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| Description | Series code | 2022 | 2023 | 2024 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local governments; total financial assets | FL214090005 | 4552.9 | 4751.3 | 4923.4 | 4816.6 | 4970.2 | 4923.4 | 4986.6 | 5087.4 | 5161.8 | 1 |
| State and local governments; checkable deposits and currency; asset | FL213020005 | 360.5 | 375.7 | 390.7 | 368.3 | 367.2 | 390.7 | 397.0 | 392.1 | 390.3 | 2 |
| State and local governments; total time and savings deposits; asset | FL213030000 | 370.5 | 374.3 | 374.1 | 371.1 | 368.5 | 374.1 | 365.2 | 361.4 | 353.0 | 3 |
| State and local governments; money market fund shares; asset | FL213034003 | 65.3 | 72.0 | 81.9 | 73.6 | 77.1 | 81.9 | 83.4 | 84.0 | 87.5 | 4 |
| State and local governments; security repurchase agreements; asset | FL212051003 | 199.5 | 211.7 | 220.5 | 216.4 | 226.2 | 220.5 | 223.7 | 230.2 | 236.5 | 5 |
| State and local governments; debt securities; asset | LM214022005 | 2270.7 | 2411.7 | 2499.8 | 2457.9 | 2562.5 | 2499.8 | 2555.0 | 2634.9 | 2687.3 | 6 |
| State and local governments; commercial paper; asset | FL213069103 | 261.1 | 264.6 | 264.4 | 264.1 | 269.5 | 264.4 | 287.6 | 301.7 | 290.5 | 7 |
| State and local governments; Treasury securities, excluding SLGS; asset | LM213061103 | 1296.0 | 1398.4 | 1466.5 | 1439.2 | 1504.3 | 1466.5 | 1487.5 | 1530.7 | 1572.3 | 8 |
| State and local governments; agency- and GSE-backed securities; asset | LM213061703 | 391.9 | 410.3 | 424.8 | 416.9 | 435.8 | 424.8 | 430.9 | 443.4 | 455.5 | 9 |
| State and local governments; municipal securities; asset | LM213062003 | 40.6 | 43.9 | 45.8 | 44.9 | 47.0 | 45.8 | 46.4 | 47.8 | 49.1 | 10 |
| State and local governments; corporate and foreign bonds; asset | LM213063003 | 281.0 | 294.6 | 298.3 | 292.7 | 306.0 | 298.3 | 302.6 | 311.3 | 319.8 | 11 |
| State and local governments; loans; asset | FL214023005 | 359.3 | 319.9 | 332.3 | 329.3 | 343.3 | 332.3 | 320.1 | 322.4 | 321.6 | 12 |
| State and local governments; total mortgages; asset | FL213065005 | 259.4 | 228.4 | 233.7 | 231.0 | 232.3 | 233.7 | 233.7 | 233.7 | 233.7 | 13 |
| State and local governments; State and local government series securities (MSPD); asset (1) | FL213069200 | 99.9 | 91.5 | 98.6 | 98.3 | 110.9 | 98.6 | 86.5 | 88.7 | 88.0 | 14 |
| State and local governments; corporate equities; asset | LM213064103 | 121.0 | 130.7 | 136.3 | 133.8 | 139.8 | 136.3 | 138.3 | 142.3 | 146.2 | 15 |
| State and local governments; mutual fund shares; asset | LM213064203 | 58.1 | 62.7 | 65.4 | 64.2 | 67.1 | 65.4 | 66.4 | 68.3 | 70.2 | 16 |
| State and local governments; trade receivables; asset | FL213070003 | 309.9 | 329.5 | 338.6 | 327.5 | 333.2 | 338.6 | 348.7 | 356.1 | 365.3 | 17 |
| State and local governments; taxes receivable; asset | FL213078005 | 285.1 | 294.7 | 304.8 | 298.9 | 301.6 | 304.8 | 307.3 | 309.0 | 312.1 | 18 |
| State and local governments; unidentified miscellaneous assets | FL213093003 | 153.1 | 168.4 | 178.9 | 175.6 | 183.6 | 178.9 | 181.5 | 186.8 | 191.9 | 19 |
| State and local governments; total liabilities | FL214190005 | 7891.5 | 7948.2 | 7955.4 | 7892.5 | 7786.2 | 7955.4 | 8145.7 | 7930.8 | 7817.0 | 20 |
| State and local governments; municipal securities; liability | FL213162005 | 3239.3 | 3262.6 | 3360.8 | 3316.7 | 3347.6 | 3360.8 | 3388.0 | 3443.4 | 3488.7 | 21 |
| State and local governments; short-term municipal securities; liability (2) | FL213162400 | 25.4 | 26.9 | 34.4 | 26.8 | 32.1 | 34.4 | 32.1 | 31.8 | 36.5 | 22 |
| State and local governments; long-term municipal securities; liability | FL213162200 | 3213.9 | 3235.8 | 3326.4 | 3289.8 | 3315.5 | 3326.4 | 3356.0 | 3411.6 | 3452.2 | 23 |
| State and local governments; short-term loans; liability | FL214141005 | 148.4 | 141.8 | 137.2 | 136.2 | 134.6 | 137.2 | 137.5 | 141.5 | 143.2 | 24 |
| State and local governments; depository institution loans n.e.c.; liability | FL213168003 | 125.1 | 117.5 | 111.7 | 111.3 | 109.6 | 111.7 | 111.7 | 115.4 | 116.9 | 25 |
| State and local governments; U.S. government loans; liability | FL213169203 | 23.3 | 24.3 | 25.5 | 24.9 | 25.0 | 25.5 | 25.8 | 26.0 | 26.2 | 26 |
| State and local governments; trade payables; liability | FL213170003 | 1230.1 | 1299.4 | 1372.3 | 1335.6 | 1353.9 | 1372.3 | 1391.1 | 1409.9 | 1429.2 | 27 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3273.8 | 3244.4 | 3085.1 | 3104.1 | 2950.1 | 3085.1 | 3229.0 | 2936.0 | 2755.9 | 28 |
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: January 9, 2026