Through the Local Government Investment Pool (LGIP), more than 500 taxing bodies invest their short-term surplus cash at scale, with 100 percent liquidity. They earn a higher interest rate than if investing alone. The LGIP typically outperforms the industry benchmark. The balance of funds in the LGIP varies regularly but tends to hit seasonal peaks twice yearly, including at the end of May. At the end of May, 2017, the fund reached an all-time record high balance of $16 billion. In part, this demonstrates the confidence local governments have in LGIP and the Office of the State Treasurer.