B U L L E T I N

DECEMBER 2015

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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T I N

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by the Superintendent of Documents

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

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December 2015 

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 Fourth-Quarter Receipts by Source ..................... 10 

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

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 19 

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 23 

ACCOUNT OF THE U.S. TREASURY 

Introduction—Source and Availability of the Balance in the Account of the U.S. Treasury .............................................. 29 

UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 29

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 31 

FD-1—Summary of Federal Debt ....................................................................................................................................... 32 

FD-2—Debt Held by the Public .......................................................................................................................................... 33 

FD-3—Government Account Series .................................................................................................................................... 34 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 35 

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

 Private Investors .................................................................................................................................................... 36 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 37 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 38

PUBLIC DEBT OPERATIONS 

Introduction—Public Debt Operations ................................................................................................................................ 40 

TREASURY FINANCING ................................................................................................................................................. 40 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 48 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 49 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 50 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 51 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 52

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 53 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 53 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 54
December 2015 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

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

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

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

SPECIAL REPORTS 

TRUST FUNDS 

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

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

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

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

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

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

of rounding. 
 V 

December 2015

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 ............................... √ 

 
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
December 2015 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of November 6, 2015 

Introduction 

Growth of real gross domestic product (GDP) slowed in 

the third quarter of 2015, largely due to a marked pullback in 

the pace of inventory investment. However, other 

components of real GDP continued to grow at a solid pace. 

Labor market conditions continued to improve, and the 

unemployment rate declined to 5.0 percent in October, its 

lowest level since April 2008. Inflation remained low, in part 

reflecting the steep decline in energy prices since mid-2014. 

Despite some fluctuations, energy prices remained wellbelow year-ago levels as of early November. 

The Administration has taken a number of steps in recent 

years to promote stronger economic growth in the near term, 

but has also pursued deficit reduction measures in the 

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

budget deficit has been reduced by more than $4 trillion 

(including the deep cuts imposed by sequestration). The 

federal budget deficit has fallen from a peak of 9.8 percent 

of GDP in fiscal year 2009 to 2.5 percent in fiscal year 2015, 

and is expected to fall slightly further on net in the coming 

fiscal years. 

At its most recent meeting in October 2015, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

announced it would maintain the target range for the federal 

funds rate of 0 to 0.25 percent as well as existing programs 

for reinvestment of principal payments and roll-overs of 

maturing Treasuries at auction. The Committee also 

observed that it “anticipates that it will be appropriate to 

raise the target range for the federal funds rate when it has 

seen further improvement in the labor market and is 

reasonably confident that inflation will move back to its 2 

percent objective over the medium term.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 14.2 percent and, as of the third 

quarter of 2015, real GDP was 9.4 percent above its level at 

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

advance estimate, real GDP rose 1.5 percent at an annual 

rate during the third quarter of 2015, after advancing 3.9 

percent in the second quarter. Consumer spending growth 

decelerated somewhat in the third quarter, but was still 

relatively strong and made a substantial contribution to 

overall GDP growth. Residential investment grew solidly in 

the third quarter, if at a slower pace than in the second, and 

made a small positive contribution to real GDP growth. 

Business fixed investment also grew, as growth in 

equipment investment and spending on intellectual property 

products helped offset a pull-back in structures investment. 

Federal Government outlays rose in the third quarter as did 

State and local government spending, although the latter 

grew at a slower pace. Overall, the government sector 

provided a small boost to growth in the third quarter. The 

trade deficit widened slightly, as export growth slowed, but 

net exports were essentially neutral for third-quarter GDP 

growth, after making a small positive contribution in the 

second quarter. In contrast, private inventory accumulation 

slowed sharply, holding back overall growth by a substantial 

amount. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

private demand because it subtracts out government 

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

3.2 percent annual rate in the third quarter, following a 3.9 

percent increase in the second quarter. Real personal 

consumption expenditures—which account for about 68 

percent of GDP—rose at a 3.2 percent annual rate in the 

third quarter, moderating somewhat from a 3.6 percent pace 

in the second quarter. Altogether, consumption contributed 

2.2 percentage points to real GDP growth in the third 

quarter. 

Housing activity has stepped up over the past year. 

Residential investment—mostly residential home-building—

advanced 6.1 percent at an annual rate in the third quarter, 

following a 9.1 percent jump in the second quarter. 

Residential activity accounts for just 3 percent of GDP, and 

added 0.2 percentage point to third-quarter real GDP growth. 
4 PROFILE OF THE ECONOMY 

December 2015 

Home building and home sales remain on a gradual 

upward trend. New residential construction activity has 

recovered from weather-related regional slowdowns in early 

2015 and advanced 12.0 percent over the year through 

September 2015 to an annual rate of 740,000 units. Even so, 

single-family starts remain more than 59 percent below their 

January 2006 peak, and well below the 1.1 million unit 

average observed from 1980 to 2004. In contrast, multifamily starts are well above their pre-recession level. Sales 

of new single-family homes rose 2.0 percent over the year 

through September to a 468,000 annual rate. Sales of all 

existing homes (94 percent of all home sales, including 

single-family, condos and co-ops) rose 8.8 percent over the 

year to just over 5.5 million at an annual rate in September 

2015. 

Household formation—a key determinant of demand for 

new housing—has risen to a much stronger level in recent 

quarters, providing support to overall housing activity. In the 

year through the third quarter of 2015, nearly 1.5 million 

households were formed, roughly twice the pace observed in 

recent years and well above the long-term average of 1.3 

million recorded from 1966 to 2007. 

Home prices have continued to rise, although the pace of 

increase has moderated from the rapid pace observed in mid2013. The FHFA purchase-only home price index rose 5.5 

percent over the year ending in August 2015, down from the 

July 2013 peak rate of 8.1 percent. The Standard and Poor’s 

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

5.1 percent over the year ending in August 2015, down from 

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

measures show a similar pattern of decelerating home price 

appreciation. 

Growth of nonresidential fixed investment—about 13 

percent of GDP—grew by 2.1 percent at an annual rate in 

the third quarter of 2015, following a 4.1 percent increase in 

the second quarter. Growth of equipment investment 

accelerated to 5.3 percent in the third quarter from a modest 

0.3 percent gain in the previous quarter. In contrast, business 

spending on intellectual property products—including 

outlays for software, research and development, and 

entertainment, literary and artistic originals—slowed to a 1.8 

percent pace from 8.3 percent in the second quarter. In 

addition, business outlays for structures fell 4.0 percent. 

Altogether, nonresidential fixed investment added 0.3 

percentage point to real GDP growth in the third quarter, 

after making a 0.5 percentage point contribution in the 

second quarter. Finally, businesses accumulated inventories 

at a markedly slower pace in the third quarter following a 

substantial run-up earlier in the year. The resulting change in 

private inventories subtracted 1.4 percentage points from 

third-quarter real GDP growth. 

Exports account for about 13 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for just over 16 percent. In the 

third quarter of 2015, exports grew 1.9 percent. However, 

the small rise in exports was roughly offset by a 1.8 percent 

increase in imports. As a result, the net export deficit was 

little changed in the third quarter compared with its secondquarter average and had a negligible impact on real GDP 

growth. Net exports added 0.2 percentage point to GDP 

growth in the second quarter after subtracting nearly 2 

percentage points from growth in the first quarter of 2015. 

The current account balance (reflecting international 

trade in goods and services as well as investment income 

flows and unilateral transfers) has been in deficit almost 

continuously since the early 1980s and in 2006 reached a 

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

current account deficit narrowed sharply during the 

recession to $384 billion (2.6 percent of GDP) in 2009. It 

has widened somewhat since then but remains well below its 

2006 peak. In 2014, the current account deficit stood at $390 

billion, or 2.2 percent of GDP. In the second quarter of 2015, 

the current account deficit widened to $439 billion 

(annualized), or 2.5 percent of GDP. 

Government purchases—which account for about 18 

percent of GDP—have contributed modestly on net to 

economic growth thus far in 2015 after subtracting from 

GDP growth in each of the past 4 years. In the third quarter, 

government outlays advanced 1.7 percent at an annual rate 

after growing 2.6 percent in the second quarter. At the 

federal level, spending increased by 0.3 percent after a flat 

reading in the second quarter. State and local government 

spending rose by 2.6 percent following a 4.3 percent 

advance in the second quarter. State and local government 

spending declined for 14 straight quarters from the fourth 

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

period of falling expenditures at this level of government in 

postwar history-but has risen almost continuously since the 

first quarter of 2013. Similarly, spending cutbacks at the 

federal level restrained overall growth from 2011 through 

2014. 

Labor Markets

During the recession (from December 2007 through June 

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

continued even after the recovery began, but in February 

2010 employment began to rise again. Since then, through 

October 2015, total nonfarm payroll employment has 

increased by 13.0 million. Private-sector employment has 

grown for 68 consecutive months, the longest string of 

increases on record, and has risen by almost 13.5 million. 

Job losses during the recession were spread broadly 

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

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

recovery began in early 2010, payrolls in professional and 

business services have risen by nearly 3.4 million, and the 

leisure and hospitality industry’s employment has increased 

by almost 2.4 million through October 2015. Employment in 

the manufacturing sector has expanded by 864,000 since 

early 2010. A few sectors added jobs throughout the 

recession and still continue to hire new workers: since early 

2010, the health care and social assistance sector has added 
PROFILE OF THE ECONOMY 5 

December 2015 

an additional 2.1 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 early 2014 through October 2015, the 

government sector has added just 177,000 jobs. Most of the 

growth has occurred at the local level, with the addition of 

124,000 positions. Federal government employment has 

edged up just 2,000 during this period. 

The unemployment rate peaked in October 2009 at a 26-

year high of 10.0 percent—5.4 percentage points above the 

4.6 percent average that prevailed in 2006 and 2007, before 

the recession began. Since then, the unemployment rate has 

trended lower and in October 2015 stood at 5.0 percent. 

Broader measures of unemployment have also declined. The 

broadest measure, which includes workers who are 

underemployed as well as those who are only marginally 

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

fallen from a record high of 17.1 percent in early 2010 to 9.8 

percent in October 2015. The U-6 unemployment rate is still 

above its pre-recession average of 8.3 percent. The 

percentage of the unemployed who have been out of work 

for 27 weeks or more also remains elevated relative to its 

pre-recession average. In October, 26.8 percent of 

unemployed workers were included in this category 

compared with readings around 17.5 percent before the 

recession. 

Inflation

Headline and core inflation rates remained relatively low 

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

consumer prices were unchanged over the 12 months ending 

in September 2015, after rising 1.7 percent over the same 

period a year earlier. Energy prices fell 18.4 percent in the 

year through September 2015, substantially more than the 

0.6 percent decline in the year through September 2014. 

Food prices rose 1.6 percent over the year through 

September 2015, slowing from the 3.0 percent increase over 

the 12 months ending in September 2014. On a 12-month 

basis, core consumer prices (a measure that excludes food 

and energy) rose 1.9 percent through September 2015, 

slightly faster than the 1.7 percent advance in the year 

through September 2014. Core inflation has been below 2 

percent since early 2013. 

Oil and gasoline prices fell sharply between mid-2014 

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

summer but have generally declined since then and remain 

well below their year-earlier levels. The front-month futures 

price of West Texas Intermediate (WTI) crude oil averaged 

$46.29 per barrel in October 2015, more than $38 below its 

October 2014 average. The retail price of regular gasoline 

averaged $2.23 per gallon in October 2015, 83 cents lower 

than in October 2014. 

Federal Budget and Debt

The federal budget deficit declined to $439 billion (2.5 

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

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

declined by 7.3 percentage points from a peak of 9.8 percent 

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

year 2007. Debt held by the public rose to $13.1 trillion in 

fiscal year 2015. As a share of the economy, publicly held 

debt declined from 74.4 percent of GDP at the end of fiscal 

year 2014 to 73.8 percent at the end of fiscal year 2015. 

In February 2015, the Administration released its 

Fiscal Year 2016 Budget, which is projected to lower the 

budget deficit slightly further in the near term and put the 
6 PROFILE OF THE ECONOMY 

December 2015 

debt-to-GDP ratio on a declining path. The latest budget 

proposal would replace sequestration with targeted spending 

cuts and loophole closures, pay for all new investments, and 

achieve an additional $1.8 trillion in deficit reduction over 

the 10-year budget horizon. Deficit reduction would be 

achieved primarily through reforms to health programs, the 

tax code, and immigration. Updated projections in the MidSession Review of the Fiscal Year 2016 Budget show the 

federal budget narrowing to 2.2 percent of GDP by fiscal 

year 2017 and stabilizing at 2.7 percent of GDP in the latter 

half of the 10-year budget window. The debt-to-GDP ratio is 

projected to stabilize at 74.6 percent of GDP in fiscal year 

2018 and remain at that level through the end of the 10-year 

forecast horizon. The primary deficit is projected to become 

a primary surplus in fiscal year 2024, at which point it will 

no longer be adding to federal debt. 

Economic Policy

Key fiscal and monetary policy actions taken over the 

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

side, the American Recovery and Reinvestment Act (ARRA) 

of 2009 authorized the Federal Government to spend $787 

billion to stimulate domestic demand, an amount that was 

increased to $840 billion to be consistent with the 

President’s Fiscal Year 2012 Budget. This spending 

provided an important boost to economic activity, but the 

Administration also proposed and implemented a variety of 

additional programs to maintain the recovery’s momentum. 

These included an extension and expansion of the first-time 

home buyer tax credit, a new Small Business Jobs and 

Wages Tax Credit, and additional financial support for State 

and local Governments. In December 2010, the 2010 Tax 

Relief Act authorized a 2 percentage point payroll tax cut, 

extensions of unemployment benefits and refundable tax 

credits, and a 2-year extension of the 2001 tax cuts. In late 

December 2011, the 2 percentage point payroll tax cut and 

extended unemployment benefits included in the 2010 tax 

legislation were each extended for 2 additional months. In 

late February 2012, the extension of the payroll tax cut and 

extended unemployment benefits for the remainder of 2012 

were signed into law. 

In January 2013, the ATRA was signed into law. The 

American Taxpayer Relief Act of 2012 (ATRA) 

permanently extended tax cuts for the vast majority of 

Americans and small businesses, extended Emergency 

Unemployment benefits for an additional year, extended a 

variety of other tax cuts and credits, postponed the sequester, 

originally scheduled to take effect on January 1, until March 

1, 2013, and raised tax rates for high-income earners 

(representing about 2 percent of taxpayers). Altogether, the 

ATRA is projected to reduce the deficit by $737 billion over 

the next decade. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began the current cycle of monetary policy 

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

lowered the federal funds target interest rate dramatically, 

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

the December 2008 FOMC meeting. Beginning with the 

August 2011 meeting, the FOMC also began identifying an 

expected timeframe for maintaining the federal funds rate 

target at “exceptionally low levels.” Initially put at mid2013, the timeframe was extended to “at least late 2014” at 

the January 2012 FOMC meeting, and then to “at least mid2015” at the September 2012 meeting, a timeframe for the 

target range which was maintained at the October 2012 

meeting. At the December 2012 meeting, the FOMC 

implemented numerical thresholds for its policy rate 

guidance. Specifically, the FOMC indicated that it would 

maintain the target range at least as long as the 

unemployment rate remained above 6.5 percent, inflation 

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

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

goal, and long-term inflation expectations remain well 

anchored. At the December 2013 meeting, the FOMC 

commented on the role of the numerical thresholds in 

formulating monetary policy, indicating that, “it will likely 

be appropriate to maintain the current target range for the 

federal funds rate well past the time that the unemployment 

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

inflation continues to run below the Committee’s longer run 

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

replaced the numerical thresholds in favor of qualitative 

guidance, noting it will “assess progress-both realized and 

expected-towards its objectives of maximum employment 

and 2 percent inflation” and that, “it will likely be 

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

considerable time after the asset purchase program ends, 

especially if projected inflation continues to run below the 

Committee’s 2 percent longer-run goal, and provided longerterm inflation expectations remain well anchored.” 
PROFILE OF THE ECONOMY 7 

December 2015 

At its most recent meeting in October 2015, the FOMC 

maintained the qualitative forward guidance adopted at the 

March 2014 FOMC meeting and also left out any reference to 

a timeframe for maintaining the current target range, which 

was dropped at the January 2015 meeting. The Committee 

also repeated its view, first expressed at the March 2015 

meeting, that, “it will be appropriate to raise the target range 

for the federal funds rate when it has seen further 

improvement in the labor market and is reasonably confident 

that inflation will move back to its 2 percent objective over 

the medium term.” At its April 2015 meeting, the FOMC had 

added “import prices” to the range of information it assesses 

in determining monetary policy, and in July, September, and 

October, the Committee maintained previous references to 

energy and non-energy import prices. 

The Federal Reserve significantly expanded its tools to 

increase liquidity in credit markets, and eased lending terms 

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

and funds directed at specific financial markets. As of June 

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

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities, and continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

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

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

At the September 2011 meeting, the FOMC announced it 

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

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

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

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

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

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

the FOMC extended and expanded its program to extend the 

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

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. The FOMC announced additional 

monetary accommodation at the December 2012 meeting, 

including the completion of short-term securities sales 

(which drain liquidity) and the continuation of purchases of 

long-term Treasury securities at a rate of $45 billion per 

month beyond the end of 2012. The FOMC also indicated 

that monthly purchases of mortgage-backed securities at a 

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

its existing policy of reinvesting principal payments. 

At the December 2013 meeting, the FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

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

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

July, and September 2014, the Committee announced further 

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

its 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, although in the third 

quarter of 2015, fewer banks continued to ease standards and 

terms across a variety of lending categories. Nonetheless, 

measures of risk tolerance and volatility have all improved. 

Equity markets have more than recovered from the steep 

losses incurred in 2008, and volatility has declined 

markedly. The S&P 500 index, which in 2008 suffered its 

largest annual loss since the Great Depression, has increased 

2.0 percent so far this year and is currently about 31 percent 

above its October 2007 peak. The S&P Stock Market 

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

market uncertainty, stood at 15 as of early November 

2015—down sharply from an all-time high of 81 in 

November 2008. 

A variety of factors have buffeted long-term Treasury 

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

as well as supply concerns related to funding of the 

Government’s debt, and more recently, concerns about 

global financial markets and slowing global growth. The 

yield on the 10-year note has fluctuated around the 2 percent 

level during 2015, remaining well above the record low of 

1.43 percent reached in late July 2012. Currently, the 10-

year yield is 17 basis points higher on the year at 2.34 

percent, after falling by nearly 90 basis points in 2014. The 

3-month Treasury bill yield has fluctuated under 0.1 percent 

since January 2012, where it stood as of early November 

2015. The 2- to 10-year Treasury yield spread, one measure 

of the steepness of the yield curve, has been narrowing 

significantly since November 2013 and stood at about 144 

basis points as of early November 2015. 

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 29 basis points as of early November 2015. 

The spread between the Baa corporate bond yield and the 

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

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

213 basis points in April 2014, but thereafter, has widened 
8 PROFILE OF THE ECONOMY 

December 2015 

very gradually to 317 basis points, still very high by 

historical standards. 

Rates for conforming mortgages have trended lower in 

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

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

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

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

percent in August 2013. Since then, this rate has eased on 

net and in October 2015 averaged 3.78 percent. 

Foreign Exchange Rates

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

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

recent low reached in August 2011, the exchange value of 

the dollar compared to an index of these currencies fell by 

about 39 percent. Although the dollar’s exchange value 

against this index remains well below the February 2002 

peak, it has appreciated between August 2011 and October 

2015 by about 32 percent. From August 2011 through 

October 2015, the dollar has appreciated by about 56 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 20 percent. 
December 2015 

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 

December 2015 

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 Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2015 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

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

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $373.3 billion for the fourth 

quarter of fiscal year 2015. This is an increase of $24.5 

billion over the comparable prior year quarter. Withheld 

receipts increased by $17.4 billion and non-withheld 

receipts increased by $8.1 billion during this period. 

Refunds increased by $1.0 billion over the comparable fiscal 

year 2014 quarter. There was a decrease of $2.6 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2014. 

Corporate income taxes—Net corporate income tax 

receipts were $88.3 billion for the fourth quarter of fiscal 

year 2015. This is an increase of $2.6 billion compared to 

the prior year fourth quarter. The $2.6 billion change is 

comprised of an increase of $3.8 billion in estimated and 

final payments, and an increase of $1.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2015 were $239.4 billion, an increase of $11.6 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $7.2 billion, $1.2 billion, and $3.4 

billion respectively. There was a -$0.6 billion accounting 

adjustment for prior year’s employment tax liabilities 

made in the fourth quarter of fiscal year 2015, while there 

was a -$3.1 billion adjustment in the fourth quarter of 

fiscal year 2014. 

Unemployment insurance—Unemployment insurance 

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

2015 were $9.1 billion, a decrease of $1.7 billion over the 

comparable quarter of fiscal year 2014. Net State taxes 

deposited in the U.S. Treasury decreased by $1.7 billion to 

$8.2 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.9 billion. 
FEDERAL FISCAL OPERATIONS 

December 2015 

11

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

fourth quarter of fiscal year 2015. This was a negligible 

change from the comparable quarter of fiscal year 2014. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2015 were $38.2 billion, an increase of 

$2.8 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.8 billion, an 

increase of $0.8 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $4.1 billion for the fourth quarter of fiscal year 2015. 

These receipts represent a decrease of $1.2 billion over the 

same quarter in fiscal year 2014. 

Customs duties—Customs duties net of refunds were 

$8.7 billion for the fourth quarter of fiscal year 2015. This is 

a decrease of $0.5 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2015 were $39.78 billion, 

an increase of $3.3 billion over the comparable prior year 

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

Federal Reserve banks increasing by $2.8 billion.

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

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

 Fourth quarter 2015 

 July - September 

 Fiscal year 2015 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 801,803 3,248,723

On-budget receipts .................................................. 620,068 2,478,328

Off-budget receipts .................................................. 181,735 770,394

Total outlays................................................................. 924,349 3,687,623

On-budget outlays.................................................... 712,803 2,944,526

Off-budget outlays.................................................... 211,547 743,097

Total surplus or deficit (-)............................................. -122,547 -438,900

On-budget surplus or deficit (-)................................ -92,734 -466,196

Off-budget surplus or deficit (-)................................ -29,812 27,297

Means of financing: 

Borrowing from the public ............................................ 44,898 337,166

Reduction of operating cash........................................ 55,624 -40,414

Other means ................................................................ 22,025 142,147

Total on- and off-budget financing........................... 122,547 438,899

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2015 

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

Source July August September 

Individual income taxes...................................................... 109.1 102.6 161.5

Corporate income taxes..................................................... 10.6 2.3 75.4

Employment and general retirement.................................. 74.7 77.4 87.3

Unemployment insurance .................................................. 3.5 5.4 0.2

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

Excise taxes ....................................................................... 6.9 7.8 23.5

Estate and gift taxes .......................................................... 1.3 1.3 1.5

Customs duties .................................................................. 3.6 1.9 3.2

Miscellaneous receipts ....................................................... 15.4 11.8 12.5

Total budget receipts ..................................................... 225.5 210.8 365.5

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

December 2015 

12 
FEDERAL FISCAL OPERATIONS 

December 2015 

13

TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

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

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

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

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

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601 2015 - Est.................... 3,248,469 2,477,146 771,323 3,702,980 2,959,432 743,548 -454,511 -482,286 27,775 744,723

2016 - Est.................... 3,557,448 2,749,302 808,146 3,986,800 3,201,423 785,377 -429,352 -452,121 22,769 695,181 2014 - Sept.................. 351,722 290,458 61,264 245,912 176,192 69,720 105,810 114,266 -8,456 73,557

Oct................... 212,719 160,464 52,255 334,432 271,514 62,918 -121,713 -111,050 -10,663 114,972

Nov .................. 191,436 135,169 56,267 248,254 178,516 69,738 -56,818 -43,347 -13,471 67,642

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

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

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

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

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

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

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

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

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

Sept................. 365,473 300,235 65,238 274,412 201,767 72,645 91,061 98,468 -7,407 -1,541 Fiscal year 2015 to date ... 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601

Means of financing—net transactions, continued

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

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

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

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

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

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

2015 ...................................... 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887 2015 - Est.............................. 990 114,694 631,019 41,698 - - - -134,810 - 454,511

2016 - Est.............................. -208 131,768 563,205 - - - - -133,853 - 429,352 2014 - Sept ........................... 132 22,589 51,099 109,637 -1,283 30 -719 -49,418 174 -105,810

Oct............................. 185 41,067 74,090 -40,899 -152 254 -4 6,822 - 121,713

Nov............................ 48 2,841 64,849 -9,132 -502 -716 -363 -18,744 - 56,818

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

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

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

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

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

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

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

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

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

Sept........................... -196 -4,629 2,892 66,929 -2 -39 -1,275 -29,311 971 -91,061 Fiscal year 2015 to date ............. 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887

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

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

- No transactions. 

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

December 2015 

14 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

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

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

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

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

2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584 2015 - Est.......... 1,540,274 - - 1,540,274 346,895 - 346,895 1,887,169 1,005,825 - 1,005,825

2016 - Est.......... 1,701,424 - - 1,701,424 429,130 - 429,130 2,130,554 1,055,170 - 1,055,170 2014 - Sept........ 94,971 69,298 2,975 161,294 76,042 2,511 73,530 234,824 83,488 2,529 80,959

Oct......... 93,992 21,571 8,902 106,661 14,848 4,619 10,228 116,889 69,910 - 69,910

Nov ........ 87,059 5,937 7,038 85,958 5,491 2,909 2,582 88,540 75,417 - 75,417

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

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

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

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

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

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

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

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

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

Sept....... 89,445 75,605 3,504 161,547 78,778 3,367 75,411 236,958 89,613 2,801 86,812 Fiscal year 2015 

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

 

Fiscal year 

or month 

Social insurance and retirement receipts, continued

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

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

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

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

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

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652 2015 - Est.................... 5,956 - 5,956 1,011,781 54,980 - 54,980 3,635 25 3,660

2016 - Est.................... 6,027 - 6,027 1,061,197 55,950 - 55,950 3,731 23 3,754 2014 - Sept ................. 488 - 488 81,447 820 17 803 314 3 317

Oct................... 485 - 485 70,394 3,187 - 3,187 291 2 293

Nov.................. 452 1 451 75,868 3,218 4 3,214 278 1 279

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

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

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

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

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

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

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

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

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

Sept................. 453 - 453 87,264 220 12 208 302 2 304 Fiscal year 2015 to date... 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2015 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

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

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

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

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

2015 ....................... 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 770,394 2015 - Est............... 96,146 19,660 - 19,660 36,332 - 36,332 94,208 44,533 138,741 2,477,146 771,323

2016 - Est............... 110,949 21,255 - 21,255 35,812 - 35,812 94,401 42,576 136,977 2,749,302 808,146 2014 - Sept ............ 20,317 1,651 53 1,599 3,148 124 3,024 7,223 2,168 9,391 290,458 61,264

Oct.............. 5,915 1,476 58 1,418 3,586 101 3,485 9,287 1,849 11,136 160,464 52,255

Nov............. 7,270 1,586 78 1,508 3,088 124 2,964 6,834 4,960 11,794 135,169 56,267

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

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

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

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

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

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

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

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

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

Sept............ 23,547 1,610 66 1,544 3,438 241 3,198 9,830 2,620 12,450 300,235 65,238 Fiscal year 2015 to 

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

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

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

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

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

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

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

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

2015.............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217 2015 - Est ..................... 1,070,421 13,125 - 13,125 535 - 535 40,207 - 40,207 42,279 - 42,279

2016 - Est ..................... 1,120,901 14,219 - 14,219 525 - 525 40,543 - 40,543 55,662 - 55,662 2014 - Sept ................... 82,567 1,915 2 1,913 74 - 74 5,742 - 5,742 12,891 303 12,589

Oct .................... 73,875 263 - 263 12 - 12 831 - 831 4,867 58 4,809

Nov.................... 79,361 1,295 - 1,295 57 - 57 3,923 - 3,923 2,067 72 1,995

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

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

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

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

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

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

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

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

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

Sept................... 87,776 1,210 2 1,208 52 - 52 3,699 - 3,699 18,965 377 18,588 Fiscal year 2015 to date..... 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217
FEDERAL FISCAL OPERATIONS 

December 2015 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

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

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

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

2015 ....................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218 2015 - Est............... 4,899 7,567 144,654 9,855 566,426 92,295 25,892 1,029,859 41,164 36,378 13,189 30,647 46,548

2016 - Est............... 4,791 7,724 146,732 10,508 586,145 72,170 27,469 1,125,966 46,704 43,804 14,807 35,032 53,595 2014 - Sept............. 423 628 8,097 845 47,164 1,411 2,640 82,577 4,579 2,805 1,231 3,161 4,678

Oct.............. 377 574 16,185 590 60,908 5,241 2,460 106,457 3,965 2,840 614 -6,301 -24

Nov ............. 337 499 13,828 752 35,829 4,781 1,863 56,317 3,036 3,022 957 2,665 3,295

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

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

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

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

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

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

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

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

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

Sept ............ 356 629 9,218 911 52,457 9,457 2,558 82,199 3,811 -1,149 1,590 2,551 3,780 Fiscal year 2015 

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

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

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

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

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

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

2015 ....................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976 2015 - Est............... 29,310 77,099 396,407 77,376 157,921 6,782 64,742 7,097 400 -1,556 19,942

2016 - Est............... 30,689 85,526 450,946 96,389 179,139 7,079 63,398 8,627 471 -641 25,862 2014 - Sept ............ 4,909 8,650 19,594 -31,322 7,145 560 1,119 690 32 -151 622

Oct.............. 1,933 6,727 8,702 4,563 18,791 682 11,057 835 27 -19 2,078

Nov............. 2,410 5,746 23,427 3,566 5,918 367 761 829 29 -218 2,198

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

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

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

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

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

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

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

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

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

Sept............ 4,461 9,693 20,838 -35,383 14,038 626 5,404 751 35 12 1,523 Fiscal year 2015 

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

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

December 2015 

17

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 

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

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

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

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

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

 

2015 - Est.......... 18,097 7,082 96,508 -571 946,402 17,388 -83,890 -137,811 -4,565 -40,553 2,959,432 743,548

2016 - Est.......... 18,733 7,487 100,324 990 992,465 18,012 -85,889 -144,195 -5,206 -38,853 3,201,423 785,377

 

2014 - Sept ....... 1,570 859 7,673 89 71,956 -1,453 -5,812 -119 -936 - 176,192 69,720

Oct......... 1,415 477 8,202 58 80,641 3,479 -18,819 10,288 -574 - 271,514 62,918

Nov........ 1,330 474 7,066 65 71,862 1,978 -5,325 -1,472 63 - 178,516 69,738

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

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

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

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

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

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

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

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

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

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

Fiscal year 2015 

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

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

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

- No transactions. 

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

December 2015 

18 

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

September 2015 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,540,696 106 - 1,540,802 1,394,580 -13 - 1,394,567

Corporation income taxes........................................... 343,797 - - 343,797 320,731 - * 320,731

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 770,394 770,394 - - 735,565 735,565

Employment and general retirement (on-budget)... - - 240,055 240,055 - - 229,465 229,465

Unemployment insurance ....................................... - - 51,177 51,177 - - 54,957 54,957

Other retirement...................................................... - - 3,651 3,651 - - 3,472 3,472

Excise taxes ................................................................ 36,606 1,153 60,520 98,279 33,027 1,213 59,127 93,368

Estate and gift taxes ................................................... 19,232 - -. 19,232 19,300 - - 19,300

Customs duties ........................................................... 22,546 10,981 1,514 35,041 22,122 10,215 1,589 33,926

Miscellaneous receipts................................................ 112,585 32,288 1,421 146,294 112,063 21,256 1,702 135,021

Total receipts....................................................... 2,075,462 44,528 1,128,733 3,248,723 1,901,823 32,672 1,085,876 3,020,371

(On-budget)..................................................... 2,075,462 44,528 358,339 2,478,329 1,901,823 32,672 350,312 2,284,806

(Off-budget)..................................................... - - 770,394 770,394 - - 735,565 735,565

Budget outlays: 

Legislative branch ....................................................... 4,338 -19 9 4,329 4,135 22 -1 4,156

Judicial branch ............................................................ 7,124 32 -28 7,128 6,880 47 -27 6,900

Department of Agriculture ........................................... 124,782 13,848 482 139,112 122,970 17,921 915 141,806

Department of Commerce........................................... 8,574 -6,267 6,648 8,956 7,965 -95 27 7,896

Department of Defense-military .................................. 565,588 -3,242 160 562,506 575,204 2,586 112 577,902

Department of Education ............................................ 90,171 -139 * 90,031 59,640 -32 1 59,609

Department of Energy................................................. 26,612 -1,187 * 25,424 25,161 -1,523 * 23,638

Department of Health and Human Services ............... 757,172 8,664 261,586 1,027,422 689,054 711 246,267 936,032

Department of Homeland Security.............................. 46,726 -4,241 79 42,564 47,047 -4,111 323 43,259

Department of Housing and Urban Development....... 35,944 -422 -1 35,521 39,017 -497 4 38,524

Department of the Interior........................................... 11,826 175 347 12,347 11,389 -492 378 11,275

Department of Justice ................................................. 24,712 2,198 1 26,911 26,292 2,328 -3 28,617

Department of Labor................................................... 10,161 -905 35,962 45,218 15,294 396 41,078 56,768

Department of State.................................................... 26,163 -303 635 26,495 27,692 -755 549 27,486

Department of Transportation..................................... 16,882 107 58,464 75,453 33,042 -147 43,282 76,177

Department of the Treasury: 

Interest on the public debt....................................... 402,184 - -. 402,184 429,568 - - 429,568

Other ....................................................................... 84,040 -603 12 83,449 16,283 1,040 2 17,325

Department of Veterans Affairs .................................. 161,721 -3,441 936 159,217 151,174 -3,013 913 149,074

Corps of Engineers ..................................................... 5,689 -78 1,073 6,683 5,429 -131 1,235 6,533

Other defense civil programs...................................... 79,752 1,747 -18,534 62,966 77,286 -2,728 -17,185 57,372

Environmental Protection Agency............................... 8,668 -32 -1,631 7,005 8,504 -28 924 9,400

Executive Office of the President................................ 393 1 * 394 373 * - 373

General Services Administration ................................ 108 -997 * -889 97 -862 * -765

International Assistance Program............................... 25,299 -351 -3,973 20,975 22,042 -635 -2,666 18,740

National Aeronautics and Space Administration ........ 18,290 -19 1 18,272 17,096 -5 1 17,093

National Science Foundation...................................... 6,778 71 -12 6,837 6,954 87 14 7,054

Office of Personnel Management ............................... 47,882 -1,883 45,736 91,735 46,420 -3,112 44,611 87,919

Small Business Administration ................................... -734 -12 -. -746 209 -15 - 194

Social Security Administration .................................... 87,359 2 856,782 944,143 81,181 * 824,588 905,769

Other independent agencies....................................... 11,235 -5,280 7,621 13,576 10,823 -9,380 2,752 4,195

Undistributed offsetting receipts: 

Interest .................................................................... - - -141,793 -141,793 - -. -158,115 -158,115

Other ....................................................................... -2,899 -20,385 -92,519 -115,804 -6,425 -8,698 -72,919 -88,043

Total outlays........................................................ 2,692,541 -22,962 1,018,043 3,687,622 2,557,796 -11,124 957,060 3,503,732

(On-budget)..................................................... 2,682,283 -20,992 273,236 2,944,526 2,557,540 -8,340 248,474 2,797,675

(Off-budget)..................................................... 258 -1,970 744,807 743,096 256 -2,784 708,586 706,057

Surplus or deficit (-)............................................. -617,079 67,490 110,689 -438,899 -655,973 43,796 128,816 -483,361

(On-budget)..................................................... -616,820 65,520 85,102 -466,197 -655,717 41,011 101,837 -512,686

(Off-budget)..................................................... -258 1,970 25,587 27,298 -256 2,784 26,979 29,507

- No transactions. 

* Less than $500,000. 

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

December 2015 

19

TABLE FFO-5—Internal Revenue Receipts by State, 2015 

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

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

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total 4 ................... 3,302,677,258 389,888,722 2,815,544,615 2,183,608,978 582,949,874

Alabama ........................................ 25,070,261 1,465,831 23,160,484 18,254,070 4,687,971

Alaska ............................................ 5,717,640 194,313 5,462,605 4,079,050 1,294,019

Arizona .......................................... 42,631,316 3,862,387 37,047,410 28,437,845 8,149,122

Arkansas ....................................... 32,508,761 7,657,274 23,959,297 20,091,810 3,487,562

California ....................................... 405,851,295 51,290,979 345,830,143 253,600,502 87,889,418

Colorado ........................................ 47,210,720 -2,051,855 48,125,613 36,546,996 11,092,991

Connecticut ................................... 59,174,581 8,304,111 49,189,122 35,091,938 13,052,649

Delaware ....................................... 22,640,853 9,118,702 13,196,278 11,021,260 1,137,079

District of Columbia ....................... 25,583,750 4,285,021 21,229,350 18,229,702 2,413,906

Florida ........................................... 177,389,488 10,623,903 163,199,338 116,059,240 43,558,308

Georgia .......................................... 86,446,602 12,764,920 70,052,525 56,932,220 12,480,551

Hawaii ............................................ 8,221,290 476,171 7,468,136 5,501,597 1,875,437

Idaho ............................................. 9,785,027 268,962 9,389,727 7,250,674 2,023,777

Illinois ............................................ 158,042,273 20,370,821 132,643,232 104,160,944 24,771,174

Indiana ........................................... 57,972,825 4,891,553 50,811,098 42,981,848 7,317,638

Iowa ............................................... 23,969,391 1,965,929 21,556,743 17,039,680 4,384,706

Kansas .......................................... 27,019,291 1,965,250 23,284,508 17,528,322 5,319,926

Kentucky........................................ 32,708,391 2,629,863 28,811,348 24,164,759 4,337,573

Louisiana ....................................... 42,628,150 1,107,876 40,681,260 33,531,985 6,865,820

Maine ............................................. 7,464,280 305,706 6,947,573 5,400,186 1,448,181

Maryland........................................ 63,936,798 3,616,792 59,638,796 48,468,009 10,452,921

Massachusetts .............................. 108,049,205 8,786,713 97,226,545 75,455,947 20,350,265

Michigan ........................................ 77,948,414 6,312,321 70,295,550 56,717,948 12,738,754

Minnesota ...................................... 106,927,808 24,329,664 79,347,688 69,141,751 9,573,866

Mississippi ..................................... 11,468,660 747,840 10,507,791 7,974,384 2,434,395

Missouri ......................................... 64,112,504 8,473,144 54,101,726 45,172,090 8,017,083

Montana ........................................ 5,805,098 214,131 5,538,068 3,755,432 1,707,125

Nebraska ....................................... 25,103,770 6,870,025 18,026,855 13,212,728 3,317,614

Nevada .......................................... 18,450,072 867,208 17,264,613 10,660,826 5,243,614

New Hampshire ............................. 11,314,985 296,413 10,749,228 8,017,216 2,410,430

New Jersey ................................... 153,917,572 36,256,100 114,834,184 93,307,132 20,210,034

New Mexico ................................... 8,969,666 248,014 8,519,028 6,294,578 2,131,010

New York ....................................... 269,716,999 30,839,677 233,878,379 171,803,055 57,806,300

North Carolina ............................... 78,736,401 10,807,290 67,278,363 55,372,577 11,123,355

North Dakota ................................. 7,711,243 353,450 7,263,315 4,828,692 2,381,894

Ohio ............................................... 140,981,150 14,649,198 121,379,888 106,063,345 13,817,331

Oklahoma ...................................... 33,942,286 3,330,908 25,554,628 18,930,641 5,766,006

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2015 

20 

TABLE FFO-5—Internal Revenue Receipts by State, 2015, continued 

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

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

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 31,219,148 1,989,938 28,153,829 22,221,724 5,630,003

Pennsylvania ................................. 136,108,810 16,095,757 115,272,208 94,451,811 18,909,565

Rhode Island ................................. 14,373,318 3,527,526 10,672,687 8,891,464 1,530,086

South Carolina .............................. 24,086,257 1,731,619 21,934,428 16,698,335 5,006,654

South Dakota ................................ 7,732,138 552,853 7,118,323 3,945,697 2,085,524

Tennessee .................................... 62,708,662 7,004,232 54,104,159 45,471,936 8,169,341

Texas ............................................. 279,904,425 32,083,819 226,945,577 165,876,063 55,270,390

Utah ............................................... 20,178,718 1,312,427 18,109,139 13,899,642 3,961,368

Vermont ......................................... 4,495,280 359,193 4,097,342 3,110,771 936,599

Virginia .......................................... 80,242,853 11,776,145 67,798,667 52,692,491 13,734,747

Washington ................................... 73,334,437 6,289,483 65,551,576 50,681,106 14,182,281

West Virginia ................................. 7,374,299 349,649 6,892,438 5,294,254 1,537,854

Wisconsin ...................................... 51,748,831 5,724,903 45,199,884 36,351,304 8,003,093

Wyoming ....................................... 5,284,146 208,550 4,855,460 2,576,916 2,051,428

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 726,246 4,423 718,698 503,632 159,809

Puerto Rico ................................... 3,524,557 119,404 3,314,761 2,928,542 360,799

International .................................. 11,875,848 1,873,812 9,576,681 4,868,656 4,653,888

Undistributed 5 ............................... 2,630,471 388,384 1,778,323 2,063,656 -303,362

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2015 

21

TABLE FFO-5—Internal Revenue Receipts by State, 2015, continued 

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

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 1

(11) 

United States, total 4 ........................ 9,107,884 6,432,497 33,445,382 17,952,938 2,089,101 77,201,882 

Alabama ............................................. 65,454 3,415 149,575 80,705 6,397 356,844 

Alaska ................................................. 12,246 2,248 75,041 9,809 - 50,913 

Arizona ............................................... 116,673 1,989 341,781 216,829 8,996 1,495,694 

Arkansas ............................................ 146,877 2,609 230,439 158,846 1,527 731,816 

California ............................................ 1,648,453 20,912 2,670,857 4,102,218 -57,033 4,684,989 

Colorado ............................................. 109,190 17,435 359,002 305,579 3,681 827,703 

Connecticut ........................................ 185,798 4,179 854,559 277,489 72,421 1,331,438 

Delaware ............................................ 35,100 56,656 946,185 33,383 914 291,575 

District of Columbia ............................ 17,004 505,035 63,704 51,248 3,202 14,928 

Florida ................................................ 463,255 862,879 2,255,655 1,614,178 206,345 1,745,724 

Georgia ............................................... 248,935 2,312 388,506 285,422 49,913 3,293,823 

Hawaii ................................................. 17,244 - 73,858 35,687 985 240,311 

Idaho .................................................. 36,479 866 77,931 51,178 1,696 73,465 

Illinois ................................................. 333,183 285,348 3,092,583 918,517 124,802 3,984,902 

Indiana ................................................ 284,829 14,492 212,292 126,157 91,074 2,052,943 

Iowa .................................................... 51,121 6,442 74,794 89,739 4,444 352,536 

Kansas ............................................... 66,719 176,892 192,649 85,477 5,605 1,678,450 

Kentucky............................................. 155,505 13,520 139,990 238,317 6,776 1,022,087 

Louisiana ............................................ 70,766 4,834 207,856 228,782 3,875 606,357 

Maine .................................................. 20,018 3,620 75,569 23,052 1,178 186,769 

Maryland............................................. 109,611 14,519 593,737 246,439 39,259 395,512 

Massachusetts ................................... 187,588 36,880 1,195,864 416,687 56,255 1,563,006 

Michigan ............................................. 207,467 65,641 565,740 439,688 363,211 537,645 

Minnesota ........................................... 203,403 100,449 328,218 162,423 18,866 3,069,166 

Mississippi .......................................... 29,801 1,330 67,881 49,718 2,745 160,567 

Missouri .............................................. 145,699 92,951 673,904 257,948 13,053 1,266,634 

Montana ............................................. 14,658 27,263 33,589 18,290 680 33,928 

Nebraska ............................................ 38,746 1,334,281 123,487 71,679 7,588 127,623 

Nevada ............................................... 45,323 59 1,314,791 171,421 11,379 135,452 

New Hampshire .................................. 23,110 67 298,406 65,645 1,444 202,254 

New Jersey ........................................ 254,994 143,725 918,300 477,943 62,381 2,286,963 

New Mexico ........................................ 20,093 75 73,271 31,761 1,192 169,672 

New York ............................................ 813,980 497,613 2,957,431 1,930,823 505,683 2,562,437 

North Carolina .................................... 366,967 8,276 407,189 287,094 10,790 352,865 

North Dakota ...................................... 14,991 6,975 30,764 30,837 223 63,418 

Ohio .................................................... 568,581 27,115 903,516 458,442 26,753 4,466,869 

Oklahoma ........................................... 72,354 2,986 782,641 147,767 5,193 4,903,789 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2015 

22 

TABLE FFO-5—Internal Revenue Receipts by State, 2015, continued 

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

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 1

(11) 

Oregon ............................................... 79,540 39,353 183,210 77,043 22,434 975,904

Pennsylvania ...................................... 302,499 72,876 1,535,457 805,603 69,714 3,865,528

Rhode Island ...................................... 33,981 14 217,141 61,478 4,297 107,330

South Carolina ................................... 64,444 1,634 163,361 99,829 1,617 318,765

South Dakota ..................................... 12,337 1,372 1,073,393 13,905 672 46,385

Tennessee ......................................... 190,507 2,567 269,808 106,739 17,561 1,475,970

Texas .................................................. 577,172 1,156,475 4,065,477 1,167,572 115,516 19,591,942

Utah .................................................... 56,298 5,225 186,606 34,006 6,836 716,310

Vermont .............................................. 9,406 2,493 38,074 9,567 17 29,161

Virginia ............................................... 165,538 787,547 418,344 391,048 18,837 258,156

Washington ........................................ 194,339 10,875 482,975 160,935 86,854 1,245,589

West Virginia ...................................... 17,133 731 42,466 51,035 119 81,058

Wisconsin ........................................... 141,664 3,197 700,626 223,190 19,817 581,036

Wyoming ............................................ 8,417 869 217,830 117,277 14,929 87,930

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 3,172 - 52,084 - 3 3,121

Puerto Rico ....................................... 24,342 - 1,078 3,083 55 87,254

International ...................................... 6,853 1,384 45,900 98,782 7,484 319,089

Undistributed 5 ................................... 18,029 -1 - 334,628 38,846 90,289

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

Tobacco Tax and Trade Bureau. 

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

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

3

 Collections of with-held individual income tax are not reported by taxpayers separately from 

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

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

Thus, while aggregate figures that show these amounts separately are presented in Table 1, 

separate amounts are not available by State. 

4

 Excludes refunds credited to taxpayer accounts for tax liability in a subsequent year. 5 Includes tax and excess withholding payments not classified by State as of the end of the 

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

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

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

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

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

include these profits or losses on their income tax returns. 

Note—This table shows gross collections. Gross collections less refunds and net 

collections. Collection and refund data may not be comparable for a given fiscal 

year, because payments made in prior years may be refunded in the current 

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

result in negative amounts when such adjustments exceed current-year 

collections. 

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

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

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

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

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

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

withheld and reported by employers located near a State boundary might include 

substantial amounts withheld from salaries of employees who reside in a 

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

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

more other State(s). 

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

December 2015

23

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

by Districts and Ports 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

 

Headquarters: 

Revenue Division, Indianapolis, IN.............................. $2,360,926,719.73

 

Preclearance, Washington, DC: 

USCBP Abu Dhabi, Preclearance, 

 Washington, DC ............................. 07543 .............. 77,584.78

USCBP Vancouver, Preclearance, 

 Washington, DC ............................. 37922 .............. 869,197.27

USCBP Calgary, Preclearance, 

 Washington, DC ............................ 37923 .............. 1,267,068.98

USCBP Edmonton, 

 Preclearance, Washington, DC ...... 37924 .............. 857,239.05

USCBP Montreal, Preclearance, 

 Washington, DC ............................ 37925 .............. 975,495.94

USCBP Toronto, Preclearance, 

 Washington, DC ............................ 37926 .............. 2,549,032.75

USCBP Winnipeg, Preclearance, 

 Washington, DC ............................ 37928 .............. 323,390.34

USCBP Ottawa, Preclearance, 

 Washington, DC ............................ 37929 .............. 314,635.12

USCBP Victoria, Preclearance, 

 Washington, DC ............................ 37930 .............. 111,630.00

USCBP Halifax NS, Preclearance, 

 Washington, DC ............................ 37931 .............. 91,331.61

USCBP St. Thomas, 

 Preclearance, VI............................ 47401 .............. 302,554.64

USCBP St. Croix, 

 Preclearance, VI............................ 47404 .............. 169,032.57

USCBP Bermuda, Preclearance, 

 Washington, DC ............................ 47421 .............. 62,460.58

USCBP Freeport Preclearance, 

 Washington, DC ............................ 47422 .............. 3,396.00

USCBP Nassau, Preclearance, 

 Washington, DC ............................ 47423 .............. 123,511.82

USCBP Aruba, Preclearance, 

 Washington, DC ............................ 47424 .............. 121,921.02

Dublin, IE, Preclearance, 

 Washington, DC ............................ 57541 .............. 71,913.62

Shannon, IE, Preclearance, 

 Washington, DC ............................ 57542 .............. 5,339.24

Total District ........................................................... 8,296,735.33

 

Portland, Maine: 

Portland, ME .................................... 10101 .............. 45,260,421.94

Bangor, ME ...................................... 10102 .............. 305,614.02

Eastport, ME .................................... 10103 .............. 50,087.10

Jackman, ME ................................... 10104 .............. 610,452.95

Vanceboro, ME ................................ 10105 .............. 3,515,221.56

Houlton, ME ..................................... 10106 .............. 3,257,421.85

Fort Fairfield, ME.............................. 10107 .............. 25,976.73

Van Buren, ME................................. 10108 .............. 122,623.10

Madawaska, ME............................... 10109 .............. 72,586.78

Fort Kent, ME................................... 10110 .............. 15,263.16

Calais, ME........................................ 10115 .............. 4,799,345.74

Limestone, ME ................................. 10118 .............. 1,024.22

Bridgewater, ME............................... 10127 .............. 9,533.27

Portsmouth, NH................................ 10131 .............. 1,242,747.83

Belfast, ME....................................... 10132 .............. 3,643,700.40

Manchester Airport, NH ...................... 10182 .............. 218,772.88

Total District ........................................................... 63,150,793.53

 

St. Albans, Vermont: 

St. Albans, VT ........................................ 10201 .............. 844,037.49

Richford, VT ........................................... 10203 .............. 26,626.01

Beecher Falls, VT .................................. 10206 .............. 18,761.93

Burlington, VT ........................................ 10207 .............. 90,053.14

Derby Line, VT ....................................... 10209 .............. 5,175,696.76

Norton, VT .............................................. 10211 .............. 1,537,232.00

Highgate Springs/Alburg, VT ................ 10212 .............. 48,739,372.36

Total District ........................................................... 56,431,779.69

Boston, Massachusetts: 

Boston, MA ....................................... 10401 .............. 245,454,333.80

Springfield, MA ................................. 10402 .............. 8,509.19

Worcester, MA ................................. 10403 .............. 13,193,120.41

Gloucester, MA ................................ 10404 .............. 3,574.69

New Bedford, MA ............................. 10405 .............. 7,912,222.43

Fall River, MA ................................... 10407 .............. 25.00

Salem, MA ........................................ 10408 .............. 3,780,503.72

Bridgeport, CT .................................. 10410 .............. 1,991,155.45

Hartford, CT ..................................... 10411 .............. 9,074,020.97

New Haven, CT ................................ 10412 .............. 7,089,127.15

New London, CT .............................. 10413 .............. 195,365.19

Lawrence, MA .................................. 10416 .............. 266,409.29

Logan Airport, MA ............................ 10417 .............. 90,836,852.72

Hanscom User Fee Airport, MA ....... 10481 .............. 288,778.89

Total District ........................................................... 380,093,998.90 

 

Providence, Rhode Island: 

Newport, RI ...................................... 10501 .............. 24,436.10

Providence, RI .................................. 10502 .............. 159,952,435.51

Total District ........................................................... 159,976,871.61

 

Ogdensburg, New York: 

Ogdensburg, NY .............................. 10701 .............. 4,267,236.46

Massena, NY.................................... 10704 .............. 2,282,001.39

Alexandria Bay, NY .......................... 10708 .............. 22,065,977.70

Champlain-Rouses Point, NY .......... 10712 .............. 126,154,705.18

Trout River, NY ................................ 10715 .............. 5,125,056.40

Total District ........................................................... 159,894,977.13 

 

Buffalo, New York:

Buffalo-Niagara Falls, NY ................ 10901 .............. 340,010,463.20

Rochester, NY .................................. 10903 .............. 4,636,208.12

Oswego, NY ..................................... 10904 .............. 334,571.93

Syracuse, NY ................................... 10906 .............. 3,345,923.49

Binghamton Regional Airport, NY ...... 10981 .............. 131,796.68

Total District ........................................................... 348,458,963.42

 

Philadelphia, Pennsylvania: 

Philadelphia, PA ............................... 11101 .............. 284,642,492.78

Chester, PA ...................................... 11102 .............. 82,518,001.01

Wilmington, DE ................................ 11103 .............. 26,192,744.13

Pittsburgh, PA .................................. 11104 .............. 54,413,400.10

Wilkes-Barre/Scranton, PA .............. 11106 .............. 3,799,720.19

Philadelphia International

 Airport, PA ..................................... 11108 .............. 34,737,208.18

Harrisburg, PA .................................. 11109 .............. 35,452,143.06

Allentown, PA ................................... 11119 .............. 14,364,175.12

Atlantic City Airport, NJ .................... 11182 .............. 128,542.90

 
FEDERAL FISCAL OPERATIONS 

December 2015

24 

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

 

Philadelphia, Pennsylvania, continued 

Trenton/Mercer CTY Airport, PA.... 11183...................... 156,075.60

UPS HUB, Philadelphia, PA........... 11195...................... 41,852,781.91

Total District ............................................................... 578,257,284.98

 

Baltimore, Maryland: 

Baltimore, MD ................................ 11303...................... 820,013,889.39

BWI Airport, MD ............................. 11305...................... 5,505,766.12

Total District ............................................................... 825,519,655.51

New York, New York: 

New York, NY................................. 21001...................... 368,863,667.20

Albany, NY ..................................... 21002...................... 2,142,993.05

New York/Newark Area, NJ ........... 24601...................... 5,755,843,735.68

Perth Amboy, NJ ............................ 24602...................... 11,495,099.27

UPS, Newark, NJ ........................... 24670...................... 29,449,505.35

Federal Express ECCF, NJ............ 24671...................... 47,570,773.07

Morristown Airport, NJ ................... 24681...................... 214,961.73

John F. Kennedy Airport, NY ......... 24701...................... 1,091,441,833.40

Jamaica, NY (Inactive)................... 24770...................... 102.00

NYACC, NY.................................... 24771...................... 8,243,715.02

DHL Airways, NY ........................... 24772...................... 20,194,579.38

Micom, NY...................................... 24773...................... 5,261,643.68

IBC, NY .......................................... 24774...................... 512.95

Jamaica, NY (Inactive)................... 24775...................... 3,887.91

Jamaica, NY (Inactive)................... 24777...................... 1,823.83

TNT Skypak., NY ........................... 24778...................... 7,262,738.86

Total District ............................................................... 7,347,991,572.38

 

Great Falls, Montana: 

Raymond, MT................................. 33301...................... 550,106.57

Eastport, ID .................................... 33302...................... 9,677,125.54

Salt Lake City, UT .......................... 33303...................... 68,800,346.63

Great Falls, MT .............................. 33304...................... 1,669,779.36

Butte, MT........................................ 33305...................... 40,943.96

Turner, MT ..................................... 33306...................... 26,298.61

Denver, CO .................................... 33307...................... 104,267,609.28

Porthill, ID....................................... 33308...................... 944,491.46

Scoby, MT ...................................... 33309...................... 9,164.94

Sweetgrass, MT ............................. 33310...................... 25,627,267.27

Piegan, MT..................................... 33316...................... 251,549.98

Opheim, MT ................................... 33317...................... 4,122.50

Roosville, MT ................................. 33318...................... 138,915.90

Morgan, MT.................................... 33319...................... 322,956.11

Whitlash, MT .................................. 33321...................... 8,163.46

Del Bonita, MT ............................... 33322...................... 16,957.69

Wildhorse, MT................................ 33323...................... 18,565.33

Kalispell, MT................................... 33324...................... 970.00

Willow Creek, MT........................... 33325...................... 2,474.96

JEFFCO User Fee Airport, CO..... 33383...................... 148,265.34

Centennial Airport, CO................... 33384...................... 167,767.95

Eagle County Regional 

 Airport, CO .................................. 33385 ...................... 154,729.58

Bozeman Yellowstone, MT ............ 33386...................... 133,251.99

Total District ................................................................ 212,981,824.41

 

Pembina, North Dakota: 

Pembina, ND.................................. 33401...................... 23,488,060.90

Portal, ND....................................... 33403...................... 10,968,420.16

Neche, ND...................................... 33404...................... 57,413.65

 

Pembina, North Dakota, continued:

St. John, ND................................... 33405...................... 2,370.25

Northgate, ND ................................ 33406...................... 19,238.32

Walhalla, ND .................................. 33407...................... 45,891.60

Hannah, ND ................................... 33408...................... 227.25

Sarles, ND...................................... 33409...................... 1,371.50

Fargo In’tl Airport, ND .................... 33411...................... 114,728.68

Antler, ND....................................... 33413...................... 2,217.75

Sherwood, ND................................ 33414...................... 243,027.39

Hansboro, ND ................................ 33415...................... 4,934.75

Maida, ND ...................................... 33416...................... 2,282.25

Fortuna, ND.................................... 33417...................... 23,745.90

Westhope, ND................................ 33419...................... 7,907.80

Noonan, ND ................................... 33420...................... 12,576.37

Carbury, ND ................................... 33421...................... 6,762.50

Dunseith, ND.................................. 33422...................... 788,383.79

Warroad, MN.................................. 33423...................... 43,044.68

Baudette, MN ................................. 33424...................... 40,806.86

Pinecreek, MN................................ 33425...................... 2,238.00

Roseau, MN ................................... 33426...................... 90,956.96

Grand Forks Airport, ND ................ 33427...................... 7,581.72

Lancaster, MN................................ 33430...................... 23,093.15

Total District ............................................................... 35,997,282.18

Minneapolis, Minnesota:

Minneapolis-St. Paul, MN .............. 33501...................... 203,438,398.31

Sioux Falls, SD............................... 33502...................... 29,252.75

Duluth, MN ..................................... 33510...................... 1,980,998.97

Omaha, NE ................................... 33512...................... 62,163,103.09

Des Moines, IA............................... 33513...................... 3,389,580.29

Rochester, MN ............................... 33581...................... 151,070.44

Total District ............................................................... 271,152,403.85

International Falls, Minnesota:

International Falls, MN................... 33604...................... 13,470,501.94

Grand Portage, MN........................ 33613...................... 837,309.95

Total District ............................................................... 14,307,811.89

Milwaukee, Wisconsin:

Milwaukee, WI................................ 33701...................... 42,561,089.06

Green Bay, WI................................ 33703...................... 655,661.29

Racine, WI...................................... 33708...................... 171,607.07

Total District ............................................................... 43,388,357.42

Detroit, Michigan:

Detroit, MI....................................... 33801...................... 551,325,495.97

Port Huron, MI................................ 33802...................... 116,136,927.98

Sault Sainte Marie, MI.................... 33803...................... 1,515,020.29

Saginaw Bay City, MI..................... 33804...................... 35,326.25

Battle Creek, MI ............................. 33805...................... 3,596,434.90

Grand Rapids, MI........................... 33806...................... 38,263,637.58

Detroit Metropolitan Airport, MI...... 33807...................... 67,140,514.43

Algonac, MI .................................... 33814...................... 4,148.75

Oakland County Int’l Airport, MI......... 33881...................... 301,639.26

Willow Run Airport, MI ................... 33882...................... 386,323.89

Capital Region Int’l Airport, MI ....... 33883...................... 390,771.28

Total District ............................................................... 779,096,240.58

Chicago, Illinois:

Chicago, IL ..................................... 33901...................... 2,238,317,139.35

Peoria, IL........................................ 33902...................... 21,833,885.58
FEDERAL FISCAL OPERATIONS 

December 2015

25

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

 

Chicago, Illinois, continued: 

Davenport-Rock Island, IL ................ 33908................... 139,472.99

Rockford Airport, IL ........................ 33909................... 30,980,853.74

Midway Int'l Airport, IL.................... 33910................... 222,353.87

ECCF TNT, Chicago, IL ................. 33971................... 187,268.42

Waukegan Airport, IL ..................... 33981................... 143,982.73

Chicago Executive Airport, IL......... 33983................... 170,145.49

Dupage Airport Authority, IL........... 33984................... 150,545.17

Decatur Airport, IL.......................... 33985................... 128,520.93

Total District ............................................................. 2,292,274,168.27

 

Cleveland, Ohio: 

Cleveland, OH................................ 34101................... 205,659,739.22

Cincinnati, OH.................................... 34102................... 218,130,428.44

Columbus, OH................................ 34103................... 832,462,748.10

Dayton, OH .................................... 34104................... 9,434,027.90

Toledo, OH..................................... 34105................... 8,196,372.18

Erie, PA .......................................... 34106................... 2,863,594.02

Indianapolis, IN .............................. 34110................... 126,250,741.01

Louisville, KY.................................. 34115................... 241,974,791.54

Owensboro-Evansville, IN.............. 34116................... 32,885,879.12

Ashtabula/Conneaut, OH............... 34122................... 320,020.47

Fort Wayne Airport, IN ................... 34183................... 167,139.58

Blue Grass Airport, KY................... 34184................... 157,368.74

Toledo, OH (Inactive)..................... 34192................... 8,876.31

Wilmington, OH (Inactive).............. 34194................... 3,899.41

Vandalia, OH (Inactive).................. 34195................... 48,655.00

UPS Courier Louisville, KY ............ 34196................... 308,415,751.48

DHL Courier, OH............................ 34197................... 150,920,101.38

Federal Express Hub, IN................ 34198................... 41,894,122.20

Total District ......................................................... 2,179,794,256.10

 

St. Louis, Missouri: 

Kansas City, MO............................ 34501................... 230,383,649.71

St. Louis, MO ................................. 34503................... 158,553,321.82

Wichita, KS..................................... 34504................... 150,242,985.99

Springfield, MO .............................. 34505................... 9,641,002.76

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

Total District ............................................................. 548,944,398.28

 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901................... 502,716.82

Fajardo, PR.................................... 44904................... 4,280,153.03

Mayaguez, PR................................ 44907................... 132,181.49

Ponce, PR...................................... 44908................... 4,880,746.74

San Juan, PR................................. 44909................... 98,867,505.81

San Juan Int'l Airport, PR............... 44913................... 8,519,128.69

Total District ............................................................. 117,182,432.58

 

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101................... 7,917,966.33

Cruz Bay, VI ................................... 45102................... 334,353.05

Christiansted, VI............................. 45104................... 4,063,476.35

Total District ............................................................. 12,315,795.73

 

Miami, Florida: 

Miami, FL........................................ 45201................... 598,219,868.37

Key West, FL.................................. 45202................... 121,846.43

Port Everglades, FL ....................... 45203................... 259,510,263.18

West Palm Beach, FL .................... 45204................... 3,948,091.01

Miami, Florida, continued:

Fort Pierce, FL ............................... 45205................... 147,598.95

Miami Int'l Airport, FL ..................... 45206................... 133,656,653.95

Fort Lauderdale Int'l Airport, FL ..... 45210................... 483,398.69

Miami Int’l Airport UPS, FL (Inactive)....... 45273................... 2,073.42

UPS Miami Int'l Airport, FL............. 45295................... 394,386.75

DHL Worldwide Express, FL.......... 45296................... 4,367,226.64

FEDEX Courier Hub Miami, FL...... 45297................... 2,286,594.39

IBC Courier Hub Miami, FL............ 45298................... 156,721.15

Miami Seaport ALT, FL .................. 45299................... 2,090,655.77

Total District ............................................................. 1,005,385,378.70

Washington, DC: 

Washington, DC............................. 45401................... 37,790,723.43

Total District ............................................................. 37,790,723.43

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401................... 1,086,908,394.75

Newport News, VA (Inactive)......... 41402................... 18,351.95

Richmond-Petersburg, VA ............. 41404................... 7,437,578.92

Charleston, WV.............................. 41409................... 16,871,649.91

Front Royal, VA.............................. 41410................... 1,282.24

New River Valley Airport, VA ......... 41412................... 22,767,118.17

Total District ............................................................. 1,134,004,375.94

Charlotte, North Carolina:

Wilmington, NC .............................. 41501................... 143,387,055.33

Winston Salem, NC........................ 41502................... 34,700,106.48

Durham, NC ................................... 41503................... 17,152,059.67

Beaufort-Morehead City, NC.......... 41511................... 784,023.13

Charlotte, NC ................................. 41512................... 110,144,131.65

Charlotte-Monroe, NC.................... 41581................... 258.52

Total District ............................................................. 306,167,634.78

Charleston, South Carolina:

Charleston, SC............................... 41601................... 1,070,186,769.59

Georgetown, SC............................. 41602................... 6,231.82

Greenville-Spartanburg, SC............. 41603................... 221,614,767.08

Columbia, SC................................. 41604................... 1,419,776.44

Myrtle Beach Int’l Airport, SC ........... 41681................... 137,171.12

Total District ............................................................. 1,293,364,716.05

Savannah, Georgia:

Brunswick, GA................................ 41701................... 338,946,030.89

Savannah, GA................................ 41703................... 2,308,221,946.09

Atlanta, GA..................................... 41704................... 586,451,969.99

Total District ............................................................. 3,233,619,946.97

Tampa, Florida:

Tampa, FL...................................... 41801................... 64,369,840.99

Jacksonville, FL.............................. 41803................... 404,286,260.31

Fernandina Beach, FL ................... 41805................... 72,963.03

Orlando, FL .................................... 41808................... 16,852,084.92

Orlando Sanford Airport, FL........... 41809................... 273,254.56

St. Petersburg, FL.......................... 41814................... 17,889.77

Port Canaveral, FL......................... 41816................... 6,638,687.45

Panama City, FL ............................ 41818................... 9,820,257.22

Pensacola, FL ................................ 41819................... 985,566.71

Port Manatee, FL ........................... 41821................... 34,190,410.19

Ft. Myers, FL .................................. 41822................... 157,776.09
FEDERAL FISCAL OPERATIONS 

December 2015

26 

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

 

Tampa, Florida, continued: 

Naples Municipal Airport, FL.......... 41880........................ 268,551.10

Sarasota Bradenton Airport, FL ..... 41883........................ 165,871.08

Daytona Beach, Int’l Airport, FL..... 41884........................ 151,893.51

Melbourne Airport, FL .................... 41885........................ 157,816.25

Leesburg Regional Airport, FL....... 41887........................ 130,975.05

Orlando Executive Airport, FL........ 41888........................ 149,386.68

St. Augustine Airport UFA, FL........ 41889........................ 140,692.05

Total District .................................................................. 538,830,176.96

 

Mobile, Alabama: 

Mobile, AL ...................................... 51901........................ 76,518,671.74

Gulfport, MS................................... 51902........................ 21,145,535.59

Pascagoula, MS............................. 51903........................ 2,780,679.60

Birmingham, AL.............................. 51904........................ 61,853,335.77

Huntsville, AL ................................. 51910........................ 35,256,392.99

Total District .................................................................. 197,554,615.69

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001........................ 7,231,151.84

New Orleans, LA............................ 52002........................ 230,080,305.54

Little Rock, AR ............................... 52003........................ 1,486,146.59

Baton Rouge, LA............................ 52004........................ 13,194,010.17

Memphis, TN.................................. 52006........................ 438,590,726.75

Nashville, TN.................................. 52007........................ 142,964,302.26

Chattanooga, TN............................ 52008........................ 7,427,901.81

Gramercy, LA................................. 52010........................ 18,525,566.06

Vicksburg, MS................................ 52015........................ 38,039,182.57

Knoxville, TN.................................. 52016........................ 53,187,493.22

Lake Charles, LA............................ 52017........................ 2,994,115.97

Shreveport/Bossier City, LA........... 52018........................ 171,798.39

Port of Tri-Cities, TN........................... 52027........................ 1,999,572.97

TRI City Airport, Blountville, TN .... 52082........................ 118,926.55

Rogers Municipal Airport, AR......... 52084........................ 136,688.99

FEDEX Courier, Memphis, TN .......... 52095........................ 416,492,323.35

Memphis, TN Cartage-CNTL............. 52098........................ 5,471.98

Total District .................................................................. 1,372,645,685.01

 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101........................ 15,332,552.82

Orange, TX..................................... 62103........................ 65.02

Beaumont, TX ................................ 62104........................ 730,272.26

Blythe Border Patrol, CA................ 62151........................ 619,576.00

Yuma Border Patrol, AZ................. 62152........................ 25,957.57

Wellton Border Patrol, AZ .............. 62153........................ 14,276.04

Total District .................................................................. 16,722,699.71

 

Laredo, Texas: 

Border Patrol Sector HQ, 

 Laredo, TX .................................. 62250 ........................ 281,032.43

Brownsville, TX .............................. 62301........................ 28,964,278.69

Del Rio, TX..................................... 62302........................ 7,112,327.45

Eagle Pass, TX .............................. 62303........................ 198,003,228.17

Laredo, TX ..................................... 62304........................ 497,635,380.71

Hidalgo, TX .................................... 62305........................ 83,154,392.66

Rio Grande City, TX....................... 62307........................ 289,154.37

Progreso, TX.................................. 62309........................ 1,107,645.71

Roma, TX ....................................... 62310........................ 336,286.01

Border Patrol Sector HQ, TX ......... 62350........................ 78,536.42

Comstock Border Patrol, TX .......... 62351........................ 8,525.00

 

Laredo, Texas, continued:

Carrizo Springs Border 

 Patrol, TX .................................... 62352 ........................ 23,977.56

Del Rio Border Patrol, TX .............. 62353........................ 6,010.04

Eagle Pass Border Patrol, TX........ 62354........................ 1,507.93

Brackettville Border Patrol, TX....... 62355........................ 5,500.00

Uvalde Border Patrol, TX............... 62356........................ 8,139.09

Border Patrol Sector HQ, TX ......... 62361........................ 30,284.00

Valley Int'l Airport UFA, TX ............ 62383........................ 312,234.99

Total District .................................................................. 817,358,441.23

El Paso, Texas:

El Paso, TX .................................... 62402........................ 198,171,654.08

Presidio, TX.................................... 62403........................ 743,157.42

Fabens, TX..................................... 62404........................ 29,625.82

Columbus, NM ............................... 62406........................ 251,438.40

Albuquerque, NM........................... 62407........................ 712,251.28

Santa Teresa, NM.......................... 62408........................ 24,318,157.74

Truth or Cons Border Patrol 

Station, NM .................................... 62452 ........................ 443.92

Total District .................................................................. 224,226,728.66

Nogales, Arizona:

Douglas, AZ ................................... 62601........................ 2,736,519.23

Lukeville, AZ................................... 62602........................ 178,697.43

Naco, AZ ........................................ 62603........................ 136,698.80

Nogales, AZ ................................... 62604........................ 87,675,780.80

Phoenix, AZ.................................... 62605........................ 36,568,147.61

Sasabe, AZ .................................... 62606........................ 8,715.00

San Luis, AZ................................... 62608........................ 8,897,584.51

Tucson, AZ..................................... 62609........................ 3,376,173.77

Border Patrol Sector HQ, AZ ......... 62650........................ 77,983.93

Casa Grande Border Patrol, AZ..... 62651........................ 9,805.70

Tucson Border Patrol, AZ .............. 62652........................ 20,141.39

Nogales Border Patrol, AZ............. 62653........................ 39,884.19

Willcox Border Patrol, AZ............... 62654........................ 18,708.87

Douglas Border Patrol, AZ............. 62655........................ 16,782.00

Ajo Border Patrol, AZ ..................... 62656........................ 37,994.25

Naco Border Patrol, AZ.................. 62657........................ 8,920.16

Sonoita Border Patrol, AZ.............. 62658........................ 10,029.06

Scottsdale User Fee Airport, AZ .... 62681........................ 140,088.45

Williams Gateway Airport, AZ ........ 62682........................ 141,102.48

Total District .................................................................. 140,099,757.63

Houston, Texas:

Houston, TX ................................... 65301........................ 1,369,562,888.69

Houston George Bush

 Intercontinental Airport, TX ......... 65309 ........................ 79,489,731.95

Galveston, TX ................................ 65310........................ 18,509,846.77

Freeport, TX................................... 65311........................ 8,193,619.13

Corpus Christi, TX.......................... 65312........................ 11,373,151.79

Port Lavaca, TX ............................. 65313........................ 501,838.06

Border Patrol Sector HQ, TX ......... 65350........................ 109,832.60

Mercedes (Weslaco) Border

 Patrol, TX .................................... 65351 ........................ 43,937.00

Falfurrias Border Patrol, TX ........... 65352........................ 321,968.55

Rio Grande City Border Patrol, TX.... 65353........................ 83,030.00

McAllen Border Patrol, TX ............. 65354........................ 38,572.00

Brownsville Border Patrol, TX........ 65355........................ 10,483.96

Harlingen Border Patrol, TX........... 65356........................ 4,500.00
FEDERAL FISCAL OPERATIONS 

December 2015

27

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

 

Houston, Texas, continued: 

Kingsville Border Patrol, TX ............. 65357...................... 107,708.47

Ft. Brown Border Patrol, TX ............. 65358...................... 10,150.00

Corpus Christi, TX (Inactive) ............ 65359...................... 18,820.00

Sugar Land Regional AP, TX ........... 65381...................... 164,980.95

Total District................................................................... 1,488,545,059.92

 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX ......................... 65501...................... 647,669,925.12

Amarillo, TX ...................................... 65502...................... 41,767.58

Lubbock, TX...................................... 65503...................... 207,059.98

Oklahoma City, OK........................... 65504...................... 6,348,472.54

Tulsa, OK.......................................... 65505...................... 10,628,910.27

Austin, TX ......................................... 65506...................... 3,025,724.76

San Antonio, TX ............................... 65507...................... 20,826,586.76

Border Patrol Sector HQ, TX............ 65550...................... 23,429.88

Lubbock Border Patrol, TX............... 65551...................... 1,500.00

Presidio Border Patrol, TX................ 65553...................... 2,587.50

Marfa Border Patrol, TX.................... 65554...................... 9,900.00

Fort Stockton, TX.............................. 65556...................... 16,450.00

Sanderson Border Patrol, TX ........... 65557...................... 500.00

Sierra Blanca Border Patrol, TX....... 65560...................... 47,460.31

Van Horn Border Patrol, TX ............. 65561...................... 3,207.50

Midland Int’l Airport, TX.................... 65582...................... 140,764.75

Fort Worth Alliance Airport, TX......... 65583...................... 132,572.68

Addison Airport, TX .......................... 65584...................... 170,510.13

Collin County Regional Airport, TX..... 65585...................... 128,826.21

Kelly Field Annex, TX............................ 65587...................... 123,438.00

Dallas Love Field (DAL), TX ................. 65588...................... 220,268.45

Total District................................................................... 689,769,862.42

 

San Diego, California:

San Diego, CA.................................. 72501...................... 172,221,398.32

Andrade, CA ..................................... 72502...................... 176,412.29

Calexico, CA..................................... 72503...................... 50,614.53

San Ysidro, CA................................. 72504...................... 4,233,196.85

Tecate, CA........................................ 72505...................... 1,737,020.62

Otay Mesa, CA ................................. 72506...................... 148,220,058.18

Calexico-East, CA ............................ 72507...................... 27,370,658.44

McClellan-Palomar Airport, CA ....... 72581...................... 268,802.99

Total District................................................................... 354,278,162.22

 

Los Angeles, California: 

Los Angeles, CA ............................... 72704 ...................... 10,287,215,185.00

San Luis Harbor, CA ......................... 72707 ...................... 1,039.00

Long Beach, CA ............................... 72709 ...................... 137,445.85

Port Hueneme, CA ........................... 72713 ...................... 116,028,373.71

Los Angeles Int’l Airport, CA ............... 72720 ...................... 767,791,288.50

Las Vegas, NV .................................. 72722 ...................... 23,172,057.48

DHL Los Angeles, CA........................... 72770...................... 2,970.34

TNT Express Worldwide, CA ............ 72775 ...................... 756,064.33

Int'l Bonded Couriers, CA ................. 72776 ...................... 894,819.62

Micom, CA ........................................ 72777...................... 1,518,867.24

Palm Springs User Fee, CA ............. 72781...................... 182,036.32

San Bernardino U.F. Airport, CA...... 72782...................... 130,469.45

So. California Logistics Airport, CA....... 72783...................... 1,661,394.06

Meadows Field Airport, CA............... 72786...................... 2,208,724.99

72787 Los Angeles, CA.................... 72787...................... 1,365,854.01

 

Loa Angeles, California, continued:

DHL HUB, CA................................... 72791...................... 33,961,193.33

UPS Ontario, Los Angeles, CA ........ 72795...................... 28,427,440.93

Total District............................................................. 11,265,455,224.16

San Francisco, California:

San Francisco Int'l Airport, CA ......... 72801...................... 137,904,775.42

Eureka, CA ....................................... 72802...................... 10,825.88

Fresno, CA........................................ 72803...................... 108,525,169.12

San Francisco, CA............................ 72809...................... 1,176,317,360.22

Oakland, CA ..................................... 72811...................... 7,154.86

Reno, NV .......................................... 72833...................... 1,473,852.57

San Jose Int’l Airport, CA ................. 72834...................... 34,875.43

Sacramento Int'l Airport, CA............. 72835...................... 10,006,620.18

DHL Worldwide Express, CA ........... 72870...................... 8,384.58

Fresno Yosemite Airport, CA............ 72882...................... 720,750.56

FEDEX Courier Facility, CA ............. 72895...................... 47,675,235.99

Total District................................................................... 1,482,685,004.81

Portland, Oregon:

Astoria, OR ....................................... 72901...................... 581,366.89

Newport, OR..................................... 72902...................... 793.00

Coos Bay, OR................................... 72903...................... 96,631.17

Portland, OR..................................... 72904...................... 335,426,503.36

Longview, WA................................... 72905...................... 1,318,609.11

Boise, ID ........................................... 72907...................... 400,190.03

Vancouver, WA................................. 72908...................... 312.38

Portland Int'l Airport, OR................... 72910...................... 9,189.86

Hillsboro Airport, OR......................... 72983...................... 141,124.54

Total District................................................................... 337,974,720.34

Seattle, Washington:

Seattle, WA....................................... 73001...................... 410,065,480.22

Tacoma, WA..................................... 73002...................... 793,708,518.00

Aberdeen, WA .................................. 73003...................... 1,059,311.08

Blaine, WA........................................ 73004...................... 129,278,032.61

Bellingham, WA ................................ 73005...................... 4,469,388.61

Everett, WA....................................... 73006...................... 4,956,063.72

Port Angeles, WA ............................. 73007...................... 432,647.41

Port Townsend, WA.......................... 73008...................... 1,888.55

Sumas, WA....................................... 73009...................... 5,466,083.39

Anacortes, WA.................................. 73010...................... 3,708,056.90

Nighthawk, WA................................. 73011...................... 841.55

Danville, WA ..................................... 73012...................... 9,311.51

Ferry, WA.......................................... 73013...................... 2,006.42

Friday Harbor, WA............................ 73014...................... 275,113.55

Boundary, WA................................... 73015...................... 14,265.11

Laurier, WA....................................... 73016...................... 13,643.49

Point Roberts, WA............................ 73017...................... 159,171.86

Oroville, WA...................................... 73019...................... 1,261,342.16

Frontier, WA...................................... 73020...................... 21,106.49

Spokane, WA.................................... 73022...................... 150,243.06

Lynden, WA ...................................... 73023...................... 319,628.11

Metaline Falls, WA............................ 73025...................... 21,604.34

Olympia, WA..................................... 73026...................... 23,578.02

Seattle-Tacoma Int’l Airport, WA...... 73029...................... 82,582,770.36

UPS, Seattle, WA ............................. 73071...................... 2,261,798.69

Grant County Airport, Moses

 Lake, WA ....................................... 73082 ...................... 996,289.76

Total District................................................................... 1,441,258,184.97
FEDERAL FISCAL OPERATIONS 

December 2015

28 

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

by Districts and Ports, continued 

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

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2015

 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101................... 49,482.49

Ketchikan, AK ................................... 73102................... 140,830.01

Skagway, AK .................................... 73103................... 46,629.69

Alcan, AK.......................................... 73104................... 617,018.35

Wrangell, AK..................................... 73105................... 6,740.50

Dalton Cache, AK............................. 73106................... 20,811.66

Fairbanks, AK................................... 73111................... 44,633.44

Sitka, AK........................................... 73115................... 18,795.64

Anchorage, AK.................................. 73126................... 5,012,121.72

Kodiak, AK........................................ 73127................... 11,187.22

Federal Express Courier, AK............ 73195................... 99,083,818.11

UPS Courier Hub, AK....................... 73196................... 286,738.68

Total District................................................................ 105,338,807.51

 

 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 32,964,779.91

Hilo, HI .............................................. 73202................... 139,468.82

Kahului, HI ........................................ 73203................... 94,994.15

Honolulu Airport, HI .......................... 73205................... 5,088,542.15

Kona, HI............................................ 73206................... 72,119.21

Total District................................................................ 38,359,904.24

 

Guam: 

Guam................................................ 73207................... 3,943.25

Total District................................................................ 3,943.25

 

 

Total Customs and Border Protection Collections 

 for fiscal year 2015 ..................................................... $46,317,874,078.10 
December 2015 

29

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

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

thousands of tax and loan accounts at financial institutions 

throughout the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

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

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

 2014 - Sept...................................... 802,207 263,273 955,843 - -

Oct....................................... 729,833 179,592 950,324 - -

Nov ...................................... 565,125 167,747 742,004 - -

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

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

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

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

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

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

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

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

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

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

 

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

December 2015 

30 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

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

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

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

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

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

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

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

 

2014 - Sept............. 158,302 - - 158,302 - - 17,249 - - 78,927 - -

Oct.............. 117,403 - - 133,499 - - 74,726 - - 106,246 - -

Nov ............. 108,270 - - 117,403 - - 71,901 - - 97,081 - -

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

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

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

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

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

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

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

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

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

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

 

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

2

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

other than Government account series, and taxes. 

3

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

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

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

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

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

and employees under the Federal Insurance Contributions Act beginning January 1950 

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

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

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

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
December 2015 

31

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2015

32 

TABLE FD-1—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency

securities 

(3) 

Total 

(4) 

Public debt

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

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

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

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

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

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

 

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

Oct ..................... 17,961,205 17,937,160 24,045 5,080,312 5,080,309 3 12,880,893 12,856,851 24,042

Nov..................... 18,029,642 18,005,549 24,093 5,083,077 5,083,072 5 12,946,565 12,922,477 24,088

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

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

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

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

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

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

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

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

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

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

 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

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

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

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

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

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

 

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

Oct...................... 17,961,205 54,025 17,907,180 5,080,312 26,658 5,053,654 12,880,893 27,367 12,853,526

Nov..................... 18,029,642 54,771 17,974,870 5,083,077 26,582 5,056,495 12,946,565 28,189 12,918,375

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

December 2015 

33

 Nonmarketable, continued 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

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

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

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

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

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

 

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

Oct................. 176,610 - 264 201,682 106,915 29,995 1,563

Nov................ 176,399 - 264 203,272 112,324 29,995 1,560

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

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

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

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

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

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

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

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

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

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

 

 TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

 

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

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

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

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

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

 

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

Oct................. 12,857,056 12,340,028 1,412,388 8,192,466 1,547,073 1,050,110 137,991 517,029

Nov................ 12,922,682 12,398,866 1,438,321 8,182,673 1,563,086 1,063,795 150,991 523,816

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

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

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

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

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

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

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

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

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

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

December 2015

34 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

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

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

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

2014 ..................... 2,712,805 827 68,391 10,696 5,611 5,450 803 35,919 1,110,924

2015 ..................... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215

 

2014 - Sept .......... 2,712,805 827 68,391 10,696 5,611 5,450 803 35,919 1,110,924

Oct............ 2,706,081 827 60,288 8,538 5,514 5,375 679 34,333 1,194,160

Nov........... 2,695,604 827 69,151 8,857 5,460 5,868 477 37,132 1,198,405

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

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

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

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

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

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

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

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

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

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

 

 

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

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

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

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

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

2014 .................. 5,212,466 12,759 48,750 43,213 22,649 70,113 861,349 202,207 -

2015 .................. 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 -

 

2014 - Sept ....... 5,212,466 12,759 48,750 43,213 22,649 70,113 861,349 202,207 -

Oct......... 5,258,745 13,344 48,922 43,220 22,650 66,533 856,856 191,425 -

Nov........ 5,263,111 13,542 48,732 43,655 22,647 62,896 852,574 197,284 -

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

December 2015 

35

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

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

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

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

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

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

 

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

Oct................... 24,045 19 106 23,804 116 *

Nov.................. 24,093 19 107 23,851 116 *

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

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

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

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

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

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

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

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

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

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

 

 

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

December 2015

36 

TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5

years 

(3) 

5-10

years 

(4) 

 10-20

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length

(months) 

(7) 

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

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

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

2014 ............................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56

2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 

 

2014 - Sept..................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56 

Oct...................... 9,887,319 2,925,143 4,234,681 1,844,056 222,861 660,578 57

Nov ..................... 9,867,842 2,941,929 4,203,555 1,826,991 218,744 676,623 57

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

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

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

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

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

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

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

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

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

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

 

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

December 2015 

37

TABLE FD-6—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities

 not subject

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

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

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

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

2014 ....................................... - 17,781,107 17,781,107 - 17,824,071 - 42,964 

2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

 

2014 - Sept. 1 ......................... - 17,781,107 17,781,107 - 17,824,071 - 42,964 

Oct. 1........................... - 17,895,836 17,895,836 - 17,937,160 - 41,324 

Nov. 1.......................... - 17,964,694 17,964,694 - 18,005,549 - 40,856 

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

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

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

Mar. 2 .......................... 18,113,000 18,112,975 18,112,975 - 18,152,056 - 39,081 

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

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

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

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

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

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

 

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

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

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

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

Public Law 113-83, Section 2, the Statutory Debt Limitation was increased on 

March 16, 2015, to an amount that exceeds face amount of such obligations 

outstanding on the date of the enactment of the Act. 
FEDERAL DEBT 

December 2015

38 

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

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

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

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

2014 ....................................... 1,223,498 19,064 26,203 22,126 575 748

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688

 

2014 - Sept ............................ 1,223,498 19,064 26,203 22,126 575 748

Oct.............................. 1,250,405 23,085 26,356 22,368 584 748

Nov............................. 1,273,563 25,407 26,453 22,505 588 748

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

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

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

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

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

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

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

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

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

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

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

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

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

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

2014 ....................................... 965,394 4,242 27,528 133 56,528

2015 ....................................... 1,050,374 4,649 26,921 127 58,050

 

2014 - Sept ............................ 965,394 4,242 27,528 133 56,528

Oct ............................. 986,246 4,310 27,538 133 56,727

Nov............................. 1,006,706 4,368 27,538 133 56,196

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

December 2015 

39

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

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

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

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

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

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

 

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

Oct............................. 21,718 3,879 7,757 68,956

Nov............................ 21,804 4,175 7,757 69,185

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

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

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

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

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

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

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

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

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

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

 

Note—Detail may not add to totals due to rounding. 
40 

December 2015 

INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JULY-SEPTEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J U L Y 

Auction of 3-Year Notes 

On July 2, 2015, Treasury announced it would auction 

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

$52,726 million of securities maturing July 15 and to raise 

new cash of approximately $5,274 million. 

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

July 15. They are due July 15, 2018, with interest payable on 

January 15 and July 15 until maturity. Treasury set an interest 

rate of 0-7/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

p.m. e.t. for competitive tenders on July 7. Tenders totaled 

$75,750 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.932 percent with an 

equivalent price of $99.831755. Treasury accepted in full all 

competitive tenders at yields lower than 0.932 percent. 

Tenders at the high yield were allotted 74.44 percent. The 

median yield was 0.890 percent, and the low yield was 0.700 

percent. Noncompetitive tenders totaled $39 million. 

Competitive tenders accepted from private investors totaled 

$23,861 million. The minimum par amount required for 

Separate Trading of Registered Interest and Principal 

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

Auction of 9-Year 10-Month 2-1/8 Percent Notes 

On July 2, 2015, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2-1/8 percent notes. The 

issue was to refund $52,726 million of securities maturing 

July 15 and to raise new cash of approximately $5,274 

million. 

The 9-year 10-month notes of Series C-2025 were dated 

May 15 and issued July 15. They are due May 15, 2025, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 8. Tenders totaled $57,141 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.225 percent with an 

equivalent price of $99.118448. Treasury accepted in full all 

competitive tenders at yields lower than 2.225 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2015 

41

Tenders at the high yield were allotted 22.75 percent. The 

median yield was 2.190 percent, and the low yield was 2.120 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 

$20,962 million. Accrued interest of $3.52242 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2025 is $100. 

Auction of 29-Year 10-Month 3 Percent Bonds 

On July 2, 2015, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3 percent bonds. The 

issue was to refund $52,726 million of securities maturing 

July 15 and to raise new cash of approximately $5,274 

million. 

The 29-year 10-month bonds of May 2045 were dated 

May 15 and issued July 15. They are due May 15, 2045, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on July 9. Tenders totaled $29,003 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.084 percent with an 

equivalent price of $98.364175. Treasury accepted in full all 

competitive tenders at yields lower than 3.084 percent. 

Tenders at the high yield were allotted 49.67 percent. The 

median yield was 3.023 percent, and the low yield was 2.934 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$12,990 million. Accrued interest of $4.97283 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of bonds of May 

2045 is $100. 

Auction of 52-Week Bills 

On July 16, 2015, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

July 23 and will mature July 21, 2016. The issue was to 

refund $98,006 million of all maturing bills and to raise new 

cash of approximately $14,994 million. Treasury auctioned 

the bills on July 21. Tenders totaled $84,303 million; Treasury 

accepted $25,000 million, including $147 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.330 percent. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 16, 2015, Treasury announced it would auction 

$15,000 million of 10-year TIPS. The issue was to refund 

$73,213 million of securities maturing July 31 and to raise 

new cash of approximately $46,787 million. 

The 10-year TIPS of Series D-2025 were dated July 15 

and issued July 31. They are due July 15, 2025, with interest 

payable on January 15 and July 15 until maturity. Treasury set 

an interest rate of 0-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on July 23. Tenders totaled $34,601 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.491 percent with an 

equivalent adjusted price of $99.133176. Treasury accepted in 

full all competitive tenders at yields lower than 0.491 percent. 

Tenders at the high yield were allotted 15.14 percent. The 

median yield was 0.413 percent, and the low yield was 0.372 

percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors totaled 

$14,972 million. Adjusted accrued interest of $0.16347 per 

$1,000 must be paid for the period from July 15 to July 31. 

Both the unadjusted price of $98.874126 and the unadjusted 

accrued interest of $0.16304 were adjusted by an index ratio 

of 1.00262, for the period from July 15 to July 31. 

The minimum par amount required for STRIPS of TIPS of 

Series D-2025 is $100. 

Auction of 2-Year Notes 

On July 23, 2015, Treasury announced it would auction 

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

$73,213 million of securities maturing July 31 and to raise 

new cash of approximately $46,787 million. 

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

July 31. They are due July 31, 2017, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 0-5/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 28. Tenders totaled $88,875 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.690 percent with an 

equivalent price of $99.871114. Treasury accepted in full all 

competitive tenders at yields lower than 0.690 percent. 

Tenders at the high yield were allotted 7.97 percent. The 

median yield was 0.651 percent, and the low yield was 0.593 

percent. Noncompetitive tenders totaled $168 million. 

Competitive tenders accepted from private investors totaled 

$25,732 million. 

The minimum par amount required for STRIPS of notes of 

Series BD-2017 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2015 

42 

Auction of 2-Year Floating Rate Notes (FRNs) 

On July 23, 2015, Treasury announced it would auction 

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

$73,213 million of securities maturing July 31 and to raise 

new cash of approximately $46,787 million. 

The 2-year FRNs of Series BE-2017 were dated and 

issued July 31. They are due July 31, 2017, with interest 

payable on October 31, January 31, April 30, and July 31 until 

maturity. Treasury set a spread of 0.077 percent after 

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on July 29. Tenders totaled $58,951 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.077 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.077 percent. Tenders at the high discount margin were 

allotted 34.13 percent. The median discount margin was 0.068 

percent, and the low discount margin was 0.055 percent. 

Noncompetitive tenders totaled $8 million. Competitive 

tenders accepted from private investors totaled $14,992 

million. 

Auction of 5-Year Notes 

On July 23, 2015, Treasury announced it would auction 

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

$73,213 million of securities maturing July 31 and to raise 

new cash of approximately $46,787 million. 

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

July 31. They are due July 31, 2020, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 1-5/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 29. Tenders totaled $90,204 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.625 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 1.625 percent. 

Tenders at the high yield were allotted 2.98 percent. The 

median yield was 1.590 percent, and the low yield was 1.500 

percent. Noncompetitive tenders totaled $45 million. 

Competitive tenders accepted from private investors totaled 

$34,855 million. 

The minimum par amount required for STRIPS of notes of 

Series AB-2020 is $100.

Auction of 7-Year Notes 

On July 23, 2015, Treasury announced it would auction 

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

$73,213 million of securities maturing July 31 and to raise 

new cash of approximately $46,787 million. 

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

July 31. They are due July 31, 2022, with interest payable on 

January 31 and July 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 July 30. Tenders totaled $71,567 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.021 percent with an 

equivalent price of $99.863565. Treasury accepted in full all 

competitive tenders at yields lower than 2.021 percent. 

Tenders at the high yield were allotted 69.25 percent. The 

median yield was 1.975 percent, and the low yield was 1.900 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$28,987 million. 

The minimum par amount required for STRIPS of notes of 

Series N-2022 is $100. 

A U G U S T 

August Quarterly Financing 

On August 5, 2015, Treasury announced it would auction 

$24,000 million of 3-year notes, $24,000 million of 10-year 

notes and $16,000 million of 30-year bonds to refund $67,207 

million of securities maturing August 15, 2015 and to pay 

down approximately $3,207 million. 

The 3-year notes of Series AQ-2018 were dated August 15 

and issued August 17. They are due August 15, 2018, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 11. Tenders totaled $80,104 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.013 percent with an 

equivalent price of $99.961723. Treasury accepted in full all 

competitive tenders at yields lower than 1.013 percent. 

Tenders at the high yield were allotted 26.89 percent. The 

median yield was 0.965 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $66 million. 

Competitive tenders accepted from private investors totaled 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2015 

43

$23,834 million. Accrued interest of $0.05435 per $1,000 

must be paid for the period from August 15 to August 17. 

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

the auction process, Treasury accepted $482 million from 

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

minimum par amount required for STRIPS of notes of Series 

AQ-2018 is $100. 

The 10-year notes of Series E-2025 were dated August 15 

and issued August 17. They are due August 15, 2025, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 12. Tenders totaled $57,507 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.115 percent with an 

equivalent price of $98.968752. Treasury accepted in full all 

competitive tenders at yields lower than 2.115 percent. 

Tenders at the high yield were allotted 38.64 percent. The 

median yield was 2.050 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$23,965 million. Accrued interest of $0.10870 per $1,000 

must be paid for the period from August 15 to August 17. 

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

the auction process, Treasury accepted $482 million from 

FRBs for their own accounts. The minimum par amount 

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

The 30-year bonds of August 2045 were dated August 15 

and issued August 17. They are due August 15, 2045, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on August 13. Tenders totaled $36,202 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.880 percent with an 

equivalent price of $99.899805. Treasury accepted in full all 

competitive tenders at yields lower than 2.880 percent. 

Tenders at the high yield were allotted 71.47 percent. The 

median yield was 2.810 percent, and the low yield was 2.708 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors totaled 

$15,991 million. Accrued interest of $0.15625 per $1,000 

must be paid for the period from August 15 to August 17. 

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

the auction process, Treasury accepted $322 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of August 2045 is $100.

Auction of 19-Day Cash Management Bills 

On August 10, 2015, Treasury announced it would auction 

$25,000 million of 19-day bills. They were issued August 12 

and matured August 31. The issue was to raise new cash of 

approximately $25,000 million. Treasury auctioned the bills 

on August 11. Tenders totaled $86,020 million; Treasury 

accepted $25,000 million. The high bank discount rate was 

0.075 percent.

52-Week Bills 

On August 13, 2015, Treasury announced it would auction 

$22,000 million of 364-day Treasury bills. They were issued 

August 20 and will mature August 18, 2016. The issue was to 

refund $115,001 million of all maturing bills and to pay down 

approximately $5,001 million. Treasury auctioned the bills on 

August 18. Tenders totaled $83,705 million; Treasury 

accepted $22,001 million, including $125 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.410 percent. 

Auction of 4-Year 8-Month 0-1/8 Percent TIPS 

On August 13, 2015, Treasury announced it would auction 

$16,000 million of 4-year 8-month 0-1/8 percent TIPS. The 

issue was to refund $70,881 million of securities maturing 

August 31 and to raise new cash of approximately $35,119 

million. 

The 4-year 8-month 0-1/8 percent TIPS of Series X-2020 

were dated April 15 and issued August 31. They are due April 

15, 2020, with interest payable on October 15 and April 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on August 20. Tenders totaled $41,350 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.305 percent with an 

equivalent adjusted price of $101.050681. Treasury accepted 

in full all competitive tenders at yields lower than 0.305 

percent. Tenders at the high yield were allotted 9.23 percent. 

The median yield was 0.286 percent, and the low yield was 

0.200 percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$15,976 million. Adjusted accrued interest of $0.48023 per 

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

31. Both the unadjusted price of $99.174303 and the 

unadjusted accrued interest of $0.47131 were adjusted by an 

index ratio of 1.01892, for the period from April 15 to August 

31. The minimum par amount required for STRIPS of TIPS of 

Series X-2020 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2015 

44 

Auction of 2-Year Notes 

On August 20, 2015, Treasury announced it would auction 

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

$70,881 million of securities maturing August 31 and to raise 

new cash of approximately $35,119 million. 

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

August 31. They are due August 31, 2017, with interest 

payable on February 29 and August 31 until maturity. 

Treasury set an interest rate of 0-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 25. Tenders totaled $82,273 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.663 percent with an 

equivalent price of $99.924626. Treasury accepted in full all 

competitive tenders at yields lower than 0.663 percent. 

Tenders at the high yield were allotted 30.51 percent. The 

median yield was 0.640 percent, and the low yield was 0.530 

percent. Noncompetitive tenders totaled $138 million. 

Competitive tenders accepted from private investors totaled 

$25,762 million. The minimum par amount required for 

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

Auction of 1-Year 11-Month 0.077 Percent FRNs 

On August 20, 2015, Treasury announced it would auction 

$13,000 million of 1-year 11-month 0.077 percent FRNs. The 

issue was to raise new cash of approximately $13,000 million. 

The 1-year 11-month 0.077 percent FRNs of Series BE2017 were dated July 31 and issued August 28. They are due 

July 31, 2017, with interest payable on October 31, January 

31, April 30, and July 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on August 26. Tenders totaled $45,458 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.086 percent 

with an equivalent price of $99.982448. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.086 percent. Tenders at the high discount margin were 

allotted 28.84 percent. The median discount margin was 0.075 

percent, and the low discount margin was 0.065 percent. 

Noncompetitive tenders totaled $3 million. Competitive 

tenders accepted from private investors totaled $12,997 

million. Accrued interest of $0.012893380 per $100 must be 

paid for the period from July 31 to August 28. 

Auction of 5-Year Notes 

On August 20, 2015, Treasury announced it would auction 

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

$70,881 million of securities maturing August 31 and to raise 

new cash of approximately $35,119 million. 

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

August 31. They are due August 31, 2020, with interest 

payable on February 29 and August 31 until maturity. 

Treasury set an interest rate of 1-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 26. Tenders totaled $82,073 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.463 percent with an 

equivalent price of $99.577196. Treasury accepted in full all 

competitive tenders at yields lower than 1.463 percent. 

Tenders at the high yield were allotted 58.27 percent. The 

median yield was 1.417 percent, and the low yield was 1.200 

percent. Noncompetitive tenders totaled $36 million. 

Competitive tenders accepted from private investors totaled 

$34,964 million. The minimum par amount required for 

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

Auction of 7-Year Notes 

On August 20, 2015, Treasury announced it would auction 

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

$70,881 million of securities maturing August 31 and to raise 

new cash of approximately $35,119 million. 

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

August 31. They are due August 31, 2022, with interest 

payable on February 29 and August 31 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 27. Tenders totaled $73,265 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.930 percent with an 

equivalent price of $99.641487. Treasury accepted in full all 

competitive tenders at yields lower than 1.930 percent. 

Tenders at the high yield were allotted 72.84 percent. The 

median yield was 1.890 percent, and the low yield was 1.808 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$28,985 million. The minimum par amount required for 

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

S E P T E M B E R 

Auction of 14-Day Cash Management Bills 

On August 27, 2015, Treasury announced it would auction 

$25,000 million of 14-day bills. They were issued September 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2015 

45

1 and matured September 15. The issue was to raise new cash 

of approximately $25,000 million. Treasury auctioned the 

bills on August 31. Tenders totaled $91,950 million; Treasury 

accepted $25,000 million. The high bank discount rate was 

0.075 percent.

Auction of 3-Year Notes 

On September 3, 2015, Treasury announced it would 

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

refund $32,000 million of securities maturing September 15 

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

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

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

payable on March 15 and September 15 until maturity. 

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 8. Tenders totaled $77,601 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.056 percent with an 

equivalent price of $99.835061. Treasury accepted in full all 

competitive tenders at yields lower than 1.056 percent. 

Tenders at the high yield were allotted 30.74 percent. The 

median yield was 1.015 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $40 million. 

Competitive tenders accepted from private investors totaled 

$23,960 million. The minimum par amount required for 

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

Auction of 9-Year 11-Month 2 Percent Notes 

On September 3, 2015, Treasury announced it would 

auction $21,000 million of 9-year 11-month 2 percent notes. 

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

maturing September 15 and to raise new cash of 

approximately $26,000 million. 

The 9-year 11-month 2 percent notes of Series E-2025 

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

August 15, 2025, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 9. Tenders totaled $56,761 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.235 percent with an 

equivalent price of $97.918678. Treasury accepted in full all 

competitive tenders at yields lower than 2.235 percent. 

Tenders at the high yield were allotted 68.42 percent. The 

median yield was 2.190 percent, and the low yield was 2.100 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$20,991 million. Accrued interest of $1.68478 per $1,000 

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

The minimum par amount required for STRIPS of notes of 

Series E-2025 is $100. 

Auction of 29-Year 11-Month 2-7/8 Percent Bonds 

On September 3, 2015, Treasury announced it would 

auction $13,000 million of 29-year 11-month 2-7/8 percent 

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

maturing September 15 and to raise new cash of 

approximately $26,000 million. 

The 29-year 11-month 2-7/8 percent bonds of August 

2045 were dated August 15 and issued September 15. They 

are due August 15, 2045, with interest payable on February 15 

and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on September 10. Tenders totaled $32,962 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.980 percent with an 

equivalent price of $97.927845. Treasury accepted in full all 

competitive tenders at yields lower than 2.980 percent. 

Tenders at the high yield were allotted 27.92 percent. The 

median yield was 2.950 percent, and the low yield was 2.888 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$12,987 million. Accrued interest of $2.42187 per $1,000 

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

The minimum par amount required for STRIPS of bonds of 

August 2045 is $100. 

Auction of 21-Day Cash Management Bills 

On September 8, 2015, Treasury announced it would 

auction $25,000 million of 21-day bills. They were issued 

September 10 and matured October 1. The issue was to raise 

new cash of approximately $99,000 million. Treasury 

auctioned the bills on September 9. Tenders totaled $79,470 

million; Treasury accepted $25,001 million. The high bank 

discount rate was 0.015 percent.

52-Week Bills 

On September 10, 2015, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued September 17 and will mature September 15, 2016. 

The issue was to refund $114,997 million of all maturing bills 

and to pay down approximately $34,997 million. Treasury 

auctioned the bills on September 15. Tenders totaled $63,382 

million; Treasury accepted $20,000 million, including $131 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.440 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2015 

46 

Auction of 9-Year 10-Month 0-3/8 Percent TIPS 

On September 10, 2015, Treasury announced it would 

auction $13,000 million of 9-year 10-month 0-3/8 percent 

TIPS. The issue was to refund $69,102 million of securities 

maturing September 30 and to raise new cash of 

approximately $33,898 million. 

The 9-year 10-month 0-3/8 percent TIPS of Series D-2025 

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

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

until maturity. 

Treasury received tenders for the TIPS before 11:00 a.m. 

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

competitive tenders on September 18. Tenders totaled $30,650 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.600 percent with an 

equivalent adjusted price of $98.486859. Treasury accepted in 

full all competitive tenders at yields lower than 0.600 percent. 

Tenders at the high yield were allotted 59.17 percent. The 

median yield was 0.530 percent, and the low yield was 0.450 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$12,988 million. Adjusted accrued interest of $0.78965 per 

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

30. Both the unadjusted price of $97.863469 and the 

unadjusted accrued interest of $0.78465 were adjusted by an 

index ratio of 1.00637, for the period from July 15 to 

September 30. The minimum par amount required for STRIPS 

of TIPS of Series D-2025 is $100. 

Auction of 2-Year Notes 

On September 17, 2015, Treasury announced it would 

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

refund $69,102 million of securities maturing September 30 

and to raise new cash of approximately $33,898 million. 

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

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

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 0-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 22. Tenders totaled $85,004 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.699 percent with an 

equivalent price of $99.853284. Treasury accepted in full all 

competitive tenders at yields lower than 0.699 percent. 

Tenders at the high yield were allotted 59.32 percent. The 

median yield was 0.668 percent, and the low yield was 0.530 

percent. Noncompetitive tenders totaled $143 million. 

Competitive tenders accepted from private investors totaled 

$25,857 million. The minimum par amount required for 

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

Auction of 1-Year 10-Month 0.077 Percent FRNs 

On September 17, 2015, Treasury announced it would 

auction $13,000 million of 1-year 10-month 0.077 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 10-month 0.077 percent FRNs of Series BE2017 were dated July 31 and issued September 25. They are 

due July 31, 2017, with interest payable on October 31, 

January 31, April 30, and July 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

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

competitive tenders on September 23. Tenders totaled $37,318 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.120 percent 

with an equivalent price of $99.919479. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.120 percent. Tenders at the high discount margin were 

allotted 4.21 percent. The median discount margin was 0.105 

percent, and the low discount margin was 0.075 percent. 

Noncompetitive tenders totaled $8 million. Competitive 

tenders accepted from private investors totaled $12,992 

million. Accrued interest of $0.023911014 per $100 must be 

paid for the period from July 31 to September 25. 

Auction of 5-Year Notes 

On September 17, 2015, Treasury announced it would 

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

refund $69,102 million of securities maturing September 30 

and to raise new cash of approximately $33,898 million. 

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

September 30. They are due September 30, 2020, 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 

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

competitive tenders on September 23. Tenders totaled $90,015 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.467 percent with an 

equivalent price of $99.558026. Treasury accepted in full all 

competitive tenders at yields lower than 1.467 percent. 

Tenders at the high yield were allotted 78.98 percent. The 

median yield was 1.434 percent, and the low yield was 1.350 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$34,965 million. The minimum par amount required for 

STRIPS of notes of Series AD-2020 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2015 

47

Auction of 7-Year Notes 

On September 17, 2015, Treasury announced it would 

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

refund $69,102 million of securities maturing September 30 

and to raise new cash of approximately $33,898 million. 

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

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

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 1-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 24. Tenders totaled $72,928 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.813 percent with an 

equivalent price of $99.587587. Treasury accepted in full all 

competitive tenders at yields lower than 1.813 percent. 

Tenders at the high yield were allotted 5.06 percent. The 

median yield was 1.776 percent, and the low yield was 1.700 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled 

$28,984 million. The minimum par amount required for 

STRIPS of notes of Series Q-2022 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2015 

48 

 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2015 - July 02.................. 2015 - July 30 28 112,033.7 30,000.2 29,720.9 279.3 99.998833 0.015 0.015

 Oct. 01 91 95,075.2 24,000.4 23,157.2 391.6 99.996208 0.015 0.015

 Dec.31 182 92,249.2 24,000.1 23,247.9 274.5 99.944389 0.110 0.112

July 09 ................. 2015 - Aug. 06 28 135,683.7 40,000.0 39,745.1 255.0 99.998833 0.015 0.015

 Oct. 08 91 91,694.3 24,000.4 23,536.4 364.0 99.996208 0.015 0.015

 2016 - Jan. 07 182 96,786.8 24,000.3 23,410.5 288.8 99.957028 0.085 0.086

July 16 ................. 2015 - Aug. 13 28 134,174.7 45,000.9 44,745.9 255.1 99.998444 0.020 0.020

 Oct. 15 91 97,569.7 24,000.5 23,425.1 375.4 99.996208 0.015 0.015

 2016 - Jan. 14 182 93,424.1 24,000.1 23,473.4 350.7 99.949444 0.100 0.102

July 23 ................. 2015 - Aug. 20 28 140,996.9 40,001.0 39,740.1 261.0 99.997278 0.035 0.036

 Oct. 22 91 92,018.7 24,000.3 23,628.7 371.7 99.992417 0.030 0.031

 2016 - Jan. 21 182 88,064.3 24,000.1 23,281.3 442.8 99.931750 0.135 0.137

July 30 ................. 2015 - Aug. 27 28 138,853.3 40,000.3 39,319.0 289.7 99.996111 0.050 0.051

 Oct. 29 91 88,292.9 24,000.4 22,725.8 374.6 99.987361 0.050 0.051

 2016 - Jan. 28 182 95,805.4 24,000.3 22,682.5 341.8 99.926694 0.145 0.148

Aug. 06 ................ 2015 - Sept. 03 28 144,778.4 40,000.1 39,742.3 257.8 99.996111 0.050 0.051

 Nov. 05 91 98,165.8 24,000.5 23,521.7 328.8 99.981042 0.075 0.076

 2016 - Feb. 04 182 93,443.5 24,000.0 23,235.5 288.5 99.916583 0.165 0.168

Aug. 13 ................ 2015 - Sept. 10 28 125,291.1 40,000.1 39,748.5 251.6 99.996111 0.050 0.051

 Nov. 12 91 87,426.6 24,000.1 23,530.2 369.9 99.968403 0.125 0.127

 2016 - Feb. 11 182 84,501.3 24,000.2 23,048.8 375.4 99.876139 0.245 0.249

Aug. 20 ................ 2015 - Sept. 17 28 133,501.9 40,000.4 39,746.5 253.9 99.996889 0.040 0.041

 Nov. 19 91 91,348.4 24,000.2 23,531.6 368.5 99.973458 0.105 0.107

 2016 - Feb. 18 182 88,459.9 24,000.0 23,172.6 371.4 99.876139 0.245 0.249

Aug. 27 ................ 2015 - Sept. 24 28 130,963.8 40,000.4 38,973.8 295.4 99.996500 0.045 0.046

 Nov. 27 92 83,659.7 24,000.3 22,923.2 374.2 99.987222 0.050 0.051

 2016 - Feb. 25 182 84,258.9 24,000.6 22,975.6 346.7 99.898889 0.200 0.204

Sept. 03 ............... 2015 - Oct. 01 28 121,667.1 35,003.0 34,744.1 259.0 100.000000 0.000 0.000

 Dec. 03 91 89,122.9 24,000.1 23,454.0 346.1 99.975986 0.095 0.097

 2016 - Mar. 03 182 89,840.5 24,000.3 23,450.6 273.7 99.863500 0.270 0.275

Sept. 10 ............... 2015 - Oct. 08 28 106,352.2 30,000.2 29,747.5 252.7 99.999611 0.005 0.005

 Dec. 10 91 85,627.5 22,000.1 21,641.7 358.5 99.981042 0.075 0.076

 2016 - Mar. 10 182 83,990.6 22,000.1 21,361.2 262.8 99.860972 0.275 0.280

Sept. 17 ............... 2015 - Oct. 15 28 81,484.3 20,001.1 19,768.1 233.0 100.000000 0.000 0.000

 Dec. 17 91 76,714.9 20,000.1 19,549.6 350.6 99.986097 0.055 0.056

 2016 - Mar. 17 182 79,791.0 20,000.5 19,463.4 261.1 99.868556 0.260 0.265

Sept. 24 ............... 2015 - Oct. 22 28 142,132.2 15,001.7 14,738.8 262.9 100.000000 0.000 0.000

 Dec. 24 91 78,917.2 20,000.6 19,518.0 382.6 99.998736 0.005 0.005

 2016 - Mar. 24 182 77,211.1 20,000.3 19,391.2 333.1 99.941861 0.115 0.117

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2015 

49

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

07/07/15 07/15/15 0.875% note—07/15/18-AP 3y 75,750 24,000 0.932 - 99.831755 

07/08/15 07/15/15 2.125% note—05/15/25-C 9y 10m 57,141 21,000 2.225 - 99.118448 

07/09/15 07/15/15 3.000% bond—05/15/45 29y 10m 29,003 13,000 3.084 - 98.364175 

07/21/15 07/23/15 0.330% bill—07/21/16 364d 84,303 25,000 

07/29/15 07/31/15 0.077% FRN—07/31/17-BE 2y 58,951 15,000 0.000 - 100.000000 

07/28/15 07/31/15 0.625% note—07/31/17-BD 2y 88,875 26,000 0.690 - 99.871114 

07/29/15 07/31/15 1.625% note—07/31/20-AB 5y 90,204 35,000 1.625 - 100.000000 

07/30/15 07/31/15 2.000% note—07/31/22-N 7y 71,567 29,000 2.021 - 99.863565 

07/23/15 07/31/15 0.375% TIPS—07/15/25-D 10y 34,601 15,000 0.491 - 99.133176 

08/11/15 08/17/15 1.000% note—08/15/18-AQ 3y 80,587 24,482 1.013 - 99.961723 

08/12/15 08/17/15 2.000% note—08/15/25-E 10y 57,990 24,482 2.115 - 98.968752 

08/13/15 08/17/15 2.875% bond—08/15/45 30y 36,523 16,322 2.880 - 99.899805 

08/18/15 08/20/15 0.410% bill—08/18/16 364d 83,705 22,001 

08/26/15 08/28/15 0.086% FRN—07/31/17-BE 1y 11m 45,458 13,000 0.000 - 99.982448 

08/25/15 08/31/15 0.625% note—08/31/17-AC 2y 82,273 26,000 0.663 - 99.924626 

08/20/15 08/31/15 0.125% TIPS—04/15/20-X 4y 8m 41,350 16,000 0.305 - 101.050681 

08/26/15 08/31/15 1.375% note—08/31/20-AC 5y 82,073 35,000 1.463 - 99.577196 

08/27/15 08/31/15 1.875% note—08/31/22-P 7y 73,265 29,000 1.930 - 99.641487 

09/08/15 09/15/15 1.000% note—09/15/18-AR 3y 77,601 24,000 1.056 - 99.835061 

09/09/15 09/15/15 2.000% note—08/15/25-E 9y 11m 56,761 21,000 2.235 - 97.918678 

09/10/15 09/15/15 2.875% bond—08/15/45 29y 11m 32,962 13,000 2.980 - 97.927845 

09/15/15 09/17/15 0.440% bill—09/15/16 364d 63,382 20,000 

09/23/15 09/25/15 0.120% FRN—07/31/17-BE 1y 10m 37,318 13,000 0.000 - 99.919479 

09/22/15 09/30/15 0.625% note—09/30/17-AD 2y 85,004 26,000 0.699 - 99.853284 

09/23/15 09/30/15 1.375% note—09/30/20-AD 5y 90,015 35,000 1.467 - 99.558026 

09/24/15 09/30/15 1.750% note—09/30/22-Q 5y 72,928 29,000 1.813 - 99.587587 

09/18/15 09/30/15 0.375% TIPS—07/15/25-D 9y 10m 30,650 13,000 0.600 - 98.486859 

 

 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2015 

50 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2015 

51

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

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

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

 

2014 - Sept...................................... 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288

Oct....................................... 17,961,205 17,937,160 5,080,309 - 5,080,309 2,801,510

Nov ...................................... 18,029,642 18,005,549 5,083,072 - 5,083,072 2,788,984

Dec ...................................... 18,165,823 18,141,444 5,117,626 - 5,117,626 2,793,384

2015 - Jan ....................................... 18,106,687 18,082,294 5,097,507 - 5,097,507 2,796,026

Feb ...................................... 18,179,940 18,155,854 5,081,983 - 5,081,983 2,797,128

Mar ...................................... 18,176,192 18,152,056 5,061,878 - 5,061,878 2,797,509

Apr....................................... 18,177,024 18,152,560 5,099,005 - 5,099,005 2,795,913

May...................................... 18,177,341 18,152,852 5,100,242 - 5,100,242 2,794,521

June..................................... 18,176,653 18,151,998 5,076,967 - 5,076,967 2,798,523

July ...................................... 18,175,987 18,151,323 5,016,394 - 5,016,394 2,799,164

Aug ...................................... 18,175,446 18,151,150 5,031,582 - 5,031,582 2,799,426

Sept..................................... 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

 

 Public debt securities, continued Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2011 ................................................ 8,442,847 7,935,360 507,488 24,988 24,982 5

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

 

2014 - Sept...................................... 10,017,518 9,526,925 490,594 23,860 23,857 3

Oct....................................... 10,055,341 9,561,064 494,277 24,045 24,042 3

Nov ...................................... 10,133,493 9,632,417 501,076 24,093 24,088 5

Dec ...................................... 10,230,434 9,725,010 505,424 24,379 24,374 5

2015 - Jan ....................................... 10,188,761 9,687,271 501,490 24,393 24,388 5

Feb ...................................... 10,276,743 9,773,197 503,546 24,086 24,081 5

Mar ...................................... 10,292,669 9,846,298 446,371 24,136 24,131 5

Apr....................................... 10,257,642 9,849,592 408,050 24,464 24,459 5

May...................................... 10,258,089 9,893,497 364,592 24,489 24,484 5

June..................................... 10,276,508 9,912,571 363,937 24,655 24,650 5

July ...................................... 10,335,765 10,014,268 321,497 24,664 24,659 5

Aug ...................................... 10,320,142 10,047,123 273,019 24,296 24,291 5

Sept..................................... 10,321,650 10,051,650 270,000 24,100 24,095 5

 

 1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

Note—Public issues held by the Federal Reserve banks have been revised to include 

Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal 

National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal 

Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

December 2015 

52 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 

SOMA and 

Intragovernmental 

Holdings 2,3

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 4, 5

 (4) 

U.S.

savings

bonds 6

(5) 

 Private 7

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 4

 (8) 

Mutual 

funds 4, 8

(9) 

 State and 

 local 

 govern- 

 ments 4

 (10) 

 Foreign

 and inter-

 national 9

 (11) 

Other 

 investors 10

 (12) 

 

2015 - Sept........ 18,151 7,489 10,662 n.a. 173 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 June ....... 18,152 7,537 10,615 515 174 403 161 293 1,056 642 6,175 1,198

 Mar......... 18,152 7,521 10,631 512 175 463 162 295 1,097 653 6,176 1,098

2014 - Dec......... 18,141 7,579 10,563 514 176 517 177 285 1,030 637 6,156 1,072

 Sept........ 17,824 7,491 10,333 471 177 507 185 280 1,024 616 6,070 1,003

 June ....... 17,633 7,461 10,172 407 178 498 189 274 977 620 6,019 1,010

 Mar......... 17,601 7,302 10,300 368 178 493 189 267 1,123 601 5,948 1,132

2013 - Dec......... 17,352 7,205 10,147 321 179 487 188 265 1,118 600 5,793 1,196

 Sept........ 16,738 6,834 9,904 293 180 368 183 262 1,091 597 5,653 1,278

 June ....... 16,738 6,773 9,965 300 181 464 178 263 1,080 622 5,595 1,282

 Mar......... 16,772 6,657 10,115 339 182 475 174 267 1,102 619 5,725 1,233

2012 - Dec......... 16,433 6,524 9,909 348 182 477 173 271 1,033 610 5,574 1,241

 Sept........ 16,066 6,447 9,619 338 184 458 171 270 984 596 5,476 1,143

 June ....... 15,855 6,476 9,380 303 185 437 171 269 964 585 5,311 1,155

 Mar......... 15,582 6,397 9,185 317 185 416 169 271 970 567 5,145 1,143

2011 - Dec......... 15,223 6,440 8,783 280 185 401 161 272 896 561 5,007 1,021

 Sept........ 14,790 6,328 8,462 294 185 382 156 260 815 558 4,912 902

 June ....... 14,343 6,220 8,123 279 186 259 158 255 768 572 4,691 955

 Mar......... 14,270 5,959 8,311 321 187 350 158 254 750 585 4,481 1,225

2010 - Dec......... 14,025 5,656 8,369 319 188 337 154 248 722 596 4,436 1,369

 Sept........ 13,562 5,350 8,211 323 189 327 145 241 671 586 4,324 1,405

 June ....... 13,202 5,345 7,857 266 190 316 150 232 677 584 4,070 1,372

 Mar......... 12,773 5,260 7,513 269 190 304 154 226 678 585 3,878 1,229

2009 - Dec......... 12,311 5,277 7,034 202 191 296 151 222 669 586 3,685 1,032

 Sept........ 11,910 5,127 6,783 198 192 286 146 210 669 584 3,571 928

 June ....... 11,545 5,027 6,518 141 194 282 145 200 712 589 3,461 797

 Mar......... 11,127 4,785 6,342 126 194 273 137 191 721 588 3,266 847

2008 - Dec......... 10,700 4,806 5,893 105 194 260 130 171 758 601 3,077 597

 Sept........ 10,025 4,693 5,332 130 194 253 137 163 631 614 2,802 407

 June ....... 9,492 4,686 4,806 113 195 244 135 159 440 635 2,587 297

 Mar......... 9,438 4,695 4,743 125 195 240 135 152 467 646 2,506 276

2007 - Dec......... 9,229 4,834 4,396 130 196 229 144 142 344 648 2,353 210

 Sept........ 9,008 4,738 4,270 120 197 225 153 155 293 643 2,235 248

 June ....... 8,868 4,715 4,153 110 199 221 162 169 258 638 2,192 204

 Mar......... 8,850 4,577 4,273 120 200 220 156 185 263 608 2,195 325

2006 - Dec......... 8,680 4,558 4,122 115 202 216 153 198 248 571 2,103 316

 Sept........ 8,507 4,433 4,074 114 204 202 149 197 234 542 2,025 407

 June ....... 8,420 4,389 4,031 119 205 192 150 196 243 532 1,978 416

 Mar......... 8,371 4,257 4,114 113 206 186 153 200 254 516 2,082 404

2005 - Dec......... 8,170 4,200 3,971 129 205 184 154 202 254 512 2,034 295

 Sept........ 7,933 4,068 3,865 134 204 184 161 201 247 494 1,930 312

 June ....... 7,836 4,034 3,803 136 204 180 166 195 249 461 1,878 334

 Mar......... 7,777 3,922 3,855 149 204 177 157 193 264 429 1,952 329

1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. 

3

As of February 2005, the debt held by Government Accounts was renamed to 

Intragovernmental holdings. 

4

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

5

 Includes U.S. chartered depository institutions, foreign banking offices in the United 

States, banks in U.S. affiliated areas, credit unions, and bank holding companies. 

6

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. Includes myRA as of December 2014. Current accrual value. 

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2015 

53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2015 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,575,415,749,535 $1,528,567,879,170 $1,528,088,349,804 $239,885,266 $239,644,100

Less amounts held by: 

The Treasury....................................... 256,170,248 72,746,915 72,497,969 7,505 241,441

FRBs ................................................... 187,607,683,415 185,698,235,513 185,698,217,397 - 18,116

Amounts in circulation............................. $1,387,551,895,872 $1,342,796,896,742 $1,342,317,634,438 $239,877,761 $239,384,543

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $46,847,870,365 $6,535,304,110 $40,312,566,255

Less amounts held by: 

The Treasury....................................... 183,423,333 59,807,333 123,616,000

FRBs ................................................... 1,909,447,902 1,303,453,135 605,994,767 

Amounts in circulation............................. $44,754,999,130 $5,172,043,642 $39,582,955,488 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2015

54 

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2015 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $11,139,196,453 $10,998,297,937 $143,503 $140,755,013

$2 ................................................................................ 2,199,336,054 2,067,598,226 131,725,418 12,410

$5 ................................................................................ 13,194,862,085 13,062,540,325 107,987,610 24,334,150

$10 .............................................................................. 18,275,435,690 18,255,216,910 6,300 20,212,480

$20 .............................................................................. 163,292,808,760 163,272,708,140 3,840 20,096,780

$50 .............................................................................. 76,684,102,700 76,672,617,700 500 11,484,500

$100 ............................................................................ 1,057,698,585,400 1,057,676,633,200 -4 21,952,200

$500 ............................................................................ 142,005,000 141,813,000 5,500 186,500

$1,000 ......................................................................... 165,349,000 165,139,000 5,000 205,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,360,000 - 90,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,342,796,896,742 $1,342,317,634,438 $239,877,761 $239,384,543 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Aug. 31, 2015....................................................................................... 1,379,197 4,287

July 30, 2015........................................................................................ 1,372,357 4,269

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

June 30, 1960 ...................................................................................... 32,064 177

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
Foreign Currency Positions

Exchange Stabilization Fund
December 2015 

57

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2015

58 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

04/08/2015 ............................................................. 951,528 970,491 n.a. 1.2508

04/15/2015 ............................................................. 988,511 1,006,372 473 1.2378

04/22/2015 ............................................................. 927,720 950,643 424 1.2250

04/29/2015 ............................................................. 1,005,680 1,031,450 376 1.1955

 

05/06/2015 ............................................................. 968,445 992,858 n.a. 1.2007

05/13/2015 ............................................................. 947,786 974,156 588 1.1950

05/20/2015 ............................................................. 981,280 1,005,743 497 1.2212

05/27/2015 ............................................................. 1,029,782 1,048,186 336 1.2483

 

06/03/2015 ............................................................. 1,021,002 1,046,542 322 1.2437

06/10/2015 ............................................................. 1,043,586 1,065,761 -62 1.2267

06/17/2015 ............................................................. 886,920 906,486 n.a. 1.2307

06/24/2015 ............................................................. 888,631 907,891 n.a. 1.2413

 

07/01/2015 ............................................................. 1,045,567 1,088,011 n.a. 1.2559

07/08/2015 ............................................................. 951,215 972,576 n.a. 1.2724

07/15/2015 ............................................................. 966,448 993,888 n.a. 1.2935

07/22/2015 ............................................................. 973,449 1,000,682 n.a. 1.3023

07/29/2015 ............................................................. 1,038,189 1,059,690 n.a. 1.2893

 

08/05/2015 ............................................................. 1,018,790 1,042,360 n.a. 1.3181

08/12/2015 ............................................................. 1,029,974 1,055,962 n.a. 1.2973

08/19/2015 ............................................................. 1,029,387 1,063,846 n.a. 1.3165

08/26/2015 ............................................................. 1,081,304 1,107,301 -291 1.3301

 

09/02/2015 ............................................................. 1,125,633 1,147,226 -548 1.3308

09/09/2015 ............................................................. 1,136,146 1,169,817 -469 1.3221

09/16/2015 ............................................................. 957,813 995,261 -95 1.3180

09/23/2015 ............................................................. 1,012,989 1,049,542 166 1.3313

09/30/2015 ............................................................. 1,039,023 1,069,809 390 1.3396
FOREIGN CURRENCY POSITIONS 

December 2015 

59

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 723,826 727,471 195,584 177,964 43,124 45,411 52,812 54,827 -821 0.9958

2013 - Dec................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637

2014 - Oct ................... 909,554 912,552 180,827 174,125 90,374 93,794 123,757 107,918 1,464 1.1272

Nov .................. 967,114 966,286 185,731 178,307 94,695 95,487 125,095 109,979 358 1.1426

Dec .................. 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601

2015 - Jan ................... 1,048,711 1,046,428 186,450 180,543 79,723 83,456 140,877 125,889 1,014 1.2716

Feb .................. 1,047,490 1,058,033 189,504 182,216 85,817 120,259 201,081 156,626 400 1.2506

Mar .................. 972,038 987,831 178,200 160,737 80,663 96,352 194,511 167,785 n.a. 1.2681

Apr................... 997,947 1,019,404 185,157 173,231 77,230 86,527 145,134 129,419 405 1.2116

May.................. 1,076,964 1,097,212 194,699 175,179 72,197 83,511 165,239 128,842 242 1.2466

June................. 938,381 961,359 189,910 175,357 63,190 88,506 140,399 113,709 n.a. 1.2473

July .................. 1,045,506 1,069,396 189,725 178,824 67,177 93,389 155,989 125,767 n.a. 1.3047

Aug .................. 1,108,858 1,133,660 197,073 175,201 80,173 n.a. 210,535 167,592 -264 1.3223

Sept................. 1,038,433 1,068,324 202,317 179,735 77,615 116,443 181,646 143,573 420 1.0000

 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2012 - Dec................... 19,395 30,069 73,597 45,417 n.a. n.a. 869 662 n.a. 0.9958

2013 - Mar................... 17,015 32,402 88,822 53,718 276 467 3,545 2,502 n.a. 1.0174

June.................. 20,876 43,404 88,990 55,033 737 673 10,749 7,496 n.a. 1.0513

Sept.................. 17,533 35,119 97,416 56,050 n.a. 1,285 5,062 3,397 n.a. 1.0284

Dec................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637

2014 - Mar................... 21,444 36,135 101,443 56,942 n.a. n.a. 3,387 1,551 n.a. 1.1053

June ................. 21,683 33,223 99,792 53,898 960 2,789 4,141 1,136 n.a. 1.0676

Sept.................. 20,112 34,835 96,687 49,460 1,629 1,789 2,666 1,585 n.a. 1.1207

Dec................... 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -14 1.1601

2015 - Mar................... 66,935 82,242 79,161 61,756 n.a. n.a. 4,091 n.a. -14 1.2681

June ................. 60,237 74,947 84,008 54,046 290 133 2,856 976 n.a. 1.2473

 
FOREIGN CURRENCY POSITIONS 

December 2015

60 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/08/2015 .............................................................. 479,333 483,613 n.a. 119.96

04/15/2015 .............................................................. 487,908 491,410 n.a. 119.23

04/22/2015 .............................................................. 492,525 496,360 348 119.90

04/29/2015 .............................................................. 523,834 526,512 n.a. 118.83

 

05/06/2015 .............................................................. 576,278 580,124 285 119.42

05/13/2015 .............................................................. 508,546 511,329 -99 119.09

05/20/2015 .............................................................. 526,693 530,317 -56 121.28

05/27/2015 .............................................................. 554,647 557,156 -293 123.76

 

06/03/2015 .............................................................. 552,623 555,005 -442 124.06

06/10/2015 .............................................................. 574,622 575,985 -412 122.72

06/17/2015 .............................................................. 518,222 521,316 -600 124.25

06/24/2015 .............................................................. 508,941 511,207 -431 124.24

 

07/01/2015 .............................................................. 534,769 536,285 -349 123.02

07/08/2015 .............................................................. 512,969 512,859 -277 120.54

07/15/2015 .............................................................. 500,063 500,020 -583 123.89

07/22/2015 .............................................................. 502,069 501,404 -524 124.08

07/29/2015 .............................................................. 512,540 512,480 -419 123.86

 

08/05/2015 .............................................................. 507,000 510,881 -401 124.84

08/12/2015 .............................................................. 519,891 524,440 -470 123.87

08/19/2015 .............................................................. 498,778 503,407 -433 124.10

08/26/2015 .............................................................. 552,710 553,037 -249 119.07

 

09/02/2015 .............................................................. 543,146 549,982 -442 120.00

09/09/2015 .............................................................. 540,274 541,978 -316 120.94

09/16/2015 .............................................................. 493,854 500,952 -520 120.62

09/23/2015 .............................................................. 557,118 563,833 -502 120.12

09/30/2015 .............................................................. 519,378 526,306 -395 119.81
FOREIGN CURRENCY POSITIONS 

December 2015 

61

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2012 - Dec.................. 364,964 399,781 83,896 78,585 36,393 40,545 70,462 66,147 -131 86.64

2013 - Dec.................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25

2014 - Oct .................. 559,784 561,670 126,275 120,078 52,242 66,476 111,126 100,345 -94 112.09

Nov ................. 557,901 559,981 129,637 122,177 58,810 74,852 116,125 116,244 55 118.7

Dec ................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85

2015 - Jan .................. 520,147 526,458 141,649 132,820 52,806 64,934 104,249 95,838 n.a. 117.44

Feb ................. 523,312 528,311 140,362 130,982 52,826 61,621 92,123 86,724 n.a. 119.72

Mar ................. 496,578 502,296 140,285 129,597 51,460 61,986 91,358 83,671 n.a. 119.96

Apr.................. 543,767 546,495 142,296 131,901 49,139 58,337 87,763 81,852 n.a. 119.86

May................. 564,626 566,681 146,784 134,898 48,840 60,092 108,780 91,400 -333 123.98

June................ 534,677 536,078 147,074 133,881 54,380 59,862 86,877 83,995 -455 122.1

July ................. 531,223 530,596 141,684 130,001 52,745 58,273 82,194 77,804 -395 123.94

Aug ................. 527,679 533,901 144,703 130,838 56,740 63,756 86,276 80,442 -329 121.26

Sept................ 519,455 526,411 148,727 134,765 56,015 63,575 83,665 79,040 -377 119.81

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2012 - Dec................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64

2013 - Mar................... 3,089 5,704 9,256 4,631 n.a. 825 2,923 1,779 24 94.16

June.................. 4,222 5,249 9,282 4,576 541 1,048 2,640 1,828 63 99.21

Sept.................. 4,488 5,487 9,447 4,507 n.a. 906 2,077 1,561 24 98.29

Dec................... 4,238 5,807 10,272 4,750 n.a. 965 2,510 1,335 75 105.25

2014 - Mar................... 5,230 5,873 9,331 4,487 n.a. 426 1,093 236 n.a. 102.98

June ................. 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28

Sept.................. 6,122 7,795 9,921 5,408 127 491 2,075 1,162 n.a. 109.66

Dec................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a. 119.85

2015 - Mar................... 6,479 5,804 6,910 4,678 n.a. 506 1,437 550 -46 119.96

June ................. 6,361 6,239 6,582 5,709 317 628 1,025 368 n.a. 122.1

 
FOREIGN CURRENCY POSITIONS 

December 2015

62 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/08/2015 .............................................................. 945,464 979,549 n.a. 0.9634

04/15/2015 .............................................................. 964,944 996,913 n.a. 0.9721

04/22/2015 .............................................................. 1,001,580 1,030,114 n.a. 0.9662

04/29/2015 .............................................................. 1,022,348 1,053,518 n.a. 0.9358

 

05/06/2015 .............................................................. 962,348 993,875 n.a. 0.9150

05/13/2015 .............................................................. 923,659 953,589 -212 0.9162

05/20/2015 .............................................................. 938,089 967,216 n.a. 0.9395

05/27/2015 .............................................................. 954,055 983,283 n.a. 0.9508

 

06/03/2015 .............................................................. 986,404 1,016,644 -70 0.9336

06/10/2015 .............................................................. 981,264 1,009,935 -55 0.9292

06/17/2015 .............................................................. 917,200 944,833 324 0.9272

06/24/2015 .............................................................. 926,548 953,967 665 0.9360

 

07/01/2015 .............................................................. 944,638 971,302 449 0.9456

07/08/2015 .............................................................. 899,160 926,311 68 0.9458

07/15/2015 .............................................................. 901,565 927,684 172 0.9521

07/22/2015 .............................................................. 883,444 909,658 455 0.9613

07/29/2015 .............................................................. 914,988 941,077 n.a. 0.9630

 

08/05/2015 .............................................................. 891,957 919,542 n.a. 0.9810

08/12/2015 .............................................................. 920,408 949,114 n.a. 0.9691

08/19/2015 .............................................................. 876,713 910,243 n.a. 0.9702

08/26/2015 .............................................................. 939,365 973,147 n.a. 0.9472

 

09/02/2015 .............................................................. 906,032 938,423 n.a. 0.9690

09/09/2015 .............................................................. 949,239 977,075 n.a. 0.9767

09/16/2015 .............................................................. 863,805 893,469 n.a. 0.9688

09/23/2015 .............................................................. 884,765 915,900 n.a. 0.9780

09/30/2015 .............................................................. 907,198 935,997 n.a. 0.9773
FOREIGN CURRENCY POSITIONS 

December 2015 

63

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 654,579 683,540 158,819 85,852 86,352 88,023 102,871 101,876 -670 0.9155

2013 - Dec................... 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904

2014 - Oct ................... 984,798 1,003,000 82,769 74,559 109,321 129,100 169,627 153,748 1,595 0.9623

Nov .................. 1,038,060 1,052,561 80,169 69,629 119,997 140,321 195,387 175,232 n.a. 0.9658

Dec .................. 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934

2015 - Jan ................... 1,063,793 1,083,549 97,747 80,332 101,269 121,608 182,608 154,886 n.a. 0.921

Feb .................. 1,033,390 1,062,131 94,103 76,098 93,590 115,849 171,122 145,948 n.a. 0.9513

Mar .................. 993,365 1,027,879 99,426 81,571 91,124 109,679 154,659 136,442 n.a. 0.9712

Apr................... 991,077 1,023,244 102,648 85,788 87,068 101,277 144,654 131,432 n.a. 0.941

May.................. 957,375 985,246 95,917 79,312 84,289 98,361 142,800 135,172 -312 0.9404

June................. 945,105 973,090 98,076 83,734 82,591 96,938 128,730 113,155 98 0.9346

July .................. 928,245 953,448 90,601 78,993 78,530 89,270 124,029 110,113 n.a. 0.9636

Aug .................. 910,244 943,201 83,490 70,212 85,293 102,159 142,158 123,226 n.a. 0.9681

Sept................. 907,620 936,375 87,152 74,487 80,723 90,877 128,446 117,483 n.a. 0.9773

 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 14,365 16,096 67,992 8,884 n.a. n.a. n.a. n.a. n.a. 0.9155

2013 - Mar................... 16,520 21,737 n.a. 9,348 430 1,234 3,684 n.a. -54 0.9490

June.................. 17,279 17,163 n.a. 9,609 730 1,144 5,802 4,085 n.a. 0.9450

Sept.................. 15,013 13,051 91,002 12,620 n.a. n.a. 4,068 2,400 n.a. 0.9041

Dec................... 22,699 23,164 126,959 9,538 n.a. n.a. 1,951 n.a. n.a. 0.8904

2014 - Mar................... 17,733 17,832 99,179 8,969 n.a. n.a. 1,012 290 -2 0.884

June ................. 18,188 18,726 101,146 9,451 n.a. n.a. 879 436 n.a. 0.8868

Sept.................. 22,420 22,430 88,531 13,999 n.a. n.a. n.a. 1,269 -319 0.9554

Dec................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934

2015 - Mar................... 23,038 26,305 88,393 12,735 n.a. n.a. n.a. 596 n.a. 0.9712

June ................. 18,941 21,184 80,658 11,726 n.a. n.a. 116 n.a. -10 0.9346

 
FOREIGN CURRENCY POSITIONS 

December 2015

64 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/08/2015 .............................................................. 2,172,087 2,243,509 n.a. 1.4924

04/15/2015 .............................................................. 1,872,185 1,944,937 n.a. 1.4782

04/22/2015 .............................................................. 1,888,598 1,961,069 n.a. 1.5027

04/29/2015 .............................................................. 1,989,312 2,064,931 n.a. 1.5485

 

05/06/2015 .............................................................. 1,956,294 2,036,468 n.a. 1.5244

05/13/2015 .............................................................. 1,954,001 2,029,802 n.a. 1.5748

05/20/2015 .............................................................. 1,978,925 2,062,069 n.a. 1.5544

05/27/2015 .............................................................. 2,036,086 2,119,268 n.a. 1.5324

 

06/03/2015 .............................................................. 1,969,336 2,053,950 n.a. 1.5351

06/10/2015 .............................................................. 2,042,494 2,128,519 n.a. 1.5530

06/17/2015 .............................................................. 1,881,510 1,966,724 n.a. 1.5708

06/24/2015 .............................................................. 1,906,406 1,990,518 n.a. 1.5681

 

07/01/2015 .............................................................. 2,004,562 2,086,903 n.a. 1.5617

07/08/2015 .............................................................. 1,916,504 2,000,761 n.a. 1.5353

07/15/2015 .............................................................. 1,928,706 2,013,436 1,781 1.5621

07/22/2015 .............................................................. 1,880,170 1,962,242 n.a. 1.5617

07/29/2015 .............................................................. 2,007,786 2,089,042 51 1.5624

 

08/05/2015 .............................................................. 1,933,372 2,013,842 n.a. 1.5604

08/12/2015 .............................................................. 1,952,652 2,030,376 114 1.5639

08/19/2015 .............................................................. 1,934,240 2,011,298 -303 1.5645

08/26/2015 .............................................................. 2,058,966 2,138,130 n.a. 1.5493

 

09/02/2015 .............................................................. 2,034,076 2,114,917 -561 1.5310

09/09/2015 .............................................................. 2,086,533 2,167,779 -638 1.5363

09/16/2015 .............................................................. 1,927,282 2,002,714 -54 1.5499

09/23/2015 .............................................................. 1,960,831 2,038,071 -396 1.5243

09/30/2015 .............................................................. 1,959,583 2,040,104 -602 1.5116
FOREIGN CURRENCY POSITIONS 

December 2015 

65

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 1,457,283 1,438,257 658,674 554,948 46,300 45,013 48,575 51,867 n.a. 1.6262

2013 - Dec................... 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574

2014 - Oct ................... 1,852,990 1,929,899 601,388 549,002 102,498 94,097 95,450 100,734 n.a. 1.5999

Nov .................. 1,888,054 1,963,730 631,850 585,542 97,509 91,540 95,628 94,189 n.a. 1.5638

Dec .................. 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578

2015 - Jan ................... 1,836,217 1,902,000 706,295 651,308 102,425 98,174 104,486 100,432 n.a. 1.5026

Feb .................. 1,873,214 1,938,940 683,113 632,367 103,893 101,110 108,866 104,986 n.a. 1.5439

Mar .................. 1,838,394 1,913,197 724,336 670,757 102,214 111,168 140,130 125,350 n.a. 1.485

Apr................... 1,973,507 2,061,481 699,352 648,174 98,966 103,701 134,754 128,057 n.a. 1.5328

May.................. 1,998,994 2,084,910 677,345 631,718 105,551 100,115 136,412 129,682 n.a. 1.5286

June................. 1,971,327 2,055,266 661,516 620,141 110,813 106,756 102,382 100,469 n.a. 1.5727

July .................. 1,994,095 2,079,631 678,091 642,795 101,035 98,445 94,215 93,188 86 1.5634

Aug .................. 2,093,576 2,171,882 682,852 652,053 95,422 96,929 104,644 102,015 -349 1.5363

Sept................. 1,961,581 2,041,920 669,513 680,231 84,652 88,575 97,561 91,658 n.a. 1.5116

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 1.6262

2013 - Mar................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193

June.................. 25,286 23,953 66,608 37,013 714 977 3,877 1,328 39 1.5210

Sept.................. 23,881 18,501 149,903 36,241 1,006 1,145 n.a. 1,287 155 1.6179

Dec................... 34,365 29,425 156,665 3,8670 1,861 n.a. 2,360 1,364 172 1.6574

2014 - Mar................... 24,285 20,785 159,297 38,963 n.a. n.a. n.a. 404 n.a. 1.6675

June ................. 28,452 25,936 159,978 38,559 1,500 1,381 2,464 866 194 1.7105

Sept.................. 25,003 25,045 154,483 36,431 2,021 1,243 3,789 1,232 n.a. 1.622

Dec................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578

2015 - Mar................... 21,774 27,278 138,489 44,183 n.a. 710 5,327 3,202 -85 1.485

June ................. 20,394 23,833 138,920 42,563 1,130 1,158 1,518 934 57 1.5727

 
FOREIGN CURRENCY POSITIONS 

December 2015

66 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

04/08/2015 ............................................................ 22,172,097 21,285,660 -11,671 n.a.

04/15/2015 ............................................................ 22,649,078 21,681,473 -11,047 n.a.

04/22/2015 ............................................................ 22,792,130 21,871,993 -8,484 n.a.

04/29/2015 ............................................................ 23,933,814 22,969,401 -8,795 n.a.

 

05/06/2015 ............................................................ 23,684,666 22,663,461 -7,648 n.a.

05/13/2015 ............................................................ 23,180,427 22,309,053 -4,397 n.a.

05/20/2015 ............................................................ 23,482,105 22,615,619 -5,020 n.a.

05/27/2015 ............................................................ 23,998,131 23,201,783 -5,230 n.a.

 

06/03/2015 ............................................................ 23,916,220 23,177,043 -3,637 n.a.

06/10/2015 ............................................................ 24,498,457 23,699,312 2,186 n.a.

06/17/2015 ............................................................ 22,659,375 21,987,511 119 n.a.

06/24/2015 ............................................................ 22,664,813 21,972,088 -2,053 n.a.

 

07/01/2015 ............................................................ 23,229,025 22,514,854 651 n.a.

07/08/2015 ............................................................ 22,471,848 21,728,748 5,631 n.a.

07/15/2015 ............................................................ 22,117,932 21,329,207 7,147 n.a.

07/22/2015 ............................................................ 22,199,046 21,418,414 9,486 n.a.

07/29/2015 ............................................................ 22,910,132 22,103,093 7,944 n.a.

 

08/05/2015 ............................................................ 22,603,744 21,702,272 3,543 n.a.

08/12/2015 ............................................................ 23,269,220 22,350,068 2,660 n.a.

08/19/2015 ............................................................ 22,917,317 21,958,196 419 n.a.

08/26/2015 ............................................................ 24,508,094 23,553,339 -1,079 n.a.

 

09/02/2015 ............................................................ 24,138,217 23,091,608 1,416 n.a.

09/09/2015 ............................................................ 24,233,852 23,212,035 1,133 n.a.

09/16/2015 ............................................................ 22,790,784 21,701,412 2,175 n.a.

09/23/2015 ............................................................ 23,285,361 22,194,525 991 n.a.

09/30/2015 ............................................................ 23,323,482 22,241,859 -898 n.a.
FOREIGN CURRENCY POSITIONS 

December 2015 

67

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec.............. 17,398,629 16,771,084 - - 1,550,821 2,000,809 1,229,560 1,766,978 1,689 n.a.

2013 - Dec.............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a.

2014 - Oct .............. 24,611,564 23,508,361 - - 2,650,599 2,572,127 1,984,882 2,066,205 1,918 n.a.

Nov ............. 24,518,519 23,408,880 - - 2,817,275 2,676,251 2,091,576 2,126,612 -9,378 n.a.

Dec ............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a.

2015 - Jan .............. 23,481,036 22,558,457 - - 2,573,211 2,340,447 1,623,925 1,843,806 -5,516 n.a.

Feb ............. 24,092,843 23,108,641 - - 2,586,689 2,300,965 1,583,539 1,848,882 -11,244 n.a.

Mar ............. 22,929,102 21,957,986 - - 2,671,283 2,338,677 1,625,575 1,930,310 -11,248 n.a.

Apr.............. 24,221,229 23,281,423 - - 2,523,577 2,291,357 1,584,348 1,813,633 -10,133 n.a.

May............. 24,128,712 23,327,645 - - 2,467,809 2,233,891 1,850,041 2,188,982 -3,883 n.a.

June............ 23,084,479 22,367,893 - - 2,339,302 2,167,095 1,566,843 1,745,101 4,422 n.a.

July ............. 23,412,516 22,582,281 - - 2,293,536 2,128,226 1,632,556 1,678,632 7,403 n.a.

Aug ............. 24,087,007 23,059,387 - - 2,539,766 2,328,203 1,770,106 1,863,986 -1,048 n.a.

Sept............ 23,415,959 22,333,123 - - 2,526,052 2,280,176 1,710,295 1,852,295 -2,310 n.a.

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

 Written

 (6) 

 Bought

 (7) 

Written 

(8) 

 

2012 - Dec................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a.

2013 - Mar................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a.

June.................. 328,601 311,076 - - 98,395 64,260 25,319 25,299 1,863 n.a.

Sept.................. 277,343 315,420 - - 57,525 36,377 29,912 25,091 n.a. n.a.

Dec................... 357,382 377,984 - - 54,936 34,030 34,942 35,389 4,121 n.a.

2014 - Mar................... 391,996 400,511 - - 36,072 18,155 20,269 16,834 n.a. n.a.

June ................. 411,412 415,310 - - 56,218 29,924 20,610 26,265 3,106 n.a.

Sept.................. 470,994 427,001 - - 77,178 42,620 23,410 26,139 10,422 n.a.

Dec................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,109 n.a.

2015 - Mar................... 443,187 408,844 - - 44,210 34,170 13,692 14,254 3,887 n.a.

June ................. 416,021 391,957 - - 26,747 16,957 5,985 9,541 n.a. n.a.

 
FOREIGN CURRENCY POSITIONS 

December 2015

68 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

04/08/2015 ......................................................................... 6,625,206 6,773,726 n.a. 0.9244

04/15/2015 ......................................................................... 6,865,624 7,016,913 n.a. 0.9438

04/22/2015 ......................................................................... 6,797,436 6,952,637 n.a. 0.9321

04/29/2015 ......................................................................... 7,264,344 7,415,837 n.a. 0.8949

 

05/06/2015 ......................................................................... 7,179,972 7,337,338 n.a. 0.8814

05/13/2015 ......................................................................... 7,014,068 7,157,530 n.a. 0.8794

05/20/2015 ......................................................................... 7,172,238 7,325,081 n.a. 0.9026

05/27/2015 ......................................................................... 7,226,973 7,374,982 n.a. 0.9184

 

06/03/2015 ......................................................................... 7,308,947 7,460,429 n.a. 0.8861

06/10/2015 ......................................................................... 7,641,312 7,784,777 n.a. 0.8844

06/17/2015 ......................................................................... 7,281,092 7,421,369 n.a. 0.8894

06/24/2015 ......................................................................... 7,334,259 7,481,336 n.a. 0.8946

 

07/01/2015 ......................................................................... 7,426,121 7,659,432 n.a. 0.9022

07/08/2015 ......................................................................... 7,251,444 7,488,202 n.a. 0.9032

07/15/2015 ......................................................................... 6,942,470 7,187,333 n.a. 0.9120

07/22/2015 ......................................................................... 7,039,285 7,269,050 n.a. 0.9188

07/29/2015 ......................................................................... 7,191,228 7,424,480 n.a. 0.9070

 

08/05/2015 ......................................................................... 7,043,515 7,292,785 n.a. 0.9201

08/12/2015 ......................................................................... 7,197,990 7,439,364 n.a. 0.8930

08/19/2015 ......................................................................... 6,993,799 7,219,595 n.a. 0.9041

08/26/2015 ......................................................................... 7,446,042 7,662,523 n.a. 0.8780

 

09/02/2015 ......................................................................... 7,279,391 7,497,499 n.a. 0.8895

09/09/2015 ......................................................................... 7,267,461 7,447,190 n.a. 0.8957

09/16/2015 ......................................................................... 6,854,130 7,033,039 n.a. 0.8846

09/23/2015 ......................................................................... 6,978,120 7,162,208 n.a. 0.8961

09/30/2015 ......................................................................... 7,106,962 7,293,975 n.a. 0.8959
FOREIGN CURRENCY POSITIONS 

December 2015 

69

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 4,742,320 4,617,740 2,124,942 1,995,883 345,564 383,059 431,599 400,556 -3,395 0.7584

2013 - Dec................... 4,986,374 5,023,973 1,899,825 1,777,323 334,550 358,527 391,263 369,449 6,489 0.7257

2014 - Oct ................... 6,415,852 6,559,286 2,023,493 1,969,328 501,148 584,688 804,117 707,441 2,343 0.7981

Nov .................. 6,450,169 6,602,792 2,057,123 2,001,002 505,294 579,375 783,922 708,797 3,257 0.804

Dec .................. 6,034,361 6,176,703 2,069,681 1,999,146 451,487 500,726 678,531 639,243 2,694 0.8264

2015 - Jan ................... 6,689,954 6,812,088 2,217,617 2,141,149 527,142 625,058 845,395 734,690 n.a. 0.8857

Feb .................. 7,116,917 7,238,087 2,269,855 2,182,571 516,926 594,807 849,522 748,689 n.a. 0.8931

Mar .................. 6,851,980 6,987,827 2,368,745 2,289,519 551,282 644,428 885,934 758,875 n.a. 0.931

Apr................... 7,421,309 7,566,777 2,352,432 2,266,151 537,758 617,533 848,179 745,470 n.a. 0.8959

May.................. 7,225,011 7,371,812 2,172,351 2,076,742 539,369 624,563 1,023,618 817,625 n.a. 0.9096

June................. 7,449,033 7,679,893 2,114,499 2,011,704 568,012 644,762 874,016 784,087 n.a. 0.8965

July .................. 7,330,022 7,560,493 2,069,987 1,975,645 529,205 591,868 830,488 768,196 n.a. 0.9068

Aug .................. 7,256,131 7,477,753 2,047,441 1,984,991 566,309 615,920 824,558 775,892 n.a. 0.8933

Sept................. 7,114,985 7,302,180 2,044,063 2,001,516 521,349 565,504 760,618 725,515 n.a. 0.8959

 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2012 - Dec................... 69,920 69,920 203,194 120,619 8,126 2,152 3,662 n.a. 8 0.7584

2013 - Mar................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803

June.................. 80,198 71,480 225,064 138,339 10,852 5,750 15,771 12,375 313 0.7686

Sept.................. 72,099 68,918 327,873 157,426 11,714 4,796 7,647 5,601 818 0.7388

Dec................... 93,606 107,641 295,577 138,564 8,848 3,866 7,004 6,196 939 0.7257

2014 - Mar................... 85,631 68,576 310,459 141,879 9,177 3,722 6,401 3,759 765 0.7258

June ................. 87,542 83,012 318,085 145,765 10,853 8,432 18,099 11,116 -709 0.7305

Sept.................. 93,517 97,958 314,618 150,292 12,042 7,750 27,163 13,965 -3,350 0.7919

Dec................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264

2015 - Mar................... 113,093 112,445 252,601 151,813 6,626 3,348 14,587 8,469 1,582 0.931

June ................. 114,185 108,146 262,504 148,970 2,552 2,532 13,571 7,165 1,222 0.8965

 
December 2015 

70 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund -ESF was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 -codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of June 30, 2015, and Sept. 30, 2015 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2015 

July 1, 2015, 

through 

Sept. 30, 2015 Sept. 30, 2015 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - 1,870,534 1,870,534

U.S. Government securities............................................. 22,644,390 -1,871,167 20,773,323

Special drawing rights 1 ........................................................... 50,424,591 -92,864 50,331,727

Foreign exchange and securities: 

European euro ..................................................................... 12,152,747 11,977 12,164,724

Japanese yen....................................................................... 7,649,817 146,847 7,796,664

Accounts receivable................................................................. 69,043 2,556 71,599

Total assets.......................................................................... 92,940,588 67,883 93,008,471

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 4,150 -8 4,142

Total current liabilities ...................................................... 4,150 -8 4,142

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,667,620 -93,586 49,574,034

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 54,867,620 -93,586 54,774,034

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -2,474,053 161,529 -2,312,524

Total capital...................................................................... 36,068,818 161,477 38,230,295

Total liabilities and capital............................................ 92,940,588 67,883 93,008,471

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2015 

71

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

July 1, 2015, 

through 

Sept. 30, 2015 

Fiscal year to date

Oct. 1, 2014, 

through 

Sept. 30, 2015 

Income and expense 

 Profit (+) or loss(-) on: 

Foreign exchange ........................................................................ 154,891 -2,316,506

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -1,413 -42,198

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 95 -307

U.S. Government securities......................................................... 1,407 4,968

Foreign exchange ........................................................................ 6,549 41,519

Income from operations ............................................................... 161,529 -2,312,524

Net income (+) or loss (-)............................................................. 161,529 -2,312,524

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2015 

75

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2016) .............................................................................................................. 64

less: 

Cash balance (fiscal year 2016) ......................................................................................................................................................................................... 9

Unfunded authorizations (fiscal year 2016)........................................................................................................................................................................ 55

48-month revenue estimate (fiscal years 2017, 2018, 2019, and 2020)............................................................................................................................ 138

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2016) .............................................................................................................. 20

less: 

Cash balance (fiscal year 2016) ......................................................................................................................................................................................... 2

Unfunded authorizations (fiscal year 2016)........................................................................................................................................................................ 18

48-month revenue estimate (fiscal years 2017, 2018, 2019, and 2020)........................................................................................................................... 25

Note—Detail may not add due to rounding. Note—Estimates are based on Fiscal Year 2016 MSR revenue assumptions and currently 

authorized contract authority. 
76 

December 2015 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

December 2015 

77

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
December 2015 

78 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2015, the 

debt limit was $18,113,000 million; the limit may change 

from year to year. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 
GLOSSARY 

December 2015 

79

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 
GLOSSARY 

December 2015 

80 

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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