Tax and Revenue Anticipation Notes, or TRANs, are a form of short-term debt used to “smooth” tax and revenue collections. Different revenue streams have various due dates, and may not be received evenly throughout the year. Local property taxes, for example, are often collected in large amounts toward the middle of the fiscal year. Until that money is received, a local government may not have enough cash on hand to operate. To generate funding, the government may issue tax and revenue anticipation notes at the beginning of the fiscal year, then repay the notes later in the year when taxes and revenues are received.