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PART II

DETAILED ESTIMATES FOR TRUST FUNDS

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EXPLANATION OF ESTIMATES FOR TRUST FUNDS

are deducted from expenditures.

OBLIGATIONAL AUTHORITY FOR TRUST FUNDS

Part II contains detailed schedules and explanatory | funds, instead of being taken into the tables as receipts, statements on the various trust funds, together with a summary table covering the trust funds, the deposit funds, and certain Government-sponsored enterprises. It excludes the detail on trust fund programs which require annual action by Congress (shown in part I) and the detail on the District of Columbia municipal government funds (contained in a separate budget volume).

TRUST AND DEPOSIT FUNDS DISTINGUISHED

The funds which are covered in this part of the budget are of two types as follows:

Trust funds are those funds established to account for receipts which are held in a fiduciary capacity by the Government for use in carrying out specific purposes and programs in accordance with a trust agreement or a statute. Within the category of trust funds, there is subcategory of trust revolving funds, which are trust funds used to carry on a cycle of business-type operations, including certain corporations which are partly owned by the Government and partly by private interests.

Deposit funds are those funds established to account for collections that are either (a) held in suspense temporarily and later refunded or paid into some other fund of the Government, or (b) held by the Government as banker or agent for others, being paid out in lump sums at the direction of the owner. Such funds are not available for paying salaries, expenses, grants, or other expenditures of the Government.

Five Government-sponsored enterprises are also covered in the summary table. While their money on deposit with the U.S. Treasurer is technically handled as a deposit fund in each case, the enterprises are set forth under a heading separate from the deposit funds generally. One of the enterprises is without capital stock (Federal Deposit Insurance Corporation); two have stock which is largely owned by the Government but partly privately owned (Banks for Cooperatives and Federal Intermediate Credit Banks); and two are privately owned although Government sponsored (Federal Land Banks and Federal Home Loan Banks).

While the transactions in these groups of funds are a part of the financial program of the Government, trust and deposit funds are reserved for the purposes of the trust or the terms of the deposit; hence these transactions are excluded from the administrative budget totals.

TRUST FUND RECEIPTS AND EXPENDITURES

Receipts. Like budget receipts, trust fund receipts are based upon collections received and deposited, including U.S. Government securities received in lieu of cash and contributions to the trust funds from the general fund. Reported receipts exclude borrowing and the sale or redemptions of U.S. Government securities.

Expenditures.-Like budget expenditures, trust fund expenditures are stated on a checks-issued basis, less refunds collected. The repayment of borrowing and the purchase of U.S. Government securities are excluded from the expenditure figures.

Trust revolving funds. The small group of funds which constitute trust revolving funds are reported on a net expenditure basis. The collections of trust revolving

Most trust fund receipts are made available for use by permanent law, without requiring further action by Congress. In a few cases receipts of trust funds can be obligated and expended only in accordance with appropriations enacted by Congress from year to year. Examples are the funds of the U.S. Soldiers' Home and the general municipal revenues of the District of Columbia. In the case of the Highway trust fund, Congress controls expenditures by appropriations annually, but it grants contract authorizations in advance thereof. In a few other cases, the trust receipts are permanently available for program purposes, but Congress imposes annual limitations on administrative expenses.

DEPOSIT FUND EXPENDITURES

Deposit fund expenditures are shown in the summary table for this part of the appendix, but are not shown in the details. These expenditures are on a net basis; that is, the collections are deducted from checks issued, and the resulting figure is shown as an expenditure. Checks issued include transactions to move money into other funds, as well as refunds and the return of money to depositors. When the collections are larger than the gross expenditures, the amount shown as an expenditure is a negative item;

GOVERNMENT-SPONSORED ENTERPRISES

Expenditures of Government-sponsored enterprises appear in the summary table for this part of the appendix, but are not shown in the details. These expenditures are on a net basis, and are equal in amount to the borrowing by such enterprises through issuance of their own debt, and to their disinvestments in the U.S. securities. A negative expenditure for one of these enterprises indicates either the deposit of monies used for the repayment of debt or for investment in U.S. securities. The financial transactions of Government-sponsored enterprises which are handled outside the accounts of the U.S. Treasurer are not included.

DETAIL OF TRUST FUND ESTIMATES

The detailed material in part II covers the trust funds which do not require annual action by Congress. Consolidated schedules are used for the smaller trust funds of each bureau or independent agency.

The material here follows the general format of the similar material in part I, with the principal exception that these schedules show receipts in place of showing appropriations. In cases where the receipts are not permanently appropriated as the money is collected, the schedules identify the portion of the unobligated balances on hand which is appropriated and the portion which is unappropriated. Also, no appropriation language appears here, and the narrative statement of program and performance usually consists only of an explanation of the sources of money for the fund, the purposes for which it is authorized to be spent, and the legal citations.

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