Federal Reserve Statistical Release, Z.1,
 Flow of Funds Accounts of the United States; title with eagle logo links to Statistical Release home page

Release Date: March 10, 2016
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S.8.a State and Local Governments

Billions of dollars

Description 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Line
State and local governments; gross value added (IMA) 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1496.5 1533.6 1574.5 1
State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.9 238.5 246.1 2
State and local governments; net value added (IMA) 1034.4 1080.0 1131.9 1185.0 1211.3 1241.5 1249.2 1264.6 1295.1 1328.4 3
State and local governments; compensation of employees paid (IMA) 1041.8 1091.1 1150.4 1207.1 1232.6 1261.3 1266.5 1275.0 1302.6 1337.0 4
State and local governments; wages and salaries paid (IMA) 728.0 763.3 805.6 847.4 862.9 862.6 863.1 870.6 887.2 913.2 5
State and local governments; employers' social contributions paid (IMA) 313.7 327.8 344.9 359.7 369.7 398.7 403.5 404.4 415.4 423.8 6
State and local governments; operating surplus, net -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -17.4 -10.4 -7.5 -8.6 7
State and local governments; net national income/balance of primary incomes, net (IMA) 804.2 868.3 910.7 901.6 811.0 829.5 864.6 880.3 918.4 961.2 8
State and local governments; operating surplus, net -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -17.4 -10.4 -7.5 -8.6 9
State and local governments; taxes on production and imports, receivable (IMA) 835.1 892.7 940.0 947.9 934.8 960.4 994.0 1016.9 1052.2 1075.9 10
State and local governments; subsidies paid (with negative sign) (IMA) -0.4 -0.4 -7.1 -3.0 -1.4 -1.6 -0.5 -0.5 -0.5 -0.5 11
State and local governments; property income (received) (IMA) 88.6 107.2 117.9 105.7 87.8 82.6 79.2 75.4 74.3 75.7 12
State and local governments; interest received (IMA) 76.8 94.7 104.2 91.0 74.4 69.1 64.8 59.8 58.0 58.7 13
State and local governments; dividends received (IMA) 2.0 2.1 2.2 2.6 2.1 2.3 2.6 3.3 3.7 3.8 14
State and local governments; rents on land and natural resources received (IMA) 9.8 10.4 11.5 12.1 11.2 11.2 11.7 12.3 12.6 13.2 15
State and local governments; interest paid (IMA Q4) 111.8 120.1 121.5 127.0 188.8 192.1 190.7 201.2 200.1 181.4 16
State and local governments; net national income/balance of primary incomes, net (IMA) 804.2 868.3 910.7 901.6 811.0 829.5 864.6 880.3 918.4 961.2 17
State and local governments; current taxes on income, wealth, etc. received (IMA) 331.4 361.7 381.4 381.0 333.4 345.3 374.3 399.2 427.6 441.6 18
State and local governments; contributions for government social insurance received 24.6 21.5 18.9 18.7 18.6 18.1 18.2 18.0 18.6 18.9 19
State and local governments; social contributions paid 406.6 403.9 433.3 455.4 492.6 523.8 530.4 540.0 562.3 609.9 20
State and local governments; other current transfer received 436.4 438.9 460.9 477.8 566.1 612.0 582.1 558.0 571.2 621.5 21
State and local governments; other current transfer payments to the rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22
State and local governments; disposable income, net (IMA) 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1308.9 1315.5 1373.6 1433.3 23
State and local governments; consumption expenditures 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1524.8 1536.3 1560.7 1601.0 24
State and local governments; net saving including net capital transfers paid (IMA) -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -220.8 -187.1 -167.7 25
State and local governments; net saving less net capital transfers paid (IMA) -16.2 18.4 -13.4 -101.8 -204.2 -160.6 -142.1 -146.6 -115.7 -96.7 26
State and local governments; net saving including net capital transfers paid (IMA) -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -220.8 -187.1 -167.7 27
State and local governments; net capital transfers paid -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.8 -74.2 -71.4 -71.0 28
State and local governments; capital formation, net (IMA) 143.5 155.0 167.9 172.5 167.2 149.7 127.6 107.0 94.0 95.1 29
State and local governments; gross fixed investment 290.8 314.3 340.8 358.8 363.0 351.9 340.5 329.7 322.9 331.3 30
State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.9 238.5 246.1 31
State and local governments; acquisition of nonproduced nonfinancial assets (net) 10.0 11.0 13.6 13.8 12.3 10.6 9.2 9.1 9.6 9.9 32
State and local governments; net lending (+) or borrowing (-) (capital account) (IMA) -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 33
State and local governments; net lending (+) or borrowing (-) (capital account) (IMA) -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 34
State and local governments, excluding employee retirement funds; total financial assets 251.6 209.9 240.1 -109.4 30.1 80.0 -28.9 64.9 -13.2 86.9 35
State and local governments, excluding employee retirement funds; total currency and deposits; asset 19.0 23.1 32.6 25.5 30.3 0.2 32.8 12.9 25.2 23.2 36
State and local governments, excluding employee retirement funds; checkable deposits and currency; asset 15.8 5.5 -0.4 8.2 19.6 5.7 16.6 -9.2 7.3 15.7 37
State and local governments, excluding employee retirement funds; total time and savings deposits; asset 3.2 17.6 32.9 17.3 10.7 -5.5 16.2 22.1 17.9 7.6 38
State and local governments, excluding employee retirement funds; debt securities; asset 154.1 112.5 136.7 -95.4 -33.6 56.8 -62.4 17.0 -57.8 21.3 39
State and local governments, excluding employee retirement funds; commercial paper; asset -0.4 -1.0 -2.2 -22.4 -38.2 13.4 -12.1 -7.8 -9.4 -7.0 40
State and local governments, excluding employee retirement funds; Treasury securities, including SLGS; asset 106.9 59.0 77.8 -47.5 -14.5 8.8 -34.4 42.9 -17.8 37.2 41
State and local governments, excluding employee retirement funds; agency- and GSE-backed securities; asset 35.0 40.1 44.9 -19.8 13.5 24.9 -13.9 -20.4 -29.6 -14.1 42
State and local governments, excluding employee retirement funds; municipal securities; asset 1.2 1.4 1.7 0.4 1.1 1.4 0.2 0.2 -0.1 0.4 43
State and local governments, excluding employee retirement funds; corporate and foreign bonds; asset 11.3 13.0 14.5 -6.1 4.5 8.2 -2.2 2.1 -1.0 4.9 44
State and local governments, excluding employee retirement funds; total loans including security repurchase agreements; asset 19.8 22.5 25.3 -17.3 6.6 13.2 -4.7 8.4 1.4 12.7 45
State and local governments, excluding employee retirement funds; security repurchase agreements; asset 5.5 6.0 6.3 -12.5 -3.3 -0.8 -4.7 3.8 1.5 6.0 46
State and local governments, excluding employee retirement funds; total mortgages; asset 14.4 16.5 19.0 -4.8 9.9 14.0 -0.0 4.6 -0.1 6.7 47
State and local governments, excluding employee retirement funds; equity and investment fund shares; asset (IMA) 21.1 24.3 27.5 -6.6 11.2 17.7 -1.5 6.0 0.5 10.9 48
State and local governments, excluding employee retirement funds; money market mutual fund shares; asset 13.4 15.6 18.0 2.3 10.8 14.5 2.1 4.3 1.3 7.0 49
State and local governments, excluding employee retirement funds; corporate equities; asset 4.3 4.7 5.0 -8.1 -1.6 0.2 -3.4 1.1 -0.5 2.6 50
State and local governments, excluding employee retirement funds; mutual fund shares; asset 3.4 4.0 4.5 -0.8 2.0 3.0 -0.2 0.6 -0.3 1.3 51
State and local governments, excluding employee retirement funds; other accounts receivable; asset (IMA) 37.5 27.6 18.0 -15.7 15.6 -7.9 6.9 20.6 17.5 18.7 52
State and local governments, excluding employee retirement funds; trade receivables; asset 17.4 8.9 7.8 -15.4 -4.6 13.1 5.6 5.3 9.5 7.2 53
State and local governments, excluding employee retirement funds; taxes receivable; asset 14.3 12.1 3.0 5.2 -5.8 1.0 2.4 9.5 4.1 3.9 54
State and local governments, excluding employee retirement funds; unidentified miscellaneous assets 5.8 6.6 7.3 -5.6 25.9 -22.0 -1.1 5.8 3.9 7.7 55
State and local governments, excluding employee retirement funds; total liabilities 246.4 237.8 326.7 241.9 465.7 357.1 302.0 345.0 243.5 262.2 56
State and local governments, excluding employee retirement funds; municipal securities; liability 141.1 100.3 146.0 17.1 112.2 68.7 -53.6 -5.7 -39.4 -14.0 57
State and local governments, excluding employee retirement funds; short-term municipal securities; liability -1.7 -8.2 16.8 4.6 7.8 -0.7 -10.6 3.8 -10.9 -6.7 58
State and local governments, excluding employee retirement funds; long-term municipal securities; liability 142.8 108.5 129.2 12.5 104.4 69.3 -42.9 -9.4 -28.6 -7.4 59
State and local governments, excluding employee retirement funds; U.S. government loans; liability 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.5 0.4 60
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset 72.8 102.6 143.3 185.3 313.8 249.1 316.3 312.2 244.4 237.1 61
State and local governments, excluding employee retirement funds; trade payables; liability 31.9 34.3 36.7 38.6 38.9 38.5 38.4 38.1 38.0 38.8 62
State and local governments, excluding employee retirement funds; net lending (+) or borrowing (-) (financial account) 5.2 -27.9 -86.6 -351.3 -435.6 -277.2 -330.9 -280.1 -256.7 -175.3 63
State and local governments, excluding employee retirement funds; total other volume changes (IMA) 185.0 277.4 207.6 -946.7 334.8 44.8 -66.5 249.3 577.1 276.8 64
State and local governments, excluding employee retirement funds; nonfinancial assets (does not include land) -10.7 0.0 0.0 0.0 0.0 0.0 0.0 -7.6 0.0 0.0 65
State and local governments, excluding employee retirement funds; other volume changes (IMA) 30.9 168.7 113.0 -869.7 399.0 11.7 -5.2 283.4 624.1 260.3 66
State and local governments, excluding employee retirement funds; statistical discrepancy (IMA) -164.9 -108.7 -94.6 77.0 64.3 -33.1 61.3 26.5 47.0 -16.5 67
State and local governments, excluding employee retirement funds; nonfinancial assets (does not include land) 473.4 605.0 460.9 411.4 -105.2 175.7 392.7 225.9 249.7 176.2 68
State and local governments, excluding employee retirement funds; total residenital and nonresidential structures 472.2 602.7 457.9 403.0 -104.3 171.9 389.2 222.6 246.0 171.7 69
State and local governments, excluding employee retirement funds; nonresidential equipment, current cost basis 0.4 1.1 0.6 6.6 -1.1 2.4 1.6 1.9 1.8 3.0 70
State and local governments, excluding employee retirement funds; nonresidential intellectual property products, current cost basis 0.8 1.1 2.4 1.8 0.3 1.4 1.9 1.4 1.9 1.5 71
State and local governments, excluding employee retirement funds; equity and investment fund shares; asset (IMA) 5.4 16.9 5.2 -61.0 33.5 21.6 1.9 18.5 37.4 13.6 72
State and local governments, excluding employee retirement funds; changes in net worth due to nominal holding gains/losses (IMA) 478.9 621.8 466.0 350.4 -71.7 197.4 394.6 244.3 287.1 189.8 73
State and local governments, excluding employee retirement funds; net worth (IMA) 647.7 917.6 660.3 -698.1 58.9 81.6 186.0 347.0 748.4 369.9 74
State and local governments, excluding employee retirement funds; total assets (does not include land) 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11813.2 12221.7 12577.3 12948.1 75
State and local governments, excluding employee retirement funds; nonfinancial assets (does not include land) 6259.0 7008.0 7623.1 8193.3 8243.0 8557.5 9068.6 9384.7 9718.9 9980.2 76
State and local governments, excluding employee retirement funds; total residenital and nonresidential structures 5976.8 6715.1 7314.8 7863.3 7903.6 8207.7 8711.9 9022.9 9350.3 9603.7 77
State and local governments, excluding employee retirement funds; nonresidential equipment, current cost basis 206.9 212.7 221.5 236.4 240.9 245.4 246.5 246.7 248.4 252.1 78
State and local governments, excluding employee retirement funds; nonresidential intellectual property products, current cost basis 75.3 80.2 86.9 93.6 98.5 104.4 110.2 115.2 120.1 124.4 79
State and local governments, excluding employee retirement funds; total financial assets 2316.2 2542.9 2787.8 2615.9 2675.9 2774.2 2744.6 2836.9 2858.4 2967.8 80
State and local governments, excluding employee retirement funds; total currency and deposits; asset 235.2 258.2 290.8 316.3 346.7 346.9 379.6 411.6 436.8 460.1 81
State and local governments, excluding employee retirement funds; checkable deposits and currency; asset 66.1 71.6 71.3 79.5 99.1 104.8 121.4 117.6 124.9 140.5 82
State and local governments, excluding employee retirement funds; total time and savings deposits; asset 169.1 186.6 219.6 236.9 247.6 242.1 258.2 294.1 312.0 319.6 83
State and local governments, excluding employee retirement funds; debt securities; asset 1216.6 1329.1 1465.7 1370.4 1336.8 1393.5 1331.1 1348.1 1290.3 1311.6 84
State and local governments, excluding employee retirement funds; commercial paper; asset 153.2 152.1 149.9 127.5 89.3 102.7 90.5 82.7 73.3 66.3 85
State and local governments, excluding employee retirement funds; Treasury securities, including SLGS; asset 512.1 571.1 648.9 601.4 586.8 595.7 561.3 604.2 586.3 623.6 86
State and local governments, excluding employee retirement funds; agency- and GSE-backed securities; asset 413.1 453.1 498.1 478.3 491.8 516.7 502.8 482.4 452.9 438.7 87
State and local governments, excluding employee retirement funds; municipal securities; asset 6.9 8.4 10.0 10.4 11.5 12.9 13.2 13.3 13.3 13.6 88
State and local governments, excluding employee retirement funds; corporate and foreign bonds; asset 131.4 144.3 158.8 152.8 157.3 165.5 163.3 165.4 164.5 169.3 89
State and local governments, excluding employee retirement funds; total loans including security repurchase agreements; asset 288.7 311.2 336.0 317.0 320.1 330.3 323.3 329.8 330.1 342.2 90
State and local governments, excluding employee retirement funds; security repurchase agreements; asset 129.9 135.9 142.2 129.8 126.5 125.7 121.0 124.8 126.3 132.3 91
State and local governments, excluding employee retirement funds; total mortgages; asset 158.8 175.3 193.8 187.3 193.7 204.7 202.4 205.0 203.8 209.9 92
State and local governments, excluding employee retirement funds; equity and investment fund shares; asset (IMA) 246.4 287.6 320.3 252.7 297.3 336.7 337.1 361.5 399.4 423.9 93
State and local governments, excluding employee retirement funds; money market mutual fund shares; asset 89.8 105.4 123.4 125.7 136.6 151.1 153.2 157.5 158.8 165.8 94
State and local governments, excluding employee retirement funds; corporate equities; asset 116.0 133.0 141.8 90.8 112.2 126.9 124.8 138.1 162.2 173.8 95
State and local governments, excluding employee retirement funds; mutual fund shares; asset 40.7 49.2 55.1 36.2 48.6 58.7 59.1 66.0 78.4 84.4 96
State and local governments, excluding employee retirement funds; other accounts receivable; asset (IMA) 329.3 356.8 374.9 359.6 375.0 366.8 373.5 385.9 401.8 430.0 97
State and local governments, excluding employee retirement funds; trade receivables; asset 142.5 151.3 159.1 143.7 139.1 152.2 157.8 163.1 172.6 179.8 98
State and local governments, excluding employee retirement funds; taxes receivable; asset 102.3 114.4 117.4 123.0 117.1 117.8 120.0 121.3 123.8 137.2 99
State and local governments, excluding employee retirement funds; unidentified miscellaneous assets 84.5 91.1 98.4 92.9 118.8 96.8 95.7 101.5 105.3 113.0 100
State and local governments, excluding employee retirement funds; total liabilities and net worth (IMA) 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11813.2 12221.7 12577.3 12948.1 101
State and local governments, excluding employee retirement funds; total liabilities 3425.5 3483.7 3683.4 4779.8 4830.6 5161.8 5457.3 5518.7 5125.9 5126.8 102
State and local governments, excluding employee retirement funds; municipal securities; liability 2579.2 2679.6 2825.6 2842.7 2954.9 3023.6 2970.0 2964.3 2924.9 2910.9 103
State and local governments, excluding employee retirement funds; short-term municipal securities; liability 42.5 34.3 51.2 55.8 63.6 63.0 52.3 56.1 45.3 38.6 104
State and local governments, excluding employee retirement funds; long-term municipal securities; liability 2536.7 2645.2 2774.4 2786.9 2891.3 2960.6 2917.6 2908.2 2879.6 2872.3 105
State and local governments, excluding employee retirement funds; U.S. government loans; liability 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 16.2 16.6 106
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset 353.6 276.6 292.9 1332.8 1231.6 1454.8 1764.6 1793.3 1401.4 1377.2 107
State and local governments, excluding employee retirement funds; trade payables; liability 482.0 516.2 553.0 591.6 630.5 669.0 707.4 745.5 783.4 822.2 108
State and local governments, excluding employee retirement funds; net worth (IMA) 5149.6 6067.3 6727.5 6029.4 6088.3 6169.9 6355.9 6703.0 7451.4 7821.2 109

NOTES

  1. Note. The state and local government accounts exclude state and local employee retirement funds.
  2. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
  3. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
  4. Excludes land and nonproduced nonfinancial assets.
Release dates | Announcements | Coded tables | Historical data | Technical Q&As
Current release | Screen reader | PDF (450 KB) | Data Download Program (DDP)

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