ussgl board meeting 4/26/20071 u.s. treasury zero coupon bonds (zcb)
TRANSCRIPT
USSGL Board Meeting 4/26/2007 1
U.S. Treasury Zero Coupon Bonds (ZCB)
USSGL Board Meeting 4/26/2007 2
U.S. Treasury Zero Coupon Bonds (ZCB)
The amortization of discounts and market adjustments for ZCB are counted as a budgetary resource butbut they are unavailable for/precluded from obligation.
Two Treasury Appropriation Fund Symbols (TAFS) are currently holding ZCB. 1 Special Fund 1 Trust Revolving Fund
USSGL Board Meeting 4/26/2007 3
U.S. Treasury Zero Coupon Bonds (ZCB)
Special and Non-Revolving Trust Funds
The same budgetary accounts are used to record amortization and market adj. for a ZCB
4114 Appropriated Trust or Special Fund
Receipts
4394 Receipts Unavailable for Obligation Upon Collection
USSGL Board Meeting 4/26/2007 4
U.S. Treasury Zero Coupon Bonds (ZCB)
Special and Non-Revolving Trust Funds
Entry to record amortization of a discount on a ZCB
4114 Appropriated Trust or Special Fund Receipts
4394 Receipts Unavailable for Obligation Upon Collection
1633 Amortization of Discount U.S. Zero Coupon Bonds Issued by Public Debt
5311 Interest Revenue - Investments
USSGL Board Meeting 4/26/2007 5
U.S. Treasury Zero Coupon Bonds (ZCB)
Special and Non-Revolving Trust FundsEntry to record market adjustment on a ZCB
4114 Appropriated Trust or Special Fund Receipts
4394 Receipts Unavailable for Obligation Upon Collection
1638 Market Adjustment – Investments in U.S. Treasury Zero Coupon Bonds
1639 Contra Market Adjustment – Investments in U.S. Treasury Zero Coupon Bonds
USSGL Board Meeting 4/26/2007 6
U.S. Treasury Zero Coupon Bonds (ZCB)
Trust Revolving FundsProposed Budgetary USSGL account to record
amortization and market adj.
Account Title: Amortization and Market Adjustment - Investments in U.S. Treasury Zero Coupon Bonds
Account Number: 4290
Normal Balance: Debit
USSGL Board Meeting 4/26/2007 7
U.S. Treasury Zero Coupon Bonds (ZCB)
Trust Revolving Funds
The same budgetary accounts are used to record amortization and market adj. for a ZCB
4290 Amortization and Market Adjustment –Investments in
U.S. Treasury Zero Coupon Bonds
4398 Offsetting Collections Temporarily Precluded From Obligation
USSGL Board Meeting 4/26/2007 8
U.S. Treasury Zero Coupon Bonds (ZCB)
Trust Revolving Funds
Entry to record amortization of a discount on a ZCB
4290 Amortization and Market Adjustment – Investments in U.S. Treasury Zero Coupon Bonds
4398 Offsetting Collections Temporarily Precluded From Obligation
1633 Amortization of Discount U.S. Zero Coupon Bonds Issued by Public Debt
5311 Interest Revenue - Investments
USSGL Board Meeting 4/26/2007 9
U.S. Treasury Zero Coupon Bonds (ZCB)
Trust Revolving Funds
Entry to record market adjustment on a ZCB 4290 Amortization and Market Adjustment – Investments in U.S. Treasury Zero Coupon Bonds
4398 Offsetting Collections Temporarily Precluded From Obligation
1638 Market Adjustment – Investments in U.S. Treasury Zero Coupon Bonds
1639 Contra Market Adjustment – Investments in U.S. Treasury Zero Coupon Bonds
USSGL Board Meeting 4/26/2007 10
U.S. Treasury Zero Coupon Bonds (ZCB)
Crosswalk Impacts of USSGL 4290: SF 133 Report on Budget Execution and
Budgetary Resources: Line 3D1A Spending authority from
offsetting collections, Earned, Collected Budget Program and Financing (P&F) Schedule
Line 5800 Spending authority from offsetting collections
Line 8820 Interest on Federal securities
USSGL Board Meeting 4/26/2007 11
U.S. Treasury Zero Coupon Bonds (ZCB)
Other Crosswalk Impacts: FMS 2108 Yearend Closing Statement
Column 6 For Treasury Appropriation Fund Symbols With Unamortized Discounts or Premiums (USSGL 1633 with RT7 931)
USSGL Board Meeting 4/26/2007 12
U.S. Treasury Zero Coupon Bonds (ZCB)
USSGL Board Meeting 4/26/2007 13
Partial and Early Cancellation of Authority
USSGL Board Meeting 4/26/2007 14
Partial and Early Cancellation of Authority
Justification for new account:To separate appropriation authority that is canceled early, from appropriation authority canceled 5 years after the expiration of an annual or multiyear appropriation.
USSGL Board Meeting 4/26/2007 15
Partial and Early Cancellation of Authority
Proposed Budgetary USSGL account:
Account Title: Partial or Early Cancellation of Authority With a U.S. Treasury Warrant
Account Number: 4351
Normal Balance: Credit
USSGL Board Meeting 4/26/2007 16
Partial and Early Cancellation of Authority
USSGL 4351 is reclassified to 8101 in a closing entry.
4351 Partial or Early Cancellation of Authority With a U.S. Treasury Warrant
4201 Total Actual Resources – Collected
8102 Offset for Partial or Early Cancellation of Authority
8101 Partial or Early Cancellation of Authority
USSGL Board Meeting 4/26/2007 17
Partial and Early Cancellation of Authority
Crosswalk Impacts of USSGL 4351: SF 133 Report on Budget Execution and
Budgetary Resources Line: Line 6A Permanently not available: Cancellations of
expired and no-year accounts FMS 2108 Yearend Closing Statement
Will notnot crosswalk because a U.S. Treasury warrant is processed
USSGL Board Meeting 4/26/2007 18
Partial and Early Cancellation of Authority
Crosswalk Impacts of USSGL 4351(cont’d): Budget Program and Financing (P&F) Schedule
Line 2398 Unobligated balance expiring or withdrawn
USSGL Board Meeting 4/26/2007 19
Partial and Early Cancellation of Authority
Revisions to current USSGL accounts:
Account Title: Canceled Authority
Account Number: 4350
Normal Balance: Credit
USSGL Board Meeting 4/26/2007 20
Partial and Early Cancellation of Authority
Revisions to current USSGL accounts:
Current Account Title: Partial Authority Cancellation
Proposed Account Title: Partial or Early Cancellation of Authority
Account Number: 8101
Normal Balance: Credit
USSGL Board Meeting 4/26/2007 21
Partial and Early Cancellation of Authority
Revisions to current USSGL accounts:
Current Account Title: Offset for Partial Authority Cancellation
Proposed Account Title: Offset for Partial or Early Cancellation of Authority
Account Number: 8102
Normal Balance: Debit
USSGL Board Meeting 4/26/2007 22
Partial and Early Cancellation of Authority
Contact Info:
Michele Crisman
202-874-2439
USSGL Board Meeting 4/26/2007 23
Capitalized Loan Interest
New USSGL Accounts(Effective Fiscal 2008)
1351 Capitalized Loan Interest Receivable – Non-Credit Reform
2511 Capitalized Loan Interest Payable – Non-Credit Reform
USSGL Board Meeting 4/26/2007 24
USSGL Crosswalk Impact
Balance Sheet Assets, Intragovernmental
Line 4: Loans Receivable (1351E) Line 3.5 (Reclassified BS)
Liabilities, Intragovernmental Line 18: Debt (2511E) Line 7.4 (Reclassified BS)
Capitalized Loan Interest
USSGL Board Meeting 4/26/2007 25
Capitalized Loan Interest
Modified USSGL Accounts
7112 Gains on Disposition of Borrowings
7212 Losses on Disposition of Borrowings
Justification: Expanded to include other than FFB gains/losses
USSGL Board Meeting 4/26/2007 26
Miscellaneous Ballot Items
Modified USSGL Accounts
4510 Apportionments
4610 Allotments – Realized Resources
Justification: References to Apportionment Categories not needed