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1964

1965

1966 estimate

ministrator under the program of housing loans to educational in

Program and Financing (in thousands of dollars) --Continued
stitutions (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 mem-

actual estimate
ber thereof, the Federal home-loan banks, and any insured bank
within the meaning of the Federal Deposit Insurance Corporation Financing - Continued
Act, as amended (12 U.S.C. 1811-1831). (Independent Offices

Proposed increase in limitation due to pay
increases..

75
Appropriation Act, 1965.)
Program and Financing (in thousands of dollars)

Object Classification (in thousands of dollars)

Identification code
1964

25-05-
4058-0-3-702

actual estimate
estimate

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1964

1965

1965

1966 estimate

1966 estimate

actual

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Financing: 14

Receipts and reimbursements from: Non-Federal sources:

Loan repayments.-Sales and refundingsRevenue...

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).

-1,367 -1,700 -2,000
-9,698 –5,000

-5,000
-4,855 -6,144 -7,705
-170 -195

-185 -438,894 -398,867 | -269,596

50,000

460
398,867 269,596 176,196

Relation of obligations to expenditures: 10 Total obligations 70

Receipts and other offsets (items 11-17). 71

Obligations affecting expenditures. 12.47 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.

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93 94

Cash transactions:

Gross expenditures..
Applicable receipts.

59,458 -15,742

53,684 - 12,473

57,250 -14,350

i Balances of selected resources are ideotified on statement of financial condition.

1965 estimate 1966 estimate

346 128

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1964 actual

1965 estimate

1966 estimate

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OFFICE OF THE ADMINISTRATOR-Continued Loan approvals are made after Agency review of engi

neering, financial, and legal aspects of proposed projects. Public enterprise funds-Continued

After loan approval, the locality proceeds with prepara

tion of final plans and specifications, award of construcPUBLIC FACILITY LOANS—Continued

tion contracts, construction, and preparation of indentures

and marketing of bonds in the private market or sale to OPERATIONS, PUBLIC FACILITY LOANS-continued

the Government. Principal workload items are set forth The Housing Amendments of 1955, as amended (42 in the following table: U.S.C. 1492) authorize direct, long-term loans to munici

Applications:

1964 actual palities and other subdivisions and instrumentalities of Received.

299

414 States and to Indian tribes for financing construction of Disapproved or withdrawn.

126

225 essential public works. In addition, loans for provision

Gross loan approvals.

173
190

217

Construction: of mass transportation facilities were authorized by the

Starts

156
120

168 Housing Act of 1961, as amended. Loans are made only

Completions.

166
130

126
when credit is not otherwise available on reasonable terms
and conditions.

Financing.-Budget expenditures for the program total The loan program is funded by a Treasury borrowing $41.2 million for 1965 and $42.9 million for 1966. At the authorization aggregating $650 million, of which $50

end of the budget year, outstanding Treasury notes are million is available solely for mass transportation facilities.

estimated at $245.2 million. The $50 million borrowing authorization for mass trans

Operating results.The estimated net loss of $1.6 portation loans has been transferred to the Urban mass million in the budget year is largely attributable to the transportation fund. Other financial and budgetary in

$1.2 million increase in the allowance for losses. Cumulaformation regarding mass transportation loans may also

tive deficit at the end of 1966 totals $10.6 million of which be found in the Urban mass transportation fund.

$6.8 million represents allowance for losses. Communities with populations up to 50,000 are eligible Revenue, Expense, and Retained Earnings (in thousands of dollars) 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

Revenue.

4,855 6,144 150,000 in redevelopment areas as designated by the Area

7,705 Expense..

6,774

7.884 9,255 Redevelopment Administration and in areas where the National Aeronautics and Space Administration main- Net loss for the year.

-1,919 -1,740

-1,550 tains research or development installations. Financial Adjustment for transfer of accumulated earnings assistance is also extended to public agencies or instru

on transportation loans to urban mass trans-
portation fund..

-160 mentalities serving one or more municipalities, political Deficit, start of year.

-5,263 -7,182

-9,082 subdivisions, or unincorporated areas in one or more States without regard to the aggregate population of the

Deficit, end of year.

-7,182 -9,082 -10,632 communities which they serve, so long as each of these communities is within the existing population limits of the

Financial Condition (in thousands of dollars)
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 bigber of either 3% or 0.50% above the average rate

Assets:
Treasury balance. .

9,890 14,174 12,511 on all interest-bearing obligations forming part of the Accounts receivable, net.

1,409 1,757 2,315 Federal debt. The 1965 rate is 4% for regular public

Loans receivable, net.

101,394 144,023 181,595 223,945 facility loan projects and 3.75% for projects in redevelopment areas.

Total assets...

112,693 159,954 Budget program.—Net loan approvals are estimated at Liabilities: $60 million for the current year plus $25 million for the

Current.

2,227

3,407 4,774 purchase of Alaska State bonds, and $100 million for the Government equity: budget year; sales of bonds from portfolio and repayments Interest-bearing capital: are estimated at $6.7 and $7 million for the respective

80,045 112,729 years. The following table shows the relationship of this

Borrowings, net.

32,684 48,000 program to available funds (in thousands of dollars) :

112,729

Non-interest-bearing capital:
1964 actual
1966 estimate

10,564 3,000
Unreserved balance, start.
407,764 373,113 242,613

Transferred from “Mass transTransferred to Urban mass transporta

portation loans and grants" tion fund (12 U.S.C. 1749; Public Law

12,500

(42 U.S.C. 1492) 87-70; Public Law 87-365).

-50,460

Transferred to Urban trans-
Repayment and sales of bonds.

11.064
6,700

-3.000 Net expenses.--

7,000

portation fund.
–506 -1,740

-1,550
Lapsing-

-20,064 Total funds available...

418.322 Net loan approvals.

327,613 248,063
End of

3,000
-45,209 -85,000 -100.000

Deficit..

-5,263 -7,182 Unreserved balance, end.. 373.113 242,613 148,063

Total Government equity--- 110,466

156,547

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1963 actual

1964 actual

1965 estimate

1966 estimate

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14,111
2,855

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196,421 240,911

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Analysis of Government Equity and Undrawn Authorizations

of the Federal Deposit Insurance Corporation Act, as amended (in thousands of dollars)

(12 U.S.C. 1811-1831). (Independent Offices Appropriation Act,

1965.)
1963
1964
1965
1966

Program and Financing (in thousands of dollars)
actual actual estimate estimate
Identification code

1964

1965 1966 Undisbursed loan obligations 1. 107,449 102,928 139,728

25-05-4234-0-3-553

actual 189,228

estimate estimate Unobligated balance..

438,894 398,867 269,596 176, 196 Invested capital and earnings - 101,394 144,023

23 181,595 223,945 Program by activities:

Payment to "Salaries and expenses" (costs—
Subtotal...
647,737 645,818 590,918 589,368 obligations)...

1,220 1,270

1.325 Less undrawn authorizations.. -537,271 -489,271 -399,271 -354,771

Financing:
Total Government equity... 110,466 156,547 191,647 234,597

Limitation.

1,220
1,220

1,325
Proposed increase in limitation due to pay
increases.

50
1 The changes in this item are reflected on the program and financing schedule.
Object Classification (in thousands of dollars)

Object Classification (in thousands of dollars)
Identification code

1964
1965

1966 25-05-42340-3-553

actual estimate estimate

25.3 Payment to "Salaries and expenses."
Office of the Administrator...

1,220 1,270 1,325

93.0 Administrative expenses included in 25.1 Other services..

179 205 195
fund as a whole.

-1,220 -1.270 -1.325 33.0 Investments and loans.

55, 106 48,200 50,500 43.0 Interest and dividends..

4,133 5,375 6,770 99.0 Total obligations... 93.0 Administrative expenses (see separate schedule).

1,220 1,270 1,325 Total costs.

60,638 55,050 58,790 94.0 Change in selected resources -4,521 36,800 49,500

PUBLIC WORKS PLANNING FUND 99.0 Total obligations..

56,117 91,850 108,290 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
LIMITATION ON ADMINISTRATIVE EXPENSES, OFFICE OF THE

Housing Act of 1954, as added by section 6 of the Public Works
ADMINISTRATOR, PUBLIC FACILITY LOANS

Acceleration Act (40' U.S.C. 462g), to be immediately available.]
Not to exceed ($1,220,000) $1,325,000 of funds in the revolving

$15,000,000. fund established pursuant to title II of the Housing Amendments

[PUBLIC WORKS PLANNING FUND] of 1955, as amended, shall be available for administrative expenses, [For an additional amount for “Public works planning fund", but this amount shall be exclusive of payment for services and facili

$10,000,000.} (Independent Offices Appropriation Act, 1965; ties of the Federal Reserve banks or any member thereof, the

Supplemental Appropriation Act, 1965; the estimate above will require Federal home-loan banks, and any insured bank within the meaning legislative authorization in the amount of $5,000,000.)

Program and Financing (in thousands of dollars)

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OFFICE OF THE ADMINISTRATOR-Continued

Revenue, Expense, and Retained Earnings (in thousands of dollars) - Continued

Public enterprise funds-Continued

1964 actual

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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): Appropriations

2,000 14.000 15,000 Repayments and net expense..

7,369 9,425 10,025 Funds available from prior years..

3,241 2,062 1,487

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1964 actual

1965 estimate 1966 estimate

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Start of year.

D

End of year.

Available, end of
year.
2,062 1,487 1,512 Liabilities:
Current..

50 50
Advances are repayable when construction commences Government equity:
on the project, except that such repayment is waived

Non-interest-bearing capital: when construction is initiated as a result of a grant made

44,000 55,805 81,058 92,550 in accordance with the Public Works Acceleration Act

Appropriation during year. 12,000 2,000 14,000

15,000

Assets transferred from “Liqui(40 U.S.C. 462g). Capital lost to the revolving fund as a dating programs," Office of result of forgiveness of advances pursuant to that act is

the Administrator...

24,550 being recovered from $4 million appropriated for this

Planning advances written off
under Public Law 87-658... -195 -1,297

297 —2

-2,508 purpose in the Independent Offices Appropriation Act, 1965.

55,805 81,058 92,550 107,550 Bulget program. ---Actual and estimated program activity

Deficit...

-10,395–36,223 –38,858 -42,533 is shown in the following tabulation (dollars in thousands):

Total Government equity-- 45,410 44,835 53,692

65,017 1964 actual 1965 eslimate 1966 estimate Applications received.

1,088 1,215 1,230 Net approvals: Number. 526

Analysis of Government Equity (in thousands of dollars) 705

660 Amount. $10,547 $24,000 $25,000

Undisbursed loan obligations 1 19,967 16,257 27,457 Financing.-The program is financed by an authorized Unobligated balance..

5,920 4,150 3,575 revolving fund of $78 million. The budget program Invested capital and earnings- 19,523 24,427 22,660 anticipates legislation to authorize additional appropria

Total, Government equity... tions.

45,410 44,835 53,692 Operating results.-The cumulative deficit at the end of 1966 is estimated at $42.5 million of which $13.9

1 The changes in this item are reflected on the program and financing schedule. million represents an allowance for losses.

Object Classification (in thousands of dollars) Revenue, Expense, and Retained Earnings (in thousands of dollars)

Identification code

25-05-4113-0-3-553
estimate
25.1 Other services..

50 100 Revenue.

18
25
25 41.0 Grants, subsidies, and contributions...

11,138 24,000 Expense

3,066 2,660 3,700

99.0
Total obligations

11,188 Net operating loss for the year.

-3,048 -2,635 -3,675

34,457

3,600 26,960

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65,017

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1964 actual

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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 aclual 1965 estimate 1966 estimate Non-interest-bearing investment: Appropriations...

2,214,712 2,214,712 2.214,712 Assets transferred from other agencies.. 277, 156 277,156 277,156 Assets transferred to other agencies.- --413,356 -413,474 -413,474 Statutüry grants and donations.... -786,442 -786, 442 -786, 442 Repayment of investment to Treasury. -891,478 -894,978 -896, 478

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1964 actual

-687

-681

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-1,000

Financing:

Receipts and reimbursements from: 11 Administrative budget accounts:

Mortgages sold to FNMA. 14 Non-Federal sources:

Collection of loans and mortgages---
Proceeds from sale of real estate

and mortgages.-
Collection of planning advances..

Interest and other revenue. 21.98 Unobligated balance available, start of

year24.98 Unobligated balance available, end of

year. 27 Capital transfer to general fund.

New obligational authority

-168

-311 -1,059

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1,059 3,388

905

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Relation of obligations to cxpenditures: 10 Total obligations 70 Receipts and other offsets (items 11-17). 71 Obligations affecting expenditures.72.98 Receivables in excess of obligations,

start of year. 74.98 Receivables in excess of obligations,

Proceeds from sale of real estate and mortgages. Net book value of items sold..

300 -1,090

1,000 -1,000

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-790

-1,048

---75

-75

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end of year.

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90

- 406,304 -382,410 –381,891

27

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Net income for the year.
Analysis of deficit:

Defcit, start of year..
Adjustment prior year expense.
First and second public works planning ad-

yance programs transferred under Public
Law 88-560 from "Public Works Planning
Fund," Office of the Administrator...

-1,536

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22,797

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The Independent Offices Appropriation Act, 1955, established a single revolving fund for the more efficient liquidation of assets acquired under a number of Housing and Home Finance Agency programs as well as any other programs which might be transferred by subsequent legislation. Under the terms of Public Law 88-560, outstanding advances under the first and second advance planning programs were transferred in 1964 from this fund to the public works planning fund in order that these advances might be collected under the terms of the later

Some $26 million in assets, with a net book value of $18 million, remained on June 30, 1964. Most of these assets were bonds of local governments. Several real properties,

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