BULLETIN

MARCH2018

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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March 2018 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

BUREAU OF THE FISCAL SERVICE OPERATIONS 

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

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

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 38 

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 44
March 2018 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

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

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

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

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

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

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

TRUST FUNDS 

Introduction—Airport and Airway Trust Fund .................................................................................................................... 86 

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

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

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 89 
March 2018 

V 

Table of Contents 

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

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

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

TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 93 

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

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

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

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

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

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

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

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

TF-8—Leaking Underground Storage Tank Trust Fund ................................................................................................... 103 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TF-15—Agriculture Disaster Relief Trust Fund ................................................................................................................ 115

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

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

Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 118 

TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 119

 

RESEARCH PAPER SERIES ........................................................................................................................................... 120

GLOSSARY ...................................................................................................................................................................... 122

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

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

rounding; n.a. = Not available. 
VI 

March 2018

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
March 2018 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of February 9, 2018 

Introduction 

U.S. economic growth moderated a bit in the fourth 

quarter of 2017, but remained solid. Personal consumption 

expenditures accelerated as did private investment, but 

inventory accumulation and net exports both posed sizeable 

drags on fourth-quarter growth. After declines in the previous 

two quarters, growth of residential investment surged in last 

year’s final quarter. Government expenditures also 

accelerated, as spending increased at the federal and State and

local government levels. Labor market conditions remained 

healthy and continued to tighten, with the unemployment rate 

at 4.1 percent in January 2018, a seventeen-year low. 

Although the pull-back in oil prices contributed to a slowing 

of inflation for much of last year, headline rates continue to 

hover well above year-ago levels, and core inflation remains 

stable. 

The federal budget deficit fell from a peak of 9.8 percent 

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

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

year 2016 and then to 3.5 percent in fiscal year 2017. The 

Administration’s Fiscal Year 2018 Budget, released in May 

2017, projected the budget deficit would range between 2-1⁄4 

and 2-1⁄2 percent of GDP from fiscal year 2018 to fiscal year 

2020. The mid-session review of the Fiscal Year 2018 

Budget, released by the Administration in July 2017, projects 

the federal government will post a budget deficit of $589 

billion (2.9 percent of GDP) in fiscal year 2018. 

At its latest meeting on January 30-31, 2018, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

maintained the target range for the federal funds rate at 1.25 

to 1.50 percent. In the accompanying statement, the FOMC 

made no mention of the balance sheet normalization program 

initiated at the October 2017 meeting. The normalization of 

the policy of reinvesting principal payments from the Federal 

Reserve’s holdings of agency debt and agency mortgagebacked securities, and of rolling over maturing Treasury 

securities at auction, will gradually reduce the size of the 

central bank’s balance sheet. The FOMC asserted that “the 

stance of monetary policy remains accommodative, thereby 

supporting strong labor market conditions and a sustained 

return to 2 percent inflation” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 20.3 percent and, as of the fourth 

quarter of 2017, real GDP was 15.2 percent above its level at 

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

the advance estimate, real GDP rose 2.6 percent at an annual 

rate in the fourth quarter of 2017, moderating from the 3.2 

percent advance in the third quarter. Consumer spending 

accelerated strongly in the fourth quarter, and private 

investment made a larger contribution to growth. After quite 

a few quarters of making neutral or negative contributions to 

real GDP, government spending made a positive contribution, 

as spending at the federal as well as state and local levels 

picked up. However, net exports and inventory investment 

each posed large drags on growth in the fourth quarter. 

Real personal consumption expenditures—which account 

for about 69 percent of GDP—rose at a 3.8 percent annual 

rate in the fourth quarter, accelerating sharply from the 2.2 

percent pace in the third quarter. Across spending categories, 

consumption growth for durables strengthened notably, rising 

at a 14.2 percent annual rate in the fourth quarter, well up 

from the 8.6 percent advance in the third quarter. 

Consumption of nondurables grew 5.2 percent in the latest 

quarter, more than doubling from the 2.3 percent increase in 

the third quarter. Services consumption increased 1.8 percent 

in the fourth quarter, up from the third quarter’s 1.1 percent 

pace. Altogether, consumption contributed 2.6 percentage 

points to real GDP growth in the fourth quarter, more than the 

1.5 percentage points added in the third quarter, and remained 

the main driver of growth. 

Following two consecutive quarterly declines, housing 

activity rebounded in the fourth quarter. Residential 

investment surged 11.7 percent at an annual rate in the 

latest quarter, after falling 7.3 percent and 4.7 percent in 
4 PROFILE OF THE ECONOMY 

March 2018 

the second and third quarters, respectively. Residential 

activity accounts for 3.8 percent of GDP and added 0.4 

percentage point to fourth-quarter real GDP growth. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts increased 3.5 

percent over the year through December 2017 to an annual 

rate of 836,000 units. However, single-family starts remain 

about 54 percent below their January 2006 peak and also 

below the 1.1 million unit average observed from 1980 to 

2004. Multi-family starts plunged 22.6 percent over the year 

through December 2017 to an annual rate of 356,000 units, 

and are still nearly 21 percent below the pre-recession peak. 

Sales of new single-family homes surged 14.0 percent over 

the year through December 2017 to a 625,000 annual rate. 

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

including single-family, condos and co-ops) increased 1.1 

percent over the year through December 2017, to a 5.6 

million annual rate. 

Nonresidential fixed investment—12.4 percent of GDP—

advanced 6.8 percent at an annual rate in the fourth quarter of

2017, accelerating from a 4.7 percent rate in the third quarter. 

The pace of intellectual property products investment 

moderated to a 4.5 percent gain in the fourth quarter, 

compared with a gain of 5.2 percent in the third quarter. 

Equipment investment rose 11.4 percent in the fourth quarter, 

building on a 10.8 percent pace in the third quarter, and 

marking the third consecutive quarter of strong growth. 

Outlays for structures reversed from a 7.0 percent decline in 

the third quarter to an advance of 1.4 percent in last year’s 

final quarter. Altogether, nonresidential fixed investment 

added 0.8 percentage point to real GDP growth in the fourth 

quarter, after contributing 0.6 percentage point in the second 

quarter. The contribution of inventory investment also 

reversed: following a 0.8 percentage point addition in the 

third quarter, this component subtracted 0.7 percentage point 

from growth in the fourth quarter. The change in private 

inventories has posed a drag on growth in seven of the last 

eleven quarters. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

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

quarter of 2017, exports grew by 6.9 percent (after rising 2.1 

percent in the previous quarter), but imports surged 13.9 

percent (after falling by 0.7 percent in the third quarter). The 

net export deficit widened, subtracting 1.1 percent points 

from real GDP growth in the fourth quarter, after making a 

0.4 percentage point contribution to growth in the previous 

quarter. 

The current account balance (reflecting international trade 

in goods and services as well as investment income flows and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and in 2006 reached a record $807 

billion, equivalent to 5.8 percent of GDP. The current account 

deficit narrowed sharply during the recession to $384 billion 

(2.7 percent of GDP) in 2009. It has widened somewhat since 

then but remains well below its 2006 peak. In the third 

quarter of 2017 (latest data available), the current account 

deficit narrowed to $402 billion (annualized), or 2.1 percent 

of GDP, compared with a deficit of $498 billion, or 2.6 

percent of GDP, in the second quarter. 

Government purchases—which account for close to 18 

percent of GDP—posed a drag on GDP growth each year 

from 2011 through 2014, but contributed modestly on net to 

economic growth in 2015, 2016, and 2017. In the fourth 

quarter of 2017, government outlays increased 2.9 percent, 

accelerating from the 0.7 percent rise in the third quarter, and 

made a solid, 0.5 percentage point contribution to real GDP 

growth. At the federal level, spending rose 3.6 percent in the 

latest quarter, after advancing 1.3 percent in the third quarter. 

State and local government spending advanced 2.6 percent in 

the fourth quarter, after edging up 0.2 percent in the previous

quarter. State and local government spending declined for 13 

straight quarters from the fourth quarter of 2009 through the 

fourth quarter of 2012, but has risen in all but seven quarters

since then. Similarly, spending cutbacks at the federal level 

restrained overall growth from late 2010 through 2014. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.4 million jobs. Payrolls continued 

to decline even after the recovery began, but February 2010 

was the low point and employment rose in March of that 

year. Since then, through January 2018, total nonfarm payroll 

employment has increased by 18.1 million. Private-sector 

employment has risen 18.2 million. 

Job losses during the recession were spread broadly 

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

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

recovery began in early 2010, through January 2018, payrolls 

in professional and business services have risen by 4.1 

million, and the leisure and hospitality industry’s 

employment has increased by more than 3.3 million. 

Employment in the manufacturing sector has expanded by 1.1 

million since early 2010 and the construction sector has 

added 1.6 million workers to its payrolls. A few sectors added 

jobs throughout the recession and still continue to hire new 

workers: since early 2010, the health care and social 

assistance sector has added an additional 3.0 million jobs. On 

a net basis, the government sector also added workers to 

payrolls during the recession, although payrolls began 

declining late in 2008 and trended lower until early 2014. 

Government employment has increased since then but growth 

has been uneven. From January 2014 through January 2018, 

the government sector has added 518,000 jobs. Much of that 

growth occurred at the local level with the addition of 

387,000 positions, including 170,000 jobs in local education. 

Federal government employment has risen by 68,000 during 

this period and state government employment has increased 

by 63,000. 

The unemployment rate peaked in October 2009 at a 26-

year high of 10.0 percent—5.4 percentage points above the 

4.6 percent average that prevailed in 2006 and 2007, before 
PROFILE OF THE ECONOMY 5 

March 2018 

the recession began. Since then, the unemployment rate has 

trended lower and in January 2018 stood at 4.1 percent, its 

lowest level since December 2000. 

Broader measures of unemployment have now declined to 

levels near, or below, pre-recession levels. The broadest 

measure, which includes workers who are underemployed 

and those who are only marginally attached to the labor force 

(the U-6 unemployment rate), has trended lower from a 

record high of 17.1 percent in late 2009 and early 2010 to 8.2 

percent in January 2018. The U-6 unemployment rate 

averaged 8.3 percent in the 2 years prior to the last recession. 

The percentage of the unemployed who have been out of 

work for 27 weeks or more has also declined, but remains 

above its pre-recession average. In January 2018, 21.5 

percent of unemployed workers were included in this 

category, compared with readings around 17.5 percent before 

the recession. 

Inflation 

Headline inflation rates have accelerated relative to 

readings of the past couple of years, but a pull-back in oil 

prices in the first part of 2017 contributed to a slowing of 

inflation for much of last year. Headline and core inflation 

readings are still relatively low, and core inflation remains 

stable. Headline consumer prices rose 2.1 percent over the 12 

months ending in December 2017, slowing from the 2.7 

percent rate over the year through February 2017 and 

matching the rate of a year-earlier, but considerably faster 

than the 0.7 percent rate posted over the 12 months through 

December 2015. Energy prices advanced 6.9 percent over the 

year through December 2017, a bit faster than the 5.4 percent 

pace over the year through December 2016. 

On a year-over-year basis, food prices rose 1.6 percent over 

the year through December 2017, reversing from the 0.2 

percent decline over the 12 months ending in December 

2016. On a 12-month basis, core consumer prices (excluding 

food and energy) rose 1.8 percent through December 2017, 

slowing from the 2.2 percent increase in the year ending in 

December 2016. Core inflation had been near or below 2 

percent from early 2013 through late 2015, but hovered 

around 2-1⁄4 percent throughout 2016 and the first quarter of 

2017, before slowing to an average 1.7 percent in the latter 

half of 2017. 

 Oil and gasoline prices fell sharply between mid-2014 

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

summer of 2015, but resumed a declining trend through early 

2016, reaching their lowest levels since early 2009. Prices 

have since trended higher, although there was a small pullback in oil prices in the spring and early summer of 2017. 

The front month futures price of West Texas Intermediate 

(WTI) crude oil averaged $63.70 per barrel in January 2018, 

up $5.82 from the previous month’s average, and $11.20 

above the January 2017 average. The retail price of regular 

gasoline averaged $2.61 per gallon in January 2018, 14 cents 

higher than the previous month, and 31 cents higher than its 

January 2017 average. 

Home prices have continued to rise. While the pace of 

increase remains slower than that observed in mid-2013, it far 

exceeds the increases in core measures of consumer prices. 

The FHFA purchase-only home price index rose 6.6 percent 

over the year ending in November 2017, a bit lower than the 

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

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

home price index rose 6.4 percent over the year ending in 

November 2017, a pace less than half the peak rate of 13.8 

percent in November 2013. 
6 PROFILE OF THE ECONOMY 

March 2018 

Federal Budget and Debt

The federal budget deficit declined to $438 billion (2.5 

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

but rose to $586 billion (3.2 percent of GDP) in fiscal year 

2016, and increased again to $666 billion (3.5 percent of 

GDP) in fiscal year 2017. The deficit is now 6.3 percentage 

points below the peak of 9.8 percent reached in fiscal year 

2009. The primary deficit (receipts less spending excluding 

interest payments) rose $58 billion to $403 billion in fiscal 

year 2017. Debt held by the public (federal debt less that held

in government accounts) rose 3.5 percent to $14.76 trillion at 

the end of fiscal year 2017. As a share of the economy, 

however, publicly-held debt fell to 76.5 percent of GDP in 

fiscal year 2017, from 76.7 percent at the end of fiscal year 

2016. 

On May 23, 2017, the Administration released its Fiscal 

Year 2018 Budget. It projected the Federal Government’s 

budget deficits will range between 2-1⁄4 and 2-1⁄2 percent of 

GDP from fiscal year 2018 to 2020, but, thereafter, will fall 

as Administration policies are enacted. By 2027, the 

Administration expects its policies to create a modest surplus 

of $16 billion (0.1 percent of GDP). The primary deficit is 

projected to turn into a small primary surplus by fiscal year 

2021, and then to grow in the latter part of the forecast 

horizon, climbing to 2.1 percent of GDP by fiscal year 2027. 

The Fiscal Year 2018 Budget projects that after fiscal year 

2017, debt held by the public will fall as a percentage of 

GDP, dropping to 59.8 percent by fiscal year 2027. 

The mid-session review of the Fiscal Year 2018 Budget, 

released by the Administration in July 2017, projects the 

federal government will post a budget deficit of $589 billion 

(2.9 percent of GDP) in fiscal year 2018 and a primary deficit 

of $267 billion. Debt held by the public is expected to rise to

77.9 percent of GDP by the end of fiscal year 2018. 

Economic Policy

Key fiscal and monetary policy actions taken in past years 

aided the recovery and helped reinforce the expansion. On the 

fiscal policy side, these measures included the American 

Recovery and Reinvestment Act (ARRA) of 2009, a variety 

of selected tax cuts and credits for individuals and businesses, 

the American Taxpayer Relief Act of 2012 (ATRA), financial 

support for State and local Governments, and extensions of 

Emergency Unemployment benefits. 

On February 9, after partial government shutdown in the 

morning, Congress passed a continuing resolution that 

extends funding for the federal government through March 

23. The continuing resolution also includes supplemental 

appropriations for disaster relief and a bipartisan agreement 

to increase budget caps in FYs 2018 and 2019. The bill raises 

defense spending by about $80 billion per year and 

nondefense spending by about $64 billion per year. 

Appropriation committees are expected to craft an omnibus 

appropriations act that conforms to these guidelines to fund 

the federal government for the rest of FY 2018. 

The Administration expects to release its budget for FY 2019 

during the week of February 12. 

On February 9, 2018, the debt ceiling was suspended until 

March 2, 2019, at which time it will be automatically raised 

to account for interim borrowing. At the end of January 2018, 

gross federal debt stood at $20,494 billion, while debt held by

the public was $14,803 billion. 

On the monetary policy side, the Federal Reserve began 

its last cycle of monetary policy easing in September 2007, 

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

to signs of slowing in the broader economy. By December 

2008, the FOMC had lowered the federal funds target interest 

rate to a historically low range of 0 to 0.25 percent. The 

FOMC maintained this range until December 2015 and then 

raised the rate by 25 basis points to 0.25 to 0.5 percent. The 

Committee raised the rate by another 25 basis points in 

December 2016 to 0.5 to 0.75 percent, and raised it by a 

further 25 basis points to 0.75 to 1.0 percent at its March 14-

15, 2017, meeting. At its meeting on June 13-14, 2017, the 

rate was raised by an additional 25 basis points to 1.0 to 1.25

percent. The FOMC raised the rate by another 25 basis points 

at its December 12-13, 2017 meeting, bringing the range to 

1.25 to 1.5 percent At its most recent meeting on January 30-

31, 2018, the FOMC maintained this range and also repeated 

its view, first expressed at the December 2015 meeting, that it

“expects economic conditions will evolve in a manner that 

will warrant only gradual increases in the federal funds rate; 

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

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

In addition to lowering the federal funds rate target to 

respond to the financial crisis and slower economic growth, 

the Federal Reserve significantly expanded its tools to 

increase liquidity in credit markets, and eased lending terms 

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

and funds directed at specific financial markets. As of June 
PROFILE OF THE ECONOMY 7 

March 2018 

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

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and continue rolling over the 

Federal Reserve’s holdings of Treasury securities as they 

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

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

At the September 2011 meeting, the FOMC announced it 

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

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

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

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

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

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

the FOMC extended and expanded its program to extend the 

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

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. 

The FOMC announced additional monetary 

accommodation at the December 2012 meeting, including the 

completion of short-term securities sales (which drain 

liquidity) and the continuation of purchases of long-term 

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

the end of 2012. At that meeting, the FOMC also indicated 

that monthly purchases of mortgage-backed securities at a 

pace of $40 billion per month would continue, and affirmed 

its existing policy of reinvesting principal payments. At its 

meeting on September 19-20, 2017 the Committee announced 

it would initiate a balance sheet normalization program in 

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

2017, the FOMC indicated that the normalization program “is 

proceeding” but no further mention of the program has been 

made in subsequent accompanying statements. The program 

will gradually reduce the Federal Reserve’s holdings of 

securities by decreasing reinvestment of principal payments 

from those securities. 

At the December 2013 meeting, the FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

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

subsequent meeting in January, March, April, June, July, and 

September 2014, the Committee announced further tapering 

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

meeting in October 2014, the Committee announced the 

conclusion of its asset purchase program at the end of 

October 2014. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008. Credit 

flows have increased substantially, and measures of risk 

tolerance and volatility have all improved, on net. 

Equity markets have more than recovered from the steep 

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

largest annual loss since the Great Depression. After 

advancing 9.5 percent in 2016, the index rose 19.4 in 2017, 
8 PROFILE OF THE ECONOMY 

March 2018 

and thus far in 2018 through early February, is 2.0 percent 

lower on the year. Currently, the index stands about 67 

percent above its October 2007 peak. Volatility has also 

declined markedly: the S&P Stock Market Volatility Index 

(VIX) often used as a measure of financial market 

uncertainty, fell to roughly 9 percent in late 2017 and early 

2018 - down sharply from an all-time high of 80 in late 

October 2008 - but as of early February 2018, stood at about 

29 percent. 

A variety of factors have buffeted long-term Treasury 

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

as well as supply concerns related to funding of the 

Government’s debt, and concerns about global financial 

markets and global growth. More recently, yields have been 

affected by adjustments to expectations for more government 

spending and higher inflation. After falling by nearly 90 basis

points during 2014, the yield on the 10-year Treasury note 

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

about 18 basis points over 2016. However the yield fell 5 

basis points by the end of 2017. Currently, the 10-year yield 

stands at 2.83 percent, roughly 1.4 percentage points above 

the record low of 1.43 percent reached in late July 2012 as 

well as 43 basis points higher on the year through early 

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

percent between January 2012 and November 2015, but since 

then has trended much higher, and stood at about 1.6 percent 

as of early February 2018. The 2- to 10-year Treasury yield 

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

narrowed significantly from November 2013 to July 2016 

when it stood at 76 basis points. After widening during the 

remainder of 2016, the spread narrowed during 2017 and 

stood at 78 basis points as of early February 2018. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread, 

which stood at 27 basis points as of early February 2018. 

Measures of longer-term credit risk have also improved. 

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

corporate bond yield and the 10-year Treasury Constant 

Maturity yield averaged 211 basis points as of September 

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

155 basis points in December 2017. The spread between the 

10-year Treasury High Quality Market (HQM) corporate 

bond yield and the 10-year Treasury Constant Maturity yield 

averaged 136 basis points in September 2016, and since then 

has narrowed to an average of 94 basis points as of December 

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

Treasury’s Office of Macroeconomic Analysis. The 10-year 

yields from these curves correspond to the 10-year Treasury 

yield, so the spreads provide a more accurate measure of 

credit risk.) 

Rates for conforming mortgages have trended lower in 

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

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

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

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

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

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

higher, and in January 2018 averaged 4.03 percent. 

Foreign Exchange Rates

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

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

reached in August 2011, the exchange value of the dollar 

compared to an index of these currencies fell by about 39 

percent. Although the dollar’s exchange value against this 

index remains well below the February 2002 peak, it has 

appreciated between August 2011 and January 2018 by about 

25 percent. From August 2011 through January 2018, the 

dollar has appreciated by about 44 percent against the yen 

and by about 28 percent against the euro. Against an index of 

currencies of 19 other important trading partners (including 

China, India, and Mexico), the dollar has appreciated by 

about 22 percent. 
March 2018 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

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

March 2018 

10 

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

the Government. 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the first quarter of fiscal year 2018 

supplements fiscal data reported in the December issue 

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

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes— Individual income tax 

receipts, net of refunds, were $390.8 billion for the first 

quarter of fiscal year 2018. This is an increase of $38.0 

billion over the comparable prior year quarter. Withheld 

receipts increased by $40.0 billion and non-withheld 

receipts decreased by $1.9 billion during this period. 

Refunds increased by $0.2 billion over the comparable fiscal 

year 2017 quarter. There was an increase of $7.8 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2017. 

Corporate income taxes—Net corporate income tax 

receipts were $62.1 billion for the first quarter of fiscal year 

2018. This is a decrease of $13.7 billion compared to the 

prior year first quarter. The $13.7 billion change is 

comprised of a decrease of $9.9 billion in estimated and 

final payments, and an increase of $3.8 billion in corporate 

refunds. 

Employment taxes and contributions— Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2018 were $251.6 billion, an increase of $7.0 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 $4.2 billion, $1.1 billion, and $1.7 billion 

respectively. There was a -$8.8 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of fiscal year 2018, while there was a 

-$0.9 billion adjustment in the first quarter of fiscal year 

2017. 

Unemployment insurance—Unemployment insurance 

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

2018 were $6.2 billion, a decrease of $0.3 billion over the 

comparable quarter of fiscal year 2017. Net State taxes 

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

$5.5 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $0.7 billion. 
FEDERAL FISCAL OPERATIONS 

March 2018 

11 

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

first quarter of fiscal year 2018. This is an increase of $0.1

billion over the comparable quarter of fiscal year 2017. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2018 were $19.5 billion, an increase of 

$0.1 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.5 billion, not a 

significant change over the comparable prior year quarter. 

Estate and gift taxes— Net estate and gift tax receipts 

were $5.3 billion for the first quarter of fiscal year 2018. 

These receipts represent an increase of $0.4 billion over the 

same quarter in fiscal year 2017. 

Customs duties— Customs duties net of refunds were 

$9.4 billion for the first quarter of fiscal year 2018. This is 

an increase of $0.6 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2018 were $23.6 billion, a

decrease of $3.5 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $1.3 billion.

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

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

 First quarter 2018 

October – December 

 Fiscal year 2018 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 769,512 769,512

On-budget receipts .................................................. 583,193 583,193

Off-budget receipts .................................................. 186,318 186,318

Total outlays ................................................................. 994,467 994,467

On-budget outlays.................................................... 810,503 810,503

Off-budget outlays.................................................... 183,965 183,965

Total surplus or deficit (-) ............................................. -224,955 -224,955

On-budget surplus or deficit (-) ................................ -227,309 -227,309

Off-budget surplus or deficit (-) ................................ 2,354 2,354

Means of financing: 

Borrowing from the public ............................................ 139,455 139,455

Reduction of operating cash ........................................ -69,612 -69,612

Other means ................................................................ 155,111 155,111

Total on- and off-budget financing ........................... 224,955 224,955

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

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

Source October November December 

Individual income taxes ...................................................... 127.8 98.7 164.3

Corporate income taxes ..................................................... 3.7 -2.3 60.6

Employment and general retirement .................................. 80.8 86.8 84

Unemployment insurance .................................................. 2.9 3 0.3

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

Excise taxes ....................................................................... 7.5 7.2 4.8

Estate and gift taxes .......................................................... 1.6 1.9 1.7

Customs duties .................................................................. 3.2 3.1 3.1

Miscellaneous receipts ....................................................... 7.4 9.5 6.6

Total budget receipts ..................................................... 235.3 208.4 325.8

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

March 2018 

12 
FEDERAL FISCAL OPERATIONS 

March 2018 

13

TABLE FFO-1—Summary of Fiscal Operations 

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

 Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10) 

Fiscal year 

or Month 

Total 

Receipts 

(1) 

On-budget 

receipts 

(2) 

Off-budget 

receipts 

(3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus 

deficit (-) 

(7) 

On-budget 

surplus 

deficit (-) 

(8) 

Off-budget 

surplus 

deficit (-) 

(9) 

 

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

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

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

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

2017 ............................ 3,314,893 2,464,275 850,617 3,980,607 3,179,404 801,202 -665,713 -715,128 49,416 666,472 

 2017 - Est.................... 3,343,640 2,492,983 850,657 4,045,306 3,237,904 807,402 -701,666 -744,921 43,255 907,564 

2018 - Est.................... 3,514,482 2,630,389 884,093 4,103,979 3,244,698 859,281 -589,497 -614,309 24,812 880,317 

 2016 - Dec................... 319,204 254,986 64,218 346,541 313,481 33,060 -27,337 -58,494 31,158 27,460 

2017 - Jan ................... 344,069 263,613 80,456 292,812 225,590 67,222 51,257 38,023 13,234 -40,544 

Feb .................. 171,713 104,266 67,447 363,757 287,851 75,907 -192,044 -183,585 -8,460 22,006 

Mar .................. 216,584 142,186 74,397 392,816 316,632 76,184 -176,233 -174,446 -1,786 -114,742 

Apr................... 455,605 365,351 90,254 273,177 205,920 67,257 182,428 159,431 22,997 233 

May.................. 240,418 171,413 69,005 328,841 253,114 75,727 -88,423 -81,701 -6,722 -783 

June................. 338,660 252,461 86,199 428,894 388,305 40,588 -90,233 -135,844 45,611 -1,137 

July .................. 232,040 167,405 64,635 274,980 206,636 68,344 -42,939 -39,231 -3,709 716 

Aug .................. 226,311 161,070 65,241 334,000 256,816 77,184 -107,689 -95,746 -11,943 -970 

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

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

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

Dec .................. 325,797 263,995 61,801 348,990 311,315 37,676 -23,194 -47,319 24,126 -98,062 

 Fiscal year 2018 to date ... 769,512 583,193 186,318 994,467 810,503 183,965 -224,955 -227,309 2,354 244,772 

 

Means of financing—net transactions, continued 

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

Other 

(18) 

Transaction

s not 

applied to 

year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

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 -250,098 -834 483,348 

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

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -309,791 -171 587,416 

2017 ...................................... 3 168,172 498,301 -193,988 1,390 -935 1,938 -25,760 101 665,714 

 

2017 - Est .............................. 341 154,497 753,408 -3,312 - - - -55,054 - 701,666 

2018 - Est .............................. -444 201,401 678,472 - - - - -88,975 - 589,497 

 2016 - Dec ............................ 56 37,631 -10,115 -22,844 -343 42 -78 14,408 - 27,336 

2017 - Jan ............................. 36 19,126 -59,634 -26,462 527 -134 153 -17,539 - -51,257 

Feb ............................ -233 -13,032 34,805 -183,441 -169 -511 -38 -26,867 -53 192,044 

Mar............................ -34 -71,514 -43,262 -97,081 108 212 109 122,842 - 176,232 

Apr............................. -12 76,465 -76,244 180,380 514 24 220 74,954 - -182,428 

May ........................... 140 -5,777 5,134 -82,754 500 -64 208 1,182 - 88,426 

June .......................... 35 -68,555 67,452 -8,714 257 -120 -72 14,132 - 90,233 

July............................ -29 5,923 -5,236 7,906 595 -625 467 56,591 -73 42,939 

Aug............................ -271 -25,039 23,797 -133,622 232 -267 470 -49,287 -8 107,689 

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

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

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

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

 

Fiscal year 2018 to date ....... 28 105,344 139,455 69,612 420 -1,698 181 154,057 -42 224,955 

Detail may not add to totals due to rounding. These estimates are based on the Mid-Session Review Update 

to the President's FY 2018 Budget, released by the Office of Management and Budget on July 14, 2017. Oct. 

2016 - Outlays increased by $1.7 billion due to additional reporting by the United States Postal Service. Nov. 

2016 - Outlays increased by $18 million due to additional reporting by the Executive Office of the President for the International Assistance Programs - Multilateral Assistance. 

Dec. 2016 - Outlays decreased by $180 million due to additional reporting by the Federal Deposit Insurance 

Corporation. FYTD 2017 (col. 19) - Due to an incorrect mapping of a Treasury Account Symbol to the Oracle 

General Ledger, an amount of $158 M was not picked up for prior month activity. The general ledger posting 

issue was fixed in September 2017 and all backdated and current month activity was correctly posted. 
FEDERAL FISCAL OPERATIONS 

March 2018 

14 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

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

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

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

2016 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,548 1,060,162 3,159 1,056,993 

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

 2017 - Est.......... 1,583,873 - - 1,583,873 302,404 - 302,404 1,886,277 1,106,588 - 1,106,588 

2018 - Est.......... 1,745,916 - - 1,745,916 319,757 - 319,757 2,065,673 1,151,854 - 1,151,854 

 2016 - Dec......... 124,453 17,663 2,578 139,537 75,319 2,508 72,811 212,348 86,015 - 86,015 

2017 - Jan ......... 121,575 77,440 1,785 197,231 11,917 2,771 9,146 206,377 104,068 - 104,068 

Feb ........ 116,606 7,196 62,551 61,251 4,526 2,048 2,478 63,729 85,843 - 85,843 

Mar ........ 139,562 16,245 71,734 84,072 19,262 6,382 12,879 96,951 94,759 - 94,759 

Apr......... 93,762 219,248 63,691 249,320 60,101 380 59,721 309,041 117,056 - 117,056 

May........ 108,470 14,932 19,422 103,981 11,920 5,984 5,935 109,916 88,133 - 88,133 

June....... 92,939 65,449 7,842 150,546 61,014 3,643 57,371 207,917 110,387 - 110,387 

July ........ 109,441 8,268 4,257 113,453 11,404 2,372 9,033 122,486 83,584 - 83,584 

Aug ........ 104,966 8,537 4,198 109,306 3,439 2,102 1,337 110,643 84,413 - 84,413 

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

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

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

Dec ........ 150,922 16,124 2,736 164,311 63,557 2,930 60,627 224,938 83,617 - 83,617 

 Fiscal year 

2018 to date........ 366,045 47,320 22,520 390,846 79,213 17,161 62,052 452,898 250,355 - 250,355 

 

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) 

 

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

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

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

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

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

 2017 - Est.................... 5,363 - 5,363 1,111,951 46,804 - 46,804 4,165 21 4,186 

2018 - Est.................... 5,559 - 5,559 1,157,413 49,065 - 49,065 6,155 20 6,175 2016 - Dec .................. 406 - 406 86,421 379 5 375 396 3 399 

2017 - Jan ................... 627 - 627 104,695 4,692 4 4,689 367 3 370 

Feb.................. 560 - 561 86,404 2,836 3 2,833 320 3 323 

Mar.................. 557 - 557 95,316 431 44 388 339 3 342 

Apr................... 467 - 467 117,523 5,138 29 5,109 320 3 323 

May ................. 537 - 537 88,669 17,443 11 17,431 322 3 325 

June ................ -137 - -138 110,250 351 17 334 409 3 412 

July.................. 546 - 546 84,129 3,945 20 3,925 354 3 356 

Aug.................. 480 - 480 84,894 4,225 8 4,217 360 3 363 

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

Oct................... 493 - 493 80,800 2,883 - 2,883 332 3 335 

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

Dec.................. 357 - 357 83,975 256 5 252 420 2 422 

 Fiscal year 

2018 to date...................... 1,247 - 1,247 251,604 6,171 7 6,165 1,088 8 1,096 

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

March 2018 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

 

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

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

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

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

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

 2017 - Est............... 87,577 23,139 - 23,139 34,530 - 34,530 91,626 57,550 149,176 2,492,983 850,657 

2018 - Est............... 106,467 24,331 - 24,331 39,772 - 39,772 72,690 47,896 120,586 2,630,389 884,093 

 2016 - Dec.............. 6,438 2,013 82 1,931 2,960 114 2,846 5,908 2,538 8,446 254,986 64,218 

2017 - Jan .............. 5,116 2,472 45 2,427 3,135 168 2,967 7,012 10,416 17,428 263,613 80,456 

Feb ............. 5,362 1,155 74 1,082 2,643 153 2,490 5,374 4,118 9,491 104,266 67,447 

Mar............. 7,633 2,054 78 1,976 2,785 118 2,667 9,737 1,573 11,310 142,186 74,397 

Apr.............. 4,358 4,274 76 4,198 3,100 91 3,009 6,582 5,463 12,045 365,351 90,254 

May ............ 8,123 2,082 68 2,015 2,616 195 2,421 8,350 3,166 11,516 171,413 69,005 

June ........... 7,418 1,561 102 1,459 2,986 114 2,871 6,143 1,857 7,999 252,461 86,199 

July............. 7,800 1,530 86 1,445 3,310 122 3,188 6,488 2,222 8,710 167,405 64,635 

Aug............. 7,416 1,887 122 1,765 3,129 182 2,947 7,010 7,057 14,067 161,070 65,241 

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

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

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

Dec............. 4,755 1,782 70 1,712 3,210 104 3,107 5,076 1,561 6,636 263,995 61,801 

 Fiscal year 

2018 to date................ 19,458 5,381 124 5,258 9,819 374 9,446 18,112 5,476 23,588 583,193 186,318 

These estimates are based on the Mid-Session Review Update to the President's FY 2018 

Budget, released by the Office of Management and Budget on July 14, 2017. 

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) 

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

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

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

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

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

 2017 - Est ..................... 1,162,941 15,176 - 15,176 460 - 460 41,521 - 41,521 30,420 - 30,420 

2018 - Est ..................... 1,212,653 15,839 - 15,839 473 - 473 41,919 - 41,919 48,236 - 48,236 

 2016 - Dec .................... 87,195 1,212 - 1,212 43 - 43 3,546 29 3,518 1,884 218 1,665 

2017 - Jan..................... 109,754 1,115 - 1,115 40 - 40 3,262 29 3,233 2,203 1,475 729 

Feb.................... 89,560 1,359 7 1,352 28 - 28 3,760 30 3,730 493 241 252 

Mar.................... 96,046 1,091 - 1,091 39 - 39 3,219 30 3,189 3,486 172 3,314 

Apr .................... 122,955 1,220 - 1,220 43 - 43 3,599 37 3,562 2,306 2,775 -468 

May ................... 106,425 1,175 3 1,171 19 - 19 2,714 43 2,671 3,129 -1,133 4,262 

June .................. 110,996 1,297 - 1,297 31 - 31 3,492 43 3,449 2,787 146 2,641 

July.................... 88,410 1,367 3 1,364 33 - 33 3,680 42 3,638 3,211 445 2,766 

Aug.................... 89,474 1,425 - 1,425 23 - 23 3,130 42 3,088 3,024 144 2,880 

Sept................... 96,144 2,087 2 2,085 69 - 69 6,389 63 6,327 3,167 429 2,739 

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

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

Dec.................... 84,649 1,267 - 1,267 42 - 42 3,553 29 3,524 90 168 -79 Fiscal year 

2018 to date...................... 258,865 2,959 - 2,959 98 - 98 8,369 73 8,296 8,541 436 8,104 
FEDERAL FISCAL OPERATIONS 

March 2018 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart- 

 ment of 

 Labor 

 (13) 

 

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

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

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

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

2017 ....................... 4,499 7,565 127,563 10,303 568,905 111,703 25,794 1,116,763 50,502 55,474 12,141 30,979 40,121

 2017 - Est............... 5,241 8,176 128,091 10,831 578,806 109,901 26,668 1,128,576 52,739 56,366 12,710 34,421 43,684

2018 - Est............... 5,112 8,030 137,079 14,458 630,201 68,108 28,097 1,135,892 50,906 41,221 8,225 35,818 43,243 2016 - Dec.............. 371 721 12,904 837 54,172 5,320 2,085 93,941 4,590 4,923 1,182 2,364 4,601

2017 - Jan .............. 431 631 11,519 957 37,626 8,344 1,943 86,476 4,685 1,307 1,391 48 5,132

Feb ............. 320 582 9,830 690 43,502 8,011 2,221 89,275 3,479 3,090 877 4,142 4,711

Mar ............. 381 678 10,359 1,800 55,100 6,744 2,231 120,602 4,095 3,385 -17 3,742 5,102

Apr.............. 345 572 8,849 681 37,811 5,061 1,968 62,180 2,933 3,257 433 1,253 3,859

May............. 348 579 9,920 739 46,434 4,873 1,687 93,501 3,060 3,058 954 3,912 3,982

June............ 374 798 9,991 782 55,070 45,691 2,276 113,925 3,936 24,443 1,613 2,899 2,638

July ............. 372 570 8,978 965 40,597 4,129 1,729 65,583 4,089 3,068 1,015 2,778 3,648

Aug ............. 363 625 2,357 755 49,265 7,104 1,991 104,564 3,344 3,219 1,564 2,461 3,806

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

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

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

Dec ............. 411 731 13,338 156 56,665 4,553 1,923 89,174 6,397 3,868 1,604 2,229 4,493 Fiscal year 

2018 to date................ 1,186 1,979 51,912 1,562 158,557 13,454 6,218 257,238 23,379 10,830 3,894 8,679 5,572

 

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) 

 

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

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

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

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

2017 ....................... 27,061 79,440 456,953 89,479 176,046 6,452 58,695 8,087 412 -667 18,925 2017 - Est............... 30,015 81,605 473,404 90,296 175,642 6,826 57,946 8,439 435 -1,233 23,012 

2018 - Est............... 27,885 79,545 503,490 94,019 177,240 6,949 56,355 6,473 400 826 28,781 

 2016 - Dec.............. 1,873 6,612 87,429 631 22,276 639 9,642 878 42 40 667 

2017 - Jan .............. 2,397 4,839 23,339 5,964 7,350 551 1,260 844 34 -187 2,027 

Feb ............. 1,814 4,991 25,711 53,965 14,270 520 4,596 573 32 40 2,284 

Mar ............. 1,969 6,448 34,785 15,919 20,558 670 9,037 591 28 55 2,263 

Apr.............. 2,559 5,206 34,427 13,331 7,131 528 -812 570 50 -270 1,911 

May............. 2,094 6,225 27,813 8,078 14,798 486 5,189 569 33 132 905 

June............ 1,726 8,712 90,430 1,025 23,161 523 9,375 731 40 54 116 

July ............. 1,981 6,712 28,672 6,908 7,194 429 843 516 28 -297 754 

Aug ............. 1,410 8,629 30,324 5,358 15,397 613 4,446 639 30 91 647 

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

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

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

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

 Fiscal year 

2018 to date................ 6,929 18,657 146,253 13,478 46,570 1,604 16,780 2,407 99 91 5,768 

See footnotes at end of table 
FEDERAL FISCAL OPERATIONS 

March 2018 

17

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

 

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

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

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

2016 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 

2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,404 801,202 

 

2017 - Est.......... 19,431 7,291 96,829 368 1,002,464 21,467 -87,453 -150,071 -4,191 -3,426 3,237,904 807,402 

2018 - Est.......... 19,635 7,192 96,750 1,005 1,054,219 17,326 -90,993 -142,871 -4,643 -41,994 3,244,698 859,281 

 

2016 - Dec ........ 2,212 534 6,917 94 86,046 317 -6,029 -62,195 -94 - 313,481 33,060 

2017 - Jan ......... 1,215 529 8,004 84 78,569 3,642 -6,211 -1,499 -426 - 225,590 67,222 

Feb ........ 1,400 540 8,079 73 82,501 716 -5,756 -3,000 -323 - 287,851 75,907 

Mar........ 1,584 577 8,044 83 87,486 -2,103 -5,904 -3,153 -323 - 316,632 76,184 

Apr......... 1,328 548 8,282 65 78,860 1,027 -5,803 -4,852 -111 - 205,920 67,257 

May ....... 1,689 517 8,361 77 83,634 3,398 -5,698 -1,989 -519 - 253,114 75,727 

June ...... 1,751 660 6,847 -463 92,493 -2,811 -6,461 -62,969 -485 - 388,305 40,588 

July........ 1,348 659 8,052 77 79,442 3,106 -6,111 -2,603 -252 - 206,636 68,344 

Aug........ 1,598 795 8,075 82 83,908 1,989 -6,160 -3,284 -257 -1,750 256,816 77,184 

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

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

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

Dec........ 2,123 497 7,086 150 89,022 -1,199 -6,165 -59,536 -160 - 311,315 37,676 

Fiscal year 

2018 to date ....... 5,311 1,700 23,924 403 253,274 1,525 -32,435 -61,213 -1,122 - 810,503 183,965 

 

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

Year 2018 Budget, released by the Office of Management and Budget on July 14, 2017. 

-No transactions. 

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

March 2018 

18 

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

December 2017 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............................................... 390,954 -108 - 390,847 352,833 4 - 352,837

Corporation income taxes........................................... 62,052 - - 62,052 75,731 - - 75,731

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 186,318 186,318 - - 181,010 181,010

Employment and general retirement (on-budget)... -71 - 65,355 65,285 -9 - 63,587 63,578

Unemployment insurance ....................................... -64 - 6,229 6,165 -2 - 6,500 6,498

Other retirement...................................................... - - 1,097 1,097 - - 1,046 1,046

Excise taxes ................................................................ 7,519 263 11,675 19,458 7,392 352 11,632 19,376

Estate and gift taxes ................................................... 5,258 - - 5,258 4,806 - - 4,806

Customs duties ........................................................... 6,220 2,821 405 9,446 5,789 2,634 389 8,812

Miscellaneous receipts................................................ 19,254 4,190 143 23,588 21,000 5,861 216 27,077

Total receipts....................................................... 491,122 7,167 271,223 769,512 467,540 8,852 264,380 740,771

(On-budget)..................................................... 491,122 7,167 84,904 583,193 467,540 8,852 83,370 559,762

(Off-budget)..................................................... - - 186,318 186,318 - - 181,010 181,010

 

Budget outlays: 

Legislative branch ....................................................... 1,162 24 1 1,187 1,102 69 * 1,172

Judicial branch ............................................................ 1,837 167 -25 1,978 1,735 136 -10 1,862

Department of Agriculture ........................................... 32,578 19,339 -4 51,913 31,117 18,208 -5 49,319

Department of Commerce........................................... 2,160 -599 2 1,563 2,081 127 1 2,209

Department of Defense-military .................................. 155,832 2,710 15 158,556 147,217 2,119 55 149,392

Department of Education ............................................ 13,400 54 * 13,453 11,397 85 * 11,482

Department of Energy................................................. 6,415 -198 * 6,218 7,067 -596 * 6,471

Department of Health and Human Services ............... 203,659 1,401 52,178 257,238 220,863 1,239 35,854 257,956

Department of Homeland Security.............................. 17,777 5,564 38 23,379 12,138 923 55 13,116

Department of Housing and Urban Development....... 10,861 -36 4 10,829 10,999 -40 -2 10,958

Department of the Interior........................................... 2,555 1,239 99 3,894 2,613 420 111 3,144

Department of Justice ................................................. 6,648 2,021 11 8,680 7,111 315 -54 7,372

Department of Labor................................................... 1,517 -3,587 7,643 5,573 1,637 -3,899 8,089 5,828

Department of State.................................................... 6,235 450 244 6,929 6,157 425 21 6,604

Department of Transportation..................................... 1,506 130 17,022 18,657 2,623 -5 16,732 19,350

Department of the Treasury: 

Interest on the public debt....................................... 146,253 - - 146,253 139,126 - - 139,126

Other ....................................................................... 13,442 16 19 13,478 11,228 576 15 11,819

Department of Veterans Affairs .................................. 47,175 -777 173 46,570 44,413 -900 188 43,701

Corps of Engineers ..................................................... 1,771 29 -196 1,604 1,662 4 61 1,727

Other defense civil programs...................................... 89,498 -4,490 -68,228 16,780 86,933 -5,544 -66,726 14,663

Environmental Protection Agency............................... 2,389 -9 28 2,408 2,190 17 199 2,406

Executive Office of the President................................ 99 * - 99 103 * * 103

General Services Administration ................................ 50 41 - 91 52 -193 - -141

International Assistance Program............................... 5,268 -55 556 5,770 6,108 -89 -596 5,423

National Aeronautics and Space Administration ........ 5,291 19 * 5,311 5,194 -5 * 5,190

National Science Foundation...................................... 1,663 31 5 1,699 1,679 25 -3 1,701

Office of Personnel Management ............................... 3,222 -307 21,009 23,924 3,147 -259 20,779 23,667

Small Business Administration ................................... 439 -36 - 403 264 1 - 265

Social Security Administration .................................... 23,432 * 229,842 253,274 22,854 -10 222,564 245,408

Other independent agencies....................................... 3,338 -3,855 2,042 1,526 3,561 -2,161 2,836 4,237

Undistributed offsetting receipts: 

Interest .................................................................... - - -61,213 -61,213 - - -63,559 -63,559

Other ....................................................................... -811 -8,696 -24,050 -33,557 -683 -6,934 -23,748 -31,365

Total outlays........................................................ 806,662 10,589 177,215 994,467 793,691 4,056 152,860 950,607

(On-budget)..................................................... 806,601 10,810 6,910 810,503 793,682 4,565 -22,851 775,396

(Off-budget)..................................................... 61 -221 184,125 183,964 9 -509 175,712 175,211

Surplus or deficit (-)............................................. -315,540 -3,422 94,008 -224,955 -326,151 4,796 111,520 -209,836

(On-budget)..................................................... -315,479 -3,643 91,814 -227,309 -326,143 4,287 106,222 -215,634

(Off-budget)..................................................... -61 221 2,194 2,354 -9 509 5,298 5,798

 -No Transactions 

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
March 2018 

19 

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

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

thousands of tax and loan accounts at financial institutions 

throughout the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

2014 ...................................... 8,666,563 2,474,752 11,071,400 - - 

2015 ...................................... 8,447,393 2,660,727 11,067,706 - - 

2016 ...................................... 9,540,510 2,713,475 12,099,386 - - 

2017 ...................................... 9,987,969 2,813,834 12,995,790 - - 

 

2016 - Dec............................. 746,085 290,052 1,058,982 - - 

2017 - Jan ............................. 881,558 239,759 1,147,779 - - 

Feb ............................ 748,923 206,252 1,138,615 - - 

Mar ............................ 934,468 254,224 1,285,773 - - 

Apr............................. 853,350 309,021 981,991 - - 

May............................ 958,211 211,111 1,252,076 - - 

June........................... 905,632 264,887 1,179,233 - - 

July ............................ 724,024 205,126 921,243 - - 

Aug ............................ 853,392 191,648 1,178,662 - - 

Sept........................... 757,116 266,341 919,536 - - 

Oct............................. 841,809 209,509 1,033,786 - - 

Nov ............................ 963,631 193,323 1,150,652 - - 

Dec ............................ 716,751 296,727 967,702 - - 

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

March 2018 

20 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve 

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

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

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

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

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

2017 ....................... 159,322 - - 440,383 - - 23,416 - - 233,336 - - 

 

2016 - Dec.............. 399,190 - - 399,190 - - 319,507 - - 362,429 - - 

2017 - Jan .............. 372,728 - - 406,507 - - 351,931 - - 378,407 - - 

Feb ............. 189,287 - - 339,229 - - 168,837 - - 269,176 - - 

Mar ............. 92,205 - - 148,385 - - 23,416 - - 70,284 - - 

Apr.............. 272,585 - - 283,119 - - 81,925 - - 171,485 - - 

May............. 189,831 - - 223,209 - - 154,827 - - 184,236 - - 

June............ 181,117 - - 226,592 - - 147,181 - - 182,149 - - 

July ............. 189,023 - - 201,413 - - 162,156 - - 180,656 - - 

Aug ............. 55,401 - - 165,407 - - 50,553 - - 107,959 - - 

Sept............ 159,322 - - 173,206 - - 32,106 - - 107,642 - - 

Oct.............. 176,885 - - 212,602 - - 149,817 - - 181,566 - - 

Nov ............. 183,157 - - 201,020 - - 148,165 - - 172,761 - - 

Dec ............. 228,933 - - 228,933 - - 64,734 - - 146,990 - - 

 

1 This report does not include Supplementary Financing Program (SFP) balances.

2 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
March 2018 

21 

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

March 2018

22 

TABLE FD-1—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

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

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

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

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

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

 

2016 - Dec ..................... 20,001,290 19,976,827 24,463 5,537,501 5,537,501 4 14,463,789 14,439,326 24,459 

2017 - Jan...................... 19,961,760 19,937,261 24,499 5,556,549 5,556,549 4 14,405,211 14,380,712 24,495 

Feb..................... 19,983,859 19,959,594 24,265 5,543,497 5,543,497 4 14,440,362 14,416,097 24,261 

Mar..................... 19,870,651 19,846,420 24,231 5,471,966 5,471,963 3 14,398,685 14,374,457 24,228 

Apr ..................... 19,870,348 19,846,129 24,219 5,548,161 5,548,158 3 14,322,187 14,297,971 24,216 

May .................... 19,870,301 19,845,942 24,359 5,542,298 5,542,295 3 14,328,003 14,303,647 24,356 

June ................... 19,868,948 19,844,554 24,394 5,473,659 5,473,656 3 14,395,289 14,370,898 24,391 

July..................... 19,869,273 19,844,909 24,364 5,479,502 5,479,500 3 14,389,771 14,365,409 24,361 

Aug..................... 19,868,627 19,844,533 24,094 5,454,504 5,454,502 1 14,414,123 14,390,031 24,093 

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

Oct ..................... 20,466,827 20,442,474 24,353 5,682,713 5,682,712 1 14,784,114 14,759,762 24,352 

Nov..................... 20,614,878 20,590,392 24,486 5,663,451 5,663,450 1 14,951,427 14,926,942 24,485 

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

 

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) 

 

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

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

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

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

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

 

2016 - Dec ..................... 20,001,290 62,673 19,938,616 5,537,501 26,577 5,510,924 14,463,789 36,096 14,427,692 

2017 - Jan ...................... 19,961,760 63,651 19,898,108 5,556,549 26,500 5,530,049 14,405,211 37,151 14,368,059 

Feb ..................... 19,983,859 63,978 19,919,881 5,543,497 26,480 5,517,017 14,440,362 37,498 14,402,863 

Mar..................... 19,870,651 65,545 19,805,105 5,471,966 26,462 5,445,504 14,398,685 39,083 14,359,601 

Apr...................... 19,870,348 65,022 19,805,326 5,548,161 26,192 5,521,969 14,322,187 38,830 14,283,357 

May .................... 19,870,301 65,617 19,804,682 5,542,298 26,106 5,516,192 14,328,003 39,511 14,288,491 

June ................... 19,868,948 65,367 19,803,580 5,473,659 26,022 5,447,637 14,395,289 39,345 14,355,943 

July..................... 19,869,273 65,006 19,804,266 5,479,502 25,942 5,453,560 14,389,771 39,064 14,350,707 

Aug..................... 19,868,627 65,601 19,803,025 5,454,504 25,982 5,428,521 14,414,123 39,619 14,374,504 

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

Oct...................... 20,466,827 66,975 20,399,851 5,682,713 27,037 5,655,676 14,784,114 39,938 14,744,176 

Nov..................... 20,614,878 68,036 20,546,842 5,663,451 27,103 5,636,348 14,951,427 40,933 14,910,493 

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

 
FEDERAL DEBT 

March 2018 

23 

 Nonmarketable, continued 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

 

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

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

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

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

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

 

2016 - Dec ................ 165,853 - 264 228,406 109,779 29,995 1,737 

2017 - Jan ................. 165,155 - 264 230,097 107,675 29,995 1,721 

Feb ................ 164,792 - 264 232,204 105,935 29,995 1,713 

Mar................ 164,286 - 264 122,864 106,229 29,995 1,754 

Apr................. 163,818 - 264 66,759 102,784 29,995 1,679 

May ............... 163,368 - 264 43,638 99,516 29,995 1,612 

June .............. 162,895 - 264 90,919 91,463 29,995 1,678 

July................ 162,608 - 264 41,718 84,800 29,995 1,658 

Aug................ 162,022 - 264 37,596 80,752 29,995 1,668 

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

Oct................. 161,189 - 264 226,578 82,149 29,995 1,674 

Nov................ 160,902 - 264 227,451 85,018 29,995 1,639 

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

 

 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) 

 

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

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

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

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

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

 

2016 - Dec ................ 14,434,842 13,898,806 1,815,667 8,652,238 1,848,817 1,247,054 335,030 536,035 

2017 - Jan ................. 14,376,139 13,841,231 1,759,619 8,671,704 1,861,477 1,238,451 309,980 534,908 

Feb ................ 14,411,381 13,876,477 1,750,698 8,677,837 1,878,200 1,246,760 322,983 534,904 

Mar................ 14,369,682 13,944,290 1,754,818 8,695,552 1,890,158 1,266,181 337,580 425,392 

Apr................. 14,293,345 13,928,045 1,739,875 8,709,935 1,902,275 1,238,391 337,570 365,299 

May ............... 14,298,976 13,960,583 1,745,789 8,729,403 1,906,667 1,252,191 326,533 338,394 

June .............. 14,366,186 13,988,972 1,715,829 8,751,868 1,918,661 1,261,485 341,128 377,215 

July................ 14,360,944 14,039,901 1,756,005 8,775,867 1,930,928 1,260,445 316,656 321,044 

Aug................ 14,381,562 14,069,265 1,745,509 8,781,810 1,936,400 1,275,905 329,641 312,297 

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

Oct................. 14,751,446 14,249,596 1,853,165 8,823,959 1,960,410 1,295,052 317,010 501,851 

Nov................ 14,918,736 14,413,466 1,967,577 8,825,124 1,977,263 1,313,480 330,022 505,270 

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

March 2018

24 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

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

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

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

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

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

 

2016 - Dec ........... 2,801,406 831 95,642 61,696 4,141 8,871 424 51,571 1,392,739 

2017 - Jan ............ 2,811,101 835 96,964 61,852 4,082 8,856 621 49,957 1,393,421 

Feb ........... 2,801,126 836 97,539 63,095 4,016 9,289 679 52,028 1,394,363 

Mar........... 2,796,253 836 80,264 62,236 3,935 9,908 771 47,354 1,278,984 

Apr............ 2,813,234 836 98,507 62,251 3,872 10,285 701 48,116 1,234,561 

May .......... 2,803,765 837 96,321 61,244 3,795 10,845 609 61,906 1,208,731 

June ......... 2,845,621 838 78,586 58,604 3,803 10,171 753 59,899 1,246,355 

July........... 2,841,024 838 97,082 57,469 3,740 10,171 671 59,373 1,200,799 

Aug........... 2,828,008 839 92,530 53,667 3,674 10,611 574 62,583 1,195,171 

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

Oct............ 2,810,934 840 93,047 50,492 3,547 10,585 621 59,653 1,490,150 

Nov........... 2,796,854 841 86,412 50,555 3,494 11,443 474 61,722 1,493,915 

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

 

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) 

 

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

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

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

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

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

 

2016 - Dec ........ 5,747,933 13,878 70,900 45,273 22,014 46,481 893,862 198,806 39,398 

2017 - Jan ......... 5,768,690 13,652 74,295 45,352 22,023 50,646 889,876 204,770 40,387 

Feb ........ 5,757,968 13,871 75,098 45,271 22,021 51,724 885,603 199,959 41,450 

Mar........ 5,577,222 13,483 78,191 45,247 22,033 54,047 854,151 187,316 42,213 

Apr......... 5,597,243 13,749 76,766 45,230 22,046 59,730 854,102 210,154 43,103 

May ....... 5,568,532 13,764 75,740 45,232 22,045 61,133 854,055 204,532 43,978 

June ...... 5,548,842 13,744 78,021 45,267 22,061 66,114 786,104 204,497 28,404 

July........ 5,505,410 13,712 77,889 45,309 22,078 67,201 770,814 208,365 28,875 

Aug........ 5,476,269 13,737 78,012 45,622 22,073 67,928 770,778 200,601 29,861 

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

Oct......... 5,893,523 13,717 80,448 45,737 22,110 69,745 907,895 202,220 31,782 

Nov........ 5,875,032 13,825 81,786 45,799 22,106 70,453 903,618 199,293 32,442 

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

 
FEDERAL DEBT 

March 2018 

25 

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

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

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

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

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

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

 

2016 - Dec .................. 24,463 19 101 24,268 75 * 

2017 - Jan ................... 24,499 19 101 24,303 75 * 

Feb .................. 24,265 19 93 24,089 64 * 

Mar.................. 24,231 19 94 24,055 64 * 

Apr................... 24,219 19 95 24,042 64 * 

May ................. 24,359 19 95 24,181 64 * 

June ................ 24,394 19 96 24,215 64 * 

July.................. 24,364 19 97 24,185 64 * 

Aug.................. 24,094 19 89 23,934 52 * 

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

Oct................... 24,353 19 90 24,192 52 * 

Nov.................. 24,486 19 91 24,325 52 * 

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

 

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

March 2018

26 

TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

 10-20 

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

 

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

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

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

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

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

 

2016 - Dec...................... 11,360,224 3,445,952 4,489,802 2,219,388 162,911 1,042,171 63 

2017 - Jan ...................... 11,387,230 3,358,828 4,574,253 2,253,434 146,711 1,054,003 64 

Feb ..................... 11,422,363 3,338,579 4,615,543 2,248,976 148,229 1,071,037 64 

Mar ..................... 11,489,205 3,321,955 4,653,575 2,281,541 148,613 1,083,522 64 

Apr...................... 11,350,910 3,294,170 4,538,051 2,273,961 148,826 1,095,902 65 

May..................... 11,504,863 3,279,506 4,655,415 2,310,028 155,318 1,104,596 65 

June.................... 11,532,819 3,230,656 4,694,240 2,330,392 155,516 1,122,015 66 

July ..................... 11,583,458 3,253,425 4,720,738 2,319,583 155,580 1,134,133 66 

Aug ..................... 11,616,729 3,218,596 4,777,990 2,319,165 151,729 1,149,249 66 

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

Oct...................... 11,802,355 3,302,159 4,800,642 2,369,052 151,883 1,178,620 66 

Nov ..................... 11,971,545 3,415,143 4,841,876 2,377,380 142,829 1,194,317 65 

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

 

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

March 2018 

27 

TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

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

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

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

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

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

 

2016 - Dec.............................. - 19,939,042 19,939,042 - 19,976,827 - 37,785 

2017 - Jan .............................. - 19,899,722 19,899,722 - 19,937,261 - 37,540 

Feb ............................. - 19,922,526 19,922,526 - 19,959,594 - 37,068 

Mar1 ............................ 19,808,772 19,808,747 19,808,747 - 19,846,420 - 37,673 

Apr1............................. 19,808,772 19,808,747 19,808,747 - 19,846,129 - 37,382 

May1 ........................... 19,808,772 19,808,747 19,808,747 - 19,845,942 - 37,195 

June1 .......................... 19,808,772 19,808,747 19,808,747 - 19,844,554 - 35,807 

July1............................ 19,808,772 19,808,747 19,808,747 - 19,844,909 - 36,162 

Aug1............................ 19,808,772 19,808,747 19,808,747 - 19,844,533 - 35,786 

Sept1........................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

Oct2............................. - 20,406,237 20,406,237 - 20,442,474 - 36,237 

Nov2............................ - 20,553,698 20,553,698 - 20,590,392 - 36,694 

Dec3............................ 20,456,000 20,455,975 20,455,975 - 20,492,747 - 36,772 

 

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

Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit in 

31 U.S.C. 3101(b) was permanently increased effective March 16, 2017 to 

$19,808,772,381,624.74. 

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

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

Debt Limit was suspended through December 8, 2017. 

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

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public 

Law 115-56, the Statutory Debt Limit was suspended through December 8, 2017. 

The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective 

December 9, 2017, to $20,455,999,906,400.12 
FEDERAL DEBT 

March 2018

28 

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

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

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

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

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

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

 

2016 - Dec ............................. 1,480,202 30,729 25,029 25,350 719 636 

2017 - Jan .............................. 1,487,215 34,210 25,071 25,462 722 636 

Feb ............................. 1,476,940 22,826 25,286 25,690 724 636 

Mar............................. 1,489,212 21,866 21,281 24,836 590 636 

Apr.............................. 1,489,841 21,545 21,371 24,976 592 636 

May ............................ 1,508,749 21,182 21,430 25,257 595 636 

June ........................... 1,512,077 20,783 21,320 24,532 598 636 

July............................. 1,495,724 20,416 21,320 24,532 598 636 

Aug............................. 1,496,468 19,252 21,856 25,585 634 601 

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

Oct.............................. 1,486,849 28,857 22,058 27,293 647 601 

Nov............................. 1,496,337 31,818 22,124 27,425 656 601 

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

 

 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) 

 

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

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

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

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

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

 

2016 - Dec ............................. 1,207,274 4,759 30,353 128 60,005 

2017 - Jan.............................. 1,207,274 4,759 30,353 128 59,997 

Feb............................. 1,207,283 4,759 30,393 128 60,479 

Mar............................. 1,225,128 4,759 30,393 128 60,189 

Apr ............................. 1,225,128 4,759 30,393 128 60,216 

May ............................ 1,243,135 4,759 30,393 128 60,519 

June ........................... 1,250,153 4,759 30,393 128 60,655 

July............................. 1,232,574 4,859 30,393 128 60,950 

Aug............................. 1,236,577 4,959 30,393 128 61,477 

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

Oct ............................. 1,227,550 5,009 27,979 127 61,311 

Nov............................. 1,227,008 5,009 27,979 127 61,517 

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

 
FEDERAL DEBT 

March 2018 

29 

TABLE FD-7—Treasury Holdings of Securities Issued by Government

Corporations and Other Agencies, continued 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

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

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

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

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

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

 

2016 - Dec ............................ 25,220 4,627 8,520 56,850 

2017 - Jan ............................. 26,347 5,000 8,525 58,730 

Feb ............................ 26,347 5,264 8,527 58,595 

Mar............................ 26,347 5,601 8,527 58,929 

Apr............................. 26,456 5,936 8,527 59,175 

May ........................... 26,456 6,241 8,527 59,489 

June .......................... 26,534 2,664 8,686 60,237 

July............................ 26,705 3,032 9,006 60,575 

Aug............................ 24,595 3,335 9,079 57,995 

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

Oct............................. 24,645 4,091 8,608 48,073 

Nov............................ 24,678 4,404 8,481 54,510 

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

 

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

March 2018

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: OCTOBER-DECEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

O C T O B E R 

Auction of 2-Year Notes 

On September 21, 2017, Treasury announced it would 

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

refund $79,967 million of securities maturing September 30 

and to raise new cash of approximately $8,033 million. 

The 2-year notes of Series BG-2019 were dated 

September 30 and issued October 2. They are due September 

30, 2019, with interest payable on March 31 and September 

30 until maturity. Treasury set an interest rate of 1-3/8 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 September 26. Tenders 

totaled $74,870 million; Treasury accepted $26,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.462 percent with an 

equivalent price of $99.829541. Treasury accepted in full all 

competitive tenders at yields lower than 1.462 percent. 

Tenders at the high yield were allotted 45.60 percent. The 

median yield was 1.439 percent, and the low yield was 1.345 

percent. Noncompetitive tenders totaled $119 million. 

Competitive tenders accepted from private investors totaled 

$25,782 million. Accrued interest of $0.07555 per $1,000 

must be paid for the period from September 30 to October 2. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $3,234 million from 

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

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series BG-2019 is $100. 

Auction of 5-Year Notes 

On September 21, 2017, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $79,967 million of securities maturing September 30 

and to raise new cash of approximately $8,033 million. 

The 5-year notes of Series AD-2022 were dated 

September 30 and issued October 2. They are due September 

30, 2022, with interest payable on March 31 and September 

30 until maturity. Treasury set an interest rate of 1-7/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 27. Tenders totaled $85,550 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2018 

31 

allotted securities at the high yield of 1.911 percent with an 

equivalent price of $99.829191. Treasury accepted in full all 

competitive tenders at yields lower than 1.911 percent. 

Tenders at the high yield were allotted 56.36 percent. The 

median yield was 1.865 percent, and the low yield was 1.771 

percent. Noncompetitive tenders totaled $104 million. 

Competitive tenders accepted from private investors totaled 

$33,896 million. Accrued interest of $0.10302 per $1,000 

must be paid for the period from September 30 to October 2. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $4,229 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AD-2022 is $100. 

Auction of 7-Year Notes 

On September 21, 2017, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $79,967 million of securities maturing September 30 

and to raise new cash of approximately $8,033 million. 

 The 7-year notes of Series Q-2024 were dated 

September 30 and issued October 2. They are due September 

30, 2024, 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. 

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 28. Tenders totaled $75,706 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.130 percent with an 

equivalent price of $99.967545. Treasury accepted in full all 

competitive tenders at yields lower than 2.130 percent. 

Tenders at the high yield were allotted 11.57 percent. The 

median yield was 2.092 percent, and the low yield was 1.995 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$27,987 million. Accrued interest of $0.11676 per $1,000 

must be paid for the period from September 30 to October 2. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $3,483 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2024 is $100. 

Auction of 52-Week Bills 

On October 5, 2017, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 

October 12 and will mature October 11, 2018. The issue was 

to refund $126,997 million of all maturing bills and to raise 

new cash of approximately $6,003 million. Treasury 

auctioned the bills on October 10. Tenders totaled $65,426 

million; Treasury accepted $20,000 million, including $229 

million of noncompetitive tenders from the public. The high 

bank discount rate was 1.365 percent. 

Auction of 3-Year Notes 

On October 5, 2017, Treasury announced it would auction 

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

$27,000 million of securities maturing October 15 and to raise 

new cash of approximately $29,000 million. 

The 3-year notes of Series AS-2020 were dated October 

15 and issued October 16. They are due October 15, 2020, 

with interest payable on April 15 and October 15 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 11:00 a.m. 

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

competitive tenders on October 11. Tenders totaled $68,023 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.657 percent with an 

equivalent price of $99.906770. Treasury accepted in full all 

competitive tenders at yields lower than 1.657 percent. 

Tenders at the high yield were allotted 65.06 percent. The 

median yield was 1.610 percent, and the low yield was 1.250 

percent. Noncompetitive tenders totaled $76 million. 

Competitive tenders accepted from private investors totaled 

$23,824 million. Accrued interest of $0.04464 per $1,000 

must be paid for the period from October 15 to October 16. 

The minimum par amount required for STRIPS of notes of 

Series AS-2020 is $100. 

Auction of 9-Year 10-Month 2-1/4 Percent Notes 

On October 5, 2017, Treasury announced it would auction 

$20,000 million of 9-year 10-month 2-1/4 percent notes. The 

issue was to refund $27,000 million of securities maturing 

October 15 and to raise new cash of approximately $29,000 

million. 

The 9-year 10-month 2-1/4 percent notes of Series E-2027 

were dated August 15 and issued October 16. They are due 

August 15, 2027, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on October 11. Tenders totaled $50,864 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.346 percent with an 

equivalent price of $99.158502. Treasury accepted in full all 

competitive tenders at yields lower than 2.346 percent. 

Tenders at the high yield were allotted 17.96 percent. The 

median yield was 2.300 percent, and the low yield was 2.231 

percent. Noncompetitive tenders totaled $10 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2018

32 

Competitive tenders accepted from private investors totaled 

$19,990 million. Accrued interest of $3.79076 per $1,000 

must be paid for the period from August 15 to October 16. 

The minimum par amount required for STRIPS of notes of 

Series E-2027 is $100. 

Auction of 29-Year 10-Month 2-3/4 Percent Bonds 

On October 5, 2017, Treasury announced it would auction 

$12,000 million of 29-year 10-month 2-3/4 percent bonds. 

The issue was to refund $27,000 million of securities 

maturing October 15 and to raise new cash of approximately 

$29,000 million. 

The 29-year 10-month 2-3/4 percent Bonds of August 

2047 were dated August 15 and issued October 16. They are 

due August 15, 2047, with interest payable on February 15 

and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on October 12. Tenders totaled $30,360 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.870 percent with an 

equivalent price of $97.601366. Treasury accepted in full all 

competitive tenders at yields lower than 2.870 percent. 

Tenders at the high yield were allotted 23.37 percent. The 

median yield was 2.824 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$11,995 million. Accrued interest of $4.63315 per $1,000 

must be paid for the period from August 15 to October 16. 

The minimum par amount required for STRIPS of Bonds of 

August 2047 is $100. 

Auction of 29-Year 4-Month 0-7/8 Percent Treasury 

Inflation Protected Security (TIPS) 

On October 12, 2017, Treasury announced it would 

auction $5,000 million of 29-year 4-month 0-7/8 percent 

TIPS. The issue was to refund $122,888 million of securities 

maturing October 31 and to pay down approximately $14,888 

million. 

The 29-year 4-month 0-7/8 percent TIPS of February 2047 

were dated August 15 and issued October 31. They are due 

February 15, 2047, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on October 19. Tenders totaled $13,200 

million; Treasury accepted $5,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.908 percent with an 

equivalent adjusted price of $100.838047. Treasury accepted 

in full all competitive tenders at yields lower than 0.908 

percent. Tenders at the high yield were allotted 51.28 percent. 

The median yield was 0.844 percent, and the low yield was 

0.800 percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$4,989 million. Adjusted accrued interest of $1.86196 per 

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

31. Both the unadjusted price of $99.152455 and the 

unadjusted accrued interest of $1.83084 were adjusted by an 

index ratio of 1.017, for the period from August 15 to October 

31. 

In addition to the $5,000 million of tenders accepted in the 

auction process, Treasury accepted $125 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of February 2047 is $100. 

Auction of 2-Year Notes 

On October 19, 2017, Treasury announced it would 

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

refund $122,888 million of securities maturing October 31 

and to pay down approximately $14,888 million. 

The 2-year notes of Series AE-2019 were dated and issued 

October 31. They are due October 31, 2019, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 1-1/2 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 October 24. Tenders totaled $71,247 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.596 percent with an 

equivalent price of $99.811770. Treasury accepted in full all 

competitive tenders at yields lower than 1.596 percent. 

Tenders at the high yield were allotted 82.65 percent. The 

median yield was 1.550 percent, and the low yield was 1.480 

percent. Noncompetitive tenders totaled $129 million. 

Competitive tenders accepted from private investors totaled 

$25,771 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $650 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AE-2019 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 19, 2017, Treasury announced it would 

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

refund $122,888 million of securities maturing October 31 

and to pay down approximately $14,888 million. 

The 2-year FRNs of Series BJ-2019 were dated and issued 

October 31. They are due October 31, 2019, with interest 

payable on January 31, April 30, July 31, and October 31 until 

maturity. Treasury set a spread of 0.048 percent after 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2018 

33 

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on October 25. Tenders totaled $53,419 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.048 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.048 percent. Tenders at the high discount margin were 

allotted 89.04 percent. The median discount margin was 0.040 

percent, and the low discount margin was 0.010 percent. 

Noncompetitive tenders totaled $9 million. Competitive 

tenders accepted from private investors totaled $14,991 

million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $375 million from 

FRBs for their own accounts. 

Auction of 5-Year Notes 

On October 19, 2017, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $122,888 million of securities maturing October 31 

and to pay down approximately $14,888 million. 

The 5-year notes of Series AE-2022 were dated and issued 

October 31. They are due October 31, 2022, with interest 

payable on April 30 and October 31 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 October 25. Tenders totaled $83,069 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.058 percent with an 

equivalent price of $99.725759. Treasury accepted in full all 

competitive tenders at yields lower than 2.058 percent. 

Tenders at the high yield were allotted 77.08 percent. The 

median yield was 2.004 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$33,948 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $850 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AE-2022 is $100. 

Auction of 7-Year Notes 

On October 19, 2017, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $122,888 million of securities maturing October 31 

and to pay down approximately $14,888 million. 

The 7-year notes of Series R-2024 were dated and issued 

October 31. They are due October 31, 2024, with interest 

payable on April 30 and October 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 October 26. Tenders totaled $66,947 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.280 percent with an 

equivalent price of $99.806914. Treasury accepted in full all 

competitive tenders at yields lower than 2.280 percent. 

Tenders at the high yield were allotted 59.49 percent. The 

median yield was 2.220 percent, and the low yield was 2.170 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$27,989 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $700 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series R-2024 is $100. 

N O V E M B E R 

 

Auction of 37-Day Cash Management Bills 

On October 26, 2017, Treasury announced it would 

auction $50,000 million of 37-day bills. They were issued 

November 1 and matured December 8. The issue was to raise 

new cash of approximately $50,000 million. Treasury 

auctioned the bills on October 30. Tenders totaled $166,679 

million; Treasury accepted $50,000 million, including $24 

million of noncompetitive tenders from the public. The high 

bank discount rate was 1.030 percent. 

Auction of 52-Week Bills 

On November 2, 2017, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued November 9 and will mature November 8, 2018. The 

issue was to refund $126,998 million of all maturing bills and 

to raise new cash of approximately $21,002 million. Treasury 

auctioned the bills on November 7. Tenders totaled $66,757 

million; Treasury accepted $20,000 million, including $236 

million of noncompetitive tenders from the public. The high 

bank discount rate was 1.485 percent. 

November Quarterly Financing 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2018

34 

On November 1, 2017, Treasury announced it would 

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

refund $42,666 million of securities maturing November 15 

and to raise new cash of approximately $19,334 million. 

The 3-year notes of Series AT-2020 were dated and issued 

November 15. They are due November 15, 2020, with interest 

payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 1-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 7. Tenders totaled $66,202 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.750 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 1.750 percent. 

Tenders at the high yield were allotted 55.06 percent. The 

median yield was 1.699 percent, and the low yield was 1.188 

percent. Noncompetitive tenders totaled $62 million. 

Competitive tenders accepted from private investors totaled 

$23,838 million. 

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

the auction process, Treasury accepted $2,918 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AT-2020 is $100. 

On November 1, 2017, Treasury announced it would 

auction $23,000 million of 10-year notes. The issue was to 

refund $42,666 million of securities maturing November 15 

and to raise new cash of approximately $19,334 million. 

The 10-year notes of Series F-2027 were dated and issued 

November 15. They are due November 15, 2027, with interest 

payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 2-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 8. Tenders totaled $56,938 

million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.314 percent with an 

equivalent price of $99.431569. Treasury accepted in full all 

competitive tenders at yields lower than 2.314 percent. 

Tenders at the high yield were allotted 94.01 percent. The 

median yield was 2.255 percent, and the low yield was 2.200 

percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors totaled 

$22,969 million. 

In addition to the $23,000 million of tenders accepted in 

the auction process, Treasury accepted $2,797 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2027 is $100. 

On November 1, 2017, Treasury announced it would 

auction $15,000 million of 30-year bonds. The issue was to 

refund $42,666 million of securities maturing November 15 

and to raise new cash of approximately $19,334 million. 

The 30-year Bonds of November 2047 were dated and 

issued November 15. They are due November 15, 2047, with 

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 2-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on November 9. Tenders totaled $33,378 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.801 percent with an 

equivalent price of $98.969630. Treasury accepted in full all 

competitive tenders at yields lower than 2.801 percent. 

Tenders at the high yield were allotted 39.22 percent. The 

median yield was 2.749 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$14,995 million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $1,824 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of November 2047 is $100. 

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

On November 9, 2017, Treasury announced it would 

auction $11,000 million of 9-year 8-month 0-3/8 percent 

TIPS. The issue was to refund $83,274 million of securities 

maturing November 30 and to raise new cash of 

approximately $15,726 million. 

The 9-year 8-month 0-3/8 percent TIPS of Series D-2027 

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

July 15, 2027, with interest payable on January 15 and July 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on November 16. Tenders totaled $26,749 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.512 percent with an 

equivalent adjusted price of $99.585502. Treasury accepted in 

full all competitive tenders at yields lower than 0.512 percent. 

Tenders at the high yield were allotted 44.70 percent. The 

median yield was 0.457 percent, and the low yield was 0.420 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled 

$10,984 million. Adjusted accrued interest of $1.41865 per 

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

30. Both the unadjusted price of $98.714837 and the 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2018 

35 

unadjusted accrued interest of $1.40625 were adjusted by an 

index ratio of 1.00882, for the period from July 15 to 

November 30. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $597 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2027 is $100. 

Auction of 1-Year 11-Month 0.048 Percent FRNs 

On November 16, 2017, Treasury announced it would 

auction $13,000 million of 1-year 11-month 0.048 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 11-month 0.048 percent FRNs of Series BJ2019 were dated October 31 and issued November 24. They 

are due October 31, 2019, with interest payable on January 31, 

April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on November 21. Tenders totaled $47,910 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.035 percent 

with an equivalent price of $100.024939. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.035 percent. Tenders at the high discount margin were 

allotted 56.94 percent. The median discount margin was 0.029 

percent, and the low discount margin was 0.020 percent. 

Noncompetitive tenders totaled $23 million. Competitive 

tenders accepted from private investors totaled $12,977 

million. Accrued interest of $0.082828969 per $100 must be 

paid for the period from October 31 to November 24. 

Auction of 2-Year Notes 

On November 22, 2017, Treasury announced it would 

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

refund $83,274 million of securities maturing November 30 

and to raise new cash of approximately $15,726 million. 

The 2-year notes of Series BK-2019 were dated and issued 

November 30. They are due November 30, 2019, with interest 

payable on May 31 and November 30 until maturity. 

Treasury set an interest rate of 1-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

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

competitive tenders on November 27. Tenders totaled $70,857 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.765 percent with an 

equivalent price of $99.970650. Treasury accepted in full all 

competitive tenders at yields lower than 1.765 percent. 

Tenders at the high yield were allotted 97.93 percent. The 

median yield was 1.750 percent, and the low yield was 1.650 

percent. Noncompetitive tenders totaled $212 million. 

Competitive tenders accepted from private investors totaled 

$25,688 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $1,411 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BK-2019 is $100. 

Auction of 5-Year Notes 

On November 22, 2017, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $83,274 million of securities maturing November 30 

and to raise new cash of approximately $15,726 million. 

The 5-year notes of Series S-2022 were dated and issued 

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

payable on May 31 and November 30 until maturity. 

Treasury set an interest rate of 2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 27. Tenders totaled $83,625 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.066 percent with an 

equivalent price of $99.688000. Treasury accepted in full all 

competitive tenders at yields lower than 2.066 percent. 

Tenders at the high yield were allotted 12.97 percent. The 

median yield was 2.030 percent, and the low yield was 1.900 

percent. Noncompetitive tenders totaled $27 million. 

Competitive tenders accepted from private investors totaled 

$33,973 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $1,845 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes 

On November 22, 2017, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $83,274 million of securities maturing November 30 

and to raise new cash of approximately $15,726 million. 

The 7-year notes of Series S-2024 were dated and issued 

November 30. They are due November 30, 2024, with interest 

payable on May 31 and November 30 until maturity. 

Treasury set an interest rate of 2-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 28. Tenders totaled $66,188 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2018

36 

allotted securities at the high yield of 2.230 percent with an 

equivalent price of $99.322976. Treasury accepted in full all 

competitive tenders at yields lower than 2.230 percent. 

Tenders at the high yield were allotted 34.83 percent. The 

median yield was 2.175 percent, and the low yield was 2.096 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$27,992 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $1,519 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2024 is $100. 

D E C E M B E R 

Auction of 41-Day Cash Management Bills 

On December 8, 2017, Treasury announced it would 

auction $9,000 million of 41-day bills. They were issued 

December 8 and matured January 18, 2018. The issue was to 

raise new cash of approximately $9,000 million. Treasury 

auctioned the bills on December 8. Tenders totaled $36,073 

million; Treasury accepted $9,000 million. The high bank 

discount rate was 1.170 percent. 

Auction of 52-Week Bills 

On November 30, 2017, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued December 7, 2017 and will mature December 6, 2018. 

The issue was to refund $141,990 million of all maturing bills 

and to pay down approximately $8,990 million. Treasury 

auctioned the bills on December 5. Tenders totaled $68,738 

million; Treasury accepted $20,000 million, including $263 

million of noncompetitive tenders from the public. The high 

bank discount rate was 1.650 percent. 

Auction of 3-Year Notes 

On December 7, 2017, Treasury announced it would 

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

refund $25,000 million of securities maturing December 15 

and to raise new cash of approximately $31,000 million. 

The 3-year notes of Series AU-2020 were dated and issued 

December 15. They are due December 15, 2020, with interest 

payable on June 15 and December 15 until maturity. Treasury 

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

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

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

competitive tenders on December 11. Tenders totaled $75,582 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.932 percent with an 

equivalent price of $99.834636. Treasury accepted in full all 

competitive tenders at yields lower than 1.932 percent. 

Tenders at the high yield were allotted 71.27 percent. The 

median yield was 1.890 percent, and the low yield was 1.688 

percent. Noncompetitive tenders totaled $54 million. 

Competitive tenders accepted from private investors totaled 

$23,846 million. The minimum par amount required for 

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

Auction of 9-Year 11-Month 2-1/4 Percent Notes 

On December 7, 2017, Treasury announced it would 

auction $20,000 million of 9-year 11-month 2-1/4 percent 

notes. The issue was to refund $25,000 million of securities 

maturing December 15 and to raise new cash of 

approximately $31,000 million. 

The 9-year 11-month 2-1/4 percent notes of Series F-2027 

were dated November 15 and issued December 15. They are 

due November 15, 2027, with interest payable on May 15 and 

November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on December 11. Tenders totaled $47,440 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.384 percent with an 

equivalent price of $98.820844. Treasury accepted in full all 

competitive tenders at yields lower than 2.384 percent. 

Tenders at the high yield were allotted 91.12 percent. The 

median yield was 2.340 percent, and the low yield was 2.279 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$19,991 million. Accrued interest of $1.86464 per $1,000 

must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of notes 

of Series F-2027 is $100. 

Auction of 29-Year 11-Month 2-3/4 Percent Bonds 

On December 7, 2017, Treasury announced it would 

auction $12,000 million of 29-year 11-month 2-3/4 percent 

bonds. The issue was to refund $25,000 million of securities 

maturing December 15 and to raise new cash of 

approximately $31,000 million. 

The 29-year 11-month 2-3/4 percent Bonds of November 

2047 were dated November 15 and issued December 15. 

They are due November 15, 2047, with interest payable on 

May 15 and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on December 12. Tenders totaled $29,745 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.804 percent with an 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, continued 

March 2018 

37 

equivalent price of $98.908728. Treasury accepted in full all 

competitive tenders at yields lower than 2.804 percent. 

Tenders at the high yield were allotted 8.35 percent. The 

median yield was 2.753 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$11,992 million. Accrued interest of $2.27901 per $1,000 

must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of Bonds 

of November 2047 is $100. 

Auction of 4-Year 4-Month 0-1/8 Percent TIPS 

On December 14, 2017, Treasury announced it would 

auction $14,000 million of 4-year 4-month 0-1/8 percent 

TIPS. The issue was to raise new cash of approximately 

$27,000 million. 

The 4-year 4-month 0-1/8 percent TIPS of Series X-2022 

were dated October 15 and issued December 29. They are due 

April 15, 2022, with interest payable on April 15 and October 

15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on December 21. Tenders totaled $38,965 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.370 percent with an 

equivalent adjusted price of $100.374263. Treasury accepted 

in full all competitive tenders at yields lower than 0.370 

percent. Tenders at the high yield were allotted 31.36 percent. 

The median yield was 0.345 percent, and the low yield was 

0.302 percent. Noncompetitive tenders totaled $43 million. 

Competitive tenders accepted from private investors totaled 

$13,957 million. Adjusted accrued interest of $0.26124 per 

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

December 29. Both the unadjusted price of $98.957196 and 

the unadjusted accrued interest of $0.25755 were adjusted by 

an index ratio of 1.01432, for the period from October 15 to 

December 29. The minimum par amount required for STRIPS 

of TIPS of Series X-2022 is $100. 

Auction of 1-Year 10-Month 0.048 Percent FRNs 

On December 21, 2017, Treasury announced it would 

auction $13,000 million of 1-year 10-month 0.048 percent 

FRNs. The issue was to raise new cash of approximately 

$27,000 million. 

The 1-year 10-month 0.048 percent FRNs of Series BJ2019 were dated October 31 and issued December 29. They 

are due October 31, 2019, with interest payable on January 31, 

April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on December 27. Tenders totaled $42,324 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.035 percent 

with an equivalent price of $100.023603. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.035 percent. Tenders at the high discount margin were 

allotted 84.52 percent. The median discount margin was 0.028 

percent, and the low discount margin was 0.005 percent. 

Noncompetitive tenders totaled $9 million. Competitive 

tenders accepted from private investors totaled $12,991 

million. Accrued interest of $0.215447528 per $100 must be 

paid for the period from October 31 to December 29. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

March 2018 

38 

 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2017 – Oct. 05 ............................................... 2017 - Nov. 02 28 112,914.3 35,000.4 34,450.5 549.9 99.923778 0.980 0.994

 2018 - Jan. 04 91 121,493.3 42,000.1 41,475.0 525.0 99.734583 1.050 1.067

 Apr. 05 182 108,934.6 36,000.3 35,141.6 458.7 99.398389 1.190 1.214

Oct. 12 ............................................... 2017 - Nov. 09 28 101,453.0 35,000.0 34,447.4 552.6 99.921056 1.015 1.030

 2018 - Jan. 11 91 121,892.7 42,000.3 41,213.5 586.9 99.725736 1.085 1.103

 Apr. 12 182 108,535.1 36,000.4 34,942.3 458.1 99.383222 1.220 1.245

Oct. 19 ............................................... 2017 - Nov. 16 28 129,632.5 40,000.2 39,404.4 495.7 99.922611 0.995 1.010

 2018 - Jan. 18 91 133,881.5 42,000.3 41,427.3 541.0 99.724472 1.090 1.108

 Apr. 19 182 120,773.5 36,000.3 35,083.7 516.6 99.373111 1.240 1.265

Oct. 26 ............................................... 2017 - Nov. 24 29 148,653.7 45,000.1 44,458.0 542.1 99.919042 1.005 1.020

 2018 - Jan. 25 91 134,345.9 42,000.1 40,460.3 563.8 99.720681 1.105 1.123

 Apr. 26 182 115,607.9 36,000.0 34,538.8 468.3 99.370583 1.245 1.270

Nov. 02 .............................................. 2017 - Nov. 30 28 149,316.0 50,000.4 49,458.8 541.6 99.920667 1.020 1.035

 2018 - Feb. 01 91 126,795.0 42,000.0 41,282.3 517.7 99.714361 1.130 1.149

 May 03 182 124,942.6 36,000.4 35,049.1 464.2 99.363000 1.260 1.286

Nov. 09 .............................................. 2017 - Dec. 07 28 150,258.9 50,000.1 49,351.2 548.9 99.919500 1.035 1.050

 2018 - Feb. 08 91 133,311.0 42,000.2 40,778.3 577.9 99.700458 1.185 1.205

 May 10 182 116,135.4 36,000.1 35,314.6 485.4 99.342778 1.300 1.327

Nov. 16 .............................................. 2017 - Dec. 14 28 156,324.3 50,000.2 49,342.7 557.6 99.918722 1.045 1.060

 2018 - Feb. 15 91 130,618.2 42,000.3 41,172.5 617.8 99.686556 1.240 1.261

 May 17 182 118,653.5 36,000.0 35,324.0 476.0 99.312444 1.360 1.388

Nov. 24 .............................................. 2017 - Dec. 21 27 134,535.2 45,000.1 44,460.7 539.4 99.915250 1.130 1.147

 2018 - Feb. 22 90 133,732.9 42,000.4 41,143.5 599.9 99.678750 1.285 1.307

 May 24 181 120,005.4 36,000.2 35,253.9 471.3 99.288569 1.415 1.445

Nov. 30 .............................................. 2017 - Dec. 28 28 140,422.1 45,000.2 43,640.9 569.3 99.909000 1.170 1.187

 2018 - Mar. 01 91 129,082.2 42,000.1 40,942.1 565.1 99.675181 1.285 1.307

 May 31 182 120,383.7 36,000.4 35,161.2 439.3 99.274528 1.435 1.466

Dec. 07 .............................................. 2018 - Jan. 04 28 108,549.2 35,000.2 34,362.2 538.0 99.908222 1.180 1.197

 Mar. 08 91 129,719.3 42,000.3 41,361.8 538.5 99.673917 1.290 1.312

 June 07 182 118,851.8 36,000.3 35,272.9 427.4 99.266944 1.450 1.481

Dec. 14 .............................................. 2018 - Jan. 11 28 139,148.3 45,000.3 44,500.3 500.0 99.903556 1.240 1.258

 Mar. 15 91 134,523.0 45,000.4 44,207.4 593.0 99.666333 1.320 1.343

 June 14 182 127,210.4 39,000.3 38,317.3 483.0 99.261889 1.460 1.491

Dec. 21 .............................................. 2018 - Jan. 18 28 164,646.2 50,000.3 49,473.3 527.0 99.903167 1.245 1.264

 Mar. 22 91 125,600.9 45,000.1 44,098.5 681.5 99.657486 1.355 1.379

 June 21 182 120,389.2 39,000.1 38,154.0 546.1 99.251778 1.480 1.512

Dec. 28 .............................................. 2018 - Jan. 25 28 148,147.3 50,000.1 49,489.7 510.4 99.903167 1.245 1.264

 Mar. 29 91 121,791.5 45,000.0 44,194.3 545.8 99.634736 1.445 1.470

 June 28 182 140,665.4 39,000.6 37,532.9 467.7 99.226500 1.530 1.563

 

1 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 

26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

March 2018 

39 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

09/26/17 10/02/17 1.375% note—09/30/19-BG 2y 78,105 29,234 1.462 - 99.829541 

09/27/17 10/02/17 1.875% note—09/30/22-AD 5y 89,779 38,229 1.911 - 99.829191 

09/28/17 10/02/17 2.125% note—09/30/24-Q 7y 79,189 31,483 2.130 - 99.967545 

10/10/17 10/12/17 1.365% bill—10/11/18 364d 65,426 20,000 

10/11/17 10/16/17 1.625% note—10/15/20-AS 3y 68,023 24,000 1.657 - 99.906770 

10/11/17 10/16/17 2.250% note—08/15/27-E 9y 10m 50,864 20,000 2.346 - 99.158502 

10/12/17 10/16/17 2.750% bond—08/15/47 29y 10m 30,360 12,000 2.870 - 97.601366 

10/19/17 10/31/17 0.875% TIPS—02/15/47 29y 4m 13,325 5,125 0.908 - 100.838047 

10/24/17 10/31/17 1.500% note—10/31/19-AE 2y 71,898 26,650 1.596 - 99.811770 

10/25/17 10/31/17 0.048% FRN—10/31/19-BJ 2y 53,794 15,375 0.000 - 100.000000 

10/25/17 10/31/17 2.000% note—10/31/22-AE 5y 83,920 34,850 2.058 - 99.725759 

10/26/17 10/31/17 2.250% note—10/31/24-R 7y 67,647 28,700 2.280 - 99.806914 

10/30/17 11/01/17 0.000% cmb—12/08/17 37d 166,679 50,000 

11/07/17 11/09/17 1.485% bill—11/08/18 364d 66,757 20,000 

11/07/17 11/15/17 1.750% note—11/15/20-AT 3y 69,121 26,918 1.750 - 100.000000 

11/08/17 11/15/17 2.250% note—11/15/27-F 10y 59,734 25,797 2.314 - 99.431569 

11/09/17 11/15/17 2.750% bond—11/15/47 30y 35,202 16,824 2.801 - 98.969630 

11/21/17 11/24/17 0.035% FRN—10/31/19-BJ 1y 11m 47,910 13,000 0.000 - 100.024939 

11/16/17 11/30/17 0.375% TIPS—07/15/27-D 9y 8m 27,346 11,597 0.512 - 99.585502 

11/27/17 11/30/17 1.750% note—11/30/19-BK 2y 72,268 27,411 1.765 - 99.970650 

11/27/17 11/30/17 2.000% note—11/30/22-S 5y 85,497 35,845 2.066 - 99.688000 

11/28/17 11/30/17 2.125% note—11/30/24-S 7y 67,708 29,519 2.230 - 99.322976 

12/05/17 12/07/17 1.650% bill—12/06/18 364d 68,738 20,000 

12/08/17 12/08/17 0.000% cmb—01/18/18 41d 36,073 9,000 

12/11/17 12/15/17 1.875% note—12/15/20-AU 3y 75,582 24,000 1.932 - 99.834636 

12/11/17 12/15/17 2.250% note—11/15/27-F 9y 11m 47,440 20,000 2.384 - 98.820844 

12/12/17 12/15/17 2.750% bond—11/15/47 29y 11m 29,745 12,000 2.804 - 98.908728 

12/21/17 12/29/17 0.125% TIPS—04/15/22-X 4y 4m 38,965 14,000 0.370 - 100.374263 

12/27/17 12/29/17 0.035% FRN—10/31/19-BJ 1y 10m 42,324 13,000 0.000 - 100.023603 

 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. 
40 

March 2018 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
 OWNERSHIP OF FEDERAL SECURITIES 41 

March 2018 

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

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

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

 Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023 

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288 

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

 

2016 - Dec ....................................... 20,001,290 19,976,827 5,537,501 - 5,537,501 2,843,701 

2017 - Jan ....................................... 19,961,760 19,937,261 5,556,549 - 5,556,549 2,848,025 

Feb ...................................... 19,983,859 19,959,594 5,543,497 - 5,543,497 2,856,355 

Mar ...................................... 19,870,651 19,846,420 5,471,966 - 5,471,966 2,859,131 

Apr ....................................... 19,870,348 19,846,129 5,548,161 - 5,548,161 2,860,818 

May ...................................... 19,870,301 19,845,942 5,542,298 - 5,542,298 2,862,321 

June ..................................... 19,868,948 19,844,554 5,473,659 - 5,473,659 2,864,091 

July ...................................... 19,869,273 19,844,909 5,479,502 - 5,479,502 2,865,188 

Aug ...................................... 19,868,627 19,844,533 5,454,504 - 5,454,504 2,865,298 

Sept ..................................... 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

Oct ....................................... 20,466,827 20,442,474 5,682,713 - 5,682,713 2,833,661 

Nov ...................................... 20,614,878 20,590,392 5,663,451 - 5,663,451 2,858,198 

Dec ...................................... 20,517,143 20,492,747 5,669,642 - 5,669,642 2,858,136 

 

 Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

 

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5 

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3 

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5 

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4 

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1 

 

2016 - Dec ....................................... 11,595,625 11,077,564 518,061 24,463 24,459 4 

2017 - Jan ....................................... 11,532,687 11,015,736 516,952 24,499 24,495 4 

Feb ...................................... 11,559,742 11,042,572 517,170 24,265 24,261 4 

Mar ...................................... 11,515,323 11,107,539 407,784 24,231 24,228 3 

Apr ....................................... 11,437,150 11,089,528 347,622 24,219 24,216 3 

May ...................................... 11,441,323 11,120,333 320,990 24,359 24,356 3 

June ..................................... 11,506,804 11,145,326 361,478 24,394 24,391 3 

July ...................................... 11,500,219 11,194,986 305,233 24,364 24,361 3 

Aug ...................................... 11,524,731 11,228,265 296,466 24,094 24,093 1 

Sept ..................................... 11,814,271 11,332,237 482,034 24,369 24,368 1 

Oct ....................................... 11,926,100 11,440,017 486,083 24,353 24,352 1 

Nov ...................................... 12,068,743 11,579,343 489,400 24,486 24,485 1 

Dec ...................................... 11,964,969 11,622,102 342,867 24,396 24,395 1 

 

 

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. 
42 

March 2018 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 

Federal 

Reserve and 

Government 

accounts 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 n.a. 160.4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

 Sept........ 20,244.9 8,036.9 12,208.0 605.4 161.7 531.3 215.5 343.3 1,650.7 697.1 6,323.0 1,680.1 

 June ....... 19,844.6 7,943.4 11,901.1 622.0 162.8 395.3 207.6 339.3 1,610.2 697.9 6,171.6 1,694.3 

 Mar......... 19,846.4 7,941.1 11,905.3 660.5 164.2 424.8 198.7 332.4 1,663.4 712.8 6,079.1 1,669.4 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 651.9 165.8 526.8 191.1 327.7 1,693.3 712.2 6,006.3 1,696.2 

 Sept........ 19,573.4 7,863.5 11,709.9 620.5 167.5 536.1 189.9 338.7 1,581.7 703.8 6,155.9 1,416.0 

 June ....... 19,381.6 7,911.2 11,470.4 570.3 169.0 533.6 183.3 327.4 1,433.6 684.4 6,279.1 1,289.8 

 Mar......... 19,264.9 7,801.4 11,463.6 555.3 170.3 521.6 169.2 313.1 1,392.4 665.4 6,284.4 1,391.9 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 505.2 174.2 304.3 1,315.3 651.3 6,146.2 1,396.1 

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 305.7 171.4 304.3 1,192.3 619.0 6,105.9 1,277.0 

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 374.1 187.0 302.1 1,135.9 625.3 6,163.1 1,138.7 

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 448.0 178.0 303.0 1,156.8 643.8 6,172.6 1,042.1 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 507.1 200.5 304.9 1,108.3 625.5 6,157.7 968.9 

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 490.7 200.0 296.1 1,067.6 597.6 6,069.2 964.4 

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 482.6 199.5 285.8 977.9 606.1 6,018.7 1,016.2 

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 474.3 184.3 275.0 1,050.1 600.2 5,948.3 1,220.9 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 179.8 269.5 975.3 602.5 5,792.6 1,361.8 

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 184.3 271.5 976.2 592.2 5,652.8 1,406.0 

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 997.2 612.6 5,595.0 1,370.7 

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.4 5,725.0 1,245.9 

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9 

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4 

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1 

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1 

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1 

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3 

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2 

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7 

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9 

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9 

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 141.0 144.2 141.9 343.5 647.8 2,353.2 297.8 

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 140.5 153.2 155.1 292.7 643.1 2,235.3 332.9 

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 139.9 162.3 168.9 257.6 637.8 2,192.0 285.1 

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 139.7 156.3 185.4 263.2 608.3 2,194.8 405.2 

 

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. As of December 2014, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors 
March 2018 

43 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, December 31, 2017 

[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 .............................. $1,795,155,441,026 $1,746,251,734,488 $1,745,774,342,527 $239,428,666 $237,963,295

Less amounts held by: 

The Treasury ....................................... 301,376,940 56,546,190 56,361,819 7,505 176,866

FRBs ................................................... 176,939,713,722 175,047,703,981 175,047,701,771 - 2,210

Amounts in circulation ............................. $1,617,914,350,364 $1,571,147,484,317 $1,570,670,278,937 $239,421,161 $237,784,219

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $48,903,706,538 $6,546,924,108 $42,356,782,430 

Less amounts held by: 

The Treasury ....................................... 244,830,750 50,260,750 194,570,000 

FRBs ................................................... 1,892,009,741 1,182,569,295 709,440,446 

Amounts in circulation ............................. $46,766,866,047 $5,314,094,063 $41,452,771,984 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

March 2018

44 

TABLE USCC-2—Amounts Outstanding and in Circulation, December 31, 2017 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $12,057,405,125 $11,917,028,489 $143,503 $140,233,133 

$2 ................................................................................ 2,441,619,568 2,310,049,374 131,557,618 12,576 

$5 ................................................................................ 14,815,538,040 14,684,429,510 107,698,810 23,409,720 

$10 .............................................................................. 19,637,661,634 19,617,675,024 6,300 19,980,310 

$20 .............................................................................. 183,793,696,900 183,773,588,740 3,840 20,104,320

$50 .............................................................................. 86,372,842,850 86,361,342,800 500 11,499,550 

$100 ............................................................................ 1,251,716,479,600 1,251,694,488,500 -6 21,991,100 

$500 ............................................................................ 141,809,000 141,613,500 5,500 190,000 

$1,000 ......................................................................... 165,216,000 165,003,000 5,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,571,147,484,317 $1,570,670,278,937 $239,421,161 $237,784,219 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

Dec. 31, 2017 ....................................................................................... 1,617,914 4,948 

Nov. 30, 2017 ....................................................................................... 1,598,726 4,898 

Oct. 31, 2017 ....................................................................................... 1,587,686 4,867 

Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 

Sept. 30, 2010 ...................................................................................... 954,719 3,074 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000 ...................................................................................... 568,614 2,061 

Sept. 30, 1995 ...................................................................................... 409,272 1,553 

Sept. 30, 1990 ...................................................................................... 278,903 1,105 

Sept. 30, 1985 ...................................................................................... 187,337 782 

Sept. 30, 1980 ...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

 

 1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 6 Represents current FRB adjustment. 
ForeignCurrencyPositions

ExchangeStabilizationFund
47 

March 2018

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

March 2018

48 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

07/05/2017 ............................................................. 1,424,297 1,523,691 -437 1.2998 

07/12/2017 ............................................................. 1,467,119 1,567,589 n.a 1.2768 

07/19/2017 ............................................................. 1,438,172 1,545,289 n.a 1.2586 

07/26/2017 ............................................................. 1,431,302 1,542,223 n.a 1.2506 

 

08/02/2017 ............................................................. 1,493,856 1,606,282 n.a 1.2544 

08/09/2017 ............................................................. 1,468,592 1,593,731 n.a 1.2711 

08/16/2017 ............................................................. 1,512,367 1,619,400 n.a 1.2708 

08/23/2017 ............................................................. 1,565,794 1,684,602 n.a 1.2558 

08/30/2017 ............................................................. 1,618,787 1,742,910 n.a 1.2608 

 

09/06/2017 ............................................................. 1,688,569 1,809,989 n.a 1.221 

09/13/2017 ............................................................. 1,740,039 1,860,695 n.a 1.2192 

09/20/2017 ............................................................. 1,397,030 1,503,352 n.a 1.2267 

09/27/2017 ............................................................. 1,478,439 1,587,795 n.a 1.2402 

 

10/04/2017 ............................................................. 1,465,477 1,570,005 n.a 1.2479 

10/11/2017 ............................................................. 1,465,638 1,574,279 n.a 1.2511 

10/18/2017 ............................................................. 1,488,587 1,595,424 n.a 1.2473 

10/25/2017 ............................................................. 1,581,047 1,679,780 n.a 1.2799 

 

11/01/2017 ............................................................. 1,624,556 1,731,670 n.a 1.289 

11/08/2017 ............................................................. 1,592,162 1,765,449 n.a 1.2727 

11/15/2017 ............................................................. 1,620,439 1,736,567 n.a 1.2783 

11/22/2017 ............................................................. 1,637,200 1,748,935 n.a 1.2728 

11/29/2017 ............................................................. 1,706,011 1,873,108 n.a 1.285 

 

12/06/2017 ............................................................. 1,747,763 1,828,396 n.a 1.2788 

12/13/2017 ............................................................. 1,834,998 1,918,833 n.a 1.2872 

12/20/2017 ............................................................. 1,445,062 1,524,590 n.a 1.2846 

12/27/2017 ............................................................. 1,380,616 1,456,127 n.a 1.2645 

 

 

 
FOREIGN CURRENCY POSITIONS 

March 2018

49 

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839 

2016 - Dec ................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 - Jan ................... 1,209,219 1,278,577 201,530 166,919 84,099 80,213 88,430 89,013 n.a 1.303 

Feb .................. 1,259,567 1,326,477 206,490 161,075 73,029 67,487 70,866 69,785 n.a 1.3247 

Mar .................. 1,288,108 1,359,981 181,090 150,303 66,294 61,144 61,659 60,705 -249 1.3321 

Apr ................... 1,382,049 1,457,589 214,711 170,373 60,907 53,172 58,186 56,711 -383 1.3669 

May .................. 1,571,951 1,663,034 241,761 188,542 65,337 57,846 60,517 59,621 n.a 1.3498 

June ................. 1,425,119 1,521,847 233,338 189,840 69,570 65,880 64,493 61,138 -199 1.2982 

July .................. 1,631,110 1,746,381 310,503 228,041 76,855 72,020 81,365 78,403 -101 1.249 

Aug .................. 1,783,032 1,901,664 280,043 209,670 83,144 76,628 81,598 83,869 -49 1.2515 

Sept ................. 1,614,224 1,722,493 266,663 199,341 92,820 86,478 79,316 85,056 -7 1.2509 

Oct ................... 1,752,513 1,853,868 257,452 234,738 77,217 72,455 74,389 79,998 -169 1.2894 

Nov .................. 1,896,118 2,002,049 267,198 235,996 78,042 73,451 75,691 69,445 -163 1.2884 

Dec .................. 1,438,349 1,510,650 288,540 240,050 67,083 60,399 67,407 64,931 -34 1.2517 

 

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) 

 

2014 - Dec ................... 19,820 35,885 94,153 50,754 n.a n.a 1,034 n.a -15 1.1601 

2015 - Mar ................... 78,372 106,869 127,608 102,875 n.a. 539 4,168 n.a. -14 1.2681 

June ................. 71,356 97,532 133,157 95,771 453 296 3,071 1,191 n.a. 1.2473 

Sept .................. 67,133 98,724 137,280 101,046 n.a 260 4,831 1,110 -33 1.3396 

Dec ................... 27,142 59,087 125,045 94,958 209 134 n.a n.a n.a 1.3839 

2016 - Mar ................... 30,905 61,209 129,399 94,163 270 373 1,834 n.a n.a 1.2969 

June ................. 35,995 65,904 140,849 106,389 363 349 726 461 7 1.301 

Sept .................. 36,885 67,444 156,802 103,615 242 285 2,316 1,180 n.a 1.3115 

Dec ................... 38,433 68,593 156,273 124,911 401 397 2,393 n.a n.a 1.3426 

2017 - Mar ................... 38,456 73,351 161,751 115,479 808 607 972 816 n.a 1.3321 

June ................. 36,833 75,342 145,656 111,685 1,726 827 790 823 n.a 1.2982 

Sept .................. 35,092 64,307 144,727 92,840 1,179 785 587 345 12 1.2509 

 
FOREIGN CURRENCY POSITIONS 

March 2018

50 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/05/2017 .............................................................. 464,802 469,852 n.a 113.2 

07/12/2017 .............................................................. 469,551 474,345 n.a 113.19 

07/19/2017 .............................................................. 475,245 479,696 n.a 111.77 

07/26/2017 .............................................................. 493,838 498,556 n.a 112.1 

 

08/02/2017 .............................................................. 504,349 508,870 241 110.43 

08/09/2017 .............................................................. 510,580 514,937 n.a 110.04 

08/16/2017 .............................................................. 505,599 508,949 230 110.8 

08/23/2017 .............................................................. 520,449 525,520 267 109.14 

08/30/2017 .............................................................. 544,482 549,994 219 110.2 

 

09/06/2017 .............................................................. 536,394 540,767 219 108.75 

09/13/2017 .............................................................. 561,851 566,656 n.a 110.58 

09/20/2017 .............................................................. 518,935 528,635 190 111.5 

09/27/2017 .............................................................. 530,348 538,416 128 112.76 

 

10/04/2017 .............................................................. 522,666 531,315 n.a 112.84 

10/11/2017 .............................................................. 518,615 526,625 n.a 112.35 

10/18/2017 .............................................................. 518,277 527,238 n.a 112.94 

10/25/2017 .............................................................. 530,433 534,932 112 113.7 

 

11/01/2017 .............................................................. 548,379 556,798 209 114.04 

11/08/2017 .............................................................. 550,122 556,987 188 113.62 

11/15/2017 .............................................................. 567,122 572,880 188 113.15 

11/22/2017 .............................................................. 557,733 721,815 174 111.62 

11/29/2017 .............................................................. 575,112 580,917 229 111.75 

 

12/06/2017 .............................................................. 555,727 565,898 98 112.32 

12/13/2017 .............................................................. 569,503 579,612 216 113.19 

12/20/2017 .............................................................. 499,250 509,975 233 113.29 

12/27/2017 .............................................................. 472,666 483,589 n.a 113.28 

 
FOREIGN CURRENCY POSITIONS 

March 2018

51 

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2015 - Dec .................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27 

2016 - Dec .................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 - Jan .................. 496,449 502,966 151,319 149,601 48,351 47,272 57,922 60,662 n.a 112.72 

Feb ................. 510,401 515,764 167,961 166,991 48,608 47,055 58,179 61,347 213 112.06 

Mar ................. 518,476 519,209 167,240 165,930 47,800 46,376 53,220 56,953 n.a 111.41 

Apr .................. 519,753 524,338 149,421 147,076 45,496 43,921 49,609 52,761 289 111.44 

May ................. 516,358 525,824 155,016 152,151 47,205 46,242 51,143 54,204 167 110.71 

June ................ 499,209 505,103 163,699 159,445 43,941 43,139 47,672 50,223 32 112.4 

July ................. 518,978 524,470 161,661 158,869 42,520 41,931 44,687 48,340 23 110.38 

Aug ................. 560,775 567,677 154,002 149,405 43,675 42,329 45,406 48,346 19 110.06 

Sept ................ 554,048 563,417 168,709 161,023 46,697 46,348 45,521 52,828 -23 112.64 

Oct .................. 553,257 560,253 152,978 142,056 49,152 48,042 51,660 54,698 -74 113.63 

Nov ................. 594,779 602,734 105,875 97,640 52,677 50,930 51,579 54,036 -85 112.3 

Dec ................. 390,957 408,838 122,514 108,753 24,500 23,646 33,774 35,530 n.a 112.69 

 

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) 

 

2014 - Dec ................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a 119.85 

2015 - Mar ................... 6,835 6,172 7,243 4,951 179 531 1,474 587 -46 119.96 

June ................. 6,721 6,611 6,947 5,995 355 666 1,084 428 n.a 122.1 

Sept .................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81 

Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,225 4,900 7,184 5,318 n.a 340 687 486 -7 112.42 

June ................. 8,200 4,667 7,254 5,807 n.a 367 723 581 -5 102.77 

Sept .................. 7,804 4,314 7,815 6,141 n.a 382 588 488 -18 101.21 

Dec ................... 7,108 5,211 7,632 6,306 352 303 1,006 912 n.a 116.78 

2017 - Mar ................... 9,579 7,021 8,705 6,838 440 548 857 557 -2 111.41 

June ................. 8,857 7,788 7,890 7,166 n.a 438 539 386 -1 112.4 

Sept .................. 6,536 6,008 8,246 7,302 800 670 609 n.a 46 112.64 

 
FOREIGN CURRENCY POSITIONS 

March 2018

52 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/05/2017 .............................................................. 728,721 753,348 417 0.9652 

07/12/2017 .............................................................. 758,320 779,902 40 0.9648 

07/19/2017 .............................................................. 795,594 818,505 70 0.9548 

07/26/2017 .............................................................. 803,222 822,040 n.a 0.958 

 

08/02/2017 .............................................................. 862,187 889,438 443 0.9684 

08/09/2017 .............................................................. 856,630 894,952 332 0.9649 

08/16/2017 .............................................................. 822,711 863,830 216 0.9744 

08/23/2017 .............................................................. 840,554 875,820 489 0.9667 

08/30/2017 .............................................................. 880,923 919,736 689 0.9583 

 

09/06/2017 .............................................................. 832,651 880,982 402 0.9537 

09/13/2017 .............................................................. 911,491 949,786 n.a 0.9639 

09/20/2017 .............................................................. 761,506 801,137 264 0.9617 

09/27/2017 .............................................................. 785,562 818,553 130 0.9745 

 

10/04/2017 .............................................................. 774,242 810,690 n.a 0.9756 

10/11/2017 .............................................................. 786,410 819,185 484 0.9732 

10/18/2017 .............................................................. 754,142 795,951 496 0.9817 

10/25/2017 .............................................................. 811,529 847,973 293 0.9888 

 

11/01/2017 .............................................................. 822,999 871,381 390 1.0014 

11/08/2017 .............................................................. 832,385 886,304 n.a 0.9997 

11/15/2017 .............................................................. 875,364 924,263 n.a 0.9902 

11/22/2017 .............................................................. 887,832 926,381 n.a 0.9838 

11/29/2017 .............................................................. 940,751 987,469 330 0.9837 

 

12/06/2017 .............................................................. 962,754 994,294 242 0.9904 

12/13/2017 .............................................................. 1,031,434 1,085,696 382 0.9894 

12/20/2017 .............................................................. 825,117 862,573 583 0.9859 

12/27/2017 .............................................................. 796,402 830,931 480 0.987 

 
FOREIGN CURRENCY POSITIONS 

March 2018

53 

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a 1.0017 

2016 - Dec ................... 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a 1.016 

2017 - Jan ................... 716,987 751,816 96,940 76,205 54,433 52,788 65,712 68,048 523 0.9888 

Feb .................. 778,073 812,757 90,325 71,558 58,655 58,983 66,666 67,344 143 1.0022 

Mar .................. 762,401 786,370 85,705 70,775 68,797 68,092 69,960 72,308 176 0.9998 

Apr ................... 778,983 806,435 91,813 75,963 67,317 66,252 69,523 70,043 -265 0.9944 

May .................. 918,143 940,064 101,856 85,607 65,179 65,619 73,900 73,108 -75 0.9684 

June ................. 767,024 796,286 98,618 82,584 62,505 63,247 71,060 69,085 n.a 0.9586 

July .................. 863,776 892,281 94,626 77,251 61,960 64,415 84,606 78,806 n.a 0.965 

Aug .................. 875,089 918,200 91,410 72,346 64,798 64,063 87,670 79,050 n.a 0.961 

Sept ................. 781,450 823,353 99,217 77,326 68,697 65,123 85,868 84,292 n.a 0.9688 

Oct ................... 823,804 885,734 98,907 74,392 68,930 67,253 85,392 84,042 n.a 0.9968 

Nov .................. 967,393 1,020,311 94,314 68,867 74,000 73,301 84,617 84,034 72 0.9838 

Dec .................. 807,509 844,078 108,344 85,626 66,794 65,238 78,259 78,031 138 0.9738 

 

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) 

 

2014 - Dec ................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934 

2015 - Mar ................... 24,395 27,813 90,329 13,567 n.a. n.a. n.a. 596 n.a. 0.9712 

June ................. 20,333 22,935 82,573 12,529 n.a. n.a. 116 n.a. -10 0.9346 

Sept .................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773 

Dec ................... 13,943 15,327 73,098 14,813 - - n.a n.a n.a 1.0017 

2016 - Mar ................... 12,965 16,654 48,569 16,247 n.a - n.a n.a n.a 0.9583 

June ................. 13,961 14,942 38,415 16,235 n.a n.a 158 n.a n.a 0.9792 

Sept .................. 13,162 13,803 74,616 16,527 - n.a n.a n.a n.a 0.9694 

Dec ................... 15,062 14,957 100,733 18,341 - n.a n.a n.a n.a 1.016 

2017 - Mar ................... 16,987 18,151 75,707 18,092 n.a 47 n.a n.a 1 0.9998 

June ................. 14,636 16,877 104,803 16,789 - n.a n.a n.a - 0.9586 

Sept .................. 16,715 14,386 n.a 17,935 47 25 n.a n.a n.a 0.9688 

 
FOREIGN CURRENCY POSITIONS 

March 2018

54 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/05/2017 .............................................................. 2,387,849 2,529,131 n.a 1.2934 

07/12/2017 .............................................................. 2,418,499 2,580,308 n.a 1.2889 

07/19/2017 .............................................................. 2,459,712 2,618,556 n.a 1.3036 

07/26/2017 .............................................................. 2,501,466 2,681,761 n.a 1.3048 

 

08/02/2017 .............................................................. 2,535,311 2,703,650 n.a 1.3236 

08/09/2017 .............................................................. 2,493,269 2,653,144 n.a 1.2997 

08/16/2017 .............................................................. 2,514,979 2,685,462 n.a 1.286 

08/23/2017 .............................................................. 2,505,368 2,669,240 n.a 1.2787 

08/30/2017 .............................................................. 2,618,890 2,782,571 n.a 1.2934 

 

09/06/2017 .............................................................. 2,576,795 2,724,980 n.a 1.3073 

09/13/2017 .............................................................. 2,763,459 2,923,029 n.a 1.3218 

09/20/2017 .............................................................. 2,529,089 2,672,770 641 1.3564 

09/27/2017 .............................................................. 2,625,248 2,792,922 379 1.3401 

 

10/04/2017 .............................................................. 2,570,435 2,735,403 -37 1.3268 

10/11/2017 .............................................................. 2,590,231 2,751,829 150 1.321 

10/18/2017 .............................................................. 2,590,828 2,769,204 179 1.3183 

10/25/2017 .............................................................. 2,832,808 2,819,010 38 1.3252 

 

11/01/2017 .............................................................. 2,794,599 3,018,909 58 1.3257 

11/08/2017 .............................................................. 2,691,462 2,925,597 130 1.3108 

11/15/2017 .............................................................. 2,688,984 2,944,814 -38 1.3165 

11/22/2017 .............................................................. 2,592,953 2,801,948 n.a 1.3291 

11/29/2017 .............................................................. 2,869,768 3,069,800 n.a 1.3436 

 

12/06/2017 .............................................................. 2,738,515 2,977,050 n.a 1.3382 

12/13/2017 .............................................................. 2,872,153 3,103,407 n.a 1.3365 

12/20/2017 .............................................................. 2,479,667 2,709,180 n.a 1.3408 

12/27/2017 .............................................................. 2,385,362 2,622,632 n.a 1.3403 

 
FOREIGN CURRENCY POSITIONS 

March 2018

55 

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746 

2016 - Dec ................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 - Jan ................... 2,306,978 2,444,590 824,704 780,052 84,446 77,541 125,315 125,045 n.a 1.2585 

Feb .................. 2,459,346 2,596,459 841,320 800,693 86,099 84,402 123,255 123,663 449 1.2427 

Mar .................. 2,490,218 2,636,597 847,078 805,351 104,464 100,164 132,138 130,235 n.a 1.2537 

Apr ................... 2,514,037 2,665,959 897,783 854,920 99,777 98,548 115,796 113,922 250 1.2938 

May .................. 2,716,048 2,891,563 862,327 824,198 110,083 108,380 131,068 137,770 n.a 1.2905 

June ................. 2,483,318 2,626,161 867,362 830,391 119,012 118,204 145,951 147,180 51 1.2995 

July .................. 2,632,803 2,820,355 885,057 856,156 120,503 124,499 128,372 141,586 103 1.3196 

Aug .................. 2,724,719 2,898,594 832,105 803,286 116,058 118,534 129,649 137,322 99 1.2888 

Sept ................. 2,711,567 2,895,640 845,056 794,639 142,922 139,917 137,361 145,899 241 1.3402 

Oct ................... 2,829,670 3,046,396 841,243 796,719 139,103 136,155 136,457 145,243 305 1.3281 

Nov .................. 2,964,748 3,215,150 860,406 815,265 147,952 153,873 156,622 159,284 259 1.3506 

Dec .................. 2,532,015 2,736,674 919,634 876,879 131,439 136,875 115,451 126,033 n.a 1.3529 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Otions positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2014 - Dec ................... 25,098 28,006 157,560 39,245 n.a 796 3,544 930 n.a 1.5578 

2015 - Mar ................... 30,264 42,342 160,656 61,050 n.a. 745 5,418 3,293 -85 1.485 

June ................. 29,155 39,283 162,972 61,154 1,163 1,191 1,602 1,018 57 1.5727 

Sept .................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116 

Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a 1.4746 

2016 - Mar ................... 25,097 48,638 161,912 64,787 460 958 5,159 2,545 76 1.4381 

June ................. 32,851 59,068 168,024 68,927 n.a n.a 3,488 1,337 131 1.3242 

Sept .................. 27,814 58,602 163,430 65,795 406 432 2,465 727 63 1.3015 

Dec ................... 28,214 50,414 166,901 66,789 n.a 428 2,686 1,577 4 1.2337 

2017 - Mar ................... 32,757 57,906 182,119 82,148 n.a n.a 2,643 1,825 -29 1.2537 

June ................. 31,749 58,195 209,496 74,067 1,498 1,355 2,837 1,910 50 1.2995 

Sept .................. 34,429 63,757 208,624 67,493 1,369 1,380 2,032 1,755 81 1.3402 

 
FOREIGN CURRENCY POSITIONS 

March 2018

56 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

07/05/2017 ............................................................ 21,969,475 21,494,435 n.a n.a 

07/12/2017 ............................................................ 22,217,700 21,818,356 n.a n.a 

07/19/2017 ............................................................ 22,620,178 22,034,348 n.a n.a 

07/26/2017 ............................................................ 23,169,623 22,497,547 n.a n.a 

 

08/02/2017 ............................................................ 23,474,935 22,838,020 n.a n.a 

08/09/2017 ............................................................ 23,610,185 22,912,808 n.a n.a 

08/16/2017 ............................................................ 23,720,386 23,003,975 n.a n.a 

08/23/2017 ............................................................ 24,108,804 23,412,115 n.a n.a 

08/30/2017 ............................................................ 25,161,177 24,840,564 n.a n.a 

 

09/06/2017 ............................................................ 24,868,356 24,190,535 n.a n.a 

09/13/2017 ............................................................ 26,314,484 25,599,400 2,358 n.a 

09/20/2017 ............................................................ 23,955,779 23,190,989 n.a n.a 

09/27/2017 ............................................................ 24,957,797 24,243,052 n.a n.a 

 

10/04/2017 ............................................................ 24,365,832 23,621,481 n.a n.a 

10/11/2017 ............................................................ 24,614,238 23,899,864 n.a n.a 

10/18/2017 ............................................................ 24,661,924 23,914,153 n.a n.a 

10/25/2017 ............................................................ 24,976,241 24,051,583 n.a n.a 

 

11/01/2017 ............................................................ 25,573,592 24,707,443 n.a n.a 

11/08/2017 ............................................................ 25,321,618 24,506,916 n.a n.a 

11/15/2017 ............................................................ 25,973,676 25,076,384 n.a n.a 

11/22/2017 ............................................................ 25,494,732 24,612,312 n.a n.a 

11/29/2017 ............................................................ 26,974,293 26,024,938 -2,165 n.a 

 

12/06/2017 ............................................................ 26,267,816 25,392,239 -1,288 n.a 

12/13/2017 ............................................................ 27,783,330 26,493,910 -1,587 n.a 

12/20/2017 ............................................................ 23,392,874 22,520,656 -2,814 n.a 

12/27/2017 ............................................................ 22,444,394 21,625,031 -3,530 n.a 

 
FOREIGN CURRENCY POSITIONS 

March 2018

57 

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec .............. 23,238,723 22,612,485 - - 2,124,407 1,978,064 1,357,669 1,515,285 -7,263 n.a 

2016 - Dec .............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a 

2017 - Jan .............. 21,862,609 21,132,558 - - 1,992,101 2,015,374 1,345,294 1,334,424 n.a n.a 

Feb ............. 22,683,340 21,834,443 - - 1,942,948 1,964,122 1,359,532 1,346,953 -6,265 n.a 

Mar ............. 22,734,685 22,091,310 - - 1,854,551 1,889,038 1,410,689 1,387,159 n.a n.a 

Apr .............. 22,891,442 22,376,553 - - 1,862,305 1,891,160 1,417,946 1,417,304 -2,860 n.a 

May ............. 24,520,485 23,900,070 - - 1,870,595 1,888,411 1,592,551 1,594,624 -2,311 n.a 

June ............ 22,770,719 22,453,863 - - 1,809,499 1,825,703 1,524,282 1,521,005 155 n.a 

July ............. 24,410,171 23,687,051 - - 1,786,041 1,787,417 1,617,854 1,609,517 -203 n.a 

Aug ............. 26,230,917 25,902,293 - - 1,842,779 1,863,511 1,663,720 1,670,125 732 n.a 

Sept ............ 25,831,047 25,040,543 - - 1,881,948 1,890,006 1,681,015 1,695,003 416 n.a 

Oct .............. 26,237,151 25,310,694 - - 1,906,482 1,911,803 1,704,527 1,716,059 -69 n.a 

Nov ............. 28,055,100 27,082,715 - - 1,874,917 1,882,417 1,664,993 1,633,793 317 n.a 

Dec ............. 23,130,408 22,177,420 - - 1,540,308 1,541,755 1,343,229 1,324,580 833 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) 

 

2014 - Dec ................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,105 n.a 

2015 - Mar ................... 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a. 

June ................. 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a. 

Sept .................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a. 

Dec ................... 394,957 329,092 - - 28,177 20,380 6,992 9,361 1,846 n.a 

2016 - Mar ................... 386,524 340,914 - - 30,532 20,989 7,380 11,588 1,436 n.a 

June ................. 406,478 344,699 - - 19,972 13,480 10,695 12,325 1,056 n.a 

Sept .................. 395,439 360,589 - - 17,282 11,021 11,927 14,172 1,089 n.a 

Dec ................... 391,396 322,230 - - 31,554 21,574 15,484 23,106 4,224 n.a 

2017 - Mar ................... 432,574 409,988 - - 28,584 17,200 20,525 21,113 1,380 n.a 

June ................. 426,181 406,215 - - 21,559 14,688 16,157 19,475 1,982 n.a 

Sept .................. 409,209 386,483 - - 23,061 17,456 25,252 25,799 5,034 n.a 

 
FOREIGN CURRENCY POSITIONS 

March 2018

58 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/05/2017 ......................................................................... 5,950,324 6,091,138 -1,297 0.8821 

07/12/2017 ......................................................................... 6,097,463 6,236,810 -1,423 0.8763 

07/19/2017 ......................................................................... 6,169,447 6,327,636 318 0.8682 

07/26/2017 ......................................................................... 6,201,087 6,379,496 484 0.8597 

 

08/02/2017 ......................................................................... 6,318,114 6,497,576 1,149 0.8431 

08/09/2017 ......................................................................... 6,317,894 6,492,345 -115 0.8512 

08/16/2017 ......................................................................... 6,310,981 6,502,768 1,242 0.8545 

08/23/2017 ......................................................................... 6,274,465 6,440,566 2,745 0.8473 

08/30/2017 ......................................................................... 6,632,842 6,817,629 2,479 0.8384 

 

09/06/2017 ......................................................................... 6,452,460 6,593,170 2,911 0.8373 

09/13/2017 ......................................................................... 6,912,176 7,078,839 2,422 0.8405 

09/20/2017 ......................................................................... 6,183,325 6,341,517 1,844 0.8335 

09/27/2017 ......................................................................... 6,604,628 6,741,602 1,034 0.8513 

 

10/04/2017 ......................................................................... 6,365,620 6,502,470 n.a 0.8503 

10/11/2017 ......................................................................... 6,529,774 6,669,251 n.a 0.8441 

10/18/2017 ......................................................................... 6,417,972 6,562,079 n.a 0.8493 

10/25/2017 ......................................................................... 6,422,229 6,591,663 n.a 0.8473 

 

11/01/2017 ......................................................................... 6,704,182 6,999,126 n.a 0.8607 

11/08/2017 ......................................................................... 6,637,583 6,919,071 n.a 0.8627 

11/15/2017 ......................................................................... 6,934,664 7,222,066 n.a 0.8479 

11/22/2017 ......................................................................... 6,574,845 6,826,542 n.a 0.8482 

11/29/2017 ......................................................................... 7,081,285 7,412,800 n.a 0.8433 

 

12/06/2017 ......................................................................... 6,973,553 7,257,801 n.a 0.8483 

12/13/2017 ......................................................................... 7,410,534 7,867,294 n.a 0.8502 

12/20/2017 ......................................................................... 6,303,060 6,551,303 n.a 0.8417 

12/27/2017 ......................................................................... 6,030,055 6,246,986 2,389 0.8402 

 
FOREIGN CURRENCY POSITIONS 

March 2018

59 

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,858 694,076 n.a 0.9209 

2016 - Dec ................... 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

2017 - Jan ................... 6,105,402 6,273,616 2,094,187 2,005,198 369,838 359,498 572,006 584,927 2,984 0.9264 

Feb .................. 6,176,422 6,458,591 2,100,753 1,987,871 384,056 369,066 621,366 638,591 3,115 0.9418 

Mar .................. 6,422,026 6,646,153 2,069,487 1,960,282 446,570 443,333 606,560 615,553 n.a 0.9347 

Apr ................... 6,570,267 6,807,132 2,250,202 2,121,817 585,127 579,493 611,870 635,852 -609 0.9179 

May .................. 7,036,134 7,117,328 2,123,061 2,032,558 615,754 611,357 546,304 555,684 -302 0.89 

June ................. 6,187,887 6,326,053 2,128,982 2,066,762 550,808 542,812 515,849 526,401 -36 0.8763 

July .................. 6,520,855 6,717,142 2,233,294 2,141,277 556,513 537,021 519,889 521,493 856 0.8456 

Aug .................. 6,838,729 7,022,201 2,168,180 2,087,955 625,316 616,688 514,917 524,360 260 0.8408 

Sept ................. 6,682,397 6,846,458 1,974,611 1,853,302 590,904 586,129 509,884 512,543 190 0.8465 

Oct ................... 6,868,706 7,148,517 2,071,132 1,915,336 583,788 576,004 517,044 516,484 -12 0.8585 

Nov .................. 7,329,380 7,568,045 2,031,462 1,896,864 579,459 567,241 542,522 543,060 257 0.8405 

Dec .................. 6,356,351 6,684,775 2,168,528 1,978,539 522,009 508,275 505,690 515,167 1,353 0.8318 

 

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) 

 

2014 - Dec ................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a 0.8264 

2015 - Mar ................... 150,385 138,996 284,817 183,576 7,240 3,962 15,297 9,179 1,582 0.931 

June ................. 146,038 136,974 297,381 183,030 3,264 3,244 14,458 8,048 1,222 0.8965 

Sept .................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959 

Dec ................... 123,963 121,422 283,432 184,211 5,153 1,869 11,254 7,154 -52 0.9209 

2016 - Mar ................... 134,044 119,293 304,147 198,033 5,602 3,244 5,273 3,128 n.a 0.878 

June ................. 128,496 123,939 319,636 211,312 6,232 3,385 7,230 3,149 n.a 0.9064 

Sept .................. 133,470 117,747 328,711 220,262 5,011 3,212 5,513 2,647 n.a 0.8898 

Dec ................... 133,410 125,866 365,321 234,629 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar ................... 145,758 148,204 417,132 287,973 8,924 7,789 15,666 8,084 197 0.9347 

June ................. 170,784 153,986 471,949 286,090 9,781 8,505 9,977 4,992 n.a 0.8763 

Sept .................. 138,547 134,715 457,764 261,003 13,624 13,030 11,161 6,860 n.a 0.8465 

 
60 

March 2018 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund -ESF was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 -codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of Sept. 30, 2017, and Dec. 31, 2017 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2017 

Oct. 1, 2017, 

through 

Dec. 31, 2017 Dec. 31, 2017 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance ................................................................... - - - 

U.S. Government securities ............................................. 22,090,393 36,753 22,127,146 

Special drawing rights 1 ........................................................... 51,443,262 420,252 51,863,514 

Foreign exchange and securities: 

European euro ..................................................................... 12,823,097 206,153 13,029,250 

Japanese yen ....................................................................... 8,301,787 -3,236 8,298,550 

Accounts receivable ................................................................. 115,272 30,107 145,379 

Total assets .......................................................................... 94,773,811 690,029 95,463,840 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 46,526 14,207 60,733 

Total current liabilities ...................................................... 46,526 14,207 60,733 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,911,652 382,469 50,294,121 

Total other liabilities ......................................................... 55,111,652 382,469 55,494,121 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... -140,922 434,952 294,030 

Total capital ...................................................................... 39,615,634 293,353 39,908,987 

Total liabilities and capital ............................................ 94,773,811 690,029 95,463,840 

See footnote on the following page. 
61 

March 2018 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2017, 

through 

Dec. 31, 2017 

Fiscal year to date 

Oct. 1, 2017, 

through 

Dec. 31, 2017 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... 223,816 223,816 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... 12,093 12,093 

Net income (+) or loss (-): 

SDRs .............................................................................. 2,635 2,635 

U.S. Government securities ........................................... 61,137 61,137 

Foreign exchange .......................................................... -5,651 -5,651 

Income from operations ................................................. 294,030 294,030 

Net income (+) or loss (-) ........................................... 294,030 294,030 

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
65 

March 2018 

INTRODUCTION: Financial Report of the United States Government

The Financial Report of the United States Government 

(Report) provides the President, Congress, and the American 

People with a comprehensive view of the Federal 

Government's finances, i.e., its financial position and 

condition, its revenues and costs, assets and liabilities, and 

other obligations and commitments. The Fiscal Year 2017 

Report also discusses important financial topics, including 

continuing economic recovery efforts and fiscal 

sustainability. The related Executive Summary provides a 

concise overview of the information contained in the full 

Financial Report.

The Department of the Treasury, in coordination with the 

Office of Management and Budget (OMB), prepares the 

Report, which includes the financial statements for the U.S. 

Government. The United States Government Accountability 

Office (GAO) is required to audit these statements. The 

Report is compiled primarily from individual federal 

agencies' audited financial statements and related 

information included in the agencies' financial reports. 

Inspectors General are generally responsible for annually 

auditing the financial statements for their respective 

agencies. The agency and Government wide financial 

statements are generally required to be prepared in 

conformity with U.S.’ generally accepted accounting 

principles as promulgated by the Federal Accounting 

Standards Advisory Board (FASAB). 

The complete Financial Report, can be accessed easily 

through the internet at: 

https://fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm 
66 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

Financial Statements 

of the United States Government 

for the Fiscal Years Ended September 30, 

2017, and 2016 

The consolidated financial statements of the United States Government (Government) were prepared using U.S. 

Generally Accepted Accounting Principles (GAAP). The consolidated financial statements include the accrual-based 

financial statements and the sustainability financial statements, which are discussed in more detail below, and the related 

notes to the consolidated financial statements. Collectively, the accrual-based financial statements, the sustainability financial 

statements, and the notes represent basic information that is deemed essential for the consolidated financial statements to be

presented in conformity with GAAP. 

ACCRUAL-BASED FINANCIAL STATEMENTS 

The accrual-based financial statements present historical information on what the federal government owns (assets) and 

owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how 

accrual-based net operating costs of the federal government reconcile to the budget deficit and changes in its cash balance 

during the year. The following sections discuss each of the accrual-based financial statements. 

Statements of Net Cost 

These statements present the net cost of the Government operations for fiscal years 2017 and 2016, including the 

operations related to funds from dedicated collections. Costs and earned revenues are categorized on the Statement of Net 

Cost by significant entity, providing greater accountability by showing the relationship of the agencies’ net cost to the 

governmentwide net cost. Costs and earned revenues are presented in this Financial Report on an accrual basis, while the 

budget presents outlays and receipts, generally on a cash basis. The focus of the budget of the United States is by agency. 

Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in 

assessing the budget integrity, operating performance, stewardship, and systems and controls of the Government.

The Statements of Net Cost contain the following four components: 

 Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions. 

These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding entities. 

 Earned revenue—is exchange revenue resulting from the Government providing goods and services to the public at 

a price. 

 (Gain)/loss from changes in assumptions—is the gain or loss from changes in long-term assumptions used to 

measure the liabilities reported for federal civilian and military employee pensions, other post-employment benefits, 

and other retirement benefits, including veterans’ compensation. 

 Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in 

assumptions. 

Individual agency net cost amounts will differ from the agency’s financial statements primarily because of reallocations 

completed at the governmentwide level which are listed below. 

 Benefit program costs. 

 Intragovernmental eliminations, as adjusted for buy/sell costs and related revenues. 

 Imputed costs. 

Because of its specific function, most of the benefit program costs originally associated with the Office of Personnel 

Management (OPM) have been reallocated to the user agencies for governmentwide reporting purposes. The remaining costs 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 67

 

March 2018 

for OPM on the Statements of Net Cost are the administrative operating costs, the expenses from prior costs from health and 

pension plan amendments, and the actuarial gains and losses, if applicable. 

General Services Administration (GSA) is the primary provider of goods and services to federal agencies. GSA’s net 

cost is adjusted for its intragovernmental buy/sell costs and related revenues. The remaining costs for GSA on the Statements 

of Net Cost are administrative operating costs. With regard to intragovernmental buy/sell costs and related revenues, the 

amounts recognized by each agency are added to, and subtracted from, respectively, the individual agency non-federal net 

cost amounts. In addition, the intragovernmental imputed costs recognized for the receipt of goods and services, financed in 

whole or part by the providing agencies, are added to the individual agency non-federal net cost amounts. 

The interest on securities issued by the Department of the Treasury (Treasury) and held by the public is reported on 

Treasury’s financial statements, but, because of its importance and the dollar amounts involved, it is reported separately in 

these statements. 

Statements of Operations and Changes in Net Position 

These statements report the results of Government operations, net operating costs, which include the results of 

operations for funds from dedicated collections. They include non-exchange revenues, which are generated from transactions 

that do not require a Government entity to give value directly in exchange for the inflow of resources. The Government does 

not “earn” the non-exchange revenue. These are generated principally by the Government’s sovereign power to tax, levy 

duties, and assess fines and penalties. These statements also include the net cost reported in the Statements of Net Cost. They 

further include certain adjustments and unreconciled transactions that affect the net position. 

Revenue 

Inflows of resources to the government that the government demands or that it receives by donations are identified as 

non-exchange revenue. The inflows that it demands include individual income tax and tax withholdings, excise taxes, 

corporation income taxes, unemployment taxes, custom duties, and estate and gift taxes. The non-exchange revenue is 

recognized when collected and adjusted for the change in net measurable and legally collectable amounts receivable. 

Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/Self-Employment 

Contributions Act (SECA) taxes and other taxes. 

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and 

imported liquor, tobacco, firearms, and other items. 

Other taxes and receipts include Federal Reserve Banks (FRBs) earnings, tax related fines, penalties and interest, and 

railroad retirement taxes. 

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. 

These revenues include rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development 

of mineral resources on public lands. 

Generally, funds from dedicated collections are financed by specifically identified revenues, provided to the 

government by non-federal sources, often supplemented by other financing sources, which remain available over time. These 

specifically identified revenues and other financing sources are required by statute to be used for designated activities, 

benefits or purposes, and must be accounted for separately from the Government’s general revenue. See Note 20—Funds 

from Dedicated Collections for detailed information. 

Intragovernmental interest represents interest earned from the investment of surplus dedicated collections, which 

finance the deficit spending of all other fund’s non-dedicated operations. These investments are recorded as 

intragovernmental debt holdings and are included in Note 11—Federal Debt Securities Held by the Public and Accrued 

Interest, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government 

Accounts. These interest earnings and the associated investments are eliminated in the consolidation process. 
68 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

Net Cost of Government Operations 

The net cost of Government operations—gross cost (including gains/losses from changes in assumptions) less earned 

revenue—flows through from the Statements of Net Cost. The net cost and intragovernmental net cost associated with funds 

from dedicated collections activities are separately reported. 

Intragovernmental Transfers 

Intragovernmental transfers reflect budgetary and other financing sources for funds from dedicated collections, 

excluding financing sources related to non-exchange revenues, intragovernmental interest, and miscellaneous revenues. 

These intragovernmental transfers include appropriations, transfers, and other financing sources. These amounts are labeled 

as “other changes in fund balance” in Note 20—Funds from Dedicated Collections. Some transfers reflect amounts required 

by statute to be transferred from the General Fund of the U.S. Government (General Fund) to funds from dedicated 

collections. For Supplementary Medical Insurance (SMI), transfers from the General Fund financed 74 percent and 76 

percent of 2017 program costs to Part B and D, respectively. 

Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due 

primarily to unreconciled intragovernmental differences. See Note 1.S—Unmatched Transactions and Balances for detailed 

information. 

The unmatched transactions and balances are included in net operating cost to make the sum of net operating costs and 

prior period adjustments for the year equal to the change in the net position balance. 

Net Operating Cost 

The net operating cost equals revenue less net cost of Government operations (that flows from the Statement of Net 

Cost) adjusted by unmatched transactions and balances. See Note 1.S—Unmatched Transactions and Balances for detailed. 

Net Position, Beginning of Period 

The net position, beginning of period, reflects the amount reported on the prior year’s balance sheet as of the end of that 

fiscal year. The net position for funds from dedicated collections is shown separately. 

Prior-period adjustments are revisions to the beginning net position presented on the prior year financial statements due 

to corrections of material errors or certain changes in accounting principles. See Note 1.T—Prior-Period Adjustments for 

detailed information. 

Net Position, End of Period 

The net position, end of period, reflects the amount as of the end of the fiscal year. The net position for funds from 

dedicated collections is separately shown. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 69

 

March 2018 

Reconciliations of Net Operating Cost and Budget Deficit 

These statements reconcile the results of operations (net operating cost) on the Statements of Operations and Changes in 

Net Position (SOCNP) to the budget deficit. The premise of the reconciliation is that the accrual and budgetary accounting 

basis share transaction data. 

Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of 

accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for details. 

These statements begin with the net results of operations (net operating cost) and report activities where the basis of 

accounting for the components of net operating cost and the budget deficit differ. 

Some presentations of the budget deficit make the distinction between on-budget and off-budget totals. On-budget totals 

reflect the transactions of all Government entities, except those excluded from the budget by law. Off-budget totals reflect the 

transactions of Government entities that are excluded from the on-budget totals by law. Under current law, the off-budget 

totals include the Social Security trust funds and the Postal Service. The budget deficit, as presented in the Financial Report, 

combines the on-budget and off-budget totals to derive consolidated totals for federal activity. 

Components of Net Operating Cost Not Part of the Budget Deficit

This information includes the operating components, such as the changes in benefits payable for veterans, military and 

civilian employees, environmental and disposal liabilities, and depreciation expense, not included in the budget results. 

Components of the Budget Deficit Not Part of Net Operating Cost

This information includes the budget components, such as capitalized fixed assets (that are recorded as outlays in the 

budget when purchased and reflected in net operating cost through depreciation expense over the useful life of the asset) and 

increases in other assets that are not included in the operating results. 

Statements of Changes in Cash Balance from Budget and Other 

Activities 

The primary purpose of these statements is to report how the annual budget deficit relates to the change in the 

Government’s cash and other monetary assets, as well as debt held by the public. It explains why the budget deficit normally 

would not result in an equivalent change in the Government’s cash and other monetary assets. 

These statements reconcile the budget deficit to the change in cash and other monetary assets during the fiscal year. 

They also serve to explain how the budget deficits were financed. A budget deficit is the result of outlays exceeding receipts

during a particular fiscal year. 

The budget deficit is primarily financed through borrowings from the public. Other transactions, such as the payment 

of interest on Treasury securities held by the public, also require cash disbursements and are not part of the deficit. 

Additionally, the budget deficit includes certain amounts that are recognized in the budget, but will be disbursed in a 

future period, or are adjustments that did not affect the cash balance. These amounts include interest accrued on Treasury 

securities held by the public, as well as subsidy expense related to direct and guaranteed loans. 

These statements show the adjustments for non-cash outlays included in the budget, and items affecting the cash 

balance not included in the budget, to explain the change in cash and other monetary assets. 

In fiscal year 2017, additional lines were included in the presentation of this statement to provide further breakdown of 

certain categories of transactions. This presentation change did not affect the fiscal year 2016 totals related to cash and other 

monetary assets balances. 

 
70 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

Balance Sheets 

The balance sheets show the Government’s assets, liabilities, and net position. When combined with stewardship 

information, this information presents a more comprehensive understanding of the Government’s financial position. The net 

position for funds from dedicated collections is shown separately. 

Assets 

Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The 

most significant assets that are reported on the balance sheets are loans receivable, net; property, plant, and equipment 

(PP&E), net; inventories and related property, net; and cash and other monetary assets. There are, however, other significant 

resources available to the Government that extend beyond the assets presented in these balance sheets. Those resources 

include Stewardship Land and Heritage Assets in addition to the Government’s sovereign powers to tax and set monetary 

policy. 

Liabilities and Net Position 

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most 

significant liabilities reported on the balance sheets are federal debt securities held by the public and accrued interest, and 

federal employee and veteran benefits payable. Liabilities also include environmental and disposal liabilities, benefits due 

and payable, as well as insurance and guarantee program liabilities. 

As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader 

than these reported balance sheet liabilities. They include the social insurance programs reported in the Statements of Social

Insurance and disclosed in the Required Supplementary Information (RSI)—Social Insurance section, fiscal long-term 

projections of non-interest spending reported in the Statements of Long-Term Fiscal Projections, and a wide range of other 

programs under which the Government provides benefits and services to the people of this Nation, as well as certain future 

loss contingencies. 

The Government has entered into contractual commitments requiring the future use of financial resources and has 

unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. 

Contingencies and commitments that do not meet the criteria for recognition as liabilities on the balance sheets, but for which 

there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingencies and Note 

19—Commitments. 

The collection of certain taxes and other revenue is credited to the corresponding funds from dedicated collections that 

will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the 

payments to the beneficiaries, the excess revenue is invested in Treasury securities or deposited in the General Fund; 

therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance is included in 

Note 20—Funds from Dedicated Collections. That note also contains information about trust fund receipts, disbursements, 

and assets. 

Due to its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access 

to financial resources through generating tax revenues and issuing federal debt securities. This provides the Government with 

the ability to meet present obligations and those that are anticipated from future operations, and are not reflected in net 

position. 

The net position is the residual difference between assets and liabilities and is the cumulative results of operations since 

inception. For detailed components that comprise the net position, refer to the section “Statement of Operations and Changes 

in Net Position.” 

 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 71

 

March 2018 

 SUSTAINABILITY FINANCIAL STATEMENTS 

The sustainability financial statements are comprised of the Statements of Long-Term Fiscal Projections, covering all 

federal government programs, and the Statements of Social Insurance and the Statement of Changes in Social Insurance 

Amounts, covering social insurance programs (Social Security, Medicare, Railroad Retirement, and Black Lung programs). 

The sustainability financial statements are designed to illustrate the relationship between projected receipts and expenditures 

if current policy is continued over a 75 year time horizon1

. For this purpose, the projections assume that scheduled social 

insurance benefit payments would continue after related trust funds are projected to be exhausted, contrary to current law, 

and that debt could continue to rise indefinitely without severe economic consequences. The sustainability financial 

statements are intended to help citizens understand current policy and the importance and magnitude of policy reforms 

necessary to make it sustainable. 

By accounting convention, the Statements of Social Insurance do not include projected general revenues that, under 

current law, would be used to finance the remainder of the expenditures in excess of revenues for Medicare Parts B and D 

reported in the Statements of Social Insurance. The Statements of Long-Term Fiscal Projections include all revenues 

(including general revenues) of the federal government. 

 

Statements of Long-Term Fiscal Projections 

The Statements of Long-Term Fiscal Projections are intended to assist readers of the Government’s financial statements 

in assessing the financial condition of the federal government and how the Government’s financial condition has changed 

(improved or deteriorated) during the year and may change in the future. They are also intended to assist readers in assessing

whether future budgetary resources of the Government will likely be sufficient to sustain public services and to meet 

obligations as they come due, assuming that current policy for Federal Government public services and taxation is continued 

without change. 

The Statements of Long-Term Fiscal Projections display the present value of 75-year projections by major category of 

the Federal Government’s receipts and non-interest spending. These projections show the extent to which future receipts of 

the Government exceed or fall short of the Government’s non-interest spending. The projections are presented both in terms 

of present value dollars and in terms of present value dollars as a percent of present value Gross Domestic Product (GDP). 

The projections are on the basis of policies currently in place and are neither forecasts nor predictions. These projections are 

consistent with the projections for Social Security and Medicare presented in the Statements of Social Insurance and are 

based on the same economic and demographic assumptions as underlie the Statements of Social Insurance. These statements 

also display the fiscal gap, which is a summary measure of the combination of non-interest spending reductions and receipt 

increases necessary to hold the ratio of debt held by the public to GDP at the end of the projection period to its value at the 

beginning of the period. Note 23—Long-Term Fiscal Projections, further explains the methods used to prepare these 

projections and provides additional information. Unaudited required supplementary information further assesses the 

sustainability of current fiscal policy and provides results based on alternative assumptions to those used in the basic 

statement. 

As discussed further in Note 23, a sustainable policy is one where the ratio of debt held by the public to GDP (the debtto-GDP ratio) is stable or declining over the long term. GDP measures the size of the Nation’s economy in terms of the total 

value of all final goods and services that are produced in a year. Considering financial results relative to GDP is a useful 

indicator of the economy’s capacity to sustain the Government’s many programs. 

 

 

1

 With the exception of the Black Lung program, which has a rolling 25-year projection period through September 30, 2042. 
72 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

Statements of Social Insurance and Changes in Social Insurance 

Amounts 

The Statements of Social Insurance provide estimates of the status of the most significant social insurance programs: 

Social Security, Medicare, Railroad Retirement, and Black Lung2

. They are administered by the Social Security 

Administration (SSA), U.S. Department of Health and Human Services (HHS), the Railroad Retirement Board (RRB), and 

the Department of Labor (DOL), respectively. The estimates are actuarial present values3 of the projections and are based on 

the economic and demographic assumptions representing the trustees’ reasonable estimates as set forth in the relevant Social 

Security and Medicare trustees’ reports as well as in the agency financial reports of HHS, SSA, and DOL (Black Lung) and 

in the relevant agency performance and accountability report for the RRB. The SOSI projections, with one exception related 

to Medicare Part A and OASDI, are based on current law; that is, they assume that scheduled social insurance benefit 

payments would continue after related trust funds are projected to be depleted, contrary to current law. By law, once assets 

are exhausted, expenditures cannot be made except to the extent covered by ongoing tax receipts and other trust fund income. 

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections 

relating to the many assumptions of the programs, produce a wide range of possible results. In preparing the Statements of 

Social Insurance, Government management considers and selects assumptions and data that it believes provide a reasonable 

basis for the assertions in the statements. However, because of the large number of factors that affect the Statements of Social 

Insurance, plus the fact that such assumptions are inherently subject to substantial uncertainty (arising from the likelihood of 

future events, significant uncertainties, and contingencies), there will be differences between the estimates in the Statements 

of Social Insurance and the actual results, and those differences may be material. Note 22—Social Insurance describes the 

social insurance programs, reports long-range estimates that can be used to assess the financial condition of the programs, 

and explains some of the factors that impact the various programs. The Statements of Changes in Social Insurance Amounts 

reconcile the change between the current valuation period and the prior valuation period. 

 

2

 In relation to the amounts presented in the Statements of Social Insurance and Changes in Social Insurance Amounts, the combined Railroad Retirement 

and Black Lung programs account for less than a quarter of one percent of the statement totals, and therefore, are not material from the consolidated 

perspective.

3

 Present values recognize that a dollar paid or collected in the future is worth less than a dollar today, because a dollar today could be invested and earn 

interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 73

 

March 2018 

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2017 (Gain)/Loss 

 from 

 Gross Earned Changes in Net 

 (In billions of dollars) Cost Revenue Subtotal Assumptions Cost 

 

 Department of Health and Human Services ................ 1,186.8 101.1 1,085.7 0.4 1,086.1 

 Social Security Administration ..................................... 999.1 0.3 998.8 - 998.8 

 Department of Defense ................................................ 718.7 77.4 641.3 24.1 665.4 

 Department of Veterans Affairs .................................... 254.8 4.8 250.0 229.7 479.7 

 Interest on Treasury Securities Held by the Public ...... 296.3 - 296.3 - 296.3 

 Office of Personnel Management ................................ 90.1 22.3 67.8 102.5 170.3 

 Department of the Treasury ......................................... 179.5 37.9 141.6 - 141.6 

 Department of Agriculture ............................................ 142.9 8.1 134.8 - 134.8 

 Department of Transportation ...................................... 79.6 0.9 78.7 - 78.7 

 Department of Housing and Urban Development ........ 70.9 1.7 69.2 - 69.2 

 Department of Homeland Security ............................... 77.3 12.3 65.0 (0.5) 64.5 

 Department of Education ............................................. 84.4 30.6 53.8 - 53.8 

 Department of Labor .................................................... 43.5 - 43.5 - 43.5 

 Department of Energy .................................................. 46.9 5.6 41.3 - 41.3 

 Defense Security Cooperation Agency ........................ 36.7 - 36.7 - 36.7 

 Department of Justice .................................................. 34.2 1.6 32.6 - 32.6 

 Department of State ..................................................... 31.3 4.8 26.5 0.3 26.8 

 Federal Communications Commission ........................ 20.7 0.4 20.3 - 20.3 

 National Aeronautics and Space Administration .......... 19.6 0.2 19.4 - 19.4 

 Department of the Interior ............................................ 20.2 2.7 17.5 - 17.5 

 U.S. Agency for International Development ................. 13.2 - 13.2 - 13.2 

 Department of Commerce............................................ 12.9 3.3 9.6 - 9.6 

 Railroad Retirement Board .......................................... 13.0 3.8 9.2 - 9.2 

 Environmental Protection Agency ................................ 8.8 0.4 8.4 - 8.4 

 National Science Foundation ....................................... 7.1 - 7.1 - 7.1 

 U.S. Postal Service ...................................................... 71.9 68.7 3.2 - 3.2 

 Smithsonian Institution ................................................. 0.9 - 0.9 - 0.9 

 Millennium Challenge Corporation ............................... 0.7 - 0.7 - 0.7 

 U.S. Nuclear Regulatory Commission ......................... 0.9 0.8 0.1 - 0.1 

 Overseas Private Investment Corporation ................... - 0.1 (0.1) - (0.1) 

 Securities and Exchange Commission ........................ 1.9 2.1 (0.2) - (0.2)

 Small Business Administration ..................................... 0.1 0.3 (0.2) - (0.2)

 Farm Credit System Insurance Corporation................. - 0.4 (0.4) - (0.4)

 General Services Administration .................................. 0.2 0.6 (0.4) - (0.4)

 National Credit Union Administration ........................... (0.1) 0.7 (0.8) - (0.8)

 Tennessee Valley Authority ......................................... 9.9 10.7 (0.8) - (0.8)

 Export-Import Bank of the United States ..................... 0.4 1.2 (0.8) - (0.8)

 Pension Benefit Guaranty Corporation ........................ 9.8 14.1 (4.3) - (4.3)

 Federal Deposit Insurance Corporation ....................... 1.5 10.6 (9.1) - (9.1)

All other entities ........................................................... 22.7 1.4 21.3 - 21.3 

 Total ............................................................................. 4,609.3 431.9 4,177.4 356.5 4,533.9 

 

The accompanying notes are an integral part of these financial statements. 
74 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2016 (Restated) (Gain)/Loss 

 from 

 Gross Earned Changes in Net 

 (In billions of dollars) Cost Revenue Subtotal Assumptions Cost 

 

 Department of Health and Human Services ................ 1,170.0 96.1 1,073.9 0.4 1,074.3 

 Social Security Administration ..................................... 982.1 0.3 981.8 - 981.8 

 Department of Defense ................................................ 721.9 55.1 666.8 (57.6) 609.2 

 Department of Veterans Affairs .................................... 276.5 4.9 271.6 377.5 649.1 

 Interest on Treasury Securities Held by the Public ...... 273.0 - 273.0 - 273.0 

 Office of Personnel Management ................................ 60.2 21.3 38.9 (47.1) (8.2) 

 Department of the Treasury ......................................... 148.7 19.4 129.3 - 129.3 

 Department of Agriculture ............................................ 142.1 8.5 133.6 - 133.6 

 Department of Transportation ...................................... 80.7 0.9 79.8 - 79.8 

 Department of Housing and Urban Development ........ 31.2 1.7 29.5 - 29.5 

 Department of Homeland Security ............................... 66.5 13.1 53.4 0.2 53.6 

 Department of Education ............................................. 103.1 29.9 73.2 - 73.2 

 Department of Labor .................................................... 46.4 - 46.4 - 46.4 

 Department of Energy .................................................. 68.6 4.3 64.3 - 64.3 

 Defense Security Cooperation Agency ........................ 36.0 - 36.0 - 36.0 

 Department of Justice .................................................. 38.7 1.6 37.1 - 37.1 

 Department of State ..................................................... 32.6 4.7 27.9 (0.1) 27.8 

 Federal Communications Commission ........................ 10.4 0.5 9.9 - 9.9 

 National Aeronautics and Space Administration .......... 20.0 0.2 19.8 - 19.8 

 Department of the Interior ............................................ 19.2 2.5 16.7 - 16.7 

 U.S. Agency for International Development ................. 12.6 - 12.6 - 12.6 

 Department of Commerce............................................ 12.5 3.3 9.2 - 9.2 

 Railroad Retirement Board .......................................... 15.3 3.9 11.4 - 11.4 

 Environmental Protection Agency ................................ 9.0 0.4 8.6 - 8.6 

 National Science Foundation ....................................... 7.0 - 7.0 - 7.0 

 U.S. Postal Service ...................................................... 77.2 70.4 6.8 - 6.8 

 Smithsonian Institution ................................................. 0.8 - 0.8 - 0.8 

 Millennium Challenge Corporation ............................... 0.6 - 0.6 - 0.6 

 U.S. Nuclear Regulatory Commission ......................... 0.9 0.8 0.1 - 0.1

 Overseas Private Investment Corporation ................... - 0.1 (0.1) - (0.1) 

 Securities and Exchange Commission ........................ 1.7 2.0 (0.3) - (0.3)

 Small Business Administration ..................................... 0.5 0.3 0.2 - 0.2

 Farm Credit System Insurance Corporation................. - 0.3 (0.3) - (0.3)

 General Services Administration .................................. 0.6 0.7 (0.1) - (0.1)

 National Credit Union Administration ........................... (0.7) 0.1 (0.8) - (0.8)

 Tennessee Valley Authority ......................................... 9.3 10.6 (1.3) - (1.3)

 Export-Import Bank of the United States ..................... (0.2) 1.2 (1.4) - (1.4)

 Pension Benefit Guaranty Corporation ........................ 19.4 14.0 5.4 - 5.4 

 Federal Deposit Insurance Corporation ....................... 0.2 9.5 (9.3) - (9.3)

All other entities ........................................................... 21.1 1.3 19.8 - 19.8 

 Total ............................................................................. 4,515.7 383.9 4,131.8 273.3 4,405.1 

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 75

 

March 2018 

United States Government 

Statement of Operations and Changes in Net Position 

for the Year Ended September 30, 2017 

 

 Funds other than Funds from 

those from Dedicated 

Dedicated Collections 

 Collections (Note 20) 

 (Combined) (Combined) Eliminations Consolidated 

(In billions of dollars) 2017 

 

Revenue (Note 17): 

Individual income tax and tax withholdings. 1,560.1 1,127.8 - 2,687.9 

Corporation income taxes ........................... 299.1 - - 299.1 

Excise taxes ............................................... 24.7 62.6 - 87.3 

Unemployment taxes .................................. - 44.1 - 44.1 

Customs duties ........................................... 33.2 - - 33.2 

Estate and gift taxes ................................... 22.8 - - 22.8 

Other taxes and receipts ............................. 135.9 36.2 - 172.1 

Miscellaneous earned revenues ................. 24.0 4.1 - 28.1 

Intragovernmental interest .......................... - 99.6 (99.6) - 

Total Revenue ............................................ 2,099.8 1,374.4 (99.6) 3,374.6 

Net Cost of Government Operations: 

Net cost ...................................................... 2,885.8 1,648.1 - 4,533.9 

Intragovernmental net cost ......................... (8.5) 8.5 - - 

Intragovernmental interest .......................... 99.6 - (99.6) - 

Total net cost .............................................. 2,976.9 1,656.6 (99.6) 4,533.9 

Intragovernmental transfers ....................... (327.1) 327.1 - - 

Unmatched transactions and balances 

(Note 1.S) .................................................. 2.6 - - 2.6 

Net operating (cost)/revenue ...................... (1,201.6) 44.9 - (1,156.7)

Net position, beginning of period ............... (22,671.1) 3,374.3 - (19,296.8)

Prior period adjustments–changes in 

accounting principles (Note 1.T) ............. 37.1 0.2 - 37.3

Net operating (cost)/revenue ...................... (1,201.6) 44.9 - (1,156.7)

Net position, end of period ......................... (23,835.6) 3,419.4 - (20,416.2)

The accompanying notes are an integral part of these financial statements. 
76 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

United States Government 

Statement of Operations and Changes in Net Position 

for the Year Ended September 30, 2016 (Restated)

 

 Funds other than Funds from 

 those from Dedicated 

 Dedicated Collections 

 Collections (Note 20) 

 (Combined) (Combined) Eliminations Consolidated 

(In billions of dollars) 2016 

 

Revenue (Note 17): 

Individual income tax and tax withholdings ......... 1,525.5 1,077.7 - 2,603.2 

Corporation income taxes ................................... 294.3 - - 294.3 

Excise taxes ........................................................ 42.1 58.3 - 100.4 

Unemployment taxes ........................................... - 46.9 - 46.9 

Customs duties ................................................... 33.3 - - 33.3 

Estate and gift taxes ............................................ 21.0 - - 21.0 

Other taxes and receipts ..................................... 185.1 42.9 - 228.0 

Miscellaneous earned revenues .......................... 15.3 2.9 - 18.2 

Intragovernmental interest ................................... - 102.8 (102.8) - 

Total Revenue ..................................................... 2,116.6 1,331.5 (102.8) 3,345.3 

 

Net Cost of Government Operations: 

Net cost ............................................................... 2,799.4 1,605.7 - 4,405.1 

Intragovernmental net cost .................................. (8.7) 8.7 - - 

Intragovernmental interest ................................... 102.8 - (102.8) - 

Total net cost ....................................................... 2,893.5 1,614.4 (102.8) 4,405.1 

 

Intragovernmental transfers ................................ (409.5) 409.5 - - 

 

Unmatched transactions and balances           

(Note 1.S) ........................................................... 8.1 - - 8.1 

 

Net operating (cost)/revenue ............................... (1,178.3) 126.6 - (1,051.7)

 

Net position, beginning of period ....................... (21,491.3) 3,247.7 - (18,243.6)

Prior period adjustments    

 (Note 1.T, 1.V and 20) ..................................... (1.5) - - (1.5)

Net operating (cost)/revenue ............................... (1,178.3) 126.6 - (1,051.7)

Net position, end of period .................................. (22,671.1) 3,374.3 - (19,296.8)

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 77

 

March 2018 

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2017, and 2016 Restated

(In billions of dollars) 2017 2016

Net operating cost .......................................................................................................................... (1,156.7) (1,051.7)

Components of net operating cost not part of the budget deficit 

 Excess of accrual-basis expenses over budget outlays 

* Federal employee and veteran benefits payable 

    Pension and accrued benefits ............................................................................................... 180.5 (106.9) 

    Veterans compensation and burial benefits .......................................................................... 313.7 477.7 

    Post-retirement health and accrued benefits ........................................................................ 5.3 56.8

    Other benefits ....................................................................................................................... (8.8) 9.4 

       Subtotal - federal employee and veteran benefits payable ................................................ 490.7 437.0 

* Insurance and guarantee program liabilities ........................................................................... 15.5     16.7 

 * Environmental and disposal liabilities ...................................................................................... 17.9 35.0 

* Accounts payable .................................................................................................................... 8.4     (5.9) 

* Benefits due and payable ....................................................................................................... 0.6    4.3

* Other liabilities ........................................................................................................................ 4.5     13.8 

 Subtotal - excess of accrual-basis expenses over budget outlays ..................................... 537.6     500.9 

Amortized expenses not included in budget outlays    

 Property, plant, and equipment depreciation expense ............................................................ 33.6     52.2 

Other expenses that are not reported as budget outlays    

 Property, plant, and equipment disposals and revaluations .................................................... (10.0)    (24.9)

 Agencies year-end credit reform subsidy re-estimates ........................................................... 28.5     10.4

Excess of accrual-basis revenue over budget receipts    

Accounts receivable, net ......................................................................................................... (7.3)    (7.3)

Taxes receivable, net ............................................................................................................... (2.8)    (8.1)

Other losses/(gains) and cost/(revenue) that are not budget receipts    

* Investments in government-sponsored enterprises ................................................................ 16.0    (2.3)

 Deposit fund balances ............................................................................................................. 11.4    20.3

 Subtotal - components of net operating cost not part of budget deficit .............................. 607.0     541.2 

Components of the budget deficit that are not part of net operating cost     Budget receipts not included in net operating cost    

 Credit reform and other loan activities .................................................................................... (25.8)     9.5 

Budget outlays not included in net operating cost    

 Acquisition of capital assets ..................................................................................................... (78.6)    (81.5)

* Debt and equity securities ....................................................................................................... (8.0)     (3.8) 

* Inventories and related property ............................................................................................. (12.4)     6.3

Effect of prior year agencies credit reform subsidy re-estimates ............................................. (10.4)     2.3

* Other assets ............................................................................................................................ (2.2)     20.2

 Subtotal - components of the budget deficit that are not part of net operating cost ........... (137.4)    (47.0)

Other    

 All other reconciling items ........................................................................................................ 21.4    (29.9)

Budget deficit ................................................................................................................................. (665.7)    (587.4)

* The amounts represent the year over year net change in the Balance Sheet line items. 

The accompanying notes are an integral part of these financial statements. 
78 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2017, and 2016 

Reclass

(In billions of dollars) 2017 2016

 

Cash flow from unified budget activities 

 Total budget receipts ......................................................................................... 3,314.9 3,266.7 

 Total budget outlays .......................................................................................... (3,980.6) (3,854.1)

 Budget deficit ................................................................................................... (665.7) (587.4)

Adjustments for non-cash outlays included in the unified budget

 Interest accrued on Treasury securities held by the public ......................................... 279.3 264.1 

 Net amortization on Treasury securities held by the public ......................................... 17.0 8.9 

 Agencies year-end credit reform subsidy re-estimates .............................................. (18.1) (12.7)

 Subsidy expense accrued under direct loan & guarantee programs ............................ 20.3 19.0 

 Subtotal - adjustments for non-cash transactions in the budget ................................... 298.5 279.3 

 

Cash flow from activities not included in unified budget 

 Cash flow from non-budget activities 

 Interest paid on Treasury securities held by the public .............................................. (241.6) (244.3)

 Direct loans 

 Loan disbursements ........................................................................................ (224.2) (211.5) 

 Repayment of loans ........................................................................................ 167.6 122.7 

Loan guarantees 

 Default payment/claims .................................................................................... (106.9) (122.5) 

 Fees and recoveries on defaulted loans .............................................................. 120.5 101.9 

 Miscellaneous liabilities ...................................................................................... (1.0) 1.1 

 Deposit fund liability balances .............................................................................. 8.9 (9.6) 

 Loans to the IMF ............................................................................................... 2.3 0.9 

 Investments in non-federal securities ..................................................................... (0.1) 3.4 

 Seigniorage ..................................................................................................... 0.3 0.6 

 Subtotal - cash flow from non-budget activities ........................................................ (274.2) (357.3)

Cash flow from monetary transactions 

Reserve position in the IMF ................................................................................. - 1.2 

 Subtotal - cash flow from monetary transactions ...................................................... - 1.2 

Cash flow from financing 

Borrowing from the public ................................................................................... 8,703.6 8,390.4 

Repayment of debt held by the public ................................................................... (8,226.0) (7,352.2)

Effect of uninvested principal from the Thrift Savings Plan (TSP) G Fund ...................... - (203.2) 

Agency securities .............................................................................................. - 0.1 

 Subtotal - cash flow from financing ........................................................................ 477.6 835.1 

Other...................................................................................................................................... (32.9) (8.1) 

Change in cash and other monetary assets balance ................................................... (196.7) 162.8 

Beginning cash and other monetary assets balance .................................................... 467.9 305.1 

Ending cash and other monetary assets balance ...................................................... 271.2 467.9 

        

The accompanying notes are an integral part of these financial statements. 

 

         

 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 79

 

March 2018 

United States Government         

Balance Sheets 

as of September 30, 2017, and 2016         

       

(In billions of dollars) 2017 2016

Assets: 

 Cash and other monetary assets (Note 2) ..................................................................... 271.2 467.9 

Accounts and taxes receivable, net (Note 3) ................................................................. 143.3 133.2 

 Loans receivable, net (Note 4) ...................................................................................... 1,348.5 1,277.6 

 Inventories and related property, net (Note 5) ............................................................... 326.7 314.3 

 Property, plant and equipment, net (Note 6) ................................................................. 1,034.5 979.5 

 Debt and equity securities (Note 7) ............................................................................... 116.2 108.2 

 Investments in government-sponsored enterprises (Note 8) ......................................... 92.6 108.6 

 Other assets (Note 9) .................................................................................................... 147.7 145.5 

 Total assets ................................................................................................................ 3,480.7 3,534.8 

 Stewardship land and heritage assets (Note 24) 

Liabilities: 

Accounts payable (Note 10) .......................................................................................... 70.8 62.4 

 Federal debt securities held by the public and accrued interest (Note 11) .................... 14,724.1 14,221.1 

 Federal employee and veteran benefits payable (Note 12) ........................................... 7,700.1 7,209.4 

 Environmental and disposal liabilities (Note 13) ............................................................ 464.5 446.6 

 Benefits due and payable (Note 14) .............................................................................. 218.8 218.2 

 Insurance and guarantee program liabilities (Note 15) .................................................. 202.5 187.0 

 Loan guarantee liabilities (Note 4) ................................................................................. 42.9 18.2 

 Other liabilities (Note 16) ............................................................................................... 473.2 468.7 

 Total liabilities ............................................................................................................. 23,896.9 22,831.6 

 Contingencies (Note 18) and Commitments (Note 19) 

Net Position: 

 Funds from Dedicated Collections (Note 20) ................................................................. 3,419.4 3,374.3 

 Funds other than those from Dedicated Collections ...................................................... (23,835.6) (22,671.1)

 Total net position ........................................................................................................ (20,416.2) (19,296.8)

Total liabilities and net position .................................................................................. 3,480.7 3,534.8 

            

The accompanying notes are an integral part of these financial statements.         
80 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

United States Government 

Statements of Long-Term Fiscal Projections (Note 23) 

Present Value of 75 Year Projections as of September 30, 2017 and 20161 

    Dollars in Trillions Percent of GDP2

2017 2016 Change 2017 2016 Change

   

Receipts: 

 Social Security Payroll Taxes ................... 58.0 56.3 1.7 4.3 4.3 - 

 Medicare Payroll Taxes ............................ 19.4 18.8 0.6 1.4 1.4 - 

 Individual Income Taxes ........................... 141.9 139.0 2.9 10.5 10.7 (0.1) 

 Other Receipts ......................................... 49.0 47.5 1.6 3.6 3.6 - 

Total Receipts ................................................ 268.4 261.6 6.8 19.9 20.1 (0.2)

Non-interest Spending: 

 Social Security.......................................... 78.7 75.6 3.0 5.8 5.8 - 

 Medicare Part A3 ...................................... 26.6 26.5 0.1 2.0 2.0 (0.1) 

 Medicare Parts B & D4 ............................. 32.3 31.3 1.1 2.4 2.4 - 

 Medicaid ................................................... 32.1 31.7 0.4 2.4 2.4 - 

 Other Mandatory ...................................... 40.5 41.6 (1.1) 3.0 3.2 (0.2) 

 Defense Discretionary .............................. 39.1 32.0 7.2 2.9 2.5 0.5 

 Non-defense Discretionary ....................... 35.3 33.6 1.7 2.6 2.6 - 

Total Non-interest Spending ........................... 284.6 272.2 12.4 21.1 20.9 0.2 

 

Receipts less non-interest spending .......... (16.2) (10.6) (5.6) (1.2) (0.8) (0.4) 

Fiscal gap5 .................................................................................................. (2.0) (1.6) (0.4)

1

75-year present value projections for 2017 are as of 9/30/2017 for the period FY 2018-2092; projections for 2016 are as of 9/30/2016 for the 

period FY 2017-2091. 

2

The 75-year present value of nominal Gross Domestic Product (GDP), which drives the calculations above is $1,347.0 trillion starting in FY 

2018, and was $1,302.8 trillion starting in FY 2017. 

3

Represents portions of Medicare supported by payroll taxes. 

4

Represents portions of Medicare supported by general revenues. Consistent with the President's Budget, outlays for Parts B & D are 

presented net of premiums. 

5

To prevent the debt-to-GDP ratio from rising over the next 75 years, a combination of non-interest spending reductions and receipts increases 

that amounts to 2.0 percent of GDP on average is needed (1.6 percent of GDP on average in 2016). See Financial Statement Note 23. 

Totals may not equal the sum of components due to rounding. 

 

The accompanying notes are an integral part of these financial statements. 

 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 81

 

March 2018 

United States Government 

Statements of Social Insurance (Note 22)

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2017 2016 2015 2014 2013

Federal Old-age, Survivors and Disability Insurance (Social 

Security):11 

Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 62 and over) ... 1.4 1.3 1.2 1.0 0.9 

 Participants who have not attained eligibility age ...................... 30.3 29.3 27.8 25.4 24.6 

 Future participants ............................................................. 30.5 29.7 26.6 24.6 23.4 

All current and future participants .......................................... 62.1 60.3 55.5 51.0 48.9 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 62 and over) ... (14.7) (13.6) (12.8) (11.9) (11.0)

 Participants who have not attained eligibility age ...................... (50.2) (48.4) (45.3) (42.4) (40.6)

 Future participants ............................................................. (12.6) (12.4) (10.9) (10.0) (9.6)

All current and future participants .......................................... (77.5) (74.4) (69.0) (64.3) (61.2)

Present value of future expenditures in excess of future 

revenue .............................................................................. (15.4)1 (14.1)2 (13.4)3 (13.3)4 (12.3)5

Federal Hospital Insurance (Medicare Part A):11 

Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 65 and over) ... 0.5 0.5 0.4 0.3 0.3 

 Participants who have not attained eligibility age ...................... 10.7 10.3 9.1 8.4 8.1 

 Future participants ............................................................. 10.6 10.0 8.4 7.8 7.7 

All current and future participants .......................................... 21.7 20.7 17.9 16.5 16.2 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ... (4.5) (4.3) (3.8) (3.5) (3.4)

 Participants who have not attained eligibility age ...................... (17.2) (16.8) (14.5) (14.1) (14.6)

 Future participants ............................................................. (3.5) (3.4) (2.8) (2.8) (2.9)

All current and future participants .......................................... (25.3) (24.5) (21.1) (20.4) (21.0)

Present value of future expenditures in excess of future 

revenue .............................................................................. (3.5)1 (3.8)2 (3.2)3 (3.8)4 (4.8)5

Federal Supplementary Medical Insurance (Medicare Part B):11 

Revenue (Premiums) from: 

 Participants who have attained eligibility age (age 65 and over) ... 1.1 1.0 0.9 0.8 0.7 

 Participants who have not attained eligibility age ...................... 5.9 5.3 4.6 4.5 4.1 

 Future participants ............................................................. 1.4 1.2 1.0 1.1 0.9 

All current and future participants .......................................... 8.4 7.5 6.5 6.5 5.7 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ... (4.5) (4.0) (3.6) (3.2) (2.9)

 Participants who have not attained eligibility age ...................... (21.4) (19.2) (16.8) (17.0) (15.1)

 Future participants ............................................................. (4.9) (4.3) (3.5) (4.1) (3.4)

All current and future participants .......................................... (30.8) (27.5) (24.0) (24.3) (21.4)

Present value of future expenditures in excess of future 

revenue 6 ............................................................................ (22.4)1 (20.0)2 (17.5)3 (17.9)4 (15.7)5

 

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
82 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

United States Government 

Statements of Social Insurance (Note 22), continued 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2017 2016 2015 2014 2013

Federal Supplementary Medical Insurance (Medicare Part D):11

Revenue (Premiums and State Transfers) from: 

 Participants who have attained eligibility age (age 65 and over) ... 0.3 0.3 0.3 0.2 0.2 

 Participants who have not attained eligibility age ...................... 2.0 2.2 1.8 1.6 1.5 

 Future participants ............................................................. 0.8 1.0 0.8 0.7 0.7 

All current and future participants .......................................... 3.1 3.5 2.9 2.5 2.3 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) ... (1.0) (1.0) (0.9) (0.8) (0.7)

 Participants who have not attained eligibility age ...................... (6.9) (7.7) (6.4) (5.9) (5.9)

 Future participants ............................................................. (2.9) (3.6) (2.8) (2.6) (2.6)

All current and future participants .......................................... (10.8) (12.2) (10.2) (9.3) (9.2)

Present value of future expenditures in excess of future 

 revenue 6 .......................................................................... (7.6)1 (8.7)2 (7.3)3 (6.8)4 (6.9)5

Other:7

Present value of future expenditures in excess of future 

 revenues 8, 9, 10 .................................................................. (0.1) (0.1) (0.1) (0.1) (0.1)

Total present value of future expenditures in excess of future 

  revenue ............................................................................... (49.0) (46.7) (41.5) (41.9) (39.7)

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 83

 

March 2018 

United States Government 

Statements of Social Insurance (Note 22), continued 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2017 2016 2015 2014 2013

Social Insurance Summary11       

Participants who have attained eligibility age: 

 Revenue (e.g., contributions and dedicated taxes) ................. 3.3 3.1 2.8 2.3 2.1 

 Expenditures for scheduled future benefits ........................... (24.7) (22.9) (21.3) (19.4) (18.2)

 Present value of future expenditures in excess of 

 future revenue .............................................................. (21.4) (19.8) (18.5) (17.1) (16.1)

Participants who have not attained eligibility age: 

 Revenue (e.g., contributions and dedicated taxes) ................. 48.9 47.1 43.4 40.0 38.4 

 Expenditures for scheduled future benefits ........................... (95.7) (92.2) (83.1) (79.6) (76.3)

 Present value of future expenditures in excess of 

 future revenue .............................................................. (46.8) (45.1) (39.7) (39.6) (37.9)

    Closed-group - Total present value of future expenditures 

in excess of future revenue ...................................................... (68.2) (64.9) (58.2) (56.7) (54.0)

Future participants: 

 Revenue (e.g., contributions and dedicated taxes) ..................... 43.3 41.9 36.8 34.3 32.9 

 Expenditures for scheduled future benefits ................................. (24.0) (23.7) (20.1) (19.6) (18.6)

 Present value of future revenue in excess of future 

 Expenditure .............................................................................. 19.3 18.2 16.8 14.8 14.3 

Open-group - Total present value of future expenditures in 

excess of future revenue ................................................................ (49.0) (46.7) (41.5) (41.9) (39.7)

1 The projection period for Social Security and Medicare is 1/1/2017-12/31/2091 and the valuation date is 1/1/2017. 2 The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016. 3 The projection period for Social Security and Medicare is 1/1/2015-12/31/2089 and the valuation date is 1/1/2015. 4 The projection period for Social Security and Medicare is 1/1/2014-12/31/2088 and the valuation date is 1/1/2014. 5 The projection period for Social Security and Medicare is 1/1/2013-12/31/2087 and the valuation date is 1/1/2013. 6 These amounts represent the present value of the future transfers from the General Fund to the Supplementary Medical Insurance Trust 

Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & Medicaid Services’ 

Financial Reports but are not income from the governmentwide perspective of this report. 7 Includes Railroad Retirement and Black Lung. 

8 These amounts do not include the present value of the financial interchange between the railroad retirement and social security systems, 

 which is included as income in the Railroad Retirement Financial Report, but is not included from the governmentwide perspective of this 

 report. (See discussion of Railroad Retirement Program in the unaudited required supplementary information section of this report). 9 Does not include interest expense accruing on the outstanding debt of the Black Lung Disability Trust Fund. 10 For information on the projection periods and valuation dates for the Railroad Retirement and Black Lung programs, refer to the financial 

 statements of RRB and DOL, respectively. 

11 Current participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 

15 years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both. 

 Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
84 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

March 2018 

United States Government 

Statement of Changes in Social Insurance Amounts 

for the Year Ended September 30, 2017 (Note 22) 

 

 Social Medicare Medicare 

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total 

 

Net present value (NPV) of future revenue less 

 future expenditures for current and future 

 participants (the “open group”) over the next 75 

 years, beginning of the year ......................................... (14.1) (3.8) (28.7) (0.1) (46.7)

Reasons for changes in the NPV during the year: 

Changes in valuation period ......................................... (0.6) (0.2) (1.2) - (2.0)

Changes in demographic data, assumptions, and 

methods ....................................................................... (0.1) (0.1) - - (0.2) 

Changes in economic data, assumptions, and 

methods ....................................................................... (0.6) - - - (0.6)

Changes in law or policy .............................................. - - - - - 

Changes in economic and other health care 

 assumptions .............................................................. - 0.2 (0.5) - (0.3)

Change in projection base ............................................ - 0.3 0.4 - 0.7

 Net change in open group measure ............................. (1.2) 0.3 (1.4) - (2.3)

Open group measure, end of year .................................. (15.4) (3.5) (30.0) (0.1) (49.0)

1

 Amounts represent changes between valuation dates 1/1/2016 and 1/1/2017. 

2

 Includes Railroad Retirement changes between valuation dates 10/1/2015 and 10/1/2016 and Black Lung changes between 9/30/2016 and 

 9/30/2017.

 

Totals may not equal the sum of components due to rounding. 

 

The accompanying notes are an integral part of these financial statements. 

 

 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 85

 

March 2018 

United States Government 

Statement of Changes in Social Insurance Amounts 

for the Year Ended September 30, 2016 (Note 22) 

 

 Social Medicare Medicare 

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total 

 Net present value (NPV) of future revenue less 

 future expenditures for current and future 

 participants (the “open group”) over the next 75 

 years, beginning of the year ......................................... (13.4) (3.2) (24.8) (0.1) (41.5) 

Reasons for changes in the NPV during the year: 

 Changes in valuation period ......................................... (0.5) (0.1) (1.1) - (1.7) 

 Changes in demographic data, assumptions, and 

methods ....................................................................... 0.6 0.2 0.3 - 1.1 

Changes in economic data, assumptions, and 

methods ....................................................................... (0.9) - - - (0.9) 

Changes in law or policy .............................................. 0.1 - 0.2 - 0.3 

Changes in economic and other health care 

 assumptions ................................................................ - (0.4) (3.0) - (3.4) 

 Change in projection base ............................................ - (0.3) (0.3) - (0.6) 

Net change in open group measure ............................. (0.7) (0.6) (3.9) - (5.2) 

Open group measure, end of year .................................. (14.1) (3.8) (28.7) (0.1) (46.7) 

 

1

 Amounts represent changes between valuation dates 1/1/2015 and 1/1/2016. 

2

 Includes Railroad Retirement changes between valuation dates 1/1/2015 and 10/1/2015 and Black Lung changes between 9/30/2015 and 

 9/30/2016. 

 

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements

 
 

TRUST FUNDS 

March 2018 

86 

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of the Department of Treasury in fiscal year 

1971, according to provisions of the Airport and Airway 

Revenue Act of 1970 [49 United States Code 1742(a), 

repealed]. The Tax Equity and Fiscal Responsibility Act of 

1982 (Public Law 97-248, dated September 3, 1982) 

reestablished the trust fund in the Internal Revenue Code 

(26 United States Code 9502) effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. The 

Disaster Tax Relief and Airport and Airway Extension Act 

of 2017 (Public Law 115-63), effective September 29, 

2017. , extended the aviation excise taxes until March 31, 

2018. The Act included provisions that: 

 Retained the existing passenger ticket, flight 

segment, and freight waybill taxes. The domestic flight 

segment tax is indexed to the Consumer Price Index; 

effective calendar year 2018, the tax is $4.20. It also 

retained a special rule applied to flights between the 

continental United States and Alaska or Hawaii. This 

departure tax is indexed to the Consumer Price Index; 

effective calendar year 2018, the tax is $9.20. 

 Retained the existing tax per person for 

international flights that begin or end in the United States. 

The tax is indexed to the Consumer Price Index; effective 

calendar year 2018, the tax is $18.30. 

 Retained the existing tax on payments to airlines 

for frequent flyer and similar awards by banks and credit 

card companies, merchants and frequent flyer program 

partners, such as other airlines, hotels and rental car 

companies, and other businesses. The tax on mileage 

awards is 7.5% of the value of the miles. 

 Retained the commercial aviation fuel tax and the 

general aviation jet fuel/gas taxes. The current tax rate for 

commercial aviation fuel is 4.3 cents per gallon and 19.3 

cents per gallon for general aviation gas. General aviation 

jet fuel is 21.8 cents per gallon. 

The FAA Modernization and Reform Act 2012 imposed 

a new surtax on fuel used in aircraft that is part of a 

fractional ownership program; the surtax applies to fuel 

used after March 31, 2012. Currently this is a 14.1 cents 

per gallon surcharge of fuel used in fractional ownership 

flights. It also changed the classification of transportation as 

part of a fractional ownership program from commercial 

aviation to noncommercial aviation. 

The FAA Modernization and Reform Act 2012 also 

repealed the excise tax exemption for transportation by 

small jet aircraft operating on non- established lines. (IRS 

defines the term “operated on an established line” to mean 

operated with some degree of regularity between definite 

points). 

More recently, however, P.L. 115-97 exempts certain 

payments related to the management of private aircraft from 

the excise taxes imposed on taxable transportation by air. 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the trust fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the trust fund during the past fiscal 

year and those expected during the next five fiscal years. 
TRUST FUNDS 

 March 2018 

87 

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2016 ...................................................................................................................................................................................................... $14,772,275,603

Receipts: Excise taxes (transferred from general fund): Liquid fuel in a fractional ownership flight ............................................. 4043 ...................................................................................... 16,812,550

Liquid fuel other than gasoline .............................................................. 4041 ...................................................................................... 611,116,733

Gasoline ................................................................................................ 4081 ...................................................................................... 23,186,847

Transportation by airseats, berths, etc ................................................. 4261 (a) (b) ........................................................................... 10,069,332,526

Use of international travel facilities ....................................................... 4261 (c) ................................................................................. 3,844,342,440

Transportation of property, cargo ......................................................... 4271 ...................................................................................... 504,808,588

Gross excise taxes ............................................................................................................................................................................................. 15,069,599,684

Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline .................................................................. 4041 ...................................................................................... 10,628,586

Gasoline ...................................................................................................................................................................................................................... 4,172,094

Total refunds of taxes ............................................................................................................................................................................................. 14,800,680

Net taxes ................................................................................................................................................................................................................. 15,054,799,004

Refunds on Federal Payments (DOT) ........................................................................................................................................................................ 38,704,891

Interest on investments ............................................................................................................................................................................................... 285,167,525

 CMIA interest income ................................................................................................................................................................................................. 2,135

Total receipts .......................................................................................................................................................................................................... 15,378,673,556

Expenses: Operations .................................................................................................................................................................................................................. 8,895,005,471

Grants in aid for Airports ............................................................................................................................................................................................. 3,291,806,198

Facilities and equipment ............................................................................................................................................................................................. 2,672,789,636

Research, engineering, and development .................................................................................................................................................................. 169,868,848

Air carriers ................................................................................................................................................................................................................... 157,000,000

CMIA Interest Expense ............................................................................................................................................................................................... 14,596

Total expenses ........................................................................................................................................................................................................ 15,186,484,748

Offsetting collections ....................................................................................................................................................................................................... 121,816,535

Balance Sept. 30, 2017 .................................................................................................................................................................................................. 15,086,280,945

 

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

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In millions of dollars. Source: DOT] 

2018 2019 2020 2021 2022

Balance Oct. 1 ............................................................................ 15,086 14,988 16,572 18,969 22,206

Receipts: 

Excise taxes, net of refunds.................................................... 15,736 16,538 17,281 18,060 18,845

Interest on investments ........................................................... 283 338 394 523 640

Offsetting collections ............................................................... 122 123 124 127 129

Total receipts ...................................................................... 16,141 16,999 17,799 18,710 19,615

Expenses: 

Gross Outlays ......................................................................... 16,239 15,415 15,402 15,473 15,331

Balance Sept. 30......................................................................... 14,988 16,572 18,969 22,206 26,490

 
TRUST FUNDS 

March 2018 

88 

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning (D&D) Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year (FY) 1993, in accordance with 

provisions of the Energy Policy Act of 1992 (42 United 

States Code 2297g). Receipts represent (1) fees collected 

from domestic public utilities based on their pro rata share of

purchases of separative work units from the Department of 

Energy (DOE) and (2) appropriations toward the 

Government contribution based on the balance of separative 

work unit purchases. 

Expenditures from the fund include (1) decontaminating 

and decommissioning three gaseous diffusion plants (Oak 

Ridge, Tennessee; Paducah, Kentucky; and Portsmouth, 

Ohio), (2) remedial actions and related environmental 

restoration cost at the gaseous diffusion plants, and (3) 

reimbursement to uranium/thorium producers for the cost of 

decontamination, decommissioning, reclamation, and 

remedial action of uranium/thorium sites that are incident to 

sales to the U. S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

consistent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments.

Annually, the Secretary of the Treasury, after 

consultation with the Secretary of Energy, is required to 

provide a report to Congress (see 42 USC 2297g(b)(1)). 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 USC 2297g-1, as 

amended) authorized funding to ensure annual deposits to 

the fund of $518.2 million before adjustments for inflation. 

Funding was provided by domestic public utilities that 

purchased enriched uranium and the Government. The Act 

specified annual assessments from domestic public utilities 

(before adjustment for inflation) shall not exceed 

$150 million. The Government was responsible for the 

remainder ($369.6 million), adjusted for inflation. The 

assessments were authorized for 15 years with the final 

assessment occurring in (FY) 2007. 

Between FYs 1993 and 2007, the Government 

contributed $5,362.4 million of the $6,281.0 million 

specified in the Act. This was a shortfall in authorized 

Government contributions of $918.6 million. 

The Government continued to make annual contributions 

to eliminate this shortfall. Through the FY 2009 

contribution, the overall shortfall (after adjusting for 

inflation) was $40.6 million. Also, during FY 2009, the 

Government designated $390 million of American Recovery 

and Reinvestment Act (ARRA) funding for the Fund’s 

mission. While ARRA funding was not an actual deposit 

into the fund’s invested balances, it provided a dollar-fordollar reduction in the required outlays from the invested 

balances. The Department of Energy recognized the ARRA 

funding as an offset to the Government’s contribution 

shortfall, thereby, satisfying the Government’s contribution 

responsibility. 

The last appropriation to the fund occurred in FY 2017. 

At that time, Congress appropriated $563 million. 

The financial information included in TF-2 is unaudited 

and subject to revision upon completion of DOE’s audit 

process. 
TRUST FUNDS 

 March 2018 

89 

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

Results of Operations, Fiscal Year 2017 

[Source: DOE] 

Balance Oct. 1, 2016 ................................................................................................................................................................................. $28,610,503.00 

Receipts: 

Fees collected ........................................................................................................................................................................................ - 

Penalties collected ................................................................................................................................................................................. - 

Interest on investments .......................................................................................................................................................................... 42,053,633.58 

Total receipts ...................................................................................................................................................................................... 42,053,633.58 

Nonexpenditure transfers: 

Transfers in (+) ....................................................................................................................................................................................... 563,000,000.00 

Transfers out (-) ..................................................................................................................................................................................... - 

Net nonexpenditure transfers............................................................................................................................................................. 563,000,000.00 

Outlays: 

DOE, decontamination and decommissioning activities ........................................................................................................................ 756,750,878.20 

Cost of investments................................................................................................................................................................................ -157,683,651.58 

Total outlays ....................................................................................................................................................................................... 599,067,226.62 

Balance Sept. 30, 2017 .............................................................................................................................................................................. $34,596,910 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In thousands of dollars. Source: DOE] 

 2018 2019 2020 2021 2022

Balance Oct. 1 ......................................................................... 34,597 34,597 34,597 34,597 -

Receipts: 

Fees collected ...................................................................... - - - - -

Interest collected .................................................................. 33,383 20,644 7,619 640 -

Total receipts ................................................................... 33,383 20,644 7,619 640 -

Outlays: 

DOE, decontamination and decommissioning fund ............ 752,749 812,749 760,909 109,921 -

Investments redeemed ........................................................ -719,366 -792,105 -753,290 -75,324 -

Total outlays net of investments redeemed ..................... 33,383 20,644 7,619 -34,597 -

Balance Sept. 30...................................................................... 34,597 34,597 34,597 - -
TRUST FUNDS 

March 2018 

90 

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established on 

the books of the Treasury in fiscal year 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year moratorium 

on interest payments ended on September 30, 1990. Payment 

of interest on advances resumed in fiscal year 1991. The 

Omnibus Budget Reconciliation Act of 1987 (Public Law 

100-203, title X, section 10503), signed December 22, 1987, 

extended the temporary increase in the coal tax through 

December 31, 2013. 

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a one-time appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to the 

trust fund subject to adjustments in later transfers to actual tax 

receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the Treasury 

in interest-bearing public debt securities. Any interest earned

will be credited to the fund. Also credited, if necessary, will

be repayable advances from the general fund to meet outlay 

requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund are 

administrative expenses incurred by the Department of Health 

and Human Services (HHS) and the Treasury, repayments of 

advances from the general fund and interest on advances. 

The Code requires the Secretary of the Treasury to submit 

an annual report to Congress after consultation with the 

Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the past

fiscal year and the expected condition and operations of the 

fund during the next five fiscal years. 
TRUST FUNDS 

 March 2018 

91 

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: DOL] 

Balance Oct. 1, 2016 ........................................................................................................................................................................................... $93,083,721 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 217,952,136 

$0.55 tax on surface coal ............................................................................................................................................................................. 106,686,346 

4.4 percent tax on underground coal ........................................................................................................................................................... 11,236,626 

4.4 percent tax on surface coal .................................................................................................................................................................... 92,837,308 

Fines, penalties, and interest ....................................................................................................................................................................... 1,216,179 

Collection—responsible mine operators ...................................................................................................................................................... 19,861,403 

Recovery of prior year funds ........................................................................................................................................................................ - 

Repayable advances from the general fund ................................................................................................................................................ 1,285,000,000 

Total receipts ............................................................................................................................................................................................ 1,734,789,999 

Net receipts .............................................................................................................................................................................................. 1,734,789,999 

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 495,402 

Salaries and expenses—DOL—Departmental Management .......................................................................................................................... 29,786,414 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 307,230 

Salaries and expenses—DOL—Employment Standards Administration ........................................................................................................ 35,607,026 

Total outlays ................................................................................................................................................................................................. 66,196,072 

Expenses: 

Program expenses—DOL ................................................................................................................................................................................ 183,771,857 

Repayable advances and interest ................................................................................................................................................................... 915,359,900 

Repayment of bond principal ........................................................................................................................................................................... 393,125,899 

Interest on principal debt .................................................................................................................................................................................. 147,397,101 

Total expenses ............................................................................................................................................................................................. 1,639,654,757 

Balance Sept. 30, 2017 ........................................................................................................................................................................................ 122,022,890.74 

Cumulative debt, end of year ............................................................................................................................................................................... $3,052,354,171 

 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In thousands of dollars. Source: DOL] 

 2018 2019 2020 2021 2022

Balance Oct. 1 ........................................................................................ 122,023 122,023 122,023 122,023 122,023

Receipts: 

Excise taxes ....................................................................................... 473,000 290,000 235,000 234,000 229,000

Advances from the general fund ........................................................ 1,614,355 1,766,743 2,004,957 2,275,349 2,576,221

Fines, penalties, and interest ............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 2,089,355 2,058,743 2,241,957 2,511,349 2,807,221

Outlays: 

Benefit payments ............................................................................... 165,919 165,278 163,746 161,481 158,152

Administrative expenses .................................................................... 64,938 69,527 70,921 72,373 73,854

Repayable advances ......................................................................... 1,285,000 1,614,355 1,766,743 2,004,957 2,275,349

Interest on repayable advances ........................................................ 12,850 28,090 44,875 62,354 74,859

Repayment of principal debt .............................................................. 385,968 117,606 118,895 120,015 121,786

Interest on principal debt ................................................................... 174,680 63,888 76,777 90,169 103,221

Total outlays ................................................................................... 2,089,355 2,058,743 2,241,957 2,511,349 2,807,221

Balance Sept. 30.................................................................................... 122,023 122,023 122,023 122,023 122,023

Cumulative debt, end of year ................................................................. 2,666,386 2,548,780 2,429,885 2,309,870 2,188,084

 

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

 
TRUST FUNDS 

March 2018 

92 

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriations acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to the 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance tax unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause

5) and enjoined the Customs and Border Protection from 

collecting the fee on exports. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next five fiscal years. 
TRUST FUNDS 

 March 2018 

93 

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2016 ............................................................................................................................................................................................................... $8,776,187,255 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,132,834,510 

Exports ............................................................................................................................................................................................................................... - 

Domestic ............................................................................................................................................................................................................................ 72,296,759 

Passengers ........................................................................................................................................................................................................................ 14,507,026 

Foreign trade ...................................................................................................................................................................................................................... 168,564,362 

Interest on investments ...................................................................................................................................................................................................... 85,951,697 

Total receipts ............................................................................................................................................................................................................... 1,474,154,354 

Expenses: 

Corps of Engineers ............................................................................................................................................................................................................. 1,110,897,175 

Saint Lawrence Seaway Development Corporation/DOT .................................................................................................................................................. 36,028,000 

Administrative cost for Department of Homeland Security (Customs) ............................................................................................................................... 3,274,000 

Operating expenses, miscellaneous returns....................................................................................................................................................................... - 

Total expenses ................................................................................................................................................................................................................... 1,150,199,175 

Balance Sept. 30, 2017 ............................................................................................................................................................................................................. $9,100,142,434 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2018 2019 2020 2021 2022

Balance Oct. 1 ..................................................................................................... 9,100.1 9,782.6 10,625.8 11,562.4 12,583.1

Receipts: 

Harbor maintenance fee .................................................................................. 1,595.0 1,735.0 1,845.0 1,919.0 1,967.0

Interest on investments .................................................................................... 91.7 113.1 139.9 170.5 202.2

Total receipts ............................................................................................... 1,686.7 1,848.1 1,984.9 2,089.5 2,169.2

Total available .............................................................................................. 10,786.8 11,630.7 12,610.7 13,651.9 14,752.3

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo .....................................................................................

---- -

Corps of Engineers operation, maintenance, 

and administrative expenses .......................................................................

928.2 932.5 973.0 993.0 1,014.0

Corps of Engineers construction ..................................................................... 36.8 32.6 35.0 35.0 35.0

Saint Lawrence Seaway Development Corporation/DOT ............................... 36.0 36.5 37.0 37.5 38.0

Administrative expenses for Department of Homeland Security 

(Customs Service) ...................................................................................................

3.3 3.3 3.3 3.3 3.3

Total outlays ................................................................................................. 1,004.2 1,004.9 1,048.3 1,068.8 1,090.3

Balance Sept. 30.................................................................................................. 9,782.6 10,625.8 11,562.4 12,583.1 13,662.0

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

March 2018 

94 

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million expired in 1995. To implement the Superfund 

program, amounts are appropriated from the start of year 

balance of the Superfund (augmented as necessary by 

general revenues) to the Environmental Protection Agency 

(EPA) for programmatic and administrative expenses. 

In 2015 the EPA implemented a Hazardous Substance 

Superfund Trust Fund Receipt Account for Special Accounts 

that were previously accounted for as off-setting collections. 

Settlement funds received by the Agency now flow through 

the receipt account to be placed in EPA interest bearing 

special accounts to perform response actions at the site in 

accordance with the supporting settlement agreement. Due 

to large settlements EPA received in fiscal year 2015, the 

EPA developed this new process for managing its Special 

Accounts. The Special Account subaccount to the Superfund 

Trust Fund was established as a mechanism for Special 

Account funds to be placed directly into the trust fund, and 

begin earning interest upon receipt. Monthly, the U.S. 

Department of the Treasury’s Bureau of the Fiscal Services 

will prepare separate financial statements for the Special 

Accounts subaccount within the Superfund Trust Fund 

financial statements. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 
TRUST FUNDS 

 March 2018 

95 

TABLE TF-5.—Hazardous Substance Superfund 1, 2

Results of Operations, Fiscal Year 2017 

[Source: EPA] 

Balance Oct. 1, 2016 ...................................................................................................................................................................................... $48,000,000 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals ........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ - 

General fund appropriation ......................................................................................................................................................................... 1,038,000,000 

Cost recoveries ........................................................................................................................................................................................... 49,000,000 

Fines and penalties ..................................................................................................................................................................................... 3,000,000 

Interest on investments ............................................................................................................................................................................... 53,000,000 

Special Accounts ......................................................................................................................................................................................... 289,000,000 

Agency for Toxic Substance and Disease Registry.................................................................................................................................... - 

Total receipts ........................................................................................................................................................................................... 1,432,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,089,000,000 

Other expenses ........................................................................................................................................................................................... 326,000,000 

Total expenses ........................................................................................................................................................................................ 1,415,000,000 

Balance Sept. 30, 2017 ................................................................................................................................................................................... $65,000,000 

1 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this Trust Fund. As a result, this table may be revised in future reports and other 

resources should be utilized for accurate Trust Fund reporting.

2 In 2015, EPA implemented a Hazardous Substance Superfund Trust Fund Receipt 

Account for Special Accounts. Settlement funds received by the Agency may be placed in 

EPA interest bearing special accounts to perform response actions at the site in 

accordance with the supporting settlement agreement. These accounts are mandatory 

accounts and are included in the "Other Expenses" line. 
TRUST FUNDS 

March 2018 

96 

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 1, 2, 3, 4

[In millions of dollars. Source: EPA] 

2018 2019 2020 2021 2022

Balance Oct. 1 ................................................................................................. 65 110 111 111 112

Receipts: 

Interest ......................................................................................................... 37 39 41 44 48

Recoveries ................................................................................................... 94 94 94 94 94

Fines and penalties ...................................................................................... 2 2 2 2 2

Taxes 2 ......................................................................................................... - --- -

Special Accounts ......................................................................................... 250 250 250 250 250

General revenues ........................................................................................ 1,016 971 970 970 969

Total receipts ........................................................................................... 1,399 1,356 1,357 1,360 1,363

Appropriations 3................................................................................................ 1,081 1,081 1,081 1,081 1,081

Other expenses 4 ............................................................................................. 273 274 276 278 280

Balance Sept. 30.............................................................................................. 110 111 111 112 114

1 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this Trust Fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate Trust Fund reporting. 

2 Tax policy decisions have not been made as of January 31, 2018. 

3 The FY 2018 Appropriation amount is estimated for the full year based upon the 

Continuing Appropriations Act, 2018 and Supplemental Appropriations for Disaster Relief 

Requirements Act, 2017, as amended (P.L. 115-56). FY 2019 - FY 2022 Appropriation 

amounts are straightlined from FY 2018 levels. 

4 Other Expenses include Special Accounts. 
TRUST FUNDS 

 March 2018 

97 

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to 

provisions of the Highway Revenue Act of 1956 (Act of 

June 29, 1956, chapter 462, section 209). It has been 

amended and extended by various highway surface 

transportation and other acts since 1959. The FAST Act 

extends through September 30, 2020, the authority to make 

expenditures from the Highway Trust Fund for authorized 

purposes. After that date, expenditures from the Trust Fund 

are authorized only to liquidate obligations made before that 

date. Any other expenditure will cause the cessation of 

deposits of highway-user taxes to the Trust Fund. [FAST 

Act § 31101, 26 U.S.C. 9503]. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to Highway Account of the trust fund. These 

transfers are made twice monthly based on estimates by the 

Secretary of the Treasury, subject to later adjustments to 

reflect the amount of actual tax receipts. Amounts available 

in the fund exceeding outlay requirements are invested in 

non-interest-bearing public debt securities. 

The Highway Trust Fund’s Mass Transit Account is 

funded by a portion of the excise tax collections under 

sections 4041 and 4081 of the IRC (title 26 United States 

Code). The funds from this account are used for 

expenditures in accordance with chapter 53 of title 49 

United States Code, the Intermodal Surface Transportation 

Efficiency Act of 1991 (Public Law 102-240), the 

Transportation Equity Act for the 21st Century (TEA-21), 

SAFETEA-LU, Moving Ahead for Progress in the 21st 

Century Act (MAP-21) and as amended by Fixing America’s 

Surface Transportation (FAST) Act. The remaining excise 

taxes are included in a separate account within the trust 

fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next five fiscal 

years. 

In addition, the Secretary of the Treasury is required by 

26 U.S.C. 9503(d)(7) to report to specified Congressional 

Committees any estimate which he, in consultation with the 

Secretary of Transportation, makes pursuant to 26 U.S.C. 

9503(d)(1) or any determination which he makes pursuant to 

26 U.S.C. 9503(d)(2). The congressional committees are the 

Committee on Ways and Means of the House of 

Representatives, the Committee on Finance of the Senate, 

the Committees on the Budget of both Houses, the 

Committee on Transportation and Infrastructure of the 

House of Representatives, and the Committee on 

Environment and Public Works of the Senate. 
TRUST FUNDS 

March 2018 

98 

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2016 ........................................................................................................................................................................................... $69,217,675,876 

Receipts: Excise taxes (transferred from general fund): Gasoline ....................................................................................................... 4081 .......................................................................... 26,603,593,957 

Diesel and special motor fuels ..................................................................... 4041 .......................................................................... 10,735,535,989 

Highway tires ................................................................................................ 4071 .......................................................................... 475,598,847 

Retail tax on trucks....................................................................................... 4051 .......................................................................... 3,117,447,612 

Heavy vehicle use ........................................................................................ 4481 .......................................................................... 1,206,150,735 

Total excise taxes .................................................................................................................................................................................... 42,138,327,141 

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel..................................................................................................................................................................................................... - 

Gasoline ....................................................................................................................................................................................................... - 

Total refunds and tax credits.................................................................................................................................................................... - 

Less transfers: 

To Land and Water Conservation Fund....................................................................................................................................................... 1,000,000 

To Aquatic Resources Trust Fund ............................................................................................................................................................... 430,744,000 

To Airport and Airway Trust Fund ................................................................................................................................................................ 722,424,991 

Total transfers .......................................................................................................................................................................................... 1,154,168,991 

Other income: 

Fines and penalties ...................................................................................................................................................................................... 35,006,595 

Interest ......................................................................................................................................................................................................... 383,199,022 

Transfer from the General Fund 1 ................................................................................................................................................................ 93,100,000 

Total other income ................................................................................................................................................................................... 511,305,617 

Net receipts .......................................................................................................................................................................................... 41,495,463,766 

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 43,584,531,593 

Right-of-way revolving fund ......................................................................................................................................................................... - 

Appalachian Development Highway System ............................................................................................................................................... 2,118 

Other ............................................................................................................................................................................................................ 11,114,109 

Total ......................................................................................................................................................................................................... 43,595,647,819 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 562,122,769 

Federal Transit Administration ..................................................................................................................................................................... 9,442,359,218 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 140,692,409 

Highway traffic safety grants .................................................................................................................................................................... 678,719,767 

National driver register ............................................................................................................................................................................. - 

Total ..................................................................................................................................................................................................... 819,412,176 

Federal Railroad Administration ...................................................................................................................................................................... - 

Other agencies ............................................................................................................................................................................................. 109,388 

Total expenses ......................................................................................................................................................................................... 54,419,651,369 

Balance Sept. 30, 2017 ........................................................................................................................................................................................ $56,293,488,273 

1 Transfer of $93,100,000 from Leaking Underground Storage Tank Trust Fund per 

 P.L. 114-94 (net of sequester). 

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

 March 2018 

99 

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2018 2019 2020 2021 2022

Balance Oct. 1 ............................................................... 56 43 29 14 -2

Receipts: 

Excise taxes, net of refunds....................................... 42 43 43 44 44

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 42 43 43 44 44

Adjustments 1 ......................................................... - - - - -

Outlays ........................................................................... 55 57 58 59 59

Balance Sept. 30............................................................ 43 29 14 -2 -17

 

Mass Transit Account 

 2018 2019 2020 2021 2022

 

Balance Oct. 1 .................................................................... 15 12 8 4 1

Receipts: 

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5 5 5 5 5

Flex fund transfers .......................................................... 1 1 1 1 1

Adjustments 1 .................................................................. - - - - -

Outlays ................................................................................ 10 10 10 10 10

Balance Sept. 30................................................................. 12 8 4 1 -3

 

Highway Account 

 2018 2019 2020 2021 2022

 

Balance Oct. 1 ......................................................................... 41 31 21 9 -3

Receipts: 

Excise taxes, net of refunds................................................. 37 37 38 38 39

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 37 37 38 38 39

Flex fund transfers ............................................................... -1 -1 -1 -1 -1

Adjustments 1 ....................................................................... 0 0 0 0 0

Outlays ..................................................................................... 45 47 48 49 49

Balance Sept. 30...................................................................... 31 21 9 -3 -14

Unfunded authorizations (EOY) ............................................... 57 66 69 77 75

Forty-eight-month revenue estimate ........................................ 147 149 150 151 151

 

Assumes the revenues and spending levels prescribed in the Public Law 114-94. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

March 2018 

100

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2017. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2017. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 87 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 21 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 66 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ............................................................................................................................ 149 

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 30 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 22 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ............................................................................................................................ 26 

Assumes the revenues and spending levels prescribed in the Public Law 114-94. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

 March 2018 

101

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury, pursuant to section 203 of the Inland Waterways 

Revenue Act of 1978 (Public Law 95-502) and continued 

pursuant to section 1405 of the Water Resources Development 

Act of 1986 (Public Law 99-662, codified at 26 United States 

Code 9506). Under 26 United States Code 9506(b), amounts 

from taxes on fuel used in commercial transportation on 

inland waterways, as determined by the Secretary of the 

Treasury, are appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. The passage 

of the Achieving a Better Life Experience Act (Public Law 

113-295) in December 2014 increased the tax from 20 cents to 

29 cents per gallon effective April 1, 2015. These amounts are 

transferred quarterly from the general fund based on estimates 

made by the Secretary, subject to adjustments in later transfers 

to the amounts of actual tax receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. The 

interest on, and proceeds from, the sale or redemption of any 

obligation held in the trust fund is credited to the trust fund. 

The Inland Waterways Revenue Act of 1978 (Public Law 

95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for construction

and rehabilitation expenditures for navigation on the inland 

and intracoastal waterways of the United States described in 

33 United States Code 1804. Expenditures must be otherwise 

authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next five fiscal years. 

TABLE TF-7.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2016 ........................................................................................................................................................................................... $57,350,502

Receipts: 

Fuel taxes/revenues ......................................................................................................................................................................................... 113,729,610

Interest on investments ................................................................................................................................................................................... 674,818

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts ................................................................................................................................................................................................ 114,404,428

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 108,359,067

Balance Sept. 30, 2017........................................................................................................................................................................................ $63,395,863

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2018 2019 2020 2021 2022

 

Balance Oct. 1 ....................................................................................................... 63 143 250 251 252

Receipts: 

Fuel taxes .......................................................................................................... 105 112 112 112 112

Interest on investments .................................................................................... 1 1 1 1 1

Total receipts ................................................................................................. 106 113 113 113 113

Transfers: 

Corps of Engineers ........................................................................................... 26 5 112 112 112

Balance Sept. 30 .................................................................................................. 143 250 251 252 253

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

March 2018 

102

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-510, 

codified at 26 United States Code 9508), as amended by the 

Superfund Amendments and Re-authorization Act of 1986 

(Public Law 99-499, dated October 17, 1986), sections 13163I 

and 13242(d)(42) of the Omnibus Budget Reconciliation Act 

of 1993 (Public Law 103-66, dated August 10, 1993), section 

1033 of the Taxpayer Relief Act of 1997 (Public Law 105-34, 

dated August 5, 1997), section 1362 of the Energy Policy Act 

of 2005 (Public Law 109-058, dated August 8, 2005) section 

141 (c) of the Surface and Air Transportation Programs 

Extension Act of 2011 (Public Law 112-30, dated September 

11, 2011), sections 40101(c) and 40201 of the Moving Ahead 

for Progress in the 21st Century Act (Public Law 112-141, 

dated July 6, 2012), sections 2001(c), 2002(b) and 2002(c) of 

the Highway and Transportation Funding Act of 2014 (Public 

Law 113-159, dated August 8, 2014), and section 31203 of the 

Fixing America’s Surface Transportation (FAST) Act of 

2015 (Public Law 114-94, dated December 4, 2015). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 
TRUST FUNDS 

 March 2018 

103

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

Results of Operations, Fiscal Year 2017 1

[Source: EPA] 

Balance Oct. 1, 2016 ..................................................................................................................................................................................... $462,000,000 

Receipts: 

Taxes .......................................................................................................................................................................................................... 225,000,000 

Interest ........................................................................................................................................................................................................ 3,000,000 

Gross tax receipts .................................................................................................................................................................................. 228,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 92,000,000 

Other expenses .......................................................................................................................................................................................... 100,000,000 

Total expenses ....................................................................................................................................................................................... 192,000,000 

Balance Sept. 30, 2017 .................................................................................................................................................................................. $505,000,000 

1 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of this trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 1, 2 

[In millions of dollars. Source: EPA] 

 2018 2019 2020 2021 2022 

 

Balance Oct. 1 ................................................................................................................. 505 534 666 798 931 

Receipts: 

Taxes 3 ........................................................................................................................ 215 218 218 219 217 

Interest 3 ...................................................................................................................... 5 5 5 5 6 

Total receipts ........................................................................................................... 220 223 223 224 223 

Appropriations ................................................................................................................. 91 91 91 91 91 

Other Expenses .............................................................................................................. 100 

Balance Sept. 30 ............................................................................................................. 534 666 798 931 1,063 

 

1 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of the trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

2 The FY 2018 Appropriation amount is estimated for the full year based upon the 

Continuing Appropriations Act, 2018 and Supplemental Appropriations for Disaster Relief 

Requirements Act, 2017, as amended (P.L. 115-56). FY 2019 - FY 2022 Appropriation 

amounts are straightlined from FY 2018 levels. 

3 Taxes and interest are estimated. 
TRUST FUNDS 

March 2018 

104

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222I]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel, receipts from sale of asset, and Interest on 

investment. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate. The interest rates 

take into consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. The financial 

information included in TF-9 is unaudited and subject to 

revision upon completion of DOE’s audit process.

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2017 

[Source: DOE] 

Balance Oct. 1, 2016 ........................................................................................................................................................................................... $1,915,261 

Receipts: 

Fees Collected ................................................................................................................................................................................................. 186,411,826 

Sale of asset at Yucca Mountain ..................................................................................................................................................................... 26,402 

Penalties and interest on fee payments........................................................................................................................................................... - 

Interest on investments .................................................................................................................................................................................... 1,478,286,471 

Total receipts ................................................................................................................................................................................................ 1,664,724,699 

Nonexpenditure transfers: 

SF-1151 transfers in (+) ................................................................................................................................................................................... - 

SF-1151 transfers out (-) .................................................................................................................................................................................. -3,600,000 

Net nonexpenditure transfers....................................................................................................................................................................... -3,600,000 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 2,484,485 

Cost investments .............................................................................................................................................................................................. 1,657,136,475 

Total outlays ................................................................................................................................................................................................. 1,659,620,960 

Balance Sept. 30, 2017 ........................................................................................................................................................................................ $3,419,000 

 

 
TRUST FUNDS 

 March 2018 

105

CHARTS TF-A and B.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.] 
TRUST FUNDS 

March 2018 

106

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606aI (1) to be submitted by the Secretary of the Treasury, 

after consultation with the Secretary of Agriculture, on the 

financial condition and the results of the operations of the 

trust fund during the past fiscal year and on its expected 

condition and operations during the next fiscal year. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: Department of Agriculture] 

Balance Oct. 1, 2016 1 ......................................................................................................................................................................................... $6,485,979 

Receipts: 

Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts ................................................................................................................................................................................................ 30,000,000 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 29,611,507 

Total expenses ............................................................................................................................................................................................. 29,611,507 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2017 ........................................................................................................................................................................................ $6,874,472 

1 Minor difference to beginning balance due to rounding. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2018 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1 ..................................................................................................................................................................................................... 6,874 

Receipts: 

Excise taxes (tariffs) ........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts ............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 30,689 

Balance Sept. 30 ................................................................................................................................................................................................. 6,185 
TRUST FUNDS 

 March 2018 

107

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund 

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. 

Section 3 of the Dingell-Johnson Sport Fish Restoration 

Act, 16 United States Code 777, provides authorization of 

appropriations to the states to carry out the provisions of the

act, and Section 4 provides the division of the remaining 

annual appropriation not authorized in Section 3. 

SAFETEA-LU comprehensively amended Section 3 and 

reauthorized the Sport Fish Restoration Program (for fiscal 

years 2006-2009) to permanently appropriate boating safety 

funds; to modify distribution of funds whereby all accounts 

receive a fixed percentage of the total fund annually; and to 

modify the excise tax on certain sport fishing equipment. 

From October 1, 2010, through June 30, 2012, the authority 

for SAFETEA-LU was extended via several public laws. In 

June 2012, Public Law 112-141, Moving Ahead for Progress 

in the 21st Century Act (MAP-21), established new authority 

for Section 4 through September 30, 2014. From October 1, 

2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4, 

2015, Public Law 114-94, Fixing America's Surface 

Transportation (FAST) Act, Sec. 10001, amended Section 3 

and Section 4 to provide the division of appropriations for 

each of the Fiscal Years 2016 thru 2021. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, sections 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950; Section 7404(d) of the Transportation 

Equity Act for the 21st Century; and the Coastal Wetlands 

Planning, Protection and Restoration Act (each as in effect 

on the date of enactment of the FAST Act). 

The general provisions of 26 United States Code 9602(b) 

are responsible for making amounts available in the fund 

exceeding outlay requirements to be invested in public debt 

securities with the interest credited to the fund. 

As required by 26 United States Code 9602(a), annual 

reports to Congress must be submitted by the Secretary of 

the Treasury. These reports will cover the financial condition 

and results of operations of the fund during the past fiscal 

year and those expected during the next five fiscal years. 
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TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2017 

[Source: Department of the Interior] 

Balance Oct. 1, 2016 .............................................................................................................................................................................................. $1,924,344,051

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 308,745,000

Fish equipment ............................................................................................................................................................................................... 105,401,761

Tackle boxes .................................................................................................................................................................................................. 2,103,201

Rods and poles .............................................................................................................................................................................................. 17,168,073

Electric outboard motors ................................................................................................................................................................................ 4,051,357

Customs/import duties ................................................................................................................................................................................... 59,045,441

Gas, motorboat small engines ....................................................................................................................................................................... 121,999,000

Total, tax revenue ...................................................................................................................................................................................... 618,513,834

Investment revenue: 

Interest on investments (accrual basis) ......................................................................................................................................................... 17,514,304

Loss on sale of securities ............................................................................................................................................................................... -

Total, investment revenue .......................................................................................................................................................................... 17,514,304

Total revenue ............................................................................................................................................................................................. 636,028,138

Nonexpenditure appropriations: 

Interior ............................................................................................................................................................................................................ -451,600,000

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -113,391,135

Interior (Corps of Engineers) .......................................................................................................................................................................... -62,663,000

Total appropriations ................................................................................................................................................................................... -627,654,135

Balance Sept. 30, 2017 .......................................................................................................................................................................................... $1,932,718,053

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In thousands of dollars. Source: Department of the Interior] 

2018 2019 2020 2021 2022

Balance Oct. 1 ..................................................................................... 1,932,718,053 1,932,722,132 1,932,728,402 1,932,734,629 1,932,739,878

Receipts/revenue: 

Taxes ............................................................................................ 625,000 631,000 637,000 642,000 647,000

Interest .......................................................................................... 11,000 11,270 11,497 11,746 12,050

Transfers ....................................................................................... - - - - -

Total receipts ............................................................................636,000 642,270 648,497 653,746 659,050

Expenses: 

Expenses/transfers ....................................................................... 631,921 636,000 642,270 648,497 653,746

Total expenses .......................................................................... 631,921 636,000 642,270 648,497 653,746

Balance Sept. 30............................................................................... 1,932,722,132 1,932,728,402 1,932,734,629 1,932,739,878 1,932,745,182
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INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Improvement 

and Extension Act of 2008 (Public Law 110-343) increased 

the barrel tax on petroleum from five cents per barrel to eight

cents from 2009 through 2016, and to nine cents in 2017. The 

act also repeals the requirement that the tax be suspended 

when the unobligated balance exceeds $2.7 billion. The barrel 

tax expired on December 31, 2017 and was not re-authorized 

by the Congress. 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act

of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and

results of operations of the fund during the past fiscal year and 

those expected during the next five fiscal years. 
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TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: Bureau of the Fiscal Service, Funds Management Branch]

Balance Oct. 1, 2016 1 ................................................................................................................................................................................................... $ 4,997,267,919

Revenue: 

Drawback claims ........................................................................................................................................................................................................ -26,906,810 

Return of Funds—DOT .............................................................................................................................................................................................. 98,053 

Return of Funds—USCG ........................................................................................................................................................................................... - 

Cost recoveries .......................................................................................................................................................................................................... 43,517,088 

Fines and penalties .................................................................................................................................................................................................... 274,469,284 

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 543,168,754 

Net revenue before interest ................................................................................................................................................................................... 834,346,369 

Investment income: 

Interest on investments .............................................................................................................................................................................................. 47,122,249

Realized gain ............................................................................................................................................................................................................. - 

Total investment income ........................................................................................................................................................................................ 47,122,249

Total revenue ......................................................................................................................................................................................................... 881,468,618 

Expenditures: 

Treasury administrative expense—Fiscal Service .................................................................................................................................................... -112,300 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. -1,703,998 

Transfer to Interior ...................................................................................................................................................................................................... -14,899,000 

Transfer to EPA .......................................................................................................................................................................................................... -18,209,000 

Transfer to PHMSA .................................................................................................................................................................................................... -23,500,000 

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... -14,199,690 

Transfer to U.S. Coast Guard-70X8349 (Emer Fund) ............................................................................................................................................... -30,407,927 

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... -45,000,000 

Total nonexpenditure transfers .............................................................................................................................................................................. -147,919,616 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... -148,031,916 

Balance Sept. 30, 2017 .................................................................................................................................................................................................. $5,730,704,621 

1 The Balances as of October 1, 2016, and September 30, 2017, tie to the published 

financial statements by Treasury/FMB and are posted at: 

http://www.federalinvestments.gov/govt/reports/ tfmp/oilspill/oilspill.htm. 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In millions of dollars. Source: Department of Homeland Security] 

2018 2019 2020 2021 2022

Balance Oct. 1 ............................................................................................... 5,730 6,029 6,034 6,038 6,039

Estimated receipts ......................................................................................... 492 198 197 194 213

Estimated expenses ...................................................................................... 193 193 193 193 193

Balance Sept. 30............................................................................................ 6,029 6,034 6,038 6,039 6,059
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INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was created 

on the books of the Treasury by Section 9202 of the Revenue 

Act of 1987 (Public Law 100-203, approved December 22, 

1987). Excise taxes on diphtheria, pertussis, tetanus, measles,

mumps, rubella, polio, hepatitis B, haemophilus influenza type 

b, varicella, rotavirus, pneumococcal conjugate, hepatitis A, 

meningococcal, human papillomavirus, and seasonal influenza 

vaccines (26 United States Code 4131), are appropriated into 

the trust fund, which is the source of funds to pay 

compensation awards for a vaccine-related injury or death 

occurring after October 1, 1988, as well as program 

administrative expenses. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the past

fiscal year and those expected during the next five fiscal 

years. 

TABLE TF-13.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2017 

[Source: Department of the Treasury] 

Balance Oct. 1, 2016 ........................................................................................................................................................................................... $3,687,636,529 

Receipts: 

Excise tax ........................................................................................................................................................................................................ $269,526,014 

Interest on investments .................................................................................................................................................................................... $56,921,530 

Refund of Prior Year Authority $5,012,757 

Total receipts ............................................................................................................................................................................................... $331,460,301 

Expenditure appropriations: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... $6,448,281 

U.S. Department of Justice expenses ............................................................................................................................................................. $11,739,363 

Subtotal outlays ........................................................................................................................................................................................... $18,187,644 

Nonexpenditure transfers: 

Transfer to HRSA ............................................................................................................................................................................................ $290,693,509 

Total outlays/transfers ................................................................................................................................................................................. $308,881,153 

Balance Sept. 30, 2017 1 ..................................................................................................................................................................................... $3,710,215,677

1 Balance for September 30, 2017: Balance does not tie to the 3310 ending balance in the 

September 30, 2017, published financial statement. The equity balance is not affected 

throughout the entire fiscal year but changes after adjusting/closing entries are made at the 

beginning of the following fiscal year. The balance shown here for September 30, 2017, reflects 

the net activity for fiscal year 2017 and adjusting/closing entries made in October 2017. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In thousands of dollars. Source: Department of Health and Human Services] 

2018 2019 2020 2021 2022

Balance Oct. 1 ...................................................................................................... 3,710,269 3,728,964 3,748,766 3,769,707 3,791,823

Receipts (from tax) ............................................................................................... 277,612 285,940 294,518 303,354 312,455

Interest on investments ..................................................................................... 58,629 60,387 62,199 64,065 65,987

Total receipts ................................................................................................ 336,240 346,328 356,717 367,419 378,442

Outlays: 

U.S. Court of Federal Claims expenses ........................................................... 6,448 6,448 6,448 6,448 6,448

U.S. Department of Justice expenses .............................................................. 11,739 11,739 11,739 11,739 11,739

Subtotal outlays ................................................................................................ 18,187 18,187 18,187 18,187 18,187

Nonexpenditure transfers: 

HRSA ................................................................................................................ 299,358 308,339 317,589 327,117 336,930

Total outlays/transfers .................................................................................. 317,545 326,526 335,776 345,304 355,117

Balance Sept. 30................................................................................................... 3,728,964 3,748,766 3,769,707 3,791,823 3,815,147
TRUST FUNDS 

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112

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. The Miscellaneous 

Trade and Technical Corrections Act of 2004 (Public Law 

108-429, signed December 3, 2004) extended the sunset 

provision to 2008. The Pension Protection Act of 2006 

(Public Law 109-280, signed August 17, 2006) extended the 

sunset provision to 2010. The Emergency Economic 

Stabilization Act of 2008 (Public Law 110-343, signed 

October 3, 2008) extended the sunset provision to 2015. The 

Agriculture Act of 2014 (Public Law 113-79, signed 

February 7, 2014) extended the sunset provision to 2019. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,250,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide grants 

to a nationally recognized council established for the 

development of the United States wool market for the 

following purposes: 

 Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

 Disseminate information on improvements to United 

States wool producers. 

 Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 
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113

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

Results of Operations, Fiscal Year 2017 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2016 ................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return fiscal year 2016 ................................................................................................................................................................... 153 

Sequestration ........................................................................................................................................................................................................ -155 

Total receipts ..................................................................................................................................................................................................... 2,248 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,248 

Total expenses .................................................................................................................................................................................................. 2,248 

Balance Sept. 30, 2017 ............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2018 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2017 ................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return fiscal year 17 ....................................................................................................................................................................... 155 

Sequestration ........................................................................................................................................................................................................ -149 

Total receipts ..................................................................................................................................................................................................... 2,256 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,256 

Total expenses .................................................................................................................................................................................................. 2,256 

Balance Sept. 30 ...................................................................................................................................................................................................... - 
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INTRODUCTION: Agriculture Disaster Relief Trust Fund 

The Food, Conservation, and Energy Act of 2008, P.L. 

110-246, authorized the implementation of the Supplemental 

Agricultural Disaster Assistance Program under Sections 

12033 and 15001. The Taxpayer Relief Act of 2012 

provided authority for discretionary funds to be used to 

execute several of the disaster programs for fiscal year 2013, 

but no funds were appropriated. Using funds from the 

Agricultural Disaster Relief Trust Fund, established under 

section 902 of the Trade Act of 1974, the program is 

administered by the USDA Farm Service Agency (FSA). 

Funds from the Agricultural Disaster Relief Trust Fund 

were used to make payments to farmers and ranchers under 

the following five disaster assistance programs: 

Supplemental Revenue Assistance Payments (SURE) 

Program; Livestock Forage Disaster Program (LFP); 

Livestock Indemnity Program (LIP); Tree Assistance 

Program (TAP); and Emergency Assistance for Livestock, 

Honey Bees, and Farm-Raised Fish (ELAP) Program. 

Fiscal Year 2017 obligations, including adjustments to 

prior year obligations, totaled $577,766. Total outlays were 

$579,060 including outlays from prior year obligations, as 

shown in the table below. In 2017, the amount of customs 

receipts credited to the Agricultural Disaster Relief Trust 

Fund receipt account totaled $47,400. The outlays reported 

in fiscal year 2017 are due to residual payments, corrections, 

and/or appeals to obligations incurred for crop years 2008 – 

2011. 

The Agriculture Act of 2014 shifted the funding 

authority for disaster programs from the Agricultural 

Disaster Relief Trust Fund to USDA’s Commodity Credit 

Corporation. 

TABLE TF-15.—Agriculture Disaster Relief Trust Fund 

Results of Operations, Fiscal Year 2017 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year .................................................................................................................................................................................. $2,612,022

Borrowing authority ............................................................................................................................................................................................. -

Repayment of debt ............................................................................................................................................................................................... -1,249

Cumulative debt, end of year ................................................................................................................................................................................... 2,610,773 

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. -

Mandatory appropriation...................................................................................................................................................................................... 47

Other offsetting collections .................................................................................................................................................................................. -

Total budgetary resources .............................................................................................................................................................................. 15,762

Obligated balance, Oct. 1, 2016 .............................................................................................................................................................................. 782

Fiscal Year 2017 obligations .................................................................................................................................................................................... 578

Outlays: 

Supplemental Revenue Assistance Payments Program ..................................................................................................................................... 313 

Livestock Forage Disaster Program .................................................................................................................................................................... 215 

Livestock Indemnity Program............................................................................................................................................................................... 33 

Tree Assistance Program .................................................................................................................................................................................... 18 

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program ......................................................................................... - 

Total outlays ..................................................................................................................................................................................................... 579

Recoveries of Prior Year Obligations 652

Obligated balance, Sept. 30, 2017 ........................................................................................................................................................................... $129

. 
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115

Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In thousands of dollars. Source: Department of Agriculture ] 

2018 2019 2020 2021 2022

Cumulative debt, start of year ............................................................................. 2,612,022 2,610,773 2,610,773 2,610,773 2,610,773

Borrowing authority ......................................................................................... - - -- -

Repayment of debt 1 ....................................................................................... -1,249 - - - -

Cumulative debt, end of year .............................................................................. 2,610,773 2,610,773 2,610,773 2,610,773 2,610,773

Budgetary Resources: 

Borrowing authority ........................................................................................ - - -- -

Mandatory appropriations ............................................................................... - - -- -

Other offsetting collections ............................................................................. - - - - -

Total budgetary resources .......................................................................... - - - - -

Obligated balance, Oct. 1 ................................................................................... 782 129 - - -

New obligations ................................................................................................... 578 - - - -

Recoveries of prior year obligations -652 - - - -

Outlays: 

Supplemental revenue assistance payments program ................................. 579 129 - - -

Total outlays ................................................................................................ 579 129 - - -

Obligated balance, Sept. 30 .......................................................................... 129 - - - -

1 Requires congressional authority to write off debt or appropriations action to repay debt. Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

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116

INTRODUCTION: Patient Centered Outcomes Research Trust Fund 

The Patient Centered Outcomes Research Trust Fund 

(PCORTF) was created on the books of the Treasury by 

section 9511 of the Internal Revenue Act of 1986 (Public 

Law 111-148, 124 STAT 742, approved March 23, 2010). 

General fund appropriations, transfers from the Federal 

Hospital Insurance Trust Fund and the Federal 

Supplementary Medical Insurance Trust Fund, and Fees 

related to health insurance and self-insurance plans are 

appropriated into the trust fund until fiscal year 2019. These 

appropriations are the source of funds for the established 

nonprofit corporation known as the “Patient-Centered 

Outcomes Research Institute” which is neither an agency nor 

establishment of the United States Government.

For fiscal year 2010, and each subsequent fiscal year to 

2019, amounts in the PCORTF are available without further 

appropriation, to the Institute to carry out clinical 

effectiveness research. The purpose of the Institute is to 

assist patients, clinicians, purchasers, and policy makers in 

making informed health decisions by advancing the quality 

and relevance of evidence concerning the manner in which 

diseases, disorders, and other health conditions can 

effectively, and appropriately be prevented, diagnosed, 

treated, monitored, and managed through research and 

evidence synthesis that considers variations in patient 

subpopulations, and the dissemination of research findings 

with respect to the relative health outcomes, clinical 

effectiveness, and appropriateness of the medical treatments, 

and services.

Twenty percent of the amounts appropriated or credited 

to the PCORTF shall be transferred for each of the fiscal 

years 2011 through 2019 to the Secretary of Health and 

Human Services to carry out section 937 of the Public 

Health Services Act. Of the amounts transferred, with 

respect to a fiscal year, the Secretary of Health and Human 

Services shall distribute:

 80 percent to the Office of Communication and 

Knowledge Transfer of the Agency for Healthcare Research 

and Quality to carry out activities described in section 937 of 

the Public Health Services Act, and

 20 percent to the Secretary to carry out the activities 

described in section 937.

No amounts shall be available for expenditure from the 

PCORTF after September 30, 2019, and any amounts 

remaining in the trust fund after such date shall be 

transferred to the general fund of the Treasury.

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next five fiscal 

years. 

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

Results of Operations, Fiscal Year 2017 

[Source: Bureau of the Fiscal Service] 

Balance Oct. 1, 2016 ............................................................................................................................................................................................... $924,629,258 

Receipts: 

General Fund Appropriation................................................................................................................................................................................. 150,000,000 

Transfers from FHI and FSMI .............................................................................................................................................................................. 131,193,000 

IRS Health Insurance Fees .................................................................................................................................................................................. 294,236,241 

Interest on Investments ........................................................................................................................................................................................ 1,169,646 

Total receipts .................................................................................................................................................................................................... 576,598,887 

Expenditure appropriations: 

Transfers to PCORI.............................................................................................................................................................................................. -1,345,024,343 

Transfers to HHS ................................................................................................................................................................................................. -115,024,087 

Total outlays ..................................................................................................................................................................................................... -1,460,048,430 

Balance Sept. 30, 2017 1 ......................................................................................................................................................................................... $41,179,715 

1 Balance September 30, 2017: Balance does not tie to the 3310 ending balance in the 

September 30, 2017, published financial statement. The equity balance is not affected 

throughout the entire fiscal year but changes after adjusting/closing entries are made at the 

beginning of the following fiscal year. The balance shown here for September 20, 2017, 

reflects the net activity for fiscal year 2017 and adjusting/closing entries made in October 

2017. 
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117

Patient Centered Outcomes Research Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2021 

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

2018 2019 2020 2021

Balance Oct. 1 ........................................................................................................... 41,180 41,000 - -

Receipts: 

General Fund Appropriation ................................................................................... 150,000 150,000 - -

Transfers from FHI and FSMI ................................................................................. 144,000 152,000 - -

IRS Health Insurance Fees ..................................................................................... 329,000 434,000 - -

Interest on Investments .......................................................................................... 1,000 - - -

Total receipts ..................................................................................................... 624,000 736,000 - -

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -499,180 -622,000 - -

Transfers to HHS ................................................................................................... -125,000 -155,000 - -

Total outlays ....................................................................................................... -624,180 -777,000 - -

Balance Sept. 30.................................................................................................... 41,000 - - -
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INTRODUCTION: United States Victims of State Sponsored Terrorism Fund

The Justice for United States Victims of State Sponsored 

Terrorism Act, 34 U.S.C. § 20144, formerly codified at 42 

U.S.C. § 10609 (2015) (the “Act”), established the U.S. 

Victims of State Sponsored Terrorism Fund (the “Fund”). 

The Act provides for the establishment and administration of 

the Fund to provide compensation to certain U.S. persons 

who were injured in acts of state sponsored terrorism. In 

general, the Fund awards compensation to those victims of 

international state sponsored terrorism who (1) have secured 

final judgments in a United States district court against a 

state sponsor of terrorism under the Foreign Sovereign 

Immunities Act, or (2) were held hostage at the United 

States Embassy in Tehran, Iran from 1979 to 1981 (and their 

spouses and children). 

The Act established the Fund and established funding for 

it, including a single appropriation of $1.025 billion for the 

Fund in fiscal year 2017. 34 U.S.C. § 20144(e)(5). Further, 

amounts in the Fund shall be available, without further 

appropriation, for the payment of eligible claims and 

compensation of the Special Master in accordance with the 

Act, and the Fund shall be managed and invested in the same 

manner as a trust fund under section 9602 of the Internal 

Revenue Code of 1986. 34 U.S.C. §§ 20144(e)(3) & (e)(4). 

In addition, the Act mandates that certain penalties and 

fines, including forfeiture proceeds, be deposited into the 

Fund if “forfeited or paid to the United States after the date 

of [the Act’s] enactment.” 34 U.S.C. § 20144(e)(2). The Act 

provides that the following shall be deposited or transferred 

into the Fund: (1) All funds, and the net proceeds from the 

sale of property, forfeited or paid to the United States after 

the date of enactment of this Act as a criminal penalty or 

fine arising from a violation of any license, order, regulation, 

or prohibition issued under the International Emergency 

Economic Powers Act (50 U.S.C. 1701 et seq.) or the 

Trading with the Enemy Act (50 U.S.C. App. 1 et seq.), or 

any related criminal conspiracy, scheme, or other Federal 

offense arising from the actions of, or doing business with or 

acting on behalf of, a state sponsor of terrorism. (2) One-half

of all funds, and one-half of the net proceeds from the sale of

property, forfeited or paid to the United States after the date 

of enactment of this Act as a civil penalty or fine arising 

from a violation of any license, order, regulation, or 

prohibition issued under the International Emergency 

Economic Powers Act (50 U.S.C.1701 et seq.) or the 

Trading with the Enemy Act (50 U.S.C. App. 1 et seq.), or 

any related conspiracy, scheme, or other Federal offense 

arising from the actions of, or doing business with or acting 

on behalf of, a state sponsor of terrorism. (3) Except as 

provided in sub-clause (II), if the United States receives a 

final judgment forfeiting the properties and related assets 

identified in the proceedings captioned as In Re 650 Fifth 

Avenue & Related Properties, No. 08 Civ. 10934 (S.D.N.Y. 

filed Dec. 17, 2008), the net proceeds (not including the 

litigation expenses and sales costs incurred by the United 

States) resulting from the sale of such properties and related 

assets by the United States shall be deposited into the Fund. 

34 U.S.C. § 20144(e)(2)(A). 

The Act further provides that the Fund will make its last 

obligations no later than January 2, 2026. 34 U.S.C. § 

20144(e)(6)(A). Thus, the Fund may continue to accumulate 

funds over its ten-year life. 

Effective on the day after all amounts authorized to be 

paid from the Fund under [the Act] that were obligated 

before January 2, 2026 are expended, any unobligated 

balances in the Fund shall be transferred, as appropriate, to 

either the Department of the Treasury Forfeiture Fund 

established under section 9705 of title 31, United States 

Code, or to the Department of Justice Assets Forfeiture 

Fund, established under section 524(c)(1) of title 28, United 

States Code. 34 U.S.C. § 20144(e)(6)(B). 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next five fiscal

years. 
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119

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

Results of Operations, Fiscal Year 2017 

[Source: Department of Justice] 

Balance Oct. 1, 2016 ................................................................................................................................................................................................ $78,000,000 

Receipts: 

Appropriation ......................................................................................................................................................................................................... 1,025,000,000 

Fines/Penalties ...................................................................................................................................................................................................... 18,444,836 

Forfeitures ............................................................................................................................................................................................................. 442,614,939 

Interest on investments ......................................................................................................................................................................................... 1,202,897 

Total receipts ..................................................................................................................................................................................................... 1,487,262,672 

Outlays: 

Salaries & Expenses ............................................................................................................................................................................................. 1,225,760 

Victim Payments ................................................................................................................................................................................................... 1,041,556,629 

Total expenses .................................................................................................................................................................................................. 1,042,782,389 

Balance Sept. 30, 2017 ............................................................................................................................................................................................ $522,480,283 

United States Victims of State Sponsored Terrorism Fund 

Expected Condition and Results of Operations, Fiscal Years 2018-2022 

[In thousands of dollars. Source: Department of Justice] 

2018 2019 2020 2021 2022

Balance Oct. 1 ...................................................................................................... 522,480 561,706 3,911 36,940 70,068

Receipts: 

Appropriation .................................................................................................... - - -- -

Fines/Penalties ................................................................................................. 41,053 34,216 34,216 34,216 34,216

Forfeitures ........................................................................................................ - - -- -

Interest on investments .................................................................................... 1,168 9,489 343 472 689

Total receipts ................................................................................................ 42,221 43,705 34,559 34,688 34,905

Outlays: 

Salaries & Expenses ........................................................................................ 2,995 1,500 1,530 1,561 1,592

Victim Payments .............................................................................................. - 600,000 - - -

Total Outlays net of Investments Redeemed .................................................. 2,995 601,500 1,530 1,561 1,592

Balance Sept. 30 .................................................................................................. 561,706 3,911 36,940 70,068 103,381
120 

March 2018 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

March 2018 

121

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: 

Margaret Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
March 2018 

122

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Supplemental Appropriations 

for the Disaster Relief Requirements Act 2017, Public Law 

115-56, the Statutory Debt Limit was suspended through 

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

3101(b) was permanently increased effective December 9, 

2017, to $20,455,999,906,400.12. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 
GLOSSARY 

March 2018 

123

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.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

March 2018 

124

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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