Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director, Office of Management and Budget
Regular or Supplemental RCA: Regular RCA
Type of Request: Commercial Paper
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
title
Request for approval to pay the IRS a rebate payment in the amount of $53,736.69 on the Toll Road Commercial Paper, Series K.
end
Background and Discussion:
Due to the rising interest rates, HCTRA has earned sizeable interest from investing the unspent CP, Series K proceeds in higher interest rates which generated a positive arbitrage. The IRS code requires that positive arbitrage shall be rebated to the Federal Government. The 60-day window for making the payment ends on August 12, 2024.
Expected Impact:
N/A
Alternative Options:
N/A
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_ Housing
_ Public Health
X Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any):
Date
Agenda Item #
Action Taken
Location:
Address (if applicable): N/A
Precinct(s): Choose an item.
Fiscal and Personnel Summary
Service Name
Commercial Paper
Current Fiscal Year Cost
Annual Fiscal Cost
Labor
Non-Labor
Total
Recurring Expenses
Funding Sources
Existing Budget
Commercial Paper
$
$54,000
$
$
Choose an item.
$
$
$
$
Choose an item.
$
$
$
$
Total Current Budget
$
$54,000
$
$
Additional Budget Request (Requires Fiscal Review Request Form)
Choose an item.
$
$
$
$
Choose an item.
$
$
$
$
Choose an item.
$
$
$
$
Total Additional Budget Request
$
$
$
$
Total Funding Request
$
$
$
$
Personnel (Fill out section only if requesting new PCNs)
Current Position Count for Service
-
-
-
-
Additional Positions Request...
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