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EXPLANATION OF ESTIMATES FOR TRUST FUNDS
Part II contains detailed schedules and explanatory statements on the various trust funds. It excludes the detail on trust fund programs which require annual action by Congress (shown in part I) and the detail on the District of Columbia municipal government funds (contained in a separate budget volume).
TRUST AND DEPOSIT FUNDS DISTINGUISHED
The funds which are covered in this part of the budget are of two types as follows:
Trust funds are those funds established to account for receipts which are held in a fiduciary capacity by the Government for use in carrying out specific purposes and programs in accordance with a trust agreement or a statute. Within the category of trust funds, there is a subcategory of trust revolving funds, which are trust funds used to carry on a cycle of business-type operations, including certain corporations which are partly owned by the Government and partly by private interests.
Deposit funds are those funds established to account for collections that are either (a) held in suspense temporarily and later refunded or paid into some other fund of the Government, or (b) held by the Government as banker or agent for others, being paid out in lump sums at the direction of the owner. Such funds are not available for paying salaries, expenses, grants, or other expenditures of the Government.
While the transactions in these groups of funds are a part of the financial program of the Government, trust and deposit funds are reserved for the purposes of the trust or the terms of the deposit; hence these transactions are excluded from the administrative budget totals.
OBLIGATIONAL AUTHORITY FOR TRUST FUNDS
Most trust fund receipts are made available for use by permanent law, without requiring further action by Congress. In a few cases receipts of trust funds can be obligated and expended only in accordance with appropriations enacted by Congress from year to year. Examples are the funds of the United States Soldiers Home and the general municipal revenues of the District of Columbia. In the case of the Highway trust fund, Congress controls expenditures by appropriations annually, but it grants contract authorizations in advance thereof. In a few other cases, the trust receipts are permanently available for program purposes, but Congress imposes annual limitations on administrative expenses.
FORM OF TRUST FUND PRESENTATIONS
The detailed material in part II covers the trust funds which do not require annual action by Congress. Consolidated schedules are used for the smaller trust funds of each bureau or independent agency.
The material here follows the general format of the similar material in part I. In most cases, all receipts of a trust fund are permanently appropriated as the receipts are collected. In cases where the receipts are not appropriated as the money is collected, an additional schedule identifies the amounts available for appropriation. No appropriation language appears here, and the narrative statement of program and performance usually consists only of an explanation of the sources of money for the fund, the purposes for which it is authorized to be spent, and the legal citations.
494 945 2
1965 1966 estimate estimate
55 1,425 270
1,775 296 -316
19 535 1,002
This schedule covers (1) funds received as gifts for immediate expenditure and receipts from the sale of recordings and photoduplication materials financed from capital originally received as gifts, (2) income from investments held by the Library of Congress Trust Fund Board, and (3) interest at the rate of 4% per annum paid by the Treasury on the principal funds deposited therewith as described under "Library of Congress trust fund, principal accounts." (2 U.S.C. 156-160; 31 U.S.C. 725s; 37 Stat. 319.)
1. Acquisition of Library materials. During 1964, this included the procurement of manuscripts, Hispanic ma
terials, fine prints, books and other library materials from certain foreign areas for the Library of Congress, and the acquisition and distribution of Government documents for the Library of Congress and cooperating libraries.
2. Reader and reference services.-These services during 1964 included the preparation of bibliographies, indexes, digests, and checklists; lectures; surveys of bibliographic services; poetry readings; musical concerts; furtherance of musical research, composition, performance and appreciation; and providing photostats, photographs, microfilm, and other forms of photoduplication, and sound recordings of folksongs and poetry to other Government agencies, libraries, and other institutions, and to the general public.
3. Organization of the collections.-During 1964, work was started on the Library of Congress Catalog, Books: Subjects, 1960-64. This quinquennial cumulation will total approximately 26 volumes. Work continued on the Dewey Decimal Classification, 17th edition and the Union List of Serials, 3d edition, the former scheduled for publication in calendar year 1964 and the latter, in calendar year 1965. The preparation of the index to Dissertations Abstracts and the preparation of printed catalog cards for additional manuscript collections located in the Library of Congress and other institutions was continued, and the National Union Catalog of Manuscript Collections, 1962, was issued.
4. Information service on copyright materials.-Depositors were supplied with preliminary information relating to copyright materials in selected subject fields.
Obligations by major source of funds for 1964 and estimated for 1965 and 1966 are as follows (in thousands of dollars):
LIBRARY OF CONGRESS TRUST FUND PRINCIPAL ACCOUNTS
Program and Financing (in thousands of dollars)
1965 1966 estimate estimate
1965 1966 estimate estimate
-4,499 -4,534 4,534
This schedule covers two principal accounts-permanent loan and bequest of Gertrude M. Hubbard.
Both funds represent gifts or bequests in cash, which have been deposited with the Treasurer of the United States as permanent loans to the United States, the interest upon which, at 4% per annum, payable semiannually, is available to the Librarian for the purposes specified in each case.
As of June 30, 1964, the principal in the permanent loan account, which shall not exceed the sum of $10 million (2 U.S.C. 158; 31 U.S.C. 725s, Public Law 87-522), was distributed as follows (in thousands of dollars):
The number of judges participating in the system established by 70 Stat. 1021 decreased in 1964 from 419 to 414. There were 459 judges on the roll at the end of the year as compared with 463 at the beginning of the year. As of June 30, 1964, there were 45 nonparticipants as compared with 44 a year ago.
The number of survivor annuitants on the roll increased in 1964 from 139 at the beginning of the year to 150 at the end of the year. The average annuity increased $178, from $2,946 to $3,124. This increase is due to the fact that current awards to annuitants are substantially higher than the annuities granted to widows in previous years.
Payroll deductions and matching agency contributions in 1965 and 1966 will be substantially higher as a result of Judicial Salary Act of 1964, Public Law 88-426, approved the salary increases authorized for judges under the Federal August 14, 1964.