As part of its statutory mission, the Colorado Department of the Treasury may take on short-term debt to finance interest-free loans for K-12 districts, known as Education Tax Revenue Anticipation Notes (ETRAN), and on behalf of the State General Fund, known as General Fund Tax and Revenue Anticipation Notes (GTRAN). ETRANS and GTRANs alleviate temporary cash flow deficits and are paid back within the fiscal year. View the ETRAN and GTRAN debt statements.
ETRAN Information for School Districts
Each District must adopt a resolution pledging repayment of its loan from property tax revenues from March through June of the fiscal year and must execute a promissory note to the Treasurer to evidence its repayment obligation.
School districts wishing to participate in the program must contact the Treasury or the Treasury's financial advisor no later than May 30th of each year. The Treasury disburses money to participating school districts on the 7th, 17th, and 27th of each month or the following business day if these dates fall on a holiday or weekend.
The District superintendent and chief financial officer must sign and submit a draw request form by the 10th working day of each month listing dollar amounts to be drawn during each predetermined period. The district must electronically submit an updated cash-flow spreadsheet with actual expenditures/revenues for the preceding month.
Beginning in March, school districts must remit all property taxes received to the Treasury, up to current loan balances. All outstanding loans MUST be repaid no later than June 25th or the following business day if the 25th falls on a weekend.
On January 22, 2025, Colorado State Treasurer Dave Young announced a successful $475 million sale of the Colorado 2024B Series education tax revenue anticipation notes, commonly known as the E-TRANs, on behalf of 19 public school districts across Colorado.
General Fund Tax and Revenue Anticipation Notes (GTRAN)
Due to irregular flows of revenues, GTRAN financing provides funds to meet the state's liquidity needs throughout the year.
Ratings
The GTRAN and ETRAN received the following ratings: