Other.. Repayment of capital invest ment to Treasury........... Adjustment in statutory grants and donations, affecting deficit.... End of year.. Deficit... Unobligated balance.. 1963 actual 445,425 -112 -2,000 1964 1965 actual estimate 25.1 Other services.. 32.0 Lands and structures. 92.0 Undistributed: Writeoff of current re ceivables.. 93.0 Administrative expenses (see separate schedule) Total obligations..... 427,142 400,592 Analysis of Government Equity 2,984 17,854 20,838 -24,550 -118 -2,000 -3,500 Object Classification (in thousands of dollars) 1964 actual Program by activities: Payment to "Salaries and expenses" (costs— obligations) 1,810 1,874 16,372 13,210 18,182 15,083 133 1.262 135 1,530 Program and Financing (in thousands of dollars) 1964 actual 135 100 100 1966 estimate 114 314 396,974 URBAN RENEWAL -16,171 427,142 400,592 396,974 395,474 Federal assistance to local governments for acquisition, clearance, redevelopment, and rehabilitation of slums and -406.304-382,410-381,891 -381,536 blighted areas was authorized by the Housing Act of 1949, Total Government equity... 20,838 18,182 15,083 13,938 as amended (42 U.S.C. 1453). Federal grants may defray 1965 1966 estimate estimate -1,500 114 1.910 12,029 13,938 LIMITATION ON ADMINISTRATIVE EXPENSES, OFFICE OF THE During the current fiscal year not to exceed [$110,000 $115,000 shall be available for administrative expenses, but this amount shall be exclusive of expenses necessary in the case of defaulted obligations to protect the interests of the Government and legal services on a contract or fee basis and of payment for services and facilities of the Federal Reserve banks or any member thereof, any servicer approved by the Federal National Mortgage Association, 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.) 100 500 115 715 1965 1966 estimate estimate 115 49 (a) Regular payments.. (b) 1964 act provisions. 3. Demonstration..... 4. Community renewal_ 5. Uncollectible advances and interest. 6. Alaska disaster.... 16 21.49 Unobligated balance available, start of year: 93 94 Subtotal.. Administrative reservations, start of year. 1 Adjustment in selected resources (grant obligations). Total obligations.. 74.49 74.98 90 Financing: Comparative transfer to Urban mass transportation fund.. 24.49 Unobligated balance available, end of year: Contract authorization (reserved). New obligational authority.. New obligational authority: Contract authorization. Proposed contract authorization.. Public Law 87-365): Contract authorization (unreserved). Relation of obligations to expenditures: Total obligations... Receipts and other offsets (items 11-17). Obligations affecting expenditures. Program and Financing (in thousands of dollars) Expenditures.. CAPITAL GRANTS Cash transactions: Administrative reservations Contract authorization (reserved) Contract authorization (unreserved). 23.49 Unobligated contract authority transferred to Urban mass transportation fund (12 U.S.C. 1749; Public Law 87-70; 10 70 71 Obligated balance, start of year: 72.49 72.98 Fund balance.. 73.98 Obligated balance transferred to Urban mass transportation fund (12 U.S.C. 1749; Public Law 47-70; Public Law 87-365) Obligated balance, end of year: Contract authorization.. Fund balance. 669,700 21,600 60,000 1.200 6,000 1,500 642,454 665,000 760,000 1,451,227 1,672,230 1,737,230 -1,672,230 -1,737,230 -1,847,230 421,451 600,000 650,000 1964 actual Costs and obligations 1 Balances of selected resources are identified on the statement of financial condition. 1965 estimate 421,451 425,787 907,362 179,498 214,245 4,336 -1,451,227 -1,672,230 -1,737,230 -656,965 -10,176 -769,457 719 1,737,230 1,425,000 750,000 302,942 319,000 17.058 600,000 650,000 600,000 1966 estimate 275,300 15,000 21,000 1,200 280,000 7,000 1,500 10,000 331,000 600,000 1,228,814 69,587 -17,058 -1,228,814 -1,598,814 -1,917,814 -69,587 -2,529 -2,529 280,000 331,000 214,245 1,847,230 9,457 650,000 650,000 1,598,814 2,529 331,000 OFFICE OF THE ADMINISTRATOR-Continued Public enterprise funds-Continued URBAN RENEWAL Continued CAPITAL GRANTS-continued Status of Unfunded Contract Authorization (in thousands of dollars) Unfunded balance brought forward.. Contract authorization.. Appropriation to liquidate contract authorization: Direct appropriation.. Transferred from "Mass transporta- Appropriation to liquidate con- Net new approvals. Planning completed... 1964 actual 3,015,555 100,000 4,805 -719 1,425,000 -2,911,219 -4,105,500-3,774,500 104,805 104,336 1965 estimate Cumulative 1,295 717 578 Budget program.-New reservations and adjustments in existing, reservations will total $760 million net in 1966. This assumes the enactment of $675 million in additional authorization in 1965. An administrative reservation of contract authority for grants is made at the time of approval of each urban renewal project (including the estimated cost of relocation payments), community renewal program, and urban renewal demonstration. 1. Projects.-Urban renewal projects are usually approved for grant reservation at the beginning of the planning period. In the case of general neighborhood renewal plans, which cover a larger or more complex area from which more than one project is expected to develop, reservations are made for the first project when approval is initially given for preparation of the overall plan. The reservation assures the availability of grant assistance when it is needed after the substantial community activity required for planning an urban renewal project. The following table reflects planning activity for urban renewal projects, including general neighborhood renewal plans: 200,000 156 143 1966 estimate 1964 actual 591 2. Relocation.-Grants also are provided to reimburse the community for relocation payments made to cover 2,911,219 4,105,500 moving expenses of families and businesses displaced from urban renewal areas, including actual direct losses of property not otherwise compensated for. A maximum of $200 per family and the actual certified costs, not in excess of $25 thousand per business are allowable. In addition, legislation enacted as a part of the Housing Act of 1964 provides relocation adjustment payments to families, individuals and small businesses under certain circumstances to ease the burden of relocation. 230,000 331,000 331,000 guaranteed lending for working capital. The number of projects in execution is shown in the following table: When a project is ready to enter the execution phase, a loan and grant contract is drawn between the community and the Housing and Home Finance Agency. In addition to a statement of the community's responsibility for carrying out the project in accordance with the general plan, the contract provides for progress grant payments based on extent of performance and for Federal or federally 4. Community renewal.---Federal grants are available to pay up to two-thirds of the cost incurred in preparing a local community renewal program covering the full range citywide basis. All the deteriorated and deteriorating of urban renewal action required to meet needs on a areas of the city can be identified and classified as to the relative urgency and degree of urban renewal action needed. The locality's resources for taking urban renewal action can be established and the community can develop a long-range program for urban renewal, including protable shows estimated community renewal program vision of related public improvements. The following activity (dollars in millions): Cumulative as of June 30. 1963 警 97 1 96 $12.3 com 1965 1966 estimate estimate 225 200 68 70 875 1,005 1964 actual 21 1965 estimate 30 5 25 112 117 $4.7 $6.0 1966 estimate 30 50 97 $6.0 Progress and final grant payments for urban renewal 6. Alaska disaster. The 1964 amendments to the Budget program. The Treasury borrowing authority of $1 billion is available for loan assistance to finance the planning and execution of urban renewal projects through the following types of commitments: 1. Planning advances.-Advances provide for costs directly associated with project planning. They are repayable, with interest, from funds made available to the projects during execution. 2. Temporary loans.-These are short-term direct Federal loans to provide initial financing for projects under contract. Thereafter, the local public agency generally relies upon private borrowings secured by pledge of the Federal loan commitment. Temporary 27,704 500,276 1,238 529,218 -240,459 -177,138 1965 estimate 1966 estimate 30,400 25,200 780,000 845,000 50,000 60,000 855,200 935,400 -262,906 -311,100 --370,259 -292,484 111,621 222,035 331,816 1 Balances of selected resources are identified on the statement of financial condition. 14,535 89,016 222,035 331,816 231,345 -186,535 1966 estimate 25,800 216,000 1,000 242,800 7,800 4,100 11,900 343,716 -25,800 -191,000 -20 -8,100 -4,100 -459,785 345,089 118,728 -136,128 343,716 -229,020 -17,400 44,810 114,696 152,806 85,165 79,975 240,304 269,777 290,002 -85,165 -79,975 -174,671 -269,777 -290,002 -284,822 20,767 29,776 25,180 155,970 214,311 252,600 -135,203 -184,535 -227,420 loans are repaid from the proceeds of land sales and from local and Federal cash grants. 3. Definitive loans.-Definitive loans permit the disposition of project land through long-term leases in lieu of sale, at the option of the community. In such cases, commitments are issued to secure private financing for the net value of redeveloped land. The loan commitments cover total expenditures by the statute and experience recognize that only a minor portion local public agency in carrying out the project. Both the of the Federal loan commitment is outstanding at any one time as direct Federal loans, and demand on Federal funds will not equal or even approach commitments made OFFICE OF THE ADMINISTRATOR-Continued Public enterprise funds-Continued URBAN RENEWAL Continued LOANS AND PLANNING ADVANCES-continued because: (a) project expenditures take place over several years; (b) early borrowings are progressively retired with funds provided from local and Federal grants and from the sale of land; and (c) private financing (guaranteed with a pledge of the Federal loan commitment) is relied upon as the major source of funds for temporary loans and definitive loans. Cumulative loan commitments will be $4,956 million by the end of 1966 but this amount will be reduced by $1,613 million in repayments and commitment waivers resulting in a net outstanding commitment of $3,343 million. The maximum Federal exposure (i.e., maximum demand for Federal loans at any one time) is estimated at $658 million on June 30, 1966. The following table shows the status of loan commitments outstanding at the end of each of the years covered by the budget (in thousands of dollars): Mass transportation grants. 2,126,941 Analysis of retained earnings: vances. Accumulated cost. Less appropriations expended. Retained earnings.. 1,179,923 Financing.-Borrowing authority previously committed is replenished by means of: (a) Repayment of planning advances; (b) repayment of temporary loans from project settlement funds (which include proceeds from the sale of land and Federal and local grants); (c) cancellation of temporary loan commitments; and (d) retirement of commitments due to the repayment of guaranteed nonFederal loans from project settlement funds. The ratio of Federal exposure to temporary loan commitments set by the Administrator is estimated at 18% in 1965 and 1966. Planning advance commitments are included at 75%. Repayments of Federal temporary loans from the proceeds of non-Federal guaranteed loans, estimated to total $146 million in 1966, are reflected on the program and financing statement; such repayments act as receipts affecting budget expenditures, but from an obligation standpoint result in an increase in undisbursed commitments. 2,719,235 181,498 1,487,753 1,016,594 2,600 1,856, 173 Revenue, Expense, and Retained Earnings (in thousands of dollars) Loans and planning advances: Net income for the year. Retained earnings, end of year. Assets: Treasury balance. Total assets.. 1 Excludes expenses borne by the Administrator, administrative expense appropriation amounting to $12,222 thousand in 1964; $12,485 thousand in 1965; and $13,175 thousand in 1966. Financial Condition (in thousands of dollars) Liabilities: Government equity: Operating results.-The use of grant appropriations is authorized to repay Treasury borrowing otherwise unrecoverable due to losses on planning advances and interest for terminated projects. The deficit resulting from Undisbursed capital grant capital grant payments and from uncollectible planning advances for terminated projects has been offset by the appropriation of funds for such purpose as shown in the Unobligated balance: following table (in thousands of dollars): obligations1. Undisbursed loan obligations 1 Capital grants Loans and planning ad vances. 1964 actual 1965 estimate 1966 estimate 8,246 7,223 -2,600 11,246 -3,110 -2,810 1,289,161 1,619,861 2,810 3,110 End of year.. Total Government Invested capital and earn- 1963 actual Subtotal.. Less undrawn authoriza- 12,846 260,000 100,000 360,000 419,800 339,364 554,737 47,516 319,710 -187,730 179,496 1964 actual 541,891 1964 actual 5,209 6,860 8,100 541,891 1965 1966 estimate estimate 14,340 292,531 6,391 8,391 151,013 181,498 496,768 482,420 1965 estimate 179,496 104,336 16,840 360,000 410,240 50,240 50,000 410,240 460,240 482,428 465,580 Analysis of Government Equity and Undrawn Authorizations (in thousands of dollars) 2,530 2,810 1966 estimate 287,351 9,991 207,478 504,820 2,530 69,588 230,000 331,000 18,940 -17,058 -214,245 -280,000 -331,000 69,588 2,530 3,110 460,240 20,000 480,240 482,428 465,580 1,086,859 1,298.401 1,601,343 1,920,343 385,731 346,993 361,528 450,544 2,108, 192 1,682,406 2,506,687 1,856,687 487,195 504,594 459,785 345,089 129,470 151,013 181,498 207,478 4,197,447 3,983,407 5,110,840 4,780,140 -3,655,555 -3,500,979 -4,645,260 -4,294,260 485,880 Total Government 1 The changes in these items are reflected on the program and financing schedules 485,880 |