Program Provides Interest-free Loans to 21 School Districts Facing Cash Flow Gaps

Jan. 22, 2026 (DENVER) -Colorado State Treasurer Dave Young announced a $560 million sale to help 21 Colorado school districts meet cash flow needs through the end of the school year.

"Many school districts do not receive property tax revenue until later in the year," said Colorado State Treasurer Dave Young. "This funding fills a temporary gap so classrooms can operate without disruption, enabling school districts to focus their budget on classroom needs."

Under state law, the Colorado Department of the Treasury may take on short-term debt to finance interest-free loans for K-12 school districts through Education Tax Revenue Anticipation Notes (ETRANs). The Department issues ETRANs twice each year to help districts cover operating costs while they wait for local property tax collections.

"ETRANs give school districts the flexibility they need for cash flow without pulling resources away from students," said James Eke, Debt Manager for the Colorado Department of the Treasury. "Issuing these notes at the state level allows us to deliver low-cost financing that saves schools money."

Rather than borrowing individually at higher interest rates, school districts receive financing through the state, which lowers costs and keeps more dollars in classrooms.

"Denver Public Schools is very appreciative of Treasurer Dave Young and his team at the Colorado Department of the Treasury," said Denver Public Schools Chief Financial Officer Chuck Carpenter. "Their leadership with the ETRANs program provides DPS with reliable cash flow throughout the year, allowing us to put our funds and focus where it is needed most: helping our students achieve their goals."

The following school districts will receive support from the 2026A ETRANS:

• Aspen School District RE-1
• Bennett 29J
• Boulder Valley School District RE-2
• Cherry Creek (Arapahoe 5)
• Denver School District 1
• Douglas County RE-1
• Eagle County RE-50
• Elizabeth School District
• Englewood (Arapahoe 1)
• Estes Park (Larimer R-3)
• Gilcrest (Weld 1)
• Johnstown-Milliken (Weld RE-5J)
• Lake County (Leadville)
• Littleton (Arapahoe 6)
• Moffat County RE-1
• Poudre (Larimer R-1)
• Roaring Fork (Garfield)
• Summit County RE-1
• Thompson (Larimer R2-J)
• Windsor (Weld RE-4)
• Woodland Park RE-2

ETRANs must be paid back within the same fiscal year. The recent issuance received an SP-1+ rating from Standard and Poor's and an MIG 1 rating from Moody's Investors Service, the agencies' highest possible ratings, respectively.

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.