Beginning in 2003:Q2, levels for 2003:Q2, 2011:Q2, and 2019:Q2 are calculated as approximately 9%, 5%, 6.5%, respectively, of total financial assets. Annual second quarter total financial assets are from the U.S. Census Bureau's Table 1--State and Local Government Finances by Level of Government and by State for United States Total items: Cash and security holdings, other than insurance trust funds, plus Insurance trust funds Workers' Compensation and Miscellaneous. Percentages are based on detailed data for fiscal year 2003:Q2, 2011:Q2, and 2019:Q2 on commercial paper from Comprehensive Annual Financial Reports (CAFRs) for the largest state and local governmental units and a sample of smaller local governments. Percentages between 2003:Q2 and 2011:Q2, and between 2011:Q2 and 2019:Q2 are interpolated unless otherwise noted. For commercial paper, percentages were adjusted downward by staff to reflect market trends in total commercial paper issuance outstanding (FOF series 893069105) for 2007 to 2019 (offsetting adjustments were made to Treasury securities (FOF series 213061103). Beginning in 2020:Q2, Treasury securities shares were adjusted upward due to the federal government's COVID response with offsetting downward share adjustments in the other instruments, excluding security repurchase agreements. Total financial assets between Census benchmarks are calculated as the sum of the previous level, plus revaluations on instruments with market values, plus transactions (state and local government NIPA gross savings (FOF series 216000105) plus net increase in liabilities (FOF series 214190005) less nonfinancial investment (FOF series 215019001 and FOF series 215420003)). The residual differences with the Q2 Census benchmark total assets are spread evenly across the transactions for the four quarters of the benchmark year. Transactions are residually calculated as the change in level. Data for the most recent ten years show no significant seasonality.
Last edited on: 09/10/2024