The California School Cash Reserve Program helps guard against temporary cash flow shortages in a safe, cost-effective way by creating an additional cash reserve to the general fund. Participants issue Tax and Revenue Anticipation Notes (TRANs) through a streamlined, pooled process. Learn more about our low borrowing costs, flexible use and repayment process, and easy, efficient administration today.
The program
CSBA works with Dale Scott & Company; Piper Sandler; and Orrick Herrington & Sutcliffe to provide the Cash Reserve Program for school districts, community colleges, and county offices of education.
School districts, community college districts, and county offices of education are often faced with the difficult situation of having to fund regular monthly expenditures with irregular receipt of state aid and property tax revenues. These imbalances are typically caused by the uneven or “lump sum” receipt of revenues (e.g., twice a year property tax receipts as compared to regular monthly expenditures) and the deferral of state apportionment payments.
With more than 5,900 TRANs issued, the Cash Reserve Program is a leading cash management tool designed to supplement issuers’ general fund cash reserves and to act as a buffer for temporary cash flow needs. To create this reserve, a TRAN is issued.
2024-2025 TRANs issuance:
- Request & Adopt TRAN Resolution: March - May 2024
- Upload Financial Reports: March - May 2024
- Finalize Cash Flow Projection and TRAN Sizing: May - June 2024
- TRAN Issued: July 2024
- Funds Available for Cash Flow: July 2024 - June 2025
Resources
Steps to Issue TRAN
Contact
Mark Farrell
Dale Scott & Company
415.956.1030
Nicole Delos Reyes
California School Boards Association
3251 Beacon Blvd. West Sacramento, CA 95691
916.669.3275
Mark Adler
Piper Sandler
2321 Rosecrans Ave., Suite 3200 El Segundo, CA 90245
800.876.1854 | 310.297.6000 | Fax: 310.297.6001
