10 70 ministrator under the program of housing loans to educational institutions (title IV of the Housing Act of 1950, as amended, 12 U.S.C. 1749-1749d), but this amount shall be exclusive of payment for services and facilities of the Federal Reserve banks or any member thereof, the Federal home-loan banks, and any insured bank within the meaning of the Federal Deposit Insurance Corporation Act, as amended (12 U.S.C. 1811-1831). (Independent Offices Appropriation Act, 1965.) Program and Financing (in thousands of dollars) Program by activities: Payment to "Salaries and expenses,” Office of the Administrator (costs-obligations). Identification code 25-05-4234-0-3-553 93 94 Financing: 1964 actual Relation of obligations to expenditures: Total obligations. Receipts and other offsets (items 11-17). 1,903 Total operating costs, funded-obligations.. Total obligations... 1,903 Cash transactions: Gross expenditures.. Applicable receipts. Financing: Receipts and reimbursements from: Non-Federal sources: Loan repayments. Sales and refundings. Program and Financing (in thousands of dollars)--Continued 1964 1965 actual estimate Financing-Continued Identification code 25.3 Payments to "Salaries and expenses," 93.0 Administrative expenses included in fund Total obligations. PUBLIC FACILITY LOANS OPERATIONS, PUBLIC FACILITY LOANS Program and Financing (in thousands of dollars) Object Classification (in thousands of dollars) 1964 actual Revenue..... Inspection and audit fees.. 21.47 Unobligated balance available, start of year: Authorization to spend public debt receipts. Unobligated balance transferred to Urban Mass Transportation fund (12 U.S.C. 1749; Public Law 87-70; Public Law 87-365): 23.47 Authorization to spend public debt receipts. 23.98 Fund balance. 24.47 Unobligated balance available, end of year: Authorization to spend public debt receipts. 47 New obligational authority (authorization to spend public debt receipts) 85,000 100,000 25,754 -25,754 71 Obligations affecting expenditures... 72.47 Obligated balance, start of year: Authorization to spend public debt receipts.. 73.98 Receivables in excess of obligations transferred to Urban Mass Transportation fund (12 U.S.C. 1749; Public Law 87-70; Public Law 87-365) 74.47 Obligated balance, end of year: Authorization to spend public debt receipts. 90 Expenditures... 1 Balances of selected resources are identified on statement of financial condition. 100,000 1964 actual 55,106 1,975 1,985 1,903 -1,903 -1,975 -1.985 4.133 Costs and obligations 55,106 48,200 5.532 56,117 398,867 56,117 -16,090 1965 estimate 40,027 108,267 -104,578 43,716 1965 estimate 59,458 -15,742 48,200 -4,521 36,800 49,500 50,585 85,000 100,000 5,375 75 91,850 -13,039 -1,367 -1,700 -2,000 -170 -9,698 -5,000 -5,000 78,811 104,578 1966 estimate 1966 estimate 41,211 53,684 -12,473 1966 estimate 6,850 8,290 91,850 108,290 45,000 5,500 50,500 6,770 1,325 10 185 176, 196 108,290 -14,890 8 -142,186-192,686 93,400 142, 186 42.900 57,250 -14,350 OFFICE OF THE ADMINISTRATOR-Continued Public enterprise funds-Continued PUBLIC FACILITY LOANS-Continued The Housing Amendments of 1955, as amended (42 U.S.C. 1492) authorize direct, long-term loans to municipalities and other subdivisions and instrumentalities of States and to Indian tribes for financing construction of essential public works. In addition, loans for provision of mass transportation facilities were authorized by the Housing Act of 1961, as amended. Loans are made only when credit is not otherwise available on reasonable terms and conditions. The loan program is funded by a Treasury borrowing authorization aggregating $650 million, of which $50 million is available solely for mass transportation facilities. The $50 million borrowing authorization for mass transportation loans has been transferred to the Urban mass transportation fund. Other financial and budgetary information regarding mass transportation loans may also be found in the Urban mass transportation fund. Communities with populations up to 50,000 are eligible for public facility loans, but the basic program extends priority to municipalities under 10,000 population for water, sewage, and gas distribution systems. Other eligible communities are those with populations up to 150,000 in redevelopment areas as designated by the Area Redevelopment Administration and in areas where the National Aeronautics and Space Administration maintains research or development installations. Financial assistance is also extended to public agencies or instrumentalities serving one or more municipalities, political subdivisions, or unincorporated areas in one or more States without regard to the aggregate population of the communities which they serve, so long as each of these communities is within the existing population limits of the program. Public facility loans may run for as long as 40 years and must be of sound value or so secured as reasonably to assure repayment. Interest rates are based on a statutory formula and are limited basically to the higher of either 3% or 0.50% above the average rate on all interest-bearing obligations forming part of the Federal debt. The 1965 rate is 4% for regular public facility loan projects and 3.75% for projects in redevelop ment areas. Loan approvals are made after Agency review of engineering, financial, and legal aspects of proposed projects. After loan approval, the locality proceeds with preparation of final plans and specifications, award of construction contracts, construction, and preparation of indentures and marketing of bonds in the private market or sale to the Government. Principal workload items are set forth in the following table: Applications: Received. Disapproved or withdrawn. Starts... Financing. Budget expenditures for the program total $41.2 million for 1965 and $42.9 million for 1966. At the end of the budget year, outstanding Treasury notes are estimated at $245.2 million. Revenue.. Expense year. Liabilities: Current... Operating results.-The estimated net loss of $1.6 million in the budget year is largely attributable to the $1.2 million increase in the allowance for losses. Cumulative deficit at the end of 1966 totals $10.6 million of which $6.8 million represents allowance for losses. Revenue, Expense, and Retained Earnings (in thousands of dollars) Net loss for the year. Adjustment for transfer of accumulated earnings on transportation loans to urban mass transportation fund... Deficit, start of year. Deficit, end of Assets: Treasury balance.... 1965 estimate 1966 estimate 414 225 TTT 190 120 130 Government equity: Interest-bearing capital: Start of year.. Borrowings, net. 1964 actual 299 126 173 End of year.. Non-interest-bearing capital: Start of year.. Transferred from "Mass transportation loans and grants" (42 U.S.C. 1492). Transferred to Urban trans portation fund. Lapsing.... 156 166 End of year. Deficit..... Financial Condition (in thousands of dollars) 1963 actual 2,227 346 128 217 1964 1965 1966 actual estimate estimate 12,500 4,855 6,144 7,705 6,774 7,884 9,255 -1,919 -1,740 -1,550 -160 -5,263 -7,182 -9,082 -7,182 -9,082 -10,632 9,890 14,174 12,511 14,111 1,409 101,394 1,757 2,315 2,855 144,023 181,595 223,945 159,954 196,421 240,911 112,693 1964 1965 1966 actual estimate estimate 3,407 4,774 6,314 80,045 112,729 160,729 200,729 32,684 48,000 40,000 44,500 160,729 200,729 245,229 112,729 -3,000 -20,064 3,000 3,000 -5,263 -7,182 -9.082-10,632 Total Government equity... 110,466 156,547 191,647 234.597 Program and Financing (in thousands of dollars) Administrative reservations 1964 actual 10,547 2,679 -2,088 Object Classification (in thousands of dollars) 11,138 1964 actual PUBLIC WORKS PLANNING FUND For the revolving fund established pursuant to section 702 of the Housing Act of 1954, as amended (40 U.S.C. 462), [$1,000,000, together with such additional sums not to exceed $3,000,000 as may be necessary to restore to said revolving fund the amounts which are not required to be repaid pursuant to section 702(g) of the Housing Act of 1954, as added by section 6 of the Public Works Acceleration Act (40 U.S.C. 462g), to be immediately available.] $15,000,000. 25,000 2,088 -2.088 1,220 [PUBLIC WORKS PLANNING FUND] [For an additional amount for "Public works planning fund", $10,000,000.] (Independent Offices Appropriation Act, 1965; Supplemental Appropriation Act, 1955; the estimate above will require legislative authorization in the amount of $5,000,000.) 25,000 1,220 1 Balances of selected resources are identified on the statement of financial condition. 1,220 -1,220 1964 actual 14,849 -3,711 11,138 50 11,188 1965 1966 estimate estimate Costs and obligations -7.384 -18 -17 -5,920 4,150 2,000 1,270 1,220 50 3,770 19.594 -16,287 7,077 14.899 -7.822 1,270 1,325 -1,270 -1.325 12,800 11,200 24,000 100 24,100 1965 1966 estimate estimate -9,500 -25 11,188 24,100 -7,418 -9,525 -4,150 3,575 14,000 1.325 1,325 14,575 16,287 -27.432 3,430 12,950 -9.520 18,000 7,000 25,000 100 25,100 -10,100 -25 -3,575 3,600 15,000 25,100 -10.125 14.975 27,432 -34,432 7,975 18,100 -10.125 OFFICE OF THE ADMINISTRATOR-Continued Public enterprise funds-Continued PUBLIC WORKS PLANNING FUND-Continued Interest-free advances to States, municipalities, local public agencies, and metropolitan areas and regions for the planning of local public works are authorized by the Housing Act of 1954 (40 U.S.C. 462), as amended. The program is designed to (1) encourage the preparation and maintenance of a current and adequate reserve of planned public works which can readily be placed under construction, and (2) promote economy and efficiency in planning and building public works. Revenue, Expense, and Retained Earnings (in thousands of dollars)---Continued 1965 1966 1964 actual estimate estimate Analysis of deficit: Adjustment in prior year collections. Adjustment of deficit on transfer of outstanding advances from first and second programs from "Liquidating programs," Office of the Administrator_.. Deficit, end of year... -10,395 -36,223-38,858 17 -22,797 -36,223 -38,858 -42,533 1965 1964 1966 actual estimate estimate Other services.. Grants, subsidies, and contributions.... Total obligations. 20,437 20 24,427 44,884 50 Analysis of Government Equity (in thousands of dollars) 31,007 25 22,659 53,692 55,805 81,058 92,550 2,000 14,000 15,000 24,550 -1,297 -2,508 81,058 92,550 107,550 -36,223-38,858 -42,533 44,835 53,692 65,017 1 The changes in this item are reflected on the program and financing schedule. Object Classification (in thousands of dollars) 19,967 16,257 27,457 34,457 5,920 4,150 3,575 3,600 19,523 24,427 22,660 26,960 45,410 44,835 53,692 65,017 1964 actual 38,032 25 26,959 65,017 50 11,138 1965 1966 estimate estimate 100 24,000 11,188 24,100 100 25,000 25,100 acquired by foreclosure or reversion from local governments on termination of specified uses, are being disposed of. Out of property originally capitalized at $2.5 billion, $413 million was transferred to other agencies for continued use, $786 million was transferred to local governments, and $891 million has been recovered and returned to the Treasury. The following schedule shows the Government's investment at the end of year (in thousands of dollars): 1964 actual 1965 estimate 1966 estimate 2,214,712 2,214,712 277,156 277,156 -413,356 2.214,712 277,156 -413.474 -786,442 -786,442 -894,978 -896,478 -413,474 -786,442 Non-interest-bearing investment: Appropriations... Assets transferred from other agencies.. Assets transferred to other agencies.. Statutory grants and donations... Repayment of investment to Treasury.. Deficit Total non-interest-bearing invest ment.. Total Government investment..... Revenue, net: Funded... Unfunded.. Assets: Total revenue. Expense: Funded. Unfunded.. Revenue, Expense, and Retained Earnings (in thousands of dollars) 1964 actual 1965 1966 estimate estimate Total expense Net operating income.... Proceeds from sale of real estate and mortgages.. Net book value of items sold.. Loss on sale of assets. Net income for the year. Analysis of deficit: Deficit, start of year...... Adjustment prior year expense.. First and second public works planning advance programs transferred under Public Law 88-560 from "Public Works Planning Fund," Office of the Administrator... Deficit, end of year.... Liabilities: Treasury balance. Accounts receivable, net.. Total assets. 400,592 -382,410 18, 182 1963 actual 1.935 1,244 15,402 1,991 461 21,034 196 Financial Condition (in thousands of dollars) 27 396,974 395,474 -381,891 --381,536 13,938 15,083 1964 actual 1,735 170 630 905 1,535 16,107 250 15 18,277 95 214 802 519 -406,304-382,410-381,891 22,797 -382,410-381,891 -381,536 570 1,799 170 10,185 250 2,775 15,179 570 95 215 215 355 1,000 -1,000 355 1965 1966 estimate estimate 1,835 170 9,504 250 2,275 14,034 95 |
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