Use of analytics is accelerating, and that means more data-driven decision making and fewer hunches. Evidence-based management complements analytics by adding validated cause-and-effect relationships between policies and effects.
- Paul Gibbons
To sum up: it is wrong always, everywhere, and for anyone, to believe anything upon insufficient evidence.
- William Kingdon Clifford
The Committee for a Responsible Federal Budget gave an overview of the latest COVID relief deal and how much it will boost incomes and economic growth, and discussed the proposal for $2,000 checks.
The document summarizes Maryland's fiscal year 2013 budget and priorities under Governor Martin O'Malley. It highlights job creation, education funding, health care expansion, crime reduction, and maintaining a balanced budget through spending cuts and limited tax increases on high earners. Over $3.6 billion is allocated to capital projects focused on education, health, transportation, and economic development to support an estimated 52,000 jobs.
Sovereign Bancorp reported third quarter 2007 earnings of $58.2 million, down from $184 million in the third quarter of 2006, due to disruptions in the mortgage and credit markets. Net interest income was $457 million and the net interest margin was 2.74%. Non-interest income fell to $141 million due to losses from capital markets and mortgage banking. The provision for credit losses increased to $162.5 million due to higher reserves for home equity and auto loans. Capital ratios declined slightly but remained strong.
The Governor's budget update proposes another "crisis" budget that relies on temporary tax increases to avoid deep cuts to education. If the tax measure fails, K-14 education would be cut by $4.8 billion, reducing per-student funding by about $370. The budget also introduces a weighted student funding formula to replace most categorical programs and revenue limits over five years, but districts could gain or lose funding depending on their student demographics. Locally-funded districts may see impacts from changes to redevelopment agency funding and the new finance model. Districts must develop budgets with uncertain funding levels and await the final state budget.
The document presents a case study of Enterprise Risk Management (ERM) implementation in Northeast County. It outlines the ERM process used, which includes establishing risk types, defining the likelihood and impact of risks, assessing risk intensity using a heat map, surveying managers, and synthesizing results to inform decision-making. The case study provides details on Northeast County's government structure, budgets, and two specific public policy risks around pension investments and accessibility requirements.
The document summarizes the state's FY2015 budget, revenue sources, expenditures, and projected liabilities. It estimates $35.7 billion in total general revenue, with over 40% coming from personal income taxes. The largest expenditures are for Medicaid, pensions, and K-12 education. The budget does not fully fund agency requests or contractual obligations, leaving an estimated $650 million in unfunded liabilities for personnel, entitlement programs, and inter-fund borrowing.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
Use of analytics is accelerating, and that means more data-driven decision making and fewer hunches. Evidence-based management complements analytics by adding validated cause-and-effect relationships between policies and effects.
- Paul Gibbons
To sum up: it is wrong always, everywhere, and for anyone, to believe anything upon insufficient evidence.
- William Kingdon Clifford
The Committee for a Responsible Federal Budget gave an overview of the latest COVID relief deal and how much it will boost incomes and economic growth, and discussed the proposal for $2,000 checks.
The document summarizes Maryland's fiscal year 2013 budget and priorities under Governor Martin O'Malley. It highlights job creation, education funding, health care expansion, crime reduction, and maintaining a balanced budget through spending cuts and limited tax increases on high earners. Over $3.6 billion is allocated to capital projects focused on education, health, transportation, and economic development to support an estimated 52,000 jobs.
Sovereign Bancorp reported third quarter 2007 earnings of $58.2 million, down from $184 million in the third quarter of 2006, due to disruptions in the mortgage and credit markets. Net interest income was $457 million and the net interest margin was 2.74%. Non-interest income fell to $141 million due to losses from capital markets and mortgage banking. The provision for credit losses increased to $162.5 million due to higher reserves for home equity and auto loans. Capital ratios declined slightly but remained strong.
The Governor's budget update proposes another "crisis" budget that relies on temporary tax increases to avoid deep cuts to education. If the tax measure fails, K-14 education would be cut by $4.8 billion, reducing per-student funding by about $370. The budget also introduces a weighted student funding formula to replace most categorical programs and revenue limits over five years, but districts could gain or lose funding depending on their student demographics. Locally-funded districts may see impacts from changes to redevelopment agency funding and the new finance model. Districts must develop budgets with uncertain funding levels and await the final state budget.
The document presents a case study of Enterprise Risk Management (ERM) implementation in Northeast County. It outlines the ERM process used, which includes establishing risk types, defining the likelihood and impact of risks, assessing risk intensity using a heat map, surveying managers, and synthesizing results to inform decision-making. The case study provides details on Northeast County's government structure, budgets, and two specific public policy risks around pension investments and accessibility requirements.
The document summarizes the state's FY2015 budget, revenue sources, expenditures, and projected liabilities. It estimates $35.7 billion in total general revenue, with over 40% coming from personal income taxes. The largest expenditures are for Medicaid, pensions, and K-12 education. The budget does not fully fund agency requests or contractual obligations, leaving an estimated $650 million in unfunded liabilities for personnel, entitlement programs, and inter-fund borrowing.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
The document summarizes key findings from the Congressional Budget Office's April 2018 baseline report. It finds that trillion dollar deficits will return by 2020 under current policies, driven by recent tax cuts and spending increases. The growing costs of major health and retirement programs, along with rising interest costs on the debt, will cause debt levels to exceed the 50-year historical average as a share of the economy. Trillion dollar annual deficit reduction would be needed to balance the budget by 2028 or stabilize debt levels.
Sovereign Bancorp reported earnings for the first quarter of 2007. Net income was $48.1 million, down from $141 million in the first quarter of 2006. Expenses related to cost cutting initiatives and balance sheet restructuring totaled $52.3 million after-tax. Credit quality remained within expected levels despite additional charges related to the correspondent home equity portfolio. Core loan growth was strong during the quarter while non-interest expenses declined due to expense reduction efforts.
The document summarizes a presentation about establishing a public bank in Philadelphia using existing government funds. It discusses how Comprehensive Annual Financial Reports show all government assets and accumulated wealth, not just annual budgets. Currently, Philadelphia raises money through taxes, investments, and issuing bonds at interest rates of 2-5%. The presentation argues the city could create credit itself and receive dividends from a public bank. It provides an example of North Dakota's public bank. The document reviews Philadelphia's pension fund investments and risks, including foreign currency exposure and securities lending. It questions the safety and prudence of hedge fund investments, which often underperform with high fees.
The Florida Community Loan Fund is a statewide CDFI that has provided over $230 million in financing to projects totaling $768 million over its 20 year history. It has experienced significant growth, increasing its assets by 77% and the capital it manages by 50% from 2012 to 2015. The organization provides loans for housing, community facilities, and economic development throughout Florida, with a focus on low-income communities.
CRFB Webinar - Who is Buying Our New COVID-19 Debt - May 11, 2020CRFBGraphics
The document summarizes the economic impact of the COVID-19 pandemic and the government response. It notes that initial unemployment claims have skyrocketed while the government has spent trillions to stabilize the economy. This massive spending has caused federal debt and deficits to reach unprecedented levels. The Federal Reserve has absorbed almost all new debt issuance through bond purchases, maintaining low interest rates. However, the size and duration of Fed support is uncertain as debt levels rise sharply.
All you need to know about equalization and government transfers to the provi...paul young cpa, cga
- Equalization payments are a contentious issue between the federal government and provinces. Quebec receives over $10 billion per year in equalization payments, while provinces like Alberta and Newfoundland pay more in taxes than they receive back in federal spending and transfers.
- Newfoundland's finance minister argues the province should receive better treatment under the equalization formula given its small population and high costs. Quebec has asked Ottawa not to extend loan guarantees to Newfoundland's Muskrat Falls project.
- The equalization formula will remain unchanged until 2024, frustrating Western provinces. Ontario is no longer eligible for payments as its economy has grown, but still receives nearly $1 billion annually through the phase-out process.
- Critics
County Executive Presentation of the FY 2016 Advertised Budget PlanFairfax County
The document provides information on the Fairfax County budget for fiscal years 2016 and 2017. It notes that the county's economy is underperforming compared to the national economy, with slower growth in residential and commercial property assessments. The proposed budget is balanced with no tax rate increase, but required reductions to address current needs and deferring of investments. Moderate revenue growth is expected in coming years, with projected budget shortfalls. Preservation of the county's triple-A bond rating will require continued budget discipline from the Board of Supervisors.
The document summarizes the Austin Independent School District's budget outlook and challenges for fiscal year 2012. It notes declining local property values and expected state funding cuts of $2-5 billion. This would result in a budget shortfall for AISD of $94-114 million. To close this gap, AISD proposes reductions like increasing class sizes, employee furloughs, and using $31 million of its fund balance, with more cuts needed if state funding is reduced further. Maintaining adequate fund balance is important for the district's credit rating and borrowing ability.
This document summarizes key information about health care spending and coverage in the United States. It shows that most health spending goes to hospital care, physician services, and prescription drugs. It is financed through private insurance, Medicare, Medicaid and other payers. The US spends a higher percentage of GDP on health care than other countries. The Affordable Care Act expanded coverage through reforms like the individual mandate, Medicaid expansion and subsidies. Repealing the ACA could increase the number of uninsured by over 20 million and add $150-1.75 trillion to the federal deficit over 10 years. Partial repeal options could also have significant costs depending on the specific provisions changed or delayed.
Federal Transfers to Provinces and Territories| Canada| Analysis and Commentarypaul young cpa, cga
- Equalization payments have long been a contentious issue between the federal government and provinces. Quebec is expected to receive over $13 billion in equalization payments for 2018-2019, an increase of almost $1.4 billion, while some provinces like Ontario pay more in taxes than they receive back in federal spending.
- Newfoundland and Labrador's finance minister has said the province's equalization deal from the federal government should be improved, as other provinces with smaller populations receive more. Quebec had a $2.2 billion surplus in 2015-2016 while receiving $10 billion in equalization that year.
- The old equalization formula will remain in place until 2024, frustrating provinces like New Brunswick who want changes
- The report analyzes Multnomah County's financial condition over the past 10 years. It found that while operating revenues have increased modestly, they have not kept pace with population growth, resulting in declining per capita spending. Intergovernmental revenues from federal and state governments remain a major funding source for county programs and services. Spending on health and human services has increased due to additional intergovernmental funding, while most other program spending is down. The county has generally maintained strong financial reserves in line with best practices.
Fiscal Austerity & the Federal System (Paul Posner, 2013 ABFM Conf)PublicFinanceTV
"Fiscal Austerity & the Federal System" presentation by Paul Posner, George Mason Unviersity, presented during "Sequestration's Impact on State Budgets" plenary session, 2013 ABFM Annual Conference, October 3, 2013
CRFB Chartbook - Reducing the Tax Gap - 07/14/2021CRFBGraphics
The document discusses estimates of the US tax gap, which is the difference between taxes owed and taxes paid. Some key points:
- The annual tax gap is estimated at around $550 billion for tax year 2019, or about 2.6% of GDP.
- Most of the tax gap comes from underreporting of income, particularly from business income which has little mandatory information reporting.
- Increasing IRS funding for enforcement and expanding information reporting could significantly reduce the tax gap. The Biden plan is estimated to generate over $700 billion in reduced tax gap over 10 years.
County Budget Forecast FY 2014 and FY 2015Fairfax County
County Budget Forecast FY2014 and FY 2015
Joint Meeting of the Fairfax County Board of Supervisors and the Fairfax County School Board
November 27, 2012
It is impossible to stay solvent with increasing liabilities and decreasing assets. State and Municipal governments are faced with a crucial problem; how to pay off public sector pension plans which have been left underfunded for years. Adding insult to
injury, the market values of the portfolios used to fund these pensions plans have been crippled in the Great Recession. Even more troubling, these defined pension plans, by law, are guaranteed for nearly 80% of public officials no matter the performance of the underlying assets used to finance them. Legislatures are faced with few options; raise taxes, cut spending elsewhere or default on their GO debt.
2019 Election| Federal Transfers to Province| Canada | August 2019paul young cpa, cga
This presentation provides the facts on federal transfers. The information in the presentation will help you make an informed decision when it comes the path forward when it comes to federal government transfers.
This document provides an overview of funding sources and key financial indicators for McCormick Home, AOS, and WCA Corporate. For McCormick Home, funding comes from MOHLTC envelopes, resident co-payments, and preferred accommodation charges. Key indicators include balancing spending to funding and maintaining high occupancy rates. For AOS, funding is provided by the SW LHIN and member co-payments. WCA Corporate oversees long-term investment assets and ensures costs are within budget. The document also reviews the 10-year plan, registered charity status, and insurance coverage.
The document summarizes key findings from the Congressional Budget Office's April 2018 baseline report. It finds that trillion dollar deficits will return by 2020 under current policies, driven by recent tax cuts and spending increases. The growing costs of major health and retirement programs, along with rising interest costs on the debt, will cause debt levels to exceed the 50-year historical average as a share of the economy. Trillion dollar annual deficit reduction would be needed to balance the budget by 2028 or stabilize debt levels.
Sovereign Bancorp reported earnings for the first quarter of 2007. Net income was $48.1 million, down from $141 million in the first quarter of 2006. Expenses related to cost cutting initiatives and balance sheet restructuring totaled $52.3 million after-tax. Credit quality remained within expected levels despite additional charges related to the correspondent home equity portfolio. Core loan growth was strong during the quarter while non-interest expenses declined due to expense reduction efforts.
The document summarizes a presentation about establishing a public bank in Philadelphia using existing government funds. It discusses how Comprehensive Annual Financial Reports show all government assets and accumulated wealth, not just annual budgets. Currently, Philadelphia raises money through taxes, investments, and issuing bonds at interest rates of 2-5%. The presentation argues the city could create credit itself and receive dividends from a public bank. It provides an example of North Dakota's public bank. The document reviews Philadelphia's pension fund investments and risks, including foreign currency exposure and securities lending. It questions the safety and prudence of hedge fund investments, which often underperform with high fees.
The Florida Community Loan Fund is a statewide CDFI that has provided over $230 million in financing to projects totaling $768 million over its 20 year history. It has experienced significant growth, increasing its assets by 77% and the capital it manages by 50% from 2012 to 2015. The organization provides loans for housing, community facilities, and economic development throughout Florida, with a focus on low-income communities.
CRFB Webinar - Who is Buying Our New COVID-19 Debt - May 11, 2020CRFBGraphics
The document summarizes the economic impact of the COVID-19 pandemic and the government response. It notes that initial unemployment claims have skyrocketed while the government has spent trillions to stabilize the economy. This massive spending has caused federal debt and deficits to reach unprecedented levels. The Federal Reserve has absorbed almost all new debt issuance through bond purchases, maintaining low interest rates. However, the size and duration of Fed support is uncertain as debt levels rise sharply.
All you need to know about equalization and government transfers to the provi...paul young cpa, cga
- Equalization payments are a contentious issue between the federal government and provinces. Quebec receives over $10 billion per year in equalization payments, while provinces like Alberta and Newfoundland pay more in taxes than they receive back in federal spending and transfers.
- Newfoundland's finance minister argues the province should receive better treatment under the equalization formula given its small population and high costs. Quebec has asked Ottawa not to extend loan guarantees to Newfoundland's Muskrat Falls project.
- The equalization formula will remain unchanged until 2024, frustrating Western provinces. Ontario is no longer eligible for payments as its economy has grown, but still receives nearly $1 billion annually through the phase-out process.
- Critics
County Executive Presentation of the FY 2016 Advertised Budget PlanFairfax County
The document provides information on the Fairfax County budget for fiscal years 2016 and 2017. It notes that the county's economy is underperforming compared to the national economy, with slower growth in residential and commercial property assessments. The proposed budget is balanced with no tax rate increase, but required reductions to address current needs and deferring of investments. Moderate revenue growth is expected in coming years, with projected budget shortfalls. Preservation of the county's triple-A bond rating will require continued budget discipline from the Board of Supervisors.
The document summarizes the Austin Independent School District's budget outlook and challenges for fiscal year 2012. It notes declining local property values and expected state funding cuts of $2-5 billion. This would result in a budget shortfall for AISD of $94-114 million. To close this gap, AISD proposes reductions like increasing class sizes, employee furloughs, and using $31 million of its fund balance, with more cuts needed if state funding is reduced further. Maintaining adequate fund balance is important for the district's credit rating and borrowing ability.
This document summarizes key information about health care spending and coverage in the United States. It shows that most health spending goes to hospital care, physician services, and prescription drugs. It is financed through private insurance, Medicare, Medicaid and other payers. The US spends a higher percentage of GDP on health care than other countries. The Affordable Care Act expanded coverage through reforms like the individual mandate, Medicaid expansion and subsidies. Repealing the ACA could increase the number of uninsured by over 20 million and add $150-1.75 trillion to the federal deficit over 10 years. Partial repeal options could also have significant costs depending on the specific provisions changed or delayed.
Federal Transfers to Provinces and Territories| Canada| Analysis and Commentarypaul young cpa, cga
- Equalization payments have long been a contentious issue between the federal government and provinces. Quebec is expected to receive over $13 billion in equalization payments for 2018-2019, an increase of almost $1.4 billion, while some provinces like Ontario pay more in taxes than they receive back in federal spending.
- Newfoundland and Labrador's finance minister has said the province's equalization deal from the federal government should be improved, as other provinces with smaller populations receive more. Quebec had a $2.2 billion surplus in 2015-2016 while receiving $10 billion in equalization that year.
- The old equalization formula will remain in place until 2024, frustrating provinces like New Brunswick who want changes
- The report analyzes Multnomah County's financial condition over the past 10 years. It found that while operating revenues have increased modestly, they have not kept pace with population growth, resulting in declining per capita spending. Intergovernmental revenues from federal and state governments remain a major funding source for county programs and services. Spending on health and human services has increased due to additional intergovernmental funding, while most other program spending is down. The county has generally maintained strong financial reserves in line with best practices.
Fiscal Austerity & the Federal System (Paul Posner, 2013 ABFM Conf)PublicFinanceTV
"Fiscal Austerity & the Federal System" presentation by Paul Posner, George Mason Unviersity, presented during "Sequestration's Impact on State Budgets" plenary session, 2013 ABFM Annual Conference, October 3, 2013
CRFB Chartbook - Reducing the Tax Gap - 07/14/2021CRFBGraphics
The document discusses estimates of the US tax gap, which is the difference between taxes owed and taxes paid. Some key points:
- The annual tax gap is estimated at around $550 billion for tax year 2019, or about 2.6% of GDP.
- Most of the tax gap comes from underreporting of income, particularly from business income which has little mandatory information reporting.
- Increasing IRS funding for enforcement and expanding information reporting could significantly reduce the tax gap. The Biden plan is estimated to generate over $700 billion in reduced tax gap over 10 years.
County Budget Forecast FY 2014 and FY 2015Fairfax County
County Budget Forecast FY2014 and FY 2015
Joint Meeting of the Fairfax County Board of Supervisors and the Fairfax County School Board
November 27, 2012
It is impossible to stay solvent with increasing liabilities and decreasing assets. State and Municipal governments are faced with a crucial problem; how to pay off public sector pension plans which have been left underfunded for years. Adding insult to
injury, the market values of the portfolios used to fund these pensions plans have been crippled in the Great Recession. Even more troubling, these defined pension plans, by law, are guaranteed for nearly 80% of public officials no matter the performance of the underlying assets used to finance them. Legislatures are faced with few options; raise taxes, cut spending elsewhere or default on their GO debt.
2019 Election| Federal Transfers to Province| Canada | August 2019paul young cpa, cga
This presentation provides the facts on federal transfers. The information in the presentation will help you make an informed decision when it comes the path forward when it comes to federal government transfers.
This document provides an overview of funding sources and key financial indicators for McCormick Home, AOS, and WCA Corporate. For McCormick Home, funding comes from MOHLTC envelopes, resident co-payments, and preferred accommodation charges. Key indicators include balancing spending to funding and maintaining high occupancy rates. For AOS, funding is provided by the SW LHIN and member co-payments. WCA Corporate oversees long-term investment assets and ensures costs are within budget. The document also reviews the 10-year plan, registered charity status, and insurance coverage.
Ringkasan dokumen tersebut adalah:
Dokumen tersebut membahas tentang pelanggaran terhadap peraturan tarif parkir di Kota Malang yang sering dilakukan petugas parkir dengan menaikkan harga di atas ketentuan. Dokumen tersebut menganalisis faktor-faktor yang melatarbelakangi pelanggaran tersebut dari sisi sosiologi hukum dan implementasi kebijakan.
El documento resume la situación de los pueblos indígenas en varios países de América Latina. Explica que los aztecas sometieron a otras tribus que debían pagar tributos anuales. Luego describe cómo en Perú, Bolivia, Ecuador, Colombia y Venezuela se repartieron o extinguieron las tierras de las comunidades indígenas a lo largo del siglo XIX. También menciona la exterminación de la tribu charrúa en Uruguay y las invasiones de territorios indígenas en Brasil.
Viruses are malicious programs that can replicate themselves and spread from computer to computer, sometimes causing damage. There are different types of viruses like boot viruses, polymorphic viruses, and macro viruses that use various infection methods. While viruses have existed since the late 1940s, the first widespread personal computer virus, Brain, emerged in 1986. Viruses aim to avoid detection by antivirus software which uses dictionary-based scanning and behavioral monitoring approaches.
Dellums Commission Recommends Broad Public Policy Changes To Remove Obstacles...obeisantbreeze194
The Dellums Commission report recommends broad policy changes to address disparities facing youth of color. It investigated challenges faced by minority youth and found lower graduation rates, higher incarceration rates, and worse health outcomes for groups like African Americans and Hispanics compared to whites. The report recommends changes to criminal justice, education, economic, and healthcare policies to improve opportunities for these youth. In response, organizations like the AFL-CIO are launching initiatives to implement the recommendations through job training, education, and mentoring programs.
Military pension division: the "evil twins" - Concurrent Retirement and Disab...obeisantbreeze194
This document discusses two programs - Concurrent Retirement and Disability Pay (CRDP) and Combat Related Special Compensation (CRSC) - that affect how military retirement pay is divided between retirees and former spouses. CRDP allows eligible retirees to receive both retirement pay and disability benefits, phasing out the offset over 10 years. CRSC provides additional compensation for combat-related disabilities. Both programs increase retirees' overall benefits but can decrease the amount received by former spouses subject to division of retirement pay orders. The document explains how the programs work and provides examples of their implications.
Three stress busters to provide some relief to the modern plague of working harder and not smarter. Visit http://CalmingMusicWeekly.com for more ideas to help reduce stress - including relaxing calming music.
Fitch Final Release - Orange Co. (FL) WS - April 2016Tim Armstrong
Fitch Ratings has assigned an 'AAA' rating to approximately $82.6 million in water and wastewater utility system revenue bonds being issued by Orange County, Florida. The bonds are secured by net system revenues and will fund capital improvements to the county's water and sewer system. Fitch expects the system to maintain strong financial metrics like debt service coverage above 3 times, supported by ongoing growth, low debt levels, and affordable rates providing flexibility to increase if needed. Orange County benefits from a diversifying economy anchored by tourism and major employers in healthcare, education, and technology.
The document discusses several topics related to education finance and budgets, including:
1) A lawsuit filed by 600 school districts in Texas arguing that the current school funding system violates the state constitution.
2) Reasons for shortfalls in Texas education funding, including declining property tax revenues and cuts to education funding.
3) Details of the Texas state budget for 2016-2017, including a $1.2 billion tax break for homeowners and reduced school district property taxes.
This document summarizes the fiscal situations of each US state and territory based on a survey of legislative fiscal offices in spring 2013. It finds that while some states face deficits or uncertainty, many others have stable or growing revenues and balanced budgets. A few states like Colorado, Indiana, and Utah report cautiously optimistic outlooks with stable or improving economies. However, many Northeastern and Rust Belt states continue to face fiscal pressures related to pension obligations, unpaid bills, or declining revenues. Overall the fiscal picture is stable for most states but uncertain impacts from federal policy like sequestration are noted as risks.
Standard & Poor's assigned its 'AAA' rating to Orange County Utilities, Florida's series 2016 water and wastewater utility revenue bonds. The rating reflects the system's extremely strong financial profile, with high debt service coverage and liquidity, and economic growth in the service area. The system has a stable revenue stream from water and sewer services to over 1.2 million residents in Orange County. Management plans continued rate increases and debt issuances to fund needed system expansion projects over the next five years, while coverage is projected to remain extremely strong.
This is the CCFC's Analysis of Franklin County's current budget. It has been prepared and shared with the County Commissioners with an email request that the Commissioners reduce their budget by 3%.
Sequestration: The Last Straw? (Karen Kunz, 2013 ABFM Conf)PublicFinanceTV
"Sequestration: The Last Straw?" presentation by Karen Kunz, West Virginia University, presented during "Sequestration's Impact on State Budgets" plenary session, 2013 ABFM Annual Conference, October 3, 2013
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
Best practices in local program design for small business survival - Ellen Harpel
The document provides an overview of best practices for designing local small business assistance programs during the COVID-19 pandemic. It discusses the unprecedented economic impacts, with unemployment not seen since the Great Depression. This is the first recession caused by a contraction in the services sector. Local governments are expanding available resources and partnering with other entities to provide relief, such as low-interest loans and grants. Key considerations for program design include connecting assistance to an overall strategy, ensuring an effective process, and establishing good governance practices like performance reporting. Implementation issues include recovering program costs.
The Case for AAA Underlying Municipal Bondsmauiwelch
This document provides an overview of the municipal bond market and makes a case for investing in bonds with underlying AAA credit ratings from states and municipalities. It notes that there is currently limited supply of bonds directly rated AAA. The strategy proposed is to create a portfolio of only AAA-rated underlying bonds to take advantage of their strong credit quality and limited supply. Key data on default rates and credit fundamentals are presented for AAA-rated states and municipalities to demonstrate the historically strong credit performance of these issues.
The document provides an overview and analysis of recent developments in the municipal bond market. It notes that while credit quality is currently high, negative factors have caused a decline in recent years. Specifically:
- The outlook for U.S. state governments remains stable, though some indicators are mixed and more downgrades are expected for a few states. Tax revenues have fallen for two straight quarters.
- Both positive and negative rating actions occurred among states recently. However, structural issues continue to negatively impact states like New Jersey, Illinois, and Pennsylvania.
- The outlook for local governments remains cautious as downgrades continue to outpace upgrades, with over 50% of recent downgrades due to structural budget imbalances.
WCCUSD Bond Sale, 2010 Measure D and 2012 Measure ECharley Cowens
WCCUSD Board of Education
Special Meeting Agenda – November 13, 2013
C.1 Bond Sale, 2010 Measure D and 2012 Measure E
Comment:
The Bond Finance Team recently completed the sale of $125 million of General Obligation bonds. The
District sold the first $85 million bond issuance of the 2012 Measure E authorization (Series A) and $40
million bond issuance of the 2010 Measure D (Series B) authorization. The District’s Financial Advisor,
Dave Olson of KNN, will provide a report.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
San Joaquin Delta
Community College District
Office of Fiscal Services
5151 Pacific Avenue
Stockton, CA 95207
TO: Board of Trustees
Jeff Marsee Ph.D, Superintendent/President
District Leadership
FROM: Michael Hill, Administrative Consultant
Raquel Puentes-Griffith, Controller
SUBJECT: 2011-12 Adoption Budget
The budget development process has been much smoother this year than last. As you will see from the
presentation materials the changes from tentative to adoption are smaller in number and less dramatic
than 2010-2011. This is a more typical pattern for the unrestricted general fund portion of the budget.
The heavy lifting is normally done in preparation for the tentative budget. We do place added emphasis
on the restricted funds moving from the tentative to adoption budgets.
For the restricted funds there are no major surprises and with the effort made during this last year by the
fiscal services staff and program managers the restricted funds budgets are cleaner and reflect more
clearly the true status of programs.
Regarding the unrestricted general fund we are pleased to report that there is some revenue improvement
as a result of the state budget that was adopted but at the same time our estimate of the beginning fund
balance turned out to be higher than the actual results. We will expand on these points in this
memorandum.
We also want to provide you with a sense of what the current circumstance means for the 2012-2013
fiscal year. It has been the district strategy to approach the state funding loss in a multi-year plan and the
2011-12 budget represents the first year of the plan.
State Budget
The state budget had to confront a shortfall of $26 billion. About $13 billion was addressed back in
March through reduced funding of programs, the community colleges included. This became the best
case scenario in the evaluative process. Facing more cuts to close the gap for the remaining $13 billion,
extending taxes or a combination of both, the legislature and governor could not reach agreement on how
to proceed. The process bogged down in the usual political way.
The “May Revise” is that point where the state measures revenue flows and makes adjustments to the
revenue estimates for the next year. When that measurement occurred it was determined that the revenue
estimates could be increased which covered a portion of the $13 billion gap. In the final days of June to
get the budget out the door the revenue estimates were increased further but because there was a sense the
numbers were soft and unlikely to materialize, triggers were incorporated which would impose mid-year
cuts. The trigger date for making the determination is December 15, 2011. The triggers are as follows:
Tier 0
If between $3 and $4 billion of the new revenue materializes, no ad.
San Joaquin Delta
Community College District
Office of Fiscal Services
5151 Pacific Avenue
Stockton, CA 95207
TO: Board of Trustees
Jeff Marsee Ph.D, Superintendent/President
District Leadership
FROM: Michael Hill, Administrative Consultant
Raquel Puentes-Griffith, Controller
SUBJECT: 2011-12 Adoption Budget
The budget development process has been much smoother this year than last. As you will see from the
presentation materials the changes from tentative to adoption are smaller in number and less dramatic
than 2010-2011. This is a more typical pattern for the unrestricted general fund portion of the budget.
The heavy lifting is normally done in preparation for the tentative budget. We do place added emphasis
on the restricted funds moving from the tentative to adoption budgets.
For the restricted funds there are no major surprises and with the effort made during this last year by the
fiscal services staff and program managers the restricted funds budgets are cleaner and reflect more
clearly the true status of programs.
Regarding the unrestricted general fund we are pleased to report that there is some revenue improvement
as a result of the state budget that was adopted but at the same time our estimate of the beginning fund
balance turned out to be higher than the actual results. We will expand on these points in this
memorandum.
We also want to provide you with a sense of what the current circumstance means for the 2012-2013
fiscal year. It has been the district strategy to approach the state funding loss in a multi-year plan and the
2011-12 budget represents the first year of the plan.
State Budget
The state budget had to confront a shortfall of $26 billion. About $13 billion was addressed back in
March through reduced funding of programs, the community colleges included. This became the best
case scenario in the evaluative process. Facing more cuts to close the gap for the remaining $13 billion,
extending taxes or a combination of both, the legislature and governor could not reach agreement on how
to proceed. The process bogged down in the usual political way.
The “May Revise” is that point where the state measures revenue flows and makes adjustments to the
revenue estimates for the next year. When that measurement occurred it was determined that the revenue
estimates could be increased which covered a portion of the $13 billion gap. In the final days of June to
get the budget out the door the revenue estimates were increased further but because there was a sense the
numbers were soft and unlikely to materialize, triggers were incorporated which would impose mid-year
cuts. The trigger date for making the determination is December 15, 2011. The triggers are as follows:
Tier 0
If between $3 and $4 billion of the new revenue materializes, no ad ...
We are facing some very difficult budget choices and challenges for Massachusetts for Fiscal Year 2011 (July 2010 - July 2011). Governor Patrick and his administration are holding a series of hearings and forums around the state to get input and ideas from citizens where this presentation is included. To learn more about the hearings and forums, visit www.mass.gov/governor/forums
If you weren't able to make a hearing or forum or want to be prepared before you attend one, this presentation is about 9 minutes long and will give you a basic overview of the budget situation. Please review it, then visit our blog at www.mass.gov/blog/engage to comment and share your ideas.
The document discusses rising US budget deficits and national debt levels. It notes that budget deficits over the past 11 months totaled $2.2 trillion and are projected to continue growing over the next decade. The national debt held by the public is approaching record levels at over 100% of GDP. Interest costs on the debt are also exploding and will rise further as interest rates increase. Recent student loan forgiveness actions would have cost over $1 trillion if not for the Supreme Court ruling. Income-driven repayment plans are now very costly compared to prior estimates.
State Pensions-- Working Towards a Gradual TurnaroundEmily Jackson
This document summarizes the state of US state pension plans. It notes that while unfunded pension liabilities grew significantly after the recession, recent reforms and market gains are expected to gradually reduce the burden over the next few years. As of 2012, unfunded liabilities totaled over $1 trillion when including local governments. States have implemented reforms like reduced benefits, shifting to defined contribution plans, and hybrid plans to address shortfalls. Increasing disclosure requirements are also expected to bring more attention to the issue and encourage further reforms.
The Case for AAA Underlying Municipal BondsIan Welch
4
Intent
• Create AAA Underlying Portfolio
• Create Default Resistant Portfolio
• Take advantage of sell side pressure
• Take advantage of negative perception of municipal bond market to amass AAA bonds
Similar to Fitch Affirms San Joaquin Delta CCD, CA's GOs at 'AA-'; Outlook Stable (20)
Fitch Affirms San Joaquin Delta CCD, CA's GOs at 'AA-'; Outlook Stable
1. Fitch Affirms San Joaquin Delta CCD, CA's GOs at 'AA-';
Outlook Stable
SAN FRANCISCO--(BUSINESS WIRE)--Fitch Ratings has affirmed San Joaquin Delta Community
College District,
California's (CCD; the district) general obligation bonds (GOs) as noted
below:
--$133.6 million outstanding GOs at 'AA-'.
The Rating Outlook is Stable.
SECURITY
The bonds are secured by an unlimited property tax on all
taxable property within the district.
KEY RATING DRIVERS
SOUND FINANCIAL OPERATIONS: The district enjoys a sound financial
cushion, estimated balanced operations after prudent cost containment
measures, and the state funding environment has shown signs of material
improvement over the past year.
FINANCIAL VULNERABILITIES REMAIN: The district is exposed to volatile
state funding, pent-up demands from various stakeholders following years
of cost-cutting, and likely rising pension costs over the near term.
WEAK LOCAL ECONOMY. Income levels are low, the tax base is in its fifth
consecutive year of contraction, unemployment is very high, and the
local housing market was one of the worst-affected in the nation.
However, recent data suggests the economy is beginning to stabilize.
SATISFACTORY DEBT PROFILE: The net debt burden, principal amortization,
and carrying costs are moderate. Management has taken steps in recent
2. years to deal with its OPEB liability; however, the district
participates in the state's poorly funded CalSTRS pension plan.
RATING SENSITIVITY
An unanticipated and substantial fund balance
decline to just adequate levels could trigger a negative rating action.
CREDIT PROFILE
The district serves a 2,300 square mile service area
in economically stressed San Joaquin County, as well as small portions
of Alameda, Calaveras, Sacramento, and Solano counties. With an
estimated population of over 725,000, the district provided educational
services to 15,750 students in fiscal 2012. These services are provided
at the district's main campus in the city of Stockton (the city) and its
learning centers in Tracy and Manteca.
STOCKTON REGION HARD-HIT BY RECESSION
The city historically has
been dominated by agriculture, despite some recent diversification, and
is located between the two large employment centers of the San Francisco
Bay Area and the Sacramento region. Population growth was rapid prior to
the recession, fueled by the area's affordability and availability of
land. However, the city and county were severely affected by the
housing-led recession.
The county's housing market was one of the worst-affected in the nation,
with peak-to-trough price declines of nearly two-thirds. These real
estate losses have resulted in a five-year 18.2% district assessed value
(AV) loss, though the AV decline in fiscal 2013 narrowed to just 0.2%
from a loss of 4% the year prior.
3. City unemployment is very high at 17.1% and median household income
levels are below average at 77% and 90% of state and national levels,
respectively. Per capita income levels are significantly lower.
SOME SIGNS OF ECONOMIC STABILIZATION
Recent data suggest the city's
stressed economy may be stabilizing. Employment expanded by nearly 4% in
2012 following four consecutive years of contraction. Also, year-to-date
home prices are up 9% according to Zillow, suggesting that fiscal 2014
AV may rise after five years of consecutive declines.
SOUND FINANCIAL OPERATIONS
The district's financial operations have
performed well due to management's prudent cost-cutting initiatives
during a challenged state revenue environment. The general fund produced
a manageable $2.9 million deficit in fiscal 2012 following two years of
surpluses. This resulted in a satisfactory unrestricted general fund
balance of $10.3 million (11.3% of general fund expenditures and
transfers out).
The district's unrestricted financial cushion rises to a sound $18.3
million (20.2%) after consideration of non-general fund resources that
could be used for any operational purpose. All general fund information
is un-audited and provided by management because GAAP-compliant audits
for community college districts do not include general fund-specific
information.
Management believes financial operations are performing significantly
better than budgeted in fiscal 2013, and will result in a $700,000 to
$1.7 million surplus. Management believes the budget will be
4. structurally balanced in fiscal 2014, as well.
The district's strong estimated results stem from management's
pro-active approach to matching expenditures with declining state
funding. Expenditures are well below their fiscal 2009 peak, reflecting
significant cuts to the district's full-time equivalent student load,
vacancies, early debt repayments, and productivity enhancements.
Future financial performance likely will benefit from an improved state
funding environment. The November voter approval of Proposition 30
resulted in a multi-year tax hike that prevented a substantial mid-year
funding cut in fiscal 2013 and will boost Prop 98 revenues for some
time. Further, the governor's budget proposes a moderate state funding
increase in fiscal 2014 and the multi-year paydown of funding deferrals.
These deferrals represent a major drain on liquidity, which the district
has managed with external and internal borrowings.
FINANCIAL VULNERABILITIES REMAIN
Lingering vulnerabilities include
the district's continued exposure to state funding, which tends to be
volatile and hard to predict. The district has managed the revenue
environment well to date by cutting expenses, but various stakeholders
likely will be eager to restore services, wages, and other items cut
during the recession. Fitch believes the district will need to take a
measured approach to such restoration as revenues recover. Also, the
district is exposed to the poorly funded CalSTRS pension system, as are
all community colleges in the state. Fitch believes contribution rates
may begin rising over the short term as the state begins to address the
system's growing unfunded liability.
5. SATISFACTORY DEBT PROFILE
The district's net debt burden is
moderate at $3,238 per capita, or 4% of AV. Amortization is average,
with 58.3% of debt maturing over 10 years (the rate falls to a still
moderate 48.1% when calculated using final accreted values). Carrying
costs (debt, OPEB, and pension costs) are also moderate at about 17% of
non-capital governmental expenditures. Capital needs are limited, and
the district has not disclosed any plans for long-term debt issuances.
As noted above, the district is exposed to poorly funded CalSTRS, which
weakens its liability profile. The district has a sizeable OPEB
liability that management has addressed in recent years by converting to
a defined contribution plan for existing members and eliminating
benefits for new employees. Further, the board has asked management to
craft a plan to begin pre-funding its liability over a multi-year period.
Additional information is available at www.fitchratings.com.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.
In addition to the sources of information identified in Fitch's
Tax-Supported Rating Criteria, this action was additionally informed by
information from Creditscope, S&P/Case-Shiller Home Price Index, Zillow.
Applicable Criteria and Related Research:
6. --'Tax-Supported Rating
Criteria' (Aug. 14, 2012);
--'U.S. Local Government Tax-Supported
Rating Criteria' (Aug. 14, 2012).
Applicable Criteria and Related Research
Tax-Supported Rating
Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015
U.S.
Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314
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