Treasury ETRANs Program Helps Keep Classrooms Running Through Cash Flow Gaps
Aug. 18, 2025 (DENVER) — Colorado State Treasurer Dave Young announced that the Colorado Department of the Treasury issued a $460 million note sale to help 19 Colorado school districts bridge cash flow needs for the upcoming school year.
“These loans keep teachers and staff paid and prevent disruptions in the classroom,” said Treasurer Dave Young, a former middle school teacher. “Because of Colorado’s school funding system, many districts face gaps in funding before property tax revenues arrive. The Department of Treasury is proud to support schools by supplying this critical education funding.”
As part of its statutory mission, the Colorado Department of the Treasury issues Education Tax Revenue Anticipation Notes (ETRANs) twice a year to fund interest-free loans to K-12 school districts to cover operational costs while they wait for local property tax funding.
“ETRANs ensure that school districts across Colorado can focus on educating students rather than worrying about temporary funding shortages,” said James Eke, Debt Manager for the Colorado Department of the Treasury. “By securing these funds at the state level, we can deliver the lowest-cost financing possible, saving schools money and keeping more resources in the classroom.”
The following school districts will receive support from the Colorado Series 2025A ETRANs:
- Aspen School District RE-1
- Aurora School District (Arapahoe 28J)
- Bennett 29J
- Boulder Valley School District RE-2
- Cherry Creek (Arapahoe 5)
- Denver School District 1
- Douglas County RE-1
- Eagle County RE-50
- Englewood (Arapahoe 1)
- Estes Park (Larimer R-3)
- Gilcrest (Weld 1)
- Johnstown- Milliken (Weld RE-5J)
- Lake County (Leadville)
- Littleton (Arapahoe 6)
- Mapleton (Adams 1)
- Roaring Fork (Garfield)
- Summit County RE-1
- Thompson (Larimer R2-J)
- Windsor (Weld RE-4)
ETRANs must be paid back within the given fiscal year. The recent issuance received an SP-1+ rating from Standard and Poor’s and an MIG 1 rating from Moody’s Investment Service, the agencies' highest possible ratings.
For more information on ETRANs, visit the Colorado Department of the Treasury website.
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About the Colorado Department of the Treasury
The Colorado Department of the Treasury is the constitutional guardian of the public’s funds. It is the Treasury’s duty to manage and account for the taxpayers’ dollars from the time they are received until the time they are disbursed. The Treasury’s staff is committed to safeguarding and managing the people’s monies with the same diligence and care as they do their own. For more information, visit colorado.gov/treasury.