B U L L E T I N

DECEMBER 2014

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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T I N

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by the Superintendent of Documents

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compiled from sources within Treasury departmental offices and bureaus, as well as various other 

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December 2014 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................. 10 

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

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 13 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 13 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 14 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 15 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 17 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 19

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 20 

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 24 

ACCOUNT OF THE U.S. TREASURY 

Introduction—Source and Availability of the Balance in the Account of the U.S. Treasury .............................................. 30 

UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 31

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 32 

FD-1—Summary of Federal Debt ....................................................................................................................................... 33 

FD-2—Debt Held by the Public .......................................................................................................................................... 34 

FD-3—Government Account Series .................................................................................................................................... 35 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 36 

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

 Private Investors .................................................................................................................................................... 37 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 38 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 39

PUBLIC DEBT OPERATIONS 

Introduction—Public Debt Operations ................................................................................................................................ 41 

TREASURY FINANCING ................................................................................................................................................. 41 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 49 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 50 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 51 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 52 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 53

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 54 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 54 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 55
December 2014 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 59 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 70 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 71 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 71 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 72 

ESF-1—Balance Sheet ........................................................................................................................................................ 72 

ESF-2—Income and Expense .............................................................................................................................................. 73

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 77 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 77

RESEARCH PAPER SERIES ............................................................................................................................................. 78

GLOSSARY ........................................................................................................................................................................ 80

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

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

of rounding. 
December 2014 

V

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

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 ............................... √ 

 
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
December 2014 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of November 7, 2014 

Introduction 

Economic conditions continued to strengthen in the third 

quarter of this year, with real gross domestic product (GDP) 

expanding solidly following a very rapid pace of growth in 

the second quarter. Although the overall pace of growth 

slowed a bit, the composition of growth was favorable, with 

real final sales rising 4.2 percent in the third quarter, 

compared with a 3.2 percent gain in the second quarter. The 

pace of job creation has picked up considerably this year, 

and as of October 2014, the economy had added 10.6 million 

private sector jobs since job growth resumed in early 2010. 

The unemployment rate stood at 5.8 percent, 4.2 percentage 

points below the October 2009 peak of 10.0 percent. 

Activity in the housing sector slowed beginning in the 

summer of 2013, as home prices and mortgage rates moved 

higher, but sales and construction have picked up somewhat 

in recent months. 

Although the Administration has taken a number of steps 

in recent years to promote stronger economic growth in the 

near-term, it has also pursued deficit reduction measures in 

the interests of the nation’s longer-term growth. Since 2011, 

the budget deficit has been reduced by roughly $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 2.8 percent in fiscal year 2014, 

and is expected to fall further in the coming fiscal years. 

At its most recent meeting in October 2014, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

announced it would maintain the target range for the federal 

funds rate as well as existing programs for reinvestment of 

principal payments and roll-overs of maturing Treasuries at 

auction. However, it also announced the conclusion of its 

asset purchase program at the end of October 2014. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 12.5 percent and, as of the third 

quarter of 2014, real GDP was 7.7 percent above its level at 

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

advance estimate, real GDP rose 3.5 percent at an annual 

rate during the third quarter of 2014, after advancing by 4.6 

percent in the second quarter. Growth of consumer spending, 

business fixed investment, and residential investment 

slowed. Private inventory investment declined, posing a drag 

on economic activity after making a large positive 

contribution in the second quarter. Export growth also 

slowed but that was more than offset by a drop in imports. 

As a result, net exports added substantially to growth in the 

third quarter, after posing a drag in the first two quarters of 

the year. Government outlays also made a large positive 

contribution to GDP growth, primarily reflecting a surge in 

defense spending. Consensus forecasts currently put real 

GDP growth in the fourth quarter of 2014 at a 3.0 percent 

annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

private demand because it subtracts out government 

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

2.3 percent annual rate in the third quarter, decelerating from 

the second quarter’s 3.8 percent pace. Real personal 

consumption expenditures—which account for about 70 

percent of GDP—rose at a 1.8 percent annual rate in the 

third quarter, also slowing from the 2.5 percent rise in the 

second quarter. Purchases of goods grew more slowly in the 

third quarter, while consumption of services picked up 

slightly. Altogether, consumption added 1.2 percentage 

points to real GDP growth in the latest quarter. 

Residential investment—mostly residential homebuilding—advanced 1.8 percent in the third quarter, 

following a surge of 8.8 percent in the second quarter, 

although the advances in the second and third quarters were 

less than the combined drop of 12.4 percent in the previous 

two quarters. Residential activity added less than 0.1 

percentage point to third-quarter real GDP growth. 

The housing sector has been slowing since mid-2013, 

although prices continued to rise, albeit at a slower rate 

recently. Housing starts reached a 6 year high in November 

2013 but have since eased. In September, single-family 

housing starts stood at 646,000 units at an annual rate. The 

level of single-family starts remains nearly 65 percent below 

the January 2006 peak, and well below the 1.1 million unit 

average observed from 1980 to 2004. Sales of new single-
4 PROFILE OF THE ECONOMY 

December 2014 

family homes have increased 17 percent over the past year to 

467,000 at an annual rate in September 2014. However, 

sales of all existing homes (94 percent of all home sales) fell 

1.7 percent over the past year to just under 5.2 million at an 

annual rate in September 2014. The inventory of homes 

available for sale has started to rise but remains lean by 

historical standards. A slowing in the pace of sales had 

pushed inventory-sales ratios up somewhat over the summer, 

but more recently, ratios have declined again. Relative to 

sales, there was a 5.3-month supply of new homes on the 

market in September, and a 5.3-month supply of existing 

homes for sale. House prices continue to rise, albeit at a 

slower pace in recent months. The FHFA purchase-only 

home price index rose 4.7 percent over the year ending in 

August 2014, down from a peak of 8.4 percent in July 2013. 

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

city home price index rose 5.6 percent over the year ending 

in August, down from a peak of 13.7 in November 2013. 

Other house price measures show a similar pattern of 

decelerating home price appreciation. The fourth quarter of 

2014 Pulsenomics/Zillow Home Price Expectations Survey 

suggests home price appreciation will moderate through the 

end of 2014, and slow further in 2015. 

Nonresidential fixed investment—about 12 percent of 

GDP—grew 5.5 percent in the third quarter, after rising 9.7 

percent in the second quarter of 2014. The deceleration in 

business fixed investment spending primarily reflected 

slower growth in outlays for structures, which rose 3.8 

percent in the third quarter, compared with a 12.6 percent 

increase in the second quarter. Spending on equipment was 

still solid, but also slowed, from 11.2 percent in the second 

quarter to 7.2 percent in the third quarter. Growth of 

investment in intellectual property products—including 

outlays for software, research and development, and 

entertainment, literary and artistic originals—moderated to 

4.2 percent in the third quarter from 5.5 percent in the 

second quarter. Nonresidential fixed investment added 0.7 

percentage point to real GDP growth in the third quarter of 

2014, compared with a 1.2 percentage point contribution in 

the second quarter. The change in private inventories 

subtracted 0.6 percentage point from real GDP growth in the 

third quarter, after adding 1.4 percentage points in the 

second quarter. 

Exports account for about 13 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. In the third 

quarter of 2014, exports rose 7.8 percent and imports 

declined by 1.7 percent. With exports rising more than 

imports, the net export deficit narrowed. Net exports added 

1.3 percentage points to GDP growth in the third quarter. In 

the prior two quarters, net exports were a drag on economic 

activity, subtracting 1.7 percentage points from GDP growth 

in the first quarter and 0.3 percentage point in the second 

quarter. 

The current account balance (reflecting international 

trade in goods and services, 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 and in 

2009 stood at $381 billion (2.6 percent of GDP). It has 

widened somewhat since then but remains well below its 

2006 peak. As of the second quarter of this year, the current 

account deficit stood at $394 billion, or 2.3 percent of GDP. 

Government purchases—which account for close to 20 

percent of GDP—advanced 4.6 percent at an annual rate in 

the third quarter of 2014, accelerating from a 1.7 percent 

pace in the second quarter. Although government outlays for 

consumption and investment have fallen in 14 of the past 20 

quarters, they have risen in four of the most recent six 

quarters mainly due to increased spending at the state and 

local level. Following seven straight quarters of decline, 

Federal spending jumped 10.0 percent in the third quarter, 

reflecting a surge in defense spending. State and local 

government spending rose 1.3 percent in the third quarter 

after rising 3.4 percent in the second quarter. State and local 

government spending declined nearly continuously from late 

2009 through 2012—the longest period of falling 

expenditures at this level of government in postwar 

history—but has since risen fairly steadily, with the 

exception of a 1.3 percent decline in the first quarter of 

2014. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.6 million private-sector jobs. Job 

losses continued even after the recovery began but, in 

February 2010, nonfarm payrolls began to rise again. Since 

then, through October 2014, total nonfarm payroll 

employment has grown by about 10.0 million. In the private 

sector, employment has increased by 10.6 million during the 

same period. 

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 almost 2.9 million, and the 

leisure and hospitality industries’ employment has increased 

by just over 1.8 million through October 2014. Although 

growth in manufacturing payrolls has fluctuated in the last 

several months, payrolls in this sector have expanded by 

728,000 since early 2010. 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 1.6 million jobs. On a net basis, 

the government sector also added workers to payrolls during 

the recession, although payrolls began declining late in 

2008, and trended lower for a few years thereafter. In the 

past several months, progress in adding back jobs has been 

more uneven. From February 2010 through October 2014, 
PROFILE OF THE ECONOMY 5 

December 2014 

the government sector’s job losses totaled 554,000. Over 

that same period, State and local job losses numbered 

394,000, including 313,000 local government jobs (of which 

233,000 were in local education). Thus far in 2014, State and 

local governments have added a net 85,000 payroll jobs, 

including nearly 83,000 jobs in local education. 

The unemployment rate peaked at 10.0 percent in 

October 2009—a 26-year high—and was 5.6 percentage 

points above the May 2007 low of 4.4 percent. After October 

2009, the unemployment rate trended lower, reaching 5.8 

percent in October 2014, its lowest level since July 2008. 

Broader measures of unemployment have also declined. 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), reached a 

record high of 17.2 percent in early 2010 (series dates from 

1994)—more than double the low of 7.9 percent reached in 

December 2006. This measure stood at 11.5 percent in 

October 2014. The percentage of the unemployed who have 

been out of work for 27 weeks or more peaked at an all-time 

high of 45.3 percent in April 2010. This measure dropped to 

a 5-1⁄2-year low of 31.2 percent in August 2014, before 

edging back up to 32.0 percent in October 2014. 

Inflation 

Headline and core (excluding food and energy) inflation 

rates remain contained, but headline inflation has edged up 

over the past year or so. Headline consumer prices rose 1.7 

percent over the 12 months ending in September, faster than 

the 1.2 percent year-earlier rise. Energy prices fell 0.6 

percent in the year through September, not quite as much as 

the 3.1 percent decline in the year through September 2013. 

Food prices rose 3.0 percent over the year through 

September 2014, much faster than the 1.4 percent increase in 

the year through September 2013. On a 12-month basis, core 

consumer prices (excluding food and energy) rose 1.7 

percent through September 2014, matching the advance in 

the year through September 2013. 

Oil and gasoline prices have trended lower in the past 

few months. The front-month futures price of West Texas 

Intermediate (WTI) crude oil averaged $84.34 per barrel in 

October 2014, about $16.20 below its October 2013 average 

and the lowest monthly average since mid-2012. The retail 

price of regular gasoline averaged $3.17 per gallon in 

October 2014, 17 cents lower than its year-earlier average. 

In early November, the retail price of regular gasoline 

dipped below the $3.00 mark for the first time since 

December 2010. 

Federal Budget and Debt 

The federal budget deficit declined to $483 billion (2.8 

percent of GDP) in fiscal year 2014, dropping sharply from 

$680 billion (4.1 percent of GDP) in fiscal year 2013. The 

deficit has declined by 7 full percentage points from a peak 

of 9.8 percent in fiscal year 2009, making the past 5 years 

the most rapid period of fiscal consolidation that the United 

States has experienced since the years following the end of 

World War II. The debt-to-GDP ratio was 74.2 percent in 

fiscal year 2014, up from 72.1 percent in fiscal year 2013. 

On March 1, 2013, $1.2 trillion in mandated public 

spending cuts, collectively known as the sequester, took 

effect. On December 26, President Obama signed the 

Bipartisan Budget Act of 2013. This agreement set funding 

levels for the Federal Government through the end of fiscal 

year 2015, and replaced much of the automatic budget cuts 

set to occur over the next 2 years under sequestration 

($45 billion in 2014 and $18 billion in 2015). Congress 

subsequently passed an omnibus package to fund the Federal 
6 PROFILE OF THE ECONOMY 

December 2014 

Government for the remainder of fiscal year 2014. 

Altogether, the Bipartisan Budget Act included $85 billion 

in total savings achieved through a combination of lower 

outlays and new revenue. Net deficit reduction through fiscal 

year 2023 totaled $22.5 billion. The agreement did not 

extend Emergency Unemployment Compensation (EUC 

2008) benefits, which expired at the end of 2013. 

In March 2014, the Administration released its fiscal 

year 2015 budget. The latest budget proposal would trim the 

deficit by an additional $2.1 trillion over the next 10 years 

and put the debt as a share of the economy on a declining 

path by the middle of this decade. According to the MidSession Review of the Fiscal Year 2015 Budget, the federal 

budget deficit is projected to average 2.5 percent of GDP 

from fiscal year 2015 through fiscal year 2024. The primary 

deficit (non-interest outlays less receipts) is forecast to 

become a primary surplus in fiscal year 2021 and grow 

through the end of the forecast horizon. The debt-to-GDP 

ratio is projected to peak at 74.6 percent in fiscal year 2015 

and then begin to decline, falling to 72.0 percent of GDP by 

fiscal year 2024 (equivalent to its fiscal year 2013 level). 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have aided the recovery. On the fiscal policy 

side, the American Recovery and Reinvestment Act 

(ARRA) 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 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. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began the current cycle of monetary policy 

easing in September 2007. By late 2008, the FOMC had 

lowered the federal funds target interest rate dramatically, 

reducing it to a historically low range of 0 percent to 0.25 

percent at the December 2008 FOMC meeting. Beginning 

with the August 2011 meeting, the FOMC also began 

identifying an expected timeframe for maintaining the 

federal funds rate target at “exceptionally low levels.” 

Initially put at mid-2013, the timeframe was extended to “at 

least late 2014” at the January 2012 FOMC meeting, and 

then to “at least mid-2015” at the September 2012 meeting, a 

timeframe for the target range which was maintained at the 

October 2012 meeting. At the December 2012 meeting, the 

FOMC implemented numerical thresholds for its policy rate 

guidance. Specifically, the FOMC indicated that it would 

maintain the target range at least as long as the 

unemployment rate remained above 6.5 percent, inflation 

between 1 and 2 years ahead is projected to be no more than 

0.5 percentage point above the FOMC’s 2 percent longer-run 

goal, and long-term inflation expectations remain well 

anchored. At the December 2013 meeting, the FOMC 

commented on the role of the numerical thresholds in 

formulating monetary policy, indicating that, “it will likely 

be appropriate to maintain the current target range for the 

federal funds rate well past the time that the unemployment 

rate declines below 6-1⁄2 percent, especially if projected 

inflation continues to run below the Committee’s longer run 

goal.” At the FOMC meeting in March 2014, the 

Committee replaced the numerical thresholds in favor of 

qualitative guidance, noting it will “assess progress-both 

realized and expected-towards its objectives of maximum 

employment and 2 percent inflation” and that, “it will likely 
PROFILE OF THE ECONOMY 7 

December 2014 

be appropriate to maintain the current target range ... for a 

considerable time after the asset purchase program ends, 

especially if projected inflation continues to run below the 

Committee’s 2 percent longer-run goal, and provided longerterm inflation expectations remain well anchored.” At its 

most recent meeting in October 2014, the FOMC reiterated 

this view. 

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 (6 to 30 years) Treasury securities and selling an 

equal amount of shorter-term (3 years or less) Treasury 

securities, 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 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 most recent 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, but 

came under renewed pressure in 2011, as investors 

expressed concerns about slowing economic growth in the 

United States as well as globally, and about strains in debt 

markets in Europe. The concerns persisted in 2012 and 2013, 

and expanded to include ongoing uncertainty about the 

United States fiscal situation and debt ceiling 

brinksmanship. While certain domestic headwinds, including 

the transitory effects of a harsh winter, appear to have 

receded, and concerns have eased about the sovereign debt 

crisis in Europe, prospects for slowing global growth remain 

a concern. Overall, financial conditions in general continue 

to improve. Credit flows have increased substantially since 

early 2009, and in the third quarter of 2014, banks generally 

continued to ease standards and terms across several lending 

categories. After some deterioration in the summer of 2011, 

measures of risk tolerance and volatility have all improved. 

After plunging 38.5 percent in 2008, the sharpest loss 

since 1931 (when an earlier version of the index, containing 

only 90 stocks, dropped 47 percent), the S&P 500 index rose 

23.5 percent in 2009 and 12.8 percent in 2010. Although the 

index was flat in 2011, it advanced 13.4 percent in 2012 and 

last year gained 29.6 percent, ending the year at a new 

record high. Thus far in 2014, the index has risen to, and 

then retreated from, new record highs, but is currently up by 

about 10 percent compared with the end of 2013. The S&P 

Stock Market Volatility Index (VIX), often used as a 

measure of financial market uncertainty, surged to an alltime high of 80 in late October 2008, after hovering in a 

range of 20 to 30 for most of that year. The VIX retreated 

fairly steadily during 2009, ending that year at about 20. 

Since then, the VIX has fluctuated more widely, resurging to 

46 in mid-May 2010 and to that level again in early October 

2011. Since the most recent peak, this index has generally 

trended lower, and stood at about 13.7 as of early November 

2014. 

A variety of factors have buffeted long-term Treasury 

interest rates, including flight-to-quality flows in response to 

a variety of specific risk events, as well as supply concerns 

related to funding of the Government’s debt, concern about 

the need for fiscal retrenchment, the downgrade of U.S. 

Treasury debt by rating agency S&P in August 2011, 

periodic concerns about European debt markets and debt 

downgrades in some European countries, and more recently, 

concerns about slowing global growth. The yield on the 10-

year note traded above the 3 percent level during the first 

half of 2011, but thereafter trended lower, reaching a record 

low of 1.43 percent in late July 2012. The yield subsequently 

rose and fluctuated around the 2 percent mark in early 2013, 

then fell to about 1.7 percent in early May 2013. Thereafter, 

the yield trended much higher, surpassing the 3 percent level 

in late 2013. However, thus far in 2014, the yield has 

declined by nearly 70 basis points to about 2.4 percent as of 
8 PROFILE OF THE ECONOMY 

December 2014 

early November. The 3-month Treasury bill yield fluctuated 

in a range from about 0.05 percent to 0.17 percent for much 

of 2011 but, between August 2011 and January 2012, the 

yield fluctuated in a range of 0.0 percent to 0.02 percent. 

Since then, the yield has fluctuated under 0.1 percent as of 

early November 2014. The 2- to 10-year Treasury yield 

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

widened to 291 basis points in early February 2011, then 

trended noticeably lower, reaching 132 basis points in midNovember 2012. The spread widened again after that, 

reaching about 270 basis points in November 2013, but since 

then has narrowed significantly, reaching 184 basis points as 

of early November 2014. 

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. 

Through early August 2011, the TED spread fluctuated in a 

range from 14 to 25 basis points. Subsequently, this spread 

widened, reaching almost 60 basis points earlier in 2013, 

before narrowing since then to 20 basis points as of early 

November 2014. The spread between the Baa corporate 

bond yield and the 10-year Treasury yield peaked at nearly 

620 basis points in December 2008. After narrowing on 

trend in the intervening years, and trading below 300 basis 

points for much of 2011, the spread widened above that level 

again in early August 2011 to about 340 basis points. The 

spread remained above 300 basis points for much of 2012, 

but dropped below that level late in the year, where it has 

remained since then. This spread stood at 239 basis points as 

of early November 2014, still very high by historical 

standards. 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages, although 

over the summer and fall of 2013, mortgage rates rose 

considerably. The interest rate for a 30-year conforming 

fixed-rate mortgage fell to a record low of 3.31 percent in 

November 2012; starting in May 2013, however, it started 

moving sharply higher. From early May through midSeptember 2013, the rate jumped up by nearly 135 basis 

points. Since then, this rate has eased, and dipped briefly 

below the 4 percent mark again in October 2014, before 

rising to about 4.1 percent in early November 2014. 

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 October 

2014 by about 17 percent. Over the longer timeframe, the 

dollar depreciated by about 42 percent against the yen and 
PROFILE OF THE ECONOMY 9 

December 2014 

by 39 percent against the euro. In the period since August 

2011 through October 2014, the dollar has appreciated by 

about 40 percent against the yen, but has depreciated by 

nearly 12 percent against the euro. Against an index of 

currencies of 19 other important trading partners (including 

China, India, and Mexico), the dollar depreciated about 10 

percent over the longer timeframe, and has appreciated by 

about 7 percent against this basket between August 2011 and 

October 2014. 
December 2014 

10 

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 earned-income 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 on both on- and 

off-budget receipts, outlays and deficit of the Government. 
FEDERAL FISCAL OPERATIONS 

December 2014 

11

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2014 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 $348.8 billion for the fourth 

quarter of fiscal year 2014. This is an increase of $24.6 

billion over the comparable prior year quarter. Withheld 

receipts increased by $11.5 billion and non-withheld receipts 

increased by $12.7 billion during this period. Refunds 

decreased by $0.5 billion over the comparable fiscal year 

2013 quarter. There was an increase of $0.7 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2013. 

Corporate income taxes—Net corporate income tax 

receipts were $85.7 billion for the fourth quarter of fiscal 

year 2014. This is an increase of $17.8 billion compared to 

the prior year fourth quarter. The $17.8 billion change is 

comprised of an increase of $17.7 billion in estimated and 

final payments, and a decrease of $0.1 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2014 were $227.8 billion, an increase of $7.3 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $5.0 billion, $0.9 billion, and $1.4 billion 

respectively. There was a -$3.1 billion accounting 

adjustment for prior years employment tax liabilities made 

in the fourth quarter of fiscal year 2014, while there was a 

-$2.4 billion adjustment in the fourth quarter of fiscal year 

2013. 

Unemployment insurance—Unemployment insurance 

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

2014 were $10.8 billion, an increase of $0.1 billion over the 

comparable quarter of fiscal year 2013. Net State taxes 

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

$9.9 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.1 billion to $0.9 billion. 
FEDERAL FISCAL OPERATIONS 

December 2014 

12 

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

fourth quarter of fiscal year 2014. This was a negligible 

change from the comparable quarter of fiscal year 2013. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2014 were $35.4 billion, an increase of 

$10.7 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.0 billion, a 

decrease of $1.0 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.4 billion for the fourth quarter of fiscal year 2014. 

These receipts represent an increase of $1.4 billion over the 

same quarter in fiscal year 2013. 

Customs duties—Customs duties net of refunds were 

$9.5 billion for the fourth quarter of fiscal year 2014. This is 

an increase of $0.8 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2014 were $36.4 billion, 

an increase of $11.0 billion over the comparable prior year 

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

Federal Reserve banks increasing by $5.6 billion.

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

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

 Fourth quarter 2014 

 July – September 

 Fiscal year 2014 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 760,463 3,020,848

On-budget receipts .................................................. 586,902 2,285,246

Off-budget receipts .................................................. 173,561 735,602

Total outlays................................................................. 877,950 3,504,198

On-budget outlays.................................................... 675,277 2,798,105

Off-budget outlays.................................................... 202,674 706,095

Total surplus or deficit (-)............................................. -117,488 -483,353

On-budget surplus or deficit (-)................................ -88,374 -512,858

Off-budget surplus or deficit (-)................................ -29,113 29,507

Means of financing: 

Borrowing from the public ............................................ 210,989 797,582

Reduction of operating cash........................................ -19,002 -69,916

Other means ................................................................ -74,497 -244,312

Total on- and off-budget financing........................... 117,488 483,352

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2014 

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

Source July August September 

Individual income taxes...................................................... 97.7 89.8 161.3

Corporate income taxes..................................................... 8.3 3.9 73.5

Employment and general retirement.................................. 72.2 74.2 81.4

Unemployment insurance .................................................. 4.4 5.6 0.8

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

Excise taxes ....................................................................... 7.9 7.1 20.3

Estate and gift taxes .......................................................... 2.2 1.5 1.6

Customs duties .................................................................. 3.3 2.9 3.3

Miscellaneous receipts ....................................................... 18.0 9.0 9.4

Total budget receipts ..................................................... 214.3 194.2 352.0

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

December 2014 

13
FEDERAL FISCAL OPERATIONS 

December 2014 

14 

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) 

 

2010 ............................ 2,161,728 1,530,040 631,688 3,455,931 2,901,248 554,683 -1,294,204 -1,371,208 77,004 1,652,342

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 2014 - Est.................... 2,992,984 2,256,919 736,065 3,575,956 2,870,872 705,084 -582,972 -613,953 30,981 1,166,418

2015 - Est.................... 3,337,584 2,576,553 761,031 3,862,799 3,109,620 753,179 -525,215 -533,067 7,852 791,351 2013 - Sept.................. 301,435 242,172 59,264 226,366 158,930 67,436 75,070 83,241 -8,172 -2,266

Oct................... 198,927 148,871 50,056 289,511 225,418 64,093 -90,584 -76,547 -14,037 410,381

Nov .................. 182,453 128,657 53,796 317,679 250,867 66,813 -135,226 -122,210 -13,017 61,108

Dec .................. 285,041 230,051 54,990 231,821 214,255 17,566 53,220 15,796 37,424 134,373

2014 - Jan ................... 295,997 226,228 69,769 306,247 244,403 61,844 -10,250 -18,174 7,925 -59,756

Feb .................. 144,349 86,974 57,375 337,880 269,430 68,450 -193,531 -182,456 -11,075 169,772

Mar .................. 215,846 145,924 69,922 252,741 183,532 69,208 -36,895 -37,608 713 138,111

Apr................... 414,237 335,529 78,708 307,383 245,856 61,527 106,853 89,673 17,181 -92,169

May.................. 199,889 140,789 59,100 329,860 260,468 69,392 -129,971 -119,679 -10,292 8,777

June................. 323,646 255,321 68,325 253,127 228,599 24,528 70,519 26,722 43,798 115,779

July .................. 214,492 159,153 55,340 309,113 247,177 61,937 -94,621 -88,024 -6,597 54,297

Aug .................. 194,248 137,291 56,957 322,925 251,908 71,017 -128,677 -114,616 -14,060 62,244

Sept................. 351,722 290,458 61,264 245,912 176,192 69,720 105,810 114,266 -8,456 73,557 Fiscal year 2014 to date ... 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

Means of financing—net transactions, continued

Borrowing from the publicFederal securities, con. 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) 

 

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -147,277 -375 1,293,454

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 2014 - Est.............................. 874 276,153 891,138 51,614 - - - -256,552 - 582,972

2015 - Est.............................. 368 136,969 654,750 - - - - -129,535 - 525,215 2013 - Sept ........................... 171 -9,486 7,392 62,251 674 354 318 -19,119 254 -75,070

Oct............................. 10 206,251 204,141 -5,385 142 143 -1,017 -118,666 -1,008 90,584

Nov............................ -446 -32,491 93,153 -49,568 -95 -787 -724 -9,101 - 135,226

Dec............................ -175 60,555 73,643 128,966 172 231 -942 1,564 - -53,220

2014 - Jan ............................. -197 -11,435 -48,518 -73,826 -208 217 1 -15,048 - 10,250

Feb ............................ -218 -14,007 183,562 -42,544 481 -392 -302 -32,787 - 193,532

Mar............................ -69 11,090 126,952 96,159 -63 128 -671 5,487 - 36,886

Apr............................. -34 23,214 -115,417 6,154 145 483 -535 14,811 - -106,853

May ........................... -98 -26,013 34,692 -119,449 -322 -67 632 -23,927 - 129,971

June .......................... 173 81,576 34,376 110,406 194 619 -334 5,990 - -70,519

July............................ 58 -24,651 79,006 -12,062 -523 -117 -700 2,185 - 94,593

Aug............................ -370 -19,010 80,884 -78,573 -457 -302 317 -31,191 - 128,708

Sept........................... 132 22,589 51,099 109,637 -1,283 30 -719 -49,418 174 -105,810 

Fiscal year 2014 to date ............. -1,234 277,668 797,573 69,916 -1,817 188 -4,994 -250,101 -834 483,348

Note—These estimates are based on the MId-Session Review of the President's Fiscal 

Year 2015 Budget, released by the Office of Management and Budget on July 11, 2014. 

- No transactions. 

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

December 2014 

15

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) 

 2010 .................. 880,361 278,223 260,035 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756

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 2014 - Est.......... 1,386,180 - - 1,386,180 311,399 - 311,399 1,697,579 960,423 - 960,423

2015 - Est.......... 1,530,511 - - 1,530,511 442,225 - 442,225 1,972,736 992,307 - 992,307 2013 - Sept........ 85,481 58,362 2,974 140,870 59,905 2,759 57,146 198,016 80,995 2,443 78,552

Oct......... 88,055 18,258 7,206 99,106 10,302 3,827 6,475 105,581 67,170 - 67,170

Nov ........ 85,333 4,889 7,510 82,711 4,349 3,852 498 83,209 72,330 - 72,330

Dec ........ 117,835 10,481 3,708 124,608 65,063 2,776 62,287 186,895 75,378 - 75,378

2014 - Jan ......... 102,930 67,188 730 169,388 10,681 2,534 8,147 177,535 90,392 - 90,392

Feb ........ 100,643 5,659 68,347 37,956 10,738 2,723 8,015 45,971 73,232 - 73,232

Mar ........ 114,609 13,519 56,983 71,145 36,107 3,974 32,133 103,278 89,062 - 89,062

Apr......... 89,239 206,670 57,745 238,164 43,473 4,220 39,253 277,417 102,038 - 102,038

May........ 86,829 6,588 13,473 79,945 9,371 1,339 8,031 87,976 75,188 - 75,188

June....... 89,738 59,518 6,521 142,735 71,648 1,470 70,178 212,913 88,634 - 88,634

July ........ 92,991 8,388 3,662 97,717 10,488 2,208 8,280 105,997 71,647 - 71,647

Aug ........ 86,536 6,135 2,873 89,798 5,291 1,389 3,902 93,700 73,678 - 73,678

Sept....... 94,971 69,298 2,975 161,294 76,042 2,511 73,530 234,824 83,488 2,529 80,959 Fiscal year 2014 

to date ................ 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

 

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) 

 

2010 ............................ 4,141 1 4,140 815,896 44,922 99 44,823 4,042 35 4,076

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 2014 - Est.................... 5,360 - 5,360 965,783 58,224 - 58,224 3,740 25 3,765

2015 - Est.................... 5,535 - 5,535 997,842 55,687 - 55,687 3,837 23 3,860 2013 - Sept ................. 433 - 433 78,985 301 15 286 306 2 308

Oct................... 410 - 410 67,580 3,341 2 3,340 291 2 293

Nov.................. 487 - 487 72,817 4,592 1 4,590 270 4 273

Dec.................. 442 - 442 75,820 478 6 472 272 1 273

2014 - Jan ................... 496 - 496 90,888 5,501 4 5,497 264 2 266

Feb.................. 632 - 632 73,864 3,694 - 3,694 317 2 319

Mar.................. 531 25 506 89,569 491 18 473 305 2 308

Apr................... 489 -11 501 102,538 9,616 42 9,574 250 2 252

May ................. 482 2 480 75,668 15,608 17 15,591 309 2 311

June ................ -83 - -83 88,551 1,392 10 1,382 275 3 277

July.................. 524 - 524 72,171 4,413 15 4,398 260 2 262

Aug.................. 476 - 476 74,154 5,590 10 5,580 320 2 321

Sept................. 488 - 488 81,447 820 17 803 314 3 317 

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

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2014 

16 

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) 

 

2010 ....................... 66,909 19,751 866 18,885 26,266 969 25,298 75,845 20,010 95,855 1,530,040 631,688

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 2014 - Est............... 92,687 17,644 - 17,644 34,315 - 34,315 94,794 28,193 122,987 2,256,919 736,065

2015 - Est............... 110,698 19,189 - 19,189 37,042 - 37,042 96,238 42,292 138,530 2,576,553 761,031 2013 - Sept ............ 11,114 1,184 55 1,129 3,070 114 2,956 6,311 2,332 8,642 242,172 59,264

Oct.............. 5,852 1,800 28 1,772 3,281 115 3,166 8,910 2,434 11,344 148,871 50,056

Nov............. 6,938 2,236 127 2,109 2,941 93 2,848 6,290 3,377 9,668 128,657 53,796

Dec............. 6,418 1,500 94 1,406 2,942 109 2,833 7,091 3,833 10,924 230,050 54,990

2014 - Jan .............. 6,540 1,281 33 1,248 3,115 115 3,000 8,617 2,407 11,024 226,228 69,769

Feb ............. 6,238 1,136 75 1,062 2,568 84 2,484 8,853 1,865 10,718 86,974 57,375

Mar............. 6,375 1,208 55 1,152 2,578 104 2,475 8,375 3,840 12,216 145,924 69,922

Apr.............. 7,505 2,484 82 2,402 3,042 157 2,886 9,732 1,930 11,662 335,529 78,708

May ............ 5,697 1,478 47 1,431 2,537 103 2,434 8,331 2,450 10,781 140,789 59,100

June ........... 6,449 1,409 57 1,353 2,697 97 2,600 8,183 1,937 10,120 255,321 68,325

July............. 7,928 2,319 91 2,228 3,487 177 3,310 10,275 7,923 18,198 159,153 55,340

Aug............. 7,110 1,651 112 1,539 3,012 145 2,867 7,353 1,624 8,977 137,291 56,957

Sept............ 20,317 1,651 53 1,599 3,148 124 3,024 7,223 2,168 9,391 290,458 61,264 Fiscal year 2014 to 

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

Note—These estimates are based on the MId-Session Review of the President's Fiscal 

Year 2015 Budget, released by the Office of Management and Budget on July 11, 2014. 

- 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) 

 2010.............................. 864,795 10,632 19 10,613 595 - 595 35,562 569 34,993 27,942 7,234 20,709

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 2014 - Est ..................... 1,027,772 13,103 - 13,103 589 - 589 38,286 - 38,286 40,709 - 40,709

2015 - Est ..................... 1,057,389 14,541 - 14,541 607 - 607 38,441 - 38,441 57,109 - 57,109 2013 - Sept ................... 79,579 1,698 3 1,695 74 - 74 5,252 - 5,252 4,809 716 4,093

Oct .................... 71,212 178 - 178 8 - 8 568 - 568 5,172 74 5,098

Nov.................... 77,680 1,254 - 1,254 58 - 58 3,852 - 3,852 1,988 214 1,774

Dec.................... 76,565 1,024 - 1,024 48 - 48 3,141 - 3,141 2,433 227 2,206

2014 - Jan..................... 96,651 967 - 967 45 - 45 2,965 - 2,965 2,648 85 2,562

Feb.................... 77,877 1,117 - 1,117 52 - 52 3,162 - 3,162 2,188 281 1,907

Mar.................... 90,350 1,284 6 1,279 57 - 57 3,494 - 3,494 1,700 154 1,545

Apr .................... 112,364 1,083 - 1,083 51 - 51 3,057 - 3,057 3,413 98 3,315

May ................... 91,570 1,229 4 1,225 48 - 48 3,371 - 3,371 2,553 1,499 1,054

June .................. 90,211 1,083 - 1,083 33 - 33 2,804 - 2,804 3,335 806 2,529

July.................... 76,831 1,192 - 1,192 46 - 46 3,268 - 3,268 3,531 109 3,422

Aug.................... 80,055 1,141 4 1,136 53 - 53 3,612 - 3,612 2,864 555 2,309

Sept................... 82,567 1,915 2 1,913 74 - 74 5,742 - 5,742 12,891 303 12,589 Fiscal year 2014 to date..... 1,023,933 13,467 16 13,451 573 - 573 39,036 - 39,036 44,716 4,405 40,310
FEDERAL FISCAL OPERATIONS 

December 2014 

17

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) 

 

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053

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 2014 - Est............... 4,741 7,281 150,302 9,058 583,842 59,762 25,753 952,439 47,168 38,962 12,749 28,639 72,844

2015 - Est............... 4,694 7,584 141,545 9,676 568,665 80,816 30,358 1,016,170 47,416 38,622 13,755 33,847 63,255 2013 - Sept............. 374 557 9,409 814 47,859 2,185 2,099 53,399 4,947 24,031 1,151 2,617 4,379

Oct.............. 358 573 17,910 512 57,391 2,857 2,331 76,630 3,592 2,916 1,194 2,830 3,887

Nov ............. 344 533 13,860 625 47,209 5,503 1,809 88,798 3,598 3,383 959 2,503 5,752

Dec ............. 329 532 13,882 669 49,890 5,620 2,192 58,709 3,674 3,226 435 1,889 6,888

2014 - Jan .............. 340 677 12,424 615 50,472 760 1,783 93,186 3,573 3,255 834 2,316 6,063

Feb ............. 311 501 11,050 614 44,361 4,760 1,644 72,231 3,045 3,301 667 1,551 5,118

Mar ............. 383 604 10,983 816 44,888 6,161 2,049 59,649 4,022 6,091 1,061 3,305 4,502

Apr.............. 323 542 10,568 668 47,200 5,175 2,023 79,352 3,218 3,197 1,256 2,610 3,884

May............. 337 534 10,018 623 48,891 5,164 1,710 95,432 3,074 1,042 788 1,975 4,376

June............ 325 578 11,255 631 41,759 10,969 1,894 60,220 3,626 3,133 1,180 1,946 3,872

July ............. 353 555 10,290 616 45,860 4,403 1,893 89,266 3,348 2,986 859 2,083 4,436

Aug ............. 332 643 11,470 -561 52,930 6,825 1,661 79,980 3,908 3,190 810 2,450 3,743

Sept ............ 423 628 8,097 845 47,164 1,411 2,640 82,577 4,579 2,805 1,231 3,161 4,678 

Fiscal year 2014 

 to date ...................... 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

 

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) 

 2010 ....................... 23,804 77,751 413,955 30,385 108,275 9,875 54,031 11,007 583 861 20,040

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

2013 ....................... 27,504 76,154 429,568 17,361 149,074 6,533 57,372 9,400 373 -765 18,609 2014 - Est............... 27,205 80,203 430,575 12,032 149,037 7,233 57,021 8,378 392 -2,115 19,716

2015 - Est............... 29,442 84,573 453,660 94,495 158,479 6,894 57,309 8,379 506 489 24,632 2013 - Sept ............ 4,153 8,715 19,844 -40,438 6,975 556 908 938 34 -186 1,821

Oct.............. 2,218 6,903 15,799 2,248 12,126 725 5,403 790 23 76 1,425

Nov............. 2,488 6,542 22,327 2,330 16,954 529 9,112 730 34 -21 774

Dec............. 2,362 6,425 87,712 -36,745 11,647 513 5,986 613 29 -158 2,461

2014 - Jan .............. 1,689 4,685 19,499 2,995 13,200 474 5,347 823 39 64 1,130

Feb............. 1,424 4,861 21,266 63,438 11,983 455 4,844 601 29 -134 3,298

Mar............. 2,361 5,153 26,270 -8,958 8,231 545 460 626 27 -140 1,001

Apr.............. 3,000 6,222 31,100 11,809 12,944 524 3,152 774 34 127 739

May ............ 1,650 4,976 32,081 6,483 17,596 622 8,398 624 30 80 1,687

June ........... 1,824 7,537 97,566 -5,403 6,202 488 495 797 26 -153 2,545

July............. 2,053 7,480 29,261 6,083 11,928 537 4,372 584 31 -35 1,423

Aug............. 1,528 6,722 27,094 4,403 19,118 561 8,685 1,748 40 -319 1,504

Sept............ 4,909 8,650 19,594 -31,322 7,145 560 1,119 690 32 -151 622 Fiscal year 2014 

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

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

December 2014 

18 

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) 

 

2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684

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

 

2014 - Est.......... 17,063 6,978 93,701 365 907,549 12,645 -81,932 -158,627 -8,169 3,166 2,870,872 705,084

2015 - Est.......... 18,076 8,149 94,320 1,057 956,453 19,164 -84,752 -152,124 -8,092 35,287 3,109,620 753,179

 

2013 - Sept ....... 1,743 760 6,990 105 68,976 -2,314 -5,766 -444 -827 - 158,930 67,436

Oct......... 968 504 7,662 89 72,920 1,450 -19,361 5,134 -571 - 225,418 64,093

Nov........ 1,617 653 7,216 96 77,828 85 -5,246 -1,150 -93 - 250,867 66,813

Dec........ 1,880 480 6,652 81 74,058 -3,365 -5,240 -70,528 -980 - 214,254 17,566

2014 - Jan ......... 1,160 486 7,766 76 74,749 3,270 -5,636 -1,337 -531 - 244,403 61,844

Feb ........ 1,252 510 6,857 -709 74,759 1,199 -5,240 -1,487 -481 - 269,430 68,450

Mar........ 1,593 498 7,538 84 71,021 -237 -5,580 -1,725 -541 - 183,532 69,208

Apr......... 1,255 534 8,206 77 75,696 1,558 -5,047 -4,762 -575 - 245,856 61,527

May ....... 1,344 520 6,929 86 80,291 1,813 -5,758 -3,340 -213 - 260,468 69,392

June ...... 1,410 612 6,733 79 76,112 -5,256 -5,316 -72,867 -1,693 - 228,599 24,528

July........ 1,591 697 8,050 74 75,739 2,023 -5,353 -3,668 -703 - 247,177 61,937

Aug........ 1,451 702 6,637 72 80,678 3,105 -5,760 -2,267 -157 - 251,908 71,017

Sept....... 1,570 859 7,673 89 71,956 -1,453 -5,812 -119 -936 - 176,192 69,720

 Fiscal year 2014 

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

Note—These estimates are based on the MId-Session Review of the President's Fiscal 

Year 2015 Budget, released by the Office of Management and Budget on July 11, 2014. 

- No transactions. 

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

December 2014 

19

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

September 2014 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,394,580 -13 - 1,394,567 1,316,370 35 - 1,316,405

Corporation income taxes........................................... 320,731 - * 320,731 273,505 - * 273,506

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 735,602 735,602 - - 673,274 673,274

Employment and general retirement (on-budget)... - - 229,465 229,465 - - 214,171 214,171

Unemployment insurance ....................................... - - 55,394 55,394 - - 56,810 56,810

Other retirement...................................................... - - 3,472 3,472 - - 3,564 3,564

Excise taxes ................................................................ 33,027 1,213 59,127 93,368 30,015 1,231 52,763 84,008

Estate and gift taxes ................................................... 19,300 - - 19,300 18,912 - - 18,912

Customs duties ........................................................... 22,122 10,215 1,589 33,926 20,638 9,578 1,599 31,814

Miscellaneous receipts................................................ 112,063 21,259 1,702 135,024 81,342 17,611 2,594 101,547

Total receipts....................................................... 1,901,823 32,674 1,086,351 3,020,848 1,740,781 28,455 1,004,775 2,774,011

(On-budget)..................................................... 1,901,823 32,674 350,749 2,285,246 1,740,781 28,455 331,501 2,100,737

(Off-budget)..................................................... - - 735,602 735,602 - - 673,274 673,274

Budget outlays: 

Legislative branch ....................................................... 4,135 22 -1 4,156 4,296 -6 22 4,312

Judicial branch ............................................................ 6,880 47 -27 6,900 6,490 615 -40 7,065

Department of Agriculture ........................................... 122,970 17,921 915 141,806 131,734 23,230 929 155,892

Department of Commerce........................................... 6,743 -95 27 6,675 8,917 207 13 9,137

Department of Defense-military .................................. 575,315 2,586 112 578,013 604,373 3,227 202 607,801

Department of Education ............................................ 59,642 -34 1 59,609 41,110 -201 1 40,910

Department of Energy................................................. 25,153 -1,523 * 23,630 26,547 -1,871 * 24,675

Department of Health and Human Services ............... 689,054 711 246,267 936,032 630,759 -163 255,698 886,293

Department of Homeland Security.............................. 47,047 -4,111 323 43,259 52,917 4,067 233 57,219

Department of Housing and Urban Development....... 39,017 -497 4 38,524 56,769 -194 1 56,576

Department of the Interior........................................... 11,387 -492 378 11,273 11,473 -2,362 494 9,606

Department of Justice ................................................. 26,292 2,328 -3 28,617 27,554 2,200 -12 29,742

Department of Labor................................................... 15,294 396 41,510 57,200 36,825 -1,434 44,918 80,310

Department of State.................................................... 27,708 -753 549 27,504 25,736 -259 495 25,972

Department of Transportation..................................... 33,018 -147 43,282 76,154 19,682 -70 56,709 76,320

Department of the Treasury: 

Interest on the public debt....................................... 429,568 - - 429,568 415,670 - - 415,670

Other ....................................................................... 16,319 1,040 2 17,361 -17,186 510 73 -16,603

Department of Veterans Affairs .................................. 151,174 -3,013 913 149,074 140,374 -2,911 1,001 138,464

Corps of Engineers ..................................................... 5,526 -131 1,138 6,533 5,567 -156 888 6,300

Other defense civil programs...................................... 77,286 -2,728 -17,185 57,372 74,024 -4,052 -13,160 56,812

Environmental Protection Agency............................... 8,504 -28 924 9,400 9,223 -45 306 9,484

Executive Office of the President................................ 373 * - 373 381 * - 380

General Services Administration ................................ 97 -862 * -765 121 -490 * -369

International Assistance Program............................... 21,910 -636 -2,666 18,608 20,679 -703 -303 19,672

National Aeronautics and Space Administration ........ 17,096 -5 1 17,093 17,003 -29 1 16,976

National Science Foundation...................................... 6,954 87 14 7,054 7,295 94 28 7,417

Office of Personnel Management ............................... 46,420 -3,112 44,611 87,919 44,061 -1,407 41,213 83,868

Small Business Administration ................................... 209 -15 - 194 506 -30 - 476

Social Security Administration .................................... 81,181 * 824,626 905,807 109,855 -5 757,543 867,394

Other independent agencies....................................... 10,814 -9,373 2,752 4,193 10,517 11,447 3,945 25,908

Undistributed offsetting receipts: 

Interest .................................................................... - - -158,115 -158,115 - - -156,675 -156,675

Other ....................................................................... -6,425 -8,698 -71,699 -86,822 -10,411 -9,578 -72,794 -92,783

Total outlays........................................................ 2,556,661 -11,115 958,653 3,504,199 2,512,863 19,631 921,729 3,454,223

(On-budget)..................................................... 2,556,405 -8,331 250,067 2,798,141 2,512,638 21,799 286,554 2,820,991

(Off-budget)..................................................... 256 2,784 708,586 706,058 255 -2,168 635,175 633,263

Surplus or deficit (-)............................................. -654,838 43,789 127,698 -483,350 -772,082 8,824 83,046 -680,212

(On-budget)..................................................... -654,582 41,005 100,719 -512,857 -771,287 6,656 44,947 -719,684

(Off-budget)..................................................... -256 2,784 26,979 29,507 -255 2,168 38,099 40,011

- No transactions. 

* Less than $500,000. 

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

December 2014 

20 

TABLE FFO-5—Internal Revenue Receipts by State, 2014 

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

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

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total 4 ................... 3,064,301,358 353,141,112 2,619,847,215 2,067,747,446 508,123,572

Alabama ........................................ 23,789,249 1,484,582 21,820,797 17,459,314 4,159,796

Alaska ............................................ 5,449,061 179,898 5,213,654 4,006,269 1,141,328

Arizona .......................................... 40,530,219 4,380,014 34,357,778 26,820,613 7,130,490

Arkansas ....................................... 30,728,862 7,611,308 22,353,431 19,008,318 3,017,812

California ....................................... 369,193,162 46,236,808 314,319,084 236,744,881 73,890,637

Colorado ........................................ 52,002,903 7,339,139 43,660,813 33,784,590 9,432,728

Connecticut ................................... 57,697,380 8,633,070 47,265,116 34,621,844 11,690,228

Delaware ....................................... 19,039,980 4,335,398 14,146,624 12,368,330 980,907

District of Columbia ....................... 26,432,733 1,322,308 25,049,824 22,304,073 2,117,532

Florida ........................................... 154,353,070 9,015,856 141,912,552 102,167,987 36,766,709

Georgia .......................................... 79,565,715 10,736,886 64,674,241 53,415,484 10,532,991

Hawaii ............................................ 7,722,840 376,857 7,090,806 5,320,158 1,659,610

Idaho ............................................. 9,223,749 333,880 8,788,307 6,879,043 1,769,742

Illinois ............................................ 148,332,148 20,034,959 123,885,426 98,066,809 22,121,808

Indiana ........................................... 54,606,571 4,561,915 48,027,054 40,856,692 6,611,136

Iowa ............................................... 22,309,198 1,544,385 20,398,887 16,209,366 4,044,743

Kansas .......................................... 25,896,981 2,166,100 21,819,357 16,963,445 4,444,905

Kentucky........................................ 30,128,276 2,324,359 26,911,767 23,137,141 3,527,066

Louisiana ....................................... 43,023,097 1,604,433 40,613,155 33,624,610 6,643,094

Maine ............................................. 6,901,517 292,164 6,452,674 5,108,874 1,259,769

Maryland........................................ 59,613,635 3,176,203 55,800,282 45,671,241 9,466,970

Massachusetts .............................. 100,160,858 9,277,736 89,106,987 70,475,998 17,408,851

Michigan ........................................ 71,183,803 5,022,559 65,478,941 53,851,276 10,759,533

Minnesota ...................................... 96,227,262 19,417,565 74,153,885 65,229,199 8,373,378

Mississippi ..................................... 11,011,288 693,586 10,122,056 7,727,939 2,298,421

Missouri ......................................... 61,511,933 9,946,571 50,072,510 42,241,490 6,988,952

Montana ........................................ 5,338,004 194,463 5,053,198 3,520,716 1,457,712

Nebraska ....................................... 23,884,904 7,269,170 16,416,668 12,311,264 2,752,809

Nevada .......................................... 16,578,585 777,910 15,264,612 10,279,657 4,517,211

New Hampshire ............................. 11,043,784 236,410 10,437,649 7,668,149 1,973,030

New Jersey ................................... 134,869,876 21,813,832 109,983,681 90,591,698 18,161,703

New Mexico ................................... 8,758,418 231,314 8,233,829 6,140,587 2,011,549

New York ....................................... 250,618,177 28,664,811 217,823,234 162,914,752 51,360,309

North Carolina ............................... 72,471,513 8,698,479 63,172,182 53,256,233 9,314,989

North Dakota ................................. 7,585,145 560,449 6,939,582 4,535,198 2,360,455

Ohio ............................................... 129,901,095 12,286,168 113,211,893 99,812,401 12,032,324

Oklahoma ...................................... 32,610,983 4,049,061 24,339,580 18,134,739 5,455,218

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2014 

21

TABLE FFO-5—Internal Revenue Receipts by State, 2014, continued 

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

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

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 28,409,241 1,920,303 25,598,367 20,537,610 4,827,081

Pennsylvania ................................. 126,374,146 12,619,448 109,883,768 91,264,936 16,813,695

Rhode Island ................................. 13,887,904 3,683,902 10,058,643 8,480,558 1,326,051

South Carolina .............................. 22,242,016 1,567,705 20,290,724 15,858,579 4,228,258

South Dakota ................................ 6,733,600 404,686 6,256,818 3,718,484 1,743,325

Tennessee .................................... 56,936,715 5,905,079 49,504,974 42,192,699 6,846,802

Texas ............................................. 265,336,183 32,585,544 211,993,178 158,014,318 48,632,252

Utah ............................................... 18,389,171 1,557,838 16,186,263 12,719,019 3,284,257

Vermont ......................................... 4,324,613 351,999 3,912,161 3,045,319 822,239

Virginia .......................................... 75,048,791 11,378,112 63,044,178 49,929,092 11,933,483

Washington ................................... 67,812,753 5,612,788 60,801,922 47,073,817 13,133,866

West Virginia ................................. 6,885,260 374,563 6,438,716 5,084,700 1,294,808

Wisconsin ...................................... 49,592,070 6,021,437 42,831,333 34,703,911 7,163,614

Wyoming ....................................... 4,891,559 185,588 4,570,938 2,568,717 1,778,596

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 693,479 3,698 687,428 548,615 121,263

Puerto Rico ................................... 3,554,320 118,689 3,333,976 2,939,203 367,025

International .................................. 10,924,328 1,891,507 8,659,544 4,338,006 4,285,672

Undistributed 5 ............................... 1,969,237 127,623 1,422,167 1,499,485 -115,160

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2014 

22 

TABLE FFO-5—Internal Revenue Receipts by State, 2014, continued 

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

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 4

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

United States, total 5 ........................ 8,611,877 5,953,524 29,410,796 17,572,338 2,582,617 71,158,076 

Alabama ............................................. 66,766 2,794 132,127 166,134 9,189 308,548 

Alaska ................................................. 12,384 2,073 51,600 4,856 592 50,060 

Arizona ............................................... 110,278 1,879 294,519 268,951 13,548 1,509,929 

Arkansas ............................................ 186,861 2,977 137,464 112,746 2,908 648,469 

California ............................................ 1,387,204 21,543 2,274,818 3,599,512 595,894 4,441,865 

Colorado ............................................. 101,446 17,240 324,809 162,864 14,142 825,945 

Connecticut ........................................ 134,272 5,303 813,469 361,084 164,782 1,273,328 

Delaware ............................................ 29,774 183 767,430 19,333 1,541 537,084 

District of Columbia ............................ 16,266 556,635 55,319 29,664 3,596 27,341 

Florida ................................................ 415,853 813,164 1,748,839 1,980,868 131,077 1,312,718 

Georgia ............................................... 346,855 2,201 376,711 296,095 768,552 3,089,941 

Hawaii ................................................. 16,352 - 94,686 31,992 1,636 221,549 

Idaho .................................................. 36,145 880 102,498 41,505 586 59,470 

Illinois ................................................. 314,503 231,723 3,150,584 804,416 13,001 3,594,346 

Indiana ................................................ 236,420 30,140 292,667 307,802 26,715 1,683,085 

Iowa .................................................... 50,750 5,966 88,062 97,385 6,759 261,782 

Kansas ............................................... 68,262 196,220 146,525 210,903 2,724 1,697,898 

Kentucky............................................. 127,946 12,414 107,199 93,444 5,356 793,351 

Louisiana ............................................ 70,140 4,439 270,871 151,567 18,493 635,449 

Maine .................................................. 18,291 3,035 62,704 48,082 1,252 107,345 

Maryland............................................. 103,131 13,747 545,192 264,370 43,445 329,335 

Massachusetts ................................... 178,947 79,409 963,782 317,766 26,707 1,431,661 

Michigan ............................................. 195,247 91,074 581,811 331,409 -6,993 357,887 

Minnesota ........................................... 203,858 96,078 251,372 171,755 32,959 2,451,099 

Mississippi .......................................... 30,945 1,202 63,549 47,969 2,176 145,500 

Missouri .............................................. 224,883 82,962 534,223 281,148 9,786 1,201,918 

Montana ............................................. 13,852 25,865 35,054 46,148 2,131 42,064 

Nebraska ............................................ 36,272 1,229,093 87,231 77,247 4,883 116,935 

Nevada ............................................... 44,647 84 423,012 401,338 9,274 125,451 

New Hampshire .................................. 21,939 51 774,480 66,904 24,942 277,879 

New Jersey ........................................ 244,014 147,015 839,250 364,396 46,463 2,661,505 

New Mexico ........................................ 22,173 71 59,450 75,750 2,378 215,146 

New York ............................................ 689,718 386,964 2,471,490 1,684,333 208,243 2,237,556 

North Carolina .................................... 336,642 7,933 256,384 298,755 8,304 293,792 

North Dakota ...................................... 14,413 6,040 23,476 24,933 5,833 54,348 

Ohio .................................................... 472,820 23,244 871,104 466,177 21,375 3,915,483 

Oklahoma ........................................... 71,624 2,817 675,182 115,025 5,132 4,102,186 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2014 

23

TABLE FFO-5—Internal Revenue Receipts by State, 2014, continued 

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

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

Oregon ............................................... 74,629 725 158,323 80,321 25,139 785,109

Pennsylvania ...................................... 291,364 66,061 1,447,712 453,983 38,343 3,378,606

Rhode Island ...................................... 47,124 12 204,899 38,701 11,495 95,164

South Carolina ................................... 61,703 1,371 140,813 126,204 2,279 255,104

South Dakota ..................................... 11,948 678 782,383 28,591 938 42,567

Tennessee ......................................... 193,451 2,753 269,270 143,971 7,177 1,375,514

Texas .................................................. 547,231 1,050,867 3,748,510 1,557,068 89,865 19,110,528

Utah .................................................... 52,718 5,492 124,777 42,186 4,524 598,361

Vermont .............................................. 8,976 2,465 33,162 30,524 253 29,676

Virginia ............................................... 161,295 702,223 318,085 379,650 8,058 238,793

Washington ........................................ 175,934 9,279 409,025 311,272 122,072 964,698

West Virginia ...................................... 16,291 539 42,378 15,637 382 55,961

Wisconsin ........................................... 235,497 3,962 724,349 166,229 3,768 569,303

Wyoming ............................................ 7,828 883 214,915 75,010 2,531 57,492

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 3,701 - 13,849 - 2 2,352

Puerto Rico ....................................... 27,204 - 545 1,512 65 100,078

International ...................................... 5,485 1,524 28,857 73,322 3,612 296,343

Undistributed 3 ................................... 37,605 236 - 223,534 32,733 163,180

1 Excludes excise taxes paid to the U.S. Customs Border Protection and the Alcohol and 

Tobacco Tax and Trade Bureau. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

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

3

 Collections of individual income tax are not reported by taxpayers separately from Old-Age, 

Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and wages (under 

the Federal Insurance Contributions Act or FICA) and taxes on self-employment income 

(under the Self-Employment Insurance Contributions Act or SECA). 

4

 Excludes adjustments and credits to taxpayer accounts. 

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

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

Note—Partnership and S corporation data are not shown in this table since these entities 

generally do not have a tax liability. Instead, they pass through any profits or losses to the 

underlying owners who include these profits or losses on their income tax returns. 

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

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

year. Adjustments to prior-year refunds made in Fiscal Year 2014 may result in 

negative amounts when such adjustments exceed current-year collections. 

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

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

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

Sole proprietors, partners in a partnership, or shareholders in an S corporation 

may use their business addresses. Such addresses could have been located in 

a State other than the State in which the individual resided. Similarly, taxes 

withheld reported by employers located near a State boundary might include 

substantial amounts withheld from salaries of employees who reside in a 

neighboring State. Also, while taxes of corporations may be paid from the 

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

more other State(s). 

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

December 2014

24 

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

by Districts and Ports 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

 

Headquarters: 

Revenue Division, Indianapolis, IN.............................. $6,576,804,723.94

 

Portland, Maine: 

Portland, ME .................................. 10101................. 45,540,936.36

Bangor, ME .................................... 10102................. 208,614.42

Eastport, ME .................................. 10103................. 59,169.68

Jackman, ME ................................. 10104................. 621,381.65

Vanceboro, ME .............................. 10105................. 4,243,935.46

Houlton, ME ................................... 10106................. 3,623,764.91

Fort Fairfield, ME............................ 10107................. 50,952.07

Van Buren, ME............................... 10108................. 91,974.39

Madawaska, ME............................. 10109................. 62,755.58

Fort Kent, ME................................. 10110................. 14,763.50

Calais, ME...................................... 10115................. 2,475,392.94

Limestone, ME ............................... 10118................. 1,139.88

Bridgewater, ME............................. 10127................. 10,651.04

Portsmouth, NH.............................. 10131................. 1,335,536.06

Belfast, ME..................................... 10132................. 911,150.61

Manchester Airport, NH ................... 10182................. 274,521.11

Total District ........................................................... 59,526,639.66

St. Albans, Vermont: 

St. Albans, VT..................................... 10201................. 1,964,719.77

Richford, VT ........................................ 10203................. 27,526.13

Beecher Falls, VT ............................... 10206................. 12,806.30

Burlington, VT ..................................... 10207................. 57,833.17

Derby Line, VT.................................... 10209................. 6,246,443.95

Norton, VT........................................... 10211................. 1,282,927.78

Highgate Springs/Alburg, VT ............. 10212................. 47,006,696.02

Total District ........................................................... 56,598,953.12

 

Boston, Massachusetts: 

Boston, MA..................................... 10401................. 324,259,867.99

Springfield, MA............................... 10402................. 8,707.31

Worcester, MA ............................... 10403................. 16,280,280.19

Gloucester, MA .............................. 10404................. 5,050.90

New Bedford, MA........................... 10405................. 8,991,016.48

Fall River, MA................................. 10407................. 42.07

Salem, MA...................................... 10408................. 5,417,287.19

Bridgeport, CT................................ 10410................. 2,143,900.70

Hartford, CT ................................... 10411................. 8,297,633.22

New Haven, CT.............................. 10412................. 8,650,781.09

New London, CT ............................ 10413................. 260,030.36

Lawrence, MA ................................ 10416................. 285,056.02

Logan Airport, MA .......................... 10417................. 87,902,930.55

Hanscom User Fee Airport, MA..... 10481................. 271,964.22

Total District ........................................................... 462,774,548.29

 

Providence, Rhode Island: 

Newport, RI .................................... 10501................. 21,629.98

Providence, RI................................ 10502................. 147,408,145.46

Total District ........................................................... 147,429,775.44

 

Ogdensburg, New York: 

Ogdensburg, NY ............................ 10701................. 4,517,753.31

Massena, NY.................................. 10704................. 2,707,542.07

Cape Vincent, NY........................... 10706................. 6,237.50

Alexandria Bay, NY........................ 10708................. 20,628,159.32

 

 

Ogdensburg, New York, continued: 

Champlain-Rouses Point, NY ........ 10712................. 119,275,063.25

Trout River, NY .............................. 10715................. 308,351.75

Total District ........................................................... 147,443,107.20

 

Buffalo, New York:

Buffalo-Niagara Falls, NY .............. 10901................. 317,669,091.64

Rochester, NY................................ 10903................. 4,876,962.84

Oswego, NY................................... 10904................. 397,946.48

Syracuse, NY ................................. 10906................. 5,203,365.46

Binghamton Regional Airport, NY.... 10981................. 132,581.49

Total District ........................................................... 328,279,947.91

 

New York, New York:

New York, NY................................. 21001................. 367,264,884.38

Albany, NY ..................................... 21002................. 2,006,485.31

New York/Newark Area, NJ ........... 24601................. 5,038,150,569.96

Perth Amboy, NJ ............................ 24602................. 8,136,713.94

UPS, Newark, NJ ........................... 24670................. 28,974,865.83

Federal Express ECCF, NJ............ 24671................. 48,147,115.32

Morristown Airport, NJ ................... 24681................. 208,711.25

John F. Kennedy Airport, NY ......... 24701................. 1,067,318,875.30

John F. Kennedy Air, Jamaica, NY ... 24702................. 5.14

NYACC, NY.................................... 24771................. 4,722,554.90

DHL Airways, NY ........................... 24772................. 16,108,848.29

Emery Worldwide, NY.................... 24773................. 4,203,013.52

Air France, Jamaica, NY................ 24774................. 10,559.34

Dworkin/Cosell, Jamaica, NY......... 24775................. 301.81

TNT Skypak., NY ........................... 24778................. 6,543,963.43

JFK Int’l Airport Jamaica, NY............. 24779................. 7,181.06

Total District ........................................................... 6,591,804,648.78

Philadelphia, Pennsylvania: 

Philadelphia, PA............................. 11101................. 236,579,674.05

Chester, PA.................................... 11102................. 87,502,341.02

Wilmington, DE .............................. 11103................. 22,815,572.18

Pittsburgh, PA ................................ 11104................. 59,800,085.67

Wilkes-Barre/Scranton, PA ............ 11106................. 2,489,024.89

Philadelphia International

 Airport, PA ................................... 11108 ................. 34,892,763.25

Harrisburg, PA................................ 11109................. 35,547,239.47

Cherry Hill, NJ ................................ 11110................. 200,000.00

Allentown, PA................................. 11119................. 12,806,565.30

Atlantic City Airport, NJ .................. 11182................. 131,837.72

Trenton/Mercer CTY Airport, PA.... 11183................. 154,775.21

UPS HUB, Philadelphia, PA........... 11195................. 39,138,938.68

Total District ........................................................... 532,058,817.44

Baltimore, Maryland: 

Baltimore, MD ................................ 11303................. 790,461,859.45

BWI Airport, MD ............................. 11305................. 8,754,181.00

Total District ........................................................... 799,216,040.45

 

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401................. 866,195,514.38

Norfolk Subport, VA ....................... 41403................. 1,199.90

Richmond-Petersburg, VA ............. 41404................. 9,675,006.51

Charleston, WV.............................. 41409................. 15,300,361.86

New River Valley Airport, VA ......... 41412................. 23,775,488.44

Total District ............................................................ 914,947,571.09
FEDERAL FISCAL OPERATIONS 

December 2014

25

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501...................... 127,092,306.38

Winston Salem, NC........................ 41502...................... 33,547,759.09

Durham, NC ................................... 41503...................... 13,860,913.45

Beaufort-Morehead City, NC.......... 41511...................... 1,093,924.39

Charlotte, NC ................................. 41512...................... 106,272,869.69

Total District ................................................................ 281,867,773.00

Charleston, South Carolina: 

Charleston, SC............................... 41601...................... 977,756,736.46

Georgetown, SC............................. 41602...................... 8,888.86

Greenville-Spartanburg, SC ............ 41603...................... 206,336,160.63

Columbia, SC................................. 41604...................... 1,638,282.73

Myrtle Beach Int’l Airport, SC........... 41681...................... 137,380.04

Total District ................................................................ 1,185,877,448.72

Savannah, Georgia: 

Brunswick, GA................................ 41701...................... 349,622,975.64

Savannah, GA................................ 41703...................... 1,632,896,241.27

Atlanta, GA..................................... 41704...................... 572,073,894.61

Total District ................................................................ 2,554,593,111.52

 

Tampa, Florida: 

Tampa, FL...................................... 41801...................... 71,896,154.60

Jacksonville, FL.............................. 41803...................... 355,716,793.37

Fernandina Beach, FL ................... 41805...................... 73,675.58

Orlando, FL .................................... 41808...................... 15,530,558.12

Orlando Sanford Airport, FL........... 41809...................... 234,180.53

St. Petersburg, FL.......................... 41814...................... 14,662.96

Port Canaveral, FL......................... 41816...................... 5,729,814.01

Panama City, FL ............................ 41818...................... 11,546,318.95

Pensacola, FL ................................ 41819...................... 298,582.93

Port Manatee, FL ........................... 41821...................... 21,576,767.95

Ft. Myers, FL .................................. 41822...................... 109,298.48

Naples Municipal Airport, FL.......... 41880...................... 267,238.29

Sarasota Bradenton Airport, FL ..... 41883...................... 167,912.89

Daytona Beach, Int’l Airport, FL..... 41884...................... 152,626.26

Melbourne Airport, FL .................... 41885...................... 197,608.58

Leesburg Regional Airport, FL....... 41887...................... 134,390.90

Orlando Executive Airport, FL........ 41888...................... 136,141.58

St. Augustine Airport UFA, FL........ 41889...................... 135,205.85

Total District ............................................................... 483,917,931.83

 

Mobile, Alabama: 

Mobile, AL ...................................... 51901...................... 69,883,127.76

Gulfport, MS................................... 51902...................... 18,709,270.07

Pascagoula, MS............................. 51903...................... 2,530,358.58

Birmingham, AL.............................. 51904...................... 40,054,394.89

Panama City, FL ............................ 51907...................... 104.95

Huntsville, AL ................................. 51910...................... 53,994,109.92

Total District ................................................................ 185,171,366.17

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001...................... 6,856,575.87

New Orleans, LA............................ 52002...................... 242,754,014.22

Little Rock, AR ............................... 52003...................... 1,376,682.10

Baton Rouge, LA............................ 52004...................... 21,132,191.98

Memphis, TN.................................. 52006...................... 428,486,431.63

Nashville, TN.................................. 52007...................... 272,072,461.74

 

New Orleans, Louisiana, continued: 

Chattanooga, TN............................ 52008...................... 6,100,652.55

Destrehan, LA ................................ 52009...................... 14.50

Gramercy, LA................................. 52010...................... 19,855,900.17

Greenville, MS................................ 52011...................... 148.54

Vicksburg, MS................................ 52015...................... 41,763,079.80

Knoxville, TN.................................. 52016...................... 57,410,572.89

Lake Charles, LA............................ 52017...................... 3,500,865.96

Shrevesport/Bossler City, LA......... 52018...................... 130,927.69

Port of Tri-Cities, TN........................... 52027...................... 3,734,759.19

TRI City Airport, Blountville, TN .... 52082...................... 806.03

Rogers Municipal Airport, AR......... 52084...................... 137,648.78

FEDEX Courier, Memphis, TN .......... 52095...................... 431,416,186.81

Memphis, TN Cartage-CNTL............. 52098...................... 7,559.79

Total District ............................................................... 1,536,737,480.24

Port Arthur, Texas:

Port Arthur, TX ............................... 62101...................... 18,275,124.56

Sabine, TX ..................................... 62102...................... 16.50

Orange, TX..................................... 62103...................... 606.00

Beaumont, TX ................................ 62104...................... 772,467.05

Blythe CA Border Patrol................. 62151...................... 248,248.91

Yuma AZ Border Patrol.................. 62152...................... 38,213.44

Wellton AZ Border Patrol ............... 62153...................... 1,028.00

Total District ............................................................... 19,335,704.46

Laredo, Texas:

Brownsville, TX .............................. 62301...................... 21,540,987.75

Del Rio, TX..................................... 62302...................... 6,573,880.74

Eagle Pass, TX .............................. 62303...................... 208,554,048.65

Laredo, TX ..................................... 62304...................... 472,720,164.82

Hidalgo, TX .................................... 62305...................... 69,609,478.98

Rio Grande City, TX....................... 62307...................... 333,231.78

Progresso, TX ................................ 62309...................... 2,152,169.63

Roma, TX ....................................... 62310...................... 659,657.97

Border Patrol Sector HQ, TX ......... 62350...................... 66,652.00

Comstock Border Patrol, TX .......... 62351...................... 4,050.00

Carrizo Springs Border 

 Patrol, TX .................................... 62352 ...................... 27,469.44

Del Rio Border Patrol, TX .............. 62353...................... 25,096.95

Eagle Pass Border Patrol, TX........ 62354...................... 2,950.00

Brackettville Border Patrol, TX....... 62355...................... 9,063.29

Uvalde Border Patrol, TX............... 62356...................... 15,100.00

Rocksprings, TX............................. 62357...................... 200.00

Border Patrol Sector HQ, TX ......... 62361...................... 15,600.00

Valley Int'l Airport UFA, TX ............ 62383...................... 308,642.79

Hidalgo Cartage, Pharr, TX............ 52398...................... 500.00

Total District ............................................................... 782,618,944.79

El Paso, Texas:

El Paso District, TX ........................ 62401...................... 1,533.39

El Paso, TX .................................... 62402...................... 205,535,919.20

Presidio, TX.................................... 62403...................... 661,240.03

Fabens, TX..................................... 62404...................... 30,043.31

Columbus, NM ............................... 62406...................... 291,864.05

Albuquerque, NM........................... 62407...................... 682,141.51

Santa Teresa, NM.......................... 62408...................... 16,083,866.03

Alpine, TX....................................... 62424...................... 4,078.00

Total District ............................................................... 223,290,685.52
FEDERAL FISCAL OPERATION 

December 2014

26 

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

 

Nogales, Arizona: 

Douglas, AZ ................................... 62601................... 3,376,332.19

Lukeville, AZ................................... 62602................... 193,356.65

Naco, AZ ........................................ 62603................... 151,974.30

Nogales, AZ ................................... 62604................... 80,624,872.82

Phoenix, AZ.................................... 62605................... 42,596,881.37

Sasabe, AZ .................................... 62606................... 13,392.75

San Luis, AZ................................... 62608................... 7,615,638.80

Tucson, AZ..................................... 62609................... 747,093.14

Border Patrol Sector HQ, AZ ......... 62650................... 96,960.70

Casa Grande AZ Border Patrol...... 62651................... 15,515.45

Tucson AZ Border Patrol ............... 62652................... 41,319.16

Nogales AZ Border Patrol.............. 62653................... 39,629.40

Willcox AZ Border Patrol................ 62654................... 34,409.03

Douglas AZ Border Patrol.............. 62655................... 7,880.00

Ajo AZ Border Patrol ...................... 62656................... 25,186.00

Naco Border Patrol, AZ.................. 62657................... 7,546.00

Sonoita AZ Border Patrol............... 62658................... 6,745.15

Scottsdale User Fee Airport, AZ .... 62681................... 143,219.40

Williams Gateway Airport, AZ ........ 62682................... 165,710.37

Total District ......................................................... 135,903,662.68

 

San Diego, California:

San Diego, CA ............................... 72501................... 168,833,395.39

Andrade, CA................................... 72502................... 161,153.12

Calexico, CA .................................. 72503................... 66,160.75

San Ysidro, CA............................... 72504................... 4,408,795.74

Tecate, CA ..................................... 72505................... 1,582,478.94

Otay Mesa, CA............................... 72506................... 141,416,717.13

Calexico-East, CA.......................... 72507................... 24,180,368.76

McClellan-Palomar Airport, CA ..... 72581................... 275,685.10

Total District ............................................................. 340,924,754.93

 

Los Angeles, California: 

Los Angeles, CA ............................ 72704 ................... 10,335,302,155.14

Long Beach, CA ............................. 72709 ................... 65,225.06

Port Hueneme, CA ......................... 72713 ................... 89,209,515.21

Los Angeles Int’l Airport, CA ............. 72720 ................... 645,112,445.19

Ontario Int’l Airport, CA ..................... 72721 ................... 21,198.83

Las Vegas, NV ............................... 72722 ................... 16,755,000.65

 DHL Los Angeles, CA ....................... 72770................... 87.05

 Gateway FRT Los Angeles, CA.... 72772................... 57.78

TNT Express Worldwide, CA ......... 72775 ................... 566,758.65

Int'l Bonded Couriers, CA .............. 72776 ................... 448,990.94

Micom, CA...................................... 72777................... 699,475.18

Los Angeles Int’l Airport, CA ............ 72779................... 211.25

Palm Springs User Fee, CA........... 72781................... 188,725.65

San Bernardino U.F. Airport, CA ... 72782................... 5,033,294.30

So. California Logistics Airport, CA.... 72783................... 2,419,946.20

Meadows Field Airport, CA ............ 72786................... 4,299,465.87

John Wayne Airport, CA ................ 72787................... 1,623,807.99

DHL HUB, CA ................................ 72791................... 25,376,942.57

UPS Ontario, Los Angeles, CA...... 72795................... 27,115,065.62

Total District ............................................................. 11,154,238,369.13

 

San Francisco, CA: 

San Francisco Int'l Airport, CA....... 72801................... 124,358,808.59

Eureka, CA..................................... 72802................... 9,124.46

Fresno, CA..................................... 72803................... 152,952,275.41

San Francisco, CA ......................... 72809................... 1,173,937,146.13

San Francisco, CA, continued:

Oakland, CA................................... 72811................... 36,652.18

Reno, NV........................................ 72833................... 1,553,987.17

San Jose Int’l Airport, CA............... 72834................... 703,941.12

Sacramento Int'l Airport, CA .......... 72835................... 12,025,978.44

DHL Worldwide Express, CA......... 72870................... 5,744.54

Fresno Yosemite Airport, CA ......... 72882................... 752,669.44

FEDEX Courier Facility, CA........... 72895................... 44,150,918.25

Total District ............................................................. 1,510,487,245.73

Great Falls, Montana:

Raymond, MT................................. 33301................... 958,030.89

Eastport, ID .................................... 33302................... 9,662,370.66

Salt Lake City, UT .......................... 33303................... 59,671,605.51

Great Falls, MT .............................. 33304................... 1,045,541.93

Butte, MT........................................ 33305................... 18,378.51

Turner, MT ..................................... 33306................... 28,529.76

Denver, CO .................................... 33307................... 89,090,363.38

Porthill, ID....................................... 33308................... 1,070,268.68

Scoby, MT ...................................... 33309................... 6,302.07

Sweetgrass, MT ............................. 33310................... 24,119,361.59

Piegan, MT..................................... 33316................... 263,441.63

Opheim, MT ................................... 33317................... 4,996.25

Roosville, MT ................................. 33318................... 105,157.79

Morgan, MT.................................... 33319................... 323,236.41

Whitlash, MT .................................. 33321................... 505.25

Del Bonita, MT ............................... 33322................... 17,328.00

Wildhorse, MT................................ 33323................... 24,160.10

Kalispell, MT................................... 33324................... 485.00

Willow Creek, MT........................... 33325................... 2,597.50

JEFFCO User Fee Airport, CO..... 33383................... 146,901.38

Centennial Airport, CO................... 33384................... 185,637.59

Eagle County Regional

 Airport, CO .................................. 33385 ................... 152,737.01

Bozeman Yellowstone, MT ............ 33386................... 133,144.14

Total District ............................................................. 187,031,081.03

 

Pembina, North Dakota:

Pembina, ND.................................. 33401................... 30,892,030.73

Portal, ND....................................... 33403................... 12,135,476.68

Neche, ND...................................... 33404................... 34,498.00

St. John, ND................................... 33405................... 3,027.50

Northgate, ND ................................ 33406................... 18,199.86

Walhalla, ND .................................. 33407................... 38,717.99

Hannah, ND ................................... 33408................... 431.25

Sarles, ND...................................... 33409................... 2,356.25

Ambrose, ND.................................. 33410................... 6.00

Fargo In’tl Airport, ND .................... 33411................... 143,596.47

Antler, ND....................................... 33413................... 2,672.24

Sherwood, ND................................ 33414................... 256,490.31

Hansboro, ND ................................ 33415................... 8,115.76

Maida, ND ...................................... 33416................... 2,805.00

Fortuna, ND.................................... 33417................... 17,337.34

Westhope, ND................................ 33419................... 7,963.00

Noonan, ND ................................... 33420................... 12,498.66

Carbury, ND ................................... 33421................... 9,064.25

Dunseith, ND.................................. 33422................... 889,650.25

Warroad, MN.................................. 33423................... 73,891.16

Baudette, MN ................................. 33424................... 53,150.98

Pinecreek, MN................................ 33425................... 2,022.75
FEDERAL FISCAL OPERATIONS 

December 2014

27

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

 

Pembina, North Dakota, continued: 

Roseau, MN ................................... 33426........................ 221,583.63

Grand Forks Airport, ND ................ 33427........................ 9,852.13

Lancaster, MN................................ 33430........................ 89,912.80

 Minot Airport, ND........................... 33434........................ 648.50

Total District .................................................................. 44,925,999.49

 

Minneapolis, Minnesota: 

Minneapolis-St. Paul, MN .............. 33501........................ 200,506,898.03

Sioux Falls, SD............................... 33502........................ 15,484.96

Duluth, MN ..................................... 33510........................ 1,938,631.57

Omaha, NE ................................... 33512........................ 62,881,828.59

Des Moines, IA............................... 33513........................ 2,448,237.52

Rochester, MN ............................... 33581........................ 158,109.97

Total District .................................................................. 267,949,190.64

 

International Falls, Minnesota: 

International Falls, MN................... 33604........................ 12,363,744.82

Grand Portage, MN........................ 33613........................ 1,850,358.54

Total District .................................................................. 14,214,103.36

 

Milwaukee, Wisconsin: 

Milwaukee, WI................................ 33701........................ 38,727,374.54

Green Bay, WI................................ 33703........................ 107,767.17

Racine, WI...................................... 33708........................ 176,886.07

Total District .................................................................. 39,012,027.78

 

Portland, Oregon: 

Astoria, OR..................................... 72901........................ 618,753.57

Newport, OR .................................. 72902........................ 2,099.88

Coos Bay, OR ................................ 72903........................ 104,243.38

Portland, OR .................................. 72904........................ 340,954,673.45

Longview, WA ................................ 72905........................ 1,714,908.14

Boise, ID......................................... 72907........................ 618,266.42

Vancouver, WA .............................. 72908........................ 12,414.50

Portland Int'l Airport, OR................ 72910........................ 9,089.63

Hillsboro Airport, OR...................... 72983........................ 139,738.81

Total District .................................................................. 344,174,187.78

 

Detroit, Michigan: 

Detroit, MI....................................... 33801........................ 544,957,048.95

Port Huron, MI................................ 33802........................ 99,364,552.52

Sault Sainte. Marie, MI................... 33803........................ 1,060,629.95

Saginaw Bay City, MI..................... 33804........................ 56,315.23

Battle Creek, MI ............................. 33805........................ 4,537,178.31

Grand Rapids, MI........................... 33806........................ 40,035,357.09

Detroit Metropolitan Airport, MI...... 33807........................ 67,188,190.32

Algonac, MI .................................... 33814........................ 5,082.17

Oakland County Int’l Airport, MI......... 33881........................ 302,292.84

Willow Run Airport, MI ................... 33882........................ 379,417.97

Capital Region Int’l Airport, MI ....... 33883........................ 468,107.20

Total District .............................................................. 758,354,172.55

 

Chicago, Illinois:

Chicago, IL ..................................... 33901........................ 2,132,343,740.36

Peoria, IL........................................ 33902........................ 16,615,200.95

Davenport-Rock Island, IL................ 33908........................ 557,625.41

Rockford Airport, IL ........................ 33909........................ 22,960,728.71

Midway Int'l Airport, IL.................... 33910........................ 145,128.02

TNT ECCF Chicago, IL .................. 33971........................ 131,091.90

Waukegan Airport, IL ..................... 33981........................ 148,874.38

Chicago Executive Airport, IL......... 33983........................ 175,075.65

Dupage Airport Auth, IL ................. 33984........................ 148,921.15

Decatur Airport, IL.......................... 33985........................ 132,957.88

Total District .................................................................. 2,173,359,344.41

Cleveland, Ohio:

Cleveland, OH................................ 34101........................ 197,248,267.03

Cincinnati, OH................................... 34102........................ 224,156,821.27

Columbus, OH................................ 34103........................ 889,958,916.33

Dayton, OH .................................... 34104........................ 2,484,699.11

Toledo, OH..................................... 34105........................ 6,764,301.44

Erie, PA .......................................... 34106........................ 1,115,282.08

Indianapolis, IN .............................. 34110........................ 106,836,029.41

Louisville, KY.................................. 34115........................ 227,394,281.43

Owensboro-Evansville, IN.............. 34116........................ 35,285,042.37

Ashtabula/Conneaut, OH............... 34122........................ 221,337.61

Fort Wayne Airport, IN ................... 34183........................ 221,345.65

Blue Grass Airport, KY................... 34184........................ 150,585.66

Burlington Air Express, OH............ 34192........................ 225.93

DHL Express, OH........................... 34194........................ 216,470.44

UPS Courier Louisville, KY ............ 34196........................ 306,305,822.77

DHL Courier, OH............................ 34197........................ 130,553,756.72

Federal Express Hub, IN................ 34198........................ 31,371,578.97

Total District ............................................................. 2,160,284,764.22

St. Louis, Missouri:

Kansas City, MO............................ 34501........................ 226,098,937.67

St. Louis, MO ................................. 34503........................ 161,316,736.32

Wichita, KS..................................... 34504........................ 149,004,230.92

Springfield, MO .............................. 34505........................ 8,599,992.25

MidAmerica Airport, MO................. 34581........................ 124,861.20

Total District .................................................................. 545,144,758.36

Preclearance, Washington, DC:

USCBP Abu Dhabi, Preclearance,

 Washington, DC ........................... 07543 ........................ 32,496.30

USCBP Vancouver, Preclearance,

 Washington, DC ........................... 37922 ........................ 853,603.61

USCBP Calgary, Preclearance,

 Washington, DC .......................... 37923 ........................ 1,552,409.09

USCBP Edmondton,

 Preclearance, Washington, DC ... 37924 ........................ 815,830.35

USCBP Montreal, Preclearance,

 Washington, DC .......................... 37925 ........................ 936,129.14

USCBP Toronto, Preclearance,

 Washington, DC .......................... 37926 ........................ 2,692,718.36
FEDERAL FISCAL OPERATION 

December 2014

28 

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

 

Preclearance, Washington, DC, continued: 

USCBP Winnipeg, Preclearance, 

 Washington, DC ............................ 37928 ........................ 327,909.47

USCBP Ottawa, Preclearance, 

 Washington, DC ............................ 37929 ........................ 285,211.63

USCBP Victoria, Preclearance, 

 Washington, DC ............................ 37930 ........................ 93,475.00

USCBP Halifax NS, Preclearance, 

 Washington, DC ............................ 37931 ........................ 122,586.35

USCBP St. Thomas, 

 Preclearance, VI ............................ 47401 ........................ 309,307.18

USCBP St. Croix, 

 Preclearance, VI ............................ 47404 ........................ 8,182.00

USCBP Bermuda, Preclearance, 

 Washington, DC ............................ 47421 ........................ 62,690.19

USCBP Freepor,t Preclearance, 

 Washington, DC ............................ 47422 ........................ 1,682.00

USCBP Nassau, Preclearance, 

 Washington, DC ............................ 47423 ........................ 145,907.56

USCBP Aruba, Preclearance, 

 Washington, DC ............................ 47424 ........................ 74,181.05

Dublin, IE, Preclearance, 

 Washington, DC ............................ 57541 ........................ 81,582.03

Shannon, IE, Preclearance, 

 Washington, DC ............................ 57542 ........................ 8,267.12

Total District..................................................................... 8,404,168.43

 

San Juan, Puerto Rico: 

Aguadilla, PR.................................... 44901........................ 776,414.46

Fajardo, PR....................................... 44904........................ 4,027,756.35

Mayaguez, PR.................................. 44907........................ 2,088,821.77

Ponce, PR......................................... 44908........................ 4,387,206.43

San Juan, PR.................................... 44909........................ 107,009,089.06

Guayanilla, PR.................................. 44912........................ 25.53

San Juan Int'l Airport, PR ................. 44913........................ 87,257,548.44

Total District..................................................................... 205,546,862.04

 

Virgin Islands of the United States: 

Charlotte Amalie, VI.......................... 45101........................ 7,500,050.48

Cruz Bay, VI...................................... 45102........................ 187,487.19

Christiansted, VI ............................... 45104........................ 4,201,560.93

Total District..................................................................... 11,889,098.60

 

Miami, Florida: 

Miami, FL .......................................... 45201........................ 550,217,152.60

Key West, FL .................................... 45202........................ 123,813.31

Port Everglades, FL.......................... 45203........................ 235,309,273.55

West Palm Beach, FL....................... 45204........................ 11,750,818.70

Fort Pierce, FL.................................. 45205........................ 27,045.30

Miami Int'l Airport, FL........................ 45206........................ 130,336,348.11

Fort Lauderdale Int'l Airport, FL........ 45210........................ 270,496.92

DHL Worldwide Express, FL ............ 45271........................ 484.96

Miami Int’l Airport UPS (Inactive), FL.......... 45273........................ 1,314.26

UPS Miami Int'l Airport, FL ............... 45295........................ 344,605.80

DHL Worldwide Express, FL ............ 45296........................ 1,092,247.82

FEDEX Courier Hub Miami, FL ........ 45297........................ 1,544,260.63

IBC Courier Hub Miami, FL .............. 45298........................ 111,900.19

Miami Seaport ALT, FL..................... 45299........................ 2,115,582.81

Total District..................................................................... 933,245,344.96

Washington, DC:

Washington, DC ............................... 45401........................ 44,718,029.90

Total District..................................................................... 44,718,029.90

Houston, Texas:

Houston, TX...................................... 65301........................ 1,194,794,671.01

Houston George Bush

 Intercontinental Airport, TX ............ 65309 ........................ 89,156,659.62

Galveston, TX................................... 65310........................ 12,365,958.05

Freeport, TX...................................... 65311........................ 10,227,264.73

Corpus Christi, TX ............................ 65312........................ 9,216,765.73

Port Lavaca, TX................................ 65313........................ 571,749.05

Border Patrol Sector HQ, TX............ 65350........................ 124,950.00

Mercedes (Weslaco) TX Border

 Patrol ............................................. 65351 ........................ 81,311.00

Falfurrias TX Border Patrol............... 65352........................ 254,748.54

Rio Grande City TX Border Patrol.... 65353........................ 51,006.00

McAllen TX Border Patrol................. 65354........................ 97,775.53

Brownsville TX Border Patrol ........... 65355........................ 4,729.00

Harlingen TX Border Patrol ............. 65356........................ 8,565.00

Kingsville TX Border Patrol .............. 65357........................ 93,832.00

Ft. Brown TX Border Patrol ............. 65358........................ 9,303.00

Sugar Land Regional AP, TX ........... 65381........................ 158,789.88

Total District..................................................................... 1,317,218,078.14

Dallas-Ft. Worth, Texas:

Dallas/Ft. Worth, TX ......................... 65501........................ 634,839,939.28

Amarillo, TX ...................................... 65502........................ 26,901.71

Lubbock, TX...................................... 65503........................ 252,385.41

Oklahoma City, OK........................... 65504........................ 6,525,896.99

Tulsa, OK.......................................... 65505........................ 9,401,901.65

Austin, TX ......................................... 65506........................ 2,407,364.98

San Antonio, TX ............................... 65507........................ 22,626,589.95

Border Patrol Sector HQ, TX............ 65550........................ 4,871.46

Lubbock TX Border Patrol ................ 65551........................ 4,720.00

Presidio TX Border Patrol................. 65553........................ 500.00

Marfa TX Border Patrol..................... 65554........................ 5,747.50

Fort Stockton, TX.............................. 65556........................ 1,797.50

Sanderson TX Border Patrol ............ 65557........................ 4,339.11

Alpine TX Border Patrol.................... 65558........................ 2,900.00

Sierra Blanca TX Border Patrol........ 65560........................ 6,188.50

Midland, TX....................................... 65562........................ 1,848.00

Midland Int’l Airport, TX.................... 65582........................ 144,705.06

Fort Worth Alliance Airport, TX......... 65583........................ 137,494.20

Addison Airport, TX .......................... 65584........................ 177,952.26

Collin County Regional Airport, TX..... 65585........................ 127,574.81

Kelly Field Annex, TX............................ 65587........................ 123,438.00

Dallas Love Field (DAL), TX ................. 65588........................ 215,981.53

Total District..................................................................... 677,041,037.90

Seattle, Washington:

Seattle, WA....................................... 73001........................ 408,558,832.94

Tacoma, WA..................................... 73002........................ 692,969,720.08

Aberdeen, WA .................................. 73003........................ 1,462,565.50

Blaine, WA........................................ 73004........................ 56,570,702.24

Bellingham, WA ................................ 73005........................ 2,753,650.10

Everett, WA....................................... 73006........................ 3,028,461.61

Port Angeles, WA ............................. 73007........................ 164,235.79

Port Townsend, WA.......................... 73008........................ 35,682.19
FEDERAL FISCAL OPERATIONS 

December 2014

29

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2014

 

Seattle, Washington, continued: 

Sumas, WA....................................... 73009................... 5,083,720.25

Anacortes, WA.................................. 73010................... 2,207,638.97

Nighthawk, WA................................. 73011................... 4,204.86

Danville, WA ..................................... 73012................... 9,519.69

Ferry, WA.......................................... 73013................... 960.00

Friday Harbor, WA............................ 73014................... 208,956.10

Boundary, WA................................... 73015................... 20,788.64

Laurier, WA....................................... 73016................... 19,368.90

Point Roberts, WA............................ 73017................... 159,354.82

Oroville, WA...................................... 73019................... 1,275,370.72

Frontier, WA...................................... 73020................... 28,916.13

Spokane, WA.................................... 73022................... 532,901.45

BP Sector HQ Spokane, WA............ 75750................... 134.00

Lynden, WA ...................................... 73023................... 376,783.26

Metaline Falls, WA............................ 73025................... 17,416.33

Olympia, WA..................................... 73026................... 19,006.03

Seattle-Tacoma Int’l Airport, WA...... 73029................... 85,743,847.81

UPS, Seattle, WA ............................. 73071................... 2,153,875.18

Grant County Airport, Moses 

 Lake, WA ....................................... 73082 ................... 257,246.32

Total District................................................................ 1,263,663,859.91

 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101................... 73,300.49

Ketchikan, AK ................................... 73102................... 163,801.91

Skagway, AK .................................... 73103................... 34,426.64

 

 

Anchorage, Alaska, continued:

Alcan, AK.......................................... 73104................... 658,960.12

Wrangell, AK..................................... 73105................... 4,287.06

Dalton Cache, AK............................. 73106................... 15,181.57

Valdez, AK........................................ 73107................... 6,239.18

Fairbanks, AK................................... 73111................... 23,214.63

Sitka, AK........................................... 73115................... 4,227.58

Anchorage, AK.................................. 73126................... 5,947,723.58

Kodiak, AK........................................ 73127................... 640.04

Federal Express Courier, AK............ 73195................... 73,316,023.25

UPS Courier Hub, AK....................... 73196................... 255,022.59

Total District................................................................ 80,503,048.64

 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 31,462,406.43

Hilo, HI .............................................. 73202................... 114,626.90

Kahului, HI ........................................ 73203................... 90,941.94

Honolulu Airport, HI .......................... 73205................... 5,313,368.26

Kona, HI............................................ 73206................... 84,925.98

Total District................................................................ 37,066,269.51

 

 

 

 

 

 

Total Customs and Border Protection Collections for 

fiscal year 2014 ............................................................ $48,125,594,679.69 
December 2014 

30 

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) 

 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

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 - -

 2013 - Sept............................. 881,837 225,937 1,045,523 - -

Oct.............................. 836,083 165,149 1,006,617 - -

Nov ............................. 612,157 161,051 822,776 - -

Dec ............................. 790,907 257,396 919,337 - -

2014 - Jan .............................. 697,799 201,482 973,107 - -

Feb ............................. 704,769 183,522 930,834 - -

Mar ............................. 665,183 237,948 806,971 - -

Apr.............................. 783,716 249,850 1,027,413 - -

May............................. 666,537 169,528 955,514 - -

June............................ 778,049 246,092 913,735 - -

July ............................. 723,256 175,672 910,992 - -

Aug ............................. 605,898 163,789 848,260 - -

Sept............................ 802,207 263,273 955,843 - -

 

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

December 2014 

31

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) 

 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

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 - -

 

2013 - Sept............. 88,386 - - 94,495 - - 16,949 - - 40,252 - -

Oct.............. 83,001 - - 83,001 - - 23,393 - - 37,782 - -

Nov ............. 33,433 - - 67,234 - - 23,564 - - 43,720 - -

Dec ............. 162,399 - - 162,399 - - 20,065 - - 68,305 - -

2014 - Jan .............. 88,573 - - 162,399 - - 68,961 - - 93,059 - -

Feb ............. 46,029 - - 88,573 - - 21,331 - - 48,450 - -

Mar ............. 142,189 - - 142,189 - - 42,797 - - 78,169 - -

Apr.............. 148,343 - - 150,955 - - 82,458 - - 31,754 - -

May............. 28,894 - - 103,725 - - 55,900 - - 22,950 - -

June............ 139,299 - - 148,000 - - 77,299 - - 26,031 - -

July ............. 127,237 - - 127,237 - - 54,801 - - 66,750 - -

Aug ............. 48,664 - - 83,927 - - 29,547 - - 54,309 - -

Sept............ 158,302 - - 158,302 - - 17,249 - - 78,927 - -

 

 1 This report does not include Supplementary Financing Program (SFP) balances.

2

 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
December 2014 

32 

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 nonmarketabletes at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2014 

33

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) 

 

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971

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

 

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

Oct ..................... 17,181,230 17,156,117 25,113 4,969,004 4,968,998 5 12,212,226 12,187,119 25,108

Nov..................... 17,241,818 17,217,151 24,667 4,936,273 4,936,267 5 12,305,545 12,280,884 24,662

Dec..................... 17,376,462 17,351,970 24,492 4,996,782 4,996,776 5 12,379,680 12,355,194 24,487

2014 - Jan...................... 17,317,315 17,293,020 24,295 4,985,299 4,985,294 5 12,332,016 12,307,726 24,290

Feb..................... 17,487,306 17,463,229 24,077 4,971,041 4,971,036 5 12,516,265 12,492,193 24,072

Mar..................... 17,625,235 17,601,227 24,008 4,982,034 4,982,028 5 12,643,201 12,619,199 24,003

Apr ..................... 17,532,411 17,508,437 23,974 5,005,168 5,005,163 5 12,527,243 12,503,274 23,969

May .................... 17,540,825 17,516,958 23,867 4,979,066 4,979,061 5 12,561,759 12,537,897 23,862

June ................... 17,656,646 17,632,606 24,040 5,060,590 5,060,585 5 12,596,056 12,572,021 24,035

July..................... 17,711,236 17,687,137 24,099 5,035,835 5,035,832 3 12,675,401 12,651,305 24,096

Aug..................... 17,772,901 17,749,172 23,729 5,016,743 5,016,740 3 12,756,158 12,732,432 23,726

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

 

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) 

 

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764

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

 

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

Oct...................... 17,181,230 54,048 17,127,182 4,969,004 27,834 4,941,170 12,212,226 26,214 12,186,013

Nov..................... 17,241,818 53,974 17,187,845 4,936,273 27,594 4,908,679 12,305,545 26,380 12,279,166

Dec..................... 17,376,462 54,420 17,322,042 4,996,782 27,548 4,969,234 12,379,680 26,872 12,352,809

2014 - Jan ...................... 17,317,315 55,224 17,262,090 4,985,299 27,500 4,957,798 12,332,016 27,724 12,304,291

Feb ..................... 17,487,306 55,662 17,431,644 4,971,041 27,250 4,943,791 12,516,265 28,412 12,487,853

Mar..................... 17,625,235 55,549 17,569,686 4,982,034 27,152 4,954,881 12,643,201 28,397 12,614,805

Apr...................... 17,532,411 54,928 17,477,484 5,005,168 27,074 4,978,095 12,527,243 27,854 12,499,389

May .................... 17,540,825 54,672 17,486,154 4,979,066 26,984 4,952,082 12,561,759 27,688 12,534,072

June ................... 17,656,646 54,540 17,602,106 5,060,590 26,931 5,033,658 12,596,056 27,609 12,568,448

July..................... 17,711,236 54,773 17,656,461 5,035,835 26,827 5,009,008 12,675,401 27,946 12,647,453

Aug..................... 17,772,901 54,566 17,718,335 5,016,743 26,745 4,989,998 12,756,158 27,821 12,728,337

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

 
FEDERAL DEBT 

December 2014

34 

 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) 

2010 .......................... 188,796 - 4,186 129,355 193,208 29,995 1,340

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

 

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

Oct................. 179,792 - 2,986 180,786 120,597 29,995 1,345

Nov................ 179,608 - 2,986 179,952 118,936 29,995 1,382

Dec................ 179,226 - 2,986 179,999 115,488 29,995 1,440

2014 - Jan ................. 178,859 - 2,986 182,465 110,348 29,995 1,420

Feb ................ 178,679 - 2,986 184,273 107,175 29,995 1,386

Mar................ 178,372 - 2,986 186,051 108,536 29,995 1,358

Apr................. 178,128 - 2,986 185,732 112,423 29,995 1,376

May ............... 178,000 - 2,986 188,739 112,277 29,995 1,431

June .............. 177,677 - 2,986 186,544 111,858 29,995 1,454

July................ 177,343 - 2,986 190,687 108,822 29,995 1,488

Aug................ 177,030 - 2,986 193,237 105,440 29,995 1,443

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

 

 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) 

 

2010 .......................... 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 - 546,880

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

 

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

Oct................. 12,187,370 11,671,868 1,543,471 7,804,727 1,379,099 944,571 - 515,502

Nov................ 12,281,126 11,768,268 1,619,345 7,795,110 1,395,101 958,712 - 512,858

Dec................ 12,355,427 11,846,292 1,590,563 7,875,065 1,408,110 972,555 - 509,134

2014 - Jan ................. 12,308,143 11,802,070 1,484,438 7,922,464 1,421,110 959,058 15,000 506,073

Feb ................ 12,492,550 11,988,056 1,612,321 7,942,678 1,437,113 967,944 28,000 504,494

Mar................ 12,619,319 12,112,021 1,650,233 7,986,238 1,450,114 984,436 41,000 507,298

Apr................. 12,503,468 11,992,829 1,457,136 8,027,406 1,463,107 989,179 56,001 510,640

May ............... 12,538,030 12,024,603 1,447,025 8,021,081 1,479,104 1,008,398 68,995 513,427

June .............. 12,572,220 12,061,707 1,386,402 8,082,061 1,492,100 1,019,148 81,995 510,513

July................ 12,651,478 12,140,157 1,408,232 8,116,078 1,505,091 1,013,761 96,995 511,321

Aug................ 12,732,612 12,222,481 1,450,293 8,109,269 1,521,088 1,031,836 109,996 510,130

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

December 2014 

35

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) 

 

2010 ..................... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426

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

 

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

Oct............ 2,646,434 825 73,472 12,589 6,178 2,488 678 27,655 1,102,460

Nov........... 2,636,662 825 67,127 11,386 6,113 3,204 447 30,178 1,096,078

Dec........... 2,674,490 826 74,882 10,020 6,179 4,350 455 27,845 1,091,736

2014 - Jan ............ 2,684,148 826 67,954 9,083 6,109 3,858 737 26,255 1,091,927

Feb ........... 2,676,216 826 69,777 9,819 6,035 4,180 809 29,468 1,093,642

Mar........... 2,678,624 826 78,352 9,885 5,945 4,225 638 29,969 1,095,532

Apr............ 2,695,194 826 76,596 9,852 5,854 5,005 652 27,511 1,100,002

May .......... 2,687,933 826 68,131 9,966 5,780 5,196 584 37,016 1,100,570

June ......... 2,732,025 827 77,336 6,896 5,837 5,429 553 36,063 1,103,301

July........... 2,728,185 827 73,303 4,713 5,760 5,990 649 34,249 1,109,561

Aug........... 2,718,700 827 70,913 12,982 5,675 5,098 553 37,278 1,108,068

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

 

 

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) 

 

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194

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 -

 

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

Oct......... 5,125,910 12,435 36,930 41,991 22,671 96,175 840,669 202,257 3

Nov........ 5,092,114 13,063 37,608 42,133 22,666 92,283 836,390 195,948 3

Dec........ 5,152,908 12,650 40,682 42,145 22,667 90,723 848,005 205,250 3

2014 - Jan ......... 5,143,596 12,571 40,343 42,202 22,667 89,430 843,830 201,653 3

Feb ........ 5,131,071 12,366 41,487 42,394 22,660 86,073 839,427 195,892 -

Mar........ 5,143,995 12,182 43,424 42,409 22,661 84,280 835,328 199,715 -

Apr......... 5,166,533 11,867 43,247 42,386 22,662 84,208 830,408 210,263 -

May ....... 5,143,360 11,862 43,686 42,614 22,654 80,757 826,494 199,291 -

June ...... 5,223,926 12,048 46,525 42,649 22,654 80,178 838,923 212,682 -

July........ 5,203,137 12,205 46,321 42,632 22,655 76,674 834,189 205,224 -

Aug........ 5,186,514 12,238 46,568 42,864 22,649 73,046 830,175 198,880 -

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

 
FEDERAL DEBT 

December 2014

36 

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) 

 

2010 ............................ 23,974 29 139 23,627 180 *

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 *

 

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

Oct................... 25,113 19 131 24,830 134 *

Nov.................. 24,667 19 131 24,384 134 *

Dec.................. 24,492 19 132 24,207 134 *

2014 - Jan ................... 24,295 19 133 24,009 134 *

Feb .................. 24,077 19 126 23,808 124 *

Mar.................. 24,008 19 118 23,747 124 *

Apr................... 23,974 19 119 23,712 124 *

May ................. 23,867 19 111 23,613 124 *

June ................ 24,040 19 112 23,785 124 *

July.................. 24,099 19 113 23,842 125 *

Aug.................. 23,729 19 105 23,489 116 *

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

 

 

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

December 2014 

37

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) 

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

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 

 

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

Oct...................... 9,562,172 2,969,441 4,127,631 1,663,688 230,610 570,803 54

Nov ..................... 9,548,526 3,055,713 4,057,019 1,633,795 228,844 573,155 54

Dec ..................... 9,645,574 3,039,316 4,134,538 1,671,970 227,589 572,162 54 

2014 - Jan ...................... 9,565,688 2,942,227 4,146,056 1,678,072 226,498 572,835 54

Feb ..................... 9,713,076 3,099,149 4,144,108 1,655,880 225,820 588,119 54

Mar ..................... 9,800,825 3,146,575 4,150,514 1,688,634 224,925 590,178 54 

Apr...................... 9,651,168 2,969,417 4,146,535 1,716,264 224,442 594,510 55

May..................... 9,587,683 2,972,329 4,089,558 1,696,790 224,572 604,434 55

June.................... 9,669,966 2,914,531 4,159,795 1,754,323 224,166 617,152 56 

July ..................... 9,728,904 2,931,865 4,168,347 1,780,030 224,116 624,547 56

Aug ..................... 9,719,508 2,979,223 4,133,260 1,748,261 223,770 634,994 56

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

 

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

December 2014

38 

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) 

 

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 

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 

 

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

Oct. 2.................................... - 17,108,378 17,108,378 - 17,156,117 - 47,739 

Nov. 2................................... - 17,168,987 17,168,987 - 17,217,152 - 48,165 

Dec. 2................................... - 17,303,558 17,303,558 - 17,351,971 - 48,413 

2014 - Jan. 2 .................................... - 17,245,687 17,245,687 - 17,293,020 - 47,333 

Feb. 2 ................................... - 17,416,282 17,416,282 - 17,463,229 - 46,947 

Mar. 3 ................................... - 17,554,514 17,554,514 - 17,601,227 - 46,713 

Apr. 3.................................... - 17,462,107 17,462,107 - 17,508,437 - 46,331 

May 3 ................................... - 17,471,505 17,471,505 - 17,516,958 - 45,453 

June 3 .................................. - 17,588,541 17,588,541 - 17,632,606 - 44,066 

July 3.................................... - 17,643,346 17,643,346 - 17,687,137 - 43,792 

Aug. 3................................... - 17,706,419 17,706,419 - 17,749,172 - 42,754 

Sept. 3.................................. - 17,781,107 17,781,107 - 17,824,071 - 42,964 

 

1 Pursuant to 31 U.S.C. 3101(b). By Act of February 4, 2013, Public Law 113-3, the Statutory 

Debt Limit has been suspended and shall not apply for the period beginning February 4, 2013, 

and ending on May 18, 2013. 

2 Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act of 2014, Public Law 

113-46, the Statutory Debt Limit has been suspended and shall not apply for the period 

beginning October 17, 2013, and ending on February 7, 2014. 

3 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. 
FEDERAL DEBT 

December 2014 

39

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) 

 

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160

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

 

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

Oct....................................... 1,140,285 17,388 26,155 22,184 557 908

Nov...................................... 1,143,489 20,058 26,286 22,323 566 908

Dec...................................... 1,155,980 13,289 26,436 22,467 572 908

2014 - Jan ....................................... 1,192,962 13,962 26,539 22,593 576 908

Feb ...................................... 1,195,821 13,794 26,634 22,689 581 908

Mar...................................... 1,210,521 13,468 26,731 22,773 584 908

Apr....................................... 1,216,345 14,119 24,557 22,228 524 908

May ..................................... 1,218,904 14,676 24,700 22,374 529 908

June .................................... 1,261,877 15,812 24,815 21,474 532 908

July...................................... 1,247,887 16,616 24,815 21,474 532 908

Aug...................................... 1,244,084 17,943 26,165 21,975 567 748

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

 

 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) 

 

2010 ................................................ 373,717 2,513 4,749 21 46,809

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

 

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

Oct ...................................... 877,281 4,025 25,940 139 54,955

Nov...................................... 877,281 4,040 25,940 139 55,271

Dec...................................... 899,477 4,065 25,940 139 55,354

2014 - Jan....................................... 934,743 4,073 25,940 139 55,667

Feb...................................... 934,743 4,073 25,940 139 57,313

Mar...................................... 947,988 4,073 25,940 139 57,169

Apr ...................................... 955,498 4,206 25,940 139 56,896

May ..................................... 955,498 4,250 25,940 139 57,692

June .................................... 999,094 4,287 25,940 139 57,826

July...................................... 984,729 4,314 25,940 140 56,755

Aug...................................... 986,023 4,352 25,940 140 57,036

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

 
FEDERAL DEBT 

December 2014

40 

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) 

 

2010 ...................................... 7,254 3,481 11,752 374,997

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

 

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

Oct............................. 18,246 3,937 8,391 80,179

Nov............................ 18,456 4,217 8,391 79,614

Dec............................ 18,957 4,568 8,391 75,417

2014 - Jan ............................. 18,957 4,919 8,391 75,554

Feb ............................ 19,717 5,185 8,391 75,713

Mar............................ 20,237 5,513 8,374 76,625

Apr............................. 20,352 5,842 8,418 76,718

May ........................... 20,352 6,135 8,857 76,854

June .......................... 21,333 2,554 8,857 78,306 

July............................ 21,443 2,899 8,857 78,465

Aug............................ 21,116 3,184 8,857 70,038

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

 

Note—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note—Detail may not add to totals due to rounding. 
41 

December 2014 

INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JULY-SEPTEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J U L Y 

Auction of 3-Year Notes 

On July 3, 2014, Treasury announced it would auction 

$27,000 million of 3-year notes. The issue was to refund 

$55,904 million of securities maturing July 15 and to raise 

new cash of approximately $5,096 million. 

The 3-year notes of Series AP-2017 were dated and issued 

July 15. They are due July 15, 2017, with interest payable on 

January 15 and July 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 July 8. Tenders totaled 

$91,274 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.992 percent with an 

equivalent price of $99.655014. Treasury accepted in full all 

competitive tenders at yields lower than 0.992 percent. 

Tenders at the high yield were allotted 5.49 percent. The 

median yield was 0.974 percent, and the low yield was 0.895 

percent. Noncompetitive tenders totaled $74 million. 

Competitive tenders accepted from private investors totaled 

$26,826 million. The minimum par amount required for 

Separate Trading of Registered Interest and Principal 

Securities (STRIPS) of notes of Series AP-2017 is $100. 

Auction of 9-Year 10-Month 2-1/2 Percent Notes 

On July 3, 2014, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2-1/2 percent notes. The 

issue was to refund $55,904 million of securities maturing 

July 15 and to raise new cash of approximately $5,096 

million. 

The 9-year 10-month notes of Series C-2024 were dated 

May 15 and issued July 15. They are due May 15, 2024, with 

interest payable on November 15 and May 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 July 9. Tenders totaled $54,009 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.597 percent with an 

equivalent price of $99.159293. Treasury accepted in full all 

competitive tenders at yields lower than 2.597 percent. 

Tenders at the high yield were allotted 14.04 percent. The 

median yield was 2.560 percent, and the low yield was 2.491 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2014 

42 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$20,984 million. Accrued interest of $4.14402 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2024 is $100. 

Auction of 29-Year 10-Month 3-3/8 Percent Bonds 

On July 3, 2014, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3-3/8 percent bonds. 

The issue was to refund $55,904 million of securities 

maturing July 15 and to raise new cash of approximately 

$5,096 million. 

The 29-year 10-month bonds of May 2044 were dated 

May 15 and issued July 15. They are due May 15, 2044, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on July 10. Tenders totaled $31,247 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.369 percent with an 

equivalent price of $100.106136. Treasury accepted in full all 

competitive tenders at yields lower than 3.369 percent. 

Tenders at the high yield were allotted 91.54 percent. The 

median yield was 3.322 percent, and the low yield was 3.250 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$12,992 million. Accrued interest of $5.59443 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of bonds of May 

2044 is $100. 

52-Week Bills 

On July 17, 2014, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

July 24, and will mature July 23, 2015. The issue was to 

refund $100,001 million of all maturing bills and to raise new 

cash of approximately $9,999 million. Treasury auctioned the 

bills on July 22. Tenders totaled $106,764 million; Treasury 

accepted $25,001 million. That included $122 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 17, 2014, Treasury announced it would auction 

$15,000 million of 10-year TIPS. The issue was to refund 

$74,936 million of securities maturing July 31 and to raise 

new cash of approximately $48,064 million. 

The 10-year TIPS of Series D-2024 were dated July 15 

and issued July 31. They are due July 15, 2024, with interest 

payable on January 15 and July 15 until maturity. Treasury set 

an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

 Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on July 24. Tenders totaled $37,351 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.249 percent with an 

equivalent adjusted price of $98.959115. Treasury accepted in 

full all competitive tenders at yields lower than 0.249 percent. 

Tenders at the high yield were allotted 60.46 percent. The 

median yield was 0.210 percent, and the low yield was 0.150 

percent. Noncompetitive tenders totaled $47 million. 

Competitive tenders accepted from private investors totaled 

$14,953 million. Adjusted accrued interest of $0.05445 per 

$1,000 must be paid for the period from July 15 to July 31. 

Both the unadjusted price of $98.781309 and the unadjusted 

accrued interest of $0.05435 were adjusted by an index ratio 

of 1.00180, for the period from July 15 to July 31. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $5 million from 

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

minimum par amount required for STRIPS of TIPS of Series 

D-2024 is $100. 

Auction of 2-Year Notes 

On July 24, 2014, Treasury announced it would auction 

$29,000 million of 2-year notes. The issue was to refund 

$74,936 million of securities maturing July 31 and to raise 

new cash of approximately $48,064 million. 

The 2-year notes of Series BC-2016 were dated and issued 

July 31. They are due July 31, 2016, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 0-1/2 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 28. Tenders totaled $93,384 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.544 percent with an 

equivalent price of $99.912595. Treasury accepted in full all 

competitive tenders at yields lower than 0.544 percent. 

Tenders at the high yield were allotted 78.18 percent. The 

median yield was 0.525 percent, and the low yield was 0.489 

percent. Noncompetitive tenders totaled $169 million. 

Competitive tenders accepted from private investors totaled 

$28,731 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $9 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series BC-2016 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2014 

43

Auction of 5-Year Notes 

On July 24, 2014, Treasury announced it would auction 

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

$74,936 million of securities maturing July 31 and to raise 

new cash of approximately $48,064 million. 

The 5-year notes of Series AB-2019 were dated and issued 

July 31. They are due July 31, 2019, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 1-5/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 29. Tenders totaled $98,372 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.720 percent with an 

equivalent price of $99.546716. Treasury accepted in full all 

competitive tenders at yields lower than 1.720 percent. 

Tenders at the high yield were allotted 28.92 percent. The 

median yield was 1.696 percent, and the low yield was 1.609 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$34,950 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $11 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series AB-2019 is $100. 

Auction of 2-Year Floating Rate Notes (FRN) 

On July 24, 2014, Treasury announced it would auction 

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

$74,936 million of securities maturing July 31 and to raise 

new cash of approximately $48,064 million. 

The 2-year FRNs of Series BD-2016 were dated and 

issued July 31. They are due July 31, 2016, with interest 

payable on October 31, January 31, April 30, and July 31 until 

maturity. Treasury set a spread of 0.070 percent after 

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on July 30. Tenders totaled $61,387 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.070 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.070 percent. Tenders at the high discount margin were 

allotted 95.61 percent. The median discount margin was 0.069 

percent, and the low discount margin was 0.060 percent. 

Noncompetitive tenders totaled $28 million. Competitive 

tenders accepted from private investors totaled $14,972 

million. 

Auction of 7-Year Notes 

On July 24, 2014, Treasury announced it would auction 

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

$74,936 million of securities maturing July 31 and to raise 

new cash of approximately $48,064 million. 

The 7-year notes of Series N-2021 were dated and issued 

July 31. They are due July 31, 2021, with interest payable on 

January 31 and July 31 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 July 30. Tenders totaled $74,846 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.250 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 2.250 percent. 

Tenders at the high yield were allotted 1.49 percent. The 

median yield was 2.205 percent, and the low yield was 2.130 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$28,983 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $9 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series N-2021 is $100. 

A U G U S T 

August Quarterly Financing 

On August 6, 2014, Treasury announced it would auction 

$27,000 million of 3-year notes, $24,000 million of 10-year 

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

$57,700 million of securities maturing August 15 and to raise 

new cash of approximately $9,300 million. 

The 3-year notes of Series AQ-2017 were dated and issued 

August 15. They are due August 15, 2017, with interest 

payable on February 15 and August 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 

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

competitive tenders on August 12. Tenders totaled $81,942 

million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.924 percent with an 

equivalent price of $99.855348. Treasury accepted in full all 

competitive tenders at yields lower than 0.924 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2014 

44 

Tenders at the high yield were allotted 58.93 percent. The 

median yield was 0.900 percent, and the low yield was 0.833 

percent. Noncompetitive tenders totaled $54 million. 

Competitive tenders accepted from private investors totaled 

$26,846 million. The minimum par amount required for 

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

The 10-year notes of Series E-2024 were dated and issued 

August 15. They are due August 15, 2024, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2-3/8 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 August 13. Tenders totaled $68,007 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.439 percent with an 

equivalent price of $99.435107. Treasury accepted in full all 

competitive tenders at yields lower than 2.439 percent. 

Tenders at the high yield were allotted 66.39 percent. The 

median yield was 2.400 percent, and the low yield was 2.337 

percent. Noncompetitive tenders totaled $53 million. 

Competitive tenders accepted from private investors totaled 

$23,947 million. The minimum par amount required for 

STRIPS of notes of Series E-2024 is $100. 

The 30-year bonds of August 2044 were dated and issued 

August 15. They are due August 15, 2044, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 3-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on August 14. Tenders totaled $41,636 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.224 percent with an 

equivalent price of $98.105640. Treasury accepted in full all 

competitive tenders at yields lower than 3.224 percent. 

Tenders at the high yield were allotted 91.15 percent. The 

median yield was 3.209 percent, and the low yield was 3.130 

percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$15,976 million. The minimum par amount required for 

STRIPS of bonds of August 2044 is $100. 

52-Week Bills 

On August 14, 2014, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

August 21, and will mature August 20, 2015. The issue was to 

refund $114,999 million of all maturing bills and to raise new 

cash of approximately $14,001 million. Treasury auctioned 

the bills on August 19. Tenders totaled $102,588 million; 

Treasury accepted $25,001 million. That included $154 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.105 percent. 

Auction of 4-Year 8-Month 0-1/8 Percent TIPS 

On August 14, 2014, Treasury announced it would auction 

$16,000 million of 4-year 8-month 0-1/8 percent TIPS. The 

issue was to raise new cash of approximately $29,000 million. 

The 4-year 8-month TIPS of Series X-2019 were dated 

April 15 and issued August 29. They are due April 15, 2019, 

with interest payable on October 15 and April 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on August 21. Tenders totaled $39,687 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.281 percent with an 

equivalent adjusted price of $103.623896. Treasury accepted 

in full all competitive tenders at yields lower than -0.281 

percent. Tenders at the high yield were allotted 52.23 percent. 

The median yield was -0.329 percent, and the low yield was 

-0.400 percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled 

$15,975 million. Adjusted accrued interest of $0.47237 per 

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

29. Both the unadjusted price of $101.892738 and the 

unadjusted accrued interest of $0.46448 were adjusted by an 

index ratio of 1.01699, for the period from April 15 to August 

29. The minimum par amount required for STRIPS of TIPS of 

Series X-2019 is $100. 

Auction of 1-Year 11-Month 0.070 Percent FRN 

On August 21, 2014, Treasury announced it would auction 

$13,000 million of 1-year 11-month 0.070 percent FRNs. The 

issue was to raise new cash of approximately $29,000 million. 

The 1-year 11-month FRNs of Series BD-2016 were dated 

July 31 and issued August 29. They are due July 31, 2016, 

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

July 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on August 27. Tenders totaled $57,001 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.055 percent 

with an equivalent price of $100.029221. Treasury accepted 

in full all competitive tenders at discount margins lower than 

0.055 percent. Tenders at the high discount margin were 

allotted 9.84 percent. The median discount margin was 0.052 

percent, and the low discount margin was 0.040 percent. 

Noncompetitive tenders totaled $17 million. Competitive 

tenders accepted from private investors totaled $12,983 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2014 

45

million. Accrued interest of $0.007944608 per $100 must be 

paid for the period from July 31 to August 29. 

S E P T E M B E R 

Cash Management Bills 

On August 25, 2014, Treasury announced it would auction 

$15,000 million of 11-day bills. They were issued September 

4 and matured September 15. The issue was to raise new cash. 

Treasury auctioned the bills on September 3. Tenders totaled 

$68,040 million; Treasury accepted $15,000 million. The high 

bank discount rate was 0.025 percent. 

Auction of 2-Year Notes 

On August 21, 2014, Treasury announced it would auction 

$29,000 million of 2-year notes. The issue was to refund 

$75,167 million of securities maturing August 31 and to raise 

new cash of approximately $17,833 million. 

The 2-year notes of Series BE-2016 were dated August 31 

and issued September 2. They are due August 31, 2016, with 

interest payable on the last calendar days of February and 

August until maturity. Treasury set an interest rate of 0-1/2 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 26. Tenders totaled $100,903 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.530 percent with an 

equivalent price of $99.940552. Treasury accepted in full all 

competitive tenders at yields lower than 0.530 percent. 

Tenders at the high yield were allotted 1.48 percent. The 

median yield was 0.507 percent, and the low yield was 0.477 

percent. Noncompetitive tenders totaled $179 million. 

Competitive tenders accepted from private investors totaled 

$28,721 million. Accrued interest of $0.02762 per $1,000 

must be paid for the period from August 31 to September 2. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $1 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series BE-2016 is $100. 

Auction of 5-Year Notes 

On August 21, 2014, Treasury announced it would auction 

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

$75,167 million of securities maturing August 31 and to raise 

new cash of approximately $17,833 million. 

The 5-year notes of Series AC-2019 were dated August 31 

and issued September 2. They are due August 31, 2019, with 

interest payable on the last calendar days of February and 

August until maturity. Treasury set an interest rate of 1-5/8 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 27. Tenders totaled $98,471 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.646 percent with an 

equivalent price of $99.899634. Treasury accepted in full all 

competitive tenders at yields lower than 1.646 percent. 

Tenders at the high yield were allotted 13.63 percent. The 

median yield was 1.611 percent, and the low yield was 1.530 

percent. Noncompetitive tenders totaled $42 million. 

Competitive tenders accepted from private investors totaled 

$34,908 million. Accrued interest of $0.08978 per $1,000 

must be paid for the period from August 31 to September 2. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $2 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series AC-2019 is $100. 

Auction of 7-Year Notes 

On August 21, 2014, Treasury announced it would auction 

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

$75,167 million of securities maturing August 31 and to raise 

new cash of approximately $17,833 million. 

The 7-year notes of Series P-2021 were dated August 31 

and issued September 2. They are due August 31, 2021, with 

interest payable on the last calendar days of February and 

August until maturity. Treasury set an interest rate of 2 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 28. Tenders totaled $74,540 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.045 percent with an 

equivalent price of $99.707997. Treasury accepted in full all 

competitive tenders at yields lower than 2.045 percent. 

Tenders at the high yield were allotted 0.36 percent. The 

median yield was 2.000 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled 

$28,974 million. Accrued interest of $0.11050 per $1,000 

must be paid for the period from August 31 to September 2. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $1 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series P-2021 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2014 

46 

Auction of 3-Year Notes 

On September 4, 2014, Treasury announced it would 

auction $27,000 million of 3-year notes. The issue was to 

refund $32,000 million of securities maturing September 15 

and to raise new cash of approximately $29,000 million. 

The 3-year notes of Series AR-2017 were dated and issued 

September 15. They are due September 15, 2017, with interest 

payable on March 15 and September 15 until maturity. 

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 9. Tenders totaled $85,626 

million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.066 percent with an 

equivalent price of $99.805642. Treasury accepted in full all 

competitive tenders at yields lower than 1.066 percent. 

Tenders at the high yield were allotted 20.66 percent. The 

median yield was 1.035 percent, and the low yield was 0.950 

percent. Noncompetitive tenders totaled $66 million. 

Competitive tenders accepted from private investors totaled 

$26,834 million. The minimum par amount required for 

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

Auction of 9-Year 11-Month 2-3/8 Percent Notes 

On September 4, 2014, Treasury announced it would 

auction $21,000 million of 9-year 11-month 2-3/8 percent 

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

maturing September 15 and to raise new cash of 

approximately $29,000 million. 

The 9-year 11-month notes of Series E-2024 were dated 

August 15 and issued September 15. They are due August 15, 

2024, with interest payable on February 15 and August 15 

until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 10. Tenders totaled $56,810 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.535 percent with an 

equivalent price of $98.602787. Treasury accepted in full all 

competitive tenders at yields lower than 2.535 percent. 

Tenders at the high yield were allotted 26.18 percent. The 

median yield was 2.491 percent, and the low yield was 2.430 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$20,985 million. Accrued interest of $2.00068 per $1,000 

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

The minimum par amount required for STRIPS of notes of 

Series E-2024 is $100. 

Auction of 29-Year 11-Month 3-1/8 Percent Bonds 

On September 4, 2014, Treasury announced it would 

auction $13,000 million of 29-year 11-month 3-1/8 percent 

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

maturing September 15 and to raise new cash of 

approximately $29,000 million. 

The 29-year 11-month bonds of August 2044 were dated 

August 15 and issued September 15. They are due August 15, 

2044, with interest payable on February 15 and August 15 

until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on September 11. Tenders totaled $34,669 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.240 percent with an 

equivalent price of $97.804086. Treasury accepted in full all 

competitive tenders at yields lower than 3.240 percent. 

Tenders at the high yield were allotted 99.42 percent. The 

median yield was 3.222 percent, and the low yield was 3.150 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$12,992 million. Accrued interest of $2.63247 per $1,000 

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

The minimum par amount required for STRIPS of bonds of 

August 2044 is $100. 

52-Week Bills 

On September 11, 2014, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They were 

issued September 18, and will mature September 17, 2015. 

The issue was to refund $120,001 million of all maturing bills 

and to pay down approximately $18,001 million. Treasury 

auctioned the bills on September 16. Tenders totaled $101,610 

million; Treasury accepted $25,000 million. That included 

$139 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.120 percent. 

Auction of 1-Year 10-Month 0.070 Percent FRN 

On September 18, 2014, Treasury announced it would 

auction $13,000 million of 1-year 10-month 0.070 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 10-month FRNs of Series BD-2016 were dated 

July 31 and issued September 26. They are due July 31, 2016, 

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

July 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on September 24. Tenders totaled $57,899 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2014 

47

allotted securities at the high discount margin of 0.041 percent 

with an equivalent price of $100.054264. Treasury accepted 

in full all competitive tenders at discount margins lower than 

0.041 percent. Tenders at the high discount margin were 

allotted 94.76 percent. The median discount margin was 0.039 

percent, and the low discount margin was 0.035 percent. 

Noncompetitive tenders totaled $20 million. Competitive 

tenders accepted from private investors totaled $12,981 

million. Accrued interest of $0.014986367 per $100 must be 

paid for the period from July 31 to September 26. 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS 

On September 11, 2014, Treasury announced it would 

auction $13,000 million of 9-year 10-month 0-1/8 percent 

TIPS. The issue was to refund $75,708 million of securities 

maturing September 30 and to raise new cash of 

approximately $30,292 million. 

The 9-year 10-month TIPS of Series D-2024 were dated 

July 15 and issued September 30. They are due July 15, 2024, 

with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on September 18. Tenders totaled $28,661 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.610 percent with an 

equivalent adjusted price of $95.721526. Treasury accepted in 

full all competitive tenders at yields lower than 0.610 percent. 

Tenders at the high yield were allotted 32.05 percent. The 

median yield was 0.540 percent, and the low yield was 0.460 

percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$12,976 million. Adjusted accrued interest of $0.26244 per 

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

30. Both the unadjusted price of $95.397176 and the 

unadjusted accrued interest of $0.26155 were adjusted by an 

index ratio of 1.00340, for the period from July 15 to 

September 30. The minimum par amount required for STRIPS 

of TIPS of Series D-2024 is $100. 

Auction of 2-Year Notes 

On September 18, 2014, Treasury announced it would 

auction $29,000 million of 2-year notes. The issue was to 

refund $75,708 million of securities maturing September 30 

and to raise new cash of approximately $30,292 million. 

The 2-year notes of Series BF-2016 were dated and issued 

September 30. They are due September 30, 2016, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 0-1/2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 23. Tenders totaled 

$103,359 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.589 percent with an 

equivalent price of $99.823303. Treasury accepted in full all 

competitive tenders at yields lower than 0.589 percent. 

Tenders at the high yield were allotted 28.59 percent. The 

median yield was 0.570 percent, and the low yield was 0.520 

percent. Noncompetitive tenders totaled $151 million. 

Competitive tenders accepted from private investors totaled 

$28,749 million. The minimum par amount required for 

STRIPS of notes of Series BF-2016 is $100. 

Auction of 5-Year Notes 

On September 18, 2014, Treasury announced it would 

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

refund $75,708 million of securities maturing September 30 

and to raise new cash of approximately $30,292 million. 

The 5-year notes of Series AD-2019 were dated and issued 

September 30. They are due September 30, 2019, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 1-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 24. Tenders totaled $89,558 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.800 percent with an 

equivalent price of $99.761942. Treasury accepted in full all 

competitive tenders at yields lower than 1.800 percent. 

Tenders at the high yield were allotted 65.80 percent. The 

median yield was 1.763 percent, and the low yield was 1.690 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$34,900 million. The minimum par amount required for 

STRIPS of notes of Series AD-2019 is $100. 

Auction of 7-Year Notes 

On September 18, 2014, Treasury announced it would 

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

refund $75,708 million of securities maturing September 30 

and to raise new cash of approximately $30,292 million. 

The 7-year notes of Series Q-2021 were dated and issued 

September 30. They are due September 30, 2021, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 2-1/8 percent after determining 

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

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2014 

48 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 25. Tenders totaled $71,859 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.235 percent with an 

equivalent price of $99.290865. Treasury accepted in full all 

competitive tenders at yields lower than 2.235 percent. 

Tenders at the high yield were allotted 61.20 percent. The 

median yield was 2.197 percent, and the low yield was 2.117 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$28,981 million. The minimum par amount required for 

STRIPS of notes of Series Q-2021 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2014 

49

 

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) 

 

 2014 - July 03.................. 2014 – July 31 28 125,669.9 30,000.4 29,767.2 233.2 99.998056 0.025 0.025

 Oct. 02 91 102,598.1 25,000.8 24,300.6 450.1 99.989889 0.040 0.041

 2015 – Jan. 02 183 101,525.5 23,001.1 21,974.6 350.5 99.966958 0.065 0.066

July 10 ................. 2014 – Aug. 07 28 149,311.2 35,001.2 34,763.0 238.2 99.998444 0.020 0.020

 Oct. 09 91 115,612.6 25,000.2 24,540.7 409.5 99.992417 0.030 0.030

 2015 – Jan. 08 182 111,771.0 23,000.3 22,112.9 386.4 99.969667 0.060 0.061

July 17 ................. 2014 – Aug. 14 28 151,107.8 35,001.4 34,768.3 233.0 99.998444 0.020 0.020

 Oct. 16 91 120,464.4 25,001.0 24,464.0 437.0 99.993681 0.025 0.025

 2015 – Jan. 15 182 113,294.3 23,001.1 22,255.0 365.1 99.969667 0.060 0.061

July 24 ................. 2014 – Aug. 21 28 137,917.5 35,001.1 34,771.1 230.0 99.998056 0.025 0.025

 Oct. 23 91 120,968.7 26,000.6 25,518.5 464.1 99.993681 0.025 0.025

 2015 – Jan. 22 182 111,794.6 24,000.5 23,171.1 453.4 99.972194 0.055 0.056

July 31 ................. 2014 – Aug. 28 28 164,667.1 40,000.4 38,969.4 242.9 99.997667 0.030 0.030

 Oct. 30 91 127,259.7 27,000.2 25,697.1 403.1 99.992417 0.030 0.030

 2015 – Jan. 29 182 113,486.1 24,000.6 22,672.4 398.1 99.972194 0.055 0.056

Aug. 07 ................ 2014 – Sept. 04 28 170,218.4 40,000.7 39,770.5 230.2 99.998444 0.020 0.020

 Nov. 06 91 127,665.0 28,000.5 27,515.5 384.9 99.993681 0.025 0.025

 2015 – Feb. 05 182 121,796.9 25,000.0 24,116.8 407.3 99.974722 0.050 0.051

Aug. 14 ................ 2014 – Sept. 11 28 186,558.5 50,001.0 49,739.0 262.0 99.996889 0.040 0.041

 Nov. 13 91 129,541.1 29,001.3 28,452.6 448.7 99.992417 0.030 0.030

 2015 – Feb. 12 182 118,066.9 25,001.3 24,032.4 393.0 99.974722 0.050 0.051

Aug. 21 ................ 2014 – Sept. 18 28 192,892.1 50,001.8 49,732.3 269.5 99.997278 0.035 0.035

 Nov. 20 91 136,205.4 29,000.2 28,446.1 454.1 99.992417 0.030 0.030

 2015 – Feb. 19 182 120,869.4 25,000.6 24,145.8 398.8 99.974722 0.050 0.051

Aug. 28 ................ 2014 – Sept. 25 28 190,051.4 50,000.8 48,984.9 271.9 99.997667 0.030 0.030

 Nov. 28 92 125,002.9 29,000.7 27,835.5 383.3 99.992333 0.030 0.030

 2015 – Feb. 26 182 109,945.9 24,000.8 22,906.8 337.4 99.974722 0.050 0.051

Sept. 04 ............... 2014 – Oct. 02 28 179,405.8 40,000.6 39,775.6 224.9 99.998833 0.015 0.015

 Dec. 04 91 128,132.6 28,000.6 27,396.4 404.2 99.993681 0.025 0.025

 2015 – Mar. 05 182 114,893.5 24,000.4 23,374.2 350.3 99.974722 0.050 0.051

Sept. 11 ............... 2014 – Oct. 09 28 165,393.9 35,000.4 34,768.6 231.8 99.999611 0.005 0.005

 Dec. 11 91 140,083.5 26,000.2 25,583.4 416.8 99.994944 0.020 0.020

 2015 – Mar. 12 182 123,763.1 23,000.1 22,260.5 363.6 99.977250 0.045 0.046

Sept. 18 ............... 2014 – Oct. 16 28 138,178.0 30,001.0 29,764.7 236.3 100.000000 0.000 0.000

 Dec. 18 91 117,954.9 24,000.6 23,511.5 389.0 99.996208 0.015 0.015

 2015 – Mar. 19 182 114,773.6 23,000.0 22,393.4 330.6 99.977250 0.045 0.046

Sept. 25 ............... 2014 – Oct. 23 28 204,308.3 40,002.8 39,459.9 216.7 100.000000 0.000 0.000

 Dec. 26 92 110,254.5 24,000.3 22,597.3 416.7 99.997444 0.010 0.010

 2015 – Mar. 26 182 108,304.7 23,000.9 21,661.2 363.7 99.979778 0.040 0.041

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2014 

50 

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) 

 

07/08/14 07/15/14 0.875% note—07/15/17-AP 3y 91,274 27,000 0.992 - 99.655014 

07/09/14 07/15/14 2.500% note—05/15/24-C 9y 10m 54,009 21,000 2.597 - 99.159293 

07/10/14 07/15/14 3.375% bond—05/15/44 29y 10m 31,247 13,000 3.369 - 100.106136 

07/22/14 07/24/14 0.110% bill—07/23/15 364d 106,764 25,001 

07/24/14 07/31/14 0.125% TIPS—07/15/24-D 10y 37,356 15,005 0.249 - 98.959115 

07/28/14 07/31/14 0.500% note—07/31/16-BC 2y 93,394 29,010 0.544 - 99.912595 

07/29/14 07/31/14 1.625% note—07/31/19-AB 5y 98,384 35,011 1.720 - 99.546716 

07/30/14 07/31/14 0.070% FRN—07/31/16-BD 2y 61,392 15,005 0.070 - 100.000000 

07/30/14 07/31/14 2.250% note—07/31/21-N 7y 74,856 29,009 2.250 - 100.000000 

08/12/14 08/15/14 0.875% note—08/15/17-AQ 3y 81,942 27,000 0.924 - 99.855348 

08/13/14 08/15/14 2.375% note—08/15/24-E 10y 68,007 24,000 2.439 - 99.435107 

08/14/14 08/15/14 3.125% bond—08/15/44 30y 41,636 16,000 3.224 - 98.105640 

08/19/14 08/21/14 0.105% bill—08/20/15 364d 102,588 25,001 

08/21/14 08/29/14 0.125% TIPS—04/15/19-X 4y 8m 39,687 16,000 -0.281 - 103.623896 

08/26/14 09/02/14 0.500% note—08/31/16-BE 2y 100,904 29,002 0.530 - 99.940552 

08/27/14 08/29/14 0.070% FRN—07/31/16-BD 1y 11m 57,001 13,000 0.055 - 100.029221 

08/27/14 09/02/14 1.625% note—08/31/19-AC 5y 98,473 35,002 1.646 - 99.899634 

08/28/14 09/02/14 2.000% note—08/31/21-P 7y 74,541 29,001 2.045 - 99.707997 

09/03/14 09/04/14 0.025% bill—09/15/14 11d 68,040 15,000 

09/09/14 09/15/14 1.000% note—09/15/17-AR 3y 85,626 27,000 1.066 - 99.805642 

09/10/14 09/15/14 2.375% note—08/15/24-E 9y 11m 56,810 21,000 2.535 - 98.602787 

09/11/14 09/15/14 3.125% bond—08/15/44 29y 11m 34,669 13,000 3.240 - 97.804086 

09/16/14 09/18/14 0.120% bill—09/17/15 364d 101,610 25,000 

09/18/14 09/30/14 0.125% TIPS—07/15/24-D 9y 10m 28,661 13,000 0.610 - 95.721526 

09/23/14 09/30/14 0.500% note—09/30/16-BF 2y 103,359 29,000 0.589 - 99.823303 

09/24/14 09/26/14 0.070% FRN—07/31/16-BD 1y 10m 57,899 13,000 0.041 - 100.054264 

09/24/14 09/30/14 1.750% note—09/30/19-AD 5y 89,558 35,000 1.800 - 99.761942 

09/25/14 09/30/14 2.125% note—09/30/21-Q 7y 71,859 29,000 2.235 - 99.290865 

 

 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. 
December 2014 

51

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 

December 2014 

52 

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) 

 

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

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

 

2013 - Sept...................................... 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

Oct....................................... 17,181,230 17,156,117 4,969,004 - 4,969,004 2,372,206

Nov ...................................... 17,241,818 17,217,152 4,936,273 - 4,936,273 2,428,444

Dec ...................................... 17,376,463 17,351,971 4,996,782 - 4,996,782 2,484,411

2014 - Jan ....................................... 17,317,315 17,293,020 4,985,299 - 4,985,299 2,583,457

Feb ...................................... 17,487,306 17,463,229 4,971,041 - 4,971,041 2,573,719

Mar ...................................... 17,625,235 17,601,227 4,982,034 - 4,982,034 2,614,640

Apr....................................... 17,532,411 17,508,437 5,005,168 - 5,005,168 2,623,234

May...................................... 17,540,825 17,516,958 4,979,066 - 4,979,066 2,677,695

June..................................... 17,656,646 17,632,606 5,060,590 - 5,060,590 2,705,869

July ...................................... 17,711,236 17,687,137 5,035,835 - 5,035,835 2,728,964

Aug ...................................... 17,772,901 17,749,172 5,016,743 - 5,016,743 2,747,849

Sept..................................... 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288

 

 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) 

2010 ................................................ 8,117,698 7,588,415 529,284 23,974 23,971 3

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

 

2013 - Sept...................................... 9,665,949 9,281,132 384,818 25,103 25,098 5

Oct....................................... 9,814,907 9,322,791 492,116 25,113 25,108 5

Nov ...................................... 9,852,435 9,363,193 489,241 24,667 24,662 5

Dec ...................................... 9,870,778 9,385,023 485,755 24,492 24,487 5

2014 - Jan ....................................... 9,724,264 9,241,865 482,399 24,295 24,290 5

Feb ...................................... 9,918,469 9,437,724 480,745 24,077 24,072 5

Mar ...................................... 10,004,553 9,520,852 483,701 24,008 24,003 5

Apr....................................... 9,880,035 9,393,268 486,767 23,974 23,969 5

May...................................... 9,860,197 9,370,722 489,476 23,867 23,862 5

June..................................... 9,866,147 9,378,348 487,799 24,040 24,035 5

July ...................................... 9,922,338 9,433,907 488,430 24,099 24,096 3

Aug ...................................... 9,984,580 9,497,422 487,158 23,729 23,726 3

Sept..................................... 10,017,518 9,526,925 490,594 23,860 23,857 3

 

 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 

December 2014 

53

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) 

 

2014 - Sept........ 17,824 7,491 10,333 n.a. 177 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 June ....... 17,633 7,461 10,172 407 178 506 n.a. 269 1,033 612 6,013 n.a.

 Mar......... 17,601 7,302 10,300 368 178 499 206 266 1,125 593 5,950 1,115

2013 - Dec......... 17,352 7,205 10,147 321 179 492 203 264 1,121 593 5,793 1,179

 Sept........ 16,738 6,834 9,904 293 180 367 202 262 1,098 591 5,653 1,257

 June ....... 16,738 6,773 9,965 300 181 456 199 263 1,085 620 5,595 1,266

 Mar......... 16,772 6,657 10,115 339 182 453 192 267 1,106 617 5,725 1,234

2012 - Dec......... 16,433 6,524 9,909 348 182 444 187 271 1,037 608 5,574 1,258

 Sept........ 16,066 6,447 9,619 338 184 429 183 270 988 598 5,476 1,153

 June ....... 15,855 6,476 9,380 303 185 414 182 269 971 589 5,311 1,157

 Mar......... 15,582 6,397 9,185 317 185 398 179 271 976 567 5,145 1,147

2011 - Dec......... 15,223 6,440 8,783 280 185 387 168 272 902 562 5,007 1,020

 Sept........ 14,790 6,328 8,462 294 185 372 162 260 818 558 4,912 902

 June ....... 14,343 6,220 8,123 279 186 252 164 255 775 569 4,691 951

 Mar......... 14,270 5,959 8,311 321 187 346 164 254 755 582 4,481 1,221

2010 - Dec......... 14,025 5,656 8,369 319 188 337 159 248 720 593 4,436 1,368

 Sept........ 13,562 5,350 8,211 323 189 327 150 241 671 585 4,324 1,401

 June ....... 13,202 5,345 7,857 266 190 316 150 232 677 583 4,070 1,373

 Mar......... 12,773 5,260 7,513 269 190 304 154 226 678 584 3,878 1,230

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

2004 - Dec......... 7,596 3,906 3,691 133 204 173 149 188 256 405 1,849 331

 Sept........ 7,379 3,772 3,607 146 204 174 140 183 249 393 1,795 323

 June ....... 7,274 3,743 3,532 168 205 173 135 175 252 390 1,735 299

 Mar......... 7,131 3,628 3,503 173 204 170 144 172 275 373 1,670 322

 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 U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

6

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. Current accrual value. 

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2014 

54 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2014 

[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 .............................. $1,490,734,867,880 $1,445,044,480,815 $1,444,563,981,247 $240,089,666 $240,409,902

Less amounts held by: 

The Treasury....................................... 256,846,204 64,313,645 64,055,929 7,505 250,211

FRBs ................................................... 200,153,157,584 198,222,641,210 198,222,639,079 - 2,131

Amounts in circulation............................. $1,290,324,864,092 $1,246,757,525,960 $1,246,277,286,239 $240,082,161 $240,157,560

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $45,690,387,065 $6,492,738,110 $39,197,648,955 

Less amounts held by: 

The Treasury....................................... 192,532,559 57,010,559 135,522,000

FRBs ................................................... 1,930,516,374 1,358,453,345 572,063,029 

Amounts in circulation............................. $43,567,338,132 $5,077,274,206 $38,490,063,926 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2014 

55

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2014 

[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 ................................................................................ $10,726,112,541 $10,584,958,306 $143,503 $141,010,732

$2 ................................................................................ 2,111,179,884 1,979,362,768 131,804,618 12,498

$5 ................................................................................ 12,492,404,945 12,359,557,565 108,112,810 24,734,570

$10 .............................................................................. 17,960,162,280 17,939,834,360 6,300 20,321,620

$20 .............................................................................. 153,274,179,560 153,254,079,140 3,840 20,096,580

$50 .............................................................................. 73,758,127,250 73,746,642,600 500 11,484,150

$100 ............................................................................ 976,122,739,400 976,100,786,000 -4 21,953,400

$500 ............................................................................ 142,022,500 141,831,500 5,500 185,500

$1,000 ......................................................................... 165,372,000 165,164,000 5,000 203,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,460,000 3,360,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,246,757,525,960 $1,246,277,286,239 $240,082,161 $240,157,560 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Sept. 30, 2014...................................................................................... 1,290,325 4,044

Aug. 31, 2014....................................................................................... 1,292,837 4,055

 July 31, 2014........................................................................................ 1,286,142 4,036

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

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

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.
Foreign Currency Positions

Exchange Stabilization Fund
December 2014 

59

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, September, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2014 

60 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

04/02/2014 ............................................................. 812,734 834,903 n.a. 1.1030

04/09/2014 ............................................................. 824,726 846,718 n.a. 1.0902

04/16/2014 ............................................................. 821,850 840,153 1,307 1.1027

04/23/2014 ............................................................. 828,600 846,798 n.a. 1.1034

04/30/2014 ............................................................. 825,835 838,753 n.a. 1.0956

05/07/2014 ............................................................. 833,871 848,320 n.a. 1.0895

05/14/2014 ............................................................. 855,795 866,378 n.a. 1.0887

05/21/2014 ............................................................. 882,679 893,596 n.a. 1.0935

05/28/2014 ............................................................. 881,138 890,774 n.a. 1.0867

06/04/2014 ............................................................. 891,170 901,539 n.a. 1.0937

06/11/2014 ............................................................. 910,217 918,287 n.a. 1.0867

06/18/2014 ............................................................. 776,078 781,664 n.a. 1.0870

06/25/2014 ............................................................. 758,637 766,510 n.a. 1.0721

07/02/2014 ............................................................. 788,242 796,493 2,877 1.0667

07/09/2014 ............................................................. 783,239 791,976 n.a. 1.0648

07/16/2014 ............................................................. 826,092 832,111 n.a. 1.0749

07/23/2014 ............................................................. 817,749 821,909 2,170 1.0739

07/30/2014 ............................................................. 861,077 864,133 1,290 1.0908

08/06/2014 ............................................................. 855,805 860,155 1,475 1.0926

08/13/2014 ............................................................. 777,202 777,581 n.a. 1.0929

08/20/2014 ............................................................. 784,568 786,680 n.a. 1.0944

08/27/2014 ............................................................. 847,505 849,091 n.a. 1.0890

09/03/2014 ............................................................. 848,891 847,445 n.a. 1.0872

09/10/2014 ............................................................. 871,544 873,364 n.a. 1.0954

09/17/2014 ............................................................. 778,299 782,437 n.a. 1.0951

09/24/2014 ............................................................. 781,979 784,767 n.a. 1.1088
FOREIGN CURRENCY POSITIONS 

December 2014 

61

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) 

 

2011 - Dec................... 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168

2012 - Dec................... 723,826 727,471 195,584 177,964 43,124 45,411 52,812 54,827 -821 0.9958

2013 - Oct ................... 794,819 800,227 182,012 185,795 54,832 60,812 108,963 89,827 -163 1.0429

Nov .................. 794,896 802,448 175,920 170,755 56,358 62,296 97,461 83,397 905 1.0597

Dec .................. 777,944 787,202 166,401 162,751 62,802 75,543 122,082 97,404 529 1.0637

2014 - Jan ................... 856,974 869,545 174,051 170,691 78,237 106,228 181,725 142,894 -1,465 1.1116

Feb .................. 1,025,076 1,042,688 174,931 174,189 111,650 n.a. 326,115 183,259 n.a. 1.1075

Mar .................. 827,390 846,563 176,128 169,073 92,738 n.a. 237,420 166,465 1,154 1.1053

Apr................... 826,830 838,293 187,014 177,480 80,744 119,337 197,093 145,732 n.a. 1.0956

May.................. 883,112 890,841 181,911 174,084 75,488 96,604 153,676 118,874 n.a. 1.0867

June................. 694,486 701,319 170,182 159,872 71,295 86,991 129,595 103,689 n.a. 1.0676

July .................. 786,827 791,847 183,800 165,407 60,121 76,776 123,441 98,495 2,213 1.0889

Aug .................. 832,380 831,175 170,953 170,351 77,154 100,777 139,332 110,806 n.a. 1.0858

Sept................. 810,294 813,233 174,245 165,970 87,379 103,061 139,352 118,074 n.a. 1.1207

 

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) 

 

2011 - Dec................... 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168

2012 - Mar................... 16,450 30,333 90,621 44,773 534 565 1,408 465 n.a. 0.9990

June.................. 22,308 34,176 85,428 45,946 n.a. 474 1,753 1,833 n.a. 1.0190

Sept.................. 21,078 33,681 90,487 47,000 n.a. n.a. 1,400 1,157 n.a. 0.9837

Dec................... 19,395 30,069 73,597 45,414 n.a. n.a. 869 662 n.a. 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.................. 17,469 35,073 89,931 55,451 n.a. 1,285 2,216 3,397 n.a. 1.0284

Dec................... 18,183 37,339 95,519 51,602 n.a. 1,831 5,630 4,362 52 1.0637

2014 - Mar................... 20,972 36,135 101,416 56,687 n.a. n.a. 1,795 1,056 n.a. 1.1053

June ................. 21,524 33,122 97,021 50,999 889 1,575 1,968 1,024 100 1.0676

 
FOREIGN CURRENCY POSITIONS 

December 2014 

62 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/02/2014 .............................................................. 382,948 392,071 319 103.82

04/09/2014 .............................................................. 394,131 402,297 299 101.85

04/16/2014 .............................................................. 384,512 386,698 372 102.30

04/23/2014 .............................................................. 384,054 386,096 327 102.26

04/30/2014 .............................................................. 398,263 401,265 401 102.14

05/07/2014 .............................................................. 406,719 409,785 584 101.72

05/14/2014 .............................................................. 391,195 393,789 301 101.75

05/21/2014 .............................................................. 396,999 399,743 462 101.44

05/28/2014 .............................................................. 397,134 399,390 457 101.78

06/04/2014 .............................................................. 401,111 401,281 309 102.69

06/11/2014 .............................................................. 409,699 410,344 320 101.94

06/18/2014 .............................................................. 384,076 384,523 368 102.16

06/25/2014 .............................................................. 382,498 383,485 481 101.75

07/02/2014 .............................................................. 387,330 389,252 510 101.76

07/09/2014 .............................................................. 382,746 383,799 507 101.70

07/16/2014 .............................................................. 389,678 389,792 548 101.69

07/23/2014 .............................................................. 400,692 400,728 688 101.50

07/30/2014 .............................................................. 428,760 428,635 763 102.90

08/06/2014 .............................................................. 430,127 429,402 495 102.34

08/13/2014 .............................................................. 417,454 417,166 629 102.48

08/20/2014 .............................................................. 429,724 429,321 572 103.36

08/27/2014 .............................................................. 445,644 445,909 785 103.98

09/03/2014 .............................................................. 460,855 460,498 609 104.88

09/10/2014 .............................................................. 493,232 493,558 688 106.76

09/17/2014 .............................................................. 460,603 460,818 911 107.58

09/24/2014 .............................................................. 518,756 518,391 550 108.92
FOREIGN CURRENCY POSITIONS 

December 2014 

63

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) 

 

2011 - Dec.................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98

2012 - Dec.................. 364,964 399,781 83,896 78,585 36,393 40,545 70,462 66,147 -131 86.64

2013 - Oct .................. 384,587 390,544 96,696 92,361 48,681 56,103 89,677 83,537 498 98.10

Nov ................. 392,908 398,626 99,457 94,219 52,132 61,824 95,422 87,075 320 102.45

Dec ................. 367,919 373,026 100,797 95,769 49,695 56,375 91,674 85,364 424 105.25

2014 - Jan .................. 397,470 403,477 104,840 99,328 51,969 54,380 83,989 81,682 -74 102.28

Feb ................. 461,722 468,884 107,634 99,697 63,130 71,166 100,172 91,446 -286 102.08

Mar ................. 375,417 384,912 115,872 111,364 48,596 54,546 86,912 83,708 241 102.98

Apr.................. 398,306 401,341 114,137 110,163 45,429 49,676 80,355 76,310 401 102.14

May................. 399,370 402,060 116,050 112,350 45,824 49,419 74,493 75,452 419 101.77

June................ 371,892 374,360 120,032 116,297 41,152 42,167 65,063 65,661 531 101.28

July ................. 426,003 425,485 118,976 116,019 42,093 45,483 71,078 70,439 662 102.75

Aug ................. 438,043 438,739 116,614 116,403 45,527 53,282 85,054 79,346 362 104.00

Sept................ 522,242 522,347 124,831 118,421 46,863 61,952 107,905 95,070 135 109.66

 

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) 

 

2011 - Dec................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98

2012 - Mar................... 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41

June.................. 4,081 5,603 6,045 2,285 47 276 749 499 17 79.81

Sept.................. 3,610 4,018 5,481 2,227 n.a. 279 689 336 -4 77.92

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 5,477 9,360 4,481 n.a. 906 2,077 1,561 24 98.29

Dec................... 4,238 5,807 10,401 4,864 n.a. 961 2,507 1,335 75 105.25

2014 - Mar................... 5,230 5,808 9,303 4,484 n.a. 371 846 236 n.a. 102.98

June ................. 5,610 5,493 9,094 4,532 n.a. 517 1,370 642 24 101.28

 
FOREIGN CURRENCY POSITIONS 

December 2014 

64 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/02/2014 .............................................................. 637,638 659,962 451 0.8870

04/09/2014 .............................................................. 628,670 651,496 -88 0.8816

04/16/2014 .............................................................. 643,746 665,766 619 0.8813

04/23/2014 .............................................................. 652,339 674,242 399 0.8828

04/30/2014 .............................................................. 637,422 660,731 237 0.8800

05/07/2014 .............................................................. 624,904 649,315 191 0.8758

05/14/2014 .............................................................. 667,487 694,623 498 0.8894

05/21/2014 .............................................................. 667,390 693,957 758 0.8951

05/28/2014 .............................................................. 713,285 740,939 201 0.8982

06/04/2014 .............................................................. 705,625 731,186 n.a. 0.8956

06/11/2014 .............................................................. 754,708 769,018 -286 0.8998

06/18/2014 .............................................................. 665,337 688,776 296 0.8976

06/25/2014 .............................................................. 694,950 720,673 4 0.8918

07/02/2014 .............................................................. 671,692 699,974 484 0.8886

07/09/2014 .............................................................. 658,743 686,267 n.a. 0.8918

07/16/2014 .............................................................. 690,302 717,696 253 0.8984

07/23/2014 .............................................................. 685,042 708,613 325 0.9024

07/30/2014 .............................................................. 736,598 758,731 -235 0.9096

08/06/2014 .............................................................. 738,232 761,641 n.a. 0.9095

08/13/2014 .............................................................. 721,628 745,743 280 0.9079

08/20/2014 .............................................................. 751,303 772,251 556 0.9116

08/27/2014 .............................................................. 819,246 841,914 1,572 0.9148

09/03/2014 .............................................................. 846,495 871,039 1,525 0.9186

09/10/2014 .............................................................. 965,154 985,260 1,008 0.9382

09/17/2014 .............................................................. 925,236 944,629 1,037 0.9346

09/24/2014 .............................................................. 930,826 951,805 n.a. 0.9446
FOREIGN CURRENCY POSITIONS 

December 2014 

65

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) 

 

2011 - Dec................... 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374

2012 - Dec................... 654,579 683,540 158,819 85,852 86,352 88,023 102,871 101,876 -670 0.9155

2013 - Oct ................... 715,206 728,063 75,328 52,490 118,895 130,949 168,771 151,743 -28 0.9056

Nov .................. 708,418 716,350 74,589 63,849 118,237 126,523 160,429 146,994 -153 0.9047

Dec .................. 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904

2014 - Jan ................... 647,116 662,322 76,848 66,911 104,024 115,059 147,820 135,027 491 0.9052

Feb .................. 792,268 816,328 87,395 82,431 128,979 143,581 165,170 146,168 999 0.8810

Mar .................. 625,017 647,851 90,871 82,101 113,016 121,604 137,693 124,748 406 0.8840

Apr................... 638,284 661,267 89,126 76,012 111,172 117,678 132,568 124,290 237 0.8800

May.................. 741,970 767,831 91,720 80,882 104,000 107,856 129,545 124,623 174 0.8944

June................. 667,942 693,701 90,417 76,740 99,558 101,007 124,092 121,083 293 0.8868

July .................. 686,257 709,976 92,150 78,393 92,929 92,916 113,986 113,879 -90 0.9086

Aug .................. 777,323 801,464 92,468 84,806 88,647 91,109 116,961 111,726 735 0.9174

Sept................. 943,077 967,602 96,069 86,696 106,316 118,683 158,968 147,036 n.a 0.9554

 

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) 

 

2011 - Dec................... 12,282 19,706 48,877 8,420 n.a. n.a. n.a. n.a. n.a. 0.9374

2012 - Mar................... 11,411 18,791 58,909 9,829 n.a. 1,872 4,637 4,153 n.a. 0.9026

June.................. 13,949 14,899 48,392 9,618 1,289 1,531 n.a. n.a. 4 0.9485

Sept.................. 13,646 14,961 n.a. 8,085 n.a. n.a. 944 1,286 8 0.9400

Dec................... 14,365 16,096 n.a. 8,884 n.a. n.a. n.a. n.a. n.a. 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.................. 15,003 12,498 n.a. 11,857 n.a. n.a. 3,891 2,400 n.a. 0.9041

Dec................... 22,699 23,164 n.a. 12,249 n.a. n.a. 1,951 n.a. n.a. 0.8904

2014 - Mar................... 17,721 17,832 99,179 8,960 n.a. n.a. 1,007 290 1 0.8840

June ................. 18,168 18,705 101,053 9,359 n.a. n.a. 721 299 n.a. 0.8868

 
FOREIGN CURRENCY POSITIONS 

December 2014 

66 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/02/2014 .............................................................. 1,507,788 1,554,926 191 1.6634

04/09/2014 .............................................................. 1,515,261 1,562,243 190 1.6751

04/16/2014 .............................................................. 1,578,400 1,608,668 131 1.6794

04/23/2014 .............................................................. 1,522,765 1,549,489 n.a. 1.6768

04/30/2014 .............................................................. 1,597,440 1,627,436 n.a. 1.6883

05/07/2014 .............................................................. 1,546,451 1,576,466 n.a. 1.6964

05/14/2014 .............................................................. 1,623,763 1,652,739 -261 1.6784

05/21/2014 .............................................................. 1,630,675 1,663,637 268 1.6869

05/28/2014 .............................................................. 1,628,545 1,667,876 n.a. 1.6709

06/04/2014 .............................................................. 1,602,508 1,638,408 392 1.6747

06/11/2014 .............................................................. 1,701,745 1,734,283 n.a. 1.6795

06/18/2014 .............................................................. 1,694,753 1,725,008 -771 1.6951

06/25/2014 .............................................................. 1,700,908 1,732,305 n.a. 1.6986

07/02/2014 .............................................................. 1,651,646 1,688,055 n.a. 1.7165

07/09/2014 .............................................................. 1,661,613 1,694,167 n.a. 1.7130

07/16/2014 .............................................................. 1,689,362 1,729,443 n.a. 1.7131

07/23/2014 .............................................................. 1,701,616 1,738,535 80 1.7036

07/30/2014 .............................................................. 1,739,130 1,774,630 n.a. 1.6903

08/06/2014 .............................................................. 1,699,105 1,729,388 179 1.6833

08/13/2014 .............................................................. 1,719,700 1,756,377 n.a. 1.6696

08/20/2014 .............................................................. 1,790,417 1,830,362 n.a. 1.6633

08/27/2014 .............................................................. 1,769,859 1,813,299 n.a. 1.6573

09/03/2014 .............................................................. 1,810,771 1,859,084 n.a. 1.6451

09/10/2014 .............................................................. 1,962,817 2,015,378 n.a. 1.6134

09/17/2014 .............................................................. 1,799,419 1,859,224 n.a. 1.6329

09/24/2014 .............................................................. 1,755,719 1,812,207 n.a. 1.6344
FOREIGN CURRENCY POSITIONS 

December 2014 

67

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) 

 

2011 - Dec................... 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537

2012 - Dec................... 1,457,283 1,438,257 658,674 554,948 46,300 45,013 48,575 51,867 n.a. 1.6262

2013 - Oct ................... 1,679,737 1,677,088 617,239 534,485 74,634 76,360 91,078 87,573 n.a. 1.6068

Nov .................. 1,705,094 1,698,910 586,099 516,602 81,385 81,323 88,086 85,814 n.a. 1.6373

Dec .................. 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574

2014 - Jan ................... 1,491,258 1,530,242 570,558 498,872 78,824 74,948 75,333 77,369 -489 1.6450

Feb .................. 1,845,939 1,902,508 597,352 524,608 132,278 118,816 112,176 119,714 n.a. 1.6750

Mar .................. 1,498,599 1,549,608 583,184 512,524 69,539 65,488 73,722 73,222 205 1.6675

Apr................... 1,589,094 1,627,658 572,100 509,187 72,469 65,071 70,286 73,247 n.a. 1.6883

May.................. 1,613,365 1,650,996 591,678 529,625 74,659 66,929 71,334 74,809 n.a. 1.6764

June................. 1,634,473 1,684,469 567,878 500,200 83,234 77,758 67,771 74,082 n.a. 1.7105

July .................. 1,707,276 1,755,448 581,413 515,736 87,574 84,636 73,915 73,125 4 1.6889

Aug .................. 1,706,083 1,758,390 615,250 562,513 96,965 88,901 79,816 85,829 n.a. 1.6585

Sept................. 1,784,416 1,846,607 609,105 533,491 128,322 130,021 120,503 116,823 -75 1.6220

 

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) 

 

2011 - Dec................... 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537

2012 - Mar................... 14,740 12,296 127,456 32,805 705 347 2,298 623 5 1.5985

June.................. 11,790 11,560 165,914 47,081 668 429 2,271 570 16 1.5686

Sept.................. 16,441 15,379 147,991 33,874 n.a. n.a. 2,046 409 -18 1.6132

Dec................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 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.................. 22,298 18,411 68,374 35,752 1,006 1,145 n.a. 1,287 155 1.6179

Dec................... 34,365 29,425 156,922 38,846 1,861 n.a. 2,360 1,364 172 1.6574

2014 - Mar................... 24,285 20,689 159,118 38,878 n.a. n.a. n.a. 404 - 1.6675

June ................. 28,366 25,813 159,699 38,370 1,384 1,249 2,379 719 193 1.7105

 
FOREIGN CURRENCY POSITIONS 

December 2014 

68 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

04/02/2014 ............................................................ 19,557,446 19,051,472 -8,727 n.a.

04/09/2014 ............................................................ 20,043,418 19,539,279 -4,207 n.a.

04/16/2014 ............................................................ 19,997,700 19,578,955 -2,723 n.a.

04/23/2014 ............................................................ 19,896,213 19,477,787 678 n.a.

04/30/2014 ............................................................ 20,589,893 20,170,868 -3,848 n.a.

05/07/2014 ............................................................ 20,117,750 19,711,363 -8,039 n.a.

05/14/2014 ............................................................ 20,546,627 20,180,036 -6,124 n.a.

05/21/2014 ............................................................ 20,852,091 20,483,056 -5,616 n.a.

05/28/2014 ............................................................ 21,211,563 20,839,246 -5,524 n.a.

06/04/2014 ............................................................ 21,146,908 20,825,028 583 n.a.

06/11/2014 ............................................................ 22,104,632 21,779,007 942 n.a.

06/18/2014 ............................................................ 20,617,063 20,310,527 -1,772 n.a.

06/25/2014 ............................................................ 20,716,301 20,416,257 -1,855 n.a.

07/02/2014 ............................................................ 20,582,802 20,257,097 -3,013 n.a.

07/09/2014 ............................................................ 20,473,954 20,160,598 143 n.a.

07/16/2014 ............................................................ 20,888,276 20,565,738 -2,244 n.a.

07/23/2014 ............................................................ 21,173,183 20,796,135 -4,867 n.a.

07/30/2014 ............................................................ 22,119,976 21,692,025 -3,363 n.a.

08/06/2014 ............................................................ 21,888,709 21,424,318 2,324 n.a.

08/13/2014 ............................................................ 21,622,621 21,103,774 740 n.a.

08/20/2014 ............................................................ 21,849,345 21,285,859 -2,059 n.a.

08/27/2014 ............................................................ 22,757,398 22,097,845 -8,957 n.a.

09/03/2014 ............................................................ 22,910,336 22,227,620 -10,008 n.a.

09/10/2014 ............................................................ 24,255,189 23,504,763 -4,356 n.a.

09/17/2014 ............................................................ 22,661,998 21,829,722 -12,977 n.a.

09/24/2014 ............................................................ 22,775,213 21,865,451 -11,375 n.a.
FOREIGN CURRENCY POSITIONS 

December 2014 

69

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) 

 

2011 - Dec.............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a.

2012 - Dec.............. 17,398,629 16,771,084 - - 1,550,821 2,000,809 1,229,560 1,766,978 1,689 n.a.

2013 - Oct .............. 19,429,008 18,852,211 - - 1,790,659 1,743,262 1,419,376 1,442,357 -191 n.a.

Nov ............. 19,746,921 19,191,943 - - 2,497,609 1,761,318 2,123,797 1,521,380 2,715 n.a.

Dec ............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a.

2014 - Jan .............. 19,549,105 19,044,413 - - 1,848,963 1,787,475 1,450,916 1,478,975 5,094 n.a.

Feb ............. 23,516,044 22,975,832 - - 2,516,914 2,342,500 2,050,898 2,175,360 n.a. n.a.

Mar ............. 19,657,934 19,154,240 - - 2,064,374 1,973,285 1,593,679 1,674,181 -5,287 n.a.

Apr.............. 20,663,726 20,246,029 - - 2,002,515 1,932,893 1,592,645 1,623,781 -3,761 n.a.

May............. 21,355,442 20,987,395 - - 2,020,727 2,045,230 1,690,764 1,674,350 -3,442 n.a.

June............ 20,300,584 19,980,368 - - 1,814,706 1,894,272 1,633,942 1,544,038 -2,410 n.a.

July ............. 21,736,557 21,288,388 - - 1,887,469 1,948,436 1,652,654 1,583,431 -198 n.a.

Aug ............. 21,979,052 21,344,518 - - 2,154,705 2,115,655 1,763,294 1,797,630 -3,550 n.a.

Sept............ 23,496,185 22,581,012 - - 2,647,702 2,509,731 1,908,541 2,062,566 2,232 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) 

 

2011 - Dec................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a.

2012 - Mar................... 288,754 266,557 - - 30,838 21,200 24,943 21,699 210 n.a.

June.................. 302,534 263,951 - - 36,184 22,751 13,751 15,998 n.a. n.a.

Sept.................. 271,014 297,070 - - 25,109 13,575 20,027 16,847 n.a. n.a.

Dec................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a.

2013 - Mar................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a.

June ................. 324,857 305,608 - - 98,395 64,260 25,319 25,299 1,863 n.a.

Sept.................. 275,551 315,379 - - 57,525 36,377 28,655 25,091 n.a. n.a.

Dec................... 357,382 363,757 - - 54,936 33,487 34,399 35,389 4,121 n.a.

2014 - Mar................... 390,969 400,058 - - 31,756 17,705 20,269 15,250 1,082 n.a.

June ................. 408,457 414,870 - - 49,299 28,117 19,908 23,516 1,969 n.a.

 
FOREIGN CURRENCY POSITIONS 

December 2014 

70 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

04/02/2014 ......................................................................... 5,184,932 5,350,671 n.a. 0.7267

04/09/2014 ......................................................................... 5,341,173 5,504,489 n.a. 0.7238

04/16/2014 ......................................................................... 5,424,039 5,596,886 n.a. 0.7236

04/23/2014 ......................................................................... 5,361,689 5,536,583 n.a. 0.7239

04/30/2014 ......................................................................... 5,662,219 5,829,566 n.a. 0.7210

05/07/2014 ......................................................................... 5,441,519 5,603,487 n.a. 0.7186

05/14/2014 ......................................................................... 5,672,728 5,834,331 n.a. 0.7290

05/21/2014 ......................................................................... 5,755,082 5,907,301 n.a. 0.7322

05/28/2014 ......................................................................... 5,827,766 5,979,792 1,855 0.7355

06/04/2014 ......................................................................... 5,747,763 5,900,523 724 0.7343

06/11/2014 ......................................................................... 6,117,936 6,267,703 n.a. 0.7390

06/18/2014 ......................................................................... 5,627,727 5,776,264 2,373 0.7371

06/25/2014 ......................................................................... 5,666,862 5,801,041 3,076 0.7332

07/02/2014 ......................................................................... 5,628,125 5,770,536 n.a. 0.7323

07/09/2014 ......................................................................... 5,548,844 5,686,947 n.a. 0.7337

07/16/2014 ......................................................................... 5,704,245 5,847,512 4,112 0.7391

07/23/2014 ......................................................................... 5,750,387 5,898,878 4,391 0.7428

07/30/2014 ......................................................................... 5,953,638 6,090,035 4,159 0.7475

08/06/2014 ......................................................................... 5,898,637 6,024,593 2,312 0.7488

08/13/2014 ......................................................................... 5,801,080 5,925,726 1,809 0.7481

08/20/2014 ......................................................................... 5,758,136 5,882,115 3,520 0.7528

08/27/2014 ......................................................................... 6,074,333 6,198,860 4,761 0.7580

09/03/2014 ......................................................................... 6,032,274 6,180,256 7,010 0.7613

09/10/2014 ......................................................................... 6,479,311 6,612,666 4,001 0.7747

09/17/2014 ......................................................................... 6,111,720 6,231,801 10,080 0.7717

09/24/2014 ......................................................................... 5,989,549 6,116,217 7,051 0.7820
FOREIGN CURRENCY POSITIONS 

December 2014 

71

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) 

 

2011 - Dec................... 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708

2012 - Dec................... 4,742,320 4,617,740 2,124,942 1,995,883 345,564 383,059 431,599 400,556 -3,395 0.7584

2013 - Oct ................... 5,418,472 5,428,512 973,146 887,604 391,353 429,283 468,266 426,603 n.a. 0.7356

Nov .................. 5,466,526 5,502,024 1,989,944 1,890,343 388,243 423,382 469,250 433,541 6,233 0.7350

Dec .................. 4,986,374 5,023,973 1,899,825 1,777,324 334,550 358,527 391,263 369,449 6,489 0.7257

2014 - Jan ................... 5,263,912 5,449,092 1,963,677 1,859,483 336,154 373,180 436,250 401,424 n.a. 0.7407

Feb .................. 6,367,027 6,556,690 2,021,394 1,906,032 435,158 510,859 578,141 485,902 n.a. 0.7243

Mar .................. 5,274,433 5,435,306 2,043,785 1,943,464 348,190 375,528 443,155 405,460 n.a. 0.7258

Apr................... 5,672,169 5,839,535 2,094,261 1,992,879 362,862 402,773 466,083 424,616 n.a. 0.7210

May.................. 5,825,019 5,977,474 2,181,676 2,099,824 400,716 444,910 538,799 481,920 339 0.7331

June................. 5,561,008 5,700,084 2,092,362 2,016,410 398,835 426,618 504,708 470,519 n.a. 0.7305

July .................. 5,870,531 6,003,367 2,071,909 2,010,125 376,651 411,835 514,818 469,191 1,140 0.7468

Aug .................. 5,853,943 5,988,679 2,160,951 2,117,758 391,364 463,040 607,985 522,052 n.a. 0.7605

Sept................. 6,285,865 6,423,098 2,094,588 2,025,027 482,825 575,298 793,728 697,207 -1,767 0.7919

 

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) 

 

2011 - Dec................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708

2012 - Mar................... 78,078 82,647 318,663 135,064 10,420 4,907 9,969 11,105 70 0.7500

June.................. 73,202 69,492 494,312 209,043 15,867 7,315 13,923 12,535 n.a. 0.7894

Sept.................. 88,373 76,674 274,639 123,965 9,525 4,526 6,688 6,407 28 0.7778

Dec................... 69,920 61,111 202,499 120,619 8,126 2,152 3,662 n.a. 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.................. 71,851 66,210 242,344 150,495 11,714 4,796 7,815 5,601 818 0.7388

Dec................... 93,606 107,641 311,232 153,597 8,848 3,494 6,632 6,196 939 0.7257

2014 - Mar................... 85,621 68,406 310,390 141,800 9,177 n.a. 6,051 3,759 n.a. 0.7258

June ................. 87,524 82,400 316,536 144,242 10,618 8,050 16,471 9,995 -605 0.7305

 
December 2014 

72 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund -ESF was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 -codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of June 30, 2014, and Sept. 30, 2014 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2014 

July 1, 2014, 

through 

Sept. 30, 2014 Sept. 30, 2014 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,654,271 -5,062 22,649,209 

Government Sponsored Enterprises -GSE Securities .... - - -

Special drawing rights 1 ........................................................... 55,411,244 -2,263,007 53,148,237 

Foreign exchange and securities: 

European euro ..................................................................... 14,904,252 -1,140,583 13,763,669 

Japanese yen....................................................................... 9,212,526 -702,838 8,509,688 

Accounts receivable................................................................. 79,453 -4,891 74,562 

Total assets.......................................................................... 102,261,746 -4,116,381 98,145,365 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 8,959 -3,527 5,432 

Total current liabilities ...................................................... 8,959 -3,527 5,432 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 54,594,158 -2,235,836 52,358,322 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 59,794,158 -2,235,836 57,558,322 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2.......................... -31,656 -1,872,503 -1,904,159

Total capital...................................................................... 42,458,629 -1,877,018 40,581,611 

Total liabilities and capital............................................ 102,261,746 -4,116,381 98,145,365 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2014 

73

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

July 1, 2014, 

through 

Sept. 30, 2014 

Fiscal year to date

Oct. 1, 2013, 

through 

Sept. 30, 2014 

Income and expense 

 Profit -+ or loss -- on: 

Foreign exchange ........................................................................ -1,858,163 -1,970,149

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -33,673 -27,529

Interest -+ or net charges -- on: 

SDRs............................................................................................ -19 394 

U.S. Government securities......................................................... 1,252 7,993 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 18,100 85,132 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... -1,872,503 -1,904,159

Net income -+ or loss -- ............................................................... -1,872,503 -1,904,159

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2014 

77

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2015) .............................................................................................................. 89

less: 

Cash balance (fiscal year 2015) ......................................................................................................................................................................................... -2

Unfunded authorizations (fiscal year 2015)........................................................................................................................................................................ 91

48-month revenue estimate (fiscal years 2016, 2017, 2018, and 2019)............................................................................................................................ 132

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2015) .............................................................................................................. 25

less: 

Cash balance (fiscal year 2015) ......................................................................................................................................................................................... -

Unfunded authorizations (fiscal year 2015)........................................................................................................................................................................ 25

48-month revenue estimate (fiscal years 2016, 2017, 2018, and 2019)........................................................................................................................... 25

Note—Detail may not add due to rounding. Note—Estimates based on the Fiscal Year 2015 Mid-Session Review include 

Intergovernmental Transfers Authorized by P.L. 113-159. 
December 2014 

78 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

December 2014 

79

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
December 2014 

80 

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 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 March 15, 2015. 

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. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 
GLOSSARY 

December 2014 

81

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 

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.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

December2014 

82 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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