[Analytical Perspectives]
[Dimensions of the Budget]
[22. Trust Funds and Federal Funds]
[From the U.S. Government Printing Office, www.gpo.gov]
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22. TRUST FUNDS AND FEDERAL FUNDS
When money is received by the Federal Government, it is credited to an
account, and when money is spent by the Government, it is taken from an
account. All budget accounts belong to one of two 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.
Federal Funds Group
The Federal funds group accounts for a larger share of the budget than
the trust funds group, and includes all transactions that are not
required by law to pass through trust funds.
The Federal funds group includes the general fund, which is the
largest fund in the Government and is used to carry out the general
purposes of Government rather than being restricted by law to a specific
program. The general fund receives all collections not earmarked by law
for some other fund, including virtually all income taxes and many
excise taxes. Together with Treasury borrowing, the general fund
finances all expenditures not financed by earmarked collections.
The Federal funds group also includes special funds and revolving
funds, which receive earmarked collections for spending on specific
purposes. Where the law requires that Federal fund collections be
earmarked to finance a particular program, the collections and
associated disbursements are recorded in special fund receipt and
expenditure accounts. An example is the portion of the Outer Continental
Shelf mineral leasing receipts deposited into the Land and Water
Conservation Fund. The majority of special fund collections are derived
from the Government's power to impose taxes, fines, and other compulsory
payments. Money in these funds must be appropriated before it can be
obligated and spent. Although a majority of special fund collections are
derived from the Government's power to compel payment, 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 are used to conduct continuing cycles of business-like
activity. Revolving funds receive money collected from the sale of
products or services and these proceeds are used to finance spending of
the program providing the products or services. Instead of being
deposited in receipt accounts, the programs' proceeds are recorded in
the revolving funds, which are expenditure accounts. The proceeds
collected in this way are generally available automatically for
obligation and expenditure. Outlays for programs with revolving funds
are reported net of these collections, which are known as ``offsetting
collections'' because they offset outlays rather than being recorded as
Governmental receipts. 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 receive
earmarked collections for spending on specific purposes. Many of the
larger trust funds are used to finance social insurance payments, such
as Social Security, Medicare, and unemployment compensation. Other major
trust funds finance military and Federal civilian employees' retirement
benefits, 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. There are also a few small trust funds that have been
established to carry out the terms of a conditional gift or bequest.
There is no substantive difference between special funds in the
Federal funds group and trust funds or, as noted below, 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\
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\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 have any 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.
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The meaning of the term ``trust'' in the Federal Government budget
differs significantly from the private sector usage. The beneficiary of
a private trust owns the trust's income and often its assets. A
custodian or trustee manages the assets on behalf of the beneficiary
according to the stipulations of the trust, which neither the trustee
nor the beneficiary can change unilaterally. In contrast, the Federal
Government owns the assets and the 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
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pursuant to a trust agreement whereby the Government acts as the
trustee, and even then the Government generally owns these funds and has
some ability to alter the amount deposited into or paid out of these
funds. Deposit funds, which are funds held by the Government as a
custodian on behalf of some non-governmental entity, are similar to
private-sector trust funds. The Government makes no decisions about the
amount of money placed in deposit funds or about how the proceeds are
spent. Therefore, these funds are considered to be 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
required by law to be invested in Treasury securities. \2\
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\2\ The relationships between Treasury securities held by trust funds
(and by other Government accounts), debt held the public, and gross
Federal debt are discussed in Chapter 16 of this volume, ``Federal
Borrowing and Debt.''
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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 trust revolving funds. These funds are similar to
revolving funds in the Federal funds group, in that they may consist of
a single account to record both income and outgo. They are used to
conduct a cycle of business-type operations; offsetting collections are
credited to the funds (which are also expenditure accounts); and their
outlays are displayed net of the offsetting collections.
Table 22-1. RECEIPTS, OUTLAYS AND SURPLUS OR DEFICIT BY FUND GROUP
(In billions of dollars)
----------------------------------------------------------------------------------------------------------------
Estimate
2006 -----------------------------------------------------------------
Actual 2007 2008 2009 2010 2011 2012
----------------------------------------------------------------------------------------------------------------
Receipts:
Federal funds cash income:
From the public................ 1,569.8 1,679.9 1,742.1 1,834.9 1,926.5 2,020.7 2,171.3
From trust funds:.............. 2.1 24.8 4.2 1.5 1.5 1.6 1.8
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Total, Federal funds cash 1,572.0 1,704.7 1,746.3 1,836.3 1,928.1 2,022.3 2,173.1
income......................
Trust funds cash income:
From the public................ 961.5 1012.1 1069.7 1114.7 1177.2 1241.1 1302.7
From Federal funds:
Interest..................... 171.3 183.5 194.8 208.1 223.7 239.7 254.8
Other........................ 298.9 316.3 338.1 352.2 374.9 403.2 428.6
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Total, trust funds cash 1,431.7 1,511.9 1,602.6 1,675.0 1,775.8 1,884.0 1,986.1
income......................
Offsetting receipts.............. -596.4 -676.5 -686.4 -713.0 -749.1 -802.8 -851.9
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Total, unified budget receipts. 2,407.3 2,540.1 2,662.5 2,798.3 2,954.7 3,103.6 3,307.3
Outlays:
Federal funds cash outgo......... 2,109.2 2,194.4 2,279.6 2,334.5 2,357.0 2,425.4 2,469.8
Trust funds cash outgo........... 1,142.6 1,266.3 1,308.7 1,363.9 1,441.2 1,534.7 1,628.4
Offsetting receipts.............. -596.4 -676.5 -686.4 -713.0 -749.1 -802.8 -851.9
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Total, unified budget outlays 2,655.4 2,784.3 2,901.9 2,985.5 3,049.1 3,157.3 3,246.3
Surplus or deficit (-):
Federal funds.................... -537.3 -489.7 -533.3 -498.2 -428.9 -403.1 -296.7
Trust funds...................... 289.1 245.6 293.9 311.1 334.5 349.3 357.7
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Total, unified surplus/deficit -248.2 -244.2 -239.4 -187.2 -94.4 -53.8 61.0
(-)...........................
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Note: Receipts include governmental, interfund, and proprietary receipts. Receipts exclude intrafund receipts,
which are offset against intrafund payments so that cash income and cash outgo of the fund group are not
overstated.
Income and Outgo by Fund Group
Table 22-1 shows income, outgo, and surplus or deficit by fund group
and in the aggregate (netted to avoid double-counting) from which the
total unified budget receipts, outlays, and surplus or deficit are
derived. 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 into receipt accounts. Outgo consists of
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payments made to the public or to a fund in the other fund group.
Table 22-2. INCOME, OUTGO, AND BALANCES OF TRUST FUNDS GROUP
(In billions of dollars)
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Estimate
2006 -----------------------------------------------------------------
Actual 2007 2008 2009 2010 2011 2012
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Total Trust Funds
Balance, start of year............. 3,148.5 3,437.5 3,683.1 3,976.7 4,287.8 4,622.3 4,971.6
Income:
Governmental receipts............ 891.5 929.4 985.3 1,025.7 1,082.0 1,139.6 1,193.8
Proprietary receipts............. 83.2 96.3 98.7 104.1 111.2 118.6 127.0
Receipts from Federal funds:
Interest....................... 171.3 183.5 194.8 208.1 223.7 239.7 254.8
Other.......................... 334.6 353.3 377.0 393.0 417.9 448.9 476.8
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Subtotal, income............. 1,480.7 1,562.5 1,655.8 1,730.8 1,834.7 1,946.8 2,052.4
Outgo:
To the public.................... 1189.5 1292.2 1357.7 1418.3 1498.7 1596.0 1692.9
Payments to Federal funds........ 2.1 24.8 4.2 1.5 1.5 1.6 1.8
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Subtotal, outgo.............. 1191.6 1317.0 1361.9 1419.8 1500.2 1597.5 1694.7
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 117.7 62.1 99.1 103.0 110.9 109.6 102.9
Interest....................... 171.3 183.5 194.8 208.1 223.7 239.7 254.8
----------------------------------------------------------------------------
Subtotal, surplus or deficit 289.1 245.6 293.9 311.1 334.5 349.3 357.7
(-).........................
Adjustments:
Transfers/lapses (net)........... * * -0.3 ......... ......... ......... .........
Other adjustments................ * * * ......... ......... ......... .........
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Total, change in fund balance.. 289.1 245.6 293.6 311.1 334.5 349.3 357.7
============================================================================
Balance, end of year............... 3,437.5 3,683.1 3,976.7 4,287.8 4,622.3 4,971.6 5,329.4
----------------------------------------------------------------------------------------------------------------
Two types of transactions are treated specially in the table. First,
income and outgo for each fund group net out all transactions that occur
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, but they are offsetting for the fund
group as a whole. The totals for each fund group measure only the
group's transactions with the public and the other fund group. Second,
income is computed net of the collections that are offset against outgo
in revolving fund expenditure accounts. \4\ It would be conceptually
appropriate to classify these offsetting collections as income, but at
present the data are not tabulated centrally for both fund groups.
Consequently, they are offset against outgo in Table 22-1 and are not
shown separately.
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\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.
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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 of the fund or included in 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 recorded as an outlay of the fund or included in fund outgo.
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\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).
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Some income in both Federal funds and trust funds consists of
offsetting receipts. For most budget purposes, offsetting receipts are
excluded from receipts figures and subtracted from gross outlays. There
are two reasons for the normal 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.
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Because the income for Federal funds and for trust funds recorded in
Table 22-1 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 22-1 consists of
outlays gross of offsetting receipts, 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 22-3 reconciles, for fiscal year 2006, 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 22-1), and with the unified budget's receipt total.
Table 22-3. RELATIONSHIP OF TOTAL FEDERAL FUND AND TRUST FUND RECEIPTS TO UNIFIED BUDGET RECEIPTS, FISCAL YEAR
2006
(In billions of dollars)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Gross trust fund receipts.......................................................................... 1,436.5
Gross Federal fund receipts........................................................................ 1,607.6
------------
Total of trust fund receipts and Federal fund receipts............................................. 3,044.1
Deduct intrafund receipts (from funds within the same fund group):
Trust intrafund receipts....................................................................... -4.8
Federal intrafund receipts..................................................................... -35.6
------------
Subtotal, intrafund receipts................................................................. -40.4
------------
Total of trust funds cash income and Federal funds cash income..................................... 3,003.7
Deduct offsetting receipts: \1\
Trust fund receipts from Federal funds:
Interest in receipt accounts................................................................. -169.3
General fund payment to Medicare Parts B and D............................................... -162.6
Employing agencies' payments for pensions, Social Security, and Medicare..................... -49.7
General fund payments for unfunded liabilities of Federal employees retirement funds......... -51.6
Transfer of taxation of Social Security and RRB benefits to OASDI, HI, and RRB............... -33.5
Other receipts from Federal funds............................................................ -3.5
------------
Subtotal, trust fund receipts from Federal funds........................................... -470.2
Federal fund receipts from trust funds......................................................... -2.1
Proprietary receipts........................................................................... -124.1
------------
Subtotal, offsetting receipts.............................................................. -596.4
------------
Unified budget receipts............................................................................ 2,407.3
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\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
Income, Outgo, and Balances of Trust Funds
Table 22-2 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 22-1 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 22-1. 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 was
approximately $49 billion in 2006. Table 22-2, therefore, provides a
more transparent 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, continuing a trend that has persisted
over the past two decades. The size of the anticipated balances is
unprecedented and results mainly from 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. The balances are
estimated to increase by more than 150 percent by the year 2012,
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rising to $5.3 trillion. \6\ 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.
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\6\ The trust fund balances shown here reflect the Administration's
proposal to add Personal Retirement Accounts (PRAs) as part of a reform
to return the Social Security program to solvency. Because the PRAs
would be privately owned, their balances would not be included in the
budget or in trust fund balances. Diverting a portion of payroll taxes
into PRAs would slow the growth of aggregate trust fund balances in the
short term, but in combination with other reforms to restore Social
Security to solvency would have a positive effect on trust fund balances
in the long run.
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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 program
expenditures 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
advance funding for some of the larger trust funds. In order to
partially prefund the Social Security benefits of the ``baby-boomers'',
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 retirement benefits earned by employees. Since many years
will pass between the time when benefits are earned and when they are
paid, 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. The holdings of the trust funds are not assets of the
Government as a whole 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 while maintaining an unchanged Federal fund
deficit, so that the trust fund surplus reduces the unified budget
deficit or increases the 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. As long
as the increase in Government saving is not offset by a reduction in
private saving, greater investment would increase future incomes and
wealth, which would provide more real economic resources to support the
benefits.
Table 22-4 shows estimates of income, outgo, and balances for 2006
through 2012 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 22-2 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 as a whole. Additional information for these and other trust funds
can be found in the Status of Funds tables in the Budget Appendix.
Table 22-5 shows income, outgo, and balances of five Federal funds--
three revolving funds and two special funds. All these funds are similar
to trust funds in that they are financed by earmarked receipts, the
excess of income over outgo is 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 22-4. INCOME, OUTGO, AND BALANCES OF MAJOR TRUST FUNDS
(In billions of dollars)
----------------------------------------------------------------------------------------------------------------
Estimate
2006 -----------------------------------------------------------------
Actual 2007 2008 2009 2010 2011 2012
----------------------------------------------------------------------------------------------------------------
Airport and Airway Trust Fund
Balance, start of year............. 11.3 10.3 10.2 8.6 9.2 10.2 11.5
Income:
Governmental receipts............ 10.6 11.4 12.1 4.3 4.7 5.1 5.5
Proprietary receipts............. 0.1 * * * * * *
Receipts from Federal funds:
Interest....................... 0.5 0.5 0.5 0.4 0.4 0.4 0.4
Other.......................... * 0.2 * * * * 0.1
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 11.2 12.1 12.6 4.8 5.1 5.5 5.9
Outgo:
To the public.................... 12.1 12.3 14.2 4.2 4.1 4.2 4.3
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 12.1 12.3 14.2 4.2 4.1 4.2 4.3
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. -1.4 -0.7 -2.0 0.2 0.6 0.9 1.2
Interest....................... 0.5 0.5 0.5 0.4 0.4 0.4 0.4
----------------------------------------------------------------------------
Subtotal, surplus or deficit -1.0 -0.2 -1.5 0.6 1.0 1.3 1.6
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. -1.0 -0.2 -1.5 0.6 1.0 1.3 1.6
Balance, end of year............... 10.3 10.2 8.6 9.2 10.2 11.5 13.2
Memorandum commitments against
balance, end of year:.............
Obligated balances............... 7.6 6.5 3.9 5.0 5.5 5.6 5.6
Unobligated balances............. 1.0 1.7 1.6 0.4 ......... ......... .........
----------------------------------------------------------------------------
Total commitments.................. 8.6 8.2 5.5 5.4 5.5 5.6 5.6
Uncommitted balance, end of year... 1.8 2.0 3.1 3.8 4.7 5.9 7.5
----------------------------------------------------------------------------------------------------------------
Federal Civilian Employees
Retirement Funds
Balance, start of year............. 674.8 704.5 716.9 754.5 793.5 835.0 878.4
Income:
Governmental receipts............ 4.3 4.7 4.6 4.8 4.9 5.0 5.0
Proprietary receipts............. ......... ......... ......... ......... ......... ......... .........
Receipts from Federal funds:
Interest....................... 37.2 42.9 44.6 45.5 46.6 47.0 46.3
Other.......................... 46.9 50.1 53.4 56.2 59.7 63.3 67.4
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 88.5 97.7 102.6 106.5 111.1 115.2 118.6
Outgo:
To the public.................... 58.7 62.3 65.0 67.4 69.7 71.8 74.0
Payments to Other funds.......... ......... 23.0\1\ ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 58.7 85.3 65.0 67.4 69.7 71.8 74.0
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. -7.5 -30.5 -7.0 -6.5 -5.1 -3.6 -1.6
Interest....................... 37.2 42.9 44.6 45.5 46.6 47.0 46.3
----------------------------------------------------------------------------
Subtotal, surplus or deficit 29.7 12.4 37.6 39.0 41.4 43.4 44.6
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... * * ......... ......... ......... .........
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[[Page 347]]
Total, change in fund balance.. 29.7 12.4 37.6 39.0 41.4 43.4 44.6
Balance, end of year............... 704.5 716.9 754.5 793.5 835.0 878.4 923.0
----------------------------------------------------------------------------------------------------------------
Federal Employees Health Benefits
Fund
Balance, start of year............. 12.5 14.8 16.4 17.1 17.7 18.4 19.4
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. 9.1 9.4 10.0 10.7 11.6 12.6 13.5
Receipts from Federal funds:
Interest....................... 0.6 0.7 0.7 0.8 0.8 0.8 0.9
Other.......................... 23.9 24.7 26.3 28.1 30.2 32.7 34.8
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 33.5 34.8 37.1 39.6 42.6 46.1 49.1
Outgo:
To the public.................... 31.3 33.2 36.4 39.0 41.9 45.0 48.3
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 31.3 33.2 36.4 39.0 41.9 45.0 48.3
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 1.7 0.9 -* -0.1 -0.2 0.2 -*
Interest....................... 0.6 0.7 0.7 0.8 0.8 0.8 0.9
----------------------------------------------------------------------------
Subtotal, surplus or deficit 2.3 1.6 0.7 0.6 0.7 1.1 0.8
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 2.3 1.6 0.7 0.6 0.7 1.1 0.8
Balance, end of year............... 14.8 16.4 17.1 17.7 18.4 19.4 20.3
----------------------------------------------------------------------------------------------------------------
Foreign Military Sales Trust Fund
Balance, start of year............. 6.7 7.9 7.9 7.9 7.9 7.9 7.9
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. 14.2 15.1 13.1 11.4 11.7 11.9 12.1
Receipts from Federal funds:
Interest....................... ......... ......... ......... ......... ......... ......... .........
Other.......................... ......... ......... ......... ......... ......... ......... .........
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 14.2 15.1 13.1 11.4 11.7 11.9 12.1
Outgo:
To the public.................... 13.0 15.1 13.1 11.4 11.7 11.9 12.1
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 13.0 15.1 13.1 11.4 11.7 11.9 12.1
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 1.2 ......... ......... ......... ......... ......... .........
Interest....................... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, surplus or deficit 1.2 ......... ......... ......... ......... ......... .........
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 1.2 ......... ......... ......... ......... ......... .........
[[Page 348]]
Balance, end of year............... 7.9 7.9 7.9 7.9 7.9 7.9 7.9
----------------------------------------------------------------------------------------------------------------
Highway Trust Fund
Balance, start of year............. 12.5 15.1 15.8 12.2 6.8 * -7.0
Income:
Governmental receipts............ 38.4 39.7 40.9 41.9 42.7 43.3 43.9
Proprietary receipts............. * * * * * * *
Receipts from Federal funds:
Interest....................... ......... ......... ......... ......... ......... ......... .........
Other.......................... 0.1 0.1 0.2 0.1 0.1 0.2 0.2
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, Income............. 38.5 39.9 41.0 42.1 42.8 43.5 44.1
Outgo:
To the public.................... 36.0 39.1 44.4 47.4 49.7 50.5 51.6
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, Outgo.............. 36.0 39.1 44.4 47.4 49.7 50.5 51.6
Change in fund balance:
Surplus or deficit:
Excluding interest............. 2.5 0.7 -3.3 -5.4 -6.8 -7.0 -7.5
Interest....................... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, surplus or deficit. 2.5 0.7 -3.3 -5.4 -6.8 -7.0 -7.5
Adjustments:
Transfers/lapses (net)......... -* -* -0.3 ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, Change in fund balance.. 2.5 0.7 -3.6 -5.4 -6.8 -7.0 -7.5
Balance, End of Year............... 15.1 15.8 12.2 6.8 * -7.0 -14.5
----------------------------------------------------------------------------------------------------------------
Medicare: Hospital Insurance (HI)
Trust Fund
Balance, start of year............. 277.7 303.1 316.0 338.8 362.8 391.4 417.3
Income:
Governmental receipts............ 177.7 185.5 199.0 209.0 221.5 234.1 246.1
Proprietary receipts............. 4.7 5.0 5.2 5.4 5.7 6.0 6.3
Receipts from Federal funds:
Interest....................... 15.4 15.2 16.0 17.5 18.8 20.3 21.9
Other.......................... 14.5 15.3 17.2 18.4 20.2 22.2 24.2
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 212.4 221.0 237.4 250.4 266.3 282.6 298.4
Outgo:
To the public.................... 186.9 208.1 214.6 226.3 237.7 256.7 260.7
Payments to Other funds.......... ......... * * * * * 0.1
----------------------------------------------------------------------------
Subtotal, outgo.............. 186.9 208.2 214.6 226.3 237.7 256.7 260.8
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 10.1 -2.4 6.8 6.5 9.8 5.6 15.7
Interest....................... 15.4 15.2 16.0 17.5 18.8 20.3 21.9
----------------------------------------------------------------------------
Subtotal, surplus or deficit 25.5 12.8 22.8 24.1 28.6 25.9 37.6
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. -* ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 25.5 12.8 22.8 24.1 28.6 25.9 37.6
Balance, end of year............... 303.1 316.0 338.8 362.8 391.4 417.3 455.0
----------------------------------------------------------------------------------------------------------------
[[Page 349]]
Medicare: Supplementary Medical
Insurance (SMI) Trust Fund
Balance, start of year............. 16.9 33.3 41.9 48.2 51.6 54.0 51.1
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. 47.2 59.2 63.6 69.0 74.5 80.5 87.5
Receipts from Federal funds:
Interest....................... 1.5 2.0 2.5 2.7 2.9 3.0 3.2
Other.......................... 162.6 175.7 186.1 194.2 206.9 224.0 237.9
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 211.3 236.8 252.2 266.0 284.4 307.6 328.6
Outgo:
To the public.................... 194.9 228.2 245.9 262.5 282.0 310.5 319.8
Payments to Other funds.......... ......... * * * * * 0.1
----------------------------------------------------------------------------
Subtotal, outgo.............. 194.9 228.2 245.9 262.5 282.0 310.5 319.9
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 14.9 6.6 3.8 0.7 -0.5 -6.0 5.5
Interest....................... 1.5 2.0 2.5 2.7 2.9 3.0 3.2
----------------------------------------------------------------------------
Subtotal, surplus or deficit 16.4 8.6 6.3 3.4 2.4 -2.9 8.6
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. * ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 16.4 8.6 6.3 3.4 2.4 -2.9 8.6
Balance, end of year............... 33.3 41.9 48.2 51.6 54.0 51.1 59.8
----------------------------------------------------------------------------------------------------------------
Military Retirement Fund
Balance, start of year............. 194.7 206.0 214.2 221.7 229.1 237.0 245.7
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. ......... ......... ......... ......... ......... ......... .........
Receipts from Federal funds:
Interest....................... 13.0 9.7 8.9 8.6 9.2 9.9 10.7
Other.......................... 39.4 42.2 44.3 46.4 48.1 50.0 51.7
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 52.4 51.9 53.2 55.0 57.4 59.9 62.4
Outgo:
To the public.................... 41.1 43.7 45.7 47.6 49.4 51.2 52.4
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 41.1 43.7 45.7 47.6 49.4 51.2 52.4
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. -1.7 -1.5 -1.4 -1.2 -1.3 -1.2 -0.6
Interest....................... 13.0 9.7 8.9 8.6 9.2 9.9 10.7
----------------------------------------------------------------------------
Subtotal, surplus or deficit 11.3 8.2 7.5 7.4 8.0 8.7 10.0
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 11.3 8.2 7.5 7.4 8.0 8.7 10.0
Balance, end of year............... 206.0 214.2 221.7 229.1 237.0 245.7 255.7
----------------------------------------------------------------------------------------------------------------
[[Page 350]]
Railroad Retirement Trust Funds
Balance, start of year............. 25.6 27.3 28.3 28.4 28.3 27.9 27.4
Income:
Governmental receipts............ 4.2 4.4 4.5 4.7 4.7 4.8 5.0
Proprietary receipts............. 2.7 2.4 1.4 1.5 1.5 1.5 1.5
Receipts from Federal funds:
Interest....................... * 0.1 0.1 0.1 0.1 0.1 0.1
Other.......................... 0.5 0.5 0.5 0.5 0.5 0.6 0.6
Receipts from Trust funds........ 4.8 5.2 5.3 5.4 5.7 6.2 6.0
----------------------------------------------------------------------------
Subtotal, income............. 12.2 12.5 11.8 12.1 12.5 13.1 13.1
Outgo:
To the public.................... 9.5 9.9 10.2 10.6 11.0 11.4 11.8
Payments to Other funds.......... 1.1 1.5 1.6 1.6 1.8 2.2 1.8
----------------------------------------------------------------------------
Subtotal, outgo.............. 10.6 11.4 11.8 12.2 12.8 13.6 13.6
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 1.5 1.0 -* -0.2 -0.4 -0.6 -0.6
Interest....................... * 0.1 0.1 0.1 0.1 0.1 0.1
----------------------------------------------------------------------------
Subtotal, surplus or deficit 1.6 1.1 * -0.1 -0.3 -0.6 -0.5
(-).........................
Adjustments:
Transfers/lapses (net)......... * * * ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 1.6 1.1 * -0.1 -0.3 -0.6 -0.5
Balance, end of year............... 27.3 28.3 28.4 28.3 27.9 27.4 26.9
----------------------------------------------------------------------------------------------------------------
Social Security: Old-Age, Survivors
and Disability Insurance (OASDI)
Trust Funds
Balance, start of year............. 1,809.0 1,994.2 2,179.6 2,388.9 2,616.4 2,862.6 3,129.0
Income:
Governmental receipts............ 608.4 634.1 674.1 711.4 753.3 795.8 835.3
Proprietary receipts............. * 0.1 0.1 0.1 0.1 0.1 0.1
Receipts from Federal funds:
Interest....................... 97.7 106.2 114.6 124.8 136.5 149.3 162.1
Other.......................... 33.7 31.6 33.1 35.9 39.0 42.9 46.6
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 739.8 772.1 821.8 872.1 928.8 988.0 1,044.1
Outgo:
To the public.................... 549.6 581.8 607.7 639.8 677.6 716.5 789.6
Payments to Other funds.......... 5.1 4.8 4.8 4.9 5.0 5.1 5.3
----------------------------------------------------------------------------
Subtotal, outgo.............. 554.6 586.6 612.6 644.7 682.6 721.7 795.0
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 87.5 79.2 94.7 102.6 109.7 117.1 87.1
Interest....................... 97.7 106.2 114.6 124.8 136.5 149.3 162.1
----------------------------------------------------------------------------
Subtotal, surplus or deficit 185.2 185.5 209.3 227.4 246.2 266.4 249.2
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 185.2 185.5 209.3 227.4 246.2 266.4 249.2
Balance, end of year............... 1,994.2 2,179.6 2,388.9 2,616.4 2,862.6 3,129.0 3,378.2
----------------------------------------------------------------------------------------------------------------
[[Page 351]]
Unemployment Trust Fund
Balance, start of year............. 54.8 66.6 79.8 91.9 103.3 113.8 123.9
Income:
Governmental receipts............ 43.4 45.0 45.2 44.6 45.3 46.3 47.6
Proprietary receipts............. * * * 0.6 0.6 0.5 0.5
Receipts from Federal funds:
Interest....................... 2.7 3.3 3.9 4.6 5.1 5.5 5.9
Other.......................... 0.8 0.8 0.8 0.8 0.8 0.8 0.8
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 47.0 49.1 50.0 50.6 51.8 53.2 54.8
Outgo:
To the public.................... 35.2 35.8 37.8 39.2 41.3 43.1 44.8
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 35.2 35.8 37.8 39.2 41.3 43.1 44.8
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 9.1 10.0 8.2 6.9 5.4 4.5 4.2
Interest....................... 2.7 3.3 3.9 4.6 5.1 5.5 5.9
----------------------------------------------------------------------------
Subtotal, surplus or deficit 11.7 13.3 12.1 11.4 10.5 10.0 10.0
(-).........................
Adjustments:
Transfers/lapses (net)......... -* -* -* ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 11.7 13.2 12.1 11.4 10.5 10.0 10.0
Balance, end of year............... 66.6 79.8 91.9 103.3 113.8 123.9 133.9
----------------------------------------------------------------------------------------------------------------
Veterans Life Insurance Trust Funds
Balance, start of year............. 12.6 12.2 11.7 11.2 10.6 9.9 9.2
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. 0.5 0.5 0.5 0.4 0.4 0.4 0.3
Receipts from Federal funds:
Interest....................... 0.8 0.7 0.7 0.6 0.6 0.5 0.5
Other.......................... * * * * * * *
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 1.3 1.2 1.1 1.1 1.0 0.9 0.8
Outgo:
To the public.................... 1.7 1.7 1.7 1.7 1.6 1.6 1.6
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 1.7 1.7 1.7 1.7 1.6 1.6 1.6
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. -1.2 -1.2 -1.2 -1.2 -1.3 -1.2 -1.2
Interest....................... 0.8 0.7 0.7 0.6 0.6 0.5 0.5
----------------------------------------------------------------------------
Subtotal, surplus or deficit -0.4 -0.5 -0.5 -0.6 -0.7 -0.7 -0.7
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. -* * * ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. -0.4 -0.5 -0.5 -0.6 -0.7 -0.7 -0.7
Balance, end of year............... 12.2 11.7 11.2 10.6 9.9 9.2 8.5
----------------------------------------------------------------------------------------------------------------
[[Page 352]]
Other Trust Funds
Balance, start of year............. 39.4 42.4 44.4 47.4 50.6 54.1 57.8
Income:
Governmental receipts............ 4.4 4.6 4.9 5.0 5.1 5.3 5.4
Proprietary receipts............. 4.6 4.7 4.8 4.9 5.0 5.1 5.3
Receipts from Federal funds:
Interest....................... 2.0 2.1 2.3 2.5 2.7 2.9 3.0
Other.......................... 12.2 12.1 15.2 12.3 12.2 12.2 12.5
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
Receipts adjustments............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 23.2 23.6 27.2 24.6 25.0 25.5 26.2
Outgo:
To the public.................... 19.5 20.8 21.1 21.1 21.1 21.5 21.9
Payments to Other funds.......... 0.7 0.7 3.1 0.3 0.4 0.4 0.4
----------------------------------------------------------------------------
Subtotal, outgo.............. 20.2 21.5 24.2 21.4 21.5 21.9 22.3
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 1.0 -0.1 0.7 0.7 0.9 0.8 0.9
Interest....................... 2.0 2.1 2.3 2.5 2.7 2.9 3.0
----------------------------------------------------------------------------
Subtotal, surplus or deficit 3.0 2.1 3.0 3.2 3.5 3.6 3.9
(-).........................
Adjustments:
Transfers/lapses (net)......... * * * ......... ......... ......... .........
Other adjustments.............. -* -* -* ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 3.0 2.1 3.0 3.2 3.5 3.6 3.9
Balance, end of year............... 42.4 44.4 47.4 50.6 54.1 57.8 61.6
----------------------------------------------------------------------------------------------------------------
\1\ This amount reflects a payment from the Civil Service Retirement and Disability Fund to the newly-created
Postal Service Retiree Health Benefits Fund at the Office of Personnel Management as required by the Postal
Accountability and Enhancement Act (P.L. 109-435).
* $50 million or less.
Note: Balances shown include committed and uncommitted cash balances.
[[Page 353]]
Table 22-5. INCOME, OUTGO, AND BALANCES OF SELECTED FEDERAL FUNDS
(In billions of dollars)
----------------------------------------------------------------------------------------------------------------
Estimate
2006 -----------------------------------------------------------------
Actual 2007 2008 2009 2010 2011 2012
----------------------------------------------------------------------------------------------------------------
Abandoned Mine Reclamation Fund
Balance, start of year............. 2.1 2.3 2.4 2.5 2.5 2.6 2.7
Income:
Governmental receipts............ 0.3 0.3 0.3 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 0.1
Other.......................... ......... ......... ......... ......... ......... ......... .........
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Outgo:
To the public.................... 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. * * -* -0.1 -0.1 -* -0.1
Interest....................... 0.1 0.1 0.1 0.1 0.1 0.1 0.1
----------------------------------------------------------------------------
Subtotal, surplus or deficit 0.1 0.1 0.1 0.1 0.1 0.1 0.1
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Balance, end of year............... 2.3 2.4 2.5 2.5 2.6 2.7 2.8
----------------------------------------------------------------------------------------------------------------
National Credit Union Share
Insurance Fund
Balance, start of year............. 6.4 6.7 7.0 7.5 7.9 8.3 8.8
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. 0.1 0.2 0.2 0.2 0.2 0.2 0.2
Receipts from Federal funds:
Interest....................... 0.2 0.3 0.3 0.3 0.3 0.3 0.4
Other.......................... * ......... ......... ......... ......... ......... .........
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 0.4 0.5 0.5 0.6 0.5 0.6 0.6
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
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. * 0.1 0.1 0.1 0.1 0.1 0.1
Interest....................... 0.2 0.3 0.3 0.3 0.3 0.3 0.4
----------------------------------------------------------------------------
Subtotal, surplus or deficit 0.3 0.4 0.4 0.5 0.4 0.4 0.5
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 0.3 0.4 0.4 0.5 0.4 0.4 0.5
Balance, end of year............... 6.7 7.0 7.5 7.9 8.3 8.8 9.2
----------------------------------------------------------------------------------------------------------------
[[Page 354]]
Overseas Private Investment
Corporation
Balance, start of year............. 4.0 4.2 4.3 4.4 4.6 4.8 4.9
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. 0.1 * * * * * *
Receipts from Federal funds:
Interest....................... 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Other.......................... * * * * * * *
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 0.3 0.2 0.3 0.3 0.3 0.3 0.3
Outgo:
To the public.................... * 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
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. 0.1 -0.1 -* -* -0.1 -* -*
Interest....................... 0.2 0.2 0.2 0.2 0.2 0.2 0.2
----------------------------------------------------------------------------
Subtotal, surplus or deficit 0.3 0.1 0.2 0.2 0.2 0.2 0.2
(-).........................
Adjustments:
Transfers/lapses (net)......... -* -* -0.1 ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 0.2 0.1 0.1 0.2 0.2 0.2 0.2
Balance, end of year............... 4.2 4.3 4.4 4.6 4.8 4.9 5.1
----------------------------------------------------------------------------------------------------------------
Pension Benefit Guaranty
Corporation
Balance, start of year............. 12.5 15.1 14.8 13.7 14.6 15.6 16.5
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. 3.2 3.8 3.5 6.5 7.5 7.9 8.5
Receipts from Federal funds:
Interest....................... 3.9 0.7 0.7 0.7 0.8 0.8 0.8
Other.......................... ......... ......... ......... ......... ......... ......... .........
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, income............. 7.1 4.5 4.2 7.2 8.2 8.7 9.3
Outgo:
To the public.................... 4.4 4.8 5.3 6.3 7.2 7.8 8.4
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, outgo.............. 4.4 4.8 5.3 6.3 7.2 7.8 8.4
Change in fund balance:
Surplus or deficit (-):
Excluding interest............. -1.3 -1.0 -1.8 0.2 0.3 0.1 0.1
Interest....................... 3.9 0.7 0.7 0.7 0.8 0.8 0.8
----------------------------------------------------------------------------
Subtotal, surplus or deficit 2.6 -0.3 -1.1 1.0 1.0 0.9 0.9
(-).........................
Adjustments:
Transfers/lapses (net)......... ......... ......... ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Total, change in fund balance.. 2.6 -0.3 -1.1 1.0 1.0 0.9 0.9
Balance, end of year............... 15.1 14.8 13.7 14.6 15.6 16.5 17.4
----------------------------------------------------------------------------------------------------------------
[[Page 355]]
Uniformed services retiree health
care fund
Balance, start of year............. 60.2 84.7 108.1 132.2 158.6 187.1 218.1
Income:
Governmental receipts............ ......... ......... ......... ......... ......... ......... .........
Proprietary receipts............. ......... ......... ......... ......... ......... ......... .........
Receipts from Federal funds:
Interest....................... 3.8 3.8 5.0 6.3 7.8 9.4 11.1
Other.......................... 27.8 27.2 27.4 29.0 30.4 32.0 33.5
Receipts from Trust funds........ ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, Income............. 31.5 31.0 32.4 35.3 38.2 41.4 44.6
Outgo:
To the public.................... 7.1 7.7 8.3 8.9 9.7 10.4 11.3
Payments to Other funds.......... ......... ......... ......... ......... ......... ......... .........
----------------------------------------------------------------------------
Subtotal, Outgo.............. 7.1 7.7 8.3 8.9 9.7 10.4 11.3
Change in fund balance:
Surplus or deficit:
Excluding interest............. 20.7 19.5 19.1 20.1 20.8 21.5 22.2
Interest....................... 3.8 3.8 5.0 6.3 7.8 9.4 11.1
----------------------------------------------------------------------------
Subtotal, surplus or deficit. 24.5 23.3 24.1 26.4 28.5 30.9 33.3
Adjustments:
Transfers/lapses (net)......... ......... 0.2 ......... ......... ......... ......... .........
Other adjustments.............. ......... ......... ......... ......... ......... ......... .........
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Total, Change in fund balance.. 24.5 23.5 24.1 26.4 28.5 30.9 33.3
Balance, End of Year............... 84.7 108.1 132.2 158.6 187.1 218.1 251.4
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* $50 million or less.
Note: Balances shown include committed and uncommitted cash balances.