Agenda - 09-26-2005-1 - Laserfiche WebLink

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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: Natural Gas Two schools use enough natural gas to qualify to purchase natural gas from suppliers other than the local distributor. The local distributor has confirmed that CHCCS could save money by implementing this recommendation. Based on natural gas usage during the period November 2003 to October 2004, the projected annual saving would be $7,000.00. CHCCS has approved this recommendation which took effect January 1, 2005. For the six months ended June 30, 2005, the savings were $1,996.99. State Gas Tax We found one small account with a fuel company for the purchase of gasoline and diesel. The account was not charged federal gas tax, but the account was charged state gas tax. CHCCS is not required to pay state gas tax. Refund claims in the amount of $2,200.00 have been filed through September 2004, Orange County Schools (OCS) Universal Service Fund /e -rate For the past seven years, OCS has been eligible to receive these funds from the federal government to offset the costs of telecommunications, Internet access and certain equipment. During the summer of 2004, the e -rate coordinator left OCS and we have been asked to prepare and manage the e -rate application process for the 2005 -2006 school year. The application process runs from November 2004 to February 2005. Our review of the previous a -rate application notes that it was very well done and appears to include substantially all of the funding possibilities. Funding applications for 2005 -2006 were filed for approximately the same amount of funding as in 2004 -2005. Additional Month Balance Rate Interest Income Jan 2005 $1,200,000 2.05% $2,08932 Feb 2005 $1,200,000 2.30% $2,117.26 Mar2005 $1,200,000 2.38% $2,425.64 Apr2005 $1,200,000 2.75% $2,515.07 May 2005 $1,200,000 2.98% $2,83726 Jun 2005 $1,200,000 3.01% $2,769.86 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. CHCCS could possibly move additional money to the new account. Natural Gas Two schools use enough natural gas to qualify to purchase natural gas from suppliers other than the local distributor. The local distributor has confirmed that CHCCS could save money by implementing this recommendation. Based on natural gas usage during the period November 2003 to October 2004, the projected annual saving would be $7,000.00. CHCCS has approved this recommendation which took effect January 1, 2005. For the six months ended June 30, 2005, the savings were $1,996.99. State Gas Tax We found one small account with a fuel company for the purchase of gasoline and diesel. The account was not charged federal gas tax, but the account was charged state gas tax. CHCCS is not required to pay state gas tax. Refund claims in the amount of $2,200.00 have been filed through September 2004, Orange County Schools (OCS) Universal Service Fund /e -rate For the past seven years, OCS has been eligible to receive these funds from the federal government to offset the costs of telecommunications, Internet access and certain equipment. During the summer of 2004, the e -rate coordinator left OCS and we have been asked to prepare and manage the e -rate application process for the 2005 -2006 school year. The application process runs from November 2004 to February 2005. Our review of the previous a -rate application notes that it was very well done and appears to include substantially all of the funding possibilities. Funding applications for 2005 -2006 were filed for approximately the same amount of funding as in 2004 -2005.