CSBA resources ease cash flows to avoid fiscal disaster
Cash Reserve Program and budget certification webcasts offer help
Published: August 14, 2012
With stormy fiscal seas continuing to pummel California schools, CSBA is hard at work providing resources that can help school districts survive.
CSBA’s California Cash Reserve Program is one way to cushion the district’s cash flow when regular apportionments are delayed or deferred. The program, a service provided by CSBA and Piper Jaffray & Co., helps districts issue tax and revenue anticipation notes, or TRANs.
The program has issued more than 5,900 TRANs over the past 24 years, with the latest issue in July totaling $802 million for 105 participants.
Traditional TRANs, issued in July, cover shortfalls in the first six months of the fiscal year. But when the state began deferring apportionments at the end of the fiscal year, CSBA responded by offering a Cross Fiscal Year TRAN to help districts with deficits in the last six months of the fiscal year. Many issuers participate in both the Cross Fiscal Year TRAN Program and Fiscal Year TRAN Program.
CSBA and Piper Jaffray’s trusted Cash Reserve Program is the largest pooled TRANs issuer in the state. The program’s successful track record, ease of use and extensive expertise are some of its distinguishing factors. Find out more about the Cash reserve Program and other CSBA financial services: www.csba.org/FinancialServices.aspx.
Webcast series
CSBA has also launched a webcast series to offer information, guidance and communications tools for districts with qualified and negative budget certifications.
In the Aug. 8 webcast, Joel Montero, chief executive officer of the Fiscal Crisis and Management Assistance Team, explained FCMAT’s role and services. Jim Thomas, deputy superintendent of business services for the San Joaquin County Office of Education, walked board members through a typical “Common Message” that county offices of education use to help districts craft their budgets. The one-hour program is archived on CSBA’s website.