Financial Accounts of the United States - Z.1
L.107 State and local governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total financial assets | FL214090005 | 4747.2 | 4918.9 | 5172.8 | 4966.7 | 4918.9 | 5048.7 | 5033.4 | 5156.8 | 5172.8 |
| Line 2 | Checkable deposits and currency | FL213020005 | 375.7 | 390.7 | 432.1 | 367.2 | 390.7 | 397.1 | 392.1 | 390.4 | 432.1 |
| Line 3 | Time and savings deposits | FL213030000 | 374.3 | 374.1 | 353.8 | 368.5 | 374.1 | 365.1 | 361.4 | 353.0 | 353.8 |
| Line 4 | Money market fund shares | FL213034003 | 72.0 | 81.9 | 92.6 | 77.1 | 81.9 | 83.4 | 84.0 | 87.5 | 92.6 |
| Line 5 | Security repurchase agreements | FL212051003 | 212.9 | 221.8 | 233.6 | 227.5 | 221.8 | 230.0 | 227.1 | 236.7 | 233.6 |
| Line 6 | Debt securities | LM214022005 | 2424.8 | 2512.8 | 2664.4 | 2575.1 | 2512.8 | 2618.4 | 2603.5 | 2693.4 | 2664.4 |
| Line 7 | Open market paper | FL213069103 | 264.6 | 264.4 | 296.8 | 269.5 | 264.4 | 287.6 | 301.6 | 294.0 | 296.8 |
| Line 8 | Treasury securities | LM213061103 | 1406.9 | 1475.1 | 1553.3 | 1512.6 | 1475.1 | 1529.1 | 1510.2 | 1574.1 | 1553.3 |
| Line 9 | Agency- and GSE-backed securities | LM213061703 | 412.8 | 427.3 | 450.0 | 438.2 | 427.3 | 443.0 | 437.5 | 456.0 | 450.0 |
| Line 10 | Municipal securities | LM213062003 | 44.1 | 46.0 | 48.5 | 47.2 | 46.0 | 47.7 | 47.1 | 49.1 | 48.5 |
| Line 11 | Corporate and foreign bonds | LM213063003 | 296.4 | 300.0 | 315.9 | 307.7 | 300.0 | 311.0 | 307.2 | 320.2 | 315.9 |
| Line 12 | Loans | FL214023005 | 319.9 | 332.3 | 330.5 | 343.3 | 332.3 | 323.7 | 329.5 | 332.3 | 330.5 |
| Line 13 | Mortgages | FL213065005 | 228.4 | 233.7 | 248.1 | 232.3 | 233.7 | 237.2 | 240.8 | 244.4 | 248.1 |
| Line 14 | Other loans and advances1 | FL213069200 | 91.5 | 98.6 | 82.4 | 110.9 | 98.6 | 86.5 | 88.7 | 88.0 | 82.4 |
| Line 15 | Corporate equities | LM213064103 | 131.5 | 137.1 | 144.4 | 140.6 | 137.1 | 142.1 | 140.4 | 146.3 | 144.4 |
| Line 16 | Mutual fund shares | LM213064203 | 63.1 | 65.8 | 69.3 | 67.5 | 65.8 | 68.2 | 67.4 | 70.2 | 69.3 |
| Line 17 | Trade receivables | FL213070003 | 329.6 | 338.7 | 371.5 | 333.3 | 338.7 | 348.8 | 356.6 | 365.8 | 371.5 |
| Line 18 | Taxes receivable | FL213078005 | 274.0 | 283.7 | 291.1 | 282.0 | 283.7 | 285.3 | 287.2 | 289.0 | 291.1 |
| Line 19 | Miscellaneous assets | FL213093003 | 169.4 | 180.0 | 189.5 | 184.6 | 180.0 | 186.6 | 184.3 | 192.1 | 189.5 |
| Line 20 | Total liabilities | FL214190005 | 7949.4 | 7956.8 | 7754.8 | 7788.2 | 7956.8 | 8141.6 | 7923.9 | 7785.0 | 7754.8 |
| Line 21 | Debt securities (municipal securities) | FL213162005 | 3263.8 | 3362.3 | 3519.6 | 3349.0 | 3362.3 | 3389.6 | 3445.1 | 3490.4 | 3519.6 |
| Line 22 | Short-term2 | FL213162400 | 26.9 | 34.4 | 38.5 | 32.1 | 34.4 | 32.1 | 31.8 | 36.5 | 38.5 |
| Line 23 | Long-term | FL213162200 | 3236.9 | 3327.8 | 3481.0 | 3316.8 | 3327.8 | 3357.5 | 3413.3 | 3454.0 | 3481.0 |
| Line 24 | Loans | FL214141005 | 141.8 | 137.2 | 146.9 | 134.6 | 137.2 | 137.5 | 141.5 | 143.0 | 146.9 |
| Line 25 | Depository institution loans n.e.c. | FL213168003 | 117.5 | 111.7 | 120.7 | 109.6 | 111.7 | 111.7 | 115.4 | 116.9 | 120.7 |
| Line 26 | Other loans and advances | FL213169203 | 24.3 | 25.5 | 26.2 | 25.0 | 25.5 | 25.8 | 26.0 | 26.0 | 26.2 |
| Line 27 | Trade payables | FL213170003 | 1299.4 | 1372.3 | 1448.7 | 1353.9 | 1372.3 | 1391.1 | 1409.9 | 1429.2 | 1448.7 |
| Line 28 | Claims of pension fund on sponsor3 | FL223073045 | 3244.4 | 3085.1 | 2639.6 | 2950.7 | 3085.1 | 3223.4 | 2927.4 | 2722.4 | 2639.6 |
Notes:
- State and Local Government Series (SLGS) nonmarketable Treasury securities classified as loans.
- Debt with original maturity of 13 months or less.
- Included in miscellaneous liabilities.
Last Update: 2026-03-19