Sponsored by the California School Board Association (CSBA), this program works to provide school districts, community college districts, and county offices of education with the funds needed to address cash shortfalls due to the irregular receipt of state aid and property tax revenues.
Participants issue Tax and Revenue Anticipation Notes (TRANs) through a streamlined, pooled process. With more than 5,900 TRANs issued, the Cash Reserve Program is an established cash management tool designed to supplement issuers’ general fund cash reserves for the fiscal year and to act as a buffer for temporary cash flow needs. Proceeds from the sale of a Cash Reserve Program TRAN issue may be used to fund imbalances caused by the mismatch between revenues and expenditures.
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