Fiscal management – Hot Bag Sale UK http://hotbagsaleuk.com/ Thu, 21 Oct 2021 14:56:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://hotbagsaleuk.com/wp-content/uploads/2021/06/icon-55-150x150.png Fiscal management – Hot Bag Sale UK http://hotbagsaleuk.com/ 32 32 A Republican BET will offer the community and schools https://hotbagsaleuk.com/a-republican-bet-will-offer-the-community-and-schools/ Thu, 21 Oct 2021 12:54:58 +0000 https://hotbagsaleuk.com/a-republican-bet-will-offer-the-community-and-schools/ Managing taxpayer dollars is serious business. Balancing the wants and needs of different constituents is never easy, and the results rarely appeal to everyone. It is however the responsibility of our Estimation and Taxation Council. Their challenge is to responsibly manage our city’s finances while conscientiously meeting the many capital needs of our community. Our […]]]>

Managing taxpayer dollars is serious business.

Balancing the wants and needs of different constituents is never easy, and the results rarely appeal to everyone. It is however the responsibility of our Estimation and Taxation Council.

Their challenge is to responsibly manage our city’s finances while conscientiously meeting the many capital needs of our community. Our Republican BET has taken up this challenge and has a convincing track record on which to unfold this election season.

Capital and maintenance needs are fluid. This is especially true when it comes to our schools. Our schools are one of our most valuable and critical municipal assets. They are not only centers of learning and development for our children, but also a magnet for new residents and a source of pride for our community.

Over the past 15 years, the Republican-majority BETs have approved more than $ 290,000,000 in capital and maintenance spending at Greenwich Public Schools. This includes the renovation of Hamilton Avenue and Glenville schools, the reconstruction of the New Lebanon School, and the construction of the MISA Performing Arts Center at Greenwich High School. Together, these four major capital projects cost over $ 130 million. In addition, over $ 160 million in funds were allocated to provide general maintenance and upkeep of buildings throughout the GPS during this period.

When the Republican-led BET was called upon to provide for the emergency and interim capital needs of our schools, they responded to these funding requests without exception and without delay. The recent North Mianus School repair project is a prime example. This project is, according to Superintendent Toni Jones, on time and on schedule.

Despite the successes, there are still some critical challenges facing our GPS. Some require immediate attention. These include improved air quality in every classroom, improvements in safety and security, and a comprehensive plan to ensure full compliance once and for all. ADA. These should not be optional, and their resolution should not depend on the approval of expensive or grandiose infrastructure projects that will take years to complete and of questionable size, scope and necessity.

For example, improved air quality can be addressed immediately through the use of American Recovery Act funds. It can and should be dealt with now. The BET also approved more than $ 313 million in public works infrastructure, $ 32 million in public safety improvements and $ 33 million in parks and recreation projects during the same period. Projects included Cos Cob Park, a new Byram swimming pool and a new downtown fire and security station complex.

As we assess BET’s capital expenditures over the past 15 years, one thing becomes clear; that a Republican-majority BET has approved over $ 700 million to meet the capital needs of our community. They succeeded, although they had to go through a global financial crisis and the recent pandemic during this time.

There is an inherent push in government between wants and needs. While our federal and state governments have long passed the tipping point when it comes to irresponsible fiscal management and runaway debt-fueled spending, Greenwich has not followed suit.

Your Republican BET team is focused, determined and confident that they can continue to successfully guide our community through the financial challenges of the future. By applying budget discipline to the budget process, offering best-in-class schools, services and amenities, and proactively engaging with our community, we hope our Republican BET will continue to earn your trust and support this election season. .

I humbly ask you to vote for Nisha Arora, Mike Basham, Bill Drake, Karen Fassuliotis, Dan Ozizmir and Leslie Tarkington on November 2nd.

Dan Quigley is Chairman of the Greenwich Republican Town Committee.


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Governor Reynolds and Senator Whitver call for tax cuts in Iowa https://hotbagsaleuk.com/governor-reynolds-and-senator-whitver-call-for-tax-cuts-in-iowa/ Tue, 19 Oct 2021 00:18:00 +0000 https://hotbagsaleuk.com/governor-reynolds-and-senator-whitver-call-for-tax-cuts-in-iowa/ Gov. Kim Reynolds and Senate Majority Leader Jack Whitver R-Ankeny on Friday called for income tax cuts in response to estimates from the Iowa Income Estimates Conference that net revenue will increase by 1.5% in 2022 and 2023. “Now, with full reserve accounts and record surpluses, it’s time to definitely cut income taxes and continue […]]]>

Gov. Kim Reynolds and Senate Majority Leader Jack Whitver R-Ankeny on Friday called for income tax cuts in response to estimates from the Iowa Income Estimates Conference that net revenue will increase by 1.5% in 2022 and 2023.

“Now, with full reserve accounts and record surpluses, it’s time to definitely cut income taxes and continue to reward hard work and investment,” Whitver said in a press release. “Iowa should remain a national leader in implementing successful economic policies to make the state an even better place to live, work, and raise a family.”

Gov. Kim Reynolds said in a statement that the REC forecast “reaffirms the need to cut taxes and pay back the overcollection of taxpayer dollars.”

Reynolds continued, saying she would work with her administration and lawmakers to draft a bill to further reduce taxes for Iowa residents.

While overall gross tax and other revenues would decline by approximately 1.1% in FY2022, lottery transfers will increase by 4% (up $ 103 million) and Reimbursements for school infrastructure (accumulation) will increase by 5% (up from $ 588.2 million). REC predicts that corporate income tax revenues will decrease by 10.1%, personal income tax revenues will decrease by 2.1% and sales / use tax revenues will decrease. will increase by 3.5% in fiscal year 2022. Estimates for fiscal year 2023 show a 4.1% increase in corporate income tax, a 1.5% increase in revenue from personal income tax and a 3.2% increase in sales / use tax revenue from fiscal year 2022.

Holly Lyons, director of the Legislative Services Agency’s tax services division, said the agency was “cautiously optimistic” in its estimates.

Lyons said general fund net income for fiscal 2021 increased $ 870 million, 11%, from fiscal 2020, beating the conference estimate of $ 737.1 million, or 9%. Fiscal 2021 revenue was “much higher” than the conference forecast in March, particularly in the fourth quarter, which allowed “a very strong rebound” after the low growth rate induced by pandemic in fiscal year 2020, Lyons said. Growth in FY2021 exceeded any year since at least FY2001, ”she said.

The growth that several states experienced in the third and fourth quarters of fiscal 2021 “reflected positive consumer confidence in the form of pent-up demand for goods and services, an improving economy and a growing economy. massive federal aid, ”she said.

Lyons warned that the majority of Iowa residents might not have as much money to spend in late spring and summer 2022 as they did in 2021. She said the COVID-19 delta variant has slowed down economic growth during the third quarter of calendar year 2021 in terms of consumption expenditure and services and is expected to continue to do so until the end of 2021.

“We continue to be in a strange time, with an incredible level of uncertainty,” she said.

Conference chairman and director of the management department, Kraig Paulsen, said there was room for growth in labor force participation rates and that supply chains were “currently very stressed ”. Personal savings rates have declined from peaks reached at the start of the pandemic, but are still “slightly higher” than pre-pandemic levels. . Inventories are “unbearably low, another precursor to growth,” he said.

In Iowa’s agriculture industry, commodity prices have declined from “near record prices” in early 2021, but are “far from the lows of 2019 or 2020,” he said. Exports “remain strong” and farmland prices are “near record highs and remain stable while demand remains strong”.

“Fuel costs are a concern, and rising energy costs could be a drag on growth if not addressed in a meaningful way,” he said.

He said the state is closely monitoring inflation and its impact on consumer spending, but as other measures “normalize”, inflation “is expected to decline.”

Conference member, CFO on DEMAND David Underwood, said he expected wages to rise and the Federal Reserve continued to talk about letting interest rates rise. He said interest rate increases would be good for Iowa because “a lot of Iowans have cash investments where they get interest.”

Washington Examiner Videos

Key words: News, State, Iowa

Original author: Mary Stroka, The Center Square contributor

Original location: Governor Reynolds and Senator Whitver call for tax cuts in Iowa


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SEPTA negotiates contract to move to hotel as strike vote looms https://hotbagsaleuk.com/septa-negotiates-contract-to-move-to-hotel-as-strike-vote-looms/ Sun, 17 Oct 2021 19:50:12 +0000 https://hotbagsaleuk.com/septa-negotiates-contract-to-move-to-hotel-as-strike-vote-looms/ But Brady also said this year’s talks were particularly sensitive given the pressure on transit workers during a pandemic that killed nine SEPTA workers, sickened hundreds more. and led to complaints about the deterioration of the safety of frontline staff. “They are looking for compensation for what they have been doing throughout COVID,” he said. […]]]>

But Brady also said this year’s talks were particularly sensitive given the pressure on transit workers during a pandemic that killed nine SEPTA workers, sickened hundreds more. and led to complaints about the deterioration of the safety of frontline staff.

“They are looking for compensation for what they have been doing throughout COVID,” he said. “The men and women who work for SEPTA, whether in the ticket office or driving trains, buses, I mean, they were there. They were there and they were exposed.

Brady said a transit strike would “have a major impact” on the region, disrupting commutes to work as offices begin to recall remote workers and causing “a blockage everywhere.” seeks to attract passengers after the pandemic.

Some of those who would be most affected by such a disruption are already bracing for the likelihood of a strike.

This month, the University of Pennsylvania issued an early warning and contingency plan to its students and faculties regarding the impact of a possible strike. Philadelphia school district officials are also bracing for a disruption in service; about 60,000 of its roughly 202,000 students and many teachers attended classes with SEPTA, before the pandemic.

Spokeswoman Monica Lewis said the district is particularly vulnerable to a transit strike right now, as officials have considered calling the National Guard to staff its own school buses.

“SEPTA’s support to our students and staff is even more important now, amid the current driver shortage affecting school districts and businesses locally and nationally,” Lewis said. “We sincerely hope that our school year can proceed without further uncertainty and disruption for the students, families and staff who have already endured so much in the past 20 months. “

The union can continue to work with an expired contract, and union sources have said it is highly unlikely to strike immediately by the October 31 deadline. But, in the past, outside parties – like Brady or Congressman Dwight Evans – have helped negotiate a final deal. Sources close to the negotiations also said that so far no such mediator has emerged.

Brady also said the planned strike authorization vote likely reflected wider discontent beyond the negotiating table.

“Your leaders cannot come out and say ‘we are going on strike’ without getting permission from its members,” he said. “The leadership of a union must speak on behalf of the members. Asking for permission to strike is what their members allow their leaders to do. “


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“Tax Justice Assessments” Tackle Police Brutality with Finance https://hotbagsaleuk.com/tax-justice-assessments-tackle-police-brutality-with-finance/ Sat, 16 Oct 2021 12:00:05 +0000 https://hotbagsaleuk.com/tax-justice-assessments-tackle-police-brutality-with-finance/ Ratings also recognize the potential cost of police misconduct, which traditional rating agencies have generally ignored. In one exception that illustrates how police murders can destabilize city budgets, Moody’s downgraded Ferguson, Missouri bonds after a white police officer gunned down Michael Brown, an unarmed black teenager, in 2014. Moody’s cited “The potential financial impact of […]]]>

Ratings also recognize the potential cost of police misconduct, which traditional rating agencies have generally ignored. In one exception that illustrates how police murders can destabilize city budgets, Moody’s downgraded Ferguson, Missouri bonds after a white police officer gunned down Michael Brown, an unarmed black teenager, in 2014. Moody’s cited “The potential financial impact of ongoing litigation costs”, legal settlements and negotiations with the Department of Justice to overhaul the city’s justice system.

“The ability to clearly and accurately distill all of the many tax justice risks into perspective is very much needed in this market,” Wallace said.

Activest, which Wallace founded six years ago with Ryan Bowers, a racial equity consultant, plans to publish research reports and assessments for as many as 50 U.S. cities. The initial objective is to shed light on police establishments, both public and private, and to identify the cities most at risk of not being able to pay them or not meeting other obligations.

But the ultimate goal is to use the bond market to curb police brutality and make cities fairer. As investors seek socially responsible investments, Wallace believes Activest’s tax justice ratings could influence bond prices and, therefore, interest rates. By attracting more investors, a city would lower its borrowing costs, improve budgets, and eventually allow politicians to cut taxes or at least spend money elsewhere. And that could encourage treating citizens more fairly.

Municipal bonds were the first socially responsible investment. In ubiquitous TV commercials that ran throughout the 1970s and 1980s, bond seller Jim Lebenthal stood in front of landfills, power plants, and bridges to present the idea that investing in debt of local governments was tantamount to investing money for a better America.

But the modern iteration of socially responsible investing, known as the environmental, social and governance movement, or ESG, has mainly avoided the municipal bond market, and when ESG investing tactics are applied to municipal bonds. , the focus is usually on the environment. problems.

One of the reasons for this, according to municipal market experts, is the lack of data. Larry Bellinger, head of municipal bond research at AllianceBernstein, which manages $ 55 billion in local government debt, said he found relatively adequate research on carbon footprints and natural hazards, but only on the social and justice issues, “data is a problem. “


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Compendium of the Tax Court: October 15, 2021 https://hotbagsaleuk.com/compendium-of-the-tax-court-october-15-2021/ Fri, 15 Oct 2021 09:17:00 +0000 https://hotbagsaleuk.com/compendium-of-the-tax-court-october-15-2021/ October 15 – At its 5 p.m. meeting on Thursday, October 14, the Daviess Tax Court is expected to take the following action: —Proclaimed October 2021 Domestic Violence Awareness Month —Report of the treasurer approved for September 2021 —Approved minutes of the Daviess Tax Court meeting of September 16, 2021 – Approved all claims for […]]]>

October 15 – At its 5 p.m. meeting on Thursday, October 14, the Daviess Tax Court is expected to take the following action:

—Proclaimed October 2021 Domestic Violence Awareness Month

—Report of the treasurer approved for September 2021

—Approved minutes of the Daviess Tax Court meeting of September 16, 2021

– Approved all claims for all departments

—Wage schedule approved by Daviess Tax Court for fiscal year 2022 to include Director of Public Works office

—Approved a grant agreement for the 2022 waste reduction program

—Approved a memorandum of understanding for a $ 100,000 grant to the Owensboro Museum of Science and History for improvements

—MoU approved for White Flag events for 2021-2022 with the Town of Owensboro and the Christian Church of Owensboro

—Approved an AmeriCorps hospitality agency agreement for the benefit of the Homeless Council of the Ohio Valley

– Approved the annual renewal of the search and rescue order of affiliation

—Approved Kentucky Emergency Management Area II Fire and Rescue Services and Related Special Operations Mutual Assistance Agreements

—Declared excess inventory and include schedule in 2021 auction listing

– Awarded the following offers:

-No. 32-2021: Paper and tabulator ballot reader voting system attributed to Harp Enterprises Inc. totaling $ 794,111 over the lifetime of the system

-No. 36-2021: Yellow Creek Park pickleball court conversion awarded to Tennis Technology Inc. $ 47,053

—Approved the hiring of Ladonna Melton as Animal Control Veterinarian. Tech effective October 25, 2021

—Appointed Dr. Wanda Figueroa to the Owensboro-Daviess County Steering Committee for a Drug-Free Program for a three-year term starting September 1, 2021 and ending September 1, 2024

– Heard the first reading of KOC A.100.02 (2021) # 10-2021; budget amendment # 2

– Heard any other matter to be brought before the Daviess Tax Court

– Heard public comments

-Adjournment


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DVIDS – News – Fiscal year 21 drives innovation, readiness within command and company https://hotbagsaleuk.com/dvids-news-fiscal-year-21-drives-innovation-readiness-within-command-and-company/ Tue, 12 Oct 2021 20:54:00 +0000 https://hotbagsaleuk.com/dvids-news-fiscal-year-21-drives-innovation-readiness-within-command-and-company/ WRIGHT-PATTERSON AIR BASE, Ohio – Air Force Materiel Command executed more than $ 68.5 billion in all areas of funding in fiscal 2021, closing the year at 99.9 % despite the challenges of the coronavirus, Operation Allies Refuge and Welcome, underfunded corporate programs, innovation needs and more. “It was truly a team effort, and the […]]]>

WRIGHT-PATTERSON AIR BASE, Ohio – Air Force Materiel Command executed more than $ 68.5 billion in all areas of funding in fiscal 2021, closing the year at 99.9 % despite the challenges of the coronavirus, Operation Allies Refuge and Welcome, underfunded corporate programs, innovation needs and more.

“It was truly a team effort, and the ongoing tax challenges, the threat of a government shutdown and the limitations of COVID were not up to the mark of our workforce and their dedication to ensuring the success of our fighter’s mission, ”said Col. Jason M. Holcomb, chief, AFMC’s Financial Analysis Division. “While most of our portfolio execution takes place earlier in the year, our team stepped up and was able to fund 18 major unfunded needs totaling $ 55.6 million in the last 48 hours of exercise. It was truly a team effort, and I’m extremely proud and honored to have such a great team.

While the majority of AFMC’s $ 2.6 billion in O&M funding has gone to Air Force corporate programs, the command has made significant investments in innovation projects and AFMC We Need initiatives, with nearly $ 20 million allocated to spur efforts in these areas. Projects funded in these areas included modernization of infrastructure and facilities, information technology and training.

O&M funding included:

– $ 87.4 million for more than 45 unfunded needs, including $ 55.6 million for 18 RFUs during the last days of the year-end; funded projects include network and communication upgrades at Eglin Air Base ($ 3.3 million); Air Force Life Cycle Management Center Small Unmanned Air Systems Counter ($ 20 million); Military personnel support to Edwards AFB ($ 157,000); information technology programs ($ 30,000 +); and staff relocations ($ 888,000); among other projects
– $ 11.5 million in squadron innovation funds for more than 170 projects, including significant IT investments ($ 4.9 million); new processes and automation ($ 2.7 million); infrastructure upgrades ($ 1.1 million); and training ($ 1 million)
– $ 9.7 million for the AFMC initiatives we need, including infrastructure improvements at several AFMC locations and computer equipment upgrades
– $ 3.9 million to support Operation Allies Refuge and Operation Allies Welcome, primarily for deployed AFMC personnel
– $ 23.5 million for COVID-related needs, including mechanisms for monitoring, reporting, prevention and analysis

As the designated executive officer for the Air Force’s largest centralized asset management portfolio, the command played a key role in keeping the company mission ready. AFMC executed $ 19.5 billion in the CAM portfolio, including $ 12.3 billion for Air Force Weapons System Sustainment (WSS), $ 1.4 billion in the Space Force WSS and met $ 5.8 billion in budget requirements for active-duty flight hours.

Additional efforts included:

–Execution of $ 1.4 billion of Space Force WSS for the first time, execution of a critical transfer of $ 320 million of funding through credits
– $ 410 million in reimbursements to partners including Air National Guard, Air Force Reserve Command, foreign military business partners, NASA, F-35 cooperative partners and more
–Sending over $ 450 million for Congressional Marks to WSS, including Air Force mission critical assignment cancellations
– $ 78 million in readiness funding and $ 726 million in UFR, leaving no critical UFR at year-end after 20 programs identified as failed throughout FY21

To support business operations across the company, the working capital team executed $ 16.3 billion, with a year-end cash flow projection of $ 1.2 billion, significantly improving their financial situation during fiscal year 21. Further data analysis efforts should continue to improve management capacity in this area.

In the area of ​​procurement, AFMC committed $ 58.7 billion in contracts based on federal procurement regulations in FY21, which represented 75.1% of the total spending of the Air Force in this area. The procurement team has entered into over 60,000 FAR-based contracts and committed $ 1.3 billion in non-FAR-based contracts on 3,200 contractual actions.

Notable achievements in the area of ​​procurement include:

–Support for the integration of AFWERX into the Air Force research laboratory; this included five small business innovation research “Sprints”, which resulted in the award of 1,400 contracts worth $ 381 million
–Expansion of the new Air Force Contract Drafting System (CON-IT) to 18 AFMC Systems Contracting offices, which used it to award more than 1,400 contracts worth $ 928 million

The AFMC Small Business program also set a new record in 2021, executing more than $ 9.2 billion in small business contracts, surpassing the previous year’s levels of more than $ 1 billion. The success of FY21 includes 137 SBIR Phase III contract awards, an increase in the number of awards to minority-owned businesses, women-owned and disabled veterans, and a significant increase in the number of small companies receiving their first AFMC contract award.

“I couldn’t be more proud of our expert financial aviators across the mission for their hard work until the last hours of this year. As we finalize our books for FY21 and look to the new exercise, we know hard work is ahead, but our dedicated and skilled teams are ready and ready to maintain our command and the Air mission. Force ready, ”said Holcomb.

Date taken: 10.12.2021
Date posted: 10.12.2021 16:54
Story ID: 407134
Site: WRIGHT-PATTERSON AIR BASE, OH, USA

Web Views: 4
Downloads: 0

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Metal sign under concrete step falls at MBTA’s Savin Hill station – Boston News, Weather, Sports https://hotbagsaleuk.com/metal-sign-under-concrete-step-falls-at-mbtas-savin-hill-station-boston-news-weather-sports/ Mon, 11 Oct 2021 16:09:06 +0000 https://hotbagsaleuk.com/metal-sign-under-concrete-step-falls-at-mbtas-savin-hill-station-boston-news-weather-sports/ BOSTON (WHDH) – The concrete steps at MBTA’s Savin Hill station were inspected after a metal panel fell under one of the steps late Sunday evening. According to the MBTA, crews made some minor repairs to additional staircase panels the next morning. The engineers determined that the stairs were structurally sound and safe for us. […]]]>

BOSTON (WHDH) – The concrete steps at MBTA’s Savin Hill station were inspected after a metal panel fell under one of the steps late Sunday evening.

According to the MBTA, crews made some minor repairs to additional staircase panels the next morning.

The engineers determined that the stairs were structurally sound and safe for us.

No injuries were reported and the Red Line service was not affected.

“With customer and employee safety of paramount importance, regular maintenance is a central part of MBTA’s asset management program and includes inspections, preventive maintenance and corrective maintenance of the station infrastructure. “, published the MTBA in a statement. “The MBTA continues to invest billions of dollars in major infrastructure projects, including the Red Line Transformation program. After a record $ 1.92 billion spent in FY2021, the MBTA plans to exceed $ 2 billion in capital spending in FY2022. The MBTA has increased its capital spending every year. year since 2015 to help make public transport services and infrastructure more reliable.

All MBTA stairs are regularly inspected by the MBTA and are currently reviewed by third-party engineering companies, officials said.

The MBTA would spend approximately $ 31 million per year on maintenance and upkeep of rapid transit stations and facilities throughout the system.

(Copyright (c) 2021 Sunbeam Television. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Haunting economic underperformance https://hotbagsaleuk.com/haunting-economic-underperformance/ Sun, 10 Oct 2021 01:00:00 +0000 https://hotbagsaleuk.com/haunting-economic-underperformance/ LAHORE: Businessmen need clarity on economic issues to define their future plans. Those who are committed to staying in their beloved country no matter what, would plan a different strategy if they have a clear roadmap of government policies. Pakistan lacks the resources to embark on an ambitious development agenda or to address the concerns […]]]>

LAHORE: Businessmen need clarity on economic issues to define their future plans. Those who are committed to staying in their beloved country no matter what, would plan a different strategy if they have a clear roadmap of government policies.

Pakistan lacks the resources to embark on an ambitious development agenda or to address the concerns of manufacturers, traders, the service sector or agriculture.

The solutions are simple, however; the state must guarantee full compliance with the rules and regulations in force. However, the political implications of this approach are very serious.

The government cannot afford to open all fronts because it lacks both the resources and the manpower to deal with all the problems. The application of discipline in any sector would cause temporary difficulties for the population.

It should start with the manufacturing sector. Dialogue on economic issues is needed among all stakeholders, as businesses need clear policies, especially in these dark times, while government needs to understand the issues that hamper growth.

Many government policies need to be changed or adjusted. Planners should formulate a policy that is in the best interests of the nation.

They should realize that fixing the problems of one manufacturing sub-sector could create problems for another sub-sector. Maintaining the status quo would not improve matters. Clear, stable and long-term policies for each sector must be announced and implemented. Based on these policies, investors would assess whether it is viable to invest in the industry or go for a more lucrative commodities business. They might also be tempted to invest in the service sector where profit margins are higher.

In today’s uncertain times, businessmen are holding back investments due to uncertainty. They do not know if the government will ever be able to balance its budget or fix the governance problems.

Last but not least; entrepreneurs aren’t sure what will happen in the next 45 days. The government seems indifferent to the demographic bomb that threatens to explode into anarchy if three million jobs are not created each year over the next decade.

The current state of affairs has created doubts in the minds of majority entrepreneurs about our ability to become a developed country. What we need is investment in labor intensive industries.

It is futile to welcome foreign investment into lucrative concessions from motorcycle manufacturers, when we are already producing bicycles more than our demand. Such investments do not reduce unemployment and as bicycles are marketed in the country, investors start to collect profits at home as soon as production starts.

The government of Pakistan is expected to attract foreign investment in the garment sector which creates a higher number of jobs per million dollars of investment than a mega-industry which creates one billion dollars investment. In addition, almost all major industries meet only domestic needs, while the clothing sector, even with a small investment, is the largest textile exporting sub-sector. The share of this sector in government subsidies on electricity and energy and the profit margin are also nominal compared to spinning mills.

The clothing sector has the potential to take our exports to new heights. Government planners must show clarity in the management of the textile sector. There are sub-sector specific trade bodies in the textile sector. The entire Pakistan Textile Factory Association includes spinning, weaving and processing factories. The Pakistan Hosiery Manufacturers Association (PHMA) has all knitwear manufacturers among its members.

Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) represents garment producers in the country. Then there is an association representing exporters of towels and another which includes exporters of bed clothes.

PHMA President Shahzad Azam Khan and PRGMEA Chief Coordinator Ejaz Khokhar urged economic planners to deal with the problems of each sub-sector only with the specific association. They demand that state planners silence either of these associations if they come up with suggestions and plans for promoting another sub-sector.

This will help planners to develop a better strategy for the promotion of each sub-sector. While other associations are allowed to encroach on the domain of the other, there is no need for specific sector associations.

Real entrepreneurs know that public debt and its huge appetite for loans crowd out credit to the private sector. Inflation is a scourge that can only be brought under control through prudent fiscal management.

The trend to reduce annual development spending is straining already crumbling infrastructure. The taxpayer entrepreneur would always remain on his nerves if the non-paying parliament continued to decide on the levy and use of taxes without taxpayer representation.

Despite these drawbacks, they simply want the state to consume its meager resources to create jobs in the country.

The immediate problem for the government is to resolve the impasse with the International Monetary Fund (IMF) without increasing the burden of additional taxes.

The shock of Covid-19 devastated our economy which survived the pandemic on foreign loans and the debt moratorium. But the debt must be repaid. Unfortunately, we live on edge and have not done any planning to absorb or withstand economic shocks.


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Moody’s confirms Muskoka District’s Aa2 credit rating and raises outlook to positive https://hotbagsaleuk.com/moodys-confirms-muskoka-districts-aa2-credit-rating-and-raises-outlook-to-positive/ Sat, 09 Oct 2021 00:36:16 +0000 https://hotbagsaleuk.com/moodys-confirms-muskoka-districts-aa2-credit-rating-and-raises-outlook-to-positive/ Moody’s Investors Service, an international bond credit rating company, confirmed the district’s credit rating of Aa2 and raised its status from stable to a positive outlook. In a statement released by Moody’s on September 24, 2021, the cabinet cites the district council’s strong governance and prudent budget management during the pandemic. The rating and outlook […]]]>

Moody’s Investors Service, an international bond credit rating company, confirmed the district’s credit rating of Aa2 and raised its status from stable to a positive outlook.

In a statement released by Moody’s on September 24, 2021, the cabinet cites the district council’s strong governance and prudent budget management during the pandemic. The rating and outlook affirmation also reflects the district’s track record of “strong cash and debt management with an emphasis on limiting the increase in debt, as well as forward planning. fixed assets ”. View the full press release issued by Moody’s here: https://www.moodys.com/research/Moodys-affirms-Muskokas-Aa2-rating-changes-outlook-to-positive–PR_453339

Maintaining a high-quality credit rating provides access to lower long-term borrowing costs for district and zone municipalities for infrastructure investments such as water, wastewater, roads, bridges and other community projects. This ensures that district services remain affordable and sustainable for residents and businesses, now and in the future.

Estimate:

“This positive outlook is a vote of confidence in the District market. This is a testament to the past prudent financial oversight of this Board tenure and previous Boards who, by working in conjunction with staff, have been able to build up reserve funds and meet budget guidelines for the long-term benefit of the Board. our communities. – District President John Klinck

“I want to thank everyone for their commitment to achieving this excellent credit rating. Not only does this reflect the district’s resilience to deal with the unprecedented impacts of COVID -19, but it also reflects the commitment of the board and staff to the long-term prosperity of the district. By working together, we have achieved a financial rating that will benefit the district and our communities. – Councilor Graydon Smith, District Vice President and Chair, Finance and Corporate Services Committee


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Where to find the best municipal bonds now, according to Pimco https://hotbagsaleuk.com/where-to-find-the-best-municipal-bonds-now-according-to-pimco/ Thu, 07 Oct 2021 08:15:00 +0000 https://hotbagsaleuk.com/where-to-find-the-best-municipal-bonds-now-according-to-pimco/ Pimco, a name synonymous with active fixed income management, isn’t the first you might associate with municipal bonds. But given the idiosyncratic nature of most munis, this is an area particularly suited to individual stock picking. The Newport Beach, Calif., Company recently launched the Pimco Municipal Income Opportunities Active exchange-traded fund (ticker: MINO), managed by […]]]>

Pimco, a name synonymous with active fixed income management, isn’t the first you might associate with municipal bonds. But given the idiosyncratic nature of most munis, this is an area particularly suited to individual stock picking.

The Newport Beach, Calif., Company recently launched the


Pimco Municipal Income Opportunities Active

exchange-traded fund (ticker: MINO), managed by David Hammer, to complement his stable of established open and closed end funds and add to his exceptionally successful line of actively managed ETFs.

Fiscal policy – how much the federal government spends, what it spends, and how it pays it – stimulates the economy and markets more than it has in the past, forcing stock investors to pay more attention . Muni managers, however, have always followed the government’s maneuvers. It seemed like a fitting occasion to discuss the state of the sector with Hammer, the munis chief of Pimco. A modified version of our conversation follows.

Barron: Dave, what do you think of the municipal market?

David Hammer: The municipal market is a very fertile ground for active managers, and there are three major inefficiencies that we seek to exploit: credit, structure and liquidity. There has been a decline in broker / dealer liquidity over the years which has given rise to a number of opportunities. [Broker/dealers] raise 10 to 15 billion dollars [in bonds with which to make a market], rising from $ 50 billion to $ 60 billion before the financial crisis. This is compared to vehicles with daily fluids which have grown from $ 400 billion to almost $ 1,000 billion over the same period.

What are the implications?

We’re more likely to see temporary valuation overshoots on mismatch, which means when valuations are rich we’re likely to increase our cash flow more than ten years ago.

The market looks rich right now, with strong demand absorbing the available supply of bonds.

Law. It has been a year of significant influx for munis. The show modestly disappointed. And there has been a positive backdrop to improving credit.

Does this simply reflect the economic recovery? Or are they government policies?

There has been a record combination of fiscal and monetary support for state and local governments. But the nature of this recession was different, in that higher incomes were less affected. Thus, the collection of income tax and sales tax has held up better than in a typical recession. And we have seen an increase in house prices. It is important for local credits [bonds], which mainly depend on property tax collections, which are a function of housing prices.

We’ve seen more upgrades than downgrades this year. One of the biggest emitters, California, turned a forecast deficit of $ 54 billion for fiscal 2021 into a surplus of $ 76 billion by 2022.

Was it just tons of Silicon Valley capital gains taxes? Or Washington’s support?

Federal government support, better than expected sales and income tax collection and capital gains [taxes] as asset prices increased. This also includes credits that have been more in demand in recent years: the state of New Jersey, for example, announced record revenue expected for fiscal year 2022. The state of Illinois received its first increase in rating agency in 25 years.

How did they handle it?

Same themes as California: a combination of fiscal support, monetary policy support, better-than-expected sales and income tax collections and house price appreciation.

Is it as good as it is for an equipped investor?

Infrastructure policy is an important part of our financial perspective.


– David Marteau

There are still areas of concern, such as large cities. It is still unclear how quickly workers and tourism will return to pre-Covid levels. One example we monitor is daily subway use in New York City. It is still down around 50% from 2019 levels.

So how does this fit into your process?

You have the choice between 50,000 credits. First of all, we do our best to avoid downgrades and faults. We see opportunities in smaller issues that may not be covered by a larger group of investors. And we often see a premium in complexity. It’s common for investors to think of state and local government debt in the municipal market, but a very large percentage of the market comes from public / private partnerships, securitized tax payments, risky types. [of bonds] that require an understanding of local real estate appraisals, or even companies that can operate tax-exempt markets. This is where we generally find value.

Another inefficiency that we seek to exploit is structure. Most of the bonded bonds are redeemable, with different call dates and call prices. This often leads to undervalued redeemable municipal bonds.

The other risk is that of interest rates; Yields on treasury bills have increased recently.

It was not so bad in the municipal market. We have seen a spike in monetary and fiscal support, as well as a spike in growth, with Federal Reserve hikes starting in 2023. The Munis have historically outperformed during Fed hike cycles for two reasons. The first is that as rates rise, the value of the tax exemption increases relative to other investments, resulting in spreads narrowing. The second is that the supply tends to decrease as the number of bonds eligible for prepayment as rates rise tends to decrease. A third reason I would add: because most munis are redeemable, their sensitivity to changes in interest rates is lower than that of a non-redeemable treasury bill of the same maturity.

Would all those callable bonds with coupons of 4.5% and 5% sold a few years ago become vulnerable to an effective lengthening of their maturities, if they are not called when yields rise?

Well, the 4.5% and 5% coupons are not; with yields provided with AA over 30 years of around 2%, they benefit from good protection. But note that over the past year there have been quite a few 2.5% to 3% long coupon bonds created in the market. These are structures that we have avoided; they face potential expansion risks and will underperform as rates rise.

What do you expect from Washington’s fiscal policy?

Infrastructure policy is an important part of our financial perspective. The bipartisan infrastructure bill, which includes $ 550 billion in new funding for traditional infrastructure (existing roads, new roads and bridges, existing water and sewer systems) will be the largest for the municipal market. These are regions that have faced an infrastructure deficit in recent years, and we should see an increase in supply in these parts of the market over the next few years. Other market segments will be less affected. Airports and ports often have their capital plans approved five to ten years in advance; these new infrastructure dollars are more likely to go to projects that were planned anyway. There could also be a return of prepayments, as well as a return of a taxable subsidized bond like the Build America Bond program which was created in 2009 and 2010.

Obviously, none of this is certain until the final infrastructure legislation is passed – if at all.

So how does this affect our outlook? With somewhat rich valuations, the potential for restitution of tax-exempt prepayments would lead to a more immediate increase in supply; this is another factor that justifies a more defensive positioning. Infrastructure considerations have a much longer timeframe, based on the local need to go through a formal approval process, including environmental reviews.

We are unlikely to see a huge impact from financing new infrastructure until the second half of 2022, at the earliest. We think that’s more likely a story for 2023 and 2024. Our baseline scenario is about a 25% increase in the annual net supply of tax-exempt bonds – a very different phenomenon from what investors do. have seen in corporate or treasury bonds, where there has been a sharp increase in issuance. Muni’s emissions over the past 10 years have been quite stagnant.

The other aspect of President Joe Biden’s program is the proposed tax increases for top earners. How does this affect the municipal market?

This is a positive wind for demand, and I would highlight both the potential for higher personal income taxes and the potential for higher corporate income taxes, which would be significant for banks and insurance companies, which hold around 30% of the tax-exempt bonds in circulation.

Looking very simply at municipal yields today, a 2% yield tax-exempt bond has a taxable equivalent yield of around 2.75%. For a high yield municipal bond with a simple yield of 3.25% to 3.5%, this is a taxable equivalent yield of 5.5% to 6%. So even at current tax rates, munis are quite attractive after tax.

Especially given the market situation for high yield companies.

This does not reflect their relative default rates. High yield bonds tend to default about 25% as often as high yield corporate bonds. It is a much higher quality asset class.

Finally, Dave, I have this closed end thing. What are the opportunities there?

Well, I manage our closed funds. They are currently taking advantage of the fact that many holdings are bonds that were bought in an environment of higher interest rates. Closed-end funds all use some form of leverage and benefit from a very strong [yield] curve; they borrow at a low rate and reinvest at a higher rate. Both are currently tailwinds. However, most closed-end funds have very long duration profiles. As rates go up, it can be a bit of a headwind.

This is true for just about all asset classes. Thanks, Dave.

Write to Randall W. Forsyth at randall.forsyth@barrons.com


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