B U L L E T I N

DECEMBER 2017

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

U

L

L

E

T I N

The Treasury Bulletin is for sale 

by the Superintendent of Documents

U.S. Government Printing Office 

Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is 

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

other Federal program agencies. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Bureau of the Fiscal Service’s home page. 

www.fiscal.treasury.gov 
December 2017

Table of Contents

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

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

Analysis—Budget Results and Financing of the U.S. Government and 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........................................... 30

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 2017

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; Detail may not add to totals due to rounding; 

n.a. = Not available.
V

December 2017

Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

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

Special Reports

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Wool Research, Development, and Promotion Trust Fund............................... √
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 2017 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of November 3, 2017 

Introduction 

Despite a battering by three major hurricanes in August 

and September, U.S economic growth held steady in the 

third quarter of 2017, after a strong performance in the 

second quarter. Personal consumption expenditures slowed 

but still grew at a solid pace in the third quarter, and 

inventory accumulation also made a substantial contribution 

to growth. Non-residential fixed investment and net exports 

made smaller but still positive additions to growth, while 

residential investment fell for the second consecutive 

quarter. Government expenditures had a neutral impact. 

Labor market conditions remained healthy, and the 

unemployment rate stood at 4.1 percent in October 2017. 

The pull-back in oil prices contributed to a slowing of 

inflation for much of this year. However, headline rates are 

above year-ago levels, while core inflation remains stable. 

The federal budget deficit fell from a peak of 9.8 percent 

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

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

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

The Administration’s Fiscal Year 2018 Budget, released in 

May 2017, projected the budget deficit will range between 

2-1⁄4 and 2-1⁄2 percent of GDP from fiscal year 2018 to fiscal 

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

Budget, released by the Administration in July 2017, 

projects the federal government will post a budget deficit of 

$589 billion (2.9 percent of GDP) in fiscal year 2018. 

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

the Federal Reserve’s Federal Open Market Committee 

(FOMC) maintained the target range for the federal funds 

rate at 1.00 to 1.25 percent. At that meeting, the FOMC 

indicated that the balance sheet normalization program 

initiated in October “is proceeding.” The normalization of 

the policy of reinvesting principal payments from the 

Federal Reserve’s holdings of agency debt and agency 

mortgage-backed securities and of rolling over maturing 

Treasury securities at auction involves a gradual reduction in 

the size of the central bank’s balance sheet. The FOMC 

continued to assert that “the stance of monetary policy 

remains accommodative, thereby supporting some further 

strengthening in labor market conditions and a sustained 

return to 2 percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 19.5 percent and, as of the third 

quarter of 2017, real GDP was 14.4 percent above its level at 

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

advance estimate, real GDP rose 3.0 percent at an annual 

rate in the third quarter of 2017, a tick lower than the 3.1 

percent increase in the second quarter. Consumer spending 

grew more slowly, but still solidly, in the third quarter, and 

non-residential fixed investment and net exports continued 

to add to growth. Total government spending was essentially 

neutral for growth, as a decline in state and local government 

spending offset a rise in federal expenditures. Inventory 

accumulation was the second largest driver of growth, while 

residential investment fell for the second consecutive 

quarter, subtracting from real GDP. 

Real personal consumption expenditures—which 

account for about 69 percent of GDP—rose at a 2.4 percent 

annual rate in the third quarter, decelerating from a 3.3 

percent pace in the second quarter. Across spending 

categories, consumption growth for durables strengthened, 

rising at an 8.3 percent annual rate in the third quarter, on 

top of a 7.6 percent advance in the second quarter. 

Consumption of nondurables grew 2.1 percent in the latest 

quarter, after rising 4.2 percent in the second quarter. 

Services consumption increased 1.5 percent in the third 

quarter, slowing from the second quarter’s 2.3 percent pace. 

Altogether, consumption contributed 1.6 percentage points 

to real GDP growth in the third quarter, less than the 2.2 

percentage points added in the second quarter, but remained 

the main driver of growth. 
4 PROFILE OF THE ECONOMY 

December 2017 

Housing activity continued to wane in the third quarter. 

Residential investment fell 6.0 percent at an annual rate in 

the third quarter, after a 7.3 percent decline in the second 

quarter. Residential activity accounts for 3.8 percent of GDP 

and subtracted 0.2 percentage point from third-quarter real 

GDP growth. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts increased 5.9 

percent over the year through September 2017 to an annual 

rate of 829,000 units. However, single-family starts remain 

nearly 55 percent below their January 2006 peak and also 

below the 1.1 million unit average observed from 1980 to 

2004. Multi-family starts rose 6.8 percent over the year 

through September 2017, their first year-on-year gain since 

February 2017, but are still 34 percent below the prerecession peak. Sales of new single-family homes surged 

17.0 percent over the year through September 2017 to a 

667,000 annual rate. Sales of existing homes (94 percent of 

all home sales, including single-family, condos and co-ops) 

fell 1.5 percent over the year through September 2017, to a 

5.4 million annual rate. 

Nonresidential fixed investment—12.4 percent of 

GDP—advanced 3.9 percent at an annual rate in the third 

quarter of 2017, following a 6.7 percent increase in the 

second quarter. One subcomponent accelerated, with the 

pace of intellectual property products investment rising 4.3 

percent, up from 3.7 percent in the previous quarter. Another 

subcomponent held steady: equipment investment rose 8.6 

percent in the third quarter, a rate comparable to the 8.8 

percent pace in the second quarter. Outlays for structures fell

substantially, by 5.2 percent, reversing from a 7.0 percent 

rise in the previous quarter. Altogether, nonresidential fixed 

investment added 0.5 percentage point to real GDP growth 

in the third quarter, after contributing 0.8 percentage point in 

the second quarter. Following a 0.1 percentage point 

contribution to growth in the second quarter, inventory 

investment added 0.7 percentage point to growth in the third 

quarter. Prior to these back-to-back contributions, the change 

in inventories had posed a drag on growth in six of the 

previous eight quarters. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

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

quarter of 2017, exports grew by 2.3 percent (after rising 3.5 

percent in the previous quarter) and imports declined by 0.8 

percent (after growing by 1.5 percent in the second quarter). 

The net export deficit narrowed a bit, adding 0.4 percentage 

point to the rise in real GDP in the third quarter after making

a 0.2 percentage point contribution to growth in the second 

quarter. 

The current account balance (reflecting international 

trade in goods and services as well as investment income 

flows and unilateral transfers) has been in deficit almost 

continuously since the early 1980s and in 2006 reached a 

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

current account deficit narrowed sharply during the 

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

has widened somewhat since then but remains well below its 

2006 peak. In the second quarter of 2017 (latest data 

available), the current account deficit widened to $493 

billion (annualized), equivalent to 2.6 percent of GDP. 

Government purchases—which account for close to 18 

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

from 2011 through 2014, but contributed modestly on net to 

economic growth in 2015 and 2016. In the third quarter of 

2017, government outlays declined 0.1 percent, after falling 

by 0.2 percent in the previous quarter, and made an 

essentially neutral contribution to real GDP growth. At the 

federal level, spending rose 1.2 percent in the latest quarter,

after advancing 1.9 percent in the second quarter. State and 

local government spending fell 0.9 percent, following a 1.5 

percent decline in the second quarter. State and local 

government spending declined for 13 straight quarters from 

the fourth quarter of 2009 through the fourth quarter of 

2012, but has risen in all but seven quarters since then. 

Similarly, spending cutbacks at the federal level restrained 

overall growth from late 2010 through 2014. 

Labor Markets 

During the recession (from December 2007 through June 

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

continued even after the recovery began, but February 2010 

was the low point and employment rose in March of that 

year. Since then, through October 2017, total nonfarm 

payroll employment has increased by 17.3 million. Privatesector employment has risen 17.4 million. 

Job losses during the recession were spread broadly 

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

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

recovery began in early 2010, through October 2017, 

payrolls in professional and business services have risen by 

4.3 million, and the leisure and hospitality industry’s 

employment has increased by almost 3.1 million. 

Employment in the manufacturing sector has expanded by 

1.0 million since early 2010 and the construction sector has 

added 1.4 million workers to its payrolls. A few sectors 

added jobs throughout the recession and still continue to hire 

new workers: since early 2010, the health care and social 

assistance sector has added an additional 2.8 million jobs. 

On a net basis, the government sector also added workers to 

payrolls during the recession, although payrolls began 

declining late in 2008 and trended lower until early 2014. 

Government employment has increased since then but 

growth has been uneven. From January 2014 through 

October 2017, the government sector has added 556,000 

jobs. Much of that growth occurred at the local level with an 

addition of 431,000 positions, including 229,000 jobs in 

local education. Federal government employment has risen 

by 81,000 during this period and state government 

employment has increased by 44,000. 
PROFILE OF THE ECONOMY 5 

December 2017 

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 2017 stood at 4.1 percent its 

lowest level since December 2000. 

Broader measures of unemployment have now declined 

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

measure, which includes workers who are underemployed 

and those who are only marginally attached to the labor 

force (the U-6 unemployment rate), has fallen from a record 

high of 17.1 percent in late 2009 and early 2010 to 7.9 

percent in October 2017. The U-6 unemployment rate 

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

The percentage of the unemployed who have been out of 

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

above its pre-recession average. In October 2017, 24.8 

percent of unemployed workers were included in this 

category, compared with readings around 17.5 percent 

before the recession. 

Inflation 

Headline inflation rates have accelerated relative to yearago readings but a pull-back in oil prices in the first part of

this year contributed to a slowing of inflation for much of 

this year. Headline and core inflation readings are still 

relatively low, and core inflation remains stable. Headline 

consumer prices rose 2.2 percent over the 12 months ending 

in September 2017, a slower reading than the 2.7 percent 

rate seen in February 2017, but faster than the 1.5 percent 

increase during the previous year. Energy prices advanced 

10.1 percent over the year through September 2017, in sharp 

contrast with the 2.9 percent decline over the year through 

September 2016. On a year-over-year basis, food prices rose 

1.2 percent over the year through September 2017, faster 

than the 0.3 percent decline over the 12 months ending in 

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

(excluding food and energy) rose 1.7 percent through 

September 2017, slowing from the 2.2 percent increase in 

the year ending in September 2016. Core inflation had been 

near or below 2 percent from early 2013 through late 2015, 

but hovered around 2-1⁄4 percent throughout 2016 and the 

first quarter of 2017, before slowing to an average 1.7 

percent in the second quarter and third quarters. 

Oil and gasoline prices fell sharply between mid-2014 

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

summer of 2015, but resumed a declining trend through 

early 2016, reaching their lowest levels since early 2009. 

Prices have since trended higher, although there was a small 

pull-back in oil prices in the spring and early summer of 

2017. The front month futures price of West Texas 

Intermediate (WTI) crude oil averaged $51.59 per barrel in 

October 2017, up $1.87 from the previous month’s average, 

and $1.65 above the October 2016 average. The retail price 

of regular gasoline averaged $2.49 per gallon in October 

2017, 10 cents higher than the previous month, but 26 cents 

higher than its October 2016 average. 

Home prices have continued to rise. While the pace of 

increase remains below that observed in 2013, it far exceeds 

the increases in core measures of consumer prices. The 

FHFA purchase-only home price index rose 6.6 percent over 

the year ending in August 2017, lower than the peak rates of 

around 8 percent observed in mid-2013. The Standard and 

Poor’s (S&P)/Case-Shiller composite 20-city home price 

index rose 5.9 percent over the year ending in August 2017, 

a pace less than half the peak rate of 13.8 percent in 

November 2013. 
6 PROFILE OF THE ECONOMY 

December 2017 

Federal Budget and Debt

The federal budget deficit declined to $438 billion (2.5 

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

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

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

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

points below the peak of 9.8 percent reached in fiscal year 

2009. The primary deficit (receipts less spending excluding 

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

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

held in government accounts) rose 3.5 percent to $14.76 

trillion at the end of fiscal year 2017. As a share of the 

economy, however, publicly-held debt fell to 76.5 percent of 

GDP in fiscal year 2016, from 76.7 percent at the end of 

fiscal year 2016. 

On May 23, 2017, the Administration released its Fiscal 

Year 2018 Budget. It projected the Federal Government’s 

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

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

as Administration policies are enacted. By 2027, the 

Administration expects its policies to create a modest 

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

deficit is projected to turn into a small primary surplus by 

fiscal year 2021, and then to grow in the latter part of the

forecast horizon, climbing to 2.1 percent of GDP by fiscal 

year 2027. The Fiscal Year 2018 Budget projects that after 

fiscal year 2017, debt held by the public will fall as a 

percentage of GDP, dropping to 59.8 percent by fiscal year 

2027. 

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

released by the Administration in July 2017, projects the 

federal Government will post a budget deficit of $589 billion 

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

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

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

Economic Policy

Key fiscal and monetary policy actions taken in past 

years aided the recovery and helped reinforce the expansion. 

On the fiscal policy side, these measures included the 

American Recovery and Reinvestment Act (ARRA) of 2009, 

a variety of selected tax cuts and credits for individuals and 

businesses, the American Taxpayer Relief Act of 2012 

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

and extensions of Emergency Unemployment benefits. 

On September 8, 2017, the President signed a continuing 

resolution that will fund the federal government through 

December 8, giving Congress three months to negotiate 

appropriations for fiscal year 2018. The debt ceiling was 

also suspended on September 8 for three months, with the 

enactment of the continuing resolution. 

Congress agreed to a budget resolution on October 26, 

2017. The budget resolution expects on-budget receipts to 

total $2.5 trillion in fiscal year 2018 and authorizes tax 

legislation that reduces federal revenues by $1.5 trillion from

fiscal year 2018 to fiscal year 2027. The resolution for fiscal

year 2018 matches the Congressional Budget Office’s 

current-law baseline for both discretionary defense and 

nondefense budget authority but projects mandatory outlays 

to be reduced by $100 billion in fiscal year 2018. 

On the monetary policy side, the Federal Reserve began 

its last cycle of monetary policy easing in September 2007, 

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

to signs of slowing in the broader economy. By December 

2008, the FOMC had lowered the federal funds target 

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

The FOMC maintained this range until December 2015 and 

then raised the target range by 25 basis points to 0.25 to 0.5 

percent. The Committee raised the target range by another 

25 basis points in December 2016 to 0.5 to 0.75 percent, and 

raised it by a further 25 basis points to 0.75 to 1.0 percent at 

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

14, 2017, the target range was raised by an additional 25 

basis points to 1.0 to 1.25 percent. The FOMC maintained 

this range at its most recent meeting on October 31-

November 1, 2017, and also repeated its view, first 

expressed at the December 2015 meeting, that it “expects 

economic conditions will evolve in a manner that will 

warrant only gradual increases in the federal funds rate; the 

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

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

In addition to lowering the federal funds rate target to 

respond to the financial crisis and slower economic growth, 

the Federal Reserve significantly expanded its tools to 

increase liquidity in credit markets, and eased lending terms 

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

and funds directed at specific financial markets. As of June 

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 
PROFILE OF THE ECONOMY 7 

December 2017 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and continue rolling over the 

Federal Reserve’s holdings of Treasury securities as they 

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

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

At the September 2011 meeting, the FOMC announced it 

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

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

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

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

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

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

the FOMC extended and expanded its program to extend the 

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

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. 

The FOMC announced additional monetary 

accommodation at the December 2012 meeting, including 

the completion of short-term securities sales (which drain 

liquidity) and the continuation of purchases of long-term 

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

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

that monthly purchases of mortgage-backed securities at a 

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

its existing policy of reinvesting principal payments. At its 

meeting on September 19-20, 2017, the Committee 

announced it would initiate a balance sheet normalization 

program in October. At its meeting on October 31-

November 1, 2017, the FOMC indicated that the 

normalization program “is proceeding.” This program would 

gradually reduce the Federal Reserve’s holdings of securities 

by decreasing reinvestment of principal payments from those 

securities. 

At the December 2013 meeting, the FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

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

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

July, and September 2014, the Committee announced further 

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

its meeting in October 2014, the Committee announced the 

conclusion of its asset purchase program at the end of 

October 2014. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008. Credit 

flows have increased substantially, and measures of risk 

tolerance and volatility have all improved, on net. 

Equity markets have more than recovered from the steep 

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

largest annual loss since the Great Depression. After 

advancing 9.5 percent in 2016, the index has risen 15.6 

percent thus far in 2017 through early November, and is 

currently 65 percent above its October 2007 peak. Volatility 

has also declined markedly: the S&P Stock Market 

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

market uncertainty, stood at about 9 as of early November 

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

October 2008. 

A variety of factors have buffeted long-term Treasury 

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

as well as supply concerns related to funding of the 

Government’s debt, and concerns about global financial 

markets and global growth. More recently, yields have been 

affected by adjustments to expectations for more 

government spending and higher inflation. After falling by 

nearly 90 basis points during 2014, the yield on the 10-year 

Treasury note rose by about 10 basis points over the course 

of 2015 and by about 18 basis points over 2016. Currently, 

the 10-year yield stands at 2.34 percent, nearly a full 

percentage point above the record low of 1.43 percent 

reached in late July 2012, but 11 basis points lower on the 

year through early November. The 3-month Treasury bill 

yield dipped below 0.1 percent between January 2012 and 

November 2015, but since then has trended higher, and 

stood at about 1.2 percent as of early November 2017. The 

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

steepness of the yield curve, narrowed significantly from 

November 2013 to July 2016 when it stood at 76 basis 

points. After widening during the remainder of 2016, the 

spread began to narrow again, and stood at 71 basis points as 

of early November 2017. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread, 

which stood at 21 basis points as of early November 2017. 
8 PROFILE OF THE ECONOMY 

December 2017 

Measures of longer-term credit risk have also improved. 

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

corporate bond yield and the 10-year Treasury Constant 

Maturity yield averaged 211 basis points as of September 

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

160 basis points in October 2017. The spread between the 

10-year Treasury High Quality Market (HQM) corporate 

bond yield and the 10-year Treasury Constant Maturity yield 

averaged 136 basis points in September 2016, and since then 

has narrowed to an average of 99 basis points as of October 

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

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

yields from these curves correspond to the 10-year Treasury 

yield, so the spreads provide a more accurate measure of 

credit risk.) 

Rates for conforming mortgages have trended lower in 

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

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

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

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

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

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

higher, and in October 2017 averaged 3.90 percent. 

Foreign Exchange Rates

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

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

low reached in August 2011, the exchange value of the 

dollar compared to an index of these currencies fell by about 

39 percent. Although the dollar’s exchange value against this 

index remains well below the February 2002 peak, it has 

appreciated between August 2011 and October 2017 by 

about 28 percent. From August 2011 through October 2017, 

the dollar has appreciated by about 47 percent against the 

yen and by about 22 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 25 percent. 
December 2017

9

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments.

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections.

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit.

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount.

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions.

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group.

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service.

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

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

December 2017

10

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

the Government.

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash.

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts.

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

agency.

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date.

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts).

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another.

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and 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 2017

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 $387.9 billion for the fourth 

quarter of fiscal year 2017. This is an increase of $13.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $12.9 billion and non-withheld 

receipts increased by $0.1 billion during this period. 

Refunds decreased by $0.5 billion over the comparable 

fiscal year 2016 quarter. There was an increase of $0.1 

billion in accounting adjustments between individual 

income tax receipts and the Social Security and Medicare 

trust funds over the comparable quarter in fiscal year 2016.

Corporate income taxes—Net corporate income tax 

receipts were $73.8 billion for the fourth quarter of fiscal 

year 2017. This is a decrease of $2.4 billion compared to the 

prior year fourth quarter. The $2.4 billion change is 

comprised of a decrease of $2.7 billion in estimated and 

final payments, and a decrease of $0.3 billion in corporate 

refunds.

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2017 were $264.5 billion, an increase of $9.7 

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 $6.6 billion, $1.6 billion, and $1.7 billion

respectively.

Unemployment insurance—Unemployment insurance 

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

2017 were $8.5 billion, a decrease of $0.6 billion over the 

comparable quarter of fiscal year 2016. Net State taxes 

deposited in the U.S. Treasury decreased by $0.6 billion to 

$7.6 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.9 billion.
FEDERAL FISCAL OPERATIONS

December 2017

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 $1.1 billion for the 

fourth quarter of fiscal year 2017. This was a negligible 

change from the comparable quarter of fiscal year 2016.

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2017 were $26.4 billion, a decrease of 

$9.7 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.2 billion, a 

decrease of $2.0 billion over the comparable prior year 

quarter.

Estate and gift taxes—Net estate and gift tax receipts 

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

This was a negligible change from the comparable quarter of 

fiscal year 2016.

Customs duties—Customs duties net of refunds were 

$9.3 billion for the fourth quarter of fiscal year 2017. This is 

an increase of $0.2 billion over the comparable prior year 

quarter.

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2017 were $30.8 billion, 

a decrease of $1.5 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $4.5 billion.

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

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

Fourth quarter 2017

July – Sept.

 Fiscal year 2017

 year to date

Total on- and off-budget results:

Total receipts ................................................................ 807,073 3,314,894

On-budget receipts ................................................... 605,224 2,464,275

Off-budget receipts ................................................... 201,849 850,617

Total outlays.................................................................. 949,702 3,980,606

On-budget outlays..................................................... 726,596 3,179,403

Off-budget outlays..................................................... 223,106 801,202

Total surplus or deficit (-).............................................. -142,628 -665,711

On-budget surplus or deficit (-)................................. -121,372 -715,127

Off-budget surplus or deficit (-)................................. -21,257 49,416

Means of financing:

Borrowing from the public............................................. 310,782 498,301

Reduction of operating cash......................................... 21,795 193,988

Other means ................................................................. -189,950 -26,579

Total on- and off-budget financing............................ 142,627 665,710

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

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

Source July August September

Individual income taxes...................................................... 109.3 113.5 165.1

Corporate income taxes..................................................... 1.3 9.0 63.4

Employment and general retirement.................................. 84.9 84.1 95.4

Unemployment insurance .................................................. 4.2 3.9 0.4

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

Excise taxes ....................................................................... 7.4 7.8 11.2

Estate and gift taxes .......................................................... 1.8 1.4 1.6

Customs duties .................................................................. 2.9 3.2 3.2

Miscellaneous receipts....................................................... 14.1 8.7 8.0

Total budget receipts ..................................................... 226.3 232.0 348.7

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

December 2017

12
FEDERAL FISCAL OPERATIONS

December 2017

13

TABLE FFO-1—Summary of Fiscal Operations

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

Total on-budget and off-budget results

Means of

financing

-net transactions

Borrowing from

the publicFederal securities

Public debt

securities

(10)

Fiscal year

or Month

Total

Receipts

(1)

On-budget

receipts

(2)

Off-budget

receipts

(3)

Total

outlays

(4)

On-budget

outlays

(5)

Off-budget

outlays

(6)

Total

surplus

deficit (-)

(7)

On-budget

surplus

deficit (-)

(8)

Off-budget

surplus

deficit (-)

(9)

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

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

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

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

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

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

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

2016 - Sept.................. 356,537 287,022 69,515 323,178 248,402 74,776 33,359 38,620 -5,261 62,470

Oct................... 221,692 165,322 56,370 267,523 199,909 67,613 -45,831 -34,587 -11,243 231,774

Nov.................. 199,875 139,453 60,422 336,544 262,006 74,538 -136,669 -122,553 -14,116 141,869

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

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

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

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

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

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

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

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

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

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

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

Means of financing—net transactions, continued

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

Other

(18)

Transaction

s not 

applied to 

year’s 

surplus or 

deficit

(19)

Total 

Financing

(20)

Fiscal year

or month

Agency 

securities

(11)

Investments

of Government 

accounts

(12)

Total

10+11-12

(13)

U.S. Treasury 

operating

cash

(14)

Special 

drawing

rights

(15)

Other

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct)

(17)

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

2014 ...................................... -1,234 277,668 797,573 69,916 -1,817 188 -4,994 -250,098 -834 483,348

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

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

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

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

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

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

Oct............................. 14 119,132 112,656 68,256 -787 228 802 35 - 45,831

Nov............................ 26 -14,832 156,727 467 -41 -179 -383 -20,212 - 136,669

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

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

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

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

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

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

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

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

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

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

Fiscal year 2017 to date ....... 3 168,172 498,301 -193,988 1,390 -935 1,938 -25,760 259 665,714

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

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

-No transactions.

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

December 2017

14

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

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

Fiscal year

or month

Income taxes

Social insurance

and retirement receipts

Employment and general retirement 

Old-age, disability, and 

Individual Corporation hospital insurance

Withheld

(1)

Other

(2)

Refunds

(3)

 Net

 (4)

 Gross

 (5)

Refunds

(6)

Net

(7)

Net income 

taxes

(8)

 Gross

 (9)

 

Refunds

 (10)

Net

(11)

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

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

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

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

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

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

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

2016 - Sept........ 90,745 73,045 4,162 159,628 69,807 3,315 66,492 226,120 95,196 3,159 92,037

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

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

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

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

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

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

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

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

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

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

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

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

Fiscal year 

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

Fiscal year

or month

Social insurance and retirement receipts, continued

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

Railroad retirement Net employment 

and general 

retirement

(15)

Gross

(16)

 Refunds

 (17)

 Net un-

 employment

 insurance

 (18)

Federal 

employees 

retirement

(19)

Other

retirement

(20)

Total

(21)

Gross

(12)

Refunds

(13)

Net

(14)

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

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

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

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

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

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

2018 - Est.................... 5,559 - 5,559 1,157,413 49,065 - 49,065 6,155 20 6,175

2016 - Sept ................. 544 - 544 82,095 6,738 7 6,731 355 4 359

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

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

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

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

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

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

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

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

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

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

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

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

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

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS

December 2017

15

Fiscal year

or month

Excise

taxes, con.

Net excise 

taxes

(35)

Estate and gift taxes Customs duties

Net miscellaneous receipts

Total receipts

Deposits of 

earnings by 

Federal 

Reserve 

banks

(42)

Universal 

service fund 

and all 

other

(43)

Total

(44)

 Gross

 (36)

 Refunds

 (37)

Net

(38)

Gross

(39)

Refunds

(40)

Net 

(41)

On-budget

(45)

Off-budget

(46)

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

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

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

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

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

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

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

2016 - Sept ............ 22,566 1,538 59 1,479 3,309 164 3,145 6,379 3,562 9,942 287,022 69,515

Oct.............. 5,707 1,405 79 1,326 3,190 121 3,069 6,278 2,098 8,376 165,322 56,370

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

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

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

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

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

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

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

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

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

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

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

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

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

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

-No transactions.

Detail may not add to totals due to rounding.

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

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

Social 

insurance 

and retirement 

receipts, con.

Net social 

insurance and 

retirement 

receipts

(22)

Excise taxes

Fiscal year 

or month

Airport and Airway Trust Fund

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous

Gross

(23)

Refunds

 (24)

 Net

 (25)

Gross

(26)

Refunds

(27)

Net

(28)

Gross

(29)

Refunds

(30)

 Net

 (31)

 Gross

 (32)

Refunds

 (33)

 Net

 (34)

2013.............................. 947,820 12,677 19 12,658 529 - 529 36,410 0 36,410 38,423 4,015 34,409

2014.............................. 1,023,933 13,467 16 13,451 573 - 573 39,036 0 39,036 44,716 4,405 40,310

2015.............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 0 38,132 50,802 4,585 46,217

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

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

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

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

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

Oct .................... 79,361 290 - 290 11 - 11 920 14 906 4,601 100 4,500

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

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

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

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

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

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

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

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

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

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

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

Fiscal year 2017 to date..... 1,161,897 14,952 15 14,936 426 0 426 41,555 431 41,126 32,495 5,162 27,334
FEDERAL FISCAL OPERATIONS

December 2017

16

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

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

Fiscal year

or month

Legislative

branch

(1)

Judicial

branch

(2)

Department of

Agriculture

(3)

Department of 

Commerce

(4)

Department of

Defense, 

military

(5)

 Depart-

 ment of 

Education

 (6)

 Depart-

 ment of

 Energy

 (7)

 Depart-

 ment of 

 Health 

 and

 Human

 Services

 (8)

 Depart-

 ment of

 Home-

 land

 Security 

 (9)

Department of

Housing 

and 

Urban

Development

(10)

Depart-

 ment of

 the

 Interior

 (11)

Department of

Justice

(12)

 Depart-

 ment of

 Labor

 (13)

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

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

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

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

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

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

2018 - Est............... 5,112 8,030 137,079 14,458 630,201 68,108 28,097 1,135,892 50,906 41,221 8,225 35,818 43,243

2016 - Sept............. 357 723 6,548 823 57,596 6,153 3,288 113,568 4,955 -3 1,137 2,330 2,655

Oct.............. 372 569 21,441 641 49,556 1,445 2,243 63,696 4,422 2,971 1,062 2,285 -3,005

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

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

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

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

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

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

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

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

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

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

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

Fiscal year 2017 to 

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

Fiscal year

or month

Department of

State

(14)

Department of 

Transportation

(15)

Department

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross)

(16)

Department

of the 

Treasury,

other

(17)

Department of

Veterans 

Affairs

(18)

Corps of 

Engineers

(19)

Other

Defense,

civil

programs

(20)

Environmental 

Protection 

Agency

(21)

Executive 

Office

of the

President

(22)

General 

Services 

Administration

(23)

International 

Assistance 

Program

(24)

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

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

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

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

2017 ....................... 27,061 79,440 456,953 89,479 176,046 6,452 58,695 8,087 412 -667 18,925

2017 - Est............... 30,015 81,605 473,404 90,296 175,642 6,826 57,946 8,439 435 -1,233 23,012

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

2016 - Sept ............ 7,021 9,627 19,109 -34,983 21,226 826 10,140 692 32 -193 755

Oct.............. 1,863 6,131 23,043 5,784 7,339 470 156 727 31 -199 2,192

Nov............. 2,868 6,607 28,653 5,404 14,084 618 4,865 802 30 17 2,567

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

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

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

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

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

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

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

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

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

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

Fiscal year 2017 to 

date............................ 27,061 79,440 456,953 89,479 176,046 6,452 58,695 8,087 412 -667 18,925

See footnotes at end of table
FEDERAL FISCAL OPERATIONS

December 2017

17

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

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

Undistributed offsetting receipts

Fiscal year

or month

National 

Aeronautics

and

Space

Administration

(25)

National 

Science 

Foundation

(26)

Office of

Personnel 

Management

(27)

Small

Business 

Administration

(28)

Social

Security

Administration

(29)

Independent 

agencies

(30)

Employer 

share, 

employee 

retirement

(31)

Interest 

received 

by trust 

funds

(32)

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands

(33)

Other

(34)

Total outlays

Onbudget 

(35)

 Offbudget

 (36)

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

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

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

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

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

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

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

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

Oct......... 1,276 623 8,386 75 77,890 2,081 -19,507 1,521 -61 - 199,909 67,613

Nov........ 1,702 544 8,364 96 81,471 1,837 -5,378 -2,884 -297 - 262,006 74,538

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

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

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

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

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

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

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

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

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

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

Fiscal year 

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

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

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

-No transactions.

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

December 2017

18

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

September 2017 and Other Periods

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

This fiscal year to date Prior fiscal year to date

Classification

General

funds

(1)

Management, 

consolidated, 

revolving and 

special funds

(2)

Trust

funds

(3)

 Total

 funds

 (4)

 General

 funds

 (5)

Management, 

consolidated, 

revolving and 

special funds

(6)

Trust

funds

(7)

Total

funds

(8)

Budget receipts:

Individual income taxes............................................... 1,587,085 34 * 1,587,119 1,546,046 29 - 1,546,075

Corporation income taxes........................................... 297,048 - - 297,048 299,571 - - 299,571

Social insurance and retirement receipts:

Employment and general retirement (off-budget)... - - 850,618 850,618 - - 810,180 810,180

Employment and general retirement (on-budget)... - - 261,279 261,279 - - 252,125 252,125

Unemployment insurance ....................................... - - 45,808 45,808 - - 48,853 48,853

Other retirement...................................................... - - 4,191 4,191 - - 3,905 3,905

Excise taxes ................................................................ 19,893 1,299 62,631 83,822 32,694 1,315 61,036 95,045

Estate and gift taxes ................................................... 22,768 - - 22,768 21,354 - - 21,354

Customs duties ........................................................... 22,619 10,479 1,477 34,575 22,891 10,549 1,396 34,837

Miscellaneous receipts................................................ 95,261 30,859 1,546 127,666 125,781 27,363 1,685 154,829

Total receipts....................................................... 2,044,675 42,670 1,227,549 3,314,894 2,048,338 39,257 1,179,180 3,266,774

(On-budget)..................................................... 2,044,675 42,670 376,931 2,464,276 2,048,338 39,257 369,000 2,456,594

(Off-budget)..................................................... - - 850,618 850,618 - - 810,180 810,180

Budget outlays:

Legislative branch ....................................................... 4,516 -21 4 4,499 4,440 -95 -2 4,344

Judicial branch ............................................................ 7,414 195 -42 7,566 7,552 -38 -18 7,497

Department of Agriculture........................................... 112,664 14,710 189 127,563 125,000 13,320 -159 138,162

Department of Commerce........................................... 9,129 1,141 34 10,304 8,763 -281 681 9,162

Department of Defense-military .................................. 568,766 -64 203 568,905 565,225 -107 247 565,364

Department of Education ............................................ 112,627 -926 * 111,702 76,654 327 1 76,981

Department of Energy................................................. 27,642 -1,846 * 25,796 26,938 -1,086 * 25,852

Department of Health and Human Services ............... 844,243 7,755 264,766 1,116,764 818,133 9,863 274,968 1,102,965

Department of Homeland Security.............................. 51,268 -967 201 50,502 48,189 -3,090 96 45,195

Department of Housing and Urban Development....... 55,941 -243 -224 55,474 26,905 -326 -187 26,393

Department of the Interior........................................... 12,873 -1,222 491 12,141 12,367 -294 511 12,584

Department of Justice ................................................. 29,243 1,739 -5 30,977 26,823 2,703 -2 29,523

Department of Labor................................................... 10,097 -4,546 34,569 40,120 10,315 -5,056 36,112 41,371

Department of State.................................................... 26,560 -19 520 27,061 28,760 -114 802 29,448

Department of Transportation..................................... 10,105 -14 69,348 79,440 80,286 15 -1,882 78,419

Department of the Treasury:

Interest on the public debt....................................... 456,955 - - 456,955 429,963 - - 429,963

Other ....................................................................... 89,305 151 22 89,479 95,998 239 -84 96,153

Department of Veterans Affairs .................................. 178,856 -3,604 797 176,050 176,562 -3,392 848 174,018

Corps of Engineers ..................................................... 5,305 -118 1,266 6,453 4,920 18 1,450 6,388

Other defense civil programs...................................... 87,074 -5,153 -23,226 58,695 82,823 -866 -17,452 64,505

Environmental Protection Agency............................... 7,820 63 205 8,088 8,210 -72 591 8,729

Executive Office of the President................................ 405 20 -15 411 395 * - 395

General Services Administration ................................ 151 -814 - -664 90 -825 - -735

International Assistance Program............................... 23,217 -777 -3,518 18,922 20,699 -654 -3,804 16,241

National Aeronautics and Space Administration ........ 18,712 -16 2 18,698 18,837 -10 1 18,829

National Science Foundation...................................... 7,111 118 -14 7,215 6,805 95 4 6,904

Office of Personnel Management ............................... 53,387 -1,031 43,105 95,461 48,941 -3,874 46,249 91,316

Small Business Administration.................................... 444 -5 - 439 -438 -7 - -444

Social Security Administration .................................... 93,326 1 907,486 1,000,812 93,235 3 883,545 976,783

Other independent agencies....................................... 10,479 -4,437 5,618 11,660 9,799 -4,502 6,185 11,482

Undistributed offsetting receipts:

Interest .................................................................... - - -147,059 -147,059 - - -146,117 -146,117

Other ....................................................................... -2,119 -9,902 -77,804 -89,825 -1,866 -7,750 -85,635 -95,251

Total outlays........................................................ 2,913,517 -9,831 1,076,920 3,980,605 2,861,324 -5,855 996,951 3,852,420

(On-budget)..................................................... 2,913,247 -7,288 273,445 3,179,404 2,861,061 -4,230 220,916 3,077,747

(Off-budget)..................................................... 270 -2,543 803,475 801,202 264 -1,625 776,034 774,673

Surplus or deficit (-)............................................. -868,842 52,501 150,629 -665,712 -812,987 45,111 182,229 -585,646

(On-budget)..................................................... -868,572 49,958 103,487 -715,128 -812,723 43,487 148,084 -621,153

(Off-budget)..................................................... -270 2,543 47,142 49,416 -264 1,625 34,146 35,507

-No Transactions 

* Less than $500,000

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

December 2017

19

TABLE FFO-5—Internal Revenue Receipts by State, 2017

[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...................... 3,416,714,139 338,529,154 2,990,900,934 2,378,783,821 568,851,364 

Alabama ........................................ 26,583,916 1,599,172 24,588,276 19,346,198 5,028,177

Alaska............................................ 5,399,945 173,808 5,162,205 3,982,635 1,108,303

Arizona .......................................... 43,928,177 3,248,089 39,115,624 30,028,308 8,607,724

Arkansas ....................................... 32,458,327 5,047,349 26,612,837 22,791,476 3,577,649

California ....................................... 440,475,244 47,274,455 383,364,445 288,364,748 90,271,160

Colorado........................................ 56,742,235 2,899,495 52,628,874 40,798,082 11,470,155

Connecticut ................................... 57,540,270 8,670,093 48,003,315 36,984,411 10,351,503

Delaware ....................................... 17,081,358 2,626,429 14,184,895 11,881,657 1,173,955

District of Columbia....................... 28,302,953 1,747,183 26,467,989 23,375,721 2,500,281

Florida ........................................... 192,869,033 9,057,258 179,994,031 131,057,293 45,643,710

Georgia.......................................... 94,277,375 12,783,900 77,559,777 63,887,806 13,021,544

Hawaii............................................ 9,415,214 700,144 8,442,126 6,255,293 2,096,762

Idaho ............................................. 10,386,021 337,112 9,973,635 7,641,121 2,202,093

Illinois ............................................ 162,326,462 18,973,606 139,771,317 113,266,115 23,528,427

Indiana........................................... 58,940,988 3,624,764 54,576,722 46,582,412 7,527,064

Iowa............................................... 24,642,286 1,416,367 22,881,745 18,683,054 4,062,184

Kansas .......................................... 25,563,140 1,637,121 22,338,379 17,709,072 4,338,858

Kentucky........................................ 35,126,897 2,668,995 32,024,956 27,749,804 4,072,679

Louisiana....................................... 42,724,672 1,802,698 40,393,499 34,425,082 5,735,863

Maine............................................. 8,083,274 382,005 7,557,796 5,915,187 1,566,853

Maryland........................................ 71,246,920 4,121,320 66,799,522 55,625,817 10,421,223

Massachusetts .............................. 112,996,322 9,081,122 102,354,316 82,185,664 18,952,476

Michigan........................................ 82,676,161 5,305,414 76,447,688 62,663,583 12,998,544

Minnesota...................................... 104,429,578 18,538,716 84,721,896 74,884,035 9,222,240

Mississippi..................................... 11,740,656 570,425 10,982,785 8,417,411 2,456,715

Missouri......................................... 71,921,134 12,238,850 57,068,167 48,535,251 7,749,159

Montana ........................................ 6,080,381 190,980 5,798,149 4,183,719 1,535,704

Nebraska....................................... 25,450,003 6,836,388 18,422,481 14,403,313 2,716,680

Nevada.......................................... 21,570,669 974,505 20,147,901 12,055,083 6,497,017

New Hampshire............................. 12,138,352 261,057 11,490,567 8,786,553 2,405,796

New Jersey ................................... 143,835,478 24,521,317 116,965,715 95,536,767 20,156,697

New Mexico................................... 8,979,165 142,271 8,761,757 6,516,614 2,159,321

New York....................................... 268,353,670 26,130,226 238,073,823 182,732,781 51,940,441

North Carolina............................... 82,855,995 8,710,521 73,608,709 61,014,001 12,035,659

North Dakota................................. 6,640,270 273,035 6,298,565 4,767,846 1,491,304

Ohio............................................... 142,086,312 11,086,446 126,293,180 112,011,681 13,306,644

Oklahoma...................................... 27,113,121 846,993 22,482,322 17,467,247 4,476,852

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS

December 2017

20

TABLE FFO-5—Internal Revenue Receipts by State, 2017, continued

[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)

Oregon .......................................... 32,345,824 1,139,779 30,750,109 24,170,516 6,363,850

Pennsylvania................................. 139,797,047 15,041,827 122,021,841 101,762,867 18,613,180

Rhode Island................................. 14,917,461 3,456,216 11,293,954 9,654,478 1,458,183

South Carolina .............................. 26,636,069 1,953,433 24,284,628 18,627,448 5,449,256

South Dakota ................................ 7,872,917 538,297 7,268,085 4,311,164 1,705,199

Tennessee .................................... 69,069,234 6,894,252 60,650,500 51,332,500 8,885,917

Texas............................................. 270,955,237 22,939,596 225,236,761 173,182,702 47,255,636

Utah............................................... 22,485,663 1,302,786 20,465,881 15,823,950 4,439,734

Vermont......................................... 4,422,942 242,481 4,151,408 3,264,675 854,479

Virginia .......................................... 87,183,754 14,023,486 72,647,062 57,709,018 13,759,285

Washington ................................... 85,875,648 6,985,812 77,323,289 60,415,398 16,263,484

West Virginia................................. 6,980,482 243,825 6,641,350 5,343,609 1,259,795

Wisconsin...................................... 53,089,051 4,886,946 47,480,078 38,573,492 8,167,326

Wyoming ....................................... 4,393,699 100,890 4,007,775 2,430,317 1,398,198

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 701,736 1,683 691,565 576,132 110,357

Puerto Rico ................................... 3,393,433 80,704 3,283,745 2,869,855 389,534

International .................................. 11,589,280 1,789,740 9,204,800 5,212,863 3,960,618

Undistributed 4............................... 2,022,691 407,769 1,138,112 1,009,993 109,915

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS

December 2017

21

TABLE FFO-5—Internal Revenue Receipts by State, 2017, continued

[In thousands of dollars. Source: Chief Financial Officer, 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........................... 8,284,270 5,957,171 29,024,308 21,831,660 1,948,783 63,503,608 

Alabama ............................................. 64,093 3,145 146,662 196,914 1,667 197,888

Alaska................................................. 11,696 2,225 57,347 13,859 187 49,886

Arizona ............................................... 126,815 1,722 351,055 254,665 31,631 1,278,168

Arkansas ............................................ 138,725 2,650 102,337 90,085 2,273 705,784

California ............................................ 2,218,054 9,999 2,500,484 5,257,679 279,010 4,299,654

Colorado............................................. 107,275 17,376 235,986 296,089 54,028 863,750

Connecticut ........................................ 75,139 6,410 585,852 460,173 52,452 354,237

Delaware ............................................ 27,962 42,791 1,058,529 12,149 1,210 256,675

District of Columbia............................ 16,792 509,712 65,484 67,851 3,866 16,063

Florida ................................................ 478,457 738,034 2,076,537 2,487,029 198,029 1,132,686

Georgia............................................... 243,811 2,437 404,180 355,172 54,896 3,523,629

Hawaii................................................. 18,903 0 71,168 62,846 -543 210,640

Idaho .................................................. 37,968 335 92,118 29,486 1,487 44,300

Illinois ................................................. 304,466 345,790 2,326,519 504,100 35,854 3,041,585

Indiana................................................ 105,487 46,648 315,111 259,232 5,619 474,652

Iowa.................................................... 50,315 6,823 79,368 97,226 6,240 240,710

Kansas ............................................... 62,531 87,896 140,022 95,772 9,570 1,482,298

Kentucky............................................. 71,544 13,575 117,355 182,069 16,241 234,635

Louisiana............................................ 65,863 5,896 160,795 177,744 6,304 344,427

Maine.................................................. 18,463 3,167 54,126 56,973 5,104 81,396

Maryland............................................. 111,630 17,832 623,020 226,215 40,923 58,940

Massachusetts ................................... 176,739 43,577 995,859 281,429 72,091 1,207,363

Michigan............................................. 200,517 11,540 573,504 563,151 21,802 338,106

Minnesota........................................... 200,385 87,036 328,200 202,600 40,850 925,516

Mississippi.......................................... 31,792 1,311 75,555 57,647 5,098 124,701

Missouri.............................................. 134,066 99,789 549,903 1,723,241 32,751 858,125

Montana ............................................. 18,258 28,650 31,819 55,716 12,116 23,419

Nebraska............................................ 37,522 1,166,981 97,984 103,981 9,368 77,785

Nevada............................................... 50,183 75 1,545,543 278,335 40,438 129,491

New Hampshire.................................. 21,458 102 276,658 62,168 6,239 318,321

New Jersey ........................................ 224,537 164,567 883,147 371,438 50,902 1,926,107

New Mexico........................................ 20,360 61 65,402 48,491 -5,480 32,126

New York............................................ 375,130 498,943 2,526,528 2,090,368 244,179 1,815,073

North Carolina.................................... 193,670 8,091 357,288 362,830 11,897 162,038

North Dakota...................................... 13,428 7,173 18,814 15,808 186 52,675

Ohio.................................................... 284,098 27,202 663,556 406,489 64,266 4,235,931

Oklahoma........................................... 62,538 3,152 472,532 114,133 26,504 3,643,169

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS

December 2017

22

TABLE FFO-5—Internal Revenue Receipts by State, 2017, continued

[In thousands of dollars. Source: Chief Financial Officer, 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 ............................................... 80,324 1,872 133,547 168,463 20,012 267,461

Pennsylvania...................................... 283,310 73,906 1,288,578 589,047 123,468 2,020,864

Rhode Island...................................... 32,279 13 149,002 148,389 5,177 13,725

South Carolina ................................... 65,053 2,032 140,840 87,793 11,276 298,939

South Dakota ..................................... 12,258 1,105 1,238,359 29,093 5,373 32,068

Tennessee ......................................... 182,612 2,702 246,769 147,142 11,079 1,366,260

Texas.................................................. 571,550 1,144,044 3,082,829 1,314,270 123,822 21,340,788

Utah.................................................... 60,544 4,303 137,350 68,814 9,674 638,508

Vermont.............................................. 8,858 3,063 20,333 8,612 1,455 18,986

Virginia ............................................... 160,328 694,589 323,843 345,515 17,305 150,387

Washington ........................................ 222,352 10,735 411,320 295,297 60,149 1,211,101

West Virginia...................................... 14,861 876 22,209 41,525 2,895 50,887

Wisconsin........................................... 129,287 2,497 607,476 188,723 20,483 512,821

Wyoming ............................................ 7,438 784 171,039 205,750 23,831 55,453

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 3,793 - 1,283 5,459 3 3,026

Puerto Rico ....................................... 23,734 - 622 1,034 127 27,823

International ...................................... 6,937 1,817 22,564 119,095 60,431 415,214

Undistributed 4................................... 18,082 122 0 146,487 12,969 317,354

1 Excludes refunds credited to taxpayer accounts for tax liability in a subsequent year, as well 

as excise taxes collected by 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 withheld 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 Table 1 shows these amounts separately for the United States total, separate 

amounts are not available by State. 4 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 equals 

net collections. See Table 1 for refunds and net collections. 

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

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

year. Adjustments to prior-year refunds made in Fiscal Year 2016 may result in 

negative amounts when such adjustments exceed current-year collections. See 

Table 8 for refund data.

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 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 2017

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

2017

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2017

Headquarters:

Revenue Division, Indianapolis, IN.............................. $2,623,822,889.75

Preclearance, Washington, DC:

USCBP Abu Dhabi, Preclearance,

 Washington, DC............................. 07543 .............. 209,712.77

USCBP Vancouver, Preclearance,

 Washington, DC............................. 37922 .............. 938,342.47

USCBP Calgary, Preclearance,

 Washington, DC............................ 37923 .............. 1,262,558.37

USCBP Edmonton,

 Preclearance, Washington, DC...... 37924 .............. 756,522.27

USCBP Montreal, Preclearance,

 Washington, DC............................ 37925 .............. 980,206.25

USCBP Toronto, Preclearance,

 Washington, DC............................ 37926 .............. 2,323,471.95

USCBP Winnipeg, Preclearance,

 Washington, DC............................ 37928 .............. 265,089.39

USCBP Ottawa, Preclearance,

 Washington, DC............................ 37929 .............. 255,119.60

USCBP Victoria, Preclearance,

 Washington, DC............................ 37930 .............. 150,150.00

USCBP Halifax NS, Preclearance,

 Washington, DC............................ 37931 .............. 103,268.98

USCBP St. Thomas,

 Preclearance, VI............................ 47401 .............. 241,296.75

USCBP St. Croix,

 Preclearance, VI............................ 47404 .............. 58,522.67

USCBP Bermuda, Preclearance,

 Washington, DC............................ 47421 .............. 42,926.31

USCBP Freeport, Preclearance,

 Washington, DC............................ 47422 .............. 691.00

USCBP Nassau, Preclearance,

 Washington, DC............................ 47423 .............. 54,968.92

USCBP Aruba, Preclearance,

 Washington, DC............................ 47424 .............. 164,871.63

Dublin, IE, Preclearance,

 Washington, DC............................ 57541 .............. 72,685.21

Shannon, IE, Preclearance,

 Washington, DC............................ 57542 .............. 3,504.92

Total District ........................................................... 7,883,909.46

Portland, Maine:

Portland, ME .................................... 10101 .............. 33,675,991.50

Bangor, ME ...................................... 10102 .............. 538,476.29

Eastport, ME .................................... 10103 .............. 91,583.45

Jackman, ME ................................... 10104 .............. 3,854,318.24

Vanceboro, ME ................................ 10105 .............. 12,096,318.93

Houlton, ME ..................................... 10106 .............. 9,305,728.39

Fort Fairfield, ME.............................. 10107 .............. 18,435.02

Van Buren, ME................................. 10108 .............. 1,222,033.47

Madawaska, ME............................... 10109 .............. 52,244.52

Fort Kent, ME................................... 10110 .............. 63,587.78

Calais, ME........................................ 10115 .............. 6,440,714.98

Limestone, ME ................................. 10118 .............. 946.89

Bridgewater, ME............................... 10127 .............. 30,911.78

Portsmouth, NH................................ 10131 .............. 1,048,937.54

Belfast, ME....................................... 10132 .............. 326,220.09

Searsport, ME .................................. 10152 .............. 186,742.87

Manchester Airport, NH ...................... 10182 .............. 152,830.48

Total District ........................................................... 69,106,022.22

St. Albans, Vermont:

St. Albans, VT .................................. 10201 .............. 390,038.80

Richford, VT ..................................... 10203 .............. 24,367.10

Beecher Falls, VT............................. 10206 .............. 280,403.40

Burlington, VT .................................. 10207 .............. 83,737.25

Derby Line, VT ................................. 10209 .............. 7,895,714.71

Norton, VT........................................ 10211 .............. 4,073,483.40

Highgate Springs/Alburg, VT ........... 10212 .............. 48,724,387.13

Total District ........................................................... 61,472,131.79

Boston, Massachusetts:

Boston, MA....................................... 10401 .............. 236,395,128.89

Springfield, MA................................. 10402 .............. 2,258.86

Worcester, MA ................................. 10403 .............. 16,212,148.36

Gloucester, MA ................................ 10404 .............. 7,214.98

New Bedford, MA............................. 10405 .............. 44,125,416.10

Fall River, MA................................... 10407 .............. 1,115,652.83

Salem, MA........................................ 10408 .............. 3,233,367.48

Bridgeport, CT.................................. 10410 .............. 1,829,104.36

Hartford, CT ..................................... 10411 .............. 10,847,003.79

New Haven, CT................................ 10412 .............. 11,164,506.68

New London, CT .............................. 10413 .............. 169,196.90

Lawrence, MA .................................. 10416 .............. 233,988.32

Logan Airport, MA............................ 10417 .............. 87,513,415.32

Hanscom User Fee Airport, MA....... 10481 .............. 285,820.56

Total District ........................................................... 413,134,223.43

Providence, Rhode Island:

Newport, RI ...................................... 10501 .............. 29,981.64

Providence, RI.................................. 10502 .............. 139,313,125.56

Total District ........................................................... 139,343,107.20

Ogdensburg, New York:

Ogdensburg, NY .............................. 10701 .............. 4,211,311.46

Massena, NY.................................... 10704 .............. 2,245,219.50

Alexandria Bay, NY.......................... 10708 .............. 24,434,936.85

Champlain-Rouses Point, NY.......... 10712 .............. 135,586,362.20

Trout River, NY ................................ 10715 .............. 25,172,496.55

Total District ........................................................... 191,650,326.56

Buffalo, New York:

Buffalo-Niagara Falls, NY ................ 10901 .............. 357,607,802.80

Rochester, NY.................................. 10903 .............. 3,129,385.73

Oswego, NY..................................... 10904 .............. 210,571.04

Syracuse, NY ................................... 10906 .............. 3,598,311.83

Binghamton Regional Airport, NY.... 10981 .............. 131,529.49

Griffiss International Airport, NY ...... 10982 .............. 6,647.21

Total District ........................................................... 364,684,248.10

Philadelphia, Pennsylvania:

Philadelphia, PA............................... 11101 .............. 293,901,316.94

Chester, PA...................................... 11102 .............. 80,418,637.74

Wilmington, DE ................................ 11103 .............. 28,663,269.03

Pittsburgh, PA .................................. 11104 .............. 60,518,372.36

Wilkes-Barre/Scranton, PA .............. 11106 .............. 1,744,083.88

Philadelphia International

 Airport, PA..................................... 11108 .............. 44,596,345.07

Harrisburg, PA.................................. 11109 .............. 34,851,312.41

Allentown, PA................................... 11119 .............. 9,299,619.14
FEDERAL FISCAL OPERATIONS

December 2017

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

2017

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2017

Philadelphia, Pennsylvania, continued:

Atlantic City Airport, NJ .................. 11182...................... 128,238.07

Trenton/Mercer CTY Airport, PA.... 11183...................... 164,735.11

UPS HUB, Philadelphia, PA........... 11195...................... 35,751,854.01

Total District ............................................................... 590,037,783.76

Baltimore, Maryland:

Baltimore, MD ................................ 11303...................... 803,910,586.80

BWI Airport, MD............................. 11305...................... 15,032,248.32

Total District ............................................................... 818,942,835.12

New York, New York:

New York, NY................................. 21001...................... 251,052,949.22

Albany, NY ..................................... 21002...................... 7,134,767.48

New York/Newark Area, NJ ........... 24601...................... 5,155,543,175.73

Perth Amboy, NJ............................ 24602...................... 7,811,240.47

UPS, Newark, NJ ........................... 24670...................... 25,526,664.95

Federal Express ECCF, NJ............ 24671...................... 32,282,062.45

Morristown Airport, NJ ................... 24681...................... 222,340.69

John F. Kennedy Airport, NY......... 24701...................... 1,039,419,635.49

John F. Kennedy Airport, 

 Jamaica, NY................................ 24702...................... 1,602.12

NYACC, NY.................................... 24771...................... $815,717.77

DHL Airways, NY ........................... 24772...................... $29,262,907.41

Emery Worldwide, NY.................... 24773...................... $922,770.20

Air France, Jamaica, NY................ 24774...................... $527,463.66

TNT Skypak., NY ........................... 24778...................... 4,046,743.17

Total District ............................................................... 6,554,570,040.81

Great Falls, Montana:

Raymond, MT................................. 33301...................... 553,366.83

Eastport, ID .................................... 33302...................... 16,375,199.68

Salt Lake City, UT.......................... 33303...................... 82,255,561.61

Great Falls, MT .............................. 33304...................... 1,898,637.89

Butte, MT........................................ 33305...................... 44,510.83

Turner, MT...................................... 33306...................... 16,688.99

Denver, CO.................................... 33307...................... 101,302,092.12

Porthill, ID....................................... 33308...................... 535,373.66

Scoby, MT ...................................... 33309...................... 4,595.15

Sweetgrass, MT ............................. 33310...................... 24,425,975.21

Piegan, MT..................................... 33316...................... 133,498.87

Opheim, MT ................................... 33317...................... 4,231.90

Roosville, MT ................................. 33318...................... 2,338,607.07

Morgan, MT.................................... 33319...................... 523,898.50

Whitlash, MT .................................. 33321...................... 225.82

Del Bonita, MT ............................... 33322...................... 17,627.37

Wildhorse, MT................................ 33323...................... 15,060.09

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

Willow Creek, MT........................... 33325...................... 614.50

JEFFCO User Fee Airport, CO..... 33383...................... 155,934.28

Centennial Airport, CO................... 33384...................... 169,150.36

Eagle County Regional

 Airport, CO.................................. 33385...................... 154,561.54

Bozeman Yellowstone, MT ............ 33386...................... 135,874.48

Total District ................................................................ 231,062,256.75

Pembina, North Dakota:

Pembina, ND.................................. 33401...................... 34,560,761.18

Portal, ND....................................... 33403...................... 35,992,629.22

Neche, ND...................................... 33404...................... 20,544.83

St. John, ND................................... 33405...................... 1,873.01

Pembina, North Dakota, continued

Northgate, ND ................................ 33406...................... 10,666.29

Walhalla, ND .................................. 33407...................... 29,564.97

Hannah, ND ................................... 33408...................... 544.95

Sarles, ND...................................... 33409...................... 2,323.40

Fargo International Airport, ND...... 33411...................... 106,020.56

Antler, ND....................................... 33413...................... 2,769.07

Sherwood, ND................................ 33414...................... 586,137.07

Hansboro, ND ................................ 33415...................... 6,971.55

Maida, ND ...................................... 33416...................... 1,476.75

Fortuna, ND.................................... 33417...................... 7,664.14

Westhope, ND................................ 33419...................... 6,442.40

Noonan, ND ................................... 33420...................... 9,396.90

Carbury, ND ................................... 33421...................... 8,640.15

Dunseith, ND.................................. 33422...................... 1,098,461.81

Warroad, MN.................................. 33423...................... 192,245.26

Baudette, MN ................................. 33424...................... 50,228.16

Pinecreek, MN................................ 33425...................... 1,072.65

Roseau, MN ................................... 33426...................... 390,157.18

Grand Forks Airport, ND ................ 33427...................... 5,619.12

Lancaster, MN................................ 33430...................... 447,317.45

Total District ............................................................... 73,539,528.07

Minneapolis, Minnesota:

Minneapolis-St. Paul, MN .............. 33501...................... 185,076,874.51

Sioux Falls, SD............................... 33502...................... 28,156.36

Duluth, MN ..................................... 33510...................... 1,126,558.64

Omaha, NE ................................... 33512...................... 64,445,869.13

Des Moines, IA............................... 33513...................... 2,675,678.64

Rochester, MN............................... 33581...................... 154,931.05

Total District ............................................................... 253,508,068.33

International Falls, Minnesota:

International Falls, MN................... 33604...................... 107,200,694.29

Grand Portage, MN........................ 33613...................... 591,576.69

Total District ............................................................... 107,792,270.98

Milwaukee, Wisconsin:

Milwaukee, WI................................ 33701...................... 22,106,082.07

Marinette, WI.................................. 33702...................... 2,790.71

Green Bay, WI................................ 33703...................... 99,740.54

Racine, WI...................................... 33708...................... 302,978.57

Appleton International Airport, WI... 33781...................... 65,307.06

Total District ............................................................... 22,576,898.95

Detroit, Michigan:

Detroit, MI....................................... 33801...................... 591,208,558.05

Port Huron, MI................................ 33802...................... 150,859,253.99

Sault Sainte Marie, MI.................... 33803...................... 7,586,742.19

Saginaw/Bay City, MI..................... 33804...................... 717,765.09

Battle Creek, MI ............................. 33805...................... 1,900,582.83

Grand Rapids, MI........................... 33806...................... 31,780,763.40

Detroit Metropolitan Airport, MI...... 33807...................... 55,340,791.19

Algonac, MI .................................... 33814...................... 4,216.10

Oakland County International

 Airport, MI........................................... 33881...................... 298,199.82

Willow Run Airport, MI ................... 33882...................... 378,703.06

Capital Region International

 Airport, MI.................................... 33883...................... 621,619.00

Total District ............................................................... 840,697,194.72
FEDERAL FISCAL OPERATIONS

December 2017

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

2017

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2017

Chicago, Illinois

Chicago, IL..................................... 33901................... 2,162,690,005.00

Peoria, IL........................................ 33902................... 26,414,947.51

O’Hare International Airport, IL ...... 33906................... 25.00

Davenport-Rock Island, IL ................ 33908................... 224,381.32

Rockford Airport, IL ........................ 33909................... 27,280,929.46

Midway International Airport, IL ..... 33910................... 286,257.95

TNT ECCF, Chicago, IL................. 33971................... 96.80

Waukegan Airport, IL ..................... 33981................... 145,906.20

Chicago Executive Airport, IL......... 33983................... 175,022.63

Dupage Airport Authority, IL........... 33984................... 143,450.19

Decatur Airport, IL.......................... 33985................... 131,976.26

Total District ............................................................. 2,217,492,998.32

Cleveland, Ohio:

Cleveland, OH................................ 34101................... 182,391,220.96

Cincinnati, OH.................................... 34102................... 220,756,791.79

Columbus, OH................................ 34103................... 821,468,008.18

Dayton, OH .................................... 34104................... 10,755,310.90

Toledo, OH..................................... 34105................... 8,328,493.86

Erie, PA.......................................... 34106................... 2,282,042.63

Northern KY (ICE).......................... 34107................... 57,525.00

Indianapolis, IN .............................. 34110................... 158,948,062.22

Louisville, KY.................................. 34115................... 191,452,280.89

Owensboro-Evansville, IN.............. 34116................... 66,835,226.69

Ashtabula/Conneaut, OH............... 34122................... 174,508.34

Fort Wayne Airport, IN ................... 34183................... 144,516.45

Blue Grass Airport, KY................... 34184................... 146,490.01

Burlington Air Express, OH............ 34192................... 3,334.87

DHL Express, OH........................... 34194................... 4,649.92

UPS Courier Louisville, KY ............ 34196................... 276,675,119.83

DHL Courier, OH............................ 34197................... 127,916,080.01

Federal Express Hub, IN................ 34198................... 39,315,950.67

Total District ......................................................... 2,107,655,613.22

St. Louis, Missouri:

Kansas City, MO............................ 34501................... 258,801,430.05

St. Louis, MO ................................. 34503................... 146,751,655.24

Wichita, KS..................................... 34504................... 120,287,471.77

Springfield, MO .............................. 34505................... 7,926,131.55

MidAmerica Airport, MO................. 34581................... 92,578.50

Total District ............................................................. 533,859,267.11

San Juan, Puerto Rico:

Aguadilla, PR ................................. 44901................... 790,403.28

Fajardo, PR.................................... 44904................... 4,192,401.02

Humacao, PR................................. 44906................... 25.03

Mayaguez, PR................................ 44907................... 52,930.89

Ponce, PR...................................... 44908................... 4,668,967.86

San Juan, PR................................. 44909................... 86,772,747.99

San Juan International Airport, PR .... 44913................... 7,919,614.60

Total District ............................................................. 104,397,090.67

Virgin Islands of the United States:

Charlotte Amalie, VI....................... 45101................... 7,605,075.21

Cruz Bay, VI ................................... 45102................... 284,930.99

Christiansted, VI............................. 45104................... 4,195,144.66

Total District ............................................................. 12,085,150.86

Miami, Florida:

Miami, FL........................................ 45201................... 715,144,958.97

Key West, FL.................................. 45202................... 110,214.69

Port Everglades, FL ....................... 45203................... 199,780,706.99

West Palm Beach, FL .................... 45204................... 5,955,460.29

Fort Pierce, FL ............................... 45205................... 137,366.55

Miami International Airport, FL....... 45206................... 133,259,552.90

Fort Lauderdale International

 Airport, FL ................................... 45210................... 566,950.40

DHL Worldwide Express, FL.......... 45271................... 12.66

Miami International Airport UPS,

 FL (Inactive) ................................ 45273................... 1,121.02

TNT Miami ECCF........................... 45274................... 60,595.32

Marathon International Airport, FL..... 45281................... 216,211.92

UPS Miami International

 Airport, FL ................................... 45295................... 549,455.86

DHL Worldwide Express, FL.......... 45296................... 4,724,168.03

FEDEX Courier Hub Miami, FL...... 45297................... 2,922,561.29

IBC Courier Hub Miami, FL............ 45298................... 68,072.58

Miami Seaport ALT, FL.................. 45299................... 2,852,699.31

Total District ............................................................. 1,066,350,108.78

Washington, DC:

Washington, DC............................. 45401................... 48,037,620.67

Total District ............................................................. 48,037,620.67

Norfolk, Virginia:

Norfolk, VA..................................... 41401................... 920,109,010.05

Richmond-Petersburg, VA ............. 41404................... 29,223,771.45

Charleston, WV.............................. 41409................... 10,858,261.55

Front Royal, VA.............................. 41410................... 804.84

New River Valley Airport, VA......... 41412................... 16,047,375.16

Total District ............................................................. 976,239,223.05

Charlotte, North Carolina:

Wilmington, NC.............................. 41501................... 78,496,472.84

Winston Salem, NC........................ 41502................... 32,338,124.43

Durham, NC ................................... 41503................... 18,668,876.15

Beaufort-Morehead City, NC.......... 41511................... 999,269.83

Charlotte, NC ................................. 41512................... 95,187,605.25

Charlotte-Monroe, NC.................... 41581................... 124,001.03

Total District ............................................................. 225,814,349.53

Charleston, South Carolina:

Charleston, SC............................... 41601................... 951,699,857.32

Georgetown, SC............................. 41602................... 4,206.21

Greenville-Spartanburg, SC............. 41603................... 270,995,159.23

Columbia, SC................................. 41604................... 1,960,003.25

Myrtle Beach International

 Airport, SC...................................... 41681................... 129,828.34

Total District ............................................................. 1,224,789,054.35

Savannah, Georgia:

Brunswick, GA................................ 41701................... 216,378,467.46

Savannah, GA................................ 41703................... 2,033,815,032.80

Atlanta, GA..................................... 41704................... 555,168,313.21

COBB County International

 Airport.......................................... 41781................... 264,509.78

Total District ............................................................. 2,805,626,323.25
FEDERAL FISCAL OPERATIONS

December 2017

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

2017

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2017

Tampa, Florida:

Tampa, FL...................................... 41801........................ 64,901,676.57

Jacksonville, FL.............................. 41803........................ 501,704,918.37

Fernandina Beach, FL ................... 41805........................ 117,778.65

Orlando, FL .................................... 41808........................ 15,872,277.95

Orlando Sanford Airport, FL........... 41809........................ 71,011.81

St. Petersburg, FL.......................... 41814........................ 23,584.02

Port Canaveral, FL......................... 41816........................ 6,955,942.81

Panama City, FL ............................ 41818........................ 5,902,823.07

Pensacola, FL ................................ 41819........................ 2,141,081.03

Port Manatee, FL ........................... 41821........................ 18,512,346.11

Ft. Myers, FL.................................. 41822........................ 135,884.11

Naples Municipal Airport, FL.......... 41880........................ 275,397.89

Sarasota Bradenton Airport, FL..... 41883........................ 175,983.13

Daytona Beach, International

Airport, FL ................................. 41884........................ 162,270.79

Melbourne Airport, FL .................... 41885........................ 260,970.37

Leesburg Regional Airport, FL....... 41887........................ 127,673.06

Orlando Executive Airport, FL........ 41888........................ 157,673.38

St. Augustine Airport UFA, FL........ 41889........................ 136,822.46

Total District .................................................................. 617,636,115.58

Mobile, Alabama:

Mobile, AL ...................................... 51901........................ 183,891,524.61

Gulfport, MS................................... 51902........................ 26,107,122.47

Pascagoula, MS............................. 51903........................ 3,352,449.12

Birmingham, AL.............................. 51904........................ 41,558,346.81

Huntsville, AL ................................. 51910........................ 25,906,903.31

Total District .................................................................. 280,816,346.32

New Orleans, Louisiana:

Morgan City, LA ............................. 52001........................ 5,391,061.01

New Orleans, LA............................ 52002........................ 236,204,637.10

Little Rock, AR ............................... 52003........................ 1,558,531.68

Baton Rouge, LA............................ 52004........................ 14,272,194.66

Memphis, TN.................................. 52006........................ 440,354,024.36

Nashville, TN.................................. 52007........................ 102,976,454.83

Chattanooga, TN............................ 52008........................ 10,177,554.94

Gramercy, LA................................. 52010........................ 17,632,880.12

Vicksburg, MS................................ 52015........................ 33,264,632.31

Knoxville, TN.................................. 52016........................ 47,477,711.22

Lake Charles, LA............................ 52017........................ 10,151,789.39

Shreveport/Bossier City, LA........... 52018........................ 131,256.72

Texarkana, AR............................... 52026........................ 19,928.00

Tri-City Airport, Blountville, TN............ 52082........................ 1,412.96

Rogers Municipal Airport, AR......... 52084........................ 134,851.22

FEDEX Courier,Memphis, TN........... 52095........................ 460,853,149.91

Memphis, TN Cartage-CNTL ............. 52098........................ 637.67

Total District .................................................................. 1,380,602,708.10

Port Arthur, Texas:

Port Arthur, TX ............................... 62101........................ 27,530,464.43

Orange, TX..................................... 62103........................ 10,153.80

Beaumont, TX ................................ 62104........................ 1,696,099.19

Blythe Border Patrol, CA................ 62151........................ 487,612.00

Yuma Border Patrol, AZ................. 62152........................ 51,914.55

Wellton Border Patrol, AZ .............. 62153........................ 4,071.00

Total District .................................................................. 29,780,314.97

Laredo, Texas:

Border Patrol Sector HQ,

 Laredo, TX .................................. 62250........................ 22,522.49

Brownsville, TX .............................. 62301........................ 25,359,607.52

Del Rio, TX..................................... 62302........................ 6,939,240.34

Eagle Pass, TX .............................. 62303........................ 316,226,574.52

Laredo, TX...................................... 62304........................ 583,159,602.29

Hidalgo, TX .................................... 62305........................ 86,946,435.84

Rio Grande City, TX....................... 62307........................ 780,485.10

Progreso, TX.................................. 62309........................ 753,459.25

Roma, TX....................................... 62310........................ 176,238.54

Border Patrol Sector HQ, TX ......... 62350........................ 2,482.25

Comstock Border Patrol, TX.......... 62351........................ 5,150.00

Carrizo Springs Border 

 Patrol, TX .................................... 62352........................ 7,286.41

Del Rio Border Patrol, TX .............. 62353........................ 4,950.00

Eagle Pass Border Patrol, TX........ 62354........................ 13,000.00

Brackettville Border Patrol, TX....... 62355........................ 3,350.00

Uvalde Border Patrol, TX............... 62356........................ 5,600.00

Border Patrol Sector HQ, TX ......... 62361........................ 13,307.69

Edinburg, TX (Inactive) .................. 62381........................ 19,847.14

Valley International Airport

 UFA, TX....................................... 62383........................ 410,034.74

Total District .................................................................. 1,020,849,174.12

El Paso, Texas:

El Paso, TX .................................... 62402........................ 132,541,266.54

Presidio, TX.................................... 62403........................ 1,019,002.42

Fabens, TX..................................... 62404........................ 99,631.69

Columbus, NM ............................... 62406........................ 306,275.28

Albuquerque, NM........................... 62407........................ 533,292.12

Santa Teresa, NM.......................... 62408........................ 21,300,231.29

Total District .................................................................. 155,799,699.34

Nogales, Arizona:

Douglas, AZ ................................... 62601........................ 2,882,968.85

Lukeville, AZ................................... 62602........................ 143,740.35

Naco, AZ ........................................ 62603........................ 105,029.03

Nogales, AZ ................................... 62604........................ 77,117,421.34

Phoenix, AZ.................................... 62605........................ 31,864,842.43

Sasabe, AZ .................................... 62606........................ 12,878.25

San Luis, AZ................................... 62608........................ 8,637,801.64

Tucson, AZ..................................... 62609........................ 3,757,240.33

Border Patrol Sector HQ, AZ ......... 62650........................ 48,362.23

Casa Grande Border Patrol, AZ..... 62651........................ 9,537.93

Tucson Border Patrol, AZ .............. 62652........................ 16,387.24

Nogales Border Patrol, AZ............. 62653........................ 23,044.93

Willcox Border Patrol, AZ............... 62654........................ 18,196.25

Douglas Border Patrol, AZ............. 62655........................ 3,718.75

Ajo Border Patrol, AZ..................... 62656........................ 24,162.50

Naco Border Patrol, AZ.................. 62657........................ 3,435.25

Sonoita Border Patrol, AZ.............. 62658........................ 13,789.00

Scottsdale User Fee Airport, AZ.... 62681........................ 145,101.06

Williams Gateway Airport, AZ ........ 62682........................ 141,274.05

Total District .................................................................. 124,968,931.41
FEDERAL FISCAL OPERATIONS

December 2017

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

2017

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2017

Houston, Texas:

Houston, TX...................................... 65301...................... 1,254,979,678.95

Texas City, TX.................................. 65306...................... 112,214.74

Houston George Bush

 Interchange, TX............................. 65309...................... 94,348,635.46

Galveston, TX................................... 65310...................... 22,605,258.73

Freeport, TX...................................... 65311...................... 5,325,694.24

Corpus Christi, TX ............................ 65312...................... 19,319,995.43

Port Lavaca, TX................................ 65313...................... 744,297.90

Hobby Airport, TX............................. 65314...................... 26,244.62

Border Patrol Sector HQ, TX............ 65350...................... 108,210.71

Mercedes (Weslaco) Border

 Patrol, TX....................................... 65351...................... 27,915.00

Falfurrias Border Patrol, TX.............. 65352...................... 233,974.83

Rio Grande City Border Patrol, TX... 65353...................... 46,584.21

McAllen Border Patrol, TX................ 65354...................... 35,267.00

Brownsville Border Patrol, TX .......... 65355...................... 17,878.00

Harlingen Border Patrol, TX ............. 65356...................... 3,500.00

Kingsville Border Patrol, TX ............. 65357...................... 72,915.00

Fort Brown Border Patrol, TX........... 65358...................... 9,784.00

Corpus Christi Border Patrol, TX 

 (Inactive)........................................ 65359...................... 2,000.00

Sugar Land Regional Airport, TX ..... 65381...................... 167,386.48

Midland, TX (Inactive)....................... 65382...................... 15,242.20

Total District................................................................... 1,398,202,677.50

Dallas-Ft. Worth, Texas:

Dallas/Ft. Worth, TX ......................... 65501...................... 590,788,937.79

Amarillo, TX ...................................... 65502...................... 9,130.52

Lubbock, TX...................................... 65503...................... 181,503.28

Oklahoma City, OK........................... 65504...................... 10,834,993.92

Tulsa, OK.......................................... 65505...................... 13,462,953.93

Austin, TX ......................................... 65506...................... 3,093,411.49

San Antonio, TX................................ 65507...................... 15,800,227.58

Border Patrol Sector HQ, TX............ 65550...................... 6,786.85

Presidio Border Patrol, TX................ 65553...................... 1,825.00

Marfa Border Patrol, TX.................... 65554...................... 3,602.50

Fort Stockton, TX.............................. 65556...................... 779.00

Sanderson Border Patrol, TX ........... 65557...................... 809.00

Alpine Border Patrol, TX................... 65558...................... 600.00

Sierra Blanca Border Patrol, TX....... 65560...................... 34,126.50

Van Horn Border Patrol, TX ............. 65561...................... 500.00

Midland, TX....................................... 65562...................... 2,955.00

Midland International Airport, TX...... 65582...................... 139,558.93

Fort Worth Alliance Airport, TX......... 65583...................... 138,205.67

Addison Airport, TX .......................... 65584...................... 171,617.70

Collin County Regional Airport, TX..... 65585...................... 137,406.18

Kelly Field Annex, TX ....................... 65587...................... 123,438.00

Dallas Love Field (DAL), TX............. 65588...................... 173,059.92

Total District................................................................... 635,106,428.76

San Diego, California:

San Diego, CA.................................. 72501...................... 157,429,612.79

Andrade, CA ..................................... 72502...................... 237,278.10

Calexico, CA..................................... 72503...................... 12,369.15

San Ysidro, CA................................. 72504...................... 3,254,385.19

Tecate, CA........................................ 72505...................... 1,430,039.77

Otay Mesa, CA ................................. 72506...................... 130,076,043.36

Calexico-East, CA ............................ 72507...................... 26,262,079.80

McClellan-Palomar Airport, CA ....... 72581...................... 269,548.16

Total District................................................................... 318,971,356.32

Los Angeles, California:

Los Angeles, CA............................... 72704...................... 10,590,934,107.98

Long Beach, CA................................ 72709...................... 1,300,203.01

Port Hueneme, CA ........................... 72713...................... 100,613,255.36

Los Angeles International Airport, CA..... 72720...................... 760,385,682.00

Las Vegas, NV.................................. 72722...................... 26,542,448.76

TNT Express Worldwide, CA............ 72775...................... 276,163.62

International Bonded Couriers, CA..... 72776...................... 232,329.30

Micom, CA ........................................ 72777...................... 284,205.27

Palm Springs User Fee, CA ............. 72781...................... 182,758.56

San Bernardino User Fee Airport, CA..... 72782...................... 143,961.25

So. California Logistics Airport, CA..... 72783...................... 1,804,395.15

Meadows Field Airport, CA............... 72786...................... 866,624.49

72787 Los Angeles, CA.................... 72787...................... 1,271,001.23

Van Nuys, CA (UFA) ........................ 72788...................... 197,532.32

DHL HUB, CA................................... 72791...................... 40,818,714.62

UPS Ontario, Los Angeles, CA ........ 72795...................... 26,324,945.02

Total District............................................................. 11,552,178,327.94

San Francisco, California:

San Francisco International

 Airport, CA .................................... 72801...................... 131,140,424.98

Eureka, CA ....................................... 72802...................... 14,982.70

Fresno, CA........................................ 72803...................... 67,457,710.62

San Francisco, CA............................ 72809...................... 1,074,793,758.26

Stockton, CA..................................... 72810...................... 2,345.46

Oakland, CA ..................................... 72811...................... 549,438.16

Crockett, CA ..................................... 72815...................... 28.75

Carquinez Strait, CA......................... 72830...................... 267.43

Reno, NV .......................................... 72833...................... 2,037,222.70

San Jose International Airport, CA... 72834...................... 89,830.43

Sacramento International Airport, CA...... 72835...................... 8,100,878.28

Fresno Yosemite Airport, CA............ 72882...................... 718,890.99

FEDEX Courier Facility, CA.............. 72895...................... 37,380,199.97

Total District................................................................... 1,322,285,978.73

Portland, Oregon:

Astoria, OR....................................... 72901...................... 1,026,828.10

Newport, OR..................................... 72902...................... 1,128.12

Coos Bay, OR................................... 72903...................... 158,138.88

Portland, OR..................................... 72904...................... 302,448,291.43

Longview, WA................................... 72905...................... 7,084,101.85

Boise, ID ........................................... 72907...................... 334,627.89

Vancouver, WA................................. 72908...................... 690.88

Portland International Airport, OR.... 72910...................... 23,540.63

Hillsboro Airport, OR......................... 72983...................... 147,151.75

Total District................................................................... 311,224,499.53

Seattle, Washington:

Seattle, WA....................................... 73001...................... 552,802,637.89

Tacoma, WA..................................... 73002...................... 715,760,236.97

Aberdeen, WA .................................. 73003...................... 5,885,783.69

Blaine, WA........................................ 73004...................... 98,655,949.71

Bellingham, WA................................ 73005...................... 4,869,647.97

Everett, WA....................................... 73006...................... 3,140,362.89

Port Angeles, WA ............................. 73007...................... 259,032.68

Port Townsend, WA.......................... 73008...................... 6,025.20

Sumas, WA....................................... 73009...................... 26,243,634.26

Anacortes, WA.................................. 73010...................... 3,687,762.80
FEDERAL FISCAL OPERATIONS

December 2017

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

2017

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2017

Seattle, Washington, continued:

Nighthawk, WA................................. 73011................... 222.30

Danville, WA ..................................... 73012................... 120,718.41

Ferry, WA.......................................... 73013................... 3,104.91

Friday Harbor, WA............................ 73014................... 170,708.55

Boundary, WA................................... 73015................... 224,528.65

Laurier, WA....................................... 73016................... 5,864,006.49

Point Roberts, WA............................ 73017................... 201,474.26

Oroville, WA...................................... 73019................... 5,535,720.51

Frontier, WA...................................... 73020................... 255,362.09

Spokane, WA.................................... 73022................... 203,739.88

Lynden, WA ...................................... 73023................... 332,048.69

Wenatchee, WA (ICE)...................... 73024................... 13.05

Metaline Falls, WA............................ 73025................... 368,028.56

Olympia, WA..................................... 73026................... 77,231.29

Seattle-Tacoma International

 Airport, WA .................................... 73029................... 58,503,708.60

UPS, Seattle, WA ............................. 73071................... 1,944,309.49

Grant County Airport, Moses

 Lake, WA ....................................... 73082................... 2,250,034.94

Total District................................................................ 1,487,366,034.73

Anchorage, Alaska:

Juneau, AK ....................................... 73101................... 58,615.30

Ketchikan, AK ................................... 73102................... 124,661.06

Anchorage, Alaska, continued:

Skagway, AK .................................... 73103................... 38,947.52

Alcan, AK.......................................... 73104................... 647,057.18

Wrangell, AK..................................... 73105................... 4,545.22

Dalton Cache, AK............................. 73106................... 23,014.77

Fairbanks, AK ................................... 73111................... 11,575.09

Sitka, AK........................................... 73115................... 23,138.11

Anchorage, AK.................................. 73126................... 8,327,777.14

Federal Express Courier, AK............ 73195................... 74,973,699.88

UPS Courier Hub, AK....................... 73196................... 400,546.48

Total District................................................................ 84,633,577.75

Honolulu, Hawaii:

Honolulu, HI...................................... 73201................... 34,494,604.17

Hilo, HI .............................................. 73202................... 83,408.78

Kahului, HI ........................................ 73203................... 129,988.18

Honolulu Airport, HI .......................... 73205................... 5,920,335.36

Kona, HI............................................ 73206................... 86,544.25

Total District................................................................ 40,714,880.74

Guam

Guam................................................ 73207................... 2,990.00

Total District................................................................ 2,990.00

Total Customs and Border Protection Collections

for fiscal year 2017 ..................................................... 45,447,310,577.65
December 2017

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)

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

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

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

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

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

2016 - Sept............................ 925,208 270,614 1,131,457 - -

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

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

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

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

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

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

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

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

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

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

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

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

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

December 2017

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)

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

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

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

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

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

2016 - Sept............. 353,312 - - 364,589 - - 231,405 - - 296,992 - -

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

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

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

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

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

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

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

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

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

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

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

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

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 2017

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 2017

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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

End of fiscal

year or month

Federal debt securities Securities held by Government accounts Securities held by the public

Amount 

outstanding 

face value

(10)

Net 

unamortized 

premium 

and discount

(11)

Accrual

amount

(12)

Amount 

outstanding 

face value

(13)

Net 

unamortized 

premium 

and discount

(14)

Accrual

amount

(15)

Amount 

outstanding 

face value

(16)

Net 

unamortized 

premium 

and discount

(17)

Accrual

amount

(18)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

December 2017

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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal

year or month

Total public 

debt securities 

outstanding

(1)

Marketable

Nonmarketable 

Total

(8)

Total

(2)

 Bills

 (3)

Notes

(4)

Bonds

(5)

Treasury 

inflationprotected 

securities

(6)

Floating

rate

notes

(7)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

December 2017

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)

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

2014 ..................... 2,712,805 827 68,391 10,696 5,611 5,450 803 35,919 1,110,924

2015 ..................... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215

2016 ..................... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888

2017 ..................... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004

2016 - Sept .......... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888

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

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

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

2017 - Jan ............ 2,811,101 835 96,964 61,852 4,082 8,856 621 49,957 1,393,421

Feb........... 2,801,126 836 97,539 63,095 4,016 9,289 679 52,028 1,394,363

Mar........... 2,796,253 836 80,264 62,236 3,935 9,908 771 47,354 1,278,984

Apr............ 2,813,234 836 98,507 62,251 3,872 10,285 701 48,116 1,234,561

May .......... 2,803,765 837 96,321 61,244 3,795 10,845 609 61,906 1,208,731

June ......... 2,845,621 838 78,586 58,604 3,803 10,171 753 59,899 1,246,355

July........... 2,841,024 838 97,082 57,469 3,740 10,171 671 59,373 1,200,799

Aug........... 2,828,008 839 92,530 53,667 3,674 10,611 574 62,583 1,195,171

Sept.......... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004

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

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal 

year or month

Total

(1)

Airport and

Airway

Trust Fund

(2)

Deposit 

Insurance 

Fund

(3)

Employees

Life

Insurance

Fund

(4)

Exchange 

Stabilization 

Fund

(5)

Federal 

Disability 

Insurance 

Trust Fund

(6)

Federal 

employees 

retirement

funds

(7)

Federal 

Hospital 

Insurance 

Trust Fund

(8)

Federal

Housing

Administration

(9)

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

2014 .................. 5,212,466 12,759 48,750 43,213 22,649 70,113 861,349 202,207 -

2015 .................. 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 -

2016 .................. 5,604,069 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

2017 .................. 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

2016 - Sept ....... 5,604,069 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

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

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

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

2017 - Jan ......... 5,768,690 13,652 74,295 45,352 22,023 50,646 889,876 204,770 40,387 

Feb........ 5,757,968 13,871 75,098 45,271 22,021 51,724 885,603 199,959 41,450 

Mar........ 5,577,222 13,483 78,191 45,247 22,033 54,047 854,151 187,316 42,213 

Apr......... 5,597,243 13,749 76,766 45,230 22,046 59,730 854,102 210,154 43,103 

May ....... 5,568,532 13,764 75,740 45,232 22,045 61,133 854,055 204,532 43,978 

June ...... 5,548,842 13,744 78,021 45,267 22,061 66,114 786,104 204,497 28,404 

July........ 5,505,410 13,712 77,889 45,309 22,078 67,201 770,814 208,365 28,875 

Aug........ 5,476,269 13,737 78,012 45,622 22,073 67,928 770,778 200,601 29,861 

Sept....... 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 
FEDERAL DEBT

December 2017

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)

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

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

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

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

2017 ............................ 24,369 19 89 24,209 52 *

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

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

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

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

2017 - Jan ................... 24,499 19 101 24,303 75 *

Feb.................. 24,265 19 93 24,089 64 *

Mar.................. 24,231 19 94 24,055 64 *

Apr................... 24,219 19 95 24,042 64 *

May ................. 24,359 19 95 24,181 64 *

June ................ 24,394 19 96 24,215 64 *

July.................. 24,364 19 97 24,185 64 *

Aug.................. 24,094 19 89 23,934 52 *

Sept................. 24,369 19 89 24,209 52 *

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

December 2017

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)

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

2014 ............................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56

2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61

2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63

2017 ............................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66

2016 - Sept..................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63

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

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

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

2017 - Jan ...................... 11,387,230 3,358,828 4,574,253 2,253,434 146,711 1,054,003 64

Feb ..................... 11,422,363 3,338,579 4,615,543 2,248,976 148,229 1,071,037 64

Mar ..................... 11,489,205 3,321,955 4,653,575 2,281,541 148,613 1,083,522 64

Apr...................... 11,350,910 3,294,170 4,538,051 2,273,961 148,826 1,095,902 65

May..................... 11,504,863 3,279,506 4,655,415 2,310,028 155,318 1,104,596 65

June.................... 11,532,819 3,230,656 4,694,240 2,330,392 155,516 1,122,015 66

July ..................... 11,583,458 3,253,425 4,720,738 2,319,583 155,580 1,134,133 66

Aug..................... 11,616,729 3,218,596 4,777,990 2,319,165 151,729 1,149,249 66

Sept.................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66

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

December 2017

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)

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

2014 ....................................... - 17,781,107 17,781,107 - 17,824,071 - 42,964 

2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

2016 - Sept............................. - 19,538,456 19,538,456 - 19,573,445 - 34,989 

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

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

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

2017 - Jan .............................. - 19,899,722 19,899,722 - 19,937,261 - 37,540 

Feb ............................. - 19,922,526 19,922,526 - 19,959,594 - 37,068 

Mar ............................. 19,808,772 19,808,747 19,808,747 - 19,846,420 - 37,673 

Apr.............................. 19,808,772 19,808,747 19,808,747 - 19,846,129 - 37,382 

May............................. 19,808,772 19,808,747 19,808,747 - 19,845,942 - 37,195 

June............................ 19,808,772 19,808,747 19,808,747 - 19,844,554 - 35,807 

July ............................. 19,808,772 19,808,747 19,808,747 - 19,844,909 - 36,162 

Aug............................. 19,808,772 19,808,747 19,808,747 - 19,844,533 - 35,786 

Sept............................ 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

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

the Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit 

was permanently increased effective March 16, 2017 to $19,808,772,381,624.74.
FEDERAL DEBT

December 2017

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)

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

2014 ....................................... 1,223,498 19,064 26,203 22,126 575 748

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601

2016 - Sept ............................ 1,389,173 25,620 24,585 24,130 654 636

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

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

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

2017 - Jan .............................. 1,487,215 34,210 25,071 25,462 722 636

Feb............................. 1,476,940 22,826 25,286 25,690 724 636

Mar............................. 1,489,212 21,866 21,281 24,836 590 636

Apr.............................. 1,489,841 21,545 21,371 24,976 592 636

May ............................ 1,508,749 21,182 21,430 25,257 595 636

June ........................... 1,512,077 20,783 21,320 24,532 598 636

July............................. 1,495,724 20,416 21,320 24,532 598 636

Aug............................. 1,496,468 19,252 21,856 25,585 634 601

Sept............................ 1,442,633 19,810 21,940 26,992 645 601

Department

of Energy

Department of Housing

and Urban Development

Department

of the Treasury

End of fiscal

year or month

Department of

Education

(7)

Bonneville Power

Administration

(8)

Federal Housing

Administration

(9)

Other Housing

programs

(10)

Federal

Financing Bank

(11)

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

2014 ....................................... 965,394 4,242 27,528 133 56,528

2015 ....................................... 1,050,374 4,649 26,921 127 58,050

2016 ....................................... 1,126,370 4,759 30,318 128 59,043

2017 ....................................... 1,178,495 5,009 27,954 128 61,270

2016 - Sept ............................ 1,126,370 4,759 30,318 128 59,043

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

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

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

2017 - Jan.............................. 1,207,274 4,759 30,353 128 59,997

Feb............................. 1,207,283 4,759 30,393 128 60,479

Mar............................. 1,225,128 4,759 30,393 128 60,189

Apr ............................. 1,225,128 4,759 30,393 128 60,216

May ............................ 1,243,135 4,759 30,393 128 60,519

June ........................... 1,250,153 4,759 30,393 128 60,655

July............................. 1,232,574 4,859 30,393 128 60,950

Aug............................. 1,236,577 4,959 30,393 128 61,477

Sept............................ 1,178,495 5,009 27,954 128 61,270
FEDERAL DEBT

December 2017

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)

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

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

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

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

2017 ...................................... 24,645 3,712 7,693 63,739

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

Oct............................. 25,101 3,956 8,520 55,319

Nov............................ 25,220 4,255 8,520 55,438

Dec............................ 25,220 4,627 8,520 56,850

2017 - Jan ............................. 26,347 5,000 8,525 58,730

Feb............................ 26,347 5,264 8,527 58,595

Mar............................ 26,347 5,601 8,527 58,929

Apr............................. 26,456 5,936 8,527 59,175

May ........................... 26,456 6,241 8,527 59,489

June .......................... 26,534 2,664 8,686 60,237

July............................ 26,705 3,032 9,006 60,575

Aug............................ 24,595 3,335 9,079 57,995

Sept........................... 24,645 3,712 7,693 63,739

Note—Detail may not add to totals due to rounding.
40

December 2017

INTRODUCTION: Bureau of the Fiscal Service Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities.

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions.

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday.

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis.

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities.

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented.

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly.

TREASURY FINANCING: JULY-SEPTEMBER

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J U L Y

Auction of 3-Year Notes

On July 6, 2017, Treasury announced it would auction 

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

$42,244 million of securities maturing July 15 and to raise 

new cash of approximately $13,756 million. 

The 3-year notes of Series AP-2020 were dated July 15 

and issued July 17. They are due July 15, 2020, with interest 

payable on January 15 and July 15 until maturity. Treasury set 

an interest rate of 1-1/2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

p.m. e.t. for competitive tenders on July 11. Tenders totaled 

$68,883 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.573 percent with an 

equivalent price of $99.787217. Treasury accepted in full all 

competitive tenders at yields lower than 1.573 percent. 

Tenders at the high yield were allotted 27.83 percent. The 

median yield was 1.529 percent, and the low yield was 1.461 

percent. Noncompetitive tenders totaled $68 million. 

Competitive tenders accepted from private investors totaled 

$23,832 million. Accrued interest of $0.08152 per $1,000 

must be paid for the period from July 15 to July 17. 

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

the auction process, Treasury accepted $548 million from 

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

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AP-2020 is $100.

Auction of 9-Year 10-Month 2-3/8 Percent Notes

On July 6, 2017, Treasury announced it would auction 

$20,000 million of 9-year 10-month 2-3/8 percent notes. The 

issue was to refund $42,244 million of securities maturing 

July 15 and to raise new cash of approximately $13,756 

million. 

The 9-year 10-month 2-3/8 percent notes of Series C-2027 

were dated May 15 and issued July 17. They are due May 15, 

2027, 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 12. Tenders totaled $48,960 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.325 percent with an 
BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued

December 2017

41

equivalent price of $100.434016. Treasury accepted in full all 

competitive tenders at yields lower than 2.325 percent. 

Tenders at the high yield were allotted 5.42 percent. The 

median yield was 2.280 percent, and the low yield was 2.200 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$19,988 million. Accrued interest of $4.06590 per $1,000 

must be paid for the period from May 15 to July 17. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $457 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2027 is $100. 

Auction of 29-Year 10-Month 3 Percent Bonds

On July 6, 2017, Treasury announced it would auction 

$12,000 million of 29-year 10-month 3 percent bonds. The 

issue was to refund $42,244 million of securities maturing 

July 15 and to raise new cash of approximately $13,756 

million. 

The 29-year 10-month 3 percent Bonds of May 2047 were 

dated May 15 and issued July 17. They are due May 15, 2047, 

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 13. Tenders totaled $27,676 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.936 percent with an 

equivalent price of $101.261161. Treasury accepted in full all 

competitive tenders at yields lower than 2.936 percent. 

Tenders at the high yield were allotted 30.56 percent. The 

median yield was 2.870 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors totaled 

$11,996 million. Accrued interest of $5.13587 per $1,000 

must be paid for the period from May 15 to July 17. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $274 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of May 2047 is $100. 

Auction of 52-Week Bills

On July 13, 2017, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 

July 20 and will mature July 19, 2018. The issue was to 

refund $121,992 million of all maturing bills and to raise new 

cash of approximately $15,008 million. Treasury auctioned 

the bills on July 18. Tenders totaled $63,472 million; Treasury 

accepted $20,000 million, including $255 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.190 percent. 

Auction of 10-Year Treasury Inflation Protected 

Security (TIPS)

On July 13, 2017, Treasury announced it would auction 

$13,000 million of 10-year TIPS. The issue was to refund 

$120,158 million of securities maturing July 31 and to pay 

down approximately $4,158 million. 

The 10-year TIPS of Series D-2027 were dated July 15 

and issued July 31. They are due July 15, 2027, 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 20. Tenders totaled $25,679 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.489 percent with an 

equivalent adjusted price of $98.936936. Treasury accepted in 

full all competitive tenders at yields lower than 0.489 percent. 

Tenders at the high yield were allotted 80.49 percent. The 

median yield was 0.400 percent, and the low yield was 0.320 

percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$12,976 million. Adjusted accrued interest of $0.16311 per 

$1,000 must be paid for the period from July 15 to July 31. 

Both the unadjusted price of $98.893423 and the unadjusted

accrued interest of $0.16304 were adjusted by an index ratio 

of 1.00044, for the period from July 15 to July 31. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $1,322 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2027 is $100. 

Auction of 2-Year Notes

On July 20, 2017, Treasury announced it would auction 

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

$120,158 million of securities maturing July 31 and to pay 

down approximately $4,158 million. 

The 2-year notes of Series BD-2019 were dated and issued 

July 31. They are due July 31, 2019, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 1-3/8 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 July 25. Tenders totaled $79,484 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 
BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued

December 2017

42

allotted securities at the high yield of 1.395 percent with an 

equivalent price of $99.960688. Treasury accepted in full all 

competitive tenders at yields lower than 1.395 percent. 

Tenders at the high yield were allotted 78.21 percent. The 

median yield was 1.340 percent, and the low yield was 1.188 

percent. Noncompetitive tenders totaled $183 million. 

Competitive tenders accepted from private investors totaled 

$25,717 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $2,644 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BD-2019 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs)

On July 20, 2017, Treasury announced it would auction 

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

$120,158 million of securities maturing July 31 and to pay 

down approximately $4,158 million. 

The 2-year FRNs of Series BE-2019 were dated and 

issued July 31. They are due July 31, 2019, with interest 

payable on October 31, January 31, April 30, and July 31 until 

maturity. Treasury set a spread of 0.060 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 26. Tenders totaled $49,786 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.060 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.060 percent. Tenders at the high discount margin were 

allotted 61.06 percent. The median discount margin was 0.055 

percent, and the low discount margin was 0.039 percent. 

Noncompetitive tenders totaled $8 million. Competitive 

tenders accepted from private investors totaled $14,992 

million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $1,525 million from 

FRBs for their own accounts. 

Auction of 5-Year Notes

On July 20, 2017, Treasury announced it would auction 

$34,000 million of 5-year notes. The issue was to refund 

$120,158 million of securities maturing July 31 and to pay 

down approximately $4,158 million. 

The 5-year notes of Series AB-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 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 July 26. Tenders totaled $87,591 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.884 percent with an 

equivalent price of $99.957246. Treasury accepted in full all 

competitive tenders at yields lower than 1.884 percent. 

Tenders at the high yield were allotted 12.57 percent. The 

median yield was 1.840 percent, and the low yield was 1.770 

percent. Noncompetitive tenders totaled $37 million. 

Competitive tenders accepted from private investors totaled 

$33,963 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $3,457 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AB-2022 is $100. 

Auction of 7-Year Notes

On July 20, 2017, Treasury announced it would auction 

$28,000 million of 7-year notes. The issue was to refund 

$120,158 million of securities maturing July 31 and to pay 

down approximately $4,158 million. 

The 7-year notes of Series N-2024 were dated and issued 

July 31. They are due July 31, 2024, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 2-1/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 27. Tenders totaled $71,152 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.126 percent with an 

equivalent price of $99.993528. Treasury accepted in full all 

competitive tenders at yields lower than 2.126 percent. 

Tenders at the high yield were allotted 36.46 percent. The 

median yield was 2.080 percent, and the low yield was 2.010 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$27,989 million. 

In addition to the $28,000 million of tenders 

accepted in the auction process, Treasury accepted $2,847 

million from FRBs for their own accounts. The minimum par 

amount required for STRIPS of notes of Series N-2024 is 

$100.
BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued

December 2017

43

A U G U S T

Auction of 14-Day Cash Management Bills

On July 26, 2017, Treasury announced it would auction 

$20,000 million of 14-day bills. They were issued August 1 

and matured August 15. The issue was to raise new cash of 

approximately $20,000 million. Treasury auctioned the bills 

on July 27. Tenders totaled $78,750 million; Treasury 

accepted $20,000 million, including $0.2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.010 percent. 

August Quarterly Financing

On August 2, 2017, Treasury announced it would auction 

$24,000 million of 3-year notes, $23,000 million of 10-year 

notes, and $15,000 million of 30-year bonds. The issue was to 

refund $47,313 million of securities maturing August 15 and 

to raise new cash of approximately $14,687 million. 

The 3-year notes of Series AQ-2020 were dated and issued 

August 15. They are due August 15, 2020, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 1-1/2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 8. Tenders totaled $75,139 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.520 percent with an 

equivalent price of $99.941564. Treasury accepted in full all 

competitive tenders at yields lower than 1.520 percent. 

Tenders at the high yield were allotted 20.36 percent. The 

median yield was 1.479 percent, and the low yield was 1.188 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$23,847 million. 

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

the auction process, Treasury accepted $7,221 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AQ-2020 is $100. 

The 10-year notes of Series E-2027 were dated and issued 

August 15. They are due August 15, 2027, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 9. Tenders totaled $51,375 

million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.250 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 2.250 percent. 

Tenders at the high yield were allotted 54.53 percent. The 

median yield was 2.200 percent, and the low yield was 2.100 

percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors totaled 

$22,972 million. 

In addition to the $23,000 million of tenders accepted in 

the auction process, Treasury accepted $6,920 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2027 is $100. 

The 30-year Bonds of August 2047 were dated and issued 

August 15. They are due August 15, 2047, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on August 10. Tenders totaled $34,788 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.818 percent with an 

equivalent price of $98.629206. Treasury accepted in full all 

competitive tenders at yields lower than 2.818 percent. 

Tenders at the high yield were allotted 67.73 percent. The 

median yield was 2.760 percent, and the low yield was 2.388 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors totaled 

$14,997 million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $4,513 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of August 2047 is $100. 

Auction of 52-Week Bills

On August 10, 2017, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 

August 17 and will mature August 16, 2018. The issue was to 

refund $131,994 million of all maturing bills and to pay down 

approximately $4,994 million. Treasury auctioned the bills on 

August 15. Tenders totaled $65,098 million; Treasury 

accepted $20,000 million, including $228 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.230 percent. 

Auction of 1-Year 11-Month 0.060 Percent FRNs

On August 17, 2017, Treasury announced it would auction 

$13,000 million of 1-year 11-month 0.060 percent FRNs. The 

issue was to raise new cash of approximately $13,000 million.

The 1-year 11-month 0.060 percent FRNs of Series BE2019 were dated July 31 and issued August 25. They are due 
BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued

December 2017

44

July 31, 2019, 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 23. Tenders totaled $40,162 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.060 percent 

with an equivalent price of $99.999848. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.060 percent. Tenders at the high discount margin were 

allotted 47.88 percent. The median discount margin was 0.054 

percent, and the low discount margin was 0.040 percent. 

Noncompetitive tenders totaled $7 million. Competitive 

tenders accepted from private investors totaled $12,993 

million. Accrued interest of $0.076733322 per $100 must be 

paid for the period from July 31 to August 25. 

Auction of 4-Year 8-Month 0-1/8 Percent TIPS

On August 17, 2017, Treasury announced it would auction 

$14,000 million of 4-year 8-month 0-1/8 percent TIPS. The 

issue was to refund $87,508 million of securities maturing 

August 31 and to raise new cash of approximately $14,492 

million. 

The 4-year 8-month 0-1/8 percent TIPS of Series X-2022 

were dated April 15 and issued August 31. They are due April 

15, 2022, 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 24. Tenders totaled $33,704 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.117 percent with an 

equivalent adjusted price of $100.758133. Treasury accepted 

in full all competitive tenders at yields lower than 0.117 

percent. Tenders at the high yield were allotted 13.39 percent. 

The median yield was 0.045 percent, and the low yield was 

0.020 percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors totaled 

$13,967 million. Adjusted accrued interest of $0.47471 per 

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

31. Both the unadjusted price of $100.036867 and the 

unadjusted accrued interest of $0.47131 were adjusted by an 

index ratio of 1.00721, for the period from April 15 to August 

31. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $439 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series X-2022 is $100. 

Auction of 2-Year Notes

On August 24, 2017, Treasury announced it would auction 

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

$87,508 million of securities maturing August 31 and to raise 

new cash of approximately $14,492 million. 

The 2-year notes of Series BF-2019 were dated and issued 

August 31. They are due August 31, 2019, with interest 

payable on February 28 and August 31 until maturity. 

Treasury set an interest rate of 1-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

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

competitive tenders on August 28. Tenders totaled $74,266 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.345 percent with an 

equivalent price of $99.813152. Treasury accepted in full all 

competitive tenders at yields lower than 1.345 percent. 

Tenders at the high yield were allotted 1.69 percent. The 

median yield was 1.300 percent, and the low yield was 1.188 

percent. Noncompetitive tenders totaled $111 million. 

Competitive tenders accepted from private investors totaled 

$25,789 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $815 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BF-2019 is $100. 

Auction of 5-Year Notes

On August 24, 2017, Treasury announced it would auction 

$34,000 million of 5-year notes. The issue was to refund 

$87,508 million of securities maturing August 31 and to raise 

new cash of approximately $14,492 million. 

The 5-year notes of Series AC-2022 were dated and issued 

August 31. They are due August 31, 2022, with interest 

payable on February 28 and August 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 August 28. Tenders totaled $87,776 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.742 percent with an 

equivalent price of $99.442075. Treasury accepted in full all 

competitive tenders at yields lower than 1.742 percent. 

Tenders at the high yield were allotted 18.98 percent. The 

median yield was 1.700 percent, and the low yield was 1.388 

percent. Noncompetitive tenders totaled $92 million. 

Competitive tenders accepted from private investors totaled 

$33,908 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued

December 2017

45

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $1,066 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AC-2022 is $100. 

Auction of 7-Year Notes

On August 24, 2017, Treasury announced it would auction 

$28,000 million of 7-year notes. The issue was to refund 

$87,508 million of securities maturing August 31 and to raise 

new cash of approximately $14,492 million. 

The 7-year notes of Series P-2024 were dated and issued 

August 31. They are due August 31, 2024, with interest 

payable on February 28 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 29. Tenders totaled $68,979 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.941 percent with an 

equivalent price of $99.569957. Treasury accepted in full all 

competitive tenders at yields lower than 1.941 percent. 

Tenders at the high yield were allotted 83.43 percent. The 

median yield was 1.900 percent, and the low yield was 1.688 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$27,981 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $878 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2024 is $100.

S E P T E M B E R

Auction of 123-Day Cash Management Bills

On August 28, 2017, Treasury announced it would auction 

$40,000 million of 123-day bills. They were issued September 

1 and will mature January 2, 2018. The issue was to raise new 

cash of approximately $40,000 million. Treasury auctioned 

the bills on August 29. Tenders totaled $121,658 million; 

Treasury accepted $40,001 million, including $3 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.060 percent. 

Auction of 8-Day Cash Management Bills

On August 31, 2017, Treasury announced it would auction 

$25,000 million of 8-day bills. They were issued September 7 

and matured September 15. The issue was to raise new cash of 

approximately $8,999 million. Treasury auctioned the bills on 

September 5. Tenders totaled $88,615 million; Treasury 

accepted $25,000 million, including $0.5 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.010 percent. 

Auction of 7-Day Cash Management Bills

On September 8, 2017, Treasury announced it would 

auction $20,000 million of 7-day bills. They were issued 

September 8 and matured September 15. The issue was to 

raise new cash of approximately $20,000 million. Treasury 

auctioned the bills on September 8. Tenders totaled $85,545 

million; Treasury accepted $20,000 million. The high bank 

discount rate was 1.010 percent. 

Auction of 52-Week Bills

On September 7, 2017, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued September 14 and will mature September 13, 2018. 

The issue was to refund $123,997 million of all maturing bills 

and to raise new cash of approximately $3,003 million. 

Treasury auctioned the bills on September 12. Tenders totaled 

$63,211 million; Treasury accepted $20,000 million, 

including $202 million of noncompetitive tenders from the 

public. The high bank discount rate was 1.240 percent. 

Auction of 3-Year Notes

On September 7, 2017, Treasury announced it would 

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

refund $27,005 million of securities maturing September 15 

and to raise new cash of approximately $28,995 million. 

The 3-year notes of Series AR-2020 were dated and issued 

September 15. They are due September 15, 2020, with interest 

payable on March 15 and September 15 until maturity. 

Treasury set an interest rate of 1-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 11. Tenders totaled $64,883 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.433 percent with an 

equivalent price of $99.830281. Treasury accepted in full all 

competitive tenders at yields lower than 1.433 percent. 

Tenders at the high yield were allotted 87.71 percent. The 

median yield was 1.380 percent, and the low yield was 1.188 

percent. Noncompetitive tenders totaled $48 million. 

Competitive tenders accepted from private investors totaled 

$23,852 million. The minimum par amount required for 

STRIPS of notes of Series AR-2020 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued

December 2017

46

Auction of 9-Year 11-Month 2-1/4 Percent Notes

On September 7, 2017, Treasury announced it would 

auction $20,000 million of 9-year 11-month 2-1/4 percent 

notes. The issue was to refund $27,005 million of securities 

maturing September 15 and to raise new cash of 

approximately $28,995 million. 

The 9-year 11-month 2-1/4 percent notes of Series E-2027 

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

August 15, 2027, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 12. Tenders totaled $45,667 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.180 percent with an 

equivalent price of $100.619500. Treasury accepted in full all 

competitive tenders at yields lower than 2.180 percent. 

Tenders at the high yield were allotted 97.85 percent. The 

median yield was 2.125 percent, and the low yield was 2.065 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$19,990 million. Accrued interest of $1.89538 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-2027 is $100. 

Auction of 29-Year 11-Month 2-3/4 Percent Bonds

On September 7, 2017, Treasury announced it would 

auction $12,000 million of 29-year 11-month 2-3/4 percent 

bonds. The issue was to refund $27,005 million of securities 

maturing September 15 and to raise new cash of 

approximately $28,995 million. 

The 29-year 11-month 2-3/4 percent Bonds of August 

2047 were dated August 15 and issued September 15. They 

are due August 15, 2047, with interest payable on February 15 

and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on September 13. Tenders totaled $26,488 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.790 percent with an 

equivalent price of $99.189503. Treasury accepted in full all 

competitive tenders at yields lower than 2.790 percent. 

Tenders at the high yield were allotted 20.40 percent. The 

median yield was 2.739 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors totaled 

$11,996 million. Accrued interest of $2.31658 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 2047 is $100. 

Auction of 9-Year 10-Month 0-3/8 Percent TIPS

On September 14, 2017, Treasury announced it would 

auction $11,000 million of 9-year 10-month 0-3/8 percent 

TIPS. The issue was to raise new cash of approximately 

$24,000 million. 

The 9-year 10-month 0-3/8 percent TIPS of Series D-2027 

were dated July 15 and issued September 29. They are due 

July 15, 2027, with interest payable on January 15 and July 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on September 21. Tenders totaled $25,543 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.450 percent with an 

equivalent adjusted price of $99.354592. Treasury accepted in 

full all competitive tenders at yields lower than 0.450 percent. 

Tenders at the high yield were allotted 11.89 percent. The 

median yield was 0.380 percent, and the low yield was 0.325 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$10,988 million. Adjusted accrued interest of $0.77503 per 

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

29. Both the unadjusted price of $99.282116 and the 

unadjusted accrued interest of $0.77446 were adjusted by an 

index ratio of 1.00073, for the period from July 15 to 

September 29. The minimum par amount required for STRIPS 

of TIPS of Series D-2027 is $100. 

Auction of 1-Year 10-Month 0.060 Percent FRNs

On September 21, 2017, Treasury announced it would 

auction $13,000 million of 1-year 10-month 0.060 percent 

FRNs. The issue was to raise new cash of approximately 

$24,000 million. 

The 1-year 10-month 0.060 percent FRNs of Series BE2019 were dated July 31 and issued September 29. They are 

due July 31, 2019, 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 27. Tenders totaled $44,949 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.055 percent 

with an equivalent price of $100.009018. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.055 percent. Tenders at the high discount margin were 

allotted 67.13 percent. The median discount margin was 0.050 
BUREAU OF THE FISCAL SERVICE OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, continued

December 2017

47

percent, and the low discount margin was 0.030 percent. 

Noncompetitive tenders totaled $14 million. Competitive 

tenders accepted from private investors totaled $12,987 

million. Accrued interest of $0.182799774 per $100 must be 

paid for the period from July 31 to September 29. 
BUREAU OF THE FISCAL SERVICE OPERATIONS

December 2017

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)

2017 - July 06................................................ 2017 - Aug. 03 28 120842.9 40000.3 39633.5 366.8 99.926111 0.950 0.964

Oct. 05 91 125104.6 39000.1 38485.8 514.3 99.735847 1.045 1.062

2018 - Jan. 04 182 105958.1 33000.1 32197.6 474.1 99.428722 1.130 1.152

July 13 ............................................... 2017 - Aug. 10 28 125828.4 40000.5 39565.9 434.6 99.926111 0.950 0.964

Oct. 12 91 111793.4 39000.1 38464.3 535.9 99.737111 1.040 1.057

2018 - Jan. 11 182 105461.5 33000.1 32242.7 457.4 99.431250 1.125 1.147

July 20 ............................................... 2017 - Aug. 17 28 137690.0 45000.1 44522.1 478.0 99.925722 0.955 0.969

Oct. 19 91 114600.6 39000.4 38458.4 542.0 99.734583 1.050 1.067

2018 - Jan. 18 182 116834.7 33000.4 32042.4 558.0 99.441361 1.105 1.127

July 27 ............................................... 2017 - Aug. 24 28 132895.0 45000.1 44589.6 410.5 99.923778 0.980 0.994

Oct. 26 91 111826.4 39000.1 37426.0 574.1 99.701722 1.180 1.200

2018 - Jan. 25 182 96107.4 33000.0 31544.9 455.1 99.428722 1.130 1.152

Aug. 03 .............................................. 2017 - Aug. 31 28 130557.6 45000.4 44633.1 367.3 99.923000 0.990 1.005

Nov. 02 91 123900.0 39000.4 38390.9 509.5 99.729528 1.070 1.088

2018 - Feb. 01 182 101763.0 33000.4 32273.3 427.1 99.428722 1.130 1.152

Aug. 10 .............................................. 2017 - Sept. 07 28 137828.6 45000.1 44555.2 444.8 99.923389 0.985 0.999

Nov. 09 91 141227.6 39001.5 37558.4 543.1 99.737111 1.040 1.057

2018 - Feb. 08 182 100775.4 33000.2 31959.0 504.1 99.423667 1.140 1.163

Aug. 17 .............................................. 2017 - Sept. 14 28 105618.6 35000.2 34421.2 479.0 99.926889 0.940 0.954

Nov. 16 91 137340.6 39001.0 38343.8 557.2 99.743431 1.015 1.032

2018 - Feb. 15 182 114561.9 33000.1 31808.9 499.2 99.436306 1.115 1.137

Aug. 24 .............................................. 2017 - Sept. 21 28 91768.8 30000.2 29552.3 447.9 99.926889 0.940 0.954

Nov. 24 92 121418.1 39000.6 38365.4 535.3 99.744444 1.000 1.016

2018 - Feb. 22 182 99497.2 33000.0 31775.7 412.4 99.436306 1.115 1.137

Aug. 31 .............................................. 2017 - Sept. 28 28 85833.3 25000.1 24578.4 421.7 99.925333 0.960 0.974

Nov. 30 91 118235.8 39000.6 38263.4 537.2 99.742167 1.020 1.037

2018 - Mar. 01 182 112595.7 33000.3 31602.9 397.4 99.436306 1.115 1.137

Sept. 07 ............................................. 2017 - Oct. 05 28 60836.3 20000.0 19554.2 445.8 99.898889 1.300 1.319

Dec. 07 91 124144.3 39000.0 38496.8 503.2 99.742167 1.020 1.037

2018 - Mar. 08 182 101701.3 33000.3 31938.9 377.4 99.436306 1.115 1.137

Sept. 14 ............................................. 2017- Oct. 12 28 122263.5 35000.3 34505.4 494.9 99.924556 0.970 0.984

Dec. 14 91 118320.9 39000.6 38237.7 539.9 99.738375 1.035 1.052

2018 - Mar. 15 182 102980.2 33000.4 32180.5 419.9 99.423667 1.140 1.163

Sept. 21 ............................................. 2017 - Oct. 19 28 111204.2 35000.3 34507.9 492.4 99.925333 0.960 0.974

Dec. 21 91 128157.1 42000.4 41127.0 573.4 99.735847 1.045 1.062

2018 - Mar. 22 182 115501.6 36000.3 35040.7 456.3 99.403444 1.180 1.204

Sept. 28 ............................................. 2017 - Oct. 26 28 111406.0 35000.2 34543.9 456.3 99.924556 0.970 0.984

Dec. 28 91 121370.1 42000.5 40437.7 569.8 99.734583 1.050 1.067

2018 - Mar. 29 182 120306.3 36000.6 34764.2 436.4 99.408500 1.170 1.193

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 2017

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)

07/11/17 07/17/17 1.500% note—07/15/20-AP 3y 69,431 24,548 1.573 - 99.787217

07/12/17 07/17/17 2.375% note—05/15/27-C 9y 10m 49,416 20,457 2.325 - 100.434016

07/13/17 07/17/17 3.000% bond—05/15/47 29y 10m 27,950 12,274 2.936 - 101.261161

07/18/17 07/20/17 1.190% bill—07/19/18 364d 63,472 20,000

07/20/17 07/31/17 0.375% TIPS—07/15/27-D 10y 27,001 14,322 0.489 - 98.936936

07/25/17 07/31/17 1.375% note—07/31/19-BD 2y 82,128 28,644 1.395 - 99.960688

07/26/17 07/31/17 0.060% FRN—07/31/19-BE 2y 51,311 16,525 0.060 - 100.000000

07/26/17 07/31/17 1.875% note—07/31/22-AB 5y 91,048 37,457 1.884 - 99.957246

07/27/17 07/31/17 2.125% note—07/31/24-N 7y 73,999 30,847 2.126 - 99.993528

07/27/17 08/01/17 1.010% cmb—08/15/17 14d 78,750 20,000

08/08/17 08/15/17 1.500% note—08/15/20-AQ 3y 82,361 31,221 1.520 - 99.941564

08/09/17 08/15/17 2.250% note—08/15/27-E 10y 58,295 29,920 2.250 - 100.000000

08/10/17 08/15/17 2.750% bond—08/15/47 30y 39,302 19,513 2.818 - 98.629206

08/15/17 08/17/17 1.230% bill—08/16/18 364d 65,098 20,000

08/23/17 08/25/17 0.060% FRN—07/31/19-BE 1y 11m 40,162 13,000 0.060 - 99.999848

08/24/17 08/31/17 0.125% TIPS—04/15/22-X 4y 8m 34,143 14,439 0.117 - 100.758133

08/28/17 08/31/17 1.250% note—08/31/19-BF 2y 75,081 26,815 1.345 - 99.813152

08/28/17 08/31/17 1.625% note—08/31/22-AC 5y 88,841 35,066 1.742 - 99.442075

08/29/17 08/31/17 1.875% note—08/31/24-P 7y 69,857 28,878 1.941 - 99.569957

08/29/17 09/01/17 1.060% cmb—01/02/18 123d 121,658 40,001

09/05/17 09/07/17 1.010% cmb—09/15/17 8d 88,615 25,000

09/08/17 09/08/17 1.010% cmb—09/15/17 7d 85,545 20,000

09/12/17 09/14/17 1.240% bill—09/13/18 364d 63,211 20,000

09/11/17 09/15/17 1.375% note—09/15/20-AR 3y 64,883 24,000 1.433 - 99.830281

09/12/17 09/15/17 2.250% note—08/15/27-E 9y 11m 45,667 20,000 2.180 - 100.619500

09/13/17 09/15/17 2.750% bond—08/15/47 29y 11m 26,488 12,000 2.790 - 99.189503

09/21/17 09/29/17 0.375% TIPS—07/15/27-D 9y 10m 25,543 11,000 0.450 - 99.354592

09/27/17 09/29/17 0.060% FRN—07/31/19-BE 1y 10m 44,949 13,000 0.055 - 100.009018

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.
50

December 2017

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 51

December 2017

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

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

End of

fiscal year

or month

 Total

 Federal

 securities

outstanding

(1)

Public debt securities

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6)

 Total

 outstanding

 (2)

Total

(3)

 Marketable

 (4)

Nonmarketable

(5)

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

2016 - Sept...................................... 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

Oct....................................... 19,830,096 19,805,715 5,514,763 - 5,514,763 2,833,661

Nov...................................... 19,972,472 19,948,065 5,499,924 - 5,499,924 2,840,508

Dec...................................... 20,001,290 19,976,827 5,537,501 - 5,537,501 2,843,701

2017 - Jan ....................................... 19,961,760 19,937,261 5,556,549 - 5,556,549 2,848,025

Feb ...................................... 19,983,859 19,959,594 5,543,497 - 5,543,497 2,856,355

Mar ...................................... 19,870,651 19,846,420 5,471,966 - 5,471,966 2,859,131

Apr....................................... 19,870,348 19,846,129 5,548,161 - 5,548,161 2,860,818

May...................................... 19,870,301 19,845,942 5,542,298 - 5,542,298 2,862,321

June..................................... 19,868,948 19,844,554 5,473,659 - 5,473,659 2,864,091

July ...................................... 19,869,273 19,844,909 5,479,502 - 5,479,502 2,865,188

Aug...................................... 19,868,627 19,844,533 5,454,504 - 5,454,504 2,865,298

Sept..................................... 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

Public debt securities, continued Agency securities1

End of

fiscal year

or month

Held by private investors

Total

outstanding

 (10)

Held by

private

investors

(11)

Held by

Government

accounts

(12)

Total

(7)

Marketable

(8)

 Nonmarketable

 (9)

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2016 - Sept...................................... 11,347,631 10,830,489 517,142 24,367 24,363 4

Oct....................................... 11,457,291 10,936,394 520,897 24,381 24,377 4

Nov...................................... 11,607,633 11,080,962 526,671 24,407 24,403 4

Dec...................................... 11,595,625 11,077,564 518,061 24,463 24,459 4

2017 - Jan ....................................... 11,532,687 11,015,736 516,952 24,499 24,495 4

Feb ...................................... 11,559,742 11,042,572 517,170 24,265 24,261 4

Mar ...................................... 11,515,323 11,107,539 407,784 24,231 24,228 3

Apr....................................... 11,437,150 11,089,528 347,622 24,219 24,216 3

May...................................... 11,441,323 11,120,333 320,990 24,359 24,356 3

June..................................... 11,506,804 11,145,326 361,478 24,394 24,391 3

July ...................................... 11,500,219 11,194,986 305,233 24,364 24,361 3

Aug...................................... 11,524,731 11,228,265 296,466 24,094 24,093 1

Sept..................................... 11,814,271 11,332,237 482,034 24,369 24,368 1

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.
52

December 2017

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Federal 

Reserve and 

Government 

accounts 2

(2)

Pension funds 3

End of month

Total

public

debt 1

(1)

Total

privately

held

(3)

 Depository

institutions 3, 4

 (4)

U.S.

savings

bonds 5

(5)

 Private 6

 (6)

State and

local

governments

(7)

 Insurance

 compa-

 nies 3

 (8)

Mutual

funds 3, 7

(9)

 State and

 local

 govern-

 ments 3

 (10)

 Foreign

 and inter-

 national 8

 (11)

Other

 investors 9

 (12)

2017 - Sept........ 20,244.9 8,036.9 12,208.0 n.a. 161.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 June ...... 19,844.6 7,943.4 11,901.1 619.6 162.8 400.1 214.2 339.3 1,517.3 715.3 6,171.6 1,760.8

 Mar........ 19,846.4 7,941.1 11,905.3 658.0 164.2 426.9 202.7 332.4 1,617.4 712.0 6,079.0 1,712.6

2016 - Dec......... 19,976.9 8,005.6 11,971.3 651.9 165.8 528.8 191.0 327.7 1,665.2 713.9 6,006.3 1,720.6

 Sept........ 19,573.4 7,863.5 11,709.9 620.5 167.5 538.1 189.9 338.7 1,537.6 705.4 6,158.1 1,454.2

 June ....... 19,381.6 7,911.2 11,470.4 570.3 169.0 535.6 183.3 327.4 1,402.3 684.8 6,281.1 1,316.7

 Mar......... 19,264.9 7,801.4 11,463.6 555.3 170.3 523.5 169.2 313.1 1,392.5 664.3 6,286.5 1,389.0

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 506.8 174.2 304.3 1,315.3 650.4 6,146.2 1,395.3

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 306.9 171.4 304.3 1,192.3 617.6 6,105.9 1,277.1

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 374.9 187.0 302.1 1,135.9 619.9 6,163.1 1,143.3

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 448.4 178.0 303.0 1,156.8 640.1 6,172.6 1,045.4

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 507.1 200.5 304.9 1,108.3 621.6 6,157.7 972.7

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 490.7 200.0 296.1 1,067.6 594.0 6,069.2 968.1

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 482.6 199.5 285.8 977.9 603.5 6,018.7 1,018.8

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 474.3 184.3 275.0 1,050.1 597.1 5,948.3 1,224.0

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 179.8 269.5 975.3 599.6 5,792.6 1,364.7

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 184.3 271.5 976.2 589.9 5,652.8 1,408.3

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 609.9 5,595.0 1,370.5

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 611.8 5,725.0 1,249.5

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 597.6 5,573.8 1,231.4

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 141.0 144.2 141.9 343.5 647.8 2,353.2 297.8

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 140.5 153.2 155.1 292.7 643.1 2,235.3 332.9

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 139.9 162.3 168.9 257.6 637.8 2,192.0 285.1

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 139.7 156.3 185.4 263.2 608.3 2,194.8 405.2

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value.

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings.

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. As of December 2014, includes savings bonds issued to myRA 

accounts. Current accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

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. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors
December 2017

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, 2017

[Source: Bureau of the Fiscal Service]

Currency

Total 

currency

and coin

(1)

Total currency

(2)

Federal Reserve notes 1

(3)

U.S. notes

(4)

Currency no

longer issued

(5)

Amounts outstanding .............................. $1,767,688,496,156 $1,718,991,025,480 $1,718,513,406,375 $239,472,966 $238,146,139

Less amounts held by:

The Treasury....................................... 274,958,746 53,119,996 52,780,516 7,505 331,975

FRBs ................................................... 188,228,812,752 186,362,898,046 186,362,895,571 - 2,475

Amounts in circulation............................. $1,579,184,724,658 $1,532,575,007,438 $1,532,097,730,288 $239,465,461 $237,811,689

Coins 2

Total

(1)

Dollars 2, 3

(2)

Fractional

coins

(3)

Amounts outstanding .............................. $48,697,470,676 $6,546,924,108 $42,150,546,568 

Less amounts held by:

The Treasury....................................... 221,838,750 48,770,750 173,068,000

FRBs ................................................... 1,865,914,706 1,198,896,191 667,018,515

Amounts in circulation............................. $46,609,717,220 $5,299,257,167 $41,310,460,053 

See footnotes following table USCC-2.
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

December 2017

54

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2017

[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination

Total

(1)

Federal Reserve notes 1

(2)

U.S. notes

(3)

Currency no

longer issued

(4)

$1 ................................................................................ $11,849,993,544 $11,709,556,713 $143,503 $140,293,328

$2 ................................................................................ 2,372,740,330 2,241,156,496 131,571,318 12,516

$5 ................................................................................ 14,233,605,110 14,102,368,515 107,729,410 23,507,185

$10 .............................................................................. 19,023,532,434 19,003,522,204 6,300 20,003,930

$20 .............................................................................. 178,021,836,620 178,001,734,560 3,840 20,098,220

$50 .............................................................................. 83,249,966,700 83,238,474,500 500 11,491,700

$100 ............................................................................ 1,223,511,087,500 1,223,489,123,300 - 4 21,964,200

$500 ............................................................................ 141,809,600 141,699,000 5,500 105,100

$1,000 ......................................................................... 165,220,000 165,035,000 5,000 180,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510

Total currency ......................................................... $1,532,575,007,438 $1,532,097,730,288 $239,465,461 $237,811,689

Comparative totals of currency and coins in circulation—selected dates

 Amounts (in millions)

 (1)

 Per capita 6

 (2)

Sept. 30, 2017...................................................................................... 1,579,185 4,844

Aug. 31, 2017....................................................................................... 1,572,006 4,825

July 31, 2017........................................................................................ 1,562,469 4,799

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

1 Issued on or after July 1, 1929.

2 Excludes coins sold to collectors at premium prices.

3 Includes $481,781,898 in standard silver dollars.

4 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 6 Based on Bureau of the Census’ estimates of population.
Foreign Currency Positions

Exchange Stabilization Fund
57

December 2017

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 2017

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)

04/05/2017 ............................................................. 1,475,246 1,549,717 -450 1.3410

04/12/2017 ............................................................. 1,541,807 1,622,562 n.a 1.3302

04/19/2017 ............................................................. 1,493,212 1,577,293 -352 1.3467

04/26/2017 ............................................................. 1,570,534 1,664,665 -223 1.3591

05/03/2017 ............................................................. 1,609,854 1,697,064 -126 1.3705

05/10/2017 ............................................................. 1,627,440 1,716,567 -157 1.3652

05/17/2017 ............................................................. 1,664,524 1,754,855 n.a 1.3594

05/24/2017 ............................................................. 1,716,458 1,813,518 n.a 1.3454

05/31/2017 ............................................................. 1,895,959 1,984,486 n.a 1.3498

06/07/2017 ............................................................. 1,866,669 1,959,447 n.a 1.3514

06/14/2017 ............................................................. 1,992,914 2,083,946 n.a 1.3201

06/21/2017 ............................................................. 1,671,758 1,763,195 n.a 1.3323

06/28/2017 ............................................................. 1,735,419 1,835,374 n.a 1.3043

07/05/2017 ............................................................. 1,721,418 1,821,006 -434 1.2998

07/12/2017 ............................................................. 1,794,175 1,894,640 n.a 1.2768

07/19/2017 ............................................................. 1,752,986 1,860,532 n.a 1.2586

07/26/2017 ............................................................. 1,733,570 1,839,544 n.a 1.2506

08/02/2017 ............................................................. 1,837,877 1,946,101 n.a 1.2544

08/09/2017 ............................................................. 1,802,267 1,923,860 n.a 1.2711

08/16/2017 ............................................................. 1,844,500 1,954,452 n.a 1.2708

08/23/2017 ............................................................. 1,915,138 2,033,693 n.a 1.2558

08/30/2017 ............................................................. 1,975,982 2,099,169 n.a 1.2608

09/06/2017 ............................................................. 2,074,672 2,197,458 n.a 1.2210

09/13/2017 ............................................................. 2,138,283 2,260,417 n.a 1.2192

09/20/2017 ............................................................. 1,795,301 1,900,930 n.a 1.2267

09/27/2017 ............................................................. 1,852,635 1,961,420 n.a 1.2402
FOREIGN CURRENCY POSITIONS

December 2017

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)

2014 - Dec................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601

2015 - Dec................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839

2016 - Oct.................... 1,418,178 1,483,175 201,637 162,780 94,135 89,506 90,568 90,766 -394 1.3403

Nov.................. 1,537,629 1,601,204 187,963 145,522 90,311 86,032 99,716 100,003 58 1.3425

Dec.................. 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426

2017 - Jan ................... 1,437,769 1,507,801 201,217 165,311 87,531 83,667 97,771 98,366 n.a 1.3030

Feb .................. 1,486,928 1,554,144 208,256 162,857 76,331 70,834 79,523 78,471 n.a 1.3247

Mar .................. 1,526,359 1,598,015 182,868 151,958 64,249 59,702 74,409 73,003 -250 1.3321

Apr................... 1,636,478 1,662,656 214,884 170,746 64,103 56,447 62,963 61,568 -381 1.3669

May.................. 1,935,592 1,969,549 243,261 190,062 69,703 62,244 66,336 65,544 n.a 1.3498

June................. 1,751,564 1,808,347 235,791 192,314 75,076 71,426 68,610 65,327 -195 1.2982

July .................. 1,996,205 2,041,646 303,218 224,115 82,351 77,573 87,786 84,877 -102 1.2490

Aug.................. 2,186,847 2,229,686 297,424 216,731 88,300 81,836 88,914 91,241 -37 1.2515

Sept................. 1,999,437 2,063,678 251,187 183,202 98,332 92,044 86,358 92,152 -3 1.2509

TABLE FCP-I-3—Quarterly Report of Large Market Participants

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Canadian

dollars per

U.S. dollar)

(10)

Calls Puts

Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

(8)

2014 - Dec................... 19,820 35,885 94,153 50,754 n.a n.a 1,034 n.a -15 1.1601

2015 - Mar................... 78,372 106,869 127,608 102,875 n.a. 539 4,168 n.a. -14 1.2681

June ................. 71,356 97,532 133,157 95,771 453 296 3,071 1,191 n.a. 1.2473

Sept.................. 67,133 98,724 137,280 101,046 n.a 260 4,831 1,110 -33 1.3396

Dec................... 27,142 59,087 125,045 94,958 209 134 n.a n.a n.a 1.3839

2016 - Mar................... 30,905 61,209 129,399 94,163 270 373 1,834 n.a n.a 1.2969

June ................. 35,995 65,904 140,849 106,389 363 349 726 461 7 1.3010

Sept.................. 36,885 67,444 156,802 103,615 242 285 2,316 1,180 n.a 1.3115

Dec................... 38,433 68,593 156,273 124,911 401 397 2,393 n.a n.a 1.3426

2017 - Mar................... 38,456 73,351 161,751 115,479 808 607 972 816 n.a 1.3321

June ................. 36,833 75,342 145,656 111,685 1,726 827 790 823 n.a 1.2982
FOREIGN CURRENCY POSITIONS

December 2017

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)

04/05/2017 .............................................................. 568,768 576,130 n.a 111.20

04/12/2017 .............................................................. 565,496 571,465 n.a 109.54

04/19/2017 .............................................................. 562,129 570,213 n.a 109.06

04/26/2017 .............................................................. 596,379 603,432 n.a 111.52

05/03/2017 .............................................................. 600,291 608,570 177 112.34

05/10/2017 .............................................................. 578,978 586,913 90 114.02

05/17/2017 .............................................................. 587,867 600,968 -3 111.46

05/24/2017 .............................................................. 575,971 586,614 113 112.02

05/31/2017 .............................................................. 591,012 600,439 128 110.71

06/07/2017 .............................................................. 598,101 605,702 51 109.54

06/14/2017 .............................................................. 601,442 610,273 35 109.16

06/21/2017 .............................................................. 548,187 553,559 128 111.58

06/28/2017 .............................................................. 570,588 574,943 151 112.18

07/05/2017 .............................................................. 537,099 542,290 n.a 113.20

07/12/2017 .............................................................. 547,928 552,683 n.a 113.19

07/19/2017 .............................................................. 553,643 558,100 n.a 111.77

07/26/2017 .............................................................. 568,700 573,483 n.a 112.10

08/02/2017 .............................................................. 583,181 587,685 201 110.43

08/09/2017 .............................................................. 589,214 593,615 n.a 110.04

08/16/2017 .............................................................. 581,700 585,047 190 110.80

08/23/2017 .............................................................. 597,677 602,834 227 109.14

08/30/2017 .............................................................. 626,980 632,582 178 110.20

09/06/2017 .............................................................. 615,468 619,929 177 108.75

09/13/2017 .............................................................. 643,806 648,615 n.a 110.58

09/20/2017 .............................................................. 599,583 609,157 n.a 111.50

09/27/2017 .............................................................. 613,111 621,167 86 112.76
FOREIGN CURRENCY POSITIONS

December 2017

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)

2014 - Dec.................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a 119.85

2015 - Dec.................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27

2016 - Oct................... 540,425 546,482 173,878 171,803 51,633 50,402 63,775 64,929 n.a 105.07

Nov................. 592,885 602,968 174,780 174,758 60,784 59,998 75,464 76,880 n.a 114.34

Dec................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78

2017 - Jan .................. 593,274 602,383 157,033 155,102 56,626 55,601 69,854 72,239 n.a 112.72

Feb ................. 602,909 611,577 173,740 172,748 57,038 55,545 70,102 73,011 n.a 112.06

Mar ................. 602,303 603,377 173,617 172,278 37,259 36,804 82,849 85,509 n.a 111.41

Apr.................. 604,117 608,102 155,351 153,344 52,183 50,606 58,464 61,658 n.a 111.44

May................. 592,685 600,426 159,620 156,752 53,596 52,628 59,715 62,816 129 110.71

June................ 577,803 580,549 168,907 164,646 49,451 48,641 55,355 57,948 -6 112.40

July ................. 598,611 602,070 164,869 163,125 47,977 47,384 52,370 56,075 -65 110.38

Aug................. 642,981 647,729 158,309 155,073 49,352 47,998 52,781 55,772 -65 110.06

Sept................ 638,404 645,204 177,906 170,183 52,242 51,877 52,889 60,239 -83 112.64

TABLE FCP-II-3—Quarterly Report of Large Market Participants

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

(8)

2014 - Dec................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a 119.85

2015 - Mar................... 6,835 6,172 7,243 4,951 179 531 1,474 587 -46 119.96

June ................. 6,721 6,611 6,947 5,995 355 666 1,084 428 n.a 122.1

Sept.................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81

Dec................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27

2016 - Mar................... 7,225 4,900 7,184 5,318 n.a 340 687 486 -7 112.42

June ................. 8,200 4,667 7,254 5,807 n.a 367 723 581 -5 102.77

Sept.................. 7,804 4,314 7,815 6,141 n.a 382 588 488 -18 101.21

Dec................... 7,108 5,211 7,632 6,306 352 303 1,006 912 n.a 116.78

2017 - Mar................... 9,579 7,021 8,705 6,838 440 548 857 557 -2 111.41

June ................. 8,857 7,788 7,890 7,166 n.a 438 539 386 -1 112.40
FOREIGN CURRENCY POSITIONS

December 2017

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)

04/05/2017 .............................................................. 932,296 953,495 -7 1.0050

04/12/2017 .............................................................. 947,599 968,336 -105 1.0054

04/19/2017 .............................................................. 952,780 978,179 -360 0.9986

04/26/2017 .............................................................. 957,266 980,794 -326 0.9957

05/03/2017 .............................................................. 1,003,581 1,024,542 -437 0.9913

05/10/2017 .............................................................. 1,003,706 1,032,643 -703 1.0088

05/17/2017 .............................................................. 1,007,242 1,031,167 -311 0.9808

05/24/2017 .............................................................. 1,016,585 1,038,951 -320 0.9769

05/31/2017 .............................................................. 1,115,935 1,136,852 -74 0.9684

06/07/2017 .............................................................. 1,060,301 1,091,671 296 0.9657

06/14/2017 .............................................................. 1,096,258 1,126,685 337 0.9662

06/21/2017 .............................................................. 917,925 947,400 -89 0.9744

06/28/2017 .............................................................. 975,876 1,002,426 63 0.9608

07/05/2017 .............................................................. 924,747 949,296 414 0.9652

07/12/2017 .............................................................. 968,199 989,608 38 0.9648

07/19/2017 .............................................................. 998,997 1,021,730 68 0.9548

07/26/2017 .............................................................. 997,178 1,016,063 n.a 0.9580

08/02/2017 .............................................................. 1,070,109 1,097,360 441 0.9684

08/09/2017 .............................................................. 1,047,696 1,085,979 330 0.9649

08/16/2017 .............................................................. 1,031,394 1,071,908 214 0.9744

08/23/2017 .............................................................. 1,041,404 1,075,377 487 0.9667

08/30/2017 .............................................................. 1,100,613 1,138,162 687 0.9583

09/06/2017 .............................................................. 1,027,157 1,073,565 400 0.9537

09/13/2017 .............................................................. 1,123,043 1,159,594 n.a 0.9639

09/20/2017 .............................................................. 952,314 989,870 261 0.9617

09/27/2017 .............................................................. 991,256 1,022,847 101 0.9745
FOREIGN CURRENCY POSITIONS

December 2017

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)

2014 - Dec................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934

2015 - Dec................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a. 1.0017

2016 - Oct.................... 884,917 915,199 107,821 87,263 69,303 71,437 84,145 81,695 n.a. 0.9890

Nov.................. 961,646 990,511 110,339 88,029 72,062 73,248 88,917 85,043 n.a. 1.0187

Dec.................. 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.0160

2017 - Jan ................... 925,767 957,154 102,290 80,624 74,678 73,813 93,175 94,662 n.a. 0.9888

Feb .................. 999,759 1,031,025 95,148 76,388 79,768 80,686 93,883 93,710 304 1.0022

Mar .................. 953,661 975,655 90,103 75,168 49,975 49,151 112,834 114,744 176 0.9998

Apr................... 979,432 1,001,546 95,472 79,898 77,414 76,365 80,399 80,920 -267 0.9944

May.................. 1,123,546 1,135,076 105,512 89,265 76,436 76,882 86,845 86,054 -78 0.9684

June................. 965,112 988,136 102,660 86,636 73,324 74,066 82,966 80,992 n.a. 0.9586

July .................. 1,060,340 1,079,576 94,550 77,986 75,652 78,108 101,954 96,155 n.a. 0.9650

Aug.................. 1,099,627 1,133,847 91,926 74,036 80,441 79,708 108,023 99,403 n.a. 0.9610

Sept................. 997,279 1,028,118 101,052 80,537 82,873 79,300 104,201 102,627 n.a. 0.9688

TABLE FCP-III-3—Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2014 - Dec................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934

2015 - Mar................... 24,395 27,813 90,329 13,567 n.a. n.a. n.a. 596 n.a. 0.9712

June ................. 20,333 22,935 82,573 12,529 n.a. n.a. 116 n.a. -10 0.9346

Sept.................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773

Dec................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017

2016 - Mar................... 12,965 16,654 48,569 16,247 n.a. - n.a. n.a. n.a. 0.9583

June ................. 13,961 14,942 38,415 16,235 n.a. n.a. 158 n.a. n.a. 0.9792

Sept.................. 13,162 13,803 74,616 16,527 - n.a. n.a. n.a. n.a. 0.9694

Dec................... 15,062 14,957 100,733 18,341 - n.a. n.a. n.a. n.a. 1.0160

2017 - Mar................... 16,987 18,151 75,707 18,092 n.a. 47 n.a. n.a. 1 0.9998

June ................. 14,636 16,877 104,803 16,789 - n.a. n.a. n.a. - 0.9586
FOREIGN CURRENCY POSITIONS

December 2017

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)

04/05/2017 .............................................................. 2,745,263 2,890,407 n.a. 1.2488

04/12/2017 .............................................................. 2,785,798 2,933,546 n.a. 1.2500

04/19/2017 .............................................................. 3,037,070 3,068,664 n.a. 1.2789

04/26/2017 .............................................................. 2,991,960 3,138,717 n.a. 1.2838

05/03/2017 .............................................................. 2,965,074 3,125,695 368 1.2916

05/10/2017 .............................................................. 2,924,686 3,083,440 730 1.2939

05/17/2017 .............................................................. 2,917,855 3,063,904 n.a. 1.2944

05/24/2017 .............................................................. 2,867,821 3,030,681 n.a. 1.2935

05/31/2017 .............................................................. 3,115,449 3,294,548 n.a. 1.2905

06/07/2017 .............................................................. 2,974,429 3,125,494 n.a. 1.2941

06/14/2017 .............................................................. 3,166,610 3,326,113 n.a. 1.2808

06/21/2017 .............................................................. 2,901,287 3,055,489 720 1.2667

06/28/2017 .............................................................. 2,928,886 3,076,507 n.a. 1.2936

07/05/2017 .............................................................. 2,755,372 2,900,615 n.a. 1.2934

07/12/2017 .............................................................. 2,808,417 2,974,589 n.a. 1.2889

07/19/2017 .............................................................. 2,865,716 3,029,294 n.a. 1.3036

07/26/2017 .............................................................. 2,904,240 3,089,266 n.a. 1.3048

08/02/2017 .............................................................. 2,954,184 3,123,126 n.a. 1.3236

08/09/2017 .............................................................. 2,907,384 3,068,325 n.a. 1.2997

08/16/2017 .............................................................. 2,952,741 3,124,051 n.a. 1.2860

08/23/2017 .............................................................. 2,948,845 3,113,793 n.a. 1.2787

08/30/2017 .............................................................. 3,077,340 3,241,639 n.a. 1.2934

09/06/2017 .............................................................. 3,019,651 3,168,508 n.a. 1.3073

09/13/2017 .............................................................. 3,219,286 3,379,695 n.a. 1.3218

09/20/2017 .............................................................. 2,975,656 3,119,899 636 1.3564

09/27/2017 .............................................................. 3,117,334 3,286,359 374 1.3401
FOREIGN CURRENCY POSITIONS

December 2017

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)

2014 - Dec................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578

2015 - Dec................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746

2016 - Oct.................... 2,745,019 2,880,821 829,418 781,724 115,226 110,065 177,757 177,916 n.a. 1.2212

Nov.................. 2,871,185 3,000,437 820,971 779,232 112,863 106,019 165,405 165,117 -449 1.2481

Dec.................. 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337

2017 - Jan ................... 2,849,780 2,988,670 838,018 792,495 95,593 88,183 141,363 141,155 n.a. 1.2585

Feb .................. 3,005,053 3,145,213 858,677 818,042 108,005 105,628 142,123 142,638 442 1.2427

Mar .................. 2,928,810 3,081,453 863,959 821,635 157,963 154,196 117,449 115,096 n.a. 1.2537

Apr................... 2,937,996 3,034,434 917,328 871,964 121,561 120,382 133,320 131,485 247 1.2938

May.................. 3,151,722 3,274,059 878,968 840,899 134,316 132,710 150,029 156,784 n.a. 1.2905

June................. 2,910,012 3,000,581 881,091 844,098 147,705 147,003 171,015 172,367 46 1.2995

July .................. 3,090,764 3,226,846 886,820 849,910 150,086 154,139 152,895 166,138 135 1.3196

Aug.................. 3,232,838 3,361,444 832,840 805,575 147,640 150,057 155,863 163,591 115 1.2888

Sept................. 3,250,053 3,382,178 848,807 792,355 176,106 173,023 166,481 175,002 293 1.3402

TABLE FCP-IV-3—Quarterly Report of Large Market Participants

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Otions positions Exchange rate

(U.S. dollars

per pound)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2014 - Dec................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578

2015 - Mar................... 30,264 42,342 160,656 61,050 n.a. 745 5,418 3,293 -85 1.485

June ................. 29,155 39,283 162,972 61,154 1,163 1,191 1,602 1,018 57 1.5727

Sept.................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116

Dec................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746

2016 - Mar................... 25,097 48,638 161,912 64,787 460 958 5,159 2,545 76 1.4381

June ................. 32,851 59,068 168,024 68,927 n.a. n.a. 3,488 1,337 131 1.3242

Sept.................. 27,814 58,602 163,430 65,795 406 432 2,465 727 63 1.3015

Dec................... 28,214 50,414 166,901 66,789 n.a. 428 2,686 1,577 4 1.2337

2017 - Mar................... 32,757 57,906 182,119 82,148 n.a. n.a. 2,643 1,825 -29 1.2537

June ................. 31,749 58,195 209,496 74,067 1,498 1,355 2,837 1,910 50 1.2995
FOREIGN CURRENCY POSITIONS

December 2017

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)

04/05/2017 ............................................................ 25,513,064 24,875,366 n.a. n.a.

04/12/2017 ............................................................ 25,720,346 25,225,819 n.a. n.a.

04/19/2017 ............................................................ 25,799,561 25,274,374 -2,988 n.a.

04/26/2017 ............................................................ 26,950,599 26,182,089 -2,948 n.a.

05/03/2017 ............................................................ 26,545,672 25,916,473 n.a. n.a.

05/10/2017 ............................................................ 26,572,053 25,936,666 n.a. n.a.

05/17/2017 ............................................................ 26,754,662 26,160,592 n.a. n.a.

05/24/2017 ............................................................ 26,700,969 26,054,603 n.a. n.a.

05/31/2017 ............................................................ 28,225,035 27,617,203 -2,014 n.a.

06/07/2017 ............................................................ 27,769,526 27,226,216 n.a. n.a.

06/14/2017 ............................................................ 28,680,674 28,356,379 n.a. n.a.

06/21/2017 ............................................................ 25,944,692 25,643,465 -1,643 n.a.

06/28/2017 ............................................................ 26,973,786 26,325,770 -1,054 n.a.

07/05/2017 ............................................................ 25,646,949 25,185,438 n.a. n.a.

07/12/2017 ............................................................ 26,034,313 25,655,286 n.a. n.a.

07/19/2017 ............................................................ 26,471,158 25,904,395 n.a. n.a.

07/26/2017 ............................................................ 27,006,190 26,357,904 n.a. n.a.

08/02/2017 ............................................................ 27,432,458 26,826,780 n.a. n.a.

08/09/2017 ............................................................ 27,493,906 26,827,975 n.a. n.a.

08/16/2017 ............................................................ 27,686,722 26,996,730 n.a. n.a.

08/23/2017 ............................................................ 28,102,195 27,429,478 n.a. n.a.

08/30/2017 ............................................................ 29,393,091 29,101,513 n.a. n.a.

09/06/2017 ............................................................ 28,983,468 28,389,244 n.a. n.a.

09/13/2017 ............................................................ 30,543,101 29,853,670 n.a. n.a.

09/20/2017 ............................................................ 28,058,766 27,322,029 n.a. n.a.

09/27/2017 ............................................................ 29,213,380 28,525,047 n.a. n.a.
FOREIGN CURRENCY POSITIONS

December 2017

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)

2014 - Dec.............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a.

2015 - Dec.............. 23,238,723 22,612,485 - - 2,124,406 1,978,028 1,357,603 1,515,284 -7,263 n.a.

2016 - Oct............... 25,487,936 24,881,480 - - 2,188,089 2,190,906 1,639,433 1,610,256 n.a. n.a.

Nov............. 27,576,354 26,932,500 - - 2,540,013 2,536,790 1,749,543 1,727,774 n.a. n.a.

Dec............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a.

2017 - Jan .............. 26,316,215 25,565,831 - - 2,322,038 2,337,702 1,594,787 1,581,259 n.a. n.a.

Feb ............. 27,078,204 26,211,094 - - 2,272,229 2,288,071 1,622,346 1,607,055 -6,518 n.a.

Mar ............. 26,583,120 25,983,865 - - 2,221,495 2,237,584 1,575,038 1,565,686 n.a. n.a.

Apr.............. 26,554,180 26,361,649 - - 2,100,247 2,126,277 1,620,552 1,617,281 -2,922 n.a.

May............. 28,196,367 27,891,740 - - 2,113,118 2,127,973 1,823,270 1,821,875 -2,363 n.a.

June............ 26,444,604 26,384,305 - - 2,038,636 2,052,345 1,743,786 1,738,186 116 n.a.

July ............. 28,221,885 27,758,196 - - 2,009,817 2,007,979 1,850,745 1,839,961 -253 n.a.

Aug............. 30,413,949 30,337,026 - - 2,086,319 2,103,747 1,906,331 1,909,878 670 n.a.

Sept............ 30,000,392 29,465,518 - - 2,113,369 2,117,692 1,928,478 1,939,296 368 n.a.

TABLE FCP-V-3—Quarterly Report of Large Market Participants

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

 Written

 (6)

 Bought

 (7)

Written

(8)

2014 - Dec................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,105 n.a.

2015 - Mar................... 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a.

June ................. 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a.

Sept.................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a.

Dec................... 394,957 329,092 - - 28,177 20,380 6,992 9,361 1,846 n.a.

2016 - Mar................... 386,524 340,914 - - 30,532 20,989 7,380 11,588 1,436 n.a.

June ................. 406,478 344,699 - - 19,972 13,480 10,695 12,325 1,056 n.a.

Sept.................. 395,439 360,589 - - 17,282 11,021 11,927 14,172 1,089 n.a.

Dec................... 391,396 322,230 - - 31,554 21,574 15,484 23,106 4,224 n.a.

2017 - Mar................... 432,574 409,988 - - 28,584 17,200 20,525 21,113 1,380 n.a.

June ................. 426,181 406,215 - - 21,559 14,688 16,157 19,475 1,982 n.a.
FOREIGN CURRENCY POSITIONS

December 2017

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)

04/05/2017 ......................................................................... 7,688,729 7,884,024 n.a. 0.9380

04/12/2017 ......................................................................... 7,833,566 8,028,242 263 0.9424

04/19/2017 ......................................................................... 7,891,153 8,031,216 -383 0.9340

04/26/2017 ......................................................................... 8,270,015 8,475,188 442 0.9198

05/03/2017 ......................................................................... 8,030,695 8,199,908 141 0.9157

05/10/2017 ......................................................................... 8,042,819 8,218,112 n.a. 0.9197

05/17/2017 ......................................................................... 8,165,906 8,282,067 2,177 0.8982

05/24/2017 ......................................................................... 7,940,020 8,062,201 n.a. 0.8949

05/31/2017 ......................................................................... 8,430,790 8,569,241 -396 0.8900

06/07/2017 ......................................................................... 8,213,660 8,327,096 1,302 0.8900

06/14/2017 ......................................................................... 8,352,378 8,463,448 n.a. 0.8868

06/21/2017 ......................................................................... 7,497,769 7,639,845 354 0.8974

06/28/2017 ......................................................................... 7,900,554 8,032,243 -492 0.8800

07/05/2017 ......................................................................... 7,397,570 7,530,083 -1,431 0.8821

07/12/2017 ......................................................................... 7,592,288 7,723,001 -1,563 0.8763

07/19/2017 ......................................................................... 7,665,806 7,818,476 168 0.8682

07/26/2017 ......................................................................... 7,700,862 7,874,352 334 0.8597

08/02/2017 ......................................................................... 7,816,338 7,990,619 1,001 0.8431

08/09/2017 ......................................................................... 7,774,463 7,943,488 -260 0.8512

08/16/2017 ......................................................................... 7,829,886 8,016,915 1,097 0.8545

08/23/2017 ......................................................................... 7,766,617 7,934,787 2,599 0.8473

08/30/2017 ......................................................................... 8,236,980 8,423,379 2,323 0.8384

09/06/2017 ......................................................................... 7,969,569 8,111,570 2,748 0.8373

09/13/2017 ......................................................................... 8,449,398 8,617,152 2,272 0.8405

09/20/2017 ......................................................................... 7,709,058 7,868,985 1,704 0.8335

09/27/2017 ......................................................................... 8,149,643 8,286,884 895 0.8513
FOREIGN CURRENCY POSITIONS

December 2017

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)

2014 - Dec................... 6,034,361 6,176,703 2,069,681 1,999,146 451,487 500,726 678,531 639,243 2,694 0.8264

2015 - Dec................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,846 694,070 n.a. 0.9209

2016 - Oct.................... 7,408,312 7,557,139 2,332,495 2,266,764 461,910 454,661 559,673 558,888 -780 0.9122

Nov.................. 8,097,253 8,277,228 2,343,980 2,273,163 494,972 492,605 716,999 720,634 2,481 0.9454

Dec.................. 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477

2017 - Jan ................... 7,876,190 8,043,990 2,199,146 2,098,940 440,371 431,543 690,381 701,534 3,357 0.9264

Feb .................. 7,902,113 8,181,100 2,220,658 2,108,177 457,030 443,899 742,167 757,386 3,493 0.9418

Mar .................. 7,937,501 8,154,261 2,173,255 2,064,324 697,046 700,547 499,722 502,997 n.a. 0.9347

Apr................... 8,112,837 8,281,657 2,329,653 2,208,210 646,156 641,867 703,028 727,963 -790 0.9179

May.................. 8,552,138 8,584,407 2,225,778 2,135,410 687,246 683,148 628,191 638,144 -465 0.8900

June................. 7,693,258 7,795,510 2,218,545 2,156,794 617,346 610,053 595,958 607,046 -201 0.8763

July .................. 8,057,349 8,199,493 2,295,904 2,195,297 636,126 617,403 602,541 604,715 653 0.8456

Aug.................. 8,481,863 8,604,854 2,261,934 2,184,152 707,858 699,776 605,579 615,487 47 0.8408

Sept................. 8,264,305 8,366,339 2,049,615 1,933,032 673,869 669,340 589,634 592,596 -2 0.8465

TABLE FCP-VI-3—Quarterly Report of Large Market Participants

[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2014 - Dec................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264

2015 - Mar .................. 150,385 138,996 284,817 183,576 7,240 3,962 15,297 9,179 1,582 0.931

June ................. 146,038 136,974 297,381 183,030 3,264 3,244 14,458 8,048 1,222 0.8965

Sept.................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959

Dec................... 123,963 121,422 283,432 184,211 5,153 1,869 11,254 7,154 -52 0.9209

2016 - Mar .................. 134,044 119,293 304,147 198,033 5,602 3,244 5,273 3,128 n.a. 0.8780

June ................. 128,496 123,939 319,636 211,312 6,232 3,385 7,230 3,149 n.a. 0.9064

Sept.................. 133,470 117,747 328,711 220,262 5,011 3,212 5,513 2,647 n.a. 0.8898

Dec................... 133,410 125,866 365,321 234,629 5,059 3,453 17,431 9,210 -392 0.9477

2017 - Mar................... 145,758 148,204 417,132 287,973 8,924 7,789 15,666 8,084 197 0.9347

June ................. 170,784 153,986 471,949 286,090 9,781 8,505 9,977 4,992 n.a. 0.8763
70

December 2017

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, and September 30, 2017

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital June 30, 2017

July 1, 2017,

through

Sept. 30, 2017 Sept. 30, 2017

Assets

U.S. dollars:

Held with Treasury:

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,060,545 29,848 22,090,393 

Special drawing rights 1 ........................................................... 50,619,829 823,433 51,443,262 

Foreign exchange and securities: 

European euro ..................................................................... 12,361,953 461,144 12,823,097 

Japanese yen....................................................................... 8,319,455 -17,668 8,301,787 

Accounts receivable................................................................. 122,055 -6,783 115,272 

Total assets.......................................................................... 93,483,836 1,289,975 94,773,811 

Liabilities and capital

Current liabilities:

Accounts payable................................................................. 45,490 1,037 46,526 

Total current liabilities ...................................................... 45,490 1,037 46,526 

Other liabilities:

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,137,885 773,767 49,911,652 

Total other liabilities ......................................................... 54,337,885 773,767 55,111,652 

Capital:

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2.......................... -635,301 494,378 -140,922

Total capital...................................................................... 39,100,461 515,172 39,615,634 

Total liabilities and capital............................................ 93,483,836 1,289,975 94,773,811 

See footnote on the following page.
71

December 2017

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, 2017,

through 

Sept. 30, 2017

Fiscal year to date

Oct. 1, 2016,

through

Sept. 30, 2017

Income and expense

Profit -+ or loss-- on:

Foreign exchange .......................................................... 420,235 -310,591

Adjustment for change in valuation

of SDR holdings and allocations 1 .................................... 23,461 36,269 

Net income (+) or loss (-):

SDRs.............................................................................. 1,585 4,458 

U.S. Government securities........................................... 54,497 143,481 

Foreign exchange .......................................................... -5,400 -14,539

Income from operations................................................. 494,378 -140,922

Net income (+) or loss (-)........................................... 494,378 -140,922

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 2017

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 2018)............................................................................................................... 85

less:

Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 30 

Unfunded authorizations (fiscal year 2018)........................................................................................................................................................................ 55 

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022)............................................................................................................................ 146

Mass Transit Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2018)............................................................................................................... 29 

less:

Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 11 

Unfunded authorizations (fiscal year 2018)........................................................................................................................................................................ 18

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022)........................................................................................................................... 24

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94.
76

December 2017

Research Paper Series

Available through the Office of the Assistant Secretary for Economic Policy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997.

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001.

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001.
RESEARCH PAPER SERIES

December 2017

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:

Margaret Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4409 MT

Washington, DC 20220

Telephone (202) 622-1519 or fax (202) 622-4112
December 2017

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.

Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget 

Act of 2015, Public Law 114-74, the Statutory Debt Limit 

has been suspended through March 15, 2017. The Statutory 

Debt Limit was permanently increased effective March 16, 

2017 to $19,808,772,381,624.74.

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 
GLOSSARY

December 2017

79

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group.

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals.

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction.

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons.

Par value—The face value of bonds or notes, including 

interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.)

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees.

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.)

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs.

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays.

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily.

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate.
GLOSSARY

December 2017

80

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount.

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions.

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
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