�F.105 State and Local Governments, Excluding Employee Retirement Funds (1)������������
�Billions of dollars; quarterly figures are seasonally adjusted annual rates������������
�stock price direction� DOWN DOWN DOWN UP UP UP DOWN UP UP UP DOWN
�bond price direction UP UP UP UP DOWN DOWN UP DOWN DOWN DOWN DOWN
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
1 Current receipts, NIPA basis 1373.0 1410.1 1494.2 1592.6 1700.6 1672.2 1702.9 1697.8 1729.6 1755.4 1797.2 1
2 Personal current taxes 242.7 221.3 226.6 248.4 275.2 266.7 280.9 274.0 279.3 293.4 313.3 2
3 Taxes on production and imports 642.8 675.5 717.5 769.4 821.2 803.8 817.5 827.9 835.7 851.4 861.6 3
4 Taxes on corporate income 30.2 32.2 35.3 43.1 58.0 58.7 57.1 54.7 61.3 66.4 70.0 4
5 Contributions for govt. social insurance 13.6 15.8 19.8 24.2 25.3 25.3 25.3 25.3 25.2 24.8 24.7 5
6 Income receipts on assets 88.8 78.2 72.9 73.3 75.3 74.4 75.0 75.6 76.3 76.7 77.5 6
7 Current transfer receipts 350.8 384.7 422.7 438.0 456.1 448.7 453.8 462.0 459.8 450.5 458.3 7
8 Current surplus of government enterprises 4.0 2.5 -0.6 -3.8 -10.5 -5.4 -6.8 -21.7 -7.9 -7.8 -8.2 8
9 Current expenditures, NIPA basis 1368.2 1444.3 1514.5 1605.5 1703.9 1661.2 1690.5 1717.2 1746.8 1742.7 1769.4 9
10 Consumption expenditures 969.8 1025.3 1073.8 1130.3 1207.2 1174.6 1192.8 1217.8 1243.4 1256.2 1280.7 10
11 Govt. social benefit payments to persons 305.2 332.0 353.0 382.9 402.3 393.4 403.8 404.5 407.3 390.4 391.7 11
12 Interest payments 85.5 86.0 87.7 91.8 94.2 92.8 93.5 94.5 95.8 95.8 96.6 12
13 Subsidies 7.7 0.9 0.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 13
14 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14
15 Net state and local govt. saving, NIPA basis 4.8 -34.2 -20.4 -12.9 -3.3 10.9 12.4 -19.3 -17.2 12.7 27.8 15
16 + Consumption of fixed capital 117.8 122.7 127.8 136.7 153.2 144.7 147.9 165.9 154.3 156.7 159.2 16
17 + Net capital transfers (2) 48.6 52.1 51.6 51.9 53.9 52.3 55.2 54.4 53.8 55.6 56.1 17
18 = Gross saving and net capital transfers 171.1 140.7 159.0 175.7 203.8 207.9 215.5 201.0 190.9 225.0 243.1 18
19 Gross investment 217.0 171.4 192.4 224.8 231.0 264.5 200.0 236.0 223.7 248.4 262.4 19
20 Fixed investment 243.0 256.1 262.2 270.0 287.3 278.7 287.7 288.7 294.0 301.7 314.2 20
21 Nonproduced nonfinancial assets 9.2 10.6 10.9 11.0 11.6 11.3 11.5 11.6 11.8 12.0 12.2 21
22 Net financial investment -35.3 -95.4 -80.7 -56.2 -67.8 -25.6 -99.1 -64.4 -82.1 -65.3 -63.9 22
23 Net acq. of financial assets 97.3 76.9 68.7 89.9 137.0 173.1 61.0 185.7 128.1 34.9 95.8 23
24 Checkable deposits and currency 4.0 5.2 3.5 -4.6 9.8 40.4 8.8 -34.8 24.7 -7.9 14.4 24
25 Time and savings deposits 12.0 8.8 8.0 6.9 29.0 60.2 -1.1 29.1 28.0 16.1 6.9 25
26 Money market fund shares 3.2 1.6 3.6 3.2 2.4 3.1 -1.0 4.2 3.2 5.9 2.5 26
27 Security RPs -11.1 -16.4 7.2 6.4 4.7 6.2 -1.9 8.3 6.4 11.6 4.9 27
28 Credit market instruments 93.4 86.5 52.5 61.8 97.4 120.9 62.8 129.3 76.4 66.7 53.3 28
29 Open market paper 17.4 14.4 9.4 8.3 6.2 8.1 -2.5 10.9 8.4 15.2 6.4 29
30 Treasury securities 18.3 26.3 8.3 22.6 68.1 82.7 74.7 78.1 37.0 11.2 23.1 30
31 Agency- and GSE-backed securities 47.2 41.9 20.4 18.1 13.5 17.6 -5.5 23.6 18.2 21.0 13.9 31
32 Municipal securities 0.2 0.1 0.3 0.2 0.2 0.2 -0.1 0.3 0.2 0.4 0.2 32
33 Corporate and foreign bonds 11.2 9.1 6.5 5.7 4.3 5.6 -1.7 7.5 5.8 6.5 4.4 33
34 Mortgages -1.0 -5.4 7.7 6.8 5.1 6.7 -2.1 8.9 6.9 12.5 5.3 34
35 Corporate equities 4.0 10.3 -17.5 -5.0 -0.9 14.1 -8.7 -6.8 -2.4 -15.9 12.0 35
36 Mutual fund shares 0.4 2.1 -5.4 -1.5 -0.3 4.3 -2.7 -2.1 -0.7 -4.9 3.7 36
37 Trade receivables 5.9 2.6 7.4 6.5 4.9 6.3 -2.0 8.5 6.6 11.9 5.0 37
38 Taxes receivable 3.7 4.8 7.8 25.3 42.8 40.4 42.4 40.2 48.0 51.1 52.8 38
39 Miscellaneous assets -18.2 -28.5 1.6 -9.0 -52.8 -123.0 -35.8 9.7 -62.1 -99.8 -59.6 39
40 Net increase in liabilities 132.5 172.3 149.4 146.1 204.8 198.7 160.1 250.1 210.2 100.1 159.7 40
41 Credit market instruments 105.7 143.9 120.3 115.3 171.5 166.5 127.2 216.5 175.7 65.0 123.4 41
42 Municipal securities 105.4 143.4 120.0 115.1 171.0 166.2 126.8 215.9 175.1 64.3 122.6 42
43 Short-term 23.8 25.2 10.4 -5.9 5.7 4.5 -20.7 12.8 26.3 0.3 -8.2 43
44 Other 81.6 118.2 109.6 121.0 165.3 161.7 147.5 203.1 148.7 64.1 130.9 44
45 U.S. government loans 0.2 0.5 0.3 0.2 0.5 0.3 0.4 0.6 0.6 0.6 0.7 45
46 Trade payables 26.9 28.4 29.2 30.8 33.3 32.2 32.9 33.6 34.6 35.2 36.4 46
47 Discrepancy -45.8 -30.7 -33.4 -49.1 -27.2 -56.5 15.5 -35.0 -32.8 -23.4 -19.3 47
�-1 Data for retirement funds are shown in table F.119.�
�-2 Table F.9, line 8.�