Balances of Budget Authority
Budget of the U.S. Government
Fiscal Year 2010
GENERAL NOTES
! ! ! All years in the tables are fiscal years. Because of rounding, the detailed amounts in tables and charts may not add to the totals. Table balances represent end-of-year balances except as specified.
*This report is available on the Internet at www.budget.gov*
BUDGET REVIEW AND CONCEPTS DIVISION BUDGET CONCEPTS BRANCH
TABLE OF CONTENTS
BALANCES OF BUDGET AUTHORITY............................................................................................................................................................1 CHART 1: TOTAL UNEXPENDED BALANCES....................................................................................................................................................3 CHART 2: UNOBLIGATED BALANCES..................................................................................................................................................................4 TABLES................................................................................................................................................................................................................................5 FEDERAL AND TRUST FUND SUMMARIES ...........................................................................................................................................................6 TABLE 1: SUMMARY OF UNEXPENDED BALANCES ....................................................................................................................................7 TABLE 2: TOTAL UNEXPENDED BALANCES, BY AGENCY .......................................................................................................................8 FEDERAL FUNDS..........................................................................................................................................................................................................10 TABLE 3: FEDERAL FUND OBLIGATED BALANCES, BY AGENCY.........................................................................................................11 TABLE 4: FEDERAL FUND UNOBLIGATED BALANCES, BY AGENCY ..................................................................................................12 TRUST FUNDS ..............................................................................................................................................................................................................13 TABLE 5: TRUST FUND OBLIGATED BALANCES, BY MAJOR FUNDS..................................................................................................14 TABLE 6: TRUST FUND UNOBLIGATED BALANCES, BY AGENCY.......................................................................................................16 TABLE 7: TRUST FUND UNOBLIGATED BALANCES, BY MAJOR FUNDS...........................................................................................17 BRIDGE TABLE .............................................................................................................................................................................................................18 TABLE 8: TRUST FUND BRIDGE FROM BALANCES OF BUDGET AUTHORITY TO CASH BALANCES ...................................21 CREDIT REFORM FINANCING ACCOUNTS......................................................................................................................................................23 TABLE 9: CREDIT REFORM – FINANCING ACCOUNTS UNOBLIGATED BALANCES ...................................................................25
BALANCES OF BUDGET AUTHORITY Budget for Fiscal Year 2010
Government agencies are permitted to enter into obligations that result in immediate or future outlays only when the agencies have been granted authority to do so by law. This authority is recorded as budget authority in the year that it first becomes available. Not all budget authority enacted for a fiscal year results in obligations and outlays in the same year. This analysis presents summary information on the unexpended balances of budget authority for the end of 2008, 2009, and 2010 as shown in the 2010 Budget Appendix. The definition of unexpended balances and its two components follows: ! Unexpended balances of budget authority are the sum of obligated and unobligated balances. o Unobligated balances are the amounts of budget authority that have not yet been committed by contract or other legally binding action by the government. o Obligated balances are the amounts of unpaid obligations (i.e., undelivered orders and accounts payable) that are net of accounts receivable and unfilled customer orders. Unobligated balances of budget authority may be carried forward from one year to the next only when authority to incur new obligations in a succeeding period is specifically provided in law. Amounts that are obligated are carried as obligated balances until the obligations are paid or the authority is canceled. Unexpended balances are the result of a lag between the time budget authority becomes available (for example, when an appropriation is enacted) and the actual outlay of funds. Outlays usually occur when the Department of Treasury electronically disburses the funds in payment of an obligation. For most government accounts, the interval between the enactment of appropriations, the obligation of funds, and the related outlays is relatively short.
1
Unexpended balances consist of three types of accounts: annual, multi-year and no-year accounts. For annual accounts, appropriations are made available for obligation for only one year and any unobligated amounts expire at the end of that fiscal year. However, the obligated, but not yet paid, portions of the expired annual appropriations are normally carried forward for five years during which the balances are not available for new obligations but are available to pay old bills. After the five expired years, the balances are permanently canceled. For multi-year accounts, appropriations are made available for more than one fiscal year. When the budget authority of multi-year funds expires the balances are treated the same as the balances of annual accounts. The obligated, but not yet paid, portions are carried forward for five fiscal years, after which the balances are permanently canceled. For no-year accounts, appropriations are made available until the objectives of the program have been achieved. In these instances, unobligated balances are carried forward and become available for new obligations. No-year authority may be canceled by the head of the agency or the President if the purposes for which the funds were provided have been carried out and there has been no disbursement from the authority for two fiscal years. To the extent that balances have been canceled, old bills can be paid from up to one percent of the balances in any unexpired account available for the same purpose as the canceled accounts. Total unexpended balances will approach two trillion dollars by the end of 2010. Table 1, Summary of Unexpended Balances, provides a distribution between Federal and Trust funds for 2008, 2009, and 2010. Table 2, Total Unexpended Balances by Agency, provides a distribution of unexpended balances by agencies. Charts 1 and 2 provide an overview of the projected unexpended balances at the end of 2010.
2
Chart 1 FY 2010
Total Unexpended Balances $1,964 Billion
31% Unobligated 69% Obligated
3
Chart 2 FY 2010
Unobligated Balances $617 Billion
13% Trust Funds
87% Federal Funds
4
TABLES
5
FEDERAL AND TRUST FUND SUMMARIES
6
TABLE 1. SUMMARY OF UNEXPENDED BALANCES (In millions of dollars) 2008 actual 2009 estimate 2010 estimate
Description
Federal funds: Obligated balances Unobligated balances Total Federal funds unexpended balances Trust funds: Obligated balances Unobligated balances Total Trust funds unexpended balances Total Federal and trust funds: Obligated balances Unobligated balances Total unexpended balances 284,467 94,364 378,831 1,104,375 688,872 1,793,247 295,226 84,859 380,085 1,394,054 741,866 2,135,920 271,609 81,929 353,538 1,347,085 616,925 1,964,010 819,908 594,508 1,414,416 1,098,828 657,007 1,755,835 1,075,476 534,996 1,610,472
7
TABLE 2. TOTAL UNEXPENDED BALANCES, BY AGENCY (In millions of dollars)
Department or other unit Legislative Branch Judicial Branch Department of Agriculture Department of Commerce Department of Defense--Military Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Department of Veterans Affairs Corps of Engineers-Civil Works Other Defense Civil Programs Environmental Protection Agency Executive Office of the President General Services Administration International Assistance Programs National Aeronautics and Space Administration National Science Foundation Office of Personnel Management Small Business Administration Social Security Administration Social Security Administration Allowances Other Independent Agencies TOTAL
Start 2008 Obligated Unobligated 1,100 819 25,477 6,727 306,014 50,710 15,242 135,694 40,930 65,396 7,761 11,166 8,205 13,056 75,002 16,920 12,891 1,899 4,174 9,238 1,541 1,031 82,110 7,378 8,107 9,073 500 1,951 72,501 --34,808 1,027,421 1,814 1,121 14,718 765 89,492 4,101 2,597 10,818 15,936 38,105 5,930 2,923 17,455 4,916 46,173 36,858 9,571 9,633 87 3,108 194 5,596 18,326 2,402 146 46,038 600 2,508 208 --66,174 458,313
End 2008 Obligated Unobligated 1,127 927 25,293 7,108 357,459 49,869 16,610 138,168 45,318 56,759 7,254 11,333 8,329 16,155 78,630 16,947 16,021 3,875 3,818 8,699 863 848 95,125 8,299 8,464 9,477 420 2,233 75,201 --33,746 1,104,375 1,782 1,181 15,018 2,226 109,088 2,841 2,087 15,646 20,754 48,079 7,049 2,728 16,177 7,282 45,469 238,921 9,860 11,675 84 3,187 27 5,728 17,696 819 162 47,183 1,404 2,114 243 --52,362 688,872
End 2009 Obligated Unobligated 1,045 863 30,956 10,087 393,839 111,836 37,205 165,230 51,783 72,232 9,045 14,677 11,680 17,597 103,771 63,227 20,374 1,707 3,937 14,633 479 4,041 98,071 7,515 11,504 9,835 722 2,343 79,318 10,725 33,777 1,394,054 1,944 1,102 14,596 4,895 71,447 26,396 21,918 11,288 10,381 27,157 8,155 2,004 17,041 10,073 49,906 334,222 6,215 16,980 70 3,611 27 7,684 22,041 797 50 48,432 1,312 3,375 873 --17,874 741,866
End 2010 Obligated Unobligated 835 973 31,429 12,774 381,662 90,206 31,833 161,282 46,974 63,541 10,040 13,168 9,719 15,771 105,296 55,361 22,515 3,955 4,088 14,349 184 6,807 94,233 7,510 10,528 10,251 644 2,479 82,003 20,530 36,145 1,347,085 1,912 1,109 11,572 429 66,200 6,243 4,587 7,063 7,378 27,773 6,172 2,013 17,386 11,754 31,167 295,388 5,267 10,321 70 3,495 141 3,167 24,795 1,030 50 49,630 840 2,633 481 --16,859 616,925
8
TABLE 2. TOTAL UNEXPENDED BALANCES, BY AGENCY (In millions of dollars)
Start 2008 Obligated Unobligated MEMORANDUM: Federal funds Trust funds 766,548 260,873 365,201 93,112
End 2008 Obligated Unobligated
End 2009 Obligated Unobligated
End 2010 Obligated Unobligated
819,908 284,467
594,508 94,364
1,098,828 295,226
657,007 84,859
1,075,476 271,609
534,996 81,929
9
FEDERAL FUNDS
10
TABLE 3. FEDERAL FUND OBLIGATED BALANCES, BY AGENCY
(In millions of dollars)
Department or other unit Legislative Branch Judicial Branch Department of Agriculture Department of Commerce Department of Defense--Military Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Department of Veterans Affairs Corps of Engineers-Civil Works Other Defense Civil Programs Environmental Protection Agency Executive Office of the President General Services Administration International Assistance Programs National Aeronautics and Space Administration National Science Foundation Office of Personnel Management Small Business Administration Social Security Administration Other Independent Agencies Allowances TOTAL
2008 Actual 1,112 927 25,219 7,107 356,726 49,869 16,610 89,662 45,122 56,758 6,768 11,310 5,721 16,140 11,358 16,785 14,191 3,127 285 7,324 863 845 23,528 8,299 8,427 783 420 2,233 32,389 --819,908
2009 Estimate 1,023 863 30,818 10,086 393,133 111,836 37,205 116,582 51,531 72,232 8,539 14,639 8,969 17,581 31,561 63,039 18,575 999 295 13,093 479 4,041 25,802 7,515 11,461 747 722 2,343 32,394 10,725 1,098,828
2010 Estimate 810 973 31,245 12,773 380,966 90,206 31,833 112,853 46,722 63,541 9,522 13,155 6,946 15,755 57,494 55,106 20,757 3,246 299 12,834 184 6,807 24,248 7,510 10,485 818 644 2,479 34,735 20,530 1,075,476
11
TABLE 4. FEDERAL FUND UNOBLIGATED BALANCES, BY AGENCY
(In millions of dollars)
Department or other unit Legislative Branch Judicial Branch Department of Agriculture Department of Commerce Department of Defense--Military Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Department of Veterans Affairs Corps of Engineers-Civil Works Other Defense Civil Programs Environmental Protection Agency Executive Office of the President General Services Administration International Assistance Programs National Aeronautics and Space Administration National Science Foundation Office of Personnel Management Small Business Administration Social Security Administration Other Independent Agencies TOTAL
2008 Actual 1,719 417 14,453 2,226 108,863 2,841 2,087 15,541 20,681 48,077 6,637 2,679 16,112 7,106 5,188 238,186 8,118 11,101 21 1,639 27 5,728 17,662 816 118 866 1,404 2,114 52,081 594,508
2009 Estimate 1,882 301 14,255 4,895 71,201 26,396 21,918 11,183 10,354 27,154 7,761 1,941 16,976 9,911 21,255 333,478 4,476 16,422 20 1,479 27 7,684 22,023 794 50 894 1,312 3,375 17,590 657,007
2010 Estimate 1,849 267 11,279 429 65,950 6,243 4,587 6,958 7,351 27,770 5,780 1,943 17,319 11,603 5,823 294,635 3,540 9,791 18 1,821 141 3,167 24,777 1,027 50 904 840 2,633 16,501 534,996
12
TRUST FUNDS
13
TABLE 5. TRUST FUND OLBIGATED BALANCES, BY MAJOR FUNDS (In millions of dollars) 2008 Actual 2009 Estimate 2010 Estimate
Trust Fund
NON-REVOLVING TRUST FUNDS: Forest Service Trust Funds Foreign National Employees Separation Pay Federal Supplementary Medical Insurance Trust Fund Federal Hospital Insurance Trust Fund Medicare Prescription Drug Account, Federal Supplementary Insurance Health Care Fraud and Abuse Control Account Miscellaneous Trust Funds Sport Fish Restoration Unemployment Trust Fund Federal Old-age and Survivors Insurance Trust Fund Federal Disability Insurance Trust Fund Limitation on Administrative Expenses Hazardous Substance Superfund Leaking Underground Storage Tank Trust Fund Grants-in-aid for Airports (Airport and Airway Trust Fund) Facilities and Equipment (Airport and Airway Trust Fund) Research, Engineering and Development (Airport and Airway Trust) Federal-aid Highways Miscellaneous Highway Trust Funds Motor Carrier Safety Grants Highway Traffic Safety Grants Formula and Bus Grants Civil Service Retirement and Disability Fund National Service Life Insurance Fund Foreign Military Sales Trust Fund Military Retirement Fund Armed Forces Retirement Home Coastal Wetlands Restoration Trust Fund Rivers and Harbors Contributed Funds Railroad Social Security Equivalent Benefit Account Rail Industry Pension Fund Gifts and Contributions Other
52 401 20,471 22,020 5,372 438 166 431 2,603 50,585 25,262 -646 1,279 120 5,065 1,785 137 48,534 150 315 714 9,953 5,674 1,410 71,547 3,359 173 264 387 565 343 420 1,191
113 401 20,549 22,112 5,369 438 135 469 2,708 54,442 26,153 -1,277 1,275 298 5,082 1,794 170 52,905 130 220 716 10,873 6,091 1,366 72,205 3,535 105 215 428 571 362 418 944
156 401 20,519 21,980 5,340 438 108 471 2,772 56,036 26,852 -885 1,326 224 5,101 2,082 162 29,575 102 222 654 9,641 6,253 1,310 69,923 3,714 72 167 477 594 372 409 916
14
TABLE 5. TRUST FUND OLBIGATED BALANCES, BY MAJOR FUNDS (In millions of dollars) 2008 Actual 2009 Estimate 2010 Estimate
Trust Fund
TOTAL NON-REVOLVING TRUST FUNDS OBLIGATED BALANCES REVOLVING TRUST FUNDS: Surcharge Collections, Sales of Commissary Stores, Defense Assessment Funds Employees Life Insurance Fund Employees and Retired Employees Health Benefits Funds Veterans Special Life Insurance Fund Other TOTAL REVOLVING TRUST FUNDS OBLIGATED BALANCES TOTAL TRUST FUND OBLIGATED BALANCES
280,540 307 162 377 2,643 403 35 3,927 284,467
291,315 284 188 351 2,646 418 24 3,911 295,226
267,484 278 215 390 2,790 432 20 4,125 271,609
15
TABLE 6. TRUST FUND UNOLBIGATED BALANCES, BY AGENCY (In millions of dollars) 2008 Actual 63 764 565 225 105 73 2 412 49 65 176 40,281 735 1,742 574 63 1,548 34 3 44 46,317 243 281 94,364 2009 Estimate 62 801 341 246 105 27 3 394 63 65 162 28,651 744 1,739 558 50 2,132 18 3 --47,538 873 284 84,859 2010 Estimate 63 842 293 250 105 27 3 392 70 67 151 25,344 753 1,727 530 52 1,674 18 3 --48,726 481 358 81,929
Department or other units
Legislative Branch Judicial Branch Department of Agriculture Department of Defense--Military Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Department of Veterans Affairs Corps of Engineers-Civil Works Other Defense Civil Programs Environmental Protection Agency International Assistance Programs National Aeronautics and Space Administration National Science Foundation Office of Personnel Management Social Security Administration Other Independent Agencies TOTAL
16
TABLE 7. TRUST FUND UNOLBIGATED BALANCES, BY MAJOR FUNDS (In millions of dollars) 2008 Actual 2009 Estimate 2010 Estimate
Trust Fund
NON-REVOLVING TRUST FUNDS: Judicial Survivors' Annuities Fund Judicial Officers' Retirement Fund Tobacco Trust Fund Forest Service Trust Funds Foreign National Employees Separation Pay Sport Fish Restoration Foreign Service National Separation Liability Trust Fund Limitation on Administrative Expenses Hazardous Substance Superfund Grants-in-aid for Airports (Airport and Airway Trust Fund) Facilities and Equipment (Airport and Airway Trust Fund) Federal-aid Highways Formula and Bus Grants Coastal Wetlands Restoration Trust Fund Rivers and Harbors Contributed Funds Other NON-REVOLVING TRUST FUNDS Subtotal REVOLVING TRUST FUNDS: Assessment Funds Employees Life Insurance Fund Employees and Retired Employees Health Benefits Funds Veterans Special Life Insurance Fund Other REVOLVING TRUST FUNDS Subtotal TOTAL TRUST FUND UNOBLIGATED BALANCES
471 277 180 264 179 221 164 243 1,513 102 1,016 35,440 3,310 174 393 1,712 45,659 735 33,490 12,827 1,597 56 48,705 94,364
479 305 --223 179 218 156 873 2,090 407 989 24,128 2,992 199 352 1,320 34,910 744 34,778 12,760 1,583 84 49,949 84,859
488 336 --179 179 217 145 481 1,633 407 912 22,595 1,359 220 303 1,347 30,801 753 35,928 12,798 1,561 88 51,128 81,929
17
BRIDGE TABLE
18
Bridge Table for Trust Funds: From Unexpended Balances of Budget Authority to Cash Balances
Federal law designates certain accounts as trust funds. These accounts are authorized to do two things. First, trust funds are authorized to collect receipts or offsetting receipts that are earmarked for specific purposes. Second, trust funds are authorized to obligate or spend those receipts. The receipts or offsetting receipts are deposited in trust fund “receipt” accounts. The amounts authorized to be obligated or spent are credited to trust fund “expenditure” accounts. Previous tables in this report provide information on the unexpended balances of “budget authority” that are in trust fund “expenditure” accounts as shown in the “Program and Financing” (P&F) schedule printed in the Appendix to the Budget. TRUST FUND UNEXPENDED BALANCES OF BUDGET AUTHORITY Trust fund balances of budget authority are derived from the information in the P&F schedule which is also know as MAX schedule P in the Budget database. Specifically, the unexpended balances in schedule P consist of balances from the following: ! ! ! Amounts appropriated; Offsetting collections credited to expenditure accounts; and Unfunded contract authority.
The first line in Table 8 presents the total trust fund unexpended balance of budget authority as presented in the previous trust tables in this report. Balances of amounts appropriated represent cash balances. No further legal action is needed to obtain cash to liquidate obligations incurred against appropriations. Balances of offsetting collections credited to expenditure accounts also represent cash balances. Offsetting collections result from laws that authorize the crediting of certain collections of cash (generally from business-like transactions like the selling of stamps) directly to trust expenditure accounts.
19
Unfunded Contract Authority. In contrast, balances of unfunded contract authority do not represent cash balances. Unfunded contract authority results from laws that provide the authority to obligate the Federal government in anticipation of receiving cash at a later date to cover disbursements. The anticipated cash can take the form of an offsetting collection or an appropriation to liquidate the unfunded contract authority. The line in Table 8 labeled “Subtotal, Unfunded Contract Authority” provides the amounts that must be subtracted from trust fund unexpended balances to get to the amount of trust fund cash balances in trust fund expenditure accounts. Trust Fund Receipt Accounts. As a general rule, the amounts in trust fund receipt accounts are “cash” balances. The balances of trust fund receipts are derived from the information in the “Special and Trust Fund Receipts” (N) schedule. TRUST FUND CASH BALANCES The line in Table 8 labeled “Subtotal, Trust Fund Unavailable Receipts” provides the additional amount that must be added to the amount of trust fund cash balances in trust fund expenditure accounts to reach the total trust fund cash balances.
20
TABLE 8. TRUST FUND BRIDGE FROM BALANCES OF BUDGET AUTHORITY TO CASH BALANCES (In millions of dollars) 2008 Actual 378,831 -64,085 -57,378 -8,926 -3,348 -110 -30 -18 -133,895 244,936 2009 Estimate 380,085 -54,586 -62,675 -7,860 -3,568 -50 -5 -18 -128,762 251,323 2010 Estimate 353,538 -27,693 -66,964 -3,640 -4,083 -50 -6 -18 -102,454 251,084
Trust Fund
Trust Fund Unexpended Balances Unfunded Contract Authority: Federal-aid Highways Foreign Military Sales Trust Fund Formula and Bus Grants Grants-in-aid for Airports (Airport and Airway Trust Fund) Highway Traffic Safety Grants Motor Carrier Safety Surcharge Collections, Sales of Commissary Stores, Defense Subtotal, Unfunded Contract Authority Cash Balance In Expenditure Accounts Trust Fund Unavailable Receipts: Airport and Airway Trust Fund Aquatic Resources Trust Fund Black Lung Disability Trust Fund Civil Service Retirement and Disability Fund Education Benefits Fund Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Old-age and Survivors Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Foreign Military Sales Trust Fund Foreign Service Retirement and Disability Fund Harbor Maintenance Trust Fund Highway Trust Fund Leaking Underground Storage Tank Trust Fund Military Retirement Fund National Railroad Retirement Investment Trust National Service Life Insurance Fund Oil Spill Liability Trust Fund Rail Industry Pension Fund Railroad Social Security Equivalent Benefit Account
757 1,092 61 723,194 1,817 190,762 296,462 2,099,838 33,274 --14,855 4,559 -9,101 3,043 247,558 25,254 7,873 1,013 289 224
471 1,047 120 751,231 1,920 182,039 284,849 2,244,270 38,558 9,003 15,303 4,973 -24,315 3,028 273,708 17,684 7,336 1,298 94 215
-16 1,033 490 779,332 2,007 169,251 270,025 2,392,893 36,900 15,605 15,714 5,415 -29,867 3,233 326,300 16,350 6,766 1,599 206 195
21
TABLE 8. TRUST FUND BRIDGE FROM BALANCES OF BUDGET AUTHORITY TO CASH BALANCES (In millions of dollars) 2008 Actual 70,901 2,674 501 -8,736 3,708,164 2009 Estimate 27,113 2,889 440 -4,946 3,838,328 2010 Estimate 20,851 3,112 378 -4,977 4,032,795
Trust Fund
Unemployment Trust Fund Vaccine Injury Compensation Program Trust Fund Voluntary Separation Incentive Fund Other Trust Funds and Adjustments Subtotal, Trust Fund Unavailable Receipts TRUST FUND CASH BALANCES
3,953,100
4,089,651
4,283,879
22
CREDIT REFORM – FINANCING ACCOUNTS
23
TABLE 9
CREDIT REFORM - FINANCING ACCOUNTS UNOBLIGATED BALANCES Under the Federal Credit Reform Act of 1990 (FCRA), new account structures were established for post-1991 direct loan obligations and loan guarantee commitments. All estimated subsidy costs for new direct loan obligations and loan guarantee commitments are recorded in accounts that are called “program” accounts. All cash flows for the direct loans and loan guarantees are recorded in separate non-budgetary financing accounts. The net cash flows for these transactions are recorded outside the budget totals as a means of financing the deficit. Hence, these accounts are called “financing” accounts. In other words, only the unreimbursed costs of making or guaranteeing new loans --- the subsidy costs, on a net present value basis, and administrative expenses, on a cash basis --- are counted in the budget totals. The FCRA authorizes financing authority, which permits obligations to be incurred by financing accounts and is parallel to the concept of budget authority. This table presents the unobligated balances of financing authority in the credit financing accounts. The unobligated balances in the direct loan financing accounts are needed to repay the Department of Treasury for the amounts borrowed in the past to make loans. These balances also provide working capital to pay the costs of foreclosing, managing, and selling collateral due to default. The unobligated balances in the loan guarantee financing accounts are needed to pay interest subsidies, claims to lenders when a borrower of a Federal guaranteed loan is delinquent or in default, and to provide working capital to pay the costs of foreclosing, managing, and selling collateral due to default.
24
TABLE 9. CREDIT REFORM FINANCING ACCOUNTS UNOBLIGATED BALANCES 2010 BUDGET (In millions of dollars) 2008 2009 2010 (Percent of Total Unobligated Balances) 2008 2009 2010
Account DIRECT LOAN UNOBLIGATED BALANCES: Farm Storage Facility Direct Loan Financing Account Agricultural Credit Insurance Fund Direct Loan Financing Account Rural Electrification and Telecommunications Direct Loan Financing Rural Telephone Bank Direct Loan Financing Account Rural Water and Waste Disposal Direct Loans Financing Account Rural Housing Insurance Fund Direct Loan Financing Account Rural Community Facility Direct Loans Financing Account P.L. 480 Direct Credit Financing Account Debt Reduction - Financing Account GSE Mortgage-Backed Securities Purchase Direct Loan Financing Acct Historically Black College and University Capital Financing Direct Loan Federal Direct Student Loan Program Financing Account Temporary Student Loan Purchase Authority Standard Put Financing Temporary Student Loan Purchase Authority Financing Account Temporary Student Loan Purchase Authority Conduit Financing Acct Title 17 Innovative Technology Direct Loan Financing Account Advanced Technology Vehicles Manufacturing Direct Loan Financing Disaster Direct Loan Financing Account Housing Direct Loan Financing Account Foreign Military Financing Direct Loan Financing Account Debt Reduction Financing Account Overseas Private Investment Corporation Direct Loan Financing Acct Debt Reduction Financing Account Spectrum Auction Direct Loan Financing Account National Infrastructure Bank Direct Loan Financing Account Other TOTAL DIRECT LOAN UNOBLIGATED BALANCES LOAN GUARANTEE UNOBLIGATED BALANCES: Agricultural Credit Insurance Fund Guaranteed Loan Financing Acct Commodity Credit Corporation Export Guarantee Financing Account Rural Housing Insurance Fund Guaranteed Loan Financing Account Rural Business and Industry Guaranteed Loans Financing Account
116 692 475 27 72 146 87 1,372 155 335 329 672 3 --------869 55 90 220 68 54 54 --101 5,992
111 1,566 618 130 ------507 197 --329 --93 --4,570 1,875 2,667 81 --19 --5 ------37 12,805
128 1,795 617 147 ------470 220 --370 --111 2,923 4,664 7,093 4,881 470 --30 --6 -----340 48 23,633
0.2 1.4 0.9 0.1 0.1 0.3 0.2 2.7 0.3 0.7 0.7 1.3 0.0 --------1.7 0.1 0.2 0.4 0.1 0.1 0.1 --0.2 11.8
0.2 2.8 1.1 0.2 ------0.9 0.3 --0.6 --0.2 --8.1 3.3 4.7 0.1 --0.0 --0.0 ------0.1 22.7
0.2 2.4 0.8 0.2 ------0.6 0.3 --0.5 --0.2 4.0 6.3 9.6 6.6 0.6 --0.0 --0.0 -----0.5 0.1 32.0
177 873 761 254
172 962 1,269 ---
250 899 1,356 ---
0.3 1.7 1.5 0.5
0.3 1.7 2.2 ---
0.3 1.2 1.8 ---
25
TABLE 9. CREDIT REFORM FINANCING ACCOUNTS UNOBLIGATED BALANCES 2010 BUDGET (In millions of dollars) 2008 --57 91 40 --25,840 238 109 497 --7,645 1,235 670 3,223 1,284 32 79 170 340 852 118 44,585 50,577 2009 4 1 57 45 100 6,152 135 112 6,919 206 19,274 1,023 1,389 3,083 1,263 71 100 192 343 650 97 43,619 56,424 2010 54 1 51 53 819 9,972 159 118 6,393 1,424 20,044 770 1,395 3,436 1,369 103 102 200 426 631 135 50,160 73,793 (Percent of Total Unobligated Balances) 2008 --0.1 0.2 0.1 --51.1 0.5 0.2 1.0 --15.1 2.4 1.3 6.4 2.5 0.1 0.2 0.3 0.7 1.7 0.2 88.2 100.0 2009 0.0 0.0 0.1 0.1 0.2 10.9 0.2 0.2 12.3 0.4 34.2 1.8 2.5 5.5 2.2 0.1 0.2 0.3 0.6 1.2 0.2 77.3 100.0 2010 0.1 0.0 0.1 0.1 1.1 13.5 0.2 0.2 8.7 1.9 27.2 1.0 1.9 4.7 1.9 0.1 0.1 0.3 0.6 0.9 0.2 68.0 100.0
Account Biorefinery Assistance Guaranteed Loan Financing Account Emergency Steel, Oil, and Gas Guaranteed Loan Financing Account Health Education Assistance Loans Financing Account Indian Guaranteed Loan Financing Account Troubled Assets Insurance Financing Fund Guaranteed Loan Financing Federal Family Education Loan Program Financing Account Maritime Guaranteed Loan (title XI) Financing Account Community Development Loan Guarantees Financing Account FHA-general and Special Risk Guaranteed Loan Financing Account Home Ownership Preservation Entity Fund Financing Account FHA-mutual Mortgage Insurance Guaranteed Loan Financing Account Guarantees of Mortgage-backed Securities Financing Account Business Guaranteed Loan Financing Account Housing Guaranteed Loan Financing Account Loan Guarantees to Israel Financing Account Development Credit Authority Guaranteed Loan Financing Account Urban and Environmental Credit Guaranteed Loan Financing Account Loan Guarantees to Egypt Financing Account Overseas Private Investment Corporation Guaranteed Loan Financing Export-Import Bank Guaranteed Loan Financing Account Other TOTAL LOAN GUARANTEE UNOBLIGATED BALANCES TOTAL DIRECT LOAN AND LOAN GUARANTEE BALANCES
26
Executive Office of the President Office of Management and Budget Wa s h i n g t o n , D. C . 2 0 5 0 3