Federal Credit Support Page

Chronology of major changes

Return to Federal Credit Support Page

Last updated: September 18, 2006

Revised Balances Approach Reestimate Calculator and Consolidated Credit Tool released.  See the "Utilities for Budget preparation and execution" page.

"Training and Resource Materials" page updated with handouts from June 2006 annual credit training.

The Calculator for projecting the future interest income or costs of credit financing accounts is updated for the FY 2007 Budget.  See the "Utilities for Budget preparation and execution" page.

FY 2007 Budget interest rates released.

The Consolidated Credit Tool, summary files, and instructions are revised.  See the "Utilities for Budget preparation and execution" page.

FY 2006 Budget interest rates released.

FY 2004 actual interest rates released. The rates can be accessed by downloading the Credit Subsidy Calculator from the "Credit Subsidy Calculator" page.

FY 2004 rates added to Consolidated Credit Tool and Balances Approach Reestimate Calculator.  See the "Utilities for Budget preparation and execution" page.

The "Similar Maturity Rates" page is updated for the FY 2004 actual interest rates.

Revised Direct Loan version of the Balances Approach Reestimate Calculator and instructions released.  See the "Utilities for Budget preparation and execution" page.

The Consolidated Credit Tool, summary files, and instructions are revised.  See the "Utilities for Budget preparation and execution" page.

The Balances Approach Reestimate Calculator, direct loan and loan guarantee versions, summary files, and instructions are revised.  See the "Utilities for Budget preparation and execution" page.

"Training and Resource Materials" page updated with handouts from June 2004 annual credit training.

FY 2005 Budget interest rates released.

Revision 1h of the Credit Subsidy Calculator (CSC) containing the 2005 Budget assumptions is now available. See the "Credit Subsidy Calculator" page for details.

The Calculator for projecting the future interest income or costs of credit financing accounts is updated for the FY 2005 Budget.  See the "Utilities for Budget preparation and execution" page.

Revised Balances Approach Reestimate Calculator and instructions.  See the "Utilities for Budget preparation and execution" page.

FY 2003 actual interest rates released. The rates can be accessed by downloading the Credit Subsidy Calculator from the "Credit Subsidy Calculator" page.

FY 2003 rates added to Consolidated Credit Tool and Balances Approach Reestimate Calculator.  See the "Utilities for Budget preparation and execution" page.

The "Similar Maturity Rates" page is updated for the FY 2003 actual interest rates.

The Consolidated Credit Tool, summary files, and instructions are revised.  See the "Utilities for Budget preparation and execution" page.

The Balances Approach Reestimate Calculator, direct loan and loan guarantee versions, summary files, and instructions are revised.  See the "Utilities for Budget preparation and execution" page.

The "Links to Credit References" page is updated to reference the 2003 version of OMB Circular A-11 Section 185, Federal Credit.

"Training and Resource Materials" page updated with handouts from July 2003 annual credit training.

The "Links to Credit References" page is updated.

The "Utilities for Budget preparation and execution" page is updated for the retirement of the Reestimate Calculator and the Financing Account Interest Calculator.  These credit utilities are replaced by the Consolidated Credit Tool.

Beta versions of the Consolidated Credit Tool and summary compiler files are released, along with updated instructions.  See the "Utilities for Budget preparation and execution" page.

The Reestimate Checklist for traditional approach reestimates is updated.  See the "Utilities for Budget preparation and execution" page.

The "Links to Credit References" page is updated.

The Consolidated Credit Tool is revised to address a limitation which occurred when the first disbursement of a direct or guaranteed loan is made in a year that is later than the cohort fiscal year. The C-Credit assumed that the first disbursement occurs in the cohort year. This limitation is corrected for cash flows with disbursements on an annual basis; the limitation still occurs for cash flows with disbursements on a semi-annual, quarterly, or monthly basis.  See the "Utilities for Budget preparation and execution" page.

The FY 2004 Federal Credit Supplement worksheets and instructions are available.  See the "Utilities for Budget preparation and execution" page.

The links page was revised to include a link to the FY 2004 Credit Supplement and to update outdated links.  See the "Links to Credit References" page.

The Calculator for projecting the future interest income or costs of credit financing accounts is updated for the FY 2004 Budget.  See the "Utilities for Budget preparation and execution" page.

FY 2004 Budget interest rates released.

Revision 1g of the Credit Subsidy Calculator (CSC) containing the 2004 Budget assumptions is now available. See the "Credit Subsidy Calculator" page for details.

The Balances Approach Reestimate Calculator, direct loan and loan guarantee versions, and instructions are revised to correct minor problems with the November 4, 2002, versions.  See the "Utilities for Budget preparation and execution" page.

The Balances Approach Reestimate Calculator, direct loan and loan guarantee versions, and instructions are revised.  See the "Utilities for Budget preparation and execution" page.

The Reestimates Checklist for the traditional approach to reestimates is updated for the recent release of the Consolidated Credit Tool.  See the "Utilities for Budget preparation and execution" page.

A limitation in the import feature of the Consolidated Credit Tool (C-Credit) has been identified. This limitation occurs when the first disbursement of a direct or guaranteed loan occurs in a year that is later than the cohort fiscal year. The C-Credit assumes that the first disbursement occurs in the cohort year. Therefore, the fiscal year timing of disbursements differs from the cash flows. OMB is currently looking into fixing this limitation. However, until a fix is released, affected agencies will need to copy and paste the disbursements into the appropriate years. This does not impact programs that make the first direct or guaranteed loan disbursement in the cohort fiscal year. See the "Utilities for Budget preparation and execution" page.

The Reestimate Calculator has been revised to correct a formatting program on the 1993 cohort worksheet.  Specifically, the buttons and drop-down boxes for the 1993 cohort worksheet appeared to the far right on the worksheet, rather than in the correct locations.  This formatting change has no impact on the calculations.  See the "Utilities for Budget preparation and execution" page.

FY 2002 actual interest rates released.

Revision 1f of the Credit Subsidy Calculator (CSC) released. This version  includes the actual FY 2002 rates, as well as minor formatting changes to the "Details of the subsidy calculation" display to accommodate the Consolidated Credit Tool, and updates to the Help files. See the "Credit Subsidy Calculator" page for details.

The credit utilities have been revised to calculate the disbursement-weighted average discount rate (dwadr) for similar maturity cohorts using methods identical to the Credit Subsidy Calculator. In calculating the dwadr under the "use 90 percent" rule, the Credit Subsidy Calculator excludes disbursements that occur after the year in which the 90 percent disbursement point is reached. However, the credit utilities had been including these additional disbursements. The credit utilities are revised to calculate the dwadr using the same methods as the Credit Subsidy Calculator.  See the "Utilities for Budget preparation and execution" page.

The "Similar Maturity Rates" page is updated for the FY 2002 actual interest rates.

The Consolidated Credit Tool is revised for changes to the Credit Subsidy Calculator.  See the "Utilities for Budget preparation and execution" page.

Consolidated Credit Tool, Summary Compilers (CRSummary and CFSummary), and instructions released.  See the "Utilities for Budget preparation and execution" page.

Updated Reestimate Calculator released.  See the "Utilities for Budget preparation and execution" page.

"Training and resource materials" page updated for revised OMB Circular A-11.

Direct loan and loan guarantee versions of the Balances Approach Reestimate Calculator (BARC) and instructions released.  See the "Utilities for Budget preparation and execution" page.

BARC Summary Compiler and instructions released.  See the "Utilities for Budget preparation and execution" page.

New beta BARC Summary Compiler and instructions added.  See the "Utilities for Budget preparation and execution" page.

Training and Resource Materials" page updated with handouts from June 2002 annual credit training.

The "Links to Credit References" page is updated.

Direct loan and loan guarantee cash flow templates added.  See the "Resource Materials" section of the "Training and Resources" page.

The "Links to Credit References" page is updated.

The FY 2003 Federal Credit Supplement worksheets and instructions are available.  See the "Utilities for Budget preparation and execution" page.

A draft "Reestimate Calculator Checklist," to assist agencies in using the Reestimate Calculator, is available.  See the "Utilities for Budget preparation and execution" page.

The links page was revised to include a link to the FY 2003 Credit Supplement and to update outdated links.  See the "Links to Credit References" page.

The Reestimate Calculator is updated to correct a formula on the Interest Summary worksheet. See the "Utilities for Budget preparation and execution" page.

The Calculator for projecting the future interest income or costs of credit financing accounts is updated for the FY 2003 Budget.  See the "Utilities for Budget preparation and execution" page.

Revision 1d of the Credit Subsidy Calculator (CSC) was released. See the "Credit Subsidy Calculator" page for details.

The December 3, 2001 installation includes the economic assumptions for the FY 2003 Budget.

The links page was revised to include a link to information on the Treasury Certificate in Credit Reform accounting and to update outdated links.  See the "Links to Credit References" page.

A new entry was added to the list of known defects and work-arounds concerning the use of charts in XLS files.

An update has been made to the Credit Subsidy Calculator (right click to download now):

• Credit Subsidy Calculator (2,500 kb)

Description of the change to the Credit Subsidy Calculator:

The rates.txt file installed by the original download contains incorrect interest rates for the 2002 Budget. The incorrect rates may prevent the user from reproducing the original subsidies calculated for the 2002 Budget. To fix the problem, the CSC install program must be downloaded and re-run. When prompted by the install program to "modify", "repair" or "remove" choose the "repair" option and click next. The CSC with the correct "rates.txt" file will be reinstalled.

To verify that the calculator is using the correct file, open the CSC and choose Actions, Select Rates from the toolbar. Click the button for "View all rates" and verify that the first set of rates listed under "Budget Assumptions" is dated [2001-01-22]. If a set of budget assumptions with a date of [2001-07-03] exists, the rates.txt file has NOT been updated.

This change will NOT affect reestimates performed for cohorts prior to 2002.

Links page updated to reference 2001 version of OMB Circular A-11.  See the "Links to Credit References" page.

Summary:

Updates have been made to (right click to download now):

• Financing Account Interest Calculator, xls format (xls format, 834 kb)
• Reestimate Calculator (xls format, 3,038 kb)

Description of the change to "FAIC.XLS"

Before this change, there was a problem if you tried to use the button on line 48 of the "General" page to copy data from the 9/19/2001 release. The following messages would appear:

• run time error '1004';
• select method of range class failed

This problem has been corrected. The revised version should copy correctly from any previous version of the FAIC.

If you download the revised version, you can copy all of your data from any previous version using the buttons on/after row 48 of the "General" page.

IF you do NOT need to copy data from the 9/19/2001 version, there is no need to download the revised version.

Description of the change to "RC.XLS"

This is a change in the default settings only and does not change any of the calculations.

Before this change, the sheet had 12 risk categories visible. With this change, only one risk category is visible. You can still expand the sheet to show up to 12 risk categories by a couple of button clicks.

If you have already begun working on the RC, you do not need to download a new copy.

Reestimate Calculator and revised instructions released.  See the "Utilities for Budget preparation and execution" page.

Revised Financing Account Interest Calculator released.  See the "Utilities for Budget preparation and execution" page.

FY 2001 actual interest rates released.

Revision 1c of the Credit Subsidy Calculator (CSC) released. This revision supports basket-of-zeros reestimates and includes the actual FY 2001 rates. See the "Credit Subsidy Calculator" page for details.

Interest Rates File (dated 09/24/01), which includes the FY 2001 actual rates, and instructions released.  See the "Utilities for Budget preparation and execution" page.

FY 2001 rates added to Financing Account Interest Calculator, and Balances Approach Reestimate Calculator.  See the "Utilities for Budget preparation and execution" page.

Revision 1c (beta) of the Credit Subsidy Calculator (CSC) released. See the " Credit Subsidy Calculator" page for details.   The new or revised features are listed below:

• Capability to perform reestimates of basket-of-zeros (FY 2001 and future) cohorts is added.
• "Other statistics" section is added to the "Details of the subsidy calculation" or "Calc" display.  The other statistics include: lifetime defaults as a percentage of disbursements, lifetime recoveries as a percentage of defaults, and disbursement percentages by year.  These statistics are added to assist agencies in submitting data for the Federal Credit Supplement.

The document, "Performing Reestimates with the Revised Credit Subsidy Calculator" is revised to reflect the changes made to the Credit Subsidy Calculator.

Links to the FY 1998-FY 2001 Federal Credit Supplements added.  See the "Links to Credit References" page.

Reestimate Calculator (beta version) and instructions added.  See the "Utilities for Budget preparation and execution" page for details.

"Training and Resource Materials" page added.  The page contains handouts from the June 2001 annual credit training, as well as the resource documents:

• Constructing Cash Flows for Use with the OMB Credit Subsidy Calculator: A Tutorial Guide; and
• The Government-Wide Audited Financial Statements Task Force Credit Reform Issue Paper 96-CR-7, Model Credit Program Methods and Documentation for Estimating Subsidy Rates and the Model Information Store.

Links page updated to reference current version of OMB Circular A-129.  See the "Links to Credit References" page.

Link to the FY 2002 Federal Credit Supplement added.  See the "Links to Credit References" page.

Worksheets and instructions for the 2002 Federal Credit Supplement were released. See the "Utilities for Budget preparation and execution" page for details.

Federal credit agencies report data on their credit programs in the Federal Credit Supplement worksheets, to be compiled into the Federal Credit Supplement to the 2002 Budget.

Revision 1b of the Credit Subsidy Calculator (CSC) was released. See the "Credit Subsidy Calculator" page for details.

The January 22, 2001 installation includes the economic assumptions for the FY 2002 Budget (revised from the assumptions released on November 21, 2000). In addition, the calculator for projecting the future interest income or costs of credit financing accounts is for the FY 2002 Budget is now available.

The new or revised features in the credit subsidy calculator are:

• When interest rate assumptions are copied to the clipboard, column headings are now included.
• The text in some of the dialog boxes is revised to be more accurate.

Revision 1a of the Credit Subsidy Calculator (CSC) was released. See the "Credit Subsidy Calculator" page for details. The new or revised features are listed below:

• The weighted average interest rate for reestimates is now calculated correctly when disbursements were on a monthly, quarterly, or semiannual frequency
• When duplicate range names occur (as can happen with "xls" files), a dialog box describes the problem of ambiguous references
• New assumptions are included for the 2002 Budget

In addition, the calculator for projecting the future interest income or costs of credit financing accounts is for the FY 2002 Budget is now available.

Revision 1 of the Credit Subsidy Calculator (CSC) was released. This revision adds support for reestimating subsidies.

FY 2000 interest rates for similar maturity categories were posted. See the "Similar Maturity Rates" page for details.

A new spreadsheet, the "financing account interest calculator" was posted. This spreadsheet automates much of the annual calculation of interest paid on borrowings from the Treasury and interest earnings on cash balances. See the "Utilities for Budget preparation and execution" page for details.

Revised evaluation versions of the CSC posted. The original posting of the evaluation version did not handle certain kinds of spreadsheet files correctly. The evaluation period was extended, by one week, to September 8. This problem was limited to the first evaluation version and did not exist in the 11-26-99 posting of the CSC.

Posted the updated reestimate spreadsheet and instructions for the 2002 Budget. See the "Utilities for Budget preparation and execution" page for details.

The links page was updated.

First revision (evaluation copy) of the CSC. This revision provides support for reestimates. See working paper Performing Reestimates with the Revised CSC for details. This revision also corrects most of the defects previously reported. (See List of known defects and work-arounds on the CSC page for a list of the remaining defects.)

Posting of the following reports:

• Report of Independent Accountants, and
• Independent Verification and Validation (Y2K)

Posting of the utilities for the FY 2001 Budget.

Initial release of the Federal Credit Support Page.

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