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2. CHCCS could possibly move additional money to the new <br />account. <br />Natural Gas <br />Two schools use enough natural gas to qualify to purchase natural gas from <br />suppliers other than the local distributor. The local distributor has confirmed that <br />CHCCS could save money by implementing this recommendation. Based on <br />natural gas usage during the period November 2003 to October 2004, the <br />projected annual saving would be $7,000.00. CHCCS has approved this <br />recommendation which took effect January 1, 2005. <br />State Gas Tax <br />We found- one small account with a fuel company for the purchase of gasoline <br />and diesel. The account was not charged federal gas tax, but the account was <br />charged state gas tax. CHCCS is not required to pay state gas tax. Refund <br />claims in the amount of $2,200.00 have been filed through September 2004. <br />Orange County Schools (OCS) <br />Universal Service Fund/e-rate <br />For the past seven years, OCS has been eligible to receive these funds from the <br />federal government to offset the costs of telecommunications, Internet access <br />and certain equipment. During the summer of 2004, the a-rate coordinator left <br />OCS and we have been asked to prepare and manage the a-rate application <br />process for the 2005-2006 school year. The application process runs from <br />November 2004 to February 2005. Our review of the previous a-rate application <br />notes that it was very well done and appears to include substantially all of the <br />funding possibilities. Funding applications for 2005-2006 were filed for <br />approximately the same amount of funding as in 2004-2005. <br />Cash Management <br />We reviewed various cash management alternatives and recommended a new <br />accounts approved by the State of North Carolina that has a higher interest rate. <br /> Additional <br />Old New Ave Daily Interest <br />Month Rate Rate Balance Income <br />Jan 2005 1.75% 2.590% $ 572,101 $ 408.15 <br />Feb 2005 2.00% 2.847% $1,478,336 $ 960.55 <br />Mar 2005 2.38% 2.950% $1,479,296 $ 716.14 <br />Note: This is less than we projected for following reasons: <br />1. The interest rate at the Bank has risen faster than the rate for <br />the new account, <br />lf~ <br />