Board of Governors of the Federal Reserve System

Beginning in 2003:Q2, stocks outstanding for 2003:Q2, 2011:Q2, and 2019:Q2 are calculated as approximately 12%, 16%, 17.5%, 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 Treasury securities 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 Treasury securities, percentages were adjusted upward by staff to offset downward adjustments in commercial paper (FOF series 213069103) for 2012 to 2016. 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. Total financial assets between Census benchmarks are calculated as the sum of the previous stocks outstanding, 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. Capital gains are estimated based on the Merrill Lynch AAA Treasury par weighted price index. Transactions are the change in stocks outstanding less capital gains; data for the most recent ten years show no significant seasonality.