Level is calculated as approximately 4 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 miscellaneous assets from CAFRs for the largest state and local governmental units. Transactions are calculated as the change in level. Data for the most recent ten years show no significant seasonality.