tax anticipation notes (TANs)

简明释义

税收预期票据

英英释义

例句

1.Investors are often attracted to tax anticipation notes (TANs) because they offer a relatively low-risk investment option.

投资者通常被税收预期票据 (TANs)吸引，因为它们提供了相对低风险的投资选择。

2.The city issued tax anticipation notes (TANs) to manage its cash flow until property taxes were collected.

该市发行了税收预期票据 (TANs)以管理其现金流，直到收取财产税。

3.Due to unexpected delays in tax collection, the county had to issue additional tax anticipation notes (TANs) this year.

由于税收征收意外延迟，该县今年不得不发行额外的税收预期票据 (TANs)。

4.The school district relied on tax anticipation notes (TANs) to fund operations during the summer months.

学区依靠税收预期票据 (TANs)在夏季资助运营。

5.Before issuing tax anticipation notes (TANs), the municipality conducted a thorough financial analysis.

在发行税收预期票据 (TANs)之前，市政府进行了全面的财务分析。

作文

Tax anticipation notes (TANs) are short-term debt instruments issued by municipalities to finance their immediate cash flow needs. These notes are typically sold at a discount and redeemed at face value when the anticipated tax revenues are collected. The primary purpose of issuing tax anticipation notes (TANs) is to bridge the gap between the time when expenses are incurred and when tax revenues are received. This financial tool allows local governments to manage their budgets more effectively, ensuring that they can meet their obligations without delay.Municipalities often face timing issues regarding their cash flow. For instance, a city may need to pay for essential services such as police, fire protection, and road maintenance before it receives tax payments from residents. In such cases, the issuance of tax anticipation notes (TANs) becomes a viable solution. By selling these notes, the municipality can raise the necessary funds to cover immediate expenses while waiting for tax revenues to come in.The process of issuing tax anticipation notes (TANs) generally involves several steps. First, the municipality assesses its expected tax revenue for the upcoming fiscal year. Based on this projection, it determines how much money it needs to borrow to cover its short-term cash flow requirements. Next, the municipality will issue the notes to investors, usually through a competitive bidding process. Investors purchase the notes at a discount, which means they pay less than the face value of the notes. When the municipality collects the anticipated taxes, it uses those funds to redeem the notes at their full face value, thus paying back the investors.One of the advantages of tax anticipation notes (TANs) is that they provide municipalities with quick access to capital. This can be crucial for maintaining public services and meeting payroll obligations. Additionally, since these notes are backed by the municipality’s future tax revenues, they are generally considered low-risk investments. Investors are often willing to accept lower yields in exchange for the safety and security that comes with investing in municipal debt.However, there are also risks associated with tax anticipation notes (TANs). If a municipality overestimates its expected tax revenues or faces economic downturns that lead to reduced tax collections, it may struggle to repay the notes. This could result in financial strain on the municipality and potentially impact its credit rating. Therefore, it is essential for municipal officials to carefully analyze their financial situation and make realistic projections when considering the issuance of TANs.In conclusion, tax anticipation notes (TANs) serve as a vital financial tool for municipalities facing short-term cash flow challenges. By allowing local governments to borrow against future tax revenues, these notes help ensure that essential services continue without interruption. However, careful planning and accurate forecasting are critical to mitigate the risks associated with this borrowing strategy. As municipalities navigate the complexities of budgeting and funding, tax anticipation notes (TANs) remain an important option for managing financial health and stability.

税收预期票据（TANs）是由市政当局发行的短期债务工具，用于资助其即时现金流需求。这些票据通常以折扣价出售，并在预期的税收收入到账时按面值赎回。发行税收预期票据（TANs）的主要目的是弥补支出发生与税收收入到账之间的时间差。这种金融工具使地方政府能够更有效地管理预算，确保能够及时履行义务。市政当局常常面临现金流的时间问题。例如，一座城市可能需要支付警察、消防保护和道路维护等基本服务的费用，而在此之前，它尚未收到居民的税款。在这种情况下，发行税收预期票据（TANs）成为一种可行的解决方案。通过出售这些票据，市政当局可以筹集到必要的资金来覆盖短期支出，同时等待税收收入的到来。发行税收预期票据（TANs）的过程通常包括几个步骤。首先，市政当局评估即将到来的财政年度的预期税收收入。根据这一预测，它确定需要借入多少资金以满足短期现金流需求。接下来，市政当局会通过竞争性投标程序向投资者发行票据。投资者以折扣价购买这些票据，这意味着他们支付的金额低于票据的面值。当市政当局收取到预期的税款时，它使用这些资金按全额面值赎回票据，从而偿还投资者。税收预期票据（TANs）的一个优点是为市政当局提供了快速获得资金的途径。这对于维持公共服务和支付工资至关重要。此外，由于这些票据由市政当局未来的税收收入担保，因此通常被视为低风险投资。投资者通常愿意接受较低的收益率，以换取投资市政债务所带来的安全性和保障。然而，发行税收预期票据（TANs）也存在风险。如果市政当局高估了预期的税收收入，或者面临经济下滑导致税收减少，它可能会面临偿还票据的困难。这可能会对市政当局造成财务压力，并可能影响其信用评级。因此，市政官员在考虑发行TANs时，必须仔细分析其财务状况并做出切实的预测。总之，税收预期票据（TANs）作为市政当局面临短期现金流挑战时的重要金融工具，通过允许地方政府借用未来的税收收入，帮助确保基本服务的持续进行。然而，谨慎的规划和准确的预测对于降低与这种借贷策略相关的风险至关重要。在市政当局应对预算和资金复杂性的过程中，税收预期票据（TANs）仍然是管理财务健康和稳定的重要选择。