Financial Accounts of the United States - Z.1
F.107 State and local governments
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Current receipts, NIPA basis | FA216010105 | 3645.3 | 3790.9 | 3940.5 | 3818.8 | 3858.9 | 3871.8 | 3923.6 | 3969.2 | 3997.5 |
| Line 2 | Personal current taxes | FA216210001 | 557.2 | 585.0 | 635.1 | 595.7 | 610.2 | 615.7 | 629.0 | 638.7 | 657.0 |
| Line 3 | Taxes on production and imports | FA216240001 | 1684.0 | 1769.6 | 1845.3 | 1776.8 | 1798.1 | 1815.8 | 1832.5 | 1855.4 | 1877.3 |
| Line 4 | Taxes on corporate income | FA216231001 | 171.3 | 172.0 | 176.4 | 170.1 | 174.2 | 184.4 | 183.0 | 166.7 | 171.4 |
| Line 5 | Contributions for govt. social insurance | FA216601001 | 22.0 | 26.9 | 29.3 | 27.6 | 28.3 | 28.6 | 29.0 | 29.5 | 30.2 |
| Line 6 | Income receipts on assets | FA216150105 | 123.0 | 123.6 | 130.2 | 123.2 | 124.5 | 127.2 | 128.2 | 130.9 | 134.3 |
| Line 7 | Current transfer receipts | FA216403105 | 1131.9 | 1159.4 | 1175.6 | 1170.9 | 1170.4 | 1147.5 | 1172.7 | 1200.1 | 1182.1 |
| Line 8 | Current surplus of government enterprises | FA216402101 | -44.1 | -45.6 | -51.3 | -45.4 | -46.7 | -47.3 | -50.8 | -52.2 | -54.9 |
| Line 9 | Current expenditures, NIPA basis | FA216900005 | 3772.7 | 3969.6 | 4157.5 | 3999.3 | 4026.1 | 4056.3 | 4112.1 | 4211.4 | 4250.3 |
| Line 10 | Consumption expenditures | FA216901001 | 2426.2 | 2550.4 | 2669.2 | 2565.0 | 2585.6 | 2623.0 | 2644.3 | 2691.8 | 2717.7 |
| Line 11 | Govt. social benefit payments to persons | FA216404001 | 1065.8 | 1140.0 | 1217.4 | 1156.9 | 1165.0 | 1158.5 | 1195.0 | 1249.6 | 1266.3 |
| Line 12 | Other current transfer payments | FA216403001 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 13 | Interest payments | FA216130001 | 280.1 | 278.5 | 270.2 | 276.6 | 274.7 | 274.1 | 272.1 | 269.2 | 265.5 |
| Line 14 | Subsidies | FA216402001 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
| Line 15 | Net saving, NIPA basis | FA216006005 | -127.4 | -178.7 | -217.0 | -180.4 | -167.2 | -184.6 | -188.6 | -242.2 | -252.8 |
| Line 16 | + Consumption of fixed capital | FA216300001 | 395.2 | 410.4 | 431.7 | 413.0 | 417.3 | 422.4 | 427.9 | 434.6 | 441.8 |
| Line 17 | - Net capital transfers paid1 | FA215440005 | -96.1 | -127.4 | -123.1 | -109.0 | -194.1 | -121.3 | -113.4 | -115.7 | -142.0 |
| Line 18 | = Gross saving less net capital transfers paid | FA216000105 | 363.9 | 359.2 | 337.7 | 341.5 | 444.3 | 359.2 | 352.7 | 308.1 | 331.0 |
| Line 19 | Gross investment | FA215090005 | 335.6 | 346.3 | 306.4 | 366.6 | 339.3 | 584.0 | -86.5 | 476.4 | 251.7 |
| Line 20 | Fixed investment | FA215019001 | 549.3 | 598.4 | 638.3 | 604.0 | 615.1 | 622.8 | 636.2 | 642.9 | 651.4 |
| Line 21 | Nonproduced nonfinancial assets | FA215420003 | 19.6 | 20.9 | 22.5 | 21.1 | 21.5 | 21.9 | 22.3 | 22.7 | 23.2 |
| Line 22 | Net lending (+) or net borrowing (-) | FA215000005 | -233.2 | -273.0 | -354.5 | -258.5 | -297.3 | -60.6 | -745.0 | -189.2 | -423.0 |
| Line 23 | Net acquisition of financial assets | FA214090005 | 108.8 | 155.3 | 147.6 | 206.0 | 10.1 | 420.2 | -110.1 | 344.1 | -63.9 |
| Line 24 | Checkable deposits and currency | FA213020005 | 15.2 | 15.0 | 41.5 | 10.8 | 59.1 | 30.5 | -4.2 | 8.9 | 130.6 |
| Line 25 | Time and savings deposits | FA213030000 | 3.8 | -0.2 | -20.3 | -22.7 | -19.9 | 10.4 | -4.7 | -47.5 | -39.3 |
| Line 26 | Money market fund shares | FA213034003 | 6.8 | 9.9 | 10.7 | 14.2 | 19.2 | 6.0 | 2.3 | 14.2 | 20.2 |
| Line 27 | Security repurchase agreements | FA212051003 | 11.1 | 8.9 | 11.8 | 39.8 | -22.6 | 32.5 | -11.4 | 38.5 | -12.5 |
| Line 28 | Debt securities | FA214022005 | 76.6 | 106.3 | 75.9 | 57.2 | 69.2 | 239.1 | -87.2 | 270.1 | -118.2 |
| Line 29 | Open market paper | FA213069103 | 3.4 | -0.2 | 32.4 | 21.4 | -20.3 | 92.9 | 55.8 | -30.2 | 11.0 |
| Line 30 | Treasury securities | FA213061103 | 66.3 | 85.4 | 24.4 | 7.4 | 83.4 | 70.3 | -87.5 | 199.4 | -84.7 |
| Line 31 | Agency- and GSE-backed securities | FA213061703 | 7.0 | 11.7 | 11.9 | 26.3 | -10.2 | 39.8 | -28.8 | 64.6 | -27.8 |
| Line 32 | Municipal securities | FA213062003 | 1.7 | 2.4 | 2.0 | 4.5 | -1.3 | 9.1 | -0.7 | 3.7 | -4.0 |
| Line 33 | Corporate and foreign bonds | FA213063003 | -1.8 | 6.9 | 5.2 | -2.5 | 17.7 | 27.0 | -26.0 | 32.5 | -12.7 |
| Line 34 | Loans | FA214023005 | -39.3 | 12.4 | -1.7 | 50.4 | -79.7 | -28.3 | 63.1 | 2.8 | -44.6 |
| Line 35 | Mortgages | FA213065005 | -30.9 | 5.4 | 14.5 | 5.4 | 5.4 | 14.2 | 14.4 | 14.6 | 14.8 |
| Line 36 | Other loans and advances2 | FA213069200 | -8.4 | 7.1 | -16.2 | 45.0 | -85.1 | -42.5 | 48.7 | -11.8 | -59.3 |
| Line 37 | Corporate equities | FA213064103 | -19.4 | -22.0 | -14.9 | -6.6 | -27.3 | 48.5 | -68.0 | -20.5 | -19.7 |
| Line 38 | Mutual fund shares | FA213064203 | -4.4 | -4.4 | -5.0 | -1.8 | -2.9 | 14.3 | -24.6 | -2.6 | -7.1 |
| Line 39 | Trade receivables | FA213070003 | 19.7 | 9.1 | 32.8 | 22.8 | 21.5 | 40.5 | 31.0 | 36.9 | 22.7 |
| Line 40 | Taxes receivable | FA213078005 | 24.2 | 9.7 | 7.4 | 9.7 | 11.7 | 0.5 | 2.8 | 12.0 | 14.2 |
| Line 41 | Miscellaneous assets | FA213093003 | 14.5 | 10.6 | 9.5 | 32.3 | -18.3 | 26.4 | -9.2 | 31.2 | -10.2 |
| Line 42 | Net increase in liabilities | FA214190005 | 342.1 | 428.3 | 502.0 | 464.5 | 307.4 | 480.9 | 634.9 | 533.3 | 359.1 |
| Line 43 | Debt securities (municipal securities) | FA213162005 | 23.6 | 98.5 | 157.3 | 138.4 | -45.9 | 145.9 | 284.8 | 191.4 | 7.2 |
| Line 44 | Short-term3 | FA213162400 | 1.4 | 7.5 | 4.1 | 24.2 | -4.4 | -7.1 | 5.7 | 24.8 | -6.8 |
| Line 45 | Long-term | FA213162200 | 22.1 | 90.9 | 153.2 | 114.2 | -41.5 | 153.0 | 279.1 | 166.6 | 14.0 |
| Line 46 | Loans | FA214141005 | -6.6 | -4.6 | 9.8 | -6.1 | 10.2 | 1.4 | 15.7 | 6.0 | 15.9 |
| Line 47 | Depository institution loans n.e.c. | FA213168003 | -7.5 | -5.8 | 9.0 | -6.7 | 8.3 | 0.1 | 14.9 | 6.0 | 15.1 |
| Line 48 | Other loans and advances | FA213169203 | 1.0 | 1.2 | 0.7 | 0.6 | 1.9 | 1.3 | 0.8 | 0.0 | 0.8 |
| Line 49 | Trade payables | FA213170003 | 69.4 | 72.9 | 76.4 | 73.3 | 73.8 | 75.0 | 75.5 | 77.0 | 78.0 |
| Line 50 | Claims of pension fund on sponsor4 | FA223073045 | 255.7 | 261.6 | 258.6 | 258.9 | 269.4 | 258.6 | 258.9 | 258.9 | 258.1 |
| Line 51 | Discrepancy | FA217005005 | 28.3 | 12.8 | 31.3 | -25.1 | 105.1 | -224.8 | 439.2 | -168.3 | 79.3 |
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: 2026-03-19