Mandatory Funding Levels for the FY 2021 President’s Budget – Treasury Chapter

(Dollars in Millions, Includes Legislative Proposals)

Appropriations (Dollars in Millions) FY 2019 FY 2020 FY 2021 FY 2021 FY 2021

Actual Estimated Estimated $ Change % Change

Payment to the Resolution Funding Corporation 2,628 2,445 1,367 (1,078) -44.1%

Interest on Uninvested Funds 39 48 48 0 0.0%

Restitution of Forgone Interest 2,371 0 0 0 0.0%

Federal Interest Liabilities to States 0 1 1 0 0.0%

Interest Paid to Credit Financing Accounts 7,122 11,948 12,098 150 1.3%

Refunding Internal Revenue Collections, Interest 2,042 1,321 1,464 143 10.8%

Interest on Public Debt 572,913 576,465 575,750 (715) -0.1%

Other Interest (46,572) (56,824) (56,759) 65 -0.1%

INTEREST PAYMENTS $540,543 $535,404 $533,969 ($1,435) -0.3%

MANDATORY ACCOUNTS

Build America Bond Payments 3,356 3,356 3,566 210 6.3%

Capital Magnet Fund, Community Development Financial Institutions 134 161 9 (152) -94.4%

Check Forgery Insurance Fund 4 5 5 0 0.0%

Cheyenne River Sioux Tribe Terrestrial Wildlife Habitat Restoration Trust Fund 1 1 1 0 0.0%

Claims, Judgments, and Relief Acts 1,706 1,702 1,699 (3) -0.2%

Community Development Financial Institutions Fund Program 7 9 1 (8) -88.9%

Comptroller of the Currency 1,171 1,075 1,075 0 0.0%

Continued Dumping and Subsidy Offset 17 53 17 (36) -67.9%

Contribution for Annuity Benefits, United States Secret Service 1 243 265 265 265 0.0%

Exchange Stabilization Fund 510 590 556 (34) -5.8%

Federal Financing Bank 2,571 2,395 2,237 (158) -6.6%

Federal Reserve Bank Reimbursement Fund 546 623 646 23 3.7%

Federal Tax Lien Revolving Fund 7 2 2 0 0.0%

Financial Agent Services 822 847 863 16 1.9%

Financial Research Fund 66 74 80 6 8.1%

Fiscal Service Debt Collection 223 201 227 26 12.9%

GSE Mortgage-backed Securities Purchase Program 1 1 1 0 0.0%

Gulf Coast Restoration Trust Fund 315 339 351 12 3.5%

Internal Revenue Collections for Puerto Rico 445 453 459 6 1.3%

IRS Informant Payments 88 118 125 7 5.9%

IRS Miscellaneous Retained Fees 392 392 387 (5) -1.3%

IRS Private Collection Agent Program 93 158 172 14 8.9%

Office of Financial Stability 62 51 42 (9) -17.6%

Payment of Government Losses in Shipment 1 2 2 0 0.0%

Payment to Issuer of New Clean Renewable Energy Bonds 48 48 51 3 6.3%

Payment to Issuer of Qualified Energy Conservation Bonds 40 40 43 3 7.5%

Payment to Issuer of Qualified School Construction Bonds 650 650 691 41 6.3%

Payment to Issuer of Qualified Zone Academy Bonds 43 43 46 3 7.0%

Payment to United States Virgin Islands and Puerto Rico for Disaster Tax Relief 200 0 0 0 0.0%

Payment Where American Opportunity Credit Exceeds Liability for Tax 2,881 3,855 3,718 (137) -3.6%

Payment Where Certain Tax Credits Exceed Liability for Corporate Tax 8,232 6,685 3,288 (3,397) -50.8%

Payment Where Child Tax Credit Exceeds Liability for Tax 28,898 29,615 29,342 (273) -0.9%

Payment Where Earned Income Credit Exceeds Liability for Tax 59,209 60,258 63,306 3,048 5.1%

Payment Where Health Coverage Tax Credit Exceeds Liability for Tax 24 29 7 (22) -75.9%

Payment Where Small Business Health Insurance Tax Credit Exceeds Liability for Tax 1 1 1 0 0.0%

Presidential Election Campaign Fund 25 25 25 0 0.0%

Refundable Premium Tax Credit 59,178 47,600 40,400 (7,200) -15.1%

Reimbursements to Federal Reserve Banks 147 171 177 6 3.5%

Small Business Lending Fund Program 5 7 3 (4) -57.1%

Terrorism Insurance Program 3 31 94 63 203.2%

Travel Promotion Fund 94 94 0 (94) -100.0%

Treasury Forfeiture Fund 772 616 632 16 2.6%

Troubled Asset Relief Program Equity Purchase Program 1 7 0 (7) -100.0%

Subtotal, MANDATORY ACCOUNTS $173,232 $162,648 $154,612 ($8,036) -4.9%

Offsets:

Treasury Mandatory Offsetting Receipts (21,689) (6,808) (10,038) (3,230) 47.4%

Treasury Offsetting Collections (4,264) (4,068) (3,875) 193 -4.7%

TOTAL, DEPARTMENT OF THE TREASURY $687,822 $687,176 $674,668 ($12,508) -1.8%

1

 The President’s Budget proposes moving the United States Secret Service to Treasury in 2021. For presentation, all years are shown for the Secret Service 

mandatory account for Contribution for Annuity Benefits.
Total Treasury Department Mandatory Budget

The Treasury Department Mandatory Budget 

includes $675 billion dollars in interest 

payments, mandatory accounts, and offsetting 

receipts and collections (offsets). These 

accounts and the estimated budget authority are

summarized above. Account totals include the 

effects of FY 2021 policy proposals. For more 

detailed descriptions of each account, please 

see the Department of the Treasury chapter in 

the FY 2021 Appendix, Budget of the U.S. 

Government at:

http://www.whitehouse.gov/omb/budget.

Interest Payments - $534 billion

These are permanent, indefinite funds for 

interest payments. This includes Interest on the 

Public Debt, which consists of all interest paid 

on Treasury securities and sold to the public 

and to Federal Government trust Funds, 

revolving funds and deposit funds. Treasury 

interest payment accounts also consist of

Refunds on Internal Revenue Collections

interest, Interest on Uninvested Funds, Interest 

paid to Credit Financing Accounts, Federal 

Interest Liabilities to the States, and Payments

to the Resolution Funding Corporation.

Mandatory Accounts - $155 billion

These are accounts for which the Congress has 

given the Department of Treasury permanent 

authority to expend funds as appropriations.

These include appropriations that fund a 

number of programs under Treasury 

jurisdiction such as the Terrorism Risk 

Insurance Program and the Treasury Forfeiture 

Fund. Other accounts that fall under 

mandatory programs include all Internal 

Revenue Service refundable tax credit 

accounts, certain user fees, and informant 

payments. The Department is also a custodian 

for a number of government accounts and 

funds listed in this section and further detailed 

in the FY 2021 Appendix, Budget of the U.S. 

Government.

Offsets - $14 billion

Offsets include payments to the Government 

that are not credited directly to expenditure 

accounts (offsetting receipts) and payments

credited directly to accounts from which they 

will be spent (offsetting collections). The 

receipts offset gross budget authority and 

outlays at the agency or bureau level. The 

collections offset gross budget authority and 

outlays at the account level. 

Treasury’s mandatory offsetting receipts 

primarily include the non-budgetary accounts

that record all cash flows to and from the 

Government resulting from direct loans 

obligated in 2008 and beyond (including 

modifications of direct loans that resulted from 

obligations in any year). Treasury’s mandatory 

offsetting collections include the payments 

made to accounts such as the Office of 

Comptroller of the Currency, Federal 

Financing Bank, and the Exchange 

Stabilization Fund.