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EXPLANATION OF ANNEXED BUDGETS

Part IV, presenting detailed schedules and explanatory | statements on seven self-supporting Government agencies and programs which are outside the normal budget process is included for the second consecutive year. Like the budgets for the legislative branch and the judiciary, the annexed budgets have not been reviewed by the President but are included in the amounts submitted by the agencies (except for one case where Bureau of the Budget estimates are used because no agency estimates were submitted). Three agencies (Banks for Cooperatives, Federal Intermediate Credit Banks, and the Federal Deposit Insurance Corporation) have been included in the Governmentsponsored enterprise group in the computation of consolidated cash totals for some years, and the net totals for each have been displayed. However, data were reported only for certain debt and investment transactions, rather

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than for all of their activities, and the information was obtained informally. The inclusion of more complete annexed budgets does not change their handling in the totals.

The other four agencies and programs (Milk Marketing Administration, Comptroller of the Currency, Exchange Stabilization Fund, and the Board of Governors of the Federal Reserve System) are also not included in the administrative budget, and are included only in part in the deposit fund group within the trust fund totals. In part they are outside all traditional figures on Federal finances.

The material in this part is presented in the general format of similar material for public enterprise funds in part I. No appropriation language appears in part IV because action by the Congress is not required.

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ANNEXED BUDGETS

1964 actual

1965 estimate

1966 estimate

year.

DEPARTMENT OF AGRICULTURE

locally, deposited in local banks and disbursed directly by

the market administrator. AGRICULTURAL MARKETING SERVICE

Each milk order is administered locally by a market adMilk MARKET ORDERS ASSESSMENT FUND

ministrator who is appointed by the Secretary. There

were 39 milk market administrators serving the 82 milk Program and Financing (in thousands of dollars) ·

market orders as of July 1, 1964.

Each month each local office computes and announces class and uniform blend prices, and associated butterfat

differentials. Handlers' records and facilities are examined Program by activities:

to verify their reports and payments to producers, and 1. Administration..

10,778 11,250 11,350 weights and tests of producers milk are verified. 2. Marketing service

1,957 2,000 1,700 The expenses of each local office are met from an admin

istrative fund and a marketing service fund which are 10 Total obligations.

12,735 13,250 13,050

prescribed in each order. The administrative fund is deFinancing:

rived from prorated handler assessments. The market14 Receipts and reimbursements from

ing service fund of the individual order provides for the non-Federal sources:

expense of disseminating market information to producers Administration; Revenues.

-11,055 -11,100 -11,200 Marketing service: Revenues.. -2,003 -1,975 -1,700

who are not members of a qualified cooperative. It also Nonoperating: Interest revenue.. -191 -175 - 150

provides for the verification of the weights, sampling and 21.98 Unobligated balance available, start of

testing of milk from these producers. The cost of these year...

-7,053 -7,567

-7,567

services is borne by such producers. The maximum rates 24.98 Unobligated balance available, end of

for administrative assessment and for marketing services 7,567 7,567 7,567

are set forth in each order. Adjustments below these New obligational authority

rates are made from time to time upon recommendations

by the market administrator and approval of the AgriculRelation of obligations to expenditures:

tural Marketing Service. Rates are maintained at a 10 Total obligations..

12,735 13,250 13,050

level sufficient to provide reserves at about a 6-month 70 Receipts and other offsets (items

operating level. Upon termination of any order the 11-17).

--13,249 –13,250 -13,050 statute provides for distributing the proceeds from net

assets pro rata to contributing handlers or producers. 71 Obligations affecting expenditures.

-514 72.98 Obligated balance, start of

Milk sold by regulated handlers supplied about 100

913 1,020 1,009 74.98 Obligated balance, end of year.

-1,020 -1,009 -1,009 million persons -60% of the total nonfarm population

during calendar year 1963. 90 Expenditures (not included under

The following table gives an indication of the growing trust fund expenditures)

-621
11

role of Federal orders on the marketing of milk over the

past few years. Cash transactions: 93 Gross expenditures

12,752 13,239 13,050
94 Applicable receipts.
-13,373 -13,228 -13,050 Number of markets..

80
81
83

82 Number of handlers..

2,259 2,307 2,239 2.153 Number of producers.

189,816 194,863 186,477 176,683 1 Administrative fund totals are comprised of 82 separate independent order Marketing service fund totals are comprised of 74 separate independent

Population of market areas (mil-
lions).

88.9 93.8 97.4 100.1

Producer deliveries (billion pounds). 44.812 48.802 51.592 52.868 The Secretary of Agriculture is authorized by the Agri- Producer deliveries used in Class I

(billion pounds)...

28.758 29.859 31.558 32.968 cultural Marketing Agreement Act of 1937, as amendedunder certain conditions to issue Federal milk marketing The Agricultural Marketing Service has been delegated orders establishing minimum prices which handlers are the responsibility for program development, technical required to pay for milk purchased from producers. assistance and overall program direction of the operations.

Market administrators are responsible for carrying out Its costs of carrying out these responsibilities are financed, locally the terms of specific marketing orders. Their oper- as authorized by 7 U.S.C. 1392b, from the funds approating expenses, partly financed by assessments on regu- priated by section 32 of the act of August 24, 1935 (7 lated handlers and partly by fees collected from producers, U.S.C. 612c), and are reflected in part I of the appendix are reported in these schedules. These funds are collected but not shown here.

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year.

Calendar

year

1960

1961

1962

1963

accounts.
order accounts.

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Administrative fund:

Revenue
Expense.

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1,700 1,700

16,536

-2

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Program by activities:
Operation costs, provided:

Supervision of national banks.
Issue and redemption of Federal
Reserve currency.

Total, operating costs, Federal... Change in selected resources 10 Total obligations....

Financing:

Receipts and reimbursements from: 14 Non-Federal sources:

Assessments (net).
Trust examinations..
Merger and consolidation fees.
Investigations.
Reports sold.
Manuals and publications sold.
Other....
Reimbursement for issue and re-

demption of Federal currency...

Investment income.. 21.98 Unobligated balance available, start of

year.. 24.98 Unobligated balance available, end of

year..

Nonoperating income: Interest revenue.

Net income for the year.
Analysis of retained earnings:

Retained earnings, start of year..
Retained earnings, end of year.-

514

- 14,245 -13,891 – 14,845 -1,077 -1,000 -1,300

-48 - 48 -49 -427 -700

-800 -466 -600 --700 -213 -200 -200 -42 -45 -45

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Financial Condition (in thousands of dollars)

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The most important functions of the Comptroller of the Currency relate to the organization, examination, and liquidation of national banks. His approval is required by law in connection with the organization of new national banks, the conversion of State-chartered banks into national banks, and consolidations or mergers of national banks with national banks or of State banks with national banks where the continuing institution is a national bank. The establishment of branches by national banks also requires approval by the Comptroller.

The Office exercises general supervision over the operations of national banks. Each national bank is required to publish and file reports of condition not less than four times a year. National bank examiners examine each bank at least three times each 2 years for the purpose of determining the financial condition of national banks, the soundness of their operations, and their compliance with the requirements of the National Bank Act and other applicable statutes.

The estimates for calendar years 1964 and 1965 for costs and personnel have been prepared by the Bureau of the Budget.

1

2,703

5 385

2,800

3 400

400

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Revenue, Expense, and Retained Earnings (in thousands of dollars)

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Total Government equity..

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For the purpose of stabilizing the exchange value of the dollar, the Secretary of the Treasury is authorized to enter into stabilization agreements, and to deal in gold and foreign exchange and other instruments of credit and securities. An exchange stabilization fund, with a capital of $200 million (derived from the increment resulting from the reduction in the weight of the gold dollar which took place in 1934) is authorized by law for this purpose (31 U.S.C. 822a). All earnings and interest accruing are paid into this fund and are available for the purposes thereof, including expenses.

The principal sources of the Fund's income have been the handling charge imposed on purchases and sales of gold for the account of the Fund, profits on foreign exchange transactions, and interest on investments held by the Fund. The income of the Fund has consistently exceeded its expenses; the cumulative income of the Fund from the time it began operations has been $192.6 million and its expenses $37.3 million, resulting in a net income through June 30, 1964, of $155.2 million.

Liabilities of the Fund include a $250 million borrowing by the Secretary from the International Monetary Fund.

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4,050

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Total number of permanent positions. Full-time equivalent of other positions. Average number of all employees...

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