Federal, State, and Local Governments
Government Finance and Employment Classification Manual
Chapter 10 - Descriptions of Cash and Security Categories
| Main | Classification Manual | Revenue | Expenditure |
Cash and security holdings of a government at the close of its fiscal year, including those of its dependent agencies, utilities, and liquor stores.
Government balance sheets report a wide variety of assets; Census Bureau statistics, however, are limited to just cash, governmental and private securities, and other investments. All other assets, such as fixed assets, equipment, materials, most receivables, interfund loans, and deferred amounts, are excluded. Chart 10-A provides examples of the most common types of assets that are included and excluded in this classification schema.
These data are categorized according to the type of accounting fund that reports them, the only area in Census Bureau statistics to preserve the accounting nature of the source data. These categories are grouped into insurance trust and all other funds, as follows:
INSURANCE TRUST SYSTEMS
Public Employee Retirement Systems
Unemployment Compensation Systems
Workers' Compensation Systems (state governments only)
Other Insurance Trust Systems (state governments only)
OTHER THAN INSURANCE TRUST SYSTEMS
Offsets to Debt (Debt Service or Sinking Funds)
Bond Funds
All Other Funds
Prior to fiscal year 1987-88 data, these categories were classified into more detailed categories according to the type of cash or security involved (e.g., cash and deposits, Federal treasury notes, state and local government securities, etc.). Because of the growing difficulties in obtaining the data (primarily the impact of pooled investment accounts), this sub-detail is no longer collected except for employee retirement systems and unemployment compensation systems.
The codes below apply only to state and local governments; no comparable data are collected for the Federal Government.
INSURANCE TRUST SYSTEMS
Except for Unemployment Compensation Systems, data for these categories are collected largely by a separate mail canvass of insurance trust systems. Chapter 11 includes a detailed description of each type of insurance trust system below.
CATEGORY: Public Employee Retirement Systems
Cash and security holdings of government-administered retirement systems for public employees.
In addition to the categories below, there are also special exhibit codes for employee retirement cash and security holdings (see Chapter 11).
| Code: X21 | ITEM: Cash and Short-Term Investments |
| Includes: | Cash on hand and on deposit; demand deposits; time or savings deposits; certificates of deposits; repurchase agreements ("repos"); reverse repurchase agreements ("reverse repos"); commercial and finance company paper; bankers acceptances; and money market funds. |
| Code: X30 | ITEM: Federal Government Securities |
| Includes: | Obligations of the U.S. Treasury (including short-term notes) and the Federal Financing Bank (FFB); and bonds and mortgage- backed securities issued by Federal agencies, such as the Commodity Credit Corporation (CCC), Export-Import Bank, Federal Housing Administration (FHA), Financing Corporation (FICO), Government National Mortgage Association (GNMA, or "Ginnie Mae"), Federal Savings and Loan Insurance Corporation (FSLIC), Small Business Administration (SBA), U.S. Postal Service, and Tennessee Valley Authority (TVA). |
| Excludes: | Mortgages directly held by employee retirement system (use code X42) and securities of Federally-sponsored or chartered private and quasi-private credit organizations, such as the Federal National Mortgage Association, FNMA or "Fannie Mae" (use code X40). |
| Notes: | Prior to fiscal year 1987-88 data, these securities were differentiated between Federal treasury notes (code X30) and Federal agency securities (code X33). Also seen Chapter 11 for a discussion of special exhibit codes for employee retirement cash and securities. |
| Code: X40 | ITEM: Corporate Bonds |
| Includes: | Debentures; convertible bonds; railroad equipment certificates; and securities of Federally-sponsored or chartered private and quasi-private organizations like Federal Home Loan Banks (FHLB), Federal Home Loan Mortgage Corporation (FHLMC, or "Freddie Mac"), Federal National Mortgage Association (FNMA, or "Fannie Mae"), Federal farm credit banks, and Student Loan Marketing Association (SLMA, or "Sallie Mae"). |
| Notes: | Report such securities at their book value (i.e., their original cost less any discounts), not at either their current market or par (face) value. |
| Code: X41 | ITEM: Corporate Stocks |
| Includes: | Common and preferred stock, warrants, and shares in investment companies. |
| Notes: | Report such securities at their book value (i.e., their original cost less any discounts), not at either their current market or par (face) value. |
| Code: X42 | ITEM: Mortgages Held Directly |
| Excludes: | Mortgage-backed Federal securities (use code X30) and real property directly held by system (use exhibit code X46). |
| Code: X47 | ITEM: Miscellaneous Investments |
| Includes: | Venture capital; partnerships; and real estate investment trusts. |
| Excludes: | Real property held directly by system (use exhibit code X46). |
| Notes: | Prior to fiscal year 1987-88 data, this category was classified as an exhibit code. |
| Code: X44 | ITEM: All Other Securities, N.E.C. |
| Includes: | Securities of state and local governments (including those issued by parent government administering the system and purchased for investment purposes); investments held in trust by other agencies, including funds administered by private agencies, guaranteed investment accounts, mutual fund shares, and governmental pooled investment accounts; shares held in mutual funds; foreign and international securities; conditional sales contracts; pooled life insurance investments; direct loans; and loans to system members. |
| Notes: | Effective with fiscal year 1987-88 data, includes securities of state and local governments formerly classed at code X35. |
CATEGORY: Unemployment Compensation Systems
Funds held by the U.S. Treasury in a trust account maintained for each participating government by the cooperative Federal-state unemployment compensation insurance system. Data for this category, which applies only to state governments and to the District of Columbia, are obtained from the Employment and Training Administration of the U.S. Department of Labor. Note that the two categories below are considered to be "cash and deposits."
| Code: Y07 | ITEM: Trust Fund Account in U.S. Treasury |
| Code: Y08 | ITEM: Other (Clearing and Benefit Accounts) |
| Notes: | May be a positive or a negative number. |
CATEGORY: Workers' Compensation Systems
Cash and security holdings of state government compulsory accident and injury insurance systems for workers' compensation.
| Code: Y21 | ITEM: Cash and Securities |
| Includes: | Various cash and security assets as delimited in Chart 10-A. |
| Notes: | Prior to fiscal year 1987-88 data, this code was divided further into cash and deposits (code Y21), Federal treasury securities (code Y30), Federal agency securities (code Y33), state and local government securities (code Y35), and nongovernmental securities (code Y44). |
CATEGORY: Other Insurance Trust Systems
Cash and security holdings of state government insurance trust systems other than employee retirement, unemployment compensation, and workers' compensation.
| Code: Y61 | ITEM: Cash and Securities |
| Includes: | Various cash and security assets as delimited in Chart 10-A. |
| Notes: | Prior to fiscal year 1987-88 data, this code was further divided into cash and deposits (code Y61), Federal treasury securities (code Y70), Federal agency securities (code Y73), state and local government securities (code Y75), and nongovernmental securities (code Y84). |
OTHER THAN INSURANCE TRUSTS
CATEGORY: Offsets to Debt (Debt Service or Sinking Funds)
Cash and security holdings specifically for debt service (interest payments and redemption of principal) on long-term debt, including those of utilities, whether full-faith and credit or nonguaranteed.
Includes cash on hand with fiscal agents for debt service or for redemption of uncanceled debt; bond reserve funds; balances in refunding bond accounts held pending completion of refunding transactions (other than for advance refunding); and credit paper or other assets of credit funds which are pledged to the ultimate redemption of debt incurred to finance loan activities of such funds. Covers assets held for debt redemption up to the amount of the specific debt for which they were accumulated plus related interest.
Also includes any mortgages and land contracts (at book value), notes receivables held as offsets to public debt for financing private sector activities (i.e., an amount equal to debt outstanding classified at code 44T), and the value of loans made by credit funds from debt proceeds. Prior to fiscal year 1987-88 data, the treatment of offsets cited above was limited to mortgage revenue bonds; effective with fiscal year 1987-88 data, it was expanded to cover all types of public debt for private purposes.
Excludes value set on land acquired by foreclosure, other real property, taxes or accounts receivable, interfund loans, and other noninvestment assets.
Prior manuals made a distinction between reserves for the redemption of debt principal (reported under this category) and for the payment of interest (reported under All Other Funds). In recent years, however, data reported here has included an increasing amount for interest since the majority of financial reports from which the data are gathered no longer separate the two components. Note, too, that the GASB definition of a debt service fund makes no distinction between interest and principal.
| Code: W01 | ITEM: Cash and Securities |
| Includes: | Various cash and security assets as delimited in Chart 10-A and industrial leases recorded as offsets to industrial development debt for the private sector. |
| Excludes: | Balances in advance refunding accounts held for future payment of debt that has been defeased and removed from the official accounts of the government (exclude entirely from survey). |
| Notes: | Prior to fiscal year 1987-88 data, this code was further divided into cash and deposits (code W01), Federal treasury securities (code W10), Federal agency securities (code W13), state and local government securities (code W15), and nongovernmental securities (code W24). |
| An amount recorded as offsets to public debt for private purposes is reduced as the debt creating it is retired. | |
CATEGORY: Bond Funds
Cash and security holdings of accounting funds established specifically to hold proceeds of bond issues (and related revenues) pending their disbursement.
| Code: W31 | ITEM: Cash and Securities |
| Includes: | Various cash and security assets as delimited in Chart 10-A. |
| Excludes: | "Capital project funds" whose sources of revenue do not include proceeds of bond issues (report at All Other Funds, code W61) and proceeds of public debt for private purposes not yet distributed (report at Offsets to Debt, code W01). |
| Notes: | Prior to fiscal year 1987-88 data, this code was further divided into cash and deposits (code W31), Federal treasury securities (code W40), Federal agency securities (code W43), state and local government securities (code W45), and nongovernmental securities (code W54). |
CATEGORY: All Other Funds
| Code: W61 | ITEM: Cash and Securities |
| Includes: | Various cash and security assets as delimited in Chart 10-A. |
| Notes: | Prior to fiscal year 1987-88 data, this code was further divided into cash and deposits (code W61), Federal treasury securities (code W70), Federal agency securities (code W73), state and local government securities (code W75), and nongovernmental securities (code W84). |
| General Purpose Governments | |||||||
| CODE | TYPE OF ASSET | Federal | State | DC | Large city- county | Other local | Special District |
| INSURANCE TRUST SYSTEMS: | |||||||
| ---Public Employee Retirement: | |||||||
| X21 | Cash and Short Term Investments | N | Y | Y | Y | Y | Y |
| X30 | Federal Government Securities | N | Y | Y | Y | Y | Y |
| X40 | Corporate Bonds | N | Y | Y | Y | Y | Y |
| X41 | Corporate Stocks | N | Y | Y | Y | Y | Y |
| X42 | Mortgages Held Directly | N | Y | Y | Y | Y | Y |
| X47 | Miscellaneous Investments | N | Y | Y | Y | Y | Y |
| X44 | All Other Securities, N.E.C. | N | Y | Y | Y | Y | Y |
| ---Unemployment Compensation: | |||||||
| Y07 | Balance in U.S. Treasury | N | Y | Y | N | N | N |
| Y08 | Other (Clearing and Benefit) | N | Y | Y | N | N | N |
| ---Workers' Compensation: | |||||||
| Y21 | Cash and Securities | N | Y | N | N | N | N |
| ---Other Insurance Trust Systems: | |||||||
| Y61 | Cash and Securities | N | Y | N | N | N | N |
| OTHER THAN INSURANCE TRUST SYSTEMS: | |||||||
| ---Offsets to Debt (Debt Service or Sinking Funds): | |||||||
| W01 | Cash and Securities | N | Y | Y | Y | Y | Y |
| ---Bond Funds: | |||||||
| W31 | Cash and Securities | N | Y | Y | Y | Y | Y |
| ---All Other Funds: | |||||||
| W61 | Cash and Securities | N | Y | Y | Y | Y | Y |
* Shows whether data are collected (Y) or not collected (N) for that type. |
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