iiiiiil: Illlllllllll.^^^^^ M::fy^'p0^^j':^''': ;,\V^'';'.',rr;;^'.Vi,;;,'i'v'.yA;!'i'i'r''.'Vi'!:;v, ^ V;' [ 'J l'(;l' i-'i.,',

Transcription

1 ' Illlllllllll.^^^^^ iiiiiil: ;,\V^'';'.',rr;;^'.Vi,;;,'i'v'.yA;!'i'i'r''.'Vi'!:;v, fi.- A', 'i'i"v'i".;.''..,r. '''.'. '!'' ' i-'i.,', M::fy^'p0^^j':^''': ^ V;' [ 'J l'(;l'

2

3 LIBRARY RflOM 50Sn JUN?,3972 TREASURY DEPARTMENT

4

5

6 TREASURY DEPARTMENT FISCAL SERVICE. BUREAU OF ACCOUNTS OFFICE OF THE COMMISSIONER WASHINGTON 25, O.C. OFFICIAL BUSINESS POSTAGE AND FEES PAID] U.S. TREASURY DEPARTME^ BUY AND HOLD UNITED STATES SAVINGS BONDS

7 FMEA^UMY: Bm/LEFM DECEMBER UNITED STRTES TREflSURV DEPRRTMENT OFFICE DF THE SECRETBRV

8 The Treasury Bulletin is for sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C. Subscription per year $8.50 domestic, #.00 foreign Single copy price varies

9 December 96 J Table of Content* Page Treasury financing operations A- Summary of Federal fiscal operations Budget receipts and expenditures 2 Trust and other transactions Cash income and outgo 6 Account of the Treasurer of the United States Debt outstanding 26 Statutory debt limitation 3 Public debt operations 32 United States savings bonds 6l Ownership of Federal securities 65 Treasury survey of ownership of Federal securities 67 Market quotations on Treasury securities 7 Average yields of long-term bonds 74- Monetary statistics 76 International financial statistics 80 Capital movements 8 Corporations and certain other business-type activities - income and expense, and source and application of funds 98 Cumulative table of contents 4-2

10 II Treasury Bulletin Reporting Bases Data on receipts, expenditures, and debt which appear In the "Treasury Bulletin" are based largely on two Treasury financial reports, the "Dally Statement of the United States Treasury" and the "Monthly Statement of Receipts and Expenditures of the United States Government." Certain monetary statistics are based at least In part on the "Circulation Statement of United States Money." Where these statements are given as sources for Individual tables, they are cited by name only. Their respective reporting bases are described below. For other data in the Bulletin, information on sources or reporting bases Is given in connection with the tables themselves. The monthly statement of receipts and expenditures was first published for February 95'*'. arid replaced the dally statement as the primary source of Information on budget results and other receipt and expenditure data classified by type of account. At the same time, the dally statement was changed to a statement of cash deposits and withdrawals affecting the account of the Treasurer of the United States. Both publications have provided comparative figures on their respective bases from the beginning of the fiscal year 953. The announcement of February I7, 954^, with respect to these reporting changes may be found In the April 954- issue of the Bulletin. The monthly statement shows all receipts and expenditures of the Government, Including those made from cash accounts held outside the United States Treasury. The Information Is compiled from reports by the Treasurer of the United States and by all other collecting and disbursing agencies. Including those agencies which maintain checlcing accounts in oomrnerclal banks. These reports cover transactions recorded in the accounts of the agencies during the reporting period. The net of the transactions as, compiled from these reports Is reconciled In the monthly statement to changes In the balance In the Treasurer's account and In cash held outside the Treasurer's account and changes in the public debt outstanding. Receipt!, of taxes and customs duties are reported on a collections basis. receipts are reported partially on a collections basis and partially on a deposits basis. Expenditures, except interest on the public debt, are reported on the basis of checks issued or cash payments made by disbursing officers. Transactions of an Interfund or intragovernmental nature are Included on the same basis even though the actual issuance of checks may not be involved. Interest on the public debt is included on an accrual basis beginning with figures for June 955 sj^d the fiscal year 955» Prior to that. It was Included on a due and payable basis. The same reporting basis as that In the monthly statement provides the fiscal year figures for the Treasury's "Combined Statement of Receipts, Expenditures and Balances of the United States Government" and for actual receipts and expenditures In the "Budget of the United States Government." Beginning with the final statement for the fiscal' year i960, the monthly statement reports totals for net, budget receipts and budget expenditures after deduction of certain interfund transactions which are included in^ the detail of both budget receipts and budget expenditures. The transactions deducted consist of interest payments and minor amounts of certain other payments made by Government; agencies to the Treasury. This reporting change was made In accordance with the plan stated in the President's Budget Message of January IS, 960. It does not affect the surplus or deficit. Figvires for earlier periods shown In the Treaa-i ury Bulletin were revised to the new reporting basis In the September i960 issue. The Interfund transactions deducted under this procedure do not Include payments to the Treae-y ury by wholly owned Government corporations for retirement of their capital stock and for disposition of earnings. These capital transfers have been excluded currently from budget receipts and budget expenditures beginning Jvily, 9^^, and figures for prior fiscal years back through I932 were revised accordingly at that time. The-daily statement on the new basis was first Issued for February 7, 95U-. In the deposits and withdrawals as shown, no distinction is made as to the type of accounts (budget, trust, etc. ). The deposits are on the basis of certificates of deposit cleared through the account of the Treasurer of the United States. withdrawals are on the basis of checks paid or cash disbursements made out of the Treasurer's account. Some of the withdrawal classifications shown are reported on the basis of mailed reports of checks Issued and are adjusted by means of clearing accounts to the total of checks paid. Except for relatively minor amounts, noncash interfund and other intragovernmenta] transactions are excluded. The public debt figures In the dally statement also are on a "clearance" basis, with the exception of those issuance and retirement transactions reported on the basis of telegrams from Federal Reserve Banks. Noncash debt transactions are Included, however. The dally statement before February 7, $^^, covered not only transactions cleared through the Treasurer's account but also certain Government agency transactions which were handled through commercial bank accounts, and Included noncash Interfund and other intragovernmental transactions. It provided information similar to that in the present dallj statement with respect to the status of the Treasurer's account, and similar to that In the present end-of-month dallj statement with respect to debt issuance, retirement, and amount outstanding. Receipts and expenditures, however, were classified by type of account, and the budget results shown- )

11 December 96 J III Reporting Bases - (Continued! In the dally statement were used ai the basis for reflecting the results under the President's budget program as enacted by the Congress. Receipts were on the basis of deposits as they cleared the Treasurer's account. Expenditures cleared through the the Treasurer's account were reported on two successive bases. Through XS^6 they were on the basis of checks paid by the Treasurer of the United States. Beginning with 9^7, expenditures made through the facilities of the Treasury Department's Division of Disbursement were on the basis of checks Issued, while certain others, principally those of the Department of Defense and Its predecessor organizations, were on the basis of checks paid. Transactions handled through commercial bank accounts, consisting of market transactions In public debt and guaranteed securities, were as reported by the agencies. Interest on the public debt was Included on a due and payable basis beginning with November 9^+9 snd on a checks-paid basis prior to that time. The circulation statement reflects transactions through the Treasurer's account which affect monetary stocks of gold and silver and the amounts of coin and currency In the money supply of the country. It Is Issued later than the dally statement, however, and the figures are based on transactions consummated during the reporting period even though some may not have cleared the Treasurer's account during that period. Note: Where calculations have been made from unrounded figures, the details may not check to the totals shown.

12

13 I All i, eastern. December 96J A-l Treasury Financing Operations One-Year Bills Tenders totaling I 2,794 million were received for the November 27 cash offering of $.0 billion, or thereabouts, of 363-day Treasury bills. Acceptances of tenders at the average bank disco-unt rate of percent totaled $,005 million. They included 60 million of noncompetitive tenders for $200,000 or less (without stated price) from any one bidder at the average price of accepted competitive bids. The offering had been announced on November 2. The bills are dated December 3, 963, and will mature November 30, 964, when the face amount will be payable without interest. Issued in bearer form only, the bills are in denominations of $,000, $5,000, $0,000, $50,000, $00,000, $500,000, and $,000,000 (maturity value) Tenders were received withoat deposit from incorporated banks and trust companies, and from responsible and recognized dealers in investment securities; and from others, with payment of 2 percent of the face amount of the bills applied for, or an express guaranty of pajnnent by an incorporated bank or trust company. Payment of accepted tenders at the prices offered was required to be completed in cash or other immediately available funds on December 3, 963. Any qualified depositary, however, was permittei to make payment by credit in its Treasury tax and totaled $8.2 billion and weekly maturities totaled $8.4 billion. Of the 9-day bills, those issued November 7 and 4, for $.3 billion each, refunded equivalent maturities; the 9-day bill issued November 2 refunded all but.$0. billion maturing, as did the 90-day bill of Novanber 29. The four 26-week issues of $0,8 billion each refunded equivalent amounts maturing, and all except that dated November 29 (l8l-day) carried 82-day terms. Average rates of discount on the new issues are shown in the table following. 3-week (Additional amount of bills of original maturity of 26 weeks) loan account for 50 percent of the amount of bills allotted to it for itself and its customers up to the amount for which it was qualified in excess of existing deposits. bidders were required to agree not to purchase or to sell, or to make any agreements with respect to the purchase, sale, or other disposition of any of the bills of this issue at a specific rate or price, until after one-thirty p.m., standard time, November 27, %3. i 3-Week and 26-Week Bills New issues of regular weekly Treasury bills in November

14

15 : s December 96 SUMMARY OF FEDERAL FISCAL OPERATIONS (In millions of dollars) Period Budget receipts and expenditures Net receipts / Expenditures / Surplus, or deficit (-) Net of trust and other transactions 2/ Clearing account, etc. / Net increase in public debt, or decease (-) Net increase in Treasurer' s account balance, or decrease (-) Treasurer' account balance Levels, end of period Public debt Debt outstanding Guaranteed securities Federal securities Subject to limitation Fiscal years: , 952, (Est.) 36,422 47,480 6,287 64,67 64,420 60,209 67,850 70,562 68,550 67,95 77,763 77,659 8,409 86,376 86,900 39,544 43,970 65,303 74,20 67,537 64,389 66,224 68,966 7,369 80,342 76,539 8,55 87,787 92,642-3,22 3,50-4,07-9,449-3,7-4,80,626,596-2,89-2,427,224-3,856-6,378-6,266 -,9' U ,587-2,35 3,883 6,966 5,89 3,5 -,623-2,224 5,86 8,363,625 2,640 9,230 7,659 2,0 2,047, ,299 2, ,59-4,399 2,654 -,3 3,736,686 5,57 7,357 6,969 4,670 6,766 6,26 6,546 5,590 9,749 5,350 8,005 6,694 0,430 2,6 6, , , ,05 266,07 27, , ,75 270, , , ,33 288,97 298,20 305,860 35, U 257, ,25 259,5 266,23 27,34 274,48 272, , , ,87 286,47 289,2 298, ,466 36,8 256, , , , , ,95 272,36 270,88 276,03 284, , , ,22 306,099 35,758 Calendar years ,235 52,877 64,705 63,654 60,938 63,9 70,66 7,749 68,262 72, ,58 78,57 84,709 37,657 56,236 70,547 72,8 64,622 65,89 66,838 7,57 75,349 79,778 77,565 84,463 9, ,358-5,842-9,57-3,683-2,77 3, ,088-7,040,953-6,306-7, , ,7 7,973 7,777 3,582 2,09-4,U -,730 8,025 7, ,952 7, ,770 -, ,05 4,232 4,295 6,064 4,577 5,80 4,545 4,427 4,606 4,96 5,583 6,4 6,494 7, , ,49 267,39 275,68 278, , , , , , ,27 296,69 303, ,73 259,46 267, , , , ,73 275, ,03 290, , , , , , ,82 274,67 278, , , , , ,53 289,97 296,06 303,66 Months 962-Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 963-Jan Feb Mar Apr May June July Aug Sept Oct Nov 5,357 6,729 9,04 5,754 7,024,65 3,566 7,089 0,053 3,030 7,027 8,360 5,533 7,305 9,663 5,735 6,953 2,06 3,547 7,290 0,095 3,400 7,3 7,395 6,858 7,749 7,289 7,229 8,02 7,252 8,54 7,327 8,524 8,070 7,572 8,03 6,763 7,806 7,590 7,470 7,75 7,863 8,305 7,85 8,776 7, ,356 -, ,53-3,686 -,452 2,727-5,494 -, , ,857 -, ,346-4,36 -,05 2,279-5, ,796, , ,966-2,344 2,569 3,323 -,920-53,22 -, , ,025, ,773 -,53 644, ,W5 2,290-4,05 2, , ,024, , ,558-5,8-52 2,938-5, ,98 5,626 6,99 5,995 8,4 0,430 6,380 8,530 9,268 6,58 7,09 7,509 5,485 7,446 8,252 6,579 7,558 2,6 6,998 6,846 9,783 4,50 5, ,53 296, , , , ,20 297,876 30, , , , , ,47 304, , ,66 305, , , , , ,U2 308, , , , , , , , ,32 299, , , , , ,79 303,54 303, ,78 306, , , , ,47 308, , ,97 296, , , ,22 297,89 30, ,62 302,8 305,52 303,66 303, , ,72 303, ,43 306, ,5 306, , ,78 308, to date. 3,463 40,544-9, Source: Actual figures through the fiscal year 952 and the calendar year 953 are from the daily Treasury statement, and thereafter from the monthly statement of receipts and expenditures of the Government (for explanation of reporting bases, see page II); estimates are from the 964 Budget document, released January 7, 963, including effects of proposed legislation. More detail for data on this page will be found in succeeding tables. / Fiscal year figures beginning with the September 960 issue of the Treasury Bulletin, and calendar year figures beginning with the June 96 issue exclude certain interfund transactions from both net budget receipts and budget expenditures (see page II, 2, and 5). Figures previously published for these series have been revised to the new reporting basis. The change does not affect the budget surplus or deficit. 2/ Excess of receipts, or expenditures (-). For detail, see pages -5. For checks outstanding and telegraphic reports from Federal Reserve 2/ banks; public debt interest accrued and unpaid beginning with June 2,355-6,846 5, , , ,567 and the fiscal year 955 (previously included from November 949 as interest checks and coupons outstanding); also deposits in transit and changes in cash held outside the Treasury and in certain other accounts beginning with the fiscal year 954. Net increase, or decrease (-). ij For current month detail and list of acts, see section on "Statutory Debt Limitation" in each issue of the Bulletin. The limitations in effect dxiring the period covered by this table and the date when each became effective are as follows: $275 billion on June 26, 946; $28 billion on August 28, 954; $278 billion on July,956; $275 billion on July, 957; $280 billion on February 26, 958; $288 billion on September 2, 958; $290 billion on June 30, 959; $295 billion on July, 959; $293 billion on July, 960; $298 billion on July, 96; $300 billion on March 3, 962; $308 billion on July, 962; $305 billion on April, 963; and $307 billion on May 29, 963. Under the acts approved July, 962, May 29, 963, and August 27, 963, the limitation Is $309 billion from July through November 30, 963.

16 . Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES. Table.- Receipts by Principal Sources (In millions of dollars) Internal revenue Fiscal year or month (Est.) Corporation 2,299 2,53 20,533 8,092 22,79 2,765 2,296 22,336 24,600 Income taxes Individual Not withheld /,322 2,302,528,733 3,27 3,75 4,403 4,269 4,400 Withheld V 24,02 26,728 27,04 29,00 3,675 32,978 36,246 38,79 36,700 income taxes 56,633 60,560 59,02 58,826 67,25 67,98 7,945 75,324 75,700 For old-age and disability insurance /2/ 6,337 6,634 7,733 8,004 0,2,586,686 3,484 5,058 Employment taxes For railroad retirement / For employment insurance V ,06 employment taxes 7,296 7,58 8,644 8,854,59 2,502 2,708 5,004 6,784 Estate and gift taxes,7,378,4,353,626,96 2,035 2,87 2,44 Excise taxes / 0,004 0,638 i/ 0,84 0,760,865 2,064 2,752 3,40 3, internal revenue 75,09 80,72 79,978 79,798 9,775 94,40 99,44 05,925 08,592 Customs ,23,008,7,24,49 Taxes not otherwise classified Miscellaneous receipts 3,006 2,749 3,96 3,58 4,064 4,082 3,206 4,436 4, ^an... Feb.. Mar.. Apr.. May.. June., July.. Aug... Sept. Oct... Nov , , , ,367 6/ / 4, ,033 6/ ,40 b/ 247 3,269 6/ 5,422 3,82 6/ 973 5,642 3,272 6/,295 5,607 3,20 6/,404 5,429 4,53 6,628 0,009 5,895 6,735 0,86 2,250 6,72 8,953 2,207 5, /,76,308 6/ 920 2,579,288 6/ 522,98,045 b/ 455, ,596, ,664, ,064, ,U ,099,038,08,022,92,7,79,207,65,56,065 5,87 0,407 2,734 8,6 0,82 3,55 4,86 9,69,364 3,990 8, to date 5,56 3,059 6, 9U 25,59 5, , ,772 37, ,552 Fiscal year or month I (Est.).. budget receipts 78,820 83,675 83,974 83,904 96,962 99,49 03,88,602 4,047 Less: Refunds of receipts 7/ Internal revenue applicable to Budget accounts 3,653 3,894 4,43 4,907 5,024 5,725 5,957 6,267 6,24 Trust 8/ accounts refunds 8/ 3,750 3,976 4,598 5,4 5,238 5,976 6,266 6,57 6,532 Federal Oldage and Survivors Insurance Trust Fund 8/ 2/ 6,27 6,243 6,795 7,084 9,92 0,537 0,600 2,35 3,884 Less: Treinsfers of tax receipts to - Federal Disability Insurance Trust Fund 0/ / 929 8/ ,028 Railroad Retirement Account / Unemployment Trust Fund 2/ ,098 Highway Trust Fund S/ 2/,479 2,026 2,074 2,539 2,798 2,949 3, Budget receipts net of refunds and transfers to trust accounts 68,65 7,029 69,7 68,270 78,457 78,33 82,042 86,890 87,579 Less: Interfund transactions IV Net budget receipts IV 67,850 70,562 68,550 67,95 77,763 77,659 8,409 86,376 86, ^an.. Feb.. Mar. Apr.. May.. June, July. Aug.. Sept. Oct.. Nov. 6,285 0,997 3,093 8,5U,32 3,996 4,87 9,977,722 4,37 8, ,77,599, ,720,603, /,635,225 6/ 845 2,40,99 6/ 486, / 423, / / / / ,626 7,330 9,666 5,7U 6,956 2,099 3,792 7,342 0,23 3,4 7, ,533 7,305 9,663 5,735 6,953 2,06 3,547 7,290 0,095 3,400 7,3 964 to date 39, ,990 Source: Actual figures are from the monthly statement of receipts and expenditures of the Government (for explanation of reporting bases see page II); estimates are from the 964 Budget document, released January 7, 963, including effects of proposed legislation. / The distribution of receipts between individual income taxes and oldage and disability insurance taxes is made in accordance with provisions of Sec. 20 of the Social Security Act, as amended (42 U.S.C. 40 ), for transfer to the Federal Old-Age and Survivors Insurance Trust Fund (see footnote 9), and also for transfer to the Federal Disability Insurance Trust Fund (see footnote 0). 2/ Taxes on employers and employees under the Federal Insurance Contributions Act, as amended (26 U.S.C ), and tax on selfemployed individuals under the Self-Employment Contributions Act, as ,505 3, ,463 amended (26 U.S.C ). The Social Security Act Amendments of 956, approved August, 956, Increased the rates of tax applicable to wages paid and taxable years beginning after December 3, 956, to provide for disability insurance. 3/ Taxes on carriers and their employees under the Railroad Retirement Tax Act, as amended (26 U.S.C ). 4/ Tax on employers of 4 or more under the Federal Unemployment Tax Act, as amended (26 U.S.C ); with respect to services performed before January, 956, the tax was Imposed on employers of 8 or more. ^ Beginning 957, includes collections under increased rates in the Highway Revenue Act of 956 (see footnote 3). Remaining footnotes on following page.!

17 ... - December 96J.BUDGET BECEIPTS AND EXPENDITURES. Table 2.- Detail of Miscellaneous Receipts by Major Categories (in millions of dollars) Fiscal year or month I ,006 2,749 3,96 3,58 4,064 4,082 3,206 4,«6 Interest , ,02 37, Realization upon Dividends and other loans and earnings investments Recoveries and refunds Royalties Sale of Government property Sale of products Seigniorage Fees for permits and licenses Fees and other charges for services, etc Fines, penalties and forfeitures / (Est.) 4, Jan... Feb... Mar,, / Apr,, May.. June., July.. Aug... Sept. Got... Nov to date.., Source: Actual figures through 96 are from reports to the Treasury Department by disbursing officers and administrative agencies, on the monthly statement reporting basis (see page II); and from the monthly statement of receipts and expenditures thereafter. Estimates are from the 964 Budget document, released January 7, 963, including effect of proposed legislation. X/ Consists of miscellaneous taxes (principally the tonnage tax on foreign vessels entering U. S. ports), bullion charges, and gifts and contributions. 2/ Includes $375 million for repayment of advances from Federal extended compensation account (Temporary Extended Unemployment Compensation Act of 96, approved March 24, 96) and a decrease of $93 million for transfer of receipts to Commodity Credit Corporation fund. Less than $500, / 3/ 2/ Footnotes to Table - (Continued) 6/ Includes adjustments as follows for: Income taxes not withheld, January -$A million, March -$2 million, June +$58 million, and September -$3 million; income taxes withheld, January -$67 million, March 2/ -$A. million, June -$8 million, and September +$S million; transfers to Federal Old-Age and Survivors Insurance Trust Fund, January +$62 million, March + l9 million, June -$^7 million, and September -$0 million; and transfers to Federal Disability Insurance Trust Fund, January +$9 million, March -$2 million, J'^e -$3 million, and September +$5 million. See also footnote 9. Interest on refunds is included in expenditures in Table 3. The principal amounts for refunds of employment taxes and certain excise taxes (highway) art excluded from the transfers of tax receipts shown herein, and are included with refimds of internal revenue receipts, applicable to trust accounts. 3/ Amounts appropriated to the Federal Old-Age and Survivors Insurance Trust Fund are equivalent to the amounts of taxes collected and deposited for old-age instirance. Amounts transferred currently for appropriation to the trust fund are based on estimates of old-age insurancfc tax receipts made by the Secretary of the Treasury (4-2 U.S.C. 4 ) (a)), and are adjusted in later transfers on the basis of wage and self-employment income records maintained in the Social Security Administration. 0,/ The Federal Disability Insurance Trust Fund was established by the Social Security Act Amendments of 956, approved August, 956 (4.2 U.S.C. 4.0 (b)). The act appropriated to the trust fund amounts equivalent to specified percentages of the wages and self-enrployment income, respectively, which are taxed for old-age insurance, and ^/ provided that the amounts appropriated should be transferred from time i to time to the trust fund on the same basis as transfers to the Federal Old-Age and Survivors Insurance Trust Fund. Rates of tax were in- 5/ creased by the percentages appropriated to the Federal Disability Insurance Trust Fund, the increase being applicable to wages paid and taxable years beginning after December 3, 956. * / Amounts are appropriated to the Railroad Retirement Account equal to the amount of taxes under the Railroad Retirement Tax Act deposited (42! ' in the Treasury, less refionds, during each fiscal year (65 Stat. 222 and 6b Stat. 37) and transfers are made currently. U.S.C. 0), established in the Unemployment Trust Fund an admin The Employment Security Act of I960, approved September 3, I960 istration account, and appropriated for credit to that account, beginning with fiscal 96, amounts equivalent to taxes collected and deposited under the Federal Unemployment Tax Act. The tax receipts are transferred currently on the basis of estimates by the Secretary of the Treasury, with later adjustments as necessary. From that account are to be paid the administrative exx>enses of the employment security program. Previously the corresponding amounts were included, respectively, in budget receipts and budget expenditures. The Highway Revenue Act of 956, as amended, {23 U.S.C. 20, note) established a Highway Trust Fund from which are to be made, as provided by appropriation acts, Federal-aid highway expenditures after June 30, 956, and before October, 972. The act appropriated to this fund amounts equivalent to specified percentages of receipts from certain excise taxes on motor fuels, motor vehicles, tires and tubes, and use of certain vehicles, and provided that the amounts appropriated should be transferred currently to the trust fund on the basis of estimates by the Secretary of the Treasury with proper adjustments to be made in subsequent transfers. Before fiscal 957 corresponding excise tax receipts were included in net budget receipts and Federal-aid highway expenditures were included in budget expenditures. For content, see Table 4-' These transactions are included in the detail of both budget receipts and expenditures but are deducted from the totals (see Reporting Bases, p. II), Figures in this column differ from those published under the same caption prior to the September I960 Treasury Bulletin because of the exclusion of certain interfund transactions (see footnote 4-). Less than $500,000.

18 Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES DOLLARS Billions I " ' ' Fiscal Year ^ Comparison first 4 months fiscal "years 963 and UOLL Billi 67.5

19 .... BUDGKT December 96J RECEIPTS AND EXPENDITURES Table 3.- Expenditures by Agencies (In millions of dollars) Fiscal year or month , 963 Legislative Branch U7 Executive Office Judiciary of the President U Funds appropriated to the President 4,473 4,5 4,08 4,09,764 3/,808 2,053 3,968 Agriculture Department 5,77 5,006 4,875 7,09 5,49 5,929 6,669 7,735 Commerce Department, / Defense 'Department Military 35,79 38,439 39,062 4,233 42,824 44,677 48,205 48,252 Civil functions ,28 Health, Education, and Welfare Department 2,07 2,295 2,645 3,092 3,403 3,685 4,25 4,909 Interior Department ,029 Justice Department Labor Department , / Post Office Department / State Department (Est, ,375 6, ,000,40 5,742, January, February March April. May... June. July. August September October. November 9 U ,77 3,803 4,22 4,085 4,076 3,993 3,848 4,047 3,96 4,36 3, to date... 60,539 4, , , I Fiscal year or month 964 (Est.). On public debt y 6,787 7,244 7,607 7,593 9,80 8,957 9,20 9,895 0,020 Treasury Department Interest On re funds of taxes / ,78 2/ ,059,4 Atomic Energy Commission,65,990 2,268 2,54 2,623 2,73 2,806 2,758 2,850 Federal Aviation Agency 2/ General Services Administration U Housing and Home Finance Agency , National Aeronautics and Space Adm. 8/ U,257 2,552 4,200 Veterans Administration 4,73 4,805 5,098 5,232 5,250 5,40 5,392 5,73 5,470 independent agencies District of Columbia 9/ by agencies 66,540 69,433 7,936 80,697 77,233 82,69 88,49 93,55 99,482 IV Less; interfund transactions 0/ budget expenditures / 66,224 68,966 7,369 80,342 76,539 8,55 87,787 92,642 98,802 IV 963-January. February. March... April. May.. June.. July August,.. September. October.. November ss: 3fO S5c ; ( ,06 6,788 7,809 7,598 7,473 7,752 8,08 8,357 7,843 8,788 7, ,03 6,763 7,806 7,590 7,470 7,75 7,863 8,305 7,85 8,776 7, to date. 4, ,60 Source: Actual figures are from the monthly statement of receipts and expenditures of the Government (for explanation of reporting bases, see page II); estimates are from the 964 Budget document, released January 7, 963, including effects of proposed legislation. Note: Figures in this table are for agencies as constituted at the time the expenditures were made, and therefore do not necessarily represent functions which are comparable over a period of time. For expenditures by functions on a consistent basis, see Table 6. Agency shifts are reflected in this table as follows: Beginning 957, Alaska Road Construction from "Interior Department" to "Commerce Department," and Federal intermediate credit banks and production credit corporations as indicated in footnote 2; beginning 958, Federal Facilities Corporation (remaining functions) from "Treasury Department" to "General Services Administration," and Informational Media Guaranty Fund from "Funds appropriated to the President" to "Independent agencies"; beginning 959, Federal Civil Defense Administration from "Independent ,485 2, , ,544 agencies" to "Executive Office of the President," Civil Aeronautics Board from "Commerce Department" to "Independent agencies," Civil Aeronautics Administration from "Commerce Department" and Airways Modernization Board from "Independent agencies" to the "Federal Aviation Agency," National Advisory Commission for Aeronautics from "Independent agencies" to "National Aeronautics and Space Administration"; from fiscal I960 through November 962, military assistance from "Funds appropriated to the President" to "Defense Department, military," and thereafter under "Funds appropriated to the President"; and beginning 962, subscriptions to international institutions from "Treasury Department" to "Firnds appropriated to the President." / Consists of net expenditures of the Postal Fund, reflecting the change in classification of Post Office transactions to a public enterprise revolving fund basis, and beginning fiscal I960 payment for public services. Remaining footnotes on following page.

20 ...!.i Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 4.- Interfund Transactions Excluded from Both Net Budget Receipts and Budget Expenditures (In millions of dollars) year or month interest Commodity Credit Corp. Export- Import Bank of Washington 2/ Interest payments to the Treasury / Housing and Home Finance Agency 2/ Panama Canal Company Small Business Admin. Tennessee Valley Authority Veterans' Administration 4/ Under Defense Production Act V Reimbursement by Panama Canal Compariy Federal intermediate credit banks' franchise tax Z,' Charges for audits of various agencies I (Est.) iJanuary. February. March.. - April. May... June.. July August... September October. November to date Source: See Table 2. ]/ By Government agencies operated as revolving funds; on loans (see "Debt Outstanding," Table 6) and other interest-bearing U. S. investments. 2/ 3/ 4/ i/ 6/ 95 Excludes transactions under Defense Production Act. Consists of payments by: Office of the Administrator for college housing, urban renewal, prefabricated housing loans for 955, and public facility loans beginning 957; Federal National Mortgage Association; and Public Housing Administration, Direct loan program. By various agencies for programs under the Defense Production Act, Consists of payments by the: Colorado River Dam Fund, Boulder Canyon project; Virgin Islands Corporation; Bureau of Federal Credit Unions; / 8/ 25 Civil Defense Program Fund; Farmers' Home Administration: Agricultural Credit Insurance Fund (formerly the Farm Tenant Mortgage Insurance Fund), and the direct loan account, both established pursuant to Title III of the Agricultural Act of 96, approved August 8, 96; Informational Media Guaranty Fund beginning 959; Federal Ship Mortgage Insurance Fund beginning 960; and St. Lawrency Seaway Development Corporation beginning I960. For net cost of Canal Zone Government, less tolls on Government vessels, and for part of treaty payment for use of Canal Zone. Realization on the Government's investment. Less than $500, i/ 3/ 4/ 5/ 6/ 2/ / W Footnotep to Table 3.- (Continued) Beginning 957, Federal aid for highways is excluded from budget expenditures and included in trust account expenditures (see Table ), Adjusted for reclassification. / Beginning with fiscal 96, administrative expenses of the employment security program are handled as trust account expenditures rather than Budget expenditures, pursuant to the Employment Security 2/ Act of I960, approved September 3, I960 (^2 U. S.C. 0); see Table, footnote 2. Reported on an accrual basis effective June 30, 955. Includes Reconstruction Finance Corporation except beginning July, 95^, certain functions transferred: Under Reorganization Plan No. 2 of 95^ (5 U.S.C. 609, note) to the Export-Import Bank, the Federal National Mortgage Association, and the Small Business Administration; and under Executive Order 0539, as amended, (5 U.S.C. 603, note) IJ/ to the General Services Administration. The corporation was abolished at the close of June 30, 957, by Reorganization Plan No. of 957, and its remaining functions were transferred to the Housing and Home Finance Administrator, Administrator of General Services, Administrator of Small Business Administration, and Secretary of the Treasury. Established pursuant to the Federal Aviation Act of 958 (^9 U.S.C. ^30 (a)), approved August 23, 958. Vj Established pursuant to the P.'ational Aeronautics and Space Act of 958 (^2 U.S.C. 2a72 (a)), approved July 29, 958. «Consists of Federal payment and loans and advances. For content, see Table 4. These transactions are included in the detail of both budget receipts and budget expenditures, but are deducted from the totals (see Reporting Bases, p. II). Figures in this column differ from those published under the same caption prior to the September I960 Treasury Bulletin because of the exclusion of certain interfund transactions (see footnote 0), Effective January, 957, the production credit corporations were merged in the Federal intermediate credit banks, pursuant to the Farm Credit Act of 956, approved July 26, 956 (2 U.S.C. 027), and operations of the merged agencies (as mixed-ownership corporations) were classified as trust enterprise funds (see "Trust Account and Transactions," Table 3); previously the operations of the banks and the corporations, respectively, were classified as public enterprise funds and were included net in budget expenditures. Includes $,375 million paid to the International Monetary Fund for the additional United States subscription, authorized by an act approved June 7, 959, consisting of $3LA million in gold (see "Monetary Statistics," Table 3) and $,03 million in special notes. The special notes of the United States issued to international institutions are nonnegotiable and noninterest-bearing and are payable on demand. See also "Cash Income and Outgo," Table 5 and "Debt Outstanding," Table. s include $75 million allowance for contingencies and $200 million for comparability pay adjustment. Less than $500,000,

21 December 96J BUDGET RECEIPTS AND EXPENDITURES Table 6.- Expenditures by Functions (Fiscal years; in millions of dollars) Functions Function code number through October 963 / National defense: Department of Defense-military functions Military assistance Atomic energy Defense-related activities ,223 2,340 2, ,25,609 2, ,227,449 2, ,85,390 2, ,252,72 2, , national defense 46,49 45,69 47,494 5,03 52,755 7,572 International affairs and finance : Conduct of foreign affairs Economic and financial programs 2/ Foreign information and exchange activities , , , , , international affairs and finance 3,780,832 2,500 2,87 2, Space research and technology ,257 2,552,84 Agriculture and agricultural resources : Farm income support and production adjustment j/,..,. Financing farming and rural housing Financing rural electrification and rural telephones. Agricultural land and water resources 2/ Research and other agricultural services , , , , , , agriculture and agricultural resources 6,590 5,73 5,895 6,948 3,278 Natural resources: Land and water resoxirces Forest resoxirces Mineral resources Fish and wildlife resources Recreational resources General resource surveys and administration , , , , , natural resources,670,7u 2,006 2,47 2, Commerce and transportation: Aviation Water transportation Highways Postal service Advancement of business Area redevelopment Regulation of business commerce and transportation _ 2, , , , i_ 2, ,037 Housing and community development : Aids to private housing Public housing Urban renewal and community facilities National Capital region housing and community development Health, labor, and welfare: Health services and research Labor and manpower Public assistance welfare services 2/ health, labor, and welfare , , , , , ,244, , ,524, ,782 4I6 4, ,04 28,890 Education : Assistance for elementary and secondary education V Assistance for higher education ^ Assistance to science education and basic research.. a id to education V education Wl , , Veterans' benefits and services: Veterans' service-connected compensation 6/ Veterans ' nonservioe-connected pension 2/ Veterans' readjustment benefits Veterans' hospitals and medical care... veterans' benefits and services 2/ veterans' benefits and services ,07, ,287 2,049, ,266 2,034, , ,4U 2,07, , ,403 3,87-3, ,86, ,835 Footnotes at end of table. (Continued on following page)

22 Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 6.- Expenditures by Fimctloiu - (Continued)

23 , December 96 J BUDGET RECEIPTS AND EXPENDITURES Table 7.- Detail of Excise Tax Receipts ( In thousands of dollars) Type of Tax

24 .. 0 Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 7.- Detail of Bxclse Tax Receipts - (Continued) i Type of tax (In thousands of dollars) Fiscal year First quarter of fiscal year 963 (July-Sept. 962) 964 (July-Sept. 963) Miscellaneous excise taxes: Admissions to theaters, concerts, etc Admissions to cabarets, roof gardens, etc Club dues and initiation fees Toll telephone service, telegraph, cable, radio, etc., wire mileage service, wire and equipment service General telephone service Transportation of oil by pipeline ^ Transportation of persons Transportation of property (including coal) ^ Use of safe deposit boxes Coconut and other vegetable oils processed 6/ Sugar Diesel and special motor fuels ^ 7/ Narcotics and marihuana, including occupational taxes. Coin-operated amusement devices Coin-operated gaming devices Bowling alleys, pool tables, etc Wagering occupational tax Wagers. Use tax on highway motor vehicles weighing over 26,000 pounds 4/ Adulterated and process or renovated butter, filled cheese, and inserted oleomargine Firearms transfer and occupational taxes miscellaneous excise taxes 36,679 33,603 64, , , ,262,306 6, ,88 88,856,07 5,535 8,375 4, ,682 45, ,497, 526~ 39,69 35,606 69, , , , , ,636 05,78,089 4,794 4,824 4, ,349 79, ,570,258 42,789 39,794 7, ,68 55, , , ,903 3,02,53 5,03 5,240 4, ,67 99, ,69,656 0,97r 9,624r 9,775r 92,47r 29,87r 3 73,070r 02 l,622r 4r 24,557r 27, 654 r 275 2,866 0,356 2, ,398 49,763 2,24 0,324 2,846 93,038 6, ,57 94, ,593 3,2 36 3,03 2,3 3, ,350 55, ,597r 45,277 received with returns and from sale of stamps 2,45,245 2,650,707 3,343,486 3,38,068r 3,548,943 Undistributed depositary receipts S/ Unapplied collections excise taxes -8, ,064,302 98,35 3,7 2,752,76 62,54 3,70 3,409,737 4, r 3,396,385, ,55,246 Source: Internal Revenue Service reports. The figures shown include collections for credit to special accounts for certain island possessions. Floor stocks taxes are included with the related classes of tax. ^ / Full detail on a monthly basis is available from the Internal Revenue Service. ^ 2/ Beginning October, 96, the Bureau of Customs was authorized to accept and deposit payments of internal revenue taxes on tobacco items imported or brought into the United States (26 C.F.R ). Collections of this type by Customs during October 96 were included with reporting on class E cigars. 2/ Taxes on issuance and transfers of capital stock and of corporate 7/ securities (bonds, debentures, etc.) deeds of conveyance, and 8/ policies issued by foreign insurers. Beginning with the fiscal year 957, collections reflect the provisions r V of the Highway Revenue Act of 956, approved June 29, 956 (23 U.S.C. 20 note) Repealed effective August, 958, by an act approved June 30, 958 (26 U.S.C note). The tax of 3 cents per pound, applicable to the first domestic processing of coconut oil and other vegetable oils, which was suspended from October, 957, through June 30, 963, under acts approved August 30, 957, May 29, 959, and April 22, I960, is further suspended until June 30, 966, under an act approved October 23, 962 (26 U.S.C. 45 (a)). Excludes diesel fuel not for use in highway vehicles. Amount of excise tax depositary receipts issued, less amount received with returns and distributed by detailed class of tax. Revised. Less than $500.

25 .... December i96j.trust AND OTHER TRANSACTIONS, Table! - Summary of Trust and Transactions (In millions of dollars) '""JO -, -"_2 963 Fiscal year or month Net receipts or expenditures (-), from trust and other transactions Excess of receipts, or expenditures {-) Trust and deposit fund accounts,996, , ,43 Net receipts /,607 4,30 6,53 6,769 20,342 23,583 24,290 27,689 Net expenditures / 9,6 2,938 5,325 9,52 2,22 22,793 25,4 26,545 Net sale, or investment ( - ) by Government, agencies in public debt securities 2/ -3,235-2, , ,069 Net sale, or redemption (-), of securities of Government agencies in the market,046,7 400,293, ,780,022 96i (Est.) ,58 29,540 28,382-2,289, January. February March... Api"ll... May June July August.. September October. November , , ,232,U , ,36 2,23,752 4,656 2,969 i,a9 3,887,830,289 2,749,795 2,230,968 2,242 2,302 2,999 2,65 2,438 2,55 2,592, ,82 -,306,253 -, , Source: Actual figures are from the monthly statement of receipts and expenditures of the Government (for explanation of reporting bases, see page II); estimates are from the 964 Budget document, released January 7, 963, including effects of proposed legislation. / Certain transactions are excluded from both receipts and expenditures beginning with the July 96 issue of the Bulletin. For details see Table 6. 2/ Includes guaranteed securities (see Table 4). Note: Figures in this table differ from those published prior to August 963 for shifts in classification including security transactions of Government-sponsored enterprises from deposit fund account expenditures to net Investment by Government agencies in public debt securities, and net redemption of agency securities in the market; and certain deposit fund account receipts from net receipts to net expenditures. Table 2.- Trust Receipts (In millions of dollars) 95.: 959 I ^ '-3 Fiscal year or month FOASI Trust Fund 6,937 7,iril 8,09 lo,3on,3^4 li.oll 3, a-: Fed. Disability Ins. Trust Fur.d ,0&2,083,092,45 Railroad Retirement Account ,403,05,08,28 Unemployment Trust Fund,728,92,855,997 2,703 3,803 V 3,985 4,26 National Service Life Insurance Fund Government Life Insurance Fund Federal employees' retirement funds,025,397,458,74,766 2,033 2,086 2,255 Highway Trust Fund,432 2, 044 2,088 2,54 2,800 2,955 3,293 trust receipts / 467 n^l ,546 trust and other receipts,69 4,3 6,lo4 6,904 2,250 24,097 24, 83 28,93 Less: Interfund transactions 2/ Net trust and other receipts 2/,607 4,30 6,53 6,769 20,342 23,583 24,290 27,689-4 (Est.)... 5,5c9,77,29 4, ,339 3,30,364 29, ,540 - ': 3-January. February. March... Acril May June July August.. September October. November. l._'',252 86t 2,77, , Z3 3c ] ,374 2,24,753 4,659 3,42,420 3,393,33,290 2, ,36 2,23, ,969,49 3,887,330,289.-,749 Sjurce: See Table. / Includes principally District of Columbia receipts from taxes and from Federal contributions, loans, and grants; funds appropriated to the President - mutual security trust funds; Indian tribal funds; increment resulting from reduction in the weight of the gold dollar; and the Railroad Unemployment Insurance Administration Fund through November 953 (for treatment after November 958, see Table 0, published quarterly). j + -i '-.' For content see Table 6. These transactions are ibicluded in the detail of both trust receipts and trust expenditures, but are deducted from the totals. 3/ Excludes certain interfund transactions consisting mainly of financial interchanges between trust funds resulting in receipts and expenditures (see footnote 3). ij Beginning fiscal 96, tax receipts under the Federal Unemployment Tax Act are transferred CTurently to an administration account in the Unemployment Trust Fund pursuant to the Employment Security Act of 960, approved September 3, 960 (42 U.S.C. 0(b)); see "Budget Receipts and Expenditures," Table, footnote 2.