[Analytical Perspectives]
[Other Technical Presentations]
[16. Trust Funds and Federal Funds]
[From the U.S. Government Publishing Office, www.gpo.gov]



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                      OTHER TECHNICAL PRESENTATIONS

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                   16.  TRUST FUNDS AND FEDERAL FUNDS

  The budget consists of two major groups of funds: Federal funds and 
trust funds. This section presents summary information about the 
transactions of each of these two fund groups. Information is provided 
about the income and outgo of the major trust funds and a number of 
Federal funds that are financed by earmarked collections in a manner 
similar to trust funds. Since the effects on the existing Medicare trust 
funds and on Federal funds of the President's proposed reforms of 
Medicare have not yet been determined, the effects of these reforms are 
not reflected in detail in this chapter.

                           Federal Funds Group

  The Federal funds group comprises the larger part of the budget. It 
includes all transactions not classified by law as being in trust funds.
  The main financing component of the Federal funds group is the general 
fund, which is used to carry out the general purposes of Government 
rather than being restricted by law to a specific program. It consists 
of all collections not earmarked by law to finance other funds, 
including virtually all income taxes and many excise taxes, and all 
expenditures financed by these collections and by general Treasury 
borrowing.
  The Federal funds group also includes special funds and revolving 
funds, which earmark collections for spending on specific purposes. 
Where the law requires that Federal fund collections from a specified 
source be earmarked to finance a particular program, such as a portion 
of the Outer Continental Shelf mineral leasing receipts deposited into 
the Land and Water Conservation Fund, the collections and associated 
disbursements are recorded in special fund receipt and expenditure 
accounts. The majority of special fund collections are derived from the 
Government's power to impose taxes, fines, and other compulsory 
payments. They must be appropriated before they can be obligated and 
spent. However, significant amounts of collections credited to special 
funds are derived from business-like activity, such as the receipts from 
Outer Continental Shelf mineral leasing.
  Revolving funds conduct continuing cycles of business-like activity. 
They charge for the sale of products or services and use the proceeds to 
finance their spending. Instead of being deposited in receipt accounts, 
their proceeds are recorded in the revolving funds, which are 
expenditure accounts. These collections generally are available 
automatically for obligation and making payments. Outlays for revolving 
funds are reported net of offsetting collections. There are two classes 
of revolving funds. Public enterprise funds, such as the Postal Service 
Fund, conduct business-like operations mainly with the public. 
Intragovernmental funds, such as the Federal Buildings Fund, conduct 
business-like operations mainly within and between Government agencies.

                            Trust Funds Group

  The trust funds group consists of funds that are designated by law as 
trust funds. Like special funds and revolving funds, they earmark 
collections for spending on specific purposes. Many of the larger trust 
funds finance social insurance payments for individuals, such as Social 
Security, Medicare, and unemployment compensation. Other major trust 
funds finance military and Federal civilian employees' retirement, 
highway and transit construction, and airport and airway development. 
There are a few trust revolving funds that are credited with collections 
earmarked by law to carry out a cycle of business-type operations. Trust 
funds also include a few small funds established to carry out the terms 
of a conditional gift or bequest.
  There is no substantive difference between trust funds and special 
funds or between revolving funds and trust revolving funds. Whether a 
particular fund is designated in law as a trust fund is, in many cases, 
arbitrary. For example, the National Service Life Insurance Fund is a 
trust fund, but the Servicemen's Group Life Insurance Fund is a Federal 
fund, even though both are financed by earmarked fees paid by veterans 
and both provide life insurance payments to veterans' beneficiaries.\1\
---------------------------------------------------------------------------
  \1\ Another example is the Violent Crime Reduction Trust Fund, 
established pursuant to the Violent Crime Control and Law Enforcement 
Act of 1994. Because the Fund is substantively a means of accounting for 
general fund appropriations, and does not consist of dedicated receipts, 
it is classified as a Federal fund rather than a trust fund, 
notwithstanding the presence of the words ``Trust Fund'' in its official 
name.
---------------------------------------------------------------------------
  The Federal budget meaning of the term ``trust'' differs significantly 
from the private sector usage. The beneficiary of a private trust owns 
the trust's income and often its assets. A custodian manages the assets 
on behalf of the beneficiary according to the stipulations of the trust, 
which he or she cannot change unilaterally. In contrast, the Federal 
Government owns the assets and earnings of most Federal trust funds, and 
it can unilaterally raise or lower future trust fund collections and 
payments, or change the purpose for which the collections are used, by 
changing existing law. Only a few small Federal trust funds are managed 
pursuant to a trust agreement where the Government is the trustee, and 
the Government generally has some ability to determine the amount 
deposited into or paid out of these funds. Other amounts are held in 
deposit funds by the Government as a custodian on behalf of some entity 
outside the Government. The Government makes no decisions about the 
amount of these deposits or how they are spent. Therefore, they are 
considered to be

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non-budgetary instead of Federal trust funds and are excluded from the 
Federal budget.
  A trust fund must use its income for the purposes designated by law. 
Some, such as the Federal Employees Health Benefits fund, spend their 
income almost as quickly as it is collected. Others, such as the Social 
Security and the Federal civilian employees retirement trust funds, 
currently spend considerably less than they collect each year. A surplus 
of income over outgo adds to the trust fund's balance, which is 
available to finance future expenditures. The balances are generally 
invested, by law, in Treasury securities.\2\ Any net cash inflow from 
the public to the trust funds decreases the Treasury's need to borrow 
from the public in order to finance a Federal funds deficit.
---------------------------------------------------------------------------
  \2\ An exception is the National Railroad Retirement Investment Trust, 
which under recently-enacted legislation will be able to invest its 
balances in private securities in hopes of being able to finance higher 
benefit payments with lower contribution rates. Budgetary treatment of 
the gains or losses from these investments are discussed in Chapter 25 
of this volume, ``The Budget System and Concepts and Glossary.''
---------------------------------------------------------------------------
  A trust fund normally consists of one or more receipt accounts (to 
record income) and an expenditure account (to record outgo). However, a 
few trust funds, such as the Veterans Special Life Insurance fund, are 
established by law as revolving funds. These funds are similar to 
revolving funds in the Federal funds group. They conduct a cycle of 
business-type operations, offsetting collections are credited to the 
funds (which are expenditure accounts), and their outlays are displayed 
net of the offsetting collections.

                      Table 16-1.  RECEIPTS, OUTLAYS, AND SURPLUS OR DEFICIT BY FUND GROUP
                                            (In billions of dollars)
----------------------------------------------------------------------------------------------------------------
                                                                            Estimate
                                        2001   -----------------------------------------------------------------
                                      actual       2002       2003       2004       2005       2006       2007
----------------------------------------------------------------------------------------------------------------
Receipts:
  Federal funds cash income:
    From the public................    1,298.2    1,232.5    1,295.0    1,395.4    1,508.2    1,585.2    1,657.3
    From trust funds...............        3.1        1.1        2.8        0.7        0.8        0.8        0.9
                                    ----------------------------------------------------------------------------
    Total, Federal funds cash          1,301.3    1,233.6    1,297.8    1,396.1    1,509.0    1,586.0    1,658.1
     income........................
 
  Trust funds cash income:
    From the public................      773.1      789.7      834.9      879.1      928.7      966.8    1,010.6
    From Federal funds:
      Interest.....................      146.1      153.0      162.7      173.7      186.1      199.6      215.3
      Other........................      165.6      184.3      200.6      206.1      215.5      225.7      236.7
                                    ----------------------------------------------------------------------------
        Total, trust funds cash        1,084.8    1,127.0    1,198.2    1,258.9    1,330.3    1,392.1    1,462.6
         income....................
  Offsetting receipts..............     -395.1     -414.5     -448.0     -479.7     -501.2     -522.9     -549.0
                                    ----------------------------------------------------------------------------
    Total, unified budget receipts.    1,991.0    1,946.1    2,048.1    2,175.4    2,338.0    2,455.3    2,571.7
 
Outlays:
  Federal funds cash outgo.........    1,402.6    1,552.4    1,635.3    1,699.4    1,762.5    1,820.8    1,883.0
  Trust funds cash outgo...........      856.4      914.4      940.9      969.4    1,015.6    1,071.1    1,133.7
  Offsetting receipts..............     -395.1     -414.5     -448.0     -479.7     -501.2     -522.9     -549.0
                                    ----------------------------------------------------------------------------
    Total, unified budget outlays..    1,863.9    2,052.3    2,128.2    2,189.1    2,276.9    2,369.1    2,467.7
 
Surplus or deficit (-):
  Federal funds....................     -101.3     -318.8     -337.5     -303.3     -253.5     -234.8     -224.9
  Trust funds......................      228.4      212.6      257.3      289.5      314.6      321.0      328.8
                                    ----------------------------------------------------------------------------
    Total, unified surplus/deficit       127.1     -106.2      -80.2      -13.7       61.1       86.2      104.0
     (-)...........................
----------------------------------------------------------------------------------------------------------------
 Note: Receipts include governmental, interfund, and proprietary receipts. They exclude intrafund receipts,
  which are offset against intrafund payments so that cash income and cash outgo are not overstated.


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                          Table 16-2.  INCOME, OUTGO, AND BALANCES OF TRUST FUNDS GROUP
                                            (In billions of dollars)
----------------------------------------------------------------------------------------------------------------
                                                                            Estimate
                                        2001   -----------------------------------------------------------------
                                      actual       2002       2003       2004       2005       2006       2007
----------------------------------------------------------------------------------------------------------------
         Total Trust Funds
 
Balance, start of year.............    2,111.7    2,340.4    2,546.0    2,803.3    3,092.8    3,407.4    3,728.4
 
Income:
  Governmental receipts............      737.8      752.1      795.2      837.6      884.9      920.7      962.1
  Proprietary receipts.............       44.3       47.4       43.2       45.0       47.3       49.7       52.2
  Receipts from Federal funds:
    Interest.......................      146.1      153.0      162.7      173.7      186.1      199.6      215.3
    Other..........................      194.0      213.2      212.1      216.7      226.4      236.8      248.0
                                    ----------------------------------------------------------------------------
      Subtotal, income.............    1,122.2    1,165.7    1,213.1    1,273.0    1,344.7    1,406.8    1,477.5
 
Outgo:
  To the public....................      890.3      951.6      953.0      982.7    1,029.3    1,085.0    1,147.8
  Payments to Federal funds........        3.1        1.1        2.8        0.7        0.8        0.8        0.9
                                    ----------------------------------------------------------------------------
      Subtotal, outgo..............      893.5      952.8      955.8      983.5    1,030.0    1,085.8    1,148.7
 
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest.............       82.7       59.9       94.6      115.8      128.6      121.3      113.6
    Interest.......................      146.1      153.0      162.7      173.7      186.1      199.6      215.3
                                    ----------------------------------------------------------------------------
      Subtotal, surplus or deficit       228.7      212.9      257.3      289.5      314.6      321.0      328.8
       (-).........................
 
Adjustments:
  Transfers/lapses (net)...........         -*  .........       -0.1  .........  .........  .........  .........
  Other adjustments................         -*         -*          *  .........  .........  .........  .........
                                    ----------------------------------------------------------------------------
    Total, change in fund balance..      228.7      212.9      257.3      289.5      314.6      321.0      328.8
                                    ============================================================================
Balance, end of year...............    2,340.4    2,553.3    2,803.3    3,092.8    3,407.4    3,728.4    4,057.2
----------------------------------------------------------------------------------------------------------------
* $50 million or less.

                     Income and Outgo by Fund Group

  Table 16-1 shows income, outgo, and surplus or deficit by fund group 
and adds them together (and removes double-counting) to derive the total 
unified budget receipts, outlays, and surplus or deficit. The estimates 
assume enactment of the President's budget proposals. Income consists 
mostly of receipts (derived from governmental activity--primarily 
income, payroll, and excise taxes--and gifts). It also consists of 
offsetting receipts, which include proprietary receipts (derived from 
business-like transactions with the public) and interfund collections 
(receipts by one fund of payments from a fund in the other fund group) 
that are deposited in receipt accounts. Outgo consists of payments made 
to the public and/or to a fund in the other fund group.
  Two types of transactions are treated specially. First, income and 
outgo for a fund group exclude transactions between funds within the 
same fund group.\3\ These intrafund transactions constitute outgo and 
income for the individual funds that make and collect the payments. 
However, because the totals for each fund group measure its transactions 
with the public and the other fund group, intrafund transactions must be 
subtracted from the sum of the income and outgo of all individual funds 
within the fund group to calculate the consolidated income and outgo for 
that fund group as a whole. Second, income excludes the offsetting 
collections, which are offset against outgo in revolving fund 
expenditure accounts instead of being deposited in receipt accounts.\4\ 
It would be conceptually appropriate to classify these collections as 
income, but at present the data are not tabulated centrally for both 
fund groups. Consequently, they are offset against outgo in Table 16-1 
and are not shown separately.
---------------------------------------------------------------------------
  \3\ For example, the railroad retirement trust funds pay the 
equivalent of social security benefits to railroad retirees, in addition 
to the regular railroad pension. These benefits are financed by a 
payment from the Federal Old-Age and Survivors Insurance trust fund to 
the railroad retirement trust funds. The payment and collection are both 
deducted so that total trust fund income and outgo measure disbursements 
to the public and to Federal funds.
  \4\ For example, postage stamp fees are deposited as offsetting 
collections in the Postal Service fund. As a result, the Fund's outgo is 
disbursements net of collections.

 Table 16-3. RELATIONSHIP OF TOTAL FEDERAL FUND AND TRUST FUND RECEIPTS TO UNIFIED BUDGET RECEIPTS, FISCAL YEAR
                                                      2001
                                            (In billions of dollars)
----------------------------------------------------------------------------------------------------------------
 
----------------------------------------------------------------------------------------------------------------
Gross trust fund receipts..........................................................................      1,088.1
Gross Federal fund receipts........................................................................      1,320.2
                                                                                                    ------------
Total of trust fund receipts and Federal fund receipts.............................................      2,408.2
 
  Deduct intrafund receipts (from funds within the same fund group):
    Trust intrafund receipts.......................................................................         -3.3
    Federal intrafund receipts.....................................................................        -18.8
                                                                                                    ------------
      Subtotal, intrafund receipts.................................................................        -22.1
 
Total of trust funds cash income and Federal funds cash income.....................................      2,386.1
 
  Deduct offsetting receipts: \1\
    Trust fund receipts from Federal funds:
      Interest in receipt accounts.................................................................       -144.1
      General fund payment to Medicare Part B......................................................        -69.8
      Employing agencies' payments for pensions, Social Security, and Medicare.....................        -38.8
      General fund payments for unfunded liabilities of Federal employees retirement funds.........        -38.0
      Transfer of taxation of Social Security benefits to OASDI, HI, and RRB.......................        -18.4
      Other receipts from Federal funds............................................................         -2.5
                                                                                                    ------------
        Subtotal, trust fund receipts from Federal funds...........................................       -311.7
 
    Federal fund receipts from trust funds.........................................................         -3.1
    Proprietary receipts...........................................................................        -80.3
                                                                                                    ------------
      Subtotal, offsetting receipts................................................................       -395.1
 
Unified budget receipts............................................................................      1,991.0
----------------------------------------------------------------------------------------------------------------
\1\ Offsetting receipts are included in cash income for each fund group, but in the unified budget totals are
  excluded from the receipts total and instead deducted from outlays.

  Some funds in the Federal funds group and some trust funds are 
authorized to borrow from the general fund of the Treasury.\5\ Borrowed 
funds are not recorded as receipts and are excluded from the income of 
the fund. The borrowed funds finance outlays by the fund in excess of 
available receipts. Subsequently, fund receipts are transferred from the 
fund to the general fund in repayment of the borrowing. The repayment is 
not

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recorded as an outlay of the fund or included in fund outgo.
---------------------------------------------------------------------------
  \5\ For example, the Bonneville Power Administration Fund, a revolving 
fund in the Department of Energy, is authorized to borrow from the 
general fund, and the Black Lung Disability Trust Fund in the Department 
of Labor is authorized to receive appropriations of repayable advances 
from the general fund (a form of borrowing).
---------------------------------------------------------------------------
  Some income in both Federal funds and trust funds consists of 
offsetting receipts. In contrast, for most budget purposes, offsetting 
receipts are excluded from receipts figures and subtracted from gross 
outlays. There are two reasons for this treatment:
    Business-like or market-oriented activities with the public: 
          The collections from such activities are deducted from gross 
          outlays, rather than added to receipts, in order to produce 
          budget totals for receipts and outlays that represent 
          governmental rather than market activity.
    Intragovernmental transactions: Collections by one 
          Government account from another are deducted from gross 
          outlays, rather than added to receipts, so that the budget 
          totals measure the transactions of the Government with the 
          public.
  Because the income for Federal funds and for trust funds recorded in 
Table 16-1 includes offsetting receipts, those offsetting receipts must 
be deducted from the two fund groups' combined gross income in order to 
reconcile to total (net) unified budget receipts. Similarly, because the 
outgo for Federal funds and for trust funds in Table 16-1 consists of 
gross outlays, the amount of the offsetting receipts must be deducted 
from the sum of the Federal funds' and the trust funds' gross outgo in 
order to reconcile to total (net) unified budget outlays. Table 16-3 
reconciles, for fiscal year 2001, the gross total of all trust fund and 
Federal fund receipts with the net total of the Federal fund group's and 
the trust fund group's cash income (as shown in Table 16-1), and with 
the unified budget's receipt total.

               Income, Outgo, and Balances of Trust Funds

  Table 16-2 shows, for the trust funds group as a whole, the funds' 
balance at the start of each year, income and outgo during the year, and 
the end of year balance. Income and outgo are divided between 
transactions with the public and transactions with Federal funds. 
Receipts from Federal funds are divided between interest and other 
interfund receipts.
  The definition of income and outgo in this table differs from those in 
Table 16-1 in one important way. Trust fund collections that are offset 
against outgo (as offsetting collections) within expenditure accounts 
instead of being deposited in separate receipt accounts are classified 
as income in this table but not in Table 16-1. This classification is 
consistent with the definitions of income and outgo for trust funds used 
elsewhere in the budget. It has the effect of increasing both income and 
outgo by the amount of the offsetting collections. The difference is 
approximately $37 billion in 2001. Table 16-2, therefore, provides a 
more complete summary of trust fund income and outgo.
  The trust funds group is expected to have large and growing surpluses 
over the projection period. As a consequence, trust fund balances are 
estimated to grow substantially, as they have over the past two decades. 
The size of the anticipated balances is unprecedented,

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and it results mainly from relatively recent changes in the way some 
trust funds are financed.
  Primarily because of these changes, but also because of the impact of 
real growth and inflation, trust fund balances increased tenfold from 
1982 to 2000, from $205 billion to $2.1 trillion. Under the proposals in 
the President's budget, the balances are estimated to nearly double 
again by the year 2007, rising to $4.1 trillion. Almost all of these 
balances are invested in Treasury securities and earn interest. 
Therefore, they represent the value, in current dollars, of taxes and 
user fees that have been paid in advance for future benefits and 
services.
  Until the 1980s, most trust funds operated on a pay-as-you-go basis. 
Taxes and user fees were set at levels high enough to finance benefits 
and administrative expenses, and to maintain prudent reserves, generally 
defined as being equal to one year's expenditures. As a result, trust 
fund balances tended to grow at about the same rate as their annual 
expenditures.
  Pay-as-you-go financing was replaced in the 1980s by full or partial 
accrual funding for some of the larger trust funds. In order to 
partially prefund the ``baby-boomers'' social security benefits, the 
Social Security Amendments of 1983 raised payroll taxes above the levels 
necessary to finance current expenditures. In 1984 a new system was set 
up to finance military retirement benefits on a full accrual basis. In 
1986 full accrual funding of retirement benefits was mandated for 
Federal civilian employees hired after December 31, 1983. The latter two 
changes require Federal agencies and their employees to make annual 
payments to the Federal employees' retirement trust funds in an amount 
equal to the value of the retirement benefits earned by employees in 
that year. Since many years will pass before current employees are paid 
retirement benefits, the trust funds will accumulate substantial 
balances over time.
  These balances are available to finance future benefit payments and 
other trust fund expenditures--but only in a bookkeeping sense. These 
funds are not set up to be pension funds, like the funds of private 
pension plans. They do not hold real economic assets that can be drawn 
down in the future to fund benefits. Instead, they are claims on the 
Treasury. When trust fund holdings are redeemed to pay benefits, 
Treasury will have to finance the expenditure in the same way as any 
other Federal expenditure: out of current receipts, by borrowing from 
the public, or by reducing benefits or other expenditures. The existence 
of large trust fund balances, therefore, does not, by itself, increase 
the Government's ability to pay benefits.
  From an economic standpoint, the Government is able to prefund 
benefits only by increasing saving and investment in the economy as a 
whole. This can be fully accomplished only by simultaneously running 
trust fund surpluses equal to the actuarial present value of the 
accumulating benefits and not allowing the Federal fund deficit to 
increase, so that the trust fund surplus reduces a unified budget 
deficit or increases a unified budget surplus. This would reduce Federal 
borrowing by the amount of the trust funds surplus and increase the 
amount of national saving available to finance investment. Greater 
investment would increase future incomes and wealth, which would provide 
more real economic resources to support the benefits.
  Table 16-4 shows estimates of income, outgo, and balances for 2001 
through 2007 for the major trust funds. With the exception of 
transactions between trust funds, the data for the individual trust 
funds are conceptually the same as the data in Table 16-2 for the trust 
funds group. As explained previously, transactions between trust funds 
are shown as outgo of the fund that makes the payment and as income of 
the fund that collects it in the data for an individual trust fund, but 
the collections are offset against outgo in the data for the trust fund 
group. Additional information for these and other trust funds can be 
found in the Status of Funds tables in the Budget Appendix.
  Table 16-5, which immediately follows Table 16-4, at the end of this 
chapter, shows income, outgo, and balances of four existing Federal 
funds--a revolving fund and three special funds. It also shows several 
proposed new or expanded special funds of the same general type: a 
health benefits fund for Federal civilian employees and retirees that 
would supercede the existing trust fund; a new and expanded fund for 
military retirees' health benefits; and new funds for Coast Guard and 
other uniformed services retirement benefits. All these funds are 
similar to trust funds in that they are financed by earmarked receipts, 
excesses of income over outgo are invested, the interest earnings add to 
balances, and the balances remain available to finance future 
expenditures. The table is illustrative of the Federal funds group, 
which includes many other revolving funds and special funds in addition 
to the ones shown.

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                                              Table 16-4.  INCOME, OUTGO, AND BALANCES OF MAJOR TRUST FUNDS
                                                                (In billions of dollars)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 Estimate
                                                                          2001   -----------------------------------------------------------------------
                                                                        actual       2002        2003        2004        2005        2006        2007
--------------------------------------------------------------------------------------------------------------------------------------------------------
                    Airport and Airway Trust Fund
Balance, start of year..............................................      13.9        14.5        12.8        13.0        13.7        14.7        16.1
Income:
  Governmental receipts.............................................       9.2         8.9         9.7        10.3        10.9        11.5        12.2
  Proprietary receipts..............................................       *           *           *           *           *           *           *
  Receipts from Federal funds:
    Interest........................................................       0.9         0.9         0.6         0.7         0.7         0.8         0.9
    Other...........................................................       0.1         0.2         0.1         0.1         0.1         0.1         0.1
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      10.1        10.0        10.4        11.1        11.7        12.4        13.2
Outgo:
  To the public.....................................................       9.6        11.7        10.2        10.5        10.7        11.1        11.3
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................       9.6        11.7        10.2        10.5        10.7        11.1        11.3
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -0.3        -2.6        -0.4        -*           0.4         0.6         1.0
    Interest........................................................       0.9         0.9         0.6         0.7         0.7         0.8         0.9
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       0.5        -1.7         0.3         0.6         1.1         1.4         1.9
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........      -*           *      ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       0.5        -1.7         0.3         0.6         1.1         1.4         1.9
                                                                     ===================================================================================
Balance, end of year................................................      14.5        12.8        13.0        13.7        14.7        16.1        18.0
 
             Federal Employees Health Benefits Fund \1\
Balance, start of year..............................................       6.0         6.7    ..........  ..........  ..........  ..........  ..........
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................       5.9         6.5    ..........  ..........  ..........  ..........  ..........
  Receipts from Federal funds:
    Interest........................................................       0.4         0.3    ..........  ..........  ..........  ..........  ..........
    Other...........................................................      15.2        17.1         *           *           *           *           *
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      21.5        23.9         *           *           *           *           *
Outgo:
  To the public.....................................................      20.8        23.3         *           *           *           *           *
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................      20.8        23.3         *           *           *           *           *
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................       0.3         0.3    ..........  ..........  ..........  ..........  ..........
    Interest........................................................       0.4         0.3    ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       0.7         0.6    ..........  ..........  ..........  ..........  ..........
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       0.7         0.6    ..........  ..........  ..........  ..........  ..........
                                                                     ===================================================================================
Balance, end of year................................................       6.7         7.3    ..........  ..........  ..........  ..........  ..........
 
           Federal Civilian Employees Retirement Funds \2\
Balance, start of year..............................................     523.2       554.4       585.3       626.8       666.8       705.3       742.4
Income:
  Governmental receipts.............................................       4.7         4.6         4.6         4.4         4.4         4.2         4.1
  Proprietary receipts..............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Federal funds:
    Interest........................................................      35.7        36.9        39.2        40.4        41.5        42.6        44.0
    Other...........................................................      38.7        39.9        51.0        51.5        52.1        52.6        53.1

[[Page 357]]

 
  Receipts from Trust funds.........................................       *           *           *           *           *           *           *
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      79.1        81.4        94.8        96.4        98.0        99.5       101.2
Outgo:
  To the public.....................................................      48.0        50.5        53.3        56.3        59.5        62.4        64.8
  Payments to Other funds...........................................       *           *           *           *           *           *           *
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................      48.0        50.5        53.3        56.3        59.5        62.4        64.8
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -4.6        -6.0         2.2        -0.4        -3.0        -5.5        -7.7
    Interest........................................................      35.7        36.9        39.2        40.4        41.5        42.6        44.0
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................      31.2        30.9        41.5        40.1        38.5        37.1        36.3
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........       *      ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................      31.2        30.9        41.5        40.1        38.5        37.1        36.3
                                                                     ===================================================================================
Balance, end of year................................................     554.4       585.3       626.8       666.8       705.3       742.4       778.8
 
Social Security: Old-Age, Survivors and Disability Insurance (OASDI)
                             Trust Funds
Balance, start of year..............................................   1,006.9     1,169.8     1,327.5     1,504.6     1,700.0     1,916.7     2,144.0
Income:
  Governmental receipts.............................................     507.5       517.2       545.3       573.5       608.2       633.7       665.3
  Proprietary receipts..............................................       0.1         0.1         0.1         0.1         0.1         0.1         0.1
  Receipts from Federal funds:
    Interest........................................................      68.8        76.8        83.8        92.0       101.0       111.0       122.1
    Other...........................................................      20.4        22.7        23.8        25.4        27.1        28.6        30.4
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................     596.9       616.9       653.2       691.0       736.4       773.3       818.0
Outgo:
  To the public.....................................................     429.4       455.0       471.9       491.5       515.5       542.1       571.0
  Payments to Other funds...........................................       4.5         4.2         4.2         4.1         4.1         4.0         4.2
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................     433.9       459.2       476.0       495.7       519.7       546.1       575.3
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      94.2        80.9        93.3       103.3       115.7       116.3       120.6
    Interest........................................................      68.8        76.8        83.8        92.0       101.0       111.0       122.1
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................     163.0       157.7       177.1       195.4       216.7       227.2       242.7
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................     163.0       157.7       177.1       195.4       216.7       227.2       242.7
                                                                     ===================================================================================
Balance, end of year................................................   1,169.8     1,327.5     1,504.6     1,700.0     1,916.7     2,144.0     2,386.7
 
                  Foreign Military Sales Trust Fund
Balance, start of year..............................................       5.8         5.8         5.8         5.8         5.8         5.8         5.8
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................      10.2        10.3        10.4        10.4        10.6        10.7        10.9
  Receipts from Federal funds:
    Interest........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other...........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      10.2        10.3        10.4        10.4        10.6        10.7        10.9
Outgo:
  To the public.....................................................      10.2        10.3        10.4        10.4        10.6        10.7        10.9
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------

[[Page 358]]

 
      Subtotal, outgo...............................................      10.2        10.3        10.4        10.4        10.6        10.7        10.9
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................       0.1        -*      ..........  ..........  ..........  ..........  ..........
    Interest........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       0.1        -*      ..........  ..........  ..........  ..........  ..........
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................      -*           *      ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       0.1    ..........  ..........  ..........  ..........  ..........  ..........
                                                                     ===================================================================================
Balance, end of year................................................       5.8         5.8         5.8         5.8         5.8         5.8         5.8
 
                         Highway Trust Fund
Balance, start of year..............................................      31.1        27.7        24.2        22.2        24.3        28.5        33.7
Income:
  Governmental receipts.............................................      31.5        31.9        33.0        34.1        35.4        36.9        38.0
  Proprietary receipts..............................................       *           0.1         0.1         0.1         0.1         0.1         0.1
  Receipts from Federal funds:
    Interest........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other...........................................................       0.1         *           *           *           *           *           *
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, Income..............................................      31.6        32.1        33.1        34.3        35.5        37.0        38.1
Outgo:
  To the public.....................................................      34.9        35.6        35.1        32.1        31.4        31.8        32.4
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, Outgo...............................................      34.9        35.6        35.1        32.1        31.4        31.8        32.4
Change in fund balance:
  Surplus or deficit:...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Excluding interest..............................................      -3.4        -3.5        -2.0         2.1         4.2         5.3         5.8
    Interest........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit..................................      -3.4        -3.5        -2.0         2.1         4.2         5.3         5.8
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................      -*      ..........       *      ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, Change in fund balance...................................      -3.4        -3.5        -2.0         2.1         4.2         5.3         5.8
                                                                     ===================================================================================
Balance, End of Year................................................      27.7        24.2        22.2        24.3        28.5        33.7        39.5
 
            Medicare: Hospital Insurance (HI) Trust Fund
Balance, start of year..............................................     168.1       197.4       232.5       271.3       314.7       361.5       413.7
Income:
  Governmental receipts.............................................     150.1       152.2       159.9       168.2       178.8       186.5       196.0
  Proprietary receipts..............................................       1.4         1.5         1.5         1.6         1.7         1.8         1.9
  Receipts from Federal funds:
    Interest........................................................      12.3        12.7        14.9        16.6        18.5        20.6        22.9
    Other...........................................................       8.3        14.5        12.5        13.0        13.7        14.4        15.3
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................     172.2       180.9       188.8       199.4       212.8       223.4       236.1
Outgo:
  To the public.....................................................     141.7       145.8       150.0       156.0       166.0       171.2       182.1
  Payments to Other funds...........................................       1.2    ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................     142.9       145.8       150.0       156.0       166.0       171.2       182.1
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      17.0        22.4        23.9        26.8        28.3        31.6        31.0
    Interest........................................................      12.3        12.7        14.9        16.6        18.5        20.6        22.9
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................      29.3        35.1        38.8        43.4        46.8        52.2        54.0
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........

[[Page 359]]

 
    Other adjustments...............................................      -*      ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................      29.3        35.1        38.8        43.4        46.8        52.2        54.0
                                                                     ===================================================================================
Balance, end of year................................................     197.4       232.5       271.3       314.7       361.5       413.7       467.6
 
     Medicare: Supplementary Medical Insurance (SMI) Trust Fund
Balance, start of year..............................................      45.9        41.8        39.9        38.8        38.9        38.6        41.5
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................      22.3        24.1        25.8        27.4        29.4        31.4        33.6
  Receipts from Federal funds:
    Interest........................................................       3.2         2.9         2.7         2.7         2.6         2.6         2.7
    Other...........................................................      73.0        78.6        81.5        84.8        90.1        96.4       103.1
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      98.5       105.6       110.1       114.9       122.1       130.4       139.4
Outgo:
  To the public.....................................................     102.6       107.5       111.2       114.8       122.5       127.5       137.8
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................     102.6       107.5       111.2       114.8       122.5       127.5       137.8
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -7.3        -4.8        -3.8        -2.6        -3.0         0.3        -1.1
    Interest........................................................       3.2         2.9         2.7         2.7         2.6         2.6         2.7
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................      -4.1        -1.9        -1.1         0.1        -0.4         2.9         1.6
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................      -4.1        -1.9        -1.1         0.1        -0.4         2.9         1.6
                                                                     ===================================================================================
Balance, end of year................................................      41.8        39.9        38.8        38.9        38.6        41.5        43.0
 
                      Military Retirement Fund
Balance, start of year..............................................     158.0       164.7       171.9       178.6       185.6       193.1       201.0
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Federal funds:
    Interest........................................................      13.4        13.1        13.3        13.5        13.7        13.9        14.2
    Other...........................................................      27.5        29.5        29.6        30.7        31.8        32.9        34.1
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      40.8        42.6        42.8        44.1        45.5        46.9        48.3
Outgo:
  To the public.....................................................      34.1        35.4        36.2        37.1        38.0        39.0        40.0
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................      34.1        35.4        36.2        37.1        38.0        39.0        40.0
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -6.6        -5.9        -6.6        -6.4        -6.2        -6.0        -5.9
    Interest........................................................      13.4        13.1        13.3        13.5        13.7        13.9        14.2
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       6.7         7.2         6.6         7.1         7.5         7.9         8.3
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       6.7         7.2         6.6         7.1         7.5         7.9         8.3
                                                                     ===================================================================================
Balance, end of year................................................     164.7       171.9       178.6       185.6       193.1       201.0       209.3
 
                   Railroad Retirement Trust Funds
Balance, start of year..............................................      15.5        17.2        17.8        18.1        18.2        18.1        17.7

[[Page 360]]

 
Income:
  Governmental receipts.............................................       4.3         4.3         4.1         4.1         4.1         4.1         4.2
  Proprietary receipts..............................................  ..........       0.4         0.8         0.8         0.8         0.8         0.8
  Receipts from Federal funds:
    Interest........................................................       2.3         0.6         0.2         0.2         0.2         0.2         0.2
    Other...........................................................       0.3         0.3         0.4         0.4         0.4         0.4         0.4
  Receipts from Trust funds.........................................       3.3         3.9         3.9         3.8         3.8         3.7         3.9
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      10.2         9.4         9.3         9.2         9.3         9.2         9.5
Outgo:
  To the public.....................................................       8.4         8.6         8.8         9.0         9.2         9.4         9.6
  Payments to Other funds...........................................       0.2         0.2         0.2         0.2         0.2         0.2         0.2
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................       8.6         8.8         9.0         9.2         9.4         9.6         9.8
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -0.7        -*           0.1        -0.2        -0.3        -0.6        -0.5
    Interest........................................................       2.3         0.6         0.2         0.2         0.2         0.2         0.2
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       1.7         0.6         0.3         *          -0.1        -0.4        -0.3
  Adjustments:
    Transfers/lapses (net)..........................................       *           *           *      ..........  ..........  ..........  ..........
    Other adjustments...............................................      -*           *      ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       1.7         0.6         0.3         *          -0.1        -0.4        -0.3
                                                                     ===================================================================================
Balance, end of year................................................      17.2        17.8        18.1        18.2        18.1        17.7        17.4
 
                       Unemployment Trust Fund
Balance, start of year..............................................      86.7        89.0        77.0        73.5        76.6        80.7        84.6
Income:
  Governmental receipts.............................................      27.8        30.3        35.8        40.1        40.3        40.7        39.2
  Proprietary receipts..............................................       *           *           *           *           *           *           *
  Receipts from Federal funds:
    Interest........................................................       5.7         5.6         4.7         4.5         4.7         5.0         5.5
    Other...........................................................       0.4         0.5         0.5         0.5         0.5         0.5         0.5
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      34.0        36.4        41.1        45.2        45.5        46.3        45.3
Outgo:
  To the public.....................................................      31.6        48.5        44.6        42.1        41.4        42.4        44.9
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................      31.6        48.5        44.6        42.1        41.4        42.4        44.9
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -3.4       -17.7        -8.2        -1.4        -0.6        -1.2        -5.1
    Interest........................................................       5.7         5.6         4.7         4.5         4.7         5.0         5.5
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       2.4       -12.0        -3.5         3.1         4.1         3.8         0.4
  Adjustments:
    Transfers/lapses (net)..........................................      -*          -*          -*      ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........      -*      ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       2.4       -12.1        -3.5         3.1         4.1         3.8         0.4
                                                                     ===================================================================================
Balance, end of year................................................      89.0        77.0        73.5        76.6        80.7        84.6        84.9
 
                 Veterans Life Insurance Trust Funds
Balance, start of year..............................................      13.6        13.5        13.3        13.0        12.6        12.2        11.7
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................       0.8         0.8         0.7         0.7         0.6         0.6         0.5
  Receipts from Federal funds:
    Interest........................................................       1.0         1.0         0.9         0.9         0.8         0.8         0.7
    Other...........................................................       *           *           *           *           *           *           *
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------

[[Page 361]]

 
      Subtotal, income..............................................       1.8         1.7         1.7         1.6         1.5         1.4         1.3
Outgo:
  To the public.....................................................       1.9         1.9         1.9         1.9         1.9         1.8         1.8
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................       1.9         1.9         1.9         1.9         1.9         1.8         1.8
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -1.1        -1.2        -1.2        -1.2        -1.2        -1.2        -1.3
    Interest........................................................       1.0         1.0         0.9         0.9         0.8         0.8         0.7
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................      -0.1        -0.2        -0.3        -0.4        -0.4        -0.5        -0.5
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........      -*          -*      ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................      -0.1        -0.2        -0.3        -0.4        -0.4        -0.5        -0.5
                                                                     ===================================================================================
Balance, end of year................................................      13.5        13.3        13.0        12.6        12.2        11.7        11.2
 
                          Other Trust Funds
Balance, start of year..............................................      37.1        37.8        38.0        37.5        35.5        32.1        16.2
Income:
  Governmental receipts.............................................       2.8         2.7         2.8         2.9         3.0         3.1         3.1
  Proprietary receipts..............................................       3.5         3.5         3.6         3.8         3.9         4.0         4.1
  Receipts from Federal funds:
    Interest........................................................       2.3         2.3         2.2         2.2         2.2         2.2         2.1
    Other...........................................................       9.9         9.7        12.6        10.4        10.5        10.7        10.9
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................      18.5        18.3        21.3        19.2        19.6        19.9        20.3
Outgo:
  To the public.....................................................      17.1        17.5        19.5        21.1        22.7        35.6        41.2
  Payments to Other funds...........................................       0.6         0.6         2.2         0.2         0.2         0.3         0.3
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................      17.7        18.1        21.7        21.3        23.0        35.8        41.5
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -1.5        -2.1        -2.6        -4.3        -5.6       -18.1       -23.4
    Interest........................................................       2.3         2.3         2.2         2.2         2.2         2.2         2.1
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       0.8         0.2        -0.4        -2.1        -3.4       -15.9       -21.2
  Adjustments:
    Transfers/lapses (net)..........................................      -*      ..........      -0.1    ..........  ..........  ..........  ..........
    Other adjustments...............................................      -*          -*          -*      ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       0.8         0.2        -0.5        -2.1        -3.4       -15.9       -21.2
                                                                     ===================================================================================
Balance, end of year................................................      37.8        38.0        37.5        35.5        32.1        16.2        -5.0
--------------------------------------------------------------------------------------------------------------------------------------------------------
* $50 million or less.
 Note: Balances shown include committed and uncommitted cash balances.
\1\ See ``Employees Health Benefits Fund'' in next table (Table 16 - 5) for continuation of this activity.
\2\ Budget proposes to fully accrue retirement and health benefit costs beginning 2004.


[[Page 362]]


                                           Table 16-5.  INCOME, OUTGO, AND BALANCES OF SELECTED FEDERAL FUNDS
                                                                (In billions of dollars)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 Estimate
                                                                          2001   -----------------------------------------------------------------------
                                                                        actual       2002        2003        2004        2005        2006        2007
--------------------------------------------------------------------------------------------------------------------------------------------------------
                   Abandoned Mine Reclamation Fund
Balance, start of year..............................................       1.8         1.9         2.0         2.1         2.3         2.1         1.9
Income:
  Governmental receipts.............................................       0.3         0.3         0.3         0.3    ..........  ..........  ..........
  Proprietary receipts..............................................  ..........       *           *           *           *           *           *
  Receipts from Federal funds:
    Interest........................................................       0.1         *           0.1         0.1         0.1         0.1         0.1
    Other...........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................       0.4         0.3         0.4         0.4         0.1         0.1         0.1
Outgo:
  To the public.....................................................       0.3         0.2         0.2         0.2         0.3         0.3         0.3
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................       0.3         0.2         0.2         0.2         0.3         0.3         0.3
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -0.1         0.1         0.1         0.1        -0.3        -0.3        -0.3
    Interest........................................................       0.1         *           0.1         0.1         0.1         0.1         0.1
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       *           0.1         0.1         0.1        -0.2        -0.2        -0.2
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................       *      ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       *           0.1         0.1         0.1        -0.2        -0.2        -0.2
                                                                     ===================================================================================
Balance, end of year................................................       1.9         2.0         2.1         2.3         2.1         1.9         1.7
 
    Coast Guard and Other Commissioned Corps Retirement Funds \2\
Balance, start of year..............................................  ..........  ..........  ..........       0.2         0.3         0.5         0.6
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Federal funds:
    Interest........................................................  ..........  ..........       *           *           *           *           *
    Other...........................................................  ..........  ..........       1.3         1.4         1.4         1.4         1.4
  Receipts from Trust funds.........................................  ..........  ..........       *           *           0.1         0.1         0.1
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................  ..........  ..........       1.4         1.4         1.4         1.5         1.5
Outgo:
  To the public.....................................................  ..........  ..........       1.2         1.3         1.3         1.4         1.4
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................  ..........  ..........       1.2         1.3         1.3         1.4         1.4
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................  ..........  ..........       0.2         0.1         0.1         0.1         0.1
    Interest........................................................  ..........  ..........  ..........       *           *           *           *
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................  ..........  ..........       0.2         0.1         0.1         0.1         0.1
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........      -*      ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................  ..........  ..........       0.2         0.1         0.1         0.1         0.1
                                                                     ===================================================================================
Balance, end of year................................................  ..........  ..........       0.2         0.3         0.5         0.6         0.6
 
               Employees Health Benefits Fund \1\ \2\
Balance, start of year..............................................  ..........  ..........       7.3        19.1        30.6        42.5        54.7
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................  ..........  ..........       8.4         9.1         9.7        10.4        11.1
  Receipts from Federal funds:
    Interest........................................................  ..........  ..........       0.8         1.3         1.9         2.5         3.1
    Other...........................................................  ..........  ..........      28.0        28.5        29.6        30.8        32.2

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  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................  ..........  ..........      37.2        38.9        41.2        43.7        46.4
Outgo:
  To the public.....................................................  ..........  ..........      25.4        27.4        29.3        31.5        33.9
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................  ..........  ..........      25.4        27.4        29.3        31.5        33.9
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................  ..........  ..........      11.0        10.2        10.0         9.7         9.4
    Interest........................................................  ..........  ..........       0.8         1.3         1.9         2.5         3.1
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................  ..........  ..........      11.8        11.5        11.9        12.2        12.6
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................  ..........  ..........      11.8        11.5        11.9        12.2        12.6
                                                                     ===================================================================================
Balance, end of year................................................  ..........  ..........      19.1        30.6        42.5        54.7        67.3
 
                     Nuclear Waste Disposal Fund
Balance, start of year..............................................       9.2        11.0        12.1        13.3        14.5        15.8        17.0
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................       0.7         0.6         0.6         0.6         0.6         0.6         0.6
  Receipts from Federal funds:
    Interest........................................................       1.2         0.7         0.8         0.8         0.8         0.9         0.9
    Other...........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................       1.9         1.3         1.4         1.4         1.5         1.5         1.5
Outgo:
  To the public.....................................................       0.2         0.2         0.2         0.2         0.2         0.2         0.2
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................       0.2         0.2         0.2         0.2         0.2         0.2         0.2
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................       0.5         0.5         0.5         0.4         0.4         0.4         0.4
    Interest........................................................       1.2         0.7         0.8         0.8         0.8         0.9         0.9
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       1.7         1.2         1.2         1.2         1.3         1.3         1.3
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................      -*          -*      ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       1.7         1.2         1.2         1.2         1.3         1.3         1.3
                                                                     ===================================================================================
Balance, end of year................................................      11.0        12.1        13.3        14.5        15.8        17.0        18.3
 
               Overseas Private Investment Corporation
Balance, start of year..............................................       3.0         3.3         3.5         3.8         4.0         4.3         4.6
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................       0.1         0.1         0.1         0.1         0.1         0.1         0.1
  Receipts from Federal funds:
    Interest........................................................       0.2         0.2         0.2         0.3         0.3         0.3         0.3
    Other...........................................................       *           *           *           *           *           *           *
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................       0.3         0.3         0.4         0.4         0.4         0.4         0.4
Outgo:
  To the public.....................................................       0.1         0.1         0.1         0.1         0.1         0.1         0.1
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................       0.1         0.1         0.1         0.1         0.1         0.1         0.1

[[Page 364]]

 
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................       *           0.1         *           *           *           *           *
    Interest........................................................       0.2         0.2         0.2         0.3         0.3         0.3         0.3
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       0.3         0.3         0.3         0.3         0.3         0.3         0.3
  Adjustments:
    Transfers/lapses (net)..........................................      -*          -*          -*      ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       0.2         0.3         0.2         0.3         0.3         0.3         0.3
                                                                     ===================================================================================
Balance, end of year................................................       3.3         3.5         3.8         4.0         4.3         4.6         4.9
 
           Uniformed Services Retiree Health Care Fund \2\
Balance, start of year..............................................  ..........  ..........  ..........      19.0        47.3        78.4       112.5
Income:
  Governmental receipts.............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Proprietary receipts..............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Federal funds:
    Interest........................................................  ..........  ..........       1.0         2.7         4.5         6.5         8.7
    Other...........................................................  ..........  ..........      23.6        37.3        39.0        40.8        42.7
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................  ..........  ..........      24.7        39.9        43.4        47.2        51.3
Outgo:
  To the public.....................................................  ..........  ..........       5.7        11.6        12.4        13.1        14.0
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................  ..........  ..........       5.7        11.6        12.4        13.1        14.0
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................  ..........  ..........      17.9        25.6        26.6        27.6        28.7
    Interest........................................................  ..........  ..........       1.0         2.7         4.5         6.5         8.7
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................  ..........  ..........      19.0        28.3        31.1        34.1        37.4
  Adjustments:
    Transfers/lapses (net)..........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
    Other adjustments...............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................  ..........  ..........      19.0        28.3        31.1        34.1        37.4
                                                                     ===================================================================================
Balance, end of year................................................  ..........  ..........      19.0        47.3        78.4       112.5       149.8
 
     Uranium Enrichment Decontamination and Decommissioning Fund
Balance, start of year..............................................       2.2         2.6         3.0         3.6         4.0         4.5         5.1
Income:
  Governmental receipts.............................................       0.2         0.2         0.2         0.2         0.2         0.2         0.2
  Proprietary receipts..............................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Federal funds:
    Interest........................................................       0.5         0.6         0.6         0.7         0.7         0.7         0.8
    Other...........................................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
  Receipts from Trust funds.........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, income..............................................       0.7         0.8         0.8         0.8         0.9         0.9         1.0
Outgo:
  To the public.....................................................       0.3         0.3         0.2         0.4         0.4         0.4         0.4
  Payments to Other funds...........................................  ..........  ..........  ..........  ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
      Subtotal, outgo...............................................       0.3         0.3         0.2         0.4         0.4         0.4         0.4
Change in fund balance:
  Surplus or deficit (-):
    Excluding interest..............................................      -0.1        -0.2        -*          -0.2        -0.2        -0.2        -0.2
    Interest........................................................       0.5         0.6         0.6         0.7         0.7         0.7         0.8
                                                                     -----------------------------------------------------------------------------------
      Subtotal, surplus or deficit (-)..............................       0.4         0.4         0.6         0.5         0.5         0.5         0.6
  Adjustments:
    Transfers/lapses (net)..........................................      -*      ..........  ..........  ..........  ..........  ..........  ..........

[[Page 365]]

 
    Other adjustments...............................................       *           *          -*      ..........  ..........  ..........  ..........
                                                                     -----------------------------------------------------------------------------------
    Total, change in fund balance...................................       0.4         0.4         0.6         0.5         0.5         0.5         0.6
                                                                     ===================================================================================
Balance, end of year................................................       2.6         3.0         3.6         4.0         4.5         5.1         5.7
--------------------------------------------------------------------------------------------------------------------------------------------------------
* $50 million or less.
 Note: Balances shown include committed and uncommitted cash balances.
\1\ Continues activity shown under ``Federal Employees Health Benefits Fund'' in previous table (Table 16 - 4).
\2\ Budget proposes to fully accrue retirement and health benefit costs beginning 2004.