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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

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Analysis of retained earnings:
Retained earnings transferred from "Federal

Farm Mortgage Corporation," Farm Credit

Administration...
Retained earnings, start of year.
Payment of earnings (-).

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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)

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Program and Financing (in thousands of dollars)

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Program by activities:
Interest on borrowings (costs--obligations)

(object class 43)

459

16

430

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400

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1962 31 34

1963 31 34

1964 31 34

66

66

66

148

11 Personnel compensation:

Permanent positions....
Other personnel compensation..

Total personnel compensation
12 Personnel benefits..-
21 Travel and transportation of persons.
23 Rent, communications, and utilities
24 Printing and reproduction..
26 Supplies and materials.

Total obligations

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1 Selected resources as of June 30 are as follows:

1961
139
Stores.-

15
9
Unpaid undelivered orders.

55
Total selected resources ---

70
9
1

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

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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

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
46

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:
'1. Processing payments..-

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:
Depreciation included above (-).

-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
1963
1964

adjust-
estimate estimate

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
18

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

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
470
481

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)
WORK VOLUME

1963
[In thousands)

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:
UNIT COST (OBLIGATIONS)

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:
Current definite..

39,147 970
Object Classification (in thousands of dollars)

Permanent definite.

2
2

2 Permanent indefinite.

4,802 5,000 5,000 1962 1963 1964 actual estimate Appropriation -

43,951 5,972 5,002

estimate

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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

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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

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