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7.19.2022: Colorado Treasurer Dave Young Helps School Districts With Cash Flow Shortages

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For Immediate Release
July 19, 2022

Sheena Kadi

Communications Director & Public Information Officer

Colorado Treasurer Dave Young Helps 18 School Districts With Cash Flow Shortages
Helps schools to make payroll for teachers and bus drivers

COLORADO: Today, Colorado State Treasurer Dave Young is ensuring schools are meeting cash flow needs across the state, and announced the successful $350 million sale of the Colorado 2022 Series A Education Tax Revenue Anticipation Notes (ETRANs) on behalf of 18 public school districts across Colorado. 

“Our ability to provide interest-free loans to Colorado school districts is  a critical tool in alleviating temporary cash flow deficits. This is especially true now, as teachers continue to experience unprecedented economic challenges,” said Colorado State Treasurer Dave Young, a former junior high math teacher.The ETRANs program ensures that school districts throughout Colorado can meet their cash flow needs, protecting our hardworking teachers and incredible support staff.” 

The following districts participated in the 2022 Series A Notes: 

Aspen School District RE-1
Boulder Valley RE-2
Brighton (Adams 27J)
Cherry Creek (Arapahoe 5)
Denver R-1
Douglas County RE-1
Eagle County RE-50
East Grand School District No. 2
Englewood (Arapahoe 1)
Estes Park (Larimer R-3)
Johnstown-Milliken (Weld RE-5J)
Lake County (Leadville)
Littleton (Arapahoe 6)
Mapleton (Adams 1)
Platte Valley (Weld RE-7)
Summit County RE-1
Thompson (Larimer R2-J)
Windsor (Weld RE-4)

"Eagle County School District considers itself fortunate to have had access to this program.  Even with financial stability, we will have a deficit cash flow as early as October. ETRANS will enable us to pay our employees until property taxes are received in the spring and we appreciate the state's efforts to help."
Sandy Farrell, Chief Operating Officer, Eagle County School District

"Denver Public Schools is very grateful for the Colorado Department of the Treasury's continued leadership of the ETRANs program. DPS, like many school districts, is heavily funded by local property taxes which are typically collected in the second half of our school year. The ETRANs program provides DPS with reliable cash flow throughout the year which allows us to put our funds and focus where it is needed most: helping our students learn and grow."
Chuck Carpenter, Chief Financial Officer, Denver Public Schools

“As an ETRANs recipient, we are grateful for and appreciate the interest-free support from the state that allows us to bridge the gap until local funds become available. The majority of our expenses come in the form of staff salaries, so this funding helps ensure that our staff members get paid and paid on time, continuing seamless operations throughout the year.”
Michelle Scallon, Superintendent, Weld RE-4 School District

ETRANs are issued at the start and midway through each fiscal year, funding the State’s Interest Free Education Loan program. Because property taxes are not collected until the spring, it isn’t unusual for school districts to face cash flow shortages in the fall and winter.  The legislature designed ETRANs to be an interest-free loan to meet those school district operational needs.

The ETRANs 2022 Series A Notes are short-term notes, payable in June 2023, at the end of the current fiscal year. This issuance received the rating of SP-1+ from Standard and Poor’s and MIG1 from Moody’s Investors Service. Each rating was the highest possible within that class of issuance.