Financial Accounts of the United States - Z.1
F.107 State and Local Governments
Billions of dollars; quarterly figures are seasonally adjusted annual rates
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| Description | Series code | 2022 | 2023 | 2024 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local governments; current receipts, NIPA basis | FA216010105 | 3690.1 | 3700.8 | 3852.6 | 3682.8 | 3739.4 | 3806.6 | 3806.2 | 3883.3 | 3914.3 | 1 |
| State and local governments; personal current taxes | FA216210001 | 638.5 | 594.3 | 639.6 | 605.5 | 612.1 | 609.5 | 630.0 | 655.5 | 663.3 | 2 |
| State and local governments; taxes on production and imports, receivable (IMA) | FA216240001 | 1648.6 | 1718.9 | 1790.6 | 1724.0 | 1744.3 | 1760.8 | 1782.3 | 1794.5 | 1824.8 | 3 |
| State and local governments; taxes on corporate income (accrual basis) | FA216231001 | 162.4 | 163.5 | 164.1 | 165.9 | 166.9 | 170.4 | 164.0 | 162.6 | 159.3 | 4 |
| State and local governments; contributions for government social insurance received | FA216601001 | 22.8 | 21.3 | 26.7 | 21.2 | 22.8 | 25.0 | 26.7 | 27.5 | 27.6 | 5 |
| State and local governments; property income (received) | FA216150105 | 93.6 | 97.7 | 97.2 | 97.6 | 97.9 | 97.8 | 97.2 | 97.0 | 96.9 | 6 |
| State and local governments; other current transfer received | FA216403105 | 1136.9 | 1135.0 | 1166.5 | 1100.5 | 1127.5 | 1175.3 | 1138.2 | 1178.1 | 1174.4 | 7 |
| State and local governments; operating surplus, net | FA216402101 | -12.7 | -29.9 | -32.1 | -31.9 | -32.0 | -32.2 | -32.2 | -32.0 | -32.0 | 8 |
| State and local governments; current expenditures | FA216900005 | 3601.8 | 3762.3 | 3920.6 | 3775.6 | 3778.1 | 3860.3 | 3899.8 | 3940.1 | 3982.2 | 9 |
| State and local governments; consumption expenditures | FA216901001 | 2333.7 | 2403.8 | 2510.9 | 2422.4 | 2434.7 | 2472.7 | 2495.7 | 2525.0 | 2550.3 | 10 |
| State and local governments; social contributions paid | FA216404001 | 1028.3 | 1081.2 | 1144.9 | 1069.4 | 1061.0 | 1113.5 | 1136.9 | 1154.0 | 1175.3 | 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 | 239.1 | 276.7 | 264.0 | 283.1 | 281.7 | 273.5 | 266.4 | 260.4 | 255.9 | 13 |
| State and local governments; subsidies paid | FA216402001 | 0.7 | 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 | 88.3 | -61.6 | -68.0 | -92.8 | -38.7 | -53.8 | -93.5 | -56.7 | -67.9 | 15 |
| State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) | FA216300001 | 375.7 | 398.6 | 412.2 | 399.7 | 402.8 | 406.7 | 409.3 | 414.5 | 418.3 | 16 |
| State and local governments; net capital transfers paid (1) | FA215440005 | -229.9 | -96.3 | -125.0 | -100.5 | -98.3 | -100.0 | -102.1 | -107.1 | -190.8 | 17 |
| State and local governments; gross saving less net capital transfers paid | FA216000105 | 693.9 | 433.4 | 469.2 | 407.4 | 462.4 | 452.9 | 417.8 | 464.8 | 541.2 | 18 |
| State and local governments; gross investment | FA215090005 | 664.2 | 405.1 | 461.6 | 399.9 | 397.3 | 438.1 | 461.2 | 467.1 | 480.1 | 19 |
| State and local governments; gross fixed investment (NIPA basis) | FA215019001 | 479.1 | 544.1 | 610.7 | 553.2 | 584.3 | 598.0 | 605.1 | 616.6 | 623.1 | 20 |
| State and local governments; acquisition of nonproduced nonfinancial assets (net) | FA215420003 | 15.0 | 15.6 | 15.4 | 15.7 | 15.7 | 15.6 | 15.5 | 15.4 | 15.3 | 21 |
| State and local governments; net lending (+) or borrowing (-) (financial account) | FA215000005 | 170.1 | -154.6 | -164.5 | -168.9 | -202.7 | -175.5 | -159.4 | -164.9 | -158.2 | 22 |
| State and local governments; total financial assets | FA214090005 | 436.0 | 196.8 | 264.7 | 153.6 | 92.7 | 257.0 | 369.3 | 306.5 | 126.0 | 23 |
| State and local governments; checkable deposits and currency; asset | FA213020005 | 14.7 | 15.1 | 15.0 | 7.0 | 63.4 | 17.7 | -28.7 | 11.0 | 60.0 | 24 |
| State and local governments; total time and savings deposits; asset | FA213030000 | -12.4 | 3.8 | -0.2 | -28.8 | -6.0 | 38.2 | 4.5 | -22.9 | -20.7 | 25 |
| State and local governments; money market fund shares; asset | FA213034003 | 9.8 | 6.8 | 11.4 | 4.2 | 2.3 | 3.3 | 5.4 | 15.8 | 21.0 | 26 |
| State and local governments; security repurchase agreements; asset | FA212051003 | 1.4 | 17.7 | 15.3 | -13.5 | 40.5 | 12.6 | 19.4 | 45.2 | -16.1 | 27 |
| State and local governments; debt securities; asset | FA214022005 | 313.5 | 160.3 | 190.9 | 148.7 | 29.8 | 260.3 | 244.5 | 124.2 | 134.8 | 28 |
| State and local governments; commercial paper; asset | FA213069103 | 1.4 | 18.6 | 16.1 | -14.2 | 42.6 | 13.3 | 20.4 | 47.5 | -16.9 | 29 |
| State and local governments; Treasury securities, excluding SLGS; asset | FA213061103 | 229.0 | 128.5 | 129.4 | 165.1 | 20.2 | 198.0 | 147.2 | 33.6 | 138.7 | 30 |
| State and local governments; agency- and GSE-backed securities; asset | FA213061703 | 31.8 | 10.5 | 22.9 | -18.9 | 11.3 | 19.0 | 33.9 | 34.8 | 3.7 | 31 |
| State and local governments; municipal securities; asset | FA213062003 | 5.6 | 2.3 | 3.9 | 5.5 | -3.7 | 4.7 | 5.0 | 5.7 | 0.2 | 32 |
| State and local governments; corporate and foreign bonds; asset | FA213063003 | 45.7 | 0.3 | 18.7 | 11.2 | -40.6 | 25.3 | 38.0 | 2.6 | 9.0 | 33 |
| State and local governments; loans; asset | FA214023005 | -12.8 | -0.9 | 13.5 | -1.5 | -16.5 | 4.5 | 82.9 | 67.7 | -101.2 | 34 |
| State and local governments; total mortgages; asset | FA213065005 | -3.0 | 7.5 | 6.4 | -13.9 | 28.7 | -0.6 | 19.6 | 22.7 | -16.1 | 35 |
| State and local governments; State and local government series securities (MSPD); asset (2) | FA213069200 | -9.8 | -8.4 | 7.1 | 12.4 | -45.2 | 5.1 | 63.3 | 45.0 | -85.2 | 36 |
| State and local governments; corporate equities; asset | FA213064103 | 29.8 | -20.4 | -10.7 | 12.2 | -39.8 | -50.3 | -4.3 | -5.1 | 16.9 | 37 |
| State and local governments; mutual fund shares; asset | FA213064203 | 15.1 | -4.8 | -3.5 | 6.3 | -13.2 | -16.4 | 3.6 | -1.1 | -0.2 | 38 |
| State and local governments; trade receivables; asset | FA213070003 | 34.4 | -1.6 | 5.1 | 34.2 | -16.3 | -24.9 | 20.8 | 16.1 | 8.4 | 39 |
| State and local governments; taxes receivable; asset | FA213078005 | 41.2 | 9.6 | 10.0 | 8.5 | 12.2 | 3.4 | 3.9 | 15.3 | 17.6 | 40 |
| State and local governments; unidentified miscellaneous assets | FA213093003 | 1.3 | 11.0 | 18.0 | -23.8 | 36.4 | 8.6 | 17.3 | 40.4 | 5.6 | 41 |
| State and local governments; total liabilities | FA214190005 | 265.9 | 351.4 | 429.2 | 322.5 | 295.4 | 432.5 | 528.7 | 471.4 | 284.2 | 42 |
| State and local governments; municipal securities; liability | FA213162005 | -51.1 | 21.9 | 97.0 | -7.2 | -36.2 | 99.9 | 195.8 | 138.4 | -46.0 | 43 |
| State and local governments; short-term municipal securities; liability (3) | FA213162400 | -7.5 | 1.4 | 7.4 | 11.4 | -10.3 | 5.7 | 4.2 | 24.2 | -4.5 | 44 |
| State and local governments; long-term municipal securities; liability | FA213162200 | -43.6 | 20.4 | 89.6 | -18.5 | -25.9 | 94.2 | 191.7 | 114.2 | -41.5 | 45 |
| State and local governments; U.S. government loans; liability | FA213169203 | 0.7 | 1.0 | 0.7 | 0.5 | 1.5 | 1.2 | 1.1 | 0.6 | 0.0 | 46 |
| State and local governments; trade payables; liability | FA213170003 | 65.7 | 68.3 | 71.9 | 68.9 | 69.9 | 71.1 | 71.5 | 72.3 | 72.8 | 47 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (4) | FA223073045 | 250.5 | 260.2 | 259.5 | 260.2 | 260.2 | 260.2 | 260.2 | 260.1 | 257.4 | 48 |
| State and local governments; sector discrepancy | FA217005005 | 29.7 | 28.3 | 7.5 | 7.5 | 65.1 | 14.8 | -43.4 | -2.3 | 61.1 | 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: March 13, 2025