Financial Accounts of the United States - Z.1
F.107 State and Local Governments
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2021 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local governments; current receipts, NIPA basis | FA216010105 | 3586.5 | 3690.1 | 3700.8 | 3854.8 | 3806.6 | 3806.2 | 3883.3 | 3923.1 | 3933.1 | 1 |
| State and local governments; personal current taxes | FA216210001 | 580.2 | 638.5 | 594.3 | 641.4 | 609.5 | 630.0 | 655.5 | 670.5 | 672.7 | 2 |
| State and local governments; taxes on production and imports, receivable (IMA) | FA216240001 | 1519.5 | 1648.6 | 1718.9 | 1789.8 | 1760.8 | 1782.3 | 1794.5 | 1821.7 | 1847.5 | 3 |
| State and local governments; taxes on corporate income (accrual basis) | FA216231001 | 116.1 | 162.4 | 163.5 | 165.3 | 170.4 | 164.0 | 162.6 | 164.2 | 170.9 | 4 |
| State and local governments; contributions for government social insurance received | FA216601001 | 22.3 | 22.8 | 21.3 | 26.7 | 25.0 | 26.7 | 27.5 | 27.6 | 27.0 | 5 |
| State and local governments; property income (received) | FA216150105 | 92.3 | 93.6 | 97.7 | 97.3 | 97.8 | 97.2 | 97.0 | 97.1 | 97.9 | 6 |
| State and local governments; other current transfer received | FA216403105 | 1274.5 | 1136.9 | 1135.0 | 1166.4 | 1175.3 | 1138.2 | 1178.1 | 1174.1 | 1149.5 | 7 |
| State and local governments; operating surplus, net | FA216402101 | -18.2 | -12.7 | -29.9 | -32.1 | -32.2 | -32.2 | -32.0 | -32.0 | -32.5 | 8 |
| State and local governments; current expenditures | FA216900005 | 3341.2 | 3601.8 | 3762.3 | 3917.3 | 3860.3 | 3899.8 | 3940.1 | 3969.1 | 4025.7 | 9 |
| State and local governments; consumption expenditures | FA216901001 | 2152.5 | 2333.7 | 2403.8 | 2510.8 | 2472.7 | 2495.7 | 2525.0 | 2549.9 | 2588.0 | 10 |
| State and local governments; social contributions paid | FA216404001 | 907.7 | 1028.3 | 1081.2 | 1141.7 | 1113.5 | 1136.9 | 1154.0 | 1162.5 | 1184.2 | 11 |
| State and local governments; other current transfer payments to the rest of the world | FA216403001 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 12 |
| State and local governments; interest paid (IMA) | FA216130001 | 277.9 | 239.1 | 276.7 | 264.0 | 273.5 | 266.4 | 260.4 | 255.9 | 252.7 | 13 |
| State and local governments; subsidies paid | FA216402001 | 3.1 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 14 |
| State and local governments; net saving including net capital transfers paid | FA216006005 | 245.4 | 88.3 | -61.6 | -62.5 | -53.8 | -93.5 | -56.7 | -45.9 | -92.6 | 15 |
| State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) | FA216300001 | 333.3 | 375.7 | 398.6 | 412.1 | 406.7 | 409.3 | 414.5 | 418.1 | 423.3 | 16 |
| State and local governments; net capital transfers paid (1) | FA215440005 | -83.2 | -229.9 | -96.3 | -125.0 | -100.0 | -102.1 | -107.1 | -190.8 | -118.0 | 17 |
| State and local governments; gross saving less net capital transfers paid | FA216000105 | 661.8 | 693.9 | 433.4 | 474.6 | 452.9 | 417.8 | 464.8 | 563.0 | 448.7 | 18 |
| State and local governments; gross investment | FA215090005 | 683.1 | 664.2 | 405.1 | 459.7 | 433.3 | 460.9 | 490.4 | 454.2 | 431.0 | 19 |
| State and local governments; gross fixed investment (NIPA basis) | FA215019001 | 447.8 | 479.1 | 544.1 | 611.2 | 598.0 | 605.1 | 616.6 | 625.1 | 632.0 | 20 |
| State and local governments; acquisition of nonproduced nonfinancial assets (net) | FA215420003 | 15.6 | 15.0 | 15.6 | 15.4 | 15.6 | 15.5 | 15.4 | 15.3 | 15.2 | 21 |
| State and local governments; net lending (+) or borrowing (-) (financial account) | FA215000005 | 219.7 | 170.1 | -154.6 | -166.9 | -180.3 | -159.7 | -141.5 | -186.2 | -216.3 | 22 |
| State and local governments; total financial assets | FA214090005 | 597.8 | 436.4 | 197.2 | 265.6 | 252.2 | 371.2 | 329.4 | 109.6 | 261.0 | 23 |
| State and local governments; checkable deposits and currency; asset | FA213020005 | 115.9 | 14.7 | 15.1 | 15.1 | 18.6 | -28.6 | 10.8 | 59.5 | 18.5 | 24 |
| State and local governments; total time and savings deposits; asset | FA213030000 | -30.8 | -12.4 | 3.8 | -0.2 | 37.2 | 4.5 | -22.7 | -19.9 | 20.9 | 25 |
| State and local governments; money market fund shares; asset | FA213034003 | 15.3 | 9.8 | 6.8 | 9.9 | 2.1 | 4.1 | 14.2 | 19.2 | 6.0 | 26 |
| State and local governments; security repurchase agreements; asset | FA212051003 | 29.8 | -0.4 | 19.1 | 17.7 | 12.7 | 23.6 | 50.9 | -16.4 | 20.7 | 27 |
| State and local governments; debt securities; asset | FA214022005 | 480.2 | 343.0 | 158.3 | 194.6 | 232.1 | 250.4 | 150.2 | 145.6 | 135.4 | 28 |
| State and local governments; commercial paper; asset | FA213069103 | 27.4 | 33.0 | 4.8 | -2.3 | 10.2 | -14.1 | 21.4 | -26.7 | 121.6 | 29 |
| State and local governments; Treasury securities, excluding SLGS; asset | FA213061103 | 441.6 | 229.4 | 118.6 | 145.3 | 200.8 | 173.6 | 67.6 | 139.2 | -18.4 | 30 |
| State and local governments; agency- and GSE-backed securities; asset | FA213061703 | 10.5 | 30.4 | 22.5 | 28.5 | 23.1 | 42.0 | 45.0 | 3.8 | 15.5 | 31 |
| State and local governments; municipal securities; asset | FA213062003 | -1.2 | 5.0 | 3.3 | 4.3 | 4.8 | 5.6 | 6.6 | 0.2 | 6.8 | 32 |
| State and local governments; corporate and foreign bonds; asset | FA213063003 | 1.7 | 45.2 | 9.1 | 18.8 | -6.7 | 43.3 | 9.5 | 29.1 | 9.9 | 33 |
| State and local governments; loans; asset | FA214023005 | -24.1 | -10.7 | -39.3 | 12.4 | 10.4 | 68.7 | 50.4 | -79.7 | -37.1 | 34 |
| State and local governments; total mortgages; asset | FA213065005 | -18.0 | -0.9 | -30.9 | 5.4 | 5.3 | 5.3 | 5.4 | 5.4 | 5.4 | 35 |
| State and local governments; State and local government series securities (MSPD); asset (2) | FA213069200 | -6.1 | -9.8 | -8.4 | 7.1 | 5.1 | 63.3 | 45.0 | -85.2 | -42.5 | 36 |
| State and local governments; corporate equities; asset | FA213064103 | -36.1 | 25.0 | -14.7 | -17.8 | -44.0 | -1.3 | -1.4 | -24.3 | 43.2 | 37 |
| State and local governments; mutual fund shares; asset | FA213064203 | -27.7 | 10.8 | -2.0 | -2.1 | -12.1 | 3.9 | 0.8 | -0.8 | 11.1 | 38 |
| State and local governments; trade receivables; asset | FA213070003 | 34.9 | 34.4 | 19.6 | 8.1 | -32.4 | 22.9 | 19.8 | 22.0 | 20.9 | 39 |
| State and local governments; taxes receivable; asset | FA213078005 | 53.2 | 41.2 | 9.6 | 10.0 | 3.4 | 3.9 | 15.3 | 17.6 | 4.6 | 40 |
| State and local governments; unidentified miscellaneous assets | FA213093003 | -12.6 | -18.9 | 20.9 | 17.9 | 24.3 | 19.2 | 41.3 | -13.3 | 16.8 | 41 |
| State and local governments; total liabilities | FA214190005 | 378.1 | 266.3 | 351.8 | 432.5 | 432.6 | 530.9 | 470.9 | 295.7 | 477.3 | 42 |
| State and local governments; municipal securities; liability | FA213162005 | 71.1 | -50.7 | 22.3 | 97.5 | 100.0 | 198.1 | 137.9 | -46.2 | 145.3 | 43 |
| State and local governments; short-term municipal securities; liability (3) | FA213162400 | -13.7 | -7.5 | 1.4 | 7.5 | 5.7 | 4.7 | 24.2 | -4.5 | -7.1 | 44 |
| State and local governments; long-term municipal securities; liability | FA213162200 | 84.7 | -43.2 | 20.9 | 89.9 | 94.3 | 193.4 | 113.7 | -41.7 | 152.5 | 45 |
| State and local governments; U.S. government loans; liability | FA213169203 | 0.5 | 0.7 | 1.0 | 1.2 | 1.2 | 1.1 | 0.6 | 1.9 | 1.3 | 46 |
| State and local governments; trade payables; liability | FA213170003 | 58.1 | 65.7 | 68.3 | 72.0 | 71.1 | 71.5 | 72.3 | 72.9 | 74.0 | 47 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (4) | FA223073045 | 248.5 | 250.5 | 260.2 | 261.9 | 260.2 | 260.2 | 260.1 | 267.1 | 256.6 | 48 |
| State and local governments; sector discrepancy | FA217005005 | -21.3 | 29.7 | 28.3 | 14.9 | 19.7 | -43.1 | -25.6 | 108.7 | 17.7 | 49 |
NOTES
- Table F.5, line 65.
- 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: June 12, 2025