TRAN Borrowing

A Tax (and Revenue) Anticipation Note (TRAN) is short-term borrowing a city takes out to cover payroll and expenses before property tax revenue arrives. El Cerrito issued one every year for at least eleven consecutive years.

El Cerrito’s Annual TRAN Borrowing, FY2012 to FY2022

Source: Notes to the City’s audited financial statements (CAFRs/ACFRs) and City Council staff reports, each fiscal year. New revenue sources shown (Real Property Transfer Tax, ARPA funds) coincide with the TRAN’s discontinuation after FY2022.