Second quarter level is benchmarked annually to U.S. Census Bureau's Table 1--State and Local Government Finances by Level of Government and by State, Cash and security holdings, Other than insurance trust funds. Quarters between benchmarks and quarters after the latest benchmark are estimated by targeting a relatively constant discrepancy between sources and uses of funds for the sector. Unadjusted flow is the change in the level less the capital gains on the holdings of corporate equities (FOF series FD213064103) and mutual fund shares (FOF series FD213064203); data for the most recent ten years show no significant seasonality.
