

Interest accrued by Treasury on debt held by the public .................... 245.4 255.5

Agencies year-end credit reform subsidy re-estimates ....................... 26.8 (22.9)

Subsidy (income) (Note 4) .................................................................. (20.1) (10.3)

Subtotal .............................................................................................. 252.1 222.3

 

Items Affecting the Cash Balance Not Included in the budget: 

Net Transactions from financing activity: 

Borrowings from the public ................................................................. 7,037.5 7,475.8

Repayment of debt held by the public ................................................ (6,700.6) (6,672.0)

Agency securities ............................................................................... 0.1 (1.2)

Deposit fund balances ........................................................................ 20.5 0.3

Effect of Uninvested principal from the Thrift Savings Plan 

(TSP) G Fund on Financing Activity ................................................... 203.2 (119.9)

 Subtotal .............................................................................................. 560.7 683.0

Transactions from monetary and other activity: 

Interest paid by Treasury on debt held by the public .......................... (243.5) (252.9)

Net loan receivable and equity investments activity ........................... (102.2) (104.3)

Holdings of special drawing rights ...................................................... (2.9) (1.8)

Other .................................................................................................. 14.9 (4.3)

Subtotal .............................................................................................. (333.7) (363.3)

 

Cash and other monetary assets: (Note 2) 

Increase in Cash and other monetary assets ..................................... 40.2 58.6

Balance, beginning of period .............................................................. 264.9 206.3

Balance, end of period ....................................................................... 305.1 264.9

 

 

 

For budgetary purposes, the effect of the year-end downward re-estimates (reduction of net outlays) and upward re-estimates 

(increase of net outlays) is not recognized until the subsequent fiscal year. 

The accompanying notes are an integral part of these financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 79

United States Government    

Balance Sheets    

as of September 30, 2015, and 2014    

    

(In billions of dollars) 2015 2014

Assets: 

 Cash and other monetary assets (Note 2) ..................................................................... 305.1 264.9

Accounts and taxes receivable, net (Note 3) ................................................................. 117.8 104.0

 Loans receivable, net (Note 4) ...................................................................................... 1,216.0 1,125.7

 Inventories and related property, net (Note 5) ............................................................... 320.6 318.4

 Property, plant and equipment, net (Note 6) ................................................................. 893.9 878.3

 Debt and equity securities (Note 7) ............................................................................... 104.4 115.4

 Investments in government-sponsored enterprises (Note 8) ......................................... 106.3 95.8

 Other assets (Note 9) .................................................................................................... 165.7 162.8

 Total assets ................................................................................................................ 3,229.8 3,065.3

 Stewardship land and heritage assets (Note 25) 

Liabilities: 

Accounts payable (Note 10) .......................................................................................... 68.3 69.0

 Federal debt securities held by the public and accrued interest (Note 11) .................... 13,172.5 12,833.6

 Federal employee and veteran benefits payable (Note 12) ........................................... 6,719.3 6,672.6

 Environmental and disposal liabilities (Note 13) ............................................................ 411.6 369.1

 Benefits due and payable (Note 14) .............................................................................. 213.9 191.6

 Insurance and guarantee program liabilities (Note 15) ................................................. 177.5 168.2

 Loan guarantee liabilities (Note 4) ................................................................................. 36.3 52.8

 Other liabilities (Note 16) ............................................................................................... 652.3 409.1

 Total liabilities ............................................................................................................. 21,451.7 20,766.0

 Contingencies (Note 19) and Commitments (Note 20) 

Net Position: 

 Funds from Dedicated Collections (Note 21) ................................................................. 3,247.7 3,197.6

 Funds other than those from Dedicated Collections ...................................................... (21,469.6) (20,898.3)

 Total net position ........................................................................................................ (18,221.9) (17,700.7)

 Total liabilities and net position .................................................................................. 3,229.8 3,065.3

       

The accompanying notes are an integral part of these financial statements.    
80 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government 

Statements of Long-Term Fiscal Projections (Note 24) 

Present Value of 75 Year Projections as of September 30, 2015 and 20141

2015 2014 Change 2015 2014 Change

(unaudited) (unaudited)

Receipts:

 Social Security Payroll Taxes....................... 52.4 47.9 4.5 4.4 4.3 0.1

 Medicare Payroll Taxes................................ 17.4 16.1 1.3 1.5 1.4 0.0

 Individual Income Taxes............................... 127.8 117.1 10.7 10.7 10.5 0.2

 Other Receipts............................................ 43.5 42.5 1.1 3.6 3.8 (0.2)

Total Receipts................................................. 241.2 223.6 17.6 20.2 20.0 0.1

 Social Security............................................ 70.0 65.5 4.5 5.9 5.9 0.0

 Medicare Part A3

......................................... 24.0 23.0 1.1 2.0 2.1 0.0

 Medicare Parts B & D4

................................. 28.7 27.8 0.9 2.4 2.5 (0.1)

 Medicaid..................................................... 27.3 26.0 1.3 2.3 2.3 0.0

 Other Mandatory......................................... 36.8 31.1 5.7 3.1 2.8 0.3

 Defense Discretionary.................................. 28.6 26.9 1.6 2.4 2.4 0.0

 Non-defense Discretionary............................ 30.0 28.1 1.8 2.5 2.5 0.0

 Total Non-interest Spending............................. 245.3 228.4 17.0 20.5 20.4 0.1

Non-interest Spending less Receipts............. 4.1 4.7 (0.6) 0.3 0.4 (0.1)

The accompanying notes are an integral part of these financial statements.

3 Represents portions of Medicare supported by payroll taxes.

4 Represents portions of Medicare supported by general revenues. Consistent w ith 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. 

Dollars in Trillions Percent of GDP2

Non-interest Spending:

1 75-year present value projections for 2015 are as of 9/30/2015 for the period FY 2016-2090; projections for 2014 are as of 9/30/2014 for the period 

FY 2015-2089.

2 The 75-year present value of nominal Gross Domestic Product (GDP), w hich drives the calculations above is $1,196.3 trillion starting in FY 2016, and 

w as $1,117.2 trillion starting in FY 2015.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 81

United States Government 

Statements of Social Insurance (Note 23)

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In billions of dollars) 2015 2014 2013 2012 2011

 

Federal Old-age, Survivors and Disability Insurance (Social 

Security):14 Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 62 and over) ......... 1,166 984 908 847 726

 Participants who have not attained eligibility age ................................ 27,791 25,391 24,591 22,703 20,734

 Future participants ............................................................................... 26,580 24,594 23,419 21,649 20,144

 All current and future participants ........................................................ 55,537 50,969 48,918 45,198 41,603

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 62 and over) ......... (12,833) (11,852) (11,021) (9,834) (8,618)

 Participants who have not attained eligibility age ................................ (45,276) (42,419) (40,591) (37,753) (34,042)

 Future participants ............................................................................... (10,867) (10,028) (9,600) (8,890) (8,100)

 All current and future participants ........................................................ (68,976) (64,299) (61,212) (56,477) (50,760)

Present value of future expenditures in excess of future ........................... 

Revenue ................................................................................................. (13,440)1 (13,330)2

 (12,294)3 (11,278)4 (9,157)5

Federal Hospital Insurance (Medicare Part A):14 

Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 65 and over) ......... 382 332 301 302 262

 Participants who have not attained eligibility age ................................ 9,134 8,398 8,147 7,929 7,581

 Future participants ............................................................................... 8,386 7,812 7,744 7,367 7,260

All current and future participants ........................................................ 17,902 16,542 16,192 15,598 15,104

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ......... (3,803) (3,484) (3,422) (3,369) (2,923)

 Participants who have not attained eligibility age ................................ (14,494) (14,117) (14,629) (14,919) (12,887)

 Future participants ............................................................................... (2,792) (2,764) (2,913) (2,891) (2,546)

All current and future participants ........................................................ (21,089) (20,365) (20,964) (21,179) (18,356)

Present value of future expenditures in excess of future 

revenue .................................................................................................. (3,187)1 (3,823)2

 (4,772)3 (5,581)4 (3,252)5

Federal Supplementary Medical Insurance (Medicare Part B):14 

Revenue (Premiums) from: 

 Participants who have attained eligibility age (age 65 and over) ......... 898 763 701 635 570

 Participants who have not attained eligibility age ................................ 4,633 4,548 4,073 3,826 3,651

 Future participants ............................................................................... 998 1,145 944 884 865

All current and future participants ........................................................ 6,529 6,456 5,718 5,344 5,086

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ......... (3,637) (3,171) (2,887) (2,646) (2,343)

 Participants who have not attained eligibility age ................................ (16,818) (17,003) (15,075) (14,303) (13,489)

 Future participants ............................................................................... (3,540) (4,137) (3,415) (3,211) (3,108)

All current and future participants ........................................................ (23,995) (24,311) (21,377) (20,159) (18,940)

Present value of future expenditures in excess of future 

revenue 6 ............................................................................................... (17,466)1 (17,856)2 (15,659)3 (14,815)4 (13,854)5

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
82 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government 

Statements of Social Insurance (Note 23), continued

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In billions of dollars) 2015 2014 2013 2012 2011

 

Federal Supplementary Medical Insurance (Medicare Part D):14

Revenue (Premiums and State Transfers) from: 

 Participants who have attained eligibility age (age 65 and over) ......... 251 209 184 179 173

 Participants who have not attained eligibility age ................................ 1,814 1,596 1,491 1,510 1,608

 Future participants ............................................................................... 804 703 665 661 703

All current and future participants ........................................................ 2,869 2,508 2,340 2,349 2,484

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ......... (887) (775) (722) (694) (695)

 Participants who have not attained eligibility age ................................ (6,424) (5,928) (5,871) (5,866) (6,438)

 Future participants ............................................................................... (2,845) (2,609) (2,617) (2,568) (2,817)

All current and future participants ........................................................ (10,156) (9,312) (9,211) (9,128) (9,950)

Present value of future expenditures in excess of future 

revenue 6 ............................................................................................... (7,287)1 (6,804)2 (6,871)3 (6,778)4 (7,466)5

Railroad Retirement: 

Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility ............................................. 8 8 7 7 6

 Participants who have not attained eligibility ....................................... 66 63 60 56 46

 Future participants ............................................................................... 79 78 79 78 65

All current and future participants ........................................................ 153 149 146 141 117

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility ............................................. (131) (126) (123) (119) (109)

 Participants who have not attained eligibility ....................................... (97) (97) (96) (95) (86)

 Future participants ............................................................................... (35) (34) (34) (34) (28)

All current and future participants ........................................................ (263) (257) (253) (248) (223)

Present value of future expenditures in excess of future 

revenue 7 .............................................................................................. (110)1 (108)2 (107)3 (107)4 (106)5

Black Lung (Part C): 

Present value of future revenue in excess of future 

 expenditures 8 ..................................................................................... 2 9 5 10 5 11 5 12 5 13

Total present value of future expenditures in excess of future 

Revenue ................................................................................................. (41,487) (41,916) (39,698) (38,554) (33,830)

Totals may not equal the sum of components due to rounding. 

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 83

United States Government 

Statements of Social Insurance (Note 23), continued

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In billions of dollars) 2015 2014 2013 2012 2011

Social Insurance Summary14    

Participants who have attained eligibility age:    

 Revenue (e.g., contributions and dedicated taxes) ........................... 2,705 2,296 2,101 1,970 1,737

 Expenditures for scheduled future benefits ....................................... (21,291) (19,408) (18,175) (16,662) (14,688)

 Present value of future expenditures in excess of 

 future revenue ................................................................................ (18,586) (17,112) (16,074) (14,692) (12,951)

Participants who have not attained eligibility age: 

 Revenue (e.g., contributions and dedicated taxes) ........................... 43,438 39,996 38,362 36,024 33,620

 Expenditures for scheduled future benefits ....................................... (83,109) (79,564) (76,262) (72,936) (66,942)

 Present value of future expenditures in excess of 

 future revenue ................................................................................ (39,671) (39,568) (37,900) (36,912) (33,322)

    Closed-group - Total present value of future expenditures in 

excess of future revenue ................................................................ (58,257) (56,680) (53,974) (51,604) (46,272)

Future participants: 

 Revenue (e.g., contributions and dedicated taxes) ........................... 36,847 34,332 32,851 30,639 29,037

 Expenditures for scheduled future benefits ....................................... (20,077) (19,567) (18,575) (17,589) (16,594)

 Present value of future revenue in excess of future 

 Expenditure .................................................................................... 16,770 14,765 14,276 13,050 12,443

Open-group - Total present value of future expenditures in 

excess of future revenue ...................................................................... (41,487) (41,916) (39,698) (38,554) (33,830)

1

 The projection period is 1/1/2015-12/31/2089 and the valuation date is 1/1/2015. 2

 The projection period is 1/1/2014-12/31/2088 and the valuation date is 1/1/2014. 3

 The projection period is 1/1/2013-12/31/2087 and the valuation date is 1/1/2013. 4

 The projection period is 1/1/2012-12/31/2086 and the valuation date is 1/1/2012. 5

 The projection period is 1/1/2011-12/31/2085 and the valuation date is 1/1/2011. 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

 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). 8

 Does not include interest expense accruing on the outstanding debt. 

9

 The projection period is 9/30/2015-9/30/2040 and the valuation date is 9/30/2015. 10 The projection period is 9/30/2014-9/30/2040 and the valuation date is 9/30/2014. 11 The projection period is 9/30/2013-9/30/2040 and the valuation date is 9/30/2013. 12 The projection period is 9/30/2012-9/30/2040 and the valuation date is 9/30/2012. 13 The projection period is 9/30/2011-9/30/2040 and the valuation date is 9/30/2011. 14 Current participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 15 

 years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both. 

 

Totals may not equal the sum of components due to rounding. 

 

The accompanying notes are an integral part of these financial statements. 
84 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government 

Statement of Changes in Social Insurance Amounts

for the Year Ended September 30, 2015 (Note 23) 

 

 Social Medicare Medicare 

(In billions 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 ......................................... (13,330) (3,823) (24,660) (103) (41,916)

Reasons for changes in the NPV during the year: 

Changes in valuation period ......................................... (560) (202) (1,094) (2) (1,858)

Changes in demographic data and assumptions ......... (103) (35) (108) (3) (249)

Changes in economic data and assumptions ............... (146) - - - (146)

Changes in law or policy .............................................. 29 201 (253) - (23)

Changes in methodology and programmatic data ........ 671 - - - 671

Changes in economic and other health care 

Assumptions .............................................................. - 755 2,466 - 3,221

Change in projection base ............................................ - (83) (1,104) - (1,187)

 Net change in open group measure ............................. (109) 636 (93) (5) 429

Open group measure, end of year .................................. (13,440) (3,187) (24,753) (108) (41,487)

Totals may not equal the sum of components due to rounding. 

 

 

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. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 85

United States Government 

Statement of Changes in Social Insurance Amounts 

for the Year Ended September 30, 2014 (Note 23) 

 

 

 Social Medicare Medicare 

(In billions 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 ......................................... (12,294) (4,772) (22,530) (102) (39,698)

Reasons for changes in the NPV during the year: 

 Changes in valuation period ......................................... (540) (239) (988) (2) (1,769)

Changes in demographic data and assumptions ......... 235 (139) (152) 2 (54)

Changes in economic data and assumptions ............... (604) - - (1) (605)

Changes in law or policy .............................................. (37) 108 (42) - 29

Changes in methodology and programmatic data ........ (90) - - - (90)

Changes in economic and other health care 

 Assumptions ................................................................ - 772 (1,090) - (318)

 Change in projection base ............................................ - 447 142 - 589

Net change in open group measure ............................. (1,036) 949 (2,130) (1) (2,218)

Open group measure, end of year .................................. (13,330) (3,823) (24,660) (103) (41,916)

 

Totals may not equal the sum of components due to rounding. 

1

 Amounts represent changes between valuation dates 1/1/2013 and 1/1/2014. 

2

 Includes Railroad Retirement changes between valuation dates 1/1/2013 and 1/1/2014 and Black Lung changes between 9/30/2013 and 

9/30/2014. 

The accompanying notes are an integral part of these financial statements. 
 

TRUST FUNDS 

March 2016 

86 

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, and 

subsequent legislation extended these taxes until March 31, 

2016. 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 2016, the tax is $4.00. 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 $8.90. 

 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 $17.80. 

 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 2016 

87

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2015 

[Source: DOT] 

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 2014 ...................................................................................................................................................................................................... $14,187,381,043

Receipts: 

Excise taxes (transferred from general fund): Liquid fuel in a fractional ownership flight............................................. 4043...................................................................................... 15,173,261

Liquid fuel other than gasoline.............................................................. 4041...................................................................................... 596,843,986

Gasoline................................................................................................ 4081...................................................................................... 29,818,921

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)........................................................................... 9,837,875,938

Use of international travel facilities ....................................................... 4261 (c)................................................................................. 3,310,720,072

Transportation of property, cargo ......................................................... 4271 ...................................................................................... 496,671,428

Gross excise taxes ............................................................................................................................................................................................. 14,287,103,605

Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline.................................................................. 4041...................................................................................... 11,571,946

Gasoline ...................................................................................................................................................................................................................... 7,480,111

Total refunds of taxes ............................................................................................................................................................................................. 19,052,057

Net taxes ................................................................................................................................................................................................................. 14,268,051,549

Refunds on Federal Payments (DOT) ........................................................................................................................................................................ 22,552,171

Interest on investments ............................................................................................................................................................................................... 272,682,713

Total receipts .......................................................................................................................................................................................................... 14,563,286,432

Offsetting collections ....................................................................................................................................................................................................... 52,448,139

Expenses: Operations .................................................................................................................................................................................................................. 8,595,000,000

Grants in aid for Airports............................................................................................................................................................................................. 3,141,192,731

Facilities and equipment............................................................................................................................................................................................. 2,681,407,808

Research, engineering, and development.................................................................................................................................................................. 158,952,924

Air carriers ................................................................................................................................................................................................................... 155,000,000

Total expenses ........................................................................................................................................................................................................ 14,731,553,462

Offsetting collections ....................................................................................................................................................................................................... 52,448,139

Balance Sept. 30, 2015 .................................................................................................................................................................................................. $14,071,562,153

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

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 

[In millions of dollars. Source: DOT] 

2016 2017 2018 2019 2020

Balance Oct. 1 ............................................................................ 14,071 14,433 15,729 17,657 20,014

Receipts: 

Excise taxes, net of refunds.................................................... 14,351 15,063 15,639 16,123 16,779

Interest on investments........................................................... 264 303 366 473 610

Offsetting collections............................................................... 52 52 52 52 52

Total receipts ...................................................................... 14,667 15,418 16,057 16,648 17,441

Expenses: 

Gross Outlays ......................................................................... 14,305 14,122 14,129 14,291 14,501

Balance Sept. 30......................................................................... 14,433 15,729 17,657 20,014 22,954

 
TRUST FUNDS 

March 2016 

88 

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 oftf-1 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 by 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. 

During fiscal year 2015, Congress provided an additional 

appropriation to the fund of $463 million. 

 
TRUST FUNDS 

 March 2016 

89

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

Results of Operations, Fiscal Year 2015 

[Source: DOE] 

Balance Oct. 1, 2014 ................................................................................................................................................................................. $4,527,649

Receipts: 

Fees collected ........................................................................................................................................................................................ -

Penalties collected ................................................................................................................................................................................. -

Interest on investments .......................................................................................................................................................................... 38,401,891

Total receipts ...................................................................................................................................................................................... 38,401,891

Nonexpenditure transfers: 

Transfers in (+) ....................................................................................................................................................................................... 463,000,000

Transfers out (-) ..................................................................................................................................................................................... -

Net nonexpenditure transfers............................................................................................................................................................. 463,000,000

Outlays: 

DOE, decontamination and decommissioning activities ........................................................................................................................ 632,982,632 

Cost of investments................................................................................................................................................................................ -160,694,825

Total outlays ....................................................................................................................................................................................... 472,287,807

Balance Sept. 30, 2015 .............................................................................................................................................................................. $33,641,733

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 

[In thousands of dollars. Source: DOE] 

 2016 2017 2018 2019 2020

Balance Oct. 1 ......................................................................... 33,642 33,642 33,642 33,642 33,642

Receipts: 

Fees collected ...................................................................... - - - - -

Interest collected .................................................................. 62,611 48,837 36,685 24,479 11,763

Total receipts ................................................................... 62,611 48,837 36,685 24,479 11,763

Outlays: 

DOE, decontamination and decommissioning fund ............ 673,749 578,424 526,384 583,231 572,749

Investments redeemed ........................................................ -611,138 -529,587 -489,699 -558,752 -560,986

Total outlays net of investments redeemed ..................... 62,611 48,837 36,685 24,479 11,763

Balance Sept. 30...................................................................... 33,642 33,642 33,642 33,642 33,642
TRUST FUNDS 

March 2016 

90 

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 2016 

91

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2015 

[Source: DOL] 

Balance Oct. 1, 2014 ........................................................................................................................................................................................... $111,959,427

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 273,549,254

$0.55 tax on surface coal............................................................................................................................................................................. 196,272,479

4.4 percent tax on underground coal........................................................................................................................................................... 4,069,404

4.4 percent tax on surface coal.................................................................................................................................................................... 78,543,949

Fines, penalties, and interest....................................................................................................................................................................... 1,273,738

Collection—responsible mine operators...................................................................................................................................................... 16,050,172

Recovery of prior year funds........................................................................................................................................................................ -

Repayable advances from the general fund ................................................................................................................................................ 585,000,000

Total receipts ............................................................................................................................................................................................ 1,154,758,995

Net receipts .............................................................................................................................................................................................. 1,154,758,995

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 473,233

Salaries and expenses—DOL—Departmental Management.......................................................................................................................... 28,183,581

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 303,129

Salaries and expenses—DOL—Employment Standards Administration ........................................................................................................ 30,888,567

Total outlays ................................................................................................................................................................................................. 59,848,510

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 180,523,312

Repayable advances and interest ................................................................................................................................................................... 496,545,600

Repayment of bond principal ........................................................................................................................................................................... 395,768,693

Interest on principal debt .................................................................................................................................................................................. 96,840,307

Total expenses ............................................................................................................................................................................................. 1,169,677,913

Balance Sept. 30, 2015 ........................................................................................................................................................................................ 37,192,000

Cumulative debt, end of year ............................................................................................................................................................................... $3,841,692,915

 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 

[In thousands of dollars. Source: DOL] 

 2016 2017 2018 2019 2020

Balance Oct. 1 ........................................................................................ 37,192 37,192 37,192 37,192 37,192

Receipts: 

Excise taxes....................................................................................... 525,000 530,000 539,000 340,000 227,000

Advances from the general fund........................................................ 797,804 1,035,383 1,293,796 1,384,684 1,610,463

Fines, penalties, and interest ............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 1,324,804 1,567,383 1,834,796 1,726,684 1,839,463

Outlays: 

Benefit payments ............................................................................... 154,686 147,499 140,986 135,188 129,948

Administrative expenses.................................................................... 66,206 74,297 76,347 78,556 80,834

Repayable advances ......................................................................... 585,000 797,804 1,035,383 1,293,796 1,384,684

Interest on repayable advances ........................................................ 1,404 7,260 21,432 37,649 48,325

Repayment of principal debt.............................................................. 396,213 393,126 385,968 117,606 118,895

Interest on principal debt ................................................................... 121,295 147,397 174,680 63,888 76,777

Total outlays ................................................................................... 1,324,804 1,567,383 1,834,796 1,726,684 1,839,463

Balance Sept. 30.................................................................................... 37,192 37,192 37,192 37,192 37,192

Cumulative debt, end of year ................................................................. 3,445,480 3,052,354 2,666,386 2,548,780 2,429,885

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

March 2016 

92 

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 2016 

93

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2015 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2014............................................................................................................................................................................................................... $8,499,058,104 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,148,504,308

Exports............................................................................................................................................................................................................................... -

Domestic ............................................................................................................................................................................................................................ 76,041,813

Passengers ........................................................................................................................................................................................................................ 11,235,853

Foreign trade...................................................................................................................................................................................................................... 193,187,248

Interest on investments...................................................................................................................................................................................................... 63,047,094 

Total receipts............................................................................................................................................................................................................... 1,492,016,315 

Expenses: 

Corps of Engineers ............................................................................................................................................................................................................. 1,204,588,000

Saint Lawrence Seaway Development Corporation/DOT .................................................................................................................................................. 32,042,000

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................... 3,274,000

Operating expenses, miscellaneous returns....................................................................................................................................................................... - 

Total expenses................................................................................................................................................................................................................... 1,239,904,000 

Balance Sept. 30, 2015 * ........................................................................................................................................................................................................... 8,751,170,419 

* The Balance for September 30, 2015, does not tie to the September 30, 2015, published 

financial statement 3310 ending balance. 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, 2015, reflects the net activity 

for fiscal year 2015 and adjusting/closing entries made in October 2015. 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2016 2017 2018 2019 2020

Balance Oct. 1 ..................................................................................................... 8,751.2 9,113.3 9,919.0 10,827.1 11,839.2

Receipts: 

Harbor maintenance fee .................................................................................. 1,557.0 1,674.0 1,766.0 1,846.0 1,927.0

Interest on investments.................................................................................... 95.1 118.7 148.1 182.1 220.4

Total receipts ............................................................................................... 1,652.1 1,792.7 1,914.1 2,028.1 2,147.4

Total available.............................................................................................. 10,403.3 10,906.0 11,833.1 12,855.2 13,986.6

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo .....................................................................................

---- -

Corps of Engineers operation, maintenance, 

and administrative expenses .......................................................................

1,157.7 886.0 904.0 911.0 918.0

Corps of Engineers construction ..................................................................... 96.3 65.0 65.0 68.0 70.0

Saint Lawrence Seaway Development Corporation/DOT............................... 32.0 32.0 33.0 33.0 34.0

Administrative expenses for Department of Homeland Security

(Customs Service) ...................................................................................................

4.0 4.0 4.0 4.0 4.0

Total outlays................................................................................................. 1,290.0 987.0 1,006.0 1,016.0 1,026.0

Balance Sept. 30.................................................................................................. 9,113.3 9,919.0 10,827.1 11,839.2 12,960.6

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

March 2016 

94 

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 five fiscal 

years. 

. 
TRUST FUNDS 

 March 2016 

95

TABLE TF-5.—Hazardous Substance Superfund 1, 2, 3

Results of Operations, Fiscal Year 2015 

[Source: EPA] 

Balance Oct. 1, 2014 ...................................................................................................................................................................................... $107,000,000

Receipts: 

Crude and petroleum .................................................................................................................................................................................. -

Certain chemicals........................................................................................................................................................................................ -

Corporate environmental ............................................................................................................................................................................ -

General fund appropriation ......................................................................................................................................................................... 981,000,000

Cost recoveries ........................................................................................................................................................................................... 274,000,000

Fines and penalties..................................................................................................................................................................................... 1,000,000 

Interest on investments............................................................................................................................................................................... 25,000,000

Special Accounts......................................................................................................................................................................................... 1,408,000,000

Agency for Toxic Substance and Disease Registry offsetting .................................................................................................................... -

Total receipts ........................................................................................................................................................................................... 2,689,000,000

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,089,000,000

Other expenses ........................................................................................................................................................................................... 1,425,000,000

Total expenses ........................................................................................................................................................................................ 2,514,000,000

Balance Sept. 30, 2015 ................................................................................................................................................................................... $282,000,000

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 Reporting excludes the Iron Mountain account in the Hazardous Substance Superfund 

Trust Fund. This account was closed as of the beginning of Fiscal Year 2009 and this 

footnote will be removed from this table in Fiscal Year 2016. 

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 2016 

96 

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 1, 2, 3, 4

[In millions of dollars. Source: EPA] 

2016 2017 2018 2019 2020

Balance Oct. 1 ................................................................................................. 282 136 153 198 268

Receipts: 

Interest ......................................................................................................... 77 121 138 147 154

Recoveries ................................................................................................... 98 98 98 98 98

Fines and penalties...................................................................................... 2 2 2 2 2

Taxes 2 ......................................................................................................... - --- -

Special Accounts ......................................................................................... 200 225 225 225 225

General revenues ........................................................................................ 812 989 1,009 1,029 1,050

Total receipts ........................................................................................... 1,189 1,435 1,472 1,501 1,529

Appropriations 3................................................................................................ 1,094 1,129 1,129 1,129 1,129

Other expenses 4 ............................................................................................. 241 289 298 302 306

Balance Sept. 30.............................................................................................. 136 153 198 268 362

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 19, 2016. 

3

 The Fiscal Year 2016 appropriation is as directed in the Consolidated and Tax Measures Act 

of 2016. 

4 Other expenses include Special Accounts. 
TRUST FUNDS 

 March 2016 

97

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. Section 1110(d) of the Safe, Accountable, 

Flexible, Efficient Transportation Equity Act: A Legacy For 

Users (SAFETEA-LU) (Public Law 109-59) extended the 

Highway Trust Fund to be available for making expenditures 

before September 30, 2009 (October 1, 2009, in the case of 

expenditures for administrative expenses). 

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 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. 

Within the fund is a mass transit account, 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), and SAFETEA-LU. 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 2016 

98 

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2015 

[Source: DOT] 

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 2014 ........................................................................................................................................................................................... $14,846,414,055

Receipts: Excise taxes (transferred from general fund): Gasoline ....................................................................................................... 4081.......................................................................... 25,372,004,207

Diesel and special motor fuels ..................................................................... 4041.......................................................................... 10,339,498,113

Highway tires ................................................................................................ 4071.......................................................................... 500,967,520

Retail tax on trucks....................................................................................... 4051.......................................................................... 4,554,325,116

Heavy vehicle use ........................................................................................ 4481.......................................................................... 1,149,768,117

Total excise taxes .................................................................................................................................................................................... 41,916,563,073

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 ............................................................................................................................................................... 447,250,000

To Airport and Airway Trust Fund ................................................................................................................................................................ 679,525,853

Total transfers .......................................................................................................................................................................................... 1,127,775,853

Other income: 

Fines and penalties ...................................................................................................................................................................................... 24,185,949

Interest ......................................................................................................................................................................................................... 1,890,062

Transfer from the General Fund 1 ................................................................................................................................................................ 8,068,000,000

Total other income ................................................................................................................................................................................... 8,094,076,011

Net receipts .......................................................................................................................................................................................... 48,882,863,231

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 41,651,735,848

Right-of-way revolving fund ......................................................................................................................................................................... -

Appalachian Development Highway System ............................................................................................................................................... 204,799

Other ............................................................................................................................................................................................................ 6,238,410

Total ......................................................................................................................................................................................................... 41,658,179,056

Federal Motor Carrier Safety Administration ............................................................................................................................................... 530,768,521

Federal Transit Administration ..................................................................................................................................................................... 8,867,985,448

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 108,022,185

Highway traffic safety grants .................................................................................................................................................................... 654,573,449

National driver register ............................................................................................................................................................................. -

Total ..................................................................................................................................................................................................... 762,595,634

Federal Railroad Administration ...................................................................................................................................................................... -

Other agencies ............................................................................................................................................................................................. -

Total expenses ......................................................................................................................................................................................... 51,819,528,660

Balance Sept. 30, 2015 ........................................................................................................................................................................................ $11,909,748,626

1 Transfer of $8,068,000,000 was made pursuant to P.L. 114-41. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

 March 2016 

99

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2016 2017 2018 2019 2020

Balance Oct. 1 ............................................................... 12 69 54 39 23

Receipts: 

Excise taxes, net of refunds....................................... 41 41 41 41 41

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 41 41 41 41 41

Adjustments 1 ......................................................... 70 - - - -

Outlays........................................................................... 54 56 56 57 58

Balance Sept. 30............................................................ 69 54 39 23 6

 

Mass Transit Account 

 2016 2017 2018 2019 2020

 

Balance Oct. 1 .................................................................... 3 17 11 6 1

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 2 2

Adjustments 1 .................................................................. 18 - - - -

Outlays ................................................................................ 11 12 11 12 12

Balance Sept. 30................................................................. 17 11 6 1 -3

 

Highway Account 

 2016 2017 2018 2019 2020

 

Balance Oct. 1 ......................................................................... 9 52 43 32 21

Receipts: 

Excise taxes, net of refunds................................................. 36 36 36 36 36

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 36 36 36 36 36

Flex fund transfers ............................................................... -1 -1 -1 -2 -2

Adjustments 1 ....................................................................... 52 - - - -

Outlays..................................................................................... 43 45 45 45 46

Balance Sept. 30...................................................................... 52 43 32 21 9

Unfunded authorizations (EOY)............................................... 38 47 57 69 81

Forty-eight-month revenue estimate ........................................ 138 137 137 137 138

 

1 Adjustment pursuant to Sections 31203 and 31201 of Public Law 114-94. Note.—Detail may not add to totals due to rounding. 

Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
TRUST FUNDS 

March 2016 

100

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 2014. 

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 2014. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 89

less: 

Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 43 

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 47

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)............................................................................................................................ 137

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 24

less: 

Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 11 

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 13 

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)............................................................................................................................ 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 2016 

101

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 2015 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2014 ........................................................................................................................................................................................... $24,659,924

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 97,886,537

Interest on investments ................................................................................................................................................................................... 13,794

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts ................................................................................................................................................................................................ 97,900,331

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 68,337,206

Balance Sept. 30, 2015........................................................................................................................................................................................ $54,223,049

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2016 2017 2018 2019 2020

Balance Oct. 1....................................................................................................... 54 56 132 137 144

Receipts: 

Fuel taxes.......................................................................................................... 107 109 108 107 106

Interest on investments ..................................................................................... - - - - -

Total receipts ................................................................................................. 107 109 108 107 106

Transfers: 

Corps of Engineers ........................................................................................... 108 34 105 103 100

Balance Sept. 30 ................................................................................................... 56 132 137 144 154

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

March 2016 

102

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 

five fiscal years. 
TRUST FUNDS 

 March 2016 

103

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

Results of Operations, Fiscal Year 2015 1

[Source: EPA] 

Balance Oct. 1, 2014 ..................................................................................................................................................................................... $443,000,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 179,000,000

Interest........................................................................................................................................................................................................ 7,000,000 

Gross tax receipts .................................................................................................................................................................................. 186,000,000 

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 .......................................................................................................................................................................................... 87,000,000 

Total expenses ....................................................................................................................................................................................... 179,000,000 

Balance Sept. 30, 2015.................................................................................................................................................................................. $450,000,000 

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 2016-2020 1, 2 

[In millions of dollars. Source: EPA] 

2016 2017 2018 2019 2020

Balance Oct. 1................................................................................................................. 450 478 505 532 660

Receipts: 

Taxes 3 ........................................................................................................................ 212 211 209 208 205

Interest 3 ...................................................................................................................... 8 10 12 14 17

Total receipts........................................................................................................... 220 221 221 222 222

Appropriations ................................................................................................................. 92 94 94 94 94

Other Expenses .............................................................................................................. 100 100 100 - -

Balance Sept. 30............................................................................................................. 478 505 532 660 788

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 2016 appropriation amount is directed by the Fiscal Year 2016 Consolidated 

Appropriations Act (P.L. 114-113). 

3 Taxes and interest are estimated. 
TRUST FUNDS 

March 2016 

104

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, taking 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 that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary 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 2015 

[Source: DOE] 

Balance Oct. 1, 2014 ........................................................................................................................................................................................... $1,921,865

Receipts: 

Sale of asset at Yucca Mountain ..................................................................................................................................................................... 88,914 

Penalties and interest on fee payments........................................................................................................................................................... -

Interest on investments.................................................................................................................................................................................... 1,429,413,322 

Total receipts................................................................................................................................................................................................ 1,429,502,236

Nonexpenditure transfers: 

SF-1151 transfers in (+)................................................................................................................................................................................... -

SF-1151 transfers out (-).................................................................................................................................................................................. -3,400,000

Net nonexpenditure transfers....................................................................................................................................................................... -3,400,000

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 1,355,700

Cost investments.............................................................................................................................................................................................. 1,419,777,530

Total outlays................................................................................................................................................................................................. 1,421,133,230

Balance Sept. 30, 2015 ........................................................................................................................................................................................ $6,890,871
TRUST FUNDS 

 March 2016 

105

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 2016 

106

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 2015 

[Source: Department of Agriculture] 

Balance Oct. 1, 20141 .......................................................................................................................................................................................... $8,407,440

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,000

Redemption of investment ............................................................................................................................................................................... -

Total receipts................................................................................................................................................................................................ 30,000,000

Expenses: 

Expenditure ...................................................................................................................................................................................................... 31,338,960

Total expenses............................................................................................................................................................................................. 31,338,960

Adjustment ........................................................................................................................................................................................................... -

Balance Sept. 30, 2015 ........................................................................................................................................................................................ $7,068,480

1Minor difference to beginning balance due to rounding. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2016 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 7,068

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000

Redemption of investment .............................................................................................................................................................................. -

Total receipts............................................................................................................................................................................................... 30,000

Outlays ................................................................................................................................................................................................................ 31,339

Balance Sept. 30 ................................................................................................................................................................................................. 5,729
TRUST FUNDS 

 March 2016 

107

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund 

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. 

Section 3 of the Dingell-Johnson Sport Fish Restoration 

Act, 16 United States Code 777, provides authorization of 

appropriations to the states to carry out the provisions of the 

act, and Section 4 provides the division of the remaining 

annual appropriation not authorized in Section 3. 

SAFETEA-LU comprehensively amended Section 3 and 

reauthorized the Sport Fish Restoration Program (for fiscal 

years 2006-2009) to permanently appropriate boating safety 

funds; to modify distribution of funds whereby all accounts 

receive a fixed percentage of the total fund annually; and to 

modify the excise tax on certain sport fishing equipment. 

From October 1, 2010, through June 30, 2012, the authority 

for SAFETEA-LU was extended via several public laws. In 

June 2012, Public Law 112-141, Moving Ahead for Progress 

in the 21st Century Act (MAP-21), established new authority 

for Section 4 through September 30, 2014. From October 1, 

2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4, 

2015, Public Law 114-94, Fixing America's Surface 

Transportation (FAST) Act, Sec. 10001, amended Section 3 

and Section 4 to provide the division of appropriations for 

each of the Fiscal Years 2016 thru 2021. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, sections 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950; Section 7404(d) of the Transportation 

Equity Act for the 21st Century; and the Coastal Wetlands 

Planning, Protection and Restoration Act (each as in effect 

on the date of enactment of the FAST Act). 

The general provisions of 26 United States Code 9602(b) 

are responsible for making amounts available in the fund 

exceeding outlay requirements to be invested in public debt 

securities with the interest credited to the fund. 

As required by 26 United States Code 9602(a), annual 

reports to Congress must be submitted by the Secretary of 

the Treasury. These reports will cover the financial condition 

and results of operations of the fund during the past fiscal 

year and those expected during the next five fiscal years. 
TRUST FUNDS 

March 2016 

108

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

Sport Fish Restoration Results of Operations, Fiscal Year 2015 

[Source: Department of the Interior] 

Balance Oct. 1, 2014.............................................................................................................................................................................................. $1,896,347,597

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 322,497,000

Fish equipment ............................................................................................................................................................................................... 104,270,710

Tackle boxes .................................................................................................................................................................................................. 1,668,942

Rods and poles .............................................................................................................................................................................................. 16,831,693

Electronic outboard motors ............................................................................................................................................................................ 3,745,755

Customs/import duties ................................................................................................................................................................................... 55,438,013

Gas, motorboat small engines ....................................................................................................................................................................... 124,753,000

Total, tax revenue ...................................................................................................................................................................................... 629,205,112

Investment revenue: 

Interest on investments (accrual basis) ......................................................................................................................................................... 7,898,145

Loss on sale of securities ............................................................................................................................................................................... -

Total, investment revenue .......................................................................................................................................................................... 7,898,145

Total revenue ............................................................................................................................................................................................. 637,103,257

Nonexpenditure appropriations: 

Interior ............................................................................................................................................................................................................ -407,100,000

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -108,000,000

Interior (Corps of Engineers) .......................................................................................................................................................................... -62,000,000

Total appropriations ................................................................................................................................................................................... -577,100,000

Balance Sept. 30, 2015 .......................................................................................................................................................................................... $1,956,350,854

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2016-2020 

[In thousands of dollars. Source: Department of the Interior] 

2016 2017 2018 2019 2020

Balance Oct. 1 ..................................................................................... 1,956,350,854 1,956,315,264 1,956,322,021 1,956,328,776 1,956,334,498

Receipts/revenue: 

Taxes ............................................................................................ 593,000 599,000 605,000 610,000 616,000

Interest .......................................................................................... 6,905 7,662 8,417 9,139 9,432

Transfers ....................................................................................... - - - - -

Total receipts ............................................................................ 599,905 606,662 613,417 619,139 625,432

Expenses: 

Expenses/transfers ....................................................................... 635,495 599,905 606,662 613,417 619,139

Total expenses .......................................................................... 635,495 599,905 606,622 613,417 619,139

Balance Sept. 30............................................................................... 1,956,315,264 1,956,322,021 1,956,328,776 1,956,334,498 1,956,340,791
TRUST FUNDS 

 March 2016 

109

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 

March 2016 

110

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2015 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2014 1 ................................................................................................................................................................................................... $3,774,693,327 

Revenue: 

Drawback claims........................................................................................................................................................................................................ -27,670,936

Return of Funds—DOT.............................................................................................................................................................................................. -

Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... -

Cost recoveries .......................................................................................................................................................................................................... 6,012,346

Fines and penalties.................................................................................................................................................................................................... 273,318,011

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 523,708,741

Net revenue before interest ................................................................................................................................................................................... 775,368,162

Investment income: 

Interest on investments.............................................................................................................................................................................................. 21,249,046

Realized gain ............................................................................................................................................................................................................. 2,168

Total investment income ........................................................................................................................................................................................ 21,251,214

Total revenue ......................................................................................................................................................................................................... 796,619,376

Expenditures: 

Treasury administrative expense—BFS.................................................................................................................................................................... -132,763

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. -6,361,916

Transfer to Interior...................................................................................................................................................................................................... -14,899,000

Transfer to EPA.......................................................................................................................................................................................................... -18,209,000

Transfer to PHMSA.................................................................................................................................................................................................... -18,573,000

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... -87,540,020

Transfer to U.S. Coast Guard-70X8349 (Emer Fund)............................................................................................................................................... -61,059,879

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... -45,000,000

Total nonexpenditure transfers .............................................................................................................................................................................. -251,642,815

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... -251,775,578

Balance Sept. 30, 2015 .................................................................................................................................................................................................. $4,319,537,124

1 The Balances as of October 1, 2014, and September 30, 2015, 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 2016-2020 

[In millions of dollars. Source: Department of Homeland Security] 

2016 2017 2018 2019 2020

Balance Oct. 1 ............................................................................................... 4,319 4,944 5,660 6,422 7,046

Estimated receipts ......................................................................................... 822 913 959 821 828

Estimated expenses ...................................................................................... 197 197 197 197 197

Balance Sept. 30............................................................................................ 4,944 5,660 6,422 7,046 7,677
TRUST FUNDS 

 March 2016 

111

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 2015 

[Source: Department of Health and Human Services] 

Balance Oct. 1, 2014 ........................................................................................................................................................................................... $3,515,428,504

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 274,963,550

Interest on investments.................................................................................................................................................................................... 58,888,126

Refund of Current year Authority-Allocation Transfer ..................................................................................................................................... -

Refund of Prior Year Authority-Allocation Transfer 5,322,417

Total receipts ................................................................................................................................................................................................ 339,174,093

Expenditure appropriations: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 5,078,762

U.S. Department of Justice expenses ............................................................................................................................................................. 4,501,750

GF transfer—program management ................................................................................................................................................................ -

Total outlays ................................................................................................................................................................................................. 9,580,512

Nonexpenditure appropriations: 

Health resources .............................................................................................................................................................................................. 233,404,941

Total outlays/transfers .................................................................................................................................................................................. 242,985,453

Balance Sept. 30, 2015 1 ..................................................................................................................................................................................... $3,611,617,144

1 Balance for September 30, 2015: Balance does not tie to the 3310 ending balance in the 

September 30, 2015, 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, 2015, 

reflects the net activity for fiscal year 2015 and adjusting/closing entries made in October 

2015. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 

[In thousands of dollars. Source: Department of Health and Human Services] 

2016 2017 2018 2019 2020

Balance Oct. 1 ............................................................................................... 3,611,617 3,705,498 3,802,484 3,902,666 4,006,141

Receipts (from tax) ........................................................................................ 283,212 291,708 300,459 309,473 318,757

Interest on investments .............................................................................. 60,655 62,474 64,349 66,279 68,267

Total receipts ......................................................................................... 343,867 354,183 364,808 375,752 387,025

Outlays: 

U.S. Court of Federal Claims expenses .................................................... 5,078 5,078 5,078 5,078 5,078

U.S. Department of Justice expenses ....................................................... 4,501 4,501 4,501 4,501 4,501

Total outlays ............................................................................................... 9,579 9,579 9,579 9,579 9,579

Nonexpenditure transfers: 

Transfers to health resources .................................................................... 240,406 247,618 255,047 262,698 270,579

Total outlays/transfers ........................................................................... 249,985 257,197 264,626 272,277 280,158

Balance Sept. 30............................................................................................ 3,705,498 3,802,484 3,902,666 4,006,141 4,113,007
TRUST FUNDS 

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112

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 

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113

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

Results of Operations, Fiscal Year 2015 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2014 ................................................................................................................................................................................................ -

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250

Sequestration return fiscal year 2014 ................................................................................................................................................................... 162

Sequestration ........................................................................................................................................................................................................ -164

Total receipts ..................................................................................................................................................................................................... 2,248

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,248

Total expenses .................................................................................................................................................................................................. 2,248

Balance Sept. 30, 2015 ............................................................................................................................................................................................ -

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and 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 15 ....................................................................................................................................................................... 164

Sequestration ........................................................................................................................................................................................................ -153

Total receipts ..................................................................................................................................................................................................... 2,261

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,261

Total expenses .................................................................................................................................................................................................. 2,261

Balance Sept. 30 ...................................................................................................................................................................................................... -
TRUST FUNDS 

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114

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 2015 obligations, including adjustments to 

prior year obligations, totaled $3,327,214. Total outlays 

were $4,069,193 including outlays from prior year 

obligations, as shown in the table below. In 2015, the 

amount of customs receipts credited to the Agricultural 

Disaster Relief Trust Fund receipt account totaled $86,078. 

The outlays reported in fiscal year 2015 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 2015 Actual 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year.................................................................................................................................................................................. $2,634,088

Borrowing authority ............................................................................................................................................................................................. -

Repayment of debt............................................................................................................................................................................................... -

Cumulative debt, end of year................................................................................................................................................................................... 2,634,088 

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. -

Mandatory appropriation...................................................................................................................................................................................... 86

Other offsetting collections .................................................................................................................................................................................. 3,188

Total budgetary resources.............................................................................................................................................................................. 3,274

Obligated balance, Oct. 1, 2014 .............................................................................................................................................................................. 36,628

Fiscal Year 2015 obligations.................................................................................................................................................................................... 3,327

Outlays: 

Supplemental Revenue Assistance Payments Program..................................................................................................................................... 3,156

Livestock Forage Disaster Program .................................................................................................................................................................... 547

Livestock Indemnity Program............................................................................................................................................................................... 155

Tree Assistance Program .................................................................................................................................................................................... 195

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program......................................................................................... 16

Total outlays..................................................................................................................................................................................................... 4,069

Recoveries of Prior Year Obligations -13,561

Obligated balance, Sept. 30, 2015........................................................................................................................................................................... $22,325

. 
TRUST FUNDS 

 March 2016 

115

Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2016-2020 

[In thousands of dollars. Source: Department of Agriculture ] 

2016 2017 2018 2019 2020

Cumulative debt, start of year............................................................................. 2,634,088 2,634,088 2,634,088 2,634,088 2,634,088

Borrowing authority......................................................................................... - - -- -

Repayment of debt 1 ....................................................................................... - - - - -

Cumulative debt, end of year.............................................................................. 2,634,088 2,634,088 2,634,088 2,634,088 2,634,088

Budgetary Resources: 

Borrowing authority ........................................................................................ - - -- -

Mandatory appropriations............................................................................... - - -- -

Other offsetting collections ............................................................................. - - - - -

Total budgetary resources.......................................................................... - - - - -

Obligated balance, Oct. 1 ................................................................................... 22,325 3,325 2,325 2,325 2,325

New obligations................................................................................................... 3,000 1,000 - - -

Recoveries of prior year obligations -22,000 - - - -

Outlays: 

Supplemental revenue assistance payments program ................................. - 2,000 - - -

Total outlays................................................................................................ - 2,000 - - -

Obligated balance, Sept. 30 .......................................................................... 3,325 2,325 2,325 2,325 2,325

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 2016 

116

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 2015 

[Source: Bureau of the Fiscal Service] 

Balance Oct. 1, 2014 1 ............................................................................................................................................................................................. $669,114,600

Receipts: 

General Fund Appropriation................................................................................................................................................................................. 150,000,000

Transfers from FHI and FSMI .............................................................................................................................................................................. 116,060,000

IRS Health Insurance Fees.................................................................................................................................................................................. 225,181,363

Interest on Investments........................................................................................................................................................................................ 181,275

Total receipts.................................................................................................................................................................................................... 491,422,637

Expenditure appropriations: 

Transfers to PCORI.............................................................................................................................................................................................. -244,200,000

Transfers to HHS ................................................................................................................................................................................................. -111,297,282

Total outlays..................................................................................................................................................................................................... -355,497,282

Balance Sept. 30, 2015 2 ......................................................................................................................................................................................... $805,039,956

1 Balance October 1, 2014: The fiscal year 2014 ending balance was incorrect. The 

difference is due to the payable at September4 30, 2014, to HHS in the amount of 

$3,702,182.54. The beginning balance for fiscal year 2015 is correct. 

2 Balance September 30, 2015: Balance does not tie to the 3310 ending balance in the 

September 30, 2015, 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, 2015, 

reflects the net activity for fiscal year 2015 and adjusting/closing entries made in October 

2015. 
TRUST FUNDS 

 March 2016 

117

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] 

2016 2017 2018 2019

Balance Oct. 1 ........................................................................................................... 805,040 734,040 534,904 493,820

Receipts: 

General Fund Appropriation ................................................................................... 150,000 150,000 150,000 150,000

Transfers from FHI and FSMI................................................................................. 123,000 133,000 145,000 157,000

IRS Health Insurance Fees..................................................................................... 321,000 338,000 354,000 377,000

Interest on Investments .......................................................................................... 2,000 864 916 160

Total receipts ..................................................................................................... 596,000 621,864 649,916 684,160

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -549,060 -697,000 -561,000 -942,384

Transfers to HHS ................................................................................................... -117,940 -124,000 -130,000 -235,596

Total outlays....................................................................................................... -667,000 -821,000 -691,000 -1,177,980

Balance Sept. 30.................................................................................................... 734,040 534,904 493,820 -
118 

March 2016 

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 2016 

119

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 2016 

120

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 2016 

121

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 2016 

122

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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