Level is calculated as approximately .5 percent of total financial assets from the 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, adjusted to match financial accounts framework. Percentage is based on detailed data for fiscal year 2011 on municipal securities from CAFRs for the largest state and local governmental units. Capital gains are estimated based on the Merrill Lynch Municipal Master par weighted price index. Transactions are the change in the level less capital gains; data for the most recent ten years show no significant seasonality.
Last edited on: 01/22/2020