Program by activities: Administration: 570,170 770,000 -4,224 565,946 770,000 Loan program. Guarantee and insurance program. Total obligations... 305,909 -20,204 285,705 483,201 483,201 851,651 1,253,201 1 Formerly titled "Long-term project and equipment loans." 462,715 96,859 1,314,366 1,350,060 LIMITATION ON ADMINISTRATIVE EXPENSES Not to exceed [$3,781,000] $4,052,000 (to be computed on an accrual basis) shall be available during the current fiscal year for administrative expenses, including services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), [at rates not to exceed $75 per diem for individuals, and not to exceed $9,000 for entertainment allowances for members of the Board of Directors: Provided, That (1) fees or dues to international organizations of credit institutions engaged in financing foreign trade, (2) necessary expenses (including special services performed on a contract or fee basis, but not including other personal services) in connection with the acquisition, operation, maintenance, improvement, or disposi tion of any real or personal property belonging to the Bank or in which it has an interest, including expenses of collections of pledged collateral, or the investigation or appraisal of any property in respect to which an application for a loan has been made, and (3) expenses (other than internal expenses of the Bank) incurred in connection with the issuance and servicing of guarantees, insurance, and reinsurance, shall be considered as nonadministrative expenses for the purposes hereof. None of the funds made available because of the provisions of this title shall be used by the Export-Import Bank to either guarantee the payment of any obligation hereafter incurred by any Communist country (as defined in section 620(f) of the Foreign Assistance Act of 1961, as amended) or any agency or national thereof, or in any other way to participate in the extension of credit to any such country, agency, or national, in connection with the purchase of any product by such country, agency, or national, except when the President determines that such guarantees would be in the national interest and reports each such determination to the House of Representatives and the Senate within 30 days after such determination. (Foreign Assistance and Related Agencies Appropriation Act, 1965.) Program and Financing (in thousands of dollars) Investme Repan The Administration supervises a coordinated agricultural credit system of farm credit banks and associations which make credit available to farmers and their cooperatives. Assessments based upon estimated administrative expenses are collected from agencies in the farm credit system and are available for administrative expenses. Obligations are incurred within fiscal year limitations on administrative expenses. Supervision and examination of farm credit banks and associations.-Provision is made for supervision and examination of: 12 Federal land banks (wholly farmerowned); 13 banks for cooperatives (mixed ownership); 12 Federal intermediate credit banks (mixed ownership); 745 Federal land bank associations; and 483 production credit associations. Also, these credit agencies are furnished such services as assistance in financing and investments, 25.2 26.0 31.0 Personnel compensation: 24.0 Printing and reproduction....... 25.1 Other services. 1964 actual Services of other agencies. Supplies and materials.. Equipment... 2,811 2,741 70 1963 actual Total costs.--. 94.0 Change in selected resources.. 99.0 Total obligations........... 1,348 8 1,357 170 1,122 1,292 65 -62 1 74 65 Analysis of Government Equity (in thousands of dollars) 1964 actual 1,510 7 1,517 1965 1966 estimate estimate 1964 1965 1966 actual estimate estimate 1 The change in this item is reflected on the program and financing schedule. Object Classification (in thousands of dollars) 68 3 2,971 2,990 2,976 2,990 -5 15 10 74 -67 74 18 19 2,742 4 2,746 215 250 250 1,229 1,376 1,380 1,444 1,626 1,630 1,621 2 2 7 2 -1,122 -1,229 -1,376 -1,380 1,184 1,296 1,376 1.380 65 74 2 2 1,628 1,632 2,135 2,334 2,360 39 39 1 1 2,375 175 299 5 1,625 7 7 32 2 16 15 10 20 28 ུ༎ 1965 1966 estimate estimate 2,976 -5 2,971 2 2 2 2,401 179 299 15 2,990 2 2,990 1966 estimate 1965 1966 estimate estimate 230 4 233 9.5 $9,965 $5,033 5,600 Financing.-At the end of 1965 it is estimated that $1,040 thousand will be invested in the production credit associations and $53,750 thousand in the Federal intermediate credit banks. An additional $675 thousand net investment in the associations is expected in 1966. The provisions of section 105(d)(3) of the Farm Credit Act of 1956, which heretofore applied to the Federal intermediate credit banks investment fund is applicable to the combined fund. This section provides that of the $87,405 thousand class A stock of the credit banks outstanding on January 1, 1957, $57,405 thousand must be retired by payments into the Treasury as miscellaneous 1,000 receipts. When the balance is reduced to $30 million, the remaining proceeds from retirement of such stock will be credited to the combined revolving fund. Financial Condition (in thousands of dollars) 1,000 -110 -25 -325 -58,675 -53,185 | -45,210 45,210 44,535 53,185 8,000 1,000 5,490 7,975 8,175 5,600 8,000 1,000 additional investments in their capital stock in 1966 If the legislation is not enacted, additional investments of approximately $7.5 million are forecast for 1966. 2. Production credit associations.-An estimate for purchase of stock in production credit associations of $1 million is made for 1965 and $1 million for 1966. The need arises primarily because the volume of business of associations is increasing more rapidly than necessary net worth can be accumulated from local sources. Proposed legislation will not affect the estimates shown for the production credit associations. Assets: Treasury balance... Investment in capital stock: This fund is available to the Governor of the Farm Credit Administration as a revolving fund for investment in capital stock of the Federal intermediate credit banks and the production credit associations. Originally there were separate investment funds for the Federal intermediate credit banks and the production credit associations; however, these funds were combined into a single 14 revolving fund' as provided in subsection (f) which was added to section 5 of the Farm Credit Act of 1933 (12 U.S.C., Supp. IV, 1131i) by section 2(1) of Public Law 87-343, approved October 3, 1961. Budget program. The Farm Credit Administration expects to transmit proposed legislation to Congress. Assuming no drastic changes in agricultural conditions, enactment of the proposed legislation will make it unnecessary for the Federal intermediate credit banks to draw on the Short term credit investment fund for any Unobligated balance..... Total Government equity. Identification code Analysis of Government Equity (in thousands of dollars) 1963 1964 actual actual 130,000 130,000 130,000 130,000 Financing: Receipts and reimbursements from non- 58,675 53,185 45,210 44,535 175 65 1,040 1,715 30,000 30,000 30,000 30,000 41,150 46,750 | 53,750 53,750 130,000 130,000 130,000 130,000 BANKS FOR COOPERATIVES INVESTMENT FUND 1965 1966 estimate estimate 58,675 53,185 45,210 44,535 71,325 76,815 84,790 85,465 130,000 130,000 130,000 130,000 Retirement of investments in capital stock District banks for cooperatives.... Central bank for cooperatives.. 21.98 Unobligated balance available, start of year. New obligational authority.... |
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