Which of the listed funds would not typically be associated with external investment pools?

The general fund reserves are typically used for daily operations and expenses of a government entity, such as funding public services, salaries, and administrative costs. These reserves are primarily intended to ensure liquidity and meet immediate financial obligations, rather than being invested in external pools.

External investment pools, on the other hand, are designed to provide investment opportunities for various government entities, allowing them to pool their resources together to invest in a diversified portfolio. This often includes pools managed by state governments or larger entities that seek to increase returns on investments over what could be earned in each individual fund’s own, smaller allocations.

Public entity risk pools, venture capital partnerships, and cost investment agreements, however, might involve more sophisticated investment strategies or risk-sharing arrangements and are more closely aligned with external investment pools. These options are focused on leveraging collective investment knowledge or capital for higher potential returns or shared risk. Therefore, general fund reserves stand apart as they prioritize availability and liquidity for operational needs over participation in investment schemes.