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

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Cash Management We reviewed various cash management alternatives and recommended a new account 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 1.59% 2.59% $1,477,928 $ 485.89 Feb 2005 1,85% 2,85% $1,478,414 $ 1,134.13 Mar2005 1.95% 2,95% $1,479,548 $ 1,256.60 Apr2005 135% 2,75% $1,480,804 $ 1,217.10 May 2005 1.98% 2,98% $1,482,021 $ 1,258.70 Jun 2005 1.78% 2.78% $1,482,280 $ 1,219.13 Note: This is less than we projected for following reasons: 1, The interest rate at the Bank has risen faster than the rate for the new account, and 2. The Bank is still paying the federal funds rate less 50 basis points (CHCCS is less 20 basis points), North Carolina Sales and Use Tax We have received the data file from OCS and we are waiting for the annual audit to be completed so we can finish the sales tax review. Orange County government North Carolina Sales and Use Tax To date, the reallocation project has found approximately $700,000 of additional sales and use tax at various non - profit organizations in Orange County, The County will receive approximately 62% of that amount with the municipalities receiving the balance. Amended returns have been submitted to the NC Department of Revenue, but have not been processed. Telecommunications expenses We have made a recommendation to reduce telecommunication expenses by approximately $90,000 annually and management has expressed its desire to proceed with approximately $72,000. Progress is being made to implement the recommendation. To conclude, the project has run its course and the recommendations have been made to the organizations, Some recommendations have been implemented, others partially implemented and others declined. In general, we believe the effort has been successful identifying opportunities,