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State and Local Governments; Debt Securities and Loans; Liability, Level (SLGSDODNS)

Observations

Q2 2026: 3,819,096
Updated: Sep 11, 2026 11:56 AM CDT
Q2 2026:  3,819,096  
Q1 2026:  3,734,518  
Q4 2025:  3,678,566  
Q3 2025:  3,675,267  
Q2 2025:  3,625,701  

Units:

Millions of U.S. Dollars,
Seasonally Adjusted Annual Rate

Frequency:

Quarterly,
End of Period

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Notes

Title Release Dates
State and Local Governments, Excluding Employee Retirement Funds; Credit Market Instruments; Liability, Level 2010-06-10 2019-03-06
State and local governments, excluding employee retirement funds; debt securities and loans; liability, Level 2019-03-07 2020-03-11
State and Local Governments; Debt Securities and Loans; Liability, Level 2020-03-12 2026-09-11
 
Source    
Board of Governors of the Federal Reserve System (US) 2010-06-10 2026-09-11
 
Release    
Z.1 Flow of Funds Accounts of the United States 2010-06-10 2013-06-02
Z.1 Financial Accounts of the United States 2013-06-03 2026-09-11
 
Units    
Billions of Dollars 2010-06-10 2026-01-08
Millions of U.S. Dollars 2026-01-09 2026-09-11
 
Frequency    
Quarterly, End of Period 2010-06-10 2026-09-11
 
Seasonal Adjustment    
Seasonally Adjusted 2010-06-10 2026-01-08
Seasonally Adjusted Annual Rate 2026-01-09 2026-09-11
 
Notes    
The FRED series Debt Outstanding Domestic Nonfinancial Sectors - State and Local Governments Sector is now known as State and Local Governments, Excluding Employee Retirement Funds; Credit Market Instruments; Liability.

The source series id is LA214104005.Q.

This series appears in Table D.3. For further information see the assistance provided in the guide to the Flow of Funds at http://www.federalreserve.gov/apps/fof/.

2010-06-10 2011-12-07
The FRED series Debt Outstanding Domestic Nonfinancial Sectors - State and Local Governments Sector is now known as State and Local Governments, Excluding Employee Retirement Funds; Credit Market Instruments; Liability.

The source series id is LA214104005.Q.

This series appears in Table D.3. For further information see the assistance provided in the guide to the Financial Accounts at http://www.federalreserve.gov/apps/fof/.

As stated on the December 08, 2011 release:
The instrument tables on municipal securities and loans (tables F.211 and L.211) have been revised from 2004:Q1 forward to reflect a change in data sources. Data on debt outstanding and net issuance for state and local governments, nonprofit organizations, and nonfinancial corporate business
(industrial revenue bonds) are now based on data from Mergent, a private data vendor. The new data indicate that municipal securities and loans
outstanding in 2004:Q1 is $740 billion greater than previously estimated in the flow of funds accounts.
The estimate of household holdings of municipal securities and loans is revised up by about $840 billion, on average, from 2004 forward.

2011-12-08 2019-03-06
Source ID: LA214104005.Q

For more information about the Flow of Funds tables, see: https://www.federalreserve.gov/apps/fof/Default.aspx

For a detailed description, including how this series is constructed, see: https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=LA214104005&t=

2019-03-07 2019-12-11
Source ID: LA214104005.Q

For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx).

With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx).

In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=LA214104005&t=) provided by the source.

2019-12-12 2025-09-10
Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx).##With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx).##In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=LA214104005&t=) provided by the source.



 2025-09-11 2026-09-10
Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx).
With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx).
In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=LA214104005&t=) provided by the source. To easily map the Board series IDs to FRED series IDs, see the DDP-FRED crosswalk (https://www.federalreserve.gov/data/data-download-fred-information.htm).



2026-09-11 2026-09-11

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State & Local Nonfinancial Sector Debt Domestic Z.1 US Financial Accounts Government Board of Governors Quarterly Seasonally Adjusted Nation Public Domain: Citation Requested United States of America