Perry chairs cash management meeting

AUSTIN (AP) - Gov. Rick Perry is chairing a meeting of the state's Cash Management Committee.

The panel is meeting at the Texas Capitol on Tuesday to set a limit on the amount of temporary revenue anticipation notes, known as TRAN notes.

The committee includes the governor, lieutenant governor, comptroller and House speaker.

Early each fiscal year, the state sends out money to school districts before the state collects much of its yearly taxes, so there is a temporary cash-flow shortfall.

The state is allowed to borrow money short-term to close that gap, and that borrowing is done through TRAN notes.