TABLE 4.-Budget receipts and expenditures, monthly for fiscal year 1960 and totals for 1959 and 1960-Continued

[In thousands of dollars]

(Footnotes for table 4.)

*Less than $500.

1 Internal revenue and customs receipts are stated on the basis of reports of collections
received from collecting officers. Other receipts are reported on the basis of confirmed
deposits in Treasury accounts.

2 Distribution between income taxes and employment taxes is made in accordance
with provisions of sec. 201 of the Social Security Act, as amended, for transfer to the
Federal old-age and survivors insurance trust fund and the Federal disability insurance
trust fund (42 U.S.C. 401(a)).

"Individual income taxes withheld" have been increased $73,097,832 to correct
estimates for the quarter ended December 1958 and prior quarters, and "Individual
income taxes-other" have been decreased $2,771,727 to correct estimates for calendar
1957 and prior years. The net total of the above adjustments ($70,326,104) is shown as
a decrease of employment taxes under "Federal Insurance Contributions Act and Self-
Employment Contributions Act," representing reductions in appropriations of
$60,665,312 for the Federal old-age and survivors insurance trust fund and $9,660,792
for the Federal disability insurance trust fund.

"Individual income taxes withheld" have been decreased $97,518,834 to correct
estimates for the quarter ended March 1959 and prior quarters, and "Individual income
taxes-other" have been decreased $3,641,176 to correct estimates for calendar 1957 and
prior years. The total of the above adjustments ($101,160,011) is shown as an in-
crease of employment taxes under "Federal Insurance Contributions Act and Self-
Employment Contributions Act," representing additions in appropriations of
$90,256,309 for the Federal old-age and survivors insurance trust fund and $10,903,701
for the Federal disability insurance trust fund.

Includes deposits of earnings, Federal Reserve System (collections under sec. 16 of
Federal Reserve Act, as amended (12 U.S.C. 414)).

Includes adjustment due to reclassification.

7 Certain figures for fiscal 1959 have been adjusted to correspond to classifications for
fiscal 1960.

"Individual income taxes withheld" have been decreased $67,365,683 to correct
estimates for the quarter ended June 1959 and prior quarters, and "Individual income
taxes other" have been decreased $909,070 to correct estimates for calendar 1957 and
prior years. The total of the above adjustments ($68,274,753) is shown as an increase of
employment taxes under "Federal Insurance Contributions Act and Self-Employment
Contributions Act," representing increases in appropriations of $62,025,333 for the
Federal old-age and survivors insurance trust fund and $6,249,420 for the Federal dis-
ability insurance trust fund. "Individual income taxes-other" also excludes
$472,000,000 estimated taxes on self-employed individuals classified as "Employment
taxes, Federal Insurance Contributions Act and Self-Employment Contributions Act."
"Individual income taxes withheld" have been decreased $93,799,837 to correct
estimates for the quarter ended September 1959 and prior quarters, and "Individual
income taxes-other" have been decreased $3,807,403 to correct estimates for calendar
1958 and prior years. The total of the above adjustments ($97,607,240) is shown as an
increase of employment taxes under "Federal Insurance Contributions Act and Self-
Employment Contributions Act" representing increases in appropriations of $89,687,510
for the Federal old-age and survivors insurance trust fund and $7,919,730 for the Federal
disability insurance trust fund.

10 "Individual income taxes-other" excludes $61,000,000 estimated taxes on self-
employed individuals classified as "Employment taxes, Federal Insurance Contribu-
tions Act and Self-Employment Contributions Act."

11 "Individual income taxes-other" excludes $157,000,000 estimated taxes on selfemployed individuals classified as "Employment taxes, Federal Insurance Contributions Act and Self-Employment Contributions Act."

15 Expenditures are stated on the basis of checks issued and cash payments made as reported by Government disbursing officers.

16 Consists of the following (exclusive of interest payments):

The amount shown for "Individual income taxes" has been reduced by refunds of
taxes from Federal old-age and survivors insurance trust fund in the amounts of
$89,190,000 for fiscal 1960 and $83,430,000 for fiscal 1959. "Excise taxes" have been reduced
by refund of taxes from the highway trust fund in the amounts of $103,472,543 and
$96,899,743 for fiscal 1960 and 1959 respectively.

17 Includes adjustment due to reclassification.

18 Represents residual of gross receipts and expenditures after reduction for noncash
costs which are included in amounts shown for special activities financed by Commodity
Credit Corporation.

19 Includes certain costs transferred from price support operations for which expendi-
tures may have been made in prior years, in addition to adjustments for prior months'
20 The greater part of Bureau of Public Roads expenditures are made from the high-
way trust fund and, therefore, do not appear in this table.

21 Represents estimated adjustments to reclassify expenditures for comparability with
the latest budget appropriation structure. These adjustments are made between the
major categories of expenditures and, therefore, do not affect the total expenditures for
military functions. Amounts shown for the respective departments represent the
expenditures as recorded in books of account of the departments and do not include any
adjustments for comparability.
22 See footnote 23.

23 Includes return of advances with offsetting amounts reflected under Navy, procure-
ment, and research, development, test, and evaluation.

24 Represents net cash transactions under provisions of sec. 2(a) (3) of an act approved
Aug. 14, 1957 (22 U.S.C. 1813(c)).

25 Report of expenditures was not received in time to be included.

26 Amount represents net expenditures for the month of July. Report of expenditures for the month of August was not received in time to be included.

27 Includes reimbursement representing advances to the working capital fund.

28 Amounts included for each month except the month of June are partially estimated
and are adjusted in the following month.

29 Gives effect to reimbursements collected for administrative support furnished to
other agencies amounting to $60,227,237.

30 Reflects adjustment due to reclassification.

31 Represents payments, pursuant to an act approved June 17, 1959 (22 U.S.C. 2866-1), of increase in quota of the United States to International Monetary Fund. The payment was made in gold in the amount of $343,750,000 and in nonnegotiable, noninterest

11 Includes reimbursement of tax refunds from highway trust fund of $67,863,309. 18 Includes reimbursement of tax refunds from Federal old-age and survivors insurance and Federal disability insurance trust funds of $89,190,000 based upon estimates of taxes subject to refund as provided under sec. 103 (e) of the Social Security Amendments of 1956 on wages paid in the calendar year 1958 and prior years.

14 Represents mainly interest payments by Government corporations and agencies that borrow from the Treasury. (See note below.) For details of these interfund transactions by fiscal year, see table 5. The interfund transactions now being deducted from budget receipts and expenditures do not include payments to the Treasury by wholly owned Government corporations for retirement of their capital stock and for disposition of earnings. These capital transfers have been excluded from budget receipts and expenditures since July 1, 1948.

bearing demand notes of the United States in the amount of $1,031,250,000, in place of a like amount of currency.

32 Gives effect to $20,000,000 transferred from the Department of the Navy pursuant to an act, approved Aug. 28, 1958 (5 U.S.C. 174 g, h, i).

33 Expenditures are stated on an accrual basis.

34 Represents expenditure adjustments reported by regional disbursing officers which have not yet been picked up in reports of other officers.

NOTE.-In accordance with the plan stated in the President's budget message of January 18, 1960, the totals of budget receipts and expenditures are revised to show the elimination from these totals of interest payments and minor amounts of certain other interfund payments by Government agencies to Treasury. This elimination does not affect the size of the budget surplus or deficit.

TABLE 5.-Interfund transactions excluded from both net budget receipts and budget expenditures, fiscal years 1948-60