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Footnotes for
S.8.q State and Local Governments (1)


(1) The state and local government sector excludes state and local government employee retirement funds.
(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy
reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
(4) Capital formation, net and net lending or borrowing, capital account are shown as seasonally adjusted annual rate flows. The non-seasonally adjusted flows of these series are used in the
calculation of the change in net worth.
(5) Excludes land and nonproduced nonfinancial assets.

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