As an “independent establishment of the executive branch of the Government of the United States,” we receive no tax dollars for ongoing operations. We are self-supporting, and have not received an appropriation for operational costs since 1982. We fund operations chiefly through cash generated from operations and by borrowing from the Federal Financing Bank.
The amount we borrow is largely determined by three major factors: (1) the difference between cash flow from operations (which in 2009 included the end-of-year payout of $1.4 billion to the PSRHBF); (2) capital cash outlays, which consist of funds invested for new facilities, new automation equipment and new services; and (3) the statutory annual borrowing limit of $3 billion. For 2011 and beyond, an additional determinant will be our total statutory debt ceiling of $15 billion. On September 30, 2009, we had $10.2 billion in debt outstanding, a $3.0 billion increase from last year.
