Southeast road crews prepare for winter maintenance work Nov 24, 2008
The city also has a reserve fund for emergencies. "With global warming and all that, we're actually anticipating higher snow levels the next 10 years," said Buck. (Juneau Empire)
Fresno city leaders must keep sharp focus on budget restraint Nov 23, 2008
Prudent financial planning by Mayor Alan Autry and the City Council has resulted in the city having a surplus of $4 million, and that doesn't count another $17 million in the reserve fund ... She said she plans to maintain a healthy reserve fund that will be behind "lock and key" to be used only for emergencies ... If the city comes up short in revenues, she will not make that up from the reserve funds, but will ask city departments to make operational cuts. (Fresno Bee)
Economy could impact city's 450th Nov 23, 2008
The slow season will take a bite out of the TDC's usual reserve fund kept for emergencies such as hurricane season or wildfires similar to those in 1998. Hastings said he likes the fund to be between $350,000-$500,000, but this year it will likely be about $300,000. (The St. Augustine Record)
Tight school budget leaves few options Nov 23, 2008
But the district does not want to dip below a 5 million balance in its reserve fund account, which means it will have to cut in other areas next year to make up the for that loss in revenue. "We're still spending more than what we have," Janak said, referring to the current school year's budget. (Rapid City Journal, SD)
J-E asking for $27M for capital projects Nov 22, 2008
Most of the project is between 78 and 81 percent aidable not everything in the project is aidable and to reduce the tax burden on local taxpayers, the district will use 438,892 of EXCEL aid and more than 500,000 from the capital reserve fund to lower the borrowing requirement. Staff writer Alyssa Sunkin can be reached at 253-5311 ext. (Auburn Citizen, NY)
Treasury to backstop mutual fund Nov 22, 2008
The department has agreed to be a buyer of last resort to assist in the liquidation of the Reserve Fund s U.S. Government Fund due to unique and extraordinary circumstances. Under the arrangement, the fund will have 45 days to find buyers for its assets. (Orangeburg Times and Democrat, SC)
Stanford Board adopts 2009 Budget Nov 22, 2008
There was considerable discussion as to what makes up the reserve funds ... Bookkeeper Bonnie Hall pointed out that the reserve fund can change very quickly, depending on events that occur. (Pine Plains Register Herald, NY)
Milan Town Board approves fire protection contract Nov 22, 2008
A total of $5,250 will be set aside in a special reserve fund to cover costs of mandated physicals for volunteer personnel, according to the contract. Cablevision. (Pine Plains Register Herald, NY)
Cass tweaks five-year forecast Nov 22, 2008
The model includes the general fund, the revenue sharing reserve fund, the budget stabilization fund, the public improvement fund, the Department of Human Services child care fund and the Family Court child care fund. It can be used to evaluate the longer-term impacts of the budget and future budgets. (Dowagiac News, MI)
City seeks grant Nov 22, 2008
Taft Midway Driller - News. Saturday, November 22, 2008. (Taft Daily Midway Driller, CA)
Jobless Benefits In Danger? Nov 21, 2008
California can borrow from a federal reserve fund to cover its shortfall for up to two years - incurring up to $155 million in interest, according to state estimates - before federal rules begin to penalize employers by reducing the tax deduction they currently take on their payments into the fund. "We're motivated to see that this gets fixed," said the Chamber of Commerce's Burgat. (San Francisco Chronicle -- Business)
Whats the plan? Nov 21, 2008
The county prepared for some long-term needs when it established a road reserve fund. The interest from the fund pays for maintenance of county roads, he said, but more needs to be done to prepare for future capital improvements. (Klamath Falls Herald & News, OR)
Dion rips Conservatives' policies in face of economic crisis Nov 21, 2008
He questioned the Conservatives' decision to eliminate a $3 billion contingency reserve fund created by previous Liberal governments, saying the Harper administration was conservative only in ideology and not fiscally. The Conservatives are on track to increase government spending in the next year by 25 per cent or $40 billion from 2005-2006, said Dion. (CBC.ca)
U.S. Treasury to support a frozen money fund Nov 21, 2008
The action was a bit of bright news for investors in the Reserve U.S. Government Fund, one of more than a dozen Reserve funds that froze customer withdrawals more than two months ago after being hit with waves of redemption demands ... Despite having frozen customer redemptions, the U.S. Government Fund has maintained a dollar-per-share value, unlike a few of its sister funds in the Reserve Fund family ... More than a dozen other Reserve funds suspended redemptions in the wake of a panicky run... (International Herald Tribune -- Business)
Sonoma's finances look good Nov 21, 2008
Saying that "I eat, sleep and breathe" revenue and expense figures on a daily basis, Giovanatto assured the council, "We are still in a fiscally solvent position. We have a very strong reserve fund ... We should be really proud of where the city is right now.". Not quite so rosy was a report on the city's Number 7 groundwater well, which was drilled on the Sonoma Ecology Center's Community Garden site in 2002 but inexplicably not completed. (Sonoma Index-Tribune, CA)
'Nowhere to run': Bear mauls long-held market beliefs, too Nov 21, 2008
Even some investors who held safe-haven cash lost money when the large Reserve Fund money market lost about 3. It's the seek-and-destroy nature of the bear that's decimated just about everyone with money at risk and made it one for the history books. (USA Today -- Money)
Council approves $365K of BOE request Nov 21, 2008
The Capital Reserve Fund from which the monies will come was established for one-time capital emergencies, such as the occasion roughly 15 years ago when the school boilers failed ... "I really don't think they need to be spent right now." Lisa Diamond, who serves as school board chairman and, with school officials, was present at the meeting, pointed out that when the Town Council finished paring down the education budget earlier this year, the school board had been told repeatedly to use the... (New Milford Times, CT)
Treasury to Bail Out Reserve Fund at $1 Nov 21, 2008
SIGN UP FOR FREE NEWS ALERTS. Friday, November 21, 2008 8:41 AM. (Newsmax)
Cold winds reach even the palm-lined courses Nov 20, 2008
Even if a bankrupt sponsor were forced to pull out in 2009, the U.S. men's tour has a large reserve fund that could provide a buffer. "The big question is whether this is in fact another cycle," the PGA Tour's commissioner, Tim Finchem, said in an interview. (International Herald Tribune -- Sports)
City schools avoid tax hike, but cuts loom Nov 20, 2008
4 million from its reserve fund to balance the budget ... 6 million left in its reserve fund by Dec. 31, 2009. (Pittsburgh Post-Gazette, PA)
$15.6 million budget adopted Nov 20, 2008
Nearly 600,000 from the reserve fund balance has been used to pay for city operations, but officials will be looking at all aspects of the budget in the near future to see how much of that money they can put back in the reserve fund. Some of the larger capital purchases for next year include 435,000 for equipment for the street department and storm water utility and 112,000 for a new 911 system for the dispatch center. (Watertown Daily Times, WI)
Souderton proposes $52 tax hike for workers Nov 19, 2008
Other funds include: the aforementioned library tax fund, which has a budget of around $45,000; the sewer fund, which has a budget of $1,457,150; the capital reserve fund, which has a budget of around $525,000; the sewer capital fund, which has a budget of about $435,000; and the highway aid fund, which has a budget of about $125,000. The bulk of the sewer fund's revenues come from sewer user fees and penalties ($1,410,000). (Springfield Sun, PA)
Report: LPGA trims schedule amid economic downturn Nov 19, 2008
If a bankrupt sponsor were forced to pull out in 2009, the PGA can rely on a large reserve fund. . (International Herald Tribune -- Technology)
Budget cuts keep taxes same in '09 Nov 19, 2008
4 million deficit in law enforcement, Mr. Russell lowered fuel cost projections, adjusted revenues and expenses and plans to take $1 million from the reserve fund. He had to shuffle his numbers again Tuesday to accommodate last-minute requests from commissioners who felt some cuts were too harsh. (The Augusta Chronicle)
Minister: vast reserves protect Russian economy Nov 19, 2008
Russian may tap the Reserve Fund for up to 500 billion rubles ($18 billion) next year to make up for declining budget revenues, Kudrin said. If Russia's 3. (International Herald Tribune -- Sports)
Middlebury Residents ApproveEight Items at Referendum Nov 19, 2008
Board of Finance Chairman Jonathan Dayton said his hope is that the rest of the money can be found in a reserve fund so the town does not have to bond or borrow money for the fire truck. First Selectman Tom Gormley told Voices on Thursday, November 13, that he was happy with the referendum's results. (Voices, CT)
Russia Suffers Plummeting Reserves in Defense of Ruble as Growth Declines Nov 19, 2008
6 billion Reserve Fund, the nation's oil fund. This year's budget surplus reached $100 billion, or 7. (Bloomberg -- Europe)
Target Plans Price Cuts Despite Lower 3Q Earnings Nov 18, 2008
Target added $104 million during the quarter to a reserve fund to cover future write-offs as customers have trouble paying their bills. The company has fared worse than its chief rival, Wal-Mart Stores Inc., as consumers cut back on discretionary spending and shop mainly for necessities, since more than 40 percent of Target's revenue comes from nonessentials such as trendy fashions and housewares. (ABC News -- Wire)
Commissioners authorize courthouse bonds Nov 18, 2008
Tom Pitman of Baker and Daniels, who serves as the county's bond council for this project, also said it would take a lot of unemployment in the county before they would have to dip into the reserve fund ... "Shepler said the current project cost is 10.6 million, including relocation costs, which is about 300,000 under the original budget which did not include relocation. He said current plans call for temporarily relocating courthouse employees and services to someplace off the downtown square.... (Winchester News-Gazette, IN)
No decision yet on FPS bond issue Nov 18, 2008
He did point out the district had deficit spending of 345,000 in the general fund which was budgeted for to cover raises in staff salaries and benefits that required the schools' reserve fund, bringing it down to 19 percent. Despite that, McGinnis said Fulton Schools have very little debt compared to its assets, noting that if the district chooses to seek funding through a new bond issue, you have the room to do it. (Fulton Sun, MO)
Latin America Combats Credit Crunch Nov 18, 2008
The Andean Development Corporation (CAF), Inter-American Development Bank (IDB) and Latin American Reserve Fund together promised $9. 3 billion in liquidity to aid the region's financial systems. (Forbes -- Business)
* Chiu confirms that voucher program is being considered Nov 16, 2008
Minister of Finance Lee Sush-der (zw) said the ministry had suggested either diverting funds from the government budget for next year or using the Second Reserve Fund for emergency purposes to finance the program. He did not rule out taking out loans. (Taipei Times, Taiwan -- World)
Teacher pay increase vote next week Nov 15, 2008
As a contingency against possible further state aid cuts, I am in the process of establishing a $500,000 internal reserve fund. He stated that if in the spring there is no need for the reserve fund to offset a potential deficit, the funds will be released to be used as originally budgeted. (North Andover Citizen, MA)
Schools tackle budget math Nov 14, 2008
They will be poring over programs, a reserve fund and anything that can absorb a "big hit" in the middle of the school year, Superintendent Michael Tebbano said Thursday. The same scenario is unfolding across the Capital Region in the wake of Gov. David Paterson's proposal on Wednesday to subtract $836 million this school year in education aid to plug the state's $1. (Albany Times Union)
Building Corporation OKs courthouse bonding plan Nov 14, 2008
A reserve fund from regular EDIT monies not otherwise earmarked for specific county economic development projects would serve as a backup. "The EDIT money distribution to cities and towns will not be affected by this agreement," Pitman said. (Winchester News-Gazette, IN)
Beebe proposes 1-cent cut in grocery tax Nov 14, 2008
Legislation approved last year established a rainy day fund, but did not appropriate any money for the reserve fund. Arkansas Department of Finance and Administration Director Richard Weiss said Beebe would likely seek amendments to the rainy day fund measure signed into law last year. (Pine Bluff Commercial, AR)
Canadian Hydro Announces Results for the Third Quarter Ended September 30, 2008 Nov 14, 2008
Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements,... (CCNMatthews Press Releases)
Money Fund Thaws a Bit to Return Some Cash Nov 14, 2008
The initial checks will return about 40 percent of the investment by shareholders in the Reserve U.S. Government Fund, one of more than a dozen funds in the Reserve Fund family that have been locked up since mid-September ... But the partial distribution is good news for shareholders who have been unable to touch any of their cash in the fund since Sept. 16, when the largest of the Reserve funds broke the buck and reported a value of less than a dollar a share ... The distribution Thursday is... (Atlanta Journal-Constitution -- Business)
State grapples with budget deficit Nov 13, 2008
Crist and the Legislative Budget Commission already have tapped $672 million from the budget's reserve fund -- half the total -- to offset some of the deficit. To cover the rest, Sansom is banking partly on a 4 percent spending holdback Crist ordered just before the budget went into effect. (The St. Augustine Record)
Gov. Paterson discusses $1.5B in cuts Nov 13, 2008
Paterson ruled out raising income taxes or spending the state s rainy day reserve fund of $1. 2 billion to help close the budget deficits. (Albany Business Review, NY)
No change in tax rate projected Nov 13, 2008
With the blessing of Sheriff Ronnie Strength, Mr. Russell proposed making up for that by adjusting expenses and revenues and throwing in $1 million from the reserve fund. Under the option, the city can save $780,000 by moving county inmates out of the Richmond County Correctional Institution, which houses state prisoners, and back into the Phinizy Road and Walton Way jails. (The Augusta Chronicle)
Franklin: City needs a rescue Nov 13, 2008
Can you imagine though if you found out the Management team had not been funding "Depts or the Reserve fund" all these years and you had to pay for Fairway maintenence, green truing, general upkeep thoughout the Subdivision, and resurfacing roads. ouch. (Atlanta Journal-Constitution)
11th-hour amendment seeks to pull plug on library project Nov 13, 2008
Town Meeting member Stanley Spiegel filed an 11th-hour amendment to the town budget last weekend that would kill a $465,000 library project and move the money into the town s reserve fund, which is used to pay for operating expenses when the department budgets come up short. Things are tough, and you ve got to pull in your belt, said Spiegel, who represents Precinct 2. (Brookline TAB, MA)
"Friends of the Family" Christmas Tour of Homes set for Dec. 7 Nov 12, 2008
Since then, a state reserve fund was tapped into to compensate for 85 percent of the funding lost. However, nine programs serving multiple counties were closed, including: Algona, Carroll, Cherokee, Deaf Iowans Against Abuse, Jefferson, Knoxville, Shenandoah, Waterloo and Waukon. (Atlantic News-Telegraph, IO)
Landfill cleanup options studied Nov 11, 2008
The county will finance any necessary cleanup with a reserve fund accumulated over the years by proceeds of the small per-ton surcharge on waste buried at Baker Place ... The county's reserve fund had about $15 million when the landfill closed in 2006, Mr. Bartles said. (The Augusta Chronicle)
Morton OKs merger, questions salary increase Nov 11, 2008
"All 911 funds collected by Morton County are to be used to off-set the operations of the center and to create a reserve fund for the center.She said there were concerns among some city employees that they would see pay cuts due to less insurance benefits. "They did ask we take that into consideration and keep them on their payroll. "We are going to keep the same amount of dispatchers. It's just where they are getting paid. We gave them the option - if they want to stay on the city payment, they... (Bismarck Tribune, ND)
Angry left's dream stops here Nov 11, 2008
Daschle amendment to create a reserve fund to allow for an increase in Veterans medical care by $2. 7 billion and lower the national debt by reducing the Presidents tax breaks for taxpayers with incomes in excess of $1 million a year. (Atlanta Journal-Constitution)
Buddy poppies a ‘symbol of rememberance' Nov 11, 2008
This is our month and the Buddy Poppy system for the VFW helps us have a reserve fund for veterans that may be in need, post commander Keith Boz Boswell said. For example, this year we're helping supply a number of turkeys for a local nursing home because there are a number of veterans in there that aren't coming out. (Fulton Sun, MO)
Sentinel Morning Update: Shippensburg celebrates Veterans Day Nov 10, 2008
While there was clearly some benefit in bringing all agriculture-related agencies together under one roof, expansion costs of about $1 million were a little more than the county was willing to spend from its capital reserve fund. Cash reserves are going to be critical for us to navigate through the next couple of years, Marion said, given the current financial times as well as the countys capital project expenses, such as the prison expansion, driving costs. (Carlisle Sentinel, PA)
Juneau city manager to step down in April Nov 10, 2008
There is also some money left in the city's emergency reserve fund, although he said the energy crisis caused by the avalanche last April required the use of about three-quarters of the $4 million put aside, which he said will need to be replaced. The city also has been able to keep property taxes low during his tenure. (Juneau Empire)
India, Oman ink investment agreement Nov 10, 2008
The MoU for the Fund was signed by State Bank of India and State General Reserve Fund, Sultanate of Oman. The fund will take up the mutually agreed various projects viz. (Newstrack India)
India, Oman to turn ties into mighty strategic partnership: PM Nov 9, 2008
India's State Bank of India (SBI) and the State General Reserve Fund (SGRF) of the Sultanate of Oman signed the first MoU to set up the India-Oman Joint Investment Fund. The new fund will bet set up with an initial seed capital of $100 million, which will be expandable to $1. (Economic Times)
Rigrodsky & Long, P.A. Files Class Action Suit Involving Certain Money Market Mutual Funds Offered by The Reserve Fund -- RFIXX Nov 8, 2008
Rigrodsky & Long, P.A. Files Class Action Suit Involving Certain Money Market Mutual Funds Offered by The Reserve Fund -- RFIXX: Financial News - Yahoo ... Rigrodsky & Long, P.A. Files Class Action Suit Involving Certain Money Market Mutual Funds Offered by The Reserve Fund -- RFIXXFriday November 7, 6:14 pm ET ... Nov. 7, 2008 (GLOBE NEWSWIRE) -- The law firm of Rigrodsky & Long, P.A. has filed a class action in the United States District Court for the Southern District of New York on behalf of... (Primezone Releases)
EuroBancshares, Inc. Reports Financial Results for the Third Quarter Ended September 30, 2008 Nov 7, 2008
Authorized 150,000,000 shares; issued: 20,439,398 shares in 2008 and 20,032,398 shares in 2007; outstanding: 19,499,515 shares in 2008 and 19,093,315 shares in 2007 204,394 200,324 Capital paid in excess of par value 110,072,429 107,936,531 Retained earnings: Reserve fund 8,029,106 8,029,106 Undivided profits 57,675,752 61,789,048 Treasury stock, 939,883 shares at cost in 2008 and 2007 (9,916,962) (9,910,458) Accumulated other comprehensive (loss) income (20,699,072) 1,110,173 Total... (PR Newswire)
Dallas schools budget deficits decrease Nov 7, 2008
The district used money in its reserve fund to make up for last year's deficit. The deficits have been blamed on failures by the district's finance and accounting offices. (KSLA.com, LA)
Ohio State to plan for big downturn Nov 7, 2008
Shkurti says in the last two fiscal years the school has found ways to save nearly $163 million and it has a nearly $41 million reserve fund it can dip into for a financial emergency. Information from: The Columbus Dispatch. (FOX19.com, OH)
Commissioners-elect look to change courthouse plan Nov 7, 2008
The building corporation also considered an amendment to create a reserve fund that equals the maximum lease rate, in case the EDIT money coming in is not enough to cover the payment. The reserve fund would only involve money from regular EDIT. ... "Cox said if we all live in fear of the future, we'd never get anything done.Prescott said his main concern is that the county would put its economic development capital at risk.Financial advisor Jason Semler for H.J. Umbaugh and Associates said the... (Winchester News-Gazette, IN)
County to trim budget Nov 6, 2008
At the start of 2008, the reserve fund had $95 million - nearly 20 percent of the budget in January. Hoeffel said it isn't necessary to keep that much in reserve. (Conshohocken Recorder, PA)
Budget is negative Nov 6, 2008
To keep pace in 2009, township supervisors may have to tap the townships $282,000 reserve fund. The townships real estate tax levy of nine-tenths of a mill will remain in place in 2009. (Carlisle Sentinel, PA)
Budget cuts hurt domestic abuse agencies Nov 6, 2008
With federal budget cuts also trickling down to affect Iowa domestic-abuse programs, the state legislature gave a one-time, $800,000 boost from a reserve fund to make up for that amount lost this year. Though that money is now gone, legislators are expecting to allocate $1 million in the next fiscal year, Doser said. (Daily Iowan, IA)
Coxsackie mayor releases energy plan Nov 6, 2008
Bull says that now that the Village is on more stable financial footing, it s time to create a capital reserve fund so that the Village is prepared to implement energy savings programs, such as solar panels and LED street lights. He submitted the draft plan to the board at last month s meeting, and he hopes to get feedback to begin implementing the plan before the end of the year. (Catskill Daily Mail, NY)
Telford eyes 2 percent tax hike Nov 5, 2008
The other $10,000 comes from the borough's Capital Reserve Fund. Another $16,000 will be taken from the Capital Reserve Fund for the new police car and $40,000 from the same fund is planned to go to the new dump truck ... Money is put into the Capital Reserve Fund to pay for capital improvements. (Springfield Sun, PA)
Perkasie may lighten load on electric hike Nov 5, 2008
Pulling $1 million from the borough reserves would leave approximately $300,000 in that reserve fund, Olpere said, so paying it back would be more crucial. The vote to use $1 million of the reserves was denied in a 5-2 vote. (Springfield Sun, PA)
Holliston selectmen will try to slow cars on Union Street Nov 5, 2008
- Approved a reserve fund transfer of $12,225 to pay legal costs in lawsuit over the Cedar Ridge Estates project on the old Bird property. - Recognized Camden Armando Harrison of Boy Scout Troop 76, who has achieved the rank of Eagle Scout. (Holliston Tab, MA)
Chile's Bachelet Announces $1.15 Billion in Economic Stimulus Spending Nov 5, 2008
Central bank president , like Velasco a , bought dollars earlier this year after the peso rose to its highest in a decade to help build the bank's $25 billion reserve fund. Argentine Gap. (Bloomberg -- Latin America)
