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There is no single nationwide formula for interest on public funds. A fund’s governing law or agreement determines whether it is eligible for interest, how its share is measured, which investment rate applies, and where the earnings are credited. In a pooled treasury, an eligible fund’s allocation commonly reflects its average daily balance and the pool’s earnings—but the details differ by state and fund.
Start with the rule for the particular fund
To determine how a state agency’s public funds earn interest, first identify the authority governing that money. It may be a state statute, a contract, a bequest, an agreement with the treasurer, or a treasury policy. The governing rule determines both whether the fund participates in an investment pool and whether earnings belong to that fund or go elsewhere.
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These are separate questions. A treasury may invest cash from multiple accounts together and calculate a share for each participant, yet the law may direct that share to the state general fund rather than crediting the account that supplied the cash. Conversely, a statute or agreement may authorize a particular fund to receive its own interest credit. A pooled investment calculation by itself does not establish who is entitled to the resulting earnings.
The examples from Kansas, Maine, Washington, New York, and Idaho illustrate different parts of this framework. They are jurisdiction-specific examples, not a survey of every state or a national rule. A state-specific answer requires checking the current law and treasury guidance for the particular fund.
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How pooled investment earnings are allocated
A state treasury can invest cash from multiple eligible accounts together. Rather than treating each account as though it had a separate bank deposit earning a separately stated rate, the treasury calculates investment results for the pool and allocates earnings under its rules. A common balance measure is the participant’s average daily cash balance during a specified period.
An average daily balance takes account of the balance on each day in the period. It is therefore different from a balance observed only at month-end: two accounts with the same closing balance can have different averages if their cash levels changed differently during the month. Where the governing method uses daily balances, substituting a month-end snapshot would not reproduce that method.
The applicable rate may be derived from the pool’s investment earnings, rather than being the interest rate advertised for an individual deposit account. The pool’s net earnings rate and the participant’s balance basis work together: the rate represents the pool’s return under the relevant method, while the balance measure represents the participant’s share of cash over the period. The statute, agreement, and treasury rules determine the precise definitions and any adjustments.
Maine’s monthly formula
The Maine Treasurer’s Office gives this formula for its cash pool: interest credited = average daily balance of an account × cash pool rate × (days in month ÷ 365). This is a Maine-specific method, not a formula that can be assumed to govern other states.
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In this calculation, the average daily balance represents the account’s cash over the month; the cash pool rate is derived from that month’s net investment earnings and average historical cost; and the days-in-month factor applies the stated 365-day convention to the month’s period. To calculate a particular credit, an agency would need the account’s applicable average daily balance and the pool rate for the relevant month. The formula alone does not supply those values.
Maine distributes earnings in the month after they are earned. For example, earnings for July are distributed in August, based on average balances during July. Thus, the month in which an allocation is posted need not be the month in which the underlying cash was held and generated earnings.
Kansas’s statutory method
Kansas law generally directs interest on state money to the state general fund unless an exception applies. For interest that must be credited outside the general fund, the statute describes a method based on the fund’s average daily balance for each month and the pooled money investment portfolio’s net earnings rate for that month. The law also allows a different method where a law, contract, or bequest specifies one.
The Kansas example shows why the legal authority matters even when the balance and rate mechanics look familiar. The statute’s general destination rule and its calculation rule for qualifying exceptions are distinct parts of the answer. An agency should not assume that an account receives a direct credit merely because its cash contributed to a pooled portfolio.
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Washington’s proportionate-share approach
Washington’s statute identifies accounts and funds that receive a proportionate share of earnings based on each account’s or fund’s average daily balance for the period. It also addresses agencies that have independent authority over funds not otherwise required to be held in the treasury, but deposit those funds with the treasury under an agreement with the treasurer.
For an agency with independently controlled funds, the deposit arrangement is therefore relevant alongside the statutory provisions: the agency’s authority over the money and the terms under which it is deposited can affect how the treasury handles it. The Washington example does not establish that every independently controlled fund automatically participates or receives an interest credit.
Participation does not always mean a fund receives a credit
New York makes the distinction between pool participation and account-level posting explicit. The state comptroller says that all funds in its Short Term Investment Pool participate in the calculation of interest earnings, but only funds authorized to receive or be charged interest have earnings posted to them monthly. Agencies are instructed to review enacted legislation for effects on interest in current and new funds.
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Where the earnings are credited
The destination of interest is a legal and accounting question, not just a mathematical one. Depending on the governing rule, earnings may be credited to the state general fund, returned to the fund that held the balance, or allocated among participants in a pool. The following examples show how varied the rules can be.
| Jurisdiction | Eligibility or governing rule | Balance and rate basis | Destination or timing detail |
|---|---|---|---|
| Maine | Cash-pool participants under the state’s method | Average daily account balance; monthly cash pool rate; days in month divided by 365 | Distributed the following month; July earnings, for example, are distributed in August |
| Kansas | State money is generally directed to the general fund unless an exception applies; law, contract, or bequest may specify another method | For interest required to be credited outside the general fund: average daily fund balance for each month and the pooled portfolio’s net earnings rate for that month | Destination depends on the applicable exception and authority |
| Washington | Statute identifies accounts and funds receiving a proportionate share; some independently authorized funds may be deposited under an agreement | Average daily balance for the period | Proportionate share for eligible accounts or funds; agreement terms can matter for certain deposits |
| New York | All funds in the Short Term Investment Pool participate in calculating earnings; only legally authorized funds have earnings posted | Pool calculation; the cited description does not state a specific balance formula or rate for this comparison | Monthly postings only to funds authorized to receive or be charged interest |
| Idaho | Interest on invested idle cash generally goes to the state general fund unless an exception applies; specified funds may receive credits | Idle balances are end-of-day cash balances; participating funds use monthly average daily cash balances | Applicable fund receives interest when covered by law, regulation, or agreement, including qualifying internal service funds |
The table summarizes the cited state examples and does not establish a complete fifty-state comparison. A detail not described in an example should not be inferred from another state’s method.
Idaho’s general-fund rule and exceptions
The Idaho State Controller describes the general statutory destination for interest on invested idle cash as the state general fund unless an exception applies. Interest is credited to the applicable fund for qualified internal service funds and other funds specifically covered by law, regulation, or agreement.
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A practical process for finding a fund’s calculation
- Identify the exact fund and its authority. Locate the statute that created or governs it, and check relevant contracts, bequests, treasury policies, and agreements. If federal cash is involved, identify any applicable federal-state agreement as a separate authority.
- Confirm eligibility and destination. Determine whether the fund may participate in the pool, whether it is authorized to receive or be charged interest, and whether earnings are credited to the fund or directed to the general fund. Do not treat inclusion in a pool calculation as proof of a direct credit.
- Find the balance basis and period. Check whether the rule uses end-of-day balances, an average daily balance, or another measure, and identify the period over which it is calculated. Use the prescribed basis; do not replace daily balances with a month-end figure.
- Identify the rate and its derivation. Determine whether the rate is a cash-pool rate, the net earnings rate of a pooled portfolio, or another rate defined by law or agreement. Obtain the rate for the matching period rather than substituting a bank’s deposit rate.
- Apply any day-count and posting rules. Check whether the formula includes a day-count convention, as Maine’s example does, and when the allocation is credited. A posting date can fall after the period in which the balance earned the allocation.
- Verify current terms before estimating or reconciling a credit. Check the current codification, fund eligibility, treasury instructions, rate for the relevant period, and any governing agreement. A formula without its authorized inputs is not enough to determine the amount owed to a particular fund.
Do not confuse pool allocations with federal-funds interest liability
A state’s allocation of investment earnings among its own cash-pool participants is related to, but distinct from, its obligation to account for federal funds it holds. Federal cash may be governed by a Treasury-State agreement that measures how long funds are held and defines a separate liability calculation. The result is not simply another version of the state’s ordinary participant allocation.
A Treasury-State Agreement example for Mississippi describes measuring the time federal cash is held from credit to debit, using average daily cash balances, and applying a rate tied to average equivalent yields of 13-week Treasury bills auctioned during the state’s fiscal year. That example is for FY2018. It is historical and illustrative; it should not be presented as the current rule for all states or federal programs. The relevant agreement and program terms must be checked for the state and period at issue.
What an agency should verify before answering a specific case
For a particular account, a reliable answer requires more than knowing that the state invests public cash. The agency should be able to identify the governing authority, the fund’s eligibility, the earnings destination, and the inputs and timing used in the calculation. These checks also help explain apparent differences between an investment pool’s total earnings and the interest posted to an individual fund.
- Authority: Which statute, contract, bequest, agreement, or treasury policy controls this fund?
- Eligibility: Is the fund authorized to participate, receive interest, or be charged interest?
- Destination: Are earnings retained by the fund, sent to the general fund, or allocated another way?
- Balance basis: Are daily balances used, and what is the applicable measurement period?
- Rate: Is the rate based on pool net earnings or another specified benchmark, and for which period?
- Timing: When are earnings calculated and posted, and what day-count convention applies?
Fees and other adjustments must be taken from the governing state method or agreement; the examples summarized here do not establish one common fee treatment. Nor do they provide a complete comparison of all state systems. The operative rule for the fund—not a formula borrowed from another jurisdiction—determines the answer.
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