State Pooled Investment Fund and Local Government Investment Pool
The Treasury Department manages state and local governments’ short-term investments through a program known as the State Pooled Investment Fund (SPIF) and the Local Government Investment Pool (LGIP).
The SPIF, with a June 30, 2018 balance of approximately $12.6 billion, includes the state’s cash, dedicated reserves and trust funds, and the balance of the LGIP of approximately $3.2 billion. The LGIP provides short-term cash management to local governments.
Treasury earned $143 million last year for the state and local governments that participate in the SPIF.