U.S. Department of Commerce

Federal, State, and Local Governments
Government Finance and Employment Classification Manual
Descriptions of Insurance Trust Revenue Categories
 
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Amounts derived from contributions, assessments, premiums, or payroll "taxes" required of employers, employees, and others to finance compulsory or voluntary social insurance programs operated by the public sector; and any earnings on assets held or invested by such funds.

Excludes general tax proceeds, donations, and other revenue except that enumerated below even if such amounts are levied specifically for insurance trust purposes (report at appropriate general revenue code); grants and shared taxes for support of insurance trusts other than employee retirement systems, whether received directly or through the parent government (report at appropriate Intergovernmental Revenue code); borrowing of funds (non-revenues); transfers or contributions from parent government which administers the social insurance system (either as employer contributions or for general financial support); and rentals from real property leased to other agencies of the parent government (latter two are intragovernmental transfers).

Also excludes interest earnings on Federal securities held by the three Federal-only insurance trusts enumerated below since these are intragovernmental transfers. In the case of state and local government insurance trusts, however, interest earnings on their own or other governments' securities held for investment are included because of the difficulty in identifying such transactions.

Some of the contributions allocated to these categories generally are viewed as taxes (e.g., unemployment compensation payroll taxes, Social Security taxes); for Census Bureau purposes, however, these are treated as insurance trust revenues, not tax revenues.

Moreover, not all revenues received by an insurance trust fund are classified as insurance trust revenues for Census Bureau purposes. Such receipts as grants-in-aid, charges for miscellaneous services, fines and penalties, and other miscellaneous revenues are treated as general revenues.

Insurance trusts are unique in having two sets of revenue codes for classification purposes. The first set, described below, pertains to revenues that are included when reporting the overall finances of a government (e.g., to derive total revenue). The second set of codes is for exhibit purposes only; items which are not included with revenues in the regular finances (e.g., transfers or contributions from parent government) are reported under these exhibit codes for display in special tables or reports.

Chapter 11 provides a separate discussion of insurance trust systems, including a formal definition of a social insurance trust and the various exhibit codes for these activities.


CATEGORY: Federal-Only Insurance Trust Systems

Contributions for social insurance programs administered solely by the Federal Government. At present, only three such systems have been classified, which are described in more detail in Chapter 11.

Excludes earnings on investments since the assets of these trust funds are invested solely in Federal securities (thereby making them intragovernmental transfers).

 
Code: Y20 ITEM: Social Security and Medicare
 
Includes: Contributions (employee, employer, and self-employed payroll taxes) to provide for benefits under the Federal Old-Age, Survivors, and Health and Disability Insurance Programs, commonly referred to as Social Security and Medicare.
 
Code: Y31 ITEM: Veterans' Life Insurance
 
Includes: Insurance premiums from veterans for purchase of annuities in life insurance programs administered by the U.S. Department of Veterans Affairs (formerly, U.S. Veterans Administration).
 
Excludes: Appropriations from general and special revenue funds (intragovernmental transfers).
 
Code: Y41 ITEM: Railroad Retirement
 
Includes: Contributions (employee and employer) to provide for benefits under the Federal Railroad Retirement and Disability system.
 
Excludes: Contributions from Social Security trusts, tax subsidies, and any other Federal receipts representing interfund transfers; and contributions for Federal railroad unemployment compensation (use code Y01).
 

CATEGORY: Public Employee Retirement Systems

Contributions from employees and other governments (as employers or as grants-in-aid and shared taxes); and interest earnings on investments of retirement systems administered by governments for public employees.

These data are collected by a separate mail canvass survey of state and local government-administered public employee retirement systems.

See Chapter 11 for a discussion of exhibit codes for employee retirement systems.

SUB-CATEGORY: Employee Contributions

Amounts contributed or withheld from salaries and wages of employees and voluntary employee contributions to provide for retirement or survivors' benefits. Includes reimbursements for disability payments, interest on employee loans, and interest on buyback contributions.

Also includes contributions from general employees as well as those of public colleges and other institutions or dependent agencies.

 
Code: X01 ITEM: From Local Government Employees
 
Code: X02 ITEM: From State Government Employees
 
Code: X03 ITEM: From Federal Government Employees
 
Includes: Revenues from athletic contests, sale or rental of textbooks, student activity funds, and the like.
 
Code: X05 ITEM: Contributions from Other Governments
 
Includes: For local governments, amounts received either from the state or from other local governments as employer contributions for their own employees. Contributions from state governments to local retirement systems includes not only employer contributions but also state aid (e.g., contributions on behalf of local teachers) and shared taxes (e.g., portion of taxes imposed on insurance companies), even if such amounts are received through the parent government. For state governments, includes amounts received from local governments as employer contributions for their own employees.
 
Excludes: Contributions from parent government which administers the employee retirement system, including its share as an employer (use exhibit code X04 or X06--see Chapter 11 for details) and repayment of loans made to members (nonrevenue).
 
Code: X08 ITEM: Earnings on Investments
 
Includes: Interest earnings on investment securities, deposits, and other interest-bearing accounts, including accrued interest on investment securities sold; dividends; recorded profits on investment transactions (minus any recorded losses); rentals; and other earnings on investments.
 
Excludes: Rental of property owned by a retirement system and leased to its parent government; unrealized gains; and amortization of discounts (nonrevenues).
 
Notes: Also report losses on investments at exhibit code X14. Previous manuals separated earnings on investments between interest income (code X08) and other types of investment earnings (X09). However, in practice this distinction was not made on the survey schedules themselves. Consequently, these two codes were consolidated effective with fiscal year 1990 data.
 

CATEGORY: Unemployment Compensation Systems

Contributions from employees and governments (as employers) and interest earnings on deposits in U.S. Treasury for the cooperative Federal-state unemployment compensation insurance system and for Federal railroad unemployment compensation. This category applies only to the Federal Government, state governments, and the District of Columbia. (For a description of how this system operates, see Section 11.32.)

Note that these data are obtained largely from the Employment and Training Administration of the U.S. Department of Labor.

 
Code: Y01 ITEM: Contributions
 
Includes: Payroll levies (or "taxes") collected from private and public employers (and in some cases employees) to provide for unemployment compensation benefits.
 
Excludes: Borrowing of funds (nonrevenues) and contributions (including special payroll levies) to pay debt service on loans issued to cover fund deficits (report at Miscellaneous General Revenue, NEC, code U99).
 
Code: Y02 ITEM: Interest Credited by U.S. Government
 
Includes: Interests earned on deposits held in the Unemployment Trust Fund of the U.S. Treasury and credited to individual state governments and to the District of Columbia.
 
Code: Y04 ITEM: Federal Advances and Contributions
 
Includes: Net amounts credited to the accounts of the individual state governments and District of Columbia during periods where contributions and interest are insufficient to pay benefits due. Report repayment of advances as deductions to this code, not as unemployment compensation expenditures.
 

CATEGORY: Workers' Compensation Systems

Contributions and interest earnings of state government-operated insurance trust funds to provide accident, disability, and death benefits for private and public employees. This category applies solely to state governments.

These data are collected largely by a separate mail canvass survey of state workers' compensation systems.

See Chapter 11 for a discussion of exhibit codes for workers' compensation systems.

 
Code: Y11 ITEM: Contributions
 
Includes: Premiums, assessments, payroll "taxes" or other contributions collected from employers and employees to provide for workers' compensation benefits, including contributions from local governments as employers on behalf of their own employees. Also includes amounts received from employees of either state or local governments.
 
Excludes: Contributions from state government administering insurance trust system (use code Y10--see Chapter 11 for details); dividends or return of excess premiums (report as a deduction from revenues); penalties and fines (use code U30); charges for such services as copying documents (report at All Other General Charges, code A89); recovery of benefits and other miscellaneous revenues (use code U99); and Federal grants (report at appropriate Intergovernmental Revenue from the Federal Government code).
 
Code: Y12 ITEM: Earnings on Investments
 
Includes: Interest earnings on investment securities, deposits, and other interest-bearing accounts, including accrued interest on investment securities sold; dividends; recorded profits on investment transactions (minus any recorded losses); rentals; and other earnings on investments.
 
Notes: Also report losses on investments at exhibit code Y15. Previous manuals separated earnings on investments between interest income (code Y12) and other types of investment earnings (Y13). However, in practice this distinction was not made on the survey schedules themselves. Consequently, these two codes were consolidated effective with fiscal year 1990 data.
 

CATEGORY: Other State Government Insurance Trust Systems

Contributions and earnings on investments for state-administered social insurance systems for sickness benefits, disability benefits, and other purposes. At present, only six such insurance trusts have been identified. This category applies solely to state governments.

These data are collected largely by a separate mail canvass survey of state miscellaneous insurance trust systems.

See Chapter 11 for a discussion of exhibit codes for miscellaneous state insurance trust systems.

 
Code: Y51 ITEM: Contributions
 
Includes: Premiums, assessments, or contributions collected from members to provide for benefits, including contributions from local governments as employers on behalf of their own employees. Also includes amounts received from employees of either state or local governments.
 
Excludes: Contributions from state government administering insurance trust system (use code Y50--see Chapter 11 for details).
 
Code: Y52 ITEM: Earnings on Investment
 
Includes: Interest earnings on investment securities, deposits, and other interest-bearing accounts, including accrued interest on investment securities sold; dividends; recorded profits on investment transactions (minus any recorded losses); rentals; and other earnings on investments.
 
Notes: Also report losses on investments at exhibit code Y54. Previous manuals separated earnings on investments between interest income (code Y52) and other types of investment earnings (Y55). However, in practice this distinction was not made on the survey schedules themselves. Consequently, these two codes were consolidated effective with fiscal year 1990 data.
 
DETAILED CODE LIST WITH COVERAGE OF DATA COLLECTION*

 
  General Purpose Governments
CODE TYPE OF REVENUE Federal State DC Large city- county Other local Special District
 
---Federal-Only Insurance Trusts:  
Y20 Social Security and Medicare Y N N N N N
Y31 Veterans' Life Insurance Y N N N N N
Y41 Railroad Retirement Fund Y N N N N N
 
---Public Employment Retirement:  
 --Contributions:  
X01 From Local Employees N Y Y Y Y Y
X02 From State Employees N Y N N N N
X03 From Federal Employees Y N N N N N
X05 From Other Governments N Y Y Y Y Y
 
X08 Earnings on Investments N Y Y Y Y Y
 
---Unemployment Compensation:  
Y01 Contributions Y Y Y N N N
Y02 Interest Credited by U.S. Government N Y Y Y Y N
Y04 Federal Advances and Contributions N Y Y Y Y N
 
---Workers' Compensation:  
Y11 Contributions N Y N N N N
Y12 Earnings on Investments N Y N N N N
 
---Other State Insurance Trusts:  
Y51 Contributions N Y N N N N
Y52 Earnings on Investments N Y N N N N
 
* Shows whether data are collected (Y) or not collected (N) for that type.

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Source: U.S. Census Bureau, Governments Division
Created: November 16 26 2000
Last revised: October 31 2011