This corporation was abolished October 4, 1961, by Public Law 87-353 (75 Stat. 773), and its remaining assets were transferred to the Secretary of the Treasury. The corporation has been in liquidation for several years, its only remaining activities being the collection of non-interest-bearing notes sold to the Federal land banks on June 30, 1955, paying the proceeds as dividends to the Treasury, and the payment of outstanding bonds payable upon presentation by rightful owners. As required by Public Law 87-353 (75 Stat. 773) the following balances were transferred to the Secretary of the Treasury on October 4, 1961 (in thousands): Cash balance $298; notes receivable, $1,525; interest payable on outstanding matured bonds, $39; matured bonds held 17 Analysis of retained earnings: Farm Mortgage Corporation," Farm Credit Administration... Budget expenditures.. - 138 -136 -64 860 -411 448 The Secretary of the Treasury is authorized to purchase securities or make loans (including participations therein and guarantees thereof) to aid in financing projects for civil-defense purposes upon certification by the Secretary of Defense (50 App. U.S.C. 2261, and sec. 104, Recon190 struction Finance Corporation Liquidation Act, and 448 Executive order 10952 of July 20, 1961). Investments 638 under the program are limited to a total of $250 million outstanding at any one time. Budget program.-- The sole program cost continues to 33 be the payment of interest on borrowings from Treasury 157 As of June 30, 1962, there were outstanding $692 thousand in loans and $1,308 thousand in commitments to partici190 pate in loans made by banks wherein disbursement of Treasury funds is deferred. It is estimated by the close of 1964 that the loans will be reduced to $547 thousand 448 and the deferred participation commitments to $756 thousand No new loans were authorized in 1962 and it is antici pated that there will be no additional loans authorized 157 during 1963 and 1964. -157 Financing.- Program activities are financed from bor448 rowings from Treasury. The unobligated balance of such authority at the end of 1964 is estimated to increase slightly to $249.1 million. Revenue, Expense, and Retained Earnings (in thousands of dollars) Program and Financing (in thousands of dollars) Program by activities: (object class 43) 459 16 430 400 1962 31 34 1963 31 34 1964 31 34 66 66 66 148 11 Personnel compensation: Permanent positions.... Total personnel compensation Total obligations 1 Selected resources as of June 30 are as follows: 1961 15 55 70 1. Processing deposits of withheld tax payments.--Employers and certain business enterprises deposit monthly, with designated banks, excise, withheld income, railroad 17 retirement, and withheld social security taxes, to the credit of the Treasurer of the United States. The Federal Re252 serve banks, acting as fiscal agents of the Treasury, issue depositary receipts which the employers attach to their returns as evidence of payment of taxes. Of the $1,705 thousand obligations estimated for 1964, $810 thousand 25 will be recovered and credited to miscellaneous receipts by 24 charges against the Federal old-age and survivors insur25 ance trust fund and the Federal disability insurance trust 4.8 fund. The work volume is estimated at 11,642,000 de$5,264 positary receipts in 1963 and 12,282,000 in 1964 as com$4,887 pared with 11,097,407 in 1962. The increase in obliga tions estimated for 1964 of $146 thousand over 1963 is due BUREAU OF ACCOUNTS Continued Object Classification (in thousands of dollars)-Continued 1963 estimate 1962 1963 General and special funds-Continued 1962 1964 actual estimate SALARIES AND EXPENSES—Continued 25 Other services.. 15 10 to the increase in the estimated volume of receipts, increase Reimbursement to Federal Reserve Banks. 1,287 1,484 1.626 in postage rates, and the purchase of additional depositary 26 Supplies and materials. 40 47 receipts and envelopes. 31 Equipment.-- 19 19 19 2. Financial reporting and maintenance of the Govern Total obligations ment's central accounts. This activity includes the mainte 3,539 3,887 4,100 nance of central accounts of appropriations, receipts and expenditures which provide data for financial statements. Personnel Summary It also includes the preparation and publication of financial reports on the Government's fiscal operations, such as the Total number of permanent positions. 318 303 297 annual Combined Statement of Receipts, Expenditures, xpenditures, Average number of all employees .. 296 297 291 and Balances; the Monthly Treasury Statement; the Number of employees at end of year. 292 297 291 6.6 Average GS grade 6.9 6.9 Secretary's Annual Report; the Treasury Bulletin; and Average GS salary $6,215 $6,736 $6,834 reports on foreign currencies acquired without payment of dollars. The work volume is estimated at 4,152,825 in 1963 and 4,190,853 in 1964 as compared with 4,115,131 in 1962. SALARIES AND EXPENSES, Division of DISBURSEMENT 3. Accounting and reporting development and internal audit. This activity includes furnishing technical ac For necessary expenses of the Division of Disbursement, [$26,500,000] $31,500,000. (Ex. Ord. No. 6166, Sec. 4, June 10, counting advice and assistance to other agencies in rela 1933' (note following 5 U.S.C. 124–192); 31 U.S.C. 157; Treasury tion to central accounting, reporting, disbursing and de Department Appropriation Act, 1963.) positary matters; participation in the Government-wide financial management improvement program; performing Program and Financing (in thousands of dollars) systems work within the Fiscal Service and the Bureau of 1964 Accounts; performing internal audit in the Bureau, and actual estimate estimate other audits of a departmental character. 4. Processing investments, loans, claims, collections, and Program by activities: surety bonds.- Investments in interest-bearing securities Operating costs: 23,263 24,940 28,875 are processed for certain funds, such as the Federal old-age 2. Issuance of savings bonds. 376 407 429 and survivors insurance trust fund, the unemployment trust fund, the veterans insurance trust fund, and various Total operating costs.. 23,639 25,347 29,304 Government retirement funds. The work includes ac Unfunded adjustment to total operating costs: -211 counting for purchases, sales and redemptions of securi -768 ties, processing of capital stock subscriptions of Govern Total operating costs, funded. 23,639 25,136 28,536 ment corporations, payment of international and other Capital outlay: claims, and examination of the financial conditions of com I. Processing payments.-- 973 1,338 2,964 panies issuing surety bonds in favor of the United States. Total program costs, funded. 24,612 26,474 31,500 The number of transactions is estimated at 72,896 for 1964 Change in selected resources 7 25 as compared with 70,999 in 1963 and 67,765 in 1962. 5. Supervision of the Federal depositary system.-Bank Total obligations 24,619 26,499 31,500 ing facilities are provided for all agencies of the Govern- Financing: ment through the designation of selected institutions to Unobligated balance lapsing 1,081 act as official depositaries of the Government's funds. Workload is expected to increase in 1964 as follows: New obligational authority... 25,700 26,499 31,500 1962 actual 1963 estimate 1964 estimate Number of depositaries utilized.. 4,467 4,570 4,680 New obligational authority: Agency authorizations in effect at end of Appropriation.. 25,700 26,500 31,500 year. 9,319 9,475 9,630 Transferred to "Operating expenses, Public Buildings Service," General Services Ad6. Executive direction. This provides for the over-all ministration (76 Stat. 728) (-)--management of the Bureau of Accounts. Appropriation (adjusted) 25,700 26,499 31,500 Object Classification in thousands of dollars) 1 Selected resources as of June 30 are as follows: 1962 adjust- 1961 ments 1964 Stores. 489 496 Unpaid undelivered orders. 521 480 11 Personnel compensation: Permanent positions.. 1,848 1,983 2,031 Total selected resources..... 1,010 -66 950 976 976 Other personnel compensation.. 2 The Division of Disbursement, through 14 regional Total personnel compensation 1,859 1,985 2,049 offices, makes payments for civilian Federal agencies, 12 Personnel benefits.- 138 146 148 21 Travel and transportation of persons 6 except the Post Office Department and certain Govern 8 23 Rent, communications, and utilities. 69 71 ment corporations, and issues savings bonds for Federal 24 Printing and reproduction..- 106 118 120 employees under the payroll savings plan. 1 1962 actual 1962 1963 496 480 -66 1962 1964 The increase in 1964 is due to additional work volume 1962. This amount will be required to cover the increased (15.7 million payments), increases in program activities, cost of mailing checks and bonds after January 6, 1963. and salary and postage rate increases. A supplemental appropriation for 1963 is anticipated for separate trans CLAIMS, JUDGMENTS, AND RELIEF ACTS mittal. The funds required are determined by multiplying work- (Permanent) load by the unit cost as shown in the following tables: Program and Financing (in thousands of dollars) 1963 actual estimate estimate 1962 actual 1963 estimate 1964 estimate Appropriated funds: Program by activities: 1. Processing payments.. 314,523 333,298 349,053 Payment of claims (costs-obligations). 43,951 5,972 5,002 2. Issuance of savings bonds. 3,999 4,100 4,100 Financing: New obligational authority 43,951 5,972 5,002 Appropriated funds: 1. Processing payments.- $0.0771 $0.0783 $0.0890 2. Issuance of savings bonds.. .0941 .0993 .1047 New obligational authority: 39,147 970 Permanent definite. 2 2 Permanent indefinite. 4,802 5,000 5,000 1962 1963 1964 actual estimate Appropriation - 43,951 5,972 5,002 estimate 7,463 Appropriations are made for payment of claims and 250 interest for damages not chargeable to appropriations 97 of individual agencies and for payment of private and 7,810 public relief acts. Appropriations are made individually 565 for judgments over $100 thousand while 31 U.S.C. 724a 51 206 authorizes a permanent indefinite appropriation to pay 17,768 judgments of $100 thousand or less from the general funds of the Treasury. 730 Statutory awards in the amount of $1,620 are paid 56 annually to Herman F. Krafft and Sarah E. Edge (46 Stat. 1,059 1921; 52 Stat. 1334). 3,132 Object Classification (in thousands of dollars) 31,500 680 48 747 986 285 697 51 156 1,020 1,305 24,619 26,499 Under existing legislation, 1963.-A supplemental appropriation is anticipated to meet postal rate increases in Under conditions of the law creating each trust, interest accordance with Public Law 87-793, approved October 11, accruing and payable from the general fund of the Treas |