a government’s idle funds may be broken down into two categories—liquid
funds, those funds needed for liquidity purposes, and core funds, those funds
that will not be needed to cover immediate cash needs. Liquid funds are
invested in local government investment pools, money market mutual
funds, or other short-term instruments, such as commercial paper, certifi-
cates of deposit, or U.S. Treasury securities with maturities under one year.
Core funds are invested in securities with maturities greater than one year