21.47 Unobligated balance available, start of year: Authorization to spend public debt receipts 45,209 60,000 100,000 55.106 48,200 45,000 5,500 45,209 85,000 100,000 55,106 48,200 50,500 -4,521 36,800 49,500 50,585 85,000 100,000 50.585 85,000 100,000 4.133 1,220 9 Unobligated balance transferred to Urban Mass Transportation fund (12 U.S.C. 1749; Public Law 87-70; Public Law 87-365): 73.98 Receivables in excess of obligations transferred to Urban Mass Transportation fund (12 U.S.C. 1749; Public Law 87-70; 56,117 -16,090 91,850 -13,039 108,290 -14,890 40,027 108,267 78,811 104,578 93,400 142,186 8 104,578 -142,186 -192,686 41,211 42.900 Cash transactions: Gross expenditures.. Applicable receipts. 1 Balances of selected resources are identified on statement of financial condition. OFFICE OF THE ADMINISTRATOR-Continued Public enterprise funds—Continued PUBLIC FACILITY LOANS-Continued OPERATIONS, 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 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. 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) Total assets.- Liabilities: Current. 1963 actual 1964 1965 1966 actual estimate estimate 9.890 14.174 12,511 14.111 1.757 2,315 2,855 144,023 181,595 223,945 1,409 101,394 Government equity: Interest-bearing capital: Start of year..-. Borrowings, net. End of year. Non-interest-bearing capital: Transferred from "Mass trans- Transferred to Urban trans portation fund.. Lapsing..... End of year.. Deficit.... Total Government equity... 110,466 156,547 191,647 234.597 55,050 58,790 -4,521 36,800 49,500 56,117 91,850 108,290 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. [PUBLIC WORKS PLANNING FUND] [For an additional amount for "Public works planning fund", $10,000,000.1 (Independent Offices Appropriation Act, 1965; Supplemental Appropriation Act, 1965; the estimate above will require legislative authorization in the amount of $5,000,000.) 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. Advances are made only if the project is planned to be constructed within a reasonable period of time-considering the nature of the project. Projects must be in conformity with applicable State, regional, and local development plans. The following table shows funds available for approval of advances during the budget period (in thousands of dollars): 1964 actual 1965 estimate 1966 estimate Assets: Appropriations. 2,000 Repayments and net expense. 7,369 Accounts receivable, net. Funds available from prior years. 3,241 Planning advances receivable, net.. 423 19,523 24,427 20,437 31,007 38,032 20 25 25 22,659 26,959 44,884 53,692 65,017 |