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2015 Cash Flow Borrowing (Minnesota School Districts)

Fiscal year 2015 will be another challenging year for Minnesota school districts to manage their cash flow. The percentage of aid entitlements paid in the current year is likely to stay at 70% or possibly go even lower. And the implementation of a property tax shift in the spring of 2011 will reduce cash balances further. For many districts, the best solution to these challenges will be to issue Aid Anticipation Certificates.

Ehlers assists many districts annually with the issuance of Tax and Aid Anticipation Certificates to meet cash flow needs. Some of the key features of Aid Anticipation Certificates issued through Ehlers are summarized below.

  • Low Interest Costs. For certificates issued last summer, most districts are paying interest rates of well under 1%. Based on current market conditions, we expect similar low rates this year.
  • Flexible Sale Procedures Ensuring Lowest Costs.
    For most districts, we will recommend soliciting competitive proposals from many underwriting firms, increasing the chances that you get the best possible terms on the day of sale. However, for districts borrowing relatively small amounts, we have developed a streamlined process that will result in lower up-front expenses and, in many cases, lower total borrowing costs.
  • Flexible Schedules and Terms. Because we schedule and sell each district’s certificates individually (rather than pooling them together), we can tailor the schedule and the terms of borrowing to your needs.
  • Individualized Consultation and Advice. Issuing Aid Anticipation Certificates may affect other financial issues in your district. For example, it could affect arbitrage rebate exceptions and bank qualification for other forms of borrowing. When you call us to discuss the issuance of certificates, we will discuss other financial issues and, if necessary, alter your plans to maximize the benefit to the district.
  • A Smooth and "Low Hassle" Process. The procedures and restrictions associated with issuing certificates can be very cumbersome. But our experienced staff will “walk you through” every step of the process, ensuring that you meet all deadlines and requirements.

For 2015, Ehlers is offering a new optional service. We will prepare a monthly cash flow schedule for you, after requesting key information from you. There will be an additional fee for this service. For more information, click here.

For more detailed information on the process of issuing Aid Anticipation Certificates, please open the links below

Or contact anyone from the Ehlers Education Team at 800-552-1171 or 651-697-8500 or directly at:

Greg Crowe
Betsy Knoche 651-697-8537
Shelby McQuay 651-697-8548
Gary Olsen 651-697-8513
Jeff Seeley 651-697-8585
Joel Sutter 651-697-8514
Andrea Uhl 651-697-8542
Jodie Zesbaugh 651-697-8526
Tom Berge 651-697-8570

Ehlers Operating Referendum Services for Minnesota School Districts

Schedule of Services

For a description of services and prices, click here.

For a listing of example Comparative Analysis Services graphs, click here.

Sample Work Products

Click below to see samples of the work products we have provided under each of the Packages described in the Schedule of Services.

Package 1

Package 2

Package 3

Contact Ehlers

To contact an Ehlers financial advisor to discuss referendum services, you may send an e-mail message to, or call Ehlers (651-697-8500 or toll free at 1-800-552-1171) and ask to speak to a member of the Education Team.

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