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INDIANA BOND BANK FUEL BUDGETING PROGRAM

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INDIANA BOND BANKFUEL BUDGETING PROGRAM

Fuel Budgeting Program• The Fuel Budgeting Program is a tool for local units of

government to protect their budgets from volatility in fuel prices

• The Program allows smaller entities to pool their fuel budgeting needs with similar entities to create an effective hedge size (42,000 gallon threshold)

• To ensure cost efficiency, entities share program costs

• Entities receive the experience and expertise of the IBB Staff and Professionals

• The Indiana Bond Bank Posts Collateral

Page 3: INDIANA BOND BANK FUEL BUDGETING PROGRAMINDIANA BOND BANK Fuel Budgeting Program Example--Gasoline (RBOB) Assumed Floor (1): $2.52 $2.52 $2.52 Assumed Cap (2): $3.00 $3.00 $3.00 Assumed

How the Fuel BudgetingProgram Works

• The Qualified Entity (QE) continues to purchase fuel from its local provider

• Cannot be a “fixed price” contract

• QE completes the short application

• QE adopts legal paperwork

• QE determines how much of its consumption to hedge • Maximum hedge is 80% of QE’s annual consumption

Page 4: INDIANA BOND BANK FUEL BUDGETING PROGRAMINDIANA BOND BANK Fuel Budgeting Program Example--Gasoline (RBOB) Assumed Floor (1): $2.52 $2.52 $2.52 Assumed Cap (2): $3.00 $3.00 $3.00 Assumed

How the Fuel BudgetingProgram Works

• Collar• Floor & Ceiling

• Fuel Pricing dependent upon NYMEX (NEW YORK MERCANTILE EXCHANGE)

• Administrative Fee • 2016 Program - 3.2 cents per gallon

Example of Monthly SettlementINDIANA BOND BANK

Fuel Budgeting Program

Example--Gasoline (RBOB)

Assumed Floor (1): $2.52 $2.52 $2.52

Assumed Cap (2): $3.00 $3.00 $3.00

Assumed NYMEX Price/gal $2.49 $2.80 $3.18

Example 1 Example 2 Example 3

Price As Compared to Hedge

Lower Within Higher

Monthly Consumption--gallons 3,000 3,000 3,000

(As in entity application)

Percentage Hedged 65.00% 65.00% 65.00%

(Determined by entity; max 80%)

Monthly Hedge--Gallons 1,950 1,950 1,950

NYMEX Daily Average Price $2.49 $2.80 $3.18

NYMEX vs. Floor/Cap ($0.03) -$ $0.18

Monthly Hedge--Gallons 1,950 1,950 1,950

Distribution (Payment) (58.50)$ - 351.00$

Monthly Admin Fee (3)

(Assumed $.037/gallon hedged) (72.00)$ (72.00)$ (72.00)$

Total Participant Cash Flow (130.50)$ (72.00)$ 279.00$

Page 6: INDIANA BOND BANK FUEL BUDGETING PROGRAMINDIANA BOND BANK Fuel Budgeting Program Example--Gasoline (RBOB) Assumed Floor (1): $2.52 $2.52 $2.52 Assumed Cap (2): $3.00 $3.00 $3.00 Assumed

Questions?Ron Mangus

[email protected]

Matt Zimmerman317.233.0090

[email protected]

John Righeimer815.498.3855

[email protected]

www.in.gov/[email protected]

mailto:[email protected]

http://www.in.gov/bond

mailto:[email protected]

Page 7: INDIANA BOND BANK FUEL BUDGETING PROGRAMINDIANA BOND BANK Fuel Budgeting Program Example--Gasoline (RBOB) Assumed Floor (1): $2.52 $2.52 $2.52 Assumed Cap (2): $3.00 $3.00 $3.00 Assumed

Diesel (ULSD) Graph

Page 8: INDIANA BOND BANK FUEL BUDGETING PROGRAMINDIANA BOND BANK Fuel Budgeting Program Example--Gasoline (RBOB) Assumed Floor (1): $2.52 $2.52 $2.52 Assumed Cap (2): $3.00 $3.00 $3.00 Assumed

Gasoline (RBOB) Graph

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$1.00 $2.00 $3.00 $4.00 $5.00 $1.00 $2.00 $3.00 $4.00 $5.00 $1.00 $2.00 $3.00 $4.00 $5.00 $1.00 $2.00 $3.00 $4.00 $5.00 $1.00 $2.00 $3.00

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