The State Treasurer's Office manages the investment of the State's cash in its short-term investment program. The short-term portfolio earned over $7.486 million in interest income in fiscal year 2008 on average daily balances of $200.3 million. Of this interest amount, $2,002,336 was credited to interest earning funds and the balance of $5,483,664 remained in the general fund. The yield on the portfolio was 3.74 percent for the year. The Treasurer's Office uses institutional money market funds, certificates of deposit issued by banks with offices in Vermont, and money market instruments (government agency discount notes and commercial papers) sold through institutional brokers in order to achieve maximum rate of return and diversification in the portfolio.