​Q: Wake County cannot spend all of my tax dollars at one time. Where is the money kept in the meantime?
 
A: Wake County's Investment Program is restricted to very safe types of investments and the program is closely monitored. It is governed by North Carolina General Statute 159-30, Investment of Idle Funds, and is audited annually for compliance.
 
The investment instruments the county can legally purchase are:

Obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States.

Obligations of the Federal Farm Credit Bank, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, and the Federal National Mortgage Association.

Savings certificates issued by any savings and loan association organized under the laws of the State of North Carolina or by any federal savings and loan association having its principal office in North Carolina, provided that any principal amount of such certificate in excess of the amount insured by the federal government or any agency thereof, or by a mutual deposit guaranty association authorized by the Administrator of the Savings and Loan Division of the Department of Commerce of the State of North Carolina, be fully collateralized.

Prime quality commercial paper bearing the highest rating of at least one nationally recognized rating service and not bearing a rating below the highest by any nationally recognized rating service that rates the particular obligation.

Bill of exchange of time drafts drawn on and accepted by a commercial bank and eligible for use as collateral by member banks in borrowing from a federal reserve bank, provided that the accepting bank or its holding company is either (1) incorporated in the State of NC or (2) has outstanding publicly held obligations bearing the highest rating of at least one nationally recognized rating service and not bearing a rating below the highest by any nationally recognized rating service that rates the particular obligations.

Participating shares in a mutual fund for local government investment, provided that the investments are certified by the Local Government Commission

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Q: How does Wake County rank as an investment?

A: Wake County has maintained a "Aaa" bond rating from Moody's Investors Service since 1973, a "AAA" rating from Standard & Poor's Corporation since 1983 and a "AAA" from Fitch since 2000. These are the highest ratings a local government can achieve. This is important, because when the County borrows money, we are able to obtain lower interest rates because of our excellent bond ratings, thus saving taxpayers money in the long run.