Agenda - 04-19-2005-9a - Laserfiche WebLink

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consider alternative providers of telephony or VOIP equipment, Based on our suggestion, IT will consider alternative vendor solutions for any future VOIP implementation,. While we were reviewing the paid invoices, we found $2,295.00 of monthly service that was incorrectly billed and we are working with CHCCS to obtain a refund. CHCCS personnel worked with the vendor to obtain a credit of $31,833.86 on the March 2005 invoice. In addition, certain invoices included taxes from which GHGCS could be exempt.. After we informed GHGCS personnel of the error, CHCCS contacted a previous consultant who said they had requested the telecommunications vendor to remove the taxes from the invoices, A later review revealed that the taxes had not been removed from the invoices. The previous consultant is reported to be working with the telecommunication vendor to have the taxation stopped North Carolina Sales and Use Tax Additional refund requests were mailed April 8, 2005 to the NC Department of Revenue for the following periods and amounts: 2001-2002 $ 72,279.88 2002-2003 $176,731.57 2003-2004 $ 40,750.12 Total $289.761.57 Cash Management We reviewed various cash management alternatives and recommended a new accounts approved by the State of North Carolina that has a higher interest rate. Additional Old New Ave Daily Interest Month Rate Rate Balance Income Jan 2005 2.05% 2.590% $ -0- $ -0- Feb 2005 2,29% 2.847% $2,964,286 $ 1,377.13 Mar 2005 2.38% 2.950% $5,006,473 $ 2,423.68 The Bank has removed the compensating balance requirement of $1,200,000 from the primary account and as a result CHCCS is now earning the federal funds rate less 20 basis points on the amount: Additional Month Balance Rate Interest Income Jan 2005 $1,200,000 2.05% $2,089.32 Feb 2005 $1,200,000 2.30% $2,117.26 Mar 2005 $1,200,000 2,38% $2,425.64 Note: This is less than we projected for two reasons: 1. The interest rate at the Bank has risen faster than the rate for the new account, 2