Borrow money – R43DSFRS http://r43dsfrs.com/ Tue, 03 Aug 2021 07:52:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://r43dsfrs.com/wp-content/uploads/2021/07/icon-1.png Borrow money – R43DSFRS http://r43dsfrs.com/ 32 32 Debt-hampered Sri Lanka at risk of running out of options https://r43dsfrs.com/debt-hampered-sri-lanka-at-risk-of-running-out-of-options/ https://r43dsfrs.com/debt-hampered-sri-lanka-at-risk-of-running-out-of-options/#respond Tue, 03 Aug 2021 06:20:00 +0000 https://r43dsfrs.com/debt-hampered-sri-lanka-at-risk-of-running-out-of-options/ A thousand Sri Lankan Rupee note is seen in this photo taken on September 26, 2018. REUTERS / Dinuka Liyanawatte / Illustration LONDON, Aug. 3 (Reuters) – Sri Lanka paid off a $ 1 billion bond last week, but alarming state of its finances suggest it may have been just one more step towards its […]]]>

A thousand Sri Lankan Rupee note is seen in this photo taken on September 26, 2018. REUTERS / Dinuka Liyanawatte / Illustration

LONDON, Aug. 3 (Reuters) – Sri Lanka paid off a $ 1 billion bond last week, but alarming state of its finances suggest it may have been just one more step towards its first sovereign default.

All the telltale signs of the crisis are there: bonds at almost half of their face value, a debt-to-GDP ratio of over 100%, more than 80% of government revenue being spent on interest payments alone and barely enough reserves to cover a few months of expenses.

The chances of the island nation remaining on its own seem slim, especially with COVID-19 keeping the tourism industry on its knees and limiting the remittances expatriates return from abroad.

Reflecting the gravity of its plight, Colombo dollar-denominated government bonds are among the most distressed in the emerging market universe.

Yet last week’s bond payment underscored the government’s strong will to honor its debt and avoid the ignominy of a first sovereign default.

He’s also given him some breathing space – the next major payment won’t come until January, when he’s due to find $ 500 million.

But that’s followed by a billion dollars heavier in July and another billion before the end of 2023. Along with a staggering budget deficit estimated at around 11%, it could easily run out of rope.

“We always thought this was potentially heading for default,” said Sailesh Lad, of Axa Investment Managers. “And in the next 12, 18, 24 months, if nothing changes, we think it probably will.”

Most investors see an IMF program as the only way out of trouble, but the likelihood that it will require painful spending cuts means the government remains reluctant for now.

Instead, he seems to favor a confused approach. It relies on currency swaps with China and India – both of which are vying for influence in Sri Lanka – as well as an upcoming injection of $ 800 million in COVID crisis money from the IMF. Read more

In comments reported by local media last week, Minister of State for Money and Capital Markets Ajith Nivard Cabraal said Sri Lanka would proceed with the repayments through careful management of its existing reserves, as well. only expected entries.

Cabraal also said the decline in reserves, which halved them to less than $ 4 billion in the past 12 months, was temporary. It expects $ 2.65 billion in inflows over the next three months, in addition to a $ 1.5 billion currency swap with China, as well as refinancing of maturing loans in the rest of 2021.

Analysts are not convinced, however.

“We consider the expected increase in reserves to be overly optimistic,” said Esther Yong, head of fixed income research for Asia at Julius Baer. “The measures currently being taken are short-term in nature and are not a panacea for its low debt sustainability and external position.”

There is also uncertainty as to the terms that could be attached to any swap agreement and whether the flows will materialize.

With its strategic geographic location and one of the deepest ports in the world, Sri Lanka is an integral part of China’s Belt and Road plan, and Colombo hopes this will convince Beijing to provide more support.

“China can lend enough money for them to fend for themselves, but… are they willing to throw good money after bad?” Said Carlos de Sousa, emerging market debt portfolio manager at Vontobel Asset Management.

“My basic scenario is no, mainly because India does not seem willing to play ball.”

A worrying sign for Sri Lanka is that the muddled approach is rarely a lasting solution in struggling emerging markets.

Goldman Sachs analysts point out that since 2010, only three of the 13 countries where bond “spreads” have reached troubled levels for several months have managed to avoid a default.

And even if Sri Lanka changes course and opts for IMF aid, the dire state of its finances means that restructuring would almost certainly be necessary.

“Mathematically, it is very difficult for her to continue in the same direction,” said Mikhail Volodchenko, a Lad’s colleague at Axa. “For now, he’s filling the hole and surviving.”

Reporting by Tom Arnold and Marc Jones; Editing by Steve Orlofsky

Our Standards: Thomson Reuters Trust Principles.

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Yellen steps up pressure on Congress to tackle debt ceiling https://r43dsfrs.com/yellen-steps-up-pressure-on-congress-to-tackle-debt-ceiling/ https://r43dsfrs.com/yellen-steps-up-pressure-on-congress-to-tackle-debt-ceiling/#respond Fri, 23 Jul 2021 18:16:00 +0000 https://r43dsfrs.com/yellen-steps-up-pressure-on-congress-to-tackle-debt-ceiling/ Treasury Secretary Janet Yellen stepped up pressure on Congress to tackle the debt ceiling on Friday, saying the pandemic has muddied the accounting tricks the government has used in the past to avoid default. payment of its debt. A 2019 agreement to suspend the debt limit expires on August 1, and Yellen has told bipartisan […]]]>

Treasury Secretary Janet Yellen stepped up pressure on Congress to tackle the debt ceiling on Friday, saying the pandemic has muddied the accounting tricks the government has used in the past to avoid default. payment of its debt.

A 2019 agreement to suspend the debt limit expires on August 1, and Yellen has told bipartisan House and Senate leaders that she will need to take “extraordinary measures” to avoid default.

“The Treasury is unable to provide a precise estimate of the duration of the extraordinary measures,” Yellen said in his letter.

She said the problems could start as soon as lawmakers return from their summer vacation in mid-September.

“For example, on October 1 alone, liquidity and extraordinary measures are expected to decline by around $ 150 billion due to large mandatory payments, including an investment in retirement and health care linked to the Department of Defense “she said.

White House spokeswoman Jen Psaki said on Friday that President Joe Biden expects Congress to act in a bipartisan fashion to raise the debt ceiling.

It is a pointy beard aimed at Senate Minority Leader Mitch McConnell, R-Ky., Who has said he believes all Republicans will vote against renewing Washington’s ability to borrow money. silver.

Senate Majority Leader Charles Schumer called McConnell’s statement “shameless and cynical.”

The Congressional Budget Office estimated earlier this week that the government could run out of cash to pay its bills as early as October.

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10 Ways Parents Can Borrow Smarter For College https://r43dsfrs.com/10-ways-parents-can-borrow-smarter-for-college/ https://r43dsfrs.com/10-ways-parents-can-borrow-smarter-for-college/#respond Wed, 21 Jul 2021 09:00:01 +0000 https://r43dsfrs.com/10-ways-parents-can-borrow-smarter-for-college/ John Kuczala / Getty About a quarter of all the money the federal government loaned last year to help families pay for their college education went to parents, who have sharply increased their borrowing in recent years to cover high tuition fees. Over the past decade, even as undergraduate student loans declined, parental borrowing under […]]]>
John Kuczala / Getty

About a quarter of all the money the federal government loaned last year to help families pay for their college education went to parents, who have sharply increased their borrowing in recent years to cover high tuition fees.

Over the past decade, even as undergraduate student loans declined, parental borrowing under the federal PLUS loan program increased 16%, according to the College Board. According to the Education Department, this pushed total parents’ debt on PLUS loans to over $ 103 billion, an average of $ 28,700 per borrower, with billions more owed on private college loans. , held only in the name of the parents or co-signed with the children.

While borrowing for college can be a lifeline in helping your child get a degree, incurring such debt can also force you to pay high monthly payments that strain your wallet and threaten your future financial security. retirement.

A new News week Analysis of recently released parent loan data from the federal government shows how quickly many families run into serious trouble: about one in 10 parents default or are seriously in arrears within two years of leaving home. her child’s university. And in more than 150 schools of the nearly 1,000 colleges and universities listed in the database, rates of parental default and delinquency have reached 20% or more.

So, before you borrow to help pay for your child’s tuition, here’s what you need to know to manage loans wisely and avoid your own student debt crisis.

Before applying

Know your true cost. Some schools include Parent PLUS loans in the financial aid program presented to accepted students, which creates confusion about the true cost of school attendance. “Many families, especially those with children who are first generation American students, don’t realize this is a loan because of the way it appears on the help letter,” said Betsy Mayotte, president of the Institute of Student Loan Advisors. If the aid record is difficult to decipher, contact the financial aid office for help and a breakdown without the PLUS loan.

PLUS: college acceptance letter
Think twice before agreeing to take out a Parent PLUS loan to pay for your child’s dream college. About a tenth of parents have defaulted or been seriously in arrears within two years of leaving school.
fizkes / Getty Images

Maximize student loans first. Federal student loans for undergraduates carry interest rates of 3.73% for the 2021-2022 school year, almost half the rate of 6.28% for parents under the program. PLUS loans. Student loans also come with a greater variety of repayment plans and may offer partially subsidized interest. So before you even consider a PLUS loan, have your child borrow in their own name first: up to $ 5,500 for freshmen, $ 6,500 for sophomores, 7 $ 500 for juniors and seniors. If you have the financial means, you can always help them with the payments later.

Calculate the blow to your lifestyle. Since you’ll likely be taking out more than one PLUS loan to cover your child’s education, it’s important to think long term. If you borrow $ 15,000 this year, you will owe $ 170 per month for the next 10 years. Factor in a similar loan for another three years and you will be $ 60,000 in debt and owe $ 679 per month. This breakdown shows the impact of the loan on your future ability to meet daily expenses, save for retirement, or pay off other debts, like your mortgage.

Find other ways to pay. Check the online databases at FastWeb.com and CollegeBoard for scholarship opportunities. Some schools, such as Clarkson and Purdue, offer revenue sharing agreements, in which they provide a set amount for tuition in exchange for a percentage of the student’s post-graduation income for a specified period. Tuition payment plans, which spread the cost of college education over a 10-month period, rather than a lump sum, can also make payments more affordable.

Consider other loans. Banks offer home equity lines of credit with rates as low as 2.5 percent (the average is 4 percent), with no set-up costs and no closing costs. This makes it a compelling alternative to a PLUS loan if you own a home with healthy equity and a credit score of at least 620 (although a rating of 740 and above will get the best rates). Private parent loans charge interest rates as low as 3% and have no origination fees, but you will miss out on the protections offered by federal loans, such as disability or death forgiveness. ‘student.

MORE: moving into a college dorm
With PLUS loans, parents can borrow up to the full tuition fee each year minus any financial aid the student receives.
XiXinXing / Getty Images

After your approval

Borrow as little as possible. PLUS loans allow you to borrow the full cost of tuition, regardless of your ability to pay the payments. Just because they let you borrow as much doesn’t mean you should accept them. A good rule of thumb, according to financial aid expert Mark Kantrowitz: limit your total student debt for all children to a maximum of your annual family income, and less if you are under 10 years of age. retirement.

Start paying off immediately. Unlike student loans, payments on parent loans begin as soon as the money is distributed. You can defer for up to six months after your child’s graduation, but interest will continue to accrue; if you borrow, say, $ 15,000, with an interest rate of 6.28% and a 10-year repayment plan, that loan will climb to $ 19,240 by the time the repayments begin. “If you can’t afford the payment right now and plan to defer, it’s a sign that you shouldn’t borrow that amount,” Mayotte explains.

Let your employer help you. According to the Society for Human Resource Management, around 8% of employers offer student loan repayment assistance to workers, including Aetna, Google, and Hulu. While these programs often target younger employees, most of them also apply to older workers on Parent PLUS loans, says Kantrowitz. More companies are also expected to add this benefit, thanks to pandemic legislation that made $ 5,250 of this aid a tax-free benefit for employees until the end of 2025.

MORE: university dormitory
Last year, one in four dollars in federal undergraduate loans went to people paying for a child’s or grandchild’s education through the federal Parent Plus loan program, with one loan average of $ 16,305.
SeanZeroThree / Getty Images

Let Uncle Sam help you. PLUS loan borrowers can deduct up to $ 2,500 in student loan interest per year from their taxable income, without itemizing. The benefit is gradually reduced if your income is between $ 140,000 and $ 170,000 for married couples, or $ 70,000 and $ 85,000 for single filers or heads of households. Earn above these amounts and you cannot claim the deduction at all. But for those who can, the break is worth up to $ 600.

Take a break. In financial difficulty? Don’t just stop making payments, which can cause the government to foreclose on your wages, Social Security benefits, or tax refunds. If the problem is temporary, you can ask for forbearance or suspension of payments, up to 12 months. Alternatively, you can reduce monthly payments by switching to a 25-year repayment plan, instead of the standard 10-year, or an income-based plan that will limit payments to 20% of your discretionary income (after 25 years, any remaining balance is canceled). The downside to all of these options is that you’ll pay more interest and take longer to get out of debt – you could pay for a good chunk of your retirement, or even the rest of your life.

FE_Parent Debt_COVER
Illustration by Alex Fine for Newsweek
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Building collapse: Khattar announces ₹ 2 lakh for relatives of deceased, ₹ 1 lakh for survivor https://r43dsfrs.com/building-collapse-khattar-announces-%e2%82%b9-2-lakh-for-relatives-of-deceased-%e2%82%b9-1-lakh-for-survivor/ https://r43dsfrs.com/building-collapse-khattar-announces-%e2%82%b9-2-lakh-for-relatives-of-deceased-%e2%82%b9-1-lakh-for-survivor/#respond Tue, 20 Jul 2021 17:20:36 +0000 https://r43dsfrs.com/building-collapse-khattar-announces-%e2%82%b9-2-lakh-for-relatives-of-deceased-%e2%82%b9-1-lakh-for-survivor/ Chief Minister Manohar Lal Khattar on Tuesday announced compensation for ₹2 lakh from the CM Relief Fund to the families of three men who died in the Khawaspur building collapse in Farrukhnagar on July 18. The district administration also formed a three-member committee to investigate the collapse. The committee, made up of the subdivision officer […]]]>

Chief Minister Manohar Lal Khattar on Tuesday announced compensation for 2 lakh from the CM Relief Fund to the families of three men who died in the Khawaspur building collapse in Farrukhnagar on July 18.

The district administration also formed a three-member committee to investigate the collapse. The committee, made up of the subdivision officer from Pataudi, the junior engineer from the Public Works Department (B&R) from Farrukhnagar and the subdivision officer from Panchayati Raj, collected samples from the site on Tuesday and reviewed them. sent for further examination to the PWD lab.

Pataudi Divisional Magistrate (SMD) Pradeep Kumar said the deputy commissioner had ordered a judicial inquiry. “The team started their work and collected samples at the site,” he said.

The three people who died have been identified as Robin (34), Pradeep Sharma (39) and Tiny Bhardwaj (24), while a fourth resident, Pradeep Choudhary (36), was rescued on Sunday evening.

According to a statement released by the district spokesperson, 2 lakh will be given to the families of the three who died and 1 lakh to the survivor, who is currently undergoing treatment at Sector 10 civilian hospital. His right leg fractured when trapped in the rubble after the collapse on Sunday.

The bodies of the deceased were handed over to families on Monday and Tuesday.

Devinder Sharma, a resident of Bhiwani, brother of one of the deceased, said: “He was the sole breadwinner and his two children are minors. This compensation may provide temporary relief, but they have a long way to go.

Vinod Kumar, a relative of Bhardwaj, said: “We had to borrow money from our relatives to cover the cost of transporting the body to the village. It was a huge shock to all of us and we are unable to accept it. He had called in the morning after his shift and was planning to go home next month. ”

At the same time, police arrested a company manager on Tuesday, after a complaint was filed against the building owner and the warehouse manager on Monday for “negligence resulting in death.”

A worker, in his police complaint, alleged that he had repeatedly complained to the owner about the poor condition of the building and requested that it be moved to another building.

“The police and the administration have opened an investigation into this matter,” said MP (Pataudi) Satya Prakash Jarawta.

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Paytm from India is a smaller, more robust version of Ant https://r43dsfrs.com/paytm-from-india-is-a-smaller-more-robust-version-of-ant/ https://r43dsfrs.com/paytm-from-india-is-a-smaller-more-robust-version-of-ant/#respond Tue, 20 Jul 2021 03:52:00 +0000 https://r43dsfrs.com/paytm-from-india-is-a-smaller-more-robust-version-of-ant/ A worker adjusts a hoarding of Paytm, a digital payment company, in Ahmedabad, India on January 31, 2019. Photo taken on January 31, 2019. REUTERS / Amit Dave – RC1C2463DEA0 MUMBAI, July 20 (Reuters Breakingviews) – India’s payments poster is a smaller, more robust version of its main funder, Ant. Paytm filed Friday to raise […]]]>

A worker adjusts a hoarding of Paytm, a digital payment company, in Ahmedabad, India on January 31, 2019. Photo taken on January 31, 2019. REUTERS / Amit Dave – RC1C2463DEA0

MUMBAI, July 20 (Reuters Breakingviews) – India’s payments poster is a smaller, more robust version of its main funder, Ant. Paytm filed Friday to raise some $ 2.2 billion in what is expected to be the country’s largest initial public offering in rupees. The company founded by Vijay Shekhar Sharma is well positioned to grow rapidly in financial services without encountering the kind of brutal regulatory shock that has derailed the Chinese fintech giant’s own IPO plans.

The prospectus confirms the scope of Paytm. It rose to prominence with a banknote ban in 2016 and now serves 333 million consumers and 21 million merchants. Paytm allows users to send money to friends, pay bills, buy groceries, reserve tickets, and open a bank account. They can also use wealth management products and, through the company’s financial partners, borrow money. Paytm derives most of its revenue from billing merchant fees and commissions.

Its net loss declined 42% in the year through March, although operating income contracted by more than 10% as a pandemic-induced slowdown weighed on its business operations. Paytm has increased the gross value of merchant payments by a compound annual growth rate of 33% over the past two fiscal years, despite reducing marketing and promotion spend by a much higher percentage. Scale has helped reduce its payment processing bill, and more and more customers are using at least two of its services.

This is a glimpse of a powerful network effect. Research firm Bernstein calculates that Paytm has higher earnings for each of its monthly active users than its competitors; rivals include Google’s G-Pay and Walmart’s PhonePe (WMT.N), which have captured payments market share by leveraging the free digital infrastructure backed by the Indian government. Paytm offers a greater range of products such as e-wallets, which are easier to monetize, and uses payments as a hook to sell higher paying services.

Still, to justify its $ 25 billion market value, Paytm would have to trade more than twice the combined sales multiple of Visa (VN) and Mastercard (MA.N). It looks rich, especially as it faces stiff competition. Next year, he will be able to apply for a banking license allowing him to offer low-cost loans on his own balance sheet. Ant got into trouble because regulators woke up late to the risks associated with his credit business. Paytm, at least, is used to jumping through official hoops.

To pursue @ugalani on Twitter

NEWS CONTEXT

– The Indian Paytm filed on July 16 an initial public offering which will aim to raise 166 billion rupees (2.2 billion dollars).

– Half of the shares for sale will be new shares. The company intends to use this product to grow its customer base, finance acquisitions and for general corporate purposes. Subsidiaries of Ant, Alibaba and founder Vijay Shekhar Sharma are among those selling an undisclosed portion of their existing shares.

– Paytm offers payment services, financial services, and commerce and cloud services. Some 333 million consumers are customers, as are over 21 million merchants.

– Morgan Stanley, Goldman Sachs and Axis Capital are global co-coordinators.

Editing by Antony Currie and Katrina Hamlin

Reuters Breakingviews is the world’s leading source for financial calendar information. As the Reuters brand for financial commentary, we dissect big business and economic stories from around the world every day. A global team of around 30 correspondents in New York, London, Hong Kong and other major cities provide real-time expert analysis.

Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and to www.breakingviews.com. All opinions expressed are those of the authors.

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Borrowing Money on Your 401 (k) – The Willits News https://r43dsfrs.com/borrowing-money-on-your-401-k-the-willits-news/ https://r43dsfrs.com/borrowing-money-on-your-401-k-the-willits-news/#respond Mon, 19 Jul 2021 20:57:18 +0000 https://r43dsfrs.com/borrowing-money-on-your-401-k-the-willits-news/ Good idea? … not really For years you put money from your paycheck into the 401 (k) retirement savings account provided by your employer. Your employer may even have matched 50 percent of your contribution. Now you want to withdraw some of that money in the form of a loan to help pay your bills […]]]>

Good idea? … not really

For years you put money from your paycheck into the 401 (k) retirement savings account provided by your employer. Your employer may even have matched 50 percent of your contribution. Now you want to withdraw some of that money in the form of a loan to help pay your bills or to buy a car. Before taking action, here are some things to consider.

Loan against withdrawal

If you withdraw funds from a 401 (k) before the age of 59 and a half, you might have a surprise at tax time. Withdrawals are subject to income tax and are often subject to a 10% early withdrawal penalty. A better option is to consider loaning you money. 401 (k) loans are available up to 50% of your account balance.

Benefits

There are many advantages to borrowing money from your own retirement account.

No immediate tax. You do not pay income tax on funds loaned to you. If you withdraw the funds, you must pay regular income taxes and a potential penalty on the withdrawal.

You repay the loan. This restores your original retirement account contributions for use during retirement.

Your interest payment is yours. Your 401 (k) loan payment includes interest. This interest gives you a return on your initial contributions. It is better to pay yourself interest than to pay that interest to a bank.

The disadvantages

Refund or else. If you leave your current employer, you will need to repay all unpaid 401 (k) loans immediately. If you don’t, your loan balance turns into a withdrawal subject to income tax and a possible early withdrawal penalty.

Lost opportunity. Your 401 (k) loan amount is no longer invested. Although your interest payments offer a low return, they are generally much lower than those offered by retirement account investment options.

Less take-home pay. If you want to continue contributing to your retirement savings at the same level as before you took out the loan, your take-home pay will now be lower as you contribute AND pay off your 401 (k) loan.

When making the difficult decision to borrow your retirement savings, remember to consider all of your alternatives first. Most importantly, understand that if you quit your job, you have to pay off the loan or face a potential tax impact!

James Angell is a Chartered Accountant based in Willits. His office is located at 461 S. Main St. and can be reached at 459-4205.

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Lai Mohammed denies asking Obi Cubana to lend Nigeria money https://r43dsfrs.com/lai-mohammed-denies-asking-obi-cubana-to-lend-nigeria-money/ https://r43dsfrs.com/lai-mohammed-denies-asking-obi-cubana-to-lend-nigeria-money/#respond Sun, 18 Jul 2021 18:23:12 +0000 https://r43dsfrs.com/lai-mohammed-denies-asking-obi-cubana-to-lend-nigeria-money/ Information and Culture Minister Lai Mohammed denied asking Cubana group chairman Obi Iyiegbu aka Obi Cubana to lend Nigeria money. On Sunday, the Ministry of Information and Culture put a “Fake News” stamp on its verified Facebook page on an article claiming the minister made the statement. The news that was published by an online […]]]>

Information and Culture Minister Lai Mohammed denied asking Cubana group chairman Obi Iyiegbu aka Obi Cubana to lend Nigeria money.

On Sunday, the Ministry of Information and Culture put a “Fake News” stamp on its verified Facebook page on an article claiming the minister made the statement.

The news that was published by an online outlet read in part, “Obi Cubana has this kind of money and Nigeria is borrowing money from China. Cubana should borrow money from us, Nigeria collapses -Lai Mohammed ”.

Obi Cubana has been on social media for four days for hosting a lavish funeral for his mother in Oba, a town in the Idemili South local government area in Anambra state.

Several videos from the event show people indiscriminately spraying money as a concert took place after the funeral and was attended by musicians Davido, D’Banj and Phyno, among others.

The “naira rain” at the event led several memes to ask Nigeria to borrow money from Obi Cubana instead of China.

The country’s debt has risen from N20.8 billion to N32.92 billion since the president, Major General Muhammadu Buhari (retired), took over.

The Senate approved last Thursday Buhari’s request for outstanding external loans to the tune of 8.3 billion dollars and 490 million euros as part of the 2018-2020 external borrowing plan.

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A look into Denver’s $400 million bond proposal | Government https://r43dsfrs.com/a-look-into-denvers-400-million-bond-proposal-government/ https://r43dsfrs.com/a-look-into-denvers-400-million-bond-proposal-government/#respond Sun, 18 Jul 2021 01:57:11 +0000 https://r43dsfrs.com/?p=436 Denver voters may soon choose whether to let the city take out a $400 million bond to fund numerous infrastructure projects as part of a long-term COVID-19 recovery plan. The city announced the proposed general obligation (GO) bond in April and the Denver City Council is set to begin voting on the proposal later this […]]]>

Denver voters may soon choose whether to let the city take out a $400 million bond to fund numerous infrastructure projects as part of a long-term COVID-19 recovery plan.

The city announced the proposed general obligation (GO) bond in April and the Denver City Council is set to begin voting on the proposal later this month. If approved by council and the mayor, voters will see the bond on the ballot in November.

The proposed bond is one of Denver’s many COVID-19 relief efforts. The Department of Finance says there is still $375 million left from the city’s last general obligation bond — Elevate Denver — which passed in 2017.

During the pandemic, the city accelerated the distribution of Elevate Denver to issue $170 million to various projects — $100 million more than originally planned for that period.

The city is also set to receive $308 million in federal relief funds from the American Rescue Plan in 2020 and 2021, and continues to spend the last of the $127 million Denver received last year from the CARES Act. This will be spent before the end of this year, according to the Department of Finance.

Because of this drastic influx in relief funding, the proposal of another general obligation bond has raised questions among the general public and city officials alike about the need for funding and what it all means.

What are GO bonds?

GO bonds are a type of municipal bond that cities use to pay for projects. The bonds are backed entirely by a city’s creditworthiness and are paid back over decades using property taxes.

“It is essentially a loan that the city takes out that is backed by property taxes,” said Chief Financial Officer Brendan Hanlon. “We will ask voters for permission to incur debts, we will go to a bank and lend money, and then those funds will be paid back by way of property taxes.”

Denver has passed major, citywide GO bond programs every nine to 10 years to support rehabilitation projects or restore, replace and expand capital assets.


GO bonds require voter approval. Denver voters have OK’d all but one of 11 bond packages sent to them since 1982 — and the only one they rejected ($325 million to fund a new justice center in 2001) was passed under a new package four years later.

“The people of Denver are really invested in investing in their community,” Hanlon said. “They want a quality of life that they’re proud of … and the fact that we have to have the public vote on them means that we have to do all the leg work up front. That due diligence, that level of engagement means that we have far more support for the packages that we put on the ballot.”

In recent decades, Denver’s GO bonds have ranged from $25 million for the Auditorium Theater in 2002 to $937.4 million for the Elevate Denver project in 2017, according to data from the Department of Finance.

The city passed GO bonds in 1989, 1990, 1998, 1999, 2002, 2003, 2005, 2007 and 2017, totaling just under $2.6 billion. The three most recent bonds made up more than 70% of that total and are the three largest in Denver’s history at $378 million, $549.7 million and $937.4 million respectively.

Hanlon attributed the increasing size of GO bonds to rising costs due to inflation and the “challenges of a growing city,” however, other city officials have criticized the city’s willingness to borrow this extreme amount of money.

“There seems to be a common perception that we must borrow money we hope we can pay back later to jumpstart the economy,’” Councilwoman Candi CdeBaca said after Mayor Michael Hancock announced the proposed 2021 GO bond. “A $400 million loan that you will be responsible for paying back long after he is no longer our mayor.”

“We just raised property taxes on all of you to generate revenues/dollars we lost during the shutdown of 2020. … It’s just more of the same. It will likely be a hodgepodge of favors and window dressing that will fail to address anything comprehensively in a visionary way.”

In addition to concerns about paying back the bond, others have questioned whether the city needs this funding at all. 

The 2021 GO bond package

The proposed GO bond, called the 2021 RISE Denver GO Bond package, would ask for approximately $400 million to bolster the city’s investment in infrastructure for the next 10 years.



Slight improvements in Denver office market

The bond would be a longer-term addition to the immediate financial relief funding provided by the federal government, Elevate Denver and other sources, said Julie Smith with the Department of Finance.

The bond is intended to focus on infrastructure because the industry has historically supported Denver’s recovery from previous economic recessions by providing jobs and supporting multiple economic sectors, Smith said. City data estimates that every $10 million spent on infrastructure results in 130 jobs, $8.5 million in labor income and $20 million in economic output.

The infrastructure projects that would be funded by the bond come from a $4-billion list of capital improvement projects. City officials are still working on narrowing the list to fit with the $400 million budget of the bond.

Though there is not yet a set project list, Hanlon said the $400 million limit was chosen to stay within the current property tax levels to avoid a tax increase. Since GO bonds are paid off by property taxes, they can result in raised property taxes in the years or decades following their passage.

“We started with a number because we wanted to make sure we understood what the affordability level of the project was and that we could actually issue the $400 million within the current tax rate,” Hanlon said. “We could have gone higher but what we’re trying to do is make sure we leave capacity for the next City Council and mayoral administration.”

During council meetings and press conferences, several people have questioned the necessity of another GO bond after Denver’s passed the 10-year, $937 million Elevate Denver bond only four years ago.

Elevate Denver was the largest bond program in Denver’s history, approved by voters in 2017 to enhance Denver by improving the city’s infrastructure including roads, sidewalks, parks, recreation centers, libraries, cultural facilities, safety facilities and public-owned buildings.

To date, approximately $562 million of the bond has been issued and $375 million is still available to be spent through 2027, according to city documents.

Hanlon said though the $375 million hasn’t been dedicated yet, there are still several large construction and improvement projects under Elevate Denver that haven’t been funded yet, including the East Colfax Corridor Bus Rapid Transit, District 6 Denver Police Station, Washington Street reconstruction and 72nd and Tower Fire Station.



City Council to vote on spending 30% of federal relief funds on service restoration

Of the money already spent, 33.13% has gone towards transportation and mobility systems, 20.8% towards cultural facilities and 15.59% towards parks and recreation systems. The rest has gone towards the Denver Health and Hospital Authority, public safety facilities and the library system, according to city documents.

“Also, we have a spend down requirement that says when you draw down funds from a GO bond, you have to spend it within a three-year period of time to meet IRS tax guidelines,” Hanlon said. “So, we can’t just issue all $937 because we’d never be able to spend it within three years. That’s why you see that we still have $375 million.”

Regarding the $308 million Denver is receiving from the American Rescue Plan, Hanlon said those funds are going to be focused on service restorations and business and community recovery, while the proposed GO bond would specifically be for infrastructure.

In addition, the more relief funds that Denver has, the more federal money it can receive, Smith said. If Denver receives the American Jobs Plan from Congress to fund qualifying projects, the city must match 25% of the federal dollars to receive the funding, which they could take from the GO bond.

Smith said the COVID-19 pandemic’s impact on the Denver economy is the worst since the Great Depression.

The city government’s revenue has declined by nearly $220 million, which is equal to the full operating budgets of Parks and Recreation, Community Planning and Development, Denver Public Library, Trash Collection, Department of Public Health and Environment, Human Rights and Community Partnerships and the Office of Climate Action, Sustainability and Resiliency combined.

“Our investment in recovery must take into consideration how far we have to go to recover in all areas,” Smith said. “We are only beginning to see the first signs of recovery for our city.”

What would the GO bond be spent on?

Working from the $4-billion project list, a GO Bond Executive Committee has selected 134 projects totaling $1.7 billion as possible recipients of the proposed GO bond, said Capitol Budget Manager Emily Snyder.



Community feedback on COVID relief spending prioritizes housing, workforce, transportation

The committee — comprised of eight community volunteers, City Council President Stacie Gilmore and City Council Pro Tem Jamie Torres — evaluated the projects based on equity, city vision alignment, economic impact, safety, accessibility, resiliency, readiness, risk and financial planning, Snyder said.

The highest-evaluated top tier projects total $585,370,000 and include the following:

  • Improving or expanding the Youth Empowerment Center, Westwood Community Center, Central Library, Globeville Library, Westwood Library, Martinez Park, Sun Valley Riverfront Park and Westwood Recreation Center
  • Rehabilitating the Denver Museum of Nature and Science
  • Constructing the National Western Center Arena and Historic 1909 Building Public Market
  • Purchasing a homeless shelter on 48th Avenue and various hotels/motels for sheltering services
  • Citywide bike infrastructure, sidewalk construction and pedestrian programs
  • Improving Morrison Road, Santa Fe Drive and Santa Fe Street

The GO Bond Executive Committee is now working with leaders in the City Council to cut down and finalize the list of projects, Snyder said. The final list will be submitted to the council for review before it can go to the ballot.

On Thursday, the City Council budget committee met to discuss the current project list and several council members spoke out against the inclusion of the National Western Center Arena. According to city data, construction of the arena would cost $170 million — more than 40% of the $400 million GO bond.

The arena was originally intended to be funded by a tourism tax, which has taken a significant hit during the COVID-19 pandemic, officials said.

“This volume of dollars going in one direction is troubling,” Councilman Paul Kashmann said. “The projects suggested don’t seem to be hitting all districts of the city.”

Of the current 21 top tier projects, seven are in District 3, four are in District 9, one is in District 7, one is in District 8, one is in District 10 and seven are in multiple or unspecified districts. Even when accounting for the multi-district projects, no top tier projects are located in District 2, which is southwest Denver.

Councilman Kevin Flynn, who represents District 2, pointed out the inequality in project distribution and criticized the list in general.



Denver City Council members reveal list of priorities for federal COVID relief funds

“Deferred maintenance is a waste of 20-year borrowing,” Flynn said. “We ought to look at this as a way of helping establish new assets that continue to give back, in the way that Holly Gymnasium and Red Rocks Theater and other new deal investments are still being used 80 years later.”

CdeBaca called the project list “obviously rushed” and said the funding would be better off going towards things like housing.

During the Department of Finance’s public outreach process, they found that Denver residents prioritized the investment in housing, transportation and workforce when spending COVID-19 relief funds, the department announced last month.

Next steps

The GO Bond Executive Committee is scheduled to present its finalized project list to the City Council finance and governance committee on July 27. On Aug. 3, the council committee will be presented with the official language of the proposed GO bond package and its projects for a vote.

If the council committee passes the bond, it will be sent to Mayor Hancock for approval on Aug. 10 and then to the full City Council for two final votes on Aug. 16 and Aug. 23 before being added to the November ballot.

While the GO bond makes its way through the city process, Hanlon urges voters to consider supporting the measure on the ballot.

“This idea of investing in infrastructure to help our recovery is a proven tool,” Hanlon said. “When we came out of the Great Recession, we were the second-fastest big city to come out and I think it had a lot to do with how we leaned in to allocate those funds and support our construction industry.”

If the GO bond is approved by voters in November, the first debt issuance for the bond would be in the spring of 2022.

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What Happened in Vegas… Could Help You | News, Sports, Jobs https://r43dsfrs.com/what-happened-in-vegas-could-help-you-news-sports-jobs/ https://r43dsfrs.com/what-happened-in-vegas-could-help-you-news-sports-jobs/#respond Sat, 17 Jul 2021 04:14:35 +0000 https://r43dsfrs.com/what-happened-in-vegas-could-help-you-news-sports-jobs/ Last weekend Lynnda and I were in Las Vegas for Influence 2021, the annual conference of the National Speakers Association. This year it took place at Caesar’s Palace. The plane to Vegas was packed and late for the 4.5 hour flight. The temperature on landing was 116 degrees. The humidity was 10 percent. It’s still […]]]>

Last weekend Lynnda and I were in Las Vegas for Influence 2021, the annual conference of the National Speakers Association. This year it took place at Caesar’s Palace. The plane to Vegas was packed and late for the 4.5 hour flight. The temperature on landing was 116 degrees. The humidity was 10 percent. It’s still hot. Slot machines greeted us at the airport.

Caesar’s is a beautiful and huge complex with 4,000 rooms, upscale restaurants, lounges, shops, several casinos, ballrooms, meeting rooms and a colosseum where they host events ranging from shows to fighting games. price. Vegas has the same problems we have in finding workers. Express check-in was not. The person at express check-in sent us the wrong way round to our room. After walking around the crowded casino twice, a friend of ours from the NSA spotted us. With his help and no more trips, at 2 a.m. EST and 11 p.m. Las Vegas time, we were in our room. Our friend from the NSA had had similar experiences earlier today. His smile, positive attitude and helpfulness kept our attitude from deteriorating.

The next morning at 7am I decided to do a morning run in the 99 degree heat. People were still at the bar and the casino. I fell on the pool and got lost. I had to ask for directions to get out of the hotel. The race was a self-guided tour of Las Vegas Boulevard, including the Bellagio Fountain, which we saw in TV commercials and movies. I was surprised at the number of people sleeping on the sidewalk in the heat. Ordering a take out breakfast the oranges looked nice and juicy. I ordered one. The clerk laughed and said, “I can’t sell you these oranges. They are made of plastic. We were off to a good start.

This conference was like a family reunion and a united funeral. We saw friends and colleagues who we had not kissed or shaken hands with for two years. The participants were the survivors. The NSA has lost over 1,000 members. Most have gone bankrupt. It was like the first year engineering lectures on my first day at WVU. We were in a large conference room in the technical building. The teacher said, “Look to your left and look to your right. One of those people won’t be here next semester. The teacher was right. Fortunately, I survived. At the NSA, we have lost less than 10 people, most of them to cancer. Everyone has been affected by COVID in one way or another. In addition to renewing friendships, Lynnda and I learned from our colleagues outside of formal presentations. This is why face-to-face meetings are so powerful. Here are our top 10 takeaways from Las Vegas. We thought you might find them helpful.

* Las Vegas, like Tennessee, Florida and many other places, has resumed operations as usual. A few people still wore masks and the plexiglass is still in place. Caesar’s Entertainment director of marketing said the weekends are very busy. Their agreements are sold until the second quarter of 2023. One of the reasons, he said, that companies hold face-to-face meetings is to hire those who work from home.

* Major disruptions are normal and occur every few years such as September 11, the Great Recession and COVID. Prepare for them with multiple sources of income and savings. Those with diverse income streams and diverse customers were survivors. Just like your 401K, it’s not safe to have all of your eggs in one basket. Dig your well before you need water.

* In-person meetings are back. The zoom does not disappear. It will always be a valuable tool, but companies that only organize virtual meetings will be disappointed with attendees and sponsors. People are looking for opportunities to network again and connect with people in person. We made four virtual meeting presentations in June. For Shale Crescent USA in the future, the Global Plastics Summit is virtual, all other conferences are in person. Shale Crescent USA presents an in-person panel at Pittsburgh Chemical Day in October.

* Hybrid meetings will become more common if meeting planners treat and involve virtual participants the same as people in person. The NSA made the virtual participants feel part of the meeting. They talked to them, did the same phone surveys and other activities as the participants in person. There were virtual meeting rooms for them when we had a share with those around us.

* A speaker spoke about using our talents. Are you using yours? What makes you unique? A life of comparison is a life of despair. Is there a skill you need to add? Let go of guilt or thoughts of which you are not worthy. You don’t have to be like everyone else. Be yourself. Be authentic. Be relevant.

* Last week I wrote, it takes over seven sales contacts by phone, email, or social media in addition to in-person contacts. We’ve heard from the Journal of Experimental Psychology that face-to-face meetings are 34 times more compelling than digital or virtual. Six face-to-face requests equate to over 200 number keys.

* The pandemic has shown us, helping is the new sale. Do you help your customers or do you sell them?

* Accepting diversity of all kinds begins with diversity of thought.

* Decisions are emotional and then justified by logical reasons. People don’t know where to look or who to trust. Be trustworthy.

* Some of our very successful friends are still suffering from the pandemic. A friend lamented at lunch he had to borrow money from his family. It was difficult because he was always the one helping them. He’s never worried about diversified income streams until now. Since our 2019 conference, a very successful woman who looked like she had lost everything to her son to a drug overdose. We do not always know who is suffering. Sometimes people just need someone to listen to them. Be empathetic. Be a friend.

What happened in Vegas doesn’t have to stay in Vegas. Hope something here will help you.

***

Greg Kozera, gkozera@shalecrescentusa.com is the Director of Marketing and Sales for Shale Crescent USA. www.shalecrescentusa.com He is a professional engineer with a master’s degree in environmental engineering with over 40 years of experience in the energy industry. Greg is a leadership expert, football coach, professional speaker, author of four books and numerous published articles.

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Extra credit: how debt can mean a tax advantage for some and jail time for others https://r43dsfrs.com/extra-credit-how-debt-can-mean-a-tax-advantage-for-some-and-jail-time-for-others/ https://r43dsfrs.com/extra-credit-how-debt-can-mean-a-tax-advantage-for-some-and-jail-time-for-others/#respond Fri, 16 Jul 2021 04:03:00 +0000 https://r43dsfrs.com/extra-credit-how-debt-can-mean-a-tax-advantage-for-some-and-jail-time-for-others/ Hello and welcome to Extra Credit, a weekly overview of the news through the lens of debt! This week, we tackle the economic forces that pull borrowers into debt and how centuries-old debt imposed on Haiti still affects the country today. But first, how the rich are using borrowing to their advantage. Debt can mean […]]]>

Hello and welcome to Extra Credit, a weekly overview of the news through the lens of debt!

This week, we tackle the economic forces that pull borrowers into debt and how centuries-old debt imposed on Haiti still affects the country today. But first, how the rich are using borrowing to their advantage.

Debt can mean a tax advantage for some and jail for others

ProPublica billionaire tax returns investigation has more people paying attention to the strategies rich Americans use to avoid paying taxes. It turns out that one of those tactics involves the beneficial use of debt. There’s even a slogan for it – Buy, Borrow, Die – which has been the subject of a recent Wall Street Journal article.

In articles for ProPublica and The Wall Street Journal, I was struck by how the wealthy have chosen to use debt as a strategy, while many borrowers I meet in my stories rely on loans because they have to. I called Edward McCaffery, a professor at the Gould School of Law at the University of Southern California, who says he coined the phrase Buy, Borrow, Die decades ago, to find out more about this. subject.

McCaffery said he started thinking about the idea a few years after starting his career as a tax law teacher, when he noticed how certain tax law doctrines can benefit the wealthy. For example, the realization requirement, which means you don’t pay taxes on an asset until it produces cash.

This allows the wealthy to build up their wealth tax-free. For most of us, it would seem that the problem with this method is that “sooner or later you have to sell,” he said. But this is actually not the case. As long as someone is rich enough to live on a percentage of their assets, they never have to sell.

Instead, they can borrow against those assets at an interest rate well below the rate at which the assets will appreciate over time, McCaffery said, and use those funds as spending money. But unlike the wages and salaries that most people use to pay for their living expenses, the loan is not taxed, so they face a relatively low tax bill. Once deceased, assets pass to their descendants tax-free or with minimal tax treatment.


“You need debt, you get screwed, you don’t need debt, you can use it as a tool to screw up the government and everybody.” ”


– Edward McCaffery, professor at the Gould School of Law at the University of Southern California, who says he coined the phrase Buy, Borrow, Die

When McCaffery started talking about Buy, Borrow, Dying 25 years ago, he said many were skeptical. For one thing, there was no evidence that rich people engaged in this behavior. Plus, the approach goes so against the way the 99% think about borrowing that it was hard to believe.

“They were formed from birth, they were formed in the womb, never a borrower or a lender, the debt is bad, the debt will cripple you,” he said.

And indeed, middle class borrowers face higher interest rates than billionaires and they have bills coming up now; it means that they have to operate their assets or earn money by working, which is taxed. For the poor, debt can often take the form of loans that quickly deplete their need for funds. “You need debt, you get screwed, you don’t need debt, you can use it as a tool to fuck up the government and everybody,” McCaffery said.

For some, the consequences can be even more pernicious than high interest rates. Just ask Charles Anderson, who spent 28 days in jail over $ 2,500 in fines and unpaid court costs, AL.com reported this week. He was not released until his mother took $ 1,000 from his Social Security check and used it to cover his debt.

“In my opinion, it’s a debtors prison because I owe money and you’re going to lock me up for it,” he told AL.com. “How’s it going in the United States, where we’re supposed to have more freedoms than anywhere else in the world, and we jail people for no money?” “

Society’s focus on degrees fuels student debt

The Wall Street Journal published an excellent article last week, highlighting the debt incurred by students for graduate degrees offered by elite universities and the money those degrees make for schools.

While much of the focus has been on film, theater, and other arts programs – which typically don’t require a license – the story also reminded me of President Joe Biden’s recent executive order that would reduce professional license requirements. Stay with me here.

As much on Twitter highlighted, the prestigious schools that were the focus of the WSJ article use some of the same tactics and benefit from the same economic strengths as the for-profit colleges offering the certifications, education for licensure, and degrees which students need – or at least think they need – to find a job or increase their income.

One of the main drivers of this trend is accreditation, or the idea that jobs require higher levels of education than before, even if workers perform the same tasks as in the past. In some cases this may mean a bachelor’s degree that was not required to do a job, in others it means a graduate degree is a ticket to stand out as bachelor’s degrees are becoming more common. .

In recent years, this phenomenon has pushed students towards more schooling, research indicates. And the higher education industry is benefiting. Douglas Webber, associate professor of economics at Temple University, said it was not uncommon for schools to use buzzwords like “start your career” in marketing materials.

These messages “are trying to reach people who, they have a job, but it may not be the job they envisioned,” he said. “You certainly see that, and not just for-profit or generally predatory institutions, you see this type of marketing almost everywhere, even from the public. ”

Students see getting another degree as a way to improve their prospects in part because employers demand additional degrees at all levels of the job market, Webber said.

“There has just been this trend over time of companies and industries that have tried to shift the cost of training to higher education and it’s the professional license and it’s also higher education,” did he declare.

Biden announced last week that he would ban binding professional licenses, in order to improve worker capacity to change jobs, even when crossing state borders. This could make it easier for workers who do not have the funds to pay for their studies in these fields, said Kim Weeden, professor of sociology at Cornell University.

“If you need $ 400 to get a license and you have to enroll in very expensive continuing education courses every year, that’s a barrier to accessing skills training, updating skills or applying skills that you have already done, ”she said.

Some questions arise as to how the abolition of professional licenses, or at least their abolition, might have an impact on inequalities. Licensed occupations generally have a wage advantage, even at the lowest paid level of the labor market. Other research indicates that women and racial minorities who have work permits experience smaller pay gaps than those who do not.

The debt imposed on Haiti centuries ago

Debt is not only a force in the lives of individuals, it can also destabilize an entire country. The recent unrest in Haiti following the assassination of the country’s President, Jovenel Moïse, highlights the role that financial exploitation by the international community has played in Haiti’s political and economic challenges.

Haiti declared independence from France in 1804, after a slave-led rebellion wrested power from the colonial occupiers. But in 1825, France, supported by the threat of war, ordered Haiti to pay 150 million francs in exchange for the recognition of the country’s independence. To make the payments, Haiti had to borrow money from French banks – a debt it did not repay until 1947.

This weight has kept Haiti’s economy from taking off. Economist Thomas Piketty said that France should reimburse Haiti a minimum $ 28 billion to cover the debt and its consequences.

“We are talking about 122 years that a young nation had to pay money for the only crime it committed: to fight and gain independence in order to lead a free life, a life of dignity,” said Jean Eddy Saint Paul, the founder director of the Institute of Haitian Studies at the City University of New York.

The debt to France was followed by decades of economic and political interference in Haiti by the international community which laid the groundwork for today’s unrest, said Saint Paul, a professor at Brooklyn College. For example, the United States began occupying Haiti for nearly 20 years in 1915, following the assassination of the Haitian president, in part out of fear that money owed to France would tie Haiti too much to the country. The United States too moved Haiti’s financial reserves in the USA.

In recent years, the Haitian economy has been the victim, among other things, of a neoliberal economic program “on steroids” which has pushed the country to open its economy to the world, allowing goods to flow in and devastate the agricultural sector. said Robert Fatton. Jr., professor of politics at the University of Virginia.

“We have a long history of foreign involvement in Haiti,” said Fatton, who has written several books on the country. “You cannot understand Haitian politics without understanding the foreign entanglements in Haiti’s affairs – not only in terms of local politics, but also in terms of economics. ”

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